frb_111951

F E D E R A L E S E R V E

BULLETIN1951

BOARD OF GOVERNORS

OF THE FEDERAL RESERVE SYSTEM

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEEELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG

SUSAN S. BURR

The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorialcommittee. This committee is responsible for interpretations and opinions expressed, exceptin official statements and signed articles.

CONTENTSPAGE

Voluntary Action to Help Curb Inflation. 1347-1355

Postwar Construction Expenditures of State and Local Governments and their

Financing 1356-1360

Voluntary Credit Restraint Releases. 1361-1367

Statement on Gold Policy by the International Monetary Fund. 1368

Current Events and Announcements. 1368

Annual Report of the Commonwealth Bank of Australia, Fiscal Year 1951 1369-1373

Law Department 1374

National Survey of Business Conditions. 1375-1376

Financial, Industrial, Commercial Statistics, U. S. (See p. 1377 for list of tables) 1377-1427

International Financial Statistics (See p. 1429 for list of tables) . 1429-1447

Board of Governors and Staff; Open Market Committee and Staff; Federal

Advisory Council 1448

Senior Officers o£ Federal Reserve Banks; Managing Officers of Branches. 1449

Federal Reserve Publications. 1450-1451

Map of Federal Reserve Districts 1452

Subscription Price of Bulletin


FEDERAL RESERVE BULLETINVOLUME 37 November 1951 NUMBER 11

VOLUNTARY ACTION TO HELP CURB INFLATIONSince the start of the Korean war, several

new measures have been introduced andexisting measures used more intensively forthe purpose of curbing inflationary pressureswhich result in part from excessive credit ex-pansion. One of the new measures, the Vol-untary Credit Restraint Program, provideson a nationwide basis a means whereby allmajor groups of lending institutions can par-ticipate in an over-all effort to help check in-flation. The cooperative efforts of partici-pants in this Program to curtail the use ofcredit for speculative purposes and to divertfunds from nonessential to essential useshave been very helpful in limiting over-allcredit expansion while at the same time as-suring adequate funds for the defense effort.

The Voluntary Credit Restraint Programwas established as a supplement to, ratherthan as a substitute for, general credit re-straint measures. It is very difficult to ap-praise the over-all credit needs of the econ-omy or to say whether the granting of aparticular loan may have undesirable infla-tionary repercussions. By screening requestsfor short- and long-term financing on thebasis of broad criteria for essential and non-essential uses, however, lending institutionscan help to restrain over-all credit expansionand assure that available funds are employedfor essential purposes.

The effectiveness of any measure of pub-lic policy depends to a great extent on a fullunderstanding of its limitations as well as

its capabilities. To expect the VoluntaryCredit Restraint Program to do more thanit is capable of doing would be as damagingto its success as would its own failure to em-ploy fully the means at its disposal. Sincethe Program is dependent on the supportwhich it gets from lending officers, publicofficials, businessmen, and the general pub-lic, a brief statement of its objectives andmethods of operation may be useful.

NEED FOR CREDIT RESTRAINT

It became apparent soon after the out-break of war in Korea that comprehensivemeasures would have to be adopted for thepurpose of restraining inflation. Speculativeand scare buying by individuals and busi-nesses in anticipation of defense needs andpossible wartime shortages brought about arapid advance in prices during the summerof 1950. Much of this buying was financed,from either choice or necessity, with bor-rowed funds, and the resulting expansionof the money supply helped to sustain andmultiply inflationary pressures.

The Defense Production Act of 1950,which became effective September 8, au-thorized the establishment of selective regu-lations to restrain consumer instalment creditand some forms of real estate mortgagecredit. While consumer instalment creditregulation had an almost immediate effect inthat area, the impact of the real estate mort-gage credit regulation was considerably de-

NOVEMBER 1951 1347


VOLUNTARY ACTION TO HELP CURB INFLATION

layed, largely because of loan commitmentsmade prior to the effective date of regulation.

The Act did not, however, authorize, ex-cept on a voluntary basis, the regulation ofsuch other important credit areas as businessand State and local government borrowingor conventional mortgage lending on exist-ing properties. During the last half of 1950,credit in these areas continued to expand inresponse to demand. Business borrowingfrom commercial banks rose 5 billion dol-lars, as shown in the table, while both Stateand local government and corporate newlong-term financing remained at fairly highlevels.

INCREASES IN SELECTED TYPES OF CREDIT, 1950-51

[In billions of dollars]

Period

1950—1st Q.2nd Q.3rd Q.4th Q.

1951—1st Q.2nd Q.3rd Q.

Con-sumerloans

- 0 . 51.31.70.8

- 0 . 7- 0 . 1

0.1

Realestatemort-gageloans

1.82.93.03.1

2.52.92.3

Businessloans ofcommer-cial banks

0.0- 0 . 1

2.52.5

1.8- 0 . 1

1.0

Security issues

Corpo-rate newcapital

1.11.60.91.3

1.62.21.4

State andlocal gov-ernment

1.20.90.80.7

0.61.00.8

Source.—Federal Reserve Board, Home Loan Bank Board,Department of Commerce, Securities and Exchange Commission,and Bond Buyer.

NOTE.—Data on consumer and real estate mortgage credit andcommercial bank business loans represent net changes in outstand-ing amounts; those on corporate new capital and State and localgovernment security issues are gross amounts of new issues withno account taken of retirements or redemptions.

It was expected that materials allocationsand shortages, building restrictions, and se-lective restraint of real estate mortgagecredit would in time necessitate some over-all curtailment of investment expenditures,including business inventory accumulationand plant and equipment expenditures, Stateand local government capital expenditures,and residential construction. Nevertheless,the outlook for 1951 was for a substantialvolume of investment, some essential to thedefense effort but some nonessential and de-

ferrable. A total volume of investment aslarge as that anticipated for 1951 was boundto intensify inflationary pressures, especiallyif financed through borrowing which re-sulted in additions to the money supply, andeven to some extent if financed from past orcurrent savings. The problem, therefore,was one of diverting labor and materialsfrom nonessential uses to defense produc-tion and the expansion of basic industrialcapacity, employing whatever measures wereavailable and could be used effectively toaccomplish this diversion.

Since a substantial part of the investmentcontemplated by individuals, businesses, andState and local governments would be fi-nanced with funds obtained from banks,insurance companies, and other financinginstitutions, the restriction of such financ-ing could aid in the diversion of labor andmaterials to essential projects. The DefenseProduction Act of 1950, in Section 708, au-thorized financing institutions to enter intovoluntary agreements and programs to re-strain credit in such manner as would furtherthe objectives of the Act. Voluntary re-straint of this type would require the activecooperation of suppliers of short-term work-ing capital as well as long-term investmentfunds.

Institutional investors, including life andproperty insurance companies, commercialand mutual savings banks, and savings andloan associations, are at present the principalsources of long-term investment funds, whilecommercial banks have long been majorsources of short-term business credit. Dur-ing the postwar period 1946-50, additions tothe investment portfolios of these institu-tions accounted for 88 per cent of the in-crease in real estate mortgage debt, and for77 per cent of the increase in long-term cor-porate and State and local government debt.

1348 FEDERAL RESERVE BULLETIN



INSTITUTIONAL HOLDINGS OF DEBT, DECEMBER 1950

REAL ESTATEMORTGAGE

CORPORATELONG-TERM

STATE ANDLOCAL GOVERNMENT

FEDERALGOVERNMENT

50 200 250100 150Billions Of Dollars

NOTE.—Figures on total outstanding debt: Department ofCommerce estimates. Figures on institutional holdings: life in-surance companies—Institute of Life Insurance; property in-surance companies—The Spectator Insurance Year Book; mu-tual savings banks—National Association of Mutual SavingsBanks; commercial banks—Federal Reserve System; savingsand loan associations—Home Loan Bank Board.

Total long-term corporate debt, denned as debt having anoriginal maturity of one year or more from date of issue, ex-eludes intercorporate borrowing. Federal and State and localgovernment debt includes both short- and long-term but excludesportion held by agencies and trust and sinking funds.

At the end of 1950, as shown in the chart,they held three-fourths of all real estatemortgage debt, over half of all State andlocal and long-term corporate debt, and overtwo-fifths of Federal debt outstanding.

If the investment and lending activities ofthese financing organizations could be di-rected, through a program of voluntarycredit restraint, toward the restriction ofspeculative uses of credit and the diversion offunds from nonessential to essential pur-poses, there was a real possibility that suchaction would help to check inflationary pres-sures and facilitate the diversion of laborand materials to essential uses.

In accordance with the provisions of theDefense Production Act of 1950 and relatedexecutive order, and upon invitation of theBoard of Governors of the Federal ReserveSystem, representatives of commercial banks,life insurance companies, and investmentbankers undertook to set up such a program.Following a series of conferences that beganin the fall of 1950 there emerged, on March 9,1951, a program of voluntary credit restraint.

NOVEMBER 1951

With the approval of the Attorney General,a letter was sent by the Board to all privatefinancing institutions in the United States,requesting their cooperation in accomplish-ing the objectives of the Program.

Adequate safeguards were established bythe Defense Production Act to assure thatthere would be no infringement of anti-trust statutes. A representative of the Fed-eral Reserve System is present to representthe public interest in practically all regionalor national meetings of those taking part inthe Voluntary Credit Restraint Program.Moreover, the Program by its very natureexcludes one of the primary incentives tocollusive action by calling for the limitationof lending activity and hence of lenders'profits.

In contrast to general measures which in-fluence the over-all supply of credit, and se-lective restraints which influence the demandfor specific types of credit through regula-tion of loan terms and conditions, the Vol-untary Credit Restraint Program seeks todirect the flow of credit away from non-essential and speculative uses by the volun-tary action of lenders in approving or dis-approving applications for funds. T o dothis it has been necessary to have certaincriteria that would be of aid in assessingobjectively the merits of individual loanapplications and proposed bond and stockofferings in relation to over-all economicconditions and requirements.

Responsibility for formulating and apply-ing such lending criteria rests with the in-stitutions participating in the Program. Fortheir guidance the Board of Governors hasdrawn leaders from the private lending fieldtogether in a National Voluntary Credit Re-straint Committee. The functions of theNational Committee include the formula-tion of appropriate general lending stand-

1349



ards that may be applied throughout thecountry and the coordination of the workof numerous regional committees. The re-gional committees, whose members are ap-pointed by the National Committee, assistthe thousands of participating financing in-stitutions in applying these standards. Whileneither the National Committee nor theregional committees have any authority todirect the policies of the cooperating financ-ing institutions, they can and do exert con-siderable influence on the thinking and de-cisions of lending officers and upon prospec-tive borrowers who know of the Programand are in sympathy with its principles andobjectives.

The original conference group, in prepar-ing the Statement of Principles, and the Na-tional Committee, in drafting the Bulletinswhich explain the application of these princi-ples to specific credit areas, were fully awareof the difficulties that would be involved informulating and applying comprehensiveand precise rules and regulations to accom-plish the purposes of the Program. Moreover,it was felt that detailed rules and regulationswould not be compatible with the voluntarycharacter of the Program, and might welldiscourage many institutions from even at-tempting to participate.

It was deemed better to phrase the stand-ards in fairly broad terms, to try to ex-press a point of view rather than a host ofdetailed and specific criteria for lendingpractices, and to rely upon the willingness oflending institutions to conform to the spiritof the Program. Hence, lending standardsset forth initially in the Program's Statementof Principles were very general in character,attempting primarily to distinguish betweenfinancing which contributed to the produc-tion and distribution of essential goods andservices and financing which served merely

to effect a transfer of ownership of existingsecurities or physical assets or to permitspeculative purchases of securities and com-modities.

AREAS OF RESTRAINT

As the Program developed, more specificlending standards were formulated to guiderestraint in particular credit areas. In gen-eral, the areas selected by the Committeehave been those in which actual or antici-pated expansion of credit was substantial,statutory selective credit restraints were notapplicable, and for which the financial insti-tutions participating in the Program were amajor source of credit. Between March andSeptember 1951, the National Committeeissued six Bulletins, setting forth generalprinciples to guide participants in meetingdemands for inventory loans, business capi-tal expenditure financing, State and localgovernment borrowing, certain types of realestate credit, borrowing by foreigners, andborrowing on unlisted securities. Of these,the first four are of most widespread interest,and are discussed in some detail in the fol-lowing sections.

INVENTORY LOANS

In the months following the outbreak ofwar in Korea, business inventories expandedsharply. Between June and December 1950,total book value of manufacturing and tradeinventories rose nearly 8 billion dollars.Much of the increase was in raw materials,and a good part of it was financed with bankcredit. For example, purchased materials inthe hands of manufacturers increased nearly3.5 billion dollars, or 30 per cent, in the lastsix months of 1950, and manufacturers'inventories of goods in process and whole-salers' inventories each rose about 18 percent.

During this same period, as shown in the




chart, business loans of commercial banksincreased about 5 billion dollars. A majorpart of this increase appears to have repre-sented loans for purchasing or carrying in-ventories. A special survey of business loansmade by the larger weekly reporting mem-ber banks between June 28 and November 1revealed that 60 per cent of the net fundsadvanced was estimated to be inventoryloans, of which more than 80 per cent wasadvanced to dealers and processors of agri-cultural commodities.

COMMODITY PRICES,BUSINESS INVENTORIES, AND BANK LOANS

thly, December 1949-100 Cen»160

June1950

June1951

Dec.

1951

NOTE.—Prices, Bureau of Labor Statistics index for 28 basiccommodities, last week in month. Business loans include com-mercial and industrial loans of all insured commercial banks atend of month; June and December figures from call reportsof Federal Deposit Insurance Corporation, other months esti-mated by Federal Reserve from weekly reporting member bankdata. Inventories, U. S. Department of Commerce data ontotal manufacturing and trade inventories at end of month;book value, unadjusted for seasonal variation.

While these groups customarily borrowrather heavily from banks in the last halfof the year, such borrowing and the inven-tory accumulation that it permitted were sub-stantially larger in 1950 than was requiredfor the orderly movement of agriculturalcrops. That speculation was an importantelement in this period is indicated by thesharp price increases which occurred. The

average of 28 basic commodity prices ad-vanced 50 per cent between end-of-June 1950and mid-January 1951. Inventories continuedto rise sharply through the early months of1951 and were at extraordinarily high levelsin mid-March when the National Commit-tee held its initial meeting and selected thisarea as the subject of its first Bulletin.

The Committee pointed out that excessiveinventory accumulation had contributed di-rectly to a rise in wholesale and retail pricesto levels beyond those justified by the supplysituation and that an important part of theabnormal inventory increase was being fi-nanced with borrowed money. The Com-mittee expressed the hope that all participat-ing financing institutions would refrain fromfinancing inventory increases above normallevels relative to sales, or reasonable require-ments as determined by other available yard-sticks, and also that all participants wouldencourage borrowers who already had excessinventories to bring them in line as promptlyas possible in order to reduce the amount ofcredit outstanding.

PLANT AND EQUIPMENT FINANCING

Prospects of good business for some timeto come and of materials and equipmentshortages that would result from increaseddefense production, as well as the necessityof expanding productive capacity for suchvital materials as steel, aluminum, and pe-troleum, encouraged businessmen to revisetheir capital expenditure plans sharply up-ward in the months following the outbreakof war in Korea.

Early in 1951, according to surveys madeby the Department of Commerce and Secu-rities and Exchange Commission, businessesas a group were planning to spend nearly 24billion dollars during the current year forthe enlargement and modernization of theirfacilities. These earlier expectations, which

NOVEMBER 1951 1351



now appear to have understated the actual1951 volume of plant and equipment out-lays, called for a total expenditure one-fourthlarger than the previous peak expenditure of19.2 billion in 1948. Such major defense ordefense-supporting industries as steel, alumi-num, petroleum, electric power, and rail-roads accounted for roughly half of theanticipated capital expenditures. Of the re-maining half, an important part representedexpansion that appeared to be postponablewithout detriment to the defense effort.

Though many of these business expansionprograms would be financed, as in previouspostwar years, out of retained earnings, anumber would necessitate external financ-ing through bank or insurance companyloans or the sale of securities. In 1948, forexample, with business expenditures on newplant and equipment totaling 19.2 billiondollars, corporate new capital issues to fi-nance plant and equipment amounted to4.2 billion; similarly, in 1950, with expendi-tures of 18.6 billion, new capital issues forthis purpose totaled 3.0 billion. While notmuch more than one-fourth of capital ex-penditures might be financed in this man-ner, a projected increase in capital expendi-tures of 25 per cent for 1951 could be ex-pected to result in a substantial increase inthe volume of security issues. Though manyof these expenditures were in defense or de-fense-connected industries, it was recognizedthat this was an area in which voluntary ac-tion could prove useful in obtaining thepostponement of nonessential projects andthe diversion of the credit they would haverequired to more essential purposes.

While the Committee feels that capitalexpenditure programs should be held to aminimum during the present emergency, inthe interest of reducing inflationary pres-sures and facilitating the use of labor and

materials where most essential to the defenseeffort, its recommendations in this area haveof necessity been somewhat circumscribed.For one thing, the Statement of Principlesexcluded from review loans guaranteed orinsured, or authorized as to purpose by aGovernment agency. For another, the Com-mittee has not been in a position to dis-courage directly outlays to be financed outof accumulated business savings or throughpreviously arranged commitments. Thus, itsrecommendations have related to new financ-ing for clearly nonessential investment pur-poses.

To the extent that nonessential capital ex-penditure programs were to be financed withthe proceeds of security flotations, the par-ticipating institutions were in a strategic po-sition to exert a restraining influence. In re-cent years, more than half of the dollaramount of new capital issues has been placeddirectly with financial institutions, especiallylife insurance companies, and most publiclyoffered securities are sold through investmentbankers.

On April 20, the Committee issued Bulle-tin No. 2 citing long-term financing whichmight be postponed to a more propitioustime. This included loans and security is-sues for such purposes as: (1) constructionof facilities to improve the competitive posi-tion of an individual producer of nonessen-tial goods; (2) expansion and modernizationexpenditures of concerns in distribution orservice lines where the distribution or serv-ice is not defense supporting; and (3) ex-pansion and modernization programs forthe manufacture of consumer goods not re-lated to the defense effort.

STATE AND LOCAL GOVERNMENT FINANCING

Credit expansion by State and local gov-ernments has been substantial during the




postwar period. As discussed on pages 1356-60 of this BULLETIN, relatively large amountsof long-term credit have been obtained byStates and localities to finance their postwarconstruction programs. Many of these pro-grams are still far from completion. More-over, the tax-exempt status of State and localgovernment securities, which makes themvery attractive to certain investors in a pe-riod of high progressive income taxes, fa-cilitates the financing of continued large ex-penditures. In order to curb the potentialinflationary pressures inherent in a situationof this type, the National Committee hasrecommended the deferment of public worksnot urgently needed for preservation of pub-lic health and safety or for purposes directlyrelated to defense.

On May 3, 1951, in Bulletin No. 3, theCommittee recommended postponement ofsuch capital outlays as those for recreationalfacilities, war memorials, and the acquisi-tion of privately owned utilities and of sitesand rights-of-way not immediately needed.The Committee also expressed the view thatsoldiers' bonus issues were inflationary underthe conditions then prevailing and shouldbe postponed until such time as immediatepurchasing power might be needed to coun-teract unemployment and when it might bemore beneficial to the veteran. In addition,institutional lenders were urged to encouragelocal governments to balance their operatingbudgets and to hold to a minimum short-term borrowing in anticipation of revenues.

REAL ESTATE MORTGAGE CREDIT

The role of voluntary action in supple-menting and reinforcing selective credit re-straint measures is particularly well illus-trated by developments in the real estatemortgage credit area. In an effort to curbthe rapid expansion of real estate mortgage

credit, the Board of Governors of the Fed-eral Reserve System, exercising the authoritygranted it by the Defense Production Act of1950 and related executive order, issued withthe concurrence of the Administrator of theHousing and Home Finance Agency itsRegulation X, effective October 12, 1950.Simultaneously the Federal Housing Ad-ministration and Veterans Administrationadapted their regulations to the new stand-ards developed by the Board.

The establishment of these regulations,which applied to Government-guaranteedmortgages on new and existing houses, tonon-Government-guaranteed, or convention-al, mortgage loans on newly constructedhouses, and to loans on certain classes ofcommercial property, brought about a sharpdecline in the number of new houses startedin 1951. On the other hand, failure to in-clude credit extended on conventional termsfor the purchase of existing houses enhancedthe competitive advantage of such propertiesin the real estate market, and in many casestheir transfers were accompanied by an ex-pansion of real estate mortgage debt whichadded to inflationary pressures.

The National Voluntary Credit RestraintCommittee, in Bulletin No. 4, issued on June6 and revised in some respects on Septem-ber 5, recommended that new conventionalmortgage loans on existing one- to four-family residential units, together with otherindebtedness outstanding on the property,should not exceed the limit which Regula-tion X imposes on new construction or alimit of two-thirds of the fair value of theproperty, whichever is greater. The Com-mittee also recommended that loans onlarger residential properties and on commer-cial, agricultural, and industrial propertyshould in most cases not exceed two-thirdsof the fair value and should be made only if

NOVEMBER 1951 1353



careful screening as to purpose indicates thatthey are in harmony with the VoluntaryCredit Restraint Program.

EVALUATION OF THE PROGRAM

The Voluntary Credit Restraint Programhas been one of the factors contributing tothe abatement of inflationary pressures dur-ing the late spring and summer of 1951.Its contribution, however, must be evaluatedin the light of other factors.

For one thing, inflationary pressures havebeen lessened and credit demands have beenreduced by a decline in demand for certaintypes of consumer durable goods, liquidationof some types of inventories, and a markedincrease in individuals' current saving. Foranother, the Program is only one of a numberof measures for curtailing the use of creditfor speculative purposes and for divertingavailable funds from nonessential to essen-tial uses.

Since the primary function of the Volun-tary Credit Restraint Program is one of di-recting the flow of available credit ratherthan of regulating the over-all volume ofcredit expansion, its effectiveness as an anti-inflationary measure was greatly enhancedby the Treasury-Federal Reserve accordreached in March 1951. Following the ac-cord, the Federal Reserve System abandonedits policy of purchasing United States Gov-ernment securities at largely predeterminedand inflexible prices—a policy that had en-abled holders to dispose of Governmentsecurities at will, generally without incurringlosses, whenever more attractive loan or in-vestment opportunities presented themselves.This policy had resulted in substantial addi-tions to bank reserves.

The existence of a freer and more flexiblemarket for Government securities has causedmany financing institutions to restrict their

lending activities and forward financingcommitments and this has helped to checkover-all credit expansion. Thus, with the

CHANGES IN COMMERCIAL, INDUSTRIAL, AND AGRICULTURAL

LOANS, BY INDUSTRY, MIDYEAR THROUGH OCTOBER

{In millions of dollars]

Business of borrower

Manufacturing and mining:Food, liquor, and tobaccoTextiles, apparel, and leatherMetals and metal productsPetroleum, coal, chemicals, and rubber. .Other manufacturing and mining

Trade—wholesale and retailCommodity dealersSales finance companiesPublic utilities and transportationConstructionAll other types of business

Loans classified as to businessLoans not so classified

Total +1,351 +2,874

1951

+521-217+537+68+75+40

+394-104+318

-61- 6

+1,565-214

1950

+413+130

-17+19+17

+272+690+324

+50+55

+113

+2,065+809

NOTE.—Data for 1951 were collected at the request of theNational Voluntary Credit Restraint Committee from about 220weekly reporting member banks. Data for 1950 are from a specialsurvey of selected member banks in leading cities. Although thecoverage is less complete for 1950 than for 1951, all of the largebanks that cooperated in the 1950 survey are included in the 1951data.

Federal Reserve System acting to restrict thegrowth of total credit, it has been possiblefor the Voluntary Credit Restraint Programto function with greater effectiveness.

That the Voluntary Credit Restraint Pro-gram, together with other selective and gen-eral credit restraint measures, has achievedconsiderable success in diverting credit fromspeculative and nonessential activities to es-sential uses is suggested by the postponementof a number of proposed security offeringsand by the shift in lending at member banksfrom nondefense to defense and defense-supporting industries. As shown in thetable, the amount of new loans granted tomanufacturers of metals and metal productsand to public utility and transportation con-cerns was substantially greater from midyearthrough October 1951 than in the corre-sponding period of 1950. On the other hand,the amounts granted to wholesale and retailtrade concerns, commodity dealers, and salesfinance companies were substantially less this




year than last, as was the total of all commer-cial, industrial and agricultural loans.

No over-all figures on the number of loanapplications denied or postponed by financ-ing institutions in accordance with the prin-ciples of the Program are available. While,as noted in the statement on pages 1362-65of this BULLETIN, a substantial number ofcases have been referred to one or anotherof the regional committees for recommenda-tions, financing institutions have themselvesin the majority of cases taken the initiativein approving or denying financing requestson the basis of recommendations containedin the national Bulletins. In cases whereproposed security offerings or loan applica-tions have been referred to regional commit-tees, and where such regional committeeshave recommended against the proposedsecurity issue or loan, the financing insti-tutions involved have almost without ex-ception strongly supported committee recom-mendations.

One of the initial deterrents to the Pro-gram's success, the existence of legally bind-ing commitments to provide funds thathad been made before the Program came intoexistence, has in recent months become lessimportant. Data collected in connectionwith the Program show, for example, that45 life insurance companies, whose com-bined assets represent 85 per cent of all lifeinsurance company assets, had 4.5 billion dol-lars of commitments outstanding at the endof April 1951. Of this amount roughly 1.7billion represented proposed financing of de-fense and defense-supporting activities andthe remainder nondefense business activitiesand mortgage financing of home purchases.By the end of August, however, the totalof such commitments had been reduced to3.7 billion dollars, as shown by the chart. Asother commitments are worked off, more

LIFE INSURANCE COMPANY COMMITMENTS

Billions of Dollars Billions o\ Doilc

APR. 30, 1951 AUG 31,1951NOTE.—Outstanding commitments to acquire domestic loans

and investments. Data compiled by Life Insurance Associationof America from reports submitted by 45 life insurance com-panies whose combined assets represent 85 per cent of all lifeinsurance company assets.

and more current financing will come un-der the Program.

In encouraging lending officers of financ-ing institutions and businessmen in generalto consider the role of credit in an inflation-ary situation and in providing them withstandards by which to judge the relativeessentiality of proposed uses of credit, theProgram has perhaps achieved its greatestsuccess.

CONCLUSION

Voluntary credit restraint is an extremelyuseful adjunct to general credit restraintmeasures and should be further developedfor use whenever inflationary pressuresthreaten depreciation of the dollar. If theinternational situation does not worsen, theremay be a tendency for the sense of urgencyand the spirit of cooperation developed inthis period of national emergency to becomesubmerged in competitive self-interest as de-fense production goals are approached. Withemployment, personal income, and businessexpenditures on plant and equipment atrecord levels and defense expenditures in-creasing rapidly, further test of all credit re-straint measures may lie ahead.

NOVEMBER 1951 1355


POSTWAR CONSTRUCTION EXPENDITURES OF STATE ANDLOCAL GOVERNMENTS AND THEIR FINANCING1

During the postwar period State and local gov-ernments have undertaken large-scale constructionprograms to meet community needs which hadbeen cumulating throughout the depression andwar years. Expenditures for highways, schools,and other State and local facilities totaled 18.2billion dollars in the years 1946 through 1950;an additional 6 billion may be spent by the endof 1951.

At the time of the Korean crisis in mid-1950,when it became necessary for the United States toshift to a defense economy, there were many indi-cations that State and local government constructionmight continue to increase for some years to come.Deferred needs had not been fully met, the over-allfinancial position of State and local governmentswas good, and the market was favorable for tax-exempt securities.

This situation presented a problem from thestandpoint of the national defense program. Inorder to assure adequate labor, materials, and creditfor defense and defense-supporting activities andto curb inflationary pressures, it was necessary thatmeasures be taken to discourage less essential capi-tal expenditures in all areas. Building restrictionsand materials allocation were invoked, and creditrestraint measures, including the Voluntary CreditRestrain Program described on pages 1347-55 of thisBULLETIN, were adopted. In the State and localgovernment area the objective of the VoluntaryCredit Restraint Program has been to restrict bor-rowing for less essential construction and otherpostponable purposes.

CONSTRUCTION EXPENDITURES

A tremendous backlog of requirements forState and local construction of all types existedat the end of World War II. Part of it had beencarried over from the depressed thirties, whenconstruction work had fallen far short of meetingcurrent requirements, and part of it was the resultof wartime shortages and restrictions. Widespread

1This article was prepared by Elinor Harris under thesupervision of Charles H. Schmidt, Chief of the BusinessFinance and Capital Markets Section of the Board's Divisionof Research and Statistics.

population movements and a substantial rise inthe birth rate during the war years had also ac-centuated the need for additional public facilities.

The period 1946-50. As soon as manpower andmaterials became available after the war, Stateand local governments began to bring public fa-cilities in line with current needs. Their annualconstruction expenditures increased rapidly butfairly evenly, as shown in the table, rising from1.5 billion dollars in 1946 to 3.7 billion in 1948and to a new peak of 5.5 billion in 1950.

In the 1946-50 period as a whole, States, cities,counties, special authorities, and other non-Federalpolitical units invested a total of 18.2 billion dollarsin new construction projects and major improve-ments and alterations of existing facilities. Morethan 46 per cent of this amount was spent on high-ways, 18 per cent for sewerage and water systemsand other community facilities, 17 per cent forschools, and 6 per cent for public housing. Allother types of construction, including hospitals andother institutions, public administration buildings,and social and recreational centers accounted forthe remaining 13 per cent.

While each of the major types of constructionexpenditures increased sharply between 1946 and1950, significant changes in their relative impor-tance took place. Highway construction, thoughit consistently represented by far the largest singleexpenditure, declined in relative importance in eachof the postwar years, from 58 per cent of totalexpenditures in 1946 to 42 per cent in 1950. Out-lays for local public facilities such as sewerage andwater systems also declined somewhat relative tothe total. Expenditures for schools, on the otherhand, increased proportionately each year, risingfrom 7 per cent of the total in 1946 to 21 per centin 1950. To some extent these shifts in impor-tance are a measure of the end-of-war deficienciesin different areas, the length of time required to fillthem, and increasing selectivity on the basis of need.To some extent they may also reflect differences infinancing practices. For example, constructionprograms to be financed largely from tax receipts—such as some highway programs—could bestarted almost as soon as wartime restrictions were



POSTWAR CONSTRUCTION EXPENDITURES OF STATE AND LOCAL GOVERNMENTS

CONSTRUCTION EXPENDITURES BY STATE AND LOCAL GOVERNMENTS 1946-51

[In millions of dollars]

Type of construction

Total

HighwayLocal public facilities:

Sewer and waterOther

ResidentialEducationalHospital and institutionalPublic administration, social and recreational, and penal

and correctiveAll other . . . . .

Calendar years

Total1946-50

18,245

8.511

2,368837

1.0963,040

I 2.062

331

1946

1,492

869

19299

12699

99

8

1947

2,650

1,474

351164191229

1 55( 124

62

1948

3,731

1,818

535185123615125

24882

1949

4,913

2,070

619203326934308

36390

1950

5,459

2,280

671186330

1,163330

41089

First 10 months

1949

4,131

1,776

519174260772249

30774

1950

4,583

1,967

555154272941273

34576

1951*

5,188

1,900

618172485

1,256354

34261

^Preliminary.1 Construction is defined as new construction plus major additions to and major alterations of existing structures; expenditures for

equipment are excluded. Federal grants-in-aid are included in construction expenditures.Source.—Departments of Labor and Commerce.

lifted, while programs to be financed by borrowing—such as school construction—had to wait forapproval from the voting public and from legis-lative and executive groups.

The year 1951. State and local government con-struction expenditures in 1951 are likely to exceedthe previous year's total. Such expenditures areestimated to have totaled 5.2 billion dollars duringthe first 10 months of this year, as compared with4.6 billion for the corresponding period of 1950.To a large extent, this continued increase reflects•expenditures on projects initiated prior to theadoption of building restrictions, materials allo-cation, and credit restraints.

There has been evidence during 1951, however,of greater selectivity among different types of Stateand local government programs. Expenditures forschools and public housing have been substantiallylarger, and those for hospitals and other institu-tions moderately greater, in 1951 than in 1950.On the other hand, expenditures for public admin-istrative and recreational projects and highway con-struction are estimated to have been somewhatsmaller. A number of factors help to explain thisselectivity. One of the most important has beenthe rapid rise in construction costs, which hasled to the deferment of all but the most urgentlyneeded construction outlays. Since interest pay-ments are also an important cost factor, less favor-able borrowing terms in the spring and early sum-mer of 1951 resulted in the "shelving" of numer-ous prospective bond issues. In addition, the vot-ing public gave preference in both the 1950 and1951 elections to such proposed bond issues as

those for schools, and generally refused to approveissues for such purposes as administrative andrecreational facilities.

Other factors operating to postpone some publicconstruction projects have been labor and materialshortages and the recommendations of participantsin the Voluntary Credit Restraint Program. Asdefense requirements have increased, allocationsof steel and certain other construction materialsfor civilian use have been reduced, and Stateand local construction projects have been screenedmore carefully both with respect to materials re-quirements and immediate essentiality. Moreover,as discussed on pages 1352-53, the Voluntary CreditRestraint Program has recommended the postpone-ment of less essential public construction projectsin the interest of curbing inflationary pressures,and participating financing institutions have dis-suaded a number of States and localities from offer-ing bonds to finance certain types of projects.

In the light of these various factors, and de-spite a large backlog of unsatisfied requirements,it seems likely that State and local capital ex-penditures will decline as projects currently underway are brought to completion. Greatest declinesmay be expected in those types of public buildingwhich are neither essential to the national defenseeffort nor required immediately for the commu-nity welfare, such as municipal office buildings andjails, city halls and county courthouses, and swim-ming pools and gymnasiums.

On the other hand, construction of schools,hospitals, public housing in defense areas, andhighways connecting strategic military or industrial

ISFOVEMBER 1951 1357



areas should continue at a fairly high level. Suchbuilding is being accorded preferential treatmentwherever possible both in allotment of scarce mate-rials by the Defense Production Administrationand in the granting of credit by financing institu-tions participating in the Voluntary Credit Re-straint Program.

BORROWING TO FINANCE CONSTRUCTION

Much of the building of new schools, publichousing, water and sewerage systems, toll bridgesand super-highways, and other types of costly,long-lived State or municipally owned facilitiesis financed through long-term borrowing. Dur-ing the period 1946-50, when total constructionexpenditures of the State and local governmentsamounted to 18.2 billion dollars, the long-termsecurity issues of these governments amounted to10.5 billion exclusive of refunding and bonus issues.Other sources of construction financing duringthis period included Federal grants-in-aid, reservefunds accumulated during the war years, andfunds available from current tax receipts.

It is impossible, on the basis of aggregate data,to identify long-term borrowing in any singleyear with the construction expenditures it is in-tended to finance. Such borrowing is customarilydone in advance of actual construction and oftencovers the entire cost of the proposed project, whilethe expenditure of the proceeds may be spreadover some period of time. Nevertheless, the an-nual totals of long-term borrowing and construc-tion expenditures of State and local governmentsdo move together and, as shown in the chart, bothincreased substantially throughout the postwaryears 1946-50. From a total of 1.0 billion dollarsin 1946, State and local government security offer-ings, exclusive of refunding and bonus issues, in-creased to 3.0 billion in 1950.

Several factors, in addition to the growth inconstruction projects of the type customarily fi-nanced through bond issues, help to explain thispostwar increase in long-term borrowing by Stateand local governments. For one thing, neitherthe reserve funds accumulated during the waryears, the excess of current tax revenues over cur-rent operating expenses, nor Federal grants-in-aidhave been adequate or so distributed among indi-vidual States and localities as to cover the sharppostwar increase in construction expenditures. Foranother, the general financial position of State and

local governments has been improved by debt reduc-tion during the war years and the opening up ofnew sources of revenue during the postwar period.This facilitated further State and local governmentborrowing by improving the market's appraisalof such issues. Also, the general demand for tax-exempt securities has been basically strong through-out the period, because of the continued highrates of Federal income taxes since the war.

STATE AND LOCAL GOVERNMENTBORROWING TO FINANCE CONSTRUCTION

/

TOT U CONSTRLEXPENDITUR

/

/

CTION ^SES f^

LONG-1 ERM BORRO*

WING

* Defined as total long-term State and local government offer-ings less refunding issues and bonus issues.

Sources.—Total construction, Department of Labor; long-term borrowing, The Bond Buyer. Data for 1951 are estimated.

An additional factor in the postwar increase ofborrowing by State and local governments hasbeen the growth since prewar years of the prac-tice of issuing "revenue bonds" to finance income-producing projects such as toll roads and bridges.From the point of view of the State or localgovernment concerned, these issues have several im-portant advantages. Only the income from theself-liquidating project itself need be committedto current debt servicing and repayment of princi-pal, and this money is obtained from users of thefacility rather than from taxpayers in general. Inmany cases revenue bond issues need not be sub-mitted to the voters for approval and thus maybe issued more promptly than general obligations.In addition, the government unit may not be re-quired to include revenue bonds as part of out-standing debt for purposes of complying with




statutory debt limitations. Revenue bonds carrythe tax-exemption privilege common to all Stateand local securities but, in recognition of greaterrisk, usually bear a higher interest rate.

After increasing in each of the years 1946through 1950, long-term borrowing by State andlocal governments for construction purposes willprobably show no further increase in 1951. Totalnew long-term borrowing, in fact, declined from3.6 billion dollars in 1950 to an estimated 3.0billion in 1951, but practically all of this declineresulted from a sharp drop in bonus issues.

Since borrowing customarily precedes actual con-struction, the leveling of! in State and local gov-ernment security issues for construction purposesprobably foreshadows a decline in total construc-tion expenditures as projects currently under wayare brought to completion. At the same time, dataon new long-term borrowing by purpose, shownin the table, suggest a continuation of the recentemphasis on more essential projects. Schools, waterand sewerage systems, and public housing ac-counted for nearly two-thirds of all new issuesidentifiable as to purpose, totaling 2.1 billion dollars,during the first 10 months of 1951.

STATE AND LOCAL GOVERNMENT BOND ISSUES

BY PURPOSE


Purpose

SchoolsHousingSewerage and water systemsHighwaysMiscellaneous public servicesHospitals and other institutionsBridges and tunnelsImprovementsPorts and airportsRecreational facilitiesBonusOthers

Total—1951Corresponding total—1950

—1949

1951

1stQ

10129

102225754

15424

211

5561,179

574

2ndQ

25016

1071676198271972

252

1,006901873

3rd

1271211

1304132205126

81

123

820796

First10

mos.,1951P

5152 41438227418313482671974

622

2,7033,1282,474

P Preliminary.1 Includes a 25 million dollar State of California issue for vet-

erans' farm and home purchase loans and 171 million dollars ofissues under the Housing Act of 1949.

2 Includes for October 1951 an additional 157 million dollars ofissues under the Housing Act of 1949.

3 Includes issues under $500,000, refunding issues, and issuesfor which purpose is not given.

Source.—The Bond Buyer.

T H E MARKET FOR STATE AND LOCAL GOVERNMENT

SECURITIES

The tax-exempt feature of State and local govern-ment issues gives them a special place in the national

securities market. Their interest yield is exemptfrom Federal income tax and in some instancesfrom State income taxes within the State of issue.Thus prevailing tax rates, together with potentialchanges in rates, exert a strong influence on themarket for these securities.

Commercial banks and individuals are the prin-cipal investors in State and local government se-curities, as shown by the chart. Life insurance

OWNERSHIP OF STATE AND LOCAL GOVERNMENT SECURITIES

1941 1942 1943 1944 1945 1946 1947 1948 1949 1950

* Includes insurance companies, corporations, U. S. Govern-ment investment accounts, mutual savings banks, and miscel-laneous investors.

Source.—U. S. Treasury.

companies, mutual savings banks, and individualsof moderate income, to whom the tax-exemptionfeature has thus far had little significance, havetypically shown little interest in these securities.The recent enactment of legislation subjecting theincome of mutual savings institutions to the Fed-eral income tax is likely to bring mutual savingsbanks into the market for these securities.

Tax exemption has two facets. By attracting in-vestors who are willing to accept a relatively lowbefore-tax yield in order to obtain tax exemption,it enables State and local governments to obtainfunds at lower interest rates than would otherwisebe possible. On the other hand, the lower rate ofreturn tends to narrow the market by limiting itfor the most part to buyers who will benefit fromthe tax-exemption privilege. The market is there-fore very specialized and particularly sensitive toshifts in investor psychology and to prospectivechanges in income tax rates.

NOVEMBER 1951 1359



Despite the substantial volume of State and localgovernment security offerings during the postwaryears 1946-51 the market for these securities hasbeen basically strong, partly because generally easycredit conditions, except in late 1947 and 1948,facilitated large-scale commercial bank purchases,and partly because of the maintenance of Federalincome taxes at higher than prewar levels. Suchchanges in tax rates as there were, however, didhave a marked effect on the municipal bondmarket. The moderate reduction in Federal incometax rates in 1946, for example, led to some pricedeclines and increases in yields on State and localgovernment securities, as may be seen from thechart.

Following the outbreak of the Korean war, in-vestors' interest in tax-exempt securities mountedand yields dropped sharply. This decline reflectedfears of a general war and anticipation of higherFederal income taxes and of a possible curtailmentof construction expenditures that would reducethe supply of tax-exempt issues. As during WorldWar II, investors were willing to accept relativelylow yields in order to obtain tax exemption.

The subsequent downward adjustment in Stateand local bond prices between February andJune 1951 appears to have been in part a reactionto previous speculative overbidding for these issues.Also, since this market is highly sensitive, it re-flected developments in the United States Govern-ment securities market. The adoption of an openmarket policy permitting more flexibility in theprices of United States Government bonds was fol-lowed by a rise in yields on these securities whichmade State and local bonds relatively less attractive.

Since June 1951, however, renewed investor in-terest in tax-exempt securities has carried yieldsa little below the level prevailing at the outbreak

BOND YIELDS

1942 1944 1946 1948 1950

Latest figures plotted are for October 1951.Sources.—Corporate, Moody's Investors Service; U. S. Gov-

ernment, U. S. Treasury; Municipal, Standard and Poor'sCorporation.

of the Korean war. In view of the increased in-come taxes and the probable entrance of mutualsavings banks into the market for State and localissues, favorable market conditions seem likely topersist generally.

CONCLUSION

Despite a relatively large volume of State andlocal government construction expenditures duringthe postwar period, the need for additional publicfacilities is still great. In general, the current finan-cial situation of State and local governments is suchthat further long-term borrowing is feasible, whilethe demand for these securities is basically strong.With a marked increase in defense expendituresanticipated during the coming year, the possibilityof renewed inflationary pressures makes advisablethe continued restriction of State and local govern-ment borrowing for less essential construction andother postponable purposes.



VOLUNTARY CREDIT RESTRAINT RELEASES

MEETING OF NATIONAL AND REGIONAL COMMITTEE MEMBERS OF THE VOLUNTARY

CREDIT RESTRAINT PROGRAM, OCTOBER 15-16, 1951

More than 50 national and regional committeemembers of the Voluntary Credit Restraint Pro-gram met Monday and Tuesday, October 15 and 16,to discuss the progress of the Program as an anti-inflationary control measure and some of the cur-rent problems in connection with its administration.This was the first meeting since April which all ofthe regional chairmen of the various industrygroups represented on the National Committee hadbeen invited to attend.

In reviewing the Voluntary Credit RestraintProgram, Reserve Board Governor Oliver S. Pow-ell, National Chairman, cited statistics showing thatbusiness loan expansion during the third quarterof 1951 had been less than half of the increase regis-tered during the same period in 1950. Some in-crease from June to September, he pointed out,was to be expected from purely seasonal factors.

Reserve Board Chairman William McChesneyMartin, Jr. expressed the gratification of the Boardwith the progress of the Voluntary Credit RestraintProgram. The enthusiasm and interest demon-strated by all those serving on the regional andnational committees, he said, has confounded thecynics and those who sneer at self-regulation.

Among the subjects discussed during the two-day meetings was the relationship of the VoluntaryCredit Restraint Program to possible "leaks in thedyke" through credit granted under Governmentprograms in fields where private financing institu-tions are attempting to restrain unnecessary creditexpansion. The committee also discussed the relo-cation of industries from defense to nondefenseareas, the consideration to be given to the grantingof an NPA permit where the use of material allot-ment subsequently involved the use of credit, anda clarification of the specific application of the State-ment of Principles and the various bulletins issuedrecently by the National Committee in the fieldsof loans to finance companies, loans on oil and gasproperties, smaller municipal issues and residentialreal estate loans. In the field of mortgage credit,the relationship of mortgage bankers to the Volun-

tary Credit Restraint Program was discussed, andit was decided that greater effort should be madeto keep this group informed on the application ofthe Program to their operations.

Members of the National Voluntary Credit Re-straint Committee in attendance at these meetingsincluded:

William K. Barclay, Jr., Partner, Stein Bros, andBoyce, Philadelphia, Pennsylvania

C. Sterling Bunnell, Vice President, The NationalCity Bank of New York, New York, New York

Kenton R. Cravens, Vice President, MercantileTrust Co., St. Louis, Missouri

Carlisle R. Davis, Vice President, State-PlantersBank and Trust Company, Richmond, Virginia

Francis Kernan, Partner, White, Weld & Co., NewYork, New York

Robert M. Morgan, Vice President and Treasurer,The Boston Five Cents Savings Bank, Boston,Massachusetts

M. K. M. Murphy, President, Boiling Springs Sav-ings and Loan Association, Rutherford, NewJersey

Oliver S. Powell, Member, Board of Governors ofthe Federal Reserve System, Washington, D. C.

Everett D. Reese, President and Trust Officer, ParkNational Bank, Newark, Ohio

Carrol M. Shanks, President, Prudential InsuranceCompany of America, Newark, New Jersey

Rudolf Smutny, Partner, Salomon Bros, and Hutz-ler, New York, New York

E. B. Stevenson, Jr., Executive Vice President, Na-tional Life and Accident Insurance Company,Nashville, Tennessee.

W. H. Walker, President, First Federal Savings &Loan Association, Miami, Florida

Chairmen and other representatives of the re-gional committees present were:

For commercial ban\s:

John E. Toulmin, Senior Vice President, FirstNational Bank of Boston, Boston, Massachusetts

NOVEMBER 1951 1361



George Whitney, Chairman of the Board, J. P.Morgan & Co., Inc., New York, New York

Frederic A. Potts, President, The Philadelphia Na-tional Bank, Philadelphia, Pennsylvania

John K. Thompson, President, Union Bank ofCommerce, Cleveland, Ohio

Archie K. Davis, Senior Vice President, WachoviaBank & Trust Company, Winston-Salem, NorthCarolina

John A. Sibley, Chairman of the Board, Trust Com-pany of Georgia, Atlanta, Georgia

Homer J. Livingston, President, First NationalBank of Chicago, Chicago, Illinois

Arthur J. Fushman, Vice President, ManufacturersNational Bank of Detroit, Detroit, Michigan

D. T. Beals, President, Inter-State National Bankof Kansas City, Kansas City, Missouri

Milton F. Brown, President, Mercantile NationalBank at Dallas, Dallas, Texas

William M. Hale, Executive Vice President, Amer-ican Trust Company, San Francisco, California

Chester A. Rude, Chairman, Executive Committee,Security-First National Bank of Los Angeles,Los Angeles, California

E. C. Sammons, President, United States NationalBank of Portland, Portland, Oregon

For insurance companies:

Frederick W. Ecker, Executive Vice President,Metropolitan Life Insurance Co., New York,New York

James J. O'Leary, Director of Investment Research,Life Insurance Association of America, NewYork, New York

W. L. Wilkinson, Assistant Counsel, ConnecticutGeneral Life Insurance Co., Hartford, Con-necticut

Willard N. Boyden, Vice President, ContinentalAssurance Co., Chicago, Illinois

Harry J. Stewart, President, West Coast Life In-surance Co., San Francisco, California

For investment banking:

Percy M. Stewart, Kuhn, Loeb & Co., New York,New York

D. Dean McCormick, McCormick & Co., Chicago,Illinois

John H. Rauscher, Rauscher, Pierce & Co., Dallas,Texas

For savings and loan associations:

Ralph R. Crosby, President, Old Colony Co-operative Bank, Providence, Rhode Island

Ernest A. Minier, President, Carteret Savings &Loan Association, Newark, New Jersey

James J. O'Malley, President, First Federal Savingsand Loan Association, Wilkes-Barre, Pennsyl-vania

J. B. Bourne, President, Franklin Federal Savingsand Loan Association, Richmond, Virginia

Edward L. Johnson, Vice President, Bell Savingsand Loan Association, Chicago, Illinois

C. R. Mitchell, Executive Vice President, FirstFederal Savings and Loan Association, KansasCity, Missouri

Gerrit VanderEnde, President, Pacific First FederalSavings and Loan Association, Tacoma, Wash-ington

For mutual savings ban\s:

Richard A. Booth, President, Springfield Institutionfor Savings, Springfield, Massachusetts

Joseph Kaiser, Vice President, Williamsburgh Sav-ings Bank, Brooklyn, New York

Donaldson Cresswell, Vice President, PhiladelphiaSavings Fund Society, Philadelphia, Pennsylvania

Irving W. Distel, Vice President, Society for Sav-ings in the City of Cleveland, Cleveland, Ohio

DIGEST OF OPINIONS RENDERED BY REGIONAL COMMITTEES ON TYPICAL CASESREFERRED BY LENDING INSTITUTIONS x

The National Voluntary Credit Restraint Com-mittee released today the attached digest of opin-ions rendered through September 1951 by the re-gional committees on typical cases referred to themby individual lending institutions. The regionalcommittees, consisting of representatives of various

1 Statement by National Voluntary Credit Restraint Com-mittee, released for publication on Nov. 13, 1951.

kinds of lending institutions, were established fol-lowing inauguration of the Voluntary Credit Re-straint Program last March to aid in its administra-tion and to offer opinions regarding the applicabilityof the adopted principles to proposed loans specifi-cally referred to them by individual lending insti-tutions.

The National Committee believes that the re-




lease of information on typical cases will assist co-operating financing institutions in conducting theiroperations in accordance with the principles of theProgram. Moreover, the publication of these di-gests should be of interest to borrowers in planningtheir operations and to the public at large.

The regional committees have been guided inrendering opinions by standards provided in theProgram to the effect that financing institutionsshould extend credit in such a way as to help main-tain and increase the strength of the domesticeconomy by restricting credit for nonessential pur-poses and making readily available credit for theessential needs of agriculture, industry, and com-merce. In addition they, as well as individualfinancing institutions, have been aided through theissuance of periodic bulletins by the National Com-mittee interpreting and supplementing the prin-ciples of the Program with reference to specificcredit areas.

The digest of cases represents in general opinionson cases which have raised doubts in the mindsof lenders and have, therefore, been referred to theregional committees. The volume of such opinionshas been substantial indicating that the cooperatingfinancing institutions have been diligent in the ap-plication of the principles of the Program to theconduct of their every day operations and that theirefforts have been effective in reducing the volumeof credit for purposes not in harmony with itsstandards.

SEASONAL AND INVENTORY LOANS

BORROWER AND PURPOSE OPINION

Wholesale seeds FavorableTo buy and clean seeds for resale to retail-ers of seed for use by farmers in necessaryreseeding operations.

Retail dry goods FavorableFor normal seasonal inventory acquisition.

Retail hardware, lumber and building supplies FavorableFor normal inventory acquisition to care forsummer and early fall trade.

Retail fuel oil FavorableTo purchase 1 million gallons of fuel oil(1/10 of annual volume) for storage andsale during the 1951-2 season.

Public accountant FavorableSeasonal loan for operating funds.

Retail hardware UnfavorableTo enable borrower to carry inventory dis-proportionate to his normal business opera-tions.


Retail sewing machine UnfavorableTo increase inventory of imported machinesin anticipation of future curtailment indomestic manufacture of sewing machines.

BUILDING PROGRAMS

Machine tool company FavorableTo build new plant to take care of presentneeds. Present rental property too smalland unsuitable for increased volume andemployment.

Delicatessen FavorableTo build a new store building to serve anewly developed residential area.

Retail farm tractor and implement dealer UnfavorableTo erect sales and service building in orderto retain franchise.

Grain elevator and feed mill—Sale of feedsand seeds to farmers Unfavorable

To erect a new building to replace presentfacilities which are not very convenient fromstandpoint of services to customers.

Municipality UnfavorableTo erect agricultural-live stock exhibitionbuilding.

Nursing home for aged FavorableTo buy existing building which is suitablefor needed additional space for operations.

Mortuary FavorableTo build a new mortuary in replacement ofpresent quarters which are inadequate forneeds of community. This is the only mor-tuary serving the area.

Tourists' hotel UnfavorableTo construct 2 5-room motel in vacation andrecreational area.

Educational institution UnfavorableTo finance partially construction of a library.

Municipality FavorableFor construction of needed school buildings.Committee deferred its opinion on financingfor that part of program which extendedbeyond current fiscal year.

Church FavorableTo build a new church in replacement ofpresent structure which is in unsafe andhazardous condition.

Church UnfavorableTo build a parish hall and an addition toSunday School building.

N E W PLANT OR E Q U I P M E N T

Publisher of daily newspaper FavorableTo purchase a printing press in replacementof outmoded press which does not take careof present requirements.

NOVEMBER 1951 1363




Tan\ship owners FavorableTo purchase oil tanker for charter to an oilcompany.

Excavating contractor FavorableTo purchase diesel tractor shovel to replaceworn and obsolete equipment now in use.

Wholesale petroleum FavorableTo buy tractor-tanker units necessary in op-erations; one replacement and one additionalunit.

Public utility Favorable

For improvements to its gas distribution sys-tem.

Municipality FavorableFor needed fire fighting equipment in rap-idly expanding community.

Laundry UnfavorableTo purchase new machinery and equipmentfor expansion of plant. Deferrable unlessprogram had been started and commitmentsmade prior to inauguration of VCR Pro-gram.

Social club and recreation center UnfavorableTo purchase bar and equipment togetherwith furnishings for social room. Presentfacilities not adequate to meet demand.

MODERNIZATION

Farmer FavorableTo repair and remodel farm buildings on176 acre producing farm.

Retail variety store FavorableFor modernization and enlargement of storebuilding. Approval based on facts thatarchitect's plans drawn and materials con-tracted for prior to inception of VCR Pro-gram.

Retail ladies ready-to-wear UnfavorableTo modernize store, add new front and in-crease floor capacity to maintain competitiveposition.

Gasoline service station UnfavorableFor purchase and modernization of equip-ment and facilities of two existing gas sta-tions.

W O R K I N G CAPITAL LOANS

Woodworking—Manufacturer of business fix-tures and equipment Favorable

For necessary and normal working capitalin connection with contract work in process.

Metal stamping plant FavorableFor necessary and normal working capital.Sixty-five per cent of present volume isunder defense contract.

Shoe manufacturer FavorableFor necessary and normal working capital.

DEBT RETIREMENT AND REFINANCING


Retail automobile dealer FavorableTo repay existing bank loans.

Manufacturer of electrical appliances FavorableFor reduction of bank debt.

Retail mil\ dealer UnfavorableTo refinance existing indebtedness held byformer owner of business.

Chain variety stores UnfavorableTo retire outstanding preferred stock.

ACQUISITION OF EXISTING BUSINESSES

Hotel operator FavorableTo purchase building and equipment ofhotel from owner who is retiring becauseof ill health. Failure to effect transfer mightcreate hardship for community in havinghotel closed. Approval based on assump-tion self-financing purchaser cannot befound or that seller is unable to accept apurchase-money mortgage.

Trucking UnfavorableTo purchase motor trucking company andequipment for expansion of present opera-tions. Trucking business to be acquired iscurrently hauling foodstuffs but continuedoperation by present owner is assured untila sale can be made.

Pharmacist UnfavorableTo purchase business, inventory and fix-tures of an existing drug store.

Accountant UnfavorableTo purchase an established accounting busi-ness.

ACQUISITION OF STOCKHOLDERS' OR PARTNERS'

INTERESTS

Individual (officer and principal stockholder Favorable—machine tool manufacturer)

To acquire one-third stock interest incompany from widow of borrower's formerpartner. Proceeds of this loan, used topurchase the minority interest in the com-pany, would preserve continuity of man-agement and avoid the minority stock in-terest getting into possibly unfriendly hands.

Retail novelty store UnfavorableTo buy other partner's interest in businessto become sole owner.

Wholesale iron and steel UnfavorableTo purchase minority shareholders' interest.

Trucking company UnfavorableFamily group operating company wishes tobuy back 51 per cent of stock now heldby outside interests.




N E W VENTURES


Retail grocer FavorableTo stock a new store to be opened in anew and expanding community now lack-ing a grocery.

Retail grocer UnfavorableTo stock a new grocery store which facilityappears not to be necessary in the commu-nity.

Dentist FavorableTo purchase furnishings and equipmentnecessary to operate a dental office. Bor-rower recently graduated from dental school.

Retail men's clothing UnfavorableTo open new men's clothing store. Cityhas sufficient retailers to satisfy the demand.

Retail gasoline distributor UnfavorableTo equip a new self-service station. Presentfacilities in community are adequate.

Amusement par\ UnfavorableFor erection of plant and purchase ofequipment necessary for operations. Otheramusement and recreational facilities areavailable in area.

LOANS TO FARMERS, ETC.

Rancher FavorableTo purchase and carry cattle.

Farmer FavorableTo clear 50 additional acres of land for pas-turage.


Farmer FavorableTo purchase 260 acre farm for purpose ofputting it into production.

Farmer UnfavorableTo purchase farm land for lease as an in-vestment. Considered speculative in char-acter where the land is already in produc-tion and borrower desires simply to increasehis holdings of real estate.

DEVELOPMENT OF LAND

Individual FavorableTo purchase acreage for housing develop-ments in a defense area.

Individual UnfavorableTo purchase and develop land for sale asbuilding lots.

Municipality UnfavorableTo acquire unimproved land for erection ofparking facilities.

O T H E R LOANS

Housewife UnfavorableTo buy single premium life insurance con-tract. To provide for purchase of dis-counted premium life insurance contract.

Individual UnfavorableTo purchase real estate for investment.Property is already financed on a long-termbasis.

State Government UnfavorableFor payment of bonus to veterans of WorldWar II.

CHANGES IN REGIONAL VOLUNTARY CREDIT RESTRAINT COMMITTEES

STATEMENT OF NATIONAL VOLUNTARY CREDIT

RESTRAINT COMMITTEE, SEPTEMBER 24, 1951

The National Voluntary Credit Restraint Com-

mittee announces the following appointments and

designations affecting the membership of the sub-

committees indicated:

Los Angeles Regional Commercial Banking VoluntaryCredit Restraint Committee

Designation of J. C. Lipman, Senior Vice Presi-

dent, Union Bank and Trust Company of Los

Angeles, Los Angeles, California, as Vice Chair-

Seattle Regional Commercial Banking VoluntaryCredit Restraint Committee

Appointment of Stuart Frazier, Executive Vice

President, Washington Mutual Savings Bank,Seattle, Washington, as an alternate member.

Mid-Western Insurance Voluntary Credit RestraintCommittee

Designation of Frank J. Travers, Vice President,

American United Life Insurance Company, Indi-

anapolis, Indiana, as Vice Chairman.

Appointment of the following as alternate mem-bers:

Richard H. Samuels, Financial Secretary, Conti-

nental Assurance Company, Chicago, Illinois

Grant Torrance, Vice President and Treasurer,

Business Men's Assurance Company of America,

Kansas City, Missouri

Howard Dean, Financial Secretary, Bankers Life

Company, Des Moines, Iowa

NOVEMBER 1951 1365



Norman H. Nelson, Vice President, The Minne-sota Mutual Life Insurance Company, St. Paul,Minnesota

James H. Windsor, Financial Vice President,Equitable Life Insurance Company of Iowa, DesMoines, Iowa

Andrew H. Alexander, Manager of City Loans,The Northwestern Mutual Life Insurance Com-pany, Milwaukee, Wisconsin

Edward Karrmann, Treasurer, American UnitedLife Insurance Company, Indianapolis, Indiana

Neil B. Dawes, Vice President, Federal ReserveBank of Chicago, Chicago, Illinois

Southwestern Insurance Voluntary Credit RestraintCommittee

Appointment of Charles S. Sharp, Vice Presi-dent, Fidelity Union Life Insurance Company,Dallas, Texas, as an alternate member.

Western Insurance Voluntary Credit RestraintCommittee

Appointment of H. F. Slade, Vice President,Federal Reserve Bank of San Francisco, San Fran-cisco, California, as an alternate member to re-place R. E. Ever son.

Western Investment Banking Voluntary CreditRestraint Committee

Appointment of H. F. Slade, Vice President,Federal Reserve Bank of San Francisco, San Fran-cisco, California, as an alternate member.

Second District Savings and Loan Voluntary CreditRestraint Committee

Designation of Willis J. Almekinder, President,First Federal Savings and Loan Association ofRochester, Rochester, New York, as Vice Chair-

Third District Savings and Loan Voluntary CreditRestraint Committee


Walter E. Margie, President, First Federal Savingsand Loan Association, Pittston, Pennsylvania

Fred A. Werner, President, Lansdowne FederalSavings and Loan Association, Lansdowne, Penn-sylvania

James W. Cullen, President, Anchor Savings andLoan Association, Atlantic City, New Jersey

G. Raymond Greeby, President, Burton C. SimonSavings and Loan Association, Philadelphia,Pennsylvania

New York-New Jersey Mutual Savings BankVoluntary Credit Restraint Committee

Appointment of M. Harold Higgins, President,Bloomfield Savings Bank, Bloomfield, New Jersey,as an alternate member.

Mid-Atlantic Mutual Savings Bank Voluntary CreditRestraint Committee


R. Stewart Rauch, Jr., Vice President, PhiladelphiaSavings Fund Society, Philadelphia, Pennsylvania

Howard A. Hoffman, Assistant Secretary andAssistant Treasurer, Dollar Savings Bank, Pitts-burgh, Pennsylvania

Gerard W. Kirby, Vice President, Provident Sav-ings Bank, Baltimore, Maryland

Thomas Tatnall, Vice President, Wilmington Sav-ings Fund Society, Wilmington, Delaware

STATEMENT OF NATIONAL VOLUNTARY CREDIT

RESTRAINT COMMITTEE, OCTOBER 23, 1951

The National Voluntary Credit Restraint Com-mittee announces the following appointments anddesignations affecting the membership of the sub-committees indicated:

First District Commercial Banking VoluntaryCredit Restraint Committee

Appointment of Walter E. Borden, Senior VicePresident and General Manager, The NationalShawmut Bank of Boston, Boston, Massachusetts,as an alternate member, replacing George E. Pierce,deceased.

Eighth District Commercial Banking VoluntaryCredit Restraint Committee

Appointment of William M. Harlan, President,Manchester Bank of St. Louis, St. Louis, Missouri,as an alternate member.

Ninth District Commercial Banking VoluntaryCredit Restraint Committee

Designation of Julian Baird, President, The FirstNational Bank of St. Paul, St. Paul, Minnesota, asChairman, replacing Arthur Quay, deceased.




Tenth District Commercial Banking VoluntaryCredit Restraint Committee


C. J. Chandler, President, First National Bank,Wichita, Kansas

G. P. Bramwell, Vice President, First NationalBank, Kansas City, Missouri

Wilfred C. Wann, Vice President, Commerce TrustCompany, Kansas City, Missouri

W. B. Millard, Jr., President, Omaha NationalBank, Omaha, Nebraska

R. E. Thompson, Senior Vice President, First Na-tional Bank and Trust Company, Tulsa, Okla-homa

P. K. Alexander, Vice President, First NationalBank, Denver, Colorado

D. W. Woolley, Vice President, Federal ReserveBank of Kansas City, Kansas City, Missouri

Southwestern Insurance VoluntaryCredit Restraint Committee

Appointment of Mac C. Smyth, Vice President,Federal Reserve Bank of Dallas, formerly an alter-nate member, as a member, replacing H. R. De-Moss, and appointment of J. Lee Cook, Vice Presi-dent and Cashier, Federal Reserve Bank of Dallas,as an alternate member.

Mid-Western Mutual Savings Bank VoluntaryCredit Restraint Committee

Designation of Harry }. Fitzgerald, Secretary,The Peoples Savings Bank, Evansville, Indiana, asVice Chairman.


M. F. Schaeffer, President, The Peoples SavingsBank, Evansville, Indiana

C. P. Clifford, Assistant Treasurer, Farmers andMechanics Savings Bank, Minneapolis, Minnesota

G. G. Litzko, Vice President, Society for Savingsin the City of Cleveland, Cleveland, Ohio

Fourth District Savings and Loan VoluntaryCredit Restraint Committee

Designation of C. Elwood Knapp, Executive VicePresident, Friendship Federal Savings and LoanAssociation, Pittsburgh, Pennsylvania, as ViceChairman.


Allen R. Rankin, Secretary, Buckeye Federal Sav-ings and Loan Association, Columbus, Ohio

D. H. Fork, Secretary, Friendship Federal Savingsand Loan Association, Pittsburgh, Pennsylvania

Cyrus J. Fitton, Attorney, Dollar Federal Savingsand Loan Association, Hamilton, Ohio

Tenth District Savings and Loan VoluntaryCredit Restraint Committee

Designation of C. R. Mitchell, Executive VicePresident, First Federal Savings and Loan Associa-tion, Kansas City, Missouri, as Vice Chairman.

Eleventh District Savings and Loan VoluntaryCredit Restraint Committee

Appointment of Mac C. Smyth, Vice President,Federal Reserve Bank of Dallas, formerly an alter-nate member, as a member, replacing H. R. De-Moss, and appointment of J. Lee Cook, Vice Presi-dent and Cashier, Federal Reserve Bank of Dallas,as an alternate member.

Twelfth District Savings and Loan VoluntaryCredit Restraint Committee

Designation of Gerrit VanderEnde, President,Pacific First Federal Savings and Loan Association,Tacoma, Washington, as Vice Chairman.

NOVEMBER 1951 1367


STATEMENT ON GOLD POLICY BY THE INTERNATIONALMONETARY FUND

The Executive Board of the International Mone-tary Fund on September 28, 1951 issued the fol-lowing statement on gold policy}

In June 1947, the Fund issued a statement recom-mending to its members that they take effectiveaction to prevent external transactions in gold atpremium prices, because such transactions tend toundermine exchange stability and to impair mone-tary reserves. From time to time the Fund hasreviewed its recommendations and the effectivenessof the action taken by its members.

Despite the improvement in the payments posi-tion of many members, sound gold and exchangepolicy of members continues to require that to themaximum extent practicable, gold should be heldin official reserves rather than go into privatehoards. It is only as gold is held in official reservesthat it can be used by the monetary authorities tomaintain exchange rates and meet balance-of-pay-ments needs.

However, the Fund's continuous study of thesituation in gold-producing and -consuming coun-tries shows that their positions vary so widely as

xFor an earlier policy statement on gold by the Interna-tional Monetary Fund, see Federal Reserve BULLETIN, July1947, p. 851.

to make it impracticable to expect all members totake uniform measures in order to achieve theobjectives of the premium gold statement. Accord-ingly, while the Fund reaffirms its belief in theeconomic principles involved and urges the mem-bers to support them, the Fund leaves to its mem-bers the practical operating decisions involved intheir implementation, subject to the provisions ofArticle IV, Section 2 and other relevant articles ofthe Articles of Agreements of the InternationalMonetary Fund.

The Fund will continue to collect full informa-tion about gold transactions, will watch carefullydevelopments in this field and will be prepared inconsultation with members to consider problemsrelating to exchange stability and any other prob-lems which may arise.

On the same date, the Secretary of the Treasuryissued the following press release:

After thorough discussions, the InternationalMonetary Fund has issued today a statement onexternal transactions in gold. The United Statesconcurred in this statement, which accords withits own gold policy. The Treasury plans to con-tinue in effect existing gold practices and pro-cedures.

CURRENT EVENTS AND ANNOUNCEMENTS

Federal Reserve MeetingsA meeting of the Federal Open Market Commit-

tee was held in Washington on November 14, 1951.The Federal Advisory Council held a meeting in

Washington on November 18-20, 1951, and metwith the Board of Governors of the Federal Re-serve System on November 20, 1951.

Deaths of DirectorsMr. A. H. Quay, President, First National Bank,

Minneapolis, Minnesota, who had served as a

Class A director of the Federal Reserve Bank ofMinneapolis since November 7, 1950, died onSeptember 26, 1951.

Mr. Robert L. Mehornay, Chairman of the Board,Mehornay Furniture Company, Kansas City, Mis-souri, who had served as a Class C Director andDeputy Chairman of the Federal Reserve Bank ofKansas City since January 1, 1942, died on Novem-ber 19, 1951.



ANNUAL REPORT OF THE COMMONWEALTH BANK OF AUSTRALIAFISCAL YEAR 1951

Recent economic and financial developments inAustralia are reviewed in the following excerptsfrom the Annual Report of the CommonwealthBan\ of Australia for the fiscal year ending June30, 1951. The report describes in general termsthe major foreign and domestic developmentswhich have contributed to the sharp rise in priceswithin Australia during the past year and theseveral steps ta\en to restrain ban\ lending andto limit investment activities.

ECONOMIC SURVEY

As a consequence of the high levels of publicand private investment, swollen export incomes,and population growth, increasingly heavy demandshave been made upon the resources available tothe Australian economy. Domestic output washigher than in the previous year and was supple-mented by a larger volume of imports but theincrease in total supplies, although considerable,was quite inadequate to meet the sharply risinglevel of demand. Moreover, the rise in prices over-seas exerted a strong upward pressure upon thedomestic structure of prices and costs. As a resultof this pressure, and of the higher basic wageawarded at the end of 1950, prices, wages, andcosts rose in an increasingly rapid sequence. In-deed, the increases in prices during the year werethe largest of any recorded during or since WorldWar II.

The efTects of excessive demand were more seri-ous than the rise in prices alone would indicate.Competitive bidding tended to divert labor andmaterials from basic industries and developmentalprojects to consumer goods industries. This fur-ther increased the demands on scarce resources ofsteel, power, transport, and other essential goodsand services, and seriously distorted the productiveeffort of the economy. Moreover, efficiency in allsectors of industry was seriously impaired by thehigh rate of labor turnover and by delays in pro-duction processes which resulted from attempts tospread available resources over too many projects.

Apart from the immediate effects of rising pricesand widespread shortages and inefficiencies, thereare dangerous elements of instability growingwithin the economy. In response to high exportincomes, the inflow of capital, and major develop-mental plans, we have built up a volume of im-

ports which we are unlikely to be able to sustainover a long period from our own resources. Thepassing through into Australian costs of prices ofinternationally traded goods substantially higherthan general domestic prices here and abroad istending to establish levels of costs which will exposeAustralian industries to acute competition whenthe present excessive demand conditions pass. Theconcentration of public and private developmentplans is leading to the expansion of capital goodsindustries on a scale which it may be difficult toemploy continuously from the savings voluntarilymade by the Australian community.

At the time of preparation of this report activemeasures were being developed by the Governmentto deal with the problem of inflation.

INVESTMENT

Total public and private investment expenditurein the fiscal year ending on June 30, 1951 (exclud-ing movements in stocks) was about one-thirdhigher than in the previous year. Although thisrise was largely due to price and cost increases,investment in real terms rose significantly.

A substantial part of the expenditure of publicauthorities was on projects designed to strengthenthe Australian economy by improving power andwater supplies, and transport and communicationfacilities. While it is essential that both public andprivate investment programs should be reduced toa level more appropriate to the volume of resourcesavailable, it is clear that the successful completionof many of these basic projects is necessary ifAustralia's development is to progress and thegrowing population is to be provided with basicservices and the means to a rising standard ofliving. Commonwealth and State Governmentsare now examining public investment plans withthe object of ensuring that effort is concentrated onthe most essential projects so that the best use ismade of scarce resources. The need for this actionis reinforced by the growing requirements of thedefense program. Although defense expenditurein fiscal 1951 was much greater than in the pre-vious year, the full effect which defense prepara-tions will have on the economy has not yet beenfelt, and a substantial curtailment of other invest-ment expenditure will be necessary to allow thedefense program to be carried through, as well asto reduce inflationary pressures.

NOVEMBER 1951 1369


ANNUAL REPORT OF THE COMMONWEALTH BANK OF AUSTRALIA, FISCAL YEAR 1951

EMPLOYMENT

Due mainly to the inflow of migrants, employ-ment rose by over 3.5 per cent. The excess ofpermanent arrivals over permanent departures wasabout 130,000, compared with 166,000 in fiscal 1950and 97,000 in the previous year. Slightly more thanhalf of the permanent new arrivals during the yearwere available for employment and they werespread throughout industry. However, employ-ment in certain basic industries—particularly min-ing and transport—increased relatively little andto this extent the full benefit of the larger workforce was not obtained. Although in the long runAustralia will be strengthened by the increase inpopulation, a large migration program imposes aheavy initial strain on the economy and it is doublyimportant, therefore, that the increased labor forceshould be employed where it can make the greatestcontribution to essential production.

PRODUCTION

With a favorable season for the fourth successiveyear, rural output was sustained at a high level.The wool clip is estimated to have been 1,180 mil-lion pounds, which is slightly above the previouspeak of 1,169 million in fiscal 1944. Although thewheat harvest of 183 million bushels was 35 millionbushels below the 1949-50 crop, mainly because ofa substantial decline in production in New SouthWales, it was still well above the average harvestduring the 10 years ended in fiscal 1950. Since1947-48 a high average yield of wheat per acre hasbeen maintained as a result of favorable condi-tions, but the acreage sown has declined eachseason. The prevailing high prices for wool havecaused many wheat farmers, particularly in NewSouth Wales, to turn to sheep raising and thereare indications that this tendency will persist inthe 1951-52 season. The output of dairy productsand sugar was slightly lower than in the previousyear and, whereas beef and veal production in-creased, much less mutton and lamb were pro-duced.

The output of nearly all basic materials andmanufactured goods was higher in fiscal 1951 thanin the previous year. However, production in theearly part of fiscal 1950 was seriously affected bythe general coal strike which lasted until August1949, and, in certain capital goods industries par-ticularly, output during the final nine months ofthe year was little or no higher in fiscal 1951 thanin fiscal 1950.

The output of coal and power rose but supplieswere not adequate to meet the high levels of de-mand. Power shortages were acute, and althoughefforts are being made to obtain new equipment

overseas, and the development of hydro-electricprojects is proceeding, it will be sometime beforesupplies are adequate for all the community'sneeds.

Iron and steel output increased significantly but,because of continued shortages of suitable coal andof labor, the industry is still working at con-siderably less than capacity, and all types of steelproducts are in extremely short supply. Theseshortages are having a serious effect on both ruraland industrial production, and although during1950 large quantities of steel and steel productswere imported to help meet essential needs it hasrecently become more difficult to secure supplies.

The production of most building materials washigher in fiscal 1951 than in the previous year andthis enabled a larger number of dwellings to becompleted. However, the shortage of materialswas still acute, and the building industry workedat much less than full capacity.

Output of most consumer goods increased sub-stantially. The rapid expansion of many less essen-tial industries, while basic materials remained incritically short supply, continued to indicate theunbalanced development of the economy.

INCOMES

The increase in money incomes in fiscal 1951was considerably greater than the combined in-crease in the previous two years. All classes ofincomes rose, with higher export prices and in-creased wage rates being the main contributingfactors.

Because of the large increase in incomes, expendi-ture on consumer goods and services rose sub-stantially, but there was also a considerable in-crease in savings. However, although personalsavings in fiscal 1951 were large in money terms,the resources which were made available in thisway for public and private investment fell far shortof total requirements.

RETAIL PRICES AND WAGE RATES

Retail prices as measured by the "C" series indexrose by 19 per cent during the year, compared witha rise of 9 per cent in fiscal 1950 and 10 per centin fiscal 1949. Both food and groceries and cloth-ing showed large increases, but there was only avery small change in the rent group.

Following an application for an increase in thebasic wage, the Arbitration Court granted a higheraward to operate from the first pay period ofDecember. The weekly basic rates for males wereraised by about £1 and the female rate was in-creased from 54 per cent to 75 per cent of themale rate. This award, together with the large




quarterly cost of living adjustments, payment ofovertime, and the pressure for and willingness togrant further wage increases, resulted in a rise ofabout 21 per cent in the average weekly earningsof employees during the first 10 months of the year.

EXPORT AND IMPORT PRICES

Export and import prices rose by 84 per cent and13 per cent respectively in the first three quartersof fiscal 1951. The much greater rise in exportprices was due predominantly to the high inter-national demand for wool, the price of which in-creased from an average of 63d. per pound greasyin fiscal 1950 to an average of 144d. per pound infiscal 1951. The fall in the export price indexafter March this year reflects the decline from thepeak level of wool prices as overseas buying eased.

Although the prices of many of the other rawmaterials which Australia exports and imports alsoincreased considerably, the price rises of manu-factured goods, which are our largest imports, weremore moderate. However, higher raw materialprices and increases in other costs overseas have notyet become fully effective in the prices of importedmanufactures.

While the terms of trade were highly favorableto Australia during the first nine months of fiscal1951, they became less favorable towards the endof the year. Future movements in the terms oftrade and the state of Australia's balance of pay-ments with other countries will largely depend onthe trend in wool prices. If wool prices do notincrease much above current levels it is quite pos-sible that with a continuing rise in the value ofimports Australia may face a balance-of-paymentsdeficit on current account in fiscal 1952.

BALANCE OF PAYMENTS AND INTERNATIONALRESERVES

Australia's balance of payments with other coun-tries has again resulted in a substantial addition toher international reserves and to the domesticmoney supply.

Exports rose sharply from Â614 million infiscal 1950 to £A984 million in fiscal 1951. Al-though the quantity of wool exported was reducedowing to the depletion of Joint Organization woolstocks in Australia, wool income more than doubledreceipts of the previous year and accounted fortwo-thirds of Australia's total export proceeds, com-pared with one-half in fiscal 1950. The successionof good crops has ensured a steady export incomefrom wheat which this year slightly exceeded thelevel of previous years. Income from other exportsshowed relatively small variation.

The volume of imports increased and, with

higher prices, f.o.b. values advanced from £A536million in fiscal 1950 to /A742 million in fiscal1951. Freight payments were also substantiallyhigher.

The year closed with a surplus on current ac-count estimated at about Â120 million, comparedwith a deficit of Â37 million in fiscal 1950. Thisis the largest current account surplus ever recordedby Australia.

The flow of capital into Australia, which hasbeen a feature of our balance of payments sincefiscal 1948, declined from last year's peak of overÂ200 million net to about /A70 million. Al-though there were signs of some speculation on achange in the exchange rate during certain periodsof the year, much of the capital inflow for fiscal1951 probably represents genuine long-term invest-ment in Australia.

The dollar situation. Trade with the dollar areain fiscal year 1951 produced Australia's first post-war dollar surplus and contributed about 100 mil-lion dollars to the sterling area's dollar pool, com-pared with drawings of 2 million in fiscal 1950 andof 73 million and 164 million in the previous twoyears. The general circumstances in which ster-ling area trade with the United States improvedhave already been described—in Australia's casethe improvement was predominantly the result ofwool exports. Before the close of the financialyear, about 625,000 bales of wool had been shippedto the United States, exceeding the quantity ex-ported in any year since fiscal 1947, when stockswere replenished by the United States after thewar. The average price realized was more thandouble the 1949-50 average.

Much of the capital equipment needed by Aus-tralia for long-term development projects has beenscarce in Australia and has not been availablewithin the sterling area or soft currency countries.Following negotiations in July and August 1950, aloan for 100 million dollars was approved by theInternational Bank for Reconstruction and De-velopment for a term of 25 years with interest atthe rate of 3J4 Per c e n t per annum plus commis-sion at 1 per cent per annum. The loan is nowfully committed for items covered by the agree-ment, which include productive plant, packagepower units, agricultural equipment, heavy tractors,earth-moving machinery, locomotives and railcars,railway equipment, and mining machinery. By theend of June some shipments, amounting to about12 million dollars, had arrived and the flow willcontinue as supplies become available from theUnited States.

Although Australia's individual dollar positionand that of the sterling area as a whole improved

NOVEMBER 1951 1371


ANNUAL REPORT OF T H E COMMONWEALTH BANK OF AUSTRALIA, FISCAL YEAR 1 9 5 1

substantially in fiscal 1951, there is already evidenceof some slackening or even reversal of this im-provement. Since the gold and dollar reserves ofthe sterling area are still by no means adequateto withstand any sharp or sustained drain, it isstill necessary for the sterling countries to controlthe use of dollars.

International reserves. Australia's holdings ofgold and overseas balances increased by Â193million during the year and at the end of June1951, amounted to Â843 million, including goldvalued at ^ A 4 4 million and ^ A 9 0 million ofshort- and medium-term British Government se-curities (other than Treasury bills).

Australia has also subscribed to a ^ 5 millionsterling loan issued in London by the InternationalBank for Reconstruction and Development. Theloan, which comprised 3l/2 per cent stocks at ^ 9 7maturing in 1966-71, was heavily oversubscribedand the Commonwealth Bank was allotted ^ 150,-000 of its application.

The following table shows total internationalcurrency reserves held by all banks over a numberof years since 1939:

Millions ofEnd of June * Australian pounds

1939 55.71943 86.81945 208.31948 273.51949 451.71950 650.11951 843.0

* To 1945 last Monday, thereafter last Wednesday.

The upward movement in reserves has been con-spicuous since 1948, amounts approaching Â200million having been added each year. In the lastfew years the addition was due to a substantialinflow of capital and "hot" money. However, infiscal 1951 the increase came principally from thecurrent account surplus of about Â120 millionand to a much less extent from the inflow oftemporary and permanent capital.

Although reserves rose by almost Â200 millionduring the year, imports also increased by a simi-lar amount. With the present upward trend inimport prices it is important that internationalreserves should be maintained at a level whichwould enable Australia to withstand a period oflower export prices and poorer seasons. The widevariations to which the demand for and prices ofour exports are subject are well known, and areillustrated by the movements of the year underreview. Moreover, a substantial part of the presentbalance of international reserves has been con-tributed by the inflow of capital during the pastfive years. While part of this capital has been in-

vested permanently in Australian industries, a sub-stantial part is comprised of temporary capitalwhich cannot be relied upon to remain here, par-ticularly in the event of a large balance-of-paymentsdeficit. However, there has been some return tomore normal payments arrangements since specu-lation on an exchange rate change has subsided,,and the effect of this is that temporary capitalresulting from prepayments for exports and delayedpayments for imports now forms a smaller propor-tion of our international reserves.

PUBLIC FINANCE

With incomes rising strongly, the cash receiptsof the Commonwealth Government in fiscal 1951were the highest ever recorded, although certainminor taxation concessions were granted duringthe year. However, available funds were fullyabsorbed by high costs and growing commitments,and for the first time since the end of the war theGovernment was unable to continue the disinfla-tionary practice of redeeming Treasury bills at theend of the year.

The aggregate amount of new money raised inloans from the public for the Commonwealth andStates during the year was less than the amountrequired to fulfill the total loan program of ^175million (later reduced to ,£165 million) approvedby the Australian Loan Council. Three publicloan issues were made—the Tenth, Eleventh, andTwelfth Security Loans—cash subscriptions towhich totaled ^152 million. Conversions of calledor maturing securities, amounting to ^130 million,were £3>6 million less than the amount sought forconversion.

Although war gratuity payments of about ^ 6 0million constituted a large nonrecurring item ofexpenditure in fiscal 1951, commitments are grow-ing and Government finances are under heavypressure. At the same time public loan raisingshave become increasingly difficult in the face of thestrong demands of private industry for funds.Following a period of falling prices of Governmentsecurities and, consequently, of rising yields, thelong-term securities of the Twelfth Security Loanwere issued at a discount of 1 per cent, though thenominal interest rate was unchanged at 3!/8 percent. This was the first time since 1946 that long-term Government securities had been issued witha yield of more than 3% per cent. Furthermore,interest rates on loans issued during the year bylocal and semi-governmental bodies rose signifi-cantly.

Prices of Government bonds continued to fallafter the end of the financial year.




THE VOLUME OF MONEY

The volume of liquid funds in the hands of thepublic in Australia rose by ^388 million (19 percent) during the year, compared with increases of£280 million (16 per cent) in fiscal 1950 and £155million (10 per cent) in fiscal 1949. Figures ofthe money supply in June of recent years are asfollows, in millions of Australian pounds:

1939 1945 1949 1950 1951Notes in hands of public. . 3 3 170 186 202 239Deposits of public with all

check paying banks. . . . 334 620 879 1,095 1,371Deposits with all savings

banks 246 567 714 762 837

Total 613 1,357 1,779 2,059 2,447

The continued expansion of the money supplywhich was at a higher rate than in any postwaryear, was due mainly to the high level of exportincomes and to an increase in bank advances. Inmost overseas countries the volume of money hasalso been increasing, but at a much more moderaterate than in Australia.

INTEREST RATES

The tendency towards a rise in the general struc-ture of interest rates in fiscal 1951 has already beenmentioned. No alteration was made during theyear in the maximum rates of interest determinedby the Bank under the National Security (Eco-nomic Organization) Regulations.

CAPITAL ISSUES

The Commonwealth Government reinstitutedCapital Issues Control in February 1951, under theNational Security (Capital Issues) Regulations,automatic consent having been given since January1950, to applications by companies to issue capital.

On August 1 new Capital Issues Regulations,substantially the same as those already in existence,were gazetted under the Defense Preparations Actof 1951.

A Capital Issues Board of five members, withthe Commonwealth Actuary as Chairman, admin-isters the Control under direction of the Treasurer.

CENTRAL BANKING

During the year Central Bank policy has beendirected to restraining the tendency for bank ad-

vances to grow and thus add to the already ex-cessive demand.

Accordingly, in November 1950, the terms of theBank's selective Advance Policy were furthertightened, and with a strong upward trend inbank deposits the banks have been required tolodge additional amounts in their Special Accounts.

Broadly, current Advance Policy requires in-dustry to obtain finance for capital expenditure andpermanent nonfluctuating working requirementsfrom outside the banking system, leaving onlyfluctuating operating requirements to be providedby bank overdrafts. Banks may depart from thisgeneral principle only in exceptional cases, in par-ticular, where the social need is urgent, e.g. forhousing, or where finance cannot be obtained else-where and a deficiency in the output of an enter-prise concerned is retarding production over a widerange of important industry.

During the year the banking system was leftwith sufficient funds to enable it to finance theessential needs of the economy (particularly in re-lation to the marketing of wool) which could notreasonably be financed from other sources. Fur-thermore, funds were released from Special Ac-counts to meet the normal loss of cash by thebanking system at the time of the seasonal declinein deposits. The amount held by the private banksin their Special Accounts with the Central Bankincreased by £\ 12 million during the year, com-pared with an increase of about ^200 million intheir deposits. However, in spite of these provisionssome banks, particularly those whose advances overthe year increased relatively more than others, foundit necessary to finance part of their business by loansfrom the Central Bank.

Notwithstanding the tighter over-all restrictionson bank lending for other than short-term workingneeds, advances by all banks rose by ^ 104 million.Although the movement in bank advances steadiedduring the final quarter of the financial year, thiswas due primarily to a fall in the large amount ofadvances granted earlier in the year to finance thepurchase of wool at greatly increased prices; ad-vances for other purposes rose at a faster rate thanin the last three months of the previous year. Inthe present situation it is not sufficient simply todefine the classes and purposes of advances whichare permissible. The rate of growth must also belimited.

NOVEMBER 1951 1373


LAW DEPARTMENTAdministrative interpretations of banking laws, new regulations issued by the

Board of Governors, and other similar material

Consumer CreditCourt Proceedings

The United States District Court at South Bend,Indiana, on October 18, 1851, imposed a fine of$300.00 and costs on Clement B. DeRose, doingbusiness as Genessee Construction Company, SouthBend, Indiana, for violations of Regulation W. Thedefendant is engaged in the roofing and sidingbusiness.

Suspension of LicenseThe Board of Governors suspended for a period

of thirty days from November 14 through Decem-ber 13, 1951, the license of the Master Tire andSupply Company, Lawrence, Massachusetts, tomake instalment sales of articles listed in Regula-tion W. The Company consented to the entry ofthe order by the Board. The Company is engagedin the business of selling television sets and house-hold appliances, and was charged with failing toobtain the down payment required by RegulationW in a large number of sales.

Residential Credit Restrictions in CriticalDefense Housing Areas

Executive Order No. 10296The President of the United States, on October 2,

1951, issued Executive Order No. 10296 which,among other things, designated and empowered theDirector of Defense Mobilization to perform thefunctions vested in the President by section 101 ofthe Defense Housing and Community Facilitiesand Services Act of 1951, of determining criticaldefense housing areas, and designated and em-powered the Housing and Home Finance Adminis-trator to perform the functions vested in the Presi-dent by section 102(b) of that Act relative to thesuspension and relaxation of residential credit re-strictions in such areas. The pertinent provisionsof Executive Order No. 10296 are as follows:

EXECUTIVE ORDER NO. 10296

PROVIDING FOR THE PERFORMANCE OF CERTAIN

DEFENSE HOUSING AND COMMUNITY FACILITIES

AND SERVICES FUNCTIONS

By virtue of the authority vested in me by the

Defense Housing and Community Facilities andServices Act of 1951 (Public Law 139, 82nd Con-gress) and the Act of August 8, 1950, ch. 646, 64Stat. 419, and as President of the United States,and having found, with respect to paragraph 4hereof and in accordance with section 314 of thesaid Defense Housing and Community Facilitiesand Services Act of 1951, that the Federal SecurityAdministrator is performing, or has facilitiesadapted to the performance of, functions similaror directly related to those transferred to him byparagraph 4 of this order, and that the transferstherein ordered will assist the furtherance ofnational-defense activities, it is ordered as follows:

1. The Director of Defense Mobilization is here-by designated and empowered to perform, withoutthe approval, ratification, or other action of thePresident, the function vested in the President bysection 101 of the said Defense Housing and Com-munity Facilities and Services Act of 1951 of deter-mining critical defense-housing areas and of mak-ing the findings relative to such determinationsrequired by section 101 (b) of the said Act.

3. The Housing and Home Finance Administra-tor is hereby designated and empowered to per-form, without the approval, ratification, or otheraction by the President, the function vested in thePresident by section 102(b) of the Act, relative tothe suspension and relaxation of residential creditrestrictions under the Defense Production Act of1950, as amended.

12. As used in this order the term "functions"embraces duties, powers, responsibilities, authority,or discretion, and the term "perform" may be con-strued to mean "exercise."

HARRY S. TRUMAN

The White HouseOctober 2, 1951.



NATIONAL SUMMARY OF BUSINESS CONDITIONS

[Compiled October 29 and released for publication October 30]

Industrial production and employment have re-mained somewhat below the advanced levelsreached during the spring of this year. Retail salesof some goods have expanded above the reducedsecond quarter level, while sales of new cars havedeclined again. Wholesale prices of agriculturalcommodities have strengthened since early Sep-tember and the consumers price index has risen.Common stock prices sold off in the latter part ofOctober.

INDUSTRIAL PRODUCTION

The Board's industrial production index was 219per cent of the 1935-39 average in September, ascompared with 217 in August and 223 in April.Continued comparative stability is indicated forOctober as output of consumer goods in generalhas apparently remained at reduced levels.

Activity in most industries producing munitionsand capital equipment expanded further in Sep-tember. Production at steel mills increased to 101per cent of capacity and was scheduled at 102 percent in October. Output of nonferrous metals in-creased in late September and early October follow-ing production interruptions earlier. Lumber pro-duction continued at the curtailed August rate.Auto assemblies changed little, while output ofmajor household durable goods rose moderatelyfrom the sharply reduced July-August level.

Output in nondurable goods industries remainedINDUSTRIAL PRODUCTION

220

200

180

160

140

120

1001942 1943 1944 1945 1946 1947 1948 1949 1950 1951

Federal Reserve index. Monthly figures, latest shown arefor September.

PER CE

260

240

220

200

180

160

140

120

100

NT

r/

/

- ^ i

V0LU

\

\

11V

' •

1

rVY V/

PER

I1

about 4 per cent below early spring record levels.There were further curtailments at textile mills.Production of paperboard also continued to declinein September and early October to a rate whichwas about one-sixth lower than in the spring. Out-put of chemical, petroleum, and rubber productswas maintained at recent high levels.

Record production of minerals in Septemberresulted largely from a further expansion of crudepetroleum and iron ore. Stocks of petroleum prod-ucts are currently large, and, effective November 1,allowable crude oil production from Texas fieldshas been somewhat reduced.

CONSTRUCTION

Value of construction contract awards, accordingto the F. W. Dodge Corporation, continued to de-crease in September, reflecting largely further re-ductions in public awards from earlier record rates.The total value of construction put in place, allow-ing for seasonal variation, changed little. The num-ber of new dwelling units started, however, in-creased somewhat.

EMPLOYMENT

Total employment in nonagricultural establish-ments, seasonally adjusted, declined slightly furtherin September, as manufacturing and constructionemployment decreased and most other lines showedlittle change. The average work-week at factories

DEPARTMENT STORE SALES AND STOCKSDOLLAR VOLUME, SEASONALLY ADJUSTED, 1935-39- 100

100 100

1942 1943 1944 1945 1946 1947 1948 1949 1950 1951Federal Reserve indexes. Monthly figures, latest shown are

for September.

NOVEMBER 1951 1375


NATIONAL SUMMARY OF BUSINESS CONDITIONS

changed little and was 40.5 hours, while hourlyearnings, after several months of stability, advancedsomewhat to a new peak of $1.61. Unemploymentcontinued at the low level of 1.6 million in Sep-tember.

AGRICULTURE

Crop conditions changed little during Septemberexcept for slight decreases indicated in cotton andcorn prospects. Cattle marketings continued at areduced rate from mid-September to the third weekof October and hog marketings showed little fur-ther increase. Total meat slaughtering during thisperiod was 4 per cent below a year ago.

DISTRIBUTION

Department store sales in September and the firstthree weeks of October rose less than seasonally,but remained somewhat above the reduced secondquarter level. Seasonally adjusted stocks at depart-ment stores declined further in September. Salesof new passenger automobiles showed a markeddecline after mid-September owing partly to sea-sonal influences.

COMMODITY PRICES

The average level of wholesale commodity pricesincreased slightly from mid-September to the fourthweek of October, reflecting advances in prices ofsome agricultural commodities. Prices of hides andtextile products declined further and Federal ceil-ings for lead and zinc were raised but industrialcommodities generally changed little.

The consumers price index rose .6 per cent inSeptember, reflecting increases in all groups of

PERCEN1

240

220

200

180

160

140

120

100

80

CONSUMERS* PRICES1935 - 39 • 100

>^T|>-'—•

1/4/

J

y

/YFOOD

APPAREL N _ ^

ALL ITEMS

—-• 'MI iCELLAN

RENT

1/EOUS

220

200

180

160

140

120

100

items. The most important rise—3 per cent—wasshown by apparel.

BANK CREDIT

Seasonal borrowing at banks to finance the dis-tribution and processing of crops, which had begunin August, accelerated in September and the earlypart of October. Bank loans to finance direct de-fense and defense-supporting activities expandedfurther.

Interest rates charged by commercial banks onshort-term business loans averaged 3.06 in Septem-ber, little changed from the average in June. Ratesincreased slightly in New York and other North-ern and Eastern cities but declined somewhat in theSouth and West. In mid-October, leading citybanks announced a further increase in the primerate to business borrowers, from 2 l/z per cent to 2 %per cent.

Reserve System holdings of U. S. Governmentsecurities increased during late September and earlyOctober as a result of purchases in connection withTreasury refinancing operations. Subsequently,however, holdings declined.

SECURITY MARKETS

Common stock prices advanced somewhat fur-ther during the first two weeks of October but de-clined sharply in the third week to levels prevailingin mid-August. Yields on high-grade corporatebonds rose during the three-week period, whileyields on long-term U. S. Government bonds showedlittle change. The Treasury sold for cash for de-livery October 23, 1% billion dollars of 144-daytax anticipation bills on which the average discountrate was 1.55 per cent.

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTSMILLIONS OF PERSONS SEASONALLY ADJUSTED MILLIONS OF PERSONS

48

46

44

42

40

ft

6

4

2

0

— /TOTA

GOVE

s

RNMENT

rj

-

~"^—vCTURINGFINING

FINANCE

AND

CON

AND SERVI

PORTATIOH

UTILITIES

STRUCTION

y

--—CE

/ • N

-

1942 1943 1944 1945 1946 1947 1948 1949 1950 1951

Bureau of Labor Statistics' indexes. "All items" includesfuel and housefurnishings groups not shown separately. Mid-month figures, latest shown are for September.

1947 1948 1949 1950 1951 1947 1948 1949 1950 1951Bureau of Labor Statistics' data adjusted for seasonal varia-

tion by Federal Reserve. Proprietors and domestic servantsare not included. Midmonth figures, latest shown are forSeptember.



FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICSUNITED STATES

PAGE

Member bank reserves, Reserve Bank credit, and related items. 1379-1380Federal Reserve Bank rates, reserve requirements; margin require-

ments; fees and rates under Regulation V; terms under Regula-tions X and W 1380-1382

Federal Reserve Bank statistics. 1383-1385

Guaranteed Regulation V loans 1385

Deposits and reserves of member banks 1385-1386

Bank debits and deposit turnover; Postal Savings System. 1386

Money in circulation. 1387

Consolidated statement of the monetary system, deposits and currency 1388

All banks in the United States, by classes 1389-1391

All insured commercial banks in the United States, by classes. . 1392-1393

Weekly reporting member banks 1394-1396

Number of banking offices on Federal Reserve par list and not on par list 1396

Commercial paper, bankers' acceptances, and brokers' balances. . 1397

Money rates; bank rates on business loans; bond yields. 1398

Security prices and new issues 1399-1400

Corporate sales, profits, and dividends. 1400-1402

Treasury finance. 1403-1405

Government corporations and credit agencies. . 1406

Business indexes. 1407-1416

Department store statistics. 1417-1420

Consumers' prices 1420

Wholesale prices. . . . . 1421

Gross national product, national income, and personal income. 1422-1423

Consumer credit statistics. 1424-1426

October crop report, by Federal Reserve districts. 1427

Tables on the following pages include the principal available statistics of current significance relatingto financial and business developments in the United States. The data relating to the Federal ReserveBanks and the member banks of the Federal Reserve System are derived from regular reports made tothe Board; index numbers of production are compiled by the Board on the basis of material collectedby other agencies; figures for gold stock, money in circulation, Treasury finance, and operations ofGovernment credit agencies are obtained principally from statements of the Treasury, or of the agenciesconcerned; data on money and security markets and commodity prices and other series on businessactivity are obtained largely from other sources. Back figures for banking and monetary tables, togetherwith 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.

NOVEMBER 1951 1377


MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS

1942 1943 1944 1945 1946 1947 1948 1949 1950 1951

TOTAL RESERVE BANK HOLDINGS— OF U. S. GOVERNMENT SECURITIES

10

1942 1943 1944 1945 1946 1947 1948 1949 1950 1951

Wednesday figures latest shown are for October 31. See page 1379.



MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS[In millions of dollars]

Date or period

Reserve Bank credit outstanding

Dis-counts

andad-

vances

U. S. Governmentsecurities

Total Bonds

Bills,certifi-cates,and

notes

Allother Total

Goldstock

Treas-urycur-

rencyout-

stand-ing

Moneyin cir-cula-tion

Treas-urycashhold-ings

Treas-ury de-positswith

FederalRe-

serveBanks

Non-mem-

ber de-posits

OtherFed-eralRe-

serveac-

counts

Member bankreserve balances

TotalRe-

quired2Ex-

cess2

Wednesdayfigures:

1950—Sept. 6.Sept. 13.Sept. 20.Sept. 27.

Oct. 4.Oct. 11.Oct. 18.Oct. 25.

Nov. 1.Nov. 8.Nov. 15.Nov. 22.Nov. 29.

Dec. 6.Dec. 13.Dec. 20.Dec. 27.

1951—Jan. 3 .Jan. 10.Jan. 17.Jan. 24.Jan. 31 .

Feb. 7.Feb. 14.Feb. 21 .Feb. 28.

Mar. 7.Mar. 14.Mar. 21.Mar. 28.

Apr. 4.Apr. 11.Apr. 18.Apr. 25.

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

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

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

Aug. 1.Aug. 8.Aug. 15.Aug. 22.Aug. 29.

Sept. 5.Sept. 12.Sept. 19.Sept. 26.

Oct. 3.Oct. 10.Oct. 17.Oct. 24.Oct. 31.

997151120

45683950

11129171

247240

18,94219,06418,52619,353

19,37519,50719,50619,229

19,29119,31119,42519,29619,569

110 20,23969 20,52954301

2873101273798

643

20,22720,337

20,57120,46120,79820,54521,484

21,641294 21,808196 21,854397

207132151471

12692114

21,881

22,17922,42622,34822,606

22,91423,08623,086

149 22,940

264 22,716422542

540

220

181

30078

408200

214278

243325

22,54422,39722,41322,293

22,65322,75822,80622,843

22,97723,09223,08123,057

23,08123,11823,15123,08423,066

23,07923,108

359 23,135216 23,474

69 24,03979 24,07269 23,848

152 23,666186 23,552

7,2848,2333,7313,773

3,8243,9233,9794,058

4,1984,2714,2814,2684,346

4,5714,8204,5334,589

4,6244,6744,7474,7474,965

5,0805,2025,3205,393

5,5925,8595,8916,032

6,2886,4986,5446,570

6,5706,6186,6446,7136,719

6,8696,9366,7366,809

6,8225,8225,8225,822

5,8225,8225,8225,8225,822

5,8225,8225,8225,822

5,8255,8255,3255,3255,325

11,65810,83114,79515,580

15,55115,58415,52715,171

15,09315,04015,14415,02815,223

15,66815,70915,69415,748

15,94715,78716,05115,79816,519

16,56116,60616,53416,488

16,58716,56716,45716,574

16,62616,58816,54216,370

16,14615,92615,75315,70015,574

15,78415,82216,07016,034

16,15517,27017,25917,235

17,25917,29617,32917,26217,244

17,25717,28617,31317,652

18,21418,24718,52318,34118,227

396529591601

552470881473

458251675619692

573746

1,5831,081

1,281700

1,024790769

976,229

1,233909

8401,0931,109775

773717

1,034700

744740974772564

765846

1,17885:

812938

1,223928

794729687657

684951

1,289988

92875

1,2001,024690

19,43819,66519,16920,075

19,972

23,57723,57623,52523,474

23,48220,044 23,43220,426 23,291-- — - 23,290

,853 23

19,753

19,860 2319,20,17120,16220,501

20,922

,249,198

23,14823,09723,037

22,976344 22,926864 22,796720 22,795

,879,235,923 22

22,70622,546

,494608 22,443

22,39223,051

23,260 2223,330 2223,23,188 22

,341,260,207,086

23,22623,65223,60723,852

21,95121,90021,85621,855

23,81323,89524,234 2123,789 21

21,80621,806

,807,807

23,724 2123,70623,91323,41123,396

,75521,75521,75521,75521,755

23,54623,78324,15023,91621

21,75621,75621,755

,755

23,97024,26724,60524,063

24,28224,04624,36024,17524,001

21,75621,75721,75821,759

21,75921,75921,80021,80021,800

24,006 2124,384 2124,78324,677

,854,853

21,93422,013

25,03025,02525,11724,84124,427

22,0122,05522,10522,14422,234

4,6134,6134,6134,614

4,6174,6184,6174,618

4,6224,6224,6214,6224,626

4,6284,6284,6304,631

4,6344,6354,6354,6354,638

4,6384,6374,6374,640

4,6394,6394,6384,637

4,6404,6404,6404,641

4,6434,6434,6434,6424,642

4,6444,6474,6484,650

4,6544,6564,6564,658

4,6634,6654,6664,6674,668

4,6724,6734,6744,676

4,6804,6804,6814,6834,686

27,25927,15127,08127,060

27,18827,33927,22827,121

27,21927,38827,29627,45027,543

27,69827,75927,92927,916

27,68527,41527,20027,02827,048

27,12527,15927,16427,188

27,21927,16727,12127,038

27,13827,16627,15727,122

27,25527,31527,28727,25127,461

27,52027,49927,47927,601

27,94827,89327,78127,706

27,84227,90427,92527,93228,034

28,26228,21628,14028,137

28,32028,44828,38528,30128,410

1,3111,3051,3011,307

1,3081,3161,3131,300

1,3041,2921,3041,2811,298

1,2941,2941,2911,295

1,2991,3081,3031,3031,297

1,3071,2921,2771,293

1,3081,2831,2951.299

1,3041,2871,2931,296

1,2941,2981,2971,2901,294

1,3031,2891,2851,286

1,2871,2961,2961,305

1,3081,2981,2881,2921,291

1,2991,2941,2851,288

1,2841,2861,2961,2911,288

511648654

1,144

848508449420

452298341541564

540451685786

546273105256807

795864796465

495420608

1,052

711411621678

707767745765620

139129433418

179253612424

557203495434557

408474477816

39733532650949.

1,2201;1821,2041,190

1,2881,3321,2921,367

1,3351,3241,1991,2421.218

1,2201,2131,2081,215

1,2001,2261,2231,172

1,0651,1021,0421,197

1,2131,1901,1841,212

1,2261,1951,2141,2011,217

1,1021,0951,0991,139

1,0141,1071,1831,191

1,1751,0161,1131,096999

1,0221,047923

1,024

9661,002975886818

716703768762

813810807805

748748745745742

725716760760

747745743743737

736734733729

724721734736

753753752753

697696695696693

684686774775

764768766767

722720719718717

714713730731

16,61116,86516,29916,699

16,62616,78917,24516,649

16,67416,62517,05416,62216,799

17,04917,46517,41617.174

17,69117,50218,58718,26018,984

19,07518,95218,93419,066

19,00419,49819,30119,023

19,14119,53319,67419,176

18,94218,83319,07218,60618,508

19,19819,48719,48219,102

19,18919,36419,38019,088

19,09919,32819,28519,17218,871

18,82519,1619,83519,369

753 20,004750851850780

19,93920,06819,83319,557

15,74715,93415,94615,837

15,84815,82915,99515,962

15,94715,90616,04416,08416,120

16,10016,36516,55016,415

16,50016,39117,61817,61018,047

18,24918,21118,35718,366

18,28818,45618,72418,535

18,49518,54618,55818,482

18,48618,27018,30618,31518,202

18,33518,41718,64218,564

18,55618,45918,46518,440

18,43018,44118,46818.51718,485

18,40618,55518,86418,837

18,84318,868?18,869?19,078P18,992

864931353862

778960

1,250687

727719

1,010538679

9491,100866759

1,1911,111969650937

826741577700

7161,042577488

646987

1,116694

456563766291306

8631,070840538

633905915648

669887817655386

419612971532

1,1611,071*>1,199

P755P565

P Preliminary.1 Includes industrial loans and acceptances purchased shown separately in subsequent tables.1 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.

NOVEMBER 1951 1379


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

Date or period

End of per iod: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—Dec. 3 1 . . .1948—June 3 0 . . .

Dec. 3 1 . . .1949—June 3 0 . . .

Dec. 3 1 . . .1950—June 30. . .

Oct. . . .NovDec

1951—Jan.FebMarAprMay . .JuneJulyAugSeptOct

Averages ofdaily figures:

1950—AugSeptOct

1951—juiyAugSept.Oct

Reserve Bank credit outstanding

Dis-counts

andad-

vances

1,037164

73

249163

85265223103

7843

116162

67798397275283529

53277552190186

1729667

194292338131

U. S. Governmentsecurities

Total

2161,9982,4842,254

24,26223.35022,55921,36623,33319,34318,88518,331

19,25219,69320,77821,48421,88122,91022,74222,50922,98223,07823,12723,73423,552

18,32818,94619,36523,05923,12323,25923,834

Bonds

71441

1,3511,467

947753

2,8536,206

10,9777,7807,2185,618

4,1804,3644,6204,9655,3936,1876,5706,8036,8225,8225,8225,8225,325

5,1715,5463,9686,1135,8225,8225,551

Bills,certifi-cates,and

notes

1451,5571,133

78723,31522.59719,70615,16012,35611,56311,66712,713

15,07215,32916,15816,51916,48816,72316,17215,70616,16017,25617,30517,91218,227

13,15713,40015,39716,94617,30117,43718,283

Allother*

14758

102104580581536268542250536329

431783

1,371769909964535443

1,007679630

1,134690

377568613

1,032848

1,0671,017

Total

1,4002,2202,5932,361

25,09124,09323,18121,90024,09719,69619.49918,703

19,79820,63822,21623,05123,18824,15023,56023,48124,04324,03324,30925,05824,427

18,87619,61020,04424,28524,26324,66424,982

Goldstock

4,0374,031

17,64422,73720,06520,52922,75423,53224,24424,46624,42724,231

23,24923,03722,70622,39222,08621,80621,80521,75521,75621,75921,85422,013

P22.234

23,92723,56023,36621,75721,79021,906

.22,104

Treas-ury

rencyout-

stand-ing

2,0192,2862,9633,2474,3394.5624,5624,5654,5894,5974,5984,607

4,6234,6274,6364,6384,6404,6404,6434,6464,6554,6664,6734,681

^4,686

4,6094,6134,6184,6564,6664,6744,682

Moneyin cir-cula-tion

4,4595,4347,598

11,16028,51528,95228,86827,90328,22427,49327,60027,156

27,22827,59527,74127,04827,18827,11927,27827,51927,80927,85128,15528,288

P28.410

27,00927,15427,23327,85927,95128,21328,387

Treas-urycashhold-ings

204264

2,4092,2152,2872,2721,3361,3271,3251,3071,3121,298

1,2951,2871,2931,2971,2931,2931,2841,2931,2811,3021,2871,285

Pi,288

1,3071,3031,3051,2911,2881,2841,283

Treas-ury de-positswith

FederalRe-

serveBanks

3635

634867977393870

1,9281,123

438821950

569714668807465

1,114611666317584459936493

668749590405483576451

Non-mem-

ber de-posits

28166653

1,3601,308

822961859

1,189941

1,5171,431

1,3151,2061,4601,2061,1721,3221,2361,1791,2621,1591,0381,127

818

1,4041,2351,3671,1581,1041,055

977

OtherFed-eralRe-

serveac-

counts

374346251291495607563592590713706771

749738714737729734698690765700716727780

752740803756719721802

Member bankreserve balances

Total

2,3562,292

11,65312,45015,91516,13917,89917,38920,47917,86716,56815,934

16,51416,76317,68118,98419,06619,01418,90118,53619,02018,86319,18119,39119,557

16,27316.60216,73119,22919,17419,39619,868

Re-quired2

2,3331,8176,4449,365

14,45715.57716,40016,64719,27716,91915,55015,498

15,92516,11816,50918,04718,36618,36718,44918,20618,60418,39618,46418,822

P18.992

15,62615,83715,88918,47318,47018,675

Ex-cess8

23475

5,2093,0851,458

5621,499

7421,202

9481,018

436

589645

1,172937700647452330416467717569

*>565

647765842756704721

For footnotes see preceding page.MAXIMUM RATES ON TIME DEPOSITS

[Per cent per annum]

Nov. 1, 1933-Jan. 31, 1935

Savings depositsPostal Savings depositsOther deposits payable:

In 6 months or moreIn 90 days to 6 months. . .In less than 90 days

Feb. 1, 1935-Dec. 31, 1935

EffectiveJan. 1, 1936

NOTE.—Maximum rates that may be paid by member banks asestablished by the Board of Governors under provisions of Regula-tion Q. Under this Regulation the rate payable by a member bankmay not in any event exceed the maximum rate payable by Statebanks or trust companies on like deposits under the laws of the Statein which the member bank is located. Maximum rates that may bepaid by insured nonmember banks as established by the F.D.I.C.,effective Feb. 1, 1936, are the same as those in effect for member banks.

MARGIN REQUIREMENTS '[Per cent of market

Prescribed in accordance withSecurities Exchange Act of 1934

Regulation T:For extensions of credit by brokers

and dealers on listed securitiesFor short sales

Regulation U:For loans by banks on stocks

value]

Feb. 1,1947-

Mar. 29,1949

7575

75

Mar. 30,1949-

Jan. 16,1951

5050

50

Effec-tive

Jan. 17,1951

7575

75

* Regulations T and U limit the amount of credit that may be ex-tended on a security by prescribing a maximum loan value, which is aspecified percentage of its market value at the time of the extension; the"margin requirements" shown in this table are the difference betweenthe market value (100 per cent) 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.

1380

MEMBER BANK RESERVE REQUIREMENTS[Per cent of deposits]

Effective dateof change

1938—Apr. 161941—Nov. 11942—Aug. 20

Sept. 14Oct. 3

1948—Feb. 27June 11Sept. 16Sept. 24

1949—May 1May 5June 30July 1Aug. 1Aug. 11Aug. 16Aug. 18Aug. 25Sept. 1

1951—Jan. 11Jan. 16Jan. 25Feb. 1

In effect Nov. 1, 1951 4. . .

Net demand deposits *

Centralreserve

citybanks

2422202224

26

24'

2 3 ^

* 2 3 * "

2223

24

24

Reservecity

banks

20

22

2120

19

1819

20

20

Countrybanks

1214

16

15'

1413

12

13

1414

Timedeposits

(allmemberbanks)

2 7}»7>27378626

*525

26

6

1 Demand deposits subject to reserve requirements, which beginningAug. 23, 1935, have been total demand deposits minus cash itemsin process of collection and demand balances due from domestic banks(also minus war loan and series E bond accounts during the periodApr. 13, 1943-June 30, 1947).

2 Requirement became effective at country banks. s Requirementbecame effective at central reserve and reserve city banks.

4 Present legal minimum and maximum requirements on net demanddeposits—central reserve cities, 13 and 26 per cent; reserve cities,10 and 20 per cent; country, 7 and 14 per cent, respectively; on timedeposits 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]

Federal Reserve Bank

Discounts for and advances to member banks

Advances secured by Governmentobligations and discounts of and

advances secured by eligible paper(Sees. 13 and 13a)1

Rate onOct. 31

In effectbeginning—

Previousrate

Other secured advances[Sec. 10(b)]

Rate onOct. 31


Previousrate

Advances to individuals,partnerships, or corpora-tions other than memberbanks secured by directobligations of the U. S.

(last par. Sec. 13)

Rate onOct. 31


Previousrate

BostonNew YorkPhiladelphia...ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis. . .Kansas City. . .DallasSan Francisco..

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

195019501950195019501950195019501950195019501950

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

195019501950195019501950195019501950195019501950

Jan. 14,*Oct. 30,Aug. 23,Aug. 25,2 Oct. 28,Aug. 24,Aug. 13,Jan. 12,Aug. 23,Jan. 19,Feb. 14,

2 Oct. 28,

194819421948195019421950194819481948194819481942

1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.2 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 obliga-tions of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13aof the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individualspartnerships, or corporations made under the last paragraph of Section 13 is 90 days.

Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.

FEDERAL RESERVE BANK BUYING RATES ONACCEPTANCES


Maturity

1- 90 days91-120 days

121-180 days

Rate onOct. 31

In effect be-ginning—

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

Previousrate

NOTE.—Minimum buying rates at the Federal Reserve Bank ofNew York on prime bankers' acceptances payable in dollars. Thesame rates generally apply to any purchases made by the other Fed-eral Reserve Banks.

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

FEES AND RATES ESTABLISHED UNDER REGULATION VON LOANS GUARANTEED PURSUANT TO DEFENSE

PRODUCTION ACT OF 1950 AND EXECUTIVEORDER NO. 10161[In effect October 31]

Fees Payable to Guaranteeing Agency by Financing Institution onGuaranteed Portion of Loan

Percentage ofloan guaranteed

70 or less758085 . . .9095Over 95

Guarantee fee(percentage of

interest payableby borrower)

101520253035

40-50

Percentage ofany commitment

fee chargedborrower

101520253035

40-50

Maximum Rates Financing Institutions May Charge Borrowers[Per cent per annum]

Interest rateCommitment rate.

FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS

AND COMMITMENTS UNDER SECTION 13B

OF THE FEDERAL RESERVE ACT

Maturities not exceeding five years

[In effect October 31. Per cent per annum]

FederalReserve

Bank

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolis....Kansas CityDallasSan Francisco...

To industrial orcommercialbusinesses

Onloans 1

2^-5

3 -52^ -523^-5

Oncommit-ments

To financing institutions

On discounts orpurchases

Portionfor whichinstitu-tion is

obligated

1M-2(2)

Re-mainingportion

Oncommit-ments

1 Including loans made in participation with financing institutions.s Rate charged borrower less commitment rate.» Rate charged borrower.* Rate charged borrower but not to exceed 1 per cent above the dis-

count rate.6 Charge of % Per cent is made on undisbursed portion of loan.Back figures.—See Banking and Monetary Statistics, Table 118,

pp. 446-447.

1381


REAL ESTATE CREDIT TERMS UNDER REGULATION X AND ASSOCIATED REGULATIONS OF FHA AND VA

Regulation X terms as prescribed by the Board of Governors of the Federal Reserve System with the concurrence of the Housing and HomeFinance Administrator and terms on loans insured or guaranteed by the Federal Housing Administration and the Veterans Administration asissued under the authority of the Housing and Home Finance Administrator under the provisions of the Defense Production Act of 1950, asamended, and Executive Order 10161

Value per family unit

Not more than $7,000. . .

$7,001-$10,000

$10,001-$12,000

$12,OO1-$15,OOO....

$15,OO1-$2O,OOO....

$2O,OO1-$23,5OO...

$23,501-$24,500...

Over $24,500. .

Not more than $12,000. . . .Over $12,000

All values.. .

Effective date

1- to 4-family units and farm residences

Regulation X and FHA VA

Multi-unitresidences

(Reg. X and FHA)

Maximum loan per family unit2

(in per cent of value unless otherwise specified)

90

85

80

$9,600 plus 40 per centof excess over $12,000

(80-72)


(72-59)


(59-50)

50

96 per cent of price



$ 11,040 plus 17 per centof price over $12,000(92-77 per cent of price)

$11,550 plus 25 percentof price over $15,000(77-64 per cent of price)

$12,800 plus 15 per centof price over $20,000(64-55 per cent of price)


83


(83-67)

($10,050 plus 20 per centof excess over $15,000

(67-50)

50

Nonresidentialproperties ]

(Regulation X)

Maximum loanper property

•50 per cent of value

Maximum maturity (years)

2520

3 253 20 \ None specified }

Amortization requirements

Minimum annual reduction of 5 per cent of orig-inal loan until amount outstanding is 50 per centor less of property value at time the loan wasmade or liquidation of loan by maturity throughsubstantially e qual periodic payments or pay-ments of principal

September 1, 1951 4 September 1, 1951 *

None specified underRegulation X; periodicpayments satisfactoryto Commissioner onFHA loans

January 12, 1951

Liquidation of loan bymaturity through sub-stantially equal periodicpayments or paymentsof principal

February 15, 1951

1 Properties generally described as commercial and recreational.2 Maximum amount of loan insured by FHA may not exceed $14,000 on 1-family, $16,000 on 2-family, $20,500 on 3-family, $25,000 on 4-family

residences, or $8,100 per unit on multi-unit projects. On existing 1- to 4-family units the loan amount may not exceed 80 per cent of value.3 Under special circumstances and with the approval of the Veterans Administrator, the maximum maturity on a loan may be 30 years.4 For terms effective before Sept. 1, 1951, see BULLETIN for October 1950, p. 1321, and January 1951, pp. 31-32.NOTE.—These regulations limit the amount of credit that may be extended in connection with certain types of real estate. Real estate

credit terms on dwelling units programmed by the Housing and Home Finance Administrator in critical defense housing areas have been suspendedor relaxed as provided by the Defense Housing and the Community Facilities and Services Act of 1951 and as prescribed by the Administrator.For full explanation of the scope and provisions of Regulation X, see the Regulation, copies of which may be obtained from Federal ReserveBanks or branches. For similar information on regulations of the FHA and VA, consult the FHA or VA offices.

MINIMUM DOWN PAYMENTS AND MAXIMUM MATURITIES UNDER REGULATION W

Prescribed by Board of Governors of the Federal Reserve System under authority of the Defense Production Act of 1950,approved September 8, 1950, and as amended July 31, 1951

Listed articles and loans

Listed articles:Passenger automobilesMajor appliances 2

Furniture and floor coveringsHome improvement materials, articles,

and services 3

Loans:To purchase listed articlesUnclassified .

Minimum down payment J

(per cent)

Sept. 18-Oct. 15, 1950

33%1510

10

(4)

Oct. 16, 1950-July 30, 1951

33 M2515

10

(4)

July 31, 1951

33 ys1515

10

(4)

Maximum matur i ty(months)

Sept. 18 -Oct. 15, 1950

211818

30

(4)18

Oct. 16, 1950-July 30, 1951

151515

30

(4)15

July 31, 1951

181818

36

(4)18

1 For automobiles, payable in cash, trade-in, or both; for other listed articles, payable in cash from Sept. 18, 1950, to July 30, 1951, and incash, trade-in, or both from July 31, 1951. Exempted from down payment requirements: Sept. 18-Oct. 15, 1950, listed articles costing less than$100; beginning Oct. 16, 1950, those costing less than $50.

2 Includes radio or television receiving sets, phonographs, refrigerators, food freezers, cooking stoves, ranges, dishwashers, ironers, washingmachines, clothes driers, sewing machines, suction cleaners, room-unit air conditioners, and dehumidifiers.

3 Includes heating, plumbing, and other household fixtures. 4 Requirements same as on instalment sales of respective articles.



STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS[In thousands of dollars]

Item

Wednesday figures

1951

Oct. 3 Oct. 10 Oct. 17 Oct. 24 Oct. 31

End of month

1951

Oct. Sept.

1950

Oct.

AssetsGold certificatesRedemption fund for F. R. notes.

20,110,680 20670,907

,148,681669,743

20,196,682 20,669,772

245,681668,290

20,335,681668,256

20,335,681668,256

20,100,679674,005

1,510,430534,417

Total gold certificate reserves. . .

Other cashDiscounts and advances:

For member banksFor nonmember banks, etc..

Industrial loansU. S. Government securities:

BillsCertificates:

SpecialOther

NotesBonds

20,781,587

310,047

68,722

20,818,424

292,247

79,091

20,866,454 20

303,155

69,363

5,188

892,072

4,950

800,030

4,658

606,195

913,971

317,706

141,87710,0004,549

424,295

21,003,937

313,677

175,57510,0004,392

310,445

21,003,937

313,677

175,57510,0004,392

310,445

20,774,684

322,075

190,272

22,044,847

236,259

115,884

5,004

1,057,772

2,228

762,664

Total U. S. Government securities.

Total loans and securities

5,111,52512,210,0655,825,227

5,110,49812,335,8835,825,227

12,848,3085,068,0735,325,227

12,848,3085,068,0735,325,227

12,848,3085,068,0735,325,227

12,848,3085,068,0735,325,227

4,944,22511,910,1655,822,102

69,95014,239,2184,179,675

24,038,889 24,071,638 23,847,803 23,665,903 23,552,053 23,552,053 23,734,264 19,251,507

24,112,799 24,155,679

Due from foreign banksF. R. notes of other banks.Uncollected cash itemsBank premisesOther assets

38155,161

3,418,66742,501

186,929

38144,009

3,323,46742,724

196,452

23,921,824

33160,189

4,635,69942,796

101,136

23,822,329 23 ,742 ,020 23,742,020

33172,453

3,693,49842,964

109,316

33164,207

3,354,87242,899

118,576

33164,207

3,354,87242,899

118,576

23,929,540

38172,999

3,662,99042,339

211,315

19,369,619

24142,610

2,897,42436,83198,397

Total assets. . 49,007,729 48,973,040 50,031,286 49,072,270 48,740,221 48,740,221 49,115,980 44,826,011

LiabilitiesFederal Reserve notesDeposits:

Member bank—reserve accountsU. S. Treasurer—general account. . . .ForeignOther

24,155,945 24,253,613 24,225,684 24,168,708 24,260,606 24,260,606 24,147,791 23,074,712

20,003,662397,179725,138241,189

19,938,978 20,068,457334,505767,448235,179

325,640705,435270,017

19,832,559509,294654,648230,778

19,556,991492,712556,277262,353

19,556,991492,712556,277262,353

19,390,624935,775701,534424,997

16, 514,044568,858007,934306,896

Total deposits.

Deferred availability cash itemsOther liabilities and accrued dividends

21,367,168

2,501,93016,470

21,276,110 21,369,549

2,453,836 3,440,67617,178 16,770

21,227,279

2,674,46315,901

20,868,333 20,868,333

2,669,54316,066

2,669,54316,066

21,452,930

2,534,41317,277

18,397,732

,468,8159,005

Total liabilities.

Capital AccountsCapital paid inSurplus (section 7)Surplus (section 13)Other capital accounts

48,041,513

233,528510,022

27,543195,123

48,000,737

233,640510,022

27,543201,098

49,052,679 48,086,351 47,814,548 47,814,548 48,152,411

233,762510,022

27,543207,280

234,369510,022

27,543213,985

234,990510,022

27,543153,118

234,990510,02227,543

153,118

Total liabilities and capital accounts

Ratio of gold certificate reserves to deposits andF. R. note liabilities combined (per cent)

Contingent liability on acceptances purchasedfor foreign correspondents

Industrial loan commitments

49,007,729 48,973,040 50,031,286 49,072,270 48,740,221 48,740,221

43,950,264

221,458488,17327,543

138,573

49,115,980 44,826,011

233,321510,022

27,543192,683

45.7

21,0206,871

22,1456,858

45.820,102

7,053

46.1

18,3767,166

16,7057,152

16,7057,152

22,1136,477

53.2

23,8983,035

Maturity Distribution of Loans and U. S. Government Securities 1

Discounts and advances—totalWithin 15 days16 days to 90 days91 days to 1 year

Industrial loans—totalWithin 15 days16 days to 90 days91 days to 1 yearOver 1 year to 5 years

U. S. Government securities—totalWithin 15 days16 to 90 days91 days to 1 yearOver 1 year to 5 yearsOver 5 years to 10 yearsOver 10 years

12

24,0384,6963,8376,4814,8961,0133,113

,188548,960,395285

21

889 24,0714,7013,8666,4804,8961,0133,113

,091,393,698

^950417843,520,170,638,455,385,023,456,614,705

69,36361,2168,057

904,658586662

2,2751,135

23,847,803119,620486,575

14,217,833,396,456,013,614,613,705

151,877129,15722,216

5044,549592605

2,1561,196

23,665,903135,820288,475

14,217,833396,456013,614613,705

185,575157,60827,464

5034,392492949

1,7501,201

23,552,053129,475180,970

14,217,833396,456013,614613,705

185,575157,60827,464

5034,392492949

1,7501,201

23,552,053129,475180,970,217,833,396,456,013,614,613,705

190,272181,7238,549

5,004453410

3,340801

23,734,264730,085687,279296,250896,456013,614110,580

115,884112,1493,735

19

2,22897278807

1,046,251,507103,492729,122,166,948,222,745

7,200,022,000

Federal Reserve Notes—Federal Reserve Agents' Accounts

F. R. notes outstandingCollateral held against notes outstanding:

Gold certificatesEligible p a p e r . . . .U. S. Government securities

Total collateral

25,058,864

12,349,00055,314

13,285,000

25,689,314

25,064,755 25,121,155

12,349,000 12,449,00028,536 30,398

13,285,000 13,335,000

25,662,536 25,814,398

25,146,024

12,449,00081,117

13,335,000

25,865,117

25,149,278

12,474,000136,396

13,385,000

25,995,396

25,149,278 25,096,415

12,474,000136,396

13,385,000

12,349,000161,089

13,260,000

25,995,396 25,770,089 24,825,404

23,878,443

13,929,00096,404

10,800,000

1 Callable U. S. Government securities classified according to nearest call date.

NOVEMBER 1951 1383


STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1951[In thousands of dollars]

Item

Assets

Gold certificates.Redemption fund

for F. R. notes.

Total gold certifi-cate reserves..

Other cashDiscounts and

advances:Secured by

U. S. Govt.securities. . .

OtherIndustrial loansU. S. Govt.

securities

Total loans andsecurities....

Due from foreignbanks

F. R. notes ofother Banks.

Uncollected cashitems

Bank premises...Other assets

Total assets

Liabilities

F. R. notesDeposits:

Member bk.—reserve accts.

U. S. Treas.—gen. acct.. . .

ForeignOther

Total deposits.. .Deferred avail,

cash i t e m s . . . .Other liab. and

accrued div.. . .

Total liabilities. .

Capital Accts.

Capital paid in. .Surplus (Sec. 7)..Surplus (Sec. 13b)Other cap. accts..

Total liabilitiesand cap. accts..

Reserve ra t io . . . .Cont. liab. on ac-

cept, purch.—foreign corresp.

Industrial loancommitments..

Total

20,335,681

668,256

21,003,937313,677

174,73610,8394 392

23.552,053

23,742,020

33

164,207

3,354,87242,899

118,576

48,740,221

24,260,606

19,556,991

492,712556,277262,353

20,868,333

2,669,543

16,066

47,814,548

234,990510,022

27,543153,118

48,740,221

46.5%

16,705

7,152

Boston

612,489

58,749

671,23822,154

8,915671

1,669,508

1,679,094

2

6,734

262,8091,0279,056

2,652,114

1,457,841

818,256

41,85434,100

3,900

898,110

235,620

1,226

2,592,797

13,24832,246

3,01110,812

2,652,114

28.5%

1,046

NewYork

6,582,099

61,607

6,643,70667,646

21,6053,070

23

5,267,641

5,292,339

UO

23,464

619,4327,670

25,837

12,680,104

5,323,902

6,177,125

88,2482 175,112

195,625

6,636,110

447,504

3,857

12,411,373

75,060153,290

7,31933,062

12,680,104

55.5%

3 5,012

Phila-delphia

1,127,572

53,976

1,181,54817,187

5,985790

3,588

1,481,895

1,492,258

3

7,281

205,9022,8657,439

2,914,483

1,695,309

909,021

30,30843,450

1,837

984,616

161,807

1,020

2,842,752

16,68639,710

4,48910,846

2,914,483

44.1%

1,333

1,670

Cleve-land

1,469,360

74,623

1,543,98319,498

1,9501,200

13

2,199,997

2,203,160

3

8,855

312,9284,675

11,649

4,104,751

2,192,810

1,485,798

37,58551,150

5,198

1,579,731

244,727

1,906

4,019,174

22,36748,014

1,00614,190

4,104,751

40.9%

1,569

1,404

Rich-mond

969,660

65,241

1,034,90118,119

12,900500100

1,566,047

1,579,547

2

35,130

282,0064,0227,768

2,961,495

1,753,369

850,915

46,60427,5002,439

927,458

230,666

819

2,912,312

10,30925,1673,349

10,358

2,961,495

38.6%

844

67

Atlanta

894,496

46,935

941,43124,194

1,525509429

1,270,845

1,273,308

1

10,414

202,7192,6426,559

2,461,268

1,343,677

858,032

29,12723,100

1,778

912,037

163,284

730

2,419,728

9,64222,369

7628,767

2,461,268

41.7%

709

Chicago

4,175,967

109,000

4,284,96757,614

30,2201,380

3,514,004

3,545,604

5

18,885

548,0416,238

17,540

8,478,894

4,650,754

3,112,350

65,45075,900

1,537

3,255,237

442,632

2,507

8,351,130

29,80875,345

1,42921,182

8,478,894

54.2%

2,329

2,502

St.Louis

569,290

46,637

615,92715,378

6,880370

1,284,034

1,291,284

1

7,854

159,7773,3066,110

2,099,637

1,130,792

725,917

43,82620,3509,666

799,759

130,796

751

2,062,098

8,27220,295

5218,451

2,099,637

31.9%

624

Minne-apolis

322,604

24,147

346,7518,498

1,625400140

747,684

749,849

1

10,952

113,0951,0883,616

1,233,850

620,058

457,519

30,00013,750

1,525

502,794

85,274

536

1,208,662

5,30313,168

1,0735,644

1,233,850

30.9%

422

KansasCity

715,944

35,474

751,41811,682

17,131649

1,108,92

1,126,705

1

6,835

210,5012,4805,623

2,115,245

950,441

912,090

31,55420,350

311

964,305

163,137

678

2,078,561

8,80919,047

1,1377,691

2,115,245

39.2%

624

845

Dallas

520,225

27,914

548,13916,997

2,000370

51

51,127,01

1,129,434

1

9,530

142,422654

5,448

1,852,625

683,823

959,267

22,88320,350

1,214

1,003,714

128,001

624

1,816,162

10,63716,852

1,3077,667

1,852,625

32.5%

624

SanFran-cisco

2,375,975

63,953

2,439,92834,710

64,000930

48

32,314,46

2,379,438

3

18,273

295.2406,232

11,931

5,185,755

2,457,830

2,290,701

25,27351,16537,323

2,404,462

236,095

1,412

5,099,799

24,84944,519

2,14014,448

5,185,755

50.2%

1,569

664

Federal Reserve Notes—Federal Reserve Agents' Accounts

F. R. notes out-standing(issuedto Bank)

Collateral held:Gold certificatesEligible paper. .U. S. Govt. sec.

Total collateral. .

25,149,278

12,474,000136,396

13,385,000

25,995,396

1,506,216

350,0008,966

1,200,000

1,558,966

5,573,978

4,470,00018,630

1,200,000

5,688,630

1,763,934

700,0005,985

1,100,000

1,805,985

2,277,511

815,000

i,'500,666

2,315,000

1,795,167

550,00012,900

1,275,000

1,837,900

1,397,292 4,731,078

510,000 2,590,000

950,000 2,200,000

1,460,000 4.790.000

1,174,267

260,0006,880

975,000

1,241,880

630,178

150,0001,625

490,000

641,625

979,178

280,00017,410

750,000

1,047,410

724,133

199,000

545,000

2,596,346

1,600,00064,000

1,200,000

744,000 2,864,000

1 After deducting $23,000 participations of other Federal Reserve Banks;2 After deducting $381,150,000 participations of other Federal Reserve Banks/3 After deducting $11,693,000 participations of other Federal Reserve Banks.



INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS

[Amounts in thousands of dollars]

Date (lastWednesdayor last dayof period)

1944194519461947 . .19481949

1950Sept. 3 0 . . .Oct. 3 1 . . .Nov. 30. . .Dec. 3 0 . . .

1951Jan. 31 . . .Feb. 28. . .Mar. 31 . . .Apr. 30. . .May 3 1 . . .June 3 0 . . .July 3 1 . . .Aug. 3 1 . . .Sept. 3 0 . . .

Applicationsapprovedt o

Num-ber

3,4893,5113,5423,5743,6073,649

3,6903,6923,6953,698

3,7073,7063,7103,7173,7213,7243,7273,7313,732

Amount

525,532544,961565,913586,726615,653629,326

646,276647,432649,748651,389

654,199655,702660,525664,473667,988671,432678,477691,536695,178

Ap-provedbut not

com-pleted i

(amount)

1,295320

4,577945335539

8,0305,1085,5194,819

1,8621,5233,9804,9253,5783,2216,730

12,1974,394

Loansout-

standing2

(amount)

3,8941,995

5541,387

9952,178

2,2932,3072,4132,632

3,5203,6813,9884,8455,2555,7625,8015,7505,062

Commit-

mentsout-

standing(amount)

4,1651,6448,3097,4341,6432,288

2,5093,0353,4663,754

3,3252,9372,8242,5953,6433,7403,7676,0506,478

Partici-pations

of financ-ing insti-tutions

out-standing1

(amount)

2,7051,0862,6704,8691,9902,947

3,2243,7074,0503,745

5,4025,3585,2625,3315,9996,1996,1157,860

11,420

1 Includes applications approved conditionally by the Federal Re-serve Banks and under consideration by applicant.

2 Includes industrial loans past due 3 months or more, which are notincluded in industrial loans outstanding in weekly statement of con-dition of Federal Reserve Banks.

' Not covered by Federal Reserve Bank commitment to purchase ordiscount.

NOTE.—The difference between amount of applications approved andthe sum of the following four columns represents repayments of ad-vances, and applications for loans and commitments withdrawn orexpired.

LOANS GUARANTEED THROUGH FEDERAL RESERVE

BANKS UNDER REGULATION V, PURSUANT TO

DEFENSE PRODUCTION ACT OF 1950 AND

EXECUTIVE ORDER NO. 10161

[Amounts in thousands of dollars]

Date

1950Oct. 3 1 . . .Nov. 3 0 . . .Dec. 3 1 . . .

1951Jan. 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 . . .

Guaranteed loansauthorized

to date

Num-ber

32362

119161254328402484568658729

Amount

1,00013,58531,326

109,433122,541300,955421,267514,626654,893828,584

1,052,3371,154,942

Guaranteedloans

outstanding

Totalamount

2,3408,017

23,77844,25068,833

126,080183,610252,100325,299405,043492,167

Portionguaran-

teed

2,2326,265

19,83736,53756,973

106,053151,858209,465267,715332,618400,652

Additionalamount

available toborrowers

under guar-antee agree-

mentsoutstanding

3,3358,299

13,74833,84047,822

185,001205,629276,702349,905384,852450,013

NOTE.—The difference between guaranteed loans authorized andsum of loans outstanding and additional amounts available to bor-rowers under guarantee agreements outstanding represents amountsrepaid, guarantees authorized but not completed, and authorizationsexpired or withdrawn.

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS

[Averages of daily figures.1 In millions of dollars]

Allmem-

berbanks

Central reservecity banks

NewYork

Chi-cago

Re-servecity

banks

Coun-try

banks

Allmem-

berbanks


NewYork

Chi-cago

Re-servecity

banks

Coun-try

banks

First half of September 1951 Second half of September 1951

Gross demand deposits:Total

InterbankOther

Net demand deposits 2

Time deposits 3

Demand balances due from domestic banks..

Reserves with Federal Reserve Banks:Total

RequiredExcess

Borrowings at Federal Reserve Banks

99,78511,79987,98687,04330,320

5,992

19,25118,511

741

441

?.\3

1820

1

44

,857,797,060,100,903

36

,930,938

- 8

89

5,6751,1734,5025,1151,113

111

1,2941,294

13

38,3555,800

32,55533,06512,002

1,812

7,5007,333

167

271

33,8971,029

32,86828,76415,302

4,034

5,5274,945582

69

101,77411,94089,83588,58830,402

6,054

19,54118,840

701

234

22,6713,884

18,78720,787

1,926

41

5,1275,104

23

43

5,8761,1784,698

'5,2661,109

121

1,3211,330

-9

39,0525,827

33,22533,46512,049

1,894

7,5517,416135

156

34,1761,051

33,12429,07115,317

3,997

5,5414,989552

34

1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required arebased on deposits at'opening of business.

2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection anddemand balances due from domestic banks.

3 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report.

NOVEMBER 1951 1385


MEMBER BANK RESERVES AND BORROWINGS[Averages of daily figures. In millions of dollars]

Month, orweek ending Wednesday

Total reserves he ld :1950—September1951—August

September

Sept. 19Sept. 26Oct. 4Oct. 10Oct. 17Oct. 24

Excess reserves:1950—September1951—August

September


Borrowings a t FederalReserve Banks :1950—September1951—August

September


Allmem-

berbanks l

16,60219,17419,396

19,63419,51919,58719,98219,83520,065

765704721

850669757

1,115P974

P 1 , 0 8 0

96292338

328195190

7076

121


NewYork

4,5074,9255,029

5,0945,0985,1615,2715,1485,310

5558

25- 848

17075

176

148466

901

43

Chi-cago

1,1581,2971,307

1,3171,3321,3311,3411,3211,320

- 2

- 5

- 3- 3

221

22

36

7

3

i'2

Re-servecity

banks

6,3637,4797,526

7,5727,5557,5907,7107,7157,738

132148151

162135181271249220

58152213

1871601164342

102

Coun-try

banks *

4,5735,4735,534

5,6515,5355,5055,6615,6525,698

579550567

666545526653

P648P682

225051

483430253419

P Preliminary.1 Weekly figures of excess reserves of all member banks and of

country banks are estimates. Weekly figures of borrowings of all mem-ber banks and of country banks may include small amounts of FederalReserve Bank discounts and advances for nonmember banks, etc.

Back figures.—See Banking and Monetary Statistics, pp. 396-399.

POSTAL SAVINGS SYSTEM


End of month

1943—December1944—December1945—December1946—December1947—December....1948—December1949—December

1950—MayJuneJulyAugustSeptember. . .OctoberNovember. . .December

1951—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember... .

Depos-itors'bal-

ances 1

1,7882,3422,9333,2843,4173,3303,188

3,1253.0973,0613.0212,9912,9672,9472,924

2,9012,8772,8522,8312,8082,7882,772

P2.754P 2 , 7 3 5

Assets

Total

1,8432,4113,0223,3873,5253,4493,312

3,2503,2183,1813,1413,1113,0883,0693,045

3,0222,9982,9742,9542,9332,9092,893

Cashin

deposi-tory

banks

10866677

8109

1010101011

11111117212322

U. S.Govern-

mentsecuri-

ties

1,7162,2522,8373,1823,3083,2443,118

3,0683,0383,0272,9622,9232,9032,8882,868

2,8582,8352,7932,7652,7482,7222,704

Cashreservefunds,etc.»

118152179200212198187

175171145169177175171166

153152169172164165166

and miscellaneous working funds with Treasurer of United States, ac-crued interest on bond investments, and accounts due from late post-masters.

Back figures.—See Banking and Monetary Statistics, p. 519; fordescription, see p. 508 in the same publication.

BANK DEBITS AND DEPOSIT TURNOVER[Debits in millions of dollars]

Year or month

1945 . . . .1946—old series »1946—new series3

1947194819491950

1950—SeptemberOctoberNovemberDecember

1951—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember

Debitf to total deposit accounts, exceptinterbank accounts

Total, allreportingcenters

974,102Jl,050,0211,125,0741,249,6301,231,0531,403,752

123,222125,784123,541139,542

138,402114,061144,012128,447130,700135,027124,422125,288121,201

NewYorkCity i

404,543417,475405,929449,002452,897513,970

44,91043,83743,74052,590

48,20739,06753,17145,47745,37548,58843,22441,36341,145

140other

centers 1

479,760527,336599,639667,934648,976742,458

65,19768,13766,39272,845

75,01762,37075,94169,42171,19772,11067,53269,82766,359

Otherreportingcenters

89,799105,210119,506132,695129,179147,324

13,11613,81113,40914,106

15,17812,62414,90013,54914,12914,32913,66514,09813,697

Annual rate ofturnover of totaldeposits, except

interbank

NewYorkCity

18.218.921.023.624.126.6

27.926.428.131.2

27.926.129.026.526.227.926.023.826.0

Otherreportingcenters

9.710.0 (11.912.912.413.4

14.214.214.915.3

15.214.314.914.613.814.014.113.514.4

Debits to demanddeposit accounts,except interbankand Government

NewYorkCity'

351,602374,365407,946400,468445,221447,150508,166

46,40043,15941,16753,150

47,56138,91653,14244,31242,27249,39841,67339,00741,688

Otherleadingcities 2

412,800449,414522,944598,445660,155639,772731,511

65,33066,54764,68773,253

73,22662,23975,89768,15768,37872,17964,82667,44166,941

Annual rate ofturnover of demand

deposits, except inter-bank and Government

NewYorkCity *

24.225.525.224.127.228.231.4

34.230.731.437.2

32.930.735.532.530.034.431.127.031.7

Otherleadingcities *

16.116.916.518.019.218.720.3

21.520.921.723.0

22.021.522.522.321.322.220.920.021.8

1 National series for which bank debit figures are available beginning with 1919.2 Weekly reporting member bank series.8 Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated.

NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947,333 centers from December 1947 through December 1950, and for 342 centers beginning January 1951; the deposits from which rates of turnoverhave been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, exceptinterbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks inleading cities since 1935.



UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS

[Outside Treasury and Federal Reserve Banks. In millions of dollars]

End of year ormonth

Totalin cir-cula-tion1

Coin and small denomination currency 2

Total Coin «$1 $2 $5 $10 $20

Large denomination currency a

Total $50 $100 $500 $1,000 $5,000 $10,000

Unas-sorted

19331934.. .193519361937193819391940194119421943194419451946194719481949

1950—JulyAugustSeptember...OctoberNovember...December. . .

1951—JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember...

5,5195,5365,8826,5436,5506,8567,5988,732

11,16015,41020,44925,30728,51528,95228,86828,22427.600

27,01027,12027,16127,22827,59527,741

27,04827,18827,11927,27827,51927,80927,85128,15528,288

4,1674,2924,5185,0215,0155,1475,5536,2478,12011,57614,87117,58020,68320,43720,02019,52919,025

18,69618,79518,83418,90119,25219,305

18,69418,86118,84519,02319,26019,52119,56019,81319,896

442452478517537550590648751880

1,0191,1561,2741,3611,4041,4641,484

1,4981,5061,5151,5271,5471,554

1,5301,5351,5421,5511,5681,5781,5901,6021,616

402423460499505524559610695801909987,039,029,048,049,066

,029,037,054,072,089,113

,056,057,059,073,087,092,092,103

1,124

3332333533343639445570817367656462

606161616264

616161626364646464

719771815906905946

1,0191,129

,3551,6931,9732,1502,3132,1732,1102,0472,004

1,9461,9551,9641,9782,0212,049

1,9431,9591,9531,9731,9952,0112,0082,0312,038

1,2291,2881,3731,5631,5601,6111,7722,0212,7314,0515,1945,9836,7826,4976,2756,0605.897

5,8365,8815,8845,8746,0215,998

5,7915,8805,8815,9436,0246,1136,0886,1766,181

,342,326,359,501,475,481,576,800

2,5454,0965,7057,2249,2019,3109,1198,8468.512

8,3288,3558,3578,3888,5118,529

8,3138,3698,3488,4228,5238,6638,7188,8378,874

,360,254,369,530,542,714

2,0482,4893,0443,8375,5807,7307,8348,5188,8508,6988,578

8,3168,3288,3298,3298,3458,438

8,3568,3298,2758,2578,2598,2898,2928,3448,393

364337358399387409460538724

1,0191,481,996,327,492,548,494,435

,374,374,369,368,384,422

,393,385,369,371,382,405,409,428,437

618577627707710770919

1,1121,4331,9102,9124,1534,2204,7715,0705,0745,056

4,9344,9504,9644,9874,9945,043

5,0024,9864,9554,9414,9384,9474,9524,989

,034

125112122135139160191227261287407555454438428400382

375372370367365368

366365362360357356354353353

237216239265288327425523556586749990801783782707689

620617613595589588

583581576573570570565562557

8577617203024991078554

444444

444444444

107161812323260462522242426171711

99999

12

998

10587524432323333

222222

321112222

1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Bank?.2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury

as destroyed. * Paper currency only; $1 silver coins reported under coin.Back 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]

GoldGold certificatesFederal Reserve notesTreasury currency—total

Standard silver dollars

Silver certificates and Treasury notes of 1890.Subsidiary silver coinMinor coinUnited States notesFederal Reserve Bank notesNational Bank notes

Total—Sept. 30, 1951Aug. 31, 1951Sept. 30, 1950

Total out-standing,Sept. 30,

1951

22,01320 81325,096

4,681

4922 068

3 2,3441 060

393347240

81

(4 )(4)

( 4 )

Money

As securityagainst

gold andsilver

certificates

20,813

*2,344

2762 068

23,15722,98424,571

leld in the Treasury

Treasurycash

2 1,200

5134

29

212

(5)(5)

1,2851,2871,322

ForFederalReserve

Banks andagents

17,959

17,95917,79619,419

Moneyheld byFederalReserve

Banks andagents

2,8161,122

322

3

271145

2531

4,2594,2263,925

Money in circulation i

Sept. 30,1951

3923,9244,325

185

2,0731,044

387319237

80

28,288

Aug. 31,1951

3923,817

4,299

183

2,0581,035

384320239

80

28,155

Sept. 30,1950

4022,801

4,320

173

2,137975367318265

85

27,161

1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totalsfor other end-of-month dates are shown in table above and totals by weeks in the table on p. 1379.

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 not 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

significance and is not shown. See note for explanation of these duplications. 8 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 onreceipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the faceamount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amountof such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal ReserveBank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificatesand such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States.Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund with the Treasurer of theUnited States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold cer-tificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes andnational bank notes are in process of retirement.

NOVEMBER 1951 1387


CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEMALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,

AND TREASURY CURRENCY FUNDS *

Date

1929—June1933—June1939—Dec1941—Dec1945—Dec.1946—Dec1947—June

Dec.194g—June

Dec.1949—June

Dec1950—June

Oct.Nov.Dec.

1951—Jan.F e bMar.Apr.M a yJuneJulyAug.Sept.

E

1929—June1933—June1939—Dec.1941—Dec.1945—Dec.1946—Dec.1947—June

Dec1948—June

Dec.1949—June

Dec.1950—June

Oct.

293030 . . . .31313130313031303130

252930

3128282530302 5 P29P

>ate

2930303131313031 .3031303130

25Nov. 29Dec.

1951—Jan.Feb.Mar.Apr.MayJuneJulyAug.Sept.

30

3128282530302 5 P2 9 P . .26P

Gold

44

17

20,?0

22,

?424,?424

?3?322

222121212121

22

037031644737065529266754532244466427231

300000706

400100900800800756800800000

Tota

55426882

18017116017517?176171177178

180181184

182

183183182185184185187

776029359811806657234348857121

,602,313,568

,100,000,385

,500,600,700,600,900038

,500,200,300

[Figures

Treas-

cur-rency

2,0192,2862,9633,2474,3394,5624,5524,5624,5654,5894,5974,5984,607

4,6004,6004,636

4,6004,6004,6004,6004,6004,6554,7004,7004,700

Foreignbank

deposits,net

36550

1,2171,4982,1411,8851,6571,6821,7272,1031,9272,1502,555

2,5002,3002,518

2,4002,4002,4002,5002,5002,4242,4002,3002,200

partly estimated except on call dates.

Total

58,64242,14854,56464,653

167,381158,366156,297160,832157,958160,457156,491162,681164,348

167,700168,700171,667

170,500170,700172,100172,100171,300173,447173,300174,300176,400

Loans,net

41

22?630

3843454847,4951

575960

60616?6?6?6S636465

082957157605387765373023299341148604999

500100366

600500500600900821400000000

Assets

Bank credit

U. S.

Total

510

?9128in10710710110097

10098

959596

95949494

94949595

741328105049417110873086451694428456709

800200560

?00500700600500450600000900

In millions of dollars]

Government obligations

Com-mercial

andsavingsbanks

5,4998,199

19,41725,511

101,28886,55882,67981,19976,77474,09774,87778,43377,320

73,60072,70072,894

70,80069,80069,30068,90068,40068,72668,90069,20069,700

FederalReserveBanks

2161,9982,4842,254

24,26223,35021,87222,55921,36623,33319,34318,88518,331

19,20019,60020,778

21,50021,90022,60022,90022,30022,98223,10023,10023,500

Other

26131

1,2041,2842,8673,2023,3223,3283,3113,2643,2083,1383,058

2,9002,9002,888

2,9002,9002,8002,8002,8002,7422,7002,7002,700

Deposits and Currency

U. S. Government balances

Treas-urycash

204264

2,4092,2152,2872,2721,3141,3361,3271,3251,3071,3121,298

1,3001,3001,293

1,3001,3001,3001,3001,3001,2811,3001,3001,300

At com-mercial

andsavingsbanks

1?4311

22

3

32

246546445

381852846

,895,608,103,367,452,180,451,304,249,801

,100,000,989

,800,200,400,800,800,332,600,100,100

AtFederalReserveBanks

11

1

3635

634867977393756870

,928,123438821950

400600668

800500

,100700600317400600800

Total

54,79040,82863,25376,336

150,793164,004164,140170,008165,695169,119165,626169,781169,964

172,800173,900176,917

175,200174,200172,500173,300173,700174,684175,800177,000177,900

Othersecu-rities

11,8199,8639,3028,9998,5779,491

10,05110,72311,20811,42211,91512,62113,640

14,40014,50014,741

14,70014,80014,90015,00014,90015,17615,30015,30015,400

Totalassets,

Totalliabil-

andcapital,

net

64,4875,90

191,

18?,188,186,189,185,191 ,193,

195,196199,

197197,198,198197199199,

203,

698465171637785457115148055290554706186

600400009

500500600600700858700700000

Liabilitiesand Capital

Totaldeposits

andcurrency

55,77642,02968,35982,811

180.806171,657169,234175,348172,857176,121171,602177,313178,568

180,100181,000184,385

182,500182,600183,700183,600182,900185,038184,500185,200187,300

Deposits adjusted and currency

Demanddeposits2

22,54014,41129,79338,99275,85183,31482,18687,12182,69785,52081,87785,75085,040

89,20090,30092,272

91,60090,60089,00089,50089,50088,96090,70091,40092,000

Total

28,61121,65627,05927,72948.45253,96055,65556,41157,36057,52058,48358,61659,739

59,00058,70059,247

59,00059,00059,10059,20059,30059,94860,00060,30060,500

Time (

Com-mercialbanks

19,55710,84915,25815,88430,13533,80834,83535,24935,78835,80436,29236,14636,719

36,20035,90036,314

36,10036,10036,20036,30036,30036,78136,80037,10037,200

leposits *

Mutualsavingsbanks4

89

1010151617171818181919

191920

20

?02020?0202020

905621523

,532385869428

,746,194387

,932,273,923

,900,800,010

,000,000,100,200,200,382,400,500,600

PostalSavingsSystem

1491,1861,2781,3132,9323,2833,3923,4163,3783,3293,2593,1973,097

3,0002,9002,923

2,9002,9002,8002,8002,8002,7852,8002,8002,700

Capitaland

misc.ac-

counts,net

8667

10111?12nn131414

151514

15141415141415

15

922436812826979800882800200168952392618

500300624

100800900000800820200500700

Cur-rency

outsidebanks

469

?626?6

?5

25?525

?425

24?4?42424

252525

639761401615490730299476638079

,266,415185

600900398

,600,600,400,600,900,776,100,300,400

p Preliminary.1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund.8 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.1 Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks.* Prior to June 30, 1947, includes a relatively small amount of demand deposits.NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs

slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities"and in "Capital accounts," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are nettedagainst miscellaneous accounts instead of against U. S. Government deposits and Treasury cash. Total deposits and currency shown in themonthly Chart Book excludes "Foreign bank deposits, net" and "Treasury cash." Except on call dates, figures are rounded to nearest 100million 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.



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]

Class of bankand date

All banks:1939—Dec. 301941—Dec. 311945—Dec. 311946—Dec. 311947—Dec. 31«1948—Dec. 311949—Dec. 311950—June 30

Dec. 301951—Apr. 25

May 30June 30July 25?Aug. 29?Sept. 26?

All commercial banks:1939—Dec. 301941—Dec. 311945—Dec. 311946—Dec. 311947—Dec. 31 *1948—Dec. 311949—Dec. 311950—June 30

Dec. 301951—Apr. 25

May 30June 30July 25?Aug. 29?Sept. 26?

All member banks:1939—Dec. 301941—Dec. 311945—Dec. 311946—Dec. 311947—Dec. 311948—Dec. 311949—Dec. 311950—June 30

Dec. 301951—Apr. 25

May 30June 30July 25PAug. 29PSept. 26?

All mutual savingsbanks:

1939—Dec. 301941—Dec. 311945—Dec. 311946—Dec. 311947—Dec. 31 *1948—Dec. 311949—Dec. 311950—June 30

Dec. 301951—Apr. 25

May 30Tune 30July 25PAug. 29PSept. 26P

Total

50,88461,126

140,227131,698134,924133,693140,598142,959148.021146,880146,680147,742147,870148,950150,550

40,66850,746

124,019113,993116,284114,298120,197121,767126,675125,390125,060126,045126,070127,030128,550

33,94143,521

107,18396,36297,84695,616

101,528102.745107,424106,000105,650106,563106,502107,276108,559

10,21610,37916,20817,70418,64119,39520,40021,19221,34621,49021,62021,69721,80021,92022,000

Loans

Loans

22,16526,61530,36235,64843,00248,17449,54451,99960,38663,04063,34063,84063,75064,47065,380

17,23821,71426,08331,12238,05742,48842,96544,79652,24954,35054,46054,82154,59055,16055,960

13,96218,02122,77526,69632,62836,06036,23037,65844,70546,48146,55446,86646,65847,16947,875

4,9274,9014,2794,5264,9445,6866,5787,2038,1378,6908,8809,0209,1609,3109,420

and investments

Investments

Total

28,71934,511

109,86596,05091,92385,51991,05490,96187,63583,84083,34083,90284,12084,48085,170

23,43029,03297,93682,87178,22671,81177,23276,97274,42671,04070,60071,22471,48071,87072,590

19,97925,50084,40869,66665,21859,55665,29765,08762,71959,51959,09659,69859,84460,10760,684

5,2895,478

11,92813,17913,69613,70913,82213,98913,20912,80012,74012,67712,64012,61012,580

U. S.Govern-

mentobliga-tions

19,41725,511

101,28886,55881,19974,09778,43377,32072,89468,85068,41068,72668,85069,23069,730

16,31621,80890,60674,78069,22162,62267,00565,75162,02758,47058,11058,52158,72059,14059,690

14,32819,53978,33863,04257,91452,15456,88355,75952,36549,03848,69349,10849,20949,49249,940

3,1013,704

10 68211,77811,97811,47611,42811,56910,86810,38010,30010,20510,13010,09010,040

Othersecu-rities

9,3028,9998,5779,491

10,72311,42212,62113,64014,74114,99014,93015,17615,27015,25015,440

7,1147,2257,3318,0919,0069,189

10,22711,22112,39912,57012,49012,70312,76012,73012,900

5,6515,9616,0706,6257,3047,4028,4149,328

10,35510,48110,40310,59010,63510,61510,744

2,1881,7741,2461,4001,7182,2332,3942 4202,3422,4202,4402,4722,5102,5202,540

Cashassets l

23,29227,34435,41535,04138,38839,47436,52234,09941,08637,51037,02038,23537,74037,09038,980

22,47426,55134,80634,22337,50238,59635,65033,26840,28936,66036,22037,38436,92036,30038,170

19,78223,12329,84529,58732,84534,20331,31729,38035,52432,39631,99033,24431,60732,07633,763

818793609818886878873831797850800851820790810

Deposits

Total 1

68,24281,816

165,612155,902161,865161,248164,467163,770175,296169,770168,810171,860171,020171,100174,480

57,71871,283

150,227139,033144,103142,843145,174143,827155,265149,600148,570151,457150,560150,570153,870

49,34061,717

129,670118,170122,528121,362123,885122,707133,089127,988126,953129,737128,605128,523131,452

10,52410,53315,38516,86917,76318,40519,29319,94320,03120,17020,24020,40420,46020,53020,610

Inter-bank 1

9,87410,98214,06512,65613,03312,26912,71011,43514,03911,74011,35011,94712,39012,20012,810

9,87410,98214,06512,65613,03212,26912,70911,43514,03911,74011,35011,94612,39012,20012,810

9,41010,52513,64012,06012,40311,64112,09710,85013,44711,24010,86611,34711,78111,57812,153

111

1111

Other

De-mand

32,51644,355

105,93592,46295,72794,67196,15695,505

104,744101,440100,740102,526101,150101,110103,670

32,51344,349

105,92192,44695,71194,65496,13695,485

104,723101,420100,720102,507101,130101,090103,650

28,23138,84691,82078,92081,78580,88182,62882,23290,30687,48786,77288,67887,10587,04589,312

36

14161717202022202020202020

Time

25,85226,47945,61350,78453,10554,30855,60156,83056,51356,59056,72057,38757,48057,79058,000

15,33115,95230,24133,93035,36035,92136,32836,90736,50336,44036,50037,00437,04037,28037,410

11,69912,34724,21027,19028,34028,84029,16029,62529,33629,26129,31529,71229,71929,90029,987

10,52110,52715,37116,85317,74518,38719,27319,92320,01020,15020,22020,38320,44020,51020,590

Totalcapital

accounts

8,1948,414

10,54211,36011,94812,47913,08813,57613,83714,00014,05014,23614,27014,36014,410

6,8857,1738,9509,577

10,05910,48010,96711,38711,59011,73011,77011,95111,98012,06012,090

5,5225,8867,5898,0958,4648,8019,1749,5239,6959,8099,8469,987

10,00310,06710,084

1,3091,2411,5921,7841,8891,9992,1222 1892,2472,2702,2802,2852,2902,3002,320

Numberof

banks

15,03514,82614,55314,58514,71414,70314,68714,67414,65014,64714,64414,63614,63714,63414,634

14,48414,27814,01114,04414,18114,17114,15614,14414,12114,11714,11414,10714,10814,10514,105

6,3626,6196,8846,9006,9236,9186,8926,8856,8736,8686,8656,8596,8566,8526,848

551548542541533532531530529530530529529529529

p Preliminary.• "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember com-

mercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks andnondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and lia-bility 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 525million at all insured commercial banks.

For other footnotes see following two pages.

NOVEMBER 1951 1389


ALL BANKS IN THE UNITED STATES, BY CLASSES •—ContinuedPRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued


Central reserve citymember banks:

New York City:1939—Dec. 301941—Dec 311945—Dec. 311946—Dec. 311947—Dec 31194g—Dec 311949—Dec. 311950—June 30

Dec. 301951—Apr. 25

May 30June 30July 25PAug. 29PSept. 26P . . .

Chicago:1939—Dec. 301941—Dec 311945—Dec. 311946—Dec 311947—Dec 311948—Dec. 311949—Dec 311950—June 30

Dec. 301951—Apr. 25

May 30June 30 . . . .July 25PAug. 29*Sept. 26P

Reserve city memberbanks:

1939—Dec. 301941—Dec 311945—Dec. 311946—Dec. 311947—Dec 31 .1948—Dec. 311949—Dec. 311950—June 30

Dec. 301951—Apr. 25

May 30. .June 30July 25PAug. 29?Sept. 2 6 P

Country memberbanks:

1939—Dec. 301941—Dec 311945—Dec. 311946—Dec 311947—Dec. 311948—Dec. 311949—Dec. 311950—June 30

Dec. 301951—Apr. 25

May 30June 30July 25PAug. 29PSept. 26P

[Figures partly estimated except on call dates.

Total

9,33912,89626,14320,83420,39318,75919,58319,54820,61220,45119,93020,60420.00120,04820,475

2,1052,7605,9314,7655,0884,7995,4245,2565,5695,3865,3685,5205.4225,4275,539

12,27215,34740,10835,35136,04035,33238,30138,69740,68539,63039.70939,99140.43440,79641,162

10,22412,51835,00235,41236,32436,72638,21939,24540,55840,53340,64340,44840,64541,00541,383

Loans

Loans

3,2964,0727,3346,3687,1798,0487,5507,7239,729

10,0259,939

10,23410,08910,17910,468

569954

1,3331,4991,8011,7831,6181,5572,0832,1252,2062,2152,2352,2802,397

5,3297,1058,514

10,82513,44914,28514,37014,86817,90618,61418,59918,55818,51718,79218,956

4,7685,8905,5968,004

10,19911,94512,69213,51014,98815,71715,81015,85815,81715,91816,054

and investments

Investments

Total

6,0438,823

18,80914,46513,21410,71212,03311,82510,88310,4269,991

10,3709,9129,869

10,007

1,5361,8064,5983,2663,2873,0163,8063,7003,4873,2613,1623,3053,1873,1473,142

6,9448,243

31,59424,52722,59121,04723,93123,82922,77921,01621,11021,43221,91722,00422,206

5,4566,628

29,40727,40826,12524,78225,52725,73425,57024,81624,83324,59024,82825,08725,329

U. S.Govern-

mentobliga-tions

4,7727,265

17,57413,30811,9729,649

10,74610,2818,9938,5178,1448,4607.9187,8777,974

1,2031.4304,2132,9122,8902,6333,3243,1382,9112,6922,6172,7422,6482,6102,611

5,1946,467

29,55222,25020,19618,59420,95120,51019,08417,28717,38517,65918,17418,27118,442

3,1594,377

26,99924,57222,85721,27821,86221,83021,37720,54220,54720,24720,46920,73420,913

Othersecu-rities

1,2721,5591,2351,1581,2421,0631,2871,5441,8901,9091,8471,9101,9941,9922,033

333376385355397383482562576569545564539537531

1,7491,7762,0422,2762,3962,4532,9803,3193.6953,7293,7253,7743,7433,7333,764

2,2972,2502,4082,8363,2683,5043,6653,9044,1934,2744,2864,3434,3594,3534,416

Amounts in millions of dollars]

Cashassets l

6,7036,6376,4396,2387,2617,7586,9856,3297.9227,2926,8757,3936.8166,6827,128

1.446,566,489,545,739,932,850,640

-.0341,929L .9131,8981,9061,9061,962

6,7858,518

11,28611,65413,06613,31712,16811,63913,99812,60612,61813,17512.81012,50113,329

4,8486,402

10,63210,15110,77811,19610,3149,773

11,57110,56910,58410,77911,07510,98711,344

Deposits

Total »

14,50917,93230,12124,72325,21624,02423,98323,21325,64624,74923,71125,06423.69523,48224,420

3,3304,0577,0465,9056,4026,2936,8106,4197,1096,8146,7066,9216.7886,7836,982

17,74122,31349,08544,47746,46745,94347,55947,18751,43748,78548,73249,87449.80749,72350,813

13,76217,41543,41843,06644,44345,10245,53445,88848,89747,64047,80447,87748,31548,53549,237

Inter-bank^

4,2384,2074,6574,2464,4644,2134,1923,8944,6384,1784,0114,1074,1573,9754,154

8881,0351,3121,1531,2171,0641,1911,0141,2281,0511,0381.0401,1511,1201,170

3,6864,4606,4485,5705,6495,4005,7135,0696,4485,0794.9235,2645.4995,5095,782

598822

1,2231,0911,073

9641,001

8711,133

932894936974974

1,047

Other

De-mand

9,53312,91724,22719,02819,30718,13118,13917,66819,28718,89918,10419,29117,94017,89918,641

1,9472,5465,0153,9224,2734,2274,5354,3054,7784,6684,5734,7564,5274,5494.703

9,43913,04732,87728,04929,39529,15330,18230,30633,34232,16532,15832,79132,46732 ,30433,065

7,31210,33529,70027,92128,81029,37029,77129,95332,89931,75531,93731,84032,17132,29332,903

Time

736807

1,2361,4491,4451,6801,6511,6501,7221,6721,5961,6661,5981,6081,625

495476719829913

1,0011.0831,0991,1031,0951,0951,1261,1101,1141.109

1.6164,8069,760

10,85811,42311,39111,66411,81211,64711,54111,65111,81911.84111,91011.966

5,8526,258

12,49414,05314,56014,76814,76215,06414,86514,95314,97315,10115,17015,26815,287

Totalcapital

accounts

1,5921,6482,1202,2052,2592,3062,3122,3412,3512,3762,3572,3982,3962,4072,399

250288377404426444470481490492495501497502504

1,8281,9672,5662,7282,8442,9283,0873,2683,3223,3393,3793,4313,4293,4413,458

1,8511,9822,5252,7572,9343,1233,3053,4333,5323,6023,6153,6583,6813,7173,723

Numberof

banks

363637373735252523232222222222

141312141413131313131313131313

346351359355353335341336336325325324323322321

5,9666,2196,4766,4946,5196,5356 5136,5116,5016,5076,5056,5006,4986,4956,492

1 December 31, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmembercommercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and invest-ments of 34 million were transferred from noninsured mutual savings to nonmeraber commercial banks.

For other footnotes see preceding and opposite page.



ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued

PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued

[Amounts in millions of dollars]


All insured commercialbanks :

1941—Dec. 31 # #1945—Dec. 311947—Dec. 31194g—Dec 3i t >#1949—Dec. 311950—Dec 301951—June 30

National memberbanks :

1941—Dec. 31 .1945—Dec 311947—Dec. 31 . . . .1948—Dec. 311949—Dec. 311950—Dec. 301951—June 30 . . . .

State member banks :1941—Dec 311945—Dec. 31 .1947—Dec. 311948—Dec 311949—Dec. 311950—Dec. 301951—June 30.

Insured nonmcmbercommercial banks :

1941—Dec. 31 . . . .1945—Dec. 311947—Dec 311948—Dec. 311949—Dec 311950—Dec. 301951—June 30

Noninsured n o n m e m -ber commercialbanks :

1941—Dec. 311945—Dec 31 .1947—Dec. 31 2

1948—Dec. 311949—Dec. 311950—Dec. 301951—June 30

All nonmember com-mercial banks :

1941—Dec. 311945—Dec 311947—Dec. 31 2

1948—Dec 311949—Dec. 311950—Dec. 301951—June 30

Insured m u t u a l savingsbanks :

1941 Dec 311945—De<\ 311947—Dec. 31 . . . .1948—Dec. 311949 Dec 3119^0 Dec 301951—June 30

Noninsured mutualsavings banks:

1941 Dec 311945—Dec 311947—Dec. 31 2

1948 Dec 311949 Dec 311950 DPO 301951—June 30

Total

49,290121,809114,274112,286118,278124,822124,132

27,57169,31265,28063,84567,94372,09071,014

15,95037,87132,56631,77133,58535,33435,550

5,77614,63916,44416,68516,76617,41417,585

1,4572,2112,0092,0131,9191.8531,913

7,23316,84918,45418,69818,68619,26719,499

1 69310.84612,68313,31214 20915 10115,668

8 6875,3615,9576 0836 1926 2456,029

Loans

Loans

21,25925,76537,58341,96842,48551,72354,306

11,72513,92521,42823,75223,85329,18430,479

6,2958,850

11,20012,30812,37815.52116,386

3,2412,9924,9585,9116,2587,0237,446

455318474520481527514

3,6963,3105,4326,4316,7397,5507,960

6423,0813,5604,1094 8146 0866,829

4 2591,1981,3841 5771 7642 0502,191

and investments

Investments

Total

28,03196,04376,69170,31875,79373,09969,825

15,84555.38743,85240,09344,09042,90640,534

9,65429.02121,36519,46321,20719,81319,163

2,53511,64711,48610,77410,50810.39110,139

1,0021,8931,5351,4931,4381,3271,399

3,53613,53913,02112,26711,94711,71811,538

1 0507,7659,1239,2029 3949 0158,839

4 4284,1634,5734 5064 4284 1943,838

U. S.Govern-

mentobliga-tions

21,04688,91267,94161,38865,82060,98657,427

12,03951,25038,67434,85238,16135,58732,965

7,50027,08919,24017,30118,72216,77816,143

1,50910,58410,0399,2468,9478.6328,330

7611,6931,2801,2341,1851,0401,094

2,27012,27711,31810,47910,1329,6729,423

6297,1608,1657,7957 8327 4877,169

3 0753,5223,8133 6803 5963 3803,036

Othersecu-rities

6,9847,1318,7508,9299,974

12,11312,398

3,8064,1375,1785,2415,9307.3207,569

2,1551,9332,1252,1612,4843.0353,020

1.0251,0631,4481,5281,5611.7591 .810

241200255259253286305

1.2661,262L,7031,788L.8142,0462,115

421606958

1,4071,5621,5281,670

1,3536417608268328 1 4802

Cashassets *

25,78834,29236,92638,08735,20739,82136,960

14,97720,11422,02422,97420,99523,76322,198

8,1459,731

10,82211,22810,32211,76211,046

2,6684,4484,0833,8873,8924,2993,718

763514576509442468423

3,4314,9624,6594,3964,3344,7674,141

151429675684682617688

642180211194191180163

Deposits

Total »

69,411147,775141,851140,642143,138153,288149,461

39,45884,93982,02381,40783,11389,28186,589

22,25944,73040,50539,95540,77243,80843,149

7,70218,11919,34019,29619,26920,21619,741

1,8722,4522,2512,2012,0361,9761,996

9,57420,57121,59121,49721,30522,19321,737

1,78910,36312,20712,77213,59214,32014,924

8,7445,0225,5565,6335,7025,7115,479

Inter-bank^

10,65413,88312,67011,90012,36813,74411,582

6,7869,2298,4107,8428,2789,1337,625

3,7394,4113,9933,7993,8194.3153,722

129244266259272297235

329181363368341294364

457425629628613591599

11

1

Other

De-mand

43,059104,01594,30093,30094,914

103,499101,328

24,35059,48654,33554,02055,03460,25158,715

14,49532,33427,44926,86227,59430,05529,963

4,21312,19612,51512,41912,28513,19412,650

1,2911,9051,4111,3531,2231,2241,178

5,50414,10113,92613,77213,50814,41713,828

121414161918

6233332

Time

15,69929,87634,88235,44135,85636,04536,551

8,32216,22419,27819,54519,80119,89720,248

4,0257,9869,0629,2959,3599,4389,464

3,3605,6806,5586,6186,7126.7266,857

253365478479472458453

3,6136,0457,0367,0977,1847,1847,310

1,78910,35112,19212,75713,57514,30114,905

8,7385,0205,5535,6315,6995,7085,477

Totalcapital

accounts

6,8448,6719,734

10,15810,64511 26311,622

3,6404 6445,4095,6575,9206,3136,504

2 2462,9453,0553,1443,2543,3813,483

959,083,271,358,473,570.637

329279325322321327329

1.288,362

1,596,680

L ,7941,8971.966

1rtd1,0341,2521,334I 420

.51 .31,582

1 0775586376657027 3 4702

Numberof

banks

13 42613 29713,39813 41313,42913 43213,437

5,1175 0175 0054,9914 9754,9584 946

1 5021,8671,9181 9271,9171,9151,913

6,8106,4166 4786,4986 5406,5626,581

852714783758727689670

7,6627,1307,2617 2567,2677,2517,251

52192194193192194201

496350339339339335328

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.

NOVEMBER 1951 1391


ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *LOANS AND INVESTMENTS


Class of bankand

call date

All insuredcommercialbanks:

1941—Dec.1945—Dec.1947—Dec.1948—Dec.1949—Dec.1950—Dec.

3 1 .3 1 .3 1 .3 1 .3 1 .3 0 .

1951—June 30

Member banks,total:

1941—Dec.1945—Dec.1947—Dec.

3 1 .3 1 .3 1 .

1948—Dec. 31 .1949—Dec.1950—Dec.

3 1 .3 0 .

1951—June 30.

New York City:5


3 1 .3 1 .3 1 .3 1 .313 0 .

1951—June 30.

Chicago:1

1941—Dec. 311945—Dec.1947—Dec.1948—Dec.1949—Dec.1950—Dec.

3 1 .3 1 .3 1 .3 1 .3 0 .

1951—June 30.

Reserve citybanks:

1941 Dec.1945—Dec.1947—Dec.1948—Dec.1949—Dec.1950—Dec.

3131*.3 1 .3 1 .3 1 .3 0 .

1951—June 30.

Country banks:1941—Dec. 31 .1945—Dec.1947—Dec.1948—Dec.1949—Dec.1950—Dec.

3 1 .3 1 .3 1 .3 1 .3 0 .

1951—June 30.

Insured non-member com-mercial banks


3 1 .313 1 .3 1 .3 1 .30

1951—June 30

Totalloansand

invest-ments

4 9 ,121114,112118124124

43107

9795

101107106

12262018192020

2554555

15403635384039

12353636384040

5141616161717

290809274286278822132

521183846616528424563

896143393759583612604

760931088799424569520

347,108,040,332,301,685,991

,518,002,324,726,219,558,448

,776,639,444,685,766,414,585

Total1

2 1 ,253 7 ,4 1 ,425154

18223236364446

477879

10

111122

78

1314141718

55

1011121415

3245677

259765583968485723306

021775628060230705866

072334179048550729234

954333801783618083215

105,514,449,285,370,906,558

,890,596,199,945,692,988,858

,241,992,958,911,258,023,446

C om-mer-rial,elud-ing

open-mar-ketpa-per

99

1818162123

88

1617152022

2355466

1]111

211£

11

:

,214,461,012,761,935.776S07

,671,949,962,631,857,521,161

,807,044,361,642,792,328,845

732760

,418,412,211,567,717

,456,661,088,282,704

5,646,254

,676,484

5,0965,2965,150

3,9804,345

543512

1,049L ,131L,O781,2551,346

Agri-cul-tur-al

223

1

1111

111

450314610775963823044

972855046800945808919

8

3

62

4797

300205225437457392425

659648818

,356,480,407,487

478459563975

,018,015,124

Loans1

Loans forpurchasingor carryingsecurities

ToDrok-ersanddeal-ers

6143,164

8231,3361.7491,7891,616

5943,133

8111,3241,7371,7701,601

4122,453

5451,1021,4101,4211,287

48211

7371

109110113

114427170130183207164

20422321363337

20311;\'t1'4U16

T ooth-ers

6623,6061,190

939855

1,0361,000

5983,3781,065

834758927882

1691,172

267225219285273

52233

8763566964

1941,503

484360309386362

183471227187173187183

64228125105

9109118

i

Reales-tateloans

4 ,49 ,

10,111313

33788

1010

1133344

1134455

1122223

773677266666405389988

494455130244834522975

12380

111224256442502

22364651516570

527,459,147,503,742,423,558

,823,881,827,467.784,591,846

,282,224,139,426,575,872,018

Con-umeroans2

t\ f

77

[33466

11122

11223

111

4 , !351845907002628697

Otherloans2

452 ,2 ,2 ,3 ,3 ,4 ,

3,692027064933776167174

576

240313377540539

1,2 ,2 ,2 ,3 ,3 ,

54

962691

115115147131

4 C

433,256,609,965,567,493

1 , .492

,476,895,320,913,010

8323781975

,225,461,524

12

11111

191837992124955166

977550658809585783

509654636621850930

65848891

147150

'826079118212534559

30

11

54

578732817884054145

214287334315370383

Total

28 ,9 6 ,76,70,757369

25846559656259

8181310121010

1433333

8312221232221

6292624252524

2111110101010

031043691318793099825

500408218556297719698

823809215712033883370

806598287016806487

,305

243,594,591,047,931,779,432

,628,407,125,781,527,570,590

,535,647,486,774,508,39,139

U

Total

2 1 ,88 ,67 ,6 1 ,6 5 ,6057

19785752565249

71711

910

88

1422322

6292018201917

4262221212120

11010

9888

0469129413888209864? 7

539338914154883365108

265574972649746993460

430213890633324911742

467,552196594

,951,084,659

,377,999,857,278,862,377,247

,509,584,039,246,947,632,330

Investments

S. Government

Bills

4

2

233

1

1111

111

988,455,124,821,692,118819

971,275,987,588,389,665,485

311477

,002589720824

,034

256133132183331232209

295,034373

,056,189,218,177

110630480760

,148,390,065

17180136234303453334

Direct

Certifi-catesof in-debt-ed-ness

19*7,

10,12

13

1657

1012

3

11

1

6234

1

"s233

2122

071552065479932111

985816999409468524

433640183785250354

467235275690131150

,982,358,201,180499

,069

',102,583,340,753588951

',087,736,066,071465587

•bligations

Notes

3 ,16,

5 ,3 ,5

1614

314

425

1412

13

11

511254

421165

11

22

15904591839481075676?

007271815800085054313

623325558365835711565

153749248217358700653

751,653901090

,124536

,665

481,544,108,128,768,107,430

152,774,104594725

,702,449

Bonds

12,5 1 ,52 ,4 5 ,433835

11444538373330

310

97765

121111

4151513131110

2161716151312

1676554

7973213341008331687?4

729792286761996170778

652337771512405206506

903864274958945847729

248878560247457

,830,746

,926,713,681,046,189,287,797

,069,538,058,349,846,008,956

Guar-an-teed

4,1022214

86

1111

3,8321610

5487

1,6791

22

119

1,173c

1

il

861(6t

t

4

2716i

\

\

\

l-

Obli-ga-tions

ofStatesandpolit-icalsub-divi-sions

5

)78

-$344566

11

111122

1122223

1111

651873129509400933S19

090254199480274640978

729606638563752

,123,176

182181213210290335347

956,126,342,421,727,184,318

,222,342,006,286,505,998,137

563619931

,030,127,294,342

Othersecu-rities

3,3333,2583,6213,4203,5744,1794,079

2,8712,8153,1052,9223,1403,7143,611

830629604500535767733

193204185174192242216

820916

1,0531,0321,2541,5111,456

1,0281,0671,2621,2171,1601,1941,206

462443517498434465468

* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became mem-bers of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Com-parability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classi-fications of cities and individual banks, and by mergers, etc.

1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add tothe total and are not entirely comparable with prior figures. Total loans continue to be shown net.

For other footnotes see opposite page.



ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—ContinuedRESERVES AND LIABILITIES


Class of bankand

call date

Re-serveswith

FederalRe-

serveBanks

Cashin

vault

Bal-anceswithdo-

mesticbanks4

De-mand

de-positsad-

justed 5Do-

mestic4

Demand deposits

Interbankdeposits

For-eign

U. S.Gov-ern-ment

Statesand

politicalsubdi-visions

Certi-fiedandoffi-cers'

checks,etc.

Indi-viduals

partner-ships,

and cor-pora-tions

Time deposits

Inter-bank

U. S.Gov-ern-mentand

PostalSav-ings

Statesand

polit-ical

subdi-visions

Indi-viduals,partner-ships,

and cor-pora-tions

Bor-row-ings

Capi-talac-

counts

All insured com-mercial banks:

1941—Dec. 31 . .1945—Dec. 31. .1947—Dec. 31 . .1948—Dec. 31 . .1949—Dec. 31 . .1950—Dec. 30. .1951—June 30..

Member banks,total:

1941—Dec. 3 1 . .1945—Dec. 31 . .1947—Dec. 31 . .1948—Dec. 31 . .1949—Dec. 31 . .1950—Dec. 30. .1951—June 30. .

New York City: 81941—Dec. 31 . .1945—Dec. 31. .1947—Dec. 31 . .1948—Dec. 31 . .1949—Dec. 31.1950—Dec. 30..1951—June 30..

Chicago:3

1941—Dec. 31 . .1945—Dec. 31 . .1947—Dec. 31 . .1948—Dec. 31. .1949—Dec. 31. .1950—Dec. 30. .1951—June 30..

Reserve city banks1941—Dec. 31. .1945—Dec. 31. .1947—Dec. 31. .1948—Dec. 31. ,1949—Dec. 31. .1950— Dec. 30.,1951—June 30. .

Country banks:1941—Dec. 31. ,1945—Dec. 31.1947—Dec. 31.1948—Dec. 31. ,1949—Dec. 31. .1950—Dec. 30. ,1951—June 30. ,

Insured non-member com-mercial banks:1941—Dec. 31. .1945—Dec. 31. .1947—Dec. 31. .1948—Dec. 31. .1949—Dec. 31.1950—Dec. 30.1951—June 30.

12,39615,81017,79620,40416,42817,45818,945

12,39615,81117,79720,40616,42917,45918,946

5.10J4,0154,6395,64.4,4624,6935,053

1,021942

1,0701,3251,1831,2161,282

4,0606,3267,09;7,7016,4136,8067,438

2,2104,524,9935,7364,3714,7455,17:

1,3581,8292,1451,9391,9842,1451,847

,087,438,672,486,521,643,403

9311115111711211896

42549456:48348:519446

526796929858901976834

271391473453463503445

8,57011,0759,7368,9479,46610,4638,657

6,2467,1176,2705,6746,1946,8685,567

141787067687848

29820017.143159133130

2,5902,1742,1251,8451,9652,2061,808

3,2164,6653,9003,6194,00:4,4503,581

2,323,9593,4663,2733,2733,5963,090

37,84574,72285,75184,21184,57691,09987,832

33,75464,18473,52872,15272,65878,37075,657

10,76115,06516,65315,77315,18215,89815,368

2,2153,1533,7373,6043,7973,9543,818

11,11722,37225,71425,07225,74427,93827,067

9,66123,59527,42427,70327,93530,58129,404

4,09210,53712,22312,05911,91812,72912,175

9,82312,56611,23610,34410,88511,9559,881

9,71412,33310,97810,09810,62311,6699,659

3.5953,5353,2362,9042,9963,2072,744

1,0271,2921,1961,0381,1511,1771,006

4,3026,3075,4975,2135,4986,1744,996

7901,1991,049

943979

1,111913

108233258246261286222

673,248 23,379,488,315,442

1,335

1,761,740

1,3252,3233,0502,7886,105

6711,2431,3751,4801,3101,4371,327

607,105,217,278,084,162,104

54110131168176217178

1,70922,1791,1762,1222,8382,5235,811

8666,940

267445640451

1271,552

72188258174484

4918,221

405801

1,142976

2,272

2255,465

432688797922

1,248

531,560

149201213265293

3,6775,0986,6927,1827,4197,8928,290

3,0664,240

,504,850

6,0176,4006,713

319237290241196258280

233237285284286284316

1,1441,7632,2822,4012,4782,5752,713

1,3702,0042,6472,9253,0583,2823,404

611858

1,1881,3321,4021,491,57

1,0772,5852,5592,1132,3382,8982,251

1,0092,4502,4011,9622,1852,7242,093

4501,3381,105

750895

1,087823

286611705649650852592

239435528510579715626

68135158151153174159

36,54472,59383,72381,68282,10689,92284,682

33,06162,95072,70470,94771,58978,65974,061

11,28215,71217,64616,69516,40817,49016,381

2,1523,1603,8533,7023,9324,2503,905

11,12722,28126,00325,30225,91228,93827,214

8,50021,79725,20325,24825,33727,98026,562

3,4839,64311,01910,73610,51711,26210,621

158705469

169347366

140645063

164341361

6171231

113268259

104302219385790

59103111117182189223

5099

105111175183206

492496826

1,0801,2321,3311,473

418399693927

1,0511,1211,243

243160332547617631731

146219337350400443480

7497132153182210230

15,14629,27733,94634,24434,44234,52534,855

11,87823,71227,54227,80127,93428,03228,263

7781,2061,4181,6461,5901,6471,605

476719902989

1,0691,0891,112

4,5429,56311,04510,79810,98710,95611,020

6,08212,22414,17714,36914,28914,33914,526

3,2765,5796,4206,4596,5246,5106,609

102156154148267

42085445117955

1953025

"70

10

6,8448,6719,73410,15810,64511,26311,622

5,8867,5898,4648,8019,1749,6959,987

1,6482,1202,2592,3062,3122,3512,398

288377426444470490501

1,9672,5662,8442,9283,0873,3223,431

1,9822,5252,9343,1233,3053,5323,658

9591,0831,2711,3581,4731,5701,637

2 "Consumer loans" exclude, and "Other loans" include, single-payment loans of $3,000 and over, which prior to BULLETIN for May 1951had been included in consumer loans. The amounts of these loans prior to June 30, 1949, the first call date on which they were reported separately,have been estimated (see BULLETIN for November 1950, p. 1465).

1 Central reserve city banks.4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and

525 million at all insured commercial banks.1 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.

NOVEMBER 1951 1393


WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDELOANS AND INVESTMENTS

[Monthly data are averages of Wednesday figures. In millions of dollars]

Date or month

Total—Leading Cities

1950—September.

1951—JulyAugust . . . .September.

Aug. 8 . . .Aug. 15. . .Aug. 2 2 . . .Aug. 2 9 . . .

Sept. 5 . . .Sept. 1 2 . . .Sept. 19. . .Sept. 2 6 . . .

Oct. 3 . . .Oct. 10. . .Oct. 17. . .Oct. 24. . .Oct. 31 s. .

New York City

1950—September.

1951—JulyAugust . . . .September.

Aug. 8 . . .Aug. 1 5 . . .Aug. 2 2 . . .Aug. 2 9 . . .

Sept. 5 . . .Sept. 12. . .Sept. 19. . .Sept. 2 6 . . .

Oct. 3 . . .Oct. 10. . .Oct. 17. . .Oct. 24. . .Oct. 31 . . .

OutsideNew York City

1950—September.

1951—JulvAugust . . . .September.

Aug. 8 . . .Aug. 1 5 . . .Aug. 2 2 . . .Aug. 29. . .

Sept. 5 . . .Sept. 1 2 . . .Sept. 19. . .Sept. 2 6 . . .

Oct. 3 . . .Oct. 10. . .Oct. 17. . .Oct. 24. . .Oct. 31 5. .

Totalloansand

invest-ments

68,897

70,14270,25071,027

70,02870,30570,33170,488

70,37270,72571,60471,408

71,22371,08571,50872,60672,648

19,786

20,02019,70220,040

19,60619,65019,59419,831

19,69619,86520,34720,253

20,30920,05420,17220,59920,549

49,111

50,12250,54850,987

50,42250,65550,73750,657

50,67650,86051,25751,155

50,91451,03151,33652,00752,099

Loans J

Total i

28,006

32,67332,68233,352

32,48032,76032,76732,916

32,99833,38233,54433,482

33,64433,50133,79833,92534,083

8,637

10,14910,03610,355

9,95710,06910,01410,131

10,14510,35410,50410,418

10,63610,48210,63410,71710,795

19,369

22,52422,64622,997

22,52322,69122,75322,785

22,85323,02823,04023,064

23,00823,01923,16423,20823,288

Com-mer-cial,

indus-trial,andagri-cul-

tural

15,376

19,06719,33519,861

19,17019.37919,50319,502

19,58619,84219,93820,078

20,17120,31420,48920,47220,571

5,471

6,7916,9087,147

6,8296,9286,9756,968

7,0207,1297,1917,248

7,3657,4357,5277,5037,513

9,905

12,27612,42712,714

12,34112,45112,52812,534

12,56612,71312,74712,830

12,80612,87912,96212,96913,058

For purchasingor carrying securities

To brokersand dealers

U. S.Govt.

ob-liga-tions

421

420254324

239205209268

299357352290

225157121119134

372

357207280

199168167216

258314299247

1931339396

107

49

634744

40374252

41435343

3224282327

Otherse-

curi-ties

977

1,021956943

981950905902

900947973952

953949955975943

761

794738725756734701694

689714756742

738733737742721

217

227218218

225216204208

211233217210

215216218233222

To others

U.S.Govt.

ob-liga-tions

187

128129130

129129131128

129130130131

123128128124127

41

262831

28292929

30313132

3029292930

147

1O210199

101100102

99

99999999

9399999597

Otherse-

curi-ties

533

579567567

565564562570

567568570561

567564565565557

231

233225224224222224225

223225226221

220220221222215

302

346342343

341342338345

344343344340

347344344343342

Realestateloans

5,000

5,5445,5635,592

5,5555,5615,5715,584

5,5815,5885,5955,605

5,6155,6185,6335,638

55,653

404

493495516

496493494506

510516517521

530527531533515

4,595

5,0515,0685,076

5,0595,0685,0775,078

5,0715,0725,0785,084

5,0855,0915,1025,105

55,138

Loansto

banks

367

479453463

418542462518

455456526414

554325473575627

294

279260246

251318251313

237223296229

407250340441539

73

200193217

167224211205

218233230185

14775

13313488

Otherloans

5,536

5,8955,8865,934

5,8825,8915,8875,906

5,9435,9565,9235,915

5,9025,9135,9125,9355,950

1,188

1,3171,3161,3281,3151,3181,3151,322

1,3201,3441,3301,320

1,2951,2971,3001,2951,299

4,348

4,5784,5704,606

4,5674,5734,5724,584

4,6234,6124,5934,595

4,6074,6164,6124,6404,651

Investments

Total

40,891

37,46937,56837,675

37,54837,54537,56437,572

37,37437,34338,06037,926

37,57937,58437,71038,68138,565

11,149

9,8719,6669,685

9,6499,5819,5809,700

9,5519,5119,8439,835

9,6739,5729,5389,8829,754

29,742

27,59827,90227,990

27,89927,96427,98427,872

27,82327,83228,21728,091

27,90628,01228,17228,79928,811

U.

Total

34,563

30,81830,95631,008

30,92030,94930,98330,930

30,76830,72231,33331,212

30,87830,86430,97631,94031,926

9,316

7,9167,7147,698

7,6877,6457,6557,723

7,5977,5507,8297,817

7,6677,5507,5147,8597,833

25,247

22,90223,24223,310

23,23323,30423,32823,207

23,17123,17223,50423,395

23,21123,31423,46224,08124,093

5. Government obligations

Bills

2,668

2,4052,6442,675

2,5922,6702,7162,593

2,4362,3682,9622,934

2,7112,6782,8003,7633,748

878

730684635

644655682655

527468768777

658576567946962

1,790

1 ,6751,9602,040

1,9482,0152,0341,938

1,9091,9002,1942,157

2,0532,1022,2332,8172,786

Cer-tifi-

catesof in-debt-ed-ness

1,280

1,5412,2522,359

2,2992,2522,2462,239

2,2192,1862,5382,493

2,7682,7983,0383,0563,010

200

310358399

370346336339

327333479457

480440486471437

1,080

1,2311,8941,960

1,9291,9061,9101,900

1,8921,8532,0592,036

2,2882,3582,5522,5852,573

Notes

7,929

7,3836,6216,643

6,6156,6036,5926,612

6,6246,6696,6376,643

6,2666,2585,9865,9555,956

1,695

L, 5491,4331,454

1,4341,4281,4271,445

1,4661,4641,4331,454

1,4111,4361,3691,3691,366

6,234

5,8345,1885,189

5,1815,1755,1655,167

5,1585,2055,2045,189

4,8554,8224,6174,5864,590

Bonds1

22,686

19,48919,43919,331

19,41419,42419,42919,486

19,48919,49919,19619,142

19,13319,13019,15219,166H9.212

6,543

5,3275,2395,210

5,2395,2165,2105,284

5,2775,2855,1495,129

5,1185,0985,0925,0735,068

16,143

14,16214,20014,121

14,17514,20814,21914,202

14,21214,21414,04714,013

14,01514,03214,06014,093514,144

Othersecu-rities

6,328

6,6516,6126,667

6,6286,5966,5816,642

6,6066,6216,7276,714

6,7016,7206,7346,7416,639

i,833

1,9551,9521,987

1,9621,9361,9251,977

1,9541,9612,0142,018

2,0062,0222,0242,0231,921

4,495

4,6964,6604,680

4,6664,6604,6564,665

4,6524,6604,7134,696

4,6954,6984,7104,7184,718

: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.2 Includes guaranteed obligations.



WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—ContinuedRESERVES AND LIABILITIES

[Monthly data are averages of Wednesday figures. In millions of dollars]

Date or month

Re-serveswithFed-eralRe-

serveBanks

Cashin

vault

Bal-anceswithdo-

mesticbanks

De-mand

de-posits

ad-justed5

Demand deposits,except interbank

Indi-vid-uals,part-ner-

ships,andcor-

pora-tions

Statesand

polit-icalsub-divi-sions

Certi-fiedandOffi-cers'

checks,etc.

U. S.Gov-ern-ment

Time deposits,except interbank

Indi-vid-uals,part-ner-

ships,andcor-

pora-tions

Statesand

polit-icalsub-divi-sions

U. S.Gov-ern-mentand

PostalSav-ings

Interbankdeposits

Demand

Do-mes-tic

For-eign

Time

Bor-row-ings

327

536574619

457634551602

540631785518

450710324502644

158

331314347

284349244319

286370478254

214618259

251

169

205260272

173285307283

254261307264

236149242443393

Cap-italac-

counts

6,487

6,7016,7246,745

6,7376,7146,7186,726

6,7496,7386,7406,751

6,7686,7656,7616,7896,833

2,309

2,3542,3642,361

2,3672,3662,3632,361

2,3682,3622,3592,355

2,3692,3662,3632,3642,379

4,178

4,3474,3604,384

4,3704,3484,3554.365

4,3814,3764,3814,396

4,3994,3994,3984,4254,454

Bankdeb-its ^

Total-Leading Cities

1950—September

1951—JulyAugustSeptember

Aug. 8 . . .Aug. 15 . . .Aug. 22 . . . ,Aug. 29 . . .

Sept. 5...Sept. 12...Sept. 19...Sept. 26...

Oct. 3....Oct. 10...,Oct. 17...,Oct. 24...,

Oct. 31 6...

New York City

1950—September1951- -July

August. . .September

Aug. 8 . . .Aug. 15 . . .Aug. 22 . . .Aug. 29 . . .

Sept. 5...Sept. 12...Sept. 19...Sept. 26...

Oct. 3...Oct. 10...Oct. 17...Oct. 24...Oct. 31...

OutsideNew York City

1950—September

1951—JulyAugust. . .September

Aug. 8.Aug. 15.Aug. 22.Aug. 29.

Sept. 5.Sept. 12.Sept. 19.Sept. 26.

Oct. 3.Oct. 10.Oct. 17.Oct. 24.Oct. 31 s

12,321

14,20714,13514,195

14,22614,18414,11914,092

13,79414,03514,63314,317

14,84414,70714,74814,66814,437

4,465

5,1094,9605,124

5,0314,9424,9584,896

4,9245,0475,3925,130

5,224

5,112

7,856

9,0989,1759,071

9,1959,2429,1619,196

8,8708,9889,2419,187

9,6209,4129,5429,4049,325

835

861845889

839829852896

847916881912

855919886901870

129125135

125122124136

132140129140

135158136138133

706

732720754

714707728760

715776752772

720761750763737

2,247 49,029 50,285

50,716305 50,350 50,986

52,362

348 49,85850,35050,973

2.2,2,385

289 50,18549,909

290 50,29650,976

2,2,4782, "2,151

2,2782,4712,4782,311

50,58451,42051,35750,533

2,4472,5862,760 512,5592,439

50,51750,878

,32352,25152,124

15,419

15,30515,36615,670

15,34615,11715,32315,624

15,52115,79615,89615,468

15,45115,59415,67616,19115,954

50,41051,57350,91451,174

51,479,473

52,80151,696

51,39551,84653,98853,31253,517

16,251

16,09616,09616,460

15,95316,06616,00016,247

16,25116,70416,64916,234

16,07816,08616,77216,79616,832

2,213 33,610

2,318 34,5532,276 342,,354 35

34,034

34,620,984 34,890,303 35,902

34,839 34,45735,507

,91434,927

2,2622,446 342,264 34,973 342,122

,792,973

35,352

2,248 35,0632,438 35,624 36,7692,444 35,4612,283 35,065 35,462

35,228

35,066 35,317557 35,284 35,760

37,21636,516

407 36,170 36,685

722 35525 36

5,6475,060

3,196

3,4983,4253,278

3,4573,3313,3313,362

3,3313,2363,2473,300

3,2913,2143,1183,3113,465

230

247235242

232230213247

225212256275

283309300377393

2,966

3,2513,1903,036

3,2253,1013,1183,115

3,1063,0242,9913,025

3,0082,9052,8182,9343,072

1,422

,377,341,399

,338,179,176,291

,399,370,440,388

,434,264,404,375,434

689

643626639

644455464598

663618628648

657551634633678

733

734715760

694724712693

736752812740

777713770742756

2,339

3,5082,8132,553

2,8123,0102,9592,609

2,0821,5482,8333,747

3,6903,0112,3652,8352,543

1,126723785

730782755665

521383907

1,329

1,3171,035755962839

1,672

2,3822,0901,768

2,0822,2282,2041,944

1,5611,1651,9262,418

2,3731,9761,6101,8731,704

14,521

14,67514,69914,757

14,69014,68514,70814,741

14,73614,73614,76114,795

14,83114,84714,87414,878514,958

1,503

1,4771,4531,472

1,4491,4371,4481,476

1,4571,4641,4731,495

1,4821,4681,4711,4591,467

13,018

13.19813,24613,285

13,24113,24813,26013,265

13,27913,27213,28813,300

13,34913,37913,40313,419H3,491

656

739742739

742743733751

746740737734

728726723720719

627

716719718

718719708730

725719716713

707703701698697

131

139141147

139143143143

145147148147

149151152151152

104

96100100100

102104105104

106108109108109

9,121

9,5129,620

10,028

9,77210,0619,6049,189

9,80210,31110,2599,739

10,22810,64511,26910,46510,295

1,305

1,2781,2461,212

1,2441,2461,2501,235

1,2281,2221,1981,201

,232,223,241,224,225

I

2,753 1,060

2,8342,7802,867

2,7952,8682,7552,633

2,7852 " "2,9612,821

2,9893,1053,2663,0312,981

6,368

6.6786,8407,161

6,9777,1936,8496,556

7,0177,4117,2986,918

7,2397,5408,0037,4347,314

1,0641,0301,005

1,0261,0331,0361,022

1,020900 1,014

992995

1,0141,0091,0301.0071,009

245

214216207

218213214213

208208206206

218214211217216

379381395

384384375383

384390400405

399406405427428

168

284286298

289289280288

295305305

304311310331333

959597

95959595

969595100

9595959695

111,730

106,499106,448108,629

23,22724,42624,00222,393

20,26724,66630,26326,803

29,47423,37325,68026,56827,491

46,400

41.67339,00741,688

8,8559,0108.2758,143

7,4239,46611,44310,247

12,1568,8829,5149,92710,933

65,330

64,82667,44166,941

14,37215,41615,72714,250

12,84415,20018,82016,556

17,31814,49116,16616,64116,558

8Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.4 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts.6 Changes in real estate loans, United States Government bonds, and time deposits are due in part to a change in the composition of the

group of reporting banks in the Boston District.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.

NOVEMBER 1951 1395


CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF A SAMPLE OF WEEKLY REPORTING MEMBER BANKSBY INDUSTRY AND PURPOSE 1

[Net declines, (—). In millions of dollars]

Month or week2

1951—AprilMay . . . .t J

JuneJulyAugustSeptember. .October . . . .

Week ending:Aug. 1 . . . .Aug. 8Aug. 1 5 . . . .Aug. 2 2 . . . .Aug. 29

Sept. 5Sept. 1 2 . . . .Sept. 1 9 . . . .Sept. 26

Oct. 3Oct. 1 0 . . . .Oct. 1 7 . . . .Oct. 24Oct. 3 1 . . . .

Food,liquor,

andtobacco

^ 7 7- 1 2 6

—40- 1 2 8

152208290

35453037

5

40695544

5399644431

Manufacturing and mining

Textiles,apparel

andleather

24276414

—54- 3 7

- 1 3 9

- 2- 8- 7

- 1 7- 2 0

- 86

- 2 5- 1 0

- 1 6- 1 1- 3 6- 5 0- 2 7

Metalsand

metalproducts

(incl.machin-ery andtrans.

equip.)

897

17078

20716785

1612

1409

30

6615150

41191375

Petro-leum,coal,

chemicaland

rubber

102414

4226

- 1- 2

3- 1

2

189

105

- 1- 3

101

20

Busin

Other

93

492229186

45

1055

- 6179

- 2

- 21

14- 8

ess of borrower

Trade(whole-

saleand

retail)

675

- 1 0- 9 8113

818

- 1 7- 823

128- 1 4

- 731

- 2 610

- 1 21614

- 11

Com-moditydealers

- 1 3 5- 1 6 8—118

- 3 599

100230

377

162316

13183435

2834545659

Salesfinance

com-panies

1848

- 3- 5 6—46

1- 4

324

- 3 5- 2 2- 2 3

64

15- 2 3

42- 1 8

24- 1 4- 3 8

Publicutilities

(incl.trans-porta-tion)

1984723875

105100

43- 5

146

19

27101948

24- 133

935

Con-struc-tionand

other

3- 352

- 2 0—21- 1 8

- 8

84

• - 2 l "- 1 2

423

- 3 7- 9

- 1 51

10- 1 1

8

Netchangesclassi-

fied

-55Q

250- 1 8 5

555594603

15653

192146

7

92249105148

141134201

3395

Purpose of loan

Defenseand de-fense-sup-

porting

6892

239134255225162

6316

149- 127

36654283

5612381640

Non-defense

12- 8 2

14- 3 1 6

300369441

953641

148- 2 0

56184

6365

85122163

1655

Netchangesclassi-

fied

8010

253- 1 8 2

555594603

15852

190148

7

92249105148

141134201

3395

Comm'l,ind'l,andagr'l

change—total«

-75- 7 9

172-262

544576493

16646

209124- 1

84256

96140

93143175

- 1 799

1 Sample includes about 220 weekly reporting member banks reporting changes in their larger loans as to industry and purpose; these bankshold nearly 95 per cent of total commercial and industrial loans of all weekly reporting member banks and about 75 per cent of those of all com-mercial banks. During April and May the coverage was smaller, and some banks were classifying only the new loans, and not repayments, as topurpose.

2 Monthly changes based on figures for last Wednesday in month.3 Net change at all banks in weekly reporting series.

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVEDISTRICTS AND STATES

Federal Reservedistrict

United States total:Dec 31, 1946Dec. 31, 1947Dec. 31, 1948.Dec 31 1949Dec. 31, 1950Sept. 30, 1951 P

By districtsSept. 30, 1951"

DistrictBostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt LouisMinneapolisKansas CityDallasSan Francisco . .

Total banks onwhich checks aredrawn, and their

branches and offices 1

Banks

14,04314,07814,07214,05114,01514,003

472862833

1,1081,0071,2122,4871,4661,2751,7561,032

493

Branchesand offices2

3,9814,1484,3334,5624,8245,051

3549831753315782366301561122365

1,408

On par list

Total

Banks

11,95712,03712,06112,17812,16212,166

472862833

1,108808611

2,4871,138

6781,747

929493

Branchesand offices

3,6543,8234,0154,2894,5344,755

35498317533143319563096712356

1,408

Member

Banks

6,8946,9176,9126,8876,8686,844

324740636686475356

1,007495476753632264

Branchesand offices

2,9133,0513,1973 3873,5893,772

279910135289270167274

56281337

1,314

Nonmember

Banks

5,0635,1205,1495,2915,2945,322

148122197422333255

1,480643202994297229

Branchesand offices

741772818902945983

75734042

16328

3564043101994

Not on par list(nonmember)

Banks

2,0862,0412,0111,8731,8531,837

199601

328597

9103

Branchesand offices

327325318273290296

14541

6041

9

P Preliminary. * Excludes mutual savings banks, on a few of which some checks are drawn.2 Branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military

reservations and other Government establishments (see BULLETIN for February 1951, p. 228, footnotes 10 and 12).Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports.



COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING[In millions of dollars]

End of month

1950—AugustSeptemberOctoberNovember . . . . . .December

1951—JanuaryFebruaryMarchAprilMay . .JuneJulyAugustSeptember

Commer-cial

paperout-

standing1

286308312325333

356369381387364331336368377

Dollar acceptances outstanding

Totalout-

standing

374397383383394

453470479456417425380384375

Held by

Accepting banks

Total

174187168166192

202201198170143162135122118

Ownbills

103103100104114

1261211221191081201039485

Billsbought

7184686278

767976523542332833

Others2

200211215217202

251270279285274263245262256

Based on

Importsinto

UnitedStates

238264243234245

286304314288259267225218210

Exportsfrom

UnitedStates

8779858887

10099

106111102104104109104

Dollarex-

change

12222

2222

863

Goods stored in orshipped between

points in

UnitedStates

2629292928

363630242222242527

Foreigncountries

2123252932

292926313331272631

1 As reported by dealers; includes some finance company paper sold in open market.'None held by Federal Reserve Banks except on Mar. 31, 1951, and on Apr. 30, 1951, when their holdings were $1,996,000 and $178,000,

•speedvely. 3 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 EXCHANGEFIRMS CARRYING MARGIN ACCOUNTS

End of month

1942—JuneDecember...







1949—ju n e

December...

1950—OctoberNovember. .December...

1951—January.. . .February . . .MarchAprilMayJuneJulyAugustSeptember. .

[Member firms of New York Stock Exchange. Ledger balances

Debit balances

Customers'debit

balances(net)i

496543761789887

1,0411,2231,138

809540552578619550681881

'1,351»1,360

1,356

1,4111,3671,3041,286

»1,2871,2751,266

'1,2601 290

Debitbalances inpartners'

investmentand trading

accounts

979

1157

111275677

1055

9

10

Debitbalances in

firminvestmentand trading

accounts

86154190188253260333413399312333315326312419400

399

375

Cash onhand

and inbanks

180160167181196209220313370456395393332349280306

397

364

n millions of dollars]

Credit balances

Moneyborrowed2

309378529557619726853795498218223240283257493523

3 7593 774

745

3 6903 6423 715*661»681

6803 6723 6243 640

Customers'credit balances x

Free

240270334354424472549654651694650612576586528633

* 7713 796

890

3 9483 95339183 8793 855

8343 82538163 843

Other(net)

565466659596

121112120120162176145112129159

230

225

Other credit balances

In partners'investmentand trading

accounts

16151514151814292430242320282026

36

26

In firminvestmentand trading

accounts

4475

118

131317109

151159

15

12

13

In capitalaccounts

(net)

189182212198216227264299314290271273291278260271

317

319

1 Excludes balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2)of^firms' own partners.

2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances

secured by U. S. Government securities was (in millions of dollars): July, 43; August, 41; September, 41.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 lastcolumn 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 datain detail at semiannual dates prior to 1942.

NOVEMBER 1951 1397


OPEN-MARKET MONEY RATES IN NEW YORK CITY[Per cent per annum]

Year,month, or

week

1948 average1949 average1950 average

1950—October....November.December..

1951—January...February. .MarchAprilMayJuneJulyAugust... .September.October

Week ending:Oct. 6 . . .Oct. 13 . . .Oct. 20 . . .Oct. 27 . . .Nov. 3 . . .

Primecom-

mercialpaper,4- to 6-months1

Primebank-

ers'accept-ances,

90days l

.11

.12

.15

.31

.31

.31

.39

.50

.63

.63

.63

.63

.63

.63

.631.63

Stockex-

changecallloanre-

new-als2

U. S. Governmentsecurities (taxable)

3-monthbills s

9- to 12-monthissues 4

1.0401.1021.218

1.3291.3641.367

1.3871.3911.4221.5201.5781.4991.5931.6441.6461.608

1.6461.5761.6151.5931.617

.14

.14

.26

.40

.47

.46

.47

.60

.79

.89

.85

.79

.74

.70

.711.74

1.761.751.751.731.72

3- to 5-year

issues 6

1.621.431.50

1.651.621.64

1.661.671.862.032.042.001.941.891.932.00

2.001.982.012.012.00

1 Monthly figures are averages of weekly prevailing rates.2 The average rate on 90-day Stock Exchange time loans was 1.50

per cent, Aug. 2, 1946-Aug. 16, 1948; 1.63 per cent, Aug. 17, 1948-Jan. 1, 1951. In 1951 changes have been made on the following dates:Jan. 2, 2.00; May 16, 2.25 per cent.

3 Rate on new issues within period.4 Series includes certificates of indebtedness and selected note and

bond issues.6 Series includes notes and selected bond issues.Back figures.—See Banking and Monetary Statistics, Tables 120-121

pp. 448-459. and BULLETIN for May 1945, pp. 483-490, and October1947, pp. 1251-1253.

BANK RATES ON BUSINESS LOANS

AVERAGE OF RATES CHARGED ON SHORT-TERM LOANSTO BUSINESSES BY BANKS IN SELECTED CITIES


Area and period

Annual averages:19 cities:1941194219431944194519461947194819491950

Quarterly:19 cities:

1950—Dec1951—Mar

JuneSept

New York City:1950—Dec1951—Mar

JuneSept

7 Northern and East-ern cities:

1950—Dec1951—Mar

JuneSept

11 Southern andWestern cities:

1950—Dec1951—Mar

June ,Sept

Allloans

2.02.22.62.42.22.12.12.52.72.7

2.843.02

2.512.742.782.79

2.873.023.043.06

3.283.423.523.47

Size of loan

$1,000-$10,000

4.34.44.44.34.34.24.24.44.64.5

4.74

4.35

4.74

4.784.874.904.89

$10,000- $100,000-$100,000

3.03.23.43.33.23.13.13.53.73.6

3.733.883.933.99

3.443.683.663.72

3.703.863.903.97

3.914.014.104.17

$200,000

1.92.22.52.62.32.22.52.83.03.0

3.103.273.323.36

2.803.063.063.18

3.183.233.283.24

3.213.413.523.55

$200,000and over

1.82.02.42.22.01.71.82.22.42.4

2.572.762.812.78

2.352.592.642.64

2.652.812.832.82

2.903.063.143.04

NOTE.—For description of series see BULLETIN for March 1949,pp. 228-237.

BOND YIELDS *[Per cent per annum]

Year, month, or week

Number of issues

1948 average1949 average1950 average

1950—OctoberNovemberDecember

1951—JanuaryFebruaryMarchApril . . .MayJuneJuly . .AugustSeptemberOctober .

Week ending:Oct. 6Oct. 13Oct 20Oct. 27 . .Nov. 3

U. S. Government(taxable)

7 to 9years

1-5

2 001.711.84

1.941 951.97

1 96(5)

15years

ormore

1-8

2.442.312.32

2.382.382.39

2 392.402 472 562.632.652 632.572.562 61

2 602.602.622 622.62

Munic-ipal

(high-grade)2

15

2 402.211.98

1.821 791.77

1 621.611 872 052.092.222 182 042.052 08

2 092.092.092 062.06

Corpo-rate

(high-grade) s

9

2 812.652.60

2.652 662.66

2 642.662 782 882.892.952 932 862.852 92

2 882.892.922 952.97

Total

120

3.082.962.86

2.882.882.88

2 862.852 953 073.093.163 173.123.083 13

3 103.113.123 163.18

Corporate Moody's)4

By ratings

Aaa

30

2.822.662.62

2.672.672.67

2.662.662 782.872.882.942.942.882.842.89

2.862.872.882 922.95

Aa

30

2.902.752.69

2.722.722.72

2.712.712.812.932.932.992.992.922.882.93

2.902.902.922.973.00

A

30

3.123.002.89

2.912.922.91

2.892.882.983.123.143.213.233.183.153.18

3.163.173.173.203.23

Baa

30

3.473.423.24

3.223.223.20

3.173.163.223.343.403.493.533.513.463.50

3.473.483.513.533.54

Indus-trial

40

2.872.742.67

2.702.702.70

2.692.692 792.892.902.962.972.922.892 93

2.912.922.942 962.97

By groups

Rail-road

40

3.343.243.10

3.093.083.07

3.033.013 093.243.283.333.363.313.273 31

3.273.293.293 343.39

Publicutility

40

3.032.902.82

2.852.862.87

2.852.862 953 073.103.183 193.133.093 14

3 113.113.143 173.19

1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.1 Standard and Poor's Corporation. 3 U. S. Treasury Department.4 Moody's Investors Service, week ending Friday. Because of a limited number of suitable issues, the industrial Aaa and Aa groups have

been reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues.* Series discontinued.Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October

1947, pp. 1251-1253.



Year, month,or week

dumber of issues

1948 average. . .1949 average. . .1950 average. . .

1950—OctNovDec

1951—JanFebMar ,Apr i l . . . .May. . . .J u n e . . . .JulyAugSeptOct

Week ending:Oct. 6.Oct. 13.Oct. 20.Oct. 27.Nov. 3 .

Bond prices

U. S.Gov-ern-

ment2

1-8

100.84102.73102.53

101.64101.69101.53

101.56101.44100.2898.9397.9097.6297.9398.9099.1398.22

98.3498.3898.1398.1398.06

Mun-icipal(high-

grade)8

15

125.3128.9133.4

136.4137.0137.4

140.5140.8135.5131.9131.1128.6129.4132.1132.0131.3

131.1131.1131.1131.7131.7

Cor-po-rate(high-

grade)3

17

118.3121.0122.0

121.1121.1121.1

121.4121.3119.4117.8117.4116.6116.2117.1118.0116.9

117.5117.6117.0116.5115.8

SECURITY MARKETS i

Stock prices

Pre-ferred*

15

168.7176.4181.8

180.5180.8179.9

180.9180.9174.9170.4168.9167.9166.7169.4168.5167.0

167.2167.5167.1166.9166.4

Common

Standard and Poor's series(index, 1935-39=100)

Total

416

124121146

158156158

169175170172174172173182187185

189187188182180

In-dus-trial

365

131128156

171169171

183190184187189187188198205202

207204205199197

Rail-road

20

11597

117

129127139

153159149149148142139147153155

159159156152148

Pub-lic

utility

31

9698

107

106105104

109111111110111110112114116115

116116116114114

Securities and Exchange Commission series(index, 1939=100)

Total

265

132128154

165166165

177184180183182179182190195191

196196190184186

Manufacturing

Total

170

136132166

180182180

194203198204203200204215220216

222222214206208

Dur-able

98

124116150

166166162

175182178181175169170179185185

190191183177177

Non-dur-able

72

147147180

194197198

212223217225228229236249253244

252250243233237

Trans-porta-tion

21

158139160

171171184

202213200202197188188196204203

211210200192192

Pub-lic

util-ity

28

9998

107

108107107

110112113111111110111114115114

115116114113114

Trade,fin-

ance,and

serv-ice

32

157161184

198201196

205213210208206201202206215214

219218214206207

Min-ing

14

133129144

155158160

176184177183188186195219231244

239248243245246

Vol-ume

oftrad-ing^(in

thou-sands

ofshares)

11

,144,037

>,012

.,1415,032J.769

',9745,104,549

1,517L,6301,305L,333,463

1,916L,802

1,8951,6921,7341,9781,508

1 Monthly and weekly data are averages of daily figures, except for municipal and corporate bonds, preferred stocks, and common stocks(Standard and Poor's series), which are based on figures for Wednesday.

'Average of taxable bonds due or callable in 15 years or more.8 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond.4 Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual

dividend. s Average daily volume of trading in stocks on the New York Stock Exchange.Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN

for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.

NEW SECURITY ISSUES[In millions of dollars]

Year or month

194219431944194519461947. .194819491950

1950—August. . .SeptemberOctoberNovemberDecember.

1951—January..February.March... .AprilMayJuneJulyAugust.. .

Total(newandre-

fund-ing)

2 1142 1694,2168 0068,645

39 69110,2209,753s10 935

794950802853840

'5143834

1,2291,0641,162

1,291934617

For new capital

Total(do-

mesticandfor-

eign)

1,075642913

1,7724,645

37,5669,0858,1608 271

555729658613630

'4368 649

1,019920947

'•1,095810424

Domestic

Total

1,075640896

1,7614,6357,2559,0768,1318,160

523712653599630

436594

1,001918866

1,075802390

Stateandmu-nici-pal

342176235471952

2,2282,6042,8033,370

265272181356138

154181158228407280319150

Fed-eral

agen-cies l

108901526

127239294233394

145

98

4148482960898

Corporate

Total

624374646

1,2643,5564,787

*6,1775,0954,395

258295472244394

242365795660399706476240

Bondsand

notes

506282422607

2,0843,567

<5,2694,1253,199

213244272201319

192332641433314562329139

Stocks

11892

224657

1,4721,219

908971

1,197

4551

2004375

5033

154227

85144147101

For-eign2

2171210681029

111

32185

14

5172

80'20

834

For refunding

Total(do-

mesticandfor-

eign)

1,0391,5273,3036,2344,0002,1251,1351,593

82,665

239220144240210

77184211144215197124192

Domestic

Total

1,0391,4423,2886,1733,8951,9481,1351,4922,441

193220144240210

77184180144215197124192

Stateandmu-nici-pal

1812594043242084482

104112

863

1428

193

1044321

Fed-eral

agen-cies 1

440497418912734422768943992

4819363

15079

451548861

19813793

172

Corporate

Total

418685

2,4664,9372,9531,482284

4451,338

137217875

103

1327828013572920

Bondsand

notes

407603

2,1784,2812,3521,199

257393

1,280

13121776791

11255224

8492920

Stocks

1182

288656601283

285258

5

18

12

22

305567

For-eign5

861561

105177

101

m46

"31

r Revised.includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.includes issues of noncontiguous U. S. Territories and Possessions.sThese figures for 1947, 1950, and February 1951 include 244 million dollars, 100 million, and 50 million, respectively, of issues of the Inter-

national Bank for Reconstruction and Development.* Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle.Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures

subject to revision. Back figures,—See Banking and Monetary Statistics, Table 137, p. 487.

1399NOVEMBER 1951


NEW CORPORATE SECURITY ISSUES *PROPOSED USES OF PROCEEDS, ALL ISSUERS


Year or month

1938 .193919401941194219431944194519461947194819491950



Estimatedgross

proceeds 2

2,1552,1642,6772,6671,0621,1703,2026,0116,9006,5777,0786,0526,292

416561393553

383383

1,009824748825

••515'545378

Estimatednet

proceeds 8

2,1102,1152,6152,6231,0431,1473,1425,9026,7576,4666,9595,9596,194

408550387546

359377994810739812

••505••537371

Proposed uses of ne t proceeds

N e w money

Total

681325569868474308657

1,0803,2794,5915,9294,6063,987

306312268376

301314845626676685

'452'474334

Plant andequipment

504170424661287141252638

2,1153,4094,2213,7243,029

248255193269

224243699504487431

'336'352281

Workingcapital

177155145207187167405442

1,1641,1821,708

882958

585775

107

7771

146122189253

'116'121

53

Retirement of securities

Total

1,2061,6951,8541,583

396739

2,3894,5552,8681,352

307401

1,224

33897674

203068652063

'20'2317

Bonds andnotes

1,1191,6371,7261,483

366667

2,0384,1172,3921,155

240360

1,095

28626372

172868131454

'20'2217

Preferredstock

8759

1281003072

3514384761966741

129

527132

32

5269

'1

Repaymentof

other debt

21569

1741441387349

134379356488637651

321292871

292653642649

'26'2115

Otherpurposes

7261928352747

133231168234315332

37201525

86

28551815'6

'204

PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS*[In millions of dollars]

Year ormonth

193819391940 .1941 .194219431944 . .194519461947194819491950



Manufacturing 8

Totalnetpro-

ceeds9

831584961828527497

1,0331,9693,6012,6862,1801,3911,165

70180127146

6563

298405384361

'141'250165

Newmoney

469188167244293228454811

2,2011,9741,726

851695

436578

113

4753

219301353314

'115'218146

Retire-ments 10

226353738463

89199504

1,010981353

5444

143

10332110

72

2855

1188

'911

Commercial andmiscellaneous6

Totalnetpro-

ceeds'

403338533

623931

109

742752487142

'31'2229

Newmoney

304229273

15141764

462044235728

'17'1619

Retire-ments 10

212867

81682

6524

124

'10'24

Railroad

Totalnetpro-

ceeds9

54182319361

47160602

1 436704283617456587

17342472

4426302014

•26189

23

Newmoney

2485

1152533246

102115129240546441346

17342416

448

30201426189

23

Retire-ments 10

3097

186108

15114500

1,320571

355611

183

" 5 6

18

Public utility?

Totalnetpro-

ceeds'

1 2081 2461,1801,340

464469

1,4002,2912,1293,2122,2812,6152,895

223228174183

185220172278217258

'191'225131

Newmoney

18043

245317145224069

7852,1881,9982,1402,003

205164126162

127200115230211242

'181'213126

Retire-ments 10

9431 157

922993292423

1,3432,1591,252

939145234679

113345

5

74

376363

'122

Communication8

Totalnetpro-

ceeds9

89i'567396

723

94

92

42324

43

'51'38

Newmoney

"870"505314

515

63

92

42124

42

'51'38

Retire-ments 10

24973

7"

Real estateand financial

Totalnetpro-

ceeds9

1610215594

421

107206323286587593618

28462232

3139203550

123'74'2815

Newmoney

89

42554

136185

164189485440356

21201718

283316303773

'71'1412

Retire-ments 1B

788

918

442656424303578

3

11

1

33d

r Revised.1 Estimates of new issues sold for cash in the United States.8 Gross proceeds are derived by multiplying principal amounts or number of units by offering price.1 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and

expenses. 4 Classifications for years 1938-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently•imilar for broad comparisons. See also footnotes 5 through 8.

' Prior to 1948 this group corresponds to that designated "Industrial" in the old classification. 8 Included in "Manufacturing" prior to 1948.7 Includes "Other transportation" for which separate figures are available beginning in 1948. 8 Included in "Public utility" prior to 1948.• 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.



SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS

MANUFACTURING CORPORATIONS


Year or quarter

Annual193919401941194219431944194519461947194819491950

Quarterly1949—i

234

1950—1 1

2 x

3141

1951—12

Assets ol

Sales

10,59113,00618,29121,77128,24030,34826,531

'21,316'30,797'36,930'36,675'43,931

'9,358'9,367'9,406'8,545

'9,256'10,64411,78412,248

12,69113,017

10 million dollars and over(200 corporations)

Profitsbeforetaxes

1,2091,8443,1563,3953,6833,5312.4212,0334,099

'5,312'5,0347,891

1,3251,1961,312

1,200

1,4001,8212,1852,485

2,230'2,208

Profitsaftertaxes

9971,2731,5191,2201,2601,2551.129

'1 ,2032,521

'3,309'3,098'4,061

'807726799766

'8121,0471,244

958

'906'916

Divi-dends

722856947760777848861

'9441,168'1,4021,6582,237

343354

'332'630

387'394583

'874

'478474

Assets of 50 million dollars(82 corporations)

Sales

9,00811,13815,69118.54424,16025,85122,27817,41625,68631,23831,57837,704

8,0568,1168,1487,259

7,9359,179

10,11010,481

10,81511,079

Profitsbeforetaxes

1,0711,6382,7782,8763,1112,9821,9761,5733,4234 5934,506

'6,995

1,1871,0771,1831.058

1,2541 6311,9252,185

1,9501,923

Profitsaftertaxes

8831,1271,3291,0561,0971,091

964932

2,1052,8602,768

'3,571

723653717675

'725'935

1,092820

791'797

and over

Divi-dends

656772854672688755764804

1,0001,2101,4742,013

303312292567

347347534785

420421

Assets

Sales

1,5831,8692,6003,2274,0804,4974,253

'3,900'5,111'5 692'5,097'6,228

1,3021,2511,2581,286

1,322'1 465'1,6741 ,767

1,8761,938

of 10-50 million dollars(118 corporations)

Profitsbeforetaxes

139206378519571549445460676

'719'528'896

138119129142

146190260300

280'285

Profitsaftertaxes

114146190164164164165271416

'489330489

84738291

8711?152138

116119

Divi-dends

67839388889398

'140168192

184224

404239

'63

40'474988

4752

PUBLIC UTILITY CORPORATIONS


Year or quarter

Annual19391940194119421943194419451946194719481949 .1950

Quarterly1949—1

234

1950—12 . .34

1951—12

Railroad

Operat-ing

revenue

3,9954,2975,3477,4669,0559,4378,9027,6288,6859,6728,5809,473

2,1472,2262,1402,066

1,9852,2382,5342,716

2 4402,596

Profitsbeforetaxes

126249674

1,6582,2111,972

756271777

1,148700

1,385

119183174224

109248454574

229275

Profitsaftertaxes

93189500902873667450287479699438783

58115104161

3 52M5732573 318

103144

Divi-dends

126159186202217246246235236289252312

69555078

615355

142

10062

Electric power

Operat-ing

revenue

2,6472,7973,0293,2163,4643,6153,6813,8154,2914,8305,0555.431

1

1,3171,226L.2241,288

1,3781,3221,3171,415

1,504,414

Profitsbeforetaxes

629692774847913902905964954983

1,1291,303

316272260281

351321293339

413332

Profitsaftertaxes

535548527490502507534638643657757824

206180175196

8 230321231713211

229195

Divi-dends

444447437408410398407458494493553619

123135140156

146153152168

157160

TelephoneJ

Operat-ing

revenue

1,1371,2061,3341,5081,6911,8151,9792,1482,2832,6942,9673,342

707733748779

787821853881

904918

Profitsbeforetaxes

384417473551616649674517443563664952

143158168195

210231251260

275274

Profitsaftertaxes

224228236222233222265253192263309441

63727995

3 99311131123119

118117

Divi-dends

173176170160166165171179131178213276

49505360

63677175

7577

' Revised.1 Certain Federal income tax accruals for the first six months of 1950, required by increases in normal and surtax rates and charged by many

companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit a similarredistribution of accruals charged against fourth quarter profits to cover 1950 liability for excess profits taxes.

2 New series.EAs 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 assetaas 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 reportsof 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 areobtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partlyestimated by the Federal Reserve, to include affiliated nonelectric operations.

Telephone. New series. Figures are for 23 large companies (which account for over 85 per cent of all domestic telephone revenues) andinclude principally the telephone subsidiaries of the Bell System. Data are obtained from the Federal Communications Commission, except fordividends, which are from published reports of the individual companies.

All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of seriesand back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities);and p. 908 of the BULLETIN for September 1944 (electric power).

NOVEMBER 1951 1401


SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY


Industry

Nondurable goods industries

Total (94 corps.):2

SalesProfits before taxes

Dividends

Selected industries:Foods and kindred products (28 corps.):

SalesProfits before taxesProfits after taxesDividends

Chemicals and allied products (26 corps.):Sales

Profits after taxesDividends

Petroleum refining (14 corps.):Sales

Profits after taxesDividends

Durable goods industr ies

Total (106 corps.):3

SalesProfits before taxesProfits after taxes .Dividends

Selected industries:Primary metals and products (39 corps.):

SalesProfits before taxes

Dividends

Machinery (27 corps.):SalesProfits before taxesProfits after taxesDividends . .

Automobiles and equipment (15 corpi.):SalesProfits before taxesProfits after taxesDividends

1948

1321

3

3

3

'3' 1

91

81

364,208474656

,447410257135

,563655408254

,9457?154817?

567105

,835746

,066,1747?0?70

,529'567

'125

,093,131639282

Annual

1949

1?11

3

3

3

' 3'1

8

'4

91

,790,843,211708

,254377233134

567673403311

,8655? 540617?

886,191,887'950

,197993578?85

,353'519'320'138

,577,473861451

1950

1421

3

41

4

r?Q

r]

101

'5

1121

710,701510887

,416463253141

456114560438

65?443?05

190,549,351

,321,698853377

,056'845'421'208

,805,306,089671

3

' 6

2

'1

2

051397?56166

79?895431

860140

8366

934119

9?47

39?799470188

,175252144

64

,182

7732

,601376

76

1949

3

'6

2

'1

3

163446

147

8??1016329

89617410568

94?114

8631

307866508

'185

,050228130

61

,1151107531

707462?67

80

4

3,333503342249

8351026444

910189115113

996131109

63

'5,279697424

'381

1,542160100

89

'1 ,163'147

91'42

2,118337200216

Quarterly

1 i

3,251504307166

757834731

95220511772

960

8742

6,004896

'503

2,20029916766

'1,099'144

8149

2,283398215

90

3

1

r71

2

'1

1950

453581353175

8111005833

,049?4714179

989133

954?

740'694r 7 1 Q

,528400

73

,195'167

9337

,975596330

91

3

3,

1 ,

1

'71

2

'1

3

l

939782468

9571578834

19?311176112

113188131

44

845403776370

672455755

80

271

'10738

355656358232

4

1

1

1

2

„

3

066833382333

8921245944

,263351

174

,17220913077

182652576541

,921544206157

,491'340140'84

,192656186258

4

1

1

1

1

3

'1

1951

1

850377198

,000

5831

,345366

'13683

,704717123

57

,368

530r7 70

,044525

88

,480'248

94'43

,768514196122

4

1

1

'8

' 3

'1

2

'809'369

878'83'4333

,381'367'138

85

,704?03173

55

757,398547

,198'552711

85

,5637 36'91'47

,331508704119

r Revised.1 Certain Federal income tax accruals for the first six months of 1950, required by increases in normal and surtax rates and charged by many

companies against third quarter profits, have been redistributed to the first and second quarters. Available information does not permit a sim-ilar redistribution of accruals charged against fourth quarter profits to cover 1950 liability for excess profits taxes.

2 Total includes 26 companies in nondurable goods groups not ghown separately, as follows: textile mill products (10); paper and allied product!(15); and miscellaneous (1).

'Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipmentether 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

193919401941194219431944194519461947194819491950

Profitsbeforetaxes

6.59.3

17.221.125.124.319.723.530.533.828 341.4

Incometaxes

1.52.97.8

11.714.413.511.29.6

11.913.011 018.6

Profitsaftertaxes

5.06.49 49.4

10.610 88.5

13.918.520.717 322.8

Cashdivi-dends

3.84.04 54.34.54.74.75.86.67.37 69 .2

Undis-tributedprofits

1.22.44 95.16.26.13.88.1

12.013.69 8

13.6

Quarter

1949—34

1950—1234

1951—l23i

Profitsbeforetaxes

28.027.0

31.937.545.750.3

51.8'45 4'41.5

Incometaxes

10.910.5

14.416.920.522.5

'31.1'27 0'17.0

Profitsaftertaxes

17.116.5

17.520.625.227.8

'20.7'18 4'17.0

Cashdivi-

dends

7.48.0

7.88.49.4

11.1

8.8'9 6'9.6

Undis-tributedprofits

9.78.5

9.712.215.816.7

'11.9'8 8'7.4

' Revisedi Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data.Source.—-Same as for national income series.



UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES

End of month

1944—June. . . .Dec

1945—June. . . .Dec

1946—June.. . .Dec

1947—June....Dec

1948—JuneDec

1949—JuneDec

1950—June....1950—Oct

NovDec

1951—JanFebMarAprM a y . . . .J u n e . . . .JulyAugSeptOct

Totalgrossdebt1

202,626232,144259,115278,682269,898259,487258,376256,981252,366252,854252,798257,160257,377256,959257,100256,731256,143255,958255,018254,748255,122255,251255,685256,677257,386258,336

[On

Totalgrossdirectdebt

201,003230,630258,682278,115269,422259,149258,286256,900252,292252,800252,770257,130257,357256,937257,077256,708256,125255,941254,997254,727255,093255,222255,657256,644257,353258,298

basis of daily statements of United States Treasury. In millions of dollars]

Marketable public issues a

Total *

140,401161,648181,319198,778189,606176,613168,702165,758160,346157,482155,147155,123155,310152,779152,758152,450151,620151,625151,623138,075138,041137,917139,279139,741140,169141,753

Treasurybills

14,73416,42817,04117,03717,03917,03315,77515,13613,75712,22411,53612,31913,53313,62913,60813,62713,62913,63213,63013,62713,61413,61414,41315,01215,61716,849

Certifi-cates ofindebt-edness

28,82230,40134,13638,15534,80429,98725,29621,22022,58826,52529,42729,63618,4185,3735,3735,373

9,5099,524

14,74015,31728,016

Treasurynotes

17,40523,03923,49722,96718,26110,0908,142

11,37511,3757,1313,5968,249

20,40436,94836,94839,25843,80043,80243,80243,80243,80235,80636,36031,01031,01318,669

Treasurybonds

79,24491,585

106,448120,423119,323119,323119,323117,863112,462111,440110,426104,758102,79596,67096,67094,03594,03594,03594,03580,49080,46978,83278,83078,82778,07078,068

Nonmarketable public issues

Total«

44,85550,91756,22656,91556,17356,45159,04559,49259,50661,38362,83966,00067,54468,41368,39868,12568,09267,82467,40580,61580,63980,28179,33979,43479,15278,571

U. S.savingsbonds

34,60640,36145,58648,18349,03549,77651,36752,05353,27455,05156,26056,70757,53657,95458,02758,01958,01757,76957,76457,65257,60757,57257,53857,50957,48857,501

Treasurytax andsavingsnotes

9,5579,843

10,1368,2356,7115,7255,5605,3843,4944,5724,8607,6108,4728,9998,9078,6408,7488,7308,2968,1098,1587,8187,9268,0417,7757,705

Treasurybonds—invest-mentseries

970959955954954954953953953953953953

14,49814,51814,52613,52413,52213,51913,017

Specialissues

14,28716,32618,81220,00022,33224,58527,36628,95530,21131,71432,77633,89632,35633,53933,73233,70733,99233,93333,52533,59034,04934,65334,70735,14635,63735,615

Non-interest-bearing

debt

1,4601,7392,3262,4211,3111,5003,1732,6952,2292,2202,0092,1112,1482,2062,1892,4252,4212,5592,4442,4472,3642,3702,3322,3232,3952,359

1 Includes fully guaranteed securities, not shown separately.2 Includes amounts held by Government agencies and trust funds, which aggregated 3,335 million dollars on Sept. 30, 1951.8 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service

bonds, depositary bonds, and Armed Forces Leave bonds, not shown separately.Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512.

UNITED STATES GOVERNMENT MARKETABLE PUBLICSECURITIES OUTSTANDING OCTOBER 31, 1951

On basis of daily statements of United States Treasury. In millionsof dollars]

Issue and coupon rate Amount

Treasury bills 1

Nov. 1, 1951Nov. 8, 1951Nov. 15, 1951Nov. 23, 1951Nov. 29, 1951Dec. 6, 1951Dec. 13, 1951Dec. 20, 1951Dec. 27, 1951Jan. 3, 1952Jan. 10, 1952Jan. 17, 1952Jan. 24, 1952Mar. 15, 1952 «..

CertificatesApr. 1, 1952 \%July 1, 1952 1%Aug. 15, 1952 1J4Sept. 1, 1952 1%Oct. 1, 1952 IK

Treasury notesNov. 1, 1951 1MMar. 15, 1954 \%Mar. 15, 1955 \y2Dec. 15, 1955 1%Apr. 1, 1956 W2Oct. 1, 1956 \y2

Treasury bondsDec. 15, 1951-533. *2 V±Mar. 15, 1952-54... 2 y2Mar. 15, 1952-53*.. 2

,301,300,300,101,101,103,203,203,201,202,201,200,201,234

9,5245,216

5831,832

10,861

2664,6755,3656,8541,007502

1,1181.0247,986

Issue and coupon rate

Treasury bonds—Cont.June 15,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,

Postal Savingsbonds

Panama Canal Loan. 3

Total direct issuei

Guaranteed securitiesFederal Housing Admin.Various

Amount

5,8251,501

5108,662

725681

2,6111,449

9823,822

9195,2843,4691,4852,1182,8313,7603,8365,1973,4802,0022,7164,076

102

50

141,753

35

1 Sold on discount basis.*1 'See table on Open-Market Money Rates,p. 1398.

2 Tax Anticipation Series.3 Partially tax exempt.4 Called for redemption on Dec. 15, 1951.5 Maturity Sept. 15, 1953.6 Maturity Dec. 15, 1955. 7 Restricted.

UNITED STATES SAVINGS BONDS[In millions of dollars]

Month

Fiscal yearending:June—1944..

1945..1946..1947..1948..1949..1950..1951..

1950—OctNov....Dec.. . .

1951—JanFeb.. . .Mar... .Apr.. . .May.. .June.. .Ju ly . . .Aug... .Sept . . .Oct.. . .

Amountout-

standingat end of

month

34,60645,58649,03551,36753,27456,26057,53657,572

57,95458,02758,019

58,01757,76957,76457,65257,60757,57257,53857,50957,48857,501

Funds received from sales duringperiod

Allseries

15,49814,8919,6127,2086,2357,1415,6735,143

971436541

475386359310296290311314273334

SeriesE

11,82011,5536,7394,2874,0264,2783,9933,272

271246284

343272280254247244258267230274

SeriesF

802679407360301473231347

1453761

181712988887

10

SeriesG

2,8762,6582,4652,5611,9072,3901,4491,523

555153197

115976747413845383650

Redemp-tions andmaturities

Allseries

2,3714,2986,7175,5455,1135,0675,4226,137

496448509

653528560472478476482437390410

Maturities and amounts outstanding October 31, 1951

Year ofmaturity

195119521953195419551956195719581959.I960196119621963Unclassified

Total

Allseries

9123,7716,3878,0706,8865,1064,8875,0014,8205,3313,5262,206

632-33

57,501

SeriesE

9123,7715,2055,7234,4682,2872,3832,6042,6952,5742,022

34,643

SeriesF

191479503582464244261443206376

99

3,848

SeriesG

9901 8691,9152,2382 0412,1521,8642 3141,2981,830

533

19,043

NOVEMBER 1951 1403


OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED[Par value in millions of dollars]

End of month

1940—June1941—June1942—June1943—June1944—June1945—June1946—June1947—June

Dec1948—June

Dec1949—June

Dec1950—June

Dec1951—June

JulyAug

Totalgrossdebt

(includ-ing guar-

anteedsecuri-ties)

48,49655,33276,991

140,796202,626259,115269,898258,376256,981252,366252,854252,798257,160257,377256,731255,251

255,685256,677

Held byU. S. Government

agencies andtrust funds 1

Specialissues

4,7756,1207,885

10,87114,28718,81222,33227,36628,95530,21131,71432,77633,89632,35633,70734,653

34,70735,146

Publicissues

2,3052,3752,7373,4514,8106,1286,7985,4455,4045,5495,6145,5125,4645,4745,4906,305

6,3416,339

Total

41,41646,83766,369

126,474183,529234,175240,768225,565222,622216,606215,526214,510217,800219,547217,533214,293

214,637215,192

FederalReserveBanks

2,4662,1842,6457,202

14,90121,79223,78321,87222,55921,36623,33319,34318,88518,33120,77822,982

23,07823,127

Com-mercialbanks1

16,10019,70026,00052,20068,40084,20084,40070,00068,70064,60062,50063,00066,80065,60061,80058,500

58,90058,900

Mutualsavingsbanks

3,1003,4003,9005,3007,3009,600

11,50012,10012,00012,00011,50011,60011,40011,60010,90010,200

10,20010,100

Held by the public

Insur-

panies

6,5007,1009,200

13,10017,30022,70024,90024,60023,90022,80021,20020,50020,10019,80018,60017,000

16,90016,700

Othercorpo-rations

2,1002,0004,900

12,90020,00022,90017,70013,90014,10013,50014,30015,10016,30018,30019,90020,900

21,00021,700

Stateandlocal

govern-ments

400600900

1,5003,2005,3006,5007,1007,3007,8007,9008,0008,0008,2007,8008,000

8,0008,000

Individuals

Savingsbonds

2,6003,6009,100

19,20031,20040,70043,50045,50046,20047,10047,80048,80049,30049,90049,60049,000

49,00049,000

Othersecurities

7,5007,6008,700

11,70014,80018,30019,80020,70019,30018,40017,80018,10017,20017,70017,50016,800

16,80016,800

Miscel-laneousinves-tors1

700700

1,1003,4006,4008,9008,8009,8008,6009,1009,300

10,0009,800

10,20010,70010,900

10,90010,800

1 Includes the Postal Savings System.2 Includes holdings by banks in territories and insular possessions, which amounted to 250 million dollars on June 30, 1951.

8 Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions.NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor

groups are estimated by the Treasury Department.SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED

BY THE UNITED STATES *[Interest-bearing public marketable securities. In millions of dollars]

End of month

Type ofsecurity:

Total:'1949—June

Dec1950—June....

Dec1951—June....

J u l y . . . .Aug

Treasury bills:1949—June

Dec1950—June....

Dec1951—June....

J u l y . . . .

Certificates:1949—June....

Dec1950—June....

Dec1951—June....

J u l y . . . .Aug

Treasury notes:1949—June....

Dec1950—June....

Dec1951—June

J u l y . , . .Aug

Treasury bonds:1949—June....

Dec1950—June....

Dec1951—June....

J u l y . . . .Aug

Totalout-

stand-ing

155,160155,138155,325152,471137.944

139,305139,771

11,53612,31913,53313,62713.61414,41315,012

29,42729,63618,4185,3739,5099,524

14,740

3,5968,249

20,40439.25835,80636,36031,010

110,426104,758102,79594,03578,83278,83078,827

U. S.Govt.agen-ciesandtrustfunds

5,3745,3275,3505,3653.272

3,3073,305

63113

3526

4743

2648

7

2930

4715291014

1313

5,2015,2175,2735,2833.1783,1823,185

Fed-eralRe-

serveBanks

19,34318,88518,33120,77820,268

21,36421,413

4,3464,8293,8561,296

527

566616

6,8576,2755,3572,3343,194

3,1974,851

359562

3,50012,52712,43913,49311,838

7,7807,2185,6184,6204.1084,1084,108

Com-mer-cial

banks1

56,23759,85658,97254,89351,515

51,75251,754

2,8173,5143,7033,8883.7504,0424,076

9,56111,5205,3541,5442,753

2,7004,130

1,8015,569

11,20415,83313.70413,70212,148

42,04239,23538,69133,60731,28631,29031,372

Mu-tualsav-ings

banks

11,02910,77210,87710,1448,254

8,1928,155

13153533

122

101103

207169

647

373544

41107154136120

11598

10,76810,48010,6249,9677,9737,9407,909

Insur-ancecom-panies

19,09018,53518,13216,86212,077

11,99311,775

607090

474829

891767

602633382

53287286442

104244403707687

657529

18,31517,57917,24915,61710,26410,14910,025

Other

44,08741,76343,66344,42942,558

42,69743,369

4,2373,8805,8467,9018.3608,7669,407

12,17410,9917,2541,4353,221

3,2775,243

1,2441.7525,114

10,0458,8428,3806,384

26,32025,02925,34024,94122,02322,16122,228

End of month

Treasury bondsand notes, dueor callable:

Within 1 year:1949—June....

Dec1950—June....

Dec1951—June....

J u l y . . . .Aug

1-5 years:1949—June....

Dec1950—June....

Dec1951—June....

J u l y . . . .Aug

5—10 years:1949—June....

Dec1950—June....

Dec1951—June....

J u l y . . . .Aug

After 10 years:1949—June....

Dec1950—June....

Dec1951—June....

J u l y . . . .Aug

Totalout-

stand-ing

11,22614,31910,38738,90537,631

37,18331,832

39,17535,06751,80233,37831,022

32,02432,025

15,06718,53715,92617,41115,962

15,96215,962

48,55445,08445,08443,59930,023

30,02130,018

U. S.Govt.agen-ciesand

trustfunds

4936709

49

4840

212186327189139

135134

532568423412376

375375

4,4554,4414,4824,6822,629

2,6382,648

Fed-eralRe-

serveBanks

982878505

12,37310,241

10,2958,640

2,1211,9225,1161,2853,878

4,8784,878

5841,3881,148

9821,032

1,0321,032

4,4523,5932,3492,5081.397

1,3971,397

Com-mer-cial

banks1

7,0219,0147,001

14,64515,083

14,97213,550

26,30424,90733,12724,53420,853

20,95720,902

6,5876,9955,6757,3296,273

6,2846,292

3,9333,8874,0922,9322,781

2,7792,776

Mu-tualsav-ings

banks

236238151230467

457432

1,2791,1211,058

568227

222220

2,0022,6402,4392,1252,009

1,9981,980

7,2936,5887,1307,1805,389

5,3775,375


385468360926

1,044

1,000875

2,1241,6411,7311,142

756

758689

1,7322,2302,0551,9481.858

1,8481,852

14.17913,48513,50712,3087,293

7,2007,137

Other

2,5533,6852,300

10,72210,747

10,4118,295

7,1355,290

10,4435,6605,169

5,0745,202

3,6304,7164,1864,6154,414

4,4254,431

14,24213,09013,52413,98910,534

10,63010,685

* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savingsbanks, 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 relativelysmall amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above.

1 Includes stock savings banks.2 Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.«Less than $500,000.



SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS[In millions of dollars]

Fiscalyear ormonth

Fiscal year:194919501951

1950—Oct.. .Nov..D e c .

1951—Jan.. .Feb...Mar..Apr.. .May..June..July..Aug. .Sept..Oct...

On basis of daily statements of United States Treasury

Netre-

ceipts

38 24637,04548,1432,0562,8514,2114,4484,2578,1122,6263,1467,0892,5713,5946,2092,635

Budgetex-

pendi-tures

40 05740 16744 6333,170

* 3,1023,7423,8083,2114,0584,0074,5175,9694,7395,0875,1635,483

Budgetsurplus(+) ordeficit

— 1 811—3,122+3,510- 1 , 1 1 44-252+470+640

+1,047+4,054- 1 , 3 8 1- 1 , 3 7 0+ 1,119- 2 , 1 6 8- 1 , 4 9 3+ 1,046- 2 , 8 4 7

Trustac-

counts,etc.1

—495+99

+679- 1 7

4+169+45- 8 3

+227- 3 4- 6 9

+ 136+284+ 11+83+37- 5 5

Clear-ingac-

count1

+366+483—214

+49- 6 3- 5 2

+247-161+111+106- 3 0 4+43- 1 4

- 1 0 3+30- 8 6

Increase ( + ) ordecrease (—)during period

Grossdebt

+478+ 4 587—2 135

- 2 7 9+140- 3 6 9- 5 8 3- 1 8 4- 9 4 4- 2 7 0+366+ 129+435+988+709+945

Generalfund

balance

— 1 462+2,047+1 839-1 ,359

- 6+93

+221+929

+3,187- 1 , 6 1 4- 1 , 1 7 3+ 1,574-1,737

-525+1,822-2,042

General fund of the Treasury (end of period)

Bal-ance

ingen-eralfund

3 4705 5177 3574,1454,1394,2324,4545,3828,5696,9555,7827,3575,6205,0956,9164,874

Assets

Total

3 8625 9277 8714,5374,5864,7244,8655,8068,9917,3606,3767,8716,0325,4317,3565,311

Depo

Fed-eralRe-

servebanks2

438950338

569714690

807465

1,120611666338584459947493

sits in

Spe-cial

depos-itaries

1 7713 2685 6802,3172,2322,3442,1173,6145,9005,0304,0295,6803,6943,2444,5473,021

Otherassets

I 653I 709L 853

,6511,6401,6901,9411,7261,971

,7191,681

,853,754

1,7271,8611,798

Totallia-bili-ties

392410514

392446492

412423422405594514412336439437

Cash operating

Cashin-

come

41 62840 97053 4392,4263,4874,4884,6964,8778,4892,9604,1487,3672,8544,6006,555

Cashoutgo

40 57643 15545 go4

3,3353,4154,0043,4383,5224,2194,1445,1545,2234,8435,5654,862

Excessincome(+) oroutgo

+1,0512 185

+7,635-909+72

+485+1,259+1,356+4,270-1,184-1,006+2,144-1,989

-965+1,693

DETAILS OF TREASURY RECEIPTS

Fiscal yearor month

Fiscal year:194919501951

1950—OctN o v . . . .Dec

1951—JanFeb. , . .Mar . . . .Apr.. . .May . . .Tune . . .July. . .Aug. . . .SeptOct. . . .

Income

With-held

by em-ployers

9,84210,07313,535

5141,620

9886

t6802,0441,273

5782,0381,123

7262,1301,1288 781

On bas

taxes

Other

19,64118,18924,218

591320

2,1752,7091,2816,1521,688

4825,065

983404

4,115828

is of daib

Mis-cella-neous

internalrevenue

8,3488,3039,423

808746764

853797838690747719722806707885

r statements of

SocialSecu-rity

taxes

2,4872,8923,940

186310377

6149527395157555425177597451

46

Otherre-

ceipts

2,4561,8532,253

202187169

230171152177217270225228124168

United

Totalre-

ceipts

42,77441,31153,369

2,3003,1844,4744,6214,8208,8113,2894,0397,6032,8334,1656,5242,708

States Treasury

Deduct

Refundsof

taxes

2,8382,1602,107

62452342

189459513359234

88555741

SocialSecurityemploy-

menttaxes 5

1,6902,1063,120

181288239

1313742391505342801755162585 32

Netre-

ceipts

38,24637,04548,143

2,0562,8514,2114,4484,2578,1122,6263,1467,0892,5713,5946,2092,635

On basis of reports by collectors of interna

Withheldindividual

income andold-age

insurancetaxes7

11,74311,76215,901

9742,336

267

8293,105

409935

3,509256

1,1583,600

110

Indi-vidualincometax not

withheld

7,9967,2649,908

183103257

2,5271,0282,093

989194

1,195321116

1,276

Corpora-tion in-

come andprofitstaxes

11,55410,85414,388

403213

1,907297151

4,316499244

3,908596290

2,942

Es-tateandgift

taxes

797706730

514744

8054

129595847566652

revenue

Exciseand

othermiscel-laneous

taxes

7,5857,5998,704

763712679

820730682635713660709771641

DETAILS

Fiscal yearor month

Fiscal year:19491950 . .1951

1950—OctNovDec

1951—Jan.Feb. .MarAprMayJuneJulyAug. . . .SeptOct

OF BUDGET EXPENDITURES AND TRUST ACCOUNTS

On basis of daily statements of United States Treasury

Total

40,05740,16744,6333,170

<3,1023,7423,8083,2114,0584,0074,5175,9694,7395,0875,1635,483

Nationaldefense

12,15812,37819,958

1,3381,4461,5101,6511,6952,0572,1602,3962,4952,9303,0402,628

P 3 , 1 6 5

Budget expenditures

Inter-est ondebt

5,3395,7505,613

229142968514156580253163

1,557232222580497

Inter-na-

tionalfinance

andaid

6,0164,6574,431

360321252

334328346392487785318367301

P333

Vet-erans'Ad-

minis-tration

6,7916,0445,238

457465437462417454427424383433419365406

Aidto

agri-cul-ture

2,6562,984

636- 4 5

9623

115(8)68

104919240

10436

P187

Trans-fersto

trustac-

counts

9161,383

97284

96

7392

821

(9)6741

49687

Other

6,1816,9707,786

748624546

658606552589955655717894757

P807

Trust accounts, etc.

Social Securityaccounts

Re-ceipts

3,7224,2935,631

300549288414582280283928570293919421179

In-vest-ments

1,4791,0282,685

157207

7

233194101

83510346128526193

59

Ex-pendi-tures

2,2523,1142,790

214219241

278258259255266261264291243253

Other

Re-ceipts

1,9922,3762,165

192132

91157125150184127433117160475190

In-vest-ments

832-1,430

872- 9

« - 1 533

194152724

- 2 3317

- 2 2- 6 6323

- 5 8

Ex-pendi-tures

1,0463,857

771

146101

53- 5 0

1477

173166

- 2 0 528

24599

169

p Preliminary. * Excess of receipts ( + ) or expenditures ( —).2 Excludes items in process of collection. 3 For description, see Treasury Bulletin for September 1947 and subsequent issues.4 Beginning November 1950, net investments of wholly owned Government corporations in public debt securities are excluded from budget

expenditures and included in?trust account investments.s These are appropriatedfdirectly to the Federal old-age and survivors insurance trust fund.6 Beginning January 1951, Treasury reports combine income taxes withheld and employment taxes. Figures shown for withheld income taxes

exclude, and figures shown for social security taxes include, employment taxes as indicated by amounts appropriated to Federal old-age and sur-vivors insurance trust fund. 7 Beginning January 1951, old-age insurance employment taxes are not reported separately. Figures for prior periodshave been combined for purpose of comparison. 8 Current appropriations to the Federal old-age and survivors insurance trust fund were^sus-pended on Oct. 10, 1951, to effect an adjustment of 113 million dollars during October. 9 Less than $500,000.

NOVEMBER 1951 1405


GOVERNMENT CORPORATIONS AND CREDIT AGENCIES

Based on compilation by United States Treasury Department. In millions of dollars]

PRINCIPAL ASSETS AND LIABILITIES

Corporation or agency

All agencies:Sept. 30, 1950 .Dec. 31, 1950Mar 31 1951June 30 1951

Classification by agency,June 30, 1951

Department of Agriculture:Farm Credit Administration:

Banks for cooperativesFederal intermediate credit banksProduction credit corporationsAgricultural Marketing Act Revolving

FundFederal Farm IVtortcacre Corn

Rural Electrification AdministrationCommodity Credit CorporationFarmers' Home Administration *Federal Crop Insurance Corp

Housing and Home Finance Agency:Home Loan Bank Board:

Federal home loan banksFederal Savings and Loan Insurance Corp..Home Owners' Loan Corp

Public Housing Administration 8

Federal Housing AdministrationOffice of the Administrator:

Federal National Mortgage Association. . .Other

Reconstruction Finance Corporation:Assets held for U S Treasury 6

Other7

Export-Import BankFederal Deposit Insurance CorpTennessee Valley AuthorityAll other

Total

24,10224,63525,10425,188

37782256

139

1,7092,106

50136

1,092207

21,784

399

1,59272

798898

2,3511,3471,1527,848

Assets, other than interagency

Cash

598642715649

18151

(3)3

18191933

27

24641

19

21213

171207

Loansre-

ceiv-able

12,76913,22813,49613,504

310754

135

1,643349455

816

46323

1,57925

1763

2,314

3,973

Com-modi-ties,sup-plies,and

mate-rials

1,7391,7741,7641,719

U350

(3)

(3 )

160

13196

Invest-ments

U. S.Govt.secu-rities

2,1122,0752,1622,185

434642

1

246201

266

1

1,338

(3)

Othersecu-rities 2

3,4783,4733,4673,474

- 1 3

(3)

373

3,385

terns 1

Land,struc-tures,and

equip-ment

2,9312,9452,9512,999

(3)

111(3)

(3 )

1.2581

35

5891

96044

Otheras-sets

476499549659

67

(3)1

47277

263

35

1767

134

434735

67

44

Liabilities, other thaninteragency items

Bonds, notes,and deben-

tures payable

Fullyguar-

anteedby

U. S.

19231929

1

1

27

Other

1,1081,1901,2471,378

81753

544

(3)

Otherliabil-ities

9701,1931,234

932

18

(3)11

12916

2455

40190

2(3)

6756

1033344

U. S.Gov-ern-mentinter-

est

21,79121,99522,33722,533

2736155

138

1,7081,977

50030

10202

1,744182

1,59172

798830

2,2941,2441,1197,804

Pri-vatelyownedinter-

est

214234268315

21

294

CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY

Purpose of loan

To aid agriculture . . .To aid home ownersTo aid industry:

RailroadsOther

To aid financial institutions:BanksOther

Foreign loansOther

Less: Reserve for losses

Total loans receivable (ne t ) . . .

June 30, 1951

Fed.FarmMort.Corp.

40

5

35

Fed.inter-medi-

atecreditbanks

754

754

Banksfor co-opera-tives

312

2

310

Com-modityCreditCorp.

354

5

349

RuralElec-

trifica-tion

Adm.

1,644

2

1,643

Farm-ers'

HomeAdm.

565

109

455

Fed.Nation-

alMort-gageAssn.

1 ,579

1,579

PublicHous-

ingAdm.

" 2

4621

463

Fed.homeloan

banks

816

816

Recon-struc-tionFi-

nanceCorp.

126

103439

(3)

Ex-port-Im-portBank

879 2.3225446

764

7

2,314

Allother

6102

259

*3', 750111

9

4,021

Allagen-cies

3,6751,809

105498

8246,151

627186

13,504

Mar. 31.1951,

allagencies

3,9311,721

108473

7606,116

564178

13,496

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 Development and its subscription of 2,750 million to the International Monetary Fund.3 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.6 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the

Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress.7 Includes figures for Smaller War Plants Corp. which is being liquidated by the Reconstruction Finance Corp.

NOTE.—Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures in recentyears 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 June 30, 1948. For back figures see earlier issues of theBULLETIN and Banking and Monetary Statistics, Table 152, p. 517.



BUSINESS INDEXES[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]

Year or month

1919192019211922192319241925

19261927192819291930

19311932193319341935

19361937193819391940

19411942194319441945

19461947194819491950

1949NovemberDecember

1950JanuaryFebruaryMarchApril .MayJune . . . .JulyAugustSeptemberOctoberNovemberDecember

1951JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctober

Industrial production(physical volume)* 1

1935-39 = 100

Total

Ad-justed

173179

183180187190195199196209211216215218

221221222223222221212217

3»219«220

Unad-justed

72755873888290

969599

11091

7558697587

103113

89109125

162199239235203

170187192176

P200

174178

179177183188195200198212216220215216

216217219222223223214221

P224e224

Manu-factures

Du-rable

Ad-justed

84935381

10395

107

11410711713298

6741546583

10812278

109139

201279360353274

192220225202

P237

181203

209207211222231237235247251261260268

268271277279276274266268

P273«277

Non-du-

rable

Ad-justed

62605767726976

7983859384

7970798190

10010695

109115

142158176171166

165172177168

P187

177176

179180181180181184181195194196195197

201201199198198197187193

*>1921 9 0

Min-erals

Ad-justed

71836671988992

100100

9910793

8067768086

9911297

106117

125129132140137

134149155135

P148

141132

130118144140145151144159163166160157

164158158164165165156166

?1691 6 8

Constructioncontracts

awarded (value)2

1923-25=100

Total

Ad-justed

636356798494

122

12912913511792

6328253237

5559647281

122166

684168

153157190211295

265262

242263275284274291325334321299306332

333323304373361374303291

P272

Resi-den-tial

Ad-justed

443044688195

124

121117126

8750

3713111221

3741456072

8982401626

143142162192305

256255

245260278298303325369362332294284297

312311292283276289298292

P280

Allother

Ad-justed

799065888694

120

135139142142125

8440374850

7074808189

149235

9261

102

161169214226287

273268

239266274273250262289311312303323360

350334314446430443306291

P266

Employment8

1939=100

Non-agri-cul-tural

Ad-justed

88.689 479.784 492 991.794.1

97 598.098 1

102 596.2

87.177 277 584.988 5

95 1101.495 4

100 0105.8

119 4131 1138 8137 0132 3

136 7143 2145 9142 0145 7

140.1141 2

140.7139 6141.2142 7143 9145 3146 1148.3149.2149 9150 2150 6

151 2152.1152 8153.2153 6153 9153 9153.6

P153 2

Factory

Ad-justed

136.3139 3

140.5140 2141.3143 2147 1148 9150 9155.0156.0157 7157.7158 1

159 7161.3161 4161.7161 3

161 2160 3158.4

P156 9

Unad-justed

103.7104 1

79 788 2

100 993.797.0

98 996 796 9

103 189.8

75.864 471 383.288 7

96 4105.890 0

100 0107.5

132.8156 9183 3178 3157 0

147 8156.2155 2141 6149.7

137.8140 4

139.8139.9141.0141 6144.5147.3148 3156.3158.9160 3159.2159 4

158 9161.0161 0160.0158 6

'•159 5157.6159.7

P159 6

Fac-torypay-rolls '

1939 =100

Unad-justed

103.9124 280.286 0

109.1101.8107.3

110 5108.5109 8117 194.8

71.849 553.168.378.6

91.1108.984 7

100.0113.6

164.9241 5331.1343 7293.5

271 7326.9351 4325.3371.8

313.9329.3

329.2330.0333.5337.2348.0362.7367.5394.4403.2415 8414.6426.0

424.0430.0435.0433.2428.4

r434.3'424.1431.3

«436.1

Freightcarload-

ings*1935-39

= 100

Ad-justed

120129110121142139146

152147148152131

10578828992

10711189

101109

130138137140135

132143138116128

117115

117104127126122127126135134136136140

146129139136133131125133133135

Depart-mentstoresales(val-

ue) *41935-39

= 100

Ad-justed

83999293

104104109

112113114116108

9675738288

10010799

106114

133150168187207

264286302286304

278295

282280274292290297362336

-•319291290325

362326291302301302309319

?312«304

Con-sumers'prices 3

1935-39= 100

Unad-justed

123.8143 3127.7119 7121 9122.2125.4

126 4124.0122 6122 5119.4

108.797 692.495.798 1

99.1102.7100 899.4

100.2

105.2116 6123.7125 7128 6

139 5159.6171 9170 2171.9

169.8168.8

168.2167.9168.4168.5169.3170.2172.0173.4174.6175 6176.4178.8

181.5183.8184.5184.6185.4185.2185.5185.5186.6

Whole-salecom-

modityprices

1926= 100

Unad-justed

138.6154 497 696 7

100 698.1

103.5

100 095 496 795 386.4

73.064 865 974.980 0

80.886.378 677.178.6

87.398 8

103.1104 0105 8

121 1152.1165 1155.0161.5

151.6151.2

151.4152.8152.7152.8155.9157.3162.9166.4169.5169.1171.7175.3

180.1183.6184.0183.6182.9181.7

179.4178.0177.6

* Average per working day. « Estimated. P Preliminary. r Revised.1 For indexes by groups or industries, see pp. 1408-1411.2 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. 1415.3 The unadjusted indexes of employment and payrolls, wholesale commodity prices and consumers' prices are compiled by or based on data of

the Bureau of Labor Statistics. The consumers' price index is the adjusted series, reflecting: (1) beginning 1940, allowances for rents of new housingunits and (2) beginning January 1950, interim revision of series and weights. Nonagricultural employment covers employees only and excludespersonnel in the armed forces.

<For indexes by Federal Reserve districts and other department store data, see pp. 1417-1420.Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984;

for department store sales, June 1944, pp. 549-561.

NOVEMBER 1951 1407


INDUSTRIAL PRODUCTION, BY INDUSTRIES

(Adjusted for Seasonal Variation)

[Index numbers of the Board of Governors. 1935-39 average =100]

Industry

Industrial Production—Total .

Manufactures— Total

Durable Manufactures .

Iron and Steell . . . . . .

Pig ironSteel

Open hearthElectric

Machinery

Transportation EQuipment

Automobiles (including parts) . . . .(Aircraft; Railroad Equipment; Shipbuilding — Private

Wonferrous Metals and Products

Smelting and refining(Copper smelting; Lead refining; Zinc smelting;

Fabricating(Copper products; Lead shipments; Zinc shipments;

Aluminum products; Magnesium products; Tin

Lumber and Products

LumberFurniture

Stone Clay and Glass Products....

Glass productsGlass containers . . .

CementClay productsOther stone and clay products 2

Nondurable Manufactures.... .

Textiles and Products

Textile fabrics. .Cotton consumptionRavon deliveriesNylon and silk consumption2

Wool textilesCarpet wool consumptionApparel wool consumptionWool and worsted yarn. . .

Woolen yarnWorsted yarn

Woolen and worsted cloth.

Leather and Products

Leather tanning . .Cattle hide leathersCalf and kip leathersGoat and kid leathersSheep and lamb leathers

Shoes . . . .

Manufactured Food Products

Wheat flourCane sugar meltings2

Manufactured dairy productsButterCheeseCanned and dried milkIce cream 2

1950

Sept.

211

220

251

24%

223275203792

283

284

265

216

209

219

166

150196

215

212225206169

194

191

171152380

171204170158137187172

124

1111259184

104133

167

103

14878

161158

Oct.

216

225

261

253

225286209835

303

291

271

223

217

225

166

150198

229

245262214168

196

197

178162374

180228179163142192180

115

106119848894

121

162

100

14575

158150

Nov.

215

224

260

246

211272198803

311

278

249

226

221

228

169

155197

227

235247214175

195

193

173158381

164204148146122180172

109

108121899681

110

161

107

14372

164142

Dec.

218

229

268

253

216280207802

321

292

260

227

218

230

173

162195

235

247265232173

197

194

173158397

160201140141121169169

108

106120848887

109

165

116

14170

167131

1951

Jan.

221

231

268

255

224288212827

322

285

246

224

219

226

171

162190

236

240257238191

201

194

174163392

156180151142121173163

115

107120

779498

121

168

128

14273

170131

Feb.

221

232

271

252

217281206815

328

304

262

217

222

215

169

156193

237

243261245186

201

194

176174390

144181140133119152143

122

112126889692

128

166

119

14271

169135

Mar.

222

234

277

263

228298217879

335

314

265

209

225

202

169

156195

243

251269252189

199

188

171175374

133169128123111140130

118

105119809383

127

167

110

14672

176152

Apr.

223

234

279

264

231301218891

337

311

255

'211

»"227

204

170

162185

247

270292243189

198

185

165153380

146131158140116174159

106

97110

788769

112

168

108

14774

177156

M a y

222

233

276

263

234301217897

336

310

248

'206

'227

197

163

158173

236

242257231184

198

190

169164377

144101163141120171163

97

88104

568055

103

167

109

14872

174164

June

221

231

274

261

235296213884

338

'307

»-238

'205

'226

197

153

1471 6 4

239

250269235

1 8 4

197

185

164157378

13787

153135119157159

99

89109517350

106

165

103

15075

183168

July

212

222

266

253

230293215850

327

'298

r222

'199

1 8 8

'141

1311 5 9

237

'259285226

1 7 8

187

160

138123380

10027

11710592

1231 2 4

85

75

42r 585492

'165

107

15077

180169

Aug.

217

227

268

'254

230291208881

328

310

230

197

213

190

146

137165

227

231249222175

193

170

150145

'361

11558

133117108130135

99

8199446656

110

164

112

14877

173160

Sept.

P219

P228

*>273

231298213902

P336

P319

P234

P201

P212

P196

P!46

135P169

P225

P227246219

P173

P192

P165

P146142335

P162

P103

P 1 4 373

162138

P Preliminary. r 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 be obtained from the Division of Research and Statistics.2 Series included in total and group indexes but not available for publication separately

; Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longeravailable separately. Individual indexes through June 1951 are shown in preceding BULLETINS.



INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued(Adjusted for Seasonal Variation)

[Index numbers of the Board o

Industry

Manufactured Food Products—Continued

Meat packing . . . .Pork and lard ,BeefVeal ....L a m b and mutton

Other manufactured foodsProcessed fruits and vegetablesConfectioneryOther food products

Alcoholic Beverages

Malt liquorWhiskeyOther distilled spiritsRectified liquors ,

Tobacco Products

Cigars .. .CigarettesOther tobacco products

Paper and Paper Products

PulpGroundwood pulpSoda pulp. .Sulphate and Sulphite pulp8

PaperPaperboardFine paper * . ,Printing paperTissue and absorbent paperWrapping paper

Printing and Publishing .. .. ...

Newsprint consumption

Petroleum and Coal Products

Petroleum refining *...GasolineFuel oil

Kerosene

CokeBy-product cokeBeehive coke

Chemical Products

PaintsRayonIndustrial chemicalsOther chemical products 2

Rubber Products

Minerals—Total

Fuels

CoalBituminous coalAnthracite

Crude petroleum

Metals

Metals other than gold and silver. .Iron ore(Copper; Lead; Zinc)2

GoldSilver

Governors. 1935-39 average =

1950

Sept.

16819615312078

174142146187

203

155146549340

172

12022971

194

185213133114240180232

180185156116

172

163

243

195200177198

178170443

271

168376465

244

163

167

13314492184

141

198

5973

Oct.

15818813810777

171147125184

182

150157308304

165

12421572

202

19322812796265188238

187207164117

179

171

251

196210184195

183175467

277

164371488

250

166

170

141151102184

141

199

5973

Nov.

16519514810876

168149125181

207

183178235341

171

12722765

201

19122010992258186240

183196163112

174

165

253

i95209187195

178170436

280

162378497

250

160

165

12713884184

130

180

5970

Dec.

17120215510477

172142147184

208

168157463340

153

8921556

197

18921812592251184229

188202165117

175

162

263

197225188208

182174457

284

160385504

251

157

163

13014380178

126

173

5777

= 100]

1951

Jan.

1621881529380

176161148185

248

18515S716439

177

10124870

204

19222011794256188247

181206159117

170

159

272

202238192237

187177522

287

163387506

244

164

169

14015196184

130

180

5778

Feb.

1481711418866

176158138188

225

166135658408

179

10724969

207

19722811998265193245

192205172120

177

162

269

198238179230

183174487

288

168384510

235

158

163

11812589185

131

181

5580

Mar.

1591941398262

177176127186

207

169150677240

170

10023862

208

19822911694269193248

189208171119

176

162

269

199227190230

184176475

292

166374524

239

158

163

11112748189

127

176

5677

Apr.

1632081347959

177169128187

187

161118706148

177

10424866

214

204241116100284198253

194224172119

183

171

255

193204189221

185178433

296

164377532

238

164

167

12013364191

140

199

5477

May

1491811347952

176166132186

179

157117560174

172

10523964

212

20023311599274195256

186207170121

176

166

263

207210193201

186178456

298

160378538

247

165

168

11812683192

151

216

5676

June

1451881109566

175••160131186

178

155104604174

171

11523366

208

19823512388275193247

180204177127

171

163

263

212215194205

187179476

302

385548

'251

165

169

12313386191

145

209

5273

July

15218712610770

173'148127••188

175

16378474197

161

9822557

190

18323013778269176217

167204165123

166

166

'262

211213195209

183178388

'305

167393553

'245

156

160

9710566192

132

187

5267

Aug.

16220712811065

172138

188

178

16551492223

183

11425273

196

18922813293265183224

185196168123

174

164

265

213209200208

187179456

307

164393559

247

166

171

12313477

194

136

194

Sept.

1682211269964

P170P133

P186

184

16470335332

177

12323970

197

19223413896272185216

192200180124

179

167

v264

P212P210

185178412

P307

P158P394P568

P243

P169

P173

12513779

197

P144

P208

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.

NOVEMBER 1951 1409


INDUSTRIAL PRODUCTION, BY INDUSTRIES(Without Seasonal Adjustment)

[Index numbers of the Board of Governors. 1935-39 average = 100]

Industry

Industrial Production—Total

Manufactures — Total

Durable Manufactures

Iron and Steel *.

Pig ironSteel

Open hearth . . . «Electric

Machinery

Transportation Equipment

Automobiles (including parts)(Aircraft; Railroad equipment; Shipbuilding—Private

Smelting and refining(Copper smelting; Lead refining; Zinc smelting;

Aluminum; Magnesium; Tin)2

Fabricating(Copper products; Lead shipments; Zinc shipments;

Aluminum products; Magnesium products; Tinconsumption)2

Lumber and Products

LumberFurniture

Stone, Clay, and Glass Products

Glass productsGlass containers

CementClay productsOther stone and clay products '

Nondurable Manufactures

Textiles and Products

Textile fabricsCotton consumptionRayon deliveriesNylon and silk consumption 2

Wool textilesCarpet wool consumption... .Apparel wool consumptionWoolen and worsted yarn

Woolen yarnWorsted yarn

Woolen and worsted cloth

Leather and Products. . . .

Leather tanning . .Cattle hide leathersCalf and kip leathersGoat and kid leathersSheep and lamb leathers

Shoes

Manufactured Food Products

Wheat flourCane sugar meltings 2 . . . .Manufactured dairy products

ButterCheeseCanned and dried milk

1950

Sept.

216

224

253

245

223275203792

283

284

265

216

209

219

179

170196

223

215229239175

201

191

171152380

171204170158137187172

123

109122

8985

102133

190

112

15674

164145

Oct.

220

229

263

253

225286209835

303

291

271

223

217

225

176

165198

240

251269249177

201

197

178162374

180228179163142192180

115

107120

868894

121

173

107

11964

142122

Nov.

275

226

260

246

211272198803

311

278

249

226

221

228

168

153197

233

237250231182

197

193

173158381

164204148146122180172

111

111126

919385

110

163

108

9455

123102

Dec.

216

227

266

253

216280207802

321

292

260

227

219

230

158

140195

227

233246211178

196

194

173158397

160201140141121169169

107

106120

828983

109

161

115

9055

121101

1951

Jan.

216

226

264

255

224288212827

322

285

246

224

220

226

153

134190

223

236251193178

196

194

174163392

156180151142121173163

116

108123

769491

121

155

128

9061

126106

Feb.

217

228

268

252

217281206815

328

304

262

217

222

215

154

134193

221

237253186176

196

194

176174390

144181140133119152143

125

120136

93100101128

149

120

10163

139121

Mar.

219

231

275

263

228298217879

335

314

265

209

225

202

160

141195

232

251269207180

194

188

171175374

133169128123111140130

118

104119

799280

127

149

107

12065

158149

Apr.

222

232

278

264

231301218891

337

311

255

'211r227

204

169

161185

243

270292231183

195

185

165153380

146131158140116174159

106

97110

758968

112

152

103

15375

184176

M a y

223r233

277

263

234301217897

336

310

248

'206

'227

197

168

165173

242

255275242184

197

190

169164377

144101163141120171163

97

88104

547859

103

159

104

19693

233228

June

223

232

276

261

235296213884

338

'307

'238

'205r225

197

164

163"•164

241

248266251

1 8 4

197

185

164157378

13787

153135119157159

98

86105

527450

106

165

99

221104259232

July

214

224

267

253

230293215850

327

'298

'222

'199r225

1 8 8

'150

1461 5 9

239

250273248179

189

160

138123380

10027

117105

92123

1 2 4

83

718642

'515092

176

106

22194

221196

Aug.

221

230

270

'254

230291208881

328

310

230

197

213

190

158

154165

237

238259251181

197

170

150145361

11558

133117108130135

98

8096476458

110

187

111

21585

1 9 4164

Sept.

P224

P233

P275

257

231298213902

P336

P319

P234

P201

P212

P196

P158

153*>169

P235

P 2 3 1251254

P 1 8 0

P 1 9 8

P165

P146P142

335

P!85

P\\2

16970

166127

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 be obtained from the Division of Research and Statistics.2 Series included in total and group indexes but not available for publication separately3 Because of a reclassification of the basic data used to measure changes in production, the sulphate pulp and sulphite pulp series are no longer

available separately. Individual indexes through June 1951 are shown in preceding BULLETINS.



INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued(Without Seasonal Adjustment)

[Index numbers of the Board of Governors.

Industry

Manufactured Food Products—Continued

\Ieat packingPork and lardBeefVealLamb and mutton

Other manufactured foods . . ...Processed fruits and vegetablesConfectioneryOther food products...

Alcoholic Beverages.. . ...

Malt liquorWhiskeyOther distilled spiritsRectified liQuors

Tobacco Products

CigarsCigarettes . .Other tobacco products

Paper and Paper Products

Paper and pulpPulp

Groundwood pulp ,Soda pulpSulphate and Sulphite pulp 3....

PaperPaperboardFine paper 2

Printing paperTissue and absorbent paperWrapping paperNewsprint

Paperboard containers (same as Paperboard)

Printing and Publishing

Newsprint consumptionPrinting paper (same as shown under Paper).. .

Petroleum and Coal Products

Petroleum refining 2

GasolineFuel oilLubricating oilKeroseneOther petroleum products 2

CokeBy-product cokeBeehive coke

Chemical Products

PaintsRayonIndustrial chemicalsOther chemical products 2

Rubber Products

Minerals—Total

Fuels

CoalBituminous coalAnthracite

Crude petroleum

Metals

Metals other than gold and silverIron ore(Copper; Lead; Zinc)2

GoldSilver

1935-39 average=

1950

Sept.

15215516513284

206276189191

217

156146753340

181

12024576

194

184211119114240180232

180185156116

172

165

243

195200177196

178170443

272

166376465

244

168

167

13314492184

171

244365

6874

Oct.

15817715112280

189190164193

205

139157798304

170

12422477

202

19322711996265188238

187209164117

183

180

251

196210184195

183175467

282

164371488

250

169

170

141151102184

161

227331

6973

Nov.

18422815411676

175137147190

195

141178493341

174

12723167

201

19122111592

258186240

183196163113

182

180

253

195209187201

178170436

284

160378497

250

159

165

12713884184

124

166195

6670

Dec.

2032671559875

169111148188

189

134157509340

142

8919850

197

18821812692

251184229

188196165114

179

170

263

197225187214

182174457

288

160385504

251

153

163

13014380178

93

11586

5977

= 100]

1951

Jan.

1932471558685

162105152178

211

151155466439

177

10124869

203

19222112194

256188247

181204159117

164

148

272

202238186241

187177522

288

160387506

244

159

169

14015196184

94

11897

5578

Feb.

1421681297767

159100139178

198

149135394408

170

10723467

208

19822812498

265194245

192214172120

176

159

269

198238177241

183174487

291

166384510

235

153

163

11812589185

94

12193

5081

Mar.

1471801277760

15697118178

185

157150440240

161

10022262

208

19823112494269193248

189208171119

179

169

269

199227188235

184176475

296

165374524

239

153

163

11112748189

92

11889

4980

Apr.

1501891267857

157103106180

175

169118424148

167

10423166

215

205243128100284199253

194226172121

188

181

255

193204197226

185178433

298

165377532

238

162

167

12013364191

129

184231

4878

May

1491811348253

159108102182

180

179117336174

172

10523965

212

20123412499274195256

186207170122

179

172

263

207210201203

186178456

298

165378538

247

168

168

11812683192

166

248365

4976

June

1441881079562

165rl2397188

191

195104374174

178

11524567

209

19923512488275193247

180208177129

170

161

263

212215194193

187179476

300

165385548

251

169

169

12313386191

171

256392

4870

July

14116512710767

181'193104191

190

20478

275197

167

9823657

189

18222812278

269175217

167196165121

155

143

262

211213193194

183178388

301

165393553

245

161

160

9710566192

166

247384

5066

Aug.

13915913010864

198262

192

179

18851

266223

190

11426571

196

18822611693

265183224

185196168122

166

147

265

213209198199

187179457

303

162393559

247

171

171

12313477194

169

250403

Sept.

14917413610969

P199P258

P190

193

16670

459332

188

12325675

196

19123212396272185216

192200180124

180

168

P264

P212P210

185178412

P309

P156P394P568

P243

P173

P173

12513779197

P173

P254P405

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.

NOVEMBER 1951 1411


OUTPUT OF MAJOR CONSUMER DURABLE GOODS{Adjusted for Seasonal Variation)

[Index numbers of the Board of Governors, 1947-49 average = 100]

Product group

Total

Passenger automobiles

Household goods, totalCarpetsFurnitureMajor appliancesRadios and television

1950

Sept.

166

175

157114124142273

Oct.

166

175

156113123135283

Nov.

165

177

152121123133263

Dec.

163

170

156115121141273

1951

Jan.

146

138

156114118132297

Feb.

157

156

158115119138294

Mar.

160

169

151102119139262

Apr.

138

144

131101116125186

M a y

129

140

11782109

115153

June

125

140

10870102

111133

July

100

111

88471027898

Aug.

P102

113

P895597

95

Sept.

P107

5697

P123

P Preliminary.NOTE.—For description and back series see BULLETIN for October 1951, pp. 1235-1240. Unadjusted indexes for these series and individual

series for major appliances and radios and television are available on request to the Division of Administrative Services, Board of Governors ofthe Federal Reserve System, Washington 25, D. C.

FACTORY EMPLOYMENT, BY INDUSTRIES[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons]

Industry group or industry

ADJUSTED FOR SEASONALVARIATION

Manufacturing—TotalDurable goods

Primary metal industriesFabricated metal productsMachinery except electricalElectrical machineryTransportation equipmentLumber and wood productsFurniture and fixturesStone, clay, and glass products. .Instruments and related prod-

uctsMisc. manufacturing industries. .Ordnance and accessories

Nondurable goodsTextile-mill productsApparel and other finished tex-

tilesLeather and leather products. . .Food and kindred productsTobacco manufacturesPaper and allied productsPrinting, publishing and allied

industriesChemicals and allied products.. .Products of petroleum and coal.Rubber productsWITHOUT SEASONAL ADJUSTMENT

Manufacturing—TotalDurable goods

Primary Metal IndustriesBlast furnaces, steel works

and rolling millsFabricated Metal ProductsMachinery except Electrical

Metalworking machinery...Electrical Machinery

Electrical apparatus (gen-erating, etc.)

Communication equipment.Transportation Equipment

Motor vehicles and equip-ment . . .

Aircraft and partsLumber and Wood Products

Sawmills and planing mills.Furniture and Fixtures

Household furnitureStone, Clay, and Glass Products..Instruments and Related Products.Misc. Manufacturing Industries. .Ordnance and Accessories

1950

Sept. •

12,7836,9961,105

8371,055

6761,134

775325456

199412

225,7871,268

1,067365

1,17182

420

510503186215

13,0167,0131,105

552837

1,050181673

237255

1,134

788209790468327240458199418

22

Oct.

12,9217,1351,111

8461,110

7031,157

773323469

204417

225,7861,264

1 063'363

1,16682

419

509513190217

13,1337,1861,117

553850

1,104190710

252272

1,157

795225785462329242471

205436

22

Nov.

12,9157,1551,120

8461,139

7101,139

765319475

208411

235,7601,250

1,046362

1,17179

423

510511190218

13,0447,2101,126

554850

1,133197721

254278

1,139

760239773452327242477209432

23

Dec.

12,9537,1931,131

8391,157

7101,160

758320469

209416

245,7601,239

1,048361

1,17381

424

510514192218

13,0567,2541,142

556852

1,163204724

257278

1,160

767252754440326238474211424

24

Jan.

13,0837,2491,143

8391,192

7041,175

754316478

210413

255,8341,245

1,070364

1,21180

421

510521192220

13,0187,2561,149

559847

1,192211711

256268

1,175

767264739429321234473211413

25

Feb.

13,2147,3521,147

8441,209

7091,233

755318475

214421

275,8621,250

1,083367

1,21281

421

510524193221

13,1867,3711,153

559852

1,215218716

258270

1,233

791288736428324235473215427

27

Mar.

13,2187,3951,153

8501,219

7171,253

733323479

216423

295,8231 ,211

1,074362

1,21381

422

515531195219

13,1897,4281,159

561858

1,231223724

262273

1,253

793299722426326236479218429

29

Apr.

13,2497,4491,161

8551,233

7181,243

763319483

220424

305,8001,214

1,063357

1,19182

427

513538196219

13,1087,4451,161

562859

1,239227718

266262

1,243

774309752443317227483221422

30

1951

M a y

13,2117,4491,174

8591,236

7141,233

764309484

222422

325,7621 ,212

1 ,045345

1,18480

426

513539195223

12,9937,4061,162

565850

1,242228707

270247

1,233

752318764449301211484222409

32

June

'13,204r7,440n , i 7 8

8521,246

'7081,237

765'295485

223r4 1 7

34

'5,764r\ 205

r\ 047'351

1,17780

'428r512544

'197'223

'13,064'7,409rl, 172

'572843

'1,252233

r704

275'241

' 1,237

738r333773456

r286'197485223

'40034

July

'13,130'7,369'1,173

835'1,244

'711'1,204

'750'296483

229'409

35'5,761'1,203

1,052'341

1,17679

'427

513549196225

'12,910'7,243'/ , 155

571814

'1,232233

r690

'271'235

'1,204

'704'345r750442

r284'196476221

*38235

Aug.

12,9737,3131.170

8301,220

7191,214

735289477

225397

375,6601,171

1 029'335

1,15180

420

516543194221

13,0807,2711,164

576818

1,208227701

273242

1,214

696354753447285195479223389

37

Sept.

12,8577,2921,161

8091,230

7191,237

727287472

225386

395,5651,145

1,001321

1,14081

416

513540194214

13,0767,3061,161

8091,224

715

1,237

742

288

474225392

39

For footnotes see following page.



FACTORY EMPLOYMENT, BY INDUSTRIES--Continued

[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons]

Industry group or industry

Nondurable goodsTextile-mill Products

Broad-woven fabric mills...Knitting mills

A pparel and Other Finished Tex-tiles

Men's and boys' furnishingsWomen's and misses' outer-

wearLeather and Leather Products. . . .

Footwear (except rubber). . .Food and Kindred Products

Meat productsCanning and preserving.. . .Bakery products

Tobacco ManufacturesPaper and Allied Products

Pulp, paper and paperboardmills

Printing, Publishing and AlliedIndustries

NewspapersCommercial printing

Chemicals and Allied Products.. .Industrial organic chemicals

Products of Petroleum and Coal..Petroleum refining

Rubber Products

Sept. Oct. Nov. Dec,

6,0031,255

606233

1,099254

305372237

1,35023632419489

418

210

510151167506158189145215

5,9471,264

607236

1,100254

297367230

1,26024022619689

421

210

514150170523159190147219

5,8341,262

606234

1,056253

275360226

1,19624417119384

427

211

515150170521160191148222

5,8021,258

604234

1,064251

296359229

1,15525414319083

428

212

518152171524162191147222

Jan. Feb. Mar. Apr. May June July Aug. Sept

5,762

1,257602232

1,070251

303

364234

1,120251132188

80

423

209

510149170526163190147222

5,815

1,269604236

1,115259

317

374239

1,099238127188

80

423

209

510150170532163191148222

5,761

1,223564236

1,106263

305

371237

1,096233125190

78

424

209

512150170539167192149220

5,663

1,214567230

1,047261

267

353225

1,085229128190

76

427

212

510151168538168194150219

5,587

1,206574222

998253

249

331210

1,099229137190

74

424

213

510152168531170194151220

'5,655r1,205

'588'216

'1,000

'245

••255

r344'222

1,14623315419276

'215

r512152169528172

r198'154*220

'5,667'1,167

'574'211

989'234

'273

r336215

'1,232235

'23219274

'418

'214

508151167527'173198154218

5,809

1,153562212

1,044238

297

342221

1,309232307192

83

418

214

511151167532175198154219

5,770

1,134

1,031

327

1,309

513

543

197

214

' Revised.NOTE.—Factory employment covers production and related workers only; data shown include all full- and part-time production and related

workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for September 1951 are preliminary.Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonallyadjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics.

HOURS AND EARNINGS OF FACTORY EMPLOYEES

[Compiled by Bureau of Labor Statistics]

Industry group

Manufacturing—Total.

Durable goods

Primary metal industriesFabricated metal productsMachinery except electricalElectrical machineryTransportation equipment

Lumber and wood productsFurniture and fixturesStone, clay, and glass productsInstruments and related productsMiscellaneous manufacturing industries.Ordnance and accessories

Nondurable goods.

Textile-mill productsApparel and other finished products . . . .Leather and leather productsFood and kindred productsTobacco manufactures

Paper and allied productsPrinting, publishing and allied productsChemicals and allied productsProducts of petroleum and coalRubber products

Average weekly earnings(dollars per week)

1950

Sept.

60.64

65.14

69.1065.7268.9461.4872.39

57.8455.4260.8863.5856.0467.41

55.30

49.9843.0945.7256.3642.02

63.1074.4864.1676.7766.58

1951

July

64.32

'69.04

-75.12'67.9875.29'65.8574.76

'57.43'55.3764.88'68.75'56.2873.36

'58.56

'49.71'45.24'47.12'61.36'45.55

'65.7275.39'69.26'83.9370.90

Aug.

64.56

69.76

74.5968.3576.0766.1876.54

60.1857.6164.2369.4156.6472.66

57.99

48.1546.0746.4361.1345.39

65.0675.7068.3580.9969.95

Sept.

65.29

70.63

75.2569.5177.2868.0277.69

61.1058.4464.2170.3857.1275.86

58.41

48.8845.7245.1361.3645.70

65.2977.6668.4282.4070.42

Average hours worked(per week)

1950

Sept.

41.0

41.7

41.442.142.441.440.9

41.242.641.542.542.143.1

40.1

40.735.738.142.039.2

44.039.241.841 .741.9

1951

July

'40.2

41.0

41.3'41.042.9'40.340.0

39.8'39.341.3

'42.139.8'43.1

39.3

37.8'35.4'37.1'42.038.5

'42.738.6

'41.641.8

'41.1

Aug.

40.4

41.4

41.341.343.140.740.8

40.840.841.242.440.043.2

39.1

36.935.636.541.939.3

42.838.841.440.841 .1

Sept.

40.5

41.5

41.141.743.241.241.3

40.941.341.042.640.243.8

39.2

37.035.535.242.040.3

42.739.342.041.241.3

Average hourly earnings(dollars per hour)

1950

Sept.

1.479

1.562

1.6691.5611.6261.4851.770

1.4041.3011.4671.4961.3311.564

1.379

1.2281.2071.2001.3421.072

1.4341.9001.5351.8411.589

1951

July

1.600

1.684

•1.8191.658

"1.755'1.634'1.869

'1.443'1.4091.5711.633

'1.414'1.702

1.490

'1.3151.278

'1.270r1.461^1.183r1.539'1.9531.665

'2.008'1.725

Aug.

1.598

1.685

1.8061.6551.7651.6261.876

.475

.412

.559

.637

.416

.682

.483

.305

.294

.272

.459

.155

.520

.951

.6511.9851.702

Sept.

1.612

1.702

1.8311.6671.7891.6511.881

.494,415,566,652,421,732

490

,321,288,282,461,134

1.5291.9761.6292.0001.705

' Revised.NOTE.—Data are for production and related workers,

of Labor Statistics.Figures for September 1951 are preliminary. Back data a re available from the Bureau

NOVEMBER 1951 1413


EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION[Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons]

Year or month

19431944 .194519461947194819491950

SEASONALLY ADJUSTED


1951—JanuaryFebruaryMarchApril . . . .MayJuneJulyAugustSeptember

UNADJUSTED

1950—SeptemberOctoberNovember ..December

1951—JanuaryFebruaryMarch. . . . .AprilMavJuneJulvAugustSeptember

Total

42 04241,48040,06941 41243,37144,20143 00644,124

45,19645,40845,50145,605

45,80446,07846,26646 41146,507

r46 626'46,60646,51546,395

45,68445,89845 87346,595

45,24645,39045 85045,99846,226

'46,567'46,43746,68946,870

Manufac-turing

17,38117,11115,30214,46115,24715,28614,14614,884

15,44415,60615,63515,692

15,85216,00916,05816,10216,081

'16,09716,04915,89115,800

15,68515,82715,76515,789

15,78415,97816,02215,95515,853

'15,956'15,83716,01016,026

Mining

917883826852943981932904

942937937938

939939930914916

'923'902919920

946939938937

932930924911915

'927'909928925

Contractconstruction

1,5671,0941,1321,6611 ,9822,1652,1562,318

2,4542,5062,5212,452

2,5072,5032,5562,5742,572

'2,558'2,5672,5842,526

2,6262,6312,5712,403

2,2812,2282,3262,4712,598

'2,686'2,7472,7912,703

Transporta-tion and

publicutilities

3,6193,7983,8724,0234,1224,1513,9774,010

4,1194,1384,1264,125

4,1074,1174,1474,1534,140

'4,132'4,1354,1424,159

4,1394,1324,1234,125

4,0724,0824,1124,1324,137

'4,161'4,1774,1894,180

Trade

7,1897,2607,5228,6029,1969,4919,4389,524

9,6509,6309,6209,692

9,7229,7699,7629,7739,821

r9,857'9,8239,8039,787

9,6419,7529,896

10,443

9,5929,5549,7139,6279,683

'9,732'9,6539,6239,777

Finance

1 4011,374

,394L 586L,6411,716L 763.812

1,8361 .839L.8381,846

1,8401,8481,854L.8561,865L,874.879

1,8921,902

1,8271,8211,8201,828

1,8311,8391,8541,8651,8741,8931,9071,9111,892

Service

3 9193,9344,0554 6214 7864,7994 7824,761

4,7684,7334,7474,741

4,7374,7284,7294 7454,7654 7874,7794,7894,774

4,8164,7574 7234,694

4,6664,6574,6824,7454,7894,8354,8514,8374,822

Federal,State, and

localgovernment

6 0496 0265,9675 6075 4545,6135 8115 910

5,9836,0196,0776,119

6,1006,1656,2306 2946,3476 3986,4726,4956,527

6,0046,0396 0376,376

6,0886,1226 2176,2926,3776,3776,3566,4006,545

LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT[Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over]

Year or month

19431944194519461947194819491950


1951—JanuaryFebruaryMarchAprilMayTuneJuly . . . .AugustSeptember

Totalcivilian non-institutionalpopulation »

94,6iO93,22094,090

103,070106,018107,175108,156109.284

109,577109,407109,293109,193

109,170108,933108,964108,879108,832108,836108,856108,896108,956

Civilian labor force

Total

55,54054,63053,86057,52060,16861,44262,10563,099

63,56763,70463,51262,538

61,51461,31362,32561,78962,80363,78364,38264,20863,186

Employed %

Total

54,47053,96052,82055,25058,02759,37858,71059,957

61.22661,76461,27160,308

59,01058,90560,17960,04461,19361,80362,52662,63061,580

In nonagricul-tural industries

45,39045,01044,24046,93049,76151,40550,68452,450

53,41553,27353,72154,075

52,99352,97653,78553,40053,75353,76854,61854,94254,054

Inagriculture

9,0808,9508,5808,3208,2667,9738,0267,507

7,8118,4917,5516,234

6,0185,9306,3936,6457,4408 0357,9087,6887,526

Unem-ployed

1 070670

1,0402,2702 1422,0643,3953,142

2,3411 9402,2402,229

2,5032,4072,1471,7441,6091 9801 8561,5781,606

Not in thelabor force

39 10038,59040,23045,55045 8 SO45,73346,05146,181

46,01045 70445,78246,657

47,65847,61946 63847,09246,02945 05344 47444,68845,770

1 The number of persons in the armed forces, previously included in the total noninstitutional population and total labor force items, is nolonger available for reasons of security.

2 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 inter-

views of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are availablefrom the Bureau of the Census.



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]

MonthTotal

1950 1951

Residentialbuilding

1950 1951

Nonresidential building

Factories

1950 1951

Commercial

1950 1951

Educational

1950 1951

Other

1950 1951

Public worksand public

utilities

1950 1951

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Year

730.9779.5

,300.2,350.5

,345.5,420.2,548.9

,043.2,140.5,267.5,375.0

,347.6 2.573.0,408.9,379.8,262.8,082.9,286.5

,135.81,087 11,168.4

343.5361.5574.7674.8674.6628.1675.1754.1549.6529.9496.7478.6

420.9531.1574.6590.8661.1545.2548.1567.6479.7

37.727.9

161.5119.283.769.379.8

128.890.893.6

103.9146.1

128.4116.2122.7174.3

,274.9211.5164.1158.8109.4

60.658.388.6

106.896.497.7

117.4137.9137.2104.594.4

108.9

121.1101.878.8

106.360.665.475.465.580.0

63.558.096.397.0

100.2128.3121.2113.1119.486.3

109.487.2

84.681.0

128.4103.5123.2128.1150.1127.998.5

73.5121.4154.3125.6128.3148.7168 8161 2151.4142.5127 2148.2

126.8132.2139.4133.9175.3148.3146.9123.8116.6

152.1152.5224.9227.0264.5273 A258.0253.8238.2179.1155.5199.5

161.3178.2223.6266.1278.0310.5295.2219.3198.7

14,501.1 6,741.0 1,142.3 1,208.5 1,179.8 1,651 0 2,578.4

CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP[Figures for 37 States east of the Rocky Mountains, as reported by theF. W. Dodge Corporation. Value of contracts in millions of dollars]

Month

JanFebMarAprMayJ u n e . . . .JulyAugSeptOctNovDec

Year. .

Total

1949

483568748846885950948911

1,0721,062

958929

10,359

1950

731780

1,300,350,348

1,345,420

1,5491,287

,1361,0871,168

14,501

1951

1,0431,1411,2681,3752,5731,4091,3801,263

Public ownership

1949

160252282319369375410316289332316299

3,718

1950

201285481354389428460438364308320381

4,409

1951

306332418456

1,474583615486

Private ownership

1949

323317466527517574537595783730642630

6,641

1950

530495819996959917960

1.111922828767787

10,092

1951

737808849919

1,099826764776

LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION[In millions of dollars]

Year ormonth

1946 .194719481949. . . .1950

1950—Sept...OctNov.. .Dec. . .

1951—Jan....Feb. . . .Mar . . .Apr. . .May. .June..July. . .Aug.. .Sept...

Total

7551,7873,3383,8214,342

373379379349

330261294252271255274270239

Title 1

Prop-ertyim-

prove-ment l

321534614594694

55827454

634450435254766653

loans

Smallhomecon-

struc-tion

(4)

713

( 4 )

(*)(4)(4)

112222234

Mortgages

1- to 4-familyhouses(Title

ID

347446880

1,8552,466

216241236204

225176180162165146146154131

Rentaland

grouphousing(Title

ID

3

21

325

(4)

437

16561715

7

War andVet-

erans'housing(TitleVI)1

85808

1,8361,3391,031

88434963

282732203631191816

Mili-tary

hous-ing

(Title

12123

14101723

13102818

16131428

1 Net proceeds to borrowers. s Mortgages insured under WarHousing Title VI through April 1946; figures thereafter representmainly mortgages insured under the Veterans' Housing Title VI(approved May 22, 1946) but include a few refinanced mortgagesoriginally written under the War Housing Title VI. Beginning withDecember 1947, figures include mortgages insured in connection withsale of Government owned war housing, and beginning with February1948 include insured loans to finance the manufacture of housing.

3 Mortgages insured on new rental housing at or near militaryinstallations under Title VIII, approved Aug. 8, 1949.

« Less than $500,000.6 Includes about 3 million dollars of Class 3 loans insured before

expiration of this program Feb. 28. 1950, but tabulated after that dateand not shown separately. Includes almost one million dollars ofmortgages insured since August under new Sec. 8 small homes program.

NOTE.—Figures represent gross insurance written during the periodand do not take account of principal repayments on previously insuredloans. Figures include some reinsured mortgages, which are shown inthe month in which they were reported by FHA. Reinsured mortgageson rental and group housing (Title II) are not necessarily shown in themonth in which reinsurance took place,

CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS

(Figures for 37 States east of the Rocky Mountains, as reported by theF. W. Dodge Corporation. Value of contracts in thousands of dollars]

Federal Reserve district

BostonNew YorkPhiladelphia . .ClevelandRichmondAtlantaChicagoSt LouisMinneapolisKansas CityDallas

Total (11 districts)

1951

Sept.

57,455191,42552,093

106.455102,214108,350203,909

66,50639,35358,39096,705

1,082,855 1

Aug.

72,804187,11877,383

150.112136,997120,797246,103117,96741,65619,73292,142

262,811

1950

Sept.

64,450191,94972,716

141,878147,266139,206208,821

88 43859,65857,075

115,084

1,286,541

INSURED FHA HOME MORTGAGES (TITLE II) HELD INPORTFOLIO, BY CLASS OF INSTITUTION


End of month

1936—Dec1937—Dec1938—Dec1939—Dec1940—Dec1941—Dec1942—Dec1943—Dec1944—Dec1945—Dec

1946—June. . . . .Dec

1947—JuneDec

1948—JuneDec

1949—JuneDec

1950—Dec

Total

365771

1,1991,7932,4093.1073.6203,6263,3993,156

3,1022,946

2.8602.871

2,9883.237

3,8944.751

6,695

Com-mer-cial

banks

228430634902

1.1621,4651 .6691,7051,5901,506

1,4881,429

1.3861 .379

1 .4021,429

1,5871,771

2,205

Mu-tualsav-ings

banks

8273871

130186236256260263

260252

245244

251265

305378

693

Sav-ingsandloan

associ-ations

56110149192224254276292269253

247233

229232

245269

323416

603


41118212342542789

1,0321,1341,0721,000

974917

889899

9731.113

1,4311,828

2,712

Fed-eral

agen-cies l

53277

153201234245

796813

119

87

79

2152

60

Other2

275390

133150179163159140122

122106

102110

110152

227305

421

1 The RFC Mortgage Company, the Federal National MortgageAssociation, the Federal Deposit Insurance Corporation, and theUnited 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, exclud-ing terminated mortgages and cases in transit to or being audited at theFederal Housing Administration.

NOVEMBER 1951 1415


MERCHANDISE EXPORTS AND IMPORTS


Month

January. . .February..March . . . .

AprilMayJ u n e . . . . .

JulyAugust. . .September

October...NovemberDecember.

Jan.-Sept..

Merchandise exports 1

I9473 1948 1949 1950 1951

1,1931,1981,384

1,3621,5041,320

1,2651,2651,185

1,304188172

11,676

1 ,0921,0851,139

1,1211,1031,014

1,019992926

1,023823

1,318

9,489

1,1051,0431,189

1,1731,0951,108

900885910

856842945

9,409

741764860

804830878

4779762911

P906P978

P1,065

P9741,076

Pl,284

,372,355,293

,190,264,231

i 1,037

Merchandise imports 2

1947 1948 1949 1950 1951

533438445

514475464

452406475

493456605

4,202

547589675

532554625

564606560

600554720

5,249

590567633

534541526

456491530

557593605

4,868

623600665

585659687

709820862

P923P854P867

6,210

Pi,024

PI.099

Pl.033P1,018

?930

P8,519

Excess of exports

1947 3 1948 1949 1950 1951

660760939

8471,029856

813860710

811732567

7,475

545496464

590549389

456386365

423269598

4,240

515477557

639554582

444394380

299249340

4,541

118164195

219170191

70-5949

P - 1 7P124P199

1,117

P - 5 0P167P185

P340P337P363

P296P3 84P496

P2.518

ided warehouses.>ied areas, which had been

export statistics for April,,y , emu j line.

Source.—Department of Commerce.Back figures.—See BULLETIN for February 1951, p. 210; March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937,

p. 152; July 1933, p. 431; and January 1931, p. 18.

FREIGHT CARLOADINGS, BY CLASSES

[Index numbers, 1935-39 average =100]

Year or month

19391940194119421943 . .1944194519461947194819491950

SEASONALLYADJUSTED

1950—September. .October. .November. .December.

1951—JanuaryFebruary. . .MarchAprilMayJuneTulyAugustSeptember.

UNADJUSTED

1950—September. .Oc tober . . . .November. .December. .

1951—January.. . .February.. .MarchAprilM!ayJuneJulyAugustSeptember.. .

Total

101109130138137140ns132143138116128

134136136140

146129139136133131125133133

145147139130

133119130133135137130137144

Coal

98111123135138143134130147141100117

135135126129

133114112112111120

97122130

135135126129

133114112112111120

97122130

Coke

102137168181186185172146182184145180

201206198194

199186202197210217215215211

198201198204

209197204193208212209206209

Grain

107101112120146139151138150136142135

128159166158

153134150158141123130140132

143159162148

153131138139124125156151148

Live-stock

969691

104117124125129107

887768

72757272

695562686461616781

95116

9070

6644496157495064

107

For-est

prod-ucts

100114139155141143129143153149123140

1 4 9146157162

170143147156154152143148142

160154154145

153137147156160158143155153

Ore

110147183206192180169136181184151172

'199184184199

243241241212212207203209205

298262188

62

616070

193296321325313308

Mis-cel-lane-ous

101110136146145147142139148146127140

142145146151

158141157151148144142144143

154158152142

145133149149149148143145154

Mer-chan-disel.c.l.

9796

100696367697875685753

55545352

524853514847454746

57565450

504654514847444748

Year or month

193919401941194219431944194519461947194819491950

SEASONALLYADJUSTED

1950—September..October.. .November..December. .

1951 —January . . .February...M a r c h . . . .AprilMayTuneJulyAugust

UNADJUSTED

1950—September..OctoberNovember..December..

1951—JanuaryFebruary.. .MarchAprilMayJuneJulyAugust

[In millions of dollars

Totaloperatingrevenues

3,9954,2975,3477,4669,0559,4378,9027,6288,6859,6728,580

P9.473

858885863941

863783854873855871818854

872925862928

849716875851889856817910

Totalexpenses

3,4063,6144,3485,9827,6958,3318,0477,0097,9048,6707,893

P 8 , 4 3 4

749776760849

766742783800794795775806

749791752815

771697797781814792775829

]

Netoperating

income

589682998

1,4851,3601,106

852620781

1,002687

»»l,040

109108103

92

9841717362764448

123135110113

7819787175644281

Netincome

93189500902873667450287479699438

»783

73747060

6611394130441317

99108

86120

55- 45145495016

PS 5

r Revised.NOTE.—For description and back data, see BULLETIN for June 1941, pp.

529-533. Based on daily average loadings. Basic data compiled by Associa-tion of American Railroads. Total index compiled by combining indexes forclasses with weights derived from revenue data of the Interstate CommerceCommission.

REVENUES, EXPENSES, AND INCOME OF CLASS IRAILROADS

P Preliminary.NOTE.—Descriptive material and back figures may be ob-

tained from the Division of Research and Statistics. Basicdata compiled by the Interstate Commerce Commission.Annual figures include revisions not available monthly.



DEPARTMENT STORE STATISTICS[Based on retail value figures]

SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS[Index numbers, 1935-39 average = 100]

Year or month

SALESi194519461947194819491950

SEASONALLY ADJUSTED


1951—JanuaryFebruaryMarchAprilMayTuneJulyAugustSeptember

UNADJUSTED

1950—SeptemberOctoberNovember . .December

1951—JanuaryFebruaryMarchApril . .MayJuneTuly. . ..AugustSeptember

STOCKSi194519461947194819491950

SEASONALLY ADJUSTED

1950—SeptemberOctober ....NovemberDecember

February

AprilMayJune..TulyAugustSeptember

UNADJUSTED

1950—SeptemberOctoberNovember

1951—JanuaryFebruaryMarchAprilMay . .June . .JulvAugustSeptember

UnitedStates

207264286302286304

r319291290325

362326291302301302309319P312

r330308355534

277262284284297284240267P323

166213255291270295

309329332329

338349368377365353353342P335

'321362371295

303334373386370341338344P349


Boston

176221234239234240

255216229249

303251217233235235245256P249

263239287436

230193217221233225169••189P256

153182202223210231

227249262264

274280305303290276262250251

245281298238

243264296297287265254263271

NewYork

169220239249236244

'260238234266

291263230252243267256265252

r265259302450

233218230232238254179194257

160195225241223237

»-242258266263

273281299297290290294279274

T-255291306239

240273306306294274262279289

Phil-adel-phia

184235261284271288

310279273307

342321283286281285288304302

313299363525

253241286269286271207228305

150191220252233257

275283282286

297305320331318314309301302

286326324252

258299336345325295278295314

Cleve-land

201257281303281303

333299251328

395333286323309306309312326

337317313538

293266286297306287241271329

156205243277256288

296313350351

357369396395380361349323315

324355377294

313343392401383355348341345

Rich-mond

235292304321309325

7-330312312336

369341297326331331351350328

T-353333387584

267266307298325305254279351

198248289322301334

T-341

363357349

351384404407398414407393

P379

T-358

403397316

322374416425405373380397P397

At-lanta

275344360386374401

409370391421

450419413399387402415398M08

426388453708

342352422367375353324358P424

188258306362339394

438456448461

472458462483480453451441429

451497501401

424463485507476435424437442

Chi-cago

193250275290271291

305282288318

349322290282290276286317299

320296357495

261251269276293276235263314

159205246281260276

288313309297

320320331343339326340320308

297341352279

288311344353342313313310317

St.Louis

227292314335317331

360305316353

363327298320330313344350346

363326398540

298275298304323282269301349

166225274314296325

325365374381

337412425437403389357359347

361409400320

290371413437403389372392385

Minne-apolis

185247273288275289

289283291318

325324249287278274276298283

T-320319338476

248239236279284263223268314

165212266326299317

323353345335

343350363382378368354362353

328371375310

316336378387379355362358358

KansasCity

229287311325309'329

T-342303325354

395346321314317316313333P340

7J6O328376556

300280308302314291257307

P357

158209259301276300

T-303

330335330

351343365380372361356361P346

7-309

353369294

319336373392379361349354P353

Dallas

275352374404385417

420375400433

475439414402405409423411409

454405472711

375351397382393352339366441

190251320389362397

431456446430

437443465486486473482486P475

444479495395

406434493510486445453481P489

SanFran-cisco

248311337353332354

368343345377

421375336346348347365361356

374345387627

333316318320330325310339362

183238300346323355

389403395389

399414445465438405418424418

389430438354

363389436474454408430423418

p Preliminary. f Revised.1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN

for June 1946, pp. 588-612.

NOVEMBER 1951 1417


DEPARTMENT STORE STATISTICS—ContinuedSALES AND STOCKS BY MAJOR DEPARTMENTS

Department

Num-ber ofstoresreport-

ing

354

354

315293193172185306275249238

34420323932831321227681228270137233

351351310280162322337342344250284255324333246212225351339212206313272316341257271340291263

333255315301193

31924817318127616396296250252241259171231165125

315298239143265190

Percentage changefrom a year

(value)

Sales duringperiod

Aug.1951

-7

-8

-14-5-5-17+4-17-16-23-8

0+4+2+2-5-12-f 1-4-6+5+ 13+2-2-2+ 12-8-8-5-3-15

2-5-4+ 11+5+2-3+9— 7-1-5— 2— 13+7+3+ 11

01 i— 1+5+2-27

-10

-4+6-4

-20-12-11— 13-25—26— 14—5-8-4-42-9

-y

—42—41— 13

+2+2+3+ 1+3+ 1

Eightmonths1951

+4

+4

+300

-9+4+5+3+6+9

+4+6+4+7+3+40

+80

+3+4+2

+4+3+ 10-4-2+3+6-5+4+4+ 1+ 12+6+3+6+6+5+6+6+8+2+6+5+8+4+5+5+ 7+3+9

+5+8+2+4+9

+1+6+7+6+ 10+ 12— 1+7-1+7-20+9-j-6— 15-17+7+6+7+8+5+7+3

ago

Stocks(end ofmonth)

Aug.1951

+19

+20

+30+2-1+ 10-3

+52+29+ 113+44

+ 12+2+5+ 12+ 19+34+5+22+ 12+8+5+9

+13+ 12+ 13+6+8+21+6+ 1+ 11+26+4+9+ 13+ 10+ 18+6+21+ 13+ 19+ 18+20+ 12+ 10+ 12+90

+ 17+ 15

0+ 14+ 19+30+ 14+7+ 19

+28+35+59+31+25+27-10+ 11+ 14+20+77+ 19+ 16+39+36+ 19

+27+41+56+20+8-5

Ratio ofstocks tosales 1

August

1951

3.7

4.0

3.94.74.85.43.73.64.22.74.3

4.44.24.13.95.97.43.59 85.34.13.24.6

3.03.82.85.01.410.03.42.93.43.43.82.83.43.05.93.96.62.32.72.43.21.91.82.01.91.32.42.42.03.9

6.07.95.54.16.8

4.53.61 .84.25.96.24 25.04.47.74.04.75.23̂ 93.16.0

4.37.99.56.03.31.1

1950

2.9

3.1

2.64.44.64.14.02.02.71.02.8

4.04.34.03.54.74.93.47 74.44.03.44.3

2.63.32.74.31.37.93.12.43.12.63.42.93.12.84.84.05.12.02.22 12 31.81.72.01.71.42.02.22.02.4

5.06.14.64.05.4

2.82.31.02.83.53 64 04.23.66.21.33.64.3

1̂ 44.4

3.45.86.35.03.11.2

index numberswithout seasonal adius

1941 average monthly sa

Sales duringperiod

1951

Aug.

189

199165157254167220172290189

152157189138155

' 14o'153135147

19017119510214671229119176226151154268144195

210203

299267342164

271154151

148137131213160

230258

197

175167161267250

173154123164241

July

155

15413010485197170146219151

133157193130125

108120113111

144141157856856222106180221163158191113149

14693

158160159154

22819147

139144144113145

191205

154

159137127243242

167170135171237

1950

Aug.

204

231173165304160266204375204

151151185135162

149145120144

19317617511215874237140179238156139254141200

212213

279258308164

257152207

149138136200167

287295

263

183181167463275

171150119162234

,tmentes = 10C) 2

Stocks at endof month

1951

Aug.

753

786779747

1,390615795721 '778813

679657779533918

737628428673

576658541507218706773347615783565433903435

1,144

490550

575472701304

651310584

8801,086720868

1,089

1,036920

1,168

866748

1,2411,0631,172

7441,2141,170980794

July

728

808730628

1,228632860806914864

660643772543887

719591422610

506587453496144572765308587755563383806385989

419425

496380642231

595317573

795917696767961

1,103965

1,154

850748

1,2301,3591,229

6941,1671,090933832

1950

Aug.

625

605759751

1,255634523562368562

607646742477768

655571406613

513584478475199574729342554626541393796395968

436466

511423617275

564313557

739836630804901

814683

932

780656

1,039606976

591867753825730

GRAND TOTAL—entire store 3

MAIN STORE—total

Piece goods and household textilesPiece goods

Silks, velvets, and syntheticsWoolen yard goodsCotton yard goods

Household textilesLinens and towelsDomestics—muslins, sheetingsBlankets, comforters, and spreads

Small waresLaces, trimmings, embroideries, and ribbons...NotionsToilet articles, drug sundriesSilverware and jewelry

Silverware and clocks 4

Costume jewelry4

Fine jewelry and watches4

Art needleworkBooks and stationery

Books and magazinesStationery

Women's and misses' apparel and accessoriesWomen's and misses' ready-to-wear accessories

Neckwear and scarfsHandkerchiefsMillineryWomen's and children's glovesCorsets and brassieresWomen's and children's hosieryUnderwear, slips, and negligees

Knit underwearSilk and muslin underwear, and slipsNegligees, robes, and lounging apparel....

Infants' wearHandbags and small leather goodsWomen's and children's shoes

Children's shoes 4

Women's shoes 4

Women's and misses' ready-to-wear apparel...Women's and misses' coats and suits

Coats 4

Suits4

Juniors' and girls' wearJuniors' coats, suits, and dressesGirls' wear

Women's and misses' dressesInexpensive dresses 4

Better dresses4

Blouses, skirts, and sportswearAprons, housedresses, and uniformsFurs

Men's and boys' wearMen's clothingMen's furnishings and hatsBoys' wearMen's and boys' shoes and slippers

Homef urnishingsFurniture and bedding

Mattresses, springs, and studio beds4

Upholstered and other furniture 4

Domestic floor coveringsRugs and carpets4

Linoleum 4

Draperies, curtains, and upholsteryLamps and shadesChina and glasswareMajor household appliancesHousewares (including small appliances)Gift shop4

Radios, phonographs, television, records, etc.4.Radios, phonographs, television 4

Records, sheet music, and instruments4. . . .

Miscellaneous merchandise departments. . .Toys, games, sporting goods, cameras

Toys and gamesSporting goods and cameras

LuggageCandy 4

1418For footnotes see following page.

FEDERAL RESERVE BULLETIN


DEPARTMENT STORE STATISTICS—ContinuedSALES AND STOCKS BY MAJOR DEPARTMENTS—Continued

Department

BASEMENT STORE—total

Domestics and blankets 4

Women's and misses' ready-to-wearIntimate apparel4

Coats and suits *Dresses 4

Blouses, skirts, and sportswear *. .Girls' wear *Infants' wear 4

Men's and boys' wearMen's wear 4

Men's clothing 4

Men's furnishings 4

Boys' wear 4

Homef urnishinj*s

Shoes

NONMERGHANDISE—total«...

Barber and beauty shop *

Num-ber ofstores

report-ing

196

135

188164173172156121120

15513796

114118

103

116

175

72

Percentagechange from a

year ago (value)

Salesduringperiod

Aug.1951

0

- 8

+2c0

+3+8

+ 10

+7+4

+ 100

+ 12

- 8

+3- 1

+ 1

Eightmonths

1951

+5

+7

+4+5+1+3+4+6+9

+7+7

+ 10+5+7

+3

+9

+6

0

Stocks(end ofmonth)

Aug.1951

+9+29+1- 1- 2- 1+3+8+4

+13+15+ 18+ 10+6

+18

+ 16

(5)

(5)

Ratio ofstocks to

sales i

August

1951

2.6

2.5

2.12.42.41.21.91.72.5

3.23.64.03.22.4

3.6

4.1

t5)

(5)

1950

2.4

1.8

2.12.42.31.31.91.72.7

3.03.23.72.92.5

2.8

3.6

(5)

(5)

Index numberswithout seasonal adjustment

1941 average monthly sales = 100 2

Sales duringperiod

1951

Aug.

184

179

196

165

152

July

157

152

179

137

126

1950

Aug.

183

176

184

180

147

Stocks at endof month

1951

Aug.

483

367

630

588

617

July

462

340

602

590

526

1950

Aug.

444

363

557

504

530

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 numberof 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 stocksindex is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes ofsales 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 858were reversed.

8 For movements of total department store sales and stocks see the indexes for the United States on p. 1417.4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included

in group and total indexes. 5 Data not available.NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1950, sales and stocks

at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of thedepartments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.

SALES, STOCKS, ORDERS, AND RECEIPTSAT 296 DEPARTMENT STORES *


Year or month

1942 average. . .1943 average. . .1944 average. . .1945 average. . .1946 average. . .1947 average. . .1948 average. . .L949 average. . .1950 average. . .

1950—SeptOctNovDec

1951—JanFebMarAprM a y . . . .JuneJ u l y . . . .AugSept

Reported data

Sales(total

formonth)

179204227255318337352333347

369360406615337284347312339326257309

P344

Stocks(end ofmonth)

599509535563715826912862942

'1,0261,1681,209

956992

1,0891,2171,2401,1931,1121,0691,106

Pi,115

Out-standing

orders(end ofmonth)

263530560729909552465350466

700593444412657652467338295386434395

P407

Derived data 1

Receipts(total

formonth)

182203226256344338366331361

••476'502447362

373381475335292245214346

P353

Neworders(total

formonth)

192223236269327336345331370

••422396298330618376290206249336262307

P365

p Preliminary. r Revised.1 These figures are not estimates for all department stores in the

United States. Figures for sales, stocks, and outstanding orders arebased on actual reports from the 296 stores. Receipts of goods arederived from the reported figures on sales and stocks. New ordersare derived from estimates of receipts and reported figures on out-standing orders.

Back figures.—Division of Research and Statistics

WEEKLY INDEX OF SALES

[Weeks ending on dates shown. 1935-39 average = 100]

Without seasonal adjustment

Dec.

Jan.

Feb.

Mar.

Apr.

M a y

1949

3 . . .1 0 . . .1 7 . . .2 4 . . .3 1 . . .

1950

7 . . .1 4 . . .2 1 . . .2 8 . . .

4 . . .1 1 . . .1 8 . . .2 5 . . .4.. .

11!! !18. . .25 . . .

1. . .8. . .

15.. .2229"..6 . . .

13.'.'.'20 . . .27 . . .

..449

..542

..584

..541

. 197

. .205

. .233

. .230

..222

..226

. .238

. .231

..221244

! 253..264. .279. .301. .320. .254

279"'.285. .301!.*308..275..282

Dec.

Jan.

Feb.

Mar.

Apr.

M a y

1950

2 . . .9 . . .

16. . .2 3 . . .30 . . .

1951

6.. .13 . . .20 . . .27 . . .3 . . .

10. . .17. . .24 . . .

310!!!17. . .24 . . .3 1 . . .

7 . . .14. . .2128'.'.!

5 . . .12.!!19. . .26 . . .

..444

..554

..638

..640

..237

..285

..305

..301

..278

..234

..273

..272

..274

. .288

..303

..292

..304..258. .292..288. .281..293. .326..318..285..290

June

July

Aug.

Sept.

Oct.

Nov.

1950

3 . . .1 0 . . .1 7 . . .2 4 . . .

1 . . .8 . . .

1 5 . . .2 2 . . .2 9 . . .

5 . . .1 2 . . .1 9 . . .2 6 . . .

2 . . .9 . . .

1 6 . . .23 .3 0 . . .7 . . .

1 4 . . .2 1 . . .2 8 . . .4 . . .

11. . .1 8 . . .25. . .

. .261

..302

..302

. 250. .263. .218. .265. .303. .295. .296. .273. .281. .288. .310. .295. .368. 322..320, .325..322. .304. .313..315. .342..368. .319

June

July

Aug.

Sept.

Oct.

Nov.

1951

2 . . .9 . . .

1 6 . . .2 3 . . .30 . .

7 . .14. .2 1 . .28. .4 . . .

1 1 . . .1 8 . . .2 5 . . .

1 . . .8 . . .

1 5 . . .

2 9 . . .6 . . .

1 3 . . .2 0 . . .2 7 . . .

3 . . .101 7 . . .24

. .273

. .311

. .305

. .265

. .258. .218. .238. .234. 232

. .254

..252

. .268

. r280

. .303

..289

. .329321

. .328

. .318

. .338

. .334

. .327

. .348

9 Revised.NOTE.—For description of series and for back figures, see BULLETIN

for September 1944 .pp. 874-875,

NOVEMBER 1951 1419


DEPARTMENT STORE STATISTICS—ContinuedSALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES

[Percentage change from corresponding period of preceding year]

Sept.1951

Aug.1951 1951

Sept.1951

- 7- 7- 6

-4c

- 4- 1 0

- 2- 2 3- 1 6

- 1- 4+6- 3- 4+8- 4

- 1 2+5

- 1 4

p-4+1

+10+1

0- 7+1—6

3— 12

+ 1q

—2- 1 1+5

- 1 0—6—7—7—7- 8—7- 8

Aug.1951

+4- 1 1

- 9_ 3- 2- 1

- 1 3- 9

- 2 1- 2 1- 1 7- 1 1

+7- 1 0

0+13

0- 5+4- 6—4- 5

+10+1+5- 3+7- 2- 1

' - 1 4+1+4+3

-12+11- 1 1+4

- 1 2- 1 0

- 1- 1 5

—3— 7

9TOOS.

1951

+7+3

0+3+2+4- 4- 1

- 1 42

+4- 5

+13+2+1+9+6

0+7

0+2+2+6- 1+6+6

+11+8

00

+16+6+7

5+9

- 1 0- 2—5- 2- 2

0+2—2

Sept.1951

-6- 5

- 1 1- 7- 3- 3- 6- 7

- 1 70

- 4—7

+1- 3

-8+6- 5+6- 4

- 1 1- 1 3- 1 2+14

- 1

- 6- 6

- 1 1

- 8

P-5- 9

(2)- 2

+15+9- 1

+14—7

C- 1 3

—2

Aug.1951

- 5- 6

- 1 1- 2- 1

- 1 2- 1 0

- 4- 1 8+2- 3- 6- 8- 5

- 5- 4- 5+6- 9

- 1 0- 7- 6- 2

0

- 7- 9

- 1 7

- 7

- 7- 7

(2)- 9

+11+5- 5- 7- 8- 4

- 1 6- 1 0

9

1951

+4+3

0+4+6+2- 1+6

+15+6+4

0+3

-1+6- 3+6

0+2- 1

0+2+1

+10

- 6

- 1

+J+1

3 + 4

+9+14+2

+1+5

0

Sept.1951

- 5+3+1

- 1 1- 9- 7+7

- 1 2

P - 7- 5+2

P - 7P - 1 0

P - 9P - 1 0

- 5

- 9+2- 5- 1

0

P - 1 2

+5( 2 )

P - 1 0- 7- 8

- 1 3- 6- 7- 5

P - 6

Aug.1951

- 7- 3

- 1 2- 1 3

- 5- 1 0+3- 4

A

- 1+20

- 6- 1 1+2

- 5

- 1+6- 3- 3- 4

- 9

+15

- 7- 4- 4- 3

- 1 10

+5+5- 1

9mos.1951

United States.oston

New Haven.. .PortlandBoston Area...Downtown

BostonLowell-

LawrenceNew Bedford..SpringfieldWorcesterProvidence

New YorkBridgeport *Newark 1

AlbanyBinghamtonBuffalo iElmiraNiagara Falls..New York CityPoughkeepsie..Rochester *Schenectady. .Syracuse x

UticaPhiladelphia..Trenton»Lancaster *Philadelphia*.Reading x

Wilkes-Barre i.York iClevelandAkron iCanton *Cincinnati1 . . .Cleveland »Columbus J

Springfield *Toledo *Youngstown 1.

P-6P-6

- 5- 6- 4

- 3

- 1 3- 1 2

- 2- 4

- 1 3IJ

- 7- 8- 3- 6

5+2

- 1 05

+2- 1

- 1 0- 6- 1- 9—8- 8

-11

+3

- 5-4-2+1- 4

- 6

- 6

- 9

- 1- 6- 1- 1+1

+13+1+++2- 4

- 8

- 1

—6—6

+4

+3+1+4+4+2

+220

+4+6

+7+6+9+3

+6s+2+3+4

+3

+8+4

+13

Cleveland-cont.Erie1

Pittsburgh »Wheeling i . . . .RichmondWashington 1...BaltimoreHagerstown....Asheville, N. C.RaleighWinston-Salem.Anderson, S.C..CharlestonColumbiaGreenville, S. C.LynchburgNorfolkRichmondRoanokeCh'ls'ton.W.Va.Huntington

AtlantaBirmingham 1. .MobileMontgomery *..Jacksonville 1...Miami iOrlandoSt. Petersburg..Tampa 1

Atlanta l

AugustaColumbusMacon l

RomeSavannahBaton Rouge *..New Orleans1..Jackson *MeridianBristolChattanooga *..Knoxville l

Nashville i

ChicagoChicago x

Peoria1

Fort Wayne 1..Indianapolis 1..Terre Haute K.Des Moines...Detroit *Flint iGrand Rapids.LansingMilwaukee x . . .Green Bay 1...Madison

St. LouisFort SmithLittle Rock i . . .EvansvilleLouisville 1

QuincySt. Louis iSt. Louis Area..SpringfieldMemphis *

Minneapolis..Minneapolis K..St. PauliDuluth-Superior * . . . . .

Kansas City..,Denver ,PuebloHutchinsonTopekaWichitaKansas City...JoplinSt. JosephOmahaOklahoma CityTulsa

DallasShreveportCorpus Christi..Dallas iEl PasoFort WorthHouston J

San Antonio

San Francisco.Phoenix iTucsonBakersfield K ...Fresno l

Long Beach 1...Los Angeles 1...Oakland and

Berkeley *Riverside andSan Bernardino

Sacramento l...San Diego *San Francisco *.San Jose l

Santa Rosa 1. . .StocktonVallejo andNapa x

Boise andNampa

PortlandSalt Lake City».Bellingham "Everett1 . . .Seattle *. . .Spokane *..Tacoma *..Yakima*. .

+1+2-100

+12

+2+5+12

^0

+1+1+2-2+6+4+4+2

»+5

+15

« -2+2

3+6+5+5+1

p Preliminary. r Revised.1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located.2 Data not available. »Seven months 1951. 4 Eight months 1951.

CONSUMERS' PRICES1

[Bureau of Labor Statistics index for moderate income families in large cities, 1935-39 average =» 1001

Year or month

19291933194019411942194319441945194619471948194919501950—September

OctoberNovemberDecember

1951—JanuaryFebruary .MarchAprilMayJune •JUly ,

September

All items

122.592.4

100.2105.2116.6123.7125.7128.6139.5159.6171.9170.2171.9174.6175.6176.4178.8181.5183.8184.5184.6185.4185.2185.5185.5186.6

Food

132.584.196.6

105.5123.9138.0136.1139.1159.6193.8210.2201.9204.5210.0210.6210.8216.3221.9226.0226.2225.7227.4226.9227.7227.0227.3

Apparel

115.387.9

101.7106.3124.2129.7138.8145.9160.2185.8198.0190.1187.7189.8193.0194.3195.5198.5202.0203.1203.6204.0204.0203.3203.6209.0

Rent

141.4100.7104.6106.4108.8108.7109.1109.5110.1113.6121.2126.4131.0131.8132.0132.5132.9133.2134.0134.7135.1135.4135.7136.2136.8137.5

Fuel, electricity,and refrigeration

112.5100.099.7

102.2105.4107.7109.8110.3112.4121.2133.9137.5140.6141.2142.0142.5142.8143.3143 9144.2144.0143.6143.6144.0144.2144.4

Housefurnishings

111.784.2

100.5107.3122.2125.6136.4145.8159.2184.4195 8189.0190.2194.2198.7201 1203.2207.4209 7210.7211.8212.6212 5212.4210.8211.1

Miscellaneous

104.698.4

101.1104.0110.9115.8121.3124 1128.8139.9149 9154.7156.5157 8158.3159 2160.6162.1163 2164.3164.6165.0164 8165.0165.4166.0

1 Figures in this table are the same as those previously shown under "Cost of Living" title. Series is the adjusted one reflecting: (1) begin-ning 1940, allowances for rents of new housing units and (2) beginning January 1950, interim revision of series and weights.

Back figures.—Bureau of Labor Statistics, Department of Labor.



WHOLESALE PRICES, BY GROUPS OF COMMODITIES[Index numbers of the Bureau of Labor Statistics. 1926 =100]

Year, month, or week

192919301931193219331934193519361937193819391940 J*.1941.194219431944194519461947194819491950


1951—TanuaryFebruary..MarchAprilMay. . . .TuneTulyAugustSeptember

Week ending:1

1951—Sept 11Sept. 18Sept 25

Oct 2Oct 9Oct. 16Oct 23Oct. 30

Allcom-modi-ties

95.386 473.064.865.974.980.080.886.378.677.178.687.398.8

103.1104.0105 8121.1152.1165.1155.0161 5

169.5169.1171.7175.3

180.1183.6184.0183.6182 9181.7

'179.4178.0177.6

176 9176.4176 7

177 1177 4177.7177 1177.0

Farmprod-ucts

104.988.364.848.251.465.378.880.986.468.565.367.782.4

105.9122.6123.3128.2148.9181.2188.3165.5170.4

180.4177.8183.7187.4

194.2202.6203.8202.5199.6198.6194.0190.6189.2

189 7188.6190 5

191 1193 1195.2192 3192.1

Subgroups

Farm Products:GrainsLivestock and poultryOther farm products

Dairy products . . . .Cereal productsFruits and vegetables . . . .Meats, poultry andOther foods

fish

Hides and Leather Products:ShoesHides and skinsLeatherOther leather products

Textile Products:ClothingCotton goodsHosiery and underwearSilkRavon and nvlonWoolen and worsted goods.. .Other textile products

Fuel and Lighting Materials:

Bituminous coalCokeElectricityGas.Petroleum products

1950

Sept.

166..211 3164 4

154.7155 5131.0241.0158 7

194.9264."196 8151.3

146 7221.6105.364 941 7

178.7191 3

142.8193 2225.6

65 689.0

117.8

Foods

99.990.574.661.060.570.583.782.185.573.670.471.382.799.6

106.6104.9106.2130.7168.7179.1161.4166.2

177.2172.5175.2179.0

182.2187.6186.6185.8187.3186.3186.0187.3188.0

189.0187.9188 6

189 5191.2191.6190 1189.9

Other commodities

Total

91.685.275.070.271.278.477.979.685.381.781.383.089.095.596.998.599.7

109.5135.2151.0147.3153.2

159.2161.5163.7166.7

170.3171.8172.4172.3171.6

170.5168.6167.2166.9

165 7165.4165 1

165 2165 0165.1165 1165.1

Hidesand

leatherprod-ucts

109100

86

n80868995

104.9?95

100108117117.

10199664686837,5

116.7118.13718?188.180191.

703208.

1?484Q

06

211.5718

734238.236.733232.730771713212.

7

8?7366963

Textileprod-ucts

90.480.36f5464777C711(\666<37.1849697

> 3k 9.899

.537

.788

.94

98.410(111614114<)14(114fl

158163166171

m181

13

.7840

.318

.4

.21

183.2187187177

1 7 3M67163

1661631 SQ

ISfl1571571S6156

1951

June

178.6235 8180.4

163.4162.3146.3255.2160 8

223.3284.3227 5180.6

164.0228.7112.973.243 1

225.3250.1

152.5195.5234.8

64.792.9

120.0

July

178.0233 9173.1

167.5162.3144.3254.6158 5

222.4250.7216 8180.6

164.8r218.8111.271.143 1

••218.2239.6

153.5194.6234.8

65.493.8

120.4

Aug.

180.4233 1166.7

169.0161 .9142.6256.9161 2

222.1222.1203 4180.6

165 .0r206.0110.1

68.743 1

r207.4232.2

154.9194 .9234.8

94.11L20.5

Sept.

181.6227 8166.9

170.3160.4141.9258.4162 5

221.8225.7195 8180.6

164.7196.5110.072.643 1

196.7229.6

157.0196.7234.8

120.5

.817

.2

.5

.2

5.25

71

.18

.8

Fueland

lightingmate-rials

83.078.567.570.366.373.373.576.277.676.573.171.776.278.580.883.084.090.1

108.7134.2131.7133.2

134.9135.3135.7135.7

136.4138.1138.6138.1137.5137.8137.9138.1138.8

138.4138.6138.7

138.7138.9138.8138.8138.8

Metalsand

metalprod-ucts

100.592.184.580.279.886.986.487.095.795.794.495.899.4

103.8103.8103.8104.7115.5145.0163.6170.2173.6

176.7178.6180.4184.9

187.5188.1188.8189.0188.8188.2

187.9188.1189.1

188.2189.4190 5

190 9190.9190.9190.9190.9

Build-ing

mate-rials

95.489.979.271.477.086.285.386.795.290.390.594.8

103.2110.2111.4115.5117.8132.6179.7199.1193.4206.0

219.7218.9217.8221.4

226.1228.1228.5228.5227.8225.6

'223.7'222.5223.0

222.3222.0222 6

223 0223 2223.2223 7223.8

Chemi-cals and

alliedprod-ucts

94.088.779.373.972.175.379.078.782.677.076.077.084.495.594.995.295.2

101.4127.3135.7118.6122.7

128.7132.2135.7139.6

144.5147.3146.4147.9145.7142.3139.4140.1140.8

140 2140.4141 1

141 0140 9141.2141 8140.7

Subgroups

Metals and Metal Products:Agricultural mach. & eauio.. .Farm machineryIron and steelMotor vehiclesNonferrous metalsPlumbing and heating.. .

Buildim Materials:Brick aiCementLumberPaint a

ad tile...

tid oaint materialsPlumbing and heating.. .Striirtnrai stppi . .Other building materials

Chemicals and Allied Products:ChemicalsDrugs and pharmaceutical*..Fertilizer materialsMixed fertilizersOils and fats

Housefurnishing Goods:FurnishingsFurnitu

Miscellaneour e . . . . .s:

Auto tires and tubesCattle feed

Rubber, crudeOther miscellaneous

House-fur-nish-ing

goods

94.392.784.975.175.881.580.681.789.786.886.388.594.3

102.4102.7104.3104.5111.6131.1144.5145.3153.2

159.2163.8166.9170.2

174.7175.4178.8180.1180.0179.5178.8175.3172.5

1950

Sept.

150.3152 7172.2176 5166.1166 9

170.2136 3371.5145.9166.9191 6182.5

125 4153.4111.4103.4163 9

168.1149.9

77.4203.8167.1114.7127.8

Mis-cella-neous

82.677.769.864.462.569.768.370.577.873.374.877.382.089.792.293.694.7

100.3115.5120.5112.3120.9

127.4131.3137.6140.5

142.4142.7142.5142.7141.7141.7138.8138.2138.5

June

1 S < 31611R5

18417?

r181

11Q^

?5

180.8147 735216118?

195

1441 RS115108161

19(1161

8?74.51961S5136

.36S

.1

1

.169

.5

80?1

.7

July

158

Rawmate-rials

97.584.365.655.156.568.677.179.984.872.070.271.983.5

100.6112.1113.2116.8134.7165.6178.4163.9172.4

181.8180.2184.5187.1

192.6199.1199.4197.7195.5194.7189.9187.5186.9

1951

Q

160 9185184175183

179147347159183204198

143184119108139

9666

4?116

1

1706

194.61 6 1

82740197106136

9

93?63

Aug.

158.5160 5185.9185 C175.3184.(5

179.5147.2342.8158.C184.(5204 3198.2

144.4184.6117.8109.3139.8

188.2161.6

82.5225.5198.7106.6

135.7

Manu-fac-

turedprod-ucts

94.588.077.070.370.578.282.282.087.282.280.481.689.198.6

100.1100.8101.8116.1146.0159.4151.2156.8

164.0163.5165.1169.0

173.1175.5175.8176.1176.2175.5175.1

174 .4174.2

Sept.

158.9160 9185.9187.4176.4184.4

179.5147.2343.2159.8184.4204 3198.4

144.7184.1118.5111.3141.9

183.2161.2

82.9231.2199.7106.6135.5

r Revised.1 Weekly indexes are based on an abbreviated sample not comparable with monthly data.Beck figures.—Bureau of Labor Statistics, Department of Labor.

NOVEMBER 1951 1421


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

Gross national product . .

Less: Capital consumption allowances. .Indirect business tax and related

liabilitiesBusiness transfer paymentsStatistical discrepancy

Plus: Subsidies less current surplus ofgovernment enterprises .

Equals: National incomeLess: Corporate profits and inventory

valuation adjustmentContributions for social insurance....Excess of wage accruals over

disbursements . . . .Plus: Government transfer payments...

DividendsBusiness transfer payments

Equals: Personal incomeLess: Personal tax and related payments.

FederalState and local . .

Equals: Disposable personal income.Less:Personal consumption expendituresEquals: Personal saving .

Annual totals

1929

103.8

8.8

7.06

- . 1

- . 187.4

10 3.2

.0

. 9

5 . 8.6

85.12.61.31.4

82.578.83.7

1933

55.8

7.2

7.17

1.2

—2.0.3

.01.5

2 . 1.7

46.61.5

.51.0

45.246.3

- 1 . 2

1939

91.3

8.1

9.45

1.4

572.5

5 . 82.1

.02 . 5

3 . 8.5

72.62.41.21.2

70.267.5

2.7

1941

126.4

9.3

11.35

1.6

1103.8

14 62.8

.02 . 6

4 . 5.5

95.33.32.01.3

92.082.39.8

1946

211.1

12.2

17.36

1.7

9180.3

18.36.0

.010.9

5 . 8.6

177.718.817.21.6

158.9146.912.0

1947

233.3

14.8

18.77

.3

— l198.7

24 75.7

.011.1

6 .6.7

191.021.519.61.9

169.5165.6

3.9

1948

259.0

17.6

20.47

- 3 . 2

o223.5

31.75.2

.010.5

7.2.7

209.521.119.02.1

188.4177.910.5

1949

257.3

19.1

21.77

- . 8

0216.7

30.55.7

.011.6

7 .6.7

205.118.616.22.5

186.4180.2

6.3

1950

282.6

21.2

23 88

- 1 . 8

3239 0

36 27.0

.014.3

9 .2.8

224.720.517.82.7

204.3193.610.7

Seasonally adjusted annual ratesby quarters

1950

3

287.4

21.8

25 3g

- 6 . 4

245 8

37 47.0

011.0

9 4.8

227.320 217.52.7

207.1202.5

4.6

4

303.7

22.2

24 38

- 3 . 4

2260 1

42 27.4

011.1

11 1.8

238.323 120.32.7

215.2198.416.8

1951

1

'319.0

22.6

25 98

'.8

' 6269 4

42 98.3

011.5

8 8.8

244 1r27 4'24.4'2.9

'216.8208.2

'8.5

2

'327.8

'23.1

'24.98

. ' 5 . 0

3274.3

43 08.4

.011.84.8

'9 6.8

'249.9*28 0'25.1'3.0

'221.8201.7'20.1

3

327.6

23.9

25.08

n.a.

1n.a.

n.a8.4

711.84.89 6

.8253.228 4ISA3.0

224.7202.522.2

NATIONAL INCOME, BY DISTRIBUTIVE SHARES

National income

Compensation of employeesWages and salaries 2

PrivateMilitaryGovernment civilian

Supplements to wages and salaries..Proprietors' and rental income 8 . .

Business a n d professional

R e n t a l i ncome of persons . . . . . . . .Corporate profits and inventory

valuation adjustmentCorporate profits before tax . .

Corporate profits tax liability. . .Corporate profits after tax

Inventory valuation adjustment. . .Net interest

Annual totals

1929

87.4

50.850.245.2

.34.6

.619.78.35 .75.8

10.39.81.48.4

.56.5

1933

39.6

29.328.823.7

.34.9

.57.22.92 . 32.0

- 2 . 0.2.5

— .4- 2 . 1

5.0

1939

72.5

47.845.737.5

.47.82.1

14.76.84 . 53.5

5.86.51.55.0

- . 74.2

1941

103.8

64.361.751.5

1.98.32.6

20.89.66 . 94.3

14.617.2

7.89.4

- 2 . 64.1

1946

180.3

117.1111.290.6

8.012.75.9

42 020.614.86.6

18.323.59.6

13.9- 5 . 2

2.9

1947

198.7

128.0122.1104.8

4.113.25.9

42.419.815.67.1

24.730.511.918.5

- 5 . 83.5

1948

223.5

140.2134.4115.7

4.014.75.8

47.322.117.77.5

31.733.813.020.7

- 2 . 14.3

1949

216.7

139.9133.4113.0

4.216.16.5

41.420.913.07.5

30.528.311.017.32.14.9

1950

239.0

153.3145.8123.6

5.117.27.5

44.022.313.78.0

36.241.418.622.8

- 5 . 15.4

Seasonally adjusted annualby quarters

1950

3

245.8

157.3149.7127.2

5.017.57.7

45.623.214.38.1

37.445.720.525.2

- 8 . 35.5

4

260.1

165.2157.2132.7

6.617.97.9

47.223.015.88.4

42.250.322.527.8

- 8 . 25.6

rates

1951

1

269.4

172.1163.6137.1

7.818.88.5

48.824.116.48.3

42.951 8

'31.1'20,7- 8 . 9

5.6

2

274.3

177.4168.8140.5

n.a.n.a.8.7

48.123.616.38.2

43.045.427.018.4

- 2 . 35.7

3

n.a.

180.4171.6141.1

n.a.n.a.8.8

49.123.417.38.4

n.a.n.a.n.a.n.a.2.85.8

n.a. Not available. ' Revised.1 Less than 50 million dollars.1 Includes employee contributions to social insurance funds.• Includes noncorporate inventory valuation adjustment.NOTE.—Details may not add to totals because of rounding.Source.—National Income Supplement (July 1951 edition) to the Survey of Current Business, Department of Commerce.



GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued[Estimates of the Department of Commerce. In billions of dollars]

GROSS NATIONAL PRODUCT OR EXPENDITURE

Annual totals

1929 1933 1939 1941 1946 1947 1948 1949 1950

Seasonally adjusted annual ratesby quarters

1950 1951

Gross national product

Personal consumptionexpenditures

Durable goodsNondurable goodsServices

Gross private domesticinvestment

New construction 1

Producers' durable equipmentChange in business inventories. . . .

Net foreign investmentGovernment purchases of

goods and servicesFederal

WarNonwarLess: Government sales 2

State and local

103.8

78.89.4

37.731.7

15.87.86.41.6

.8

8.51.31.3

()7.2

55.8

46.33.5

22.320.6

1.31.11.8

- 1 . 6.2

8.02.02.0

()5.9

91.3

67.56.7

35.325.5

9.94.94.6

.4

.9

13.15.21.33.9

7.9

126.4

82.39.8

44.028.5

18.36.87.73.91.1

24.716.913.83.2

7.8

211.1

146.916.685.844.5

28.710.312.36.14.6

30.920.921.22.52.7

10.0

233.3

165.621.495.149.1

30.213.917.1— 8

28.615.817.11.3

12.8

259.0

177.922.9

100.954.1

42.717.719.95.01.9

36.621.021.7

.615.6

257.3

180.223.998.757.6

33.017.219.0

- 3 . 2.5

43.625.525.9

.418.1

282.6

193.629.2

102.362.1

48.922.122.54.3

- 2 . 3

42.522.823.1

.219.7

287.4

202.534.3

105.562.7

47.323.524.5- . 7

- 3 . 2

40.821.221.4

.219.7

303.7

198.429.4

104.964.0

60.223.325.011.8

- 2 . 7

47.827.327.5

.220.4

'319.0

208.231.5

111.565.2

'60.123.9

-•25.910 .3

'53.4*32.3

2 1 .

'327.8

201.725.9

109.566.2

'65.6'22.5'27.2'15.9

' .0

'60.4r38.9

.22 1 . 4

327.6

202.525.3

110.067.2

55.721.528.16.11.2

68.246,6

.221.6

PERSONAL INCOME

[Seasonally adjusted monthly totals at annual rates]

Year or month

1929

1933

193919401941 . . . .194219431944194519461947194819491950

1950—AugustSeptember.. . .OctoberNovember. . . .December

1951—Tanuary . .FebruaryMarch . . . .AprilMayJuneJulyAugust

Per-sonal

income

85.1

46.6

72.678.395 3

122.7150.3165.9171.9177.7191.0209.5205 1224.7

227.7231.5234.1236.4244.4

243.6243.3245.5249.0249.8251.0252.4253.7

Totalreceipts4

50.0

28.7

45.148.960 980.7

103.6114 9115.3109.2119.9132.1131 2142.9

147.2149.7152.4154.2155.9

158.0160.0162 2164.8165.1166.4167 1167.4

Wages and salaries

Wage and salary disbursements

Totaldis-

burse-ments

50.2

28.8

45.749.661.781.9

105.4117.1117.7111.3122.0134.3133.5145.8

150.3152.6155.6157.3158.9

161.6163.4165.9168.2168.8169.9170.6170.8

Com-modityproduc-ing in-

dustries

21.5

9.8

17.419.727.539.149.050.445.946.154.360.256.963.5

66.267.169.369.970.8

71.772.473.775.074.675.274.874.5

Distrib-utiveindus-tries

15.5

8.8

13.314.216.318.020.122.724.730.935.138.839.041.4

42.842.843.143.243.6

44.344.544.945.345.645.646.046.2

Serviceindus-tries

8.2

5.1

6.97 .37 .88.69.5

10.511.513.715.316.617.218.7

18.919.119.319.519.6

19.919.820.020.120.220.320.320.3

Gov-ern-ment

5.0

5.2

8.28 .5

10.216.126.833.535.620.617.218.720.422.3

22.423.623.924.724.9

25.726.727.327.828.428.829 529.8

Less em-ployeecontri-butions

forsocialinsur-ance

.1

.2

.6

.7

. 81.21.82.22.32.02.12.22 22.9

3.12.93.23.13.0

3.63.43 73.43 73.53 53 . 4

Otherlabor

income5

.5

.4

.5

.6

.6

.7

.91.31.51.92.42.83 03.5

3.63.63.63.73.7

3.73.83 83.83 83.83 83 . 8

Pro-prietors'

andrental

income6

19.7

7.2

14 716 320 828.432.835 537.542.042.447.341 444.0

46.145.346.347.248.1

50.548.247 748.148 048rO49 249.7

Divi-dendsandper-

sonalinterestincome

13.3

8.2

9 29 . 49 99.7

10.010 611.413.214 516.017 119.3

18.921.619.719.525.0

18.819.219 720.220 220.019 720.1

Trans-fer

pay-ments7

1.5

2.1

3 03 . 13 13.23.03 66.2

11.411 811.312 415.1

11.911.312.111.811.7

12.612.112 112.112 712.812 612.7

Non-

turalincome8

76.8

43.0

66 371.586 1

109.4135.2150 5155.7158.8170.8187.1187 6206.6

208.6212.9214.3215.5223.4

221.4222.9225 2227.8229 0230.1230 1231.3

res for crude petroleum and natural gas drilling.Includes construction expendituid and domestic sales of surplus consumption goods and materials.

1 income" is equal to total disbursements less employee contributions to social insur-

valuation adjustment

well° memoes personal income exclusive oi net income oi i

interest, and net dividends paid by agricultural corporations.NOTE.—Details may not add to totals because of rounding.Source.—Same as preceding page.

uation adjustment.7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment i

[I as consumer bad debts and other business transfers.8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agri<

erest. and net dividends naid bv agricultural cornorations.

ltory

veterans' readjustment allowances and other payments, as

icultural net rents, agricultural net

NOVEMBER 1951 1423


CONSUMER CREDIT STATISTICSTOTAL CONSUMER CREDIT, BY MAJOR PARTS[Estimated amounts outstanding. In millions of dollars]

End of yearor month

1939194019411942 . . .194319441945 .19461947194819491950

1950—AugustSeptemberOctoberNovemberDecember

1951—JanuaryFebruaryMarchAprilMayJuneJulyAugust?September?.. . .

Totalconsumer

credit

7,0318,1638,8265,6924,6004,9765,6278,677

11,86214,36616,80920,097

18,84219,32919,39819,40520,097

19,93719,53319,37919,12619,-2 0719,25619,13219,26219,356

Instalment credit

Totalinstal-mentcredit

4,4245,4175,8873,0482,0012,0612,3644,0006,4348,600

10,89013,459

13,00913,34413,38913,30613,459

13,25213,07312,97612,90412,92012,95512,90313,04413,156

Sale credit

Total

2,7923,4503,7441,617

882891942

1,6483,0864,5286,2407,904

7,6137,8587,8797,8057,904

7,6947,5217,3687,2707,2487,2347,1737,2477,320

Automobile

1,2671,7291,942

482175200227544

1,1511,9613,1444,126

4,1074,2134,2274,1754,126

4,0563,9903,9463,9343,9804,0414,0614,1384,171

Other

1,5251,7211,8021,135

707691715

1,1041,9352,5673,0963,778

3,5063,6453,6523,6303,778

3,6383,5313,4223,3363,2683,1933,1123,1093,149

Loans1

1,6321,9672,1431,4311,1191,1701,4222,3523,3484,0724,6505,555

5,3965,4865,5105,5015,555

5,5585,5525,6085,6345,6725,7215,7305,7975,836

Noninstalment credit

Totalnoninstal-

mentcredit

2,6072,7462,9392,6442,5992,9153,2634,6775,4285,7665,9196,638

5,8335,9856,0096,0996,638

6,6856,4606,4036,2226,2876,3016,2296,2186,200

Single-paymentloans 2

530536565483414428510749896949

1,0181,332

1,1571,1971,2501,2981,332

1,3521,3691,3811,3921,3981,3991,3931,3991,403

Chargeaccounts

1,5441,6501,7641,5131,4981,758

Q813,0543,6123,8543,9094,239

3,6363,7413,7033,7394,239

4,2484,0103,9383,7443,7933,8043,7433,7243,700

Servicecredit

533560610648687729772874920963992

1.067

1,0401,0471,0561,0621,067

1,085L,0811,084,086,096

1,098,093

L.095L.O97

P Preliminary.1 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]

Year or month

19391940194119421943 . . .1944194519461947194819491950

1950—AugustSeptember..OctoberNovember. .December...

1951—January....February.. .MarchAprilMay . . .JuneJulyAugust?.. . .September?.

Amounts outstanding(end of period)

Total

1,6321,9672,1431,4311,1191,1701,4222,3523,3484,0724,6505,555

5,3965,4865,5105,5015,555

5,5585,5525,6085,6345,6725,7215,7305,7975,836

Com-mercialbanks 1

523692784426316357477956

1,4351,7091,9512,431

2,4012,4622,4602,4352,431

2,4382,4412,4762,4972,5062,5152,4922,5212,521

Smallloancom-

panies

448498531417364384439597701817929

1,084

1,0091,0101,0261,0371,084

1,0901,0941,1121,1191,1311,1511,1671,1811,203

Indus-trial

banks 2

131132134

89676876

117166204250291

290295294292291

289286286286288288288293296

Indus-trialloancom-

panies 2

99104107

7259607098

134160175203

197201201200203

202202204205207209211217221

Creditunions

135174200130104100103153225312402525

514524524521525

518515517514518522524531533

Miscel-laneouslenders

9699

10291868893

109119131142157

150150152153157

158158160161162164166167169

Insuredrepairand

modern-izationloans 8

200268285206123113164322568739801864

835844853863864

863856853852860872882887893

Loans made by principal lending institutions(during period)

Com-mercialbanks i

6801,0171,198

792639749942

1,7932,6363,0693,2823,875

387356298257289

326296368340359356339389351

Smallloancom-

panies

827912975784800869956

1,2311,4321,5341,7371,946

166149149165234

162158207184198204206210182

Indus-trial

banks 2

261255255182151155166231310375418481

4640393437

393543414444444942

Indus-trialloancom-

panies 2

194198203146128139151210282318334358

3332282729

282733313335354035

Creditunions

237297344236201198199286428577712894

8876666472

676479728286769078

? 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 September amounted to 104 million dollars,and other loans made during September were 11 million.

2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalmentloans are obtained by deducting an estimate of paper purchased from total retail instalment paper.

3 Includes only loans insured by Federal Housing Administration adjusted by Federal Reserve to exclude nonconsumer loans.



CONSUMER CREDIT STATISTICS—ContinuedCONSUMER INSTALMENT SALE CREDIT, EXCLUDING

AUTOMOBILE CREDIT[Estimated amounts outstanding. In millions of dollars]

End ofyear ormonth

Total,exclud-

ing auto-mobile

193919401941194219431944194519461947194819491950

1950AugustSeptemberOctober. . .November.December.

1951January...February..March. . . .AprilMayJuneJulyAugust P. . .September?

1,5251,7211,8021,135707691715

1,1041,9352,5673,0963,778

3,5063,6453,6523,6303,778

3,6383,5313,4223,3363,2683,1933,1123,1093,149

Depart-mentstoresand

mail-order

houses

377439466252172183198337650874

1,0101,245

1,1231,1591,1701,1721,245

1,2011,1621,1331,1031,0841,0551,0221,0151,029

Furni-ture

stores

536599619440289293296386587750935

1,029

9981,0281,0191,0031,029

982956924905890874854859869

House-hold

appli-ance

stores

273302313188785051

118249387500710

658702705702710

694677655636616602590590598

Jewelrystores

931101207657565789144152163

Allotherretailstores

794

727756758753794

761736710692678662646645653

246271284179111109113174305404488

CONSUMER INSTALMENT CREDITS OF INDUSTRIALBANKS, BY TYPE OF CREDIT[Estimates. In millions of dollars]

Year or month

Outstanding at endof period:194819491950

1950—August....September..OctoberNovember..December..

1951—January....February...MarchAprilMayTuneJulyAugust?....September?

Volume extendedduring month:1950—August

September.. |OctoberNovember..December..

1951—January....FebruaryMarchAprilMayJuneJulyAugust?September P

Total

286.2343.2391.0

389.8396.4395.6392.9391.0

386.9382.5382.5382.7384.4385.0385.1391.7396.3

52.747.243.537.240.3

42.238.346.844.949.348.848.558.451.2

Retail instal-ment paper 2

Auto-mobile

66.693.6

118.5

119.4121.9121.5120.6118.5

117.2116.9116.4116.5118.0119.6120.2123.1123.9

15.413.711.38.79.1

10.610.812.413.115.215.614.919.416.2

Other

43.463.179.7

76.279.380.379.979.7

78.477.476.475.374.272.970.771.673.6

11.010.59.67.68.0

8.27.28.57.88.37.87.6

10.410.4

Repairand

modern-izationloans * 2

51.755.454.9

55.556.156.155.754.9

53.652.452.051.852.352.652.953.754.8

4.13.93.93.02.6

2.52.33.03.33.83.93.84.54.1

Personalinstal-mentcashloans

124.5131.1137.9

138.7139.1137.7136.7137.9

137.7135.8137.7139.1139.9139.9141.3143.3144.0

22.219.118.717.920.6

20.918.022.920.722.021.522.224.120.5

CONSUMER INSTALMENT CREDITS OF COMMERCIALBANKS, BY TYPE OF CREDIT[Estimates. In millions of dollars]

Per-sonalinstal-mentcashloans

Year or month

Outstanding at end ofperiod:1948194919501950—August

September...OctoberNovember...December. . .

1951—JanuaryFebruaryMarchAprilMayJuneJulyAugust?September?..

Volume extended dur-ing month:1950—August

September...OctoberNovember...December. . .

1951—JanuaryFebruary....MarchAprilMayJuneJulyAugust?September?..

Total

345

55555555555555

,563,416,645,493,685,726,661,645,610,530,516,490,489,481,430,472,434

799782647517562

606536638625683666642738682

Automobileretail

Pur-chased

1

11111

111111111

570854

,143,143,177,180,159,143,116,096,079,072,083,090,086,097,102

157152123

9194

9893

109118140143137162148

]

1

11111

111111111

Directoans

736915

,223,217,251,254,234,223,219,222,232,242,248,246,230,240,237

190174132101117

137132160153166160150187166

Otherretail,pur-

chasedand

direct

751922

1,2671,1781,2581,2821,2611,2671,2681,2171,1901,1531,1231,0981,0681,0591,004

187211166124141

147117123125132115115131127

Repairand

mod-erniza-

tionloans12

636781905

872891905907905

890877874875882883886899911

8275715548

474151566564627067

870944

1,107

1,0831,1081,105,100,107

,117,118,141,148,153,164,160,177,180

183170155146162

177153195173180184178188174

CONSUMER INSTALMENT CREDITS OF INDUSTRIALLOAN COMPANIES, BY TYPE OF CREDIT

[Estimates. In millions of dollars]

Year or month

Outstanding at endof period:194819491950

1950—August....September..OctoberNovember..December..

1951—January....February...MarchAprilMayJuneJulyAugust?September?

Volume extendedduring month:1950—-August. . . .

September..October....November..December..

1951—January....February...MarchAprilMayJuneJulyAugust?September?

Total

177.1194.7226.9

219.9223.8224.0223.3226.9

225.6225.1226.9228.1230.6232.6235.4241.3245.5

35.532.829.327.430.4

29.127.934.332.434.836.135.942.637.8

Retail instal-ment paper 2

Auto-mobile

38.343.557.9

55.957.257.457.357.9

56.856.857.157.859.259.860.563.263.5

8.17.56.86.16.3

6.86.47.47.48.89.08.9

11.59.4

Other

23.731.441.1

39.241.141.740.941.1

40.840.240.540.039.639.840.842.444.5

7.36.04.93.83.9

4.33.84.94.44.24.95.27.06.9

Repairand

modern-izationloans l *

5.06.57.3

7.37.47.37.37.3

7.27.07.06.97.07.17.17.27.3

0.50.40.40.40.3

0.30.30.40.40.50.50.50.60.6

Personalinstal-mentcashloans

110.1113.3120.6

117.5118.1117.6117.8120.6

120.8121.1122.3123.4124.8125.9127.0128.5130.2

19.618.917.217.119.9

17.717.421.620.221.321.721.323.520.9

v Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans.8 Includes both direct loans and paper purchased.

NOVEMBER 1951 1425


CONSUMER CREDIT STATISTICS— ContinuedFURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE *

Net sales:TotalCash s a l e s . . . .Credit sales:

InstalmentCharge account

Accounts receivable, endof month:

TotalInstalment

Collections duringmonth:

TotalInstalment

Inventories, end ofmonth, at retail value.

Percentage changefrom preceding

month

Sept.1951?

- 6- 9

- 4- 1 4

0+ 1

- 1- 3

+1

Aug.1951

+20+ 10

+28+21

+ 10

+4+3

- 3

July1951

- 1 0- 9

- 1 1- 9

- 3-3

- 6- 6

- 4

Percentage changefrom correspondingmonth of preceding

year

Sept.1951?

- 2 0- 1 3

-22- 1 8

- 1 3- 1 0

- 6- 9

+9

Aug.1951

- 1 5-12

- 1 5- 1 6

- 1 0- 1 0

- 3- 4

+16

July1951

- 2 3- 9

- 2 9- 1 8

- 8- 9

0- 1

+29

Preliminary.

Year or month

1950AugustSeptemberOctoberNovemberDecember

1951JanuaryFebruaryMarchAprilMay ,JuneJulyAugustSeptember P

Instalment accounts

Depart-mentstores

1818181718

191719181819181920

Furni-ture

stores

1111111011

101011111111111212

House-hold ap-pliancestores

1110111010

121112111112121212

Chargeaccounts

Depart-mentstores

5051515149

504650474949464847

p Preliminary.1 Collections during month as percentage of accounts outstanding at

beginning of month.

Year or month

Averages of monthlydata:

19411942 ..1943 . . .19441945 . . .19461947194819491950

1950—AugustSeptemberOctoberNovemberDecember .. .

1951—JanuaryFebruaryMarch . .AprilMayJuneJuly. .AugustSeptember P

DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND (

Index numbers, without seasonal

Sales during month

Total

100114130145162202214225213220

'209r233229257387

212179220198217207162196219

Cash

100131165188211242237236216213

196217216249389

195167210192209208163191207

Instal-ment

10082716667

101154192200247

'294306269248343

233211234199205188165230251

Chargeaccount

100102103112125176200219212223

'208238236268395

228187228206229211160195225

adjustment, 1941 average=100

Accounts receivableat end of month

Instal-ment

100784638375088

142165233

241256260259276

269262255244235226215214219

Chargeaccount

10091798494

138174198196210

191210216233314

269236227220224218195196215

COLLECTIONS

Collections duringmonth

Instal-ment

10010380706991

133181200250

250269283278294

318289318286278275253259259

Chargeaccount

100110107112127168198222224237

212221244251256

354279268244244245228212208

Percentage of total sales

Cashsales

48566164645955525148

4646474850

454648484850504847

Instal-mentsales

965444678

10

12121098

101099889

1110

Chargeaccount

sales

43383432323739414142

4242434342

454443434442414143

p Preliminary. r Revised.NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1417.



OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTSBASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF OCTOBER 1, 1951

[In thousands of units]


BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt LouisMinneapolis . . . .Kansas CityDallasSan Francisco

Total


Boston. . .New YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt LouisIVt inneapolisKansas CityDallasSan Francisco

Total

Cotton

Production1950

Bales

5901,576

12,691

" 2 6 1 '3.5491,405

10,012

EstimateOct. 1, 1951

Bales

1,5342,672

23,809

4815,8972,538

16,931

Oats

Production1950

Bushels

6,74235,36918,95753,97639,16729,152

630,67273,682

389,199122,84829,53735,833

1,465,134


Bushels

7,67238,48822,20664,95341,81624 761

535,48048,217

440,833108,77010,30828,744

1,372,248

Corn

Production1950

Bushels

7,62835,37155,661

219,158197,503218,592

1,115,665426,131340,126429,739

77,6577,778

3,131,009


Bushels

7,97535,58057,091

212,742177,809190,065

1,248,070389,986368,399354,81255,5856,874

3,104,988

Tame hay

Production1950

Tons

3,6646,4712,6536,2434,9403 640

20,2819,925

10,90510,2471,750

13,591

94,310


Tons

4,2356,7632,7546,4224,8533 063

23,6749,242

14,29210,7751,513

12,777

100,363

Winter

Production1950

Bushels

13,59417,12951,41622,6695,103

69,17548,51730,703

354,21523,032

115,113

750,666

wheat


Bushels

13,43017,38139,05429,8415,710

65,14850,68535,663

268,04017,681

108,105

650,738

Tobacco

Production1950

Pounds

40,813974

61,365125,873

1,235,345228,98032,147

300,7432,3593,851

2,032,450


Pounds

35,971943

59,655143,781

1,354,050275,24125,374

349,6271,8253,377

2,249,844

Spring

Production1950

Bushels

115

' 1,332'10

234,6163,678

10536,233

276,089

wheat


Bushels

110

9828

287,8544,173

11949,614

342,860

White potatoes

Production1950

Bushels

70,73340,94721,90113,41324,98714,40832,5057,230

50,11234,9733,255

125,036

439,500


Bushels

51,24030,07617,21810,92920,39514,46524,3245,726

38,71624,582

2,75296,699

337,122

1 Includes 7,000 bales grown in miscellaneous territory.5 Includes 12,000 bales grown in miscellaneous territory.

NOVEMBER 1951 1427


INTERNATIONAL FINANCIAL STATISTICS

PAGE

International capital transactions of the United States.. 1430-1435

Gold production.. 1435

Reported gold reserves of central banks and governments. 1436

Gold movements; gold stock of the United States. 1437

International Monetary Fund and Bank. . 1438

Central Banks.. 1438-1442

Money rates in foreign countries. . 1443

Commercial banks. . 1444

Foreign exchange rates. . 1445

Price movements:

Wholesale prices. . 1446

Retail food prices and cost of living. . 1447

Security prices. . 1447

Tables on the following pages include the principal available statistics of current significance relatingto 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 com-mercial 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 ReserveBanks from banks, bankers, brokers, and dealers in the United States in accordance with the TreasuryRegulation of November 12, 1934. Back figures for all except price tables, together with descriptivetext, may be obtained from the Board's publication, Banking and Monetary Statistics.

NOVEMBER 1951 1429


INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATESTABLE 1.—NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935, BY TYPES

[Net movement from United States, (-). In millions of dollars]

From Jan. 2, 1935,through—

1945—Dec. 311946—Dec. 311947—Dec. 311948—Dec. 311949—Dec. 31

1950—Sept. 30Oct. 31Nov. 30Dec. 31

1951—Jan. 31Feb. 28Mar. 31Apr. 30May 31June 30July 31PAug. 31P

Total

8,802.88,009.58,343.78,569.18,763.5

10,488.710,734.110,710.810,525.2

10,474.310,415.910,366.110,394.610,294.010,258.810,129.610,157.2

Increase in banking funds in U. S.1

Total

6,144.55,726.16,362.36,963.96,863.9

8,182.88,421.08,149.37,894.7

7,727.07,736.47,704.17,654.17,611.37,908.27,797.58,019.8

Foreignofficial 2

3,469.02,333.61,121.82,126.02,197.8

3,012.63,257.72,899.22,715.6

2,675.92,704.42,646.82,582.52,590.02,746.82,506.32,736.4

Foreignother

2,675.52,938.72,998.52,993.63,028.2

3,543.83,516.13,536.63,476.8

3,435.63,439.73,457.13,466.03,459.93,533.13,633.93,640.5

Interna-tional

453.82,242.01,844.31,637.8

1,626.41,647.21,713.51,702.3

1,615.51,592.31,600.11,605.61,561.41,628.31,657.31,642.9

Decreasein U. S.banking

fundsabroad 1

742.7427.2186.5116.8307.6

384.2293 A282.7231.4

272.0219.3218.9240.3216.1191.8193.0180.6

Domesticsecurities:Inflow offoreignfunds 3

798.7464.5375.5183.3258.5

800.6833.0

1,080.91,202.9

1,280.71,274.01,305.51,399.41,414.21,128.91,093.7

918.7

Foreignsecurities:

Returnof U. S.funds 3

972.81,237.91,276.91,182.11,209.9

999.21,062.51,066.41,064.5

1,064.21,052.91,006.7

974.8930.9897.3912.9907.7

Inflow inbrokeragebalances

144.1153.7142.4123.1123.7

121.9124.3131.6131.7

130.5133.2130.9126.1121.6132.7132.6130.6

TABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,BY COUNTRIES 1

[Amounts outstanding, in millions of dollars]

Date

1945—Dec> 311946—Dec. 3 1 . . .1947—Dec. 3 1 . . .1948—Dec. 3 1 . . .1949—Dec. 3 1 . . .

1950—Sept. 30.. .Oct. 3 1 . . .Nov. 30. . .Dec. 3 1 . . .

1951—Jan. 3 1 . . .Feb. 28. . .Mar. 3 1 . . .Apr. 30. . .May 3 1 . . .June 30. . .July 3 0 P . .Aug. 31 P..

In-terna-tionalinsti-

tutions

473.72,262.0

:

1,864.31,657.8

1,646.41,667.11,733.41,722.2

1,635.41,612.21,620.0L.625.6L,581.41,648.31,677.3L.662.8

Total foreigncountries

Officialand

private

6,883 16,006^54,854.45,853.75,960.2

67,290.657,508.057,170.056,926.656,845.766,878.356,838.156,782.65 6,784.1s 7,014.056,874.35 7,111.1

Official*

4,179.33,043.91,832.12,836.32,908.1

3,722.93,968.03,609.53,425.9

3,386.23,414.73,357.13,292.83,300.33,457.13,216.63,446.7

UnitedKing-dom

707.7458.9326.2546.3574.4

5 703.45 819.85 723.35 660.7

5 637.75 629.1s 646.15 673.65629.55 629.1s 550.35 527.1

France

310 0245^9167.7192.8171.6

248.4289.6247.2260.7

273.7258.0232.5193.0191.9246.3218.3221.2

Neth-er-

lands

281 6224.9143.3122.8170.5

255.5275.0281.9193.6

203.5209.1198.6131.4133.4134.8132.0131.7

Switz-er-

land*

304 2372^446.4538.9576.9

600.0572.4569.9553.0

513.2504.2505.0502.5498.2509.3498.7506.9

Italy

70 4267!9153.1333.5303.6

304.0309.2303.1314.7

308.6324.4306.3299.1289.8276.0289.4279.3

OtherEurope

909 1850'. 5739.8738.1717.0

866.2859.8811.3799.2

816.3812.8814.8827.8863.4928.8969.7

1,096.7

TotalEurope

2,583 02,420i71,976.72,472.42,513.9

B2,977.5«3,125.852,936.762,781.7

5 2,753.25 2,737.65 2,703.452,627.452,606.38 2,724.46 2.658.45 2,762.8

Can-ada

1,522 2931.8409.6775.2869.1

1,332.51,227.81,054.9

899.0

887.1884.5828.6811.6818.1964.4931.8

1,012.3

LatinAmerica

1 046 4l!lO4.*81,216.61,287.01,436.7

1,544.01,569.61,524.81,612.9

1,585.31,596.11,646.31,705.81,714.01,672.91,614.31,578.3

Asia

1 549 7l!316!41,057.91,151.8

961.0

1,224.61,362.71,403.91,378.5

1,369.71.401.11,411.01,386.01,387.21,399.11,412.01,496.6

Allother

181 8232^8193.7167.4179.5

211.9222.1249.7254.5

250.3259.0248.8251.9258.5253.3257.8261.0

p Preliminary.1 Certain of the movement figures in Table 1 have been adjusted to take account of changes in the reporting practice of banks (see BULLETIN

for August 1951, p. 878). Reported figures from banks, however, did not permit similar adjustments in Tables 2 and 3, representing outstandingamounts. Therefore changes in outstanding amounts as may be derived from Tables 2 and 3 will rot always be identical with the movementof funds shown in Table 1.

2 Represents funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and theiragencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also special depositaccounts held with the U. S. Treasury.

3 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 6 and 7. Securitiesof such institutions are included in foreign securities.

4 Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date.6 Data for August 1950 include, for the first time, certain deposit balances and other items which have been held in specific trust accounts,

but which have been excluded in the past from reported liabilities.NOTE.—These statistics are based on reports by banks, bankers, brokers, and dealers. Beginning with the BULLETIN for September 1951,

certain changes were made in the order and selection of the material published. Three tables showing capital movements by countries on a cumu-lative basis (formerly Tables 2, 3, and 4) were discontinued. Total capital movement by country (as formerly shown in Table 2) can now bederived from the appropriate columns in Tables 2, 3, 6, 7, and 8. Data on the total volume of transactions in foreign and domestic securities, bytypes of securities, now appear in Tables 4 and 5. For security transactions by individual countries, figures on monthly net purchases or salesare now shown in Tables 6, 6a, and 7 in place of the cumulative figures formerly shown. For further explanation and information on back figuressee BULLETIN for August 1951, p. 878.



INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedTABLE 2.—SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,

BY COUNTRIES—Continued[Amounts outstanding, in millions of dollars]

Table 2a.—Other Europe

Date

1945—Dec# 3i1946—Dec. 31. .1947—Dec. 3 1 . .1948—Dec. 3 1 . .1949—Dec. 31. .

1950—Sept. 30. .Oct. 31. .Nov. 30. .Dec. 31. .

1951—Jan. 31 . .Feb. 28. .Mar. 31. .Apr. 30..May 31 . .Tune 30. .July 31 P.Aug. 31 P.

OtherEurope

909 1850.5739.8738.1717.0

866.2859.8811.3799.2

816.3812.8814.8827.8863.4928.8969.7

1,096.7

Aus-tria

35 336.138.741.9

43.645.044.942.441.243.943.954.6

Bel-gium

185 0159.5124.9128 7119.9

111.6115.0128.2128.2

134.0119.9120.7122.3121.6122.3127.6134.2

Czech-oslo-vakia

6 16 . 46 . 65 .6

5 .94 . 33 . 13 .22 . 93 . 13 . 42 . 1

Den-mark

25 966.552.844 738.0

36.439.143.745.5

43.242.248.247.848.044.741.539.9

Fin-land

5 . 522.230.519.125.1

15.715.417.618.3

18.120.319.222.122.222.526.327.5

Ger-many

7 .07 .1

89.5178.9149.4

286.4282.5227.7221.6

232.2241.0242.4266.4303.6357.5403.6481.4

Greece

70 849.334.721.129.6

41.842.644.232.3

30.131.433.935.838.038.638.240.4

Nor-way

216 1123.556.277 769.4

80.175.444.543.6

46.951.354.357.862.260.565.599.9

Po-land

12 43 .16 . 94 . 2

5 . 85 .64 . 54 . 03 . 83 . 33 . 62 . 1

Por-tugal

47 939.047.137 738.1

39.145.050.245.7

48.154.052.646.844.045.642.944.9

Ru-mania

9 38 .98.77 06 7

6 16 . 06 .16 .1

6 . 46 . 46 .16.26 .15 .96 . 05 .7

Spain

31 716.412.813 615 7

13 414.320.121.3

20.025.317.019.216.318.315.814.0

Swe-den

210 1172.658.649 090.1

109.8110.6108.7115.3

120.1105.5105.592.892.899.494.588.8

USSR

28 060.573.721 310 2

9 84 . 55 .54 . 0

3 . 43 . 32 . 02 . 32 . 95 .04 . 73 . 5

Yugo-slavia

5 712.412.119 97 6

5 27 .6

12.313.2

11.18 . 37 .86 . 49 .26 . 54 . 24 . 2

Allother *

66 0112.5138.2119 3117 4

56 956.250.452.4

47.448.952.652.448.851.848.053.4

Date

1945—Dec.1946—Dec.1947—Dec1948—Dec.1949—Dec.

1950—Sept.Oct.Nov.Dec.

1951—Jan.Feb.Mar.Apr.M a yJuneJulyAug.

313131313 1 .

™31 .30 .31

31 .2 8 .313 0 .31 .3031 P3 1 *

LatinAmer-

ica

1,0461.104.1 2161,2871,436.

1,544.1.569.1,524.1,612.

1,585.1,596.1,6461.705.1,7141,6721,614.1,578

48607

068Q

313809

3

Argen-tina

77 3112.6236 2215 8201.1

268 9273.0281.9301.8

334.4312.1345.2347.5353.2343.7330.9320.3

Bo-livia

14 a14171713

19171720

1820221919242221

0s15

0004

88437726

Brazil

19S174104I'M192

187215195226

228249259248241212171151

1077

.8

1.7.40

.9

.8

.6

.1

.7,4.5.4

Chile

66SO46ss60

76827979

7370697976

7

6.9

9.5.0

s.3.6.9.9.6

69.95756

.8

.2

Table 2b.—Latin

Co-lom-bia

79.257.846 154.085.9

65.961.649.653.4

54.649.744.266.666.258.150.952.1

Cuba

128 3153.5234 7219.4164.2

260.6274.2277.2259.1

251.0257.7276.0309.8327.9327.9354.3336.7

Do-min-icanRe-pub-

lic

41.841.341.842.7

44.345.145.846.348.751.353.253.0

America

Guate-mala

22222225

2730313029292826

7064

26882550

Mex-ico

116

H 9146214

176188187207

142140108115109123111128

4

97

.6

4.2.81

.5

.7

.7

.8

.9

.8

.2

.2

Neth-er-

landsWestIndiesandSuri-n a m

28.216.114 924.325.9

29.028.627.730.2

31.530.030.828.825.625.028.227.7

Peru

4340415252

58555760

6260555857545253

Q

986

.8

0.7.42

.3

.6

.0

.2

.9

.3

.8

.5

Re-pub-lic ofPan-

on n

77.270 371 874.3

72.262.158.359.2

54.251.952.251.953.958.162.066.3

ElSal-

vador

24211416

2842464646504641

0561

2253861

.7

Uru-guay

73716975

8379818274748381

9.9.71

.3

.0

.8

.1

.4

.6

.2

.6

Vene-zuela

49 774.078 0

121 7143.2

101.888.879.485.2

78.575.989.880.887.275.674.674.7

OtherLatin

Amer-ica*

158 8181.8186 5184.1207.4

65.865.365.671.3

72.279.686.693.595.293.286.987.5

Date

1945—Dec> 3i1946—Tjec# 3i1947—Dec. 31.1948—jjec# 311949—Dec. 31.

1950—Sept. 30.Oct. 31.Nov. 30.Dec. 31.

1951—Jan. 31.Feb. 28.Mar. 31.Apr. 30.May 31.June 30.July 31 PAug. 31 P

Asia

J 54Q 7,316 4

L.057.91,151.8

961.0

1,224.61,362.7L,403.9L.378.5

1,369.71,401.1L,411.01,386.01,387.21,399.11,412.01,496.6

For-mosaand

ChinaMain-land

582.3431.9229.9216.2110.6

100.9116.7103.881.7

78.777.779.679.378.679.286.089.7

HongKong

27.444 939.851 183.9

89.294.493.786.1

73.765.865.564.861.161.961.462.3

India

33.443 562.451.863.3

55.950.558.255.7

49.659.760.459.073.080.275.164.3

Indo-nesia

113.7127.169.341.515.7

73.091.7

110.5114.7

115.6124.9138.2126.7124.2135.8152.9157.4

Table 2c.—Asia

Iran

17.820.420.420.3

24.726.324.327.425.826.626.525.8

Israel

12.711.511.912.6

15.815.614.117.222.719.716.216.7

Japan

4 . 116.631.381.4

214.6

397.6434.0454.0458.5

452.5443.3406.4376.6348.8342.8356.9440.6

and All Other

Phil-ippineRe-

public

629.1446.6488.6488.3297.3

318.0378.1379.7374.4

376.6390.3395.0404.5414.5403.7396.1382.2

Thai-land

34.639.544.448.2

46.452.053.357.763.865.967.873.1

Tur-key

52.554.737.617.59 . 8

11.612.313.114.3

12.513.716.920.618.212.314.312.9

OtherAsia3

107.2151.099.0

204.0165.7

113.3113.5114.3111.9

123.6131.9157.4152.2156.6171.2158.6171.6

Allother

181 8232.8193.7167.4179.5

211.9222.1249.7254.5

250.3259.0248.8251.9258.5253.3257.8261.0

Aus-tra-lia

28.945.530.622.232.4

15.618.121.819.1

19.819.627.118.319.926.223.622.3

Bel-gian

Congo

37.641.658.258.1

53.254.250.851.451.655.055.453.1

Egyptand

Anglo-Egyp-tian

Sudan

18.920.825.027.761.6

63.664.466.375.6

85.185.085.1

105.6105.189.498.998.7

Unionof

SouthAfrica

6 447 246.415.8

6 . 0

33.837.544.344.0

36.439.221.2

9 . 516.216.815.721.8

Other <

127.7119.391.8

101.679.5

61.460.559.157.7

55.960.964.767.165.665.964.265.2

P Preliminary.1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date.* Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.8 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.4 Beginning January 1950, excludes Belgian Congo, reported separately as of that date.

NOVEMBER 1951 1431


INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued

TABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,BY COUNTRIES 1

[Amounts outstanding, in millions of dollars]

Date Total

392.8708.3948.9

1,018.7827.9

745.2835.9846.6898.0

857.4910.1910.5889.1913.3937.6936.4948.8

UnitedKing-dom

25.447.729.224.537.2

76.3139.5127.2105.7

87.8101.799.8

110.798.8

110.2103.787.0

France

1.15 .7

23.4119.051.8

30.230.331.231.4

31.031.930.6

6 . 37 .07.48.2

13.3

Neth-er-

lands

36.3151.049.151.4

5.2

3.34 . 83 .73 . 4

3 . 93 .73 . 64 . 23 . 93 . 53 . 43 . 8

Switz-er-

land

2 . 99 . 87 .06 . 93 . 8

9 . 910.311.4

8.7

11.511.89 . 0

10.811.010.510.78.1

Italy

.316.021.115.822.6

17.112.314.520.7

28.330.334.335.255.152.929.318.0

OtherEurope

74.682.8

118.9106.398.5

56.760.367.267.1

70.874.275.675.582.787.991.489.0

TotalEurope

140.7312.9248.6323.8219.2

193.5257.4255.2237.0

233.2253.6252.9242.6258.5272.4246.8219.2

Can-ada

53.352.227.539.837.6

109.7103.098.4

125.8

115.7121.2107.3117.6116.7117.9119.8102.3

LatinAmer-

ica

158.9226.8514.3516.6411.1

297.7307.3333.8378.8

374.2397.7402.5374.0371.5386.6404.1429.5

Asia

29.999.2

127.0118.8139.7

84.494.390.696.3

91.292.286.295.1

103.8100.9109.1141.0

Allother

1945—Dec. 31..1946—Dec. 31..1947—Dec. 31..1948—Dec. 31..1949—Dec. 31..

1950—Sept. 30..Oct. 31..Nov. 30..Dec. 31..

1951—Jan. 31 . .Feb. 28..Mar. 31. .Apr. 30. .May 31. .June 30..July 3W.Aug. 31 P.

9.917.231.519.720.4

59.873.868.660.0

43.145.461.659.762.759.956.656.9

Table 3a.—Other Europe

Date

1945—Dec 3i1946—Dec. 311947—Dec. 3 1 . .1948—Dec 311949—Dec 31

1950—Sept. 30. .Oct. 31. .Nov. 30. .Dec. 3 1 . .

1951—Jan. 3 1 . .Feb. 28. .Mar. 31. .Apr. 30. .May 3 1 . .June 30. .July 31*.Aug. 31 P.

OtherEurope

74 682 8

118.9106 398 5

56.760.367 267.1

70.874.275.675.582.787.991.489.0

Aus-tria

(3)

.1

.2

(3).2.2

(3)(3)(3)W2

Bel-gium

67 .5

15.021 419.3

14.617.621 321.5

22.024.923.421.919.718.818.715.0

Czech-oslo-vakia

(3)

(3)

(3)

.1

.1

.1

.3(3)

(3)(3)

Den-mark

(8)

2!26

.4

2.03.34 43.2

2.62.53.96.77.36.24.14.1

Fin-land

(3)6.28.03 48.2

2.72.02 22.2

2.73.54.03.36.36.25.15.0

Ger-many

33.930.430.530.530.0

25.225.325.525.4

25.325.625.925.925.925.425.926.4

Greece

.712.410.6

1 2.7

.1

.3

.1

.2

.2

.1

.1

.1

.1

.1

.1

.2

Nor-way

31.63.39.28 47.4

.91.41.41.4

1.71.92.11.82.32.32.12.0

Po-land

.1(8)

.1(3)

(3)(3)(3)(3)(3)(3)

.1(3)

Por-tugal

.51.01.1

.7

.5

.4

.35

.5

.5

.6

.5

.71.31.31.01.0

Ru-mania

.1

.1(3)(3)7.0

(8)(3)

.1(3)

(3)(s)(3)(3)(3)(3)(3)(3)

Spain

1.67.2

92 . 97.0

3.31 31 31.6

1.71.21.32.07.0

13.620.223.5

Swe-den

.94.95.41.42.3

3.04.66 46.9

10.09.49.58.68.27.47.84.9

USSR

(3)(3)

(«)(3)

(3)(3)

(3)

(3)(3)

.1

.1

(3)(3)

Yugo-slavia

(3)(3)(3)6 . 0(3)

" ' ( I } * "

(3)

(3)

.21.71.71.5

Allother2

4.89.5

35.929.815.6

4.33.93.83.9

4.04.24.34.24.34.74.75.0

Table 3b.—Latin America

Date

1945—Dec. 3 1 . .1946—Dec. 31. .1947—Dec. 3 1 . .1948—Dec. 3 1 . .1949—Dec. 3 1 . .

1950—Sept. 30. .Oct. 31. .Nov. 30. .Dec. 31. .

1951—Jan. 3 1 . .Feb. 28..Mar. 31. .Apr. 30..May 31. .June 30. .July 31 P.Aug. 31P.

LatinAmer-

ica

158.9226.8514.3516.6411.1

297.7307.3333.8378.8

374.2397.7402.5374.0371.5386.6404.1429.5

Argen-tina

21.041.865.272.453.6

40.540.543.045.9

25.225.217.810.99.99.5

10.09.3

Bo-livia

1.32.32.02.72.3

6.18.48.48.7

7.45.55.56.36.78.19.18.2

Brazil

24.749.8

165.8165.4136.9

63.963.368.778.0

76.277.385.480.585.395.2

104.9112.1

Chile

6.614.627.815.215.5

3.33.43.86.8

6.05.36.99.6

10.012.912.315.5

Co-lom-bia

16.826.432.632.621.1

46.240.939.942.5

39.138.636.451.655.048.045.242.7

Cuba

33.325.7

108.683.127.5

26.433.930.627.6

31.636.946.744.240.338.850.642.0

Do-min-icanRe-pub-lic

1.51.51.71.9

1.91.91.91.82.12.02.01.8

Guate-mala

1.61.72.12.6

2.82.72.82.72.82.62.73.0

Mex-ico

11.025 552.273.873.0

44.944.247.470.6

77.775.764.858.556.458.660.468.5

Neth-er-

landsWest

IndiesandSuri-nam

.58

1.11.51.3

1.11.11.31.3

1.11.21.11.41.61.41.41.2

Peru

1.93 74 . 34 . 45.8

10.58.68.4

11.0

14.312.713.513.813.512.611.112.2

Re-pub-lic ofPan-ama

1.11 34 . 74 65.3

4.04.13.53.1

2.82.62.82.82.72.52.62.6

ElSal-

vador

2.73.95.56.8

7.75.94.63.43.33.03.84.1

Uru-guay

6.06.28.18.0

5.37.37.67.8

11.010.49.9

11.3

Vene-zuela

6.18.7

15.326.025.6

24.431.546.849.4

61.785.891.565.956.967.163.780.5

OtherLatinAmer-ica4

34.726.234.534.743.1

14.614.314.814.6

13.513.213.213.014.113.914.414.7

p Preliminary.1 See footnote 1, p. 1430.2 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date.3 Less than $50,000.4 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date.



INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedTABLE 3.—SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES

BY COUNTRIES—Continued[Amounts outstanding, in millions of dollars]

Table 3c--Asia and All Other

Date

1945—Dec#1946—Dec.1947—Dec.1948—Dec.1949—Dec.

1950—Sept.Oct.Nov.Dec.

1951—Jan.Feb.Mar.Apr.MayJuneJulyAug.

3 1 .3 1 . .31. .31. .3 1 . .

30. .3 1 . .30 . .31 . .

3 1 . .28. .31. .30. .3 1 . .30. .31 P .31P.

Asia

29 999.2

127.0118 8139.7

84.494.390 696.3

91.292.286 295.1

103.8100.9109.1141.0

For-mosaand

ChinaMain-land

15 3 .4 0 .2 4 .16

21231818

1010

88888

10

098?6

67

2

5

444332

HongKong

85 .92 . 63 43 . 7

3 .74 . 04 33 . 0

3 . 02 . 82 34 . 24 . 43 . 14 . 33 . 0

India

712292017

14151416

1618161817151314

5.0.64

.4

7.27

.2

.5

.27

.4

.5

.7

.3

.6

Indo-nesia

1 41.0

.51 9

.2

.1

.12

.2

.3

.21

.2

.3

.2

.3

.2

Iran

8 . 07 .67 .16 .6

6 . 16.27 .57 .97 .97 .47 .16 .6

Israel

15.216.316.418.9

22.023.319 825.729.420.221.124.0

Japan

1514

58

1012

878689

117

S.2.99

.1

?.19

.1

.6

.74

.8

.2

.9

.1

.9

Phil-ippineRe-

public

13.820.227.437.323.2

6.27 .04 . 64 . 9

5 .64 . 49 06 .56 .79 .5

14.022.7

Thai-land

11.1.1 .

1.1.24 .3 .3 .3 .4 .

s585

64908174

Tur-key

2 01.4

17.71.4

14.3

.8

.9

.7

.9

1.31.71.41.5

.8

.6

.8

.8

OtherAsia1

2 84 . 67 .5

14.350.3

7.510.011.613.9

15.715.99 7

11.616.622.825.146.3

Allother

9 917.2311920

59736860

4345615962595656

574

8860

14677969

Aus-tralia

13 .9 .4 .7.

44 .5 6 .4 9 .4 0 .

2 8 .3 0 .4 4 .4 1 .4 1 .3 6 .3 2 .3 0 .

74079

S558

38958449

Tip- i

gianCongo

444

45s55777

9444

74

n2

.8

.0

.3

.7

Egyptand

Anglo-Egyp-tian

Sudan

3.4.1.4.2

.1

.1

.1

.3

.3

.33

.3

.3

.4

.8

.5

Unionof

SouthAfrica

4 710.114.4

7.94 . 5

6 .57 .37 47 .3

2 . 72 . 34 66 . 18 .69 . 49 . 49 . 3

Other 2

33867

4577

76666668

.3

.08

.7

8.4

.2

.0

.68

.6

.26

.8

.4

TABLE 4.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM DOMESTIC SECURITIES, BY TYPES 8

(Inflow of Foreign Funds)[In millions of dollars]

Year or month

1945194619471948194919501950—September


1951—January . .FebruaryMarchApril..MayJuneJuly?August P

U. S. Government bond

Purchases

377 7414.5344 8282.4430.0

1,236.458.658.1

274.5172.3106 625.360.9

101 546.7

210 230.035.7

Sales

393 4684.2283 3330.3333.6294.3

32.026.933.452.127 631.840.823 742.3

492.468.9

210.5

5 and notes 4

Netpurchases

- 1 5 . 7-269.7

61 5- 4 7 . 9

96.46 942.1

26.631.2

241.1120.378.9

- 6 . 520.177.94.4

-282.2- 3 8 . 9

-174.9

Corporate bonds anc

Purchases

260.2367.6226.1369.7354.1774.757.969.968.074.694 771.369.369 982.255 451.068.0

Sales

357.7432.1376 7514.1375.3772.358.768.761.272.995 771.558.053 971.958.547.368.1

stocks 8

Netpurchases

—97 4-64 .5

— 150 6-144.3

-21 .22 4

- . 81.26.81.7

— 1 1- . 211.416 010.4

—3.13.71

Totalpurchases

637 9782.1570 9652.2784.1

2,011 1116.5128.0342.5246.9201 296.6

130.3171 4128.9265 681.0

103.7

Totalsales

751 01,116.3

659 9844.4708.9

1,066 690.795.694.6

124.9123 4103.398.877 5

114.1550 9116.2278.7

Netpurchases

ofdomesticsecurities

— 113 1-334 .2

—89 1-192 .2

75.2944 4

25.832.4

247 9122.0

77 8-6 .731.593 914.8

—285 2-35.2

-175.0

TABLE 5.—PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES OWNEDIN THE UNITED STATES, BY TYPES 3

(Return of U. S. Funds)[In millions of dollars]

19451946.1947.19481949.1950

Year or month

1950—SeptemberOrtnhpr"NTnvpmhprDecember

1951—TanuarvFebruaryMarchAprilMayJuneJuly*August?

Foreign stocks

Purchases

37.365.257.181.788.8

173.818.117 715.813.522.429.820.820.824.617.716 418.4

Sales

54.865.642.696.770.8

198.235.418 116.822.531.030.419.416.217.716.418 118.0

Netpurchases

-17 .5- . 414.6

-15 .018.0

-24 .4-17 .3

- 4- 1 . 0- 9 . 0- 8 . 6- . 61.44.66 . 91.2

— 1.7.4

Foreign bonds

Purchases

318.1755.9658.7211.6321.2589.231.1

123.825.427.532.525.342.031.124.539.145 420.1

Sales

347.3490.4634.3291.4311.5710.2187.260.120.520.424.236.089.767.675.373.928.225.8

Netpurchases

-29 .2265.5

24.5- 7 9 . 8

9.8-121.0-156.1

63.74 . 97.18.3

-10 .7-47 .6-36 .5-50 .9- 3 4 . 8

17.3- 5 . 6

Totalpurchases

355.4821.2715.9293.3410.1763.049.2

141.541.241.154.955.162.851.949.156.861.838.5

Totalsales

402.1556.1676.8388.2382.3908.4222.6

78.237.343.055.266.3

109.183.893.090.446.243.7

Netpurchases

offoreign

securities

-46 .6265.1

39.0- 9 4 . 8

27.8-145.4-173.5

63 23 . 9

- 1 . 9- . 3

— 11.3-46 .2-31 9- 4 4 . 0 1- 3 3 . 6

15 6- 5 . 2

P Preliminary.1 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.2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date.3 Includes transactions of international institutions. 4 Through 1949 includes transactions in corporate bonds.5 Through 1949 represents transactions in corporate stocks only.s Includes 493 million dollars by Canada, 199 million by France, and 118 million by international institutions.

NOVEMBER 1951 1433


INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedTABLE 6.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF UNITED STATES SECURITIES,

BY COUNTRIES(Inflow of Foreign Funds)

[Net sales, ( —). In millions of dollars]

Year ormonth

1945...1946...1947...1948...1949...1950...

1950—Sept.. .Oct . . . ,Nov.. .Dec.. . .

1951—Jan...Feb. . .Mar.. .Apr...May. .June. .Julyp.Aug. P.

Inter-national

insti-tutions

74.57.6

87.0121.2

.28.01.1

25.9

51.93.2

25.817.72.3

-61.9-1.2-5 .1

Total

113.1334.2163.6199.8

-11.8823.2

25.624.4

246.896.1

25.9-9.9

5.676.212.5

-223 .4- 3 4 . 1

-169 .9

UnitedKing-dom

- 3 2 . 5- 3 6 . 9

- 8 . 99.1

20.964.0

6.716.94.22.9

20.04.0

A

l".O-2.9

-13.01.6

16.2

France

4.3-6 .8

-50 .2- 8 2 . 8

- 6 . 8197.8

30.520.035.915.9

1.0.4

20.350.61.3

- 3 5 . 8- 1 3 . 9

.4

Nether-lands

-5.5-26.5-98.2-79.3-25.5-6 .3

2.0.2

- . 4.7

.5

.9- . 1

C1)- . 1

-5 .3-6 .0-2.7

Switzer-land

-13.1-17.5

13.0-40.0

44.219.0

2.4A

-2^6-8 .2

- . 2n

r.46.74.62.76.36.4

Italy

.3- . 1

-17.10)1.5

- . 7.3.2.3.2

.3- . 9

.5

.3

.3

.1

.6- . 2

OtherEurope

- 4 . 4- 1 0 . 8- 1 4 . 1

2.62.2

73.8

3.9.9

35.1- 3 . 1

9.5- 1 . 4

.7- 8 . 2- 4 6- 5 . 4

.6- 4 2 . 6

TotalEurope

- 5 0 . 8- 9 8 . 6

-175.5-190.4

36.5347.5

45.737.772.58.5

31.22.0

22.550.3

- 1 . 4- 5 6 . 7- 1 0 . 9- 2 2 . 4

Canada

- 9 8 . 6- 1 6 . 4

3 .27 .5

- 4 9 . 0458.2

- 2 2 . 2- 1 4 . 0153.690.1

- 4 . 4- 1 1 . 3- 2 0 . 1

16.1- 3 . 6

-156 .4- 2 5 . 3

-144 .1

LatinAmer-

ica

26.46 . 3

- 3 . 510.2

2 . 530.1

.9- . 620.1

- 1 . 7

- 2 . 3- . 43 . 18 .93 . 1

- 1 0 . 71.2

- 3 . 2

Asia

10.8-224.5

10.0-23.3-2.1

-15.3

1.31.2

.5— 1.2

1.6.2.4.8

14.7.5.9

Allother

- . 9- 1 . 0

2.2- 3 . 9

.22.7

- . 2.1.2.4

- . 2- . 4- . 3

.2- . 4- . 1

.1- . 1

TABLE 6a.—DOMESTIC SECURITIES: NET PURCHASES BY FOREIGNERS OF UNITED STATES SECURITIESOther Europe; Latin America; and Asia

Year ormonth

194519461947 .194819491950

1950—Sept....OctNov.Dec

1951—JanFebMarAprMayJune . . .Julyp. . .Aug.P.. .

OtherEurope

—4 4- 1 0 . 8— 14 1

2 62.2

73.8

3.9.9

35 1- 3 . 1

9.5- 1 . 4

.7- 8 . 2—4 6- 5 . 4

.6- 4 2 . 6

Aus-tria 2

"i8!4

0)— *2

0)3.7

- 1 . 7

— 1 9- 7 . 3

.1- 4 . 7

Bel-gium

1 5.6

- . 92 61.6

12.6

3.91.01 4

.6

- . 20)

'.9— 5

.9

.2- 3 . 6

Nor-way

1 02.2

- 4 . 1— 3- . 936.7

- . 20)34 2

1.5

.4

.50)

- 8 . 7—2 71.80)

-29 .2

Swe-den

— 1 3- 3 . 4- 2 . 5

.2

.4- 1 . 1

0)- . 2— l- . 7

0)0)

C1)"

- . 1.1

0)

Allother

—5.5-10 .2- 6 . 6

1.17.1

— 2- 4 . 4

5.6— .2- . 3

.15

— .6.1

- 5 . 0

LatinAmer-

ica

26 46.3

- 3 . 510.22.5

30.1

.9- . 620 1

- 1 . 7

- 2 . 3— .43.18.93 1

-10 .71.2

-3.2

Brazil

.4- . 4

- 1 . 4.6

- . 2- . 1

.2

.1— 4- . 1

- . 1- . 4

.2- . 11 0

0)0)

Cuba

3.21.7

— .9- . 8

- 1 . 024.6

1.00)20 2- . 3

- . 2- . 5

.76.4

— 90)

Mex-ico

— 26.82.52.9

.3

.5

- . 2- . 1

4.2

- . 9.3.3

- . 1

.2- . 3

Re-public

ofPan-ama

- 5 . 74.5

- 6 . 9- 4 . 7

4.2.1

- . 2- . 6

— 1 0- . 2

- . 9- . 21.0

.24

- . 2- 1 . 6- 1 . 3

ElSalva-dor 2

0)0)0)0)

0)

80)0)

-10.90)0)

OtherLatinAmer-

ica

28.7- 6 . 2

3.212.2- . 7

- 5 . 9

0) i

- l ! 2

- . 3.4.8

2.42.9

— .42.1

- 1 .3

Asia

10.8-224.5

10.0- 2 3 . 3

- 2 . 1- 1 5 . 3

1.31.2

.5- 1 . 2

1.6.2.4.8

14.7.5.9.5

For-mosaand

ChinaMain-land

22.7-200.5

- 3 . 2- 2 2 . 7

- 7 . 2- 3 . 0

.1

.30)- . 3

0)0)0)'- . 1

.2- . 3

Japan

- . 10)8.5

.15.0

-13.7

0)0)0)0)

0)0)0)

.1

.10)0)

OtherAsia

-11.8-24.0

4.7- . 7

.11.3

1.2.8.5

-1 .0

1.7.3.9.6

14.4.6.7.8

TABLE 7.—FOREIGN SECURITIES: NET PURCHASES BY FOREIGNERS OF FOREIGN SECURITIES OWNEDIN THE UNITED STATES, BY COUNTRIES

(Return of U. S. Funds)[Net sales, ( - ) . In millions of dollars]

Year ormonth

1945...1946...1947...1948...1949...1950...

1950—Sept.. . .OctNovDec

1951—JanFebMar.. . .AprM a y . . . .JuneJ u l y ? . . .Aug.p.. .

Inter-national

insti-tutions

-249.30)

-16.0-3.6

-2.00)

- . 50)

-48.7-3 .0— .1

- . 9

Total

-46.6265.1288.3

- 9 4 . 943.8

-141 .8

-173.565.23.9

- 1 . 9

.3-11 .2

2.5- 2 8 . 9- 4 3 . 9-33.6

15.6- 4 . 3

UnitedKing-dom

- 2 0 . 9- 2 . 0- 9 . 9

- 1 3 . 5- 6 . 1

- 1 . 6- . 2

.70)

- . 9.4.4

0)- 2 . 1

- . 2.1.3

France

.2- 1 . 0- 3 . 1- 4 . 3

.4- 1 . 3

0)- . 6- . 3- . 7

- 1 . 7- 2 . 5- 2 . 2

- . 4.2.2

- . 4.2

Nether-lands

- . 6- 7 . 0

-29.9-5.3- . 1

-4.7

.4- . 1- . 5- . 2

.8

.4

.9

.2

.2- . 6

.2- . 7

Switzer-land

.7-13.9-14.9-35.4

19.117.2

3.6- 2 . 5

1.7- . 4

.2- . 23.62.11.81.8

.31.0

Italy

- . 1- . 8- . 3

.1

.4

.5

0)0)0)

- . 1

1.1- . 1

.10)

.1

OtherEurope

2.310.915.611.424.6

7.8

.2- . 3

.12.7

1.6- . 5

.11.27.51.4

.7

TotalEurope

-6 .3-32.6-34.4-43.4

30.813.4

2.7- 3 . 7

1.71.4

- . 8-i

3.22.01.58.81.71.5

Canada

-55.8187.6205.2

-102.2-10.6

-190.0-174.2

65.8.4

2 . 0

-3.9-12.8-5.1

-34.5-40.4-37.6

16.4-6.6

LatinAmer-

ica

15.1131.389.240.720.229.8-3 .0

2 . 51.61.9

2 . 71.32 . 51.33 . 93 . 94 . 2

.4

Asia

- . 5.3.5

1.6.8

1.0

.9

.20)- . 3

1.6.1

1.5.1

-8 .9-9 .1-6 .90)

Allother

1.0-21.4

27.88.42.63.9

.1

.3

.2-6 .8

.6

.5

.32.2

.1

.4

.2

.4

* Preliminary.> Less than $50,000.» Not available until 1950.



Year or month

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—ContinuedTABLE 8.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES

(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreasesin Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad)


ItalyTotal

17.89 . 7

-11.3-19.3

.68 .0

- . 82 . 47 .3

.1

-1 .32 . 7

-2 .3-4 .8-4.511.1- . 1

2 -2 .0

UnitedKingdom

1.3— .6

- 1 . 0- 1 . 2

.1- . 1

.2- . 4

.5- . 3

.3

.1- . 4- . 6

- 1 . 52 . 5

cA

France

.3- 2 . 9- 1 . 4- 2 . 5

— .5- . 1

.8- . 3

.6- . 8

.11.3

- . 4- . 3- . 5

.2

.5- . 8

Nether-lands

3 . 8- 8 . 5- 4 . 8-3.4

.22 . 5

.5- . 2

.4

.6

- . 3.2

— .2.3

- . 63 .2

.8- 2 . 7

Switzer-land

7 . 39 . 3

- 1 . 5- 1 0 . 7

. 9

.7

- 1 . 61.9

- . 52 . 2

-3 .0- . 2

.5-4 .2

1.22 . 5

- . 7- . 3

OtherEurope

3 . 11.1

- . 5-3 .2

. 1- . 2

.1- . 3

.3

.7

- . 2- . 5

.3

.6- . 6

.7- . 1

-1 .0

TotalEurope

15.9-1 .6-9 .3

-20.81.03 . 0

- . 1.7

1.72 . 6

-3 .21.0

- . 4-3 .1-2 .4

9 .2.2

-4 .9

Canada

3 . 42 . 0

-2.0. 1.9

-3.0

.5

.4

. 8-4.0

1.3.4

— .9- . 4- . 22 . 8

- 1 . 0- . 2

LatinAmerica

. 87 .5

- . 61.2

-1 .34 . 4

- . 5.3

3 .2.9

1.01.1

- . 7.2

-2 .5- . 5

.32 . 1

Asia

-1.81.01.8

.4- . 23 . 0

- . 1.9

1.4.8

- . 2.1

- . 1- . 9

.2- . 4- . 2

.7

AllOther

194519461947194819491950


1951—JanuaryFebruary.MarchAprilMayJuneJulypAugust P

.10)

- . 2.1.2.4

- . 10)

A

C1)

i ! i- . 4

.1

.12

- . 5.7

-1.4- . 1

.2

.6

- . 6.1.2

- . 2

- . 2.1

- . 3- . 6

.40)

.6

.3

P Preliminary.>Less than $50,000.

2 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 87.1; U. S. brokerage balances abroad, 33.4.

GOLD PRODUCTIONOUTSIDE U. S. S. R.


Year ormonth

19411942194319441945194619471948 . .19491950

1950—AugustSeptember..October . . .NovemberDecember. .

1951—January.. . .February.. .MarchApril .MayJuneJulyAugust..

Estimatedworld

productionoutside

U.S.S.R.1

1,265.61,125.7

871 5777 0738 5756 0766.5794 5826.0

Totalreportedmonthly

1,110.4982.1774 1701.5683 0697 0705.5728 1753.2775.9

67.265.366.865 363.1

63.358.9

Production reported

Africa

SouthAfrica

$1 =

504.3494.4448 2429.8427 9417 6392.0405 5409.7408.2

34.934.033.933 332.9

33.431.133.433 234.633 934.434.6

Rho-desia

= 155/2i &27.826.623 020.719 919.118.318.018.517 9

1.5L.5

Ss

L.4

4L.4

S44

1.4

WestAfrica2

rains of g32 A29.219.718.418 920.519.323 A23 A23.2

1.92.01.91.92.0

2.02.12.02 . 01.91.91.9

BelgianCongo3

old */wfi19.618.015.812.712.111.610.811.112.912.0

1.11.01.0

.9

.9

.9L . O

1011?S

monthly

North and South America

UnitedStates4

tie: i. e.,209.2131.048.835.832.551.275.870.967.380.1

7.67.67.97 .36.7

5.95.25.85 .55 .55 . 95 .56 . 6

Can-ada

an ounce187.1169.4127.8102.394.499.1

107.5123.5144.2155.4

13.212.813.213.213.4

13.112.113.012.712.912.712 A12.1

Mex-ico

of fine g

28.028.022.117.817.514.716.312.914.214.3

1.51.11.41.1

.9

1.01.1

Colom-bia

old =$3523.020.919.819.417.715.313.411.712.613.3

1.11.11.21.3

.8

1.4.7

1.51.51.41.31.3

Chile

9 . 36.46.17 .16 . 38 .15.95.76.36.7

.5

.5

.8

.6

.7

.6

.4

.6

.6

Nica-ragua 6

7 .58.67.77 .97 . 06 . 47.47.87.78.0

.7

.7

.6

.6

.6

.6

.7

.7

. 8

.7

.6

.9

.8

* Other

Austra-lia

52.440.426.323.023 028.932.831.231.330.1

2.52.62.82 . 82.4

2.42.42.4

r2 4r3.5r2 12 . 4

India'

10.09.18.86 . 65 . 94 . 66.16.55.76.7

.6

.6

.6

.7

.5

.5

.6

.67

.6

.6

.7

.7

p Revised.Gold production in U. S. S. R.: No regular Government statistics on gold production in U.S.S.R. are available, but data of percentage changes

irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annualproduction 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 1950 having been adjusted by subtracting from each monthly figure $252,000so that the aggregate for the year is equal to the yearly estimate compiled by the United States Mint.

• 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,

NOVEMBER 1951 1435


REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS[In millions of dollars]

End ofmonth

1945—Dec1946—Dec1947—Dec1948—Dec1949—Dec

1950—OctNovD e c . . .

1951—JanFebMar. . . .Apr . . .May. . .JuneJulyAugSept

End ofmonth

1945—Dec

1946—Dec. . . .1947—Dec1948—Dec1949—Dec

1950—OctNovDec

1951—jan

FebMarApr. . . .May / . . .J u n e . . . .J u l y . . . .AugSept

End ofmonth

1945—£)ec

1946—Dec. . . .1947—Dec1948—Dec. . . .1949—Dec

1950—OctNov. . . .Dec

1951—Jan . . . .FebM a r . . . .AprM a y . . . .J u n e . . . .J u l y . . . .AugSept

Estimatedtotal world

(excl.U.S.S.R.)1

33,77034,12034,55034,93035,410

35,820

35,800

P35 940

Egypt 3

5253535353

5353

3 97

97102117117124143174174

Portu-gal

433310236178

177177192

197197202212217217217

United

Treasury

20,06520,52922,75424,24424,427

23,24923,03722,706

22,39222,08621,80621,80521,75621,75621 75921 85422,013

France4

1,090796548548523

523523523

523523523548548548548548548

El Sal-vador

1312151517

202323

232323232326262626

States

Total2

20,08320,70622,86824,39924,563

23,34923,15322,820

22,46122,16221,92721,90021,86121,87221,85221,98622,164

Guate-mala

2828272727

272727

272727272727272727

SouthAfrica

914939762183128

183187197

202208205210210210210210

P210

Argen-tina

1,1971,072

322143216

216216216

216288288288288288288288

India

274274274256247

247247247

247247247247247247247247247

Spain

11011111111185

616161

6161616161606161

Bel-gium

716735597624698

592581587

591604589609589586595608638

Iran

131127142140140

140140140

139139139138138138138138

Sweden

4823811058170

919090

93108114124129129129129128

Bolivia

2222232323

232323

232323232323

Italy

24285896

252

252252252

252252252252252252252252

Switz-er-

land

1,3421,4301,3561,3871,504

1,5201,5081,470

1,4741,4821,4481,4441,4581,4511,4541,447

Brazil

354354354317317

317317317

317317317317317317317317317

Java

5 2015 180

i78*

188188208

228228228229229229229229229

Thai-land

43343434

118

118118118

118118118118115115113113

Canada

361543294408496

568578590

606617618635643652671681691

Mexico

2941811004252

116133208

281281304282261228

Turkey

241237170162154

150150150

150150150150150150150150150

Chile

8265454340

404040

4545454545454545

Nether-lands

270265231166195

231231311

311311311311311311311

UnitedKing-dom

62,47662,6966 2,0796 1,856«1,688

6 3,300

"6*3',758"

«3,867

6 3,269

Co-lombia

127145835152

727374

7576636566

NewZealand

2323232327

292929

303030303031313131

Uru-guay

195200175164178

217217236

260287295295293279

P27O

Cuba

191226279289299

291271271

271271271271271281281291311

Nor-way

8091725251

505050

5050505050505050

Vene-zuela

202215215323373

373373373

373373373373373373373373373

Den-mark

3838323232

313131

313131313131313131

Pakis-tan

1427

272727

2727272727272727

Inter-nationalMone-tary

Fund

151,3561,4361,451

1,494L.4941,495

L,4951,4951,495

.4951,4951,5181,519

Ecua-dor

2121202121

191919

191922222222222222

Peru

2824202028

282831

313146464646464646

Bank forInter-

nationalSettle-ments

3932303668

149159167

140125119161153151155143

v Preliminary.1 Includes reported gold holdings of central banks and governments and international institutions, unpublished holdings of various central

banks and governments, estimated holdings of British Exchange Equalization Account based on figures shown below under United Kingdom,and estimated official holdings of countries from which no reports are received.

2 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasurygold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the Treasury statement"United States Money, Outstanding and in Circulation, by Kinds."

3 Beginning December 1950 includes gold holdings of issue and banking departments of the National Bank of Egypt; prior to that representsholdings of issue department only.

4 Represents gold holdings of Bank of France (holdings of French Exchange Stabilization Fund are not included).5 Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31.6 Exchange Equalization Account holdings of gold, U. S. and Canadian dollars, as reported by British Government. (Gold reserves of Bank

of England have remained unchanged at 1 million dollars since 1939, when Bank's holdings were transferred to Exchange Equalization Account.)

NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking andMonetary Statistics, pp. 524-535; for back figures through 1941 see Table 160, p. 526 and pp. 544-555, in the same publication and for those subse-quent to 1941 see BULLETIN for April 1951, p. 464; February 1950, p. 252; and November 1947, p. 1433. For revised back figures for Argentinaand Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively.



NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES

[Negative figures indicate net sales by the United States]

(In millions of dollars at $35 per fine troy ounce)

Year or quarter Total UnitedKingdom

Bel-gium France

Neth-er-

landsPortu-

galSwe-den

Switz-er-

landOther

Europe ] Canada Argen-tina

ICuba Mexico

194519461947194819491950

1949

Jan.-MarApr.-June...July-Sept. . .Oct.-Dec

1950

Jan.-MarApr.-June...July-SeptOct.-Dec

1951

Jan.-Mar....Apr.-June...July-Sept. . .

-452.9721.3

2,864.41,510.0

193.3-1,730.3

68.8173.9101.5

-151.0

-202.5-31 .7

-732.2-763.8

-880.1-57 .0290.0

- . 2406.9734.3446.3

-1,020.0

31.114.2

222.869.8

-41 .0-55.0

278.5 -47 .9

264.615.8

-84 .8

162.4283.9

-80.0

-580.0-360.0

-400.0-80.0320.0

-12.5-31.0

2.5

-35.0-20.0

-12.32.0

130.840.7

-23 .5-79 .8

10.4

-10 .0116.063.014.0

-15.0

10.5

80.2238.0

3.0

-22 .9

-86.8-29.9

10.0- 5 . 6

-40.0-38.0

- 5 . 0-10 .0

-28.5-56.3

-91 .7

-79.8

- 4 . 5

-15 .0

-10.015.0

- 3 . 0-16.0- 4 . 0

-15 .0

-20.0- 5 . 0

-13.0

- 2 5 ! 6'

-15 .0

- 7 . 427.386.65.8

2 -159.9-68 .3

-13 .7-11 .2

36.8337.9311.2

3.4-100.0

3.4

-224.9153.2727.5114.1

-49 .9

-85.0-30.0-65.0-10.0-10.028.2

- 5 . 0 -17 .0

2-119.1-15 .9

-12.4-11.9

3.4-47.4

-44 .3-11 .2-3.5

-49.9-10.0

-100.0

-10.0

8.220.0

-49.9

-20.0

-23 .836.945.461.6

-16 .1-118.2

2.37.9

- 1 1 . 3- 1 5 . 0

-15 .8

-40 .5-61 .9

-124.464.1

NET GOLD PURCHASES BY THE UNITED STATES,BY COUNTRIES—Continued

[Negative figures indicate net sales by the United States]

(In millions of dollars at $35 per fine troy ounce)

Year orquarter

1945.1946.1947.1948.1949.1950.

1949

Jan.-Mar..Apr.-June.July-Sept..Oct.-Dec.

1950

Jan.-Mar..Apr.-June.July-Sept..Oct.-Dec..

1951

Jan.-MarApr.-JuneJuly-Sept

Uru-guay

-37.9- 4 . 925.110.7

-14.4-64.8

3.0-16.5- 1 . 0

-12.0- 2 . 0-23.9-26.9

-50.915.028.0

Vene-zuela

-73 .1- 9 . 2-3.7

-108.0-50.0

-50.0

OtherLatinAmer-

ica

- 2 7 .25.079.113.4

- 7 . 5-17 .6

3.63.7

- 2 . 9-11 .9

-10 .5- 1 . 0

- . 1-6 .0

- 1 1 . 7- 5 . 0

3.5

Asiaand

Oceania

-188.313.71.0

- 4 . 1-52 .1-39 .2

-2 .3- 6 . 6-2 .2

-41 .0

-14.9-23.6

-22.6-3 .8-5 .3

Unionof

SouthAfrica

94.256.0498.6195.713.1

72.055.648.119.9

3.99.2

12.720.3

Allother

3.722.911.96.9

- 1 . 64-47.8

.1

.1- 2 . 0

-27 .0- 3 . 0

-14 .8- 3 . 0

4-28.04 - 2 5 . 04-31.0

1 Includes Bank for International Settlements.2 Includes sale of 114.3 million dollars of gold to Italy.3 Includes sales of 185.3 million dollars of gold to China.4 Includes sales of gold to Egypt as follows: 1950, 44.8 million

dollars; 1951—Jan.-Mar., 20.0 million; Apr.-June, 25.0 million; andJuly-Sept., 31.0 million.

NOTE.—This series replaces the series on "Net Gold Imports toUnited States, by Countries," published previously.

ANALYSIS OF CHANGES IN GOLD STOCK OFUNITED STATES


Period

194219431944194519461947194819491950

1950—Oct. . .Nov...Dec . . .

1951—Jan. . .F e b . . .Mar...Apr. . .May. .June . .July.. .Aug. ..Sept...Oct.. ..

Gold stock atend of

Treas-ury

22,72621,93820,61920,06520,52922,75424,24424,42722,706

23,24923,03722,70622,39222,08621,80621,80521,75621,75621,75921,85422,013

P22,234

period

Total *

22,73921,98120,63120,08320,70622,86824,39924,56322,820

23,34923,15322,82022,46122,16221,92721,90021,86121,87221,85221,98622,164

P22 ,394

Increasein total

goldstock

-23 .0-757.9

—1,349.8-547.8

623.1»2,162.1

1,530.4164.6

-1,743.3

-242.5-195.5-333.2-358.8-298.7-235.4-27 .3-38.5

10.4-19 .2133.1178.0

P230.6

Netgold im-port orexport

( - )

315.768.9

-845.4-106.3

311.51,866.31,680.4

686.5-371.3

-93 .4-158.6-93 .0-105.6

-107.9-123.5-110.6-41 .0-37 .6-16.2- 3 . 710.9C4)

Ear-marked

gold: de-creaseor in-crease(-)

-458.4-803.6-459.8-356.7

465.4210.0

— 159.2—495.7

-1,352.4

-146.2-35 .3

-237.9-248.5-184.4-111.2

101.9-12 .9

46.3- 8 . 8137.0176.7

5 243.4

Domes-tic goldproduc-tion 2

125.448.335.832.051.275.870.967.380.1

7.97 .36 .75 .95 .25 .85 .55.55 .95 .56 .66 .4(4)

p Preliminary. 1 See footnote 2 on opposite page.2 Yearly figures are estimates of United States Mint. For explana-

tion of monthly figures see p. 1435, footnote 4.3 Change includes transfer of 687.5 million dollars gold subscrip-

tion to International Monetary Fund.4 Not yet available.5 Gold held under earmark at the Federal Reserve Banks for foreign

account, including gold held for the account of international institu-tions, amounted to 5,486.4 million dollars on Oct. 31, 1951. Goldunder earmark is not included in the gold stock of the United States.

NOTE.—For back figures and description of statistics, see Bankingand Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.

NOVEMBER 1951 1437


INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANKFOR RECONSTRUCTION AND DEVELOPMENT

[End-of-month figures. In millions of dollars]

International Fund

GoldCurrencies (balances with depositories

and securities payable on demand):United StatesOther

Unpaid balance of member subscriptions.Other assets ,Member subscriptionsAccumulated net income

Net currency transactions *(Cumulative—millions of dollars)

Australian poundsBelgian francsBrazilian cruzeirosChilean pesosCzechoslovakian koruny.Danish kronerEgyptian poundsFrench francsIndian rupeesMexican pesosNetherlands guilders. . . .Norwegian kronerSouth African pounds. . .Turkish lirasPounds sterlingYugoslav dinarsAll other

Total.

1951

July Apr. Jan,

1,519

1,3164,327

8691

8,037- 6

1,495

1,3134,315

9071

8,037- 6

1,495

1,3044,2291,003

18,037

- 5

1951

Sept.

20.011.465.55.46.0

10.2- 5 . 5125 0100.0

75.49.6

5.0300.0

9.0- . 9

736.0

Aug.

20.011.465.5

5.46.0

10.2- 5 . 5125.0100.0

75.49.6

5.0300.0

9.0- . 9

736.0

July

20.011.465.55.46.0

10.2- 5 . 5125.0100.0

75.49.6

5.0300.0

9.0- . 9

736.0

1950

July

1,464

1,3064,257

9891

8,022- 4

1950

Sept.'

20.011.437.5

8.86.0

10.2- 5 . 5125.0100.022.575.49.6

10.05.0

300.09.0

- . 6

744.3

International Bank

GoldCurrencies (balances with depositories

and securities payable on demand):United StatesOther

Investment securities (U. S. Govt. obli-gations)

Calls on subscriptions to capital stock2. .Loans (incl. undisbursed portions and

inch obligations sold under Bank'sguarantee)

Other assetsBonds outstandingLiability on obligations sold under guar-

anteeLoans—undisbursedOther liabilitiesGeneral reserve •Special reserveCapital2

Sept. June Mar,

11944

4414

1 ,08513

336

33368

44622

9919

4574

1,03719

325

33352

64220

1,668

6920

4664

93812

311

30279

33818

1,668

1950

Sept.

10921

4394

7628

261

26140

33115

1,668

1 As of Sept. 30, 1951, the Fund had sold 759.8 million U. S. dollars;in addition, the Fund sold to the Netherlands 1.5 million poundssterling in May 1947 and 300 million Belgian francs in May 1948, soldto Norway 200 million Belgian francs in June and July 1948, and soldto Brazil 10 million pounds sterling in January 1951. Repurchasesamounted to 69.3 million dollars. Currencies the net transactions inwhich amount to less than one million are reported under "All other."

2 Excludes uncalled portions of capital subscriptions, amounting to6,651 million dollars as of Sept. 30, 1951, of which 2,540 million repre-sents the subscription of the United States.

CENTRAL BANKS

Bank of England

(Figures in millions ofpounds sterling)

1941—Dec. 311942—Dec 301943—Dec. 291944—Dec 271945—Dec. 261946—Dec 25 . . .1947—Dec. 31194g—Dec. 291949—Dec 28

1950—Oct. 25Nov. 29Dec. 27

1951—Jan 31 . .Feb 28 .Mar. 28Apr 25May 30 .June 27July 25Aug 29 . . . .Sept. 26

Assets of issuedepartment

Gold*

.22

.2

.2

.2

.2

.2.2.4

.4

. 4

. 4

. 4

.4

.4

.4

. 4

.4

.4

.4

.4

Otherassets 2

780.0950.0

4

4 1

4 ]

1,100.01,250.01,400.01,450.01,450.01,325.01,350.0

1,350.01,350.01,375.0

1,350.0L,350.0,350.0

L,350.0L,350.0,400.0

L,400.0L.400.0L,400.0

Assets of bankingdepartment

Notesandcoin1

28.827.712.513.520.723.4

100.836.133.7

80.366.119.2

69.462.031.337.319.251.820.142.952.4

Dis-counts

and ad-vances

6 . 43 . 52 . 55 . 18.4

13.615.216.714.8

40.337.829.2

19.716.112.36.42 . 87 .97 .7

29.719.0

Securi-ties

267.8267.9307.9317.4327.0327.6331.3401.1489.6

581.8585.9384.0

329.2345.7395.1388.4405.0360.0390.8337.7345.7

Notecircula-

tion 3

751.7923.4

1,088.71,238.61,379.91,428.21,349.71,293.11,321.9

1,272.61,286.01,357.7

1,282.01,289.01,320.11,313.81,331.61,349.31,380.91,358.01,348.9

Liabilities of banking department

Deposits

Bankers'

219.9223.4234.3260.7274.5278.9315.1314.5299.2

316.0305.0313.5

297.9293.0302.4305.8296.4290.1294.4273.6289.9

Public

11.29 . 0

10.35 .25.3

10.318.611.711.6

13.018.415.4

13.013.013.814.214.420.414.818.516.6

ECA

17.497.9

266 A266 A

A

2 . 49 . 3

14.65.4

13.44 . 42 . 3

.91.1

Other

54.148.860.452.358.557.395.592.1

111.2

89.382.285.0

86.790.189.389 084 886.688.998 991.2

Otherliabili-

ties andcapital

17.917 917.917 817.818 118.118 118.1

17 818.018 1

18 318 518.517 818 018 118 318 518.5

1 On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and threepenceper 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 forinternal 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, increased by 50 million on June 12 and by 25 million on July 31, and decreased

by 25 million on Aug. 21, 1951. For details on previous changes, see BULLETIN for January 1951, p. 238; February 1950, p. 254; April 1949,p. 450; and February 1948, p. 254.

NOTE.—For back figures, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in samepublication.



CENTRAL BANKS—Continued

Bank of Canada

(Figures in millions ofCanadian dollars)

Assets

Gold

Sterlingand United

Statesdollars

Dominion and provin-cial government

securities

Short-term 1 Other

Otherassets

Liabilities

Notecirculation2

Deposits

Charteredbanks

Dominiongovern- Other

Otherliabilities

andcapital8

1938—Dec. 31.1939—Dec. 30.1940—Dec. 31.1941—Dec. 31.1942—Dec. 31.1943—Dec. 31.1944—Dec. 30.1945—Dec. 31.1946—Dec. 31.1947—Dec. 31.1948—Dec. 31.1949—Dec. 31.

1950—Oct. 31.Nov. 30.Dec. 30.

185.9225.7

1951 Jan. 31.Feb. 28 .Mar. 31.Apr. 30 .May 31.June 30.July 31.Aug. 31.Sept. 29.

28.464.338.4200.9

.5

.6172.3156.81.02.0.4

74.1

152.2127.2111.4

117.9117.380.0

128.8125.2116.8116.8100.087.0

144.6181.9448.4391.8807.2787.6906.9

,157.3,197.4,022.0,233.7,781.4

,381.4,170.0,229.3

,171.0,165.4,341.9,327.6,313.7,335.2,327.4,349.6,297.6

40.949.9

127.3216.7209.2472.8573.9688.3708.2858.5779.1227.8

435.7662.0712.5

731.5757.0673.7722.5777.3846.3872.5888.1896.1

5.25.5

12.433.531.347.334.329.542.143.745.442.5

440.0415.5297.1

273.7249.0171.1168.8117.9104.1118.6119.887.1

175.3232.8359.9496.0693.6874.4

,036.0,129.1,186.2,211.4,289.1,307.4

,321.8,323.5,367.4

,294.4,295.4,319.5,323.0,337.5,351.3,370.5,370.7,388.0

200.6217.0217.7232.0259.9340.2401.7521.2565.5536.2547.3541.7

621.7578.9578.6

537.6550.5552.9556.1530.1590.7558.2580.4579.4

16.746.310.973.851.620.512.9153.360.568 898.130.7

39.045.324.7

68.369.570.556.976.275.391.1115.0105.6

3.117.99.56.019.117.827.729.893.867.581.0126.9

235.2221.0207.1

204.4204.6206.7215.1221.5220.1212.6185.7140.0

9.313.328.535.124.055.4

209.1198.42,42.443.1

119.2

191.6206.0172.6

189.3168.7117.2196.6168.7165.0202.9205.8154.8

Bank of France

(Figures inmillions of francs)

Assets

GoldsForeign

ex-change

Domestic bills

Openmarket6 Special Other

Advances toGovernment6

Current Other

Otherassets 6

Liabilities

Notecircula-

tion

Deposits 7

Govern-ment ECA Other

Otherliabil-itiesand

capital

1938—Dec. 29.1939—Dec. 28.1940—Dec. 26.1941—Dec. 31.1942—Dec. 31.1943—Dec. 30.1944—Dec. 28.1945—Dec. 27.1946—Dec. 26.1947—Dec. 31.1948—Dec. 30.1949—Dec. 29.

1950—Oct. 26.Nov. 30.Dec. 28.

1951—Jan. 25.Feb. 22.Mar. 29.Apr. 26.May 31.Tune 28.July 26.Aug. 30.Sept. 27.

87,26597,26784,61684,59884,59884,59875,151129,81794,81765,22565,22562,274

182,785182,785182,785

182,785182,785182,785191,447191,447191,447191,447191,447191,447

82111242383737426871230

61,943

140,735146,783162,017

172,719185,735193,622173,566169,035161,802154,610145,195131,284

1,8925,8187,8026,8128,4209,51812,17017,98037,61867,39597,447137,689

115,122150,674136,947

131,554122,549133,959141,921215,539196,435232,873236,169225.418

1,7972,345661121692948303

3,13564

8,57728,548

25,03532,04734,081

35,90732,15829,19423,82117,53912,1645,9671,2569,231

7,8805,1493,6464,5175,3687,54318,59225,54876,254117,826238,576335,727

371,010297,884393,054

373,922383,170389,147427,135341,766458.572454,608472,894540,751

14,20063,90069,50068,25064,40015,850

67,900147,400150,900157,900

162,600155,900158,900

159,800159,000154,800159,700158,700157,600145,800160,600160,400

30,62730,473112,317182,507250,965366,973475,447445,447480,447558,039558,039560,990

481,039481,039481,039

481,039481,039481,039481,039481,039481,039481,039481,039481,039

14,02815,54918,57117,42416,99016,60120,89224,73433,13359,02457,622112,658

197,555222,277212,822

197,815213,535223,295235,063259,474235,037250,441245,129235,289

110,935151,322218,383270,144382,774500,386572,510570,006721,865920,831987,621,278,211

,466,6231,502,7701,560,561

,535,688,541,910,576,231,597,678,632,018,660,842,699,190,754,151,779,360

5,0611,914984

1,517770578748

12,048765733806

1,168

738370

741875988366749660

8,7397,61315,058

16,77230.20539,58846,94117,63616,43219,7036,98013,367

25,59514,75127,20225,27229,93533,13737,85557,75563,46882,479171,783158,973

171,836137,038161,720

154,980160,976149,431160,530160,143190,056166,020146,012154,895

2,7182,925

44,9868 68,474821,318815,596

7,0784,0877,213

10,94216,20619,377

28,61021,88524,234

28,02726,86422,51628,44424,65826,70131,79826,49027,177

1 Securities maturing in two years or less.2 Includes notes held by the chartered banks, which constitute an important part of their reserves.3 Beginning November 1944, includes a certain amount of sterling and United States dollars.* On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for

July 1940, pp. 677-678).5 For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1951, p. 1211; Sep-

tember 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.

6 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.» Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400;

1941, 64,580; 1942, 16,857; 1943, 10,724.»Includes advance to Stabilization Fund, amounting to 137.9 billion francs on Sept. 27.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.

NOVEMBER 1951 1439



Central Bank(Figures as of last report

date of month)

1951

Sept. Aug. July

1950

Sept.


date of month) Sept. Aug. July

1950

Sept.

Central Bank of the ArgentineRepublic (millions of pesos):

Gold reported separatelyOther gold and foreign exchange.Government securitiesRediscounts and loans to banks. .Other assetsCurrency circulationDeposits—NationalizedOther sight obligationsOther liabilities and capital

Commonwealth Bank of Aus-tralia (thousands of pounds):

Gold and foreign exchangeChecks and bills of other banks. .Securities (incl. Government and

Treasury bills)Other assetsNote circulationDeposits of Trading Banks:

SpecialOther

Other liabilities and capitalAustrian National Bank (millions

of schillings):GoldForeign exchangeLoans and discountsClaim against GovernmentOther assetsNote circulationDeposits—Banks

OtherBlocked

National Bank of Belgium(millions of francs):

Gold*Foreign claims and balances (net).Loans and discountsConsolidated Government debt..Government securitiesOther assetsNote circulationDeposits—Demand

ECAOther liabilities and capital

Central Bank of Bolivia—Mone-tary dept. (millions of bolivianos):

Gold at home and abroad2

Foreign exchange (net)Loans and discountsGovernment securitiesOther assetsNote circulationDepositsOther liabilities and capital

Central Bank of Ceylon (thousandsof rupees):

Foreign exchangePaid-in capital—Int'l. BankGovernment securitiesOther assetsCurrency in circulationDeposits—Government

BanksOther liabilities and capital

Central Bank of Chile (millionsof pesos):

GoldForeign exchange (net)Net claim on Int'l. Fund 3

Discounts for member b a n k s . . . .Loans to GovernmentOther loans and discountsOther assetsNote circulationDeposits—Bank

OtherOther liabilities and capital

Bank of the Republic of Colombia(thousands of pesos):

Gold and foreign exchangeNet claim on Int'l. Fund3

Paid-in capital—Int'l. Bank

15

51475

5,4943,690

367,264

305618

1,559

31,88715,9346,470

34,8603,7723,333

90,4371,626

9573,237

6884

358,71

281,

525,32.

283

874924034,675267,113408572681

834193

044471

8742,1652,003

37,661293

14,79425,060

5392,603

710,2325,063

342,66882,570

277,721

570 533,57033,653

295,590

51358

,327,615

36,190173884

,139

51252

4,9184,524

376,796

171577

2,238

29,74212,5809,334

34,8603,7573,112

88,8221,546

5702,446

(June)*1,370

9001,960

724157

3,887278948

703,6441,1173,2522,144

419,44654,592

200,99235,126

165,94224,369

1,384

6731.3.1

39394

15733

168,24,

514677,1051,1162,7061,628

397,24590,625

162,08132,604

116252839467670851733

,304245107,351675,613,399,375,669653,995

1,314198107

1,695675

5,3042,3327,3591,497846

1,924

181,52424,3691,383

6561,6531,933

31,253202

11,27121,834

4822,111

533,4356,013

350,64764,612236,770

453,17038,415226,352

50356

2,8375,435

445,863

3161,2841,259

29,9307,2656,330

34,9397,2654,30585,3272,171

352,501

1,370370

1,745736236

3,061409

518,1411,429

191331,152

518136,28251,808

1,233292

11,804686

3,1051,7246,2071,240257

1,139

215,83024,3681,372

Bank of the Republic of Colom-bia—Cont.

Loans and discountsGovernment loans and securities.Other assetsNote circulationDepositsOther liabilities and capital

Central Bank of Costa Rica(thousands of colones):

GoldForeign exchangeNet claim on Int'l. Fund 3

Loans and discountsSecuritiesOther assetsNote circulationDemand depositsOther liabilities and capital

National Bank of Cuba(thousands of pesos):

GoldForeign exchange (net)Foreign exchange (Stabilization

Fund)SilverNet claim on Int'l. Fund 3

Loans and discountsCredits to GovernmentOther assetsNote circulationDepositsOther liabilities and capital

National Bank of Czechoslovakia4

National Bank of Denmark(millions of kroner):

GoldForeign exchangeContributions to Int'l. BankLoans and discountsSecuritiesGovt. compensation account. . . .Other assetsNote circulationDeposits—Government


Central Bank of the DominicanRepublic (thousands of dollars):

GoldForeign exchange (net)Net claim on Int'l. Fund 3

Paid-in capital—Int'l. BankLoans and discountsGovernment securitiesOther assetsNote circulationDemand depositsOther liabilities and capital

Central Bank of Ecuador(thousands of sucres):

Gold sForeign exchange (net)5

Net claim on Int'l. Fund 3

Credits—GovernmentOther

Other assetsNote circulationDemand deposits—Private banks


National Bank of Egypt6 (thou-sands of pounds):

Gold?Foreign exchange8

Foreign and EgyptianGovernment securities

Loans and discountsOther assetsNote circulationDeposits—Government


274,968 262141,409102,119412,627208,13989,427

141104408!2469

241,557245

561136

257,368135,63083,883

240 410,181204,42269,554

11277

85816

1014311

290,99,

133,42,12,1,

10,27,

378,232

11,51130,4766,08883,1668,21915,838103,70141,31110,286

564 280,564645 116,310

974588511053478635

129,64843,48612,5111,24510,52227,509

810 379,777199 234,855

7,1637,439

69454

8132135

3,924513

1,5781,7971,668

193

8,05618,0481,250

40332

6,217977

26,3507,737834

69433

8120130,925582,561,812,700194

,056,515,25040212,217960,296,138817

69425

8112131

3,942539

1,5691,8021,670

185

8,05619,1771,250

40212

6,217992

26,2268,918

801

335,80,43618,758186,102177,107203,499,140,420109,762252,

488 335,428 334,99369,11018,757188,362171,057181,855488,385136,423107,554

436 237,047 231,772

87.18

195169

908 200180 507

147.115

750758699225332165399580

60,55242,618

310,42.

1577316721

60,55246,010

508 309,9055,4972,623

160,29585,441156,06522,786

438445717970038836

235,837136,08360,816428,858193,48351,963

11,51118,8437,019

82,03717,42118,18798,00646,75610,256

-•290,562^65,049

35,33572,75812,5071,145

r10,6l7'18,561340,093152,10614,335

69328

633134

4,012262

1,5341,2071,945

159

4,04514,1041,250

40252

5,383984

20,6525,100

307

252,857128,72116,881

216,304157,046149,366493,318146,650105,638175,568

6,376r55,510

304,4366,906

'2,388159,29385,418118,42412,482

* Latest month available. r Revised.1 On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc.2 It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar.3 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time

as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.* For last available report (March 1950), see BULLETIN for September 1950, p. 1262.5 In December 1950, gold and foreign exchange holdings revalued from 13.50 to 15.00 sucres per dollar.6 The National Bank of Egypt became the central bank on Apr. 5, 1951.7 Beginning December 1950, includes gold in Banking Department, formerly shown under "Other assets"; in April 1951, gold previously held

in"Issue Department revalued from 7.4375 grams of fine gold to 2.55187 grams of fine gold per Egyptian pound.8 Includes foreign exchange and, from June to November 1950, gold, formerly shown under "Other assets."NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1951, p. 112; and January 1950, p. 118





date of month)

Central Reserve Bank of El Salva-dor (thousands of colones):

GoldForeign exchange (net)Net claim on Int'l Fund l

Loans and discountsGovernment debt and securities. .Other assetsNote circulationDeposits . . .Other liabilities and capital

State Bank of Ethiopia 2

Bank of Finland (millions of mark-kaa):

GoldForeign assets (net)Clearings (net)Loans and discountsSecuritiesOther assets . .Note circulationDepositsOther liabilities and capital

Bank of German States(millions of German marks):

Foreign exchangeLoans and discountsLoans to Government . . .Other assetsNote circulationDeposits—Government

BanksOther

Other liabilities and capitalBank of Greece (billions of drach-

mae) :Gold and foreign exchange (net) 3

Loans and discountsAdvances—Government

OtherOther assetsNote circulationDeposits—Government

Reconstruction andrelief accts

OtherOther liabilities and capital3 . . . .

Bank of Guatemala (thousands ofquetzales):

Gold . .Foreign exchange (net)Gold contribution to Int'l Fund .Rediscounts and advancesOther assetsCirculation—Notes

CoinDeposits—Government

BanksOther liabilities and capital

National Bank of Hungary *Reserve Bank of India (millions of

rupees):Issue department:

Gold at home and abroadForeign securitiesIndian Govt, securitiesRupee coinNote circulation

Banking department:Notes of issue depar tmen t . . . .Balances abroadBills discountedLoans to GovernmentOther assetsDepositsOther liabilities and capital. . .

Central Bank of Ireland (thousandsof pounds):

GoldSterling funds

1951

Sept.

64,48252,481

1 ,5658,6215,5261,785

73 00254 5986,861

4 47513,685

— 76333,240

9456 997

42,2721,444

14,863

2,4844.6229,0621 ,5859,0542 ,5091 ,8901 .4262,874

27 2296,7791,2508,060

18,56936,2113,2652,3678,901

11,143

? 64651 37254,018

Aug.

64,54467,331

1,5654,9285,3951,642

74 03564,5306,840

4,47512,090

— 1 92234,418

9848 278

41,4461 ,829

15,048

2,4324,0259,5911 ,4988,7132,4881,8601,4053,080

971198

7 0153,4332,2191,926

835

4,5952 2484,231

27 229'9,5301,2507,398

17,56536,2303,2702,086

10,393'10,993

4006,1325,016

63911,583

6042,140

8352

1 0003,703

177

2 64650 17452,820

July

64,61075,364

1 ,5652,7855,6021,406

75 80368,9186,610

4 4755,663

— 1 71137,611

9559 480

39 8261,249

15,399

2,0984,1949,5561,4708,3842,5931,8461,2863,210

935191

6 4023,5282,3471,770

851

4,4262 0354,321

27 229'12,092

1,2506,952

17 62936,2563,2682,818

10,949'11 859

4006,2325 166

60312,016

3852,174

2852

9263,315

251

2 64649 88652,532

1950

Sept.

50,23657,300

1 ,5653,8124,9941 ,295

63 06249,6446,496

2,230519

6242,493

1,0411 359

34,0043,7159,985

1,5193,8459,1121,2548,2132,3801,055

6373,445

372234

4,7762,652

9831,841

701

2,6081 ,1772,691

27 229'6,0481,2504,230

18,68334,1133,1571,3749,356

'9,441

4005,8324,366

60710,956

2492,240

179

9233,212

226

2 64647 93250,578


date of month)

Bank of Italy (billions of lire):GoldForeign exchangeAdvances to TreasuryLoans and discountsGovernment securitiesOther assetsBank of Italy notesAllied militarv notesDeposits—Government

DemandOther

Other liabilities and capitalBank of Japan (millions of yen):

Cash and bullionAdvances to GovernmentLoans and discountsGovernment securitiesOther assets

Deposits—GovernmentOther

Other liabilitiesThe Java Bank (millions of guilders):

GoldsForeign exchange (net)Loans and discountsAdvances to GovernmentOther assetsNote circulationDepositsOther liabilities and capital

Bank of Mexico (millions of pesos):Monetary reserve 6

"Authorized" holdings of secu-rities etc. . .

Bills and discountsOther assetsNote circulationDemand liabilitiesOther liabilities and capital

Netherlands Bank (millions ofguilders):

Gold 7

Silver (including subsidiary coin).Foreisrn assets (net}Loans and discountsGovt. debt and securitiesOther assets

NewDeposits—Government

BlockedECAOther

Other liabilities and capitalReserve Bank of New Zealand

(thousands of pounds):GoldForeign exchange reserveLoans and discountsAdvances to State or State un-

dertakingsInvestmentsOther assets

Demand denositsOther liabilities and capital

Bank of Norway (millions of kroner):GoldForeign assets (net)Clearing accounts (net)Loans and discountsSecuritiesOccupation account (net)Other assetsNote circulation

BanksBlockedECA

Other liabilities and capital

1951

Sept.

436

590250204686

j 1,15216174

30281

871752587

1,530649

2,891779720

1,139

2 ,985462448

2,9531,603

479

1,1771858

4693,237

59447

2,75517

1,722506506

5,36568,670

6,019

51,45931,440

3,10960,56698,888

6,607

Aug.

434

590265204652

1,1182

174101276

79

871786501

1,500720

2,848789741

1,098

2,841480386

2,9131 ,481

412

1,1771823

4743,251

61148

2,762

1,685582477

5,30679,6886,019

51,44522,6753,190

60,374101,311

6,638

242221

24746

6,202129

2,4501,6801,186

790784

July

432

590261205603

1,1182

15982

26964

1 ,14742,640

390 060130,38831,968

409 026147,234

19,82420,120

871730493

1,723656

2,947830695

1,060

2,715461493

2,7971,443

489

1,1771741

5033,262

64448

2,806

1,626677487

5,20378,9436,235

51,92911,9743,510

60,62490,769

6,401

243187— 94946

6,202121

2,4311 ,7541 ,116

769770

1950

Sept.

430

590216178599

1 046

97137267

68

1 16278,181

166 202127,62833,954

328 78141 89118,25018,205

71591

2102,125

1102,016

813422

909

2,721119374

2,4151 ,223

487

87316

1 ,24954

2,850881

592 ,758

2582

1,2101,042

597

4,42652,5625,488

55,78921,974'3,82154,30783,4556,300

244'143—37

3247

7,11275

2,264'1,8631,268

528982

'710

r Revised.1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such

time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.2 For last available report (July 1950), see BULLETIN for December 1950, p. 1699.3 Effective June 1, 1951, figures reflect the change in the official exchange parities of the drachma resulting from abolition of exchange certificate

system.4 For last available report (February 1950), see BULLETIN for September 1950, p. 1263.5 Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per guilder.6 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.7 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.

NOVEMBER 1951 1441




date of month)

1951

Sept. Aug. July

1950

Sept.


date of month)

1951

Sept. Aug. July

1950

Sept.

State Bank of Pakistan (millions ofrupees):

Issue department:Gold at home and abroad.. .Sterling securitiesPakistan Govt. securities. . .Govt. of India securities... .India currencyRupee coinNotes in circulation

Banking department:Notes of issue department...Balances abroadBills discountedLoans to GovernmentOther assetsDepositsOther liabilities and capital.

Rank of Paraguay—Monetary dept.(thousands of guaranies):

Gold*Foreign exchange (net)Net claim on Int'l. Fund 2

Paid-in capital—Int'l. BankLoans and discountsGovernment loans and securitiesOther assetsNote and coin issueDemand depositsOther liabilities and capital

Central Reserve Bank of Peru(millions of soles):

Gold and foreign exchange3

Net claim on Int'l. Fund 2

Contribution to Int'l. BankLoans and discounts to banks. . .Loans to GovernmentOther assetsNote circulationDepositsOther liabilities and capital

Central Bank of the Philippines(thousands of pesos):

GoldForeign exchangeNet claim on Int'l. Fund 2

LoansDomestic securitiesOther assetsNote circulationDemand depositsOther liabilities and capital

Bank of Portugal (millions ofescudos):

GoldForeign exchange (net)Loans and discountsAdvances to GovernmentOther assetsNote circulationDemand deposits—Government..

ECAOther

Other liabilities and capitalSouth African Reserve Bank

(thousands of pounds):Gold *Foreign billsOther bills and loansOther assets.Note circulationDepositsOther liabilities and capital

Bank of Spain (millions of pesetas):GoldSilverGovernment loans and securities.Other loans and discountsOther assets

4485160513630039

1 ,920

56589991

3641,016

92

1,165120,9445,261

-1,015165,54822,05575,503

202,203104,49882,760

528202

315714244,191325307

11,701510,76629,50425,168231,193197,231579,305231,225195,032

4,02611,086

6451,247808

8,56799242

5,7062,505

11225

15616621979669

165307261024107656736123723363

637202

267679173

1,200344235

4485155513630042

1,868

6059799

' 4021,071

87

1,165115,2825,261

-1 ,001148,51516,61752,369186,78386,72664,701

651202

271701127

1,228352192

,289,024,504609

11,067523,14629,50429,609

206 231 ,760185,879

,406210,170189,388

473

564545

550378

15,60816,16323,265

3,88210,861

5311,246635

8,49390942

5,3352,377

74,26466,9456,751

35,31379,61185,28818,375

665378

15,70714,96722,102

3,82010,692

5291,246586

8,242900144

5,2622,326

74,33873,0165,119

27,91979,14283,16318,087

665378

15,77115,38522,538

4462251914130056

,642

40331102

1448821100

122

1294

31130419

600457710•228550425208463112148

337202

202704301970178419

5485

7,66148151569180,115

829347502253851549764141426

320577538243688019458481836573

,544,808,043,800,311,869,015

668412

,839,170,016

Bank of Spain—Cont.Note circulationDeposits—Government


Bank of Sweden (millions of kronor):GoldForeign assets (net)Net claim on Int'l. Fund 2

Paid-in capital—Int'l. B a n k . . . .Swedish Govt. securities and ad-

vances to National Debt Office8

Other domestic bills and advancesOther assetsNote circulationDemand deposits—Government..


Swiss National Bank (millions offrancs):

GoldForeign exchangeLoans and discountsOther assetsNote circulationOther sight liabilitiesOther liabilities and capital

Central Bank of the Republic ofTurkey (millions of pounds):

GoldForeign exchange and foreign

clearingsLoans and discountsSecuritiesOther assetsNote circulationDeposits—Gold


Bank of the Republic of Uruguay(thousands of pesos):

GoldSilverPaid-in capital—Int'l. BankAdvances to State and govern-

ment bodiesOther loans and discountsOther assetsNote circulationDeposits—Government


Central Bank of Venezuela (mil-lions of bolivares):

GoldForeign exchange (net)Other assetsNote circulationDepositsOther liabilities and capital

Bank for International Settle-ments (thousands of Swiss goldfrancs):

Gold in barsCash on hand and with banks . . .Sight funds at interestRediscountable bills and accept-

ances (at cost)Time funds at interestSundry bills and investments....Funds invested in GermanyOther assetsDemand deposits (gold)Short-term deposits:

Central banks—Own account..Other

Long-term deposits: SpecialOther liabilities and capital

32,821221

2,98719,936

2839188810

3,35124517

3,636822343613

5,97718717777

4,5861,633

199

,710220,256,632

2836518810

,454267499,577459623594

,98220813477

,498,704198

31,648690

3,22919,169

284677

29,49142

3,43015,144

191970

3,526242511

3,482636527594

6,01418814179

4,4691,753

199

419

1131,456

1586

1,098153548291

419

141,3321581

999153572265

1,141-76119740210234

,141158117739195167

4374910

13232343297

1308

42378

228265

366502

833544857201430573

982451909012

419

1601,282

15120973153641230

(June)*424,57710,301

318

149,982284,644341,222370,310100,626319,831420,278

1,141-94129730171276

[75,85357,0474,393

139,38031,023

334,195297,201

1,393304,286

505,34537,810228,909264,135

2,745184369

3,197394197670

6,11035913974

4,3512,130

200

408

1241,235

28112965153621166

329,18611,518

313

143,638264,081267,861296,13089,972

307,229323,266

1 ,0413160715258159

442,52319,7662,888

120,23947,574

287,577297,201

1,507302,479-

408,21319,328

228,909-260,346-

* Latest month available.1 As of Mar. 5, 1951, gold revalued from .287595 to .148112 grams of fine gold per guarani.2 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.8 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued.4 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce.8 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.

Until such time



MONEY RATES IN FOREIGN COUNTRIES

DISCOUNT RATES OF CENTRAL BANKS


Dateeffective

In effect Dec. 31,1939

Jan. 25, 1940. .Apr. 9May 17Mar. 17, 1941..May 29June 27Jan. 16, 1945. .Jan. 20Feb. 9Nov. 7, 1946..Dec. 19Jan. 10,1947..

Aug. 27Oct. 9June 28 1948Sept 6Oct 1May 27 1949July 14Oct. 6.June 8, 1950Sept. 11Sept. 26Oct. 27Dec. 1Apr. 17, 1951..July 5Sept. 13In effect Sept. 30,

1951

Central bank of—

UnitedKing-dom

2

2

France

2

1M

2H&3

3H&4

2H

Ger-many

4

3K

1 1-5

l i_4

1 1-6

U - 6

Bel-gium

iy23

3H

3M

3%

SH3\i

3M

Neth-er-

lands

3

3

4

4

Swe-den

3

3K

3

2H

3

3

Switz-er-

land

Centralbank of—

AlbaniaArgentinaAustriaBelgiumBolivia

CanadaChileColombiaCosta Rica

DenmarkEcuadorEl Salvador.. .EstoniaFinland

FranceGermanyGreeceIndiaIreland

RateSept.

30

3H6

2

4

5103

2Hil-6

123

2H

Dateeffective

Mar. 21, 1940Mar. 1, 1936Aug. 3, 1945Sept. 13, 1951Sept. 30, 1950

Oct. 17, 1950June 13, 1935July 18, 1933Feb. 1, 1950

Nov. 2, 1950May 13, 1948Mar. 22, 1950Oct. 1, 1935Nov. 3, 1950

June 8, 1950Oct. 27, 1950July 12, 1948Nov. 28, 1935Nov. 23, 1943

Centralbank of—

ItalyJapanJavaLatviaLithuania. . .

MexicoNetherlands..New Zealand.Norway

PeruPor tuga l . . . .South Africa.SpainSweden

Switzerland..TurkeyUnited King-

domU. S. S. R. . . .

RateSept.

30

45.11356

s6

43

I"24

1 The lower rate applies to the Bank deutscher Laender,rate applies to the Land Central banks.

NOTE.—Changes since Sept. 30: Japan—Oct. 1, from 5.11 tcFrance—Oct. 11, from 2% to 3 per cent.

Dateeffective

Apr. 6, 1950July 5, 1948Apr. 1, 1946Feb. 17, 1940July 15, 1939

June 4, 1942Apr. 17, 1951July 26, 1941Jan. 9, 1946

Nov. 13, 1947Jan. 12, 1944Oct. 13, 1949Mar. 18, 1949Dec. 1, 1950

Nov. 26, 1936Feb. 26, 1951

Oct. 26, 1939July 1, 1936

and the higher

5.84 per cent;

Month

OPEN-MARKET RATES


1942—Aug1943—-Aug1944—Aug1945—Aug1946—Aug1947—Aug1948—Aug1949—Aug1950—Aug

1950—SeptemberOctober...NovemberDecember.

1951—January. .February.MarchAprilMayJuneJulyAugust. . .

Canada

Treasurybills

3 months

.53

.50

.38

.36

.40

.41

.41

.51

.55

.62

.62

.62

.63

.63

.73

.76

.76

.76

.75

.77

.79

United Kingdom

Bankers'acceptances

3 months

1.031.031.031.03

.53

.53

.56

.67

.69

.69

.69

.69

.69

.69

.69

.69

.69

.69

.69

.931.00

Treasurybills

3 months

1.001.001.001.00

.51

.51

.51

.52

.51

.52

.51

.51

.51

.51

.51

.51

.51

.51

.51

.51

.51

Day-to-day

money

Bankers'allowance

on deposits

1.001.111.131.13

.63

.63

.63

.63

.63

.63

.63

.63

.63

.63

.63

.63

.63

.63

.63

.63

.63

France

Day-to-day

money

1.661.621.681.501.321.461.88

P2.062.35

2.222.282.192.41

2.452.422.452.602.612.522.572.64

Netherlands

Treasurybills

3 months

1.411.301.351.251.44

1.331.271.201.40

1.311.551.461.551.501.391.391.38

Day-to-day

money

1.181.001.06

.91

.95

.91

.88

.881.09

.831.001.231.241.071.00

.911.00

Sweden

Loansup to

3 months

Switzer-land

Privatediscount

rate

1.251.251.251.251.251.25

.63

.50

.50

.50

.50

.50

.50

.50

.50

.50

.50

.50

.50

.50

.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.

NOVEMBER 1951 1443


COMMERCIAL BANKS

United Kingdom *

(11 London clearingbanks. Figures inmillions of pounds

sterling)

1945—December1946—December1947—December . . . .1948—December1949—December


1951—JanuaryFebruaryMarch . . . . .AprilMayTuneJulyAugust

Canada

(10 chartered banks.End of month figures

in millions ofCanadian dollars)

1945—December . . . .1946—December1947—December1948—December . . . .1949—December


1951—JanuaryFebruaryMârchAprilMayJuneJulyAugust

France

(4 large banks. Endof month figures inmillions of francs)

1945—December1946—December1947—December1948—December1949—December

1950—August


1951—January .FebruaryMarchAprilIVlayJuneJuly

Assets

Cashreserves

536499502502532

492509502540

530496489520504501514515

Money atcall and

shortnotice

252432480485571

543557548592

559531537559571594583573

Bills dis-counted

369610793741

1,109

1,3581,4141,4451,408

1,4701,3431,3131,3001,2261,1721,2501,185

Treasurydeposit

receipts 2

1,5231,5601,2881,397

793

435496478456

383291234295269290290306

Securities

1,2341,4271,4831,4781,512

1,5011,5051,5141,528

1,5291,5441,5521,5541,5561,5501,5521,549

Loans tocustomers

827994

1,2191,3961,534

1,6101,608L,6251,660

L.6561,7141,7661,7751,8061,8951,8611,863

Assets

Entirely in Canada

Cashreserves

694753731749765

748847797824

774770753774760781798784

Securityloans

251136105101133

101115164134

118109948792828490

Otherloans anddiscounts

1,2741,5071,9992,1482,271

2,4732,5652,7372,776

2,7952,8723,0083,0463,0663,0613,0433,073

Securityloans

abroadand netdue fromforeignbanks

227132106144146

225189177171

175176178160188206209260

Securities

4,0384,2323,8744,2684,345

4,4374,3494,2804,286

4,2484,0933,9863,9243,8863,8383,8403,832

Otherassets

8691,0391,1591,1691,058

1,1781,2581,2931,304

1,2701,3341,2661,413

1,379288

1 ,3491,339

Assets

Cashreserves

14,73318,00722,59045,39740,937

41,57242,89339,51938,03048,131

39,76941,43542,46947,53948,80947,85652,131

Due frorrbanks

14,12818,94019,37835,63342,311

51,67048,79750,79352,70952,933

56,95260,29362,61065,44563,44062,30566,660

Bills dis-counted

155,472195,223219,386354,245426,69C

440,122484,I3t484,65?460,635527,525

477,003477,766499,550490,676475,054522,657478,256

36,62165,17086,875

126,246129,501

135,192131,192136,334146,408135,289

153,502154,660150,919160,293166,984159,958174,625

Otherassets

4,78317,44527,40934,03029,843

46,98248,60949,07749,47931,614

31,54933,36738,35141,23746,16947,81550,030

Otherassets

374505567621579

557616660735

697719770760854797756755

Liabilities

Deposits

Total

4,8505,6855,9356,2006,202

6,0286,2046,2516,368

6,2606,0416,0376,1306,1496,1676,1746,133

Demand

3,2623,8233,9624,1594,161

3,9694,1054,1094,262

4,1813,9943,9874,0554,0634,0994,0864,061

Time

1,5881,8621,9722,0412,041

2,0592,0992,1422,106

2,0782,0472,0492,0752,0862,0682,0882,072

Otherliabilities

andcapital

265342396420427

468501522550

564596625632636633631612

Liabilities

Notecircula-

tion

2621181614

(3 )

(3 )

(3 )

(3)

(3 )

(3 )

(3 )

(3 )

Deposits payable in Canadaexcluding interbank deposits

Total

5,9416,2526,4127,0277,227

7,5977,7407,8197,828

7,7487.6757,6247,6847,6867,5917,6587,667

Demand

3,0762,7832,6712,9702,794

3,0153,1803,2763,270

3,1713,0573,0103,0863,0973,0323,0783,084

Time

2,8653,4693,7404,0574,433

4,5824,5594,5434,558

4,5774,6184,6144,5984,5894,5594,5804,583

Otherliabilities

andcapital

1,3861,5251,5441,5371,477

1,5651,5831,6301,667

1,6311,6781,6601,7?01,6841 664

j 1 6651,710

Liabilities

Deposits

Total

215,291,341,552,627,

650,687,689,676,749,

709,720,741,748,739,777,753,

615945547221266

559444545636928

469710484810071219628

Demand

213,592290,055338,090545,538619,204

638,875674,592674,169660.10673 L.310

691,231701,935721,791728,559719,405756,997733,546

Time

2,0231,8903,4576,6838,062

11,68412,85315,37616,53018,618

18,23818,77519,69320,25219,66620,22220,082

Own

ances

2,90415,69425,17530,63826,355

29,97130,68229,20827,55528,248

26,59927,25229,73930,67833,35432,54432,933

Otherliabilities

andcapital

7,2187 1458,916

12,69115,662

35,00837,50241,62843 07317 316

22,70719,56022 67625 70228,03330,82835,141

1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying frombank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month,except in June and December, when the statements give end-of-month data.

2 Represent six-month loans to the Treasury at 1% per cent through Oct. 20, 1945, and at Y% 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.



FOREIGN EXCHANGE RATES

Averages of certified noon buying rates ir

Year or month

19461947194819491950

1950—NovemberDecember . .

1951—January..February

AprilMay

TulyAugustSeptemberOctober

Year or month

19461947194819491950

1950—November . . .December

1951—JanuaryFebruaryMarchApril

Tune . .JulyAugustSeptemberOctober

Year or month

1946 . .194719481949 .1950

1950—NovemberDecember

1951—JanuaryFebruaryMarchApril

JuneTulyAugustSeptemberOctober

Argentina(peso)

Basic

29.77329 77329.77329.77426.571

20.00020 000

20.00020.00020.00020 00020.00020.00020.00020 00020.00020.000

Ceylon(rupee)

27 83920.850

20.85020.850

20.85020.85020.85020.85020.85020 85020.85020.85020.85020.850

NewZealand(pound)

322.63322.29350.48365.07277.28

277.29277.22

277.21277.29277.29277.29277.29277.29277.25277.11277.10277.17

Prefer-ential

»13.333

13.33313 333

13.33313.33313.33313 33313.33313.33313.33313.33313.33313.333

Czecho-slovakia(koruna)

2 00602.00602.00602 00602.0060

2.00602.0060

2.00602.00602.00602 00602.00602 00602.00602.00602 0060

9 2.0060

Norway(krone)

20.17620.16020.15918.48114.015

14.01514.015

14.01514.01514.01514.01514.01514 01514.01514 01514.01514.015

Free

* 8.289

7.1476.924

7.1027.1387.1247.1437.0967.0717.1597.1036.9526.974

Den-mark(krone)

20 87620.86420.85719 11714.494

14.49414.494

14.49414.49414.49414.49414.49314.48414.48414.49214.49214.492

Philip-pine

Republic(peso)

49.72349.621

49.62549.625

49.62549.62549.62749.64349.64349 64449.64349 64349.64349.643

L New York for cable transfers.

Aus-tralia

(pound)

321.34321.00321.22293.80223.15

223.16223.10

223.09223.16223.16223 16223.16223.16223.13223.01223.01223.06

Finland(markka)

io .4354

Portu-gal

(escudo)

4.05014.02734.01833.88003.4704

3.47913.4838

3.47643.46793.47663.47993.48263 48803.48273 47273.46443.4598

Belgium(franc)

2.28292 28172.28162.20091.9908

1.98761.9983

1.99451.98831.98431.98301.98331.98451.98641.98901.98661.9838

"Banknotes"

account

2.1407M.9722

1.9737

7

.9720

1.9549L.9774.9306

L.9491.9501

L.95681.9788L.9876

9876

France(franc)

Official

8.8

.4929

.4671

SouthAfrica(pound)

400.50400.74400.75366.62278.38

278.38278.38

278.38278.38278.38278.38278.38278.38278.38278.38278.38278.38

Free

109407

.3240

.3017

.2858

.2856

.2856

.2856

.2856

.2856

.2856

.2856

.2855

.2856

.2856

.2856

.2855

Swe-den

(krona)

25.85927.82427.82425.48019.332

19.33219.327

19.32719.32719.32719.32719.32719 32719.32719 32719.32719.327

In cents per unit of foreign currency]

Brazil(cruzeiro)

Official

6.0602

Free

5 44035.44065.44065.4406

5.44065.4406

5.44065.44065.44065.44065.44065.44065.44065.44065.44065.4406

Germany(deutsche

mark)

8 23.838

23.83823.838

23.83823.83823.83823.83823.83823.83823.83823.83823.83823.838

Switz-erland(franc)

23.36323.36323.36323.31423.136

22.94623.201

23.30423.26523.17723.13323.10023 01823.03823 01522.96322.916

India(rupee)

30 15530.16430.16927 70620.870

20.87020.870

20.87020.87020.87020.87020.87020.87020.87020.87020.87020.870

UnitedKing-dom

(pound)

403.28402.86403.13368.72280.07

280.07279.99

279.97280.07280.07280.07280.06280 07280.02279 88279.88279.94

BritishMalay-

sia 2(dollar)

42.97332.788

32.85032 850

32.85032.85032.85032 85032.85032.85032.85032.85032.85032.850

Ireland(pound)

10 280.38

Canada(dollar)

Official

95.198100 000100.00097.491

690.909

Mexico(peso)

20 58120.57718.86012 62011.570

11.57111.572

11.56711.56211.56111 56111.56111 56111.56111.56811 57111.563

Free

93 28891 99991.69192.88191.474

96.04494 913

95.00295.27195.42094 35393.99893.48494.25294.70094.70695.112

Neth-erlands(guilder)

37 81337.76037.66834 52826.252

26.23226.240

26.23926.24126.26026.24126.24326.27926.28626.28026.27826.267

Uruguay(peso)

65.83065.83065.83065.83065.833

65.83365.833

65.83365.83365.83365.83365.83365 83365.83365 83365.83365.833

56.28056.23956.18256.18056.180

56.18056.180

56.18056.18056.18056.18056.18056 18056.18056.18056.18056.180

42.55342.553

42.55342.553

42.55342.55342.55342.55342.55342.55342.55342.55342.55342.553

1 In addition to the rates shown, three other rates were certified from Jan. 1 through Aug. 28, 1950. The 1950 averages for these rates areas follows (in cents per peso): Preferential "A"—20.695, Preferential "B"—17.456, and "Special"—13.896.

2 Beginning Aug. 27, quotations on Straits Settlements dollar were discontinued and quotations on Malayan dollar substituted. The rateon both has been the same for a considerable period.

3 Based on quotations beginning Sept. 1, 1950.4 Based on quotations beginning July 13, 1950.3 Based on quotations beginning Oct. 11, 1950.6 Based on quotations through Sept. 30, 1950; official rate abolished after that date.7 Based on quotations through Sept. 19, 1951.8 Based on quotations beginning June 22, 1950.» Based on quotations through Oct. 26; quotations discontinued thereafter.

10 Based on quotations beginning Oct. 29.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.

NOVEMBER 1951 1445


PRICE MOVEMENTS IN PRINCIPAL. COUNTRIESWHOLESALE PRICES—ALL COMMODITIES

[Index numbers]

Year or month

1926

19401941194219431944194519461947194819491950

1950—SeptemberOctober

December

1951—JanuaryFebruary . . . . . . .MarchAprilMayJuneJulyAugustSeptember

UnitedStates(1926 =

100)

100

798799

103104106121152165155162

170169172175

180184184184183182

179178178

Canada(1935-39

= 100)

130

108116123128131132139

163193198211

223220222225

232239242242242243244242240

Mexico(1939 =

100)

103110121146179199229242260285311

321326332335

344359375385394400396388393

UnitedKingdom

(1930 =100)

124

137153159163166169175192219230262

272280289292

300306314319320321320

»-324325

France(1949 =

100)

79

10121420345289

100108

112113117121

123130134140141138135

P134P137

Italy(1938 -

100)

121136153

5,1595,4435,1704,905

5,0885,1765,2795,424

5,6525,7385,7245,6975,6775,595

P 5 , 5 5 8P5.523

Japan(1934-36average

= 1)

222224

1648

128209246

260269277281

296316334350349344340

P348

Nether-lands '

(1948 =100)

100104117

120122125128

136139144145146145142142

Sweden(1935 =

100)

126

146172189196196194186199214216227

228230244253

266275287297302305

P305P304

Switzer-land

(Aug. 1939= 100)

135

133171195203207205200208217206203

209213216218

226230231231231228224222

P Preliminary. r Revised.1 The Netherlands Central Bureau of Statistics is preparing a new wholesale price index. In the meantime an interim index, which is based

on 1948 prices, is being published. The commodities are weighted in accordance with production and imports of that year.Sources.—See BULLETIN for August 1951, p. 1046; January 1950, p. 124; June 1949, p. 754; June 1948, p. 746; July 1947, p. 934; January

1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.

WHOLESALE PRICES—GROUPS OF COMMODITIES

[Indexes for groups included in total index above]

Year or month

1926

19401941194219431944194519461947194819491950


1951—JanuaryFebruaryMarchApril. .MayJuneJulyAugustSeptember

United States(1926=100)

Farmproducts

100

6882

106123123128149181188166170

180178

• 184187

194203204203200199194191189

Foods

100

7183

100107105106131169179161166

177173175179

182188187186187186186187188

Othercommod-

ities

100

8389969799

100110135151147153

159162164167

170172172172172171169167167

Canada(1935-39=100)

Farmproducts

144

96107127145155165177190230226233

235229230235

242254264257257264268256254

Raw andpartlymanu-

facturedgoods

129

1 0 3»-1141 2 31 3 11 3 41 3 61 4 01 6 41 9 61 9 7213

226220222225

231237239239239243243237236

Fully andchieflymanu-

facturedgoods

133

110119124127129130138162192199211

222221223226

234240244245244244247245244

United Kingdom(1930=100)

Foods

133146158160158158158165181197221

220226229228

228227226236242247252258261

Indus-trial

products

138156160164170175184207242249286

303311325331

345356370370

*368P367P361P363P363

Netherlands»(1948=100)

Foods

100101112

110110114117

120119122120123123118119

Indus-trial rawproducts

100108128

133138142146

158165170174176173170172

Indus-trial

finishedproducts

100104116

120123124126

135139145146147145144143

p Preliminary. r Revised.1 The Netherlands Central Bureau of Statistics is preparing a new wholesale price index. In the meantime an interim ind ex, which is based

on 1948 prices, is being published. The commodities are weighted in accordance with production and imports of that year.Sources.—See BULLETIN for August 1951, p. 1046; July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.



PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—ContinuedRETAIL FOOD PRICES

[Index numbers]

Year ormonth

1942 ..19431944194519461947194819491950

1950-September.October...NovemberDecember.

1951-January...February..March....

MayJuneJulyAugustSeptember.

UnitedStatesi(1935-39= 100)

124138136139160194210202205

210211211216

222226226226227227228227227

Can-ada

(1935-39= 100)

127131131133140160196203211

219220219219

220224234238235240250251251

UnitedKing-dom(June

17, 1947= 100)

161166168170169101108114123

122125125125

127127128131135136140140141

France(1949= 100)

10121521365792100111

113116117118

120121123125129127127127P129

Nether-lands 2

(1949 =100)

100111

110113113112

113112113122124123127124

Switz-er-land(Aug.1939 =100)

153161164164160170176174176

179180180180

179178178178179180181182

COST OF LIVING[Index numbers]

Year ormonth

19421943194419451946194719481949 . .1950

1950-September.October. ..N o vein berDecember.

1951-January...February..March....AprilMayJuneJulyAugustSeptember.

UnitedStates i(1935-39= 100)

117124126129140160172170172

175176176179

182184185185185185186186187

Can-ada

(1935-39= 100)

117118119119124136155161167

170171171171

173175180182182184188189190

UnitedKing-dom(June

17, 1947= 100)

200199201203204101108111114

114115116116

117118119121124125126127128

France(1949= 100)

10121622355790100111

113

117

119121124126129129130131P133

Nether-lands 2

(1949 =100)

100109

111113113113

113115117122122121122121121

Switz.er-

land(Aug.1939 =100)

141148151153152158163162159

160161161161

162163163165166166167168

p Preliminary.1 Adjusted series reflecting allowances for rents of new housing units and, beginning January 1950, interim revision of series and weights.2 The Netherlands Central Bureau of Statistics is preparing a new consumer price index, which is expected to be ready during 1952. In themeantime an interim index, which is based on family budgets during the year 1949, is being published.

Sources.—See BULLETIN for August 1951, p. 1047; October 1950, p. 1421; January 1950, p. 125; July 1947, p. 935; May 1942, p. 451; Octo-ber 1939, p. 943; and April 1937, p. 373.

SECURITY PRICES[Index numbers except as otherwise specified]

Year or month

Bonds

UnitedStates(high

grade)

Canada(1935-39

= 100)

UnitedKingdom(December1921=100)

France(1949 =

100)

Nether-lands

Common stocks

UnitedStates

(1935-39= 100)

Canada(1935-39

= 100)

UnitedKingdom(1926=100)

France(December1938 = 100)

Nether-lands

Number of issues. . .

1943.1944.1945.1946.1947.1948.1949.1950.

1950—October. . .November.December..

1951—January...,February. . .MarchApril ,MayJuneJulyAugustSeptember.

12 87 60 416 105 278 295

120.3120.9122.1123.3103.298.7

101.9

102.6103.0105.2117.2118.5105.0107.6109.6

108.7106.5103.4

102.1102.495.695.395.395.095.595.395.2

127.8127.5128.3132.1130.8129.9126.5121.2

124.2124.1121.9

122.4121.1120.2119.8118.3117.5116.9116.6

133.3136.8138.3131.5120.0106.4100.099.8

98.599.899.4

99.799.6

100.199.2

100.4100.6

101.2102.0

P103.8

109.0105.6107.1106.8106.7

104.3104.6101.5

99.497 A96.693.186.987.684.180.378.1

91.999.8121.5139.9123.0124.4121.4146.4

157.8156.1158.4

168.6174.7170.3172.3173.9171.7172.8181.5187.3

83.583.899.6115.7106.0112.5109.4131.6

145.4144.5146.3

153.8166.5162.9165.6164.2160.7162.0169.7179.8

84.588.692.496.294.692.087.690.0

92.592.992.1

94.796.896.296.099.799.497.696.5

875,149,262,129,030

,035,029944

,031,144,159,169,172,188,185,300,413

27

268265

195233240219217

224228226221215212••208207212

p Preliminary. r Revised.NOTE.—For sources and description of statistics, see BULLETIN for September 1951, p. 1219; March 1951, p. 357; June 1948, p. 747; March

1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373 ; June 1935, p. 394; and February 1932, p. 121.

NOVEMBER 1951 1447


BOARD OF GOVERNORSOF THE FEDERAL RESERVE SYSTEM

W M . M C C . MARTIN, JR., Chairman

M. S. SZYMCZAK JAMES K. VARDAMAN, JR.

R. M. EVANS EDWARD L. NORTON

OLIVER S. POWELL

ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the ChairmanWOODLIEF THOMAS, Economic Adviser to the Board

OFFICE OF T H E SECRETARYS. R. CARPENTER, SecretaryMERRITT SHERMAN, Assistant SecretaryG. R. MURFF, Assistant SecretaryKENNETH A. KENYON, Assistant Secretary

LEGAL DIVISIONGEORGE B. VEST, General CounselFREDERIC SOLOMON, Assistant General CounselHOWARD H. HACKLEY, Assistant General Counsel

OFFICE OF T H E SOLICITORJ. LEONARD TOWNSEND, Solicitor

G. HOWLAND CHASE, Assistant Solicitor

DIVISION OF RESEARCH AND STATISTICSRALPH A. YOUNG, Director

FRANK R. GARFIELD, Adviser on Economic ResearchKENNETH B. WILLIAMS, Assistant DirectorSUSAN S. BURR, Assistant Director

DIVISION OF INTERNATIONAL FINANCEARTHUR W. MARGET, Director

LEWIS N . DEMBITZ, Assistant Director

FEDERALOPEN MARKET COMMITTEE

W M . MCC. MARTIN, JR., ChairmanALLAN SPROUL, Vice ChairmanR. M. EVANSRAY M. GIDNEYR. R. GILBERTH. G. LEEDYEDWARD L. NORTONOLIVER S. POWELLM. S. SZYMCZAKJAMES K. VARDAMAN, JR.ALFRED H. WILLIAMS

S. R. CARPENTER, SecretaryMERRITT SHERMAN, Assistant SecretaryGEORGE B. VEST, General CounselWOODLIEF THOMAS, Economist

KARL R. BOPP, Associate EconomistWATROUS H. IRONS, Associate EconomistDONALD S. THOMPSON, Associate EconomistCLARENCE W. TOW, Associate EconomistJOHN H. WILLIAMS, Associate EconomistROBERT G. ROUSE, Manager of System Open

Market Account

DIVISION OF EXAMINATIONSGEORGE S. SLOAN, Director

C. C. HOSTRUP, Assistant DirectorFRED A. NELSON, Assistant DirectorARTHUR H. LANG, Chief Federal Reserve Examiner

DIVISION OF BANK OPERATIONSROBERT F. LEONARD, Director

J. E. HORBETT, Assistant DirectorLOWELL MYRICK, Assistant Director

DIVISION OF PERSONNEL ADMINISTRATIONDWIGHT L. ALLEN, Director

H, FRANKLIN SPRECHER, JR., Assistant Director

DIVISION OF ADMINISTRATIVE SERVICESLISTON P. BETHEA, Director

JOSEPH E. KELLEHER, Assistant DirectorEDWIN J. JOHNSON, Assistant Director

DIVISION OF SELECTIVE CREDIT REGULATIONGUY E. NOYES, DirectorGARDNER L. BOOTHE, II, Assistant DirectorHENRY BENNER, Assistant DirectorCLARKE L. FAUVER, Assistant Director

FEDERALADVISORY 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,

EDWARD E. BROWN,

President

ATLANTA DISTRICT

CHICAGO DISTRICT

W. L. HEMINGWAY, ST. LOUIS DISTRICT

JOSEPH F . RINGLAND, MINNEAPOLIS DISTRICT

DAVID T. BEALS, KANSAS CITY DISTRICT

D E W I T T T. RAY, DALLAS DISTRICT

JAMES K. LOCHEAD, SAN FRANCISCO DISTRICT

HERBERT V. PROCHNOW, Secretary



CHAIRMEN, DEPUTY CHAIRMEN,

Federal ReserveBank of

Boston

New York

Philadelphia....

Cleveland

Richmond

Atlanta. . . . . . .

Chicago

St. Louis

Minneapolis. . . .

Kansas Ci ty . . . .

Dallas

San Francisco...

Chairman 1

Deputy Chairman

Harold D. HodgkinsonAmes Stevens

Robert T. StevensWilliam I. Myers

Warren F. WhittierC. Canby Balderston

George C. BrainardJohn C. Virden

Charles P. McCormickJohn B. Woodward, Jr.

Frank H. NeelyRufus C. Harris

F. J. LundingJohn S. Coleman

Russell L. DearmontWm. H. Bryce

Roger B. ShepardW. D. Cochran

Robert B. Caldwell

J. R. PartenR. B. Anderson

Brayton WilburHarry R. Wellman

AND SENIOR OFFICERS

PresidentFirst Vice President

J. A. EricksonAlfred C. Neal

Allan SproulL. R. Rounds

Alfred H. WilliamsW. J. Davis

Ray M. GidneyWm. H. Fletcher

Hugh LeachJ. S. Walden, Jr.

Malcolm BryanL. M. Clark

C. S. YoungE. C. Harris

Delos C. Johns0. M. Attebery

J. N. PeytonA. W. Mills

H. G. LeedyHenry 0. Koppang

R. R. GilbertW. D. Gentry

C. E. EarhartH. N. Mangels

OF FEDERAL RESERVE BANKS

Vice Presidents

John J. FoggRobert B. Harvey c

E. G. Hult

H. A. BilbyH. H. KimballL. W. KnokeWalter S. LoganA. PhelanKarl R. BoppRobert N. HilkertE. C. HillWilbur T. BlairRoger R. ClouseW. D. FultonJ. W. KossinN. L. ArmisteadR. L. CherryD. F. HagnerR. W. Mercer 3

P. L. T. BeaversV. K. BowmanJ. E. Denmark

Allan M. BlackH. J. ChalfontNeil B. DawesW. R. DiercksW. A. HopkinsFrederickL. DemingDale M. LewisWm. E. PetersonC. A. SchachtH. C. CoreC. W. GrothE. B. Larson

L. H. EarhartR. L. MathesJohn Phillips, Jr.E. B. AustinR. B. ColemanJ. L. Cook 3

W. E. EagleW. H. HollowayJ. M. LeisnerS. A. MacEachronE. R. MillardW. L. Partner

E. 0. LathamCarl B. Pitman0. A. SchlaikjerR. F. Van AmringeH. V. RoelseRobert G. RouseWilliam F. TreiberV. WillisR. B. WiltseWm. G. McCreedyP. M. PoormanRichard G. Wilgus 2

A. H. Laning 3

Martin MorrisonPaul C. StetzelbergerDonald S. ThompsonC. B. StrathyK. Brantley WatsonEdw. A. WayneChas. W. WilliamsT. A. LanfordR. E. Moody, Jr.E. P. ParisS. P. SchuesslerL. H. Jones 2

George W. MitchellA. L. OlsonAlfred T. SihlerW. W. Turner

<• Paul E. SchroederC M . StewartH. H. WeigelJ. C. WotawaH. G. McConnellOtis R. PrestonM. H. Strothman, Jr.Sigurd UelandG. H. PipkinC. E. Sandy 2

D. W. WoolleyWatrous H. IronsL. G. PondromC. M. RowlandMac C. Smyth

H. F. SladeRonald T. Symms 3

W. F. Volberg0. P. Wheeler

VICEFederal Reserve

Bank of

New YorkCleveland

Richmond

Atlanta

ChicagoSt. Louis

PRESIDENTS IN

Branch

BuffaloCincinnatiPittsburghBaltimoreCharlotteBirminghamJacksonvilleNashvilleNew OrleansDetroitLittle RockLouisvilleMemphis

CHARGE OF BRANCHES OF FEDERAL RESERVE

Chief Officer

I. B. Smith 4

W. D. FultonJ. W. KossinD. F. HagnerR. L. CherryP. L. T. BeaversT. A. LanfordR. E. Moody, Jr.E. P. ParisH. J. ChalfontC M . StewartC A. SchachtPaul E. Schroeder

Federal ReserveBank of

Minneapolis. . . .

Kansas City. . . .

Dallas

San Francisco...

Branch

Helena

DenverOklahoma CityOmaha

El PasoHoustonSan Antonio

Los AngelesPortlandSalt Lake CitySeattle

BANKS

Chief Officer

C W. Groth

G. H. PipkinR. L. MathesL. H. Earhart

C. M. RowlandW. H. HollowavW. E. Eagle

W. F. VolbergS. A. MacEachronW. L. PartnerJ. M. Leisner

1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 1 General Manager.

NOVEMBER 1951 1449


FEDERAL RESERVE PUBLICATIONS

The material listed below may be obtained fromthe Division of Administrative Services, Board ofGovernors of the Federal Reserve System, Wash-ington 25, D. C. Remittance should be madepayable to the order of the Board of Governorsof the Federal Reserve System.

FEDERAL RESERVE BULLETIN. Issued monthly. Sub-

scription price in the United States and its pos-sessions, Bolivia, Canada, Chile, Colombia, CostaRica, Cuba, Dominican Republic, Ecuador,Guatemala, Haiti, Republic of Honduras, Mexico,Newfoundland (including Labrador), Nicaragua,Panama, Paraguay, Peru, El Salvador, Uruguay,and Venezuela is $2.00 per annum or 20 centsper copy; elsewhere $2.60 per annum or 25 centsper copy. Group subscriptions in the UnitedStates for 10 or more copies to one address, 15cents per copy per month, or $1.50 for 12 months.

FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY

RATES, AND BUSINESS. Issued monthly. $6.00per annum including historical supplementlisted below, or 60 cents per copy. In quantitiesof 10 or more copies of a particular issue forsingle shipment, 50 cents each. (Domestic rates)

HISTORICAL SUPPLEMENT TO FEDERAL RESERVE

CHARTS ON BANK CREDIT, MONEY RATES, AND

BUSINESS. 113 charts. April 1951 edition.Annual subscription to monthly chart book in-cludes supplement; single copies, 60 cents each.In quantities of 10 or more copies for single ship-ment, 50 cents each. (Domestic rates)

BANKING STUDIES. Comprising 17 papers on bank-ing and monetary subjects by members of theBoard's staff. August 1941; reprinted March1949. 496 pages. Paper cover. $1.00 per copy;in quantities of 10 or more copies for single ship-ment, 75 cents each.

BANKING AND MONETARY STATISTICS. Statistics of

banking, monetary, and other financial develop-ments. November 1943. 979 pages. $1.50 percopy. No charge for individual sections (un-bound).

MONETARY AND BANKING REFORM IN PARAGUAY.

Includes translation of laws, accompanying re-ports, and introduction reviewing the monetaryhistory of Paraguay. July 1946. 170 pages.$1.00 per copy.1 A more complete list, including periodical releases and

reprints, appeared on pp. 734-37 of the June 1951BULLETIN.

RULES OF ORGANIZATION AND RULES OF PROCEDURE—

Board of Governors of the Federal Reserve Sys-tem (With Amendments). September 1946. 31pages.

T H E FEDERAL RESERVE ACT, as amended to Novem-ber 1, 1946, with an Appendix containing pro-visions of certain other statutes affecting theFederal Reserve System. 372 pages. 50 cents perpaper-bound copy; $1.00 per cloth-bound copy.

POSTWAR ECONOMIC STUDIES. (8 pamphlets)

No. 1. Jobs, Production, and Living Standards.

No. 2. Agricultural Adjustment and Income.

No. 3. Public Finance and Full Employment.

No. 4. Prices, Wages, and Employment.

No. 5. Private Capital Requirements.

No. 6. Housing, Social Security, and PublicWorks.

No. 7. International Monetary Policies.No. 8. Federal Reserve Policy.

The price for the set of eight pamphlets is $1.25;25 cents per pamphlet, or, in quantities of 10 ormore for single shipment, 15 cents per pamphlet.

T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND

FUNCTIONS. November 1947; reprinted April1951. 125 pages. 75 cents per cloth-bound copy;in quantities of 10 or more copies for singleshipment, 50 cents each. Paper-bound copiesavailable without charge.

DEBITS AND CLEARINGS STATISTICS, THEIR BACK-

GROUND AND INTERPRETATION. October 1947. 50

pages. 25 cents per copy; in quantities of 10 ormore copies for single shipment, 15 cents each.

DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, as of

December 31, 1947. July 1948. 122 pages. Asof June 30, 1949. December 1949. 122 pages.

DISTRIBUTION OF BANK DEPOSITS BY COUNTIES AND

STANDARD METROPOLITAN AREAS, as of Decem-

ber 30, 1950. July 1951. 125 pages.

A STATISTICAL STUDY OF REGULATION V LOANS.

September 1950. 74 pages. 25 cents per copy;in quantities of 10 or more copies for single ship-ment, 15 cents each.

REGULATIONS OF THE BOARD OF GOVERNORS OF THE

FEDERAL RESERVE SYSTEM. Individual regulations

with amendments.



FEDERAL RESERVE PUBLICATIONS

REPRINTS(From Federal Reserve Bulletin unless preceded by an asterisk)

A STUDY OF INSTALMENT CREDIT TERMS, by Milton

Moss. December 1949. 8 pages.

FRENCH EXCHANGE STABILIZATION FUND, by Robert

Solomon. January 1950. 5 pages.

INSURANCE OF COMMERCIAL BANK DEPOSITS. Feb-

ruary 1950. 5 pages.

STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR

DEPOSIT INSURANCE. February 1950. 15 pages.

INDUSTRIAL DIFFERENCES IN LARGE CORPORATION

FINANCING IN 1949, by Eleanor J. Stockwell.June 1950. 6 pages. (Also, similar survey byCharles H. Schmidt. June 1949. 8 pages.)

RETAIL CREDIT SURVEY—1949. From June 1950BULLETIN with supplementary information fornine separate trades. 37 pages.

STATEMENT ON PROPOSED SMALL BUSINESS LEGISLA-

TION. Presented by Thomas B. McCabe, Chair-man, Board of Governors of the Federal ReserveSystem, before the Senate Committee on Bank-ing and Currency, June 27, 1950. July 1950. 8pages.

BRANCH BANKING IN THE UNITED STATES, 1939 and

1949. July 1950. 16 pages.

DEFENSE LOAN POLICY. An announcement adopted

jointly by National and State Supervisors of banksand other lending institutions. August 4, 1950.August 1950. 1 page.

REVISED ESTIMATES OF CONSUMER CREDIT. Novem-

ber 1950. 2 pages.

MEASUREMENT OF CONSUMER CREDIT. Address by

Ralph A. Young and Homer Jones before theUniversity of Illinois Consumer Credit Confer-ence, Chicago, Illinois, October 5, 1950. Novem-ber 1950. 9 pages.

THE INTERNATIONAL MOVEMENT OF GOLD AND DOL-

LARS IN 1950. March 1951. 10 pages.

STATEMENT BY CHAIRMAN MARTIN ON HIS TAKING

OATH OF OFFICE, APRIL 2, 1951. April 1951.

1 page.

1951 SURVEY OF CONSUMER FINANCES—SELECTED

PRELIMINARY RESULTS. April 1951. 4 pages.

PART I. THE ECONOMIC OUTLOOK AND LIQUID

ASSET POSITION OF CONSUMERS. June 1951. 18

pages. PART II. PURCHASES OF HOUSES AND

DURABLE GOODS IN 1949 AND BUYING PLANS

FOR 1951. July 1951. 18 pages. PART III.DISTRIBUTION OF CONSUMER INCOME IN 1950.

August 1951. 18 pages. PART IV. DISTRIBU-TION OF CONSUMER SAVING IN 1950. September

1951. 18 pages. Also, similar survey for 1946from June-September 1946 BULLETINS, 28 pages;for 1947 from June-August and October 1947BULLETINS, 48 pages; for 1948 from June-Sep-tember and November 1948 BULLETINS, 70pages; for 1949 from June-November 1949 andJanuary 1950 BULLETINS, 124 pages; for 1950from April and June-December 1950 BULLETINS,106 pages, which includes THE METHODS OF THESURVEY OF CONSUMER FINANCES.)

* THE TREASURY—CENTRAL BANK RELATIONSHIP IN

FOREIGN COUNTRIES—PROCEDURES AND TECH-

NIQUES. November 1950. April 1951. 19 pages.

* PROGRAM FOR VOLUNTARY CREDIT RESTRAINT.

As amended to April 20, 1951. 4 pages.

TRENDS IN INTERNATIONAL TRADE AND PAYMENTS.

April 1951. 14 pages.

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS

AND BUSINESSES. July 1951. 2 pages.

HOUSE PURCHASES IN THE FIVE MONTHS FOLLOWING

THE INTRODUCTION OF REAL ESTATE CREDIT REGU-

LATION. July 1951. 23 pages.

FINANCING OF LARGE CORPORATIONS IN 1950, by

Eleanor J. Stockwell. August 1951. 7 pages.

SAVING IN THE DEFENSE ECONOMY. September

1951. 5 pages.

THE BALANCE SHEET AND CURRENT TRENDS OF

AGRICULTURE, 1951. September 1951. 14 pages.

THE CURRENT POSITION OF AGRICULTURE, by Philip

T. Allen. September 1951. 11 pages.

NEW INDEX OF OUTPUT OF MAJOR CONSUMER

DURABLE GOODS. October 1951. 6 pages.

CREDIT AND SALES REPORTED BY REGULATION W

REGISTRANTS. October 1951. 12 pages.

NOVEMBER 1951 1451


FEDERAL RESERVE SYSTEM

BOUNDARIES OF FEDERAL RESERVE DISTRICTSAND THEIR BRANCH TERRITORIES

ii

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


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