Full text of Federal Reserve Bulletin : January 1951
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FEDERAL
ESERVE
BULLETIN
JANUARY 1951
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
WINFIELD W. RIEFLER
SUSAN S. BURR
RALPH A. YOUNG
The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial
committee. This committee is responsible for interpretations and opinions expressed, except
in official statements and signed articles.
CONTENTS
PAGE
The Supply and Price Situation. .
1-12
Changes in Federal Reserve Credit Regulations. .
13-15
Law Department .
16-33
Current Events and Announcements. .
34-38
National Summary of Business Conditions. . ,
39-40
Financial, Industrial, Commercial Statistics, U. S. (See p. 41 for list of tables) . .
41-99
International Financial Statistics (See p. 101 for list of tables) . .
101-119
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council . . . .
.
.
120
Senior Officers of Federal Reserve Banks; Managing Officers of Branches. .
121
Federal Reserve Publications. .
122-123
Map of Federal Reserve Districts. .
Subscription Price of Bulletin
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$1.50 for 12 months.
124
FEDERAL
BULLETIN
January 1951
VOLUME 37
NUMBER 1
THE SUPPLY AND PRICE SITUATION
The economic situation at the beginning of
1951 was dominated by prospects of a large
further expansion in rearmament expenditures and of world-wide shifts in uses of
resources. These prospects maintained demands in excess of supplies, although over-all
production was at a new record. As in some
other major sectors of the economy, output
in manufacturing and mining—industrial
production shown in the chart—has leveled
off in recent months and so has total nonagricultural employment. Current capacity
levels were reached in basic industries, and
shifts in resources to facilitate expanded defense production in the future were beginning to curtail activity in some other industries. An important feature of the shift
taking place was the rapid increase in output of capital equipment. This accelerated
expansion of productive capacity together
with other factors will permit activity in
industry, as well as in other major sectors of
the economy, to increase further this year.
Business inventories expanded steadily during 1950 except in midsummer when consumer buying reached a peak, as is also
shown in the chart. Since the early part
of December consumer buying has increased
again and demand for producers equipment
has been sustained at high levels. Increasingly in recent months the expansion in
inventory values has reflected a widening
advance in prices as rising incomes and prosJANUARY
1951
pects of shortages have stimulated domestic
and foreign demands.
The general level of wholesale commodity
prices in this country has risen since last
March by 17 per cent and average prices of
consumer goods and services by about 8
per cent. Wage rates have been raised from
5 to 10 per cent in numerous industries.
Increases in charges for business services
have been spreading. Urban property values
have been rising, despite the more restricSELECTED BUSINESS INDEXES
PER CENT
120
1947-49= 100
CONSUMERS PRICES
WHOLESALE PRICES
1948
1948
(950
NOTE.—Seasonally adjusted series except for prices and commercial loans. Inventory and loan data for end of month periods. Loans include commercial, industrial, and agricultural
loans, open-market paper, and acceptances reported by member
banks in leading cities. Department of Commerce inventory,
income, and sales series and Bureau of Labor Statistics price
and employment series converted to 1947-49 base by Federal
Reserve; employment series seasonally adjusted by Federal
Reserve. December 1950 data estimated for all series except
loans.
THE SUPPLY AND PRICE SITUATION
tive terms on credit available for home mortgages. Farm land values rose 4 per cent
during the period July-October, when land
markets are usually not so active as during
other seasons. In mid-January, when the
Federal Reserve raised margin requirements
for purchasing or carrying securities, prices
of common stocks were 33 per cent above
the 1947-49 average.
In an effort to combat continuing inflationary pressures, the Federal Government recently announced additional measures. A
national emergency was declared, a price
ceiling was placed on new passenger automobiles, business generally was requested
to hold prices to December 1 levels, large
further increases in taxation were proposed,
and bank reserve requirements were raised.
The increase in reserve requirements was
one of a series of restrictive monetary measures adopted by the Federal Reserve beginning in the early part of 1950 to curb excessive credit expansion. These measures were
taken during a period when bank credit was
expanding rapidly—at the beginning of 1951
total bank loans and investments, exclusive of
United States Government securities, were
nearly 12 billion dollars larger than a year
earlier. Bank credit has been used to finance
the heavy buying of materials by dealers and
processors and of durable goods and houses
by consumers.
With the experience of the last war and its
aftermath so recent, prospects of another rearmament program created large demands
for goods of all sorts. Moreover, businesses
and consumers were in a favorable financial
position to buy these goods. Sharp price
rises so far have been confined to materials,
but as incomes generated by defense activities
expand further and current large output of
goods for civilian purchase is reduced, further restrictive actions will be needed to pre-
vent a heightening of inflationary pressures
throughout the economy.
GENERAL CHANGES IN SUPPLIES
The strength of demands at the outset of
1951 was indicated by the continuing rise
in prices, even though the physical volume
of output in major nonagricultural sectors
of the economy was 15 to 20 per cent larger
than a year earlier. The physical volume of
imports showed a somewhat larger expansion, as about half of the 50 per cent increase
in value of imports reflected a rise in prices.
Export demands increased, but the quantity
of shipments was about the same as a year
earlier. On the other hand, new supplies of
some materials available for current domestic
use did not increase as much as output and
imports because of an expansion in strategic
stockpiling. Over-all, however, rearmament
efforts at the outset of 1951 were still absorbing only a small portion of total output.
Thus, the vast outpouring of goods during
1950 had permitted consumers to stock up
as never before on durable and nondurable
goods and to buy a record number of new
houses. Total business stocks of goods were
also at record levels at the beginning of 1951
and productive capacity had been expanded
further.
The sharp rise in manufacturing in 1950,
shown in the chart, occurred after output
had recovered from the moderate recession
of 1949 to the average level of the postwar
period—a level nearly double the 1935-39
average. Further increases in manufacturing, where virtually all defense equipment
is produced, will depend on the extent of
changes possible in the following factors:
expansion of industrial capacity mainly for
the production of such materials as steel,
aluminum, and many industrial chemicals;
provision for additional transportation and
FEDERAL RESERVE BULLETIN
THE SUPPLY AND PRICE SITUATION
utility services; further drawing on stocks dustries they constitute a major labor reserve
of materials and further expansion in imports for essential defense efforts.
Output of mineral fuels and metallic ores
of materials; more efficient use of these and
other resources, including greater exploita- showed a substantial expansion during 1950
tion of waste and scrap supplies; diversion of from the reduced levels at the end of 1949,
materials from other, less essential industries, but additional increases are limited by equipsuch as residential construction; and man- ment supplies—mining, refining, and transpower shifts to manufacturing—and within portation—and accessible mineral resources.
manufacturing to munitions industries—for The volume of freight traffic, which is closely
output of the more intricate military products related to manufacturing and mining output,
which require less materials per unit of labor. also showed a substantial rise during 1950,
As a result of such changes during World and output of electricity and gas increased
War II, manufacturing production at the 15 per cent. Construction activity, which intime of peak munitions output in late 1943 creased considerably in the second half of
was at a level about one-fifth greater than at 1949, expanded further in 1950. During the
present and present productive resources are latter part of the year residential construction
considerably greater. Activity in the trade, was declining from the record summer levels,
finance, and service industries is now at rec- while industrial and most other types of nonord levels, and since about one-fourth of the residential construction activity continued to
nation's labor force is employed in these in- rise.
OUTPUT IN MAJOR SECTORS
In agriculture the volume of livestock
production showed some further expansion,
but crop production decreased, reflecting
mainly a 40 per cent smaller cotton crop than
in 1949. Stocks of cotton and most other
crops, following increases during the preceding two seasons, are being drawn down
during the current season.
Increased pressure on manpower resources
was evident at the outset of 1951. About
2 million more persons were employed than
a year earlier and unemployment was at a
low level. Close to 2.5 million persons were
in the armed forces. The civilian labor force
was continuing to rise and was larger by 9
million persons, or 16 per cent, than in DeNOTE.—Monthly and quarterly series seasonally adjusted and
cember 1943. Even if the armed forces are
December 1950 figures estimated by Federal Reserve. Construction, based on joint estimates by Departments of Comexpanded by another million in 1951, emmerce and Labor of value of work put in place, in 1939 prices.
Utilities, special Federal Reserve index based on monthly data
ployment
in most nonagricultural estabfor utility sales of electric power and manufactured, mixed,
and natural gas, reported by Federal Power Commission and
lishments
is
likely to remain close to record
American Gas Association. Freight traffic, based on quarterly
figures for freight transported by Class I motor carriers, relevels. Employment in manufacturing is
ported by Interstate Commerce Commission and American
Trucking Associations, combined with the Federal Reserve index
still about one-tenth below the December
of rail freight carloadings. Crops and livestock, based on annual
indexes of gross farm production, compiled by Department of
Agriculture.
1943 level, with hours of work for factory
JANUARY
1951
THE SUPPLY AND PRICE SITUATION
metals and building materials increased
substantially in early 1950 to near capacity
levels, and stocks of some of these materials
began to accumulate in consuming industries.
EXPANSION IN DURABLE GOODS
Subsequently these stocks were reduced and
production
of materials showed limited furOutput of manufactured durable goods increased about one-sixth after the second quar- ther increases, reflecting some expansion in
ter of 1950 and by early January was one- capacity as well as fuller utilization of old
third greater than a year earlier. Output capacity.
Output of basic metals rose only about 3
of producers equipment and munitions has
per
cent on the average during the second
continued to expand, but production of mahalf
of 1950. The increase for steel reflected
terials has leveled off since October and output of consumer durable goods has declined to a large extent expansion of capacity, which
moderately. Production of materials has at the beginning of 1951 was rated at 104.2
expanded considerably less since the second million tons as compared with 99.4 a year
quarter of 1950 than output of finished goods, earlier. In mid-January output of steel inas shown in the table by percentage increases gots was at a rate 7 per cent higher than in
1950 and 16 per cent above the earlier record
to December.
output
in 1944. Capacity is continuing to inMetals and building materials. Output of
crease at a rate of about 5 per cent in 1951,
CHANGES IN OUTPUT OF DURABLE GOODS
and iron ore mining and transportation faciliPercentage increase to
ties
are being expanded correspondingly.
December 1950 from:
Primary aluminum production has also
Product or industry
2nd
December
1947-49
been
at capacity levels since the second quarquarter
1949
1950
ter of last year. Over the next two years re17
32
Total durable manufacturi
activation of facilities idled in 1945 and conMaterials
struction of new plants are expected to ex19
Pig iron
13
pand present operating capacity by at least
19
7
Open hearth steel
58
46
Electric furnace s t e e l . . . .
two-thirds. Output of refined copper, lead,
14
13
Copper
14
11
Zinc
and zinc has increased since the second quar27
Aluminum
57
ter, reflecting mainly expansion in domestic
4
14
Cement
Lumber
1
20
mine production. Domestic output of nonClay products
16
6
ferrous metals has been supplemented over
Finished products
this period by increased imports. Moreover,
Trucks
13
100
30
Shipbuilding
16
11
-34
Metal fabricating
24
39
19
the use of scrap has probably expanded.
Railroad equipment
20
12
-18
Large strategic stockpiling requirements conProducers machinery. . . .
24
44
27
Aircraft
50
61
47
tinued to limit commercial supplies of copPassenger automobiles. . .
81
-7
54
per and zinc during the second half of 1950.
Household furniture
14
19
28
Appliances, radios, and
15
television
39
81
Industrial consumption of metals, which
was
at a peacetime high in the second quarNOTE.—Based on Federal Reserve indexes, December 1950
estimated. Indexes for clay products and for all finished products,
ter of 1950, increased considerably further in
except trucks, passenger automobiles, and appliances and radios,
are based on industry man-hour data adjusted for estimated
the second half of the year. With defense
changes in output per man-hour. All indexes are without adjustment for seasonal variation except those for cement, clay prodrequirements growing during this period and
ucts, and lumber.
employees at 41.6 per week in December
1950, compared with about 40 a year earlier
and 45 in December 1943.
FEDERAL RESERVE BULLETIN
THE SUPPLY AND PRICE SITUATION
prospects of a large expansion in these requirements in 1951, a series of Federal orders
have been issued which curtail civilian use of
metals beginning in the first quarter of 1951.
Nondefense use of nickel has been ordered
to be cut 35 per cent below average consumption in the first half of 1950; aluminum, 20 to
35 per cent; zinc and tin, 20 per cent; and
copper, 15 to 20 per cent. In addition an
increasing portion of steel output is being
scheduled for defense purposes.
Production of building materials generally
expanded further during the third quarter
of 1950, in response to exceptionally strong
demands from the construction industry.
Output of lumber and clay products showed
greater than seasonal increases. Demand
for building materials slackened during
the autumn, owing in part to inconclusive
views regarding the early impact of Federal
restrictions placed on residential mortgage
credit. Lumber prices, which had risen
considerably beginning in the second quarter, decreased for a time but recently have
advanced again. Production of most building materials, including such equipment as
heating apparatus and plumbing supplies,
has been maintained at high levels since the
third quarter.
Producers equipment and munitions. The
acute shortages which developed in the
last half of 1950 for such key materials as
steel and nonferrous metals high-lighted the
need for accelerating expansion of productive
facilities and, as indicated above, important
expansion programs have been initiated. Full
utilization of this new materials-producing
capacity, moreover, as well as expanded output in other manufacturing areas, will require substantial additions to mining, transportation, and electric power facilities, and
large capital expansion programs are being undertaken in these industries. Federal
JANUARY 1951
actions have been taken to encourage and
expedite many phases of capital expansion
owing to their importance to the defense
effort.
Output of all types of producers equipment has increased considerably since the
second quarter of 1950. Output of machine
tools, orders for which showed an especially
marked rise immediately after the outbreak
of hostilities, and of most other types of
machinery and electrical equipment has advanced rapidly. Deliveries of freight cars,
which averaged about 2,300 cars per month
in the second quarter, rose to 5,700 cars at
the year-end and are scheduled to reach
10,000 per month during the first half of
1951. Production of trucks was considerably
curtailed last autumn by labor disputes and
model changeovers, but at the year-end was
at a record rate.
Rising output of munitions has contributed
somewhat to the increase in total durable
goods output. Activity in the aircraft and
shipbuilding industries has shown substantial
increases since June 1950, mainly because of
expanded production for military use. Output of communication and electronic equipment in the machinery industry has also increased considerably. In general, however,
these gains have represented a very small part
of the total increase in munitions required to
achieve presently scheduled defense goals.
CONSUMER DURABLE GOODS
Considering the strategic importance of
the materials, plant, and manpower used in
the production of passenger cars and household durable goods, the greatly enlarged defense program is expected to require marked
curtailment in output of these goods for civilians. Partly in anticipation of this development, production of consumer durable goods
reached levels in the second half of 1950 that
THE SUPPLY AND PRICE SITUATION
were considerably higher than those of any
other period and were limited only by the
supply of materials. Producers greatly increased their demands for component parts
and materials and distributors' orders were at
advanced levels, contributing to further rises
in prices of materials and in manufacturers'
prices of finished goods.
At the retail level, however, there was some
moderation in demand in the autumn of
1950. Consumer buying receded from summer peaks and was also limited by Federal
Reserve regulation of terms for instalment
purchases and by the increase in personal income taxes. Beginning in December, following the turn of events in Korea, civilian demand has increased again, especially for automobiles and other durable goods.
Passenger cars. Assembly of passenger cars
was reduced considerably in mid-November,
owing to model changeovers, but recovered
in December to about the average rate in
1950, which was 30 per cent greater than the
previous record volume in 1949. Purchases
of cars in 1950, as indicated in the chart
showing registrations, were also substantially
above year-ago levels, except for a time during the autumn when credit terms were
tightened and seasonal influences dampened
buying. While dealers' stocks of cars rose
sharply in October, the increase was from
very low levels. During November and
December, stocks showed little change and
at the year-end were probably at about the
same level as a year earlier, when stocks were
low by prewar standards.
The marked increase in purchases of cars in
December reflected in part revived concern
over prospects of forced curtailment of output. Previously, the decline in demand for
cars from the extraordinary peaks reached in
the summer had resulted in the restoration
of more normal markets. Prices of late-
NEW PASSENGER CARS
DAILY AVERAGES AT ANNUAL RATES
OUTPUT
REGISTRATIONS
1950
1950
/
W
1949
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1948/
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1949
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J F M A M J J A S O N D
J F M A M J J A S O N D
NOTE.—Figures derived by Federal Reserve from following
sources: Output—factory sales for domestic market reported
by Automobile Manufacturers Association; registrations—R. L.
Polk and Company. Registrations provide only a rough indication of dealers' sales owing to the lag in reported registrations which was especially pronounced in the third quarter
of 1950. November 1950 data for registrations based on reports for 41 States. December 1950 figures for both series
partly estimated by Federal Reserve.
model used cars, however, had declined less
from June to the end of November than
during corresponding periods of other recent years and since that time have turned
upward. Most of the smaller producers, who
had introduced their new models during the
autumn, priced them above their 1950 models. In mid-December the three major producers advanced prices about 6 per cent on
new models, and shortly thereafter Government controls were imposed to restore the
factory price levels prevailing on December 1.
While dealers' inventories of new cars
remained low during 1950, consumers' holdings showed a further marked expansion.
At the year-end, the number of passenger
cars in use totaled about 40 million, compared with 36 million a year earlier and
approximately 26 million at the end of World
War II and in 1939. By the end of 1950
FEDERAL RESERVE
BULLETIN
THE SUPPLY AND PRICE SITUATION
the postwar output for the domestic market
totaled 20.4 million cars. Thus about half
of the cars in use were five or less years old
and half were nine or more years old.
Major household durables. While output
of radios, television, major appliances, carpets, and furniture was maintained at record
levels during the fourth quarter of 1950, a
marked further decrease in retail sales during
October and November from earlier peaks
resulted in a substantial rebuilding of inventories. These increased supplies will continue for a time to moderate advances in
prices.
Production of these household durables
was already exceeding earlier record levels
during the first half of 1950—the base period
for current cuts in metals use. After June
there were further increases in output until
October. For the fourth quarter as a whole,
output of major items was one-fifth above
the first half of 1950 and two-fifths above the
fourth quarter of 1949, as shown in the table.
Television set production, which was high
even before the Korean outbreak, was nearly
double the volume of a year ago. ProducO U T P U T OF M A J O R HOUSEHOLD DURABLE GOODS
Product
Radios
.
. .
Television sets
Electric refrigerators
Cooking stoves
Washing machines
Vacuum cleaners
Ironers
Furniture
Carpets and rugs (sq.yds.)
Average:
Including television
Excluding television.
4th
quarter
1950
(Annual
rates in
mill, of
units)
17.3
9.8
6.2
5.2
4.8
3.4
.5
93.2
Percentage increase to
4th quarter 1950 from:
First
half
1950
4th
quarter
1949
19471949
average
24
58
-6
4
20
0
67
16
7
25
85
47
30
37
6
25
23
24
5
600
44
16
30
0
0
28
20
20
10
39
28
61
25
NOTE.—Data are based largely on trade association reports,
adjusted to national totals by Federal Reserve. Figures for washing machines, vacuum cleaners, and ironers are based on manufacturers' shipments rather than output. Unit output data not
available for furniture; changes shown are estimated from Bureau
of Labor Statistics reports on employment and hours in the household furniture industry with allowance for changes in output per
man-hour. Average percentage changes are based on the total
retail_,value of the indicated items in 1949 prices.
JANUARY 1951
HOUSEHOLD DURABLE GOODS
PER CENT
AT DEPARTMENT STORES, I947-49-I00
200
1947
1948
1949
1950
NOTE.—Federal Reserve seasonally adjusted indexes for the
following departments: furniture and bedding, domestic floor
coverings, major appliances, and radios, phonographs, and
television sets. December 1950 figures are estimated.
tion of other relatively new types of appliances, such as freezers, driers, and food
waste disposers, not included in the table,
also increased much more rapidly than the
average. Refrigerator output declined in the
last quarter as compared with the first half
of 1950, largely as a result of model changeovers and steel shortages.
The value of manufacturers' shipments of
household durable goods showed more
marked increases than physical output in the
second half of 1950, reflecting advances in
prices—generally much less than the onefourth reported for carpets. At department
stores, value of sales of household durables
fell to year-ago levels in November, as shown
in the chart. Sales showed a much more than
seasonal rise in December, evidently influenced by the unfavorable turn of international events. Stocks of these goods, however,
probably continued to increase to new record levels, and only part of the increase in
stocks during 1950 reflected higher prices.
These figures for department stores should
be regarded as only approximate indicators
THE SUPPLY AND PRICE SITUATION
OUTPUT OF NONDURABLE GOODS
of changes in the distribution of all household durable goods including those sold
through specialty stores and to building contractors for immediate or prospective installation.
SHIFTS IN NONDURABLE GOODS
Buying and output of nondurable goods
have generally been maintained at advanced
levels in recent months. Although consumer
demands for these goods at the beginning of
1951 were not quite so large as they were for
a time in mid-1950, business demands—
partly speculative—have continued at high
levels, and an increasing portion of the output of nondurable goods is going for defense
purposes.
Even before the midsummer increase in
production of nondurable goods, output had
exceeded somewhat the previous record level
reached in 1948, as shown in the chart. This
advanced level reflected some further expansion in consumption of nondurables generally and the earlier marked reversal in
business demands for stocks of textile, paper,
and rubber products, which had been reduced by the sharp declines in production
beginning late in 1948.
Since August average output of these three
groups of nondurable goods has been 11 per
cent larger than during the first half of 1950.
The level of textile output has been almost
one-fifth greater than during the 1947-49
period and about the same amount above the
level during World War II. Cotton and
wool usage is not far below the wartime level,
while rayon consumption is nearly double
that level. Domestic supplies of rayon have
been supplemented by a sharp increase in imports, accounting for almost 10 per cent of
total deliveries to domestic mills in the second half of 1950. Output of paper and rub-
1947
1948
1949
1950
NOTE.—Federal Reserve indexes calculated with preliminary
revised seasonal adjustment factors and converted to a 1947-49
base. December 1950 figures estimated.
ber products advanced far above earlier highs
during this period. At the year-end, however, output of civilian rubber products was
being curtailed as a result of Federal limitations.
While civilian and defense takings of textile, paper, and rubber products have increased further since mid-1950, they have
probably not increased as much as output.
Consequently, fairly substantial stocks have
apparently been accumulated. These business holdings, as well as increased stocks held
by households and institutions, will help to
cushion the impact of further diversion to
growing defense requirements. The accumulation of these products, however, considerably augmented the general advance in prices
during the second half of 1950.
Output of other nondurable goods has
shown more diverse changes. Forward buying of some goods such as sugar and tobacco
products was very short-lived and, following
increases last July and August, their output
FEDERAL RESERVE BULLETIN
THE SUPPLY AND PRICE SITUATION
declined to more normal levels. Production
of most manufactured foods has remained
close to first-half 1950 levels. Output of
rayon and other chemical products, used in
part by the textile, paper, and rubber industries, has increased further as capacity has
been expanded. Government-owned synthetic rubber facilities are being reactivated
and output in 1951 is expected to approximate the 1945 peak of 820,000 tons. During
1950 output was at an annual rate of about
400,000 tons in the first half and 500,000 in
the second half. Petroleum refining activity
is currently considerably above the level in
the first half of 1950 reflecting substantial
further increases in both private and military
gasoline use and larger industrial consumption of fuel oil.
GENERAL PRICE ADVANCES
PRICES OF INDUSTRIAL MATERIALS
Prices of nonfood materials purchased by
industry have shown the most pronounced
rises, and the advances have been worldwide in scope. By early January prices of
some materials were 100 per cent or more
above March 1950, as shown in the table,
and increases of 50 per cent or more were
fairly general. In numerous cases prices
actually advanced more than the published
quotations indicate; concessions were withdrawn and substantial premiums have been
reported.
The major factor accounting for the sharp
rise in material prices has been the anticipated effect of the rearmament program on
available supplies. The initial economic impact of this program has come from the prospect that large amounts of metals, textiles,
The Underlying instability of the economic
CHANGES IN PRICES OF MAJOR COMMODITIES
situation since last summer has been manifested by a continuing, widespread rise in
prices. Only during the period from midcommodity
September to the latter part of October was
there a slowing down of the rise, reflectindustrial materials
ing an abatement in demand at that time Rubbert natural
following the initial upsurge in July and Sw p a p e r •.:::::::::::::::::::::
August, the temporarily favorable turn of
T%pet:typewo°l;:::::::::::::::::
developments in Korea, and some seasonal siik
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. - ,
,
.
Burlap
declines in agricultural prices.
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The price advance began from levels in
March 1950 which were not much below the
peaks reached in the earlier postwar inflationary period. By early January of this year
—nine months later—average prices of sensi-
Apparel-type wool
|^ c lscrap
Hides
r
O h
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Lumber.''.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.
if/A
Foodstuffs
tive commodities had advanced 50 per cent,
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y
Cocoa
an increase about as great as during a similar g°™
length of time following elimination of price Steers
controls in 1946. T h e general level of whole- gsfSv.v.::::::::::::::::::::::::
sale commodity prices had advanced 17 per wheatr.aw;'.'.'.'.'.'/.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.
cent, and average prices of consumer goods
.
«
1
o
JANUARY
1951 aDOUt O per Cent.
a
n d SerVlCeS
Percentage increase to
January 12, 1951 from:
June 23,
1950
152
170
258
91
129
98
98
70
57
24
16
63
51
31
9
4
14
14
15
6
19
14
19
NOTE.—Federal Reserve calculations based on data reported
by Bureau of Labor Statistics and trade sources.
THE SUPPLY AND PRICE SITUATION
the United Kingdom and other consuming
countries within the sterling area. Expressed
in sterling currency, average prices of these
materials by early January were indicated to
be nearly triple the predevaluation level.
Prices in those countries were also influenced
by the recent marked advances in prices of
United States commodities, and these advances have been superimposed on the earlier
increases influenced by the devaluation. In
most other foreign countries prices of materials have also risen substantially in recent
months, reflecting in part large increases
in United States demand for their exports.
For example, prices of Swedish wood pulp
for fourth quarter export to the United States
were estimated to have been raised by 25
to 45 per cent.
Farm products. The impact of inventory
demands since mid-1950 on prices of farm
products has been reflected in a more rapid
rise generally in nonfood materials—cotton,
wool, tobacco, and inedible fats and oils—
than in foodstuffs. Textile products constimaximums.
Owing to hostilities and political unrest tute the most important group of items next
in the Far East, prices of industrial materials to foods in consumers' budgets, and they also
produced in that region have generally shown bulk large in the nation's defense budget.
the sharpest advances. Average prices of six Thus, the sharp advances in prices of cotton
major imports from sterling area countries and wool during the past year have conin that region—apparel-type wool, burlap, siderable significance.
jute, goat skins, rubber, and tin—had already
Cotton prices in early January were 50
risen one-fourth by mid-1950 from the post- per cent above the Federal support level.
devaluation low in October 1949 and were at The advance has reflected the small domestic
the previous peak reached in mid-1948. After crop this year and the strong demands in
June the rise accelerated, and by the begin- this country and abroad. Federal export
ning of 1951 these prices were more than quotas, imposed in October but relaxed on
double the postdevaluation low and two- November 9, permit a current volume of
thirds above the 1948 peak.
shipments nearly equal to that of last season,
While rapid price advances in these and when exports of cotton were at the highest
related commodities have had a considerable level since before World War II. Since mideffect on domestic markets, the repercussions 1950 the substantial Federal stocks acquired
have been far more pronounced abroad, both earlier under support operations have been
in regions producing these materials and in sold, acreage restrictions have been removed
and various other nonfood materials will be
required for processing into military products or for strategic stockpiling. Output of
materials generally was already close to capacity levels in mid-1950, and further increases
were limited in the short run by natural
resources or by such general factors as power
and transportation facilities. Civilian demands were already very active, and various shortages that developed during the last
war were still apparent in foreign countries.
As a consequence, the announcements since
midyear of the enlarged rearmament program have augmented private demands for
materials for current use and for inventory.
The higher levels of material prices
have increased production costs for both
civilian goods and defense items. Wage rates
have also been rising. Another upward influence on costs in recent months apparently
has been the decision of individual producers
to advance their prices in anticipation that
prevailing levels would be fixed as Federal
10
FEDERAL RESERVE BULLETIN
THE SUPPLY AND PRICE SITUATION
for 1951, and a crop goal of 16 million bales
—about the same as the large harvest in 1949
—has been set.
World stocks of wool have continued to
decline during the past year. With approximately four-fifths of domestic wool requirements imported, the expanded demands
in this country for current consumption and
stockpiling have contributed to a rapid rise
in prices of foreign wool.
Prices of agricultural foodstuffs have generally been rising again since October, following a few months of relative stability
at the advanced July levels. This leveling off
reflected mainly seasonal declines in prices
for hogs and vegetables, which offset a widening area of increases for other foodstuffs.
At the beginning of 1951 average prices received by farmers for meat animals were
one-third higher than a year earlier and prices
of feedstuffs, reflecting strong demand and
moderately reduced supplies, were up onefourth. Average prices of milk and other
dairy products were about 5 per cent above
a year ago, but advances have been curbed
by sales of Federal holdings of butter and
cheese, and these are now largely liquidated.
Average prices of all farm products by
early January were one-fourth above the low
reached a year ago and only about 5 per cent
below the peaks reached briefly in 1948,
when world food output and stocks were
considerably smaller than at the present time.
Also, this level was above "parity" used in
calculating Federal support levels or possible
ceilings. Existing legislation provides that
individual ceilings on farm products may
not be lower than parity, or the highest
price reached in the month prior to June 25,
1950. Controls at these levels would allow a
further rise in the average level of prices of
farm products, which was 108 per cent of
parity in mid-December. Also, parity has
JANUARY 1951
continued to rise in recent months—the December figure was 8 per cent higher than a
year earlier.
PRICES OF FINISHED GOODS
While prices of finished industrial goods
usually fluctuate less than prices of materials,
the differences were especially marked from
mid-1950 to the beginning of 1951, as shown
in the chart. The chart also shows that
average prices of fuel and lighting materials
rose only moderately during that period, thus
limiting the over-all rise in prices.
In view of the national interest in maintaining relatively stable prices and in order
to delay Federal price controls, a number of
the larger producers of finished goods held
their prices below levels which many buyers
were willing to pay, and some of the advances
made in December were withdrawn at Federal request. Also, most producers had been
WHOLESALE PRICES OF INDUSTRIAL COMMODITIES
MONTHLY, 1935-39=100
L
J
1
1
1
I
MATERIALS
/
• — ~
y
J
1
J
FINISHED
PRODUCTS
/
/
1
y
FUEL AND LIGHTING
NOTE.—Federal Reserve regrouping of Bureau of Labor
Statistics all-commodity index. All foodstuffs excluded. Materials and finished products series do not include fuel and lighting items. December 1950 figures estimated by Federal Reserve.
11
THE SUPPLY AND PRICE SITUATION
in a very favorable earnings position during
the first half of 1950, and as a result of higher
operating rates and large forward purchases
of materials at lower price levels prevailing
earlier, they were able to limit advances in
prices of their products during the autumn.
The effects, however, of more widespread
use of current and prospective replacement
costs for materials, pressure of higher wage
costs, steadily rising consumer and business
incomes, and various other factors have recently become more apparent in the movement of prices of finished goods.
Prices of agricultural and industrial machinery, motor trucks, and various other
types of producers equipment have been
raised substantially since mid-1950, and on
December 1 list prices for finished steel
products were increased by 6 per cent.
These and other advances in prices of durable and nondurable goods will also add to
the cost of rearmament. Defense officials
have reported to the Congress that appropriations made earlier in the year will no longer
purchase the quantities of equipment authorized. Evidently some goods were being supplied earlier to military agencies at discounts
from commercial levels in order to permit
fuller employment of capacity. As a result,
prices quoted on military contracts for these
goods under present supply and demand con-
12
ditions probably show greater increases since
the first half of 1950 than prices of similar
goods produced for sale in civilian markets.
In retail markets average prices of goods
were probably about 10 per cent higher by
the beginning of 1951 than 9 months earlier.
Prices of food, rubber, and textile products
were up by more than that amount and were
continuing to rise. Retail food prices, after
rising 7 per cent from last March to July,
were relatively stable until the latter part
of November when meats, eggs, and various
other foods began to show marked advances.
Prices of most consumer metal products,
fuels, and miscellaneous products have not
increased as much as food and textile products. Rental rates have continued to rise
steadily, limited largely by Federal controls
in major urban centers. Other costs of consumer services have only recently begun to
rise generally, and the average rate of advance has been less rapid than for prices of
goods.
As output and expenditures under the defense program increase and as civilian incomes expand and supplies of civilian goods
are curtailed, upward pressures on prices of
finished products will be intensified. Thus,
additional measures will be necessary in 1951
in order to hold the line generally against
inflationary forces.
FEDERAL RESERVE BULLETIN
CHANGES IN FEDERAL RESERVE CREDIT REGULATIONS
Increase in Reserve Requirements 1
The Board of Governors has increased the
amount of reserves required to be maintained with
the Federal Reserve Banks by banks which are
members of the Federal Reserve System. The
increase will become effective according to the
following schedule:
On Net Demand Deposits
Change (in per cent)
Central reserve city banks:
from 22 to 23
from 23 to 24
Reserve city banks:
from 18 to 19
from 19 to 20
Country banks:
from 12 to 13
from 13 to 14
On Time Deposits
Central reserve and
reserve city banks:
from 5 to 6
Country banks:
from 5 to 6
Effective
date, 1951
January 11
January 25
January 11
January 25
January 16
February 1
January 11
January 16
This action was taken as a further step toward
restraining inflationary expansion of bank credit,
in accordance with the statement issued by the
Board on August 18, 1950, that the Board and the
Federal Open Market Committee "are prepared to
use all the means at their command to restrain
further expansion of bank credit consistent with
the policy of maintaining orderly conditions in the
Government securities market."
The volume of bank credit and the money
supply have continued to increase despite previous
actions by the Federal Reserve and other supervisory agencies, and efforts of individual banks to
be restrictive in granting credit. Loans of member
banks have increased by about 7 billion dollars
since June, reflecting in part seasonal influences
1
Statement by the Board of Governors of the Federal
Reserve System, issued to the press on Dec. 28, 1950 for
release on the following day. See also p. 19.
JANUARY
1951
and in part accumulation of inventories at rising
prices. This is an unprecedented rate of expansion
and has contributed to an excessive rise in the
money supply. Moreover, with the end of usual
seasonal demands for credit and currency, banks
will have additional funds available for lending.
The purpose of the announced increase in researve
requirements is to absorb such funds and generally
to reduce the ability of banks further to expand
credit that would add to inflationary pressures. The
increase is timed so as to absorb reserves coming
into the banks from the post-holiday return flow
of currency.
The effect of this increase will be to raise the
required reserves of member banks by a total of
approximately 2 billion dollars which, under our
fractional reserve banking system, could otherwise be the basis for about a sixfold increase in
bank credit in the banking system as a whole.
After the increase, reserve requirements at banks
other than central reserve city banks will be at
the maximum legal limits which prevailed during
the war period. Requirements on net demand
deposits at central reserve city banks will be two
percentage points less than the maximum under
existing authority but above requirements that prevailed for these banks during most of the war
period.
Increase in Margin Requirements 2
The Board of Governors of the Federal Reserve
System today amended Regulations T and U, relating respectively to margin requirements of brokers
and banks, by increasing requirements from 50 per
cent to 75 per cent, effective January 17, 1951. The
increased requirements apply to both purchases and
short sales. No other change is made in the regulations.
Revised Restrictions on Real Estate Credit3
Restrictions on real estate credit were revised
today to make the following major additions to and
2
Statement by the Board of Governors of the Federal
Reserve System, issued to the press on Jan. 15, 1951 for
release on the following day. See also p. 22.
3
Joint statement by the Board of Governors of the Federal Reserve System and the Housing and Home Finance
Agency, Office of the Administrator, issued to the press on
Jan. 11, 1951 for release on the following day. See also p. 22.
13
CHANGES IN FEDERAL RESERVE CREDIT REGULATIONS
changes in the credit regulations issued on October 12, 1950:
1. Multi-unit residences are brought under credit
controls. They had not previously been included
in the controls.
2. Three- and four-family residences are brought
under similar credit controls as applied only to
one- and two-family residences in the October 12
restrictions. Three- and four-family residences
were not under the October 12 controls.
3. The value or transaction price used in determining the maximum amount of loan or mortgage
permitted under the restrictions has been shifted
from a structure to a unit basis. Maximum loan
values will be determined on the basis of the value
per family unit (instead of the value of the entire
structure, as provided under the October 12 restriction) computed by dividing the value of the
property by the number of family units in the
property. In general, the value of a multi-unit
residence would be the actual recent cost or the
appraised value. Appraised value would be determined in good faith by the lender in the case
of a non-Government aided loan and by the Government agency in the case of a Government-aided
loan.
The amended regulations are effective on January 12, 1951.
These changes are included in an amended Regulation X issued today by the Board of Governors
of the Federal Reserve System with the concurrence of the Administrator of the Housing and
Home Finance Agency, and companion restrictions
issued by the Federal Housing Administration, and
the Veterans Administration. Regulation X applies
only to non-Government aided loans; the companion restrictions to Government-aided loans.
The amendments to the regulations are designed
further to restrain inflationary pressures by limiting the credit available for the financing of residential construction, and to bring about a decrease
in building to assure that materials and labor required for the defense program will be available
when needed.
A multi-unit residence is defined in the amended
Regulation X as a structure such as an apartment
house or apartment hotel which includes more
than four family units. Hotels, motels, rooming
houses, and club houses, generally speaking, are
not included in the present regulation.
14
The table of maximum borrowings on multi-unit
residences, as shown in the amended Regulation X,
is as follows:
Maximum loan value
per family unit is:
If value per family
unit is:
Not more than $7,000
83 per cent of value
More than $7,000 but
not more than $15,000
$5,810 plus 53 per cent
of excess of value over
$7,000
More than $15,000 but
not more than $23,500
$10,050 plus 20 per cent
of excess of value over
$15,000
Over $23,500
50 per cent of value
FHA requirements affecting credit terms on
Government-insured housing have been revised to
bring them in general conformity with Regulation X as amended. Three- and four-family houses
are subject to restrictions similar to those applicable to one- and two-family houses under the
October 12 regulations. In the case of rental housing insured under Section 207 of the National
Housing Act, the FHA credit restrictions are in
basic conformity with Regulation X as amended.
That is, the maximum mortgage provided is 83 per
cent of the estimated value of the property or
project which does not exceed $7,000 per family
unit and 53 per cent of the estimated value in
excess of $7,000 per family unit, provided that the
maximum mortgage amount cannot exceed $8,100
per family unit.
The maximum mortgage available for FHAinsured cooperative projects in general ranges from
83 to 88 per cent depending upon the percentage
of members who are veterans, with the maximum
coverage becoming available when membership in
the cooperative is 65 per cent or more.
Veterans Administration's housing credit regulations have also been amended to bring them in
general conformity with amended Regulation X,
making allowance for the statutory credit preferences for veterans. Accordingly, Veterans Administration's down-payment and amortization requirements have now been extended to three- and fourfamily houses and to VA-aided cooperatives having
four or more family units.
For all types of credit subject to these controls,
whether conventional or Government assisted, the
FEDERAL RESERVE BULLETIN
CHANGES IN FEDERAL RESERVE CREDIT REGULATIONS
lender, in determining the amount that can 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. This provision brings supplementary borrowing, as well as first mortgage loans,
within the scope of the regulation. In other words,
minimum down payments must be made from the
borrower's own funds in connection with extensions of credit on new residential construction and
not from the proceeds of supplemental mortgages,
personal loans, or other secondary financing in
excess of the permissible loan value.
Credit extended pursuant to firm commitments
made prior to the effective date of this amendment
is exempt from the regulation. Also, construction
loans made to subcontractors and other persons
except the owners of multi-family units are exempt
when they have maturities not exceeding 18 months.
Construction loans to owners of multi-family units
are subject to the controls even though of short
term.
In addition to new multi-unit residences, the
regulation also applies to major additions or improvements to rental-type properties. The regulation defines a major addition to a multi-unit residence as one the cost of which exceeds $2,500 and
also exceeds an amount equal to $1,500 for each
family unit multiplied by the number of family
units. In determining such cost there is considered
only the amount of costs incurred within any twelve
consecutive months. Repairs made within that
period must be included in computing the costs of
major additions.
Under the terms of the regulation, States may
accord rights and preferences to eligible veterans
by extending, guaranteeing, or insuring real estate
construction credit provided the terms of such extensions of credit are not more liberal than are
JANUARY
1951
currently permitted in the case of comparable loans
insured or guaranteed under the Servicemen's Readjustment Act of 1944.
In addition to provisions relating to multi-unit
residences, a number of other amendments have
been introduced in the regulation for 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 persons
engaged in the business will automatically be
deemed to be registered for present purposes and
no action on their part to secure registration 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 and concurrent companion restrictions on Government-aided housing credit, consultations and meetings were held with representatives of the various business and consumer groups
affected. Such groups included manufacturers of
and dealers in building supplies and materials,
labor and veterans' and other consumer organizations, banks and trust companies, savings banks,
savings and loan associations, building associations,
mortgage banks, insurance companies, builders, real
estate dealers, and others interested in construction
and mortgage finance.
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.
Instructions to field officers for processing Government-aided housing loans under the new regulations have been issued by the Federal Housing
Administration and the Veterans Administration in
their respective fields.
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material
Defense Mobilization and Production
including but not limited to production, procurement, manpower, stabilization, and transport activExecutive Orders Nos. 10193 and 10200
ities.
The President of the United States on December
3. All functions delegated or assigned by or pur16, 1950, issued Executive Order No. 10193, estab- suant to the provisions of Executive Orders Nos.
lishing the Office of Defense Mobilization, and on 10161 of September 9, 1950 and 10172 of October
January 3, 1951, issued Executive Order No. 10200, 12, 1950 shall be performed by the respective
establishing the Defense Production Administra- officers concerned, subject to the direction and
tion. Executive Order No. 10193 provided, among control of the Director.
other things, that all functions delegated or assigned
4. In carrying out the functions conferred upon
by or pursuant to Executive Order No. 10161 of him by this order, the Director shall from time
September 9, 1950, shall be performed by the respec- to time report to the President concerning his
tive officers concerned subject to the direction and operations under this order and issue such direccontrol of the Director of Defense Mobilization. tives, consonant with law, on policy and operations
Executive Order No. 10200 provided, among other to the Federal agencies and departments as may
things, for the establishment of the Defense Mobili- be necessary to carry out the programs developed,
zation Board, of which the Chairman of the Board the policies established, and the decisions made by
of Governors of the Federal Reserve System shall the Director. It shall be the duty of all such
be a member, to advise the Director of Defense agencies and departments to execute these direcMobilization. The text of Executive Order No. tives and to make to the Director such progress
10161 was printed in the October 1950 Federal Re- and other reports as may be required.
serve BULLETIN at page 1301, and the texts of Execu5. The Director may perform the functions contive Orders Nos.-10193 and 10200 read as follows:
ferred upon him by the provisions of this order
through such officers and such agencies and in
EXECUTIVE ORDER NO. 10193
such manner as he shall, consonant with law and
PROVIDING FOR THE CONDUCT OF THE MOBILIZATION
the provisions of this order, determine.
EFFORT OF THE GOVERNMENT
6. Within the limitations of funds which may
By virtue of the authority vested in me by the be made available, the Director may employ necesConstitution and statutes, including the Defense sary personnel and make provision for supplies,
Production Act of 1950, and as President of the facilities, and services necessary to discharge his
United States and as Commander-in-Chief of the responsibilities.
7. To the extent that any provision of any prior
armed forces, it is hereby ordered as follows:
Executive order or directive is inconsistent with
1. There is hereby established in the Executive
the provisions of this order, the latter shall control.
Office of the President the Office of Defense MobiliHARRY S. TRUMAN
zation. There shall be at the head of such Office
The
White
House,
a Director of Defense Mobilization, hereinafter
December 16, 1950.
called the Director, who shall be appointed by the
President by and with the advice and consent of
EXECUTIVE ORDER NO. 10200
the Senate and who shall receive compensation at
ESTABLISHING THE DEFENSE PRODUCTION
the rate of $22,500 per annum.
ADMINISTRATION
2. The Director shall on behalf of the President
By virtue of the authority vested in me by the
direct, control, and coordinate all mobilization activ- Constitution and statutes, including the Defense
ities of the Executive Branch of the Government, Production Act of 1950, and as President of the
16
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
of the Secretary of Agriculture in respect of food
and of the Defense Production Administrator in
respect of other materials and facilities, as to the
PART I. DEFENSE PRODUCTION ADMINISTRATION
necessity for loans, purchases, commitments, or
Section 1. (a) There is hereby created an agency
exploration, as the case may be:5'
which shall be known as the Defense Production
(c) In carrying out the functions delegated or
Administration.
otherwise assigned to him by the foregoing pro(b) There shall be at the head of the Defense visions of this Executive order, the Administrator
Production Administration a Defense Production shall:
Administrator, hereinafter referred to as the Ad(1) Pending the further order of the President
ministrator, who shall be appointed by the Presior the Director of Defense Mobilization, and
dent by and with the advice and consent of the
excluding the duties set forth in paragraphs
Senate. The Administrator shall perform his
(2) to (5), inclusive, immediately below,
duties subject to the direction, control, and coordinaprovide by redelegation or otherwise for the
tion of the Director of Defense Mobilization.
performance of the said functions by the
Section 2. (a) There are hereby delegated to the
respective officers and agencies to whom the
Administrator the functions conferred upon the
said functions were delegated by the said
President by Titles I and II and section 708 of the
Executive Order No. 10161 and their deleDefense Production Act of 1950 (relating respecgates.
tively to priorities and allocations, requisitioning,
(2) Perform the central programming functions
and voluntary agreements) which were by the proincident to the determination of the producvisions of Part I, section 201 (a) of Part II, and
tion programs required to meet defense
Part VII of Executive Order No. 10161 of Septemneeds.
ber 9, 1950 delegated to the Secretary of Commerce,
(3) Make determinations as to the provision of
the Secretary of the Interior, and the commissioner
adequate facilities for defense production
of the Interstate Commerce Commission, respecand as to the procedures and methods foltively, and those which were by the provisions of
lowed by Executive agencies with respect to
section 101 of the said Executive Order No. 10161
the accomplishment of defense production
delegated to the Secretary of Agriculture to the
programs, including those with respect to
extent that they relate to food which has been depurchasing, contracting, and specifications.
termined to be available for industrial needs pur(4)
Assemble estimated labor supply requiresuant to section 3 of this order; and the said delements for the fulfillment of projected degations made by the said Executive Order No.
fense production programs and furnish them
10161 are hereby terminated accordingly.
to the Secretary of Labor for use in connec(b) The Administrator shall direct the administion with the functions assigned to him by
tration of the functions provided for in sections 302
Part VI of the said Executive Order No.
and 303 of the Defense Production Act of 1950
10161.
(relating to expansion of production, capacity, and
(5)
Perform,
without the power of redelegation,
supply) except as to food; and accordingly, (1) the
those
functions
of the Administrator under
functions delegated to the Administrator of General
section
2(a)
of
this Executive order (relatServices by the provisions of section 304 of the said
ing to certain voluntary agreements), which
Executive Order No. 10161 shall be performed by
were heretofore delegated to the Secretary
him only pursuant to certificates of or subject to
of Commerce by the provisions of section
the approval of the Defense Production Adminis701(b)(l) of the said Executive Order No.
trator, and (2) that part of section 303 of the said
10161, and perform such other functions reExecutive Order No. 10161 which precedes paragarding voluntary agreements as he may
graph (a) thereof is hereby amended to read as
determine.
follows:
"Section 303. Within such amounts of funds
(d) The provisions of sections 902 and 903 of
as may be made available, and upon the certificate Executive Order No. 10161 (including those with
United States and Commander-in-Chief of the
armed forces, it is hereby ordered as follows:
JANUARY
1951
17
LAW DEPARTMENT
respect to subpoena) are hereby made applicable
to the Administrator with respect to his functions,
(e) The Administrator is hereby designated as
the certifying authority for the purposes of and
within the meaning of subsection (e) of section
124A of the Internal Revenue Code, as added by
section 216 of the Revenue Act of 1950, approved
September 23, 1950.
Section 3. (a) Whenever the available supply
of any food is insufficient to meet all needs therefor
the Administrator and the Secretary of Agriculture
shall jointly determine the division to be made of
the available supply of such food as between food
for industrial needs and food for human and
animal consumption.
(b) In the event of any difference of view between the Administrator and the Secretary of Agriculture relating to the execution of section 3(a)
above, or in the event of any difference in view
arising between the Secretary of Agriculture and
any other officer or agency of the Government in
the administration of functions under the Defense
Production Act of 1950 with respect to food or
facilities therefor, such difference of view shall be
submitted to the Director of Defense Mobilization
for decision.
Section 4. Section 902(d)(l) of Executive Order No. 10161 of September 9, 1950 is hereby
amended to read as follows:
"(1) Each officer or agency having functions
under the said act delegated or assigned to such
officer or agency by or pursuant to this Executive
order shall submit to the Chairman of the United
States Civil Service Commission such requests
for classification of positions in grades 16, 17, and
18 of the General Schedule as may be necessary,
and shall accompany any such request with a
certificate stating that the duties of the position
are essential and appropriate for the administration of the said Act."
Section 5. Section 802 of Executive Order No.
10161 of September 9, 1950, is hereby revoked,
and the authority of the Chairman of the National
Security Resources Board under section 103(b) of
the said Executive Order No. 10161 to approve the
designation of officers and agencies as claimants is
hereby terminated.
Section 6. (a) To the extent that provisions of
Executive Order No. 10161 of September 9, 1950
18
are inconsistent with the provisions of this order
the latter shall control, and the said Executive
Order No. 10161 is amended accordingly.
Except as modified or made inapplicable by the
provisions of this Executive order, provisions of the
said Executive Order No. 10161 relating to functions vested in the Administrator hereby shall continue to be applicable to such functions. Executive Order No. 10172 of October 12, 1950 is hereby
revoked. Nothing in this Executive order shall
affect the validity or force of anything heretofore
done under the said Executive Orders Nos. 10161
or 10172.
(b) Any officer or agency having by delegation
or otherwise any function under this order shall
have all the authority conferred by sections 902 and
903 of Executive Order No. 10161, including the
authority with respect to subpoena.
(c) All orders, regulations, rulings, certificates,
directives, and other actions relating to any function affected by this Executive order shall remain
in effect except as they are inconsistent herewith
or are hereafter amended or revoked under proper
authority.
(d) Nothing in this Executive order shall be
deemed to supersede any provision of Executive
order No. 10193 of December 16, 1950.
Section 7. The provisions of sections 2 to 6
inclusive, of this Executive order shall not be effective until the Administrator first appointed hereunder takes office as Administrator.
PART II.
DEFENSE MOBILIZATION BOARD
Section 8. There is hereby established in the
Office of Defense Mobilization (established by Executive Order No. 10193 of December 16, 1950)
the Defense Mobilization Board, which shall consist
of the Director of Defense Mobilization as Chairman, the Secretaries of Defense, the Treasury, the
Interior, Commerce, Agriculture, and Labor, the
Chairman of the Reconstruction Finance Corporation, the Chairman of the Board of Governors of
the Federal Reserve System, the Chairman of the
National Security Resources Board, and such other
officials as said Director may from time to time
designate. The said Board shall be advisory to the
Director of Defense Mobilization.
HARRY S. TRUMAN
The White House;
January 3, 1951.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Reserves of Member Banks
Revision of Regulation D Supplement
The Board of Governors of the Federal Reserve
System on December 28, 1950, issued a revised
Supplement to Regulation D increasing the percentages of reserves required to be maintained by
member banks with the Federal Reserve Banks on
both time and demand deposits. A statement for
the press, released by the Board in connection with
this action, appears on page 13 of this issue of
the BULLETIN. There is set forth below the text
of the revised Supplement:
SUPPLEMENT TO REGULATION D
Issued by the Board of Governors of the Federal
Reserve System on December 28, 1950
RESERVES REQUIRED TO BE
MAINTAINED BY MEMBER BANKS
WITH FEDERAL RESERVE BANKS
Pursuant to the provisions of section 19 of the
Federal Reserve Act and section 2(a) of its Regulation D, the Board of Governors of the Federal
Reserve System hereby prescribes the following reserve balances which each member bank of the
Federal Reserve System is required to maintain on
deposit with the Federal Reserve Bank of its district:
1. If not in a reserve or central reserve city—
(a) 5 per cent of its time deposits until the
opening of business on January 16, 1951, and
6 per cent of its time deposits thereafter, plus
(b) 12 per cent of its net demand deposits
until the opening of business on January 16,
1951, 13 per cent of net demand deposits from
January 16, 1951, to January 31, 1951, inclusive,
and 14 per cent of its net demand deposits
thereafter.
2. If in a reserve city (except as to any bank
located in an outlying district of a reserve city
or in territory added to such city by the extension
of the city's corporate limits, which, by the
affirmative vote of five members of the Board of
Governors of the Federal Reserve System, is permitted to maintain the reserves specified in paragraph 1 above)—
(a) 5 per cent of its time deposits until the
opening of business on January 11, 1951, and
6 per cent of its time deposits thereafter, plus
(b) 18 per cent of its net demand deposits
until the opening of business on January 11,
1951, 19 per cent of its net demand deposits
JANUARY
1951
from January 11 to January 24, 1951, inclusive,
and 20 per cent of its net demand deposits
thereafter.
3. If in a central reserve city (except as to any
bank located in an outlying district of a central
reserve city or in territory added to such city by
the extension of the city's corporate limits, which,
by the affirmative vote of five members of the
Board of Governors of the Federal Reserve System, is permitted to maintain the reserves specified in paragraph 1 or 2 above)—
(a) 5 per cent of its time deposits until the
opening of business on January 11, 1951, and
6 per cent of its time deposits thereafter, plus
(b) 22 per cent of its net demand deposits
until the opening of business on January 11,
1951, 23 per cent of its net demand deposits
from January 11 to January 24, 1951, inclusive,
and 24 per cent of its net demand deposits
thereafter.
Deposits in Member Banks
Transfers of Time Deposits
It is the practice of certain member banks to
amend agreements as to time deposit accounts, now
subject to withdrawal upon 30 days' notice and
bearing interest at 1 per cent, so as to provide for
90 days' notice of withdrawal and interest at l*/4
per cent. Since such an amendment makes the
deposits subject to more severe restriction as to
withdrawal and does not result in payment to the
depositor, the Board feels that this practice does
not constitute payment before maturity in violation
of Regulation Q and interest may properly be
paid from the date of amendment at a rate permitted by the Supplement to Regulation Q for
deposits payable upon written notice of less than
6 months and not less than 90 days.
Presentation of Savings Accounts Passbooks
The Board has been requested to pass upon the
propriety of a practice proposed to be followed by
a member bank under which the bank would accept, in the case of savings accounts, deposits by
mail without presentation of the passbook.
It is understood that the member bank proposes
to include in its passbooks relating to savings deposits provisions to the effect that deposits may be
made by mail and that the depositor at any subsequent time may present his passbook so as to permit the existing balance, as affected by such de19
LAW DEPARTMENT
posits, to be reflected by entries therein and that
every six months following the last such presentation (in the event a period of such length should
occur), the bank will mail a statement to the depositor showing the existing status of his account.
It is also understood that the bank has advised
that all provisions of Regulations D and Q concerning withdrawals from savings deposits will be
observed.
While the definitions of the term "savings deposit" contained in the Board's Regulations D and
Q require presentation of the passbook upon withdrawals by any person other than the depositor
himself, it is not required that the passbook be
presented when deposits are made in a savings
account. Also, while the regulation requires that
withdrawals made upon presentation of the passbook shall be entered at the time of the withdrawal
and that any other withdrawal shall be entered as
soon as practicable thereafter, there is no comparable provision with respect to entries of deposits
in the passbook.
The regulations provide that a savings deposit
shall be "evidenced" by a passbook and contemplate that deposits, as well as withdrawals, will be
entered in the passbook in due course. However,
on the basis of the facts stated and with the understanding that the requirements of the regulations
with respect to withdrawals of savings deposits
will be observed, it is the Board's view that deposits
with respect to which the proposed practice is followed by a member bank may properly be regarded
as savings deposits under Regulation D and Regulation Q.
In this connection, some banks have raised the
question whether, in the event of such recovery
by the Government from an assignee bank, the
amounts recovered would be regarded as constituting a "loss on the loan" within the meaning of the
standard form of guarantee agreement so that the
guaranteeing agency would be obligated to share
the resulting loss to the bank according to the specified percentage of guarantee in the particular case.
It is believed that under the present form of
guarantee agreement this question clearly should
be answered in the affirmative. However, the fact
that many banks appear to be concerned by the
question has suggested the desirability of a clarifying amendment to the form of guarantee agreement.
Accordingly, after consultation with the guaranteeing agencies, the Board has prescribed the following amendment to the standard form of guarantee agreement of September 27, 1950:
"Within the meaning of section 2(a) and 2(c)
of this agreement a loss on the loan shall include
any amounts which may have been received by
the Financing Institution and applied by it to
reduction of the loan but which are subsequently
recovered from the Financing Institution, either
before or after the date of settlement, by the
United States or by any person lawfully entitled
to such recovery."
The standard form of guarantee agreement, including the amendment here authorized, should
be used in all cases and other amendments to the
guarantee agreement in individual cases will not be
permitted. It is possible, of course, that, after consultation with the guaranteeing agencies, further
amendments might be prescribed for general use
in all cases.
Loan Guarantees for Defense Production
Amendment to Form of Guarantee Agreement
Consumer Credit
A number of financing institutions have indiRental Transactions
cated their reluctance to participate in the current
V-loan program for financing defense production
Since the amendment to Regulation W adopted
because of their fear that, after full payment of a effective October 16, 1950, the Federal Reserve
guaranteed loan secured by an assignment of the Banks and the Board of Governors of the Federal
contractor's claims under his contract, the Govern- Reserve System have received a number of inquiries
ment might recover from the assignee financing concerning the applicability of the regulation to
institution amounts claimed by the Government various proposed arrangements for leasing autoagainst the contractor. Apparently, this fear has mobiles or other listed articles.
been prompted largely by certain recent rulings of
Many of these inquiries seem to reflect a failure
the Comptroller General with respect to the Gov- * to appreciate the fact that Regulation W and the
ernment's right of recovery from an assignee bank legislation under which it is issued extend to a
on account of price revision, renegotiation, or tax great many transactions besides the ordinary conclaims against the contractor.
ditional or instalment sale.
20
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Leasing arrangements, other than those limited
to a single payment, in general are subject to the
regulation and the legislation in the same manner
as instalment sales. They are not exempt, and they
are not a privileged class of transactions.
In the past when Regulation W was not in effect,
there have been certain highly specialized operations which have been found somewhat more suited
to leasing or rental arrangements than to other
methods of financing. That fact does not exclude
them from the operation of the regulation and the
legislation. Of course, a lessor could comply with
Regulation W by obtaining the required down payment and monthly payments (or deposits in equal
amounts), and later could return to the customer
any portion of such payments or deposits when
the article is returned and the lease terminated.
The lease might even provide in advance for such
refunds.
However, the Board is examining further into
the characteristics of the various proposed arrangements for leasing automobiles or other listed articles
and will consider whether or not any of them are
of such a special character as to make it desirable or
feasible to relax any of the provisions of Regulation
W to any extent for their benefit.
"Over-allowances" on Trade-ins
Section 6(c) (3) of Regulation W requires that
a trade-in be described in the Registrant's records,
and that the Registrant set out "the monetary value
assigned thereto in good faith." This requirement
does not prohibit all over-allowances on trade-ins
as such. If the Registrant can show that the price
of an automobile being sold has not been increased
to offset any part of the over-allowance on the car
accepted in trade, section 6(c) allows the Registrant
to show the trade-in at the value at which he
accepts it in trade and to treat it as being a down
payment to that extent, even though that may be
more than the amount for which he expects to be
able to sell it. In such a case the amount of the
down payment requirement on the car being sold
would, of course, be calculated on the basis of the
price against which the trade-in was allowed.
Obviously, however, if any over-allowance on a
trade-in were added to the cash price of the article
being sold, the over-allowance on the trade-in then
could not properly be said to be "assigned thereto
in good faith" and the trade-in could not be
counted as a down payment to the extent that there
JANUARY
1951
had been ajiy offsetting increase in the price of the
article being sold.
Disaster Credit Exemptions
Section 7(/) of Regulation W applies with respect
to certain disaster areas where there is a specified
finding by the Federal Reserve Bank of the district.
The section exempts only "credit extended to finance the repair or replacement of property damaged or lost as a result of" the disaster.
In addition to the applicable limits as to the time
within which the credit must be extended, the
exemption is limited solely to the area designated
by the Federal Reserve Bank, even though such
area may not encompass the entire Federal Reserve
district.
The exemption is also limited to remedying the
actual injury sustained. As used in the provision,
"repair" is confined to the restoring of the property
involved to approximately the condition it was in
before the disaster, and "replacement" is confined
to the replacing of lost property by similar property
having a value substantially equal to or less than
that of the property involved before the disaster.
In most instances, the exemption extends only to
repairs. It covers a replacement only in those cases
in which the property was lost in the sense of
having no salvage value to the owner, or the cost
of a replacement as described above would be less
than the cost of repairs as so described.
Sections 7(;) and S(a) require Registrants to
have records which establish the extent of the damage or loss and the conformity of the credit with
the terms of the exemption.
Exclusion of Self-Labor
A question has been presented as to whether
there may be included in the cash price of "materials, articles, and services" comprising a listed
article under Group D of the Supplement to Regulation W, any amount for services or labor performed by the instalment obligor himself or with
gratuitous assistance of his family and friends.
For example, a home owner finds it necessary to
enlarge his house to provide additional living
quarters. In order to hold the cost to him of the
project to a minimum, he plans to undertake the
necessary labor or services himself. Must the maximum loan value of an instalment credit to finance
the project be calculated on the basis of a cash price
21
LAW DEPARTMENT
limited to the cost of the necessary materials, or
may such loan value be calculated on the basis of
a cash price which, in addition, includes an amount
reflecting the value of the necessary labor and
services ?
The Board is of the view that in such cases where
materials or articles and services are required, the
regulation would permit including in the cash price
of the Group D project only the amount to be
paid for the necessary materials or articles. Consequently, there could not be included in the cash
price of such project any amount usable to compensate the instalment obligor for the service or labor
performed by himself or with gratuitous assistance
of others in connection with the project.
Margin Requirements for Purchasing
Securities
Supplements to Regulations T and U
The Board of Governors of the Federal Reserve
System, effective January 17, 1951, amended the
Supplement to Regulation T entitled "Extension
and Maintenance of Credit by Brokers, Dealers, and
Members of National Securities Exchanges," and
amended the Supplement to Regulation U entitled
"Loans by Banks for the Purpose of Purchasing or
Carrying Stocks Registered on a National Securities
Exchange" so as to increase the margin requirements from 50 per cent to 75 per cent for credit
extended by brokers and banks to finance purchases
of stock exchange securities. The increased margins
also apply to short sales. The texts of the Supplements as thus amended are as follows:
SUPPLEMENT TO REGULATION T
Issued by the Board of Governors of the Federal
Reserve System
Effective January 17, 1951"
Maximum loan value for general accounts.—The
maximum loan value of a registered security (other
than an exempted security) in a general account,
subject to section 3 of Regulation T, shall be 25 per
cent of its current market value.
Margin required for short sales in general accounts.
—The amount to be included in the adjusted debit
balance of a general account, pursuant to section
3(d)(3) of Regulation T, as margin required for
short sales of securities (other than exempted securities) shall be 75 per cent of the current market
value of each such security.
22
SUPPLEMENT TO REGULATION U
Issued by the Board of Governors of the Federal
Reserve System
Effective January 17, 1951
For the purpose of section 1 of Regulation U,
the maximum loan value of any stock, whether or
not registered on a national securities exchange,
shall be 25 per cent of its current market value, as
determined by any reasonable method.
Residential 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, effective January 12,
1951, amended Regulation X, relating to residential
real estate construction credit, so as to broaden the
scope of the regulation by making it applicable to
credit in connection with three- and four-unit residences and multi-unit residential property. The
provisions of the regulation relating to one- and
two-unit residences also were amended in various
respects. The statement for the press appears on
page 13 of this issue of the BULLETIN and the text
of the amended regulation is as follows:
REGULATION X
As amended effective January 12, 1951
RESIDENTIAL 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, under
authority of the "Defense Production Act of 1950,"
approved September 8, 1950 (hereinafter called the
"Act"), and Executive Order No. 10161, dated September 9, 1950.
This regulation applies to any person who is engaged in the business of extending real estate credit
with respect to residences, residential property, or
multi-unit residential property, including any person who acts as agent in arranging for such credit.
For the purposes of this regulation, a person shall
be deemed to be engaged in the business of extending such 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
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
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, real
estate credit with respect to residences, residential
property, or multi-unit residential property shall be
deemed to include credit with respect to any residence, residential property, or multi-unit residential
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.
"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
credit, hereafter extended, 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,
SECTION 2 . DEFINITIONS
new construction on real property or real property
on
which there is new construction, if such new
For the purposes of this regulation, unless the
construction is a residence or multi-unit residence
context otherwise requires:
or a major addition or major improvement to a
(a) "Person" has the meaning given it in section residence or multi-unit residence, whether such
702(a) of the Act.1
credit is extended before or after such new construc(b) "Registrant" means a person who is regis- tion is begun; but the term "real estate constructered pursuant to section 3 of this regulation.
tion credit" shall not include any loan or loans
(c) "Credit" has the meaning given it in section made, insured, or guaranteed, in whole or in part,
by the Federal Housing Administration, the Vet602(d)(2) of the Act.2
(d) "Extending credit" "extension of credit" and erans' Administration, or any other department,
independent establishment or agency in the execu1
Section 702(a) of the Act provides: "The word 'person' tive branch of the United States, or by any wholly
includes an individual, corporation, partnership, association, owned Government corporation, or by any mixedor any other organized group of persons, or legal successor
ownership Government corporation as defined in
or representative of the foregoing, and includes the United
States or any agency thereof, or any other government, or
the Government Corporation Control Act, as
any of its political subdivisions, or any agency of any of the amended (including any loan evidenced by obliforegoing: Provided, That no punishment provided by this
gations of any local public agency or public housing
Act shall apply to the United States, or to any such government, political subdivision, or government agency."
agency
which national banks may purchase pur2
Section 602 (d) (2) of the Act provides: "'Credit' means
any loan, mortgage, deed of trust, advance, or discount; suant to the provisions of section 602(a) of the
Housing Act of 1949).
any conditional sale contract; any contract to sell or sale or
contract of sale, of property or services, either for present or
(/) "New construction" means any structure, or
future delivery, under which part or all of the price is
payable subsequent to the making of such sale or contract; any major addition or major improvement to a
any rental-purchase contract, or any contract for the bailstructure, which is or has been begun after 12
ment, leasing, or other use of property under which the
bailee, lessee, or user has the option of becoming the owner o'clock meridian, August 3, 1950. Construction
thereof, obligates himself to pay as compensation a sum
will be deemed to have been "begun" when any
substantially equivalent to or in excess of the value thereof,
essential materials which are to be an integral part
or has the right to have all or part of the payments required
by such contract applied to the purchase price of such propof the structure have been affixed to or incorporated
erty or similar property; any option, demand, lien, pledge, or
on the site in a permanent form.
similar claim against, or for the delivery of property or
money; any purchase, discount, or other acquisition of, or
(g) "Major addition" or "major improvement"
any credit under the security of, any obligation or claim
means
any enlargement, reconstruction, alteration,
arising out of any of the foregoing; and any transaction or
series of transactions having a similar purpose or effect."
or repair of an existing residence 3 or multi-unit
JANUARY
1951
23
LAW DEPARTMENT
residence,3 or any other addition or improvement
which becomes or is to become physically attached
to and a part of the residence or multi-unit residence, if the cost or estimated cost of such addition
or improvement exceeds $2,500 and also exceeds an
amount determined by multiplying $1,500 by the
number of family units in such residence or multiunit residence prior to such addition or improvement. In determining whether the cost of an addition or improvement project exceeds the amounts
specified in the preceding sentence, there shall be
considered only the amount of such cost which is
incurred within any twelve consecutive months.
(h) "Real property' includes leaseholds and
other interest in such property.
(/) The "maximum loan value" of any property 4
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 or multi-unit residence,
"value" shall be the cost or estimated cost 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
3
Notwithstanding this definition or any other provision
of this regulation, an addition or improvement to an existing
structure which will become a "residence" or "multi-unit
residence" by reason of such addition or improvement shall
be treated as an addition or improvement to an existing
"residence" or "multi-unit residence" respectively; and, in
determining whether the cost or estimated cost of an addition or improvement of the kind mentioned in this footnote
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.
4
As used here, "property" means residential property,
multi-unit residential property, a residence on farm property, or a major addition or major improvement to a residence or a multi-unit residence, as the case may be.
24
ftde 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.5
(4) For multi-unit 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 multi-unit
residential 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, "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
5
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.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
liens for taxes or special assessments which are in in the business of extending real estate credit with
default or currently due and payable, (4) the respect to residences, residential property, or multiamount of any mechanics' liens or other liens which unit residential property shall extend real estate conthe vendee is required to discharge, (5) the amount struction credit unless (1) he is registered pursuant
which the vendee agrees to pay for any alteration or to this section, and (2) he has no knowledge of, and
other modification made or to be made to the has no reason to know, any fact by reason of which
property as an incident to the sale thereof, and (6) such credit fails to comply with any applicable proany amounts paid by the vendee for closing costs. vision of this regulation.
It does not include any prepaid charges, or any
(b) Registration. Every person engaged in the
accrued rents which will be paid to the vendee.
business
of extending real estate credit with respect
(^) "Residence" 6 means any structure which is to residences, residential property, or multi-unit
used or designed for permanent or transient dwell- residential property shall be deemed to be registered
ing purposes, and which includes at least one but pursuant to this regulation from the effective date
not more than four family units, if the floor space hereof until such time as the Board, by public ancontained in such family units comprises at least nouncement, may require registration statements to
one-half of thefloorspace of such structure. Houses be filed by all, or any specified classes of, such perconnected by common walls and commonly known sons. Should the Board require such registration
as "row houses" or "semidetached houses" shall be statements, a person shall continue to be registered
considered separate structures.
after the time such statements are required only if
(/) "Multi-unit residence' 6 means any structure he shall have complied with the requirements of
such as an apartment house or apartment hotel the Board's announcement. Every person who is
(whether owned cooperatively or otherwise) which registered in accordance with the provisions of this
is used or designed for permanent or transient subsection is referred to in this regulation as a
dwelling purposes, and which includes more than "Registrant."
four family units, if the floor space contained in
(^c) Suspension of Registration. Any Registrant
such family units comprises at least one-half of the
may, after reasonable notice and opportunity for a
floor space of such structure.
hearing, be suspended by the Board, as to all or as
(m) "Family unit" means space which is used to particular activities or particular offices and for
or designed for dwelling purposes and which in- specified or indefinite periods, because of any willcludes one or more rooms together with kitchen ful or negligent failure to comply with any profacilities or space designed for kitchen facilities.
vision of this regulation.
(n) "Residential property" means any real propA suspension for a specified period will terminate
erty, other than farm property, on which there is or
upon the expiration of such period. A suspension
is to be a residence or residences.
for an indefinite period may be terminated by the
(o) "Farm property" means any real property,
Board, in its discretion, if the Board is satisfied that
other than multi-unit residential property, located
its action would not lead to further violations of this
outside of urban areas, which is principally used
regulation by the suspended Registrant and would
for the production of crops, livestock or other agrinot be otherwise incompatible with the public
cultural commodities.
interest.
(p) "Multi-unit residential property" means any
real property on which there is or is to be a multiSECTION 4 . EXTENSION OF CREDIT
unit residence or multi-unit residences.
(a) Amount; Maturity; Amortization. Except as
SECTION 3 . GENERAL REQUIREMENTS AND REGISTRATION
otherwise permitted by this regulation, no Regis(a) General Requirements. No person engaged trant shall, either in connection with a sale or otherwise:
6
Structures commonly known as hotels, motels, rooming
houses, club houses, fraternity or sorority houses, dormitories, hospitals, rest homes, and the like, in which more
than one-half of the floor space consists of units which do
not include kitchen facilities or space designed for kitchen
facilities shall not be deemed to be residences or multi-unit
residences.
JANUARY
1951
(1) Extend real estate construction credit with
respect to residential property or multi-unit residential property (other than major additions or
major improvements) if the amount of credit
outstanding with respect to the property (in-
25
LAW DEPARTMENT
eluding 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 or multi-unit residence 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
credit which is subject to and not exempt from
this regulation, unless the terms of such credit
conformed with the provisions of the Supplement
to this regulation when such credit was originally extended or conform with the provisions
of the Supplement at the time of such purchase,
discount or loan; but for the purposes of this
paragraph credit shall be considered to be subject
to the regulation even though extended by a
person other than a Registrant;
(6) If the Registrant is acting as principal—
sell, or transfer title to, residential property or
multi-unit residential property on which there
is new construction (which is a residence or
multi-unit residence or a major addition or major
improvement to a residence or multi-unit resi-
26
dence) and with respect to which the vendee or
transferee assumes, or takes such property subject to, indebtedness secured by a mortgage or
other lien upon such property, if the amount of
outstanding credit (including any credit exempt
from, or not subject to the prohibitions of, this
regulation) which was extended after October
12, 1950, (or after January 12, 1951, if it is a sale
or transfer of multi-unit residential property)
with respect to the property exceeds, or as a result
of such sale or transfer would exceed, the applicable maximum loan value of such property, or if
any outstanding real estate construction credit
(subject to and not exempt from this regulation)
with respect to such property does not conform
with the provisions of this regulation and the
Supplement thereto.7
(£) Secondary Borrowing. Except as otherwise
permitted by this regulation, no Registrant shall
extend real estate construction credit if he knows
or has reason to know that there is, or that there is
to be, any other credit extended with respect to the
property 8 (1) which, when added to the credit
proposed to be extended by the Registrant, would
cause the total amount of credit outstanding with
respect to the property8 (including any credit
exempt from, or not subject to the prohibitions of,
this regulation) to exceed the applicable maximum
loan value of such property, or (2) which, if it is
real estate construction credit subject to and not
exempt from this regulation, does not or would
not comply with the applicable maximum maturity
and amortization provisions set forth in the Supplement to this regulation.
(c) Ascertaining Nature of Credit. No Registrant
shall extend any credit unless he is satisfied, and
maintains records which reasonably demonstrate on
their face, whether such credit is or is not real estate
construction credit; provided, however, unless the
Registrant has actual knowledge that the credit is
real estate construction credit, the requirements of
this sentence shall not apply (1) to any extension
of credit which is made by a bank, savings and loan
association, or similar institution and which is to
be repaid within six months and is fully secured by
withdrawable shares issued by or savings accounts
7
For application to three- and four-unit residences, see
section 6(o).
8
As used here, "property" means residential property,
multi-unit residential property, a residence on farm property,
or a major addition or major improvement to a residence or
a multi-unit residence, as the case may be.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
held with the lender, or (2) to any extension of
credit in the ordinary course of business for a commercial, agricultural, or business purpose where the
Registrant, because of a previous course of dealings
or correspondence between himself and the borrower, has no reason to believe that the credit is or
will be real estate construction credit. The preceding sentence does not require that a Registrant
obtain a signed statement from each borrower, and
if the Registrant is satisfied that credit is not real
estate construction credit, other kinds of records
may be used to demonstrate this fact. Such records
may include, among others, (1) any correspondence, memoranda, loan applications or other documents of any kind, whether or not originating in
connection with the credit in question, which on
the basis of a reasonable interpretation show that
the credit is not real estate construction credit; or
(2) a written endorsement or rubber stamp legend,
placed upon the credit instrument or upon other
papers in connection with the credit and signed by
the Registrant-or a responsible officer of the Registrant, stating that he is satisfied that the credit in
question is not real estate construction credit. If,
however, a Registrant desires to obtain, and accepts
in good faith, a signed Statement of the Borrower
stating that the credit is not wholly or partly secured
by, or for the purpose of purchasing or carrying, or
for the purpose of financing, or one which involves
the right to acquire or use, new construction on real
property or real property on which there is new
construction (or that such new construction, if any,
is not a residence or multi-unit residence or a major
addition or major improvement to a residence or
multi-unit residence), 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 (A) residential property, (B) a residence
on farm property, (C) a major addition or a major
improvement to a residence, (D) multi-unit residential property, or (E) a major addition or a major
improvement to a multi-unit residence; 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
JANUARY
1951
credit to be extended, with respect to the residential
property, the residence on farm property, the major
addition or major improvement to a residence, the
multi-unit residential property, or the major addition or major improvement to a multi-unit residence, (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,
with respect to the same property,9 is not in excess
of $2,500.
(b) 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
0
As used here, "property" means residential property,
multi-unit residential property, a residence on farm property,
or a major addition or major improvement to a residence
or a multi-unit residence, as the case may be.
27
LAW DEPARTMENT
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) an agreement with respect to the
credit requires that (A) within 32 days after completion of such construction or the date the Registrant estimates in good faith the construction will
be completed or (B) upon the expiration of a
period of not more than 18 months after the extension of the credit, whichever shall first occur,
such action must be taken by the parties as may be
necessary to make the terms of the credit conform
thereafter with the applicable maximum loan value
and the applicable maturity and amortization provisions set forth in 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 the occurrence
of one of the events specified in (A) or (B) above;
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 the
Supplement thereto.10
(c) Short-Term Multi-Unit 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 multi-unit residence or a major addition or major improvement
to a multi-unit residence and which is extended to
any person other than the owner of the property
and has a maturity of not more than 18 months;
provided, that this exception 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.
(J) 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
10
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 a major addition or
major improvement to a multi-unit residence. However,
see section 5(c).
28
be used for bona fide medical, hospital, dental, or
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.
(<f)- 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 or multi-unit residence 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 was entered into.
(g-) 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
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
result from the application of this regulation in such
case, it may issue to such builder or other person
a certificate approving such application and thereupon any extension of 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.
(f\ 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
of section 4 of the regulation need not take into
account any credit which is secured in the manner
specified in this paragraph.
(;) 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.11
(^) 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, or (2) begun prior to January
12, 1951, if such new construction is a multi-unit
11
It is to be noted that the term "farm property" as defined in section 2(o) does not include multi-unit residential
property; accordingly, the location o£ multi-unit residential
property does not affect the question whether extensions of
credit with respect to such property are subject to the
regulation.
JANUARY
1951
residence or a major addition or major improvement
to a multi-unit residence.12
(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.13
SECTION 6. MISCELLANEOUS PROVISIONS
(0) 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 efTect of
such action is to circumvent or avoid the amortization or maturity provisions of this regulation or
the Supplement thereto.
(b) Outstanding Contracts and Obligations. The
prohibitions of subsections (a) and (b) of section
4 of this regulation shall not apply to or affect (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, or (ii) any credit with
respect to multi-unit residential property or a
major addition or major improvement to a multiunit residence if extended prior to January 12, 1951,
or pursuant to any firm commitment to extend
12
For application to three- and four-unit residences, see
section 6(0).
13
It should be noted that in certain circumstances more
restrictive terms would be required by Regulation W.
29
LAW DEPARTMENT
credit made prior to such date. 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 multiunit 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, 1951.14
(c) 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.
(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, or multi-unit residential 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
14
For application to three- and four-unit residences, see
section 6(o).
30
extending such real estate credit; whether each
credit extended is or is not real estate construction
credit with respect to residential property, a farm
residence, a major addition or major improvement
to a residence, multi-unit residential property, or a
major addition or major improvement to a multiunit residence; and whether each extension of 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 representatives, 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 extensions of credit as the Board or a Federal
Reserve Bank may deem necessary or appropriate
for the enforcement and administration of this
regulation.15
(^) 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
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 (b) 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
15
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
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.
(A 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.
(g-) 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.
(A) 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.
(/) 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."
(j) Enforceability of Contracts. Nothing in this
regulation shall affect the enforceability of any
contract.
(y^) 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.
(/) 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
JANUARY
1951
State or municipality or the State or municipality
has made commitments to furnish funds to assure
repayment.
(m) Extension of Credit for Mixed Purposes. 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 if they satisfy the requirements
of this regulation applicable to the subject portion.
(#) Calculation of Maximum Maturity. 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.
(0) Three- and Four-Unit Residences. Notwithstanding any other provision of this regulation, the
provisions of sections 4(<z)(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.
SUPPLEMENT TO REGULATION X
As amended effective January 12, 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
property, farm residences, and major additions and
major improvements to residences are prescribed as
set forth in the following table. In the table, (1)
the term "value" means the value of the residential
property, farm residence, or major addition or
major improvement, as the case may be, determined
in accordance with section 2(/) of the regulation,
and (2) the term "value per family unit" means an
amount computed by dividing "value" by the
number of family units in the structure or proposed structure to which the credit relates. Where
a major addition or major improvement will change
the number of family units, the value per family
units 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.
31
LAW DEPARTMENT
If the value per family
unit is
The maximum loan
value is
Not more than $5,000
More than $5,000 but
not more than $9,000
of value
$4,500 plus 65% of
excess of value over
$5,000
$7,100 plus 60% of
excess of value over
$9,000
$10,700 plus 20% of
excess of value over
$15,000
$11,700 plus 10% of
excess of value over
$20,000
50°/ of value
More than $9,000 but
not more than $15,000
More than $15,000 but
not more than $20,000
substantially equal monthly, quarterly, semiannual,
or annual payments of principal. The value referred to in the preceding sentence shall be determined as of the date the credit was extended in
the manner provided in section 2(/) of the regulation. If the amount of the credit when extended
is not more than 50 per cent of such value, such
credit shall not be subject to the amortization provisions of this paragraph.
SCHEDULE II. MULTI-UNIT RESIDENTIAL PROPERTY
Maximum Loan Value. For the purposes of Regulation X, maximum loan values for all multi-unit
residential property and major additions and major
improvements to multi-unit residences are preOver $24,250
scribed as set forth in the following table. In the
table,
(1) the term "value" means the value of the
Maturity. For the purposes of Regulation X, the
multi-unit
residential property, or major addition
following maturity requirements are prescribed for
or
major
improvement,
as the case may be, detercredit with respect to residential property, farm
residences, and major additions and major im- mined in accordance with section 2(7) of the reguprovements to residences: No such credit subject lation, and (2) the term "value per family unit"
to the regulation shall have a maturity of more than means an amount computed by dividing "value"
20 years from the date such credit is extended by the number of family units in the structure or
except that a credit extended with respect to prop- proposed structure to which the credit relates.
erty having a value (determined as provided in Where a major addition or major improvement
section 2(i) of the regulation) of $7,000 or less will change the number of family units, the value
may have a maturity of not more than 25 years per family unit shall be computed on the basis of
if it is to be fully repaid at or before the date of the number of family units which the multi-unit
maturity through amortization on the basis pre- residence will contain after the addition or imscribed in clause (2) of the following paragraph provement has been completed. In the case of
relating to amortization:
credit extended with respect to multi-unit resiAmortization. For the purposes of Regulation X, dential property involving more than one such
the following amortization requirements are pre- multi-unit residence, the maximum loan value
scribed for credit with respect to residential prop- shall be applied separately with respect to each such
erty, farm residences, and major additions and multi-unit residence or with respect to the entire
major improvements to residences: With respect property, at the election of the Registrant.
to every such credit subject to the regulation,
amortization payments shall be required which
The maximum loan
either (1) will annually reduce the original prin- If the value per family
value is
unit is
cipal 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 Not more than $7,000
83% of value
50 per cent of the value of the property with More than $7,000 but $5,810 plus 53% of
respect to which such credit was extended or (2)
not more than $15,000
excess of value over
will fully liquidate the original principal amount
$7,000
of such credit not later than the date of the More than $15,000 but $10,050 plus 20% of
maturity of the credit through substantially equal
not more than $23,500
excess of value over
monthly, quarterly, semiannual, or annual pay$15,000
ments covering principal and interest or through Over $23,500
More than $20,000 but
not more than $24,250
32
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Loan Values Computed on Family Unit Basis
Commodity Credit Corporation Loans
The maximum loan values set out in the right
hand column in each of the two tables in the Supplement to Regulation X, as amended January 12,
1951, are maximum loan values per family unit and
should be computed on the basis of value per family
unit. In the case of a property containing more
than one family unit the maximum loan value for
the entire property should be computed by multiplying the maximum loan value per family unit
by the number of family units.
An inquiry has been received concerning the
application of Regulation X to loans which are
made by banks and other lending agencies pursuant
to commodity loan programs of the Commodity
Credit Corporation and which the Commodity
Credit Corporation is committed to purchase. It
is the Board's view that such loans should be
regarded for this purpose as loans guaranteed by
a wholly owned Government corporation and that,
therefore, they do not constitute real estate construction credit as defined in section 2(e) of Regulation
X and are not subject to Regulation X.
JANUARY
1951
CURRENT EVENTS AND ANNOUNCEMENTS
Changes in Board's Organization
The Board of Governors on December 20, 1950,
announced that it had created a new Division of
Selective Credit Regulation for the purpose of consolidating staff work on consumer credit (Regulation W), real estate credit (Regulation X), and
defense production loans (Regulation V). The
new Division assumed the functions previously performed by the Division of Bank Operations in the
field of consumer credit, by the Office of Real Estate
Credit which has been discontinued, and by staff
members in connection with defense production
loans.
Mr. Arthur Phelan, Vice President of the Federal
Reserve Bank of New York, was appointed Acting
Director of the Division of Selective Credit Regulation. Mr. Phelan, who has been an officer of the
Federal Reserve Bank of New York for many years,
has had the responsibility in that Bank for the
administration of Regulations V, W, and X.
Mr. Guy E. Noyes, who has been serving as
Assistant Administrator of the Office of Real Estate
Credit, was appointed an Assistant Director of the
new Division. Mr. Gardner L. Boothe, II, formerly
Assistant Director of the Division of Administrative Services, was appointed also as an Assistant
Director of the new Division.
Last summer, in anticipation of the passage of the
Defense Production Act, the Board of Governors
obtained on a temporary basis the services of Mr.
Charles T. Fisher, Jr., President of the National
Bank of Detroit. As Administrator of the Office
of Real Estate Credit and Administrator of the V
loan program he directed the staff and liaison work
in the development and administration of these
activities. Mr. Fisher continues as a Special Consultant with respect to financial and credit matters
including all three of the activities consolidated in
the new Division. Mr. W. A. Clarke, President of
W. A. Clarke Mortgage Company, Philadelphia,
and Dr. Raymond J. Saulnier of Columbia University, who have been serving as consultants on real
estate credit, continue to serve in that capacity.
Changes in Board's Staff
Chester Morrill, Special Adviser to the Board,
retired from active service with the Board effective
34
December 31, 1950. Mr. Morrill became associated
with the Board on October 7, 1931, as Secretary of
the Board and served as such until July 1, 1945,
when he was appointed Special Adviser to the
Board. He was Secretary of the Federal Open
Market Committee from March 1, 1936 until his
retirement.
Dwight L. Allen, who has been serving as Personnel Assistant since November 10, 1948, was
appointed Assistant Director of the Division of
Personnel Administration effective January 8, 1951.
Mr. Allen became associated with the Board of
Governors as a Personnel Technician in the Division of Personnel Administration on January 4,
1944.
Joseph E. Kelleher, who became associated with
the Board of Governors on July 19, 1937, was
appointed Assistant Director of the Division of
Administrative Services effective January 9, 1951.
Mr. Kelleher has been serving as Assistant to the
Director of the Division since August 9, 1946.
Kenneth B. Williams, who became associated
with the Board of Governors on December 24, 1941,
as an Associate Economist in the Division of Research and Statistics, was appointed an Assistant
Director of that Division effective January 11, 1951.
Mr. Williams' entire service with the Board has
been with the Division of Research and Statistics
wrhere he has been serving as Acting Assistant
Director since October 6, 1950.
Susan S. Burr, who has been Assistant to the
Director of the Division of Research and Statistics
since October 17, 1948, was appointed Assistant
Director effective January 11, 1951. Miss Burr
joined the Board's Division of Research and Statistics on January 14, 1935.
Appointment of Mr. Attebery as First Vice President
of the Federal Reserve Bank of St. Louis
Mr. O. M. Attebery, who has been serving as a
Vice President, was appointed First Vice President
of the Federal Reserve Bank of St. Louis to succeed
Mr. F. Guy Hitt who resigned effective January 3,
1951. Mr. Attebery has been a member of the
Bank's staff since November 13, 1914, and has
served as an officer since January 3, 1917.
FEDERAL RESERVE BULLETIN
CURRENT EVENTS AND ANNOUNCEMENTS
Appointments of Branch Directors
Mr. William M. Day, Vice President and General Manager, Michigan Bell Telephone Company,
Detroit, Michigan, was appointed a director of the
^
.'
,
r i i i i ^
T. i
r
Detroit Branch or the Federal Reserve Bank or
Chicago effective January 1, 1951, for the unexpired
portion of the term ending December 31, 1951.
Mr. Day succeeds Mr. Ben R. Marsh of Detroit,
Michigan, who resigned.
Mr. Pierre B. McBride, President, Porcelain
Metals Corporation, Louisville, Kentucky, was appointed a director of the Louisville Branch of the
Federal Reserve Bank of St. Louis effective January 1, 1951, for the unexpired portion of the term
ending December 31, 1951. Mr. McBride succeeds
Mr. John W. Taylor, President, University of Louis•n T • -it V
i
i
•
i
ville, Louisville, Kentucky, who resigned.
On January 12, 1951, the Board of Governors
announced the appointment of Mr. G. R. Milburn,
Manager, N-Bar Ranch, Grass Range, Montana,
as a director of the Helena Branch of the Federal
Reserve Bank of Minneapolis for the unexpired portion of the term ending December 31, 1951. Mr.
Milburn succeeds Mr. W. A. Denecke, a livestock
rancher of Bozeman, Montana, who resigned,
Resignations
-r-rr • T^
I
Effective December
J u
ernors accepted the
of Branch Directors
^ mr^ i ™ 1 r r>
31, 1950, the Board of Gov•
•
£ A/T u
r>
resignation or Mr. Ben R.
M a r s h ? c h a i r m a n o f t h e B o a r d j Michigan Bell Telep h o n e Company, Detroit, Michigan, as a director
o f t n e Detroit Branch of the Federal Reserve Bank
of Chicago. Mr. Marsh had served as a director of
the Detroit Branch since January 1, 1948.
Effective December 31, 1950, the Board of Governors accepted the resignation of Mr. W. A.
Denecke, a livestock rancher of Bozeman, Montana,
as a d i r e c t o r o£ t h e H e l e n a
Reserve
Bank
of
Minnea
B r a n c h of t h e
Federal
olls
P
- Mr. Denecke had
f r v e d a s , a *™*°T ° £ t h e H d e n a B n m c h S i n C C
January 1, 1950.
^ ^
D c c c m b c r 31> 1 9 5 0 ? t h e F e d e r a l R e s e r v c
Bank
o£ K a n s a s
city
accepted
the
resignation
of
The First National
B a n k o f Eagle County, Eagle, Colorado, as a dir e c tor of the Denver Branch. Mr. Allen had served
as a director of the Denver Branch since January
1, 1947.
Mr>
T> D >
Alleri)
P r e s ident,
Appointments of Chairmen, Deputy Chairmen, and Directors
The following designations and appointments at the Federal Reserve Banks and branches have been
made by the Board of Governors of the Federal Reserve System.
CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR
Federal Reserve Ban\
1951
Name of Appointee
Boston
New York . .
Philadelphia
Cleveland .
Richmond
Atlanta . . . .
Chicago .
St. Louis . . .
Minneapolis .
Kansas City .
Dallas
San Francisco .
. . * Harold D. Hodgkinson of Boston, Massachusetts
. . Robert T. Stevens of South Plainfield, New Jersey
.. . Warren F. Whittier of Chester Springs, Pennsylvania
. .George C. Brainard of Cleveland, Ohio
. . Charles P. McCormick of Baltimore, Maryland
. . . Frank H . Neely of Atlanta, Georgia
. .F. J. Lunding of Highland Park, Illinois
. . . Russell L. Dearmont of St. Louis, Missouri
. .Roger B. Shepard of St. Paul, Minnesota
. . . . Robert B. Caldwell of Kansas City, Missouri
. . . . J. R. Parten of Houston, Texas
Brayton Wilbur of Burlingame, California
DEPUTY CHAIRMEN FOR YEAR
Boston
New York
1951
* Ames Stevens of North Andover, Massachusetts
William I. Myers of Ithaca, New York
* Indicates position filled by a new incumbent.
JANUARY 1951
35
CURRENT EVENTS AND ANNOUNCEMENTS
DEPUTY CHAIRMEN FOR YEAR
Federal Reserve Ban\
Philadelphia
Cleveland
Richmond
Atlanta .
Chicago .
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1951—Continued
Name of Appointee
. . . . C. Canby Balderston of Media, Pennsylvania
. . * John C. Virden of Shaker Heights, Ohio
John B. Woodward, Jr., of Newport News, Virginia
Rufus C. Harris of New Orleans, Louisiana
. . . John S. Coleman of Detroit, Michigan
Wm. H. Bryce of Memphis, Tennessee
W. D. Cpchran of Iron Mountain, Michigan
Robert L. Mehornay of Kansas City, Missouri
R. B. Anderson of Vernon, Texas
Harry R. Wellman of Berkeley, California
CLASS C DIRECTORS
(Appointed for three-year terms beginning January 1, 1951)
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
. .Robert T. Stevens of South Plainfield, New Jersey
C. Canby Balderston of Media, Pennsylvania
* John C. Virden of Shaker Heights, Ohio
Charles P. McCormick of Baltimore, Maryland
. .Frank H. Neely of Atlanta, Georgia
Allan B. Kline of Vinton, Iowa
Wm. H. Bryce of Memphis, Tennessee
Roger B. Shepard of St. Paul, Minnesota
. . Robert L. Mehornay of Kansas City, Missouri
G. A. Frierson of Shreveport, Louisiana
Wm. R. Wallace, Jr., of San Francisco, California
BRANCH DIRECTORS
Federal Reserve Ban\ and Branch
New Yor\
Buffalo .
Name of Appointee
. . * Robert C. Tait of Pittsford, New York
Cleveland
Cincinnati . . .
Pittsburgh . . . .
. . . * Granville R. Lohnes of Dayton, Ohio
. * H. A. Roemer, Jr., of Sharon, Pa.
Richmond
Baltimore .
Charlotte
James M. Shriver of Union Mills, Maryland
R. E. Ebert of Greenville, South Carolina
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
. . John M. Gallalee of University, Alabama
Marshall F. Howell of Jacksonville, Florida
C. E. Brehm of Knoxville, Tennessee
H. G. Chalkley, Jr., of Lake Charles, Louisiana
* Indicates positionfilledby a new incumbent.
36
FEDERAL RESERVE BULLETIN
CURRENT EVENTS AND ANNOUNCEMENTS
BRANCH DIRECTORS—Continued
Federal Reserve Ban\ and Branch
Chicago
Detroit . .
Name of Appointee
... *f John A. Hannah of East Lansing, Michigan
St. Louis
Little Rock
Louisville
Memphis
* Samuel B. Strauss of Little Rock, Arkansas
Alvin A. Voit of Louisville, Kentucky
M. P. Moore of Senatobia, Mississippi
Minneapolis
Helena .
. . . f John E. Corette, Jr., of Butte, Montana
Kansas City
Denver
Oklahoma City....
Omaha
*}• G. Norman Winder of Craig, Colorado
f Ruf us J. Green of Duncan, Oklahoma
t Fred S. Wallace of Gibbon, Nebraska
Dallas
El Paso
Houston
San Antonio
Hal Bogle of Dexter, New Mexico
Herbert G. Sutton of Colmesneil, Texas
Edward E. Hale of Austin, Texas
San Francisco
Los Angeles. .
Portland
Salt Lake City. .
Seattle
f Fred G. Sherrill of San Marino, California
f R. B. Taylor of Adams, Oregon
t Merle G. Hyer of Lewiston, Utah
*f Ralph R. Sundquist of Yakima, Washington
* Indicates position filled by a new incumbent.
t Indicates appointment for two-year term beginning Jan. 1, 1951. All other appointments are for three-year terms.
The new appointees are as follows:
Federal Reserve Bank of Boston
Mr. Harold D. Hodgkinson of Boston, Massachusetts, who has been a Class C director of the Federal
Reserve Bank of Boston since January 1, 1947, and Deputy Chairman since January 1, 1948, was designated Chairman and Federal Reserve Agent for the year 1951. Mr. Hodgkinson is Vice President,
General Manager and Chairman of Management Board, Wm. Filene's Sons Company, Boston, Massachusetts.
Mr. Ames Stevens of North Andover, Massachusetts, who has been a Class C director of the Federal
Reserve Bank of Boston since July 26, 1948, was appointed Deputy Chairman for the year 1951. Mr.
Stevens is Treasurer and Director, Ames Worsted Company, Lowell, Massachusetts.
Federal Reserve Bank of Cleveland
Mr. John C. Virden of Shaker Heights, Ohio, was appointed a Class C director of the Federal Reserve
Bank of Cleveland for a three-year term beginning January 1, 1951, and Deputy Chairman for the year
1951. Mr. Virden is Chairman of the Board, John C. Virden Company, Cleveland, Ohio.
JANUARY 1951
37
CURRENT EVENTS AND ANNOUNCEMENTS
The new appointees are as follows: Continued
Branches
Federal Reserve Bank of New York
Mr. Robert C. Tait of Pittsford, New York, was appointed a director of the Buffalo Branch of the
Federal Reserve Bank of New York for a three-year term beginning January 1, 1951. Mr. Tait is
President of the Stromberg-Carlson Company, Rochester, New York.
Federal Reserve Bank of Cleveland
Mr. Granville R. Lohnes of Dayton, Ohio, was appointed a director of the Cincinnati Branch of
the Federal Reserve Bank of Cleveland for a three-year term beginning January 1, 1951. Mr. Lohnes
is Treasurer of the National Cash Register Company, Dayton, Ohio.
Mr. H. A. Roemer, Jr., of Sharon, Pennsylvania, was appointed a director of the Pittsburgh Branch
of the Federal Reserve Bank of Cleveland for a three-year term beginning January 1, 1951. Mr. Roemer
is President of the Sharon Steel Corporation, Sharon, Pennsylvania.
Federal Reserve Bank of Chicago
Mr. John A. Hannah of East Lansing, Michigan, was appointed a director of the Detroit Branch
of the Federal Reserve Bank of Chicago for a two-year term beginning January 1, 1951. Mr. Hannah
is President of Michigan State College, East Lansing, Michigan.
Federal Reserve Bank of St. Louis
Mr. Samuel B. Strauss of Little Rock, Arkansas, was appointed a director of the Little Rock
Branch of the Federal Reserve Bank of St. Louis for a three-year term beginning January 1, 1951.
Mr. Strauss is President of Pfeifers of Little Rock, Little Rock, Arkansas.
Federal Reserve Bank of San Francisco
Mr. Ralph R. Sundquist of Yakima, Washington, was appointed a director of the Seattle Branch
of the Federal Reserve Bank of San Francisco for a two-year term beginning January 1, 1951. Mr.
Sundquist is an orchardist at Yakima, Washington.
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 November 16, 1950 to December 15, 1950:
Louisiana
Kenner—Merchants Trust & Savings Bank.
38
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled December 28 and released for publication December 30]
leveled off after advancing sharply in earlier months.
Activity in the aircraft, shipbuilding, and railroad
equipment industries was also far above the levels
prevailing earlier in the year.
Output in most nondurable goods industries
continued at the exceptionally high level of the
preceding three months. Production of chemicals
continued to rise. As a result of Federal orders
to curtail consumption of rubber for civilian purINDUSTRIAL PRODUCTION
poses, activity in the rubber products industry was
The Board's index of industrial production was reduced from the record October rate.
215 per cent of the 1935-39 average in November
EMPLOYMENT
as compared with the revised October figure of
Employment in nonagricultural establishments,
217. This small decline reflected mainly the temporary effects of severe weather on coal and steel allowing for seasonal changes, was maintained in
output at the end of the month, and some curtail- November at the record October level of 45.4 milment of activity in the automobile industry ac- lion persons. Manufacturing employment leveled
companying model changeovers. In December, off after expanding by about 1.6 million persons
the index is expected to remain at the November in the preceding nine months. Federal Government defense employment continued to increase
level.
Steel production declined 5 per cent in Novem- substantially.
Wage rates have continued to advance. In midber, while output in most other durable goods
November
average hourly earnings of factory workindustries increased further. Activity in machinery
industries reached a rate of 307 per cent of the ers were $1.51. This was 7 per cent above the level
1935-39 average as compared with 265 at mid- at the beginning of the year.
year and 229 at the beginning of the year. The
CONSTRUCTION
November rise in machinery reflected further
Value of contracts awarded in November for
gains in output of producers equipment; output
of radios, television sets, and household appliances
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS
Most measures of business activity were maintained at record levels during November and December. Further marked increases occurred in
prices, wages, and bank credit. Additional Federal measures, including the declaration of a national emergency, were undertaken to stabilize
the economy and expedite the defense production
program.
INDUSTRIAL PRODUCTION
46
PER CENT
TOT
PER
260
44
42
240
220
220
200
/
\
/
200
\
180
J
160
V
l\
V
V
140
i/
40
/
/
I
-
38
GOVERN K E N T - —
•
} UTILITI
1948
1949
Federal Reserve index. Monthly figures, latest shown are for
November.
JANUARY 1951
:s
CONS
TRUCTION
2
0
1948
1947
ION
TRA
4
120
1946
—
160
^J 100
1950
1945
;E
NANCE A
•
6
100
1944
TRADE
0
120
1943
MANUFA CTURING
/
180
140
1942
f
1950
1950
Bureau of Labor Statistics' data adjusted for seasonal variation by Federal Reserve. Proprietors and domestic servants
are not included. Midmonth figures, latest shown are for
November.
39
NATIONAL SUMMARY OF BUSINESS CONDITIONS
most types of private construction showed only
small seasonal declines. Awards for manufacturing buildings rose contraseasonally and their total
value this year will probably be almost double the
1949 volume. The number of housing units
started continued to decline from earlier very high
levels and in November amounted to 85,000 as
compared with 103,000 in October. Starts in November of this year were 11,000 less than in November 1949.
DISTRIBUTION
Department store sales showed somewhat more
than their usual sharp expansion in the first three
weeks of December, reflecting in part a marked
pickup in sales of household durable goods, which
had been declining in October and November from
earlier record levels. Total department store sales
in the first half of December were about 5 per cent
larger than in the corresponding period last year.
Value of department store inventories at the end
of November was about one-fifth greater than
in the same month a year ago.
COMMODITY PRICES
Wholesale prices rose further in December,
with agricultural commodities showing the largest
gains. Grain prices reached new highs for the
year and prices of livestock and products, which
had declined seasonally in September and October,
were advancing again.
Early in December steel prices were raised an
average 6 per cent and increases were announced
for a variety of goods, including automobiles, machinery, petroleum products, and wool carpets.
In some cases these increases were canceled when
the Economic Stabilization Agency announced a
system of pricing standards and requested that in
general prices not be advanced beyond the levels
prevailing on December 1.
The consumers price index advanced .5 per cent
in November as prices of apparel and housefurnishings rose further.
BANK CREDIT
Loans at commercial banks increased substantially further during November and the first three
weeks of December. Business loans continued to
show increases greater than might be expected
seasonally. The rate of growth, however, for real
estate and consumer loans continued to slacken
somewhat. Since June, total loans and corporate
and municipal security investments of banks in
leading cities have increased by over 6 billion
dollars. This is the largest expansion in these loans
and investments on record.
A strong seasonal outflow of currency into circulation, which totaled about three-quarters of a billion dollars, reduced bank reserves during November and the first three weeks of December. Continued reductions in monetary gold stock also absorbed reserves. These changes were offset by
increases over the same period in Federal Reserve
System holdings of Government securities of about
one billion dollars.
SECURITY MARKETS
Yields on Government securities showed little
change during the first three weeks of December.
Prices of common stocks rose, following a marked
decline in the last week of November.
WHOLESALE COMMODITY PRICES
DEPARTMENT STORE SALES AND STOCKS
{ PER
PER CENT
350
1
300
i
ft J
•
\ 1
250
STOCKS
"V
200
i
140
80
I945
I946
1947
1948
1949
•
•>
OTHER ^ HAN
FARM AND FOOD
f/f
^—«
«^
SAMPLE.
1950
Federal Reserve indexes. Monthly figures, latest shown are
for December.
40
J
r
100
I944
V
H J
1
120
100
I943
f
1 *J
ALL
V
J P1 COMMODITIES
il
150
I942
^ iv.
l * »/'
160
i
i
i
A
PER CENT
FARM
PR ODUCTS f
.
1 I
!
200
I92G = IOO
180
\j\AJ\
Al
PER CENT
Bureau of Labor Statistics' indexes. Weekly figures, latest
shown are for week ending Dec. 27.
FEDERAL RESERVE BULLETIN
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
Deposits and reserves of member banks; bank suspensions. .
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. .
December crop report, by Federal Reserve districts.
43-44
44-45
46-50
50-51
52-53
53
54
55-57
58-59
60-63
64
65
66
67-68
69-70
71-73
74
75-84
85-88
88
89
90-91
92-94
95-99
99
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.
JANUARY
1951
41
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
BILL10jjS_0_F DOLLARS
WEDNESDAY FIGURES
MONEY
IN CIRCULATION
RESERVE BANK
I
CREDIT
MEMBER BANK
RESERVE BALANCES
TREASURY CASH AND DEPOSITS.
NONMEMBER DEPOSITS
1942
1943
1944
1945
1946
1947
(949
1950
1949
1950
TOTAL RESERVE BANK HOLDINGS
OF U. S. GOVERNMENT SECURITIES
15
10
NOTES AND
CERTIFICATES
I
0
_ - . ^
1943
1944
1945
1946
1947
Wednesday figures, latest shown are for December 27.
42
1948
See page 43.
FEDERAL RESERVE
BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
Date or period
Discounts
and
advances
U. S. Government
securities
Total
All 1
Bills,
Total
certifi- other
Bonds cates,
and
notes
Gold
stock
Treasury
currency
outstanding
Treasury deposits
Money Treasury
with
in circash Federal
culaholdtion
Reings
serve
Banks
Member bank
reserve balances
Other
Non- Fedmem- eral
Reber de- serve
posits acTotal
counts
Required*
Excess*
Wednesday
figures:
1949—Nov.
Nov.
Nov.
Nov.
Nov.
2
9
16
23
30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
1950—Jan. 4.
Jan. 11
Jan. 18.
Jan. 25
611 17,533 7,536
319 17,706 7,535
17,789 7,532
133 17,669 7,513
17,682 7,513
9,997
10,171
10,257
10,156
10,169
272
160
438
289
18,416
18,185
18,351
18,091
18,267
407
107
128
142
7,512
7.512
7,237
7,231
10,419
10,657
11,301
11,558
289
455
842
448
95 18,829 7,212
99 18,230 7,165
17,872 7,134
17,764 7,130
11,617
11,065
10,738
10,634
4,591
4,592
4,592
4,596
4,596
27,382
27,528
27,397
27,508
27,543
1,318
1,312
,323
,315
,317
545
415
408
410
517
,219
,220
,224
,306
.238
690
690
690
691
689
16,437
16,145
16,432
15,987
16,038
15,319 1,118
15,262
883
15,346 1,086
15,361
626
15,367
671
18,628 24,477
18,731 24,476
19,508 24,427
19,379 24,427
4,596
4,596
4,595
4,598
27,699
27,701
27,833
27,765
,309
,314
,309
,314
441
393
1,027
987
,271
,273
,267
,281
690
690
756
758
16,291
16,433
16,337
16.299
15,395
15,561
15,523
15,462
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
,319
,313
,315
,321
547
255
381
539
,304
,382
,380
,408
719
719
719
721
17,055
16,686
16,487
16,419
15,597 1,458
15,593 1,093
15,630
857
15,617
802
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
,318
,313
,313
,311
637
366
671
380
,478
,432
.419
,419
721
727
728
731
16,532
16.265
16,400
16,176
15,534
998
15,456
809
15,383 1,017
15,428
748
6,840 10,917
6,804 11,042
17,791 6,615 11,176
17,573 6,529 11,044
365 17,516 6,415 11,101
383
431
402
277
263
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
,316
,322
,307
,308
,321
555
433
9
759
997
,444
.454
,315
,139
,155
736
739
759
761
766
16,288 15,347
941
16,258 15,261
997
16,771 15,405 1,366
15,969 15,324
645
15,782 15,268
514
11,215
11,270
11,190
11,436
392 18,132 24.246
311 18,068 24,247
381 17,928 24,247
18,141 24,247
4,601
4,600
4,600
4,600
27,133
27.072
26,992
26,962
,317
,313
,319
,316
622
587
647
833
,167
,177
,261
,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
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
,326
,318
,294
,292
,309
678
533
426
428
588
,287
,314
,293
,246
,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
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
,309
,304
,294
,306
472
319
529
866
,321
,447
,395
,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
281 18,950 24,231
399
24,207
407 18,475 24,207
322 18,636 24,157
4.607
4.606
4,606
4,605
27,315
27,169
27,029
26,915
.302
,309
,310
,315
645
383
525
504
,470
,457
,462
,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
17,931
18,169
18,538
18,789
Feb. 1
Feb. 8
Feb. 15
Feb. 21
456 17,855
223 17,656
267 17,781
Mar.
Mar.
Mar.
Mar.
Mar.
314 17,757
87 17,846
1
8
15
22
29.
Apr. 5.
Apr. 12.
Apr. 19
Apr. 26
May
May
May
May
May
3
10
17
24.
31
June 7.
June 14
June 21
June 28
7,103
6,969
6,920
94 17,625 6,887
168 17,572 6,357
17.597 6,327
137 17,410 6.220
218 17,640 6,204
17,711 6,098
17,591 5,976
79 17,401 5,911
106 17,290 5,854
306 17,389 5,802
94
79
74
69
17,672
17 693
17,679
18,217
5,726
5,681
5,650
5,644
83 18,586 5,555 13.031
65 18,294 5,411 12,883
12,583
12,967
24,583
24,532
24,530
24,530
24,479
896
872
814
837
July 5
July 12
July 19.
July 26.
199 17,869 5,286
350 17,964 4,997
Aug.
Aug.
Aug.
Aug.
Aug.
2
9
16
23
30
301 18,143 4,860
263 18,349 4,791
18,334 4,691
18,577 5,440
107 18,584 6,551
13,283
13,558
13.643
13,137
12,033
318 18,762 24,136
292 18,904 24,035
18,889 23,954
18,883 23,803
288 18,979 23,752
4,609
4.608
4.608
4 609
4.611
27,000
27,015
26,976
26,963
27.042
,304
,309
,309
,308
,308
564
667
717
562
676
.487
,431
,392
.272
,304
757
759
759
748
728
16,395
16,366
16,298
16,442
16,285
15,553
15,535
15,613
15,686
15,767
842
831
685
756
518
Sept.
Sept.
Sept.
Sept.
6
13
20
27.
18,942
19,064
18,526
120 19,353
7,284
8,233
3,731
3,773
11,658
10,831
14,795
15,580
396 19,438
19,665
591 19,169
601 20,075
23,577
23,576
23,525
23,474
4,613
4,613
4,613
4,614
27,259
27,151
27,081
27,060
,311
,305
,301
,307
511
648
654
1,144
,220
,182
,204
,190
716
703
768
762
16,611
16,865
16,299
16,699
15,747
15,934
15,946
15,837
864
931
353
862
19,375
19,507
19,506
19,229
3,824
3,923
3,979
4,058
15,551
15,584
15,527
15,171
55: 19,972 23,482
23.432
47(
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
,308
,316
,313
,300
848
508
449
420
,288
,332
,292
,367
813
810
807
805
16,626
16,789
17,245
16,649
15,848
778
15,829
960
15,995 1,250
15,962
687
1.
8.
15.
22.
29.
111 19,291
19,311
19,425
247 19,296
240 19,569
4,198
4,271
4,281
4,268
4,346
15,093
15,040
15,144
15,028
15,223
458
251
675
619
692
19,860 23,249
19,853 23,198
23,148
20,162 23,097
20,501 23,037
4,622
4,622
4,621
4,622
4,626
27,219
27,388
27,296
27,450
27,543
1,304
1,292
1,304
1,281
1,298
452 ,335
298 ,324
341 ,199
541 1,242
564 1,218
748
748
745
745
742
16,674
16,625
17,054
16,622
16,799
15,947
727
15,906
719
16,044 1.010
'16,084 ••538
'16,120 '679
Dec. 6.
Dec. 13.
Dec. 20.
Dec. 27.
110 20,239
69 20,529
54 20,227
299 20,337
4,571
4,820
4,533
4,589
15,668 573 20,922 22,976
15,709 746 21,344 22,926
15,694 ,583
864 22 ,796
720 22,795
15,748 ,081
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
Oct. 4.
Oct. 11
Oct. 18.
Oct. 25.
Nov.
Nov.
Nov.
Nov.
Nov.
45
68
39
50
1,220
1,213
1,208
1,215
725 17,049 16,100
949
716 17,46i 16,365 1,100
760 17,416 P16.487
P929
760 17,174 ?16,384
P790
r
v Preliminary.
Revised.
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
Wednesday figures and end-of-month figures (shown on next page) are estimates.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
1
1
JANUARY
1951
43
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[in millions of dollars]
Reserve Bank credit outstanding
Date or period
End of period:
1929—June 2 9 . .
1933—June 3 0 . .
1939—Dec. 3 0 . .
1941—Dec. 3 1 . .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 3 0 . .
Dec. 3 1 . .
1948—June 3 0 . .
Dec. 3 1 . .
1949—June 30. .
1949—Nov
Dec
1950—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
U. S. Government
securities
Discounts
All 1 Total
Bills,
and
certifi- other
advances Total Bonds cates,
and
notes
1,037
164
7
3
249
163
70
216
1,998
2.484
2,254
24,262
23,350
21,872
22,559
265 21,366
223 23,333
103 19,343
321
131
225
113
306
43
220
83
72
116
162
136
215
189
67
145
142
2,019
2,286
2,963
3,247
4,339
4,562
4,552
4,562
4,565
4,589
4,597
4,459
5,434
7,598
11,160
28,515
28,952
28,297
28,868
27,903
28.224
27,493
204
264
2,409
2,215
2,287
2,272
,314
,336
,327
,325
,307
263
536
354
349
253
392
239
329
277
381
695
431
783
1,371
18,267 24,479
19,499 24,427
18,326 24,395
18,226 24,345
18,070 24.246
18,301 24,247
17,935 24,231
18,703 24,231
18,466 24,136
18,820 23.627
20,340 23,483
19,798 23,249
20.638 23.037
22,216 '22,706
4,596
4,598
4,599
4,602
4,602
4,603
4,606
4,607
4,609
4,613
4,618
4.623
4.627
P4.633
27,543
27,600
26,941
27.068
27,042
27,048
27,090
27,156
27,010
27,120
27,161
27,228
27,595
'27,737
,317
,312
,311
,310
,315
,308
,309
,298
,304
,304
,322
,295
,287
n,295
361
347
536
613
633
1,119
18,139
18,226
19,012
20,044
20,159
21,606
4,592
4.593
4,596
4,618
4,622
4,629
27,456
27,477
27,734
27,233
27.380
27,806
,305
,311
,307
,305
.290
,290
147
58
102
104
580
581
228
536
268
542
250
10,169
11.667
10,715
10,889
11,195
11,641
11.587
12,713
13,081
11,588
15,779
15.072
15,329
16,158
17,643 7,538 10,105
17,664 '7,528 10,136
18,287 7,360 10,927
19.365 3,968 15,397
19.381 4.273 15.108
20,345 4,590 15,755
67 20,778
Averages of
daily figures:
1949—Oct
Nov
Dec
1950—Oct
Nov
Dec
4,037
4,031
17,644
22.737
20.065
20.529
21,266
22,754
23.532
24,244
24,466
71
145
441 1,557
1,351 1,133
787
1,467
947 23,315
753 22 ,597
727 21,145
2,853 19,706
6.206 15,160
10,977 12,356
7, 780 11,563
17,682
18,885
17,827
17.746
17,592
17,796
17,389
18,331
17,969
18.356
19.572
19,252
19.693
7,513
7,218
7,112
6.857
6,397
6,155
5,802
5,618
4,888
6,768
3,793
4,180
4.364
4,620
Gold
stock
Member bank
reserve balances
TreasOther
TreasdeTreas- ury
ury
posits Non- Fedury
cur- Money
mem- eral
in
cirwith
cash Federal ber
rency culade- Reholdoutposits serve
Re- 1 ExReings
stand- tion
acTotal quired
serve
ing
counts
Banks
1,400
2,220
2,593
2.361
25,091
24,093
22,170
23,181
21,900
24,097
19,696
24.596
24.533
24,451
23.366
23.157
22,879
36
28
35
166
634
653
867 1,360
977 1,308
822
393
756
881
870
961
1,928
859
1,123 1,189
941
438
374
346
251
291
495
607
629
563
592
590
713
2,356
2,292
11,653
12,450
15,915
16,139
16,112
17,899
17,389
20,479
17,867
2,333
23
1,817 475
6,444 5,209
9,365 3 ,085
14,457 1,458
15,577
562
15.374
738
16,400 1,499
16.647
742
19,277 1,202
16,919
948
517
821
677
666
1,006
858
588
950
566
733
1,114
569
714
668
1,238
1,517
1,460
1,426
1,132
1,347
1,254
1,431
1,443
1,190
1,374
1,315
1.206
1,460
689
706
720
730
766
712
718
771
759
724
759
749
738
714
16,038
16,568
16,211
15,973
15,657
15,878
15,814
15,934
16,129
15.989
16,709
16,514
16,763
17,681
15,367
671
15,550 1,018
15,513
698
15,390
583
15,150
507
15,202
676
15,288
526
15,498
436
15,534
595
15,770
210
15,821
888
15,925
589
•16.118 '645
'16,507 P1,174
555
457
687
590
450
615
1,171
1,296
1,315
1,367
1.331
1,273
727 16,113
691 16,119
724 16,291
803 16,731
746 16,742
739]17,391
15,251
15,308
15,488
15.889
16,009
862
811
803
842
733
For footnotes see preceding page.
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]
Nov. 1, 1933- Feb. 1, 1935- Effective
Jan. 31, 1935Dec. 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
1
NOTE.—Maximum rates that may be paid by member banks as
established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank
may not in any event exceed the maximum rate payable by State
banks or trust companies on like deposits under the laws of the State
in which the member bank is located. Maximum rates that may be
paid by insured nonmember banks as established by the F.D.I.C.,
effective Feb. 1, 1936, are the same as those in effect for member banks.
MARGIN REQUIREMENTS^
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Regulation T :
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
Feb. 1, Mar. 30, Effec19491947tive
Mar. 29, Jan. 16, Jan. 17,
1951
1949
1951
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 this table are the difference between
the market value (100%) and the maximum loan value.
Back figures.—See Banking and Monetary Statistics Table 145 p. 504,
and BULLETIN for March 1946, p. 295, and BULLETIN for February
1947, p. 162.
44
Net demand deposits *
Central
reserve
city
banks
1938—Apr. 16
22%
1941—Nov. 1
26
1942—Aug. 20
24
Sept. 14
22
Oct. 3
20
1948—Feb. 27
22
June 11
24
Sept. 16
Sept. 24
26
1949—May 1
May 5
'24*
June 30
July 1
Aug. 1
Aug. 11
Aug. 16
Aug. 18
23
Aug. 25
22
Sept. 1
1951—Jan. 11
23
Jan. 16
Jan. 25
24
Feb. 1
4
To be in effect Feb. 1, 1951
24
Reserve
city
banks
20
22
21
20
Country
banks
Time
deposits
(all
member
banks)
12
14
16
is'
27
«7
«6
14
13
«5
12
19
18
19
36
2
6
20
20
14
14
1
Demand deposits subject to reserve requirements, which beginning
Aug. 23, 1935, have been total demand deposits minus cash items
in process of collection and demand balances due from domestic banks
(also minus war loan and series E bond accounts during the period
Apr. 13. 1943-June 30, 1947).
* Requirement became effective at country banks. « Requirement
became effective at central reserve and reserve city banks.
• Present legal minimum and maximum requirements on net demand
deposits—central reserve cities, 13 and 26 per cent; reserve cities,
10 and 20 per cent; country, 7 and 14 per cent, respectively; on time
deposits at all member banks. 3 and 6 per cent, respectively.
Back figures.—See Banking and Monetary Statistics, Table 107, p. 400.
FEDERAL RESERVE
BULLETIN
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Advances secured by Government
obligations and discounts of and
advances secured by eligible1 paper
(Sees. 13 and 13a)
Federal Reserve Bank
Rate on
Dec. 31
Boston
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City..
Dallas
San Francisco
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Previous
rate
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Other secured advances
[Sec. 10(b)]
Rate on
Dec. 31
21, 1950
21, 1950
25, 1950
25, 1950
25,1950
24, 1950
25, 1950
23,1950
22, 1950
25, 1950
25, 1950
24, 1950
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Previous
rate
Rate on
Dec. 31
21, 1950
21, 1950
25, 1950
25, 1950
25, 1950
24, 1950
25,1950
23,1950
22, 1950
25, 1950
25, 1950
24, 1950
In effect
beginning—
Previous
rate
Jan. 14, 1948
Oct. 30,1942
Aug. 23, 1948
Aug. 25, 1950
2
Oct. 28,1942
Aug. 24, 1950
Aug. 13,1948
Jan. 12, 1948
Aug. 23, 1948
Jan. 19, 1948
Feb. 14,1948
'Oct. 28, 1942
2
2
3*
2H
2
I"
2
1
4
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.
Backfigures.—SeeBanking 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
Rate on
Dec. 31
Maturity
In effect beginning—
Previous
rate
Maturities not exceeding five years
Aug. 21, 1950
Aug. 21, 1950
Aug. 21, 1950
1- 90 days
91-120 days
121-180 days
[In effect December 31. Per cent per annum]
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.
Backfigures.—SeeBanking 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 December 31]
Fees Payable to Guaranteeing Agency by Financing Institution on
Guaranteed Portion of Loan
Guarantee fee
Percentage of
(percentage of any commitment
interest payable
fee charged
by borrower)
borrower
Percentage of
loan guaranteed
70 or less
75
80
85
90
95
Over 95
.
. . .
10
15
10
15
20
25
30
35
20
25
30
35
40-50
40-50
Maximum Rates Financing Institutions May Charge Borrowers
[Per cent per annum]
Interest rate
Commitment rate.
JANUARY
1951
Federal
Reserve
Bank
Boston
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco.. .
1
2
To financing institutions
On discounts or
purchases
On
loans a
On
commit- Portion
Rements for which
institu- maining
portion
tion is
obligated
2H-5
2^-5
23^-5
2H-5
On
commitments
()
00
(3)
2^-5
2 l/C—K
2^-5
3
-5
()
23^-5
M
(3)
()
2}J-5
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.
4
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
1950
Item
Dec. 27
Dec. 20
Dec. 13
1950
Dec. 6
Nov. 29
Nov. 22
Nov. 15
Dec.
1949
Nov.
Dec.
Assets
Gold certificates
20,972 ,406 20,982 ,403 21,122 ,405 21,183,400 21,261,434 21,333,430
,333
21 ,387,429 20, 880,403 21 ,258,431 22,622,430
Redemption fund for
539,094
575,528
553,793
558,897
550,771
536,094
534,094
F. R. notes
532,097
577,229
568,898
Total gold certifi21,547,934 21,551,301 21,681,302 21,734,171 21,797,528 21,867,524 21,919,526 21,457,632 21,797,525 23,176,223
cate reserves
Other cash
Discounts and advances:
For member banks.. .
For nonmember
banks, etc
220,771
228,836
231,798
237,679
242,446
241,118
266,716
248,822
54,032
69,037
109,896
239,693
247,050
71,029
67,395
161,421
257,845
8,345
69,500
Total discounts and
advances
Industrial loans
U. S. Govt. securities:
Bills
Certificates:
Special
Other
Notes
Bonds
226,600
300,837
300,837
54,032
69,037
109,896
239,693
247,050
71,029
67,395
161,421
77,845
2,397
2,399
2,315
2,336
2,209
2,226
2,239
2,556
2,336
2,070
869,886
745,571
851,471 1,097,646 1,130,146
974,646
974,646 1,296,071 1,111,646 4,829,247
71,950 2,334,195
368,450
71,950
718,350 6,275,450
2,334,195 2,334,195 2,334,195 1,610,150
562,200
12,544,076 12,613,996 12,523,518 12,960,018 13,724.618 13,980,718 14,096,918 12,527,226 13,498,618
4,589,275 4,532,875 4,819,653 4,570,875 4,345,875 4,268,375 4,281,275 4,620,075 4,364,375 7,217,700
Total U. S. Govt.
20,337,432 20 ,226,637 20 ,528,837 20,238,689 19,569,089 19,295,689 19,424,789 20,777,567 19,692,989 18,884,597
securities
Other Reserve Bank
780,797
534,199
571,152
690,090
616,733
744,058
672,519 1,368,433
credit outstanding. . . 1,079,084 1,580,543
Total Reserve Bank
credit outstanding 21,719,750 21,863,611 21,344,247 20,922,073 20,501,081 20,161,698 20,170,576 22,215,951 20,637,543 19,498,711
Liabilities
Federal Reserve notes. . 23,707,149 23,706,590 23,542 ,564 23,487,997 23,346,459 23,255 ,859 23 ,143,488 23,587,018 23,396,543 23,482,646
Deposits:
Member bank — re17,173,805 17,415,924 17,464,677 17,048,701 16,798,696 16,621,898 17,053,793 17,680,744 16,762,550 16,568,088
serve account
U. S. Treasurer—general account
786,073
685,435
451,215
341,275
668,454
713,603
821,354
540,263
564,205
540,738
920,546
900,201
905,811
766,521
919,366
927,505
921,023
964.970
895,442
Foreign
934,109
294,665
307,626
299,905
750,269
292,238
296,675
Other
294,078
307,493
233,650
564.913
Total deposits
19,175,089 19,309,186 19,129,336 18,808,707 18,580,599 18,404,238 18,593,688 19,809,553 18,681,869 18,906,232
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent) . .
50.2
50.1
50.8
51.4
52.0
52.5
52.5
51.8
49.4
54.7
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Discounts and advances:
Nov. 29
Dec. 6
Dec. 13
Dec. 2 0 . . . .
Dec. 27
Industrial loans:
Nov. 29
Dec. 6 . . . .
Dec. 13
Dec. 20
Dec. 27
U. S. Government securities:
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27. ..
46
Total
Within
15 days
239,693
109,896
69,037
54,032
300,837
235,124
105,147
65,495
51,845
297,951
2,912
3,737
2,120
1,265
1,726
1,285
740
650
750
909
372
272
772
172
131
99
21
2,209
2,336
2,315
2,399
2,397
36
40
33
77
120
8
130
123
56
8
138
20
19
19
18
20
167
161
160
125
214
90
89
102
104
638
746
708
788
798
19,569,089 200,475 168,044
20,238,689 386,960 1,714,916
20,528,837
522,422 2,380.715
20,226,637 2,419,146
91,713
20,337,432 2,459,474 123,900
712,470
393.460
368.574
358,699
508.807
480,807
440,160
313,533
210,208
118,900
16 to 30 31 to 60 61 to 90 91 days to 6 months
days
days
6 months to 1 year
days
13,474,368
12.709,768
12,273,268
11,958,168
11,881,248
1 year to 2 years to Over
2 years
5 years
5 years
485
487
544
560
558
670
656
638
637
666
1,397,725 3,135,200
1,373,725 3,219,700
1.373,725 3,296,600
1,786,503 3,402,200
1,786,503 3,458,600
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Assets
G o l d certificates:
Nov. 29
21,261,434
Dec. 6
21,183,400
Dec. 13
21,122,405
Dec. 20
20,982,403
Dec. 27
20,972,406
Redemption fund
for F. R. notes:
Nov. 29
536,094
Dec. 6
550,771
Dec. 13
558,897
Dec. 20
568,898
Dec. 27
575,528
Total gold certificate reserves:
Nov. 29.
21,797,528
Dec. 6
21,734,171
Dec. 13
21,681,302
Dec. 20.
21,551,301
Dec. 27
21,547,934
Other cash:
Nov. 29
237,679
Dec. 6
231,798
Dec. 13.
228,836
Dec. 20
220,771
Dec. 27 . .
226,600
vances:
Secured by
U. S. Govt.
securities:
Nov. 29. .
238,343
108,246
Dec. 6. .
Dec. 13. .
68,537
53,032
Dec. 20..
300,682
Dec. 27..
Other:
Nov. 29. .
1,350
Dec. 6
1,650
Dec. 13..
500
Dec. 20. .
1,000
Dec. 27. .
155
Industrial loans:
Nov. 29
2,209
Dec. 6
2,336
Dec. 13
2,315
Dec 20
2,399
Dec. 27
2,397
U. S. Govt.
securities:
Bills:
Nov. 29. ... 1,130,146
Dec.
6.... 1,097,646
Dec. 13
851,471
Dec. 20. ...
745,571
Dec. 27
869,886
791,506
768,178
730,697
788,757
801,633
6,669,602 1,209,623
1,173,870
1,130,781
6,725,120 1,136,480
6.421,962 1,156,757
6,712,078
7,037,311
1,454,511 1,011,990
1,515,871 988,572
1,444,032 979,618
1,490,896 958,157
1,559,090 948,869
897,069
897,222
872,827
899,552
911,407
4,233,785
4,197,628
4,075,445
4,021,891
4.268,675
621,223
612,455
588,015
605,027
600,492
393,156
395,104
374,440
385,254
378,716
737,020
755,711
745,379
758,432
765,645
34,973
39,828
39,698
39,698
39,541
85,962
90,704
95,519
100,519
100,519
40,925
40,856
40,784
40,784
40,725
21,552
21,517
21,496
21,496
21,467
35,189
35,122
35,084
35,084
35,034
25,628
25,560
25,521
25,521
25,521
38,605
38,457
38,366
38,366
38,191
932,042 4,319,747
937,050 4,288,332
912,525 4,170,964
939,250 4,122,410
950,948 4,369,194
662,148
653,311
628,799
645,811
641,217
414,708
416,621
395,936
406,750
400,183
772,209
790,833
780,463
793,516
800,679
668,656
651,072
614,030
640,987
618,312
2,637,526
2,579,656
2,593.717
2,635,737
2,604.560
643,028 2,598,921
625,512 2,541,199
588,509 2,555,351
615,466 2,597,371
592,791 2,566,369
52,486
52,303
54,149
54,150
53,980
32,598
37.022
36,559
41,559
50,911
49,483
49,182
50,893
50,893
50,563
66,920
67,697
67,513
67,513
67,288
51,773
52,523
53,315
53,315
51,788
843,992
820,481
784,846
842,907
855,613
6,702,200
6,749,100
7,073,870
6,766,679
6,472,873
1,259,106
1,223,052
1,181,674
1,187,373
1,207,320
1,521,431
1,583,568
1,511,545
1,558,409
1,626,378
1,063,763
1,041,095
1,032,933
1,011,472
1,000,657
25,164
25,413
25,854
23,445
22,598
44,516
44,895
42,549
38,967
41,629
9,693
11,674
12,995
15,005
17,890
14,583
20,528
15,388
20,696
14,775
14,552
13,881
14,273
16,271
19,544
16,093
17,158
13,629
16,405
30,326
30,139
31,172
27,329
31,127
14,718
12,698
12,567
11,974
11,774
6,472
5,087
5,880
5,006
4,789
10,077
8,875
9,115
9,616
9,293
10,717
10,875
10,955
11,175
9,681
37,094
30,969
31,322
29,656
27,452
6,080
1,530
2,685
2,825
3,425
92,175
22,704
24,970
9,785
153,530
4,915
6,678
5,895
6,995
8,790
14,122
17,622
3,472
11,522
21,247
18,040
4,625
2 840
15,609
9,977
5 525
'475
12,375
12,985
14,935
8,035
5,600
17,500
25,675
12,630
10,800
8,415
25,000
15,072
3,950
600
4,450
1,150
30,170
11,095
3,715
1,565
5,590
100
3,400
2,500
17,691
l]200
14,375
200
37,700
1 250
1,650
500
1,000
100
49
106
114
110
110
122
123
7
7
7
7
7
101,747
101,747
78,928
69,111
78,132
70,915
70,915
55,010
48,168
54,456
58,794
58,794
45,608
39,937
45,148
166,456
166,456
129,124
113,064
127,822
60,547
60,547
45,096
41,128
46,494
33,960
33,960
26,344
23,067
26,078
50,934
50,934
39,511
34,596
39,112
49,828
49,828
38,652
33,845
38,263
99,946
99,946
77,531
67,889
76,749
24,169
107,076
155,228
155,228
155,228
33,691
149,255
216,370
216,370
216,370
23,481
104,025
150,804
150,804
150,804
19,469
86,247
125,028
125,028
125,028
55,116
244,176
353,976
353,976
353,976
20,048
88,817
128,757
128,757
128,757
11,245
49,817
72,218
72,218
72,218
16,865
74,716
108,313
108,313
108,313
16,499
73,092
105,961
105,961
105,961
33.094
146,613
212,539
212,539
212,539
3,199,099
3,020,876
2,919,132
2,940,222
2,929,292
912,701
861,854
832,827
838,843
833,728
1,272,217
1,201,342
1,160,880
1,169,267
1,162,137
886,693
837,295
809,094
814,940
809,970
735,145
694,190
670,810
675,656
671,536
2,081,311
1,965,361
1,899,166
1,912,887
1,901,222
757,064
714,888
690,810
695,801
691,558
424,626
400,970
387,465
390,265
387,885
636,863
601,384
581,129
585,327
581,758
623,029
588,320
568.505
572,612
569,121
1,249,695
1,180,074
1,140,329
1,148,567
1,141,563
299,605
315,116
332,268
312,497
316,385
1,012,989
1,065,435
1,123,423
1,056,576
1,069,724
289,005
303,968
320,509
301,439
305,189
402,845
423,702
446,763
420,180
425,408
280,769
295,306
311,378
292,850
296,493
232,782
244,834
258,161
242,800
245,821
659,043
693,164
730,891
687,402
695,955
239,723
252 134
265,856
250,037
253,149
134,457
141 418
149,115
140 242
141,987
201,662
212,102
223,647
210,340
212,957
197,281
207,495
218,788
205,770
208,329
395,714
416,201
438,854
412,742
417.878
1,346,508
1,395,255
1,415,258
1,394,423
1,399,719
4,590,157
4,717,476
4,786,980
4,714,667
4,766,568
1,298,870
1,345,893
1,365,188
1,345,091
1,350,198
1,810,500
1,876,046
1,902,941
1,874,928
1,882,047
1,261,858
1,307,541
1,326,286
1,306,762
1,311,723
1,046,190 2,961,926
1,084,065 3,069,157
1,099,607 3,113,157
1,083,421 3,067,329
1,087,533 3,078,975
1,077,382
1,116,386
1,130,519
1,115,723
1,119,958
604,288
626,165
635,142
62S,792
628,168
906,324
939,136
952,600
938,576
942,140
886,637
918,735
931,906
918,188
921,674
1,778.449
1,842,834
1,869,253
1,841,737
1,848,729
27
27
27
27
27
2 056
2^053
75,672
75,672
58,700
51,398
58,109
288,352
255,852
200,343
173,787
223,470
72,995
72,995
56,624
49,581
56,053
368,450
29
6
1,610,150
13
2,334,195
20.... 2,334,195
27.... 2,334,195
25,056
111,003
160,919
160,919
160,919
89,717
375,313
544,082
544,082
544,082
29....
6. ...
13...
20....
27....
13,724,618
12,960,018
12,523,518
12,613,996
12,544,076
946,175
893,464
863,371
869,609
864,306
Nov. 29.... 4,345,875
Dec. 6
4,570,875
Dec. 13
4,819,653
Dec. 20
4,532,875
Dec. 27
4,589,275
Tnfpl
1 Otcll TT
\J .SO. Cnvt
VJTOVL»
securities:
Nov. 29
19,569,089
Dec. 6
20,238,689
20,528,837
Dec. 13
20,226,637
Dec. 20
Dec. 27
20,337,432
1,864
1,997
1J984
196
194
186
186
186
V^-CI LlllCd L e o .
Nov.
Dec.
Dec.
Dec.
Dec.
Notes:
Nov.
Dec.
Dec.
Dec.
Dec.
JANUARY
1951
47
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
19,810,991
20,350,921
20,600,189
20,283,068
20,640,666
1,352,588
1,396,785
1,417,943
1,397,248
1,403,144
4,682,359
4,740,207
4,811,977
4,724,479
4,920,125
1,305,649
1,354,568
1,373,067
1,354,142
1,361,041
1,824,623
1,893,669
1,906,414
1,886,451
1,903,344
1,280,112
1,312,276
1,329,236
1,308,084
1,326,221
24
24
24
17
*24
2
2
2
2
2
17
2
2
2
2
2
2
2
2
2
2
1
1
1
1
1
1
1
1
1
1
132,923
134,216
133,051
139,914
147,836
4,129
4,356
5,300
5,061
4,947
20,134
22,421
20,473
21,032
24,443
4,638
4,874
5,595
6,735
8,224
6,594
5,413
7,409
8,085
9,214
27,770
28,100
23,373
22,541
25,756
3,181,358
3,019,299
3,535,883
4,503,601
3,730,222
249,539
224,186
297,926
373,675
302,373
600,269
526,977
617,375
862,481
735,362
206,398
190,359
210,422
277,966
213,680
319,788
297,280
346,712
460,598
367,046
37,673
37,662
37,751
38,019
39,922
1,078
1,078
1,078
1,078
1,073
7,696
7,675
7,675
7,675
7,675
2,926
2,926
2,926
2,926
2,920
122,885
141,052
154,901
115,058
118,012
8,408
9,486
10,441
7,707
8,192
27,761
31,933
35,494
25,960
27,198
45,321,061
45 649,143
46,371,937
46,851,756
46,451,216
2,484,900
2,481,787
2,543 390
2,651,123
2,597,942
12,084,942
12,123,215
12,609,420
12,447,280
12,229,312
1,418,537
1,424,413
1,432,600
1,442,382
1,445,741
5,250,774
5,272,445
5,295,148
5,343,595
5,340,436
696,265
701,190
704,766
792,339
715,216
5,475,303
5,548,004
5,956,322
5,614,607
5.522,723
787,845
778,548
789,841
805,679
786,711
1,199,150
1,241,511
1,238,214
1,297,141
1,271,299
677,483
701,079
695,168
704,472
694,967
688,692
715,629
714,715
717,947
704,646
32,044
37,368
35,553
49,713
88,930
105,376
60,149
70,130
151,154
101,493
54,259
54,337
34,638
53,683
38,795
57,521
74,301
45,726
54,400
137,433
38,764
32,423
36,044
32,993
40,043
293,937
2313,111
2294,748
2289,990
2
291,883
226,992
229,503
232,639
241,684
227,262
73,128
71,648
72,840
71,160
73,312
5,779
1,739
1,295
2,460
2,220
83.183
81,500
82,856
80,944
83,393
5,937
7,213
5,386
5,914
8,620
St.
Louis
San
Francisco
Minneapolis
Kansas
City
Dallas
1,104,307
1,130,666
1,141,819
1,125,138
1,144,958
619,556
630,309
635,928
630,428
629,504
936,494
950,231
956,315
940,141
947,730
886,737
918,735
931,906
918,188
921,674
1,781,849
1,845,334
1,869,253
1,841,937
1,886,429
3
3
3
3
3
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2
2
2
2
2
15,197
14,625
14,446
12,460
15,026
14,434
14,283
15,652
18,839
17,820
6,654
6,037
7,844
7,760
8,091
6,190
4,990
3,505
3,565
3,855
6,079
6,869
6,270
7,953
6,236
5,518
6,317
7,230
7,197
6,817
15,586
15,931
15,954
18,686
17,407
242,187
271,292
307,486
374,010
313,346
200,233
191,322
235,821
270,019
230,824
538,558
524,258
599,457
791,230
626.363
136,652
135,877
166,153
189,010
171,284
91,760
91,356
112,818
119,912
107,346
181,259
188,358
189,859
245,348
197,700
136,869
133,156
159,996
210,942
166,442
277,846
244,878
291,858
328,410
298,456
4,796
4,794
4,791
4,783
4,794
2,790
2,791
2,883
2,871
2,871
1,723
1,723
1,723
1,723
1,720
4,439
4,438
4,438
4,642
5,063
2,003
2,003
2,003
2,003
3,493
1,117
1,117
1,117
1,117
1,117
2,655
2,639
2,639
2,639
2,639
680
680
680
687
688
5,770
5,798
5,798
5,875
5,869
7,804
9,092
10,015
7,371
7,659
11,560
13,434
14,380
10,911
11,390
7,910
8,898
9,842
7,236
7,769
6,437
7,371
8,119
5,911
6,163
18,748
21,703
23,921
17,970
17,926
8,112
9,082
9,772
7,579
6,318
3,712
4,288
4,669
3,385
3,580
5,879
6,730
7,409
5,582
5,683
5,414
6,260
6,865
5,082
5,320
11,140
12,775
13,974
10,364
10,814
2,796,216
2,796,547
2,796,696
2,851,520
2,818,736
3,703,377
3,818,688
3,806,641
3,949,935
3,939,859
2,639,308
2,679,005
2,719,635
2,740,488
2,692,892
2,236,983
2,262,234
2,294 932
2,326,896
2,321,002
7,901,166
7,967,248
7,966,799
8,055,352
8,164,077
1,934,595
1,949,675
1,968,958
1,989,276
1,987,136
1,143,516
1,153,769
1,159,854
1,170,164
1,150,375
1,914,653
1,954,536
1,952,071
2,004,796
1,969,961
1,648,996 2,093,118
1,665,054 2,114,304
1,669,484 2,119,271
1,683,092 2,131,880
1,683,294 2,129,334
1,612,962
1,623,558
1,627,764
1,639,713
1,635,812
1,261,154 4,496,318
1,270,894 4,519,077
1,270,041 4,527,043
1,286,938 4,557,534
1,284,747 4,563,243
1,079,481
1,090,149
1,093,280
1,103,620
1,101,620
601,236
607,775
607,655
611,806
612,302
909,822
915,766
916,080
920,995
922,435
643,376
643,987
641,805
644,959
648,402
2,330,685
2,340,575
2,342,393
2,340,076
2,339,783
2,718,356
2,729,801
2,703,542
2,678,799
2,802,879
604,494
612,751
632,346
640,826
633,534
393,458
389,537
385,327
386,938
382,140
745,568
793,061
776,244
809,027
785,499
839,283
864,793
842,956
894,393
832,973
1,972,799
1,972,797
2,025,236
2,073,756
2,041,218
33,554
29,467
29,657
41,318
48,033
63,660
72,122
51,103
119,090
149,827
53,778
52,603
28,265
42,434
39,896
24,318
34,019
30,318
37,534
30,391
26,686
34,298
28,309
28,018
37,911
30,446
31,543
28,552
36,694
28,410
43,799
27,633
32,920
38,404
44,911
45,705
44,780
45,525
44,475
45,820
38,392
37,615
38,241
37,359
38,489
126,146
123,593
125,649
122,751
126,463
32,908
32,242
32,778
32,022
32,990
22,853
22,390
22,763
22,238
22,910
33,822
33,137
33,689
32,912
33,907
31,994
31,346
31,868
31,133
32,074
81,367
79,720
81,047
79,178
81,572
1,696
3,262
3,746
2,713
1,347
2,674
4,149
2,232
1,783
3,084
2,066
4,908
5,965
6,661
5,693
5,974
1,147
1,302
1,122
1,232
1,157
1,302
1,503
1,120
2,793
34,691
33,172
33,292
36,605
38,840
Atlanta
Chicago
Assets (cont.)
Total loans and
securities:
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27.
Due from foreign
banks:
Nov. 29
Dec. 6
Dec. 13.
Dec. 20.
Dec. 27.
Federal Reserve
notes of other
Banks:
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Uncollected
items:
Nov. 29.
Dec. 6
Dec. 13.
Dec. 20
Dec. 27
Bank premises:
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Other assets:
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Total assets:
Nov. 29
Dec. 6
Dec. 13
Dec. 20.'. . . . .
Dec. 27
i7
17
i7
1,061,806 2,974,911
1,094,049 3,084,092
1,105,139 3,121,192
1,083,903 3,072,929
1,099,915 3,096,581
1,714,592 4,766,813
1,727,096 4,735,343
1,731,663 4,821,878
1,794,259 4,870,667
1,728,935 4,850,989
Liabilities
Federal Reserve
notes:
Nov. 29
23,346,459
Dec. 6
23,487,997
Dec. 13
23,542,564
Dec. 20
23,706,590
Dec. 27
23,707,149
Deposits:
Member bank
—reserve
account:
Nov. 29. . 16,798,696
Dec. 6 . . 17,048,701
Dec. 1 3 . . 17,464,677
Dec. 20. . 17,415,924
Dec. 2 7 . . 17,173,805
U. S. Treasurer—genera]
account:
Nov. 29. .
564,205
Dec. 6 . .
540,263
Dec. 1 3 . .
451,215
Dec. 20. .
685,435
Dec. 2 7 . .
786,073
Foreign:
921,023
Nov. 2 9 . .
Dec. 6. .
927,505
Dec. 13. .
919,366
Dec. 2 0 . .
900,201
Dec. 2 7 . .
920,546
Other:
296,675
Nov. 2 9 . .
Dec. 6 . .
292,238
Dec. 1 3 . .
294,078
Dec. 2 0 . .
307,626
Dec. 2 7 . .
294,665
57.588
56,423
57,362
56,039
57,733
4,607
5,203
5,476
6,577
5,985
2
327
934
745
447
339
268
817
624
580
479
lAfter deducting $17,000 participations of other Federal Reserve Banks on Nov. 29; Dec. 6; Dec. 13; Dec. 20; and Dec. 27.
2
After deducting $627,073,000 participations of other Federal Reserve Banks on Nov. 29; $614,382,000 on Dec. 6; $624,603,090 on Dec. 13;
$610,197,000 on Dec. 20; and $628,650,000 on Dec. 27.
48
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
NewYork
Phiadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Liabilities
(cont.)
Total deposits:
Nov. 29
Dec. 6 . . . .
Dec. 1 3 . . . .
Dec. 20
Dec. 27
Deferred availability items:
Nov. 29
Dec. 6. . . .
Dec. 1 3 . . . .
Dec. 2 0 . . . .
Dec. 27. . . .
Other liabilities
including accrued
dividends:
Nov. 29
Dec. 6 . . . .
Dec. 1 3 . . . .
Dec. 20
Dec. 27
Total liabilities:
Nov. 29. . . .
Dec. 6 . . . .
Dec. 13
Dec. 20
Dec. 27
18,580,599
18,808,707
19,129,336
19,309,186
19.175,089
790,504
800,184
803.157
904,668
867,864
6,101,608
6,150,767
6,553,839
6,297,435
6,143,361
921,011
906,272
898,614
932,982
901,038
1,345,791
1 404 525
1372482
1,438,399
1,500,745
763,648
781,544
780^483
784.653
782,177
763,312 2,912,311
783 038 2 927 748
783,547 2i882[077
797,369 2,923,724
791,615 3,081,235
696,088
703 561
700i050
720,975
712,394
441,776
447,248
439,530
447,942
436,598
807,378
861,999
839,362
870,296
857,585
904,516
928,499
904,000
962,800
893,936
2,132,656
2,113,322
2,172,495
2,227,943
2,206,541
2,491,292
2,448,171
2,791,849
2,923,082
2,651,162
218,350
199,419
249,866
246,160
225,914
466,848
434,045
493,021
538,456
476,491
156,139
155 067
158457
164,829
163,476
181,559
216,642
232,009
294,531
224,167
214,962
226,094
263363
267,963
226,399
172,454
168,140
201,026
202,069
203,830
367,568
395 220
431J27
447,511
392,584
123,028
119,944
139^352
128,255
136,475
75,993
74,204
88,033
85,703
76,594
161,987
141,286
160,947
177,670
153,846
132,208
119,984
151,069
151,480
151,323
220,196
198 126
223J279
218,455
220,063
815
641
600
674
613
689
1,342
1,398
1,065
1,196
1,343
592
516
541
439
519
488
488
467
446
508
1,809
1,685
1,825
1,887
1,755
433
389
444
381
471
337
310
304
288
338
484
373
428
349
411
392
410
444
483
539
1,160
1,006
1,049
2,428,206
2,425,019
2,486,305
2,593,925
2,540,456
3,747
3.454
4,282
3,715
4,168
11,822,977
11,860,711
12,346,290
12,183,201
11,964,456
2,726,787 3,621,810
2,726,993 3,736,869
2,726,929 3,724,527
2,781,516 3,866,006
2 748,497 3,855,589
2,592,164
2,631,712
2,672,151
2,692,768
2,644,907
2,197,408
2,222,560
2,255,081
2,286,822
2,280,700
7,778,006
7,843,730
7,842,672
7,930,656
8,038,817
1,899,030
1,914,043
1,933,126
1,953,231
1,950,960
1,119,342
1,129,537
1,135,522
1,145,739
1,125,832
1,879,671
1,919,424
1,916,817
1,969,310
1,934,277
12,217
12,217
12,218
12,224
12,223
73,094
73,117
73,142
73,444
73,390
15,623
15,635
15,654
15,675
15,675
20,448
20,471
20,482
21,995
22,001
9,776
9,776
9.781
9,809
9,838
8,831
8,831
8,855
8,913
8,954
28,389
28,400
28,573
28,656
28,697
7,326
7,327
7,332
7,376
7,397
4,964
4,970
4,972
4,973
4,984
8,148
8,156
8,161
8,263
8,291
9,516
9,516
9,518
9,566
9,601
23,612
23,619
23,620
23,905
23,936
30,778
30,778
30,778
30,778
30,778
148,149
148,149
148,149
148,149
148,149
38,205
38,205
38,205
38,205
38,205
45,957
45,957
45.957
45,957
45,957
23,779
23,779
23,779
23,779
23,779
21,194
21,194
21,194
21,194
21,194
72,029
72,029
72,029
72,029
72,029
19,118
19,118
19,118
19,118
19,118
12,494
12,494
12,494
12,494
12,494
18,045
18,045
18,045
18,045
18,045
15,873
15,873
15,873
15,873
15,873
42,552
42,552
42,552
42,552
42,552
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
10,688
10,762
11,078
11,185
11,474
33,403
33,919
34,520
35,167
35,998
11,112
11,225
11,419
11,635
11,870
14,156
14,385
14,669
14,971
15,306
10,240
10,389
10,575
10,783
11,019
8,788
8,887
9,040
9,205
9,392
21,313
21,660
22,096
22,582
23,105
8,600
8,666
8,861
9,030
9,140
5,643
5,695
5,793
5,885
5,992
7,652
7,774
7,911
8,041
8,211
7,404
7,520
7,647
7,791
7,954
13,812
14,003
14,350
14,639
14,949
2,484,900
2,481,787
2,543,390
2,651,123
2,597,942
12,084,942
12,123,215
12,609,420
12,447,280
12,229,312
2,796,216 3,703,377
2,796,547 3,818,688
2,796,696 3,806,641
2,851,520 3.949,935
2,818,736 3,939,859
2,639,308
2,679,005
2,719,635
2,740,488
2,692,892
2,236,983
2,262,234
2,294,932
2,326,896
2,321,002
7,901,166
7,967,248
7,966,799
8,055,352
8,164,077
1,934,595
1,949,675
1,968,958
1,989,276
1,987,136
1,513
1,416
1,410
1,388
1,364
17,633
!7,O55
17,026
16,919
16,797
1,009
3,314
3,101
3,088
3,041
2,987
865
809
806
793
779
244
242
242
242
242
500
500
500
12,240
11,632
12,205
11,469
12,703
44,430,590
44,756,507
45,475,954
45,950,327
45,546,103
1,003
682
715
937
957
1,025
1,680,492 4,684,697
1,692,880 4,653,029
1,697,318 4,739,216
1,759,722 4,787,431
1,694,200 4,767,412
Capital Accts.
Capital paid in:
Nov. 29
221,944
Dec. 6
222,035
Dec. 13
222,308
Dec. 20
224,799
Dec. 27
224,987
Surplus:
(section 7):
Nov. 2 9 . . . .
488,173
Dec. 6 . . . .
488,173
Dec. 13
488,173
Dec. 20
488,173
Dec. 27. . . .
488,173
(section 13b):
Nov. 29. . . .
27,543
Dec. 6 . . . .
27,543
Dec. 1 3 . . . .
27,543
Dec. 20. . . .
27,543
Dec. 2 7 . . . .
27,543
Other cap. accts.
Nov. 29
152,811
Dec. 6
154,885
Dec. 1 3 . . . .
157,959
Dec. 20
160,914
Dec. 27
164,410
Total liabilities
and cap. accts.
Nov. 29
45,321,061
Dec. 6
45,649,143
Dec. 13
46,371,937
Dec. 2 0 . . . . 46,851,756
Dec. 27. . . . 46,451,216
Contingent liability on acceptances purchased for foreign
correspondents
Nov. 29
24,110
Dec. 6 . . . .
22,469
Dec. 13
22,378
Dec. 20. .. .
22,035
Dec. 2 7 . . . .
21,647
Commitments to
make industria
loans:
Nov. 29. . . .
3,401
3,460
Dec. 6. . . .
4 269
Dec 13
4,190
Dec 20
3,690
Dec' n'.'.W
1,921
1,797
1,790
1,763
1,732
2,186
2,045
2,037
2,005
1,970
1,201
1,123
1,119
1,102
1,082
236
297
609
530
529
458
458
458
458
458
54
54
54
54
54
944
940
926
909
1,143,516 1,914,653
1,153,769 1,954,536
1,159,854 1,952,071
1,170,164 2,004,796
1,150,375 1,969,961
600
562
559
551
541
889
831
828
815
801
500
500
500
500
500
1,714,592 4,766,813
1,727,096 4,735,343
1,731,663 4,821,878
1,794,259 4,870,667
1,728,935 4,850,989
841
786
783
771
758
2,138
2,000
1,992
1,961
1,927
1,909
1,909
1,906
1,906
1,407
i After deducting $16,477,000 participations of other Federal Reserve Banks on Nov. 29; $15,414,000 on Dec. 6; $15,352,000 on Dec. 13; $15,116,000
on Dec. 20; and $14,850,000 on Dec. 27.
JANUARY
1951
49
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
I In thousands of dollars]
Total
F. R. notes outstanding
(issued to Bank):
24,121,632
Nov. 29
24,244,393
Dec. 6
24,402,602
Dec. 13
24,540,757
Dec. 20
24,562,518
Dec. 27
Collateral held against
notes outstanding:
Gold certificates:
13,964,000
Nov. 29
13,949,000
Dec. 6
13,824,000
Dec. 13
13,804,000
Dec. 20
13,604,000
Dec. 27
Eligible paper:
188,477
Nov. 29
63,643
Dec. 6
50,565
Dec. 13
34,585
Dec. 20
241,160
Dec. 27
U. S. Govt. sec:
10,900,000
Nov. 29
11,150,000
Dec. 6
11,250,000
Dec. 13
11,365,000
Dec. 20
11,565,000
Dec. 27
Total collateral:
25,052,477
Nov. 29
25,162,643
Dec. 6
25,124,565
Dec. 13
25,203,585
Dec. 20
25,410,160
Dec. 27
New
York
Boston
Philadelphia
Cleveland
440,000
440,000
440,000
440,000
440,000
4,770,000
4,770,000
4,770,000
4,770,000
4,570,000
750,000
750,000
750,000
750,000
750,000
6,080
1,530
2,685
2,825
3,425
85,175
19,285
23,830
8,135
145,630
4,915
6,678
5,895
6,995
8,790
825,000
855,000
855,000
865,000
865,000
,100,000 700,000 1,000,000 1,350,000 1,000,000
,100,000 800,000 1,000,000 1,350,000 1,000,000
,100,000 800,000 1,000,000 1,350,000 1,000,000
,100,000 800,000 1,000,000 1,350,000 1,015,000
,100,000 1,000,000 1,000,000 1,350,000 1,015,000
650,000
650,000
625,000
625,000
625,000
St.
Louis
4,587,057
4,599,095
4,618,963
4,652,315
4,666,375
122,!
',879 611,518
130,077' 617,065
137,738\ 618,900
146,773! 621,901
143,100 623,873
938,250 678,379 2,470,509
940,993 675,671 2,476,341
945,113 680,848 2,479,870
951.,419 684,108 2,478,896
950,754 685,571 2,484,807
2,900,000
2,830,000
2,730,000
2,700,000
2,700,000
350,000 210,000
350,000 210,000
350,000 210,000
350,000 210,000
350,000 210,000
280,000 204,000
280,000 214,000
280,000 214,000
280,000 214,000
280,000 214,000
Minne- Kansas
apolis
City
26,925 15,072
14,280 3,950
11,300
600
9,415 4,450
25,000 1,150
700,000
750,000
750,000
750,000
750,000
1,700,000
1,800,000
1,900,000
2,000,000
2,000,000
900,000 450,000
900,000 450,000
900,000 450,000
900,000 450,000
900,000 450,000
Number
1939...
1940. . .
1941. . .
1942. . .
1943. . .
1944. . .
1945. . .
1946. . .
1947. . .
1948. . .
1949
2,781
2,908
3,202
3,423
3,471
3.489
3,511
3,542
3,574
3,607
188,222
212,510
279,860
408,737
491,342
525,532
544,961
565,913
586,726
615,653
2,659
13,954
8,294
4,248
926
1,295
320
4,577
945
335
13,683
9,152
10,337
14,126
10,532
3,894
1,995
554
1,387
995
9,220
5,226
14,597
10,661
9.270
4,165
1,644
8,309
7,434
1,643
10,981
6,386
19,600
17,305
17,930
2,705
1,086
2.670
4,869
1,990
June 30
July 30
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1950
Jan. 31
Feb. 28
Mar. 31
Apr. 29
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct 31
Nov. 30
3.615
3.617
3,623
3,630
3,637
3,644
3.649
621,297
621,601
622,327
625,301
626.273
628,523
629 326
205
220
545
912
1,514
1,277
539
614
660
662
1,016
1,075
1,954
2,178
2,278
2,263
2,072
1,958
1,820
1.818
2,288
2,619
2,563
1,926
2,023
1,965
2,848
2,947
3,652
3.655
3,663
3,667
3.670
3,677
3,680
3,684
3,690
3.692
3,695
629,764
630,209
632,049
632,573
633,124
638,015
639,158
644,464
646,276
647.432
649,748
544
223
1,225
1.172
1,306
4,416
4,362
6.985
8,030
•5,108
5,519
2,223
2,505
2,673
2,665
2,675
2,779
2,479
2,333
2,293
2.307
2,413
1,941
1,197
1,272
1,288
1,286
1.352
1,729
2,481
2.509
3.035
3,466
2,649
628
651
652
641
731
753
3,273
3,224
3.707
4,050
1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
5
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 tollowing four columns represents repayments of advances, and applications for loans and commitments withdrawn or
expired.
[,900,000
1,900,000
I ,900,000
,900,000
L,900,000
3,000
2,500
200
37,700
700,000 500,000
700,000 500,000
700,000 500,000
700,000 500,000
700,000 500,000
704,000
714,000
714,000
714,000
714,000
800,000
800,000
800,000
800,000
800,000
2,703,000
2,702,500
2,700,000
2,700,200
2,737,700
MEMBER BANK RESERVES AND BORROWINGS
[Averages of daily figures.
Participations
Apof
financproved
Loans Commiting instibut not
out- 2 ments
outcom- standing standing tutions
pleted * (amount) (amount)
out(amount)
standing
Amount
(amount)
Dallas
30,170
11,095
3,715
1,565
5,590
,546,080 5,555,175 1,754,915 2.175,000 ,702,140 1,350,000 4,600,000 1,276,925 675,072 1,010,170
,541,530 5,589,285 1,756,678 2 205,000 ,704,325 1,400,000 4,630,000 1,264,280 663,950 991,095
,542,685 5,593,830 1,755,895 2 205,000 1,702,540 1,375,000 4,630,000 1,261,300 660,600 983,715
,542,825 5,578,,135 1,756,995 2.215,000 1 ,716,000 1,375,000 4,700,000 1,259,415 664,450 981,565
,700,000 1,275,000 661,150 985,590
1,543,425 5,715,630 1,758,790 2,215,000 1,728,875 1,375,000 4,
Applications
approved
to date
685,000
700,000
700,000
700,000
700,000
San
Francisco
Chicago
17,140
4,325
2,540
1,000
13,875
[Amounts in thousands of dollars]
50
Atlanta
1,459,376 5,391,033 1,702,927 2,160,459 1,662,010 1,337,235
,465,072 5,424,521 1,714,757 2,184,771 1,671,819 1,344,210
1,479,496 5,482,263 1,726,581 2,199,376 1,686,904 1,346,550
1,493,532 5,512,232 1,736,051 2,206,003 1,696,772 1,360,755
1,499,573 5,500,272 1,729,748 2,210,124 1,699,476 1,368,845
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
Date (last
Wednesday
or last day
of period)
Richmond
Month, or
week ending Wednesday
All
member l
banks
In millions of dollars]
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
try
banks
Coun-
Total reserves held:
1949—November
1950—October
November
16,119
16,731
16,742
4,419
4,521
4,450
1,116
1,148
1,165
6,177
6,450
6,478
4,407
4,612
4,650
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
16,797
16,652
16,792
17,551
17,623
17,314
4,435
4,453
4,549
4,944
4,797
4,625
1,164
1,152
1,176
1,221
1,200
1,187
6,507
6,462
6,483
6,689
6,760
6,696
4,690
4,585
4,584
4,697
4,867
4,807
811
842
731
46
79
13
1
—3
163
177
141
601
590
576
141
22
29
6
13
20
27
Excess reserves:
1949—November
1950—October
November
723
7
609
688
1,254
Pl.152
P857
4
33
329
122
-3
-7
— 10
6
37
1
-16
140
280
596
507
509
608
268
P761
174
P7O2
1949—November
1950—October. . .
November
134
67
145
55
6
35
16
1
12
45
41
70
19
19
28
Nov.
Nov
Dec.
Dec.
Dec.
Dec.
93
252
111
76
15
73
1
51
100
74
38
58
283
170
9
29
1
1
1
10
18
50
35
37
26
35
Nov.
Nov.
Dec
Dec.
Dec.
Dec.
22
29
6
14 .
20
27
108
Borrowings at Federal
Reserve Banks:
22
29
6 .
13
20
27
31
68
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.
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
Reserve
city
banks
Chicago
New
York
Country
banks
All
member
banks
96,809
11,763
85,047
84,185
75,800
29,475
21 ,535
3 ,890
17 ,646
19 ,697
5,588
1,120
4,469
5,036
37 ,012
5 ,740
31 ,272
31 ,824
32,674
1,013
31,660
27,628
1 ,790
1,085
11 ,655
5,900
34
114
1 ,790
Reserves with Federal Reserve Banks:
Total
Required
Excess
16,758
15,959
799
4 ,450
4 ,423
27
1,171
1,162
9
Borrowings at Federal Reserve Banks.
118
29
6
Demand balances due from domestic banks...
New
York
Chicago
Re
serve
city
banks
Country
banks
Second half of November 1950
First half of November 1950
Gross demand deposits:
Total
Interbank
,
Other
Net demand deposits *. . . .J,
Demand deposits adjusted
Time deposits 4
Central reserve
city banks
21,721
3,855
17,866
19,812
5,657
1,108
4,549
5,059
37,531
5,763
31,768
32,121
32,767
1,040
31,727
27,853
14,945
97,676
11,766
85,910
84,845
76,350
29,358
1,827
1,088
11,595
14,848
3,962
5,853
36
116
1,857
3,843
6 ,469
6 ,311
158
4,668
4,063
605
16,727
16,064
663
4,449
4,450
1,160
1,167
-8
6,486
6,362
125
4,632
4,085
547
56
27
172
41
18
84
29
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are
based on deposits at opening of business.
• Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand
balances due from domestic banks.
1
Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection)4 are estimated for all member banks, but not by class of bank.
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.
DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
SMALL C E N T E R S 1
[Averages of daily figures. In millions of dollars]
In places of 15,000
and over population
Demand
deposits
except
interbank
Time
deposits
1949
September
October
November
16,651
16,850
17,056
1950
September
October
November
18,231
18,397
18,663
BANK SUSPENSIONS l
In places of under
15,000 population
Demand
deposits
except
interbank
Time
deposits
8,809
8,810
8,782
11,932
12,061
12,209
6,072
6,072
6,046
8,847
8,849
8,815
12,540
12,758
13,012
6,095
6,097
6,080
Number of banks suspended:
1934-42
1943
1944
1945
1946
1947
1948
1949
1950
2,283
3,514
1,414
1,502
822
2,202
822
910
377
1,213
1,034
1,076
229
1,150
899
804
Richmond
Atlanta
Chicago
St. Louis
1,207
1,691
2,559
725
649
626
1,154
1,339
412
458
1,628
347
929
722
1,809
1,024
484
225
968
289
295
108
168
643
811
1,649
1,819
568
438
212
83
301
Minneapolis
Kansas City
Dallas
San Francisco
'Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserve as country banks.
JANUARY
1951
Nonmember
banks
National State
330
20
4
2
1
0
0
1
6
Insured
Noninsured
216
88
2
1
1
o
4
4
1
1
Deposits of suspended banks
(in thousands of dollars) :2
1934-42
137,362 18,016 26,548 51,567 41,231
1943
1944
1945
1946
1947
1948
1949
1950
By district,
November 1950
Boston
New York
Philadelphia
Cleveland
Member
banks
Total,
all
banks
.. ..
6.223 4,982
405
0
0
167
1 ,241
405
167
0
2 ,443
2,443
42
42
1
Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks
at the time of closing (in some instances with the aid of Federal Deposit
Insurance
Corporation loans).
2
Deposits of member banks and insured nonmember banks suspended are as of dates of suspensions, and deposits of noninsured nonmember banks are based on the latest data available at the time the
suspensions were reported.
Back figures.—See Banking and Monetary Statistics, pp. 283-292;
for description, see pp. 281-282 in the same publication.
51
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Coin and small denomination currency i »
Total
in circulation^
Total
Coin
J933
1934
1935
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
442
452
478
517
537
550
590
648
751
880
1,019
1,156
1,274
1,361
1,404
1,464
1949—August
September...
October
November...
December. . .
27,393
27,412
27,407
27,543
27,600
18,901
18,917
18,915
19,040
19,025
1,462 1,003
1,468 1,018
1,474 1,031
1,484 1,046
1.484 1.066
61
26,941
27,068
27,042
27,048
27,090
27,156
June
July
27,010
27,120
August
September... 27.161
27.228
October
November... 27,595
18,475
18,645
18,651
18,661
18,730
18,813
18,696
18,795
18,834
18.901
19,252
1,457 1,008
1,459 1,011
1,468 1,013
1,478 1,016
1,490 1,033
1,496 1,037
1,498 1,029
1,506 1,037
1,515 1,054
1.527 1,072
1,547 1,089
60
60
59
End of year or
month
1950—January
February
March
April .
May
*$1
402
423
460
499
505
524
559
610
695
801
909
987
1,039
1,029
1,048
1,049
$20
Total
$50
$100
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
364
337
358
399
387
409
460
538
724
618
577
627
707
710
770
919
1,019
1,481
1.996
2.327
2.492
2,548
2.494
1,958
1,970
1.973
1.994
2,004
5,900
5.905
5,891
5,935
5.897
8.517
8,496
8,486
8.520
8.512
8,494
8,498
8,494
8,506
8,578
1,926
1,949
1,949
1,945
1,963
1.966
1,946
1,955
1 ,964
1,978
2,021
5,715
5,817
5,834
5,830
5,851
5,891
5,836
5,881
5,884
5.874
6,021
8.309
8,348
8.327
8,333
8.333
8,363
8.328
8,355
8.357
8.388
8,511
8.469
8,426
8,393
8.389
8,361
8,344
8,316
8,328
8,329
8.329
8,345
$2
$5
33
32
33
35
33
34
36
39
44
55
70
81
73
67
65
64
719
771
815
906
905
946
60
60
61
62
60
60
61
60
61
61
61
62
Large denomination currency *
$10
$500 $1,000 $5,000 $10,000
10
7
16
18
12
32
32
60
46
25
22
24
24
26
17
17
Unassorted
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
237
216
239
265
288
327
425
523
556
586
749
990
801
783
782
707
2,406
2,401
2,392
2,398
2.435
4.980
4.996
5.007
5.021
5.056
383
712
2
705
701
692
689
4
4
4
4
4
9
382
381
382
382
9
9
8
11
2
2
2
3
2,401
2,385
2,375
2.380
2,380
2,386
2,374
2,374
2,369
2,368
2,384
5,010
4,988
4,968
4,961
4,949
4,940
4,934
4,950
4.964
4,987
4,994
380
378
384
666
661
654
4
5
5
8
9
8
382
380
378
375
372
650
639
628
620
617
4
4
4
4
4
3
3
1
1
1
2
2
2
2
2
2
370
367
365
613
595
589
8
5
7
7
6
17
20
30
24
9
9
10
7
8
5
5
11
9
9
9
9
4
4
4
9
9
9
8
10
5
8
7
5
2
4
4
3
2
3
2
3
3
3
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
* Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
as destroyed.
» Paper currency only; $1 silver coins reported under coin.
Back Mures.—See Banking and Monetary Statistics, Table 112, pp. 415-416
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money held in the Treasury
Total outstanding, As security
Nov. 30,
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
Total—Nov. 30, 1950
Oct. 31, 1950
Nov. 30, 1949
23,037
21,838
24,144
4,627
3
493
2,039
2 324
1,018
383
347
263
85
(4)
V)
(4)
21,838
1,199
*2,324
52
36
285
2,039
18,982
29
(55)
()
24,162
24,366
25,560
Money in circulation *
Money
held by
For
Federal
Federal
Reserve
30, Oct. 31, Nov. 30,
Reserve Banks and Nov.
1950
1950
1949
Banks and
agents
agents
2
2
3
1,287
1,295
1,317
18,982
19,229
20,416
2,816
879
249
40
23,212
4,342
40
22,885
4,303
42
23,202
4,300
3
176
174
167
191
18
8
26
3
1
2,133
998
373
318
260
84
2,112
984
369
317
263
85
2,115
956
361
317
293
90
3,944
3,998
3,896
27 595
27,228
27,543
1
Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals
for other end-of-month dates are shown in table above, totals by weeks in table on p. 43, and seasonally adjusted figures in table on p. 53.
»Includes
$156,039,431 held as reserve against United States notes and Treasury notes of 1890.
1
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves against
other types, a grand total of all types has no special
6
significance and is not shown. See note for explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face
amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount
of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve
Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States.
Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited
with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted
as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal
Reserve Bank notes and national bank notes are in process of retirement.
52
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
l
series
+1,134
+2,428
+4,250
+5.039
+4,858
+3,208
+437
8,732
11,160
15,410
20.449
25,307
28,515
28,952
28,868
28,224
27.600
^27,737
-84
-644
-624
+137
Averages of daily figures:
1949—November
December
27,477
27,734
27,395
27,459
-61
+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
+9
-26
+63
+25
+65
+233
P1 Preliminary.
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
I In millions of dollars]
Assets
Depositors'
balances *
Total
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—June
July
August
September..
October
November..
December...
3,277
3,266
3,248
3,230
3,215
3,199
3.188
3,403
3,393
3,375
3,350
3,336
3,322
3,312
7
6
6
6
7
7
7
3,188
3,187
•3,172
3.152
3,127
3,118
3,118
209
199
196
191
202
197
187
3.183
3.177
3,168
3,151
3,125
3.097
3,061
3.021
2,991
P2.960
2>2,941
3,307
3,301
3,293
3,276
3,250
3,218
3,181
3,141
3,111
7
7
8
8
8
10
9
10
10
3,117
3,107
3,107
3.092
3.068
3,038
3,027
2.962
2,923
182
186
178
176
175
171
145
169
177
End of month
1950—January... .
February...
March
April
May
June
July
August
September.. .
October
November....
Cash
in
depository
banks
u. s.
Government
securities
Cash
reserve
funds,
etc.*
P 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
New
York
City*
Other
leading
cities »
New
York
City*
Other
leading
cities »
298,902
351,602
374,365
407,946
400,468
445.221
447,150
403,400
412,800
449,414
522,944
598,445
660,155
639,772
22.4
24 2
25.5
25.2
24 1
27.2
28.2
34,105
45,434
52,336
60,428
27.2
32.5
17.3
16 1
16.9
16.5
18.0
19.2
18.7
19.1
20.0
38,133
35,205
41,164
38,480
40,037
42,294
40,657
48,320
46,400
43,159
41,167
55,090
49,855
59,113
54,929
57,382
61,607
59,703
64,015
65,330
66,547
64,687
28 6
29.3
29 4
29.7
29.7
30.7
31.0
33.8
34.2
30.7
31.4
18.9
18.9
19.3
19.4
19.2
20.2
20.3
19.9
21.5
20.9
21.7
Year or month
Total, all
reporting
centers
New
York
Cityi
other
centersl
Other
reporting2
centers
New
York
City
891.910
974,102
jl,050.021
1,125,074
1,249,630
1,231,053
345.585
404,543
417.475
405,929
449,002
452,897
462,354
479,760
527,336
599,639
667,934
648,976
83.970
89,799
105,210
119,506
132,695
129.179
1949—November
December
99,502
118,207
35,249
45,781
53,350
* 60,503
10,903
11,923
17.1
18.2
18.9
21.0
23.6
24.1
23.4
27.7
10.8
9.7
10.0 (
11.9
12.9
12.4
12.7
13.1
1950—January
February
March
April
. .
May
June
July
August
September
October
November
106,665
96,254
115,746
102,547
112,095
119,399
110,573
128,383
123.222
125,784
123,541
38,962
35,727
43,112
37,025
41,463
43,781
38,757
50,067
44,910
43,837
43,740
56,397
50,565
60,923
54,657
58,838
63,332
59,752
«=65,423
65,197
68,137
66,392
11,306
9,962
11,712
10,865
11,793
12,286
12,064
*12,893
13,116
13,811
13,409
24.5
24.9
25.7
24.1
25.9
27.0
24.6
29.2
27.9
26.4
28.1
12.6
12.3
12.8
12.5
12.7
13.4
13.2
13.2
14.2
14.2
14.9
1944. .
1945
1946—old series *4
1946—new series
1947
1948
1949
c
1
140
Other
reporting
centers
Annual rate of
turnover of demand
deposits, except interbank and Government
Corrected.
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
city.
• 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.
JANUARY
1951
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS *
[Figures partly estimated except on call dates. In millions of dollars]
Assets
Liabilities
and Capital
Total
assets.
Bank credit
Date
Gold
1929—June
1933—j u n e
1939—Dec.
1941—Dec.
1945—June
Dec.
1946—June
Dec.
1947—June
Dec.
194g_june
Dec.
1949—June
Dec.
29
30 . f
30
31
30
31
29 .
31
30
31
30
31
30
31
1950—Jan. 25.
Feb. 21
Mar 29
Apr. 26
May 31
June 30
July 2 6 P
Aug. 3 0 P
Sept. 2 7 P
Oct. 2 5 P
Nov. 2 9 P
LJ. S .
Tress
4 ,037
4 ,031
17 ,644
737
?0 ,213
?0 ,065
20 ,270
?0 ,529
,266
22 ,754
23 ,532
?4 ,244
?4 ,466
?4 ,427
94 400
94 ,300
24 ,200
'M ,200
,200
'M ,231
?4 ,200
23 ,800
23 ,500
93 .300
23 ,000
currency
Total
2,019
2,286
2,963
3,247
4,145
4,339
4,539
4,562
4,552
4,562
4,565
4.589
4,597
4,598
167 ,381
163 ,485
158 ,366
156 ,297
16(1 ,832
157 ,958
160 ,457
156 ,491
16? ,681
4.600
4,600
4,600
4,600
4,600
4,607
4,600
4,600
4,600
4,600
4,600
16? ,500
161 ,900
161 ,700
16? ,000
16? ,600
164 ,348
164 ,300
165 ,800
166 ,900
167 ,700
168 ,900
58 ,642
4? ,148
54 ,564
64 ,653
,992
Loacs,
net
41 082
957
22 157
?6 605
?7 948
387
Total
5 741
10 328
105
?9 049
118 041
417
31 570 122 740
35 765 113 110
43
45
48
47
49
373
023
299
341
148
604
49 400
49 700
50 400
50 600
51 000
51 999
100
107
107
101
100
97
100
873
086
451
694
428
456
100 400
90 300
98 000
97 900
98 100
08 709
07 500
54 500
56 400
57 500
97 200
96 000
95 800
59 300
95 200
Other
securities
Total
liabilities
and
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
,698
,465
75 ,171
90 ,637
178 ,350
191 ,785
188 ,294
183 ,457
18? ,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
12,700
12,900
13,300
13,500
13,500
13,640
13,800
14,200
14,500
14,400
14,400
,600
,800
190 ,500
100 ,800
101 ,400
103 ,186
,100
194 ,200
195 ,000
105 ,600
196 ,500
177,100
176,200
176,000
176,100
176,700
178,568
178,200
179,200
180,000
180,300
181,300
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
14,400
14,600
14,600
14,600
14,700
14,618
14,900
15,000
14,900
15,300
15,200
Postal
Savings
System
Currency
outside
banks
Government obligations
Commercial
and
savings
banks
Federal
Reserve
Banks
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
1,998
2,484
2,254
21,792
24,262
23,783
23,350
21,872
22,559
21,366
23,333
19,343
18,885
79,500
78,600
77,400
77,100
77,700
77,320
76,400
75,600
73,800
73,600
72,700
17,800
17,600
17,500
17,600
17,400
18,331
18,000
18,600
19,400
19,200
19,600
216
Other
26
131
1 204
1 284
594
2 867
3 046
202
3 322
^ 328
311
3 264
3 208
138
^ 100
3 100
3 100
100
3 100
058
000
3 000
2 900
900
2 900
64
48
101
100
Capita)
and
Total
deposits misc.
acand
currency counts,
net
Deposits and Currency
U S. Government balances
Date
Total
1929—June
1933_june
I939—Dec.
1941—Tjec>
1945—June
Dec.
1946—June
Dec.
I947—June
Dec.
1948—June
Dec.
1949—June
Dec.
29
30
30
31
30
31
29
31
30
31
30
31
30
31
1950—Jan. 25
Feb 21
Mar. 29
Apr. 26
May 31
June 30
July 2 6 P
Aug. 3 0 P
Sept 2 7 P . . . .
Oct. 2 5 P
Nov. 29?
55 ,776
4? ,029
68 ,359
8? .811
Foreign
bank
deposits
net
Treasury
cash
365
50
204
264
,217
L.498
1,378
168 ,040
180 ,806
176 ,215
171 .657
169 ,234
175 ,348
17? ,857
176 ,121
171 .602
177 ,313
1,894
1,885
1.657
.682
1.727
2.103
1,927
2,150
2,409
2,215
2,279
2,287
2,251
2.272
1,314
1,336
1,327
1,325
1.307
1,312
177 ,100
176 ,200
176 ,000
176 ,100
176 .700
178 ,568
178 ,200
179 ,200
180 .000
180 .300
18,1 ,300
2,200
2,200
2,300
2,400
2,400
2,555
2,500
2,400
2,300
2.500
2,300
1,300
1,300
1,300
1,300
1,300
1,298
1,300
1,300
1.300
L.300
1,300
At comAt
mercial Federal
and
Reserve
savings Banks
banks
381
852
846
1 ,895
24 ,381
?4 ,608
13 ,416
3 ,103
1 ,367
1 ,452
.180
2 .451
2 .304
3 ,249
3 ,300
4 .200
4 ,300
3 ,200
3 ,200
3 ,801
3 ,600
3 800
3 ,600
3 ,100
3
,000
Deposits adjusted and currency
Time deposits»
Tctal
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
500 169,700
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
36
35
634
867
599
977
833
393
756
870
1 ,928
1 ,123
438
821
Total
Commercial
banks
Mutual
savings4
banks
22,540
14,411
29,793
38,992
69,053
75,851
79,476
83,314
82,186
87,121
82,697
85,520
81.877
85,750
,611
,656
,059
,729
44 ,253
48 ,452
51 ,829
53 ,960
55 ,655
56 ,411
.57 ,360
57 ,520
58 ,483
58 ,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
86,400
84,500
83,200
84,300
85,000
85,040
86,500
87,400
88,100
89,400
90,700
58 ,700
59 ,000
50 ,300
50 ,500
59 ,500
50 ,739
59 ,400
50 ,100
50 ,000
50 ,000
58 ,700
36,100
36,300
36 500
36,600
36,600
36,719
36,400
36,200
36 200
36,200
35,900
19 ,400
19 ,500
19 700
10 ,700
19 .800
10 923
19 ,900
10 ,800
?8
?7
?7
14 ,426
15 ,385
16 ,281
16 ,869
17 ,428
17 ,746
18 ,194
18 ,387
18 .932
19 ,273
10 900
10 900
19 ,800
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
3,200
3,200
3 200
3,200
3,100
3 097
3,100
3,000
3 000
3 000
2,900
24,500
24,700
24 600
24,600
24.700
25 185
24,400
24,500
24 500
24 600
24,800
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 3(>, 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 balance? 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 tc
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
J
54
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and date
Total
Loans
Total
Other
Cash
assets *
Total
Number
capital
of
accounts banks
U. S.
Government
obligations
Other
securities
19,417
25,511
45,951
65,932
85,885
101,288
86,558
81,199
74,097
74,877
78,433
77.320
76,440
75,610
73,750
73,620
72,700
9,302
8,999
8,280
7,433
7,561
8,577
9,491
10,723
11,422
11,915
12,621
13,640
13,810
14,190
14,460
14,420
14,430
23,292
27,344
28,701
28,475
30,790
35,415
35,041
38,388
39,474
34,966
36,522
34,099
34,210
34,060
35,070
35,620
36,100
68,242
81,816
99,803
117,661
141,448
165,612
155,902
161,865
161,248
156,470
164,467
163,770
163,840
164,810
165.830
167.410
168,400
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
10,938 90,145
12,710 96,156
11,435 95,505
11,310 96,060
11,370 97,200
11.540 98,060
12.350 98.810
12,340 100,150
25,852
26,479
27,058
31,081
37.551
45,613
50,784
53,105
54,308
55,386
55,601
56,830
56,470
56,240
56.230
56,250
55,910
8,194
8,414
8,566
8,996
9,643
10,542
11,360
11,948
12,479
12,845
13,088
13,576
13,610
13,670
13,720
13.800
13,870
15,035
14,826
14,682
14,579
14,535
14,553
14,585
14,714
14,703
14,680
14,687
14.674
14,665
14,656
14,658
14.658
14,659
Total *
Interbank i
Demand
Time
All b a n k s :
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—June 30
Dec. 31
1950—June 30
July 2 6 P
Aug. 3 0 P
Sept. 27P
Oct. 2 5 P
Nov. 2 9 P
50,884
61,126
78,147
96,966
119,461
140,227
131,698
134,924
133,693
133,868
140,598
142,959
143,570
144,560
144,880
145,770
146,790
22,165 28,719
26,615 34,511
23,916 54,231
23,601 73,365
26,015 93,446
30,362 109,865
35,648 96,050
43,002 91,923
48,174 85,519
47,076 86,792
49,544 91.054
51,999 90,960
53,320 90,250
54,760 89,800
56,670 88.210
57,730 88.040
59,660 87,130
All commercial b a n k s :
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—June 30
Dec. 31
1950—June 30
July 2 6 P
Aug. 3 0 P
Sept. 27P ,
Oct. 2 5 P
Nov. 2 9 P
40,668
50,746
67,393
85,095
105,530
124,019
113,993
116,284
114,298
113,773
120,197
121,767
122,320
123,300
123,660
124.490
125,510
17,238
21,714
19,221
19,117
21,644
26,083
31,122
38,057
42,488
41,025
42,965
44,796
45,980
47,270
49,030
49,890
51,650
23,430
29,032
48,172
65,978
83,886
97,936
82,871
78,226
71,811
72,748
77,232
76,972
76,340
76,030
74,630
74.600
73,860
16,316
21,808
41,379
59,842
77,557
90,606
74,780
69,221
62,622
63,220
67,005
65,751
64,950
64,230
62,540
62,530
61,750
7,114
7,225
6,793
6,136
6,329
7,331
8,091
9,006
9,189
9,528
10,227
11,221
11,390
11,800
12,090
12,070
12,110
22,474
26,551
28,039
27,677
30,206
34,806
34,223
37,502
38,596
34,166
35,650
33,268
33,460
33,330
34,270
34.890
35,380
57,718
71,283
89,135
105,923
128,072
150,227
139,033
144,103
142,843
137,520
145,174
143,827
143,940
144,950
145,940
147,510
148,550
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
10,938 90,128
12,709 96,136
11,435 95,485
11,310 96,040
11,370 97,180
11,540 98,040
12,350 98,790
12,340 100,130
15,331
15,952
16,395
19,350
24,184
30,241
33,930
35,360
35,921
36,455
36,328
36,907
36,590
36,400
36,360
36,370
36,080
6,885
7,173
7,330
7,719
8,265
8,950
9,577
10,059
10,480
10,780
10,967
11,387
11,420
11,470
11,500
11,580
11,640
14,484
14,278
14,136
14,034
13,992
14,011
14,044
14,181
14,171
14,150
14,156
14,144
14,135
14,127
14,129
14,129
14,130
33,941
43,521
59,263
74,258
91,569
107,183
96,362
97,846
95,616
95,315
101,528
102,745
103,290
104,289
104,554
105,258
106,138
13,962
18,021
16,088
16,288
18,676
22,775
26,696
32,628
36,060
34,456
36,230
37,658
38,760
39,977
41,542
42,347
43,969
19,979
25,500
43,175
57,970
72,893
84,408
69,666
65,218
59,557
60,859
65,297
65,087
64,530
64,312
63,012
62.911
62,169
14,328
19,539
37,546
52,948
67,685
78,338
63,042
57,914
52,154
53,132
56,883
55,759
55,026
54,434
52.8K2
52.816
52,050
5,651
5,961
5,629
5,022
5,208
6,070
6,625
7,304
7,403
7,727
8,414
9,328
9,504
9,878
10.130
10.095
10,119
19,782
23,123
24,280
23,790
25,860
29,845
29,587
32,845
34,203
30,423
31,317
29,380
29,435
29,261
30.144
30,427
30,834
49,340
61,717
78,277
92,262
110,917
129,670
118,170
122,528
121,362
116,980
123,885
122,707
122,710
123,694
124.572
125,691
126,563
9,410
10,525
11,000
10,555
11,884
13,640
12,060
12,403
11,641
10,374
12,097
10,850
10,736
10,795
10,968
11.725
11,679
28,231
38,846
54,523
66,438
79,774
91,820
78,920
81,785
80,881
77,342
82,628
82,232
82,606
83,658
84.386
84.748
85,873
11,699
12,347
12,754
15,268
19,259
24,210
27,190
28,340
28,840
29,264
29.160
29,625
29,368
29.241
29,218
29,218
29,011
5,522
5,886
6,101
6,475
6,968
7,589
8,095
8,464
8,801
9,022
9,174
9,523
9,550
9,602
9,628
9.683
9,724
6,362
6,619
6,679
6,738
6,814
6.884
6,900
6,923
6,918
6,903
6.892
6.885
6,886
6,888
6,887
6,883
6,881
10,216
10,379
10,754
11,871
13,931
16,208
17,704
18,641
19,395
20,094
20,400
21,192
21,250
21,260
21,220
21,280
21,280
4,927
4,901
4,695
4,484
4,370
4,279
4,526
4,944
5,686
6,050
6,578
7,203
7,340
7,490
7,640
7,840
8,010
5,289
5,478
6,059
7,387
9,560
11,928
13,179
13,696
13,709
14,044
13,822
13,989
13,910
13,770
13,580
13,440
13,270
3,101
3,704
4,572
6,090
8,328
10,682
11,778
11,978
11,476
11,657
11,428
11,569
11,490
11,380
11,210
11,090
10,950
2,188
1,774
1,487
1,297
1,232
1,246
1,400
1,718
2,233
2,387
2,394
2,420
2,420
2,390
2,370
2,350
2,320
818
793
663
797
584
609
818
886
878
800
873
831
750
730
800
730
720
10,524
10,533
10,668
11,738
13.376
15,385
16.869
17,763
18,405
18,949
19,293
19,943
19,900
19,860
19.890
19,900
19,850
3
6
6
8
10
14
16
17
17
17
20
20
20
20
20
20
20
10,521
10,527
10,662
11,730
13,366
15,371
16,853
17,745
18,387
18,932
19,273
19,923
19,880
19,840
19,870
19,880
19,830
L ,309
L 241
1,236
1,276
[,378
1,592
1,784
1,889
1,999
2,065
2,122
2,189
2,190
2,200
2,220
2.220
2,230
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—June 30
Dec. 31
1950—June 30
July 2 6 P
Aug. 3 0 P
Sept. 27P
Oct. 2 5 P
Nov. 2 9 P
All mutual savings
banks:
1939—£) ec 30
1941—J3 ec 3i
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31 »
1948—Dec. 31
1949—June 30
Dec. 31
1950—June 30
July 2 6 P
Aug. 30P". . . \\
Sept. 27P
Oct. 2 5 P
Nov. 2 9 P
1
1
1
1
551
548
546
545
543
542
541
533
532
530
531
530
530
529
529
529
529
P Preliminary.
* "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and
nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership,
insurance
status, and the reserve classifications of cities and individual banks, and by mergers, etc.
1
Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525
million at all insured commercial banks.
For other footnotes see following two pages.
JANUARY 1951
55
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]
Loans and investments
Deposits
Investments
Class of bank
and date
Total
u. s.
Loans
Other
Cash
assets 1
Total
Government
obligations
Other
securities
Total 1
Interbank 1
Demand
Total
Number
capital
of
accounts banks
Time
Central reserve city
member banks:
New 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
194g—Dec. 31
1949—June 30 . .
Dec. 31
1950—June 30
July 2 6 P
Aug. 3 0 P
Sept. 27P
Oct. 2 5 P
Nov. 29P
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
194g—Dec. 31
1949—j u n e 30
Dec. 31
1950—j u n e 30
July 2 6 P
Aug. 3 0 P
Sept. 27P
Oct. 25 P
Nov. 29P
Reserve city member
banks:
9,339
12,896
17,957
19,994
24,003
26,143
20,834
20,393
18,759
19,103
19,583
19,548
19,406
19,764
19.860
19,877
20,136
3,296
4,072
4,116
4,428
5,760
7,334
6,368
7,179
8,048
7,689
7,550
7,723
8,129
8,368
8,814
8,919
9,554
6,043
8,823
13,841
15,565
18,243
18,809
14,465
13,214
10,712
11,413
12,033
11,825
11,277
11,396
11,046
10,958
10,582
4,772
7,265
12,547
14,563
17,179
17,574
13,308
11,972
9,649
10,278
10,746
10,281
9,618
9,587
9.167
9.134
8,794
1,272
1,559
1,294
1,002
1,066
1,235
1,158
1,242
1,063
1,135
1,287
1,544
1,659
1,809
1,879
1.824
1,788
2,105
2,760
3,973
4,554
5,443
5,931
4,765
5,088
4,799
4,841
5,424
5,256
5,299
5,447
5,302
5,394
5,456
569
954
1,536
1,806
3,141
3,550
4,258
4,598
3,266
3,287
3,016
3,303
3,806
3,700
3,645
3,721
3,516
3.540
3,484
1,203
1,430
2,789
3,238
3,913
4,213
2,912
2,890
2,633
2,888
3,324
3,138
3,082
3,146
2,950
2,987
2,928
333
376
832
1.004
L ,184
1,333
1,499
,801
,783
,537
,618
1,557
1,654
,726
L ,786
L.854
1 ,972
352
312
345
385
355
397
383
415
482
562
563
575
566
553
556
6,703
6,637
5,864
5,197
4,921
6,439
6,238
7,261
7,758
7,109
6,985
6,329
6,418
6,478
6.635
6.515
6,836
14,509
17,932
22,078
23,256
26,773
30,121
24,723
25,216
24,024
23,619
23,983
23,213
22,776
23,417
23,585
23.602
23,948
4,238
4,207
3,945
3,680
4,041
4,657
4,246
4,464
4,213
3,920
4,192
3,894
3,786
3,856
3,956
4,146
4,042
9,533
12,917
17,399
18,729
21,730
24,227
19,028
19,307
18,131
18,004
18,139
17,668
17,392
17,936
17,982
17,851
18,260
1.446
1,566
1,352
1,283
1,378
1,489
1,545
1,739
1,932
1,702
1,850
L.640
1,743
1,755
1,841
L.777
L ,812
3,330
4,057
5,040
5,523
6,468
7,046
5,905
6,402
6,293
6,087
6,810
6,419
6.509
6,703
6,621
6.668
6,719
888
1,035
1,117
1,148
1,312
1,153
1,217
1,064
1,008
1,191
1,014
L.067
1,099
1,058
1,109
1,064
1,947
2,546
3,468
4,029
4,700
5,015
3,922
4,273
4,227
4,020
4,535
4,305
4,354
4,527
4,488
4,486
4,566
1,001
1,059
L,083
L,099
1,088
1,077
1,075
1,073
,089
985
736
807
734
847
1,002
1,236
,449
1,445
L.680
1,695
1,651
1,650
1,598
1,625
1,647
1,605
1,646
495
476
455
508
620
719
829
913
1,592
1,648
1,727
1,862
1,966
2,120
2,205
2,259
2,306
2,340
2,312
2,341
2,351
2,356
2,343
2,352
2,356
36
36
37
37
250
288
14
13
304
326
354
13
13
13
377
404
426
444
462
470
481
478
483
483
484
490
1939—Dec. 30
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
I944—Dec. 30
1945—Dec. 31
1946—Dec 31
I947—Dec. 31
1948—Dec. 31
I949—June 30
Dec. 31
1950—j u n e 30
July 2 6 P
Aug. 30*
Sept. 27P
Oct. 2 5 P
Nov. 2 9 P
12,272
15,347
20,915
27,521
33,603
40,108
35,351
36,040
35,332
35,034
38,301
38,697
39,167
39,376
39.536
39.844
40,133
c>.329
7,105
6,102
6,201
6,822
8,514
10,825
13,449
14,285
13,261
14,370
14,868
15,256
15,845
16.525
16,931
17,536
6,944
8,243
14,813
21,321
26,781
31,594
24,527
22,591
21 047
21,772
23,931
23,829
23,911
23,531
23,011
22,913
22,597
5,194
6,467
13,038
19,682
25,042
29,552
22,250
20,196
18,594
19,076
20,951
20,510
20,549
20,030
19.404
19.301
18,960
1,749
1,776
1,775
1,639
1,739
2,042
2,276
2,396
2,453
2,696
2,980
3,319
3,362
3,501
3,607
3.612
3,637
8,518
9,426
9,327
10,238
11,286
11,654
13,066
13,317
11,618
12,168
11,639
11,580
11,422
11,858
12,070
11,945
17,741
22,313
28,700
35,070
41,804
49,085
44,477
46,467
45,943
43,852
47,559
47,187
47,495
47,448
47,978
48.493
48,595
3.686
4,460
4,957
4,874
5,524
6,448
5,570
5,649
5,400
4,665
5,713
5,069
5,034
4,996
5,100
5.503
5,540
9,439
13,047
18,747
24,086
28,525
32.877
28,049
29,395
29,153
27,560
30,182
30,306
30,779
30,848
31,300
31,388
31,551
1.616
4,806
4,995
6,109
7,755
9,760
10,858
11,423
11,391
11,627
11,664
11,812
11,682
11,604
11,578
11.602
11,504
1,828
1,967
2,028
2,135
2,327
2,566
2,728
2,844
2,928
3,005
3,087
3,268
3,267
3,287
3,305
3,320
3,337
Country member
banks:
1939—Dec 30
1941—Dec. 31
1942—Dec. 31
1943—Dec. 3 1 . .
1944—Dec. 30
1945—Dec. 31
1946—Dec. 3 1 . . . .
I947—Dec. 31
1948—Dec 3 1 .
1949—j u n e 3 0 . . . .
Dec. 31
1950—June 30.
July 2 6 P
Aug. 3 0 P
Sept. 27P
Oct. 2 5 P
Nov. 29P
10,224
12,518
16,419
22,188
28,520
35,002
35,412
36,324
36,726
36,338
38,219
39,245
39,418
39,702
39,856
40,143
40,413
4,768
5,890
5,038
4,654
4,910
5,596
8,004
10,199
11,945
11.968
12,692
13,510
13,721
14,038
14,417
14.643
14,907
5,456
6,628
11,380
17,534
23,610
29,407
27,408
26,125
24,782
24,370
25,527
25,734
25,697
25,664
25,439
25.500
25,506
3,159
4,377
9,172
15,465
21,552
26,999
24,572
22,857
21,278
20,889
21,862
21,830
21,777
21,671
21,361
21,394
21,368
2,297
2,250
2,208
2,069
2,058
2,408
•2,836
3,268
3,504
3,481
3,665
3,904
3,920
3,993
•1,078
1,106
1,138
4,848
6,402
7,638
7,983
9,323
10,632
10,151
10,778
11,196
9,994
10,314
9,773
9,694
9,606
9,810
10.065
10,241
13,762
17,415
22,459
28,414
35,871
43,418
43,066
44,443
45,102
43,422
45,534
45,888
45,930
46,126
46,388
46.928
47,301
598
822
980
1,015
1,171
1,223
1,091
1,073
964
781
1,001
871
849
844
854
967
1,033
7,312
10,335
14,909
19,594
24,818
29,700
27,921
28,810
29,370
27,758
29.771
29,953
30,081
30,347
30,616
31,023
31,496
5,852
6,258
6,569
7,804
9,882
12,494
14,053
14,560
14,768
14,883
14,762
15,064
15,000
14,935
14,918
14,938
14,772
1,851
1,982
2,042
2,153
2 321
2,525
2,757
2,934
3,123
3,215
3,305
3,433
3,454
3,476
3,497
3,527
3,541
t5.785
37
37
37
37
35
35
25
25
25
25
24
23
23
12
14
14
13
13
13
13
13
13
13
13
13
346
351
354
357
356
359
355
353
335
336
341
336
336
336
337
337
337
5,966
6,219
6,275
6,331
6 408
6,476
6,494
6 519
6,535
6,519
6,513
6,511
6,512
6,514
6.513
6,510
6,508
• December 31, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947
by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember
commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks.
For other footnotes see preceding and opposite page.
56
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and date
All insured commercial
banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
Total
Other
Cash
assets »
Total
U. S.
Government
obligations
Other
securities
Loans
Total
Interbank i
Total
Number
capital
of
accounts banks
Demand
Time
10,654
13,883
12,320
12,670
11,900
12,368
11,066
43.059
104,015
91,144
94,300
93,300
94,914
94,298
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
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
National member
banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—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
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
State member
1941—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—June
banks:
31
31
31
31
31
31
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
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
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
1,025
1,063
1.268
1,448
1,528
1,561
1,630
2,668
4,448
4,109
4,083
3,887
3,892
3,487
7.702
18.119
18,836
19,340
19,296
19.269
19,108
129
244
260
266
259
272
217
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
1,083
1.193
1,271
1,358
1,473
1,539
6,810
6,416
6.457
6,478
6,498
6,540
6,553
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
318
389
474
520
481
491
1,002
1,893
1,426
1,535
1,493
1,438
1,468
761
1,693
1,226
1,280
1,234
1,185
1,204
241
200
200
255
259
253
263
763
514
530
576
509
442
403
1,872
2,452
2,043
2,251
2.201
036
2,029
329
181
336
363
368
341
369
1,291
1,905
1,302
1,411
1,353
1,223
1,186
253
365
404
478
479
472
474
329
279
290
325
322
321
326
852
714
690
783
758
727
709
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
1,262
1,468
1,703
1,788
1,814
1,893
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
457
425
597
629
628
613
586
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
,288
,362
,483
,596
,680
,794
,865
7,662
7,130
7,147
7,261
7,256
7,267
7,262
Insured mutual savings
banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
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
151
429
612
675
684
682
659
1,789
10,363
11,428
12,207
12,772
13,592
14,128
12
13
14
14
16
18
1,789
10.351
11,415
12,192
12,757
13,575
14,109
164
,034
,173
,252
,334
,420
,467
52
192
191
194
193
192
192
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
4,428
4,163
4,538
4,573
4,506
4,4C8
4,450
3,075
3,522
3,833
3,813
3,680
3,596
3,625
1,353
641
705
760
826
832
826
642
180
206
211
194
191
172
8,744
5,022
5,442
5,556
5,633
5,702
5,815
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
Noninsured mutual
savings banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31 *
1948—Dec. 31
1949—Dec. 31
1950—June 30
69,411
25,788
34,292 147,775
33,694 136,990
36.926 141,851
38.087 140,642
35,207 143,138
32,865 141,798
For footnotes see preceding two pages.
Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication, For revisions
in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.
JANUARY
1951
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- Total 1
ments
Investments
Loans for
Com1Durchasing
meror carrying
cial,
securities
in- AgriReal Conclud- culOther Total
esing
tate sumer
loans
tur- To
loans
openloans
al t>rokmarTo
ers
ket
and othpadeal- ers
per
ers
U. S. Government obligations
Total
Obligations
Direct
of
States Other
CertifiGuar- and secucates
an- polit- rities
Bills of in- Notes Bonds teed ical
subdebtdiviedsions
ness
All insured commercial banks:
49 ,290
1041—Dec
X .7™ X
X—* V, V-a 31
\J X. * •
1946—Dec. 31. . 112 ,178
1947—Dec. 3 1 . . 114 ,274
1948—Dec. 31. . 112 ,286
1949—June 30. . 111 ,746
Dec. 3 1 . . 118 ,278
1950—June 30.. 119 ,808
21
30
37
41
40
42
44
,259
,733
,583
,968
,524
,485
,304
9 ,214
14 ,016
18 ,012
18 ,761
16 ,292
16 ,935
16 ,814
1 ,450
1 ,358
1 ,610
2 ,775
2 ,734
2 ,963
2 ,819
614
662 4 ,773
4 54*
1 ,517 1,609 7 ,103 4 ,031 1 098
823 1,190 9 ,266 5 ,654 1 028
939 10,666 6 ,804 1 095
1 ,336
1 ,972
901 10,887 7 ,170 1 022
1 ,749
855 11,405 8 .005 1 121
1 ,856
912 12,270 9 ,036 1 186
28,031
81,445
76,691
70,318
71,222
75,793
75,504
21 046
73,554
67,941
61,388
61.970
65,820
64,546
988
1 ,271
2 ,124
2 ,821
2 ,846
3 ,692
3 ,847
Member banks*
total:
1941—Dec. 3 1 . . 43 ,521
1946—Dec. 3 1 . . 96 ,362
1947—Dec. 3 1 . . 97 ,846
95 ,616
1948—Dec. 31
1949—June 30.. 95 ,315
Dec. 3 1 . . 101 ,528
1950—Tune 3 0 . . 102 .745
Oct. 4. . 104 ,367
18 ,021
26 ,696
32 ,628
36 ,060
34 .456
36 ,230
3,7 .658
41 ,612
8 ,671
13 ,154
16 ,962
17 ,631
15 ,213
15 ,857
15 .708
18 ,337
972
884
1 ,046
1 ,800
1 ,704
1 .945
1 .770
1 ,729
594
3,
598 3 ,494
1 ,506 1,467 5 ,358 3 ,308
811 1,065 7 ,130 4 ,662
1 ,324
834 8 ,244 5 ,585
1 ,958
803 8 ,383 5 ,859
1 ,737
758 8 .834 6 ,551
] .840
807 9 .547 7 .401
1 .382
901 10,117 8 ,176
25,500
69,666
65,218
59,556
60,859
65,297
65,087
62,755
19,539
63,042
57,914
52,154
53,132
56,883
55.759
52,618
971
1 ,167
1 ,987
2 ,588
2 ,651
3 .389
3 ,539
3 ,588
2 ,807
4 ,078
8
8,823
14,465
13,215
10,712
11,413
12,033
11,825
11,001
311
1 .623 3 ,652 1,679
729
7,265
1
13,308 387 1 ,725
992 10 ,202
557
640
11,972 1 ,002
558 9 ,771
638
9,649 589 1 ,183
365 7 ,512
563
10,278
777 1 ,472
132 7 ,897
611
720 1 ,785
835 7 ,405
752
10,746
458
959
900
1
7
10.281
,594 .328
159 1 ,643 6 ,549
781
9,132
1,144
New York City:*
1941—Dec. 31. .
1946—DeC4 31 _
1947—Dec. 31
1948—Dec. 31 .
1949—June 30..
Dec. 31 ».
1950—Tune 30..
Oct. 4 . .
12 ,896
20 ,834
20 ,393
18 ,759
19 ,103
19 .583
19 .548
19 ,821
4 ,072
6 ,368
7 ,179
8 ,048
7 ,689
7 ,550
7 .723
8 ,821
Chicago:*
1941—Dec. 31
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
,499
,801
,783
,537
,618
,557
,776
Reserve city banks:
1941—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 31. .
1949—June 30. .
Dec. 31 «.
1950—June 3 0 . .
Oct. 4 . .
15 ,347
35 ,351
36 ,040
35 ,332
35 ,034
38 ,301
38 ,607
39 ,433
7 ,105
10 .825
13 ,449
14 ,285
13 ,261
14 ,370
14 .868
16 ,574
Country banks:
1941—Dec. 3 1 . .
1946—Dec. 31. .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—June 3 0 . .
Dec. 3 1 . .
1950—Tune 30. .
Oct. 4 . .
Ensured nonmember commercial b a n k s :
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 . .
954
5 ,361
5 642
4 ,710
4 .792
4 .656
5 ,672
169
389
267
225
248
219
242
276
123
99
111
224
209
256
339
414
554
455
564
643
650
689
756
862
9>
105
149
176
156
172
180
207
322
6
3
3
4
6
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
3 456
5 548
088
7 ,282
6 227
6 704
6 596
7 688
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 ,527
2 ,237
3 ,147
3 ,503
3 ,559
3 ,742
4 .029
4 ,239
5 ,890
8 ,004
10 ,199
11 ,945
11 ,968
12 ,692
3Q .245 13 .510
39 ,808 14 ,441
1
2
3
3
3
3
3
3
676
433
096
296
098
150
330
656
659
681
818
183
273
227
187
175
173
177
189
,823
,356
,319
.480
.379
,371
20
29
23
21
23
36
33
28
5 ,776
15 ,831
16 ,444
16 ,685
16 ,447
16 ,766
17 ,079
1
1
1
1
1
543
478
474
862
049
563
975
131
079 1 ,030
078 1 ,018
106 1 ,049
20
12
13
12
14
12
16
64
142
125
105
97
97
105
12 ,518
35 ,412
36 ,324
36 ,726
36 ,338
38 ,219
3 ,241
4 ,040
4 ,958
5 ,911
6 ,071
6 ,258
6 ,650
732
1 ,094
412
1 ,096
545
3 1 ,102
1 1 ,701
1 ,410
1 .407
1 ,105
,418
,412
,178
,211
.116
>92
1 020
952
1 006
935
1 034
1 105
1 498
250
330
306
268
309
356
616
29 3,266
26 3,287
27 3,016
26 3,303
34 3,806
36 3.609
66 3,529
1,806
1,430
2,912
2,890
2,633
2,888
3,324
3.138
2,969
256
60
132
183
369
331
352
253
1, 512
1 ,436
435
1 ,969
366
2 ,315
412
2 ,408
385
2 ,745
432
3 .118
447
3 ,453
521
8,243
24,527
22,591
21,047
21,772
23,931
23.820
22,859
6,467
22,250
20,196
18,594
19,076
20,951
20.510
19,268
295
441
373
2 ,970
3 ,827
4 ,467
4 ,567
4 .784
5 .125
5 ,406
1, >30
1 ,312
306
1 ,979
229
2 ,451
261
2 ,644
256
2 ,945
259
3 .346
266
3 ,653
295
6,628
27,408
26,125
24,781
24,370
25,527
25.734
25,367
4,377
110
279
24.572
480
22,857
760
21,278
20,889 630
21,862 1 ,148
21.830 1 .107
21,250 1 ,344
1 ,282
1 ,748
2 ,139
2 ,426
2 ,508
2 ,575
2 .727
8 54
2,535 1,509
723
79 11,791 10,524
992
76 11,486 10,039
89 10,774 9,246
1 ,220
87 10,376 8,849
1 ,311
1 ,453
87 10,508 8,947
1 ,635
82 10,429 8,799
1 ,056
875
1 ,189
1 .179
1 ,211
3 ,159 12 797 4,102 3,651 3,333
12 ,288 6 ,780 53 ,200
15 4,298 3,592
7 ,552 5 ,918 52 ,334
14 5,129 3,621
10 ,065 3 ,394 45 ,100
8 5,509 3,420
10 ,437 2 ,045 46 ,636
6 5,763 3,489
12 ,479 5 ,810 43 ,833
6 6,400 3,574
6 ,102 11 ,591 43 ,000
8 7,237 3,721
io5 ,043
,816
7 ,999
8 ,469
10 ,409
4 ,821
1 ,868
498
235
275
343
690
276
140
3 ,007
5 ,602
4 ,815
2 ,800
1 ,639
5 .085
9 ,990
12 ,633
153
146
248
217
125
358
555
673
11 ,729 3,832 3.090 2,871
11 3,548 3,077
46 ,219
45 ,286
10 4,199 3,105
5 4,480 2,922
38 ,761
40 ,369
4 4,710 3,016
37 ,996
4 5,274 3,140
37 .404
5 6.040 3.289
34 ,524
6 6,512 3,625
903
2 ,207
2 ,274
1 ,958
2 ,051
1 ,945
1 .954
1 ,903
119
182
167
213
210
235
290
340
327
830
601
604
500
525
535
585
725
193
187
185
174
180
192
221
233
751 4 ,248 1,173
956
820
3 ]799 1 ,993 16 ,013
4 1,272 1,004
2 ,358 1 ,901 15 ,560
3 1,342 1,053
3 ,201 1 ,090 13 ,247
1 1,421 1,032
3 ,367
603 14 ,230
1,559 1,137
4 ,180 2 .124 13 ,457
1,727 1,254
1 ,954 4 .005 13 .372
1 .988 1 .331
699 5 ,053 12 ,303
2,119 1,472
4 ,626
2 ,583
3 ,340
3 ,286
3 ,753
2 ,133
869
17
104 "l J247
136 1 ,736
234 2 ,066
196 1 ,968
303 2 ,071
308 1 ,281
2 ,926
17 ,797
17 ,681
16 ,046
16 ,192
15 ,180
14 .750
5 ,263 13 ,769
861
6
6
4
4
4
5
5
1,222
1,551
2,006
2,286
2,306
2,505
2.753
2,923
1,028
1,285
1,262
1,217
1,174
1,160
1.151
1,195
152
1 ,179
1 ,104
594
406
725
1 ,601
271
3
4
3
2
2
2
563
752
931
462
516
517
498
473
434
432
481
2 ,470
2 ,108
1 ,128
778
1 ,768
3 ,835
1 ,069
6 ,991
7 ,058
6 ,349
6 ,277
5 ,846
5 ,606
1,030
1,054
1,127
1,198
* These figures do not include data for banks in possessions of the United States. Dufing 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.t 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.
8
Central reserve city banks.
For other footnotes see opposite page.
58
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Reserves
with
Cash
Federal
in
Revault
serve
Banks
Class of bank
and
call date
BalDeances mand
with
dedoposits
mestic
ad- 1
banks* justed
Interbank
deposits
Time deposits
DoFormestic* eign
Certified
U. S. States
and
and
Gov- political
offiern- subdi- cers'
ment visions checks,
etc.
U. S.
IndiGov- States
viduals,
and
ernpartner- Inter- ment
polit•
1
ships,
and
ical
and cor- bank
Postal subdiporaSav- visions
tions
ings
All insured commercial banks:
1941—Dec 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—June 30..
Dec. 3 1 . .
1950—June 30..
12,396
16,013
17,796
20,404
17,807
16,428
15,863
1,358
2,012
2,145
1,939
2,036
1,984
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
1,761
2,930
1,325
2,323
2,135
3,050
3,590
3,677
5,967
6,692
7,182
7,337
7.419
7,924
1,077
2,361
2,559
2,113
2,352
2.338
2,145
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
Member banks,
total:
1941—Dec. 31. .
1946—Dec. 31. .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—June 30. .
Dec. 3 1 . .
1950—Tune 30. .
Oct. 4 . .
12,396
16,015
17,797
20,406
17.808
16,429
15,864
16,536
1,087
1,576
1,672
1,486
1,568
1,521
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
1,709
2,672
1,176
2,122
1,980
2,838
3.340
1,398 2,482
3,066
4,915
5,504
5,850
5.983
6.017
6.428
6,048
1,009
2,207
2,401
1,962
2,222
2,185
2.001
1,772
33.061
69.127
72,704
70,947
67,157
71,589
70.463
73,190
140
62
50
63
141
164
204
236
50
114
105
111
157
175
182
180
New York City:*
1941—Dec. 3 1 . .
1946_Dec. 31. .
1947—Dec. 3 1 . .
1948—Dec. 31. .
1949—June 30. .
Dec. 31«
1950—Tune 30.
Oct. 4 . .
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
450
942
6
20
12
31
90
113
151
15
12
14
25
38
37
172
37
1,021
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
1,027
1,130
1,196
1,038
Chicago: *
1941—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—June
Dec.
1950—Tune
Oct.
31..
31..
31..
31..
30..
31..
30..
4..
928
1,070
1,325
1,174
1,183
1.080
1,159
Reserve city banks:
1941—Dec. 31. . 4,060
1946—Dec. 3 1 . . 6,337
1947—Dec. 3 1 . . 7,095
1948—Dec. 3 1 . . 7,701
1949—June 30. . 6,781
Dec. 31 «. 6,413
1950—Tune 30. . 6,206
Oct. 4 . . 6,331
Country banks:
1941—Dec. 31. . 2,210
1946—Dec. 3 1 . . 4,703
1947—Dec. 31. . 4,993
1948—Dec. 3 1 . . 5,736
1949—June 30. . 5,127
Dec. 31. . 4,371
1950— Tune 30 . 4.343
Oct. 4 . . 4,628
Ensured n o n member commercial b a n k s :
1941—Dec. 31
1946—Dec# 31
1947—DeCi 31
1948—Dec. 31
1949—June 30
Dec. 31
1950—June 30
962
1,151
977
3,773 1,098
673
671
1,353
1,375
1,480
1,369
1,310
1.278
319
218
290
241
254
196
279
273
1,201
J32
866
651
267
445
562
640
684
515
895
809
575
11,282
17,216
17,646
16,695
15,986
16.408
15,896
15,975
g
24
21
26
46
40
37
44
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
2,331
286 11,127
693 24,288
705 26,003
649 25,302
518 23,928
650 25.912
590 25.729
587 26,992
1,370
2,391
2,647
2,925
3,009
3,058
3.246
3,116
239
524
528
510
462
579
549
558
611
68
154
158
151
130
153
144
607
1 _ 1Q5
1,217
1,278
1,150
[ ,084
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
526
883
929
858
913
901
813
994
3,216
3,753
3.900
3,619
3,117
4,002
3.579
3,683
790
9,661
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
12^223
12,059
11,216
11,918
11,653
108
244
258
246
194
261
209
2
4
g
4
5
3
1,142
1,408
971
225
877
432
688
520
797
1,036
828
53
258
149
201
155
213
250
1,052
I !l88
1^332
1,354
1,402
1^496
1,105
750
2
2
IndiCapividuals, Bortal
partner- rowacings
ships,
counts
and corporations
492
664
826
15,146
32,742
33,946
1,080 34,244
1,243 34,560
1,232 34,442
1,321 34,925
418
551
693
927
1.069
1,051
1.115
1,135
11,878
26,525
27,542
27.801
28,038
27.934
28.328
27,921
29
39
14
20
33
24
19
28
1,395
1,418
1,646
1,637
1,590
L, 594
L.565
778
10
39
61
54
27
14
36
6,844
9,286
9,734
10,158
10,452
10,645
11,061
4
30
54
45
21
11
30
241
5,886
8,095
8,464
8,801
9,022
9,174
9.523
9,705
1,648
2,205
2,259
2,306
2,340
2,312
2.341
74 2,347
30
25
476
823
902
989
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
4,542
10,580
11,045
10,798
10,923
10.987
11.003
10,882
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
6,082
13.727
14,177
14,369
14.433
14,289
14.555
14,414
4
26
23
12
21
11
15
64
3,483
10,761
11,019
10,736
9,848
10,517
10,176
18
g
5
74
113
132
153
174
182
206
3,276
6,232
6.420
6,459
6,539
6,524
6.613
6
9
4
6
5
5
6
6
6
1,044
1,069
1 .086
1,060
1
288
404
426
444
462
470
482
484
1,967
2,729
2,844
2,928
3,005
3.087
14 3.268
102 3,318
4
1
8
1
7
g
5
3
7
i,982
2,757
2,934
3,123
3.215
3.305
3.433
3,555
959
1,193
1,271
1,358
1,431
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 m
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.
JANUARY
1951
59
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures.
In millions of dollars]
Loans 1
Date or month
Total
loans
and
investments
Total
Commercial,
industrial,
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
To others
U. S. Other U.S. Other
Govt. seGovt.
ob- cun-,. ob- curiliga- ties liga- ties
tions
tions
U. S. Government obligations
Real Loans Other
estate
to
Total
loans banks loans
Total
Bills
Certificates
of indebtedness
Other
securities
Notes Bonds'
TotalLeading Cities
1949—November
66,678 24,447 13,760
1950—September
October. .
November
68,897
68.840
69,523
28,006 15.376
28.854 '16,080
29,894 16,822
1950—Oct. 4 . .
Oct. 1 1 . .
Oct. 1 8 . .
Oct. 25. .
68,662
68,663
68,841
69,230
28,577
28,877
28,822
29,138
69,237
69,373
69,414
69.668
69,923
805
744
175
429 4,276
242 4,329 42,231 37,273
2,454 7,261 1,165 26,393 4,958
397
454
977
965
989
187
187
184
533 5,000
547 5.089
566 5,169
367 5,536 40.891 34,563
264 r5.718 39.995 33.590
295 5,810 39 ,629 33,313
2,668
2,3*6
2,284
,280 7.929 22,686 6,328
.034 7.783 22.387 6.405
,085 7,740 22,204 6 ,316
986
971
958
946
189
188
184
186
543
547
553
543
5.050
5,086
5,102
5,119
299
291
222
246
'5.668
'5.709
'5.733
'5,762
40,085
39.786
40,019
40,092
33.694
33,358
33.580
33,729
2,397
2,159
2 .437:
2,551
,046
.023
.029
,040
7,826
7.782
7,751
7,772
22.425
22.394
22,363
22,366
6.391
6.428
6.439
6 ,363
29,387 16,476
29,674
29,788 16,906
30,036 16,975
30,586 17,084
339 1,016
419 942
982
388
467 992
657 1,014
182
181
183
186
187
546
564
555
559
605
5,126
5,149
5,167
5,191
5,213
312
344
200
243
377
•5,786
•5,800
'5.803
•5.817
5,845
39,850
39,699
39,626
39,632
39,337
33,535
33,392
33,349
33.306
32,984
2,481
2,353
2,280
2.263
2,044
,048
,066
,085
.104
,124
7,760
7,748
7,743
7,745
7,702
22,246
22,225
22,241
22.194
22,114
6 .315
6,307
6,277
.326
6 ,353
Dec. 6. . 69,807 30,580 17,261
Dec. 13. . 70,301 30,560 17,461
Dec. 20. . , 71,444 31,146 17,801
983
481
452
992
448 1,017
690 1,052
185
185
180
175
558
601
559
561
5,212
5,240
5,254
5,270
502 5,799 39,
204 5,827 39,
410 5,880 40
32,924
33,439
33,854
33,674
2,058 1,014 7,731 22,121
805 7,867 22,
2,638
22,129
779 8,577 21, 604
2,894
787 8,549 21,560
2,778
230
172
571
1,947
271 7,742 1,194
404
417
431
294 1 ,188 11,149
216 1 243 10.762
183 1 290 10,580
9,316
8,902
8,825
878
746
779
200
152
225
,695 6,543 1.833
,597 6.407 1.860
,573 6,248 1,755
Nov.
Nov.
Nov.
Nov.
Nov.
1. .
8. ..
15 . ..
22 . . ,
29. . .
Dec. 27. ..
71,789
'15,865
'16,090
16,096
16,269
31,599 17,839
371
387
368
5,895 40
6,303
6 ,302
6,444
6 ,516
New York City
597
880 11,725 10,531
1949—November.
1950—September
October. . .
November.
19,296
7,571
4,852
727
19,786
19.606
19,736
8.637 5,471
8,844 5,719
9,156 5,928
372
354
394
748
772
231
233
247
1950—Oct. 4 . .
Oct. 11. .
Oct. 18. .
Oct. 2 5 . .
19,704
19,447
19,505
19,769
8,827 5,685
8,834 5,751
8,786 5,705
8,927 5,737
335
333
326
420
761
752
741
738
233
232
236
231
407
417
423
421
266
194
197
206
1
10,877
1
10,613
1 246 10,719
1
10,842
9,015
8,734
8.838
9,024
759
582
744
900
159
147
146
156
.639
,597
.566
,588
6.458
6,408
6,382
6,380
1,862
1.879
1.881
1.818
Nov.
Nov.
Nov.
Nov.
Nov.
1. .
8. . ,
IS . . ,
22 . ..
29. ..
19,662
19,605
19,609
19,774
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
232
249
231
240
284
417
424
435
438
440
199
182
152
140
242
1 280 10,705 8,945
10,590 8,843
1
10,546 8,813
1
10,590 8,833
1
10,467 8,689
1
895
795
756
766
684
190
207
221
238
269
,579
,574
,586
,582
,542
6,281
6.267
6.250
6.247
6,194
1,760
1,747
1.733
1.757
1,778
Dec. 6. . .
Dec. 13 . . ,
Dec. 20. .,
Dec. 27. .,
19,978
20,194
20,735
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
234
274
234
232
434
441
436
439
440
168
354
315
1,293
1,298
1,305
1,314
8,672
9,010
9,188
9,075
700
1,061
1,154
1,065
266
215
231
229
,533
,581
,758
1,724
6,173
6,153
6,045
6,057
1,760
1,758
1,809
1,879
10,432
10,768
10,997
10,954
Outside
New York City
1949—November.
47,382 16,876 8,908
1950—September 49,111 19,369 9.905
October. . . 49,243 20,010 10,361
November, 49,787 20,738 10,894
4,046
70 3,449 30,506 26,742
1,883
5,314
217
217
217
147
148
147
302 4,595
314 4.672
319 4,738
73 4.348 29,742 25,247
48 '4,475 29,233 24.688
112 4,520 29,049 24,488
1,790
1,640
1,505
1,080 6,234 16,143 4,495
882 6.186 15.980 4.545
860 6,167 15,956 4,561
1950—Oct. 4 . .,
Oct. 1 1 . . .
Oct. 1 8 . . .
Oct. 2 5 . . .
48,958
49,216
49,336
49,461
19,750
20,043
20,036
20,211
10,180
10,339
10,391
10,532
225
219
217
208
148
149
147
148
310
315
317
312
4,643
4,669
4,679
4,698
33
97
25
40
Nov.
Nov.
Nov.
Nov.
Nov.
49,575
49,768
49,805
49,894
49,893
20,430 10,644
20,659 10,789
20,725 10,961
20,852 11,000
21,023 11,077
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
21,034
21,134
21,408
21,668
228
239
245
237
148
149
145
140
324
327
325
329
4,778
4,799
4,818
4,831
1. ..
8. . .
15. ..
22 . . .
29. . .
Dec. 6. . . 49,829
Dec. 13. . . 50,107
Dec. 20. .. 50,709
Dec. 27. . . 50,904
r
1
2
11,175
11,281
11,472
11,534
147
'4.444
r
4.468
'4,487
r
4,501
894 18,651 3,764
1,638
1,577
1,693
1,651
887
876
883
884
6,187
6,185
6,185
6,184
15,967
15,986
15,981
15,986
4,529
4,549
4,558
4 ,545
•4,506 29,145 24,590 1,586
24,549 1,558
24,536 1,524
24,473 1.497
24,295 1,360
858
859
864
866
855
6,181
6.174
6,157
6,163
6,160
15,965
15.958
15.991
15,947
15,920
4,555
4 ,560
4,544
4,569
4 ,575
1,358
1,577
1,740
1,713
748
590
548
558
6,198
6,286
6,819
6,825
15,948
15,976
15,
15,503
4 ,543
4 ,544
,635
4,637
29,208
29,173
29.300
29,250
24,679
24,624
24,742
24,705
'4,515 29,109
'4,517 29,080
4,523 29,042
4,538 28,870
62 4,506 28,795
36 4,529 28 ,973
56 4,575 29,301
4,581 29,236
24,252
24,429
24,666
24,599
Revised.
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.
60
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
Reserve?
BalDewith Cash ances mand
Fedwith
dein
eral vault
doposits
Remestic adbanks justed'
serve
Banks
Time deposits,
except interbank
Interbank
deposits
IndiIndividvidU.S.
Demand
Certiuals, States
uals, States
Govand
fied U. S. partand
part- politernand
nerGov- ner- political
Offiical ment
ships, subern- ships, suband
cers'
and
ment
and
Postal Do- Fordividivichecks,
cor- sions
corSavmes- eign
etc.
porapora- sions ings
tic
tions
tions
Time
Bor- Caprow- ital
acings counts
Bank
debits «
Total—
Leading Cities
1949—November . 12,109
785 2,185 47,021 47,550
3,201
1,278 2,346 14,484
600
124 9,156
1,348
153
376 6,235 86,441
1950—September
October...
November
12,321
12.465
12,436
835 2. 247 49,029 50,285
834 2.334 49.264 50.513
847 2,301 49, 670 51,023
3,196
3.210
3,341
1,422 2,339 14,521
1,339 1,846 14,535
1,491 1,811 14,508
656
653
649
131
12
125
9,121 1,305
9.530 1,388
9,593 1,383
226
228
246
327
213
385
6,487 111,730
6,506 109,706
6,536 105,854
1950-Oct. 4 . . .
Oct. 1 1 . . .
Oct. 18...
Oct. 25...
12,294
12,433
12,755
12,379
792
860
839
844
2,311
2,247
2,461
2,315
48,985
48,839
49,339
49 ,891
49,615
50 ,299
51 ,261
50,875
3,351
3,163
3,136
3,191
,296
,314
,373
,372
1,804
2,018
1,851
1,712
14,537
14,539
14,543
14,520
655
655
653
652
129
126
126
126
9,436 ,367
9,455 1,378
9,911 ,392
9,319 1,415
229
226
227
229
205
282
170
194
6,507
6,506
6,497
6,512
27,338
23,461
24,829
25,154
Nov. 1... 12,404
Nov. 8... 12,313
Nov. 15... 12,610
Nov. 22... 12,351
Nov. 29... 12,504
793
871
835
826
912
2, 222
2,251
2,606
2,214
2, 213
49,471 50,445
I
49,230^50,517
49,250 51,,814
49,850 51,,032
50,546 51,305
3,362
3,331
3,351
3.291
3,371
,525
,383
,538
,384
,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
9,619
10,358
9,385
9,225
1,427
1,399
1,360
1,359
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
879
998
972
12,738 1,00,
2,268
2,674
2,696
2,589
50,452
51,676
51,770
51,642
51,156
53,383
53 ,181
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
34,105
Dec. 6... 12,778
Dec. 13... 13,075
Dec. 20... 12,823
Dec. 27...
New York City
4,513
136
14,940 15,674
243
638
814 1,476
28 2,707 1,130
109
245 2,296
4,465
4.509
4,46:
129
133
138
15,419 16,251
15.347 16,146
15,418 16,275
230
294
321
689
623
746
661
529
491
1,503
1,505
1,492
2,753 1,060
2,849 1,129
2,778 1,126
168
171
190
158
77
171
2,309 46,400
2,305 43,159
2,310 41,167
1950—Oct. 4 . . .
Oct. 11...
Oct. 18...
Oct. 25...
4,38'
4,440
4,701
4,507
125
150
128
131
15,275
15,090
15,409
15,616
15,957
15,945
16,384
16,297
268
290
290
329
557
626
618
691
513
581
530
492
1.510
1,511
1,511
1,489
2,891
2,787
2.923
2,796
1,111
1,116
1,137
1,152
172
170
170
173
73
145
36
52
2,311
2,308
2,300
2,302
Nov. 1...
Nov. 8...
Nov. 15...
Nov. 22...
Nov. 29...
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
2,313 7,895
2,309 10,619
2.307 9,908
2,306 8,706
Dec. 6...
Dec. 13...
Dec. 20...
Dec. 27...
4,568
4,948
4,602
4,56'
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
644
673
1,057
388
369
371
395
1,524
1,568
1,566
1,571
2,839
37 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
1,532
1949—November
1950— September
October...
November
37
11,394
9,259
8,957
9,984
Outside
New York City
1949—November
7,596
649
2,153 32,081 31,876 2,958
640
13,008
572
6,449
218
131
3,939 52,336
1950—September
October...
November
7,856
7.956
7,974
706
701
709
2,213 33,610 34 .034 2,966
2.295 33,917 34,367 2,916
2,267 34,252 34,748 3,020
73: 1,67 13,018
716 1,31 13.030
74; 1,320 13,016
627
625
613
6,368
6,681
6,815
245
259
25
169
136
214
4,178 65,330
4,201 66,547
4,226 64,687
1950—Oct. 4 . . .
Oct. 1 1 . . .
Oct. 18...
Oct. 25...
7,90
7,993
8,054
7,872
667
710
711
713
2,275
2,215
2,411
2,278
33,710
33,749
33,930
34,275
33 ,658
34 ,354
34 ,877
34,578
3,083
2,873
2,846
2,862
739
688
755
681
1,291
1,43
1,321
1,220
13,027
13,028
13,032
13,031
627
626
624
625
6,545
6,668
6,988
6,523
256
26:
255
263
132
137
134
142
4,196
4,198
4,197
4,210
15,944
14,202
15,872
15,170
Nov. 1...
Nov. 8...
Nov. 15...
Nov. 22...
Nov. 29...
7,954
7,904
8,15.
7.92.
7,936
669
726
706
68.
761
2,186
2,221
2,570
2.179
2,178
34,122
33,997
34,083
34,5
34,710
34,318
34,460
35 ,527
.751
34,683
3,015
2,990
3,024
3.006
3,066
738
69
771
762
753
1,302
1,286
1,486
1,332
1,193
13,025
13,058
13,036
12,997
12,959
626
620
62:
599
601
6,596
6,842
7,381
6,727
6,526
264
260
251
253
258
209
299
127
182
254
4,219
4,229
4,222
4,225
4,239
15,998
13,400
15,831
16,926
13,171
Dec. 6...
Dec. 13...
Dec. 20...
Dec. 27...
8,210
8,12
8,221
8,171
72
817
802
841
2,23
2,637
2,655
2,552
34,623
35,347
35,488
35,556
34,540
35,975
35,918
36,260
3,08
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
60:
606
605
6,868
7,145
7,46:
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
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.
JANUARY
1951
61
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Federal Reserve
district and date
Boston
Nov 29
Dec. 6
Dec 13
Dec. 20
Dec. 27
New York*
Nov 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Philadelphia
Nov. 29
Dec. 6
Dec 13
Dec 20
Dec. 27
Cleveland
Nov. 29
Dec. 6
Dec 13
Dec. 20
Dec. 27
Richmond
Nov. 29
Dec. 6
Dec. 13
Dec 20
Dec. 27
Atlanta
Nov 29
Dec. 6
Dec 13
Dec. 20
Dec. 27
Chicago*
Nov. 29
Dec. 6
Dec 13
Dec. 20
Dec. 27
St. Louis
Nov 29
Dec. 6
Dec 13
Dec. 20
Dec 2 7
Minneapolis
Nov. 29
Dec 6
Dec. 13
Dec. 20
Dec. 27
Kansas City
Nov. 29
Dec 6
Dec. 13
Dec. 20
Dec 27
Dallas
Nov. 29
Dec 6 . .
Dec. 13
Dec. 20
Dec. 27
San Francisco
Nov. 29
Dec 6
Dec. 13
Dec. 20
Dec 27
City of Chicago*
Nov. 29
Dec 6
Dec. 13
Dec 20
Dec 27
...
...
Total
loans
and
invest • Total 1
ments'
3,133
3,121
3,142
3,187
3,249
1,365
1,361
1,364
1,389
1,449
22,470
22,389
22,606
23,203
23,366
10,510
10,479
10,364
10,683
10,891
2,868
2,852
2,873
2,942
2,970
Commercial,
industrial,
and
agricultural
l
Investments
For purchasing
or carrying securities
To brokers
and dealers
U. S. Government obligations
To others
U.S. Other
U. S.
Govt. Other
se- Govt.
seob- curiobliga- ties liga- curitions
tions ties
13
12
832
828
12
12
7
6
12
12
872
10
13
13
20
21
Real Loans
estate to Other Total
loans banks loans
Total
1,768
1,760
297 1,778
305 1,798
297 1,800
1,542
1,530
1,551
1,566
1,573
200
200
13
9
286
290
Bills
108
95
13
13
21
20
13
12
20
206
6 396
6 477
6,575
6 731
6,710
585
401
802
762
44
42
301
251
407
402
606
759
777
823
41
41
41
291
251
249
724
719
1,172
1,162
1,180
1,206
1,223
608
1
35
4
6
141
16
612
624
638
648
1
1
1
1
34
34
43
35
4
4
4
4
6
6
6
6
143
143
144
145
4
6
5
21
378 1,696
376 1,690
380 1,693
383 1,736
381 1,747
1,341
1,337
1,339
1,382
1,393
76
80
78
91
4,927
4,893
4,916
4,954
4,907
1,758
1,744
1,744
1,778
1,794
921
930
943
968
973
12
13
13
12
14
28
27
27
29
32
37
37
37
38
37
62
63
64
64
65
353
354
356
357
357
24
17
2
2
4
344
330
329
335
340
3,169
3,149
3,172
3,176
3,113
2,709
2,700
2,715
2,700
2,634
2,802
2,780
2,819
2,833
2,869
1,119
1,119
1,129
1,137
1,137
532
535
2
2
6
6
10
10
30
31
245
244
2
2
304
301
2
2
6
8
2,548
2,543
2,562
2,577
2,571
1,119
1,120
1,126
1,140
1,139
835
851
542
545
545
2
673
675
678
688
685
9,867 3,258
9,896 3,253
9,934 3,295
10,086 3,390
10,102 3,474
2 026
2,048
2 083
2 1 S1
2,157
2,391
2,380
2,388
2,418
2,433
1,259
1,251
1,244
1,248
1,269
726
724
1,263
1,254
1,260
1,269
1,273
545
542
545
548
555
2,717
2,693
2,729
2,771
2,798
42
285
283
174
160
172
164
131
46
46
46
45
45
654
657
657
659
646
1,835
1,837
1,840
1,832
1,812
460
449
457
476
479
1,511
1,494
1,516
1,522
1,561
100
92
33
33
330
333
172
167
38
1,048
1,036
339 1,032
369 1,006
374 1,008
1,429
1,423
1,436
1,437
1,432
1,205
1,200
1,215
1,218
1,215
64
64
71
72
68
38
31
26
25
25
444
447
460
482
480
659
658
658
639
642
224
223
221
219
217
609 6,609
606 6,643
614 6,639
630 6,696
636 6,628
5,688
5,718
5 723
5,749
5,675
360
433
348
1,325
1,339
1,355
1,504
1,506
3,658
3,681
3 679
3,575
3,542
925
916
414
357
338
256
211
213
266 1,132
269 1,129
268 1,144
268 1,170
270 1,164
951
946
52
63
256
253
613
605
181
183
965
986
74
88
30
25
258
274
73
29
276
608
595
179
184
978
25
29
166
167
167
167
167
718
712
715
721
718
576
573
575
579
576
19
20
20
23
20
28
29
21
20
20
148
148
158
165
165
381
376
376
371
371
142
139
140
142
142
232
229
235
239
240
1,567
1,532
1,561
1,585
1,606
1,287
1,257
1,288
1 312
1,329
163
150
196
218
233
50
34
30
35
35
390
395
385
426
428
684
678
677
633
633
280
275
273
273
277
1,253
1,246
1,259
1,265
264 1,316
1,095
1,088
1,103
1 109
1 162
93
93
114
120
52
42
29
28
321
322
324
360
629
631
636
601
158
158
156
156
7
5
6
5
8
310
312
313
316
315
440
38
49
1
1
1
1
2
2,028
2,004
2,001
2,054
2,122
355
92
92
92
94
94
12
4
21
71
227
353
354
354
354
24
24
25
25
25
439
439
7,176
7,148
7,133
7,006
7,018
227
232
940
938
937
935
12
12
12
12
12
61
1,731
1,722
225 1,769
241 1,974
239 1,940
290
32
226
230
942
15
14
14
14
14
4
3
1,118
1,122
292 1,124
320 1,105
323 1,099
283
284
303
309
352
351
2
244
246
Other
securities
Notes Bonds'
18
12
IS
16
246
61
61
29
23
24
30
23
33
29
9,932
740
9,906
753
169 1,538 12,242 10,241 1,114
355 1,546 12,520 10,466 1,245
321 1,557 12,475 10,353 1,156
251 1,554 11,960
441 1,533 11,910
10
31
30
106
118
127
8
23
23
17
15
731
727
730
2
3
1,683
1,661
302 1,690
305 1 696
306 1,732
10
10
78
92
102
94
82
28
201
203
Certificates
of indebtedness
77
111
113
141
34
34
174
174
171
921
18
62
18
62
445
5
5
12
11
14
14
5
5
11
11
235
235
14
14
235
237
5
12
14
237
274
271
272
275
274
2
2
2
2
3
4
4
4
4
3
6
5
6
5
5
100
100
101
102
102
1,150
1,161
1,168
1,186
1,192
731
746
746
759
761
7
6
7
8
8
5
5
5
4
4
12
13
13
13
13
166
166
167
168
168
2,703
2,694
2,719
2,719
2,780
1,450
1,448
1,460
1,454
1,464
1,019
1 018
1 028s
1 02 )
1 029
7
7
8
8
16
16
17
17
41
41
41
41
117
117
118
115
9
14
44
117
28
366
600
154
12,234
12,312
12,353
12,485
12,471
5,881
5,940
5,941
5,987
6,012
2,346
2,397
2,417
2 448
2,461
16
34
6
7
6
16
16
16
17
20
7
8
8
8
8
28
28
28
28
28
2,400
2,403
2,413
2,418
2,423
10
5
5
12
20
1,133
1,124
1,123
1,125
1,122
6,353
6,372
6,412
6,498
6,459
5,147
5,175
5,208
5 265
5,225
106
132
147
196
156
140
106
72
73
75
1,530
1,528
1,561
1 692
1,694
3,371
3,409
3,428
3 304
3,300
1,206
1,197
1,204
1 233
1,234
6,051
6,109
6,106
6,242
6,209
2,106
2,122
2,161
2,243
2,263
1,543
1,562
1 594
1,653
1,653
26
14
12
15
46
69
84
94
87
75
19
19
19
13
13
51
51
51
52
52
94
94
94
97
97
11
7
2
21
17
323
321
325
335
341
3,945
3,987
3 945
3.999
3,946
3,344
3,378
3 345
3,378
3,322
232
233
272
303
275
197
193
127
134
136
784
798
805
851'
855
2,131
2,154
2 141
2,090
2,056
601
609
600
621
624
718
722
724
17
443
12
4
4
2
17
8
4
3
2
2
5
263
262
261
261
459
168
600
947
953
186
* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table, The figures
for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
For other footnotes see preceding table.
62
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
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
New York*
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Philadelphia
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Cleveland
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Richmond
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27. .
Atlanta
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Chicago*
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
St. Louis
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27.
Minneapolis
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Kansas City
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Dallas
Nov. 29
Dec. 6
Nov. 13
Dec. 20
Dec. 27
San Francisco
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
City of Chicago*
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
ReIndiserves
BalDewith Cash ances mand vid- States Certiuals, and
Fedwith
dein
fied
eral vault
do- posits part- politand
nerRemestic adical
offiserve
banks justed ships, subcers'
and
Banks
cor- divi- checks,
pora- sions etc.
tions
464
488
470
516
463
63
63
71
71
75
4,823
4,893
5,246
4,918
4,839
210
210
246
23.
22
47.
473
477
491
475
53
53
61
58
56
743
789
770
81
790
89
101
99
99
457
47
471
467
458
9.
101
99
108
96
2,565
2,586
2,585
2,649
2,678
2,500
2,518
2,599
2,63
2,669
126 17,508 18,101
121 17,499 18,100
130 18,022 18,963
136 18,013 18,826
132 17,846 18,837
IndividU. S.
uals, States
and GovU. S. part- politernGov- nerical ment
ern- ships suband
ment and
divi- Postal
cor- sions
Savporaings
tions
49
50
48
55
56
78
68
70
71
76
480
480
479
478
479
57:
928
496
983
52
700
460
73.
51 1,125
488
442
421
42'
453
2,341
2,345
2,389
2,391
2,399
Demand
Domestic
Bor- Cap- Bank
row- ital
debacTime ings counts its*
Foreign
267
269
294
31
287
34
35
35
33
35
48
45
44
43
43
2,771
2,914
3,061
3,203
3,096
1,116
1,106
1,103
1,112
1,146
16
19
4
15
9
336
336
336
336
335
882
1,032
1,014
1,261
1,028
203
204
245
277
265
288
189
50
138
437
2,511
2,511
2,505
2,512
2,513
9,221
13,800
12,321
13,197
10,589
108
106
114
124
137
2,279
2,250
2,276
2,351
2,383
2,348
2,329
2,397
2,488
2,51
106
108
113
91
106
32
2
32
49
40
96
84
75
76
81
404
404
404
403
404
34
34
34
24
22
360
380
401
424
403
14
15
15
14
14
1
1
1
1
1
12
12
17
18
27
323
797
323 1,009
322
950
321 1,071
320
895
194
146
165
177
3,48.
3,456
3,510
3,510
3,524
3,581
3,545
3,648
3,619
3,704
202
195
182
192
175
65
59
76
81
67
124
111
106
117
125
1,321
1,323
1,323
1,326
1,334
38
37
37
35
34
488
492
493
533
526
8
8
8
8
8
1
1
1
1
1
10
31
18
51
23
498
481
480
481
481
76
71
79
78
82
163
168
207
194
203
2,163
2,148
2,213
2,19J 2,261
2,232 2,283
141
141
154
161
163
49
51
49
53
56
66
60
63
71
71
557
552
552
552
552
25
25
25
25
25
420
444
472
474
45
6
6
6
6
6
1
1
11
11
11
26
17
2
2
21
242
771
242
914
242
911
242 1,078
819
242
413
431
428
435
432
45
43
47
48
49
179
192
220
226
210
1,862 1,797
1,859 1,790
1,901 1,868
1,909 1,870
1,887 1,857
275
282
282
276
273
29
25
30
30
28
46
45
44
47
48
518
513
512
512
513
6
6
6
6
5
531
562
583
607
588
10
10
11
9
10
2
2
2
2
2
16
19
5
2
15
209
210
208
207
206
720
852
826
988
804
1,896
1,898
1,873
1,775
1,960
117
113
122
122
130
318
347
433
423
351
6,984
6,878
7,066
6,981
7,032
6,990
6,847
7,256
7,137
7,323
601
593
572
568
568
104
115
139
144
123
327
286
267
295
313
2,588
2,589
2,591
2,584
2,589
25
25
25
25
25
1,400
1,510
1,590
1,672
1,622
47
53
48
48
50
1
1
4
4
4
64
145
9
19
123
772
774
771
771
773
3,024
4,020
3,636
4,135
3,200
384
401
415
416
412
34
32
36
36
37
108
117
140
129
132
1,504
1,494
1,526
1,538
1,504
1,638
1,632
1,716
1,694
1,709
90
91
89
92
93
22
25
20
20
23
468
466
466
466
467
14
14
14
14
14
647
688
713
724
751
5
5
5
5
4
35
19
14
10
27
193
193
192
193
194
665
767
727
883
688
203
210
196
190
192
14
13
15
15
15
84
91
120
115
101
841
847
861
848
859
880
877
928
903
922
97
105
91
89
15
16
15
18
18
50
50
46
47
52
39
36
44
42
43
239
239
239
239
240
313
326
331
339
325
3
3
4
2
3
18
6
1
7
1
107
107
107
107
107
385
395
464
526
418
461
510
495
505
491
36
33
39
37
38
254
277
324
342
330
1,930
1,957
2,030
2,040
2,061
1,954
1,997
2,118
2,136
2,144
227
219
227
243
251
38
33
31
36
34
71
64
62
61
63
381
380
380
379
381
4
4
5
5
5
834
870
883
948
922
1
1
2
2
2
30
20
6
2
5
226
901
995
227
900
227
1,172
227
890
228
497
528
494
518
480
39
40
43
40
44
323
328
392
440
395
2,158
2,151
2,199
2,213
2,210
2,146
2,119
2,228
2,240
2,244
222
228
221
240
207
45
47
51
47
47
46
43
46
50
359
359
359
360
361
65
64
64
63
64
724
756
775
826
805
10
10
9
10
10
1,688
1,680
1,740
,780
,746
140
119
138
135
153
261
274
330
282
270
7,267
7,327
7,487
7,523
7.426
7,164
7,194
7,369
7,370
7,314
617
657
710
788
735
246
278
291
290
293
192
170
167
169
197
4,819
4,816
4,816
4,830
4,859
383
383
386
403
404
470
496
531
514
520
117
107
118
110
124
,301
,312
,254
,193
,366
40
38
41
42
49
144
160
236
232
165
4,350
4,288
4,378
4,374
4,369
4,457
4,367
4,581
4,515
4,626
295
290
283
284
284
52
60
75
80
68
142
135
148
160
1,367
1,370
1,373
1,367
1,369
21
21
21
21
21
1,024
1,111
1,167
1,215
1,174
41
47
42
42
43
For footnotes see opposite page and preceding table.
JANUARY
221
215
200
185
21
Interbank
deposits
Time deposits,
except interbank
1951
1,029
1,490
1,512
1,774
1,490
231
790
232
825
230
868
231 1,050
232
919
"52
50
897
899
900
902
907
2,692
3,175
3,078
3,448
3,032
59
126
6
12
119
519
520
518
518
519
1,921
2,680
2,330
2,562
2,002
5
13
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
On par list
Total banks on
which checks are
drawn, and their
branches and offices *
United States total:
Dec 31, 1946 .
Dec, 31, 1947
Dec. 31, 1948
Dec. 31, 1949
Nov. 30, 1950?
Total
Not on par list
(nonmember)
Nonmember
Member
Banks
Branches
and offices2
Banks
Branches
and offices
Banks
Branches
and offices
Banks
14,043
14,078
14,072
14,051
14,025
3,981
4,148
4,333
4,562
4,788
11,957
12,037
12,061
12,178
12,171
3,654
3,823
4,015
4,289
4,498
6,894
6,917
6,912
6,887
6,876
2,913
3,051
3,197
3,387
3,556
5,063
5,120
5,149
5,291
5,295
477
334
477
334
327
263
150
71
879
835
1,117
1,007
1,197
2,488
1,470
1,275
1,757
1,027
934
161
307
542
220
613
144
111
14
58
879
835
934
161
307
401
180
613
85
70
14
49
757
639
693
477
352
861
123
264
256
154
255
48
27
8
32
122
196
424
327
243
496
1,350
1,265
638
200
992
291
229
73
38
43
145
26
358
37
43
6
17
85
225
10
232
195
148
26
14
3
48
1
105
38
Branches
and offices
741
772
818
902
942
Banks
Branches
and offices
2,086
2,041
2,011
1,873
1,854
327
325
318
273
290
203
602
iii
40
336
598
9
106
59
41
By districts and
by States
Nov. 30, 1950 P
District
Boston
....
New York
Philadelphia
Cleveland
Atlanta
Chicago
..
St. Louis
^Minneapolis
Kansas City
Dallas
San Francisco
Alabama
Arizona
Arkansas
California
Colorado
State
..
.
1,117
804
595
2,488
1,134
677
1,748
1,005
496
477
756
630
267
1,483
921
496
1,350
19
972
4
129
10
109
195
148
26
53
5
972
4
68
120
93
26
39
2
924
3
36
5
41
75
55
48
19
105
38
48
19
62
17
41
8
15
74
66
43
21
35
4
35
53
93
5
96
19
191
398
Idaho
Illinois
Indiana
Iowa
Kansas
43
54
43
54
24
49
19
5
888
487
662
611
2
108
164
886
487
662
609
2
108
164
508
237
161
215
2
51
378
250
501
394
57
164
Kentucky
Louisiana . . . . . .
Maine
Ktaryland
Massachusetts
....
382
164
63
164
177
43
77
69
119
173
382
60
63
164
177
43
54
69
119
173
112
46
38
77
141
27
47
37
78
156
270
14
25
87
36
16
7
32
41
17
J^fichican
Minnesota
Illississippi
l^Iissouri
437
678
201
595
237
6
67
1
437
265
40
530
237
6
14
1
231
206
31
180
182
6
7
1
206
59
9
350
55
Nebraska
Nevada
.
New HaniD3hire
New Jersey . •
New Mexico
411
110
New York
North Carolina
North Dakota
Ohio
Oklahoma
19
130
113
45
4
39
84
110
411
141
8
74
323
51
2
19
2
164
14
8
74
323
51
2
19
2
164
14
6
52
278
35
630
208
150
658
779
216
22
224
630
95
63
658
779
81
6
224
551
54
43
422
384
1
4
56
47
4
7
2
18
1
148
2
270
2
22
45
16
1
1
16
12
722
46
79
41
20
236
57
35
6
30
12
194
376
1
224
1
69
966
15
101
191
49
30
736
9
39
230
6
27
12
148
49
64
43
32
89
164
37
49
71
24
62
21
32
9
8
Tennessee
Texas
Utah
295
96
204
83
82
62
904
55
69
12
24
11
849
55
69
12
24
11
578
31
40
12
22
2
.
313
113
308
113
203
62
105
51
'Washington
West Virginia
118
144
118
144
52
134
66
10
180
551
53
152
179
551
53
152
108
164
39
22
387
14
.• •
1
4
104
23
413
161
65
53
113
87
135
16
26
101
191
49
'v\Tyoniing
61
285
2
69
966
15
Virginia
14
2
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
169
123
7
11
10
Connecticut
Delaware
District of Columbia...
Florida
Georgia
45
5
43
9
35
152
8
84
6
3
98
25
122
21
91
55
13
271
24
29
2
9
71
5
1
130
l
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 1950, p. 244, footnotes 9 and 10).
Back fisures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports.
FEDERAL RESERVE BULLETIN
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Held by
Commercial
paper
Total
out- 1
outstanding standing
End of month
Based on
Accepting banks
Total
Own
bills
Others
Bills
bought
Exports
from
United
States
Imports
into
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
258
257
258
257
250
240
259
286
308
312
325
280
256
245
237
231
279
335
374
397
383
383
134
120
100
93
93
126
155
174
187
168
166
67
69
63
62
59
82
87
103
103
100
104
68
51
37
31
34
44
68
71
84
68
62
146
136
145
144
138
154
180
200
211
215
217
190
175
165
157
142
170
211
238
264
243
234
49
45
45
47
58
66
80
87
79
85
88
(2)
(22)
()
(22)
()
1
1
1
2
2
2
32
25
23
18
15
21
22
26
29
29
29
9
11
12
15
17
21
22
21
23
25
29
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]
Credit balances
Debit balances
Customers'
credit balances x
Debit
Debit
Customers' balances in balances in
firm
partners'
debit
balances investment investment
and trading and trading
(nct)i
accounts
accounts
Cash on
hand
and in
banks
Money
borrowed 2
616
600
496
543
761
789
887
1,041
1,223
1,138
809
540
552
578
619
550
11
8
9
7
9
11
5
7
11
12
7
5
6
7
7
10
89
86
86
154
190
188
253
260
333
413
399
312
333
315
326
312
186
211
180
160
167
181
196
209
220
313
370
456
395
393
332
349
395
368
309
378
529
557
619
726
853
795
498
218
223
240
283
257
1949—December...
881
5
400
306
1950—January....
February. . .
March
April
May
June
July
August
September..
October
November. .
3 901
3 953
31,018
31,084
31,175
1,256
3 1,208
3 1,231
s1,284
3 1,351
3 1,360
End of month
1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
December...
1946—June
December...
1947—June
December...
1948—June
December...
12
386
314
493
522
579
619
750
827
33 755
752
3
751
3
759
3 774
In partners'
In firm
investment investment
and trading and trading
accounts
accounts
In capital
accounts
(net)
Free
Other
(net)
255
289
240
270
334
354
424
472
549
654
651
694
650
612
576
586
65
63
56
54
66
65
95
96
121
112
120
120
162
176
145
112
17
17
16
15
15
14
15
18
14
29
24
30
24
23
20
28
7
5
4
4
7
5
11
8
13
13
17
10
9
15
11
5
222
213
189
182
212
198
216
227
264
299
314
290
271
273
291
278
633
159
26
15
271
669
669
666
678
657
673
3 712
3 780
3 738
3 771
3 796
166
25
11
312
523
3
3
3
3
3
Other credit balances
3
3
3
3
3
1
Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)
of firms'
own partners.
2
Includes
money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
8
As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars): September, 122; October, 123; November, 127.
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the
method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last
column is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data
in detail at semiannual dates prior to 1942.
JANUARY
1951
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Year,
month, or
week
Prime
commercial
paper,
4- to 6months 1
U. S. Government
Prime Stock
exsecurities (taxable)
bank- change
ers'
call
accept- loan
39-to 12- 3- to 5ances,
remonth
year
90
new- month
bills 3 issues 4
days 1
1948 average....
1949 average
1950 average
1.11
1.12
1.15
1.55
1.63
1.63
1.040
1.102
1.218
.14
.14
.26
1.62
1.43
1.50
1949—December.
1.06
1.63
1.102
.10
1.37
1950—January. .
February.
March
April
May
June
July......
August...
September
October. .
November
December.
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
1.63
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
.12
.15
.16
.17
.18
.23
.23
.26
.33
.40
.47
1.46
1.39
1.44
1.45
1.45
1.45
1.47
1.45
1.45
1.55
1.65
1.62
1.64
1.383
1.366
1.351
1.368
1.382
1.46
1.46
1.46
1.47
1.47
1.63
1.64
1.63
1.65
1.65
Week ending:
Dec. 2 . . .
Dec. 9 . . .
Dec. 1 6 . . .
Dec. 2 3 . . .
Dec. 3 0 . . .
1 5 /X6
1 5 A«
l5/l6
l5/l6
1
2
Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day Stock Exchange time loans was 1.50
per cent, Aug. 2, 1946-Aug. 16, 1948; and 1.63 per cent beginning
Aug.
17, 1948.
3
Rate on new issues within period.
4
Series includes certificates of indebtedness and 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.
BANK RATES ON BUSINESS LOANS
AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESSES BY BANKS IN SELECTED CITIES
[Per cent per annum]
Size of loan
Area and period
All
loans
Annual averages:
19 cities:
1941
2.0
1942
2.2
2.6
1943
2.4
1944
1945
2.2
2.1
1946
2.1
1947
2.5
1948
2,7
1949
2.7
1950
Quarterly:
19 cities:
1950—Mar
2.60
June
2.68
2.63
Sept
Dec
2.84
New York City:
1950—Mar
2.29
June
2.34
2.32
Sept
Dec
2.51
7 Northern and East
ern cities:
1950—Mar....... 2.55
June
2.67
2.63
Sept
Dec
, 2.87
11 Southern and
Western cities:
1950—Mar
, 3.12
June
3.22
Sept
3.13
Dec
3.28
$1,000- $10,000-! $100,000- $200,000
$10,000 $100,000 $200,000 and over
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
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
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
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
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 *
[Per cent per annum]
U. S. Government
(taxable)
Year, month, or week
7 to 9
years
15
years
or
more
Corporate (Moody's
Municipal
(highgrade)2
Corporate
(highgrade) 3
By ratings
By groups
Total
Aaa
Aa
A
Baa
Industrial
Railroad
Public
utility
Number of issues
1-5
1-8
15
9
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
1949—December
1.68
2.19
2.13
2.55
2.86
2.58
2.67
2.89
3.31
2.65
3.14
2.79
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
2.08
2.06
2.07
2.08
2.07
2.09
2.09
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
2.84
2 84
2.86
2.87
2.90
2.85
2.86
2.88
29 88
oo
L . oo
2.57
2.58
2.58
2 60
2.61
2.62
2 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
2 86
2.88
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
2 79
2.81
2.81
2 83
2.80
2.84
2 85
2 86
2.87
Week ending:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Dec. 30
1.96
1.98
1.97
1.96
1.98
2.38
2.39
2.39
2.38
2.39
1.80
1.81
1.81
1.74
1.72
2.66
2.68
2.66
2.64
2.64
2.88
2.89
2.88
2.88
2.87
2.67
2.68
2.67
2.67
2.66
2.72
2.72
2.73
2.72
2.71
2.91
2.92
2.92
2.91
2.90
3.21
3.22
3.21
3.20
3.19
2.70
2.70
2.70
2.70
2.70
3.08
3.09
3.08
3.07
3.05
2.87
2.87
2.87
2.86
2.86
1
2
4
Monthly and weekly data are averages of8 daily figures, except for municipal bonds, which are based on Wednesday figures.
Standard and Poor's Corporation.
U. S. Treasury Department.
Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have
been reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues.
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.
66
FEDERAL RESERVE BULLETIN
SECURITY MARKETS 1
Stock prices 6
Bond prices
Corporate 4
Year, month, or week
U.S. MunicGovipal
(highernment 2 grade) 3 Highgrade
Number of issues.
1-8
15
Volume
of trading7 (in
thousands of
Public shares)
utility
Common (index, 1935-39=100)
Medium-grade
Preferred6
Total
Industrial
Railroad
Public
utility
Total
Industrial
Railroad
15
416
365
20
31
1948 average.
1949 average.
1950 average.
1949—December.
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
124
121
146
131
128
156
115
97
117
96
98
107
1,144
1,037
2,012
104.36 130.3
103.7
94.5
101.0
82.2
100.1
180.6
133
140
101
104
1,739
1950—January
February
March
April
May
Tune
July
August
September
October
November
December
104.16
103.62
103.24
102.87
102.73
102.42
102.24
102.28
101.90
101.64
101.69
101.53
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
135
137
139
142
147
148
138
147
152
158
156
158
143
144
147
150
156
158
147
158
163
171
169
171
108
107
109
110
110
107
110
121
125
129
127
139
106
107
110
111
113
112
103
104
105
106
105
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
Week ending:
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Dec. 30
101.60
101.53
101.53
101.56
101.49
136.8
136.6
136.6
138.0
138.5
181.2
180.5
179.9
179.5
179.8
155
155
157
160
162
167
168
170
173
175
126
131
137
145
145
104
104
104
104
106
2,262
2,188
2,566
3,474
3,211
12
1
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday
2
Average of taxable bonds due or callable in 15 years or more.
3
Prices
derived from average yields, as computed by Standard and Poor's Corporation, on basis
of a 4 per cent 20-year bond.
4
6
Prices derived from average yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
6
Prices
derived
from
averages
of
median
yields
on
noncallable
high-grade
stocks
on
basis
of
a
$7
annual dividend.
7
Average daily volume of trading in stocks on the New York Stock Exchange.
8
figures.
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.
NEW SECURITY ISSUES
[In millions of dollars]
For refunding
For new capital
Year or month
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
1941
1942
1943
1944
1945
1946
1947
1948
1949
2,854
1 075
642
913
1,772
4,645
37 566
9,079
7,909
Domestic
Domestic
State
and
municipal
Total
(doCorporate
Formestic
Fedeign2 and
eral
forBonds
agen-1
eign)
and Stocks
cies Total
notes
889
173
2,852
518 1,272 1,062
1,075
624
506
342
108
118
92
282
640
90
374
176
422
896
15
235
646
224
607
657
1,761
471
26 1,264
127 3,556 2.084 1,472
4.635
952
7.255 2,228
239 4,787 43.567 1,219
908
9,070 2,604
294 <6.172 5,264
954
7,880 2,803
233 4,844 3.890
1949—November
December.
521
731
412
513
412
513
229
198
1950—January..
February.
March. . .
April
May
June
July
August
September
October. .
November
31,185
809
1,059
685
1,052
1,285
579
787
924
794
752
817
711
768
525
771
954
505
551
705
651
598
817
708
746
520
769
949
505
519
687
646
584
233
550
363
170
304
334
204
265
272
181
356
30
13
21
23
39
18
8
145
183
315
124
169
59
146
553
146
361
327
426
598
292
254
270
465
229
463
80
280
147
307
429
216
211
220
265
192
90
66
82
180
119
169
77
43
50
200
37
1
2
17
12
10
68
10
29
. .
.„
22
5
2
5
31
18
5
14
Total
State
and
municipal
ForCorporate
eign2
Federal
Bonds
agen-1
cies Total and Stocks
notes
1,557
418
685
2,466
4,937
2,953
1,482
1,430
407
603
2,178
4,281
2,352
1,199
284
418
257
366
52
56
35
105
35
101
159
57
58
65
31
35
53
48
193
63
65
108
20
168
89
236
276
21
134
20
77
74
2,693
1,039
1,527
3,303
6,234
4,000
2,125
1,135
1,566
2,689
1,039
1,442
3,288
6,173
3,895
1,948
1,135
1,466
435
181
259
404
324
208
698
440
497
418
912
734
44
82
104
422
768
943
109
218
•369
98
292
160
281
330
75
236
219
143
154
109
218
22
57
6
3
6
14
20
1
8
6
3
14
269
83
229
160
281
330
75
190
219
143
154
96
19
165
80
231
276
21
128
20
76
66
126
11
82
288
656
601
283
28
52
4
86
1S
61
10S
177
101
4*
12
1
4
9
6
63
5
46
ii
1
8
1
2
3
Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
These figures for 1947 and for January 1950 include 244 million dollars and 100 million, respectively, of issues of the International Bank
for Reconstruction
and Development, which are not shown separately.
4
Includes the Shell Caribbean Petroleum Company issue of 250 million d ollars, classified as "foreign" by the Chronicle.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures
subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487.
JANUARY
1951
67
NEW CORPORATE SECURITY ISSUES *
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month
Estimated
gross
proceeds 2
Estimated
net
proceeds 3
New money
Total
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945.
1946
1947
1948.
1949
1949—No vem ber
December
1950—January
February
March .
April
May
June
July
August
September.
October
November
Plant and
equipment
Retirement of securities
Working
capital
Total
Bonds and
notes
Repayment
of
other debt
Preferred
stock
Other
purposes
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
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
858
991
681
325
569
868
474
308
657
1.080
3.279
4,591
5.929
4.606
380
574
504
170
424
661
287
141
252
638
2,115
3,409
4.221
3,724
478
417
177
155
145
207
187
167
405
442
1,164
1,182
1.708
882
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
US
73
49
134
379
356
488
637
49
36
7
26
19
28
35
27
47
133
231
168
234
315
332
574
614
259
547
490
669
1 ,069
315
407
416
519
327
565
270
331
111
108
17
113
17
111
2
24
37
16
83
605
255
538
480
658
1,055
311
402
408
508
453
190
371
344
306
625
211
225
306
274
159
223
405
130
242
295
212
451
140
189
248
224
48
60
129
49
94
174
71
36
58
50
52
33
139
50
204
317
20
138
33
88
39
30
138
36
164
311
19
132
28
61
12
3
1
14
40
5
6
5
27
53
13
11
76
137
65
20
17
32
127
48
18
17
9
11
49
60
23
37
19
324
228
168
60
67
54
13
18
11
330
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS*
[In millions of dollars]
Manufacturing
Year or
month
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1846
1947
1948
1949
439
616
469
188
167
244
293
228
497
454
,033
811
1,969
3,601 2,201
2,686 1,974
2,180 1,726
851
,391
1950—January
February
March
April
May
June
July
August
September
October
November . . .
Commercial and
miscellaneous 6
Total
Total
net
New Retire- net
pro- money ments10 proceeds9
ceeds9
1,280
1,079
831
584
961
828
527
1949—November
December
5
63
31
63
49
34
1S6
169
68
42
70
177
New Retire-10
ments
Railroad
Total
net
pro-
New
761
373
226
353
738
463
774
338
54
182
319
361
504
1,010
981
353
54
44
139
228
24
85
115
253
32
46
102
115
129
240
546
441
403
338
304
229
47
160
602
1,436
704
283
617
456
24
49
25
36
6
23
10
31
10
27
27
47
38
24
80
109
50
20
43
63
59
31
25
16
33
29
45
72
40
62
35
24
25
21
15
21
19
20
22
19
15
11
11
93
13
107
31
69
74
13
42
17
19
19
27
13
85
27
39
15
13
38
17
19
19
Public utility
Retirements10
558
110
30
97
186
108
15
114
500
1,320
571
35
56
11
22
40
Total
net
proceeds9
New
7
Communication
Total
net
proceeds9
Retirements10
63
1,987
751
89
1,208
180
43
1,246
1,180
245
1,340
317
464
145
22
469
40
1,400
69
2,291
785
2,129
3,212 2,188
2,281 1,998
2,615 2,140
292
423
1,343
2,159
1,252
939
145
234
891
567
149
346
125
159
4
96
225
130
217
273
331
575
104
233
223
213
167
165
98
141
228
129
385
81
121
205
150
120
14
29
58
40
165
161
11
107
11
32
45
New
1,897
611
943
1,157
922
Real estate
and financial
8
Retirements 10
Total
net New Retire-10
proments
ceeds9
390
218
57
870
505
71
16
102
155
94
4
21
107
206
323
286
587
593
61
85
164
189
485
440
16
4
14
4
92
85
90
70
205
202
18
23
13
64
24
6
7
22
7
18
22
13
3
21
6
5
14
4
20
23
132
86
31
127
30
39
28
43
21
993
42
55
4
13
152
7
7
18
"4"
42
65
64
24
30
35
50
2
14
3
I
1
2
Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
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
5
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.
FEDERAL RESERVE
BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
MANUFACTURING CORPORATIONS
[In millions of dollars]
Assets of 10 million dollars and over
(200 corporations)
Assets of 50 million dollars and over
(82 corporations)
Assets of 10-50 million dollars
(118 corporations)
Year or quarter
Sales
Profits
before
taxes
Profits
after
taxes
Dividends
Sales
Profits
before
taxes
Profits
after
taxes
Dividends
Profits
before
taxes
Profits
after
taxes
1.583
1,869
2,600
3,227
4,080
4,497
4,253
3,912
5. 129
5.717
5,124
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—1
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
1,273
519
220
260
255
129
202
2,521
3 310
3,099
8,621
8,947
9,250
10,136
,218
,242
,331
,523
9.363
9,369
9,420
8,550
,326
, 196
,312
,201
722
856
947
760
777
848
861
943
1 ,167
1,403
! ,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
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
,390
, 445
,437
, 445
168
184
186
184
102
113
115
120
38
42
43
70
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
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
,322
,476
,658
!46
190
260
87
112
152
40
46
49
656
772
854
672
688
755
764
804
1 ,000
1 ,210
1 ,474
Quarterly
1949—1
2
3
4
1950—1 i
9,256
10,655
11,753
.400
,821
2,176
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad
Year or quarter
Operating
revenue
Profits
before
taxes
3 . 9Q5
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
243
363
555
510
f 147
2 226
2 140
2,066
Profits
after
taxes
1948—i
2
3
Profits
before
taxes
902
873
667
450
287
479
699
438
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
.067
129
.235
362
,537
.641
803
.902
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
168
168
174
171
134
181
216
146
286
393
317
73
186
244
191
57
57
53
122
) 21.1
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
119
!83
174
224
58
115
104
161
69
312
.223
223
206
180
173
195
124
136
142
157
670
695
711
741
62
75
84
111
42
50
55
72
50
2S9
316
272
259
281
1,378
1 ,315
1,310
351
321
293
230
2 212
2171
146
153
152
749
780
809
114
135
150
274
2 86
2 85
93
189
500
Dividends
Profits
after
taxes
Dividends
Operating
revenue
Profits
before
taxes
Profits
after
taxes
Dividends
175
178
172
163
Quarterly
?
2
2
2
4
1949—i
2
3
4
Telephone
Operating
revenue
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947 .
1948
1949
Electric power
...
1950—1
2
3
1 985
2.238
2,534
109
247
r
453
2
2
2
51
155
253
55
50
78
61
53
55
.152
.178
,267
2
51
54
61
63
68
71
r
1
Revised.
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).
JANUARY
1951
69
SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
[In millions of dollars]
Quarterly
Annual
Industry-
1948
1947
1948
1949
1950
1949
Nondurable goods industries
Total (94 corps.):2
Sales
Profits before taxes
Profits after taxes
Dividends
11,313 13,364 12,790 3,324 3,532 3,243 3,051 3,163 3,333 3,251 3,458 3,908
397
1,787 2,208 1,843
496
446
774
543
503
504
581
565
256
292
1,167 1,474 1,211
321
342
308
464
362
353
394
166
147
249
166
551
146
205
656
141
175
225
708
Selected industries:
Foods and kindred products (28 corps.) :
Sales
Profits before taxes
Profits after taxes
Dividends
3,231
421
259
128
3,447
410
257
135
3,254
377
233
134
846
99
60
32
904
111
71
42
805
85
52
30
792
89
54
31
822
101
63
29
835
102
64
44
757
83
47
31
Chemicals and allied products (26 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
3,108
547
337
215
3,563
655
408
254
3,562
673
403
311
904
166
104
59
936
183
119
85
896
170
100
64
860
140
83
66
896
174
105
68
910
189
115
113
952 1,051 1,192
309
205
247
174
117
141
112
72
79
Petroleum refining (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
2,906
456
350
127
3,945
721
548
172
3,865
525
406
172
978 1,077
171
173
132
141
29
66
993
161
119
31
934
119
92
47
942
114
86
31
996
131
109
63
960
121
87
42
817
100
57
33
931
153
86
32
989 1,113
133
188
95
131
42
44
Durable goods industries
Total (106 corps.):3
Sales
Profits before taxes
Profits after taxes
Dividends
19,502 23,591 23,914 5,927 6,605 6,120 6,320 6,257 5,217 6,005 7,197 7,846
830
2,312 3,107 3,192
799
866
788
697
958
896 1,240 1,402
487
1,355
470
508
1,836
778
470
424
695
564
496
1,888
197
615
184
746
188
166
380
341
274
220
218
949
Selected industries:
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
7,545
891
545
247
9,066
1,174
720
270
8,197 2,306 2,601 2,430 2,175 2,050 1,542 2,200 2,528 2,665
353
252
228
454
400
304
160
385
299
993
204
144
255
130
225
185
100
240
167
578
71
64
61
60
73
79
89
90
66
285
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
3,634
443
270
113
4,554
569
334
126
4,372 1,076 1,283 1,106 1,110 1,055 1,101 1,106 1,200 1,276
133
120
119
193
177
148
168
118
145
520
79
77
105
75
91
94
109
71
82
321
33
32
31
37
38
28
42
41
49
136
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
6,692
809
445
195
8,093
1,131
639
282
9,577 2,056 2,221 2,151 2,601 2,707 2,118 2,283 2,975 3,355
655
327
298
376
462
337
305
596
398
1,473
357
176
218
267
200
177
175
330
215
861
205
112
76
80
216
65
79
91
90
451
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 annual rates)
(In billions of dollars]
Year
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950 i
.
. .
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
18.3
5.0
6.4
9.4
9.4
10.6
10.8
8.5
13.9
18.5
20.9
17.0
3.8
4.0
4.5
4.3
4.5
4.7
4.7
5.8
6.6
7.5
7.8
8.9
21.9
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
Income
taxes
Profits
after
taxes
Cash
dividends
1948—3
4
35.3
33.1
13 4
12.9
21.9
20.3
7 5
7 9
14.4
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
77
7.4
8.2
9.5
8.7
9.9
8.7
1950—1
2
3
29.2
37.4
'46.4
'13.2
16.5
'20.6
16.0
••20.9
••25.8
8.1
8.1
9.4
12.8
16.4
Quarter
Undistributed
profits
••7.9
f
Revised.
Estimates of Council of Economic Advisers, based on preliminary data.
Source.—Same as for national income series.
1
70
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)
1943—Dec. ,
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
170,108
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
Direct debt
Marketable public issues *
Total
Total 8
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury Total J
indebtnotes
bills
bonds
edness
165,877 115,230 13,072
201,003 140,401 14,734
230,630 161,648 16,428
258,682 181,319 17,041
278,115 198,778 17,037
269,422 189,606 17,039
259,149 176,613 17,033
258,286 168,702 15,775
256,900 165,758 15,136
252,292 160,346 13,757
252,800 157,482 12,224
252,770 155,147 11,536
257,130 155,123 12,319
256,865 154,833 12,331
256,368 154,764 12,336
255,724 154,479 12,334
255,718 154,601 12,623
256,350 155,001 13,023
257,357 155,310 13,533
257,541 155,168 13,642
257,874 155,162 13,637
257,216 153,774 13,637
256,937 152,779 13,629
257,077 152,758 13,608
256,708 152,450 13,627
22,843
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
11,175
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
67,944
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
36,574
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
Special
U. S. Treasury
and issues
savings tax
savings
bonds
notes
27,363
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
8,586
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
12,703
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
Fully
Non- guaraninterest- teed
bearing securities
debt
1,370
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
4,230
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
1
2
Includes amounts held by Government agencies and trust funds, which aggregated 5,307 million dollars on Nov. 30, 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 dol ars
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING DECEMBER 31, 1950
[On basis of daily statements of United States Treasury.
of dollars]
Issue and coupon rate
Amount
Treas lury bills
Jan. 4, 1951.
Jan. 11, 1951.
Jan. 18, 1951.
Jan. 25, 1951.
Feb. 1, 1951.
Feb. 8, 1951.
Feb. 15, 1951.
Feb. 23, 1951.
Mar. 1, 1951.
Mar. 8, 1951.
Mar. 15, 1951.
Mar. 22, 1951.
Mar. 29, 1951.
,'lO2
1,103
1,001
1,001
1,005
Cert, of Indebtedness
Jan. 1, 1951
1J4
5,373
July
Aug.
Oct.
Oct.
1, 1951-C... AH
1, 1951-D. . AH
1,1951
\H
1, 1951
\H
15, 1951
\H
Nov. 1,1951
Mar. 15, 1954
Mar. 15, 1955
Dec. 15, 1955
\)i
\%
\)4
\%
Treasury bonds
June 15, 1951-54 2 . 2 %
Sept. 15, 1951-53... 2
1
Sold on discount basis.
p. 266.
Partially tax exempt,
JANUARY
Issue and coupon rate
Amount
Month
Treasury bonds—Cont.
1,003
1,002
,000
,001
,100
,102
,101
Treasury notes
July 1, 1951-B....1M
July
In millions
1951
Sept.
Dec.
Dec.
Mar.
June
June
Dec.
June
June
Mar.
Mar.
Sept.
Sept.
June
June
Dec.
Dec.
June
Dec.
June
Dec.
Mar.
Mar.
June
Sept.
Dec.
15, 1951-5522
3
15, 1951-53 . .2H
15, 1951-55
2
15, 1952-54... 2 Y2
15, 1952-54
2
15, 1952-55... 2 M
15, 1952-54
2
15, 1953-552
2
15, 1954-562. .2H
15, 1955-602. . 2 ^
15, 1956-58...2H
15, 1956-592. .2%
15, 1956-59...
2H
15, 1958-632. .2%
15, 1959-623. .2H
15, 1959-623.
t2H
15, 1960-652. .2%
15, 1962-673. .2)4
15, 1963-683. %2)4
15, 1964-693. .2*4
15, 1964-693. .2)4
15, 1965-703. ,2)4
15, 1966-7P. .2)4
15, 1967-723. m2*4
15, 1967-72... 2)4
15, 1967-723. . 2 ^
755
1,118
510
1,024
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
2,741
886
4,818
5,351 Postal Savings
1,918
109
bonds
2)4
5,941
5,253
4,675
5,365 P a n a m a Canal Loan. 3
50
2,309
Total direct issues
152,450
1,627
7,986
Guaranteed securities
Federal Housing Admin.
Various
21
See table on Open-Market Money Rates,
3
Restricted.
Fiscal year
ending:
June—1943..
1944..
1945..
1946..
1947..
1948..
1949..
1950..
Redempfrom sales during tions
Amount Funds received
and
period
outmaturities
standing
at end of
All
All
Series Series Series
month
G
series
series
E
F
21,256 11,789 8,271
34,606 15,498 11,820
45,586 14,891 11,553
6,739
49,035 9,612
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
848
2,371
4,298
6,717
5,545
5,113
5,067
5,422
1949—Dec.... 56,707
495
377
16
103
466
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
402
361
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
1950—Jan....
Feb....
Mar. . .
Apr....
May...
June...
July...
Aug
Sept...
Oct....
Nov
Dec....
Maturities and amounts outstanding December 31, 1950
Year of
maturity
All
series
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
Unclassified. .
Total... .
Series
D
Series
E
1,540
3,873
6,583
8,357
7,216
5,332
5,117
5,299
5,207
5,662
1,574
2,238
19
437
1,103
3,873
5,362
5,924
4,705
2,417
2,532
2,808
2,991
2,830
58,019
437
34,546
Series
F
Series
G
196
492
518
599
478
257
277
456
220
386
1,025
1,942
1,993
2,316
2,107
2,234
1,939
2,376
1,354
1..852
3,878
19,139
71
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in million s of dollars]
Total
Held by
gross
U. S. Government
debt
agencies andJ
(includtrust funds
End of month ing
guaranteed
securiSpecial
Public
ties)
issues
issues
Held by the public
Federal
Reserve
Banks
Total
ComMutual
mercial savings
banks » banks
Insurance
companies
Other
corporations
1940—June
1941—June
1942—June ,
1943—June
1944—June. , ,
1945—June
1946—June
1947—June
Dec
1948—June
Dec
1949—June ,
Dec
1950—June. . . . .
48,496
4,775
55,332
6,120
76,991
7,885
140,796 10,871
202,626 14,287
259,115 18,812
269,898 22,332
258.376 27,366
256,981 28,955
252,366 30,211
252,854 31 ,714
252,798 32,776
257,160 33,896
257,377 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
2,466
46,837
2,184
66,369
2,645
126,474
7,202
183,529 14,901
234,175 21,792
240.768 23,783
225,565 21,872
222,622 22,559
216,606 21,366
215,526 23,333
214,510 19,343
217,800 18,885
219,547 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
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
1950—July
Aug
Sept
Oct
257,557
257,891
257,236
256,959
5,465
5,430
5,490
5,475
219,574
219,755
218,350
217,945
17,969
18,356
19,572
19,252
t>4,600
'64,000
'62,100
62,100
11,500
11,400
11,200
11,100
20,100
20,000
19,700
19,500
18,800
19,500
19,400
19,800
32,518
32,705
33,396
33,539
State
and
local
governments
Individuals
Miscellaneou*
Savings Other
invesbonds securities
tors*
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
8,200
8,200
8,100
8,100
50,000
49,900
49,900
49,800
'17,500
'17,600
'17,600
17,600
10,900
10,800
10,700
10,800
400
600
900
700
700
r
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.
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]
1
2
8
End of month
Total
outstanding
U. S.
Govt.
agencies
and
trust
funds
Fed- Com- Mu- Insurtual
eral
mer- savance
Recial
com- Other
serve banks 1 ings panies
Banks
banks
Type of
security:
Total: 5
1948—June....
Dec...
1949—June....
Dec
1950—June
Sept.. . .
Oct
Treasury bills:
1948—June
Dec
1949—June
Dec
1950—June... .
Sept
Oct
Certificates:
1948—June
Dec
1949—June
Dec
1950—June
Sept
Oct.....
Treasury notes:
1948—June....
Dec
1949—June
Dec
1950—June
Sept
Oct
Treasury bonds:
1948—June
Dec
1949—June.,..
Dec...
1950—June
Sept
Oct
57,599
55,353
56,237
59,856
58.972
55,665
55,346
11,522
10,877
11,029
10,772
10,877
10,531
10,389
2,345
2,794
2,817
3,514
3,703
56 1.513 3,774
38
763 3,939
14 4,616 8.552
24 6,078 9,072
26 6.857 9,561
48 6.275 11,520
5.357 5,354
1 4,975 2.438
70 1 ,970
58
50
13
15
35
160.373 5,402
157.496 5,477
155,160 5,374
155.138 5,327
155,325 5,350
153,792 5,365
152,798 5,349
13,757
12,224
11.536
12.319
13.533
13.637
13,629
22,588
26,525
29.427
29,636
18,418
11,620
5,373
11,375
7,131
3,596
8,249
20.404
31,688
36,948
21,366
23,333
19,343
18,885
18,331
19,572
19,252
15 8,577
69 5,487
63 4,346
11 4.829
3 3 .856
21,705
19.819
19,090
18,535
18,132
17,734
17,380
112 2 .650
84 3,740
60 4.237
70 3,880
90 5,846
50
72
317
256
283
248
479
672
207
602
169
64
633
382
33
18
179
142
7
791 3,099
47
359 1.801
15
562 5.569
29 3,500 11,204
1,968 4,531
98
84
41
107
154
223
166
104
244
403
25 9,291 13,982
12 14,239 14,041
148
146
543
541
42,146
40,371
42,042
39,235
38,691
35,454
35,376
11,047
10,486
10.768
10,480
10,624
10,299
10,152
112,462 5,336 6,206
111,440 5,340 10,977
110,426 5,201 7,780
104,758 5.217 7,218
102,795 5,273 5,618
96,670 5,247 3,793
96,670 5,262 4,180
42 779
42.637
44,087
41,763
43,663
44,925
45,082
7,961
8,569
End of month
ing
Treasury bonds
and notes, due
or callable:
Within 1 year:
1948 —June. .
Dec..
1949—June..
Dec
1950—June
U. S.
Govt
agencies
and
trust
funds
Fed- Com- Mu- Insurtual
eral
ance Other
mersav- comRecial
serve banks 1 ings panies
banks
Banks
13.41 lj
10,216i
11.226
14,319
10,387,
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
4956
3.125
2,553
3,685
2,300
Sept.. . . 26,800
Oct
34,659
108 4,350 13,293
115 9,676 14,457
286
281
705
756
8.058
9,374
1-5 years:
1948—June....
Dec
1949—June
Dec
1950—June
Sept.. . .
8,610
Oct
10,423
12,174
10,991 5 - 10 years:
7.25 4 1948—June....
Dec
3,994
1949—June.,..
3,173
Dec
1950—June...
4,555
2,984
Sept
1,244
Oct
1,752
5,114 After 10 years:
1948—June....
7,699
Dec
7,969
1949—June
Dec
26,847
1950—June
25,375
26,320
Sept
25,029
Oct
25,340
20,880
18,891
18,315
17,579
17,249
16,720 25,157
16,440 25,260
Total
out
stand-
46,124j
44,053
39.175
35,067
51,802
40,549
37,950j
318
226
212
1,829
1,769
1,279
1,121
1 ,058
250 6,099 25,907
639
230 5,721 24,703
617
2,636
3,258
2,121
186 1,922
327 5,116
314
314
15,926
15,926
404
400
976
997
53,838
53,838
48,554
45.084
45,084
4,685
4,710
4,455
4,441
4,482
4,511
4,530
2,921
7,215
4,452
3,593
2,349
45,084
45,084
2,790 7.97i
2,501 8.254
2,124 7.135
1 ,641 5.290
1,731 10,443
1,246
1,182
6,408
5,497
546 6,251
506
911 1,936
434 6.314
520
997 1,885
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
10,464
10,464
15,067
18.537
15,926
532
568
423
30,580
28,045
26,304
24,907
33.127
584
6,062 2,230 1,916 4,338
6,069 2,180 1,914 4,366
3,922
3,541
3,933
3,887
4,092
8,639
8,048
7,293
6,588
7,130
17,129
15,230
14,179
13,485
13,507
16.542
15,094
14,242
13,090
13,524
1,660 4,173 7,293 13,396 14.051
2,025 4,187 7,221 13,129 13,992
* 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
amall1 amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above.
Includes stock savings banks.
2
Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.
*Less than $500,000,
72
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[In millions of dollars]
Cash operating
On basis of daily statements of United States Treasury
Increase
Budget
Net Budget
surplus
exre(+) or
ceipts pendideficit
tures
(-)
year or
month
Fiscal year:
1948 . . ,
1949
1950 . .
1949—Dec...
1950—Jan.. .
Feb.. .
Mar-..
Apr...
May..
June..
July..
Aug...
Sept. .
Oct...
Nov..
Dec...
(+)or
General fund of the Treasury (end of period)
Assets
during period
Trust Clearacing
counts, ac- 1
etc.i count
42,211 33,791 +8,419
38,246 40,057 - 1 , 8 1 1
37,045 40 167 —3 122
4,191 3,722
-j-469
3.366 3,323
4-44
2,972 2,496
+476
4,820 3,269 +1,551
1,488 2,847 - 1 , 3 5 8
2,320 2,962
-642
4,404 4,296
+108
1,881 3,013 -1,132
2,860 2,515
+344
4,605 3,520 + 1,084
2,056 3,170 - 1 , 1 1 4
2,851 3,102
-252
4,211 3,742
+470
Balance
in
general
fund
General
fund
balance
Gross
debt
- 2 9 4 -507 - 5 , 9 9 4
- 4 9 5 +366
+478
4-99 +483 +4 587
-272
+148
-88
-265
+2 +589
1
1
+ 170
-497
- 9 3 +122
-645
-79
-6
+25
+ 147 - 3 7 6
+632
8
-53
+ 1,007
-99
+31
+ 183
+ 147 - 1 4 0
+333
-27
-80
-658
-17
+49
-279
-63
+ 169
+ 140
-52
+45
-369
+ 1,624
-1,462
+2 047
+257
+370
+ 137
+935
-1,419
-238
+ 1,053
-1,017
+685
+319
-1,359
Deposits in
Fed- Speeral
cial
Reserve 2 depositaries
banks
Total
4,932
3,470
5 517
4.679
5,049
5,186
6,121
4,702
4,464
5,517
4,500
5,185
5,505
4,145
—6 4,139
+93 4,232
5,370
3,862
5 927
5,033
5,421
5,489
6,438
5,074
4,757
5,927
4,864
5,501
5,932
4,537
4,586
4,724
1,928
438
950
841
677
666
1,006
875
588
950
566
733
1,116
569
714
690
Total
liaOther biliassets ties
1,773
1.771
3 268
2,557
2,898
3,146
3,665
2,543
2,560
3,268
2,618
3,115
3,065
2,317
2,232
2,344
Cash
income
Cash
outgo
Excess
income
(+)or
438 45,400 36,496
392 41,628 40,576
410 40 970 43 155
354 4,263 4,070
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
,670
L ,653
I 709
,635
1,847
,677
,766
,657
1,609
L, 709
,680
,654
1,751
,651
1,640
1,690
outgo
(-)
+8,903
+1,051
—2 185
+ 193
+308
+58
+1,116
-1,661
-762
+626
- 1 ,032
+514
+ 1,666
-909
+72
DETAILS OF TREASURY RECEIPTS
On basis of daily statements of United States Treasury
Income taxes
Fiscal year
or month
Withheld
by employers
Fiscal year:
1948
1949
1950
1949—Dec...
1950—Jan
Feb.. . .
Mar....
Apr.. . .
May...
June.. .
July
Aug.. . .
Sept....
Oct
Nov....
Dec.. . .
Miscella- Social Other Total
neous Secure- 4 rerity ceipts
Other internal taxes
ceipts
revenue
8,301 2,396 4,231 46,099
8,348 2,487 2,456 42,774
8,303 2,892 1,853 41,311
141
180 4,255
720
222 3,480
645
68
599
544
123 3,607
701
364
128 5,622
629
93
103 2,092
704
295
176 2,895
714
351
184 4,776
737
204
179 2,148
340
181 3,238
948
315
117 4,842
775
808
186
202 2,300
187 3,184
746
310
764
169 4,474
377
11,436 19,735
9,842 19,641
10,073 18,189
695 2,520
588 1.957
1,310 1,032
774 3,655
479
1,342
817
434
788
379
2,709
594
345
1,423
2,816
819
514
1,620
988
591
320
2,175
On basis of reports by collectors of internal revenue
Deduct
Individual
Corporation income
and profits taxes
Social
Net income taxes
Refunds Security reExcess
employ- ceipts With- Other Normal
of
and
and
ment6
taxes
held
other
surtax
taxes
profits
2,272
2,838
2,160
59
67
238
573
518
301
149
66
62
52
62
45
23
1,616 42,211 11,534 9,464
1,690 38,246 10,056 7,996
2,106 37,045 9,889 7,264
292
5 4,191
36
47 3,366
698 1,657
739
398 2,972 1,816
93 1,604
229 4,820
470
530
86 1,488
116
274 2,320 1,763
188
917
222 4,404
689
228
201 1,881
316 2,860 1,790
98
81 1,012
185 4,605
183
807
181 2,056
103
288 2,851 1,853
239 4,211
9,852
11,343
10,760
2,256
Excise
Esand
tate
other
and miscelgift laneous
taxes taxes
899
797
706
59
51
48
91
60
52
54
45
67
50
51
47
323
211
95
7
7
7
8
5
12
7
12
7
3
5
2
338
221
2,103
283
201
1,773
402
205
1,820
398
211
7,412
7,585
7,599
606
594
541
674
548
660
670
718
894
697
763
712
DETAILS OF BUDGET 1EXPENDITURES AND TRUST ACCOUNTS
On basis of daily statements of United States Treasury
Budget expenditures
Fiscal year
or month
Total
Fiscal year:
1948. .
1949
1950
1949—Dec
1950—Jan
Feb
Alar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Trust accounts, etc.
Social Security
accounts
. ..
33,791
40,057
40,167
3,722
3,323
2,496
3,269
2,847
2,962
4,296
3,013
2,515
3,520
3,170
3,102
3,742
Inter- VetAid Transfers
nato
erans'
Inter- tional
to
National est
agriAdon
trust Other Net
defense debt finance minis- culand tration ture
acrecounts
aid
ceipts
11,500
12.158
12,378
1,095
1,046
5,211
5,339
5,750
1,008
463
936
161
636
184
136
1,051
964
1,007
998
1,024
1 ,149
1,037
1,338
Pl.456
Pl,549
1,611
271
134
646
229
142
968
Other
InExInExRevest- pendivest- pendi- ceipts ments
tures*
ments tures
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
77
48
277
60
-26
472
68
347
515
311
-25
291
-29
295
45
652
121 - 4 2 4
568
509
314
294
909
85
267
568
494
8
116 - 7 4 6
448
326
123
11
262
491
158 -844
999
47
311
98
404
578
570
52
178
238
127 -327
202
69
421
359
499
420
405
273
254
299
360
P311
237
498
459
448
464
400
457
465
437
446
150
424
-113
-220
-45
96
P23
16
8
31
28
646
84
9
6
439
665
543
598
712
747
P624
P522
556
493
262
630
544
300
549
288
169
309
146
277
424
157
207
7
243
225
189
186
164
214
219
241
117
451
65
96
413
192
132
91
~73
279
6
4
302
11
-23
33
186
184
85
112
94
127
109
53
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 to 1,929 and 589 million dollars in 1948 and 1949, respectively, and receipts from renegotiation 5of war contracts amounting to 164 and 57 million in 1948 and 1949, respectively.
These are appropriated directly to the Federal old-age and survivors insurance trust fund.
1
3
4
JANUARY
1951
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 l
Corporation or agency
Total
Bonds, notes,
U. S. Priand debenGov- vately
Land,
tures payable
ern- owned
struc- Other
Other ment
tures,
liabil- inter- interasand
ities
est
Fully
U. S.
est
equip- sets guarGovt. Other
ment
secuanteed
Other
secu- rities 2
by
rities
U. S.
Investments
CommodiLoan; ties,
resupceiv- plies,
able
and
materials
Cash
All agencies:
23,733
24,360
24,118
24,102
Dec. 31, 1949
Mar. 31, 1950
June 30, 1950
Sept. 30, 1950
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
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
Reconstruction Finance Corporation:
Assets held for U. S. Treasury 6
Other 7
Export-Import Bank
Federal Deposit Insurance Corp
Tennessee Valley Authority
334
653
59
509
414
450
476
772 1,720 21 ,030
708 2,072 21,368
774 1,446 21,679
970 21,791
1,108
70
566
264
575
1
47
1,533
2,636
521
40
1
43
1,461
694 1,607
423
1,185
86
96
700
949
197
53
1,681
336
753
1,024
2,239
1,349
920
7,504
All other s
2,047 3,492 2,962
2,221 3,488 2,932
2,101 3,483 2,924
2,112 3,478 2,931
12,733 1.549
13,350 1,567
474 12,502 2,186
598 12,769 1,739
244
83
59
1
45
1,533
335 2,301
5
516
2
38
()
222
191
2
44
339
21
226
56
6
191
4
19 1,662
163
156
1,259
1
1,169
7
1
)
57
10
105
1
895
2,224
()
1
1
32
158
27i
604
1
1,335
868
45
3,385
1178
85
753
963
2,171
1,313
903
7,492
()
33
()
132 3,901
183
191
201
214
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Sept. 30, 1950
Purpose of loan
Fed.
Fed. inter- Banks
Farm medi- for coMort. ate operaCorp. credit tives
banks
50
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Foreign loans
Other
Lass: Reserve for losses
Total loans receivable (net)...
575
267
Com- Rural
Elecmodity trificaCredit
tion
Corp. Adm.
Farmers'
Home
Adm.
1,462
556
765
Home
Owners'
Loan
Corp.
Recon- ExPublic Fed. struc- portHous- home tion
ImFiing
loan
port
Adm. banks nance Bank
Corp.
44
(3)
141
3
111
485
(3)
(3)
700
6
43
(3)
575
3
71
1
133
264
694
1,461
423
337
1
(3)
44
339
700
All
other
June 30,
1950,
All
all
agen- agencies
cies
10 3,684
1,198 1,387
2
54
3,773
1,316
113
539
113
515
2
2
708
8
6,103
122 2,231 3,750
498
60
101
11
266
33
7
3
451
6,116
485
270
895 2,224 5,105 12,769
12,502
(3)
1
2
Assets are shown on a net basis, i. e., after reserve for losses.
Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction
and Development and its subscription
of 2,750 million to the International Monetary Fund.
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.
&
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.
74
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
Manufactures
^ear or month
Total
Durable
Nondurable
Minerals
Total
Residential
Employment 3
1 9 3 9 = 100
All
other
Nonagricultural
Factory
Factory
payrolls 3
1939=
100
DepartFreight ment
carload- store
sales
ings*
(val1935-39 ue)
4
—100 1935 *39
=100
AdAdAdAdAdAd- Unad- Unad- AdAdAd- Unad- Adjusted justed justed justed j u s t e d justed justed justed justed justed justed justed justed
Adjusted
WholeConsale
sumers'
comprices 3 modity
1935-39 prices 3
—100
1926
=100
Unadjusted
Unadjusted
1919
1920
1921
1922
1923
1924
1925
72
75
58
73
88
82
90
84
93
53
81
103
95
107
62
60
57
67
72
69
76
71
83
66
71
98
89
92
63
63
56
79
84
94
122
44
30
44
68
81
95
124
79
90
65
88
86
94
120
88.6
89.4
79.7
84.4
92.9
91.7
94.1
103.7
104.1
79.7
88.2
100.9
93.7
97.0
103.9
124.2
80.2
86.0
109.1
101.8
107.3
120
129
110
121
142
139
146
83
99
92
93
104
104
109
123.8
143 3
127.7
119.7
121 9
122.2
125.4
138.6
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 4
124 0
122.6
122.5
119.4
100 0
95.4
96.7
95.3
86 4
1931
1932
1933
1934
1935
75
58
69
75
87
67
41
54
65
83
79
70
79
81
90
80
67
76
80
86
63
28
25
32
37
37
13
11
12
21
84
40
37
48
50
87.1
77.2
77.5
84.9
88.5
75.8
64.4
71.3
83.2
88.7
71.8
49.5
53.1
68.3
78.6
105
78
82
89
92
96
75
73
82
88
108 7
97.6
92.4
95.7
98.1
73 0
64 8
65.9
74 9
80.0
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 91.1
105.8 108.9
90.0 84.7
100.0 100.0
107.5 113.6
107
111
89
101
109
100
107
99
106
114
99 1
102.7
100.8
99 4
100.2
80 8
86 3
78.6
77 1
78.6
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
130
138
137
140
135
133
150
168
187
207
105.2
116 5
123.6
125.5
128.4
87 3
98.8
103.1
104 0
105 8
1946
1947
1948
1949
170
187
192
176
192
220
225
202
165
172
177
168
134
149
155
135
153
157
190
211
143
142
162
192
161
169
214
226
136.7
143.2
145.9
142.0
147.8
156.2
155.2
141.6
271.1
326.9
351.4
325.3
132
143
138
116
264
286
302
286
139.3
159 2
171.2
169.1
121
152
165
155
146.4 152.4 153.5 360.7
137
302
171.4
162 4
295
284
279
293
291
285
281
284
289
277
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
155.8
154 5
153 6
152 9
153.5
152 2
151.6
151.2
166.9
166.5
167.0
167.3
168.6
170.2
172.5
173.0
173.8
174.8
175.6
151 5
152.7
152 7
152 9
155.9
157 3
162.9
166.4
169 5
169.1
171.6
1948
December
192
190
231
173
156
180
145
209
1949
January
February
March
April
May
June
July
.
August
September
October
November
December
191
189
184
179
174
169
161
170
174
166
173
187
185
181
177
174
170
163
174
178
169
174
227
225
223
212
201
194
185
193
199
175
181
175
173
168
162
161
161
154
165
172
177
177
174
169
175
177
181
195
209
229
246
263
265
133
123
130
141
159
176
200
228
254
269
256
207
207
212
206
199
210
217
230
240
259
273
179
178
203
176
149
149
136
148
145
13.
123
129
119
112
141
132
262
255
183
179
209
179
242
245
217
P215
130
118
144
140
145
151
144
159
164
166
P216
^260
217
216
268
1950
January
February
March
April
May
June.
.
July
August
September
October
November
December e
. . .
. .
. . .
....
180
187
190
195
199
196
209
n\\
177
183
188
195
200
198
212
216
221
207
211
222
231
237
235
247
'251
262
180
181
180
181
184
181
195
194
196
*>196
195
P160
158
263
275
284
274
291
325
334
321
299
306
260
278
298
303
325
369
362
332
294
284
145.2
144.3
143.4
142.7
142.0
141.7
141.1
141.3
142.0
139.1
140.1
268 141.2
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
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
'278
293
239 140.7
266 139.6
274 141.2
273 142.7
250 143.9
262 145.3
289 146.1
311 1 4 8 . 3
312 149.2
303 149.9
323 P149.8
140.5
140.2
141.3
143.2
147.1
148.9
150.9
155.0
156.0
157.7
P157.3
139.8
139.9
141.0
141.6
144.5
147.3
148.3
156.3
158.9
160.3
P158.8
329.2
330.0
333.5
337.2
348.0
362.7
367.5
'394.4
'403.4
415.8
e
412.4
117
282
\M
136
136
140
P291
104
127
126
122
127
126
135
280
274
292
290
298
362
335
320
291
324
154.4
97.6
96.7
100 6
98.1
103.5
1
1
1
0
e
r
* Average per working day.
Estimated.
P Preliminary.
Revised.
For indexes by groups or industries, see pp. 76-79 For points in total index, by major groups, see p. 98.
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. 83.
» 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.
i
For indexes by Federal Reserve districts and other department store data, see pp. 85-88.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;
for department store sales, June 1944, pp. 549-561.
1
2
JANUARY
1951
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1950
1949
Industry
Nov. Dec. Jan. Feb.
mi
2/7
Nov.
179
183
180
187
190
195
199
196
209
... 179
188
192
192
194
199
204
208
206
218
220
235
247
-251
228
236
245
'253
247
219
265
198
744
223
275
203
792
225
286
209
835
211
272
198
803
P307
Durable Manufactures . .
Iron and Steel *•
Pig iron
Steel
Open hearth
Electric
Machinery
Transportation
June July Aug. Sept. Oct.
173
Industrial Production—Total
Manufactures—Total
Mar. Apr. M a y
Equipment
Automobiles (including parts)
(Aircraft; Railroad Equipment; Shipbuilding — Private
P215
226 v225
262 P 2 6 0
181
203
209
207
211
222
231
237
145
201
203
201
205
222
226
231
107
137
105
359
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
217
227
229
236
243
251
258
262
265
279
'285
303
206
211
242
210
214
226
262
277
272
'287
'284
292 P284
175
181
224
182
189
204
249
268
262
'273
-264
273 P256
163
166
180
190
200
198
197
207
202
212
216
223 P226-
Smelting and refining
(Copper smelting; Lead refining; Zinc smelting;
169
174
191
202
208
207
208
219
208
212
209
217
P22O
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
161
163
176
184
197
194
192
202
199
212
219
225
P228
147
159
144
150
156
159
158
155
151
165
r
166
171 P170
139
153
132
138
145
150
149
144
140
170
166
173
176
175
175
178
174
192
150
-195
157
163
151
183
187
190
192
188
200
203
210
212
212
'215
230 P228
184
182
194
195
191
209
211
220
246 P236
190
206
150
206
207
158
207
211
157
201
192
158
222
218
158
206
212
193
191
147
225
223
210
160
234
214
161
244
208
161
215
214
225
206
262
214
168
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 **
••167 -168
198
156
P199
247
214
P173
177
176
179
180
181
180
181
184
181
195
194
196 P 1 9 6
175
173
178
179
173
174
175
173
165
189
191
197 P195
157
138
340
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
158
186
140
144
135
158
166
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
172
181
228
180
165
145
192
180
97
101
108
115
116
110
101
105
101
120
124
115
92
99
95
102
98
101
95
100
77
80
86
101
102
103
86
85
80
116
112
85
89
91
124
112
83
83
97
115
111
108
77
91
82
128
104
75
88
81
106
108
106
111
88
78
76
103
91
115
79
89
86
107
106
56
80
76
107
121
83
86
101
128
125
91
84
-104
-133
119
84
88
94
121
160
160
161
161
165
164
164
164
167
168
'167
164 P16S
Wheat flour
110
105
114
112
111
105
107
106
113
116
103
100 P 1 0 7
^Manufactured dairy products
Butter
Cheese
Canned and dried milk
Ice cream *
147
86
148
85
148
85
149
86
154
94
153
91
176
135
183
142
185
135
181
144
191
158
195
155
150
85
153
87
152
85
150
80
148
78
169
169
161
158
145
r
75
Nondurable M a n u f a c t u r e s
Textiles and Products
Textile fabrics . .
Cotton consumption
Rayon deliveries
Wool textiles
C a r p e t wool c o n s u m p t i o n . . .
A p p a r e l wool c o n s u m p t i o n
Wool a n d w o r s t e d y a r n
Woolen yarn
....
^^orsted 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
... .
. .
,..
175
155
184
165
178
167
137
-187
179
162
-374
158
150
P176
158
379
143
72
162
142
r
P Preliminary.
Revised.
Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods
may 2be obtained from the Division of Research and Statistics.
Series included in total and group indexes but not available for publication separately.
1
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1949
1950
Industry
Nov. Dec. Jan. Feb.
Nov.
Mar. Apr. M a y
line
July Aug. Sept. Oct.
157
182
144
104
74
144
161
142
98
71
147
165
141
108
79
151
169
146
114
78
155
175
145
121
78
168
196
153
120
78
158
188
138
107
77
165
195
148
108
76
171
148
131
173
150
131
173
158
133
175
147
146
176
134
158
174
142
146
P173
153
P171
P148
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
154
183
132
133
81
157
185
137
125
86
154
174
146
108
85
151
168
146
105
77
160
184
150
108
76
Other manufactured foods
Processed fruits and vegetables .
Confectionery
Other food products
168
134
127
167
132
140
169
142
139
169
136
139
173
152
136
,
,
Alcoholic Beverages
Malt liquor
WhiskeyOther distilled spirits
Rectified liquors
...
. .
183
184
184
186
184
187
••190
159
175
169
172
184
206
248
203
182
205
171
172
170
159
172
159
157
163
171
168
155 '150
188
84
214
81
214
97
280
93
363
95
417
84
611
111
934
146
549
157
308
390
240
205
204
268
242
235
269
315
464
340
'304
181
178
233
341
169
149
162
162
176
161
168
170
154
197
172
165
171
120
226
88
205
97
224
102
222
97
248
91
224
93
237
106
233
96
212
126
269
120
229
124
215
67
66
69
67
72
67
63
68
59
80
71
72
127
227
65
177
167
179
178
179
181
180
185
17 3
191
194
202
201
. 168
160
171
171
172
174
173
177
166
181
185
193
191
91
113
336
145
165
210
180
98
107
312
138
157
193
198
93
118
354
148
167
209
201
98
117
360
149
167
205
198
94
113
350
152
169
203
204
97
121
365
153
170
207
199
99
119
363
145
168
211
205
109
120
373
146
173
213
202
119
110
372
140
161
198
211
124
115
381
152
177
228
213
133
114
382
152
180
232
228
127
96
427
162
188
238
191
220
109
92
414
161
186
240
167
168
150
94
166
161
145
94
167
175
155
98
167
170
162
98
175
173
163
102
171
185
160
111
167
166
158
112
172
171
167
115
156
182
151
117
174
183
155
116
180
185
156
116
'207
164
117
183
196
163
112
160
159
163
168
169
169
166
170
162
169
172
179
174
153
152
159
169
163
168
165
168
167
165
163
171
165
243
249
v249
196
210
184
195
P195
P212
183
175
178
170
Cigars
.
Cigarettes
Other tobacco products
Paper and Paper Products
. .
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)
219
211
205
207
206
216
222
229
238
177
182
152
177
180
190
153
198
176
192
149
207
174
187
148
190
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
102
104
23
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
243
245
248
247
247
252
256
261
263
143
141
144
147
147
147
147
154
161
316
417
335
422
349
419
355
424
352
428
349
434
350
443
350
451
359
453
••458 P 4 6 5
Rubber Products .
187
193
194
195
197
203
213
221
222
'236
Minerals—Total
141
132
130
118
144
140
143
151
144
Fuels
152
136
133
118
148
147
148
130
133
117
95
103
63
91
96
69
43
38
65
141
149
108
131
143
83
124
131
97
.
.
Gasoline
Fuel oil
Lubricating oil.
Kerosene
Coke
Bv-product coke
Beehive coke
Chemical
Products......
Pairts
Rayon
Industrial chemicals
Coal
B i t u m i n o u s coal
Anthracite
. . . . .
Crude petroleum
. .
..
155
148
128
136
96
101
109
68
r
269
187
r
205
Petroleum and Coal Products
183 P181
r
88
259
...
.
181
169
83
228
Tobacco Products .
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate oulp
Sulphite pulp
Paper
Paperboard
181
173
77
149
. .
.
r
183
187
T
271
r
467 427
277 P278
168
168
164 P162
363
376
371
488
r
P376
P496
245
252
159
164
166 P160
162
167
170 P165
133
142
97
133
144
92
141
151
102
P127
138
84
P184
163
157
154
155
152
155
160
168
171
177
184
184
76
106
117
118
119
98
125
130
124
136
143
143 Pi 32
Metals other than gold and silver
91
141
160
161
159
121
166
177
167
188
198
P199 P179
Gold
Silver
54
63
55
64
57
60
58
63
62
72
62
81
66
76
63
77
62
73
60
85
64
73
Metals
.
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.
JANUARY
1951
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average=100]
1949
1950
Industry
Nov Dec. Jan. Feb. Mar Apr. M a y June July Aug. Sept Oct.
Industrial Production—Total
Manufacturers—Total
.
Durable IVlanufactures
Iron and Steelx
Pig iron
Steel
Open hearth
Electric
.
M achinery
Transportation
.
. . . .
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 products 2
Nondurable Manufactures
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 2
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen and worsted yarn
Woolen yarn
Worsted yarn
L'ather 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
174
178
179
177
183
188
195
200
198
212
216
221 P216
180
186
189
188
191
197
203
209
207
221
225
230
181
201
206
204
210
221
232
238
237
249
254
264
145
201
203
201
205
222
226
231
228
236
245 '253
247
107
198
201
175
175
219
222
223
225
211
239
223
219
137
221
244
194
192
612
243
270
273
271
265
275
286
204
739
206
264
272
105
359
217
206
Equipment
. .
Nov.
175
557
227
211
181
238
181
639
180
691
229
236
243
251
242
210
214
226
224
182
189
204
755
258
262
249
202
763
201
710
262
265
277
272
268
262
198
744
279
'287
'273
203
792
209
835
'285
303
198
803
'284
292 P284
'264:
273 P256
164
167
180
190
201
198
197
206
202
212
216
223 P226
170
175
191
202
208
207
208
218
207
212
209
217 P221
161
163
176
184
197
194
192
202
199
212
219
225
P228
144
145
130
138
147
158
162
166
161
177
'179
181
P168
134
132
163
170
111
119
150
155
160
173
176
175
175
170
170
173
155
153
166
133
178
174
192 195
198
188
181
179
179
180
197
209
212
214
221
224
240
186
172
191
191
191
209
222
222
207
238
221
218
217
212
215
154
160
195
206
153
177
187
154
202
168
201
160
201
157
147
150
151
232
229
234
229
160
162
223
242
172
252
229
239
269
249
175
177
P237
249
231
178
175
175
176
177
178
180
184
182
198
201
202
175
173
178
179
173
174
175
173
165
189
191
197 P195
157
138
340
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
158
151
154
159
152
154
157
161
186
140
144
135
158
166
193
136
133
119
153
159
215
147
131
119
148
156
215
163
140
122
165
156
210
153
134
116
161
146
222
143
134
119
156
149
216
149
140
127
158
153
205
152
147
134
165
162
134
135
139
127
117
140
143
r
179 P176
162 158
374 379
210
178 1 7 0
159 1 5 8
144 137
179 187
168 172
172
171
228
180
165
145
192
180
181
98
101
108
118
115
110
101
104
99
119
123
115
95
105
99
111
96
105
109
120
97
108
101
112
94
104
100
111
78
86
84
87
100
109
122
107
120
89
75
80
72
80
106
117
56
88
89
86
77
91
101
79
72
103
85
74
116
92
100
124
90
79
128
86
95
115
86
88
106
90
86
107
79
71
107
84
85
104 102
128 1 3 3
88
94
121
162
156
149
146
148
150
157
164
178
191 '192
177 P166
111
104
114
113
109
101
103
102
112
114
112
107 P108
97
65
132
96
67
132
95
71
137
107
76
149
128
85
172
159
93
203
199
109
235
226
120
261
97
109
223
104
219
217
87
189
173
74
164
132
64
142
103
55
122
109
129
155
175
215
228
193
174
145
122
102
r
9 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
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1949
1950
Industry
Nov. Dec.
Jan. Feb.
172
214
137
142
81
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
175
123
150
165
103
141
155
92
143
154
86
140
154
83
126
153
90
108
157
98
101
163
122
99
182
191
120
Mar. Apr. M a y
June July Aug. Sept. Oct.
Nov.
134
135
147
119
76
152
155
165
132
84
184
228
154
116
76
202
206
171
189
Manufactured Food Products—Continued
Meat packing
Beef
Veal
Other manufactured foods
Processed fruits and vegetables
(Confectionery
. .
Other food products
A Icoholic Beverages
Whiskey
.
Other distilled spirits
Rectified liquors
Tobacco Products
Cigars
Cisarettes
Other tobacco products
Paper and Paper Products
...
Paper and pulp
Pulp . .
Groundwood pulp
Soda pulp
.
Sulphate pulp
Sulphite pulp
Paper
Paper board
.
.
..
Printing paper
.
.
Tissue and absorbent paper
Wrapping paper
Newsprint
.
Printing and Publishing
Newsprint consumption
. . .
Petroleum and Coal Products
75
••254 '277
158
177
151
122
80
P193 P178
197 P136
193
184
173
174
177
177
182
185
191
193 P190
171
151
143
143
162
168
177
202
219
237
217
205
132
77
138
139
144
160
167
179
205
214
191
156
139
139
312
83
250
88
168
84
128
81
139
93
218
240
205
204
268
242
235
95
258
84
354
390
97
168
269
315
111
504
340
157
798
178
488
464
146
753
304
341
172
138
162
154
167
152
168
176
160
204
181
170
174
120
231
88
188
97
224
58
97
230
91
209
93
237
69
102
209
68
65
72
96
223
67
64
106
245
120
245
124
224
127
231
69
59
126
283
177
167
178
179
179
182
181
185
172
190 1 9 4
78
191
194
76
77
67
194
202
201
168
160
171
172
173
175
173
178
166
181
184
193
191
97
113
336
145
165
210
180
99
107
312
138
157
193
191
198
97
118
354
148
166
209
201
102
117
360
149
168
205
199
101
113
350
152
169
203
205
107
121
365
153
170
207
201
106
119
363
145
168
211
205
110
120
373
146
173
213
200
105
110
372
140
160
198
209
110
115
381
152
177
228
211
119
114
382
152
180
232
227
119
96
427
162
188
238
221
115
92
414
161
186
240
167
168
150
95
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
'209
••164
187
117
183
196
163
113
167
162
157
166
172
174
169
169
150
161
172
183
182
167
159
147
166
170
178
172
166
144
148
165
180
180
205
219
211
205
207
206
216
222
229
238
243
249
P249
177
182
152
182
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
P195
P212
102
104
158
161
154
156
124
127
146
145
175
171
r
2
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products
Coke
.
2
. .
By-product coke
Beehive coke
.
.
. . .
23
58
76
21
181
320
328
177
170
428
368
470
443
174
170
176
170
176
167
178
170
183
175
'467
178
170
427
247
249
249
250
250
253
255
258
259
"265
272
141
141
141
146
147
149
158
159
316
417
151
166
164 P161
335
422
349
419
355
424
352
428
349
434
350
443
166
350
451
359
453
363
••458
'465
376
371
488
Rubber Products
187
193
194
195
197
203
213
221
222
r
r
245
252
Mincfols—Totol
141
128
123
113
139
138
147
153
149
163
168
169 P159
Fuels
152
136
133
118
148
147
148
155
148
162
167
130
95
91
43
141
131
124
128
101
133
133
117
163
103
63
157
96
69
154
133
38
65
155
149
108
152
143
83
155
131
97
160
136
96
168
109
68
171
142
97
177
144
92
184
Chemical Products
.
Paints
Rayon
Industrial chemicals
Other chemical products 2
Coal
Bituminous coal
Anthracite
Crude petroleum
Metals
Metals other than gold and silver
Iron ore
(Copper* Lead; Zinc)2
Gold
Silver
.
..
....
236
282 P283,
P376
P496
170 vl65
r
141
127
151
138
84
r
102
r
184 P184
76
81
80
81
83
87
140
155
158
170
173
87
54
98
72
98
71
100
64
101
63
105
79
197
273
224
325
227
343
244
368
244 P228 P165
365 331 193
62
64
57
64
54
61
52
65
55
74
55
82
57
75
59
74
61
72
65
83
163 P126
75
74
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.
JANUARY
1951
FACTORY EMPLOYMENT, BY INDUSTRIES
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors.
1950
1949
Industry group or industry
Nov.
In thousands of persons]
Dec.
Jan.
Feb.
Mar.
Apr.
June
Ms
July
Aug.
Sept.
Oct.
Nov.
ADJUSTED FOR SEASONAL
VARIATION
11,167 11,413 11 ,506 11 ,484 11 ,574 11 ,731 1 2 , 048 12,200 12,358 '12,697 12,782 12 ,919 12,882
Manufacturing—Total
5,674 5,910 5 ,994 5 ,966 6 ,042 6 ,200 6 , 493 6,624 6,713 >-6,939 6,999 7 ,130 7,147
Durable goods
1,070 '•1,091 1,104 1 ,110 1,118
1,055
977
1 ,007
1, 036
973
739
946
958
Primary metal industries
663
678
686
691
702
718
749
793
837
846
843
777
Fabricated metal products
'826
955
971
1,
017
924
998
937
913
1,042 1,071
1,061 1 ,117 1,136
1,028
Machinery except electrical....
548
567
574
595
612
639
672
680
701
710
618
538
555
Electrical machinery
872
879
1, 045
899
896
978
898
1,070 rl,118
1,132 1 ,151 1,135
1,078
Transportation equipment
685
685
655
669
687
703
723
750
771
769
765
734
Lumber and wood products
'764
283
291
298
305
311
316
324
325
323
320
312
285
276
Furniture and fixtures
410
410
432
447
457
458
471
475
441
419
408
407
409
Stone, clay, and glass products. .
Instruments and related prod173
171
171
170
170
173
176
184
198
203
205
180
ucts
'189
Miscellaneous manufacturing in363
354
345
351
356
365
407
373
383
411
417
418
382
dustries
17
18
20
19
19
22
22
22
19
17
18
17
17
Ordnance and accessories
5,493 5,503 5 ,512 5 ,518 5 ,532 5 ,531 5 , 555 5,576 5,645 '5,758 5,783 5 ,789 5,735
Nondurable goods
1,172 1,169 1 ,165 1 ,166 1 ,171 1 ,172 1, 168 1,174 1,196 '1,243 1,268 1 ,263 1,250
Textile-mill products. . .
Apparel and other finished textiles
1,018 1,025 1 ,032 1 ,034 1 ,027 1 ,018 1, 022 1,022 1,044 '1,073 1,066 1 ,064 1,030
363
364
352
363
350
350
348
349
356
344
345
334
348
Leather and leather products. . .
Food and kindred products. . . .
1,158 1,155 1 ,160 1 ,157 1 ,167 1 ,166 1, 172 1,171 1,176 1,179 1,171 1 ,170 1,183
83
85
85
82
81
82
79
82
80
81
80
78
79
Tobacco manufactures
384
420
419
401
387
394
418
404
391
389
386
383
'412
Paper and allied products
Printing, publishing and allied
495
494
493
495
498
499
509
501
509
509
507
504
500
industries
501
492
503
514
510
497
480
499
478
490
475
475
475
Chemicals and allied products. .
187
186
186
185
185
178
189
178
186
191
189
180
180
Products of petroleum and coal.
182
183
185
187
188
191
197
215
217
217
206
202
Rubber products
'210
WITHOUT SEASONAL ADJUSTMENT
Manufacturing—Total
Durable goods
Primary Metal Industries
Blast furnaces, steel works
and rolling mills
Nonferrows smelting and refining, primary
Nonferrous rolling, drawing
and alloying
Fabricated Metal Products
Cutlery, hand tools and
hardware
Heating apparatus and
plumbers' supplies...
Fabricated structural metal
products
Machinery except Electrical
Agricultural machinery and
tractors
Metalworking machinery.
Special-industry
machinery
Service-industry and household machines
Electrical Machinery
Electrical apparatus (gen
erating, etc.)
Communication equipment.
Transportation
Equipment....
Motor vehicles and equipment
Aircraft and parts
Ship and boat building and
repairing.
Lumber and Wood Products. . . .
Sawmills and planing mills
Millwork, plywood, etc.. . .
Furniture and Fixtures
Household furniture
Stone, Clay, and Glass Products.
Glass and glass products. . .
Structural clay products..
Instruments and Related Products.
Miscellaneous Manufacturing In
dustries
Ordnance and Accessories
11,289 11.504
5,719 5.961
n
,449 11 ,460 11 ,549 11 ,597 1 1 , 841 12,066 12,151 '12,802 '13,016 13 ,133 13,011
6,596 6,597 '6,900 '7,016 7 ,181 7,202
5 ,982
6 ,070
6 ,195
4.%
I .007
1, 026
078
982
963
;, oso 1,054 rl, 086 '1,104 / ,116 1,124
6 ,000
743
955
325
507
5! i
512
507
523
529
538
543
550
'552
552
38
4?
43
45
45
45
46
46
45
46
46
47
63
666
73
688
74
693
75
698
77
709
77
722
79
742
80
769
80
773
83
'85
'814
'837
86
850
116
U9
121
124
12*
129
131
133
129
132
138
142
r
113
il!
108
112
114
118
119
122
120
132
'137
137
134
142
141
14!
146
158
165
166
172
929
937
960
1 003
149
022
154
908
143
981
1,033
1,032
125
146
131
!46
133
147
137
149
140
15?
142
155
142
158
141
163
141
162
'171
'182
107
129
190
* 1,060 ^1,056
140
1 All
117
117
117
118
119
121
123
125
124
'127
'132
136
,109
ng
546
559
124
561
133
573
138
580
143
595
149
606
148
615
146
620
145
655
'146
-677
149
708
202
200
208
203
978
211
207
217
217
899
222
227
227
228
237
248
'238
247
275
872
213
212
870
222
220
898
208
201
896
/ 045
1,078
1,070
582
184
585
184
675
184
507
184
576
184
595
18C-
736
185
765
187
757
71
692
413
101
283
207
69
682
404
102
289
21!
66
642
381
102
6.«
652
386
67
67
692
410
104
67
723
430
106
68
741
437
109
68
750
444
109
289
212
297
303
222
303
223
303
222
303
222
319
234
411
108
70
174
412
107
71
173
403
106
69
432
116
73
176
441
118
76
180
459
122
79
172
419
113
69
174
440
114
77
77,?
408
108
68
171
'327
'240
r
460
178
'187
381
17
361
17
345
17
356
17
36!
18
363
18
362
19
367
19
358
19
399
20
101
21F
677
399
102
301
221
410
109
60
188
'1,118
258
'1,132
I ,151
'787
'209
795
219
79
76
'783
'465
-786
'466
74
781
460
114
'781
'199
114
114
847
1,130
721
1,135
773
329
242
328
477
'198
473
128
80
204
417
'22
436
22
439
22
118
'80
206
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 November 1950 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from
the Bureau of Labor Statistics. Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the Division
of Research and Statistics.
80
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT, BY INDUSTRIES—Continued
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors.
1949
In thousands of persons]
1950
Industry group or industry
Nov.
Dec.
Jan.
Feb.
Apr.
Mar.
May
June
July
Aug.
Sept.
Oct.
5,570 5,543 5,449| 5,478 5,479 5,402 5,385 5,470 5,554 '5,902 '6,000
Nondurable goods
Textile-mill Products
Yarn and thread mills
Broad-woven fabric mills
Knitting mills
1,184 1,187 1J77\ 1,183 1,183\ 1,172 1,162
147
149
149
149
149
145
143
572
574
568
571
574
573
573
230
227
223
223
221
218
213
Apparel and Other Finished Textiles
Men's and boys' suits, coats and overcoats
Men's and boys' furnishings
Women's and misses' outerwear
1,028
1.040
118
251
280
127
247
296
130!
241!
302!
135
244
315
136!
245 ]
3051
332
208
343
224
348
231
357
235
357\
2351
Leather and Leather Products
Footwear (except rubber)
Food and Kindred Products
Meat products
Dairy products
Canning and preserving
Bakery products
Beverage industries
1,032 1,065
5,952 5,809
r
1,174 1,160 ' 1,224 1,255 1,263 1,263
159
147
146
'154
161
607
571
595
580
608
'233!
209
227
212
236
976\
97 6\
r
r
981 l ,089 l,098
132
241
272
129
239
254
135
238
248
127
232
266
138
252!
'3071
'137
255
'305
139|. . . .
256 . . . .
297
341
222
335
218
343
224
351
230
370
237
371
'237
367
2311
1,266 1,207
240
101
235
197
150
1,058 / , 003
1,185 1,139 1,07 8\ 1,055 / 060 / 065 1,090
242
232
251
244
228
227
223
99
97
96
95
99
108
103,
160
110
136
117
100
127
120|
195
188
190
186
190
1931
191
146
134
141
135,
139
146
141
Tobacco Manufactures
Nov.
232
114
151
19!
157
1,040
/, 231 1,331 1,351
236
235
'235
114
116
107
'302
223
'325
192
194
194
169
164
'160
89
87
85
81
78
76
75
75
Paper and Allied Products
Pulp, paper and paperboard mills
393
201
390
200
385
199
386
200
389
200
391
201
392 \
202
399
205
396
204
r
410
'207
418
210
420
210
423
Printing, Publishing and Allied Industries. . . .
Newspapers
Commercial printing
500
145
165
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
509
151
166
514
149
171
512
Chemicals and Allied Products
Industrial inorganic chemicals
Industrial organic chemicals
Drugs and medicines
485
51
143
62
484
51
144
62
480
50
144
62
485
52
144
59
487
52
145
58
490
53
146
61
48*'
53
148
61
482
54
15C
62
479
51
152
63
491
49
'155
'63
524
56
159
66
Products of Petroleum and Coal
Petroleum refining
188
148
185
146
184
145
183
144
182
143
176
136
777
136
181
138
182
139
193
147
506
50
'158
65
189
145
Rubber Products
186
81
187
82
187
83
188
83
189
83
191
84
194
86
199
88
200
88
r
219
92
Tires and inner tubes
83
82
r
208
90
215
'92
520
191
147
221
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
Average hours worked
(per week)
Average hourly earnings
(dollars per hour)
1950
1949
Nov.
Sept.
Oct.
Nov.
Nov.
Sept.
Oct.
Nov.
Nov.
39.1
41.0
41.3
41.1
Sept.
Oct.
1.392
1.480
1.501
1.510
1.577
1.577
1.672
-•1.564
-•1.629
'1.485
'1.770
'1.397
'1.304
'1.465
'1.500
'1.332
'1.570
1.668
1.579
1.656
1.522
1.779
1.394
1.323
1.485
1.528
1.347
1.596
1.679
1.587
1.656
1.538
1.779
1.381
1.344
1.496
1 .535
1.356
1.617
Manufacturing—Total. .
54.43
60.68
61.99
62.06
Durable goods
56.82
'65.18
66.39
66.29
39.0
41.7
42.1
41.8
1.457
'1.563
57.48
56.88
59.21
57.36
61.92
52.48
50.72
55.28
56.52
51 .70
59.82
'68.89
'66.00
'69.23
'61.63
'72.39
57.56
'55.42
'60.94
'63.90
'55.94
'68.30
69. 72
66.79
71.21
63.92
73.29
58.41
56.49
62.96
65.55
56.98
69.75
70.01
66.50
71.52
64.13
72.58
56.76
57.79
63.13
64.93
57.36
72.44
36.4
39.2
38.5
40.0
37.3
41.0
41.2
40.0
40.0
40.9
40.2
'41.2
42.2
42.5
41.5
'40.9
'41.2
'42.5
41.6
'42.6
42.0
r
43.5
41.8
42.3
43.0
42.0
41 .2
41.9
42.7
42.4
42.9
42.3
43.7
41.7
41.9
42.7
41.7
40.8
41.1
43.0
42.2
42.3
42.3
44.8
1.579
1.451
1.538
1.434
1.660
1.280
1.231
1.382
1.413
.264
.488
r
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
Nov.
52.07
55.52
56.66
56.80
39.3
40.2
40.3
40.2
.325
1.381
1.406
1.413
47.20
40.38
40.08
54.16
38.46
58.31
70.91
59.43
72.12
57.91
50.02
43.25
45.68
'56.14
'42.19
63.37
'74.71
'64.16
'77.28
'66.74
52.62
45.85
46.16
56.43
41.22
63.62
74.49
64.58
77.71
67.38
52.90
44.37
45.21
57.55
40.96
64.49
74.41
64.90
78.58
n.a.
39.5
35.7
35.1
41.6
38.0
43.0
38.6
41.5
40.0
38.4
40.7
35.8
38.1
41.8
'39.1
44.1
'39.3
41.8
'42.0
'42.0
40.6
37.4
37.9
41.4
38.1
44.0
39.1
42.1
41.6
42.3
40.6
37.1
37.0
41.7
36.8
43.9
39.1
41.9
44.6
n.a.
.195
.131
.142
.302
.012
.356
.837
.432
.803
.508
1 229
1.208
1.199
'1.343
1.079
1.437
1.901
'1.535
'1.840
'1,589
1.296
1.226
1.218
1.363
1.082
1.446
1.905
1.534
1.868
1.593
1.303
1.196
1.222
1.380
1.113
1.469
1.903
1.549
1.889
n.a.
r
Revised.
n.a. Not available.
NOTE.—Data are for production and related workers. Figures for November 1950 are preliminary. Back data are available from the Bureau
of Labor Statistics.
JANUARY
1951
81
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons]
Federal,
State, and
local
government
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
947
983
917
883
826
852
943
981
932
1,790
2,170
1,567
1,094
1,132
1,661
1,982
2,165
2,156
3,248
3,433
3,619
3,798
3,872
4,023
4,122
4,151
3,977
7,416
7,333
7,189
7,260
7,522
8,602
9,196
9,491
9,438
1,462
1,440
1,401
1,374
1,394
1,586
1,641
1,716
1,763
3,705
3,857
3,919
3,934
4,055
4,621
4,786
4,799
4,782
4,622
5,431
6,049
6,026
5,967
5,607
5,454
5,613
5,811
13,684
13,946
917
940
2,200
2,131
3,895
3,930
9,339
9,426
1,784
1,788
4,792
4,786
5,820
5,811
42,627
42,283
42,752
43,212
43,578
44,010
44,259
'44,914
'45,201
45,407
45,385
14,040
14,023
14,135
14,302
14,629
14,802
14,977
15,333
15,441
15,596
15,578
867
604
944
942
941
943
915
2,109
2,091
2,096
2,163
2,223
2,299
2,366
'2,434
'2,444
2,495
2,487
3,902
3,874
3,906
3,948
3,888
3,995
4,021
'4,073
'4,118
4,141
4,117
9,371
9,358
9,348
9,391
9,459
9,532
9,556
'9,651
'9,669
9,644
9,604
1,781
1,786
1,791
1,794
1,803
1,809
1,804
1,819
1,836
1,840
1,839
4,773
4,768
4,756
4,757
4,766
4,778
4,769
'4,779
'4,769
4,733
4,748
5,784
5,779
5,776
5,915
5,869
5,852
5,851
5,883
5.983
6,019
6,077
1949—November
December
42,784
43,694
13,807
14,031
917
2,244
2,088
3,892
3,930
9,607
10,156
1,766
1,770
4,768
4,738
5,783
6,041
1950—January
February
March.
April
!May
June
July
August..'
September
October...
November
42,125
41,661
42,295
42,926
43,311
43,945
44,096
'45,080
'45,689
45,899
45,756
13,980
13,997
14,103
14,162
14,413
14,666
14,777
15,450
15,682
15,819
15,707
861
595
1,919
1,861
1,907
2,076
2,245
2,414
2,532
'2,629
'2,615
2,620
2,537
3,869
3,841
3,873
3,928
3,885
4,023
4,062
'4,120
'4,138
4,135
4,114
9,246
9,152
9,206
9,346
9,326
9,411
9,390
'9,474
'9,660
9,766
9,880
1,772
1,777
1,791
1,803
1,812
1,827
1,831
1,837
'1 827
1,822
1,821
4,701
4,696
4,708
4,757
4,790
4,826
4,841
'4,827
'4 817
4,757
4,724
5,777
5,742
5,769
5,915
5,900
5,832
5,741
5,793
6,004
6,039
6,037
Year or month
1941
1942
1943
1944
1945
1946
1947
1948
1949
Total
Manufacturing
36,164
39,697
42,042
41,480
40,069
41,412
43,371
44,201
43,006
12,974
15,051
17,381
17,111
15,302
14,461
15,247
15,286
14,146
42,431
42,758
Mining
SEASONALLY ADJUSTED
1949—November
December
1950—January .
February
March
April
May
June
July
August
September
October....
November
'942
'941
939
935
UNADJUSTED
940
938
939
940
946
922
'950
'946
941
936
NOTE.—Data include all full- and part-time employees w
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
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
102,460
103,510
104,480
105,370
106,370
107,458
108,482
109,623
60,230
64,410
65,890
65,140
60,820
61,608
62,748
63,571
56,410
55,540
54,630
53,860
57,520
60,168
61,442
62,105
53,750
54,470
53,960
52,820
55,250
58,027
59,378
58,710
44,500
45,390
45,010
44,240
46,930
49,761
51,405
50,684
9,250
9,080
8,950
8,580
8,320
8,266
7,973
8,026
2,660
1,070
670
1,040
2,270
2,142
2,064
3,395
42 230
39,100
38 590
40,230
45,550
45 850
45,733
46,051
1949—November
December.
110,063
110,169
64,363
63,475
62,927
62,045
59,518
58,556
51,640
51,783
7,878
6,773
3,409
3,489
45,701
46,694
1950—January
February
March
April
May
June
Tuly .
August
September
October
November
110,256
110,344
110,442
110,536
110,608
110,703
110,806
110,924
111,030
111,141
111,234
62,835
63,003
63,021
63,513
64,108
66,177
65,742
66,204
65,020
65,438
65,453
61,427
61,637
61,675
62,183
62,788
64,866
64,427
64,867
63,567
63,704
63,512
56,947
56,953
57,551
58,668
59,731
61,482
61,214
62,367
61,226
61,764
61,271
50,749
50,730
50,877
51,473
51,669
52,436
52,774
54,207
53,415
53,273
53,721
6,198
6,223
6,675
7,195
8,062
9,046
8 440
8,160
7,811
8,491
7,551
4,480
4 684
4,123
3,515
3,057
3,384
3 213
2 500
2,341
1,940
2,240
47,420
47 342
47 422
47,024
46 500
44 526
45 064
44 718
46,010
45,704
45,782
1942
1943
1944
1945
1946
1947
1948
1949
..
. . .
.
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.
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
1949
1950
August
September
October
November
December
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
1,300.2
1,350.5
1,347.6
1,345.5
1,420.2
1,548.9
1,286 5
1,135 8
1,087.1
Year
10,359.3
January
February
March
April
May
June
July
c
Value of contracts in millions of dollars]
Nonresidential building
1949
1950
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. S
361.5
574.7
674. 8
674. 6
628. t
675. 1
754. 1
1950
1949
43.6
37.8
66.2
43.8
51.5
45.4
41.5
41.1
38.0
48.9
35.9
64.8
549
529. Q
496. 7
4,239.4
37. 7
27.9
161.5
119.2
83. 7
69.
79. 8
128. 8
90. 8
93. 6
103. 9
558.6
Commercial
Educational
1949
1950
1949
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
38.1
44.7
60.4
68.4
76.0
81 4
91.2
72.9
78 6
83.6
62.3
66 9
885.0
Public works
and public
utilities
Other
1950
1949
1950
1949
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
824.4
1 ,375.9
1950
152 1
152. 5
224. Q
227. 0
264. 5
273. 4
258. 0
253. 8
238
179. 1
155. 5
2 ,476.0
Corrected.
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 Private ownership
Total
Month
January. . .
February. .
March
April
May
June
July
August....
September.
October
November.
December..
Year
1948
1949
9,430 10,359
197
248
181
236
298
338
335
276
259
262
199
278
160
252
282
319
369
375
410
316
289
332
316
299
3,107 3,718
323 530
317 495
466 819
527 996
517 959
574 917
537 960
595 1,111
783 922
730 828
642
630
419
434
509
638
673
597
628
579
503
517
413
416
201
285
481
354
389
428
460
438
364
308
6,323 6,641
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title I loans
Total
1941
1,172
1,137
1942
935
1943
1944
875
666
1945
755
1946
1,787
1947
1948
3,338
43,821
1949
1949—November..
4 323
4371
December. .
4337
1950—January
4 329
February...
4 353
March
4 329
April
*351
May
4 376
June
4 369
July
4414
August
4 373
September
4 379
October....
November. . 4 379
Property
improvement *
249
141
87
114
171
321
534
614
594
58
71
57
44
44
27
48
78
61
69
55
82
74
1951
1949
Federal Reserve district
Oct.
Nov.
63,842
210,415
64,855
121,840
105,523
109,635
192,582
76,506
33,577
58,001
99,039
53,156
239,618
40,376
81,573
110,289
124,550
133,223
46,302
32,548
30,508
65,618
1,087,062 1,135,815
957,761
Nov.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
52,288
197,462
73,736
111,336
120,464
110,816
182,402
54,801
33,584
60,242
89,931
Total (11 districts)
Mortgages on
Small
home
construction
21
15
1
(*)
(«)
7
13
1
1
1
1
1
War and
1- to 4- Rental
Vetand
family group
erans'
houses housing housing
(Title
(Title (Title
ID
VI) 2
ID
877
691
245
216
219
347
446
880
1,855
189
206
228
203
209
171
176
181
183
217
216
241
236
13
6
(8)
7
4
3
7
(3)
1
1
8
3
1
13
284
603
537
272
85
808
1,836
1,339
67
90
51
73
88
122
110
113
111
122
88
43
49
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.
34 Less than $500,000, <
Includes mortgages insured on new rental housing at or near military installations under Title VIII, enacted Aug. 8, 1949.
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.
JANUARY
1950
1948 1949 1950 1948 1949 1950
1950
483 731
615
568 780
682
748 1,300
690
846 1,350
874
885 1,348
971
950 1,345
935
948 1,420
963
911 1,549
854
762 1,072 1,287
779 1,062 1,136
958
611
929
694
Year or month
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Total
Savings
Com- Mutual
and
mersavloan
cial
ings
banks banks associations
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
1944—Dec
365
771
1,199
1,793
2,409
3,107
3,620
3,626
3,399
228
430
634
902
1,162
1,465
1,669
1,705
1,590
8
27
38
71
130
186
236
256
260
41
56
118
110
212
149
342
192
542
224
789
254
276 1,032
292 1,134
269 1,072
5
32
77
153
201
234
245
79
68
27
53
90
133
150
179
163
159
140
1945—June
Dec
3,324
3,156
1,570
1,506
265
263
264 1,047
253 1,000
43
13
134
122
1946—June
Dec
3,102
2,946
1,488
1,429
260
252
247
233
974
917
11
9
122
106
1947—June
Dec
2,860
2,871
1,386
1,379
245
244
229
232
889
899
8
7
102
110
1948—June
Dec
2,988
3,237
1,402
1,429
251
265
245
973
269 1,113
7
9
110
152
1949—June
Dec.
3,894
. 4,751
1,587
1,771
305
378
323 1,431
416 1,828
21
52
227
305
End of month
Insur- Fedance
2
eral
com- agen- Other
panies cies 1
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.
83
MERCHANDISE EXPORTS AND IMPORTS
(In millions of dollars]
Merchandise exports x
Merchandise imports 2
Excess of exports
Month
1946
1947
1948
1949
1950
January.. . .
February
March
798
670
815
L.114
1,146
1,326
1,092
1,085
1,139
1,105
1,043
1,189
April
May
June
757
851
878
1,121
1,103
1,014
Tuly
August
September....
826
883
643
1,294
L .414
1,235
1,155
1,145
L ,112
October. . . .
November
December
537
986
1.097
Jan.-Nov
8,643
1946
1947
1948
1949
1950
1946
1947
1948
1949
P741
P767
P861
394
318
385
531
437
445
547
589
675
590
567
633
P623
P601
405
352
431
583
709
882
545
496
464
515
477
557
H1&
P665
1,172
1,095
1,107
P803
P828
P876
406
393
382
512
474
463
532
554
625
535
541
526
P585
P659
P685
351
457
496
782
940
772
590
549
389
638
554
581
P218
P169
P191
1,019
992
926
900
884
910
P912
431
422
377
450
400
473
564
606
560
457
491
530
P7O7
P820
P857
395
461
266
705
745
639
456
386
365
444
393
379
p-57
P54
1,023
823
1,318
853
841
P944
P904
P978
394
478
529
492
455
603
600
554
720
557
593
P922
P852
P605
142
508
567
743
687
511
423
269
598
P339
13,316 11,336
11,098
P9,206
4,379
5,131
6,404
6,018
4,263
8,186
4,932
1,235
,141
114.
P7,976
296
248
1950
P166
P— 1&
P126
5 ,080 P l . 2 3 0
ly, ana June.
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.
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers, 1935-39 average = 100]
For-
Live- est
Total Coal Coke Grain stock prod-
Ore
ucts
REVENUES,
EXPENSES, AND INCOME
RAILROADS
101
109
130
138
137
140
135
132
143
138
116
98
111
123
135
138
143
134
130
147
141
100
102
137
168
181
186
185
172
146
182
184
145
107
101
112
120
146
139
151
138
150
136
142
96
96
91
104
117
124
125
129
107
88
77
100
114
139
155
141
143
129
143
153
149
123
110
147
183
206
192
180
169
136
181
184
151
101
110
136
146
145
147
142
139
148
146
127
97
96
100
69
63
67
69
78
75
68
57
1949—October
November. . .
December. . .
92
117
115
42
131
97
54
96
148
153
152
131
85
••76
72
124
137
134
28
42
146
111
119
127
54
54
52
1950—January
February....
March
117
104
127
126
122
127
126
135
134
136
136
97
46
139
123
119
116
105
126
135
135
126
151
122
143
181
181
192
195
194
201
206
198
119
113
126
131
127
130
135
139
128
159
166
70
65
67
68
66
61
61
60
72
75
72
118
119
123
129
134
144
148
155
148
146
157
169
156
134
121
121
179
186
190
198
184
184
133
130
134
137
133
138
140
147
142
145
146
52
52
53
53
51
52
51
56
55
54
53
99
120
107
42
131
97
53
96
155
153
149
123
131
••96
69
131
135
119
35
51
45
121
124
120
56
55
50
SEASONALLY
ADJUSTED
April
May
June
July
August
September...
October
November.. .
UNADJUSTED
1949—October
November...
December. . .
1950—January
February....
March
April
May
Tune
July
August
September...
October
November.. .
107
96
120
122
125
131
130
140
145
147
139
97
46
139
123
119
116
105
126
135
135
126
158
130
144
177
179
188
190
186
198
201
198
119
111
116
115
112
133
162
150
143
159
162
68
52
53
61
59
51
48
57
95
116
90
106
115
123
129
139
150
149
163
160
154
154
42
39
39
63
217
277
298
285
298
262
188
122
122
127
135
135
142
141
149
154
158
152
49
51
54
54
51
52
51
56
57
56
54
N O T E . — F o r description a n d back d a t a , see B U L L E T I N for J u n e 1941, p p .
529-533. Based o n daily average loadings. Basic d a t a compiled by Association of American Railroads. T o t a l index compiled b y combining indexes for
classes with weights derived from revenue d a t a of t h e I n t e r s t a t e Commerce
Commission.
CLASS
I
[In millions of dollars]
Mis- Mercel- chanlane- dise
ous
l.c.l.
Total
Total
railway
railway
operating expenses
revenues
Annual
1939
1940
1941 .
1942
1943
1944
1945
1946
1947
1948
1949
OF
Net
railway
operating
income
> Net
income
Annual
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
87
1949—October...
November.
December.
623
708
712
592
636
632
31
72
81
0*
39
49,
1950—January...
February..
March....
April
May
June
July
August
September.
October...
689
638
723
730
715
791
772
833
858
885
629
606
655
667
661
691
686
744
749
776
60
32
67
63
29
1
36
32
20<
70
1949—October...
November.
December..
649
705
711
"•603
1950—January
February..
March
April
May
June
July
August
September.
October. . .
657
585
743
714
745
779
772
890
872
925
624
570
668
652
678
689
688
768
749
791
1939
1940
1941
1942
1943
1944.
1945
1946
1947
1948
1949
,.
93
189
500
902
873
667
450
287
479
699
SEASONALLY
ADJUSTED
54
100
86
88
109
108
545S
47
76
69
24
54
82
33
15
11
-9
49
38
45
72
59
96
99
UNADJUSTED
629
642
76
62
67
90
84
122
123
135
P108
r
P Preliminary.
Revised.
NOTE.—Descriptive material and back figures may be o b tained 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
Year or month
United
States
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
201
257
281
303
281
235
292
304
321
307
275
344
360
386
374
193
250
275
290
271
227
292
314
335
317
185
247
273
288
275
229
287
311
325
309
275
352
374
404
385
248
311
337
353
332
SALESi
1945.
1946.
1947.
1948.
1949.
Minne- Kansas
Dallas
apolis
City
San
Francisco
207
264
286
302
286
176
221
234
239
234
169
220
239
233
184
235
261
284
271
234
239
'231
237
267
276
266
283
'304
311
367
382
262
281
300
330
267
293
299
322
371
403
'320
293
282
280
274
292
290
298
362
335
320
291
244
229
216
244
231
240
268
268
255
216
P229
229
220
217
235
226
242
262
238
234
267
276
262
281
270
285
331
319
310
279
273
290
271
270
299
299
299
364
334
333
299
251
300
299
288
323
321
333
394
360
332
312
313
376
383
374
397
390
392
494
415
409
370
418
274
262
265
269
277
278
330
335
305
282
P288
282
300
297
319
330
326
418
370
360
305
P316
246
284
249
277
268
283
342
321
289
292
P289
300
301
298
307
309
322
414
355
346
303
P325
396
409
389
401
403
410
537
449
420
375
400
316
323
321
333
336
342
454
374
368
343
P345
1949- -November.
December..
'340
481
292
418
298
401
355
472
332
465
'377
541
426
642
324
438
378
504
310
438
347
505
442
662
3? 8
565
1950 -January
February
March
April.
May
Tune
July
August
September
October
November.
216
224
257
285
286
281
283
2S1
331
309
P356
185
177
207
241
228
230
185
198
263
239
P287
183
183
208
225
221
230
192
202
267
259
302
197
207
255
276
275
271
239
239
313
299
363
215
217
256
290
296
281
284
290
337
317
313
218
234
283
313
316
307
285
288
356
333
387
285
322
359
389
378
345
386
373
426
388
485
205
204
241
269
280
278
271
278
320
296
P357
232
252
285
316
323
293
326
318
363
326
P398
188
210
228
278
273
272
276
287
321
328
P336
228
244
277
304
306
296
340
326
363
328
P377
313
327
362
393
391
353
429
399
454
405
472
251
273
291
32!
319
321
387
35?
374
'345
P3 86
166
213
255
291
270
153
182
202
223
210
160
195
225
241
221
150
191
220
252
233
156
205
243
277
256
248
289
322
301
188
258
306
362
339
159
205
246
281
260
166
225
274
3U
296
165
21?
266
299
158
209
259
301
276
251
320
389
362
183
238
300
346
323
1949—November
December
273
271
219
228
••222
231
232
253
262
295
295
352
352
261
253
308
309
305
292
284
276
365
351
329
321
1950—January
February
March
April
May
June
July
August
September
October
November
272
279
285
286
285
276
269
284
309
'329
P332
223
222
233
231
228
215
198
213
227
'249
262
224
231
230
228
222
218
226
243
258
266
234
234
239
249
244
244
241
259
275
283
283
256
269
276
283
280
265
252
265
2Q6
313
350
291
307
324
329
331
338
329
334
345
363
P357
357
350
359
360
370
359
360
405
438
456
448
264
262
264
265
265
258
252
267
288
313
309
288
321
326
329
313
299
283
295
325
365
374
304
308
307
316
322
304
286
302
323
353
P345
283
283
294
296
295
288
270
286
306
330
P335
353
364
362
375
380
375
374
406
431
456
446
322
343
355
341
338
324
322
334
389
403
395
305
244
249
205
'256
207
266
204
279
219
327
267
395
306
298
237
329
259
331
270
313
246
405
323
365
293
244
267
290
294
289
267
258
285
322
r
362
P372
198
209
226
227
226
206
192
223
245
r
281
200
204
230
251
259
249
229
217
254
286
'326
326
224
251
273
287
283
261
251
280
324
355
377
267
299
334
344
337
305
308
337
362
403
^397
321
354
377
378
366
345
339
401
451
497
501
238
254
274
273
268
248
232
259
297
341
352
248
289
317
329
313
299
295
322
361
409
400
279
296
319
321
323
294
292
299
328
'371
P375
257
278
300
305
301
288
265
281
312
353
P369
328
357
384
393
380
353
351
402
444
479
495
294
323
348
347
350
326
332
333
389
430
438
249
SEASONALLY ADJUSTED
1949—November. . . .
December
1950—January.. .
February. .
March
April
May
June
July.
August
September.
October....
November.
274
277
UNADJUSTED
. ..
r
STOCKS'
1945.
1946.
1947.
1948.
1949.
SEASONALLY ADJUSTED
227
227
UNADJUSTED
J949—November
December
.1950—January
February
March
April
May
June
July
August
September
October
November. .
298
217
237
237
231
209
194
226
256
291
306
P Preliminary.
' Revised.
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE,—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN
for June 1946, pp. 588-612.
1
JANUARY
1951
85
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Percentage change
from a year ago
(value)
Department
Number of
stores
reporting
Oct.
1950
GRAND TOTAL—entire store 3
353
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
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
313
289
190
172
184
306
279
252
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
Inexpensive dresses 4
Better dresses 4
Blouses, skirts, and sportswear
Aprons, housedresses, and uniforms
Furs
Men's and boys' wear
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boy's shoes and slippers
350
350
311
283
167
324
336
343
342
256
288
249
326
332
242
202
217
350
339
210
204
314
290
312
341
260
265
340
287
270
Housef urnishings
Furniture and bedding
Mattresses, springs, and studio beds4
Upholstered and other furniture 4
Domestic floor coverings
Rugs and 4carpets 4
Linoleum
Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares (including small appliances)
Gift shop 4
Radios, phonographs, television, records,
etc.4.
Radios, phonographs, television 4
4
Records, sheet music, and instruments
316
243
164
173
276
158
99
296
249
248
247
259
168
226
175
125
Miscellaneous merchandise departments
315
295
240
146
265
189
Toys, games, sporting goods, and c a m e r a s . . . .
Toys and games
Sporting goods and cameras
Luggage
Candy 4
343
204
242
328
317
213
280
76
237
272
133
239
329
255
313
300
190
Stocks
(end of
month)
Sales during
period
Ten
months
1950
+4
+5
+3
+3
+4
+1
-11
-10
-17
-6
-17
-21
-17
-12
+13
+ 12
+24
+4
+3
+4
+ 14
+ 10
-3
+4
+ 14
+ 19
0
+46
+21
+8
0
i
-2
+4
2
+—41
0
-5
-1
-3
-4
-5
-3
+1
-1
-2
+1
+3
+2
+4
+5
+3c
+1
+2
+9
+1
+5
+4
-4
0
-2
+2
+3
+2
+1
-8
+3
-2
—5
—6
—1
-4
-8
+-11
—4
+2
r
-7
0
-4
-1
+2
+1
+6
+13
+3
+1
+6
+14
+ 16
+18
+ 14
+ 17
+ 19
-9
+5
+3
+6
+1
+1
+9
+18
+ 19
+21
+ 17
+ 13
+ 13
—5
—7
+5
+7
-1 . +4
+8
+8
-5
+31
+6
+5
+ 12
+63
+ 10
+84
+78
+ 10
+ 111
-1
+3
+3
+3
+5
+3
+4
+5
+2
+ 12
+1
0
0
1950
1949
Stocks at end
of month
1950
1949
1949
Oct.
Sept.
Oct.
Oct.
Sept.
Oct.
810
3.4
2.9
3.6
3.1
223
230
213
714
656
+23
+ 10
+8
+9
+23
+31
+30
+27
+36
+19
4.0
3.8
3.7
3.0
4.9
4.1
4.8
3.3
3.9
3.3
3.0
3.1
2.3
3.8
3.5
4.2
3.2
3.0
199
209
191
359
147
196
172
201
214
212
211
186
389
144
217
171
254
238
193
691
794
234
786
789
213
715
716
430 1,065 1,096
156
718
688
174
797
647
153
836
700
162
663
500
204
827
693
645
713
667
980
570
608
640
516
607
4.4
4.2
4.2
4.4
4.6
5.4
3.4
6.2
4.2
4.3
3.4
4.6
3.8
3.8
3.4
3.9
4.2
5.2
2.9
7.1
3.3
3.7
3.3
3.8
186
201
227
142
224
175
190
236
144
189
180
812
192
852
232
947
137
636
196 1,024
692
755
835
520
900
685
747
785
536
836
192
199
164
197
166
178
146
190
199
207
173
204
812
857
571
905
751
673
482
751
664
761
565
780
3.0
3.8
2.5
5.6
1.0
4.7
3.6
3.8
4.7
4.1
5.2
4.6
3.4
3.0
5.1
5.3
5.1
2.3
2.0
2.0
1 8
2.4
2.0
3.0
1.8
1.5
2 1
2.4
2.8
3.9
220
2.5
3.1
208
2.0
297
4.8
136
1.0
231
4.4
170
3.0 243
2.3 147
3.7
189
3.3 252
4.1
164
3.6
173
2.8
300
2.6
193
4.3
215
3.9
4.4
2.0 "233'
1.7
299
1.8
238
225
288
115
309
148
259
147
180
241
157
157
333
211
270
222
669
590
206
794
683
289
758
602
143
761
589
231
231
219
162
799
686
236
880
813
155
566
460
187
888
714
241 1,026
820
167
848
698
170
794
579
292 1,013
890
190
578
452
214 1,101 1,032
557
627
566,
680
204
719
712
353
697
788.
684
613
818
486
897
251
286
239
315
537
588
488
556
482
551
2!l
1.7
2.6
1.7
1.4
2 0
1.9
2.5
3.6
266
261
288
201
318
307
354
212
278
284
286
203
655
514
862
370
582
485
739
322
589
489
739*
347
274
136
148
328
142
144
276
133
146
656
376
584
574
334
602
544
336
522
4.9
4.3
5.3
4.9
6.2
4.4
4.4
4.4
4.1
5.5
196
229
175
207
177
192
203
158
256
198
957
185
202
973
169
921
206 1,014
167 1,093
861
920
765
925
988
81&
906
738845
930*
3.1
3.0
1.4
3.4
3.1
3.1
3.7
3.1
2.6
6.1
1.9
3.4
4.8
1.8
1.3
4.8
283
246
289
246
248 1,002
213
812
903
744
754
640.
287
261
246 1,088 1,010
756
265
258
191
273
288
220
222
180
428
310
892
758=
247
938
260
854
745
691
177 1,140 1,087 1,093"
289
850
697 '543
272 1,230 1,121
91a
+ 18
3.5
3.3
2.1
3 6
3.8
3.8
4.5
3.5
3.3
6.0
3.1
4.3
5.0
2.1
1.9
5.2
+24
+24
+24
+25
+32
+ 14
4.6
7.4
7.4
7.1
6.2
1.4
3.8
6.2
6.2
5.9
5.3
1.3
186
201
204
200
167
177
159
128
173
180
181
195
198
191
148
+ 16
+21
+ 19
+23
+24
+ 18
+28
+24
+ 13
+1
+ 17
+20
+25
+29
+ 12
+5
+ 12
+24
+60
+27
+30
+25
+ 18
+ 19
+25
+ 18
+ 12
+7
++7
10
+ 12
+5
+ 17
+7
+6
+7
—1
Sales during
period
+23
+ 01
-6
—6
—9
0
-6
-10
-2
—7
— 10
—3
October
+23
+25
+5
Index numbers
without seasonal adjustment
1941 average monthly sales =1002
1950
Oct
1950
-8
7
+3
Ratio of
stocks to
sa es x
+30
+22
+12
+ 10
+18
+8
+24
+21
+ 18
+32
+26
+64
+21
+43
+47
+ 17
+24
+25
+5
+56
+35
+ 17
+91
+151
853
670
752
1,490 1,171 1,1991,513 1,077 1,225
1,413 1,017 1,099
1,037
846
794
For footnotes see following page.
86
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
Percentage change
from a year ago
(value)
Number of
stores
reporting
Department
Oct.
1950
BASEMENT STORE—total
199
Domestics and hi a tike ts *
136
Women's and misses' ready-to-wear
Intimate RDDarel ^
193
170
180
177
159
123
122
Dresses ^
Q
-1
-1
Shoes
123
NONMERCHANDISE—total *
168
69
4
Bovs* wear *
Housef urnishings
.
.
.
103
.
Barber and beauty shop ^
Ten
months
1950
+2
+13
-1
+3
+5
+2
+4
+3
0
+5
+7
+7
+2
+4
159
137
92
119
119
Men's and boys' wear
Men's wear *
Stocks
(end of
month)
Sales during
period
Ratio of
stocks to
sales i
Index numbers
without seasonal adjustment
1941 average monthly sales=100 2
October
Sales during
period
1949
1950
Oct.
1950
1950
Stocks at end
of month
1949
1950
1949
Oct.
Sept.
Oct.
Oct.
Sept.
Oct.
213
215
209
588
524
481
-2
+22
2.8
2.3
+9
+37
3.0
2.4
-6
0
-12
-11
-4
j
0
+20
+30
+ 10
+6
+23
+ 16
+27
2.3
3.3
1.7
1.6
2.2
2.4
2.7
1.9
2.6
1.4
1.5
1.8
2.1
2.2
210
215
212
490
436
409
+1
+23
+24
+ 18
+28
+ 17
3.4
3.4
3.1
3.7
3.2
2.9
2.9
2.6
3.1
3.0
225
228
216
779
668
634
+35
2.7
2.1
254
202
237
677
600
504
+13
4.0
3.7
157
182
154
633
584
549
(6)
(5)
(6)
(5)
(5)
(5)
0
0
0
+3
+4
+1
+2
+1
1
The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number
of months'
supply on hand at the end of the month in terms of sales for that month.
2
The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks
index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of
sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858
were3 reversed.
For movements of total department store sales and stocks see the indexes for the United States on p. 85.
4
Index numbers of sales and stocks
for this department are not available for publication separately; the department, however, is included
6
in group and total indexes.
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1949, sales and stocks
at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the
departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
SALES, STOCKS, ORDERS, AND RECEIPTS
AT 296 DEPARTMENT STORES i
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average -100]
[In millions of dollars]
Year or month
Sales
(total
for
month)
1942 average...
1943 average...
1944 average...
1945 average...
1946 average...
1947 average...
1948 average...
1949 average...
1949—Nov
Dec
1950—Jan
Feb
Mar
Apr
May....
June... .
July....
Aug
Sept
Oct....,
Nov
179
204
227
255
318
337
352
333
397
583
256
247
320
319
330
317
292
331
370
361
P406
Stocks
(end of
month)
599
509
535
563
715
826
912
859
990
788
787
854
920
926
906
833
789
918
1,029
'1,169
Pl.214
Outstanding
orders
(end of
month)
263
530
560
729
909
552
465
350
350
296
390
393
326
271
248
369
693
755
702
C
593
P444
Receipts
(total
for
month)
182
203
226
256
344
338
366
330
»-433
381
255
314
386
325
310
244
248
460
481
c
501
P451
New
orders
(total
for
month)
192
223
236
269
327
336
345
331
'338
327
349
317
319
270
287
365
572
522
428
C
392
P3O2
r
c
Preliminary.
Revised.
Corrected.
These figures are not estimates for all department stores in the
United States. Figures for sales, stocks, and outstanding orders are
based on actual reports from the 296 stores. Receipts of goods are
derived from the reported figures on sales and stocks. New orders
are derived from estimates of receipts and reported figures on outstanding orders.
Back figures.—Division of Research and Statistics.
1
JANUARY 1951
Without seasonal adjustment
Derived data l
Reported data
Feb.
Mar.
Apr.
May
June
July
1949
1950
5 . . . ..229 Feb.
1 2 . . . ..238
1 9 . . . ..227
2 6 . . . ..232
5 . . . ..244 Mar.
1 2 . . . ..256
1 9 . . . ..261
2 6 . . . ..277
2.. . . .301 Apr.
9 . . . ..320
1 6 . . . ..314
2 3 . . . ..266
3 0 . . . . .286
7 . . . ..334 May
14... ..285
2 1 . . . ..280
2 8 . . . ..275
4 . . . ..259 June
1 1 . . . ..288
1 8 . . . . .285
2 5 . . . ..247
2 . . . ..238 July
9 . . . ..201
1 6 . . . ..213
2 3 . . . ..207
3 0 . . . ..209
4...
11...
18...
25...
4...
11...
18...
25...
1...
8...
15...
22...
29...
6...
13...
20...
27...
3...
10...
17...
24...
1...
8...
15...
22...
29...
1949
..226
..238
..231
..221
..244
..253
..264
..279
..301
..320
..254
..279
..285
..301
..308
..275
..282
..261
..302
..302
..250
..263
. .218
..265
..303
..295
Aug.
Sept.
Oct.
Nov.
Dec.
1950
Jan.
1950
6 . . . ..228 Aug. 5 . . . .
12
1 3 . . . ..218
19
2 0 . . . ..252
26....
27.. . ..252
3 . . . ..295 Sept. 2
9....
10... ..273
16
17.. . . .315
23....
2 4 . . . ..292
30
1 . . . . .302
8 . . . ..297 Oct. 7
14
1 5 . . . ..290
21
2 2 . . . ..296
28
2 9 . . . ..298
5 . . . . .315 Nov. 4
11
12... ..318
18
19.. . . .342
25
2 6 . . . ..330
3 . . . ..449 Dec. 2 . . . .
9
10... ..542
16....
1 7 . . . ..584
23....
2 4 . . . ..541
30....
3 1 . . . ..197
7 . . . ..205 Jan.
14... ..233
2 1 . . . ..230
2 8 . . . ..222
.296
.273
.281
.288
.310
.295
.368
.322
.320
.325
.322
.304
.313
.315
.342
.368
.319
.444
.554
.638
.640
.237
1951
6 . . . . .285
13
20
27
NOTE.—For description of series and for back figures, see BULLETIN
for September 1944, pp. 874-875.
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 1
Bridgeport
Newark l
Albany
Binghamton
Buffalo i
Elmira
Niagara Falls..
New York City
Poughkeepsie..
Rochester x
Schenectady.
.
Syracuse x
Utica
Philadelphia..
Trenton l J
Lancaster
Philadelphia i.
Reading l
Wilkes-Barre ».
York *
Cleveland
Akron 1 l
Canton
Cincinnati l . . .
Cleveland *
Columbus l
Springfield l. . .
Toledo i
Youngstown ».
+4
+1
+5
+3
+2
P+3
v-2
+4
0
-4
Cj
+5
+8
+4
+1
+8
+1
+ 12
+1
+7
+7
+11
-1
-4
+2
+5
+8
+2
+5
+7
+7
+6
+3
+5
+11
+ 13
+5
-1
0
+10
+12 +10
+1 +7
+2 + 13
+2 +7
+4
+5 +4
0 +6
0
0
+3
-6
-7
-4
+|
-10
-10
-12
+ 14
+2'I
+2
+17;
+ 13 + 15;
+50|
+5
+2
+1
+3
+3
Cleveland- cont.
Erie*
Pittsburgh i. . . .
Wheeling i
Richmond
Washington x...
Baltimore
Hagerstown. . . .
#
+2 Asheville, N. C.
+3 Raleigh
+2 Winston-Salem.
S. C.
+8 Charleston,
Columbia
+3 Greenville,
S.
+2 Lynchburg C,
+2 Norfolk
+2 Richmond
+10 Ch'ls'ton.W.Va,
+8 Huntington
+1
0 Atlanta
+4 Birmingham l. .
+2 Mobile
+5 Montgomery ll. .
+6 Jacksonville
...
Miami l
+6 Orlando
+8 Tampa l
l
+8
+5 Atlanta
+ 1 Augusta
Columbus
+3 Macon *
+5 Rome
+7 Savannah
+6 Baton Rouge *..
l
+9 New Orleans
.,
+7 Jackson l
+6 Meridian
+1 Bristol
+2 Chattanooga *. .
+6 Knoxville *
+8 Nashville 1
+5 + 12
+ 18
+ 15
-19
+3
-1
+2
+1
+2
+3
+1
-12
0
0
—7
+21
+9
+2
-4
+8
+ 15
+14
+ 12
+2
+4
+6
+ 19
+ 19
+ 18
+8
+6
-3
-1
-4
+9
+ 15
+5
-5
-8
+8
+5
+6
+4
+2
+2
+7
-3
+4
+2
+8
+9
+4
-1
-2
+9 +7
+9 + 14
+26 + 10
- 2 +8
+ 17 +8
+5 +6
+4 +6
-22
+1
- 6 + 10
-16
+7
-24
+7
+9 + 10
+2 +6
+9 + 14 +20
+ 11 +7 + 14
-11
0
+9 + 11
+ 11
-9
c
0
-4
+3
+7
+9
+2
Nov. Oct. 11
1950 1950 mos.
1950
Nov. Oct. 11
1950 1950 mos.
1950
Nov. Oct. 11
1950 1950 mos.
1950
Nov. Oct. 11
1950 1950 mos.
1950
0
0
-4
+ 13 + 16 + 1
0 +41 +4
+ 1 +2 + 7
Chicago
v+10
l
Chicago
Peoria 1
Fort Wayne K,
Indianapolis l.,
Terre Haute K
Des Moines. . .
Detroit *
Flint i
Grand Rapids.
Lansing
Milwaukee l..,
Green Bay »...
Madison
St. Louis
Fort Smith....
Little Rock *. .
Evansville. . . .
Louisville x .. . .
Quincy
,
East St. Louis
St. Louis i
St. Louis Area.
Springfield
Memphis *. . . .
Minneapolis. l
Minneapolis ..
St. P a u P
DuluthSuperior *.. . ,
Kansas City. .
Denver
,
Pueblo. . •
Hutchinson. .
Topeka
Wichita
Kansas City..
Joplin
St. Joseph. . .
Omaha
Kansas City—
cont.
Oklahoma City.
Tulsa
Dallas
Shreveport
Corpus Christi..
-HI
Dallas i
+11
Fort Worth
Houston x
+9
San Antonio.... + 18
+2
San Francisco.
Phoenix *
Tucson
|
Bakersfield K ...
P+4
Fresno *
l
+6
Long Beach l.. .
Los Angeles .. .
Oakland and
Berkeley i
Riverside and
p
San Bernardino
+3!
+51
Sacramentol l. . .
+
San Diego . , . .
San Francisco ».
San Jose l l
Santa Rosa . . .
Stockton
Vallejo 1and
Napa
+6 Boise and
+6
Nampa
P+9
Portland
Salt Lake City
». + 11
Bellingham l. . . + 17
Everett *
+ 13
Seattle *
+ 16
Spokane'
+ 12
Tacoma *. . . .
+ 12
Yakima ». . . .
P4-19
±11
-2 +9
+ 1 +7
-1 +11
-14
+
+5
+4 +11
+3 +12
0 + 11
+8 +10
+ 13
+6
-6
+8
-9
-13
+3
+ 11
- 5 +3
- 4 +4
-6
+6
-6
+1
-4
+6
+1
±
+7
+ 10
+9
+ 10
+6
+8
-2
3 +2
-12
+4
-2
0
+5
+7
+23
-3
-1
+4
+ 14 +6
10
+ 11 ++9
+8
+ 12 + 12
P Preliminary.
Indexes for these cities 3may be obtained on request from the Federal Reserve Bank in the district in which the city is located.
Data not available.
Ten months 1950.
1
2
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]
Year or month
All items
Food
Apparel
Rent
Fuel, electricity, and
refrigeration
House
furnishings
Miscellaneous
104.6
122.5
132.5
115 3
141 4
112.5
111.7
1933
92.4
84.1
87 9
100.7
100 0
84.2
98.4
1940
1941
1942
1943
] 944
1945
1946
1947
1948
1949
100 2
105 2
116.5
123.6
125 5
128 4
139.3
159.2
171 2
169.1
96 6
105 5
123 9
138.0
136 1
139.1
159.6
193 8
210 2
201.9
101.7
106 3
124.2
129 7
138 8
145 9
160 2
185.8
198 0
190.1
104.6
106 2
108.5
108.0
108 2
108 3
108.6
111.2
117.4
120.8
99.7
102 2
105.4
107 .7
109 8
110.3
112.4
121.2
133 9
137.5
100.5
107 3
122 2
125.6
136 4
145 8
159.2
184.4
195 8
189 0
101 1
104 0
110 9
115.8
121 3
124 1
128.8
139.9
149 9
154 7
1949—October
November
December
168.5
168.6
167.5
200 6
200 8
197.3
186.8
186.3
185.8
121.5
122.0
122.2
138 4
139 1
139.7
185 2
185 4
185.4
1S5 2
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
196 0
194 8
196.0
196.6
200 3
204 6
210 0
209 0
208.5
209.0
209.5
185.0
184.8
185.0
185.1
185.1
185.0
184.7
185.9
190.5
193.4
195.0
122.6
122 8
122.9
123.1
123 5
123.9
124.4
124.8
124.8
125.0
125.4
140.0
140.3
140.9
141.4
138 8
138.9
139 5
140.9
141.8
143.1
143.7
184.7
185 3
185 4
185 6
185 4
185.2
186 4
189 3
195.4
199.8
202.3
155.1
155 1
155 0
154.8
155 3
155.3
156 2
158 1
158.8
159.5
160.5
1929...
1950—January
February.
March
April
May
June
July
August .
September
October
November
.
.
....
Back figures.—Bureau of Labor Statistics, Department of Labor.
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the 1Bureau of Labor Statistics.
1926 =100]
Other commodities
All
commodities
Farm
products
Foods
95 3
86.4
73 0
64.8
65.9
74 9
80.0
80 8
86 3
78.6
77 1
78.6
87 3
98 8
103.1
104 0
105.8
121 1
152.1
165 1
155.0
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
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
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
1949—November....
December
151.6
151.2
156.8
154.9
158.9
155.7
1950—January
February
March
April
151.5
152 7
152 7
152 9
155 9
157.3
162 9
166 4
169.5
169.1
171.6
154.7
159 1
159.4
159 3
164.7
165.9
176 0
177 6
180.4
177.8
183.7
154.8
156 7
155.5
155 3
159 9
162.1
171 4
174 6
177.2
172.5
175.2
159.2 !
161.5
163.5 1
170.0
171.0
171.2
171.7
172 7
173.6
174.7
176.0
181.3
183.1
184.9
185.7
187.5
186.5
188.5
190.6
173.6
176.5
177.5
178.2
180 0
180.5
180.8
181.4
162.2
162.6
162.4
162.8
163.4
164 5
165.2
165.9
Year, month, or week
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939..
1940
1941.
1942
1943
1944. .
1945
1946..
1947
1948..
1949
.
May
June. . . .
July
August
September
October
November
Week ending: 1
1950—Nov. 7
Nov. 14
Nov. 21
Nov. 28
Dec 5
Dec. 12
Dec. 19
Dec 26.
Fuel Metals
Hides
and
Textile and
and
leather prod- lighting metal
prodmate- products
ucts
rials
ucts
Total
1949
r
182 4
188 8
180.4
141 7
140 ft
14C .4
145.0
145.4
180.8
179 .9
0
138 .4
130.2
130.4
167.3
167.8
143.4
144.2
109.7
110.7
160.4
159.5
148 2
147.9
145.8
145 9
146.1
146 4
147.6
148.8
151.5
155.5 I
179 3
179 0
138 .5
179 6
179 4
181 0
137
158.3
5 163.1
166 .0
131.4
131.3
131.5
131.2
132.1
132.7
133.4
134.4
135.1
135.4
135.6
168.4 191.6 115.7 144.7
168 6 192 8 115 2 145.2
168.5 194.2 116 3 145.5
168 7 194 8 117 1 145 8
169.7 198 1 116 4 146.6
171.9 202.1 114.5 146.9
172 4 207 3 118 1 148.7
174 3 213 9 122 5 153.9
176.7 '•219.6 1 2 8 . 6 159.2
178.6 '218.9 132.2 163.8
180.3 217.2 135.5 166.8
110.0
110 0
110.7
112 6
114 7
114.7
119 0
124 3
127.4
131.3
137.6
159.8
162 4
162.8
162 5
166.3
167.7
175.8
179.1
181.8
180.2
184.4
148.2
149 1
148.9
149 4
152 2
153.5
158 0
161.2
164.0
163.5
164.9
164 .4
165 4
166 .6
166 .2
166 7
169.3
170.2
171.3
135.3
135.4
135.4
135.4
134.8
134.9
136.0
136.0
180.6
180.1
180.4
180.6
183 3
185.1
184.3
184.1
100 .0
86 1
72 .9
80 .9
86 6
89 .6
95 4
104 6
92 .8
95 6
100 8
108 ^
117 7
117 .5
116 7
118 .1
137
9f 4
8C .3
66 . 3
54 .9
64 .8
72 9
70.9
71 5
1(\ . 3
66 .7
7
73 ft
84 ft
96.9
97 .4
98 4
10C .1
4
H6 1
182.6
187,2
136 .8
14? 6
195 6
202 9
149 •>
211 6
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
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
94 0
88.7
79 3
73.9
72.1
75 3
79.0
78 7
82.6
77.0
76 0
77.0
84 4
95.5
94.9
95 2
95.2
101 4
127.3
135 7
118.6
94 3
92.7
84 9
75.1
75.8
81 5
80.6
81 7
89.7
86 8
86 3
88.5
94 3
102 4
102.7
104 3
104.5
111 6
131.1
144 5
145.3
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
97 5
84.3
65 6
55.1
56.5
68 6
77.1
79 9
84 8
72.0
70 2
71.9
83 5
100 6
112.1
113.2
116.8
134 7
165.6
178 4
163.9
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
189.6
190.4
115 8
115.2
JANUARY
1951
218.2
217.8
218.1
219.1
220 8
221.0
221.8
222.0
1950
94 5
88 0
77 0
133.7
135.2
135.8
136.6
136 7
138.3
138.6
139.8
1950
1949
Aug.
Sept.
Oct.
Nov.
156.4 167.7 166.5 165.3 172.1
169.6 217.3 211.3 198.7 197.3
148.2 155.3 164.4 167.4 177.4
154.7
144.6
130.7
212.9
139 6
148.0
154 9
132.0
240.2
154 1
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
242.9
158.9
184.3
199.5
177.0
141.1
191.4
238.2
192.3
151.3
194.8
264.7
196.8
151.3
'200.3
266.5
201.3
164.9
203.8
269.5
204.9
164.9
144.2
177.9
98.4
49.5
39.6
146.0
169.0
145.2
206.8
101 2
65.6
41.3
157.7
181.5
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
231.1
109.4
69.0
42.6
190.6
210.4
139.3
192.4
222 2
70 3
88.3
108.5
142.1
192.5
225 6
65 5
88.1
116.8
142.8
193.1
225 6
6S 6
89.0
117.8
143.9 144.7
193.3 193.2
231.1 232 5
!
88.9
118.0 1181
Nov.
Aug.
Sept.
Oct.
Nov.
Metals and Metal Pi o ducts:
Agricultural ma ch. & equip.. 143.1 145.5 150 .3 1 5 2 . ( ) 153.1
Farm machiner y. .
145.7 147.7 152 .7 154.= 155.7
Iron and steel.
163.4 171.0 172 .2 173.2 173 .9
Motor vehicles
176 7 176 1 176
176 £ 176 9
131.7 156.3 166.1 173.2 181.7
Nonferrous me1 als
Plnmbine and 1leating
154 6 164.6 166 9 177.2 182.5
Building Materials:
Brick and tile.
161.9 167.8 168 7 178.1 178.5
Cement
134.5 135.5 136
140.2 140.6
283.5 357.6 371 .5 '358.4[ 345.9
Lumbe r
140.1 142.4 145 9 1 4 5 . / 148.1
Paint £_inrl naint materials
154.6 164.6 166 .9 177.2 182.5
Plumbing and heating .
Structural steel
178.8 191.6 191 6 191.(> 191.6
168.6 178.7 1 8 2 .5 186.5 189.1
Other building materials
Chemicals and Allied Products:
Chemicals
115.0 122.1
4 1 3 1 . t 134.3
Drugs and Pharmaceuticals. . 123.0 135.0 153 .4 161.1 163.8
Fertilizer materials
118.3 112.1 111 4 111.2 112.0
Mixed fertilizers
107.0 103.1 103 1 103.1 103.5
118.3 141.5 163 .9 160.:* 171.5
Oils an d fats
HousefurnL hing Goo ds:
Furnis lings.. .
149.9 162.8 168 .1 1 7 3 . ) 176.6
Furniti ire
136 8 144.6 149 Q 1 5 3 = 156 5
Miscellaneous:
Auto tires and tubes
62.5 75.0 77 .4 78.1 82.3
Cattle feed
184.9 205.6 90} 8 199. t> 211.4
156.5 163.9 167 .1 173.AI 178.6
Paper and pulp
35.4 106.1 114 .7 131. J= 150.5
Rubber, crude
121.2 125.4 127 .8 1 3 0 . ' 134.7
Other miscellan eous
Revised.
Weekly indexes are based on an abbreviated sample not comparable with monthly data.
Back figures.—Bureau of Labor Statistics, Department of Labor.
1
Manufactured
products
Subgroups
Nov.
Dairy products....
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes. . . .
Hides and skins. . .
Leather
Other leather products
Textile Products:
Clothing
Cotton goods
Hosiery and underwear
Silk
Rayon and nylon
Woolen and worsted goods..
Other textile products
Fuel and Lighting Materin-lsAnthracite
Bituminous coal.. .
Coke
Electricity
Gas
Petroleum products
Miscellaneous
Raw
materials
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
109 1
Subgroups
Farm Products:
Grains
Livestock and poultry
Other farm products
Chemi- HouseBuild- cals
and furing
nishmate- allied
ing
prodrials
goods
ucts
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce.
In billions of dollars]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates
by quarters
Annual totals
1950
1949
1929
1933
1939
1941
1946
1947
1948
1949
103.8
55.8
7.0
.6
— .1
7.2
7.1
.7
1.2
91.3 126.4 211.1 233.3 259.1 255.6 254.4 253.8 263.4 270.3 284.3
8.1
9.3 12.2 14.8 17.4 18.8 18.9 19.3 19.7 20.5 21.3
9.4
11.3 17.3 18.7 20.4 21.3 21.7 21.5 22.0 23.2 25.0
.7
.7
.7
.5
.7
.7
.5
.6
.7
.7
.7
4.2 - 2 . 6 - 6 . 4
1.4
1.6
1.7
.3 - 2 . 9 - 1 . 9 - 3 . 6 - 1 . 9
Equals: National income
-.1
87.4
39.6
.4
.1
.1
.2
.6
.0
.0
.5
.9
.0
-.1
72.5 103.8 180.3 198.7 223.5 216.8 216.7 214.2 216.9 229.1 244.1
Equals: Personal income
10.3 - 2 . 0
.2
.3
.0
.0
.9
1.5
1.0
1.2
5.8
2.1
.6
.7
85.1 46.6
2.6
1.5
1.3
.5
1.4
1.0
82.5 45.2
78.8 46.3
3.7 - 1 . 2
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
Less: Corporate profits and inventory valuation
adjustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Goyernment transfer payments
Net interest paid by government
Dividends
Business transfer payments
Less: Personal tax and related payments
Federal
State and local
Equals: Disposable personal income
Less: Personal consumption expenditures
Equals: Personal saving
5.8
2.1
.0
2.5
1.2
3.8
.5
72.6
2.4
1.2
1.2
70.2
67.5
2.7
14.6
2.8
.0
2.6
1.3
4.5
.5
18.3
6.0
.0
10.9
4.4
5.8
.6
95.3 177.7
3.3
18.8
2.0 17.2
1.3
1.6
92.0 158.9
82.3 146.9
9.8 12.0
24.7 31.8 29.9 31.8 28.4 28.2 35
5.7
6.7
6
5.2
5.7
5.7
5.6
.0
.0
.0
.0
.0
.0
11.6
11.8
14
10.6
11.9
20.9
11.1
4.7
4
4.5
4.7
4.7
4.7
4.4
8.2
8
7.5
7.8
7.4
8.1
6.6
.7
.7
.7
.7
.7
.7
205.4
215
216.4
191.0 209.5 206.1 203.8
18.7
18.7
21.5
21.2
18.7
19
19.0
19.6 19.0 16.2 16.2 16.1 16.3 16
1.9
2.2
2.5
2.5
2.5
2.7
2
169.5 188.4 187.4 185.1 186.8 197.5 195
165.6 177.4 178.8 179.0 180.6 182.4 185
3.9 10.9
8.6
6.2
6.2
15.0 10
38.5
6.9
.0
11.2
4.8
9.4
.7
224.8
20.0
17.3
2.8
204.7
198.4
6.4
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1949
1929
1933
1939
1941
1946
1947
1948
3
National income
.
C o m p e n s a t i o n of e m p l o y e e s
.
. . . .
Wages and salaries 2
Private
Military
Government civilian
Supplements to wages and salaries
..
Proprietors* and rental income '
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
1950
1949
4
1
2
3
87 4
39.6
72.5 103.8 180.3 198.7 223.5 216.8 216.7 214 2 216.9 229 1 244 1
50 8
50.2
45 2
29.3
28.8
23 7
47.8
.6
19.7
83
57
.5
7.2
2.9
2 3
2.1
14.7
6.8
4 5
2.0
3.5
3
4.6
5.8
3
4.9
10.3 - 2 . 0
.2
98
.5
1.4
—
.4
8.4
.5 —2.1
6.5
5.0
45.7
37.5
.4
7.8
5.8
6.5
1.5
5.0
-.7
4.2
64.3 117.1 128.0 140.2 140.6 140.0 140 2 142 3 147 9 155 2
61.7 111.2 122.1 134.4 134.2 133.6 133.6 135.2 140.6 147.7
51.5 90.6 104.8 115.7 113.7 113.0 112.7 114.3 119.5 125.2
4.1
4.0
4.3
8.0
4.3
4 5
4 5
4 6
1.9
na
8.3
12.7 13.2 14.7 16.1 16.3 16.4 16.4 16.6
n.a.
6.4
5.9
5.8
6.4
2.6
5.9
6.6
7.1
7.3
7.5
20.8 42.0 42.4 47.3 41.7 40.1 40.7 41.5 41.2 45.4
9.6 20.6 19.8 22.1 21.0 20.7 20.6 21.4 22 3 24 7
6 9 14.8 15.6 17.7 13.4 12.2 12 8 12 8 11 7 13 3
7.1
7.5
4.3
7.3
7.2
6.6
7.3
7 1
7.3
7 4
14.6
17.2
7.8
9.4
-2.6
4.1
18.3
23.5
9.6
13.9
-5.2
2.9
24.7
30.5
11.9
18.5
-5.8
3.5
31.8
33.9
13.0
20.9
-2.0
4.1
29.9
27.6
10.6
17.0
2.2
4.7
31.8
28.2
10.8
17.3
3.7
4.8
28.4
27.6
10.6
16.9
.8
4.8
28.2 35 0
29 2 37 4
1 3 . 2 1r 6 . 5
1 6 . 0 20 9
-1.0 -2.3
5.0
5.0
38.5
46 4
20.6
25 8
-7.9
5.0
r
n.a. Not available.
Revised.
Less than 50 million dollars.
Includes employee contributions to social insurance funds.
8
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
90
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
Annua totals
1950
1949
1929
1933
1939
1941
1946
1947
1948
1949
Gross national product
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic investment
N e w construction *
Producers' durable equipment
C h a n g e in business inventories
. . . .
Net foreign investment
Government purchases of goods and
services
Federal
.
. . .
War
Nonwar
Less: Government sales 2
State and local
1
4
3
3
2
91.3 126.4 211.1 233.3 259.1 255.6 254.4 253.8 263.4 270.3 284.3
103.8
55.8
78.8
9 4
37.7
31.7
15.8
7.8
6.4
1.6
.8
46.3
3 5
22.3
20.6
1.3
1 i
1.8
—1 6
.2
67.5
6.7
35.3
25.5
9.9
4 9
4.6
.4
.9
82.3 146.9 165.6 177.4 178.8 179.0 180.6 182^4 185.2 198.4
9.8
16.6 21.4 22.9 23.8 24.7 25 3 26 9 26 7 33 5
44.0 85.8 95.1 100.9 98.5 97.6 97.9 97.4 99.3 104.9
28.5 44.5 49.1 53.7 56.4 56.6 57.4 58.1 59.2
59.9
18.3 28.7 30.2 43.1 33.0 32.1 31.2 41.7 46.9
48.4
6 8 10 3 13 9 17 7 17 3 16 9 18 2 19 9 21 3 22 8
18.7
19.9 19.5 19.4
7.7
12.3
17.1
27.1
19.9 22.3
3.9
6.1
3 4 — 1.5
2.0
5.5 —3.7 —4.2 - 5 . 7
— .8
- . 7 -1.7 -2.0 - 3 . 3
.1
.4
1.9
4.6
1.1
8.9
8.5
1.3
8.0
2.0
2.0
(8)
5.9
13.1
5.2
1.3
3 9
24.7
16.9
13.8
3 2
(8)
7.8
} 1.3
0)
7.2
(8)
7.9
30.9
20.9
21.2
2 5
2.7
10.0
28.6
15.8
36.6
21.0
21.5
.5
15.6
}17.1
1.3
12.8
43.3
25.3
25.7
.4
18.0
43.2
25.1
25.8
.7
18.2
42.8
24.3
24.6
.3
18.5
41.0
22.2
22.5
.3
18.7
40.2
21.4
21.7
.3
18.8
40.8
21.2
21.4
.2
19.6
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
ige and salary disbursemeni.3
Year or month
Personal
income
Total
receipts4
Total
disbursements
Commodity Distributive Service
produc- indusindusing intries
tries
dustries
Government
DiviLess emdends
Proployee
Other
prietors'
and
contriperlabor
and
butions income5 rental 6
sonal
for
income interest
social
income
insurance
Transfer
payments7
Nonagricultural
income8
1929
85.1
50.0
50.2
21.5
15.5
8.2
5.0
.1
.5
19.7
13.3
1.5
76 8
1933
46.6
28.7
28.8
9.8
8.8
5.1
5.2
.2
.4
7.2
8.2
2.1
43 0
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
74.0
68.3
72.6
78.3
95 3
122.7
150.3
165 9
171.9
177 7
191.0
209.5
206.1
45.4
42.3
45.1
48.9
60.9
80.7
103.6
114.9
115.3
109.2
119.9
132.2
132.0
45.9
42.8
45.7
49.6
61.7
81.9
105.4
117.1
117.7
111.3
122.0
134.3
134.2
18.4
15.3
17.4
19.7
27.5
39.1
49.0
50.4
45.9
46.1
54.3
60.2
57.0
13.1
12.6
13.3
14.2
16.3
18.0
20.1
22.7
24.7
30.9
35.1
38.8
39.4
6.9
6.7
6.9
7.3
7.8
8.6
9.5
7.5
8.2
8.2
8.5
.5
.5
5
.6
6
.7
.9
2.4
2.8
10.5
11.5
13.7
15.3
16.6
17.4
1.5
2 0
1 9
2.1
2.2
2.4
2.8
2.2
2.9
15.4
14.0
14.7
16.3
20 8
28.4
32.8
35.5
37.5
42.0
42.4
47.3
41.7
10.3
10.2
16.1
26.8
33.5
35.6
20.6
17.2
18.7
20.4
.6
.6
.6
.7
8
1.2
1.8
2.2
2.3
10.0
10.6
11.4
13 2
14.5
16.1
17.2
11 4
11.8
11.2
12.3
66.5
62.1
66 3
71.5
86 1
109.4
135.2
150 5
155.7
158 8
170.8
187.0
188.2
202.4
1949—October
November. . . . 205.7
208,4
December
130.3
131.3
132.9
132.5
133.4
135.1
54.8
55.5
57.0
39.0
39.0
39.3
17.8
17.8
17.8
20.9
21.1
21.0
2.2
2.1
2.2
3.0
3.1
3.1
39.8
41.7
40.6
17.2
17.2
18.9
12.1
12.4
12.9
186.0
187.6
191.1
214.6
215.4
219 3
213.8
214 5
May
217.1
June
220 7
Tuly
225.4
August
September . . . . 228.7
231.1
October
132.2
131.5
133 6
135.3
137 7
140.2
141.7
145.5
147.8
150.7
135.0
134.2
136 4
138.1
140 5
143.2
144.5
148.5
150.6
153.8
56.7
55.8
57 7
59.1
60.9
62.7
63.3
65.6
66.5
68.6
39.5
39.3
39 6
39.7
40.1
40.7
40.9
41.7
41.6
41.9
17.9
18.1
18 1
18.2
18.5
18.6
18.7
18.8
18.8
19.2
20.9
21.0
21.0
21.1
21.0
21.2
21.6
22.4
23.7
24.1
2.8
2.7
2 8
2.8
2 8
3.0
2.8
3.0
2.8
3.1
3.0
3.0
3 3
3.3
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
17.5
17.7
18 0
18.2
17 8
17.8
17 8
18.4
21.1
19.2
18.4
22.2
24 2
17.2
14 1
13.4
12 3
12.0
11.4
12.1
195.2
199.0
203 7
198.7
198 4
200.7
202 7
207.3
211.2
212.7
1950—January
February
1^1 arch
April
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
1 3
8.7
9 2
9.4
9 9
9.7
3 0
3.1
3 1
3.2
3.0
3 6
6.2
Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance.5 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
6
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well 8as consumer bad debts and other business transfers.
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.
JANUARY
1951
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Instalment credit
Total
consumer
credit
End of year
or month
Noninstalment credit
Total
noninstalment
credit
Total
instalment
credit
Total
Automobile
Other
6,252
3,158
2,515
1,318
1,197
643
3,094
749
1,749
596
3,439
1,588
1,122
459
663
466
1,851
303
1,081
467
7,031
8,163
8,826
5,692
4,600
4,976
5,627
8,677
11,862
14,366
16,809
4,424
5,417
5,887
3,048
2,001
2,061
2,364
4,000
6,434
8,600
10,890
2,792
3,450
3,744
1,617
882
891
1,267
1,729
1,942
1,525
1,721
1,802
1,135
707
691
687
729
1,648
3,086
4,528
6,240
1,151
1,961
3,144
1,104
1,935
2,567
3,096
1,018
1,544
1,650
1,764
1,513
1,498
1,758
1,981
3,054
3,612
3,854
3,909
533
560
610
648
227
544
2,607
2,746
2,939
2,644
2,599
2,915
3,263
4,677
5,428
5,766
5,919
530
536
565
483
942
1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3,348
4,072
4,650
1949—October. .
November
December
15,336
15,884
16,809
10,166
10,441
10,890
5,661
5,880
6,240
2,986
3,085
3,144
2,675
2,795
3,096
4,505
4,561
4,650
5,170
5,443
5,919
979
996
1,018
3,197
3,454
3,909
994
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
19,401
19,412
10,836
10,884
11,077
11,322
11,667
12,105
12,598
13,009
13,344
13,393
13,319
6,174
6,213
6,334
6,511
6,733
6,995
7,343
7,613
7,858
7,879
7,808
3,179
3,256
3,355
3,470
3,600
3,790
3,994
4,107
4,213
4,227
4,179
2,995
2,957
2,979
3,041
3,133
3,205
3,349
3,506
3,645
3,652
3,629
4,662
4,671
4,743
4,811
4,934
5,110
5,255
5,396
5,486
5,514
5,511
5,532
5,275
5,261
5,317
5,410
5,546
5,697
5,833
5,985
6,008
6,093
1 .027
1,034
1,045
1,067
1,092
L, 116
1,133
.157
1,197
1,249
1,294
3,506
3,233
3,211
3,241
3,290
3,392
3,527
3,636
3,741
3,703
3,739
999
1,008
1,005
1,009
1,028
1,038
1,037
1,040
1,047
1,056
1,060
1929
1933
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
. .
. .
.
May
June .
July
August . . .
September.
October P
November?....
Sale credit
Loans x
482
175
200
715
Singlepayment
loans 2
Charge
accounts
414
428
510
749
896
949
Service
credit
772
874
920
963
992
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
Commercial
banks i
Small
loan
companies
Industrial
banks2
Industrial
loan
com- 5
panies
Loans made by principal lending institutions
(during period)
Credit
unions
Miscellaneous
lenders
Insured
repair
Comand
modern- mercial1
banks
ization8
loans
Small
loan
companies
Industrial
banks 2
Industrial
loan
com-2
panies
Credit
unions
1929
643
43
263
21 Q
23
95
463
41 3
38
1933
466
29
246
121
20
50
322
202
32
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3,348
4,072
4,650
523
448
692
784
426
316
357
477
956
1,435
1,709
1,951
498
531
417
364
384
1949—October
November...
December...
4,505
4,561
4,650
1950—January. . . .
February....
March
April
May
Tune..
July
August
September. .
October?. . .
November?.
4,662
4,671
4,743
4,811
4,934
5,110
5,255
5,396
5,486
5,514
5,511
...
131
132
134
89
67
68
99
104
107
72
59
60
135
96
174
200
130
104
100
99
102
91
86
88
439
597
701
817
929
76
117
166
204
250
70
98
134
160
175
1,936
1,944
1,951
858
875
929
239
244
250
172
173
175
385
394
402
1,957
1,973
2,026
2,066
2,134
2,233
2,316
2,401
2,462
2,460
2,435
931
928
936
945
251
254
258
262
175
174
176
178
267
275
182
187
959
978
995
1,009
1,010
1,026
1,038
282
290
295
294
292
192
197
201
201
200
103
153
225
312
402
680
827
792
639
749
912
975
784
800
869
1,017
1,198
261
255
255
182
151
155
194
198
203
146
128
139
237
297
344
236
201
198
199
286
164
322
568
739
801
942
1,793
2,636
3,069
3,282
956
1,231
1,432
1,534
1,737
166
231
310
375
418
151
210
282
318
334
135
137
142
780
794
801
272
269
280
134
161
232
34
36
41
26
28
31
59
64
69
404
408
421
431
142
142
143
144
802
792
783
785
269
268
336
307
131
126
163
154
37
34
43
37
27
25
31
28
59
61
78
70
450
474
145
147
797
816
348
379
168
175
43
46
32
34
83
93
495
514
524
524
521
93
109
119
131
142
200
268
285
206
123
113
149
150
150
152
153
826
835
844
857
872
381
387
356
298
257
166
166
149
149
165
45
46
40
39
34
32
33
32
28
27
428
577
712
84
88
76
66
64
p1 Preliminary.
Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount
of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of November amounted to 101 million dollars,
and other
loans made during November were 11 million.
2
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans3 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration.
92
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
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Other Repair Personal
retail, a n d
pur- mod- instalment
chased
Automobile
retail
Year or month
1 'otal
]
loanf
c
Outstanding at end of
1929
1,197
160
583
265
56
133
1933
663
119
299
119
29
97
1,525
1,721
1 802
1,135
377
93
246
1939.. .
1940
1941 .
1942
1943
1944
1945 .
1946
1947 .
1948
1949
707
691
715
536
599
619
302
313
110
120
252
172
183
198
440
289
293
296
188
78
50
51
76
57
56
57
179
111
109
113
386
587
118
249
89
144
174
305
874
750
387
152
404
500
163
488
822
858
935
454
464
500
123
127
163
421
440
488
902
891
899
913
935
947
976
998
1,028
1,019
1,003
491
492
502
518
537
561
597
658
702
705
701
1,010
935
1949
October... 2,675
November. 2,795
December. 3,096
855
906
1,010
975
958
960
979
1,011
1,032
1,081
1,123
1,159
1,170
1,172
2,995
2.957
2,979
3.041
3,133
3,205
3 349
3,506
3,645
3,652
3,629
271
284
337
650
1,104
1,935
2,567
3,096
1950
January...
February..
March....
April
May
June......
July
August
September.
October P . .
November?
273
439
466
6: 7
616
618
63 1
65 0
665
695
727
756
758
753
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
233.5
286.2
343.2
50.0
66.6
93.6
30.2
43.4
63.1
1949—October... . 329.6
November.. 336.3
December.. 343.2
88.7
91.7
93.6
56.6
59.2
63.1
344 6
347.4
350.5
355,0
361.8
371.0
Tulv
380.4
Juiy
389.8
A u g u s t . . . . 396.4
September . 395.6
October? . .
November? 392.9
Volume extended
during month:
45.6
1949—October
November.. 45,8
December.. 47.0
96.1
98.6
100.4
102.6
105.6
111.9
115.8
119.4
121.9
121.5
120.6
41.9
40.3
47.3
43,1
48.9
51.1
50.5
52.7
47.2
43.5
37.2
Outstanding at end
of period:
1947
1948
1949
1950—January
February.. .
March
April
May
1950—January
February...
March
April
May
June...
July
August....
September .
OctoberP . .
November?
Repair Personal
and
instalmodern- ment
cash
ization
x2
loans
loans
110.0
124.5
131.1
63.9
65.2
66.9
68.9
70.7
71.9
73.4
76.2
79.3
80.3
79.9
43.3
51.7
55 4
55,0
55.5
55.4
54.7
54.2
53.0
52.8
53.5
54.2
54.9
55.5
56.1
56.1
55.7
129.9
129.4
130.2
130.7
132.0
133.0
136.3
138.7
139.1
137 7
136.7
13.7
13.7
11.9
8.5
8.8
10.3
4.8
4.2
3.3
18.6
19.1
21.5
12.3
12.6
13.5
12.7
13.9
15.7
16.2
15.4
13.7
11.3
7.8
7.6
9.7
8.8
9.6
2.7
2.7
2.5
3.0
4.2
4.3
3.9
4.1
3.9
3.9
3.0
19.1
17.4
21.6
18.6
21.2
22.2
21.5
22.2
19.1
18.7
17.9
8.7
8 9
8.9
11.0
10.5
9.6
7.6
129.3
129.9
131.1
1947..'
1948
1949
1949—October
November
December
1950—January
February
March
April
May
June
July
August
September
October?
NovemberP..
Volume extended during month:
1949—October
November
December
1950—January
February
March
April
May
June
July
August
September
October?
NovemberP..
2 ,701
3 ,563
4 ,416
4 ,247
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 ,660
593
576
593
554
542
646
607
721
768
789
799
782
647
514
536
736
915
915
922
915
922
935
964
992
953
941
966
983
1 ,050
1 ,110
1 ,143
1 ,177
1 ,180
1 ,159
1 ,035
1 ,096
1 ,158
1 ,217
1 ,251
1 ,254
1 ,234
125
118
113
111
117
142
130
148
165
174
157
152
123
90
346
570
854
811
835
854
866
888
922
953
992
523
751
922
500
636
781
839
868
922
1,028
1,064
1,112
1,178
1,258
1,282
1,260
755
772
781
779
783
774
780
804
834
851
872
891
905
907
123
115
105
136
131
154
70
67
57
116
124
151
141
164
184
191
190
174
132
101
137
118
139
129
163
154
167
187
211
166
123
47
49
42
52
74
82
80
82
75
71
55
796
870
944
927
929
944
945
947
969
980
,003
,040
,060
,083
,108
,105
1,100
139
145
164
143
134
172
155
172
183
177
183
170
155
145
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. [n millions of dollars]
Retail instalment paper L
AutoOther
mobile
Repair Persona!
instaland
modern- ment
cash
ization2
loans
loans i
Year or month
Total
Outstanding at end
of period:
1947
1948
1949
1949—October....
November..
December..
1950—January
February...
March
April
May
June
July
August
September .
October P . .
NovemberP
148.2
177.1
194.7
191.2
192.5
194.7
194.8
193.7
196.2
198.7
202.8
208.7
214.3
219.9
223.8
224.0
223.5
27.1
38.3
43.5
44.2
44.1
43.5
44.3
44.6
46.1
47.5
49.5
52.3
54.8
55.9
57.2
57.4
57.4
17.1
23.7
31.4
30.2
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
6.6
6.6
6.5
6.4
6.7
6.9
7.2
7.3
7.4
7.3
7.3
Volume extended
during month:
1949—October
November..
December..
1950—January
February...
March
April
!May
June
July . . .
August....
September .
October?.. .
November?
28.3
28.7
31.3
27.7
25.4
31.2
29.2
33.1
35.4
34.8
35.5
32.8
29.3
27.8
7.1
5.7
5.4
3.9
4.0
4.4
0.5
0.5
0.4
6.5
5.6
7.3
6.9
7.9
8.9
9.1
8.1
7.5
6.8
6.3
3.3
3.5
4.0
3.9
4.8
5.3
5.7
7.3
6.0
4.9
3.8
0.3
0.3
0.3
0.4
0.5
4.2
5,0
6,5
6 0
6 3
6.5
0 5
0 5
0.5
0.4
0.4
0.4
99.8
110.1
113.3
110.8
111.6
113.3
112.8
111.7
112.6
113.2
113.9
115.2
116.4
117.5
118.1
117.6
117.9
16.8
18.5
21.1
17.6
16.0
19.6
18.0
19.9
20.7
19 5
19.6
18.9
17.2
17.3
l
P Preliminary.
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
2
JANUARY
1951
93
CONSUMER CREDIT STATISTICS—Continued
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Item
Nov.
Net sales:
Total
Credit sales:
Instalment
Charge account
1950P
Oct.
1950
Sept.
1950
+1
-3
+11
+6
+19
+7
-15
+ 18
+27
+29
+21
+26
+38
Oct.
1950
Sept.
1950
-5
-1
-10
-8
-2
-17
1950P
+9
+5
Percentage change
from corresponding
month of preceding
year
-7
-11
Nov.
-2
Accounts receivable, end
of month:
Total
Instalment
-1
0
0
+4
+3
+20
+17
+26
+22
+32
+28
Collections during
month:
Total
Instalment
-4
-4
+4
+6
+3
+3
+20
+ 13
+25
+19
+29
+22
+7
+29
+30
-i
Inventories, end of
month, at retail value.
+1
+12
+24
Preliminary.
Charge •
Instalment accounts
Year or month
accounts
Household ap- Jewelry
pliance
stores
stores
Department
stores
Furniture
stores
1949
October
November
December
20
20
20
11
11
10
12
12
12
1950
January
February
March
April
May
June
July
August
September
October
November?
18
17
19
17
18
17
17
18
18
18
17
10
10
11
10
10
10
11
11
11
11
10
12
11
12
11
12
10
11
11
14
13
16
()
no
n
8
(2)
10
Department
stores
53
54
52
49
47
53
50
52
51
49
50
51
51
51
r
P Preliminary.
Revised.
1
Collections during month as percentage of accounts outstanding at
beginning
of
month.
8
Collection of these data for jewelry stores was discontinued after
December 1949.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasona adjustment, 1941 average=100
1950—January
February
March
April
May
June
July
August
September
October
November?
Collections during
month
Cash
sales
Instalment
sales
Charge
account
sales
Total
Cash
Instalment
Charge
account
Instalment
Charge
account
Instalment
Charge
account
100
114
130
145
162
202
214
225
213
100
131
165
188
211
242
237
236
216
100
82
71
66
67
101
154
192
199
100
102
103
112
125
176
200
219
213
100
78
46
38
37
50
88
142
165
100
91
79
84
94
138
174
198
196
100
103
80
70
69
91
133
181
200
100
110
107
112
127
168
198
222
224
48
56
61
64
64
59
55
52
50
9
6
5
4
4
4
6
7
8
43
38
34
32
32
37
39
41
42
220
372
215
247
380
246
»-265
325
220
260
373
175
189
214
191
213
285
202
211
227
214
232
245
48
48
50
10
9
8
42
43
42
164
162
177
186
233
218
226
207
259
292
306
269
249
164
209
222
233
319
49
10
41
Averages of monthly
data:
1941
1942
1943
1944
1945
1946
1947
1948
1949
1949—October
November
December
Accounts receivable
at end of month
Sales during month
Year or month
Percentage of total sales
r
253
156
203
204
212
203
184
210
234
229
257
152
199
202
205
199
173
196
217
216
249
154
202
217
219
191
185
190
194
194
181
230
236
268
204
217
208
209
238
207
209
212
222
250
226
241
230
210
48
49
11
10
49
9
231
230
222
226
48
48
9
9
241
256
184
191
210
229
216
47
12
260
259
216
233
283
278
244
252
46
46
47
48
10
9
250
269
212
221
12
12
41
41
42
43
43
41
42
42
43
43
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. 85.
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS *
Chart
book
page
1950
Nov.
29
WEEKLY FIGURES1
Dec.
Dec.
13
Dec.
20
Dec.
1950
Nov.
29
20.50
19.57
1.13
14.09
4.35
23.04
27.54
1.86
16.80
4.45
1.15
6.46
4.58
16.12
.68
(3)
-.01
.11
.51
20.92
20.24
1.10
14.57
4.57
22.98
27.70
1.83
17.05
4.55
1.18
6.48
4.58
16.10
.95
.03
.01
.14
.51
69.92
32.98
22.11
8.83
2.04
6.35
50.55
1.75
30.59
17.08
5.21
69.81
32.92
22.12
8.75
2.06
6.30
50.45
1.59
30.58
17.26
5.21
2.46
.84
1.62
5.85
2.21
.67
1.54
5.80
MEMBER BANKS IN LEADING C1TIE:
All reporting b a n k s :
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
New York City b a n k s :
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
Toothers
19
Real estate and other ..
19
Banks outside New York City:
Loans and investments
15
U. S. Govt. securities, total. 15
Bonds
17
Notes and certificates. .. 17
Bills
17
Demand deposits adjusted. 15
U. S. Govt. deposits
15
Interbank deposits
15
Time deposits
15
Loans, total
15
Commercial
19
Real estate
19
For purchasing securities 19
Other
19
20.03 19.98
8.69 8.67
6.19 6.17
4.55 4.54
1.81 1.80
.68
.70
15.84 15.83
.47
.43
4.01 4.14
1.56 1.56
9.56 9.55
6.01 6.09
.58
.80
.32
1.75
.39
.76
.27
1.73
49.89
24.30
15.92
7.02
1.36
34.71
1 .28
6.84
13.56
21.02
11.08
4.77
.77
4.54
49.83
24.25
15.95
6.95
1.36
34.62
1.16
7.18
13.54
21.03
11.18
4.78
.79
4.51
MONEY RATES, ETC.
21.34 21.86 21.72
BUSINESS CONDITIONS
20.53 20.23 20.34
.87
.85
.75
prices:
14.86 14.95 14.88 Wholesale
Indexes (1926=100):
4.82 4.53 4.59
Total
65
22.93 22.80 22.80
Farm products
65
27.76 27.93 27.92
Foods
65
1.75 1.98 2.08
Other
commodities
65
17.46 17.42 17.17
Basic commodities:
4.94 4.80 4.62
(Aug. 1939=100):
1.22 1.20 1.19
Total
67
6.69 6.76 6.70
Foodstuffs
67
4.70 4.87 4.81
Industrial
materials
67
16.37 P16.49 P16.38 Selected farm products:
1.10 P.93 P. 79
Wheat (cents per bushel) 68
.33 .12
Corn (cents per bushel).. 68
-.02
.04 (3)
Cotton (cents per pound) 68
. 17
.28
.27
Steers (dollars per 100
.61 P. 76 v 70
pounds)
68
Cows (dollars per 100
pounds)
68
Hogs (dollars per 100
70.30 71.44 7 1 . 7 9
. pounds)
68
33.44 33.85 33.67
Butter (cents per pound) 68
22.13 21.60 21.56
Eggs
(cents
per
dozen).
.
68
9.34
8.67 9.36
2.64 2.89 2.7 Production:
Steel (% of capacity)
71
6.30 6.44 6.52
71
51.68 51.77 51.64 Automobile (thous. cars)
Crude
petroleum
(thous.
1.53 1.59 1.70
bbls.)
72
30.56 31.15 31.60
Bituminous coal (mill, tons) 72
17.46 17.80 17.84
Paperboard (thous. tons).
73
5.24 5.25 5.27
Meat (mill, pounds)
73
Electric power (mill. kw. hrs.) 75
2.23 2.20 2.48
.87 Freight carloadings (thous. cars):
.64
.63
74
1.59 1.58 1 .61 Total
Miscellaneous
74
5.83 5.88 5.90
Department store sales
(1935-39=100)
75
20.19 20.74 20.89
9.01 9.19 9.08
6.15 6.05 6.06
4.51 4.41 4.42
1.80 1.99 1.95
1.06 1.15 1.07
16.33 16.28 16.12
.43
.41
.41
MONTHLY FIGURES
4.33 4.50 4.42
1.61
1.61 1.60
DEPOSITS AND CURRENCY
9.43 9.74 9.93
6.18 6.33 6.31
Deposits and currency«:
Total deposits and currency.
Total deposits adjusted and
.40
.40
.60
currency
6
.82
.75
.77
Demand deposits adjusted.
6
.31
.27
.27
Time
deposits
adjusted
6
1.74 1.74 1.75
Currency outside banks. . . . 6
U. S. Govt. deposits
6
50.11 50.71 50.90
24.43 24.67 24.60 Money in circulation, t o t a l . . . 7
Bills
of
$50
and
over
7
15.50
15.98 15.56
$10 and $20 bills
7
6.88 7.37 7.38
Coins, $1, $2, and $5 bills... 7
1.58 1.74 1.71
35.35 35.49 35.53
1.13 1.19 1.26
7.48 7.78 7.62
13.55 13.56 13.61 Turnover of demand deposits: 3
21.13 21.41 21.67
New York City
11.28 11.47 11.53 Other
leading cities
4.80 4.82 4.83
.79
.76
.76
4.53 4.58 4.58
COMMERCIAL BANKS
Dec.
Dec.
In unit indicated
WEEKLY FIGURES 2—Cont.
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
Country banks
5
Required reserves
4
Excess reserves, total •. . .
4
New York City
5
Chicago
5
Reserve city banks
5
Country banks •
5
Dec.
13
Dec.
In billions of dollars
RESERVE BANK CREDIT, ETC.
171.7
185.7
178.2
162.8
172.7
187.5
180.0
163.4
173.6
186.5
180.5
164.5
174.7
188.5
180.8
165.2
176.0
190.6
181.4
165.9
345.8 348.9 354.9 363.9 366.6
361.4 367.8 369.1 377.9 384.3
337.4 337.2 346.6 354.5 355.3
222.7 227.8 233.0 238.4 237.7
163.1 168.8 169.2 172.2 173.5
42.8 42.0 42.2 43.2 43.3
31.38 32.96 32.86 33.24 34.08
20.33 20.45 20.58 21.00 21.50
18.11 18.24 18.29 19.66 20.76
65.0 65.3 65.9 66.3 70.0
55.0 60.6 59.5 45.0 44.6
81.7 100.5 101.3 100.8 100.1
130
154
152
165
145
5,749 5,668 5,646 5,685 5,691
1.57 1.90 2.00 1.84 1.88
233
241
139
243
239
419
382
321
430
429
6,716 6,909 6,985 7,033 6,479
740
368
767
380
773
386
747
375
602
305
444
554
638
640
237
1950
Oct.
Sept.
Nov.i
In billions of dollars
P176.50
P176.5O
P177.7O
P171.7O
P88.10
P59.10
P24.50
P4.80
27.16
8.33
14.24
4.59
P173.OO
P89.40
P59.10
P24.60
P3.50
27.23
8.33
14.26
4.64
P174.20
P90.70
P58.6O
P24.80
P3.50
27.59
8.35
14.53
4.72
Annual rate
36.0
21.9
32.3
21.5
31 .7
20 .9
In billions of dollars
Per cent per annum
U. S. Govt. securities:
Bills (new issues)
30 1.383 1.366
1.46
Certificates
30 1.46
1.64
3-5 years
30 1.63
1 .98
7-9 years
30 1.96
15 years or more
30, 32 2.38 2.39
Corporate bonds:
Aaa
32 2.67 2.68
Baa
32 3.21 3.22
1.81
High-grade municipal bonds
32 1.80
Stock prices (1935-39 =100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
Chart
book
page
34
34
34
34
34
155
167
126
104
2.26
1.351 1.368 1.382 Cash assets »
1.46 1.47 1.47 Loans and investments, total«.
Loans«
1.63 1.65 1.65
U. S. Govt. securities '
1.97 1.96 1.98
Other securities e
2.39 2.38 2.39
Holdings of U. S. Govt. securities:
2.67 2.67 2.66
Within 1 year:
3.21 3.20 3.19
Total
1.81 1.74 1.72
Bills
Certificates
In unit indicated
Notes and bonds
155
160
157
162 Over 1 year:
Total
175
168
170
173
Notes and bonds (1-5 yrs.)
145
131
137
145
Bonds (5-10 yrs.)
106
104
104
104
Bonds (over 10 yrs.)
2.19 2.57 3.47 3.21
9 P27.80
9 P123.7O
9 P49.00
9 P62.50
9 P12.10
P28.40
P124.50
P49.90
P62.50
P12.10
10
10
10
10
19.52
3.77
2.44
13.31
20.38
3.94
1.97
14.48
10
10
10
10
36.14
25.91
35.96
24.70
6.07
4.19
6.06
4.17
P28.7O
P125.5O
P51.7O
P61.80
P12.10
For footnote* se« p. 9S.
JANUARY
1951
95
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS—Continued
Chart
book
page
1950
Sept.
Oct.
Nov.
In billions of dollars
MONTHLY FIGURES—Cont.
Chart
book
page
1
1950
Sept.
Nov. 1
In billions of dollars
MONTHLY FIGURES—Cont.
GOVERNMENT FINANCE—Cont.
MEMBER BANKS
All member banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted «
Time deposits
Balances due to banks
Balances due from banks
Reserves
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
104.55 105.26 106.14
41 .54 42.35 43.97
52.88 52.82 52.05
10.13 10.10 10.12
74.86 75.79 76.82
29.46 29.46 29.28
10.95 11.46 11.76
5.
5.45
5.72
16.60 16.73 16.74
12
12
12
12
12
12
12
12
25.16
10.60
12.12
2.4.S
19.31
2.89
4.88
5.67
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
13
13
13
13
13
13
13
13
13
39.54
16.53
19.40
3.61
26.74
11.63
5.19
1.73
6.36
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
13
13
13
13
13
13
13
13
39.86
14.42
21.36
4.08
28.81
14.93
3.57
4.57
40.14
14.64
21.39
4.11
29.11
14.95
40.41
14.91
21.37
4.14
29.60
14.78
3.90
4.65
3.75
4.61
Ownership of U. S. Govt. securities—Cont.
Marketable public issues—Cont.
By class of security—Cont.
Bonds—Total outstanding
24
Nonbank (unrestricted issues
only), commercial bank,
and F. R. Bank
24
Commercial bank and F. R.
Bank
24
F. R. Bank
24
By earliest callable or due date:
Within 1 year-Total outstanding 25
Commercial bank and F. R.
Bank
25
F. R. Bank
25
1-5 years—Total outstanding.
25
Commercial bank and F. R.
Bank
25
F. R. Bank
25
5-10 years—Total outstanding
25
Nonbank (unrestricted issues
only), commercial bank,
and F. R. Bank
25
Commercial Bank and F. R.
Bank
25
F. R. Bank
25
Over 10 years—Total outstanding
25
Nonbank (unrestricted issues
only), commercial bank,
and F. R. Bank
25
Commercial bank and F. R.
Bank
25
F. R. Bank
25
Cash income and outgo:
Cash income
26
Cash outgo
26
Excess of cash income or outgo. . . .
26
96.83
CONSUMER CREDIT «
20
20
20
20
20, 21
21
21
21
21
19.33 P19.40 P19.41
1.20 Pi.25 Pl.29
3.74 P3.70 P3. 74
1.05
Pi.06 P I . 0 6
13.34 P13.39 P13.32
5.49 P5.51 P5.51
7.86 P7.88 P7.81
4.21 P4.23 P4.18
3.65 P3.65 »3.63
GOVERNMENT FINANCE
Gross debt of the U. S. Government:
Total (direct and guaranteed)
Bonds (marketable issues)
Notes, certificates, and bills
Savings bonds, savings notes. . . .
Special issues
Guaranteed, noninterest-bearing
debt, etc
Ownership of U. S. Govt. securities:
Total:
Commercial banks e
Fed. agencies and trust f u n d s . . .
F. R. Banks
Individuals •
Corporations «
Insurance companies e
Mutual savings banks e
State and local govts. *
Miscellaneous«
Marketable public issues:
By class of security:
Bills—Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Notes and certificates—Total
outstanding
Commercial bank and F. R.
Bank
F. R. Bank
22
22
22
22
22
257.24 256.96
96.83 96.83
56.95 55.95
66.29 66.95
33.40 33.54
22
3.77
3.68
23
23
23
23
23
23
23
23
23
'62.10
38.89
19.57
'67.50
19.40
19.70
11.20
8.10
10.70
62.10
39.01
19.25
67.40
19.80
19.50
11.10
8.10
10.80
24
13.64
13.63
24
24
5.29
1.51
4.70
24
43.32
42.32
24
24
30.69
14.27
30.32
14.31
.76
Treasury bills (new issues)
Corporate bonds:
Aaa
Baa
F. R. Bank discount rate
"ommercial paper
Stock yields:
Dividends/price ratio:
Common stock
Preferred stock
96.83
96.83
50.82
51.21
39.26
3.79
39.57
4.18
4*36
54.08
53.77
59.00
30.35
10.84
38.63
32.01
6.10
15.93
30.88
10.51 ' 'l5;<56
37.95 32.70
8.45
7.04
.98
45.13
6.60
5.83
1.66
4.87
3.20
+ 1.67
30.42
5.72
15.93
.90
15.93
8.47
7.07
1.00 " ' " '98
45.13
45.13
6.97
6.21
2.03
2.43
3.34
-.91
3.49
3.42
+ .07
Per cent
MONEY RATES, ETC.
Consumer credit, total
Single-payment loans
Charge accounts
Service credit
Instalment credit, total
Instalment loans
Instalment sale credit, total
Automobile
Other
Oct.
29
1.315
1.329
1.364
29
29
29
29
2.64
3.21
1.75
1.66
2.67
3.22
1.75
1.73
2.67
3.22
1.75
1.69
33
33
6.45
3.85
6.76
3.
7.12
3.88
In unit indicated
Margin requirements (per cent)
35
Stock prices (1935-39 =100), t o t a l . . .
35
Stock market credit (mill, dollars):
Bank loans
35
Customers' debit balances
35, 36
Money borrowed
36
Customers' free credit balances....
36
257.10 Volume of trading (mill, shares)
35
96.83
BUSINESS CONDITIONS
55.93
66.94
33.73 Personal income (annual rates, bill,
dollars):««
Total
48
3.68
Wage and salary receipts
48
Proprietors' income, dividends, and
interest
48
Allother
48
19.69 Labor force (mill, persons):«
Total
49
Civilian
49
Unemployment
49
Employment
49
Nonagricultural
49
Employment in nonagricultural s establishments (mill, persons): «
Total
•
50
Manufacturing and mining
50
Construction
50
Transportation and utilities
50
Trade
50
1.11
Government
50
42.32 Hours and earnings at factories:
Weekly earnings (dollars)
51
Hourly earnings (dollars)
51
Hours worked (per week)
51
14.22
50
152
50
158
50
156
533
1,284
751
738
1.93
546
1,351
759
771
2.14
566
1,360
774
796
2.03
228.7
147.8
'231.1
'150.7
231.9
151.3
66.1
14.8
'64.9
'15.5
65.4
15.2
65.0
63.6
2.3
61.2
53.4
65.4
63.7
1.9
61.8
53.3
65.5
63.5
2.2
61.3
53.7
45.20
16.38
2.44
4.12
'9.67
5.98
45.41 P45.39
16.54 P16.51
2.50 P2.49
4.14 P4.12
9.64 P9.60
6.02
P 6 . 08
60.68
1.480
41.0
61.99 P62.06
1.501 Pl.510
41.3 P41.1
For footnotes see p. 98.
96
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS— Continued
Chart
book
page
1950
Sept.
Oct.
Nov.
In unit indicated
MONTHLY FIGURES—Cont.
For footnotes see p 98.
JANUARY
1951
52
52
52
52
••211
'95.3
91.1
24.9
217
99.4
92.2
25.2
P215
P9S.9
P91.5
P24.6
53
53
53
220
'251
194
226
262
196
P225
P260
54
54
54
54
54
54
209
275
206
150
'284
'285
217
286
214
157
292
303
P22O
55
55
55
55
55
55
55
55
55
55
'170
152
'133
232
163
'167
200
195
'465
376
180
162
121
238
171
164
210
196
488
371
272
214
156
P284
P3O7
158
240
165
P163
P212
P195
P496
P376
56
56
56
57
57
57
57
57
57
21.2
9.4
11.8
8.9
2.6
6.3
12.1
4.4
7.7
21.2
9.7
11.6
8.8
2.5
6.3
11.8
4.2
7.6
P21.4
P9.9
Pll.5
P8.9
56
56
56
30.7
14.1
16.7
31.8
14.4
17.3
P32.9
PI 5.1
P17.9
57
57
57
57
57
25.7
8.9
16.7
9.9
15.8
26.7
9.6
17.1
10.1
16.5
P2 7.1
P9 9
P17.1
P10.4
56
56
56
23.8
11.5
12.3
24.7
12.2
12.5
P2.5
P6.5
Pll.4
P3.7
P16.
P23.0
1,317
611
706
59
59
59
59
560
427
133
P121
P103
60
•2,214
"2,177 2,044
1,227 1,254
542
523
686
731
60
60
60
60
'40
'809
61
134
61
61
61
62
62
78.0
28.7
27.3
320
309
536
444
92
P85
P630
P674
524
647
'41
'832
36
837
79.2
28.6
28.6
'291
328
Oct.
Nov.
Cont.
Department Stores—Cont.
296 stores:
Sales (mill, dollars)
Stocks (mill, dollars)
Outstanding orders (mill, dollars)
Ratios to sales (months' supply):
Total commitments
Stocks
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
Prices paid and received by farmers
(1910-14=100):
Paid, etc
Received
Cash farm income (mill, dollars):
Total
Livestock and products
Crops
Govt. payments
63
63
63
370
,029
702
361
'1,207
662
406
1 ,214
444
63
63
4.7
2.8
5.2
3.3
4.1
3.0
64
64
64
64
64
173.8
208.5
190.5
124.8
158.8
174.8
209.0
193.4
125.0
159.5
175.6
209.5
195.0
125.4
160.5
65
65
65
65
66
66
66
67
67
67
66
169.5
180.4
177.2
159.2
158.3
202.9
'128.6
135.1
'219.6
176.7
127.4
169.1
177.8
172.5
161.5
'163.1
'208.5
'132.2
135.4
'218.9
178.6
131.3
171.6
183.7
175.2
163.5
166.0
211.6
135.5
135.6
217.2
180.3
137.6
69
69
'260
272
261
268
263
276
70
70
70
70
2,913
1,454
1,452
3,584 P3,277
1,534 Pi,480
2,038 Pl,781
PI 6
12
INTERNATIONAL TRADE AND FINANCE
Plxports and imports (mill, dollars):
Exports
Imports
Excess of exports or imports
Short-term liabilities to and claims on
foreigners reported by banks (bill,
dollars):
Total liabilities
Official
Invested in U. S. Treasury bills
and certificates
Private
Claims on foreigners
Foreign exchange rates:
See p. 117 of this BULLETIN
76
76
76
P912
P857
P54
P904
P922
P-18
77
77
P3.73
P7.51
P3.96
77
77
77
Pl.35
P3.58
p. 76
P3 .55
P. 85
P7.31
P978
P852
M26
Pl.48
78, 79
Apr.June
QUARTERLY FIGURES
GOVERNMENT FINANCE
89
Sept.
Pll.9
58
58
58
490
401
1950
In unit indicated
MONTHLY FIGURES—Gont.
BUSINESS CONDITIONS
BUSINESS CONDITIONS—Cont.
Industrial production:5
Total (1935-39 =100)
Groups (points in total index):
Durable manufactures
Nondurable manufactures
Minerals
Manufacturing production
(1935-39 =100). total
Durable
Nondurable
Selected durable manufactures
(1935-39=100):
Nonferrous metals
Steel
Cement
Lumber
Transportation equipment
Machinery
Selected nondurable manufactures
(1935-39=100):
Apparel wool consumption
Cotton consumption
Shoes
Paperboard
Newsprint consumption
Manufactured food products....
Fuel oil
Gasoline
Industrial chemicals
Rayon
Sales, inventories, and5 orders: 6
Sales (bill, dollars):
Manufacturing, total
Durable
Nondurable
Wholesale, total
Durable
Nondurable
Retail, total
Durable
Nondurable
Inventories (bill, dollars):5
Manufacturing, total
Durable
Nondurable
Trade:
Total.
Durable. .
Nondurable
Wholesale
Retail
New orders (bill, dollars):
Manufacturing, total
Durable
Nondurable
Construction contracts 5(3 mo. moving
avg., mill, dollars):
Total
Residential
Other
Residential construction:
Contracts awarded (mill, dollars):
Total
1- and 2-family dwellings
Other
Dwellings started (thous. u n i t s ) . . .
Value of construction activity (mill,
dollars):
Total 8
Nonresidential: •
Public
Private
Residential: *
Public.
Private
Freight carloadings:5
Total (1935-39 =100)
Groups (points in total index):
Miscellaneous
Coal
All other
Department stores:
Indexes (1935-39 =100) :5
Sales
Stocks
Chart
book
page
1
79.9
26.7
29 A
291
332
Oct.Dec.
In billions of dollars
Budget receipts and expenditures of
U. S. Treasury:
Expenditures, total
27
National^defense
27, 28
Veterans' Administration
28
International aid
28
Interest on debt
28
All other
28
Receipts:
Net receipts
27
Individual income taxes
28
Corporate income, etc
28
Miscellaneous internal revenue. .
28
All other
28
Tax refunds (deduct)
28
10 10
2.97
1.46
1.18
1.93
2.47
8.21
4.23
2.28
2.05
.62
.97
9 05
3 21
1 .31
.83
1 .05
1 .94
9 .34
3.96
2 .45
2 .46
.63
.18
Per cent per
MONEY RATES
Bank rates on loans to business:
All loans:
19 cities
New York City
7 Northern and Eastern cities...
11 Southern and Western cities. .
JulySept.
31
31
31
31
2.68
2 34
2.67
3.22
2
2
2
3
to. 01
34
I . 36
v. 91
1. 34
P l . 97
P4.
9 . 12
59
r>2. 62
2 . 32
72
13
P3.
annum
63
32
63
13
2.84
2.51
2.87
3.28
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS—Continued
Chart
book
page
1950
Apr.-
June
JulySept.
Oct.Dec.
Per cent per annum
QUARTERLY FIGURES—Cont.
MONEY RATES—Cont.
Bank rates on loans to business—Cont.
Loans of $l,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
1950
Apr.-
June
JulySept.
Oct.Dec.
In unit indicated
QUARTERLY FIGURES—Cont.
BUSINESS FINANCE—Cont.
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
33
4.50
3.94
4.58
4.70
3.65
3.35
3.62
3.83
2.94
2.73
2.82
3.17
2.39
2.16
2.45
2.82
15.30
4.51
4.06
4.56
4.71
3.63
3.33
3.59
3.83
2.95
2.72
2.87
3.15
2.34
2.15
2.39
2.67
4.60
4.17
4.64
4.78
3.73
3.44
3.70
3.91
3.10
2.80
3.18
3.21
Corporate profits after taxes (quarterly totals):—Cont.
Manufacturing (mill, dollars):
Durable
Nondurable
Electric power and telephone
(mill, dollars)
Railroads (mill, dollars)
Plant and equipment expenditures
(bill, dollars):*'
All business
Manufacturing and mining; railroads and utilities
Manufacturing and mining
695
353
778
464
41
41
298
155
256
253
42
4.3
4.7
5.4
42
42
3.1
2.0
3.3
2.2
4.0
2.7
In billions of dollars
2.57
2.35 Individual savings:«
2.65 Gross savings
2.90 Liquid savings
P14.69
41
41
43
43
43
43
43
43
43
Cash
U. S. Govt. securities
Other securities
Insurance
Debt liquidation
In unit indicated
BUSINESS FINANCE
Corporate assets
and liabilities (bill,
dollars): e
Current assets, total
Cash
U. S. Goyt. securities
Inventories
Receivables
Current liabilities, total
Notes and accounts payable
Federal income tax liabilities....
Net working capital
Corporate security issues:
Total (bill, dollars) •
New money, total (bill, dollars)«...
Type of security (bill, dollars):
Bonds
Preferred stock
Common stock
Use of proceeds (mill, dollars):
Plant and equipment:
All issuers
Public utility
Railroad
Industrial
Working capital:
All issuers
Public utility
Railroad
Industrial
Bonds (bill, dollars): e
Public
Private
Corporate profits, taxes, and dividends
(annual rates, bill, dollars):« 6
Profits before taxes
Profits after taxes (dividends and
undistributed profits)
Undistributed profits
Corporate profits after taxes (quarterly totals):
All corporations (bill, dollars) e . . . .
Large corporations, total (bill, dollars)
Chart
book
page
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
38
38
2.19
1.27
1.12
.74
38
38
38
.76
.20
.32
.61
.07
.07
39
39
39
39
958
774
81
103
577
432
39
39
39
39
317
6
165
6
171
94
38
38
.98
.65
.37
.56
40
37.4
'46.4
40
40
'20.9
••12.8
'25.8
'16.4
41
5.6
41
1.5
67
ross national product 5
Govt. purchases of goods and services
Personal consumption expenditures
Durable goods
Nondurable goods
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: 6
Personal income
Disposable income
Consumption expenditures
Net personal saving
+12.4
+0.1
+1.7
-0.5
+0.2
+2.1
-3.5
Annual rates
in billions of dollars
GROSS NATIONAL PRODUCT, ETC. »
37
37
37
37
37
37
37
37
37
+10.2
+0.6
'+0.7
'+0.5
+0.8
+1.3
'-2.7
44
270.3
284.3
44
44
46
46
46
40.2
185.2
26.
99.
59.2
40.8
198.4
33.5
104.9
59.9|
44
44.9
45.11
45
45
45
45
22.3
21.3
3.4
-2.0
27.1
22.8
-1.5
-3.3
47
47
47
47
215.1
195.6
185.2
10.4
224.8
204.7
198.4
6.4
75
1.8
1950
June
30
Dec.
31
June
30
SEMIANNUAL FIGURES
In billions of dollars
INSURED COMMERCIAL BANKS
Loans:
Commercial
Agricultural
Real estate
Consumer
For purchasing securities:
To brokers and dealers
To others
State and local government securities.
Other securities
11
11
11
11
16.29
'2.73
10.89
7.17
16.94
2.96
11.41
8.00
16.81
2.82
12.27
9.04
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
Estimated.
P Preliminary.
' Revised.
For charts on pp. 22, 29, and 35, figures for a more recent period are available in the regular BULLETIN tables that show those series. Because
the Chart Book is usually released for publication some time after the BULLETIN has gone to press, most weekly charts and several monthly charts
include
figures for a more recent date than are shown in this table.
2
Figures for other than Wednesday
dates are shown under the Wednesday included in the weekly period.
3
Less than 5 million dollars. 4 Deficiency of less than 5 million dollars. s Adjusted for seasonal variation.
6
Includes
additional
series
that
have
been incorporated in the January Chart Book.
7
Expenditures anticipated by business during the first quarter of 1951 are (in billion of dollars): All business, 4.8; manufacturing and mining,
railroads and utilities, 3.4; manufacturing and mining 2.4.
* 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.
98
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS— Continued
CONSUMER CREDIT
1950
Chart
book
page
Oct.?
Sept.
1950
Chart
book
page
NOV.P
Sept.
In millions of dollars
Consumer credit outstanding, total. . .
3
3,5
Instalment credit, total
5
Instalment loans
5
Instalment sale credit
3
Charge accounts
3
Single-payment loans
3
Service credit
Consumer credit outstanding, cumulative totals:^
Instalment credit
Charge accounts
Single-payment loans
Service credit
Consumer instalment sale credit
outstanding, cumulative totals: x
All other retailers
Department stores and mail-order
houses
Furniture and household appliance stores
Automobile dealers
4
3,703
1,249
1,056
NOV.P
In millions of dollars
19,329 19,401 19,412 Consumer instalment sale credit
13,344 13,393 13,319 granted, cumulative totals: *
By all other retailers
5,486 5,514 5,511
7,858 7,879 7,808
By department stores and mail3,741
1,197
1,047
Oct.?
3,739
1,294
1,060
4
4
4
19,329
5,985
2,244
1,047
6
7,858
7,879
7,808
6
7,102
7,121
7,055
6
6
5 943
4,213
5,951
4,227
5,883
4,179
19,401 19,412
6,008 6,093
2,305 2,354
1,056
1,060
order houses
By furniture and household appliance stores
. . .
By automobile dealers
Consumer instalment loan credit
outstanding, cumulative totals: 1
Commercial and industrial banks.
Small loan companies
Credit unions
Miscellaneous lenders
Insured repair and modernization
loans
P Preliminary.
1
The figures shown here are cumulative totals, not aggregates for the individual components.
by subtracting from the figure shown, the total immediately following it.
7
1,050
862
722
7
917
753
626
7
7
731
481
587
405
474
321
8
8
g
8
5,486
2,729
1,719
1,195
5,514
2,760
1,734
1,210
5,511
2,784
1,746
1,225
8
844
857
872
Aggregates for each component may be derived
DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE BY STATES,
AS OF DECEMBER 1, 1950
[In thousands of units]
Cotton
Federal Reserve district
Boston....
New York. .
Philadelphia.
Cleveland...
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas Citv...
Dallas
San Francisco .
Total. .
Winter wheat
C<>rn
Spring wheat
Production
1949
Estimate
Dec. 1, 1950
Production
1949
Estimate
Dec. 1, 1950
Production
1949
Estimate
Dec. 1, 1950
Production
1949
Estimate
Dec. 1, 1950
Bales
Bales
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
6,974
1,757
3,504
1 ,326
6,904
33,917
56,510
251,347
191,975
204,395
1,350,713
431,477
378,764
396,589
69,650
7,195
16,128
9,884
3,379,436
585
1 040
2,086
1,580
i 3', 765
-2,698
191
506
7,628
35,371
55,661
219,158
197,503
218,592
1 ,115,665
426,131
340,126
429,739
77,657
7,778
13,Oil
18,961
65,578
24,243
6,372
89,015
71,884
29,316
367,431
102,261
107,029
13,594*
17,129
51,416
22,669
5,103
69,175
48,517
30,703
354,215
23,032
115,113
3,131,009
895,101
750,666
Tobacco
Tame hay-
Oats
84
1,649
18
i 15
1,332'
10
203,423
6,723
234,616
3,678
34,065
36,233
246,087
276,089
125
105
White potatoes
Federal Reserve district
Boston. . .
New York.
Philadelphia.
Cleveland. . .
Richmond.
Atlanta
Chicago....
St. Louis.. .
Minneapolis. .
Kansas City...
Dallas
San Francisco.
Total
Production
1949
Estimate
Dec. 1. 1950
Production
1949
Estimate
Dec. 1, 1950
Production
1949
Estimate
Dec. 1, 1950
Production
1949
Estimate
Dec. 1, 1950
Bushels
Bushels
7 OH:y
Tons
Pounds
Pounds
Bushels
Bushels
40,037
61 ,415
128,476
1.233,010
228,835
33,411
303,034
2,439
3,861
78,762
35,167
19,861
12,414
22,371
13,667
30,392
7,496
47,204
32,067
4,123
108,041
70,733
40,947
21,901
13,413
24,987
14,408
32,505
7,230
50,112
34,973
3,255
125,036
2,035.915
411,565
439,500
5,831
23,959
15,601
58,854
35,762
28,126
594,110
62,719
328,449
105,579
37,499
32,984
6,742
35,369
18,957
53,976
39,167
29,152
630,672
73,682
389,199
122,848
29,537
35,833
3,601
5,222
2,471
5,719
5,281
4,006
16,939
9,834
9,227
10,420
1,768
12,752
3 ,664
6,471
2,653
6,243
4,940
3,640
20,281
9,925
10,905
10,247
1,750
13,591
916
975
58,709
151,849
1,076,763
247,629
32,460
357,353
2,431
4.212
1,329,473
1,465,134
87,240
94,310
1,972,359
40,459
1
2
Includes 15,000 bales grown in miscellaneous territory.
Includes 7,000 bales grown in miscellaneous territory.
NOTE.—1949 figures for all crops except cotton are as revised in December 1950.
JANUARY
1951
99
INTERNATIONAL FINANCIAL STATISTICS
PAGE
International capital transactions of the United States.
102-107
Gold production
107
Reported gold reserves of central banks and governments
108
Gold movements; gold stock of the United States.
109
International Monetary Fund and Bank.
110
Central Banks
111-115
Money rates in foreign countries
115
Commercial banks.
116
Foreign exchange rates
117
Price movements:
Wholesale prices
118
Retail food prices and cost of living
119
Security prices
119
Tables on the following pages include the principal available statistics of current significance relating
to gold, international capital transactions of the United States, and financial developments abroad.
The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly.
Figures on international capital transactions of the United States are collected by the Federal Reserve
Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury
Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive
text, may be obtained from the Board's publication, Banking and Monetary Statistics.
JANUARY 1951
101
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 *
Domestic
securities:
Inflow of
foreignJ
funds
Inflow in
brokerage
balances
1935—Dec. (Jan. 1, 1936).
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939).
1939—Dec. (Jan. 3, 1940).
1,440.7
2,667.4
3,501.1
3,933.0
5,112.8
631.5
989.5
1,259.3
1,513.9
2.522.4
38.0
140.1
334.7
327.0
634.1
593.5
849.4
924.6
1,186.9
1,888.3
361.4
431.5
449.1
510.1
650.4
125.2
316.2
583.2
641.8
725.7
316.7
917.4
1,162.0
1,219.7
1,133.7
6.0
12.9
47.5
47.6
80.6
1940—Dec. (Jan. 1, 1941).
1941—Dec. 31
1942—Dec. 31 «
1943—Dec. 31
1944—Dec. 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
1,182.1
798.7
464.5
375.5
183.3
144.1
153.7
142.4
123.1
1949—Nov. 30
Dec. 31
1950—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
Tune 30
July 31
Aug. 31
Sept. 30*
Oct. 3 1 P
8,658.9
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
10,539.0
10,773.6
5,140.2
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
6,574.8
6,773.1
2,111.1
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
3,019.7
3,251.4
3,029.1
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
3,555.1
3,521.8
1,655.1
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
288.8
307.6
404.5
458.7
480.6
494.6
522.1
472.1
••462.3
445.6
371.8
278.6
1,196.4
1,209.9
1,103.7
1,210.0
1,163.6
'1,154.3
••1,179.0
••1,227.4
n, 226.0
1,172.7
1,040.3
1,103.6
257.1
258.5
263.8
310.1
379.3
424.4
459.6
538.4
629.7
772.6
807.5
846.9
121.3
123.7
123.0
122.8
130.0
130.6
125.2
123.2
120.7
122.7
120.2
124.3
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—Nov. 30
Dec. 31
1950—Jan. 31
Feb. 2 8 . . .
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30P
Oct. 31 P
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia
All
other
7,728.4 1,090.0
8,802.8 892.5
563.
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
63.1
106.5
287.5
150.1
335.9
1,172.5
1,311.8
1,246.3
1,100.6
1,122.2
976.4 1,193.7 1,273.6
4,081.8
4,037.0 1,395.7
,338.4 1,784.1
3,574.2
979.7 1,474.0 1,258.3
2,975.1
984.3
,383.4
688.6
3,141.1
947.3 1,503.6 1,065.2
203.0
247.5
269.6
244.9
234.9
7,100.0
644.5
7,221.8
682.4
7,337.2
728.9
7,481.2
764.4
7,537.9
797.7
'7,755.6
888.4
r
7,935.0
943.0
•"8,165.0
1,055.5
r
8,288.1 1,048.0
8,528.3 892.9
8,926.3 820.0
9,138.1
878.2
125.3
113.2
93.8
115.1
112.0
114.2
156.2
188.6
163.4
324.9
358.3
411.4
165.3
171.6
175.3
162.0
171.7
188.4
210.6
215.6
236.9
247.6
249.6
267.6
925.1
951.2
890.1
890.0
952.6
983.7
989.0
1,000.4
1,006.2
1,014.1
1,037.6
1,008.0
297.1
301.4
295.1
298.2
259.4
255.5
267.6
270.6
268.3
281.5
307.4
314.7
1,089.4
1,135.8
1,186.3
1,217.8
1,219.3
1,240.0
1,243.9
1,268
•1,293
1,313
1,357.5
1,356.6
3,246.8
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
4,130.5
4,236.3
875.2
852.0
882.9
933.2
943.1
997.2
1,023.7
1,030.7
1,019.7
1,073.3
1,155.5
1,284.1
256.7
249.4
270.2
242.8
232.2
221.7
228.4
228.3
244.5
260.3
254.8
252.1
1,558.9
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
952.8
984.7
1,022.2
1,024.2
995.8
r
990.5
1,016.9
1,064.8
1,093.2
1,176.4
1,347.5
1,309.8
1,768.5
1,780.2
,792.3
,833.5
1,854.1
1,875.9
1,855.7
1,842.4
L,914.0
I, 943 .5
2,038.0
2,055.8
r
P1 Preliminary.
Revised.
This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York
and special deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by
central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal
Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with
the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also
special
deposit accounts held with the U. S. Treasury.
2
Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 5 and 6. Securities
of such
institutions are included in foreign securities.
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.
102
FEDERAL RESERVE
BULLETIN
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 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..
Total
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
1949—Nov. 30. .
Dec. 3 1 . .
1950—Jan. 31. .
Feb. 2 8 . .
Mar. 3 1 . .
Apr. 30. .
May 3 1 . .
June 30. .
July 31. .
Aug. 31. .
Sept. 30P.
Oct. 3 1 P .
1,655.1
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
5,140.2
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
6,574.8
6,773.1
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
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
794.7
888.6
2,223.4 1,414.2
924.9 1,369.1
2,065.5 823.9
983.3 1,135.7
1,621.4 301.6 1,095.0
877.3
2,117.1 667.2 1,165.4
971.2
169.7
212.9
263.9
224.9
198.6
103.0
91.4
72.2
79.3
76.9
80.0
106.1
138.9
113.0
185.9
175.4
209.5
146.3
153.9
160.7
152.5
162.0
178.4
202.9
209.0
231.8
240.5
238.9
258.4
554.0
563.3
493.8
497.0
560.5
584.1
583.0
581.3
580.3
589.7
590.1
559.5
275.4
283.3
276.4
282.3
239.7
236.5
253.2
260.1
255.5
263.5
284.7
287.0
512.0
553.7
575.8
603.9
593.0
609.0
606.2
625.8
638.6
653.0
703.9
698.7
2,086.0 717.0 1,317.5
803.9
2,158.7 761.1 1,315.1
780.4
2,127.1 811.4 1,264.9
801.5
2,186.8 765.2 1,267.2
846.7
2,232.8 749.5 1,269.5
847.3
2,378.6 737.0 1,283.5
910.1
2,491.4 739.6 1,254.5
926.3
2,667.5 722.0 1,254.7
921.2
2,671.6 688.4 1,333.5
912.8
2,631.4 819.7 1,348.1
966.2
2,637.4 1,225.7 1,422.2 1,046.4
2,770. 1,119.7 1.446.1 1,182.6
215.8
210.7
241.0
217.8
209.6
195.1
202.7
219.4
224.7
237.5
243.1
253.8
United
King- France
dom
495.3
513.0
548.1
571.9
600.8
690.5
740.0
852.5
852.4
698.8
644.4
757.7
Canada
Latin
America
Asia
All
other
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
Total
United
King- France
dom
31.
31.
31.
31.
31.
805.8
742.7
427.2
186.5
116.8
266.1
266.6
244.3
262.8
267.5
1949—Nov. 30.
Dec. 31.
1950— Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.
Sept. 30P
Oct. 3 1 P
288.8
307.6
404.5
458.7
480.6
494.6
522.1
472.1
r
462.3
445.6
371.8
278.6
237.2
254.8
259.4
267.7
268.3
269.6
264.8
263.9
255.3
253.5
217.1
151.1
From Jan. 2, 1935, through—
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
Netherlands
Switzerland
77.7
18.3
78.0 - 1 7 . 7
73.4 -132.3
55.7 - 3 0 . 5
-39.9 -32.7
26.9
27.2
27.6
43.1
43.7
43.2
58.1
58.4
58.8
49.0
48.9
48.8
12.3
13.4
16.0
14.2
14.3
14.9
14.2
14.4
14.1
14.9
15.3
13.8
6.8
5.2
-1.7
1.1
1.2
Italy
Other
Europe
Total
Europe
Canada
Latin
America
26.2
26.2
10.6
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
-58.8
-346.3
-348.6
211.6
211.3
238.6
239.2
240.5
239.7
245.5
245.3
r
248.8
248.7
241.3
238.8
499.2
515.0
549.8
570.0
574.1
575.6
585.3
578.8
'575.7
570.9
529.5
464.2
59.9
55.3
52.7
50.4
55.4
57.3
60.2
57.8
46.8
22.6
-20.0
-14.3
-257.9
-243.1
-179.3
-143.4
-135.5
-127.8
-122.5
-155.7
-162.4
-151.5
-129.7
--139.3
5.5
10.8
3.5
4.3
2.5
2.6
.3
1.9
.8
7.7
4.0
5.8
3.2
7.0
6.4
2.0
-1.0
-1.6
-2.1
-2.6
-2.6
14.3
-.5
.2
5.2
9.5
37.0
9.1
Asia
77.7
99.2
29.9
2.0
10.3
-6.1
-10.6
All
other
-.3
1.5
-5.8
-20.1
-8.3
13.3
17.5
28.4
41.2
42.9
41.8
41.2
31.2
-6.2
-9.0
-18.7
-23.4
-26.7
-28.2
-29.3
-50.0
-40.6
-38.2
-49.2
-63.1
All
other
.1
5.1
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—DeCi
1948—Dec.
31
3i
31
31
31
1949—NOV. 30
Dec. 31. .
1950—Jan 31
Feb. 28
Mar 31.
Apr. 30
May 31
Tune 3 0 . . .
Tuly 31
Aug 31
Sept. 30P. . . .
Oct. 3 1 P
P Preliminary.
JANUARY
1951
International
institutions
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia
-249.3
-249.3
1,019.4
972.8
I 237 9
1,526.2
1,431.3
126.5
117.7
96 8
94.9
84.9
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
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
-265.3
-265.3
-365.8
-269.1
—267.7
-266.6
-266.5
-267.1
-266.9
—266 9
—266 9
-268.9
1,461.7
L 475 1
1,469.5
,479.0
L 431 3
L,421.0
' ,445.5
r L 494 4
r ,492.9
1 439 6
1 307 2
1 ,372.4
71.4
71.4
71.3
70.9
70 4
69.3
68.0
67.1
66.4
66 2
77 A
76.3
-6.6
.1
2.4
4.5
8 2
11.0
14.2
16.8
15.1
14 8
34.0
31.5
26.9
27 0
27.0
27.0
27 1
27.1
27.4
27 4
27.4
27 4
28.6
28.6
308.1
311.7
313.4
314.4
314 9
315.5
316.1
316.1
316.5
317 0
319.5
320.0
433.2 330.0
444.1 329.1
443.0 320.9
443.8 326.9
448 9 271.5
453.3 '251.3
455.3 '270.5
457.2 '303.2
455.7 '300.3
455.4 245.1
76.1
490.8
487.1 141.9
595.4
598.5
601.9
604.1
606.5
606.9
609.8
620.8
623.5
625 3
624.5
627.0
64.0
63.9
64.0
64.1
64 1
64.1
64.2
64.2
64.2
64.2
65.6
65.8
39.2
39.5
39.8
40.1
40 3
45.4
45.7
49.0
49.4
49.6
50.3
50.6
r
51.0
51.2
50 2
47.1
42.9
43.0
-9.7
43.2
—9.3
44.0 - 1 5 . 1
43.9 - 1 6 . 9
45 1 — 16 9
45.0 - 1 4 . 5
44.6 - 1 5 . 0
44.1 - 1 4 . 2
43.8 - 1 3 . 6
43 6 — 13 6
44.3 - 1 2 . 9
43.7 - 1 3 . 0
Revised.
103
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 193&—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—
i
1944—Dec.
1945—Dec.
1946—D ec
1947—Dec.
194g—Dec.
3i
31
31
31
31
1949—Nov. 30
Dec 31
1950—Jan. 31
Feb. 28
Mar 31
Apr. 30
May 31
Tune 30
July 31
Aug 31
Sept. 30P
Oct. 31 P
. .
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
169.1
169.1
169.6
173.2
192.1
219.2
231.8
247.8
248.6
255.1
255.3
257.3
88.0
89.3
94.1
136.8
187.2
205.2
227.8
290.6
381.1
517.6
552.2
589.6
-176.6
-173.9
-166.2
-163.1
-158.8
-158.2
-146.5
-144.8
-143.6
-142.5
-135.8
-123.6
-63.8
-64.9
-65.7
-66.7
-69.1
-69.4
-68.6
-69.0
-68.7
30.6
73.1
93.1
5.7
4.0
2.8
348.9
355.2
363.7
359.1
1.1
.9 355.9
— 1.4 357.8
- 3 . 0 364.0
- 4 . 5 376 7
- 6 . 0 383.9
- 4 . 9 383.0
- 2 . 9 390.5
—2.7 392.2
Other
Europe
Total
Europe
Canada
Latin
America
Asia
All
other
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
10.7
2.1
-15.0
-15.0
-13.5
-13.4
-14.7
— 14.9
-14.8
-15.1
-15.5
-15.3
-15.2
-15.1
-15.8
-15.6
46.3
47.9
47.4
49.5
60.4
65 4
65.7
70 8
79.7
85.0
82 7
89.2
147.2
154.9
167.2
165.0
174.5
179 1
196.1
214 0
230 0
336.0
391 7
432.5
-172.3
-181.3
— 184 6
-136.1
-101.9
—76.6
-74.8
—38 0
37 3
69.3
47 1
41.8
99.1
96.9
93 6
90.0
95.1
96 9
101.6
110 9
109 9
108.3
108 3
108.9
6.8
11.5
10 6
10.4
11.2
-2 8
-3.5
—5 2
-5 5
-5.6
—4 3
-3.1
Italy
1.9
2.2
9.9
8.8
11.0
7.2
7.2
7.4
7.3
7.5
8.3
8 7
8.5
8 9
9.4
9.5
9 4
9.5
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.
I947—Dec.
1948—Dec.
31
31
31
31
31
1949—Nov 30
Dec. 31
1950—Jan 31
Feb 28.
Mar. 31
Apr 30
May 31
June 30
July 31.
Aug. 31
L>ept 3 0 P
Oct 31 P
. .
. .
. .
Total
United
King- France
dom
Netherlands
Switzerland
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
121.3
123.7
123.0
122.8
130.0
130.6
125.2
123.2
120.7
122.7
120.2
M24.3
17.1
17.1
16.3
17.1
17.0
17.3
16.7
16.9
17.5
16.9
17.0
16.7
16.2
16.2
15.8
15.5
15.3
15.5
16.1
16.3
16.5
15.8
16.6
16.3
10.6
9.6
11.0
11.1
11.3
11.1
11.6
10.9
10.6
10.7
11.2
11.0
25.3
28.4
27.8
26.8
27.8
29.0
27.0
26.6
28.4
27.1
25.4
27.3
Italy
.3
.4
.4
.3
.4
.6
.6
.6
.6
.6
.5
.5
.5
.5
.5
.5
.5
Other
Europe
Total
Europe
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
5.6
3.8
4 8
6 6
7.0
1.8
1.3
2 0
11.4
11.1
11.1
10.7
10.4
10.4
10.3
10.1
10.3
10.1
10.2
9.9
81.2
82.9
82.5
81.8
82.4
83.7
82 2
81.2
83.8
81.1
81.0
81.7
18.3
20 5
21.8
17 7
21 2
21.5
21 6
19.9
20.3
19.7
18.6
20.7
14.5
12 7
11.2
15 7
18.5
16.3
12 3
11.7
9.5
13 3
12.8
13.1
6.6
6 8
6.7
6 9
7 2
8.3
8 4
9.3
5.4
6 7
6.6
7.5
.7
g
.8
g
CanLatin
ada America
Asia
All
other
.7
.6
g
.7
8
1.0
1.7
1 8
1.2
1.3
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
United
NethKing- France erdom
lands
Official
and
private
Official
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
1,675.0 5,874.3
L.657.8 5,960.2
L.742.9 5,980.1
1,727.0 6,017.9
1,710.8 6,042.9
L.683.4 6,238.4
L,682.6 6,348.7
1,656.4 6,518.9
1,646.5 6,565.3
1,632.4 *6,737.0
1,644.3 7,308.9
1,667.1 7,507.3
2,821.4
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
3,730.0
3,961.7
556.7
574.4
609.5
633.2
662.1
751.8
801.4
913.8
913.8
4 760.1
705.7
819.1
183.1
171.6
152.3
159.4
157.0
160.1
186.2
219.0
193.1
266.0
255.6
289.6
1944—Dec. 31
1945—Dec 31
473.7
1946—Dec. 3 1 . . .
1947—Dec. 31.
2,262.0
1948—Dec. 31.
1,864.3
1949—Nov. 30.
Dec. 31.
1950—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July 31.
Aug. 31.
Sept. 30P
Oct. 3 1 P
Total i oreign
countries 2
P Preliminary.
Switzerland a
Italy
Other
Total
Europe Europe
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
162.9
170.5
177.3
169.1
178.7
195.0
219.5
225.6
248.4
257.2
255.5
275.0
567.6
576.9
507.4
510.6
574.1
597.8
596.6
594.9
593.9
603.4
603.8
573.1
295.7
303.6
296.7
302.6
260.0
256.8
273.5
280.4
275.8
283.8
305.0
307.3
675.3
717.0
739.0
767.2
756.3
772.3
769.5
789.1
801.9
816.2
867.2
862.0
1
Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S.,
2
Country breakdown is for "Official and private."
1
Beginning January 1950, excludes Bank for International Settlements, included in
4
Canada
Latin
America
Asia
All
other
2,517.8 926.5
909.3 1 ftfiQ 7 174.0
2,583 0 1,522.2 1 ru* d ,549.7 181.8
2,420.7 931.8 1,104.8 ',316A 232! 8
1,976.7 409.6 1,216.6 1,057.9 193.7
2,472.4 775.2 1,287.0 1,151.8 167.4
2,441.3 824.9 L,439.0
2,513.9 869.1 1,436.7
2,482.3 919.4 1,386.4
2,542.1 873.2 1,388.7
2,588.1 857.4 1,391.1
2,733.8 844.9 1,405.1
2,846.6 847.5
,376.1
3,022.8 829.9 1,376.2
3,026.9 796.4 1,455.0
4
2,986.7 927.6 1,469.6
2,992.7 1,333.6 1,543.7
3,126.1 1,227.7 1,567.6
984.5
961.0
982.2
1,027.3
1,027.9
1,090.7
1,106.9
1,101.8
1,093.4
1.146.8
184.6
179.5
209.8
186.6
178.4
163.9
171.5
188.2
193.5
206.4
1 , 2 2 7 . 6 211.9
1,363.3
222.6
78.7; U. S. brokerage balances abroad, 31.3.
"International institutions" as
a of that date,
Data for August include, for the first time, certain deposit balances and other items which have been held in specific trust accounts, but
which have been excluded in the past from reported liabilities.
104
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
DenBel- Czechoslo- mark
gium vakia
Finland
GerNormany1 Greece way
31. .
3i
31. .
31..
31. .
774.5
909.1
850.5
739.8
738.1
124.3
185 0
159.5
124.9
128.7
14.8
25 9
66.5
52.8
44.7
5 5
70
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
1949—Nov. 30. .
Dec. 3 1 . .
1950—jan> 3i
Feb. 28..
Mar. 3 1 . .
Apr. 30..
May 31. .
June 30. .
July 3 1 . .
Aug. 31. .
Sept. 30P .
Oct. 31P.
675.3
717.0
739.0
767.2
756.3
772.3
769.5
789.1
801.9
816.2
867.2
862.0
117.7
119.9
123 9
133.3
118.5
120.8
108.2
105.5
106.1
107.8
111.6
115.4
35.4
38.0
35.2
33.2
29.3
33.0
32.0
35.9
31.9
31.6
36.4
39.1
24.0
25.1
23.8
20.6
19.0
20.4
18.2
16.0
15.8
16.2
15.7
15.4
23.7
29.6
30.3
31.6
32.4
35.1
36.9
38.6
40.6
41.6
41.8
44.4
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
44^3
44.0
42.9
39.3
38.7
34.6
35.5
32.0
36.3
36.2
17!7
17.3
12.3
13.3
13.4
12.9
11.3
7.0
6.1
6.4
7.1
6.8
141.6
149.4
149.7
164.6
180.2
184.9
199.7
227.7
245.0
262.9
286.4
282.5
66.4
69.4
76.4
82.2
79.3
82.4
76.7
66.8
69.5
71.2
80.1
75.4
Poland
PorRutugal mania Spain
6\0
6.7
6.1
6.3
4.9
5.4
4.7
3.5
12.4
3.1
Sweden
All
USSR Yugoslavia other 1
54.5
47.9
39.0
47.1
37.7
9.5
9 3
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
57
12.4
12.1
19.9
33.9
38.1
40 0
39.2
35.8
35.0
36.9
31.6
32.6
35.7
39.1
45.0
6.7
6.7
10.7
15.7
14 0
11.3
11.5
10.5
10.1
78.6
90.1
96 1
101.9
106.1
107.6
109.2
112.7
116.5
117.0
109.8
110.6
8.2
10.4
10.2
9 4
11.1
13.9
15.7
15.1
19.0
15.2
11.8
7.6
8^9
8.7
7.0
6 5
6.4
6.1
6.1
6.2
6.2
6.2
6.1
6.1
6.0
9.2
10.4
13.0
13.4
14.3
9.8
4.5
5.7
71
5.8
6.6
7.0
6.2
6.1
5.0
5.3
5.2
7.6
70.7
66 0
112]5
138.2
119.3
118.0
117.4
58 5
57.9
56.4
54.9
57.0
60.9
55.7
53.5
56.9
56.2
Latin America
Latin
BoAmer- Argenlivia
tina
ica
Date
Brazil Chile
Colombia
Cuba
NethDoerminlands
ican Guate- Mex- West Peru
Remala
ico Indies
puband
lic
Surinam
139.3
128.3
153.5
234.7
219.4
83.1
116.4
152.2
139.2
146.7
36
28
16
14
24
0
2
178.4
164.2
169.7
176.9
185.4
209.7
227.2
237.1
245.8
259.5
259.6
6 1 . 6 274.4
195.0
214.6
35.8 *25 . 8 184.1
36.3 26 .7 179.7
38.8 27 . 6 175.7
39.6 27 .8 168.8
40.9 26 .6 160.2
42.6 25 . 0 152.6
45.6 23 .5 174.9
44.8 22 3 163.0
41.8 22 .6 177.2
22 .0 185.6
41.3
23
25
26
25
26
26
28
29
30
29
29
28
5
9
5
4
5
7
4
7
1
4
0
6
1944—Dec.
1945—Dec.
1945—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
1949—Nov.
Dec.
1950—Jan.
Feb.
Mar.
Apr.
30.
31.
31.
28.
31.
30.
31.
30.
31.
31.
1,439.0
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
1,543.7
1,567.6
233.7
201.1
210.2
219.3
221.2
227.0
233.5
237.6
239.0
249.8
268.9
273.0
13.2
13.5
13.9
13.0
13.1
12.7
13.9
13.8
13.3
18.4
19.0
17.0
216.9
192.8
164.4
143.8
141.1
121.6
99.4
124.9
150.3
155.0
187.1
215.7
54.9
60.9
57.5
70.1
70.4
73.2
68.6
62.3
69.0
70.3
76.9
82.5
70.1
85.9
97.3
90.6
80.0
70.1
53.1
53.5
70.7
76.1
65.9
May
Tune
July
Aug.
Sept.
Oct.
30P
1
9
3
ReEl
pubUrulic of Sal- 1 guay
Pan- vador
ama
27 .7
43 .9
40 9
41 . 8
52 . 6
69.1
88.7
77 2
70.3
71.8
53 .3
52 . 8
48 .7
46 .4
74.2
74.3
73.8
77.7
81.4
81.3
80.8
73.9
69.5
63.4
72.2
62.5
51.6
47 .1
46 .3
50 . 3
49 .8
50 9
58 . 0
55 .7
i
1
Other
Vene- Latin
zuela America*
31.5
49.7
74 0
78.0
121.7
••
35 7 62 3
42 6 ! 57.4
42 6 58 0
40 .1 ! 59 0
36 9 67 0
27 4 66 4
28 6 73 8
26 4 75 7
24 0 73 9
21 5 71.9
131,6
158.8
181.8
186.5
184.1
129.2 196.6
143.2 207.4
117.4 63.4
115.2 67.8
110.1 67.5
132.2 68.2
124.4 68.9
116.7 62.4
104.9 66.3
97.2 67 4
101.8 65.8
88.8 65.3
Asia and All Other
Asia
Date
China
Philand
Thai- Tur- Other All
India IndoIran Isra el Japan ippine
Man- Hong
Reland key Asia* other
Kong
nesia
chupublic
ria
1,069.2
1,549.7
1 316 4
1,057.9
1,151.8
427.3
582.3
431 9
229.9
216.2
22.9
27.4
44 9
39.8
51.1
984.5
961.0
982.2
26. 1,027.3
3 1 . 1,027.9
3 0 . 1,090.7
M a y 3 1 . 1,106.9
Tune 3 0 . 1,101.8
July 3 1 . 1,093.4
Aug. 3 1 . 1,146.8
Sept. 30? 1,227.0
Oct.
1,363.3
113.4
110.6
110.1
112.3
104.5
83.3
83.9
89.9
90.6
88.8
96.4
102.0
107.4
93.6
90.1
89.2
94.4
1944—Dec.
1945—Dec.
1945—Dec.
1947—Dec.
1948—Dec.
1949—Nov.
Dec.
1950—Jan.
Feb.
Mar.
Apr.
31.
31.
31.
31.
31.
30.
31.
31.
98.5
99.1
95.8
91.3
94.3
101.5
116.8
4 . 0 365.8
4 . 1 629.1
16 6 446 6
31.3 488.6
81.4 488.3
22 .1 110.5
33 . 4 113.7
43 5 127 1
62 .4 69.3
51 . 8 41.5
17.8
63.3 15.7
69 .5 12.2
69 .5 29.2
61 .8 27.6
61 .7 31.4
59 .5 35.9
50 .7 41.8
42 .1 47.7
51 .3 50.7
55 .9 73.0
56 . 4
50 .5
91.7
204.8
214.6
238.8
27 6
3 252.2
25 0 275.2
21 8 332.9
19.7 330.7
15 1 338.9
15 7 353.2
15 2 372.5
12 7 398.6
11 5 434.0
16.8 21
16 . 4
17 .5
16 .5
14 .8
15 .4
17 .5
18 .1
19 .6
20 .4
306.3
297.3
286.1 " 2 4 .3
289.4 22 .6
289.4 23 . 5
294.6 27 .4
299.5 29 .0
291.3 29 .7
290.4 29 .4
299.8 30 .5
318.0 34 .6
378.6 39 .5
7
92.9 174.0
107.2 181.8
52.9
28.9
45.5
30.6
22.2
18.9
20 8
25.0
27.7
192.4
165.7
101.5
103.5
104.2
99.2
106.0
102.7
100.1
112.4
112.3
113.5
39.4
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 3 5 . 6
19.5 3 9 . 8
16.0 3 6 . 3
15.6 3 7 . 6
18.7 4 1 . 6
58.3
61.6
72.8
58.4
57.3
56.2
57.0
57.7
53.0
63.4
63.6
64.4
23
52
54
37
17
7s 151.0 232 8
99.0 193.7
6
5 204.0 167.4
10
9
12
14
10
0
8
0
4
4
10.2
10.6
12
12
12
11
12
8
4
1
6
3
Egypt
and Union
Bel- AngloAus- gian
of
tralia Congo Egyp- South Other*
tian Africa
Sudan
184.6
179.5
209.8
186.6
178.4
163.9
171.5
188.2
193.5
206.4
211.9
222.6
7.3
8 . 3 105.4
6 . 4 127.7
47.2 119 3
46.4 91.8
15.8 101.6
6.9
6.0
22.9
21.3
15.8
6.6
9.6
14.7
19.7
29.5
33.7
37.5
79.9
79.5
57.1
53.6
54.7
51.8
53.0
61.6
61.5
61.2
61.4
60.4
" Preliminary.
Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes.
Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date.
Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.
• Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran,
Israel,
and Thailand, reported separately as of that date.
5
Beginning January 1950, excludes Belgian Congo, reported separately as of that date
1
2
3
JANUARY
1951
105
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.
1948—Dec.
31
31
31
31
31
1949—Nov. 30
Dec. 31
1950—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31 .
Aug. 31
Sept. 30P
Oct 31P
United
King- France
dom
Total
Date
...
. . .
Netherlands
Switzerland
.3
1.3
2.9
.3
.3
329.7
392.8
708.3
948.9
1,018.7
25.9
25.4
47.7
29.2
24.5
5.7
23.4
119.0
36.3
151.0
49 1
51.4
846.7
827.9
1724.8
670.6
648.7
634.8
607.3
657.3
r
667.1
683.8
757.6
850.7
54.8
37.2
32.6
24.3
23.7
22.4
27.2
28.1
36.7
38.5
74.9
140.9
52.2
51.8
51.5
36.0
35.4
35.9
21.0
20.7
20.3
30.1
30.2
30.3
6.3
5.2
2.7
4.4
4.3
3.7
4.5
4.2
4.5
3.7
3.3
4.8
1.4
1.1
Other
Total
Europe Europe
Canada
Latin
America
Asia
All
other
6.9
78.3
74.6
82.8
118.9
106.3
107.5
140.7
312.9
248.6
323.8
28 i
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
11 7
16.0
21.1
15.8
17.2
31 5
19 7
4.6
3.8
5.7
5.5
7.8
6.2
7.3
9 1
9.7
8.6
10.7
10.7
18.8
22.6
20.7
23.3
19.6
20.2
24.5
28.7
26.4
21.3
17.1
12.3
98.2
98.5
*65.0
64.4
63.1
64.0
58.2
58.4
r
54.9
54.9
62.4
64.9
234.9
219.2
47S.2
158.0
153.9
152.4
142.7
149.2
152.3
157.1
198.5
263.8
33.0
37.6
40.2
42.4
37.5
35.5
32.7
35 1
46.1
70.3
112.9
107.2
425.9
411.1
347 3
311.4
303.5
295.7
290.5
323 7
330.4
319.5
297.7
307.3
135.2
139.7
129.0
124.0
115.7
111.6
100.7
87 8
86.2
87.3
87.9
97.9
17.6
20.4
30 1
34.8
38.1
39.6
40.7
61 4
52.0
49.6
60.6
74.5
9.8
7.0
Italy
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..
Bel- CzechDenoslo- mark
gium vakia
.7
78.3
74.6
82.8
118 9
106.3
15.0
21.4
1949—Nov. 30.. 98.2
D e c . 3 1 . . 98.5
1950—Jan. 3 1 . . 165 0
Feb. 2 8 . . 64^4
Mar. 3 1 . . 63.1
Apr. 30.. 64.0
May 3 1 . . 58.2
June 30.. 58.4
July 3 1 . . '54.9
Aug. 31. . 54.9
Sept. 30P. 62.4
Oct. 31 P. 64.9
17.6
19.3
15.6
16.3
17.7
16.2
11.7
12.2
12.1
14.6
14.6
17.6
i'.i
.2
.7
.2
.1
.2
(*)
(3)
(3)
.1
ir
.i
.3
.1
(8)
(8)
(3)
.1
(88)
C)
NorGermany Greece way
.5
2.2
.6
6.2
8.0
3.4
33.9
33.9
30.4
30.5
30.5
.7
9.2
8.2
4.9
3.5
2.4
2.1
2.4
3.4
1.6
1.9
2.7
2.0
30.0
30.0
*25.5
25.6
25.3
25.5
25.2
25.1
25.1
25.1
25.2
25.3
(i)
.6
7.5
Finland
.4
.5
.5
.5
.6
1.1
1.5
2.2
1.8
2.0
3.3
.6
.7
12.4
10.6
Poland
35.1
31.6
.8
.5
1.0
1.1
3.3
9 2
1.2
.7
.7
.2
.2
.2
.1
.3
.1
.1
.1
.1
.3
Portugal
Rumania Spain
(i)
.1
.1
8.4
.7
(*)
7.5
7.4
L.O
L.I
1.2
L.3
L.2
L.2
L.3
.9
.9
1.4
.7
7.0
7.0
(8)
(8)
(8)
(8)
(l)
(8)
'"'.5'
.1
.1
.1
.1
(8)
.1
.1
.1
(3)
.5
.7
.6
.8
.8
.9
.5
.5
.4
.4
.3
(3)
(3)
(3)
(3)
Swe- USSR Yugo- All 1
den
slavia other
(i)
1.8
1.6
7.2
9
2.9
.2
.9
4.9
5.4
1.4
(•)
6.1
7.0
6.7
7.9
6.6
2.1
2.3
3.4
3.1
2.4
2.4
2.8
3.1
3.8
3.1
3.0
6.6
(8)
(8)
(8)
()
(8)
(8)
(8)
(*)
(8)
(38)
()
(3)
7.7
4.4
3.7
3.3
2.2
3.3
1.3
.1
/g\
(8)
/j\
6.0
5.2
4.8
9.5
35 9
29.8
16.7
15.6
A
.7
2.5
3.2
2.4
'.2
5 7
2^5
4.8
5.2
4.4
4.4
4.6
4.7
4.5
4.4
4.3
3.9
Latin America
Latin
BoAmer- Argentina livia
ica
Date
Brazil Chile
Colombia
Cuba
NetherDolands
minican Guate- Mex- West Peru
Indies
Re- mala
ico
and
pubSurilic
Republic of
El
Uru-
SalPan- vador guay
ama
Other
Vene- Latin
zuela America*
nam
31..
31..
31..
31..
31..
131.0
158 9
226 8
514.3
516.6
21.0
41.8
65.2
72.4
25.3
24.7
49.8
2 . 0 165.8
2 . 7 165.4
1949—Nov. 30..
Dec. 3 1 . .
1950—Jan. 3 1 . .
Feb. 28..
Mar. 3 1 . .
Apr. 30..
May 3 1 . .
June 30. .
July 31. .
Aug. 31..
Sept. 30P.
Oct. 31 P.
425.9
411.1
347.3
311.4
303.5
295.7
290.5
323.7
330.4
319.5
297.7
307.3
54.1
53.6
51.3
47.8
44.7
46.5
43.1
42.8
37.9
40.6
40 5
40.5
1.9
2.3
5.2
5.7
6.3
6.5
7.7
7.6
7.7
6.3
6.1
8.4
1944—Dec.
1945—Dec.
1945—Dec.
1947—Dec.
1948—Dec.
3.1
1.8
1.3
2 3
161.9
136.9
99.2
81.3
75.2
67.4
58.8
67.0
74.0
59.9
63.9
63.3
9.0
6.6
14.6
27.8
15.2
11.7
15.5
14.1
9.3
7.9
5.6
5.2
4.7
3.5
4.6
3.3
3.4
15.5 47.4
16.8 33.3
26.4 25.7
32.6 108.6
32.6 83.1
22.3
21.1
19.9
21.0
24.1
26.8
31.8
53.5
58.4
55.1
46.2
40.9
26.4
27.5
27.1
21.5
17.6
17.1
21.4
29.7
27.7
26.5
26.4
33.9
8.6
L.8
L.7
L.7
1.7
L.6
L.2
L.4
L.5
1.5
1.5
' *2.4
\1.7
2.1
2.2
1.2
L.8
1.9
1.6
1.6
L.7
11.0
25.5
52 2
73.8
.3
.5
.8
1.1
1.5
1.2
1.9
3.7
4.3
4.4
72.0
73.0
50.3
46.3
48.1
46.4
44.9
45.8
50.5
45.5
44.9
44.2
1.2
1.3
1.1
1.1
1.0
1.1
1.1
1.0
1.2
1.2
1.1
1.1
5.8
5.8
6.5
6.6
6.2
6.8
8.5
9.9
9.5
9.7
10.5
8.6
.8
1.1
1 3
4.7
4.6
5.3
5.3
4.3
4.6
4.9
4.8
5.0
4.7
4.5
3.9
4.0
4.1
"6.'5*
5.3
4.2
3.8
3.S
3.3
2.6
2.5
2.7
3.9
9.6'
8.1
13.2
10.5
8.0
6.9
6.7
7.7
6.0
6.2
5.1
6.1
8.7
15 3
26.0
12 9
34.7
26.2
34 5
34.7
23.6
25.6
25.3
26.0
24.6
26.5
26.3
25.8
25.4
36.2
24.4
31.5
39 6
43.1
23.3
22.3
21.6
22.0
21.0
18.1
17.4
16.8
14.6
14.3
r
P1 Preliminary.
Revised.
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.
» Less than $50,000.
< Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.
106
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
51.4
29.9
99.2
127.0
118.8
7.5
1.5
1.4
53.9
40.8
24.2
5.9 12.0
2.6 29.6
3.4 20.4
5
.5
1.0
.5
1.9
.2
.9
15.9
135 2
139.7
129.0
124.0
115.7
111.6
100.7
87.8
86.2
87.3
87.9
Sept. ? 30P .
Oct. 31P. 97.9
16 3
16.6
17.0
15.1
19.4
23.4
19.2
17.6
20.1
22.4
21.6
23.7
4 2
3.7
4.1
4.2
4.3
4.1
4.1
3.3
4.1
5.1
3.7
4.0
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
31..
31..
31..
31..
31..
1949—Nov.
Dec.
1950—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
30..
31..
31..
28..
31..
30..
31..
30..
31 . .
31..
Egypt
and Union
Belgian Anglo- of
Australia Congo Egyp- South Other'
tian Africa
Sudan
China
Philand
ippine Thai- Tur- Other All
India IndoMan- Hong
nesia Iran Israel Japan Reland key Asia1 other
chu- Kong
public
ria
1.5
1.0
.9
.8
22.3
2
9.5
.2
14.1
.2 "l3.6 "n'.h 18.1
.1 13.8 12.5 17.9
.2 13.6 13.3 7.7
13.5 12.0 1.9
.1 12.5 13.3
.9
.2 13.0 7.8
.9
.1 11.5 11.2 1.1
.1 10 4 14 5 1 4
.1 8.0 18.7 5.2
.1 7.6 19.8 8.1
17 0
17.4
16.6
17.7
18.9
19.7
24.0
20.5
18.7
15.6
14.7
15.2
13 8
13 8
20.2
27.4
37.3
1.8
2.0
1.4
17.7
1.4
8.9
2.8
4.6
7.5
14.3
11.7
9.9
17.2
31.5
19.7
.6
1.7
3.4
9.0
4.7
25.9
23.2
22.8 "2A
22.4
1.9
22.0
1.2
19.7
.9
14.4
.7
12.5
.6
9.6
1.2
8 0 1 5
6.2
1.5
7.0
1.5
15.7
14.3
10.5
9.9
5.9
4.8
.7
.7
.9
8
.8
.9
46.5
50.3
12.0
8.5
9.3
11.7
10.9
10.7
7.7
7 6
7.5
10.0
17.6
20.4
30.1
34.8
38.1
39.6
40.7
61.4
52.0
49 6
60.6
74.5
5.4
7.9
10.4
15.5
18.9
20.1
20.8
40.7
35.2
33 9
44.5
56.5
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.
3 Less than $50,000.
3.6
3.5
3.5
3.7
3.6
3.8
3.9
4 0
3.9
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
.6
.2
.2
.3
.4
.3
.1
.1
.1
.1
.1
.1
3.6
4.5
11.3
11.2
11.3
12.1
12.3
11.7
7.5
6.8
7.3
8.1
8.0
7.7
4.6
4.3
4.0
3.5
3.9
5.0
5.3
4.8
4.8
5.4
Beginning January 1950, excludes Iran,
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In millions of dollars]
Production reported monthly
Estimated
world
production
Total
outside
reported
U.S.S.R.1 monthly
Year or
month
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- —Oct..
Nov
1950—Tan
Feb
Mar. .
.
Apr
May
June
Julv
Aug.
Sept
.
Oct
North and South America
Africa
South
Africa
Rhodesia
West Belgian United
Africa* Congo3 States4
1,110.4
982.1
774.1
701 5
683.0
697 0
705.5
728.1
753.2
504 3
494 4
405, S
409 7
$1=15*1 si
27.8
26 6
23.0
20 7
19.9
19 1
18.3
18 0
18.5
65 3
65.9
63.5
64.0
60 1
66.4
34 7
34 0
34 0
34
1 5
1.5
1.5
J .5
448
429
427
417
392
32
35
33
35
34
34
34
8
9
6
0
0
1
5
6
6
Q
34 .0
33 .9
4
s
s
s
s
s
Canada
Mexico
Colombia
Other
Chile
Nica- Austra- India'
lia
ragua5
grains of gold »/io fine: i. e., an o unce of fi ne gold = $35.
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
12 9
14 2
23.0
20.9
19.8
19.4
17.7
15.3
13.4
11 7
12.6
1.9
2.0
2.0
2.0
2 0
1.0
1.1
1.1
1.1
7.1
7.2
6.4
5.9
5 5
12.8
12.7
13.0
12.4
12.2
13.4
12.9
13.1
12.9
12.9
13.2
12.8
9
1 9
8
1 5
1.0
1.1
.6
1 4
.6
.5
6
1.2
1.2
1.0
.9
1.0
1.1
1.1
6
8
9
6
6
S
1.9
1.9
2.0
1.9
1.9
1.9
2.0
1.9
1.0
1.1
1.0
1.0
1.0
1 .0
1.1
1.0
1.0
6.1
6.7
6.8
6.6
7.1
7.9
7.8
'8.2
22
17
17
14
1
8
5
7
16.3
1 0
2 0
1 1
9 .3
6 4
6 1
7 1
6
8 1
S 9
s7
6 .3
s
7 .5
8 6
7 7
7 9
7 0
6 4
7 4
7 8
7 .7
6
.7
.6
6
7
7
7
6
7
7
7
7
52.4
40.4
26.3
23 0
23.0
28 9
32.8
31 2
31.3
2.7
2.9
2.6
2 3
2 3
2.3
10 .0
9 1
8 8
6 6
s9
4 6
6 1
6 s
5 .7
.4
.4
s
s
2 2
6
2.4
3.4
2.3
2.5
6
6
6
.6
.6
••Revised
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 changea
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.
JANUARY
1951
107
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
fin millions of dollars!
United States
End of month
Treasury
Total i
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
20,065
20,529
22,754
24,244
20,083
20,706
22,868
24.399
194o_D e c.
1950—Jan..
Feb..
Mar.
Apr..
May.
June.
July.
Aug..
Sept.
Oct..
Nov.,
24,427
24,395
24,345
24,246
24,247
24,231
24,231
24,136
23,627
23,483
23,249
23,037
24,563
24,507
24,456
24,360
24,350
24,340
24,331
24,239
23,745
23,591
23,349
23,153
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..
End of month
1945—Dec . . .
1946—Dec
1947—Dec . . .
1948—Dec
1949—Dec
1950—Tan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Hungary
24
34
35
41
41
41
Sweden
Argentina2
Belgium
Brazil
716
735
597
624
354
354
354
317
361
543
294
408
82
65
45
43
127
145
83
51
191
226
279
289
698
679
679
682
679
678
663
651
643
599
592
581
317
317
317
317
317
317
317
317
317
317
317
317
496
507
509
511
513
515
521
531
545
554
40
40
40
40
40
40
40
40
40
40
40
40
52
53
64
65
66
67
68
69
70
71
72
73
299
299
299
299
299
299
299
299
291
291
291
1,197
1.072
322
India
Iran5
Italy
274
274
274
256
131
127
142
140
24
28
58
96
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
252
178
178
178
178
178
178
178
178
178
188
188
188
Switzerland
Turkey
Uruguay
Venezuela
Java
7
201
7 180
Canada 3
Mexico
294
181
100
16
other
countries 8
482
381
105
81
1,342
1,430
1,356
1,387
241
237
170
162
195
200
175
164
202
215
215
323
192
193
195
220
70
70
70
69
71
71
71
71
71
87
91
90
1,504
1,508
1,503
527
534
552
559
550
537
1,529
1,520
1,508
154
154
154
154
154
154
149
138
146
146
150
150
178
183
187
190
184
184
189
196
208
217
217
373
373
373
373
373
373
373
373
373
373
373
330
332
334
333
333
337
336
337
336
336
*337
P340
Chile
Netherlands
Colombia 4
New
Zealand
Norway
Peru
23
23
23
23
80
91
72
52
28
24
20
20
195
229
229
229
229
229
229
229
229
230
230
230
27
27
27
27
27
28
28
28
28
29
29
29
51
51
51
50
48
50
50
50
50
50
50
50
28
28
28
28
28
28
28
28
28
28
28
International
Monetary
Fund
Bank
for International
Settlements
15
1,356
1,436
1,451
1,459
1 ,460
1,460
1,460
1,460
1,460
1,464
1,494
1,494
1,494
39
32
30
36
68
68
69
87
93
100
108
128
125
145
149
159
Denmark
Egypt
France
38
38
32
32
52
53
53
53
1,090
796
548
548
32
32
32
32
32
31
31
31
31
31
31
53
53
53
53
53
53
53
53
53
53
53
523
523
523
523
523
523
523
523
523
523
523
523
61
61
270
265
231
166
p Preliminary.
1
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 a,s 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, reipectively.
108
Czechoslovakia
Cuba
Portugal*
245
193
158
Rumania
South
Africa
Spain
269
914
939
762
183
110
111
111
111
128
132
146
166
173
178
177
179
180
179
183
187
85
80
80
80
61
61
61
61
61
61
61
61
'^215
Government gold reserves not included
previous figures
United
Kingdom
End of month
1945—Dec
1946—Dec
2,476
',696
1947—Mar
June....
Sept
Dec.. .
1948—Mar
June....
Sept...
Dec
1949—j^ar..
June....
Sept
Dec.
1950—Mar
June
Sept
Dec
France
2
157
Belgium
2 17
i ; 2,380
i ; ',410
»; ',383
» : 2,079
2,241
i 1,920
i
1,777
i 1,856
i 1,912
i
i
L.651
L.425
688
»1,984
1
2,422
»2,756
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; Belgiu m—Treasury.
NOTE.—For details regarding special internal
gold transfers affecting the British and French
institutions, see p. 110, footnote 1, and p. I l l ,
footnote 8. For available back figures, see
Banking and Monetary Statistics, p. 526, and
BULLETIN for November 1947, p. 1433, and February 1945, p. 190.
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
Total
United
Kingdom
1942
1943
1944
1945
1946
1947
1948
1949
315.7
68.9
—845 4
-106.3
311.5
1,866.3
1,680.4
686.5
2.0
.1
—695 5
.2
.5
488.4
1,095.4
527.9
1949—Nov.
Dec.
1950—Jan
Feb
Mar
Apr
May
Tune
July
Aug.
Sept
Oct
Nov.?
7.6
-1.4
39.0
.2
—1 6
53.3
13 1
10 0
—1 5
—42 2
—96.5
-93.4
— 143 6
Belgium
Netherlands
France
Sweden
162 9
U.S.S.R.
Canada
11.3
208.9
66.9
46 2
53 1
344.1
445.4
-29 7
5.8
33.7
27.9
-4.5
28.0
34.4
-.1
135 5
1
.2
.1
— 1
31.7
.1
— i
-.1
NET GOLD IMPORTS TO UNITED STATES,
BY COUNTRIES— Continued
1942
1943
1944
1945
1946
1947
1948
1949
Other
Latin
American
Republics
Australia
16.3
14.6
-10 8
7.0
- 8.0
-17 1
7 3
6 4
1949—Nov.
Dec.
1950—Jan..
Feb. .
Mar.. .
Apr. .
May..
Tune. .
July . .
Aug.. .
Sept.. .
Oct... .
Nov. P.
3
4
4
.5
.4
.5
.3
.7
.6
.6
.6
.4
.5
China
.5
.2
-9.5
.2
-11.9
. 1 -134 0
-55.8
.1
-14 0
.6
-19 1
3
...
-3
-2
-
2
5
5
1
"1
1
.2
.1
.1
3
2
- 2
3
-.5
-.5
-.1
South
Africa
4 1
3
3 6
.4
118 6
410.7
491 5
190.7
3.3
5.8
16.8
1.8
3.5
2ro
25 1
14.2
Nicaragua
40.0
-3.3
-109.7
15.1
3.6
-7.1
15.8
-4.4
8.7
7.5
7.7
7.4
7.3
7.6
7.9
6.9
.4
.3
.4
.2
.3
.2
.3
.3
.2
.3
.4
.3
.4
4
5
4
5
.5
.5
.3
.3
.3
.3
.3
.3
.3
5.1
Gold st.ock at
end of period
Period
All
other
countries
8 9
8
30 2
5
13
-18 6
1
-63.5
2
-37.6
-2 4
-8 5
3 37 1
-1.3
-3.5
3 7
10.5
4.7
-3.1
.8
-2.1
1942
1943
1Q44
1945
1946
1947
1948
1949
1949—Dec. . .
1950—Jan....
Feb..
Mar.
Apr... .
May
June .
July...
Aug. . .
Sept. . .
Oct....
Nov.. .
Dec...
.1
.4
v Preliminary.
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 other countries.
2
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 other countries.
3
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 other countries.
* Includes exports to Egypt as follows: October, 14.7 million dollars;
and November, 22.6 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.
JANUARY 1951
10.6
Mexico
Venezuela
4 0
2 2
—55.3
—56.1
.2
-.8
-136 1
-4.5
- 1
-.4
- 1
-.1
-.2
-.i
•>
-
2
j
2
[In millions of dollars]
In millions of dollars
Philippine
Republic
—50 3
-134.0
335.5
103.3
Colombia
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
Gold valued at approximately $35 a fine ounce
Year or
month
-io!s
.5
.3
.7
.5
5
.4
.4
.5
.6
-44.2
-95.3
— 76 6
-120.4
-.1
[Net gold exports from United States (—).
Argentina
Earmarked Domes
Net
Increase
gold: de- tic gold
in total gold imcrease
port
or
producgold
or inexport
tion2
stock
crease
(-)
Treasury
Total i
22,726
21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,739
—23.0
315.7
21,981
—757.9
68.9
20,631 — 1,349^8 — 845^4
20,083
-547.8 -106.3
20,706
311.5
623.1
22,868 3 2,162.1 1,866.3
24,399
1,530.4 1,680.4
24,563
164.6
686.4
—458.4
—803.6
—459 8
-356.7
465.4
210.0
-159.2
—495.7
125.4
48.3
35'g
32^0
51.2
75.8
70.9
57*3
-1.4
-63 2
-56.3
39.0
-51.2
.2
-96.2
-1.6
-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
- 1 9 5 . 5 p -143.6
P— 333.7
(4)
-59.4
-93.2
-50.4
-95.4
-59.2
-29 9
-17.6
-90.0
-431.4
-65.9
-146.2
-35.3
5
-237.9
6 4
5.9
5.5
6.1
6.7
6.8
6.6
7.1
7.9
7.8
'8.2
7.5
(4)
(-)
24,427 24,563
24,395 24,507
24,345 24,456
24,246 24,360
24,247 24,350
24.231 24,340
24.231 24,331
24,136 24,239
23,627 23,745
23,483 23,591
23,249 23,349
23,037 23,153
^22,706 P22,819
r
P Preliminary.
Revised. x See footnote 1 on opposite page.
Yearly figures are estimates of United States Mint. For explanation of monthly figures see p. 107, 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 5,625.7 million dollars on Dec. 31, 1950. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.
2
109
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
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
Oct.
July
Apr.
Oct.
1.494
1,464
1,460
1,450
1,305 1,306 1,299 1,311
4,228 4,257 '4,266 4,265
989
1,003
893 1,018
1
1
1
1
8,037 8,022 7,922 8,047
-4
-3
-4
-4
1950
Net currency purchased 2
(Cumulative—millions of dollars)
Nov.
Oct.
1949
Sept.
Nov.
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
.6
.3
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
Sept.
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 i
General reserve
Special reserve
Capital»
June
Mar,
Sept.
10
921
5
924
18
925
44
926
439
4
449
5
446
5
454
5
762
8
738
8
261
723
7
261
676
261
11
254
26
26
26
27
140
126
130
136
5
2
3
3
27
23
31
17
15
14
12
9
1,668 1,670 1,670 1,670
1
Includes amounts receivable for currency adjustments resulting
from the devaluations in September 1949 as follows: April 1950—
16 million dollars; October 1949—382 million.
2 As of Nov. 30, 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 Sept. 30, 1950, of which 2,540 million represents the subscription of the United States.
< 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)
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
.4
.4
A
.4
.4
.4
.4
.4
.4
.4
.4
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
Assets of banking
department
Assets of issue
department
4
4
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
1,450.0
1.325.0
1,350.0
28.8
27.7
12.5
13.5
20.7
23.4
100.8
36.1
33.7
6.4
3.5
2.5
5.1
8.4
13.6
15.2
16.7
14.8
267.8
267.9
307.9
317.4
327.0
327.6
331.3
401.1
489.6
1,300.0
1,300.0
L,300.0
1,300.0
1,300.0
1,350.0
1,350.0
,350.0
I,350.0
1,350.0
[,350.0
57.9
58.4
38.5
28.4
19.9
63.0
37.4
53.8
70.2
80.3
66.1
14.7
22.0
12.3
22.0
19.1
15.4
18.0
23.4
21.0
40.3
37.8
477.4
486.7
507.2
529.4
554.9
549.3
599.2
575.0
583.0
581.8
585.9
Liabilities of banking department
Note
circulation 3
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.&
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
117.4
136.0
160.0
169.8
188.4
209.0
237.1
246.5
254.8
266.4
266.4
110.2
113.5
83.9
89.5
94.2
96.5
97.9
95.7
94.3
89.3
82.2
18.3
18.4
18.5
17.8
18.0
18.2
18.3
18.5
18.5
17.8
18.0
Bankers'
Public
751.7
923.4
1,088.7
L,238.6
1,379.9
1,428.2
1,349.7
,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
,277.7
,286.6
,293.9
,319.7
,302.0
1,283.3
,272.6
,286.0
291.7
285.2
283.5
288.8
281.3
292.1
286.8
278.8
291.8
316.0
305.0
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.
* Fiduciary issue decreased by 50 million pounds on Jan. 11 and incr-eased by 50 million on June 28, 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 Stalistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication.
110
FEDERAL RESERVE BULLETINS
CENTRAL BANKS—Continued
Assets
Bank of C a n a d a
(Figures in millions of
Canadian dollars)
Sterling
and United
States i
dollars
Gold
185.9
225.7
0)
1938—Dec. 3 1 . .
1939—Dec. 30. .
1940—Dec. 3 1 . .
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 3 1 . .
1950—Jan. 3 1 . .
Feb. 28. .
Mar. 3 1 .
Apr. 29.
May 3 1 .
June 30.
July 31 .
Aug. 31 .
Sept. 30. .
Oct. 31 . .
Nov. 30. .
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Chartered
banks
Dominion
government
Shortterm i
Other
28.4
64.3
38.4
200.9
.5
.6
172.3
156.8
1.0
2.0
.4
74.1
144.6
181.9
448.4
391.8
807.2
787.6
906.9
,157.3
,197.4
,022.0
,233.7
,781.4
40.9
49.9
127.3
216.7
209.2
472.8
573.9
688.3
708.2
858.5
779.1
227.8
5.2
5.5
12.4
33.5
31.3
47.3
34.3
29.5
42.1
43.7
45.4
42.5
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
3.1
17.9
9.5
6.0
19.1
17.8
27,7
29.8
93.8
67.5
81.0
126.9
9.3
13.3
28.5
35.1
24.0
55.4
209.1
198.5
42.7
42.4
43.1
119.2
73.1
76.7
73.7
86.0
73.3
84.1
89.1
161.4
212.2
152.2
127.2
,769.1
,786.2
,655.9
,668.3
,685.7
,436.7
,431.0
,420.4
,406.1
1.381.4
1,170.0
235.4
191.1
358.9
371.0
372.6
622.0
638.7
569.2
444.6
435.7
662 .0
73.1
56.2
75.2
56.5
60.1
58.8
65.7
113.9
219.7
440.0
415.5
,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
530.7
554.8
567.3
551.6
534.3
544.5
552.8
568.2
555.8
621.7
578.9
94.3
24.3
71.2
41.3
68.9
35.3
19.6
16.7
22.0
39.0
45.3
145.8
176.4
150.7
199 8
202.7
215.8
228.9
233.1
258.2
235.2
221.0
120.7
104.2
116.1
119.4
109.9
130.1
129.0
143.1
128.2
191.6
206.0
Bank of France
Domestic bills
Gold
193g—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
29
87,265
2 8 . . . 97,267
84,616
26...
3 1 . . . 84,598
84,598
31
30!'.. 84,598
75,151
28...
27. . 129,817
94,817
26...
3 1 . . . 65,225
65,225
30...
62,274
29...
1950—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
26...
23...
30...
27...
25...
29...
27...
31 . . .
28...
26. . .
30...
62,274
62,274
62,274
62,274
62,274
62,274
62,274
8
182,785
182,785
182,785
182,785
Foreign
exchange
821
112
42
38
37
37
42
68
7
12
30
61 ,943
Advances to
Government 5
assets '
Note
circulation
Government
Open
market 3
Special
Other
1 892
5,818
7,802
6,812
8 420
9',518
12,170
17,980
37,618
67,395
97,447
137,689
1,797
2,345
661
12
169
29
48
303
3,135
64
8,577
28,548
7,880
5,149
3,646
4,517
5,368
7,543
18,592
25,548
76,254
117,826
238,576
335,727
30,627
14,200
30,473
63,900 112,317
69,500 182,507
68,250 250,965
64^400 366^973
15,850 475,447
445,447
67,900 480,447
147,400 558,039
150,900 558.039
157,900 560,990
14,028
15,549
18,571
17,424
16,990
16,601
20,892
24,734
33,133
59,024
57.622
112,658
110 ,935
151 ,322
218 ,383
270 ,144
382 ,774
500 ,386
572 ,510
570 ,006
721 ,865
920 ,831
987 .621
1 ,278 ,211
5 061
1 914
984
1 517
770
578
748
12 048
765
733
806
1 168
31,410 335,845
31,467 333,358
29,279 359,671
29,297 367,740
27,090 341,340
18,507 368,694
12.709 373,930
3,590 362,358
14,572 377,531
25,035 371,010
32,047 297,884
159,900 560,990
165,200 560,990
166,000 560,990
167,100 560,990
167.700 560,990
166.600 560.990
161,600 560,990
163,600 481,039
163,900 481,039
162,600 481,039
155,900 481,039
94,504 1 ,256 ,758
91,046 1 ,271 ,387
112,552 1 ,321 ,855
113,338 1 ,332 ,148
107,521 1 ,324 ,533
116,833 1 ,382 ,479
128,695 1 ,413 ,718
137,978 1 ,455 ,008
132,972 1 ,467 ,425
197,555 1 ,466 ,623
9222,277 1 ,502 ,770
42
79
24
21
17
62
80
75
94
73
83
Current
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
744 ,986
7 68,474
7
2 1 ,318
? 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
23 ,853
20 ,426
17 ,828
20 ,747
24 ,634
21 ,475
24 ,309
22 ,722
21 ,725
28 ,610
21 ,885
Deposits
Other
59 ,719 132,447
58 .658 123,912
63 ,987 123,013
83 ,526 117,039
98 ,539 115,978
116 ,652 128,939
146 ,146 144.523
144 ,242 149,702
173 ,725 119,556
140 , 735 115,122
146 ,783 150,674
Other
Liabilities
Assets
(Figures in
millions of francs)
Other
liabilities
and
capital s
Note
circulation 2
Other
ECA
22 910
14 155
22 ,432
34 284
21 ,927
8 496
22 ,806
12 ,778
11 ,928
8 .739
7 ,613
1
Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves.
Beginning November 1944, includes a certain amount of sterling and United States dollars.
* On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, pp. 677-678).
5
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, 64,580; 1942, 16,857; 1943, 10,724.
8
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 121.0 billion francs on Nov. 30.
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.
2
3
JANUARY
1951
111
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1950
Nov.
Oct.
1949
Sept
Central Bank of the Argentine
Republic (millions of pesos):
656
656
656
Gold reported separately
1,831
1,680
1,653
Other gold and foreign exchange.
1,980
2,008
1,933
Government securities
Rediscounts and loans to banks.. 32,135 32,054 31,253
277
237
202
Other assets
11,873 11,592 11,271
Currency circulation
22,207 22,326 21,834
Deposits—Nationalized
551
482
465
Other sight obligations
2,279 2,224 2,111
Other liabilities and capital
Commonwealth Bank of Australia (thousands of pounds):
565,065 554,108 533,435
Gold and foreign exchange
Checks and bills of other banks.. 5,302 3,602 6,013
Securities (incl. Government and
365,008 361 ,302 350,647
Treasury bills)
66,630 49,864 64,612
Other assets
242,770 238 ,770 236,770
Note circulation
Deposits of Trading Banks:
490,420 464,670 453 ,170
Special
36,449 38,803 38,415
Other
232,,366 2!26,632 226,352
Other liabilities and capital
Austrian National Bank (millions
of schillings):
50
50
50
Gold
405
379
356
Foreign exchange
2,884 2,837
3,156
Loans and discounts
5,280
5,305
5,435
Claim against Government
40
42
44
Other assets
6,174
5,923
5,863
Note circulation
299
331
316
Deposits—Banks
1,102
1,284
1,048
Other
1,410 -1,303
1,259
Blocked
National Bank of Belgium
(millions of francs):
29,040 29,623 29,930
Gold*
7,265
Foreign claims and balances (net). 7,150 7,3'
9,133
6,330
Loans and discounts
7,205
Consolidated Government debt.. 34,939 34,939 34,939
7,892
7,265
Government securities.. . •.
6,048
5,202
4,305
3,815
Other assets
Note circulation
86,238 84,784 85,327
2,318
1,749
2,171
Deposits—Demand
42
12
ECA
35
2,501
Other liabilities and capital
4,758
2,463
Central Bank of Bolivia—Monetary dept. (millions of bolivianos):
Gold at home and abroad 2
1 ,370
370
Foreign exchange
1,745
Loans and discounts
736
Government securities
236
Other assets
3,061
Note circulation
409
Deposits
988
Other liabilities and capital
Central Bank of Ceylon 3 (thousands
of rupees):
573,491 516 891 518,141
Foreign exchange
1,429
1
1,429
Paid-in capital—Intl. Bank
3,993
Government securities
415
191
Other assets
343,813 327,960 331 ,152
Currency in circulation
65,671
518
Deposits—Government
142,999
136,282
Banks
26,844
51,808
Other liabilities and capital
Central Bank of Chile (millions
of pesos):
1,235
1,231
1,233
Gold
295
266
292
Foreign exchange (net) 4
1
1
1
Net claim on Int'l. Fund
Discounts for member banks. . . . 2,126 2,274 1,804
685
685
686
Loans to Government
3,002
3,138
3,105
Other loans and discounts
1,812
1,724
1,748
Other assets
6,220 6,207
6,258
Note circulation
1,240
1,212
1,348
Deposits—Bank
390
257
299
Other
1 ,343
1,139
1,428
Other liabilities and capital
Bank of the Republic of Colombia
(thousands of pesos):
Gold and foreign exchange
192,831 203,996 215,830
Net claim on Int'l. Fund 4
24,369 24,368 24,368
505
1,580
1,749
27,168
202
9,161
19,720
633
1,690
399,195
4,430
382,172
30,150
219,563
332,170
44,799
219,414
50
148
1,514
6,454
24
5,465
401
1,042
1,282
31,063
9,657
3,156
34,991
5,822
6,136
85,500
2,201
541
2,582
956
41
1,036
745
100
2,380
240
258
1,199
122
1
1,727
691
2,055
1,447
5,168
1,273
256
544
194,478
24,367
Central Bank
(Figures as of last report
date of month)
Nov.
Oct.
Sept.
Bank of the Republic of Colombia—Cont.
,372
1,372
1
Paid-in capital—Int'l. Bank
,809 235,837
252
Loans and discounts
,451
136,083
132
,510
Government loans and securities.
,262 60,816
63,,233
Other assets
405,024 413,125 428 ,858
Note circulation
208 ,642 205 ,640 193,483
Deposits
53 ,238
,493 51,963
Other liabilities and capital
Central Bank of Costa Rica 5
(thousands of colones):
11 ,511
511
Gold
18,843
606
Foreign exchange
7,019
038
Net claim on Int'l. Fund 4
82,037
759
Loans and discounts
17,421
056
Securities
18,187
430
Other assets
98,006
520
Note circulation
46,756
752
Demand deposits
10,256
128
Other liabilities and capital
National Bank of Cuba 8
(thousands of pesos):
Gold and foreign exchange (net) . 331 ,912 345,189 355 ,611
64 ,902
658 72,758
Silver
12 ,507
507 12,507
Net claim on Int'l. Fund 4
1,145
2 ,807
902
Loans and discounts
042 53,629
59 ,970
Credits to Government
10,885
719
14,
,273
Other assets
332,400 333,639 340 ,093
Note circulation
152,106
140 ,088 150,
Deposits
14,335
13 ,882 15
Other liabilities
7
National Bank of Czechoslovakia
National Bank of Denmark
(millions of kroner):
69
69
69
Gold
400
403
Foreign exchange
328
Contributions to Int'l. Fund and
6
6
to Int'l. Bank
61
40
33
Loans and discounts
43
138
134
Securities
137
,005
4,012
,999
Govt. compensation account. . . .
272
262
377
Other assets
,571
,589
1,534
Note circulation
,221
,245
1,207
Deposits—Government
,928
,985
1,945
Other
215
210
159
Other liabilities and capital
Central Bank of the Dominican
Republic (thousands of dollars):
045
4,045
045
Gold
830 14,104
211
Foreign exchange (net) 4
250
1,250
250
Net claim on Int'l. Fund
40
40
40
Paid-in capital—Int'l. Bank
405
505
252
Loans and discounts
383
323
5,383
Government securities
006
938
984
Other assets
558 20,652
659
Note circulation
083
324
5,100
Demand deposits
317
330
307
Other liabilities and capital
Central Bank of Ecuador
(thousands of sucres):
252,857
252
Gold
128,721
176
Foreign exchange (net) 4
16,881
16
Net claim on Int'l. Fund
202 309 216,304
Credits—Government
157,046
144
Other
149,366
159
Other assets.. . .
493,318
496
Note circulation
146,650
162
Demand deposits—Private banks
105,638
111
Other
175,568
182
Other liabilities and capital
National Bank of Egypt (thousands of pounds):
6,376
6
Gold
6
6,899
Foreign exchange
27
6,906
Loans and discounts
British, Egyptian, and other
312
304,436
Government securities
49
50,999
Other assets
174
Note circulation
159,293
105
85,418
Deposits—Government
111
118,424
Other
11
12,482
Other liabilities and capital
Nov.
1,370
239,255
140,586
58,003
462,459
148,029
47,572
11,545
7,497
100,001
23,036
101,842
74,000
69
366
65
28
118
4,770
287
1,521
1,820
2,180
179
4,030
10,539
1 ,250
40
665
4,377
2,099
18,848
3,896
257
2 78,600
-79,087
16,881
267,673
131,063
124,822
376,957
100,925
110,285
151,786
6,376
12,593
13,021
330,550
40,438
166,146
121,994
103,317
11,520
c
1
2
3
4
Corrected.
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.
The Central Bank of Ceylon began operations on Aug. 28, 1950.
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time
as the
Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
6
The Central Bank of Costa Rica began operations on Feb. 1, 1950. Figures shown prior to this date refer to the Issue Department of the
National
Bank.
6
The National Bank of Cuba began operations on Apr. 27, 1950.
7
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 1950, p. 118.
112
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
C e n t r a l Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange (net) 1
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 c i r c u l a t i o n . . . 4
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 c a p i t a l . . . .
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 5
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 department
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
1949
Nov.
57,618
37,562
1,565
8,140
5,002
1,184
64,366
40,199
6,507
2,230
-2,342
-2,127
44,074
1,034
2,744
33,916
868
10,829
1,186
4,630
9,370
1,392
8,099
2,741
1,501
670
3,567
Oct.
Sept.
50,179 50,236
51,343 57,300
1,565
1,565
6,179
3,812
5,003
4,994
1,235
1,295
62,609 63,062
46,361 49,644
6,534
6,496
2,230
2,230
-1,483
519
- 1 ,638
62
43,024 42,493
1,040
1,041
1,846
1,359
32,484 34,004
3,715
1,997
9,985
10,539
1 ,320
4,621
9,218
1,320
8,123
2,564
1 ,436
614
3 , 743
1 ,519
3,845
9,112
1,254
8,213
2,380
1,055
637
3 ,445
360
238
4, 750
2,735
969
1,870
841
372
234
4,776
2,652
983
1 ,841
701
2,552
1 ,160
2 ,629
2,608
1,177
2,691
27,229 27,229
6,903
6,255
1 ,250
1 ,250
4,085
5,628
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
6,098
1,250
4,230
18,683
34,113
3,157
1,374
9,356
9.491
400
5 ,832
4,366
608
11,058
400
5,832
4,366
607
10,956
148
2 ,328
5
1
912
3 ,1 55
239
249
2,240
17
9
923
3,212
226
2,646
2,646
2,646
50,067 48,751 47,932
52,713 51,397 50,578
Nov.
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):
269
Cash and bullion
399
Advances to Government
970
Loans and discounts
310
Government securities
058
Reconversion Fin. Bk. bonds. . . .
652
Other assets
613
Note circulation
,740
Deposits—Government
566
Other
Other liabilities
The Java Bank (millions of guilders):
995
Golds
*
,439
Foreign exchange (net)
,948
Loans and discounts
,535
Advances to Government
,307
Other assets
,247
Note circulation
,041
Deposits
401
Other liabilities and capital 7 . .
,922 Bank of Mexico (millions of pesos):
Monetary reserve 8
"Authorized" holdings of secu227
rities, etc
115
Bills and discounts
,509
Other assets
,001
Note circulation
844
Demand liabilities
,535
Other liabilities and capital. . .
576 Netherlands Bank
(millions of
guilders):
,480
Gold 9
839
Silver (including subsidiary coin)
,266
Foreign assets (net)
Loans and discounts
Govt. debt and securities
229
Other assets
846
Note circulation—Old
250i
New
761
Deposits—Government
277
Blocked
457
ECA
143
Other
879
Other liabilities and c a p i t a l . . . .
622 Reserve Bank of New Zealand
262
(thousands of pounds):
Gold
Foreign exchange reserve
Advances to State or State undertakings
400!
Investments
6,003
Other assets
4,152
Note circulation
538
Demand deposits
10,754
Other liabilities and c a p i t a l . . . .
Bank of Norway (millions of kroner):
340
Gold
1,918
Foreign assets (net)
14
Clearing accounts (net)
1
Loans and discounts
1 ,045
Securities
3,083
Occupation account (net)
235
Other assets
Note circulation
Deposits—Government
2,646
Banks
47,927
Blocked
50,573
ECA
Other liabilities and c a p i t a l . . . .
Nov. I Oct.
Sept.
Nov.
4
30
590
216
178
599
1,046
3
97
137
4
20
656
210
225
456
932
19
174
122
264
61
267
68
1,158
1,162
1,259
70,015 78,181 95,794
195,199 166,202 98,415
136,631 127,628 123,067
22,073
31,055 33,954 14,541
344,690 328,781 303,382
49,975 41,891 20,267
18.538 18,250 20,089
20,855 18,205 10,971
715
254
183
,527
123
,307 !
866
628
1,000
715j
715
91
1811
215
210
2.206 2,125
110
115
2,016
2,194
771
813
466
422
951
471
74
64
1,105
73
912
799
76
909
2,937 2.364
155
137
382
332
2 ,552 2,476
1 ,446 1,327
47 ^1
481
727
2,746
155
165
2,093
814
886
2,721
119
374
2,415
1,223
487
873
18
1,215
122
2,850
917i
58,
2 .809
287
59
,758
258
2
,210
,042
59
740
11
679
153
3,300
702
71
2,981
664
'2
643
'854
369
4,6661 4.569 4,426
49,985 50,041{ 52,562
3,776
39,616
55,789
21,974
9,310
54,307
83,455
6,300
48,654
48,094
5,828
54,051
86,424
5,495
873!
19
1,079
63
2,850
960
57
2.796J
.......
745|
613J
58,596
25,974
8,309
57,473
83,661
6,397
243,
162!
-57|
35;
47J
7,112
90
2,262!
2,087
933
518
1,150
682|
873
16
,249
54
,850
881
1
1,388
847
606
56,450
25,974
9,202
55,274
84,632
6,330
244
130
-41
35
47
7,112i
77j
2.247
1,972
1,167
5231
1,016
678
r
244
' 143
-37
32
47
7,112
75
2,264
1,863
1,268
528
982
r
710
I
253
r 182
-110
49
48
7,114
89
2,183
2,559
1,348
586
252
••696
r
<1 Corrected.
Revised.
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 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.
8
This statement represents combined figures for the Bank of the German States and the eleven Land Central Banks.
4
Beginning June 30, 1950, includes counterpart funds formerly shown under "Other liabilities."
5
For
last available report (February 1950), see BULLETIN for September 1950, p. 1263.
6
Gold
revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per guilder.
7
Pending negotiations with the Netherlands and the ECA, counterpart funds are included in "Other liabilities and capital," beginning February,
1950.s
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
a Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder.
JANUARY
1951
113
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1950
Nov.
State B a n k of P a k i s t a n (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):
600
Gold
18,713
Foreign exchange (net) x
2,710
Net claim on Int'l. Fund
-248
Paid-in capital—Int'l. Bank
Loans and discounts....
. . . . 131,565
4,425
Government loans and securities.
38,093
Other assets
134,383
Note and coin issue
46,026
Demand deposits
15,449
Other liabilities and capital
Central Reserve B a n k 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 t h e Philippines
(thousands of pesos):
Gold
6,161
574,
Foreign exchange
Net claim on Int'l. Fund 1
29,502
41,647
Loans
155,240
Domestic securities
Other assets
163,627
602,402
Note circulation
Demand deposits—U. S. dollars 3
245,149
Pesos
122,969
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net)
Loans and discounts
Advances to Government
Other assets
Note circulation
Demand deposits—Government..
ECA
Other
Other liabilities and capital
S o u t h African Reserve Bank
(thousands of pounds):
Gold*
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
|
Oct.
Sept
44
622
519
141
300
56
1,642
40
331
102
1
448
821
100
600
15,838
2,710
-228
131,391
4,425
34,572
132,743
43,480
13,084
600
12,457
2,710
-228
129,550
4,425
31,208
130,463
41,112
9,148
337,162
20,495
2,238
201,999
703,845
301,302
970,054
177,870
419,117
5,829
485,347
7,502
66,253
148,851
151,549
569,764
180,141
115,426
3,320
9,577
538
1,243
688
8,019
458
481
3,836
2,573
64,929
77,874
7,457
28 925
71,940
92,762
14,482
63,544
79,808
6,043
28,800
71,311
90,869
16,015
668
668
412
412
15,672 15,839
13,630 12,170
Nov.
Central Bank
(Figures as of last report
date of month)
1950
Nov.
Oct.
Sept
Bank of Spain—Cont.
Other assets
,156 19,016
Note circulation
|,517 29,491
44
Deposits—Government....
379
42
544
Other
,311 3,430
265
,331 15,144
Other liabilities and capital
332 Bank of Sweden (millions of kronor):
432
Gold
199
199
191
71
Foreign assets (net)
,002
970
865
1,631
Swedish Govt. securities and ad- 5
vances to National Debt Office
3,046
,957 2,745
57
Other domestic bills and advances
211
188
184
564
39;
397
369
Other assets
113
3,285
,250 3,197
Note circulation
404
394
Demand deposits—Government..
394
286
326
409
Other
197
952
698
691
670
Other liabilities and capital
68 Swiss National Bank (millions of
francs):
6,061
Gold
.,071 6,110
600
329
Foreign exchange
359
-3,351
139
145
Loans and discounts
139
2,710
79
88
74
Other assets
-92
,367 4,351
4,396
Note circulation
104,111
,049 2,130
1,978
Other sight liabilities
202
9,903
Other liabilities and capital
202
200
2,279 Central Bank of t h e Republic of
83,213
Turkey (millions of pounds):
27,807
Gold
419
408
419
5,140
Foreign exchange and foreign
190
124
215
clearings
,186
Loans and discounts
,189
,235
509,267
27
27
Securities
28
20,495
Other assets
90
88
112
2,238
Note circulation
959
977
965
151,492
Deposits—Gold
153
153
153
629,041
700
Other
660
621
98,054
124
Other liabilities and capital
125
166
853,815 Bank of t h e Republic of Uruguay
298,020
(thousands of pesos):
258,751
Gold
,186 329,186
Silver
,344 11,518
Paid-in capital—Int'l. Bank
313
313
2,721
Advances to State and govern466,416
ment bodies
138 723 143,638
7,501
233 264,081
Other loans and discounts
290 399 267,861
109,178
Other assets
301 973 296,130
46,784
Note circulation
83 966 89,972
134,103
Deposits—Government
295 751 307,229
573,614
Other
353 507 323,266
286
Other liabilities and capital
96,591 Central Bank of Venezuela (mil96,213
lions of bolivares):
,041 1,041
Gold
-3
31
Foreign exchange (net)
3,151
67
60
Other assets
9,074
696
715
Note circulation—Central Bank.
479
National banks. .
1,244
2581
256
Deposits
542
154
159
Other liabilities and capital
8,165 Bank for I n t e r n a t i o n a l Settle114
m e n t s (thousands of Swiss gold
107
francs):
3,661
487,166 457,110 442 ,523
Gold in bars
2,442
19,766
Cash on hand and with banks. . . 34,213
3,161
2,888
Sight funds at interest
Rediscountable bills and accept120,239
29,555
ances (at cost)
137,619 135
47,574
43,926
Time funds at interest
36,446 34.
287,577
37,386
Sundry bills and investments. . . . 289,655 311,
297,201
26,240
Funds invested in Germany
297,201 297,
66,122
1,507
Other assets
1,534 1,
62,258
302,479!
Demand deposits (gold)
380,527 362,
8,727
Short-term deposits:
408,213
Central banks—Own account.. 397 ,974 396,
934
19,328
Other
17,433 17,
497
228,909
Long-term deposits: Special
228,909 228,
15,757
260,346
Other liabilities and capital
262,150 261,
Nov.
4,121
26,456
969
2,879
696
155
823
3,054
110
476
3,109
577
272
660
6,202
251
110
76
4,345
1,889
404
431
102
859
59
91
886
153
287
216
270,793
11,785
313
118,625
254,322
238,285
274,382
76,244
277,220
266,276
1,041
98
61
713
1
257
228
195,034
18,244
7,044
26,077
22,946
184,107
297,201
1,940
24,510
238,897
4,076
228,909
256,202
9,690
1
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund, Until such time
as the
Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
2
In November 1949, part of the gold and foreign exchange holdings of the bank were revalued.
3
Account of National Treasury.
*6 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.
114
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- NethKing- France many
er- Sweergium 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
In effect Nov. 30,
1950
4
2
2
2
2
3
Albania
Argentina
Austria
Belgium
Bolivia. .
3
..!*
3M
Rate
Nov.
30
3K
Date
effective
Mar.
Mar.
Aug.
3M Sept.
Feb.
5
5 \4>
Rate
Nov.
30
Central
bank of—
21, 1940
1, 1936
3, 1945
11, 1950
4, 1948
Ireland
Italy
Japan
Java
Latvia
2K
.
5.11
3
5
Date
effective
Nov.
Apr.
July
Jan.
Feb.
23, 1943
6, 1950
5, 1948
14, 1937
17, 1940
3
1 ^
2H
Canada
Chile
Colombia
Costa Rica
2K
3
IK
4
4
Oct. 17, 1950
June 13, 1935
July 18, 1933
Feb. 1, 1950
Lithuania. .
Mexico
Netherlands .
New Zealand
Norway....,
6
s
July
June
Sept.
July
Jan.
15, 1939
4, 1942
26, 1950
26, 1941
9, 1946
1950
1948
1950
1935
1950
Peru
Portugal. . . .
South Africa
Spain
Sweden
6
2K
3K
2H
Nov.
Jan.
Oct.
Mar.
Feb.
13, 1947
12, 1944
13, 1949
18, 1949
9, 1945
8, 1950
27, 1950
12, 1948
28, 1935
Switzerland..
Turkey
United Kingdom
U.S.S.R....
4
Nov. 26, 1936
July 1, 1938
2
4
Oct. 26, 1939
July 1, 1936
&2J£
3H
2J^ &3
Denmark
Ecuador
El Salvador...
Estonia
Finland
U-5
l
l 4}A
11-4
2,
13,
2,
1.
3,
3M
2H
1
3
1-6
U-6
2
Nov.
May
Mar.
Oct.
7M Nov.
5
10
3
3M
3
m
2H
France
Germany
Greece
India
2K
12
3
June
Oct.
July
Nov.
1
The lower rate applies to the Bank Deutscher Laender, and the higher
rate applies to the Land Central banks.
NOTE.—Changes since Nov. 30: Sweden—Dec. 1, from 2}^ to 3 per cent.
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
Treasury
bills
3 months
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
1942—Oct..
1943—Oct..
1944—Oct..
1945—Oct..
1946—Oct..
1947—Oct..
1948—Oct..
1949—Oct..
.53
A3
.38
.36
.40
.41
.41
.51
1.03
1.03
1.03
.83
.53
.53
.56
.69
1.00
1.00
1.00
.75
.51
.51
.51
.52
1.04
1.00
1.00
.96
1949—Nov.
Dec.
.51
.51
.69
.69
.52
.52
1950—Jan..
Feb..
Mar.
Apr..
May
June
July.
Aug.
Sept.
Oct..
.51
.51
.51
.51
.51
.51
.51
.55
.62
.62
.69
.69
.69
.69
.69
.69
.69
.69
.69
.69
.52
.52
.52
.51
.51
.51
.51
.51
.52
.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
1.61
1.73
1.73
1.25
1.29
1.64
2.09
P2.25
1.30
1.07
.95
1.03
1.07
1.00
.90
.95
.78
.78
1.25
1.25
1.25
1.25
1.25
1.38
1.63
1.50
.63
.63
P2.55
P2.55
1.16
1.32
.93
1.03
1.50
1.50
.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
1.31
1.54
1.45
1.44
1.45
1.44
1.57
1.44
1.33
1.27
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
.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.
JANUARY
1951
115
COMMERCIAL BANKS
Assets
United Kingdom »
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
Liabilities
Money at
call and Bills dis- Treasury
Loans to
deposit Securities customers
short
counted receipts
*
notice
Deposits
Other
assets
Total
Demand
Time
Other
liabilities
and
capital
1943—December.
1944—December.
1945—December.
1946—December.
1947—December.
1948—December.
422
500
536
499
502
502
151
199
252
432
480
485
133
147
369
610
793
741
,307
,667
,523
,560
,288
,397
1,154
1,165
,234
,427
,483
,478
761
772
827
994
1,219
1,396
349
347
374
505
567
621
4,032
4,545
4,850
5,685
5,935
6,200
2,712
3,045
3,262
3,823
3,962
4,159
1,319
1,500
1,588
1,862
1,972
2,041
245
250
265
342
396
420
1949—November
December.
497
532
548
571
1,216
1,109
688
793
,517
,512
,483
,534
539
579
6,066
6,202
3,977
4,161
2.089
2,041
422
427
1950—January..
February.
March....
April
May
June
July
August
September
October. .
502
476
485
493
482
482
501
504
492
509
571
539
534
530
538
544
557
544
543
557
1,229
1,169
1,106
1,177
1,197
1,338
1,400
1,336
1,358
1,414
627
471
444
402
364"
297
321
368
435
496
,513
,503
,503
,502
,503
,498
,496
,499
,501
,505
,526
,574
,602
,630
,648
,665
,591
,610
,610
,608
542
541
553
552
554
611
529
554
557
616
6.085
5,841
5,783
5,843
5,847
6,000
5,956
5,968
6,028
6,204
4,058
3,844
3,812
3,876
3,870
3,965
3,935
3,941
3,969
4,105
2,027
1,997
1,971
1,968
1,976
2,035
2,021
2,027
2,059
2,099
423
432
443
444
439
434
440
447
468
501
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Liabilities
Security
loans
abroad
and net Securities
Other
due from
loans and foreign
banks
discounts
Entirely in Canada
Cash
reserves
Security
loans
Other
assets
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Time
Other
liabilities
and
capital
1943- -December.
1944- -December.
1945- -December.
1946 -December.
1947- -December.
1948- -December.
471
550
694
753
731
749
48
92
251
136
105
101
1,156
1,211
1,274
1,507
1,999
2.148
250
214
227
132
106
144
2,940
3,611
4,038
4,232
3,874
4,268
744
782
869
,039
,159
,169
42
34
26
21
18
16
4,395
5,137
5,941
6,252
6,412
7,027
2,447
2,714
3,076
2,783
2,671
2,970
1,948
2,423
2,865
3,469
3,740
4,057
,172
,289
,386
,525
,544
,537
-November
December
758
765
119
133
2.356
2,271
161
146
4,395
4,345
,084
,058
14
14
7,388
7,227
2,941
2,794
4,447
4,433
.471
,477
-January..
February.
March . .
April
May
June
July
August
September
October. .
745
749
731
730
759
712
767
802
748
847
100
84
83
103
105
145
94
99
101
115
2,263
2,299
2,344
2,349
2,352
2,408
2,385
2.393
158
149
146
175
198
227
222
218
225
189
4.365
4.391
4,453
4,398
4,408
4,276
4,240
4,478
4,437
4,349
,033
,046
,081
,015
,091
,182
,089
,113
.178
1,258
7,197
7,277
7,400
7,301
7,417
7,447
7,288
7,573
7 .597
7,740
2,703
2,741
2,828
2,741
2,860
2,909
2,759
3,030
3,015
3,180
4,494
4,537
4,573
4,561
4,557
4,538
4,529
4,543
4,582
4,559
,467
,439
,438
,468
,495
,503
1,508
1,529
1,565
1,583
Assets
France
(4 large banks. End
of month figures in
millions of francs)
2,473
2,565
<•)
(•)
()
Liabilities
Cash
reserves
Due from
banks
Bills discounted
Loans
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—October
November
December
41,534
38,343
40,937
39,301
43,810
42,311
451,597
400,043
426,690
1950—January
February
March
April
May
Tune
July
August
September
39,317
36,419
38,741
44,808
43,584
41,283
47,231
41,572
42,893
43,107
45,579
42,539
43,843
44,346
43,618
43,599
51,670
48,797
423,329
424,838
415,585
452,864
433,079
442,411
433,118
440,122
484,136
Other
assets
Deposits
Own
acceptances
Other
liabilities
and
capital
Total
Demand
Time
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
120,353
134,779
129,501
42,724
46,063
29,843
633,092
597,316
627,266
626,211
589,900
619,204
6,881
7,416
8,062
23,537
25,032
26,355
38,881
40,690
15,662
138,276
137,143
134,771
126,752
134,195
133,848
141,239
135,192
131,192
33,866
36,056
39,298
40,506
44,993
48,126
46,610
46,982
48,609
630,113
632,035
619,146
652,570
640,351
648,191
647,507
650,559
687,444
622,110
623,031
609,776
639,878
626,925
633,952
636,010
638,875
674,592
8,003
9,005
9,371
12,692
13,427
14,240
11,497
11,684
12,853
958
747
629
449
992
030
492
971
682
19,824
18,252
21,158
24,752
26,853
29,065
32,798
35,008
37,502
!
From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from
bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month,
except
in June and December, when the statements give end-of-month data.
2
Represent six-month loans to the Treasury at 1 H Per cent through Oct. 20, 1945, and at % per cent thereafter.
» 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.
1
116
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina x
(peso)
/ear or month
Basic
Free
' 's8."289'
2.2829
2.2817
2.2816
2.2009
1.9908
13^333'
13.333
13.333
13.333
3ii!ioo
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
223.16
223.10
2.0003
1.9993
1.9966
1.9912
1.9921
1.9866
1.9835
1.9837
1.9838
1.9876
1.9876
1.9983
Czechoslovakia
(koruna)
Denmark
(krone)
2.0060
2.0060
2.0060
2.0060
2.0060
20.876
20.864
20.857
19.117
14.494
.8 409
.8 407
.4929
.3240
.4671
.3017
.2858
2.0060
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
14.494
.2863
.2863
.2863
.2860
.2859
.2856
.2856
.2854
.2855
.2856
.2856
.2856
PhilipPortupine
gal
Republic (escudo)
(peso)
South
Africa
(pound)
Spain
(peseta)
400.50
400.74
400.75
366.62
278.38
9.132
9.132
9.132
278.38
278.38
278.38
278.38
278.38
278.38
278.38
278.38
278.38
278.38
278.38
278.38
29.773
29.773
29.773
29.774
26.571
1950—January. .
February..
March. .
April. . .
May..
June...
July....
August...
September.
October
November
December.
29.778
29.778
29.778
29.778
29.778
29.778
29.778
29.778
20.000
20.000
20.000
20.000
Colombia
| (peso)
*13.333
i
57.020
57.001
57.006
1946..
1947
1948
1949
1950
1950—January..
February.
March.
April. . .
May.. .
June.. .
July....
August.. .
September.
October. .
November..
December.
Year or month
"Bank
notes"
account
321.34
321.00
321.22
293.80
223.15
1946...
1947....
1948
1949
1950
Year or month
Preferential
Belgium
(franc)
Australia
(pound)
1946
1947
1948
1949
1950
49'.723'
49.621
4.0501
4,0273
4.0183
3.8800
3.4704
1950—January..
February..
March. .
April. . . .
May.
Tune....
July
August
September
October
November.. . . . .
December
49.617
49.615
49.613
49.613
49.616
49.625
49.625
49.625
49.625
49.625
49.625
49.625
3.4856
3.4673
3.4587
3.4595
3.4577
3.4788
3.4539
3.4498
3.4842
3.4898
3.4791
3:4838
France
(franc)
Official
In cents per unit of foreign currency]
Brazil
(cruzeiro)
Canada
(dollar)
Ceylon
(rupee)
Official
Official
Free
2.1407
M.9722
6.0602
5.4'103
5.4'106
5.4'106
5.4'106
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
90.909
U.97O2
1.9737
1.9720
5.4'106
5.4'106
5.4'106
5.4<106
5.4'106
5.4'106
5.4'106
5.4 106
5.4 406
5.4'406
5.4'406
5.4 406
89.205
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
20.850
20.851
20.850
20.850
20.850
20.850
20.850
Germany
(deutsche
mark)
Free
India 6
(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
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
20.870
20.871
20.870
20.870
20.870
20.870
20.870
11.572
11.572
11.571
11.564
11.564
11.563
11.571
11.573
11.572
11.571
11.571
11.572
26.278
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
277.29
277.29
277.29
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
14.015
Straits
Settlements
(dollar)
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
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
32.717
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
19.333
19.332
19.331
19.332
19.332
19.327
23.281
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
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
65.833
56.180
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
42.553
Free
7
Uruguay
(peso)
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.
JANUARY
1951
117
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
Year or month
(1926 =
100)
Canada
(1926100)
Mexico
(1939 =
100)
United
Kingdom
(1930 =
100)
France
(1938 =
100)
1926
100
100
U24
106
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
86
79
77
79
87
99
103
104
106
121
152
165
155
85
79
75
83
90
96
100
103
104
109
129
153
157
103
110
121
146
179
199
229
242
260
285
109
101
103
137
153
159
163
166
169
175
192
219
230
89
100
105
139
171
201
234
265
375
648
989
1,712
1,917
1949—November
December
152
151
157
157
294
293
2,005
2,002
1950—January
February
March
April
May
June
July
August
September
October
November
152
153
153
153
156
157
163
166
170
169
172
157
158
159
160
162
165
167
169
174
173
174
288
291
304
307
307
304
307
312
321
326
332
240
241
245
245
245
250
255
257
260
264
272
279
288
2,063
2,057
2,102
2,098
2,082
2,035
2,123
2,207
2,286
P2,266
P2.304
NetherJapan
lands
Sweden
(1934-36 (July
(1935 =
average June 1938100)
1939
= 1)
= 100)
Italy
(1938 100)
94
100
104
121
136
153
5,159
5,443
5,170
4,826
4,747
4,732
4,759
4,732
4,693
4,695
4,671
4,694
4,913
5,088
P5.171
Switzerland
(Aug. 1939
= 100)
* 135
150
U26
1
1
2
2
2
2
2
2
4
16
48
128
209
108
102
105
131
150
157
160
164
181
251
271
281
296
114
111
115
146
172
189
196
196
194
186
199
214
216
219
219
306
306
218
219
200
199
228
226
227
227
228
229
242
254
259
310
313
315
313
315
317
317
219
220
220
221
221
223
224
225
228
?230
197
195
195
194
197
196
199
205
209
213
216
2
104
* 100
104
133
171
195
203
207
205
200
208
217
206
).
p. 754; June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937,
WHOLESALE PRICES—GROUPS OF COMMODITIES
(Indexes for groups included in total index above]
Canada
(1926=100,
United States
(1926=100)
United Kingdom
(1930=100)
Netherlands
(July 1938-June 1939=100)
Raw and Fully and
Year or month
Farm
products
Foods
Other
partly
Farm
commod- products
manuities
factured
goods
chiefly
manufactured
goods
Foods
Industrial
products
Foods
Industrial raw
Industrial
103
121
140
157
157
159
172
200
214
231
243
112
163
177
175
174
179
193
282
328
342
370
104
126
148
154
159
163
184
261
276
283
297
finished
products products
100
100
100
100
100
100
1937
1938
1939
1940
1941 . . .
1942
1943
1944
1945
1946
1947
1948
1949
86
69
65
68
82
106
123
123
128
149
181
188
166
86
74
70
71
83
100
107
105
106
131
169
179
161
85
82
81
83
89
96
97
99
100
110
135
151
147
87
74
64
68
73
85
98
107
115
124
133
150
147
84
73
67
75
82
90
99
104
106
110
131
156
161
81
78
75
82
89
92
93
94
94
99
117
140
142
102
97
97
133
146
158
160
158
158
158
165
181
197
112
104
106
138
156
160
164
170
175
184
207
242
249
213
212
255
257
265
378
303
270
372
304
214
215
215
220
224
223
222
217
220
••226
229
261
262
262
266
271
275
275
282
279
384
383
385
305
309
310
272
385
311
. . .
1949—November
December
1950—January
February
March
April
May
June
July
August
September
October
November
157
159
145
146
161
143
155
156
145
145
160
143
155
159
159
155
157
156
146
146
146
144
145
147
160
162
164
143
143
144
159
155
146
148
165
144
165
166
176
178
180
178
184
160
162
171
175
177
173
175
148
149
152
156
159
162
164
150
152
154
142
143
141
143
168
172
175
175
178
174
176
144
145
146
150
156
156
158
CM tO tO
1926
276
285
386
388
312
312
••311
324
r
Revised.
Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
118
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRI CES
[Index numbers
COST OF LIVING
[Index numbers]
United
SwitzCanKing- France Nether- erada
land
dom
lands
(1938 (1938-39 (Aug.
(1935-39 (1935-39 (June
-100) 17, 1947 = 100)
= 100)
= 100) 1939 =
100)
= 100)
United
States
Year or
month
1941
1942
1943
1944
1945
1946
1947
1948
1949
210
202
1949-November.
December.
106
124
138
136
116
127
131
131
139
160
133
140
194
160
168
161
166
16S
149
174
224
275
134
153
161
164
1941
1942
1943
1944
1945
1946 . .
1947
1948
1949 . .
112
117
118
119
105
117
124
126
199
200
199
201
150
175
224
285
127
141
148
151
155
161
203
204
101
108
111
393
645
1,030
1,632
1,818
206
219
163
162
196
203
170
169
101
108
114
377
645
1,043
1,662
1,814
228
249
176
174
201
197
203
202
119
120
1,930
1,937
251
257
174 1949-November.
173
December.
169
168
162
162
112
113
1,912
1,920
221
226
161
161
1950-January. . .
February..
March....
April.
May
196
195
196
197
200
205
199
201
204
205
205
209
luly
August....
September.
October. ..
November.
120
121
121
122
125
123
262
270
274
273
'274
284
161
162
164
164
164
165
113
113
113
114
114
114
159
159
158
158
158
158
214
122
121
122
125
173
168
114
240
158
217
219
220
219
1,910
1,920
1,906
1,922
1,906
1,845
1,825
L.925
>,007
2,043
P >,055
230
234
237
237
237
241
209
209
209
210
171 1950-January...
170
February..
172
March
172
April
174
May
175
June .
175
Tuly
178
August....
179
September.
180
October. . .
180
November.
167
167
167
167
169
170
210
1,921
1,929
1,920
1,942
1,925
1,858
1,839
1,938
2,009
2,043
P2.055
June
1
164
160
United
SwitzCanKing- France Nether- erland
ada
dom
lands
(1938 (1938-39 (Aug.
(1935-39 (1935-39 (June
= 100) 17, 1947 = 100)
= 100) 1939= 100)
100)
= 100)
United
States
Year or
month
193
211
170
278
275
276
286
128
139
119
124
159
136
171
169
169
170
171
171
173
174
175
176
1
113
114
115
P116
153
152
192
199
158
159
160
161
161
239
243
248
P249
r
P Preliminary.
Revised.
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.
1
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
Year or month
Number of issues.
United
States i
(high
grade)
12
118.3
120.3
120.9
122.1
123.3
1942.
1943.
1944.
1945.
1946.
1947.
1948.
1949.
1949—December..
1950—January.. .
February. .
March....
April
May
June
July
August....
September.
October. ..
November.
United
C a n a d a • Kingdom
(1935-39 (December
= 100)
1921 =100)
i 103.2
98.7
101.9
103.7
104.0
104.0
104.1
France
(1938 =
100)
Netherlands *
United
States
(1935-39
= 100)
14
416
106
278
109.0
105.6
107.1
106.8
69.4
91.9
99.8
121.5
139.9
123.0
124.4
121.4
64.2
83.5
83.8
99.6
115.7
106.0
112.5
109.4
75.3
84.5
88.6
92.4
96.2
94.6
92.0
87.6
875
1,149
1,262
1,129
132.7
117.9
87.8
1,085
204.6
135.1
136.7
138.8
141.8
146.9
147.7
138.2
147.2
151.7
157.8
156.1
119.0
118.3
118.7
125.9
128.7
130.9
124.3
135.7
141.5
145.4
144.5
87.7
87.9
88.4
89.1
89.6
90.9
88.7
89.0
91.3
92.5
92.9
1,107
1,036
1,045
1,024
1,019
1,056
961
1,020
1,080
1,035
"1,029
204.2
202.5
197.0
191.0
189.6
190.8
170.0
188.0
194.9
197.8
198.0
87
50
100.7
102.6
103.0
105.2
117.2
118.5
105.0
107.6
127.3
127.8
127.5
128.3
132.1
130.8
129.9
126.5
146.4
146.6
150.5
152.1
144.6
132.0
117.0
109.4
110.7
121.1
109.9
111.0
110.7
110.9
110.3
110.9
110.9
109.9
110.5
111.4
108.7
106.5
119,8
119.9
119.4
119.9
119.8
121.6
120.7
120.8
122.7
124.2
124.1
109.5
110.9
111.5
112.3
111.7
110.4
P108.8
P109.7
P110.7
P108.8
P110.3
109.4
110.1
110.4
109.0
108.7
108.3
108.0
106.3
105.0
103.7
104.3
104.6
NetherFrance •
United
Canada 4
lands*
(1935-39 Kingdom (December
(1926=100) 1938=100) (1938=100)
= 100)
« 295
27
20/. *.
2112
195.3
p1 Preliminary.
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 the2 United States, see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
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.
1
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.
s
In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies
abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424.
8
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.
JANUARY
1951
119
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
WINFIELD W. RIEFLER, Assistant to the Chairman
WOODLIEF THOMAS, Economic Adviser to the Board
OFFICE OF THE SECRETARY
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
KENNETH A. KENYON, Assistant Secretary
LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
JOHN C. BAUMANN, 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
DIVISION OF EXAMINATIONS
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
OPEN MARKET COMMITTEE
FEDERAL
ADVISORY COUNCIL
THOMAS B. MCCABE, Chairman
ALLAN SPROUL, Vice Chairman
CHESTER C. DAVIS
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
(December 31, 1950)
WALTER S. BUCKLIN,
BOSTON DISTRICT
N. BAXTER JACKSON,
N E W YORK DISTRICT
FREDERIC A. POTTS,
PHILADELPHIA DISTRICT
SIDNEY B. CONGDON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
Vice President
J. T. BROWN,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
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
120
W. L. HEMINGWAY,
ST. LOUIS DISTRICT
JOSEPH F. RINGLAND,
MINNEAPOLIS DISTRICT
DAVID T. BEALS,
KANSAS CITY DISTRICT
J. E. WOODS,
DALLAS DISTRICT
JAMES K. LOCHEAD,
SAN FRANCISCO DISTRICT
HERBERT
V. PROCHNOW, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, A N D SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Chairman l
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
John J. Fogg
Robert B. Harvey *
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 3
W. R. Milford
P. L. T. Beavers
V. K. Bowman
J. E. Denmark
Alfred H. Williams
Philadelphia. . . . Warren F. Whittier
C. Canby Balderston
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Cleveland
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Richmond. .
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Atlanta
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C. S. Young
E. C. Harris
St. Louis
Russell L. Dearmont
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Vice Presidents
Allan M. Black J
H. J. Chalfont
Neil B. Dawes
W. R. Diercks
Wm. E. Peterson
C. A. Schacht
Alfred C. Neal
Carl B. Pitman
0 . A. Schlaikjer
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V. Willis
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E. C. Hill
Wm. G. McCreedy
P. M. Poor man 3
A. H. Laning 3
Martin Morrison
Paul C. Stetzelberger
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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
Tohn K. Langum
A. L. Olson
Alfred T. Sihler
W. W. Turner
Paul E. Schroeder
William H. Stead
H. C. Core
C. W. Groth
E. B. Larson
H. G. McConnell
Otis R. Preston
Sigurd Ueland
C* TVT ^ t p w a r t
J. N. Peyton
A. W. Mills
Minneapolis. . . . Roger B. Shepard
W. D. Cochran
Kansas C i t y . . . .
Robert B. Caldwell
H. G. Leedy
Henry 0 . Koppang
Robert L. Mehornay
Dallas
J. R. Parten
R. B. Anderson
R. R. Gilbert
W. D. Gentry
San Francisco.. . Brayton Wilbur
Harry R. Wellman
C. E. Earhart
H. N. Mangels
John Phillips, Jr.
G. H. Pipkin
C. E. Sandy 2
D. W. Woolley
E. B. Austin
W. H. Holloway
Watrous H. Irons
R. B. Coleman
L. G. Pondrom 3
H. R. DeMoss
C. M. Rowland
W. E. Eagle
Mac C. Smyth
J. M. Leisner
H. F. Slade
S. A. MacEachron Ronald T. Symms 3
W. F. Volberg
E. R. Millard
0 . P. Wheeler
W. L. Partner
L. H. Earhart
Delos C. Johns
R. L. Mathes
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.
JANUARY
1951
Chief Officer
Federal Reserve
Bank of
I. B. Smith 4
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
Minneapolis. . .
Helena
C. W. Groth
Kansas C i t y . . . .
Denver
Oklahoma City
Omaha
G. H. Pipkin
R. L. Mathes
L. H. Earhart
Dallas
El Paso
Houston
San Antonio
C. M. Rowland
W. H. Holloway
W. E. Eagle
* Cashier.
Branch
San Francisco.. . Los Angeles
Portland
Salt Lake City
Seattle
• Also Cashier.
4
Chief Officer
W. F. Volberg
S. A. MacEachron
W. L. Partner
J. M. Leisner
General Manager.
121
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or more copies for single shipment, 50 cents each.
Paper-bound copies available without charge.
DEBITS AND CLEARINGS STATISTICS, THEIR BACK-
ing and monetary subjects by members of the
GROUND AND INTERPRETATION. October 1947. 50
Board's stafl. August 1941; reprinted March
pages. 25 cents per copy; in quantities of 10 or
1949. 496 pages. Paper cover. $1.00 per copy;
more copies for single shipment, 15 cents each.
in quantities of 10 or more copies for single shipDISTRIBUTION OF BANK DEPOSITS BY COUNTIES, as of
ment, 75 cents each.
December 31, 1947. July 1948. 122 pages. As
BANKING AND MONETARY STATISTICS. Statistics of
of June 30, 1949. December 1949. 122 pages.
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per A STATISTICAL STUDY OF REGULATION V LOANS.
copy. No charge for individual sections (unSeptember 1950. 74 pages. 25 cents per copy;
bound).
in quantities of 10 or more copies for single shipment, 15 cents each.
MONETARY AND BANKING REFORM IN PARAGUAY.
Includes translation of laws, accompanying re1
A more complete list, including periodical releases and
reprints, appeared on pp. 1708-11 of the December 1950
BULLETIN.
122
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE PUBLICATIONS
REPRINTS
RETAIL CREDIT SURVEY—1949.
(From Federal Reserve Bulletin unless preceded by an asterisk)
NOTES ON FOREIGN CURRENCY ADJUSTMENTS.
No-
vember 1949. 14 pages.
STATEMENT ON PROPOSED SMALL BUSINESS LEGISLA-
• STATEMENT OF THOMAS B. MCCABE, CHAIRMAN OF
THE BOARD OF GOVERNORS OF THE FEDERAL R E SERVE SYSTEM, BEFORE THE SUBCOMMITTEE ON
MONETARY, CREDIT AND FISCAL POLICIES OF THE
JOINT COMMITTEE ON THE ECONOMIC REPORT.
Presented December 3, 1949. 10 pages.
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
Moss. December 1949. 8 pages.
1949.
July 1950. 16 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
FRENCH EXCHANGE STABILIZATION FUND, by Robert
Solomon. January 1950. 5 pages.
AND BUSINESSES. August 1950. 2 pages.
STATEMENT ON THE DEFENSE PRODUCTION ACT OF
INSURANCE OF COMMERCIAL BANK DEPOSITS.
Feb-
ruary 1950. 5 pages.
STATEMENT BY THOMAS B. MCCABE, CHAIRMAN,
BOARD OF GOVERNORS OF THE FEDERAL RESERVE
SYSTEM ON S. 2822, A BILL " T O AMEND THE FEDERAL DEPOSIT INSURANCE A C T . " February 1950.
5 pages.
STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR
DEPOSIT INSURANCE.
From June 1950
BULLETIN with supplementary information for
nine separate trades. 37 pages.
February 1950. 15 pages.
* T H E CHALLENGE OF OPPORTUNITY VERSUS SECU-
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.
RITY. Address by Thomas B. McCabe, Chairman,
Board of Governors of the Federal Reserve Sys- T H E BALANCE SHEET OF AGRICULTURE, 1950. Septem before a seminar group of Life Insurance
tember 1950. 14 pages.
Executives. Presented April 13, 1950. 7 pages.
OUR COMMON PROBLEM—MAINTENANCE OF A SOUND
1950 SURVEY OF CONSUMER FINANCES—
Preliminary summary.
BANKING SYSTEM.
April 1950. 2 pages.
PART I. GENERAL FINANCIAL POSITION AND ECONOMIC OUTLOOK OF CONSUMERS. June 1950. 12
pages. PART II. PURCHASES OF HOUSES AND
DURABLE GOODS IN 1949 and BUYING PLANS FOR
1950.
July 1950. 15 pages.
PART III.
DISTRI-
BUTION OF CONSUMER INCOME IN 1949. August
1950. 18 pages. PART IV. T H E DISTRIBUTION
OF CONSUMER SAVING IN 1949. November 1950.
15 pages. PART V. T H E DISTRIBUTION OF ASSETS,
LIABILITIES, AND N E T WORTH OF CONSUMERS,
EARLY 1950. December 1950. 28 pages. METHODS
OF THE SURVEY OF CONSUMER FINANCES.
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.)
JANUARY 1951
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.
123
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
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FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
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