Full text of Federal Reserve Bulletin : March 1951
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FEDERAL
ESE8V
BULLETIN
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL
ELLIOTT THURSTON
COMMITTEE
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 International Movement of Gold and Dollars in 1950.
253-262
Program for Voluntary Credit Restraint. .
263-266
Treasury and Federal Reserve Statements. .
267
Recent Measures to Restrain Bank Lending in Canada. .
268
Law Department. .
269-274
Current Events and Announcements. .
275-276
National Summary of Business Conditions...
277-278
Financial, Industrial, Commercial Statistics, U. S. (See p. 279 for list of tables)
279-332
International Financial Statistics (See p. 339 for list of tables)
339-357
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council
358
Senior Officers of Federal Reserve Banks; Managing Officers of Branches.
359
Federal Reserve Publications. .
360-361
Map of Federal Reserve Districts. .
Subscription Price of Bulletin
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362
FEDERAL
VOLUME 37
RESERVE
BULLETIN
March 1951
NUMBER 3
THE INTERNATIONAL MOVEMENT OF GOLD
AND DOLLARS IN 1950
In contrast to the earlier postwar years,
there was a sustained recovery in the gold
and dollar holdings of foreign countries
throughout 1950. This development, which
was already under way as the year opened,
was the result of three factors: a sharp decline in the United States export surplus
which had begun in mid-1949; foreign financial assistance by the United States that considerably exceeded its export surplus; and
a flow of private capital from the United
States which was temporarily enlarged in
the third quarter of the year.
The shift in the international financial position of the United States permitted foreign
countries generally to increase their monetary reserves, which had been seriously depleted in the period from the end of the
war to the widespread currency realignment
of the autumn of 1949. By the end of 1950,
total foreign holdings of gold and dollars
(exclusive of the U.S.S.R. gold reserves)
amounted to approximately 19 billion dollars, 4.4 billion more than in September 1949
but still less than the amount at the end of
1945. While most countries shared in this
increase in reserves, the rise was particularly
notable in the case of the United Kingdom,
and served to strengthen confidence in sterling.
The increase in foreign gold reserves was
accompanied by a decline in the gold stock
of the United States. Despite large sales to
MARCH
1951
foreign monetary authorities, our gold stock
remained near its highest levels, both in
absolute amount and in relation to the rest
of the world.
In an important sense, the increase in
monetary reserves abroad is a reflection of
the extent to which foreign countries have
recovered from the war, since it indicates
that the most urgent requirements for imported goods have been satisfied. In the
early postwar years, these countries not only
spent their current gold and dollar receipts
on goods and services but also liquidated
a large portion of their accumulated
WORLD GOLD RESERVES
EXCLUDING U.S.S.R.
BILLIONS OF DOLLARS
40
END OF YEAR
BILLIONS OF DOLLARS
40
CANADA AND
LATIN AMERICA
E R P COUNTRIES
AND
STERLING AREA
UNITED STATES
253
THE INTERNATIONAL MOVEMENT OF GOLD AND DOLLARS IN 1950
holdings. The sharp reversal of this trend
since the middle of 1949 is a clear indication of the great improvement in economic
and monetary conditions abroad since the
critical period of 1945-47. The increase in
monetary reserves has made possible significant progress toward the relaxation of restrictions on trade and payments, including
in certain cases restrictions on dollar transactions.
The outflow of gold and the accumulation
of dollars by other countries would, under
different conditions, have had a decidedly
restraining effect on monetary and credit expansion in the United States. Under the
conditions prevailing, however, the banking
system was in a position to replenish the reserves lost through the transfer of funds to
foreign countries by selling Government
securities to the Federal Reserve System,
thereby avoiding the significant restriction
on credit availability that would otherwise
have occurred.
Notwithstanding the outflow, the gold stock
of the United States at the end of the year
was still above the 1945 level and represented
about two-thirds of the gold reserves of the
entire world, excluding the U.S.S.R., as is
shown in the chart on the preceding page.
Sales of gold by the United States to foreign
countries during 1950 are shown in the accompanying table.
With few exceptions, foreign countries
used only part of their net dollar accruals
for the year as a whole to buy gold. However, reported statistics indicate that in the
third and fourth quarters gold purchases by
the United Kingdom exceeded its current
dollar receipts and that in the fourth quarter gold purchases by the Netherlands and
Canada were also accompanied by reductions
in their dollar balances.
N E T FOREIGN PURCHASES OF GOLD FROM THE U N I T E D STATES
DURING
Area and country
MOVEMENT OF GOLD AND DOLLARS
The year 1950 was the first full year since
the war in which there was a net gold
outflow from the United States. From the
end of 1945 up to the late summer of 1949,
this country steadily received gold from
abroad in exchange for goods and services
which in large part were available only in
the United States and for which most countries had no other means of payment. During this period the gold stock of the United
States increased by almost 5 billion dollars,
or from 20.1 billion at the end of 1945 to a
peak of 24.8 billion in August 1949. The
latter month marked the turning point; a
decline of more than 200 million dollars by
the end of 1949 was followed by a further
reduction of 1.7 billion dollars during 1950
to a level of 22.8 billion. The decline has
continued during the early part of 1951.
254
a
1950
[In millions of dollars]
ERP countries (other than
United Kingdom):
Belgium
France
Netherlands
Portugal
Sweden
Switzerland
Other ERP countries
Bank for International
Settlements
Total
Jan.- Apr.- JulyMar.
35
June Sept.
Oct.Dec.
3
20
29
56
80
15
4
Year
58
85
80
15
23
38
14
13
2
13
3
16
25
12
6
34
65
63
35
75
205
378
"ii"
Other Continental Europe. .
-3
-9
1
-11
United Kingdom
Union of South Africa
Ca.na.da
80
-4
580
360
100
1,020
-13
100
-8
40
-20
62
10
-28
118
2
1
24
27
6
65
7
3
56
75
172
10
5
15
20
4
30
9
24
39
764
1,730
Latin America:
Colombia
Cuba
Mexico
. . .
Uruguay
Other Latin America
Total
Total
1
16
12
1
1
Egypt
Total
10
38
Asia:
Indonesia
Other Asia
-9
. .
27
3
15
202
32
732
45
Minus sign indicates net sale to the United States.
FEDERAL RESERVE BULLETIN
THE INTERNATIONAL MOVEMENT OF GOLD AND DOLLARS IN 1950
The international and domestic implica- 2.1 billion dollars and the combined increase
tions of the reversal in the flow of gold in foreign gold and dollar holdings from all
cannot be determined without reference to sources was 3.8 billion dollars. At the end
the accompanying changes in foreign hold- of the year, however, foreign gold and dolings of dollars—liabilities due by the United lar resources were still 1.7 billion dollars
States (banks and Government) to for- below the level of 20.8 billion at the end of
eigners. In 1950 foreign countries improved 1945. The proportion of gold to total gold
their dollar positions to such an extent that and dollars held by foreign countries at the
in addition to the acquisition of 1.7 billion end of 1950 was almost identical with that
dollars in gold from the United States, their at the end of the preceding year (60 per cent
total dollar holdings (private and official) as compared with 61 per cent) and was below
increased by about 1.6 billion, as shown in the proportion at the end of 1945 (66 per
the table on the following page. At least 1.2 cent).
billion of this increase was recorded in forGOLD RESERVES AND DOLLAR BALANCES
eign official accounts. Appropriate adjust- BILLIONSFOREIGN
OF DOLLARS
END OF QUARTER
BILLIONS OF DOLLARS
ments of reported private balances (to exclude certain British trust funds reported in
August 1950 for the first time and to shift
certain Japanese balances technically reported as "private," though in reality of an
official character) lead to the conclusion that
the increase in foreign dollar holdings over
the year was entirely accounted for by increases in official reserves.
Of the total reported increase in official
dollar holdings (1.2 billion dollars), about
900 million dollars was invested in United
States Government securities with maturities up to 20 months. About 100 million
dollars was added by foreign monetary authorities to their deposit accounts with Federal Reserve Banks, and the balance (200
1946
1947
1948
1949
1950
million dollars) remained in foreign accounts
NOTE.—Private and official dollar balances exclude securities.
United
States
Government
securities
with
maturities
up to
with commercial bank,s.
20 months are shown separately.
CHANGES IN FOREIGN RESERVE POSITIONS
In addition to the growth of 1.6 billion in
their dollar holdings and gold purchases of
1.7 billion dollars from the United States,
foreign countries as a whole added about
400 million dollars of newly mined gold to
their reserves in 1950. Thus foreign gold reserves rose during the year by an estimated
MARCH 1951
The increase in the combined gold and
dollar resources of foreign countries during
1950 was spread over the year, with a sharp
rise in the third quarter. However, the
timing of gold purchases from the United
States and of changes in dollar holdings
differed, as shown in the accompanying chart. Countries accumulated dollars
255
THE INTERNATIONAL MOVEMENT OF GOLD AND DOLLARS IN 1950
heavily in the first three quarters of the year
(almost 1.7 billion dollars), but by the fourth
quarter gold purchases exceeded dollar receipts, so that in this period dollar holdings
dropped slightly. Foreign gold purchases
from the United States did not reach high
levels until the second half of the year, in
which over 85 per cent of the annual total
ESTIMATED CHANGES IN FOREIGN GOLD RESERVES AND DOLLAR HOLDINGS DURING 1950
1
[In millions of dollars]
Holdings at end
of 1949
Area and country
Increase or decrease (—)
July-Sept.
Jan.-June
Dollar
Dollar
Dollar
Gold
Gold
Gold
reserves holdings reserves holdings reserves holdings
ERP countries (other than United
Kingdom):
Belgium-Luxembourg (and Belgian Congo)
Denmark
France (and dependencies)
Germany (Federal Republic of)
Italy
Netherlands (and Netherlands
West Indies and Surinam)
Norway
Portugal (and deDendencies)
Sweden
Switzerland
Turkey
Other E3R P countries and accounts
Total
Other Continental Europe 4
Sterling area:
United Kingdom
U. K. dependencies
India
Union of South Africa
Other sterling area 6
50
754
32
2 543
252
219
51
190
70
1,504
154
•j
42
158
38
196
149
298
-37
-1
-4
-2
47
78
—18
196
69
44
90
517
10
36
-1
-1
1
55
-5
59
-3
-6
23
78
3
117
63
29
40
1,925
110
277
-36
489
109
fj
-5
-9
1,350
574
103
350
339
24
9
-14
700
128
157
6
59
49
1
—13
1,882
806
400
345
703
496
869
25
114
33
Latin America:
Argentina
Brazil
Colombia
Cuba
Peru
Uruguay
Venezuela...
Other Latin America
216
317
52
299
28
178
373
192
201
193
86
164
53
58
143
503
36
—68
-32
73
3
-8
1,655
1,401
Asia:
Indonesia
Japan
Philippine Republic
Other Asia
178
162
1
401
16
215
297
243
Total
742
Total
.
All other countries
Total...
29
13
7
-3
5
-1
154
-10
s
s
-9
79
15
3
-59
4
92
-18
2
1
Canada
Total
8
1
29
59
24
16
-30
-3
256
63
Dollar
Dollar
Gold
Gold
reserves holdings reserves holdings
5
50
40
24
9
12
65
4
649
31
2 543
252
187
45
285
222
308
-61
-37
7
4
-50
3
334
50
204
90
1,470
150
224
43
52
114
550
14
1
-59
4,075
247
Holding 3 at end
of 1950*
Oct.-Dec.P
451
254
125
-19
4,274
2,338
2
-6
475
88
2,900
662
105
126
-208
—18
5
19
-3
500
-206
518
-31
3,503
914
608
36
-192
590
1,399
3
-20
3
27
216
317
74
271
31
244
373
354
302
226
53
259
60
78
82
522
-44
—3
247
18
12
3
197
159
56
46
46
11
8
—27
28
20
-41
44
31
62
12
23
8
8
— 15
40
98
33
39
-13
—2
2
4
-20
21
47
-53
67
169
111
65
1,880
1,582
-34
1
-30
26
124
-6
-18
10
31
59
27
21
20
1
-8
-10
42
61
57
-5
208
128
3
353
115
459
375
242
771
-63
127
3
137
10
155
692
1,190
56
84
30
3
14
6
8
100
102
9,395
5,965
775
*859
11,514
7,612
16
—3
542
809
802
-20
P1 Preliminary.
Dollar holdings include private and official balances as well as holdings of U. S. Government securities with original maturities of
Up to2 20 months.
Includes gold reserves of Bank of France and French dependencies only.
8
Includes holdings of Bank for International Settlements (both for its own and European Payments Union account), gold to be distributed
by Tripartite Commission for Restitution of Monetary Gold, and other unreported holdings of ERP countries.
4
Excludes gold reserves of, but includes dollar balances held by, the U.S.S.R.
* If allowance were made for private British balances reported in this period for the first time, the decrease for the United Kingdom
would
be greater, and the increase for the total would be smaller.
6
Excludes Eire and Iceland, which are included under "Other E R P countries and accounts."
256
FEDERAL RESERVE BULLETIN
THE INTERNATIONAL MOVEMENT OF GOLD AND DOLLARS IN 1950
was concentrated. Whereas only 235 million dollars of gold was bought during the
first six months of 1950, the figure rose to 730
million in the third quarter, and to 765 million in the last three months of the year. In
effect, foreign monetary authorities in the
first part of the year were accumulating
dollars which they later converted into gold;
in the latter part of the year this conversion
into gold exceeded current dollar accruals
and began to cut into previously accumulated
holdings.
Improvement in the gold and dollar positions abroad was widespread in 1950, as
shown in the accompanying table and chart.
Only a few countries, including Belgium,
Norway, and Venezuela, failed to add to
their holdings. Almost two-thirds of the
over-all increase was concentrated in the
United Kingdom and Canada. These two
countries, however, distributed their gains
differently. The United Kingdom converted
practically all its current dollar receipts (1.0
by 180 million dollars, accounted for largely
billion dollars) into gold, in addition to ob- by Argentina and Cuba.
taining another estimated half billion dollars
Indonesia, Japan, and the Philippines
in gold from other sources. On the other were the Asiatic countries with the most
hand, Canada's gold reserves increased by significant gold and dollar increases, totalonly 100 million dollars in this period, while ing about 400 million dollars. Indonesia
its dollar balances rose by over 500 million converted about a quarter of its total gain
and were largely invested in United States of 130 million dollars into gold; the other
Government securities.
countries maintained theirs in the form of
Continental countries participating in the dollar balances.
European Recovery Program purchased
CAUSES OF THE REVERSAL I N GOLD AND
about 380 million dollars in gold from the
DOLLAR MOVEMENT
United States during 1950 (of which about
200 million was included in monetary reThe basic cause of the outflow of gold and
serves) and added about 400 million to their the rise in foreign dollar balances in 1950
dollar balances. Latin American countries, was a further decline in the United States
chiefly Mexico, purchased about 175 million export surplus combined with a continued
dollars of gold from the United States and flow of United States Government aid. The
also added to their reserves some gold from export surplus (including services) dropped
new production. Their dollar balances rose from 6.2 billion dollars in 1949 to about 2
FOREIGN
GOLD
RESERVES
SELECTED
BILLIONS OF DOLLARS
AND
DOLLAR
BALANCES
COUNTRIES AND AREAS
END OFJ3UARTER
BILLIONS OF DOLLARS
9
V
N
MARCH 1951
E.R. P COUNTRIES
EXCLUDING UNITED KINGDOM
257
THE INTERNATIONAL MOVEMENT OF GOLD AND DOLLARS IN 1950
billion in 1950, reflecting improvement in
the economic and competitive position of
foreign countries and also the emergence
of sellers' markets for many raw materials
produced abroad. Accompanying this reduced export surplus was a net extension of
United States Government aid of 4.1 billion
dollars, primarily to Western European countries. While this represented a considerable
reduction from the 1949 total aid of 5.9 billion, the amount nevertheless exceeded the
over-all export surplus by about 2 billion
dollars. Without this net outlay of dollars,
the bulk of the growth in foreign gold and
dollar resources could not have taken place.
It should be noted that the figure of 4.1
billion dollars, representing the net utilization of United States foreign aid, does not
reflect fully the reduction in allotments under
the European Recovery Program that were
made possible during 1950 as conditions
abroad improved. Owing to a lag between
allotment of funds and actual flow of goods,
the effects of these reductions will be felt
mainly during the course of the current year.
On the other hand, the 1950 aid figures include only a comparatively small portion of
the defense assistance that is projected under
the Mutual Defense Assistance Program.
Another factor which helped to finance
the export surplus, and contributed to the
increase of foreign gold and dollar holdings,
was an estimated 1.4 billion dollars made
available to foreigners in 1950 through private financial transactions. Of this amount
about 1 billion represented direct investments
and loans, including certain special transactions such as a 225 million dollar loan extended to France by private American banks.
The remaining 400 million represented private donations.
During the second half of the year, and
especially in the third quarter, the move258
ment of private funds from the United
States included some speculative capital, particularly to Canada and the sterling area,
and in smaller amounts to Latin America.
The extent and significance of this outflow
was greatly exaggerated in some press comments. Reports of "capital flight" in the
second half of 1950 often confused transfers
of American and other dollar funds with
movements of nondollar funds from Europe. Also, they often confused current account payments with capital transactions and
failed to distinguish between bona fide foreign investment and the speculative movements of funds.
There was a heavy flow of American
funds to Canada in the third quarter of
1950. Canadian holdings of United States
dollars rose by 600 million dollars in a
period of three months, a much larger expansion than can be accounted for by trade
and service transactions. The flow was to
a considerable extent connected with anticipated changes in the value of the Canadian
dollar. A substantial part of the flow appears to have represented advance purchases
of Canadian dollars by American companies
projecting future investments in Canada.
Of the remainder, much of which arose
from speculation with the object of obtaining an exchange profit, some part may eventually find its way into long-term investment in Canada. There was only a small
return flow of dollars to the United States in
the latter part of 1950 after the unpegging
of the Canadian currency.
There was also an unusual demand for
sterling during the autumn of 1950, part of
which appears to have originated in Canada
as well as in the United States. Some of this
demand accompanied unfounded rumors of
sterling appreciation, but the major portion
probably resulted from the rapidly expanding
FEDERAL RESERVE BULLETIN
THE INTERNATIONAL MOVEMENT OF GOLD AND DOLLARS IN 1950
purchases of raw materials from the
sterling area. Speculation on sterling revaluation subsided toward the end of the
year.
The movement of funds to Latin America
arose from a variety of motives. American
venture capital was attracted by the developing boom in a number of countries, especially Mexico. It appears that the flow of
funds also involved substantial amounts of
foreign-held (e.g., European) dollar balances; such transfers altered the distribution
of dollar assets among foreign holders but
did not, in themselves, affect the aggregate
amount. In addition, there was probably
also a movement of nondollar capital from
Europe to the Western Hemisphere.
The nature and extent of the outflow of
private capital in 1950 should be evaluated
in the light of the over-all balance-of-payments position of the United States, and
reactions abroad to economic trends in this
country. The bulk of the accumulation of
gold and dollars by foreign countries in 1950
was the result of a shift in the trade balance
and of continued American aid. The net
gain in dollar balances was approximately
equal to the net gain in gold, with varying
degrees of preference among foreign monetary authorities between the two forms of
holdings. At the same time, however, the
outflow of private capital, whether from
European or American sources, was apparently motivated in part by fears of further
deterioration in the international situation as
well as by inflationary developments in the
United States.
EFFECT OF IMPROVED RESERVE POSITIONS
O N WORLD TRADE
The marked recovery in foreign gold and
dollar reserves during 1950 from the very low
levels of the preceding years may be regarded
MARCH
1951
primarily as a reflection of improved economic conditions abroad and of the success
of the American foreign-aid program. The
fact that foreign reserves have increased is
an indication that foreign countries as a
group, though not necessarily individually,
have recovered from the war to the point
where gold and dollars are valued more
highly as reserves than as an immediate
claim for additional goods and services.
The rise in monetary reserves has made
possible significant progress toward a more
liberal system of international trade, based
on general convertibility of currencies and
freedom from restrictions, particularly discriminatory restrictions, on trade and payments. The freer movement of goods and
services which has thus been attained has
helped to bring about a more effective use
of world resources and higher levels of production.
Partly as a result of increased reserves,
countries participating in the European Recovery Program have taken steps to remove
by stages most of their restrictions on intraEuropean trade and payments. Their latest
goal, announced in October 1950, is to eliminate quantitative restrictions on 75 per cent
of private intra-European trade (as measured by 1948 statistics). In recent months
other countries, including Brazil, Canada,
India, Indonesia, Mexico, and Peru, have
partially relaxed their restrictions on dollar
trade and payments.
These measures represent progress toward
the objectives which the United States Government, both within and without the International Monetary Fund, has long advocated. In December 1950 the United States
position was reiterated at the conference on
the General Agreement on Tariffs and
Trade held at Torquay, England. At this
conference the United States representative
259
THE INTERNATIONAL MOVEMENT OF GOLD AND DOLLARS IN 1950
supported the view that countries experiencing a marked improvement in monetary
reserves should relax restrictions on trade
and payments in so far as this is consistent
with considerations of mutual defense.
The primary objective of trade liberalization—to achieve a more effective use of
world resources—has become even more important in view of the large-scale diversion
of resources which the mutual defense
effort will require. The relaxation of trade
restrictions can make a positive contribution
to mutual defense by making it possible for
countries participating in the common effort
not only to obtain goods from the cheapest
source, but at the same time to acquire goods
necessary for the productivity and morale of
civilian populations. Such goods may rank
second in importance only to basic military
necessities, and to the extent that they can be
obtained from countries which are not in a
position to undertake a high degree of
mobilization, the result may be a substantial
contribution to the defense effort.
Recent trade developments indicate that
the more realistic exchange rates established
in 1949 have brought about a more balanced
pattern of trade between the United States
and the rest of the world. Where a country
is in a position to obtain goods either from
the home market or from third countries at
prices and terms competitive with American
goods, it can remove its restrictions on dollar
imports without increasing its purchases
from the United States. In the case of strategic materials, however, the demand is
likely to be determined by considerations
other than price. Nonetheless, it may be
observed that, from the viewpoint of the
United States, the mere existence of legal
restrictions on import transactions abroad
does not protect this country from an increased external demand for scarce items.
260
Since import and exchange restrictions are
maintained in the interest of the protected
country, such restrictions cannot be regarded
as a satisfactory substitute for an orderly allocation of strategic materials among countries cooperating in the mutual defense effort. In the absence of an allocation system,
an increase in the demand for scarce materials arises whenever individual governments
enter world markets as buyers on their own
account or permit their domestic importers
to increase their foreign purchases of critical
items.
Finally, the removal of restrictions on
trade and payments would contribute to
easing inflationary pressures in individual
countries, although this may be accompanied by greater inflationary impacts elsewhere. Among the countries participating
in the mutual defense effort, the inflationary
pressure is likely to be particularly serious
in those carrying out a high degree of economic and military mobilization in terms
of their own resources. Relaxation of trade
restrictions by such countries would reduce
inflationary pressures in their economies,
and this effect should be considered in
evaluating the inflationary impact which
may arise elsewhere. Under these conditions, trade liberalization can facilitate a
flow of goods consistent with the requirements of mutual defense, at the same time
contributing to the over-all financial and
monetary stability in the group of countries
participating in the common effort.
These considerations suggest that in many
cases diversion of resources to defense is not
impeded and may actually be facilitated by
further trade liberalization. At the same
time, it may be noted that where foreign
countries are prepared to accept and hold
dollar assets in exchange for their goods
and services, instead of seeking immediately
FEDERAL RESERVE BULLETIN
THE INTERNATIONAL MOVEMENT OF GOLD AND DOLLARS IN 1950
to purchase American goods, they are reducing the pressure on world resources of
the current preparedness effort and demonstrating their growing ability to support
themselves independently of material assistance from this country.
EFFECT OF OUTFLOW OF FUNDS ON
DOMESTIC SITUATION
The outflow of gold and the increase in
foreign dollar balances during the past year
operated in a restraining direction on the
domestic monetary situation at a time when
other influences in the American economy
were predominantly inflationary.
As has been shown, international transactions during 1950 resulted in a net overall transfer of gold and dollars from American to foreign ownership amounting to 3.4
billion dollars. Foreign payments had varying effects on the domestic banking situation, depending on the type of financial
transaction to which they gave rise.
When dollar payments are made by Americans to foreign individuals and firms, the
typical result in the first instance is a transfer of dollar balances from American accounts in commercial banks to dollar accounts maintained in commercial banks by
foreign depositors. This transfer of funds
from one commercial bank account to another in itself has no effect on total bank
deposits or on total bank reserves.
Generally, however, traditional practices
and the existing exchange-control regulations of other countries result in the transfer of dollars obtained by foreign nationals
to their central bank against payment in
local currency. The fact that total foreign
private deposits in recent years have shown
little over-all change indicates that by and
large foreign commercial banks and business
firms maintain only such balances in their
MARCH 1951
dollar accounts as they need for working
purposes and turn over all excess dollars to
the central banks of their respective countries. In some cases central banks hold
dollar balances acquired from their nationals
in accounts with American commercial
banks; the transfer of funds to these accounts similarly does not affect total deposits or reserves of American banks. More
often, however, foreign central banks transfer the dollar balances to their accounts at
the Federal Reserve Banks.
It is at this stage that the transfer of
funds to foreign ownership has a restraining
effect on the domestic credit situation. The
withdrawal of funds from the commerial
banks, and their deposit with Reserve Banks,
involves a corresponding reduction in commercial bank deposits and, more importantly, in commercial bank reserves. Where
the amount of reserves maintained by banks
against deposits is not greatly in excess of
the required amount, a reduction in reserves would cause a contraction in bank
lending in an amount substantially greater
than the decline in reserves unless the banks
re-establish their previous reserve position by
borrowing from the Reserve Banks or by
selling United States Government securities.
Restoration of reserves by these operations
reduces the over-all liquidity of the banking
system. In view of their extraordinary
liquidity, however, commercial banks during the past year were able to offset the outflow of funds by selling Government securities to the Federal Reserve, and thus did
not need to restrict the availability of credit
to domestic borrowers.
So far as further effects on bank reserves
are concerned, it is immaterial whether the
official balances accumulated by a foreign
central bank at Reserve Banks are permitted
to remain inactive or are used to purchase
261
THE INTERNATIONAL MOVEMENT OF GOLD AND DOLLARS IN 1950
gold. Foreign purchases of gold with funds
drawn from accounts at Reserve Banks are
accompanied by a transfer to the Treasury
of gold certificates held by the Federal Reserve System. This particular transaction results in a corresponding reduction in the
assets and liabilities of Reserve Banks but
in no way affects the level of commercial
bank reserves.
In addition to purchases of gold, foreign
central banks frequently invest dollar balances held at Reserve Banks in short- or
medium-term United States Government
securities. Foreign purchases of securities
in the market, financed by drawing upon
balances with Reserve Banks, are equivalent to open market purchases by the
System and have the immediate effect of
adding to the reserves of commercial banks.
However, the net effect on bank reserves,
bank deposits, and bank holdings of Government securities of the entire series of transactions—from the initial building up of foreign balances to their final investment in
Government securities—is the same as for
net purchases of securities from the banking
system by domestic nonbank investors. Bank
deposits are extinguished as funds are used
to purchase securities from banks, thus con-
262
tracting total bank credit. The total volume
of bank reserves is not, on balance, affected
by the transactions. In the course of the
process, and independently of other operations affecting their position, commercial
banks lose reserves at the time the balances
are accumulated at the Reserve Banks, and
obtain reserves at the time the balances are
used to purchase securities in the market.
The effects of the transfer of funds to
foreign ownership were obscured during
1950 by other influences operating to expand
bank reserves, in particular the large-scale
sale of Government securities to the Federal
Reserve System. In the circumstances, banks
were able through liquidation of some of
their Government security holdings to replenish their reserves whenever the withdrawal of foreign balances tended to contract
such reserves. However, the over-all liquidity of the banking system was somewhat reduced in the process. While it is impossible
to measure the direct effects of these transactions, it may be said that the reversal of
the flow of gold and dollars during 1950
was a restraining element in the domestic
money market and thus exerted a salutory
influence in a period of strong inflationary
pressure.
FEDERAL RESERVE BULLETIN
PROGRAM FOR VOLUNTARY CREDIT RESTRAINT
PREAMBLE
DEFINITIONS
The task of restraining strong inflationary pressures is one of the most difficult and most important in the whole range of economic problems
today.
One part of this task—the restraint of unnecessary credit expansion—presents a challenge to
the financing institutions throughout the nation.
Section 708 of the Defense Production Act of
1950 authorizes the President to encourage financing institutions to enter into voluntary agreements
and programs to restrain credit, which will further
the objectives of that Act. By executive order,
the President has delegated to the Board of Governors of the Federal Reserve System his authority
with respect to financing under this section of the
Act upon the required condition that it consult with
the Attorney General and with the Chairman of
the Federal Trade Commission, and that it obtain
the approval of the Attorney General before requesting actions under such voluntary agreements
and programs.
At the invitation of the Board, and in company
with it, representatives of the American Bankers
Association, the Life Insurance Association of
America and the Investment Bankers Association
of America have been examining the possibilities
of this method of credit restraint.
While it is recognized that the proposed Program is addressed only to one limited source of
inflationary pressure, the vital importance of this
problem to the stability of the economy, and the
necessity to extend credit only in such a way as
to restrain inflationary pressures outside the financing of the Defense Program should be emphasized
to all financing institutions.
It is appropriate to point out that this Program
of voluntary credit restraint does not have to do
with such factors as inflationary lending by federal agencies, unnecessary spending, federal, state
or local, and the wage-price spiral and other much
more seriously contributing factors. These should
be vigorously dealt with at the proper places. It
assumes that the proper governmental authorities
will exercise the requisite fiscal and monetary
controls.
As used herein:
The terms "financing institution" or "financing
institutions" mean banks, life insurance companies, investment bankers engaged in the underwriting, distribution, dealing or participating, as
agents or otherwise, in the offering, purchase or
sale of securities, and such other types or groups
of financial institutions as the Board of Governors
of the Federal Reserve System may invite to participate in the Program.
The terms "loan," "loans," "lending" and
"credit," in addition to their ordinary connotations, mean the supplying of funds through the
underwriting and distribution of securities (either
on a firm commitment, agency or "best efforts"
basis), the making or assisting in the making of
direct placements, or otherwise participating in the
offering or distribution of securities.
MARCH
1951
STATEMENT OF PRINCIPLES
Pursuant to the provisions of Section 708(a) of
the Defense Production Act of 1950, and with the
approval of the Board of Governors of the Federal Reserve System in accordance with the functions delegated to it by Section 701(a) (2) of Executive Order 10161, this Statement of Principles
has been drafted to which all financing institutions
are asked to conform.
It shall be the purpose of financing institutions
to extend credit in such a way as to help maintain
and increase the strength of the domestic economy
through the restraint of inflationary tendencies
and at the same time to help finance the defense
program and the essential needs of agriculture,
industry and commerce.
Inflation may be defined as a condition in which
the effective demand for goods and services exceeds
the available supply, thus exerting an upward
pressure on prices.
Any increase in lending at a more rapid rate
than production can be increased exerts an inflationary influence. Under present conditions of
very high employment of labor, materials and equipment, the extension of loans to finance increased
output will have an initial inflationary effect; but
263
PROGRAM FOR VOLUNTARY CREDIT RESTRAINT
loans which ultimately result in a commensurate
increase in production of an essential nature are
not inflationary in the long run whatever their
temporary effect may be. It is most important,
however, that loans for nonessential purposes be
curtailed in order to release some of the nation's
resources for expansion in more vital areas of
production.
Cooperation with this program of credit restraint
makes it increasingly necessary for financing institutions to screen loan applications on the basis
of their purpose, in addition to the usual tests
of credit worthiness. The criterion for sound lending in a period of inflationary danger boils down
to the following: Does it commensurately increase
or maintain production, processing and distribution
of essential goods and services?
In interpretation of the foregoing, the following
types of loans would be classified as proper:
1. Loans for defense production, direct or indirect, including fuel, power and transportation.
2. Loans for the production, processing and
orderly distribution of agricultural and other
staple products, including export and import
as well as domestic, and of goods and services
supplying the essential day-to-day needs of the
country.
3. Loans to augment working capital where
higher wages and prices of materials make such
loans necessary to sustain essential production,
processing or distribution services.
4. Loans to securities dealers in the normal
conduct of their business or to them or others
incidental to the flotation and distribution of securities where the money is being raised for any
of the foregoing purposes.
This Program would not seek to restrict loans
guaranteed or insured, or authorized as to purpose
by a Government agency, on the theory that they
should be restricted, in accordance with national
policy, at the source of guaranty or authorization.
Financing institutions would not be restricted in
honoring previous commitments.
The following are types of loans which in general financing institutions should not make under
present conditions, unless modified by the circumstances of the particular loan so as not to be inconsistent with the principles of this program:
1. Loans to retire or acquire corporate equities
in the hands of the public, including loans for
264
the acquisition of existing companies or plants
where no over-all increase of production would
result.
2. Loans for speculative investments or purchases. The first test of speculation is whether
the purchase is for any purpose other than use or
distribution in the normal course of the borrower's business. The second test is whether the
amounts involved are disproportionate to the
borrower's normal business operations.*1 This
would include speculative expansion of real estate holdings or plant facilities as well as speculative accumulation of inventories in expectation
of resale instead of use.
The foregoing principles should be applied in
screening as to purpose on all loans on securities
whether or not covered by Regulations U or T.
* # # # #
Recognizing that the maximum estimate of the
percentage of our 1951 production which will be
devoted directly or indirectly to national defense
is between 20 per cent and 30 per cent, a very substantial proportion of the lending of the country
will be devoted to the financing of the production
and growth of our industrial and commercial community. In these circumstances, it is felt that each
financing institution can help accomplish the objectives outlined above by careful screening of each
application for credit extension.
In carrying out such screening, financing institutions should not only observe the letter of the
existing regulations of the Board of Governors of
the Federal Reserve System with respect to real
estate credit, consumer credit, security loans, etc.,
but should also apply to all their lending the spirit
of these and such other regulations and guiding
principles as the Government may from time to
time announce in the fight against inflation.
This Program is necessarily very general in nature. It is a voluntary Program to aid in the
over-all efforts to restrain inflation. To be helpful,
this Program must rely on the good will of all
financing institutions and the over-all intention
to comply with its spirit.
PROCEDURE FOR IMPLEMENTING THE PROGRAM
Pursuant to the provisions of Section 708(b) and
(c) of the Defense Production Act of 1950, and
* Loans additional to those needed for a borrower's normal
business may, of course, be regarded as proper when they
are for the purpose of defense production or otherwise conform to the types of loans listed as proper in this Statement
of Principles.
FEDERAL RESERVE BULLETIN
PROGRAM FOR VOLUNTARY CREDIT RESTRAINT
upon full compliance with the terms and conditions
thereof:
1. A "Voluntary Credit Restraint Committee"
(hereinafter referred to as "the Committee")
will be appointed by the Board of Governors
of the Federal Reserve System (hereinafter referred to as "the Board"). Members shall be
appointed for such terms as the Board may prescribe. Initially, the Committee will consist of
twelve members, four representing the life insurance companies, four representing the investment bankers, and four representing the banks.
The membership of the Committee may from
time to time be expanded as deemed advisable
or appropriate by the Board to insure adequate
representation thereon of other types or groups
of financing institutions which may participate
in the Program. In selecting and appointing
the members of the Committee, the Board shall
have due regard to fair representation thereon
for small, for medium and for large financing
institutions, and for different geographical
areas. The Committee will:
(a) With such assistance from the Board
and the Federal Reserve Banks as may be
necessary, distribute this statement of the Program, including the Statement of Principles,
to financing institutions to such extent as
may be deemed desirable in view of any distribution previously made;
(b) Appoint the subcommittees referred to
below in 2;
(c) Meet for the purpose of considering the
functioning of the Program, advising the
Board with respect thereto, and suggesting for
the consideration of the Board such changes in
the Program, including the Statement of Principles, as may from time to time appear appropriate. Meetings of the Committee shall be
held at the call of an official of the Federal
Reserve System, designated by the Board;
shall be under the chairmanship of such an
official; and an agenda for such meetings shall
be prepared by such an official. Full and
complete minutes of each meeting shall be
made by such an official and copies shall be
kept in the files of the Board available for
public inspection.
2. Subcommittees may be established for each
type of financing institution participating in the
Program. One of the members of each subcommittee located in any city in which there is a
MARCH
1951
Federal Reserve Bank or branch thereof will be
a Federal Reserve representative designated by
the Board of Governors of the Federal Reserve
System or by such Federal Reserve Bank or
branch; and such member shall attend each meeting of the subcommittee. For the investment
bankers, the life insurance companies, and the
banks there may in each case be one or more subcommittees organized. All such subcommittees
will meet only for the purposes specified in the
Program; will maintain records of their actions;
and will make reports directly to the Committee
regarding the actions taken by them, including
statements of the types of cases considered and the
nature of the advice given. The subcommittees
will be available for consultation with individual
financing institutions to assist them in determining the application of the Statement of Principles
with respect to specific loans for which application has been made to such financing institutions.
In consulting with a subcommittee, a financing
institution shall not be required to disclose the
identity of the applicant for any loan. No financing institution shall be required to consult with
any subcommittee with respect to any loan or
loans, or any application or applications therefor. Consultation with a subcommittee shall be
wholly within the individual and independent
discretion of a financing institution. The final
decision with respect to making or refusing to
make any particular loan or loans shall likewise
remain wholly within the individual and independent discretion of each financing institution,
whether or not it has consulted with any of the
subcommittees.
In setting up the subcommittees, the Committee shall have due regard for fair representation
thereon for small, for medium and for large
financing institutions, and for different geographical areas. It shall also inform the Board
of all subcommittee appointments.
3. The Committee shall be furnished with such
compilations of statistical data on extension of
credit by financing institutions as may be required to show the amounts and direction of
credit use and to watch the operation of the
Program. Such statistics shall be compiled by
the Board. To assist the Board in making such
compilations, data shall be supplied for the investment bankers, jointly by the Investment
Bankers Association and the National Associa265
PROGRAM FOR VOLUNTARY CREDIT RESTRAINT
tion of Securities Dealers, and for the life insurance companies, jointly by the Life Insurance
Association of America and the American Life
Convention. Compilations of data made by
the Board shall not reveal the identity of individual financing institutions or borrowers. Such
compilations shall be kept on file with the Board
and shall be available for public inspection.
4. Financing institutions participating in the
Program will keep records of individual loans,
as to purpose, in such form as to be available
for future analysis.
5. Any change in the Program, including the
Statement of Principles, shall be passed upon by
the Committee and shall be made in accordance
with the requirements of Section 708 of the
Defense Production Act of 1950.
All actions pursuant to and under the Program
will be automatically terminated by all participating financing institutions as of the termination of
the authority conferred under Section 708 of the Defense Production Act of 1950; or upon withdrawal
by the Board of its request for action under the
Program. If the Committee, after study of the
operation of the Program, concludes that it is
no longer necessary or is not making a substantial
contribution to the solution of the problem for
which the Program was established, it shall so advise the Board.
REQUEST TO FINANCING INSTITUTIONS BY BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
TO ACT PURSUANT TO A PROGRAM FOR VOLUNTARY CREDIT RESTRAINT UNDER SECTION 708
OF DEFENSE PRODUCTION ACT OF 1950
This "Request'' is addressed to all financing institutions in the United States, including without
limitation all individuals, firms, partnerships, corporations and other organizations of any kind
which are engaged in the business of extending
credit, making loans, or purchasing, discounting,
selling, distributing, dealing in, or underwriting
securities, any and all of such institutions being
hereinafter referred to as "financing institutions."
Pursuant to the provisions of section 708 of the
Defense Production Act of 1950 (hereinafter called
the "Act") and of section 701 of Executive Order
No. 10161, the Board of Governors of the Federal
Reserve System has consulted with representatives
of financing with a view to encouraging the making
of voluntary agreements and programs to further
the objectives of the Act. As a result of such
consultations, such representatives have prepared a
"Program for Voluntary Credit Restraint," including as a part thereof a Statement of Principles, the
entire document being hereinafter referred to as
the "Program." The Program is attached hereto.
The Board of Governors of the Federal Reserve
System hereby approves the Program and finds the
Program to be in the public interest as contributing to the national defense. Under section 708 of
the Act and section 701 of the said Order, acts
or omissions to act pursuant to this Request and
the Program which occur while said section 708
is in effect and before the withdrawal of this
Request or of the finding of the Board in the
266
preceding sentence are not construed to be within
the prohibitions of the antitrust laws or the Federal Trade Commission Act of the United States.
The Board of Governors of the Federal Reserve
System has consulted with the Attorney General
and with the Chairman of the Federal Trade
Commission on and before February 5, 1951, said
date being not less than 10 days before the date
of this Request, with regard to the provisions of
the Program, the finding by the Board above
mentioned and this Request; and the Attorney
General has given his approval to the making of
this Request.
Every financing institution in the United States
is hereby requested by the Board of Governors
of the Federal Reserve System to act, and to refrain
from acting, pursuant to and in accordance with
the provisions of the Program. The national committee which is' to be set up pursuant to the provisions of the Program, each and every subcommittee set up pursuant to the provisions of the
Program, and each and every individual who may
become a member of said national committee or of
any of said subcommittees are hereby requested by
the Board of Governors of the Federal Reserve
System to act, and to refrain from acting, pursuant
to and in accordance with the provisions of the
Program.
By order of the Board of Governors of the Federal Reserve System this 12th day of March, 1951.
S. R. Carpenter, Secretary.
FEDERAL RESERVE BULLETIN
TREASURY AND FEDERAL RESERVE STATEMENTS
DEBT MANAGEMENT AND MONETARY POLICIES1
The Treasury and the Federal Reserve System
have reached full accord with respect to debt-management and monetary policies to be pursued in
furthering their common purpose to assure the
successful financing of the Government's requirements and, at the same time, to minimize monetization of the public debt.
NEW SERIES OF LONG-TERM NONMARKETABLE
TREASURY BONDS2
The Secretary of the Treasury announced today
that there will be offered for a limited period a new
investment series of long-term nonmarketable
Treasury bonds in exchange for outstanding 254
per cent Treasury bonds of June 15 and December
15, 1967-72, the details of which will be announced
on March 19.
The new bonds will be issued in registered form
only, with appropriate maturity, and will bear
interest at the rate of 2% per cent per annum payable semiannually. They will not be transferable or
redeemable prior to maturity; however, owners of
such nonmarketable bonds will be given an option
of exchanging them prior to maturity for marketable Treasury notes bearing terms to be announced
in the official offering.
The new nonmarketable 2% per cent Treasury
bonds will be acceptable at par and accrued interest
in payment of Federal estate and inheritance taxes
due following the death of the owner. They will
not be acceptable in payment of Federal income
taxes.
The offering of this new security is for the purpose of encouraging long-term investors to retain
1
Joint announcement by the Secretary of the Treasury
and the Chairman of the Board of Governors, and of the
Federal Open Market Committee, of the Federal Reserve
System, issued for release on Mar. 4, 1951.
2
Statement by the Treasury Department, issued for release on Mar. 4, 1951.
MARCH
1951
their holdings of Government securities, in order
to minimize the monetization of the public debt
through liquidation of present holdings of the
Treasury bonds of 1967-72.
The Secretary stated that he planned to open
the subscription books on Monday, March 26, and
that the full terms of the offering and the official
circular would be made available on March 19.
The subscription books will remain open for a
period of about two weeks, although the Secretary will reserve the right to close the books at any
time without notice.
The Secretary indicated that a special offering
of Series F and G bonds, or an offering similar to
the 2% per cent Treasury bonds, Investment Series
A-1965, will probably be made available for cash
subscription at a later date when it appears that a
need therefor may exist.
SUPPLEMENTARY INFORMATION REGARDING NEW
SERIES OF LONG-TERM BONDS 3
In response to numerous inquiries, the Secretary of the Treasury announced today that the new
investment series of 2% per cent Treasury bonds
which will be offered March 26, 1951, in exchange
for outstanding 2/4 per cent Treasury bonds of
June 15 and December 15, 1967-72, will be dated
April 1, 1951, will mature on April 1, 1980 and be
callable on April 1, 1975. The bonds will be nonmarketable and nontransferable, but will be exchangeable into marketable five-year 1% per cent
Treasury notes. The notes offered in exchange
will be dated April 1 and October 1 of each year
with appropriate interest adjustments to dates of
exchange. Interest on such bonds and notes will
be payable semiannually on the first days of April
and October in each year.
3
Statement by the Treasury Department, issued for release on Mar. 8, 1951.
RECENT MEASURES TO RESTRAIN BANK LENDING IN CANADA*
The Bank of Canada in the course of periodic
discussions of credit conditions with the chartered
banks has stressed the increasing need for restraint
in lending activity. At the most recent meetings in
Ottawa on February 14 and in Montreal today, the
Bank expressed the view that further increase during 1951 in the aggregate volume of banks' loans
and holdings of non-Government securities would
be undesirable and should be prevented. The general managers of the chartered banks concurred
that an inflationary expansion of credit is undesirable and agreed to cooperate to this end.
In discussing the background to this decision,
the Bank stated that some expansion of bank
loans and other forms of credit had been a necessary
feature of postwar reconstruction and peacetime
economic progress. However, with the addition
of a growing defence programme to an economy
already operating under a full head of steam,
further increases in total credit outstanding would
be likely to result in overborrowing and to encourage the competitive bidding up of prices of
the available supply of goods and services. Under
conditions such as the present, people tended to
relax their ideas of the prudent limits of borrowing, and borrowers sought to extend their positions
in various ways with less than normal regard for
the risks involved for all concerned. What was
now required was a definitely restrictive approach
to the whole question of credit extension.
A number of measures had already been adopted
with this general objective in view. The Bank of
Canada had for some time been exercising its influence to restrict the cash reserves of the banking
system so as to discourage monetary expansion, and
had sold short-term Government securities in substantial volume to neutralize the efTects of the
large inflow of capital from abroad during the
latter half of 1950. Prices of securities of the
kind held by the banking system had declined to
a level lower than their cost to the banks. In the
field of public finance, the Government of Canada
1
Statement issued by the Bank of Canada, Ottawa, Feb.
22, 1951, for immediate release.
268
was following a pay-as-we-go policy and was at
present decreasing rather than increasing the public debt. The Government had also imposed restrictions on consumer credit and had reduced the
scale of Government lending in the field of mortgage credit.
The general managers concurred that restraint in
bank lending was desirable in the general public
interest. In certain fields of bank lending it was
possible to formulate specific working rules, and
the following measures suggested by Bank of
Canada have been adopted:
(1) In general, borrowers should have recourse
to nonbank sources for their capital requirements as distinct from ordinary operating loans.
Accordingly, except in the case of small credits,
the chartered banks will refrain from making
term loans or purchasing corporate securities
with a term of one year or longer.
(2) Margins of at least 50 per cent will be required in the case of loans to carry corporation
stocks, that is, collateral for such loans must be
equal in value to not less than twice the amount
of the loan. In this connection the stock exchanges have cooperated by adopting a similar
rule for loans by brokers to customers, effective
February 16, and financial institutions other than
banks are now following the same minimum
margin requirements.
(3) Margin requirements will be substantially
increased in the case of bank loans on the security of instalment finance paper, and the total
volume of bank credit for such purposes will not
be increased.
The remaining classes of bank loans and investments consist of ordinary commercial loans,
mainly for the purpose of financing inventories and
receivables, personal loans, and a variety of other
categories. Lending practices will be tightened
wherever possible in these fields, as well as in those
previously mentioned, in order to achieve the desired objective of avoiding further over-all increase
in the banks' total loans and non-Government investments.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material
Consumer Credit
Court Proceedings
Four injunctions have been issued by United
States District Courts, in addition to the two menThe Board of Governors of the Federal Reserve tioned in the Federal Reserve BULLETIN for FebruSystem, effective February 26, 1951, amended Reg- ary 1951, page 148, enjoining Registrants from
ulation W relating to consumer credit so as to further violations of Regulation W.
exempt from the down payment and monthly payThe first of the four judgments was entered on
ment requirements of the regulation certain short- February 15, 1951, in the United States District
term, nonrenewable leases which neither extend Court in Indianapolis, Indiana, enjoining the
beyond three months nor involve a delivery in Bogda Motor Company, Inc., a dealer in new and
connection with subsequent leasing or sale arrange- used automobiles in Indianapolis, and Oscar W.
ments.
Bogda, its president. The second was entered on
Regulation W, as reissued by the Board of February 23, 1951, in the United States District
Governors effective September 18, 1950, prescribes Court in Pittsburgh, Pennsylvania, enjoining A.
down payment and monthly payment requirements Harris, doing business as A. Harris Motor Sales,
for leasing arrangements, instalment sales, and a dealer in used automobiles in Pittsburgh. The
other instalment financing of automobiles, house- third was entered on February 26, 1951, in the
hold electrical appliances, furniture, major con- United States District Court in Los Angeles, Calisumer durable goods, and consumer instalment fornia, against Duke Randall Motors, Inc., a dealer
loans in general. This amendment serves to relax in new and used automobiles in San Pedro, Calithe regulation with respect to certain seasonal and fornia, and its president, Duke Randall. The fourth
other specialized short-term leases. The text of was entered on March 9, 1951, in the United States
the amendment is as follows:
District Court in Dallas, Texas, against Marvin A.
Smith, doing business as Marvin A. Smith Company, who is engaged in the home improvement
AMENDMENT NO. 2 TO REGULATION W
Issued by the Board of Governors of the Federal Reserve and appliance business in Dallas and surrounding
territory.
System
These cases had been referred to the Board of
Effective February 26, 1951, section 7 of Regu- Governors by the Federal Reserve Banks of the
lation W is hereby amended by adding, at the end Districts in which the Registrants were located,
thereof after the present subsection (^), a new sub- and the suits were filed by the Board of Governors
section (/) reading as follows:
pursuant to the provisions of the Defense Pro(7) Certain Temporary Rentals.—Any contract duction Act of 1950.
or similar arrangement for the rental, leasing
Automobile Appraisal Guides
or bailment of a listed article for a specified
period of not more than 3 months if (1) the
In order to facilitate the operations of automotransaction is to be terminated, and the article bile dealers who must comply with General Ceilreturned to the Registrant, on or before the ing Price Regulation, Supplementary Regulation 5
expiration of the specified period, and (2) the (GCPR, SR 5) setting retail prices for new and
transaction is not renewable and does not di- used automobiles and with Regulation W, the
rectly or indirectly relate to or involve any sub- Board has made the following designation of issues
sequent lease, use of, or other interest in, the of appraisal guides for the purposes of Part 4 of
article or any similar article.
the Supplement to Regulation W:
Amendment to Regulation W
MARCH 1951
269
LAW DEPARTMENT
During any period in which any regulation prescribing any price ceiling on automobiles under
the Defense Production Act of 1950 is based on a
price listed in an issue of an appraisal guide specified in such regulation, such specified issue is
hereby designated for the purposes of Part 4 of the
Supplement to Regulation W in the areas for which
the particular issue of the appraisal guide is to be
used under the price regulation.
This designation is in addition to previous
designations by the Board for the purposes of
Part 4 of the Supplement to Regulation W, and
is subject to all the conditions that apply to such
previous designations. Among other conditions,
"the average retail value" to be used for purposes
of Regulation W shall not include any added value
for a radio or heater.
In the event a publisher of an appraisal guide
reprints an issue of an appraisal guide that is
covered by the above designation and such reprint
is issued after the period for which the original
Regulation W designation was effective, the substance of the above designation for the purposes
of Regulation W shall be prominently stated in
the reprinted issue.
Evaporative Air Coolers
Evaporative air coolers which do not incorporate a refrigerating unit are not "air conditioners,
room unit," within meaning of Regulation W,
Group B, Item 7.
Leasing Arrangements
Certain Transactions Exempt.—Three different
classes of leasing or rental arrangements are exempt
from Regulation W. These are outlined below:
1. Single-payment arrangements are exempt.
This exempts the usual drive-it-yourself arrangement that contemplates a rental of a car for merely
a day or a week or so, with the car to be returned, the arrangement terminated, and the singlepayment made, at the end of the brief period.
2. Auto leasing contracts that exceed the ceiling
figure of $5,000 (the ceiling figure for listed articles other than autos is $2,500) are exempt if
there is a single obligation rather than a number
of separate obligations. This exempts a number of
large scale "fleet operations." It also exempts over$5,000 leases covering both trucks and automobiles in combination even if the auto portion would
be less than $5,000.
270
3. Certain temporary short-term, nonrenewable
rentals are exempt under section 7(1) of the regulation if they do not extend beyond 3 months and,
briefly, also are not related to any subsequent leasing or sale arrangements.
Other Leasing or Rental Arrangements.—Other
types of rentals or leases of listed articles should
be considered subject to the regulation. With the
exception of those indicated above, there is no
appreciable difference between leases that were in
use before Regulation W and those proposed for
use now in an effort to avoid the regulation.
The absence of an option to purchase or of an
obligation to pay substantially the value of the
article does not exempt a contract from the regulation. Regardless of whether or not the lease
contains an option to purchase and regardless of
the amount the customer undertakes to pay, leasing
contracts can supply a person with the continuous
use of an automobile in substantially the same way
as a conditional sale contract. Banks or finance
companies also can finance them in substantially
the same way as conditional sale contracts.
Leases Can Comply with Regulation W.—Regulation W does not prohibit leasing or rental arrangements—it merely requires that specified payments (or deposits) be obtained. When arrangements are subject to the regulation, the lessor can
comply with the regulation by obtaining the required down payment and monthly payments (or
deposits in equal amounts). He can return to the
customer any portion of such payments or deposits
when the article is returned and the lease terminated. The lease can even provide in advance for
such refunds.
Determining Whether Contract Exceeds $5,000
(or $2,500) Ceiling.—In determining whether leasing arrangements exceed the $5,000 (or $2,500) ceiling, and also in determining the size of payments
or deposits required on contracts that are subject
to the regulation, it is helpful to consider the
analogy of leasing contracts to chattel purchasemoney mortgages.
For example, suppose that A sells B three $2,000
automobiles, getting a total down payment of
$600, and a $5,400 purchase-money mortgage that
is payable in 15 monthly instalments of $360 each.
Assuming that there is a single obligation for all
three cars rather than a separate one for each car,
the contract would obviously be exempt from the
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
regulation because it would be over the $5,000
ceiling.
Suppose that the contract were slightly different.
Instead of paying the $5,400 purchase-money
mortgage in fifteen monthly instalments of $360
each, B is to pay fifteen monthly instalments of
$300 each, and at the end of the 15-month period
is to reconvey the three cars to A. The contract
would still be exempt as over $5,000, because the
proper test of the amount of credit would still be
the $6,000 value of the cars minus the $600 down
payment, rather than merely the $4,500 of cash
monthly payments.
Similarly, a lease of the three $2,000 cars for
15 months with a $600 payment (or deposit) in
advance and 15 monthly payments of $300 each
would be considered exempt from the regulation
as an over-$5,000 contract rather than subject as a
$4,500 contract.
Payments that Comply.—If the instalment contract referred to above were for only two $2,000
cars instead of three, it would lose the benefit
of the over-$5,000 exemption and would be subject to the regulation. The similarity between a
lease and a chattel purchase-money mortgage also
is helpful in showing the amounts of payments
required in such cases.
For example, suppose A sells B two $2,000 cars
and takes a chattel purchase-money mortgage payable in instalments. He must get a down payment
of $1,334 and the remaining $2,666, plus any insurance and finance charges, must be paid in 15
monthly instalments.
Suppose that the contract were changed slightly.
The down payment and monthly payments are to
be as before, but at the end of tjie 15-month period
B is to reconvey the car to A and receive $600
from A in return. That payment of $600 to B
when the car is reconveyed to A at the conclusion
of the transaction would not conflict with Regulation W. On the other hand, the provision for
reconveyance of the car at the end of the period
would not exclude the arrangement from the
operation of the regulation, nor would it reduce
the amount of the down payment or monthly payments that must be obtained.
Similarly, if the contract were for a lease—
rather than a chattel purchase-money mortgage followed by a reconveyance—the payments, (or deposits) made initially and each month of the
MARCH 1951
15-month period would have to be the same as
in the cases indicated above.
In some cases, the parties might wish to set up
the arrangement so that the car would be reconveyed (or returned) to A in some reasonable
period shorter than 15 months, say twelve months
or six months. In such a case, the dollar payments (or deposits) initially and for each month
of the period would not have to be increased above
those applicable on a 15-month basis.
Real Estate Credit
Amendment to Regulation X
The Board of Governors of the Federal Reserve
System, with the concurrence of the Housing and
Home Finance Administrator, effective March 5,
1951, amended Regulation X relating to real estate
credit, so as to permit terms different from those
prescribed by the regulation to apply to specific
new construction necessary to the national defense.
At the same time, the Board concurred in the
recommendation of Mr. Foley, Housing and Home
Finance Administrator, that specific areas adjacent
to new defense industry installations at Paducah,
Kentucky, and Savannah River, South Carolina,
be designated defense areas. Mr. Foley advised
the Board that, because of the urgent need for
housing workers at the Atomic Energy Commission installations, he had designated these two
areas for special housing consideration with the
approval of defense mobilization authorities. It
was stated that any further designations would be
based on criteria now being developed with the
Office of Defense Mobilization and its related
agencies.
The text of the amendment is as follows:
AMENDMENT TO REGULATION X
Issued by the Board of Governors of the Federal Reserve
System with the Concurrence of the Housing and Home
Finance Administrator
Regulation X is hereby amended effective March
5, 1951, by adding the following subsection (/?)
to section 6:
(p>) Defense Construction.—Terms different
from those prescribed by this regulation and
the Supplement thereto, to be applicable to specific new construction necessary to the national
defense, may be authorized by the Board in
areas designated by the Housing and Home
271
LAW DEPARTMENT
Finance Administrator with the concurrence of
the Board and after surveys have been made by
the Administrator with respect to the needs for
such necessary construction within such areas.
Such different terms when so authorized will be
applicable only to such new construction as may
be specified by the Administrator within such
designated areas and will be subject to such
conditions as may be prescribed.
Compliance with Amortization Provisions
Clause (2) of the amortization provision in
Schedule I and the amortization provision in Schedule III of the Supplement to Regulation X provide
for amortization payments which "will fully liquidate the original principal amount of such credit
not later than the date of the maturity of the
credit * * *."
In cases where the maturity of credit subject to
the regulation is less than the maximum permitted
by the regulation, it is the opinion of the Board
that the amortization provisions referred to above
will be complied with if amortization payments
are made until the maturity of the credit which,
had they been continued until the maximum permissible maturity, would have fully liquidated
the original principal amount of such credit by
the date of such maximum permissible maturity.
For example, if the maximum maturity is 20
years, and the credit has a maturity of 10 years,
the amortization provisions would be complied
with if amortization payments are made during
the 10 years which, had they been continued for
20 years, would have fully liquidated the original
principal amount of such credit within 20 years.
Warehouses and Office Buildings Used in Processing
Goods
The Board has received several inquiries as to
whether warehouses and office buildings used in
connection with a manufacturing business are subject to Regulation X. As indicated in footnote 11
on page 6 of the regulation, office buildings and
warehouses, as well as other buildings, are ordinarily subject to the regulation. They are not subject to the regulation, however, if they fall within
one of the exclusions from the definition of "nonresidential structure," namely, structures exclusively
used or designed for use by a public utility or by
any Government or political subdivision, or structures more than 80 per cent of the floor space of
272
which is used or designed for use (i) in processing
materials, goods, or articles into finished or partly
finished manufactured products, (ii) in mining or
otherwise extracting raw materials, or (iii) on farm
property in the production, shelter, or storage incidental thereto, of crops, livestock or other agricultural commodities. It is the opinion of the Board
that space in such structures as office buildings and
warehouses is used or designed for use in processing materials, goods, or articles into finished or
partly finished manufactured products where such
office building or warehouse is essential to and
an integral part of the operations involved in the
processing of such materials, goods, or articles.
Unless the office building or warehouse, however, is
essential to the processing operation and an integral
part thereof, it is subject to the regulation.
Actual Date Credit Is Extended
Inquiries have been received by the Board concerning the meaning of the phrase "actual date
such credit is extended" as used in section 6{i) of
Regulation X.
Many types of credit extensions are subject to
Regulation X and it is administratively impossible to prescribe a specific rule which would be
fairly applicable to all types of financing arrangements affected by the regulation. However, for
the purpose of Regulation X the general rule to
be followed in most extensions of credit affected
by the regulation is that the "actual date such
credit is extended" is that date which is (1) the
date on which the lender first disburses funds to,
or makes funds available to the account of, the
borrower, or (2) the date of execution of the note
or other credit instrument evidencing the credit
extended, whichever shall last occur.
Appraised Value of Improved Real Property
Several inquiries have been received by the
Board regarding the determination under Regulation X of "appraised value as determined in
good faith" where there is to be construction on
improved real property. The inquiries have related particularly to cases where there is an existing
structure on the property such as a residence,
servants' quarters, garage, or garage-apartment,
but similar inquiries should be answered in accordance with the principles of this interpretation. In
such cases, should the Registrant, in making his
appraisal in good faith, appraise only the land or
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
should he appraise the land and improvements?
In cases where the existing structure and the
proposed construction are to be so located on the
property that the possibility of separation in the
case of resale would be remote and unlikely, it is
the opinion of the Board that the Registrant may
appraise the land and improvements. However,
any outstanding credit secured by the improved
real property necessarily would have to be taken
into consideration in determining the amount of
credit the Registrant could extend.
For example, if a prospective borrower desires
to build a new residence at a cost of $20,000, on
improved real property having a "value" of $10,000,
the Registrant's appraised value may be $30,000,
and the maximum loan value $15,000. However,
if there were outstanding credit secured by the
improved real property in an amount of, say,
$5,000, the Registrant could not extend additional
credit in an amount exceeding $10,000.
In cases where the existing structure and the
proposed construction are to be so located that
separation in the case of resale would not only be
possible, but would be likely, it is the opinion of
the Board that the Registrant should appraise only
the land area on which the new construction is to
be located.
For example, if the prospective borrower owns a
tract of land consisting of several adjoining lots,
some of which are improved with existing structures, and the borrower proposes to build a new
structure on one of the vacant lots, the Registrant
should appraise only the vacant lot.
thority to regulate three types of interstate motor
carriers. They are "common carrier by motor
vehicle," "contract carrier by motor vehicle" and
"private carrier of property by motor vehicle." The
degree of regulation and supervision exercised by
the Commission differs with respect to the three
types of carriers. Common carriers are required
to obtain certificates of convenience and necessity
outlining the extent of their proposed service, the
routes over which they propose to operate, and
other requirements deemed necessary by the Commission. Contract carriers must obtain a permit
outlining the territory over which they propose to
operate, the type of business, and any other conditions or limitations deemed necessary by the Commission in the public interest. Private carriers require neither certificates nor permits to operate.
Not only does the degree of regulation and supervision differ with respect to the three classes of
carriers, but also the extent of their operations "for
the convenience, service or accommodation of the
public." Common carriers undertake for hire to
transport from place to place the goods of anyone
who chooses to employ them. Contract carriers
transport for a limited number of shippers under
special contracts designed to meet their particular
needs. Private carriers need not transport for compensation, but may be the owner, lessee, or bailee
of the goods transported.
For the above reasons, it is the opinion of the
Board that, in the absence of other pertinent facts,
only those companies engaged in an interstate
trucking business as a "common carrier by motor
vehicle" are public utilities within the meaning of
Radio and Television Broadcasting Companies Not section 2(s) of Regulation X.
Public Utilities
Interest on Deposits
In answer to inquiries received, it is the opinion
Six Months Equals 180 Days
of the Board that radio and television broadcasting
companies are not public utilities within the meanThe Board of Governors has been asked whether
ing of section 2(s) of Regulation X. Accordingly, a deposit maturing 180 days after the date of the
structures exclusively used or designed for use deposit may be regarded as having "a maturity of
by such companies are nonresidential structures six months or more" within the meaning of the
within the meaning of section 2(r) of the regu- Supplement to the Board's Regulation Q.
lation.
In a strict legal sense, of course, the term "six
months" means six calendar months. However,
Interstate Trucking Companies as Public Utilities
it is appreciated that some banks for practical purInquiries have been received by the Board asking poses compute interest on a 360-day basis and rewhether companies engaged in an interstate truck- gard 180 days as equivalent to half a year. Moreing business are public utilities within the meaning over, it is felt that the treatment of a certificate
payable after 180 days as a six months' certificate
of section 2(s) of Regulation X.
The Interstate Commerce Commission has au- for purposes of Regulation Q would not be inconMARCH
1951
273
LAW DEPARTMENT
sistent with the spirit and intent of the regulation.
Accordingly, the Board will offer no objection to the
payment by a member bank of interest at a rate not
exceeding 2l/2 per cent on a time deposit which
matures 180 days after its date.
Reserves
Classification of Reserve Cities
On February 20, 1951, the Board of Governors
of the Federal Reserve System took action as follows
with respect to the classification of Reserve cities:
"Acting in accordance with the rule regarding
classification of central reserve and reserve cities
which was adopted by the Board on December 19,
1947, and became effective March 1, 1948 (hereafter referred to as the Board's rule), and pursuant
to authority conferred upon it by section ll(e) of
the Federal Reserve Act and other provisions of
that Act, the Board of Governors has taken the
following actions for the continuance of the classification of certain cities as reserve cities and the
termination of the reserve city designations of certain other cities, all such actions to become effective
March 1, 1951:
"(1) The City of Washington, D. C, and every
city except New York and Chicago in which there
is situated a Federal Reserve Bank or a branch of
a Federal Reserve Bank are hereby continued as
reserve cities.
"(2) On the basis of official call reports of condition in the two-year period ending on June 30,
1950, the following cities met the standard prescribed in paragraph (2) of subsection (b) of the
Board's rule, and, therefore, such cities, in addition
to the reserve cities classified as such under paragraph (1) above, are hereby continued as reserve
cities:
274
Columbus, Ohio; Des Moines, Iowa; Indianapolis, Indiana; Milwaukee, Wisconsin; National
City (National Stock Yards), Illinois; St. Paul,
Minnesota; Tulsa, Oklahoma; Wichita, Kansas;
and Fort Worth, Texas.
"(3) On the basis of official call reports of condition in the two-year period ending June 30, 1950,
the following cities did not meet the standard prescribed in paragraph (2) of subsection (b) of the
Board's rule, but a written request for the continuance of each such city as a reserve city was
received by the Federal Reserve Bank of the District in which the city is located on or before February 15, 1951, from every member bank having
its head office or a branch in such city (exclusive
of any member bank in an outlying district in such
city permitted by the Board to maintain reduced
reserves), together with a certified copy of a resolution of the board of directors of such member
bank duly authorizing such request; and, accordingly, in accordance with paragraph (3) of subsection (b) of the Board's rule, the following cities,
in addition to the reserve cities classified as such
under paragraphs (1) and (2) above, are hereby
continued as reserve cities:
Toledo, Ohio; Cedar Rapids, Iowa; Dubuque,
Iowa; Sioux City, Iowa; Kansas City, Kansas;
Lincoln, Nebraska; Pueblo, Colorado; St. Joseph,
Missouri; and Topeka, Kansas.
"(4) On the basis of official call reports of condition in the two-year period ending June 30, 1950,
the following cities did not meet the standard prescribed in paragraph (2) of subsection (b) of the
Board's rule, and, consequently, the designation of
such cities as reserve cities is hereby terminated:
Peoria, Illinois; Galveston, Texas; and Waco,
Texas."
FEDERAL RESERVE BULLETIN
CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Meetings
The Federal Advisory Council met in Washington on February 18-20, 1951. The annual organization meeting of the Council was held on February 18, at which Edward E. Brown, Chairman
of the First National Bank of Chicago, was reelected President; Robert V. Fleming, President
and Chairman of The Riggs National Bank, was
re-elected Vice President; and Herbert V. Prochnow
was reappointed Secretary. The Council met with
the Board of Governors of the Federal Reserve
System on February 20.
On March 1-2 and March 8 meetings of the Federal Open Market Committee were held. At the
meeting on March 1, Thomas B. McCabe was reelected Chairman of the Committee and Allan
Sproul Vice Chairman. The representative members of the Committee elected by the Federal Reserve Banks for the period of one year beginning
March 1, 1951, are Allan Sproul, Alfred H. Williams, Ray M. Gidney, H. G. Leedy, and R. R.
Gilbert, Presidents of the Federal Reserve Banks
of New York, Philadelphia, Cleveland, Kansas
City, and Dallas, respectively.
A meeting of the Presidents of the Federal
Reserve Banks was held in Washington on March
7 and 8 and on March 9 the Presidents met with
the Board of Governors of the Federal Reserve
System.
Changes in Board's Staff
Mr. Arthur Phelan, who had been serving as
Acting Director of the Division of Selective Credit
Regulation since the Division was established in
December 1950, has reassumed his duties as a Vice
President of the Federal Reserve Bank of New
York. Mr. Phelan had been assigned to the Board
of Governors for several months on a temporary
basis in connection with the development and administration of selective credit activities.
Mr. Guy E. Noyes, who had been serving as
Assistant Director of the Division of Selective
Credit Regulation since its inception, was appointed
Director of that Division, effective March 1, 1951.
Mr. Noyes joined the Board's staff on November
1, 1948, as Assistant to the Director of the Division
MARCH
1951
of Research and Statistics and since has served successively as an Assistant Director of that Division
and as Assistant Administrator of the Office of Real
Estate Credit.
Mr. Henry Benner was appointed an Assistant
Director of the Division of Selective Credit Regulation, effective February 18, 1951. Formerly, Mr.
Benner was a Trust Examiner for the Federal
Reserve Bank of Philadelphia and for several
months prior to his recent appointment he had been
on a temporary assignment with the Board of
Governors in connection with activities relating to
Regulation X.
Mr. E. A. Heath, an Assistant Cashier and an
Assistant Secretary of the Federal Reserve Bank of
Chicago, was appointed Acting Assistant Director
of the Division of Selective Credit Regulation,
effective March 9, 1951. Prior to this appointment,
Mr. Heath had been serving for several months on
a temporary assignment with the Board of Governors in connection with selective credit regulation
activities.
Mr. G. R. Murff, formerly Chief Field Examiner,
Division of Examinations, was transferred to the
Office of the Secretary as an Assistant Secretary
and assumed his new duties on February 21, 1951.
Mr. Murff became associated with the Board of
Governors on January 6, 1934, as a member of the
Board's field examining staff.
Mr. Arthur H. Lang was designated Chief Federal Reserve Examiner in the Division of Examinations, effective February 21, 1951. Mr. Lang has
served continuously as a member of the Board's
field examining staff since his employment on
March 28, 1942.
Appointments of Presidents and First Vice Presidents
of Federal Reserve Banks
The Board of Governors approved the appointments by the respective boards of directors of the
Federal Reserve Banks of the following Presidents
and First Vice Presidents for the terms beginning
March 1, 1951. These appointments were made
by the boards of directors and approved by the
Board of Governors pursuant to the provisions of
275
CURRENT EVENTS AND ANNOUNCEMENTS
paragraph 4 of section 4 of the Federal Reserve
Act, as amended:
Federal
Reserve Ban\
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
President
Joseph A. Erickson
Allan Sproul
Alfred H. Williams
Ray M. Gidney
Hugh Leach
Vacancy
C. S. Young
Delos C. Johns
J. N. Peyton
H. G. Leedy
R. R. Gilbert
C. E. Earhart
First Vice President
Alfred C. Neal
L. R. Rounds
W. J. Davis
Wm. H. Fletcher
J. S. Walden, Jr.
L. M. Clark
E. C. Harris
O. M. Attebery
A. W. Mills
Henry O. Koppang
W. D. Gentry
H. N. Mangels
All of the above represent reappointments with
the exception of Mr. Neal at Boston.
Mr. Neal, who had been an officer of the Federal
Reserve Bank of Boston since January 13, 1947,
and Vice President and Director of Research since
May 1, 1948, succeeded Mr. William Willett, who
retired on March 1, 1951. Mr. Willett had served
with the Federal Reserve Bank of Boston since its
opening in November 1914. He was appointed an
officer of the Bank on August 2, 1917, and had
served as First Vice President since April 1, 1942.
276
Retirement of President of the Federal Reserve
Bank of Atlanta
Mr. W. S. McLarin, Jr., who had served as
President of the Federal Reserve Bank of Atlanta
since May 9, 1941, retired on March 1, 1951. Mr.
McLarin became associated with the Federal Reserve Bank of Atlanta on July 17, 1916, and had
served as an officer since August 19, 1921.
Death of Director
Mr. Lewis H. Brown, Chairman of the Board,
Johns-Mansville Corporation, New York, New
York, who had served as a Class B director of the
Federal Reserve Bank of New York since January 1, 1947, died on February 26, 1951.
Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System during
the period January 16, 1951 to February 15, 1951:
Illinois
Pontiac—Bank of Pontiac.
Indiana
Nashville—The Nashville State Bank.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled February 26 and released for publication February 28]
tries, reflecting in part the initial effects of cuts in
metal use for nondefense purposes and in part
temporary factors. A moderate decline in the automobile industry reflected mainly additional modelchangeovers. Production of most household durable goods was maintained close to earlier record
levels. Steel production increased in January to a
new record annual rate of 104 million tons. Output of railroad equipment and aircraft also expanded further. Lumber production was at an
exceptionally high level for this season.
INDUSTRIAL PRODUCTION
The rise in nondurable goods output in January
The Board's production index in January was reflected mainly new record levels of paper pro219 per cent of the 1935-39 average, 10 per cent duction, and gains in cotton textiles, chemicals, and
above last June and 20 per cent above January 1950. petroleum products. Meat production declined
Output of durable goods declined slightly in Janu- from the high November-December rates, but was
ary, while production of nondurable goods and of 3 per cent larger than a year ago.
minerals increased somewhat.
EMPLOYMENT
In February, industrial production is estimated
to have declined slightly, owing mainly to the
Employment in nonagricultural establishments,
effects of work stoppages at railroad terminals and seasonally adjusted, increased slightly further in
in the wool textile industry. After the end of the mid-January to 45.7 million. Employment in retail
rail strike in mid-February, steel and coal produc- trade, construction, and manufacturing industries
tion recovered to about January levels and automo- declined less than is usual at this season. The
bile output rose to the highest weekly rate since average work week in manufacturing decreased to
last October.
40.6 hours, as compared with an average of 41.3
Small reductions in activity were fairly wide- in the preceding three months; average hourly
spread in January among metal fabricating indus- earnings showed some further rise.
Activity at factories and mines and in the construction industry was generally maintained at advanced levels in January and February. Department store sales in February were down somewhat
from the peak rate reached in mid-January. Prices
of agricultural commodities advanced further, while
prices of industrial commodities levelled off after
the Federal price-freeze order on January 26. Bank
loans to business continued to expand substantially
in January and early February.
INDUSTRIAL PRODUCTION
PER CENT
DEPARTMENT STORE SALES AND STOCKS
PHYSICAL VOLUME, SEASONAL LY ADJUSTED, 1935 - 3 9 • IOC
PEF
260
260
240
220
200
180
7
/
r
>
\
350
220
\
V
140
/
V
V
V
180
200
-
120
100
1946
1947
1948
1949
1950 1951
Federal Reserve index. Monthly figures, latest shown are
for January.
MARCH
1951
/ \
/
H
:
\r
STOCKS
1
I
i
/
140
100
A,/
1
A
1/
250
160
-
1945
SALES
300
200
fVV \
120
1943 1944
400
240
V
160
1942
PER
DOLLAR VOLUME, SEASONALLY ADJUSTED, 1 9 3 5 - 3 9 ' 100
PER CENT
150
100
1942
1943
1944
1945
1946
1947
1948
1949
1950 1951
Federal Reserve indexes. Monthly figures, latest shown are
for January.
277
NATIONAL SUMMARY OF BUSINESS CONDITIONS
CONSTRUCTION
Value of construction contracts declined in January, reflecting seasonal decreases in most categories
of awards. The number of housing units started
in January continued at a very high winter rate,
totaling 87,000 as compared with 95,000 in December and 79,000 in January 1950. The moderate
decline from December to January reflected a sharp
drop in public units offset in part by some rise in
private units started.
DISTRIBUTION
The Board's seasonally adjusted index of the
value of department store sales in January was 360
per cent of the 1935-39 average. This was 28 per
cent higher than in January 1950 and about equal
to the peak reached last July immediately after
the Korean outbreak. Dollar sales at most other
retail outlets, especially apparel stores, exceeded
their earlier peaks. In mid-February, sales at department stores were about 16 per cent greater
than in the same period a year ago. Despite the
exceptionally large volume of sales of numerous
nondurable as well as durable goods, retailers' inventories have been generally maintained reflecting
the sustained high level of output.
cent above the low point reached early last year.
Prices of industrial commodities showed little
further rise from a level 17 per cent higher than
a year ago.
Consumer prices probably advanced somewhat
further in January, with increases in food prices
again accounting for most of the rise.
BANK CREDIT AND THE MONEY SUPPLY
Business loans at banks in leading cities increased
substantially further during January and the first
half of February—a season of the year when these
loans usually decline. Deposits and currency held
by businesses and individuals decreased somewhat
owing in part to a seasonal transfer of funds from
private to Treasury accounts as a result of income
tax payments. Purchases of Government securities
from the banking system by nonbank investors and
a continued gold outflow also tended to reduce the
privately held money supply during this period.
Required reserves of member banks increased
by about 2 billion dollars between mid-January and
early February as a result of additions to legal
reserve requirements. Banks met these increases
in part by their usual receipts of reserves at this
season of the year and in part by selling United
States Government securities.
COMMODITY PRICES
SECURITY MARKETS
The wholesale price level continued to advance
after the anouncement of the general Federal freeze
order on January 26, reflecting mainly increases
in farm products and foods which are only partly
controlled. Farm products rose 4 per cent further
by the third week in February, to a level 33 per
A rise in common stock prices during the first
two weeks of February was almost completely offset by a decline in the third week. Yields on most
United States Government securities and high-grade
corporate bonds continued to show little change.
WHOLESALE COMMODITY PRICES
MEMBER BANKS IN LEADING CITIES
1944
1945
1946
1947
1948
1949
1950
1951
Bureau of Labor Statistics' indexes. Weekly figures, latest
shown are for week of Mar. 6.
278
1944
1945
1946
1947
1948
1949
1950
1951
Wednesday figures, latest shown are for Feb. 28.
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. .
282-283
284-288
Guaranteed Regulation V loans.
288
Deposits and reserves of member banks. .
Money in circulation. .
281-282
289
--
290-291
Bank debits and deposit turnover; Postal Savings System.
291
Consolidated statement of the monetary system, deposits and currency.
292
All banks in the United States, by classes
...
293-295
All insured commercial banks in the United States, by classes. .
296-297
Weekly reporting member banks
298-301
Number of banking offices on Federal Reserve par list and not on par list
302
Commercial paper, bankers' acceptances, and brokers' balances. .
303
Money rates; bank rates on business loans; bond yields.
Security prices and new issues
304
305-306
Corporate sales, profits, and dividends. .
307-308
Treasury finance. .
309-311
Government corporations and credit agencies. .
312
Business indexes
313-322
Department store statistics. .
323-326
Cost of living. . .
Wholesale prices. .
326
....
327
Gross national product, national income, and personal income.
328-329
Consumer credit statistics
330-332
Current statistics for Federal Reserve chart books.
333-337
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.
MARCH
1951
279
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
30
25
£i^t^^
1942
1943
1944
1945
1946
1947
1948
1949
1950
1948
1949
1950
TOTAL RESERVE BANK HOLDINGS
OF U. S. GOVERNMENT SECURITIES
I
15
10
0
^
1942
1943
1944
1945
1946
1947
Wednesday figures, latest shown are for Feb. 28. See page 281.
280
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
Member bank
reserve balances
U . S. Government
securities
Date or pei-iod
Discounts
and
advances Total
Gold
All 1 Total stock
Bills, other
certifiBonds cates,
TreasTreasdeury
Treas- ury
posits
M
o
n
e
y
curury
with
in cir- cash
rency
culahold- Federal
outtion
Reings
standserve
ing
Banks
Other
Non- Fedmem- eral
Reber de- serve
Reposits ac- Total
quired2
counts
Excess2
notes
Wednesday
figures:
j:
319
313
315
li 321
547
255
381
539
1,304
1,382
1,380
1,408
719
719
719
721
7,055
6,686
6,487
6,419
15, 597 1,458
15, 593 1,093
857
15,630
802
15,617
928
985
993
019
l
l
l
1
318
313
313
311
637
366
671
380
1
1
1
1
478
432
419
419
721
727
728
731
6,532
6,265
6,400
6, 176
15, 534
998
15, 456
809
15, 383 1,017
15, 428
748
27
27
27
26
26
060
105
023
972
969
l
l
l
l
l
316
322
307
308
321
555
433
9
759
997
1
1
1
1
1
444
454
315
139
155
736
739
759
761
766
6,288
6,258
6,771
5,969
15, 782
15, 347
941
997
15, 261
15, 405 1,366
645
15,324
514
15, 268
601
600
600
600
27
27
26
26
133
072
992
962
l 317
l 313
1 319
316
622
587
647
833
1
1
1
1
167
177
261
208
769
769
771
772
15,971 15 209
15,996 15 248
15 786 15 265
15, 898 15 243
4
4
4
4
4
602
602
601
601
606
27
27
26
26
27
051
041
980
908
090
l
l
l
l
l
326
318
294
292
309
678
533
426
428
588
1 ,287
1 ,314
1 ,293
1 ,246
1 ,254
713
717
716
718
718
15
15
16
15
15
986
907
123
922
814
15
15
15
15
15
224
147
275
305
288
762
760
848
617
526
232
232
231
230
4
4
4
4
605
604
604
608
27 ,079
26 ,993
26 ,926
27 ,026
l ,309
l ,304
l ,294
1 ,306
472
319
529
866
1 ,321
1 ,447
1 ,395
1 ,441
733
735
784
778
16
16
16
15
067
309
169
988
15
15
15
15
350
433
522
462
717
876
647
526
281
399
407
322
18 950 24 ,231
18 ,757 24 207
18 ,475 24 ,207
18 ,636 24 ,157
4
4
4
4
607
606
606
605
27 ,315
27 ,169
27 ,029
26 ,915
1 ,302
l ,309
l ,310
l ,315
645
383
525
504
1 ,470
1 ,457
1 ,462
1 ,439
802
804
804
809
16
16
16
16
254
448
157
415
15
15
15
15
463
544
527
585
791
904
630
830
283
558
643
137
033
318
292
449
191
288
18 ,762 24 136
18 ,904 24 035
18 ,889 23 954
18 ,883 23 ,803
18 ,979 23 ,752
4 609
4 608
4 608
4 609
4 ,611
27 ,000
27 ,015
26 ,976
26 ,963
27 ,042
l ,304
l ,309
l ,309
l ,308
l ,308
564
667
717
562
676
1 ,487
1 ,431
1 ,392
1 ,272
1 ,304
757
759
759
748
728
16
16
16
16
16
395
366
298
442
285
15
15
15
15
15
553
535
613
686
767
842
831
685
756
518
7 ,284
8 ,233
3 ,731
3 ,773
11 ,658
10 ,831
14 ,795
15 ,580
396
529
591
601
19 ,438 23 ,577
19 ,665 23 ,576
19 ,169 23 ,525
20 ,075 23 ,474
4 ,613
4 ,613
4 ,613
4 ,614
27 ,259
27 ,151
27 ,081
27 ,060
l ,311
l ,305
l ,301
l ,307
511
648
654
1,144
1 ,220
1 ,182
1 ,204
1 ,190
716
703
768
762
16 611
16 ,865
16 299
16 699
15 747
15 ,934
15 ,946
15 ,837
864
931
353
862
19 ,375
19 ,507
19 ,506
19 ,229
3 ,824
3 ,923
3 ,979
4 ,058
15 ,551
15 ,584
15 ,527
15 ,171
552
470
881
473
19 ,972 23 ,482
20 ,044 23 ,432
20 ,426 23 ,291
19 ,753 23 ,290
4 ,617
4 ,618
4 ,617
4 ,618
27 ,188
27 ,339
27 ,228
27 ,121
l ,308
1 ,316
l ,313
l ,300
848
508
449
420
1 .288
1 ,332
1 ,292
1 ,367
813
810
807
805
16 ,626
16 ,789
17 ,245
16 ,649
15 ,848
778
15 ,829
960
15 ,995 1,250
15 ,962
687
111
291
71
247
240
19 ,291
19 ,311
19 ,425
19 ,296
19 ,569
4 ,198
4 ,271
4 ,281
4 ,268
4 ,346
15 ,093
15 ,040
15 ,144
15 ,028
15 ,223
458
251
675
619
692
19 ,860 23 ,249
19 ,853 23 ,198
20 ,171 23 ,148
20 ,162 23 ,097
20 ,501 23 ,037
4 ,622
4 ,622
4 ,621
4 ,622
4 ,626
27 ,219
27 ,388
27 ,296
27 ,450
27 ,543
l ,304
l ,292
l ,304
l ,281
l ,298
452
298
341
541
564
1 ,335
1 ,324
1 ,199
1 ,242
1 ,218
748
748
745
745
742
16 ,674
16 ,625
17 ,054
16 ,622
16 ,799
15 ,947
727
15 ,906
719
16 ,044 1,010
16 ,084
538
16 ,120
679
6.
13.
20.
27.
110
69
54
301
20 ,239
20 ,529
20 ,227
20 ,337
4 ,571
4 ,820
4 ,533
4 ,589
15 ,668 573 20 ,922 22 ,976
15 ,709 746 21 ,344 22 ,926
15 ,694 1,583 21 ,864 22 ,796
15 ,748 1,081 21 ,720 22 ,795
4 ,628
4 ,628
4 ,630
4 ,631
27 ,698
27 ,759
27 ,929
27 ,916
l ,294
l ,294
l ,291
l ,295
540
451
685
786
1 ,220
1 ,213
1 ,208
1 ,215
725
716
760
760
17 ,049
17 ,465
17 ,416
17 ,174
16 ,100
949
16 ,365 1,100
16 ,550
866
16 ,415
759
3.
10.
17.
24.
31.
28
73
101
273
798
20 ,571
20 ,461
20 ,798
20 ,545
21 ,484
4 ,624
4 ,674
4 ,747
4 ,747
4 ,965
15 ,947 1,281 21 ,879 22 ,706
15 ,787 700 21 ,235 22 ,546
16 ,051 1,024 21 ,923 22 ,494
15 ,798 790 21 ,608 22 ,443
16 ,519 769 23 ,051 22 ,392
4 ,634
4 ,635
4 ,635
4 ,635
4 ,638
27 ,685
27 ,415
27 ,200
27 ,028
27 ,048
l ,299
l ,308
l ,303
l ,303
l ,297
546
273
105
256
807
1 ,250
1 ,173
1 ,113
1 ,095
1 ,206
747
745
743
743
737
17 ,691
17 ,502
18 ,587
18 ,260
18 ,984
16 ,500 1,191
16 .391 1,111
17 ,618
969
17 ,610
650
18 ,047
93 7
643 21 ,641
294 21 ,808
196 21 ,854
397 21 ,881
5 ,080
5 ,202
5 ,320
5 ,393
16 ,561 976 23 ,260 22,341 4 ,638 27 ,125
16 ,606 1,229 23 ,330 22,260 4 ,637 27 ,159
16 ,534 1,233 23 ,283 22,207 4 ,637 27 ,164
16 ,488 909 23 ,188 P 22,086 P4 ,640 P27 ,188
l ,307
l ,292
l ,277
P\ ,293
795
864
796
465
1 ,200
1 ,226
1 ,223
1 ,172
736
734
733
729
19 ,075 18 ,249
18 ,952 18 ,211
18 ,934 P 1 8 ,352
19 ,066 P 1 8 ,405
1950—Jan. 4. .
Jan. 11..
Jan. 18..
Jan. 25..
95
99
97
121
18, 829
18, 230
17, 872
17, 764
7, 212
7, 165
7, 134
7,130
11, 617
11, 065
10, 738
10, 634
547
315
414
416
19, 471
18, 644
18, 383
18, 300
24, 427
24, 426
24, 426
24, 425
4,597
4, 596
4, 596
4, 596
27, 551
27, 311
27, 121
26, 913
Feb. 1. .
Feb. 8..
Feb. 15..
Feb. 21. .
456
223
267
94
17
17
17
17
855
656
781
625
7,103
6,969
6,920
6,887
10, 752
10, 687
10, 861
10, 738
309
267
533
373
18
18
18
18
620
146
581
092
24, 395
24, 345
24, 343
24, 345
4, 599
4, 598
4, 598
4, 598
26
26
26
27
Mar.
Mar.
Mar.
Mar.
Mar.
1..
8..
15. .
22. .
29..
314
87
71
186
365
17
17
17
17
17
757
846
791
573
516
6,840
6,804
6 615
6 529
6 415
10, 917
11, 042
11, 176
11, 044
11 101
383
431
402
277
263
18
18
18
18
18
454 24, 345
363 24, 345
264 24 320
036 24 271
144 24 246
4, 600
4,601
4, 601
4, 600
4, 599
Apr. 5. .
Apr. 12. .
Apr. 19..
Apr. 26. .
168
160
137
218
17
17
17
17
572
597
410
640
6
6
6
6
357
327
220
204
11
11
11
11
215
270
190
436
392
311
381
282
18
18
17
18
132
068
928
141
24
24
24
24
246
247
247
247
4
4
4
4
May
May
May
May
May
3..
10. .
17..
24. .
31. .
121
90
79
106
306
17
17
17
17
17
711
591
401
290
389
6
5
5
5
5
098
976
911
854
802
11
11
11
11
11
613
615
490
436
587
359
297
521
288
239
18
17
18
17
17
192
978
001
683
935
24
24
24
24
24
247
249
230
230
231
June
June
June
June
7..
14..
21. .
28. .
94
79
74
69
17
17
17
18
672
693
679
217
5
5
5
5
726
681
650
644
11
12
12
12
946
012
029
573
377
498
508
281
18 143
18 270
18 261
18 ,567
24
24
24
24
July 5..
July 12..
July 19..
July 26. .
83
65
199
350
18 586
18 294
17 869
17 ,964
5
5
5
4
555
411
286
997
13
12
12
12
031
883
583
967
Aug.
Aug.
Aug.
Aug.
Aug.
2. .
9..
16..
23..
30. .
301
263
106
115
107
18 ,143
18 349
18 ,334
18 577
18 ,584
4
4
4
5
6
860
791
691
440
551
13
13
13
13
12
Sept.
Sept.
Sept.
Sept.
6.
13.
20.
27.
99
71
51
120
18 ,942
19 ,064
18 ,526
19 ,353
Oct. 4.
Oct. 11.
Oct. 18.
Oct. 25.
45
68
39
50
Nov.
Nov.
Nov.
Nov.
Nov.
1.
8.
15.
22.
29.
Dec.
Dec.
Dec.
Dec.
1951—Jan.
Jan.
Jan.
Jan.
Jan.
Feb. 7.
Feb. 14.
Feb. 21.
Feb. 28.
762
748
521
655
826
741
P582
P661
P1 Preliminary.
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
2
Wednesday figures and end-of-month figures (shown on next page) are estimates.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
MARCH
1951
281
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Reserve Bank credit outistanding
Date or period
Gold
stock
TreasTreasdeury Money Treas- ury
posits
ury
in
cirwith
rency culacash Federal
outholdRetion
standings
serve
ing
Banks
1,400
2,220
2,593
2,361
25,091
24,093
22,170
23,181
21,900
24,097
19,696
19,499
4,037
4,031
17,644
22,737
20,065
20,529
21,266
22,754
23,532
24,244
24,466
24,427
2,019
2,286
2,963
3,247
4,339
4,562
4,552
4,562
4,565
4,589
4,597
4,598
4,459
5,434
7,598
11,160
28.515
28,952
28,297
28,868
27,903
28,224
27,493
27,600
349 18,226
10,889
11,195
253 18,070
392 18,301
11,641
239 17,935
11,587
329 18,703
12,713
277 18,466
13,081
11,588
381 18,820
15,779
695 20,340
15,072
431 19,798
15,329
783 20,638
16,158 1,371 22,216
16,519
769 23,051
909 23,188
16,488
24,345
24,246
24,247
24,231
24,231
24,136
23,627
23,483
23,249
23,037
22,706
22,392
P22,086
4,602
4,602
4,603
4,606
4,607
4,609
4,613
4,618
4,623
4,627
4,636
4,638
P4.640
27,068
27,042
27,048
27,090
27,156
27,010
27,120
27,161
27,228
27,595
27,741
27,048
P27.188
1,310
1,315
1,308
1,309
1,298
1,304
1,304
1,322
1,295
1,287
L.293
1,297
V 1,293
24,451
24,420
24,346
22,879
22,523
22,249
4,596
4,597
4,598
4,629
4,635
4,637
27,734
27,220
27,008
27,806
27,304
27,145
1,307
1,314
1,310
1,290
1,297
1,290
U. S. Government
securities
Discounts
and
ad-
All 1 Total
Bills,
certifi- other
vances Total Bonds cates,
and
notes
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 3 0 . . .
Dec. 3 1 . . .
1950— Feb.
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.
1951—Tan..
Feb
Averages of
daily figures:
1949—Dec
1950—j a n
Feb
Dec
1951—Jan
Feb
1,037
164
7
3
249
163
70
85
265
223
103
78
145
216
71
441 1,557
1,998
2,484 1,351 1,133
787
2,254 1,467
947 23,315
24,262
753
23,350
22,597
727 21,145
21,872
22,559 2,853 19,706
21,366 6,206 15,160
23,333 10,977 12,356
19,343 7,780 11,563
18,885 7,218 11,667
131
225
113
306
43
220
83
72
116
162
67
798
397
17,746
17,592
17,796
17,389
18,331
17,969
18,356
19,572
19,252
19,693
20,778
21,484
21,881
189
101
178
142
213
330
536
18,287 7,360 10,927
18,082 7,158 10,924
466
17,705 6,948 10,757
427
20,345 4,590 15,755 1,119
20,699 4,736 15,963
927
21,733 5,197 16,536 1,222
6,857
6,397
6,155
5,802
5,618
4,888
6,768
3,793
4,180
4,364
4,620
4,965
5,393
147
58
102
104
580
581
228
536
268
542
250
536
19,012
18,649
18,310
21,606
21,839
23,286
204
264
Member bank
reserve balances
Other
Non- Fedmem- eral
ber de- Reposits serve Total
accounts
ExRequired2 cess1
1,517
374
346
251
291
495
607
629
563
592
590
713
706
2,356
2,292
11,653
12,450
15,915
16,139
16,112
17,899
17,389
20,479
17,867
16,568
569
714
668
807
465
\ .426
1,132
1,347
1,254
1,431
1,443
L.190
1,374
1,315
1,206
1,460
1,206
L ,172
730
766
712
718
771
759
724
759
749
738
714
737
729
15,973 15,390 583
15,657 15,150 507
15,878 15,202 676
15,814 15,288 526
15,934 15,498 436
16,129 15,534 595
15,989 15,770 219
16,709 15,821 888
16,514 15,925 589
16,763 16,118 645
17,681 16,509 1,172
18,984 18,047 937
19,066 P18.405 P661
687
472
585
615
368
842
1,315
1,420
,478
1,273
1,199
L ,255
724
719
728
739
742
734
16,291
16,520
16,146
17,391
18,088
18,907
28
166
653
36
35
634
2,409
867
2,215
977
2,287
393
2,272
756
L ,314
870
1,336
1,327
1,928
1,325
1,123
438
1,307
821
1,312
1,360
1,308
822
881
961
859
1,189
941
666
1,006
858
588
950
566
733
1,114
2,333
1,817
6,444
9,365
14,457
15,577
15,374
16,400
16,647
19,277
16,919
15,550
23
475
5,209
3,085
1,458
562
738
1,499
742
1,202
948
1,018
15,488 803
15,585 936
15,409 737
16,364 1,027
17,263 825
For footnotes see preceding page.
MAXIMUM RATES ON TIME DEPOSITS
[Per cent per annum]
MEMBER BANK RESERVE REQUIREMENTS
fPer cent of depositsl
Net demand deposits 1
Nov. 1, 1933- Feb. 1, 1935- Effective
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936
Effective date
of change
Savings deposits
Postal Savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months. . .
In less than 90 days
NOTE.—Maximum rates that may be paid by member banks as
established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank
may not in any event exceed the maximum rate payable by State
banks or trust companies on like deposits under the laws of the State
in which the member bank is located. Maximum rates that may be
paid by insured nonmember banks as established by the F.D.I.C.,
effective Feb. 1, 1936, are the same as those in effect for member banks.
1938—Apr.
1941—Nov.
1942—Aug.
Sept.
Oct.
1948—Feb.
June
Sept.
Sept.
1949—May
May
16
1
20
14
3
27
11
16
24
1
5
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
1
1
11
16
18
25
I
June 30
MARGIN REQUIREMENTS *
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
1
Feb. 1, Mar. 30, Effec1949 tive
1947Mar. 29, Jan. 16, Jan. 17,
1951
1951
1949
75
75
50
50
75
75
75
50
75
Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension; the
"margin requirements" shown in this table are the difference between
the market value (100%) and the maximum loan value.*
Back figures.—See Banking and Monetary Statistics, Table 145, p. 504,
and BULLETIN for March 1946, p. 295, and February 1947, p. 162.
282
1951—Jan. 11
Jan. 16
Jan. 25
Feb. 1
In effect Mar. 1, 1951 4
Country
banks
Time
deposits
(all
member
banks)
20
12
14
5
6
26
22
16
........
24
21
20
Central
reserve
city
banks
22H
26
24
22
20
22
24
Reserve
city
banks
23^
23
22^
22
23
19
24
20
24
20
14
13
12
18
19
V*
•7
»6
«6
«5
»6
13
14
14
6
1
Demand deposits subject to reserve requirements, which beginning
Aug. 23, 1935, have been total demand deposits minus cash items
in process of collection and demand balances due from domestic banks
(also minus war loan and series E bond accounts during the period
Apr.
13, 1943-June 30, 1947).
2
Requirement became effective at country banks. 3 Requirement
became
effective at central reserve and reserve city banks.
4
Present legal minimum and maximum requirements on net demand
deposits—central reserve cities, 13 and 26 per cent; reserve cities,
10 and 20 per cent; country, 7 and 14 per cent, respectively; on time
deposits at all member banks, 3 and 6 per cent, respectively.
Back figures.—See Banking and Monetary Statistics, Table 107, p. 400*
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Discounts for and advances to member banks
Advances secured by Government
obligations and discounts of and
advances secured by eligible1 paper
(Sees. 13 and 13a)
Federal Reserve Bank
Rate on
Feb. 28
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
Feb. 28
21,1950
21,1950
25,1950
25,1950
25,1950
24,1950
25,1950
23,1950
22,1950
25,1950
25,1950
24,1950
Previous
rate
In effect
beginning—
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Rate on
Feb. 28
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
21,1950
21,1950
25,1950
25,1950
25,1950
24,1950
25,1950
23,1950
22,1950
25,1950
25,1950
24,1950
J
2
1"
2
4
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
* Certain special rates to nonmember banks were in effect during the wartime period.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal
Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a
of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding
6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals,
partnerships, or corporations made under the last paragraph of Section 13 is 90 days.
Backfigures.—SeeBanking and Monetary Statistics, Tables 115-116, pp. 439-443.
FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum]
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13B
OF THE FEDERAL RESERVE ACT
Maturity
Rate on
Feb. 28
In effect beginning—
1M
IK
Aug. 21, 1950
Aug. 21, 1950
Aug. 21, 1950
1- 90 days
91-120 days
121-180 days
Previous
rate
Maturities not exceeding five years
[In effect February 28. 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 February 28]
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
20
25
30
35
40-50
10
15
20
25
30
35
40-50
Maximum Rates Financing Institutions May Charge Borrowers
[Per cent per annum]
Federal
Reserve
Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis....
Kansas City
Dallas
San Francisco...
Tofinancinginstitutions
On discounts or
purchases
On
loans 1
On
commit- Portion
ments for which
Rejinstitu- maining
tion is
portion
obligated
On
commitments
0)
8
(»)
8
1
Including loans made in participation withfinancinginstitutions.
*1 Rate charged borrower less commitment rate.
Rate charged borrower.
4
Rate charged borrower but not to exceed 1 per cent above the discount
rate.
8
Charge of J€ per cent is made on undisbursed portion of loan.
Backfigures.—SeeBanking and Monetary Statistics, Table 118,
pp. 446-447.
Interest rate
Commitment rate.
MARCH
1951
283
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
1951
Feb. 28
Feb. 21
Feb. 14
Feb. 7
Jan. 31
Jan. 24
Jan. 17
Jan.
Feb.
Feb.
Assets
20,257,403 20,380,402 20,430,903 20,512,903 20,564,902 20,621,903 20,664,402 20,257,403 20,564,902 22,582,427
Gold certificates
Redemption fund for
586,245
595,372
537,921
597,305
595,372
588,455
594,817
594,817
591,817
594,285
F. R. notes
Total gold certificate reserves. . . . 20,852,220 20,972,219 21,025,188 21,110,208 21,160,274 21,210,358 21,250,647 20,852,220 21,160,274 23,120,348
Other cash
Discounts and advances:
For member banks.. .
For nonmember
banks, etc
370,291
367,001
359,385
384,718
373,253
352,916
359,038
384,718
314,230
397,557
196,212
294,335
642,905
798,142
272,316
100,358
397,557
798,142
84,647
45,800
Total discounts and
advances
Industrial loans
U. S. Govt. securities:
Bills
Certificates:
Special
Other
Notes
Bonds
359,038
397,557
196,212
294,335
642,905
798,142
272,316
100,358
397,557
798,142
130,447
3,606
3,628
3,520
3,579
3,445
3,246
3,301
3,606
3,445
2,400
1,526,606 1,658,664 1,699,664 1,661,164 1,698,664 1,164,864 1,257,964 1,526,606 1,698,664 3,856,724
6,332,350
700,600
14,960,983 14,875,383 14,905,683 14,899,783 14,820,283 14,633,251 14,793,451 14,960,983 14,820,283
5,393,375 5,319,875 5,202,175 5,079,675 4,965,425 4,746,625 4,746,925 5,393,375 4,965,425 6,856,800
Total U. S. Govt.
21,880,964 21 ,853,922 21,807,522 21,640,622 21,484,372 20,544,740 20,798,340 21,880,964 21,484,372 17,746,474
securities
Other Reserve Bank
905,437
972,635
764,685
787,211 1,021,040
764,685
346,598
905,437 1,228,775 1,224,862
credit outstanding
Total Reserve Bank
credit outstanding 23,187,564 23,282,537 23,330,239 23,259,741 23,050,644 21,607,513 21,923,039 23,187,564 23,050,644 18,225,919
Liabilities
Federal Reserve notes. . 23', 109,85123,086,830 23,096,697 23,100,924 23,026,321 23,008,538 23,161,401 23,109,851 23,026,321 22,974,297
Deposits:
Member bank — re19,066,165 18,933,750 18,951,706 19,075,277 18,984,124 18,259,903 18,587,018 19,066,165* 18,984,124 15,972,809
serve accounts
U. S. Treasurer—gen465,141
795,952
807,342
256,421
465,141
807,342
665,776
eral account
795,435
864,079
105,009
838,880
866,455
884,052
838,880
887,736
866,455
850,321
904,410
Foreign
916,241
886,919
209,474
333,326
340,017
541,779
333,326
335,175
310,394
340,017
244,664
Other
313,378
Total deposits
20,703,512 20,952,613 21,042,420 21,071,009 20,997,938 19,611,309 19,805,911 20,703,512 20,997,938 18,064,416
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent)...
47.6
49.5
56.3
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
(Callable Government securities classified according to nearest call date)
[In thousands of dollars]
Total
Discounts and advances:
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Feb. 28
Industrial loans:
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Feb. 28
U. S. Government securities:
Jan.
Feb.
Feb.
Feb.
Feb.
31
7
14
21
28
284
Within
15 days
16 to 90
days
91 days to
1 year
Over 1 year
to 5 years
798,142
642,905
294,335
196,212
397,557
788,842
625,464
277,177
189,022
387,868
9,227
17,368
17,128
7,166
9,668
73
73
30
24
21
3,445
3,579
3,520
3,628
3,606
40
44
180
58
48
291
267
144
269
269
2,153
2,313
2,223
2,173
2,160
961
955
973
1,128
1,129
21,484,372
21,640,622
21,807,522
21,853,922
21,880,964
689,599
434,452
594,933
419,108
164,650
1,019,065
1,237,712
1,104,731
1,239,556
1,361,956
12,157,285
12,282,385
12,306,785
12,249,985
12,231,185
4,002,023
4,065,373
4,154,473
4,184,173
4,308,973
Over 5 years
to 10 years
986,700
986,700
986,700
986,700
986,700
Over
10 years
2,629,700
2,634,000
2,659,900
2,774,400
2,827,500
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
Gold certificates:
Jan. 31
20,564,902
Feb. 7
20,512,903
Feb. 14
20,430,903
Feb. 21
20,380 402
Feb. 28
20,257,403
Redemption fund
for F. R. notes:
Jan. 31
595,372
Feb. 7
597,305
Feb. 14
594,285
Feb. 21
591,817
Feb. 28
594,817
Total gold certificate reserves:
Jan. 31
21,160,274
Feb. 7
21,110,208
Feb. 14
21,025,188
Feb. 21
20,972,219
Feb. 28
20,852,220
Other cash:
384,718
Jan. 31
Feb. 7
359,385
Feb. 14
367,001
Feb. 21
370,291
Feb. 28
359,038
vances:
Secured by
U. S. Govt.
securities:
Jan. 31.. 791,988
Feb. 7. . 634,051
Feb. 14
290,867
191,136
Feb. 21..
Feb. 28. . 395,295
Other:
6,154
Jan. 31..
Feb 7
8 854
3,468
Feb. 14. .
Feb. 21..
5,076
2,262
Feb. 28. .
Industrial loans:
3 445
Jan. 31
3,579
Feb. 7.
3,520
Feb. 14
3,628
Feb. 21
3,606
Feb. 28
U. S. Govt.
securities:
Bills:
Jan. 31.... 1,698,664
Feb. 7.... 1,661,164
Feb. 14.... 1,699,664
1,658,664
Feb. 21
Feb. 28.... 1,526,606
Notes:
14,820,283
Jan. 31
14,899,783
Feb. 7
14,905,683
Feb. 14
14,875,383
Feb. 21
Feb. 28
14,960,983
Bonds:
Jan. 31.... 4,965,425
Feb. 7.... 5,079,675
5,202,175
Feb. 14
Feb. 21. . . 5,319,875
.
Feb. 28.... 5,393,375
Total U. S. Govt.
securities:
Jan. 31
21,484,372
Feb. 7
21,640,622
Feb. 14
21,807,522
Feb. 21
21,853,922
Feb. 28..
21,880,964
Total loans and
securities:
Jan. 31
22,285,959
Feb. 7
22,287,106
Feb. 14
22,105,377
Feb. 21
22,053,762
Feb. 28
22,282,127
MARCH
760,878
747,059
715,646
767,346
706,149
6,557,553
6,627,941
6,567,370
6,493,320
6,611,530
1,192,379
1,185,574
1,192,277
1,171,508
1,181,831
1,389,766
1,397,499
1,374,778
1,412,499
1,348,937
824,044
808,463
821,584
818,821
806,088
852,328
838,405
872,483
872,726
811,797
4,317,024
4,198,544
4,151,740
4,136,147
4,225,524
594,490
590,251
589,211
620,632
588,634
357,470
360,979
385,454
375,623
376,611
762,426
768,464
757,417
762,691
728,751
533,283
561,734
555,478
557,324
532,470
2,423,261
2,427,990
2,447,465
2,391,765
2,339,081
53,540
53,538
53,279
53,142
53,142
49,219
49,208
48,225
47,698
47,698
49,702
49,699
49,284
49,039
49,039
71,232
71,228
70,918
70,764
70,764
57,720
57,713
57,707
56,448
59,448
44,163
44,159
43,933
43.821
43,821
99,695
99,684
99,377
99,186
99,186
40,566
42,562
42,453
42,391
42,391
21,397
21,396
21,348
21,827
21,827
34,901
34,898
34,810
34,783
34,783
25,333
25,331
25,263
25,218
25,218
47,904
47,889
47,688
47,500
47,500
814,418
800,597
768,925
820,488
759,291
6,606,772
6,677,149
6,615,595
6,541,018
6,659,228
1,242,081 1,460,998 881,764
1,235,273 1,468,727 866,176
1,241,561 1,445,696 879,291
1,220,547 1,483,263 875,269
1,230,870 1,419,701 865,536
896,491
882,564
916,416
916,547
855,618
4,416,719 635,056
4,298,228 632,813
4,251,117 631,664
4,235,333 663,023
4,324,710 631,025
378,867
382,375
406,802
397,450
398,438
797,327
803,362
792,227
797,474
763,534
558,616
587,065
580,741
582,542
557,688
2,471,165
2,475,879
2,495,153
2,439,265
2,386,581
39,839
36,634
38,269
36,775
36,649
73,633
67,351
69,049
65,090
64,437
24,966
22,903
22,941
23,287
21,739
35,921
31,198
35,147
33,230
34,620
28,669
23,582
23,214
24,702
24,098
24,676
24,143
22,716
27,444
25,891
56,733
59,209
59,572
59,884
57,006
15,641
15,221
15,487
17,911
15,438
8,012
6,783
6,860
7,290
6,637
14,324
12,479
12,069
12,480
12,462
16,433
15,951
15,441
14,485
13,334
45,871
43,931
46,236
47,713
46,727
6,320
11,320
22,170
4,750
6,375
417,285
358,285
118,610
67,375
170,080
6,030
6,525
5,755
5,755
12,245
57,000
65,210
29,485
13,035
52,525
17,696
11.946
16,050
10,500
17,700
18,962
25.410
14,760
9,310
22,510
98,525
96,825
22,975
20,275
16,125
39,815
21.090
26,925
23,250
26,300
35,172
26,332
18,497
23,172
12,317
17,858
6,508
3,840
7,014
18,168
2,700
10,850
77,325
4,600
11,800
4,000
30,100
350
5,000
6,500
1 000
94
94
60
58
52
52
52
54
19,457
21,088
15,602
8',826
1,051,219
1,056,791
1,057,990
1,054,040
1,061,916
352,441
360,550
369,246
376,949
382,816
1,000
1,852
2,416
2,324
2,156
2 700
26
26
26
26
26
2,345
2,456
2,434
2,525
2,517
1
133
132
124
125
115
7
7
37
30
30
544,502
515,247
554,652
561,935
487,900
102,916
103,325
106,314
104,363
96,054
152,787
153,394
157,832
154,936
142,600
108,760
109,192
112,351
110,290
101,509
88,259
88,610
91,173
89,500
82,374
3,321,772 931,863 1,383,429
3,340,325 936,802 1,390,761
3,333,104 937,866 1,392,340
3,328 1?9 935,959 1 389,509
3,345,470 941,345 1,397,505
984,780
990,000
991,124
989,109
994,801
799,148
803,384
804,296
802,661
807,280
1,110,333 312,425
1,135,881 319,613
1,163,275 327,320
1,190,243 334,727
1,206,029 339,351
463,820
474,493
485,935
496,930
503,796
330,166
337,763
345,908
353,734
358,621
267,929
274.094
280,704
287,055
291,021
741
771
714
738
738
192
187
185
184
180
63,000
42,344
22,359
8,460
26,227
45,376
52,132
47,287
47,699
45,340
77,014
77,320
79,557
78,096
71,878
78,270
78,581
80,854
79,371
72,558
160,737
161,375
166,043
162,997
150,020
2,209,028 807,442
2,220,736 811,722
2,223,257 812,643
2,218,738 810,991
2,231,505 815,658
470,167
472,659
473,196
472,234
474,951
697,327
701,024
701,819
700,392
704,423
708,702
712,458
713,267
711,817
715,913
1,455,406
1,463,121
1,464,781
1,461,804
1,470,216
233,792
239,171
244,939
250,482
253,942
237,605
243,072
248,934
254,566
258,084
487,953
499,180
511,218
522,784
530,007
257,586
258,556
265,640
261,017
241,320
740,618
757,659
775,931
793,486
804,449
270,710
276,939
283,617
290,034
294,041
157,633
161,260
165,148
168,885
171,218
1,423,117
1,438,429
1,442,838
1,430,989
1 453,558
4,976,607
4,991,453
5,051,031
5,080,307
5,039,399
1,347,204 2,000,036
1,359,740 2,018,648
1,371,500 2,036,107
1,375,049 2,041,375
1,376,750 2,043,901
1,423,706
1,436,955
1,449,383
1,453,133
1,454,931
1,155,336 3,207,232
1,166,088 3,236,951
1,176,173 3.264,828
1,179,216 3,273,241
1,180,675 3,277,274
1,141,152
1,131,005
1,118,619
1,109,485
1,135,926
673,176
686,051
685,631
688,818
691,509
1,008,133 1,024,577 2,104,096
1,017,515 1,034,111 2,123,676
1,026,315 1,043,055 2,142,042
1,028,970 1,045,754 2,147,585
1,030,243 1,046,555 2,150,243
1,429,437
1,449,749
1,465,008
1,435,739
1,459,933
5,393,918
5,349,764
5,169,667
5,147,708
5,209,559
1,355,579 2,057,097
1,368,721 2,083,916
1,379,689 2,065,644
1,383,329 2,054,462
1,391.512 2,096,478
1,441,535 1,179,305 3,305,851
1,449,383 1,198,005 3,333,870
1,465,557 1,191,970 3,287,803
1,463,758 1,188,556 3,293,516
1,472,746 1,203,215 3,293,399
1,180,967
1,152,095
1,145,544
1,135,435
1,162,226
708,540
712,570
704,313
712,174
704,006
1,026,991 1,024,577 2,182,162
1,025,875 1,034,111 2,129,047
1,032,571 1,043,055 2,154,556
1,038,308 1,048,454 2,152,323
1,050,567 1,057,405 2,181,081
1951
285
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
New
York
Boston
Total
Cleveland
Philadelphia
Richmond
Chicago
Atlanta
St.
Louis
Kansas
City
Minneapolis
San
Francisco
Dallas
Assets (cont.)
Due from foreign
Jan. 31*.
Feb. 7
Feb. 14
Feb. 21
Feb. 28
Federal Reserve
notes of other
Banks:
Jan. 31.
, .
Feb. 7
Feb. 14
Feb. 21
Feb. 28
Uncollected
cash items:
Jan. 31
Feb. 7.
Feb. 14
Feb. 21
Feb. 28
Bank premises:
Jan. 31
Feb. 7
Feb. 14
Feb. 21.
Feb. 28
Other assets:
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Feb. 28
Total assets:
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Feb. 28
17
2
2
2
2
2
2
2
2
2
2
1
1
1
1
1
1
1
1
1
1
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
7,002
10,582
4,782
4,062
3,581
19,425
26,046
16,965
18,068
17,607
5,397
6,138
4,662
5,578
6,304
7,742
8,999
7,831
7,062
7,866
46,565
48,336
42,677
40,145
32,877
14,740
12,950
14,714
16,492
20,390
17,804
16,337
14,688
13,349
16,779
5,767
6,657
6,840
8,076
6,547
6,235
4,777
5,456
4,469
4,587
6,565
8,735
6,829
6,305
5,670
7,970
9,096
7,696
6,742
5,425
20,780
19,692
17,667
17,318
16,183
3,281,637
3,233,218
4,225,620
3,827,017
3,542,409
248,323
253,918
305,553
345,013
304,994
632,220
560,919
783,519
735,511
617,289
211,019
232,069
263,850
252,659
220,696
331,366
285,586
404,211
378,753
342,304
264,711
270,495
317,711
259,114
285,569
204,540
206,073
261,015
261,636
240,355
548,933
599,024
860 351
653,329
631,210
148,193
149,174
191,263
156,261
157,779
88,636
90,673
103,591
101,067
97,203
176,371
170,196
197,993
187,302
197,883
137,288
126,324
190,360
166,755
159,990
290,037
288,767
346,203
329,617
287,137
40,175
40,189
40,336
40,481
40,406
1,069
1,069
1,069
1,069
1,064
7,638
7,638
7,638
7,638
7,620
2,915
2,915
2,915
2,915
2,909
4,783
4,781
4,781
4,778
4,768
2,917
2,918
2,917
2,941
2,941
1,807
1,811
1,811
1,959
1,957
5,144
5,144
5,235
5,211
5,210
3,504
3,504
3,504
3,504
3,483
1,112
1,112
1,112
1,112
1,109
2,623
2,607
2,607
2,607
2,607
674
674
674
674
671
5,989
6,016
6,073
6,073
6,067
118,850
126,268
133,469
141,063
148,269
8,497
9,085
9,613
10,156
10,684
25,999
27,861
29,635
31,334
32,624
7,315
7,740
8,214
8,677
9,163
11,717
12,329
12,783
13,520
14,420
7,984
8,526
9,145
9,609
10,109
6,293
6,720
7,117
7,545
7,924
17,727
18,758
19,759
20,801
22,000
6,273
6,723
7,122
7,524
7,961
3,707
3,956
4,156
4,446
4,636
5,864
6,183
6,522
6,846
7,201
5,577
5,953
6,263
6,740
6,986
11,897
12,434
13,140
13,865
14,561
47,437,629
47,334,743
48,047,822
47,552,523
47,368,309
2,548,587
2,561,636
2,593,221
2,653,304
2,576,198
12,759,612
12,716,735
12,692,075
12,546,374
12,608,371
2,849,274
2,875,761
2,923,834
2,896,994
2,883,195
3,909,626
3,895,538
3,976,095
3,975,070
3,920,159
2,674,146
2,669,417
2,740,513
2,675,539
2,693,877
2,327,853
2,332,267
2,415,760
2,420,180
2,355,351
23,026,321
23,100,924
23,096,697
23,086,830
23,109,851
1,393,162
1,400,490
1,403,989
1,408,327
1,408,159
5,182,866
5,196,372
5,195,858
5,210,707
5,204,210
1,627,239 2,064,638
1,634,309 2,072,633
1,638,791 2,076,986
1,643,291 2,072,917
1,637,556 2,068,075
1,569,557
1,571,657
1,565,353
1,558,356
1,571,448
1,248,486 4,469,777
1,253,542 4,477,739
1,244,072 4,480,212
1,237,298 4,485,916
1,248,668 4,478,432
18,984,124
19,075,277
18,951,706
18,933,750
19,066,165
780,795
788,049
785,708
847,642
787,421
6,188,601
6,253,754
6,022,468
6,040,875
6,106,374
871,809
884,443
874,298
879,653
904,511
1,378,990
1,371,754
1,389,915
1,388,531
1,407,550
739,106
760,465
770,594
773,676
761,763
786,116
817,748
841,768
824,754
817,147
807,342
795,435
864,079
795,952
465,141
51,550
53,263
57,656
54,187
44,635
122,658
118,694
98,691
64,212
50,359
49,058
42,990
62,497
59,100
36,985
69,261
92,109
103,507
97,582
30,108
68,674
44,031
62,532
49,317
35,963
866,455
886,919
916,241
887,736
838,880
53,308
54,517
55,924
54,560
51,268
2270,601
2277,551
2291,143
2277,884
2265,826
67,924
69,465
71,258
69,520
65,325
79,961
81,775
83,886
81,840
76,902
340,017
313,378
310,394
335,175
333.326
3,467
4,615
4,081
4,153
4,230
272,782
245,392
248,272
276,365
271,667
3,179
3,182
1,723
1,419
1,255
20,997,938
21,071,009
21,042,420
20,952,613
20.703,512
889,120
900,444
903,369
960,542
887,554
6,854,642
6,895,391
6,660,574
6,659,336
6,694,226
991,970
1,000,080
1,009,776
1,009,692
1,008,076
24
24
24
24
24
2
2
2
2
2
i7
17
165,992
178,345
150,807
147,666
143,816
17
17
8,368,914 1,995,402
8,330,573 1,966,188
8,498,528 2,001,425
8,281,426 1,991,735
8,350,317 1,984,460
1,195,110 2,030,066
1,202,247 2,029,438
1,232,291 2,050,819
1,228,009 2,051,323
1,216,617 2,039,925
1,751,136 5,027,903
1,779,175 4,975,768
1,844,231 5,079,030
1,826,393 5,006,176
1,801,500 4,938,339
Liabilities
Federal Reserve
notes:
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Feb. 28
Deposits:
1,073,665
1,075,759
1,072,564
1,069,891
1,072,561
601,556
604,241
603,291
602,084
603,061
905,840
909,682
904,858
904,465
908,611
622,264
623,430
619,732
613,945
622,754
2,267,271
2,281,070
2,290,991
2,279,633
2,286,316
3,056,218
3,058,617
3,079,142
2,991,606
3,139,137
687,303
683,712
687,008
688,683
679,249
430,319
437,758
455,680
448,617
448,016
871,663
871,583
873,974
887,583
877,572
909,099
937,767
951,571
930,191
931,362
2,284,105
2,209,627
2,219,580
2,231,939
2,206,063
51,297
37,573
43,568
79,249
25,992
172,411
179,914
149,357
120,664
50,073
38,295
35,320
39,359
49,668
40,077
47,698
44,066
59,597
53,870
42,666
49,761
50,035
56,743
50,546
30,123
42,538
34,386
46,509
66,966
41,902
44,141
63,054
84,063
50,591
36,258
42,990
43,965
45,100
44,000
41,345
36,111
36,931
37,884
36,960
34,730
118,652
121,343
124,476
121,440
114,112
31,813
32,534
33,374
32,560
30,595
21,495
21,983
22,550
22,000
20,673
31,813
32,534
33,374
32,560
30,595
31,813
32,534
33,374
32,560
30,595
5,166
5,496
3,211
4,536
4,192
2,874
2,762
3,499
1,973
2,743
584
609
733
526
647
4,157
2,203
2,636
3,055
3,114
6,602
7,494
6,216
5,429
7,595
1,270
1,240
1,388
1,598
1,613
1,609
2,747
2,239
1,211
1,307
727
857
692
909
879
79,974
81,787
83,898
81,852
76,914
37,600
36,781
35,704
34,001
34,084
1,533,378
1,551,134
1,580,519
1,572,489
1,518,752
853,644
851,223
881,725
868,966
841,814
874,108
892,861
923,953
941,489
878,516
3,351,438
3,362,077
3,355,611
3,236,765
3,306,436
764,013
759,060
765,957
776,340
757,516
500,782
505,047
539,215
526,085
512,968
954,846
956,899
966,330
971,900
939,597
Member bank
—reserve
accounts:
Jan. 3 1 . .
Feb. 7. .
Feb. 14. .
Feb. 2 1 . .
Feb. 2 8 . .
U. S. Treasurer—general
account:
Jan. 3 1 . .
Feb. 7. .
Feb. 14..
Feb. 2 1 . .
Feb. 2 8 . .
Foreign:
Jan. 3 1 . .
Feb. 7. .
Feb. 14. .
Feb. 2 1 . .
Feb. 2 8 . .
Other:
Jan. 3 1 . .
Feb. 7 . .
Feb. 14..
Feb. 2 1 . .
Feb. 28. .
Total deposits:
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Feb. 28
984,177 2,445,820
1,005,544 2,391,249
1,032,146 2,423,245
1,030,626 2,398,383
1,004,738 2,353,319
i After deducting $17,000 participations of other Federal Reserve Banks on Jan. 31; Feb. 7; Feb. 14; Feb. 21; and Feb. 28.
w 2
After deducting $595,841,000 participations of other Federal Reserve Banks on Jan. 31; $609,354,000 on Feb. 7; $625,086,000 on Feb. 14;
$609,840,000 on Feb. 21; and $573,042,000 on Feb. 28.
286
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Kansas
City
Dallas
San
Francisco
68,397
68,377
65,002
73,872
75,036
134,111
127,321
143,785
138,878
155,465
110,232
115,376
157,213
146,352
138,402
232,043
220,098
280,854
243,729
213,913
247
303
354
345
328
375
374
405
257
336
419
512
376
Boston
New
York
Philadelphia
Cleveland
Richmond
209,445
203,465
228,299
226,601
222,351
458,851
360,386
569,636
408,480
441,772
160,616
171,526
205,131
173,486
166,711
228,319
188,040
234,512
244,987
248,064
203,640
198,806
245,269
199,741
231,917
165,317
145,612
207,162
200,538
187,122
423,765
365,966
537,065
432,301
438,297
122,240
95,634
126,854
109,301
117,946
2,593
2,811
3,165
3,982
3,132
439
511
518
603
583
1,122
1,104
329
445
560
515
443
316
377
450
458
418
1,186
1,318
1,468
1,587
1,587
322
280
353
283
305
12,498,952
12,454,960
12,429,233
12,282,505
12,343,340
2,780,264
2,806,426
2,854,216
2,827,072
2,812,926
3,827,457 2,627,170
3,812,911 2,622,131
3,892,954 2,692,907
3,891,498 2,627,578
3,836,220 2,645,622
2,288,227
2,292,392
2,375,637
2,379,783
2,314,724
8,246,166
8,207,100
8,374,356
8,156,569
8,224,752
1,960,240
1,930,733
1,965,728
1,955,815
1,948,328
12,241
12,259
12,269
12,281
12,282
73,643
73,722
73,750
73,763
73,768
15,849
15,906
15,914
15,944
15,972
21,702
21,721
21,787
21,804
21,815
10,001
10,014
10,028
10,084
10,091
9,261
9,271
9,281
9,303
9,315
29,137
29,195
29,222
29,243
29,254
7,462
7,482
7,506
7,515
7,517
5,181
5,180
5,182
5,203
5,204
8,461
8,488
8,508
8,553
8,555
9,866
9,940
9,960
9,982
10,018
24,097
24,098
24,107
24,117
24,125
32,246
32,246
32,246
32,246
32,246
153,290
153,290
153,290
153,290
153,290
39,710
39,710
39,710
39,710
39,710
48,014
48,014
48,014
48,014
48,014
25,167
25,167
25,167
25,167
25,167
22,369
22,369
22,369
22,369
22,369
75,345
75,345
75,345
75,345
75,345
20,295
20,295
20,295
20,295
20,295
13,168
13,168
13,168
13,168
13,168
19,047
19,047
19,047
19,047
19,047
16,852
16,852
16,852
16,852
16,852
44,519
44,519
44,519
44,519
44,519
3,011
3,011
3,011
3,011
3,011
7,319
7,319
7,319
7,319
7,319
4,489
4,489
4,489
4,489
4,489
1,006
1,006
1,006
1,006
1,006
3,349
3,349
3,349
3,349
3,349
762
762
762
762
762
1,429
1,429
1,429
1,429
1,429
521
521
521
521
521
1,073
1,073
1,073
1,073
1,073
1,137
1,137
1,137
1,137
1,137
1,307
1,307
1,307
1,307
1,307
2,140
2,140
2,140
2,140
2,140
8,657
9,031
9,304
9,678
9,851
26,408
27,444
28,483
29,497
30,654
8,962
9,230
9,505
9,779
10,098
11,447
11,886
12,334
12,748
13,104
8,459
8,756
9,062
9,361
9,648
7,234
7,473
7,711
7,963
8,181
16,837
17,504
18,176
18,840
19,537
6,884
7,157
7,375
7,589
7,799
4,706
4,858
5,006
5,149
5,277
6,279
6,536
6,779
6,969
7,108
6,181
6,390
6,602
6,817
7,053
11,452
11,764
12,060
12,636
13,174
2,548,587
2,561,636
2,593,221
2,653,304
2,576,198
12,759,612
12,716,735
12,692,075
12,546,374
12,608,371
2,849,274
2,875,761
2,923,834
2,896,994
2,883,195
3,909,626
3,895,538
3,976,095
3,975,070
3,920,159
2,674,146
2,669,417
2,740,513
2,675,539
2,693,877
2,327,853
2,332,267
2,415,760
2,420,180
2,355,351
8,368,914
8,330,573
8,498,528
8,281,426
8,350,317
1,995,402
1,966,188
2,001,425
1,991,735
1,984,460
1,683
1,738
1,782
1,768
1,954
^8,335
ig507
^] 8 2 1
8,751
J
9,674
2,144
2,215
2,270
2,252
2,490
2,525
2,607
2,672
2,652
2,931
1,357
1,402
1,437
1,425
1,576
1,140
1,178
1,207
1,197
1,324
3,746
3,869
3,965
3,935
4,350
1,004
1,037
1,063
1,055
1,166
473
473
473
473
473
54
54
54
54
54
226
224
224
224
224
500
Atlanta
Chicago
St.
Louis
Minneapolis
Liabilities
(cont.)
Deferred availability cash items:
Jan. 3 1 . . . .
Feb. 7 . . . .
Feb. 1 4 . . . .
Feb. 21
Feb. 2 8 . . . .
2,516,976
2,260,607
3,000,782
2,598,266
2,636,996
and accrued
dividends:
705
8,422
Jan. 3 1 . . . .
690
9,333
Feb. 7 . . . .
734
10,447
Feb. 14
618
12,431
Feb. 2 1 . . . .
744
10,985
Feb. 28
Total liabilities:
Jan. 3 1 . . . . 46,549,657 2,492,432
Feb. 7 . . . . 46,441,873 2,505,089
Feb. 1 4 . . . . 47,150 346 2,536,391
Feb. 21
46,650,140 2,596,088
Feb. 28. . . . 46,461,344 2,518,808
937
1,105
1,329
1,375
830
1,170,982 1,995,142
1,177,968 1,994,230
1,207,862 2 015 348
1,203,416 2,015,617
1,191,895 2,004,078
561
830
1,114
1,019
833
1,716,930 4,945,695
1,744,686 4,893,247
1 809 510 4 996,204
1,791,435 4,922,764
1,766,270 4,854,381
Capital Accts.
Capital paid in:
Jan. 31
226,901
Feb. 7 . . . .
227,276
Feb. 14
227,514
Feb. 2 1 . . . .
227,792
Feb. 2 8 . . . .
227,916
Surplus:
(section 7):
Jan. 3 1 . . . .
510,022
Feb. 7 . . . .
510,022
Feb. 1 4 . . . .
510,022
Feb. 2 1 . . . .
510,022
Feb. 2 8 . . . .
510,022
(section 13b):
Jan. 3 1 . . . .
27,543
27,543
Feb. 7 . . . .
27,543
Feb. 1 4 . . . .
27,543
Feb. 2 1 . . . .
27,543
Feb. 2 8 . . . .
Other cap. accts.:
123,506
Jan. 31
128,029
Feb. 7 . . . .
132.397
Feb. 1 4 . . . .
137,026
Feb. 2 1 . . . .
Feb. 2 8 . . . .
141,484
Total liabilities
and cap. accts.:
Jan. 31
47,437,629
Feb. 7 . . . . 47,334,743
Feb. 14
48,047,822
Feb. 2 1 . . . . 47,552,523
Feb. 28
47,368,309
ity on acceptances purchased for foreign
correspondents:
Jan. 31
Feb. 7 . . . .
Feb. 1 4 . . . .
Feb. 21
Feb. 2 8 . . . .
Industrial loan
commitments:
Jan. 31
Feb. 7.
Feb. 1 4 . . . .
Feb. 2 1 . . . .
Feb. 28
27,146
28,035
28,734
28,510
31,516
3,325
2,947
3,021
2 943
2,'93 7
1,430
1 589
1,611
1 557
l]551
1,195,110 2,030,066
1,202,247 2,029,438
1,232,291 2,050,819
1,228,009 2,051,323
1,216,617 2,039,925
679
701
719
713
788
1,004
1,037
1,063
1,055
1,166
500
495
495
495
495
1,751,136 5,027,903
1,779,175 4,975,768
1,844,231 5,079,030
1,826,393 5,006,176
1,801,500 4,938.339
1,004
1,037
1,063
1,055
1,166
2,525
2,607
2,672
2,652
2,931
142
112
164
140
140
1
After deducting $18,811,000 participations of other Federal Reserve Banks on Jan. 31; $19,428,000 on Feb. 7; $19,913,000 on Feb. 14; $19,759,000
on Feb. 21; and $21,842,000 on Feb. 28.
MARCH
1951
287
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Boston
NewYork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
F. R. notes outstanding
(issued to Bank):
24,027,470 1,482,403 5,361,699 1,694,368 2,163,598 1,637,997 1,326,434 4,591 ,980 ,120,414 615,719
Jan. 31
23,987,623 1,482,629 5,364,770 1,689,407 2,164,484 1,638,743 1,321,512 4,585,695 1,
,114,419 615,110
Feb.
7
Feb. 14
23,976,632 1,479,900 5,380,380 1,689,239 2,162,346 1,630,950 1,324,706 4,571 ,448 1,117,361 614,426
Feb. 21
23,927,826 1,478,164 5,367,830 1,687,726 2,156,427 1,629,595 1,320,826 4,569,401 1,109,330 613,014
Feb. 28
23,957,688 1,478,694 5,375,635 1,679,651 2,158,676 639,756 1,328,339 4,569,534 1,115,306 612,514
Collateral held against
notes outstanding:
Gold certificates:
13,119,000 440,000 4,570,000 750,000 765,000 550,000 550,000 2,750,000 350,000 200,000
Jan. 31
13,029,000 440,000 4,570,000 750,000 765,000 550,000 550,000 2.
,710,000 300,000 200,000
Feb.
7
Feb. 1 4 . . . . . . . 13,029,000 440,000 4,570,000 750,000 765,000 550,000 550,000 2,710,000 300,000 200,000
12,769,000 440,000 4,470,000 750,000 765,000 500,000 550,000 2,710,000 300,000 190,000
Feb. 21
12,769,000 440,000 4,470,000 750,000 765,000 500,000 550,000 2,710,000 300,000 190,000
Feb. 28
Eligible paper:
6,030
607,751
6,320 415,935
16,596
39,815 35,172
Jan. 31
443,608
11,320 355,635
6,525
11,746
21,090 26,332
Feb.
7
220,763
22,170 113,910
15,750
5,755
26,925 18,497
Feb. 14
144,340
4,750
65,175
5,755
10,200
25,950 23,172
Feb. 21
283,391
6,375 163,030
12,245
26,300 12,317
16,300
Feb. 28
U. S. Govt. sec.:
Jan. 31
Feb.
Feb.
Feb.
Feb.
Total collateral:
Jan. 31
Feb.
7
Feb. 14
Feb. 21
Feb. 28
LOANS
11,890,000
11,890,000
11,890,000
12,040,000
12,040,000
1,100,000
1,100,000
1,100,000
1,100,000
1,100,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
25,616,751
25,362,608
25,139,763
24,953,340
25,092,391
1,546,320
1,551,320
1,562,170
1,544,750
1,546.375
5,985,935
5,925,635
5,683,910
5,535,175
5,633,030
GUARANTEED THROUGH
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,425,000
1,425,000
1,425,000
1,425,000
1,425,000
1,115,000
1,115,000
1,115,000
1,165,000
1,165,000
,756,030 2,190,000 1,681,596
.756,525 2,190,000 1,676,746
,755,755 2,190,000 1,680,750
,755,755 2,190,000 1,675,200
,762,245 2,190,000 1,681,300
FEDERAL
RESERVE
800,000
800,000
800,000
800,000
800,000
1,900,000
1,900,000
1,900,000
1,900,000
1,900,000
,350,000 4,650,000
,350,000 4,610,000
,350,000 4,610,000
,350,000 4,610,000
350,000 4,610,000
Guaranteed loans
authorized
to date
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Guaranteed
loans
outstanding
Date
Number
Amount
Total
amount
1950
Oct. 31. ..
Nov. 30. ..
Dec. 31. ..
1951
Jan. 3 1 . .
3
23
62
1,000
13,585
'31,326
2,340
8,017
2,232
6,265
3,335
8,299
119
109,433
23,748
19,801
13,658
r
Revised.
NOTE.—The difference between guaranteed loans authorized and
sum of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts
repaid, guarantees available but not completed, and authorizations
expired or withdrawn.
935,406
938,604
937,567
934,192
935,312
665,362
661,125
660,999
656,164
658,348
2,432,090
2,411,125
2,407,310
2,405,157
22,405,923
280,000
280,000
280,000
280,000
280,000
214,000
214,000
214,000
214,000
214,000
1,700,000
1,700,000
1,700,000
1,600,000
1,600,000
900,000 450,000
900,000 450,000
900,000 450,000
900,000 450,000
900,000 450,000
69,025
18,858
8,360
6,256
9,338
20,324
2,600
11,500
2 6*. 5 00
700,000 500,000 1,000,000
700,000 500,000 1,000,000
700,000 500,000 1,000,000
700,000 500,000 1,100,000
700,000 500,000 1,100,000
1,289,815 685,172 998,858
1,221,090 676,332 988,360
1,226,925 668,497 986,256
1,225,950 663,172 989,338
1,226,300 652,317 1,000,324
714,000
714,000
714,000
714,000
714,000
2,769,025
2,702,600
2,711,500
2,700,000
2,726,500
[Amounts in thousands of dollars]
DEFENSE PRODUCTION ACT OF 1950 AND
[Amounts in thousands of dollars]
San
Francisco
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
BANKS UNDER REGULATION V, PURSUANT TO
EXECUTIVE ORDER NO. 10161
Dallas
Minne- Kansas
apolis
City
Date (last
Wednesday
or last day
of period)
1944
1945
1946
1947
1948
1949
Dec. 3 1 . . .
1950
Jan. 3 1 . . .
Feb. 28. . .
Mar. 31. . .
Apr. 29. . .
May 31. . .
June 3 0 . . .
July 3 1 . . .
Aug. 31. . .
Sept. 30. . .
Oct. 31. . .
Nov. 3 0 . . .
Dec. 3 0 . . .
1951
Jan. 31 . . .
Number
Participations
Apof financproved
Loans Commitments
ing instibut not
outtutions
com- standing 2 outoutpleted l (amount) standing
(airIUUUI; standing
Amount (amount)
(amount)
3,489
3,511
3,542
3,574
3,607
525,532
544,961
565,913
586,726
615,653
4,577
945
335
1,387
3,649
629 326
3,652
3,655
3,663
3,667
3,670
3,677
3,680
3,684
3,690
3,692
3,695
3,698
629,764
630.209
632,049
632,573
633,124
638,015
639,158
644,464
646,276
647,432
649,748
651,389
3,707
654,199
Applications
approved
to date
995
4.165
1 .644
8,309
7.434
1,643
2,705
1,086
2,670
4,869
1,990
539
2,178
2,288
2,947
544
223
1,225
1,172
1,306
4,416
4,362
6,985
8,030
5,108
5,519
4,819
2,223
2,505
2,673
2,665
2,675
2,779
2,479
2,333
2,293
2,307
2,413
2,632
1,941
L ,197
1,272
L.288
1,286
L,352
1,729
2,481
2,509
3,035
3,466
3,754
2,649
2,628
2,651
2,652
2,641
2,731
2,753
3,273
3,224
3,707
4,050
3,745
1,862
3,520
3,325
5,402
1,295
320
3,894
1,995
554
1
Includes applications approved conditionally by the Federal Reserve
Banks and under consideration by applicant.
2
Includes industrial loans past due 3 months or more, which are not
included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks.
NOTE.—The difference between amount of applications approved and
the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or
expired.
288
FEDERAL RESERVE
BULLETIN
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
Central reserve
city banks
All
member
banks
New
York
Reserve
city
banks
Chicago
Country
banks
First half of January 1951
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 2 . . . . 3
Demand deposits
adjusted
Time deposits 4
Demand balances due from domestic banks..
Reserves with Federal Reserve Banks:
Total
Required
Excess
Central reserve
city banks
All
member
banks
New
York
Reserve
city
banks
Chicago
Second half of January 1951
100,671
12,838
87,834
86,759
78,650
22,431
4,188
18,243
20,293
5,864
1,233
4,631
5,238
38,750
6,284
32,466
33,037
33,626
1,132
32,494
28,192
29,656
1,958
1,106
11,707
6,469
48
127
17,696
16,679
1,017
4,658
4,638
20
1,221
1,228
-7
22,079
3,937
18,142
20,163
5,776
1,125
4,652
5,218
38,145
5,761
32,384
32,956
14,884
99,234
11,876
87,358
86,699
78,650
29,602
1,922
1,109
i i', 706'
2,021
4,272
5,851
39
114
1,861
6,929
6,685
244
4,888
4,127
18,455
17,810
1,288
1,289
7,229
7,104
125
39
17
Borrowings at Federal Reserve Banks
Country
banks
761
645
303
4,838
4,839
—1
92
33,234
1,053
32,180
28,362
14,863"
3,837
5,099
4,577
522
23
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are
based2 on deposits at opening of business.
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand
balances due from domestic banks.
8
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.
MEMBER BANK RESERVES AND BORROWINGS
DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
[Averages of daily figures. In millions of dollars]
SMALL CENTERS 1
[Averages of daily figures. In millions of dollars]
Month, or
week ending Wednesday
All
member l
banks
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
Country
banks
Total reserves held:
1950—January. . . .
December.. .
1951—January....
16,520
17,391
18,088
4,469
4,742
4,751
1,179
1,199
1,256
6,366
6,689
7,084
507
761
997
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
18,170
18,312
18,578
18,870
18,843
19,100
4,757
4,760
4,918
4,959
4,868
4,920
1,268
1,264
1,300
1,315
1,285
1,304
7,182
7,131
7,335
7,339
7,300
7,397
4,962
5,157
5,025
5,257
5,390
5,479
17
24
31
7
14
21
Excess reserves:
1950—January
December. . .
1951—January.
Jan. 17
Jan. 24
Jan. 31
Feb
7
Feb. 14
Feb. 21
Borrowings at Federal
Reserve Banks:
1950—January
December
1951—January
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
17
24
31
7
14
21
936
1 ,027
825
53
125
9
914
713
492
579
617
16
2
-31
42
-3
32
35
142
212
4
58
73
144
124
545
415
353
188
56
6
198
144
82
21
-4
-2
-6
-12
6
-14
44
10
11
1
1951
1949
November
December
1950
In places of under2
15,000 population
Demand
deposits
except
interbank
Time
deposits
Demand
deposits
except
interbank
Time
deposits
17,056
17,266
8,782
8,675
12,209
12,249
6,046
6,004
18,672
9,179
11,079
5,609
20,072
20,357
9,271
9,191
11,621
11,697
5,625
5,594
20,556
9,245
11,776
5,628
Boston
New York
Philadelphia
Cleveland
2,403
3,733
1,465
1,551
839
2,294
815
927
330
1,114
983
1,079
203
1,053
891
785
January
November
December
221
232
182
653
663
638
183
148
79
124
115
155
717
569
456
407
519
P590
17
50
95
14
29
29
Richmond
Atlanta
Chicago
St. Louis
1,306
1,942
2,764
858
451
499
1,714
370
825
602
1,681
930
441
187
884
265
61
83
232
210
206
127
21
27
71
51
54
39
Minneapolis
Kansas City
Dallas
San Francisco
703
802
1,586
1,444
320
129
192
694
739
1,527
1,490
476
411
190
65
253
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.
MARCH
In places of 15,000
and over population2
January
1951
By district,
January 1951
1
Includes any banks in outlying sections of reserve cities that have
been
given permission to carry the same reserve as country banks.
2
Classification by population for 1950 and 1951 is based on the
1950 census; figures for 1949 are based on the 1940 census and are not
entirely comparable.
289
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks.
Total
in circulation 1
Total
Coin
5,519
5,536
5,882
6,543
6 550
6,856
7,598
8 732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
28,224
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
452
478
517
537
550
590
648
751
880
1,019
1,156
1,274
1,361
1,404
1,464
1,039
1,029
1,048
1,049
1949—October
27,407
November.. . 27,543
December. . . 27,600
18,915
19,040
19,025
1,474
1,484
1,484
1950—January
February....
March
April
May
18,475
18,645
18,651
18,661
18,730
18,813
18,696
18 795
18,834
18 901
19,252
19,305
1,457
1,459
1,468
1,478
1,490
1,496
,498
1,506
1,515
527
,547
,554
End of year or
month
1933
1934
1935 .
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
. . .
26,941
27,068
27,042
27,048
27,090
27,156
June..
27,010
July
27,120
August
September... 27,161
October
27 228
November.. . 27,595
December. . . 27,741
1951—January
27,048
In millions of dollars!
Large denomination currency 2
Coin and small denomination currency 2
18,694
3$1
442
$2
33
$5
719
$10
$20
Total
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
$50
$100
$500 $1,000 $5,000 $10,000
364
618
67
65
64
771
815
906
905
946
1,019
1,129
1,355
1,693
1,973
2,150
2,313
2,173
2,110
2,047
337
358
399
387
409
460
538
724
1,019
1,481
1,996
2,327
2,492
2,548
2,494
577
627
707
710
770
919
1,112
1,433
1,910
2.912
4,153
4,220
4,771
5,070
5,074
1,031
1 ,046
1,066
60
61
62
1,973 5,891 8,486 8,494 2,392 5,007
1,994 5,935 8,520 8,506 2,398 5,021
2,004 5,897 8,512 8,578 2,435 5,056
381
382
382
1,008
1,011
1,013
1,016
1,033
1,037
1,029
1,037
1,054
1 072
1,089
1,113
60
60
59
60
60
61
60
61
61
61
62
64
1,926
1,949
1,949
1,945
1,963
1,966
1,946
1,955
1,964
1,978
2,021
2,049
5,715
5,817
5,834
5,830
5,851
5,891
5,836
5,881
5,884
5,874
6,021
5,998
5,010
4,988
4,968
4,961
4,949
4,940
4,934
4,950
4,964
4,987
4,994
5,043
,530 1,056
61
1,943
5,791 8,313 8,356
2,393 5,002
402
32
33
35
33
34
36
39
44
55
70
423
460
499
505
524
559
610
695
801
909
81
73
987
8,309
8,348
8,327
8.333
8,333
8,363
8,328
8,355
8,357
8,388
8,511
8,529
8,469
8,426
8,393
8,389
8,361
8,344
8,316
8,328
8,329
8,329
8,345
8,438
2,401
2,385
2,375
2,380
2,380
2,386
2,374
2,374
2,369
2,368
2,384
2,422
125
Unassorted
112
122
135
139
160
191
227
261
287
407
8
10
216
239
265
288
327
425
523
556
586
749
5
7
7
6
17
20
30
24
9
9
7
16
18
12
32
32
60
46
25
22
555
454
990
801
783
782
707
10
7
438
428
400
24
24
8
5
5
26
17
17
3
3
3
701
692
689
4
4
4
9
8
11
2
2
3
380
378
384
382
380
378
375
372
370
367
365
368
666
661
654
650
639
628
620
617
613
595
589
588
4
5
5
4
4
4
4
4
4
4
4
4
8
9
8
11
9
9
9
9
9
9
9
12
3
3
1
1
1
2
2
2
2
2
2
2
366
583
4
9
3
237
8
10
5
8
7
5
2
4
4
3
2
3
2
1
2
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted
currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury
3
as destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416.
UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS
[On basis of circulation statement of United States money. In millions of dollars]
Money held in t h e Treasury
Total outstanding, As security
Jan. 31,
against
Treasury
1951
gold and
cash
silver
certificates
Gold .
Sold 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—'Jan. 31, 1951
Dec. 31, 1950
Jan. 31, 1950
23,392
21,200
24,027
4,638
493
2,044
3 2,313
1,027
385
347
259
84
4
()
(4)
(4)
21,200
2
1,192
49
56
32,313
269
2,044
(5)
23,513
23,828
25,497
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents
18,345
2,816
1,167
385
Money in circulation
Jan. 31,
1951
Dec. 31,
1950
Jan. 31,
1950
40
22,811
4,197
40
23,363
4,338
41
22,737
4,162
44
3
177
177
5
2
4
286
39
11
41
4
1
'2,027
982
371
303
254
83
2,130
1,002
375
313
257
84
4,367
4,213
4,244
27,048
l
1,297
1,293
1,311
18,345
18,642
20,353
l
27,741
168
' "l ',024' '
934
356
306
286
89
26,941
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. 281, and seasonally adjusted figures in table on p. 291.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
3
To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding
is not4 included in total Treasury currency outstanding.
Because some of the types of money shown are held as collateral or reserves against
other types, a grand total of all types has no special
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.
290
FEDERAL RESERVE BULLETIN
POSTAL SAVINGS SYSTEM
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Amount—•
unadjusted
for seasonal
variation
Amount—
adjusted for
seasonal
variation
[In millions of dollars]
Assets
Change in
seasonally
adjusted
series *•
End of period:
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
8,732
11,160
15,410
20,449
25,307
28,515
28,952
28,868
28,224
27,600
27,741
Averages of daily figures:
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
1951—January
February.. . .
27,304
27,145
27,222
27,145
-309
-77
+ 1,134
+2,428
+4,250
+5,039
+4,858
+3,208
+437
-84
-644
-624
+ 141
-68
-50
+9
-26
+63
+25
+65
+233
Depositors'
balances 1
End of month
Cash
in
depository
banks
Total
U. S.
Government
securities
Cash
reserve
funds,
«j._
2
etc.' 4
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—August
September. . .
October
November. . .
December....
3,248
3,230
3,215
3,199
3,188
3,375
3,350
3,336
3,322
3,312
6
6
7
7
7
3,172
3,152
3,127
3,118
3,118
196
191
202
197
187
1950—January
February....
March
April
May
June
July
August
September. . .
October
November. . .
December....
3,183
3,177
3,168
3,151
3,125
3,097
3,061
3,021
2,991
2,967
2,947
P2.923
3,307
3,301
3,293
3,276
3,250
3,218
3,181
3,141
3,111
3,088
3,069
7
7
8
8
8
10
9
10
10
10
10
3,117
3,107
3,107
3,092
3,068
3,038
3,027
2,962
2,923
2,903
2,888
182
186
178
176
175
171
145
169
177
175
171
1951—January. . . . .
P2.902
1
For end-of-year figures, represents change computed on absolute
amounts in first column.
NOTE.—For discussion of seasonal adjustment factors and for back
figures on comparable basis see BULLETIN for September 1943, pp.
822-826. Because of an apparent change in the seasonal pattern
around the year-end, adjustment factors have been revised somewhat
for dates affected, beginning with December 1942.
p Preliminary.
Outstanding principal, represented by certificates of deposit.
Includes working cash with postmasters, 5 per cent reserve fund
and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
1
2
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts, except
interbank accounts
Year or month
Annual rate of
turnover of total
deposits, except
interbank
Total, all
reporting
centers
New
York
City 1
140
other
centers l
Other
reporting
centers 2
New
York
City
Other
reporting
centers
974,102
Jl,050,021
1,125,074
1,249,630
1,231,053
1,403,752
404,543
417,475
405,929
449,002
452,897
513,970
479,760
527,336
599,639
667,934
648,976
742,458
89,799
105,210
119,506
132,695
129,179
147,324
18.2
18.9
21.0
23.6
24.1
26.6
9.7
10.0
11.9
12.9
12.4
13.4
1950—'January
February
March
April
May
June
July
August
September
October
November
December
106,665
96,254
115,746
102,547
112,095
119,399
110,573
128,383
123,222
125,784
123,541
139,542
38,962
35,727
43,112
37,025
41,463
43,781
38,757
50,067
44,910
43,837
43,740
52,590
56,397
50,565
60,923
54,657
58,838
63,332
59,752
65,423
65,197
68,137
66,392
72,845
11,306
9,962
11,712
10,865
11,793
12,286
12,064
12,893
13,116
13,811
13,409
14,106
24.5
24.9
25.7
24.1
25.9
27.0
24.6
29.2
27.9
26.4
28.1
31.2
1951—January
138,402
48,207
75,017
15,178
27.9
1945
1946—-old series 4 4
1946—new series
1947
1948
1949
1950
1
2
Debits to demand
deposit accounts,
except interbank
and Government
Annual rate of
turnover of demand
deposits, except interbank and Government
New
York
City 3
Other
leading
cities 3
New
York
City 3
Other
leading
cities 3
351,602
374,365
407,946
400,468
445,221
447,150
508,166
412,800
449,414
522,944
598,445
660,155
639,772
731,511
24.2
25.5
25.2
24.1
27.2
28.2
31.4
16.1
16.9
16.5
18.0
19.2
18.7
20.3
12.6
12.3
12.8
12.5
12.7
13.4
13.2
13.2
14.2
14.2
14.9
15.3
38,133
35,205
41,164
38,480
40,037
42,294
40,657
48,320
46,400
43,159
41,167
53,150
55,090
49,855
59,113
54,929
57,382
61,607
59,703
64,015
65,330
66,547
64,687
73,253
28.6
29.3
29.4
29.7
29.7
30.7
31.0
33.8
34.2
30.7
31.4
37.2
18.9
18.9
19.3
19.4
19.2
20.2
20.3
19.9
21.5
20.9
21.7
23.0
15.2
47,561
73,226
32.9
22.0
|
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
3
Weekly reporting member
bank Oseries.
- I l l LM^JL LJCLlliV
U 1CO«
nd for back figures see
see BULLETIN for June
ing cities revised beginning July 3, 1946; for description of revision and
, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946
MARCH 1951
291
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS *
[Figures partly estimated except on call dates. In millions of dollars]
Liabilities
and Capital
Assets
Other
securities
Total
assets,
net—
Total
liabilities
and
capital,
net
Bank credit
Gold
Treasury
currency
U. S. Government obligations
Total
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Other
Loans,
net
Capital
Total
and
deposits misc.
and
accurrency counts,
net
29..
30. .
30. .
31. .
30. .
31. .
29. .
31. .
30. .
31. .
30. .
31. .
30. .
31. .
4,037
4,031
17,644
22,737
20,213
20,065
20,270
20,529
21,266
22,754
23,532
24,244
24,466
24,427
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
58,642
42,148
54,564
64,653
153,992
167,381
163,485
158,366
156,297
160,832
157,958
160,457
156,491
162,681
41,082
21,957
22,157
26,605
27,948
30,387
31,570
35,765
38,373
43,023
45,299
48,341
47,148
49,604
5,741
10,328
23,105
29,049
118,041
128,417
122,740
113,110
107,873
107,086
101,451
100,694
97,428
100,456
5,499
8,199
19,417
25,511
93,655
101,288
95,911
86,558
82,679
81,199
76,774
74,097
74,877
78,433
216
1,998
2,484
2,254
21,792
24,262
23,783
23,350
21,872
22,559
21,366
23,333
19,343
18,885
26
131
1,204
1,284
2,594
2,867
3,046
3,202
3,322
3,328
3,311
3,264
3,208
3,138
11,819
9,863
9,302
8,999
8,003
8,577
9,175
9,491
10,051
10,723
11,208
11,422
11,915
12,621
64,698
48,465
75,171
90,637
178,350
191,785
188,294
183,457
182,115
188,148
186,055
189,290
185,554
191,706
55,776
42,029
68,359
82,811
168,040
180,806
176,215
171,657
169,234
175,348
172,857
176,121
171,602
177,313
8,922
6,436
6,812
7,826
10,310
10,979
12,079
11,800
12,882
12,800
13,200
13,168
13,952
14,392
1950—Mar. 29. .
Apr. 26. .
May 31. .
June 30. .
July 2 6 P .
Aug. 30P.
Sept. 27P.
Oct. 25P.
Nov. 29P .
Dec. 27*>.
24,200
24,200
24,200
24,231
24,200
23,800
23,500
23,300
23,000
22,800
4,600
4,600
4,600
4,607
4,600
4,600
4,600
4,600
4,600
4,600
161,700
162,000
162,600
164,348
164,300
165,800
166,900
167,700
168,900
171,700
50,400
50,600
51,000
51,999
53,100
54,500
56,400
57,500
59,300
60,500
98,000
97,900
98,100
98,709
97,500
97,200
96,000
95,800
95,200
96,500
77,400
77,100
77,700
77,320
76,400
75,600
73,800
73,600
72,700
73,300
17,500
17,600
17,400
18,331
18,000
18,600
19,400
19,200
19,600
20,300
3,100
3,100
3,100
3,058
3,000
3,000
2,900
2,900
2,900
2,900
13,300
13,500
13,500
13,640
13,800
14,200
14,500
14,400
14,400
14,700
190,500
190,800
191,400
193,186
193,100
194,200
195,000
195,600
196,500
199,100
176,000
176,100
176,700
178,568
178,200
179,200
180,000
180,300
181,300
184,500
14,600
14,600
14,700
14,618
14,900
15,000
14,900
15,300
15,200
14,600
1951—Jan. 31 P.
22,400
4,600 170,800
60,900
95,300
70,900
21,500
2,900
14,700
197,800
182,800
15,000
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—June
Dec.
1946—June
Dec.
1947—June
Dec.
1948—June
Dec.
1949—June
Dec.
Deposits and Currency
Deposits adjusted and currency
U. S. Government balances
Total
Foreign
bank
deposits, Treasury
net
cash
At comAt
mercial Federal
and
savings Reserve
Banks
banks
Total
Demand
deposits2
Total
Commercial
banks
Mutual
savings4
banks
Postal
Savings
System
Currency
outside
banks
2,304
3,249
36
54,790
40,828
35
63,253
634
76,336
867
599 138,403
977 150,793
833 157,821
393 164,004
756 164,140
870 170,008
1,928 165,695
1,123 169,119
438 165,626
821 169,781
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
28,611
21,656
27,059
27,729
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
14,426
15,385
16,281
16,869
17,428
17,746
18,194
18,387
18,932
19,273
149
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
3,639
4,761
6,401
9,615
25,097
26,490
26,516
26,730
26,299
26,476
25,638
26,079
25,266
25,415
500
400
300
500
300
400
,300
,300
,300
,298
,300
1,300
1,300
1,300
1,300
1,300
4,300
3,200
3,200
3,801
3,600
3,800
3,600
3,100
3,000
2,800
1,000
800
600
950
500
700
1,100
400
600
800
167,100
168,400
169,200
169,964
170,200
171,000
171,700
173,000
174,200
177,200
83,200
84,300
85,000
85,040
86,500
87,400
88,100
89,400
90,700
93,200
59,300
59,500
59,500
59,739
59,400
59,100
59,000
59,000
58,700
59,000
36,500
36,600
36,600
36,719
36,400
36,200
36,200
36,200
35,900
36,100
19,700
19,700
19,800
19,923
19,900
19,800
19,900
19,900
19,800
20,000
3,200
3,200
3,100
3,097
3,100
3,000
3,000
3,000
2,900
2,900
24,600
24,600
24,700
25,185
24,400
24,500
24,500
24,600
24,800
25,000
2,300
1,300
2,800
800
175,700
92,100
59,000
36,100
20,000
2,900
24,600
29. .
30. .
30. .
31. .
30. .
31. .
29..
31. .
30. .
31. .
30. .
31. .
30. .
31. .
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
365
50
1,217
1,498
2,378
2,141
1,894
1,885
1,657
1,682
1,727
2,103
1,927
2,150
204
264
2,409
2,215
2,279
2,287
2,251
2,272
1,314
1,336
1,327
,325
,307
,312
381
852
846
1,895
24,381
24,608
13,416
103
367
452
180
1950—Mar. 29. .
Apr. 26. .
May 31. .
June 30. .
July 2 6 P .
Aug. 30P.
Sept. 27P.
Oct. 25P.
Nov. 29P.
Dec. 27P.
176,000
176,100
176,700
178,568
178,200
179,200
180,000
180,300
181,300
184,500
2,300
2,400
2,400
2,555
1951—Jan. 31*.
182,800
1929—June
1933—June
1939—Dec.
1941—Dec.
1945—June
Dec.
1946—June
Dec.
1947—June
Dec.
1948—June
Dec.
1949—June
Dec.
Time deposits 3
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.
3 Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks.
4
Prior to June 30, 1947, includes a relatively small amount of demand deposits.
NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs
slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"
and in "Capital accounts," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted
against miscellaneous accounts instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in the
monthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100
million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency.
1
2
292
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]
Deposits
Loans and investments
Other
Investment 3
Class of bank
and date
Total
Loans
Total
All banks:
1939—Dec. 30.
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944_Dec. 30
1945—Dec. 31.
1946—Dec. 31 2..
1947—Dec. 31 . . . .
1948—Dec. 31 .
1949—Dec. 31.
1950—June 30 .. .
Aug. 30P
Sept. 27P. . . .
Oct. 25P.
Nov. 2 9 P .
Dec. 2 7 P .
1951—Jan. 31 P.
50,884
61,126
78,147
96,966
119,461
140,227
131,698
134,924
133,693
140,598
142,959
144,560
144,880
145,770
146,790
148,930
146,740
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
49,544 91,054
51,999 90,961
54,760 89,800
56,670 88,210
57,730 88,040
59,660 87,130
60,980 87,950
61,170 85,570
Cash
assets 1
19,417
25,511
45,951
65,932
85,885
101,288
86,558
81,199
74,097
78,433
77,320
75,610
73,750
73,620
72,700
73,290
70,910
9,302
8,999
8,280
7,433
7,561
8,577
9,491
10,723
11,422
12,621
13,640
14,190
14,460
14,420
14,430
14,660
14,660
2 3 , 292
2 7 , 344
2 8 , 701
2 8 , 475
3 0 , 790
3 5 , 415
3 5 , 041
38 388
39 474
36 522
34 099
34 060
35 070
35 620
36 100
39 630
37 990
6 8 , 242
8 1 , 816
9 9 , 803
117, 661
141 448
165 612
155 902
161 865
161 248
164 467
163 770
164 810
165 830
167 410
168 400
173 910
169 870
9
10
11
11
12
14
12
13
12
12
11
11
11
12
12
13
12
874
982
308
003
235
065
656
033
269
710
435
370
540
350
340
540
260
32 516
44 355
51 437
75 577
91 663
105 ,935
92 462
95 ,727
94 ,671
96 ,156
95 ,505
97 ,200
98 ,060
98 ,810
100 ,150
104 ,110
101 ,330
2 5 , 852
2 6 , 479
2 7 , 058
3 1 , 081
3 7 , 551
4 5 , 613
5 0 , 784
5 3 , 105
5 4 , 308
55 601
56 830
56 240
56 230
56 250
55 910
56 260
56 280
8
8
8
8
9
10
11
11
12
13
13
13
13
13
13
13
13
194
414
566
996
643
542
360
948
479
088
576
670
720
800
870
880
910
15 035
14 826
14 ,682
14 ,579
14 ,535
14 ,553
14 ,585
14 ,714
14 ,703
14 ,687
14 ,674
14 ,656
14 ,658
14 ,658
14 .659
14 ,654
14 ,645
57
71
89
105
128
150
139
144
142
145
143
144
145
147
148
153
149
810
9 874
10 982
11 308
11 003
12 235
14 065
12 656
13 032
12 269
12 709
11 435
11 370
11 540
12 ,350
12 ,340
13 ,540
12 ,260
32 ,513
44 ,349
61 ,431
75 ,569
91 ,653
105 ,921
92 ,446
95 ,711
94 ,654
96 ,136
95 ,485
97 ,180
98 ,040
98 ,790
100 .130
104 ,090
101 ,310
15
15
16
19
24
30
33
35
35
36
36
36
36
36
36
36
36
331
952
395
350
184
241
930
360
921
328
907
400
360
370
080
240
240
6 885
7 173
7 330
7 719
8 265
8 950
9 577
10 059
10 480
10 967
11 387
11 470
11 500
11 580
11 640
11 ,620
11 610
14 ,484
14 ,278
14 ,136
14 ,034
13 ,992
14 ,011
14 ,044
14 ,181
14 ,171
14 ,156
14 ,144
14 ,127
14 ,129
14 ,129
14 ,130
14 ,125
14 ,116
9 ,410
10 ,525
11 ,000
10 ,555
11 ,884
13 ,640
12 ,060
12 ,403
11 ,641
12 ,097
10 ,850
10 ,795
10 ,968
11 ,725
11 ,679
12 ,894
11 ,622
28 ,231
38 ,846
54 ,523
66 ,438
79 ,774
91 ,820
78 ,920
81 ,785
80 ,881
82 ,628
82 ,232
83 ,658
84 ,386
84 ,748
85 ,873
89 ,190
86 ,751
11
12
12
15
19
24
27
28
28
29
29
29
29
29
29
29
29
699
347
754
268
259
210
190
340
840
160
625
241
218
218
011
140
162
5 ,522
5 ,886
6 ,101
6 ,475
6 ,968
7 ,589
8 ,095
8 ,464
8 ,801
9 ,174
9 ,523
9 ,602
9 ,628
9 ,683
9 ,724
9 ,721
9 ,715
6 ,362
6 ,619
6 ,679
6 ,738
6 ,814
6 ,884
6 ,900
6 ,923
6 ,918
6 ,892
6 ,885
6 ,888
6 ,887
6 ,883
6 ,881
6 ,874
6 ,870
10 ,521
10 ,527
10 ,662
11 ,730
13 ,366
15 ,371
16 ,853
17 ,745
18 ,387
19 ,273
19 ,923
19 ,840
19 ,870
19 ,880
19 ,830
20 ,020
20 ,040
1 ,309
1 .241
1 ,236
1 .276
1 ,378
1 ,592
1 ,784
1 ,889
1 ,999
2 ,122
2 ,189
2 ,200
2 ,220
2 ,220
2 ,230
2 ,260
2 ,300
551
548
546
545
543
542
541
533
532
531
530
529
529
529
529
529
529
Total i
23,430
29,032
48,172
65,978
83,886
97,936
82,871
78,226
71,811
77,232
76,972
76,030
74,630
74,600
73,860
74,720
72,360
16,316
21,808
41,379
59,842
77,557
90,606
74,780
69,221
62,622
67,005
65,751
64,230
62,540
62,530
61,750
62,390
60,030
7,114
7,225
6,793
6,136
6,329
7,331
8,091
9,006
9,189
10,227
11,221
11,800
12,090
12,070
12,110
12,330
12,330
22
26
28
27
30
34
34
37
38
35
33
33
34
34
35
38
37
All m e m b e r b a n k s :
1939—Dec. 30
33,941 13,962
1941—Dec. 31
43,521 18,021
1942—Dec. 31
59,263 16,088
1943—Dec. 31
74,258 16,288
1944—Dec. 30
91,569 18,676
1945—Dec. 31
107,183 22,775
1946—Dec. 31
96,362 26,696
1947—Dec. 31
97,846 32,628
1948—Dec. 31
95,616 36,060
1949—Dec. 31
101,528 36,230
1950—June 30
102,745 37,658
Aug. 30P.
104,289 39,977
Sept. 2 7 P .
104,554 41,542
Oct. 2 5 P . . . . 105,258 42,347
Nov. 29P .
106,138 43,969
Dec. 2 7 P . . . . 108,077 45,069
1951—Jan. 3 1 P .
105,76f 45,114
19,979
25,500
43,175
57,970
72,893
84,408
69,666
65,218
59,557
65,297
65,087
64,312
63,012
62,911
62,169
63,008
60,652
14,328
19,539
37,546
52,948
67,685
78,338
63,042
57,914
52,154
56,883
55,759
54,434
52,882
52,816
52,050
52,681
50,336
5,651
5,961
5,629
5,022
5,208
6,070
6,625
7,304
7,403
8,414
9,328
9,878
10,130
10,095
10,119
10,327
10,316
19 ,782
23 ,123
24 ,280
23 ,790
25 ,860
29 ,845
29 ,587
32 ,845
34 ,203
31 ,317
29 ,380
29 ,261
30 ,144
30 ,427
30 ,834
33 ,782
32 ,622
49 ,340
61 ,717
78 ,277
92 ,262
110 ,917
129 ,670
118 ,170
122 ,528
121 ,362
123 ,885
122 ,707
123 ,694
124 ,572
125 ,691
126 ,563
131 ,224
127 ,535
All m u t u a l savings
banks:
1939—Dec. 30.
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31 2
1947—Dec. 31 .
1948—Dec. 31
1949—Dec. 31
1950—June 30
Aug. 30?
Sept. 27P
Oct. 2 5 P
Nov. 29P.
Dec. 2 7 P .
1951—Jan. 31 P. .
5,289
5,478
6,059
7,387
9,560
11,928
13,179
13,696
13,709
13,822
13,989
13,770
13,580
13,440
13,270
13,230
13,210
3,101
3,704
4,572
6,090
8,328
10,682
11,778
11,978
11,476
11,428
11,569
11,380
11,210
11,090
10,950
10,900
10,880
2,188
1 ,774
1,487
1,297
1,232
1,246
1 ,400
1,718
2,233
2,394
2,420
2,390
2,370
2,350
2,320
2,330
2,330
818
793
663
797
584
609
818
886
878
873
831
730
800
730
720
790
710
10 ,524
10 ,533
10 ,668
11 ,738
13 ,376
15 ,385
16 ,869
17 ,763
18 ,405
19 ,293
19 ,943
19 ,860
19 ,890
19 ,900
19 ,850
20 ,040
20 ,060
4,927
4,901
4,695
4,484
4,370
4,279
4,526
4,944
5,686
6,578
7,203
7,490
7,640
7,840
8,010
8,150
8,280
Total
Nu mber
capital
accounts banks
Other
securities
All commercial b a n k s :
1939—Dec. 30.
40,668 17,238
1941—Dec. 31
50,746 21,714
1942—Dec. 31.
67,393 19,221
1943—Dec. 31.
85,095 19,117
1944—Dec. 30 .
105,530 21,644
1945—Dec. 31 .
124,019 26,083
1946—Dec. 31 2
113,993 31,122
1947—Dec. 31 .
116,284 38,057
1948—Dec. 31
114,298 42,488
1949—Dec. 31 .
120,197 42,965
1950—June 30
121,767 44,796
Aug. 30P.
123,300 47,270
Sept. 27P. .. 123,660 49,030
Oct. 25P.
124,490 49,890
Nov. 29P.
125,510 51,650
Dec. 2 7 P .
127,550 52,830
1951—Jan. 31 P.
125,250 52,890
10,216
10,379
10,754
11,871
13,931
16,208
17,704
18,641
19,395
20,400
21,192
21,260
21,220
21,280
21,280
21,380
21,490
Interbank l
U. S.
Government
obligations
474
551
039
677
206
806
223
502
596
650
268
330
270
890
380
840
280
718
283
135
923
072
227
033
103
843
174
827
950
940
510
550
,870
De-
1
1
1
Time
3
6
6
8
10
14
16
17
17
20
20
20
20
20
20
20
20
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.
MARCH
1951
293
ALL BANKS IN THE UNITED STATES, BY GLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Figures partly estimated except on call dates. Amounts in millions of dollars]
Deposits
Loans and investments
Other
Investments
Class of bank
and date
Total
Central reserve city
member banks:
New York City:
1939—Dec. 30
9,339
1941—Dec. 31
12,896
1942—Dec. 31
17,957
1943—Dec. 31
19,994
1944—Dec. 30
24,003
1945—Dec. 3 1 . . . . 26,143
1946—Dec, 31
20,834
1947—Dec. 31. . . . . 20,393
1948—Dec. 31
18,759
1949—Dec. 31
19,583
1950—June 30
19,548
Aug. 30?
19,764
Sept. 27P
19,860
Oct. 2 5 P
19,877
Nov. 2 9 P
20,136
Dec. 2 7 P
20,981
1951—Jan. 3 1 P .
19,842
Chicago:
1939—Dec. 30
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
Aug. 3 0 P
Sept. 2 7 P . . . .
Oct. 2 5 P
Nov. 2 9 P
Dec. 2 7 P
1951—Jan. 3 1 P
Cash
assets 1
Total
U. S.
Government
obligations
Other
securities
3,296
4,072
4,116
4,428
5,760
7,334
6,368
7,179
8,048
7,550
7,723
8,368
8,814
8,919
9,554
9,909
9,758
6,043
8,823
13,841
15,565
18,243
18,809
14,465
13,214
10,712
12,033
11,825
11,396
11,046
10,958
10,582
11,072
10,084
4,772
7,265
12,547
14,563
17,179
17,574
13,308
11,972
9,649
10,746
10,281
9,587
9,167
9,134
8,794
9,183
8,234
1,272
1,559
1,294
1,002
1,066
1,235
1,158
1,242
1,063
1,287
1,544
1,809
1,879
1,824
1,788
1,889
1,850
6,703
6,637
5,864
5,197
4,921
6,439
6,238
7,261
7,758
6,985
6,329
6,478
6,635
6,515
6,836
7,359
7,315
14,509
17,932
22,078
23,256
26,773
30,121
24,723
25,216
24,024
23,983
23,213
23,417
23,585
23,602
23,948
25,152
23,847
569
954
832
1,203
1,430
2,789
3,238
3,913
4,213
2,912
2,890
2,633
3,324
3,138
3,146
2,950
2,987
2,928
2,905
2,762
333
376
352
312
345
385
355
397
383
482
562
575
566
553
556
578
562
1,446
1,566
1,352
1,283
1,378
1,489
1,545
1,739
1,932
1,850
1,640
1,755
1,841
1,777
1,812
2,046
1,977
3,330
4,057
5,040
5,523
6,468
7,046
5,905
6,402
6,293
6,810
6,419
6,703
6,621
6,668
6,719
7,030
6,858
Loans
Total
1
Interbank^
De-
4,238
4,207
3,945
3,680
4,041
4,657
4,246
4,464
4,213
4,192
3,894
3,856
3,956
4,146
4,042
4,444
4,131
9,533
12,917
17,399
18,729
21,730
24,227
19,028
19,307
18,131
18,139
17,668
17,936
17,982
17,851
18,260
19,010
18,066
888
1,148
1,312
1,153
1,217
1,064
1,191
1,014
1,099
1,058
1,109
1,064
1,219
1,071
1,947
2,546
3,468
4,029
4,700
5,015
3,922
4,273
4,227
4,535
4,305
4,527
4,488
4,486
4,566
4,722
4,682
Total
Number
capital
of
accounts banks
Time
736
807
734
847
1,592
1,648
1,727
1,862
1,966
2,120
2,205
2,259
2,306
2,312
2,341
2,356
2,343
2,352
2,356
2,359
2,363
36
36
37
37
37
37
37
37
35
25
25
25
24
23
23
23
23
1,001
1,083
1,099
1,077
1,075
1,073
1,089
1,089
1,105
250
288
304
326
354
377
404
426
444
470
481
483
483
484
490
490
489
14
13
13
13
13
12
14
14
13
13
13
13
13
13
13
13
13
1,002
1,236
1,449
1,445
1,680
1,651
1,650
1,625
1,647
1,605
1,646
1,698
1,650
495
476
455
508
620
719
829
913
2,105
2,760
3,973
4,554
5,443
5,931
4,765
5,088
4,799
5,424
5,256
5,447
5,302
5,394
5,456
5,605
5,448
1,004
1,184
1,333
1,499
1,801
1,783
1,618
1,557
1,726
1,786
1,854
1,972
2,122
2,124
1,536
1,806
3,141
3,550
4,258
4,598
3,266
3,287
3,016
3,806
3,700
3,721
3,516
3,540
3,484
3,483
3,324
12,272
15,347
20,915
27,521
33,603
40,108
35,351
36,040
35,332
38,301
38,697
3QP . . . . 39,376
27P
39,536
25P
39,844
29P. . . . 40,133
27P. .
40,898
31 P.
40,058
5,329
7,105
6,102
6,201
6,822
8,514
10,825
13,449
14,285
14,370
14,868
15,845
16,525
16,931
17,536
18,027
18,159
6,944
8,243
14,813
21,321
26,781
31,594
24,527
22,591
21,047
23,931
23,829
23,531
23,011
22,913
22,597
22,871
21,899
5,194
6,467
13,038
19,682
25,042
29,552
22,250
20,196
18,594
20,951
20,510
20,030
19,404
19,301
18,960
19,184
18,189
1,749
1,776
1,775
1,639
1,739
2,042
2,276
2,396
2,453
2,980
3,319
3,501
3,607
3,612
3,637
3,687
3,710
6,785
8,518
9,426
9,327
10,238
11,286
11,654
13,066
13,317
12,168
11,639
11,422
11,858
12,070
11,945
13,243
12,812
17,741
22,313
28,700
35,070
41,804
49,085
44,477
46,467
45,943
47,559
47,187
47,448
47,978
48,493
48,595
50,648
49,214
3,686
4,460
4,957
4,874
5,524
•6,448
5,570
5,649
5,400
5,713
5,069
4,996
5,100
5,503
5,540
6,143
5,428
9,439
13,047
18,747
24,086
28,525
32,877
28,049
29,395
29,153
30,182
30,306
30,848
31,300
31,388
31,551
32,945
32,181
4,616
4,806
4,995
6,109
7,755
9,760
10,858
11,423
11,391
11,664
11,812
11,604
11,578
11,602
11,504
11,560
11,605
1,828
1,967
2,028
2,135
2,327
2,566
2,728
2,844
2,928
3,087
3,268
3,287
3,305
3,320
3,337
3,334
3,332
346
351
354
357
356
359
355
353
335
341
336
336
337
337
337
336
336
4,768
5,890
5,038
4,654
4,910
5,596
8,004
10,199
11,945
12 692
13,510
14,038
14,417
14,643
14,907
15,011
15,073
5,456
6,628
11,380
17,534
23,610
29,407
27,408
26,125
24,782
25 527
25,734
25,664
25,439
25,500
25,506
25,582
25,345
3,159
4,377
9,172
15,465
21,552
26,999
24,572
22,857
21,278
21,862
21 ,830
21,671
21,361
21,394
21,368
21,409
21,151
2,297
2.250
2,208
2,069
2,058
2 408
2,836
3,268
3,504
3,665
3,904
3,993
4,078
4,106
4,138
4,173
4,194
4,848
6,402
7,638
7,983
9,323
10,632
10,151
10,778
11,196
10,314
9,773
9,606
9,810
10,065
10,241
11,134
10,518
13,762
17,415
22,459
28,414
35,871
43,418
43,066
44,443
45,102
45,534
45,888
46,126
46,388
46,928
47,301
48,394
47,616
598
822
980
7,312
10,335
14,909
19,594
24,818
29,700
27,921
28,810
29,370
29,771
29,953
30,347
30,616
31,023
31,496
32,513
31,822
5,852
6,258
6,569
7,804
9,882
12,494
14,053
14,560
14,768
14,762
15,064
14,935
14,918
14,938
14,772
14,793
14,802
1,851
1,982
2,042
2,153
2,321
2,525
2,757
2,934
3,123
3,305
3,433
3,476
3,497
3,527
3,541
3,538
3,531
5,966
6,219
6,275
6,331
6,408
6,476
6,494
6,519
6,535
6,513
6,511
6,514
6,513
6,510
6,508
6,502
6,498
1,035
1,117
985
Reserve city member
1939—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—June
Aug.
Sept.
Oct.
Nov
Dec.
1951—Jan.
30
31
31
31
30
31
31
31
31
31
30
Country member
banks:
1939—Dec. 30 . . . . 10,224
1941—Dec. 31
12,518
1942—Dec. 31
16,419
1943—Dec. 31
22,188
1944—Dec. 30
28,520
1945—Dec. 31
35 002
1946—Dec. 31
35,412
1947—Dec. 31
36,324
1948—Dec. 31
36,726
1949—Dec. 31
38,219
1950—June 30
39,245
Aug. 3 0 P . . . . 39,702
Sept. 27P
39,856
Oct. 2 5 P
40,143
Nov. 2 9 P
40,413
Dec. 2 7 P
40,593
1951—Jan. 31P
40,418
1,015
1,171
1,223
1,091
1,073
964
1,001
871
844
854
967
1,033
1,088
992
2
December 31, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947
by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember
commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks.
For other footnotes see preceding and opposite page.
294
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES •—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued
[Amounts in millions of dollars]
Deposits
Loans and investments
Other
Investments
Class of bank
and date
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
Cash
assets x
Total
U. S.
Government
obligations
Other
securities
Loans
Total
Interbank i
49,290
121,809
112,178
114,274
112,286
118,278
119,808
21,259
25,765
30,733
37,583
41,968
42,485
44,304
28,031
96,043
81,445
76,691
70,318
75,793
75,504
21,046
88,912
73,554
67,941
61,388
65,820
64,546
6,984
7,131
7,891
8,750
8,929
9,974
10,957
25,788
34,292
33,694
36,926
38,087
35,207
32,865
69,411
147,775
136,990
141,851
140,642
143,138
141,798
National member
banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
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
State member banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
15,950
37,871
32,639
32,566
31,771
33,585
34,023
6,295
8,850
9,424
11,200
12,308
12,378
13,068
9,654
29,021
23,216
21,365
19,463
21,207
20,955
7,500
27,089
21,384
19,240
17,301
18,722
18,211
2,155
1,933
1,832
2,125
2,161
2,484
2,744
8,145
9,731
9,575
10,822
11,228
10,322
9,466
22,259
44,730
39,395
40,505
39,955
40,772
40,277
Insured nonmember
commercial banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—Dec. 31
1949—Dec. 31
1950—June 30
5,776
14,639
15,831
16,444
16,685
16,766
17,079
3,241
2,992
4,040
4,958
5,911
6,258
6,650
2,535
11,647
11,791
11,486
10,774
10,508
10,429
1,509
10,584
10,524
10,039
9,246
8,947
8,799
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
Noninsured n o n m e m ber commercial
banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31 2
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
All nonmember commercial banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31 2
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
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
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
4,428
4,450
Noninsured mutual
savings banks:
1941—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31 2
1948—Dec. 31
1949—Dec. 31
1950—June 30
Demand
Total
Number
capital
of
accounts banks
Time
15,699
29,876
33,526
34,882
35,441
35,856
36,433
6,844
8,671
9,286
9,734
10,158
10,645
11,061
13,426
13,297
13,354
13,398
13,413
13,429
13,435
24,350
59,486
52,194
54,335
54,020
55,034
54,964
8,322
16,224
18,412
19,278
19,545
19,801
20,104
3,640
4,644
5,138
5,409
5,657
5,920
6,180
5,117
5,017
5,007
5,005
4,991
4,975
4,971
3,739
4,411
3,890
3,993
3,799
3,819
3,488
14,495
32,334
26,726
27,449
26,862
27,594
27,268
4,025
7,986
8,779
9,062
9,295
9,359
9,522
2,246
2,945
2,957
3,055
3,144
3,254
3,343
1,502
1,867
1,893
1,918
1,927
1,917
1,914
7,702
18,119
18,836
19,340
19,296
19,269
19,108
129
244
260
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
763
514
530
576
509
442
403
1,872
2,452
2,043
2,251
2,201
2,036
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
1,266
1,262
1,468
1,703
1,788
1,814
1,893
3,431
4,962
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
1,288
1,362
1,483
1,596
1,680
1,794
1,865
662
130
147
261
256
267
7,262
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
1,789
10,351
11,415
12,192
12,757
13,575
14,109
164
1,034
1,173
1,252
1,334
1,420
1,467
52
192
191
194
193
192
192
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
020
439
553
631
699
5,813
1,077
558
611
637
665
702
722
496
350
350
339
339
339
338
4,659
4,396
4,334
10,654 43,059
13,883 104,015
12,320 91,144
12,670 94,300
11,900 93,300
12,368 94,914
11,066 94,298
For footnotes see preceding two pages.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions
in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871.
MARCH 1951
295
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES1
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Class of bank
and
call date
Total
loans
and
investments
Total 1
Investments
Loans for
Compurchasing
meror carrying
cial,
securities
inReal Conelud- AgriOther Total
esculing
tate sumer
To
loans loans
open- turloans
al
brokmarTo
ers
ket
and othpadeal- ers
per
ers
All insured
commercial
banks:
1941—Dec. 31. 49,290
1946—Dec. 31. 112,178
1947—Dec. 3 1 . 114,274
1948—Dec. 3 1 . 112,286
1949—Dec. 31. 118,278
1950—June 30. 119,808
21,259
30,733
37,583
41,968
42,485
44,304
9,214
14,016
18,012
18,761
16,935
16,814
1,450
1,358
1,610
2,775
2,963
2,819
Member banks,
total:
1941—Dec. 31.
1946—Dec. 31.
1947—Dec. 31.
1948—Dec. 31.
1949—Dec. 31.
1950—June 30.
Oct. 4.
Dec. 30.
43,521
96,362
97,846
95,616
101,528
102,745
104,367
107,424
18,021
26,696
32,628
36,060
36,230
37,658
41,612
44,705
8,671
13,154
16,962
17,631
15,857
15,708
18,337
20,521
1,046
1,800
1,945
1,770
1,729
1,808
12,896
20,834
20,393
18,759
19,583
19,548
19,821
20,612
4,072
6,368
7,179
8,048
7,550
7,723
8,821
9,729
New York City:*
1941—Dec. 31.
1946—Dec. 31.
1947—Dec. 31.
1948—Dec. 31.
1949—Dec. 313
1950—June 30.
Oct. 4.
Dec. 30.
x
614
662
4,773
7,103
9,266
10,666
11,405
12,270
4 , 545
Lf. S. Government obligations
Total
Obligations
Direct
of
States Other
and
CertifiGuar- polit- secucates
an- ical rities
inteed subBills of
debt- Notes Bonds
diviedsions
ness
988
1,098
1,028
1,095
1,121
1,186
28,031
81,445
76,691
70,318
75,793
75,504
21,046
73,554
67,941
61,388
65,820
64,546
1,271
2,124
2,821
3,692
3,847
598 3,494
3 , 592
594
972
884 1,506 1,467 5,358 3,308 1,020
811 1,065 7,130 4,662
952
1,324 834 8,244 5,585 1,006
1,737 758 8,834 6,551 1,034
1,840 807 9,547 7,401 1,105
1,382 901 10,117 8,176 1,498
1,770 927 10,522 8,314 1,438
25,500
69,666
65,218
59,556
65,297
65,087
62,755
62,719
19,539
63,042
57,914
52,154
56,883
55,759
52,618
52,365
1,167
1,987
2,588
3,389
3,539
3,588
3,665
250
330
306
309
356
616
460
8,823
14,465
13,215
10,712
12,033
11,825
11,001
10,883
7,265 311
13,308 387 ' 1', 725
640
11,972 1,002
9,649 589 1,183
720 1,785
10,746
458
10,281 900
159
781
9,132
250
8,993 824
29
26
27
34
36
66
87
1,806
3,266
3,287
3,016
3,806
3,699
3,529
3,487
1,430
2,912
2,890
2,633
3,324
3,138
2,969
2,911
256
60
132
183
331
352
253
232
1, 512
435
366
412
432
447
521
603
8,243
24,527
22,591
21,047
23,931
23,829
22,859
22,779
6,467
22,250
20,196
18,594
20,951
20,510
19,268
19,084
295
441
373
1, 530
306
229
261
259
266
295
288
6,628
27,408
26,125
24,781
25,527
25,734
25,367
25,570
1,517 1,609
823 1,190
1,336 939
1,749 855
1,856 912
8
412
2,807
4,078
1,096
545
5,361
5,642 " " 3 1,102
1,410
4,792
1,497
4,656
1,105
5,672
1,421
6,328
169
389
267
225
219
242
276
285
123
99
111
224
256
339
414
442
4,031
5,654
6,804
8,005
9,036
5 54
455
564
643
689
756
862
930
12',288
7,552
10,065
12,479
6,102
3,159
6,780
5,918
3,394
5,810
11,591
12,797 4,102 3,651 3,333
15 4,298 3,592
53,200
14 5,129 3,621
52,334
8 5,509 3,420
45,100
6 6,400 3,574
43,833
8 7,237 3,721
43,000
l6!043
5,816
7,999
10,409
4,821
1,868
1,468
3,007
5,602
4,815
2,800
5,085
9,990
12,633
14,054
11,729 3,832 3,090 2,871
11 3,548 3,077
46,219
10 4,199 3,105
45,286
5 4,480 2,922
38,761
4 5,274 3,140
37,996
5
37,404
6,040 3,289
6 6,512 3,625
34,524
8 6,640 3,714
33,170
971
729
1,623 3,652 1,679
992 10,202
1
557
558 9,771
638
563
365 7,512
752
835 7,405
959
1,594 7,328
1,144
1,643 6,549
2 1,123
1,711 6,206
830
601
604
500
535
585
725
767
182
167
213
210
290
340
327
335
193
187
185
174
192
221
233
242
Chicago:2
1941—Dec. 31.
1946—Dec. 31.
1947—Dec. 31.
1948—Dec. 3 1 .
1949—Dec. 31.
1950—June 30.
Oct. 4.
Dec. 30.
954
2,760
4,765 1,499
5,088 1,801
4,799 1,783
5,424 1,618
5,256 1,557
5,305 1,776
5,569 2,083
1,094
1,418
1,412
1,211
1,116
1,322
1,567
6
3
3
4
7
24
5
9
48
117
73
71
109
109
81
110
52
101
87
63
56
64
65
69
22
51
46
51
51
54
58
65
105
149
176
172
180
207
207
732
6
498
235
275
690
276
140
131
153
146
248
217
358
555
673
700
3,799
2,358
1,056 3,201
1,189 4,180
1,179 1,954
699
1,211
499
1,218
1,993
1,901
1,090
2,124
4,005
5,053
5,536
Reserve city
banks:
1941—Dec. 3 1 .
1946—Dec. 31.
1947—Dec. 31.
1948—Dec. 31.
1949—Dec. 31 3
1950—June 30.
Oct. 4.
Dec. 30.
15,347
35,351
36,040
35,332
38,301
38,697
39,433
40,685
7,105
10,825
13,449
14,285
14,370
14,868
16,574
17,906
3,456
5,548
7,088
7,282
6,704
6,596
7,688
8,646
300
201
225
437
457
367
353
392
114
264
170
130
183
201
168
207
194
704
484
360
309
324
371
386
1,527
2,237
3,147
3,503
3,742
4,029
4,239
4,423
1,436
1,969
2,315
2,745
3,118
3,453
3,498
Country banks:
1941—Dec. 31.
1946—Dec. 3 1 .
1947—Dec. 31.
1948—Dec. 31.
1949—Dec. 3 1 .
1950—June 30.
Oct. 4.
Dec. 30.
12,518
35,412
36,324
36,726
38,219
39,245
39,808
40,558
5,890
8,004
10,199
11,945
12,692
13,510
14,441
14,988
1,676
2,433
3,096
3,296
3,150
3,339
3,656
3,980
659
681
818
1,356
1,480
1,379
1,371
1,407
20
29
23
21
36
33
28
33
183
273
227
187
173
177
189
187
1,823
2,970
3,827
4,467
4,784
5,125
5,406
5,591
1,312
1,979
2,451
2,945
3,346
3,653
3,679
4,377
24,572
22,857
21,278
21,862
21,830
21,250
21,377
4^020
2,583
3,340
1,148 3,753
1,107 2,133
869
1,344
588
1,390
Insured nonmember commercial banks:
1941—Dec. 31.
1946—Dec. 31.
1947—Dec. 31.
1948—Dec. 31.
1949—Dec. 31.
1950—June 30.
5,776
15,831
16,444
16,685
16,766
17,079
3,241
4,040
4,958
5,911
6,258
6,650
543
862
478
474
20
12
13
12
12
16
64
142
125
105
97
105
8 54
1,282
2,535 1,509
79 11,791 10,524
1,748 723
76 11,486 10,039
2,139 992
89 10,774 9,246
2,426 1,220
87 10,508 8,947
2,575 1,453
82 10,429 8,799
2,727 1,635
17
104 '2,247
136 1,736
234 2,066
303 2,071
308 1,281
1,049 563
1,131 975
1,078 1,018
1,106 1,049
110
279
480
760
903
119
2,207
2,274
1,958
1,945
1,954
1,903
1,847
751
4,248 1,173 956 820
16,013
4 1,272 1,004
3 1,342 1,053
15,560
1 1,421 1,032
13,247
1,727 1,254
13,457
1,988 1,331
13,372
1 2,119 1,472
12,303
1 2,184 1,511
11,830
481
2,926
17,797
17,681
16,046
15,189
14,750
13,769
13,287
2,470
2,108
1,128
1,768
3,835
5,263
6,107
152 1,069
1,179 6,991
1,104 7,058
594 6,349
725 5,846
1,601 5,606
861
6
6
4
4
5
5
5
1,222
1,551
2,006
2,286
2,505
2,753
2,923
2,998
1,028
1,285
1,262
1,217
1,160
1,151
1,195
1,194
563
271
752
3
4
931
3 1,030
2 1,127
2 1,198
462
516
517
498
434
432
* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc.
'Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to
the total
and are not entirely comparable with prior figures. Total loans continue to be shown net.
2
Central reserve city banks.
For other footnotes see opposite page.
296
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposit s
Class of bari k
and
call date
All insured commercial banks:
1941—Dec. 3 1 . .
1946—Dec. 31. .
1947—Dec. 3 1 . .
1948—Dec. 3 1 . .
1949—Dec. 31. .
1950—June 3 0 . .
Reserves
with
federal
Reserve
Banks
Cash
in
vault
BalDeances mand
with
dedoposits
mestic4
ad- 5
banks justed
Interbank
deposits
ForDomestic4 eign
Time deposits
Certified
U. S. States
and
and
Gov- political offiern- subdi- cers'
ment visions checks,
etc.
U. S.
IndiGov- States
viduals
and
ernpartner- Inter- ment
politships, bank
ical
and
and corPostal subdiporavisions
Savtions
ings
IndiCapividuals, Bortal
acpartner- rowships, ings counts
and corporations
12 ,396 1 ,358
U ,013 2 ,012
17 ,796 2 ,145
20,404 1 ,939
,428 1 ,984
15 ,863 1 ,801
8
9
9
8
9
8
570
481
736
947
466
358
1,364
1,379
1,488
1,315
1,281
1
2
1
2
3
3
761
930
325
323
050
590
3
5
6
7
7
7
677
967
692
182
419
924
1
2
2
2
2
2
077
361
559
113
338
145
544
887
723
682
106
639
158
68
54
69
169
209
59
119
111
117
182
188
1 ,087
1 ,576
1 ,672
1 ,486
1 ,521
1 ,358
1 ,686
1 ,643
6
5
6
5
6
5
5
6
246 33 ,754 9 ,714
671
936 70 ,243 10 ,644 1,353
270 73 ,528 10 ,978 1,375
674 72 ,152 10 ,098 1,480
194 72 ,658 10 ,623 1,310
478 72 ,263 9 ,368 1,278
718 74 ,981 10 ,115 1,398
868 78 ,370 11 ,669 1,437
1
2
1
2
2
3
2
2
709
672
176
122
838
340
482
523
3
4
5
5
6
6
6
6
066
915
504
850
017
428
048
400
1
2
2
1
2
2
1
2
009 33 061
207 69 127
401 72 704
962 70 947
185 71 589
001 70 463
772 73 190
724 78 659
140
62
50
63
164
204
236
341
50
114
105
111
175
182
180
183
1,051
1,115
1,135
1,121
6
20
12
31
113
151
172
268
15
12
14
38
37
37
37
29
39
14
20
24
19
28
37
3
2
2
1
4
4
3
3
4
9
11
10
9
9
10
1
1
1
1
476
823
902
989
069
086
060
089
243
235
332
547
617
653
654
631
4
10
11
10
10
11
10
10
542
580
045
798
987
093
882
956
n
Member banks,
total:
1941—Dec. 31. .
1946—Dec. 31. .
1947—Dec. 31. .
1948—Dec. 3 1 . .
1949—Dec. 31. .
1950—June 30. .
Oct. 4. .
Dec. 30. .
20,406
16,429
15,864
16,536
r r,459
New York City:2
1941—rj)ec 31. .
1946—Dec. 3 1 . .
1947—Dec. 31. .
1948—Dec. 31. .
1949—Dec. 31 3.
1950—June 30. .
Oct. 4. .
Dec. 30. .
5,105
4,046
4,639
5,643
4,462
4,235
4,418
4,693
12 ,396
1*>,015
17 ,797
37 ,845
82 ,085
85 ,751
84 ,211
84 ,576
83 ,916
93
131
151
117
112
92
125
118
141
87
70
67
68
38
41
78
43
29
30
28
27
26
29
30
298
172
175
143
159
114
136
133
6,413
5,206
6,331
5,806
425
532
562
483
482
428
538
519
2 ,590
1 ,923
2 ,125
1 ,845
1 ,965
1 ,747
1 ,858
2 ,206
11 ,117
24 ,221
25 ,714
25 ,072
25 ,744
25 ,655
26 ,770
27 ,938
2,210
1,703
1,993
5,736
1,371
1,343
1,628
1,745
526
883
929
858
901
813
994
976
3 ,216
3 ,753
3 ,900
3 ,619
4 ,002
3 ,579
3 ,683
4 ,450
271
437
473
453
463
442
2 ,325
3 ,547
3 ,466
3 ,273
3 ,273
2 ,880
10 ,761
16 ,429
16 ,653
15 ,773
15 ,182
15 ,053
15 ,313
15 ,898
9 ,823
10 ,888
11 ,236
10 ,344
10 ,885
9 ,577
673
36
79
83
81
82
80
492
664
826
1,080
1,232
1,321
418
551
693
927
1 5 , 146
3 2 , 742
33 946
3 4 , 244
34 442
34 925
11
26
27
27
27
28
27
28
878
525
542
801
934
328
921
032
10
39
61
54
14
36
6 ,844
9 ,286
9 ,734
10 ,158
10 ,645
11 ,061
4 5 ,886
30 8 ,095
54 8 ,464
45 8 ,801
11 9 ,174
30 9 ,523
241 9 ,705
79 9 ,695
3 595
3 ,031
3 ,236
2 ,904
2 ,996
2 ,692
2 ,900
3 ,207
1,195
1,217
1,278
1,084
1,051
1,132
1,162
866
651
267
445
640
684
515
451
319
218
290
241
196
279
273
258
450
942
1 105
750
895
809
575
1 087
11
17
17
16
16
15
15
17
282
216
646
695
408
896
975
490
2 ,215 1 ,027
3 ,356 1 ,130
3 ,737 1 ,196
3 ,604 1 ,038
3 ,797 1 ,151
3 ,676
977
3 ,773 1 ,098
3 ,954 1 ,177
8
24
21
26
40
37
44
48
127
152
72
188
258
211
167
174
233
228
285
284
286
325
328
284
34
47
63
53
60
53
52
70
2
3
3
3
3
3
3
4
152
495
853
702
932
716
823
250
4 ,302
5 ,417
5 ,497
5 ,213
5 ,498
4 ,848
5 ,223
5 ,174
54
127
131
168
176
181
212
217
491
991
405
801
1 ,144
2 077
2 ,282
2 ,401
2 ,478
2 ,579
2 ,331
2 ,575
286
693
705
649
650
590
587
852
11
24
26
25
25
25
26
28
127
288
003
302
912
992
104
25
22
19
38
40
51
,938
57
20
43
45
46
60
65
63
60
9 ,661
26 ,237
27 ,424
27 ,703
27 ,935
27 ,879
29 ,125
30 ,581
790
1 ,067
1 ,049
943
979
850
894
1 ,111
2
8
7
8
9
9
10
10
1 ,036
828
922
1 ,370
2 ,391
2 ,647
2 ,925
3 ,058
3 ,246
3 ,116
3 ,282
239
524
528
510
579
549
558
715
8 ,500
24 ,128
25 ,203
25 ,248
25 ,337
25 ,122
26 ,400
27 ,980
30
17
17
13
13
12
13
12
31
55
45
49
73
75
76
82
146
272
337
350
400
434
444
443
6 ,082
13 ,727
14 ,177
14 ,369
14 ,289
14 ,555
14 ,414
14 ,339
4
26
23
12
11
15
64
9
1 ,982
2 ,757
2 ,934
3 ,123
3 ,305
3 ,433
3 ,555
3 ,532
4 ,092
11 ,842
12 ,223
12 ,059
11 ,918
11 ,653
108
244
258
246
261
209
2
11
4
8
6
3
53
258
149
201
213
250
611
1 ,052
1 ,188
1 ,332
1 ,402
1 ,496
68
154
158
151
153
144
3 ,483
10 ,761
11 ,019
10 ,736
10 ,517
10 ,176
18
6
4
6
8
74
113
132
153
182
206
3 ,276
6 ,232
6 ,420
6 ,459
6 ,524
6 ,613
6
9
7
8
959
1 ,193
1 ,271
1 ,358
1 ,473
1 ,539
607
778
1 395
1 418
30
646
25
1 590
594
565 ' " 7 4
70
1 647
1 ,648
2 ,205
2 ,259
2 ,306
2 ,312
2 ,341
2 ,347
2 ,351
Chicago:2
1941—D ec
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
1950—June
Oct.
Dec.
31
31. .
31. .
31. .
31. .
30. .
4. .
30. .
Reserve city banks.
1941—Dec. 31
1946—Dec. 3 1 . .
1947—Dec. 31. .
1948—Dec. 31. .
1949—Dec. 313.
1950—June 3 0 . .
Oct. 4. .
Dec. 3 0
Country banks:
1941—Dec. 31. .
1946—Dec. 31. .
1947—Dec. 31. .
1948—Dec. 31. .
1949—Dec. 31. .
1950—June 30. .
Oct. 4. .
Dec. 30. .
1L ,021
928
L,070
L ,325
1,183
1,080
1,159
L ,216
4,060
6,337
7,095
r,701
Insured nonmember commercial banks:
1941—Dec. 31. .
1946—Dec. 31. .
1947—Dec. 31. .
1948—Dec. 31. .
1949—Dec. 31. .
1950—June 30. .
1 ,142
1 ,408
971
976
225
877
432
688
797
,729
c
c
c
6
6
6
6
1
288
404
426
444
470
482
484
490
1 ,967
4 2 ,729
1 2 ,844
8 2 ,928
3 ,087
14 3 ,268
102 3 ,318
3 ,322
3
4
Figures not entirely comparable with prior dates due to reclassification of 9 central reserve city banks in New York City as reserve city banks.
Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and
525 million
at all insured commercial banks.
6
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
MARCH
1951
297
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans]
Date or month
Total
loans
and
investments
Total l
Commercial,
industrial,
and
agricultural
Investments
For purchasing
or carrying securities
To brokers
and dealers
To others
U. S.
U.S. Other
Govt. Other
se- Govt.
seob- curiobligaliga- curitions ties tions ties
U. <3. Government obligations
Real Loans Other
estate
to
Total
loans banks loans
Total
Bills
CerOther
tifisecucates
rities
of in- Notes Bonds2
debtedness
Total—
Leading Cities
1950—January...
67,517
24,523 13,860
4,379
4,456 42,994 37,910 3,008 6,780 3,454 24,668 5,084
840
159
424
69,523 29,894 16,822
December.. 70,835 30,971 17,590
454 989
518 1,011
184
181
566 5,169
570 5,244
1951—January...
70,479 31,398 17,979
489 1,026
165
581
5,292
405
5,905 39,081 32,584 2,149
1950—Dec.
6...
Dec. 1 3 . . .
Dec. 2 0 . . .
Dec. 2 7 . . .
69,807
70,301
71,444
71,789
30,580
30,560
31,146
31,599
17,261
17,461
17,801
17,839
481 983
452 992
448 1,017
690 1,052
185
185
180
175
558
601
559
561
5,212
5,240
5,254
5,270
502
204
410
519
5,799
5,827
5,880
5,895
39,227
39,741
40,298
40,190
32,924 2,058 1,014 7,731 22,121 6,303
33,439 2,038
805 7,867 22,129 6,302
33,854 2,894
779 8,577 21,604 6,444
33,674 2,778
787 8,549 21,560 6,516
1951—Jan.
3...
Jan. 1 0 . . .
J a n . 17. . .
Jan. 24. . .
Jan. 3 1 . . .
71,212
70,824
70,449
70,384
69,527
31,417
31,292
31,300
31,438
31,541
17,859
17,924
17,972
18,018
18,120
512
487
426
487
533
1,066
987
1,015
1,041
1,021
174
162
159
164
167
576
577
582
582
587
5,280
5,287
5,298
5,298
5,299
510
424
404
363
324
5,877
5,886
5,889
5,932
5,939
39,795
39,532
39,149
38,946
37,986
33,294
33,046
32,634
32,443
31,504
2,470
2,368
2,209
2,081
1,618
9,251
9,184
9,026
9,021
8,681
21,573
21,494
21,399
21,341
21,205
6,501
6,486
6,515
6,503
6,482
Feb.
7...
Feb. 1 4 . . .
Feb. 2 1 . . .
Feb. 2 8 . . .
69,225
69,241
69,231
69,501
31,669
31,922
31,877
32,189
18,321
18,449
18,588
18,733
516 1,012
519 1,000
397 978
492 1,006
167
175
174
171
577
575
575
577
5,303
5,326
5,327
5,331
313
441
403
412
5,909
5,885
5,879
5,910
37,556
37,319
37,354
37,312
31,093
30,858
30,900
30,791
1,444
1,402
1,505
1,577
8,609
8,518
8,497
8,384
21,040
20,938
20,898
20,830
6,463
6,461
6,454
6,521
November.
505
270
295 5,810 39,629 33,313 2,284 1,085 7,740 22,204 6,316
409 5,850 39,864 33,473 2,592
846 8,181 21,854 6,391
9,033 21,402 6,497
New York City
1950—January.. .
19,433
7,467
4,859
443
677
40
161
266
223
923 11,966 10,633
910
November.
December..
19,736
20,448
9,156
9.660
5,928
6,225
394
450
772
774
37
36
247
243
431
438
183 1,290 10,580 8,825
319 1,302 10,788 8,986
779
995
630
1951—January...
20,146
9,768
6,381
427
786
30
250
433
278
1,322 10,378 8,507
1950—Dec.
6...
Dec. 1 3 . . .
Dec. 2 0 . . .
Dec. 2 7 . . .
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
37
36
35
35
234
274
234
232
434
441
436
439
440
168
354
315
1,293
1,298
1,305"
1,314
10,432
10,768
10,997
10,954
8,672
9,010
9,188
1951—Jan.
3...
J a n . 10. . .
Jan. 1 7 . . .
Jan. 2 4 . . .
Jan. 3 1 . . .
20,644
20,274
19,978
20,092
19,741
9,915
9.758
9,641
9,754
9,770
6,358
6,367
6,361
6,383
6,435
454
432
371
420
459
834
764
760
786
787
32
30
29
29
31
250
250
250
249
248
436
439
435
432
422
389
306
254
262
181
1,301
1,309
1,320
1,332
1,346
10,729
10,516
10,337
10,338
9,971
8,844
8,642
8,443
8,476
8,132
Feb.
7...
Feb. 14. . .
Feb. 2 1 . . .
Feb. 2 8 . . .
19,545
19,516
19,585
19,982
9,829
9,935
9,922
10,108
6,562
6,611
6,659
6,747
423
417
333
412
779
765
740
750
31
37
36
34
237
236
235
239
423
428
431
427
171
255
302
306
1,342
1,325
1,325
1,332
9,716
9,581
9,663
9,874
7,885
7,753
7,845
7,997
4,113
700
1,061
1,154
9,075 1,065
1,620
794
7,309 1,333
225 1,573 6,248 1,755
235 1,649 6,107 1,802
1,836 6,041 1,871
1,533
1,581
1,758
1,724
6,173
6,153
6,045
6,057
1,760
1,758
1,809
1,879
774
696
618
651
410
1,932
1,864
1,817
1,834
1,735
6,138
6,082
6,008
5,991
5,987
1,885
1,874
1,894
1,862
1,839
283
216
301
371
1,725
1,690
1,704
1,715
5,877
5,847
5,840
5,911
1,831
1,828
1,818
1,877
266
215
231
229
Outside
New York City
1950—January. . . 48,084
17,056 9,001
62
163
119
263
November. 49,787
December.. 50,387
20,738 10,894
21,311 11,365
60
68
217
237
147
145
319 4,738
327 4,806
47
3,533 31,028 27,277 2,098 5,160 2,660 17,359 3,751
112 4,520 29,049 24,488
90 4,548 29,076 24,487
1,505
1,597
1951—January...
50,333
21,630 11,598
62
240
135
331
4,859
127
4,583 28,703 24,077
1,519
1950—Dec. 6 . . .
Dec. 1 3 . . .
Dec. 20. . .
Dec. 27. . .
49,829 21,034 11,175
50,107 21,134 11,281
50,709 21,408 11,472
50,904 21,668 11,534
87
49
49
88
228
239
245
237
148
149
145
140
324
327
325
329
4,778
4,799
4,818
4,831
62
36
56
204
4,506
4,529
4,575
4,581
1951—Jan.
Jan.
Jan.
Jan.
Jan.
50,568
50,550
50,471
50,292
49,786
21,502
21,534
21,659
21,684
21,771
58
55
55
67
74
93
102
64
80
232
223
142
132
255
130
233
235
238
256
136
138
138
137
326 4,844
327 4,848
332 4,863
333 4,866
339 4,877
340 4,880
339 4,898
340 4,896
338 4,904
3...
10. . .
17...
24. . .
31...
Feb. 7 . . .
Feb. 14. . .
Feb. 21. . .
Feb. 2 8 . . .
1
8
11,501
11,557
11,611
11,635
11,685
49,680 21,840 11,759
49,725 21,987 11,838
49,646 21,955 11,929
49,519 22,081 11,986
255
234
135
136
28,795
28,973
29,301
29,236
24,252
24,429
24,666
24,599
1,358
1,577
1,740
1,713
121 4,576 29,066
118 4,577 29,016
4,569 28,812
101 4,600 28,608
143 4,593 28,015
24,450
24,404
24,191
23,967
23,372
27,840
27,738
27,691
27,438
23,208
23,105
23,055
22,794
150
142
186
101
106
4,567
4,560
4,554
4,578
860 6,167 15,956 4,561
611 6,532 15,747 4,589
7,197 15,361 4,626
6,198
6,286
6,819
6,825
15,948
15,976
15,559
15,503
4,543
4,544
4,635
4,637
1,696
1,672
1,591
1,430
1,208
7,319
7,320
7,209
7,187
6,946
15,435
15,412
15,391
15,350
15,218
4,616
4,612
4,621
4,641
4,643
1,161
1,186
1,204
1,206
6,884
6,828
6,793
6,669
15,163
15,091
15,058
14,919
4,623
4,633
4,636
4,644
748
590
548
558
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.
298
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 rrtonth
Reserves
IndiDeBalwith Cash ances mand vidFeddewith
uals,
in
eral vault
posits partdoRemestic adnerserve
banks justed ships,
Banks
and
corporations
Time deposits,
except interbank
States Certified
and
U. S.
and
politGovOffiical
erncers' ment
subdivi- checks,
etc.
sions
Interbank
deposits
IndividU. S.
Demand
uals, States
and Govpart- politernnerical ment
ships, suband
and
Dodivi- Postal
cor- sions
Sav- mes- Foreign
poraings
tic
tions
Bor- CapBank
row- ital
debacings counts
its*
Time
Total—
Leading Cities
1950—January.. . .
12
,408
November.. 12 ,436
December.. 12 ,853
804
2 ,413 48
,219
48
,403
3
,315
847 2 ,301 49 ,670 51 ,023 3 ,341
964 2 ,557 51 ,385 52 ,810 3 ,369
1,997 14,597
620
127
,835 1 ,238
152
210
1 ,491 1,811 14,508
1 ,664 1,478 14,518
649
641
125 9 ,593 1 ,383
126 10 ,179 1 ,373
246
309
385 6 ,536 105 ,854
419 6 ,531 126 ,403
1 ,358
9
6
,209
,223
93
1951—January... .
13 ,500
,501
1 ,583
1,313 14,579
668
127 10
,153 1 ,371
362
550
6
1950—Dec.
Dec.
Dec.
Dec.
6....
13....
20....
27....
12 ,778 879
13 ,075 998
12 ,823 972
12 ,738 1,005
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
1951—Jan.
Jan.
Jan.
Jan.
Jan.
3....
10....
17....
24....
31....
13 ,045
12 ,923
13 ,753
13 ,519
14 ,260
894
890
838
851
795
2 ,874
2 ,422
2 ,555
2 ,295
2 ,166
51 ,292
51 ,306
51 ,702
51 ,684
51 ,232
52 ,810
52 ,130
53 ,202
52 ,276
51 ,760
3 ,480
3 ,427
3 ,428
3 ,513
3 ,657
1 ,848
1 ,545
1 ,544
1 ,491
,489
1,194
1,089
1,261
1,398
L.622
14,615
14,632
14,578
14,537
14,533
644
659
661
685
689
127
127
127
126
128
11 ,221
10 399
10 ,403
9 654
9 089
1 ,409
1 ,396
1 ,352
1 ,347
1 ,353
326
364
367
377
376
469
370
414
517
982
6 ,523
6 ,532
6 ,521
6 ,526
6 ,542
32 ,410
26 213
27 459
26 ,650
27 501
Feb. 7
Feb. 1 4 . . . .
Feb. 2 1 . . . .
Feb. 2 8 . . . .
14 ,145
13 ,945
13 ,981
14 ,173
818
882
833
823
2 ,113
2 ,362
2 ,177
2 ,203
50 ,781
50 510
50 ,491
50 649
50 ,767
52 ,684
51 ,285
51 ,813
3 ,619
3 ,574
3 ,541
3 ,640
1 ,437
1 ,528
1 ,358
1 ,536
1,739
L,983
>,462
>,588
14,516
14,492
14,479
14,495
712
703
706
703
127
124
126
126
1 ,347
1 ,327
1 ,333
1 ,372
374
375
377
377
825
551
478
664
6 ,559
6 ,548
6 ,534
6 ,560
25
22
28
24
,543
129
,990
213
690
568
1,510
22
38
2 949 1 ,016
111
34 15 418 16 ,275
37 16 139 17 ,136
321
250
746
826
491 1,492
380 1,557
36
38
37 2 778 1 ,126
37 2 988 1 ,113
190
247
171 2 ,310 41 167
164 2 ,306 53 150
854
2 ,462 51
,443
52
,436
3
9
9
9
9
181
637
050
034
,529
,787
120
086
642
707
720
New York City
1950—January
4
November.. 4 ,462
December.. 4 ,671
33 15 320 15
138
167
89
2
,279
38 133
1951—January.. . .
4
,769
131
42 15 830 16 735
231
752
345
L.530
36
37
2 969 1 ,113
274
293
2 ,319
1950—Dec.
Dec.
Dec.
Dec.
6....
13....
20....
27....
4 ,568
4 ,948
4 ,602
4 ,567
152
181
170
164
33
37
41
37
15
16
16
16
829
329
282
116
16 ,616
17 ,408
17 ,263
17 ,258
243
277
211
268
929
644
673
057
388
369
371
395
1,524
:1,568
1,566
L ,571
39
38
37
37
37
37
37
37
2
2
3
3
839
982
119
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
1951—Jan.
Jan.
Jan.
Jan.
Jan.
3 . . . . 4 ,572
1 0 . . . . 4 ,476
1 7 . . . . 4 ,842
2 4 . . . . 4 780
3 1 . . . . 5 176
142
140
128
128
116
68
36
39
36
33
15
15
15
16
15
762
816
818
019
738
16
16
16
16
16
828
661
812
788
587
241
209
199
251
257
813
731
731
723
759
322
288
333
358
426
1,552
1,548
1,518
L,505
1[,524
37
37
36
36
35
37
37
37
37
38
3
2
2
2
311
979
997
838
718
1 ,133
1 ,120
1 ,097
1 104
1 ,111
261
275
278
279
279
354
168
212
201
528
2 ,315
2 ,318
2 ,318
2 ,318
2 ,327
165
891
942
083
125
143
133
125
30
34
33
30
15
15
15
15
661
379
570
915
16
16
16
16
277
685
421
856
250
236
218
279
742
783
584
757
450
499
642
660
1 ,509
1 ,502
1 ,506
1 ,516
36
36
35
35
38
38
38
38
2
2
2
2
689
832
734
729
1
1
1
1
279
280
282
282
457
292
153
307
2 ,327 10 214
2 ,324 8 524
2 ,324 11 009
2 ,333 9 169
7 865
675
2 380 32 899 32 413
3 102
668
1 ,429
3
Feb. 7 . . . .
Feb. 1 4 . . . .
Feb. 2 1 . . . .
Feb. 2 8 . . . .
5
4
4
5
1
093
078
080
117
47 561
13
10
10
10
11
553
040
424
092
584
Outside
New York City
1950—January
November.. 7 974
December.. 8 182
1951—January.. . . 8 731
723
2 420 35 613 35 701
1950—Dec. 6 . . . .
Dec. 1 3 . . . .
Dec. 2 0 . . . .
Dec. 2 7 . . . .
210
127
221
171
727
817
802
841
2
2
2
2
235
637
655
552
34, 623 34
35, 347 35
35, 488 35
35, 526 36
540
975
918
260
3
3
3
3
087
091
174
125
3 . . . . 8 473
1 0 . . . . 8 447
1 7 . . . . 8 911
2 4 . . . . 8 739
3 1 . . . . 9 084
752
750
710
723
679
2
2
2
2
2
806
386
516
259
133
35, 530 35
35, 490 35
35, 884 36
35, 665 35
35, 494 35
982
469
390
488
173
3
3
3
3
3
239
218
229
262
400
693
739
700
698
2
2
2
2
083
328
144
173
35, 120
35, 131
34, 921
34, 734
1951—Jan.
Jan.
Jan.
Jan.
Jan.
Feb. 7 . . . .
Feb. 1 4 . . . .
Feb. 2 1 . . . .
Feb. 2 8 . . . .
8
8
8
8
8
9
9
9
980
054
039
090
709 2 267 34 252 34 748 3 020
797 2 520 35 246 35 674 3 119
4, 490
35 999
4 864
34 957
3 270
3, 369
3, 338
3, 323
3, 361
598
89
6 886
222
41
121
613
603
88 6 815
89 7 191
257
260
56
62
632
90
7 184
258
88
214 4 ,226 64 687
255 4 ,225 73, 253
257 4 ,210 7 3 , 226
1 ,074 12 ,942
1 ,039 ,942
1 ,098 a ,954
1 ,177
,007
598
602
606
605
89
89
89
89
6
7
7
7
868
145
462
288
256
264
251
269
54
66
66
64
372
104
226
317
4 ,229
4 ,220
4 ,222
4 ,229
16, 151
15 538
18, 153
14, 789
872 ,063
035
801 ,084
814
928 ,060
813
768 1 ,040 u ,032
730 1 ,196 13 ,009
695 1 ,289 13 ,007
745 1 ,484 12 ,990
774 1 ,820 12 ,973
779 1 ,928 12 ,979
607
622
625
649
654
90
90
90
89
90
7, 910
7 420
7, 406
6, 816
6, 371
276
276
255
243
242
65
89
89
98
97
115
202
202
316
454
4 ,208
4 ,214
4 ,203
4 ,208
4 215
18, 857
16, 173
17, 035
16, 558
15, 917
676
667
671
668
89
86
88
88
6, 492
6, 805
6, 316
6, 305
254
249
253
255
95
95
95
95
368
259
325
357
4 232
4 ,224
4 ,210
4 ,227
14, 872
14, 118
17, 698
15, 551
778
834
889
853
1
,930
13,087
745 1 ,320 13,016
838 1 ,098 12,961
831
968 L" ,049
55 090
8
4
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.
MARCH 1951
299
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans *
Investments
For purchasing
or carrying securities
Federal Reserve
district and date
Boston
Jan. 31
Feb. 7
Feb. 14.
Feb. 21
Feb. 28
New York*
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Feb. 28
Philadelphia
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Feb. 28
Cleveland
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Feb. 28
Richmond
Jan 31
Feb. 7 . . .
Feb. 14
Feb. 21
Feb. 28.
Atlanta
Jan 31
Feb 7
Feb. 14.
Feb. 21
Feb. 28
Chicago*
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Feb. 28
St. Louis
Jan. 3 1 . . .
Feb 7
Feb. 24
Feb 21
Feb. 2 8 . . .
Minneapolis
Jan. 31
Feb. 7
Feb. 14
Feb. 2 1 . .
Feb. 28
Kansas City
Jan. 31
Feb 7
Feb 14
Feb. 21
Feb. 28
Dallas
Jan. 31
Feb 7
Feb. 14
Feb. 21
Feb 28
San Francisco
Jan. 31
Feb. 7
Feb. 14.
Feb. 21
Feb 28
City of Chicago*
Jan. 31
Feb 7
Feb 14
Feb 21
Feb 28
Total
loans
and
invest1
ments Total
Commercial,
industrial,
and
agricultural
To brokers
and dealers
U. S. Government obligations
To others
Real Loans Other
estate to
loans Total
loans banks
U. S. Other U . S . Other
Govt. se- Govt. seobcuri- ob- curiligaties liga- ties
tions
tions
Bills
Total
Certificates
of indebtedness
Other
secuNotes Bonds rities
2
3,148
3,166
3 171
3,144
3,160
1,448
1,484
1,512
1,482
1,496
898
905
920
933
936
8
13
10
7
9
11
12
12
11
10
10
10
10
10
10
27
27
26
26
26
213
215
216
216
214
8
33
48
10
21
298
294
295
294
295
1,700
1,682
1,659
1,662
1,664
1,467
1,448
1,424
1,425
1,426
74
63
55
55
55
295
291
279
280
282
1,098
1,094
1,090
1,090
1,089
233
234
235
237
238
22,206
21,995
21 974
22,050
22,446
10,731
10,788
10,908
10,895
11,079
6,834
6,962
7,015
7,065
7,157
464
433
428
338
422
796
786
773
748
759
36
36
42
42
40
265
254
253
251
255
715
717
722
727
723
188
171
265
315
309
1,594
1,590
1,571
1,570
1,575
11,475
11,207
11,066
11,155
11,367
9,393
9,133
8,998
9,099
9,252
497
361
291
371
456
1,975
1,963
1,925
1,937
1,943
6,921
6,809
6,782
6,791
6,853
2,082
2,074
2,068
2,056
2,115
2,828
2,847
2 826
2,839
2,844
1,224
1,244
1 244
1,245
1,280
666
676
682
685
697
3
3
3
3
3
34
33
34
38
47
3
3
3
3
3
6
6
6
6
7
144
143
145
144
143
11
19
16
6
16
380
384
378
383
387
1,604
1,603
1,582
1,594
1,564
1,250
1,253
1,233
1,247
1,221
54
52
43
52
45
285
287
278
287
279
911
914
912
908
897
354
350
349
347
343
4,847
4 814
4,844
4,867
4 891
1,845
1 833
1,870
1,902
1 932
991
1,018
1,024
1,068
1,077
16
16
15
14
15
25
24
25
25
29
36
36
36
36
36
68
68
69
70
67
361
362
366
367
368
34
2
25
14
25
344
337
340
338
345
3,002
2,981
2,974
2,965
2,959
2,531
2,511
2,514
2,504
2,496
107
107
119
117
125
633
628
629
630
624
1,791
1,776
1,766
1,757
1,747
471
470
460
461
463
2 783
2,786
2,795
2 754
2,769
1 140
1,140
1,149
1 145
1,154
551
551
558
563
569
2
1
2
1
1
6
6
6
6
5
12
11
12
11
11
34
33
33
33
32
246
245
246
243
243
1
6
5
2
2
302
301
301
300
305
1,643
1,646
1.646
1,609
L ,615
1,465
1,469
1,468
1,433
1,440
83
98
100
74
93
392
387
392
386
385
990
984
976
973
962
178
177
178
176
175
2,537
2 559
2 553
2,553
2 559
1,137
1 137
1 145
1,142
1 142
686
691
690
695
697
13
13
12
12
13
12
12
12
12
11
23
23
23
23
24
92
93
93
93
93
6
4
11
5
5
321
317
319
318
315
L.400
1,422
1,408
.411
1,417
1,187
1,209
1,194
1,197
1,201
50
77
60
62
69
509
506
506
506
499
628
626
628
629
633
213
213
214
214
216
9,825
9 786
9,797
9 802
9 753
3,432
3 444
3,464
3 470
3 466
2,160
2,176
2,195
2,215
2,221
34
44
56
30
37
98
98
95
96
91
22
23
25
25
25
60
60
59
59
59
450
450
451
453
454
22
21
12
23
6
638
624
623
621
625
6,393
6,342
6,333
6,332
6,287
5,440
5,388
5,383
5,384
5,332
363
328
327
349
340
1,610
1,613
1,622
1,618
1,588
3,467
3,447
3,434
3,417
3,404
953
954
950
948
955
2 401
2 390
2,396
2 362
2 358
1,270
1 273
1,277
1 250
1,257
731
732
733
732
731
2
2
2
2
2
4
4
5
5
5
10
10
10
10
10
15
15
15
15
15
237
237
237
238
238
20
23
26
2
6
265
264
263
260
264
1,131
1,117
1,119
1,112
1,101
946
935
940
936
926
44
40
51
47
41
308
302
299
301
300
594
593
590
588
585
185
182
179
176
175
1,266
1 271
1,268
1 264
1,247
574
575
586
590
598
299
301
310
318
323
2
2
2
2
2
3
3
2
2
2
5
5
6
6
6
104
104
105
105
105
2
2
167
168
165
165
166
692
696
682
674
649
548
552
537
531
505
22
21
13
13
15
163
168
164
161
156
363
363
360
357
334
144
144
145
143
144
2,752
2 729
2 7S6
2,761
2,762
1,204
1 198
1 209
1,208
1,222
769
770
778
782
791
8
8
9
8
10
4
4
4
4
4
14
14
13
14
14
168
167
168
165
166
7
4
4
1
3
241 1,548
238 1,531
240 1,547
241 1,553
241 1,540
1,270
1,254
1,270
1,277
1,269
185
173
195
200
196
462
459
453
457
461
623
622
622
620
612
278
277
277
276
271
2,717
2 678
2,683
2,670
2 654
1,488
1,476
1,479
1,477
1 474
1,052
1,041
1,041
1,038
1,032
7
8
8
8
8
10
10
11
11
11
42
44
44
44
45
122
120
121
119
120
1
1
1
2
1
269 1,229
267 1,202
268 1,204
270 1,193
272 1,180
1,071
1,042
1,043
1,030
1,018
98
74
78
76
69
383
372
369
365
361
590
596
596
589
588
158
160
161
163
162
12,217
12,204
12,178
12,165
12 058
6,048
6,077
6,079
6,071
6,089
2,483
2,498
2,503
2,494
2,502
3
3
2
1
2
17
18
19
19
27
9
9
8
8
8
28
28
28
28
27
2,447
2,450
2,456
2,457
2,464
24
29
24
23
16
1,120
1,125
1,122
1,119
1,120
6,169
6,127
6,099
6,094
5,969
4,936
4,899
4,854
4,837
4,705
41
50
70
89
73
1,666
1,633
1,602
1,569
1,506
3,229
3,216
3,182
3,179
3,126
1,233
1,228
1,245
1,257
1,264
6,042
6 023
6 027
6 006
5,958
2,267
2 285
2 289
2 288
2,282
1,662
1 674
1 682
1,700
1,704
32
42
54
27
34
91
91
88
87
81
17
19
20
20
20
51
50
50
50
50
100
101
101
101
102
17
19
6
15
1
331
323
322
322
324
3,775
3,738
3,738
3,718
3,676
3,166
3,127
3,132
3,112
3,066
280
260
264
273
259
929
936
946
933
902
1,957
1,931
1,922
1,906
1,905
609
611
606
606
610
1
1
1
1
1
4
* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table.
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.
300
The figures
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RE§ERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
except interbank
Time deposits,
except interbank
Interbank
deposits>
ReDeserves
Balwith
ances mand
Fed- Cash with
dein
eral
do- posits
Re- vault mestic ad- 3
serve
banks justed
Banks
Federal Reserve
district and date
Boston
Jan. 31
Feb. 7
Feb. 1 4 . . .
Feb. 21
Feb. 28
New York*
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Feb. 28
Philadelphia
Jan.
Feb.
Feb.
Feb.
Feb.
31..
7 . . .
14
21
28..
Cleveland
Jan. 31. ..
Feb. 7
Feb. 14
Feb. 21
Feb. 2 8 . .
Richmond
Jan. 31. .
Feb. .7
Feb. 14
Feb. 21
Feb. 2 8 . . .
Atlanta
Jan.
Feb.
Feb.
Feb.
Feb.
31....
7
14
21
28...
Chicago*
Jan. 3 1 . . .
Feb. 7 . . . .
Feb.14....
F e b . 21
Feb.28...
St. Louis
Jan. 3 1 . . . .
Feb. 7
Feb! 14
Feb. 21
Feb. 28
Minneapolis
Jan.
Feb.
Feb
Feb!
Feb.
31 . . . .
7
14
2 1 ! ! !!
28....
Kansas City
Jan. 31. ..
Feb 7
Feb. 14
Feb. 21
Feb.28...
Dallas
Tan.
Feb.
Feb!
Feb!
Feb.
.
!
31
7
14
21!!!!!!'!!'!
28
San Francisco
Tan. 31
Feb. 7
Feb 14
Feb. 21
Feb.28
City of Chicago*
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Feb. 2 8 . . .
Individuals, States Certified
part- and
and
ner- polit- Offiships, ical
cers'
suband
cor- divi- checks,
sions etc.
porations
U. S.
Government
Individuals,
partnerships
and
corporations
Demand
S.
States U.
Govand
ernpolit- ment
ical
and
sub- Postal
divi- Savsions
ings
543
526
525
574
524
55
57
58
54
58
89
92
96
100
108
2,648
2 ,655
2^628
2,631
2,621
2,603
2 ,597
2 !636
2,616
2,620
203
203
190
187
180
52
49
48
61
62
69
86
105
110
63
481
481
481
480
479
5,469
5 493
5,232
5,277
5,375
168
181
200
184
179
130
128
152
134
123
17,474
17,409
17,158
17,316
17,613
18,096
17,751
18,244
17,913
18,346
568
587
587
548
597
819
794
857
646
810
491
522
580
740
766
2,347
2,332
2,326
2,330
2,340
43
44
43
43
42
531
531
528
530
548
42
47
48
44
44
117
105
127
118
124
2,313
2,313
2,240
2,284
2,292
2,426
2,388
2,417
2,396
2,437
88
104
88
101
92
33
26
35
28
30
89
100
132
143
148
404
404
403
402
402
20
19
19
19
19
875
858
866
871
890
83
83
89
88
81
145
145
167
148
155
3,506
3,433
3,476
3,438
3,466
3,576
3 ,444
3,629
3,525
3,604
199
204
201
216
219
58
54
57
60
59
121
134
156
200
210
1,316
1,315
1,312
1,311
1,311
40
45
46
46
46
486
500
512
527
506
66
69
71
69
68
157
161
199
153
151
2,191
2,186
2,214
2,173
2,165
2,199
2,197
2,285
2,214
2,206
176
163
156
155
166
42
49
46
49
52
66
71
83
99
105
554
554
552
552
552
475
482
505
484
488
40
43
46
44
42
184
180
198
174
189
1,913
1.897
1,928
1,914
1,924
1,811
1,791
1,877
1,823
1,822
300
308
304
310
327
26
31
25
33
29
47
50
59
70
72
2,140
2,092
2,104
2,023
2,179
102
102
108
107
104
315
305
325
325
313
7,027
6,901
6,866
6,816
6,861
7,098
6,876
7,251
6,936
7,080
619
590
578
569
605
119
107
110
118
122
452
440
444
448
437
30
30
34
33
31
110
116
126
105
116
1,550
1,531
1^538
1,528
1,519
1,657
1,610
1,697
1,635
1,639
111
104
100
105
113
234
232
241
240
240
13
13
13
13
13
85
83
84
75
76
875
858
880
845
839
883
872
921
886
876
559
552
548
568
554
33
34
36
32
34
256
249
281
270
272
2,091
2,049
2,093
2,099
2,076
531
553
557
535
551
36
38
41
36
38
323
304
342
320
312
1,965
1,886
1,883
1 ,904
1,881
127
121
138
129
131
1,485
1,433
1,431
1,375
1,470
35
35
36
39
37
Domestic
Bor- CapBank
ital
debrow- acings counts its *
Time
Foreign
25
7
22
28
25
335
335
336
336
336
1,133
1,044
1,039
1,180
1,022
541
473
311
165
321
2,533
2,532
2,528
2,528
2,538
12,259
10,870
9,167
11,830
9,844
14
16
15
15
15
19
9
21
13
28
322
322
322
324
324
983
885
863
449
445
485
459
451
8
9
8
9
8
55
63
25
56
69
482
483
483
483
484
1,473
1,353
1,260
1,684
1,487
18
18
18
18
18
383
416
426
382
370
5
5
5
6
5
11
11
11
11
11
17
15
23
20
28
242
243
243
244
244
939
867
870
995
867
5
5
5
5
5
5
5
5
5
5
537
565
580
540
536
10
10
10
11
13
2
2
2
2
2
22
33
15
14
22
209
210
210
210
211
841
774
831
940
864
2,608
2,603
2,596
2,587
2,587
27
27
28
28
28
13
13
13
13
13
1,416
1,419
1,559
1,403
1,453
44
44
42
43
41
4
4
4
4
4
127
144
57
78
54
774
774
771
771
775
3,860
3,338
3,105
4,174
3,484
54
62
73
86
96
466
468
468
467
466
14
14
14
14
14
4
4
4
4
4
670
676
681
618
620
3
3
3
3
3
46
29
30
40
33
191
192
192
193
193
759
650
629
795
724
15
14
12
15
15
51
54
238
239
239
238
237
1
1
1
1
287
309
299
293
299
3
2
2
2
2
1
57
67
70
34
27
20
37
20
106
106
106
106
107
407
412
361
461
425
289
275
271
286
290
29
30
32
30
49
69
74
77
92
104
381
382
381
381
381
5
6
6
6
6
3
3
3
3
3
818
825
837
814
815
1
1
2
2
2
1
1
1
1
1
18
8
5
18
19
228
229
230
230
230
915
910
868
2,203
2 ,160
2 ,264
2,210
2,206
234
232
235
219
219
42
36
37
48
38
45
49
57
70
72
359
359
359
359
358
63
63
60
60
60
7
7
7
7
7
678
678
707
652
631
9
9
9
9
10
3
15
235
237
236
237
237
7,394
7,339
7 261
7,243
7,068
7,168
7,062
7,349
7,049
6,927
765
754
775
756
731
233
225
247
249
251
172
184
211
265
285
4,869
4,869
4,865
4.863
4,874
447
463
457
460
458
25
24
23
24
24
437
444
477
450
444
108
112
113
115
116
75
74
74
74
74
78
17
22
6
30
885
896
891
872
881
3,104
3,151
2,917
3,361
3,173
4,459
4,381
4,300
4,289
4,309
4,573
4,445
4,591
4,454
4,518
288
280
274
271
287
55
52
49
52
58
177
187
211
260
280
1,385
1,381
1,375
1,367
1,368
21
21
22
22
22
3
3
3
1,031
1,024
1,134
1,015
3 1,041
38
38
37
38
37
3
2
72
76
38
49
30
518
519
515
515
518
2,315
2,082
1,984
2,476
2,088
4
3
3
3
3
261
268
274
271
260
34
40
37
35
37
45
46
45
45
45
2,794
2,768
2,913
2,814
2,798
1,114
1,096
1,081
1,083
1,120
359
368
399
354
357
3
3
3
3
3
25
25
25
25
25
510
510
510
509
508
354
370
412
525
550
21
22
22
21
19
105
95
89
89
101
2,040
2,019
2,114
2,082
2,052
2,250
2 ,210
2 !228
2',204
2,205
255
245
265
255
264
144
140
145
144
145
1
280
280
281
283
283
1,136
958
1,120
1,014
828
832
732
1,031
858
For footnotes see opposite page and preceding table.
MARCH
1951
301
NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,
BY FEDERAL RESERVE DISTRICTS AND STATES
Federal Reserve
district or State
United States total:
Dec 31 1946 . . .
Dec. 31, 1947
Dec. 31, 1948
Dec 31 1949
Dec 31 1950
Jan 31 1951P
By districts and
by States
Jan. 31, 1951 P
Branches
and offices
Banks
Branches
and offices
14,043
14,078
14,072
14,051
14,015
14,010
3,981
4,148
4,333
4,562
4,824
4,840
11,957
12,037
12,061
12,178
12,162
12,164
3,654
3,823
4,015
4.289
4,534
4,549
6,894
6,917
6,912
6,887
6,868
6,865
2,913
3,051
3,197
3,387
3,589
3,601
5,063
5,120
5,149
5,291
5,294
5,299
741
772
818
902
945
948
474
872
836
340
943
162
312
547
222
616
148
112
15
60
474
872
836
340
943
162
312
406
182
616
88
71
15
51
324
750
639
692
477
353
268
874
123
268
256
155
260
50
28
8
34
150
122
197
424
329
243
72
69
39
44
150
27
356
38
43
7
17
86
,116
,009
,196
5,486
,467
,275
.757
1,029
Connecticut
Delaware
District of Columbia...
Florida
.
Georgia
..
.
1,116
806
596
2,486
1,136
1,006
Banks
1,480
Branches
and offices
493
1,363
924
493
1,363
496
476
756
630
266
225
10
231
192
148
26
56
20
981
4
129
10
109
192
148
26
56
5
981
4
93
5
68
119
93
26
42
2
931
3
36
104
38
50
20
104
38
50
20
62
17
43
8
42
21
7
12
10
36
47
4
50
2
19
377
248
501
54
164
677
1,748
19
191
45
5
396
43
113
40
66
43
888
485
662
55
2
109
164
43
886
485
662
55
2
109
164
24
509
237
161
381
45
77
70
119
177
381
45
54
70
119
177
113
611
..
Not on par list
(nonmember)
Nonmember
Banks
. . .
Kentucky
Louisiana
Maine
Miaryland
Massachusetts
Member
Branches
and offices2
State
Idaho
Illinois
Indiana
Iowa
Kansas
Total
Banks
District
Boston
New York
Philadelphia. .
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Arizona
Arkansas
California
Colorado
On par list
Total banks on
which checks are
drawn, and their 1
branches and offices
165
62
164
176
19
130
609
61
62
164
176
45
4
15
74
1,277
35
4
55
215
47
37
77
140
640
201
992
294
227
5
41
73
55
4
56
394
28
47
37
78
160
268
14
25
87
36
239
6
14
1
231
206
31
180
84
183
6
7
1
206
60
10
349
26
Nebraska
Nevada
New Hampshire .
New Tersev
New IVlexico
411
8
74
321
51
2
19
2
165
15
411
8
74
321
51
2
19
2
165
15
141
6
52
276
35
2
18
1
149
2
270
2
22
45
16
1
1
16
13
New York
North Carolina
North Dakota
Ohio
Oklahoma
626
208
150
658
384
785
220
22
227
1
626
95
62
658
376
785
85
6
227
1
546
54
42
421
224
732
46
196
1
80
41
20
237
152
53
39
6
31
69
102
69
102
30
90
169
71
193
50
43
25
735
8
32
62
166
38
35
22
12
150
193
50
49
50
39
295
98
South Dakota
Tennessee
Texas
Utah
. . .
.
Virginia
West Virginia
^Vyoming
906
55
69
313
118
180
551
53
66
231
6
7
60
41
9
122
15
61
283
1
3
104
23
412
160
65
54
113
88
135
16
27
12
34
8
9
3
98
25
88
54
13
207
85
82
63
125
22
12
24
11
114
578
31
40
203
12
22
2
62
274
24
29
105
2
9
52
145
118
179
551
53
145
52
108
164
39
136
66
71
387
14
22
331
598
9
105
8
852
55
69
308
152
141
40
56
12
24
11
114
152
203
600
2
17
7
33
41
17
437
266
41
529
110
966
14
327
325
318
273
290
291
2
239
6
68
1
966
14
2,086
2,041
2,011
1.873
1,853
1,846
5
437
678
201
594
110
.
Branches
and offices
96
14
3
50
1
Michigan
\Iinnesota
Mississippi
Missouri
Oregon
Pennsylvania
Rhode Island
Banks
9
84
6
5
1
130
iding "banking facilities" at military
id 12).
Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports.
302
FEDERAL RESERVE BULLETIN
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
%
Based on
Held by
Commercial
paper
Total
out- 1
outstanding standing
End of month
Accepting banks
Total
Own
bills
Others
Bills
bought
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
United
States
1949—December
257
272
128
58
70
144
184
49
1950—January
February
March
April
May
June
July
August
September
October
November
December
258
257
258
257
250
240
259
286
308
312
325
333
280
256
245
237
231
279
335
374
397
383
383
394
134
120
100
93
93
126
155
174
187
168
166
192
67
69
63
62
59
82
87
103
103
100
104
114
68
51
37
31
34
44
68
71
84
68
62
78
146
136
145
144
138
154
180
200
211
215
217
202
190
175
165
157
142
170
211
238
264
243
234
245
49
45
45
47
58
66
80
87
79
85
88
87
(2)
(2)
(2)
(2)
(2)
356
453
202
126
76
251
286
100
,
1951—January
Goods stored in or
shipped between
points in
Foreign
countries
9
9
30
1
1
2
2
2
2
32
25
23
18
15
21
22
26
29
29
29
28
11
12
15
17
21
22
21
23
25
29
32
2
36
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]
Debit balances
End of month
Credit balances
Customers'
credit balances 1
Debit
Debit
Customers' balances in balances in
partners'
firm
debit
balances investment investment
and trading and trading
(net)*
accounts
accounts
Cash on
hand
and in
banks
Money
borrowed2
9
7
9
11
5
7
11
12
7
5
6
7
7
10
5
5
180
160
167
181
196
209
220
313
370
456
395
393
332
349
280
306
309
378
529
557
619
726
853
795
498
218
223
240
283
257
493
523
1942—June
December...
1943—June
December...
1944—j u n e
December...
1945—June
December...
1946—June
December...
1947—June
December...
1948—June
December...
1949—June.......
December...
496
543
761
789
887
1,041
1,223
1,138
809
540
552
578
619
550
681
881
1950—February. . .
March
April
May
June
July
August
September..
October
November. .
December...
3 953
»1,018
* 1,084
'1,175
1,256
1,208
1,231
'1,284
H,351
• 1,360
1,356
1951—January. . . .
31,411
86
154
190
188
253
260
333
413
399
312
333
315
326
312
419
400
12
386
314
9
399
397
Other credit balances
In partners' In firm
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
Free
Other
(net)
240
270
334
354
424
472
549
654
651
694
650
612
576
586
528
633
56
54
66
65
95
96
121
112
120
120
162
176
145
112
129
159
16
15
15
14
15
18
14
29
24
30
24
23
20
28
20
26
4
4
7
5
11
8
13
13
17
10
9
15
11
5
9
15
189
182
212
198
216
227
264
299
314
290
271
273
291
278
260
271
166
25
11
312
230
36
12
317
*522
» 579
»619
*750
827
3 755
3
752
3 751
3 759
3 774
745
3
3
3
3
669
666
678
657
673
3 712
3 780
3 738
3
771
3
796
890
3 690
3 948
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): November, 127; December, 121; January, 114.
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.
MARCH 1951
303
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Stock
Prime
exbankcomchange
ers'
mercial acceptcall
paper,
loan
ances,
4- to 6re90
months 1 days 1
newals2
U. S Government
securities (taxable)
Prime
m
Year,
month, or
week
BANK RATES ON BUSINESS LOANS
AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESS BY BANKS IN SELECTED CITIES
[Per cent per annum]
Size of loan
39- to 12- 3- to 5month month
year
bills 3 issues 4 issues 6
1948 average
1949 average
1950 average
1 44
1 48
1.45
111
1 12
L.15
1 55
63
L .63
1 040
1 102
1.218
1 14
1 14
1.26
1 62
41
L.50
1950—February. .
March
April
May
1.31
1 31
1 31
1 31
1 31
1.31
1.44
1.66
1.73
1.69
1.72
L.06
L.06
L 06
L 06
L.06
L.06
L.16
L.31
L.31
1.31
L.31
L.63
.63
.63
63
.63
.63
63
.63
.63
.63
L.63
1.125
1.138
1.159
1 166
1 174
1.172
1.211
1 315
1 329
1.364
1.367
1.15
1.16
1 17
1 18
1 23
1 23
1.26
1.33
1.40
1 47
1.46
L.44
L 45
L .45
L 45
L .47
L.45
L.45
1.55
I 65
L 62
L.64
1.86
1.96
L.39
L.50
.63
.63
1.387
1 391
4
1.47
1.52
1.66
1.67
1.391
1.391
1.391
1.390
1.390
4 1.49
1.53
1.52
1.51
1.52
1.67
1.68
1.67
1.67
L.69
June
July
August. .
September.
October. . .
November.
December..
1951—January...
February. .
Week ending:
Feb.
3...
Feb. 1 0 . . .
Feb. 1 7 . . .
Feb. 2 4 . . .
Mar. 3 . . .
j J^_2
1 7/£—2
2
2
l K \\^—\ Zy^
l K \ L/_i ^
lK
I K \ h£—\ %
IK
1
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, when outstanding in
proper maturity range, and selected note and bond issues. Bonds were
first included on Feb. 1, 1951.
5
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.
2
All
loans
Area and period
Annual averages:
19 cities:
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
Quarterly:
19 cities:
1950—Mar
June
Sept
Dec
New York City:
1950—Mar
June
Sept
Dec
7 Northern and Eastern cities:
1950—Mar
June
Sept
Dec
11 Southern and
Western cities:
1950—Mar
June
Sept
Dec
$1,000- $10,000- $100,000- $200,000
$10,000 $100,000 $200,000 and over
20
22
26
2.4
2.2
2.1
2.1
2.5
2.7
2.7
4 3
44
4.4
4.3
4.3
4.2
4.2
4.4
4.6
4.5
3 0
32
3 4
3 3
32
3.1
3.1
3.5
3.7
3.6
1 9
22
2 5
2 6
2 3
2.2
2.5
28
3.0
3.0
1.8
20
24
22
2 0
1.7
1.8
2.2
2.4
2.4
2.60
2.68
2.63
2.84
4.45
4.50
4.51
4.60
3.54
3.65
3.63
3.73
2 94
2 94
2.95
3.10
2.31
2.39
2.34
2.57
2.29
2.34
2.32
2.51
3.85
3.94
4.06
4.17
3.22
3 35
3 33
3.44
2.64
2 73
2 72
2.80
2.35
2.55
2.67
2.63
2.87
4.64
4.58
4.56
4.64
3.60
3 62
3.59
3.70
2 91
2 82
2.87
3.18
2.28
2.45
2.39
2.65
3.12
3.22
3.13
3.28
4.64
4.70
4.71
4.78
3.71
3.83
3.83
3.91
3 15
3 17
3 15
3.21
2.74
2.82
2.67
2.90
NOTE.—For description of series see BULLETIN for March 1949,
pp. 228-237.
BOND YIELDS i
[Per cent per annum]
Corporate (Moody's)*
U. S. Government
(taxable)
Year, month, or week
7 to 9
years
15
years
or
more
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
1950—February
March
April
May
1 75
1 78
1 80
1 80
1 83
1 83
1 82
1 89
1.94
1.95
1 97
2.24
2 27
2.30
2 31
2 33
2.34
2.33
2 36
2.38
2.38
2 39
2.06
2.07
2.08
2 07
2 09
2.09
1 90
1.88
1.82
1.79
1.77
2.54
2.55
2.57
2.57
2.59
2.61
2 58
2.62
2.65
2.66
2.66
2.83
2.84
2.84
2.86
2.87
2.90
2.85
2.86
2.88
2.88
2.88
2.58
2.58
2.60
2.61
2.62
2.65
2 61
2.64
2.67
2.67
2.67
2.65
2.66
2.66
2.69
2.69
2.72
2.67
2.71
2.72
2.72
2.72
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
3.23
3.25
3.28
3.32
3.23
3.21
3.22
3.22
3.20
2.63
2.64
2 64
2.65
2.66
2.69
2.66
2.68
2.70
2.70
2.70
3.08
3.08
3.08
3 12
3.15
3.19
3.08
3.07
3.09
3.08
3.07
2.78
2 78
2.79
2 81
2.81
2.83
2.80
2.84
2.85
2.86
2.87
1 96
(5)
2 39
2.40
1 62
1.61
2.64
2.66
2.86
2.85
2.66
2.66
2.71
2.71
2.89
2.88
3.17
3.16
2.69
2.69
3 03
3.01
2 85
2.86
2.39
2.39
2.40
2.40
2.40
1.59
1.59
1.59
1.61
1.65
2.65
2.64
2.65
2.67
2.68
2.85
2.85
2.85
2.86
2.88
2.66
2.66
2.65
2.66
2.69
2.71
2.71
2.71
2.72
2.74
2.88
2.88
2.87
2.88
2.90
3.16
3.16
3.16
3.16
3.17
2.69
2.69
2.69
2.70
2.72
3.02
3.01
3.01
3.01
3.02
2.86
2.86
2.86
2.87
2.89
June
July
August
September
October
November
.
December
1951—January
February
.
.
.
.
Week ending:
Feb.
3
Feb. 10
Feb. 17
Feb. 24
Mar. 3
1
2
4
Monthly and weekly data are averages of
daily figures, except for municipal bonds, which are based on Wednesday figures.
3
Standard and Poor's Corporation.
U. S. Treasury Department.
Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have
been 5reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues.
Series discontinued Feb. 1, 1951.
Backfigures.—SeeBanking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
304
FEDERAL RESERVE BULLETIN
SECURITY MARKETS
I
Bond prices
Stock price.
Common (index 1935-3^• =100) Volume
of trad-
Corporate 4
U.S. MunicGovipal
ern(highment 2 grade) 3 Highgrade
Year, month, or week
Number of issues
.
1-8
. .
1950—February
March
April
103.62
103.24
102.87
102 73
. . 102.42
102 24
102.28
101.90
101 64
101.69
101.53
May
June
July
August
September
October
November
December
1951—January
February
Week ending:
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Mar 3
. . . .
Total
131.7
131.5
131.3
131 5
131 1
131 1
134.8
135.2
136 4
137.0
137.4
Industrial
Public
utility
Railroad
Total
Industrial
5
5
4
15
416
365
20
31
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
104.0
104.1
96.4
96.6
102.0
102.3
86.5
86.7
100.9
100.8
182.4
183 8
183 5
183 1
182 0
178 5
181 9
181 8
180 5
180.8
179.9
137
139
142
144
147
150
107
109
110
147
148
138
156
158
147
110
107
110
158
171
129
1,704
1,643
2,297
1,763
2,075
2,227
1,673
1,930
2,141
14
147
152
101 56 140.5
101.44 140.8
180 9
180.9
156
158
169
175
141.2
141.2
141 2
140.7
139.9
181.7
181.4
181 0
180.5
180.7
172
175
176
174
174
101.57
101.51
101.43
101.39
101.30
Railroad
ing' (in
thousands of
Public shares)
utility
98.7
101 9
12
15
100.84 125.3
102.73 128.9
102.53 133.4
1948 average
1949 average
1950 average
Preferred8
Medium-grade
169
171
127
139
107
110
111
113
112
103
104
105
106
105
104
183
190
153
159
109
111
2,974
2,104
187
190
191
189
188
159
163
162
157
154
109
110
110
111
113
2,638
2,370
2,008
1,776
1,625
158
163
121
125
2,032
2,769
• Corrected.
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years or more.
Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis
of a 4 per cent 20-year bond.
6
Prices derived from average yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
Average daily volume of trading in stocks on the New York Stock Exchange.
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.
1
2
8
4
6
7
8
NEW SECURITY ISSUES
[In millions of dollars)
For new capital
Year or month
1942. . .
1943
1944
1945
1946
1947. . .
1948
1949
1950*
Total
(new Total
and
(dorefund- mestic
and
ing)
for- Total
eign)
1 075 1,075
Domestic
State
and
municipal
2,114
2,169
4.216
8.006
8 645
3
9,69l
'10,220
'9,753
10,935
1,772
4,645
»7,566
'9,085
'8,160
8,271
1949—December.
'791
'573
'573
198
1950—January..
February.
March. . .
April
May
June
July .
August...
September
October
November
December.
•1,185
809
1.059
685
1.052
1,285
579
787
924
794
752
840
817
711
768
525
771
954
505
551
705
651
598
630
817
708
746
520
769
949
505
519
687
646
584
630
233
550
363
170
304
334
204
265
272
181
356
138
642
913
640
896
For refunding
342
176
235
471
1,761
952
4,635
7,255 2,228
'9,076 2.604
2,803
8! 160 3,370
Domestic
Total
(doCorporate
Formestic
Fedeign'
and
eral
forTotal
Bonds
agen-1
eign)
and Stocks
cies Total
notes
108
90
15
624
374
646
26 1.264
127 3.556
239 4.787
294 '46,177
233 '5,095
394 4,395
30
13
21
23
39
18
8
98
506
282
422
118
92
224
607
657
2,084 1.472
3.567 1,219
908
' 45,269
'4,125
3,199 1,197
2
17
12
10
68
10
29
111
State
and
municipal
1,039
1,527
3,303
6.234
4,000
2,125
1,135
1,593
2,665
1,039
1,442
3.288
6.173
3,895
1,948
1,135
1,492
2,441
181
259
404
324
208
44
82
104
112
Foreign'
Corporate
Federal
agen-1
Bonds
cies Total
and Stocks
notes
440
497
418
418
685
407
603
912
734
2,466
4,937
2,953
1 482
943
992
'445
1,338
'393
1,280
422
768
284
11
82
2 178 288
4,281 656
2 352 601
1 199 283
257
28
52
58
'375
'227
147
218
218
57
56
105
101
4
553
146
361
327
426
598
292
254
270
465
229
394
463
80
280
147
307
429
216
211
220
265
192
319
90
66
82
180
119
169
77
43
50
200
37
75
8 369
98
292
160
281
330
75
236
219
143
154
210
269
83
229
160
281
330
75
190
219
143
154
210
1
6
3
6
14
20
1
8
6
3
14
28
159
57
58
65
31
35
53
48
193
63
65
79
108
20
168
89
236
276
21
134
20
77
74
103
96
19
165
80
231
276
21
128
20
76
66
91
12
1
4
9
6
3
22
5
2
5
31
18
5
14
5
86
15
61
105
177
101
123
14
63
46
1
8
12
r
Revised.
1
Includes publicly
2
Includes
issues of
3
offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
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.
*5 Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle,
Monthly data for 1950 will be revised in the BULLETIN for April.
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.
MARCH 1951
305
NEW CORPORATE SECURITY ISSUES *
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Estimated Estimated
gross
net
proceeds 2 proceeds 3
Year or month
Plant and
equipment
Total
1936
1937
1938
1939
1940 .
1941
1942
1943
1944
1945
1946 . . .
1947
1948
1949
1950
1950—January
February
March
April. .
May
. .
. .
June
July
August
September
October
November
December
Retirement of securities
New money
Working
capital
Total
Bonds and
notes
Preferred
stock
Repayment
of
other debt
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
6,292
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
6,194
858
991
681
325
569
868
474
308
657
1,080
3,279
4,591
5,929
4,606
3,987
380
574
504
170
424
661
287
141
252
638
2,115
3,409
4,221
3,724
3,029
478
417
177
155
145
207
187
167
405
442
1,164
1,182
1,708
882
958
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,555
2,868
1,352
307
401
1,224
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,392
1,155
240
360
1,095
226
190
87
59
128
100
30
72
351
438
476
196
67
41
129
154
111
215
69
174
144
138
73
49
134
379
356
488
637
651
49
36
7
26
19
28
35
27
47
133
231
168
234
315
332
614
259
547
490
669
1,069
315
407
416
561
393
553
605
255
538
480
658
1,055
311
402
408
550
387
546
453
190
371
344
306
625
211
225
306
312
268
376
405
130
242
295
212
451
140
189
248
255
193
269
48
60
129
49
94
174
71
36
58
57
75
107
52
33
139
50
204
317
20
138
33
89
76
74
39
30
138
36
164
311
19
132
28
62
63
72
12
3
1
14
40
5
6
5
27
13
2
53
13
11
76
137
65
20
17
32
129
28
71
48
18
17
9
11
49
60
23
37
20
15
25
274
269
243
193
49
14
12
2
11
2
1951—January
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS <
[In millions of dollars]
Commercial and
miscellaneous 6
Manufacturing 5
Year or
month
1950—January
February
March
April
May
June
July
August
September
October
November
December
1951—January
Communication
Real estate
and financial
8
Total
Total
Total
Total
Total
Total
net
New Retirenet
New Retire- net
New Retire- net
New Retire- net
New Retire- net
New Retirepro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 10 pro- money ments 1(>
ceeds9
ceeds9
ceeds9
ceeds9
ceeds9
ceeds9
1,280
439
1,079
616
469
831
584
188
961
167
244
828
527
293
497
228
454
1 033
1,969
811
3,601 2,201
2,686 1,974
2,180 1,726
1,391
851
1,165
695
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
Public utility 7
Railroad
761
373
226
353
738
463
89
199
504
1,010
981
353
54
44
143
403
338
533
304
229
273
774
338
54
182
319
361
47
160
602
1,436
704
283
21
617
456
28
587
67
31
63
49
34
186
169
68
42
70
180
127
146
27
47
38
24
80
109
50
20
43
65
78
113
2
4
10
1
7
36
3
5
10
33
21
10
31
25
16
33
29
45
72
40
62
39
31
109
25
21
15
21
19
20
22
19
15
14
17
64
6
1
11
3
8
8
16
8
2
93
13
107
31
69
74
13
42
17
34
24
72
37
29
7
27
17
1
44
3
139
228
24
85
115
253
32
46
102
115
129
240
546
441
346
558
110
30
97
186
108
15
114
500
1,320
571
35
56
11
183
1,987
751
1,208
1,246
1,180
1,340
464
469
1,400
2,291
2,129
3,212
2,281
2,615
2,895
63
89
180
43
245
317
145
22
40
69
785
2,188
1,998
2,140
2,003
1,897
611
943
1,157
922
993
292
423
1,343
2,159
1,252
939
145
234
679
31
27
13
85 " " 2 2 *
27
39
"'30'
15
40
13
4
38
17
34
24
16 ' " ' 5 6 '
225
130
217
273
331
575
104
233
223
228
174
183
165
98
141
228
129
385
81
121
205
164
126
162
44
133
126
891
567
396
870
505
314
2
49
73
14
29
58
40
165
161
11
107
11
33
45
5
205
202
2
18
23
13
64
24
6
7
23
9
4
18
22
13
3
21
6
5
15
6
3
6
2
2
"60
3
7'
390
71
16
102
155
94
4
21
107
206
323
286
587
593
618
20
23
132
86
31
127
30
39
28
46
22
32
27
218
57
8
9
42
55
4
13
61
85
164
189
485
440
356
152
7
7
88
9
18
4"
42
65
64
24
30
35
78
6
11
75 " " 5 0 ^
22
2
27
92
8"
25
22
21
3
20
17
1
1
18
• • • •
—
25
1
2
3
Estimates of new issues sold for cash in the United States.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated
net proceeds are equal to estimated gross proceeds less cost of notation, i.e., compensation to underwriters, agents, etc., and!
4
expenses.
Classifications for years 1934-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently
similar
for
broad
comparisons. See also footnotes 5 through 8.
5
6
Prior to 1948 this group corresponds to that designated "Industrial" in the old classification.
Included in "Manufacturing" prior to 1948..
7
Includes
"Other
transportation" for which separate figures are available beginning in 1948. 8 10Included in "Public utility" prior to 1948.
9
Includes issues for repayment of other debt and for other purposes not shown separately.
Retirement of securities only.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a:,
publication of the Board of Governors.
306
FEDERAL RESERVE BULLETIN:
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
MANUFACTURING CORPORATIONS
[In millions of dollars]
Assets of 10 million dollars and over
(200 corporations)
Assets of 50 million dollars and over
(82 corporations)
Assets of 10-50 million dollars
(118 corporations)
Year or quarter
Profits
after
taxes
9,008
11,138
15,691
18,544
24,160
25,851
22,278
17,416
25,686
31,238
31,578
1,071
1,638
2,778
2,876
3,111
2,982
1,976
1,573
3,423
4,593
4,506
883
1,127
1,329
1,056
1,097
1,091
964
932
2,105
2,860
2,768
656
772
854
672
688
755
764
804
1,000
1,210
1,474
285
311
307
499
7,231
7,503
7,813
8,691
1,050
1,058
1,146
1,339
649
657
717
838
808
726
799
766
343
354
331
629
8,056
8,115
8,148
7,259
1,187
1,077
1,183
1,059
804
1,048
1,242
387
393
546
7,935
9,179
10,095
1,254
1,631
1,916
Profits
after
taxes
10,591
13,006
18,291
21,771
28,240
30,348
26,531
21,327
30,815
36,955
36,702
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
1,519
1,220
1,260
1,255
1,129
1,202
2,521
3,310
3,099
722
856
947
760
111
848
861
943
1,167
1,403
1,657
•P* Co to
Profits
before
taxes
Profits
before
taxes
8,621
8,947
9,250
10,136
1,218
1,242
1,331
1,523
751
770
832
958
1949—1
2
3
4
9,363
9,369
9,420
8,550
1,326
1,196
1,312
1,201
1950—1 l
9,256
10,655
11,753
1,400
1,821
2,176
Sales
Dividends
Sales
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
247
269
265
429
1,390
1,445
1,437
1,445
168
184
186
184
102
113
115
120
38
42
43
70
723
653
717
675
303
312
292
567
1,307
1,254
1,273
1,291
139
119
129
142
84
73
82
91
40
42
39
62
717
936
1,089
347
347
497
1,322
1,476
1,658
146
190
260
87
112
152
40
46
49
Dividends
Sales
Dividends
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
.
. . .
Quarterly
Co to
1948—1
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Electric power
Railroad
Year or quarter
Operating
revenue
Profits
before
taxes
126
159
186
202
217
246
246
235
236
289
252
2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,815
4,291
4,830
5,047
629
692
774
847
913
902
905
964
954
983
1,129
73
186
244
191
57
57
53
122
1,233
1,152
1,178
1,267
119
183
174
224
58
115
104
161
69
55
50
78
109
247
453
2
51
2155
2
253
61
53
55
Operating
revenue
Profits
before
taxes
Profits
after
taxes
3,995
4,297
5,347
7,466
9 055
9,437
8,902
7,628
8 685
9,672
8 580
126
249
674
1,658
2,211
1,972
756
271
111
1,148
700
93
189
500
902
873
667
450
287
479
699
438
2,243
2,363
2,555
2,510
146
286
393
317
2,147
2,226
2,140
2,066
1,985
2,238
2,534
Dividends
Telephone
Profits
before
taxes
Dividends
Operating
revenue
535
548
527
490
502
507
534
638
643
657
753
444
447
437
408
410
398
407
458
494
493
558
1,067
1,129
1,235
1,362
1,537
1,641
1 ,803
1,992
2 149
2,541
2,817
227
248
271
302
374
399
396
277
193
269
332
191
194
178
163
180
174
177
200
131
183
220
175
178
172
163
168
168
174
171
134
181
216
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
1,312
1,223
1,223
1,289
316
272
259
281
206
180
173
195
124
136
142
157
670
695
711
741
62
75
84
111
42
50
55
72
50
51
54
61
1,378
1,315
1,310
351
321
293
230
2212
2 171
146
153
152
749
780
809
114
135
150
2 74
2
86
2
85
63
68
71
Profits
after
taxes
Profits
after
taxes
Dividends
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1948—i
2
3
4
1949—1
2
3
4
Quarterly
. . .
. . .
1950—1
2
3
2
1
Certain Federal income tax accruals for the first six months of 1950, required by recent legislation and charged by many companies against
third quarter profits, have been redistributed to the first, second and third quarters.
2
As reported.
NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from
reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets
as of the end of 1946.
Railroads,
Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve, to include affiliated nonelectric operations.
Telephone. 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).
MARCH 1951
307
SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
[In millions of dollars]
Quarterly
Annual
1948
Industry
1947
1948
1949
1950
1949
3
4
1
2
3
2i
1i
4
3 i
Nondurable goods industries
Total (94 corps.): 2
Sales
Profits before taxes
Profits after taxes
Dividends
11,313 13,364 12 790 3 ,374 3 53? 3,243 3,051 3 163 3 333 3,251 3,458 3,908
397
496
543
565
446
1,787 2,208 1,843
503
504
774
581
?9?
321
394
256
34?
1,167
1,474 1 211 36?
464
308
353
•.
Selected industries:
Foods and kindred products (28 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
551
656
708
141
3,231
3,447
3,254
421
410
377
846
99
259
128
Chemicals and allied products (26 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Petroleum refining (14 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
257
135
3,108
547
337
3,563
655
408
215
254
2,906
3,945
456
350
127
721
548
172
904
111
146
166
147
?49
166
175
205
805
85
792
89
822
101
835
10?
64
44
757
83
817
100
931
153
910
189
IIS
113
952
72
79
112
996
131
109
960
121
989
133
1,113
233
134
60
3?
71
4?
52
30
3 562
673
403
904
936
896
525
860
896
170
100
59
85
64
66
68
978
171
1 077
173
993
161
934
119
947
114
311
132
79
406
172
63
79
183
119
166
104
3 865
54
31
141
66
119
31
140
83
174
105
92
47
86
31
47
31
205
117
87
42
86
32
57
33
1,051 1,192
309
247
174
141
95
42
188
131
44
Durable goods industries
Total (106 corps.):*
Sales
Profits before taxes
Profits after taxes . . .
Dividends
19,502 23,591 23,914 5 ,977 6 60S 6,120 6,320 6 757 S 717 6,005 7,197 7,846
799
788
866
958
830
697
2,312 3,107 3,192
896 1,240 1.402
470
S08
695
S64
1,836
1,355
496
778
1 888 470
4?4
487
Selected industries:
Primary metals and products (39 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Machinery (27 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
Automobiles and equipment (15 corps.):
Sales
Profits before taxes
Profits after taxes
Dividends
615
746
949
166
7,545
9,066
1,174
8 197
306
304
185
891
545
720
247
270
3,634
4,554
443
270
113
569
334
126
6,692
809
445
8,093
1,131
639
195
282
993
578
60
285
197
188
184
380
,601 2,430 2,175
353
38 S
252
0S0
740
204
144
130
90
71
64
61
1 ,54?
160
100
89
?74
4,372 1 076 1 783 1,106
118
71
78
177
10S
4?
9,577 ? 0S6
305
1,473
175
861
327
176
520
321
136
65
451
112
1,110 1 OSS 1 101
120
77
32
119
7S
31
148
91
41
2,151 2,601
376
298
177
218
,707
462
767
80
,118
337
?00
216
133
79
33
79
76
218
341
2 200 2 528 2,665
299
167
66
1,106
145
82
49
400
225
454
255
79
73
1,200 1,276
168
94
37
193
109
38
2,283 2,975 3,355
596
655
398
215
330
357
90
91
205
1
Certain Federal income tax accruals for the first six months of 1950, required by recent legislation and charged by many companies against
third2 quarter profits, have been redistributed to the first and second quarters.
Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products
(15); and miscellaneous (1).
« Total includes 25 companies in durable goods groups not shown separately, aa 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 l
1950
Profits
before
taxes
6.5
9.3
17.2
21.1
25.1
24.3
19.7
23.5
30.5
33.9
27.6
'39.8
Income
taxes
1.5
2.9
7.8
11 7
14 4
13 5
11 2
9 6
11.9
13.0
10.6
17.7
Profits
after
taxes
5.0
6.4
9.4
9.4
10.6
10.8
8.5
13 9
18.5
20 9
17.0
'22.1
Cash
dividends
3.8
4.0
4.5
4 3
4 5
47
47
58
6.6
7.5
7.8
9.4
Undistributed
profits
1.2
2.4
4 9
5.1
6 2
61
38
81
11.9
13.4
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
1948—4
33.1
12.9
20 3
7 9
12 4
1949—1
2
3
4
28.3
26 4
28 2
27 6
10.9
10.0
10 8
10 6
17.4
16 4
17.3
16.9
7.9
7.7
7.4
8.2
9.5
8 7
9.9
8.7
29 2
37 4
46.4
48.0
13.2
16.5
20.6
21.3
16.0
20 9
25 8
26.7
81
81
9 4
11.5
7 9
12 7
16 5
15.2
Quarter
1950—1
2
9.2
12.7
3
41
...
.
.
Undistributed
profits
r
Revised.
Estimates of Council of Economic Advisers, based on preliminary data.
Source.—Same as for national income series.
1
308
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Total
gross
debt
(includEnd of month ing guaranteed
securities)
1944—June. .
Dec
1945—June. .
Dec
1946—June. .
Dec.
1947—June. .
Dec.
1948—June. .
Dec,
1949—June. .
Dec...
1950—Feb...
Mar..
Apr...
May. .
June..
July..
Aug.. .
Sept..
Oct...
Nov..
Dec.
1951—Jan...
Feb...
202,626
232,144
259,115
278,682
269,898
259,487
258,376
256,981
252,366
252,854
252,798
257,160
256,395
255,747
255,740
256,370
257,377
257,557
257,891
257,236
256,959
257,100
256,731
256,143
255,958
Direct debt
Marketable public issues *
Total
Total«
201,003
230,630
258,682
278,115
269,422
259,149
258,286
256,900
252,292
252,800
252,770
257,130
256,368
255,724
255,718
256,350
257,357
257,541
257,874
257,216
256,937
257,077
256,708
256,125
255,941
140,401
161,648
181,319
198,778
189,606
176,613
168,702
165,758
160,346
157,482
155,147
155,123
154,764
154,479
154,601
155,001
155,310
155,168
155,162
153,774
152,779
152,758
152,450
151,620
151,625
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury Total»
indebtnotes
bills
bonds
edness
14,734
16,428
17,041
17,037
17,039
17,033
15,775
15,136
13,757
12,224
11,536
12,319
12,336
12,334
12,623
13,023
13,533
13,642
13,637
13,637
13,629
13,608
13,627
13,629
13,632
28,822
30,401
34,136
38,155
34,804
29,987
25,296
21,220
22,588
26,525
29,427
29,636
27,321
24,399
23,437
23,437
18,418
12,817
12,817
11,620
5,373
5,373
5,373
17,405
23,039
23,497
22,967
18,261
10,090
8,142
11,375
11,375
7,131
3,596
8,249
10,189
14,791
15,586
15,586
20,404
25,755
25,755
31,688
36,948
36,948
39,258
43,800
43,802
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
102,795
102,795
102,795
102,795
102,795
102,795
96,670
96,670
96,670
94,035
94,035
94,035
44,855
50,917
56,226
56,915
56,173
56,451
59,045
59,492
59,506
61,383
62,839
66.000
66,771
66,928
67,114
67,314
67,544
67,717
67,897
67,798
68,413
68,398
68,125
68,092
67,824
Special
U. S. Treasury
and issues
savings tax
bonds savings
notes
34,606
40,361
45,586
48,183
49,035
49,776
51,367
52,053
53,274
55,051
56,260
56,707
57,217
57,331
57,427
57,477
57,536
57,568
57,470
57,396
57,954
58,027
58,019
58,017
57,769
9,557
9,843
10,136
8,235
6,711
5,725
5,560
5,384
4,394
4,572
4,860
7,610
7,988
8,040
8,133
8,292
8,472
8,629
8,912
8,895
8,999
8,907
8,640
8,748
8,730
14,287
16,326
18,812
20,000
22,332
24,585
27,366
28,955
30,211
31,714
32,776
33,896
32,871
32,098
31,802
31,868
32,356
32,518
32,705
33,396
33,539
33,732
33,707
33,992
33,933
Fully
Non- guaraninterestteed
bearing securities
debt
1,460
1,739
2,326
2,421
1,311
1,500
3,173
2,695
2,229
2,220
2,009
2,111
1,962
2,218
2,202
2,167
2,148
2,138
2,110
2,247
2.206
2,189
2,425
2,421
2,559
1,623
1,514
433
567
476
339
90
81
73
55
27
30
27
24
22
20
20
16
18
20
22
24
24
18
18
1
2
Includes amounts held by Government agencies and trust funds, which aggregated 5,443 million dollars on Jan. 31, 1951.
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 2J^ per cent Treasury investment bonds, series A-1965, not shown separately.
Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.
UNITED STATES SAVINGS BONDS
[In millions of dollars ]
UNITED STATES GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING FEBRUARY 28, 1951
[On basis of daily statements of United States Treasury.
of dollars]
In millions
Month
Issue and coupon rate
Treasury bills l
Mar. 1, 1951
Mar. 8, 1951
Mar. 15, 1 9 5 1 . . . .
Mar. 22, 1951
Mar. 29, 1 9 5 1 . . . .
Apr. 5 1951
Apr. 12, 1951... .
Apr. 19, 1 9 5 1 . . . .
Apr. 26, 1951
May 3, 1951. . . .
May 10, 1951
May 17, 1951
May 24, 1951. . . .
Treasury notes
July 1, 1951-B..
July 1, 1951-C.
July 1, 1951-D..
Aug. 1, 1951
Oct. 1, 1951 ,
Oct. 15, 1951
Nov. 1, 1951
Mar. 15, 1954
Mar 15 1955
Dec. 15, 1955
Amount
1,102
J . 103
L,001
1,001
1,005
1,002
1,000
1,003
1,003
1,103
1,103
1,102
1,103
AH
AH
AH
AH
1M
l%
AH
2,741
886
Issue and coupon rate
Treasury
June 15,
June 15,
Dec. 15,
June 15,
June 15,
Mar 15,
Mar. 15,
Sept. 15,
Sept. 15,
June 15,
June 15,
Dec. 15,
Dec. 15,
June 15,
Dec. 15,
June 15,
Dec. 15,
Mar. 15,
Mar. 15,
June 15,
Sept. 15,
Dec. 15,
bonds—Cont.
5,825
1952-54
2
1,501
1952-55... 2 H
8,662
1952-54
2
2
725
1953-55 . . . .2
1954-562 • 2H
681
2
2
\4t
2,611
1955-60
1,449
1956-58. 2yi
982
1956-592 '•2H
3,823
1956-59.2 .2H
919
1958-63 .2%
5,284
1959-623 .2H
3,470
1959-623 • 2H
1,485
1960-652
2,118
1962-673 • 2%
2,831
1963-683 . 2%
3,761
1964-693 . 2^-j
1964-693 2 V£
3,838
1965-703
5,197
3,481
1966-713 . 2J^
1967-723 • 2}/2 7,967
2,716
1967-72. .2%
1967-723 • 2% 11,689
4,818
5,351
1,918
5,941
5,253
4,675 Postal Savings
bonri«
5 365
6] 852
1
1951
21,256 11,789
34,606 15,498
45,586 14,891
49,035 9,612
51,367 7,208
53,274 6,235
56,260 7,141
57,536 5,673
1950—Feb....
Mar...
Apr....
May...
June...
July...
Aug
Sept...
Oct....
Nov...
Dec....
57,217
57,331
57,427
57,477
57,536
57,568
57,470
57,396
57,954
58,027
58,019
1951—Jan.. . . 58,017
Feb.. . . 57,979
Total direct issues. . .
1,627
7,986
755
1,118 Guaranteed securities
510
Federal Housing Admin.
Various
1,024
106
Year of
maturity
All
series
50
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
Unclassified. .
1,200
3,855
6,534
8,313
7,143
5,288
5,069
5,235
5,121
5,790
1,908
2,321
200
-207
57,769
151,625
15
Sold on discount basis. See table on Open-Market Money Rates,
p. 2304.
3
Partially tax exempt
Restricted.
4
Called for redemption on June 15, 1951.
MARCH
Fiscal year
ending:
June—1943..
1944..
1945..
1946..
1947..
1948..
1949..
1950..
8,271
11,820
11,553
6,739
4,287
4,026
4,278
3,993
758
802
679
407
360
301
473
231
581
524
423
416
398
417
350
310
971
436
541
361
364
305
307
297
318
270
244
271
246
284
475
386
343
272
2
2
2
2
2
1
2
1
759
876
658
465
561
907
390
449
2,371
4,298
6,717
5,545
5,113
5,067
5,422
848
31
27
15
16
14
13
11
8
145
37
61
189
134
102
92
86
87
70
58
555
153
197
418
510
413
454
456
505
537
475
496
448
509
18
17
115
97
653
528
Maturities and amounts outstanding February 28, 1951
2U
Panama Canal Loan. 3
Treasury bonds
June 15, 1951-54* *2 %
Sept. 15, 1951-53. . 2
Sept. 15, 1951-552 . . . 3
Dec. 15, 1951-53' .2H
Dec. 15, 1951-55.
Mar. 15, 1952-54. .2k
Amount
RedempAmount Funds received from sales during tions
and
outperiod
maturities
standing
at end of
All
All
Series Series Series
month
E
F
G
series
series
Total....
Series
D
Series
E
104
1,096
3,855
5,319
5,895
4,649
2,390
2,500
2,763
2,924
2,972
348
104
34,712
Series
F
Series
G
195
490
515
597
474
255
274
454
217
405
28
1,020
1,928
1,979
2,301
2,094
2,218
1,922
2,363
1,342
1,916
171
3,904
19,255
309
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in. millions of dollars]
Held by the public
Total
Held by
gross U. S. Government
debt
agencies and
(includtrust funds *
End of month ing
guaranteed
securi- Special Public
issues
ties)
issues
1940—June
1941—June
1942—June
1943—June
1944—June
1945—June
1946—June
1947—June
Dec
1948—June
Dec
1949—June
Dec
1950—June
Sept
Oct
Nov
Dec
48,496
55,332
76,991
140,796
202,626
259,115
269,898
258,376
256,981
252,366
252,854
252,798
257,160
257,377
257,236
256,959
257,100
256,731
4,775
6,120
7,885
10,871
14,287
18,812
22,332
27,366
28,955
30,211
31,714
32,776
33,896
32,356
33,396
33,539
33,732
33,707
2,305
2,375
2,737
3,451
4,810
6,128
6,798
5,445
5,404
5,549
5,614
5,512
5,464
5,474
5,490
5,475
5,433
5,490
Total
41,416
46,837
66,369
126,474
183,529
234,175
240,768
225,565
222,622
216,606
215,526
214,510
217,800
219,547
218,350
217,945
217,936
217,533
Insur-
Mutual
savings
banks
panies
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
62,100
62,100
61,300
61,600
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
11,200
11,100
10,900
10,900
6,500
7,100
9,200
13,100
17,300
22,700
25,100
24,800
24,100
23,100
21,500
20,800
20,500
20,100
19,700
19,500
19,200
19,000
2,466
2,184
2,645
7,202
14,901
21,792
23,783
21,872
22,559
21,366
23,333
19,343
18,885
18,331
19,572
19,252
19,693
20,778
State
and
local
governments
Other
corporations
Federal ComReserve mercial2
Banks banks
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
Individuals
Miscel-
Savings Other
bonds securities
tors'
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
1,500
11,700
3,200
14,800
5,300
18,300
6,500
19,500
7,100
20,500
7,300
19,100
7,800
18,100
7,900
17,500
8,000
17,800
8,000
16,900
8,200
17,300
8,200 '49,700 17,600
8,100 ••49,600 17,700
8,100 ••49,600 17,700
7,800 49,600 17,500
400
600
900
19,500
19,900
20,100
19,300
700
700
1,100
3,400
6,400
8,900
8,800
9,800
8,600
9,100
9,300
10,000
9,800
10,200
10,700
10,800
11,300
11,100
r
1
2
1
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 *
[Intere st-bearing public marketable securities.
End of month
Total
outstanding
S.
Govt. Fed- Com- Mu- Insurtual ance
agen- eral
mer- savcies
Recial 1 ings com- Other
and serve banks
banks panies
trust Banks
funds
In m llions of dollars]
U.
U. S.
Govt. Fed- Com- Mu- Insuragen- eral
tual
mer- savance
Recies
cial 1 ings com- Other
and serve banks
panies
trust Banks
banks
funds
Treasury bonds
Type of
security:
Total:*
1948—June....
Dec
1949—June....
Dec
1950—June....
Nov
Dec
Treasury bills:
1948—June....
Dec
1949—June....
Dec
1950—June....
Nov....
Dec
Certificates:
1948—June....
Dec
1949—June....
Dec
1950—June....
Nov....
Dec
Treasury notes:
1948—June....
Dec
1949—June....
Dec...
1950—June....
Nov....
Dec
Treasury bonds:
1948—June....
Dec
1949—June....
Dec
1950—June....
Nov....
Dec
End of month
Total
outstanding
and notes, due
or callable:
160 ,373
157 ,496
155 ,160
155 ,138
155 ,325
152 ,778
152 ,471
5 ,402
5 ,477
5 ,374
5 ,327
5 350
21 ,366
23 ,333
19 ,343
18 ,885
18 ,331
5 307 19 ,603
5 365 20 ,778
57 ,599
55 ,353
56 ,237
59 ,856
58 ,972
54 ,560
54 ,893
13 ,757
12 ,224
11 ,536
12 ,319
13 ,533
15
69
63
11
3
8 ,577
5 ,487
4 ,346
4 ,829
3 ,856
2 ,345
2 ,794
2 ,817
3 ,514
3 ,703
13 ,608
13 ,627
22 ,588
26 ,525
29 ,427
29 ,636
18 ,418
5 ,373
5 ,373
9 1 ,112
35 1 ,296
14 4 ,616
24 6 ,078
26 6 ,857
48 6 ,275
7 5 ,357
3 ,374
3 ,888
11 ,375
7 ,131
•3 ,596
8 ,249
20 ,404
"7
47
15
29
36 ,948
39 ,258
112 ,462
111 ,440
110 ,426
104 ,758
102 ,795
96 ,670
94 ,035
5
5
5
5
5
5
5
10
8 ,552
9 ,072
9 ,561
11 ,520
5 ,354
718 2 ,017
2 ,334 1 ,544
(
1 ,968
791
359
562
3 ,500
4 ,531
3 ,099
1 ,801
5 ,569
11 ,204
10 13 ,499 13 ,982
10 12 ,527 15 ,833
336 6 ,206 42 ,146
340 10 ,977 40 ,371
201 7 ,780 42 ,042
217 7 ,218 39 ,235
273 5 ,618 38 ,691
251 4 ,364 35 ,175
283 4 ,620 33 ,607
1 year:
42 ,779 Within
1948—June...
42 .637
Dec...
44 ,087
1949—June...
41 ,763
Dec
43 ,663
1950—June....
17 083 45 ,906
144 16 862 44 ,429
Nov....
Dec
58
112 2 ,650
50
84 3 ,740 1-5 years:
13
60 4 ,237
1948—June....
15
70 3 ,880
Dec
35
90 5 ,846
1949—June...
Dec...
44
340 8 ,729
1950—June....
33
474 7 ,901
N o v . . ..
317
479 8 ,610
Dec
256
672 10 .423
207
602 12 ,174
169
633 10 ,991 5—10 years:
1948—June
64
382 7 ,254
Dec
10
125 2 ,503
1949—June....
7
53 1 ,435
Dec
1950—June...
98
223 4 ,555
84
166 2 ,984
Nov....
41
104 1 ,244
Dec
107
244 1 ,752
154
403 5 ,114 After 10 years:
1948—June....
124
526 8 ,807
Dec
136
707 10 ,045
1949—June...
Dec
047 20 880 26 ,847
1950—June
486 18 891 25 ,375
768 18 315 26 ,320
Nov
480 17 579 25 .029
Dec
624 17 249 25 ,340
11 ,522
10 ,877
11 ,029
10 ,772
10 ,877
10 ,220
11
10
10
10
to
21 ,705
19 ,819
19 ,090
18 ,535
18 ,132
10 042 16 082 25
9 967 15 617 24
13 ,411
10 ,216
11 ,226
14 ,319
10 ,387
19 2 ,070 5,922
861 5,571
98
982 7,021
49
36
878 9,014
505 7,001
70
171
232
236
238
151
273
329
385
468
360
39
38
34 13 .827
9 12 ,373
251
230
759 10 ,564
926 10 ,722
,912
,905
46
44
39
,124
,053
,175
35 ,067
51 ,802
32 ,607
33 ,378
318
226
212
2
3
2
,636
,258
,121
186 1 ,922
327 5 ,116
14,477
14,645
30,580
28,045
26,304
24,907
33.127
1 ,829 2 ,790 7 ,971
1 ,769 2 ,501 8 ,254
1 ,279 2 ,124 7 ,135
1 ,121
1 ,058
213
896 24,426
575
189 1 ,285 24,534
568
10 ,464
10 ,464
15 ,067
18 ,537
15 ,926
314
314
15 ,926
17 ,411
382
412
982
982
53 ,838
53 ,838
48 ,554
45 ,084
45 ,084
45 ,084
43 ,599
4,685
4,710
4,455
4,441
4,482
4,632
4,682
2 ,921
7 ,215
4 ,452
3 ,593
2 ,349
2 ,158
2 ,508
532
568
423
4 ,956
3 ,125
2 ,553
3 ,685
2 ,300
1 ,641
1 ,731
1 ,169
1 ,142
506
546 6,251
911
434 6,314
997
520
584 6,587 2 ,002 1 ,732
1 ,388 6,995 2 640 2 ,230
1 ,148 5.675 2 439 2 ,055
5 ,290
10 ,443
5 ,418
5 ,660
1 ,936
1 ,885
3 ,630
4 ,716
4 ,186
6,086 2 158 1 ,906 4 ,412
7,329 2 125 1 ,948 4 ,615
3,922
3,541
3,933
3.887
4,092
8
8
7
6
7
4,168 7
2,932 7
639
048
293
588
130
17 ,129
15 ,230
14 ,179
13 ,485
13 ,507
16 ,542
15 ,094
14 ,242
13 ,090
13 ,524
182 12 ,774 14 ,170
180 12 ,308 13 ,989
,756
,941
* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings
banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other"
include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively
small1 amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above.
Includes stock savings banks.
2
Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.
1
Less than $500,000.
310
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDI TURES , AND RELATED ITEMS
[In millions of dollars
On basis of daily statements of United States Treasury
Mt-iArrat-
Fiscal
year or
month
uuuget Trust ClearNet Budget
surplus
exacing
re(+)or counts, acpendiceipts tures
deficit
etc.* count*
Fiscal year:
1948
1949
1950
1950—Feb...
Mar..
Apr...
May..
June..
July..
Aug ..
Sept..
Oct.. .
Nov. .
Dec. .
1951—Jan...
Feb...
42,211
38,246
37,045
2,972
4,820
1,488
2,320
4,404
1,881
2,860
4,605
2,056
2,851
4,211
4.448
4,257
33,791
40,057
40,167
2,496
3,269
2,847
2,962
4,296
3,013
2,515
3,520
3,170
4 3,102
3,742
3,808
3,211
+8,419
-294
-1,811
—495
—3,122
+99
+170
+476
+1,551
-93
-1,358
-79
-642
+147
+108
-53
— 1,132
-99
+344
+147
+1,084
-27
-1,114
-17
-252 4+169
+470
+45
-83
+640
+1,047
-507
+366
+483
-11
+122
+25
-376
-8
+31
-140
-80
+49
-63
-52
+247
+227 -161
Increase ( + ) or
decrease (—)
during period
Assets
General
fund
balance
Gross
debt
Cash operating
General fund of the Treasury (end of period)
-5,994
+478
+4,587
-497
-645
-6
+632
+1,007
+183
+333
-658
-279
+1,624
-1,462
+2,047
+137
+935
-1,419
-238
+1,053
-1,017
+685
+319
-1,359
-6
+140
-369
+93
-583
+221
-184
+929
Balance
in
general
fund
Deposits in
Total
4,932
3,470
5,517
5,186
6,121
4,702
4,464
5,517
4,500
5,185
5,505
4,145
4,139
4,232
4,454
5,382
Federal
Reserve
banks*
Special
depositaries
Total
liaOther biliassets ties
5,370 1,928 1,773 1,670
438 1,771 1,653
3,862
950 3,268 1,709
5.927
5,489
666 3,146 1,677
6,438 1,006 3,665 1,766
875 2,543 1,657
5,074
588 2,560 1,609
4,757
950 3,268 1,709
5,927
566 2,618 1,680
4,864
733 3,115 1,654
5,501
5,932 1,116 3,065 1,751
569 2,317 1,651
4,537
714 2,232 1,640
4,586
690 2,344 1,690
4,724
807 2,117 1,941
4,865
465 3,614 1,726
5,806
438
392
410
303
317
373
294
410
364
316
428
392
446
492
412
423
Excess
income
Cash
income
Cash
outgo
45,400
41,628
40,970
3,595
5,162
1,683
2,939
4,687
2,110
3,524
4,865
2,426
3,487
4,488
4,696
36,496
40,576
43,155
3,537
4,046
3,344
3,700
4,061
3,143
3,009
3,199
3,335
'3,407
4,004
3,438
(+)or
outgo
+8,903
+1.051
—2,185
+58
+1,116
-1,661
—762
+626
-1,032
+514
+1,666
—909
'+80
+485
+ 1,259
DETAILS OF TREASURY RECEIPTS
On basis of daily statements of United States Treasury
Income taxes
Fiscal year
or month
Miscella- Social
Total
WithSecu- Other
reneous
reheld
rity ceipts
ceipts
by em- Other internal
taxes
revenue
ployers
Fiscal year:
1948
1949
1950
1950—Feb
Mar.. . .
Apr.. . .
May. . .
June...
July
Aug.. . .
Sept... .
Oct
Nov... .
Dec.. . .
1950—Jan
Feb.. . .
11,436
9,842
10,073
1,310
774
479
1,342
817
434
1,423
819
514
19,735
19,641
18,189
1,032
3,655
788
379
2,709
594
345
2,816
1,620
591
320
2,175
6 680 2,709
P 2 , 0 5 0 1,281
988
8,301 2,396 4,231 46,099
8,348 2,487 2,456 42,774
8,303 2,892 1,853 41,311
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
204
179 2,148
737
948
340
181 3,238
775
315
117 4,842
808
186
202 2,300
746
310
187 3,184
764
377
169 4,474
6 149
853
230 4,621
797
171 4,820
P531
On basis of reports by collectors of internal revenue
Deduct
Individual
Corporation income
and profits taxes
income taxes
Social
Net
Refunds Security reExcess
of
employ- ceipts With- Other Normal
and
and
taxes
ment8
held
other
surtax
taxes
profits
2,272
2,838
2,160
238
573
518
301
149
66
62
52
62
45
23
42
189
1,616 42,211 11,534 9,464
1,690 38,246 10,056 7,996
2,106 37,045 9,889 7,264
739
398 2,972 1,816
229 4,820
93 1,604
470
86 1,488
530
116
274 2,320 1,763
917
222 4,404
188
228
201 1,881
689
98
316 2,860 1,790
185 4,605
81 1,012
183
181 2.056
807
103
288 2,851 1,853
257
245
239 4,211
6
131 4,448
697 2,527
374 4,257
9,852
11,343
10,760
Estate
and
gift
taxes
323
211
95
7
8
5
12
221
2,103
283
201
1,773
12
7
3
5
2
13
3
1,820
398
211
1,894
295
and
other
miscellaneous
taxes
899
797
706
48
91
60
52
54
45
67
50
51
47
44
80
7
402
205
Excise
7,412
7,585
7,599
541
674
548
660
670
718
894
697
763
712
679
820
DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS
On basis of daily statements of United State s Treasury
Budget expenditures
Fiscal year
or month
Total
Fiscal year:
1948
1949
1950
1950—p eD
Mar
Apr.
May
June
..
July
Aug
Sept
Oct
Nov
Dec
1951—j a n
Feb
Trust accounts, etc.
Social Security
accounts
33.791
40,057
40,167
2,496
3,269
2,847
2,962
4,296
3,013
2,515
3,520
3,170
43,102
3,742
3,808
3,211
Other
TransInter- VetAid
fers
nato
erans'
Inter- tional
to
National est
agri- trust
Other ReInon finance AdExInExRedefense debt
minis- culvest- pendiacand tration
ceipts vest- pendi- ceipts ments
ture
tures
counts
aid
ments tures
11,500 5,211
12,158 5,339
12,378 5,750
936
1,051
964
1,007
998
1,024
1,149
1,037
1,338
1,446
1,510
Pl.663
PI.678
161
636
184
136
1,611
271
134
646
229
142
968
514
156
782 1,178 4,661 3,918 2,210 1,640 c2,598
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
267
116
-746
568
85
909
494
123
8
448
326
491
158 -844
11
262
999
98
47
311
578
404
202
69
570
178
52
238
127 - 3 2 7
421
499
359
420
405
273
254
299
360
321
252
P322
P322
498
459
448
464
400
457
465
437
462
417
446
150
424
-113
-220
-45
96
23
115
P3
16
8
31
28
646
84
9
6
73
9
439
665
543
598
712
747
624
546
658
625
556
493
262
630
544
300
549
288
414
582
169
309
146
277
424
157
207
7
233
194
243
225
189
186
164
214
219
241
278
258
117
451
65
96
413
192
132
91
157
125
-73
279
r
ll
186
184
r79
'-60
••357
'176
r_9
'4-15
33
194
15
r
>-4O
146
101
53
-50
14
c
r
P Preliminary.
Corrected.
Revised.
2
Excess of receipts ( + ) or expenditures ( —).
Excludes items in process of collection.
For description, see Treasury Bulletin for September 1947 and subsequent issues.
Beginning November 1950, net investments of wholly owned Government corporations and agencies in public debt securities are excluded
from 5budget expenditures and included in trust account investments.
These are appropriated directly to the Federal old-age and survivors insurance trust fund.
beginning January 1951, Treasury reports combine income taxes withheld and employment taxes. Figures shown for withheld income taxes
exclude, and figures shown for social security taxes include, employment taxes as indicated by amounts appropriated to Federal old-age and survivors insurance trust fund.
1
3
4
MARCH
1951
311
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by United States Treasury Department.
In millions of dollar]
PRINCIPAL ASSETS AND LIABILITIES
Liabilities, other than
interagency items
Assets, other than interagency items x
Corporation or agency
Total
Bonds, notes,
U. S. Priand debenGov- vately
Land,
tures payable
ern- owned
struc- Other
Other ment
tures,
liabil- inter- interasest
and
Fully
ities
est
U. S.
equipguarGovt. Other
secu- 2 ment
anteed Other
secu- rities
by
rities
U. S.
Investments
CommodiLoans ties,
supreceiv- plies,
and
able
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
334
653
59
264
575
1
47
1,533
2,636
521
40
43
1,461
694
423
Housing and Home Finance Agency:
Home Loan Bank Board:
949
Federal home loan banks
197
Federal Savings and Loan Insurance Corp..
53
Home Owners' Loan Corp 5
1,681
Public Housing Administration
336
Federal Housing Administration
Office of the Administrator:
Federal National Mortgage Association. . . 1,185
86
Other
Reconstruction Finance Corporation:
Assets held for U. S. Treasury 6
Other 7
Export-Import Bank
Federal Deposit Insurance Corp
Tennessee Valley Authority
All other s
753
1,024
2,239
1,349
920
7,504
3,492
3,488
3,483
3,478
12,733 1,549 2,047
387 13,350 1,567 2,221
474 12,502 2,186 2,101
598 12,769 1,739 2,112
2,962
2,932
2,924
2,931
509
414
450
476
772
708
774
1,108
,720 21,030
,072 21,368
,446 21,679
970 21,791
183
191
201
214
70
566
244
83
59
19
18
1,607
96
700
1
1
32
158
27
1
45
1,533
335 2,301
5
516
2
38
()
222
191
2
44
339
21
472
226
56
6
191
4
48
19 1,662
163
156
•(3)"
1,259
1
232
17
1,169
14
10
10
7
1
105
1
895
2,224
3 (j)
33
132 3,901
604
1
)
1,335
1178
85
753
963
2,171
1,313
903
7,492
()
868
45
3,385
195
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Sept. 30, 1950
Purpose of loan
To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
To aid financial institutions:
Banks
Other
Foreign loans
Other
Less: Reserve for losses
Total loans receivable (net)...
Fed.
Fed. inter- Banks
Farm medi- for coMort. ate operaCorp. credit tives
banks
50
575
267
Com- Rural
Elecmodity trificaCredit
tion
Corp. Adm.
765
Farm- Home
Owners'
ers'
Home Loan
Adm. Corp.
1,462
Recon- ExPublic Fed. struc- portHous- home tion
Iming
loan
Fiport
Adm. banks nance Bank
Corp.
(3)
141
556
44
3
111
485
(3)
(3)
700
6
43
(3)
575
3
71
/
133
264
694
1,461
423
337
1
(8)
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
2
2
708
8
122 2,231 3,750 6,103
498
60
101
33
266
7
11
113
515
3
451
6,116
485
270
895 2,224 5,105 12,769
12,502
113
539
(3)
1
Assets are shown on a net basis, i. e., after reserve for losses.
2
Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction
and 8Development and its subscription of 2,750 million to the International Monetary Fund.
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.
6
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.
• 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.
312
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthlyfiguresfor seasonal variation]
Construction
contracts
awarded (value)2
1923-25 = 100
Industrial production
(physical volume)*1
1935-39 = 100
Manufactures
Year or month
Total
Durable
Nondurable
Minerals
Total
Employment 3
1939 = 100
Resi- All Nonden- other agricultial
tural
Factory
Factory
payrolls »
1939=
100
DepartFreight ment
carload- store
sales
ings*
(val1935-39 ue)
**
—100 1935-39
=100
AdAdAdAdAd- Unad- AdAd- AdAd- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed
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
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
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
1936
1937
1938
1939
1940
103
113
89
109
125
108
122
78
109
139
100
106
95
109
115
99
112
97
106
117
55
59
64
72
81
37
41
45
60
72
70
74
80
81
89
1941
1942
1943
1944
1945.
162
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
170
187
192
176
192
220
225
202
165
172
177
168
134
149
155
135
P200
*23 7
P187
153
157
190
211
295
189
184
179
174
169
161
170
174
185
181
177
174
170
163
174
178
166
173
179
169
174
178
225
223
212
201
194
185
193
199
175
181
203
173
168
162
161
161
154
165
172
177
177
176
149
136
148
145
133
123
129
119
112
141
132
183
180
187
190
195
199
196
209
211
179
177
183
188
195
200
198
212
216
209
207
211
222
231
237
235
247
251
179
180
181
180
181
184
181
195
194
130
118
144
140
145
151
144
159
163
217
216
268
P219
«218
P215
1919
1920
1921
1922
1923
1924 .
1925
.
1946
1947
1948
1949
1950
... .
1949
February
March
April
May
June
July
August
September.
October
November
December
1950
January
February
March
April
May
June
July
August
September
October
November
December
1951
January
February
. .
216
214
220
215
262
260
«268
Unadjusted
Unadjusted
103.9
124 2
80.2
86 0
109.1
101.8
107 3
120
129
110
121
142
139
146
83
99
92
93
104
104
109
123 8
143 3
127 7
119 7
121 9
122.2
125 4
138.6
154 4
97.6
96 7
100 6
98.1
103 5
98 9 110 5
96.7 108.5
96.9 109.8
103.1 117 1
89.8
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
86.7
95 3
86 4
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
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
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
98
103
104
105
3
8
1
0
8
143
142
162
192
305
161 136.7
169 143.2
214 145.9
226 142 0
287 P145.7
147.8
156.2
155.2
141 6
P149.7
271 1
326.9
351.4
325 3
^371.8
132
143
138
116
128
264
286
302
286
304
139 3
159 2
171.2
169 1
171 2
121
152
165
155
161
1
1
1
0
5
169
175
177
181
195
209
229
246
263
265
262
123
130
141
159
176
200
228
254
269
256
255
207
212
206
199
210
217
230
240
259
273
268
242
263
275
284
274
291
325
334
321
245
260
278
298
303
325
369
362
332
239
266
274
273
250
262
289
311
312
196
195
166
160
299
306
196
157
332
P199
P163
333
«196
103.7
104.1
79.7
88 2
100.9
93.7
97.0
Adjusted
WholeConsale
sumers'
com3
prices modity
1935-39 prices 8
—100
1926
=100
75.8
64.4
71.3
83.2
88.7
77.2
77.5
84.9
88.5
144.3
143.4
142.7
142.0
141.7
141.1
141.3
142.0
139.1
140.1
141.2
147.6
145.6
143.4
140.7
140.0
139.1
139.4
141.1
136.3
136 3
139.3
147.4
145.3
141.8
138.2
138.4
136.9
141.1
143.7
138.8
137.8
140.4
340.4
332.8
319.2
312.8
315.7
312.8
323.0
335.1
320.9
313.9
329.3
126
120
127
124
114
110
117
105
92
117
115
284
279
293
291
285
281
284
289
277
278
295
169.0
169.5
169.7
169.2
169 6
168.5
168 8
169.6
168.5
168 6
167.5
158 4
158 6
157.1
155 8
1S4 5
153 6
152 9
153 5
152 2
151 6
151 2
140.5
140.2
141.3
143.2
147.1
148.9
150.9
155.0
156.0
157.7
r
157.5
157.9
139.8
139.9
141.0
141.6
144.5
147.3
148.3
156.3
158.9
160.3
159.0
159.2
329.2
330.0
333.5
337.2
348.0
362.7
367.5
394.4
403.2
415.8
'415.1
424.9
117
104
127
126
122
127
126
135
134
282
280
274
292
290
298
362
335
320
136
136
297
140.7
139.6
141.2
142.7
143.9
145.3
146.1
148.3
149 2
303 149.9
323 150.2
360 150.5
291
290
325
166.9
166 5
167 0
167.3
168 6
170.2
172.5
173.0
173.8
174.8
175.6
178.5
151 5
152 7
152 7
152 9
155.9
157 3
162.9
166 4
169 5
169.1
171.7
175 3
312
350 P151.0
«416.6
146
129
P362
181.6
180.0
294
284
140
r
*1 Average per working day.
• Estimated
v Preliminary.
Revised.
For indexes by groups or industries, see pp. 314-317. For points in total index, by major groups, see p. 336.
2
Three-month moving average, based on F. W. Dodge Corporation data; for description of index, see BULLETIN for July 1931, p. 358. For
monthly
data (dollar value) by groups, see p. 321.
3
The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of
the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces.
*For indexes by Federal Reserve districts and other department store data, see pp. 323-326.
Backfiguresin 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.
MARCH
1951
313
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average =100]
1951
1950
Industry
Jan. Feb.
June July Aug. Sept. Oct. Nov. Dec.
Jan.
183
180
187
190
195
199
196
209
211
216
214
217 v219
... 192
192
194
199
204
208
206
218
220
225
224
228 P229
Industrial Producation— Total
Manufactures—Total
Mar. Apr. M a y
209
207
211
222
231
237
235
247
251
262
260
268 P266
. . . 203
201
205
222
226
231
228
236
245
253
247
253
253
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
219
265
198
744
223
275
203
792
225
286
209
835
211
272
198
803
216
280
207
802
224
288
212
827
Machinery
. . . 229
236
243
251
258
262
265
279
283
'303
'311
321 P320
Transportation Equipment
. . . 242
210
214
226
262
277
272
287
284
r291 '278
290 P282
224
182
189
204
249
268
262
273
265
'271
180
190
200
198
197
207
202
212
216
223
227
227 P226
Smelting and refining
(Copper smelting; Lead refining; Zinc smelting;
191
202
208
207
208
219
208
212
209
217 '221
218 P220
Fabricating
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
consumption)2 .
176
184
197
194
192
202
199
212
219
225
229
231
P228
144
150
156
159
158
155
151
165
166
166
169
173
P171
132
166
138
173
145
176
150
175
149
175
144
178
140
174
151
192
150
196
150
198
155
197
162
194
P188
Stone, Clay, and Glass Products
190
192
188
200
203
210
212
212
215
229
227
235 v234
Glass products
Glass containers
Cement
Clay products
194
195
191
209
211
220
'245
206
207
158
201
192
158
222
218
158
206
212
207
211
157
225
223
210
160
234
214
161
244
208
161
215
214
167
225
206
169
262
214
168
247
214
175
266
232
172
Durable Manufactures . . . .
Iron and Steel1
Pig iron
Steel
.
Electric
. ...
Automobiles (including parts)
(Aircraft; Railroad Equipment; Shipbuilding — Private
Nonferrous Metals and Products
Lumber and Products
Lumber
Furniture . .
.
...
....
Nondurable Manufactures
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption J
Wool textiles
Carpet wool consumption
Apparel wool consumption
Wool and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth
.
235 '247 P245
238
P186
179
180
181
180
181
184
181
195
194
196
195
196 P199
179
173
174
175
173
165
189
191
197 rl93
194 P196
160
144
355
162
144
156
138
350
157
139
348
158
140
347
156
132
348
146
123
361
172
155
366
171
152
380
178
162
374
....
154
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Manufactured Food Products
...
357
159
152
154
157
161
134
172
171
180
'173
158
'381
164
173
158
397
215
163
210
153
222
143
216
149
205
152
228
179
204
148
201
140
140
134
134
140
210
178
204
170
131
135
139
147
127
119
148
156
122
165
156
108
95
103
116
161
146
119
156
149
127
158
153
115
116
110
101
102
112
98
108
101
112
95
104
85
89
77
91
83
83
75
88
159
158
146
141
144
179
168
137
187
172
163
117
140
143
105
101
120
124
115
109
108
102
115
91
106
108
121
111
125
106
119
108
121
89
96
107
120
84
88
134
165
162
79
89
56
80
83
86
91
84
142 '122
192 '180
180 172
P175
163
392
160
215
147
86
85
. . . .
Wheat flour
Cane sugar meltings 2
!Manufactured dairy products
Butter
...
Cheese
Canned and
dried
milk
Ice cream 2
.
162
. . . 178
Leather and Products...
Shoes
••250 '257 P242
121
169
169
84
88
80
116
91
124
82
128
97
115
81
106
86
107
76
107
101
128
104
133
94
121
81
110
88
109
161
161
165
164
164
164
167
168
167
162
161
162 P161
114
112
111
105
107
106
113
116
103
100
107
116
148
85
149
86
154
94
153
91
150
80
181
144
191
158
195
155
153
87
152
85
185
135
150
85
178
167
169
169
148
78
161
158
145
75
143 '141
70
72
164 167
142 131
175
155
184
165
158
150
142
73
169
131
r
P Preliminary.
Revised.
1
Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods
may 2be obtained from the Division of Research and Statistics.
Series included in total and group indexes but not available for publication separately.
314
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(A djusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average =100]
1950
1951
Industry
Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.
Jan.
Feb.
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton.
154
174
146
108
85
151
168
146
105
77
160
184
150
108
76
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
Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products
169
142
139
181
169
136
139
183
173
152
136
184
171
148
131
184
173
150
131
186
173
158
133
184
175
147
146
187
176
134
158
190
174 171 168 P 1 6 9 P168
142 '147 '145 138 149
146 125 125
187 184 '181 184 P 1 8 0
Manufactured Food Products—Continued
Alcoholic Beverages...
158
188
138
107
77
165
195
148
108
76
171
202
155
104
77
162
188
152
93
80
169 159 175 169 172 184 206 248 203
182 207 208 248
170
88
259
205
150
157
308
304
159
84
214
204
172
81
214
268
168
157
463
340
185
155
716
439
162 162 176 161 168 170 154 197 172 165 171 153
177
97
224
69
89
215
56
101
248
70
179 178 179 181 180 183 173
191 194 202 201 rl97
204
171
198
93
118
354
148
167
209
171
201
98
117
360
149
167
205
172
198
94
113
350
152
169
203
174
204
97
121
365
153
170
207
173
199
99
119
363
145
168
211
177
205
109
120
373
146
173
213
166
202
119
110
372
140
161
198
181
211
124
115
381
152
177
228
185
213
133
114
382
152
180
232
193
228
127
96
427
162
188
238
191
220
109
92
414
161
186
240
229
192
220
117
94
410
158
188
247
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
187
207
164
117
183 '188
196 '202
163 165
112 117
181
206
159
117
Printing and Publishing.
163 168 169 169 166 170 162 169 172 179
174 rl75
170
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal Products. . .
159
165
162
159
Malt liquor
Whiskey
Other distilled spirits.
Rectified liquors
Tobacco Products. .
Cigars
Cigarettes
Other tobacco products.
Paper and Paper Products. .
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper *
,
Printing paper
Tissue and absorbent paper
Wrapping paper
,
Newsprint
Paperboard containers (same as Paperboard).
Petroleum refining *
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 2 .
Coke
By-product coke
Beehive coke
Chemical
Products....
Paints
Rayon
Industrial chemicals
Other chemical products 2 .
102
222
67
169
97
248
72
163
159
97
280
242
91
224
67
168
157
93
363
235
93
237
63
165
163
95
417
269
106
233
68
168
171
84
611
315
96
212
59
167
168
111
934
464
126
269
80
165
155
146
549
340
120
229
71
163
124
215
72
183
178
235
341
127
227
65
171
'189
»-218
'125
••92
»-402
'157
'184
211 205 207 206 216 222 229 238 243 251 *253
262 P276
176
192
149
207
197 P203
225 P243
188
208
i74
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
196
210
184
195
195
209
187
195
154
156
76
124 146 174 175 177 176 176 178 183 178 182 P 1 8 3
127 145 170 171 170 170 167 170 175 170 174
21 181 320 328 428 368 470 443 467 '436 '457 P504'
248 247 247 252 256 261 263 269 271 277 279 282 v286
144 147 147 147 147 154 161 168 168 164 162 '159 P167
349 355 352 349 350 350 359 363 376 371 -378 385 P 3 7 3
419 424 428 434 443 451 453 458 465 488 493 500 P502
Rubber Products
194 195 197 203 213 221 222 236 244 r250
Minerals—Total.. .
130 118 144 140 145 151 144 159 163 166
160 157 vl63
Fuels
133 118 148 147 148 155 148 162
167 170
165 163 P169
91
96
69
154
133
144
92
184
Coal.
Bituminous coal.
Anthracite
Crude petroleum
Metals.
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc)2
Gold
Silver
43
38
65
155
141
149
108
152
131
143
83
155
124
131
97
160
128
136
96
168
101
109
68
171
133
142
97
177
141
151
102
184
r
251
127
138
84
184
253 v242
130 P ! 4 0
143 151
80
97
178 P183
117 118 119
98
125 130 124 136 141 141
130 126 •0125
160
161
159
121
166
177
167
188
198
199
180 P 1 7 3 P 1 7 2
57
60
58
63
62
72
62
81
66
76
63
77
62
73
60
85
59
73
59
73
59
70
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.
MARCH
315
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average—100]
Annual
1950
1951
Industry1950 1949 Feb.
Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan.
Industrial Production—Total. .
200
176
177
183
188
195
200
198
212
216
220
215
216 v215
Manufactures — Total
209
183
188
191
197
203
209
207
221
224
229
'226
227 v225
237
202
204
210
221
232
238
237
249
253
263
261
266 P 2 6 3
229
188
201
205
222
226
231
228
236
245
253
247
253
253
211
265
198
740
175
199
175
238
460
639
175
243
180
691
219
270
204
739
222
273
206
755
221
271
202
763
223
264
201
710
219
265
198
744
223
275
203
792
225
286
209
835
211
272
198
803
216
280
207
802
224
288
212
827
270
234
236
243
251
258
262
265
279
283
'303
'311
321 P320
261
'235
210
214
226
262
277
272
287
284
'291
'278
290 P282
241
'206
182
189
204
249
268
262
273
265
-•271
r
250
257 P242
206
160
190
201
198
197
206
202
212
216
223
227
228
210
186
202
208
207
208
218
207
212
209
217
221
219 P220
205
149
184
197
194
192
160
130 138
148
183
119
152
Durable Manufactures. . .
Iron and Steel1
Pig iron
Steel
Open hearth.
Electric
Machinery
Transportation
Equipment...
Automobiles (including parts)
(Aircraft; Railroad equipment;
Private and Government) 2
Shipbuilding—
Nonferrous Metals and Products
Smelting and refining
(Copper smelting; Lead refining; Zinc
smelting; Aluminum; Magnesium; Tin) 2
,
Fabricating
(Copper products; Lead shipments; Zinc shipments; Aluminum products;
Magnesium
products: Tin consumption) 2
Lumber and
Products...
Lumber. . . .
Furniture...
Stone, Clay, and Glass Products. . .
Glass products
Glass containers
Cement
Clay products
Other stone and clay products 2.
Nondurable Manufactures. .
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption 2
Wool textiles
Carpet wool consumption
Apparel wool consumption.. . .
Woolen and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth. . . .
Leather and Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers. . .
Sheep and lamb leathers.
Shoes
Manufactured
209
Ice cream 2
147 158
185
195
197
155
191
201
160
150
187
168
176
182
P228
161
177
179
176
168
158 P!53
170
192
170
196
165
198
153
197
140
194
212
155
174
214
221
223
240
232
227 P222
218
232
229
160
217
234
229
162
212
223
242
172
215
229
239
175
'251 '236
269 '250
249 231
177 182
234 P241
247
211 193
177 P172
133
176
150
175
155
175
160
178
197
209
191
201
157
151
209
222
207
154
222
238
221
160
179
216
228
212
164
134
177
178
180
184
182
198
201
201
197
196
173
174
175
173
165
189
191
197
'193
194 P196
164
145
364
134
118
280
162
144
357
156
138
350
157
139
348
158
140
347
156
132
348
146
123
361
172
155
366
171
152
380
178
162
374
173
158
'381
173
158
397
160
204
155
143
127
167
160
135
169
124
123
120
127
136
159
215
163
140
122
165
156
152
210
153
134
116
161
146
154
222
143
134
119
156
149
157
216
149
140
127
158
153
161
205
152
147
134
165
162
134
135
139
127
117
140
143
172
210
178
159
144
179
168
171
204
170
158
137
187
172
180
228
179
163
142
192
180
164
204
148
146
'122
180
172
160
201
140
141
121
169
169
118
115
110
101
104
99
119
123
115
111
108
109
120
89
92
100
124
97
108
75
90
79
101
112
80
86
95
115
94
104
72
86
88
100
111
80
90
86
107
87
100
56
79
71
106
117
88
84
104
128
109
122
89
85
102
133
107
120
86
88
94
121
111
126
91
93
85
110
106
120
82
89
84
109
191
192
175
164
160 P150
107
108
115
132
64
142
122
103
55
123
102
99
55
121
101
111
102
113
80
87
88
116
Food Products.
Wheat flour
Cane sugar meltings 2
Manufactured dairy products.
Butter
Cheese
Canned and dried milk. . .
119
173
231
'226
97
108
77
81
81
113
128
163
148
106
109
155
83
176
154
113
150
83
180
154
113
107
76
149
129
157
101
109
128
85
172
155
107
164
150
178
102
103
159
93
203
175
199
109
235
215
114
112
226
120
261
228
223
104
219
193
217
87
189
174
173
74
164
145
163
392
98
60
125
106
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
316
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average=100]
Annual
1950
1951
Industry1950 1949 Feb.
Mar. Apr. May June July Aug. Sept. Oct.
Nov. Dec.
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
157
179
146
108
77
151
170
144
121
77
144
165
135
92
78
148
171
137
101
74
145
166
136
102
72
144
161
142
102
73
146
165
138
108
73
141
148
147
114
75
134
135
147
119
76
152
155
165
132
84
158
177
151
122
80
184
228
154
116
76
203
267
155
98
75
Other manufactured foods
Processed fruits and vegetables.
Confectionery
Other food products
171
144
'137
185
171
145
130
184
154
86
140
174
154
83
126
177
153
90
108
177
157
98
101
182
163
122
99
185
182
191
120
190
202
254
171
194
206
276
189
191
189
'190
164
193
175
'134
147
190
166
108
188
172
143
162
168
177
202
219
237
217
205
195
189
164
114
372
294
164
80
220
284
144
84
128
204
160
81
139
268
167
97
168
242
179
93
218
235
205
95
258
269
214
84
354
315
191
111
504
464
156
146
753
340
139
157
798
304
141
178
493
341
134
157
509
340
Products....
168
165
154
167
152
168
176
160
204
181
170
174
142
Cigars
Cigarettes
Other tobacco products
105
229
68
107
224
69
102
209
65
97
230
72
91
209
67
93
237
64
106
245
69
96
223
59
126
283
78
120
245
76
124
224
77
127
231
67
89
198
50
187
156
179
179
182
181
185
172
191
194
202
201
197
179
208
110
110
379
151
174
218
151
175
96
101
301
134
147
179
172
201
102
117
360
149
168
205
173
199
101
113
350
152
169
203
175
205
107
121
365
153
170
207
173
201
106
119
363
145
168
211
178
205
110
120
373
146
173
213
166
200
105
110
372
140
160
198
181
209
110
115
381
152
177
228
184
211
119
114
382
152
180
232
193
227
119
96
427
162
188
238
191
221
115
92
414
161
186
240
'188
••218
174
183
160
111
155
154
134
99
167
177
162
98
175
173
163
102
171
187
160
113
167
166
158
113
172
174
167
116
156
174
151
115
174
183
155
115
180
185
156
116
187
209
164
117
170
155
166
172
174
169
150
161
166
155
166
170
178
172
166
229
209
205
207
206
216
222
187
192
162
191
176
178
142
165
174
187
146
199
173
178
150
192
171
172
139
174
181
175
149
186
169
164
335
150
148
206
124
127
21
146
145
181
174
170
320
250
250
156
361
455
140
286
'414
146
355
424
147
352
428
Alcoholic beverages. .
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
Tobacco
Paper and Paper
Products....
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper 2
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)
Printing and Publishing
Newsprint consumption
Printing paper (same as shown under Paper)
Petroleum and Coal Products. .
Petroleum refining 2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products
Coke
By-product coke
Beehive coke
Chemical Products
Paints
Rayon
Industrial chemicals
Other chemical products 2 . . .
188
126
r
92
'402
••157
184
229
188
••196
165
114
183
182
179
148
165
180
180
170
229
238
243
251 •253
262
188
179
152
166
194
187
153
173
200
190
173
187
195
200
177
196
196
210
184
195
195
209
187
201
197
225
187
214
175
171
328
177
170
428
176
170
368
176
167
470
178
170
443
183
175
467
178
170
436
182
174
457
253
255
258
259
265
272
282
283
286
149
349
434
151
350
443
158
350
451
159
359
453
166
363
458
166
376
465
164
371
488
160
378
493
159
385
500
Rubber Products. . .
223
183
195
197
203
213
221
222
236
244
'250
'251
253
Minerals— Total.
148
135
113
139
138
147
155
149
163
168
169
159
152
Fuels
152
139
148
147
148
155
162
167
170
165
163
119
127
87
168
103
107
84
157
141
149
108
152
131
143
83
155
124
131
97
160
128
136
96
168
101
109
68
171
133
142
97
177
133
144
92
184
141
151
102
184
127
138
84
184
130
143
80
178
125
107
81
83
87
140
155
158
170
171
171
214
147
184
100
101
63
105
79
197
273
224
325
227
343
244
368
244
365
Coal.
Bituminpus coal. . . .
Anthracite
Crude petroleum
Metals.
Metals other than gold and silver.
Iron ore
(Copper; Lead; Zinc)2
Gold
Silver
43
38
65
155
227
331
124
93
166
195
P115
86
*>73
For other footnotes see preceding page.
N O T E . — F o r description and back figures see B U L L E T I N for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
MARCH 1951
317
FACTORY EMPLOYMENT, BY INDUSTRIES
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors.
1950
1949
Annual
Industry group or industry
In thousands of persons
Aug.
1951
Sept.
Oct.
1949
19501
Dec.
11 597
6 096
940
701
1 001
552
987
676
272
416
12, 261
6 620
1 053
776
1 040
636
1 042
730
311
441
11,413 11 ,506 11 484 12 ,200 12 358 12, 697 12, 783 '12 ,921
5,910 5 ,994 5 966 6 ,624 6 713 6 939 6 996 '7 ,135
1 070 1 091 1 105 1 ,111
973
946
958
1 ,055
678
686
691
777
793
826
837
'846
924
937
955
1 ,028
1 042 1 071 1 055 '1 ,110
548
555
567
618
639
672
676
'703
896
978
872
1 ,078
\ 070 1 118 1 134 ' 1 ,157
685
655
669
734
750
764
775
'773
177
Jan.
Feb.
June
July
Nov.
Dec.
'12 ,899
1 2 , 934
7, 180
Jan.
ADJUSTED FOR SEASONAL
VARIATION
Manufacturing—Total
Durable goods
. ...
Primary metal industries
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products. .
Instruments and related products
Miscellaneous'manufacturing industries
Ordnance and accessories
Nondurable goods
Textile-mill oroducts
Apparel and other finished textiles
Leather and leather products. . .
Food and kindred products
Tobacco manufactures
Paper and allied products
Printing, publishing and allied
industries
Chemicals and allied products.. .
Products of petroleum and coal.
Rubber products
,143
1 ,119
'845
' 1 ,139
'709
' 1 ,128
'7
13, 00
7, 201
1 141
1 131
283
408
285
407
291
410
312
441
316
447
324
457
325
456
323
469
'475
838
1 157
709
1 151
757
319
468
186
171
171
170
180
184
189
199
204
208
210
210
354
20
385
20
354
17
345
17
382
19
383
19
407
20
'412
23
416
24
410
24
5 641
1 206
5,503
5 ,512
1 ,165
5
5 645
1 196
5 758
1 243
5
1 166
5 ,576
1 ,174
412
22
787
'417
5 501
1 136
351
17
518
'5 ,786 '5 ,756
1 ,249
' 1 ,264
5 754
1 239
5 808
1 246
1 022
347
1 172
87
382
1 042
355
1 167
81
404
1,025
1 034
350
1 157
82
384
1 ,022
350
1 ,171
79
401
1 044
356
1 176
80
404
1 073
363
1 179
79
412
1 067
365
1 171
82
420
'1
1 051
360
1 167
80
424
1 068
85
386
1 ,032
348
1 ,160
85
383
495
485
188
186
503
496
185
203
494
475
186
183
493
475
186
185
495
478
185
187
500
497
180
202
504
499
180
206
509
501
189
210
510
503
186
215
510
513
192
218
513
523
192
219
11 ,597
12 ,261
6 ,096
6 ,620
1,169
345
1,155
1 268
766
319
22
'1
,063 '1 ,049
362
'363
,166 '1 ,165
'82
'79
'419
'423
509
513
190
217
510
511
190
'218
833
1 197
1
693
168
735
317
473
363
1 182
80
422
WITHOUT SEASONAL ADJUSTMENT
Manufacturing—Total
Durable goods
Primary Metal Industries
Blast furnaces, steel works
and rolling mills
Nonferrous smelting and refining primary
Nonferrous rolling, drawing
and allovins
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 (generating, 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 Industries
. .•
Ordnance and Accessories
r
940
11,504 11 ,449 11 ,460 12 ,066 12 ,151 12 ,802 13 ,016 13 ,133 '13 ,029 13 038 12 951
5,961 6 ,000 5 ,982 6 ,596 6 ,597 6 ,900 7 ,013 ' 7 ,186 '7 ,198 7 241 7 208
1 ,050
147
,053
955
1 ,054
,086 1 ,105 1 ,117 1 ,125 1 142
963
978
477
536
507
511
512
538
543
550
552
'553
553
556
43
46
41
43
45
46
45
46
46
'46
'45
47
71
701
81
776
73
688
74
693
75
698
80
769
80
773
83
814
85
837
86
86
849
87
851
118
133
119
121
124
133
129
132
138
'141
143
144
106
124
111
108
112
122
120
132
137
137
'136
133
152
156
141
960
158
165
166
171
172
1 ,040
141
937
154
1 ,001
142
929
1 ,033
1 ,032
,060
1 ,050
,104
,133
173
1 ,163
142
158
134
169
131
146
133
147
137
149
141
163
141
162
140
171
102
181
124
126
197
136
205
131
127
117
117
118
125
124
127
132
136
138
140
115
552
143
636
119
559
124
561
133
573
148
615
146
620
145
655
146
673
'148
'151
r720
147
723
211
192
987
230
237
208
201
227
228
237
248
237
255
1 ,078
1 ,070
'254
'278
,128
258
277
896
211
207
872
222
227
1 ,042
208
203
978
1 ,151
644
189
712
202
585
184
675
184
567
184
765
187
757
188
781
199
788
209
'795
'225
'750
'239
754
255
85
676
401
96
71
730
431
109
311
228
441
117
75
186
69
682
404
102
66
642
381
102
68
652
386
101
68
750
444
109
79
783
465
114
76
790
468
114
'76
*785
'115
'76
774
454
'114
79
753
441
113
289
211
289
212
303
222
319
234
327
240
440
114
77
178
459
122
79
187
458
117
80
199
325
238
473
127
79
322
403
106
69
172
329
242
471
127
80
205
327
242
412
107
71
173
297
218
408
108
68
171
68
741
437
109
303
222
441
118
76
180
212
211
433
424
410
23
24
24
272
195
416
107
7'
177
354
20
385
20
361
17
345
17
356
17
367
19
358
19
1
1
,118
399
20
1
,134
418
22
r
r]
'190
'252
272
r
l
,157
462
r
436
22
r
l
r477
129
81
209
r
841
1 ,197
700
1 ,168
720
468
1
Revised.
Annualfiguresfor 1950 were computed by Board of Governors and are preliminary.
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 January 1951 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained
from the Bureau of Labor Statistics. Seasonally adjusted data beginning January 1939, for groups and the total, may be obtained from the
Division of Research and Statistics.
318
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT, BY INDUSTRIES—Continued
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors.
Annual
In thousands of persons]
1950
1949
Industry group or industry
Nondurable goods
Jan.
Feb.
June
July
Aug.
Sept.
Oct.
1949
19501
Dec.
5,501
5,641
5,543 5,449 5,478 5,470 5,554 5,902 6,003 '5,947
Textile-mill Products
Yarn and thread mills
Broad-woven fabric mills
Knitting mills
1,136 1,206 1,187 1,177 1,183 1,174 1,160 1,224 1,255 r 1 , 2 6 4
159
161
140
152
149
149
149
146
147
'154
606
607
551
586
580
571
595
574
568
571
233
236
213
224
212
209
223
227
227
223
A pparel and Other Finished Textiles
Men's and boys' suits, coats and overcoats
Men's and boys' furnishings
Women's and misses' outerwear
1,022 1,042 1,040 1,032 1,065
Leather and Leather Products
Footwear (except rubber)
976
981
1,089 1,099 <1,100
Dec,
'5,831
5,797 5,743
1,261 1,258 1,258
161
160
606
603
234
234
r
l ,059 1,067 1,068
128
240
294
134
245
287
127
247
296
130
241
302
135
244
315
135
238
248
127
232
266
138
252
307
137
254
305
138
••254
297
137
254
'276
136
251
297
347
226
355
229
343
224
348
231
357
235
343
224
351
230
370
237
372
237
'230
360
226
358
229
1,172 1,167 1,139 1,078 1,055 1,141 1,231 1,331 1,350 •1,260 r 1,191
240
244
231
232
232
235
236
236
236
251
244
102
100
108
97
114
116
114
107
96
95
104
'"226 1 6 8
181
110
151
223
302
324
136
117
176
196
193
191
188
191
194
192
194
190
186
192
149
149
151
134
157
164
169
159
141
135
149
Food and Kindred Products
Meat products
Dairy products
Canning and preserving
Bakery products
Beverage industries
Tobacco Manufactures
87
424
514
150
170
515
150
171
518
153
171
513
506
50
158
65
523
56
159
66
521
56
160
66
523
57
162
67
528
189
145
190
147
191
148
191
148
222
222
93
385
199
386
200
410
207
418
210
'421
210
501
145
168
493
142
167
495
145
165
500
150
166
499
150
164
504
150
165
510
151
167
496
53
152
63
484
51
144
62
480
50
144
62
485
52
144
59
482
54
150
62
479
51
152
63
491
49
155
63
185
143
185
146
184
145
183
144
181
138
182
139
193
147
404
205
390
200
Printing, Publishing and Allied Industries. . . .
Newspapers
Commercial printing
495
141
164
503
149
167
Chemicals and Allied Products
Industrial inorganic chemicals
Industrial organic chemicals
Drugs and medicines
485
52
146
61
Products of Petroleum and Coal
Petroleum refining
188
149
186
84
80
428
212
75
396
204
382
198
Rubber Products
Tires and inner tubes
82
427
211
75
399
205
87
203
187
82
85
187
83
188
83
199
200
89
208
90
363
1,150 1,098
253
97
140
191
146
r89
81
81
Paper and Allied Products
Pulp, paper and paperboard mills
Jan.
Nov.
219
92
215
92
r
r
r94
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)
Jan.
42.3
42.5
43.7
42.0
41.5
41.2
42.2
42.0
42.3
41.9
42.5
41.0
41.3
43.5
41.0
38.5
40.9
41.4
41.0
41.8
41.0
40.5
1.615
1.487
1.547
1.443
1.682
1.225
1.244
1.390
1.423
1.288
1.510
r
63.80
62.97
39.7
'41.2
42.2
62.38
68.24
66.71
40.0
41.9
63.79
59.93
61.57
58.44
68.12
48.02
51.13
55.32
56.49
51.78
60.70
-•70.39
'66.50
'72.24
'•64.44
'72.67
'•57.53
56.83
'63.36
'65.34
57.16
'70.79
74.62
68.72
74.25
65.31
74.99
56.61
56.59
63.38
65.95
57.49
68.64
73.10
66.70
74.60
64.12
68.57
56.28
55.97
62.28
65.75
56.66
65.73
39.5
40.3
39.8
40.5
40.5
39.2
41.1
39.8
39.7
40.2
40.2
'41.8
'41.9
43.1
'41.9
'40.6
'41.3
42.6
'42.1
'42.4
42.4
43.4
Dec.
Dec.
Jan.
1.514
1.541
1.551
1.589
1.617
1.623
1.684
1.587
1.676
1.538
1.790
1.393
1.334
1.505
'1.541
1.348
1.631
1.764
.617
.699
.555
.807
.374
.341
. 509
. 559
.372
.615
1.783
1.615
1.715
1.564
1.781
1.376
1.352
1.519
1.573
1.382
1.623
Nov.
52.91
57.19
58.26
58.47
39.4
40.3
40.4
40.1
1.343
1.419
.442
1.458
47.36
42.70
42.90
54.94
39.25
57.56
70.49
60.05
73.79
60.52
'53.19
'44.50
45.78
'57.98
'42.41
'64.93
'74.10
r
65.32
'78.43
'66.68
53.49
45.86
47.19
59.63
43.52
66.11
76.03
66.28
79.02
69.18
54.16
46.83
48.31
60.02
43.28
66.33
73.73
66.59
79.23
66.01
39.4
36.0
37.7
41.4
38.0
42.2
38.5
41.3
40.7
39.4
40.7
36.9
37.4
41.8
'38.0
44.2
39.0
'41.9
41.3
'41.6
40.8
36.6
38.3
42.2
39.0
44.4
39.6
42.0
41.2
41.8
40.6
36.5
38.9
41.8
38.4
44.1
38.6
41.8
40.8
40.2
1.202
1.186
1.138
1.327
1.033
1.364
1.831
1.454
1.813
1.536
1.307
1.206
1.224
1.387
1.116
1.469
1.900
1.559
1.899
1.603
.311
.253
.232
1.413
1.116
1.489
1.920
1.578
1.918
1.655
1.334
1.283
1.242
1.436
1.127
1.504
1.910
1.593
1.942
1.642
r
Revised.
NOTE.—Data are for production and related workers.
of Labor Statistics.
1.485
Nov.
'66.58
MARCH 1951
1.418
41.1
Jan.
59.40
Textile-mill products
Apparel and other finished products...
Leather and leather products
Food and kindred products
Tobacco manufactures
Paper and allied products
Pi in ting, publishing and allied products
Chemicals and allied products
Products of petroleum and coal
Rubber products
40.6
Jan.
56.29
Nondurable goods
Jan.
Dec.
Manufacturing—Total
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
Jan.
Nov.
Durable goods
1951
1951
1950
1950
Average hourly earnings
(dollars per hour)
Figures for January 1951 are preliminary,
Back data are available from the Bureau
319
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics; adjusted. Board of Governors. In thousands of persons]
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
983
917
883
826
852
943
981
932
904
2,170
1,567
1,094
1,132
1,661
1,982
2,165
2,156
2,317
3,433
3,619
3,798
3,872
4,023
4,122
4,151
3,977
4,010
7,333
7,189
7,260
7,522
8,602
9,196
9,491
9,438
9,525
1,440
1,401
1,374
1,394
1,586
1,641
1,716
1,763
1,812
3,857
3,919
3,934
4,055
4,621
4,786
4,799
4,782
4,762
5,431
6,049
6,026
5,967
5,607
5,454
5,613
5,811
5,910
14,040
14,023
14,135
14,302
14,629
14,802
14,977
15,333
15.444
••15.606
15,628
15,666
867
604
944
942
941
943
915
942
942
'937
'934
934
2,109
2,091
,096
2,163
2,223
2,299
2,366
2,434
2,454
••2,506
"2,521
2,442
3,902
3,874
3,906
3,948
3,888
3,995
4,021
4,073
4,119
••4,138
'4,126
4,124
9,371
9,358
9,348
9,391
9,459
9,532
9,556
9,651
9,650
'9,630
'9,622
9,709
1,781
1,786
1,791
1,794
1,803
1,809
804
819
836
839
839
847
4,773
4,768
756
757
766
4,778
4,769
4,779
4,768
4,733
4,747
4,743
5,784
5,779
5,776
5,915
45,745
15,750
935
2,490
4,089
9.806
1,837
4,738
6,100
42.125
41,661
42,295
42,926
43.311
43,945
44,096
45,080
45,684
••45,898
'45,866
46,577
13,980
13,997
14,103
14,162
14,413
14,666
14,777
15,450
15,685
r
15,827
15,758
15,765
861
595
938
939
940
946
922
950
946
939
935
934
1,919
1,861
1,907
2,076
2,245
2,414
2,532
2,629
2,626
'2,631
••2,571
2,393
3,869
3,841
3,873
3,928
3,885
4,023
4,062
4,120
4,139
••4,132
'4,123
4,124
9,246
9,152
9,206
9,346
9,326
9,411
9,390
9,474
9,641
'9,752
'9,898
10,460
1,772
1,777
1,791
1,803
1,812
1,827
1,831
1,837
1,827
1,821
1,821
1,829
4,701
4,696
4,708
4,757
4,790
4,826
4,841
4,827
4,816
4,757
4,723
4,696
5,777
5,742
5,769
5,915
5,900
5,832
5,741
5,793
6,004
6,039
6,037
6,376
45,196
15,689
929
2,266
4,054
9,675
1,828
4,667
6,088
Total
Manufacturing
39,697
42,042
41,480
40,069
41,412
43,371
44,201
43,006
44,122
15,051
17,381
17,111
15,302
14,461
15,247
15,286
14,146
14,882
42,627
42,283
42,752
43,212
43,578
44,010
44,259
44,914
45,196
'45,408
'45,494
45,584
Year or month
1942
1943
1944
1945...
1946
1947
1948
1949
1950
Mining
Federal
State, and
local
government
SEASONALLY ADJUSTED
1950—January
February
March
April
May
June
July
August
September
October
November
December
1951—January
,869
5,852
5,851
5,883
5,983
6,019
6,077
6,119
UNADJUSTED
1950—January
February
March
April
May
June
July
August
September
October
November
December
1951—January
' Revised.
NOTE.—Data include all full- and part-time employees who worked during, or received pay for, the pay period ending nearest the 15th of
the month. Proprietors, self-employed persons, domestic servants, unpaid family workers, and members of the armed forces are excluded. January 1951 figures and 1950 annual averages are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally
adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics.
LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
[Bureau of the Census estimates without seasonal adjustment.
Thousands of persons 14 years of age and over]
Civilian labor force
Year or month
Total
civilian noninstitutionall
population
Employed
Total
2
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
1943
1944
1945
1946
1947
1948
1949
1950
94,640
93,220
94,090
103,070
106,018
107,175
108,156
109,284
55,540
54,630
53,860
57,520
60,168
61,442
62,105
63,099
54,470
53,960
52,820
55,250
58,027
59,378
58,710
59,957
45,390
45,010
44,240
46,930
49,761
51,405
50,684
52,450
9,080
8,950
8,580
8,320
8,266
7,973
8,026
7,507
1,070
670
1,040
2,270
2,142
2,064
3,395
3,142
39,100
38,590
40,230
45,550
45,850
45,733
46,051
46,181
1950—January..
February.
March. . .
April
May
June
July
August.. .
September
October. .
November
December.
108,848
108,978
109,096
109,260
109,288
109,392
109,491
109,387
109,577
109,407
109,293
109,193
61,427
61,637
61,675
62,183
62,788
64,866
64,427
64,867
63,567
63,704
63,512
62,538
56,947
56,953
57,551
58,668
59,731
61,482
61,214
62,367
61,226
61,764
61,271
60,308
50,749
50,730
50,877
51,473
51,669
52,436
52,774
54,207
53,415
53,273
53,721
54,075
6,198
6,223
6,675
7,195
8,062
9,046
8,440
8,160
7,811
8,491
7,551
6,234
4,480
4,684
4,123
3,515
3,057
3,384
3,213
2,500
2,341
1,940
2,240
2,229
47,420
47,342
47,422
47,024
46.500
44,526
45,064
44,718
46,010
45,704
45,782
46,657
1951—January. .
109,170
61,514
59,010
52,993
6,018
2,503
47,656
1
The number of persons in the armed forces, which previously have been included in the total noninstitutional population and total labor
force2 items, are no longer available for reasons of security.
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.
320
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Nonresidential building
M onth
Factories
1950
January
February
March
April
Mav
1951
1950
1951
1950
343.5
361.5
574.7
674.8
674.6
628.1
675.1
754.1
549.6
529 9
496.7
478 6
420.9
37.7
27.9
161.5
119.2
83.7
69.3
79.8
128.8
90.8
93.6
103.9
146 1
730.9 1,043.2
779.5
1,300.2
1,350.5
1,347.6
1,345 5
1,420.2
1,548.9
1,286.5
1,135.8
1,087.1
1,168 4
.
June
July
August
September
October
November
December
14,501.1
Year
6,741.0
I—
128.4
Jan
Feb
Mar
Apr
May....
June....
July
Aug
Sept
Oct
Nov
Dec
1949
615
682
690
874
971
935
963
854
762
779
611
694
1948 1949 1950 1948 1949
1950
483
568
748
846
885
950
948
911
731
780
1,300
1,350
1,348
1,345
1,420
1,549
1,072 1,287
1,062 1,136
958 1,087
929 1,168
Title
1945
1946
1947
1948
1949
1950
666
755
1950—Tan....
Feb....
Mar.. .
April.
May. .
June..
July...
Aug.. .
Sept.. .
Oct....
Nov.. .
Dec. . .
1951—Jan....
197
248
181
236
298
338
335
276
259
262
199
278
160
252
282
319
369
375
410
316
289
332
316
299
201
285
481
354
389
428
460
438
364
308
320
381
419
434
509
638
673
597
628
579
503
517
413
416
323
317
466
527
517
574
537
595
783
730
642
630
530
495
819
996
959
917
96C
1,111
922
828
767
787
loans
60.6
58.3
88.6
106.8
96.4
97.7
117.4
137.9
137.2
104.5
94.4
108 9
121.1
63.5
58.0
96.3
97 0
100.2
128.3
121.2
113.1
119.4
86 3
109.4
87 2
1951
84.6
1,179.8
1950
1951
1950
1951
73.5
121.4
154.3
125 6
128.3
148.7
168.8
161.2
151.4
142 5
127.2
148.2
126.8
152.1
152.5
224 9
227.0
264.5
273 4
258.0
253 8
238.2
179.1
155 5
199.5
161.3
1,651.0
2,578.4
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
1,787
3,338
3,821
4,342
171
321
534
614
594
694
337
329
353
329
351
376
369
414
373
379
379
349
57
44
44
27
48
78
61
69
55
82
74
54
330
63
"(4)"'
(4)
7
13
5
7
1
1
1
" ( 44 ) "
()
(4)
(4)
(4)
1951
1950
1951
Boston
New York.
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
. . . .
Total (11 districts)
Jan.
Dec.
Jan.
42,118
180,807
84,852
94,146
114,752
122,414
156,509
51,723
23,024
69,749
103,154
72,726
209,421
70,488
125,139
124,538
150,924
168,395
48,063
33,294
44,825
120,619
43,891
140,374
52,962
59,666
93,363
91,013
103,273
44,878
11,366
27,640
62,429
1,043,248 1,168,432
730,855
Mortgages
and
Prop- Small 1- to 4- Rental War
Vetand
erty home family
erans'
group
imcon- houses
prove-1 struc- (Title housing housing
(Title
(Title
ment
tion
11)
VI) 2
ID
219
347
446
880
4
3
272
85
808
1,855
2,466
7
1,836
1,339
1,031
228
203
209
171
176
181
183
217
216
241
236
204
225
18
" " " (4j ' '
1
1
8
'"(4)"
3
1
3
(4)
51
73
88
122
110
113
111
122
88
43
49
63
28
Military
housing
(Title
VIII)*
12
123
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
End of month
Total
(3)
8
12
9
15
3
5
6
14
10
17
23
13
1
Net proceeds to borrowers. 2 Mortgages insured under War
Housing Title VI through April 1946; figures thereafter represent
mainly mortgages insured under the Veterans' Housing Title VI
(approved May 22, 1946) but include a few refinanced mortgages
originally written under the War Housing Title VI. Beginning with
December 1947, figures include mortgages insured in connection with
sale of Government owned war housing, and beginning with February
1948 include insured loans to finance the manufacture of housing.
3
Mortgages insured on new rental housing at or near military
installations under Title VIII, approved Aug. 8, 1949.
46 Less than $500,000.
Includes about 3 million dollars of Class 3 loans insured before
expiration of this program Feb. 28, 1950, but tabulated after that date
and not shown separately. Includes almost one million dollars of
mortgages insured since August under new Sec. 8 small homes program.
NOTE.—Figures represent gross insurance written during the period
and do not take account of principal repayments on previously insured
loans. Figures include some reinsured mortgages, which are shown in
the month in which they were reported by FHA. Reinsured mortgages
on rental and group housing (Title II) are not necessarily shown in the
month in which reinsurance took place.
MARCH
1950
Federal Reserve district
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Total
1951
1950
Year. . 9,430 10,359 14,501 3,107 3,718 4.409 6,323 6,641 10,092
Year or
month
1950
1,208.5
1,142.3
Other
Educational
Public ownership Private ownership
Total
1948
Commercial
1951
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
Public works
and public
utilities
Residential
building
Total
Savings
Com- Mutual
and
mer- savloan
cial
ings
banks banks associations
Insur- Fedance
2
eral
com- agen- Other
panies cies 1
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
973
245
269 1,113
7
9
110
152
1949—June
Dec
3,894
4,751
1,587
1,771
305
378
323 1,431
416 1,828
21
52
227
305
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.
321
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports
l
Merchandise imports 2
Excess of exports
Month
1950
1947
1948
1949
January
February
March
1,114
1,146
1,326
1,092
1,085
1,139
1,105
1,043
1,189
741
P765
P861
April
May
June
1,294
1,414
1,235
1,121
1,103
1,014
1,173
1,095
1,108
July
August
September. . . .
1,155
1,145
1,112
1,019
992
926
October
November
December
1,235
1,141
1,114
14,430
Jan.-Dec
1951
1947
1949
1948
1950
1951
1947
1948
1949
1950
1951
P-50
531
437
445
547
589
675
590
567
633
623 P I . 0 2 2
P601
P665
583
709
882
545
496
464
515
477
557
117
P164
P196
P803
P829
P877
512
474
463
532
554
625
535
541
526
P585
P659
P686
782
940
772
590
549
389
638
554
582
P218
P169
P192
900
885
910
P761
P911
450
400
473
564
606
560
457
491
530
P7O8
P820
P858
705
745
639
456
386
365
444
394
380
P71
P-58
P53
1,023
823
1,318
856
842
945
P905
P981
PI.063
492
455
603
600
554
720
557
593
605
P922
P852
P864
743
687
511
423
269
598
299
249
340
P-17
12,653
12,051
5,733
7,124
6,622
P8,842
8,696
5,529
5,429
Pl.433
P972
P1O,275
P129
199
P Preliminary.
II,
- - '
Supply
MaySource.—Department of Commerce.
Back figures.—See BULLETIN for February 1951, p. 210; March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937
p. 152; July 1933, p. 431; and January 1931, p. 18.
FREIGHT CARLOADINGS, BY CLASSES
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[Index numbers, 1935-39 average =100]
Year or month
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
ForLive- est
Total Coal Coke Grain stock
prod- Ore
ucts
101
109
130
138
137
140
135
132
143
138
116
128
98
111
123
135
138
143
134
130
147
141
100
117
102
137
168
181
186
185
172
146
182
184
145
180
107
101
112
120
146
139
151
138
150
136
142
135
96
96
91
104
117
124
125
129
107
88
77
68
100
114
139
155
141
143
129
143
153
149
123
140
110
147
183
206
192
180
169
136
181
184
151
172
Miscellaneous
Merchandise
l.c.l.
101
110
136
146
145
147
142
139
148
146
127
140
97
96
100
69
63
67
69
78
75
68
57
53
SEASONALLY
ADJUSTED
[In millions of dollars]
Year or month
1939
1940
1941 .
1942
1943
1944
1945
1946 . .
1947
1948
1949 . . .
1950
Total
operating
revenues
Net
Total
expenses operating
income
Net
income
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,628
8,685
9,672
8,580
P9.473
3,406
3,614
4,348
5,982
7,695
8,331
8,047
7,009
7,904
8,670
7,893
P8,443
Pl,040
93
189
500
902
873
667
450
287
479
699
438
P786
689
638
723
730
715
791
772
833
858
885
863
941
629
606
655
667
661
691
686
744
749
776
760
849
60
32
67
63
54
100
86
88
109
108
103
92
29
1
36
32
20
70
54
55
73
74
70
P59
657
585
743
714
745
779
772
890
872
925
862
928
624
570
668
652
678
689
688
768
749
791
752
815
33
15
76
62
67
90
84
122
123
135
110
113
11
-9
49
38
45
72
59
96
99
108
86
P121
589
682
998
1,485
1,360
1,106
852
620
781
1,002
687
SEASONALLY
ADJUSTED
1950—January...
February..
March
April
May.
June
July
August. . . .
September.
October. . .
November.
December.
117
104
127
126
122
127
126
135
134
136
136
140
'96
46
139
123
119
116
105
126
135
135
126
129
151
122
143
181
181
192
195
194
201
206
198
194
119
113
126
131
127
130
135
139
128
159
166
158
70
65
67
68
66
61
61
60
72
75
72
72
118
119
123
129
134
144
148
155
148
146
157
162
169
156
134
121
121
179
186
190
198
184
184
199
133
130
134
137
133
138
140
147
142
145
146
151
52
52
53
53
51
52
51
56
55
54
53
52
1951—January...
146
133
199
153
69
170
243
158
52
1950—January....
February...
March
April
May .. . .
June
July
August
September..
October
November..
December. .
1950—January
February...
March
April
May .
June
July
August
September..
October
November..
December..
UNADJUSTED
UNADJUSTED
1950—January...
February..
March....
April
May
June
July
August. . . .
September.
October. . .
November.
December.
107
96
120
122
125
131
130
140
145
147
139
130
'96
46
139
123
119
116
105
126
135
135
126
129
158
130
144
177
179
188
190
186
198
201
198
204
119
111
116
115
112
133
162
150
143
159
162
148
68
52
53
61
59
51
48
57
95
116
90
70
106
115
123
129
139
150
149
163
160
154
154
145
42
39
39
63
217
277
298
285
298
262
188
62
122
122
127
135
135
142
141
149
154
158
152
142
49
51
54
54
51
52
51
56
57
56
54
50
1951—January. . .
133
133
209
153
66
153
61
145
50
Revised.
NOTE.—For description and back data, see BULLETIN for June 1941, pp.
529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for
classes with weights derived from revenue data of the Interstate Commerce
Commission.
322
p Preliminary.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission.
Annual figures include revisions not available monthly.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average = 100]
Federal Reserve district
Year or month
United
States
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chi-
St.
Louis
207
264
286
302
286
304
176
221
234
239
234
240
169
220
239
249
236
244
184
235
261
284
271
288
201
257
281
303
281
303
235
292
304
321
309
325
275
344
360
386
374
401
193
250
275
290
271
291
227
292
314
335
317
331
282
280
274
292
290
298
362
335
320
291
290
325
244
229
216
244
231
240
268
268
255
216
229
249
'231
220
217
235
226
242
274
277
262
238
234
266
267
276
262
281
270
285
331
319
310
279
273
307
290
271
270
299
299
299
364
334
333
299
251
328
'299
299
288
323
321
333
394
360
332
312
312
336
376
383
374
397
390
392
494
415
409
370
391
421
274
262
265
269
277
278
330
335
305
282
288
318
291
342
395
369
P450
Minne- Kansas
Dallas
City
apolis
San
Francisco
185
247
273
288
275
289
229
287
311
325
••309
330
275
352
374
404
385
417
248
311
337
353
332
354
282
300
297
319
330
326
418
370
360
305
316
353
246
284
249
277
268
283
342
321
289
283
291
318
••299
301
298
306
309
322
414
354
345
303
325
354
396
409
389
401
403
410
537
449
420
375
400
433
323
321
333
336
342
454
374
368
343
345
'377
349
363
325
P395
474
421
SALESi
1945
1946
1947
1948
1949
1950
SEASONALLY ADJUSTED
1950—January
February
March
April
May
June
July
August
September
October
November
December
1951—January
P362
UNADJUSTED
1950—January
February
March
April
May
June
July
August
September
October
November
December
216
224
257
285
286
281
283
281
331
308
355
534
185
177
207
241
228
230
185
198
263
239
287
436
'185
183
208
225
221
230
192
202
267
259
302
450
197
207
255
276
275
271
239
239
313
299
363
525
215
217
256
290
296
281
284
290
337
317
313
538
••217
234
283
313
316
307
285
288
356
333
387
'584
285
322
359
389
378
345
386
373
426
388
453
708
205
204
241
269
280
278
271
278
320
296
357
495
232
252
285
316
323
293
326
318
363
326
398
540
188
210
228
278
273
272
276
287
321
319
338
476
228
244
277
303
305
296
339
326
363
328
376
556
313
327
362
393
391
353
429
399
454
405
472
711
273
291
321
319
321
387
352
374
345
387
r
627
P277
P230
233
253
293
268
342
261
298
248
P300
375
334
166
213
255
291
270
295
153
182
202
223
210
231
160
195
225
241
223
237
150
191
220
252
233
257
156
205
243
277
256
288
198
248
289
322
301
334
188
258
306
362
339
394
159
205
246
281
260
276
166
225
274
314
296
325
165
212
266
326
299
317
158
209
259
301
276
300
190
251
320
389
362
397
183
238
300
346
323
355
1950—January
February
March
April
May
June
July
August
September
October
November
December
'273
279
285
286
285
276
269
284
309
329
332
329
223
222
233
231
228
215
198
213
227
249
262
264
'228
224
231
230
228
222
218
226
243
258
266
263
234
234
239
249
244
244
241
259
275
283
282
286
256
269
276
283
280
265
252
265
296
313
350
351
291
307
324
329
331
338
329
334
345
363
357
349
357
350
359
360
370
359
360
405
438
456
448
461
264
262
264
265
265
258
252
267
288
313
309
297
288
321
326
329
313
299
283
295
325
365
374
381
304
308
307
316
322
304
286
302
323
353
345
335
'282
283
294
295
295
287
271
286
306
330
335
330
353
364
362
375
380
375
374
406
431
456
446
430
322
343
355
341
338
324
322
334
389
403
395
389
1951—January
*>339
273
273
300
357
351
476
320
337
P346
244
267
290
294
289
267
258
285
322
362
371
295
198
209
226
227
226
206
192
223
245
281
298
238
'201
217
237
237
231
209
194
226
256
291
306
239
204
230
251
259
249
229
217
254
286
326
324
252
224
251
273
287
283
261
251
280
324
355
377
294
267
299
334
344
337
305
308
337
362
403
397
316
321
354
377
378
366
345
339
401
451
497
501
401
238
254
274
273
268
248
232
259
297
341
352
279
248
289
317
329
313
299
295
322
361
409
400
320
279
296
319
321
323
294
292
299
328
371
375
310
257
278
300
304
301
287
266
281
312
353
369
294
328
357
384
393
380
353
351
402
444
479
495
395
294
323
348
347
350
326
332
333
389
430
438
354
P303
243
240
261
313
322
428
288
290
P318
P314
P411
363
1951—January
STOCKSi
1945
1946
1947
1948
1949
1950
SEASONALLY ADJUSTED
399
UNADJUSTED
1950—January
February
March
April
May
June
July
August
September
October
November
December
1951—January
r
p Preliminary.
Revised.
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN
for June 1946, pp. 588-612.
1
MARCH
1951
323
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Percentage change
frorr a year ago
(value)
Num-
Department
ber of
stores
report-
Stocks
(end of
month)
Sales during
period
Ratio of
stocks to
sales1
'ndex numbers
without seasonal adjustment
1941 average monthly sa les=100 2
December
Sales during
period
Stocks at end
of month
ing
1950
Dec.
1950
GRAND TOTAL—entire store '
353
MAIN STORE—total
353
+5
+5
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
314
+10
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
,
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 *
t
Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear
Women's and misses' dresses
Inexpensive dresses
*
Better dresses 4
Blouses, skirts, and sportswear
,
Aprons, housedresses, and uniforms
Furs
291
194
171
185
308
279
252
239
-5
-9
-4
-2
+ 15
+8
+39
+9
Year
1950
1.4
391
250
374
673
841
553
2.9
3.7
266
207
242
832
858
3.7
4.3
4.8
2.8
2.4
3.4
2.8
3.2
3.9
4.1
2.5
2.1
3.8
2.3
169
161
215
136
307
338
194
180
261
142
212
178
178
223
138
266
312
183
694
596
927
656
858
825
878
828
732
643
874
653
904
920
838
920
694
655
572
-16
-19
-16
-11
+ 14
+ 10
+23
+8
+4
77
+4
-5
+ 16
+2
-5
+5
239
269
134
239
-2
-3
-1
Men's and boys' wear
Men's clothing
Men's furnishings and hats
Boys' wear
Men's and boy's shoes and slippers
331
Homef urnishing s
Furniture and bedding
Mattresses, springs, and studio beds 4
Upholstered and other furniture 4
Domestic floor coverings
Rugs and carpets 4
Linoleum 4
Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares (including small appliances)
Gift shop 4
Radios, phonographs, television, records,
etc.4
Radios, phonographs, television 4
4
Records, sheet music, and instruments
317
Miscellaneous merchandise departments...
Toys, games, sporting goods, and cameras. . .
Toys and games
Sporting goods and cameras
Luggage
Candy 4
314
254
315
302
191
244
162
172
276
156
99
297
249
248
237
257
169
222
173
124
297
239
146
265
192
-1
—3
-3
+8
+25
+7
+6
+8
+ 16
-1
+28
+26
+27
+34
+ 13
+ 13
+ 14
+8
+ 18
+28
+9
+ 13
+20
+9
0
+ 13
-1
+ 15
+ 19
+6
+ 10
0
+9
+24
+39
+ 16
+21
+2
+3
-6
0
+3
+3
+8
2
+5
-6
-3
+2
0
+4
+5
i
—5
-8
+1
-4
-8
0
-6
-9
-3
—1
—7
+4
+3
+6
+1
+2
+9
+ 15
+ 17
+20
+ 15
+ 12
+ 13
-7
+4
+1
+8
+27
+6
+9
+56
+76
-2
-1
+3
+4
+4
+1
+1
+1
0
+ 17
-4
-1
4
+4
+3
+4
+4
+2
Dec.
3.1
4.1
+4
+3
+7
+2
+ 14
+4
+ 10
+2
+5
+ 10
+9
+9
+ 18
+5
+ 14
+ 16
-8
+4
Nov.
1.7
0
0
-3
+5
+ 11
+6
+3
+ 11
-1
+4
+4
+2
+6
_2
+8
+5
+8
+5
+ 16
+5
+3
+6
1949
Dec.
1.6
-4
0
-4
-2
1950
Dec.
+22
+21
+7
+5
+6
+1
+4
+4
Nov.
Dec.
+21
+4
350
1949
1949
+4
+2
207
242
326
312
212
280
350
312
285
167
325
336
343
342
256
289
253
325
334
240
205
208
350
339
210
202
321
289
310
341
257
265
340
288
269
1950
+3
343
+1
Dec.
1950
-1
+ 15
+7
+20
+ 11
+20
+ 18
+20
+10
+9
+2
+27
+8
+7
+9
+ 11
+5
+ 15
+ 12
+8
+7
+17
+ 14
+21
+ 16
+ 19
+35
+32
+ 73
+27
+46
+52
+6
+23
+ 19
+9
+64
+29
+ 12
+ 111
+ 189
+ 13
+21
+26
+32
+21
+25
1.4
255
297
217
183
231
273
1.4
1.3
451
236
447
2.4
2.3
1.4
1.5
2.3
0.9
1.8
3.2
1.0
1.0
1.0
2.3
1.9
1.4
1.3
1.9
0.8
1.9
2.6
0.9
0.9
0.9
309
348
392
298
361
551
242
233
172
269
' 244'
596
464
615
212
330
249
343
1.2
357
1.2
422
610
606
159
478
288
347
616
655
596
675
503
472
289
1.4
375
544
672
767
891
568
672
661
701
625
905
599
913
964
685
709
786
837 1,116
514
718
784
804
556
591
450
602
829
900
637
942
656
541
479
624
235
342
492
664
431
241
325
217
407
609
632
162
453
260
328
596
592
601
649
483
463
578
470
485
127
516
830
810
488
444
443
251
608
470
524
1.4
0.8
0.8
0.8
1.1
2.9
1.0
0.9
1.1
1.0
0.6
1.5
0.8
3.2
2.4
3.5
1.4
1.8
1.5
2.6
1.1
1.2
1.0
1.4
1.1
1.8
1.1
1.4
2.0
0.7
0.8
177
1.0
259
2 6
222
0.8
176
0.8
282
1.0
346
0.8
247
0.5
289
1.3
357
0.8
221
2.8
217
274
2.1
3.1
1.3 ''287'
228
273
1.8
225
272
209
1.6
2.4
394 " 2 9 5 ' ''375'
1.1
1.2
313
245
303
1.0
505
363
475
1.3
213
174
215
1.0
1.6
441
1.1
269
414
1.4
258
156
252
2.2
216
169
190
1.4
1.2
517
272
497
2.4
0.9
1.4
2.0
2.3
0.8
1.2
1.9
322
663
498
448
252
281
307
225
294
653
3.0
4.2
3.9
4.3
2.4
3.5
2.7
318
266
210
227
293
192
853
706
671
233
262
205 1,102 1,098
747
246' 857
934
402
920
778
350 1,051 1,173
256
969
978
431 1,055 1,242
698
659
965
4.7
4.8
5.5
3.4
2.0
2.8
3.0
2.3
1.4
1.9
1.9
1.6
0.8
0.7
0.4
1 .6
1 .6
0.4
0.7
S 6
3.7
3.7
4.8
2.8
1.6
2.8
2.3
1.9
1.4
1 0
0.8
1.4
0.7
255
389
378
321
461
474
408
' '275''
289
244
225
308
583
304
563
0.6
994
0.4 1,331
1 .3
752
1.3
524
0.4
486
657
373
222
964
1,281
749
505
783
870
170
804
917
577
354
942
567
721 1,078
891
578
876
378
755 1,013
127
480
674
396
931
652
1,085
255
489
592
511
351
638
352
788
402
408
509
486
369
375
429
385
495
305
610
453
817
349
401
360
465
499
370
442
682
438
455
346
410
703
769
623
687
975
553
952
971
1,003
915 1,105
952 1,045
890
455
277
602
675
516
597
779
597
822
788
383
696 1,336
586 1,453
1,204 1 ,848
818 1,077
549
449
967
661
For footnotes see following page.
324
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
Stocks
(end of
month)
Sales during
period
Ratio of
stocks to
sales i
Index numbers
without seasonal adjustment
1941 average monthly sales=100 2
December
Sales during
period
1950
Dec.
1950
Year
1950
Dec
1950
1950
Stocks at end
of month
1949
1949
1950
1949
Dec.
Nov.
Dec.
Dec.
Nov.
Dec.
333
240
320
450
585
381
198
+4
-1
+18
1.3
1.2
Domestics and blankets 4
136
+11
+28
2.6
2.2
Women's and misses' ready-to-wear
Intimate apparel *
Coats and suits 4
Dresses *
Blouses, skirts, and sportswear 4
Girls' wear 4
Infants' wear *
191
167
177
174
155
122
120
+3
+7
+9
-4
+1
+12
+ 18
+7
+3
+ 11
+9
+21
1.0
1.1
1.6
0.9
0.9
0.8
1.2
1.0
1.0
1.4
0.9
0.8
0.8
1.0
320
229
310
336
474
301
Men's and boys* wear
158
133
90
117
119
+6
+5
+19
+ 19
+24
+ 15
+ 15
+40
1.0
1.1
1.9
0.8
1.0
0.9
0.9
1.5
0.7
0.9
513
311
486
534
773
452
2.7
1.9
232
252
230
620
695
448
+ 11
2.0
2.0
246
178
229
499
610
460
BASEMENT STORE—total
M e n ' s wear i
M e n ' s clothing *
M e n ' s furnishings
Boys' w e a r i
.
...
4
.
.
.
Homefurnishings.. .
100
Shoes
123
NONMERCHANDISE—total *
169
Barber and beauty shop *
71
-7
-1
+5
+6
+4
0
+6
+7
+1
+7
+1
Q
-12
-9
-3
+1
+1
+2
+2
0
+2
+4
+4
+2
+1
0
5
()
5
()
()
(5)
(5)
(5)
5
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
were 3 reversed.
For movements of total department store sales and stocks see the indexes for the United States on p. 323.
4
Index numbers of sales and stocks
for this department are not available for publication separately; the department, however, is included
5
in group and total indexes.
Data not available.
NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 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 1
WEEKLY INDEX O F SALES
[Weeks ending on date s shown. L935-39 average=100]
[In millions of dollars]
Year or month
1942 average...
1943 average...
1944 average...
1945 average...
1946 average...
1947 average...
1948 average...
1949 average...
1950 average...
1950—Jan
Feb
Mar
Apr
May
June
July....
Aug
Sept
Oct
Nov
Dec
1951—Jan
Sales
(total
for
month)
Stocks
(end of
month)
179
204
227
255
318
337
352
333
347
599
509
535
563
715
826
912
861
941
256
247
320
319
330
317
292
331
370
361
403
616
r788
P336
Outstanding
orders
(end of
month)
Receipts
(total
for
month)
New
orders
(total
for
month)
182
203
226
256
344
338
366
330
361
192
223
236
269
327
336
345
331
370
••255
'313
••348
••316
957
263
530
560
729
909
552
465
350
466
390
393
326
271
248
369
693
755
702
593
442
412
P988
P656
P367
854
920
926
906
833
789
918
1,029
1,169
1,203
386
325
310
244
248
460
481
501
437
370
319
270
287
365
572
522
428
392
286
340
P611
r
P Preliminary.
Revised.
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.
Backfigures.—Divisionof Research and Statistics.
1
MARCH
1951
Without seasonal adiustment
Derived data 1
Reported data
1949
.301 Apr.
2
9 . . . . .320
1 6 . . . . .314
.266
23
.286
30
May 7 . . . . .334 May
.285
14
2 1 . . . . .280
28
.275
June 4 . . . . .259 June
11
.288
1 8 . . . . .285
2 5 . . . . .247
July 2
.238 July
9
.201
16
.213
23
.207
30
.209
Aug. 6 . . . . .228 Aug.
1 3 . . . . .218
2 0 . . . . .252
2 7 . . . . .252
Sept. 3 . . . .295 Sept.
1 0 . . . . .273
1 7 . . . . .315
2 4 . . . . .292
Oct. 1. . . .302
Apr.
1950
.301
1
.320
8
1 5 . . . . .254
.279
22
2 9 . . . .285
6 . . . .301
1 3 . . . . .308
20
.275
27
.282
3 . . . .261
1 0 . . . .302
1 7 . . . .302
2 4 . . . .250
1 . . . . .263
8 . . . . .218
1 5 . . . . .265
2 2 . . . . .303
2 9 . . . . .295
5 . . . . .296
1 2 . . . . .273
1 9 . . . . .281
.288
26
2 . . . .310
.295
9
1 6 . . . . .368
2 3 . . . .322
3 0 . . . .320
1950
1949
8
15
22....
29....
Nov. 5 . . . .
12
19
26....
Dec. 3
10
17....
24
31....
Oct.
297 Oct. 7
29C
14
296
21
.298
.315
.318
.342
.330
.449
.542
.584
.541
.197
.325
.322
.304
2 8 . . . . .313
.315
Nov. 4
.342
11
368
18
319
25
Dec. 2 . . . . .444
9
.554
1 6 . . . . .638
2 3 . . . . .640
3 0 . . . . .237
1951
1950
Jan.
7 . . . . .205 Jan.
6
13....
20....
27
.285
.305
.301
.279
.226 Feb. 3
10....
.238
17....
.231
24....
.221
r
234
.273
.272
.274
14
.233
2 1 . . . . .230
2 8 . . . . .222
Feb.
4....
11
18....
25....
Mar. 4 . . . . 244 Mar. 3 . . . . .289
253
10
11
264
17.
18
279
25
24
r
Revised
NOTE.—For description of series and for back figures, see BULL ETIN
for September 1944, pp. 874-875.
325
DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
Jan. Dec. Year
1951 1950 1950
Jan. Dec. Year
1951 1950 1950
United States. P+33
+29
Boston
+22
New Haven. . .
+30
Portland
+32
Boston Area
Downtown
+32
Boston
+33
Springfield
+35
Worcester
+32
Providence
+31
New York l
+40
Bridgeport
+37
Newark l
+47
Albany
+39
Binghamton
x
+29
Buffalo
+54
Elmira
+31
Niagara Falls..
+29
New York City
+27
Poughkeepsie..
+30
Rochester l
+33
Schenectady. .
+34
Syracuse 1
+23
Utica
+33
Philadelphia..
Trenton l 1
+31
+38
Lancaster
+32
Philadelphia i.
+38
Reading l
+37
Wilkes-Barre i.
+36
York i
Cleveland
+42
x
+55
Akron J
+45
Canton
+29
Cincinnati 1 . ..
+38
Cleveland l*
+18
Columbus 1
+26
Springfield
...
+42
Toledo 1
+54
Youngstown l .
+5 Cleveland-cont.
+2 Erie »•
1
+1 Pittsburghl
Wheeling . ...
+3
+7 +2 Richmond
+1
Washington 1...
+6
0
0
0
+2
+2
+3
+2
+3
+8
+4
+4
+2
+3
+ 10
+9
+2
+5
+7
+1
+6
+ 10
+ 10
+18
+3
+5
+ 12
+20
+4
+2
0
+8 +5
+4 +2
+ 12 +6
+3 +5
+7 +6
+8
+9 +8
+9 +5
r+S +2
+5 +3
+3 +5
+6
+U +7
+ 19 +8
+ 16 + 10
+8 + 7
+ 19 +8
+4 +2
+6 +2
+9 + 7
+23 + 10
Baltimore
Hagerstown....
Asheville, N. C.
Raleigh
Winston-Salem.
Charleston, S. C.
Columbia
Greenville, S. C.
Lynchburg
Norfolk
Richmond
Ch'ls'ton.W.Va.
Huntington
Atlanta
Birmingham 2 . .
Mobile
Montgomery 1. .
Jacksonville
>...
Miami l
Orlando1
Tampa
Atlanta l
Augusta
Columbus
Macon l
Rome
Savannah
Baton Rouge *..
New Orleans 1..
Jackson J
Meridian
Bristol
l
Chattanooga
..
Knoxville x
Nashville 1
+41
+46
+39
+28
+28
+26
+19
+19
+ 18
+33
+4
+25
+23
+ 16
+22
+39
+39
+41
+24
+29
+20
+20
+23
+29
+34
+20
+35
+34
+32
+34
+ 10
+24
+6
+ 14
+ 16
+11
+22
+27
+28
+25
Jan. Dec. Year
1951 1950 1950
Chicago
+32 +9
+25 +4
Chicago»
x
+34 +4
Peoria
Fort Wayne 11 ... +47 + 12
Indianapolis ... +35 +11
Terre Haute *... +47 +6
Des Moines
+30 + 1
+41 + 12
Detroit l
- 2 Flint x
+54 +26
+4 Grand Rapids.. +52 +15
+3 Lansing
+51 +24
+7 Milwaukee 1l.... +29 + 8
+3 Green Bay .... +26 +7
+5 Madison
+29 +6
-1
+34 +3
- 3 St. Louis
+34 +5
Fort
Smith
+6
+2
+ 14 Little Rock i. . . +34
+52
Evansville
+ 14
+ 12
+36 +6
Louisville x
+48
+7 Quincy
+ 13
2
+ 10 East St. Louis.. ( )
+2
+31 +2
+7 St. Louis i
+6 St. Louis Area.. +31 +3
+41 +8
+2 Springfield
+34 + 1
+ 10 Memphis 1
+9 Minneapolis...
+5
+8 Minneapolis 1... +37
+31 +5
+ 10 St. Paul i
+32
+8
l
+18 Duluth+31 +4
+ 13 Superior
City... p+37 +7
0 Kansas
+ 12 Denver
+35 +6
- 3 Pueblo
+9
()
+2 Hutchinson
+8
()
+6 Topeka
+43 +6
+ 1 Wichita
+
+53 13
0 Kansas City
+38 +6
+ 16 Joplin
+ 70 + 16
+4 St. Joseph
+46 +5
+ 7 Omaha
+35 +8
+ 17 +10
-4
+4
+9 +7
+4 +4
+2 +2
+4 +2
+3 +6
-1
+5
+6
-2
+6
+5
+1
-3
+5
+ 11
+ 19
+6
+25
+ 10
+3
+7
+ 10
+22
+9
+6
+19
+ 12
+ 11
-2
+ 16
+2
-1
0
+6
0
+10
+7
+4
+7
+4
+3
+8
+7
+3
+4
+9
+ 19
+16
+ 17
+7
0
+4
+4
+5
+4
+ 10
+8
+5
+2
+3
+3
+6
+4
+5
+8
+6
+6
+7
+5
+9
+3
+6
+6
+8
+ 14
+2
+9
Jan. Dec. Year
1951 1950 1950
Kansas City—
cont.
Oklahoma City.
Tulsa
Dallas
Shreveport
Corpus Christi..
Dallas i
Fort Worth
Houston l
San Antonio
San Francisco.
Phoenix *
Tucson
Bakersfield 1
Fresno x
Long Beach l . . .
Los Angeles *...
Oakland and
Berkeley x
Riverside and
San Bernardino
Sacramento 1. ..
San Diego 1. . .l.
San Francisco .
San Jose l
Santa Rosa x . . .
Stockton
Vallejo xand
Napa
Boise and
Nampa
Portland
Salt Lake City».
Bellingham x. . .
Everett1l
Seattle 2
Spokane 1
Tacoma
Yakima 1
+23
+41
+3 +8
+6 +7
+6 +10
+28
+20
0
+ 13 +6
+33
+3
+28 +7
+31 + 15
+21 +3
p+39
+7
+5
+ 10
+ 11
+ 11
+ 10
+11
+6
P+37
+8 +8
+21
-5
-8
+33
+2 +3
P + 4 6 + 13 + 11
+28 +3 +3
P+33
+4 +4
P+29
+7
P+3\
P+34
+5
+7
+6
+6
+3
+5
+37
+31
P+28
+36
()
+7
+9
+8
+9
+6
+7
-1
+2
-1
+35 + 16
'+46 +5
p+65
+7
+45 +6
+77 + 13
+64 +10
+60 + 15
+59 + 14
P+61 '+8
P + 5 4 + 13
r
+6
0
+5
+7
+22
+7
+ 11
+9
+ 12
+1
P Preliminary.
»• Revised.
indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.
Data not available.
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
1944
1945
1946
1947
1948
1949
1950
100.2
105.2
116.5
123.6
125.5
128.4
139.3
159.2
171.2
169.1
171.2
96.6
105.5
123.9
138.0
136.1
139.1
159.6
193.8
210.2
201.9
204.1
101.7
106.3
124.2
129.7
138.8
145.9
160.2
185.8
198.0
190.1
188.0
104.6
106.2
108.5
108.0
108.2
108.3
108.6
111.2
117.4
120.8
124.1
99.7
102 2
105 4
107.7
109 8
110.3
112.4
121 2
133.9
137.5
141.1
100.5
107 3
122 2
125.6
136 4
145 8
159.2
184 4
195 8
189.0
190.8
101.1
104 0
110 9
115.8
121 3
124 1
128.8
139 9
149 9
154.7
157.1
166.9
166.5
167.0
167.3
168.6
170.2
172.5
173.0
173.8
174.8
175.6
178.4
196.0
194.8
196.0
196.6
200.3
204.6
210.0
209.0
208.5
209.0
209.5
215.4
185.0
184.8
185.0
185.1
185.1
185.0
184.7
185.9
190.5
193.4
195.0
196.4
122.6
122.8
122.9
123.1
123.5
123.9
124.4
124.8
124.8
125.0
125.4
125.8
140.0
140.3
140.9
141.4
138 8
138.9
139 5
140 9
141.8
143.1
143 7
144.1
184.7
185 3
185 4
185.6
185 4
185.2
186 4
189 3
195.4
199.8
202 3
204 8
155.1
155 1
155 0
154.8
155 3
155 3
156 2
158 1
158 8
159.5
160 5
162 0
181.6
221.6
199.7
126.0
144.5
208.9
163.7
1929
....
. .
. .
1950—January
February
.
.
...
April.. .
May
July
August
September
October
November
December
1951—January
. . . .
Back figures.—Bureau of Labor Statistics, Department of Labor.
326
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926 = 100]
Other commodities
Year, month, or week
1929
1930
1931..
1932
1933
1934
1935
1936
1937..
1938
1939
1940.
1941
1942
1943..
1944
1945
1946
1947
1948..
1949
1950
. .
. . .
....
All
commodities
Farm
products
Foods
95.3
86.4
73.0
64.8
65 9
74.9
80.0
80 8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
105.8
121.1
152.1
165.1
155.0
161.5
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
122.6
123.3
128.2
148.9
181.2
188.3
165.5
170.4
99.9
90.5
74.6
61.0
60 5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
104.9
106.2
130.7
168.7
179.1
161.4
166.1
Total
Hides
Fuel Metals
and
Textile and
and
leather prod- lighting metal
products
mate- products
ucts
rials
Chemi- HouseBuild- cals
and furing
nishmate- allied
proding
rials
ucts
goods
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
117.7
117.5
116.7
118.1
137.2
182.4
188.8
180.4
191.9
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
96.9
97.4
98.4
100.1
116.3
141.7
149.8
140.4
148.0
83.0
78 5
67.5
70.3
66 3
73.3
73.5
76 2
77.6
76.5
73 1
71.7
76.2
78.5
80.8
83.0
84 0
90.1
108.7
134.2
131.7
133.3
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
103.8
103.8
103.8
104.7
115.5
145.0
163.6
170.2
173.6
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
110.2
111.4
115.5
117.8
132.6
179.7
199.1
193.4
206.0
94.0
88 7
79.3
73.9
72 1
75.3
79.0
78 7
82.6
77.0
76 0
77.0
84.4
95.5
94.9
95.2
95 2
101.4
127.3
135.7
118.6
122.7
94.3
92 7
84.9
75.1
75 8
81.5
80.6
81 7
89.7
86.8
86 3
88.5
94.3
102.4
102.7
104.3
104.5
111.6
131.1
144.5
145.3
153.2
68.3
70.5
77.8
73.3
74 8
77.3
82.0
89.7
92.2
93.6
94.7
100.3
115.5
120.5
112.3
120.9
97.5
84 3
65.6
55.1
56 5
68.6
77.1
79 9
84.8
72.0
70 2
71.9
83.5
100.6
112.1
113.2
116 8
134.7
165.6
178.4
163.9
172.4
94.5
88 0
77.0
70.3
70 5
78.2
82.2
82 0
87.2
82.2
80 4
81.6
89.1
98.6
100.1
100.8
101.8
116.1
146.0
159.4
151.2
156.8
154 8 145.8
156.7 145.9
155.5 146.1
155 3 146.4
159.9 147.6
162 1 148 8
171.4 151.5
174.6 155.5
177.2 159.2
172.5 161.5
175.2 1 6 3 . 7
179.0 1 6 6 . 6
179.3
179.0
179.6
179.4
181.0
182 6
187.2
195.6
202.9
208.5
211.6
'218.8
138 5
138.2
137.3
136.4
136.1
136 8
142.6
149.5
158.3
163.1
166.7
171.2
131 4
131.3
131.5
131 2
132.1
132 7
133.4
134.4
135.1
135.4
135.6
135.6
168.4
168.6
168.5
168.7
169.7
171 9
172.4
174.3
176.7
178.6
180.4
184.8
191 6
192.8
194.2
194.8
198.1
202 1
207.3
213.9
219.6
218.9
217.8
221.5
115 7
115.2
116.3
117 1
116.4
114 5
118 1
122.5
128.6
132.2
135.6
139.6
144 7
145.2
145.5
145 8
146.6
146 9
148 7
153.9
159.2
163.8
166.9
169.9
110 0 159 8
110.0 162.4
110.7 162.8
112 6 162 5
114.7 166.3
114 7 167 7
119 0 175 8
124.3 179.1
127.4 181.8
131.3 180.2
137.6 184.5
140.5 '187.1
148 2
149.1
148.9
149 4
152.2
153 5
158 0
161.2
164.0
163.5
165.1
168.9
235.0
178.3
136.4
187.4
225.6
144.5
174.4
142.4
173.0
151.5 154 7
152.7 159.1
152.7 159.4
152.9 159.3
155.9 164.7
157 3 165 9
162.9 176.0
166.4 177.6
169.5 180.4
169.1 177.8
171.7 183.7
175.3 1 8 7 . 4
1951—'January
180.0
194.0
182.3
170.2
Week Ending: 1
1951—j a n - 9
Jan. 16 . .
Jan. 23
Tan 30
178.1
178.7
180.0
180.9
191.9
191.5
196.4
197.1
183.0
182.1
183.9
185.2
167.8
168.9
169.3
170.0
173.4
179.7
180.7
180.9
136 1
136.1
136.2
136.2
187 9
188.3
188.4
188.7
223 4
223.9
225.4
225.4
142 93
144
144.9
144.9
182.3
183.4
183.3
183.0
200.3
203.4
203.4
201.5
188.8
190.1
189.5
188.6
170.2
170.8
170.9
171.2
181.1
181.8
181.8
182.2
136.2
137.5
137.6
138.1
188.9
188.7
188.7
188.7
226.5
226 7
226.7
227.9
145.5
147 2
147.7
148 5
6
13
20. . .
27
.
Manufactured
products
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
95.5
96.9
98.5
99.7
109.5
135.2
151.0
147.3
153.2
1950—Tanuary
February
March
April
May
June
July .
August
September
October
November
December
Feb
Feb.
Feb.
Feb
Miscellaneous
Raw
materials
Annual
1950
1951
Subgroups
82.6
77,7
69.8
64.4
62.5
60.7
Annual
192.5
1950
Subgroups
1949
1950
Jan.
Dec.
Jan.
Metals and Metal Products:
158.3 168.5 160.2 180.9 186.6
Agricultural mach. & equip..
185.5 195.5 170.5 204.9 222.2
Farm machinery
154.4 154.8 142.6 177.4 177.8
Iron and steel
Motor vehicles
152.9 149.1 148.8 164.4 171.5
Dairy products
Nonferrous metals
145.3 149.6 144.3 157.7 163.5
Cereal products
Plumbing and heating
143.5 135.9 134.4 137.8 135.8 Building Materials:
Fruits and vegetables
209.7 219.9 194.5 233.7 242.7
Meats
Brick and tile
132.2 143.4 131.0 161.5 157.7
Other foods
Cement
Hides and Leather Products:
Lumber
185.1 191.0 184.3 '209.4 219.6
Shoes
Paint and paint materials...
192.2 222.9 189.0 277.5 318.8
Hides and skins
Plumbing and heating
178.0 188.7 177.6 213.8 224.8
Leather
Structural steel
143.2 150.7 143.1 173.9 188.0
Other leather products
Other building materials
Textile Products:
'hemicals and Allied Products:
145.6 146.0 143.9 155.4 161.6
Clothing
Chemicals
176.1 196.9 178.7 236.1 239.1
Cotton goods
Drugs and Pharmaceuticals.
99.5 102.3 98.5 113.7 115.2
Hosiery and underwear
Fertilizer materials
49.6 58.0 50.1 75.0 87.6
Silk
Mixed fertilizers
40.5 40.9 39.6 43.0 43.1
Rayon and nylon
Oils and fats
Woolen and worsted goods... 155.2 162.9 147.0 195.3 217.4 Housefurnishing Goods:
179.5 182
171.7 '229.6 238.5
Other textile products
Furnishings
Fuel*and Lighting Materials:
Furniture
137.0 141
139.3 145.7 145.8 Miscellaneous:
Anthracite
196.2 193.2 193.
191.9 193
Auto tires and tubes
Bituminous coal
222.2 226.7 222.2 232.7 232.8
Coke
Cattle feed
68.9
68.9
Paper and pulp
Electricity
85.0 90.2
89.8
Gas
Rubber, crude
112.2 113.9 109.4 118.0
Other7miscellaneous
Petroleum products
Farm Products:
Grains
Livestock and poultry
Other farm products
1949
1950
Jan.
Dec,
Jan.
143.8
146.4
165.7
176.9
144.3
154.8
146.7
149.1
171.3
176.0
150.5
162.6
143.0
145.7
167.3
176.5
128.6
151.7
154.6
•157.1
182.1
•178.4
182.5
183.6
156.1
158.3
185.6
178.8
187.9
183.7
161.7
133.8
286.0
151.3
154.8
179.3
171.7
168.5
136.6
327.4
142.0
162.6
192.6
178.4
163.5
134.8
287.5
139.0
151.7
191.6
170.5
'179.9
141.2
348.4
155.3
183.6
204.3
193.8
181.5
147.1
354.9
162.1
183.7
204.3
195.7
117.3
129.1
119.7
107.9
123.8
122.0
137.8
113.8
103.8
139.4
114.7
121.5
117.4
104.6
122.7
136.1
175.1
115.6
107.4
180.9
138.1
184.6
117.3
109.1
200.4
151.3 161.2 151.8 180.2 185.5
139.1 144.8 137.8 159.2 162.7
62.9 71.2 64.3 '82.5 82.8
200.7 208.7 179.3 224.4 226.3
155.9 189.0 196.5
160.8 163.
37.0 84.9 39.1 146.1 148.4
123.0 124.8 120.5 136.6 137.1
r
Revised.
Weekly indexes are based on an abbreviated sample not comparable with monthly data.
Back figures.—Bureau of Labor Statistics, Department of Labor.
1
MARCH
1951
.327
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
[Estimates of the Department of Commerce.
In billions of dollars]
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING
Seasonally adjusted annual rates
by quarters
Annual totals
1949
1929
1933
1946
1941
1939
1947
1948
1949
4
Gross national product
Less: Capital consumption allowances. .
Indirect business tax and related
liabilities .
.
.
. . . .
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises
Equals: National income
Less: Corporate profits and inventory
valuation adjustment
Contributions for social insurance. .
Excess of wage accruals over
disbursements
Plus: Government transfer payments...
Net interest paid by government...
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments.
Federal
State and local
Equals: Disposable personal income
Less:Personal consumption expenditures
Equals* Personal saving
55.8
8 8
72
8 1
9.3
12.2
14.8
7 0
7 1
9 4
11 3
5
17.3
6
1 2
1 4
1 6
1.7
18.7
7
i
i
7
2
3
4
17.4
18.8
20.8
19.3
19 7
21 3
21 7
20.4 21.3 23.7 21.5 22.0 23.2 25.3
7
7
7
7
7
7
7
- 2 . 9 — 1.9 — 1 0 — 1 9 4 1 — 1 3 —7 6
24.3
7
na
—l
.1
1
5
_ 3
2
0
.0
72 5 103.8 180.3 198.7 223.5 216.8 235.6 214.2 216.9 229.1 244.0
n.a.
5
1
5
0)
1
91.3 126.4 211.1 233.3 259.1 255.6 279.8 253.8 263.3 271.6 283.9 300.3
103.8
6
1950
1950
87^4
39 6
10.3
.2
-2.0
.3
5.8
2.1
.0
.9
1.0
5.8
.6
85.1
2.6
1.3
1.4
82 5
78.8
3 7
.0
1.5
1.2
2.1
7
46.6
1.5
.5
1.0
45 2
46.3
-1 2
.0
2.5
1.2
3.8
.5
72.6
2.4
1.2
1.2
70 2
67.5
2 7
.3
20 5
.9
14.6 18.3 24.7 31.8 29.9 34.8 28.4 28.1 35.0 38.1
n.a.
6.0
5.7
6.8
5.7
6.7
6.8
6.9
5.2
5.7
2.8
7.2
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
2.6 10.9 11.1 10.6 11.6 14.3 11.8 20.9 14.2 11.2 11.2
4.5
4.7
4.8
4.7
1.3
4.4
4.4
4.7
4.7
4.8
4.8
9.4
7.8
7.5
8.2
6.6
8.1
8.2
9.3
4.5
5.8
11.5
.7
.7
.7
.5
.6
.7
.7
.7
.7
.7
7
95.3 177.7 191.0 209.5 206.1 223.2 205.4 216.4 215.1 224.9 234.9
18.8
21.2
18.7
21.5
20.5
18.7
3.3
19.0
19.5
20.3
23.3
2.0 17.2 19.6 19.0 16.2 17.8 16.1 16.3 16.8 17.5 20 4
2.2
2.5
1.6
1.9
2.8
2.5
2.7
1.3
2.7
2.8
2.8
92 0 158.9 169.5 188.4 187.4 202.7 186.8 197 4 195.6 204.6 211 6
177.4
178.8
190.8 180.6 182.6 185.8 198.9 195.8
82.3 146.9 165.6
3.9 10.9
8.6 11.9
6.2 14 8
9 8 12.0
9 8
5 7 15 8
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1950
1949
1929
1933
1939
1941
1946
1947
1948
1949
1950
4
National income
Compensation of employees
Wage and salaries 2
Private
.*. . . .
Tvlilitary
Government civilian
Supplements to wages and salaries. .
Proprietors' and rental income 3. .
Business and professional
Farm
Rental income of persons
Corporate profits and inventory
valuation adjustment
Corporate profits before tax
Corporate profits tax liability. . .
Corporate profits after tax
Inventory valuation adjustment. . .
Net interest
1
2
3
4
87.4
39.6
72.5 103.8 180.3 198.7 223.5 216.8 235.6 214.2 216.9 229.1 244.0
50.8
50.2
45.2
29.3
28.8
23.7
47.8
45.7
37.5
4.6
.6
19.7
8.3
5 7
5.8
4.9
.5
7.2
2.9
2 3
2.0
7.8
2.1
14.7
6.8
4 5
3.5
64.3 117.1 128.0 140.2 140.6 152.2 140.2 142.3 147.9 155.3 162.7
61.7 111.2 122.1 134.4 134.2 144.9 133.6 135.2 140.6 147.8 155.1
51.5 90.6 104.8 115.7 113.7 122.6 112.7 114.3 119.5 125.3 130.3
4.0
8.0
4.1
4.6
4.3
4.5
4.5
1.9
n.a.
n.a.
n.a.
12.7 13.2 14.7 16.1
n.a. 16.4 16.4 16.6
8.3
n.a.
n.a.
5.8
6.4
6.6
5.9
5.9
7.3
7.1
7.3
2.0
7.4
7.6
20.8 42.0 42.4 47.3 41.7 43.6 40.7 41.5 41.2 45.5 46.3
9.6 20.6 19.8 22.1 21.0 23.2 20.6 21.4 22.3 24.6 24.3
6.9 14.8 15.6 17.7 13.4 13.1 12.8 12.8 11.7 13 5 14 4
7.1
7.5
7.3
7.4
7.4
7.3
6.6
7.1
7.3
4.3
7.6
10.3
9.8
1.4
8.4
.5
6.5
-2.0
.2
.5
-.4
-2.1
5.0
5.8
6.5
1.5
5.0
-.7
4.2
14.6
17.2
7.8
9.4
-2.6
4.1
3
3
4
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
34.8
39.8
17.7
22.1
-5.1
5.0
28.4
27.6
10.6
16.9
.8
4.8
28.1
29.2
13.2
16.0
-1.0
5.0
35.0
37.4
16.5
20.9
-2.4
5.0
38.1
46.4
20.6
25.8
-8.3
5.0
n.a.
n.a.
n.a.
n.a.
n.a.
-8.5
5.1
n.a. Not available.
Less than 50 million dollars.
Includes employee contributions to social insurance funds.
3
Includes noncorporate inventory valuation adjustment.
NOTE.—Details may not add to totals because of rounding.
Source.—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
328
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
A n n u a l totals
1949
1929
1933
1941
1939
1946
1947
1948
1949
1950
1950
4
2
1
3
4
103.8
55,8
91.3 126.4 211.1 233.3 259.1 255.6 279.8 253.8 263.3 271.6 283.9 300.3
Durable goods
Nondurable goods .
Services
78 8
9.4
37 7
31.7
46.3
3.5
22 3
20.6
67.5
6.7
35 3
25.5
New construction
Producers' durable equipment
Change in business inventories. . . .
15.8
7.8
6.4
1.6
.8
1.3
1.1
1.8
-1.6
.2
9.9
4.9
4.6
.4
.9
18.3
6.8
7.7
3.9
1.1
28.7
10.3
12.3
6.1
4.6
30.2
13.9
17.1
-.8
8.9
43.1
17.7
19.9
5.5
1.9
33.0
17.3
19.5
-3.7
.4
49.4
21.8
23.4
4.1
-2.5
31.2
18.2
18.7
-5.7
-.7
41.8
20.0
19.5
2.3
-1.7
47.7
21.5
21.8
4.4
-1.7
47.8
23.0
26.3
-1.5
-3.3
60.2
22.9
26.1
11.2
-3.4
8.5
1 3
8.0
2.0
2.0
13.1
5.2
1.3
3.9
24.7
16.9
13.8
3.2
28.6
15.8
5.9
7.9
7.8
30.9
20.9
21.2
2.5
2.7
10.0
36.6
21.0
21.5
.5
15.6
43.3
25.3
25.7
.4
18.0
42.1
22.7
22.9
.2
19.4
42.8
24.3
24.6
.3
18.5
40.5
21.8
22.1
.3
18.7
39.9
21.1
21.4
.3
18.8
40.4
20.9
21.1
.2
19.5
47.6
26.9
27.1
.2
20.8
Gross national product
Personal consumption
expenditures
Gross private domestic
investment 1
Net foreign investment
Government purchases of
goods and services
FedcYdl
War
Nonwar
. . .
Less: Government sales
State and local
2
. . .
)
7.2
82.3 146.9 165.6 177.4 178.8 190.8 180.6 182.6 185.8 198.9 195.8
16.6 21.4 22.9 23.8 29.2 25.3 26.4 26.5 34.0 30.0
9.8
44 0 85.8 95 1 100.9 98.5 101 6 97.9 97.9 99 9 104.5 104.3
59.5 60.4 61.5
28.5 44.5 49.1 53.7 56.4 59.9 57.4 58.3
1.3
12.8
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Wage and salary disbursements
Year or month
Personal
income
Total
receipts4
Total
disbursements
Commodity
producing industries
Distributive Service
indus- industries
tries
Government
DiviLess emdends
Proployee
and
prietors'
Other
contriperand
labor
butions income5 rental
sonal
for
income6 interest
social
income
insurance
TransNonfer
agriculpay- 7
tural
ments 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
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950?
72.6
78.3
95.3
122.7
150.3
165.9
171.9
177.7
191.0
209.5
206.1
223.2
45.1
48.9
60.9
80.7
103.6
114.9
115.3
109.2
119.9
132.2
132.0
142.1
45.7
49.6
61.7
81.9
105.4
117.1
117.7
111.3
122.0
134.3
134.2
145.0
17.4
19.7
27.5
39.1
49.0
50.4
45.9
46.1
54.3
60.2
57.0
63.2
13.3
14.2
16.3
18.0
20.1
22.7
24.7
30.9
35.1
38.8
39.4
40.8
6.9
7.3
7.8
8.6
9.5
10.5
11.5
13.7
15.3
16.6
17.4
18.6
8.2
8.5
10.2
16.1
26.8
33.5
35.6
20.6
17.2
18.7
20.4
22.4
.6
.7
.8
1.2
1.8
2 .2
2*3
2.0
2.1
2.2
2.2
2.9
.5
.6
.6
.7
.9
1.3
1.5
1.9
2.4
2.8
2.9
3.3
14.7
16.3
20.8
28.4
32.8
35.5
37.5
42.0
42.4
47.3
41.7
43.6
9.2
9.4
9.9
9.7
10.0
10.6
11.4
13.2
14.5
16.1
17.2
19.2
3.0
3.1
3.1
3.2
3.0
3.6
6.2
11.4
11.8
11.2
12.3
15.0
66.3
71.5
86.1
109.4
135.2
150.5
155.7
158.8
170.8
187.0
188.2
205.6
1950—January
February
March
April
May
June
July
August
September....
October
November....
December
214.6
215.5
219.3
213.8
214.5
217.1
220.7
225.4
228.7
231.1
232.9
241.0
132.2
131.5
133.6
135.3
137.7
140.2
141.7
145.5
147.8
150.7
152.1
154.3
135.0
134.2
136.4
138.1
140.5
143.2
144.5
148.5
150.6
153.8
155.1
157.2
56.7
55.8
57.7
59.1
60.9
62.7
63.3
65.6
66.5
68.6
69.1
70.0
39.5
39.3
39.6
39.7
40.1
40.7
40.9
41.7
41.6
41.9
41.9
42.4
17.9
18.1
18.1
18.2
18.5
18.6
18.7
18.8
18.8
19.2
19.3
19.4
20.9
21.0
21.0
21,. 1
21.0
21.2
21.6
22.4
23.7
24.1
24.8
25.4
2.8
2.7
2.8
2.8
2.8
3.0
2.8
3.0
2.8
3.1
3.0
2.9
3.0
3.0
3.3
3.3
3.4
3.4
3.4
3.4
3.4
3.4
3.4
3.4
43.5
41.0
40.2
39.8
41.5
42.3
45.5
46.1
45.0
45.7
46.2
47.0
17.5
17.7
18.0
18.2
17.8
17.8
17.8
18.4
21.1
19.2
19.4
24.7
18.4
22.3
24.2
17.2
14.1
13.4
12.3
12.0
11.4
12.1
11.8
11.6
195.2
199.1
203.7
198.7
198.4
200.7
202.7
207.3
211.2
212.7
213.9
221.9
1951—January P
239.2
155.2
158.7
70.1
42.9
19.7
26.0
3.5
3.5
49.2
18.8
12.5
219.1
P Preliminary.
Includes construction expenditures for crude petroleum and natural gas drilling.
Consists of sales abroad and domestic sales of surplus consumption goods and materials.
Less than 50 million dollars.
Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance.5 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
6
Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory
valuation
adjustment.
7
Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as
well 8as consumer bad debts and other business transfers.
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.
1
2
3
4
MARCH
1951
329
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Noninstalment credit
Instalment credit
Total
consumer
credit
End of year
or month
Total
instalment
credit
Total
Automobile
Other
Sale credit
Loans l
Total
noninstalment
credit
Singlepayment
loans 2
Charge
accounts
Service
credit
1929
6,252
3,158
2,515
1,318
1,197
643
3,094
749
1,749
596
1933
3,439
1,588
1,122
459
663
466
1,851
303
1,081
467
7,031
8,163
8,826
5,692
4,600
4,976
5,627
8,677
11,862
14,366
16,809
20,102
4,424
5,417
5,887
3,048
2,001
2,061
2,364
4,000
6,434
8,600
10,890
13,467
2,792
3,450
3,744
1,617
882
891
942
1,648
3,086
4,528
6,240
7,909
1,267
1,729
1,942
482
175
200
227
544
1,151
1,961
3,144
4.126
1,525
1,721
1,802
1,135
707
691
715
1,104
1,935
2,567
3,096
3,783
1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3,348
4,072
4,650
5,558
2,607
2,746
2,939
2,644
2,599
2,915
3,263
4,677
5.428
5,766
5,919
6,635
530
536
565
483
414
428
510
749
896
949
1,018
1,334
1,544
1,650
1,764
1,513
1,498
1,758
1,981
3,054
3,612
3,854
3,909
4,239
533
560
610
648
687
729
772
874
920
963
992
\ .062
1949—December
16,809
10,890
6,240
3.144
3,096
4,650
5,919
1,018
3,909
992
1950—January
February
March
. ..
April
JVIay
16,368
16,159
16,338
16,639
17,077
17,651
18,295
18,842
19,329
19,398
19,405
20,102
10,836
10,884
11,077
11,322
11,667
12,105
12,598
13,009
13,344
13,389
13,306
13,467
6,174
6,213
6,334
6,511
6,733
6,995
7,343
7,613
7,858
7,879
7,805
7,909
3,179
3,256
3,355
3,470
3,600
3,790
3,994
4,107
4,213
4,227
4,175
4,126
2,995
2,957
2,979
3,041
3,133
3,205
3,349
3,506
3.645
3,652
3,630
3,783
4,662
4,671
4,743
4,811
4,934
5,110
5,255
5,396
5,486
5,510
5,501
5,558
5,532
5,275
5,261
5,317
5,410
5,546
5,697
5,833
5,985
6,009
6,099
6,635
1,027
1,034
1,045
1,067
1,092
1,116
1,133
1,157
1,197
1,250
1,298
1,334
3,506
3,233
3,211
3,241
3,290
3,392
3,527
3,636
3,741
3,703
3,739
4,239
999
1,008
L,005
L,009
1,028
1,038
1,037
L,040
1,047
1,056
1,062
1,062
19,903
13,255
7,691
4,056
3,635
5,564
6,648
1,353
4,233
1,062
1939
1940
1941
1942
1943 . .
1944
1945
1946
1947
1948
1949
1950?
. . .
June
July
August .
September
October
November
December v....
1951—January?
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 x
Small
loan
companies
Industrial
loan
companies
Industrial
banks
Loans made by principal lending institutions
(during period)
Credit
unions
Insured
Miscel- repair
Comand
laneous modernmercial
lenders ization banks 1
loans 8
Small
loan
companies
Industrial
banks 2
Industrial
loan
com- 2
panies
Credit
unions
1929
643
43
263
2 9
23
95
463
4" 3
1933
466
29
246
121
20
50
322
202
1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3,348
4,072
4,650
5,558
523
692
784
426
316
357
477
956
1,435
1,709
1,951
2,431
448
498
531
417
364
384
439
597
701
817
929
1,084
131
132
134
89
67
68
76
117
166
204
250
291
99
104
107
72
59
60
70
98
134
160
175
203
135
174
200
130
104
100
103
153
225
312
402
525
96
99
102
91
86
88
93
109
119
131
142
157
200
268
285
206
123
113
164
322
568
739
801
867
680
1,017
1,198
792
639
749
942
1,793
2,636
3,069
3,282
3,875
827
912
975
784
800
869
956
1,231
1,432
1,534
1,737
1,946
261
255
255
182
151
155
166
231
310
375
418
481
194
198
203
146
128
139
151
210
282
318
334
358
237
297
344
236
201
198
199
286
428
577
712
894
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950P
38
32
1949—December... 4,650
1,951
929
250
175
402
142
801
280
232
41
31
69
1950—January....
February.. .
March
April
May
June
July
August
September .
October
November. .
December1"..
4,662
4,671
4,743
4,811
4,934
5,110
5,255
5,396
5,486
5,510
5,501
5,558
1,957
1,973
2,026
2,066
2,134
2,233
2,316
2,401
2,462
2,460
2,435
2,431
931
928
936
945
959
978
995
1,009
1,010
1,026
1,037
1,084
251
254
258
262
267
275
282
290
295
294
292
291
175
174
176
178
182
187
192
197
201
201
200
203
404
408
421
431
450
474
495
514
524
524
521
525
142
142
143
144
145
147
149
150
150
152
153
157
802
792
783
785
797
816
826
835
844
853
863
867
269
268
336
307
348
379
381
387
356
298
257
289
131
126
163
154
168
175
166
166
149
149
165
234
37
34
43
37
43
46
45
46
40
39
34
37
27
25
31
28
32
34
32
33
32
28
27
29
59
61
78
70
83
93
84
88
76
66
64
72
1951—January?...
5,564
2,439
1,089
289
202
518
158
869
326
162
39
28
67
p Preliminary.
1
Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount
of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of January amounted to 102 million dollars,
and other
loans made during January were 12 million.
2
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans8 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration.
330
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
1929
1,197
1933
663
Department
stores
and
mailorder
houses
Furniture
stores
Household
appliance
stores
All
other
retail
stores
Jewelry
stores
160
583
265
56
133
119 .
299
119
29
97
246
271
284
179
111
109
113
174
305
404
488
1939..
1940... .
1941
1942
1943
1944
1945
1946.
1947
1948
1949.
1950?
1 S25
1,721
1,802
1,135
707
691
715
1,104
1,935
2,567
3,096
3,783
377
439
466
252
172
183
198
337
650
874
1,010
1,245
536
599
619
440
289
293
296
386
587
750
935
1,029
273
302
313
188
78
50
51
118
249
387
500
714
93
110
120
76
57
56
57
89
144
152
163
1949
December.
3,096
1,010
935
500
163
2,995
2,957
2,979
3,041
3,133
3,205
June
July
3,349
A u g u s t . . . . 3,506
September 3,645
October. . . 3,652
November. 3,630
December ? 3,783
975
958
960
979
1,011
1,032
1,081
1,123
1,159
1,170
1,172
1,245
902
891
899
913
935
947
976
998
1,028
1,019
1,003
1,029
491
492
502
518
537
561
597
658
702
705
702
714
627
616
618
631
650
665
695
727
756
758
753
795
1951
January?..
1,197
981
696
761
1950
January...
February..
March....
April
IVlay
3,635
7< 5
488
Year or month
Total
Outstanding at end
of period:
1947
233.5
1948
286.2
1949
343.2
1950?
391.0
1949—December.. 343.2
Repair Personal
and
instalmodern- ment
ization
cash
loans i 2 loans
Automobile
,,
n
Utner
50.0
66.6
93.6
118.5
30.2
43.4
63.1
79.7
43.3
51.7
55.4
54.9
110.0
124.5
131 1
137.9
93.6
63.1
55.4
131.1
344.6
347.4
350.5
355.0
361.8
371.0
380.4
389.8
396.4
395.6
392.9
391.0
96.1
98.6
100.4
102.6
105.6
111.9
115.8
119.4
121.9
121.5
120.6
118.5
63.9
65.2
66.9
68.9
70.7
71.9
73.4
76.2
79.3
80.3
79.9
79.7
54.7
54.2
53.0
52.8
53.5
54.2
54.9
55.5
56.1
56.1
55.7
54.9
129.9
129.4
130.2
130.7
132.0
133.0
136.3
138.7
139.1
137.7
136.7
137.9
195 I—January P.. . 386.9
117.2
78.4
53.6
137.7
1950—January....
February...
March
April
May
June
July
August....
September..
October
November..
December?.
Automobile
retail
Year or month
Total
Other
retail,
purchased
Pur- Direct
and
chased loans
direct
1947
1948
1949
1950?
2,701
3,563
4,416
5,645
346
570
854
1,143
500
796
636
870
781
944
905 1,107
536
523
736
751
915
922
1,223 1,267
1949—December.
4,416
854
915
922
4,465
4,494
4,595
4,688
4,862
5,084
5,291
5,493
5,685
5,726
5,661
5,645
866
888
922
953
992
1,050
1,110
1,143
1,177
180
1,159
1,143
922
935
964
992
1,035
1,096
1,158
1,217
1,251
1,254
1,234
1,223
953
941
966
983
1,028
1,064
1,112
1,178
1,258
1,282
1,261
1,267
945
779
783
947
774
969
780
980
804
,003
834
,040
851
,060
872
,083
891
,108
905 1,105
907 1,100
905 1,107
1951—JanuaryP. . . .
5,611
1,116
1,220
1,268
890 1,117
781
944
593
113
105
154
57
164
1950—January
February
March
April
May
June
July
August
September... .
October
November.. . .
December?. .
554
542
646
607
721
768
789
799
782
647
517
562
111
117
142
130
148
165
174
157
152
123
91
94
116
124
151
141
164
184
191
190
174
132
101
117
137
118
139
129
163
154
167
187
211
166
124
141
47
49
42
52
74
82
80
82
75
71
55
48
143
134
172
155
172
183
177
183
170
155
146
162
1951—January?
606
98
137
147
47
177
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates.
Year or month
Total
Outstanding at end
of period:
1947
1948
1949
1950?
148.2
177.1
194.7
226.9
1949—December. . 194.7
1950—January
194.8
February.. . 193.7
March
196.2
April
198.7
May
202.8
June
208.7
July
214.3
August.... 219.9
September.. 223.8
October.... 224.0
November.. 223.3
December?. 226.9
1951—January?.. . 225.4
47.0
11.9
10.3
3.3
21.5
1950—January
February...
March
April
May
June
July
August
September..
October
November..
December?.
41.9
40.3
47.3
43.1
48.9
51.1
50.5
52.7
47.2
43.5
37.2
40.3
12.3
12.6
13.5
12.7
13.9
15.7
16.2
15.4
13.7
11.3
8.7
9.1
7.8
7.6
9.7
8.8
9.6
8.9
8.9
11.0
10.5
9.6
7.6
8.0
2.7
2.7
2.5
3.0
4.2
4.3
3.9
4.1
3.9
3.9
3.0
2.6
19.1
17.4
21.6
18.6
21.2
22.2
21.5
22.2
19.1
18.7
17.9
20.6
1950—January.. . .
February..
March
April
May
June
July
August. . . .
September..
October
November..
December?.
1951—January?...
42.2
10.6
8.2
2.5
20.9
1951—January?...
Volume extended
during month:
1949—December..
In millions of dollars]
Retail instalment paper 2
Automobile Other
27.1
38.3
43.5
57.9
43.5
44.3
44.6
46.1
47.5
49.5
52.3
54.8
55.9
57.2
57.4
57.3
57.9
56.7
17.1
23.7
31.4
41 .1
31.4
Repair
and
modernization
loans 12
Personal
instalment
cash
loans
4.2
5.0
6.5
7.3
99.8
110.1
113.3
120.6
6.5
113.3
31.1
30.8
31.0
31.6
32.7
34.3
35.9
39.2
41.1
41.7
40.9
41.1
40.8
6.6
6.6
6.5
6.4
o.7
6.9
7.2
7.3
7.4
7.3
7.3
7.3
112.8
111.7
112.6
113.2
113.9
115.2
116.4
117.5
118.1
117.6
117.8
120.6
7.2
120.7
31.3
5.4
4.4
0.4
27.7
25.4
31.2
29.2
33.1
35.4
34.8
35.5
32.8
29.3
27.4
30.4
29.0
6.5
5.6
7.3
6.9
7.9
8.9
9.1
8.1
6.8
6.1
6.3
3.3
3.5
4.0
3.9
4.8
5.3
5.7
7.3
6.0
4.9
3.8
3.9
0.3
0.3
0.3
0.4
0.5
0.5
0.5
0.5
0.4
0.4
0.4
0.3
21.1
17.6
16.0
19.6
18.0
19.9
20.7
19.5
19.6
18.9
17.2
17.1
19.9
6.8
4.3
0.3
17.6
7.5
p Preliminary.
* Includes not only loans insured by Federal Housing Administration but also noninsured loans.
2
Includes both direct loans and paper purchased.
Personal
instalment
cash
loans
1950—January
February
March
April
May
Tune
July
August
September.. . .
October
November. . . .
December?. .
Volume extended
during month:
1949—-December..
MARCH 1951
Repair
and
modernization
loans 12
Outstanding at end of
period:
Volume extended during month:
1949—December.
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instal-2
ment paper
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
331
CONSUMER CREDIT STATISTICS—Continued
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
I
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *
Percentage change
from corresponding
month of preceding
year
Year or month
Department
stores
Furniture
stores
20
10
12
16
52
+20
+ 13
10
10
11
10
10
10
11
11
11
11
10
11
12
11
12
11
12
10
11
11
10
11
10
10
(2)
June
July
August
September
October
November
December...
18
17
19
17
18
17
17
18
18
18
17
18
(2)
49
47
53
50
52
51
49
50
51
51
51
49
+30
1951
January?
19
10
12
<2)
50
1951P
Dec.
1950
Nov.
1950
Jan.
1951?
Dec.
1950
-32
-33
+35
+45
-6
-1
+23
+36
—1
+ 10
+35
+27
-9
-3
+9
+54
-11
-15
January
+ 17
+ 18
February.....
March
April
May
Jan.
Net sales:
Total
Cash sales
Credit sales:
Instalment
Charge account. .
-39
-19
Accounts receivable, end
of month:
Total
Instalment
-4
-5
Collections during
month:
Total
Instalment
+5
+1
Inventories, end of
month, at retail value.
+4
+6
-1
-1
+1
+1
-4
-5
+4
-6
+2
+ 13
+8
+ 14
+9
+ 17
+ 11
+ 16
+9
+38
Nov.
1-950
-4
1949
December...
+ 12
+20
+ 16
+35
Charge
accounts
Instalment accounts
Household ap- Jewelry
pliance
stores
stores
Department
stores
1950
. .
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
P Preliminary.
1
Collections during month as percentage of accounts outstanding at
beginning
of month.
2
Collection of these data for jewelry stores was discontinued after
December 1949.
Preliminary.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average=100
Accounts receivable
at end of month
Sales during month
^ear or month
Percentage of total sales
Collections during
month
Charge
account
Instalment
Charge
account
Instalment
Charge
account
Cash
Instalment
sales
Charge
account
sales
Total
Cash
Instalment
Averages of month!v
data:
1941
1942
1943
...
1944
1945
1946
1947
1948
1949
1950
100
114
130
145
162
202
214
225
213
220
100
131
165
188
211
242
237
236
216
213
100
82
71
66
67
101
154
192
200
246
100
102
103
112
125
176
200
219
212
223
100
78
46
38
37
50
88
142
165
233
100
91
79
84
94
138
174
198
196
210
100
103
80
70
69
91
133
181
200
250
100
110
107
112
127
168
198
222
224
237
1949—December..
372
'381
329
370
214
285
227
245
51
8
41
1950—January
February
March
April
May
June
July
August
September
October
November
December
163
156
203
204
212
203
184
210
234
229
257
387
161
152
199
201
205
199
173
196
217
216
249
389
175
184
230
214
226
207
259
292
306
269
248
343
163
154
202
204
217
208
181
209
238
236
268
395
209
207
209
212
217
219
230
241
256
260
259
276
222
191
185
190
194
194
184
191
210
216
233
314
233
222
250
226
231
230
229
250
269
283
278
294
319
241
230
210
222
226
216
212
221
244
251
256
49
48
49
49
48
48
47
46
46
47
48
50
9
11
10
9
9
9
12
12
12
10
9
8
'42
41
41
42
43
43
41
42
42
43
43
42
212
196
232
227
268
268
320
355
46
10
44
48
56
61
64
64
59
55
52
51
48
9
6
5
4
4
4
6
7
8
10
r
43
38
34
32
32
37
39
41
41
42
r
P Preliminary.
Revised.
NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 323.
332
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK
BANK CREDIT, MONEY RATES, AND BUSINESS *
Chart
book
page
1951
Jan.
31
WEEKLY F I G U R E S 2
Feb.
7
Feb.
14
Feb.
21
In billions of dollars
Feb.
Chart
book
page
28 i
Jan.
31
WEEKLY FIGURES 2—Gont.
Feb.
14
Feb.
7
Feb.
28^
Feb.
21
In unit indicated
RESERVE BANK CREDIT, ETC.
Reserve Bank credit, t o t a l . . . . 2
U. S. Govt. securities, total. 3
Bills
3
Notes and certificates.... 3
Bonds..
3
Gold stock
2
Money in circulation
2
Treasury cash and deposits... 2
Member bank reserves, total. .2, 4
New York City
5
Chicago
5
Reserve city banks
5
County banks
5
Required reserves
4
Excess reserves, total e
4
New York City
5
Chicago
5
Reserve city banks
5
Country banks e
5
23.05
21.48
1.70
14.82
4.97
22.39
27.05
2.10
18.98
4.92
1.30
7.33
5.02
18.05
.94
-.03
-.01
.08
.46
MEMBER BANKS IN LEADING CITIES
All reporting banks:
Loans and investments
14
U. S. Govt. securities, total. 14
Bonds
16
Notes and certificates.... 16
Bills
16
Other securities
18
Demand deposits adjusted.. 14
U. S. Govt. deposits
14
Loans, total
14
Commercial
18
Real estate
18
For purchasing securities:
Total
18
U. S. Govt. securities. . 18
Other securities
18
Other
18
New York City b a n k s :
Loans and investments
1
U. S. Govt. securities, total. 1
Bonds, total h o l d i n g s . . . . 1
Due or callable—5 years 1
Notes and certificates.... 1
Bills
1
Demand deposits adjusted. . 1
U. S. Govt. deposits
1
Interbank deposits
1
Time deposits
1
Loans, total
15
Commercial
19
For purchasing securities:
To brokers:
On U. S. Govts
19
On other securities... 19
To others
19
Real estate and other. . . . 19
Banks outside New York City:
Loans and investments
1
U. S. Govt. securities, total.. 1
Bonds
Notes and certificates. . .
Bills
Demand deposits adjusted.
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
Commercial
19
Real estate
19
For purchasing securities. 19
Other
19
69.53
31.50
21.21
8.68
1.62
6.48
51.23
1.75
31.54
18.12
5.30
2.31
.70
1.61
5.94
19.74
8.13
5.99
4.34
1.74
.41
15.74
.46
4.11
1 .56
9.77
6.44
.46
.79
.28
1.77
49.79
23.37
15.22
6.95
1.21
35.49
1.29
6.71
13.66
21.77
11.69
4.88
.78
4.59
MONEY RATES, ETC.
U. S. Govt. securities:
Bills (new issues)
9-12 months
3-5 years 5
7-9 years
15 years or more
23,
Corporate bonds:
Aaa
Baa
High-grade municipal bonds..
For footnotes see p. 337.
MARCH
1951
23 1.391
23 1.47
23 1.67
1.95
2.
25 2.39
25
25
25
2.66
3.16
1.59
MONEY RATES, ETC. C o n t .
23.19
21.88
1.53 Stock prices (1935-39=100):
14.96
Total
27
5.39
Industrial
27
22.09
Railroad
27
27.19
Public
utility
27
1.76
19.07 Volume of trading (mill, shares) 27
4.96 PRODUCTION AND DISTRIBUTION
1.28
7.28 Production:
5.30
Steel (thous. tons)
66
'18.41
Automobile (thous. c a r s ) . . . 66
.83
P. 66
Crude
petroleum
.04
.03
.02
(3)
(thous. bbls.)
67
.01 - . 0 1
(4)
Bituminous coal (mill, tons). 67
.12
.12
.16
.09
Paperboard (thous. t o n s ) . . . 68
.52
.41
v. 59 P.43
Meat (mill, lbs.)
68
Electric power (mill. kw. hrs.) 70
Freight carloadings (thous.
cars):
Total
69
69.23 69.24 69.23 69.50
Miscellaneous
69
31.09 30.86 30.90 30.79
Department
store
sales
21.04 20.94 20.90 20.83
(1935-39=100)
70
8.61 8.52
8.50 8.38
1.58
1.44
1.40
1.51
6.46 6.46 6.45 6.52
50.78 50.51 50.49 50.65
1.86
2.11 2.59 2.71 Wholesale prices:
31.67 31.92 31.88 32.19
Indexes(1926=100):
18.32 18.45 18.59 18.73
Total
75
5.30 5.33 5.33 5.33
Farm products
75
Foods
75
2.27 2.27 2.12 2.25
Other
commodities
75
.69
.57
.68
.66
Basic commodities
1.58
1.59
1.58
1.55
(Aug. 1939=100):
5.91 5.89 5.88 5.91
Total
77
Foodstuffs
77
19.55 19.52 19.59 19.98
Industrial
materials
77
7.89
7.75 7.85 8.00
Selected
materials:
5.88 5.85 5.84 5.91
Rubber (cents per lb.)
78
4.22
4.19 4.16 4.2
Hides (cents per lb.)
78
1.72
1.73
1.69
1.70
Steel
scrap
(dollars
per
ton)
78
.3
.22
.30
.28
Copper (cents per l b . ) . . . . 78
15.92
15.66 15.38 15.57
Cotton (cents per l b . ) . . . . 78
.70
.49
.54
.68
Print cloth (cents per yd.). 78
4.06 4.19 4.10 4.13
Wool tops (cents per lb.). . 78
1.55
1.55
1.54
1.54
Wool (cents per lb.)
78
10.11
9.83 9.94 9.92
Selected foodstuffs:
6.56
6.61 6.66 6.75
Winter wheat (cents per
bu.)
79
Corn (cents per bu.)
79
.42
.42
.33
.41
Steers (dollars per 100 lbs.) 79
.74
.75
.78
.77
Hogs (dollars per 100 lbs.) 79
.27
.27
.27
.27
Cows (dollars per 100 lbs.) 79
1.76
1.77
1.75
1.76
Coffee (cents per lb.)
79
Cocoa (cents per lb.)
79
Butter (cents per l b . ) . . . . 79
49.68 49.73 49.65 49.52
Eggs (cents per doz.)
79
23.21 23.11 23.06 22.79
15.16 15.09 15.06 14.92
6.88 6.83 6.79 6.67
1.16
1.19
1 .20 1.21
35.12 35.13 34.92 34.73
2.01
1.38
1.57
1.91
6.84
7.15 6.66 6.66
13.69 13.66 13.65 13.65
MONTHLY FIGURES
21.84 21.99 21.96 22.08
11.76 11.84 11.93 11.99
4.88 4.90 4.90 4.90
DEPOSITS AND CURRENCY
.80
.81
.78
.81
4.57 4.56 4.55 4.58
Deposits and currency:*
Total deposits and currency.
Per cent per annum
Total deposits adjusted and
1.391 1.391 1.390 1.390
currency
6
1.52
1.51
1.53
1.53
Demand deposits adjusted. . 6
1.
1.67
1.67
1.69
Time deposits adjusted
6
Currency outside b a n k s . . . . 6
2.39 ' 2A0 2 I46, '2A0
U. S. Govt. deposits
6
Money in circulation, t o t a l . . .
2.66 2.65 2.66 2.69
Bills of $50 and over
3.16 3.16 3.16 3.17
$10 and $20 bills
1.59
1.59
1.61
1.6.
Coins, $1, $2, and $5 bills. . .
23.26
21.64
1.66
14.90
5.08
22.34
27.13
2.10
19.08
4.96
1.32
7.34
5.26
18.25
23.33
21.81
1.70
14.91
5.20
22.26
27.16
2.16
18.95
4.87
1.28
7.30
5.39
18.21
23.28
21.85
1.66
14.88
5.32
22.21
27.16
2.07
18.93
4.92
1.30
7.40
5.48
P18.35
.74
P. 58
172
187
159
109
175
190
163
110
176
191
162
110
174
189
157
111
2.64
2.37
2.01
1.78
2,025 1,933
1,969
1,989
169
189
142
108
174
188
154
113
1.63
1,995
168
5,861 5,784 5,855 5.863
1.68
1.78
1.41
1.59
1.85
246
292
7,099 6,957 6,905 6,833 6,822
240
291
237
282
243
290
252
272
651
328
573
291
741
375
735
378
234
273
272
274
180.9
197.1
185.2
170.0
182.3
200.3
188.8
170.2
183.4
203.4
190.1
170.8
183.3
203.4
189.5
170.9
786
402
183.0
201.5
188.6
171.2
388.7 389.9 390.7 390.2 388.9
402.3 402.3 406.7 404.5 401.1
379.9 381.7 379.1 379.0 379.0
71.8 72.6 74.0 74.3 74.2
42.5 42.5 42.5 42.5 42.5
47.8 47.8 43.0 43.0 43.0
24.5 24.5 24.5 24.5 24.5
44.7 44.7 44.7 44.7 44.7
23.7 23.7 23.7 23.7 23.7
414.5 414.5 414.5 414.5 414.5
340.0 340.0 340.0 340.0 340.0
246.3
174.0
35.88
22.47
23.95
55.0
38.1
69.7
39.9
248.3
177.1
36.13
22.79
24.75
55.0
36.9
69.2
39.8
251.1
184.7
36.30
23.70
25.23
55.5
38.1
69.2
43.2
244.1
184.0
36.10
23.22
24.91
55.5
38.0
68.3
45.1
1951
1950
Nov.
238.9
179.5
36.84
22.08
24.55
55.5
38.0
67.7
44.7
Dec.
Jan.
In billions of dollars
P177.70
P180.80
P174.20
P90.70
P58.60
P24.80
P3.50
27.59
8.35
14.53
4.72
P177.2O
P93.20
P59.00
P25.00
P3.60
27.74
8.44
14.53
4.78
P179.30
^175.70
P92A0
PS9.00
*>24.60
P3.60
27.05
8.36
14.10
4.59
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
1950
1951
Nov. Dec.
Jan.1
Annual rate
MONTHLY FIGURES—Cont.
Chart
book
page
1950
Nov.
1951
Dec.
Jan.1
Per cent per annum
MONTHLY FIGURES—Cont.
MONEY RATES, ETC.
DEPOSITS AND CURRENCY
Cont.
Turnover of demand deposits: 6
New York City
Other leading cities
COMMERCIAL BANKS
Cash assets •
Loans and investments, total •
Loans«
U. S. Govt. securities e
Other securities«
Holdings of U. S. Govt. securities:
Within 1 year:
Total
Bills
Certificates
Notes and bonds
Over 1 year:
Total
Notes and bonds (1-5 yrs.)
Bonds (5-10 yrs.)
Bonds (over 10 yrs.)
Treasury bills (new issues)
22
"Corporate bonds:
Aaa
22
Baa
22
F. R. Bank discount rate
22
Commercial paper
22
Stock yields:
In billions of dollars
Dividends/price ratio:
Common stock
26
P28.70 P30.60 P30.70
Preferred stock
26
P125.50 P127.60 P125.30
P51.7O P52.80 P52.90
P61.80 P62.40 P60.00
P12.10 P12.30 P12.30
Margin requirements (per cent)
28
Stock prices (1935-39 =100), total. . . 28
Volume of trading (mill, shares)
28
19.89 20.10
Stock market credit (mill, dollars):
Bank loans
28
3.37
3.89
Customers' debit balances
28, 29
29
2.02
1.54
Money
borrowed
14.50 14.66
29
Customers' free credit balances....
29
34.68 34.80
24.43 24.53
6.09
7.33
4.17
2.93
31.7
20.9
9
9
9
9
9
10
10
10
10
10
10
10
10
'31.8
r
21.1
31.9
22.0
1.364
1.367
1.387
2.67
3.22
1.75
1.69
2.67
3.20
1.75
1.72
2.66
3.17
1.75
1.86
7.12
3.88
6.89
3.89
6.58
3.87
In unit indicated
50
156
2.03
566
1,360
774
796
50
158
2 77
570
1,356
745
890
169
2.97
581
1,411
690
948
In billions of dollars
GOVERNMENT FINANCE
MEMBER BANKS
All member batiks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted •
Time deposits
Balances due to banks
Balances due from banks
Reserves
12
12
12
12
12
12
12
12
12
Central reserve city banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted •
Time deposits
Balances due to banks
Reserves
12
12
12
12
12
12
12
12
106.14 108.08 105.77
43.97 45.07 45.11
52.05 52.68 50.34
10.12 10.33 10.32
76.82 78.76 77.93
29.28 29.48 29.55
11.76 12.17 12.34
6.15
5.88
6.14
16.74 17.39 18.09
25.59
11.53
11.72
2.34
19.79
2.94
4.99
5.61
26.59
12.03
12.09
2.47
20.07
3.06
5.20
5.94
25.29
11.
11.00
2.41
19.79
3.04
5.24
6.01
Reserve city 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
13
13
13
13
13
13
13
13
13
40.13
17.54
18.96
3.64
27.44
11.56
5.75
1.82
6.48
40.90
18.03
19.18
3.69
28.11
11.62
5.91
1.94
6.69
40.06
18.16
18.19
3.71
28.07
11.70
6.01
1.94
7.08
Country banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted e
Time deposits
Balances due from banks
Reserves
13
13s
13
13
13
13
13
13
40.41
14.91
21.37
4.14
29.60
14.78
3.90
4.65
40.59
15.01
21.41
4.17
30.58
14.81
4.02
4.76
40.42
15.07
21.15
4.19
30.07
14.81
4.05
5.00
LENDING INSTITUTIONS OTHER THAN
COMMERCIAL BANKS
Mutual savings banks:"
Total assets
U. S. Govt. securities
Real estate mortgages
Other securities
Other assets
Life insurance companies:
Total assets
Business securities
Real estate mortgages
U. S. Govt. securities
Other assets
20
20
20
20
20
20
20
20
20
20
22.28
10.95
7.84
2.32
1.17
63.02
24.16
15.65
13.59
9.62
22.41
10.90
8.03
2.33
1.15
63.70
24.46
16.10
13.36
9.79
22.49
10.88
8.17
2.33
1.11
ross 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 *
Fed. agencies and trust funds. . .
F. R. Banks
Individuals<*
Corporations •
Insurance companies «
Mutual savings banks •
State and local govts. •
Miscellaneous«
Marketable public issues:
By class of security:
Bills—Total outstanding
Commercial bank and F . R.
Bank
F. R. Bank
Notes and certificates—Total
outstanding
Commercial bank and F . R.
Bank
F. R. Bank
Bonds—Total outstanding. . . .
Nonbank (unrestricted issues
only), commercial bank,
and F. R. Bank
Commercial bank and F. R.
Bank
F. R. Bank
By earliest callable or due date:
Within 1 year-Total outstanding
Commercial bank and F. R.
Bank
F. R. Bank
1-5 years—Total outstanding.
Commercial bank and F. R.
Bank
F. R. Bank
5-10 years—Total outstanding
Nonbank (unrestricted issues
only), commercial bank,
and F. R. Bank
Commercial Bank and F . R.
Bank
F. R. Bank
Over 10 years—Total outstanding
Nonbank (unrestricted issues
only), commercial bank,
and F. R. Bank
Commercial bank and F. R.
Bank
F. R. Bank
30
30
30
30
30
257.10 256.73 256.14
96.83 94.19 94.19
55.93 58.26 57.43
66.93 66.66 66.76
33.73 33.71 33.99
30
3.68
3.91
31
31
31
31
31
31
31
31
31
61.30
39.16
19.69
67.30
20.10
19.20
10.90
8.10
11.30
61.60
39.20
20.78
67.10
19.30
19.00
10.90
7.80
11.10
13.63
3.77
21 .48
32
13.61
32
32
4.49
1.11
32
42.32
44.63
43.80
32
32
32
30.22
14.22
96.83
32.24
14.86
94.19
14.82
94.19
13.63
5.18
1.30 " i'. 70
32
51.30
49.02
32
32
39.55
4.36
38.24
4.62
4.97
33
59.00
58.01
52.64
33
33
33
35.54
15.66
32.70
36.09
16.00
33.38
13.87
37.92
33
33
33
25.32
.90
15.93
25.82
1.28
17.41
4.00
17.41
33
8.46
9.94
33
33
7.07
.98
8.31
.98
.99
33
45.13
43.65
43.65
33
7.07
5.94
33
33
6.33
2.16
5.44
2.51
2.63
For footnotes see p. 337.
334
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
1950
Chart
book
page
Nov.
Dec,
Cash income and outgo:
Cash income
Cash outgo
Excess of cash income or o u t g o . . . .
34
34
34
34
34
34
35
35
35
35
35
35
36
36
36
CONSUMER FINANCE
Consumer credit, total e
Single-payment loans
Charge accounts
Service credit
Instalment credit, total
Instalment loans
Instalment sale credit, total
Automobile
Other
45
45
45
45
45, 46
46
46
46
46
PERSONAL INCOME
Personal income (annual rates): 6
Total
Wage and salary receipts
Proprietors' income, dividends, and
interest
All other
52
52
52
52
EMPLOYMENT
Labor force (mill, persons): •
Total
Civilian
Unemployment
Employment
Nonagricultural
Employment in nonagricultural 6establishments (mill, persons): •
Total
Manufacturing and mining
Trade
Construction
Transportation and utilities
Finance and service
Government
Average hours and -earnings of factory
employees:
Hours worked (per week):
All
Durable
Nondurable
Hourly earnings (dollars):
All
Durable
Nondurable
Weekly earnings (dollars):
All
Durable
Nondurable
Nov.
Dec.
Jan.1
In unit indicated
MONTHLY FIGURES—Gont.
PRODUCTION AND DISTRIBUTION
GOVERNMENT FINANCE—Cont.
Sales and redemptions of U. S. savings
securities:
Savings notes:
Sales
Redemptions
Net sales or redemptions
Savings bonds:
All series:
Sales 8
Redemptions
Net sales or redemptions 8 . . . .
Series A-E:
Sales
Redemptions
Net sales or redemptions
Series F 8and G:
Sales.
Redemptions
Net sales or redemptions 8 . . . .
Chart
book
page
Jan.i
In millions of dollars
MONTHLY FIGURES—Cont.
1951
1950
1951
53
53
53
53
53
54
54
54
54
54
54
54
55
55
55
55
55
55
55
55
55
Industrial production: 8
Total (1935-39 = 100)
56, 57
Points in total index:
Durable manufactures
56
255
218
236
Nondurable manufactures....
56
157
311
479
Minerals
56
-93
-243
+98
Indexes (1935-39=100):
Durable manufactures
57
Nondurable manufactures. . . .
57
364
305
475
Minerals
57
595
411
468
Selected durable manufactures
+25
+73 - 1 2 0
(1935-39 = 100):
Nonferrous metals
58
246
284
343
Steel
58
P379
P512
v33\
Cement
58
-169
-85
-95
Lumber
58
Transportation equipment
58
133
59
81
Machinery
58
P80
P88
P83
Selected nondurable manufactures
+50
+ 110 + 170
(1935-39=100):
Apparel wool consumption
59
Cotton consumption
59
In billions of dollars
Paperboard
59
Newsprint consumption
59
Fuel oil
59
Gasoline
59
4.70
3.49
4,49
Industrial chemicals
59
4.00
3.44
'3.41
Rayon
59
+ .08 + .48 P + 1 . 2 6
Sales, inventories, and new orders:
Sales (bill, dollars) :•
Manufacturing, total
60
Durable
60
19.41 P20.10 P19.90
Nondurable
60
1.30 Pl.33 Pi. 35
Wholesale, total
61
3.74 P4.24 P4.23
Durable
61
Pi. 06
1.06
Pl.06
Nondurable
61
13.31 P13.47 P13.26
Retail, total
61
5.50
P5.56
P5.56
Durable
61
P7.91
P7.69
7.81
Nondurable
61
P4.06
P4.13
4.18
Inventories (bill, dollars): 6
P 3 . 64
3.63
P3.78
Manufacturing, total
60
Durable
60
Nondurable
60
Trade:
Total
61
232.9 '241.0 P239.2
Durable
61
152.1 '154.3 P155.2
Nondurable
61
Wholesale
61
P68.0
65.6
'71.7
Retail
61
15.2
15.0
P16.0
New orders (bill, dollars):
Manufacturing, total
60
Durable
60
In unit indicated
Nondurable
60
Construction contracts 6(3 mo. moving
avg., mill, dollars) :
Total
62
65.5
64.7
Residential
62
()
63.5
62.5
Other
62
61.5
2.2
2.2
2.5 Value of construction activity (mill,
61.3
60.3
dollars):
59.0
54.1
53.7
63
53.0 Total*
Nonresidential: e
Public
63
45.49
45.58 P45.75
Private
63
16.60 P16.69
16.56
Residential:"
P9.81
9.62
9.71
Public
63
P2.49
2.52
2.44
Private
63
P4.09 Residential construction:
4.13
4.12
P6.58
6.59
'6.59
Contracts awarded (mill, dollars):
P6.10
6.12
6.08
Total
64
1- and 2-family dwellings
64
Other
64
Dwellings started (thous. u n i t s ) . . .
65
41.4
41.2
P40.6
Nonfarm mortgage lending
42.2
P41.1
41.9
(mill, dollars):
P40.1
40.4
40.3
Mortgages under $20,000
65
FHA insured home loans
65
1.514
1.541 Pl.551
GI home loans 6
65
1.589
1.617 Pl.623 Freight carloadings:
1.419
1.442 Pl.458
Total (1935-39=100)
71
Groups (points in total index):
62.38 63.80 P62.97
Miscellaneous
71
68.24 P66.71
66.58
Coal
71
57.19
58.26 P58.47
All other
71
214
98.7
91.5
24.3
260
195
160
'221
272
214
155
'278
'311
148
158
240
165
209
195
493
'378
21.1
9.7
11.4
217
101.6
'92.1
23.9
P219
P100.9
P93.3
P24.7
268
196
157
P266
218
280
232
P220
162
290
321
140
158
229
162
225
197
500
385
21.3
9.7
11.6
199
163
288
238
162
P282
P320
163
247
159
P243
P203
P502
P373
P23.3
P10.5
P12.9
P10.2
8.8
2.4
6.4
9.0
2.5
11.4
12.2
P13.3
3.7
7.7
4.1
8.1
P4.8
'33.0
15.1
17.9
34.0
15.7
18.3
P34.9
P16.1
P18.8
27.3
10.0
17.2
10.5
16.8
27.5
10.2
17.3
10.8
16.8
P28.5
P10.5
P18.0
Pll.l
P17.4
22.4
10.6
11.8
23.1
11.1
11.9
P26.5
P13.1
P13.4
1,254
523
731
1,361
813
1,365
575
791
2,554
2,235
2,068
638
759
521
706
468
670
31
1,126
28
980
29
901
536
444
92
597
467
130
6.5
548
P2.9
P7.2
P8.5
87
P95
598
507
91
P87
1,457
1,321
PI.331
236
356
204
350
225
361
136
79.9
26.7
29.4
140
82.7
27.5
29.6
146
86.6
28.4
30.9
For footnotes see p. 337.
MARCH 1951
335
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK— Continued
Chart
book
page
1951
1950
Nov.
Dec,
Jan.*
JulySept.
Oct.Dec.
MONEY RATES, ETC.
72
72
290
332
325
329
73
73
73
403
1,203
442
»-616
957
73
73
4.1
3.0
2.2
1.6
••412
PRICES
74
74
74
74
74
175.6
209.5
195.0
125.4
160.5
178.4
215.4
196.4
125.8
162.0
75
75
75
75
76
76
76
77
77
77
76
171.7
183.7
175.2
163.7
166.7
211.6
135.6
135.6
217.8
180.4
137.6
175.3
187.4
179.0
166.6
171.2
'218.8
139.6
135.6
221.5
184.8
140.5
Bank rates on loans to business:
All loans:
19 cities
New York City
362
7 Northern and Eastern c i t i e s . . .
339
11 Southern and Western cities..
336
Loans of $1,000-$ 10,000:
988
19 cities
656
New York City
7
Northern and Eastern cities. . .
4.9
11 Southern and Western cities..
2.9
Loans of $10,000-$ 100,000:
19 cities
New York City
7 Northern and Eastern c i t i e s . . .
181.6
11 Southern and Western cities..
221.6
199.7
Loans of $100,000-$200,000:
126.0
19 cities
163.7
New York City
7 Northern and Eastern cities. . .
180.0
11 Southern and Western cities..
194.0
Loans of $200,000 and over:
182.3
19 cities
170.2
New York City
178.3
7
Northern and Eastern cities. . .
235.0
11 Southern and Western cities..
144.5
136.4 Stock yields:
225.6
Earnings /price ratio, common
187.4
stocks
142.4
AGRICULTURE
Prices paid and received by farmers
(1910-14 = 100):
Paid, etc
Received
Cash farm income (mill, dollars):
Total
Livestock and products
Crops
Apr.June
QUARTERLY FIGURES—Cont.
MONTHLY FIGURES—Cont.
PRODUCTION AND DISTRIBUTION—Cont.
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
1950
Per cent per annum
In unit indicated
Department stores:
Indexes (1935-39 =100) :•
Sales
Stocks
296 stores:
Sales (mill, dollars)
Stocks (mill, dollars)
Outstanding orders (mill, dollars)
Ratios to sales (months' supply):
Total commitments
Stocks
Chart
book
page
24
24
24
24
2.68
2.34
2.67
3.22
2.63
2.32
2.63
3.13
2.84
2.51
2.87
3.28
24
24
24
24
4.50
3.94
4.58
4.70
4.51
4.06
4.56
4.71
4.60
4.17
4.64
4.78
24
24
24
24
3.65
3.35
3.62
3.83
3.63
3.33
3.59
3.83
3.73
3.44
3.70
3.91
24
24
24
24
2.94
2.73
2.82
3.17
2.95
2.72
2.87
3.15
3.10
2.80
3.18
3.21
24
24
24
24
2.39
2.16
2.45
2.82
2.34
2.15
2.39
2.67
2.57
2.35
2.65
2.90
26
5.30
14.69
In billions of dollars
GOVERNMENT FINANCE
80
80
263
276
265
286
272
300
81
81
81
3,277
1,480
1,781
2,692
1,456
1,216
2,499
1,505
965
INTERNATIONAL TRADE AND FINANCE
Exports and imports (mill, dollars):
Exports
82
Imports
82
Excess of exports or imports
82
Short-term liabilities to and claims on
foreigners reported by banks (bill,
dollars):
Total liabilities
83
Official
83
Invested in U. S. Treasury bills
and certificates
83
Private
83
Claims on foreigners
83
Foreign exchange rates:
See p. 355 of this BULLETIN
84,85
P981 P 1 , 0 6 3
P852
P864
P129
P199
P7.16
P3.60
P6.91
P3.41
Pl.28
56
P.85
PI.07
P 3 . 50
P . 89
P972
Pl.022
p-50
Budget receipts and expenditures of
U. S. Treasury:
Expenditures, total
National defense
37,
Veterans Administration
International aid
Interest on debt
All other
Receipts:
Net receipts
Individual income taxes
Corporate income, etc
Miscellaneous internal revenue. .
All other
Tax refunds (deduct)
37
38
38
38
38
38
37
38
38
38
38
38
10.10
2.97
1.46
1.18
1.93
2.47
8.21
4.23
2.28
2.05
9.05
3.21
1.31
134.2
25.9
18.3
45.3
43.0
60.4
36.2
10.3
73.8
142.5
26.9
19.5
46.9
47.3
66.6
40.6
12.3
75.9
.62
.97
.83
1.05
1.94
9.34
3.98
2.45
2.46
.63
.18
10.01
4.29
1.36
.93
1.34
1.99
9.12
3.68
2.52
2.32
.72
.13
BUSINESS FINANCE
P3.
'urrent assets and liabilities of
corporations:«
Current assets, total
Cash
U. S. Govt. securities
Inventories
Receivables
Current liabilities, total
Notes and accounts payable
Federal income tax liabilities....
Net working capital
39
39
39
39
39
39
39
39
39
1950
In unit indicated
Apr.-
QUARTERLY FIGURES
June
LENDING INSTITUTIONS OTHER THAN
COMMERCIAL BANKS
Assets of savings institutions:
Savings and loan associations: e
Total assets
Real estate mortgages
U. S. Govt. securities
Other assets
Loans and loan guarantees and insurance of Federal agencies:
Total*
Loans
Foreign
Domestic:
Agriculture
Home owners
Other
Loan guarantees and insurance: e
Nonfarm mortgages
Other
JulySept.
Oct.Dec.
In billions of dollars
20
20
20
20
15.94
12.85
1.54
1.55
16.30
13.48
1.52
1.30
21
21
21
31.85
11.98
6.03
33.36
12.58
6.04
21
21
21
3.33
2.08
.81
3.57
2.42
.82
21
21
18.97
.91
20.20
.58
17.18
14.04
1.53
1.61
Corporate security issues:
Total (bill, dollars) •
New money, total (bill, dollars) •
Type of security (bill, dollars):
Bonds
Preferred stock
Common stock
Use of proceeds (mill, dollars):
Plant and equipment:
All issuers
Public utility
Railroad
Industrial
Working capital:
All issuers
Public utility
Railroad
Industrial
Bonds (bill, dollars): •
Public
Private
40
40
2.19
1.27
1.12
.74
1.48
.96
40
40
40
.76
.20
.32
.61
.07
.07
.70
.13
.13
41
41
41
41
958
774
81
103
577
432
67
75
717
470
"72
174
41
41
41
41
317
6
165
6
171
94
239
5
1
178
40
40
.98
.65
.37
.56
.33
.81
For footnotes, see p. 337.
336
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK— Continued
Chart
book
page
Apr.June
JulySept.
Plant and equipment
(bill, dollars): • n
42
37.4
46.4
42
42
20.9
12.7
25.8
16.5
5.2
6.4
43
1.5
1.8
43
43
695
353
778
464
43
43
298
155
256
253
44
4.3
4.7
5.4
44
44
3.1
2.0
3.3
2.2
4.0
2.7
JulySept.
Oct.Dec.
Individual savings: •
47
47
47
47
47
47
47
48
271.6
283.9
300.3
48
48
50
50
50
39.9
185.8
26.5
99.9
59.5
40.4
198.9
34.0
104.5
60.4
47.6
195.8
30.0
104.3
61.5
48
46.0
44.5
56.8
49
49
49
49
21.8
21.5
4.4
-1.7
26.3
23.0
-1.5
-3.3
26.1
22.9
11.2
-3.4
51
51
51
51
215.1
195.6
185.8
9.8
224.9
204.6
198.9
5.7
234.9
211.6
195.8
15.8
1949
In billions of dollars
CONSUMER FINANCE
Gross savings
Liquid savings
Cash
U. S. Govt. securities
Other securities
Insurance
Debt liquidation
Gross national product 6
Govt. purchases of goods and services
"> 48.0 Personal consumption expenditures
Durable goods
0
26.7
Nondurable goods
o 15.2
Services
Private domestic and foreign investment
Gross private domestic investment:
Producers' durable equipment.
New construction
Change in business inventories.
Net foreign investment
Personal income,
consumption, and
saving: 6
Personal income
Disposable income
Consumption expenditures
Net personal saving
43
expenditures
All business
Manufacturing and mining; railroads and utilities
Manufacturing and mining
Apr.June
GROSS NATIONAL PRODUCT, ETC. «
Corporate profits after taxes (quarterly totals):
All corporations (bill, dollars) e . . . .
Large corporations, total (bill, dollars)
Manufacturing (mill, dollars):
Durable
Nondurable
Electric power and telephone
(mill, dollars)
Railroads (mill, dollars)
1950
Annual rates
in billions of dollars
QUARTERLY FIGURES—Gont.
Cont.
Corporate profits, taxes, and dividends
(annual rates, bill, dollars): e 6
Profits before taxes
Profits after taxes (dividends and
undistributed profits)
Undistributed profits
Chart
book
page
Oct.Dec.
In unit indicated
QUARTERLY FIGURES—Cont.
BUSINESS FINANCE
1950
+ 10.2 + 12 .4
+0.6
+0 .1
+0.7
+1 .7
- 0 .5
+0.5
+0.8
+0 .2
+ 1.3 +2 .1
- 3 .5
-2.7
June
30
1950
Dec.
31
June
30
SEMIANNUAL FIGURES
In billions of dollars
INSURED COMMERCIAL BANKS
Loans:
Commercial
Agricultural
Real estate
Consumer12
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
5.29
16.94
2.96
11.41
6.00
16.81
2.82
12.27
6.89
11
11
11
11
1.97
0.90
5.76
3.49
1.75
0.86
6.40
3.57
1.86
0.91
7.24
3.72
c
e
r
Corrected.
Estimated.
P Preliminary.
Revised.
1
For charts on pp. 22, 28, and 30, figures for a more recent period are available in the regular BULLETIN tables that show those series. Because the Chart Book is usually released for publication some time after the BULLETIN has gone to press, most weekly charts and several monthly
charts
include figures for a more recent date than are shown in this table.
2
Figures for other than Wednesday dates are shown
under the Wednesday included in the
weekly period.
3
4
5
Deficiency
of less than 5 million dollars. 7
Less than 5 million dollars.
Series discontinued as of Feb. 1.
6
Adjusted
for
seasonal
variation.
Effective
Jan.
17,
margin
requirements
increased
from 50 to 75 per cent.
8
For November
and December, sales exclude, and net sales or redemptions
include, a special offering amounting to 131 and 177 million dollars,
9
10
respectively.
Total labor force will not be shown henceforth.
Estimates of Council of Economic Advisors, based on preliminary data.
11
Expenditures anticipated by business during the first quarter
of 1951 are (in billions of dollars): all business, 4.8; manufacturing and mining,
12
railroads and utilities, 3.4; manufacturing and mining, 2.4.
Excluding single-payment loans of $3,000 and over.
* Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $6.00; individual copies of monthly
issues at 60 cents each.
MARCH 1951
337
INTERNATIONAL FINANCIAL STATISTICS
PAGE
International capital transactions of the United States. .
340-345
Gold production.
345
Reported gold reserves of central banks and governments
346
Gold movements; gold stock of the United States
347
International Monetary Fund and Bank
348
Central Banks.
349-353
Money rates in foreign countries
353
Commercial banks.
354
Foreign exchange rates
355
Price movements:
Wholesale prices
356
Retail food prices and cost of living. . ,
357
Security prices.
357
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.
MARCH 1951
339
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[Net movement from United States, ( —). In millions of dollars]
TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES
Increase in foreign banking
funds in U. S.
From Jan. 2, 1935,
through—
Total
Total
Official i
Other
Increase in
banking
funds of international
institutions
in U. S.
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds 2
Domestic
securities:
Inflow of
foreign2
funds
Inflow in
brokerage
balances
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
(Jan. 1, 1936).
30
29
(Jan. 4, 1939).
(Jan. 3, 1940).
1,440.7
2,667.4
3,501.1
3,933.0
5,112.8
631.5
989.5
1,259.3
1,513.9
2,522.4
38.0
140.1
334.7
327.0
634.1
593.5
849.4
924.6
1,186.9
1,888.3
361.4
431.5
449.1
510.1
650.4
125.2
316.2
583.2
641.8
725.7
316.7
917.4
1,162.0
1,219.7
1,133.7
6.0
12.9
47.5
47.6
80.6
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
(Jan. 1, 1941).
31
31 3
31
31
5,807.9
5,354.1
5,980.2
7,267.1
7,728.4
3,239.3
2,979.6
3,465.5
4,644.8
4,865.2
1,281.1
1,177.1
1,557.2
2,610.0
2,624.9
1,958.3
1,802.6
1,908.3
2,034.8
2,240.3
775.1
791.3
888.8
877.6
805.8
803.8
855.5
848.2
925.9
1 ,019.4
888.7
626.7
673.3
701.1
911.8
100.9
100.9
104.4
117.8
126.3
1945—Dec.
1946—Dec.
1947--Dec.
1948—Dec.
1949—Dec.
31
31
31
31
31
8,802.8
8,009.5
8,343.7
8,569.1
8,763.5
6,144.5
5,272.3
4,120.3
5,119.5
5,226.0
3,469.0
2,333.6
1,121.8
2,126.0
2,197.8
2,675.5
2,938.7
2,998.5
2,993.6
3,028.2
453.8
2,242.0
1,844.3
1,637.8
742.7
427.2
186.5
116.8
307.6
972.8
1 ,237.9
1 ,276.9
1 ,182.1
1L.209.9
798.7
464.5
375.5
183.3
258.5
144.1
153.7
142.4
123.1
123.7
8,864.0
9,092.5
9,153.2
9,371.6
9,563.0
9,782.2
9,896.4
10,128.9
10,488.0
10,733.5
10,689.7
10,515.5
5,245.9
5,283.8
5,308.8
5,504.2
5,614.5
5,784.7
5,831.1
6,002.9
»-6,559.4
6,775.4
6,425.5
6,175.1
2,153.6
2,189.7
2,112.9
2,168.3
2,298.5
2,530.3
2,592.5
2,522.3
'3,012.6
3,257.7
2,890.8
2,703.2
3,092.4
3,094.1
3,195.9
3,336.0
3,316.0
3,254.5
3,238.6
3,480.6
••3,546.8
3,517.8
3,534.6
3,471.9
1,723.0
1,707.1
1,690.9
1,663.4
1,662 .7
1,636.4
1,626.6
1,612.4
1,626.4
1,647.2
1,713.3
1,702.3
404.5
458.7
480.6
494.6
522.1
472.1
462.3
445.6
'383.4
292.7
280.8
241.0
1 ,103.7
:L,210.0
L,163.6
1,154.3
L,179.0
1,227.4
1,226.0
L.172.7
999.2
L.062.5
L,066.7
L,071.8
263.8
310.1
379.3
424.4
459.6
538.4
629.7
772.6
797.7
831.4
1,073.4
1,193.6
123.0
122.8
130.0
130.6
125.2
123.2
120.7
122.7
121.9
124.3
130.0
131.7
1950—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30P
Dec. 3 1 P
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
InternaFrom Jan. 2, 1935, tional
inthrough—
stitutions
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
31
31
31
31
31
1950—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30P
Dec. 3 1 P
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
Canada
453.8
2,067.3
,677.1
,541.7
8,802.8
7,555.7
6,276.4
6,891.9
7,221.8
892.5
563.1
437.0
659.7
682.4
464.2
384.8
234.3
74.2
113.2
539.7
326.4
213.8
103.0
171.6
722.3
766.1
839.3
846.0
951.2
106.5
287.5
150.1
335.9
301.4
1,311.8
1,246.3
1,100.6
1,122.2
1,135.8
4,037.0
3,574.2
2,975.1
3,141.1
3,355.5
1,395.7
979.7
688.6
947.3
984.7
,526.8
,611.3
,615.3
,616.0
,627.9
,617.2
,608.3
,600.6
,614.
,641.6
,710.1
,725.0
7,337.2
7,481.2
7,537.9
7,755.6
7,935.0
8,165.0
8,288.1
8,528.3
"•8,873.2
9,091.9
8,979.6
8,790.5
728.9
764.4
797.7
888.4
943.0
,055.5
,048.0
892.9
'805.7
875.3
791.0
759.3
93.8
115.1
112.0
114.2
156.2
188.6
163.4
324.9
338
398
386
175.3
162.0
171.7
188.4
210.6
215.6
236.9
247.6
249.3
267.2
274.8
187.8
890.1
890.0
952.6
983.7
989.0
1,000.4
1,006.2
1,014.1
1,013.8
984.8
977.8
956.6
295.1
298.2
259.4
255.5
267.6
270.6
268.3
281.5
306.2
316.4
308.6
307.8
1,186.3
1,217.8
1,219.3
1,240.0
1,243.9
1,268.1
1,293.9
1,313.7
1,366.1
1,356.4
1,326.8
1,315.7
3,369.6
3,447.5
3,512.7
3,670.2
3,810.3
3,998.9
4,016.8
4,074.8
'4,079.6
4,198.7
4,065.4
3,940.5
1,022.2
1,024.2
995.8
990.5
1,016.9
1,064.8
1,093.2
1,176.4
1,346.2
1,300.3
1,285.1
1,195.1
413.3
Latin
America
Asia
All
other
1,338.4 1,784.1
1,474.0 1,258.3
1,383.4
984.3
1,503.6 1,065.2
1,780.2
852.0
247.5
269.6
244.9
234.9
249.4
882.9
933.2
943.1
997.2
1,023.7
1,030.7
1,019.7
1,073.3
1,156.1
1,286.6
1,328.5
1,301.5
270.2
242.8
232.2
221.7
228.4
228.3
244.5
260.3
254.3
251.0
290.0
299.3
1,792.3
1,833.5
1.854.1
1,875.9
1,855.7
1,842.4
1,914.0
1,943.5
r
2,037.0
2,055.4
2,010.6
2,054.1
r
P
Preliminary.
Revised.
1
This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York
and special deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by
central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal
Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with
the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments
and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also
special
deposit accounts held with the U. S. Treasury.
2
Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 5 and 6. Securities
of such
institutions are included in foreign securities.
8
The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942.
Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This
adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent
figures are based upon new monthly series. For further explanation see BULLETIN for January 1943, p. 98.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics,
pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see
BULLETIN for February 1950, pp. 246-251. For revision of earlier figures to include movement in official Philippine accounts held with U. S.
Treasury, see BULLETIN for July 1946, pp. 815-819. Certain of thefiguresin 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.
340
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
International
institutions
From Jan. 2, 1935,
through—
1945—Dec.
1946—Dec.
1947—Dec.
194g—Dec.
1949—Dec.
31
31
31
3i
31
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Total
Other
Europe Europe
50.1
247 6
132.8
313.2
283.3
745.8
687.2
576.6
574.8
553.7
2,223.4 1,414.2
924.9 1,369.1
2,065.5 823 9
983 3 1 135 7
1,621.4 301.6 1,095.0
877 3
2,117.1 667.2 1,165.4
971.2
2,158.7 761.1 1,315.1
780.4
212.9
263 9
224 9
198.6
210.7
276 4 575.8
282.3 603.9
239.7 593.0
236.5 609.0
253.2 606.2
260.1 625.8
255.5 638.6
263.5 653.0
283.7 '702.9
288.9 696.6
282.8 640.6
287.7 626.4
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 L.254.7
921.2
2,671.6 688.4 1,333.5
912 8
2,631.4
819.7
1,348.1
966 2
r
2,624.2 r l,224.8 r 1,423.2 '1,044.1:
2,771.5 1,120.0 1,448.4 1,182 2
2,568.1 945.6 1,401.9 1,223.4
2,408.2 792.4 I,489.1 1,198.5
241 0
217 8
209.6
195 1
202.7
219.4
224 7
237.5
243.1
253 3
286.5
286.9
453.8
2.242.0
. . . . L.844.3
1,637.8
6,144.5
5,272.3
4,120.3
5,119.5
5,226.0
646.4
397.6
264.9
485.0
513.0
229.9
165 8
87.6
112.6
91.4
265.0
208.2
126.7
106.1
153.9
286.3
359.0
432.8
525.3
563.3
1,723 0
L,707.1
1,690.9
L,663.4
1,662.7
1,636.4
1,626.6
L.612.4
r 1,626.4
1,647.2
L.713.3
1,702.3
5,245 9
5,283.8
5,308.8
5,504.2
5,614.5
5,784.7
5,831.1
6,002.9
r
6,559.4
6,775.4
6,425.5
6,175.1
548.1
571.9
600.8
690 5
740.0
852.5
852.4
698.8
r
644.1
759.5
656.6
600.2
72 2
79.3
76.9
80.0
106.1
138.9
113.0
185.9
168.3
209.5
167.0
180.4
160.7
152.5
162.0
178.4
202.9
209.0
231.8
240.5
238.9
258.4
265.3
176.9
493 8
497.0
560.5
584.1
583.0
581.3
580 3
589.7
r
586.4
558.8
555.8
536.6
1950—j an . 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 3 0 P
Dec. 31 v
Canada
Latin
America
Asia
•
All
other
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935, through—
I945—Dec.
1946—Dec
I947—Dec.
194g—Dec.
I949—Dec.
31
31
31
31
31
1950—Jan. 31
Feb 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug 31
Sept. 30
Oct 31
Nov 30P
Dec 3 1 P
. .
. .
.
. . . .
Total
United
King- France
dom
742.7
427.2
186 5
116.8
307.6
266.6
244.3
262 8
267.5
254.8
404.5
458.7
480.6
494.6
522.1
472.1
462.3
445.6
'383.4
292.7
280.8
241.0
259.4
267.7
268.3
269.6
264.8
263 9
255.3
253 5
215.7
152 5
167.7
190.5
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
Canada
Latin
America
78.0 - 1 7 . 7
5 2
73.4 - 1 3 2 . 3 - 1 . 7
1 1
55.7 —30 5
- 3 9 . 9 —32.7
1 2
27.2
13 4
4 3
26.2
10.6
5 5
10.8
235.1
226.9
190.9
203.5
211.3
593.4
421.3
485.5
410.3
515.0
39.5
40.7
65.4
53.0
55.3
-58.8
-346.3
-348.6
-243.1
99.2
29.9
2 0
10.3
-10.6
1.5
-5.8
—20 1
—8.3
—9.0
238.6
239.2
240 5
239.7
245.5
245.3
248.8
248.7
247.0
243 4
234.4
237.1
52.7
549.8
570.0
50.4
574.1
55.4
575.6
57.3
585.3
60.2
578.8
57.8
575.7
46.8
570.9
22.6
534.5 - 1 6 . 8
470 6 — 10.2
472.1
-5.5
496.0 - 3 0 . 9
-179.3
-143.4
-135.5
-127.8
-122.5
-155.7
-162.4
-151.5
-129.7
-139.3
-161.3
-206.8
5.1
13.3
17.5
28.4
41 2
42.9
41 8
r
44.6
34 7
33.5
32.1
.1
—18.7
-23.1
—26.7
—28.2
—29.3
—50.0
—40.6
—38 2
—49.2
—63 1
—58 0
-49.4
CanLatin
ada America
Asia
All
other
27.6
43.1
43.7
43.2
58.1
58.4
58.8
49 0
48.9
48 8
47 8
47.7
16.0
14.2
14 3
14.9
14.2
14.4
14.1
14 9
15.3
13 8
14 9
15.1
2.5
2.6
3
1.9
.8
-1 0
-1.6
— 5
-1.8
—2 2
—4 8
-.5
4.0
5.8
3.2
7.0
6.4
2.0
—2.1
.2
5.2
9.5
14 3
12.1
6.0
9.1
Asia
All
other
TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
International
institutions
From Jan. 2, 1935,
through—
1945—Dec.
1946—Dec.
I947—Dec.
194g—Dec
1949—Dec
31
31
31
31
31.
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
-249.3
-249.3
-265.3
079 «
1,237 9
I 526 2
1,431.3
1,475.1
117 7
96.8
94.9
84.9
71.4
51.2
50.2
47.1
42.9
43.2
45 2
33 0
26.0
31.2
—3 9
16.3
-9.1 -19.0
.1
-9.3
27.5
26.7
26.5
26.5
27.0
249.2
260.2
275.8
287.2
311.7
523.8
491.2
456.7
413.3
444.1
49.1
236.6
441.8
339.7
329.1
317.1
448.4
537.6
578.3
598.5
60 8
61.1
61.6
63.2
63.9
22 0
.7
28 4
36.9
39.5
-365.8
—269 1
-267.7
—266.6
—266 5
-267.1
-266.9
—266 9
-266.9
—268 9
—268 8
-268.8
1,469.5
I 479 0
1,431 3
L 421 0
I 445 5
L 494 4
1,492.9
I 439 6
,266 1
331 3
335 5
340 7
71.3
70 9
70.4
69.3
68 0
67.1
66.4
66.2
64.7
64 5
65.3
65.3
44.0
43.9
45.1
45.0
44 6
44.1
43.8
43.6
43.6
43 0
42.7
42.0
27.0
27.0
27.1
27.1
27 4
27.4
27.4
27.4
27.4
27.4
27.4
27.4
313.4
314.4
314.9
315.5
316 1
316.1
316.5
317.0
317.2
316.8
316.9
319.6
443.0
443.8
448.9
453.3
455.3
457.2
455.7
455.4
458.1
454.4
456.1
457.5
320.9
326.9
271.5
251.3
270.5
303.2
300.3
245.1
70.9
136.7
137.4
139.4
601.9
604.1
606.5
606.9
609 8
620.8
623.5
625 3
622.3
624.9
626.5
628.3
64.0
64 1
64.1
64.1
64 2
64.2
64.2
64.2
65.1
65 3
65.3
65.0
39.8
40 1
40.3
45 4
45 7
49 0
49.4
49 6
49.7
50 1
50 2
50.4
...
...
1950—Jan. 31
Feb 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug 31
Sept. 30
Oct 31
Nov. 3 0 P .
Dec. 31 P
Preliminary.
MARCH
Total
1951
r
-15.1
— 16 9
-16.9
-14.5
— 15 0
-14.2
-13.6
-13 6
-13.2
— 13 3
-13 8
-14.0
2.4
4.5
8.2
11.0
14 2
16.8
15.1
14.8
18.4
15 9
17.6
17.3
Revised.
341
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued
[Net movement from United States, (—). In millions of dollars]
TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
International
institutions
From Jan. 2, 1935,
through—
1945—Dec.
1946—Dec
1947—Dec
1948—Dec
1949—Dec.
31
31
31
31
31
....
1950—j an> 3i
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug 31
Sept. 30
Oct. 31
Nov. 3 0 P
Dec. 31 P
Netherlands
Switzerland
Italy
-157.9
-194.9
—203 8
-194.7
-173.9
81.7 233 5
74.9 207.0
24 7 108 7
- 5 8 . 1 29.5
-64.9
4.0
355.4
337.9
350 9
311.0
355.2
2.1
-15 0
-15.0
-13.4
68.0
57.3
43 1
45.7
47.9
582.9
484.3
308.7
118.4
154.9
-126.6
-143.0
-139 8
-132.3
-181.3
81.3
87.6
84 2
94 .4
96.9
251 3
26.8
36 8
13.6
11.5
-166.2
-163.1
— 158 8
-158.2
— 146 5
— 144.8
-143.6
— 142 5
-135.8
-118.0
— 115 8
-113.6
-65.7
-66.7
—69 1
-69.4
—68 6
—69 0
-68.7
30 6
61 1
81.1
112 0
127.2
363.7
359.1
355.9
357.8
364 0
376.7
383.9
383 0
385.4
385.0
382 4
374.2
-14.7
-14.9
-14.8
-15.1
-15 5
-15.3
-15.2
-15 1
-14.8
-14.6
— 14.5
-14.3
47.4
49.5
60.4
65.4
65 7
70.8
79.7
85 0
88.8
89.7
124 8
121.7
167.2
165.0
174.5
179.1
196 1
214.0
230.0
336.0
381.7
420.5
485.8
492.9
-184.6
-136.1
— 101.9
-76.6
— 74 8
-38.0
37.3
69 3
47.1
33.1
186 6
276.7
93.6
90.0
95.1
96.9
101 6
110.9
109.9
108 3
108.4
108.3
128 3
126.4
10 6
10.4
11 2
-2.8
—3 5
-5 2
-5.5
—5 6
-4 3
-3.1
—2 6
-3.8
Latin
America
Asia
Total
United
King- France
dom
74 5
82.1
169.1
798.7
464.5
300 9
101.2
89.3
169.6
173.2
192 1
219.2
231 8
247.8
248.6
255 1
255.3
263.3
265 6
291.5
94.1
136.8
187.2
205.2
227 8
290.6
381.1
517 6
542.4
568.1
807.8
902.0
2.8
1.1
9
-1.4
—3 0
-4 5
-6.0
—4 9
-2.9
-2.7
—3 1
-2.3
2.2
Other
Total
Europe Europe
CanLatin
ada America
Asia
All
other
9.9
8.8
11 0
7.2
7.4
7.3
7.5
8.3
8.7
8 5
8.9
9.4
9 5
9.4
9.5
9 7
9.9
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—
Total
United
King- France
dom
Netherlands
Switzerland
1945—Dec
1946—Dec.
I947—Dec
1948—Dec
I949—Dec.
31
31
31
31
31
144 1
153.7
142.4
123.1
123.7
19 8
19.2
18.2
17.0
17.1
23 4
20.5
19.1
16.7
16.2
26 0
17.5
12.7
9.3
9 6
30 3
39.6
38.2
27.5
28 4
1950—Jan
Feb.
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
31
28
31
30
31
30
31
31
30
31
123 0
122.8
130.0
130 6
125.2
123.2
120.7
122.7
121.9
124.3
130.0
1
131.7
16.3
17.1
17.0
17 3
16.7
16.9
17.5
16.9
17.0
16.7
17.2
16.9
15 8
15.5
15.3
15 5
16.1
16.3
16.5
15.8
16.6
16 3
16.9
16.1
11 0
11.1
11.3
11 1
11.6
10.9
10 6
10.7
11.2
11 0
11.4
12.0
27 8
26.8
27.8
29 0
27.0
26.6
28 4
27.1
25.4
27 3
26.8
29.0
. . .
30P
31 P
Italy
Other
Total
Europe Europe
Canada
All
other
.4
13.6
14.7
14.2
11.0
11.1
113 6
112.0
102.7
81.9
82 9
19 5
21.5
19.6
19.6
20 5
5 9
13.4
12.9
14.0
12 7
3 8
4.8
6.6
7.0
6 8
1 3
2.0
.7
.6
8
6
11.1
10.7
10.4
10.4
10.3
10.1
10.3
10.1
10.2
9.9
10.2
10.9
82 5
81.8
82.4
83 7
82.2
81.2
83 8
81.1
81.0
81 7
83.3
86.0
21 8
17.7
21.2
21 5
21.6
19.9
20 3
19.7
20.3
20 7
21.0
17.5
11 2
15.7
18.5
16 3
12.3
11.7
9 5
13.3
12.8
13 1
15.3
17.2
6 7
6.9
7.2
8 3
8.4
9.3
5 4
6.7
6.6
7 5
9.0
9.8
8
8
8
7
8
.4
.3
.4
.6
.6
.6
5
.5
.5
.5
.5
.5
.5
.8
1.0
1.0
1 7
1.8
1.2
1 3
1.6
1.4
SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES
[Amounts~outstanding, in millions of dollars]
LIABILITIES TO FOREIGNERS
In-
ternational
institutions
Date
1945—Dec. 3 1 . . .
1946—Dec. 3 1 . . .
1947—Dec. 3 1 . . .
1948—Dec. 3 1 . . .
1949—Dec. 3 1 . . .
1950—Tan. 3 1 . . .
Feb. 2 8 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
May 3 1 . . .
June 3 0 . . .
July 3 1 . . .
Aug. 3 1 . . .
Sept. 3 0 . . .
Oct. 3 1 . . .
Nov. 3 0 P . .
Dec.
31P..
' " 473 .7
2,262.0
1,864.3
1,657.8
1,742.9
1,727.0
1,710.8
1,683.4
1,682.6
1,656.4
1,646.5
1,632
A
'•1,646.4
1,667.1
1,733.3
1,722.2
Total i"oreign
countries 2
Official
and
private
Official
United
NethKing- France
erdom
lands
Switzerland *
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia
All
other
6,883.1
6,006.5
4,854.4
5,853.7
5,960.2
4,179.3
3,043.9
1,832.1
2,836.3
2,908.1
707.7
458.9
326.2
546.3
574.4
310.0
245.9
167.7
192.8
171.6
281.6
224.9
143.3
122.8
170.5
304.2
372.6
446.4
538.9
576.9
70.4
267.9
153.1
333.5
303.6
909.1
850.5
739.8
738.1
717.0
2,583.0 1,522.2 1,046.4 1,549.7 181.8
2,420.7 931.8 1,104.8 1,316.4 232.8
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
2,513.9 869.1 1,436.7
961.0 179.5
5,980.1
6,017.9
6,042.9
6,238.4
6,348.7
6,518.9
6,565.3
*6,737.0
r
* 7,293.6
4
7,509.6
4
7,159.6
4
6,909.3
2,863.8
2,900.0
2,823 2
2,878.6
3,008.8
3,240.6
3,302.8
3,232.6
'3,722.9
3,968.0
3,601.1
3,413.5
609.5
633.2
662 1
751.8
801.4
913.8
913.8
4
760.1
ri
705.4
4
820.8
4
717.9
4
661.5
152.3
159.4
157.0
160.1
186.2
219.0
193.1
266.0
248.4
289.6
247.2
260.6
177.3
169.1
178.7
195.0
219.5
225.6
248.4
257.2
255.5
275.0
281.9
193.5
507.4
510.6
574.1
597.8
596.6
594.9
593.9
603.4
'600.0
572.4
569.4
550.2
296.7
302.6
260.0
256.8
273 5
280.4
275.8
283.8
304.0
309.2
303.1
308.0
739.0
767.2
756.3
772.3
769.5
789.1
801.9
816.2
'866.2
859.8
803.9
789.7
2,482.3 919.4 1,386.4
982.2 209.8
2,542.1 873.2 1,388.7 1,027.3 186.6
2,588 1 857 .4 1,391 1 1,027.9 178.4
2,733^8 844^9 1^405A l!090.7 163^9
2,846.6 847.5 1,376.1 1,106.9 171.5
3,022.8 829.9 1,376.2 1,101.8 188.2
3,026.9 796.4 1,455.0 1,093 .4 193.5
4
2,986.7 927.6 1,469.6 1,146.8 206.4
r4
2,979.5 1,332.7 1,544.7 1,224.7 211.9
4
3,126.8 1,227.9 1,570.0 1,362.8 222 1
4
2,923.4
1,053.5 1,523.4 1,404.0 255 3
4
2,763.4 900.4 1,610.6 1,379.1 255.8
r
P Preliminary.
Revised.
Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 86.9; U. S. brokerage balances abroad, 32.1.
Country breakdown is for "Official and private."
3 Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date.
4
Beginning August, data include certain deposit balances and other items which have been held in specific trust accounts, but which have
been excluded in the past from reported liabilities.
1
a
342
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
31..
31..
3i
31
31 . .
909.1
850.5
739 8
738.1
717.0
1950—Jan. 3 1 . .
Feb. 28. .
Mar. 31. .
Apr. 30. .
May 31. .
June 30. .
July 31. .
Aug. 31. .
Sept. 30. .
Oct. 31. .
Nov. 3 0 P .
Dec. 31 P.
739.0
767 2
756.3
772.3
769.5
789.1
801.9
816.2
'866.2
859.8
803.9
789.7
1945—Dec.
1946—Dec.
1947—Dec
194g—Dec.
1949—Dec.
44.3
44.0
42.9
39.3
38.7
34.6
35.5
32.0
'35.3
36.1
38.7
40.3
DenBel- Czechoslo- mark
gium vakia
Finland
185.0
159.5
124 9
128.7
119.9
25.9
66.5
52 8
44.7
38.0
7.1
22.2
30.5 89.5
19.1 178.9
25.1 149.4
35.2
33 2
29.3
33.0
32.0
35.9
31.9
31.6
36.4
39.1
43.7
45.5
23.8
20.6
19.0
20.4
18.2
16.0
15.8
16.2
15.7
15.4
17.6
18.3
123.9
133 3
118.5
120.8
108.2
105.5
106.1
107.8
111.6
115.0
119.9
115.8
17.7
17 3
12.3
13.3
13.4
12.9
11.3
7.0
6.1
6.4
6.6
5.6
GerNormany1 Greece way
5.5
7.0
149.7
164.6
180.2
184.9
199.7
227.7
245.0
262.9
286.4
282.5
227.7
221.5
Poland
70.8 216.1
49.3 123.5
34 7 56 2
21.1 77.7
29.6 69.4
30.3
31 6
32.4
35.1
36.9
38.6
40.6
41.6
41.8
42.6
44.2
39.0
76.4
82.2
79.3
82.4
76.7
66.8
69.5
71.2
80.1
75.4
44.5
43.1
6.0
6.7
6.1
6.3
4.9
5.4
4.7
3.5
12.4
3.1
6.9
4.2
Portugal
Rumania Spain
Sweden
47.9
39.0
47.1
37.7
38.1
9.3
8.9
8.7
7.0
6.7
31.7 210.1
16.4 172.6
12.8 58.6
13.6 49.0
15.7 90.1
40.0
39.2
35.8
35.0
36.9
31.6
32.6
35.7
39.1
45.0
50.2
45.7
6.5
14.0
11 3
11.5
10.5
10.1
6 4
6.1
6.1
6.2
6.2
6.2
6.1
6.1
6.0
6.1
6.1
9.2
10.4
13.0
13.4
14.3
20.1
21.3
96.1
101 9
106.1
107.6
109.2
112.7
116.5
117.0
109.8
110.6
109.5
113.7
All
USSR Yugoslavia other2
28.0
60.5
73.7
21.3
10.2
9.4
11 1
13.9
15.7
15.1
19.0
15.2
11.8
9.8
4.5
5.5
4.0
5.7
12.4
12.1
19.9
7.6
7.1
5.8
6.6
7.0
6.2
6.1
5.0
5.3
5.2
7.6
12.3
13.2
66.0
112.5
138.2
119.3
117.4
58.5
57 9
56.4
54.9
57.0
60.9
55.7
53.5
56.9
56.2
50.4
52.4
Latin America
Latin
BoAmer- Argenlivia
tina
ica
Date
Brazil Chile
Colombia
Cuba
Dominican Guate- MexRe- mala
ico
public
Netherlands
West Peru
Indies
and
Suri-
RepubEl
lic of SalPan- vador
ama
Uruguay
Other
Vene- Latin
zuela America 3
nam
1945—Dec.
1946—Dec.
1947—Dec.
194g—Dec.
1949—Dec.
1950—Jan.
Feb.
Mar.
Apr.
31.
28
31.
30.
May 31.
June 3 0 .
July 3 1 .
Aug. 3 1 .
Sept
Oct
Nov.
Dec.
4
8
6
0
7
77.3
112 6
236.2
215.8
201.1
14 5
14 0
17 . 8
17 .1
13 .5
195 1
174 0
104.7
123.7
192.8
66 .3
50 .7
46 .3
55 .6
60 .9
79 2 128 3
57 8 153.5
46 1 234.7
1 ,386 4
1 ,388 7
1 ,391 1
1 ,405 1
1 ,376 1
1 ,376. 2
1 ,455. 0
1 ,469.6
r 1,544 7
1 ,570. 0
1 ,523. 4
1 ,610. 6
210.2
219.3
221.2
227.0
233.5
237.6
239.0
249.8
?68 9
?73.0
281.9
301.8
13 .9 164.4
13 . 0 143.8
13 .1 141.1
12 .7 121.6
13 .9
99.4
13 . 8 124.9
13 .3 150.3
18 .4 155.0
19 .0 187.1
17 .0 215.7
17 . 0 195.4
20 .4 226.0
57 .5
70 1
70 .4
73 .2
68 .6
62 .3
69 .0
70 .3
76 .9
82 .5
79 . 0
79 .5
97
90
80
70
53
53
70
76
65
61
48
52
31. 1 ,046
31 1 ,104
3 1 . 1 ,216
31. 1 ,287
31. 1 ,436
™
31
30P
31P
54,0 219.4
85 9 164.2
3 169.7
6 176.9
0 185.4
1 209.7
1 227.2
5 237.1
7 245.8
1 259.5
9 260.6
6 274.2
4 278.4
5 259.0
35.8
36.3
38.8
39.6
40.9
42.6
45.6
44.8
41.8
41.3
41.8
42.7
25
26
27
27
26
25
23
8
7
6
8
6
0
5
22.3
22
22
22
25
7
0
6
4
116.4
152.2
139.2
146 7
214.6
28.2
16 1
H.9
24 3
25.9
43.9
40 9
41.8
52 6
52.8
184.1
179.7
175.7
168.8
160.2
152.6
174.9
163.0
176.4
188.2
187.8
205.2
26.5
25.4
26.5
26.7
28.4
29.7
30.1
29.4
29.0
28.6
27.7
30.2
48.7
46 4
51.6
47.1
46.3
50.3
49.8
50.9
58 0
55 7
57.4
60.2
88 7
77 2
70 3
71 8
74 3
73
77
81
81
80
73
69
63
r
12
62
57
59
8
7
4
3
8
9
5
4
9
5
4
9
35.7
42 6
42.6
40.1
36.9
27.4
28.6
26.4
24.0
21.5
14.6
16.1
62.3
57 4
58.0
59.0
67.0
66.4
73.8
75.7
73.9
71 9
69.7
78.2
49. 7
74.0
78.0
121.7
143.2
158.8
181.8
186.5
184.1
207^4
117.4
115 2
110.1
132.2
124.4
116.7
104.9
97.2
101.8
88.8
79.4
82.0
63.4
67 8
67.5
68.2
68.9
62.4
66.3
67.4
65.8
65.3
65.1
71.3
A 51a and A l l Other
Date
Asia
31 . 1,549.7
31. 1,316.4
31. 1,057.9
3 1 . 1,151.8
3 1 . 961.0
1950—Jan. 31. 982.2
Feb. 28. 1,027.3
Mar. 31 . 1,027.9
Apr. 30. 1,090.7
May 31. 1,106.9
June 30. 1,101.8
July 31. 1,093.4
Aug. 3 1 . 1,146.8
Sept. 30. '•1,224.7
Oct. 31. 1,362.8
Nov. 3 0 P 1,404.0
Dec. 31 P 1,379.1
China
Philand
Thai- Tur- Other All
Iran Israel Japan ippine
Man- Hong
India IndoReKong
nesia
land key Asia" other
chupublic
ria
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
582.3
431.9
229.9
216.2
110.6
27 4
44.9
39.8
51.1
83.9
33 4
43.5
62.4
51.8
63.3
110.1
112.3
104.5
98.5
99.1
95.8
91.3
94.3
'lOl.O
116.8
103.9
81.8
89.9
90.6
88.8
96.4
102.0
107.4
93.6
90.1
89.2
94.4
93.7
86.1
69.5
69.5
61.8
61.7
59.5
50.7
42.1
51.3
55.9
50.5
58.2
55.7
113 7
127.1
69.3
41.5
15.7
12.2
29.2
27.6
31.4
35.9
41.8
47.7
50.7
73.0
91.7
110.5
114.7
4.1
16.6
31.3
81.4
214.6
16.8
16.4
17.5
16.5
14.8
15.4
17.5
18.1
17.8
20.4
20.4
20.3
21.G
27.3
25.0
21.8
19.7
15.1
15.7
15.2
12.7
11.5
11.9
12.6
238.8
252.2
275.2
332 .9
330.7
338.9
353.2
372.5
397.6
434.0
454.0
458.5
629.1
446.6
488.6
488.3
297.3
286.1
289.4
289.4
294.6
299.5
291.3
290.4
299.8
318.0
378.1
379.7
374.9
52 5 107.2 181 8
54.7 151.0 232.8
37.6 99.0 193.7
17.5 204.0 167 .4
9 . 8 165.7 179.5
24.3
22.6
23.5
27.4
29.0
29.7
29.4
30.5
34.6
39.5
44.4
48.2
12.0
14.4
10.4
10.2
10.6
12.8
12.4
12.1
11.6
12.3
13.1
14.3
101.5
103.5
104.2
99.2
106.0
102.7
100.1
112.4
113.3
113.5
114.3
111.9
209.8
186.6
178.4
163.9
171.5
188.2
193.5
206.4
211.9
222.1
255.3
255.8
Egypt
and Union
Bel- AngloAus- gian
of
tralia Congo Egyp- South Other-'
tian Africa
Sudan
28.9
4S S
30.6
22.2
32.4
29.8
25.1
20.5
17.5
18.4
18.6
19.5
16.0
15.6
18.1
21.8
19.1
27.2
28.3
30.0
31.8
33.6
35.6
39.8
36.3
37.6
41.6
58.2
57.3
18.9
20 8
25.0
27.7
61 .6
6 . 4 127. 7
47.2 119^3
46.4 91.8
15.8 101.6
6.0
79.5
72.8
58.4
57.3
56.2
57.0
57 .7
53.0
63.4
63.6
64.4
66.3
75.6
22.9
21.3
15.8
6.6
9.6
14.7
19.7
29.5
33.8
37.5
45.0
46.1
57.1
53.6
54.7
51.8
53.0
61.6
61.5
61.2
61.4
60.5
64.0
57.7
r
v Preliminary.
Revised.
ucgiuiii.ii&
opened by occupation authorities for foreign trade purposes.
Beginning lviaiui
March x^-*/,
1947, nguics
figures mtiuuc
include ucuain,<.o
balances m
in accounts
a
Beginning
.L^ftj.^ning
January
1950,
excludes Austria, Czechoslovakia, and Poland, reported separately as of that date.
3
Beginning
January
1950,
excludes
Dominican
Republic,
Guatemala,
El Salvador, and Uruguay, reported separately as of that date.
4
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
MARCH
1951
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
CLAIMS ON FOREIGNERS
Total
Date
1945—Dec. 3 1 . . .
1946—Dec, 3 1 . . .
1947—Dec. 3 1 . . .
1948—Dec. 3 1 . . .
1949—Dec. 3 1 . . .
25.4
47.7
29.2
24.5
37.2
23.4
119.0
51.8
i 724.8 32.6
670.6 24.3
648.7 23.7
634.8 22.4
607.3 27.2
657.3 28.1
667.1 36.7
683.8 38.5
'745.9
76.3
836.7 139.5
848.6 124.3
888.3 101.5
51.5
36.0
35.4
35.9
21.0
20.7
20.3
30.1
30.2
30.3
31.2
31.4
392.8
708.3
948.9
1,018.7
827.9
1950—Jan. 3 1 . . .
Feb. 28...
Mar. 3 1 . . .
Apr. 30...
May 3 1 . . .
June 30...
July 31 . .
Aug. 3 1 . . .
Sept. 30...
Oct. 3 1 . . .
Nov. 30*\.
Dec. 31 P . .
United
King- France
dom
1.1
5.7
Netherlands
Switzerland
Italy
36. 3
2.9
9.8
7.0
6.9
3.8
.3
16 .0
21 .1
15 .8
22 .6
74.6
82.8
118.9
106.3
98.5
140.7
312.9
248.6
323.8
219.2
53 .3
52 .2
27 .5
39 .8
37 .6
158
226
514
516
411
5.7
5.5
7.8
6.2
7.3
9.1
9.7
8.6
9.9
20 .7
23 .3
19 .6
20 .2
24 .5
28 .7
26 .4
21 .3
17 .1
12 .3
14 .5
20 .5
165.0 U78.2
64.4
158.0
63.1
153.9
64.0
152.4
58.2
142.7
58.4
149.2
54.9
152.3
54.9
157.1
56.7
193.5
60.3 257.4
69.3 255.9
66.5 232.0
40 .2
42 .4
37 .5
35 .5
32 .7
35 .1
46 .1
70 .3
109 .7
103 . 0
98 .4
123 . 8
347
311
303
295
290
323
151. 0
49. 1
51. 4
5 2
2
4
4
3
4
4
4
3
3
4
3
3
7
4
3
7
5
2
5
7
3
8
7
5
10.3
12.9
8.6
Other
Total
Europe Europe
Canada
Latin
America
Asia
All
other
9
8
3
6
1
29.9
99.2
127.0
118.8
139.7
9.9
17.2
31.5
19.7
20.4
3
4
5
7
5
7
129.0
124.0
115.7
111.6
100.7
87.8
86.2
87.3
'•84.4
94.3
95.5
96.9
30.1
34.8
38.1
39.6
40.7
61.4
52.0
49.6
60.6
74.5
69.4
60.8
330.4
319
297
307
329
374
5
7
3
3
8
CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA
Other Europe
Other AusEurope tria
Date
1945—.£)ec
1946—]3ec#
1947—Dec
1948—Dec
1949—£>ec#
31
31
3i
31
31.
1950—Jan. 31. .
Feb. 28. .
Mar. 31. .
Apr. 30. .
May 31. .
June 30. .
July 31. .
Aug. 31. .
Sept. 30. .
Oct. 31. .
Nov 30»
Dec. 3\v.
DenBel- Czechoslo- mark
gium vakia
74 6
82.8
118 9
106 3
98.5
15 0
21 4
19.3
165.0
64.4
63.1
64.0
58.2
58.4
54.9
54.9
56.7
60.3
69 3
66.5
15.6
16.3
17.7
16.2
11.7
12.2
12.1
14.6
14.6
17.6
21 3
21.5
6
7.5
1.2
.2
.7
.2
.1
.2
(3)
(')
(')
1
.2
(3)
.5
3
()
00
.1
.3
.1
(?)
(«)
(?)
(3)
3
( )
Finland
(3)
6.2
22
8 0
6
.4
3.4
8.2
.5
.5
.5
.6
1.1
1.5
2.2
1.8
2.0
3.3
4.9
3.5
2.4
2.1
2.4
3.4
1.6
1.9
2.7
2.0
44
3.2
GerNormany Greece way
33.9
30.4
30 5
30.5
30.0
125.5
25.6
25.3
25.5
25.2
25.1
25.1
25.1
25.2
25.3
2 2 25.5
2.2
25.4
.7
12.4
10 6
1.2
.7
.2
.2
.2
.1
.3
.1
.1
.1
.1
.3
.1
.2
Poland
31 6
92
8 4
7.4
1 4
1.5
Sweden
1 6
.9
4.9
5
1.0
3.3
1.0
1.1
1.2
1.3
1.2
1.2
1.3
.9
.9
1.4
PorRutugal mania Spain
.5
.1
.1
.1
.1
(*)
.1
.1
(*)
.1
(*)
1
.1
1 1
(3)
7.2
9
7
.5
(3)
2 9
7.0
7.0
1.4
2.3
(*)
(8)
(')
(*)
(>)
(3)
(3)
(»)
(3)
(3)
6.7
7.9
6.6
7.7
4.4
3.7
3.3
2.2
3.3
1.3
3.4
3.1
2.4
2.4
2.8
3.1
3.8
3.1
3.0
4.6
1 3
8 5
.7
.6
.8
.8
.9
.5
.5
.4
.4
.3
.5
.5
1
(•)
1.1
All
USSR Yugoslavia other 2
(3)
1
5 4
6.9
(3)
(3)
(3)
(3)
(3)
6 0
(3)
(3)
3
( )
(3)
(3)
(3)
(3)
(3)
(3)
(3)
.1
.1
.7
2.5
3.2
2.4
.2
(3)
(3)
(*)
(3)
4 8
9.5
35 9
29 8
15.6
4.8
5.2
4.4
4.4
4.6
4.7
4.5
4.4
4.3
3.9
3.8
3.9
Latin America
Latin
BoAmer- Argentina
livia
ica
ite
Brazil Chile
Colombia
Cuba
NethDoerminlands
ican Guate- Mex- West
Re- mala
ico Indies
puband
lic
Suri-
Peru
RepubEl
lic of SalPan- vador
ama
Uruguay
Other
Vene- Latin
zuela America 4
nam
31
31..
31
31
31
158.9
226^8
514.3
516.6
411.1
21.0
41.8
65 2
72.4
53.6
1.3
2 3
1950—Jan. 31. .
Feb. 28. .
Mar, 3 1 . .
Apr. 30. .
May 31. .
June 30. .
July 31. .
Aug. 3 1 . .
Sept. 30. .
Oct. 31. .
Nov. 30P .
Dec. 31P.
347.3
311.4
303.5
295.7
290.5
323.7
330.4
319.5
297.7
307.3
329.3
374.8
51.3
47.8
44.7
46.5
43.1
42.8
37.9
40.6
40.5
40.5
43.0
45.9
5.2
5.7
6.3
6.5
7.7
7.6
7.7
6.3
6.1
8.4
8.4
8.7
1945'—Dec
1946—.Dec.
1947—/[)ea
1948—j)ec<
I949—rw
X S
TfO
XS
V^ V^»
\J
X
*
*
24.7
49.8
2 . 0 165.8
2 . 7 165.4
2 . 3 136.9
99.2
81.3
75.2
67.4
58.8
67.0
74.0
59.9
63.9
63.3
64.3
73.7
6.6
14.6
27.8
15.2
15.5
14.1
9.3
7.9
5.6
5.2
4.7
3.5
4.6
3.3
3.4
4.3
6.9
16.8 33 3
26.4 25.7
32.6 108.6
32.6 83.1
21.1 27.5
19.9
21.0
24.1
26.8
31.8
53.5
58.4
55.1
46.2
40.9
39.8
43.0
27.1
21.5
17.6
-17.1
21.4
29.7
27.7
26.5
26.4
33.9
30.6
28.1
1.8
1.7
1.7
1.7
1.6
1.2
1.4
1.5
1.5
1.5
1.7
1.9
2.4
2.7
2.1
2.2
2.2
1.8
1.9
1.6
1.6
1.7
2.1
2.6
5
8
11 0
25 5
52.2
73.8
73 0
1.1
50.3
46.3
48.1
46.4
44.9
45.8
50.5
45.5
44.9
44.2
47.4
70.0
1.1
1.1
1.0
1.1
1.1
1.0
1.2
1.2
1.1
1.1
1.3
1.3
1.5
1 3
1 9
3 7
1 1
1 3
4.3
4.4
4.7
4.6
6.5
6.6
6.2
6.8
8.5
9.9
9.5
9.7
4.3
4.6
4.9
4.8
5.0
4.7
4.5
3.9
4.0
4.1
3.5
3.1
5 8
10.5
8.6
8.4
11.0
8 7
15.3
26.0
25.6
34.7
26 2
34.5
34.7
43.1
25.3
26.0
24.6
26.5
26.3
25.8
25.4
36.2
24.4
31.5
46.8
49.4
23.3
22.3
21.6
22.0
21.0
18.1
17.4
16.8
14.6
14.3
14.8
14.6
6.1
5 3
6.5
5.3
4.2
3.8
3.8
3.3
2.6
2.5
2.7
3.9
5.5
6.8
9.0
8.1
13.2
10.5
8.0
6.9
6.7
7.7
6.0
6.2
7.5
8.0
r
v 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 un real
movement
introduced by this change.
2
Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date.
3 Less than $50,000.
4
Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that d
1
344
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
China
Philand
Thai- Tur- Other1
India IndoIran Israel Japan ippine
Man- Hong
Kong
nesia
Reland key Asia
chupublic
ria
Asia
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec>
31..
31..
31..
31..
31..
29.9
99.2
127.0
118.8
139.7
53.9
40.8
24.2
16.6
.&
5.9
2.6
3.4
3.7
7.5
12.0
29.6
20.4
17.4
1.4
1.0
.5
1.9
.2
1950—Jan.
Feb.
Mar.
Apr.
May
31..
28..
31..
30. .
31..
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
30. .
31 .
31..
30. .
31..
129.0
124.0
115.7
111.6
100.7
87.8
86 2
87.3
r
84.4
94.3
95.5
96.9
17.0
15.1
19.4
23.4
19 ?
17.6
20.1
22.4
21.6
23.7
18.3
18.2
4.1
4.2
4.3
4.1
4.1
3.3
4.1
5.1
3.7
4.0
4.3
3.0
16.6
17.7
18.9
19.7
24.0
20.5
18.7
15.6
14.7
15.2
14.7
16.2
.2 13.6 11.8 18.1
.1 13.8 12.5 17.9
.2 13.6 13.3 7.7
13.5 12.0 1.9
(3)
.1 12.5 13.3
.9
.2 13.0
.9
7.8
1 11 5 11 2 1 l
. 1 10.4 14.5 1 . 4
.1
8 . 0 '15.2 5 . 2
.1
7 . 6 16.3 8 . 1
.2
7 . 1 21.4 10.9
.2
6 . 6 19.5 12.1
30P.
31 P.
1.0
.5
.2
.9
15.9
14.1
13.8
20.2
27.4
37.3
23.2
2.0
1.4
2.8
4.6
17.7
14.3
7 5
14.3
50.3
10.5
12.0
9.9
5.9
4.8
.7
.7
9
.8
.8
.9
.7
.9
8.5
9.3
1.4
22.8
22.4
22.0
19.7
14 4
12.5
9 6
2.4
1.9
1.2
.9
7
.6
8.0
6.2
7.0
4.6
4.9
1.5
1.5
1.5
1.8
1.5
1 2
All
other
11.7
10 9
10.7
7 7
7.6
7.5
10.0
11.6
13.9
9.9
1.7
17.2
31.5
19.7
20.4
3.4
9.0
4.7
7.9
30.1
34.8
38.1
39.6
40.7
61.4
52.0
49.6
60.6
74.5
69.4
60.8
10.4
15.5
18.9
20.1
20.8
40.7
35.2
33.9
44.5
56.5
49.5
40.8
r
P Preliminary.
Revised.
Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India.
Israel,
and
Thailand,
reported
separately as of that date.
2
Beginning January 1950, excludes Belgian Congo, reported separately as of that date,
s Less than $50,000.
1
Egypt
Beland
Union
Ausgian Anglo- of
2
tralia Congo Egyp- South Other
tian Africa
Sudan
3.6
3.5
3.5
3.7
3.6
3.8
.3
.4
.1
.4
.2
4.7
10.1
14.4
3.3
3.3
8.0
6.8
7.7
.2
.3
.4
.3
11.3
11.2
11.3
12.1
12.3
11.7
4 6
4.3
4.0
3.5
3.9
5.0
5.3
4.8
4.8
5.4
7.3
7.2
3 9
4.0
3.9
4.4
4.4
4.4
.1
.3
7.9
4.5
7.5
6.8
7.3
8.1
8.1
8.1
Beginning January 1950, excludes Iran,
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In millions of dollars]
Production reported monthly
Year or
month
Estimated
world
production Total
outside 1 reported
monthly
U.S.S.R.
265.6
125.7
871.5
784.0
738.5
752.5
1941.
1942.
1943.
1944.
1945.
1946.
1947.
1948.
1949.
766.5
791.0
1949—Dec...
1950—Jan.. .
Feb...
Mar..
Apr...
May..
June..
July..
Aug..,
Sept..
Oct.. .
Nov..
Dec...
Africa
South
Africa
Rhodesia
1,110.4
982.1
774.1
701.5
683.0
697.0
705.5
728.1
753.2
504.3
494.4
448.2
429.8
427.9
417.6
392.0
405.5
409.7
$1 = i 5 5 / n
27.8
26.6
23.0
20.7
19.9
19.1
18.3
18.0
18.5
63.5
64.0
60.1
66.4
63.2
65.9
34.0
34.2
32.0
35.1
33.3
35.5
34.6
34.6
34.9
34.0
33.9
1.5
1.5
1.4
1.5
1.5
1.5
1.5
1.5
1.5
1.5
1.5
33.3
32.9
North and South America
West Belgian United
Africa2 Congo3 States*
Canada
Mex-
Other
ColomChile
bia
grains of gold 9 /io fine: i. c, an ounce of fine gold =$35.
28.0
23.0
9.3
19.6 209.2 187.1
20.9
28.0
6.4
18.0 131.0 169.4
19.8
22.1
6.1
48.8 127.8
19.7
15.8
19.4
17.8
102.3
7.1
35.8
18.4
12.7
17.7
17.5
94.4
32.5
6.3
18.9
12.1
15.3
14.7
99.1
L.6
8.1
1
51.2
20.5
13.4
16.3
5.9
10.8
19.3
75.8 107.5
11.7
12.9
5.7
1 L.I
23.4
70.9 123.5
12.6
6.3
14.2
23.1
12.9
67.3 144.2
32.4
29.2
2.0
2.0
2.0
1.9
1.9
2.0
1.9
1.9
1.9
2.0
1.9
1.9
2.0
L.I
L.I
L.O
L.I
L.O
L.O
L.O
.0
L.I
.0
1.0
.9
.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
7.0
13.0
12.4
12.2
13.4
12.9
13.1
12.9
12.9
13.2
12.8
13.2
13.3
13.4
.8
1.5
1.0
2.0
.7
.8
.6
1.4
1.2
1.2
1.0
.9
1.0
1.1
1.1
1.1
1.2
1.3
.9
.5
.6
.2
.6
.8
.9
.6
.6
.5
.5
.8
Nica- Austra- India3
ragua5
lia
7.5
8.6
7.7
7.9
7.0
6.4
7.4
7.8
7.7
.6
.6
.7
.7
.7
.6
.7
.7
.7
.7
.6
.6
.6
52.4
40.4
26.3
23.0
23.0
28.9
32.8
31.2
31.3
10.0
9.1
8.8
6.6
5.9
4.6
6.1
6.5
5.7
2.6
2.3
2.3
2.3
2.2
2.4
3.4
2.3
2.5
2.5
2.8
2.8
2.3
.4
.5
.5
.5
.6
.5
.6
6
.6
.6
.6
.7
.5
Gold production in U. S. S. R.: No regular Government statistics on gold production in U.S.S.R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million.
1
Estimates of United States Bureau of Mines.
2
Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only.
3
Reported by American Bureau of Metal Statistics.
4
Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly
figures are estimates of American Bureau of Metal Statistics, those for 1949 having been revised by subtracting from each monthly figure $217,251
so that the aggregate for the year is equal to the yearly estimate compiled by the United States Mint.
5
Gold exports reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731, and Banking and Monetary Statistics, p. 524. For annual
estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp.
542-543.
MARCH
1951
345
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United States
End of month
Treasury
Total
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
20,065
20,529
22,754
24,244
24,427
20,083
20,706
22,868
24,399
24,563
1950—Feb
Mar
Apr
May
June
July. . . .
Aug
Sept
Oct
Nov
Dec
1951—Jan
24,345
24,246
24,247
24,231
24,231
24,136
23,627
23,483
23,249
23,037
22,706
22,392
24,456
24,360
24,350
24,340
24,331
24,239
23,745
23,591
23,349
23,153
22,820
22,461
End of month
1945—Dec..
1946—Dec..
1947—Dec..
1948—Dec..
1949—Dec..
1950—Feb..
Mar..
Apr..
May.
June.
July.
Aug..
Sept..
Oct...
Nov..
Dec.
1951—Jan..
End of month
1945—Dec
1946—Dec
1947—Dec
1948—Dec
1949—Dec
1950—Feb
Mar
Apr
May
June
July
Aug.. . .
Sept
Oct
Nov
Dec
1951—Jan.. . .
gentina 2
Belgium
Brazil
Canada 3
716
735
597
624
698
354
354
354
317
317
361
543
294
408
496
82
65
45
43
40
127
145
83
51
52
191
226
279
289
299
679
682
679
678
663
651
643
599
592
581
587
591
317
317
317
317
317
317
317
317
317
317
317
317
509
511
513
515
521
531
545
554
568
578
590
40
40
40
40
40
40
40
40
40
40
40
64
65
66
67
68
69
70
71
72
73
74
299
299
299
299
299
299
291
291
291
271
1,197
1,072
322
Hungary
India
Iran 5
Italy
24
34
35
41
274
274
274
256
247
131
127
142
140
140
24
28
58
96
252
247
247
247
247
247
247
247
247
247
247
247
140
140
140
140
140
140
140
140
140
140
252
252
252
252
252
252
252
252
252
252
41
Java
7 201
180
7
Mexico
294
181
100
'178 "
178
178
178
178
178
178
178
188
188
188
208
Chile
Colombia 4
NetherNew
lands Zealand
Czechoslovakia
Cuba
Denmark
Egypt
France
38
38
32
32
32
52
53
53
53
53
1,090
796
548
548
523
32
32
32
31
31
31
31
31
31
31
31
53
53
53
53
53
53
53
53
53
53
523
523
523
523
523
523
523
523
523
523
523
523
61
61
Norway
Peru
270
265
231
166
195
23
23
23
23
27
80
91
72
52
51
28
24
20
20
28
229
231
231
231
231
231
231
231
231
231
P310
27
27
27
28
28
28
28
29
29
29
29
51
50
48
50
50
50
50
50
50
50
28
28
28
28
28
28
28
28
28
28
31
International
Monetary
Bank
for International
Settlements
Portugal«
Rumania
South
Africa
Spain
269
914
939
762
183
128
110
111
111
111
85
146
166
173
178
177
179
180
179
183
187
197
80
80
61
61
61
61
61
61
61
61
61
245
193
158
228
Sweden
Switzerland
Turkey
Uruguay
Venezuela
16
other
coun-8
tries
482
381
105
81
70
,342
,430
,356
,387
,504
241
237
170
162
154
195
200
175
164
178
202
215
215
323
373
192
193
195
220
330
70
69
71
71
71
71
71
87
91
90
90
93
,503
,527
,534
,552
,559
,550
,537
,529
,520
,508
,470
154
154
154
154
149
138
146
146
150
150
150
187
190
184
184
189
196
208
217
217
217
373
373
373
373
373
373
373
373
373
373
373
373
334
333
333
337
336
337
336
336
P337
P340
P344
P344
Fund
15
,356
,436
,451
39
32
30
36
68
,460
,460
,460
,460
1,460
1,464
1,494
1,494
1,494
1,494
1,495
1,495
69
87
93
100
108
128
125
145
149
159
167
140
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.
8
Figures as reported by Foreign Exchange Control Board and Minister of Finance.
4
Beginning December 1948 figures taken from last weekly statement of month.
5
Beginning December 1947 includes gold holdings of issue and banking departments of
Bank
Melli Iran; prior to that represents holdings of issue department only.
8
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.
78 Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31.
For list of countries included, see BULLETIN for January 1950, p. 114, footnote 8.
NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back
figures through 1941, see Table 160, pp. 544-555, in the same publication and for those subsequent to 1941, see BULLETIN for February 1950, p. 252. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively.
346
Government gold reserves not included in
previous figures
United
Kingdom
France
1945—Dec
1946—Dec
12,476
12,696
M57
!947—.Mar .
June....
Sept
Dec
1
1948—Mar .. .
June....
Sept....
Dec
12,241
11,920
11,777
11,856
1949—Mar
June. . .
Sept
Dec
U.912
1
1,651
11,425
1
1,688
1950—Mar
June....
Sept
Dec
11,984
12,422
1
2,756
End of month
Belgium
2 n
2,380
12,410
12,383
12,079
13,300
1
Exchange Equalization Account holdings of
gold, U. S. and Canadian dollars, as reported by
British Government. (Gold reserves of Bank of
England have remained unchanged at 1 million
dollars since 1939, when Bank's holdings were
transferred
to Exchange Equalization Account.)
2
France—Exchange Stabilization Fund; Belgium—Treasury.
NOTE.—For details regarding special internal
gold transfers affecting the British and French
institutions, see p. 348, footnote 1, and p. 349,
footnote 8. For available back figures, see
Banking and Monetary Statistics, p. 526, and
BULLETIN for November 1947, p. 1433, and
ruary 1945, p. 190.
Feb-
FEDERAL RESERVE BULLETIN
NET GOLD IMPORTS TO UNITED STATES, BY COUNTRIES
[Net gold exports from United States (—). In millions of dollars]
Gold valued at approximately $35 a fine ounce
Year
or
month
1942
1943
1944
1945
1946
1947
1948
1949
1950
United
Kingdom
Total
... .
1950—Jan
Feb
Mar.
Apr
May
June
July
Aug
Sept.
Belgium
2.0
315.7
1
68 9
—845 4 —695 5
2
— 106 3
.5
311.5
488 4
1,866 3
1,680.4 1,095.4
686.5
527.9
—356 3
31 8
France
Netherlands
Sweden
U.S.S.R. Canada
11.3
135.5
.1
.1
162 9
— .1
39 0
33.7
27 9
-4.5
28.0
34.4
-.1
— .1
Oct
Nov
Dec.
. .
1951—Jan
— 1
31.7
1
— .1
— .1
-.1
-60.6
-.4
-.1
.1
208.9
— 10 8
66 9
46.2
-50.3
53 1
344.1 - 1 3 4 . 0
335 5
445 4
-29.7
103.3
5 8
-394.0
Colombia
Mexico
10.6
40.0
—3 3
-109.7
15 1
3.6
-7 1
15.8
-4.4
3 6
21 6
25.1
14.2
7
5
5
.4
4
5
.1
2
—1 6
53 3
13.1
10 0
—1 5
-42.2
—96 5
—93 4
— 143 6
—93 0
Argentina
-.1
Nicaragua
Venezuela
4.0
8.7
22
75
-55.3
7.7
74
-56.1
.2
7.3
76
— .8
7.9 - 1 3 6 . 1
-4.5
6.9
-1.7
4 4
.4
.5
.5
5
.3
.3
.3
.3
3
.3
.3
.3
-.4
-.1
-.1
.6
—44 2
—95 3
-76.6
— 120 4
-61 2
.4
.2
.3
.2
.3
.3
.2
.3
.4
.3
.4
.3
—54 6
.3
.3
-.1
NET GOLD IMPORTS TO UNITED STATES,
BY COUNTRIES—Continued
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[Net gold exports from United States (—). In millions of dollars]
[In millions of dollars]
Gold valued at approximately $35 a fine ounce
Other
Latin
American
Republics
Year or
month
1942
1943
1944
1945
1946
1947
1948
1949
1950
....
1950—Jan....
Feb...
Mar...
Apr. . .
May. .
June..
July...
Aug...
Sept...
Oct
Nov...
Dec...
Australia
16.3
14.6
— 10 8
70
-8 0
-17.1
7.3
6.4
-5.7
.5
.2
.2
1
.1
.6
.3
.6
.4
.5
.1
.4
.5
.1
.3
.7
.2
.6
.1
.6
.1
.6
4
1
.5 . . . . . .
-11.2
1
1951—Jan.
1
China
Philippine
Republic
.3
-9.5
-11.9
— 134 0
-55.8
-14.0
j
-.2
-3.5
-2.5
-!3
South
Africa
8.9
4.1
.3
.8
3.6
30.2
5
4
118.6
1.3
410.7
-18.6
491.5 i - 6 3 . 5
190.7 2 - 3 7 . 6
22.1
-17.0
3
.2
-.2
3
-.5
£
16.8
1.8
3.5
— .1
4
.4
.3
.3
4
4
37.1
-1.3
-3.5
3.7
10.5
4.7
-3.1
8
-2.1
—17 9
-24.6
-21.2
-6.4
Includes net exports of 39.2 million dollars to Switzerland, 10.7
million to Greece, 8.3 million to French Indo-China, and 5.3 million
to 2other countries.
Includes net exports of 18.3 million dollars to Poland, 8.6 million
io French Indo-China, 6.6 million to Portuguese Asia, and 4.1 million
to 3other countries.
Includes imports of 43.1 million dollars of Thailand gold from
Japan and net exports of 3.0 million dollars to Poland and 3.0 million
to 4other countries.
Includes exports to Egypt as follows: October, 14.7 million dollars;
November, 22.6 million; and December, 6.7 million.
NOTE.—For back figures see Banking and Monetary Statistics,
Table 158, pp. 539-541, and for description of statistics, see p. 524
in the same publication.
MARCH
1951
Gold si.ock at
end of period
All
other
countries
Period
1942
1943
1944
1945
1946 . .
1947
1948
1949
1950
-.2
j
j
-.2
•«
-!2
-.2
EarNet
marked DomesIncrease gold
imgold:
de- tic gold
in total
port or crease
gold
producexport
or
instock
tion a
(-)
crease
(-)
Treasury
Total»
22,726
21,938
20,619
20,065
20,529
22,754
24,244
24,427
22,706
-23.0
22,739
315.7 —458.4 125.4
21,981
--757.9
68.9 —803.6 48.3
20,631 —1,349.8 —845.4 —459! 8 35.8
20,083
—547.8 — 106.3 —356.7
32.0
623 1 311.5
20,706
465! 4 5l!2
210.0
22,868 •2,162.1 1,866.3
75.8
24,399 1,530.4 1,680.4 — 159.2 70.9
24,563
164.6
686.4 —495.7
67.3
22,820 — 1,743.3 —356.3 -1,352.4
83.1
1950—Feb... 24,345
Mar... 24,246
A p r . . . 24,247
M a y . . 24,231
June.. 24,231
July... 24,136
Aug... 23,627
Sept... 23,483
O c t . . . 23,249
Nov... 23,037
Dec... 22,706
1951—Jan. . . 22.392
F e b . . . P22.086
-51.2
.2
24,456
24,360
-96.2
-1.6
24,350
-9.2
53.3
24,340
-10.7
13.1
24,331
-9.0
10.0
24,239
-91.1
-1.5
23,745
-494.4 - 4 2 . 2
23,591
-153.9 - 9 6 . 5
23,349
-242.5 - 9 3 . 4
23,153
-195.5 -143.6
22,820
-333.2 - 9 3 . 0
22,461
-358.8 - 6 0 . 6
P22.162 P - 2 9 8 . 9
(4)
-50.4
-95.4
-59.2
-29.9
-17.6
-90.0
-431.4
-65.9
-146.2
-35.3
-237.9
-248.5
5
-184.4
5.5
6.1
6.7
6.8
6.6
7.1
7.9
7.8
8.2
7.5
7.0
(4)
(4)
l
P Preliminary.
See footnote 1 on opposite page.
Yearly figures through 1949 are estimates of United States MintFigures for 1950 and 1951 are estimates of American Bureau of Metal
Statistics.
3
Change includes transfer of 687.5 million dollars gold subscription
to International Monetary Fund.
4
Not yet available.
* Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 6,058.6 million dollars on Feb. 28, 1951. Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.
2
347
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[End-of-month figures.
1950
In millions of dollars]
1949
International Fund
International Bank
Oct.
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
Other
Unpaid balance of member subscriptions.
Other assets
Member subscriptions
Accumulated net income
2
Net currency purchased
(Cumulative—millions of dollars)
July
Apr,
Oct.
1,494 1,464 1,460 1,450
1,305 1,306 1,299 1,311
4,228 4,257 14,266 14,265
1,003
989
893 1,018
1
1
1
1
8,037 8,022 7,922 8,047
A
A
-4
-3
1951
Jan.
1950
Dec.
Nov.
Jan.
20.0 20.0 20.0 20.0
11.4 11.4 11.4 11.4
65.5 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.
Dec.
Gold
Currencies (balances with depositories
and securities payable on demand):
United States
Other
Investment securities (U. S. Govt. obligations)
Calls on subscriptions to capital stock3. .
Loans (incl. undisbursed portions and
incl. obligations sold under Bank's
guarantee)
Other assets
Bonds outstanding
Liability on obligations sold under guarantee
Loans—undisbursed
Other liabilities 4
General reserve
Special reserve
,
Capital^
Sept.
June
Dec.
5
921
10
921
5
924
38
923
437
4
439
4
449
5
448
5
868
9
261
762
8
261
738
8
261
727
6
254
29
26
27
26
162
229
140
126
5
3
5
4
31
27
35
20
14
17
15
11
1,668 1,668 1,670 1,670
1
Includes amounts receivable for currency adjustments resulting
from the devaluations in September 1949 as follows: April 1950—
162 million dollars; October 1949—382 million.
As of Jan. 31, 1951, the Fund had sold 759.8 million U. S. dollars;
in addition, the Fund sold to the Netherlands 1.5 million pounds
sterling in May 1947 and 300 million Belgian francs in May 1948, sold
to Norway 200 million Belgian francs in June and July 1948, and sold
to Brazil 10 million pounds sterling in January 1951. Repurchases
amounted
to 33.0 million dollars.
3
Excludes uncalled portions of capital subscriptions, amounting to
6,671 million dollars as of Dec. 31, 1950, of which 2,540 million represents
the subscription of the United States.
4
Formerly shown as "Accumulated net income."
772.3 744.3 744.3 753.1
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Gold*
Assets of banking
department
Other
assets 2
Notes
and
coin
Discounts
and advances
Securities
Liabilities of banking department
Note
circulation 3
Other
Other
liabilities and
capital
54.1
48.8
60.4
52.3
58.5
57.3
95.5
92.1
111.2
17.9
17.9
17.9
17.8
17.8
18.1
18.1
18.1
18.1
113.5
83.9
89.5
94.2
96.5
97.9
95.7
94.3
89.3
82.2
85.0
18.4
18.5
17.8
18.0
18.2
18.3
18.5
18.5
17.8
18.0
18.1
86.7
18.3
Deposits
Bankers'
Public
ECA
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
31
30
29
27
26
25
31
29
28
.2
.2
.2
.2
.2
.2
.2
.2
.4
780.0
950.0
1,100.0
1,250.0
1,400.0
1,450.0
1,450.0
1,325.0
1,350.0
28.8
27.7
12.5
13.5
20.7
23.4
100.8
36.1
33.7
6.4
3.5
2.5
5.1
8.4
13.6
15.2
16.7
14.8
267.8
267.9
307.9
317.4
327.0
327.6
331.3
401.1
489.6
751.7
923.4
1,088.7
1,238.6
1,379.9
1,428.2
1,349.7
1,293.1
1,321.9
219.9
223.4
234.3
260.7
274.5
278.9
315.1
314.5
299.2
11.2
9.0
10.3
5.2
5.3
10.3
18.6
11.7
11.6
1950—Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
22
29
26
31
28
26
30
27
25
29
27
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
1,300.0
1,300.0
1,300.0
1,300.0
1,350.0
1,350.0
1,350.0
1,350.0
1,350.0
1,350.0
1,375.0
58.4
38.5
28.4
19.9
63.0
37.4
53.8
70.2
80.3
66.1
19.2
22.0
12.3
22.0
19.1
15.4
18.0
23.4
21.0
40.3
37.8
29.2
486.7
507.2
529.4
554.9
549.3
599.2
575.0
583.0
581.8
585.9
384.0
1,247.2
1,267.3
1,277.7
1,286.6
1,293.9
1,319.7
1,302.0
1,283.3
1,272.6
1,286.0
1,357.7
285.2
283.5
288.8
281.3
292.1
286.8
278.8
291.8
316.0
305.0
313.5
14.0
12.1
13.9
12.0
11.9
14.5
12.8
14.8
13.0
18.4
15.4
97.9
136.0
160.0
169.8
188.4
209.0
237.1
246.5
254.8
266.4
266.4
.4
1951—Jan. 31
.4
4 1,350.0
69.4
19.7
329.2
1,282.0
297.9
13.0
2.4
' VIA"
1
On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepence
per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for
internal
gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes issued less amounts held in banking department.
4
Fiduciary issue decreased by 25 million pounds on Jan. 10. For details on previous changes, see BULLETIN for January 1951, p. 238; February
1950, p. 254; April 1949, p. 450; and February 1948, p. 254.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication.
348
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Gold
Sterling
and United
States
dollars
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Short-l
term
Other
28.4
64.3
38.4
200.9
.5
.6
172.3
156.8
1.0
2.0
.4
74.1
144.6
181.9
448.4
391.8
807.2
787.6
906.9
,157.3
,197.4
,022.0
,233.7
,781.4
40.9
49.9
127.3
216.7
209.2
472.8
573.9
688.3
708.2
858.5
779.1
227.8
5.2
5.5
12.4
33.5
31.3
47.3
34.3
29.5
42.1
43.7
45.4
42.5
1950—Feb. 28.
Mar. 3 1 .
Apr. 29.
May 3 1 .
June 30.
July 3 1 .
Aug. 3 1 .
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 30.
76.7
73.7
86.0
73.3
84.1
89.1
161.4
212.2
152.2
127.2
111.4
,786.2
,655.9
,668.3
,685.7
,436.7
1,431.0
1,420.4
1,406.1
1,381.4
1,170.0
1,229.3
191.1
358.9
371.0
372.6
622.0
638.7
569.2
444.6
435.7
662.0
712.5
56.2
75.2
56.5
60.1
58.8
113.9
219.7
440.0
415.5
297.1
1951—Jan. 3 1 .
117.9
1,171.0
731.5
273.7
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
31.
30.
31 .
31.
31.
31.
30.
31.
31.
31.
31.
31.
185.9
225.7
65.7
Note
circulation2
Chartered
banks
Dominion
governt
Other
175.3
232.8
359.9
496.0
693.6
874.4
1,036.0
1,129.1
1,186.2
1,211.4
1,289.1
1,307.4
200.6
217.0
217.7
232.0
259.9
340.2
547.3
541.7
16.7
46.3
10.9
73.8
51.
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
1,250.6
1,258.5
1,269.8
1,275.9
1,275.8
1,294.2
1,303.8
1,318.4
1,321.8
1,323.5
A
554.8
567.3
551.6
534.3
544.5
552.8
568.2
555.8
621.7
578.9
578.6
24.3
71.2
41.3
68.9
35.3
19.6
16.7
22.0
39.0
45.3
24.7
176.4
150.7
199.8
202.7
215.8
228.9
233.1
258.2
235.2
221.0
207.1
104.2
116.1
119.4
109.9
130.1
129.0
143.1
128.2
191.6
206.0
172.6
1,294.4
537.6
68.3
204.4
189.3
1,367
401
521,
565
Liabilities
Assets
Bank of France
(Figures in
millions of francs)
Gold
Foreign
exchange
821
112
42
38
37
37
42
Domestic bills
Other
assets 5
Note
circulation
Deposits 6
Government
Special
1,797
30,627
7,880
5,149
14,200 30,473
2,345
661
3,646 63,900 112,317
69,500 182,507
4,517
12
169
5,368 68,250 250,965
29
7,543 64,400 366,973
15,850 475,447
48
18,592
445,447
303
25,548
76,254
67,900 480,447
3,135
64 117,826 147,400 558,039
8,577 238,576 150,900 558,039
28,548 335,727 157,900 560,990
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
,278,211
5,061
1,914
984
1,517
770
578
748
12,048
765
733
806
1,168
333,358 165,200 560,990
359,671 166,000 560,990
367,740 167,100 560.990
341,340 167,700 560,990
368,694 166,600 560,990
373,930 161,600 560,990
362,358 163,600 481,039
377,531 163,900 481,039
371,010 162,600 481,039
297,884 155,900 481,039
393,054 158,900 481,039
91,046
112,552
113,338
107,521
116,833
128,695
137,978
132,972
197,555
222,277
212,822
,271,387
,321,855
,332,148
,324,533
,382,479
,413,718
,455,008
,467,425
,466,623
,502,770
,560,561
79
24
21
17
62
80
75
94
73
83
70
U97.815 1,535,688
74
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
29.
28.
26.
31.
31.
30.
28.
27.
26.
31.
30.
29.
87,265
97,267
84,616
84,598
84,598
84,598
75,151
129,817
94,817
65,225
65,225
62,274
12
30
61,943
1,892
5,818
7,802
6,812
8,420
9,518
12,170
17,980
37,618
67,395
97,447
137,689
1950—Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
23.
30.
27.
25.
29.
27.
31.
28.
26.
30.
28.
62,274
62,274
62,274
62,274
62,274
62,274
8182,785
182,785
182,785
182,785
182,785
58,658
63,987
83,526
98,539
116,652
146,146
144,242
173,725
140,735
146,783
162,017
123,912
123,013
117,039
115,978
128,939
144,523
149,702
119,556
115,122
150,674
136,947
31,467
29,279
29,297
27,090
18,507
12,709
3,590
14,572
25,035
32,047
34,081
1951—Jan. 25.
182,785
172,719
131,554
35,907 373,922
68
7
Advances to
Government 5
Open
market 5
Other
Other
liabilities
and
capital 3
Current
Other
159,800 481,039
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
44,986
68,474
7
21,318
15,596
7,078
4,087
7,213
10,942
16,206
19,377
14,155
22,432
34,284
21,927
8,496
22,806
12,778
11,928
8,739
7,613
15,058
120,858
115,627
114,103
110,321
126,978
129,954
134,709
144,909
171,836
137,038
161,720
20,426
17,828
20,747
24,634
21,475
24,309
22,722
21,725
28,610
21,885
24,234
16,772
154,980
28,027
ECA
1
2
3
4
Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves.
Beginning November 1944, includes a certain amount of sterling and United States dollars.
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 1940, pp. 677-678).
56 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6.
Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are
not strictly
comparable with those shown for earlier dates.
7
Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400;
1941, 8 64,580; 1942, 16,857; 1943, 10,724.
On Aug. 16, 1950, gold reserve revalued on the basis of 393,396.50 francs per kilogram of fine gold compared with the former rate of 134,027.90
francs, which had been in effect since Dec. 26, 1945. For details on devaluations and other changes in the gold holdings of the Bank of France,
see BULLETIN for September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880.
9
Includes advance to Stabilization Fund, amounting to 126.8 billion francs on Jan. 25.
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.
MARCH
1951
349
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
Jan.
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported ^eparatelv
Other gold and foreign exchange.
Government securities
Rediscounts and loans to banks
Other assets
..
Currency circulation
Deposits—Nationalized
Other sight obligations
Other liabilities and capital
Commonwealth Bank of Australia (thousands of pounds):
Gold and foreign exchange
Checks and bills of other banks..
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
Deposits of Trading Banks:
Special
Other
Other liabilities and capital
Austrian National Bank (millions
of schillings):
Gold
Foreign exchange
.
Loans and discounts
..... .
Claim against Government
Other assets
Note circulation
Deposits—Ranks
Other
. . . .
Blocked
1950
1951
Dec.
Nov.
656
1.831
2,008
32,135
277
11,873
22,207
551
2,279
Jan.
656
1,275
1,793
28,466
206
9,999
20,174
595
1,628
567,116 565,065 436,220
3,193
5,209 5,302
387,278 365,008 355,367
69,279 66,630 31,403
272,020 242,770 221,313
485,920 490,420 371,170
42,669 36,449 38,064
228 273232,366 195,635
51
3 ,660
4 ,769
39
097
383
783
1 ,454
50
449
3 786
5,324
37
6 349
429
988
1,882
50
405
3,156
5,280
40
6 174
299
1,048
1,410
50
155
1,634
6,639
33
5,599
220
1,563
1,130
National Bank of Belgium
(millions of francs):
29 . 565 29,369 29,040 29,745
Gold i
9,081
Foreign claims and balances (net). 6 ,018 6,330 7,150
9 ,680 10,566 9,133
3,047
Loans and discounts
34 ,910 34,939 34,939 34,973
Consolidated Government debt
7,656
7 ,371 7,635 7,892
Government securities
4 788 5 218 5,202
5,713
Other assets
86 ,868 87,218 86,238 86,092
Note circulation
1 ,951 2 305 2,318
1,848
Deposits—Demand
399
42
15
ECA
1,875
4,519 4,758
Other liabilities and capital
3 ,500
Central Bank of Bolivia—Mone
tary dept. (millions of bolivianos):
1,370
956
Gold at home and abroad 2
98
562
Foreign exchange
1,176
1,879
Loans and discounts
734
745
Government securities
112
142
Other assets
2,514
3,223
Note circulation
376
Deposits
458
197
1,007
Other liabilities and capital
Central Bank of Ceylon (thousands
of rupees):
591 ,917 565 059 573,491
Foreign exchange
1,429
1 ,429 1,429
Paid-in capital—Int'l. Bank
1 ,997 4,493 3 ,993
Government securities
2 ,423 2,799
415
Other assets
366 ,204 367,357 343,813
Currency in circulation
31 ,523 12,463 65,671
Deposits—Government
171 ,254 165,189 142,999
Banks
Other liabilities and capital
28 ,785 28,770 26,844
Central Bank of Chile (millions
of pesos):
1 245 1 231
1,206
Gold
295
280
151
Foreign exchange (net) 3
1
1
1
Net claim on Int'l Fund
2,012 2,126
1,678
Discounts for member banks .
680
685
686
Loans to Government
3,483 3,138
2,489
Other loans and discounts
1 600
2 275 1 812
Other assets
5,554
7,047 6,258
Note circulation
..
1,096
1,212
1 ,416
Deposits—Bank
246
441
390
Other
595
1 ,392 1,428
Other liabilities and capital. . ..
Bank of the Republic of Colombia
(thousands of pesos):
9 0 3 056 196,029 192,831 246,341
Gold and foreign exchange
9 4 ,369 24,370 24,369
Net claim on Int'l Fund 3
24,367
1,374
1,370
1 ,374
1,373
Paid-in capital—Int'l. Bank
1951
Central Bank
(Figures as of last report
date of month)
Ja n.
Bank of the Republic of Colombia—Cont.
Loans and discounts
Government loans and securities.
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of Costa Rica
(thousands of colones):
Gold
Foreign exchange
Net claim on Int'l. Fund 3 . . . .
Loans and discounts
Securities
.
Other assets
Note circulation
Demand deposits
Other liabilities and capital
National Bank of Cuba
(thousands of pesos):
Gold
Foreign exchange (net)
Foreign exchange (Stabilization
Fund)
Silver .
Net claim on Int'l. Fund 3 . . .
Loans and discounts
Credits to Government
Other assets
.. .
Note circulation
Deposits
Other liabilities and capital
National Bank of Czechoslovakia 4
National Bank of Denmark
(millions of kroner):
Gold
Foreign exchange
.
Contributions to Int'l. Fund and
to Int'l Bank
Loans and discounts
Securities
Govt. compensation account. . . .
Other assets
Note circulation
Deposits—Government
Other
Other liabilities and capital .
Central Bank of the Dominican
Republic (thousands of dollars):
Gold
Foreign exchange (net) 3. . . .
Net claim on Int'l. Fund
Paid-in capital—Int'l. Bank
Loans and discounts
Government securities
Other assets
Note circulation
Demand deposits
.
..
Other liabilities and capital
Central Bank of Ecuador
(thousands of sucres):
Gold
Foreign exchange (net) 3 . . .
Net claim on Int'l. Fund
Credits—Government
Other
Other assets
Note circulation
..
Demand deposits—Private banks
Other . . . .
Other liabilities and capital . . .
National Bank of Egypt (thousands of pounds):
Gold
Foreign exchange
.. .
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
.
....
Other liabilities and capital
1950
Dec.
745 697 9 74 ,809
131 675 131 ,933
59 120 55 ,284
404 707 463 ,182
706 765 168 659
54 819 51 ,957
11 511
Nov.
252,587
132,510
63,233
405,024
208,642
53,238
11 ,511
11,511
107 004 107 ,534
43 899 43 504
9 855
9 431
99,520
42,752
11,128
Jan.
174 067
139 ,269
55 ,589
424 371
169 333
47 ,300
9, 025 9 ,353 7,606
7, 029
7,038
,038
98 647 102 ,584 92,759
13, 600 14 ,555 17,056
15 039 15 428 17 430
270 ,561 270 561
59 ,097 61,349
35 ,981 36,149
61 ,902 64,902
12 507 12 507
9 ,978
2,807
21 ,153 16,144
93 467 21 949
792 332 400
136 ,297 140,088
9 557 13 889
69
454
69
403
69
379
6
58
133
3 ,991
413
1 ,709
1 ,285
1 ,924
207
6
43
137
3,999
377
1,589
1,245
1,985
215
65
30
101
4 ,751
399
1 ,552
1 ,923
2 ,058
185
4 , 045
4 ,045
15 541 15 308
1 ,9 50 1 950
40
40
3 50
531
6 393
6 393
832
874
22, 944 23 ,115
4, 744 4 .579
694
678
4 045
14,211
1,250
40
505
6,323
938
21,659
5,324
330
4 ,030
11 539
1 9 50
40
978
4 377
2 ,565
19 ,437
4 ,381
255
981 9 S 6
932 ,393
18 756
183 ,881
113 ,929
167 ,930
5 0 9 ,451
170 ,661
,504
222 ,540
253,055 978 709
185,619 - 8 7 ,067
16 881
16,881
200,054 269 ,416
131,824 137 ,111
182,640 116 ,424
497 832 376 ,348
155,955 112 ,918
109 359 105 ,718
206,926 136 ,483
6 376
11,287
30,352
6 376
14 ,494
16 399
318,832
55,197
176,849
115,533
119 237
10,425
315 ,380
50 ,696
165 ,335
117 659
111 639
8 ,706
* r cr last avaiiaoie report (.jviarcn ly.MJj, see BULLETIN tor ^eptemDer iy^u, p. IZOZ.
NOTE.-—For details relating to individual items in certain tank statements, see BULLETIN for January 1951, p. 112; and January 1950, p, 118.
350
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
C e n t r a l Bank
(Figures as of last report
date of month)
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange (net)
Net claim on Int'l Fund l
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 mark
kaa):
Gold
Foreign assets (net)
Clearings (net)
Loans and discounts
Securities
Other assets
Note circulation
Deposits
Other liabilities and capital
Bank of German States
(millions of German marks):
Foreign exchange
Loans and discounts
Loans to Government
Other assets
Note circulation
Deposits—Government
Banks
Other
Other liabilities and capital
Bank of Greece (billions of drachmae):
Gold and foreign exchange (net)
Loans and discounts
Advances—Government
Other
Other assets
Note circulation
Deposits—Government
Reconstruction and
relief accts
Other
Other liabilities and capital . .
Bank of Guatemala (thousands of
quetzales):
Gold
Foreign exchange
Gold contribution to Int'l. Fund
Rediscounts and advances. .
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and c a p i t a l . . . .
National Bank of Hungary'
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
1951
Jan.
1950
Dec.
Nov.
Jan.
57,498 57,564 57,618
57,125 39,385 37,562
1 565
1,565
1,565
6,905 11,963 8,140
4,947 4,981 5,002
1,565
1,092
1,184
82,586 72,915 64,366
40,529 37,209 40,199
6,490
6,427
6,507
1,608
71,130
36,137
5,958
2,676
2,674
2,230
-682
-922 -2,342
- 6 4 7 - 1 , 6 6 2 -2,127
36,453 40,535 44,074
984
992 1,034
4,420 4,632 2,744
31,820 34,383 33,916
672
1,503
868
10,711 10,361 10,829
269
-3,218
-446
37,360
1,068
2,601
27,790
2,016
7,827
1,116
4,914
9,588
1,515
8,232
2,523
1,841
815
3,721
27,229
11,472
1,250
4,439
19,505
37,108
3,271
975
11,883
10,656
1,186
4,630
9,370
1,392
8,099
2,741
1,501
670
3,567
46,899
57,918
1.56J
36
5,198
73
3,787
8,081
1,495
7,526
1,143
1,013
540
3,877
345
248
5,436
2,780
966
1,805
866
244
107
4,353
2,114
826
1,672
598
3,205
1,185
2,714
2,103
809
2,462
27,229 27,229
9,834 6,903
1,250
1,250
5,643
5,628
18,805 17,885
37,355 35,492
3,259 3,206
1,341
1,407
9,375
10,805
10,001
9,414
27,229
9,758
1,250
5,501
18,690
35,580
3,171
3,141
11,192
9,344
400
400
6,382
5 ,982
4,366
4,366
589
601
11,633 11,138
400
6,303
4,152
535
11,261
211
2,194
13
12
940
3,115
256
130
2,023
45
36
1,000
2,966
268
2,646
2.646
2,646
54,778 54,293 50,067
57,424 56,939 52,713
2,646
46,995
49,641
104
1,963
23
39
1,100
2,955
274
Central Bank
(Figures as of last report
date of month)
Bank of Italy (billions of lire):
Gold
Foreign exchange
Advances to Treasury
Loans and discounts
Government securities
Other assets
Bank of Italy notes
Allied military notes
Deposits—Government
Demand
Other
Other liabilities and capital
Bank of Japan (millions of yen):
Cash and bullion
Advances to Government.
Loans and discounts
Government securities
Other assets
Note circulation
Deposits—Government. .
Other
Other liabilities
The Java Bank (millions of guilders)
Gold *
Foreign exchange (net)
Loans and discounts. . .
Advances to Government
Other assets
Note circulation
Deposits
Other liabilities and capital. . .
Bank of Mexico (millions
of pesos)
Monetary reserve 5
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities and c a p i t a l . . . .
Netherlands Bank (millions of
guilders):
Gold e
Silver (including subsidiary coin),
Foreign assets (net)
,
Loans and discounts
Govt. debt and securities
Other assets
Note circulation—Old
New
Deposits—Government
Blocked
ECA
Other
Other liab lities and c a p i t a l . . . .
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Foreign exchange reserve
Advances to State or State un
dertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities and capital. . .
Bank of Norway (millions of kroner)
Gold
Foreign assets (net)
Clearing accounts (net)
Loans and discounts
Securities
Occupation account (net)
Other assets
Note circulation
Deposits—Government
Banks
Blocked
ECA
Other liabilities and capital. . .
Jan.
Dec.
Nov.
4
27
590
239
178
571
1,046
3
88
143
261
70
1951
4
21
659
213
225
510
981
12
175
122
287
54
1,152
1,305
70,015
87,256
219,547
88,494
135,450 176,235
34,914
12,362
353,576 320,398
68,965
14,512
21,531
18,217
17,005
12,525
866
190
176
2,996
124
2,475
1,252
625
791
272
184
,761
113
,356
,142
623
715
254
183
2,527
123
2,307
866
628
675
83
65
1,524
83
935
1,410
1,000
785
2,937
155
382
2,552
1,446
475
2 ,587
176
243
2,197
941
651
871
12
781
194
3,100
743
69
1,175
18
621
71
3,000
645
55
,841
132
873
18
1,023
95
2,850
782
56
2,911
159
873
19
1,079
63
2,850
960
57
2,796
316
1,273
822
408
1,318
764
434
1,317
745
613
3,009
620
'3
624
r
897
478
4,697 4,666
48,296 49,985
3,894
40,960
57,736
30,974
8,308
62,216
81,234
6,562
58,596
25,974
8,309
57,473
83,661
6,397
59,716
48,658
6,190
55,261
98,121
243
162
-57
35
47
7,112
90
2,262
2,087
933
518
1,150
682
248
r
216
-131
77
47
7,114
87
2,202
r
2,369
1,395
574
398
•"720
Revised.
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund.
time 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.
For last available report (February 1950), see BULLETIN for September 1950, p. 1263.
Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per guilder.
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder.
NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1951, p. 113.
MARCH
Jan
6,035
Until such
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
State Bank of Pakistan (millions of
rupees):
Issue department:
Gold at home and abroad...
Sterling securities
Pakistan Govt. securities
Govt of India securities
India currency
.. .
Rupee coin
Notes in circulation
Banking department:
Notes of issue department...
Balances abroad .
Bills discounted
...
Loans to Government
Other assets
Deposits
Other liabilities and capital. .
Bank of Paraguay—Monetary dept.
(thousands of guaranies):
Gold
Foreign exchange (net) x
Net claim on Int'l. Fund
Paid-in capital—Int'l. Bank
Loans and discounts . . .
Government loans and securities.
Other assets
Note and coin issue
Demand deposits
Other liabilities and capital. . .
Central Reserve Bank of Peru
(millions of soles):
Gold and foreign exchange 2 . . . .
Net claim on Int'l. Fund *
Contribution to Int'l. Bank
Loans and discounts to banks. . .
Loans to Government
Other assets
Note circulation
Deposits
Other liabilities and capital
Central Bank of the Philippines
(thousands of pesos):
Gold
Foreign exchange
Net claim on Int'l. Fund*
Loans
Domestic securities
Other assets
Note circulation
Demand deposits
Other liabilities and capital
Bank of Portugal (millions of
escudos):
Gold
Foreign exchange (net) . .
Loans and discounts
....
Advances to Government
Other assets
Note circulation
Demand deposits—Government
ECA .
Other
Other liabilities and capital
South 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
1951
Jan.
1950
Dec.
Nov.
Jan.
44
652
649
141
300
49
1,786
44
664
265
332
432
53
1,746
50
381
44
409
105
2
317
102
369
813
88
600
798
80
600
18,713 - 3 , 0 5 0
2,710
2,710
-248
-170
131,565 106,832
4,425 12,399
38,093
2,814
134,383 89,163
46,026 29,597
15,449
3,375
403
346
20
2
237
657
20
2
245
657
20
2
183
709
232
239
191
287
1,034
240
238
983
220
299
878
182
380
7 447 6,810
541 ,485 563,172
99 504 29,502
56 ,791 48,537
160
157,580
167 158 175,423
644 ,563 643,858
183 976 208,040
134 ,667 129,125
6,161
574,343
29,502
41,647
155,240
163,627
602,402
245,149
122,969
2,935
439,498
7,502
83,375
96,775
138.554
540.850
128.572
99,217
3,428
9,912
583
1,244
608
8,214
485
481
4,099
2,495
3,190
9,230
460
1,244
442
8,072
392
113
3,644
2,345
66,231
79,215
6,760
33,167
73,432
97,376
14,566
46,690
56,976
10,171
45,013
64,997
71,822
22,031
69,745
94,168
8,268
27,395
76,280
108,876
14,420
669
668
412
412
15,376 15,813
16,796 15,984
877
497
15,814
9,176
Central Bank
(Figures as of last report
date of month)
1951
Jan.
1950
Dec.
Bank of Spain—Com.
Other assets
23 ,600 26 ,305
Note circulation
. . . .
31 ,661 30 ,209
959
42
Deposits—Government
3 873 3 413
Other
Other liabilities and capital
20 ,360 25 ,519
Bank of Sweden (millions of kronor):
Gold .
206
199
198
Foreign assets (net)
659
865
799
Swedish Govt. securities and ad- 4
3 ,425
vances to National Debt Office
3 ,443
3 ,046
189
Other domestic bills and advances
209
211
408
Other assets
408
393
Note circulation
3 ,336
3 ,513
3 ,285
568
511
404
Demand deposits—Government..
388
356
Other
326
698
Other liabilities and capital
595
678
Swiss National Bank (millions of
francs):
5 993
Gold
s 9 7 6 6 061
989
280
9 56
Foreign exchange
145
157
9 86
Loans and discounts
75
Other assets
124
88
4 ,387 4 ,664 4 ,396
Note circulation
1 990 1 773 1 978
Other sight liabilities
Other liabilities and capital
198
202
205
Central Bank of the Republic of
Turkey (millions of pounds):
410
419
Gold
Foreign exchange and foreign
clearings
181
215
1 ,140
1 186
Loans and discounts
74
97
Securities
Other assets
84
88
969
959
Note circulation
Deposits—Gold
153
153
590
700
Other
Other liabilities and capital
143
194
Bank of the Republic of Uruguay
(thousands of pesos):
329 186
Gold .
11 143
Silver
320
Paid-in capital—Int'l. Bank...
Advances to State and govern144 559
ment bodies
969 379
Other loans and discounts
334 989
Other assets
395 785
Note circulation
78 6 9 6
Deposits—Government
9Q4 759
Other
3 9 0 406
Other liabilities and capital. .
Central Bank of Venezuela (millions of bolivares):
041 1 041
Gold
-62
-45
Foreign exchange (net) . . .
81
99
Other assets
696
Note circulation—Central Bank
798
National banks
965
731
Deposits
Other liabilities and capital
32
133
Bank for International Settlements (thousands of Swiss gold
francs):
479 974 509 709 487 166
Gold in bars
Cash on hand and with banks. . . 43 ,329 61 667 34 213
Sight funds at interest
3 ,376 3 289 3 161
Rediscountable bills and accept155 ,778 116 459 137 619
ances (at cost)
9Q 609 45 758 36 446
Time funds at interest
Sundry bills and investments. . . . 283 ,797 264 273 289 655
Funds invested in Germany
9Q7 901 997 901 9Q7 901
1 ,497 1 576 1 534
Other assets
Demand deposits (gold)
268 ,503 347 765 380 527
Short-term deposits:
Central banks—Own account.. 451 199 496 789 397 974
3 9 590 33 9 1 3 17 433
Other
Long-term deposits: Special
228 ,909 228 909 228 909
Other liabilities and capital
263 ,301 262 564 262 150
1
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund,
as the
Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
2
In November 1949, part of the gold and foreign exchange holdings of the bank were revalued.
3
On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce
* Includes small amount of non-Government bonds.
NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120.
352
Nov.
Jan.
4 ,109
27 ,137
62
2 725
550
154
964
2 ,914
140
335
3 ,111
479
264
652
6 255
269
94
63
4 ,265
2 017
399
432
148
835
46
79
914
153
308
163
278 ,369
11 ,726
307
122 ,867
955 ,649
241 ,084
289 ,742
84 ,130
279 994
9S6
,136
1 ,041
108
63
809
1
218
183
,544
25 ,659
,682
1
82 ,607
18 ,325
273 ,412
9Q7 ,201
1 ,503
93 ,292
709
.376 373
4 229
228 ,909
257 ,179
Until such time
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
SwitzUnited
Ger- Bel- NetherKing- France many
er- Swegium lands
den land
dom
In effect Dec. 31,
1939
Jan. 25 1940 .
Apr. 9
May 17
Mar. 17, 1941
May 29
June 27
Jan. 16, 1945.
Jan 20
Feb. 9
Nov. 7, 1946.
Dec 19
Jan. 10, 1947..
Aug 27
Oct. 9
June 28 1948
Sept. 6
Oct.
1
May 27 1949
July 14 . . .
Oct.
6
June 8, 1950. .
Sept. 11
Sept 26
Oct. 27
Dec. 1
In effect Jan. 31,
1951
2
2
3
3
4
IK
2
3K
3K
1%
Rate
Jan.
31
Central
bank of—
Central
bank of—
Rate
Jan.
31
Date
effective
Mar. 21, 1940
Mar. 1, 1936
Aug. 3, 1945
Sept. 11, 1950
Feb. 4, 1948
Ireland
Italy
Japan
Java
Latvia
2K
4
5.11
3
5
Nov.
Apr.
July
Jan.
Feb.
2
Oct. 17, 1950
4
4
July 18, 1933
Feb. 1, 1950
Lithuania. . .
Mexico
Netherlands..
New Zealand.
Norway
6
4K
IK
2K
July 15, 1939
June 4, 1942
Sept. 26, 1950
July 26, 1941
Jan. 9, 1946
5
10
3
2,
13,
22,
1,
3,
1950
1948
1950
1935
1950
Peru
Portugal....
South Africa.
Spain
Sweden
6
2K
3K
4
3
Nov.
Jan.
Oct.
Mar.
Dec.
2K June 8, 1950
Switzerland..
Turkey
United Kingdom
U. S. S. R....
IK
4
2
4
Nov. 26, 1936
July 1, 1938
Albania
Argentina
Austria . .
Belgium
Bolivia
5K
3K
3K
3M
5
Canada
Chile
Colombia .
Costa Rica... .
Denmark
Ecuador
El Salvador. . .
Estonia
Finland
23,
6,
5,
14,
17,
1943
1950
1948
1937
1940
3
2y%
\y2
2Yi
2}4
3
1H
&2M
2K&3
Date
effective
3XA
1
3K&4
3
i-5
i i_4
4K June 13, 1935
Nov.
May
Mar.
4K Oct.
Nov.
7M
13, 1947
12, 1944
13, 1949
18, 1949
1, 1950
3M
2K
2
3M
1
1-6
1
1-6
France
Germany
Greece
India
3
3
3M
3
3
il-6
12
3
Oct. 27, 1950
July 12, 1948
Nov. 28, 1935
Oct. 26, 1939
July 1, 1936
IK
1
The lower rate applies to the Bank Deutscher Laender, and the higher
rate applies to the Land Central banks.
NOTE.—Changes since Jan. 31: None.
OPEN-MARKET RATES
fPer cent per annum]
United Kingdom
Canada
Month
Treasury
bills
3 months
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—Dec.
1949—Dec.
.52
.42
.37
.36
.40
.41
.41
.51
1.03
1.03
1.03
.53
.53
.53
.56
.69
1.01
1.01
1.00
.50
.50
.51
.52
.52
1.00
1.00
1.02
.63
1950—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.
Oct..
Nov.
Dec.
.51
.51
.51
.51
.51
.51
.51
.55
.62
.62
.62
.63
.69
.69
.69
.69
.69
.69
.69
.69
.69
.69
.69
.69
.52
.52
.52
.51
.51
.51
.51
.51
.52
.51
.51
.51
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
.63
France
Bankers'
allowance
on deposits
Day-today
money
1.42
1.65
1.53
1.33
1.19
2.04
2.00
P2.55
2.18
2.40
2.70
2.64
2.68
2.52
2.59
2.35
2.41
Netherlands
Treasury
bills
3 months
Day-today
money
Sweden
Switzerland
Loans
up to
3 months
Private
discount
rate
3-5 H
3-5 y2
3-5 y2
1.21
1.13
1.25
1.32
.78
.53
.96
1.03
1.31
1.54
1.45
1.44
1.45
1.44
1.57
1.44
1.33
1.27
1.20
1.40
1.22
1.50
1.13
1.25
1.03
.81
1.10
.95
.91
.88
.88
1.09
2K-5
2K-4K
2K-4K
2K-4K
2K-4K
2K-4K
2K-4K
2K-4K
2K-4K
2K-4K
23J-41J
2K-4K
2K-4K
2K-4K
3-5
.25
.25
.25
.25
.25
.38
.63
.50
.50
.50
.50
.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
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.
MARCH 1951
353
COMMERCIAL BANKS
United Kingdom
Assets
1
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Cash
reserves
151
199
252
432
480
485
571
133
147
369
610
793
741
1,109
502
571
476
485
539
534
1,229
1,169
1,106
1,177
1,197
1,338
1,400
1,336
1,358
1,414
1,445
1,408
1943—December
1944—December
1945—December
1946—December
1947—December
1948—December
1949—December
422
500
536
499
502
502
532
1950—January
February
March
April
May
June
July
August
September
October
November
December
Money at
call and Bills dis- Treasury
deposit
short
counted
receipts 2
notice
493
482
482
530
538
544
501
557
509
557
504
492
502
540
544
543
548
592
Liabilities
Deposits
Loans to
Other
assets
Securities customers
Total
Demand
Time
1,307
1,667
1,523
1,560
1,288
1,397
793
1.154
1.165
: ,234
,427
,483
,478
,512
761
772
827
994
1,219
1,396
1,534
349
347
374
505
567
621
579
4,032
4,545
4,850
5,685
5,935
6,200
6,202
2,712
3,045
3,262
3,823
3,962
4,159
4,161
1,319
1,500
1,588
1,862
1,972
2,041
2,041
627
,513
,503
.503
1,502
1,503
1,498
1,496
1,499
1,501
1,505
1,514
1,528
1,526
1,574
1,602
1,630
L.648
1,665
L ,591
1,610
1,610
1,608
1.625
L, 660
542
541
553
552
554
611
529
554
557
616
660
735
6,085
5,841
5,783
5,843
5,847
6,000
5,956
5,968
6,028
6,204
6,251
6,368
4,058
3,844
3,812
3,876
3,870
3,965
3,935
3,941
3,969
4,105
4,109
4,262
2,027
1,997
1,971
1,968
1,976
2,035
2,021
2,027
2,059
2,099
2,142
2,106
471
444
402
364
297
321
368
435
496
478
456
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
1943—December
1944—December
1945—December
1946—December
1947—December
1948—December
1949—December
1950—January
February
March
April
May
June
July
August
September
October
November
December
471
550
694
48
92
251
753
731
136
105
745
749
731
730
759
100
84
83
103
105
712
767
145
94
749
765
802
748
847
797
.. .
Security
loans
824
101
133
99
101
115
164
134
245
250
265
342
396
420
427
423
432
443
444
439
434
440
447
468
501
522
550
Liabilities
Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts
banks
Deposits payable in Canada
excluding interbank deposits
Entirely in Canada
Cash
reserves
Other
liabilities
and
capital
1,156
1,211
1,274
1,507
1,999
2,148
2,271
250
214
227
2,263
2,299
2,344
2,349
2,352
2,408
2,385
2,393
2,473
2,565
2,737
2,776
158
149
132
106
144
146
146
175
198
227
222
218
225
189
177
171
Other
assets
2,940
3,611
4,038
4,232
3,874
4,268
4,345
744
782
869
1,039
1.159
1,169
1,058
4,365
4,391
4,453
4,398
4,408
4,276
4,240
4,478
4,437
4,349
4,280
4,286
L.033
1,046
L.081
1,015
L.091
1,182
1,089
1,113
1,178
1,258
1,293
1,304
Note
circulation
42
34
26
21
18
16
14
1
(3)
(«)
(33)
()
(»)
$
(3)
Total
Demand
Time
4,395
5,137
5,941
6,252
6,412
7,027
7,227
7,197
7,277
7,400
7,301
7,417
7,447
7,288
7,573
7,597
7,740
7,819
7,828
2,447
2,714
3,076
2,783
2,671
2,970
2,794
1,948
2,423
2,865
3,469
3,740
4,057
4,433
2,703
2,741
2,828
2,741
2,860
2,909
2,759
3,030
3,015
3,180
3,276
3,270
4,494
4,537
4,573
4,561
4,557
4,538
4,529
4,543
4,582
4,559
4,543
4,558
Assets
Other
liabilities
and
capital
1,172
1,289
1,386
1,525
1,544
1,537
1,477
1,467
1,439
1,438
1,468
1,495
1,503
1,508
1,529
1,565
1,583
1,630
1,667
Liabilities
France
(4 large banks. End
of month figures in
millions of francs)
1943—December
1944—December
1945—December
1946—December
1947—December
1948—December
. .
Cash
reserves
Due from
banks
8,541
10,365
14,733
18,007
22,590
45,397
4,086
4,948
14,128
18,940
19,378
35,633
Bills discountec
Loans
90,908
99,782
155,472
195,223
219,386
354,245
14,245
18,651
36,621
65,170
86,875
126,246
Other
assets
Own
Other
liabilities
and
capital
Deposits
Total
Demand
Time
acceptances
1,216
1,521
4,783
17,445
27,409
34,030
112,
128,
215,
291,
341,
552,
843
734
515
?45
547
221
111 ,302
12f ,555
71? ,592
?9f ,055
33* ,090
S45 ,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
1949—December
40,937
42,311
426,690
129,501
29,843
627, 266
61(3 ,204
8,062
26,355
15 662
1950—January
February
March
April
May
39,317
36,419
38,741
44,808
43,584
41,283
47,231
41,572
42,893
39,519
38,030
43,107
45,579
42,539
43,843
44,346
43,618
43,599
51,670
48,797
50,793
52,709
423,329
424,838
415,585
452,864
433,079
442,411
433,118
440,122
484,136
484,658
460,639
138,276
137,143
134,771
126,752
134,195
133,848
141,239
135,192
131,192
136,334
146,408
33,866
36,056
39,298
40,506
44,993
48,126
46,610
46,982
48,609
49,077
49,479
630, 113
632,035
619,146
652, 570
640,351
648,191
647,507
6 5 0 , .559
687,444
689,545
676,636
,110
623 ,031
60<? ,776
6 ^ ,878
62d ,925
633 ,952
,010
638 ,875
674 ,592
674 ,169
66C ,106
8,003
9,005
9,371
12,692
13,427
14,240
11,497
11,684
12,853
15,376
16,530
27,958
29,747
30,629
31,449
32,992
32,030
31 492
29,971
30,682
29,208
27,555
19 824
18,252
21,158
24 752
26,853
29,065
32 798
35 008
37,502
41,628
43,073
June
July
August
September
October
November
....
1
From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from
bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month,
except
in June and December, when the statements give end-of-month data.
2
Represent six-month loans to the Treasury at 1H Per cent through Oct. 20, 1945, and at % per cent thereafter.
3 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.
354
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
l
Year or month
Basic
Preferential
1946
1947
1948
1949
1950
29.773
29.773
29 773
29.774
26.571
1950—March
April
May
29.778
29 778
29.778
29.778
29.778
29.778
20.000
20.000
20.000
20 000
13.333
13.333
13 333
13 333
20.000
20.000
Colombia
(peso)
June
July
August
September
October
November
December
1951—Tanuary
February
Year or month
1946
1947
1948
1949
1950
57.020
57.001
57.006
1950—March
April
May
June
90.909
90.909
90.909
90.909
90.909
90 909
90.909
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
20.851
20.850
20.850
20.850
20.850
20 850
95.002
95.271
20.850
20.850
13.333
13.333
7.102
7.138
223.09
223.16
1.9945
1.9883
1.9549
1.9774
5.4406
5.4406
Czechoslovakia
(koruna)
Denmark
(krone)
France
(franc)
Official
Free
.2856
.2856
PhilipPortupine
gal
Republic (escudo)
(peso)
South
Africa
(pound)
Spain
(peseta)
49 723
49.621
4 0501
4 0273
4.0183
3 8800
3.4704
400 50
400.74
400.75
366 62
278.38
9 132
9.132
9.132
49.613
49 613
49 616
49 625
49 625
49.625
49 625
49.625
49 625
49.625
3.4587
3.4595
3 4577
3 4788
3 4539
3.4498
3 4842
3.4898
3 4791
3.4838
49 625
49.625
3 4764
3.4679
1951—January
February
27.839
20.850
•1.9702
1 9737
1 9720
14.494
14.494
July
August
September
October
November
December
93.288
91.999
91.691
92.881
91.474
'11.100
11.100
7.205
7.291
7 147
6 924
2.0060
2.0060
. .
95.198
100 000
100.000
97.491
6 90.909
5.4406
5.4406
5.4406
5.4406
5.4406
5 4406
5.4406
5.4406
5 4406
5 4406
.2863
.2860
.2859
.2856
.2856
.2854
.2855
.2856
2856
.2856
. . .
2.1407
<1 9722
6 0602
5 4403
5.4406
5.4406
5.4406
1.9966
1.9912
1.9921
1 9866
1.9835
1 9837
1.9838
1.9876
1 9876
1 9983
14.494
14.494
14.494
14.494
14.494
14.494
14 494
14.494
14 494
14.494
1951—January
February
Free
Free
223.16
223.16
223.16
223.16
223.16
223 16
223.16
223.16
223.16
223 10
13.333
2.0060
2.0060
2.0060
2.0060
2.0060
2 0060
2 0060
2.0060
2 0060
2.0060
September
October
November
December
Official
Official
»8.289
2
Canada
(dollar)
Ceylon
(rupee)
2.2829
2 2817
2.2816
2.2009
1.9908
.8 107
.3240
.4929
3017
4671
2858
July . .
Brazil
(cruzeiro)
321.34
321 00
321.22
293.80
223.15
20.876
20.864
20.857
19 117
14 494
1950—March
April
May
1946
1947
1948
1949
1950
"Bank
notes"
account
2.0060
2.0060
2.0060
2 0060
2 0060
... .
Year or month
Free
Belgium
(franc)
Australia
(pound)
In cents per unit of foreign currency]
Germany
(deutsche
mark)
India 8
(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
23.838
23.838
23.838
23 838
23.838
23 838
23.838
20.870
20.870
20.870
20.870
20.871
20.870
20 870
20.870
20 870
20.870
11.571
11.564
11.564
11.563
11.571
11.573
11 572
11.571
11 571
11.572
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
277.22
14.015
14.015
14 015
14.015
14.015
14 015
14 015
14.015
14 015
14.015
23.838
23.838
20.870
20.870
11.567
11.562
26.239
26.241
277.21
277.29
14.015
14.015
. 8 109
7
7
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
278.38
278.38
278 38
278 38
278 38
278.38
278 38
278.38
278.38
278.38
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
19.332
19.331
19.332
19.332
19.327
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
279.99
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
42.553
42.553
42.553
42 553
42.553
42.553
42.553
42.553
42.553
42.553
278 38
278.38
32 850
32.850
19 327
19.327
23.304
23.265
279.97
280.07
65.833
65.833
56.180
56.180
42.553
42.553
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.
• Based on quotations beginning July 13, 1950.
• Based on quotations beginning Oct. 11,1950.
• 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.
MARCH 1951
355
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
United
States
(1926 =
100)
Canada
(1926 =
100)
Mexico
(1939 =
100)
United
Kingdom
(1930 =
100)
1926
100
100
U24
106
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
79
77
79
87
99
103
104
106
121
152
165
155
162
79
75
83
90
96
100
103
104
109
129
153
157
166
103
110
121
146
179
199
229
242
260
285
311
101
103
137
153
159
163
166
169
175
192
219
230
'262
100
105
139
171
201
234
265
375
648
989
1,712
1,917
P2,169
152
153
153
153
156
157
163
166
170
169
172
175
157
158
159
160
162
165
167
169
174
173
174
176
288
291
304
307
307
304
307
312
321
326
332
335
245
245
245
250
255
257
260
264
272
'280
'289
292
2,063
2,057
2,102
2,098
2,082
2,035
2,123
2,207
2,238
2,270
2,304
J>2,409
344
300
. .
.
1950—January
February
March
April
May
June
July
August
September
October
November
December
180
1951—January
Italy
(1938 =
100)
France
(1938 =
100)
Japan
(1934-36
average
= 1)
100
104
121
136
153
5,159
5,443
5,170
4,732
4,759
4,732
4,693
4,695
4,671
4,694
4,913
5,088
5,176
P5,276
Netherlands
(July 1938June 1939
= 100)
Sweden
(1935 =
100)
Switzerland
(Aug. 1939
= 100)
150
U26
2 135
1
2
2
2
2
2
2
4
16
48
128
209
102
105
131
150
157
160
164
181
251
271
281
296
111
115
146
172
189
196
196
194
186
199
214
216
P227
MOO
104
133
171
195
203
207
205
200
208
217
206
203
228
226
227
227
228
229
242
254
260
269
P277
310
313
315
313
315
317
317
219
220
220
221
221
223
224
225
228
230
243
P253
197
195
195
194
197
196
199
205
209
213
216
218
P22<5
r
P Preliminary.
Revised.
A p p r o x i m a t e figure, derived from old index (1913 = 1 0 0 ) .
A p p r o x i m a t e figure, derived from old index (July 1914 = 100).
Sources.—See
B U L L E T I N for J a n u a r y 1950, p . 124; J u n e 1949, p . 754; J u n e 1948, p . 746; J u l y 1947, p . 9 3 4 ; J a n u a r y 1941, p . 8 4 ; April 1937
p . 3 7 2 ; M a r c h 1937, p . 2 7 6 ; a n d O c t o b e r 1935, p . 678.
1
2
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Canada
(1926=100)
United States
(1926=100)
Year or month
United K i n g d o m
(1930=100)
Raw and Fully and
partly
chiefly
manumanufactured
factured
goods
goods
Foods
Industrial
products
Foods
Industrial raw
products
Industrial
finished
products
78
75
82
89
92
93
94
94
99
117
140
142
149
97
97
133
146
158
160
158
158
158
165
181
197
221
104
106
138
156
160
164
170
175
184
207
242
249
286
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
143
143
144
144
144
145
146
150
156
156
158
159
214
215
215
220
224
223
222
217
220
226
229
228
261
262
262
266
r
272
'276
••282
291
r
303
311
r
325
'331
275
282
279
272
276
285
384
383
385
385
386
388
305
309
310
311
312
312
228
345
Farm
products
Foods
Other
commodities
Farm
products
1926...
100
100
100
100
100
100
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
.
69
65
68
82
106
123
123
128
149
181
188
166
170
74
70
71
83
100
107
105
106
131
169
179
161
166
82
81
83
89
96
97
99
100
110
135
151
147
153
74
64
68
73
85
98
107
115
124
133
150
147
146
73
67
75
82
90
99
104
106
110
131
156
161
••170
1950—January
February
March
April
May
June
July
August
September
October
November
December
155
159
159
159
165
166
176
178
180
178
184
187
155
157
156
155
160
162
171
175
177
173
175
179
146
146
146
146
148
149
152
156
159
162
164
167
144
145
147
148
150
152
154
142
143
141
143
144
160
162
164
165
168
172
175
175
178
174
176
178
1951—January
194
182
170
. . . .
Netherlands
(July 1938-June 1939=100)
r
Revised.
Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
356
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
COST OF LIVING
[Index numbers]
RETAIL FOOD PRICES
[Index numbers]
Year or
month
SwitzUnited
King- France Nether- erUnited
Candom
States
ada
lands land
(1938)
(1935-39 1935-39 (June
(1938-39 (Aug.
= 100)
= 100) 17, 1947 = 100)
100) 1939 =
= 100)
100)
1942
1943
1944
1945
1946
1947
1948
1949
1950
124
138
136
139
160
194
210
202
204
127
131
131
133
140
160
196
203
211
161
166
168
170
169
U01
108
114
123
174
224
275
377
645
,043
,662
,814
,955
1950-January...
February..
March. . . .
April
May
June
July
August....
September.
October.. .
November.
December.
196
195
196
197
200
205
210
209
209
209
210
215
199
201
204
205
205
209
214
217
219
220
219
219
120
121
121
122
125
123
122
121
122
125
125
125
,921
,929
,920
,942
1,925
1,858
1,839
1,938
2,009
2,043
2,055
1951-January. ..
222
220
127
P2,078
SwitzUnited
erCanUnited
King- France Netherland
dom
States i ada
lands
(1938 (1938-39 (Aug.
[1935-39 1935-39 (June
= 100) 17, 1947 = 100)
= 100)
= 100) 1939 =
= 100)
100)
Year or
month
1942
1943
1944
1945
1946
1947
1948
1949
1950
117
124
126
128
139
159
171
169
171
117
118
119
119
124
136
155
161
167
200
199
201
203
204
1101
108
111
114
175
224
285
393
645
1,030
1,632
1,817
Pl.945
192
199
206
219
240
141
148
151
153
152
158
163
162
159
161
162
164
164
164
165
168
169
170
171
171
171
113
113
113
114
114
114
114
113
114
115
116
116
1,910
1,920
1,906
1,922
1,906
1,845
1,825
1,925
2,007
2,043
2,055
^2,075
230
234
237
237
237
241
240
239
243
248
249
249
159
159
158
158
158
158
158
159
160
161
161
161
193
211
228
249
277
153
161
164
164
160
170
176
174
176
262
270
274
273
274
284
278
275
276
286
286
286
171 1950-January.. .
170
February..
172
March. . . .
172
April
174
May
175
June
175
July
178
August... .
179
September.
180
October. . .
180
November.
180
December.
167
167
167
167
169
170
173
173
174
175
176
178
1951—January. . .
182
P162
117
r
P Preliminary.
Revised.
1
This average is based on figures for the new index, beginning June. The averages for th
he 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.p.935; May 1942, p. 451; October 1939, p. 943; and
April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
Year or month
United
States i
(high
grade)
Number of issues. .
United
Canada 2 Kingdom
(1935-39 (December
= 100)
1921 =100)
87
12
1943..
1944..
1945..
1946..
1947..
1948. .
1949. .
1950. .
1950—February. . . .
March
April
May
June
July
August
September. . .
October
November. . .
December... .
France
(1938 =
100)
50
120.3
120.9
122.1
123.3
1103.2
98.7
101.9
102.6
103.0
105.2
117.2
118.5
105.0
107.6
109.6
127.8
127.5
128.3
132.1
130.8
129.9
126.5
121.2
146.6
150.5
152.1
144.6
132.0
117.0
110.0
P110.4
104.0
104.1
110.7
110.9
110.3
110.9
110.9
109.9
110.5
111.4
108.7
106.5
103.4
119.9
119.4
119.9
119.8
121.6
120.7
120.8
122.7
124.2
124.1
121.9
110.9
111.5
112.3
111.7
110.4
P108.8
P1O9.7
P110.7
P108.8
P110.3
»102.1
122.4
1951—January
Nether-3
lands
United
States
(1935-39
= 100)
416
Canada 4
(1935-39
= 100)
106
United
France 5
Kingdom (December
(1926=100) 1938=100)
Netherlands 6
(1938=100)
278
109.0
105.6
107.1
106.8
106.7
91.9
99.8
121.5
139.9
123.0
124.4
121.4
146.4
83.5
83.8
99.6
115.7
106.0
112.5
109.4
P131.6
84.5
88.6
92.4
96.2
94.6
92.0
87.6
90.0
875
1,149
1,262
1,129
1,030
202.2
211.2
195.3
193.2
110.4
109.0
108.7
108.3
108.0
106.3
105.0
103.7
104.3
104.6
101.5
136.7
138.8
141.8
146.9
147.7
138.2
147.2
151.7
157.8
156.1
158.4
'117.3
118.7
125.9
128.7
130.9
124.3
135.7
141.5
145.4
144.5
146.3
87.9
88.4
89.1
89.6
90.9
88.7
89.0
91.3
92.5
92.9
92.1
1,036
1,045
1,024
1,019
1,056
961
1,020
1,080
1,035
1,029
944
202.5
197.0
191.0
189.6
190.8
170.0
188.0
194.9
197.8
198.0
194.4
99.4
168.6
P151.7
94.7
Pl.031
201.3
r
P Preliminary.
Revised.
1 New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average for the old
series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per
cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks
in the
United States, see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
This index is based on one 15-year 3 per cent theoretical bond. Yearly figures are averages of monthly quotations on the capitalized yield
as calculated
on the 15th of every month.
3
This index represents the reciprocals of average yields for 14 issues, including government, provincial, municipal, mortgage, and industrial
bonds. The average yield in the base period (January-March 1937) was 3.39 per cent.
45 This index is based on 95 common stocks through 1944; on 100 stocks 1945-1948; and on 106 stocks beginning 1949.
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.
6
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.
MARCH 1951
357
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
THOMAS B. MCCABE, Chairman
MARRINER S. ECCLES
JAMES K. VARDAMAN, JR.
M. S. SZYMCZAK
EDWARD L. NORTON
R. M. EVANS
OLIVER S. POWELL
ELLIOTT THURSTON, Assistant to the Board
WINFIELD W. RIEFLER, Assistant to the Chairman
WOODLIEF THOMAS, Economic Adviser to the Board
OFFICE OF THE SECRETARY
DIVISION O F EXAMINATIONS
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
EDWARD A. WAYNE, Acting Director
GEORGE S. SLOAN, Assistant Director
G. R. MURFF, Assistant Secretary
C. C. HOSTRUP, Assistant
KENNETH A. KENYON, Assistant Secretary
FRED A. NELSON, Assistant Director
Director
ARTHUR H . LANG, Chief Federal Reserve
LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
HOWARD H . HACKLEY, Assistant General Counsel
OFFICE O F T H E SOLICITOR
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant
Director
DIVISION O F PERSONNEL
J. LEONARD TOWNSEND, Solicitor
G. HOWLAND CHASE, Assistant Solicitor
DIVISION O F RESEARCH A N D STATISTICS
ADMINISTRATION
ROBERT N . HILKERT, Acting Director
DWIGHT L. ALLEN, Assistant Director
DIVISION O F ADMINISTRATIVE SERVICES
RALPH A. YOUNG, Director
LISTON P. BETHEA, Director
FRANK R. GARFIELD, Adviser on Economic Research
JOSEPH E. KELLEHER, Assistant Director
KENNETH B. WILLIAMS, Assistant Director
SUSAN S. BURR, Assistant Director
DIVISION OF SELECTIVE CREDIT REGULATION
ARTHUR W. MARGET, Director
GUY E. NOYES, Director
GARDNER L. BOOTHE, II, Assistant Director
HENRY BENNER, Assistant Director
LEWIS N . DEMBITZ, Assistant Director
E. A. HEATH, Acting Assistant Director
DIVISION O F INTERNATIONAL
Examiner
DIVISION O F BANK OPERATIONS
FINANCE
FEDERAL
OPEN MARKET COMMITTEE
THOMAS B. MCCABE, Chairman
ALLAN SPROUL, Vice Chairman
MARRINER S. ECCLES
R. M. EVANS
RAY M. GIDNEY
R. R. GILBERT
H. G. LEEDY
EDWARD L. NORTON
OLIVER S. POWELL
M. S. SZYMCZAK
JAMES K. VARDAMAN, JR.
ALFRED H. WILLIAMS
FEDERAL
ADVISORY COUNCIL
WALTER S. BUCKLIN,
BOSTON DISTRICT
N . BAXTER JACKSON,
N E W YORK DISTRICT
FREDERIC A. POTTS,
PHILADELPHIA DISTRICT
SIDNEY B. CONGDON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
Vice President
PAUL M. DAVIS,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
S. R. CARPENTER, Secretary
MERRITT SHERMAN, Assistant Secretary
GEORGE B. VEST, General Counsel
W . L. HEMINGWAY,
S T . LOUIS DISTRICT
WOODLIEF THOMAS, Economist
JOSEPH F . RINGLAND,
MINNEAPOLIS DISTRICT
KARL R. BOPP, Associate Economist
WATROUS H . IRONS, Associate Economist
DONALD S. THOMPSON, Associate Economist
DAVID T . BEALS,
KANSAS CITY DISTRICT
D E W I T T T . RAY,
DALLAS DISTRICT
JAMES K. LOCHEAD,
SAN FRANCISCO DISTRICT
CLARENCE W . TOW, Associate
Economist
JOHN H . WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Market Account
358
HERBERT V . PROCHNOW,
Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman *
Bank of
Deputy Chairman
President
First Vice President
Boston
Harold D. Hodgkinson
Ames Stevens
J. A. Erickson
Alfred C. Neal
New York
Robert T. Stevens
William I. Myers
Allan Sproul
L. R. Rounds
Vice r'residents
E. 0. Latham
John J. Fogg
Robert B. Harvey 3 Carl B. Pitman
0. A. Schlaikjer
E. G. Hult
R. F. Van Amringe
H. V. Roelse
H. A. Bilby
Robert G. Rouse
H. H. Kimball
William F. Treiber
L. W. Knoke
V. Willis
Walter S. Logan
R. B. Wiltse
A. Phelan
E. C Hill
Karl R. Bopp
Wm. G. McCreedy
L. E. Donaldson
Robert N. Hilkert P. M. Poor man 3
Wilbur T. Blair
A. H. Laning3
Martin Morrison
Roger R. Clouse
Paul C Stetzelberger
W. D. Fulton
Donald S. Thompson
J. W. Kossin
C. B. Strathy
N. L. Armistead
K. Brantley Watson
R. L. Cherry
3
Edw. A. Wayne
R. W. Mercer
Chas. W. Williams
W. R. Milford
P. L. T. Beavers
Joel B. Fort, Jr.
T. A. Lanford
V. K. Bowman
E. P. Paris
J. E. Denmark
S. P. Schuessler
L. H. Jones 2
Allan M. Black
John K. Langum
H. T. Chalfont
A. L. Olson
Neil B. Dawes
Alfred T. Sihler
W. R. Diercks
W. W. Turner
W. A. Hopkins
Wm. E. Peterson Paul E. Schroeder
William H. Stead
C. A. Schacht
Alfred H. Williams
Philadelphia.... Warren F. Whittier
C. Canby Balderston
W. J. Davis
Cleveland
George C Brainard
John C. Virden
Ray M. Gidney
Wm. H. Fletcher
Richmond
Charles P. McCormick
John B. Woodward, Jr.
Hugh Leach
J. S. Walden, Jr.
Atlanta
Frank H. Neely
Rufus C Harris
Vacancy
L. M. Clark
Chicago
F. J. Lunding
John S. Coleman
C. S. Young
E. C. Harris
St. Louis
Russell L. Dearmont
Wm. H. Bryce
Delos C. Johns
0. M. Attebery
V-'. i v l . OLCWcll L
Minneapolis.... Roger B. Shepard
W. D. Cochran
H. C Core
C. W. Groth
E. B. Larson
J. N. Peyton
A. W. Mills
Kansas C i t y . . . . Robert B. Caldwell
H. G. Leedy
Robert L. Mehornay
Henry 0. Koppang
Dallas
J. R. Parten
R. B. Anderson
R. R. Gilbert
W. D. Gentry
San Francisco... Brayton Wilbur
Harry R. Wellman
C. E. Earhart
H. N. Mangels
H. G. McConnell
Otis R. Preston
M. H. Strothman, Jr.
Sigurd Ueland
G. H. Pipkin2
L. H. Earhart
C. E. Sandy
R. L. Mathes
D. W. Woolley
John Phillips, Jr.
W. H. Holloway
E. B. Austin
Watrous H. Irons
R. B. Coleman
L. G. Pondrom 3
H. R. DeMoss
C. M. Rowland
W. E. Eagle
Mac C. Smyth
H. F. Slade
J. M. Leisner
S. A. MacEachron Ronald T. Symms3
W. F. Volberg
E. R. Millard
0. P. Wheeler
W. L. Partner
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
New York
Cleveland
Richmond
Atlanta
Chicago
St. Louis
1
Branch
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
Buffalo
Cincinnati
Pittsburgh
Baltimore
Charlotte
. . . . Birmingham
Jacksonville
Nashville
New Orleans
Detroit
Little Rock
Louisville
Memphis
Also Federal Reserve Agent.
MARCH
Chief Officer
1951
2
Cashier.
3
Federal Reserve
Bank of
Branch
Chief Officer
Minneapolis.... Helena
C. W. Groth
Kansas C i t y . . . . Denver
Oklahoma City
Omaha
G. H. Pipkin
R. L. Mathes
L. H. Earhart
Dallas
C M . Rowland
W. H. Holloway
W. E. Eagle
El Paso
Houston
San Antonio
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
1
W. F. Volberg
S. A. MacEachron
W. L. Partner
J. M. Leisner
General Manager.
359
FEDERAL RESERVE PUBLICATIONS
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Remittance should be made
payable to the order of the Board of Governors
of the Federal Reserve System.
ports, and introduction reviewing the monetary
history of Paraguay. July 1946. 170 pages.
$1.00 per copy.
RULES OF ORGANIZATION AND RULES OF PROCEDURE
(Board of Governors of the Federal Reserve System). September 1946. 31 pages.
FEDERAL RESERVE BULLETIN. Issued monthly. Sub-
scription price in the United States and its pos- T H E FEDERAL RESERVE ACT, as amended to November 1, 1946, with an Appendix containing prosessions, Bolivia, Canada, Chile, Colombia, Costa
visions of certain other statutes affecting the
Rica, Cuba, Dominican Republic, Ecuador,
Federal
Reserve System. 372 pages. 50 cents per
Guatemala, Haiti, Republic of Honduras, Mexico,
paper-bound copy; $1.00 per cloth-bound copy.
Newfoundland (including Labrador), Nicaragua,
Panama, Paraguay, Peru, El Salvador, Uruguay, POSTWAR ECONOMIC STUDIES. (8 pamphlets)
and Venezuela is $2.00 per annum or 20 cents
No. 1. Jobs, Production, and Living Standards.
per copy; elsewhere $2.60 per annum or 25 cents
No. 2. Agricultural Adjustment and Income.
per copy. Group subscriptions in the United
No. 3. Public Finance and Full Employment.
States for 10 or more copies to one address, 15
No. 4. Prices, Wages, and Employment.
cents per copy per month, or $1.50 for 12 months.
No. 5. Private Capital Requirements.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
No. 6. Housing, Social Security, and Public
RATES, AND BUSINESS. Issued monthly. $6.00
Works.
per annum including historical supplement
No. 7. International Monetary Policies.
listed below, or 60 cents per copy. In quantities
No. 8. Federal Reserve Policy.
of 10 or more copies of a particular issue for
single shipment, 50 cents each. (Domestic rates) The price for the set of eight pamphlets is $1.25;
25 cents per pamphlet, or, in quantities of 10 or
HISTORICAL SUPPLEMENT TO FEDERAL RESERVE
more for single shipment, 15 cents per pamphlet.
CHARTS ON BANK CREDIT, MONEY RATES, AND
BUSINESS. 113 charts. March 1950 edition. T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
Annual subscription to monthly chart book inFUNCTIONS. November 1947. 125 pages. 75
cludes supplement; single copies, 60 cents each.
cents per cloth-bound copy; in quantities of 10
In quantities of 10 or more copies for single shipor more copies for single shipment, 50 cents each.
ment, 50 cents each. (Domestic rates)
Paper-bound copies available without charge.
BANKING STUDIES. Comprising 17 papers on bankDEBITS AND CLEARINGS STATISTICS, THEIR BACKing and monetary subjects by members of the
GROUND AND INTERPRETATION. October 1947. 50
Board's staff. 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. N o 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 reREGULATIONS OF THE BOARD OF GOVERNORS OF THE
1
A more complete list, including periodical releases and
FEDERAL RESERVE SYSTEM. Individual regulations
reprints, appeared on pp. 1708-11 of the December 1950
with amendments.
BULLETIN.
360
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE
REPRINTS
RETAIL CREDIT SURVEY—1949.
(From Federal Reserve Bulletin unless preceded by an asterisk)
NOTES ON FOREIGN CURRENCY ADJUSTMENTS.
No-
vember 1949. 14 pages.
#
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.
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
Presented December 3, 1949. 10 pages.
A STUDY OF INSTALMENT CREDIT TERMS, by Milton
1949. July 1950. 16 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
Moss. December 1949. 8 pages.
AND BUSINESSES. August 1950. 2 pages.
FRENCH EXCHANGE STABILIZATION FUND, by Robert
January 1950. 5 pages.
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.
STATEMENT ON THE DEFENSE PRODUCTION ACT OF
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.
STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR
DEPOSIT INSURANCE.
February 1950. 15 pages.
* T H E CHALLENGE OF OPPORTUNITY VERSUS SECU-
RITY. Address by Thomas B. McCabe, Chairman,
Board of Governors of the Federal Reserve System before a seminar group of Life Insurance
Executives. Presented April 13, 1950. 7 pages.
1950 SURVEY OF CONSUMER FINANCES—
Preliminary summary.
From June 1950
BULLETIN with supplementary information for
nine separate trades. 37 pages.
STATEMENT ON PROPOSED SMALL BUSINESS LEGISLA-
STATEMENT OF THOMAS B. MCCABE, CHAIRMAN OF
Solomon.
PUBLICATIONS
April 1950. 2 pages.
An announcement adopted
jointly by National and State Supervisors of banks
and other lending institutions. August 4, 1950.
August 1950. 1 page.
T H E BALANCE SHEET OF AGRICULTURE, 1950.
OUR COMMON PROBLEM—MAINTENANCE OF A SOUND
BANKING SYSTEM.
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.
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
REVISED ESTIMATES OF CONSUMER CREDIT.
1950.
MEASUREMENT OF CONSUMER CREDIT.
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.
July
1950. 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.)
MARCH 1951
Sep-
tember 1950. 14 pages.
Novem-
ber 1950. 2 pages.
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.
PROGRAM
FOR VOLUNTARY
CREDIT
RESTRAINT.
March 1951. 4 pages.
361
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
I
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
g
2
@FedFRASER