Full text of Federal Reserve Bulletin : February 1951
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FEDERAL
ESERV
TIN
FEBRUARY 1951
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
WINFIELD W. RIEFLER
SUSAN S. BURR
RALPH A. YOUNG
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for interpretations and opinions expressed, except
in official statements and signed articles.
CONTENTS
PAGE
The Federal Budget for Rearmament.
125-131
Regulation of Real Estate Credit on Nonresidential Construction.
132-133
Voluntary Restraint Program of American Bankers Association.
133
Directors of Federal Reserve Banks and Branches.
134-147
Law Department. .
148-162
Current Events and Announcements.
163
National Summary of Business Conditions. .
164-165
Financial, Industrial, Commercial Statistics, U. S. (See p. 167 for*list of tables) .
167-228
International Financial Statistics (See p. 229 for list of tables). .
229-247
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council.
248
Senior Officers of Federal Reserve Banks; Managing Officers of Branches.
249
Federal Reserve Publications.
250-251
Map of Federal Reserve Districts.
252
Subscription Price of Bulletin
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FEDERAL RESERVE
VOLUME
BULLETIN
February 1951
37
NUMBER 2
THE FEDERAL BUDGET FOR REARMAMENT
The Federal Budget for the fiscal year
ending June 30, 1952, presented to Congress
in January, provides the first over-all estimate of the fiscal program that the nation's
planned rearmament will require. Total
expenditures in fiscal year 1952 are estimated
at 71.6 billion dollars. An increase of 7 billion in the current fiscal year will be followed by a further rise of 24.4 billion in
the coming fiscal year which begins on
July 1, 1951. Nearly three-fourths of the
expenditures in 1952 will be directly related
to national security. It is also evident that
expenditures for this purpose are expected
to continue at a high level in the fiscal year
1953, since unexpended authorizations of
about 75 billion dollars are expected to be
outstanding on June 30, 1952. The level of
Federal expenditures under the current rearmament program, however, will be considerably below that reached during World
War II, as is shown in the chart, although
the price level is much higher than in the
earlier period.
Government revenues will expand substantially as a result of higher incomes and
the legislation since August 1950 raising
individual and corporation income taxes.
Without further considerable tax increases,
however, the rise in revenues will not keep
up with mounting expenditures. For the
fiscal year ending June 30, 1951, a Budget
deficit of 2.7 billion dollars is anticipated.
Under the existing taxes the budgetary deficit
FEBRUARY
1951
for the fiscal year ending June 30, 1952, is
expected to rise to 16.5 billion. This is the
amount that must be raised by additional
taxes in order to keep the defense program
on a pay-as-you-go basis, in accordance with
the President's objectives.
TREASURY RECEIPTS AND EXPENDITURES
BILLIONS OF DOLLARS
FISCAL YEAR ENDING JUNE 3 0
I \
-
\
E ) (PENC
\
\
f
i/
/
BILLIONS OF DOLLARS
TUREJ>
\
)
NET
CEIPT 5
1
/
J
T
1940
1942
1944
1946
1948
I95O
1952
NOTE.—Budget receipts and expenditures from Budget for
1952 and earlier years. Expenditures for 1948 exclude 3
billion dollar transfer to Foreign Economic Cooperation Trust
Fund and expenditures for 1949 and later years include
expenditures from this fund.
Uncertainty with respect to military and
diplomatic developments, the pace at which
production will be geared to meet rearmament requirements, and the course of prices
raises the possibility of substantial changes
in Government plans for both expenditures
and financing. The Budget, therefore, must
125
T H E FEDERAL BUDGET FOR REARMAMENT
be regarded as an unusually tentative estimate of Government expenditures and of the
needs for additional tax revenues or borrowing during the next fiscal year.
The economic impact of Government fiscal
actions is only partly determined by the
direct effect of the expenditures, taxation,
and financing program. An additional part
of the economic impact is the way the fiscal
program affects the decisions of business
management, labor, farmers, and consumers,
as well as Government leaders. In fiscal
year 1951 both public and Congressional reaction was considerably earlier and greater
than would be expected on the basis of the
actual fiscal activity of the Government.
Public anticipation of the economic effects
of the enlarged military expenditures arising
from the United Nations' action in Korea
resulted in increases in consumer expenditures, private investment, production activity,
and prices which were relatively greater
than the expansion in Government expenditures or the deficit financing. This reflects in part the recentness of the World
War II experience with shortages of civilian goods, and in part high personal incomes, abundant holdings of liquid assets,
and availability of credit. It also results from
confidence in continuing high-level employment which has been generally engendered
by the expanding backlog of unused Government expenditure authorizations.
PATTERN OF EXPENDITURES IN
1952
Federal Budget expenditures will expand
rapidly during the fiscal year 1952. The
estimated total of 71.6 billion dollars for the
year will be 31.4 billion above that of the 12month period preceding the outbreak of
hostilities in Korea. Indications are that the
attainment of an adequate position of defense
126
preparedness will require an extension of the
bulge in Federal outlays beyond 1952.
The growth in Budget expenditures reflects
the increased outlays for national security.
The total cost of supporting the armed services, of extending military and economic aid
to the free nations, and of other security programs is estimated to rise to 52.3 billion
dollars in the fiscal year 1952, as is shown in
the table. This compares with expenditures
of 17.6 billion for these activities in the fiscal
year 1950 and 26.8 billion in the current fiscal
year. Expenditures for veterans' services and
benefits and for interest on the debt, which
together represent primarily the continuing
cost of past wars, will total 10.8 billion dolFEDERAL BUDGET EXPENDITURES
[In billions of dollars]
Fiscal year ending
June 30—
Increase -
(+)or
19521 19511
decrease
(-),1950
1950 to 1952
71.6
4 7 .2
40 .2
+31.4
52.3
National security,2 total
Military services
40.1
International military and
economic assistance
7.1
Atomic energy
1.3
Stockpiling of strategic and
critical materials
1.3
Defense production and economic stabilization
1.4
Defense housing, civil defense,
.7
and related activities 4
.4
Promotion of merchant marine.
Past wars, total
10.8
Veterans' services and benefits 4.9
5.9
Interest on debt
Other (chiefly civilian
functions), total 5
8.5
Transportation and communication
1.3
Agriculture and agricultural
resources
1.4
Housing and community development
« .5
Natural resources
1.2
Social security, welfare, and
health
2.6
1.2
General government
1.2
Allother ^
26 .8
20 .1
4 .5
.8
17 .6
11 .9
4 .6
.6
+34.7
+28.2
Function
Total
.9
.4
.3
(3)
+2.5
+ .7
+ .9
+ 1.4
+ .7
+ .3
.1
.2
11 .5
5 .7
5 .7
12 .4
6 .6
5 .8
-1.6
-1.7
8 .9
10 . 2
-1.7
1 .8
1 .7
-.4
1 .0
2 .8
-1.4
.4
!i"
+ .1
1 .3
1 .0
.3
-.8
2 .5
1 .2
.7
2 .2
1 .1
1 .1
+ .2
+ .4
+ .1
+ .1
1 Estimated.
Excludes outlays for stockpiling shown below.
Less than 50 million dollars.
Includes dispersal of Government facilities and education of
children
on Federal property and in emergency areas.
6
Amounts for these classifications, as shown in Budget Message,
less6 amounts classified as national security.
Excess of receipts.
7
Includes conduct of foreign affairs; finance, commerce and
industry; labor; education and general research; and other.
NOTE.—-Figures from Budget for 1952. Details may not add to
totals because of rounding.
2
3
4
FEDERAL RESERVE BULLETIN
THE FEDERAL BUDGET FOR REARMAMENT
lars in the fiscal year 1952. These expenditures are expected to decline in both the fiscal
year 1951 and 1952. All other expenditures,
which reflect principally the wide variety of
Government functions for civilians, are expected also to decline in both years and to
total 8.5 billion in the fiscal year 1952.
NATIONAL SECURITY
Military expenditures in the remainder of
the current fiscal year and in fiscal year 1952
are estimated on a basis to provide for a continuing armed conflict not much greater in
scope than that in Korea, together with
more adequate general preparedness. This
will involve an expansion of the armed
forces by about 1 million before July 1951,
maintenance of the 3l/2 million level attained,
expansion of military bases, and provision of
a substantial reserve of modern military
equipment as well as the expanded plant
capacity for military production.
Military services expenditures for fiscal
year 1952 are estimated at 40 billion dollars.
This amount is double the 1951 total and
nearly four times that of 1950. At this time
details of the military budget are not available. Moreover, legislation proposed after
the presentation of the Budget indicates additional expenditures. It is reported, for example, that an additional 2 billion dollar
Navy supplement, largely for the construction of submarine and mine sweepers, is almost a certainty, and that the adoption of
Universal Military Training would require
additional expenditures.
In addition to expanded outlays for military services, aid to the free world in 1951
and 1952 will shift from general economic
assistance to a rapid build-up of mutual defense forces. To reach the goal of arming
members of the Atlantic Pact and other cooperating nations, expenditures for foreign
FEBRUARY
1951
economic and military aid are estimated to
increase to 7.1 billion dollars in 1952 from a
1951 total of 4.5 billion. More than half of
the 1952 total will be for military equipment
to be shipped from the United States. Some
provision is also made for economic assistance to non-European areas, to build security
through improvements in productivity.
A substantial increase in expenditures for
atomic energy in the fiscal year 1951 will go
largely to expand capacity to produce atomic
weapons and materials. According to the
Budget Message, this program will continue
into 1952, and in addition all portions of the
atomic program will expand, including
stockpiling of raw materials and developing
new designs of nuclear reactors.
Stockpiling of other strategic and critical
materials is expected to continue into the
fiscal year 1952 at an even more rapid rate
than is estimated for 1951. Expenditures
for the three-year period shown in the table
total 2.6 billion dollars, which is about 2 billion less than the amount authorized for
this purpose. This extensive stockpiling has
been an important factor underlying the rise
in world prices for certain raw materials.
Expenditures for defense production and
economic stabilization are expected to increase from 312 million dollars in the fiscal
year 1951 to 1.4 billion dollars in 1952. Most
of the expenditures in 1951 are for expansion
of production. The enlarged 1952 program
includes 1,100 million dollars for expansion
of production and 304 million for price, wage,
rent, and export controls. Expenditures in
fiscal year 1951 include loans to encourage
private production of scarce materials and
outlays to purchase and install Governmentowned equipment in existing defense plants.
The additional 1.1 billion dollar 1952 program is scheduled to be spent for the same
purposes as well as for the construction of
127
THE FEDERAL BUDGET FOR REARMAMENT
Government-owned plants. The contemplated economic stabilization expenditures
are to employ specialists and to open offices
in strategic cities in order to administer price
and wage controls.
Estimates include 100 million dollars for
defense housing expenditures in fiscal 1952.
This sum, however, does not represent all
Government activity in this area. Recommended Government insurance of private
loans for defense housing is relied on to provide nearly all of the needed stimulus. Civil
defense expenditures in fiscal year 1952 are
expected to total 330 million dollars as compared with 15 million in the current fiscal
year. The realized level of expenditures,
however, will be determined largely by the
provision of matching grants by individual
States. Closely associated with defense housing and civil defense is the request of the
President for 6 million dollars in fiscal year
1951 and 164 million in fiscal year 1952 for
the dispersal of Government agencies from
the District of Columbia. Also in this category are the additional amounts recommended for expenditure by the Federal
Security Agency to educate children on Federal property or in areas especially affected
by Federal activities. Increased expenditures
of 67 million dollars for this purpose in the
fiscal year 1952 arise from needs created by
expanded military installations and security
production.
The 1952 Budget includes provision for the
construction of speedier cargo ships that will
be better able to avoid attack by modern submarines. For additional assurance of an adequate merchant marine, provision is continued for construction and operating
subsidies to offset lower foreign costs.
OUTLAYS FOR PAST WARS
Expenditures for services and benefits to
128
veterans of wars and for interest on the debt
are placed at 10.8 billion dollars in fiscal year
1952. This amount is 1.6 billion or about
13 per cent less than in 1950. The reduction arises from decreasing expenditures for
readjustment benefits to veterans of World
War II as the number of veterans enrolled
for education and training declines. The
education and training program is drawing
to a close and the numbers enrolled will
drop to a million in the fiscal year 1952 from
the 1950 total of two million. By the end
of 1952 an estimtaed 7.5 million veterans
will have come under the program at a cost
of 13.9 billion dollars. The 1952 budgetary
savings in veterans' programs will be partially offset by higher dividend payments
from the National Service Life Insurance
trust fund. These payments are expected to
begin in April 1951.
Interest costs on the public debt in the
fiscal year 1952 will continue a slight upward
trend. Growth in the outstanding amount
of higher yielding special issues to Government agencies and trust funds and the accrual of interest on savings bonds at higher
rates as maturity approaches account for
most of the expected increase.
NONDEFENSE FUNCTIONS
The Budget expenditures which are not
closely related to past, present, or future military activity are expected to total 8.5 billion
dollars in the fiscal year 1952. This is 1.7
billion, or 17 per cent, less than the total
spent for such activities in the fiscal year
1950. It should be noted that in this classification only the principal security-related
outlays have been separated from expenditures for major functions as shown in the
Budget Message.
The decline from 1950 to 1952 reflects
smaller net outlays anticipated for the supFEDERAL RESERVE BULLETIN
THE FEDERAL BUDGET FOR REARMAMENT
port of farm prices, for maintaining a secondary market for home mortgages, and
for the postal deficit. Expenditures for some
civilian programs in fiscal year 1952 are expected to be larger than those in 1950. The
more important are social welfare and, proposed legislation for assistance to States in
providing elementary and secondary school
education, additional facilities for the Tennessee Valley Authority, and other projects
related to use of water resources including
the St. Lawrence seaway and power project.
Despite higher prices, expenditures in 1952
for numerous categories of activities are expected to be about the same as in 1950. To
accomplish this has required abandonment
of some programs recommended a year ago
in the Budget for 1951.
Prices of most farm products subject to
Federal support programs are now close to
or above support levels, and net expenditures
of the Commodity Credit Corporation in
1952 are estimated at 253 million dollars,
compared with 1.7 billion dollars in 1950.
Changes in law and administrative policy
together with curtailed mortgage lending
have modified the program of the Federal
National Mortgage Association, which purchases and sells Federally guaranteed and
insured mortgages in order to provide a secondary market for such mortgages. During the current fiscal year the Association
has been curtailing its purchases and increasing its sales of mortgages previously purchased. Net income of 530 million dollars
is expected from this program in 1952 in
contrast to net expenditures of 580 million
in 1950. A recommended increase in postal
rates, together with economies realized
through curtailing postal services, is expected to result in a postal deficit of 160
million dollars in 1952 compared with a
deficit of 593 million in 1950.
FEBRUARY
1951
Social security, welfare, and health. The
provision for social security, welfare, and
health in the Budget accounts consists principally of the amounts spent for public assistance to the aged, to disabled persons, and
to dependent children, for public health and
other assistance activities, and for crime
control and correction. Such expenditures,
less the railroad retirement bookkeeping
transfer, will total 2.0 billion dollars for fiscal year 1952 compared with 1.6 billion for
fiscal year 1950. An increase occurred in
1951 when grants to the States for old age
assistance payments were expanded. These
payments are expected to decline in 1952
because of enlarged old age and survivors insurance payments, but the 1951 total will be
maintained through increased payments for
aid to medical education and for the totally
and permanently disabled.
The greater part of Federal expenditures
under programs for social security, welfare,
and health are made from trust funds. Most
of these expenditures are excluded from
Budget accounts because they are financed
from special taxes and other payments into
trust accounts rather than from the general
revenue. Trust fund expenditures for these
programs totaled 3.4 billion dollars in the
fiscal year 1950, will decline to 3.2 billion in
1951, and are expected to increase to 3.6 billion in 1952. The two principal expenditures
are for old age and survivors insurance and
unemployment insurance. Old age and survivors insurance payments, including administration costs, will increase from 769 million
dollars in fiscal year 1950 to 2,161 million in
1952, largely as a result of the higher benefits and extended coverage provided in the
1950 amendments to the Social Security Act.
Unemployment insurance benefit payments,
however, are expected to decline from 2,010
million in fiscal year 1950 to 715 million in
129
THE FEDERAL BUDGET FOR REARMAMENT
1952, reflecting the low level of unemployment anticipated during a year of expanding
production for rearmament purposes.
PRESENT REVENUE SOURCES INADEQUATE
Budget receipts under existing tax laws
are estimated to total 55.1 billion dollars in
the fiscal year ending June 30,1952, compared
with 37.0 billion in 1950 and 44.5 billion in
1951. The higher tax receipts in the fiscal
year 1952 result largely from the application of the recent increases in taxes to the
tax base during all of 1952, and from continued expansion of incomes and profits.
Receipts from direct taxes on corporations
will be 9.1 billion dollars larger in the fiscal year 1952 than in 1950, as shown in the
table. The base for corporation income tax
payments in fiscal year 1952 will be the high
profits of 1950 and 1951. Taxes will also
reflect an increase in the income tax rate,
accelerated payments of income tax, and the
excess profits tax recently enacted. Individual income tax receipts in the fiscal year
1952 will be 8.6 billion dollars above those in
1950, reflecting the higher taxes provided in
the Revenue Act of 1950 and withholdings
and payments of taxes on increasing personal
incomes during the year.
The expansion of tax revenues, although
substantial, is expected to be 16.5 billion dollars less than the amount needed to balance
the Budget receipts and expenditures. About
3.6 billion will be available from Government agencies and trust fund accounts for
financing Budget expenditures. This would
leave 12.9 billion dollars to be raised by borrowing from the public.
FEDERAL BUDGET RECEIPTS
[In billions of dollars]
Source
Fiscal year ending
June 30—
19521 19511
Net receipts, total
55.1
Direct taxes on individuals:
Income taxes
26.0
Estate and gift taxes
.8
Direct taxes on corporations.... 20.0
Excise taxes and customs
8.8
Employment taxes 2
4.7
Other budget receipts
1.3
Deduct:
Refunds of taxes
2.7
Appropriations to Federal
old age and survivors insurance trust fund
3.8
Increase
(+)or
decrease
( - ) , 1950
1950 to 1952
44.5
37.0
+18.1
21.6
.7
13.6
8.8
3.8
1.3
17.4
.7
10.9
8.0
2.9
1.4
+ 8.6
4- .1
+ 9.1
2.3
2.2
+ .5
3.0
2.1
+ 1.7
+ .8
+ 1.8
1
Estimates based on legislation enacted before mid-January 1951.
2
Excludes deposits by States to account of the unemployment
trust fund.
NOTE.—Figures from Budget for 1952.
budget. His proposals for increasing taxation were presented to the Congress in a
message on February 2 and in greater detail
by the Secretary of the Treasury in a statement on February 5. The President recommended that immediate increases be made
in rates of existing taxes to raise at least 10
billion dollars of additional receipts and that
later in the year further tax legislation be
adopted to provide the remaining 6.5 billion
needed to keep the Budget on a pay-as-yougo basis. Under this program revenues
would keep pace with mounting expenditures and yet there would be time to consider some serious questions involved in enacting a complete tax program. The taxes
recommended for immediate action by Congress would raise about 4 billion dollars
from individual income taxes, 3 billion from
the corporation income taxes, and 3 billion
from selected excise taxes.
An increase in rates applied to individuals
and corporations taxable under present laws
TAX RECOMMENDATIONS
would provide the additional revenue from
In the Budget Message the President stated individual and corporate income taxes. For
that under existing conditions sound public individual income taxes an increase of 4 perfinance and fiscal policy require a balanced centage points on each income bracket is
130
FEDERAL RESERVE BULLETIN
THE FEDERAL BUDGET FOR REARMAMENT
recommended, together with an upward adjustment of the tax on capital gains. An
increase of 8 percentage points in the corporation normal tax is recommended. The
rate on the first $25,000 of income would
increase from 25 per cent to 33 per cent and
the rate on income in excess of $25,000 from
47 per cent to 55 per cent. In order to maintain the relationship established in the excess
profits tax of 1950, the ceiling rate on income
and excess profits tax combined would be
increased from 62 per cent to 70 per cent.
The additional revenue from excise taxes
would be raised from a few major sources.
The recommendations include an increase
in the tax on passenger automobiles from 7
per cent to 20 per cent, and on a number
of other durable goods from 10 per cent to
25 per cent, of the manufacturers' price;
in the tax on gasoline from ll/2 cents to 3
cents a gallon; and increases of one-third
to one-half in the tax rates on alcoholic
beverages, cigarettes, and cigars.
In his message the President recommends
that Congress continue with the program
initiated last year of structural revisions to
strengthen the income tax laws. The areas
in corporation taxes which are pointed out
for attention are depletion allowances in
computing taxable income from oil and gas,
sulphur, and other nonmetal extractive operations, and the favorable tax treatment of
insurance companies, cooperatives, mutual
savings banks, and building and loan asso-
FEBRUARY
1951
ciations. Attention is also called to preferential treatment of capital gains and to possible structural changes in the excess profits
tax in order to prevent profiteering.
Important considerations in connection
with the individual income tax are the splitting of income by married people and the
failure to apply the withholding principle to
payments of dividends and interest. It is
also indicated that the tax exemption of State
and local Government securities and the
methods of taxing estates and gifts should
be re-examined.
# # #
Adequate taxation to balance the Budget
should be the first aim of fiscal policy at the
present time. Under existing conditions a
Budget deficit, however financed, will increase inflationary pressures. Borrowing
from banks, which would result in further
expansion in the money supply, would be
the most inflationary form of deficit financing. Borrowing from nonbank investors,
while less inflationary during the rearmament period, would enlarge the public's
holdings of Government securities and thus
increase the prospects of greater inflationary
pressures in the future. Additional taxation,
which will bring Government revenues in
balance with expenditures, is a first, and
essential, step in moderating the inflationary
impact of the increased Federal spending
necessitated by the rearmament program.
131
REGULATION OF REAL ESTATE CREDIT ON
NONRESIDENTAL CONSTRUCTION1
The Board of Governors has amended Regulation X covering real estate credit to include certain
nonresidential properties. The new amendments,
which make no substantial change in the regulations formerly issued covering residential credit,
become effective February 15, 1951.
The amended regulation has been broadened to
include in general new construction of office buildings, warehouses, stores (including sales display
and service facilities, whether wholesale or retail),
banks, hotels, motels, motor courts, garages, automobile service stations, restaurants, theaters, clubs,
and other new structures used for nonresidential
purposes.
The revised credit restrictions limit maximum
loans on such structures to 50 per cent of the value
of the property, "value" being defined as the bona
fide sale price in the case of a sale. In respect to
any other extension of credit, "value" will be the
appraised value as determined in good faith by the
lender extending credit. Maturities are limited to
25 years, and amortization is required.
Major additions and improvements to a nonresidential property, including any enlargement, reconstruction, alteration, or repair of an existing
structure, are also covered by the amended regulation, if the cost of the major addition or improvement exceeds 15 per cent of the appraised value
of the nonresidential structure.
As in the case of new nonresidential buildings,
not more than 50 per cent of the cost of the major
addition or improvement subject to the regulation
may be borrowed.
Regulation X was first issued on October 12,
1950, when credit on one- and two-family homes
was restricted. On January 12, 1951, an amendment was issued placing limitations on credit for
the construction of three- and four-family houses,
and for multi-unit residences.
Special provision has not been made in the regulation to facilitate new construction in areas affected
by the development of the defense program. How1
Statement by the Board of Governors of the Federal
Reserve System, issued to the press on Feb. 14, 1951, for
release on the following day. See also p. 149fT.
132
ever, an amendment to the regulation will be issued
as soon as practicable under which different terms
may be permitted with respect to projects or structures, in limited areas, which may be designated
by the appropriate authorities as necessary in the
defense program.
The extension of the regulation is for the purpose
of adding further restraints to inflation by limiting
the credit available for the financing of nonresidential construction, and to bring about a decrease
in building to provide materials and labor for the
defense program.
Most new nonresidential construction credit extended after February 15, 1951, will be subject to
the regulation. However, credits with respect to
certain classes of construction are exempt from the
credit restraints, including credits for schools, hospitals, churches, public utilities and property constructed for use by the Government or any political
subdivision.
In addition, new construction for use by manufacturing or mining businesses, or for various farm
uses is exempt if more than 80 per cent of the floor
space of the new building is employed
(1) in processing materials, goods, or articles
into finished or partly finished manufactured
products,
(2) in mining or otherwise extracting raw
materials, or
(3) on farm property in the production,
shelter, or storage incidental thereto, of crops,
livestock or other agricultural commodities.
For all types of credit subject to the regulation,
the lender, in determining the amount that may
be loaned, must take into account all credit previously extended in connection with the property
and still outstanding, as well as the amount of
additional credit being extended. As in the previous regulation, supplementary borrowing, as well
as mortgage loans, continues to be within the scope
of the regulation.
Construction loans made to subcontractors and
other persons except the owners of nonresidential
property are exempt when they have maturities
FEDERAL RESERVE BULLETIN
REGULATION OF REAL ESTATE CREDIT ON NONRESIDENTIAL CONSTRUCTION
not exceeding 24 months. Construction loans to
owners of proposed nonresidential construction
must conform to the regulation except that amortization is not required for 24 months under certain
conditions.
Credit extended pursuant to firm written agreements made prior to the effective date of the new
amendments is exempt from the regulation.
In addition to provisions relating to nonresidential properties, a number of other amendments
have been made for the purposes of clarification.
Although the regulation provides that a person
must be registered to engage in the business of extending real estate construction credit, all such
persons will automatically be deemed to be registered and no action on their part to register is now
required. However, the regulation provides that
the Board may later, by public announcement,
require Registration Statements to be filed by persons affected.
During the formulation of the new amendments
to Regulation X, consultations and meetings were
held with representatives of the various business
groups affected. Such groups included manufacturers of and dealers in building supplies and materials, labor organizations, banks and trust companies, savings banks, savings and loan associations,
mortgage companies, insurance companies, builders, real estate dealers, and others interested in construction and mortgage finance.
The extension of the regulation has been issued
after consultation with the National Production
Authority. Extensions of credit in connection with
such construction as may be permitted by the
Authority will have to conform to the terms of
Regulation X. Regulation X will thus aid in the
effective administration of the regulations issued
by the National Production Authority in this field.
Inquiries in regard to Regulation X should be
directed to one of the twelve Federal Reserve Banks
and their twenty-four branches through which the
regulation is administered.
VOLUNTARY RESTRAINT PROGRAM OF AMERICAN
BANKERS ASSOCIATION1
The following is the text of a letter addressed to all commercial banks in the United States by
Chairman McCabe of the Board of Governors:
"The fight to protect the buying power of the
dollar is everybody's business and every individual
in the nation can do something about it. For that
reason I unreservedly endorse the educational program recently mapped out by the Consumer Credit
Committee of the American Bankers Association.
I hope that you will help to see that these very
practical suggestions get the widespread attention
which they deserve.
"As a nation we must come to grips with the
problem of preventing further increases in the cost
1
Given to the press for release on Feb. 14, 1951.
FEBRUARY
1951
of living. The greatest result of all will come if
everyone of us will take the leadership in the practice of thrift and economy in our personal lives,
in our businesses and in Government at all levels.
"This is no time to splurge, to borrow thoughtlessly, to be extravagant, to spend unnecessarily.
Let us not underestimate the force of voluntary selfrestraint. We know that hoarding and extravagance
can be contagious. So can restraint.
"Inflation is not inevitable—but the best efforts
of all of us are necessary to keep its destructive
forces in check."
133
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
F
OLLOWING is a list of the directorates of the Federal Reserve Banks and branches as at present
constituted. The list shows, in addition to the name of each director, his principal business affiliation,
the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine
directors; three Class A and three Class B directors, who are elected by the stockholding member banks,
and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System.
Class A directors are representative of the stockholding member banks. Class B directors must be actively
engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers,
directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member
banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve
System into three groups, each of which consists of banks of similar capitalization, and each group elects
one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the
Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Bank
branches have either five or seven directors, of whom a majority are appointed by the board of directors
of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal
Reserve System. One of the directors appointed by the Board of Governors at each branch is designated
annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe.
Term
Exfms
Dec. 31
.Executive Vice President and Cashier, First National Bank
of Rochester, Rochester, N . H
1951
. President, T h e National Bank of Commerce of N e w London, N e w London, Conn
1952
.President, T h e First National Bank of Boston, Boston,
Mass
1953
District No. 1—Boston
Class A:
Russell H . B r i t t o n . .
Earle W. Stamm..
Lloyd D . Brace..
Class B.Frederick S. Blackall, j r . . . .President and Treasurer, The Taft-Peirce Manufacturing
Company, Woonsocket, R . I
1951
Roy L. P a t r i c k . . .
.President, Rock of Ages Corporation, Burlington, V t . . . .
1952
Harvey P. H o o d . . .
.President, H . P. Hood & Sons, Inc., Boston, Mass
1953
Class C:
Ames Stevens2
President, Ames Worsted Company, Lowell, Mass
1951
Harold D. Hodgkinson 1 .. . .Vice President, General Manager and Chairman of Management Board, Wm. Filene's Sons Company, Boston,
Mass
1952
Karl T. Compton..
.Chairman of the Corporation, Massachusetts Institute of
Technology, Cambridge, Mass
1953
District N o . 2—New York
Class A:
Roger B. Prescott. .
J o h n C. Traphagen.
1
Chairman.
134
.President, T h e Keeseville National Bank, Keeseville, N . Y. 1951
. Chairman of t h e Board, Bank of N e w York and Fifth
Avenue Bank, N e w York, N . Y . .
1952
2
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Burr P. Cleveland. .
. . President, First National Bank of Cortland, Cortland, N. Y.
1953
Class B:
Jay E. Crane..
Lewis H. Brown. .
Marion B. Folsom .
.Vice President, Standard Oil Company (New Jersey), New
York, N. Y
1951
.Chairman of the Board, Johns-Manville Corporation, New
York, N. Y
1952
.Treasurer and Director, Eastman Kodak Company, Rochester, N. Y
1953
Class C.-
William I. Myers 2 ..
Robert P. Patterson...
Robert T. Stevens1..
.Dean, New York State College of Agriculture, Cornell
University, Ithaca, N. Y
1951
.Member of the firm of Patterson, Belknap & Webb, Attorneys at Law, New York, N. Y
1952
.Chairman of the Board, J. P. Stevens & Company, Inc.,
New York, N. Y
1953
Buffalo Branch
Appointed by Federal Reserve Bank:
George G. Kleindinst
George F. Bates
Bernard E. Finucane..
C. Elmer Olson...
President, Liberty Bank of Buffalo, Buffalo, N. Y
President, Power City Trust Company, Niagara Falls, N. Y.
. President, Security Trust Company of Rochester, Rochester,
N. Y
.President, The First National Bank of Falconer, Falconer,
N. Y
1951
1952
1952
1953
Appointed by Board of Governors:
Carl G. Wooster 1 ..
Edgar F. Wendt. .
Robert C. Tait. .
, .President, Wooster Fruit Farms, Inc., Union Hill, N. Y..
.President, Buffalo Forge Company, Buffalo, N. Y
.President, Stromberg-Carlson Company, Rochester, N. Y.
1951
1952
1953
District No. 3—Philadelphia
Class A:
George W. Reily. .
J. Nyce Patterson..
Archie D. Swift..
. .President, Harrisburg National Bank, Harrisburg, Pa.. . . 1951
.President, Watsontown National Bank, Watsontown, Pa.. 1952
.Chairman of Board, Central-Penn National Bank, Philadelphia, Pa
1953
Class B:
Albert G. Frost. .
William J. Meinel..
Warren C. Newton.
1
Chairman.
FEBRUARY 1951
2
. .Chairman of Board, The Esterbrook Pen Company, Camden, N. J
1951
. President & General Manager, Heintz Manufacturing
Company, Philadelphia, Pa
1952
.President, O. A. Newton and Son Company, Bridgeville,
Del
1953
Deputy Chairman.
135
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Class C:
Vacancy
Warren F. Whittier 1
C. Canby Balderston2
1951
Agricultural Consultant, Chester Springs, Pa
1952
Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa
1953
District No. 4—Cleveland
Class A:
Ben R. Conner
John D. Bainer
President, The First National Bank of Ada, Ada, Ohio. .. . 1951
President, The Merchants National Bank and Trust Company of Meadville, Meadville, Pa
1952
..President, Mellon National Bank and Trust Company,
Pittsburgh, Pa
1953
Lawrence N. Murray..
Class B.-
Joel M. Bowlby. ..
Edward C. Doll
Charles J. Stilwell
.. .Chairman
cinnati,
President,
President,
Ohio
of the Board, The Eagle-Picher Company, CinOhio
1951
Lovell Manufacturing Company, Erie, Pa
1952
The Warner and Swasey Company, Cleveland,
1953
Class C:
Leo L. Rummell...
George C. Brainard1
John C. Virden 2 ..
. .Dean, College of Agriculture, The Ohio State University,
Columbus, Ohio
1951
President, Addressograph-Multigraph Corporation, Cleveland, Ohio
1952
.. .Chairman of the Board, John C. Virden Company, Cleveland, Ohio
1953
Cincinnati Branch
Anointed
by Federal Tkeserve Bank:
Joseph B. Hall
Spears Turley
Sterling B. Cramer
L. M. Campbell
President, Kroger Company, Cincinnati, Ohio
1951
Vice President and Trust Officer, State Bank and Trust
Company of Richmond, Kentucky, Richmond, Ky
1951
First Vice President, The Fifth Third Union Trust Company, Cincinnati, Ohio
1952
President, Second National Bank, Ashland, Ky
1953
Appointed by Board of Governors:
Ernest H. Hahne 1
Henry C. Besuden
Granville R. Lohnes
President, Miami University, Oxford, Ohio
Farmer, Winchester, Ky
Treasurer, National Cash Register Company, Dayton, Ohio
1951
1952
1953
Pittsburgh Branch
Anointed
by Federal Reserve Bank:
Laurence S. Bell
1
Chairman.
136
2
Executive Vice President, The Union National Bank of
Pittsburgh, Pittsburgh, Pa
1951
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Montfort Jones .
John Barclay, Jr..
Hugo E. Laupp. .
. Professor of Finance, The University of Pittsburgh, Pittsburgh, Pa
1951
. . President, Barclay-Westmoreland Trust Company, Greensburg, Pa
1952
. .President, Wheeling Dollar Savings and Trust Company,
Wheeling, W. Va.. .
1953
Appointed by Board of Governors:
A. H. Burchfield1...
. .President and General Manager, Joseph Home Company,
Pittsburgh, Pa
1951
President, Gulf Oil Corporation, Pittsburgh, Pa... .
1952
President, Sharon Steel Corporation, Sharon, Pa...
1953
Sidney A. Swensrud
Henry A. Roemer, Jr
District N o . 5—Richmond
Class A:
James D. Harrison.. ,
Warren S. Johnson...
John A. Sydenstricker
. .President, First National Bank of Baltimore, Baltimore,
Md
1951
. .President, Peoples Savings Bank & Trust Company, Wilmington, N. C
1952
Executive Vice President and Cashier, First National Bank
in Marlinton, Marlinton, W. Va
1953
Class B:
Edwin Hyde..
..Executive Vice President, Miller & Rhoads, Inc., Richmond, Va
1951
President, H. L. Rust Company, Washington, D. C
1952
President and Treasurer, Jackson Mills, Wellford, S. C
1953
H. L. Rust, Jr
Cary L. Page
Class C:
W. G. Wysor. .
.. .Management Counsel, Southern States Cooperative, Inc.,
Richmond, Va
1951
John B. Woodward, Jr. 2 ... .President, Newport News Shipbuilding & Dry Dock Company, Newport News, Va
1952
Charles P. McCormick1. . . .President and Chairman of Board, McCormick & Company, Inc., Baltimore, Md
1953
Baltimore Branch
Appointed by Federal Reserve Bank:
Charles A. Piper
Eugene G. Grady
Lacy I. Rice
Charles W. Hoff
President, The Liberty Trust Company, Cumberland, Md..
1951
President, The Western National Bank, Baltimore, Md...
1952
President, The Old National Bank, Martinsburg, W. Va.. . 1952
President, Union Trust Company of Maryland, Baltimore,
Md
1953
Appointed by Board of Governors:
James E. Hooper
1
Chairman.
FEBRUARY 1951
2
Vice President, William E. Hooper and Sons Company,
Baltimore, Md
1951
Deputy Chairman.
137
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
L. Vinton Hershey1
James M. Shriver..
President and General Manager, Hagerstown Shoe Company, Hagerstown, Md
1952
. .President, The B. F. Shriver Company, Westminster, Md.. . 1953
Charlotte Branch
Appointed by Federal Reserve Bank:
Thomas J. Robertson. . . .President, First National Bank of South Carolina, Columbia, S. C
George S. Crouch. .
.. .President, Union National Bank, Charlotte, N. C...
Jonathan Woody
President, First National Bank, Waynesville, N. C
A. K. Davis
.. .Senior Vice President, Wachovia Bank and Trust Company, Winston-Salem, N. C
Appointed by Board of Governors:
R. Flake Shaw 1 . .
..Executive Vice President, North Carolina Farm Bureau
Federation, Greensboro, N. C
W. A. L. Sibley..
. .Vice President and Treasurer, Monarch Mills, Union, S. C.
R. E. Ebert
. . .President, Dixie Home Stores, Inc., Greenville, S. C.. .
1951
1952
1952
1953
1951
1952
1953
District N o . 6—Atlanta
Class A:
R. C. Williams....
Leslie R. Driver. .
Roland L. Adams..
Class B:
J. A. McCrary..
Donald Comer. .
A. B. Freeman. .
Class C:
Paul E. Reinhold
Rufus C. Harris 2
Frank H. Neely 1 . .
. . . President, The First National Bank of Atlanta, Atlanta, Ga. 1951
..President, The First National Bank in Bristol, Bristol,
Tenn
1952
. . President, Bank of York, York, Ala....
1953
.Vice President and Treasurer, J. B. McCrary Company,
Inc., Atlanta, Ga
1951
. .Chairman of the Board, Avondale Mills, Birmingham, Ala. 1952
..Chairman of the Board, Louisiana Coca-Cola Bottling
Company, Ltd., New Orleans, La
1953
President, Foremost Dairies, Inc., Jacksonville, Fla
1951
President, The Tulane University of Louisiana, New
Orleans, La
1952
. .Chairman of the Board, Rich's, Inc., Atlanta, Ga.. .
1953
Birmingham Branch
Appointed by Federal Reserve Bank:
D. C. Wadsworth. .
...President, The American National Bank of Gadsden,
Gadsden, Ala
1951
J. B. Barnett. ..
. .President, The First National Bank of Monroeville, Monroeville, Ala
1952
A. M. Shook
President, Security Commercial Bank, Birmingham, Ala..
1952
1
Chairman.
138
2
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
T. J. Cottingham..
. . President, State National Bank of Decatur, Decatur, Ala.. .
1953
Appointed by Board of Governors:
Wm. Howard Smith..
Thad Holt 1 . ..
John M. Gallalee...
. . President, McQueen-Smith Farms, Prattville, Ala
1951
.President and Treasurer, Voice of Alabama, Inc., Birmingham, Ala
1952
. . President, University of Alabama, Tuscaloosa, Ala
1953
Jacksonville Branch
Appointed by Federal Reserve Bank:
J. D. Camp. . . .
. .President, Broward National Bank of Fort Lauderdale, Fort
Lauderdale, Fla
1951
J. E. Bryan
. .President, Union Trust Company, St. Petersburg, Fla
1952
N. Ray Carroll....
. .President, The First National Bank of Kissimmee, Kissimmee, Fla
1952
Clement B. Chinn
President, The First National Bank of Miami, Miami, Fla. 1953
Appointed by Board of Governors:
J. Hillis Miller 1 . .
Howard Phillips.
.President, University of Florida, Gainesville, Fla
1951
. .Vice President and General Manager, Dr. P. Phillips Company, Orlando, Fla
1952
Vice President, Bond-Howell Lumber Company, Jacksonville, Fla
1953
Marshall F. Howell
Nashville Branch
Appointed by Federal Reserve Bank:
Parkes Armistead..
..President, First American National Bank of Nashville,
Nashville, Tenn
. .President, Peoples and Union Bank, Lewisburg, Tenn
, .President, The First National Bank of Greeneville, Greeneville, Tenn
..President, The First National Bank of Athens, Athens,
Tenn
T. L. Cathey
Thos. D. Brabson..
G. C. Graves
1951
1952
1952
1953
Appointed by Board of Governors:
H. C. Meacham1
W. Bratten Evans..
C. E. Brehm. ..
Agriculture and livestock, Franklin, Tenn
..President, Tennessee Enamel Manufacturing Company,
Nashville, Tenn
.. .President, University of Tennessee, Knoxville, Tenn.. .
1951
1952
1953
New Orleans Branch
Appointed by Federal Reserve Bank:
James C. Bolton.. .
Percy H. Si tges...
Elbert E. Moore..
1
. .President, Rapides Bank & Trust Company in Alexandria,
Alexandria, La
1951
..President, Louisiana Savings Bank & Trust Company,
New Orleans, La
1952
. . President, Louisiana National Bank of Baton Rouge, Baton
Rouge, La
1952
Chairman.
FEBRUARY 1951
139
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
William C. Carter
President, Gulf National Bank of Gulfport, Gulfport, Miss. 1953
Appointed by Board of Governors:
John J. Shaffer, Jr
E. O. Batson1
Agriculture and farm machinery, Ellendale, La
1951
President, Batson-McGehee Company, Inc., New Orleans,
La
1952
President, Sweet Lake Land & Oil Company, Inc., Lake
Charles, La
1953
H. G. Chalkley, Jr
District No. 7—Chicago
Class A:
Walter J. Curnmings..
Horace S. French. ..
Vivian W. Johnson
. .Chairman, Continental Illinois National Bank and Trust
Company of Chicago, Chicago, 111
1951
.. .President, The Manufacturers National Bank of Chicago,
Chicago, 111
1952
President, First National Bank, Cedar Falls, Iowa
1953
Class B.-
William C. Heath
William J. Grede
Nicholas H. Noyes
President A. O. Smith Corporation, Milwaukee, Wis.. .. 1951
President, Grede Foundries, Inc., Milwaukee, Wis
1952
Chairman, Finance Committee, Eli Lilly and Company,
Indianapolis, Ind
1953
Class C:
Franklin J. Lunding1
John S. Coleman2...
Allan B. Kline. .,
Chairman, Executive Committee, Jewel Tea Company,
Inc., Chicago, 111
1951
. .President, Burroughs Adding Machine Company, Detroit, 1952
Mich
,. .President, American Farm Bureau Federation, Chicago, 111. 1953
Detroit Branch
Appointed by Federal Reserve Bank:
Chas. T. Fisher, Jr
Howard P. Parshall
John A. Stewart
President, The National Bank of Detroit, Detroit, Mich. 1951
President, Commonwealth Bank, Detroit, Mich
1952
Vice President and Cashier, Second National Bank & Trust
Company, Saginaw, Mich
1952
Appointed by Board of Governors:
William M. Day. .
John A. Hannah1..
. .Vice President and General Manager, Michigan Bell Telephone Company, Detroit, Mich
1951
. .President, Michigan State College, East Lansing, Mich.. . 1952
District No. 8—St. Louis
Class A:
Phil E. Chappell. .
1
Chairman.
140
2
,. . President, Planters Bank & Trust Company, Hopkinsville,
Ky
1951
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
J. E. Etherton
William A. McDonnell
President, Carbondale National Bank, Carbondale, 111.. .
President, First National Bank in St. Louis, St. Louis, Mo.
1952
1953
Class B:
M. Moss Alexander..
Ralph E. Plunkett
Louis Ruthenburg
. .President, Missouri-Portland Cement Company, St. Louis,
Mo
1951
President, Plunkett-Jarrell Grocer Company, Little Rock,
Ark
1952
Chairman of Board, Servel, Inc., Evansville, Ind.. ..
1953
Class C:
Joseph H. Moore
Russell L. Dearmont1
Wm. H. Bryce 2 ...
Farmer, Charleston, Mo
1951
Chief Counsel for Trustee, Missouri-Pacific Lines, St. Louis,
Mo
1952
. .Vice President and Director, Dixie Wax Paper Company,
Memphis, Tenn
1953
Little Rock Branch
Appointed by Federal Reserve Bank:
Thos. W. Stone. .
Lloyd Spencer
Harvey C. Couch, Jr
Gaither C. Johnston
. .Executive Vice President, The Arkansas National Bank,
Hot Springs, Ark
1951
President, First National Bank, Hope, Ark
1951
President, Union National Bank, Little Rock, Ark.. ..
1952
President, First National Bank, Newport, Ark.. .
1953
Appointed by Board of Governors:
Cecil C. Cox
Farmer, Stuttgart, Ark
1951
Stonewall J. Beauchamp 1 .. .President, Terminal Warehouse Company, Little Rock,
Ark
1952
Sam B. Strauss. .
. President, Pfeifers of Little Rock, Little Rock, Ark.. ..
1953
Louisville Branch
Appointed by Federal Reserve Bank:
Ira F. Wilcox
Cashier and Director, The Union National Bank, New
Albany, Ind
1951
President, Ohio Valley National Bank, Henderson, Ky..
1951
President, Citizens National Bank, Bedford, Ind
1952
President, Lincoln Bank and Trust Company, Louisville, *
Ky
1953
H. Lee Cooper
A. C. Voris
Noel Rush
Appointed by Board of Governors:
Pierre B. McBride
Smith Broadbent, Jr
Alvin A. Voit 1
1
Chairman.
FEBRUARY 1951
2
President, Porcelain Metals Corporation, Louisville, Ky.
Farmer, Cadiz, Ky
President, Mengel Company, Louisville, Ky..
1951
1952
1953
Deputy Chairman.
141
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
T)ec 31
Memphis Branch
Appointed by Federal Reserve Bank:
Norfleet Turner. .
, .President,
H. W. Hicks
, .President,
Ben L. Ross
. .Chairman
C. H. Reeves
, .President,
First National Bank, Memphis, Tenn
First National Bank, Jackson, Tenn
of Board, Phillips National Bank, Helena, Ark.
Merchants and Farmers Bank, Columbus, Miss.
1951
1951
1952
1953
Appointed by Board of Governors:
Leslie M. Stratton, Jr. 1
President, Stratton-Warren Hardware Company, Memphis,
Tenn
1951
Hugh M. Brinkley.
. .Farmer, Hughes, Ark
1952.
M. P. Moore
. .Owner, Circle M Ranch, Senatobia, Miss..
1953
District No. 9—Minneapolis
Class A:
C. W. Burges. .
A. H. Quay
H. N. Thomson..
Class B.Ray C. Lange..
Homer P. Clark..
W. A. Denecke...
Class C:
Paul E. Miller. .
W. D. Cochran 2 .. ..
Roger B. Shepard1. .
..Vice President and Cashier, Security National Bank,
Edgeley, N. D
1951
. .President, First National Bank, Minneapolis, Minn
1952
. .Vice President, Farmers and Merchants Bank, Presho, S. D. 1953
, .President, Chippewa Canning Company, Chippewa Falls,
Wis
1951
. .Honorary Chairman of the Board, West Publishing Company, St. Paul, Minn
1952
. .Livestock rancher, Bozeman, Mont
1953
. . Director, Agricultural Extension Division, University of
Minnesota, Minneapolis, Minn
1951
.G.M.C. Truck Distributor, Iron Mountain, Mich..
1952
, . St. Paul, Minn
1953
Helena Branch
Appointed by Federal Reserve Bank:
B. M. Harris
President, The Yellowstone Bank, Columbus, Mont..
Theodore Jacobs
\ .. .President, First National Bank, Missoula, Mont...
E. D. MacHaffie
Investments, Helena, Mont
1951
1952
1952
Appointed by Board of Governors:
G. R. Milburn
Livestock rancher, Grass Range, Mont
John E. Corette, Jr. 1
Vice President, Montana Power Company, Butte, Mont..
1951
1952
District No. 10—Kansas City
Class A:
T. A. Dines..
1
Chairman.
142
. .Chairman of the Board, The United States National Bank
of Denver, Denver, Colo
1951
2
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
M. A. Limbocker. .
.Chairman of the Board and President, The Citizens National Bank of Emporia, Emporia, Kan
1952
. Executive Vice President, Goodland State Bank, Goodland,
Kan
1953
W. L. Bunten..
Class B:
Willard D. Hosford..
E. M. Dodds
. Vice President, John Deere Plow Company, Omaha, Neb.. . 1951
.President, United States Cold Storage Corporation, Kansas
City, Mo
1952
.Director, Chickasha Cotton Oil Company, Chickasha,
Okla
1953
L. C. Hutson...
Class C:
Lyle L. Hague
Robert B. Caldwell1. .
Robert L. Mehornay 2 . .
. Farmer and stockman, Cherokee, Okla
1951
.Caldwell, Downing, Noble and Garrity, Kansas City, Mo. 1952
..Chairman of the Board, Mehornay Furniture Company,
Kansas City, Mo
1953
Denver Branch
Appointed by Federal Reserve Bank:
P. K. Alexander.. ,
Albert K. Mitchell
Ramon B. Handy
. .Vice President, The First National Bank of Denver, Denver,
Colo
1951
Rancher, Albert, New Mexico
1952
Executive Vice President, The First National Bank of
Greeley, Greeley, Colo...
1952
Appointed by Board of Governors:
Cecil Puckett 1 ...
.Dean, College of Business Administration, University of
Denver, Denver, Colo
.Rancher, Craig, Colo
G. Norman Winder..
1951
1952
Oklahoma City Branch
Appointed by Federal Reserve Bank:
S. A. Bryant....
Frank A. Sewell..
F. M. Overstreet.
. . President, The Farmers National Bank of Cushing, Cushing,
Okla
1951
. .Chairman of the Board and President, The Liberty National Bank and Trust Company of Oklahoma City,
Oklahoma City, Okla
1952
.President, First National Bank at Ponca City, Ponca City,
Okla
1952
Appointed by Board of Governors:
Cecil W. Cotton 1
Rufus J. Green
President, C. W. Cotton Supply Company, Tulsa, Okla..
Rancher and farmer, Duncan, Okla
1951
1952
Omaha Branch
Appointed by Federal Reserve Bank:
I. R. Alter..
x
Chairman.
FEBRUARY 1951
. . President, The First National Bank of Grand Island, Grand
Island, Neb
1951
2
Deputy Chairman.
143
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Ellsworth Moser. .
Fred W. Marble. ..
. . . President, The United States National Bank of Omaha,
Omaha, Neb
. . .President, The Stock Growers National Bank of Cheyenne,
Cheyenne, Wyo
1951
1952
Appointed by Board of Governors:
Joseph W. Seacrest1
Co-Publisher and Co-Editor in Chief, The Journal Newspapers, Lincoln, Neb
1951
. .Farmer, Gibbon, Neb
1952
Fred S. Wallace. .
District N o . 11—Dallas
Class A:
P.P.Butler...
J. Edd McLaughlin
W. L. Peterson.. .
...President, First National Bank in Houston, Houston,
Texas
Vice President, Security State Bank and Trust Company,
Rails, Texas
.. .President, The State National Bank, Denison, Texas.. ..
1951
1952
1953
Class B:
Vacancy
George L. MacGregor
W. F. Beall. ..
1951
Chairman of the Board, President and General Manager,
Dallas Power & Light Company, Dallas, Texas
1952
. . .President and General Manager, 3 Beall Brothers 3, Department Stores, Jacksonville, Texas
1953
Class C:
R. B. Anderson2
J. R. Parten 1
G. A. Frierson
General Manager, W. T. Waggoner Estate, Vernon, Texas. 1951
President, Woodley Petroleum Company, Houston, Texas. 1952
G. A. Frierson & Son, Merchants & Planters, Shreveport,
La
1953
El Paso Branch
Appointed by Federal Reserve Bank:
W. S. Warnock
W. Henry Wooldridge
George G. Matkin
W. H. Holcombe
Vice President, El Paso National Bank, El Paso, Texas. .
President, Lone Star Motor Company, El Paso, Texas..
President, State National Bank, El Paso, Texas
Executive Vice President, Security State Bank, Pecos, Texas
1951
1951
1952
1953
Appointed by Board of Governors:
Dorrance D. Roderick1
Hiram S. Corbett.. .
Hal Bogle
1
Chairman.
144
2
President, Newspaper Printing Corporation (El Paso Times
and Herald-Post), El Paso, Texas
...President, J. Knox Corbett Lumber Company, Tucson,
Ariz
Livestock feeding, farming and ranching, Dexter, N. M.. .
1951
1952
1953
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Houston Branch
Term
Expires
T)ec 31
Appointed by Federal Reserve Bank:
P. R. Hamill...
O. R. Weyrich. .
Melvin Rouff
R. Lee Kempner
. .President, Bay City Bank & Trust Company, Bay City,
Texas
..President, Houston Bank & Trust Company, Houston,
Texas
President, Houston National Bank, Houston, Texas
Chairman of Executive Committee, United States National
Bank, Galveston, Texas
1951
1951
1952
1953
Appointed by Board of Governors:
Ross Stewart1
President, C. Jim Stewart & Stevenson, Inc., Houston,
Texas
1951
Dean of Agriculture, A. & M. College of Texas, College
Station, Texas
1952
. .T. O. Sutton and Sons, Colmesneil, Texas. .
1953
Charles N. Shepardson
Herbert G. Sutton. .
San Antonio Branch
Appointed by Federal Reserve Bank:
E. A. Baetz
President,
Texas
. .President,
Texas
President,
President,
C. L. Skaggs..
Riley Peters
E. R. L. Wroe
Bexar County National Bank, San Antonio,
1951
The First National Bank of Weslaco, Weslaco,
First State Bank, Kerrville, Texas
American National Bank, Austin, Texas. ..
1951
1952
1953
Appointed by Board of Governors:
Henry P. Drought 1
D. Hayden Perry
Edward E. Hale
Attorney at Law, San Antonio, Texas
1951
Livestock farming, Robstown, Texas
1952
Chairman of the Department and Professor of Economics,
The University of Texas, Austin, Texas
1953
District No. 12—San Francisco
Class A:
Carroll F. Byrd. .
William W. Crocker
Chas. H. Stewart..
. . President, The First National Bank of Willows, Willows,
Calif
1951
Chairman of the Board, Crocker First National Bank of
San Francisco, San Francisco, Calif
1952
. .Chairman of the Board, Portland Trust and Savings Bank,
Portland, Ore
1953
Class B:
Reese H. Taylor.. .
Walter S. Johnson..
Alden G. Roach..,
1
. .President, Union Oil Company of California, Los Angeles,
Calif
1951
. . President, American Box Corporation, San Francisco,
Calif
1952
. .President, Columbia Steel Company, San Francisco, Calif. 1953
Chairman.
FEBRUARY 1951
145
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Class C:
Harry R. Wellman2. .
. .Director, Giannini Foundation of Agricultural Economics,
University of California, Berkeley, Calif
1951
President, Wilbur-Ellis Company, San Francisco, Calif.. . 1952
Member of the firm of Wallace, Garrison, Norton & Ray,
Attorneys at Law, San Francisco, Calif
1953
Brayton Wilbur1
William R. Wallace
Los Angeles Branch
Appointed by Federal Reserve Bank:
W. R. Bimson
M. Vilas Hubbard..
Frank L. King
President, The Valley National Bank of Phoenix, Phoenix,
Ariz
1951
...President, Citizens Commercial Trust and Savings Bank
of Pasadena, Pasadena, Calif
1952
President, California Bank, Los Angeles, Calif
1952
Appointed by Board of Governors:
Paul H. Helms1
Fred G. Sherrill
President, Helms Bakeries, Los Angeles, Calif
1951
Vice President, J. G. Boswell Company, Los Angeles,
Calif
1952
Portland Branch
Appointed by Federal Reserve Bank:
E. B. MacNaughton
W. W. Flint. .
Frank Wortman. ..
Chairman of the Board, The First National Bank of Portland, Portland, Ore
1951
.. .President, The First National Bank of Cottonwood, Cottonwood, Idaho
1952
..President, The First National Bank of McMinnville,
McMinnville, Ore
1952
Appointed by Board of Governors:
Aaron M. Frank 1 ..
R. B. Taylor. . . .
. .President, Meier & Frank Company, Inc., Portland, Ore.. .
. .Livestock and farming, Adams, Ore
1951
1952
Salt Lake City Branch
Appointed by Federal Reserve Bank:
D. F. Richards
John A. Schoonover. .
Chas. L. Smith
. .President, American National Bank of Idaho, Idaho Falls,
Idaho Falls, Idaho
1951
. .President, The Idaho First National Bank, Boise, Idaho. . 1952
Chairman of the Board, First Security Bank of Utah,
National Association, Salt Lake City, Utah. .
1952
Appointed by Board of Governors:
Frank M. Browning 1 . .
Merle G. Hyer
1
Chairman.
146
2
. .President, Ogden Buick Sales Company, Ogden, Utah..
Livestock and farming, Lewiston, Utah
1951
1952
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Seattle Branch
Term
Expires
Dec. 31
Appointed by Federal Reserve Bank:
Lawrence M. Arnold
Fred C. Forrest...
Ben j . N. Phillips..
Chairman of the Board, Seattle-First National Bank,
Seattle, Wash
1951
. .Chairman of the Board and President, The First National
Bank of Pullman, Pullman, Wash
1952
..Chairman of the Board, First National Bank in Port
Angeles, Port Angeles, Wash
1952
Appointed by Board of Governors:
Howard H. Preston1
Ralph Sundquist...
1
Professor of Money and Banking, College of Business Administration, University of Washington, Seattle, Wash. 1951
. .Fruit Grower and Cold Storage Operator, Yakima, Wash. 1952
Chairman.
FEBRUARY 1951
147
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material
Consumer Credit
Trust Powers of National Banks
Investigation and Injunctions
Amendments to Regulation F
The Board of Governors, having received reports
from the Federal Reserve Bank of Cleveland that
5th Ave. Motors, Inc., Columbus, Ohio, appeared
to be selling used cars on terms which violated
Regulation W, Consumer Credit, ordered an investigation to determine what further steps should be
taken. The investigation (which is specifically
authorized by the Defense Production Act of 1950)
was conducted in Columbus, Ohio, on January 12
and 13, 1951. About 40 witnesses were subpoenaed
by the Board of Governors and examined under
oath. In view of the information obtained in the
investigation and data furnished by the Federal
Reserve Bank of Cleveland, the defendants consented to the entry of a judgment in the United
States District Court at Columbus, Ohio, enjoining
them from further violations of Regulation W.
The judgment was entered on January 18, 1951.
The Board of Governors obtained a similar judgment in the United States District Court at Madison, Wisconsin, enjoining Roy's Appliance Company, a co-partnership with stores located at Beloit
and Janesville, Wisconsin, from further violations
of Regulation W. The judgment, to which the
defendants consented, was entered on February 2,
1951.
The Board of Governors of the Federal Reserve
System, effective February 5, 1951, amended the
first paragraph of section 17(c)(5) of Regulation F
relating to trust powers of national banks, so as to
increase from $50,000 to $100,000 the amount which
an individual trust may invest in a common trust
fund. The paragraph as thus amended reads as
follows:
Automobile Appraisal Guides
The Board of Governors, effective February 15,
1951, amended its designation under Regulation W
of the Red Book National Used Car Market Report
and Blue Book-Executives Edition published by
National Used Car Market Report, Inc., so as to
transfer from Region "A" to Region "B" the States
of Alabama, Florida, Georgia, Mississippi, North
Carolina, South Carolina, and Tennessee. This
amendment was made at the request of the publisher of these books to the Board's designation of
automobile appraisal guides which appeared in the
October 1950 BULLETIN on pages 1311-1314.
148
(5) Miscellaneous limitations—No funds of
any trust shall be invested in a participation in a
Common Trust Fund if such investment would
result in such trust having invested in the aggregate in the Common Trust Fund an amount in
excess of 10 per cent of the value of the assets of
the Common Trust Fund at the time of investment, as determined by the trust investment committee, or the sum of $100,000, whichever is less.
If the bank administers more than one Common
Trust Fund under this subsection, no investment
shall be made which would cause any one trust
to have invested in the aggregate in all such
Common Trust Funds an amount in excess of
the sum of $100,000; and, if the bank administers
Funds under both subsections (c) and (d) of this
section, no investment shall be made which would
cause any one trust to have invested in the
aggregrate in all such Funds an amount in excess
of the sum of $100,000. In applying the limitations contained in this paragraph, if two or more
trusts are created by the same settlor or settlors
and as much as one-half of the income or principal or both of each trust is payable or applicable
to the use of the same person or persons, such
trusts shall be considered as one.
At the same time, the Board amended footnotes 11
and 14 to sections 10 (c) and 14, respectively, so
as to eliminate the applicability of section 24 of the
Federal Reserve Act to real estate loans in which
the funds of two or more trusts may be invested.
The footnotes as thus amended read as follows:
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
This does not prevent the bank from investing
the funds of several trusts in a single real estate
loan if the bank owns no participation in the
loan and has no interest therein except in its
capacity as fiduciary.
L o a n G u a r a n t e e s for D e f e n s e Production
Amendment to Form of Guarantee Agreement
The standard form of V-loan guarantee agreement has been amended in order to make the definition of the term "defense production contract"
conform to the definition of the term "national defense" contained in section 702(d) of the Defense
Production Act of 1950. As defined in the Act, the
term "national defense" means "the operations and
activities of the armed forces, the Atomic Energy
Commission, or any other Government department
or agency directly or indirectly and substantially
concerned with the national defense, or operations
or activities in connection with the Mutual Defense
Assistance Act of 1949, as amended."
The term "defense production contract" as it
was defined in the standard form of guarantee
agreement prescribed effective September 27, 1950,
was limited to prime contracts with the guaranteeing agencies or subcontracts thereunder which are
related to the procurement of materials or the performance of services for the national defense; and
in that form it was not sufficiently broad to include
contracts with the Atomic Energy Commission or
with other Government departments and agencies
"directly or indirectly and substantially concerned
with the national defense."
Accordingly, after consultation with the guaranteeing agencies, the Board has prescribed the
following amendment to paragraph (K) of section 1 of the standard form of guarantee agreement of September 27, 1950:
concerned with the national defense as the term
'national defense' is defined in section 702(d)
of the Defense Production Act of 1950, or (b) a
contract made or order accepted by the Borrower
to aid directly or indirectly in the performance
of any such prime contract, and (2) is related
to the procurement of materials or the performance of services for the national defense."
Real Estate Credit
Amended Regulation X
The Board of Governors of the Federal Reserve
System, with the concurrence of the Housing and
Home Finance Administrator with respect to provisions relating to real estate construction credit
involving residential property and multi-unit residential property, amended Regulation X so as to
broaden the scope of the regulation by making it
applicable, with certain exceptions, to credit in
connection with nonresidential property. Other
amendments of a clarifying nature were made to
those provisions of the regulation relating to residential property and multi-unit residential property.
The statement for the press appears on page 132 of
this issue of the BULLETIN and the text of the
regulation as amended effective February 15, 1951,
is as follows:
REGULATION X
As amended effective February 15, 1951
REAL ESTATE CREDIT
SECTION 1. SCOPE AND APPLICATION OF REGULATION
This regulation is issued by the Board of Governors of the Federal Reserve System (hereinafter
called the "Board"), with the concurrence of the
Housing and Home Finance Administrator with
respect to provisions relating to real estate construction credit involving residential property and multiunit residential property, under authority of the
"(K) A 'defense production contract' shall "Defense Production Act of 1950," approved Sepmean any contract made or order accepted by tember 8, 1950 (hereinafter called the "Act"), and
the Borrower for the sale or furnishing by the Executive Order No. 10161, dated September 9,
Borrower of materials, equipment, supplies, facil- 1950.
ities, or services or for the processing or treatThis regulation applies to any person who is
ment by the Borrower of materials, which (1) engaged in the business of extending real estate
constitutes (a) a prime contract with any guar- credit with respect to residences, residential propanteeing agency designated by the Defense Pro- erty, multi-unit residential property, or nonresiduction Act of 1950 or by Executive Order issued dential property, including any person who acts as
thereunder or with the Atomic Energy Commis- agent in arranging for such credit. For the pursion or any other Government department or poses of this regulation, a person shall be deemed
agency directly or indirectly and substantially to be engaged in the business of extending such
FEBRUARY 1951
149
LAW DEPARTMENT
real estate credit if, in his own right or as agent
or fiduciary, he either (1) extends or has extended
such real estate credit more than three different
times during the current calendar year or during
the preceding calendar year, or (2) extends or has
extended such real estate credit in an amount or
amounts aggregating more than $50,000 during
the current calendar year or during the preceding
calendar year. For the purposes of this section,
such real estate credit shall be deemed to include
credit with respect to any residence, residential
property, multi-unit residential property, or nonresidential property, whether or not there is any
new construction thereon, and whether or not
such credit is extended, insured, or guaranteed by
the Federal Housing Administration, the Veterans'
Administration, or any other department, independent establishment or agency of the United
States, and whether or not such credit is exempt
from this regulation.
SECTION 2 . DEFINITIONS
For the purposes of this regulation, unless the
context otherwise requires:
(a) "Person" has the meaning given it in section 702(a) of the Act.1
{b) "Registrant" means a person who is registered pursuant to section 3 of this regulation.
(c) "Credit" has the meaning given it in section
602(d) (2) of the Act.2
1
Section 702(a) of the Act provides: "The word 'person'
includes an individual corporation, partnership, association,
or any other organized group of persons, or legal successor
or representative of the foregoing, and includes the United
States or any agency thereof, or any other government, or
any of its political subdivisions, or any agency of any of
the foregoing: Provided, That no punishment provided by
this Act shall apply to the United States, or to any such
government, political subdivision, or government agency."
2
Section 602(d) (2) of the Act provides: " 'Credit' means
any loan, mortgage, deed of trust, advance, or discount;
any conditional sale contract; any contract to sell or sale
or contract of sale, of property or services, either for present
or future delivery, under which part or all of the price is
payable subsequent to the making of such sale or contract;
any rental-purchase contract, or any contract for the bailment, leasing, or other use of property under which the
bailee, lessee, or user has the option of becoming the owner
thereof, obligates himself to pay as compensation a sum
substantially equivalent to or in excess of the value thereof,
or has the right to have all or part of the payments required
by such contract applied to the purchase price of such property or similar property; any option, demand, lien, pledge,
or similar claim against, or for the delivery of property or
money; any purchase, discount, or other acquisition of, or
any credit under the security of, any obligation or claim
arising out of any of the foregoing; and any transaction or
series of transactions having a similar purpose or effect."
150
(d) "Extending credit" "extension of credit"
and "extends credit" shall include extending or
maintaining any credit, or renewing, revising, consolidating, refinancing, purchasing, selling, discounting, or lending or borrowing on, any obligation arising out of any credit, or arranging as agent
for any of the foregoing, and also shall include
a sale of, or other transfer of title to, real property
if the vendee or transferee assumes, or takes such
property subject to, indebtedness secured by a
mortgage or other lien upon such property.
(e) "Real estate construction credit" means any
credit3 which
(1) is wholly or partly secured by, or
(2) is for the purpose of purchasing or carrying, or
(3) is for the purpose of financing, or
(4) involves a right to acquire or use,
new construction on real property or real property
on which there is new construction, if such new
construction is a residence, multi-unit residence,
or nonresidential structure, or a major addition or
major improvement to a residence, multi-unit residence, or nonresidential structure, whether such
credit is extended before or after such new construction is begun; but the term "real estate construction credit" shall not include any loan or loans
made, insured, or guaranteed, in whole or in part,
by the Federal Housing Administration, the Veterans' Administration, or any other department,
independent establishment or agency in the executive branch of the United States, or by any wholly
owned Government corporation, or by any mixedownership Government corporation as defined in
the Government Corporation Control Act, as
amended (including any loan evidenced by obligations of any local public agency or public housing
agency which national banks may purchase pursuant to the provisions of section 602(a) of the
Housing Act of 1949).
(/) "New construction" means any structure, or
any major addition or major improvement to a
structure, which is or has been begun after 12
o'clock meridian, August 3, 1950. Construction
3
Extended on or after October 12, 1950, with respect to
farm residences, residential property, and major additions
and major improvements to residences; or on or after
January 12, 1951, with respect to multi-unit residential property and major additions and major improvements to multiunit residences; or on or after February 15, 1951, with respect to nonresidential property and major additions and
major improvements to nonresidential structures.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
will be deemed to have been "begun" when any
essential materials which are to be an integral part
of the structure have been affixed to or incorporated
on the site in a permanent form.
(g) "Major addition' or "major improvement"
means any enlargement, reconstruction, alteration,
or repair of an existing structure,4 or any other
addition or improvement which becomes or is to
become physically attached to and a part of the
structure,4 if the cost or estimated cost of such
addition or improvement exceeds $2,500, and also
exceeds (1) if the structure is a residence or multiunit residence, an amount determined by multiplying $1,500 by the number of family units in
such residence or multi-unit residence prior to such
addition or improvement, or (2) if the structure
is a nonresidential structure, an amount equal to
15 per cent of the appraised value of the nonresidential structure 5 as determined in good faith by
the Registrant who extends the credit.6
(h) "Real property" includes leaseholds and
other interest in such property.
(/) The "maximum loan value" of any property 7
shall be the amount which is computed in the manner prescribed in the Supplement to this regulation.
In making such computations:
(1) For a major addition or major improvement to a residence, multi-unit residence, or nonresidential structure, "value" shall be the cost
4
Notwithstanding this definition or any other provision of
this regulation, an addition or improvement to any existing
structure which will become a "residence," "multi-unit
residence," or "nonresidential structure" by reason of such
addition or improvement shall be treated as an addition or
improvement to an existing "residence," "multi-unit residence," or "nonresidential structure," respectively; and, in
determining whether the cost or estimated cost of an addition or improvement to an existing structure which will become a "residence" or "multi-unit residence" is such that
it would be a major addition or major improvement within
the meaning of section 2(g), and in determining what the
maximum loan value is, the determination shall be according
to the number of family units which will be in the structure after the addition or improvement has been completed.
5
For this purpose, the value of the land upon which the
nonresidential structure is located is not taken into consideration; and the appraised value is the appraised value of
the structure before the major addition or major improvement is made.
6
It should be noted that section 2(/) defines "new construction" as including "any major addition or major improvement" and that section 2(e) defines "real estate
construction credit" as including certain credit with respect
to "real property on which there is new construction."
Accordingly, if a major addition or major improvement is
made to an existing structure, even though such structure
was erected or begun prior to August 3, 1950, any subsequent extension of credit with respect to such structure or
the property on which it is located is "real estate construe -
FEBRUARY
1951
or estimated cost8 of such major addition or
major improvement;
(2) For residential property, other than major
additions or major improvements:
(A) In the case of an extension of credit
in connection with a bona fide sale of residential property, "value" shall be the bona fide
sale price;
(B) In the case of any other extension of
credit with respect to residential property:
(i) If the entire cost of the property to
the borrower has been incurred by him not
more than 12 months prior to the extension
of credit or is to be incurred by him after
such extension of credit, "value" shall be
the bona fide cost of the property to the
borrower, including a bona fide estimate of
the cost of completing new construction on
such property when the extension of credit
is for the purpose of financing such new
construction;
(ii) If any part of the cost of the property
to the borrower has been incurred by him
more than 12 months prior to the extension
of credit, or if any part of such property
has been acquired by gift, exchange, or inheritance, "value" shall be the appraised value
as determined in good faith by the Registrant who extends the credit;
(3) For an extension of credit which is for
the purpose of financing the construction of a
residence on farm property, "value" shall be
the total of (A) the cost or estimated cost of
such new construction, and (B) 5 per cent of
such cost or estimated cost.9
tion credit." However, in determining whether property
has become "real property on which there is new construction" by reason of a major addition or major improvement
having been made to an existing structure, there shall be
considered only such costs as are or have been incurred
during any period of 12 consecutive months (or during a
period not exceeding 12 months beginning January 12, 1951,
if the structure is a residence or multi-unit residence, or
beginning February 15, 1951, if the structure is a nonresidential structure).
7
As used here, "property" means residential property,
multi-unit residential property, nonresidential property, a
residence on farm property, or a major addition or major
improvement to a residence, a multi-unit residence, or nonresidential structure, as the case may be.
8
Based on such evidence and supporting data as normally
would be required by a prudent lender.
9
The 5 per cent is added when the extension of credit is
for the purpose of financing the construction of a residence
on farm property in order to take account of the value of
the land upon which the residence is to be constructed.
151
LAW DEPARTMENT
(4) For multi-unit residential property and
nonresidential property, other than major additions or major improvements:
(A) In the case of an extension of credit in
connection with a bona fide sale of multi-unit
residential property or nonresidential property,
"value" shall be the bona fide sale price;
(B) In the case of any other extension of
credit with respect to multi-unit residential
property or nonresidential property, "value"
shall be the appraised value as determined in
good faith by the Registrant who extends the
credit. Appraisals pursuant to this provision
and other provisions of this regulation will
be subject to inspection by the Board and the
Federal Reserve Banks in accordance with section 6(d) of this regulation, and appraisals
found to be in excess of those dictated by
sound and established practice in the community shall be deemed sufficient ground for the
suspension of the Registrant pursuant to section 3 (c) of this regulation.
(;') "Bona fide sale price" means the amount
paid or to be paid by the vendee in money or its
equivalent. It includes, in addition to cash, (1) the
value of any property accepted in part payment,
(2) the unpaid principal amount of any indebtedness incurred or assumed by the vendee or to which
the property remains subject, (3) the amount of
any liens for taxes or special assessments which
are in default or currently due and payable, (4)
the amount of any mechanics' liens or other liens
which the vendee is required to discharge, (5) the
amount which the vendee agrees to pay for any
alteration or other modification made or to be
made to the property as an incident to the sale
thereof, and (6) any amounts paid by the vendee
for closing costs. It does not include any prepaid
charges, or any accrued rents which will be paid
to the vendee.
(^) "Residents" 10 means any structure which is
used or designed for permanent or transient dwelling purposes, and which include at least one but not
more than four family units, if the floor space contained in such family units comprises at least onehalf of the floor space of such structure. Houses
connected by common walls and commonly known
as "row houses" or "semi-detached houses" shall be
considered separate structures.
152
(/) "Multi-unit residence"10 means any structure such as an apartment house or apartment
hotel (whether owned cooperatively or otherwise)
which is used or designed for permanent or transient dwelling purposes, and which includes more
than four family units, if the floor space contained
in such family units comprises at least one-half
of the floor space of such structure.
(m) "Family unit" means space which is used
or designed for dwelling purposes and which contains one or more rooms with kitchen facilities (or
space designed for kitchen facilities) in or appurtenant to such rooms.
(n) "Residential property" means any real property, other than farm property, on which there is
or is to be a residence or residences.
(o) "Farm property" means any real property,
other than multi-unit residential property or nonresidential property, located outside of urban areas,
which is principally used for the production of
crops, livestock or other agricultural commodities.
(p) "Multi-unit residential property" means any
real property on which there is or is to be a multiunit residence or multi-unit residences.
(q) "Nonresidential property" means any real
property on which there is or is to be a nonresidential structure or structures.
(r) "Nonresidential structure"lx means any
structure other than
(1) a residence,
(2) a multi-unit residence,
(3) a school, hospital, or church,
(4) a structure exclusively used or designed
for use
(i) by a public utility,
(ii) by any Government or political subdivision, or
(5) a structure more than 80 per cent of floor
space of which is used or designed for use
(i) in processing materials, goods, or articles
into finished or partly finished manufactured products,
10
Structures such as hotels, motels, rooming houses, club
houses, fraternity or sorority houses, rest homes, and the
like, in which more than one-half of the floor space consists of units which do not contain kitchen facilities or space
designed for kitchen facilities shall not be deemed to be
residences or multi-unit residences. See section 2(r).
11
Nonresidential structures ordinarily subject to this regulation include, among others, the following: Office buildings,
warehouses, stores (including sales display and service facilities, whether wholesale or retail), banks, hotels, motels,
motor courts, garages, automobile service stations, restaurants,
and clubs.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
(ii) in mining or otherwise extracting raw
materials, or
(iii) on farm property in the production,
shelter, or storage incidental thereto, of
crops, livestock or other agricultural
commodities.
(s) "Public utility" means any transportation
company, electric light or power company, gas company, water company, pipe line company, telephone company, telegraph company, or other similar business which is operated for the convenience,
service or accommodation of the public if (1) the
operations of such company are supervised by a
Federal or State agency, or (2) the members of
the public as such are entitled as of right to demand
and use its facilities or services.
SECTION 3 . GENERAL REQUIREMENTS AND REGISTRATION
(a) General Requirements. No person engaged
in the business of extending real estate credit with
respect to residences, residential property, multiunit residential property or nonresidential property
shall extend real estate construction credit unless
(1) he is registered pursuant to this section, and
(2) he has no knowledge of, and has no reason to
know, any fact by reason of which such credit fails
to comply with any applicable provision of this
regulation.
(b) Registration. Every person engaged in the
business of extending real estate credit with respect
to residences, residential property, multi-unit residential property or nonresidential property shall be
deemed to be registered pursuant to this regulation until such time as the Board, by public announcement, may require registration statements
to be filed by all, or any specified classes of, such
persons. Should the Board require such registration statements, a person shall continue to be
registered after the time such statements are
required only if he shall have complied with the
requirements of the Board's announcement. Every
person who is registered in accordance with the
provisions of this subsection is referred to in this
regulation as a "Registrant."
(c) Suspension of Registration. Any Registrant
may, after reasonable notice and opportunity for a
hearing, be suspended by the Board, as to all or
as to particular activities or particular offices and
for specified or indefinite periods, because of any
willful or negligent failure to comply with any
provision of this regulation.
A suspension for the specified period will terminate upon the expiration of such period. A susFEBRUARY
1951
pension for an indefinite period may be terminated by the Board, in its discretion, if the Board
is satisfied that its action would not lead to further
violations of this regulation by the suspended
Registrant and would not be otherwise incompatible with the public interest.
SECTION 4. EXTENSION OF CREDIT
(a) Amount; Maturity; Amortization. Except as
otherwise permitted by this regulation, no Registrant shall, either in connection with a sale or
otherwise:
(1) Extend real estate construction credit with
respect to residential property, multi-unit residential property, or nonresidential property
(other than major additions or major improvements) if the amount of credit outstanding with
respect to the property (including any credit
exempt from, or not subject to the prohibitions
of, this regulation) exceeds, or as a result of such
extension of credit would exceed, the applicable
maximum loan value of such property;
(2) Extend real estate construction credit for
the purpose of financing a major addition or
major improvement to a residence, multi-unit
residence or nonresidential structure if the
amount of credit outstanding for the purpose of
financing the major addition or major improvement (including any credit exempt from, or not
subject to the prohibitions of, this regulation) exceeds, or as a result of such extension of credit
would exceed, the applicable maximum loan
value of such major addition or major improvement;
(3) Extend real estate construction credit for
the purpose of financing the construction of a
residence on farm property if the amount of
credit outstanding for the purpose of financing
the construction of the residence (including any
credit exempt from, or not subject to the prohibitions of, this regulation) exceeds, or as a
result of such extension of credit would exceed,
the applicable maximum loan value of such
residence;
(4) Extend real estate construction credit if
such credit would have a maturity which exceeds the applicable maximum maturity provisions, or would be repaid in any manner which
does not conform with the applicable amortization provisions, set forth in the Supplement
to this regulation;
(5) Purchase, discount or lend on any credit
instrument evidencing real estate construction
153
LAW DEPARTMENT
credit which is subject to and not exempt from loan value of such property, or (2) which, if it is
this regulation, unless the terms of such credit real estate construction credit subject to and not
conformed with the provisions of the Supplement exempt from this regulation, does not or would not
to this regulation when such credit was originally comply with the applicable maximum maturity
extended or conform with the provisions of the and amortization provisions set forth in the SupSupplement at the time of such purchase, dis- plement to this regulation.
count or loan; but for the purposes of this para(tr) Ascertaining Nature of Credit. No Registrant
graph credit shall be considered to be subject to shall extend any credit unless he is satisfied, and
the regulation even though extended by a per- maintains records which reasonably demonstrate on
son other than a Registrant;
their face, whether such credit is or is not real
(6) If the Registrant is acting as principal— estate construction credit; provided, however, unsell, or transfer title to, residential property, less the Registrant has actual knowledge that the
multi-unit residential property or nonresidential credit is real estate construction credit, the requireproperty on which there is new construction ments of this sentence shall not apply (1) to any
(which is a residence, multi-unit residence or extension of credit which is made by a bank, savnonresidential structure, or a major addition or ings and loan association, or similar institution and
major improvement to a residence, multi-unit which is to be repaid within six months and is fully
residence or nonresidential structure) and with secured by withdrawable shares issued by or savrespect to which the vendee or transferee as- ings accounts held with the lender, or (2) to any
sumes or takes such property subject to, indebted- extension of credit in the ordinary course of business secured by a mortgage or other lien upon ness for a commercial, agricultural, or business
such property, if the amount of outstanding credit purpose where the Registrant, because of a previous
(including any credit exempt from, or not subject course of dealings or correspondence between himto the prohibitions of, this regulation) which was self and the borrower, has no reason to believe
extended after October 12, 1950, (or after January that the credit is or will be real estate construction
12, 1951, if it is a sale or transfer of multi-unit credit. The preceding sentence does not require
residential property or after February 15, 1951, if that a Registrant obtain a signed statement from
it is a sale or transfer of nonresidential property) each borrower, and if the Registrant is satisfied that
with respect to the property exceeds, or as a result credit is not real estate construction credit, other
of such sale or transfer would exceed, the appli- kinds of records may be used to demonstrate this
cable maximum loan value of such property, or fact. Such records may include, among others, (1)
if any outstanding real estate construction credit any correspondence, memoranda, loan applica(subject to and not exempt from this regulation) tions or other documents of any kind, whether or
with respect to such property does not conform not originating in connection with the credit in
with the provisions of this regulation and the question, which on the basis of a reasonable interSupplement thereto.12
pretation show that the credit is not real estate con(b) Secondary Borrowing. Except as otherwise struction credit; or (2) a written endorsement or
permitted by this regulation, no Registrant shall rubber stamp legend, placed upon the credit inextend real estate construction credit if he knows strument or upon other papers in connection with
or has reason to know that there is, or that there the credit and signed by the Registrant or a reis to be, any other credit extended with respect to sponsible officer of the Registrant, stating that he is
the property13 (1) which, when added to the satisfied that the credit in question is not real estate
credit proposed to be extended by the Registrant, construction credit. If, however, a Registrant dewould cause the total amount of credit outstanding sires to obtain, and accepts in good faith, a signed
with respect to the property 13 (including any credit Statement of the Borrower stating that the credit is
exempt from, or not subject to the prohibitions of, not wholly or partly secured by, or for the purthis regulation) to exceed the applicable maximum pose of purchasing or carrying, or for the purpose
12
of financing, or one which involves the right to
For application to three- and four-unit residences, see
section 6(/).
acquire or use, new construction on real property or
33
As used here, "property" means residential property,
real
property on which there is new construction
multi-unit residential property, nonresidential property, a
residence on farm property, or a major addition or major
(or that such new construction, if any, is not a
improvement to a residence, a multi-unit residence or nonresidence, multi-unit residence or nonresidential
residential structure, as the case may be.
154
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
structure, or a major addition or major improvement to a residence, multi-unit residence or nonresidential structure), such Statement shall be
deemed to be compliance with the requirements
of this subsection.
(d) Statement of the Borrower. No Registrant
shall extend real estate construction credit unless he
has accepted in good faith a signed Statement of
the Borrower (1) stating whether the credit is
with respect to property 14 subject to the regulation, and (2) stating, if the Registrant claims that
such credit is exempt from this regulation, the
reason for such exemption; and, if the credit is not
exempt, (3) stating the amount of credit previously extended and outstanding, and the amount
of any other credit to be extended, with respect to
the property,14 (4) stating, if the Registrant in
computing "value" relies upon cost or estimated
cost to the borrower (where such cost or estimated
cost may be used for this purpose), the bona fide
amount of such cost or estimated cost to the borrower, and (5) stating, if the extension of credit is
in connection with a sale, the sale price, that the
sale price was bona fide, and the value and a brief
description of any property accepted in part payment. If the extension of credit is in connection
with a sale, such Statement shall state that the
vendor of the property has or will have no financial interest in such property or in the proceeds of
any subsequent disposition thereof, except such
interest as may be fully disclosed to the Registrant.
The amount of any such financial interest of the
vendor retained in the property or any proceeds of
the disposition thereof shall be deemed to be real
estate construction credit extended with respect to
such property. The Statement of the Borrower
may be made, if desired, on a form a sample of
which is obtainable at any Federal Reserve Bank
or branch.
SECTION 5. EXEMPTIONS AND EXCEPTIONS
(a) Minimum Amount. The prohibitions of subsections (a) and (b) of section 4 of this regulation
shall not apply to any extension of credit if the
total amount thereof, including all outstanding
credit which was granted after October 12, 1950,
14
As used here, "property" means residential property,
multi-unit residential property, nonresidential property, a
residence on farm property, or a major addition or major
improvement to a residence, multi-unit residence, or nonresidential structure, as the case may be.
FEBRUARY
1951
with respect to the same property,15 is not in excess
of $2,500.
(£) Short-Term Residential Construction Credits.
The prohibitions of subsections (a) and (b) of section 4 of this regulation shall not apply to any
credit which is for the purpose of financing the
construction of a residence or residences or a major
addition or major improvement to a residence, if
the maturity of such credit is not more than 18
months; provided, that this exemption shall not be
construed to permit any renewal, revision, consolidation, or refinancing of such credit except on
terms which conform with the provisions of this
regulation and the Supplement thereto. If (1) the
initial purpose of an extension of credit having a
maturity exceeding 18 months is the financing of
the construction of a residence or residences or a
major addition or major improvement to a residence and (2) the credit instrument provides, or
an agreement with respect to the credit requires,
that within 32 days after completion of such construction or upon a specified date when the Registrant estimates in good faith the construction will
be completed, which in either case shall be not
more than 18 months after the extension of the
credit, the terms of the credit shall conform thereafter with the applicable maximum loan value and
the applicable maturity and amortization provisions set forth in Schedule I of the Supplement to
this regulation, then in such event the prohibitions
of subsections (a) and (b) of section 4 of this
regulation shall not apply to such credit until after
the lapse of the time so described or specified, but
if at any time after the date of the extension of such
credit, a Registrant sells or transfers title to the
property with respect to which the credit is extended, such sale or transfer of title must conform
to the provisions of this regulation and Schedule
I of the Supplement thereto.16
(c) Other Short-Term Construction Credits. The
prohibitions of subsections (a) and (b) of section
4 of this regulation shall not apply to any credit
15
As used here, "property" means residential property,
multi-unit residential property, nonresidential property, a
residence on farm property, or a major addition or major
improvement to a residence, multi-unit residence, or nonresidential structure, as the case may be.
16
It should be noted that this exemption does not apply
to any credit which is for the purpose of financing the construction of a multi-unit residence or nonresidential structure or a major addition or major improvement to a multiunit residence or nonresidential structure. However, see
section 5(<r).
155
LAW DEPARTMENT
which is for the purpose of financing the construction of a multi-unit residence or nonresidential
structure or a major additon or major improvement
to a multi-unit residence or nonresidential structure
and which is extended to any person other than
the owner of the property and has a maturity of
not more than 24 months; provided, that this exemption shall not be construed to permit any renewal, revision, consolidation, or refinancing of
such credit except on terms which conform with
the provisions of this regulation and the Supplement thereto. Extensions of credit for the purpose
of financing the construction of a multi-unit residence or nonresidential structure or a major addition or major improvement to a multi-unit residence or nonresidential structure may not be made
to the owner of the property in a total amount exceeding the maximum loan value of the property;
but any such credit extended to the owner of the
property shall be exempt from the amortization
provision in Schedule III of the Supplement to this
regulation if (1) such credit has a maturity of not
more than 24 months, or (2) the initial purpose of
credit having a maturity exceeding 24 months is
the financing of the construction of a nonresidential structure or nonresidential structures or a
major addition or major improvement to a nonresidential structure, and the credit instrument
provides, or an agreement with respect to the credit
requires, that within 32 days after completion of
such construction or upon a specified date when the
Registrant estimates in good faith the construction
will be completed, which in either case shall be not
more than 24 months after the extension of the
credit, the terms of the credit shall conform
thereafter with the applicable maturity and amortization provisions set forth in Schedule III of the
Supplement to this regulation; but if at any time
after the date of the extension of such credit, a
Registrant sells or transfers title to the property
with respect to which the credit is extended, such
sale or transfer of title must conform to the provisions of this regulation and Schedule III of the
Supplement thereto.
(d) Medical Expenses, Etc. The prohibitions of
subsections (a) and (b) of section 4 of this regulation shall not apply to any extension of real estate
construction credit as to which the Registrant accepts in good faith a signed Statement of the Borrower certifying that the proceeds thereof are to
be used for bona fide medical, hospital, dental or
156
funeral expenses, or to pay debts incurred for such
expenses, and that the proceeds of the extension are
to be paid over in amounts specified in such Statement to persons whose names, addresses and occupations are stated therein.
(e) Casualties. The prohibitions of subsections
(a) and (b) of section 4 of this regulation shall
not apply to any extension of real estate construction credit as to which the Registrant accepts in
good faith a signed Statement of the Borrower
certifying that the proceeds thereof are to be used
solely for the replacement, reconstruction or repair
of a residence, multi-unit residence or nonresidential structure destroyed or substantially damaged by
flood, fire or other similar casualty.
(/) Contracts to Sell. None of the provisions of
this regulation shall apply to a contract to sell real
property (1) which does not provide for the payment of any part of the purchase price, or of any
amount to be subsequently applied to such price,
except a deposit of earnest money, before the transfer of title to such property, (2) which is to be performed by a transfer of title to such property
within six months after the date on which the contract was entered into, and (3) which provides
for the subsequent transfer of title to such property
on terms which conform to the provisions of this
regulation and the Supplement thereto in effect on
the date the contract wras entered into.
(gr) Contemplated Construction. Any builder or
other person who had made substantial commitments or undertakings before August 3, 1950, with
a view to the building of new construction which
is a residence or a major addition or major improvement to a residence and who asserts that his
inability to obtain credit to finance such new construction on the basis contemplated by him and by
the Registrant prior to August 3, 1950, would cause
him substantial hardship, may apply to the Federal
Reserve Bank of the district in which the new
construction is contemplated for an exemption
from this regulation for such new construction,
showing all the facts and submitting all necessary
supporting documents with respect to his commitments or undertakings and why compliance with
the regulation would cause him substantial hardship. If such Federal Reserve Bank after consideration of the application and supporting documents determines that substantial commitments
were made prior to August 3, 1950, and that substantial hardship would result from the applicaFEDERAL RESERVE BULLETIN
LAW DEPARTMENT
tion of this regulation in such case, it may issue to
such builder or other person a certificate approving
such application and thereupon any extension o£
credit to such builder or other person by the Registrant named in such certificate with respect to the
new construction that may be specified in such
certificate shall be exempt from the prohibitions of
subsections (a) and (b) of section 4 of this regulation. Applications under this subsection must be
sent to the Federal Reserve Bank prior to March
15, 1951.
(h) Labor and Material. No person shall be required to register pursuant to section 3 of this
regulation because of the fact that he performs
labor or furnishes material for new construction on
an open account, unless he shall be otherwise engaged in the business of extending real estate
credit.
(7) Credits Secured by Life Insurance Policies.
None of the provisions of this regulation shall
apply to an extension of real estate construction
credit which is fully secured by the loan value or
cash surrender value of a life insurance policy;
and, notwithstanding any other provisions of this
regulation, a Registrant in determining the amount
of credit which he may extend under the provisions
or section 4 of the regulation need not take into
account any credit which is secured in the manner
specified in this subsection.
(;) Farm Property. The prohibitions of subsections (a) and (b) of section 4 of this regulation
shall not apply to any extension of real estate construction credit with respect to farm property unless the extension of credit is for the purpose of
financing the construction of a residence on farm
property or a major addition or major improvement to a residence on farm property.17
(&) Exemption for Certain New Construction. The
prohibitions of subsections (a) and (b) of section
4 of this regulation shall not apply to any real
estate construction credit extended prior to May 1,
1951, with respect to new construction (1) begun
prior to October 12, 1950, if such new construction
is a residence or a major addition or major improvement to a residence, (2) begun prior to January 12, 1951, if such new construction is a multi17
It is to be noted that the term "farm property" as defined in section 2(o) does not include multi-unit residential
property or nonresidential property; accordingly, the location
of multi-unit residential property or nonresidential property
does not affect the question whether extensions of credit with
respect to such property are subject to the regulation.
FEBRUARY
1951
unit residence or a major addition or major improvement to a multi-unit residence,18 or (3) begun prior to February 15, 1951, if such new construction is a nonresidential structure or a major
addition or major improvement to a nonresidential
structure.
(7) Materials, Articles and Services Used in New
Construction. None of the provisions of this regulation shall apply to an extension of credit which
is for the purpose of purchasing, or is in connection with a sale of, materials, articles and services
for new construction if the credit is extended on
terms which provide for a minimum down payment of 10 per cent, or a maximum loan value of
90 per cent, and for repayment within 30 months
by (1) substantially equal monthly or weekly payments covering principal and interest or (2) substantially equal monthly or weekly payments of
principal.19
SECTION 6.
MISCELLANEOUS PROVISIONS
(a) Evasions. No extension of real estate construction credit complies with the requirements of
this regulation if at the time it is made there is any
agreement, arrangement, or understanding, of
which the Registrant knows or has reason to know,
by which credit is or is to be extended in violation
of this regulation, even though such extension of
credit is or is to be made indirectly, or which
would otherwise evade or circumvent, or conceal
any evasion or circumvention of, any provision of
this regulation or the Supplement thereto. No
Registrant extending credit subject to this regulation shall divide such credit into two or more
parts, or enter into any agreement or understanding with any other person as a result of which two
or more credits are extended, when the purpose or
eflect of such action is to circumvent or avoid the
amortization or maturity provisions of this regulation or the Supplement thereto.
(£) Outstanding Contracts and Obligations. The
prohibitions of subsections (a) and (b) of section 4
of this regulation shall not apply to or aflect (i) any
credit with respect to residential property or a
major addition or major improvement to a residence if extended prior to October 12, 1950, or
pursuant to any firm commitment to extend credit
made prior to such date, (ii) any credit with re13
For application to three- and four-unit residences, see
section 6(/).
19
It should be noted that in certain circumstances more
restrictive terms would be required by Regulation W.
157
LAW DEPARTMENT
spect to multi-unit residential property or a major
addition or major improvement to a multi-unit
residence if extended prior to January 12, 1951, or
pursuant to any firm commitment to extend credit
made prior to such date, or (iii) any credit with
respect to nonresidential property or a major addition or major improvement to a nonresidential
structure if extended prior to February 15, 1951,
or pursuant to any firm commitment to extend
credit made prior to such dates, if such firm commitment complies with Clause (1) of the next succeeding sentence. For this purpose, a firm commitment means either (1) a written agreement under
which the Registrant is required without option or
discretion on his part to extend credit upon demand by the borrower or upon compliance by the
borrower with one or more conditions referred to
in such agreement; or (2) any other agreement to
extend credit with respect to residential property, a
residence, or a major addition or major improvement to a residence which has been entered into in
good faith by the parties and in reliance upon
which the prospective borrower or builder has
taken specific action prior to October 12, 1950, if
the Registrant prior to January 1, 1951, shall have
sent to the Federal Reserve Bank of the district in
which he does business a letter or other statement
reciting the facts with respect to such agreement
and the specific action taken by the prospective
borrower or builder prior to October 12, 1950; or
(3) any other agreement to extend credit with respect to multi-unit residential property or a major
addition or major improvement to a multi-unit
residence which has been entered into in good
faith by the parties and in reliance upon which the
prospective borrower or builder has taken specific
action prior to January 12, 1951, if the Registrant
prior to March 15, 1951, shall have sent to the
Federal Reserve Bank of the district in which he
does business a letter or other statement reciting
the facts with respect to such agreement and the
specific action taken by the prospective borrower
or builder prior to January 12, 1951.20
(<r) Real Property Outside the United States. None
of the prohibitions of this regulation shall apply
to any extension of real estate construction credit
with respect to real property in Alaska, the Panama
Canal Zone, or any territory or possession outside
the continental United States.
20
For application to three- and four-unit residences, see
section 6(;).
158
(d) Preservation of Records; Inspections; Administrative Reports. For the purpose of determining
whether or not there has been compliance with the
provisions of this regulation, every person extending real estate credit with respect to residences,
residential property, multi-unit residential property
or nonresidential property shall preserve for the
period hereinafter specified such accounts, correspondence, memoranda, papers, books, and other
records, or photostats or other copies thereof, as are
relevant to establishing whether such person is
engaged in the business of extending such real
estate credit; whether each credit extended is or is
not real estate construction credit with respect to a
farm residence, residential property, multi-unit residential property, nonresidential property, or a
major addition or major improvement to a residence, multi-unit residence, or nonresidential structure; and whether each extension or real estate
construction credit conformed with the provisions
of this regulation and the Supplement thereto.
Every such person shall preserve such records for
three years after the extension of such credit, or
until the repayment of the credit, whichever period
is shorter, provided, however, that if such person
sells or transfers an obligation evidencing a credit
(or releases collateral held as security for such
credit) and delivers his records relevant to such
credit to the purchaser or transferee, such person
need not thereafter maintain such records with respect to the credit but shall keep a record of the
identity of the purchaser or transferee and the date
of such sale or transfer (or such release). Every
such person shall permit the Board or a Federal
Reserve Bank, by its duly authorized representative to inspect such records and business operations
as the Board or a Federal Reserve Bank may deem
necessary or appropriate; and when ordered to do
so, shall furnish, under oath or otherwise, such
reports, information, or records relevant to extentions of credit as the Board or a Federal Reserve
Bank may deem necessary or appropriate for the
enforcement and administration of this regulation.21
(^) Default and Foreclosure; Serviceman's Preinduction Debt. Nothing in this regulation shall be
construed to prevent any Registrant from taking
such action as he shall deem necessary in good
21
The reporting and record-keeping requirements of this
regulation have been approved by the Bureau of the Budget
in accordance with the Federal Reports Act of 1942.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
faith (1) with respect to any extension of credit
to any member or former member of the armed
forces of the United States which was made to
him prior to his induction into such service and
assignment to active duty, or (2) for the Registrant's own protection in connection with any
credit which is in default and is the subject of a
bona fide collection effort by the Registrant. The
prohibitions of subsections (a) and (£) of section 4 of this regulation shall not apply to an extension of credit by a Registrant in connection
with a sale of property acquired by him through
foreclosure proceedings if such credit does not
exceed the unpaid principal amount of the foreclosed credit, the costs of acquisition through
foreclosure, and the costs incurred in the rehabilitation and repair of the property prior to the sale.
(^) Veterans Programs under State Law. Nothing
in this regulation shall be construed as prohibiting a State (as distinguished from any other person affected by this regulation) from according
rights and preferences to eligible veterans by extending, guaranteeing or insuring, in whole or
in part, real estate construction credit pursuant
to State legislation similar in purpose or effect to
Title III of the Servicemen's Readjustment Act of
1944, as amended, provided that the terms of the
credit are no more liberal than are currently
permitted in the case of comparable loans insured
or guaranteed under that Act.
(g-) State Housing Programs. Nothing in this
regulation shall prohibit extensions of credit to
public corporations created pursuant to a public
housing program of a State or municipality where
such credit is extended, insured, or guaranteed
by the State or municipality or the State or municipality has made commitments to furnish funds
to assure repayment.
(h} Extension of Credit for Mixed Purposes. In
the case of an extension of credit which is partly
subject to one provision of this regulation and
partly subject to another provision, whether by
reason of the types of property involved, or otherwise, the amount and terms of such credit shall
be such as would result if the credit were divided
into two or more parts and each part were treated
as if it stood alone. In the case of an extension
of credit which is partly subject to this regulation and partly not subject to (or exempt from)
the regulation, the amount and terms of the extension of credit will comply with this regulation
FEBRUARY
1951
if they satisfy the requirements of this regulation
applicable to the subject portion.
(/) Calculation of Maximum Maturity. In calculating the maximum maturity of credits which
are subject to maximum maturity provisions in
the Supplement to this regulation, a Registrant
may use, at his option, as "the date such credit is
extended," any date not more than 32 days subsequent to the actual date such credit is extended.
(y) Three- and Four-Unit Residences. Notwithstanding any other provisions of this regulation,
the provisions of sections 4(#) (6), 5(^), and 6(b)
of this regulation which are applicable to multiunit residences shall be applicable to residences
containing three or four family units.
(^) Right of Registrant to Impose Stricter Requirements. Any Registrant, if he desires, may refuse to extend credit, extend less credit than the
amount permitted by this regulation, or require
that repayment be made within a shorter period
or in larger instalments than prescribed in the
Supplement to this regulation.
(/) Reliance upon Statement of the Borrower. The
facts set forth in any signed Statement of the
Borrower which a Registrant accepts and relies
upon in good faith shall be deemed to be correct
for the purposes of the Registrant.
(m) False Statements. The making or submission by any person of any false, fictitious or fraudulent statement or representation pursuant to, or
which is intended to conform to, or show compliance with, any requirement or provision of this
regulation, shall be a violation of this regulation.
(n) Statutory Penalties. The Act provides that
"Any person who willfully violates any provision
of section * # # 602 (relating to real estate construction credit) 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."
(o) Enforceability of Contracts. Nothing in this
regulation shall affect the enforceability of any
contract.
SUPPLEMENT TO REGULATION X
As amended effective February 15, 1951
SCHEDULE I. ONE- TO FOUR-UNIT RESIDENTIAL
PROPERTY AND FARM RESIDENCES
Maximum Loan Value. For the purposes of Regulation X, maximum loan values for all residential
159
LAW DEPARTMENT
Maturity. For the purposes of Regulation X,
the following maturity requirements are prescribed
for credit with respect to residential property, farm
residences, and major additions and major improvements to residences: No such credit subject
to the regulation shall have a maturity of more
than 20 years from the date such credit is extended
except that a credit extended with respect to property having a value (determined as provided in
section 2(/) of the regulation) of $7,000 or less
may have a maturity of not more than 25 years if
it is to be fully repaid at or before the date of
maturity through amortization on the basis prescribed in clause (2) of the following paragraph
relating to amortization.
Amortization. For the purposes of Regulation X,
the following amortization requirements are prescribed for credit with respect to residential property, farm residences, and major additions and
major improvements to residences: With respect
to every such credit subject to the regulation,
amortization payments shall be required which
either (1) will annually reduce the original principal amount of such credit by not less than 5 per
cent until the outstanding balance of such credit
has been reduced to an amount equal to or less
than 50 per cent of the value of the property with
respect to which such credit was extended or (2)
The "maximum loan
will fully liquidate the original principal amount of
value per family unit" is such credit not later than the date of the maturity
of the credit through substantially equal monthly,
90% of "value per fam- quarterly, semiannual, or annual payments coverily unit"
ing principal and interest or through substantially
$4,500 plus 65% of ex- equal monthly, quarterly, semiannual, or annual
cess of "value per payments of principal. The value referred to in
family unit" over the preceding sentence shall be determined as of
$5,000
the date the credit was extended in the manner
$7,100 plus 60% of ex- provided in section 2(z") of the regulation. If
cess of "value per the amount of the credit when extended is not
family unit" over more than 50 per cent of such value, such credit
shall not be subject to the amortization provisions
$9,000
of
this paragraph.
$10,700 plus 20% of excess of "value per
SCHEDULE II. MULTI-UNIT RESIDENTIAL PROPERTY
family unit" over
Maximum Loan Value. For the purposes of
$15,000
Regulation X, maximum loan values for all multi$11,700 plus 10% of ex- unit residential property and major additions and
cess of "value per major improvements to multi-unit residences shall
family unit" over be determined as follows: (1) determine the
$20,000
"value" of the multi-unit residential property, or
50% of "value per fam- major addition or major improvement to a multiunit residence, as the case may be, in accordance
ily unit"
property, farm residences, and major additions and
major improvements to residences shall be determined as follows:, (1) Determine the "value" of
the residential property, farm residence, or major
addition or major improvement to a residence, as
the case may be, in accordance with section 2(/)
of the regulation; (2) divide this "value" by the
number of family units in order to determine the
"value per family unit"; (3) determine the "maximum loan value per family unit" from the table
below; (4) multiply the "maximum loan value
per family unit" by the number of family units in
order to determine the maximum loan value of the
residential property, farm residence, or major
addition or major improvement, as the case may
be. Where a major addition or major improvement will change the number of family units,
the "value per family unit" shall be computed on
the basis of the number of family units which the
residence will contain after the addition or improvement has been completed. In the case of
credit extended with respect to residential property or farm residences involving more than one
structure, the maximum loan value may be applied separately with respect to each such structure or with respect to the entire property or all
such residences, at the election of the Registrant.
If the "value per family
unit" is
Not more than $5,000
More than $5,000 but
not more than $9,000
More than $9,000 but
not more than $15,000
More than $15,000 but
not more than $20,000
More than $20,000 but
not more than $24,250
Over $24,250
160
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
with section 2(7) of the regulation; (2) divide
this "value" by the number of family units in order
to determine the "value per family unit"; (3)
determine the "maximum loan value per family
unit" from the table below; (4) multiply the "maximum loan value per family unit" by the number of
family units in order to determine the maximum
loan value of the multi-unit residential property,
or the major addition or major improvement, as
the case may be. Where a major addition or
major improvement will change the number of
family units, the "value per family unit" shall be
computed on the basis of the number of family
units which the multi-unit residence will contain after the addition or improvement has been
completed. In the case of credit extended with
respect to multi-unit residential property involving more than one such multi-unit residence, the
maximum loan value shall be applied separately
with respect to each such multi-unit residence or
with respect to the entire property, at the election
of the Registrant.
If the "value per family unit" is
The "maximum loan
value per family unit" is
Not more than $7,000
83% of "value per family unit"
$5,810 plus 53% of excess of "value per
family unit" over
$7,000
$10,050 plus 20% of excess of "value per
family unit" over
$15,000
50% of "value per family unit"
More than $7,000 but
not more than $15,000
More than $15,000 but
not more than $23,500
Over $23,500
SCHEDULE
III.
NONRESIDENTIAL
PROPERTY
Maximum Loan Value. For the purposes of Regulation X, the maximum loan value of any nonresidential property or major addition or major
improvement to a nonresidential structure shall
be 50 per cent of the "value" of the property, or
the major addition or major improvement, determined in accordance with section 2(7) of this
regulation. In the case of credit extended with
respect to nonresidential property involving more
than one nonresidential structure, the maximum
loan value may be applied separately with respect
to each such structure, or with respect to the
FEBRUARY
1951
entire property, at the election of the Registrant.
Maturity. For the purposes of Regulation X, the
following maturity requirement is prescribed for
credit with respect to nonresidential property and
major additions and major improvements to nonresidential structures: No such credit subject to
the regulation shall have a maturity of more than
25 years from the date such credit is extended.
Amortization. For the purposes of Regulation X,
the following amortization requirement is prescribed for credit with respect to nonresidential
property and major additions and major improvements to nonresidential structures: With respect
to every such credit subject to the regulation,
amortization payments shall be required which
will fully liquidate the original principal amount
of such credit not later than the date of the maturity of the credit through substantially equal
monthly, quarterly, semiannual, or annual payments covering principal and interest or through
substantially equal monthly, quarterly, semiannual, or annual payments of principal.
Maximum Maturity
The maturity provision in the Supplement to
Regulation X provides for a maximum maturity of
20 years (or 25 years, in some cases) "from the date
such credit is extended." In trade practice, provision often is made for the payment of the first
instalment of an amortized loan on the first day
of the second calendar month after the month in
which the credit is extended. In order to permit
this practice, the Board, in a ruling which appeared
on page 1621 of the BULLETIN for December, 1950,
stated:. " # # # in calculating the maximum maturity of credit subject to the regulation, a Registrant
may, at his option, use any date not more than 32
days subsequent to the date such credit is
extended."
Regulation X, as amended effective January 12,
1951, provides in section 6(n) that "In calculating
the maximum maturity of credit subject to this
regulation, a Registrant may use, at his option, as
'the date such credit is extended', any date not more
than 32 days subsequent to the actual date such
credit is extended."
Neither the interpretation of November 3, 1950,
nor section 6(n) of the regulation means that the
161
LAW DEPARTMENT
first instalment of an amortized loan must be paid
within 32 days after the date the credit is extended.
They do mean, in effect, that the maximum maturity of credit subject to Regulation X may be 20
years and 32 days (or, in some cases, 25 years and
32 days) from the actual date such credit is
extended.
For example, if a 20-year loan payable monthly
were closed on January 1, 1951, and the first payment is made on March 1, 1951, the last payment
would be made on February 1, 1971. Here the
Registrant would be using February 1, 1951, which
is 31 days subsequent to the actual date such credit
is extended, as "the date such credit is extended,"
and the loan would mature 20 years from such
date. The loan, in effect, would have a maturity
of 20 years and 31 days from January 1, 1951, the
actual date such credit was extended.
The principles of the interpretation of November 3, 1950, and of section 6(n) of the regulation
are not limited to monthly payment loans. The
amortization provision in the Supplement to Regulation X permits repayment through substantially
equal monthly, quarterly, semi-annual, or annual
payments. As a further illustration, in the case
of a 20-year loan payable annually in 20 instalments, where the loan is closed on February 1,
1951, the first payment could be made on March 1,
1952, because the last payment would be made and
the loan would mature on March 1, 1971. Here the
Registrant would be using March 1, 1951, which is
28 days subsequent to the actual date such credit is
extended, as "the date such credit is extended," and
the loan would mature 20 years from such date.
Real Estate Brokers
An inquiry has been received by the Board of
Governors regarding the status under Regulation X of real estate brokers: When are they
Registrants and, in cases where they are, does this
afTect sales of real property by non-Registrants,
when the broker acts as the vendor's sales agent?
The second paragraph of section 1 of the regulation provides that the regulation applies to any
person who is engaged in the business of extending certain real estate credit, "including any person who acts as agent in arranging for such credit."
The quoted phrase means that the regulation applies to persons who are engaged in the business
of arranging for such credit as agents for lenders,
not as agents for borrowers.
162
In a typical sale of real estate, where the real
estate broker acts as sales agent for the vendor,
the broker may also arrange the financing for the
sale. In such cases, if the broker receives a fee
from a lender for his services in arranging the
financing, whether the lender is the vendor or a
third party, the broker ordinarily would be considered an agent for the lender. However, if the
broker does not receive such a fee, but merely
contacts or otherwise negotiates with the lender
on behalf of the vendor or vendee, he ordinarily
would not be considered an agent for the lender.
It is the opinion of the Board that a real estate
broker would be a Registrant under Regulation
X if, in his own right or as agent for a lender
or as a fiduciary, he either (1) extends or has extended such real estate credit more than three
different times during the current calendar year or
during the preceding calendar year, or (2) extends
or has extended such real estate credit in an
amount or amounts aggregating more than $50,000 during the current calendar year or during
the preceding calendar year. For this purpose, a
transaction in which a real estate broker acts as
agent of the lender in arranging the financing as
described above is to be considered an extension
of credit by him.
The mere fact, however, that a real estate broker
acting as sales agent in a sale of real property may
be a Registrant does not affect a sale by a nonRegistrant, unless the real estate broker extends
or arranges as agent for an extension of real estate construction credit in connection with the sale.
Under section 4(#)(6) of Regulation X, a sale
in which the vendee assumes, or takes the property
subject to, a mortgage is not permissible if the
amount of outstanding credit (extended after
October 12, 1950, or January 12, 1951, as the case
may be) exceeds the maximum loan value. However, this restriction is applicable only to a Registrant who is acting as principal and, therefore,
does not apply to a real estate broker who is acting
as agent in connection either with the sale or the
financing which may be involved. Of course, if
additional real estate construction credit over and
above the maximum loan value of the property
were extended in connection with the sale, the
other provisions of section 4 would apply to a
real estate broker who acted as agent in arranging
for the extension of such additional credit in the
manner described above.
FEDERAL RESERVE BULLETIN
CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Meetings
Meetings of the Federal Open Market Committee
were held in Washington on January 31, and on
February 6, 7, and 8, 1951.
Changes in Board's Staff
Mr. John C. Baumann, who had been serving
as Assistant General Counsel since August 13, 1948,
resigned effective January 31, 1951. Mr. Baumann
had been associated with the Board's Legal Division
since January 1, 1935.
Mr. Howard H. Hackley, Assistant Counsel,
was appointed Assistant General Counsel effective
February 1, 1951, to succeed Mr. Baumann. Mr.
Hackley has been serving in the Board's Legal
Division since July 31, 1933.
Appointment of Mr. Delos C. Johns as President
of the Federal Reserve Bank of St. Louis to Succeed
Mr. Chester C. Davis
Mr. Delos C. Johns, formerly Vice President,
General Counsel and Secretary of the Federal Reserve Bank of Kansas City, was appointed President
of the Federal Reserve Bank of St. Louis effective
February 1, 1951, to succeed Mr. Chester C. Davis.
Mr. Johns became associated with the Federal Reserve System on July 16, 1945, as General Counsel
and Secretary of the Federal Reserve Bank of
Kansas City.
Mr. Davis resigned as President of the Federal
Reserve Bank of St. Louis effective February 1, to
become Associate Director of the Ford Foundation. Immediately prior to becoming President of
the Federal Reserve Bank of St. Louis on April 15,
1941, Mr. Davis had served as a member of the
Board of Governors of the Federal Reserve System
from June 25, 1936.
Appointment of Class C Director
On February 2, 1951, the Board of Governors
announced the appointment of Dr. Karl T. Compton, Chairman of the Corporation, Massachusetts
Institute of Technology, Cambridge, Massachusetts,
as a Class C director of the Federal Reserve Bank
of Boston for the unexpired portion of the term
ending December 31, 1953.
FEBRUARY
1951
Dr. Compton succeeds Mr. Albert M. Creighton
of Boston, Massachusetts, whose term expired.
Appointment of Branch Director
On January 18, 1951, the Federal Reserve Bank
of Kansas City appointed Mr. Ramon B. Handy,
Executive Vice President, The First National Bank
of Greeley, Greeley, Colorado, as a director of the
Denver Branch for the unexpired portion of the
term ending December 31, 1952, to succeed Mr.
J. D. Allen, President, The First National Bank of
Eagle County, Eagle, Colorado, who resigned.
Death of Director
Mr. J. R. Milam, President, The Cooper Company, Inc., Waco, Texas, who had served as a
Class B director of the Federal Reserve Bank of
Dallas since January 1, 1928, died on February 12,
1951.
Federal Reserve Charts on Bank Credit, Money Rates,
and Business
The Board of Governors has completed a revision of the monthly Federal Reserve Chart Book
on Bank Credit, Money Rates, and Business. The
first monthly issue of the revised charts, containing
all information available as of February 9 with
space for continuation through 1952, is now available. The figures used in bringing the charts up
to date will be published each month in the Federal
Reserve BULLETIN (see pages 221-225 of this issue).
The annual subscription price for 12 issues of the
Chart Book and a copy of the supplementary historical Chart Book is $6.00. Single copies of
monthly issues or the historical supplement may
be purchased for 60 cents each; in quantities of 10
or more copies of a single issue for shipment to one
address, there is a special price of 50 cents per copy.
Admission of State Bank to Membership in the
Federal Reserve System
The following State bank was admitted to
membership in the Federal Reserve System during
the period December 16, 1950 to January 15, 1951:
Kentucky
Flemingsburg—The People's Bank of Fleming;
County, Kentucky.
163
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled January 29 and released for publication January 30]
Industrial output was somewhat larger in December and January than during the autumn reflecting
mainly further increases in output of producers
equipment and military supplies. Consumer demand for most goods showed a sharp expansion
and business demands continued strong. Retail
prices of consumer goods and wholesale commodity
prices showed more marked advances than in other
recent months. The rate of expansion in bank
loans to business slackened in January.
On January 26, a Federal order established maximum prices of most commodities at the highest
levels existing between December 19, 1950 and
January 25, 1951. Wage and salary rates were
fixed at the rates prevailing January 25 pending the
development of adjustment procedures.
INDUSTRIAL PRODUCTION
put of producers equipment and munitions, mainly
in the machinery and transportation equipment
industries, has shown substantial further gains since
last autumn. Passenger car assemblies are near the
average rate prevailing in 1950 when output was
30 per cent greater than in any other year. Production of most other consumer durable goods and
building materials has been maintained close to
the record levels reached in the second half of 1950.
Production of nondurable goods in December
and early January has continued at peak rates, reflecting mainly a sustained volume of output of
textile, paper, petroleum, and chemical products
10 to 20 per cent above year-ago levels.
Minerals output declined slightly in December,
as activity at iron ore mines was reduced from the
exceptionally high autumn rate and as crude petroleum was curtailed somewhat. Petroleum output
increased again in mid-January to a new record rate.
The Board's production index in December was
216, and in January it is estimated that the index
will be close to 220 per cent of the 1935-39 average.
The current level is about one-tenth higher than in
mid-1950 and one-fifth higher than a year ago.
Output of durable manufactured goods has expanded further following the temporary leveling
off in November. Steel production, which had
been reduced by severe weather conditions at the
end of November, has increased to a rate somewhat
above the earlier record reached in October. Out-
Value of construction contract awards increased
in December, reflecting a further contra-seasonal
expansion in awards for public work and gains in
private nonresidential awards. For the year, value
of awards was two-fifths larger than in 1949, with
substantial increases in almost all categories. The
December rise in housing starts to 95,000 from
85,000 in November reflected a sharp increase in
INDUSTRIAL PRODUCTION
CONSTRUCTION CONTRACTS AWARDED
CONSTRUCTION
fSICAL VOLUME. !
i
1200
;
•.
\ •
1946
1948
1950
1946
1948
1950
Federal Reserve indexes. Monthly figures, latest shown are
for December.
164
1950
_
\
8
0
0
400
1946
F. W. Dodge Corporation data for 37 Eastern States.
Monthly figures, latest shown are for December.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
publicly-financed units. Total starts of almost
1,400,000 in 1950 were more than one-third greater
than the previous record in 1949.
EMPLOYMENT
Nonagricultural employment showed the usual
large seasonal rise in December, reflecting mainly
temporary increases in trade and post office employment. Average hours of factory workers rose to
41.6 per week, the highest in Rve years, and average
hourly earnings continued upward, reflecting increases in wage rates and more overtime pay.
DISTRIBUTION
Since the early part of December value of department store sales has been considerably above
corresponding periods of other recent years. Increases in sales of household durable goods have
been large, as during the upsurge in buying last
summer and there have also been sharp increases
in sales of apparel and various other goods. Despite
record sales for this season, stocks have been maintained at high levels as a result of the very large
volume of output. Purchases of new passenger
automobiles have shown marked increases from
the reduced level reached in November which was
still about 10 per cent higher than in November
of any other year.
CONSUMERS' PRICES
1935- 39= 100
COMMODITY PRICES
Wholesale prices generally continued to advance
during the first three weeks of January. Increases
for basic commodities approached the rapid rate of
rise of the summer months. Marked advances
also occurred in wholesale prices of numerous industrial products and foods prior to the announcement of general price controls on January 26.
The consumers' price index rose 1.6 per cent
from mid-November to mid-December, the largest
monthly increase of the year, as retail food prices
advanced 3 per cent. Since that time retail prices
have generally continued to rise; foods have exceeded the July 1948 high.
BANK CREDIT
Bank loans to business continued to expand
rapidly in December but increases were less marked
in the first three weeks of January. The expansion
in real estate and consumer loans was smaller in
the December-early January period than in previous
months.
Average interest rates charged by commercial
banks on short-term business loans rose from 2.6
per cent in the first half of September to 2.8 per
cent in the first half of December. In early January,
leading city banks announced further increases in
rates to business borrowers.
Required reserves of member banks were raised
by more than one billion dollars in mid-January
as a result of the first step in the graduated increases
in reserve requirement percentages announced in
late December. Banks met this increase with
funds obtained from a seasonal decline in currency
in circulation and a reduction in Treasury deposits
at Reserve Banks and by reducing excess reserves
and selling Government securities.
SECURITY MARKETS
1942
1943
1944
1945
1946
Bureau of Labor Statistics' indexes. "All items" includes
fuel and housefurnishings groups not shown separately. Midmonth figures, latest shown are for December.
FEBRUARY
1951
Yields on Government securities and high-grade
corporate bonds continued to show little change
during the first three weeks of January. Prices of
common stocks rose further and, effective January
17, the Federal Reserve raised margin requirements
for purchasing or carrying securities from 50 per
cent to 75 per cent.
165
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items.
Federal Reserve Bank discount rates; rates on industrial loans; rates on
time deposits; reserve requirements; margin requirements.
Federal Reserve Bank statistics.
Guaranteed Regulation V loans...
Deposits and reserves of member banks..
Money in circulation.
Bank debits and deposit turnover; Postal Savings System.
All banks and the money supply
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 books.
Earnings and expenses of Federal Reserve Banks during 1950
Changes in number of banking offices in the United States.
169-170
170-171
172-176
176
177
178-179
179
180
181-183
184-185
186-189
190
191
192
193-194
195-196
197-199
200
201-210
211-214
214
215
216-217
218-220
221-225
226-227
228
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System are derived from regular reports made to
the Board; index numbers of production are compiled by the Board on the basis of material collected
by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of
Government credit agencies are obtained principally from statements of the Treasury, or of the agencies
concerned; data on money and security markets and commodity prices and other series on business
activity are obtained largely from other sources. Back figures for banking and monetary tables, together
with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics;
back figures for most other tables may be obtained from earlier BULLETINS.
FEBRUARY
1951
167
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
WEDNESDAY FIGURES
DEPOSITS
1942
1943
1944
1945
BILLIONS OF DOLLARS
jl
1946
1947
1948
1949
1950
1949
1950
TOTAL RESERVE BANK HOLDINGS
OF U. S. GOVERNMENT SECURITIES
I
15
10
0
1942
1943
1944
1945
1946
1947
1948
Wednesday figures, latest shown are for January 24. See page 169.
168
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
Member bank
reserve balances
U. S. Government
securities
Discounts
and
advances
Date or period
Total
Bills,
certifiBonds cates,
and
All
other1 Total
Gold
stock
Treasury
currency
outstanding
Money
in circulation
TreasOther
deTreas- ury
Fedposits Nonury
eral
memwith
cash Federal
ber de- Reholdserve
posits
Reings
acserve
counts
Banks
Total
Required3
Excess*
notes
Wednesday
figures:
1949—Dec. 7.
Dec. 14.
Dec. 21.
Dec. 28.
407
107
128
142
17,931
18,169
18,538
18,789
7,512
7,512
7,237
7,231
10,419
10,657
11,301
11,558
289 18,628 24,477
455 8,731 24,476
842 9,508 24,427
448 19,379 24,427
4,596
4,596
4,595
4,598
27,699
27,701
27,833
27,765
1,309
1,314
1,309
1,314
441
393
1,027
987
1,271
1,273
1,267
1,281
690
690
756
758
16,291
16,433
16,337
16,299
15,395
15,561
15,523
15,462
896
872
814
837
1950—Jan. 4.
Jan. 11.
Jan. 18.
Jan. 25.
95
99
97
121
18,829
18,230
17,872
17,764
7,212
11,617
11,065
10,738
10,634
547
315
414
416
19,471 24,427
18,644 24,426
18,383 24,426
18,300 24,425
4,597
4,596
4,596
4,596
27,551
27,311
27,121
26,913
1,319
i,313
1,315
1,321
547
255
381
539
1,304
1,382
1,380
1,408
719
719
719
721
17,055
16,686
16,487
16,419
15,597
15,593
15,630
15,617
1,458
1,093
857
802
Feb.
1.
Feb.
8.
Feb. 15.
Feb. 21.
456
223
267
94
17,855
17,656
17,781
17,625
7,103
6,969
6,920
6,887
10,752
10,687
10,861
10,738
309
267
533
373
18,620 24,395
18,146 24,345
18,581 24,343
18,092 24,345
4,599
4,598
4,598
4,598
26,928
26,985
26,993
27,019
1,318
1,313
1,313
1,311
637
366
671
380
1,478
1,432
1,419
1,419
721
727
728
731
16,532
16,265
16,400
16,176
15,534
15,456
15,383
15,428
998
809
1,017
748
Mar. 1.
Mar. 8.
Mar. 15.
Mar. 22.
Mar. 29.
314
87
71
186
365
17,757
17,846
17,791
17,573
17,516
6,840
6,804
6,615
6,529
6,415
10,917
11,042
11,176
11,044
11,101
383
431
402
277
18,454 24,345
18,363 24,345
18,264 24,320
18,036 24,271
18,144 24,246
4,600
4,601
4,601
4,600
4,599
27,060
27,105
27,023
26,972
26,969
1,316
1,322
1,307
1,308
1,321
555
433
9
759
997
1,444
1,454
1,315
1,139
1,155
736
739
759
761
766
16,288
16,258
16,771
15,969
15,782
15,347
15,261
15,405
15,324
15,268
941
997
1,366
645
514
Apr. 5.
Apr. 12.
Apr. 19.
Apr. 26.
168 17,572
160 17,597
137 17,410
17,640
6,357
6,327
6,220
6,204
11,215
11,270
11,190
11,436
392
311
381
282
18,132 24,246
18,068 24,247
17,928 24,247
18,141 24,247
4,601
4,600
4,600
4,600
27,133
27,072
26,992
26,962
1,317
1,313
1,319
1,316
622 1,167
587 1,177
647 1,261
833 1,208
769
769
771
772
15,971
15,996
15,786
15,898
15,209
15,248
15,265
15,243
762
748
521
655
May
May
May
May
May
90
79
106
306
17,711
17,591
17,401
17,290
17,389
6,098
5,976
5,911
5,854
5,802
11,613
11,615
11,490
11,436
11,587
359
297
521
288
239
18,192 24,247
17,978 24,249
18,001 24,230
17,683 24,230
17,935 24,231
4,602
4,602
4,601
4,601
4,606
27,051
27,041
26,980
26,908
27,090
1,326
1,318
1,294
1,292
1,309
678
533
426
428
588
1,287
1,314
1,293
1,246
1,254
713
717
716
718
718
15,986
15,907
16,123
15,922
15,814
15,224
15,147
15,275
15,305
15,288
762
760
848
617
526
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 24,232
18,270 24,232
18,261 24,231
18,567 24,230
4,605
4,604
4,604
4,608
27,079
26,993
26,926
27,026
1,309
1,304
1,294
1,306
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 12.
July 19.
July 26.
18,586
18,294
17,869
350 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
1,302
1,309
1,310
1,315
645
383
525
504
1,470
1,457
1,462
1,439
802
804
804
809
16,254
16,448
16,157
16,415
15,463
15,544
15,527
15,585
791
904
630
830
Aug. 2.
Aug. 9.
Aug. 16.
Aug. 23.
Aug. 30.
301
263
106
Hi
10'
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
29;
44<
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
1,304
1,309
1,309
1,308
1,308
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
6.
13.
20.
27.
99 18,942
71 19,064
51 18,526
19,353
7,284
8,233
3,731
3,773
11,658
10,831
14,795
15,580
396
529
591
601
19,438 23,577
19,665 23,576
19,169 23,525
20,075
" "" 1 23,474
4,613
4,613
4,613
4,614
27,259
27,151
27,081
27,060
1,311
1,305
1,301
1,307
511
648
654
1,144
1,220
1,182
1,204
1,190
716 16,611
703 16,865
768 16,299
16,699
15,747
15,934
15,946
15,837
864
931
353
862
Oct. 4.
Oct. 11.
Oct. 18.
Oct. 25.
19,375
19,50'
19,506
19,229
3,824
3,923
3,979
4,058
15,551
15,584
15,52
15,171
55: 19,972 23,482
471 20,044 23,432
881 20,426 23,291
19,753 23,290
4,617
4,618
4,617
4,618
27,188
27,339
27,228
27,121
1,308
1,316
1,313
1,300
848
508
449
420
1V288
1,332
1,292
1,367
15,848
15,829
15,995
15,962
778
960
1,250
687
Nov. 1.
Nov. 8.
Nov. 15.
Nov. 22.
Nov. 29.
111
291
71
247
240
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
19,860 23,249
19,853 23,198
20,171 23,148
20,162 23,09
20,501 23,03
4,622
4,622
4,621
4,622
4,626
27,219
27,388
27,296
27,450
27,543
1,304
1,292
1,304
1,281
1,298
452
298
341
541
564
1,335
1,324
1,199
1,242
1,218
813 16,626
810 16,789
17,245
16,649
805
748 16,674
748 16,625
17,054
16,622
742 16,799
Dec.
Dec.
Dec.
Dec.
6.
13.
20.
27.
110
69
54
••301
20,239
20,529
20,227
20,337
4,571
4,820
4,533
4,589
15,668 573 20,92: 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
1,294
1,294
1,291
1,295
540
451
685
786
1,220
1,213
1,208
1,215
725
716
760
760
17,049
17,46.
17,416
17,174
16,100
16,365
16,550
16,415
1951—Jan.
Jan.
Jan.
Jan.
Jan.
3.
10.
17.
24.
31.
28 20,571
73 20,461
101 20,798
273120,545
798J21.484
4,624
4,674
4,747
4,747
4,965
15,94 1,281 21,879 22,706
15,787
700 21,235 22,546
16,051 1,024 21,923 22,494
790
15,798
21,608 22,443
769 23,051 22,392
16,519
4,63
4,635
4,635
4,638
4,634 2 7,685
27,415
27,200
27,028
27,045
1,299
1,308
1,303
1,303
1,301
546
273
10.
256
80'
1,250
1,173
1,11
1,095
1,206
747
74.c
743
743
737
17,691 16,500 1,191
17,502 16,391 1,111
18,587 ?17,578
18,260 P 1 7 , 6 2 noo
18,984 z>18,074
3.
10.
17.
24.
31.
June 7.
June 14.
June 21.
June 28.
July 5,
Sept.
Sept.
Sept.
Sept.
251
675
619
69!
so:
15,947
727
15,906
719
16,044 1,010
16,084
538
16,120
679
949
,100
866
759
r
P Preliminary.
Revised.
1
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.
2
FEBRUARY
1951
169
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outstanding
Date or period
End of period:
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—Dec.
1946—Dec.
1947—June
Dec.
1948—June
Dec.
1949—June
Dec.
29...
30...
30...
31...
31...
31...
30...
31. . .
30. . .
31. . .
30...
31...
1950—Jan.
Feb
Mar
Apr.
May
June . .
July
Aug
Sept
Oct
Nov
Dec
1951—Jan.
Averages of
daily figures:
1949—Nov.
Dec
1950—Jan
Nov
Dec. . . .
1951—Jan
Member bank
reserve balances
U. S, Government
securities
Discounts
All 1
Bills,
and
Total
certifi- other
adcates,
vances Total Bonds
and
notes
Gold
stock
TreasTreasOther
deury Money Treas- ury
Fedposits Noneral
cirwith
memrency in
cash
ReculaFederal ber deholdoutReposits serve Total
tion
ings
standacserve
ing
Banks
counts
1,400
2,220
2,593
2.361
25,091
24,093
22,170
23,181
21,900
24,097
19,696
19,499
4,037
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
354 18,326
10,715
10,889
349 18,226
11,195
253 18,070
392 18,301
11,641
239 17,935
11,587
329 18,703
12,713
277 18,466
13,081
381 18,820
11,588
695 20,340
15,779
431 19,798
15,072
15,329
783 20,638
16,158 1,371 22,216
769 23,051
16,519
24,395
24,345
24,246
24,247
24,231
24,231
24,136
23,627
23,483
23,249
23,037
22,706
P22.392
4,599
4,602
4,602
4,603
4,606
4,607
4,609
4,613
4,618
4,623
4,627
4,636
?4,638
347 18,226
17,664 7,528 10,136
536 19,012
18,287 7,360 10,927
18,082 7,158 10,924
466 18,649
633 20,159
19,381 4,273 15,108
20,345 4,590 15,755 1,119 21,606
927 21,839
20,699 4,736 15,963
24,533
24,451
24,420
23,157
22,879
22,523
4,593
4,596
4,597
4.622
4,629
4,635
1,037
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
145
131
225
113
306
43
220
83
72
116
162
67
798
17,827
17,746
17,592
17,796
17,389
18,331
17,969
18,356
19,572
19,252
19,693
20,778
21,484
7,112
6,857
6,397
6,155
5,802
5,618
4,888
6,768
3,793
4,180
4,364
4,620
4,965
215
189
101
145
142
213
71
441
1,351
1,467
145
1,557
1,133
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
4,459
5,434
7,598
11,160
28.515
28,952
28,297
28,868
27,903
28,224
27,493
27,600
204
264
2,409
2,215
2,287
2,272
1,314
1,336
1,327
1,325
L.307
1,312
26,941
1,311
27,068
1,310
27,042
1,315
1,308
27,048
27,090
1,309
27,156
1,298
27,010
1,304
27,120
1,304
27,161
1,322
L ,295
27,228
L.287
27,595
27,741
1^293
^27,045 Pi,301
27,477
27,734
27,220
27.380
27,806
27,304
1,311
1,307
1,314
1 ,290
1,290
1,297
ReExquired1 cess1
36
35
634
867
977
393
756
870
1,928
1,123
438
821
28
166
653
1.360
1,308
822
881
961
859
1,189
941
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
677
666
1,006
858
588
950
566
733
1,114
569
714
668
807
1,460
1,426
L, 132
1,347
1,254
1,431
1,443
L.190
1,374
1.315
1,460
1,206
720
730
766
712
718
771
759
724
759
749
738
714
737
16,211 15,513
698
15,973 15,390
583
15,657 15,150 507
15,878 15,202
676
15,814 15,288 526
15,934 15,498
436
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 ^18,074 P 9 1 0
1,296
1,315
1,420
1,331
1,273
1,199
691
724
719
746
739
742
16,119
16,291
16,520
16,742
17,391
18,088
457
687
472
450
615
368
1J206
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
15,308 811
15,488
803
15,585
936
16,009
733
16,364 1,027
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
Effective date
of change
Savings deposits
Postal Savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months. . .
In less than 90 days
NOTE.—Maximum rates that may be paid by member banks as
established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank
may not in any event exceed the maximum rate payable by State
banks or trust companies on like deposits under the laws of the State
in which the member bank is located. Maximum rates that may be
paid by insured nonmember banks as established by the F.D.I.C.,
effective Feb. 1, 1936, are the same as those in effect for member banks.
MARGIN REQUIREMENTS1
[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
Feb. 1, Mar. 30, Effec1949tive
1947Mar. 29, Jan. 16, Jan. 17,
1951
1951
1949
75
75
50
50
75
75
75
50
75
1
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 thi3 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.
1938—Apr.
1941—Nov.
1942—Aug.
Sept.
Oct.
1948—Feb.
June
Sept.
Sept.
1949—May
May
June
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
1951—Jan.
16
1
20
14
3
27
11
16
24
1
5
30. .
1
1
11
16
18
25
1
11
Jan. 16
Jan. 25
Feb. 1
IneffectFeb.1,19514
Central
reserve
city
banks
22M
26
24
22
20
22
24
Reserve
city
banks
20
A
26
22
24
21
20
2SH
193^
23
22^
22
23
19
1834
18
19
24
20
24
20
Country
banks
Time
deposits
(all
member
banks)
12
14
5
6
16
j y 1/
14
13
27
«7
*6
"u
»5
»5
13
36
26
14
14
6
1
Demand deposits subject to reserve requirements, which beginning
Aug. 23, 1935, have been total demand deposits minus cash items
in process of collection and demand balances due from domestic banks
(also minus war loan and series E bond accounts during the period
Apr.
13, 1943-June 30, 1947).
8
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.
170
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)i
Rate on
Jan. 31
In effect
beginning—
Aug. 21,
Aug. 21,
Aug. 25,
Aug. 25,
Aug. 25,
Aug. 24,
Aug. 25,
Aug. 23,
Aug. 22,
Aug. 25,
Aug. 25,
Aug. 24,
Boston
New York
Philadelphia. .
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City. .
Dallas
San Francisco
Previous
rate
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advances
[Sec. 10(b)]
Rate on
Jan. 31
1950
1950
1950
1950
1950
1950
1950
1950
1950
1950
1950
1950
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Previous
rate
Rate on
In effect
beginning—
Jan. 31
Jan.
Oct.
Aug.
Aug.
2
Oct.
Aug.
Aug.
Jan.
Aug.
Jan.
Feb.
'Oct.
21,1950
21,1950
25,1950
25,1950
25,1950
24,1950
25,1950
23,1950
22,1950
25,1950
25,1950
24,1950
2
14,
30,
23,
25,
28,
24,
13,
12,
23,
19,
14,
28,
Previous
rate
1948
1942
1948
1950
1942
1950
1948
1948
1948
1948
1948
1942
4
I"
2
4
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
Certain special rates to nonmember banks were in effect during the wartime period.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal
Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a
of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding
6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals,
partnerships, or corporations made under the last paragraph of Section 13 is 90 days.
Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
2
FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum]
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13B
OF THE FEDERAL RESERVE ACT
Maturity
Rate on
Jan. 31
1M
IK
1- 90 days
91-120 days
121-180 days
2
In effect beginning—
Aug. 21, 1950
Aug. 21, 1950
Aug. 21, 1950
Previous
rate
Maturities not exceeding five years
[In effect January 31.
134
To industrial or
commercial
businesses
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.
FEES AND RATES ESTABLISHED UNDER REGULATION V
ON LOANS GUARANTEED PURSUANT TO DEFENSE
PRODUCTION ACT OF 1950 AND EXECUTIVE
ORDER NO. 10161
[In effect January 31]
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
Guarantee fee
(percentage of
interest payable
by borrower)
Percentage of
loan guaranteed
70 or less
75 .
80
85
90
95
Over 95
.
...
10
15
20
25
30
35
40-50
Percentage of
any commitment
fee charged
borrower
10
15
20
25
30
35
40-50
Maximum Rates Financing Institutions May Charge Borrowers
[Per cent per annum]
Per cent per annum]
Federal
Reserve
Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas C i t y . . . .
Dallas
San Francisco.. .
To financing institutions
On discounts or
purchases
On
loans *
23^-5
234-5
234~5
2^-5
234-5
234-5
3 -5
234-5
2^5
On
commitments
Portion
for which
institution is
obligated
Remaining
portion
On
commitments
()
8
234-5
1
2
1
4
Including loans made in participation with financing institutions.
Rate charged borrower less commitment rate.
Rate charged borrower.
Rate charged borrower but not to exceed 1 per cent above the discount
rate.
6
Charge of M per cent is made on undisbursed portion of loan.
Back figures,—See Banking and Monetary Statistics, Table 118,
pp. 446-447.
Interest rate
Commitment rate.
FEBRUARY
1951
171
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
End of month
1951
Jan. 31
Jan. 24
Jan. 17
1950
Jan. 10
Jan. 3
Dec. 27
1951
1950
Jan.
Dec. 20
Dec.
Jan.
Assets
Gold certificates
20,564,902 20,621,903 20,664,402 20,704,404 20 ,870,403 20,972,406 20,982,403 20,564,902 20,880,403 22,620,433
Redemption fund for
577,229
F. R, notes
588,455
588,815
587,228
575,528
595,372
547,646
586,245
568,898
595,372
Total gold certificate reserves
21,160,274 21,210,358 21,250,647 21,293,219 21,457,631 21,547,934 21,551,301 21,160,274 21,457,632 23,168,079
Other cash
Discounts and advances:
For member banks.. .
For nonmember
banks, etc
373,253
352,916
319,502
273,653
226,600
220,771
384,718
266,716
798,142
272,316
100,358
72,888
27,735
300,837
54,032
798,142
67,395
370,637
83,344
61,889
Total discounts and
advances
Industrial loans
U. S. Govt. securities:
Bills
Certificates:
Special
Other
Notes
Bonds
384,718
798,142
272,316
100,358
72,888
27,735
300,837
54,032
798,142
67,395
145,233
3,445
3,246
3,301
3.287
2,572
2,397
2,399
3,445
2,556
2,115
1,698,664 1,164,864 1,257,964 1,111,864 1,165,471
869,886
745,571 1,698,664 1,296,071 3,754,682
2,334,195 6,409,450
2,334,195 2,334,195
550,700
14,820,283 14,633,251 14,793,451 14,675,151 14,781,071 12,544,076 12,613,996 14,820,283 12,527,226
4,965,425 4,746,625 4,746,925 4,674,375 4,623,975 4,589,275 4,532,875 4,965,425 4.620,075 7,112,100
Total U. S. Govt.
securities
21,484,372 20,544,740 20 ,798,340 20 ,461,390 20 ,570,517 20,337,432 20,226,637 21,484,372 20,777,567 17,826,932
Other Reserve Bank
credit outstanding. . .
764,685 1,368,433
764,685
787,211 1,021,040
697,186 1,278,653 1,079,084 1,580,543
351,550
Total Reserve Bank
credit outstanding 23,050,644 21,607,513 21,923 ,039 21,234.751 21,879,477 21,719,75021,863,611 23,050,644 22,215,951 18,325,830
Liabilities
Federal Reserve notes. . 23,026,321 23,008,538 23,161.401 23,341,139 23,544,042 23,707,149 23,706,590 23,026,321 23,587,018 22,926,479
Deposits:
Member bank — reserve accounts
18,984,124 18,259,903 18,587,018 17,502,212 17,690,942 17,173,805 17,415,924 18,984,124 17,680,744 16,211,201
U. S. Treasurer—gen676,687
eral account
807,342
668,454
807,342
786,073
256,421
105,009
272,604
546,443
685,435
907,996
Foreign
920,546
866,455
895,442
866,455
850,321
857,590
942,032
900,201
904,410
552,442
Other
294,665
244,664
315,090
308,246
307,626
340,017
564,913
340,017
209,474
Total deposits
20,997,938 19,611,309 19,805,911 18,947,496 19,487,663 19,175,089 19,309,186 20,997,938 19,809,553 18,348,326
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent)...
48.1
I
I
49.8
49.5
50.4
50.2
49.9
50.1
49.4
56.1
Over 5 years
to 10 years
Over
10 years
48.1
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:
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Jan. 31
Industrial loans:
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Jan. 31
U. S. Government securities:
Jan. 3
Tan. 10
Jan. 17
Jan. 24
Jan. 31
172
Within
15 days
16 to 90
days
91 days to
1 year
Over 1 year
to 5 years
27 73S
72,888
100 358
272 316
798 142
25 616
70,960
98 605
267 417
788 842
? 006
1,817
1 668
4 812
9 227
113
2,572
3,287
3 301
3,246
3 445
50
169
68
62
40
239
233
231
219
291
1,419
1,336
2 101
2,066
2 153
864
1,549
901
899
961
20,570,517
20,461 390
20,798,340
20,544,740
21,484,372
306,820
294 313
385,547
355,174
689,599
858,651
817 551
872,417
809,690
1,019,065
12,235,923
12 084 303
12,165,003
12,007,303
12,157,285
3,675,823
3 763,523
3,855,973
3,853,473
4,002,023
111
85
87
73
981,700
981,700
986,700
986,700
986,700
2,511,600
2,520,000
2,532,700
2,532,400
2,629,700
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Richmond
Cleveland
St.
Louis
Minneapolis
600,492
633,105
615,233
581,462
583,220
378,716
396,717
378,916
347,187
362,461
765,645
788,735
786,495
769,722
743,500
100,519
100,276
100,034
99,879
99,712
40,725
40,725
40,651
40,619
40,571
21,467
21,467
21,432
21,419
21,399
35,034
35,034
34,963
34,939
34,905
950,948 4,369,194
893,704 4,206,949
891,292 4,311,062
904,690 4,363,366
905,512 4,260,687
641,217
673,830
655,884
622,081
623,791
400,183
418,184
400,348
368,606
383,860
800,679
823,769
821,458
804,661
778,405
Atlanta Chicago
Kansas
City
Dallas
San
Francisco
Assets
Gold certificates:
Dec. 27
20,972,406
Jan. 3
20,870,403
Jan. 10
20,704,404
Jan. 17
20,664,402
Jan. 24
20,621,903
Redemption fund
for F. R. notes:
Dec. 27
575,528
Jan. 3
587,228
Jan. 10
588,815
Jan. 17
586,245
Jan. 24
588,455
Total gold certificate reserves:
Dec. 27
21,547,934
Jan. 3
21,457,631
Tan. 10
21,293,219
Jan. 17
21,250,647
Jan. 24
21,210,358
Other cash:
226,600
Dec. 27
Jan. 3
273,653
Tan. 10
319,502
Jan. 17
352,916
Jan. 24
373,253
Discounts & advances :
Secured bv
U. S. Govt.
securities:
Dec. 27..
300,682
Tan. 3..
27,290
72,744
Jan. 10..
Jan. 17..
100,224
Jan. 24..
271,157
Other:
155
Dec. 27. .
Jan. 3. .
445
144
Tan. 10..
134
Jan. 17..
Jan. 24. .
1,159
Industrial loans:
Dec. 27
2,397
2,572
Jan. 3
3,287
Jan 10
Jan. 17
3,301
Jan. 24
3,246
U. S. Govt.
securities:
Bills:
869,886
Dec. 27
Tan. 3.... 1,165,471
Jan. 10.... 1,111,864
Jan. 17.... 1,257,964
Jan. 24.... 1,164,864
Certificates:
Dec. 27. . . .
2,334,195
Tan 3
Jan. 10
Tan 17
Jan. 24
Notes:
Dec. 27... .12,544,076
Jan. 3.... 14,781,071
Tan. 10
14,675,151
Jan. 17.... 14,793,451
Jan. 24
14,633,251
Bonds:
Dec. 27. . . 4,589,275
.
Jan. 3
4,623,975
Jan. 10.... 4,674,375
Jan. 17.... 4,746,925
Jan. 24.... 4,746,625
Total U. S. Govt.
securities:
Dec. 27
20,337,432
Jan. 3
20,570,517
Jan. 10
20,461,390
Jan. 17
20,798,340
Jan. 24
20,544,740
FEBRUARY
1951
801,633
769,242
676,649
735,918
677,644
53,980
53,980
53,782
53,675
53,546
855,613
823,222
730,431
789,593
731,190
6,421,962 1,156,757 1,559,090
6,701,303 1,257,271 1,418,612
6,666,134 1,194,171 1,425,549
6,727,159 1,154,635 1,390,393
6,850,322 1,192,730 1,399,016
50,911
50,911
50,129
49,599
49,240
50,563
50,563
50,137
49,944
49,708
67,288
67,289
67,037
66,908
71,240
948,869
936,126
894,885
854,858
850,888
51,788
53,788
57,843
56,619
55,726
6,472,873 1,207,320 1,626,378 1,000,657
6,752,214 1,307,834 1 485,901 989,914
6,716,263 1,244,308 1,492,586 952,728
6,776,758 1,204,579 1,457,301 911,477
6,899,562 1,242,438 1,470,256 906,614
911,407 4,268,675
854,163 4,106,673
851,931 4,211,028
865,409 4,263,487
866,344 4,160,975
39,541
39,541
39,361
39,281
39,168
22,598
29,342
33,243
37,300
39,213
41,629
53,058
63,201
70,664
70,388
17,890
19,545
23,394
26,027
25,829
17,691
24,245
25,644
32,134
30,803
16,271
19,809
23,298
24,886
27,416
16,405
18,981
21,805
21,585
26,240
31,127
35,301
44,730
48,507
52,965
11,774
14,002
14,983
15,963
16,996
4,789
6,048
7,322
7,208
8,466
9,293
10,630
12,366
14,093
14,305
3,425
525
1,550
170
3,170
153,530
7,780
45,525
37,805
57,935
8,790
3,570
3,770
4,175
5,220
21,247
2,500
17,115
7,075
38,525
14,375
75
75
2,675
6,250
12,375
4,125
122
4,772
17,062
17,500
200
1,200
36,550
98,075
25,000
2,700
1,700
2,800
12,150
1,150
5,000
372
222
21,322
5,590
815
315
3,980
4,748
49
49
49
39
65
106
96
95
95
94
300
592,791 2,566,369
565,722 2,442,734
555,667 2,447,746
567,215 2,406,957
549,547 2,385,256
25,521
25,464
25,410
25,375
25,336
38,191
48,190
48,036
47,988
47,904
618,312 2,604,560
591,186 2,490,924
581,077 2,495,782
592,590 2,454,945
574,883 2,433,160
9,681
11,458
14,065
15,602
16,425
27,452
31,234
35,451
38,947
44,207
37,700
1,000
6,700
1.000
27
27
26
26
26
2,053
2,218
2,191
2,212
2,156
1
1
1
1
1
123
130
130
126
129
7
7
7
7
7
58,109
73,137
61,709
18,884
4,582
223,470
270,202
265,839
356,185
342,367
56,053
73,332
69,959
79,152
73,294
78,132
108,866
103,858
117,505
108,808
54,456
77,495
73,931
83,645
77,454
45,148
62,887
59,994
67,877
62,854
160,919
544,082
155,228 216,370
150,804
864,306
1,049,145
1,041,628
1,050,024
1,038,653
2,929,292
3,305,239
3,281,555
3,308,008
3,272,185
833,728 1,162,137
930,025 1,380,700
923,360 1,370,806
930,804 1,381,856
920,724 1,366,892
809,970 671,536 1,901,222 691,558 387,885 581,758 569,121 1,141,563
982,838 797,572 2,204,671 805,849 469,240 695,952 707,304 1,452,536
975,795 791,856 2,188,872 800,075 465,877 690,965 702,235 1,442,127
983,661 798,240 2,206,517 806,524 469,633 696,535 707,896 1,453,753
973,009 789,596 2,182,623 797,790 464,547 688,992 700,230 1,438,010
316,385
328,206
331,782
336,932
336,911
1,069,724
1,033,981
1,045,251
1,061,474
1,061,407
305,189
290,940
294,112
298,676
298,658
296,493 245,821
307,462 249,505
310,813 252,225
315,637 256,139
315,617 256,123
1,399,719
1,450,488
1,435,119
1,405,840
1,380,146
186
189
188
188
186
744
741
741
127,822
173,836
165,840
187,632
173,746
46,494
63,540
60,617
64,100
59,718
26,078
36,999
35,297
39,936
36,980
39,112
54,875
52,351
59,230
54,847
38,263
55,771
53,206
60,197
55,742
76,749
114,531
109,263
123,621
114,472
125,028 353,976
128,757
72,218
108,313
105,961
212,539
695,955 253,149
689,689 252,095
697,207 254,842
708,028 258,798
707,982 258,782
141,987
146,793
148,393
150,696
150,687
212,957
217,715
220,088
223,504
223,490
208,329
221,266
223,678
227,150
227,136
4,766,568 1,350,198 1,882,047 1,311,723 1,087,533 3,078,975 1,119,958
4,609,422 1,294,297 1,921,491 1,367,795 1,109,964 3,068,196 1,121,484
4,592,645 1,287,431 1,911,297 1,360,539 1,104,075 3,051,919 1,115,534
4,725,667 1,308,632 1,942,772 1,382,943 1,122,256 3,102,177 1,129,422
4,675,959 1,292,676 1,919,082 1,366,080 1,108,573 3,064,351 1,116,290
628,168
653,032
649,567
660,265
652,214
942,140
968,542
963,404
979,269
967,329
921,674 1,848,729
984,341 2,021,465
979,119 2,010,741
995,243 2,043,854
983,108 2,018,932
425,408
431,925
436,633
443,411
443,382
417,878
454,398
459,351
466,480
466,450
173
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
20,640,666
20,600,824
20,537,565
20,901,999
20,820,302
1,403,144
1,451,013
1,436,669
1,406,010
1,383,316
4,920,125
4,617,229
4,638,196
4,763,498
4,733,920
1,361,041
1,300,085
1,293,392
1,315,019
1,300,052
1,903,344
1,924,041
1,928,462
1,949,887
1,957,673
1,326,221
1,368,300
1,360,744
1,385,744
1,372,459
24
24
24
24
24
2
2
2
2
2
7
2
2
2
2
2
2
2
2
2
2
1
1
1
1
1
1
1
1
1
1
147,836
167,615
186,529
183,555
171,692
4,947
5,364
7,209
8,464
5,860
24,443
22,960
26,390
26,746
20,330
8,224
10,558
8,450
8,096
6,223
9,214
10,632
12,331
10,845
9,001
25,756
34,621
41,128
41,528
44,576
3,730,222
4,301,643
3,215,259
4,033,542
3,606,409
302,373
394,740
260,961
333,343
318,474
735,362
924,151
578,244
751,723
626,305
213,680
261,078
194,725
253,870
210,609
367,046
399,858
295,403
425,647
338,228
39,922
39,957
40,083
40,242
40,265
1,073
1,073
1,073
1,073
1,073
7,675
7,657
7,657
7,657
7,657
2,920
2,920
2,920
2,920
2,915
118,012
89,597
96,126
103,464
108,520
8,192
6,572
6,904
7,395
7,718
7,659
5,478
5,820
6,215
6,599
46,451,216
46,930,944
45,688,307
46,866,389
46,330,823
2,597,942
2,711,328
2,476,492
2,583,180
2,486,846
27,198
19,766
21,586
23,026
24,227
12,229,312
12,397,042
12,051,544
12,420,079
12,382,396
23,707,149
23,544,042
23,341,139
23,161,401
23,008,538
1,445,741
1,425,571
1,411,564
1,400,213
1,392,684
5,340,436
5,313,447
5,251,156
5,213,930
5,181 ^48
17,173,805
17,690,942
17,502,212
18,587,018
18,259,903
715,216
814,020
736,789
810,252
743,320
5,522,723
5,667,791
5,547,365
5,928,663
5,786,858
786,711
832,206
816,923
847,520
860,994
1,271,299
1,279,611
1,258,591
1,358,500
1,333,438
694,967
728,985
727,460
762,377
757,462
704,646
719,332
727,126
793,921
796,143
786,073
546,443
272,604
105,009
256,421
88,930
45,826
14,259
1,791
101,493
81,673
52,202
89,942
248,699
38,795
62,533
14,874
137,433
51,935
26,349
40,043
36,539
15,754
2,077
San
Francisco
Minneapolis
Kansas
City
Dallas
1,144,958
1,124,184
1,117,234
1,132,222
1,128,440
629,504
658,221
650,127
660,675
673,722
947,730
969,357
963,719
983,249
973,077
921,674
984,341
979,119
995,243
983,108
1,886,429
2,021,465
2,012,485
2,044,595
2,026,373
3
3
3
3
3
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2
2
2
2
2
15,026
18,512
21,001
16,201
16,662
17,820
19,101
20,959
20,353
18,765
8,091
8 878
8,687
9,839
8,118
3,855
5,663
5,598
5,782
6,354
6,236
8,421
7,681
8,148
7,366
6,817
8,746
9,210
8,538
8,248
17,407
14 159
17,885
19,015
20,189
313,346
366,575
265,297
321,568
279,775
230,824
289,996
218,354
271,971
268,733
626,363
692,653
559,020
669,800
574,844
171,284
192,983
143,702
173,109
178,333
107,346
105,844
97,170
103,906
102,934
197,700
219,627
181,949
206,416
201,123
166,442
184,799
145,349
180,991
186,512
298,456
269,339
275,085
341,198
320,539
4,794
4,794
4,794
4,790
4,790
2,871
2,871
2,883
2,887
2,916
1,720
1,720
1,810
1,810
1,809
5,063
5,062
5,062
5,169
5,169
3,493
3,509
3,509
3,526
3,526
1,117
1,114
1,114
1,114
1,114
2,639
2,623
2,623
2,623
2,623
688
677
677
677
677
5,869
5,937
5,961
5,996
5,996
11,390
8,436
8,963
9,956
10,438
7,769
6,099
6,650
7,015
7,151
6,163
4,734
5,016
5,428
5,749
17,926
13,501
14,488
15,638
16,089
6,318
4,686
4,997
5,390
5,751
3,580
2,753
2,936
3,214
3,421
5,683
4,450
4,786
5,057
5,305
5,320
4,214
4,445
4,875
5,223
10,814
8,908
9,535
10,255
10,849
3,939,859 2,692,892
3,857,909 2,788,190
3,768,185 2,652,729
3,890,562 2,695,106
3,821,191 2,640,908
2,321,002
2,341,744
2,263,483
2,348,721
2,350,348
Atlanta
Chicago
St.
Louis
Assets (cont.)
Total loans and
securities:
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 2 4 . . . . . .
Due from foreign
banks:
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24 . . . .
Federal Reserve
notes of other
Banks:
Dec. 27
Jan. 3
Jan. 10
Jan 17
Jan. 2 4 . .
Uncollected
cash items:
Dec. 27
Jan. 3.
Jan. 10
Jan. 17
Jan. 24.
Bank premises:
Dec. 27
Jan. 3
Jan, 10
Jan. 17
Jan 24
Other assets:
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Total assets:
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
I
2,818,736
2,907,500
2,773,011
2,816,728
2,794,667
1,099,915 3,096,581
1,114,096 3,068,492
1,104,204 3,053,214
1,127,035 3,138,822
1,125,642 3,162,520
8,164,077 1,987,136
8,041,062 2,022,073
8,008,538 1,948,997
8,261,658 1,962,131
8,091,042 1,964,956
1,150,375 1,969,961
1,197,828 2,038,878
1,164,616 1,994,583
1,150,506 2,024,248
1,179,872 1,982,205
1,728,935 4,850,989
1,785,422 4,841,968
1,733,943 4,852,186
1,798,517 4,914,953
1,775,077 4,861,315
Liabilities
Federal Reserve
notes:
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Deposits:
Member bank
—reserve
accounts:
Dec. 2 7 . .
Jan. 3 . .
Jan. 10..
Jan. 17..
Jan. 24..
U. S. Treasurer—general
account:
Dec. 2 7 . .
Jan. 3. .
Jan. 10..
Jan. 17..
Jan. 2 4 . .
Foreign:
Dec. 2 7 . .
Jan. 3 . .
Jan. 10..
Jan. 17..
Jan. 2 4 . .
Other:
Dec. 27. .
Jan. 3 . .
Jan. 10..
Jan. 17..
Jan. 2 4 . .
554
2
1,683,294 2,129,334
1,665,122 2,112,208
1,650,586 2,098,619
1,639,501 2,083,106
1,628,709 2,072,811
414
283
539
577
1,635,812 1,284,747 4,563,243
1,617,561 1,273,030 4,546,112
1,596,697 1,258,808 4,519,254
1,579,596 1,250,520 4,493,933
1 563 880 1,237,624 4,471,387
1,101,620
1,095,460
1,085,758
1,078,860
1,070,993
612,302
610,156
608,857
605,149
602,151
922,435
918,536
914,760
907,442
903,064
648,402
641,378
630,771
622,217
619,021
2,339,783
2,325,461
2,314,309
2,286,934
2,264,866
2,802,879
2,746,682
2,809,228
3,023,627
2,951,887
633,534
680,772
649,151
672,126
670,631
382,140
425,277
412,156
413,448
446,023
785,499
848,576
841,032
877,367
847,450
832,973
872,567
881,157
946,864
921,953
2,041,218
2,075,123
2,095,234
2,152,353
2,143,744
149,827
58,619
31,288
39,896
40,542
17,519
30,391
29,511
19,713
580
48,033
42,593
15,192
1,869
2,095
37,911
29,910
19,987
1,637
28,410
31,136
18,350
2,683
568
44,911
35,626
27,117
2,999
1,243
32,074
32,582
31,287
32,771
31,280
81,572
82,863
78,653
82,382
78,635
38,840
37,406
37,923
40,504
38,792
485
500
563
589
10
225
508
920,546
942,032
857,590
904,410
850,321
57,733
58,647
52,427
54,913
52,415
291,883
2
303,421
2
271,578
2290,608
2264,445
73,312
74,472
66,802
69,970
66,787
83,393
84,712
78,641
82,370
78,622
45,820
46,545
42,280
44,285
42,270
38,489
39,098
35,515
37,199
35,507
126,463
128,464
116,693
122,227
116,665
32,990
33,512
31,287
32,771
31,280
22,910
23,273
21,140
22,143
21,135
33,907
34,443
31,287
32,771
31,280
294,665
308,246
315,090
209,474
244,664
5,985
4,328
6,637
6,394
5,343
227,262
236,477
242,650
135,273
175,863
2,220
2,440
2,215
3,375
1,686
8,620
8,789
7,997
7,442
6,914
1,347
2,992
4,227
3,626
2,445
447
877
648
495
540
2,066
2,889
2,200
2,493
2,163
5,974
7,278
7,540
6,154
7,411
1,157
1,209
1,012
1,528
2,520
268
479
2,154
1,447
1,517
1,407
470
594
673
517
1
After deducting $17,000 participations of other Federal Reserve Banks on Dec. 27; Jan. 3; Jan. 10; Jan. 17; and Jan. 24.
* After deducting $628,650,000 participations of other Federal Reserve Banks on Dec. 27; $638,597,000 on Jan. 3; $586,001,000 on Jan. 10;
$613,790,000 on Jan. 17; and $585,862,000 on Jan. 24.
174
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
NewYork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Liabilities
(cont.)
Total deposits:
Dec. 27
Jan. 3 . . . .
Jan. 1 0 . . . .
Jan. 1 7 . . . .
Jan. 2 4 . . . .
Deferred availability cash items:
Dec. 27
Jan. 3 . . . .
Jan. 10
Jan. 17
Jan. 24
Other liabilities
and accrued
dividends:
Dec. 27. . . .
Jan. 3
Jan. 1 0 . . . .
Jan. 1 7 . . . .
Jan. 2 4 . . . .
Total liabilities:
Dec. 2 7 . . . .
Jan. 3 . . . .
Jan. 1 0 . . . .
Jan. 17
Jan. 2 4 . . . .
19,175,089
19,487,663
18,947,496
19,805,911
19,611,309
867,864
922,821
810,112
873,350
801,632
6,143,361
6,289,362
6,113,795
6,444,486
6,475,865
901,038
971,651
900,814
921,279
929,750
1,500,745
1,425,047
1,371,578
1,448,851
1,419,551
782,177
815,061
789,721
812,365
802,757
791,615
801,900
778,481
833,484
834,285
3,081,235
2,936,654
2,959,409
3,148,832
3,071,215
712,394
762,104
705,497
711,614
709,911
436,598
479,270
454,021
437,129
469,903
857,585
915,083
893,753
913,292
879,708
893,936
937,692
931,388
982,991
954,318
2,206,541
2,231,018
2,238,927
2,278,238
2,262,414
2,651,162
3,023,014
2,518,097
3,012,526
2,819,222
225,914
307,236
198,730
253,307
235,974
476,491
535,828
426,777
500,759
463,015
163,476
202,666
153,160
187,206
167,123
224,167
239,137
215,971
275,963
246,136
226,399
309,614
219,956
256,494
227,241
203,830
228,194
187,149
225,414
238,792
392,584
437,477
408,367
496,565
425,250
136,475
130,006
122,943
136,677
148,761
76,594
84,211
77,788
84,180
83,545
153,846
170,965
151,466
168,712
164,367
151,323
173,025
138,194
159,234
167,343
220,063
204,655
217,596
268,015
251,675
12,703
5,734
6,445
6,978
8,195
937
616
652
647
542
4,168
1,695
2,175
2,285
2,535
689
200
265
245
311
1,343
519
200
267
245
326
508
168
231
239
328
1,755
1,159
471
190
261
216
307
338
664
227
192
282
411
180
228
230
278
539
130
179
285
364
1,025
527
607
804
957
45,546,103
46,060,453
44,813,177
45,986,816
45,447,264
2,540,456
2,656,244
2,421,058
2,527,517
2,430,832
11,964,456
12,140,332
11,793,903
12,161,460
12,122,763
2,748,497
2,839,639
2,704,825
2,748,231
2,725,893
3,855,589
3,776,919
3,686,775
3,808,724
3,739,455
2,644,907
2,742,436
2,606,641
2,648,700
2,594,204
2,280,700
2,303,292
2,224,669
2,309,657
2,311,029
8,038,817
7,921,073
7,887,900
8,140,325
7,969,011
1,950,960
1,987,760
1,914,459
1,927,367
1,929,972
224,987
225,664
226,339
226,785
226,700
12,223
12,225
12,227
12,233
12,236
73,390
73,422
73,482
73,523
73,642
15,675
15,687
15,766
15,811
15,835
22,001
22,105
22,146
22,171
21,682
9,838
9,863
9,933
9,970
9,992
8,954
8,998
9,148
9,178
9,212
28,697
28,946
28,987
29,031
29,103
7,397
7,407
7,428
7,434
7,443
4,984
5,087
5,160
5,165
5,171
8,291
8,318
8,393
8,419
8,433
9,601
9,616
9,637
9,814
9,860
23,936
23,990
24,032
24,036
24,091
488,173
510,022
510,022
510,022
510,022
30,778
32,246
32,246
32,246
32,246
148,149
153,290
153,290
153,290
153,290
38,205
39,710
39,710
39,710
39,710
45,957
48,014
48,014
48,014
48,014
23,779
25,167
25,167
25,167
25,167
21,194
22,369
22,369
22,369
22,369
72,029
75,345
75,345
75,345
75,345
19,118
20,295
20,295
20,295
20,295
12,494
13,168
13,168
13,168
13,168
18,045
19,047
19,047
19,047
19,047
15,873
16,852
16,852
16,852
16,852
42,552
44,519
44,519
44,519
44,519
27,543
27,543
27,543
27,543
27,543
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
164,410
107,262
111,226
115,223
119,294
11,474
7,602
7,950
8,173
8,521
35,998
22,679
23,550
24,487
25,382
11,870
7,975
8,221
8,487
8,740
15,306
9,865
10,244
10,647
11,034
11,019
7,375
7,639
7,920
8,196
9,392
6,323
6,535
6,755
6,976
23,105
14,269
14,877
15,528
16,154
9,140
6,090
6,294
6,514
6,725
5,992
4,199
4,322
4,450
4,579
8,211
5,612
5,799
5,969
6,171
7,954
5,422
5,615
5,817
6,012
14,949
9,851
10,180
10,476
10,804
2,597,942
2,711,328
2,476,492
2,583,180
2,486,846
12,229,312
12,397,042
12,051,544
12,420,079
12,382,396
2,818,736
2,907,500
2,773,011
2,816,728
2,794,667
3,939,859
3.857,909
3,768,185
3,890,562
3,821,191
2,692,892
2,788,190
2,652,729
2,695,106
2,640,908
2,321,002
2,341,744
2,263,483
2,348,721
2,350,348
8,164,077
8,041,062
8,008,538
8,261,658
8,091,042
1,987,136
2,022,073
1,948,997
1,962,131
1,964,956
1,364
1,391
1,553
1,607
1,578
16,797
!6,932
17,686
17,952
17,809
1,732
1,766
1,978
2,047
2,010
1,970
2,009
2,329
2,410
2,366
1,082
1,104
1,252
1,296
1,272
909
927
1,052
1,088
1,069
2,987
3,047
3,456
3,576
3,512
779
795
927
959
942
529
527
551
522
573
458
458
473
473
473
54
54
54
54
54
242
242
228
226
226
500
500
500
500
500
830
870
995
1,125,832 1,934,277
1,174,301 2,004,764
1,140,893 1,960,207
1,126,650 1,989,676
1,155,881 1,947,417
334
483
595
806
1,694,200 4,767,412
1,752,225 4,761,468
1,700,532 4,771,315
1,764,727 4,833,782
1,741,046 4,779,761
Capital Accts.
Capital paid in:
Dec. 27. . . .
Jan.
3
Jan. 1 0 . . . .
Jan. 1 7 . . . .
Jan. 24
Surplus:
(section 7):
Dec. 2 7 . . . .
Jan. 3
Jan. 10
Jan. 1 7 . . . .
Jan. 2 4 . . . .
(section 13b):
Dec. 2 7 . . . .
Jan. 3
Jan. 1 0 . . . .
Jan. 1 7 . . . .
Jan. 2 4 . . . .
Other cap. accts.:
Dec. 2 7 . . . .
Jan.
Jan.
3....
10....
Jan. 17
Jan. 2 4 . . . .
Total liabilities
and cap. accts.:
Dec. 2 7 . . . . 46,451,216
Jan. 3 . . . . 46,930,944
Jan. 1 0 . . . . 45,688,307
Jan. 17
46,866,389
Jan. 2 4 . . . . 46,330,823
Contingent liability on acceptances purchased for foreign
correspondents:
Dec. 2 7 . . . .
21,647
Jan. 3 . . . .
22,078
Jan. 10
25,042
Jan. 1 7 . . . .
25,911
Jan. 2 4 . . . .
25,444
Industrial loan
commitments:
Dec. 27. . . .
3,690
3,688
Jan. 3 . . . .
Jan. 1 0 . . . .
2,445
2,417
Jan. 1 7 . . .
Jan. 2 4 . . . !
2,468
1,150,375 1,969,961
1,197,828 2,038,878
1,164,616 1,994,583
1,150,506 2,024,248
1,179,872 1,982,205
541
552
626
648
636
801
817
927
959
942
500
500
500
500
500
1,728,935 4,850,989
1,785,422 4,841,968
1,733,943 4,852,186
1,798,517 4,914,953
1,775,077 4,861,315
758
773
927
959
942
1,927
1,965
2,329
2,410
2,366
1,407
1,407
139
142
142
1
After deducting $14,850,000 participations of other Federal Reserve Banks on Dec. 27; $15,146,000 on Jan. 3; $17,356,000 on Jan. 10; $17,959,000
on Jan. 17; and $17,635,000 on Jan. 24.
FEBRUARY
1951
175
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousand of dollars]
Total
F.R. notes outstanding
(issued to Bank):
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Collateral held against
notes outstanding:
Gold certificates:
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Eligible paper:
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
U. S. Govt. s e c :
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Total collateral:
Dec.
Jan.
Jan.
Jan.
Jan.
LOANS
27
3
10
17
24
24,562,518
24,518,331
24,397,058
24,267,267
24,145,619
13,604,000
13,404,000
13,304,000
13,304,000
13,244,000
241,160
20,315
54,307
51,627
113,730
Boston
NewYork
Philadelphia
Cleveland
1,499,573 5,500,272 1,729,748 2,210,124
1,495,295 5,503,411 1,724,027 2,204,077
1,493,965 5,477,246 1,710,856 2,195,131
1,488,075 5,462,794 1,702,362 2,181,941
1,488,825 5,420,003 1,692,588 2,175,680
440,000 4,570,000
440,000 4,570,000
440,000 4,570,000
440,000 4,570,000
440,000 4,570,000
750,000
750,000
750,000
750,000
750,000
145,630
7,630
45,525
37,605
57,170
8,790
3,570
3,770
4,175
5,220
3,425
525
1,550
170
3,170
865,000
865,000
865,000
865,000
765,000
Richmond
Atlanta
700,000
700,000
600,000
600,000
600,000
25,410,160
25,289,315
25,323,307
25,320,627
25,297,730
1,543,425 5,715,630 1,758,790 2,215,000
1,540,525 5,677,630 1,753,570 2,215,000
1,541,550 5,715,525 1,753,770 2,215,000
1,540,170 5,707,605 1,754,17 ,215,000
1,543,170 5,727,170 1,755,2;20 2,190,000
FEDERAL
RESERVE
625,000 2,700,000
',700,000
625,000 2,'
625,0"
,000~2,700,000
625,000 2,\
Z,700,000
625,0
,000 2,750,000
13,875
75
75
2,675
6,250
1,100,000 1,000,000 1,000,000 1,350,000 1,015,000
1,100,000 1,100,000 1,000,000 1,350,000 1,015,000
1,100,000 1,100,000 1,000,000 1,350,000 1,115,000
1,100,000 1,100,000 1,000,000 1,350,000 1,115,000
1,100,000 1,100,000 1,000,000 1,425,000 1,115,000
THROUGH
750,000 2,000,000
750,000 2,000,000
750,000 2,000,000
750,000 2,000,000
750,000 1,900,000
1,728,875 1,375,000
1,715,075 1,375,000
1,715,075 1,375,000
1,717,675 1,375,000
1,721,250 1,375,000
Guaranteed loans
authorized
to date
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
2,232
6,265
3,335
8,299
Guaranteed
loans
outstanding
Date
Number
Amount
Total
amount
1950
Oct. 31. . .
Nov. 30. ..
Dec.
31...
3
23
62
1,000
13,585
31,306
2,340
8,017
NOTE.—The difference between guaranteed loans authorized and
sum of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts
repaid, guarantees available but not completed, and authorizations
expired or withdrawn.
350,000 210,000
350,000 210,000
350,000 210,000
350,000 210,000
350,000 200,000
900,000 450,000
900,000 450,000
900,000 450,000
900,000 450,000
900,000 450,000
4,700,000 1,275,000 661,150
4,700,000 1,252,700 665,000
4,
,700,000 1,251,700 660,372
4,700,000 1,252,800 660,222
4,650,000 1,262,150 671,322
Dallas
San
Francisco
280,000 214,000
280,000 214,000
280,000 214,000
280,000 214,000
280,000 214,000
1,900,000
1,700,000
1,700,000
1,700,000
1,700,000
37,700
5,590
815
315
3,980
5,748
Y,666
2,700
00,000 500,000
700,000 500,000
700,000 500,000
700,000 500,000
700,000 500,000
800,000
1,000,000
1,000,000
1,000,000
1,000,000
985,590 14,000 2,737,700
980,815 14,000 2,:
,700,000
980,315 714,000 i2,701,000
983,980 714,000 2,700,000
985,748 714,000 2,702,700
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
DEFENSE PRODUCTION ACT OF 1950 AND
[Amounts in thousands of dollars]
Minne- Kansas
apolis
City
25,000
1,150
2,700 5,000
1,700
372
2,800
222
12,150 21,322
BANKS UNDER REGULATION V, PURSUANT TO
EXECUTIVE ORDER NO. 10161
St.
Louis
1,699,476 1,368,845 4,666,375 1,143,100 623,873 950,754 685,571 2,484,807
1,694,885 1,360,546 4,664,831 1,137,915 623,207 955,567 685,157 2,469,413
1,681,075 1,348,721 4,647,909 1,130,242 621,346 949,261 679,122 2,462,184
1,654,250 1,339,936 4,627,780 1,122,238 619,434 942,971 674,655 2,450,831
1,638,991 1,333,103 4,611,706 1,119,744 617,082 938,523 668,606 2,440,768
11,565,000
11,865,000
11,965,000
11,965,000
11,940,000
GUARANTEED
Chicago
Date (last
Wednesday
or last day
of period)
1944
1945
1946
1947 . . . .
1948
1949
Nov. 30. . .
Dec. 3 1 . . .
1950
Jan. 31. . .
Feb. 2 8 . . .
Mar. 31. . .
Apr. 2 9 . . .
May 3 1 . . .
June 30. . .
July 3 1 . . .
Aug. 31. . .
Sept. 30. . .
Oct. 31. . .
Nov. 30. . .
Dec. 30. . .
Number
ParticiAppations
of
proved
Loans Commitments ingfinancinstioutbut not
tutions
com- standing 2 outpleted 1 (amount) standing out(amount) standing
Amount (amount)
(amount)
3,489
3,511
3,542
3,574
3,607
525,532
544,961
565,913
586,726
615,653
4,577
945
335
1,387
3,644
3,649
628,523
629 326
1,277
3,652
3,655
3,663
3,667
3,670
3,677
3,680
3,684
3,690
3,692
3,695
3,698
629,764
630,209
632,049
632,573
633,124
638,015
639,158
644,464
646,276
647,432
649,748
651,389
Applications
approved
to date
1,295
320
539
544
223
1,225
1,172
1,306
4,416
4,362
6,985
8,030
5,108
5 519
4,819
995
4,165
1,644
8,309
7,434
1,643
2,705
1,686
2,670
4,869
1,990
1,954
2,178
1,818
2,288
2,848
2,947
2,223
2,505
2,673
2,665
2,675
2,779
2,479
2,333
2,293
2,307
2 413
2,632
1,941
1,197
1,272
1,288
1,286
1,352
1,729
2,481
2,509
3,035
3,466
3,754
2,649
2,628
2,651
2,652
2,641
2,731
2,753
3,273
3,224
3,707
4,050
3,745
3,894
1,995
554
1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks.
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.
176
FEDERAL RESERVE BULLETIN
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Central reserve
city banks
All
member
banks
New
York
Reserve
city
banks
Chicago
Country
banks
First half of December 1950
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 2
Demand deposits
adjusted 3 .
Time deposits 4
Demand balances due from domestic banks...
Reserves with Federal Reserve Banks:
Total
Required
Excess
98,337
11,771
86,566
85,679
77,700
29,297
22,466
3,920
18,546
20,408
5,905
37
17,252
16,236
1,016
4,775
4,584
191
37,435
5,688
31,747
32,295
1,094
11,544
136
1,864
3,867
6,354
1,200
1,178
22
6,611
6,390
221
4,666
4,083
583
50
33
86
Borrowings at Federal Reserve Banks
New
York
Reserve
city
banks
Chicago
Country
banks
Second half of December 1950
5,671
1,116
4,554
5,108
1,8
Central reserve
city banks
All
member
banks
32,766 101,194
1,047
12,541
31,719 88,653
27,867 87,014
78,700
14,780 29,443
22,968
4,144
18,824
20,676
5,870
1,206
4,664
5,219
38,910
6,113
32,796
33,005
33,447
1,078
32,368
28,114
1,964
1,097
11,593
14,790
47
131
2,005
4,171
17,522
16,484
1,038
4,711
4,647
64
1,197
1,203
-6
6,763
6,521
242
4,851
4,113
738
196
111
51
25
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are
based2 on deposits at opening of business.
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand
balances due from domestic banks.
3
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
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures.
Month, or
week ending Wednesday
All
mem-
In millions of dollars]
Central reserve
city t)anks
ber
banks 1
New
York
Chicago
Re-
s erve
^ity
banks
Total reserves held:
Time
deposits
Demand
deposits
except
interbank
Time
deposits
1949
October
November
December
16,850
17,056
17,266
8,810
8,782
8,675
12,061
12,209
12,249
6,072
6,046
6,004
1950
October
November
December
18,397
18,663
18,929
8,849
8,815
8,737
12,758
13,031
13,125
6,097
'6,081
6,048
4
4
4
4
4
4
797
625
726
609
757
760
1 ,200
1 ,187
1 ,217
1 ,205
1 ,268
1 ,264
6
6
6
6
,760
,696
,851
,797
7 .182
7 ,131
4,867
4,807
4,890
4,880
4,962
5,157
803
731
19
13
1
1,027
125
"Y
180
141
232
603
576
663
By district,
December 1950
-16
8
-2
-2
-6
268
174
314
273
183
148
757
696
771
748
Boston
New York
Philadelphia
Cleveland
2,317
3,551
1,430
1,537
816
2,185
809
901
377
1,212
1,031
1,091
223
1,144
886
798
Richmond
Atlanta
Chicago
St. Louis
1,217
1,736
2,600
731
930
737
1,810
1,036
482
225
966
289
2
12
5
30
70
50
1
10
9
9
31
68
33
27
61
83
Minneapolis
Kansas City
Dallas
San Francisco
651
632
1,184
1,342
405
458
1,613
345
292
107
166
642
809
1,671
1,851
569
437
212
83
303
17,623
17,314
17,683
17,491
18,170
18,312
Excess reserves:
1949—December... . .
1950—November
December.....
1,148
P722
122
-3
82
48
16
2
118
145
142
59
35
58
58
283
150
105
144
124
170
94
53
56
6
20
27
3.......
10
17
24
Demand
deposits
except
interbank
4 450
4 742
2 0 . . . . . ..
27
3
10.......
17
24
Dec.
Dec.
1951—Jan.
Jan.
Jan.
Jan.
In places of under
15,000 population
4,434
4,650
4,761
Dec.
Dec.
1951—Jan.
Jan.
Jan.
Jan.
Borrowings at Federal
Reserve Banks:
1949—December
1950—November
December
In places of 15,000
and over population
6 ,251
6 ,478
6 ,689
16,291
16,742
17,391
20
27
3
10
17
24
Country
banks
1 ,144
1 ,165
1 ,199
1949—December
1950—November. . . .
December.....
Dec.
Dec.
1951—Tan.
Jan.
Tan.
Jan.
SMALL CENTERS i
[Averages of daily figures. In millions of dollars]
851
1,175
1,067
P917
4 462
6
8
r
1
Revised.
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.
FEBRUARY
1951
177
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks.
Total
in circulation 1
Total
Coin
1933
1934.
193 S
1936
1937
1938
1939
1940.
1941
1942
1943
1944
1945
1946
1947
1948
5,519
5,536
5,882
6,543
6,550
6,856
7,598
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
28,224
4,167
4,292
4,518
5,021
5,015
5,147
5,553
6,247
8,120
11,576
14,871
17,580
20,683
20,437
20,020
19,529
1949—September...
October
November.. .
December. . .
27,412
27,407
27,543
27,600
1950—January
February....
March
April
May
Tune
July
August
September.. .
October .
November.. .
December. . .
26,941
27,068
27,042
27,048
27,090
27,156
27,010
27,120
27,161
27,228
27,595
27,741
End of year or
month
Coin and small denomination currency
s
In millions of dollars]
Large denomination currency 2
2
$l
$2
442
452
478
517
537
550
590
648
751
880
1,019
1,156
1,274
1,361
1,404
1,464
402
423
460
499
505
524
559
610
695
801
909
987
1,039
1,029
1,048
1,049
33
32
33
35
33
34
36
39
44
55
70
81
73
67
65
64
719
771
815
906
905
946
1,019
1,129
1,355
1,693
1,973
2,150
2,313
2,173
2,110
2,047
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
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
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
1,019
1,481
1,996
2,327
2,492
2,548
2,494
18,917
18,915
19,040
19,025
1,468
1,474
1,484
1,484
1,018
1,031
1,046
1,066
60
60
61
62
1,970
1,973
1,994
2,004
5,905
5,891
5,935
5,897
8,496
8,486
8,520
8,512
8,498
8,494
8,506
8,578
18,475
18,645
18,651
18,661
18,730
18,813
18,696
18,795
18,834
18,901
19,252
19,305
1,457
1,459
1,468
1,478
1,490
1,496
1,498
1,506
1,515
1,527
1,547
1,554
1,008
1,011
1,013
1,016
1,033
1,037
1,029
1,037
1,054
1,072
1,089
1,113
60
60
59
60
60
61
60
61
61
61
62
64
1,926
1,949
1,949
1,945
1,963
1,966
1,946
1,955
1,964
1,978
2,021
2 ,049
5,715
5,817
5,834
5,830
5,851
5,891
5,836
5,881
5,884
5,874
6,021
5,998
8,309
8,348
8,327
8,333
8,333
8,363
8,328
8,355
8,357
8,388
8,469
8,426
8,393
8,389
8,361
8,344
8,316
8,328
8,329
8,329
8,511 8,345
8,529 8,438
$5
$10
$20
Total
$50
$100
364
337
358
399
387
409
460
538
724
618
577
627
707
710
770
919
Unassorted
$500 $1,000 $5,000 $10,000
237
216
239
265
288
327
425
523
556
586
749
990
801
783
782
707
8
5
7
7
6
17
20
30
24
9
9
10
7
8
5
5
10
7
16
18
12
32
32
60
46
25
22
24
24
26
17
17
8
10
5
8
1,112
1,433
1,910
2,912
4,153
4,220
4,771
5,070
5,074
125
112
122
135
139
160
191
227
261
287
407
555
454
438
428
400
2,401
2,392
2,398
2,435
4,996
5,007
5,021
5,056
382
381
382
382
705
701
692
689
4
4
4
4
9
9
8
11
2
2
2
2,401
2,385
2,375
2,380
2,380
2,386
2,374
2,374
2,369
2,368
2,384
2,422
5,010
4,988
4,968
4,961
4,949
4,940
4,934
4,950
4,964
4,987
4,994
5,043
380
378
384
382
380
378
375
372
370
367
365
368
666
661
654
650
639
628
620
617
613
595
589
588
4
5
5
4
4
4
4
4
4
4
4
4
8
9
8
11
9
9
9
9
9
9
9
12
7
5
2
4
4
3
2
3
2
3
3
3
I: 3
3
3
1
1
1
2
2
2
2
2
2
2
I
as dest
B
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money in circulation 1
Money held in the Treasury
Total outstanding, As security
Dec. 31,
against
Treasury
1950
gold and
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver dollars
Silver bullion
Silver certificates and Treasury notes of 1890..
Subsidiary silver coin
Minor coin
United States notes
Federal Reserve Bank notes
National Bank notes
22,706
21,498
24,548
4,636
' '*2,330
493
2,041
290
2,041
3
'18,642'
23
Dec. 31,
1950
Nov. 30,
1950
Dec. 31.
1949
40
23,363
4,338
40
23,212
4,342
42
23,262
4,297
2
(5)
23,828
24,162
25,522
2,816
1,131
267
177
20i''
21
8
31
4
1
4'
1
3
(4)
(4)
(4)
Outside Treasury and Federal Reserve Banks.
M.209
"54"
31
2,330
1,026
384
347
261
85
Total—Dec 31, 1950
Nov. 30, 1950
Dec. 31, 1949
1
21,498
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents
18,642
18,982
20,361
1,293
1,287
1,312
4,213
3,944
4,111
*2 i130*
1,002
375
313
257
84
27,741
176
168
'2,133' '
998
373
318
260
84
27,595'
2^121
955
361
312
291
89
27,600
Includes any paper currency held outside the continental limits of the United States.
Totals
s not
included in total Treasury currency outstanding.
4
Because some of the types of money shown are held as collateral or reserves against
other types, a grand total of all types has no special
5
significance and is not shown. See note for explanation of these duplications.
Less than $500,000.
\Trt™,^
T*1
~
- ~ „ - — A.~ -
-J
-—
i.i
T*
/ : \
-
r^—
TT.,.'J.
1
OA. „ i. ~ ~
~.~J
A
T*—~
1.
_r
4 onn
&• A c ^
ntn
A *J -«
• _
u
Reserve Bank notes and national bank notes are in process of retirement.
178
FEDERAL RESERVE BULLETIN
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
Change in
seasonally
adjusted
series l
+1,134
+2,428
+4,250
+5,039
+4,858
+3,208
+437
-84
-644
-624
+141
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
28,224
27,600
27,741
Averages of daily figures:
1949—December
27,734
27,459
+64
1950—January
February
March
April
May
June
July
August
September
October
November
December
27,220
27,008
27,043
27,062
27,022
27,026
27,117
27,009
27,154
27,233
27,380
27,806
27,139
27,008
27,124
27,280
27,212
27,162
27,171
27,145
27,208
27,233
27,298
27,531
-320
-131
+116
+156
-68
-50
1951—January
27,304
27,222
-309
+9
-26
+63
+25
+65
+233
*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.
POSTAL SAVINGS SYSTEM
[In millions of dollars]
Assets
Depositors'
balances l
Total
Cash
in
depository
banks
1943—December
1944—December....
1945—December
1946—December....
1947—December....
1948—December
1,788
2,342
2,933
3,284
3,417
3,330
1,843
2,411
3,022
3,387
3,525
3,449
10
8
6
6
6
7
1,716
2,252
2,837
3,182
3,308
3,244
118
152
179
200
212
198
1949—July
August
September...
October
November...
December....
3,266
3,248
3,230
3,215
3,199
3,188
3,393
3,375
3,350
3,336
3,322
3,312
6
6
6
7
7
7
3,187
3,172
3,152
3,127
3,118
3,118
199
196
191
202
197
187
1950—January
February....
March
April
May
June
July
August
September...
October
November....
December....
3,183
3,177
3,168
3,151
3,125
3,097
3,061
3,021
2,991
2,967
P2.941
*>2,923
3,307
3,301
3,293
3,276
3,250
3,218
3,181
3,141
3.111
3,088
7
7
8
8
8
10
9
10
10
10
3,117
3,107
3,107
3,092
3,068
3,038
3,027
2,962
2,923
2,903
182
186
178
176
175
171
145
169
177
175
End of month
U. S.
Government
securities
Cash
reserve
funds,
etc.'
9 Preliminary.
1
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.
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts, except
interbank accounts
Annual rate of
turnover of total
deposits, except
interbank
Debits to demand
deposit accounts,
except interbank
and Government
Year or month
Total, all
reporting
centers
New
York
City 1
140
other
centers l
Other
reporting
centers a
New
York
City
Other
reporting
centers
Annual rate of
turnover of demand
deposits, except interbank and Government
New
York
City'
Other
leading
cities »
New
York
City«
Other
leading
cities *
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
974,102
}l,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
1949—December
118,207
45,781
60,503
11,923
27.7
13.1
45,434
60,428
32.5
20.0
1950—January
February
March
April
May
June
July
August
September
October
November
December
106,665
96,254
115,746
102,547
112.095
119,399
110,573
128,383
123,222
125,784
123,541
139,542
38,962
35,727
43,112
37,025
41,463
43,781
38.757
50,067
44,910
43,837
43,740
52,590
56,397
50,565
60,923
54,657
58,838
63,332
59,752
65,423
65,197
68,137
66,392
72,845
11,306
9,962
11,712
10,865
11,793
12,286
12,064
12,893
13,116
13,811
13,409
14,106
24.5
24.9
25.7
24.1
25.9
27.0
24.6
29.2
27.9
26.4
28.1
31.2
12.6
12.3
12.8
12.5
12.7
13.4
13.2
13.2
14.2
14.2
14.9
15.3
38,133
35,205
41,164
38,480
40,037
42,294
40,657
48,320
46,400
43,159
41,167
53,150
55,090
49,855
59,113
54,929
57,382
61,607
59,703
64,015
65,330
66,547
64,687
73,253
28.6
29.3
29.4
29.7
29.7
30.7
31.0
33.8
34.2
30.7
31.4
37.2
18.9
18.9
19.3
19.4
19.2
20.2
20.3
19.9
21.5
20.9
21.7
23.0
1945
1946—old series «4
1946—new series
1947
1948
1940
1950
|
1
1
National series for which bank debit figures are available beginning with 1919.
Number of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another
• Weekly reporting member bank series.
Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June
1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947
and for 333 beginning December 1947; 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.
city. 4
FEBRUARY
1951
179
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]
Liabilities
Assets
and Capital
Other
securities
Total
assets,
net—
Total
liabiland
capital,
net
11,819
9,863
9,302
8,999
8,003
8,577
9,175
9,491
10,051
10,723
11,208
11.422
11,915
12,621
64,698
48,465
75,171
90,637
178,350
191,785
188,294
183,457
182,115
188,148
186,055
189,290
185,554
191,706
55,776
42,029
68,359
82,811
168,040
180,806
176,215
171,657
169,234
175,348
172,857
176.121
171,602
177,313
8,922
6,436
6,812
7,826
10,310
10,979
12,079
11,800
12,882
12,800
13,200
13,168
13,952
14,392
12,900
13,300
13,500
13,500
13,640
13,800
14,200
14,500
14,400
14,400
14,700
190,800
190,500
190,800
191,400
193,186
193,100
194,200
195,000
195,600
196,500
199,100
176,200
176,000
176,100
176,700
178,568
178,200
179,200
180,000
180,300
181,300
184,500
14,600
14,600
14,600
14,700
14,618
14,900
15,000
14,900
15,300
15,200
14,600
Currency
outside
banks
Bank credit
Gold
1929—June
1933—j u n e
1939_D e c .
1941—D ec#
1945—j u n e
Dec.
1946—j u n e
Dec.
1947—June
Dec.
1948—June
Dec.
1949—June
Dec.
29 .
30
30
31
30
31
29
31
30
31
30
31
30
31
U. S. Government obligations
Treas-
Date
. . .
1950—Feb. 21
Mar. 59
Apr. 26
May 31
June 30
July 26*
Aug. 30P
Sept. 27P
Oct. 25P
Nov. 29P
Dec. 27P
currency
Total
Loans,
net
4 ,037
4 ,031
17 644
7? ,737
?0 ,213
?0 ,065
? 0 ,270
70 ,529
71 ,266
7? ,754
73 ,532
?4 .244
?4 ,466
?4 ,427
? ,019
? ,286
7 ,963
3 ,247
4 ,145
4 ,339
4 ,539
4 ,562
4 ,552
4 ,562
4 ,565
4 .589
4 ,597
4 ,598
58,642
42,148
54,564
64,653
153,992
167,381
163,485
158,366
156,297
160,832
157,958
160.457
156,491
162,681
41 ,082
?1 ,957
77 ,157
? 6 ,605
77 ,948
30 ,387
31 ,570
35 765
38 ,373
43 ,023
4S ,299
48 .341
47 ,148
49 ,604
,300
,200
,200
,200
,231
24 ,200
?3 ,800
?3 ,500
?3 ,300
73 ,000
22 ,800
,600
,600
,600
,600
,607
4 ,600
4 ,600
4 ,600
4 ,600
4 ,600
4 ,600
161,900
161,700
162,000
162,600
164,348
164,300
165,800
166,900
167,700
168,900
171,700
49 700
SO ,400
SO ,600
S1 ,000
SI ,999
?4
?4
?4
?4
?4
4
4
4
4
4
53 ,100
S4 ,500
S6 ,400
S7 ,500
S9 ,300
60 ,500
Commercial* Federal
and
Reserve
savings Banks
banks
Total
s ,741
10 ,328
73 ,105
? 9 ,049
118 ,041
1?8 ,417
1?? ,740
113 ,110
107 ,873
107 ,086
101 ,451
100 .694
97 ,428
100 ,456
5,499
8,199
19,417
25,511
93,655
101,288
95,911
86,558
82,679
81,199
76,774
74.097
74,877
78,433
216
1 ,998
2 ,484
? ,254
71 ,792
74 ,262
73 ,783
73 ,350
71 ,872
7? ,559
71 ,366
73 ,333
19 ,343
18 ,885
,300
,000
,900
,100
,709
97 ,500
97 ,200
9 6 ,000
9 S ,800
9 S ,200
96 ,500
78,600
77,400
77,100
77,700
77,320
76,400
75,600
73,800
73,600
72,700
73,300
,600
,500
,600
,400
,331
18 ,000
18 ,600
19 ,400
19 ,200
19 ,600
20 ,300
99
98
97
98
98
Other
26
131
1 ,204
1 ,284
7 ,594
? ,867
3 ,046
3 ,202
,322
3 ,328
,311
3 .264
3 ,208
3 ,138
3 ,100
17
17
17
17
18
,100
3 ,100
,100
,058
,000
,000
7 ,900
? ,900
? ,900
2 ,900
3
Capital
Total
and
misc.
deposits
and
accurrency counts,
net
Deposits and Currency
U. S. Government balances
)ate
r
Total
1929—J un e
1933—June
1939—Dec.
1941—D eCs
1945—jUne
Dec.
1946—June
Dec.
I947—June
Dec.
1948—j une
Dec.
1949_j une
Dec.
29
30
30
31
30
31
29
31
30
31
30
31
30
31
1950—Feb.
Mar
Apr.
May
June
July
Aug.
Sept
Oct.
Nov.
Dec.
21
29
26
31
30
....
26P
30P
27P
25P
29P
27?
Foreign
bank
deposits, Treasnet
ury
cash
At comAt
mercial Federal
and
Reserve
savings Banks
banks
55 ,776
42 ,029
68 ,359
8? ,811
168 ,040
180 ,806
176 ,215
171 ,657
169 ,234
175 ,348
17? ,857
176 ,121
171 ,602
177 ,313
50
,217
1,498
5,378
>,141
L.894
1,885
1,657
1,682
1,727
2,103
1,927
-2,150
264
2,409
2,215
2,279
2,287
2,251
2,272
1,314
1,336
1,327
1,325
1,307
1,312
852
846
1 ,895
?4 ,381
?4 ,608
13 ,416
3 ,103
1 ,367
1 ,452
? ,180
? ,451
? .304
3 ,249
176 ,200
176 ,000
176 ,100
176 ,700
178 ,568
178 ,200
179 ,200
180 ,000
180 ,300
181 ,300
184 ,500
2,200
2,300
2,400
>2,400
*2,555
2,500
2,400
2,300
2,500
*2,300
2,400
1,300
1,300
1,300
1,300
1,298
1,300
1,300
1,300
1,300
1,300
1,300
4 ,200
4 ,300
3 ,200
365
204
381
,200
3 ,801
3 ,600
3 ,800
3 ,600
3 ,100
3 ,000
2 ,800
36
35
634
867
599
977
833
393
756
870
1 ,928
1 ,123
438
821
Deposits adjusted and currency
Time deposits »
Total
Demand
deposits2
54,790
40,828
63,253
76,336
138,403
150,793
157,821
164,004
164,140
170,008
165,695
169.119
165.626
169,781
400 168,200
1 ,000 167,100
800 168,400
600 169,200
950 169,964
500 170,200
700 171,000
1 ,100 171,700
400 173,000
600 174,200
800 177,200
Total
Commercial
banks
Mutual
savings4
banks
Postal
Savings
System
? ? ,540
14 ,411
29 ,793
38 ,992
69 ,053
75 ,851
79 ,476
83 ,314
8? ,186
87 ,121
8? ,697
85 ,520
81 ,877
85 ,750
78 ,611
21 ,656
27 ,059
77 ,729
44 ,253
48 ,452
51 ,829
S3 ,960
ss ,655
56 ,411
57 ,360
57 ,520
S8 ,483
S8 ,616
19,557
10,849
15.258
15,884
27,170
30,135
32,429
33,808
34,835
35,249
35,788
35,804
36,292
36,146
8,905
9,621
10,523
10,532
14,426
15,385
16,281
16,869
17,428
17,746
18,194
18,387
18,932
19,273
1,186
1,278
1,313
2,657
2,932
3,119
3,283
3,392
3,416
3,378
3,329
3,259
3,197
149
3,639
4,761
6,401
9,615
25,097
26,490
26,516
26,730
26,299
26,476
25,638
26 079
25,266
25,415
,500
,200
,300
,000
,040
,500
,400
,100
.400
,700
,200
S9 ,000
S9 ,300
S9 ,500
S9 500
S9 ,739
SQ ,400
S9 ,100
S9 ,000
S9 ,000
S8 ,700
59 ,000
36,300
36,500
36,600
36 600
36,719
36,400
36,200
36,200
36,200
35,900
36,100
19 500
19,700
19,700
19 800
19 923
19,900
19,800
19 900
19,900
19,800
20,000
3 200
3,200
3,200
3 100
3,097
3,100
3,000
3 000
3,000
2,900
2,900
24,700
24,600
24,600
24 700
25 185
24,400
24,500
24 500
24,600
24,800
25,000
84
83
84
8S
8S
86
87
88
89
90
93
P Preliminary.
Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.
Demand deposits* other than interbank and U. S. Government, less cash items reported as in process of collection.
Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks.
Prior to June 30, 1947, includes a relatively small amount of demand deposits.
NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"
and in "Capital 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. Except on call dates, figures are rounded to
nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits
and currency.
1
2
8
4
180
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 invesi.ments
Deposits
Investments
and date
Total
Loans
Total
U. S.
Government
obligations
Other
assets
Total
Number
capital
of
accounts banks
1
Other
securities
Total i
Interbank i
mand
Time
All banks:
1939—Dec. 30
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31»
1948—Dec. 31
1949—Dec. 31
1950—June 30
Aug. 30P . . . . .
Sept. 27P
Oct. 25P
Nov. 29P
Dec. 27*
50,884
61,126
78,147
96,966
119,461
140,227
131,698
134,924
133.693
140,598
142,959
144,56C
144,880
145,770
146.79C
148,930
22,165 28,719 19,417
26,615 34,511 25,511
23,916 54,231 45,951
23,601 73,365 65,932
26,015 93,446 85,885
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 90,960 77,320
54,760 89,800 75,610
56,670 88,210 73,750
57,730 88,040 73,620
59,660 87,130 72,700
60,980 87,950 73,290
9,302
8,999
8,280
7,433
7,561
8,577
9,491
10,723
11,422
12,621
13,640
14,190
14,460
14,420
14,430
14,660
23,292
27,344
28,701
28,475
30,790
35,415
35,041
38,388
39,474
36,522
34,099
34,060
35,070
35,620
36,100
39,630
68,242
81,816
99,803
117,661
141,448
165,612
155,902
161,865
161,248
164,467
163,770
164,810
165,830
167,410
168,400
173,910
9,874 32,516
10,982 44,355
11,308 61,437
11,003 75,577
12,235 91,663
14,065 105,935
12,656 92,462
13,033 95,727
12,269 94,671
12,710 96,156
11,435 95,505
11,370 97,200
11,540 98,060
12,350 98,810
12,340 100,150
13,540 104,110
25,852
26,479
27,058
31.081
37,551
45,613
50,784
53,105
54,308
55.601
56,830
56,240
56,230
56,250
55,910
56,260
8,194
8,414
8,566
8,996
9,643
10,542
11,360
11,948
12,479
13,088
13,576
13,670
13,720
13,800
13,870
13,880
15,035
14,826
14,682
14,579
14,535
14,553
14,585
14,714
14,703
14,687
14,674
14,656
14,658
14,658
14,659
14,653
All commercial banks:
1939—Dec. 30
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 3 1 . . . . . .
1946—Dec. 31
1947—Dec. 31 »
1948—Dec. 31
1949—Dec. 31
1950—June 30
Aug. 30P
Sept. 27P
Oct. 25P
Nov. 29P
Dec. 27*. . . ..
40,668
50,746
67,393
85,095
105,530
124,019
113,993
116,284
114.298
120,197
121,767
123,300
123,660
124,49C
125,510
127,550
17,238
21,714
19,221
19,117
21,644
26,083
31,122
38,057
42,488
42,965
44,796
47,270
49,030
49,890
51,650
52,830
23,430
29,032
48,172
65,978
83,886
97,936
82,871
78,226
71,811
77,232
76,972
76,030
74,630
74,600
73,860
74,720
16,316
21,808
41,379
59,842
77,557
90,606
74,780
69,221
62,622
67,005
65,751
64,230
62,540
62.530
61,750
62,390
7,114
7,225
6,793
6,136
6,329
7,331
8,091
9,006
9,189
10,227
11,221
11,800
12,090
12,070
12,110
12,330
22.474
26,551
28,039
27,677
30,206
34,806
34,223
37,502
38,596
35,650
33,268
33,330
34,270
34,890
35,380
38,840
57,718
71,283
89,135
105,923
128,072
150,227
139,033
144,103
142,843
145,174
143,827
144,950
145,940
147,510
148,550
153,870
9,874 32,513
10,982 44,349
11,308 61,431
11,003 75,569
12,235 91,653
14,065 105,921
12,656 92,446
13,032 95,711
12.269 94,654
12,709 96,136
11,435 95,485
11,370 97,180
11,540 98,040
12,350 98,790
12,340 100,130
13,540 104,090
15,331
15,952
16,395
19,350
24,184
30,241
33,930
35,360
35,921
36,328
36,907
36,400
36,360
36,370
36.080
36,240
6,885
7,173
7,330
7,719
8,265
8,950
9,577
10,059
10,480
10.967
11,387
11,470
11,500
11,580
11,640
11,620
14,484
14,278
14,136
14,034
13,992
14,011
14,044
14,181
14,171
14,156
14,144
14,127
14,129
14,129
14,130
14,124
All member banks:
1939—Dec. 30
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
Aug. 30P
Sept. 27P
Oct. 25*
Nov. 29*
Dec. 27*. . . ..
33,941
43,521
59,263
74,258
91,569
107,183
96,362
97,846
95,616
101,528
102,745
104,289
104,554
105,258
106,138
108,077
13,962
18,021
16,088
16,288
18,676
22,775
26,696
32,628
36,060
36,230
37,658
39,977
41,542
42,347
43,969
45,069
19,979
25,500
43,175
57,970
72.893
84,408
69,666
65,218
59,557
65,297
65,087
64,312
63,012
62,911
62,169
63,008
14,328
19,539
37,546
52,948
67,685
78,338
63,042
57,914
52,154
56,883
55,759
54,434
52,882
52.816
52,050
52,681
5,651
5,961
5,629
5,022
5,208
6,070
6,625
7,304
7,403
8.414
9,328
9,878
10,130
10.095
10,119
10,327
19,782
23,123
24,280
23,790
25,860
29,845
29,587
32,845
34,203
31,317
29,380
29,261
30,144
30.427
30,834
33,782
49,340
61,717
78,277
92,262
110,917
129,670
118,170
122,528
121,362
123,885
122,707
123,694
124,572
125,691
126,563
131,224
9,410
10,525
11,000
10,555
11,884
13,640
12,060
12,403
11,641
12,097
10,850
10,795
10,968
11,725
11,679
12,894
28,231
38,846
54,523
66,438
79,774
91,820
78,920
81,785
80.881
82,628
82,232
83,658
84.386
84,748
85,873
89,190
11,699
12,347
12,754
15,268
19,259
24,210
27,190
28,340
28,840
29.160
29,625
29,241
29,218
29,218
29,011
29,140
5,522
5,886
6,101
6,475
6,968
7,589
8,095
8,464
8,801
9,174
9,523
9,602
9,628
9,683
9,724
9,721
6,362
6,619
6,679
6,738
6,814
6,884
6,900
6,923
6,918
6,892
6,885
6,888
6,887
6,883
6,881
6,874
10 216
10 379
10,754
11,871
13,931
16,208
17,704
18,641
19,395
20,400
21,192
21,260
21 220
21,280
21,280
21,380
4 927
4 901
4,695
4,484
4,370
4,279
4,526
4,944
5,686
6,578
7 203
7,490
7 640
7 840
8 010
8,150
5,289
5 478
6,059
7,387
9,560
11,928
13,179
13,696
13,709
13,822
13,989
13,770
13 580
13,440
13,270
13,230
3,101
3 704
4,572
6,090
8,328
10,682
11,778
11,978
11,476
11,428
11,569
11,380
11 210
11,090
10,950
10,900
2,188
1 774
1,487
1,297
1,232
1,246
1,400
1,718
2,233
2,394
2,420
2,390
2 370
2,350
2,320
2,330
818
793
663
797
584
609
818
886
878
873
831
730
800
730
720
790
10,524
10 533
10,668
11,738
13,376
15,385
16,869
17,763
18,405
19,293
19,943
19,860
19 890
19,900
19,850
20,040
3
10 521
10 527
10 662
11,730
13,366
15,371
16,853
17,745
18,387
19,273
19 923
19,840
19 870
19 880
19 830
20,020
L 236
1,276
L 378
1,592
1,784
L,889
1,999
2 122
2 189
2 200
2 220
2 220
2 230
2,260
309
241
551
548
546
545
543
542
541
533
532
531
530
529
529
529
529
529
All mutual savings
banks:
1939—Dec 30
1941—Dec 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31 *
1948—Dec. 31
1949—Dec. 31
1950—June 30
Aug. 30P
Sept 27P
Oct 25P
Nov. 29*
Dec. 27*
1
1
1
6
8
10
14
16
17
17
20
20
20
20
20
20
20
* 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.
FEBRUARY
1951
181
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Deposits
Loans and investments
Other
Investments
Class of bank
and date
Total
Central reserve city
m e m b e r banks:
N e w York City:
1939—Dec. 30
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
Aug. 30*. ..
Sept. 27*. . .
Oct. 25*. ..
Nov. 29*. . .
Dec. 27*. ..
Total
U. S.
Government
obligations
Loans
Cash
assets 1
Total
Other
securities
Interbank i
Total
Number
capital
of
accounts banks
Demand
Time
9,339
12,896
17,957
19,994
24,003
26,143
20,834
20,393
18,759
19,583
19,548
19,764
19,860
19,877
20,136
20,981
3,296
4,072
4,116
4,428
5,760
7,334
6,368
7,179
8,048
7,550
7,723
8,368
8,814
8,919
9,554
9,909
6,043
8,823
13,841
15,565
18,243
18,809
14,465
13,214
10,712
12,033
11,825
11,396
11,046
10,958
10,582
11,072
4,772
7,265
12,547
14,563
17,179
17,574
13,308
11,972
9.649
10,746
10,281
9,587
9,167
9,134
8,794
9,183
,272
,559
,294
,002
,066
,235
,158
,242
.063
,287
,544
,809
,879
,824
,788
,889
6,703
6,637
5,864
5,197
4,921
6,439
6,238
7,261
7.758
6,985
6,329
6,478
6,635
6,515
6,836
7,359
14,509
17,932
22,078
23,256
26,773
30,121
24,723
25,216
24,024
23,983
23,213
23,417
23,585
23,602
23,948
25,152
4,238
4,207
3,945
3,680
4,041
4,657
4,246
4,464
4,213
4,192
3,894
3,856
3,956
4,146
4,042
4,444
9,533
12,917
17,399
18,729
21,730
24,227
19,028
19,307
18,131
18,139
17,668
17,936
17,982
17,851
18,260
19,010
736
807
734
847
1,002
1,236
1,449
1,445
1,680
1,651
1,650
1,625
1,647
1,605
1,646
1,698
1,592
1,648
1,727
1,862
1,966
2,120
2,205
2,259
2,306
2,312
2,341
2,356
2,343
2,352
2,356
2,359
36
36
37
37
37
37
37
37
35
25
25
25
24
23
23
23
2,105
2,760
3,973
4,554
5,443
5,931
4,765
5,088
4,799
5,424
5,256
5,447
5,302
5,394
5,456
5,605
569
954
832
1,004
1,184
1,333
1,499
1,801
1,783
1,618
1,557
1,726
1,786
1,854
1,972
2,122
1,536
1,806
3,141
3,550
4,258
4,598
3,266
3,287
3,016
3,806
3,700
3,721
3,516
,540
,484
3,483
1,203
1,430
2,789
3,238
3,913
4,213
2,912
2,890
2,633
3,324
3,138
3,146
2,950
2,987
2,928
2,905
333
376
352
312
345
385
355
397
383
482
562
575
566
553
556
578
1,446
1,566
1,352
1,283
1,378
1,489
1,545
1,739
1,932
1,850
1,640
1,755
1,841
1,777
1,812
2,046
3,330
4,057
5,040
5,523
6,468
7,046
5,905
6,402
6,293
6,810
6,419
6,703
6,621
6,668
6,719
7,030
888
1,035
1,117
985
1,148
1,312
1,153
1,217
1,064
1,191
1,014
1,099
1.058
1,109
1,064
1,219
1,947
2,546
3,468
4,029
4,700
5,015
3,922
4,273
4,227
4,535
4,305
4,527
4,488
4,486
4,566
4,722
495
476
455
508
620
719
829
913
1,001
1,083
1,099
1,077
1,075
1,073
1.089
1,089
250
288
304
326
354
377
404
426
444
470
481
483
483
484
490
490
14
13
13
13
13
12
14
14
13
13
13
13
13
13
13
13
Reserve city m e m b e r
banks:
1939—Dec. 30
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
Aug. 30*. . .
Sept. 2 7 P . . .
Oct. 25*. ..
Nov. 2 9 P . ..
Dec. 27*. ..
12,272
15,347
20,915
27,521
33,603
40,108
35,351
36,040
35,332
38,301
38,697
39,376
39,536
39.844
40,133
40,898
5,329
7,105
6,102
6,201
6,822
8,514
10,825
13,449
14,285
14,370
14,868
15,845
16,525
16,931
17,536
18,027
6,944
8,243
14,813
21,321
26,781
31,594
24,527
22,591
21,047
23,931
23,829
23,531
23,011
22,913
22,597
22,871
5,194
6,467
13,038
19,682
25,042
29,552
22,250
20,196
18,594
20,951
20,510
20,030
19,404
19,301
18,960
19,184
1,749
1,776
1,775
1,639
1,739
2,042
2,276
2,396
2,453
2,980
3,319
3,501
3,607
3.612
3.637
3,687
6,785
8,518
9,426
9,327
10,238
11,286
11,654
13,066
13,317
12,168
11,639
11,422
11,858
12.070
11,945
13,243
17,741
22,313
28,700
35,070
41,804
49,085
44,477
46,467
45,943
47,559
47,187
47,448
47,978
48.493
48.595
50,648
3,686
4,460
4,957
4,874
5,524
6,448
5,570
5,649
5,400
5,713
5,069
4,996
5,100
5.503
5,540
6,143
9,439
13,047
18,747
24,086
28,525
32,877
28,049
29,395
29,153
30,182
30,306
30,848
31,300
31,388
31.551
32,945
4,616
4,806
4,995
6,109
7,755
9,760
10,858
11,423
11,391
11,664
11,812
11,604
11,578
11,602
11,504
11,560
1,828
1,967
2,028
2,135
2,327
2,566
2,728
2,844
2,928
3,087
3,268
3,287
3,305
3.320
3.337
3,334
346
351
354
357
356
359
355
353
335
341
336
336
337
337
337
336
Country m e m b e r
banks:
1939—Dec. 30
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
Aug. 30*
Sept. 27*
Oct. 25*
Nov. 29*
Dec. 27*
10,224
12,518
16,419
22,188
28,520
35,002
35,412
36,324
36,726
38,219
39,245
39,702
39,856
40,143
40,413
40,593
4,768
5,890
5,038
4,654
4,910
5,596
8,004
10,199
11,945
12,692
13,510
14,038
14,417
14,643
14,907
15,011
5,456
6,628
11,380
17,534
23,610
29,407
27,408
26,125
24,782
25,527
25,734
25,664
25,439
25,500
25,506
25,582
3,159
4,377
9,172
15,465
21,552
26,999
24,572
22,857
21,278
21,862
21,830
21,671
21,361
21,394
21,368
21,409
2,297
2,250
2,208
2,069
2,058
2,408
2,836
3,268
3,504
3,665
3,904
3,993
4,078
4,106
4,138
4,173
4,848
6,402
7,638
7,983
9,323
10,632
10,151
10,778
11,196
10,314
9,773
9,606
9,810
10,065
10,241
11,134
13,762
17,415
22,459
28,414
35,871
43,418
43,066
44,443
45,102
45.534
45,888
46,126
46,388
46,928
47,301
48,394
598
822
980
1,015
1,171
1,223
1,091
1,073
964
1,001
871
844
854
967
1,033
1,088
7,312
10,335
14,909
19,594
24,818
29,700
27,921
28,810
29,370
29.771
29,953
30,347
30,616
31,023
31,496
32,513
5,852
6,258
6,569
7,804
9,882
12,494
14,053
14,560
14,768
14,762
15,064
14,935
14,918
14,938
14,772
14,793
1,851
1,982
2,042
2,153
2,321
2,525
2,757
2,934
3,123
3,305
3,433
3,476
3,497
3,527
3,541
3,538
5,966
6,219
6,275
6,331
6,408
6.476
6,494
6,519
6,535
6,513
6,511
6,514
6,513
6,510
6,508
6,502
Chicago:
1939—Dec. 30
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
Aug. 30*
Sept. 2 7 P
Oct. 25*
Nov. 2 9 P
Dec. 27*
f
December 31, 1947figuresare consistent (except that they exclude possessions) with the revised all bank series announced in November 1947
by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember
commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks.
For other footnotes see preceding and opposite page.
182
FEDERAL RESERVE
BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Con tinned
[Amounts in millions of dollars]
Deposits
Loans and investments
Other
Investments
Class of bank
and date
Total
u. s.
Loans
Total
Cash
assets 1
Government
obligations
Other
securities
Total >
Interbank »
All insured commercial
banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
194g—Dec. 31
1949_Dec. 31
1950—j une 30
49,290
121 809
112,178
114 274
112,286
118,278
119,808
21,259
25,765
30,733
37,583
41,968
42,485
44,304
28,031
96,043
81,445
76,691
70,318
75,793
75,504
21,046
88,912
73,554
67,941
61,388
65,820
64,546
6,984
7,131
7,891
8,750
8,929
9,974
10,957
25,788
34,292
33,694
36,926
38,087
35,207
32,865
69,411
147,775
136,990
141,851
140,642
143,138
141,798
National member
banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
194g—Dec. 31
1949—Dec. 31
1950—June 30 . . . .
27 571
69 312
63,723
65 280
63,845
67,943
68,723
11,725
13,925
17,272
21,428
23,752
23,853
24,590
15,845
55,387
46,451
43,852
40,093
44,090
44,132
12,039
51,250
41,658
38,674
34,852
38,161
37,548
3,806
4,137
4,793
5,178
5,241
5,930
6,584
14,977
20,114
20,012
22,024
22,974
20,995
19,914
39,458
84,939
78,775
82,023
81,407
83,113
82,430
6,786
9,229
8,169
8,410
7,842
8,278
7,362
State member banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
15 950
37,871
32 639
32 566
31,771
33 585
34,023
6,295
8,850
9,424
11,200
12,308
12,378
13,068
9,654
29,021
23,216
21,365
19,463
21,207
20,955
7,500
27,089
21,384
19,240
17,301
18,722
18,211
2,155
1,933
1,832
2,125
2,161
2,484
2,744
8,145
9,731
9,575
10,822
11,228
10,322
9,466
22,259
44,730
39,395
40,505
39,955
40,772
40,277
Insured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948_Dec. 31
1949—Dec. 31
1950—June 30
5 776
14,639
15 831
16 444
16,685
16 766
17,079
3,241
2,992
4,040
4,958
5,911
6,258
6,650
2,535
11,647
11,791
11,486
10,774
10,508
10,429
1,509
10,584
10,524
10,039
9,246
8,947
8,799
\ .025
2,668
4,448
4,109
4,083
3,887
3,892
3,487
Noninsured nonmember commercial
banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31 »
1948—Dec. 31
1949—Dec. 31
1950—June 30
1,457
2 211
1,815
2,009
2 013
1,919
1,959
455
1.002
1L.893
1,426
1,535
1,493
1,438
241
200
200
255
259
253
263
763
1.468
761
1,693
1,226
1,280
1,234
1,185
1,204
All nonmember commercial banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31 »
1948—Dec. 31
1949—Dec. 31
1950—June 30
7,233
16 849
17,646
18,454
18 698
18,686
19,038
3,696
3,310
4,429
5,432
6,431
6,739
7,141
3,536
13,539
13,217
13,021
12,267
11,947
11,896
2,270
12,277
11,749
11,318
10,479
10,132
10,003
1.266
Insured m u t u a l savings
banks:
1941—Dec. 3 1 .
1945—Dec 31
1946—Dec. 3 1 . .
1947—Dec. 31
1948—Dec. 31
1949—Dec 3 1 .
1950—June 30
1 693
10 846
11 891
12,683
13 312
14 209
14,827
642
3 081
3,250
3,560
4,109
4,814
5,288
1,050
7 765
8,641
9,123
9,202
9,394
9,539
629
7 160
7,946
8,165
7,795
7,832
7,945
421
606
695
958
1.407
1 562
1,594
8 687
5 361
5 813
5,957
6 083
6 192
6,365
4 259
1,198
1 275
1,384
1,577
1 764
1,915
4.. 498
3 075
3,522
3 833
3,813
3,680
3 596
3,625
1 353
641
705
760
826
832
826
Noninsured m u t u a l
savings banks:
1941—Dec 31
1945—Dec. 31
1946—Dec 31
1947—Dec. 31 *
1948—Dec. 31
1949—Dec 31
1950—June 30
318
389
474
520
481
491
1,163
I 538
1,573
i 1,506
i
L d?R
4,450
1,063
1,268
1,448
1,528
1,561
1.630
1,262
1,468
1,703
1,788
L.814
1,893
Demand
Total
Number
capital
of
accounts banks
Time
15,699
29,876
33,526
34,882
35,441
35,856
36,433
6,844
8,671
9,286
9,734
10,158
10,645
11,061
13,426
13,297
13,354
13,398
13,413
13,429
13,435
24,350
59,486
52,194
54,335
54,020
55,034
54,964
8,322
16,224
18,412
19,278
19,545
19,801
20,104
3,640
4,644
5,138
5,409
5,657
5,920
6,180
5,117
5,017
5,007
5,005
4,991
4,975
4,971
3,739
4,411
3,890
3,993
3,799
3,819
3,488
14,495
32,334
26,726
27,449
26,862
27,594
27,268
4,025
7,986
8,779
9,062
9,295
9,359
9,522
2,246
2,945
2,957
3,055
3,144
3,254
3,343
1,502
1,867
1,893
1,918
1,927
1,917
1,914
7,702
18,119
18,836
19,340
19,296
19,269
19,108
129
244
260
4,213
12,196
12,225
12,515
12,419
12,285
12,066
3,360
5,680
6,351
6,558
6,618
6,712
6,825
959
,083
,193
1,271
,358
.473
1,539
6,810
6,416
6,457
6,478
6,498
6,540
6,553
329
253
329
365
404
279
290
403
1,872
2,452
2,043
2,251
2,201
2,036
2,029
3,431
4,962
4,639
4,659
4,396
4,334
3,890
9,574
20,571
20,879
21,591
21,497
21,305
21,137
514
530
576
509
442
151
429
612
675
684
682
659
642
180
206
211
194
191
172
1,789
10 363
11,428
12,207
12,772
13 592
14,128
8 744
5,022
5 442
5,556
5,633
5 702
5,815
10,654 43,059
13,883 104,015
12,320 91,144
12,670 94,300
11,900 93,300
12,368 94,914
11,066 94,298
266
259
272
217
181
336
363
368
341
369
457
425
597
629
628
613
586
1
1
1
478
479
325
322
472
321
474
326
852
714
690
783
758
727
709
5,504
14,101
13,526
13,926
13,772
13,508
13,253
3,613
6,045
6,756
7,036
7,097
7,184
7,299
1.288
L.362
1,483
1,596
1,680
L,794
L.865
7.662
7,130
7,147
7,261
7,256
7,267
7,262
1,789
10,351
11,415
12,192
12,757
13,575
14,109
164
12
13
14
14
16
18
L.467
52
192
191
194
193
192
192
6
2
3
3
3
3
2
8,738
5,020
5,439
5,553
5,631
5,699
5,813
1,077
558
611
637
665
702
722
496
350
350
339
339
339
338
1.291
11,905
11,302
1L ,411
1,353
1,223
L.186
1,034
11,173
11,252
1,334
1L.420
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,
in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.
FEBRUARY 1951
For revisions
183
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES*
LOANS AND INVESTMENTS
[In millions of dollars]
Loans *
Class of bank
and
call date
Total
loans
and
invest- Total1
ments
All insured commercial banks:
1941—Dec. 3 1 . . 49,290
1946—Dec. 3 1 . . 112,178
1947—Dec. 3 1 . . 114,274
1948—Dec. 3 1 . . 112,286
1949—June 3 0 . . 111,746
Dec. 3 1 . . 118,278
1950—June 3 0 . . 119,808
Investments
Loans for
Compurchasing
meror
carrying
cial,
securities
in- AgriReal Conelud- culOther Total
esing
tur- To
tate sumer
loans
loans
open- al brokloans
1O
marers
ket
and othpadeal- ers
per
ers
2 ,259 <,
),214
141,016
3' r,583 1?5,012
41 ,968 U $.761
40,524 H>,292
42.,485 1(>,935
44t,304 1(>,814
30,733
1,450
1,358
1,610
2,775
2,734
2,963
2,819
614
662 4 773
4,545
7 103 4 ,031 1, 098
9 266 5,654 1, 028
10.666 6 ,804 1, 095
10,887 y ,170 1, 022
11,405 8 ,005 1, 121
12,270 9 ,036 1, 186
1. S. Government obligations
OI
Total
States Other
CertifiGuar- and secucates
an- polit- rities
1Jills of in- Notes Bonds teed ical
subdebtdiviedsions
ness
988
28,031
81,445
76,691
70,318
71,222
75,793
75,504
2 1 , 046
7 3 , 554
6 7 , 941
6 1 , 388
6 1 . 970
6 5 , 820
6 4 , 546
2 ,124
2 ,821
2 ,846
3 ,692
3 ,847
25,500
69,666
65,218
59,556
60,859
65,297
65,087
62,755
19, 539
6 3 , 042
5 7 , 914
5 2 , 154
5 3 , 132
5 6 , 883
5 5 , 759
5 2 , 618
,167
,987
2 ,588
2 ,651
3.389
3 ,539
3 ,588
5 4
311
8,823 7, 265
250 14,465 13, 308
455
387
564
330 13,215 11, 972 1 ,002
306 10,712 9 , 649
643
589
268 11,413 10, 278
650
777
309 12,033 10, 746
689
720
356 11.825 10, 281
756
900
616 11,001 9 , 132
862
781
1,517 1,609
823 1,190
1,336 939
1,972 901
1,749 855
1,856 912
Obligations
Direct
3 ,159
6 ,780
5 ,918
3 ,394
2 ,045
5 ,810
11 ,591
12,797 4,102 3,651 3.333
15 4,298 3,592
53,200
14 5,129 3,621
52,334
8 5,509 3,420
45,100
6 5,763 3,489
46,636
6 6,400 3,574
43,833
8 7,237 3,721
43,000
10 ,043
5 ,816
7 ,999
8 ,469
10 ,409
4 ,821
1 ,868
3 ,007
5 ,602
4 ,815
2 ,800
1 ,639
5 .085
9 .990
12 ,633
11,729 3,832 3.090 2,871
46,219
11 3,548 3,077
10 4,199 3,105
45,286
5 4,480 2,922
38,761
4 4,710 3,016
40,369
4 5,274 3,140
37,996
5
37.404
6,040 3,289
6 6,512 3,625
34,524
1 ,725
640
1 ,183
1 ,472
1 ,785
458
159
1 ,623
992
558
365
132
835
1 ,594
1 ,643
,271 12 ,288
7 ,552
10 ,065
10 ,437
12 ,479
6 ,102
M e m b e r banks,
total:
1941—Dec. 3 1 . . 43,521
1946—Dec. 3 1 . . 96,362
1947—Dec. 3 1 . . 97,846
1948—Dec. 3 1 . . 95,616
1949—June 30. . 95,315
Dec. 3 1 . . 101,528
1950— Tune 3 0 . . 102,745
Oct. 4 . . 104,367
New York City:*
1941—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—D ec# 3 1 ,
194g—D ec . 31 .
1949—June 30. .
Dec. 31 >.
1950—June 30. .
Oct. 4 . .
594
598 3 494
u5,021 5,671 972
884 1,506 1,467 5 358
It 5,696 5,154
32 ,628 1(>,962 1,046
811 1,065 7 130
834 8 244
3( ),060 r r,631 1,800 1,324
34,456 1.5,213 1,704 1,958 803 8 383
36,230 u5.857 1,945 1,737 758 8.834
807 9.547
3' r.658 1!5.708 1,770 1,840
411,612 18,337 1,729 1,382
901 10,117
12,896 L1,072
20,834 t5,368
20,393 •r, 179
18,759 !J.048
19,103 17,689
19,583 1,550
19.548 7.723
19,821 5,821
r
3 1,102
1 1,701
1,410
1,497
1,105
169
389
267
225
248
219
242
276
123
99
111
224
209
256
339
414
7
24
5
48
117
73
71
83
109
109
81
52
101
87
63
60
56
64
65
22
51
46
51
48
51
54
58
300
201
225
437
378
457
367
353
114
264
170
130
150
183
201
168
194
704
484
360
321
309
324
371
1
2
3
3
3
3
4
4
659
681
818
20
29
23
21
23
36
33
28
183
273
227
187
175
173
177
189
1 823
2 ,970
3 ,827
4 ,467
4 567
4 ,784
5 .125
5 ,406
20
12
13
12
14
12
64
142
125
105
97
97
105
1 ,282
1 ,748
2 ,139
2 ,426
2 ,508
2 ,575
2 ,727
8
; ,807
t,078
5,361
5,642
1,710
It,792
I1.656
5,672
I
545
i
Chicago:*
1941—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—June 3 0 . .
Dec. 3 1 . .
1950—June 3 0 . .
Oct. 4 . .
2,760
4,765
5,088
4,799
4,841
5,424
5,256
5,305
1,499
1,801
1,783
1,537
1,618
L.557
1,776
1,094
1,418
1,412
1,178
1,211
L ,116
L.322
Reserve city banks:
1941—Dec. 31. .
1946—Dec. 3 1 . .
1947—Dec. 31. .
1948—Dec. 3 1 . .
1949_june30. .
Dec. 31 ».
1950—June 3 0 . .
Oct. 4 . .
15,347
35,351
36,040
35,332
35,034
38,301
38.607
39,433
10,825
13,449
14,285
13,261
14,370
14,868
16,574
M05
'i.456
K
954
732
5,548
7,088
7,282
15,227
<5,704
<5.596
7,688
412
1,096
6
3
3
4
6
527
237
147
503
559
742
029
239
3 , 592
3 ,308 1, 020
4 ,662
952
3,585 1, 006
5 ,859 935
6 ,551 1, 034
7 .401 1, 105
8 ,176 1, 498
9 i
105
149
176
156
172
180
29
26
27
26
34
36
66
207
1, 512
1 ,436
435
1 ,969
366
2 ,315
412
2 ,408
385
2 .745
432
3 .118
447
3 ,453
521
971
1,806 1, 430
3,266 2 , 912
3,287 2 , 890
3,016 2 , 633
3,303 2 , 888
3,806 3 , 324
3.699 3 , 138
3,529 2 , 969
256
60
132
183
369
331
352
253
6 , 467
2 2 , 250
2 0 , 196
18, 594
19, 076
20 951
20 510
19, 268
295
441
373
8,243
24,527
22,591
21,047
21,772
23,931
23.829
22,859
1 ,056
875
1 ,189
1 ,179
1 ,211
*498
235
275
343
690
276
140
3 ^799
2 ,358
3 ,201
3 ,367
4 ,180
1 ,954
699
153
146
248
217
125
358
555
673
3,652 1,679 729
1
557
10,202
638
9,771
7,512
563
7,897
611
752
7,405
959
7,328
1,144
6,549
830
601
604
500
525
535
585
725
182
167
213
210
235
290
340
327
193
187
185
174
180
192
221
233
903
119
2,207
2,274
1,958
2,051
1,945
1.954
1,903
751
1 ,993
1 ,901
1 ,090
603
2 ,124
4 ,005
4,248 1,173 956 820
4 1,272 1,004
16.013
3 1,342 1,053
15,560
1 1,421 1,032
13,247
14,230
1,559 1,137
13,457
1,727 1,254
13.372
1,988 1,331
5 ,053 12,303
j 2,119 1,472
Country banks:
1941—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—June 3 0 . .
Dec. 3 1 . .
1950—June 3 0 . .
12,518
35,412
36,324
36,726
36,338
38,219
39.245
Oct. 4 . . 39,808
Insured n o n member c o m mercial banks:
1941—Dec. 3 1 . . 5,776
1946—Dec. 3 1 . . 15,831
1947—Dec. 3 1 . . 16,444
1948—Dec. 3 1 . . 16,685
5,890
i*,004
10,199
11,945
1 1,968
12,692
13,510
14,441
3,241
i,040
1,958
5,911
1949—June 30.. 16,447 5,071
Dec. 31.. 16,766 5,258
1950—June 30.. 17,079 6,650
1,676
2,433
$,096
3,296
3,098
3,150
3,339
3,656
%
543
862
1,356
1,319
1,480
1.379
1,371
478
474
563
975
1,049
1,131
1,079 1,030
1,078 1,018
1.106 1,049
16
6,628
27,408
26,125
24,781
24,370
25,527
25.734
295 25,367
4
24
22
21
20
21
21
21
377
110
572
279
857
480
278
760
889
630
862 1 ,148
830 1 ,107
250 1 ,344
2,535
11,791
11,486
10,774
10,376
10,508
10,429
1
10
10
9
8
8
8
509
524
039
246
849
947
799
1,530
1 ,312
1 ,979
2 ,451
2 ,644
2 ,945
3 .346
3 ,653
854
723
992
1 ,220
1 ,311
1 ,453
1 ,635
306
229
261
256
259
266
79
76
89
87
87
82
17
104
136
234
196
303
308
481 2,926
4 ,020 2 ,470 17,797
2 ,583 2 ,108 17,681
3 ,340 1 ,128 16,046
778 16,192
3 ,286
3 ,753 1 ,768 15.189
2 ,133 3 .835 14.750
861
6
6
4
4
4
152
1 ,179
1 ,104
594
406
725
1 ,601
271
3
4
3
2
2
2
869 5 ,263 13,769
"l",247
1 ,736
2 ,066
1 ,968
2 ,071
1 ,281
1,069
6,991
7,058
6,349
6,277
5,846
5,606
1,222
1,551
2,006
2,286
2,306
2,505
5 2,753
5 2,923
563
752
931
1,030
1,054
1,127
1,198
1,028
1,285
1,262
1,217
1,174
1,160
1,151
1,195
462
516
517
498
473
434
432
* 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.
1
Central reserve city banks.
For other footnotes see opposite page.
184
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Time deposits
Demand deposits
Reserves
Cash
with
Federal
in
Revault
serve
Banks
Class of bank
and
call date
All insured commercial banks:
1941—Dec 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 31. .
1948—Dec. 3 1 . .
1949—June 30..
Dec. 3 1 . .
12,396
16,013
17,796
20,404
17,807
16,428
1950—June 30.. 15,863
BalDeances mand
with
deaoposits
mestic
adbanks* justed*
Interbank
deposits
CertiU. S. States fied
and
and
Govern- political offiment subdi- cers'
visions checks,
etc.
DoFormestic* eign
U. S.
IndiGov- States
viduals,
ernand
partner- Inter- ment politships, bank and
ical
and corPostal subdiporaSav- visions
tions
ings
1,358
2,012
2,145
1,939
2,036
L.984
1,801
8,570
9,481
9,736
8,947
7,777
9,466
8,358
37,845
82,085
85,751
84,211
80,613
84,576
83,916
9,823
10,888
11,236
10,344
9,058
10,885
9,577
1,364
1,379
1,488
1,374
1,315
1,281
L.087
L,576
L.672
L,486
1,568
L ,521
1,358
1,686
6,246
5,936
6,270
5,674
5,065
6,194
5.478
5,718
33,754
70,243
73,528
72,152
69,397
72,658
72,263
74,981
9,714
10,644
10,978
10,098
8,864
10,623
9.368
10,115
1,353
1,375
1,480
1,369
1,310
1,278
1,398
1,195
1,217
1,278
1,150
1,084
1.051
1,132
866
651
267
445
562
640
684
515
319
218
290
241
254
196
279
273
127
152
72
188
197
258
211
167
233
228
285
284
307
286
325
328
34
47
63
53
41
60
53
52
2,152
3,495
3,853
3,702
3,475
3,932
3,716
3,823
491
991
405
801
701
1 ,144
2 ,077
2 ,282
2 ,401
2 ,413
2 ,478
2 ,579
286
693
705
649
518
650
590
587
11,127
24,288
26,003
25,302
23,928
25,912
25.729
26,992
239
524
528
510
462
579
549
558
68
154
158
151
130
153
144
673
1,761
2,930
1,325
2,323
2,135
3,050
3,590
3 ,677
5 ,967
6 ,692
1,709
2,672
1,176
2,122
1,980
2,838
3,340
2,482
3 ,066 1,009
4 ,915 2,207
5 ,504 2,401
5 ,850 1,962
5 ,983 2,222
Indi- Bor- Capital
viduals, rowpartner- ings
acships,
counts
and corporations
U 5,146
32-,742
335,946
34t,244
34t,560
341,442
341,925
10
39
61
54
27
14
36
<5 ,844
9 ,286
9 ,734
1C ,158
1C ,452
1(),645
11 ,061
11 ,878
2( 5,525
V r,542
V r,80i
2i 5,038
V r,934
4
30
54
45
21
11
30
241
I ,886
8 ,095
8 ,464
8 ,801
9 ,022
9 ,174
9 ,523
5 ,705
36,544
79,887
83,723
81,682
77,005
82,106
80,639
158
68
54
69
146
169
209
59
119
111
117
163
182
188
33,061
69,127
72,704
70,947
67,157
,017 2,185 71,589
6 .428 2,001 70,463
6 ,048 1,772 73,190
140
62
50
63
141
164
204
236
50
114
105
111
157
175
182
180
6
20
12
31
90
113
151
172
15
12
14
25
38
37
37
29
39
14
20
33
24
19
28
2
2
1
3
4
4
3
4
9
11
12
10
9
9
104
25
22
19
39
38
40
51
20
43
45
46
62
60
65
63
243
235
332
547
642
617
653
654
i
1 ,967
1.542
'.5,729
10,580
4
1 1,045
1 25,844
8 ; 5,928
10,798
1 •5,005
10,923
10.987
5,087
1 1.093 " H ; J.268
10,882 102 5,318
8,500
24,128
25,203
25,248
23,767
25,337
25,122
26,400
30
17
17
13
12
13
12
13
31
55
45
49
67
73
75
76
146
272
337
350
383
400
434
444
(5.082
13,727
14,177
14,369
14,433
14,289
14,555
14,414
3,483
10,761
11,019
10,736
9^848
10,517
10,176
18
6
4
5
6
g
e
6
5
74
113
132
153
174
182
206
3,276
6,232
6,420
5,459
6,539
6,524
6,613
7 ,182
7 ,337
7 ,419
7 ,924
1,077
2,361
2,559
2,113
2,352
2,338
2,145
492
664
826
1,080
1,243
1,232
1,321
Member banks,
total:
1941—Dec
1946—Dec.
1947—Dec.
1948—Dec.
1949—June
Dec.
1950—June
Oct.
31..
31..
31..
31..
30. .
31..
30..
12,396
16,015
17,797
20,406
17.808
16,429
15.864
4 . . 16,536
New York City*
1941—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1 9 4 9 _ j u n e 30. .
Dec. 31« .
1950—June 30. .
671
5,105
4,046
4,639
5,643
4,726
4,462
4.235
4,418
93
131
151
117
130
112
92
125
141
87
70
67
56
68
38
41
10,761
16,429
16,653
15,773
15,254
15,182
15,053
15,313
3,595
3,031
3,236
2,904
2,680
2,996
2,692
2,900
1,021
1,070
1,325
1,174
1,183
1,080
1,159
43
29
30
28
25
27
26
29
298
172
175
143
149
159
114
136
2,215
3,356
3,737
3,604
3,470
3,797
3,676
3,773
1,027
1,130
1,196
1,038
1,098
g
24
21
26
46
40
37
44
Reserve city banks:
1941—Dec. 31. .
1946—Dec. 3 1 . .
1947—Dec. 31. .
1948—Dec. 3 1 . .
1949—June 30..
Dec. 31 ».
1950—June 30..
Oct. 4 . .
4,060
6,337
7,095
7,701
6,781
6,413
6.206
6,331
425
532
562
483
500
482
428
538
2,590
1,923
2,125
1,845
1,744
1,965
1,747
1,858
11,117
24,221
25,714
25,072
24,271
25,744
25,655
26,770
4,302
5,417
5,497
5,213
4,460
5,498
4.848
5,223
54
127
131
168
166
176
181
212
Country banks:
1941—Dec. 31. .
1946—Dec. 3 1 . .
1947—Dec. 31. .
1948—Dec. 31. .
1949—June 30..
Dec. 31. .
1950—Tune 30 .
Oct. 4. .
2,210
4,703
4,993
5,736
5,127
4,371
4.343
4,628
526
883
929
858
913
901
813
994
3,216
3,753
3,900
3,619
3,117
4,002
3.579
3,683
9,661
790
26,237 1,067
27,424 1,049
943
27,703
762
26,402
979
27,935
850
27.879
894
29,125
2
8
7
8
8
9
9
10
271
437
473
453
468
463
442
2,325
3,547
3,466
3,273
2,713
3,273
2,880
4,092
11,842
12,22c
12,059
11,216
11,918
11,653
108
244
258
246
194
261
209
2
11
4
g
4
Oct.
4..
Chicago: *
1941—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—June 30. .
Dec. 3 1 . .
1950—Tune 3 0 . .
Oct. 4 . .
928
Insured nonmember commercial banks:
1941—Dec 31
1946—Dec. 31
1947—Dec. 31
194g—Dec 31
1949—j une 30
Dec. 31
1950—June 30
962
1,151
977
607
3
1,142
1,408
,331
971
2
225
877
432
688
520
797
1 ,370
828
5,391
5,647
5,925
5,009
5,058
5,246
5,116
53
258
149
201
155
213
250
L,O52
,188
,332
,354
,402
1,496
1,036
•
611
450
942
11,282
17,216
17,646
750 16,695
1,201 15,986
895 16,408
809 15,896
575 15,975
1,105
5
6
6
418
551
693
927
1,069
1,051
1,115 28,328
1,135 2 ' r,921
778
1 ,648
2 ,205
L.395
30 2 ,259
1,418
25 2 ,306
1,646
2 ,340
1,637
2 ,312
1,590
2 ,341
1,594
L,565 " 7 4 2 ,347
476
823
902
989
1,044
1,069
1,086
1,060
1
4
26
23
12
21
11
15
64
288
404
426
444
462
470
482
484
1 ,982
!5,757
5,934
*5,123
5,215
J.305
J.433
5,555
959
g
s
i
L.193
1,271
,358
,431
1,473
1,539
* Figures not entirely comparable with prior dates due to reclassification of 9 central reserve city banks in New York City as reserve city banks.
* Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million at all insured commercial banks.
* 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.
FEBRUARY
1951
185
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans J
Investments
For purchasing
or carrying securities
Date or month
Totai
loans
and
investments
Commercial,
indusTotal i trial,
and
agricultural
T o brokers
and dealers
T o others
U. S. Government abligations
Real Loans Other
estate
to
Total
loans banks loans
U.S. Other
U. S.
Govt. Other Govt. seseobobcuriliga- curiligations ties tions ties
Bills
Total
CerOther
tifisecucates
rities
of in- Notes Bonds2
debtedness
Total—
Leading Cities
1949—December.. 67 ,336 24 ,884 13,864
863
824
172
425 4 326
314 4,417 42, 452 37 422 2 ,532 7,010 2, 296 25, 584 5,030
1950—October. . . 68 ,849 28 ,854 16 ,080
November. 69 ,523 29 ,894 16 ,822
December.. 70 ,835 30 ,971 17 ,590
397 965
454 989
518 1,011
187
184
181
547 5 089
566 5 169
570 5 244
264 5,718 39, 995 33 590
295 5,810 39, 629 33 313
409 5,850 39, 864 33 473
1950—Nov. 1.
Nov. 8.
Nov. 15.
Nov. 22.
Nov. 29.
850
699
626
632
337
535
392
349
306
984
2 ,386 1,034 7, 783 22, 387 >,405
2 ,284 1,085 7, 740 22, 204 ), 316
2 ,592
846 8, 181 21, 854 391
2 ,481
2 ,353
2 ,280
2 ,263
2 ,044
1,048
1,066
1,085
1,104
1,124
7, 760
7, 748
7, 743
7 745
7, 702
246 315
225 >,307
241 6, 277
194 326
114 6, 353
69 ,237
69 ,373
69 ,414
69 ,668
69 ,923
29 ,387
29 ,674
29 ,788
30 ,036
30 ,586
16 ,476
16 ,669
16 ,906
16 ,975
17 ,084
339 1,016
419 942
388 982
467 992
657 1,014
182
181
183
186
187
546
564
555
559
605
5
5
5
5
5
126
149
167
191
213
312
344
200
243
377
5,786 39,
5,800 39,
5,803 39,
5,817 39,
5,845 39,
Dec. 6. . . 69 ,807
Dec. 13. .. 70 ,301
Dec. 20. .. 71 ,444
Dec. 27... 71 ,789
30 ,580
30 ,560
31 ,146
31 ,599
17 ,261
17 ,461
17 ,801
17 ,839
481
983
452 992
448 1,017
690 1,052
185
185
180
175
558
601
559
561
5
5
5
5
212
240
254
270
502
204
410
519
5
5
5
5
799 39, 227
827 39, 741
880 40, 298
895 40 190
32 ,924
33 ,439
33 ,854
33 ,674
2 ,058 1,014 7, 731 22, 121 6, 303
2 ,038
805 7 867 22 129 i,302
2 ,894
779 8 577 21 604 >,444
2 ,778
787 8 549 21 560 6 516
31 ,417
31 ,292
31 ,300
31 ,438
17 ,859
17 ,924
17 ,972
18 ,018
512 1,066
487 987
426 1,015
487 1,041
174
162
159
164
576
577
582
582
5
5
5
5
280
287
298
298
510
424
404
363
5
5
5
5
877
886
889
932
39
39
39
38
33 ,294
33 ,046
32 ,634
32 ,443
2 ,470
2 ,368
2 ,209
2 ,081
1951—Jan.
Jan.
Jan.
Jan.
3.
10.
17.
24.
. .
. .
. .
..
..
..
..
. .
..
71 ,212
70 ,824
70 ,449
70 ,384
795
532
149
946
33
33
33
33
32
9
9
9
9
22,
22,
22,
22,
22,
251 21
184 21
026 21
021 21
573
494
399
341
6
6
6
3
501
486
515
503
New York City
1949—December.. 19,572
7 ,732 4 ,831
758
671
48
162
245
204
915 11 840 10,580
1950—October... 19 ,606
November. 19 ,736
December.. 20 ,448
8 ,844
9 ,15o
9 ,660
5 ,719
5 ,928
6 ,225
354
394
450
748
772
774
39
37
36
233
247
243
417
431
438
216
183
319
243 10 762
290 10 580
302 10 788
8 ,902
8 ,825
8 ,986
746
779
995
152 1 597 6 407 1 860
225 \ 573 6 248 1 755
235 1 649 6 107 1 802
1950—Nov. 1. . .19 ,662
Nov. 8. . .19 ,605
Nov. 15. . . 19 ,609
Nov. 22. .. 19 ,774
Nov. 29. .. 20 ,030
8 ,957
9 ,015
9 ,063
9 ,184
9 ,563
5 ,832
5 ,880
5 ,945
5 ,975
6 ,007
289
360
339
407
576
795
725
765
780
796
39
36
36
36
38
232
249
231
240
284
417
424
435
438
440
199
182
152
140
242
280
285
286
294
307
10
10
10
10
10
705
590
546
590
467
8 ,945
8 ,843
8 ,813
8 ,833
8 ,689
895
795
756
766
684
190 1 579 6 281 1
207 1 574 6 267 1
221 1 586 6 250 1
582 6 247 1
238
542 6 194 1
269
760
747
733
757
778
Dec. 6. . . 19 ,978
Dec. 13. .. 20 ,194
Dec. 20.. . 20 ,735
Dec. 27. . . 20 ,885
9 ,546
9 ,426
9 ,738
9 ,931
6 ,086
6 ,180
6 ,329
6 ,305
394
403
399
602
755
753
772
815
37
36
35
35
234
274
234
232
434
441
436
439
440
168
354
315
293
298
305
314
10
10
10
10
432
768
997
954
8 ,672
9 ,010
9 ,188
9 ,075
700
1 ,061
1 ,154
1 ,065
9 ,915
9 ,758
9 ,641
9 ,754
6 ,358
6 ,367
6 ,361
6 ,383
454
432
371
420
834
764
760
786
32
30
29
29
250
250
250
249
436
439
435
432
389
306
254
262
301
309
320
332
10
10
10
10
729
516
337
338
8 ,844
8 ,642
8 ,443
8 ,476
774
696
618
651
1949—December.. 47 ,764
17,152 9 ,033
105
153
124
263 4 081
110 3 502 30 612 26 ,842
1,849 5,231 1,730 18 032 3 770
1950—October. . . 49 ,243
November. 49 ,787
December.. 50 ,387
20 ,010 10 ,361
20 ,738 10 ,894
21 ,311 11 ,365
43
60
68
217
217
237
148
147
145
314 4 ,672
319 4 ,738
327 4 806
48 4 475 29 233 24 ,688
112 4 520 29 049 24 ,488
90 4 ,548 29 076 24 ,487
1 ,640
1 ,505
1 ,597
882 6 ,186 15 ,980 4 545
860 6 ,167 15 ,956 4 561
611 6 ,532 15 ,747 4 589
1. . .49 ,575
8. . .49 ,768
15. . . 49 ,805
22. .. 49 ,894
29. .. 49 ,893
20 ,430
20 ,659
20 ,725
20 ,852
21 ,023
10 ,644
10 ,789
10 ,961
11 ,000
11 ,077
50
59
49
60
81
221
217
217
212
218
143
145
147
150
149
314
315
324
319
321
4 ,709
4 ,725
4 ,732
4 ,753
4 ,773
113
162
48
103
135
4 ,506
4 515
4 517
4 523
4 538
145
109
080
042
870
24 ,590
24 ,549
24 ,536
24 ,473
24 ,295
1 ,586
1 ,558
1 ,524
1 ,497
1 ,360
858
859
864
866
855
6 ,181
6 ,174
6 ,157
6 ,163
6 ,160
15 ,965 4 555
15 ,958 4 560
15 ,991 4 ,544
15 ,947 4 ,569
15 ,920 4 ,575
Dec. 6. . . 49 ,829
Dec. 13. . . 50 ,107
Dec. 20. . . 50 ,709
Dec. 27. . . 50 ,904
21 ,034
21 ,134
21 ,408
21 ,668
11 ,175
11 ,281
11 ,472
11 ,534
87
49
49
88
228
239
245
237
148
149
145
140
324
327
325
329
4 ,778
4 ,799
4 ,818
4 ,831
62
36
56
204
4 ,506 28 795
4 ,529 28 ,973
4 ,575 29 ,301
4 ,581 29 ,236
24 ,252
24 ,429
24 ,666
24 ,599
1 ,358
1 ,577
1 ,740
1 ,713
748
590
548
558
6 ,198
6 ,286
6 ,819
6 ,825
15 ,948 4 ,543
15 ,976 4 ,544
15 ,559 4 ,635
15 ,503 4 ,637
1951—Jan. 3. . . 50 ,568
Jan. 10. . . 50 ,550
Jan. 17. . . 50 ,471
Jan. 24. .. 50 ,292
21 ,502
21 ,534
21 ,659
21 ,684
11 ,501
11 ,557
11 ,611
11 ,635
58
55
55
67
232
223
255
255
142
132
130
135
326
327
332
333
4 ,844
4 ,848
4 ,863
4 ,866
121
118
150
101
4 ,576 29 ,066
4 ,577 29 ,016
4 ,569 28 ,812
4 ,600 28 ,608
24 ,450
24 ,404
24 ,191
23 ,967
1 ,696
1 ,672
1 ,591
1 ,430
7 ,319
7 ,320
7 ,209
7 ,187
15 ,435 4 ,616
15 ,412 4 ,612
15 ,391 4 ,621
15 ,350 4 ,641
1951—Jan.
Jan.
Jan.
Jan.
3. .. 20 ,644
10. . . 20 ,274
17. . . 19 ,978
24
20 ,092
566 7 552 1 260
683 1,779
266
215
231
229
533
581
758
1 724
6
6
6
6
173
153
045
057
1
1
1
1
760
758
809
879
932
864
817
834
6
6
6
5
138
082
008
991
1
1
1
1
885
874
894
862
1
1
1
1
Outside
New York City
1950—Nov.
Nov.
Nov.
Nov.
Nov.
1
29
29
29
29
28
2
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.
186
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
Date or month
Reserves
DeBalwith Cash ances mand
Fedwith
dein
eral vault
doposits
mestic ad- 3
Rebanks justed
serve
Banks
Individuals, States Certified
part- a n d
and
politnerOffiships, ical
subcers'
and
divi- checks
coretc.
pora- sions
tions
Interbank
deposits
Time deposits,
except interbank
IndividU. S.
Demand
uals, States
Govand
ernU. S. part- politnerGovical ment
ships, suband
ernPostal Doment and
divicorSavmes- Foreign
pora- sions ings
tic
tions
Time
Bor- Capital
rowacings counts
Bank
deb-4
its
Total—
Leading Cities
1949—December.. 12,180
893
2,286 48,221 48,732 3,202
1,395 1,864 14,474
619
130 9,382
1,298
152
358
105,862
1950—October.... 12,465
November.. 12,436
December.. 12,853
834
847
964
2,334 49 ,264 50,513 3,210
2,301 49, 670 51,023 3,341
2,557 51,385 52,810 3,369
1,339 1,846 14,535
1,491 1,811 14,508
1,664 1,478 14,518
653
649
641
127 9,530
125 9,593
126 10,179
1,388
1,383
1,373
228
246
309
213
385
419
6,506 109,706
6,536 105,854
6,531 126,403
1950—Nov.
Nov.
Nov.
Nov.
Nov.
793
871
835
826
912
2,222 49,471 50,445 3,362
2
49,230 50,517 3,331
2 606 49,250 51,814 3,351
2 214 49,850 51,032 3,291
2,213 50,546 51,305 3,371
1,525
1,383
1,538
1,384
1,625
1,805
1,766
2,044
1,815
1,624
14,513
14,542
14,524
14,484
14,475
653
647
664
640
642
126
126
126
125
125
9,376 1 ,427
9,619 1,399
10,358 1,360
9,385 1,359
9,225 1,371
229
231
257
256
258
344
508
152
401
520
6,532
6,542
6,531
6,532
6,545
27,112
21,295
26,450
26,834
21,877
2,268 50,452 51,156
2,674 51,676 53 ,383
2,696 51,770
,77 53 ,181
2,589 51 ,642 53,518
3,330
3,368
3,385
3,393
1,707
1,478
1,562
1,910
1,462
1,408
1,469
1,572
14,466
14,510
14,520
14,578
637
640
643
642
126
126
126
126
9,707
10,127
10,581
10,300
1,359
1,364
1,359
1,412
256
310
342
328
495
126
316
738
6,535
6,520
6,530
6,538
29,274
27,207
30,583
24,772
13,519
894
890
838
851
2,874 51,292 52,810
2,422 51,306 52,130
2,555 51 ,702 53,202
2,295 51,684 52,276
3,480
3,427
3,428
3,513
1,848
1,545
1,544
1,491
1,194
1,089
1,261
1,398
14,615
14,632
14,578
14,537
644
659
661
685
127
127
127
126
11,221
10,399
10,403
9,654
1,409
1,396
1,352
1,347
326
364
367
377
469
370
414
517
6,523
6,532
6,521
6,526
32,410
26,213
27,459
26,650
4,580
154
15,423
723
576
1,498
2,799
1,079
110
268
2,283 45,434
133
138
167
15,347 16,146
15,418 16,275
16,139 17,136
294
321
250
623
746
826
529
491
380
1,505
1,492
1,557
2,849 1,129
2,778 1,126
2,988 1,113
171
190
247
77
171
164
2 ,305 43,159
2,310 41,167
2,306 53,150
4,450
4,409
4,455
4,426
4,568
124
145
129
143
151
15,349
15,233
15,167
15,506
15,836
16,127
16,057
16,287
16,281
16,622
347
341
327
285
305
787
686
767
622
872
503
480
558
483
431
1 ,488
1,484
1,488
1,487
1,516!
2,780
2,777
2,977
2,658
2,699
1,163
1 ,139
1,109
1,106
1,113
173
174
201
200
202
135
209
25
219
266
2,313 11,114
7,895
2,313
2,309 10,619
9,908
2,30
2,306 8,706
4,568
4,948
4,602
4,567
152
181
170
164
15,829
16,329
16,282
16,116
16,616
17,408
17,263
17,258
243
277
211
268
929
673
1,057
388
369
371
395
1,524
1,568
1,566
1,571
2,839
2,982
3,119
3,012
1,103
1,100
1,108
1,143
202
244
276
264
123
22
90
421
2,306 13,123
2,300 11,669
2,308 12,430
2,309 9,983
4,572
4,476
4,842
4,780
142
140
128
128
15,762
15,816
15,818
16,019
16,828
16,661
16,812
16,788
241
209
199
251
813
731
731
723
322
288
333
358
1,552!
1,548
1,518
1,505
3,311
2,979
2,997
2,838
1,133
1,120
1,097
1,104
261
275
278
279
354
168
212
201
2,315
2,318
2,318
2,318
Dec.
Dec.
Dec.
Dec.
1....
8....
15....
22
29....
12,404
12,313
12,610
12,351
12,504
6....
13....
20....
27....
12,778 879
998
13,075
12,823 972
12,738 1,005
1951—Tan. 3 . . . . 13,045
Jan. 1 0 . . . . 12,923
Jan. 1 7 . . . . 13,753
Jan.
24....
New York City
1949—December..
1950—October... . 4,509
November.. 4,462
December.. 4,671
1950—Nov. 1 . . .
Nov. 8 . . .
Nov. 1 5 . . .
Nov. 2 2 . . .
Nov. 2 9 . . .
Dec. 6 . . .
Dec. 1 3 . . .
Dec. 2 0 . . .
Dec. 2 7 . . .
1951—Tan.
Tan.
Tan.
Jan.
3...
10...
17...
24...
644
13,553
10,040
10,424
10,092
Outside
New York City
1949—December.. 7,600
739
32,798 32,521
3,003
672
1,288
595
6,583
219
1950—October...
November.
December.
7.956
7,974
8,182
701 2,295 33,917 34,367
709 2,267 34,252 34,748
797 2.520 35,246 35
5,674
2,916
3,020
3,119
716
745
838
1,317 13,030
1,320 13,016
1,098 12,961
625
613
603
6,681
6,815
7,191
259
25
260
136
214
255
4,201 66,547
4,226 64,687
4,225 73,253
1950—Nov. 1 . . .
Nov. 8 . . .
Nov. 15. ..
Nov. 2 2 . . .
Nov. 2 9 . . .
7,954
7,904
8,155
7,925
7,936
669
726
706
683
761
2,186
2,221
2,570
2,17 9
2,178
34,122 34,318
33,997 34,460
34,083 35,527
34 ,344 34,751
34,710 34 ,683
1 ,302 13,025
1,286 13,058
1,486 13,036
1,332 12,997
1,193 12,959
626
620
622
599
601
6,596
6,842
7,381
6,72
6,526
264
260
251
255
258
209
299
127
182
254
4,219 15,998
4,229 13,400
4i:
15,831
3,066
738
697
771
762
753
Dec. 6 . . .
Dec. 1 3 . . .
Dec. 2 0 . . .
Dec. 2 7 . . .
8,210
8,127
8,221
8,171
727
817
802
841
2,235
2,637
2 ,65.5
2 ,552
34,623 34,540
35,34 35,975
918
35,48;
35,526 36 ,260
3,087
3,091
3,174
3,125
778
834
889
853
1,074
1,039
1,098
1,177
12,942
12,942
12,954
13,007
598
602
606
605
6,868
7,14 =
7,462
7,288
256
264
251
269
372
104
226
317
4,229
4,220
4,222
4,229
16,151
15,538
18,153
14,789
8,473
8,447
8,911
8,739
752
750
710
723
2,806
2,386
2,516
2,259
35,530 35,982
35,490 35,469
35,884 36,390
35,665 35,488!
3,239
3,218
3,229
3,262
872 13.063
1,035
814
801 13,084
813
928 13,060
768 1,040 13,032
607
622
625
649
7,910
7,420
7,406
6,816
276
2 76
25 =
243
115
202
202
316
4,208
4,21
4,203
4,208
18,857
16,173
17,035
16,558
1951—Jan.
Jan.
Jan.
Jan.
3...
10...
17...
24...
95
3,938 60,428
4,225 16,926
4,239 13,171
3
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.
Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised
basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227.
4
FEBRUARY
1951
187
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loan 1
Federal Reserve
district a n d d a t e
Boston
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
New York*
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Philadelphia
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Cleveland
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Richmond
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Atlanta
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Chicago*
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
St. Louis
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Minneapolis
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Kansas City
Dec. 27
Jan. 3
Tan. 10
Jan. 17
Jan. 24
Dallas
Dec. 27. . .
Jan. 3
Jan. 10
Jan. 17
Jan. 24
San Francisco
Dec. 27
Tan. 3
Jan. 10
Jan. 17
Jan. 24
City of Chicago*
Dec. 27
Tan. 3
Tan. 10
Jan. 17
Jan. 24
Total
loans
and
invest1
ments Total
Investments
For purchasing
or carrying securities
CommerTo brokers
cial,
To others Real Loans
indus- and dealers
Other
estate to
Total
trial,
loans banks loans
and
agri- U. S. Other U . S . Other
Govt.
culse- Govt. seobobtural
liga- curi- Hga- curities
ties
tions
tions
3,249
3,194
3,209
3,175
3,219
1,449
1,403
1,423
1,421
1,453
872
868
876
874
879
10
23,366
23,114
22,742
22,426
22,530
10,891
10,860
10,709
10,592
10,707
13
9
13
12
11
12
11
20
20
21
22
27
206
209
211
212
212
42
1
14
6
33
297
297
295
295
297
6,710
6,759
6,761
6,755
6,778
606
459
435
379
428
823
841
773
769
795
249
265
266
267
266
730
725
730
727
725
321
389
306
254
262
1,557
1,545
1,562
1,568
1,579
1,800
1,791
1,786
1,754
1,766
U. S. Government obligations
Bills
Total
1,573
1,564
1,560
1,526
1,533
Certificates
of indebtedness
Notes Bonds 5
Other
securities
127
146
121
114
111
323
331
324
302
320
1,099
1,087
1,115
1,110
1,102
227
227
226
228
233
12,475 10,353 1,156
866
12,254 10,124
774
12,033 9,912
684
11,834 9,695
9,719
714
11,823
1,940
2,160
2,101
2,052
2,071
7,018
7,098
7,037
6,959
6,934
2 ,122
2,130
2,121
,139
2,104
2,970
2,918
2,889
2 ,866
2,836
1,223
1,201
1,206
1,205
1,222
648
647
653
656
664
1
1
1
3
3
35
35
32
32
32
6
6
6
6
6
145
144
141
141
144
21
10
13
9
16
381
376
378
378
376
1,747
1,717
1,683
1,661
1,614
,393
,366
1,331
1,307
1,262
91
89
74
73
56
351
356
334
309
293
935
921
923
925
913
354
351
352
354
352
4,907
4,963
4,907
4,883
4,848
1,794
1,842
1,814
1,817
1,803
973
969
971
975
976
14
15
13
12
14
32
27
25
28
28
65
65
64
66
66
357
358
358
359
359
4
61
40
27
9
340
340
336
344
345
3,113
3,121
3,093
3,066
3,045
2,634
2,649
2,617
2,598
2,573
131
150
130
133
113
646
694
691
665
664
1,812
1,805
1,796
1,800
1,796
479
472
476
468
472
2,869
2,825
2,863
2,847
2,823
1,137
1,131
1,135
1,137
1,139
545
544
548
550
553
2
2
1
1
2
6
6
6
30
31
34
34
33
246
246
247
246
245
306
302
301
302
302
1,732
1,694
1,728
1,710
1,684
1,561
1,517
1,550
1,532
1,506
141
110
136
118
93
374
412
412
411
411
1,008
995
1,002
1,003
1,002
171
177
178
178
178
2,571
2,567
2,566
,559
2,536
1,139
1,130
1,136
1,127
1,127
685
680
686
681
682
14
14
13
12
12
25
25
23
23
23
94
92
91
92
92
315
318
317
315
316
1,432
1,437
1,430
1,432
1,409
1,215
1,222
1,217
1,219
1,199
25
69
83
72
65
480
514
500
514
507
642
639
634
633
627
217
215
213
213
210
10,102
10,068
10,018
10,005
9,994
3,474
3,398
3,366
3 ,402
3,416
,157
,145
,148
,156
2,158
82
86
86
111
111
62
61
61
61
61
445
448
448
448
448
636
633
635
635
635
6,628
6,670
6,652
6,603
6,578
5,675
5,720
5,712
5,652
5,626
414
468
492
450
422
213
1 .506
1,714
1,713
1,691
1,681
3,542
3,538
3,507
3,511
3,523
953
950
940
951
952
2 ,433
2,384
2,401
2,420
2,407
1,269
1,240
1,243
1,262
1,261
14
14
14
14
14
237
238
238
239
238
270
272
269
267
268
1,164
1,144
1,15:
1,158
1,146
978
960
972
973
958
73
60
60
65
52
2 76
298
312
319
311
600
602
600
589
595
186
184
186
185
188
724
710
718
727
727
1 ,273
1 ,260
1,263
1,279
1,264
555
552
5591
573
571
274
280
288
293
292
102
103
103
104
104
167
167
166
167
167
718!
708
704
706
693
576
566
563
5631
550|
20
17
21
165
178
173
169
163
371
371
369
367
363
142
142
141
143
143
2,798
2 ,749
2,784
2 ,807
2 ,793
1,192
1,186
1 ,190
1,199
1,198
761
761
764
771
769
168
169
170
170
168
240
236
23
238
239
1,6061
1,563!
1,594
1 ,608!
1,595
1,32
1,286!
1,3171
l,33l!
1,317
233
198
223
237
216
428
452
463
463
475
633
636
631
631
626
277
277
277
277
278
2,780
2,756
2,751
2,722
2,736
1,464
1,460
1,465
1,474
1,481
1,029
1 ,029
1 ,036
1,042
1,043
11
119
121
122
121
264
260
262
264
272
1,316
1,29c
1 ,286
1 ,248
1,255
1,162
1,1401
1,130 !
1,091
1,098
168
163
141
107
106
366
379
393
393
398
600
598
596
591
594
154
156
156
157
157
12,471
12,414
12,431
12,460
12,398
6,012
6,014
6,046
6,091
6,060
2,461
2,467
2,475
2,492
2,497
2,423
2,429
28 2,429
28 2,438
2 ,442
20 1,122
1,131
1,128
1.116
1,136
6.459
6,400
6,385
6,360
6,338
5,225
5,180
5,165
5 ,147
5,102
156
134
113
129
109
1,694
1,763
1,768
1,738
1,72
3,300
3,283
3,284
3,280
3,266
1,234
1,220
1,220
1,222
1,236
6,209
6,228
6,190
6,168
6,166
2,263
2,243
2,201
2 ,226
2^238
1,653
1,645
1,642
1,652
1,658
97
99
100
99
99
341
333
331
329
330
3,946
3,985
3,989
3,942
3,928;
3,322
3,366
3,380
3,331
3,317
275
326
37
33
324
855
994
993
982
978
2,056
2,046
2,010
2,012
2,015
624
619
609
611
611
136!
I
-* OCIJCUCILC
Separate iiguics
figures iui
for iN\ c
ew
w York
nuiii v^ity
City are shown iii
in t h e imm
immediately preceding table a n d for t h e City of Chicago in this table.
for tthe
h e N e w York a n d Chicago Districts, as shown
s1
in
' " i1this
~'~ table,
•L~1~1~ include N e w York City a n d Chicago, respectively.
For other footnotes see preceding table.
188
T h e figures
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
Dec. 27
Jan. 3
Jan. 10
Tan. 17
Jan. 24
New York*
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Philadelphia
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Cleveland
Dec. 27
Jan. 3
Tan. 10
Tan. 17
Jan. 24
Richmond
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Atlanta
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Chicago*
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
St. Louis
Dec. 27
Jan. 3
Jan. 10
Tan. 17
Jan. 24
Minneapolis
Dec. 27
Jan. 3
Tan. 10
Jan. 17
Jan. 24
Kansas City
Dec. 27
Tan. 3
Jan. 10
Jan.
Jan. 2 4 . . .
Dallas
Dec. 27
Tan. 3
Tan. 10
Tan. 17
Jan. 24.
San Francisco
Dec. 27
Tan. 3
Tan. 10
Tan. 17
Jan. 24
City of Chicago*
Dec. 27
Tan. 3
Jan. 10
Tan. 17
Tan. 24
Reserves
BalDewith Cash ances mand
with
Feddein
eral vault do- posits
mestic adRebanks justed'
serve
Banks
IndividCertiuals, States
fied
and
part- politand
nerOffiical
ships, sub- cers'
and
cor- divi- checks,
pora- sions etc.
tions
463
536
494
539
501
75
65
61
59
59
96
129
91
111
100
2,678
2,708
2,664
2,690
2,700
2,669
2,662
2,612
2,696
2,647
,839
,902
,806
,190
,077
227
202
198
183
183
132
173
124
146
123
17,846
17,514
17,538
17,575
17,726
18,837
18,421
18,208
18,379
18,308
475
512
498
508
516
56
50
50
46
45
137
126
116
131
106
2,383 2,512
2,317 2,479
2,340
,434
2,309
,457
2,317 2,416
790
791
787
845
840
99
91
91
87
90
232
167
139
172
150
3,524
3,554
3,499
3,527
3,491
458
490
480
515
500
68
74
69
71
203
205
186
186
172
2,232
2,212
2,252
2,257
2,249
432
420
422
476
481
49
44
45
44
44
210 1,887
237 1 ,844
207 1,846
209 1,892
189 1,901
,960
,022
130
117
117
108
106
412
451
419
432
433
37
34
33
33
33
132 1 ,504 1,709
161 1 .498 1,687
143 1,527 1,668
135 1 ,549 1,714
119 1,546 1,680
192
224
218
211
238
15
13
15
13
14
101
108
97
95
93
859
856
859
865
872
922
905
901
913
899
491
540
538
558
529
38
35
36
34
36
330
386
312
323
286
2,061
2,073
2 ,070
2,124
2 ,085
480
514
520
564
548
44
40
40
38
40
395
425
406
424
357
746
779
801
829
834
153
135
130
124
130
Time deposits,
except interbank
Individuals,
U. S. partGov- nerern- ships
ment and
corporations
S.
States U.
Govand
ernpolit- ment
ical
and
subdivi- Postal
Savsions ings
Interbank
deposits
Demand
Domestic
Foreign
479
481
482
482
482
287
327
305
298
282
35
36
34
34
33
517 1,125
489
888
479
790
494
793
516
779
453 2,399
372 2,381
3335 2,376
386 2,344
416 2,330
3,096
3,403
3,067
3,086
2,919
1,146
1,136
1,123
1,100
1,107
106
92
98
91
98
40
39
33
35
30
404
405
406
405
404
403
464
400
414
367
14
17
15
16
14
3,704
3,685
3,553
3,670
3,552
175
180
189
192
192
67
70
66
65
59
79 1,324
94 1,320
105 1,318
1,334
1,326
2,283
2,253
2,277
2,313
2,255
163
170
167
161
175
56
93
52
62
56
71
53
50
60
64
1,857
1,820
1,783
1,854
1,819
273
276
280
280
293
28
40
34
30
30
7,323
7,215
7,085
7,320
7,101
568
598
581
593
Bor- Cap- Bank
debrow- ital
acits 4
ings counts
Time
9
4
10
5
3
334
334
334
335
1,028
1,289
1,146
1,172
1,151
265
262
276
279
281
437
401
234
252
213
2,513
2,521
2,523
2,522
2,523
10,589
14,281
10,760
11,196
10,825
1
1
1
1
1
27
19
14
21
4
320
895
321 1,220
321
978
321 1,078
321
994
526
546
502
541
471
1
1
1
1
1
23
2
22
6
43
481
482
481
481
482
1,490
1,995
1,514
1,557
1,506
552
555
556
556
555
455
491
462
446
406
11
11
11
11
11
21
6
11
21
21
242
240
241
241
241
819
1,012
912
991
913
48
37
35
39
44
513
515
508
511
509
588
656
636
621
574
2
2
2
2
2
14
17
206
804
208 1,000
208
918
208
928
208
841
123
130
123
126
117
313
232
208
245
286
2,589
2,616
2,618
2,620
2,612
1,622
1,797
1,631
4
4
4
4
4
' 59
82
162
773
773
773
769
770
3,200
4,451
3,610
3,858
3,857
23
24
26
52
36
31
36
39
467
468
468
468
467
751
813
757
752
715
27
3
5
8
17
194
191
191
191
191
688
852
806
846
780
94
89
90
96
18
23
17
17
15
43
32
40
42
48
240
240
240
240
239
325
350
340
337
318
1
14
2
1
20
107
106
106
106
106
418
516
377
474
422
2 ,144
2,128
2,095
2,164
2,088
251
277
.267
269
279
34
45
34
35
31
63
49
50
57
62
381
382
383
382
382
922
980
943
931
886
2
1
2
2
228
228
228
' ' '4 228
228
5
890
1,067
1,035
1,047
1,101
2,210
2,198
2,237
2,269
2,239
2,244
2,216
2,232
2,287
2,244
207
224
228
228
229
47
71
42
45
48
50
36
35
38
44
361
363
363
361
360
64
64
63
65
64
805
865
806
803
763
10
11
9
9
9
270
299
275
277
282
7,426
7,491
7,448
7,537
7,517
7,314
7,339
7,282
7,435
7,267
735
760
742
730
742
293
338
276
259
243
197
144
126
143
157
4,859
4,883
4,908
4,889
4,879
404
406
421
424
446
520
529
550
538
466
124
128
138
115
111
165
267
154
167
140
4,369
4,407
4,402
4,488
4,453
4,626
4,613
4,534
4,695
4,576
284
298
282
286
273
68
72
60
56
54
160
123
107
123
144
1,369
1,386
1,386
1,390
1,387
21
21
21
21
21
1,174
1,318
1,190
1,181
1,079
43
44
43
41
38
351
458
326
346
318
7,032
7,027
7,026
7,108
7,041
217
222
211
206
206
56
87
52
55
61
76
53
46
54
57
1,636
1,487
123
5
1
232
919
229 1,256
234
867
234
973
234
994
907
890
892
886
887
119
' 44
33
95
3,032
3,471
3,290
3,339
3,266
519 2,002
519 2,733
2,313
2,472
2,369
For footnotes see opposite page and preceding table.
FEBRUARY
1951
189
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
United
Dec.
Dec,
Dec.
Dec.
Dec.
States total:
31, 1946 . . .
31, 1947
31, 1948
31, 1949
31, 1950P
On par list
Total banks on
which checks are
drawn, and their x
branches and offices
Total
Member
Not on oar list
(nonmember)
Nonmember
Banks
Branches
and offices2
Banks
Branches
and offices
Banks
Branches
and offices
Banks
14,043
14,078
14,072
14,051
14,015
3,981
4,148
4,333
4,562
4,824
11,957
12,037
12,061
12,178
12,162
3,654
3,823
4,015
4,289
4,534
6,894
6,917
6,912
6,887
6,868
2,913
3,051
3,197
3,387
3,589
5,063
5,120
5,149
5,291
5,294
475
873
835
338
940
162
311
545
221
616
146
111
15
60
475
873
835
338
940
162
311
404
181
616
87
70
15
51
325
751
639
693
477
353
266
872
123
267
256
154
260
49
27
8
34
150
122
196
424
327
243
Branches
and offices
741
772
818
902
945
Banks
Branches
and offices
2,086
2,041
2,011
l f 873
1,853
327
325
203
601
141
40
336
598
9
106
59
41
318
273
290
By districts and
by States
Dec. 31, 1950 P
District
Boston
New York
Philadelphia . . .
Cleveland
Richmond •
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Alabama
Arizona
Arkansas
California
Colorado
State
......
1,117
1,007
1,197
2,487
1,470
1,275
1,758
1,028
1,117
804
596
2,487
1,134
677
1,749
1,005
496
477
756
630
266
493
1,359
922
493
1,359
225
10
232
192
148
26
55
19
979
4
129
10
109
192
148
26
55
5
979
4
68
119
93
104
38
50
20
104
38
62
17
45
5
19
130
50
20
19
191
42
Connecticut
Delaware
District of Columbia...
Florida
Georgia
397
Idaho
Illinois
Indiana
Iowa
Kansas
43
888
486
662
612
Kentucky
Louisiana .
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
93
5
1,273
638
200
993
292
227
72
68
39
44
148
27
356
38
43
7
17
86
26
41
2
929
3
36
5
41
73
55
14
3
50
1
43
8
42
21
1,482
96
35
4
113
39
66
35
55
2
109
164
43
886
486
662
610
55
2
109
164
24
508
237
161
215
50
2
55
19
378
249
501
395
382
165
62
164
176
44
77
70
119
176
382
61
62
164
176
44
54
70
119
176
113
47
37
77
140
27
47
37
78
159
269
14
25
87
36
17
7
33
41
17
437
678
201
595
110
239
6
68
1
437
265
40
530
110
239
6
14
1
231
206
31
180
84
183
6
7
1
206
59
9
350
26
56
Nebraska
Nevada
New Hampshire
New Tersev
New M!exico
.
411
8
74
321
51
2
19
2
165
15
411
8
74
321
51
2
19
2
165
15
141
6
52
276
35
2
18
1
149
2
270
2
22
45
16
New York
North Carolina
North Dakota
Ohio
Oklahoma
.
627
208
150
659
384
782
218
22
226
1
627
95
63
659
376
782
83
6
226
1
547
54
43
422
224
730
46
195
1
80
41
20
237
152
52
37
6
31
69
965
15
148
169
102
193
49
49
49
69
965
15
64
71
102
193
49
43
24
30
735
9
32
62
90
166
37
35
21
39
230
6
32
9
12
27
12
8
3
295
905
55
69
98
12
24
11
204
850
55
69
85
12
24
11
82
578
31
40
63
12
22
2
122
272
24
29
22
313
114
308
114
203
62
105
52
118
144
118
144
52
135
66
9
180
551
53
152
179
551
53
152
108
164
39
22
71
387
14
130
.
Oregon
Rhode Island
South Carolina
South D a k o t a . . . .
Tennessee
Texas
Utah
Vermont
Virginia
.
•
^^ashington
West Virginia
^^isconsin
i4
61
284
1
3
7
15
74
47
123
12
10
45
4
4
56
9
4
5
2
54
164
2
7
104
23
413
161
65
54
113
87
135
16
1
1
16
13
8
84
98
6
25
91
55
13
2
9
5
1
x
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.
190
FEDERAL RESERVE BULLETIN
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Held by
Commercial
paper
Total
out- 1
outstanding standing
End of month
Based on
Accepting banks
Total
Own
bills
Others
Bills
bought
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1949—October
November
December
278
278
257
215
251
272
104
118
128
57
60
58
47
58
70
110
133
144
140
173
184
39
44
49
1
23
25
30
12
9
9
1950—January
February
March
April
May
June
July
August
September
October
November
December
258
257
258
257
250
240
259
286
308
312
325
333
280
256
245
237
231
279
335
374
397
383
383
394
134
120
100
93
93
126
155
174
187
168
166
192
67
69
63
62
59
82
87
103
103
100
104
114
68
51
37
31
34
44
68
71
84
68
62
78
146
136
145
144
138
154
180
200
211
215
217
202
190
175
165
157
142
170
211
238
264
243
234
245
49
45
45
47
58
66
80
87
79
85
88
87
(2)
(2)
(2)
(2)
(2)
32
25
23
18
15
21
22
26
29
29
29
28
9
11
12
15
17
21
22
21
23
25
29
32
,
1
1
2
2
2
2
1
2
As reported by dealers; includes some finance company paper sold in open market.
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
Debit
Debit
Customers' balances in balances in
partners'
firm
debit
balances investment investment
and trading and trading
(net)'
accounts
accounts
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
December...
1946—June
December...
1947—June
December...
1948—June
December...
1949—June
December...
496
543
761
789
887
1,041
1,223
1,138
809
540
552
578
619
550
681
881
3
901
1950—January....
3Q<^
February. . .
1,018
March
1,084
April
1,175
May
1,256
June
1,208
July
A u g u s t . . . . . J 1,231
September.. 31,284
October
1,351
November. . s1,360
December...
1,356
9
7
9
11
5
7
11
12
7
5
6
7
7
10
5
5
86
154
190
188
253
260
333
413
399
312
333
315
326
312
419
400
Credit balances
Customers'
credit balances 1
Cash on
hand
and in
banks
Money
borrowed2
180
160
167
181
196
209
220
313
370
456
395
393
332
349
280
306
12
386
314
9
399
397
Other credit balances
In partners' In firm
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
Free
Other
(net)
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
» 493
3 522
3 579
«619
3 750
827
3 755
3 752
3 751
3 759
3774
745
«669
3 669
3 666
3 678
3 657
673
3 712
3 780
3 738
3771
3 796
890
166
25
11
312
230
36
12
317
1
Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national
of firms' own partners.
FEBRUARY
1951
191
BANK RATES ON BUSINESS LOANS
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESS BY BANKS IN, SELECTED CITIES
[Per cent per annum]
u. s
Stock
Prime
exPrime
bankcomchange
ers'
mercial
call
acceptpaper,
loan
ances,
4- to 6re90
months 1
newl
days
als 2
Government
securities (taxable)
Size of loan
1948 average . . . .
1949 average . .
1950 average
1 .44
48
L.45
1 11
1 12
1.15
1 55
1 63
1.63
1.040
1 102
1.218
L 14
L 14
1.26
1.62
1 43
1.50
1950—January. . .
February .
March
April
May
1.31
L.31
L 31
I 31
L 31
I 31
L.31
L.44
L.66
[.73
L 69
L. 72
1.06
1 06
1.06
1.06
1 06
1.06
1 06
1 16
1 31
1 31
1 31
1.31
1.63
1.63
1.63
1 63
I 63
1.63
1.63
1.63
1 .63
1.63
1.63
1.63
1.090
1.125
1 138
1.159
1 166
1 174
1.172
1.211
1 315
1 329
1.364
1.367
1.12
L.15
L.16
L. 17
I 18
L 23
1.23
1.26
L .33
L 40
L 47
L .46
1.39
1.44
1 45
1.45
1 45
1 47
1.45
1.45
1.55
1.65
1.62
1.64
1.387
L .47
1.66
1.382
1.381
1.387
1.391
1,389
1.47
L .47
L .47
L .47
L .47
1.65
1.66
1.67
1.66
1.66
June
July
August
September.
October. . .
November.
December..
1951—January. . .
Week ending:
Dec. 3 0 . . . .
Jan. 6
iy8-iH
Jan. 1 3 . . . . l ^ - i M
Tan. 20
1H
Jan. 2 7 . . . .
1M
i^-i H
1^2-1%
1K-1M
1K-1M
1K-1M
lVl6
l o /l6
l 5 /l6
l 5 /l6
lVio
All
loans
Area and period
9 - t o 12- 3- to 53month month
year
bills s issues 4 issues 5
Annual averages:
19 cities:
1941
1942
. . .
1943
1944
1945
1946
1947
1948
1949
1950
Quarterly:
19 cities:
1950—Mar.
June
Sept
Dec
New York City:
1950—Mar.
June
1
M o n t h l y figures are averages of weekly prevailing rates.
2
T h e average rate on 90-day Stock Exchange time loans was 1.50
per cent, Aug. 2, 1946-Aug. 16, 1948; and 1.63 per cent beginning
Aug. 17, 1948.
3
R a t e on new issues within period.
4
Series includes certificates of indebtedness a n d selected note 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.
Sept
Dec.
7 Northern and Eastern cities:
1950—Mar.
June . . . .
Sept
Dec.
11 Southern and
Western cities:
1950—M ar .
June
Sept. . . .
Dec
$1,000$10,000
$10,000- $100,000- $200,000
$100,000 $200,000 and over
2.0
2 2
2.6
2.4
2 2
2.1
2.1
2.5
2.7
2.7
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
2.60
2 68
2.63
2.84
4.45
4 50
4.51
4.60
3.54
3.65
3.63
3.73
2.94
2.94
2.95
3.10
2.31
2.39
2.34
2.57
2 29
2.34
2.32
2.51
3 85
3 94
4.06
4.17
3 22
3 35
3.33
3.44
2.64
2.73
2.72
2.80
2.13
2.16
2.15
2.35
2 55
2.67
2.63
2.87
4 64
4.58
4.56
4.64
3 60
3 62
3 59
3.70
2.91
2.82
2.87
3.18
2.28
2.45
2.39
2.65
3.12
3 22
3.13
3.28
4.64
4 70
4.71
4.78
3.71
3.83
3.83
3.91
3.15
3.17
3.15
3.21
2.74
2.82
2.67
2.90
NOTE.—For description of series see BULLETIN for March 1949,
pp. 228-237.
BOND YIELDS
x
[Per cent per annum]
Corporate (Moody's)4
U. S. Government
(taxable)
Year, month, or week
7 to 9
years
Municipal
(highgrade)2
15
years
Corporate
(highgrade)3
By ratings
By groups
Total
Aaa
Aa
Baa
Industrial
Railroad
Public
utility
120
30
30
30
30
40
40
40
1948 average
1949 average
1950 average
2.00
1 71
1.84
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
2.87
2.74
2.67
3.34
3 24
3.10
3.03
2.90
2.82
1950—January
February
March
April
May
June
July
August
September
October
November
December
1.70
1.75
1.78
1.80
1.80
1 83
1.83
1.82
1.89
1.94
1.95
1.97
2.20
2.24
2.27
2.30
2.31
2.33
2.34
2 33
2.36
2.38
2.38
2.39
08
06
07
08
07
09
09
1 90
1 88
1.82
1 79
1.77
2.54
2.54
2.55
2 57
2.57
2 59
2 61
2.58
2 62
2.65
2.66
2.66
2.83
2,83
2.57
2.58
.58
60
61
2 62
65
2 61
2.64
2.67
2.67
2.67
2.65
2.65
2.66
2.66
2.69
2.69
2.72
2 67
2.71
2.72
2.72
2.72
2.85
2.86
2.86
.86
88
2.90
2.92
2.87
2.88
2.91
2.92
2.91
3.24
3.24
3.24
3.23
3.25
3 28
3 32
3.23
3.21
3.22
3.22
3.20
2.63
2.63
2.64
2 64
2.65
2.66
2.69
2.66
2.68
2.70
2.70
2.70
3.07
3.08
3.08
3 08
3 12
3.15
3 19
3.08
3.07
3.09
3.08
3.07
2.79
2.78
2.78
79
2.81
2.81
2.83
2.80
2.84
2.85
2.86
2.87
1951—January.
1.96
2.39
1.62
2.64
2.86
2.66
2.71
2.89
3.17
2.69
3.03
2.85
Week ending:
Dec. 30
Jan. 6 . .
Jan. 13
Jan. 20
Jan. 27
1.98
1 .99
1 .98
1.94
1.95
2.39
2.40
2 39
2.38
2.38
1.72
1.69
1.63
1.60
1 .59
2.64
2.63
2.63
2.64
2.64
2.87
2.86
2.86
2.86
2.85
2 .66
2.66
2 .66
2.66
2.65
2.71
2.71
2.71
2.71
2.71
2.90
2 .90
2.89
2.89
2 .88
3.19
3.19
3.18
3.17
3.17
2.70
2.69
2.69
2.69
2.69
3.05
3.05
3.04
3.03
3.02
2.86
2.85
2.85
2.85
2.85
Number of issues
Lesday figures.
~ — —^.
—
— .^.-^
— .w _ . _ — ^,,
. - —
-— _ —
o
— .-^-^v^.
-— ,_^.«..»«.»-.-»_
^.-
v* * - . * - - . . „ _ ---
-—«.-.»-J^.-.
v
-
wv.*..*,^*.'^'*-—
*»_<*_<w^w)
*,**->_
J.-i.». ^». i_* kj v IicLJ.
jrVctcL
cHlCl
i~\ cL ^ l O U J J S
Xlci » C
been reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5
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.
192
FEDERAL RESERVE BULLETIN
SECURITY MARKETS
1
Bond prices
Stock prices
Corporate
Year, month, or week
U. S. MunicGovipal
ern(highment 2 grade) 8 Highgrade
1-8
Number of issues
1948 average
\ Q49 average
1950 average
I950—January
February
March
April
May
June
July
August
... .
September
October
November
December
15
4
Industrial
14
12
Volume
of trading' (in
thousands of
Public shares)
utility
Common (index 1935-39=100)
Medium-grade
Total
5
Preferred*5
Railroad
Public
utility
Total
Industrial
Railroad
5
5
4
15
416
365
20
31
100.84 125.3
102 73 128.9
102.53 133.4
98.7
101.9
92.1
92 6
96.3
98 6
85 4
82 3
95.2
97 0
168 7
176 4
181.8
131
128
156
115
97
117
131.4
131 7
131.5
131.3
131 5
131.1
131.1
134 8
135.2
136 4
137 0
137.4
104.0
104.0
104.1
96 3
96 4
96.6
101.8
102.0
102 3
86.4
86.5
86.7
100.6
100 9
100.8
182 8
182 4
183 8
183.5
183 1
182 0
178.5
181 9
181.8
180.5
180 8
179 9
124
121
146
135
137
143
144
108
107
96
98
107
106
107
139
147
142
147
148
138
147
152
158
156
150
156
158
147
158
163
171
169
109
110
1,144
1.037
2,012
158
171
139
104
1,884
1,704
1,643
2,297
1,763
2,075
2,227
1,673
1,930
2,141
2,032
2,769
1951—January..
101.56 140.5
180.9
163
183
153
109
2,974
Week ending:
Dec. 30
Tan. 6 . . . .
Tan. 13
Tan. 20. . .
Tan. 27. .
101.49
101.48
101 53
101.61
101.59
179.8
179.8
180 4
181.2
181.5
162
165
166
171
169
175
178
179
186
183
145
148
148
157
152
106
107
108
110
109
3,211
3,262
3,215
3,379
2,366
104.16
. . 103 62
103 24
102.87
102.73
102.42
102.24
. . . . 102 28
101.90
101 64
101 69
101 53
138.5
139 1
140 3
140.9
141.2
110
110
107
110
121
125
129
127
111
113
112
103
104
105
106
105
1
2
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years or more.
• Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis
of a 4 per cent 20-year bond.
5
Prices derived from average yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
Average daily volume of trading in stocks on the New York Stock Exchange,
s Series discontinued beginning Apr. 1, 1950.
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.
4
6
7
NEW SECURITY ISSUES
[In millions of dollars]
For new capital
Year or month
1941
1942
1943
1944
1945 . . . . . .
1946
1947
1948
1949
Total
(new Total
and
(dorefund- mestic
and
ing)
forTotal
eign)
5.546
2,114
2,169
4.216
8 006
8,645
3
9 691
10,214
9,475
1949—December
2.854
1,075
642
913
1 ,772
4,645
3
7,566
9,079
7,909
Foi
Domestic
State
and
municipal
Domestic
Total
(doCorporate
For-2 mestic
Fedeign
and
eral
forBonds
agen-1
eign)
and Stocks
cies Total
notes
889
2,852
518 1,272 1,062
173
506
342
108
624
1,075
118
282
176
90
374
92
640
422
235
15
646
224
896
607
471
26 1,264
657
1 .761
127 3,556 2.084 1.472
952
4,635
239 4,787 3,567 1 ,219
7,255 2,228
9,070 2.604
294 <6,172 *5,264
908
7 ,880 2.803
233 4,844 3,890
954
731
513
513
198
315
169
1950—January. . 31,185
February.
809
March, . . 1 ,059
April.....
685
May
1.052
June
1,28s
July
579
August. ..
787
September
924
October
794
752
November
817
711
768
525
771
954
505
551
705
651
817
708
746
520
769
949
505
519
687
646
30
233
13
550
363
21
170
23
304
39
334
18
204
8
265
272 ""145
181
553
146
361
327
426
598
292
254
270
465
463
80
280
147
307
429
216
211
220
265
598
584
356
229
192
1
2
3
refunding
1
2
17
12
10
68
10
29
146
90 .. _ .
66
82
22
180
5
119
2
169
5
77
43 " 3 l '
18
50
5
200
37
14
Total
2,693 2,689
1,039 1,039
1,527 1.442
3,303 3.288
6,234 6,173
4,000 3,895
2,125 1,948
1,135 1.135
1,566 1,466
State
and
municipal
435
181
259
404
324
208
44
82
104
For
Corporate
eign5
Federal
agen-1
Bonds
and Stocks
cies Total
notes
698
440
497
418
912
734
422
768
943
1,557;
418
685
2,466
4 937
2,953
1,482
284
418
1,430
407
603
2,178
4,281
2,352
1 199
257
366
126
11
82
288
6S6
601
283
28
52
218
218
57
56
105
101
4
•369
98
292
160
281
330
75
236
219
143
269
83
229
160
281
330
75
190
219
143
1
6
3
6
14
20
1
8
6
3
159
57
58
65
31
35
53
48
193
63
108
20
168
89
236
276
21
134
20
77
96
19
165
80
231
276
21
128
20
76
12
1
4
9
6
154
154
14
65
74
66
4
86
15
61
105
177
101
14
63
5'
1
8
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 and for January 1950 include 244 million dollars and 100 million, respectively, of issues of the International Bank
ithly figures
FEBRUARY
1951
193
NEW CORPORATE SECURITY ISSUES J
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month
Estimated Estimated
gross
net
proceeds 2 proceeds 3
1936
1937
1938
1939
1940.
1941
1942
1943,
1944
1945.
1946
1947
1948
1949
1950
Repayment
of
Other
purposes
Total
Bonds and
notes
380
574
504
170
424
661
287
141
252
638
2,115
3,409
4,221
3,724
3,029
478
417
177
155
145
207
187
167
405
442
1 ,164
1,182
1,708
882
958
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,555
2,868
1,352
307
401
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,392
1,155
240
360
226
190
87
59
128
100
30
72
351
438
476
196
67
41
154
111
215
69
174
144
138
73
49
134
379
356
488
637
49
36
7
26
19
28
35
27
47
133
231
168
234
315
1,224
1,095
129
651
332
223
108
113
111
2
37
83
405
130
242
295
212
451
140
189
248
'255
'193
269
48
60
129
49
94
174
71
36
58
52
33
139
50
204
317
20
138
33
'89
'76
74
39
30
138
36
164
311
19
132
28
'62
'63
72
12
3
1
14
40
5
53
13
48
18
17
9
11
858
991
681
325
569
868
474
308
657
1,080
3,279
4,591
5,929
4,606
6,292
6,194
3,987
574
565
331
614
259
547
605
255
538
480
658
1 ,055
311
402
408
'•550
'•387
546
453
190
371
344
306
625
211
225
306
'312
'268
376
669
' 1,069
315
407
416
'561
'393
553
other debt
Total
Working
capital
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
6,757
6,466
6,959
5.959
400
Retirement of securities
Plant and
equipment
4,572
2,310
2 155
2,164
2 677
2,667
1,062
1,170
3,202
6,011
6,900
6,577
7,078
6,052
1949—December
1950—January
February
March
April
May
June
July
August
September.
October
November
December
New money
••57
-75
107
Preferred
stock
11
76
137
65
20
17
32
'•129
'28
71
6
5
27
13
2
49
60
23
37
'20
'15
25
P R O P O S E D U S E S O F P R O C E E D S . BY M A J O R G R O U P S O F I S S U E R S *
[In millions of dollars]
Ma nufacturing
Year or
month
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
5
Commercial and
miscellaneous 6
Public utility 7
Railroad
Real estate
and financial
Communication 8
1
Total
Total
Total
Total
Total
Total
net
net
New RetireNew RetireNew Retirenet
New Retirenet
New Retirenet
net
New Retirepro- money ments10 pro- money ments10 pro- money ments10 pro- money ments10 pro- money ments10 pro- money ments 10
9
9
9
9
9
ceeds
ceeds
ceeds
ceeds
ceeds9
ceeds
439
1 280
616
1,079
469
831
584
188
. .
167
961
244
828
527
293
228
497
454
1,033
811
1,969
3,601 2,201
.
. . . 2 686 1,974
2,180 1,726
851
1 391
1.165
695
1949—December
63
49
1950—January
February.
March
April
May
June
July
August
September
October
November
December
31
63
49
34
1S6
169
68
42
70
'ISO
'127
146
27
47
38
24
80
109
50
20
43
'65
'78
113
761
373
226
353
738
463
89
199
504
1,010
981
353
54
44
143
5
2
4
10
1
36
3
5
10
33
'21
10
403
774
338
54
182
319
361
47
160
602
1,436
704
283
21
617
28
456
67
587
139
228
24
85
115
253
32
46
102
115
129
240
546
441
346
558
110
30
97
186
108
15
114
500
1,320
571
35
56
11
183
533
304
229
273
36
23
2
31
27
4
31
25
16
33
29
45
72
40
62
^39
'31
109
25
21
15
3
93
13
107
31
69
74
13
42
17
'34
'24
27
13
85
27
39
15
13
38
17
'34
'24
16
31
19
20
22
19
15
6
1
11
3
8
8
1G
8
22
30
40
4
'56'
63
89
180
43
245
317
145
22
40
69
785
2,188
1,998
2,140
2,003
1 897
611
943
1 157
922
993
292
423
1,343
2,159
1,252
939
145
234
679
891
567
396
870
505
314
159
96
4
4
225
165
130
98
217
141
273
228
331
129
575
385
104
81
233
121
205
223
'164
'228
'174 ; '126
162
183
14
29
58
40
165
161
11
107
11
'33
45
5
205
202
18
23
13
64
24
6
7
'23
'9
4
18
22
13
3
21
6
5
'15
'6
3
1 987
751
1 208
1 246
1,180
1,340
464
469
1,400
2,291
2,129
3 212
2,281
2 615
2,895
346
2
4Q
73
2
60
3
r
7
390
71
16
102
155
94
4
21
107
206
323
286
587
593
618
218
85
70
20
23
132
86
31
127
30
39
28
'46
'22
32
6
11
75
22
27
92
25
57
8
9
42
55
4
13
61
85
164
189
485
440
356
21
'20
'17
18
152
7
7
88
9
18
4
42
65
64
24
30
35
78
6
"50
2
""s
14
3
ri
'1 Revised.
Estimates of new issues sold for cash in the United States.
2
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
3
Estimated4 net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and
expenses.
Classifications for years 1934-47 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.
Included
in "Public utility" prior to 1948.
9
10
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.
194
FEDERAL RESERVE
BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIOxNS
MANUFACTURING CORPORATIONS
[In millions of dollars!
1
Assets oi 10 million dollars ind over
(200 corporations)
Year or quarter
Sales
Profits
before
taxes
Profits
after
taxes
Dividends
Assets of 50 million dollars md over
(82 corporations)
Sales
Profits
before
taxes
Profits
after
taxes
Dividends
Assets of 10-50 million dollars
(118 corporations)
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
139
206
378
519
571
549
445
460
676
721
529
114
146
190
164
164
164
165
271
416
450
330
67
83
93
88
88
93
98
139
167
192
183
Sales
Dividends
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
. . .
1948—i
2
3
4
10,591
13,006
18,291
21,771
28,240
30,348
26,531
21,327
30,815
36,955
36,702
1,209
1,844
3,156
3,395
3,683
3,531
2,421
2,033
4,099
5,315
5,035
997
273
1,519
1,220
1,260
1,255
1,129
.202
2,521
3,310
3,099
722
856
947
760
777
848
861
943
1,167
1,403
1,657
9,008
11,138
15,691
18,544
24,160
25,851
22,278
17,416
25,686
31,238
31,578
1,071
1,638
2,778
2,876
3,111
2,982
1,976
1,573
3,423
4,593
4,506
883
1,127
1,329
1,056
1,097
1,091
964
932
2,105
2,860
2,768
656
772
854
672
688
755
764
804
1,000
1,210
1 ,474
8,621
8,947
9,250
10,136
1,218
1,242
1,331
1,523
751
770
832
958
285
311
307
499
7,231
7,503
7,813
8,691
1,050
1,058
1,146
1,339
649
657
717
838
247
269
265
429
1,390
J . 445
,437
,445
168
184
186
184
102
113
115
120
38
42
43
70
9,363
9,369
9,420
8,550
1,326
1,196
1,312
1,201
808
726
799
766
343
354
331
629
8,056
8,115
8,148
7,259
1,187
1,077
1,183
1,059
723
653
717
675
303
312
292
567
,307
,254
,273
.291
139
119
129
142
84
73
82
91
40
42
39
62
9 256
10,655
11,753
1 400
1,821
2,176
804
1,048
1,242
387
393
546
7,935
9,179
10,095
1,254
1,631
1,916
717
936
1,089
347
347
497
1 ,322
1,476
1,658
146
190
260
87
112
152
40
46
49
Quarterly
1949—i
2
3
4
1950—1 i
21
31
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad
Year or quarter
revenue
Profits
before
taxes
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,628
8,685
9,672
8,580
126
249
674
1,658
2,211
1,972
756
271
777
1,148
700
93
189
500
902
873
667
450
287
479
699
438
2,243
2,363
2,555
2,510
146
286
393
317
1949—1
2
3
4
2,147
2,226
2,140
2,066
119
183
174
224
1950—1
2
3
1,985
2,238
2,534
109
247
453
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1948—1
2
3
4
. . .
Quarterly
. .
Operating
Electric power
revenue
Profits
before
taxes
126
159
186
202
217
246
246
235
236
289
252
2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,815
4,291
4,830
5,047
629
692
774
847
913
902
905
964
954
983
1,129
535
548
527
490
502
507
534
638
643
657
753
444
447
437
408
410
398
407
458
494
493
558
1.067
1,129
1,235
1,362
1,537
1,641
1,803
.992
2,149
2,541
2,817
227
248
271
302
374
399
396
277
193
269
332
191
194
178
163
180
174
177
200
131
183
220
174
171
134
181
216
73
186
244
191
57
57
53
122
1,233
1,152
1,178
1,267
282
231
211
254
184
154
143
174
124
115
121
133
607
627
641
667
65
71
64
69
44
48
44
47
39
44
47
50
58
115
104
161
69
55
50
78
1,312
1,223
1,223
1,289
316
272
259
281
206
180
173
195
124
136
142
157
670
695
711
741
62
75
84
111
42
50
55
72
50
»51
155
»253
61
53
55
1,378
1,315
1,310
351
321
293
230
212
2171
146
153
152
749
780
809
114
135
150
Profits
after
taxes
2
Dividends
Operating
Profits
after
taxes
Telephone
2
2
Dividends
Operating
revenue
Profits
before
taxes
Profits
after
taxes
8
74
86
S
85
J
Dividends
175
178
172
163
168
168
51
54
61
63
68
71
1
Certain Federal income tax accruals for the first six months of 1950, required by recent legislation and charged by many companies against
third2 quarter profits, have been redistributed to the first and second quarters.
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. Figures are for 30 large companies (which account for about 85 per cent of all telephone operations) and exclude American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. Data are
obtained from the Federal Communications Commission, except for dividends, which are from published company reports.
All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series
and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities)
p. 1126 of the BULLETIN for November 1942 (telephone); and p. 908 of the BULLETIN for September 1944 (electric power).
FEBRUARY
1951
195
SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
[In millions of dollars]
Quarterly
Annual
1948
Industry
1947
1948
1949
1950
1949
1
4
3
2
4
3
1 i
3i
2i
Nondurable goods industries
Total (94 corps.): 2
Sales
.
Profits before taxes
Profits after taxes
Dividends
....
Selected industries:
Foods and kindred products (28 corps.):
Sales
. . .
Profits before taxes
Profits after taxes
Dividends
11,313 13,364 12,790 3,324 3 53? 3,243 3,051 3 163 3 333 3,251 3,458 3 ,908
446
565
496
397
503
543
504
774
1,787 2,208 1,843
581
?0?
321
304
362
256
34?
464
1 167 1,474
308
353
1 211
551
656
708
141
225
146
166
147
240
166
175
7,05
3,447
410
257
3,254
377
233
846
004
805
792
8??.
101
63
32
835
102
64
44
817
134
85
52
89
54
135
111
71
757
259
31
33
931
153
86
3?
3,563
655
408
3 562
673
403
904
910
189
11S
113
952
006
960
121
87
42
Chemicals and allied products (26 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
3,108
547
337
Petroleum refining (14 corps.):
Sales
Profits before taxes
Profits after taxes
2,906
456
350
99
60
4?
30
31
?9
036
896
860
806
166
104
183
110
170
100
311
59
85
3,945
3 865
721
548
172
525
406
172
978
171
132
29
1 077
173
141
66
140
83
174
105
64
66
68
993
161
119
31
934
119
92
47
04?
114
19 502 23 591 23 914 5,927 6 ,60S 6,120 6,320
0S8
830
799
788
2 312 3,107 3 192
487
470
S64
1,836 1 888
470
746
166
274
197
188
615
949
6 ?S7
254
131
100
63
31
83
47
205
117
72
100
57
1,051 1 ,19?
309
247
141
174
11?
79
989
133
95
42
1
188
m
44
Durable goods industries
Total (106 corps.): 3
Sales
Profits before taxes
Profits after taxes
Dividends
Selected industries:
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends .
...
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
7 545
891
545
247
9,066
1,174
720
270
8 197 2,306
304
993
185
578
60
285
3,634
4,554
4,372 1,076
443
, .
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
569
270
113
334
126
6,692
8,093
1,131
639
282
809
445
195
118
520
71
28
321
136
184
,601 2,430 2,175
385
353
252
204
144
240
71
64
90
1 ,?83
177
105
42
9,577 2,056
1 473
861
451
866
508
1,106
133
79
33
1,110
77
32
3?7
176
112
175
65
298
177
79
607
4?4
380
OSO 1 ,S4?
228
160
130
100
61
89
1 OSS
110
75
31
1 101
148
91
41
707
462
267
80
118
337
200
216
2,151 2,601
305
s
376
218
76
6 005 7 197 7 ,846
896 1 240 1 ,402
496
778
695
218
341
2 200 2 528
299
400
167
225
66
73
,665
454
255
79
220
1,106
145
82
49
1 200 1 ,276
103
168
94
37
109
38
2,283 2 975 3 ,3SS
398
215
90
596
330
91
655
357
205
1
Certain Federal income tax accruals for the first six months of 1950, required by recent legislation and charged by many companies against
third2 quarter profits, have been redistributed to the first and second quarters.
Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products
(15);3 and miscellaneous (1).
Total includes 25 companies in durable goods 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 annuaKrates)
[In billions of dollars]
Year
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
19501
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
33.9
27.6
40.2
1.5
2.9
7.8
11.7
14.4
13.5
11.2
9.6
11.9
13.0
10.6
'17.9
5.0
6.4
9.4
9.4
10.6
10.8
8.5
13.9
18.5
20.9
17.0
'•22.4
3.8
4.0
4.5
4.3
4.5
4.7
4.7
5.8
6.6
7.5
7.8
'9.4
Undistributed
profits
1.2
2.4
4.9
5.1
6.2
6.1
3.8
8.1
11.9
13.4
9.2
13.0
Profits
before
taxes
Quarter
Income
taxes
Profits
after
taxes
Cash
dividends
Undistributed
profits
1948—4
33.1
12.9
20.3
7.9
12.4
1949—1
2
3
4
28.3
26.4
28.2
27.6
10.9
10.0
10.8
10.6
17.4
16.4
17.3
16.9
7.9
7.7
7.4
8.2
9.5
8.7
9.9
8.7
29.2
37.4
46.4
48.0
13.2
16.5
20.6
21.3
16.0
20.9
25.8
26.7
8.1
8.1
9.4
11.5
1950—1
2
3
14
...
7.9
r
16.5
15.2
r
Revised.
Estimates of Council of Economic Advisers, based on preliminary data.
Source.—Same as for national income series.
1
196
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Total
gross
debt
(includEnd of month ing guaranteed
securities)
1944—June
Dec
1945—June....
Dec
1946—June
Dec.
1947—June
Dec,
1948—June
Dec
1949—June....
Dec.
1950—Jan
Feb
Mar,
Apr
May....
June....
July
Aug
Sept
Oct
Nov
Dec
1951—Jan
202,626
232,144
259,115
278,682
269,898
259,487
258,376
256,981
252,366
252,854
252,798
257,160
256,892
256,395
255,747
255,740
256,370
257,377
257,557
257,891
257,236
256,959
257,100
256,731
256,143
Direct debt
Marketable public issues *
Total
201,003
230,630
258,682
278,115
269,422
259,149
258,286
256,900
252,292
252,800
252,770
257,130
256,865
256,368
255,724
255,718
256,350
257,357
257,541
257,874
257,216
256,937
257,077
256,708
256,125
Nonmarketable public issues
Certificates of Treasury Treasury Total s
Total * Treasury
indebtbills
notes
bonds
edness
140,401
161,648
181,319
198,778
189,606
176,613
168,702
165,758
160,346
157,482
155,147
155,123
154,833
154,764
154,479
154,601
155,001
155,310
155,168
155,162
153,774
152,779
152,758
152,450
151,620
14,734
16,428
17,041
17,037
17,039
17,033
15,775
15,136
13,757
12,224
11,536
12,319
12,331
12,336
12,334
12,623
13,023
13,533
13,642
13,637
13,637
13,629
13,608
13,627
13,629
28,822
30,401
34,136
38,155
34,804
29,987
25,296
21,220
22,588
26,525
29,427
29,636
29,314
27,321
24,399
23,437
23,437
18,418
12,817
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
8,271
10,189
14,791
15,586
15,586
20,404
25,755
25,755
31,688
36,948
36,948
39,258
43,800
79,244
91,585
106,448
120,423
119,323
119,323
119,323
117,863
112,462
111,440
110,426
104,758
104,758
104,758
102,795
102,795
102,795
102,795
102,795
102,795
96,670
96,670
96,670
94,035
94,035
44,855
50,917
56,226
56,915
56,173
56,451
59,045
59,492
59,506
61,383
62,839
66,000
66,533
66,771
66,928
67,114
67,314
67,544
67,717
67,897
67,798
68,413
68,398
68,125
68,092
Special
U. S. Treasury
and issues
savings tax
savings
bonds
notes
34,606
40,361
45,586
48,183
49,035
49,776
51,367
52,053
53,274
55,051
56,260
56,707
56,958
57,217
57,331
57,427
57,477
57,536
57,568
57,470
57,396
57,954
58,027
58,019
58,017
9,557
9,843
10,136
8,235
6,711
5,725
5,560
5,384
4,394
4,572
4,860
7,610
7,906
7,988
8,040
8,133
8,292
8,472
8,629
8,912
8,895
8,999
8,907
8,640
8,748
14,287
16,326
18,812
20,000
22,332
24,585
27,366
28,955
30,211
31,714
32,776
33,896
33,502
32,871
32,098
31,802
31,868
32,356
32,518
32,705
33,396
33,539
33,732
33,707
33,992
Fully
Non- guaraninterest- teed
bearing securities
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
1,997
1,962
2,218
2,202
2,167
2,148
2,138
2,110
2,247
2,206
2,192
2,425
2,421
1,623
1,514
433
567
476
339
90
81
73
55
27
30
27
27
24
22
20
20
16
18
20
22
24
24
18
1
2
Includes amounts held by Government agencies and trust funds, which aggregated 5,364 million dollars on Dec. 31, 1950.
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service
depositary bonds, Armed Forces Leave bonds, and 2}/^ per cent Treasury investment bonds, series A-1965, not shown separately.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES SAVINGS BONDS
[In millions of dollars]
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING JANUARY 31, 1951
[On basis of daily statements of United States Treasury.
of dollars]
In millions
Month
Issue and coupon rate
Treasury
Feb 1
Feb. 8,
Feb. 15,
Feb. 23,
Mar. 1,
Mar. 8,
Mar. 15,
Mar. 22,
Mar. 29,
Apr 5
Apr. 12,
Apr. 19,
Apr. 26,
bills 1
19^1
1951
1951
1951
1951
1951... .
1951....
1951
1951..
1951
1951
1951
1951
Amount
1,100
1,102
1,101
1,105
1,102
1,103
1,001
1,001
1,005
1,002
1,000
1,003
1,003
Treasury notes
July 1, 1951-B.. .. 1 H
July 1, 1951-C.
July 1, 1951-D. "AH
Aug. 1, 1951 , ,
Oct. 1, 1 9 5 1 . . . .
Oct. 15, 1951
• AH
Nov. 1, 1951
• AH
Mar. 15, 1954.... 1 %
Mar
Sy 11955
J.VX
CL J. • 1
X *J
7v/J , • •
Dec. 15, 1955.. . . '.AH
a
2,741
886
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.. • 2H
1952-54..
. . .2
1953-5522. . . .2
1954-562. • 2H
1955-60 .
1956-58.. ' . 2 * |
1956-592. • 2%
1956-59.. .2H
1958-632. • 2%
1959-623. .2X
1959-623.
.2X
1960-652.
2;H?
1962-673.
1963-683. .2)4
1964-693. • 2Y2
1964-693.
2}/>
1965-703.
1966-71 3 . • 2Y2
1967-723. • 2^2
1967-72.. • 2)4
1967-723. .2y2
4,818
5,351
1,918
5,941
5,253
4,675 Posta L Savings
5 36 S
bonds
6',852
Panama Canal Loan. 3
Treasury bonds
June 15, 1951-54 2
Sept. 15, 1951-53.2 . . 2
Sept. 15, 1951-55 2 . . .3
Dec. 15, 1951-53
Dec. 15, 1951-55. ... .2
Mar. 15, 1952-54. ..2H
Amount
5,825
1,501
8,662
725
681
2,611
1,449
982
3,823
919
5,284
3,470
1,485
2,118
2,831
3,761
3,838
5,197
3,481
7,967
2,716
11,689
1951
Fiscal year
ending:
June—1943..
1944..
1945..
1946..
1947..
1948..
1949..
1950..
21,256 11 ,789 8,271
34,606 15 ,498 11,820
45,586 14 ,891 11,553
49,035 9 ,612 6,739
51,367 7 ,208 4,287
53,274 6 ,235 4,026
56,260 7 ,141 4,278
57,536 5 ,673 | 3,993
758
802
679
407
360
301
473
231
2,759
2,876
2,658
2,465
2,561
1,907
2,390
1,449
2,371
4,298
6,717
5,545
5,113
5,067
5,422
1950—Jan
Feb....
Mar...
Apr... .
May. . .
June. . .
July...
Aug
Sept...
Oct....
Nov...
Dec.. . .
56,958
57,217
57,331
57,427
57,477
57,536
57,568
57,470
57,396
57,954
58,027
58,019
707
581
524
423
416
398
417
350
310
971
436
541
364
305
307
297
318
270
244
271
246
284
38
31
27
15
16
14
13
11
8
145
37
61
267
189
134
102
92
86
87
70
58
555
153
197
618
418
510
413
454
456
505
537
475
496
448
509
1951—Jan
58,017
475
343
18
115
653
402
1
361
848
Maturities and amounts outstanding January 31, 1951
106
50
151,620
Total direct issues
1,627
7,986
755
1,118 Guaranteed securities
510
Federal Housing Admin.
15
1,024
Various
1
Sold on discount basis. See table on Open-Market Money Rates,
p. 2192.
3
Partially tax exempt
Restricted.
4
Called for redemption on June 15, 1951.
FEBRUARY
RedempAmount Funds received from sales during tions
and
outperiod
maturities
standing
at end of
All
1 Series Se ries Series
All
month
G
E
F
series
series
Year of
maturity
1951.
1952
1953
1954
1955 .
1956 . . .
1957
1958
1959
1960
1961
1962
1963
Unclassified. .
Total
All
Series
Series
Series
Series
series
1)
K
F
G
1 ,474
3 ,865
6,557
8,335
7,177
5,310
5 ,092
5 ,266
5,161
5 ,840
1,658
2,323
375
1 ,009
3 ,865
5.339
5,910
4,674
2 ,4(13
2,515
2,784
2,955
3,014
91
79
196
491
517
599
476
256
276
456
219
405
11
1,023
1,934
1 ,986
2,308
2,101
2 ,226
1 ,930
2.370
1 ,348
1,918
68
-121
58,017
375
34,650
3,901
19,212
197
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]
Held by the public
Total
Held by
gross
U. S. Government
debt
agencies andl
(includtrust funds
End of month ing
guaranteed
securiSpecial Public
ties)
issues
issues
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
Federal
Reserve
Banks
Commercial2
banks
Mutual
savings
banks
Insur-
Total
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
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
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
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
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
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
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
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
257,891
257,236
256,959
257.100!
32,705
33,396
33,539
33,732
5,430
5.490
5/475
5 ,433
219,755
218,350!
217,945
217,036
18,356
19,572
19,252
19,693
64,000
62,100
62,100
61.300
11,400
11,200
11,100
10,900
20,000
19,700
19,500
19,200
Aug
Sept
Oct. . . .
Nov
I
State
and
local
governments
Other
corporations
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
19,500
19,500
19,900
20,100
Miscellaneous
Savings Other
bonds securities
1,500
3,200
5,300
6,500
7,100
7,300
7,800
7,900
8,000
8,000
8,200
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
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
1,100
3,400
6,400
8,900
8,800
9,800
8,600
9,100
9,300
10,000
9,800
10,200
r8,300
'8,200
8,100
8,100
49,900
49,900
49,800
49,700
17,600
>-17,400
17,500
17,600
10,800
10.700
10,800
11,300
400
600
900
r
Individuals
700
700
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 June 30, 1950.
8
Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department.
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Interest-bearing public marketable securities. In millions of dollars]
U. S.
U. S.
FedMu- InsurFedMu- InsurTotal Govt.
Total Govt.
agen- eral Comtual
agen- eral Comtual
meroutmerance
ance
outcies
End
of
month
Recies
Other
ResavEnd of month
cial 1
cial 1 sav- com- Other
comstandstandserve
and
and
ings
serve
ings
ing
panies
banks
panies
ing
banks
trust Banks
trust Banks
banks
banks
funds
funds
Type of
security:
Total:'
1948—June...,
Dec
1949—june....
Dec
1950—June....
Oct
Nov....
Treasury bills:
1948—June
Dec
1949—June
Dec
1950—June....
Oct.....
Nov....
Certificates:
1948—June
Dec
1949—June....
Dec
1950—June....
Oct
Nov
Treasury notes:
1948—June....
Dec
1949—June....
Dec
1950—June....
Oct
Nov
Treasury bonds:
1948—June
Dec
1949—June....
Dec
1950—June....
Oct
Nov....
160,373 5,402 21,366
157,496 5,477 23,333
155,160 5,374 19,343
155,138 5,327 18,885
155,325 5,350 18,331
152,798 5,349 19,252
152,778 5,307 19,693
57,599
55,353
56,237
59,856
58,972
55,346
54,569
11,522
10,877
11,029
10,772
10,877
10,389
10,220
21,705
19,819
19,090
18,535
18,132
17,380
17,083
42,779
42,637
44,087
41,763
43,663
45,082
45,906
13,757
12,224
11,536
12,319
13,533
13,629
13,608
15 8,577 2,345
69 5,487 2,794
63 4,346 2,817
11 4,829 3,514
3 3,856 3,703
58
50
13
15
35
112 2,650
84 3,740
60 4,237
70 3,880
90 5,846
763 3,939
38
9 1,112 3,374
72
44
248 8,569
340 8,729
22,588
26,525
29,427
29,636
18,418
5,373
5,373
14 4,616 8,552
24 6,078 9,072
26 6,857 9,561
48 6,275 11,520
7 5,357 5,354
3
70 1,970
()
718 2,017
(3)
11,375
7,131
3,596
8,249
20,404
36,948
36,948
112,462
111,440
110,426
t04,758
102,795
96,670
96,670
1,968 4,531
791 3,099
7
47
359 1,801
15
562 5,569
29 3,500 11,204
12 14,239 14,041
10 13,499 13,982
5,336
5,340
5,201
5,217
5,273
5,262
5,251
6,206 42,146
10,977 40,371
7,780 42,042
7,218 39,235
5,618 38,691
4,180 35,376
4,364 35,175
Treasury bonds
and notes, due
or callable:
Within 1 year:
1948—June....
Dec
1949—June....
Dec
1950—June....
Oct
Nov
19 2,070 5,922
861 5,571
98
982 7,021
49
36
878 9,014
70
505 7,001
171
232
236
238
151
273
329
385
468
360
34,659
39,912
115 9,676 14,457
34 13,827 14,477
281
251
756 9,374
759 10,564
1-5 years:
1948—June
46,124
44,053
1949—June...! 39,175
35,067
Dec
1950—June.... 51,802
Oct
479 8,610
Nov....
672 10,423
602 12,174
207
5-10
years:
169
633 10,991
1948—June
64
Dec
382 7,254
142 3,173
18
1949—June
10
125 2,503
Dec
1950—June....
98
223 4,555
84
166 2,984
Oct
41
104 1,244
Nov....
107
244 1,752
154
403 5,114 After 10 years:
1948—June
146
541 7,969
Dec
124
526 8,807
1949—June....
Dec
11,047 20,880 26,847
1950—June....
10,486 18,891 25,375
10,768 18,315 26,320
Oct
10,480 17,579 25,029
Nov....
10,624 17,249 25,340
10,152 16,440 25,260
10,042 16,082 25,756
317
256
13,411
10,216
11,226
14,319
10,387
37,950
32,697
318
226
212
2,636
3,258
2,121
186 1,922
327 5,116
1,829
1,769
1,279
1,121
1,058
230 5,721 24,703
617
213
896 24,426
575
10,464
10,464
15,067
18,537
15,926
314
314
15,926
15,926
400
382
532
568
423
30,580
28,045
26,304
24,907
33,127
4,956
3,125
2,553
3,685
2,300
2,790
2,501
2,124
1,641
1,731
7,971
8,254
7,135
5,290
10,443
1,182 5,497
1,169 5,418
546 6,251
506
911 1,936
434 6,314
520
997 1,885
584 6,587 2,002 1,732 3,630
1,388 6,995 2,640 2,230 4,716
1,148 5,675 2,439 2,055 4,186
997
982
6,069 2,180 1,914 4,366
6,086 2,158 1,906 4,412
53,838 4,685 2,921 3,922 8,639 17,129
53,838 4,710 7,215 3,541 8,048 15,230
48,554 4,455 4,452 3,933 7,293 14,179
45,084 4,441 3,593 3,887 6,588 13,485
45,084 4,482 2,349 4,092 7,130 13,507
16,542
15,094
14,242
13,090
13,524
45,084 4,530 2,025 4,187 7,221 13,129 13,992
45,084 4,632 2,158 4,168 7,182 12,774 14,170
* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings
banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other"
include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively
small1 amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above.
Includes stock savings banks.
2
Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not'shown separately below,
a Less than $500,000.
198
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
exre(+) or
pendiceipts tures
deficit
(-)
Fiscal
year or
month
Fiscal year:
1948
1949
1950
1950—Jan...
Feb...
Mar...
Apr...
May..
June..
July..
Aug...
Sept..
Oct...
Nov..
Dec...
1951—Jan...
Increase (+)or
decreasse(-)
during period
Trust Clearing
acaccounts,
etc 1 count 1
42,211 33,791 +8,419
38,246 40,057 — 1,811
37,045 40,167 - 3 , 1 2 2
+44
3,366 3,323
2,972 2,496
+476
4,820 3,269 +1,551
1,488 2,847 - 1 , 3 5 8
-642
2,320 2,962
4,404 4,296
+108
1,881 3,013 - 1 , 1 3 2
2,860 2,515
+344
4,605 3,520 + 1,084
2,056 3,170 - 1 , 1 1 4
-252
2,851 3,102
4,211 3,742
+470
+640
4,448 3,808
Assets
Balance
in
general
fund
General
fund
balance
Gross
debt
Cash operating
income and outgo 8
General fund of the Treasury (end of period)
Deposits in
Fed- Speeral
cial
Reserve depositaries
banks'
Total
—507 —5,994 +1,624 4,932
— 1,462 3,470
+2,047 5,517
+370 5,049
+137 5,186
+935 6,121
- 1 , 4 1 9 4,702
-238 4,464
+1,053 5,517
- 1 , 0 1 7 4,500
+685 5,185
-27
-80
-658
+319 5,505
-17
- 2 7 9 - 1 , 3 5 9 4,145
+49
—6 4,139
+ 140
+169 - 6 3
-52
-369
+93 4,232
+45
-583
+221 4,454
- 8 3 +247
—294
—495
+478
+366
+483 +4,587
-265
+2 +589
-497
+170 - 1 1
- 9 3 +122
-645
-6
-79
+25
+632
+147 - 3 7 6
- 8 +1,007
-53
-99
+31
+183
+333
+147 - 1 4 0
+99
5,370
3,862
5.927
5,421
5,489
6,438
5,074
4,757
5,927
4,864
5,501
5,932
4,537
4,586
4,724
4,365
Total
liaOther bilities
assets
1,928 1,773
438 1,771
950 3,268
677 2,898
666 3,146
1,006 3,665
875 2,543
588 2,560
950 3,268
566 2,618
733 3,115
1,116 3,065
569 2,317
714 2,232
690 2,344
807 2,117
1,670
1,653
1,709
1,847
1,677
1,766
1,657
1,609
1,709
1,680
1,654
1,751
1,651
1,640
1,690
1,941
Cash Cash
income outgo
438 45,400 36,496
392 41,628 40,576
410 40,970 43,155
372 3,485 3,177
303 3,595 3,537
317 5,162 4,046
373 1,683 3,344
294 2,939 3,700
410 4,687 4,061
364 2,110 3,143
316 3,524 3,009
428 4,865 3,199
392 2,426 3,335
446 3,487 3,415
492 4,488 4,004
412
Excess
income
(+)or
outgo
(-)
+8,903
+1^051
—2,185
+308
+58
+1,116
-1,661
-762
+626
-1,032
+514
+1,666
-909
+72
+485
DETAILS OF TREASURY RECEIPTS
On basis of daily statements of United States Treasury
Fiscal year
or month
Fiscal year:
1948
1949
1950
1950—Jan
Feb.. . .
Mar....
Apr.. . .
May. . .
June...
July....
Aug.. . .
Sept
Oct
Nov
Dec.. . .
1951—Jan
Individual
Corporation income
income taxes
and profits taxes
Social
Net
Refunds Security reExcess
Normal
employ- ceipts With- Other
of
and
and
ment
taxes
held
other
surtax
taxes *
profits
Miscella- Social
Total
Secu- Other
Withneous
re- 4 rerity ceipts
held
internal
ceipts
Other
by emrevenue taxes
ployers
11,436 19,735
9,842 19,641
10,073 18,189
588 1,957
1,310 1,032
774 3,655
788
379
479
1,342
817
434
1,423
819
514
2,709
594
345
2,816
1,620
2,175
696 2,709
988
6
591
320
On basis of reports by collectors of internal revenue
Deduct
Income taxes
8,301 2,396 4,231 46,099
8,348 2,487 2,456 42,774
8,303 2,892 1,853 41,311
222 3,480
645
68
599
544
123 3,607
364
128 5,622
701
103 2,092
629
93
704
295
176 2,895
714
351
184 4,776
204
179 2,148
737
948
340
181 3,238
117 4,842
315
775
186
202 2,300
808
746
310
187 3,184
764
377
169 4,474
e 133 230 4,621
853
2,272
2,838
2,160
67
238
573
518
301
149
66
62
52
62
45
23
42
1,616 42,211 11,534 9,464
1,690 38,246 10,056 7,996
2,106 37,045 9,889 7,264
47 3,366
698 1,657
398 2,972 1,816
739
229 4,820
93 1,604
86 1,488
530
470
274 2,320 1,763
116
222 4,404
188
917
201 1,881
689
228
316 2,860 1,790
98
185 4,605
81 1,012
181 2,056
807
183
288 2,851 1,853
103
239 4,211
245
257
9,852
11,343
10,760
Esand
tate
other
and miscelgift
taxe3 laneous
taxes
323
211
95
7
7
8
5
12
7
12
7
3
5
2
13
338
221
2,103
283
201
1,773
402
205
1,820
398
211
1,894
899
797
706
51
48
91
60
52
54
45
67
50
51
47
44
7,412
7,585
7,599
594
541
674
548
660
670
718
894
697
763
712
679
131
DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS
On basis of daily statements of United States Treasil r y
Budget expenditures
Fiscal year
or month
Total
Fiscal year:
1948
1949
1950
1950—Tan.
Feb
Mar
May
J U ly
Sept
Oct
Dec
1951—Jan
Trust accounts, etc.
Social Security
accounts
33,791
40,057
40,167
3,323
2,496
3,269
2,847
2,962
4,296
3,013
2,515
3,520
3,170
3,102
. » . . . 3,742
3,808
Other
TransInter- VetAid
fers
naerans'
to
Inter- tional
to
National est
agri- trust
Other Net
Inon finance AdExInExRedefense debt
minisculvest- pendiacand tration ture
vest- pendi- ceipts ments
re4
tures
counts
aid
ceipts ments tures
11,500 5,211
12.158 5,339
12,378 5,750
463
1,046
936
1,051
964
1,007
998
1,024
1,149
1,037
1,338
1,446
Pl.523
^1,669
161
636
184
136
1,611
271
134
646
229
142
968
514
782 1,178 4,661 3,918 2,210 1,640 5,598
850 2,109
4,143 6,317
916 6,181 3,722 1,479 2,252 1,992
832 1,646
6,016 6,791 2,656
4,657 6,044 2,984 1,383 6,970 4,293 1,028 3,114 2,376 -1,430 3,857
652
291
-29
295
509
314
45
121 - 4 2 4
294
568
568
267
85
494
123
8
448
326
116 - 7 4 6
909
11
98
491
262
404
47
311
158 - 8 4 4
578
999
570
202
178
52
238
359
499
69
127 - 3 2 7
421
420
405
273
254
299
360
321
P239
P316
498
459
448
464
400
457
465
437
462
446
150
424
-113
-220
-45
96
24
116
16
8
31
28
646
84
9
6
74
439
665
543
598
712
747
624
545
658
556
493
262
630
544
300
549
288
414
169
309
146
277
424
157
207
7
233
243
225
189
186
164
214
219
241
278
117
451
65
96
413
192
132
91
157
-73
279
6
4
302
11
-23
33
194
186
184
85
112
94
127
109
53
-50
P Preliminary.
2
Excess of receipts ( + ) or expenditures (—).
Excludes items in process of collection beginning with July 1947.
For description, see Treasury Bulletin for September 1947 and subsequent issues.
Includes surplus property receipts amounting in millions of dollars to 1,929 in 1948, 589 in 1949, and 264 in 1950, and receipts from renegotiation 5of war contracts amounting to 164 million in 1948, 57 in 1949, and 27 in 1950.
These are appropriated directly to the Federal old-age and survivors insurance trust fund.
6
Beginning in January 1951 receipts from tax on employers of 8 or more are excluded from Social Security taxes and included with income
taxes7 withheld by employers.
Excludes tax on employers of 8 or more.
1
3
4
FEBRUARY 1951
199
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 *
InvestComments
modiLoans ties,
supreceiv- plies, U. S.
and
able
Other
mate- Govt.
secu- :
rials securities rities
Corporation or agency
Cash
Total
All agencies:
Dec. 31,
Mar. 31,
June 30,
Sept. 30,
1949
1950
1950
1950
23,733
24,360
24,118
24,102
Classification by agency,
Sept. 30, 1950
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
12,733 1,549
387 13,350 1,567
474 12,502 2,186
12,769 1,739
1
47
1,533
2,636
521
40
949
197
53
1,681
336
Reconstruction Finance Corporation:
Assets held for U. S. Treasury 6
Other *
Export-Import Bank
Federal Deposit Insurance Corp
Tennessee Valley Authority
All other 8
753
1,024
2,239
1,349
920
7,504
2,047 3,492 2,962
2,221 3,488 2,932
2,101 3,483 2,924
2,112 3,478 2,931
509
414
450
476
772
720 21,030
708 2,072 21,368
774 1,446 21,679
1,108
970 21,791
264
575
334
653
59
Housing and Home Finance Agency:
Home Loan Bank Board:
Federal home loan banks
Federal Savings and Loan Insurance Corp.
Home Owners' Loan Corp
Public Housing Administration 5
Federal Housing Administration
Office of the Administrator:
Federal National Mortgage Association. .
Other
Bonds, notes,
U. S. Priand debenGov- vately
Land,
tures payable
ern- owned
struc- Other
Other ment
tures,
liabilinterinterasand
Fully
ities
est
est
equip- sets guarment
anteed Other
by
U. S.
70
566
1
43
1,461
694 1,607
423
1
1
32
158
27
700
244
83
59
226
56
6
191
4
48
19 1,662
156
163
1,259
1
7
1
1,185
10
105
1
895
2,224
()
604
1
1,335
33
()
132 3,901
195
1178
85
753
963
2,171
1,313
903
7,492
(
868
45
3,385
19
1
45
1,533
(
335 2,301
5
516
2
38
222
191
44
339
21
183
191
201
214
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Sept. 30, 1950
Fed.
Fed. inter- Banks
Farm medi- for coMort. ate
operaCorp. credit tives
banks
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
50
575
267
Com- Rural
Elecmodity trificaCredit
tion
Corp. Adm.
765
1,462
Farm- Home
Owners'
ers'
Home Loan
Adm. Corp.
556
(3)
141
3
44
..
Total loans receivable (net)...
Recon- ExPublic Fed. struc- portHous- home tion
Iming
Filoan
port
Adm. banks nance Bank
Corp.
(3)
700
6
A3
(3)
575
3
71
1
133
264
694
1,461
423
337
1
(x)
44
339
700
June 30,
1950,
All
all
agen- agencies
cies
10 3,684
1,198 1,387
2
113
54
539
3,773
1,316
2
2
708
8
122 'i',231 '3^750 6,103
101
498
60
11
33
266
7
3
451
6,116
485
270
895 2,224 5,105 12,769
12,502
111
485
(3)
All
other
(3)
113
515
1
2
Assets are shown on a net basis, i. e., after reserve for losses.
Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction
and 3Development and its subscription
of 2,750 million to the International Monetary Fund.
4
Less than $500,000.
Includes 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.
5
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.
8
Figures for one small agency are as of Aug. 31, 1950.
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.
200
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" 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
Employment 3
1939 = 100
Manufactures
Year or month
Total
Durable
UnadAdjusted j u s t e d
Nondurable
Minerals
Total
AdAdAdAdjusted justed j u s t e d justed
Residential
All
other
Non
agricultural
DepartWholeFacment
ConFfeight
sale
tory
store
sumers' comcarloadpaysales
prices 3 modity
ings*
rolls 3
(val1935-39 prices 3
1939= 1935-39 ue) *4
—100
=100
1926
100
1935-39
=100
=100
Factory
AdUnad- UnadAdAdAdjusted justed justed justed justed justed
Adjusted
Adjusted
Unadjusted
Unadjusted
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
99
110
91
114
107
117
132
98
79
83
85
93
84
100
100
99
107
93
129
129
135
117
92
121
117
126
87
50
135
139
142
142
125
97.5
98.0
98.1
102.5
96.2
98 9«
96 7*
96 9
103,1
89.8
110.5
108.5
109 8
117 1
94.8
152
147
148
152
131
112
113
114
116
108
126
124
122
122
119
100
95
86
95
86
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
8
4
3
2
7
71.8
49.5
53.1
68.3
78.6
105
78
82
89
92
96
75
73
82
88
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
95.1
101.4
95.4
100.0
105.8
96.4
105.8
90.0
100.0
107.5
91.1
108 9
84.7
100.0
113.6
107
111
89
101
109
1941
1942
1943
1944
1945
162
199
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
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
170
187
192
176
?200
192
220
225
P237
165
172
177
168
P187
134
149
155
13^
PUS
153
157
190
211
295
143
142
162
192
305
161 136.7
169 143.2
214 145.9
226 14? 0
287 P145.6
191
189
184
179
174
169
161
170
174
166
173
179
187
185
181
177
174
170
163
174
178
169
174
178
227
225
223
212
201
194
185
193
199
175
181
203
175
173
168
162
161
161
154
165
172
177
177
176
149
149
136
148
145
133
123
129
119
112
141
132
174
169
175
177
181
195
209
229
246
263
265
262
133
123
130
141
159
176
200
228
254
269
256
255
207
207
212
206
199
210
217
230
240
259
273
268
183
180
187
190
195
199
196
209
211
216
214
*>217
179
177
183
188
195
200
198
212
216
220
215
P215
209
207
211
222
231
237
235
247
251
262
260
P268
179
180
181
180
181
184
181
195
194
196
195
P195
130
118
144
140
145
151
144
159
163
166
160
*>158
242
263
275
284
274
291
325
334
321
299
306
332
245
260
278
298
303
325
369
362
332
294
284
297
*196
el 63
1919
1920
1921
1922
1923
1924 .
1925
. ...
1946
1947
1948
1949
1950
1949
January
February
March
April
May
June
July
August
September
October
November
December
1950
January
February
March
. ..
April
May
June
July
August
September
October
November
December
. .
75
64
71
83
88
4
0
6
5
4
0
4
7
3
4
108.7
97 6
92 4
95 7
98 1
73.0
64 8
65 9
74 9
80 0
100
107
99
106
114
99
102
100
99
100
1
7
8
4
2
80
86
78
77
78
8
3
6
1
6
130
138
137
140
135
133
150
168
187
207
105
116
123
125
128
2
5
6
5
4
87
98
103
104
105
3
8
1
0
8
147.8 271.1
156.2 326.9
155,2 351.4
141 6 325.3
P149.6 «371.8
132
143
138
116
128
264
286
302
286
?304
139
159
171
16Q
171
3
2
2
1
2
121
152
165
155
161
1
1
1
0
5
345.9
340.4
332.8
319.2
312.8
315.7
312.8
323.0
335.1
320.9
313.9
329.3
131
126
120
127
124
114
110
117
105
92
117
115
295
284
279
293
291
285
281
284
289
277
278
r
295
170 9
169 0
169.5
169.7
169 2
169.6
168.5
168.8
169 6
168 5
168.6
167 5
160 7
158 4
158 6
157 1
155 3
154 5
153.6
152.9
153 5
152 2
151 9
151 2
239 140.7 140.5 139.8 329.2
266 139.6 140.2 139.9 330.0
274 141.2 141.3 141.0 333.5
273 142.7 143.2 141.6 337.2
250 143.9 147.1 144.5 348.0
262 145.3 148.9 147.3 362.7
289 146.1 150.9 148.3 367.5
311 148.3 155.0 156.3 394.4
312 149.2 156.0 158.9 '403.2
303 149.9 157.7 160.3 415.8
323 150.2 157.4 159.0 414.9
360 P150.0 ^157.1 P158.4 «425.2
117
104
127
126
122
127
126
135
134
136
136
140
282
280
274
292
290
298
362
335
320
291
290
166 9
166.5
167 0
167 3
168.6
170.2
172.5
173 0
173.8
174 8
175 6
178.5
151 5
152 7
152 7
152 9
155 9
157 3
162 9
166 4
169 5
169 1
171 7
175.3
145.2
144.3
143.4
142.7
142.0
141.7
141.1
141.3
142.0
139.1
140.1
141.2
149.7
147.6
145.6
143.4
140.7
140.0
139.1
139.4
141.1
136.3
136.3
139.3
148.9
147.4
145.3
141.8
138.2
138.4
136.9
141.1
143.7
138.8
137.8
140.4
P325
1951
January
*220
8215
*146
*360
* Average per working day.
« Estimated.
P Preliminary.
' Revised.
For indexes by groups or industries, see pp. 202-205. For points in total index, by major groups, see p. 224.
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. 209.
3
The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of
the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces.
4 For indexes by Federal Reserve districts and other department store data, see pp. 211-214.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
or department store sales, June 1944, pp. 549-561.
1
FEBRUARY 1951
201
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1950
1949
Industry
Dec. Jan. Feb. Mar. Apr. M a y
June July Aug. Sept. Oct.
Industrial Production—Total
179
183
180
187
190
195
199
196
209
211
r216
Manufac tures— To ta I
188
192
192
194
199
204
208
206
218
220
r
203
209
207
211
222
231
237
235
247
201
203
201
205
222
226
231
228
198
239
194
557
201
244
192
612
175
238
181
639
175
243
180
691
219
270
204
739
222
273
206
755
221
271
202
763
223
264
201
710
227
229
236
243
251
258
262
211
242
210
214
226
262
277
Automobiles (including parts)
, 181
(Aircraft; Railroad Equipment; Shipbuilding — Private
224
182
189
204
249
Durable Manufactures
Iron and Steel *.. .
Pig iron
.
Steel
Open hearth
Electric
..
.
Machinery
.
.
.
Transportation Equipment
,
Nov
Dec.
214 P217
225
224 P228
251
262
260 P 2 6 8
236
245
253
247
253
219
265
198
744
223
275
203
792
225
286
209
835
211
272
198
803
216
280
207
802
265
279
'283
'302
310
272
287
284
'293
279 P295
268
262
273
265
273
251
r
P321
264
166
180
190
200
198
197
207
202
212
216
223
227 P228
Smelting and refining
(Copper smelting; Lead refining; Zinc smelting;
174
191
202
208
207
208
219
208
212
209
217
220 P218
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
163
176
184
197
194
192
202
199
212
219
225
229
159
144
150
156
159
158
155
151
165
166
'166
169 P174
153
132
138
145
150
149
144
140
151
150
150
155
170
166
173
176
175
175
178
174
192
196
198
197
187
190
192
188
200
203
210
212
212
215
229
227 ?227
182
194
195
191
209
211
220
246 P 2 3 6
248
206
207
158
207
211
157
201
192
158
206
212
190
206
150
225
222
218
158
223
210
160
234
214
161
244
208
161
215
214
167
225
206
169
262
214
168
247
214
175
P174
Nonferrous Metals and Products
Lumber and Products
Lumber . . .
Furniture
Stone,
Clay,
.
and Glass
Products....
Glass products
Glass containers
Cement
.
Clay products
Other stone and clay products 2
Nondurable Manufactures
. .
Textiles and Products
Textile fabrics
Cotton consumption . . .
Rayon deliveries
Nylon and silk consumption 2
..
Wool textiles
Carpet wool consumption
Apparel wool consumption
Wool and worsted yarn
Woolen yarn
Worsted yarn
^^oolen and worsted cloth
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes ..
.
...
Wheat flour
Cane sugar meltings2
Manufactured dairy products
Butter
Cheese
Canned and
dried milk
Ice cream 2
.
.
266
232
176
179
180
181
180
181
184
181
195
194
196
195
P195
178
179
17 3
174
175
173
165
189
191
197
192
P192
154
134
350
160
144
355
162
144
357
156
138
350
157
139
348
158
140
347
156
132
348
146
123
361
172
155
366
171
152
380
178
162
374
172
158
P172
158
-•380
151
193
136
133
119
153
159
154
215
147
131
119
148
156
159
215
163
140
122
165
156
152
210
153
134
116
161
146
154
222
143
134
119
156
149
157
216
149
140
127
158
153
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
123
179
172
101
108
115
116
110
101
105
101
120
124
115
109
99
111
95
103
102
112
98
108
101
112
77
91
82
128
83
83
97
115
102
115
91
106
108
121
111
125
106
119
108
121
85
89
91
124
95
104
167
86
85
80
116
75
88
81
106
79
89
86
107
56
80
76
107
84
88
94
121
89
96
81
110
162
161 P161
91
84
104
133
160
161
161
165
164
164
164
167
83
86
101
128
168
105
114
112
111
105
107
106
113
116
103
100
107 P118
148
85
148
85
149
86
154
94
153
91
148
78
145
75
143
72
143
70
195
155
152
85
191
158
153
87
150
80
181
144
150
85
178
167
169
169
161
158
158
150
164
142
167
131
183
142
..
162
P197
173
88
78
76
103
Manufactured Food Products
P232
185
135
175
155
184
165
r
P Preliminary.
' Revised.
1
Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods
may 2be obtained from the Division of Research and Statistics.
Series included in total and group indexes but not available for publication separately.
202
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(A djusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average == 100]
1949
1950
Industry
Dec.
Jan.
Feb.
157
185
137
125
86
154
174
146
108
85
151
168
146
105
77
160
184
150
108
76
167
132
140
181
169
142
139
181
169
136
139
183
173
169
172
83
228
240
May
June
July
Aug.
157
182
144
104
74
144
161
142
98
71
147
165
141
108
79
151
169
146
114
78
173
152
136
184
171
148
131
184
173
150
131
186
173
158
133
184
159
175
169
172
170
88
259
205
159
84
214
204
172
81
214
268
159
97
280
242
149
162
162
176
161
88
205
66
97
224
69
102
222
67
97
248
72
91
224
67
167
179
178
179
181
160
180
98
107
312
138
157
193
171
198
93
118
354
148
167
209
171
201
98
117
360
149
167
205
172
198
94
113
350
152
169
203
174
204
97
121
365
153
170
207
173
199
99
119
363
145
168
211
177
205
109
120
373
146
173
213
166
161
145
94
167
175
155
98
167
170
162
98
175
173
163
102
171
185
160
111
167
166
158
112
159
163
168
169
169
152
159
169
163
168
219
211
205
207
180
190
153
198
176
192
149
207
i74
187
148
190
158
161
58
154
156
76
245
141
335
422
Rubber Products
Minerals—Total
Fuels
Sept. Oct.
Nov. Dec.
155
175
145
121
78
168
196
153
120
78
158
188
138
107
77
165
195
148
108
76
175
147
146
187
176
134
158
190
174
142
146
'187
171
'152
125
184
168
149
P166
180
182
184
206
248
203
182
207
208
157
93
363
235
163
95
417
269
171
84
611
315
168
111
934
464
155
146
549
340
150
157
308
304
'183
178
'235
341
168
157
463
340
168
170
154
197
172
165
171
153
93
237
63
106
233
68
96
212
59
126
269
80
120
229
71
124
215
72
127
227
65
89
215
56
180
185
173
191
194
202
201
198
166
202
119
110
372
140
161
198
181
211
124
115
381
152
177
228
185
213
133
114
382
152
180
232
193
228
127
96
427
162
188
238
191
220
109
92
414
161
186
240
190
220
124
94
403
161
185
229
172
171
167
115
156
182
151
117
174
183
155
116
180
185
156
116
187
207
164
117
183
196
163
112
189
204
165
117
166
170
162
169
172
179
174
176
165
168
167
165
163
171
165
162
206
216
222
229
238
243
T251
250
P258-
173
178
152
188
171
172
133
170
181
175
143
184
188
179
152
177
194
187
154
186
200
190
174
194
195
200
177
198
196
210
184
195
195
209
187
195
P198
P225
124
127
21
146
145
181
174
170
320
175
171
328
177
170
428
176
170
368
176
167
470
178
170
443
183
175
467
178
170
427
464
248
247
247
252
256
261
263
269
271
277
279
v280
144
349
419
147
355
424
147
352
428
147
349
434
147
350
443
154
350
451
161
359
453
168
363
458
168
376
465
164
371
488
162
376
493
P497
193
194
195
197
203
213
221
222
236
r244
r25l
253
P253
132
130
118
144
140
145
151
144
159
163
166
160
P158
136
133
118
148
147
148
155
148
162
167
170
165
P163
95
103
63
157
91
96
69
154
43
38
65
155
141
149
108
152
131
143
83
155
124
131
97
160
128
136
96
168
101
109
68
171
133
142
97
177
133
144
92
184
141
151
102
184
127
138
84
184
P130
143
80
P179
106
117
118
119
98
125
130
124
136
141
141
130
P126
141
160
161
159
121
166
177
167
188
198
199
180
P172
55
64
57
60
58
63
62
72
62
81
66
76
63
77
62
73
60
85
'59
73
59
73
59
70
Mar. Apr.
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
....
...
Other manufactured foods
....
Processed fruits and vegetables
CoTifpctionerv
Other food p r o d u c t s . . .
...
Alcoholic Beverages
Malt liquor
^^hiskey
Other distilled spirits
Rectified liquors
....
Tobacco Products
Cigars
Cigarettes
Other tobacco products
Paper and Paper Products
Paper and pulp
..
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp .
Paper
Paperboard
...
Tissue and absorbent paper.
Wrapping paper
Printing and Publishing
Newsprint consumption
Petroleum
and Coal
Products.
..
....
Gasoline
Fuel oil
Lubricating oil
Kerosene
Coke
By-product coke
Beehive coke
Chemical Products
Paints
Rayon
Industrial chemicals
Othpr chemical Droducts ^
Coal
.
Crude petroleum
Metals
Metals other than gold and silver. .
Iron ore
(Copper* Lead; Zinc) 2
Gold
Silver
.
171
202
155
104
77
130
179
160
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.
FEBRUARY 1951
203
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average=100]
1949
1950
Industry
Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.
Nov. Dec,
Industrial Production—Total.
178
179
177
183
188
193
200
198
212
216
Manufacturers—Total
186
189
188
191
197
203
209
207
221
'224
201
206
204
210
221
232
238
237
249
'253
263
201
203
201
205
222
226
231
228
236
245
253
247
198
239
194
557
201
244
192
612
175
238
181
639
175
243
691
219
270
204
739
273
206
755
221
271
202
763
223
264
201
710
219
265
198
744
223
275
203
792
225
286
209
835
Machinery
227
229
236
243
251
258
262
265
279
'283
r
211 216
272 280
198 207
803 802
310 P321
Transportation Equipment.
211
242
210
214
226
262
277
272
287
284
r
181
224
204
249
268
262
273
'265
273
167
180
190
201
198
197
206
202
212
216
223
227 v228
175
191
202
208
207
208
218
207
212
209
217
221 P219
163
176
184
197
194
192
202
199
212
219
225
229
145
130
138
147
158
162
166
161
177
179
'176
168
P159
132
170
111
166
119
173
133
176
150
175
155
175
160
178
155
174
170
192
170
196
165
198
153
197
P140
181
179
179
180
197
209
212
214
221
'223
240
232
P220
172
177
187
154
191
202
168
147
191
201
160
150
191
201
157
151
209
222
207
154
222
238
221
160
218
232
229
160
217
234
229
162
212
223
242
172
215
229
239
175
252
269
249
177
237
249
231
182
247
211
197
Durable Manufactures
Iron and Steelx
Pig iron
Steel
Open hearth..
Electric
Automobiles (including parts)
(Aircraft; Railroad 2 equipment; 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 products2.
Nondurable Manufactures.
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 2 . . .
Wool textiles
Carpet wool consumption. .
Apparel wool consumption.
Woolen and worsted yarn. .
Woolen yarn
Worsted yarn
Woolen and worsted cloth..
Leather and Products..
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers.
Shoes
Manufactured Food Products.
Wheat flour
Cane sugar meltings 2
Manufactured dairy products.
Butter
Cheese
Canned and dried milk ..
Ice cream 2
'220
215 v215
225 P227
302
293
260
279
175
175
176
177
178
180
184
182
198
201
^201
173
178
179
173
174
175
173
165
189
191
197
154
134
350
160
144
355
162
144
357
156
138
350
157
139
348
158
140
347
156
132
348
146
123
361
172
155
366
171
152
380
178
162
374
172
158
•380
151
193
136
133
119
153
159
154
215
147
131
119
148
156
159
215
163
140
122
165
156
152
210
153
134
116
161
146
154
222
143
134
119
156
149
157
216
149
140
127
158
153
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
123
179
172
101
108
118
115
110
101
104
99
119
123
115
111
99
111
86
79
72
96
105
84
85
74
109
120
89
92
100
97
108
75
90
79
128
101
112
80
86
95
115
94
104
72
86
88
106
100
111
80
90
86
87
100
56
79
71
106
117
88
84
104
109
122
89
85
102
107
120
86
88
94
121
111
126
91
93
85
148
150
157
103
116
124
156
149
146
104
114
113
96
67
132
109
95
71
137
109
107
76
149
129
109
101
103
128
85
172
155
159
93
203
175
199
109
235
215
107
107
128
133
164
178
191
192
102
112
114
112
226
120
261
228
223
104
219
193
217
87
189
174
173
74
164
145
P253
P295
P232
P197
195
P192
172
158
110
175
164
158
107
108
132 103
64
55
142 1 2 3
122 102
99
55
121
101
f
P Preliminary.
Revised.
Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods
may 2be obtained from the Division of Research and Statistics.
Series included in total and group indexes but not available for publication separately.
1
204
FEDERAL RESERVE
BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average =100]
1950
Industry
Dec.
Jan.
Feb.
Mar. Apr. May
June July Aug. Sept. Oct.
Nov. Dec.
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton.
186
244
137
118
84
183
229
149
100
90
144
165
135
92
78
148
171
137
101
74
145
166
136
102
72
144
161
142
102
73
146
165
138
108
73
141
148
147
114
75
134
135
147
119
76
152
155
165
132
84
158
177
151
122
80
184
228
154
116
76
203
267
155
98
75
Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products
165
103
141
184
155
92
143
173
154
86
140
174
154
83
126
177
153
90
108
177
157
98
101
182
163
122
99
185
182
191
120
190
202
254
171
194
206
•276
189
191
190
196
164
193
175
137
•164
'101
151
143
143
162
168
177
202
219
237
217
205
195
138
83
250
240
139
88
168
205
189
144
84
128
204
160
81
139
268
167
97
168
242
179
93
218
235
205
95
258
269
214
84
354
315
191
111
504
464
156
146
753
340
139
157
798
304
178
'341
134
157
509
340
138
162
154
167
152
168
176
160
204
181
170
174
142
88
188
58
97
224
68
102
209
65
97
230
72
91
209
67
93
237
64
106
245
69
96
223
59
126
283
78
120
245
76
124
224
77
127
231
67
89
198
50
167
178
179
179
182
181
185
172
191
194
202
201
197
160
180
99
107
312
138
157
193
171
198
97
118
354
148
166
209
172
201
102
117
360
149
168
205
173
199
101
113
350
152
169
203
175
205
107
121
365
153
170
207
173
201
106
119
363
145
168
211
178
205
110
120
373
146
173
213
166
200
105
110
372
140
160
198
181
209
110
115
381
152
177
228
184
211
119
114
382
152
180
232
193
227
119
96
427
162
188
238
191
221
115
92
414
161
186
240
189
220
126
94
403
161
184
229
166
156
145
92
167
173
155
98
167
177
162
98
175
173
163
102
171
187
160
113
167
166
158
113
172
174
167
116
156
174
151
115
174
183
155
115
180
185
156
116
187
209
164
117
183
196
163
113
189
198
165
114
162
157
166
172
174
169
150
161
172
183
182
180
159
147
166
170
178
172
166
144
148
165
180
180
170
205
207
206
216
222
229
238
243
250
258
Manufactured Food Products—Continued
Alcoholic Beverages.
Malt liquor
Whiskey
Other distilled spirits.
Rectified liquors
Tobacco Products. .
Cigars
Cigarettes
Other tobacco products.
Paper and Paper Products.
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paper board
Fine paper 2
Printing paper
Tissue and absorbent paper
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 .
219
•251
186'
•493
180
190
151
204
176
192
145
212
174
187
146
199
173
178
150
192
171
172
139
174
181
175
149
186
188
179
152
166
194
187
153
173
200
190
173
187
195
200
177
196
196
210
184
195
158
161
58
154
156
76
124
127
21
146
145
181
174
170
320
175
171
328
177
170
428
176
170
368
176
167
470
178
170
443
183'
175
467
195
209 P 2 2 5
187
201
178'
170
427 ?>464
249
249
250
250
253
141
335
422
141
349
419
146
355
147
352
428
149
349
434
258
259
265
272
282
283 P284
151
350
443
158
350
451
159
359
453
166
363
458
166
376
465
164
371
488
160 160
376
493 P497'
Rubber Products. . .
193
194
195
197
203
213
221
222
236
'244 '251
253 P253
Minerals—Total.
128
123
113
139
138
147
133
149
163
168
169
159
Fuels
136
133
118
148
147
148
155
148
162
167
170
165
95
103
63
157
91
96
69
154
43
38
65
155
141
149
108
152
131
143
83
155
124
131
97
160
128
136
96
168
101
109
68
171
133
142
97
177
133
144
92
184
141
151
102
184
127 vl30
138 143
80
84
184
81
80
81
83
87
140
155
158
170
'171
98
72
98
71
100
64
101
63
105
79
197
224
325
227
343
244
368
244
365
Coal
Bituminous coal.
Anthracite
Crude petroleum
Metals.
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc)2
Gold
Silver
227 P 1 6 5
331 195
153
114
85
For other footnotes see preceding page.
N O T E . — F o r description and back figures see B U L L E T I N for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937 and August
1940, pp. 753-771 and 825-882.
FEBRUARY 1951
205
FACTORY EMPLOYMENT, BY INDUSTRIES
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors.
In thousands of persons]
1950
1949
Industry group or industry
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec,
ADJUSTED FOR SEASONAL
VARIATION
11,413 11,506 11,484 11,574 11,731 12,048 12,200 12,358 12,697 12,783
Manufacturing—Total
5,910 5,994 5,966 6,042 6,200 6,493 6,624 6,713 6,939 '6,996
Durable goods
1,055
1,070
1,091 1,105
977
1,036
973
1,007
946
958
Primary metal industries
777
793
826
702
749
691
718
678
686
837
Fabricated metal products
1,028
1,042
1,071 1,055
971
1,017
955
998
924
937
Machinery except electrical
618
639
672
612
574
595
567
548
555
'676
Electrical machinery
1,078
1,070
879
899
1,045
1,118 1,134
872
896
978
Transportation equipment
734
750
687
703
723
764
669
685
655
'775
Lumber and wood products
312
316
298
305
311
324
291
283
285
325
Furniture and fixtures
441
447
410
419
432
457
410
408
407
'456
Stone, clay, and glass products. .
Instruments and related prod199
189
176
180
184
170
171
170
173
171
ucts
Miscellaneous manufacturing ir>
382
407
373
383
356
354
351
365
'412
345
dustries
19
20
19
17
19
17
18
17
Ordnance and accessories
18
22
5,503 5,512 5,518 5,532 5,531 5,555 5,576 5,645 5,758 '5,787
Nondurable goods
1,174
1,168
1,243
1,196
1,166
1,172
1,169
1,165
Textile-mill products
1,171
1,268
Apparel and other finished tex1,022
1,022
1,073 1 , 0 6 7
1,027
1,044
1,034
1,018
1,025
1,032
tiles
349
350
363
356
'365
350
348
344
345
348
Leather and leather products. .
1,171
1,179
1,171
1,172
1,167
1,176
1,157
1,166
1,155
1,160
Food and kindred products. . . .
82
79
79
'82
80
82
81
82
85
85
Tobacco manufactures
412
394
401
420
384
387
404
391
386
383
Paper and allied products
Printing, publishing and allied
'510
500
509
501
504
498
494
495
499
493
industries
497
501
503
492
480
499
490
475
478
475
Chemicals and allied products. .
180
189
178
186
185
178
180
186
186
185
Products of petroleum and coal.
202
210
197
188
215
191
206
185
183
187
Rubber products
12,919 12,893 12,868
7,130 7,135 7,149
1,130
1,119
1,111
840
846
'847
1,152
1,141
1,111
707
701
712
1,152
1,117
1,124
'772
766
755
323
319
318
'469
476
472
'204
208
210
'418
22
5,789
1,263
1,064
'364
1,170
'81
418
413
23
5,758
1.249
1,050
362
1,169
78
422
412
24
5,719
1,233
1,053
356
1,150
76
424
509
'513
190
217
510
511
190
217
506
510
193
218
WITHOUT SEASONAL ADJUSTMENT
11,504 11,449 11,460 11,549 11,597 11,841 12,066 12,151 12,802
Manufacturing—Total
5,961
6,000 5,982 6,070 6,195 6,456 6,596 6,597 6,900
Durable goods
978
955
982
1,007 1,026 1,050 1,054 1,086
963
Primary Metal Industries
Blast furnaces, steel works
550
538
512
507
523
529
54;
507
511
and rolling mills
Nonferrous smelting and re45
45
fining, primary
Nonferrous rolling, drawing
80
75
77
79
77
80
73
74
and alloying
83
709
74,
769
688
698
722
773
693
Fabricated Metal Products
814
Cutlery, hand tools and
133
132
124
129
131
119
121
hardware
Heating apparatus and
122
132
112
118
120
111
108
plumbers' supplies
Fabricated structural metal
154
165
142
141
141
143
146
149
158
products
937
929
960
1,003 1,022 1,033 1,032 1,060
981
Machinery except Electrical
Agricultural machinery and
141
142
14:
140
133
140
131
137
141
tractors
163
147
155
146
149
171
16:
152
Metalworking machinery.. .
158
Special-industry
machin125
117
117
121
123
124
ery
Service-industry and house119
124
149
148
138
143
133
146
hold machines
14.
559
580
595
615
Electrical Machinery
561
573
606
655
620
Electrical apparatus (gen222
222
208
208
213
217
237
211
22
erating, etc.)
201
22
203
207
212
21
220
248
228
Communication equipment.
896
978
879
899
1,04: 1,078 1,070 1,118
Transportation Equipment
872
Motor vehicles and equip585
675
59,
736
765
567
576
781
ment
75'
184
184
184
185
184
18.
18'
199
Aircraft and parts
188
Ship and boat building and
69
67
68
67
68
79
repairing
68
682
642
677
652
69,
723
741
Lumber and Wood Products
783
750
404
381
386
399
410
Sawmills and planing mills..
430
43
465
444
102
102
101
104
Millwork, plywood, etc
102
114
106
109
109
289
289
297
Furniture and Fixtures
301
303
303
303
319
303
211
212
221
218
221
222
222
234
22:
Household furniture
412
403
410
Stone, Clay, and Glass Products..
408
419
432
441
459
440
107
106
109
Glass and glass products. . .
108
113
116
118
12
11
71
69
69
Structural clay products
68
69
73
76
79
77
173
172
176
Instruments and Related Products.
171
172
174
180
187
178
Miscellaneous Manufacturing In361
345
361
dustries
356
363
362
36,
358
399
17
Ordnance and Accessories
17
17
18
18
19
19
19
20
13,016 13,133 13,022 12,975
'7,013 7,181 7,190 7,210
1,125
r1,105 '1,117
1,141
552
552
46
166
'1,050
102
181
46
47
86
'851
86
850
853
171
l,105
172
1,135
1,158
124
189
126
19
85
837
r
136
146
'673
149
15:
718
726
'237
'251
'255
'272
n, 134 '1,152
'796
209
'220
253
27
1,117
1,124
76
'790
'468
114
327
240
r
458
117
'418
22
744
234
74
75
'784
'462
114
329
242
'471
'205
774
454
113
32',
242
478
129
81
209
'437
22
434
23
127
80
751
324
212
420
24
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 December 1950 are preliminary. Back data and data for industries not shown, without seasonal adjustment, maybe 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.
206
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT, BY INDUSTRIES—Continued
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors.
In thousands of persons]
1950
1949
Industry group or industry
Dec.
Jan.
Feb. Mar. Apr. M a y
June
July
Aug. Sept.
Oct. Nov. Dec.
r
5,543 5,449 5,478 5,479 5,402 5,385 5,470 5,554 5,902 6,003 5,952 5,832
Nondurable goods
Textile-mill Products
Yarn and thread mills
Broad-woven fabric mills
Knitting mills
1,187 1,177 1,183 1,183 1,172 1,162 1,174 1,160 1,224 1,255 1,263 1,261
161
159
161
147 1 5 4
149
149
149
146
149
143
145
606
595 r606 r6O7
571
574
568
571
580
574
573
573
227
233
236
209
234
227
223
223
212
221
213
218
Apparel and Other Finished Textiles...
Men's and boys' suits, coats and overcoats
Men's and boys' furnishings
Women's and misses' outerwear
1,040 1,032 1,065 1,058 1,003
Leather and Leather Products
Footwear (except rubber)
357
370 ^372
360
348
343
351
343
*368
357
335
341
235
230
237
231
231
218
235
237
226
224
224
222
1,139 1,078 1,055 1,060 1,065 1,090 1,141 1,231 1,331 "1,350 1,266 1,194
240
244
232
235
251
244
232
236 >"236
223
228
227
102
100
97
116
107
96
95
114
103
114
99
108
r
234
174
110
223
136
117
302 '"324
120
109
127
151
197
193
194
190
186
188
192
191
194
190
193
191
150
149
164
141
135
134
169 1 5 9
141
139
146
157
Food and Kindred Products
Meat products
Dairy products
Canning and preserving
Bakery products
Beverage industries
127
247
296
130
241
302
135
244
315
136
245
305
132
241
272
976
976
981 1,089 1,099
129
239
254
135
238
248
127
232
266
138
252
307
1,060
1,101
137
»-254
305
139
»-255
297
1,069
137
254
277
87
85
81
78
76
76
75
75
82
83
78
Paper and Allied Products
Pulp, paper and paperboard mills
390
200
385
199
386
200
389
200
391
201
392
202
399
205
396
204
410
207
418
210
420
210
426
211
428
Printing, Publishing and Allied Industries. . , ,
Newspapers
,
Commercial printing
501
145
168
493
142
167
495
145
165
496
146
165
497
148
165
498
149
164
500
150
166
499
150
164
504
150
165
r5l0
151
167
514
149
170
515
150
171
514
Chemicals and Allied Products
Industrial inorganic chemicals
Industrial organic chemicals
Drugs and medicines
4851
144
62
480
50
144
62
485
52
144
59
487
52
145
58
490
53
146
61
485
53
148
61
482
54
150
62
479
51
152
63
491
49
155
63
506
50
158
65
56
159
66
521
56
160
66
185
146
184
145
183
144
182
143
176
136
177
136
182
139
190
147
191
148
187
83
188
83
189
83
191
84
194
86
193
147|
208
90
189
145
187
82
181
138
199
88
219
92
221
93
Tobacco Manufactures
,
Products of Petroleum and Coal
Petroleum refining
Rubber Products
Tires and inner tubes
,
,
200
88
r
215
92
520
192
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
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 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
1.577
1.588
1.615
1.597
1.473
1.544
1.444
1.679
1.275
1.244
1.381
1.421
1.277
1.495
'1.666
'1.575
'1.654
1.522
'1.783
'1.401
'1.321
'1.487
'1.522
1.347
'1.591
1.683
1.585
1.674
1.536
1.791
1.390
1.334
1.506
1.538
1.348
1.635
1.743
1.617
1.690
1.562
1.818
1.378
1.338
1.508
1.557
1.362
1.638
40.5
1.334
'1.405
1.419
1.446
40.7
36.5
38.1
42.3
38.0
44.5
39.9
42.1
41.3
41.9
1.197
1.165
1.133
1.318
1.020
1.354
1.839
1.437
1.798
1.506
'1.295
1.225
1.217
1.362
1.077
1.442
1.904
1.535
1.870
1.592
1.308
1.211
1.224
1.382
1.118
1.473
1.903
1.557
1.902
1.611
1.313
1.266
1.225
1.410
1.127
1.494
1.928
1.573
1.930
1.676
64.15
41.3
41.2
41.6
1.408
68.64
42.2
41.9
42.5
39.4
40.5
39.7
40.6
38.9
41.3
42.2
40.3
40.0
40.9
40.7
'42.0
42.3
'42.9
'42.1
41.2
'42.1
42.7
42.4
'42.8
42.3
'43.1
41.7
42.0
43.1
41.8
40.9
41.2
42.6
42.2
42.7
42.4
43.4
42.1
42.5
43.6
42.3
43.0
41.6
43.0
42.0
42.9
41.7
44.3
58.56
39.5
40.3
40.3
53.44
46.21
46.67
59.64
42.83
66.48
76.93
66.22
79.71
70.22
39.8
35.9
37.1
41.4
38.0
42.9
39.3
41.6
39.9
39.2
40.6
'37.3
37.9
'41.5
'38.2
44.0
39.1
42.1
r
41.7
42.3
40.7
36.9
37.4
41.8
37.8
44.2
39.0
42.0
41.3
42.0
'69.97
-•66.62
•70.96
'64.08
'73.46
'58.98
'56.41
'63.05
'65.14
56.98
'68.57
70.18
66.57
72.15
64.20
73.25
57.27
56.83
63.55
65.67
57.16
70.96
73.38
68.72
73.68
66.07
78.17
57.32
57.53
63.34
66.80
56.80
72.56
52.69
'56.62
57.19
47.64
41.82
42.03
54.57
38.76
58.09
72.27
59.78
71.74
59.04
'52.58
'45.69
'46.12
'56.52
"41.14
'63.45
'74.45
'64.62
'77.98
'67.34
53.24
44.69
45.78
57.77
42.26
65.11
74.22
65.39
78.55
67.66
62.92
59.66
61.30
58.63
65.31
52.66
52.50
55.65
56.84
52.23
60.85
1.476
Dec.
66.54
'66.55
Dec.
Dec.
62.38
59.19
Manufacturing—Total
Nov.
Nov.
Dec.
Oct.
Dec.
1950
Oct.
Oct.
Nov.
Dec.
Average hourly earnings
(dollars per hour)
1949
1950
1949
1950
1949
Average hours worked
(per week)
r
Revised.
NOTE.—Data are for production and related workers. Figures for December 1950 are preliminary. Back data are available from the Bureau
r of Labor Statistics.
FEBRUARY
1951
207
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons]
Year or month
1941
1942
1943
1944
1945...
1946
1947
1948
1949
1950
Total
Manufacturing
36,164
39,697
42,042
41,480
40,069
41,412
43,371
44,201
43 006
44,108
12,974
15,051
17,381
17,111
15,302
14,461
15,247
15,286
14,146
14,876
947
983
42,758
Mining
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal,
State, and
local
government
981
932
904
1,790
2,170
1,567
1,094
1,132
1,661
1,982
2,165
2,156
2,313
3,248
3,433
3,619
3,798
3,872
4,023
4,122
4,151
3,977
4,011
7,416
7,333
7,189
7,260
7,522
8,602
9,196
9,491
9,438
9,521
1 .462
1,440
1,401
1,374
1,394
.586
1,641
1,716
1,763
1,812
3,705
3,857
3,919
3,934
4,055
4,621
4,786
4,799
4,782
4,762
4,622
5,431
6,049
6,026
5,967
5,607
5,454
5,613
5,811
5,910
13,946
940
2,131
3,930
9,426
1,788
4,786
5,811
42,627
42,283
42,752
43,212
43,578
44,010
44,259
44 914
'45,196
'45,412
45 478
45,431
14,040
14,023
14,135
14,302
14,629
14,802
14,977
15,333
15,444
15,603
15 61?
15,606
867
604
944
942
941
'942
'942
939
935
937
2,109
2,091
2,096
2,163
2,223
2,299
2,366
2,434
'2,454
"•2,504
2,519
2,395
3,902
3,874
3,906
3,948
3,888
3,995
4,021
4,073
'4,119
'4,142
4,128
4,130
9,371
9,358
9,348
9,391
9,459
9,532
9,556
9,651
'9,650
'9,633
9,623
9,655
1,781
1,786
1,791
1,794
1,803
1,809
1,804
1,819
1,836
1,839
1 837
1,843
4,773
4,768
4,756
4,757
4,766
4,778
4,769
4,779
'4,768
4,733
4,747
4,746
5,784
5,779
5,776
5,915
5,869
5,852
5,851
5,883
5,983
6,019
6,077
6,119
43,694
14,031
940
2,088
3,930
10,156
1,770
4,738
6,041
42,125
41,661
42,295
42,926
43,311
43,945
44,096
45,080
'45,684
'45,903
45,850
46,424
13,980
13,997
14,103
14,162
14,413
14,666
14,777
15,450
15,685
15,825
15,742
15,708
861
595
938
939
940
946
1,919
1,861
1,907
2,076
2,245
2,414
2,532
2,629
'2,626
'2,629
2,569
2,347
3,869
3,841
3,873
3,928
3,885
4,023
4,062
4,120
'4,139
'4,136
4,125
4,130
9,246
9,152
9,206
9,346
9,326
9,411
9,390
9,474
'9,641
'9,755
9,899
10,402
1,772
1.777
1,791
1,803
1,812
1,827
1,831
1,837
1,827
1,821
1,819
1,825
4,701
4,696
4,708
4,757
4,790
4,826
4,841
4,827
'4,816
4,757
4,723
4,699
5,777
5,742
5,769
5,915
5,900
5,832
5,741
5,793
6,004
6,039
6,037
6,376
917
883
826
852
943
SEASONALLY ADJUSTED
1949—December
1950—January
February
March . . .
April
May
.
June
July
August . . . .
September
October
November
December
943
915
UNAD JUSTED
1949—December. .
1950—January
February
March
April
May
June
July
August
September
October
November
December
922
950
946
941
936
937
' 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. December 1950 figures and 1950 annual averages 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 noninstitutional
population
Total
labor
force
Employed
Total
J
Total
In nonagricultural industries
In
agriculture
Not in the
labor force
Unemployed
103,510
104,480
105,370
106,370
107,458
108,482
109,623
110,780
64,410
65,890
65,140
60,820
61,608
62,748
63.571
64,599
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
3,142
39,100
38 590
40,230
45,550
45,850
45,733
46 051
40,181
1949—December
110,169
63,475
62,045
58,556
51,783
6,773
3,489
46,694
i950—Tanuarv
February
March
April
May
June
July
August
September
October
November
December
110,256
110,344
110,442
110,536
110,608
110,703
110,806
110,924
111,030
111,141
111.234
111,329
62,835
63,003
63,021
63,513
64,108
66,177
65,742
66,204
65,020
65,438
65,453
64,674
61,427
61,637
61,675
62,183
62,788
64,866
64,427
64,867
63,567
63,704
63.512
62,538
56,947
56,953
57,551
58,668
59,731
61,482
61,214
62,367
61,226
61,764
61,271
60,308
50,749
50,730
50,877
51,473
51,669
52,436
52,774
54,207
53,415
• 53.273
53.721
54,075
6,198
6,223
6,675
7,195
8,062
9,046
8,440
8,160
7,811
8,491
7.551
6,234
4,480
4,684
4,123
3,515
3,057
3 384
3,213
2,500
2,341
1,940
2,240
2,229
47,420
47,342
47,422
47,024
46,500
44 526
45,064
44,718
46,010
45,704
45,782
46,657
1943
1944
1945
1946
1947
1948..
1949
1950
....
1 070
670
1,040
2.270
2,142
2,064
3 3O*
%
1
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.
208
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.
Residential
building
Total
Factories
Month
January....
February
March
April
May
Tune
July
August.
September
October
November
December. .
1949
1950
1949
1950
483.0
568.5
747.6
845.9
885.4
949.9
947.8
911.0
1,071.7
1,061.8
957.8
929.0
730.9
779.5
,300.2
,350.5
,347.6
,345.5
,420.2
,548.9
,286.5
,135.8
,087.1
159.1
193.1
251.8
307.2
351.3
375.0
344.8
398.7
503.5
500.7
435.2
419.1
343.5
361.5
574.7
674.8
674.6
628.1
675.1
754.1
549.6
529.9
496.7
1949
Commercial
Educational
1950
1949
1950
1949
37.7
27.9
161.5
119.2
83.7
69.3
79.8
128.8
90.8
93.6
103.9
62.6
58.8
88.4
92.0
68.5
70.9
73.4
64.4
103.9
82.8
58.6
60.7
60.6
58.3
88.6
106.8
96.4
97.7
117 .4
137.9
137.2
104.5
94.4
43.6
37.8
66.2
43.8
51.5
45.4
41.5
41.1
38.0
48.9
35.9
64.8
4,239.4
10,359.3
Year..
558.6
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]
Public ownership
Total
1949
1948
Jan
Feb
Mar
Apr
Mav
Tune....
July
Aug
Sept
Oct
Nov
Dec
483
568
748
846
885
950
948
911
1,072
1,062
958
929
615
682
690
874
971
935
963
854
762
779
611
694
1950
1948
731
780
1,300
1,350
1,348
1,345
1,420
1,549
1,287
1,136
1,087
1,168
1949
197
248
181
236
298
338
335
276
259
262
199
278
160
252
282
319
369
375
410
316
289
332
316
299
1950
201
285
481
354
389
428
460
438
364
308
320
381
1949
Title
ir or month
1 Total
|
!
1
loans
Small
home
construction
323
317
466
527
517
574
537
595
783
730
642
630
419
434
509
638
673
597
628
579
503
517
413
416
530
495
819
996
959
917
960
1,111
922
828
767
787
December. . I
171
321
534
614
594
694
71
57
44
44
27
48
78
61
69
55
82
74
54
' ' ' (3) ' "
7
13
5
7
1
1
1
1
(33)
()
(33)
()
(3)
1951
1950
1949
1950
63.5
58.0
96.3
97.0
100.2
128.3
121.2
113.1
119.4
86.3
109.4
77.6
80.6
112.4
112.2
124.6
138.3
144.2
99.6
124.5
141.8
109.3
110.8
73.5
121.4
154.3
125.6
128.3
148.7
168.8
161.2
151.4
142.5
127.2
102.0
153.5
168.4
222.4
213.5
239.0
252.7
234.3
223.1
204.0
256.4
206.8
152.1
152.5
224.9
227.0
264.5
273.4
258.0
253.8
238.2
179.1
155.5
824.4
1,375.9
2,476.0
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]
1950
1949
Federal Reserve district
Dec.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)
Nov.
Dec.
72,726
209,421
70,488
125,139
124,538
150,924
168,395
48,063
33,294
44,825
120,619
52,288
197,462
73,736
111,336
120,464
110,816
182,402
54,801
33,584
60,242
89,931
39 ,746
186 ,222
61 ,580
85 ,840
110 ,844
99 ,449
123 ,848
72 ,004
27 ,076
54 ,214
68 ,207
1,168,432
1,087,062
929,030
219
347
446
880
1,855
2,466
206
228
203
209
171
176
181
183
217
216
241
236
204
4
3
7
18
" * " (3) ' '
1
1
8
(3)
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
VI) 2
3
1
3
272
85
808
1,836
1,339
1,031
90
51
73
88
122
110
113
111
122
88
43
49
63
1
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 Less than $500,000.
4
Includes mortgages insured on new rental housing at or near military
installations under Title VIII, enacted Aug. 8, 1949.
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.
FEBRUARY
1949
Mortgages
1- to 4- Rental Warand
family
and
Vethouses group erans'
(Title housing housing
(Title
ID
(Title
ID
|
666
1945.
i
755
1946.
1,787
1947.
3,338
1948
! 4 3,821
1949.
I -14,342
1950.
^ 371
1949- -December. .
i 4 3^7
J950—Tfltinarv
February. .
329
353
March
329
April
.i
351
May
376
June
369
July
414
August
373
September..
3 79
October
379
November. .
1950
1950
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Property
improvement l
885.0
38.1
44.7
60.4
68.4
76.0
81.4
91.2
72.9
78.6
83.6
62.3
66.9
Public works
and public
utilities
Other
Private ownership
1948
Year. . 9,430 10,359 14,501 3.107 3,718 4,409 6,323 6,641 10,092
|
Value of contracts in millions of dollars]
Nonresidential building
End of month
Total
1936—Dec
1937—Dec
1938—Dec
1939—-Dec
1940—-Dec
1941—Dec
1942—Dec
1943—Dec
1944—-Dec
1,199
1 ,793
2 ,409
3,107
3,620
3,626
3,399
1945—Tune
Dec
365
771
Commercial
banks
228
430
634
902
Savings
and
savloan
ings associbanks ations
Mu-
1,162
1,465
1,669
1,705
1,590
8
27
38
71
130
186
236
256
260
56
110
149
192
224
254
276
292
269
3,324
3,156
1,570
1,506
265
263
1946—June
Dec
3,102
2,946
1,488
1,429
1947—June
Dec
2,860
2,871
1948—Tune
Dec
1949—June
Dec
Insur- Fedance
2
eral
com- agen- Other
panies cies x
41
118
212
342
542
789
1,032
1,134
1,072
5
32
77
153
201
234
245
79
68
27
53
90
133
150
179
163
159
140
264
253
1,047
1,000
43
13
134
122
260
252
247
233
974
917
11
9
122
106
1,386
1,379
245
244
229
232
889
899
8
7
102
110
2,988
3,237
1,402
1,429
251
265
245
269
973
1,113
7
9
110
152
3,894
4,751
1,587
1,771
305
378
323
416
1,431
1,828
21
52
227
305
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.
209
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports
l
Merchandise imports
2
Excess of exports
Month
1946
1947
1948
1949
798
670
'816
1,114
1,146
1,326
1,092
1,085
1,139
,105
,043
,189
757
851
878
1,294
1,414
1,235
1,121
1,103
1,014
n ,173
'825
883
643
1,155
1,145
1,112
1,019
992
926
537
••985
1,096
1,235
1,141
1,114
9,738
14,430
January
February
March
April
May
..
June
July
August
September....
October
November
December
Jan.-Dec
,y
y
CLILKJL
J
1950
?741
1946
1947
1949
1948
1950
1946
1947
1949
1948
1950
P765
P861
394
'324
'388
531
437
445
547
589
675
590
567
633
P623
P601
^665
'404
'346
'428
583
709
882
545
496
464
515
477
557
P117
P164
P803
P829
P877
'408
'395
'384
512
474
463
532
554
625
535
541
526
P585
'348
'456
'494
782
940
772
590
549
389
638
554
'582
P218
P169
P192
900
885
910
P3779
'435
••431
••378
450
400
473
564
606
560
457
491
530
P7O8
'391
'452
'265
705
745
639
456
386
365
444
'394
'380
P-58
P53
1,023
823
1,318
••856
'842
945
P905
P981
Pl.063
394
'480
'533
492
455
603
600
554
720
557
593
605
P922
'143
'505
'563
743
687
511
423
269
598
'299
'249
340
12,653
12,051
4,942
5,733
7,124
6,622
4,796
8.696
5,529
5,429
,095
.108
r
P761
P911
^10,275
P659
P686
P820
P858
P852
P862
P8,840
P\96
P71
P-17
P129
P201
Pl.435
U.-IJA-.
Source.—Department
of Commerce.
Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431;
and January 1931, p. 18.
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers, 1935-39 average = 100]
ForYear or month
Total
Coal
est
Coke Grain Livestock prod-
Ore
ucts
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
.
SEASONALLY
ADJUSTED
1949—November. . .
December. . .
1950—January
February
March
April
May
June
Tulv
August......
September...
October
November.. .
December. . .
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
Miscellaneous
Merchandise
l.c.l.
101
110
136
146
145
147
142
139
148
146
127
140
97
96
100
69
63
67
69
78
75
68
57
53
117
115
131
97
96
148
152
131
76
72
137
134
42
146
119
127
54
52
117
104
127
126
122
127
126
135
134
136
136
140
97
46
139
123
119
116
105
126
135
135
126
129
151
122
143
181
181
192
195
194
201
206
198
194
119
113
126
131
127
130
135
139
128
159
166
158
70
65
67
68
66
61
61
60
72
75
72
72
118
119
123
129
134
144
148
155
148
146
157
162
169
156
134
121
121
179
186
190
198
184
184
199
133
130
134
137
133
138
140
147
142
145
146
151
52
52
53
53
51
52
51
56
55
54
53
52
120
107
131
97
96
155
149
123
96
69
135
119
51
45
124
120
55
50
107
96
120
122
125
131
130
140
145
147
139
130
97
46
139
123
119
116
105
126
135
135
126
129
158
130
144
177
179
188
190
186
198
201
198
204
119
111
116
115
112
133
162
150
143
159
162
148
68
52
53
61
59
51
48
57
95
116
90
70
106
115
123
129
139
150
149
163
160
154
154
145
42
39
39
63
217
277
298
285
298
262
188
62
122
122
127
135
135
142
141
149
154
158
152
142
49
51
54
54
51
52
51
56
57
56
54
50
[In millions of dollars]
Total
operating
revenues
Total
expenses
Net
operating
income
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,628
8,685
9,672
P8,580
3,406
3,614
4,348
5,982
7,695
8,331
8,047
7,009
7,904
8,670
P7.893
589
682
998
1,485
1,360
1,106
852
620
781
1,002
P687
93
189
500
902
873
667
450
287
479
699
P438
1949—November..
December..
708
712
636
632
72
81
39
49
1950—January
February...
March
April
.
May
689
638
723
730
715
791
772
833
858
885
863
629
606
655
667
661
691
686
744
749
776
760
60
32
67
63
54
100
86
88
109
108
103
29
1
36
32
20
70
54
55
73
74
P69-
1949—November..
December..
705
711
629
642
'75
69
54
82
1950—January
February...
March
April
....
May
657
585
743
714
745
779
772
890
872
925
862
624
570
668
652
678
689
688
768
749
791
752
33
15
76
62
67
90
84
122
123
135
110
11
-9-
Year or month
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
..
..
..
.
Net
income
SEASONALLY
ADJUSTED
June
....
July
August....
September..
October
November..
UNADJUSTED
1949—November...
December. . .
1950—January
February
March
April
May
June
July
August
September...
October
November...
December. . .
NOTE.—For description and back data, see BULLETIN for June 1941, pp.
529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for
classes with weights derived from revenue data of the Interstate Commerce
Commission.
210
UNADJUSTED
June
JUly
August....
September..
October
November..
49>
38
45
72
5996
99»
108
P86
r
p Preliminary.
Revised.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission.
Annual figures include revisions not available monthly.
FEDERAL RESERVE
BULLETIN
DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average = 100]
Federal Reserve district
United
States
Year or month
New
York
Boston
SALESi
1945 . . . .
Philadelphia
Dallas
San
Francisco
229
275
248
287
352
374
311
337
325
404
353
275
289
'307
329
385
417
332
354
Cleveland
Richmond
Atlanta
201
235
275
193
227
185
257
281
292
304
344
360
250
275
292
314
247
273
311
303
321
386
290
335
288
281
303
••309
325
374
401
271
291
317
331
St.
Louis
Chicago
Minneapolis
Kansas
City
207
176
169
264
286
221
234
220
239
302
286
304
239
249
234
240
'236
244
184
235
261
284
271
288
»-295
239
»-242
276
283
»-323
382
281
330
293
'320
282
280
274
292
290
298
362
335
320
291
290
244
229
216
244
231
240
268
268
255
216
229
300
299
288
323
321
333
394
360
332
312
376
383
374
397
390
392
494
415
409
370
300
301
298
291
303
325
328
r
391
P421
282
300
297
319
330
326
418
370
360
305
316
246
284
249
277
268
283
342
321
289
'312
336
274
262
265
269
277
278
330
335
305
282
288
249
267
276
262
281
270
285
331
319
310
279
273
307
290
271
270
299
299
299
364
334
333
299
251
P325
229
220
217
235
226
242
274
277
262
238
234
266
318
353
P316
>"484
418
••409
472
465
'561
642
438
504
438
216
224
257
285
286
281
283
281
331
185
177
207
241
228
230
185
198
263
239
287
436
183
183
208
225
221
230
192
202
267
259
302
450
197
207
255
276
275
271
239
239
313
299
363
525
215
217
256
290
296
281
284
290
337
317
313
218
234
283
313
316
307
285
288
356
333
387
585
285
322
359
389
378
345
386
373
426
388
232
252
285
316
323
293
326
318
363
326
398
188
210
228
278
273
272
276
287
321
••453
205
204
241
269
280
278
271
278
320
296
357
P708
495
540
166
213
255
291
?70
295
153
182
202
223
210
231
160
195
225
241
••223
237
150
191
220
252
233
257
198
248
289
322
301
334
188
159
166
165
158
205
243
277
256
288
258
306
362
339
394
205
246
281
260
276
225
274
314
706
325
212
266
326
299
317
209
259
301
276
300
190
251
320
389
362
397
238
300
346
323
355
1949—December
271
228
••230
232
262
295
352
253
309
292
'275
351
321
1950—January
February
March
272
279
285
286
285
276
269
284
309
329
332
P329
223
222
233
231
228
215
198
213
! 227
249
262
P264
227
224
231
230
228
222
218
226
243
258
234
234
239
249
244
244
241
259
275
283
256
269
276
283
280
265
252
265
296
313
357
350
359
360
370
359
360
405
438
456
264
262
264
265
265
258
252
267
288
313
283
283
294
350
351
448
P461
309
297
345
P334
335
P334
353
364
362
375
380
375
374
406
431
456
446
430
322
343
355
341
338
324
322
334
389
403
••282
P288
288
321
326
329
313
299
283
295
325
365
374
381
304
308
307
316
322
304
286
302
323
353
266
263
291
307
324
329
331
338
329
334
345
363
357
349
1949—December. .
244
205
'2G9
204
219
267
306
237
259
270
'244
323
293
1950—Tanuary
February
March
April .
Mav
June
Tulv .
244
267
290
2^4
289
267
258
285
322
362
371
198
209
226
227
226
206
192
223
245
281
208
P238
200
217
204
224
321
238
257
251
273
287
283
261
251
280
324
355
377
294
354
377
378
366
345
339
401
451
497
501
254
274
273
268
248
232
259
297
341
352
279
248
289
317
329
313
299
295
322
361
409
400
320
279
230
251
259
249
229
217
254
286
326
267
299
334
344
337
305
308
337
362
403
397
316
296
319
321
323
294
292
299
328
371
375
278
300
328
357
384
393
380
353
351
402
444
479
495
395
323
348
347
350
326
332
333
389
430
438
354
1946
1947
1948
1949
1950P
SEASONALLY
ADJUSTED
1949—December
..
...
1950—January
February.
March
April
May
June
July
August. ..
September
October .
November
December
...
'283
r
404
339
316
323
321
333
336
342
454
374
368
343
345
P354
396
409
389
401
403
410
537
449
420
375
400
433
»-502
662
565
228
244
277
313
327
362
393
391
353
429
399
454
405
472
711
251
273
291
321
319
321
387
352
374
345
387
'3C6
309
322
414
••354
••345
379
UNADJUSTED
1949—December
1950—January
February...
March
April
. .
. .
Tune
July
August
September
October....
November
December
»-3O8
..
355
^534
538
'303
••305
296
••339
338
326
363
328
376
P474
P557
••319
631
STOCKSi
1945
1946
1947
1948
1949
1950P
SEASONALLY
156
183
ADJUSTED
April
May
June
July
August
September
October
November
December
....
••295
295
'287
'271
286
306
330
395
389
UNADJUSTED
August. .
September
October
November
December
P295
j
237
237
231
209
194
226
256
291
306
239
'324
P253
P401
P309
'304
301
'287
'266
281
312
353
369
P298
294
i
P Preliminary.
' Revised.
1
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average,
NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN
for June 1946, pp. 588-612.
r
FEBRUARY
1951
211
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Percentage change
from a year ago
(value)
Department
Number of
stores
reporting
Sales during
period
11
months
1950
Nov.
1950
GRAND TOTAL—entire store 3
353
+2
+1
+3
MAIN STORE—total
353
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
316
293
189
172
184
307
278
250
239
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
343
201
241
328
317
213
281
78
237
272
136
238
Women's and misses' apparel and accessories
Women's and misses' ready-to-wear accessories.
Neckwear and scarfs
Handkerchiefs
Millinery
Women's and children's gloves
Corsets and brassieres
Women's and children's hosiery
Underwear, slips, and negligees
Knit underwear
Silk and muslin underwear, and slips
Negligees, robes, and lounging apparel....
Infants' wear
Handbags and small leather goods
Women's and children's
shoes
Children's shoes 4
Women's shoes 4
Women's and misses' ready-to-wear apparel.. .
Women's4 and misses' coats and suits
Coats
Suits 4
Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear
Women's and misses' dresses
4
Inexpensive dresses
Better dresses 4
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms
Furs
350
350
310
285
168
323
336
343
342
255
287
249
323
334
241
204
218
350
339
209
203
314
290
312
341
259
265
336
285
272
Men's and boys' wear
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boy's shoes and slippers
330
256
313
301
190
+6
+8
+4
+6
+ 10
Homef urnishings
Furniture and bedding
4
Mattresses, springs, and studio beds
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
Hqusewares (including small appliances)......
Gift shop 4
Radios, phonographs, television, records,
etc.4.
Radios, phonographs, television 4
4
Records, sheet music, and instruments
316
243
165
173
+1
+8
+ 16
+6
+5
+6 |
100
296
248
248
247
259
169
225
175
125
Miscellaneous merchandise d e p a r t m e n t s . . . .
Toys, games, sporting goods, and cameras....
Toys and games
Sporting goods and cameras
Luggage
Candy 4
315
297
240
145
265
191
2 75
157
-9
-11
-13
-5
+ 11
+9
+ 19
0
-7
—5
-5
-6
—9
0
-6
-9
-1
—7
-10
-3
-3
-8
+3
-4
—1
+3
0
—6
0
4.1
3.8
3.6
3.3
4.6
4.3
4.2
4.6
4.0
+1
0
+3
-1
+5
+4
+3
+24
+8
+8
+7
0
—7
—9
_2
0
—4
+3
+23
+1
+2
+2
+8
-3
+4
-2
+3
+3
+3
+2
+4
-2
+1
+6
-3
+4
+3
—1
+4
+5
— 16
-14
2.6
3.4
+2
+3
-3
+ 10
+3
—8
+5
+8
3.2
-1
-4
0
+1
+2
+2
-8
+23
+2
+32
c
+3
+4
-1
+1
+3
+6
+1
+9
|
+ 16
+ 18
+20
+ 16
+ 12
+ 12
—7
+4
+2
+8
+27
+5
+ 10
+68
+90
-1
+3
+4
+4
+2
0
+1
Index numbers
without seasonal adjustment
1941 average monthly sales =100 2
Sales during
period
1950
1950
0
-3
-5
+ 14
-5
-1
November
Nov.
1950
-17
-20
-16
-11
+ 13
+ 10
+21
+8
+7
+1
+5
-4
+4
+2
+1
Stocks
(end of
month)
Ratio of
stocks xto
sales
Stocks at end
of month
1949
1950
1949
Nov.
Nov.
Oct.
Nov.
Nov.
2.8
250
223
247
841
810
683
3.4
3.2
3.0
2.7
3.6
3.5
3.5
4.1
3.1
207
194
180
261
142
212
217
183
231
199
209
191
359
147
196
172
201
214
200
214
202
300
149
191
199
154
216
858
794
732
786
643
715
874 1,065
653
718
904
797
920
836
838
663
920
827
689
678
601
810
546
679
706
630
669
3.8
3.8
4.1
4.6
4.2
4.9
3.2
5.9
3.9
2.7
2.6
2.7
3.3
3.5
3.4
4.2
3.4
3.9
2.7
5.4
3.0
2 5
2.7
2.4
236
242
233
172
269
186
201
227
142
224
905
812
234
230
913
852
241
964
947
166
786
636
265 1,116 1,024
783
817
832
692
919
212
330
249
343
192
199
164
197
223
332
243
350
829
900
637
942
812
857
571
905
677
836
657
843
2.8
3.4
2.4
4.0
1.0
3.1
4.1
3.3
3.3
235
241
325
217
177
259
222
176
282
346
247
289
357
221
217
220
208
297
136
231
170
243
147
189
252
164
173
300
193
215
235
664
238
810
319
783
233
870
183
170
236
804
215
917
179
577
279
942
327 1,078
256
891
279
876
345 1,013
223
652
209 1,085
669
794
758
761
231
799
880
566
888
1,026
848
794
1,013
578
1,101
558
663
664
808
155
726
717
404
768
856
739
722
831
557
907
228
272
233
299
233
291
509
486
53 7
588
447
434
2.3
2.0
1.6
2.4
2.5
2.8
3.3
2.4
2.8
2.1
3.4
0.9
3.1
3.3
2.3
2.8
2.6
2.9
2.6
2.4
2.5
4.3
3.4
4.6
1.9
1.4
1.3
2.3
1.8
1.6
2.0
1.8
1.4
2.1
2". 2
2.4
2.7
295
245
363
174
266
261
288
201
294
255
351
179
610
453
817
349
655
514
862
370
539
411
708
317
269
156
169
274
136
148
260
156
181
682
438
553
656
376
584
583
387
491
+ 18
+ 12
+22
+ 20
+ 20
3.6
3.8
3.4
3.3
4.9
3.2
3.7
2.9
2.9
4.5
272
252
281
307 j
196
229
175
207
225
177
257
233
271
289
205
975
957
952
973
971
921
1,003 1,014
1,105 i1,093
828
856
793
841
938
+35
+31
+ 71
+24
+51
+55
+8
+26
+ 22
3.9
3.8
2.8
3 9
4.2
4.2
4.9
3.4
3.2
4.8
4.3
4.0
3.6
4.0
4.2
4.0
2.9
3.1
1.9
3.4
2.9
2.9
4.3
2..8
.4
4.8
2.4
3.3
3.4
1.6
1.3
3.5
266
227
283
246
262 1,045 1,002
210 j 853
812
768
652
27.">
289
244
225
308
265
258
191
273
288
745
269 | 934
938
757
314
920
854
231 11,173 1 ,140 1,094
246
978
582
850
292 1,242 1,230
953
2.6
2.7
2.2
5.0
4.8
1.7
2.2
2.3
1.9
4.1
3.8
1.7
304
486
657
373
?2?
186
201
204
200
167
297
473
641
366
+20
+33
+31
+34
+38
+16
+ 13
+ 18
+ 12
+23
+27
+ 15
+26
+23
+8
-3
+ 12
+19
+22
+ 18
+8
+9
+ 12
+29
+42
+23
+25
+21
+20
+23
+ 16
+ 19
+23
+ 19
+ 13
+ 12
+ 13
+ 17
+ 13
+ 10
+ 15
+ 10
+9
+ 12
+ 18
+ 13
+ 13
+ 68
+30
+ 14
+ 108
+ 178
+ 17
+20
+ 21
+ 21
+ 22
+2 7
+5
2.2
1.8
1.6
2.8
262
1,098
788
1,336
1,453
1,848
1,077
Oct
725
853
668
1,490 1,111
1,513 1,217
1,413 1,475
1,03 7
849
For footnotes see following page.
212
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
S A L E S A N D STOCKS BY M A J O R
DEPARTMENTS—Continued
Percentage change
from a year ago
(value)
Number of
stores
reporting
Department
BASEMENT STORE—total
198
Domestics and blankets 4
135
Women's and misses' ready-to-wear
191
168
176
175
155
121
118
Intimate apparel4
Coats and suits 4
Dresses 4
Blouses, skirts, and sportswear
Girls' wear 4
Infants' wear 4
4
M e n ' s a n d b o y s ' wear
M e n ' s wear 4
M e n ' s clothing 4
M e n ' s furnishings 4
Boys' wear 4
Homefurnishings. . .
Shoes
NONMERCHANDISE—total
Barber and b e a u t y shop
4
.
4
Stocks
(end of
month)
Sales during
period
Nov.
1950
11
months
1950
+3
+9
0
+6
-12
-1
155
136
90
115
116
+3
+2
+3
+8
+8
+4
+ 10
+8
99
+1
124
+8
169
-2
Ratio of
stocks to
sales i
Index n u m b e r s
w i t h o u t seasonal adjustment
1941 average m o n t h l y s a l e s = 1 0 0
Sales during
period
November
1950
Nov.
1950
1950
2
Stocks a t end
of m o n t h
1949
1950
1949
1949
Nov.
Oct.
Nov.
Nov.
Oct.
Nov.
240
213
234
585
588
486
-2
+21
2.4
2.1
+9
+39
3.3
2.6
-5
+ 18
+22
+ 15
+ 11
+ 16
+ 15
+20
2.1
2.7
229
210
229
474
490
409
2.1
1.8
2.3
1.8
2.3
1.1
1.5
1.8
1.6
2.0
+21
+22
+20
+22
+ 15
2.4
2.5
2.6
2.4
2.2
2.2
2.2
2.2
2.2
2.1
311
225
288
773
779
641
+37
2.8
2.0
252
254
249
695
677
506
+12
3.4
3.3
178
157
166
610
633
564
+1
-12
-10
-4
0
0
+2
+1
0
+1
+3
+4
+2
+1
71
1
T h e ratio of stocks to sales is obtained by dividing stocks a t the end of the m o n t h by sales during t h e m o n t h and hence indicates the number
of m o n t h s ' supply on h a n d at the end of the m o n t h in terms of sales for t h a t m o n t h .
2
T h e 1941 average of m o n t h l y sales for each d e p a r t m e n t is used as a base in computing the sales index for t h a t d e p a r t m e n t . T h e stocks
index is derived by applying to the sales index for each m o n t h the corresponding stocks-sales ratio. For description a n d m o n t h l y indexes of
sales and stocks by d e p a r t m e n t groups for back years, see B U L L E T I N for August 1946, p p . 856-858. T h e titles of the tables on p p . 857 a n d 858
were reversed.
3
For movements of total d e p a r t m e n t store sales and stocks see the indexes for the United States on p. 2 1 1 .
4
Index n u m b e r s of sales a n d stocks for this d e p a r t m e n t are not available for publication separately; t h e d e p a r t m e n t , however, is included
6
in group and total indexes.
D a t a not available.
N O T E . — B a s e d on reports from a group of large d e p a r t m e n t stores located in various cities throughout the country. In 1949, sales and stocks
at these stores accounted for almost 50 per cent of estimated total d e p a r t m e n t store sales and stocks. N o t all stores report d a t a for all of the
d e p a r t m e n t s shown; consequently, the sample for the individual d e p a r t m e n t s is not so comprehensive as t h a t for the total.
SALES, STOCKS, ORDERS, AND RECEIPTS
AT 296 DEPARTMENT STORES 1
[In millions of dollars]
1942 average...
1943 average...
1944 average...
1945 average...
1946 average...
1947 average..,
1948 average...
1Q4Q average. . .
1950 average...
1949— Dec
1950—Jan
Feb
Mar
Apr
May. .. .
Tune... .
July....
Aug
Sept
Oct
Nov
Dec
Sales
(total
for
month)
Stocks
(end of
month)
179
204
227
255
318
337
352
333
347
583
256
247
320
319
330
317
292
331
370
361
403
P615
599
509
535
563
715
826
912
r
86\
941
'789
787
854
920
926
906
833
789
918
1,029
1,169
1,203
^957
Outstanding
orders
(end of
month)
Receipts
(total
for
month)
New
orders
(total
for
month)
263
530
560
729
909
552
465
350
466
'297
390
393
326
271
248
369
693
755
702
593
442
P413
182
203
226
256
344
338
366
330
361
192
223
236
269
327
336
345
331
370
»-382
••254
314
386
325
310
244
248
460
481
501
437
P369
'329
»\347
317
319
270
287
365
572
522
428
392
286
?340
r
P Preliminary.
Revised.
These figures are not estimates for all d e p a r t m e n t stores in the
United States. Figures fdr sales, stocks, and o u t s t a n d i n g 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.
1
FEBRUARY
1951
SALES
1935-39 a v e r a g e = 1 0 0 ]
W i t h o u t seasonal a d j u s t m e n t
Derived data x
Reported data
Year or month
WEEKLY I N D E X OF
[Weeks ending on dates shown.
1949
5 . . . . .244 M a r .
12... ..256
1 9 . . . . .261
2 6 . . . ..277
2 . . . . .301 Apr.
Apr.
9 . . . . .320
1 6 . . . . .314
2 3 . . . . .266
3 0 . . . ..286
7 . . . . .334 M a y
May
1 4 . . . . .285
2 1 . . . ..280
28.. . ..275
June 4 . . . . . 2 5 9 June
11. . . . . 2 8 8
1 8 . . . . .285
2 5 . . . ..247
July 2 . . . . . 2 3 8 July
9 . . . . .201
1 6 . . . ..213
2 3 . . . . .207
3 0 . . . . .209
Aug. 6 . . . . . 2 2 8 Aug.
1 3 . . . ..218
2 0 . . . . .252
2 7 . . . ..252
Mar.
19*0
4 . . . . .244
11.. . ..253
1 8 . . . . .264
2 5 . . . . .279
1... ..301
8 . . . ..320
15... ..254
2 2 . . . . .279
2 9 . . . ..285
6 . . . ..301
1 3 . . . ..308
2 0 . . . ..275
27.. . ..282
3 . . . ..261
1 0 . . . ..302
1 7 . . . ..302
2 4 . . . ..250
1 . . . . .263
8 . . . ..218
15... ..265
22... ..303
29... ..295
5 . . . . .296
12... ..273
19... ..281
26... ..288
1950
1949
3....
10....
17....
24
1
Oct.
8
15....
22....
29....
Nov. 5 . . . .
12
19
26....
Dec.
3....
10....
17
24
31....
Sept.
.295
.273
.315
.292
.302
.297
.290
.296
.298
.315
.318
.342
.330
,449
.542
.584
.541
.197
2 . . . . .310
9
.295
1 6 . . . . .368
2 3 . . . . .322
.320
30
Oct.
7
.325
14
.322
21
.304
28
.313
Nov. 4 . . . . .315
11
.342
18
.368
25
.319
Dec.
2
.444
9 . . . . .554
1 6 . . . . .638
2 3 . . . . .640
3 0 . . . . .237
Sept.
1950
1951
Jan.
7
14....
21....
28....
.205
.233
.230
.222
Feb.
4
11
18
25
.226 Feb.
.238
.231
.221
Jan.
6
13....
20....
27
.285
.305
.301
.279
3
10
17
24
.233
N O T E . — F o r description of series and for back figures, see B U L L E T I N
for September 1944, p p . 874-875.
213
DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
United States.
Boston
New Haven. . .
Portland
Boston Area...
Downtown
Boston
Springfield
Worcester
Providence
New York
P+6
0
0
+7
+1
+1
+6
+2
+4
0
+4|
Bridgeport 1 ...
Newark l
Albany
Binghamton
Buffalo i
Elmira
Niagara Falls..
New York City
Poughkeepsie..
Rochester *
Schenectady.
.
Syracuse x
Utica
+ 10 +81
+ 10 +1
+ 18 +12!
+3
' 1|
+5
+ 12
+20 +11
-1
+2 - 4
+8 + 10
+
+4 + 12
Philadelphia..
l
+7
+9
+9
+4
+5
+3
+6
+11
+ 16
19
+
+8
+ 19
+4
+6
+9
Trenton
Lancaster *
Philadelphia *.
Reading J
Wilkes-Barre ».
York i
Cleveland
x
Akron l
Canton
Cincinnati J . . .
Cleveland a......
Columbus
Springfield 1
Toledo i
Youngstown x .
+
+1
+2
+2
—1
+5
0
0
0
+5 C lev eland-cont,
+ 17 + |
+2 Erie 1
-4
+ 1 Pittsburgh 1
+9 - 1 9
Wheeling
1
+3
+4 - 8
+2 Richmond l
+2 +2
Washington .. .
+4 - 1
+2 Baltimore
+2 Hagerstown. . . . +3 +3
+3 Asheville, N. C. - 1 +1
+5 - 1 2
+2 Raleigh
0
+6
+3 Winston-Salem.
0
Charleston,
S.
C.
+8 Columbia
+2l|
+6
+4 Greenville, S. C, +5 +9
+4 Lynchburg
+ 1 +2
+2
-4
—3
+3 Norfolk
+5 +8
+10 Richmond
+
11
Ch'ls'ton.W.Va
+9 Huntington
+ 19
+2
0 Atlanta
+6 r+6
+5 Birmingham 2 . . +25 + 12
+
10 +2
+2 Mobile
+6 Montgomery 1x. . +3 +4
Jacksonville ...
+7 +6
Miami *
+ 10 + 19
+6 Orlando
+22 + 19
+8 Tampa 1
+9 + 18
+8 Atlanta 1
+6 +8
+ 19
+2 Augusta
Columbus
Macon x
Rome
Savannah
Baton Rouge 1..
New Orleans x .,
+2
+• Jackson *
-10
+8 Meridian
-10
Bristol
-12
Chattanooga 1. .
+ 131 +7 Knoxville 1l
+23|
- + 10 Nashville
+3
-6 + 7
+8
--47 + 10
+ 12
+ 11
+
-2
+16 +11
+2 - 5
0
+9i
+2
i
0
+6
0
—5
+7 + 130
+4 + 1
+ 10
+4
+7
+4
+2
+2
+6
-2
+4
+3
+7
+3
+5
-1
-3
Dec. Nov. Year
1950 1950 1950
Dec. Nov. Year
1950 1950
Dec. Nov. Year
1950
1950
Dec. Nov.
1950 1950 1950
Chicago
+10
+8
+6
+
p+12
+5
+ 11 +7
+6
P+6
P+
l
Chicago
Peoria 1
Fort Wayne 1»...
Indianapolis .. .
Terre Haute 1...
Des Moines....
Detroit l
Flint i
Grand Rapids. .
Lansing
Milwaukee *... .
Green Bay *
Madison
0
P+1
P+12 + 13
+26
+ 15
+24
+8
+7
+6
+3
St. Louis
Fort Smith
+5
Little Rock 1. . .
+2j
+25
+25!
+26,
+6
+5
+ 15|
+ 141 + 13
+ 6 +7
+ 13 + 7
+6
+ 14
+ 12 Evansvillel
Louisville
+7 Quincy
+ 10 East St. Louis..
+2
+7 St. Louis l
+2
+6 St. Louis Area. . +3
+2 Springfieldl
+8
+ 10 Memphis
+1
+9 Minneapolis. .
+4
+8 Minneapolis 1.. . +5
+ 10 St. Paul 1
-1
+8,
+ 18 DuluthSuperior l
+4
+ \3
+7
0 Kansas City.. .
+6
+ 12 Denver
+9
- 3 Pueblo
+8
+2 Hutchinson
+6
+6 Topeka
+ 13
+ 1 Wichita
+6
0 Kansas City....
+ 16 Joplin
+ 16
+4 St. Joseph
+5
+8
Omaha
+6
+7
+4
+3
+8
+7
+3
+4
+9
+ 19
+ 16
+ 17
+7
+4
+4
+5
+4
+ 10
+8
+5
+2
+3
+3
+6
+4
+5
+8
+6
Kansas City—
cont.
+3 +7 +8
+6 r+6 +7
+6 +9 +10
0 -1
+5
+6 + 7 +10
+3 + 11 + 11
+7 +9 + 11
+15 + 18 + 10
+3 +2
P+7
+8 + 11
San Francisco.
x
P+9 + 12 +6
Phoenix
- 5 +5 +8
Tucson
1
-8
Oklahoma City.
Tulsa
Dallas
Shreveport
Corpus Christi..
Dallas 1
Fort Worth
Houston l
San Antonio....
+6
+1
+7
+9
+ 10
+4
+15 +6
+9 +7
+ 10
+23 +9
+3
'+6
13 +6
+ 13 +6
+8 +8
+21 + 14
+7 +2
+7 +9
Bakersfield
Fresno 1
Long Beach l1.. .
Los Angeles .. .
Oakland and
Berkeley 1
Riverside and
San Bernardino
Sacramento 1. . .
San Diego *. . .l .
San Francisco
.
San Jose x 1
Santa Rosa . . .
Stockton
Vallejo 1 and
Napa
Boise and
Nampa
Portland
Salt Lake City 1.
Bellingham
1. . .
Everett 1
Seattle 1 2
Spokane x
Tacoma x
Yakima
P+2
P+13
+3
P+4
-2
+6
+6
+8
+7
+3
+ 11
+3
+4
+5
+ 11
+2
+5
+7
+9
+8
+9
+6
+7
-1
+2
P+15
+ 18
+5
+6
+13
+ 10
+ 15
P+16
+22
+ 14
+6
+9 +5
+ 11 +7
+17 +22
+ 13 +7
+ 16 + 11
+12 +9
+ 12
+20
+5
Si
+6
+5
r+7
I
P Preliminary.
indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located
COST OF LIVING
Consumers' Price Index for Moderate Income Families in Large Cities
[Index numbers of the Bureau of Labor Statistics, 1935-39 average =100]
All items
Food
Apparel
Rent
Fuel, electricity, and
refrigeration
House
furnishings
Miscellaneous
1929
122.5
132.5
115 3
141 4
112.5
111 7
104 6
1933
92.4
84.1
87.9
100.7
100.0
84.2
98.4
100 2
105 2
116.5
123 6
125.5
128.4
139.3
159.2
171.2
169.1
171.2
96 6
105.5
123 9
138 0
136.1
139.1
159.6
193.8
210.2
201 9
204.1
101 7
106.3
124.2
129 7
138.8
145.9
160 2
185.8
198.0
190 1
188 0
104 6
106.2
108.5
108 0
108.2
108.3
108 6
111.2
117.4
120 8
124 1
99 7
102,2
105.4
107.7
109.8
110.3
112.4
121.2
133.9
137.5
141.1
100 5
107 3
122 2
125 6
136,4
145.8
159 2
184.4
195.8
189 0
190 8
101 1
104 0
110.9
115 8
121.3
124.1
128 8
139.9
149.9
154 7
157 1
168 6
167.5
200 8
197 3
186 3
185 8
122 0
122.2
139.1
139.7
185 4
185 4
154 9
155.5
166.9
166.5
167.0
167.3
168.6
170.2
172.5
173.0
173.8
174 8
175.6
178.4
196 0
194 8
196.0
196.6
200.3
204.6
210.0
209.0
208.5
209 0
209.5
215.4
185 0
184.8
185.0
185 1
185.1
185.0
184.7
185.9
190.5
193 4
195.0
196.4
122 6
122 8
122.9
123 1
123.5
123.9
124.4
124.8
124.8
125 0
125.4
125.8
140.0
140.3
140.9
141.4
138.8
138.9
139.5
140.9
141.8
143.1
143.7
144.1
184.7
185.3
185.4
185.6
185.4
185.2
186.4
189.3
195.4
199.8
202.3
204.8
155.1
155.1
155.0
154 8
155.3
155.3
156.2
158.1
158.8
159.5
160.5
162.0
Year or month
1940 .
1941
1942
1943
1944
1945
1946
1947
1948. .
1949
1950
1949—November
December
..
. . . .
..
1950 —January
February
Alarch
April
May
June
July
August
September
October
November
December
.
.
..
..
..
.
Back figures.—Bureau of Labor Statistics, Department of Labor.
214
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926 =100]
Other commodities
All
commodities
Farm
products
Foods
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
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
166.1
1949—December....
151.2
154.9
151.5
152.7
152 7
152 9
155.9
157 3
162 9
166.4
169.5
169 1
171.7
175.3
154.7
159.1
159.4
159.3
164.7
165.9
176.0
177.6
180.4
177.8
183.7
187.5
Week ending: 1
Dec. 5
Dec 12
Dec 19
Dec 26
172.7
173 6
174 7
176 0
1951—Jan. 2
Tan 9
Jan. 16
Jan 23
176.8
178 1
178.7
180.0
Year, month, or week
1950—January
February
1^1 arch
April
May
June
July
August
September
October
November
December
Fuel Metals
Hides
and
Textile and
and
leather prod- lighting metal
products
mate- products
rials
ucts
Total
Miscellaneous
153.2
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
144 7
110.7
115. 7 144 7
115. 2 145 7
145 5
116.
117. 1 145 8
116. 4 146 6
114. s 146.9
118. 1 148 7
122. s 1S3 9
128. 6 159 7
132. ? 1 6 3 8
'135. 6 ^66 9
139. 5 169 .9
110.0
110.0
110.7
112.6
114.7
114.7
119.0
124.3
127.4
131.3
137.6
140.5
109 1
100 0
86. 1
7? 9
80 9
86 6
89 6
95. 4
104. 6
9? 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
77, 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
133.3
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
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
155.7
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
145.4
179 9
138 4
.130.4
167.8
190.4
154.8
156.7
155.5
155.3
159.9
162.1
171.4
174.6
177.2
172.5
175.2
179.1
145.8
145.9
146.1
146.4
147.6
148.8
151.5
155.5
159.2
161.5
163.5
166.6
179
179
179
179
181
182
187
195
202
131.4 168.4
131.3 168.6
131.5 168.5
131.2 168.7
132.1 169.7
132.7 171.9
133.4 172.4
134.4 174.3
135.1 176.7
135.4 178.6
135.6 1 8 0 . 4
135.6 184.7
191.6
192.8
194.2
194.8
198.1
202.1
207.3
213.9
219.6
218.9
r
217.8
221.5
187.5
186 5
188.5
190 6
180.0
180 5
180.8
181 4
189.3
191 9
191.5
196.4
181.9
183 0
182.1
183.9
163.4
164.5
165.2
165.9
167.1
167.8
168.9
169.3
3
0
6
4
0
6
7
6
9
?m 5
211 6
218 6
138 5
138 2
137 3
136 4
136 1
136 8
14? 6
149 5
158 3
163 1
M66 7
171 .2
166 .7
169
170 ?
171
172 .4
173 4
179 7
180.7
94.(
88. 7
79.3
73.9
72.
7 5 . .*
79.0
82. <s
77.
-)
76.0
7 7 . ")
84. 1
95. 5
94. <
95. ?
95. ?
101. %
127.
135. 7
118.6
122. 7
115. ?
134.8
134 9
136 0
136 0
183.3
185 1
184 3
184 1
220.8
221 0
221 8
222 0
136. 7
138 3
136.1
136 1
136.1
136.2
187.4
187 9
188.3
188.4
222.4
223 4
223.9
225.4
141. 2
142
144. 9
144. 9
94
9?
84
75
7S
81
3
7
9
1
8
5
86
86
88
94
10?
107
104
104
111
131
144
145
8
3
5
3
4
80.6
81 7
89 7
78. J
7
3
S
6
1
3
Raw
materials
Manufactured
products
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
94 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
113.2
116.8
134.7
165.6
178.4
163.9
172.4
159.5 147.9
159.8 148.2
162.4 149.1
162.8 148.9
162.5 149.4
166.3 152.2
167.7 153.5
175.8 158.0
179.1 161.2
181.8 164.0
180.2 163.5
184.5 1 6 5 . 1
187.2 168.9
138 6
139
1950
1949
1950
1949
Subgroups
Subgroups
Dec.
Farm Products:
Chemi- HouseBuild- cals
and
furing
allied
nishmate- proding
rials
ucts
goods
Sept.
Oct.
Nov.
Dec.
Metals and Metal Products:
Agricultural mach. & eauin...
Farm machinerv
Iron and steel.
Motor vehicles
Nonferrous me a Is
Pinmhinp- and hfarintr
Building Materials:
Brick and tile
Cement
Lumbexr
Paint =mr1 naint materials
Plumbing and heating.
Structural stpei. .
Other 3uilding materials5
Nov.
Sept.
Oct
143.0
145.6
165.4
176.7
129.2
154 6
150.3
152.7
172.2
176.5
166.1
166 9
1S? 0 153 . 9
154 s 155. 7
161.9
134 5
285 2
139 6
154.6
185 2
169.2
168.7
136 3
371.5
145 9
166.9
191.6
182.5
178 1 178. S 179.8
140
'"140 8 141 2
Grains
Livestock and poultrv
Other farm product s
160.9 166.5 165.3 172.1 180.9
167.0 211.3 198.7 197.3 204.9
145.0 164.4 167.4 177.4 177.6
Dairy products
Cereal products
Fruits and vegetables - - Meats
Other foods
154.4
144 6
132.4
193.5
132 6
154.7
155.5
131.0
241.0
158 7
160.8
153.8
129.5
223.7
156 4
164.1
154.1
140.4
r
223.4
158 9
164.4
157 7
137.8
233.7
162 0
184.3
192.8
178.1
141.1
194.8
264.7
196.8
151.3
200.3
••266.3
201.3
164.9
••204.0
r
269.3
204.9
164.9
209 0
277.5
213 8
173.9
144.0
178.4
98.4
49.9
39.6
146.9
171.5
146.7
221.6
105.3
64.9
41.7
178.7
191.3
147.7
225.7
109.2
65.3
42.5
188.9
207.3
151.4
••231.7
r i l l .4
69.0
M-2.7
'192.5
210.4
139.3
194.1
222.2
69 6
87.2
108.5
142.8
193.1
225.6
65 6
89.0
117.8
143.9
193.3
231.1
65 2
88.9
118.0
144.7
193 3
r
232.5
155.4
Chemi cals
114.3 125.4 131 .6 134. 3
236.1
Drugs and Pharmaceuticals. . 121.6 153.4 161 .1 163 8
zer
materials
113.7
Fertili
117.9 111.4 111 ? 112 0
75.0
106.5 103.1 103 .1 1 0 4 7
Mixed fertilizei g
Oils
and
fats
43 0
118 2 163 9 16f
171 5
195.3 Housefurni shing Goods:
229.0
Furnishings
176 6
151.2 168.1 173
Furnit ure
137.0 149.9 153 .5 156 7
. .
145.7 Miscellanec us:
Antn t ires and tubes
64 3 77 4 7? 1 82
193 2
232.7
192 3 203.8 1Qf 6 211 4
Cattle feed
156.0 167.1 173 .4 178
Paper and pulp
Rubber rrndp
150
37 8 114 7 131
118.0
Other miscellar leous. . .
121.1 127.8 130.5 134 7
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
90 5
118.1
Ch emicals cmd Allied Produc ts:
Dec.
Dec.
154.4
156.9
173 .2 1 7 4 . 0 182.8
176
176. 9 178.2
173 .8 181. 7 182.5
177 o 182 s 183 6
358 .4 ^347. 6 348.4
14S
148 o 155 3
177 ?7 182. S 183.6
191 6 191 6 204 3
1 8 6 .6 1 8 9 . 4 193.7
136.1
175.1
115.6
107.5
180 9
180.2
159.2
82 4
224 4
189.0
146 1
136.6
' Revised.
Weekly indexes are based on an abbreviated sample not comparable with monthly data.
Back figures.—Bureau of Labor Statistics, Department of Labor.
1
FEBRUARY
1951
215
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
1949
1929
1933
1939
1941
1946
1947
1948
1949
1950
1950
4
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 i n c o m e
Less: Corporate profits and inventory
valuation adjustment
Contributions for social insurance
Excess of wage accruals over
disbursements
Plus: Government transfer p a y m e n t s . . .
Net interest paid by government. . .
Dividends
Business transfer payments
Equals: Personal i n c o m e
Less: Personal tax and related payments.
Federal
State and local
Equals: Disposable personal i n c o m e .
Less:Personal consumption expenditures
Equals: Personal saving
4
3'
91.3 126.4 211.1 233.3 259.1 255.6 279.8 253.8 263.3 271.6 283.9 300.3
103.8
55.8
8.8
7.2
8.1
9.3
12.2
14.8
17.4
7.0
.6
-.1
7.1
.7
1 2
9.4
.5
1 4
11.3
.5
1 6
17.3
.6
1 7
18.7
.7
.3
20.4
.7
—2 9
-.1
87.4
39.6
10.3 - 2 . 0
3
2
.0
.0
9
1 5
1.0
1.2
2.1
5.8
7
6
85.1 46.6
1.5
2.6
.5
1.3
1.0
1.4
82.5 45.2
78.8 46.3
3.7 - 1 . 2
1'
18.8
20.8
19.3
21.3 23.7 21.5
.7
.7
.7
—1 9 —1 0 —1 9
19.7
20.5
21.3
1
—l
1
1
5
_ 3
s
2
9
0
0
72.5 103.8 180.3 198.7 223.5 216.8 235.6 214.2 216.9 229.1 244.0
5.8
2 1
14.6
2 8
18.3
6 0
24.7
5 7
31.8
5.2
29.9
5 7
34.8
6 8
28.4
5 7
28.1
6 7
35.0
6 8
0
0
0
0
0
0
0
0
0
0
2 5
1.2
3.8
5
72.6
2.4
1.2
1.2
70.2
67.5
2.7
21.7
22.0 23.2 25.3 24.3
.7
.7
.7
.7
4 1 — 1 3 — 7 6 n.a.
n.a.
38.1 n.a.
6 9
72
o
o
2 6 10 9 11.1 10.6 11 6 14 3 11 8 20 9 14 2 11 2 11 2
4.4
4.4
4.5
4.7
4.8
1.3
4.7
4.7
4.7
4.8
4.8
9.4
5.8
6.6
7.5
8.2
8.1
9 3 11.5
7.8
4.5
8.2
5
7
7
7
7
7
7
6
.7
.7
.7
95.3 177.7 191.0 209.5 206.1 223.2 205.4 216.4 215.1 224.9 234.9
18.8
21.5
21.2
18.7
20.5
3.3
18.7
19.0 19.5 20.3 23.3
17.2
19.6 19.0
16.2
17.8 16.1 16.3 16.8 17.5 20.4
2.0
1.6
1.9
2.2
2.5
2.8
1.3
2.5
2.7
2.8
2.8
158.9
169.5 188.4 187.4 202.7 186.8 197^4 195.6 204.6 211.6
92.0
82.3 146.9 165.6 177.4 178.8 190.8 180.6 182.6 185.8 198.9 195.8
3.9 10.9
8.6
11.9
6.2
9.8
5.7 15.8
9.8 12.0
14.8
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1949
1929
1933
1939
1941
1946
1947
1948
1949
\r
4
National income
C o m p e n s a t i o n of employees
Wage and salaries 2
Private
Military
Government civilian
Supplements to wages and salaries.
.
Proprietors' a n d rental i n c o m e 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
39 .6
72.5
50.8
50.2
45 2
29 . 3
28 .6"
23 7
.3
4 .9
.5
7 .2
2 .9
2 .3
2 .0
47.8
45 .7
37 5
2.6
5.9
5.9
14.7
20.8
42.0
20.6
14.8
42.4
19.8
15.6
- 2 .0
.2
.5
— .4
- 2 .1
5 .0
5.8
6.5
1.5
5.0
14.6
17 .2
18.3
24.7
30.5
11.9
18.5
-5.8
19.7
8.3
5.7
5.8
10.3
9.8
1.4
8.4
5
6.5
.4
7.8
2.1
6.8
4.5
3.5
3r
4
64.3 117.1 128.0 140 . 2 140.6 152.2 140.2 142 . 3 147 .9 155.3 162. 7
61.7 111 .2 122.1 134 .4 134.2 144.9 133.6 135 .2 140 .6 147 .8 155. 1
51 5 90.6 104.8 115 . 7 113.7 122.6 112.7 114 .3 119 .5 125.3 130. 3
4.1
4 .0
8.0
4 . 3 n.a.
4.6
4 .5
1.9
4 .5 n.a.
n.a.
8.3
14 . 7 16.1 n.a.
12.7
13.2
n.a.
16.4 16 . 4 16 .6 n.a.
9.6
6.9
4.3
7.8
9.4
—. 7 - 2 . 6
4.2
2?
103.8 180.3 198.7 223 .5 216.8 235.6 214.2 216 . 9 229 .1 244.0 n.a.
87.4
.3
4.6
.6
1950
1950
4.1
6.6
23.5
9.6
13.9
c 7
2.9
7.1
3.5
5 .8
47 . 3
22 .1
17 . 7
7 .5
31 . 8
33 .9
13.0
20 .9
_ 9 .0
4 .1
6.4
7.3
6.6
41.7
21.0
13.4
43.6
23.2
13.1
40.7
29.9
27.6
10.6
17.0
2 2
34.8
39.8
17.7
22.1
-5.1
28.4
27.6
10.6
16.9
7.3
4.7
7.4
5.0
20.6
12.8
7.3
.8
4.8
7 .1
41 .5
21 .4
12 .8
7 .3
28 .1
29 .2
13 .2
16 .0
— 1.0
5 .0
7.4
7
46!
24.
14.
6
3
3
4
7. 6
7 .3
41 . 2
22 .3
11 . 7
7 .1
45.5
24.6
13.5
35 .0
37 .4
16 .5
20 .9
- 2 .4
5 .0
38.1 n.a.
46.4 n.a.
20.6 n.a.
25.8 n.a.
-8.3 - 8 . 5
5.0
5. 1
7.4
r
n.a. Not available.
Revised.
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.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period
1929-38, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown
for the period 1939-49, see Survey of Current Business, July 1950. For a discussion of the revisions, together with annual data for the period
1929-38, see also pp. 1105-1114 of the BULLETIN for September 1947; data subsequent to 1938 shown in that issue of the BULLETIN have since
been revised.
1
2
216
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
1949
1929
1941
1939
1933
1946
1947
1948
1949
lr
4
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 * CxovcrrimGrit Stiles ^
State and local
1950
1950
2r
4
3'
103.8
55.8
91.3
126.4
211.1
233.3
259.1
255.6
279.8
253.8
263.3
271.6
283.9
300.3
78.8
9.4
37.7
31.7
46.3
3.5
22.3
20.6
67.5
6.7
35.3
25.5
82.3
9.8
44.0
28.5
146.9
16.6
85.8
44.5
165.6
21.4
95.1
49.1
177.4
22.9
100.9
53.7
178.8
23.8
98.5
56.4
190.8
29.2
101.6
59.9
180.6
25.3
97.9
57.4
182.6
26.4
97.9
58.3
185.8
26.5
99.9
59.5
198.9
34.0
104.5
60.4
195.8
30.0
104.3
61.5
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
30.2
13.9
17.1
-.8
8.9
43.1
17.7
19.9
5.5
1.9
33.0
17.3
19.5
-3.7
.4
49.4
21.8
23.4
4.1
-2.5
31.2
18.2
18.7
-5.7
-.7
41.8
20.0
19.5
2.3
-1.7
47.7
21.5
21.8
4.4
-1.7
47.8
23.0
26.3
-1.5
-3.3
60.2
22.9
26.1
11.2
-3.4
30.9
28.6
20.9
15.8
21 ? \ 17 1
2.5
2 7
1 3
10.0
12.8
36.6
21.0
21 5
43.3
25.3
25.7
42.1
22.7
22 9
42.8
24.3
24 6
40.5
21.8
22 1
39.9
21.1
21 4
40.4
20.9
21 1
47.6
26.9
27.1
5
15.6
4
18.0
2
19.4
3
18.5
3
18.7
18.8
2
19.5
2
20.8
\
I
8.5
1.3
1 3
8.0
2.0
2.0
13.1
5 .2
1 3
3.9
24.7
16.9
13.8
3.2
(3)
(3)
5.9
(3)
(3)
7.9
7.8
7.2
}
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
producing industries
Distributive
industries
Service
industries
Government
Less employee
Other
contrilabor
butions income5
for
social
insurance
Dividends
Proand
prietors1
perand
sonal
rental
income8 interest
income
Transfer
payments7
Nonagricultural
income
L929
85.1
50.0
50.2
21.5
15.5
8.2
5.0
.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
1939
1940
1941
1942
1943
1944 . . . . .
1945
1946
1947
1948
1949.
1950^
72.6
78.3
95.3
122.7
150.3
165.9
171.9
177.7
191.0
209.5
206.1
223.2
45.1
48.9
60.9
80.7
103.6
114.9
115.3
109.2
119.9
132.2
132.0
142.1
45.7
49.6
61.7
81.9
105.4
117.1
117.7
111.3
122.0
134.3
134.2
145.0
17.4
19.7
27.5
39.1
49.0
50.4
45.9
46.1
54.3
60.2
57 0
63.2
13.3
14.2
16.3
18.0
20.1
22.7
24.7
30.9
35.1
38.8
39.4
40.8
6.9
7.3
7.8
8.6
9.5
10.5
11.5
13.7
15.3
16.6
17.4
18.6
8.2
8.5
10.2
16.1
26.8
33.5
35.6
20.6
17.2
18.7
20.4
22.4
.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
2.9
3.3
14.7
16.3
20.8
28.4
32.8
35.5
37.5
42.0
42.4
47.3
41.7
43.6
9.2
9.4
9.9
9.7
10.0
10.6
11.4
13.2
14.5
16.1
17.2
19.2
3.0
3.1
3.1
3.2
3.0
3.6
6.2
11.4
11.8
11.2
15.0
66.3
71.5
86.1
109.4
135.2
150.5
155.7
158.8
170.8
187 0
188 2
205 .6
1949—December
208.4
132.9
135.1
57.0
39.3
17.8
21.0
2.2
3.1
40.6
18.9
12.9
191.1
1950—January
February
March
April
May
June
July
August . . . . . .
September . . . .
October
November. . .
DecemberP . . . .
214.6
r
215.5
219.3
213.8
214.5
217.1
220.7
225.4
228.7
231.1
232.9
240.7
132.2
131.5
133.6
135.3
137.7
140.2
141.7
145.5
147.8
150.7
152.1
153.5
135.0
134.2
136.4
138.1
140.5
143.2
144.5
148.5
150.6
153.8
155.1
156.4
56.7
55.8
57.7
59.1
60.9
62.7
63.3
65.6
66.5
68.6
69.1
69.9
39.5
39.3
39.6
39.7
40.1
40.7
40.9
41.7
41.6
41.9
41.9
41.8
17.9
18.1
18.1
18.2
18.5
18.6
18.7
18.8
18.8
19.2
19.3
19.3
20.9
21.0
21.0
21.1
21.0
21.2
21.6
22
23.7
24.1
24.8
25.4
2.8
2.7
2.8
2.8
2.8
3.0
2.8
3.0
2.8
3.1
3.0
2.9
3.0
3.0
3.3
3.3
3.4
3.4
3.4
3.4
3.4
3.4
3.4
3.4
43.5
41.0
40.2
39.8
41.5
42.3
45.5
46.1
45.0
45.7
46.2
46.9
17.5
17.7
18.0
18.2
17.8
17.8
17.8
18.4
21.1
19.2
19.4
25.3
18.4
'22.3
24.2
17.2
14.1
13.4
12.3
12.0
11.4
12.1
11.8
11.6
195 2
ri99
203.
198.
198.
200.
202.
207.3
211.2
212.7
213.9
223.6
12.3
r
p Preliminary.
Revised.
1
Includes construction expenditures for crude petroleum and natural gas drilling.
2
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
3
Less than 50 million dollars.
4
Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries.
5
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
6
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well as consumer bad debts and other business transfers.
8
Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net
interest and net dividends paid by agricultural corporations.
NOTE.—Details may not add to totals because of rounding.
Source.—Same as preceding page.
FEBRUARY 1951
217
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
Total
Automobile
Other
Sale credit
Loans *
Total
noninstalment
credit
Singlepayment
loans 2
Charge
accounts
Service
credit
1929
6,252
3,158
2,515
1,318
1,197
643
3,094
749
1,749
596
1933
3,439
1,588
1,122
459
663
466
1,851
303
1,081
467
1939
1940
1941
1942
1943
1944 .
1945
1946
1947
1948
1949
1950?
7,031
8,163
8,826
5,692
4,600
4,976
5,627
8,677
11,862
14,366
16,809
20,093
4,424
5,417
5,887
3,048
2,001
2,061
2,364
4,000
6,434
8,600
10,890
13,478
2,792
3,450
3,744
1,617
1,267
1,729
1,942
1,525
1,721
1,802
1,135
1,648
3,086
4,528
6,240
7,923
1,151
1,961
3 J44
4,134
1,104
1,935
2,567
3 096
3,789
1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3,348
4,072
4,650
5,555
2,607
2,746
2,939
2,644
2,599
2,915
3,263
4,677
5,428
5,766
5,919
6,615
530
536
565
483
414
428
510
749
896
949
1.018
1,326
1,544
1,650
1,764
1,513
1,498
1,758
1,981
3,054
3,612
3,854
3,909
4,227
533
560
610
648
687
729
772
874
920
963
992
1,062
1949—November
December
15,884
16,809
10,441
10,890
5,880
6,240
3,085
3,144
2,795
3,096
4,561
4,650
5,443
5,919
996
1,018
3,454
3,909
993
992
1950—January
February
March.
April
16,368
16,159
16,338
16,639
17,077
17,651
18,295
18 842
19,329
19 398
19,403
20,093
10,836
10,884
11,077
11,322
11,667
12,105
12,598
13,009
13,344
13,389
13,304
13,478
6,174
6,213
6,334
6,511
6,733
6,995
7,343
7,613
7,858
7,879
7,805
7,923
3,179
3,256
3,355
3,470
3,600
3,790
3,994
4,107
4,213
4,227
4,175
4,134
2,995
2,957
2,979
3,041
3,133
3,205
3,349
3,506
3,645
3,652
3,630
3,789
4,662
4,671
4,743
4,811
4,934
5,110
5,255
5,396
5,486
5,510
5,499
5,555
5,532
5,275
5,261
5,317
5,410
5,546
5,697
5,833
5,985
6,009
6,099
6,615
1,027
1,034
1,045
1,067
1,092
1,116
1,133
1,157
1,197
1,250
1,298
1,326
3,506
3,233
3,211
3,241
3,290
3,392
3,527
3,636
3,741
3,703
3,739
4,227
999
1,008
1,005
1,009
1,028
1,038
1,037
1,040
1,047
1,056
1,062
1,062
May
June
July
August
September
October
November?... .
December?....
482
175
200
227
544
882
891
942
707
691
715
P1 Preliminary.
Includes repair and modernization loans insured by Federal Housing Administration.
2
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics.
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amounts outstanding
(end of period)
Year or month
Total
Commercial1
banks
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 2
panies
Loans made by principal lending institutions
(during period)
Credit
unions
Miscellaneous
lenders
Insured
repair
Comand
J
modern- mercial
banks
ization3
loans
Small
loan
companies
Industrial
banks 2
Industrial
loan
com-2
panies
Credit
unions
1929
643
43
263
21 9
23
95
463
41 3
38
1933
466
29
246
121
20
50
322
20?
32
1939
1940
1941
1942
1943....
1944
1945
1946 . .
1947
1948 . . .
1949
1950?
1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3 348
4,072
4.650
5,555
523
692
784
426
316
357
477
956
1,709
,951
2,433
448
498
531
417
364
384
439
597
701
817
929
1949—November..
December..
4,561
4,650
1,944
1,951
1950—January. . . .
February...
March
,
April
May
4,662
4,671
4,743
4,811
4,934
5 110
5,255
5,396
5,486
5,510
5,499
5,555
1,957
1,973
2,026
2,066
2,134
2 233
2,316
2,401
2,462
2,460
2,435
2,433
June
July
August
September. .
October. . . .
November?.
December?..
1,084
131
132
134
89
67
68
76
117
166
204
250
291
99
104
107
72
59
60
70
98
134
160
175
203
135
174
200
130
104
100
103
153
225
312
402
525
96
99
102
91
86
88
93
109
119
131
U2
157
200
268
285
206
123
113
164
322
568
739
801
862
875
929
244
250
173
175
394
402
137
142
931
928
936
945
959
978
995
251
254
258
262
267
275
282
290
295
294
292
291
175
174
176
178
182
187
192
197
201
201
200
203
404
408
421
431
450
474
495
514
524
524
521
525
142
142
143
144
145
147
149
150
150
152
153
157
1,009
1,010
1,026
1,037
1,084
680
1,793
2 636
3,069
3,282
3,874
827
912
975
784
800
869
956
1,231
1 432
1,534
1.737
1,946
261
255
255
182
151
155
166
231
310
375
418
481
194
198
203
146
128
139
151
210
282
318
334
358
237
297
344
236
201
198
199
286
428
577
712
894
794
801
269
280
161
232
36
41
28
31
64
69
802
792
783
785
797
816
826
835
844
853
861
862
269
268
336
307
348
379
381
387
356
298
257
288
131
126
163
154
168
175
166
166
149
149
165
234
37
34
43
37
43
46
45
46
40
39
34
37
27
25
31
28
32
34
32
33
32
28
27
29
59
61
78
70
83
93
84
88
76
66
64
72
1,017
1,198
792
639
749
942
p1 Preliminary.
Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount
offother retail direct loans not shown separately. Other retail direct loans outstanding at the end of December amounted to 100 million dollars,
and other
loans made during December were 11 million.
2
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans 3 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration,
218
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
Household
appliance
stores
All
other
retail
stores
Jewelry
stores
1929
1,197
160
583
265
56
133
1933
663
119
299
119
29
97
1,525
1,721
1,802
1,135
377
439
466
252
172
183
198
337
650
874
536
599
619
440
289
293
296
386
587
750
935
93
110
120
76
57
56
57
89
144
152
163
246
271
284
179
111
109
113
174
305
404
488
127
163
1939
1940
1941.
1942
1943 .
1944.
1945
1946
1947,
1948
1949
1950?
1,104
1,935
2,567
3,096
3,789
1,010
1,243
1,033
273
302
313
188
78
50
51
118
249
387
500
717
1949
November.
December.
2,795
3,096
906
1,010
858
935
464
500
1950
January...
February..
March....
April
May
June . . .
July
August
September.
October ..
November?
December?
2,995
2,957
2.979
3,041
3,133
3,205
3,349
3,506
3,645
3,652
3,630
3,789
975
958
902
891
491
492
627
616
960
979
899
913
935
947
976
998
502
518
537
561
597
658
702
705
702
717
618
631
650
665
695
727
756
758
753
796
707
691
715
1,011
1,032
1,081
1,123
1,159
1,170
1,172
1,243
1,028
1,019
1,003
1.033
7S 6
440
488
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Total
Retail instalment paper 2
Automobile
Other
Repair
and
modernization
loans 12
Personal
instalment
cash
loans
Outstanding at end
of period:
1947
1948.
1949
1950?
233.5
286 2
343.2
391.0
50 0
66 6
93 6
118.5
30.2
43.4
63.1
79.7
43.3
51.7
55 4
54.9
110.0
124.5
131.1
137.9
1949—November..
December..
336.3
343.2
55.4
54 7
54 2
53.0
52 8
53.5
54.2
54 9
55.5
56.1
56.1
55.7
54.9
129.9
131.1
344.6
347 4
350.5
355.0
361.8
371.0
380 4
389 8
396 4
395.6
392.9
391.0
59.2
63.1
63.9
65 2
66 9
68 9
70.7
71.9
73 4
76 2
79 3
80 3
79.9
79.7
55.5
1950—January
February.. .
March
April
May
June
July
August
September .
October
November?
December?.
91.7
93.6
96.1
98 6
100.4
102 6
105.6
111 9
115 8
119.4
121.9
121.5
120.6
118.5
129.9
129 4
130.2
130.7
132 0
133.0
136 3
138.7
139.1
137.7
136.7
137.9
Volume extended
during month:
1949—November..
December..
45.8
47.0
13.7
11.9
10.3
4.2
3.3
19.1
21.5
1950—January
February.. .
March
April
May
June
July
August....
September .
October
November?
December?.
41.9
40.3
47.3
43.1
48.9
51.1
50.5
52.7
47.2
43.5
37.2
40.3
12.3
12 6
13 5
12.7
13 9
15 7
16.2
15.4
13 7
11.3
2.7
2.7
2.5
3.0
4.2
4.3
3.9
4.1
3.9
3.9
3.0
2.6
19.1
17.4
21.6
18.6
21.2
22.2
21.5
22.2
19.1
18.7
17.9
20.6
8.7
9.1
8.8
7.8
7 6
9 7
8.8
9 6
8 9
8.9
11.0
10.5
9.6
7.6
8.0
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Other
retail,
purPur- Direct chased
and
chased loans direct
Automobile
retail
Year or month
Total
Outstanding at end of
period:
1947
1948
1949
1950?
1949—November. . .
December. . .
1950—January
February....
March
April
May
June
July
August
September., . .
October
November?.. ,
December?. . ,
Volume extended during month:
1949—November....
December
1950—January
February
March
April
May
June
July
August
September....
October
NovemberP .. ,
December?. . .
2,701
3,563
4,416
5,650
4,326
4,416
4,465
4,494
4,595
4,688
4,862
5,084
5,291
5,493
5,685
5,726
5,661
5,650
576
593
554
542
646
607
721
768
789
799
782
647
517
558
536
736
854
915
1,147 1,226
835
922
854
915
866
922
888
935
922
964
953
992
992
,035
,050
,096
,110
,158
,143
,217
,177
,251
,180
,254
,159 1,234
,147 1,226
346
570
118
113
111
117
142
130
148
165
174
157
152
123
91
94
Repair
and
modernization
loans12
523
751
922
1,265
868
922
953
941
966
983
1,028
1,064
1,112
1,178
1,258
1,282
1,261
500
796
636
870
781
944
905 1,107
772
929
781
944
779
945
783
947
774
969
780
980
804 1,003
834
,040
851
,060
872
,083
891
.108
905
,105
907
,100
905
,107
1,265
115
105
116
124
151
141
164
184
191
190
174
132
101
116
Personal
instalment
cash
loans
131
154
67
57
47
49
42
52
74
82
80
82
75
71
55
48
137
118
139
129
163
154
167
187
211
166
124
139
145
164
143
134
172
155
172
183
177
183
170
155
146
161
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Outstanding at end
of period:
1947
1948
1049
1950?
1949—November .
December .
1950—January . .
February . .
March.. . .
April
May
June....
July
August
September .
October....
November?
December P.
Volume extended
during month:
1949—November..
December..
1950—January
February...
March
April
May
June
July
August....
September .
October
November?
December?.
Total
Retail instalment paper 2
Repair Personal
instaland
modern- ment
cash
ization
loans
loans l 2
Automobile
Other
148.2
177.1
194 7
226.7
192.5
194.7
194.8
193.7
196.2
198.7
202.8
208.7
214.3
219.9
223.8
224.0
223.3
226.7
27.1
38.3
43 5
58.0
44 1
43.5
44.3
44.6
46.1
47.5
49.5
52 3
54 8
55 9
57.2
57.4
57.3
58.0
17.1
23 7
31 4
41.1
30.5
31.4
31 1
30 8
31.0
31.6
32.7
34.3
35.9
39.2
41 1
41.7
40.9
41.1
4.2
5.0
6.5
7.3
6.3
6.5
6.6
66
6.5
6.4
6.7
6 9
7.2
7.3
7 4
7.3
7.3
7.3
99 8
110.1
113.3
120.3
111.6
113.3
112.8
111.7
112.6
113.2
113.9
115.2
116.4
117.5
118.1
117.6
117.8
120.3
28.7
31.3
27.7
25.4
31.2
29.2
33.1
35.4
34.8
5.7
5.4
6.5
5.6
7.3
6.9
7.9
8.9
9.1
8.1
7.5
6.8
6.1
6.3
4.0
4.4
3.3
0.5
0.4
0 3
0 3
0 3
0 4
0 5
18.5
21.1
17.6
16.0
19.6
18.0
19.9
20.7
19.5
19.6
18.9
17.2
17.1
19.7
35.5
32.8
29.3
27.4
30.2
3 5
4.0
3.9
4.8
5.3
5.7
7.3
6.0
4.9
3.8
3.9
0.5
0.5
0.5
0.4
0.4
0.4
0.3
1
p Preliminary.
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans_and paper purchased.
2
FEBRUARY
1951
219
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Item
Dec.
1950P
Net sales:
Total
+36
+48
+37
+29
Credit sales:
Instalment
Charge account
Accounts receivable, end
of month:
Total
Instalment
+5
+6
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE
Percentage change
from corresponding
month of preceding
year
Nov.
1950
Oct.
1950
Dec.
1950?
Nov.
1950
-6
-1
-10
-1
-9
-3
-17
-11
+5
+18
4
+12
-15
+18
+9
-1
-1
0
0
+9
+ 14
+9
Oct.
1950
+6
+19
+20
+ 16
-2
+27
+26
+22
Collections during
month:
Total
Instalment
.
+2
+1
-4
-5
+4
+6
+ 16
+9
+20
+13
+25
+ 19
[nventories, end of
month, at retail value.
-6
+2
+ 12
+34
+30
+30
Preliminary.
Charge
accounts
Instalment accounts
Year or month
Furniture
stores
20
20
11
10
12
12
13
16
54
52
18
17
19
17
18
17
17
18
18
18
17
18
10
10
12
11
(J)
49
47
1949
November
1950
January
February
March
April
May
June
July .
August
September
October
November
December?
Household ap- Jewelry
pliance
stores
stores
Department
stores
.
11
10
10
10
11
11
11
11
10
11
12
11
Department
stores
53
50
(*)
12
52
10
11
(*)
11
51
49
(*)
50
10
11
10
10
51
51
51
49
CO
P Preliminary.
1
Collections during month as percentage of accounts outstanding at
beginning
of month.
2
Collection of these data for jewelry stores was discontinued after
December 1949.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average=100
1949—November
December
1950—January
February .
March
April
May
June .
. . .
July
August
September
.
43
38
34
32
32
37
39
41
••41
42
9
42
Instalment
Charge
account
100
102
103
112
125
176
200
219
100
78
46
38
37
50
88
142
165
233
189
214
100
91
79
84
94
138
174
198
196
210
213
285
100
110
107
112
127
168
198
222
224
237
232
245
48
56
61
64
64
59
55
52
••51
48
209
207
209
222
191
185
100
103
80
70
69
91
133
181
200
250
211
227
233
222
250
319
241
230
190
226
210
49
48
49
49
48
48
47
46
46
47
48
50
100
114
130
145
162
202
214
225
213
220
100
131
165
188
211
242
237
236
216
213
247
380
100
82
71
66
67
101
154
192
••200
246
••212
223
265
••329
••259
••370
••161
173
184
»-230
••214
226
207
259
292
306
269
248
343
163
154
202
204
217
208
181
209
238
236
268
395
152
199
201
205
199
173
196
217
216
249
388
9
6
5
4
4
4
6
7
8
10
9
8
10
11
10
Charge
account
Instalment
r
Charge
account
sales
Instalment
Cash
••163
156
203
204
212
203
184
210
234
229
257
387
Instalment
sales
Charge
Total
253
372
Cash
sales
account
212
217
219
230
241
256
260
259
275
194
194
184
191
210
216
233
313
231
230
229
250
269
283
278
294
212
221
244
251
257
48
••51
9
9
12
Ototo
1Q46
1947
1948
1949
1950?
Collections during
month
to to to
—• to to
ON ON to
Averages of monthly
data:
1941
1942
1943
1944 .
1945
November
December?
Accounts receivable
at end of month
Sales during month
Year or month
Percentage of tot il sales
9
8
r
43
41
41
41
41
43
43
41
42
42
43
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. 211.
220
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS *
Chart
book
page 1
1950
Dec.
27
WEEKLY FIGURES s
1951
Jan.
3
Jan.
Jan.
17
Jan.
24 2
In billions of dollars
21.72 21.88 21.24
20.34 20.57 20.46
.87 1.17 1.11
14.88 4 14.78 14.68
4.59 4.62 4.67
22.80 22.71 22.55
27.92 27.69 27.42
2.08
1.85
1.58
17.17 17.69 17.50
4.62 4.73 4.61
1.19
1.22
1.20
6.70 6.85
6.80
4.81
4.89 4.88
16.42 16.50 16.39
.76 1.19 1.11
(5)
21.92
20.80
1.26
14.79
4.75
22.49
27.20
1.41
18.59
4.76
1.27
7.18
4.96
^17.58
Pi.01
.17
.70
.08
.01
.31
.77
.05
(5)
.27
.75
71.79
33.67
21.56
9.34
2.78
6.52
51.64
1.70
31.60
17.84
5.27
71.21
33.29
21.57
49.25
2.47
6.50
51.29
1.32
31.42
17.86
5.28
70.82
33.05
21.49
9.18
2.37
6.49
51.31
1.21
31.29
17.92
5.29
70.45
32.63
21.40
9.03
2.21
6.52
51.70
1.39
31.30
17.97
5.30
2.48
2.33
2.21
2.18
.59
1.60
5.89
-.02
MONEY RATES, ETC.
.87
.69
.65
1.61
5.90
1.64
5.88
1.56
5.89
20.89 20.64 20.27 19.98
9.08
8.84 8.64 8.44
6.06
6.14 6.08 6.01
4.42
4.49 4.43 4.37
1.95 U . 9 3
1.86
1.82
1.07
.77
.70
.62
16.12 15.76 15.82 15.82
.43
.36
.33
4.42
1.61
9.93
6.31
4.71
1.59
9.92
6.36
4.37
1.59
9.76
6.37
.60
.82
.27
.45
.83
.28
.43
.76
.28
1.75
1.74
1.75
50.90
24.60
15.50
7.38
1.71
35.53
1.26
7.62
13.61
21.67
11.53
4.83
50.57
24.45
15.44
47.32
1.70
35.53
50.55
24.40
15.41
7.32
1.67
35.49
.96
.89
8.25
7.79
13.67 13.71
21.50 21.53
11.50 11.56
4.84 4.85
.79
.76
.74
4.58
4.58
4.58
21.61
20.55
1.17
14.63
4.75
22.44
27.03
1.56
18.26
4.76
1.26
7.13
5.16
^17.62
P. 64
.02
(5) - . 0 1
.15
.18
P. 72 P. 58
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
15
U. S. Govt. securities, total. 15
Bonds, total holdings. . . . 17
Due or callable—5 years 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
For purchasing securities:
To brokers:
On U. S. Govts
19
On other securities... 19
To others
19
Real estate and o t h e r . . . . 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
.37
4.37
1.55
9.64
6.36
.37
.76
.28
1.76
50.47
24.19
15.39
7.21
1.59
35.88
1.02
7.75
13.69
21.66
11.61
4.86
.77
4.57
Per centper annum
U. S. Govt. securities:
Bills (new issues)
23 1.382 1.381 1.387 1.391
Certificates
23 1.47 1.47 1.47 1.47
3-5 years
23 1.65 1.66 1.67 1.66
7-9 years
23 1.98 1.99 1.98 1.94
15 years or more
23, 25 2. 39 2 .40 2.39 2.38
Corporate bonds:
Aaa
25 2. 66 2 .66 2.66 2.66
Baa
25 3.19 3 .19 3.18 3.17
High-grade municipal bonds. . 25 1.72 1.69 1.63 1.60
1950
Dec.
27
WEEKLY FIGURES 3—Cont.
RESERVE BANK CREDIT, ETC.
Reserve Bank credit, t o t a l . . . . 2
U. S. Govt. securities, total. 3
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
County banks
5
Required reserves
4
Excess reserves, total e
4
New York City
5
Chicago
5
Reserve city banks
5
Country banks e
5
Chart
book1
page
MONEY RATES, ETC.
1951
Jan.
Jan.
10
Jan.
Jan. 2
'24
In unit indicated
Cont.
Stock prices (1935-39 =100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
27
27
27
27
27
162
175
145
106
165
178
148
107
166
179
148
108
171
186
157
110
3.21
3.26
3.22
3.38
169
183
152
109
2.37
PRODUCTION AND DISTRIBUTION
Production:
Steel (thous. tons)
66 1,931 1,963 1,981 1,992 2,017
155
Automobile (thous. c a r s ) . . . 66
130
93
133
150
Crude petroleum
(thous. bbls.)
67 5,691 5,710 5,684 5,973
Bituminous coal (mill, tons). 67 1.88 2.01 1.97 1.86 1 .90
243
Paperboard (thous. t o n s ) . . . 68
139
208
241
244
377
Meat (mill, lbs.)
68
321
337
400
395
Electric power (mill. kw. hrs.) 70 6,479 6,602 6,981 6,909 6,976
Freight carloadings (thous. cars):
602
780
784
662
783
Total
69
392
Miscellaneous
69
305
331
383
392
Department store sales
301
237
285
305
278
(1935-39=100)
70
70.38
32.44
21.34
9.02
2.08 Wholesale prices:
6.50
Indexes(1926=100):
51.68
Total
1.5:
Farm products
31.44
Foods
18.0:
Other commodities
5.30
Basic commodities
(Aug. 1939=100):
2.2
Total
.6.
Foodstuffs
1.62
Industrial materials
5.9.
Selected materials:
Rubber (cents per lb.)
20.09
Hides (cents per lb.)
8.48
Steel scrap (dollars per ton)
5.99
Cotton (cents per lb.)
4.34
Print cloth (cents per yd.).
1.83
Wool tops (cents per lb.). .
.65
Wool (cents per lb.)
16.02
Selected foodstuffs:
.40
Winter wheat (cents per
4.22
bu.)
1.54
Corn (cents per bu.)
9.75
Steers (dollars per 100 lbs.)
6.38
Hogs (dollars per 100 lbs.)
Cows (dollars per 100 lbs.)
Coffee (cents per lb.)
.42
Cocoa (cents per lb.)
.79
Butter (cents per l b . ) . . . .
.28
Eggs (cents per doz.)
1.76
50.29
23.97
15.35
7.19
MONTHLY FIGURES
1.43
35.67
1.13
DEPOSITS AND CURRENCY
7.16
13.68
6
21.
11.64 Deposits and currency:
4.87
Total deposits and currency.
.79 Total deposits adjusted and
4.60
currency
Demand deposits adjusted .
Time deposits adjusted....
1.389
1.47
Currency outside banks. .
1.66 U. S. Govt. deposits
Money in circulation, total. .
Bills of $50 and over
$10 and $20 bills
1.59 Coins, $1, $2, and $5 bills. .
75
75
75
75
176.0
190.6
181.4
165.9
176.8
189.3
181.9
167.1
178.1
191.9
183.0
167.8
178.7
191.5
182.1
168.9
180.0
196.4
183.9
169.3
77 366.6 369.4 378.4 385.5 389.5
77 384.3 387.0 396.2 397.6 397.7
77 355.3 357.8 366.7 375.6 383.7
78 79.0 71.8 72.4 71.2 72.1
78 37.0 38.4 40.5 42.5 42.5
78 45.1 45.1 45.1 46.1 46.1
78 43.3 43.6 44.0 44.3 44.7
78 22.7 22.8 22.8 23.2 23.7
78 352.0 376.9 383.6 395.0 417.9
78 250.0 270.0 320.0 320.0 340.0
79
79
79
79
79
79
79
79
79
237.7
173.5
34.08
20.76
21.50
54.4
34.4
70.0
44.6
238.1
178.2
34.42
20.89
21.67
54.9
35.0
71.6
44.5
239.0
175.3
34.74
21.05
22.25
55.2
36.9
71.2
39.9
237.9
172.1
35.30
21.27
23.50
55.5
37.4
68.6
37.3
239.5
172.7
35.00
21.47
23.58
55.4
37.0
68.5
39.0
1950
Dec.2
Nov.
Oct.
In billions of dollars
6
P176.5O
P177.7O
P180.80
6
6
6
6
6
7
7
7
7
P173.OO
P89.40
P59.10
P24.60
P3.50
27.23
8.33
14.26
4.64
P174.20
P90.70
P58.60
P24.80
P3. 50
27.59
8.35
14.53
4.72
P177.2O
P93.20
P59.00
P25.00
P3.60
27.74
8.44
14.53
4.78
For footnotes see p. 225.
FEBRUARY
1951
221
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS—Continued
Chart
book
page 1
Nov.
Oct.
Annual rate
MONTHLY FIGURES—Cont.
Chart
book
page 1
1950
Dec.2
1950
Nov.
Oct.
Dec.2
Per cent
MONTHLY FIGURES—Gont.
MONEY RATES, ETC.
DEPOSITS AND CURRENCY
Turnover of demand deposits:
New York Citv
Other leadincf cities
Cont.
7
&
8
COMMERCIAL BANKS
Cash assets e
Loans and
investments, total e
Loans e
U S Govt securities e
Other securities e
....
9
9
9
9
...
Holdings of U. S. Govt. securities:
Within 1 year:
Total
Bills
Certificates
Over 1 year:
Total
Notes and bonds (1-5 yrs.)
Bonds (5-10 yrs.)
Bonds (over 10 yrs.)
9
10
10
10
10
10
10
10
10
Treasury bills (new issues)
22
Corporate bonds:
22
Aaa
....
.
31 0
32 3
31 7
22
Baa
20 9
20 5
21 5
22
F. R. Bank discount rate
22
Commercial paper
Stock yields:
In billions of dollars
Dividends/price ratio:
26
Common stock
P28.40 P28.70 P30.60
Preferred stock
26
P124.50 P125.50 P127.6C
P49.90 P51.7O P52.8C
P62.50 P61.80 P62 40
P12.10 P12.10 P12.30
Margin requirements (per cent)
28
Stock prices (1935-39=100), total. . .
28
Volume of trading (mill, shares)
28
Stock market credit (mill, dollars):
20 38 19.89
3 94
Bank loans
3 37
28
1.97
2.02
Customers' debit balances
28,29
29
14 48 14 50
Money borrowed
Customers' free credit balances.. . .
29
34 96 34 68
24.70 24.43
6.07
6.09
4.17
4.19
All member banks:
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 e
Time deposits
..
Balances due to banks
Reserves
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
Country banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
..
Demand deposits adjusted e
Time deposits
Balances due from banks
Reserves
... .
12
12
12
12
12
12
12
12
12
12
13
13
13
13
13
13
13
13
13
13
13
13
13
13
13
13
13
105.26 106.14
42.35 43.97
52 82 52 05
10.10 10.12
75.79 76.82
29.46 29.28
11.46 11.76
5 72
5 88
16 73 16 74
25.27
10.77
12 12
2.38
19.48
2 85
5.03
5 67
25.59
11.53
11.72
2.34
19.79
2 94
4.99
5 61
39.84
16 93
19 30
3 61
27.21
11 66
5.49
1 82
6 45
40.13
17 54
18 96
3 64
27.44
11 56
5.75
1 82
6 48
40.14
14.64
21.39
4 11
29.11
14.95
3 75
4 61
40.41
14.91
21.37
4 14
29.60
14.78
3 90
4 65
LENDING INSTITUTIONS OTHER TIIAN
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
1.364
1.367
2 67
3.22
1.75
1.73
2.67
3.22
1.75
1.69
2.67
3.20
1.75
1.72
6.76
3.88
7.12
3.88
6.89
3.89
In unit indicated
50
158
2.14
546
50
156
2.03
566
50
158
2.77
570
1,351
1,360
1,355
759
771
774
796
745
890
In billions of d ollars
GOVERNMENT FINANCE
MEMBER BANKS
Loans and investments, total
Loans
.
TJ S Govt securities
Other securities
..
Demand deposits adjusted «
Time deposits
Balances due to banks
Balances due from banks
Reserves
1.329
20
20
20
20
20
20
20
20
20
20
22 29
11 09
7.69
2 35
1.21
62.70
23.91
15.30
13 89
9.61
22 28
10 95
7.84
2 32
1.17
63.02
24.16
15.65
13 59
9.62
Gross debt of the U. S. Government:
Total (direct and guaranteed)
Bonds (marketable issues)
Notes, certificates, and bills
108.08
Savings bonds, savings n o t e s . . . .
45.07
Special issues
52 68
Guaranteed, noninterest-bearing
10.33
debt, etc
78.76
29.48 Ownership of U. S. Govt. securities:
Total:
12.17
Commercial banks e
6 14
Fed. agencies and trust funds. . .
17 39
F. R. Bankse
Individuals
Corporations e
26.59
12.03
Insurance companies e
12 09
Mutual savings banks e
State and local govts. •
....
2.47
Miscellaneous *
20.07
3 06 Marketable public issues:
By class of security:
5.20
Bills—Total outstanding
5 94
Commercial bank and F. R.
Bank
F. R. Bank
40.90
Notes and certificates—Total
18 03
outstanding.
. ...
19 18
Commercial bank and F. R.
3 69
Bank
28.11
F. R. Bank
11 62
5.91
Bonds—Total outstanding. . . .
Nonbank (unrestricted issues
1 94
only), commercial bank,
6 69
and F. R Bank
Commercial bank and F. R.
Bank
40.59
F. R. Bank
15.01
By earliest callable or due date:
21.41
4 17
Within 1 year-Total outstandinjI
Commercial bank and F. R.
30.58
Bank . .
14.81
F. R. Bank
4 02
1-5 years—Total outstanding.
4 76
Commercial bank and F. R.
Bank
F. R. Bank
5-10 years—Total outstanding
Nonbank (unrestricted issues
only), commercial bank,
and F. R. Bank
22 41
10 90
Commercial Bank and F. R
Bank
8.03
F. R. Bank
2 33
1.15
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
256.96 257.10 256.73
96.83 96.83 94.19
55.95 55.93 58.26
66.95 66.93 66.66
33.54 33.73 33.71
30
3.68
3.68
31
31
31
31
31
31
31
31
31
62.10
39.01
19 25
67.30
19.90
19.50
11.10
8.10
10.80
61.30
39.16
19.69
67.30
20.10
19.20
10.90
8.10
11.30
3.91
20.78
32
13.63
13.61
32
32
4.70
.76
4.49
1.11
1.30
32
42 32
42.32
44.63
32
32
30.32
14.31
96.83
30.22
14.22
96.83
14.86
94.19
32
13.63
32
51 21
51 30
32
32
39.57
4.18
39.55
4.36
4.62
33
53.77
59.00
58.01
33
33
33
30.88
10 51
37.95
35.54
15.66
32.70
16.00
33.38
33
33
33
30.42
5.72
15.93
25.32
.90
15.93
1.28
17.41
33
8 47
8.46
33
33
7.07
1 00
7.07
.98
.98
33
45 13
45.13
43.65
33
6.97
7.07
33
6.21
2.03
6.33
2.16
33
2.51
For footnotes see p. 225.
222
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS— Continued
Chart
book
page 1
1950
Oct.
Nov.
In millions of dollars
MONTHLY FIGURES—Cont.
GOVERNMENT FINANCE
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): '
Total
Wage and salary receipts
Proprietors' income, dividends, and
interest
All other
52
52
52
52
EMPLOYMENT
Labor force (mill, persons):«
Total
Civilian
Unemployment
Employment
Nonagricultural
Employment in nonagriculturale establishments (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
MONTHLY FIGURES—Cont.
Oct.
Nov.
Dec*
In unit indicated
PRODUCTION AND DISTRIBUTION
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 8 . .
Series A-E:
Sales
Redemptions
Net sales or redemptions . . . .
Series F 8and G:
Sales.
Redemptions
Net sales or redemptions 8 .
Chart
book
page 1
Dec.2
53
53
53
53
53
54
54
54
54
54
54
54
55
55
55
55
55
55
55
55
55
Industrial production: 7
Total (1935-39 = 100)
56, 57
Points in total index:
Durable manufactures
56
218
236
257
Nondurable manufactures....
56
479
154
311
Minerals
56
-93
+ 103
-243
Indexes (1935-39=100):
Durable manufactures
57
Nondurable manufactures. . .
57
305
364
350
Minerals
57
454
411
468
durable manufactures
+ 73 Selected
+517
+25
(1935-39=100):
Nonferrous
metals
58
284
246
271
Steel
58
P3 79
P375
P331
Cement
58
-85
-95
-104
Lumber
58
Transportation equipment
58
79
59
81
Machinery
58
P80
P88 Selected nondurable manufactures
P79
+621 P + 1 1 0 P + 1 7 0
(1935-39=100):
Apparel wool consumption....
59
Cotton consumption
59
In billions of dollars
Paperboard
59
Newsprint consumption
59
Fuel oil
59
Gasoline
59
4.49
2 A3
3.49
Industrial chemicals
59
4.00
3.34
3.42
Rayon
59
-.91
+ .07 + .48
Sales, inventories, and7 new orders:
Sales (bill, dollars) :
Manufacturing, total
60
Durable
60
19.40 P19.40 P20.09
Nondurable
60
PI.30
1.25
PI .33
Wholesale,
total
61
3.70 P3. 74 P4 2S
Durable
61
PI.06
1.06
PI. 06
Nondurable
61
13.39 P13.30 P13.48
Retail, total
61
P5.56
5.51
P5 .50
Durable
61
P7.92
7.88 P7.81
Nondurable
61
4.23 P4.18
7
Inventories
(bill,
dollars):
3.65 P3.63 P3 .79
Manufacturing, total
60
Durable
60
Nondurable
60
Trade:
Total
61
231.1 232.9 240.
Durable
61
150.7 152.1 153.5
Nondurable
61
Wholesale
61
65.6
64.9
ILL
Retail
61
15.2
15.C
15.5
New orders (bill, dollars):
Manufacturing, total
60
Durable
60
In unit indicated
Nondurable
60
Construction contracts 7(3 mo. moving
avg., mill, dollars):
Total
62
65.4
65.5
64.7
Residential
62
62.5
63.7
63.5
Other
62
1.9
2.2
Value of construction activity (mill,
61.8
61.3
60.3
dollars):
53.3
54.1
53.7
Total e
63
Nonresidentia'l: e
Public
63
45.41
45.48 P45.43
Private
63
16.54
16.55 P16.54
Residential: e
9.63
9.62
P9.66
Public
63
2.50
2.52
P2 .40
Private
63
4.14
4.13
P4.13 Residential construction:
6.57
6.58
P6 .59
Contracts awarded (mill, dollars) :
6.02
6.08
P6.12
Total
64
1- and 2-family dwellings
64
Other
64
Dwellings started (thous. u n i t s ) . . .
65
41.3
41.2
P41.6
Nonfarm mortgage lending
42.2
41.9
P42.5
(mill, dollars):
40.3
?40.5
40.3
Mortgages under $20,000
65
FHA insured home loans
65
1.501
1.514 P1.54
GI home loans 7
65
1.577
1.588 pl.615 Freight carloadings:
1.405
1.419 Pl.446
Total (1935-39 =100)
71
Groups (points in total index):
61.99
62.38 P64.15
Miscellaneous
71
66.54 P68.64
66.55
Coal
71
57.19 P58.56
56.62
All other
71
216
214
P217
99.2
91.9
25.2
98.7
91.4
24.3
P101.7
P91.5
P24.0
262
196
166
260
195
160
P268
P195
P158
217
286
214
150
292
302
220
272
214
155
279
310
P218
P280
232
162
P295
P321
179
162
238
171
210
196
488
371
148
158
240
165
209
195
493
376
158
229
162
P225
P198
P497
21.2
P21 .1
P9.7
Pll.5
P8.8
P2.4
P6.4
11.4
9.7
11.6
8.8
2.5
6.3
11.8
4.2
P21.2
P9.6
Pll.6
P9.3
P2.5
P6.8
P12.1
P4.0
P8.1
7.6
3.7
7.7
31.8
14.4
17.3
32.9
15.1
17.9
P33.8
P15.5
P18.2
26.9
9.8
17.1
10.2
16.7
P27.3
10.0
P17.2
10.5
16.8
P27.6
P10.3
P17.3
P10.8
P16.8
24.7
12.2
12.5
22.4
10.6
Pll.9
P24.2
P12.3
P12.0
1,227
542
686
1,254
523
731
1,361
548
813
2,750
2,554
2,235
714
769
638
759
521
706
30
1,237
31
1,126
28
980
490
401
89
P103
536
444
92
P85
597
467
130
1,544
241
332
1,457
236
PI.321
356
P95
204
350
136
136
140
79.2
28.6
28.6
79.9
26.7
29.4
82.7
27.5
29.6
For footnotes see p. 225.
FEBRUARY
1951
223
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS—Continued
Chart
book 1
page
1950
Oct.
Nov.
Dec.
Chart
book 1
page
2
JulySept.
June
Oct.Dec.
Per cent per annum
In unit indicated
QUARTERLY FIGURES—Cont.
MONTHLY FIGURES—Gont.
MONEY RATES
PRODUCTION AND DISTRIBUTION—Cont.
Department stores:
Indexes (1935-39 =100) -J
Sales
Stocks
296 stores:
Sales (mill, dollars)
Stocks (mill, dollars)
Outstanding orders (mill, dollars)
Ratios to sales (months' supply):
Total commitments
Stocks
290
332
325
329
361
403
1,169
1,203
442
615
957
413
4.1
3.0
2.2
1.6
72
72
291
329
73
73
73
73
73
4.9
3.2
593
PRICES
Consumers' prices (1935-39=100):
All items
Food
Apparel
Rent
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
74
74
74
74
74
174.8
209.0
193.4
125.0
159.5
175.6
209.5
195.0
125.4
160.5
178.4
215.4
196.4
125.8
162.0
75
75
75
75
76
76
76
77
77
77
76
169.1
177.8
172.5
161.5
163.1
208.5
132.2
135.4
218.9
178.6
131.3
171.7
183.7
175.2
163.7
166.7
211.6
135.6
135.6
217.8
180.4
137.6
175.3
187.5
179.1
166.6
171.2
218.6
139.6
135.6
221.5
184.7
140.5
AGRICULTURE
Prices paid and received by farmers
(1910-14=100):
Paid, etc
Received
Cash farm income (mill, dollars):
Total
Livestock and products
Crops
Apr.-
80
80
261
268
263
276
265
286
81
81
81
3,584
1,534
2,038
3,277
1,480
1,781
2,692
1,456
1,216
P905
P981
*>922
P-17
P852
P129
i,063
P862
P201
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. 245 of this BULLETIN
84,85
P7.51
P3.96
PIA8
P3 .55
P . 85
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
Pi.28
P3.56
P.85
2.68
2.34
2.67
3.22
2.63
2.32
2.63
3.13
24
24
24
24
4.50
3.94
4.58
4.70
4.51
4.06
4.56
4.71
24
24
24
24
3.65
3.35
3.62
3.83
3.63
3.33
3.59
3.83
3.73
3.44
3.70
3.91
24
24
24
24
2.94
2.73
2.82
3.17
24
24
24
24
2.39
2.16
2.45
2.82
2.95
2.72
2.87
3.15
2.34
2.15
2.39
2.67
3.21
2.57
26
5.30
14.69
2.90
In billions of clollars
GOVERNMENT FINANCE
Budget receipts and expenditures of
U. S. Treasury:
Expenditures, total
37
National defense
37, 38
Veterans Administration
38
International aid
38
Interest on debt
38
All other
38
Receipts:
Net receipts
37
Individual income taxes
38
Corporate income, etc
38
Miscellaneous internal revenue. .
38
All other
38
Tax refunds (deduct)
38
10.10
2.97
1.46
1.18
1.93
2.47
9.05
3.21
1.31
8.21
4.23
2.28
2.05
9.34
3.98
2.45
2.46
134.2
25.9
18.3
45.3
43.0
60.4
36.2
10.3
73.8
142.5
26.9
19.5
46.9
47.3
66.6
40.6
12.3
75.9
.62
.97
.83
1.05
1.94
10. 01
31
1. 36
v. 92
1. 34
1. 99
P4.
9.
3.
2.
2.
.63
.18
12
68
52
32
72
13
BUSINESS FINANCE
urrent assets and liabilities of
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
P7.16
P3. 60
2.84
2.51
2.87
3.28
4.60
4.17
4.64
4.78
24
24
24
24
39
39
39
39
39
39
39
39
39
In unit indicated
Corporate security issues:
Apr.June
QUARTERLY FIGURES
LENDING INSTITUTIONS OTHER THAN
COMMERCIAL BANKS
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:
Nonfarm mortgages
Other
JulySept.
Oct.Dec.
In billions of dollars
20
20
20
20
15 .94
12 .85
1 .54
1 .55
16.30
13.48
1.52
1.30
21
21
21
31 .85
11 .98
6 .03
33.36
12.58
6.04
21
21
21
3 .33
2 .08
.81
3.57
2.42
21
21
18 .97
.91
20.20
.82
.58
Total (bill, dollars) •
40
2.19J
New money, total (bill, dollars) e. .
Type of security (bill, dollars):
Bonds
Preferred stock
Common stock
40
1.27
40
40
40
.76
.20
.32
.61
.07
.07
41
41
41
41
958
774
81
103
577
432
Working capital:
All issuers
Public utility
Railroad
Industrial
41
41
41
41
317
165
6
Bonds (bill, dollars): e
Public
Private
40
40
.98
.65
Use of proceeds (mill, dollars):
Plant and equipment:
All issuers
Public utility
Railroad
Industrial
6!
1.12
1.48
.96
67
75
94
717
470
73
174
239
5
1
178
.37
.56
For footnotes, see p. 225.
224
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS—Continued
Chart
book
page 1
Apr.-
June
JulySept.
Oct.Dec.
In unit indicated
QUARTERLY FIGURES—Gont.
Apr.June
JulySept.
Oct.Dec.
GROSS NATIONAL PRODUCT, ETC. «
42
37 A
46.4
42
42
20.9
12.7
25.8
16.5
Corporate profits after taxes (quarterly totals):
All corporations (bill, dollars) e . . . .
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—Gont.
BUSINESS FINANCE—Cotlt.
Corporate profits, taxes, and dividends
(annual rates, bill, dollars): e 7
Profits before taxes
Profits after taxes (dividends and
undistributed profits)
Undistributed profits
Chart
book
page 1
43
5.2
6.4
43
1.5
1.8
43
43
695
353
778
464
43
43
298
155
256
253
44
4.3
4.7
44
44
3.1
2.0
3.3
2.2
Plant and equipment
expenditures
(bill, dollars): e 10
Gross national product 7
Govt. purchases of goods and services
»48.0 Personal consumption expenditures
Durable goods
9
26.7
Nondurable goods
9 15.2
Services
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: 7
Personal income
Disposable income
Consumption expenditures
Net personal saving
48
271.6
283.9
300.3
48
48
50
50
50
39.9
185.8
26.5
99.9
59.5
40.4
198.9
34.0
104.5
60.4
47.6
195.8
30.0
104.3
61.5
48
46.0
44.5
56.8
49
49
49
49
21.8
21.5
4.4
-1.7
26.3
23.0
-1.5
-3.3
26.1
22.9
11.2
-3.4
51
51
51
51
215.1
195.6
185.8
9.8
224.9
204.6
198.9
5.7
234.9
211.6
195.8
15.8
1950
All business
Manufacturing and mining; railroads and utilities
Manufacturing and mining
4.0
2.7
In billions of dollars
CONSUMER FINANCE
47
47
47
47
47
47
47
+ 10 .2 + 12.4
+0 .6 +0.1
.7
+1.7
+o
+0 .5
-0.5
+0 .8
+0.2
+1 .3
+2.1
2 .7
Dec.
31
June
30
-3 5
In billions of dollars
INSURED COMMERCIAL BANKS
Loans:
Commercial
Agricultural
Real estate
Consumer11
For purchasing securities:
To brokers and dealers
To others
State and local government securities .
Other securities
Individual savings:*
Gross savings
Liquid savings
Cash
U. S. Govt. securities
Other securities
Insurance
Debt liquidation
June
30
SEMIANNUAL FIGURES
11
11
11
11
16.29
2.73
10.89
5.29
16.94
2.96
11.41
6.00
16.81
2.82
12.27
6.89
11
11
11
11
1.97
0.90
5.76
3.49
1.75
0.86
6.40
3.57
1.86
0.91
7.24
3.72
e
1
2
Estimated.
P Preliminary.
Page references are to charts in the February issue of the Chart Book announced on p. 163 of this BULLETIN.
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.
3
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
4
No
certificates outstanding after Jan. 1, 1951. 6
5
7
Deficiency of less than 5 million dollars.
Less than 5 million dollars.
Adjusted for seasonal variation.
8
For October, November, and9 December, sales exclude, and net sales or redemptions include, a special offering amounting to 621, 631, and
177 million
dollars,
respectively.
Estimates
of
Council
of
Economic
Advisors,
based
on
preliminary
data.
10
Expenditures anticipated by business during the first quarter uof 1951 are (in billions of dollars): all business, 4.8; manufacturing and mining,
railroads and utilities, 3.4; manufacturing and mining, 2.4.
Adjusted to exclude single-payment loans of $3,000 and over.
* 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.
CONSUMER CREDIT
Chart
book
page
1950
Oct.
NOV.P
Dec.p
book
page
In millions of dollars
3
Consumer credit outstanding, total.. .
3, 5
Instalment credit, total
Instalment loans
5
5
Instalment sale credit
3
Charge accounts
3
Single-payment loans
3
Service credit
Consumer credit
outstanding, cumulative totals:1
4
Instalment credit
4
Single-payment loans .
Service credit
Consumer instalment sale credit outstanding, cumulative totals:*
All other retailers
Department stores and mail-order
houses
Furniture and household appliance stores
Automobile dealers
4
4
6
1950
Chart
19,398 19,403 20,093 Consumer instalment sale credit
13,389 13,304 13,478 granted, cumulative totals: x
5,510 5,499 5,555
By all other retailers
7,879 7,805 7,923
By department stores and mail3,703 3,739 4,227
1,250 1,298
1,326
By furniture and household appli1,062
1,062
1,056
ance stores
By automobile dealers
Consumer instalment loan credit
out19,398 19,403 20,093 standing, cumulative totals: 1
6,009 6,099 6,615
Commercial and industrial banks.
2,306 2,360 2,388
Small loan companies
1,062
1,062
1,056
Credit unions
Miscellaneous lenders
Insured repair and modernization
7,879 7,805 7,923
loans
6
7,121
7,052
7,127
6
6
5,951
4,227
5,880
4,175
5,884
4,134
Oct.
Nov.?
Dec.P
In millions of dollars
7
862
728
930
7
753
630
764
7
7
587
405
478
321
541
315
8
8
5,510
2,756
1,730
1,206
5,499
2,772
1,735
1,214
5,555
2,831
1,747
1,222
8
853
861
8
8
862
P Preliminary.
1
The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived
by subtracting from the figures shown, the total immediately following it.
FEBRUARY
1951
225
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1950
System
Current Earnings
Discounts and advances
Industrial loans
Commitments to make industrial loans.
U. S. Government securities
All other
Total current earnings
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
$2,034,591 $106,280
$810,629
$73,756 $186,687 $107,038
$78,262
115,659
776
23
100,538
5,611
129
10,859
4,074
20
456
272,915,591 18,806,327 63,705,071 18,142,248 25,286,364 17,623,679 14,611,876
214,945
149,460
10,970
762,294
20,087
9,377
22,223
275,838,994 18,932,694 64,665,936 18,325,939 25,692,093 17,747,754 14,712,490
Current Expenses
Operating expenses:
Salaries:
Officers
Employees
Retirement System contributions
Legal fees
Directors' fees and expenses
Federal Advisory Council, fees and expenses
Traveling expenses (other than of directors and members of Federal Advisory Council)
Postage and expressage
Telephone and telegraph
Printing, stationery, and supplies
Insurance
Taxes on real estate
Depreciation (building)
Light, heat, power, and water
Repairs and alterations
Rent
Furniture and equipment, including rental
All other
Inter-Bank expenses
Total operating expenses
Less reimbursement for certain fiscal agency and
other expenses
Net operating expenses
Assessment for expenses of Board of Governors
Federal Reserve currency:
Original cost
Cost of redemption
744,167
258,692
3,776,882
238,003
306,981
275,375
184,211
50,161,202 3,333,003 11,925,338 3,013,574 4,315,974 3,197,320 2,329,016
349,382
5,382,442
351,957 1,216,272
460,347
312,995
284,553
750
25
400
3,095
1,500
18,469
23,588
19,260
287,003
17,947
39,366
17,617
1,055
1,214
22,160
1,432
1,949
2,161
1,305
875,223
9,567,275
564,506
3,893,681
682,097
1,954,043
1,446,802
736,529
788,972
267,032
3,785,126
1,425,910
85,619,980
15,797,753
60,051
848,520
30,438
368,103
46,676
225,439
55,832
48,104
22,467
1,262
315,580
100,223
27,628
116,053
1,441,615
109,481
708,885
171,086
503,901
253,071
144,020
58,596
792,097
181,753
-300,841
33,062
588,912
35,984
250,784
31,597
94,616
66,351
40,299
40,777
9,266
252,635
83,370
35,084
70,109
809,292
50,397
328,675
58,314
221,821
230,054
93,730
124,000
6,412
349,400
303,452
39,907
77,651
830,222
34,197
243,311
38,328
88,522
114,557
54,953
47,626
5,431
281,483
74,938
21,92
49,732
760,705
46,467
246,533
31,623
82,272
43,303
40,096
28,337
18,513
185,327
69,901
18,419
6,092,665 18,090,321 5,099,939 7,790,474 5,738,814 4,551,699
915,724
3,023,164
847,574 1,289,848
897,273
896,353
69,822,227 5,176,941 15,067,157 4,252,365 6,500,626 4,841,541 3,655,346
3,433,700
215,500 1,072,500
313,900
171,500
272,400
143,000
6,548,556
767,288
423,854
43,574
1,417,756
145,290
396.134
42,468
484,518
56,363
549,330
61,187
471,710
72,700
Total current expenses
80,571,771 5,859,869 17,702,703 4,963,367 7,355,407 5,623,558 4,342,756
Profit and Loss
Current net earnings.
195,267,223 13,072,825 46,963,233 13,362,572 18,336,686 12,124,196 10,369,734
Additions to current net earnings:
Profits on sales of U. S. Government securities (net). 36,895,754 2,519,085
10,815
All other
73,273
Total additions.
Deductions from current net earnings:
Reserves for contingencies
All other
Total deductions
Net additions
Net earnings before payments to U. S. Treasury
36,969,027
2,529,900
408,354
266,556
47,676
153,195
674,910
200,871
36,294,117
2,329,029
8,880,045 2,630,321 3,471,928 2,364,501 1,945,769
5,600
286
1,213
7,363
22,857
8,885,645 2,631,534 3,494,785 2,371,864 1,946,055
55,142
4,616
22,607
421
31,791
13,001
44,818
2,029
40,434
3,471
59,75?
23,028
44,792
46,847
43,905
8,825,887 2,608,506 3,449,993 2,325,017 1,902,150
231,561,340 15,401,854 55,789,120 15,971,078 21,786,679 14,449,213 12,271,884
Paid U. S. Treasury (interest on outstanding Federal
196,628,857 13,206,117 46,266,413 13,539,262 18,516,074 12,487,998 10,575,575
Reserve notes)
573,601
521,211
13,082,992
728,220 4,381,836
926,806 1,213,209
Dividends
21,849,491 1,467,517
5,140,871 1,505,010 2,057,396 1,387,614 1,175,098
Transferred to surplus (Sec. 7)
488,172,896 30,778,154 148,148,740 38 ,205,457 45,956,799 23 ,779,189 21 ,193,500
Surplus (Sec. 7), January 1
Surplus (Sec. 7), December 31
510,022,387 32,245,671 153,289,611 39,710,467 48,014,195 25,166,803 22,368,598
Surplus (Sec. 13b), January 1 and December 31.
226
27,542,654 3,010,527
7,318,631 4,489,062 1,005,665 3,349,145
762,426
FEDERAL RESERVE BULLETIN
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1950—Continued
Chicago
St. Louis
$233,181
$131,672
1,648
41,374,116
50,690
41,659,635
Minneapolis
Kansas
City
Dallas
San
Francisco
$81,248
8,582
$116,684
$33,489
$75,665
96
15,045,668
19,685
8,441,067
5,988
863
12,659,952
238,109
12,381,679
10,943
3,702
24,837,544
9,817
15,197,121
8,536,885
13,015,608
12,426,111
24,926,728
445,554
7,656,243
831,881
203
22,105
2,232
260,200
3,014,209
318,010
171
23,359
1,538
228,425
1,546,238
168,182
114,720
1,365,520
37,377
622,472
90,542
254,941
284,605
96,830
128,532
68,740
600,872
159,292
60,519
16,993
2,019
268,187
2,736,774
311,765
25
28,376
2,189
240,031
2,468,972
277,208
1
25,399
2,021
327,056
4,624,541
499,890
20
34,524
3,045
71,755
526,499
45,736
237,528
38,140
81,461
141,022
59,339
120,767
2,851
199,388
104,848
15,788
59,865
325,415
26,369
126,868
18,674
94,711
31,406
25,975
49,214
6,705
86,340
84,788
10,964
60,644
535,317
40,346
216,249
45,994
112,164
100,968
46,150
89,714
9,226
183,064
76,897
16,226
54,914
506,394
39,841
196,092
36,019
50,739
50,779
41,456
55,554
9,841
206,548
67,612
15,349
106,667
1,028,864
67,873
348,181
75,104
143,456
74,854
39,577
23,388
128,785
332,392
118,836
39,030
12,843,180
5,262,609
2,909,151
4,880,275
4,344,770
8,016,083
2,778,845
904,278
550,082
988,289
976,120
1,730,203
10,064,335
473,900
4,358,331
125,300
2,359,069
86,300
3,891,986
125,700
3,368,650
122,300
6,285,880
311,400
1,245,015
126,597
338,238
42,307
138,749
18,310
249,953
31,412
194,708
38,564
638,591
88,516
11,909,847
4,864,176
2,602,428
4,299,051
3,724,222
7,324,387
29,749,788
10,332,945
5,934,457
8,716,557
8,701,889
17,602,341
5,131,653
7,987
1,973,676
174
1,113,176
116
1,770,582
16,476
1,654,007
386
3,441,011
5,139,640
1,973,850
1,113,292
1,787,058
1,654,393
3,441,011
54,821
1,590
17,999
83,918
11,596
518
18,444
670
19,904
523
43,122
2,604
Current Earnings
Discounts and advances
Industrial loans
Commitments to make industrial loans
U. S. Government securities
All other
Total current earnings
Current Expenses
Operating expenses:
Salaries:
Officers
Employees
Retirement System contributions
Legal fees
Directors' fees and expenses
Federal Advisory Council, fees and expenses
Traveling expenses (other than of directors and members of Federal Advisory Council)
Postage and expressage
Telephone and telegraph
Printing, stationery, and supplies
Insurance
Taxes on real estate
Depreciation (building)
Light, heat, power, and water
Repairs and alterations
Rent
Furniture and equipment, including rental
All other
Inter-Bank expenses
Total operating expenses
Less reimbursement for certain fiscal agency and
other expenses
Net operating expenses
Assessment for expenses of Board of Governors
Federal Reserve currency:
Original cost
Cost of redemption
Total current expenses
Current net earnings
Profit and Loss
Additions to current net earnings:
Profits on sales of U. S. Government securities (net)
All other
Total additions
Deductions from current net earnings:
Reserves for contingencies
All other
Total deductions
56,411
101,917
12,114
19,114
20,427
45,726
5,083,229
1,871,933
1,101,178
1,767,944
1,633,966
3,395,285
34,833,017
12,204,878
7,035,635
10,484,501
10,335,855
20,997,626
Net earnings before payments to U. S. Treasury
29,845,729
1,670,666
10,595,592
431,812
6,067,408
294,034
9,014,088
468,845
8,808,321
548,793
17,706,280
1,323,959
Paid U. S. Treasury (interest on outstanding Federa
Reserve notes)
Dividends
3,316,622
72,028,821
1,177,474
19,117,860
674,193
12,493,859
1,001,568
18,045,024
978,741
15,873,439
1,967,387
42,552,054
Transferred to surplus (Sec. 7)
Surplus (Sec. 7), January 1
75,345,443
20,295,334
13,168,052
19,046,592
16,852,180
44,519,441
Surplus (Sec. 7), December 31
1,429,384
521,318
1,072,621
1,137,044
1,307,125
2,139,706
FEBRUARY
1951
Net additions
Surplus (Sec. 13b), January 1 and December 31
227
CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES
[Figures for last date shown are preliminary]
Commercial and stock savings banks and nondeposit
trust companies
All
banks
Total
Total i
Dec
Dec.
Dec.
Dec
Dec.
Dec.
Dec.
Dec.
Dec.
Banks (head offices)
31 1933
31, 1934
31, 1941
31 1945
31, 1946
31, 1947 3
31 1948
31, 1949
31, 1950
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Branches and additional offices
31, 1933
31, 1934
. .
31, 1941
31, 1945
31, 1946 . . . .
31, 1947 3
31, 1948
31, 1949
31, 1950
National
Mutual savings
banks
Nonmember banks
Member banks
State
member1
Total
Insured 2
InNoninsured 2 sured x 2
15,029
16,063
14,825
14,553
14,585
14,714
14,703
14,687
14,650
14,450
15,484
14,277
14,011
14,044
14,181
14,171
14,156
14,121
6,011
6,442
6,619
6,884
6,900
6,923
6,918
6,892
6,873
5,154
5,462
5,117
5,017
5,007
5,005
4,991
4,975
4,958
857
980
1,502
1,867
1,893
1,918
1,927
1,917
1,915
8,439
9,042
7,661
7,130
7,147
7,261
7,256
7,267
7,251
8,4.' 9
7,699
1,343
6,810
851
6,416
714
6,457
690
6,478
783
6,498
758
6,540
727
6,562
689
2,911
3,133
3,699
4,090
4,138
4,332
4,531
4,778
5,056
2,786
3,007
3,564
3,947
3,981
4,161
4,349
4,579
4,843
2,081
2,224
2,580
2,909
2,913
3,051
3,197
3,387
3,589
1,121
1,243
1,565
1,811
1,781
1,870
1,965
2,085
2,230
960
981
1,015
1,098
1,132
1,181
1,232
1,302
1,359
705
783
984
1,038
1,068
1,110
1,152
1,192
1,254
7( 5
4
783
932
981
1,006
1,043
1,084
1,139
1,202
New banks 6 . . . .
Suspensions
Consolidations and absorptions:
Banks converted into branches
Other
6
Voluntary liquidations
Other changes 7
...
Interclass changes:
Conversions—
National into State . .
State into national
Federal Reserve membership:»
Admissions of State banks
Withdrawals of State banks
Federal deposit insurance:9
Admissions of State banks.
+68
+68
+ 15
+7
+8
+53
+44
+9
-71
-21
-13
-71
-20
-12
-32
-7
-1
-21
-6
-11
-1
-39
-13
-11
-38
-11
-7
-1
-2
-4
Net increase or decrease
-37
-35
-19
14,650
14,121
+ 193
+71
-19
+ 179
+71
-19
52
57
62
67
68
53
52
68
52
192
191
194
193
192
194
57 9
125
4
126
32
101
115
124
132
141
152
Noninsured2
511
496
350
350
339
339
339
335
103
42
42
47
50
58
61
Changes, Jan. 1-Dec. 31, 1950
Banks
Number of banks, Dec. 31, 1950
-1
+1
i
+1
-1
-1
+2
+9
+5
-3
+9
_1
+1
+1
+1
+1
Q
-4
+4
-17
-2
-16
6,873
4,958
1,915
7,251
+ 124
+59
-15
+ 74
+39
-4
+50
+20
-11
+55
+ 12
-4
Net increase or decrease
Number of branches and additional offices
Dec. 31, 1950
Banking facilities 12
Established
Discontinued. . .
Net increase
Number of banking facilities, Dec. 31,
1950
+5
+6
+9
+6
-9
+5
• • • • + 5 '
+5
+250
+ 124
+236
+ 179
4,934
4,721
+34
-6
+28
+34
—6
+28
122
122
2,136
3,479
+28
—5
+23
110
+55
1,343
+5
—6
-5
+57
1,242
+25
+3
+21
+2
• +1
94
16
12
-4
-1
+6
-1
-1
—2
-3
+4
+34
10
Branches and additional offices
De novo branches
Banks converted into branches
Discontinued xl
Other changes
Interclass branch changes:
State member to national
Nonmember to national
Nonmember to State member
Noninsured to insured
-6
—1
+22
6,562
+52
+ 12
-4
+2
+2
2
-38
689
194
335
+3
+8
+6
-34
A
+5
_5'
-5
+3
+58
1,190
_ j '
-3
1
52
" " +3 '
+ 11
152
-3
+3
61
+6
-1
+5
12
1
The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks that became
members of the Federal Reserve
System during 1941. These banks are not included in the total for "commercial banks" and are included only
2
once 3in "all banks."
Federal deposit insurance did not become operative until Jan. 1, 1934.
As of June 30, 1947, the series was revised to conform (except that it excludes possessions) with the number of banks in the revised all bank
series announced4 in Novem.ber 1947 by the Federal bank supervisory authorities. The revision resulted in a net addition of 115 banks and 9
branches.
Separate figures not available for branches of insured and noninsured banks.
6
Exclusive of new banks organized to succeed operating banks.
6
Exclusive
of
liquidations incident to succession, conversion, and absorption of banks.
7
One institution, reported as a voluntary liquidation in 1949, resumed banking operations.
8
Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership;
they 9are included under "conversions."
Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such
changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "interclass bank
changes."
agents of the Government at military and other Government establishments. Three of these banking facilities are, in each case, operated by two
national banks, each bank having separate teller windows; each of these facilities is counted as one office only. These figures do not include
branches that have also been designated by the Treasury Department as banking facilities.
Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14.
228
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTICS
PAGE
International capital transactions of the United States. .
230-235
Gold production..
235
Reported gold reserves of central banks and governments. .
236
Gold movements; gold stock of the United States. .
237
International Monetary Fund and Bank..
238
Central Banks..
239-243
Money rates in foreign countries. .
243
Commercial banks. .
244
Foreign exchange rates. .
245
Price movements:
Wholesale prices. .
246
Retail food prices and cost of living. .
247
Security prices. .
247
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 arc 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.
FEBRUARY 1951
229
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
From Jan. 2, 1935,
through—
Increase in foreign banking
funds in U. S.
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 2
Domestic
securities:
Inflow of
foreign2
funds
Inflow in
brokerage
balances
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
(Jan. 1, 1936).
30
29
(Jan. 4, 1939).
(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
6.0
12.9
47.5
47.6
80.6
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
(Jan. 1, 1941).
31
31 3
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.
31
31
31
31
8,802.8
8,009.5
8,343.7
8,569.1
6,144.5
5,272.3
4,120.3
5,119.5
3,469.0
2,333.6
1,121.8
2,126.0
2,675.5
2,938.7
2,998.5
2,993.6
453.8
2,242.0
1,844.3
742.7
427.2
186.5
116.8
972.8
1,237.9
1,276.9
L,182.1
798.7
464.5
375.5
183.3
144.1
153.7
142.4
123.1
1949—Dec.
1950—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
31
31
28
31
30
31
30
31
31
30
8,763.5
8,864.0
9,092.5
9,153.2
9,371.6
9,563.0
9,782.2
9,896.4
10,128.9
10,486.5
10,722.7
10,695.3
5,226.0
5,245.9
5,283.8
5,308.8
5,504.2
5,614.5
5,784.7
5,831.1
6,002.9
6,563.4
6,773.1
6,425.5
2,197.8
2,153.6
2,189.7
2,112.9
2,168.3
2,298.5
2,530.3
2,592.5
2,522.3
3,016.1
3,251.4
2,890.8
3,028.2
3,092 .4
3,094.1
3,195.9
3,336.0
3,316.0
3,254.5
3,238.6
3,480.6
3,547.3
3,521.8
3,534.6
1,637.8
1,723.0
1,707.1
1,690.9
1,663.4
1,662.7
1,636.4
1,626.6
1,612.4
1,624.4
1,647.1
1,713.3
307.6
404.5
458.7
480.6
494.6
522.1
472.1
462.3
445.6
380.0
278.6
280.8
1,209.9
1,103.7
1,210.0
L.163.6
1,154.3
1,179.0
L,227.4
1,226.0
1,172.7
999.2
L.062.5
1,066.7
258.5
263.8
310.1
379.3
424.4
459.6
538.4
629.7
772.6
797.7
837.0
1,079.0
123.7
123.0
122.8
130.0
130.6
125.2
123.2
120.7
122.7
121.9
124.3
130.0
31P
30P
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
InternaFrom Jan. 2, 1935, tional
inthrough—
stitutions
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
31
31
31
31
31
1949—Dec. 31
1950—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
Tune 30
July 31
Aug. 31
Sept. 30
Oct. 31 v
Nov. 30P
Total
United
King- France
dom
Netherlands
Switzerland
7,728.4 1,090.0
8,802.8 892.5
563.1
453.8 7,555.7
437.0
2,067.3 6,276.4
659.7
1,677.1 6,891.9
585.7
464.2
384.8
234.3
74.2
506.2
539.7
326.4
213.8
103.0
664.3
722.3
766.1
839.3
846.0
682.4
7,221.8
728.9
7,337.2
764.4
7,481.2
797.7
7,537.9
888.4
7,755.6
943.0
7,935.0
8,165.0 1,055.5
8,288.1 1,048.0
8,528.3 892.9
8,873.7 805.9
865.6
9,087.1
784.5
8,991.2
113.2
93.8
115.1
112.0
114.2
156.2
188.6
163.4
324.9
338.5
398.7
386.4
171.6
175.3
162.0
171.7
188.4
210.6
215.6
236.9
247.6
249.3
267.2
274.8
951.2
890.1
890.0
952.6
983.7
989.0
1,000.4
1,006.2
1,014.1
1,015.9
987.3
979.9
1,541.7
1,526.8
1,611.3
1,615.3
1,616.0
1,627.9
1,617.2
1,608.3
1,600.6
1,612.8
1,635.6
1,704.1
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia
976.4 1,193.7 1,273.6
63.1 1,172.5 4,081.8
106.5 1.311.8 4,037.0 1,395.7 1.338.4 1,784.1
287.5 L.246.3 3,574.2
979.7 1,474.0 1,258.3
150.1 1,100.6 2,975.1
984.3
688.6 ;L.383.4
335.9 1,122.2 3,141.1
947.3 1,503.6 1,065 .2
301.4
295.1
298.2
259.4
255.5
267.6
270.6
268.3
281.5
306.2
314.5
308.6
L ,135.8
1,186.3
1,217.8
L,219.3
1,240.0
L,243.9
1,268.1
1,293.9
1,313.7
,367.1
L,360.4
L,333.3
3,355.5
3,369.6
3,447.5
3,512.7
3,670.2
3,810.3
3,998.9
4,016.8
4,074.8
4,082.9
4,193.6
4,067.5
984.7
1,022.2
1,024.2
995.8
990.5
1,016.9
1,064.8
1,093.2
1,176.4
1,347.1
1,304.6
1,293.8
1,780.2
1,792.3
L.833.5
1 ,854.1
1 ,875.9
1 .855.7
1,842.4
1,914.0
1,943.5
2,036.3
2,053.8
2,011.3
852.0
882.9
933.2
943.1
997.2
1,023 7
1,030.7
1,019.7
1,073.3
1,153.1
1,283.5
1,328.5
All
other
203.0
247.5
269.6
244.9
234.9
249.4
270.2
242.8
232.2
221.7
228.4
228.3
244.5
260.3
254.3
251.5
290.0
P Preliminary.
1
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.
8
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 1947, pp. 338-339, and September 1945, pp. 967-971.
230
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tin ued
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—
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
31.
31.
31.
31.
31.
1949—Dec. 31
i950—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
Tuly 31
Aug. 31
Sept. 30
Oct. 3 1 P
Nov. 30P
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Total
Other
Europe Europe
Latin
America
Canada
Asia
All
other
4,865.2 804.4
6,144.5 646.4
453.8 5,272.3 397.6
2,242.0 4,120.3 264.9
1,844.3 5,119.5 485.0
356.6
229.9
165.8
87.6
112.6
193.1
265.0
208.2
126.7
106.1
221.4
286.3
359.0
432.8
525.3
7.0
50.1
247.6
132.8
313.2
611.2
745.8
687.2
576.6
574.8
2,193.7 818.6
2,223.4 ,414.2
2,065.5 823.9
1,621.4 301.6
2,117.1 667.2
794.7
888.6
924.9 1,369.1
983.3 1,135.7
,095.0
877.3
,165.4
971.2
169.7
212.9
263.9
224.9
198.6
1,637.8
1,723.0
1,707.1
1,690.9
1,663.4
1,662.7
1,636.4
1,626.6
1,612.4
1,624.4
1,647.1
1,713.3
91.4
72.2
79.3
76.9
80.0
106.1
138.9
113.0
185.9
168.3
209.5
167.0
153.9
160.7
152.5
162.0
178.4
202.9
209.0
231.8
240.5
238.9
258.4
265.3
563.3
493.8
497.0
560.5
584.1
583.0
581.3
580.3
589.7
588.4
559.5
555.8
283.3
276.4
282.3
239.7
236.5
253.2
260.1
255.5
263.5
283.7
287.0
282.8
553.7
575.8
603.9
593.0
609.0
606.2
625.8
638.6
653.0
703.9
698.7
640.6
2,158.7 761.1 ,315.1
780.4
2,127.1 811.4 ,264.9
801.5
2,186.8 765.2 ,267.2
846.7
2,232.8 749.5 ,269.5
847.3
2,378.6 737.0 ,283.5
910.1
2,491.4 739.6 ,254.5
926.3
2,667.5 722.0 ,254.7
921.2
2,671.6 688.4 1,333.5
912.8
2,631.4 819.7 1,348.1
966.2
2,627.6 ,225.7 1,422.5 1,044.5
2,770.8 ,119.7 1,446.1 1,182.6
2,568.1 945.6 1,401.9 1,223.4
210.7
241.0
217.8
209.6
195.1
202.7
219.4
224.7
237.5
243.1
253.8
286.5
5,226.0
5,245.9
5,283.8
5,308.8
5,504.2
5,614.5
5,784.7
5,831.1
6,002.9
6,563.4
6,773.1
6,425.5
513.0
548.1
571.9
600.8
690.5
740.0
852.5
852.4
698.8
644.4
757.7
656.6
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through—
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
31
31
31
31
31
1949—Dec. 31
1950—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31 P
Nov. 30P
Total
United
King- France
dom
805.8
742.7
427.2
186.5
116.8
266.1
266.6
244.3
262.8
267.5
307.6
404.5
458.7
480.6
494.6
522.1
472.1
462.3
445.6
380.0
278.6
280.8
254.8
259.4
267.7
268.3
269.6
264.8
263.9
255.3
253.5
215.7
151.1
167.7
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
Canada
Latin
America
6.8
5.2
-1.7
1.1
1.2
26.2
26.2
10.6
5.5
10.8
231.5
235.1
226.9
190.9
203.5
626.6
593.4
421.3
485.5
410.3
64.8
39.5
40.7
65.4
.53.0
37.0
9.1
-58.8
-346.3
-348.6
77.7
99.2
29.9
2.0
10.3
-.3
1.5
-5.8
-20.1
-8.3
13.4
4.3
16.0
2.5
14.2
2.6
14.3
.3
14.9
1.9
14.2
.8
14.4 - 1 . 0
14.1 - 1 . 6
14.9
-.5
15.3 - 1 . 8
13.8 - 2 . 6
14.9 - 4 . 8
4.0
5.8
3.2
7.0
6.4
2.0
-2.1
.2
5.2
9.5
14.3
12.1
211.3
238.6
239.2
240.5
239.7
245.5
245.3
248.8
248.7
247.0
238.8
234.4
515.0
549.8
570.0
574.1
575.6
585.3
578.8
575.7
570.9
534.5
464.2
472.1
55.3
52.7
50.4
55.4
57.3
60.2
57.8
46.8
22.6
-16.8
-14.3
-5.5
-243.1
-179.3
-143.4
-135.5
-127.8
-122.5
-155
-162
-151.5
-129
-139.3
-161.3
-10.6
.1
5.1
13.3
17.5
28.4
41.2
42.9
41.8
41.2
31.2
33.5
-9.0
-18.7
-23.4
-26.7
-28.2
-29.3
-50.0
-40.6
-38.2
-49.2
-63.1
-58.0
77.7
18.3
78.0 -17.7
73.4 -132.3
55.7 -30.5
-39.9 -32.7
27.2
27.6
43.1
43.7
43.2
58.1
58.4
58.8
49.0
48.9
48.
47.8
Asia
All
other
TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
From Jan. 2, 1935,
through—
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
31..
31. .
31..
31..
31..
t949—Dec. 31. .
1950—Jan. 31. .
Feb. 28..
Mar. 31. .
Apr. 30..
May 31. .
June 30. .
Tuly 31. .
Aug. 31. .
Sept. 30. .
Oct. 31 P.
Nov. 3 0 P .
International
institutions
Total
1,019.4
972.8
,237.9
-249.3 ,526.2
-249.3 ,431.3
-265.3
-365.8
-269.
-267.7
-266.6
-266.5
-267.1
-266.9
-266.9
-266.9
-268.9
-268.
,475.1
,469.5
,479.0
,431.3
1,421.0
1,445.5
1,494.4
1,492.9
1,439.6
1,266.1
1,331.3
1,335.5
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
126.5
117.7
96.8
94.9
84.9
51.0
51.2
50.2
47.1
42.9
33.6
33.0
26.0
-3.9
-9.1
44.5
45.2
31.2
16.3
-19.0
27.6
27.5
26.7
26.5
26.5
246.9
249.2
260.2
275.8
287.2
530.1
523.8
491.2
456.7
413.3
104.9
49.1
236.6
441.8
339.7
71.4
71.3
70.9
70.4
69.3
68.0
67.1
66.4
66.2
64.7
63.7
64.4
43.2
44.0
43.9
45.1
45.0
44.6
44.1
43.8
43.6
43.6
43.0
42.7
-9.3
-15.1
-16.9
-16.9
-14.5
-15.0
-14.2
-13.6
-13.6
-13.2
-13.3
-13.8
.1
2.4
4.5
8.2
11.0
14.2
16.8
15.1
14.8
18.4
15.9
17.6
27.0
27.0
27.0
27.1
27.1
27.4
27.4
27.4
27.4
27.4
27.4
27.4
311.7
313.4
314.4
314.9
315.5
316.1
316.1
316.5
317.0
317.2
317.7
317.8
444.1
443.0
443.8
448.9
453.3
455.3
457.2
455.7
455.4
458.1
454.4
456.1
329.1
320.9
326.9
271.5
251.3
270.5
303.2
300.3
245.1
70.9
136.7
137.4
Latin
Canada America
Asia
All
other
302.0
317.1
448.4
537.6
578.3
61.3
60.8
61.1
61.6
63.2
21.0
22.0
.7
28.4
36.9
598.5
601.9
604.1
606.5
606.9
609.8
620.8
623.5
625 3
622.3
624.9
626.5
63.9
64.0
64.1
64.1
64.1
64.2
64.2
64.2
64.2
65.1
65.3
65.3
39.5
39.8
40.1
40.3
45.4
45.7
49.0
49.4
49.6
49.7
50.1
50.2
Preliminary.
FEBRUARY
1951
231
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned
NET CAPITAL MOVEMENT TO UNITED STATES SINCE 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
From Jan. 2, 1935,
through—
1944—Dec. 31
1945—Dec. 31
1946—Dec# 3i
1947—Dec. 31
1948—Dec. 31
1949—Dec< 3i
1950—j an# 3i
Feb. 28
Mar. 31 . . .
Apr. 30
May 31
Tune 30
July 31
Aug 31
Sept. 30
Oct. 31 P
Nov. 30P . .
Total
United
King- France
dom
Netherlands
Switzerland
74.5
82.1
911.8
798.7
464.5
300.9
101.2
-125.4
-157.9
-194.9
-203.8
-194.7
77.3
81.7
74.9
24.7
-58 1
239.0
233.5
207.0
108.7
29.5
368.5
355.4
337.9
350.9
311.0
-15.0
-15.0
169.1
169.6
173.2
192.1
219.2
231.8
247.8
248.6
255 1
255.3
257.3
259.6
89.3
94.1
136.8
187.2
205.2
227.8
290.6
381.1
517.6
542A
579.7
819.4
-173.9
-166.2
-163.1
— 158.8
-158.2
-146.5
-144.8
-143.6
-142.5
-135.8
-123.6
-121.4
-64.9
-65.7
-66.7
-69.1
—69.4
-68.6
-69.0
-68.7
30 6
61.1
81.1
112.0
4.0
2.8
355.2
363.7
359.1
355.9
357.8
364.0
376.7
383.9
383.0
385.4
387.1
384.5
-13.4
-14.7
— 14.9
— 14 8
-15.1
-15.5
-15.3
-15.2
— 15 1
— 14.8
-14.6
-14.5
.
1.1
.9
-1.4
-3.0
-4.5
-6.0
—4.9
-2.9
-2.7
-3.1
Italy
1.9
2.2
2.1
Other
Europe
Total
Europe
72.4
68.0
57.3
43.1
45.7
633.7
582.9
484.3
308.7
118.4
-28.1
—126.6
—143.0
-139.8
-132 3
54.9
81.3
87 6
84.2
94.4
240.5
251.3
26.8
36.8
13.6
47.9
47.4
49.5
60 4
65.4
65.7
70 8
79.7
85 0
154.9
167.2
165.0
174 5
179.1
196.1
214 0
230.0
336 0
381 7
422.5
487.9
-181.3
— 184.6
-136.1
— 101 9
— 76.6
-74.8
—38 0
37.3
69 3
47 1
41.8
195.4
96.9
93.6
90.0
95 1
96.9
101.6
110 9
109.9
108 3
108 4
109.0
129.1
11.5
10 6
10.4
11 2
—2.8
-3.5
-5 2
-5.5
—5 6
—4 3
-3.1
-2.6
95.3
130.4
CanLatin
ada America
Asia
All
other
10.7
9.9
8.8
11.0
7.2
7.4
7.3
7.5
8.3
8.7
8.5
8.9
9.4
9 5
9.4
9.5
9.7
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, through—
1944—Dec
1945—Dec.
1946—Dec.
1947—Dec
194g—Dec#
31
31
31
31
3i
..
1949—Dec. 31
1950—Jan. 31
Feb 28
Mar. 31
Apr 30
May 31
June 30
July 31.
Aug. 31
Sept. 30
Oct. 31 P
Nov. 30P
.
Total
United
King- France
dom
Netherlands
Switzerland
Italy
.4
126.3
144.1
153.7
142.4
123.1
18.5
19.8
19.2
18.2
17.0
23.1
23.4
20.5
19.1
16.7
22.3
26.0
17.5
12.7
9.3
23.0
30.3
39.6
38.2
27.5
123.7
123.0
122.8
130.0
130.6
125.2
123.2
120.7
122.7
121.9
124.3
1
130.0
17.1
16.3
17.1
17.0
17.3
16.7
16.9
17.5
16.9
17.0
16.7
17.2
16.2
15.8
15.5
15.3
15.5
16.1
16.3
16.5
15.8
16.6
16.3
16.9
9.6
11.0
11.1
11.3
11.1
11.6
10.9
10.6
10.7
11.2
11.0
11.4
28.4
27.8
26.8
27.8
29.0
27.0
26.6
28.4
27.1
25.4
27.3
26.8
CanLatin
ada America
Other
Europe
Total
Europe
.3
.4
.3
.4
10.4
13.6
14.7
14.2
11.0
97.7
113.6
112.0
102.7
81.9
16.2
19.5
21.5
19.6
19.6
5.1
5 9
13.4
12.9
14.0
.6
11.1
11.1
10.7
10.4
10.4
10.3
10.1
10.3
10.1
10 2
9.9
10.2
82.9
82.5
81.8
82.4
83 7
82.2
81.2
83 8
81.1
81 0
81.7
83.3
20.5
21.8
17 7
21.2
21 5
21.6
19.9
20 3
19.7
20 3
20.7
21.0
12.7
11.2
15 7
18.5
16 3
12 3
11.7
9 5
13.3
12 8
13.1
15.3
.6
.6
.6
.5
.5
.5
5
.5
5
.5
.8
Asia
All
other
5.6
3 8
1.8
1.3
4.8
2.0
6.6
7.0
.7
.6
6 8
.8
6.7
.8
.8
.8
7
.8
6 9
7.2
8 3
8 4
9.3
5 4
6.7
6 6
7.5
9.0
1.0
1 7
1.8
1 2
1.3
1.6
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
Date
International
institutions
Total foreign
countries 2
Official
and
private
United
NethKing- France erdom
lands
Switzerland*
Italy
Other
Total
Europe Europe
Asia
All
other
f.060 9
1,549.7
1,316.4
1,057.9
1,151.8
174.0
181.8
232.8
193.7
167.4
2,513.9 869.1 1,436.7
961.0
982.2
2,482.3 919.4 1,386.4
2,542.1 873.2 1,388.7 1,027.3
2,588.1 857.4 L,391.1 L.027.9
2,733.8 844.9 1,405.1 1,090.7
2,846.6 847.5 1,376.1 1,106.9
3,022.8 829.9 L.376.2 1,101.8
3,026.9 796.4 11,455.0 1,093.4
4 2,986.7 927.6 1,469.6 1,146.8
42,982.8 1,333.6 1,544.0 L.225.2
43,126.1 1,227.7 1,567.6 1,363.3
42,923.4 1,053.5 1,523.4 1,404.0
179.5
209.8
186.6
178.4
163.9
171.5
188.2
193.5
206.4
211.9
222.6
255.3
Official
1944—Tjec< 31
1945—DeCt 3i
473.7
1946—Dec. 3 1 . . .
1947—Dec. 3 1 . . . 2,262.0
1948—Dec. 3 1 . . . 1,864.3
5,596.8
6,883.1
6,006.5
4,854.4
5,853.7
3,335.2
4,179.3
3,043.9
1,832.1
2,836.3
865.7
707.7
458.9
326.2
546.3
401.2
310.0
245.9
167.7
192.8
209.7
281.6
224.9
143.3
122.8
239.3
304.2
372.6
446.4
538.9
27.3
70.4
267.9
153.1
333.5
774.5
909.1
850.5
739.8
738.1
1,657.8
1,742.9
1,727.0
1,710.8
L.683.4
1,682.6
1,656.4
1,646.5
1,632.4
1,644.3
1,667.1
1,733.3
5,960.2
5,980.1
6,017.9
6,042.9
6,238.4
6,348.7
6,518.9
6,565.3
*6,737.0
47,297.5
47,507.3
47,159.6
2,908.1
2,863.8
2,900.0
2,823.2
2,878.6
3,008.8
3,240.6
3,302.8
3,232.6
3,726.4
3,961.7
3,601.1
574.4
609.5
633.2
662.1
751.8
801.4
913.8
913.8
4
760.1
4 705.7
4819.1
4
717.9
171.6
152.3
159.4
157.0
160.1
186.2
219.0
193.1
266.0
248.4
289.6
247.2
170.5
177.3
169.1
178.7
195.0
219.5
225.6
248.4
257.2
255.5
275.0
281.9
576.9
507.4
510.6
574.1
597.8
596.6
594.9
593.9
603.4
602.1
573.1
569.4
303.6
296.7
302.6
260.0
256.8
273.5
280.4
275.8
283.8
304.0
307.3
303.1
717.0
739.0
767.2
756.3
772.3
769.5
789.1
801.9
816.2
867.2
862.0
803.9
1949—Dec. 3 1 . . .
1950—Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
May 3 1 . . .
June 3 0 . . .
July 3 1 . . .
Aug. 3 1 . . .
Sept. 3 0 . . .
Oct. 31*..
Nov. 30P. .
CanLatin
ada America
2,517.8 926.5
2,583.0 1,522.2
2,420.7 931.8
1,976.7 409.6
2,472.4 775.2
OOO 3
1,046.4
1,104.8
1,216.6
1,287.0
v Preliminary.
Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 85.5; U. S. brokerage balances abroad, 32.4.
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
232
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
Other AusEurope tria
Date
1944—Dec. 3 1 . .
1945—Dec. 31. .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—D ec 31
774.5
909.1
850.5
739.8
738.1
I949—Dec. 31 # .
1950—Jan. 3 1 .
Feb. 28.
Mar. 31.
Apr. 30.
May 3 1 .
June 30.
July 3 1 .
Aug. 3 1 .
Sept. 30.
Oct. 31*
Nov. 30P
717.0
739.0
767.2
756.3
772.3
769.5
789.1
801.9
816.2
867.2
862.0
803.9
DenBel- Czechoslo- mark
gium vakia
124.3
185.0
159.5
124.9
128.7
44.3
44.0
42.9
39.3
38.7
34.6
35.5
32.0
36.3
36.2
38.7
119.9
123.9
133.3
118.5
120.8
108.2
105.5
106.1
107.8
111.6
115.4
119.9
17.7
17.3
12 3
13.3
13.4
12.9
11.3
7.0
6.1
6 4
6.6
Finland
GerNormany1 Greece way
14.8
25.9
66.5
52.8
44.7
7.1
6.8
7.0
5.5
22.2
7.1
30.5 89.5
19.1 178.9
48.7 220.8
70.8 216.1
49.3 123.5
34.7 56.2
21.1 77.7
38.0
35.2
33.2
29.3
33.0
32.0
35.9
31.9
31.6
36.4
39 1
43.7
25.1
23.8
20.6
19.0
20.4
18.2
16.0
15.8
16.2
15.7
15 4
17.6
29.6
30.3
31.6
32.4
35.1
36.9
38.6
40.6
41.6
41.8
44 4
44.2
149.4
149.7
164.6
180.2
184.9
199.7
227.7
245.0
262.9
286.4
282 5
227.7
69.4
76.4
82.2
79.3
82.4
76.7
66.8
69.5
71.2
80.1
75 4
44.5
Poland
6.0
6.7
6.1
6.3
4.9
5.4
4.7
3.5
12.4
3 1
6.9
PorRutugal mania Spain
Sweden
All
USSR Yugoslavia other2
54.5
47.9
39.0
47.1
37.7
9.5
9.3
8.9
8.7
7.0
43.4 152.1
31.7 210.1
16.4 172.6
12.8 58.6
13.6 49.0
16.1
28.0
60.5
73.7
21.3
5.7
5.7
12.4
12.1
19.9
70.7
66.0
112.5
138.2
119.3
38.1
40.0
39.2
35 8
35.0
36.9
31.6
32.6
35.7
39.1
45 0
50.2
6.7
6.5
6.4
6.1
6.1
6.2
6.2
6.2
6.1
6.1
6 0
15 7
14.0
11.3
11 5
10.5
10.1
9.2
10.4
13.0
13.4
14 3
20.1
90.1
96.1
101.9
106.1
107.6
109.2
112.7
116.5
117.0
109.8
110 6
109.5
10 2
9.4
11.1
13 9
15.7
15.1
19.0
15.2
11.8
9.8
45
76
7.1
5.8
6 6
7.0
6.2
6.1
5.0
5.3
5.2
76
12.3
117.4
58.5
57.9
56.4
54.9
57.0
60.9
55.7
53.5
56.9
56.2
50.4
6.1
5.5
U itin America
Latin
BoAmer- Argenlivia
tina
ica
Date
Brazil Chile
Colombia
Cuba
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
31.
31
31.
31.
31
909.3
1,046 4
1,104.8
1,216.6
1,287.0
93.9
77 3
112.6
236.2
215.8
17.7
14.5
14.0
17.8
17.1
140.8
195.1
174.0
104.7
123.7
55.0
66.3
50.7
46.3
55.6
83.6
79.2
57.8
46.1
54.0
139 .3
128 .3
153 .5
234 .7
219 .4
1949—Dec.
1950—Jan.
Feb.
Mar.
Apr.
31.
31.
28.
31.
30.
31.
30.
31
31.
30.
1,436.7
1,386.4
1,388.7
1,391.1
1,405.1
1.376.1
1,376.2
1,455 0
1,469.6
1,544.0
1,567.6
1,523.4
201.1
210.2
219.3
221.2
227.0
233.5
237.6
239 0
249.8
268.9
273.0
281.9
13.5
13.9
13.0
13.1
12.7
13.9
13.8
13.3
18.4
19.0
17.0
17.0
192.8
164.4
143.8
141.1
121.6
99.4
124.9
150 3
155.0
187.1
215.7
195.4
60.9
57.5
70.1
70.4
73.2
68.6
62.3
69 0
70.3
76.9
82.5
79.0
85.9
97.3
90.6
80.0
70.1
53.1
53.5
70.7
76.1
65.9
61.6
48.4
164 .2
169 .7
176 . 9
185 . 4
209 .7
227 .2
237 .1
245 8
259 .5
260 .6
274 .4
278 .4
May
June
July
Aug.
Sept.
Oct.
Nov.
31P
NethDoerminlands
ican Guate- Mex- West Peru
Re- mala
ico Indies
puband
lic
Surinam
*35 .'8'
36.3
38.8
39.6
40.9
42.6
45.6
44.8
41.8
41.3
41.8
25 8
26 7
27 6
27 8
26 6
25 0
23
22 3
22 7
22 . 0
22 .6
83 .1
116 4
152 .2
139 2
146 .7
36.0
28 2
16.1
14 9
24.3
27
43
40
41
52
9
9
8
6
7
214 .6
184 .1
179 .7
175 .7
168 .8
160 .2
152 . 6
174 Q
163 .0
176 .4
185 .6
187 .8
25.9
26.5
25.4
26.5
26.7
28.4
29.7
SO 1
29.4
29.0
28.6
27.7
52
48
46
51
47
46
8
7
4
6
1
3
50.3
49 8
50 9
58.0
55 .7
57 .4
RepubEl
Urulic of Sal- guay
Pan- vador
ama
Other
Vene- Latin
zuela America 3
69.1
88.7
77.2
70 3
71.8
31.5
49 7
74.0
78.0
121.7
74 3
73.8
77.7
81.4
81.3
80.8
73.9
69 5
63.4
72.2
62.5
57.4
35 7
42 6
42 6
40 1
36 9
27 4
28 6
26 4
24 0
21 .5
14 .6
131. 6
158. 8
181. 8
186.5
184. <
143 2 207 4
117.4 6 3 . 4
115.2 6 7 . 8
110.1 6 7 . 5
132.2 6 8 . 2
124.4 6 8 . 9
116.7 6 2 . 4
104.9 6 6 . 3
97.2 6 7 . 4
101.8 6 5 . 8
88.8 6 5 . 3
79.4 6 5 . 1
62.3
57.4
58.0
59.0
67.0
66.4
73 8
75.7
73.9
71.9
69.7
As 1a a nd All Other
Date
Asia
China
Philand
ippine Thai- Tur- Other All
India IndoMan- Hong
nesia Iran Israel Japan Reland key Asia* other
chu- Kong
public
ria
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1,069.2
1,549.7
1,316.4
31, 1,057.9
31'. ,151.8
427.3
582 3
431.9
229.9
216^2
22.9
27.4
44.9
39.8
51.1
1949—Dec.
1950—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
31.
31.
2S.
31.
30.
31.
30.
31.
31.
30.
961.0
982.2
1,027.3
1,027.9
1,090.7
1,106.9
1,101.8
1,093.4
L,146.8
1,225.2
L.363.3
30? 1,404.0
110.6
110.1
112.3
104.5
98.5
99.1
95.8
91.3
94.3
101.5
116.8
103.9
83.9
89.9
90.6
88.8
96.4
102.0
107.4
93.6
90.1
89.2
94.4
93.7
31.
31.
31.
22 .1 110.5
33 . 4 113.7
43 .5 127.1
62 .4 69.3
51 . 8 41.5
63 .3
69 .5
69 .5
61.8
61 .7
59 .5
50 .7
42 .1
51 . 3
55 .9
50 .5
58 .2
15.7
12.2
29.2
27.6
31.4
35.9
41.8
47.7
50.7
73.0
91.7
110.5
4 .0
4 1
16 .6
31 .3
81 4
214 .6
16 8
16 4
238 .8
ii'.o
27.3 252 .2
17.5 25.0 275 .2
16 5 21.8 332 .9
14 8 19.7 330 .7
15 4 15.1 338 .9
17 5 15.7 353.2
18 1 15.2 372 .5
17 8 12.7 397 .6
20 4 11.5 434 .0
20.4 11.9 454 .0
365.8
629.1
446.6
488.6
488.3
23.7 92.9 174.0
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 . 8 165.7 179.5
297.3
286.1 '*24.' 3 12.0 101.5 209.8
289.4 2 2 . 6 14.4 103.5 186.6
289.4 23.5 10.4 104.2 178.4
294.6 2 7 . 4 10.2 99.2 163.9
299.5 2 9 . 0 10.6 106.0 171.5
291.3 2 9 . 7 12.8 102.7 188.2
290.4 2 9 . 4 12.4 100.1 193.5
299.8 3 0 . 5 12.1 112.4 206.4
318.0 3 4 . 6 11.6 113.3 211.9
378.6 3 9 . 5 12.3 113.5 222.6
379.7 4 4 . 4 13.1 114.3 255.3
Egypt
and Union
Bel- AngloAus- gian
of
tralia Congo Egyp- South Others
tian Africa
Sudan
52.9
28.9
45.5
30.6
22.2
7 3
18 9
20 8
25 0
27. 7
47.2 119 .3
32.4
29.8 " 2 7 ! 2
25.1 2 8 . 3
20.5 3 0 . 0
17.5 3 1 . 8
18.4 33 6
18.6 35 6
19.5 39 8
16.0 36 3
15.6 37 6
18.7 41 6
21.8 58 2
61
72
58
57
56
57
57
53
63
63
64
66
6
22
21
15
6
9
14
19
29
33
37
45
6
8
4
3
2
0
7
0
4
6
4
3
8 3
6 4
105 .4
127 7
46 4
15 8
91 . 8
101 .6
0
9
3
8
6
6
7
7
5
8
5
0
79 .5
57 .1
53 .6
54 .7
51 . 8
53 . 0
61 .6
61 .5
61 .2
61 .4
60 .4
64 .0
P1 Preliminary.
Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes.
2
Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date.
3
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
FEBRUARY
1951
233
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
1944—Dec#
1945—Dec.
1946—Dec.
1947—Dec.
194g—Dec#
31 .
31
31
31
3i
329 7
392.8
708.3
948.9
1,018 7
1949—Dec# 31
1950—Jan. 31
Feb. 28
Mar. 3 1 . . .
Apr. 30
May 31
June 30
July 31
Aug 31
Sept. 30
Oct. 31 P
Nov. 30P
827 9
!724 8
670.6
648 7
634.8
607 3
657 3
667.1
683 8
749.4
850.7
848.6
,,,
Netherlands
United
King- France
dom
Total
Date
25 9
25 4
47.7
29.2
24 5
37 2
32 6
24.3
23 7
22.4
27 2
28.1
36.7
38 5
76.3
140.9
124.3
1 4
1 1
Switzerland
1 3
3
5.7
23.4
119.0
36 3
151 0
49.1
51 4
2.9
9.8
5 2
27
3 8
51 8
51 5
36 0
35 4
35 9
21 0
20.7
20.3
30 1
30.2
30.3
31.2
7 0
6 9
5.7
5.5
4.4
43
7 8
3.7
6.2
4.2
4.5
3.7
3.3
9.1
9.7
45
7 3
8 6
9.9
10.7
12.9
4.8
3.7
Other
Total
Europe Europe
Canada
Latin
America
Asia
16 0
21 1
15.8
78.3
74.6
82 8
118.9
106.3
107 5
140.7
312.9
248.6
323.8
28 1
53.3
52.2
27.5
39 8
131.0
158.9
226 8
514 3
516 6
51 4
29 9
99.2
127.0
118 8
17.2
31.5
19 7
22 6
20.7
23.3
19.6
20.2
24.5
28.7
26.4
21.3
17.1
12.3
14.5
98.5
!65.0
64.4
63.1
64.0
58.2
58.4
54.9
54.9
56.7
64.9
69.3
219.2
U78.2
158.0
153.9
152.4
142.7
149.2
152.3
157.1
193.5
263.8
255.9
37 6
40.2
42.4
37 5
35.5
32 7
35.1
46.1
70 3
109.7
107.2
98.4
411 1
347 3
311.4
303 5
295.7
290 5
323.7
330.4
319 5
297.7
307.3
329.3
139 7
129.0
124.0
115 7
111.6
100 7
87 8
86.2
87 3
87.9
97.9
95.5
20.4
30.1
34.8
38.1
39.6
40 7
61.4
52.0
49 6
60.6
74.5
69.4
Italy
.3
3
All
other
11 7
9.9
CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA
Other Europe
Other AusEurope tria
Date
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
31..
31.
31..
31..
31.
78.3
74.6
82.8
118.9
106.3
1949—Dec. 3 1 . .
1950—Jan. 31. .
Feb. 28..
Mar. 3 1 . .
Apr. 30.
May 31 .
June 30. .
July 31. .
Aug. 3 1 . .
Sept. 30. .
Oct 31 P
Nov. 3 0 P .
98.5
165.0
64.4
63.1
64.0
58.2
58.4
54.9
54.9
56.7
64 9
69.3
1.2'
.2
.7
.2
1
.2
(«)
(3)
(3)
1
.1
DenBel- Czechoslo- mark
gium vakia
.7
.6
7.5
00
(8.5
)
15.0
21.4
2.2
.6
19.3
15.6
16.3
17.7
16.2
11.7
12.2
12.1
14.6
14.6
17 6
21.3
.4
.5
.5
.5
.6
1.1
15
2.2
1.8
2.0
.i
.1
.3
.1
(s)
(3)
(3)
1
(3)
3 3
4.4
Finland
GerNormany Greece way
33 9
33.9
30.4
30.5
30.5
12 4
10 6
1 2
30.0
^5.5
25.6
25.3
25.5
25.2
3 4 25 1
1.6
25.1
1.9
25.1
2.7
25.2
2 0 25 3
2.2
25.5
.7
.2
.2
2
1
3
1
1
.1
.1
.3
.1
(")
(8)
6.2
8.0
3.4
8.2
4.9
3.5
2.4
2.1
2.4
6
.7
Poland
35.1
31.6
.8
.5
1.0
1.1
3.3
9 2
8 4
7.4
1.0
1.1
1.2
1.3
1 2
I .2
1.3
.9
.9
1 4
1.4
Portugal
.7
".5
(8)
'l
(3)
.1
.5
.7
.6
.8
.8
9
5
.5
.4
.4
.3
.5
Rumania Spain
<•)
.1
.1
(8)
(•)
7.0
(8)
(8)
(!)
(»)
(*)
(•)
(3)
(3)
(3)
(3)
.1
Swe- USSR Yugo- All 2
den
slavia othei
1.8
1.6
7.2
.9
2.9
.2
.9
4.9
5.4
1.4
(88)
()
(»)
.1
(8)
(8)
(8)
(8)
(8)
6.0
35.9
29.8
7.0
6.7
7.9
6.6
2.3
3.4
3.1
2.4
2.4
2.8
3.1
3.8
3.1
3.0
(83)
(3)
()
(83)
(3)
(3)
(3)
(3)
(3)
()
(8)
15.6
7.7
4 4
3.7
3.3
2.2
3.3
1.3
1.3
6 6
(3)
A
.7
2.5
3 2
2 4
2
2^5
8.5
5.2
4.8
9.5
4.8
5.2
4.4
4.4
4.6
4.7
4.5
4.4
4.3
3 9
3.8
Latin America
Latin
BoAmer- Argenlivia
tina
ica
Date
Brazil Chile
Colombia
Cuba
NetherDolands
minican Guate- Mex- West Peru
Indies
Re- mala
ico
and
pubSurilic
RepubEl
lic of SalPan- vador
ama
Uruguay
Vene
zuela
Other
Latin
America*
nam
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
31..
31
31
31
31
1949—Dec. 3 1 . .
1950—Jan. 31. .
Feb. 2 8 . .
Mar. 3 1 . .
Apr. 3 0 .
May 3 1 . .
June 30. .
July 31. .
Aug. 3 1 . .
Sept. 30. .
Oct. 3 1 P .
Nov. 3 0 P .
131.0
158.9
226.8
514.3
516.6
3.1
1.8
21.0
41.8
65 2
72.4
2.3
2.0
2.7
411.1
347.3
311.4
303.5
295.7
290.5
323.7
330.4
319.5
297.7
307.3
329.3
53.6
51.3
47.8
44.7
46.5
43.1
42.8
37.9
40.6
40.5
40.5
43.0
136.9
99.2
81.3
6.3
75.2
6.5
67.4
7.7
58.8
7.6
67.0
7.7
74.0
6.3
59.9
6.1
63.9
8.4
63.3
8.4
64.3
1 3
2.3
5.2
5.7
25.3
24.7
49.8
165.8
165.4
9 0
6.6
14 6
27.8
15.2
15 5
14.1
9.3
7 9
5 6
5.2
4 7
3 5
4.6
3.3
3.4
4.3
15
16
26
32
32
5
8
4
6
6
21
19
21
24
26
31
53
58
55
46
40
39
1
9
0
1
8
8
5
4
1
2
9
8
47
33
25
108
83
8.6
4
3
11 0
25.5
52 2
73 8
7
6
27 .5
27 .1
21 .5
17 6
17 1
21 4
29 .7
27 .7
26 .5
26 .4
33 .9
30 .6
I 8
17
I 7
t 7
16
12
L.4
L.5
1.5
1.5
1.7
73.0
50.3
46.3
48 1
2 2 46.4
2.2
44.9
1 8 45.8
1.9
50.5
1.6
45.5
1 .6 44.9
1.7
44.2
2.1
47.4
2.4
2.7
2.1
3
5
8
1 1
15
1.3
1.1
1.1
1 0
1 1
1.1
10
1.2
1.2
1.1
1.1
1.3
1
1
3
4
4
2
9
7
3
4
5.8
6.5
6 6
6 2
6 8
8 5
9 9
9 5
9.7
10 5
8 6
8 4
1
1
4
4
8
1
3
7
6
5.3
4 3
4 6
4 9
4 8
5 0
4 7
4 5
3 9
4 0
4 1
3 5
6
5
4
3
3
3
2
2
2
3
5
5
3
2
8
8
3
6
5
7
9
5
9.0
8.1
13.2
10.5
8.0
6.9
6.7
7.7
6.0
6.2
7.5
5
6
8
15
26
1
1
7
3
0
12.9
34.7
26.2
34.5
34.7
25
25
26
24
26
26
25
25
36
24
31
46
6
3
0
6
5
3
8
4
2
4
5
8
43.1
23.3
22.3
21.6
22.0
21.0
18.1
17 4
16.8
14.6
14.3
14.8
P
Preliminary.
1
Figure not strictly comparable with the corresponding figures for preceding months due to write-off of claim on Germany amounting to
$6,121,000. The cumulative figures in Tables 1. 2, and 4 of "Net Capital Movement to United States" have been adjusted to exclude the unreal
movement
introduced by this change.
2
Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date.
3 Less than $50,000.
4 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.
234
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
China
and
Man- Hong India IndoKong
nesia
Iran Isra el Japan
ria
1944—Dec.
1945—oec#
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—Jan.
Feb.
Mar.
Apr.
May
31
31..
31..
31..
31..
31..
31..
28..
31. .
30. .
31..
June 30, .
July 31 . .
Aug. 3 1 . .
Sept. 30. .
Oct. 31P.
Nov. 30 P.
,.
51 4
29 9
99.2
127.0
118.8
1
1
53
40
24
0
9
8
139 7
129.0
124.0
115.7
111.6
100.7
87 8
86.2
87.3
87.9
97.9
95.5
16
17
15
19
23
19
17
20
22
21
23
18
6
0
1
4
4
2
6
1
4
6
7
3
9
0
8
S 9
2 .6
3 4
99
7 5
1? 0
29 .6
20 4
s
s
1 5
1 4
1.0
.5
1 9
3 7 17 4
4 .1 16 .6
4 .2 17 .7
4 3 18 .9
4 .1 19 .7
4 .1 24 . 0
3
20 s
4 .1 18 .7
5 . 1 15 .6
3 .7 14 .7
4 . 0 15 .2
4 .3 14 • '
2
.2
.1
.2
.1
2
.1
.1
.1
I
2
Egypt
and
BelUnion
gian Angloof
2
Congo Egyp- South Other
tian
Africa
Sudan
Phil-
9
15 9
13.6
13.8
13.6
13.5
12.5
13.0
11.5
10.4
8.0
7.6
7.1
11 . 8
12
13 .3
12 .0
13 .3
7 8
11 .2
14 c
18 . 7
19 .8
21 .4
14 1
18 1
17 .9
7 7
1 9
.9
9
1 .1
1 4
5 2
8 1
10 9
ippine Thai- Turland
key
Republic
13 8
13 8
20 2
27.4
37 3
23 2
22.8
22.4
22.0
19.7
14.4
12 5
9.6
8.0
6.2
7.0
4.6
2 .4
1 .9
1 2
.9
.7
1 .2
1 .5
1 5
1 .5
1 .8
Other
Asia1
All
othei
Australia
1 8
0
1 4
17 .7
1 4
8 9
2 8
4.6
7.5
14 3
11 7
9 9
17.
31. 5
19. 7
6
1 7
3.4
9.0
4 7
14
10 .5
9 .9
5 .9
4 .8
.7
7
.9
.8
.8
.9
.7
50 3
12.0
8.5
9.3
11.7
10.9
10 7
7.7
7.6
7.5
10.0
11.6
20 4
30. 1
34. 8
38. 1
39. 6
40. 7
61. 4
52. 0
49.6
60. 6
74. 5
69. 4
7 9
10.4
15.5
18.9
20.1
20.8
40.7
35.2
33.9
44.5
56.5
49.5
P Preliminary.
1
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,
s Less than $50,000.
3.6
3.5
3.5
3.7
3.6
3.8
3.9
4.0
3.9
4.4
4.4
2
.3
.4
.1
.4
9 7
4 7
10 1
14 .4
7 9
1 2
3.3
3.3
8.0
6.8
.2
.2
.3
.4
.3
.1
.1
.1
.1
.1
.1
.1
4 s
11 . 3
11 .2
11 .3
12 .1
12 .3
11 7
7 .5
6 .8
7 .3
8 .1
8 .1
7.7
4.6
4.3
4.0
3.5
3.9
5.C
5.3
4.8
4.8
5.4
7.3
Beginning January 1950, excludes Iran,
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In millions of dollars]
Production reported monthly
Year or
month
Estimated
world
Total
production
reported
outside
monthly
U.S.S.R.1
North and South America
Africa
South
Africa
Rho-
West
Africa2
Belgian United
Congo3 States4
Canada
Mexico
Colombia
Other
Chile
Nicaragua5
Australia
India'
$1 =i5 5 /ji grains of gold 9/io fine: i. e., an ounce of fine gold =$35.
1941.
1942.
1943.
1944.
1945.
1946.
1947.
1948.
1949.
1,265.6
1,125.7
871.5
784.0
738.5
752.5
766.5
791.0
1949—Nov..
Dec.
1950—Jan..
Feb..
Mar..
Apr..
May.
June.
July.
Aug..
Sept..
Oct..
Nov..
1,110.4
982.1
774.1
701.5
683.0
697.0
705.5
728.1
753.2
504.3
494.4
448.2
429.8
427.9
417.6
392.0
405.5
409.7
27.8
26.6
23.0
20.7
19.9
19.1
18.3
18.0
18.5
32.4
29.2
19.7
18.4
18.9
20.5
19.3
23.4
23.1
19.6
18.0
15.8
12.7
12.1
11.6
10.8
11.1
12.9
209.2
131.0
48.8
35.8
32.5
51.2
75.8
70.9
67.3
187.1
169.4
127.8
102.3
94.4
99.1
107.5
123.5
144.2
28.0
28.0
22.1
17.8
17
14.7
16.3
12.9
14.2
23.0
20.9
19.8
19.4
17.7
15.3
13.4
11.7
12.6
9.3
6.4
6.1
7.1
6.3
8.1
5.9
5.7
6.3
7 .5
8 .6
7 .7
7 .9
7 .0
6 .4
7 4
7 .8
7 .7
52.4
40.4
26.3
23.0
23.0
28.9
32.8
31.2
31.3
10.0
9.1
8.8
6.6
5.9
4.6
6.1
6.5
5.7
65.9
63.5
64.0
60.1
66.4
63.2
65.9
34.0
34.0
34.2
32.0
35.1
33.3
35.5
34.6
34.6
34.9
34.0
33.9
33.3
1.5
.5
.5
.4
.5
.5
.5
1.5
1.5
1.5
2.0
2.0
2.0
2.0
1.9
1.9
2.0
1.9
1.9
1.9
2.0
1.9
1.9
L.I
L.I
L.I
L.O
L.I
L.O
L.O
L.O
.0
L.I
1.0
1.0
.9
7.2
6.4
5.9
5.5
6.1
6.7
6.8
6.6
7.1
7.9
7.8
8.2
7.5
12.7
13.0
12.4
12.2
13.4
12.9
13.1
12 9
12.9
13.2
12.8
13.2
1.9
.8
1.5
1.0
2.0
.7
1.1
.6
1.4
1.2
1.2
1.0
.9
1.0
1.1
1.1
1.1
1.2
.6
.5
.6
.2
.6
.8
.9
.6
.6
.5
.5
.7
.6
.6
.7
.7
.7
.6
.7
.7
.7
.7
.6
.6
2.9
2.6
2.3
2.3
2.3
2.2
2.4
3.4
2.3
2.5
2.5
2.8
2.8
.4
.4
.5
.5
.5
.6
.5
.6
6
.6
.6
.6
.7
Gold production in U. S. S. 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 are estimates of United States Mint. Monthly
figures are estimates of American Bureau of Metal Statistics, those for 1949 having been revised by subtracting from each monthly figure $217,251
so that the aggregate for the year is equal to the yearly estimate compiled by the United States Mint.
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.
FEBRUARY 1951
235
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United States
End of month
Treas-
Total
1945—Dec.
1946—Dec.,
1947—Dec..
1948—Dec.
1949—Dec.
20,065
20,529
22,754
24,244
24,427
20,083
20,706
22,868
24,399
24,563
1950—Jan..
Feb..
Mar.
Apr..
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
24,395
24,345
24,246
24,247
24,231
24,231
24,136
23,627
23,483
23,249
23,037
22,706
24,507
24,456
24,360
24,350
24,340
24,331
24,239
23,745
23,591
23,349
23,153
22,820
End of month
1945—Dec..
1946—Dec.
1947—Dec..
1948—Dec..
1949—Dec..
1950—Jan...
Feb..
Mar..
Apr..
May.
June.
July.
Aug..
Sept..
Oct...
Nov..
Dec.
End of month
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Argentina 2
Belgium
Brazil
Canada 3
716
735
597
624
698
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
679
679
682
679
678
663
651
643
599
592
581
587
317
317
317
317
317
317
317
317
317
317
317
507
509
511
513
515
521
531
545
554
568
578
590
40
40
40
40
40
40
40
40
40
40
40
40
53
64
65
66
67
68
69
70
71
72
73
299
299
299
299
299
299
299
291
291
291
271
1,197
1,072
322
Hungary
India
Iran £
Italy
Java
Mexico
24
34
35
41
274
274
274
256
247
131
127
142
140
140
24
28
58
96
252
7 201
7180
294
181
100
247
247
247
247
247
247
247
247
247
247
247
247
140
140
140
140
140
140
140
140
140
140
140
252
252
252
252
252
252
252
252
252
252
252
178
178
178
178
178
178
178
178
188
188
188
208
Switzerland
Turkey
41
41
Sweden
Uru-
178
Venezuela
16
other
coun-8
tries
Chile
Colombia 4
NetherNew
lands Zealand
Peru
28
24
20
20
28
229
229
'231
'231
'231
'231
'231
'231
'231
'231
'231
27
27
27
27
28
28
28
28
29
29
29
29
51
51
50
48
50
50
50
50
50
50
50
28
28
28
28
28
28
28
28
28
28
28
241
237
170
162
154
195
200
175
164
178
202
215
215
323
373
192
193
195
220
330
15
1,356
1,436
1,451
70
70
69
71
71
71
71
71
87
91
90
90
1,508
1,503
1,527
1,534
1,552
1,559
1,550
1,537
1,529
1,520
1,508
154
154
154
154
154
149
138
146
146
150
150
183
187
190
184
184
189
196
208
217
217
373
373
373
373
373
373
373
373
373
373
373
373
332
334
333
333
337
336
337
336
336
*>337
P340
1,459
1,460
1,460
1,460
1,460
1,460
1,464
1,494
1,494
1,494
Bank
for International
Settlements
39
32
30
36
68
68
69
87
93
100
108
128
125
145
149
159
167
r
* Preliminary.
Revised.
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."
2
Estimated dollar values derived by converting gold at home in amounts up to 1,224.4
million pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of
3.5447
pesos per U. S. dollar.
3
Figures as reported by Foreign Exchange Control Board and Minister of Finance.
4
Beginning
December 1948 figures taken from last weekly statement of month.
5
Beginning December 1947 includes gold holdings of issue and banking departments of
Bank
Melli
Iran;
prior to that represents holdings of issue department only.
6
Total gold holdings are not available. Beginning April 1946, the series is new and represents
gold
held
as
reserve (25 per cent minimum) less gold in foreign currency liabilities.
7
Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31.
8
For list of countries included, see BULLETIN for January 1950, p. 114, footnote 8.
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, pp. 544-555, in the same publication and for those subsequent to 1941, see BULLETIN for February 1950, p. 252. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively.
Norway
80
91
72
52
51
International
Monetary
Fund
Denmark
Egypt
France
38
38
32
32
32
52
53
53
53
53
1,090
796
548
548
523
32
32
32
32
31
31
31
31
31
31
31
31
53
53
53
53
53
53
53
53
53
53
523
523
523
523
523
523
523
523
523
523
523
523
61
61
23
23
23
23
27
1,342
1,430
1,356
1,387
1,504
236
Czechoslovakia
270
265
231
166
195
482
381
105
81
70
1
Cuba
Portugal 6
Ruma-.nia
South
Africa
Spain
269
914
939
762
183
128
110
111
111
111
85
132
146
166
173
178
177
179
180
179
183
187
80
80
80
61
61
61
61
61
61
61
61
245
193
158
P215
P197
Government gold reserves not included in
previous figures
End of month
United
Kingdom
1945—Dec..
1946—Dec.
1
1947—Mar.
12,380
!2,410
X
2,383
!2,079
June.
Sept..
Dec.
1948—Mar..
June.
Sept..
Dec.
France
Belgium
2,476
12,696
1
1,920
il,777
i1,856
1949—Mar..
June.
Sept..
Dec.
11,651
il,425
11,688
1950—Mar..
June.
Sept..
Dec.
11,984
12,422
12,756
13,300
1
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.)
2
France—'Exchange Stabilization Fund; Belgium—Treasury.
NOTE.—For details regarding special internal
gold transfers affecting the British and French
institutions, see p. 238, footnote 1, and p. 239,
footnote 8. For available back figures, see
Banking and Monetary Statistics, p. 526, and
BULLETIN for November 1947,
ruary 1945, p. 190.
p. 1433, and
Feb-
FEDERAL RESERVE BULLETIN
NET GOLD IMPORTS TO UNITED STATES, BY COUNTRIES
[Net gold exports from United States ( —).
In millions of dollars]
Gold valued at approximately $35 a fine ounce
Year
or
month
United
Kingdom
Total
1942
1943 .
1944
1945
1946 . .
1947
1948
1949 .
1950
315.7
2 0
.1
68.9
-845.4 -695.5
.2
106.3
311.5
.5
1,866.3
488 4
1 680 4 1 095 4
686.5
527.9
-356.3
31 8
1949—rj ec
1950—j a n
Feb
Mar
Apr
May
July
Aug
Sept
Oct
Nov.
Dec
Netherlands
France
Sweden
U.S.S.R. Canada
11 3
208 9
66.9
46.2
53 1
33.7
344.1
27 9
445 4
—4 5 —29 7
5.8
—394 0
28.0
162.9
135 5
.1
1
34 4
1
—1
— .1
1
2
—1 4
39 0
.2
1 6
53 3
13 1
10 0
—1 5
42 2
—96 5
93 4
— 143 6
93 0
June
Belgium
Colombia
Mexico
1
10 6
40 0
-3.3
-109.7
15.1
3.6
—7 1
15 8
-4.4
3 6
8 7
7.5
7.7
7.4
7.3
76
79
6.9
44
.4
.2
3
.4
.5
-10.8
-50.3
-134.0
335 5
103 3
21 0
25 1
14.2
3
7
5
5
4
.1
1
31 7
Argentina
1
_ i
1
Venezuela
4 0
2.2
-55.3
-56.1
.2
—8
— 136 1
-4.5
—1 7
s
7
.4
.5
6
44 2
95 3
76 6
— 120 4
61 2
1
Nicaragua
.3
.3
.3
.3
3
.3
.3
.3
.3
.3
.2
.3
4
.3
.4
NET GOLD IMPORTS TO UNITED STATES,
BY COUNTRIES—Continued
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[Net gold exports from United States (—). In millions of dollars]
[In millions of dollars]
Gold valued at approximately $35 a fine ounce
Year or
month
Other
Latin
AusAmerican tralia
Republics
1942
1943
1944
1945
1946
1947
1948
1949
1950
16.3
14.6
-10.8
7.0
-8.0
-17.1
7.3
6.4
-5.7
1949—Dec.. .
1950—Jan....
Feb...
Mar...
Apr. . .
May. .
June..
July...
Aug...
Sept...
Oct....
Nov.. .
Dec.. .
.4
.4
.5
.4
.5
.3
.7
.6
.6
.6
.4
.5
-11.2
China
.5
.2 " - 9 * . 5 '
-11.9
.2
.1 - 1 3 4 . 0
. . . . . . -55.8
-14.0
.6
-19.1
.3
.6
Philippine
Republic
.3
.i
-.2
-3.5
-2.5
-.1
-.3
—3
2
.1
......
"".2
.1
.1
" 'A
.1
-.2
.3
-.5
-.5
' —' i
-.1
4
.3
South
Africa
All
other
countries
4.1
8.9
.3
.8
3.6
30.2
.4
.5
118.6
1.3
410.7 -18.6
491.5 2i -63.5
190.7 -37.6
22.1 -17.0
-8.5
337.1
-1.3
-3.5
3.7
16.8
10.5
1.8
4.7
3.5
-3.1
.8
-2.1
4
-17.9
4
-24.6
i -21.2
5.8
Gold stock at
end of period
p :riod
Treasury
Total i
_ i
-.4
-.1
_ i
2
-.1
-.1
_ 2
-.1
2
-.2
Ear-
marked DomesNet
Increase gold
im- gold: de- tic
gold
in total
port or crease producgold
or inexport
tion 2
stock
crease
(-)
(-)
1942
1943.
1944
1945.
1946.
1947.
1948
1949.
1950.
22
21
20
20
20
22
24
24
22
,726
,938
,619
,065
,529
,754
,244
,427
,706
22
21
20
20
20
22
24
24
22
-23.0
315.7 -458.4 125.4
,739
-757.9
68.9 -803.6 48.3
,981
,631 — 1,349.8 —845.4 —459.8 35.8
32.0
—547.8 — 106.3 - 3 5 6 . 7
,083
465.4 51.2
623.1 311.5
,706
3
210.0 75 8
,868 2,162.1 1,866.3
1,530.4 1,680 4 — 159 2 70.9
,399
67.3
,563
164.6 686.4 - 4 9 5 . 7
,820 -1,743.3 - 3 5 6 . 3 -1,352.4
(4)
1950—Jan...
Feb...
Mar...
Apr. . .
May. .
June..
July...
Aug...
Sept.. .
Oct...
Nov.. .
Dec...
1951—Jan.. .
24
24
24
24
24
24
24
23
23
23
23
22
,395
,345
,246
,247
,231
,231
,136
,627
,483
,249
,037
,706
,392
24
24
24
24
24
24
24
23
23
23
23
22
,507
,456
,360
,350
,340
,331
,239
,745
,591
,349
,153
,820
,462
P22
P22
39.0
-56.3
.2
-51.2
-l!6
-96.2
-9.2
53.3
-10.7
13.1
-9.0
10.0
-91.1
-1.5
-494.4 -42.2
-153.9 -96.5
-242.5 -93.4
-195.5 -143.6
-333.2 -93.0
P-358.3
(4)
5
-93.2
-50.4
-95.4
-59.2
-29.9
-17.6
-90.0
-431.4
—65.9
-146.2
-35.3
-237.9
-248.5
5.9
5.5
6.1
6.7
6.8
6.6
7.1
7.9
7.8
8.2
7.5
(4)
(4)
1
Includes net exports of 39.2 million dollars to Switzerland, 10.7
million to Greece, 8.3 million to French Indo-China, and 5.3 million
to 2other countries.
Includes net exports of 18.3 million dollars to Poland, 8.6 million
to French Indo-China, 6.6 million to Portuguese Asia, and 4.1 million
to 3other countries.
Includes imports of 43.1 million dollars of Thailand gold from
Japan and net exports of 3.0 million dollars to Poland and 3.0 million
to 4other countries.
Includes exports to Egypt as follows: October, 14.7 million dollars;
November, 22.6 million; and December, 6.7 million.
NOTE.—For back figures see Banking and Monetary Statistics,
Table 158, pp. 539-541, and for description of statistics, see p. 524
in the same publication.
FEBRUARY
1951
P Preliminary.
* See footnote 1 on opposite page.
2
Yearly figures are estimates of United States Mint. For explanation
of
monthly
figures
see p. 235, footnote 4.
3
Change includes transfer of 687.5 million dollars gold subscription
to
International
Monetary
Fund.
4
Not yet available.
5
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 5,874.3 million dollars on Jan. 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.
237
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[End-of-month figures. In millions of dollars]
1950
1949
1950
1949
International Bank
International Fund
Oct.
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
July
Apr,
1,494 1,464 1,460 1,450
1,305 1,306 1,299 1,311
4,228 4,257 14,266 4,265
989
893 1,018
1,003
1
1
1
1
8,037 8,022 7,922 8,047
-4
-4
-3
-4
1950
Net currency purchased 2
(Cumulative—millions of dollars)
Dec.
Nov.
1949
Oct.
Dec.
20.0 20.0 20.0 20.0
11.4 11.4 11.4 32.1
37.5 37.5 37.5 37.5
8.8
8.8
8.8
8.8
-.9
-.9
-.9
-.9
6.0
6.0
6.0
6.0
10.2 10.2 10.2 10.2
-5.5 -5.5 -5.5
3.0
.3
.3
.3
.6
125.0 125.0 125.0 125.0
100.0 100.0 100.0 100.0
22.5 22.5 22.5 22.5
75.4 75.4 75.4 75.4
9.6
9.6
9.6
9.6
10.0 10.0 10.0 10.0
5.0
5.0
5.0
5.0
300.0 300.0 300.0 300.0
9.0
9.0
9.0
9.0
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
Total
Dec.
Oct.
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
Other
Investment securities (U. S. Govt. obligations)
Calls on subscriptions to capital stock'.
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 reserve
Capital 3
Sept.
June
Dec.
5
921
10
921
5
924
38
923
437
4
439
4
449
448
5
9
261
762
8
261
261
727
6
254
26,
27
29
26
126
162
229
140
5
4
5
3
27
20
35
31
14
15
11
17
1,668 1,668 1,670 1,670
1
Includes amounts receivable for currency adjustments resulting
from the devaluations in September 1949 as follows: April 1950—
162 million dollars; October 1949—382 million.
As of Dec. 31, 1950, 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, and
sold to Norway 200 million Belgian francs in June and July 1948.
Repurchases
amounted to 33.0 million dollars.
3
Excludes uncalled portions of capital subscriptions, amounting to
6,671 million dollars as of Dec. 31, 1950, of which 2,540 million represents
the subscription of the United States.
4
Formerly shown as "Accumulated net income".
744.3 744.3 744.3 773.7
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
Assets of issue
department
Gold*
31
30
29
27
26
25
31
29
28
.2
.2
.2
.2
.2
.2
.2
.2
.4
1950—Jan. 25
Feb. 22
Mar. 29
Apr. 26
May 31
June 28
July 26
Aug. 30
Sept. 27
Oct. 25
Nov. 29
Dec. 27
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
4
4
4
Assets of banking
department
Other
assets 2
Notes
and
coin
Discounts
and advances
Securities
780.0
950.0
1,100.0
1,250.0
1,400.0
1.450.0
L,450.0
L,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
L.300.0
L,300.0
1,300.0
,300.0
,300.0
,350.0
,350.0
,350.0
,350.0
,350.0
,350.0
; ,375.0
57.9
58.4
38.5
28.4
19.9
63.0
37.4
53.8
70.2
80.3
66.1
19.2
14.7
22.0
12.3
22.0
19.1
15.4
18.0
23.4
21.0
40.3
37.8
29.2
477.4
486.7
507.2
529.4
554.9
549.3
599.2
575.0
583.0
581.8
585.9
384.0
Liabilities of banking department
Note
circulation *
Deposits
ECA
Other
Other
liabilities and
capital
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
17.9
17.9
17.9
17.8
17.8
18.1
18.1
18 1
18.1
12.5
14.0
12.1
13.9
12.0
11.9
14.5
12.8
14.8
13.0
18.4
15.4
117.4
136.0
160.0
169.8
188.4
209.0
237.1
246.5
254.8
266.4
266.4
.4
110.2
113.5
83.9
89.5
94.2
96.5
97.9
95.7
94.3
89.3
82.2
85.0
18.3
18.4
18.5
17.8
18.0
18.2
18.3
18.5
18.5
17.8
18.0
18.1
Bankers'
Public
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
1,247.7
1,247.2
1,267.3
1,277.7
1,286.6
1,293.9
1,319.7
1,302.0
1,283.3
1,272.6
1,286.0
1,357.7
291.7
285.2
283.5
288.8
281.3
292.1
286 8
278.8
291.8
316.0
305.0
313.5
1
On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and three pence
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 issue decreased by 50 million pounds on Jan. 11, and increased by 50 million on June 28 and by 25 million on Dec. 9, 1950. For
details on previous changes see BULLETIN for 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.
238
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Sterling
and United
States
dollars
Gold
185.9
225.7
(<)
1938—Dec. 31.
1939—Dec. 30.
1940—Dec. 31.
1941—Dec. 31.
1942—Dec. 31.
1943—Dec. 31.
1944—Dec. 30.
1945—Dec. 31.
1946—Dec. 31.
1947—Dec. 31.
1948—Dec. 31.
1949—Dec. 31.
1950—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 29.
M a y 31 .
June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31 .
Nov. 30.
Dec. 30.
Liabilities
Dominion and provincial government
securities
Short-1
term
Deposits
Other
assets
Note
irculation 2
Chartered
banks
Other
Dominion
government
144.6
181.9
448.4
391.8
807.2
787.6
906.9
1,157.3
1,197.4
1,022.0
1,233.7
1,781.4
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
175.3
232.8
359.9
496.0
693.6
874.4
,036.0
,129.1
,186.2
,211.4
.289.1
,307.4
200.6
217.0
217.7
232.0
259.9
340.
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
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
73.1
76.7
73.7
86.0
73.3
84.1
89.1
161 .4
212.2
152.2
127.2
111.4
1,769.1
1,786.2
1,655.9
1,668.3
1,685.7
1,436.7
1.431 .0
1,420.4
1,406.1
1,381 .4
1,170.0
1,229.3
235.4
191.1
358.9
371.0
372.6
622.0
638.7
569.2
444.6
435.7
662.0
712.5
73.1
56.2
75.2
56.5
60.1
58.8
65.7
113.9
219.7
440.0
415.5
297.1
,259.2
,250 6
,258.5
,269.8
,275.9
275.8
1,294.2
1,303.8
1,318.4
1,321.8
1,323.5
1,367.4
530.7
554.8
567.3
551.6
534.3
544.5
552.8
568.2
555.8
621.7
578.9
578.6
94.3
24.3
71.2
41.3
68.9
35.3
19.6
16 7
22.0
39 0
45.3
24.7
145.8
176.4
150.7
199 8
202.7
215.8
228.9
233.1
258.2
235.2
I 221.0
207.1
120.7
104.2
116.1
119 4
109.9
130.1
129.0
143.1
128.2
191.6
206.0
172.6
Bank of France
Gold
29..
28 .
26..
31..
31..
30...
28...
27.
26..
31..
30...
29.
87,265
97,267
84,616
84,598
84,598
84,598
75,151
129,817
94,817
65,225
65,225
62,274
1950—Jan. 2 6 . . .
Feb. 23.. .
Mar. 3 0 . . .
Apr. 27..
May 25.. .
June 2 9 . . .
July 27. . .
Aug. 31 . . .
Sept. 2 8 . . .
Oct. 2 6 . . .
Nov. 30 . .
Dec. 2 8 . . .
62,274
62,274
62,274
62,274
62,274
62,274
62,274
8
182,785
182,785
182,785
182,785
182,785
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
Foreign
exchange
Domestic bills
Open
market 5
Special
1,892
5,818
7,802
6,812
8,420
9,518
12,170
17,980
37,618
67,395
97,447
61 ,943 137,689
1,797
2,345
821
112
42
38
37
37
42
68
7
12
30
59 ,719
58 .658
63 ,987
83 ,526
98 ,539
116 ,652
146 ,146
144 ,242
173 ,725
140 ,735
146 ,783
162 ,017
Other
28.4
64.3
38.4
200.9
.5
.6
172.3
156.8
1.0
2.0
.4
74.1
132,447
123,912
123,013
117,039
115,978
128,939
144,523
149,702
119,556
115.122
150,674
136,947
Other
Advances to
Government 5
Current
Other
8,577
28,548
30,627
7,880
14!200 30,473
5,149
3,646 63,900 112,317
4,517 69,500 182,507
5,368 68,250 250,965
7,543 64,400 366,973
15,850 475,447
18,592
445,447
25,548
76,254 67,900 480,447
117,826 147,400 558,039
238,576 150.900 558,039
335,727 157,900 560,990
31,410
31,467
29,279
29,297
27,090
18,507
12.709
3,590
14,572
25,035
32,047
34,081
335,845
333,358
359,671
367,740
341,340
?68,694
373.930
362,358
377,531
.371 ,010
297,884
393,054
661
12
169
29
48
303
3,135
64
3.1
17.9
9.5
Liabilities
Assets
(Figures in
millions of francs)
Other
liabilities
and
capital 3
159,900
165.200
166,000
167,100
167.700
166,600
161,600
163,600
163,900
162,600
155,900
158,900
560,990
560,990
560,990
560,990
560,990
560.990
560.990
481,039
481,039
481,039
481,039
481,039
Other
assets 5
Note
circulation
Govern
ment
ECA
110 ,935
5 061
14,028
151 ,322
1 914
15,549
984
218 ,383
18,571
270 ,144
1 517
17,424
382 ,774
770
16,990
500 ,386
578
16,601
572 ,510
748
20,892
570 ,006 12 048
24,734
765
721 ,865
33,133
920 .831
733
59 024
806
987.621
57,622
1 ,168
112,658 1,278 ,211
94,504
91,046
112,552
113,338
107,521
116,833
128,695
137,978
132,972
197,555
222,277
9
212,822
1,256 ,758
1,271 .387
1,321 ,855
1,332 ,148
1,324 ,533
1,382 ,479
1,413 ,718
1,455 ,008
1,467 ,425
1,466 ,623
1,502 ,770
1,560 ,561
Other
Other
liabilities
and
capital
25 ,595
14 ,751
27 ,202
25 ,272
29 ,935
33 ,137
37 ,855
57 ,755
63 ,468
82 ,479
171 ,783
158 ,973
2,718
2,925
7 44,986
7 68,474
721,318
7 15,596
7,078
4,087
7,213
10,942
16,206
19,377
133 ,526
120 ,858
115 ,627
114 ,103
110 ,321
126 ,978
129 ,954
134 ,709
144 ,909
171 ,836
137 ,038
161 ,720
23,853
20,426
17,828
20,747
24,634
21,475
24,309
22,722
21,725
28,610
21,885
24,234
Deposits
42
79
24
21
17
62
80
75
94
73
83
70
22 910
14 155
22 432
34 284
21 927
8 496
22 806
12 778
11 ,928
8 739
7 613
15 ,058
1
2
3
4
Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves.
Beginning November 1944, includes a certain amount of sterling and United States dollars.
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 5 1940, 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 131.1 billion francs on Dec. 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.
FEBRUARY
1951
239
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banks..
Other assets
Currency circulation
Deposits—Nationalized
Other sight obligations
Other liabilities and capital
C o m m o n w e a l t h Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks..
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
Austrian National Bank (millions
of schillings):
Gold
Foreign exchange. .
Loans and discounts
Claim against Government
Other assets
Note circulation
Deposits—Banks
Other
Blocked
National Bank of Belgium
(millions of francs):
Gold*
Foreign claims and balances (net).
Loans and discounts
Consolidated Government debt
Government securities
Other assets
Note circulation
Deposits—Demand
ECA
Other liabilities and capital
Central Bank of Bolivia—Monetary dept. (millions of bolivianos):
Gold at home and abroad 2
Foreign exchange
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Ceylon (thousands
of rupees):
Foreign exchange
Paid-in capital—Int'l. Bank
Government securities
Other assets
Currency in circulation
Deposits—Government
Banks
Other liabilities and capital
Central Bank of Chile (millions
of pesos):
Gold
Foreign exchange (net) 3
Net claim on Int'l. Fund
Discounts for member b a n k s . . . .
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital
Bank of the Republic of Colombia
(thousands of pesos):
Gold and foreign exchange
Net claim on Int'l. Fund 3
Paid-in capital—Int'l. Bank
1950
Dec.
Nov.
1949
Oct.
656
656
1,831
1,680
2,008 1,980
32,135 32,054
277
237
11,873 11,592
22,207 22,326
551
465
2,279 2,224
565,065 554,108
5,302 3,602
365,008 361,302
66,630 49,864
242,770 238 ,770
490,420 464 ,670
36,449 38,803
232,366 226,632
50
449
3,786
5,324
37
6,349
429
988
1,882
50
405
3,156
5,280
40
6,174
299
1,048
1,410
50
379
2,884
5,305
42
5,923
331
1,102
1,303
29,369 29,040 29,623
6,330 7,150 7,378
10,566 9,133 7,205
34,939 34,939 34,939
7,635 7,892 6,048
5,218 5,202 3,815
87,218 86,238 84,784
2,305 2,318 1,749
15
42
12
4,519 4,758 2,463
1,370
562
1,879
734
142
3,223
458
1,007
1,370
494
1,879
735
140
3,191
420
1,007
565,059 573 ,491 516,891
1,429 1,429 1,429
4,493 3,993
415
2,799
511
367,357 343,813 327,960
12,463 65,671 4,206
165,189 142,999 134,688
28,770 26,844 51,977
1,245
280
1
2,on
680
3,483
2,275
7,047
1,096
441
1,392
1,231
295
1
2,126
685
3,138
1,812
6,258
1,212
390
1,428
1,235
266
1
2,274
685
3,002
1,748
6,220
1,348
299
1,343
196,029 192,831 203,996
24,370 24,369 24,368
1,373 1,374 1,372
Dec.
1950
Central Bank
(Figures as of last report
date of month)
Dec.
Bank of the Republic of Colombia—Cont.
656
Loans and discounts
,341
Government loans and securities
,770
Other assets
061
Note circulation
147
Deposits
128
Other liabilities and capital
604 Central Bank of Costa Rica
623 (thousands of colones):
620
Gold
Foreign exchange
Net claim on Int'l. Fund 3
Loans and discounts
417,,838
Securities
2:,213
Other assets
Note circulation
383,,539
Demand deposits
34,,507
Other liabilities and capital
239,,563
National Bank of Cuba
357 ,170 (thousands of pesos):
Gold
31 ,386
Foreign exchange (net)
209 ,978
Foreign exchange (Stabilization
Fund)
50
Silver
.
144
Net claim on Int'l. Fund 3
,657
Loans and discounts
,
,708
Credits to Government
24
Other assets
,721
Note circulation
,
454
Deposits
,222
Other liabilities and capital
,187 National Bank of Czechoslovakia 4
National Bank of Denmark
(millions of kroner):
605
Gold
266
Foreign exchange
230
Contributions to Int'l. Fund and
991
to Int'l. Bank
851
Loans and discounts
108
Securities
113
Govt. compensation account. . . .
742
Other assets
766
Note circulation
430
Deposits—Government
Other
Other liabilities and capital
956| Central Bank of the Dominican
111
Republic (thousands of dollars):
,174
Gold
745
Foreign exchange (net) 3
102!
Net claim on Int'l. Fund
,547
Paid-in capital—Int'l. Bank
303
Loans and discounts
238
Government securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
Central Bank of Ecuador
(thousands of sucres):
Gold
Foreign exchange (net) 3
Net claim on Int'l. Fund
Credits—Government
Other
Other assets
1,205
Note circulation
Demand deposits—Private banks
1
Other
,070
Other liabilities and capital
686 National Bank of Egypt (thou,363
sands of pounds):
,S37l
Gold
,744
Foreign exchange
,320
Loans and discounts
352J
British, Egyptian, and other
Government securities
504
Other assets
Note circulation
215 ,844!
Deposits—Government
24 ,367
Other
Other liabilities and capital
1 ,370
Nov.
274,
74,809 252,587
131,933 132,510
55,284 63,233
463,182 405,024
168,659 208,642
51,957 53,238
11,511
9,353
7,038
102,584
14,555
15,428
107,534
43,504
9,431
11,511
7,606
7,038
92,759
17,056
17,430
99,520
42,752
11,128
Oct.
239,809
139,451
62,262
413,125
205,640
52,493
Dec.
232,414
139,292
53,676
476,340
146,870
43,753
11,511 11,545
13,181 14,939
7,019
85,957 102,903
20,456 21,767
17,104
97,813 108,843
46,663 76,005
10,752
'270,561
'290,561
r
61,349 '54,627
36,149 35,746
64,902 68,658
12,507 12,507
2,807 1,902
16,144 15,620
•21,949 r20,395
332,400 333 ,639
140,088 150,862
13,882 15,516
69
403
69
400
69
380
6
6
58
43
137
133
3,991 3,999
377
413
1 ,709 1,589
1 ,285 1,245
1,924 1,985
207
215
6
40
138
4,005
272
1,571
1,221
1,928
210
65
31
113
4,761
295
1,627
1,853
2,038
196
4,045 4,045 4,045
15,308 14,211 13,830
1,250 1,250 1,250
40
40
40
531
505
405
6,323 6,323 5,383
874
938 1,006
23 115 21,659 20,558
4,579 5,324 5,083
678
330
317
4,030
11,012
1,250
40
704
4,377
2,575
19,509
4,236
244
69
454
281,256
232,393
18,756
183,881
113,929
167,939
509,451
170,661
95,504
222,540
252,968
176,602
16,881
202,309
144,515
159,813
496,631
162,647
111,187
182,622
278,648
-94,527
16,881
272,280
140,373
135,746
392,790
114,085
101,420
141,105
6,376
6,509
27,917
6,376
13,861
17,574
312,421
49,367
174,762
105,157
111,561
11,109
316,682
43,766
166,166
112,720
112,528
6,845
r
1
2
3
Revised.
On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc.
It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar.
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time
as the4 Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
For last available report (March 1950), see BULLETIN for September 1950, p. 1262.
NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1951, p. 112; and January 1950, p. 118.
240
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) x
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
Dec.
1949
Nov.
Oct
Dec.
57,564.
39,385
1,565
11,963
4,981
1,092
72,915
37,209
6,427
57,618
37,562
1,565
8,140
5,002
1,184
64,366
40,199
6,507
50,179
51,343
1,565
6,179
5,003
1,235
62,609
46,361
6,534
43,202
47,067
1,565
3,214
5,212
1,208
65,020
30,502
5,945
2,674
-922
-1,662
40,535
992
4,632
34,383
1,503
10,361
2,230
-2,342
-2,127
44,074
1,034
2,744
33,916
868
10,829
2,230
-1,483
-1,638
43,024
1,040
1,846
32,484
1,997
10,539
269
-2,939
-1,297
40,302
1,058
2,301
29,606
2,532
7,556
1,116
4,914
9,588
1,515
8,232
2,523
1,841
815
3,721
1,186
4,630
9,370
1,392
8,099
2,741
1,501
670
3,567
1,320
4,621
9,218
1,320
8,123
2,564
1,436
614
3,743
846
3,817
8,278
1,348
7,656
1,000
1,269
211
4,152
345
248
5,436
2,780
966
1,805
866
360
238
4,750
2,735
969
1,870
841
284
114
3,937
2,163
825
1,859
592
3,205
1,185
2,714
2,552
1 ,160
2,629
1,868
742
2,262
27,229 27,229
6,903
6,255
1,250
1,250
5,628 4,085
17,885 17,499
35,492 35,112
3,206 3,225
1,202
1,407
9,375
8,386
9,414
8,395
27,229
8,810
1,250
6,479
18,161
400
400
5,832
5,982
4,366 4,366
601
608
11,138 11,058
211
2,194
13
12
940
3,115
256
35,704
3,157
3,204
10,426
9,437
400
6,103
4,152
545
11,065
148
2,328
5
1
912
3,155
239
136
2,159
54
3
1,032
3,134
250
2,646
2,646
2,646
54,293 50,067 48,751
56,939 52,713 51,397
2,646
49,019
51,665
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):
Cash and bullion
Advances to Government
Loans and discounts
Government securities
Reconversion Fin. Bk. bonds.. . .
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
The Java Bank (millions of guilders) :
Gold*
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of Mexico (millions
of pesos):
Monetary reserve 5
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities and capital
Netherlands Bank (millions of
guilders):
Gold e.
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
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 capital
1950
Dec.
Nov.
4
27
590
239
178
571
1,046
3
88
143
261
70
1949
Oct.
4
28
590
250
178
579
1,043
3
91
163
261
67
1951
4
21
665
231
235
'490
1,033
15
160
125
263
'48
1,158
1,231
70,015 88,646
195,199 100,005
136,631 188,900
31,055 21,316
344,690 355,312
49,975
12,037
18,538 22,129
20,855
10,621
791
272
184
2,76lj
113
2,356
1,142
623
715
254
183
2,527
123
2,307
866
628
715
181
215
2,206
115
2,194
771
466
471
88
70
1,257
76
935
949
77
1,000
951
776
2,937
155
382
2,552
1,446
475
,864
137
332
,476
,327
481
2,774
160
236
2,262
841
844
873
18
1,023
95
2,850
782
56
2,911
159
873
19
1,079
63
2,850
960
57
2,796
316
1,318
764
434
1,317
745
613
873
18
1,215
122
2,850
917
58
2,809
287
1
1,388
847
606
168
3,250
755
70
3,036
583
r
2
610
r
832
476
4,666 4,569
49,985 50,041
3,832
37,123
58,596
25,974
8,309
57,473
83,661
6,397
56,450
25,974
9,202
55,274
84,632
6,330
56,375
50,094
5,987
58,511
89,155
243
162
-57
35
47
7,112
90
2,262
2,087
933
518
1,150
244
130
-41
35
47
7,112
77
2,247
1,972
1,167
523
1,016
682
678
253
'124
-118
85
48
7,114
92
2,334
'2,322
1,326
580
317
'721
f
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.
*5 Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per guilder.
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.
FEBRUARY
Dec.
740
11
685
5,746
Until such
241
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of Pakistan (millions of
rupees) *
Issue department:
Gold at home and abroad
Sterling securities
Pakistan Govt. securities
Govt of India securities
India currency
... .
Rupee coin
Notes in circulation
Banking department:
Notes of issue department
Balances abroad
..
Bills discounted
Loans to Government
Other assets
Deposits
Other liabilities and capital. .
Bank of Paraguay—Monetary dept.
(thousands of guaranies):
Gold
Foreign exchange (net) 1
Net claim on Int'l Fund
Paid-in capital—Int'l Bank
Loans and discounts
Government loans and securities.
Other assets
Note and coin issue
Demand deposits
Other liabilities and capital
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange 2
Net claim on Int'l. Fund *
Contribution to Int'l. Bank
Loans and discounts to banks
Loans to Government . . . .
Other assets
Note circulation
Deposits . . .
....
Other liabilities and capital
Central Bank of the Philippines
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund *
Loans
Domestic securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
•
Advances to G o v e r n m e n t . . . .
Other assets
....
N o t e circulation
D e m a n d deposits—Government..
ECA
Other. . .
Other liabilities and capital
South African Reserve Bank
(thousands
of pounds):
Gold 3
Foreign bills
...
Other bills and loans
.. .
Other assets
Note circulation
...
Deposits
Other liabilities and capital
Bank of Spain (millions of pesetas) :
Gold
Silver
Government loans and securities.
Other loans and discounts
1950
Dec.
Nov.
600
18
2 .710
-248
131.565
4 ,425
38 ,093
134 ,383
026
15 ,449
•16
34S ,627
20 ,495
2 ,238
245 ,308
6S6 S37
114
983 ,242
983
299 ,094
6,810
563,172
29,502
48 537
157,580
175,423
643 858
208,040
129,125
1949
Oct.
44
652
549
141
300
53
1,696
S3
1 707
43
326
102
32
469
10S
433
814
89
331
600
15,838
2,710
-228
131,391
4,425
34,572
132,743
43 480
13,084
311,869
20,495
2,238
246,464
703,199
251,477
975,209
189,929
370,604
6 161
S74 343 > 596,4.09
2 9 ,502 29,502
<11 647 36 208
1 SS ,240 155,880
163 67 7 156,277
6 0 9 402 584,871
74 S 149 261,342
122 ,969 128,063
47 8
9 ,912
583
1 ,244
608
8 ,214
485
481
4 ,099
7 ,495
668
417
15 ,813
15 ,984
Dec.
3,335
9,610
573
1,243
518
44
614
76S
332
- 4 791
2 ,710
-92
110 189
12 ,400
737
88 ,683
78 ,796
4 ,769
414 743
20 ,495
2 ,238
174 ,186
714 734
7 1 8 7S1
883 ,091
731 997
430 ,064
?
,771
4S7 9 6 8
7 ,502
77 047
9 7 197
133 697
SSS S7S
117 ,687
97 ,874
3 181
9 ,180
466
1
S38
8 ,350
194
119
3 S16
2 437
64,929
77,874
7,457
28,925
71,940
92,762
14,482
45 ,410
S7 1S1
24 ,394
23 ,652
68 ,358
6S 110
17 ,140
668
93S
497
16 ,117
10 ,165
412
Dec.
Bank of Spain—Cont.
Other assets
Note circulation
.
..
Deposits—Government
Other
Other liabilities and capital
Bank of Sweden (millions of kronor):
Gold
Foreign assets (net)
Swedish Govt. securities and ad- 4
vances to National Debt Office
Other domestic bills and advances
Other assets
Demand deposits—Government..
Other . . .
8S6
Other liabilities and capital
80 Swiss National Bank (millions of
francs):
Gold
600
Foreign exchange
8,089
448
481
3,844
2,416
15,672
13,630
1950
Central Bank
(Figures as of last report
date of month)
Other assets . . . .
...
Note circulation
Other sight liabilities
Other liabilities and capital
Central Bank of the Republic of
Turkey (millions of pounds):
Gold
Foreign exchange and foreign
clearings
Loans and discounts
..
Securities
Other assets
Note c i r c u l a t i o n . . .
Deposits—Gold
Other
Other liabilities and capital
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
Silver
Paid-in capital—Int'l Bank
Advances to State and government bodies
Other loans and discounts
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital
Central Bank of Venezuela (millions of bolivares):
Gold
Other assets
Note circulation—Central Bank.
National banks. .
Deposits
Other liabilities and capital
Bank for International Settlements (thousands of Swiss gold
francs) :
Gold in bars
Cash on hand and with banks. . .
Sight funds at interest
....
Rediscountable bills and acceptances (at cost)
Time funds at interest
. ..
Sundry bills and investments. .. .
Funds invested in Germany
Other assets
Demand deposits (gold)
Short-term deposits:
Central banks—Own account..
Other
Long-term deposits: Special
Other liabilities and capital
Nov.
Oct.
26 3 0 S
,156
42
3 413
30 ,209 30 ,517
S19
379
3 ,311
17 331
198
799
199
86S
1 009
3 ,443
209
408
3 S13
3 ,046
211
393
3 78S
404
7S
S11
3S6
678
5 ,976
7S6
I'M
4 ,664
1 773
205
199
Dec.
4
27 ,645
62
3 ,796
83S
1S4
907
2 ,957
188
397
3 ,304
3 9 SO
394
409
787
467
440
691
649
6 ,061
6 ,071
329
6 ,240
14S
88
4 ,396
1 978
202
139
79
4 ,367
7 049
202
11S
89
4 ,566
1 731
407
419
419
432
215
1 186
77
88
959
153
700
190
1 ,189
27
90
977
153
660
125
138
854
329 ,186
11 ,344
313
270 ,793
11 ,414
307
138 7 7 3
265 ,233
790 399
301 ,973
8 3 ,966
9QS 751
353 507
122 ,316
256 ,073
231 508
296 ,969
74 7 0 7
9 7 9 023
9 4 9 717
396
698
138
340
260
49
76
893
153
347
160
1 041
-4S
99
798
1 041
-67
81
696
1 ,041
-3
1 ,041
708
67
696
61
814
1
76 S
32
731
256
154
204
289
133
487 166 4S7 ,110 209 ,419
61 667 34 213 26 ,811 33 ,980
3 289 3 161 3 ,156
2 ,861
S09 7 0 9
116 4S9 137 619 13S ,337 73 ,358
258 3 6 , 446 34 ,527
22 ,956
273 289, 655
,575 178 ,818
201 297, 201 297 ,201 297 ,201
1 S34
1 417
1 988
S76
765 380, 527 362 ,382
45 ,230
264
297
1
347
476
33
228
262
787 397 974 396 460 785 4S0
913 17 433 17 937
4 193
909 228, 909 228 ,909 228 ,909
564 262, 150 261 ,446 256 ,798
1
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund,
as the
Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
2
In November 1949, part of the gold and foreign exchange holdings of the bank were revalued.
3
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.
242
1949
Until such time
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
Central
bank of—
SwitzUnited
Ger- Bel- Nether- SweerKing- France many
gium lands
den land
dom
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
In effect Dec. 31
1950
4
3H
Rate
Dec.
31
Date
effective
21,
1,
3,
11,
4,
Central
bank of—
1940
1936
1945
1950
1948
Rate
Dec.
31
Date
effective
Albania
Argentina
Austria
Belgium
Bolivia
Mar.
Mar.
Aug.
Sept.
Feb.
Canada
Chile
Colombia
Costa Rica
Oct. 17, 1950
June 13, 1935
July 18, 1933
Feb. 1, 1950
Lithuania. . .
Mexico
Netherlands .
New Zealand.
Norway
July
June
Sept.
July
Jan.
15,
4,
26,
26,
9,
1939
1942
1950
1941
1946
Nov.
May
<Mar
Oct.
Nov.
13,
12,
13,
18,
1,
1947
1944
1949
1949
1950
Ireland
Italy.
Japan
Java
Latvia
Nov. 23, 1943
Apr. 6, 1950
5.11 July 5, 1948
3
Jan. 14, 1937
Feb. 17, 1940
5
l'A
2H
A
&2M
i-5
3M
• 1-6
Denmark
Ecuador
El Salvador.
Estonia
Finland
5
10
3
4H
7M
France
Germany. . .
Greece
India
12
3
2,
13,
22,
1,
3,
1950
1948
1950
1935
1950
Peru
Portugal. . . .
South Africa
Spain
Sweden
Nov.
Jan.
Oct.
Mar.
Dec.
June 8,
Oct. 27,
July 12,
Nov. 28,
1950
1950
1948
1935
Switzerland..
Turkey
United Kingdom . .
U.S.S. R....
Nov. 26, 1936
July 1, 1938
Oct. 26, 1939
July 1, 1936
3M
c
Corrected.
The lower rate applies to the Bank Deutscher Laender, and the higher
rate applies to the Land Central banks.
No IE.—Changes since Dec. 31: None.
1
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
Treasury
bills
3 months
.53
.41
.38
.36
.40
.41
.41
.51
1942—Nov
1943—Nov
1944—Nov
1945—Nov
1946—Nov
1947—Nov
1948—Nov
1949—Nov
1949—Dec
1950—Jan
Feb
Mar
Apr
May. . . . . . . . .
June
July
Aug
Sept
Oct
Nov
.51
.51
.51
.51
.51
.51
.51
.55
.62
.62
.62
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
1.03
1.03
1.03
.53
.53
.53
.56
.69
1.00
1.00
1.00
.51
.51
.51
.51
.52
1.00
1.00
1.00
.63
.69
.52
.69
.69
.69
.69
.69
.69
.69
.69
.69
.69
.69
.52
.52
.52
.51
.51
.51
.51
.51
.52
.51
.51
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
.63
1.67
1.64
1.21
1.36
1.21
2.12
2.03
P2.55
1.01
.93
1.08
1.16
.78
.74
.77
.93
1.25
1.25
1.25
1.25
1.25
1.38
1.63
1.50
.63
P2.55
1.32
1.03
1.50
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
2.18
2.40
2.70
2.64
2.68
2.52
2.59
2.35
2.22
2.28
2.19
1.31
1.54
1.45
1.44
1.45
1.44
1.57
1.44
1.33
1.27
1.20
1.22
1.50
1.13
1.25
1.03
.81
1.10
.95
.91
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
.63
.63
.63
P Preliminary.
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.
FEBRUARY
1951
243
COMMERCIAL BANKS
Assets
United Kingdom 1
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
Money at
call and Bills dis- Treasury
short
deposit
counted
notice
receipts 2
1943—December
1944—December
1945—December
1946—December
1947—December
1948—December.
1949—December
422
500
536
499
502
502
532
151
199
252
432
480
485
571
133
147
369
610
793
741
1,109
1,307
1,667
1,523
1,560
1,288
1,397
793
1950—January
February
March
April
May
June
July....
August
September
October
November
502
476
485
493
482
482
501
504
492
509
502
571
539
534
530
538
544
557
544
543
557
548
1,229
1,169
1,106
1,177
1,197
1,338
1,400
1,336
1,358
1,414
1,445
627
471
444
402
364
297
321
368
435
496
478
Liabilities
Loans to
Securities customers
Deposits
Other
assets
Total
Demand
Time
L.154
1,165
1,234
,427
,483
1,478
L.512
761
772
827
994
1,219
1,396
1,534
349
347
374
505
567
621
579
4,032
4,545
4,850
5,685
5,935
6,200
6,202
2,712
3,045
3,262
3,823
3,962
4,159
4,161
1,319
1,500
1,588
1,862
1,972
2,041
2,041
245
250
265
342
396
420
427
L ,513
1,503
1,503
1,502
1,503
1,498
1,496
1,499
L,501
1,505
1,514
1,526
1,574
1,602
1,630
1,648
1,665
1,591
1,610
1,610
1,608
1,625
542
541
553
552
554
611
529
554
557
616
660
6,085
5,841
5,783
5,843
5,847
6,000
5,956
5,968
6,028
6,204
6,251
4,058
3,844
3,812
3,876
3,870
3,965
3,935
3,941
3,969
4,105
4,109
2,027
1,997
1,971
1,968
1,976
2,035
2,021
2,027
2,059
2,099
2,142
423
432
443
444
439
434
440
447
468
501
522
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
banks
discounts
Entirely in Canada
Cash
reserves
Security
loans
471
550
694
753
731
749
765
48
92
251
136
105
101
133
1,156
1,211
1,274
1,507
1,999
2,148
2,271
250
214
227
132
106
144
146
2,940
3,611
4,038
4,232
3,874
4,268
4,345
744
782
869
L,039
1,159
1,169
1,058
1950—January
February
March
April
May
June
July
August
September
October
November
745
749
731
730
759
712
767
802
748
847
797
100
84
83
103
105
145
94
99
101
115
164
2,263
2,299
2,344
2,349
2,352
2,408
2,385
2,393
2,473
2,565
2,737
158
149
146
175
198
227
222
218
225
189
177
4,365
4,391
4,453
4,398
4,408
4,276
4,240
4,478
4,437
4,349
4,280
1,033
L,046
L.081
1,015
1,091
1,182
1,089
1,113
1,178
L,258
1,293
(4 large banks. End
of month figures in
millions of francs)
Deposits payable in Canada
excluding interbank deposits
Tota
Demand
Time
Other
liabilities
and
capital
42
34
26
21
18
16
14
4,395
5,137
5,941
6,252
6,412
7,027
7,227
2,447
2,714
3,076
2,783
2,671
2,970
2,794
1,948
2,423
2,865
3,469
3,740
4,057
4,433
1,172
1,289
1,386
1,525
1,544
1,537
1,477
1
7,197
7,277
7,400
7,301
7,417
7,447
7,288
7,573
7,597
7,740
7,819
2,703
2,741
2,828
2,741
2,860
2,909
2,759
3,030
3,015
3,180
3,276
4,494
4,537
4,573
4,561
4,557
4,538
4,529
4,543
4,582
4,559
4,543
1,467
1,439
1,438
1,468
1,495
1,503
1,508
1,529
1,565
1,583
1,630
Other
assets
Note
circulation
1943—December
1944—December
1945—December
1946—December
1947—December
1948—December
1949—December
(33)
()
833
((3))
((33))
((3))
Assets
France
Other
liabilities
and
capital
Liabilities
Cash
reserves
Due from
banks
Bills discounted
Loans
Other
assets
1943—December
1944—December
1945—December
1946—December
1947—December
1948—December
8,541
10,365
14,733
18,007
22,590
45,397
4,086
4,948
14,128
18,940
19,378
35,633
90,908
99,782
155,472
195,223
219,386
354,245
14,245
18,651
36,621
65,170
86,875
126,246
1949—November
December
38,343
40,937
43,810
42,311
400,043
426,690
1950—January
February
March
April
May
June
July
August
September
October
39,317
36,419
38,741
44,808
43,584
41,283
47,231
41,572
42,893
39,519
43,107
45,579
42,539
43,843
44,346
43,618
43,599
51,670
48,797
50,793
423,329
424,838
415,585
452,864
433,079
442,411
433,118
440,122
484,136
484,658
Deposits
Other
liabilities
and
capital
Total
Demand
Time
Own
acceptances
1,216
1,521
4,783
17,445
27,409
34,030
112,843
128,734
215,615
291,945
341,547
552,221
111,302
126,555
213,592
290,055
338,090
545,538
1,541
2,179
2,023
1,890
3,457
6,683
428
557
2,904
15,694
25,175
30,638
5,725
5,977
7,218
7,145
8,916
12,691
134,779
129,501
46,063
29,843
597,316
627,266
589,900
619,204
7,416
8,062
25,032
26,355
40,690
15,662
138,276
137,143
134,771
126,752
134,195
133,848
141,239
135,192
131,192
136,334
33,866
36,056
39,298
40,506
44,993
48,126
46,610
46,982
48,609
49,077
630,113
632,035
619,146
652,570
640,351
648,191
647,507
650,559
687,444
689,545
622,110
623,031
609,776
639,878
626,925
633,952
636,010
638,875
674,592
674,169
8,003
9,005
9,371
12,692
13,427
14,240
11,497
11,684
12,853
15,376
27,958
29,747
30,629
31,449
32,992
32,030
31,492
29,971
30,682
29,208
19,824
18,252
21,158
24,752
26,853
29,065
32,798
35,008
37,502
41,628
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 J per cent through Oct. 20, 1945, and at f per cent thereafter.
»Less than $500,000.
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and
for description of statistics see pp. 566-571 in same publication.
244
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina *
(peso)
Year or month
Basic
Preferential
1946
1947
1948
1949
1950
29.773
29.773
29 773
29.774
26.571
1950—February
March. .
April
May.
29.778
29 778
29.778
29 778
29.778
29.778
29.778
20.000 " i 3 ! 3 3 3 '
20.000
13.333
20.000
13.333
20.000
13.333
June
July
August
September
October
November
December
.
1951—January
Year or month
U3.333
20.000
13.333
Colombia
(peso)
Czechoslovakia
(koruna)
Free
Belgium
(franc)
Australia
(pound)
"Bank
notes"
account
57.020
57.001
57.006
Ceylon
(rupee)
Official
Free
2.1407
4 1.9722
6 0602
5.4403
5.4406
5.4406
5.4406
95.198
100.000
100.000
97.491
5
90.909
93.288
91.999
91.691
92.881
91.474
27.839
20.850
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
89.820
90.254
90.205
90.110
90.456
90.766
90.844
90.844
94.854
96.044
94.913
20.850
20.850
20.850
20.850
20.850
20.851
20.850
20.850
20.850
20.850
20.850
95.002
20.850
Official
Free
38.289
2.2829
2.2817
2.2816
2.2009
j oon«
3 11.100
11.100
7.205
7.291
7.147
6.924
223.16
223.16
223.16
223.16
223.16
223.16
223.16
223.16
223.16
223.16
223.10
L.9993
1.9966
L.9912
L.9921
L.9866
L.9835
L.9837
1.9838
1.9876
L.9876
L.9983
u!9702
1.9737
1.9720
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
5.4406
223.09
I.9945
1.9549
5.4406
7.1024
Denmark
(krone)
France
(franc)
Free
Canada
(dollar)
India •
(rupee)
Mexico
(peso)
Netherlands
(guilder)
New
Zealand
(pound)
Norway
(krone)
23.838
30.155
30.164
30.169
27.706
20.870
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
11.572
11.571
11.564
11.564
11.563
11.571
11.573
11.572
11.571
11.571
11.572
26.257
26.267
26.262
26.264
26.265
26.252
26.236
26.237
26.235
26.232
26.240
277.29
277.29
277.29
277.29
277.29
277.29
277.29
m .19
m .19
277.29
277.22
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
14.015
26.239
277.21
14.015
Germany
(deutsche
mark)
8 100
2.0060
2.0060
2.0060
2.0060
2.0060
20.876
20.864
20.857
19.117
14.494
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
14.494
14.494
14.494
14.494
14.494
14.494
14.494
14.494
14.494
14.494
14.494
.2863
.2860
2859
.2856
.2856
.2854
.2855
.2856
.2856
.2856
7 23.838
23.838
23.838
23.838
23.838
23.838
23.838
20.870
20.870
20.870
20.870
20.870
20.871
20.870
20.870
20.870
20.870
20.870
2.0060
14.494
.2856
23.838
20.870
11.567
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—February
March. . . . . .
April
May
June
July
August
September
October
November
December
1951—January
Year or month
Brazil
(cruzeiro)
321.34
321.00
321.22
293.80
223.15
Official
1946
1947
1948
1949 .
1950
In cents per unit of foreign currency]
8407
.4929
.4671
.3240
.3017
.2858
7
Uruguay
(peso)
1946
1947
1948
1949
1950
49.723
49.621
4.0501
4.0273
4.0183
3.8800
3.4704
1950—February
March
April
May.
June
July
August
September
October
November
December
49.615
49.613
49.613
49.616
49.625
49.625
49.625
49.625
49.625
49.625
49.625
3.4673
3.4587
3.4595
3.4577
3.4788
3.4539
3.4498
3.4842
3.4898
3.4791
3.4838
278.38
278.38
278.38
278.38
278.38
278.38
278.38
278.38
278.38
278.38
278.38
32.713
32.722
32.734
32.761
32.807
32.818
32.825
32.825
32.838
32.850
32.850
19.333
19.333
19.333
19.333
19.333
19.333
19.332
19.331
19.332
19.332
19.327
23.264
23.269
23.286
23.291
23.138
23.047
23.012
22.959
22.942
22.946
23.201
280.07
280.07
280.07
280.07
280.07
280.07
280.07
280.07
280.07
280.07
279.99
65.833
65.833
65.833
65.833
65.833
65.833
65.833
65.833
65.833
65.833
65.833
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
56.180
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
42.553
1951—January
49.625
3.4764
278.38
32.850
19.327
23.304
279.97
65.833
56.180
42.553
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.
6
Excludes
Pakistan,
beginning April 1948.
7
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.
FEBRUARY
1951
245
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1926 =
100)
Year or month
Mexico
(1939 =
100)
Canada
(1926 =
100)
United
Kingdom
(1930 =
100)
1926
100
100
l 124
106
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
79
77
79
75
101
103
100
105
79
87
99
103
83
90
96
100
103
110
121
146
137
153
159
163
139
171
201
234
104
103
179
166
265
106
121
104
109
199
229
152
129
242
166
260
285
P311
165
155
153
157
162
169
175
192
219
230
2
2
2
2
121
136
153
989
263
1
2
100
104
375
648
1,712
1,917
*>2 169
NetherJapan
lands
Sweden
(1934-36 (July
(1935 =
average June 19381939
100)
= 1)
= 100)
Italy
(1938 =
100)
France
(1938 =
100)
135
* 126
102
105
111
115
146
172
189
196
196
194
186
199
214
216
* 100
131
150
157
160
2
164
181
251
48
271
128
209
8
150
4
16
5 159
5 443
5,170
Switzerland
(Aug. 1939
= 100)
281
296
104
133
171
195
203
207
205
200
208
217
206
P203
1949—December
151
157
293
241
2,002
4,747
219
306
219
199
1950—January
February
March .
April
May
June . . . .
July
August
September
October
November
December
152
157
288
245
2,063
2,057
2,102
2,098
2,082
2,035
2,123
2,207
••2,238
2,270
2,304
P2.409
4,732
4,759
4,732
4,693
4,695
4,671
4,694
4 913
5,088
P5.171
228
310
226
227
227
228
229
313
315
313
315
317
197
195
242
254
317
219
220
220
221
221
223
224
225
228
230
*>243
153
153
153
156
157
158
159
160
162
165
291
304
307
307
304
163
166
167
169
307
312
174
173
174
176
170
169
172
175
245
245
250
255
257
260
264
321
326
332
?335
272
279
288
292
'260
269
195
194
197
196
199
205
209
213
216
P218
r
P Preliminary.
Revised.
Approximate figure, derived from old index (1913 =100).
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 1941, p. 84; April 1937
p. 372; March 1937, p. 276; and October 1935, p. 678.
1
2
WHOLESALE PRICES—GROUPS O F COMMODITIES
[Indexes for groups included in total index above]
United States
(1926=100)
Year or month
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods
Farm
products
Foods
Other
commodities
Farm
products
100
100
100
100
100
69
65
74
70
82
81
74
64
73
67
1926
..
United Kingdom
(1930=100)
Canada
( 1926=100)
Foods
Industrial
products
97
97
104
106
78
75
138
156
160
164
170
175
184
207
242
297
257
270
372
304
261
262
262
275
282
279
384
383
385
305
309
310
220
266
272
224
223
222
217
220
226
271
275
281
291
302
311
385
311
276
285
386
388
312
312
229
228
324
330
133
146
158
160
158
158
158
165 .
181
166
170
161
166
147
153
147
146
161
171
142
149
197
221
249
286
1949—December
155
156
145
145
160
143
212
1950—January
February
March
April
May
June
July
August
September
October
November
December.
155
159
159
155
157
156
146
146
146
144
145
147
160
162
164
143
143
144
214
215
215
159
155
146
148
165
144
168
172
175
175
178
174
144
145
146
150
156
156
143
144
176
178
158
159
175
179
164
167
104
370
82
89
92
93
94
94
99
117
140
184
188
112
243
75
82
90
99
104
106
110
131
156
...
103
126
148
154
159
163
184
261
276
283
68
73
85
98
107
115
124
133
150
150
152
154
142
143
141
Industrial
finished
products
163
177
175
174
179
193
282
328
342
83
89
96
97
99
100
110
135
151
148
149
152
156
159
162
Industrial raw
products
121
140
157
157
159
172
200
214
231
71
83
100
107
105
106
131
169
179
160
162
171
175
177
173
Foods
100
68
82
106
123
123
128
149
181
188
165
166
176
178
180
178
Netherlands
(July 1938-June 1939=100)
Sources.—See BULLETIN for July 1947, p . 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
246
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
COST OF LIVING
[Index numbers]
RETAIL FOOD PRICES
[Index numbers]
United
SwitzUnited
CanKing- France Nether- erland
States
ada
dom
lands
(1938 (1938-39 (Aug.
(1935-39 (1935-39 (June
= 100)
= 100) 17, 1947 = 100)
= 100) 1939 =
100)
= 100)
Year or
month
1942
1943
1944
1945
1946
1947
1948
1949
1950
124
138
136
139
160
194
210
202
204
127
131
131
133
140
160
196
203
211
161
166
168
170
169
i 101
108
114
174
224
275
377
645
1,043
1,662
1,814
Pi,955
1949-December.
197
202
120
1950-January...
February..
March....
April
May
June
July
August....
September.
October. . .
November.
December.
196
195
196
197
200
205
210
209
209
209
210
215
199
201
204
205
205
209
214
217
219
220
219
219
120
121
121
122
125
123
122
121
122
125
125
United
SwitzUnited
CanKing- France Nether- erStates
dom
land
ada
lands
(1938 (1938-39 (Aug.
(1935-39 (1935-39 (June
= 100)
= 100) 17, 1947 = 100)
= 100) 1939 =
= 100)
100)
Year or
month
193
211
228
249
153
161
164
164
160
170
176
174
1,937
257
173 1949-December.
168
162
113
1,920
226
161
1,921
1,929
1,920
1,942
1,925
1,858
1,839
1,938
2,009
2,043
2,055
P2.078
262
270
274
273
274
284
278
275
276
286
286
171 1950-January...
170
February..
172
March....
172
April
174
May
175
June
175
July
178
August
179
September.
180
October. . .
180
November.
December.
167
167
167
167
169
170
173
173
174
175
176
178
161
162
164
164
164
165
168
169
170
171
171
171
113
113
113
114
114
114
114
113
114
115
116
P116
1,910
1,920
1,906
1,922
1,906
1,845
1,825
1,925
2,007
2,043
2,055
P2.075
230
234
237
237
237
241
240
239
243
248
249
159
159
158
158
158
158
158
159
160
161
161
P161
1942
1943
1944....
1945
1946
1947
1948
1Q4Q
1950
117
124
126
128
139
159
171
169
171
117
118
119
119
124
136
155
161
167
200
199
201
203
204
i 101
108
111
P114
175
224
285
393
645
1,030
1,632
1,818
Pi,945
192* "
199
206
219
141
148
151
153
152
158
163
162
P159
P1 Preliminary.
This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17,
are 166 for retail food prices and 203 for cost of living.
Sources.—See BULLETIN for October 1950, p. 1421; January 1950, p. 125; July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and
April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
Number of i s s u e s . . .
1942
1943
1944
1945
1946
1947
1948
1949
1950
United
States 1
(high
grade)
12
118.3
120.3
120 9
122.1
123.3
* 103.2
98.7
101.9
(7)
1950—January
February....
March
April
May
July
August
104.0
104.0
104.1
(7)
....
October . . . .
November. . .
December. . .
United
Canada 2 Kingdom
(1935-39 (December
= 100)
1921 =100)
(*)
100.7
102.6
103 0
105.2
117.2
118.5
105 0
107 6
109.6
111.0
110.7
110.9
110.3
110 9
110.9
109.9
110.5
111.4
108.7
106.5
103.4
87
Common stocks
France
(1938 =
100)
Netherlands 3
United
States
(1935-39
= 100)
Canada 4
(1935-39
= 100)
50
14
416
106
127.3
127.8
127 5
128.3
132 1
130.8
129 9
126 5
121.2
146.4
146.6
150 5
152.1
144 6
132.0
117
0
r
110 0
PllO.4
119.8
119.9
119.4
119.9
119 8
121.6
120.7
120.8
122.7
124.2
124.1
121.9
109.5
110.9
111.5
112.3
111 7
110.4
P108.8
P109.7
P110.7
P108.8
PllO.3
P109.8
France 5
(December
(1926=100) 1938=100)
United
Kingdom
Nether-6
lands
(1938=100)
s 295
27
109.0
105.6
107 1
106 8
106.7
69.4
91.9
99 8
121.5
139.9
123.0
124.4
121 4
146.4
64.2
83.5
83 8
99.6
115.7
106.0
112.5
109.4
131.6
75.3
84.5
88 6
92.4
96.2
94 6
92.0
87.6
90.0
875
1,149
1,262
1,129
Pi,030
202.2
211.2
195.3
193.2
110.1
110.4
109.0
108.7
108 3
108.0
106.3
105.0
103.7
104.3
104.6
101.5
135.1
136.7
138.8
141.8
146 9
147.7
138.2
147.2
151.7
157.8
156.1
158.4
119.0
118.3
118.7
125.9
128 7
130.9
124.3
135.7
141.5
145.4
144.5
146.3
87.7
87.9
88.4
89.1
89.6
90.9
88.7
89.0
91.3
92.5
92.9
92.1
1,107
1,036
1,045
1,024
1,019
1,056
961
1,020
1,080
1,035
1,029
P944
204.2
202.5
197.0
191.0
189.6
190.8
170.0
188.0
194.9
197.8
198.0
194.4
278
r
P1 Preliminary.
Revised.
New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average for the old
series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per
cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks
in the
United States, see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
1
This index is based on one 15-year 3 per cent theoretical bond. Yearly figures are averages of monthly quotations on the capitalized yield
as calculated
on the 15th of every month.
3
This index represents the reciprocals of average yields for 14 issues, including government, provincial, municipal, mortgage, and industrial
bonds.
The
average
yield in the base period (January-March 1937) was 3.39 per cent.
4
This index is based on 95 common stocks through 1944; on 100 stocks 1945-1948; and on 106 stocks beginning 1949.
8
In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies6 abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424.
This index is based on 27 Netherlands industrial shares and represents an unweighted monthly average of daily quotations. The figures
are not
comparable with data for previous years shown in earlier BULLETINS.
7
Series discontinued beginning Apr. 1. 1950.
Sources.—See BULLETIN for 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.
FEBRUARY 1951
247
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
THOMAS B. MCCABE, Chairman
MARRINER S. ECCLES
M. S. SZYMCZAK
R. M. EVANS
ELLIOTT THURSTON,
JAMES K. VARDAMAN, JR.
EDWARD L. NORTON
OLIVER S. POWELL
Assistant to the Board
WOODLIEF THOMAS,
WINFIELD W. RIEFLER, Assistant to the Chairman
Economic Adviser to the Board
OFFICE OF THE SECRETARY
DIVISION OF EXAMINATIONS
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
HOWARD H. HACKLEY, Assistant General Counsel
OFFICE OF THE SOLICITOR
J. LEONARD TOWNSEND, Solicitor
G. HOWLAND CHASE, Assistant Solicitor
DIVISION OF RESEARCH AND STATISTICS
RALPH A. YOUNG, Director
FRANK R. GARFIELD, Adviser on Economic Research
KENNETH B. WILLIAMS, Assistant Director
SUSAN S. BURR, Assistant Director
DIVISION OF INTERNATIONAL
FINANCE
ARTHUR W. MARGET, Director
LEWIS N. DEMBITZ, Assistant Director
FEDERAL
OPEN MARKET COMMITTEE
THOMAS B. MCCABE, Chairman
ALLAN SPROUL, Vice Chairman
MARRINER S. ECCLES
JOSEPH A. ERICKSON
R. M. EVANS
EDWARD L. NORTON
J. N. PEYTON
OLIVER S. POWELL
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
C. S. YOUNG
S. R. CARPENTER, Secretary
GEORGE B. VEST, General Counsel
WOODLIEF THOMAS, Economist
JOHN K. LANGUM, Associate Economist
ALFRED C. NEAL, Associate Economist
J. MARVIN PETERSON, Associate Economist
WILLIAM H. STEAD, Associate Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Market Account
248
EDWARD A. WAYNE, Acting Director
GEORGE S. SLOAN, Assistant Director
C. C. HOSTRUP, Assistant Director
FRED A. NELSON, Assistant Director
DIVISION OF BANK OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director
DIVISION OF PERSONNEL ADMINISTRATION
ROBERT N. HILKERT, Acting Director
DWIGHT L. ALLEN, Assistant Director
DIVISION OF ADMINISTRATIVE SERVICES
LISTON P. BETHEA, Director
JOSEPH E. KELLEHER, Assistant Director
DIVISION OF SELECTIVE CREDIT REGULATION
ARTHUR PHELAN, Acting Director
GUY E. NOYES, Assistant Director
GARDNER L. BOOTHE, II, Assistant Director
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
PAUL M. DAVIS,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
W. L. HEMINGWAY,
ST. LOUIS DISTRICT
JOSEPH F. RINGLAND,
MINNEAPOLIS DISTRICT
DAVID T. BEALS,
KANSAS CITY DISTRICT
DEWITT T. RAY,
DALLAS DISTRICT
JAMES K. LOCHEAD,
SAN FRANCISCO DISTRICT
HERBERT
V. PROCHNOW, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman 1
Bank of
Deputy Chairman
President
First Vice President
Boston
Harold D. Hodgkinson
Ames Stevens
Joseph A. Erickson
William Willett
New York
Robert T. Stevens
William I. Myers
Allan Sproul
L. R. Rounds
\T* _ p
Vice riesiuenis
H. C. Core
C. W. Groth
E. B. Larson
Alfred C. Neal
Carl B. Pitman
0. A. Schlaikjer
R. F. Van Amringe
H. V. Roelse
Robert G. Rouse
William F. Treiber
V. Willis
R. B. Wiltse
E. C. Hill
Wm. G. McCreedy
P. M. Poorman 3
A. H. Laning 3
Martin Morrison
Paul C. Stetzelberger
Donald S. Thompson
C. B. Strathy
K. Brantley Watson
Edw. A. Wayne
Chas. W. Williams
Joel B. Fort, Jr.
T. A. Lanford
E. P. Paris
S. P. Schuessler
L. H. Jones 2
Tohn K. Langum
A. L. Olson
Alfred T. Sihler
W. W. Turner
Paul E. Schroeder
William H. Stead
C. M. Stewart
H. G. McConnell
Otis R. Preston
Sigurd Ueland
H. G. Leedy
Kansas C i t y . . . . Robert B. Caidwell
Robert L. Mehornay
Henry 0. Koppang
L. H. Earhart
R. L. Mathes
John Phillips, Jr.
G. H. Pipkin2
C. E. Sandy
D. W. Woolley
Dallas
E. B. Austin
R. B. Coleman
H. R. DeMoss
W. E. Eagle
John J. Fogg
Robert B. Harvey 2
E. G. Hult
E. 0. Latham
H. A. Bilby
H. H. Kimball
L. W. Knoke
Walter S. Logan
A. Phelan
Karl R. Bopp
L. E. Donaldson
Robert N. Hilkert
Wilbur T. Blair
Roger R. Clouse
W. D. Fulton
J. W. Kossin
N. L. Armistead
R. L. Cherry
R. W. Mercer 8
W. R. Milford
P. L. T. Beavers
V. K. Bowman
J. E. Denmark
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
W. S. McLarin, Jr.
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
Allan M. Black
H. T. Chalfont
Neil B. Dawes
W. R. Diercks
W. A. Hopkins
Wm. E. Peterson
C. A. Schacht
J. N. Peyton
A. W. Mills
J. R. Parten
R. B. Anderson
W. H. Holloway
Watrous H. Irons
L. G. Pondrom 3
C. M. Rowland
Mac C. Smyth
H. F. Slade
J. M. Leisner
S. A. MacEachron Ronald T. Symms 3
W. F. Volberg
E. R. Millard
0. P. Wheeler
W. L. Partner
R. R. Gilbert
W. D. Gentry
San Francisco... Brayton Wilbur
Harry R. Wellman
C. E. Earhart
H. N. Mangels
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.
FEBRUARY 1951
Chief Officer
4
I. B. Smith
W. D. Fulton
J. W. Kossin
W. R. Milford
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
5
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.
249
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250
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FEDERAL RESERVE BULLETIN
FEDERAL RESERVE PUBLICATIONS
REPRINTS
RETAIL CREDIT SURVEY—1949.
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NOTES ON FOREIGN CURRENCY ADJUSTMENTS.
No-
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STATEMENT ON PROPOSED SMALL BUSINESS LEGISLA-
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THE BOARD OF GOVERNORS OF THE FEDERAL R E SERVE SYSTEM, BEFORE THE SUBCOMMITTEE ON
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Feb-
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BOARD OF GOVERNORS OF THE FEDERAL RESERVE
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* T H E CHALLENGE OF OPPORTUNITY VERSUS SECU-
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1950 SURVEY OF CONSUMER FINANCES—
NOMIC OUTLOOK OF CONSUMERS.
PART II.
June 1950.
12
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July 1950.
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1950.
July
15 pages.
INDUSTRIAL 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.)
FEBRUARY 1951
AND BUSINESSES. August 1950. 2 pages.
1950. Presented by the Board of Governors of
the Federal Reserve System to the Committee
on Banking and Currency of the Senate, and
read by Governor R. M. Evans to the Committee
on Banking and Currency of the House of Representatives, July 25, 1950. August 1950. 4
pages.
DEFENSE LOAN POLICY.
An announcement adopted
jointly by National and State Supervisors of banks
and other lending institutions. August 4, 1950.
August 1950. 1 page.
T H E BALANCE SHEET OF AGRICULTURE, 1950.
Sep-
tember 1950. 14 pages.
OUR COMMON PROBLEM—MAINTENANCE OF A SOUND
BANKING SYSTEM.
April 1950. 2 pages.
PART I. GENERAL FINANCIAL POSITION AND ECOpages.
July 1950. 16 pages.
STATEMENT ON THE DEFENSE PRODUCTION ACT OF
INSURANCE OF COMMERCIAL BANK DEPOSITS.
Preliminary summary.
1949.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
FRENCH EXCHANGE STABILIZATION FUND, by Robert
ERAL DEPOSIT INSURANCE A C T . "
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
A STUDY OF INSTALMENT CREDIT TERMS, by Milton
DEPOSIT INSURANCE.
From June 1950
BULLETIN with supplementary information for
nine separate trades. 37 pages.
Address by Thomas B. Mc-
Cabe, Chairman, Board of Governors of the Federal Reserve System, before the National Association of Supervisors of State Banks, Boston, Mass.,
September 21, 1950. October 1950. 4 pages.
REVISED ESTIMATES OF CONSUMER CREDIT.
Novem-
ber 1950. 2 pages.
MEASUREMENT OF CONSUMER CREDIT.
Address by
Ralph A. Young and Homer Jones before the
University of Illinois Consumer Credit Conference, Chicago, Illinois, October 5, 1950. November 1950. 9 pages.
STATEMENT ON REGULATION OF CONSUMER CREDIT.
Statement by Chairman Thomas B. McCabe on
behalf of the Board of Governors of the Federal
Reserve System before the Joint Committee on
Defense Production. December 8, 1950. December 1950. 5 pages.
251
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
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BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
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