Federal Reserve Bulletin, 1950-01

E R AL R E S E R VE BULLETIN BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT 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 editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Production and Prices in Latter Part of 1949. 1-13 1949 Survey of Consumer Finances—Part VIII. Distribution of Consumer Saving in 1948 14-34 The French Exchange Stabilization Fund, by Robert Solomon. 35-39 Current Events and Announcements. 40-43 Law Department 44 National Summary of Business Conditions. 45-46 Financial, Industrial, Commercial Statistics, U. S. (See p. 47 for list of tables) 47—105 International Financial Statistics (See p. 107 for list of tables) . 107-125 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 126 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 127 Federal Reserve Publications 128-129 Map of Federal Reserve Districts 130 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, 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 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 36 January 1950 NUMBER 1 PRODUCTION AND PRICES IN LATTER PART OF 1949 Moderate recession in economic activity the 1935-39 level. Population was up oneand prices in the United States during the sixth from the prewar level, and the labor first half of 1949 was followed in the second force somewhat more. The number unemhalf by some recovery in activity and little ployed at the end of 1949 was about 3.5 change in prices. In other countries produc- million. tion generally increased further and prices In manufacturing and mining, where showed diverse movements. In most countries much of the recession in activity occurred, the year as a whole—the fourth full year since production in December was estimated to be the end of the war—was characterized by 177 per cent of the 1935-39 average. This was levels of output and prices which were high 18 points below the high of 195 in Octoberin relation to those of most other periods November 1948 and 12 points above the and by a more selective demand and price average of 165 in June-July 1949. Producsituation than had prevailed earlier. tion of textiles and most other nondurable At the end of 1949 levels of activity in the goods was back close to previous peak levels. United States were very high in comparison Output of machinery remained at the rewith prewar levels—in the aggregate and per duced levels reached last summer, roughly capita—and fairly high in terms of peacetime one-fifth below the 1948 peak. Reflecting utilization of available resources. They were in part active demand for steel to replenish generally below the peaks reached in 1948 stocks depleted during the strike in October when inventories were being accumulated at and early November, steel mills at the yeara rapid rate, when deferred demands—es- end were operating at 95 per cent of capacity, pecially for producers equipment—were be- as compared with 71 per cent in July and a ing met in larger volume, and when export high of 103 per cent in March. Changes in demand was stronger. The gross national output of these and other industrial prodproduct in the fourth quarter of 1949 was ucts reflected primarily fluctuations in busiestimated to be at an annual rate of 256 bil- ness buying which were only in part related lion dollars, 5 per cent below the peak to changes in consumer demand. The genreached in the final quarter of 1948. The eral leveling off of consumer demand for number employed, including about 1.5 mil- goods in the latter part of 1948, however, lion in the armed forces, was 60 million, following a long period of rise, tended to which was only moderately below the level discourage business commitments. In 1949 of a year ago and more than one-third above consumer incomes receded only moderately, JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION AND PRICES IN LATTER PART OF 1949 and consumer takings of goods were largely 1949. Farm land values continued downmaintained, contributing to the reversal of ward from the November 1948 peak, rethe decline in production. flecting declines in farm income. Values Changes in commodity prices were more of urban properties apparently were rather limited in the second half of 1949 than earlier stable; the moderate decline in residential in the year. Industrial materials, which had property values under way a year earlier was declined sharply in the first half, advanced at least slowed down by a very strong demand in the third quarter, when business demand for housing, which was reflected also in a strengthened and available supplies were re- marked expansion in residential building late stricted as a result of production curtailments in the spring at the very time that the recesearlier in the year. In the fourth quarter sion in industrial activity and prices was most price movements for these materials were pronounced. Common stock prices advanced varied, partly because of the devaluation of substantially in the second half of the year. many foreign currencies beginning Septem- Corporate profits increased somewhat from ber 18. Also, there were extended work the second to the third quarter, following a stoppages in the steel and coal industries marked decline from the exceptionally high which resulted in reductions in supplies. level reached in 1948. Toward the end of the year domestic prices The general course of economic activity for most steel items were raised. Finished goods prices generally showed little change SELECTED BUSINESS INDEXES during the second half of the year. The de- SEASONALLY ADJUSTED, EXCEPT PRICES! 1947 "100 20 120 cline in prices of farm products, which 10 PERSONAL INCOME -^ "* 110 had been under way since early in 1948, continued as supplies of livestock products be- 90 90 came more plentiful and crop production was 80 - 80 again very large. Prices of foods showed 120 120 some decline. no NONAGRICULTURAL 110 In the labor market advances in pay EMPLOYMENT 100 100 throughout 1949 were much less marked V than in earlier postwar years. Increasingly 90 I P N R D O U D S U T C R T IA IO L N \. \t / V \/ 90 80 80 contract settlements called for introduction, 130 130 or upward adjustment, of pensions and 120 -J f \ \ COPMRM1OCEN SSTOCK 120 other welfare benefits. In manufacturing, 110 110 average hourly earnings showed no rise during the year. On the railroads, average 100 w A/ N 100 V hourly earnings advanced as a result of a 90 90 new contract which provided also for a 80 / / \l COM W M H O O D L I E T S Y A L P E RICES - 80 marked shortening of the work week. There 70 70 were increases in pay rates of Federal, State, NOTE.-—Income, Department of Commerce; employment, Buand local governments. reau of Labor Statistics and Federal Reserve; stock prices, Standard and Poor's Corporation (416 shares); wholesale prices, In markets for real estate and securities Bureau of Labor Statistics. These series and industrial production index converted to 1947 base by Federal Reserve. changes were diverse in the second half of Latest month shown for income and employment is November; for other series, December. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION AND PRICES IN LATTER PART OF 1949 and prices in the economy since the begin- producers equipment, which had been at a ning of 1946 is indicated broadly by selected very high rate. Less important factors in indexes shown in the chart. the decline in activity included a reduction in consumer purchases of household equip- PRODUCTION READJUSTMENTS ment and, from October 1948 to early 1949> Total production of goods and services a much greater than seasonal reduction in in the United States showed the first sub- the volume of residential building. To some stantial decline of the postwar period in the extent developments for a time were cumufirst half of 1949. This decline, however, lative, as reduced demand led to lower prices, was almost entirely limited to activity at and as declining output and prices led to some factories and mines and on the railroads decline in income and hence in demand. and during the second half of the year The upturn in industrial output after midwas followed by some recovery. Over- year reflected the marked revival of business all output for the year was only moderately buying following liquidation of inventories below the 1948 total. Industrial production, which had occurred in a number of lines, as measured by the Board's index, averaged chiefly in the nondurable goods industries; a 176 per cent of the 1935-39 level as compared revival of consumer demand for furniture with 192 in 1948. Agricultural production and other household equipment; the strength was only slightly below the record 1948 vol- of demand for building materials, which acume. The number of new dwelling units companied a resurgence of demand for new started exceeded 1948 by about 10 per cent housing (at lower prices and on easier financand the volume of public construction ac- ing terms) and the continued strong demand tivity was one-fourth larger; only building for public construction; and the continued for private business purposes was reduced. very large demand for new automobiles (at Output of electric power and other utility somewhat lower prices net of trade-in allowservices exceeded the records of any previous ances and on somewhat easier financing year, as did also airline and truck transporta- terms). These and various other factors of tion. Total transportation activity declined strength tended to reverse the downward about 9 per cent in 1949, as a 16 per cent movement in production and also to prevent reduction in rail traffic was offset in part further declines in commodity prices. by the increases in other forms of trans- The advance in industrial production durportation. ing the last half of 1949 was fairly general. Reduction in the volume of industrial out- In some industries, such as the food and toput and the related drop in rail freight traffic bacco industries, output showed little change, during the first half of 1949 reflected chiefly as had been the case during the earlier period two major developments. One of these was of weakness in the general situation. At the a moderate reduction in business inventories, year-end automobile production was tempowhich was in sharp contrast to the rapid ac- rarily curtailed, owing to model change-overs cumulation in the latter part of 1948 and re- and steel shortages. Minerals output continsulted in a marked decline in the current ued at a reduced level. Changes in industrial flow of goods. The other was a substantial production from the June-July average and reduction in output of machinery and other also from December 1948 are shown in more JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION AND PRICES IN LATTER PART OF 1949 detail in the table. On page 6 there is a widespread among industries producing conchart showing monthly production of se- sumer durable goods and building materials lected materials during this period. and equipment. In most of these lines earlier sharp curtailments had reduced output in INDUSTRIAL PRODUCTION June and July to levels considerably below the [Adjusted for seasonal variation; 1935-39 =100] rate of consumer takings. Consequently, with stocks reduced, a marked strengthening Percentage increase, or decrease (—),to of demand for these products resulted in ad- December 1949 from: December Industry group 1949 i vances in production which in some lines J A un v e er - a J g u e ly De 1 c 9 e 4 m 8 ber were fairly rapid. Thus, output of furniture, 1949 many household appliances, and copper prod- Industrial production.. 177 ucts (mainly for construction uses) by Sep- Manufactures . 186 -7 tember and October was close to earlier high Du N ra o b n l f e e r m ro a u n s u f m ac e t t u a r ls e s a nd products1 , 2 17 0 5 1 35 6 -13 levels reached in 1948. As a result of the steel Iron and steel1 210 27 -6 Lumber and products ..... 145 22 1 strike, output of some consumer appliances Machinery * 220 0 -21 Stone, clay, and glass products 185 -1 -10 and metal building items was reduced some- Transportation equipmentl... 205 -16 -17 what in November but subsequently it ad- Nondurable manufactures 2 173 9 0 Textiles and products l. . . . 165 34 6 vanced again. Lumber production increased Paper and products 1 165 21 8 R Pr u i b n b ti e n r g p a r n o d d u p c u ts b lishing 1. - . . ......... 1 1 9 6 0 0 9 -5 4 after July but remained below the 1948 level P C e h t e r m ol i e c u a m l p a r n o d d u c c o t a s l . p , roducts x. 2 24 1 5 5 6 -5 until November and December, as shown in Leather and products 100 0 Manufactured food products. 160 -2 1 the chart on page 6. Cement production Tobacco products 155 -3 6 was above the 1948 level throughout most of Minerals. 130 2 -17 Coal1. 95 4 -31 1949 but was curtailed somewhat in the latter Crude petroleum ] 155 3 -12 Metals, 100 -13 -9 part of the year. 1 Seasonally adjusted figures same as unadjusted. Consumer demand for new passenger 2 Includes also alcoholic beverages, not shown separately. automobiles had been largely maintained NOTE,—December 1949 figures are largely estimated. throughout the period beginning in late CHANGES IN OUTPUT OF DURABLE GOODS 1948 when consumers' interest in most other Durable goods production showed a durable goods had weakened. Automobile moderate recovery during the third quarter sales expanded during the summer of 1949 of 1949—from a midyear low about 18 per and production rose to a new high in the cent below the peak of late 1948. Subse- third quarter. In the fourth quarter assemquently such production was curtailed by an blies were considerably curtailed by wideextended work stoppage in the steel industry spread model change-overs, as well as by beginning October 1. After the middle of shortages of steel, but despite these tem- November, however, steel production rose porary curtailments passenger car production sharply. In December, despite continuing for the year reached a new record total of 5.1 steel shortages and reduced activity in the million vehicles. This total exceeded 1948 automobile industry, durable goods output production by 31 per cent, and the earlier was estimated to be at about the September record annual output in 1929 by 12 per cent. rate and 6 per cent above the midyear level. Output in industries making producers ma- After the middle of the year increases were chinery and transportation equipment, which FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION AND PRICES IN LATTER PART OF 1949 had declined considerably in the first half of steady. From the beginning of 1947 to the 1949, showed some stability in the third autumn of 1948 shipments of steel products quarter and then declined again. The over- to consuming industries expanded somewhat, all decrease after mid-1949 was much less making possible partial replenishment of than the reduction that occurred earlier. stocks, which had been at a very low leveL During the last half of the year output of During the fourth quarter of 1948 and also equipment for utilities and for oil and gas in the first quarter of 1949, steel shipments drilling and pipe lines, as well as of equip- were at a substantially higher level and were ment for use in service and commercial activi- about 10 to 15 per cent larger in relation to ties, was maintained at close to earlier peak indicated consumption than in 1947. Stocks levels, while production of heavy trucks, rail- accumulated. During this period of exroad cars, most types of industrial machinery, panded steel shipments and stock accumulafarm machinery, and ships continued to de- SHIPMENTS AND CONSUMPTION OF STEEL PRODUCTS cline. Activity in the aircraft industry ex- BY MAJOR MANUFACTURING INDUSTRIES panded further in 1949 as a result of the in- SHIPMENTS INDICATED CONSUMPTION creasing volume of output of military air- PERCENT QUARTERLY DATA, (947-•- K>0 PERCENT 140 ' craft. TOTAL OF 'OUR GROUPS Fluctuations in steel. Steel production fluctuated widely in 1949 reflecting changes in production in steel consuming lines, 1 changes in steel stocks, mainly at the point of 60 (40 consumption, and the prolonged strike in the steel industry. Changes in steel production since 1946 are shown monthly in the chart on page 6. The course of shipments of steelmill products to consumers is shown quarterly in the left panel of the chart below, with shipments in 1947 taken as 100. Indexes for indicated consumption of steel f2O AUTOMOBILES A products by industries taking about twothirds of all steel shipped directly (not via RAILROAD \ EQUIPMENT > jobbers or dealers) to domestic consumers, or exported, are shown quarterly in the right i f949 1947 1948 1949 panel of the same chart. Grand total ship- NOTE.—-Shipments were estimated from American Iron and Steel Institute data on distribution of steel products, regrouped ments moved in much the same way as total to correspond with Federal Reserve production indexes shown here as "indicated consumption." The production indexes are direct shipments to the four industries shown those regularly used in the Federal Reserve index of industrial production, except that the index for "iron and steel fabricatseparately, although differences of some im- ing" was specially compiled to represent industries producing containers, heating equipment, hardware, etc. in the 1939 Census portance developed in 1949, mainly because classification for "iron and steel and their products, except machinery" exclusive of steel works, rolling mills, and iron exports increased and shipments to the con- foundries. "Railroad equipment" includes only cars and locomotives. Indicated consumption for the 4 groups was comstruction industry were maintained. bined into total with 1947 steel shipment weights. For various reasons, including the rough nature of allowances for changes in output per reported man-hour, indicated consumption figures Throughout 1947 and 1948 activity in are only approximations, but tney seem accurate enough for this analysis. Fourth quarter 1949 shipments are shown only steel consuming industries on the whole was for the grand total and were estimated to decline as much as output of ingots. JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION AND PRICES IN LATTER PART OF 1949 tion, there were marked declines in unfilled cember, at 95 per cent of capacity, appeared orders held by steel consuming industries, to be substantially above the current rate of and in the first quarter of 1949 over-all ac- steel consumption, and stocks were again tivity in these industries was reduced. The being replenished. decline in indicated consumption continued in the second quarter. CHANGES IN OUTPUT OF NONDURABLE GOODS As a result mainly of these developments, Production of nondurable manufactures insteel ingot production decreased from 103 creased considerably during the third quarter per cent of capacity in March to 82 per cent of 1949 and in the fourth quarter was close in June. For the second quarter as a whole, to the former peak level reached in 1948. however, the reduction in output and ship- Most of this increase, as well as the earlier ments of steel was not much greater than the decline in output of these goods, reflected decline indicated in consumption. Steel sharp fluctuations in output of textiles and stocks increased further, with consumers con- paper, due in large part to changes in stocks tent to have large stocks on hand in case of these products. Moreover, fluctuations in the threatened steel strike occurred. textile and paper production accounted for During the third quarter of 1949 over-all part of the changes in output of chemical activity in steel consuming lines was main- products, directly in the case of rayon yarn tained at the second quarter level, as auto- and staple fiber and indirectly for many inmobile production increased to a new high dustrial chemicals used in manufacturing level and consumption in some other lines PRODUCTION OF SELECTED INDUSTRIAL MATERIALS declined further. Direct shipments of steel SEASONALLY ADJUSTED INDEXES, 1947= 100 to the automobile industry during this quar- 140 ter accounted for one-fourth of all direct 120 120 TEXTILES shipments of steel, domestic and export. Al- 100 \—S' *•• 100 though total steel shipments in the third f v LlJMBER / 80 quarter were below those for the second quar- 60 ter, apparently steel stocks were maintained at a high level until the strike began on October 1. With steel ingot production curtailed to 11 per cent of capacity in October and early November and not regaining high levels until the end of November, the existing large stocks of steel were reduced sharply. Steel consumers placed orders in heavy volume, partly as a result of some improvement in 1946 1947 1948 1949 1946 1947 1948 1949 orders for their products, partly because NOTE.—Federal Reserve indexes converted to a 1947 base. stocks had been drawn down below custo- Indexes for textiles and cement shown here were calculated with new preliminary revised seasonal adjustment factors. Seamary levels, and partly because there was a sonally adjusted indexes for coal, fuel oil, and steel are the same as unadjusted. Steel ingots produced at electric furnaces possibility of price advances following the are assigned a greater weight than other ingots in the Federal Reserve steel index and as a result the index shows more flucstrike settlement. Ingot production in De- tuation than a series for total tonnage. Latest figures, for December, are estimated. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION AND PRICES IN LATTER PART OF 1949 textile and paper products. Petroleum re- and, with the marked recovery in output of fining activity was at a somewhat reduced textiles and apparel, some increase in busilevel throughout the year as a fairly marked ness inventories of these products occurred. decline in fuel oil output, also reflecting ex- The slackened rate of retail apparel sales cessive stocks, was offset only in part by a rise reflected in part temporary influences^ such in gasoline production. Output of manu- as unseasonable weather and curtailed infactured foods and tobacco products con- comes in steel producing areas. It also aptinued to show little change in 1949. News- parently reflected a diversion of consumer print consumption rose to a new high in spending to durable goods. Retail sales of the latter part of 1949 as a result of increased textile house-furnishings and sales of indusadvertising, and output of rubber products trial fabrics were in relatively large volume also advanced. in the latter part of the year. Textiles. By June output at textile mills Fuel oil and coal production. In contrast had been reduced by about one-fourth from to the marked shortages in the previous heatthe general level of recent years, as shown ing season, stocks of fuel oil were maintained in the chart on page 6. Mill consumption at advanced levels during the mild 1948-49 of both apparel wool and cotton had fallen winter. While output was curtailed from the to prewar levels; rayon consumption had SELECTED APPAREL INDEXES also been reduced sharply but was still SEASONALLY ADJUSTED, EXCEPT PRICESj 1947 ' iOO double the 1935-39 average. The pronounced 120 tilO curtailments in textile mill activity followed RETAIL PRICES A A , an extended period of accumulation of yarns 100 !00 RETAILSALES \ VV/ and fabrics and also of finished products made from these materials — largely ap- 80 80 parel—held by consuming industries, distributors, and individual consumers. The fiO 60 VALUE OF STOCKS 140 140 value of stocks held by apparel manufacturers MANUFACTURERS ^*, AND WHOLESALERS / \J and wholesalers increased steadily until the 1 / \ 120 / -. |\ 120 autumn of 1948, as shown in the accompany- \/j RETAILERS\AS"*\-/>S^ ing chart, although wholesale prices of tex- 100 100 tiles began to decline in the spring of that ft, / year. Retail stocks of apparel were also at 80 80 an advanced level in the second half of 1948. During the first half of 1949, when busi- 60 60 ness buying and output of textiles were NOTE.—Retail apparel price index compiled by Bureau of sharply curtailed, the value of retail apparel Labor Statistics was adjusted by Federal Reserve to exclude dry cleaning and laundry service rates and converted to a 1947 sales declined only about as much as retail base. Measurement of prices was especially difficult in the early postwar period; it may be that before removal of maxiprices, as is also indicated in the chart. As a mum price controls in late 1946 actual prices relative to 1947 prices were higher than the index. Indexes for value of retail result, stocks were reduced, and business sales and stocks were derived from Department of Commerce estimates for apparel stores and Federal Reserve data for buying of textiles increased sharply in the apparel at department stores—the latter adjusted for seasonal variation by Federal Reserve. Stocks held by manufacturers third quarter. At that time, however, there and wholesalers were derived from Department of Commerce estimates for apparel and related products including footwear. was some slackening of retail apparel sales Latest figures shown are for November, and, except for prices, are estimated. JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION AND PRICES IN LATTER PART OF 1949 seasonal peak reached in January, as shown as a result of the steel strike. These reductions in the chart on page 6, stocks of fuel oil reflected for the most part decreases in physiremained high in 1949. Diversion from coal cal volume as declines in prices of export comto oil continued on the railroads and else- modities were generally moderate. To a conwhere, but total demand for fuel oil and siderable extent the decline in exports reother petroleum products proved to be below sulted from additional foreign government the advanced levels reached by refining ac- measures to reduce dollar shortages by intivity and crude oil output at the end of 1948. creasing restrictions on imports of Ameri- Following successive cutbacks in crude pro- can goods. Devaluation of foreign currenduction from 5.7 million barrels per day at cies in the autumn improved the competitive the end of 1948 to 4.7 million in July, State position of other countries abroad as well as production quotas were raised and producin United States markets. Increased protion advanced to 5.1 million in November; duction abroad also led to reduced demands new cuts were imposed in December, howfor United States exports. ever, and output was reduced to a rate of 4.9 Exports of nonagricultural products, which million. were at an average level of 760 million dollars Changes in bituminous coal production were far more pronounced owing to work U.S. MERCHANDISE EXPORTS stoppages in March and June, the introduction of a three-day work week in early July, MACHNERY another work stoppage from mid-September 200 / A v /"• \ / r \ V to early November, and the re-establishment 150 METALS of the three-day week in December. These ^AND PRODUCTS 100 measures checked the accumulation of coal stocks and in the last half of the year resulted 50 in a reduction in stocks. 0 150 FOREIGN TRADE 100 j V ' v AUT N O D M P O A B R IL TS COTTON ^\ * One factor limiting declines in industrial 50 / OTHER v^— "^--. production during the first half of 1949 was 0 / *• ^uW0N TOBACCO. 0 an expanded volume of exports under the 150 150 Economic Recovery Program. During the 100 second half of the year exports declined sub- AN P D E TR PR O O L D E U U C M TS stantially reflecting reduced shipments both 50 COAL; to ERP countries and to other areas. 0 y \ 1946 1947 1948 1949 1946 1947 1948 1949 In the third quarter exports averaged about NOTE.—Data for about 85 per cent of total exports of domes- 885 million dollars a month as compared with tic merchandise reported by Department of Commerce and regrouped by Federal Reserve. Locomotives were shifted from an average of 1,100 million during the first "machinery" to "other transportation equipment." Merchant vessels sold as war surplus accounted for most of the larger half of the year and 970 million in the third volume of "other transportation equipment" in 1947 and first half of 1948. Included in these data is the value of grains quarter of 1948. In October and November and other foods shipped by the Army to civilians in occupied territories, estimated for 1946 by the Department of Agriculture. All figures exclude exports to United States armed forces exports averaged 835 million, declining partly abroad. October 1949 data are indicated by dots. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION AND PRICES IN LATTER PART OF 1949 a month in the first half of 1949, declined half of 1949 following the earlier general about one-fifth by the autumn. All major decline in commodity prices from the postclasses of manufactured products shared in war peak reached in August 1948. In Dethe decline, as shown in the chart. The most cember 1949 wholesale prices of many doimportant decreases occurred in industrial mestically produced industrial materials were machinery, coal, and automobiles and parts. above the levels reached in June, reflecting In October exports of metal products were increased business demand. Increased dereduced, largely as a result of the steel strike. mand also contributed to higher prices for Agricultural exports, which in physical some finished products, but in general convolume had been at a new postwar peak dur- tinued strong competitive influences in these ing the first half of 1949, declined consider- markets resulted in little change in prices. ably in the late summer, with about one-half Prices of domestic agricultural commodities^ of the decline reflecting a sharp seasonal drop on the other hand, decreased as supplies exin cotton exports. In October cotton exports panded further in the latter part of 1949. increased while shipments of most other Recent changes are summarized in the table. agricultural commodities declined further. Value of total agricultural exports and of CHANGES IN PRICES agricultural exports exclusive of cotton in Percentage increase, or decrease October was nearly one-fourth below the (-), to December 1949 from: Group high rate of the first half of the year, reflect- September June December ing mainly reductions in wheat and flour. 1949 1949 1948 Value of United States merchandise im- Wholesale prices ports, which reached a low point of 455 mil- 28 basic commodities -2 -17 lion dollars in July, subsequently increased All commodities -2 2 y Farm products -7 -9 — 12 to 560 million in October and 595 million in Foods -5 -4 -7 Other commodities 0 0 ~ 5 November, largely as a result of the sharp Textile products —2 -1 -6 Metals and products.... 0 1 -3 reversal in domestic business buying during Fuel and lighting....... 0 0 -5 Building materials 0 -7 the third quarter. During the first half of Chemicals and products,. -2 -12 the year American purchases abroad had Consumers' prices -1 been curtailed in an effort to reduce inven- All items * . .. -1 -2 Foods. -3 -3 tories, partly in anticipation of a devaluation A R p en p t arel 1 1 -1 -7 2 of foreign currencies. Most classes of im- -3 NOTE.—Derived from midmonth figures reported by the Bureau ports expanded after July, and preliminary of Labor Statistics. Consumers' price data for D2ec. 15, 1949, estimated by Federal Reserve. 1 information indicates a further growth in the physical volume of foreign goods pur- Prices of imported materials showed dichased for later delivery, especially of those verse changes, varying from sharp increases items which were more favorably priced as for coffee and cocoa to marked declines for a result of currency devaluations. tin and fine grades of wool. One of the important developments following foreign cur- PRICE DEVELOPMENTS rency devaluations was that increases in prices Average levels of wholesale and retail of international raw materials in the currenprices were fairly stable during the second cies of the devaluing countries were on the JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION AND PRICES IN LATTER PART OF 1949 whole larger than declines in dollar prices of These declines apparently reflected a less these commodities. Dollar prices of some fin- urgent deferred demand for metals than had ished goods were reduced by the full extent been anticipated earlier, the sharp recovery of the devaluation. in domestic metal production, a further im- In retail markets in the United States de- provement in foreign supplies, and the offercreases in prices of meats and eggs during ing of lower-priced foreign metal in United the fourth quarter of the year reduced the States markets. In mid-December prices of average level of food costs moderately. Re- steel scrap were still 30 per cent higher than tail prices of other consumer goods showed in June, while lead was back down to its small mixed changes, average costs of public June level and tin was 25 per cent lower. transportation and rental rates continued to Following marked increases during the rise slightly, and the average of all con- third quarter, prices of cotton and rayon gray sumers' prices declined only slightly. goods leveled off. Supplies were replenished Industrial materials. From June to mid- during the autumn by the sharp expansion in September prices of industrial materials, textile-mill output, while retail sales of apsuch as alcohol, textile gray goods, copper, parel were in somewhat reduced volume. and steel scrap, generally rose as manufac- Foreign currency devaluations contributed to turers' demands showed a marked expansion reduced dollar prices for foreign apparel wool following inventory liquidation and sharp materials, staple fiber, and numerous finished price declines for these materials. In addi- textile products. tion, business demand for manufactured Fuel prices were generally stable in the metal products also rose during the summer, fourth quarter. The effect of the low level partly because of the reduced level of dis- of coal output was limited in this period by tributors' stocks and because of the prospect the availability of large fuel stocks, increased of work stoppages in the steel industry. Dur- output of fuel oil, temporary reduction in ing this period also consumer purchases of fuel consumption in the steel industry and automobiles and other durable goods in- on the railroads, and mild winter weather. creased or were maintained at high levels. In December fuel oil prices were moder- In the fourth quarter price changes for ately above the seasonal low points reached materials became more selective. Stocks of at midyear, while refinery prices for gasoline lumber and other building materials were were somewhat below the levels prevailing reduced further and small advances occurred in the previous two years. in prices of some of these materials. As a Prices of chemicals and allied products deresult of the extended steel strike, stocks of clined during the fourth quarter, although steel were sharply reduced and in December some rayon yarn prices were raised in Decemdomestic prices of steel products were raised ber. Prices of oils and fats were reduced to by a reported average figure of 4 per cent. midyear levels, following sharp advances in Prices of pig iron were not raised and prices some items in July and August when end-ofof steel scrap and nonferrous metals were re- season stocks were relatively small and a Fedduced moderately, following a marked recov- eral support program for cottonseed was anery in the third quarter and some further nounced at above existing levels. Prices of increase at the time of the steel settlement. these industrial materials were particularly 10 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION AND PRICES IN LATTER PART OF 1949 affected by near-record crop production and tained egg prices at levels close to those of by larger marketings of livestock, which in- the previous year. On December 21 it was creased supplies of fats. announced that the price support level for Domestic agricultural commodities. The eggs in 1950 would be one-fifth lower than general easing effect of the expansion in agri- the 1949 support level. Wholesale prices of cultural supplies, especially livestock prod- manufactured dairy products were mainucts, was apparent in the continued decline tained at Federal support levels and average in average prices of farm products and do- prices of these products and of fluid milk mestically produced foods. More generally showed a less than seasonal increase during than in 1948, Federal support operations the second half of 1949. These prices in Delimited price decreases for these commodities. cember were about 10 per cent below a year In mid-December average wholesale prices of earlier, with milk production about 4 per farm products were 9 per cent lower than in cent larger. Support levels for dairy prod- June and wholesale food prices were down ucts in 1950 will be similar to those in 1949. about 4 per cent, with part of the difference Stocks of manufactured dairy products were in decline accounted for by sharp advances close to peacetime record levels, with a large in wholesale prices of coffee and cocoa, pro- proportion of the total held by the Governduced abroad. ment. Wholesale prices of livestock, meats, and Prices of crops generally declined during poultry products were 10 to 15 per cent lower the second half of 1949 and in December in December than in June, owing mainly to averaged 8 per cent lower than at midyear. a marked seasonal expansion in marketings Prices of most supported crops remained of hogs and eggs in October and November. around Federal loan levels, which were some- Prices of hogs declined about one-fourth to what lower than in the previous season. levels close to Federal supports. These sup- Corn, however, continued to sell at a conports are scheduled to rise seasonally by 15 siderable discount. Corn crop prospects for per cent from December 1949 to March this season were reduced by 5 per cent from 1950. The lower level of hog prices during August to December but a record corn supthe fourth quarter partly reflected increased ply, including a heavy carryover, was still instocks of lard and other fats and oils, which dicated. The supply of all feed concentrates had accumulated despite a record volume of was estimated to be 5 per cent larger than exports in 1949, made possible largely by Fed- last year's record volume. A cotton harvest eral grants. Prices of the better grades of of 16 million bales was estimated on the basis cattle in December were above midyear levels of December 1 conditions. This figure was and close to all-time peaks, while prices of 8 per cent larger than the forecast in August other cattle were lower than in June. and larger by the same percentage than the Egg production in October and November 1948 crop. It was evident that supplies of was 9 per cent above year-ago levels and major crops in 1950 would be influenced in wholesale egg prices decreased sharply in the part by Federal efforts to reduce production, fourth quarter; in mid-December they were and that ample supplies of feedstuffs would one-third lower than a year ago. Earlier in tend to encourage further expansion in sup- 1949 Federal support purchases had main- plies of livestock products. JANUARY 1950 11 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION AND PRICES IN LATTER PART OF 1949 Imports. Prices of imported goods were other products, such as automobiles, china, under unusually divergent influences during and wine, declined substantially but in genthe second half of 1949. The reversal in do- eral by less than the extent of devaluation. mestic business demand, which earlier in the Prices of some manufactured items in limited year had exerted a downward pressure on supply, like newsprint and Scotch whiskey, prices of imported materials, contributed to were maintained. some recovery in prices of these materials Dollar prices of other affected imports that from June to mid-September. Also, Euro- were in relatively short world supply depean demand for raw materials was mainclined initially but then increased during the tained at a high level. fourth quarter. Among these commodities Beginning on September 18 the British prices of burlap, cocoa, and carpet wool were pound and many other foreign currencies above predevaluafion levels in December, were devalued in terms of the dollar, with while rubber, fine grades of wool, and tea varying effects on dollar prices of United were still below predevaluation levels. Prices States imports, depending on differences in of tin and lead, for which supplies were large, commodity situations as well as on the extent declined further, by one-fifth. Dollar prices of devaluation. About 27 per cent of United of eight leading primary commodities im- States merchandise imports in 1948 had been ported from the sterling area, weighted by from sterling-area countries which devalued their United States 1948 import values, in their currencies by three-tenths. About 3 per December were 6 per cent lower than in midcent had come from Germany, France, and September and about the same as in June. French dependencies which devalued by In markets outside the United States where about two-tenths. An additional 26 per cent the manufactures of devaluing countries had of total imports had been from countries, been generally more competitive with United mainly Canada, which devalued by about States products than they had been in the one-tenth. The remaining 44 per cent had United States, there were marked shifts in been from countries that did not devalue price relationships. Prior to devaluation, for their currencies during this period. Other influences on prices of imports dur- example, the retail price in Montreal, Canada, ing the second half of the year included actual of a low-priced passenger car produced by an and prospective changes in output and stocks American company was $1,993, while a difof particular commodities. This was strik- ferent low-priced car of British manufacture ingly illustrated by a rise of 75 per cent in the was $2,075. Subsequent to the Canadian deprice of coffee on indications of crop damage valuation of 9 per cent, the retail price of in Brazil. the American car was raised by 10 per cent Following devaluation of foreign cur- to $2,186, while the price of the British car rencies, dollar prices of affected imports gen- was reduced by 14 per cent to $1,775. Price erally declined. Most decreases for materials relationships before devaluation varied from were much less than the extent of devalua- one market to another, however, and the imtion. Dollar prices of some manufactures, portance of changes in these relationships like textile and leather products, were re- varied widely, depending not only on the duced by about the full amount; various extent of devaluation but also on other ele- 12 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION AND PRICES IN LATTER PART OF 1949 ments such as the promptness of delivery domestic steel products, however, were reoffered, exclusive features of products, and duced. Also, in December actual arrivals customary trade relationships. of lower-priced imports were still in rela- By December the impact of foreign cur- tively small volume both in domestic marrency devaluations on the domestic price level kets and in the markets for United States was relatively moderate, although domestic goods in foreign countries. The impact prices in such cases as lead and tin had been of changed currency values in the period considerably reduced, contributing to de- ahead will hinge on such factors as the acclines in prices of some manufactures. Offer- ceptability of imported goods to domestic ings of foreign steel at prices below those in consumers, changes in United States import this country were not of sufficient amount to restrictions, the volume of foreign supplies prevent an advance in steel prices after settle- of goods, and changes in costs and prices ment of the steel strike; export prices of and, also, in demand in foreign countries. JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES1 PART VIII. Distribution of Consumer Saving in 1948 In many respects the distribution of consumer are based on the results of about 3,500 interviews saving out of income was similar in 1948 and 1947. taken in 66 sampling areas throughout the nation. However, there was a continuation of the gradual The sample is representative of the entire populachange in the pattern of saving that has been taking tion of the United States residing in private houseplace since the end of the war. The proportion holds. The following groups are omitted: (1) of consumer spending units that dissaved (spent in members of the armed forces and civilians living excess of money incomes) was larger in 1948 than at military reservations; (2) residents in hospitals in 1947. Also, the proportion of total net saving and in religious, educational, and penal institutions; accounted for by the highest third of the income and (3) the floating population, that is, people livdistribution increased somewhat. The latter de- ing in hotels, large boarding houses, and tourist velopment appears to have been largely due to a camps. The interview unit of the survey is the substantial increase in dissaving on the part of spending unit, defined as all persons living in the spending units in low income groups that were same dwelling and belonging to the same family headed by self-employed, managerial, or profes- who pooled their incomes to meet their major exsional persons. These changes brought the postwar penses. Some distributions are also shown on a pattern of saving closer to that observed in 1941. family basis. A family, by survey definition, in- The information here presented was obtained in cludes all persons living in the same dwelling who the 1949 Survey of Consumer Finances conducted are related by blood, marriage, or adoption. Some early this year for the Board of Governors of the family units consist of a single person and some Federal Reserve System by the Survey Research contain two or more spending units. Center of the University of Michigan. The data The limitations of survey data outlined in the June 1949 BULLETIN are applicable to the informa- 1This is the eighth and concluding article in a series pre- tion presented in this article. Survey findings yield senting the results of the 1949 Survey of Consumer Finances information which approximates the true order of sponsored by the Board of Governors of the Federal Reserve magnitude of data but does not produce exact System and conducted by the Survey Research Center of the University of Michigan. The first two articles appeared in the values. Variations from the true values may be June BULLETIN and covered the general financial position and introduced by chance fluctuations in the particular economic outlook of consumers, their durable goods expendisample of interviews, by errors in reporting on the tures in 1948, and buying plans for 1949. The third article, in the July BULLETIN, analyzed the distribution of consumer part of those interviewed, by differences in interincomes in 1948. Part IV, in the August BULLETIN, dis- pretation by either respondents or interviewers, and cussed consumer ownership and use of liquid assets, and by methods used in processing data. Only the first Part V, in the September BULLETIN, covered home ownership and expenditures for housing. Part VI, in the October of these—sampling error—can be measured sta- BULLETIN, presented a description of the ownership of con- tistically. It should be kept in mind that the other sumer nonliquid assets including automobiles, stocks and sources of error may be of equal importance to the bonds, life insurance, and real estate other than homes. Part VII, in the November BULLETIN, was devoted to additional accuracy of survey results. data on automobile ownership. A discussion of the technical aspects of the survey and the statistical limitations of its SUMMARY OF FINDINGS results was provided in the appendix to the first article. The present article was prepared by Clarke L. Fauver and 1. Approximately 32 million spending units Irving Schweiger under the direction of Homer Jones, Chief, saved out of income in 1948; about 15.5 million Consumer Credit and Finances Section of the Board's Division of Research and Statistics. For the Survey Research dissaved (spent in excess of their incomes); and Center, responsibility for this material was carried by James the remaining 3 million spending units neither K. Dent and Janet A. Fisher under the direction of George saved nor dissaved. As in 1947, the total volume Katona. The authors have necessarily maintained a close working relationship with the staff of the Survey Research of both saving and dissaving was substantial and Center at all stages of their work, and their analysis of sur- is estimated to have amounted to about 24 billion vey tabulations has had the benefit of many suggestions and 12 billion dollars, respectively. from the Center's staff. 14 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES 2. Compared with 1947, there was an increase in Among spending units that dissaved in 1948, the frequency of dissaving among units with in- there was somewhat greater use of credit and less comes of less than $2,000 and among those with resort to liquid assets than in 1947. incomes of $5,000 or more. There was virtually 9. Approximately half of all spending units reno change in the proportion of dissavers among ported some indebtedness in the form of instalment the approximately half of all spending units at debts, personal loans, charge accounts, and mortintermediate income levels. gages on homes, farms, or other real estate. In 3. As in earlier surveys, it was found that most about one-half of these cases, the total owed dissavers were not in low income groups and did amounted to $500 or more. not have unbalanced budgets solely because of higher living expenses. About 3 of every 4 dissavers SAVERS AND DISSAVERS reported purchases of major durable goods (auto- In the Survey of Consumer Finances net saving is mobiles, furniture, television sets, or household ap- defined conceptually as the difference between pliances), declines in income, emergencies such as consumer income and consumer expenditures (inillness and death which required large expenditures, cluding taxes). Amounts saved or dissaved by or a combination of these factors. In addition, some individual spending units were obtained by requestdissavers were retired and were living wholly or ing detailed information on changes in the various in part on accumulated savings. asset and liability items that make up the consumer 4. Spending units headed by persons in entre- balance sheet. The survey did not undertake to preneurial pursuits—-self-employed businessmen, measure directly all types of consumer expendimanagers, and farm operators—saved a smaller pro- tures. Frequent forms of "additions to" saving portion of income in 1948 than in 1947. On the were payment of life insurance premiums, increase other hand, the nonentrepreneurial groups—clerks, in liquid asset holdings, decrease in debts, payment wage earners, professionals, and others—saved for home improvements, and payment to retireabout the same proportion of income in both years. ment funds. The primary forms of "withdrawals 5. As in earlier postwar years, the frequency from" saving were decrease in liquid assets and of dissaving was greater among persons having increase in debt. For each spending unit, the total changes in income—either increases or decreases— of additions minus the total of withdrawals repthan among those whose incomes remained the resented its net saving. If the figure was plus, the same. A greater frequency of large saving was also spending unit was a saver (positive saver) in 1948; associated with increases in income. if minus, the spending unit was a dissaver (negative 6. Spending units in upper income groups were saver); if zero, the spending unit was a zero saver.2 positive savers more frequently and saved more, By the definition of saving, purchases of conboth larger amounts and larger percentages of in- sumer durable goods are not considered to be come, than units in middle and lower income additions to assets, and thus monies spent for groups. such goods are termed expenditures and do not 7. The share of total net saving accounted for by constitute part of the saving of a spending unit. upper income groups increased further in 1948, If durable goods expenditures were considered largely because of increased dissaving by lower in- a form of positive saving, the saving shown for come groups. It was found, however, that a few 1948 would have been much larger in amount. units headed by self-employed businessmen or per- In addition, there would have been many more sons in professional or managerial positions ac- positive savers and fewer dissavers. On the other counted for the major part of the increase in dissav- hand, depreciation on owner-occupied homes is not ing of the groups with incomes of less than $2,000. treated as a withdrawal from saving and this tends 8. The most frequently reported forms of saving to overstate saving by home owners. were the same as in earlier years—life insurance In 1948, as Table 1 shows, 63 per cent of all premiums, additions to liquid assets (U. S. Govern- spending units were classified as positive savers, 31 ment bonds and checking and savings accounts), per cent as negative savers, and 6 per cent had expayments on home mortgages, improvements and penditures which matched their incomes. These additions to homes, and payments to retirement 2 See the appendix to this article, p. 33, for a more complete funds. discussion of the method of estimating saving. JANUARY 1950 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 1 proportions were only slightly different from those DISTRIBUTION OF POSITIVE AND NEGATIVE SAVERS ACCORDING of the preceding year. Throughout the postwar To RELATION OF SAVING TO INCOME, 1948, 1947, 1946, period there have been approximately 2 consumer AND 1941 spending units that saved during a given year for [Percentage distribution of all spending units] every spending unit that dissaved. The propor- Positive and negative savers 1948 1947 1946 1941^ tion of dissavers has been increasing gradually during these years and by 1948 had attained a fre- Positive savers—total 63 64 65 62 quency roughly comparable to that of 1941. Percentage of income saved:2 The median percentage of income saved was 50 and over 4 5 6 30-49 8 7 9 I/•AI the same in both 1948 and 1947 and the median 20-29 9 8 10 10-19 . . .. 14 14 16 amount of saving in 1948 varied only slightly 1-9 28 30 24 from that of the preceding year. Although there Zero savers—total 6 8 8 5 appeared to be an increase in the frequency of Negative savers—total . ..... . . 31 28 27 33 spending units having substantial amounts of either Dissaving as a percentage of income:2 saving or dissaving, such changes involved only a 1-9. 12 11 9 (3) 10-24 8 8 7 small proportion of the total population. 25 and over. 11 9 11 (-) Savers. Approximately 32 million of the 50.4 All cases ... 100 100 100 100 million spending units in the population represented Median amount saved . . . .. $75 $60 $100 Median percentage of income saved 3.5 3.5 (3) by the survey were positive savers in 1948, that is, spent less than their money incomes on consump- 1 Family Spending and Saving in Wartime (Bureau of Labor Statistics Bulletin No. 822), April 1945. The survey covering tion goods and services. More than 2 spending 1941 and the surveys covering 1946 through 1948 differed some- units in 10 in the population reported saving at least what in their definitions of money income, saving, and the spending unit, in the universe covered, as well as in sampling methods. $500, and about 4 of every 10 units saved at least The surveys for 1946 through 1948 also differed somewhat in their definitions of saving, as discussed in the appendix to this article. $200, as is shown in Table 2. On a percentage 2 Saving or dissaving as a percentage of money income before taxes. basis, more than 3 units in 10 saved at least 10 per k^3 Data not available. TABLE 2 POSITIVE SAVERS: PERCENTAGE OF INCOME SAVED AND AMOUNTS SAVED BY INCOME AND OCCUPATIONAL GROUPS, AND BY VETERAN STATUS, 1948 x [Percentage of all spending units in each group] Positive Percentage of income saved Amount saved savers as a Groups of spending units percentage of u a n l i l t s s p in e n g d r i o n u g p 1-9 10-19 20-29 30-49 and 5 o 0 ver $ $ 1 1 9 - 9 $ $ 2 4 0 9 0 9 - $ $ 5 9 0 9 0 9 - a $ n 1 d ,0 o 0 v 0 er All spending units 63 28 14 9 8 4 24 15 11 13 By income: Under $1,000. 35 20 6 3 3 3 30 4 1 0 $1 000-$l,999 57 32 12 6 5 2 37 14 6 (2) $2,000-$2,999 67 35 16 7 6 3 32 19 11 5 $3 000-$3,999 . . . 69 30 16 12 9 2 20 20 18 11 $4,000-$4,999 70 25 19 11 11 4 14 15 18 23 $5 000-$7,499 71 21 17 11 14 8 7 14 14 36 $7,500 and over 80 21 16 14 20 9 5 9 5 61 By occupation of head of unit: Professional 70 26 23 10 9 2 16 17 14 23 Managerial and self-employed 72 18 16 12 16 10 12 14 11 35 Clerical and sales . . 65 33 14 9 8 1 25 20 12 8 Skilled and semiskilled 65 32 15 11 6 1 24 17 14 10 Unskilled 64 36 15 6 5 2 37 14 9 4 Farm operator 61 13 10 7 17 14 15 10 13 23 Retired. ... 46 28 9 6 3 0 31 5 8 2 By veteran status: Veteran of World War II in unit 58 25 13 10 6 4 20 14 11 13 No veteran of World War II in unit. .. 64 29 15 8 9 3 25 15 11 13 1 This table includes only those spending units that were positive savers, i. e., units with money incomes in excess of expenditures. 2 Less than one-half of 1 per cent. For similar 1947 and 1946 data, see Federal Reserve BULLETIN, August 1948, Table 3, p. 917, and August 1947, Table 5, p. 956. See the appendix for a discussion of the comparability of these data. 16 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES cent of money income in 1948 and about 1 in 10 lated savings to draw upon and find it difficult to saved 30 per cent or more. obtain credit because their incomes are too small In 1948, as in each of the earlier years surveyed, in relation to living expenses. More than half had the proportion of positive savers was greater at incomes of less than $1,000 and three-fourths had upper. income levels than at lower levels. Also, incomes of less than $2,000. In contrast, only onehigher income spending units reported saving larger fourth of the positive savers and one-third of the proportions of income and, of course, larger amounts dissavers had incomes of less than $2,000. Of the than did units at lower income levels. More than entire group of zero savers, about one-fifth were 4 units in 10 with incomes of $7,500 or more re- headed by retired persons and another fifth by ported saving at least 20 per cent of income in 1948 veterans of World War II. and 6 in 10 saved $1,000 or more. By way of con- Dissavers. About 15.5 million, or 31 per cent of trast, only 1 unit in 10 with incomes of less than all spending units, dissaved in 1-948. This was ap- $1,000 saved this large a proportion of income and proximately 1.5 million more units than in 1947, none, of course, saved $1,000 or more (see Table 2 when 28 per cent of all units in the population were and Table 3 for related data). estimated to have dissaved. Large dissavers—spending units that dissaved $500 or more—accounted for almost all of the in- TABLE 3 crease. As shown in Table 4, this group was 13 MEDIAN INCOME, SAVING, AND PERCENTAGE OF INCOME SAVED BY SPENDING UNITS WITHIN INCOME QUINTILES, 1948 per cent of all units in 1948; it had been 10 per cent in 1947. The factors affecting dissaving will be Median Spending units ranked Median Median percentage according to income income saving of s a i v n e c d o m l e TABLE 4 DISSAVERS: DISSAVING AS A PERCENTAGE OF INCOME, WITH Highest quintile $6,000 $610 10 AMOUNTS DISSAVED, BY INCOME AND OCCUPATIONAL GROUPS Second 3,750 235 6 Third . . .. 2,840 115 4 AND BY VETERAN STATUS, 1948 1 Fourth 2,000 85 1 Lowest quintile 860 0 0 [Percentage of all spending units in each group] All units $2,840 $ 75 3.5 Dissaving as Dissavers a percentage Amount 1 For each income quintile and for all units as a group, the as a per- of income dissaved median percentage of income saved was obtained by ranking Groups of centage of spending units from the highest percentage of income dissaved in spending units all spenddescending order to zero and then in ascending order to the highest ing units 25 $1- $500 percentage of income saved. The median percentage saved was in group 1-9 10-24 and $499 and that of the middlemost unit in this ranking. over over The proportion of positive savers was larger All spending units.. 31 12 8 11 18 13 among spending units headed by persons who were By income: self-employed or who occupied managerial or pro- U $l n ,0 d 0 er 0 - $ $ 1 l , , 0 9 0 9 0 9 3 3 8 4 1 7 3 6 9 2 1 5 2 2 2 4 4 1 1 4 0 fessional positions than it was among units headed $2,000-$2,999 30 12 7 11 18 12 $3,000-$3,999 29 14 7 8 17 12 by persons of other occupations. This was due in $ $ 5 4 , )0 0 0 0 0 0 - - $ $ 4 7 , , 9 4 9 9 9 9 3 2 0 9 1 9 3 1 1 1 4 6 6 1 9 6 2 1 0 4 part to the higher incomes of the former group, $7,500 and over 20 11 4 5 6 14 which also saved larger amounts and, except for By occupation of head of unit: units headed by farm operators, larger percentages Professional 29 15 6 8 17 12 Managerial and selfof income. The rate of saving for farm operators employed 26 8 7 11 10 16 tends to be somewhat overstated because their S C k le il r l i e c d a l a a n n d d sa s l e e m s. i- .. 32 13 7 12 17 15 annual savings were compared with money income skilled 32 15 10 7 20 12 Unskilled 29 13 10 6 23 6 and no account was taken of substantial amounts Farm operator. .... 30 4 8 18 13 17 Retired 33 5 9 19 19 14 of nonmoney income. As in previous years, the By veteran status: lowest frequency of positive savers, by far, was Veteran of World War II in unit. . . 39 14 12 13 21 18 found among units headed by retired persons. No veteran of World War II in unit. . . 29 11 8 10 17 12 Zero savers. Approximately 3 million units, or 6 per cent of the total number, spent all of their 1 This table includes only those spending units that were dismoney incomes during 1948. These "zero" savers savers, i. e., units with expenditures in excess of money incomes. For similar 1947 and 1946 data, see Federal Reserve BULLETIN, are, typically, consumer units that have no accumu- August 1948, Table 4, p. 918, and August 1947, Table 6, p. 957. See the appendix for discussion of the comparability of these data. JANUARY 1950 17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES discussed in detail in a later section, but it may be TABLE 5 noted here that the chief influence in this develop- COMPARISON OF POSITIVE AND NEGATIVE SAVERS WITHIN ment in 1948 appears to have been the greater vol- INCOME AND OCCUPATIONAL GROUPS, AND BY VETERAN ume of expenditures for automobiles and other STATUS, 1948 AND 1947 major durable goods. [Percentage distribution of spending units within group] The differences in the frequency of dissavers Positive Zero Negative among occupational groups were not large. The savers 1 savers savers 2 Groups of spending units highest frequency of dissavers (33 per cent) was 1948 19471948 19471948 1947 found among spending units where the heads were no longer gainfully employed (retired); the second All spending units... 63 64 31 highest frequency (32 per cent) where the heads By income: Under $1,000 , 26 were employed as clerical and sales personnel or $l,000-$l,999 31 skilled and semiskilled workers. The group with $2,000-$2,999 30 $3,000-$3,999 30 the lowest proportion of dissavers in 1948 (26 $4,000-$4,999 30 $5,000-$7,499 21 per cent) was that headed by managerial or self- $7,500 and over 16 employed persons. However, this group had the By occupation of head of unit: Professional , 30 largest average amount of dissaving of any of the Managerial and self-employed.. 21 occupations in 1948. S C k le il r l i e c d a l a a n n d d se sa m le is s killed 3 2 3 6 Compared with 1947, there was a considerable F U a n r s m k il o l p e e d r . a .. tor 2 2 8 2 increase in the frequency with which dissaving was Retired 28 reported by units with incomes of less than $2,000 By veteran status: Veteran of World War II in unit 39 or of $5,000 or more. There was virtually no change No veteran of World War II in unit in the proportion of dissavers at intermediate income levels, which contain about half of all spend- 1 Spending units with money incomes in excess of expenditures 2 Spending units with expenditures in excess of money incomes. ing units. A sharp rise in this proportion—from 3 Less than one-half of 1 per cent. 26 per cent in 1947 to 38 per cent in 1948—was Consumer units headed by persons less than 45 noted for units with incomes of less than $1,000 years of age reported dissaving more frequently in (see Table 5). 1948 than units headed by older persons (see Table This increase in dissaving for the lowest income 22 at the end of this article). This did not appear group may have occurred partly because a some- to be due to differences in income level because the what larger proportion of this group purchased age groups under 45 reported somewhat higher major durable goods, including automobiles, in levels of income than the older age groups.3 It is 1948 than in 1947. Another factor of probable im- probable that the higher dissaving rates of the age portance was the larger proportion of this group groups under 45 were due to the heavy concentrathat experienced an income change—62 per cent tion of large expenditures in this period of a family's in 1948 compared with 51 per cent in 1947—which or individual's existence. New consumer units, for tended generally to be accompanied by a higher instance, must acquire at least the essential items of frequency of dissaving. This is discussed in detail household equipment. In 1948, the group under 45 in a later section. bought automobiles at approximately twice the rate For units with incomes of $5,000 or more, a high of the older group and also bought other selected frequency of dissaving was associated with declines consumer durable goods about one and one-half in income and with large purchases of durable times as frequently. The amounts spent by the goods. Since the proportion of units in this income younger group also tended to be larger. Other group that reported declines in income was some- expenses incident to the formation and growth of what larger in 1948 than in the previous year, this families would also tend to be larger and more frewould explain part of the increased dissaving of quent among the group under 45 years of age. this group. Also, the proportion of units that pur- Spending units whose heads were between 45 and chased selected durable goods, such as television 54 years of age had the smallest proportion of dissets, washing machines, refrigerators, etc., increased substantially, as did the amounts spent on these 3 The median incomes in 1948 of the several age groups are as follows: 18-24, $2,00.0; 25-34, $3,100; 35-44, $3,400; goods and on automobiles. 45-54, $3,100; 55-64, $2,600; 65 and over, $1,100. 18 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES savers and also of large dissavers. This group, TABLE 6 which had a higher-than-average income, made POSITIVE AND NEGATIVE SAVERS WITHIN INCOME QUINTILES only an average number of purchases of major 1948, 1947, 1946, AND 1941x consumer durable goods. This can be explained [Percentage distribution of spending units] in part on the basis that a higher proportion of this age group than of younger groups already S a p c e c n o d r i d n i g n g u n to it s i n r c a o n m ke e d u A ni l t l s P sa o v s e it r i s v e 2 s Z av e e ro rs N s e a g ve a r t s iv 3 e owned most major consumer goods. Other consumer expenditures related to children were also Highest quintile: 1948 100 74 (u4) 26 probably less in this age group than for those with 1 1 9 9 4 4 7 6 1 1 0 0 0 0 8 7 5 7 ((44)) 2 1 3 5 younger heads, while the heavy medical expendi- 1941 100 80 20 tures incident to advanced age may have been less Second quintile: than for older age groups. 1 1 9 9 4 4 8 7 . 1 1 0 0 0 0 6 6 9 7 2 1 3 3 0 1 Additional information on the saving of various 1946 . . 100 75 3 22 1941 100 69 1 30 groups appears in Table 22, which relates positive Third quintie: and negative saving to the age, size, type, and edu- 1948 100 66 3 31 1947 100 68 3 29 cation of the head of the spending unit, as well as 1946 100 61 3 36 to place of residence. 1941 100 66 1 33 Since the end of the war the proportion of spend- Fourt 1 h 9 4 q 8 uintile: 100 61 7 32 ing units in the population that dissave has in- 1947 100 61 9 30 1946 100 61 10 29 creased each year. It is important to note that 1941 . 100 57 5 38 most of the increased frequency of dissaving since Lowest quintile: 1948 100 44 20 36 1946 has been the result of considerably higher 1947 100 47 24 29 1946; . 100 43 23 34 rates of dissaving by high and middle income units. 1941 100 38 19 43 As shown in Table 6, the proportion of dissavers All units: in the highest and next highest income fifths in- 1 1 9 9 4 4 8 7... 1 1 0 0 0 0 6 6 3 4 6 8 3 2 1 8 creased from 15 and 22 per cent, respectively, in 1946 100 65 8 27 1941 100 62 5 33 1946, to 26 and 30 per cent in 1948. Most of this increase took place between 1946 and 1947. 1 Income and saving data for 1948 are based on interviews in January-March 1949 (fourth Survey of Consumer Finances); for The three lowest quintiles showed little net change 1947 on interviews in January-March 1948 (third survey); for 1946 on interviews in January-March 1947 (second survey); and in these proportions. The data from successive sur- for 1941 estimated from information obtained in Family Spending and Saving in Wartime (Bureau of Labor Statistics Bulletin No. veys appear to indicate that increased expenditures 822), April 1945. for major durable goods were the most important The figures in this table cannot be used to measure precise changes in income and saving. However, it is believed that the single reason for this growth in dissaving in the data show with reasonable accuracy the nature of certain broad changes which occurred in the pattern of income and saving during highest two income quintiles. these years. The 1941 data were obtained by a process of freehand graphic Comparison with 1941. It is possible to make a interpolation of cumulative frequency distributions based on data for various income size groups. rough comparison of saving patterns in the postwar The survey covering 1941 and the surveys covering 1946 through 1948 differed somewhat in their definitions of money income, years with those of 1941, the most prosperous of the saving, and the spending unit, in the universe covered, as well as in sampling methods. The surveys for 1946 through 1948 also years immediately preceding the war. Data for differed somewhat in their definitions of saving, as discussed in 1941 are available from a survey conducted jointly the 2 S a p p e p n e d n i d n i g x u to n i t t h s is w a it r h ti c m le o . ney incomes in excess of expenditures. by the Bureau of Labor Statistics, United States 3 4 L Sp es e s n d th in a g n u o n n i e t - s h a w lf i th o f e x 1 p p e e n r d i c t e u n re t. s in excess of money incomes. Department of Labor, and the Bureau of Human Nutrition and Home Economics, United States that quintile distributions of the 1941 data have been Department of Agriculture.4 estimated, necessitate a cautious use of the compari- These data, however, differ from the data ob- sons made. tained by the Surveys of Consumer Finances in sev- For all spending units in the population it would eral respects.5 The differences, as well as the fact appear that the proportions of savers and dissavers in 1948 were approximately identical with those in 4 Family Spending and Saving in Wartime (Bureau of 1941. In both years nearly 2 consumer units in 3 Labor Statistics Bulletin No. 822), April 1945. 5 The survey covering 1941 and the surveys covering 1946 were positive savers and about 1 in 3 were negative through 1948 differed somewhat in their definitions of money savers. However, there were substantial differences income, saving, and the spending unit, in the universe covin the distribution of the savers and dissavers among ered, as well as in sampling methods. JANUARY 1950 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES the comparable income groups of the population. In This is the case where the unit has dissaved because 1948 the three lowest quintiles of the population, of an extraordinary one-time expenditure and is according to income, had fewer dissavers than especially the case where credit has been utilized, in 1941. On the other hand, the fifth of spending since any repayment of the debt in the following units with the highest incomes in 1948 had more year will constitute an addition to saving. dissavers than the highest fifth in 1941. There may Dissaving may occur for many reasons, most o£ be many reasons for these differences. An impor- which fall within three general categories. The tant one is thought to be the considerably greater first consists of unusually large and irregular exincrease in incomes from 1941 to 1948 of the lowest penditures for special purposes, such as the purthree quintiles of spending units. Other reasons chase of durable goods or medical and other servmay be the greater volume of major durable goods ices in emergencies. The second is a decline in expenditures by upper income groups in 1948 and income with no commensurate decline in expendithe possibility of more frequent declines in income tures, and the third is an insufficiency of income, for top income units in 1948 than in 1941, a year which may be stable or even increasing, to maintain when economic activity rose sharply. regular expenditures deemed necessary by the consuming unit. MAJOR CAUSES OF DISSAVING About 3 of every 4 units that dissaved in 1948 As has been brought out in the preceding section, reported that they had either spent large sums for saving out of income (positive saving) is closely major consumer durable goods or for illnesses or related to the size of income. However, the con- other emergencies, or had had declines in income verse of this does not hold with reference to dis-from the previous year, or a combination of these saving, for which the factors are more complex. factors. This was a somewhat higher proportion Dissaving does not appear to be necessarily the re- than in 1947. sult of adverse financial circumstances. In a sense, Dissaving for special purposes and occasions the ability to dissave is proof of a certain financial appears to be part of the normal life cycle of the strength because in order to dissave one must have family. It frequently accompanies the furnishing accumulated savings to draw upon or have sufficient of a new home, the taking of a long-planned income or collateral or both to qualify as an accept- vacation, the purchase of an automobile, the college able credit risk. education of children, and their marriage. As With many consumers, dissaving (as defined in shown in Table 7, about three-fifths of all dissavers the survey) is probably confined to one year and is in 1948 purchased automobiles or other selected not followed by further dissaving in the next year. durable goods such as refrigerators, television sets, TABLE 7 EXPENDITURES FOR AUTOMOBILES AND OTHER SELECTED DURABLE GOODS WITHIN SAVING GROUPS, 1948 x [Percentage distribution of spending units within saving groups] Positive savers Negative savers Expenditures for Zero s a e u l t e o c m te o d b i d l u es r a a b n le d g o o t o h d er s All an $ d 50 o 0 ver $100-$499 $l-$99 savers All $l-$99 $100-$499 an $ d 5 0 o 0 ver No expenditures 57 47 59 68 81 40 55 41 31 Expenditures.... 43 53 40 32 19 59 45 59 68 $l-$99 8 6 9 9 8 6 11 6 3 $100-$499 21 24 21 17 9 23 26 30 16 $500 and over 14 23 10 6 2 30 8 23 49 Not ascertained (2) (2) 1 (2) 0 1 (2) (2) 1 All units 100 100 100 100 100 100 100 100 100 1 Expenditures for automobiles are net of trade-in allowances. Less than one-half of 1 per cent. 20 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES or washing machines during the year. More than est frequency of dissaving as consumer units athalf of all dissavers spent at least $100 on such tempted to maintain their living standards. The items and nearly one-third spent $500 or more. increase in frequency was especially sharp at lower A family budget may be unbalanced in the year income levels, partly because there was less margin in which there is a purchase of durable goods be- to absorb a decline and partly because the income cause the large and unusual expenditure may declines were larger percentagewise at these lower exceed one year's saving. About half of all the levels than at other levels. However, as mentioned consumer units who spent $500 or more on durable earlier, many units with income declines also purgoods in 1948 were dissavers. A larger proportion chased major durable goods and others probably of dissavers than of savers bought durable goods made sizable expenditures for various other purduring 1948 and the amounts they spent were some- poses. what larger than those spent by savers. Large The proportion of units with unchanged incomes expenditures also normally occur because of emer- that dissaved in 1948 was approximately the same gencies or need for medical care, including mater- at each thousand dollar interval of income up to nity cases; expenditures for these reasons were re- $5,000, and some decline was apparent in the proported by a little more than one-third of the dis- portion for the group with incomes of $5,000 or savers. more. This may indicate that consumer units who At least one-fourth of all dissavers had either have been at the same low income level for at least retired or had experienced declines in income be- two years (no change in income from 1947 to 1948) cause of unemployment, business losses, or other have either adjusted to that level or have exhausted reasons. Many of these units were probably at- their resources; whatever may be the cause, people tempting to maintain their customary living standards by using past savings or by borrowing, although TABLE 8 the data indicate that many dissavers with declines NEGATIVE SAVERS AS A PERCENTAGE OF ALL SPENDING UNITS in income also purchased durable goods. HAVING SPECIFIED CHARACTERISTICS AND SPECIFIED CHANGES Survey data do not show that difficulties in meet- IN INCOME, 1948 ing regular expenditures on the part of people Change in income from 1947 to 1948 with stable incomes are a major cause of dissaving. Characteristic of s In ta b fa le c t, i n a c s o m w e il s l b te e n d d i s t c o u s r s e e p d o r s t h o th rt e ly l , o c w o e n s s t u m fr e eq rs u e w n i c t y h spending unit Decline1 cha N n o ge2 in S c m re a a l s l e3 in L c a re rg a e se4 of dissaving. There is reason to believe that many All spending units. . . 40 28 32 cases of real hardship in this group are to be found Income: among those who have no means of providing for Under $1,000 49 29 30 32 $l,000-$l,999 43 26 40 29 expenditures which exceed their incomes. $2,000-$2,999 38 27 27 35 $3,000-$3,999 32 33 25 26 Changes in income were frequently associated $4,000-$4,999 (5) 27 28 39 with dissaving. In 1948, as in previous postwar $5,000 and over 38 23 25 25 years, consumer spending units that experienced Occupation of head of unit: Professional 28 27 such changes—either increases or decreases;—tended Managerial and self-employed 30 20 27 30 to dissave somewhat more frequently than spend- Clerical and sales (5) 35 27 30 Skilled and semiskilled. 41 30 30 33 ing units with unchanged money incomes. While Unskilled... 39 20 33 29 Farm operator 39 30 25 21 this finding may be representative only of the some- Retired 29 what unusual postwar period, it appears that in- Age of head of unit: creases in income tended to stimulate expenditures 2 1 5 8 - - 3 2 4 4 4 () 5 3 () 1 3 3 8 4 3 3 3 7 —including many purchases of large durable goods. 3 4 5 5 - - 4 5 4 4 4 2 7 7 3 2 3 3 2 2 7 3 2 3 9 1 There is some evidence that large increases in 6 5 5 5 - a 6 n 4 d . over 3 4 4 1 2 2 2 6 3 2 8 4 19 income (25 per cent or more) resulted in a greater frequency of dissaving than did small increases (see 1 Decline of 5 per cent or more. 2 Less than 5 per cent of change. Tables 8 and 9), as well as in a greater frequency of 3 Increase of 5 to 24 per cent. 4 Increase of 25 per cent or more. large savings. This pattern appeared among units 5 Too few cases to show separately. at both low and high income levels. NOTE.—Comparable data for spending units with incomes between $1,000 and $5,000 from the 1946 and 1947 Surveys of Con- Declines in income generally resulted in the high- sumer Finances, may be found in the Review of Economics and Statistics, May 1949, p. 97. JANUARY 1950 21 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 9 As indicated earlier, the frequency of dissaving POSITIVE SAVERS AS A PERCENTAGE OF ALL SPENDING UNITS was greatest among spending units headed by per- HAVING SPECIFIED CHARACTERISTICS AND SPECIFIED CHANGES sons less than 45 years of age. This was true IN INCOME, 1948 whether or not there had been a change in income from 1947 to 1948. However, spending units Change in income from 1947 to 1948 Characteristic of headed by persons 65 years of age and over were spending unit Decline1 cha N n o ge2 in S c m re a a l s l e3 in L c a r r e g a e se4 strongly afTected by declines in income, which were more drastic than for other age groups, and dis- All spending units... 56 64 67 63 saved almost as frequently as the age group Income: under 45. Under $1,000. . 39 39 36 34 $l,000-$l,999 50 60 56 61 $2,000-$2,999 61 70 70 61 $3,000-$3,999 67 64 72 72 DISTRIBUTION OF AGGREGATE SAVING $4,000-$4,999 (5) 73 72 61 $5,000 and over 62 76 75 75 The Surveys of Consumer Finances shed some Occupation of head of unit; light on the relative magnitudes of the positive and Professional 70 72 Managerial and self-em- negative components of saving and their distribuployed 67 78 70 70 Clerical and sales (5) 63 71 63 tion. These findings should be used with consider- Skilled and semiskilled. 56 65 69 63 Unskilled 57 73 62 62 able caution, however, because sampling and report- F R a e r t m ir e o d p . e .. rator 55 4 6 8 2 61 69 ing errors with respect to saving aggregates are substantial and relatively larger than for other Age of head of unit: 18-24 () () 56 57 aggregates obtained in the survey. Thus, although 25-34... 51 62 64 61 35-44. 50 64 71 68 the survey data show that the net saving of all con- 45-54 71 72 72 64 5 65 5 - a 6 n 4 d . over 6 5 0 3 5 7 1 3 4 7 9 0 68 sumer spending units declined in 1948—as a result of a small reduction in the amount of positive 1 Decline of .5 per cent or more. saving and a small increase in the amount of nega- 3 2 I L n e c s r s e a t s h e a n o f 5 5 p t e o r 2 c 4 e n p t e o r f c c e h n a t. nge. tive saving—it should be remembered that the 4 Increase of 25 per cent or more. changes were not of sufficient magnitude to be sta- 5 Too few cases to show separately. NOTE.—See note to Table 8. tistically significant. The spending units that put something aside out with stable incomes dissaved in 1948 at similar rates of income are estimated to have saved about 24 in all income groups up to $5,000. In view of this, billion dollars in 1948, 25 billion in 1947, and 22 it appears probable that the larger proportion of disbillion in 1946. The dissavers spent about 12 bilsavers among lower income groups is chiefly due to lion dollars in excess of their incomes in 1948, 11 the dissaving of units moving down from higher billion in 1947, and 7 billion in 1946.6 In 1948 some income levels because of business loss, sickness, 3 million spending units were zero savers—-units retirement, or some other unusual circumstance that neither saved nor dissaved. causing a temporary or permanent decline in income. Further evidence on this point is presented In each survey it has been found that the in the following section. proportion of total positive saving accounted for It is noteworthy that even among spending units by each income group of spending units was roughly with income declines the proportion of units that related to the proportion of total money income resaved in 1948 was considerably larger than the ceived by the group. The highest income group, proportion that dissaved. This held true for all in- with the largest share of both income and positive comes except those under $1,000, and even at this saving, accounted for a somewhat larger percentage low level as many as one-third of the consumer of total saving than of income. The other income units that experienced declines in income saved groups had proportions of positive saving that were some amount compared with about one-half that dissaved* 6 The sampling and reporting errors for these aggregates are much larger than for frequency distributions of amounts Where incomes were unchanged from 1947 to saved. They are also relatively larger than for other aggre- 1948, at least 6 of every 10 units in each income gates obtained by the survey. This is due primarily to the fact group above the lowest were savers compared with that saving data are derived from a variety of survey questions, some of which may involve large amounts but apply to 3 or less that were dissavers. comparatively few people. 22 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES equal to or slightly smaller than their proportions of units with the highest incomes. This proportion income. compared with roughly nine-tenths in both 1947 During the period covered by the surveys, the and 1941 (see Table 10). amount dissaved by spending units that spent Since the end of the war large amounts of negamore than their incomes has risen steadily in rela- tive saving by a minority of the spending units in tion to the total amount saved. By 1948, aggre- the lowest income groups have exceeded a subgate dissaving was about half of aggregate positive stantial rate of positive saving on the part of the saving. This proportion was slightly higher than majority of units. In 1948 the dissaving of these in 1947 and substantially higher than the corre- income groups exceeded saving to a greater extent sponding figures for 1946 and 1941. The total than in 1947, and consequently the share of net volume of dissaving has grown as a result of the saving accounted for by the upper income groups increase in both the number of dissavers and the increased. size of their deficits. The income groups under $2,000 were net dis- Total negative saving was distributed more savers in both 1948 and 1947. Although 5 of every equally than positive saving among the income 10 spending units in these income groups were posigroups, due in part to the occurrence at every tive savers in 1948, the amounts dissaved by the income level of many of the events that cause dis- 4 of every 10 that spent in excess of incomes were saving. The amounts were largest, however, at larger than the positive saving of the others. the top and bottom ends of the income distribution. Further study of the dissaving of these income This may indicate that the ability to dissave was groups is possible from survey data on the savgreatest for the highest income group and the need ing and dissaving of income groups according to to dissave to supplement income was greatest for the occupations of the persons who were heads of the lowest group. spending units. In 1948 spending units headed by Almost all of total net saving (99 per cent) in persons who were self-employed nonfarm business- 1948 was accounted for by the fifth of spending men or who occupied professional or managerial TABLE 10 PROPORTION OF TOTAL MONEY INCOME, POSITIVE SAVING, NEGATIVE SAVING, AND NET SAVING ACCOUNTED FOR BY EACH TENTH OF THE NATION'S SPENDING UNITS WHEN RANKED BY SIZE OF INCOME, 1948, 1947, 1946, AND 1941 * Percentage of total accounted for by each tenth: Spending units ranked according Money ncome 2 Positive saving3 Negative saving4 Net saving 5 to income 1948 1947 1946 1941 1948 1947 1946 1941 1948 1947 1946 1941 1948 1947 1946 1941 Highest tenth. . . 32 33 32 34 45 52 44 55 13 19 6 10 80 77 63 73 Second 15 15 15 16 15 14 15 14 11 11 12 11 19 16 16 15 Third 12 12 12 12 11 8 12 9 9 10 7 14 15 6 14 6 Fourth 10 10 10 10 8 7 8 6 9 10 11 11 6 6 7 5 Fifth 9 9 9 9 7 6 6 6 7 11 11 7 6 3 4 5 Sixth 7 7 7 7 5 5 5 4 9 6 13 7 2 4 1 3 Seventh 6 6 6 5 4 4 4 3 8 5 8 9 -1 2 2 1 Eighth 5 4 5 4 2 2 3 2 7 7 7 8 -2 — 1 1 — 1 Ninth 3 3 3 2 2 1 2 1 10 6 12 11 -7 -2 ^ Lowest tenth.... 1 1 1 1 1 1 1 (6) 17 15 13 12 -17 -11 -4 All units.... 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1 Income and saving data for 1948 are based on interviews in January-March 1949 (fourth Survey of Consumer Finances); for 1947 on interviews in January-March 1948 (third survey); for 1946, on interviews in January-March 1947 (second survey); and for 1941 estimated from information obtained in Family Spending and Saving in Wartime (Bureau of Labor Statistics Bulletin No. 822). April 1945. The figures in this table cannot be used to measure precise changes in income and saving. However, it is believed that the data show with reasonable accuracy the nature of certain broad changes which occurred in the pattern of income and saving during these years. The 1941 data were obtained by totaling the amount of money income, positive saving, negative saving, and net saving accounted for by the income classes shown in the Bureau of Labor Statistics report and then calculating the cumulative values of each decile by interpolation (Lagrange technique). The survey covering 1941 and the surveys covering 1946 through 1948 differed somewhat in their definitions of money income, saving, and the spending unit, in the universe covered, as well as in sampling methods. The surveys for 1946 through 1948 also differed somewhat in their definitions of saving, as discussed in the appendix to this article. 2 Annual money income before taxes. 3 Positive saving comprises the saving of all spending units with money incomes in excess of expenditures. 4 Negative saving comprises the dissaving of all spending units with expenditures in excess of money incomes. 5 Net saving (plus or minus) is positive saving less negative saving for all spending units combined. 6 Less than one-half of 1 per cent. JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES positions were responsible for a substantial part of rose in about the same proportion as their incomes, the net dissaving of the under $1,000 income group the proportion of income saved by this group of and the proportion was larger than in 1947. In both consumers was relatively unchanged from 1947 years, the share of these occupations in net dissaving to 1948. was considerably larger than their numerical repre- Spending units headed by persons following entresentation in the group. At the $1,000-$ 1,999 income preneurial pursuits—farm operators and persons level also, units in these same occupations dissaved who were self-employed or who occupied managelarge amounts and accounted for the major share of rial positions—reported a somewhat different saving the net dissaving of this income group in 1948, al- pattern. While farm operators saved about the though again constituting only a small percentage same proportion of income in 1948 as in the previous of the units in this group. year, the group headed by self-employed and mana- In large part, then, the increase in 1948 in net gerial persons reported a substantially reduced rate dissaving by spending units with incomes of less of saving.7 It should be noted that the findings for than $2,000 was due to greater dissaving by units these entrepreneurial groups are subject to greater headed by professional, managerial, or self-employed reporting and sampling errors than those for the persons. nonentrepreneurial units. The saving data for the These data indicate that a disproportionately entrepreneurial groups should be considered merely large share of the net dissaving of low income suggestive, and should be used with caution. groups stems from consumers whose occupations Information on the distribution of net saving are not usually thought to be typical of low in- among the various occupational groups also sheds comes. It is probable that many of these atypical light on the question of who does the saving and units dropped from higher income levels as a result dissaving. In 1948, the entrepreneurial group— of business losses, sickness, or other reasons, or were spending units headed by self-employed businessinitiating new business or professional activities. men, managers, and farm operators—accounted for Such findings indicate that misleading conclusions about two-thirds of total net saving as defined by can be drawn if one uses some concept of the aver- the survey, although they numbered only a little age or typical (low income) consumer who sup- more than a fifth of all the spending units. Their posedly saves or dissaves when the income group share of total net saving was somewhat smaller which he represents does so. There is considerable than in 1947. movement of consumer units up and down the in- Professional persons reported about one-eighth of come scale from year to year and, as has been shown net saving in both 1947 and 1948; this was approxiabove, it is possible for a few units that are not mately double the ratio of their number to all congenerally considered representative of the group to sumer units. More than one-fourth of net saving affect substantially the saving-spending pattern of in 1948 and about one-fifth in 1947 were accounted an entire income group. for by spending units headed by clerical and sales Net saving for all consumer spending units was personnel, and skilled, semiskilled, and unskilled a somewhat smaller proportion of income before workers. In contrast, these groups constituted taxes in 1948 than in 1947, or approximately 7 per roughly three-fifths of all spending units. The cent and 9 per cent, respectively. Units headed by other occupational groups—retired and unemployed persons whose occupations were nonentrepreneurial persons, housewives, students, and others—which in nature—clerical and sales personnel, skilled and constituted about one-sixth of all spending units, unskilled workers, semiprofessional and professional dissaved in both 1948 and 1947. personnel, and others—maintained a rate of net Selected saving data for family units are presaving in 1948 very similar to that of 1947. These sented in Tables 21 and 23 at the end of this article. units, representing about four-fifths of the population, constitute the bulk of the consumer markets 7 Income of farmers is obtained by the survey on a cash of this country. Their expenditures for all kinds of basis and does not take into account changes in farm invengoods and services, especially for large durable tories. Consequently survey data on saving by farm operagoods such as automobiles and major household tors do not reflect the increase in farm inventories which took place in 1948 as estimated by the U. S. Department of appliances, were considerably greater in 1948 than Agriculture. (See appendix at the end of this article for an in previous years. Since their total expenditures explanation of the savings concept.) 24 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES FORMS OF SAVING AND DISSAVING TABLE 11 There are many ways in which consumer spend- PERCENTAGE OF SPENDING UNITS REPORTING VARIOUS TYPES ing units can save. Some are very commonly used, OF ADDITIONS TO AND WITHDRAWALS FROM SAVING 1948 AND 1947 others are reported by relatively few units. In each survey it has been found that life insurance was the Additions Withdrawto als from most frequently reported form of additions to Type saving saving saving at every income level. As shown by the accompanying chart, nearly half of all spending 1948 1947 1948 1947 units with incomes under $1,000 and 9 of every 10 Consumer indebtedness: units with incomes of $5,000 or more saved in this Increases 24 19 Decreases 12 7 manner during 1948. As shown in Table 11, other Life insurance: frequently reported forms of additions to saving Payment of premiums 74 75 were increases in liquid assets, payments on home Full cash payment received from policy 2 2 mortgages and improvements and additions to Liquid asset holdings: Increases 27 27 homes, payments to retirement funds, and reduc- Decreases 33 7"3? tions of consumer debt. The proportion of spend- Real estate: Purchases of homes for own use (noning units reporting increases in liquid assets rose farm) . 5 }. Purchases of other real estate (includgradually from the lowest to the highest income ing farms) 3 group, but the proportion reporting the other com- Mortgages taken out for home purchases 3 mon forms of saving was larger in the middle Mortgages on other real estate 1 Sales of houses, farms, and lots 4 4 income groups than in either the upper or the lower Payments on home mortgages (including full payments) 18 16 income groups. Home improvements 16 12 Retirement funds: Payments to such funds 14 13 PRINCIPAL FORMS OF CONSUMER SAVING AND DISSAVING IN 1948, BY INCOME GROUPS Securities transactions (excluding Federal) : POSITIVE SAVING SPE P N E D R I N C G E N U 1 T N 0 I O T 0 F S D In e c c r r e e a a s s e e s s i i n n h h o o l l d d i i n n g g s s 2 2 1 1 Unincorporated business (excluding farmers): Profits left in business 3 3 Business loss Personal investment in business 3 3 Withdrawals of business investment.. 1 1 Farm equipment purchases 4 3 r Revised. 1 Data not available. The principal form of withdrawal from saving during 1948 was the reduction of liquid assets, which was reported by one-third of all spending units. The next most frequent form was the increase of consumer indebtedness, reported by onefourth of all spending units. (See Tables 12 and 13 for data relating saving and dissaving to changes in indebtedness and liquid asset holdings.) Between 1947 and 1948 there was no appreciable change in the proportion of spending units that reduced their liquid asset holdings while there was an increase in the proportion that used credit. In 1948, drawing down liquid assets was more frequent among spending units with incomes between $3,000 and $7,500 than among other income groups, UNDER $.1,000 $2,000 $3,000 $4,000 $5,000 $7,500 and use of credit was most frequent among the $1,000 $1,999 §2,999 §3,999 §4,999 $7,499 8 OVER INCOME GROUPS groups having incomes between $3,000 and $5,000. EXCLUDING MORTGAGE DEBT. 25 JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 12 TABLE 13 CHANGE IN CONSUMER INDEBTEDNESS OF SPENDING UNITS CHANGE IN LIQUID ASSETS OF SPENDING UNITS WITHIN WITHIN SAVING GROUPS, 1948 x SAVING GROUPS, 1948 x [Percentage distribution of spending units within saving groups] [Percentage distribution of spending units within saving groups] Positive Negative Positive Negative savers savers savers savers Change in Zero Change in Zero indebtedness $ o a 5 v n 0 e d 0 r $ $ 1 4 0 9 0 9 - $ $9 1 9 - savers $ $ 4 1 9 - 9 $ o a 5 v n 0 e d 0 r liquid assets $ o a 5 v n 0 e d 0 r $ $ 1 4 0 9 0 9 - $ $ 9 1 9 - savers $ $ 4 1 9 - 9 $ o a 5 v n 0 e d 0 r Decrease 20 18 10 0 5 6 Increase 60 50 32 3 12 12 $1,000 and over. . . 4 (2) 0 0 0 1 $1,000 and over. . . 15 1 1 1 1 4 $ $ 5 2 0 0 0 0 - - $ $ 9 4 9 9 9 9 ? 6 5 (2 6 ) (2) 0 0 (2) (2 1 ) $ $ 5 2 0 0 0 0 - - $ $ 9 4 9 9 9 9 1 1 5 2 15 1 (2 0 ) 0 1 2 1 3 1 $1-$199 5 12 9 0 4 4 $1-$199 18 33 31 1 8 4 No change 63 64 73 99 49 51 Nfo change 16 29 52 91 27 10 Increase. 17 18 17 (2) 46 43 Decrease 23 20 15 4 61 77 $1-$199 8 12 14 0 29 5 $1-$199 5 11 8 1 22 5 $ $ $1 2 5 , 0 0 0 0 0 0 - - 0 $ $ 4 9 a 9 9 n 9 9 d over. . . 3 4 2 4 1 1 (2 2 1 ) (2 0 0 ) 1 4 2 1 1 1 2 8 8 $ $ $ 5 1 2 , 0 0 0 0 0 0 - - 0 $ $ 9 4 a 9 9 n 9 9 d over. . . 3 8 7 2 5 2 4 2 1 0 2 1 2 9 4 6 3 2 8 6 8 Not ascertained 0 (2) (2) 1 0 0 Not ascertained 1 1 1 2 (2) 1 All units 100 100 100 100 100 100 All units 100 100 100 100 100 100 1 Includes debt arising from instalment sales of consumer goods 1 Liquid assets include all types of U. S. Government bonds a sm nd a ll f r l o o m a n in co st m al p m an e i n e t s, a n a d n d si o n t g h l e e r p le a n y d m in e g n t a l g o e a n n c s i e g s r . anted by banks, sav 2 i L n e g s s s a t c h c a o n u n o t n s e , -h a a n l d f c o h f e 1 ck p in e g r c a e c n c t o . unts. 2 Less than one-half of 1 per cent. large in 1948. Rough calculations from survey About two-thirds of all dissavers in 1948 redata indicate that payments on home mortgages, duced their liquid asset holdings. This was a life insurance policies, and retirement funds somewhat smaller proportion than in 1947 and amounted to approximately 10 billion dollars. Most almost all of the decline was accounted for by a of this amount, although not all, was contracted sharp reduction in the frequency of such withfor in advance. Contractual saving was a larger drawals by small dissavers. The fact that this proportion of total positive and net saving in the group increased its use of credit suggests that lower and middle income groups than in the upper two factors may have influenced the foregoing change—the decline between 1947 and 1948 in the TABLE 14 proportion of spending units that owned liquid as- CONTRACTUAL SAVING OF SPENDING UNITS WITHIN SAVING sets and the relaxation of consumer credit terms GROUPS, 1948 X in 1948. It should be noted that many users of [Percentage distribution of spending units within saving groupsl credit have substantial holdings in liquid assets. In Positive Negative these cases, resort to credit is a result of consumer savers savers choice. Contractual Zero qu I e n n cy te , rm th s e g o r f e a r t e e l s a t t i v v o e l u a m m e o o un f ts a dd ra it t i h o e n r s t t h o a n sa v f i r n e g - saving $ o a 5 v n 0 e d 0 r $ $ 1 4 0 9 0 9 - $ $ 9 1 9 - savers $ $ 4 1 9 - 9 $ o a 5 v n 0 e d 0 r was in the form of purchases of real estate, pri- No contractual marily houses for owner-occupancy. Considerable saving 11 14 17 97 29 19 sums were also invested directly in business enter- Contractual saving. 89 86 83 2 70 80 prises and in life insurance. In amount rather than $1-$199 32 55 77 2 59 54 frequency, the major form of dissaving, apart from $ $ 2 5 0 0 0 0 - - $ $ 4 9 9 9 9 9 2 1 9 9 27 4 5 1 0 0 9 2 1 5 8 debt related to real estate, was an increase in con- $ $ 2 l, , 0 0 0 00 0 - a $ n l, d 9 9 o 9 ver. .. 2 7 ( ( 2 2 ) ) ( ( 2 2 ) ) 0 0 (2 0 ) 2 1 sumer debt, primarily instalment credit arising Not ascertained (2) (2) 0 1 1 1 from the purchase of automobiles and other durable All units 100 100 100 100 100 100 goods. Contractual saving, or saving to which the spend- 1 Contractual saving includes premium payments on life insurmce policies, payments on home mortgages, and payments to ing units were committed in advance, was quite reettiirreemmeenntt ffuunnddss.. 2 Less than one-half of 1 per cent. 26 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES income groups, although the proportion of units quintile paid about one-eighth of its total income with some contractual saving rose gradually from in such taxes. This proportion was more than the lowest income level to the highest. This indi- double that paid by any other quintile. It should cates that the uppermost income group (highest be stressed that these tax figures refer only to Fedthird) invests a larger portion of its saving on the eral personal income tax and do not cover the host basis of current decisions than do the other groups. of direct and indirect taxes through which the lower The highest third can, of course, also suffer a greater income groups make their chief tax contribution to cutback in saving owing to declines in income or government. other reasons before a conflict arises with its con- Selected durable goods. Different income fifths tractual saving obligations. (See Table 14 for re- spent only slightly varying proportions of their lated data.) total income for the selected durable goods covered in the survey. The units in the lowest two quintiles ALLOCATION OF MONEY INCOME used about as large a portion of their incomes for Some additional perspective on consumer saving these goods as did those in the highest fifth, and all can be obtained by relating it to other principal three groups were within 2 percentage points of purposes for which consumers use their incomes. the leading quintile in this field. While spending These other major uses are Federal personal income units at low income levels purchased automobiles tax liability, expenditures for selected durable goods, and major appliances less frequently and bought and "other consumer expenditures." lower priced goods than was the case for units with higher incomes, the purchases amounted to about For spending units as a whole, approximately the same proportion of their incomes. A somewhat three-fourths of money income before taxes in 1948 similar pattern of durable goods purchases by inwas spent on "other consumer expenditures." The come groups was found to exist in 1941 when inremaining fourth was divided almost evenly among comes were at a considerably lower level than in selected durable goods, Federal personal income 1948. However, consumer units as a whole spent a taxes, and saving. However, spending units within smaller proportion of their incomes for such goods each of the income quintile groups allocated their in the earlier year.8 income in quite different ways among these four categories (see Table 15). 8 Family Spending and Saving in Wartime, prepared by Federal income tax. The proportion of the inthe Bureau of Labor Statistics in cooperation with the Bucome of consumer units that went for Federal in- reau of Human Nutrition and Home Economics. Published come taxes increased sharply from the lowest to in two parts as Bureau of Labor Statistics Bulletin No. 822, 1945, and U. S. Department of Agriculture Miscellaneous the highest quintile. It is estimated that the highest Publication No. 520, 1943. TABLE 15 PROPORTION OF MONEY INCOME ALLOCATED TO TAXES, EXPENDITURES FOR SELECTED DURABLE GOODS AND FOR OTHER CONSUMER GOODS, AND SAVING, BY SPENDING UNITS WITHIN INCOME QUINTILES, 1948 Expenditure as a percentage of aggregate income of All each quintile spending Type of expenditure or saving units Lowest Second Third Fourth Highest quintile quintile quintile quintile quintile Federal income tax * . . ... 9 1 4 5 6 13 Automobiles and other selected durable goods 2 9 8 8 9 10 8 Other consumer expenditures 3. . . 76 121 90 83 78 65 Net saving 7 -31 -2 3 6 14 Total 100 100 100 100 100 100 Percentage of income saved by positive savers 4 19 15 12 15 17 23 1 Estimated Federal personal income tax liability, apart from capital gains and losses. 2 Includes automobiles, furniture, radios, and household appliances such as refrigerators, ranges, washing machines, vacuum cleaners, home freezers, and other miscellaneous appliances. Expenditures for automobiles are net of trade-in allowances. 3 Covers expenditures for all goods and services not included in selected durable goods (see footnote 2). Includes food, housing, clothing, medical care, other living costs, State and local taxes, recreation, transportation, and education, as well as expenditures for durable goods such as floor coverings, jewelry, fur coats, and other miscellaneous durable items. 4 Total saving of positive savers as percentage of their aggregate income. NOTE.-—Details may not add to totals because of rounding. JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES Other consumer expenditures. A rough estimate than their total income in 1948 for "other consumer of the total expenditure of each spending unit for expenditures" while those in the top income quintile "other consumer expenditures" was made from sur- allocated only about two-thirds of their income vey data by subtracting from the money income for these goods and services. of the spending unit its expenditures for automo- The proportion of total disposable income that biles and selected durable goods, saving, and esti- consumers spent on "other consumer expenditures" mated Federal personal income tax liability.9 "Other showed a high degree of stability from 1947 to 1948 consumer expenditures," thus estimated, include (see Table 16 for details). expenditures for food, housing, clothing, taxes other In both years, close to one-third of all spending than the Federal personal income tax, medical care, units had "other consumer expenditures" that other living expenses, recreation, education, and amounted to less than 80 per cent of their disposable for those durable and semidurable goods such as incomes, roughly two-fifths had such expenditures floor coverings, jewelry, and fur coats, which are that totaled from 80 to 99 per cent of their disnot included in the list of selected durable goods posable incomes, and about one-fourth had expendicovered in the survey.10 tures of these types that amounted to 100 per cent Consumer units in lower income quintiles spent or more of their disposable incomes. considerably larger proportions of their income In accordance with the general findings of other on "other consumer expenditures" than did units consumer budget studies which have been made in higher quintiles (see Table 15). As a group, from time to time by various public and private the units in the lowest income quintile spent more agencies, the data show that consumer units in lower income groups spent larger proportions of 9 The data for "other consumer expenditures" are residual their disposable income for "other consumer exestimates. Thus they reflect any inaccuracies, to the extent that they are not offsetting, in the reported figures for income, penditures" than did those in higher income groups. saving, durable goods expenditures, or estimated figures for About four-fifths of the units with less than $2,000 Federal income taxes. In connection with the Federal tax liability estimates, tax payments during 1948 may have dif- of disposable income spent at least 80 per cent of fered somewhat from tax liability for the year, but this dis- their incomes for such purposes, while this was true crepancy would have only a minor effect on the volume of of only one-third of the units with incomes of "other consumer expenditures" estimated for individual spending units or groups of spending units. $7,500 or more. Almost half of the units with 10 Selected durable goods include automobiles, furniture, disposable incomes of less than $1,000 had "other radios, television sets, refrigerators, ranges, washing machines, consumer expenditures" amounting to 100 per cent and other appliances. TABLE 16 OTHER CONSUMER EXPENDITURES AS A PERCENTAGE OF DISPOSABLE INCOME OF DIFFERENT INCOME GROUPS, 1948 AND 1947 [Percentage distribution of spending units within disposable income groups] Disposable income group 5 All Expenditures as spending a percentage units Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,,500 of in d c is o p m o e sa x ble $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 Under 50 8 9 6 7 4 6 6 7 7 8 12 14 16 20 21 30 50-59 5 4 3 1 3 2 4 4 5 5 6 3 8 8 7 10 60-69 6 6 3 3 4 5 7 5 9 7 8 11 9 11 8 8 70-79 11 9 4 5 8 8 12 11 13 12 16 13 14 13 12 11 80-89 14 15 7 10 14 13 15 18 17 20 20 16 11 17 14 9 90-99 26 26 22 23 31 33 31 30 28 26 22 23 18 17 9 8 100 and over.... 23 24 48 47 33 29 19 19 17 18 10 15 15 7 12 8 Not ascertained. 7 7 7 4 3 4 6 6 4 4 6 5 9 7 17 16 Total. . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1 Other consumer expenditures were estimated by deducting from the money income reported by each spending unit in the survey the total of its selected durable goods expenditures, net saving, and Federal income tax liability. The residual thus includes expenditures for food, housing, clothing, medical care, other Hying costs, State and local taxes, recreation, transportation, and education, as well as expenditures for durable goods such as floor coverings, jewelry, fur coats, and other miscellaneous durable goods; it excludes expenditures for automobiles, furniture, radios and television sets, and household appliances such as refrigerators, ranges, washing machines, and other miscellaneous appliances. 2 Disposable income is defined as money income less estimated Federal personal income tax liability. 28 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES or more of their disposable incomes. Expenditures one-third of the units dissaved in 1948 and in the of this relative size were clearly not confined to the top quintile as many as one-fourth of the units lowest income levels, however; one-fifth to one-tenth dissaved. As discussed earlier, there were more of spending units with disposable incomes of $2,000 positive savers in each income fifth than there were or more had expenditures which bore the same rela- dissavers. tion to income. There was a substantial increase The 44 per cent of units in the bottom quintile from 1947 to 1948 in the proportion of units with that were positive savers in 1948 managed to save incomes of $5,000 or more that reported "other 15 per cent of their incomes, which compared favorconsumer expenditures" in excess of incomes while ably with the saving rate of all except the top there was some decrease in such reports by units quintile. The smaller group of units in the bottom with incomes below $5,000. fifth that dissaved—36 per cent—contained many The 23 per cent of all consumer units that re- units with very large deficits, because of business ported "other consumer expenditures" amounting losses, declines in income, or purchases of major to all of their disposable income or more may have durable goods. As indicated earlier for the lower included those spending units that were most income groups, it is the heavy dissaving of this affected by increases in the cost of living and costly latter group, many of whom were perhaps only medical bills and emergencies. A part of the group temporarily in the bottom income fifth, that over- (5 per cent of all spending units) were zero savers weighs the saving performance of the larger numor people who spent 100 per cent of their incomes. ber of positive savers. The remaining 18 per cent of all spending units Shares of principal types of expenditure. Some inspent over 100 per cent of their incomes for "other dication of the extent to which the various income consumer expenditures" and were therefore dis- fifths accounted for total expenditures on selected savers. While many of these spending units were durable goods and other consumption items, for dissaving as a result of emergencies, illnesses, and taxes, and for net saving is given in Table 17. There income declines, as well as higher living costs, it is were significant differences in the relative imporprobable that a number of them had large outlays for such items as recreation and education, and for TABLE 17 goods such as jewelry and fur coats which are in- DISTRIBUTION OF MONEY INCOME, TAXES, DISPOSABLE INcluded with "other consumer expenditures." One- COME, EXPENDITURES FOR SELECTED DURABLE GOODS AND third of the 18 per cent also bought automobiles FOR OTHER CONSUMER GOODS, AND NET SAVING, BY INCOME QUINTILES, 1948 or other selected durable goods reported in the IPer cent] survey. A distribution of the dollar amounts spent by Total c c is o o m n N g s i e e v u t e m i n n s e a c r i v r n e i u n a T g n se . i a t d b s l T e f s o h h 2 r e a 4 rp " r a o a l t y t t i h t o h e f r r e o o f m c e o n n n d e l s o t u o w m f s e a t e s h v r t i i n s e t g o a x r p t t h e i o i c n g l d t e h o i . e t t u s a t l r e i i s n n " - - u t n o a S i c t p i s c n e o c n r r o d a d m i n i n n k e g g e l d i m b n T t e a c o o f x o n o t e m a e r s l e y e in T s F t p e o c a o e e r o n x t d a r m a a * - l - l l e c T a p d o i o b o i m n s t l s - - a e e - l 3 e i l g x t e d a u o p s c b u r e o e t e r l - e d n e - s d s d 4 - e i s x T o t c u u p t o o m h r e n t e e n a e - s r l d r 5 - T s n i a o n e v t g t a - l come fifth, chiefly due to the very large converse Highest quintile. 47 70 44 44 39 99 movement of "other consumer expenditures" in re- Second 22 16 22 25 22 21 Third. . . 16 9 17 17 18 7 lation to income. Each of the lowest two quintiles, Fourth 11 5 12 10 13 Lowest quintile. 4 1 5 4 8 -24 taken as a group, was a net dissaver. The lowest All quintiles. . 100 100 100 100 100 100 quintile dissaved an amount equal to about threetenths of total income while the net dissaving of the 1 Annual money income before taxes in 1948. second lowest quintile was fairly small. Net saving 2 Estimated Federal personal income tax liability, apart from capital gains and losses. was fairly small for the next higher quintile and 3 Disposable income is defined as money income less estimated Federal personal income tax liability. increased to about one-seventh of income for the 4 Includes automobiles, furniture, radios, and household appliances such as refrigerators, ranges, washing machines, and other top quintile. miscellaneous appliances. Expenditures for automobiles are net of trade-in allowances. These average figures do not imply that all units 5 Covers expenditures for all goods and services not included in selected durable goods (see footnote 4). Includes food, housing, in the highest three quintiles were positive savers clothing, medical care, other living costs, State and local taxes, and that all units in the lowest two quintiles were recreation, transportation, and education, as well as expenditures for durable goods such as floor coverings, jewelry, fur coats, arid negative savers. In the bottom quintile, about other miscellaneous durable items. NOTE.—Details may not add to totals because of rounding. JANUARY 1950 29 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES tSLD.ce of the various groups in consumption mar- TABLE 18 kets. The fifth of spending units with the highest PERCENTAGE DISTRIBUTION OF SPENDING UNITS WITH DIFincomes accounted for about two-fifths of all con- FERENT TYPES OF DEBT, BY SIZE OF DEBT, EARLY 1949 sumer expenditures on both selected durable goods a in n c d o m " e o th q e u r i n c ti o le n , s u o m n e t r h e e x o p t e h n e d r it h u a r n es d . , " ac T co h u e n te lo d w f e o s r t A of m d o e u b n t t T de o b ta t1 l h M g o o a o m g n r e e t- 2 p l M a e l n r o i s s e a o c o n e n u s l a s - l a C c h co ar u g n e ts I d m n e s e b t n a t t 3 lless than one-twentieth of durable goods consumption and less than one-tenth of "other consumer No debt. 49 81 83 79 78 expenditures." A little more than half of the total Some debt 51 19 17 21 22 expenditure for each of these categories of goods Amount of debt: was contributed by the middle three quintiles. $l-$99 13 (4) 3 16 9 $100-$499 12 7 4 10 A greater difference among the various income $ $ 5 1 0 ,0 0 0 -$ 0 9 - 9 $ 9 !,999.... 5 5 3 2 2 2 ( ( 4 4 ) ) 2 1 groups appeared, however, in the area of Federal $2,000-$4,999.... 8 7 2 0 (4) $5,000 and over.. 6 5 1 0 0 income taxes. Some degree of progressivity in the Not ascertained.. 2 1 (4) 1 (4) incidence of the tax is apparent from the fact that All cases 100 100 100 100 100 the highest quintile, which received about half of 1 Includes debt reported as mortgage on farm or mortgage on total personal income, paid an estimated seven- other than owner-occupied homes. These particular types of debt were each found among approximately 3 per cent of all spendtenths of total Federal personal income tax. Since ing units and therefore do not warrant separate tabulation. 2 Mortgage on owner-occupied nonfarm home. this is probably the most progressive of all taxes, 3 Includes instalment debts incurred in the purchase of autoinclusion of other types of tax payments would mobiles, furniture, household appliances, and other items bought on the instalment plan in 1947 or 1948. undoubtedly reduce considerably the disparity in 4 Less than one-half of 1 per cent. tax contributions by the various income groups. Table 18 shows that approximately half of all spending units of the population owed some debt CONSUMER INDEBTEDNESS of the types covered in the survey at the beginning An important type of balance sheet item in de- of 1949. For about one-half of the units having termining the saving or dissaving of the individual some debt the total owed amounted to less than $500 spending unit is consumer indebtedness. The fol- and for about one-half the cases it exceeded that lowing section presents detailed survey information sum. Likewise, while half of the spending units on the types and distribution of consumer indebted- had no debt, one-half of those with some debt had ness. The details supplement the information on two or more kinds of debt. Therefore, the the distribution among consumer units of owner- sum of the frequencies of the different types of ship of the various types of assets which was pre- debt substantially exceeded the number of units sented in Part VI of this series of articles, in the that owed money at the beginning of 1949. October BULLETIN. There were, of course, great differences in the The Survey of Consumer Finances inquired size of the various types of debts. Mortgage debts about six types of debts: (1) mortgages on owner- were predominantly large while instalment debts occupied homes; (2) mortgages on farms owned; and debts on charge accounts were predominantly (3) mortgages on other real estate owned; (4) mis- small. Miscellaneous personal debts occupied a cellaneous personal debt (primarily money owed middle position although the majority of such to banks, loan companies, life insurance companies, debts amounted to less than $500. and private individuals); (5) debt on charge ac- Charge accounts were found to occur much more counts; and (6) instalment debt. frequently than indebtedness on such accounts. The following tables present information about About one-third of all spending units said they the total debt of spending units and about four had a charge account with a department store, of the six types of debt. Two types of debt, clothing store, or other stores (except grocery namely, mortgages on farms and mortgages on stores), but about one-third of these people asserted real estate other than owner-occupied homes and that at the time of interview they owed no money on farms, are too infrequent among consumers (each these charge accounts. Since many interviews were of them was found among approximately 3 per cent conducted during February and March the debts of the spending units) to warrant separate presenta- incurred during the Christmas buying season may tion. have been repaid. It may also be that people who 30 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 19 TABLE 20 SPENDING UNITS HAVING DEBTS AS A PERCENTAGE OF SPENDING UNITS HAVING DEBTS OF $500 OR MORE ALL SPENDING UNITS IN SPECIFIED INCOME As A PERCENTAGE OF ALL SPENDING UNITS IN GROUPS, EARLY 1949 SPECIFIED INCOME GROUPS, EARLY 1949 Charge Total Mort- Miscel- Inaccounts 1948 annual money debt gage laneous stalm b 1 o 9 e n f 4 o e 8 y r e a i n n ta n c x u o e a m s l e t D a y o e n p f b y e t 1 h M g o o a m o g n r e e t- p l M e a l r n o s is e a o c o n n e u s a l s - l c H o a u a c v n - e ts c o H d o n e u a a b v n c t e ts - m d s I t e e n a b - n l- t t U $l n ,0 i d n 0 e c r 0 o - m $ $ 1 l e , , 0 9 b 0 9 e 0 9 fore taxes o t f y 1 1 p a 1 0 e n 1 y ho o m n 6 5 e2 pe lo rs a o 4 5 n n s al m de e b 1 1 n t t $2,000-$2,999 19 12 5 3 $3,000-$3,999 29 23 5 4 Under $1,000. . . 28 7 11 13 7 8 $4,0Q0-$4,999 38 33 8 6 $1,000-$ 1,999... 38 7 11 21 15 19 $5,000-17,499 45 31 14 7 $2,000-$2,999. . . 51 13 16 32 22 24 $7,500 and over. 36 27 18 4 $3,000-$3,999. . . 60 24 20 37 25 28 $4,000-$4,999... 65 33 19 40 27 31 All cases 25 18 7 3 $5,000-$7,499. . . 64 33 25 46 26 22 $7,500 and over. 60 27 19 65 35 16 1 Includes charge-account debts and mortgages on farms and real estate other than owner-occupied homes, in addition to types All cases.... 51 19 17 32 21 22 of debt shown in the table. 2 Mortgage on owner-occupied nonfarm home. 1 Includes mortgages on farms and real estate other than homes in addition to types of debt shown in the table. come level through the $4,000-$5,000 level and declined somewhat above that. As Table 19 shows, had paid their last charge account bills and had not these relationships did not prevail for all types of been billed for more recent purchases considered debt. themselves free of debt at the time of inquiry. In Table 19 spending units that owed small Are spending units that have debts predominantly amounts of money are treated the same as those units of low, middle, or high income? With rewith substantial debts. It is, however, of some spect to assets, it was found without exception that interest to see in what way large debts were disthe frequency of ownership increased progressively tributed among units at different income levels. with the size of income.11 This same generalization Table 20 shows such distributions for debts of does not apply to debts. The proportion of spending $500 or more. The table shows that low income units with some debt increased from the lowest ingroups had debts of this size much less frequently 11 See Table 1, Part VI of this Survey of Consumer Fi- than high income groups. The frequency of these nances, on "Ownership of Automobiles, Stocks and Bonds, larger debts also did not change much for spending and Other Nonliquid Assets," Federal Reserve BULLETIN, units at income levels above $4,000. October 1949, p. 1184. TABLE 21 DISTRIBUTION OF POSITIVE AND NEGATIVE SAVERS ACCORDING TO RELATION OF SAVING TO INCOME, BY INCOME GROUPS OF FAMILY UNITS, 1948 Percentage distribution of family units within income groups 1 Positive and negative savers All Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 groups $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over Positive savers—total. 63 35 56 64 70 70 69 77 Percentage of income saved: 50 and over 3 3 2 3 2 3 6 6 30-49 8 3 5 6 9 10 11 18 20-29 9 3 7 7 11 11 10 13 10-19 16 8 11 15 17 20 19 17 1-9 27 18 31 33 31 26 23 23 Zero savers—total 5 28 7 3 1 1 0 Negative savers—total3 32 37 37 33 29 29 31 23 Dissaving as a Dercentage of income: 1-9 12 8 13 12 14 13 11 11 10-24 9 6 11 9 7 9 14 8 25 and over 11 23 13 12 8 7 6 4 All family units 100 100 100 100 100 100 100 100 1 Based on 1948 money income before taxes. 3 Family units with expenditures in excess of money income. 2 Less than one-half of 1 per cent. JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 22 POSITIVE AND NEGATIVE SAVERS: PERCENTAGE OF INCOME SAVED OR DISSAVED BY SPENDING UNITS WITHIN SPECIFIED GROUPS, 1948 [Percentage distribution of spending units within group] Percentage of income saved or dissaved All By positive savers l By negative savers 1 Groups of spending units spending units Zero 50 25 and over 30-49 20-29 10-19 1-9 1-9 10-24 and over All groups . . ... 100 4 8 9 14 28 6 12 8 11 By type of community: Metropolitan 2 100 3 6 10 15 30 5 12 8 11 City 50 000 and over 100 2 6 6 18 30 6 12 10 10 Town, 2,500 to 50,000 100 2 9 9 15 30 5 12 8 10 Town, under 2,500 100 3 7 8 12 31 6 12 10 11 Open country 100 8 13 10 11 20 9 9 7 13 By number of persons: One .. 100 2 6 7 13 28 14 10 6 14 Two 100 3 8 10 13 29 5 11 10 11 Three 100 4 9 9 16 26 3 12 10 11 Four . .. 100 3 9 9 16 28 3 13 8 11 Five 100 5 10 8 17 31 2 12 8 7 Six or more 100 4 10 10 15 29 5 15 7 5 By age of head of unit: 18-24 100 2 4 6 11 32 9 15 8 13 25-34 100 3 7 10 14 28 3 11 10 14 35-44 100 5 10 9 15 25 3 15 9 9 45-54 100 4 10 10 16 31 5 11 7 6 55-64 100 3 9 10 16 31 6 9 6 10 65 and over . 100 3 6 5 11 26 19 6 8 16 By education of head of unit: None 100 4 5 •2 8 31 21 6 15 8 Grammar school 100 4 8 8 13 29 9 11 7 11 High school 100 3 7 9 15 30 4 12 9 11 College 100 4 11 10 17 24 2 13 8 11 By type of spending unit:3 Primary 100 4 9 9 15 27 5 11 9 11 Related secondary 100 3 5 7 10 33 9 12 8 13 Unrelated secondary 100 2 3 7 9 36 11 16 5 11 1 Positive savers are units with money incomes in excess of expenditures and negative savers, or dissavers, are units with expenditures in excess of money incomes. 2 The 12 largest cities in the United States and their suburbs. 3 Where a dwelling contains only one spending unit, this unit is a primary unit. Where two or more spending units live in a dwelling unit, one is designated the primary unit and any others as secondary units. The primary unit contains the head of the dwelling unit, while additional units are termed related secondaries, if they are related by blood, marriage, or adoption to the head of the primary unit, and unrelated secondaries if not related, such as roomers and domestic help. TABLE 23 TABLE 24 DISTRIBUTION OF FAMILY UNITS, MONEY INCOME RECEIVED, CONSUMER EXPENDITURES FOR GOODS AND SERVICES OTHER POSITIVE SAVING, NEGATIVE SAVING, AND NET SAVING, BY THAN SELECTED DURABLE GOODS, 1948 1 INCOME GROUPS, 1948 [Per cent] Amount of expenditure Percentage of spending units m b 1 o e 9 n f 4 o e 8 y r e a i n n ta n c x u o e a m s l e F u a n m it i s ly i M nc o o n m ey e sa P t v i o i v n s e i g - 1 s N a t v e i i v g n e a g - 1 sav N i e n t g 1 $ U 5 n 0 d 0 e - r $ 9 $ 9 5 9 00 1 4 0 $l,000-$l,499... 12 $l,500-$l,999... 15 Under $1,000.... 11 2 1 19 -18 $2,000-$2,999... 26 $l,000-$l,999. . . 15 6 3 12 -7 $3,000-$3,999... 14 $2.000-$2,999. . . 20 12 9 17 (2) $4,000-$4,999... 6 $3,000-$3,999. . . 20 18 15 15 16 $5,000-$7,499... 4 $4,000-$4,999. . . 12 14 13 11 16 $7,500 and over. 2 $5,000-$7,499. . . 14 21 22 17 27 Not ascertained. 7 $7,500 and over. . 8 27 37 9 66 All units. . . 100 All income groups.... 100 100 100 100 100 1 Includes expenditures for food, housing, clothing, medical care, other living costs, State and local taxes, recreation, trans- 1 Positive saving comprises the saving of all family units with portation, and education, as well as expenditures for durable money incomes in excess of expenditures, negative saving comprises goods such as floor coverings, jewelry, fur coats, and other misthe dissaving of all family units with expenditures in excess of cellaneous durable items. Selected durable goods excluded are money incomes, and net saving (plus or minus) is positive saving automobiles, furniture, television sets and radios, and household less negative saving for all family units combined. appliances such as refrigerators, ranges, washing machines, and 2 Less than one-half of 1 per cent. other miscellaneous appliances. 32 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES APPENDIX METHOD OF OBTAINING SAVING DATA In the Survey of Consumer Finances net saving 3. Decreases in savings accounts in banks, savis considered to be the difference between consumer ings and loan associations, and postal savings. income and total consumer expenditures and taxes. 4. Decreases in checking accounts. The saving data were derived directly, however, by 5. Lump-sum receipts from life insurance polirequesting detailed information from each spend- cies. ing unit about changes in the various asset and 6. Net amounts received from sale of real estate. liability items that make up the unit balance sheet. 7. New mortgage debts incurred. For the 1948 saving data changes were obtained 8. Amounts borrowed from banks, credit unions, loan companies, private individuals, and insurance for the following items classified as "additions companies. to" or "withdrawals from" saving: 9. Amounts of instalment sales contracts. 10. Amounts received as repayments from debtors. "Additions to" saving 11. Excess of amounts received from sale of 1. Increases in holdings of U. S. savings bonds, securities (other than U. S. Government bonds) Series A-F. over amounts spent for purchase of securities. 2. Increases in holdings of other U. S. Govern- 12. Amounts, other than profits, taken out of ment bonds. unincorporated businesses by owners. 13. Inheritances and large gifts of money and 3. Increases in savings accounts in banks, savbonds received. ings and loan associations, and postal savings. The total of "additions" minus the total of "with- 4. Increases in checking accounts. drawals" represented the net saving of each spend- 5. Life insurance premiums paid. ing unit.1 The net figure could be either plus, 6. Amounts paid into retirement funds. minus, or zero. 7. Purchase price of real estate (house, farm, or This method of estimating the saving of a particother real estate). ular spending unit entails the inclusion or exclu- 8. Amounts repaid on mortgages. sion of certain data not entirely consistent with 9. Amounts spent on structural additions to the survey concept of saving. For example, inor major improvements.on houses, farm buildings. terest and tax payments on a house should be 10. Amounts paid on debts to banks, credit considered consumer expenditures but sometimes unions, loan companies, private individuals, and they are included with the amount of principal insurance companies. repayment when spending units indicate their 11. Payments made on instalment debts. 1 The definition of saving used in the Survey of Consumer 12. Amounts lent by individuals. Finances differs from the definition of personal saving in the 13. Excess of amounts spent for purchase of national income series of the U. S. Department of Commerce. Among the chief differences are the inclusion of the securities (other than U. S. Government bonds) following items as saving in survey data: payments in conover amounts received from sale of securities. nection with government life insurance and retirement funds, excluding social security payments, and the excess of pre- 14. Profits left in unincorporated businesses by mium payments over the increase in reserves of private life owners. insurance and retirement systems. The saving concept in the national income series excludes the above items and, in addi- 15. New investments in business. tion, includes the following items not considered saving in 16. Purchase price of farm machinery. the Consumer Finances Survey: depreciation on farm and nonfarm homes, changes in assets of trust funds, changes in farm inventories, and changes in personal currency holdings. "Withdrawals from" saving In addition to the differences in definition listed above, the universe of the survey excludes certain groups which are in- 1. Decreases in holdings of U. S. savings bonds, cluded in the Commerce saving aggregate. These excluded groups are: nonprofit institutions, persons living outside the Series A-F. continental United States and members of the armed forces 2. Decreases in holdings of other U. S. Govern- living at military reservations, residents in hospitals and other institutions, and the floating population (residents in hotels, ment bonds. tourist camps, large boarding houses). JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES mortgage payments. A special effort was made to and structural improvements to homes in the 1948 exclude interest and tax payments in the 1948 and 1947 schedules. data. In the case of life insurance, the reported 4. Accrued interest on savings bonds was insaving data generally include the total amount of cluded in the 1948 and 1947 data. the premium, not just the increase in cash reserves. The first of these changes slightly affected the In addition to these several factors tending to over- comparability of the 1946 saving estimates with state saving, there are factors that may tend to those for 1947 and 1948. Data obtained in the understate saving, such as inadequate recollection survey but not included with the 1947 saving tabuby some spending units of the increases in their lation show that the 1947 figures understate by checking and saving accounts and holdings of several percentage points the percentage of spend- Government bonds. The 1948 saving data did not ing units with incomes under $3,000 that were make any allowance for changes in amounts of dissavers. This slight understatement of the percharge accounts or back bills. Also, changes in centage of dissavers would apply to any grouping amounts deposited in credit unions were excluded of spending units by a characteristic that includes from the 1948 saving figures but were included in a large proportion of lower income units. all previous years. The amounts involved are The 1948, 1947, and 1946 data were in turn small. not strictly comparable with the 1945 data, but In the interest of improving the saving data again the comparability was not greatly affected. reported in the survey, the form used for obtaining For the 1945 data, no attempt was made to include the 1948 and 1947 data differs from the 1946 form, consumer borrowing or amounts spent on home and in turn both these forms differ from that used improvements, since it was thought that the for 1945 saving data. amounts involved in such transactions were not The 1948 and 1947 form differed from the 1946 significant during that particular period. Furtherform in the following four ways: more, the method used to obtain information on 1. Changes in charge account and other bills unincorporated saving in 1948, 1947, and 1946 outstanding were omitted in the 1948 and 1947 was a considerable improvement over the 1945 surveys. form, and the more recent schedules covered in 2. A special effort was made to exclude interest detail many forms of saving that were not sepaand tax payments from mortgage payments in the rately covered in 1945. The data for 1945 prob- 1948 and 1947 schedules. ably showed more zero savers and fewer positive 3. A special effort was made to exclude mainte- and negative savers than would have been obtained nance and repair costs from the cost of additions had the 1947 or 1946 schedules been used. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FRENCH EXCHANGE STABILIZATION FUND by ROBERT SOLOMON Recent legislation in France, which authorized operations in fluctuating currencies. Such losses the separation of the financial operations of the (or profits) were usually charged to the treasury. Exchange Stabilization Fund from the French In some countries, notably the United Kingdom, Treasury and their return to the Bank of France, stabilization funds had the additional function of has renewed interest in the functions and practices attempting to insulate the domestic money market of stabilization funds. This note is concerned with from the effects of inflows and outflows of shortthe origin of such institutions, the history of the term capital which, in turn, frequently required in- French Fund, and the significance of the recent ternational transfers of gold. Because international change in France. movements of short-term capital in the thirties were Exchange stabilization funds first came into ex- erratic and volatile, an attempt was made to prevent istence during the thirties when the international them from affecting the credit base; for this purgold standard became disrupted. In the midst of pose the British stabilization fund sold Treasury world-wide depression, many countries sought to securities and absorbed bank reserves when capital combat declining income and employment with was flowing in and bought Treasury securities when domestic fiscal and monetary policies which were capital flowed out. It may be noted that this funcintended to increase economic activity while mini- tion of some stabilization funds was contrary to mizing contractive influences from abroad. earlier practice under the gold standard. Then cen- Systems of flexible exchange rates were widely tral banks had been expected not only to refrain adopted in the attempt to adjust to external develop- from neutralizing the internal monetary effects of ments without undesired changes in domestic price changes in gold reserves but to reinforce the effects levels or economic activity. At the same time, many of such changes by suitable modifications in rediscountries established exchange stabilization funds count rates and consequent changes in central bank to regulate exchange rates which no longer had holdings of domestic assets. In this way inflows fixed gold parities. These institutions were expected and outflows of gold, whether in response to trade to buy and sell foreign currencies and thus to in- or capital movements, sharply affected the credit fluence the demand-supply relationship in foreign base. exchange markets; in this way they attempted to maintain exchange rates at the levels desired by THE FRENCH FUND BEFORE THE WAR the monetary authorities. While this function could After the French franc was stabilized in 1926, have been performed directly by central banks, it French gold reserves increased tremendously as a was deemed important to establish separate institu- result of substantial inflows of capital and a favortions in order to maintain the secrecy of stabiliza- able trade balance. To a large extent the capital tion operations and to isolate the losses resulting inflow consisted of French funds that were being from such operations. repatriated as the owners regained confidence in Thus in most countries the stabilization fund the franc. Gold reserves continued to increase was organized as a separate department of the cen- even after the advent of the depression in 1929, tral bank to be operated by it for the account of partly because funds were being withdrawn from the treasury. This made it possible to separate the the United Kingdom and other countries. accounts of the stabilization fund from those of the When Britain left the gold standard in 1931 and central bank and to withhold them from regular devalued the pound sterling, the French monetary publication. By maintaining such secrecy it was authorities determined to maintain the gold parity hoped to minimize speculative movements of short- of the franc, which at that time was among the term capital which might result from, as well as in- strongest currencies in Europe. Since world prices duce, fluctuations in exchange rates. Moreover, the were falling and many other countries had deestablishment of stabilization funds protected the valued their currencies, the French monetary aucentral bank from the risk of losses on exchange thorities, in order to preserve the competitive posi- JANUARY 1950 35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FRENCH EXCHANGE STABILIZATION FUND tion of French exports, advocated and attempted The Exchange Stabilization Fund was directed to apply deflationary policies which would accelerate to regulate the relationship of the franc to foreign the decline in French prices. These policies in- currencies within the limits fixed by the law aucluded, on the one hand, monetary measures de- thorizing devaluation. One of the main functions signed to discourage bank lending and, on the of the Fund was to cooperate with similar Ameriother, efforts to reduce wages and salaries and to can and British institutions to prevent wide fluctuacut the budget deficit by curtailing Government tions in exchange rates. Under a protocol to the expenditure. Tripartite Agreement, the three countries agreed France was not the only country to adopt such that the stabilization fund of each country could a course of action after 1931. The so-called gold purchase the currencies of the other two in order to bloc also included Belgium and Luxembourg, the prevent its currency from appreciating, with the Netherlands, Switzerland, and Italy. As the feel- assurance that the foreign exchange so acquired ing grew that the exchange rates of these countries could be converted into gold within 24 hours. could not be maintained, they all suffered irregular The Tripartite Agreement, to which Belgium, losses of capital and appeared also to encounter a the Netherlands, and Switzerland later adhered, greater setback in exports than was the case in coun- was regarded as an attempt to maintain, through tries which had depreciated. international cooperation, some of the advantages This situation became worse for France after of the gold standard while permitting the countries the devaluation of the dollar in 1933-34 and the freedom of action in domestic policies. The vague Belgian devaluation in April 1935. The growing wording of the Agreement did not establish any outflow of capital, together with deficits on current precise commitments by the signatories as to the account, exerted steady pressure on the franc and maintenance of fixed exchange rates, yet they agreed produced a substantial and almost continuous loss to "use appropriate available resources so as to of gold. Further efforts were made to enforce the avoid as far as possible any disturbance of the basis restrictive monetary policy and to reduce the budget of international exchange" which emerged from deficit in an attempt to restore confidence in the the French devaluation. currency. Not only did these efforts fail to deter It had been expected that the French Exchange Frenchmen from sending their capital abroad, but Stabilization Fund would maintain the value of the they also tended to depress further the level of franc in terms of gold and foreign currencies by economic activity. Moreover, France was not in both purchases and sales in the market. As it a position consistently to pursue policies that would turned out, however, the return flow of capital combat the fall in incomes and employment, since which had been anticipated by the French authorisuch action would have required greater monetary ties did not materialize and, as a result, the Fund's ease and increased budget deficits. Although stop- operations consisted mainly of sales of gold and gap measures to combat distress were taken in foreign exchange. The growing danger of war, the various fields, particularly agriculture, the inability economic and social policies of the Popular Front to adopt such measures on a broader scale con- Government, and expectations of further devaluatributed to the development of social unrest and tion caused the capital flight to persist and to ineconomic conflict as unemployment increased and crease in magnitude, notwithstanding numerous living standards were depressed. inducements to repatriate capital and repeated as- Finally, a newly elected Government committed surances that the franc would not be devalued to internal expansion unpegged the franc in Sep- further. tember 1936 and allowed it to depreciate by 30 During the first six months of the Fund's exper cent. The Exchange Stabilization Fund was istence, the French franc was maintained at a established and endowed with assets consisting of fixed rate of exchange. While the devaluation law 10 billion francs (496 million dollars) in gold, only required that the value of the franc be mainwhich came from the gold reserve of the Bank of tained within the limits of 43 and 49 milligrams France. At the same time the Tripartite Agree- of gold (22.96 and 20.15 francs per U. S. dollar), ment was concluded by the United States, the the Fund undertook during this period to stabilize United Kingdom, and France, pledging the three the rate half-way between the legal limits. The countries against competitive devaluation. Fund sold gold abroad to acquire foreign curren- 36 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FRENCH EXCHANGE STABILIZATION FUND cies, mainly dollars and sterling, which it then ther funds to those who were converting francs sold on the foreign exchange market in France into foreign currencies. when the private demand for foreign exchange was Beginning in March 1937, the French Fund greater than the supply at the rate of exchange the abandoned the goal of maintaining a fixed rate Fund was maintaining. When the Fund's gold for the franc and announced that the exchange resources were exhausted it became necessary to rate would be permitted to fluctuate between the purchase more gold from the Bank of France if legal limits. The rate immediately fell to nearly the Fund were to continue its operations. Thus, the lower limit, at which point the Fund was reduring this period the Fund acted as an inter- quired to support it. The support operations again mediary through which the Bank of France sold depleted the gold holdings of the Fund and regold abroad in an effort to maintain the exchange quired it to purchase more gold from the Bank rate. In effect, France was still on the gold stand- of France. ard. By a decree of June 30, 1937, the franc was com- Furthermore, since the franc assets acquired by pletely divorced from gold and was permitted to the Fund when it sold foreign exchange to the depreciate further by almost 14 per cent to about public were maintained on idle deposit at the Bank 26 francs per dollar. The obligation to maintain of France, the internal monetary effects of capital the value of the franc between fixed limits was and current account transactions were also similar suspended, and henceforth intervention in the forto those that would have occurred under the gold eign exchange markets to determine the relationstandard. That is, an outflow of capital led to a ship between the franc and foreign currencies was transfer of reserves and notes from commercial left to the discretion of the Exchange Stabilization banks and the public to the Fund and thus, other Fund. influences aside, tended to produce monetary strin- After a short period of capital repatriation in gency. In contrast to the French practice, the late 1937, the direction of flow was reversed again British Exchange Equalization Account invested and the franc was permitted to decline to about the sterling proceeds of its sales of foreign exchange 32 francs per dollar by the end of April 1938. In in Treasury securities, which it purchased in the May a new Government, which had taken office open market. As a result, bank reserves were not in April, decided to depreciate the franc to the reduced when capital flowed out of the United rate of 36 francs per dollar where, except for moder- Kingdom. ate fluctuations, it was held until the outbreak of Behind this difference in practice there were the war. important differences in economic conditions in the At the same time the regulations concerning the two countries. Whereas the United Kingdom ex- Stabilization Fund were changed in an effort to perienced a sustained recovery after 1932, the "re- prevent the recurrence of an experience in the fall flationary" policy of the French Popular Front Gov- of 1937. During this period of capital repatriation, ernment did not succeed in decisively lifting the the Fund had found it necessary to sell gold to French economy from its prolonged stagnation. the Bank of France in order to procure the neces- The measures taken in the field of social and wage sary francs to purchase the inflow of foreign expolicy, while reducing unemployment by cutting change. When capital flowed out again, the Fund the work week, resulted to a greater extent in in- repurchased gold from the Bank. Since these creased wages and prices than in higher levels of transactions were reflected in the gold holdings production. As French costs and prices rose rela- shown in the Bank's weekly balance sheet, the tive to those in other countries, the balance-of- adverse movement became public knowledge and payments deficit increased. Anticipation that fur- tended to encourage further capital flight. In order ther devaluation would be necessitated by these to avoid this problem in the future, a law was developments, and reactions to the social policies passed which authorized the Fund to borrow francs of the Popular Front Government, tended to main- from the Treasury and also to sell gold to the Fonds tain the outward flow of French capital. Under de Soutien des Rentes, a Government agency these conditions a policy of offsetting the internal charged with the responsibility of supporting the monetary effects of outflows of gold, as was done in prices of Government securities. Britain, might have served simply to provide fur- From the end of 1938 until the establishment of JANUARY 1950 37 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FRENCH EXCHANGE STABILIZATION FUND exchange control upon the outbreak of hostilities in payments deficit has tended to be offset. September 1939, a considerable inflow of capital On the other hand, a balance-of-payments surplus occurred and the Fund was able to sell gold to the would require the Exchange Stabilization Fund Bank of France. Nevertheless, three years after to purchase more foreign exchange than it sells. the creation of the Exchange Stabilization Fund During the spring of 1949, although France still the franc had depreciated by almost 60 per cent had an over-all deficit, its balance-of-payments posiin relation to the dollar, and the gold reserve of the tion with a number of European countries and Bank of France had declined by over 600 million with the sterling area began to improve considerdollars. ably as a result of the internal stabilization achieved toward the end of 1948.1 Since the franc counter- THE FUND SINCE THE WAR part of the dollar deficit, which was financed by In February 1940 the financial operations of the EGA, was required to be deposited in a special Exchange Stabilization Fund were separated from account, the Fund found it necessary to call on the Bank of France and transferred to the Treasthe Treasury for the francs with which to purchase ury. This important change, which became sigthe other foreign currencies it had begun to acnificant during the postwar period, permitted the cumulate. In addition, foreign central banks hold- Fund to invest its franc assets in Treasury bills (and ing French Treasury bills began to liquidate them later merely to deposit them with the Treasury) in order to provide the francs needed in their instead of depositing them at the Bank of France. countries to purchase increased amounts of French This meant that when France incurred balance-ofexports. The result was a drain on the Treasury's payments deficits and the Fund sold more foreign limited resources which began to interfere writh exchange to importers than it bought from exportthe financing of its budgetary commitments. ers, additional francs became available to the Treas- This development was perhaps the principal imury to finance its expenditures. mediate motivation for the legislation in July 1949 The inflationary conditions which prevailed in which provided that the financing of the Stabili- France from the end of the war until recently limzation Fund be removed from the Treasury and ited the Treasury's ability to borrow from the pubreturned to the Bank of France. The Stabilization lic and the banks. There were also legal and psy- Fund now borrows francs without interest from chological limits on Treasury borrowing from the the Bank of France and maintains its franc assets Bank of France. Under these circumstances the on deposit at the Bank of France. The Fund is Treasury's financial requirements continuously also empowered to sell gold and foreign exchange pressed against its resources and any increases to the Bank and buy gold and foreign exchange in funds available to the Treasury were likely to from the Bank if necessary. result in additional Government expenditures. The Exchange Stabilization Fund has the same During the entire postwar period the franc counrelationship to the Bank of France now as it had terpart of both foreign aid and the liquidation in the thirties, except that it has the additional of official gold and foreign exchange has been an authority to borrow from the Bank. Changes in important source of financing for the Treasury. France's international payments position, under the Even since the advent of the European Recovery present arrangement, will influence the domestic Program, a significant portion of public investmonetary system in the traditional manner. That ment expenditures has been financed by releases, is, an accumulation of foreign exchange, representapproved by the Economic Cooperation Adminising an improved balance of payments, will increase tration, from the counterpart fund, into which the credit base of the banking system since it will the Government is required to deposit the franc be financed by payments of francs from the Bank proceeds of aid furnished on a grant basis. Thus an of France to the private economy; on the other increase in the balance-of-payments deficit, whether hand, a decline in foreign exchange reserves will financed by foreign aid or by sales of official gold reduce commercial bank reserves as francs accumuand foreign exchange by the Exchange Stabilizalate in the Fund's account at the Bank of France. tion Fund, has tended to permit a higher level of It is significant that this change in organization Government expenditures. Consequently, the deflationary influence of the increased balance-of- 1See Federal Reserve BULLETIN, April 1949, pp. 348-60. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FRENCH EXCHANGE STABILIZATION FUND frees the French Treasury from a restraint that was link between the Stabilization Fund and the Treasbeing imposed by the recent improvement in the ury. Once again, as in the thirties, France has balance of payments. Thus, a major purpose for attempted to avoid tendencies toward domestic undertaking exchange rate adjustments in the contraction which derived from a more or less autothirties—to permit greater flexibility for domestic matic relationship. economic policies—is again relevant in the recent Under the present relationship of the Exchange transfer of the Fund's financial ties from the Treas- Stabilization Fund to the Bank of France, changes ury to the Bank of France. in gold and foreign exchange reserves will tend to From 1945 through 1948 the link between the have the traditional automatic effect on the reserves Stabilization Fund and the Treasury provided a of the banking system as is the case in the United mechanism whereby the deflationary effect of large balance-of-payments deficits were counteracted. In States. Under conditions of domestic economic 1949, on the other hand, an improving balance of stability, the Bank of France can adapt its monetary payments tended to generate a contractive influence policies to these changes in the light of developon the domestic economy precisely because of this ments in the economy as a whole. JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Appointments of Chairmen, Deputy Chairmen, and Directors The following designations and appointments at the Federal Reserve Banks and branches have been made by the Board of Governors of the Federal Reserve System. CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR 1950 Federal Reserve Ban\ 'Name of Appointee Boston .... .. Albert M. Creighton of Boston, Massachusetts New York .. Robert T. Stevens of South Plainfield, New Jersey Philadelphia . . , Warren F. Whittier of Chester Springs, Pennsylvania Cleveland . ,. .George C. Brainard of Lyndhurst, Ohio Richmond . . . Charles P. McCormick of Baltimore, Maryland Atlanta .... Frank H. Neely of Atlanta, Georgia Chicago . . . * F. J. Lunding of Highland Park, Illinois St. Louis .... . . Russell L. Dearmont of St. Louis, Missouri Minneapolis . . . Roger B. Shepard of St. Paul, Minnesota Kansas City . . . Robert B. Caldwell of Kansas City, Missouri Dallas .. J. R. Parten of Houston, Texas San Francisco ,. .. Brayton Wilbur of Burlingame, California DEPUTY CHAIRMEN FOR YEAR 1950 Boston ... Harold D. Hodgkinson of Boston, Massachusetts New York ... .. William I. Myers of Ithaca, New York Philadelphia . . . C. Canby Balderston of Media, Pennsylvania Cleveland .. A. Z. Baker of Fairview Park, Ohio Richmond . . John B. Woodward, Jr., of Newport News, Virginia Atlanta .... Rufus C. Harris of New Orleans, Louisiana Chicago . . .* John S. Coleman of Detroit, Michigan St. Louis .... Wm. H. Bryce of Memphis, Tennessee Minneapolis . W. D. Cochran of Iron Mountain, Michigan Kansas City . .. Robert L. Mehornay of Kansas City, Missouri Dallas ... .. R. B. Anderson of Vernon, Texas San Francisco . . .. Harry R. Wellman of Berkeley, California CLASS C DIRECTORS (Appointed for three-year terms beginning January 1, 1950) Boston Harold D. Hodgkinson of Boston, Massachusetts Philadelphia ... Warren F. Whittier of Chester Springs, Pennsylvania Cleveland . , George C. Brainard of Lyndhurst, Ohio Richmond . John B. Woodward, Jr., of Newport News, Virginia * Indicates position filled by a new incumbent. 40 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS CLASS C DIRECTORS—Continued Federal Reserve Ban\ Name of Appointee Atlanta . . . Rufus C. Harris of New Orleans, Louisiana Chicago . ;* John S. Coleman of Detroit, Michigan St. Louis . . , .Russell L. Dearmont of St. Louis, Missouri Minneapolis . . .W. D. Cochran of Iron Mountain, Michigan Kansas City . . Robert B. Caldwell of Kansas City, Missouri Dallas ... , . J. R. Parten of Houston, Texas San Francisco .. Brayton Wilbur of Burlingame, California BRANCH DIRECTORS Federal Reserve Ban\ and Branch Name of Appointee New Yor\ Buffalo . .* Edgar F. Wendt of Buffalo, New York Cleveland Cincinnati . . * H. C. Besuden of Winchester, Kentucky Pittsburgh . . . Sidney A. Swensrud of Pittsburgh, Pennsylvania Richmond Baltimore . .L. Vinton Hershey of Hagerstown, Maryland Charlotte . .. W. A. L. Sibley of Union, South Carolina Atlanta Birmingham . . Thad Holt of Birmingham, Alabama Jacksonville . . . Howard Phillips of Orlando, Florida Nashville . . W. Bratten Evans of Nashville, Tennessee New Orleans , . E. O. Batson of New Orleans, Louisiana Chicago Detroit . .f Ben R. Marsh of Grosse Pointe, Michigan St. Louis Little Rock . .# Stonewall J. Beauchamp of Little Rock, Arkansas Louisville . . Smith D. Broadbent, Jr., of Cadiz, Kentucky Memphis . Hugh M. Brinkley of Hughes, Arkansas Minneapolis Helena #f W. A. Denecke of Bozeman, Montana Kansas City Denver . . *f Harold F. Silver of Denver, Colorado Oklahoma City . . f Cecil W. Cotton of Tulsa, Oklahoma Omaha . .f Joseph W. Seacrest of Lincoln, Nebraska * Indicates position filled by a new incumbent. f Indicates appointment for two-year term beginning Jan. 1, 1950. All other appointments are for three-year terms. JANUARY 1950 41 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS BRANCH DIRECTORS—Continued Federal Reserve Ban\ and Branch Name of Appointee Dallas El Paso . . . Hiram S. Corbett of Tucson, Arizona Houston . .# Charles N. Shepardson of College Station, Texas San Antonio . .# D. Hayden Perry of Robstown, Texas San Francisco Los Angeles . . .*f Paul H. Helms of Los Angeles, California Portland . . f Aaron M. Frank of Portland, Oregon Seattle . . #f Howard H. Preston of Seattle, Washington The new appointees are as follows: Federal Reserve Bank ol Chicago Mr. F. J. Lunding of Highland Park, Illinois, who has been a Class C director and Deputy Chairman of the Federal Reserve Bank of Chicago since January 1, 1949, was designated Chairman and Federal Reserve Agent for the year 1950. Mr. Lunding is President of the Jewel Tea Company, Inc., Barrington, Illinois. Mr. John S. Coleman of Detroit, Michigan, was appointed a Class C director of the Federal Reserve Bank of Chicago for a three-year term beginning January 1, 1950, and Deputy Chairman for the year 1950. Mr. Coleman is President of the Burroughs Adding Machine Company, Detroit, Michigan. Branches Federal Reserve Bank of New York Mr. Edgar F. Wendt of BufTalo, New York, was appointed a director of the Buffalo Branch of the Federal Reserve Bank of New York for a three-year term beginning January 1, 1950. Mr. Wendt is President of the Buffalo Forge Company, Buffalo, New York. Federal Reserve Bank of Cleveland Mr. H. C. Besuden of Winchester, Kentucky, was appointed a director of the Cincinnati Branch of the Federal Reserve Bank of Cleveland for a three-year term beginning January 1, 1950. Mr. Besuden is engaged in farming. Federal Reserve Bank of St. Louis Mr. Stonewall J. Beauchamp of Little Rock, Arkansas, was appointed a director of the Little Rock Branch of the Federal Re'serve Bank of St. Louis for a three-year term beginning January 1, 1950. Mr. Beauchamp is President of the Terminal Warehouse Company, Little Rock, Arkansas. Federal Reserve Bank of Minneapolis Mr. W. A. Denecke of Bozeman, Montana, was appointed a director of the Helena Branch of the Federal Reserve Bank of Minneapolis for a two-year term beginning January 1, 1950. Mr. Denecke is engaged in sheep ranching. Federal Reserve Bank of Kansas City Mr. Harold F. Silver of Denver, Colorado, was appointed a director of the Denver Branch of the Federal Reserve Bank of Kansas City for a two-year term beginning January 1, 1950. Mr. Silver is the owner and operator of the Silver Engineering Works, Denver, Colorado. # Indicates position filled by a new incumbent. f Indicates appointment for two-year term beginning Jan. 1, 1950. All other appointments are for three-year terms. 42 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS The new appointees are as follows:—Continued Branches—Continued Federal Reserve Bank of Dallas Mr. Charles N. Shepardson of College Station, Texas, w7as appointed a director of the Houston Branch of the Federal Reserve Bank of Dallas for a three-year term beginning January 1, 1950. Mr. Shepardson is the Dean of Agriculture, Agricultural and Mechanical College of Texas, College Station, Texas. Mr. D. Hay den Perry of Robstown, Texas, was appointed a director of the San Antonio Branch of the Federal Reserve Bank of Dallas for a three-year term beginning January 1, 1950. Mr. Perry is engaged in ranching, farming, and the production of oil. Federal Reserve Bank of San Francisco Mr. Paul H. Helms of Los Angeles, California, was appointed a director of the Los Angeles Branch of the Federal Reserve Bank of San Francisco for a two-year term beginning January 1, 1950. Mr. Helms is President of Helms Bakeries, Los Angeles, California. Mr. Howard H. Preston of Seattle, Washington, was appointed a director of the Seattle Branch of the Federal Reserve Bank of San Francisco for a two-year term beginning January 1, 1950. Mr. Preston is Professor of Money and Banking, College of Business Administration, University of Washington, Seattle, Washington. ' Appointments of Branch Directors On January 3, 1950, the Board of Governors announced the appointment of Mr. H. G. Sutton, a member of the firm of T. O. Sutton and Sons, Colmesneil, Texas, as a director of the Houston Branch of the Federal Reserve Bank of Dallas for the unexpired portion of the three-year term ending December 31, 1950. Mr. Sutton succeeds Mr. J. E. Wheat, Attorney at Law, Woodville, Texas, who resigned. On January 12, 1950, the Federal Reserve Bank of Kansas City appointed Mr. Ellsworth Moser, President, The United States National Bank of Omaha, Omaha, Nebraska, as a director of the Omaha Branch for the unexpired portion of the two-year term ending December 31, 1951, to succeed Mr. Walter S. Byrne, General Manager, Metropolitan Utilities District of Omaha, Omaha, Nebraska, whose term expired. Admission of State Bank to Membership in the Federal Reserve System The following State bank was admitted to membership in the Federal Reserve System during the period November 16, 1949 to December 15, 1949: Connecticut Hartford—The Hartford-Connecticut Trust Company. JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Time Deposit of Trust Funds in Member ing department without identification of the amount Bank's Own Banking Department of each trust included in the deposit, such a deposit may be regarded as complying with the require- The Board of Governors has been presented with ments of the definition of a "time deposit" cona question as to whether certain deposits of unin- tained in Regulations D and Q, if— vested trust funds made by the trust department (1) The amount of uninvested trust funds of a member bank in its own banking department placed in such deposit is determined in good may properly be regarded as time deposits within faith on a reasonable and conservative basis in the meaning of the Board's Regulation D, relating the light of monthly reviews of anticipated reto reserves of member banks, as well as Regulaquirements for the disbursement of trust funds tion Q, relating to payment of interest on deposits. within the near future which show that no trust This question has arisen out of the practice folfunds included in the deposit will be needed for lowed by certain member banks of commingling the purpose of making such disbursements within uninvested trust funds and depositing a portion of the ensuing 30 days; them in a single time deposit in their own banking departments. Under this practice, it is understood (2) The deposit is subject to a written agreethat a certain portion of the aggregate amount of ment between the trust department and the bankuninvested trust funds held by the trust depart- ing department which complies with the requirement is placed in the banking department in a ments of the definition of one of the types of demand deposit and that another portion of sueh time deposits set forth in Regulations D and Q trust funds is placed in a time deposit subject to a and the deposit otherwise conforms to such written agreement between the two departments definition; with respect to notice of withdrawal in conformity (3) The member bank is satisfied, either with the requirements of Regulations D and Q. through consultation with its attorneys or other- However, the records of the bank do not show or wise, that the practice under which such a deidentify the dollar amount of the funds of any posit is made is not inconsistent with applicable particular trust estate which are included in the State law relating to trust administration or othertime deposit. While the practices of different banks wise, and that the practice is not inconsistent vary in details, the portion of the aggregate amount with the terms of any applicable trust instruof trust funds which is placed in the time deposit ment or court order. is determined generally on the basis of periodic analyses of anticipated requirements for the dis- If the amount of uninvested trust funds placed bursement or other use of trust funds belonging in a time deposit in the member bank's banking to particular trust estates within the near future. department is determined arbitrarily and without After careful consideration of this problem, the consideration of probable requirements for the disiBoard has reached the conclusion that, where a por- bursement of funds of particular trust accounts, it tion of commingled uninvested trust funds is thus is the Board's view that the deposit would not placed in a single deposit in the bank's own bank- satisfy the conditions prescribed above. 44 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled December 28 and released for publication December 30~\ Industrial production increased moderately in In December steel ingot output was scheduled at November and the early part of December. De- 93 per cent of capacity, the highest rate since last partment store sales showed more than the usual May and substantially above the November level sharp preholiday rise. Commodity prices were of 52 per cent. Automobile assemblies increased generally stable. Prices of long-term Treasury considerably in the middle of December. bonds and common stocks rose to the highest levels Output of nondurable goods declined slightly in in over a year. November. There were small further gains in activity at textile, paperboard, and chemical plants INDUSTRIAL PRODUCTION and a sharp recovery in coke production, while output of manufactured food products and printing With settlement of the steel labor dispute and and publishing activity declined somewhat. Actemporary full-scale operations at coal mines, the tivity in the canning industry showed much more Board's seasonally adjusted index of industrial prothan the usual seasonal decrease. Output of most duction increased in November to 171 from 166 in other nondurable goods was unchanged. October. Indications are that the December index will be slightly above the September figure of 174. Minerals output rose sharply in November as bituminous coal mines were returned to full-scale Durable goods output rose about 3 per cent in operations for three weeks ending November 30, November as large increases in production of steel and as output of crude petroleum and iron and ingots, lumber, and copper and copper products copper ore increased. In December, minerals promore than offset decreases in most metal fabricating duction decreased as coal miners returned to a reactivities. Reduced steel stocks resulted in a subduced work week and output of crude petroleum stantial curtailment in output of fabricated iron and was curtailed about 3 per cent. steel products and contributed to reductions in activity in machinery and transportation equipment CONSTRUCTION industries. In the automobile industry assembly Value of construction contracts awarded in Nooperations were substantially curtailed by model vember, according to the F. W. Dodge Corporation, change-overs. In the machinery group, output of declined seasonally from the exceptionally high most types of producers equipment was reduced, autumn level but was still about one-half again as while production of consumer appliances was mainlarge as in November 1948. The volume of new tained. INDUSTRIAL PRODUCTION CONSTRUCTION CONTRACTS AWARDED PHYSICAL VOLUME,SEASONALLY ADJUSTED, I935- 39 » Federal Reserve indexes. Monthly figures, latest shown are F. W. Dodge Corporation data for 37 Eastern States. for November. Monthly figures, latest shown are for November. JANUARY 1950 45 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS housing starts, as estimated by the Bureau of Labor COMMODITY PRICES Statistics, continued unusually large in November, The average level of wholesale prices continued totaling 93,000, compared with 100,000 in October to decline slightly from mid-November to the third and 64,000 in November 1948. week in December, reflecting chiefly a decrease of 4 per cent in meat prices and a 34 per cent drop in EMPLOYMENT egg prices. On December 21 it was announced Total employment in nonagricultural establish- that the Federal egg support level would be reduced ments showed a rise of about 120,000 from mid- about one-fifth in 1950. Prices of most steel prod- October to mid-November, after allowance for sea- ucts for domestic shipment were raised and there sonal changes. The return to work of 335,000 were also some selective increases in prices of other bituminous coal miners was partly offset by employ- industrial commodities. Prices of steel scrap weakment declines in industries producing nondurable ened and tin and lead were reduced further. goods and in trade and Federal government establishments. Employment in other lines was main- BANK CREDIT tained at October levels. Business loans, real estate loans, and loans to con- DISTRIBUTION sumers continued to expand at banks in leading Department store sales, which had shown a less cities during November and the first three weeks than seasonal rise in October, increased by more of December. Holdings of U. S. Government sethan the usual amount after the middle of Novem- curities increased on balance over the period. Deber. Value of sales in the first 24 days of December posits at banks increased sharply from the middle was about 3 per cent below the high level in the of November to the middle of December and there corresponding period in 1948; sales in the first 11 was the usual pre-Christmas increase in currency months of the year had been at an average level in circulation. 6 per cent lower than in 1948. Prices at department The currency demand absorbed reserve funds and stores are generally lower than they were a year ago. the growth in deposits required banks to hold addi- Railroad revenue freight traffic recovered con- tional reserves. While net expenditures by the siderably in November to about the levels prevail- Treasury supplied funds during the first half of ing before the steel and coal labor disputes. While the month, large Treasury receipts from quarterly coal shipments declined again in early December, income tax payments tended to reduce bank reserves loadings of steel products continued to rise and most after the middle of the month. Substantial purother shipments showed largely seasonal changes. chases of Treasury bills and certificates by the Federal Reserve were necessary to supply banks with EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS reserves required to meet these drains. SEASONALLY ADJUSTED SECURITY MARKETS On December 1, the Treasury announced the offering of a new 1% per cent, 4% year note in exchange for bonds and certificates maturing on December 15 and of a new ll/ per cent, 1 year 8 certificate in exchange for the certificates maturing January 1, 1950. During the first three weeks of December prices of long-term Treasury bonds rose to the highest levels in more than two years and yields on short-term Treasury securities also de- 1941 1942 1943 1944 1945 1946 1947 1948 1949 clined. In the same period common stock prices rose in an active market to the highest level in Bureau of Labor Statistics' estimates adjusted for seasonal variation by Federal Reserve. Proprietors and domestic serv- more than a year, while prices of high-grade corants are not included. Midmonth figures, latest shown are for November. porate bonds increased only slightly. 46 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 49-50 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements. . . . 50-51 Federal Reserve Bank statistics. . 52-56 Deposits and reserves of member banks; bank suspensions 56-57 Money in circulation 58-59 Bank debits and deposit turnover; Postal Savings System. . 59 All banks and the money supply 60 All banks in the United States, by classes 61-63 All insured commercial banks in the United States, by classes . 64-65 Weekly reporting member banks .. 66-69 Number of banking offices on Federal Reserve par list and not on par list 70 Commercial paper, bankers' acceptances, and brokers' balances... 71 Money rates; bank rates on business loans; bond yields 72 Security prices and new issues 73-74 Corporate sales, profits, and dividends. 75-76 Treasury finance 77-79 Government corporations and credit agencies 80 Business indexes 81-90 Department store statistics. . 91-94 Cost of living 94 Wholesale prices 95 Gross national product, national income, and personal income 96-97 Consumer credit statistics 98-100 Current statistics for Federal Reserve chart books. ... 101-105 December crop report, by Federal Reserve districts. . ... 105 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. 47 JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AMD RELATED ITEMS BILLIONS Of DOLLARS 30 r~* ' MONEY IN CIRCULATION RESERVE BANK CREDIT MEMBER BANK RESERVE BALANCES TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS 1941 1942 1943 1944 1945 1946 1947 1948 1949 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES NOTES AND CERTIFICATES 1941 1942 1943 1944 1945 1946 1947 1948 1949 Wednesday figures, latest shown are for Dec. 28. See page 49. 48 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period v co D a a a n u n i d s c n d - - e ts s To U t . a l S s . e B G cu o o r n v i d t e i s r e n s m c c B e a e i r t n l t e l i t s s f , i , - ot A h l e l r1 Total s G to o c ld k T s r t o c e u r i a u e n n u r n a y r g c t d - - s y - - M in c t o u i c o l n a i n e r - y - T h c i u r o n a e r l g s a y d h s s - - u F T B p s r w e r R o e y a d e r i s n e t e a v i d - h k t r s e e s s a - - l b m p e N o )r e o s m n d it - e s - - c O s F o e R e a t e r u r c h e a d v - n - e l - e t r s Total qu R ir e e - d2 c E e x ss - 2 and notes Wednesday figures: 1948—Nov. 3 . 320 23,239 11,137 12,102 23,729 24,007 4,578 28,254 1,317 1,473 886 53919,846 18,988 858 Nov. 10. 326 233,14411,223 11,921 45823,929 24,097 4,579 28,337 1,317 1,553 912 53919,947 19,025 922 Nov. 17. 282! 22,93011,156 11,774 622 23,83424,110 4,579 28,215 1,324 1,591 901 53919,953 19,138 815 Nov. 24. 582! 22,99311,166 11,827 23,94124,150 4,580 28,305 1,317 1,650 922 54219,934 19,104 830 Dec. 1. 306 23,165 11,168 11,997 312 23,78324,165 4,583 28,322 1,338 1,527 927 54119,877 19,094 783 Dec. 8. 399 23,00411,110 11,894 32423,72724,218 4,585 28,415 1,314 1,540 986 54819,727 19,067 660 Dec. 15. 266 22,993 11,112 11,881 65923,91924,230 4,585 28,369 1,327 969 994 20,435 19,219 1,216 Dec. 22. 426 22,845 11,057 11,788 95024,22124,234 4,584 28,560 1,326 1,575 1,033 19,899 19,237 662 Dec. 29. 255 23,347 11,001 12,346 51224,11324,236 4,585 28,325 1,329 1,283 1,106 65320,238 19,180 1,058 1949—Jan. 5. 229 22,91910,907 12,012 57923,72724,249 ,586 28,151 1,322 951 1,167 59720,375 19,244 1,131 Jan. 12. 36422,465 10,772 11,693 36423,19324,253 ,586 27,919 1,323 939 1,145 60020,105 19,118 987 Jan. 19. 24122,117 10,603 11,514 64022,999 24,264 586 27,717 1,327 804 1,267 602 20,133 19,183 950 Jan. 26. 458 22,039 10,265 11,774 463 22,960 24,268 4,587 27,561 1,333 1,135 1,138 61320,035 19,113 922 Feb. 2. 29722,215 10,191 12,024 31422,82724,279 4,588 27,556 1,327 1,284 1,203 61319,711 19,072 639 Feb. 9. 25122,350 10,105 12,245 23522,83624,279 4,587 27,557 1,327 1,430 1,176 61419,597 18,921 676 Feb. 16. 23822,303 9,993 12,310 385 22,926 24,284 4,586 27,480 1,323 1,754 1,177 61519,447 18,841 606 Feb. 23. 30322,358 9,922 12,436 22,84724,290 4,586 27,551 1,326 1,591 1,193 62119,441 18,754 687 Mar. 2. 24121,837 9,868 11,969 22,422 24,290 4,587 27,557 1,320 877 1,233 62819,684 18,872 812 Mar. 9. 203 21,529 9,737 11,792 271 22,003 24,295 4,587 27,577 1,320 711 1,223 63119,424 18,787 637 Mar. 16. 429 21,500 9,588 11,912 41922,34824,305 4,588 27,500 1,324 591 1,227 66319,936 18,946 990 Mar. 23. 594 21,675 9,458 12,217 24422,51224,307 4,588 27,423 1,327 1,432 1,197 66919,360 18,655 705 Mar. 30. 298 21,828 9,277 12,551 252 22,37824,311 4,591 27,403 1,320 1,678 1,190 19,019 18,503 516 Apr. 6. 21,597 9,151 12,446 33422,14324,317 4,591 27,514 1,329 1,116 1,104 19,311 18,479 832 Apr. 13. 23221,491 9,064 12,427 33322,05624,321 4,592 27,507 1,318 1,028 1,110 67819,327 18,505 822 Apr. 20. 45321,288 8,989 12,299 22,05024,324 4,589 27,408 1,333 1,054 1,094 67819,398 18,519 879 Apr. 27. 26621,208 8,905 12,303 21,70524,329 4,592 27,356 1,330 1,146 1,093 .67919,020 18,492 528 May 4. 48020,839 8,671 12,168 25821,57624,334 4,592 27,447 1,324 990 1,045 62319,073 18,161 912 May 11. 20220,130 8,581 11,549 226 20,55924,335 4,592 27,452 1,314 913 1,017 62518,164 17,285 879 May 18. 77319,706 8,440 11,266 25620,73524,338 4,591 27,392 1,313 1,026 1,005 62718,302 17,248 1,054 May 25. 17119,691 8,371 11,320 18620,04824,339 4,591 27,367 1,312 668 978 62718,027 17,305 722 June 1. 19,767 8,274 11,493 22020,14524,342 4,595 27,515 1,321 622 911 63718,076 17,288 788 June 8. 15:19,594 8,202 11,392 205 19,956 24381 4,596 27,484 1,315 378 946 63918,170 17,249 921 June 15. 13919,461 8,051 11,410 311 19,91124,423 4,596 27,391 1,309 9 906 70818,606 17,387 1,219 June 22. 19,166 7,932 11,234 27720,11324,421 4,596 27,345 1,304 508 943 71518,314 17,348 966 June 29. 15019,517 7,780 11,737 209 19,87524,466 4,597 27,426 1,324 497 959 71918,013 17,334 679 July 6. 11419,343 7,780 11,563 321 19,77924,471 4,59 27,659 1,306 262 74117,980 16,518 1,462 July 13. 18,842 7,780 11,062 297 19,279 24,513 4,596 27,480 1,317 371 973 74117,506 16,493 1,013 July 20. 36018,474 7,780 10,694 262 19,096 24,518 4,595 27,366 1,310 449 930 74017,415 16,522 893 July 27. 41718,490 7,780 10,710 169 19,07524,520 4,594 27,333 1,307 447 877 74017,486 16,586 900 Aug. 3. 29818,693 7,780 10,913 222 19,21324,562 4,593 27,419 1,312 411 918 68917,619 16,490 1,129 Aug. 10. 13718,606 7,775 10,831 181 18,92424,568 4,592 27,409 1,314 370 956 69117,347 16,513 834 Aug. 17. 18,226 7,775 10,451 18,69424,608 4,592 27,383 1,313 444 970 17,096 15,799 1,297 Aug. 24. 11517,803 7,775 10,028 18,08124,610 4,591 27,328 1,321 485 948 16,509 15,596 913 Aug. 31. 53117,524 7,775 9,749 171 18,22524,607 4,593 27,389 1,310 610 914 69016,512 15,337 1,175 Sept. 7. 17,413 7,775 9,638 251 17,780 24,647 4,592 27,589 1,317 472 955 69115,995 15,064 931 Sept. 14. 12317,250 7,775 9,475 431 17, 24,649 4,592 27,454 1,312 334 931 69116,322 15,207 1,115 Sept. 21. 14617,154 7,538 9,616 333 17,63324,691 4,591 27,365 1,314 801 962 71315,760 15,244 516 Sept. 28. 30017,852 7,538 10,314 18,39724,602 4,590 27,348 1,311 1,170 1,029 71516,016 15,139 877 Oct. 5. 17,961 7,538 10,423 332 18,40624,604 4,593 27,476 1,321 612 1,075 16,384 15,242 1,142 Oct. 12. 17,779 7,538 10,241 414 18,30124,604 27,546 1,296 554 1,247 73416,119 15,211 908 Oct. 19. 17,666 7,538 10,128 369 18,15724,585 27,427 1,310 317 1,142 73216,405 15,330 1,075 Oct. 26. 13817,403 7,538 9,865 292 17,83324,584 27,328 1,313 374 1,163 73216,098 15,314 784 Nov. 2. 61117,533 7,536 9,997 272 18,416 24,583 4,591 27,382 1,318 545 1,219 69016,437 15,319 1,118 Nov. 9. 31917,706 10,171 16018,185 24,532 4,592 27,528 1,312 415 1,220 69016,145 15,262 883 Nov. 16. 12417,789 10,257 438 18,35124,530 4,592 27,397 1,323 408 1,224 69016,432 15,346 1,086 Nov. 23. r13317,669 '10,156 289 18,09124,530 ,596 27,508 1,315 410 1,306 69115,987 15,361 626 Nov. 30. 32117,682 10,169 263 18,267 24,479 4,596 27,543 1,317 517 1,238 68916,038 15,367 671 Dec. 7. 40717,931 7,512 10,419 289 18,628 24,477 4,596 27,699 1,309 441 1,271 69016,291 15,395 896 Dec. 14. 10718,169 7,512 10,657 455 24,476 4,596 27,701 1,314 393 1,273 69016,433 15,561 872 Dec. 21. 12818,538 7,237 11,301 842 24,427 4,595 27,833 1,309 1,027 1,267 75616,337 15,488 P849 Dec. 28. 14218,789 7,231 11,558 448 19,379 24,427 4,598 27,765 1,314 987 1,281 16,299P15.442 P857 P Preliminary. ^Revised. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 2 Wednesday figures and end-of-month figures (shown on next page) are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances U. S.Government Treas- Treas- u T r r y e a d s e - - O F t e h d e - r Date or period co D u is n - ts securities s G to o c ld k r c e u u n ry r c - y M in cu o l c n a i e - r y - c u a r s y h F p w e o d i s e t i h t r s al b m N er e o m d n e - - - e R r e a - l a a n d d - c B er il t l i s fi , - ot A h l e l r1 Total st o a u n t d - - tion h i o n l g d s - s R er e v - e posits se a r c v - e Total qu R ir e e - d2 c E es x s - 2 vances Total Bonds cates, ing Banks counts notes End of period: 1929—June 29... 1,037 216 71 145 147 1,400 4,037 2,019 4,459 204 36 28 374 2,356 2,333 23 1933—June 30... 164 1,998 441 1,557 58 2,220 4,031 2,286 5,434 264 35 166 346 2,292 1,817 475 1939—Dec. 30... 7 2,484 1,351 1,133 102 2,593 17,644 2,963 7,598 2,409 634 653 251 11,653 6,444 5,209 1941—June 30... 2 2,184 1,364 820 81 2,26722,624 3,149 9,612 2,275 980 1,831 290 13,051 7,841 5,210 Dec. 31... 3 2,254 1,467 787 104 2,361 22,737 3,247 11,160 2,215 867 1,360 291 12,450 9,365 3,085 1945—June 30. .. 46 21,792 1,113 20,679 466 22,30420,213 4,145 26,746 2,279 599 1,668 450 14,920 13,335 1,585 Dec. 31. .. 249 24,262 947 23,315 580 25,091 20,065 4,339 28,515 2,287 977 1,308 495 15,915 14,457 1,458 1946—June 29... 157 23,783 755 23,028 516 24,456 20,270 4,539 28,245 2,251 833 1,250 561 16,123 15,011 1,112 Dec. 31. .. 163 23,350 753 22,597 581 24,093 20,529 4,562 28,952 2,272 393 822 607 16,139 15,577 562 1947—June 30... 70 21,872 727 21,145 228 22,170 21,266 4,552 28,297 1,314 756 881 629 16,112 15,374 738 Dec. 31. .. 85 22,559 2,853 19,706 536 23,181 22,754 4,562 28,868 1,336 870 961 563 17,899 16,400 1,499 1948—June 30... 265 21,366 6,206 15,160 268 21,900 23,532 4,565 27,903 1,327 1,928 859 592 17,389 16,647 742 1948—Nov.. 337 23,206 11,181 12,025 339 23,881 24,166 4,585 28,331 1,332 1,601 932 541 19,894 19,085 809 Dec 223 23,333 10,977 12,356 542 24,097 24,244 4,589 28,224 1,325 1,123 1,189 590 20,479 19,277 1,202 1949—Jan 456 22,109 10,224 11,885 349 22,91424,271 4,589 27,580 1,336 1,514 1,194 611 19,540 19,063 477 Feb 251 22,342 9,883 12,459 262 22,85524,290 4,588 27,557 1,323 1,423 1,194 618 19,617 18,809 808 Mar 245 21,688 9,241 12,447 333 22,267 24,314 4,592 27,439 1,309 1,482 1,154 670 19,118 18,432 686 Apr.. ..... 303 21,094 8,902 12,192 340 21,737 24,332 4,593 27,417 1,324 984 1,243 618 19,076 18,438 638 M!ay .... 247 19,704 8 35611,348 141 20,092 24,342 4,596 27,507 1,315 628 930 628 18,024 17,230 794 June 103 19,343 7,780 11,563 250 19,696 24,466 4,597 27,493 1,307 438 941 713 17,867 1-6,919 948 July 316 18,529 7,780 10,749 393 19,23824,520 4,593 27,394 1,298 514 1,018 690 17,437 16,685 752 Aug 531 17,524 7,775 9,749 171 18,22524,608 4,593 27,393 1,308 610 914 690 16,512 15,337 1,175 Sept 109 18,010 7,538 10,472 297 18,41524,602 4,593 27,412 1,311 1,176 1,051 713 15,947 15,176 771 Oct 283 17,316 7,536 9,780 261 17,86024,584 4,592 27,407 1,307 595 1,187 690 15,850 15,261 589 Nov 321 17,682 7,513 10,169 263 18,26724,479 4,596 27,543 1,317 517 1,238 689 16,038 15,367 671 Averages of daily figures: 1948—Nov 353 23,028 11,172 11,856 449 23,830 24,110 4,580 28,277 1,321 1,563 984 540 19,835 19,061 773 Dec 330 23,002 11,085 11,917 645 23,97824,218 4,584 28,423 1,319 1,398 1,051 600 19,990 19,193 797 1949—Jan . . . 347 22,289 10,620 11,669 513 23,150 24,259 4,587 27,850 1,327 1,014 1,211 603 19,991 19,153 838 Feb 284 22,320 10,032 12,288 350 22,95324,283 4,587 27,545 1,321 1,539 1,233 616 19,570 18,860 710 Mar 302 21,615 9,588 12,027 353 22,270 24,301 4,588 27,508 1,319 1,009 1,255 652 19,417 18,723 694 Apr 249 21,361 9,049 12,312 407 22,017 24,322 4,591 27,462 1,318 1,109 1,185 671 19,185 18,479 706 May 303 19,974 8,511 11,463 298 20,575 24,304 4,592 27,438 1,312 914 1,067 593 18,146 17,369 777 June 191 19,377 8,046 11,331 328 19,89624,404 4,596 27,432 1,311 421 984 680 18,068 17,310 758 July 202 18,797 7,780 11,017 343 19,342 24,502 4,595 27,472 1,306 391 977 736 17,558 16,539 1,019 Aug 190 18,147 7,777 10,370 245 18,58324,588 4,592 27,397 1,312 521 970 690 16,873 15,918 955 Sept . . 164 17,441 •7,649 9,792 351 17,95724,637 4,592 27,451 1,310 649 990 703 16,083 15,161 922 Oct 136 17,643 7,538 10,105 361 18,139 24,596 4,592 27,456 1,305 555 1,171 727 16,113 15,251 862 Nov 215 17,664 7,528 10,136 347 18,226 24,533 4,593 27,477 1,311 457 1,296 691 16,119 15,308 811 For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS3 Maximum rates that may be paid by member banks as established by [Per cent of market value] the Board of Governors under provisions of Regulation Q [Per cent per annum] Jan. 21, Feb. 1, Effec- Prescribed in accordance with 1946- 1947- tive Securities Exchange Act of 1934 Jan. 31, Mar. 29, Mar. 30, Nov. 1, 1933-Feb. 1, 1935- Effective 1947 1949 1949 Jan. 31, 1935 Dec. 31, 1935Jan. 1, 1936 Regulation T: S P a o v s i t n al g s S a d v e i p n o g s s i ts deposits 2 2V V2 Fo a r nd e x d te e n a s le io rs n s o n o f li s c te r d e d s i e t cu b r y i tie b s rokers 100 75 50 Other deposits payable: For short sales 100 75 50 In 6 months or more Regulation U: In 90 days to 6 months. . . For loans by banks on stocks 100 75 50 In less than 90 days 1 Regulations T and U limit the amount of credit that may be ex- NOTE.—Maximum rates that may be paid by insured nonmember tended on a security by prescribing a maximum loan value, which is a banks as established by the F. D. I. C, effective Feb. 1, 1936, are the specified percentage of its market value at the time of the extension; the same as those in effect for member banks. Under Regulation Q the "margin requirements" shown in this table are the difference between rate payable by a member bank may not in any event exceed the maxi- the market value (100%) and the maximum loan value. mum rate payable by State banks or trust companies on like deposits Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, under the laws of the State in which the member bank is located. and BULLETIN for March 1946, p. 295. 50 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Federal Reserve Bank A ad o d b v v l a a i n n g c c a e e ti s s ( o S n s e s e s e e c s c a u . u n r r 1 e d e 3 d d d a b i n b s y d c y o e 1 l u i G 3 n g a o t i s b ) v 1 l e e o r f n p a m a n p e d e n r t Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances t b i o o a b n n l ( s i k l g a s o a s t t t s h i e o p e c n r a u s r r t . e h o d S a f e n b t c h y . m e 1 d e 3 U m i ) r . e b S c e t . r Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Dec. 31 beginning- rate Dec. 31 beginning— rate Dec. 31 beginning— rate Boston. Aug. 13,1948 Aug.13, 1948 Jan. 14, 1948 New York.... Aug. 13,1948 Aug.13, 1948 2 Oct.30, 1942 Philadelphia.. Aug. 23,1948 Aug.23, 1948 Aug.23, 1948 Cleveland Aug. 13,1948 Aug.13, 1948 Aug. 13, 1948 2 Richmond Aug. 13,1948 Aug.13, 1948 2 Oct. 28, 1942 4 Atlanta...... Aug. 13,1948 Aug.13, 1948 Jan. 24, 1948 2 Chicago Aug. 13,1948 Aug.13, 1948 Aug. 13, 1948 St. Louis Aug. 19,1948 Aug.19, 1948 Jan. 12, 1948 Minneapolis. . Aug. 13,1948 Aug.13, 1948 Aug.23, 1948 I" Kansas City.. Aug. 16,1948 Aug.16, 1948 Jan. 19, 1948 S D a a n l la F s rancisco A A u u g g . . 1 1 3 3 , , 1 1 9 9 4 4 8 8 A A u u g g . .1 1 3 3 , , 1 1 9 9 4 4 8 8 2 F O e c b t . . 2 1 8 4 , , 1 1 9 9 4 4 2 8 2 4 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 obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.'—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING MEMBER BANK RESERVE REQUIREMENTS RATES ON BANKERS' ACCEPTANCES [Per cent per annum] [Per cent of deposits] Maturity R D a e t c e . o 3 1 a In g i e n f n fe in ct g — be- Pre r v a i t o e us Net demand deposits i Time 1 9 2 1 1 1 - - - 1 1 9 2 8 0 0 0 d d d a a a y y y s s s i i i A A A u u u g g g . . . 1 1 1 3 3 3 , , , 1 1 1 9 9 9 4 4 4 8 8 8 Ef o fe f c t c i h v a e ng d e ate C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry d m b e a e p ( n m a o k l s b l s i e ) ts r 1 Date on which rate became effective at the Federal Reserve Bank of New York. The same rates generally apply to any purchases made 1917—June 21 13 10 7 3 by the other Federal Reserve Banks. Back figures.—See Banking and Monetary Statistics, Table 117, pp. 1 1 9 9 3 3 6 7 — — A M u a g r . . 1 1 6 15 12M 4V*» 443-445. May 1 26 4 20 14 6 4 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1938—Apr. 16 22M 12 5 AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT 1941—Nov. 1 26 20 14 6 Maturities not exceeding five years 1942—Aug. 20 24 [In effect December 31. Per cent per annum] Sept. 14 22 Oct. 3 20 To industrial or commercial To financing institutions 1948—Feb. 27 22 businesses June 11 24 Sept. 16 16 2 734 Federal On p d u i r s c c h o a u s n e t s s or Sept. 24 26 22 3 7^ R B es a e n r k ve lo O an n s * co m m O e m n n t i s t- fo P in r o s r w t t i i h t o u i n c - h ma R in e- ing co m m O e m n n t i s t- 1949— J J M M u u a l n a y y y e 30 5 i 1.... 24 2 2 1 0 1 1 4 5 3 3 2 2 6 6 7 7 tion is portion Aug. 1 13 obligated Aug. 11 23H 19H Aug. 16 12 25 Boston Aug. 18. 23 19 New York Aug. 25 22H Philadelphia.... Sept. 1 22 18 2 Cleveland Richmond In effect Jan. 1, 1950 22 18 12 5 Atlanta () Chicago 23^-5 St. Louis (3) 1 Demand deposits subject to reserve requirements, i.e., total demand Minneapolis deposits minus cash items in process of collection and demand balances Kansas City.... due from domestic banks (also minus war loan and series E bond Dallas 2 * /•* accounts during the period Apr. 13, 1943-June 30, 1947, and all U. S. San Francisco... 4-iX Government demand accounts Apr. 24, 1917-Aug. 13, 1935). 2 Requirement became effective at country banks. 1 Including loans made in participation with financing institutions. 3 Requirement became effective at central reserve and reserve city 2 Rate charged borrower less commitment rate- banks. 3 Rate charged borrower. 4 Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Charge of M per cent is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1949 1949 1948 Dec. 28 Dec. 21 Dec. 14 Dec. 7 Nov. 30 Nov. 23 Nov. 16 Dec. Nov. Dec. Assets Gold certificates 22,622,429 22,622,430 22 672,432 22,674,43122,677,43122,724,432 22,714,430 22 622,430 22,677,43122,335,430 Redemption fund for F. R. notes 553,792 553,793 553,794 553,800 554,485 547,484 550,743 553,793 554,485 630,650 Total gold certificate reserves 23,176,22123,176,223 23,226,226 23,228,23123,231,916 23,271,916 23,265,173 23,176,22323,231,916 22,966,080 Other cash 219,707 209,533 218,479 223,868 237,434 238,868 253,185 257,845 237,434 292,303 Discounts and advances: For member banks.. . 72,180 57,254 36,688 336,713 250,584 63,653 40,454 8,345 250,584 32,680 For nonmember banks, etc 69,500 70,500 70,500 70,500 71,000 69,100 83,600 69,500 71,000 190,125 Total discounts and advances 141,680 127,754 107,188 407,213 321,584 132,753 124,054 77,845 321,584 222,805 Industrial loans 1,989 1,989 1,955 1,908 1,843 1,846 1,298 2,070 1,843 832 U. S. Govt. securities: Bills 4,737,747 4,589,147 4,374,797 4,165,547 3,999,928 4,034,328 4,103,496 4,829,247 3,999,928 5,487,406 Certificates: Special Other 6,257,450 6,149,950 5,983,900 5,955,400 5,870,900 5,822,900 5,854,900 6,275,450 5,870,900 6,077,569 Notes 562,200 562,200 298,100 298,100 298,100 298,100 298,100 562,200 298,100 790,550 Bonds 7,231,300 7,237,000 7,512,300 7,512,300 7,513,300 7,513,300 7,532,300 7,217,700 7,513,300 10,977,221 Total U. S. Govt. securities.., 18,788,69718,538,29718,169,09717,931,34717,682,22817,668,62817,788,79618,884,59717,682,228 3,332,746 Other Reserve Bank credit outstanding 446,461 839,933 452,986 287,320 261,437 287,384 437,237 534,199 261,437 540,984 Total Reserve Bank credit outstanding 19,378,82719,507,97318,731,22618,627,78818,267,09218,090,61118,351,38519,498,71118,267,09224,097,367 Liabilities Federal Reserve notes. . 23,589,47123,633,06523,520,023 23,500,80723,373,49623,326,678 23,241,04123,482 ,646 23 ,373,496 24,161,103 Deposits: Member bank — reserve account 16,298,74116,337,32816,432,65616,291,00816,038,12215,986,80516,431,84516,568,08816,038,122 20,479,200 U. S. Treasurer—general account 986,750 1,027,465 393,086 440,690 516,836 409,642 407,714 821,354 516,836 1,122,900 Foreign 763,273 742,516 765,941 764,129 726,097 745,340 693,228 766,521 726,097 641,692 Other 517,435 524,368 506,608 507,026 511,809 560,814 530,604 750,269 511,809 547,252 Total deposits 18,566,199 18,631,677 18,098,291 18,002,853 17,792,864 17,702,601 18,063,391 18,906,232 17,792,864 22,791,044 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 55.0 54.8 55.8 56.0 56.4 56.7 56.3 54.7 56.4 48.9 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 it d h a i y n s 16 d a t y o s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m da o y n s t h to s 6 to m 1 o y n e th ar s 1 2 y y e e a a r r t s o 2 5 y e y a e r a s r t s o 5 O y v e e a r rs Discounts and advances: Nov. 30.. 321,584 246,951 10,598 7,606 56,410 5 Dec. 7 407,,213 336,530 4,831 8,124 57,714 5 Dec. 14 107:,188 39,622 4,336 8,005 55,211 5 Dec. 21 127,,754 55,383 9,205 3,899 59,253 4 Dec. 28 141,,680 71,357 6,897 49,460 13,955 4 Industrial loans: Nov. 30 1,843 1,073 14 99 125 503 Dec. 7 1,,908 1,130 12 99 142 491 Dec. 14 1,,955 1,181 4 12 96 126 507 Dec. 21 l',,989 1,210 1 12 103 126 505 Dec. 28 1.,989 1,211 4 12 102 126 505 U. S. Government securities: Nov. 30 17,682.,228 1,246,334 757,3161,852,703 1,227,975 1,069,200 4 396,200 1,709,400 5,423,100 Dec. 7 17,931.,347 1,281,992 ,467,328 1,353,409 1,761,1181,387,7 548,300 1,709,400 5,422,100 Dec. 14 18,169.,097 1,293,235 ,455,4531,479,225 1,873,684 1,387,700 3 548,300 1,709,400 5,422,100 Dec. 21 18,538,,297 2,035,685 549,8341,672,475 2,041,303 1.271.C 583,600 2,253,600 5,130,800 Dec. 28 18,788.,697 2,007,412 603,5001,583,975 2,329,010 1,278,000 3 608,100 2,253,600 5,125,100 52 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M a i p n ol n i e s - Ka C n it s y as Dallas F c S r i a a sc n n o - Assets Gold certificates: Nov. 30 22,677,431 868,303 7,194,7121,218,4541,578,7391,066,698 974,5224,444,032 713,557 449,865 770,288 675,0442,723,217 Dec. 7 22,674,431 867,553 7,137,1691,209,7701,573,6351,068,7881,017,5494,389,420 717,584 446,231 785,295 710,8562,750,581 Dec. 14 22,672,432 854,366 7,305,8101,196,9541,577,2361,064,475 991,0464,383,848 699,505 435,102 781,773 678,4732,703,844 Dec. 21 22,622,430 846,924 7,436,3411,190,1591,519,8611,066,902 990,7344,378,098 693,244 398,600 761,281 698,0452,642,241 Dec. 28 22,622,429 872,104 7,388,8141,234,4831,608,3231,043,250 988,9214,329,127 676,989 420,517 749,231 679,4502,631,220 Redemption fund for F. R. notes: Nov. 30 554,485 51,683 50,864 47,425 59,486 51,269 40,141 83,350 43,036 22,389 34,843 27,230 42,769 Dec. 7. 553,800 51,509 50,134 47,099 59,247 52,845 39,937 83,118 42,961 22,351 34,791 27,183 42,625 Dec. 14 553,794 51,418 49,736 48,915 59,127 52,047 39,851 82,957 42,929 22,338 34,766 27,142 42,568 Dec. 21 553,793 51,417 49,736 48,915 59,127 52,047 39,851 82,957 42,929 22,338 34,766 27,142 42,568 Dec. 28 553,792 51,418 49,736 48,915 59,126" 52,047 39,851 82,957 42,929 22,338 34,766 27,142 42,567 Total gold certificate reserves: Nov. 30 23,231,916 919,986 7,245,5761,265,8791,638,2251,117,9671,014,6634,527,382 756,593 472,254 805,131 702,2742,765,986 Dec. 7 23,228,231 919,062 7,187,3031,256,8691,632,8821,121,6331,057,4864,472,538 760,545 468,582 820,086 738,0392,793,206 Dec. 14 23,226,226 905,784 7,355,5461,245,8691,636,3631,116,5221,030,8974,466,805 742,434 457,440 816,539 705,6152,746,412 Dec. 21 23,176,223 898,341 7,486,0771,239,0741,578,9881,118,9491,030,5854,461,055 736,173 420,938 796,047 725,1872,684,809 Dec. 28 23,176,221 923,522 7,438,5501,283,3981,667,4491,095,2971,028,7724,412,084 719,918 442,855 783,997 706,5922,673,787 Other cash: Nov. 30 237,434 23,886 39,795 11,664 19,763 17,550 18,439 30,198 14,765 6,156 11,436 11,900 31,882 Dec. 7 223,868 22,145 43,301 10,267 19,449 15,921 15,639 28,532 13,493 4,806 10,038 11,767 28,510 Dec. 14 .. 218,479 22,398 35,838 8,858 18,177 15,781 18,625 28,446 14,727 5,826 9,793 11,273 28,737 Dec. 21 209,533 20,441 34,817 8,212 18,381 15,336 14,442 27,507 14,562 4,715 11,188 11,812 28,120 Dec. 28. .. 219,707 22,372 36,527 11,176 16,368 17,096 17,063 28,391 16,017 4,696 10,883 11,511 27,607 Discounts & advances: Secured by U. S. Govt. securities: Nov. 30.. 250,498 3,625 121,435 3,165 10 715 22,316 5,635 44,085 12,415 9,565 17,342 200 Dec. 7. . 336,628 4,850 250,980 2,342 29^055 3^675 1^785 12^840 7,050 12,720 Dec. 14.. 36,603 3,250 11,040 3,142 7,310 4^401 275 600 4,565 50 1,970 Dec. 21. . 57,168 8,677 7,965 2,555 9,660 13,176 755 2,650 2,080 3,800 5,450 466 Dec. 28.. 72,092 6,386 15,070 2,045 12,875 19,426 30 725 285 7,850 5,400 2,000 Other: Nov. 30.. 71,086 4,473 22,436 5,680 6,532 3,479 2,911 9,834 2,556 1,775 2,606 2,485 6,319 Dec. 7.. 70,585 4,442 22,278 5,640 6,486 3,454 2,891 9,765 2,538 1,762 2,588 2,467 6,274 Dec. 14. . 70,585 4,442 22,278 5,640 6,486 '3,454 2,890 9,765 2,538 1,762 2,588 2,468 6,274 Dec. 21. . 70,586 4,442 22,278 5,640 6,486 3,455 2,890 9,765 2,538 1,762 2,588 2,468 6,274 Dec. 28.. 69,588 4,379 21,962 5,560 6,394 3,406 2,850 9,627 2,502 1,738 2,552 2,433 6,185 Industrial loans: Nov. 30 1,843 1,696 1 102 44 Dec. 7 1,908 1,753 1 102 52 Dec. 14 . 1 955 1,804 1 98 52 Dec. 21. .. 1,989 1,833 1 103 52 Dec. 28 1,989 1,834 1 103 51 U. S. Govt. securities: Bills: Nov. 30 3,999,928 275,947 947,943 272,467 368,917 256,783 214,448 596,857 216,164 129,490 193,469 173,017 354,426 Dec. 7.... 4,165,547 287,373 987,193 283,749 384,193 267,416 223,327 621,570 225,114 134,851 201,479 180,181 369,101 Dec. 14 4,374,797 301,809 1,036,783 298,002 403,492 280,849 234,546 652,794 236,423 141,625 211,600 189,232 387,642 Dec. 21.... 4,589,147 316,596 1,087,582 312,603 423,262 294,609 246,038 684,779 248,007 148,564 221,968 198,504 406,635 Dec. 28 4,737,747 326,848 1,122,799 322,726 436,967 304,149 254,005 706,953 256,037 153,375 229,155 204,931 419,802 Certificates: Nov. 30 5,870,900 405,022 1,391,344 399,913 541,479 376,895 314,757 876,037 317,275 190,060 283,963 253,946 520,209 Dec. 7.... 5,955,400 410,852 1,411,370 405,669 549,272 382,319 319,287 888,647 321,842 192,795 288,050 257,601 527,696 Dec. 14 5,983,900 412,818 1,418,124 407,612 551,901 384,149 320,815 892,899 323,381 193,717 289,429 258,834 530,221 Dec. 21.... 6,149,950 424,273 1,457,476 418,923 567,216 394,808 329,718 917,677 332,356 199,093 297,460 266,015 544,935 Dec. 28.... 6,257,450 431,689 1,482,952 426,244 577,131 401,709 335,481 933,717 338,166 202,573 302,661 270,666 554,461 Notes: Nov. 30. ... 298,100 20,565 70,647 20,306 27,494 19,137 15,982 44,482 16,110 9,650 14,419 12,894 26,414 Dec. 7.... 298,100 20,565 70,647 20,306 27,494 19,137 15,982 44,482 16,110 9,650 14,419 12,894 26,414 Dec. 14. ... 298,100 20,565 70,647 20,306 27,494 19,137 15,982 44,482 16,110 9,650 14,419 12,894 26,414 Dec. 21. ... 562,200 38,785 133,236 38,296 51,852 36,092 30,141 83,890 30,382 18,200 27,193 24,318 49,815 Dec. 28. ... 562,200 38,785 133,236 38,296 51,852 36,092 30,141 83,890 30,382 18,200 27,193 24,318 49,815 Bonds: Nov. 30. ... 7,513,300 518,327 1,780,577 511,792 692,960 482,331 402,8101,121,113 406,034 243,227 363,403 324,988 665,738 Dec. 7.... 7,512,300 518,258 1,780,340 511,723 692,867 482,267 402,7571,120,963 405,980 243,196 363,355 324,944 665,650 Dec. 14.... 7,512,300 518,258 1,780,340 511,723 692,867 482,267 402,7571,120,963 405,980 243,196 363,355 324,944 665,650 Dec. 21. ... 7,237,000 499,266 1,715 097 492,970 667,476 464,594 387,9971,079,883 391,102 234,283 350,039 313,037 641,256 Dec. 28 7,231,300 498,873 1,713,746 492,582 666,950 464,228 387,6911,079,033 390,794 234,099 349,763 312,790 640,751 Total U. S. Govt. securities: Nov. 30 17,682,2281,219,861 4,190,5111,204,4781,630,8501,135,146 947,9972,638,489 955,583 572,427 855,254 764,8451,566,787 Dec. 7 17,931,3471,237,048 4,249,5501,221,4471,653,8261,151,139 961,3532,675,662 969,046 580,492 867,303 775,6201,588,861 Dec. 14 18,169,0971,253,450 4,305,8941,237,6431,675,7541,166,402 974,1002,711,138 981,894 588,188 878,803 785,9041,609,927 Dec. 21 18,538,2971,278,920 4,393,3911,262,7921,709,8061,190,103 993,8942,766,2291,001,847 600,140 896,660 801,8741,642,641 Dec. 28 18,788,6971,296,195 4,452,7331,279,8481,732,9001,206,1781,007,3182,803,5931,015,379 608,247 908,772 812,7051,664,829 JANUARY 1950 53 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Assets (cont.): Total loans and securities: Nov. 30 18,005,655 1 227,959 4,334,382 1,215,0191,648,0981,161,043 956,5432,692,408 970,554 583,811 875,202 767,3301,573,306 Dec. 7 18,340,468 1,246,340 4,522,808 1,231,1821,689,3681,166,026 967,9192,687,212 984,424 589,356 882,611 778,087 1,595,135 Dec. 14 18,278,240 1,261,142 4,339,212 1,248,2291,689,5511,174,355 977,2652,721,503 988,997 590,052 883,361 788,3721,616,201 Dec. 21 18,668,040 1 292,039 4,423,634 1,272,8201,725,9531,206,837 997,5392,778,644 1,006,465 605,754 904,698 804,342 1,649,315 Dec. 28 18,932,366 1,306,960 4,489,765 1,289,2871,752,1701,229,1131,010,1982,813,945 1,018,166 617,886 916,724 815,1381,673,014 Due from foreign banks: Nov. 30. 35 2 Ul 3 3 2 2 5 1 1 1 1 3 Dec. 7 35 2 i 11 3 3 2 2 5 1 1 1 1 3 Dec. 14 39 3 i 12 3 4 2 2 5 1 1 1 1 4 Dec. 21 39 3 i 12 3 4 2 2 5 1 1 1 1 4 Dec. 28 39 3 l 12 3 4 2 2 5 1 1 1 1 4 Federal Reserve notes of other Banks: Nov. 30 119,191 5,276 20,483 4,049 5,473 15,704 11,648 15,571 6,321 4,539 5,872 5,527 18,728 Dec. 7. 113,845 4,451 20,937 3,398 5,202 13,752 9,522 15,923 6,517 4,682 5,596 5,673 18,192 Dec. 14 132,535 5,456 23,694 3,883 5,843 14,796 14,271 17,167 8,160 3,922 7,525 7,677 20,141 Dec. 21 126,944 6,473 23,154 5,269 7,637 13,860 9,111 18,739 7,903 4,122 7,131 7,930 15,615 Dec. 28 138,765 6,863 22,191 6,298 8,189 15,091 16,322 16,921 9,479 4,325 7,799 7,682 17,605 Uncollected items: Nov. 30 2,497,484 199,243 475,911 166,734 205,962 208,691 157,869 395,710 148,044 74,706 136,049 121,512 207,053 Dec. 7 2,438,803 193,701 437,631 155,255 196,869 231,384 170,041 390,232 140,643 72,755 137,047 112,984 200,261 Dec. 14 3,258,018 275,365 599,123 204,123 291,526 284,938 222,277 518,586 179,618 85,893 185,134 147,622 263,813 Dec 21 3,273,003 287,336 620,586 233,037 290,874 268,413 218,412 517,209 165,865 86,817 185,391 153,172 245,891 Dec. 28 2,790,029 242,182 579,581 186,184 244,404 241,831 191,198 397,064 154,505 71,159 138,890 121,024 222,007 Bank premises: Nov. 30 33,066 1,134 7,891 2,992 4,719 2,482 1,527 3,125 1,929 1,148 2,332 720 3,067 Dec. 7 33,262 1,134 7,891 2,992 4,721 2,482 1,527 3,322 1,940 i,148 2,318 720 3,067 Dec. 14 33,373 1,134 7,891 2,992 4,715 2,482 1,527 3,356 1,940 1,148 2,318 720 3,150 Dec. 21 33,391 1,134 7,899 2,987 4,707 2,482 1,526 3,357 1,940 1,148 2,322 720 3,169 Dec. 28 34,062 1,129 7,899 2,987 5,114 2,470 1,523 3,617 1,939 1,146 2,323 720 3,195 Other assets: Nov. 30 147,054 10,301 33,986 9,611 14,123 9,256 7,820 22,423 8,995 4,583 6,919 6,264 12,773 Dec. 7 151,284 10,426 35,121 9,969 14,377 9,575 8,092 22,956 9,235 4,769 7,133 6,393 13,238 Dec. 14 156,713 10,862 36,745 10,305 14,601 9,960 8,363 23,687 9,542 4,883 7,440 6,611 13,714 Dec. 21 95,608 6,854 21,933 6,098 9,091 5,949 5,090 14,609 6,322 2,952 4,492 4,123 8,095 Dec. 28 100,529 6,970 23,465 6,490 9,226 6,384 5,380 15,198 6,619 3,135 4,776 4,323 8,563 Total assets: Nov. 30 44,271,835 2,387,787 12,158,0352,675,9513,536,3662,532,6952,168,5117,686,8221,907,2021,147,1981,842,9421,615,5284,612,798 Dec. 7 44,529,796 2,397,26112,255,0032,669,9353,562,8712,560,7752,230,2287,620,7201,916,7981,146,0991,864,8301,653,6644,651,612 Dec. 14 45,303,623 2 482 14412,398 0612,724,2623,660,7802,618,8362,273,2277,779,5551 945,4191,149,1651,912,1111,667,8914,692,172 Dec. 21 45,582,781 2,512,62112,618,1122,767,5003,635,6352,631,8282,276,7077,821,1251,939,2311,126,4471,911,2701,707,2874,635,018 Dec. 28 45,391,718 2,510,001 12,597,9902,785,8233,702,9242,607,2842,270,4587,687,2251,926,6441,145,2031,865,3931,666,9914,625,782 Liabilities Federal Reserve notes: Nov. 30 23,373,496 1,388,119 5,393,1271,617,6632,025,660 1,581,6501,283,0674,476,1001,085,530 608,001 916,362 649,4392,348,778 Dec. 7 23,500,807 1,398,909 5,399,8231,632,2582,044,6931,585,3811,296,3924,494,2711,093,647 613,942 923,582 650,0802,367,829 Dec. 14 23,520,023 1,405,137 5,403,0851,638,4822,057,592 1,590,7241,294,2814,493,0081,096,265 611,785 919,226 647,1502,363,288 Dec. 21 23,633,065 1,413,362 5,444,1511,648,2852,071,265 1,596,8441,305,5574,515,102 1,099,742 613,673 921,607 645,7682,357,709 Dec. 28 23,589,471 1,411,784 5,431,6251,643,0142,067,3181,594,2441,299,5054,510,965 1,095,781 612,291 919,375 646,5602,357,009 Deposits: Member bank —reserve account: Nov. 30. . 16,038,122 673,283 5,313,106 733,6421,128,627 651,568 644,3152,568,215 590,096 400,519 711,597 769,4861,853,668 Dec. 7.. 16,291,008 685,130 5,471,984 733,6751,158,038 655,331 660,4472,514,974 601,372 396,725 723,308 813,4481,876,576 Dec. 14.. 16,432,656 708,302 5,480,959 754,1711,171,142 665,711 660,4452,598,376 598,036 390,304 744,267 790,8531,870,090 Dec. 21. . 16,337,328 708,205 5,468,217 764,5121,109,115 678,504 657,8232,526,379 606,675 369,063 759,992 809,3911,879,452 Dec. 28. . 16,298,741 687,825 5,497,143 765,0461,161,480 670,804 663,6932,505,873 587,589 390,403 721,843 789,2781,857,764 U. S. Treasurer-general account: Nov. 30. . 516,836 42,538 95,110 56,018 43,564 26,359 14,581 78,554 32,298 28,882 30,628 22,545 45,759 Dec. 7. . 440,690 30,964 60,753 38,484 28,472 31,595 39,274 54,392 24,252 26,557 30,068 29,452 46,427 Dec. 14.. 393,086 27,185 50,077 28,996 31,477 26,641 29,824 46,284 22,423 29,438 23,644 35,342 41,755 Dec. 21. . 1,027,465 62,486 285,744 60,070 87,892 62,029 55,495 205,522 34,990 34,068 29,949 68,148 41,072 Dec. 28. . 986,750 85,644 257,026 82,735 134,436 51,341 62,973 113,320 32,056 41,286 38,407 54,777 32,749 Foreign: Nov. 30. . 726,097 45,379 2233,391 57,624 66,268 35,295 29,532 99,401 25,931 18,008 25,931 25,211 64,126 Dec. 7.. 764,129 47,760 2245,568 60,648 69,745 37,147 31,082 104,618 27,292 18,953 27,292 26,534 67,490 Dec. 14.. 765,941 47,754 2247,450 60,640 69,736 37,142 31,078 104,604 27,288 18,950 27,288 26,530 67,481 Dec. 21. . 742,516 46,355 2239,210 58,864 67,694 36,054 30,168 101,540 26,489 18,395 26,489 25,753 65,505 Dec. 28. . 763,273 47,609 2246,355 60,456 69,524 37,029 30,984 104,287 27,205 18,893 27,205 26,450 67,276 Other: Nov. 30. . 511,809 3,902 445,452 2,736 8,406 1,650 956 1,732 5,521 2,139 1,890 862 36,563 Dec. 7. . 507,026 4,188 436,759 4,431 7,572 2,033 1,847 2,111 6,858 1,298 1,970 701 37,258 Dec. 14. . 506,608 3,869 434,371 4,291 7,488 3,514 744 2,455 5,986 1,394 1,231 1,327 39,938 Dec. 21. . 524,368 5,254 456,603 3,009 7,358 2,824 368 2,487 7,368 1,530 258 500 36,809 Dec. 28.. 517,435 4,394 451,849 1,181 4,588 8,119 733 2,277 6,387 1,737 273 396 35,501 1 After deducting $24,000 participations of other Federal Reserve Banks on Nov. 30; and Dec. 7; $27,000 on Dec. 14; Dec. 21; and Dec. 28. 2 After deducting $492,685,000 participations of other Federal Reserve Banks on Nov. 30; $518,541,000 on Dec. 7; $518,472,000 on Dec. 14; $503,287,000 on Dec. 21; and $516,899,000 on Dec. 28. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u ._ is M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Liabilities (cont.): Total deposits: Nov. 30 17,792,864 765,102 6,087,059 850,020 1,246,865 714,872 689,3842,747,902 653,846 449,548 770,046 818,1042,000,116 Dec. 7.... 18,002,853 768,042 6,215,064 837,2381,263,827 726,106 732,6502,676,095 659,774 443,533 782,638 870,1352,027,751 Dec. 14. ... 18,098,291 787,110 6,212,857 848,0981,279,843 733,008 722,0912,751,719 653,733 440,086 796,430 854,0522,019,264 Dec. 21 18,631,677 822,300 6,449,774 886,455 1,272,059 779,411 743,8542,835,928 675,522 423,056 816,688 903,7922,022,838 Dec. 28. . . .18,566,199 825,472 6,452,373 909,418 1,370,028 767,293 758,3832,725,757 653,237 452,319 787,728 870,9011,993,290 Deferred availability items: Nov. 30. . . . 2,236,082 178,945 419,050 139,911 183,572 190,304 157,652 342,846 133,435 66,089 122,770 115,438 186,070 Dec. 7 2,151,518 174,121 379,795 131,754 173,685 203,062 162,518 329,864 128,707 64,898 124,599 100,752 177,763 Dec. 14 2,805,071 233,221 520,463 168,611 242,396 248,553 217,903 413,411 160,483 73,392 162,138 133,727 230,773 Dec. 21. . . . 2,433,109 219,774 461,577 163,460 210,807 208,763 188,110 347,931 128,819 65,639 138,430 124,504 175,295 Dec. 28 2,343,607 215,360 448,530 163,671 183,533 198,524 173,074 327,084 142,156 56,326 123,446 116,035 195,868 including accrued dividends: Nov. 30 12,623 772 3,341 755 1,630 609 541 2,085 515 372 512 499 992 Dec. 7 13,655 850 3,937 819 1,687 719 590 2,053 525 408 466 492 1,109 Dec. 14.... 14,880 842 4,221 927 1,591 800 662 2,388 589 451 512 582 1,315 Dec. 21 15,207 1,123 4,194 861 1,749 111 654 2,375 582 455 533 636 1,268 Dec. 28. . . . 16,722 975 4,719 978 1,939 878 713 2,663 673 501 562 714 1,407 Total liabilities: Nov. 30 43,415,065 2,332,93811,902,5772,608,3493,457,7272,487,4352,130,6447,568,9331,873,3261,124,0101,809,6901,583,4804,535,956 Dec. 7.... 43,668,833 2,341,92211,998,6192,602,0693,483,8922,515,2682,192,1507,502,2831,882,6531,122,7811,831,2851,621,4594,574,452 Dec. 14.... 44,438,265 2,426,31012,140,6262,656,1183,581,4222,573,0852,234,9377,660,5261,911,0701,125,7141,878,3061,635,5114,614,640 Dec. 21. .. . 44,713,058 2,456,55912,359,6962,699,0613,555,8802,585,7952,238,1757,701,3361,904,6651,102,8231,877,2581,674,7004,557,110 Dec. 28 44,515,999 2,453,59112,337,2472,717,0813,622,8182,560,9392,231,6757,566,4691,891,8471,121,4371,831,1111,634,2104,547,574 Capital Accts.: Capital paid in: Nov. 30 207,679 11,573 70,953 15,068 19,362 9,151 8,194 26,245 6,841 4,577 7,249 8,386 20,080 Dec. 7 208,027 11,849 70,948 15,068 19,363 9,158 8,198 26,248 6,843 4,579 7,307 8,386 20,080 Dec. 14 208,453 11,987 71,081 15,080 19,404 9,159 8,202 26,291 6,847 4,580 7,308 8,402 20,112 Dec. 21. . . . 208,805 11,992 71,062 15,084 19,432 9,166 8,220 26,436 6,874 4,617 7,373 8,429 20,120 Dec. 28. . . . 210,595 12,001 72,425 15,084 19,432 9,213 8,240 26,806 6,876 4,619 7,379 8,448 20,072 Surplus: (section 7): Nov. 30 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 Dec. 7 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 Dec. 14 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 Dec. 21 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 Dec. 28. . . . 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 (section 13b): Nov. 30 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Dec. 7 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Dec. 14 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Dec. 21 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Dec. 28. ... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other cap. accts.: Nov. 30 154,837 10,918 34,167 11,341 14,303 10,343 8,883 21,373 8,540 5,741 7,858 7,401 13,969 Dec. 7 158,682 11,132 35,098 11,605 14,642 10,583 9,090 21,918 8,807 5,869 8,093 7,558 14,287 Dec. 14 162,651 11,489 36,016 11,871 14,980 10,826 9,298 22,467 9,007 6,001 8,352 7,717 14,627 Dec. 21.... 166,664 11,712 37,016 12,162 15,349 11,101 9,522 23,082 9,197 6,137 8,494 7,897 14,995 Dec. 28. . . . 170,870 12,051 37,980 12,465 15,700 11,366 9,753 23,679 9,426 6,277 8,758 8,072 15,343 and cap. accts.: Nov. 30 44,271,835 2,387,78712,158,0352,675,9513,536,3662,532,6952,168,5117,686,8221,907,2021,147,1981,842,9421,615,5284,612,798 Dec. 7. ... 44,529,796 2,397,26112,255,0032,669,9353,562,8712,560,7752,230,2287,620,7201,916,7981,146,0991,864,8301,653,6644,651,612 Dec. 14 45,303,623 2,482,14412,398,0612,724,2623,660,7802,618,8362,273,2277,779,5551,945,4191,149,1651,912,1111,667,8914,692,172 Dec. 21 45,582,781 2,512,62112,618,1122,767,5003,635,6352,631,8282,276,7077,821,1251,939,2311,126,4471,911,2701,707,2874,635,018 Dec. 28. ... 45,391,718 2,510,00112,597,9902,785,8233,702,9242,607,2842,270,4587,687,2251,926,6441,145,2031,865,3931,666,9914,625,782 Contingent liability on acceptances purchased for foreign correspondents: Nov. 30 8,333 525 12 633 667 767 408 342 1,150 300 208 300 291 742 Dec. 7 9,713 612 13^069 111 894 476 398 1,340 350 243 350 340 864 Dec. 14 10,599 668 13,349 848 975 519 434 1,463 382 265 382 371 943 Dec. 21. ... 10,561 665 13,337 845 972 518 433 1,457 380 264 380 370 940 Dec. 28 10,467 659 13,308 837 963 513 429 1,444 311 262 377 366 932 Commitments to make industrial loans: Nov. 30. . 1,818 861 868 15 7 67 Dec. 7.... 2,258 799 827 15 13 500 104 Dec. 14. ... 2,243 744 826 15 54 500 104 Dec. 21 2,248 749 826 15 54 500 104 Dec. 28 2,299 740 886 15 54 500 104 1 After deducting $5,700,000 participations of other Federal Reserve Banks on Nov. 30; $6,644,000 on Dec. 7; $7,250,000 on Dec. 14; $7,224,000 on Dec. 21; and $7,159,000 on Dec. 28. JANUARY 1950 55 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - l A a t n - ta Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F c S r i a a sc n n o - F.R. notes outstanding (issued to Bank): Nov. 30 24,097,909 1,431,5885,541,552 1,657,9362,108,5091,625,4081,337,923 4,562,1481,122,818 618,667 941,808 679,290 2,470,262 Dec. 7 24,227,109 1,435,9945,560,647 1,680,1912,129,5901,630,4581,351,258 4,582,0541,128,893622,655 948,227684,4172,472,725 Dec. 14 24,307,759 1,447,5325,582,689 1,682,9422,138,750 1,639,9661,354,2634,586,1591,134,351624,746 950,619 684,4722,481,270 Dec. 21 24,408,721 1,460,5325,617,905 1,691,2452,148,4261,643,5981,362,2684,606,1551,136,642625,544 947,753 682,3362,486,317 Dec. 28 24,396,150 1,455,2425,602,109 1,686,569 2148,4271,650,4981,364,084 4,613,7431,136,654 623,881 948,896 685,2932,480,754 Collateral held against notes outstanding: Gold certificates: Nov. 30 14,289,000 440,000 4,670,000 750,0001,000,000 650,000 675,0003,020,000 400,000 210,000 280,000194,000 2,000,000 Dec, 7 14,299,000 440,000 4,670,000 750,0001,000,000 650,000 667755,,000000 33,,002200,,000000 400,000 210,000 280,000204,000 2,000,000 Dec. 14 14,319,000 440,000 4,670,000 750,0001,000,000 670,000 667755,,000000 33,,002200,,000000 400,000 210,000 280,000 204,000 2,000,000 Dec. 21 14,359,000 440,000 4,670,000 750,0001,000,000 670,000 675,0003,060,000 400,000 210,000 280,000 204,0002,000,000 Dec. 28 14,359,000 440,000 4,670,000 750,0001,000,000 670,000 675,000 3,060,000 400,000 210,000 280,000204,0002,000,000 Eligible paper: Nov. 30 182,438 3,625 113,760 3,165 22,316 12,415 9,565 17,392 200 Dec. 7 301,063 4,850 249,880 2,342 11,331 12,840 7,050 12,770 Dec. 14 23,718 3,250 6,290 3,142 4,401 4,565 50 2,020 Dec. 21 39,303 8,677 7,115 2,555 9,176 2,080 3,800 5,500 400 Dec. 28 54,412 6,386 11,470 2,045 18,926 285 7,850 5,450 2,000 U. S. Govt. sec: Nov. 30 10,800,000 1,100,0001,000,0001,000,0001,150,0001,000,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 Dec. 7 10,800,000 1,100,0001,000,0001,000,0001,150,0001,000,000 700,0001,600,000 800,,000010 445.0,000 700,000 500,000 800,000 Dec. 14... 10,800,000 1,100,0001,000,0001,000,0001,150,0001,000,000 700,0001,600,000 800/,00(f'4:50,000 700,000 500,000 800,000 Dec. 21 10,800,000 1,100,0001,000,0001,000,0001,150,0001,000,000 700,000 1,600,000 800,000450,000 700,000 500,000 800,000 Dec. 28 10,800,000 1,100,0001,000,0001,000,0001,150,0001,000,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 Total collateral: Nov. 30 25,271,438 1,543,6255,783,760 1,753,165 2,150,0001,672,3161,375,000 4,620,0001,212,415 669,565 997,392694,000 2,800,200 Dec. 7 25,400,063 1,544,850 5,919,8801,752,3422,150,000 1,661,331 1,375,000 4,620,0001,212,840 667,,005500 992,770 704,000 2,800,000 Dec. 14 25,142,718 1,543,250 5,676,2901,753,142 2,150,0001,674,401 1,375,000 4,620,0001,204,565660,050 982,»020 704,000 2,800,000 Dec. 21 25,198,303 1,548,677 5,6777,1151,752,5552,150,000 1,679,1761,375,000 4,660,0001,202,080 666633,,880000 985,500704,000 2,,J800,400 Dec. 28 25,213,412 1,546,386 5,6811,470 1,752,045 2,150,0001,688,9261,375,000 4,660,0001,200,285667,850 985,450704,000 2,,J802,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS MEMBER BANK RESERVES AND BORROWINGS [Amounts in thousands of dollars] [Averages of daily figures. In millions of dollars] W D e a d te n e ( s l d as a t y A a p p t p o p l i r c d o a a v t t i e e o d ns b p u r A o t p v - n e o d t L o o u a t n - s C m om en m ts it-o in P p f g a a f t r i i i n t o n i a c n s n i t s - c i- - week en M di o n n g t h W , e o d r nesday m b A e e m l r l - Ce c n i t t r y a l b r a e n s k e s rve s c R e i r e t v - y e C t o r u y nor last day com- standing2 out- tutions banks x New Chi- banks banks* of period) pleted i (amount) standing out- York cago N b u e m r - Amount (amount) (amount) ( s a t m an o d u i n n t g ) Total reserves held: 1948—November. . . . 19,835 5,292 1,301 7.467 5,774 1939. 2,781 188,222 2,659 13,683 9,220 10,981 1949—October 16,113 4,444 1,127 6,152 4,391 1940 2,908 212,510 13,954 9,152 5,226 6,386 November. . . . 16,119 4,419 1,116 6,177 4,407 1941 3,202 279,860 8,294 10,337 14,597 19,600 1942. 3,423 408,737 4,248 14,126 10,661 17,305 Nov. 16 16,212 4,400 1,110 6,214 4,487 1943 3,471 491,342 926 10,532 9,270 17,930 Nov. 23 16,164 4,434 1,112 6,197 4,421 1944.. 3,489 525,532 1,295 3,894 4,165 2,705 Nov. 30 15,960 4,392 1,115 6,142 4,312 1945 3,511 544,961 320 1,995 1,644 1,086 Dec. 7 16,076 4,398 1,124 6,177 4,378 1946 3,542 565,913 4,577 554 8,309 2,670 Dec. 14 16,280 4,482 1,143 6,233 4,422 1947 3,574 586,726 945 1,387 7,434 4,869 Dec. 21 16,419. 4,520 1,152 6,277 4,470 1948 Excess reserves: A S Ju e u l p y g t . . 3 3 3 1 1 0 . . . . . . . . . 3 3 3, , , 6 6 6 0 0 0 4 0 3 6 6 6 1 1 1 3 1 2 , , , 8 6 0 2 9 9 0 9 4 6 4 2 6 5 0 5 1,0 8 8 1 0 8 1 2 3 6 6 6 , , , 4 2 1 1 4 8 7 6 7 3 3 4, , , 2 3 3 1 4 5 2 6 3 1 19 9 4 4 9 8 — — N O N o c o t v v o e e b m m er b b e er r . . . . . . . . 8 8 7 1 6 7 1 2 3 2 4 4 5 7 6 2 1 1 0 8 6 0 8 3 5 6 6 4 2 0 0 2 1 O N De c o c t v . . . 3 3 3 1 0 0 . . . . . . . . . 3 3 3 , , , 6 6 6 0 0 0 6 7 6 6 6 6 1 1 1 4 4 5 , , , 4 7 6 0 2 5 2 5 3 3 1 3 8 8 5 5 5 1 1 , , 1 1 9 1 5 9 6 1 5 6 6 1 , , , 0 0 64 9 8 3 9 5 4 4 1 , , ,9 1 1 9 6 5 0 6 3 N N No o o v v v . . . 3 2 1 0 3 6 9 8 6 2 2 2 7 3 5 - 5 5 4 4 2 - - 4 1 1 1 1 2 9 7 5 2 4 5 6 6 0 0 8 6 0 1 1949 Dec. 7 705 -1 154 552 Dec. 14 796 "28* 2 173 593 Jan. 31... 3,607 615,893 85 1,005 1,677 2,077 Dec. 21 *>838 30 2 174 P632 Feb. 28... 3,608 616,340 45 907 1,624 2,042 Mar. 31... 3,610 620,192 45 906 3,270 3,677 Borrowings at Federal Apr. 30... 3,613 620,595 152 819 2,399 2,811 Reserve Banks: May 31... 3,614 620,984 245 753 2,349 2,737 1948—November. . . . 118 62 29 June 30... 3,615 621,297 205 614 2,278 2,619 1949—October 46 20 12 July 30... 3,617 621,601 220 660 2,263 2,563 November. . . . 134 45 19 Aug. 31. .. 3,623 622,327 545 662 2,072 1,926 Sept. 30. .. 3,630 625,301 912 1,016 1,958 2,023 Nov. 16 47 31 16 Oct. 31... 3,637 626,273 1,514 1,075 1,820 1,965 Nov. 23 50 35 15 Nov. 30... 3,644 628,523 1,277 1,954 1,818 2,848 Nov. 30 246 123 63 33 Dec. 7 236 161 50 25 Dec. 14 145 80 32 27 1 Includes applications approved conditionally by the Federal Re- Dec. 21 44 17 27 serve Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of con- P Preliminary. dition of Federal Reserve Banks. 1 Weekly figures of excess reserves of all member banks and of NOTE.—The difference between amount of applications approved and country banks are estimates. Weekly figures of borrowings of all rnern-^ the sum of the following four columns represents repayments of ad- ber banks and of country banks may include small amounts of Federal vances, and applications for loans and commitments withdrawn or Reserve Bank discounts and advances for nonmember banks, etc. expired. 56 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve All city tDanks Re- All city banks Remem- serve Coun- mem- serve Counber city try ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago First half of November 1949 Second half of November 1949 Gross demand deposits: Total . . 91,182 21,102 5,278 34,601 30,200 91,632 21,280 5,337 34,843 30,172 Interbank 11,240 3,857 1,119 5,340 925 11,070 3,781 1,101 5,269 918 Other 79,941 17,245 4,159 29,261 29,276 80,562 17,499 4,235 29,574 29,254 Net demand deposits2 79,852 19,425 4,831 30,138 25,458 80,253 19,569 4,829 30,235 25,621 Demand deposits adjusted 3 71,300 71,800 Time deposits i. 29,241 1,670 1,058 11,632 14,880 29,080 1,671 1,057 11,578 14,775 Demand balances due from domestic banks... 5,662 31 109 1,693 3,828 5,547 36 118 1,725 3,669 Reserves with Federal Reserve Banks: Total 16,152 4,417 1,116 6,185 4,434 16,087 4,421 1,11.7 6,169 4,380 Required 15,278 4,357 1,116 6,006 3,799 15,338 4,389 1,115 6,021 3,813 873 60 179 635 748 32 2 148 567 Borrowings at Federal Reserve Banks 128 54 19 42 14 140 57 13 48 23 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection) are estimated for all member banks, but not by class of bank. * Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in Member Bank Call Rep&rt. DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND BANK SUSPENSIONS1 SMALL CENTERS i [Averages of daily figures. In millions of dollars] Member Nonmember Total, banks banks In places of 15,000 In places of under all and over population 15,000 population banks Na- State In- Nontional sured insured Demand Demand deposits Time deposits Time e i x n c te e r p - t deposits e i x n c te e r p - t deposits Num 1 b 9 e 3 r 4 o - f 4 2 banks suspended: 330 20 6 216 88 bank bank 1943 4 2 2 1944 1 1 1948 1945 0 O N c o t v o e b m er ber 1 1 6 6 , , 8 6 2 8 9 2 8 8, , 7 8 7 0 0 6 1 1 2 2 , , 4 3 9 7 2 4 6 6, , 0 0 6 7 2 6 1 1 1 9 9 9 4 4 4 7 8 6 0 0 1 1 1949 1949 4 4 October 16,850 8,810 12,061 6,072 November 17,056 8,782 12,209 6,046 De ( p in o s t i h ts o u o s f a n su d s s p o e f n d d e o d l la b r a s) n k :2 s By districts, 1934-42 137,362 18,01626,54851,567 41,231 November 1949 1943 6,223 4,982 1,241 N P B h o e i w s l t a o d Y n e o lp r . k h ia ...... 3 1 1 , , , 1 9 2 9 9 3 0 9 7 2,1 8 8 8 0 2 1 5 2 1,1 3 9 1 5 4 6 7 8 1,1 2 8 4 3 9 8 2 1 1 1 1 9 9 9 4 4 4 5 6 4 40 0 0 5 405 Cleveland 1,353 911 1,014 810 1 1 9 9 4 4 7 8 167 0 167 Richmond 1,144 410 866 479 1949 2,443 2,443 Atlanta 1,551 460 652 217 S C t h . i L ca o g u o is 2,3 6 4 7 8 7 1,6 3 0 4 4 4 1,6 9 8 9 9 7 9 2 5 8 7 6 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not Minneapolis 638 302 801 449 include banks whose deposit liabilities were assumed by other banks Kansas City 579 107 1,612 210 at the time of closing (in some instances with the aid of Federal Deposit D Sa a n ll a F s rancisco 1 1 , , 0 2 5 8 3 6 6 1 8 5 0 8 1,6 5 2 3 6 0 29 7 6 1 In 2 s u D ra e n p c o e s it C s or o p f or m at e i m on b e l r o a b n a s n ). ks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the r Revised. suspensions were reported. 1 Includes any banks in outlying sections of reserve cities that have Back figures.—See Banking and Monetary Statistics, pp. 283-292; been given permission to carry the same reserve as country banks. for description, see pp. 281-282 in the same publication. JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency 2 Large denomination currency i End of year or in cir- Unasmonth cula- sorted tion i Total Coin 3$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5 ,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 . 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 . . . .. 7,598 5 553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25 307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948—August 28,055 19,450 1,432 1,006 63 2,023 6,099 8,827 8,607 2,464 4,977 403 748 5 11 2 September... 28,118 19,488 1,442 1,020 63 2,031 6,090 8,844 8,632 2,466 5,011 402 739 5 10 2 October 28,176 19,531 1,451 1,026 63 2,037 6,087 8,867 8,647 2,467 5,035 401 730 5 9 3 November. .. 28,331 19,680 1,464 1,042 64 2,054 6,137 8,918 8,654 2,475 5,048 400 717 5 9 3 December. . . 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949—-January 27,580 19,003 1,441 1,000 62 1,972 5,892 8,636 8,579 2,459 5,020 396 689 5 10 3 February 27,557 19,029 1,441 996 63 1,976 5,929 8,625 8,531 2,444 5,000 394 679 5 10 3 27,439 18,930 1,445 992 61 1,965 5,913 8.555 8,510 2,428 4,980 392 696 5 10 1 April 27,417 18,925 1,450 994 60 1,967 5,913 8,541 8,493 2,421 4,970 390 700 5 9 1 May 27,507 18,993 1,456 1,011 61 1,986 5,934 8,544 8,515 2,422 4,980 388 712 5 9 1 June 27,493 18,982 1,459 1,008 61 1,971 5,931 8,551 8,513 2,426 4,974 387 712 5 9 2 July 27 394 18 908 1 457 1,001 60 1,959 5,901 8,529 8,488 2,410 4,964 385 717 4 9 2 August 27,393 18,901 1,462 1,003 61 1,958 5,900 8,517 8,494 2,406 4,980 383 712 4 9 2 September... 27,412 18,917 1,468 1,018 60 1,970 5,905 8,496 8,498 2,401 4,996 382 705 4 9 2 October 27,407 18,915 1,474 1,031 60 1,973 5,891 8,486 8,494 2,392 5,007 381 701 4 9 2 November. . . 27,543 19,040 1,484 1,046 61 1,994 5,935 8,520 8,506 2,398 5,021 382 692 4 8 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 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] Money held in the Treasury Money in circulation l Money Total out- held by standing, As security For Federal No 1 v 9 . 4 9 30, g a o s g l i d a lv in e a r s n t d Tr c e a a s s h ury B R F an e e d k se s e r r v a a n e l d B R a a n e g k s e e s n r t v a s n e d No 1 v 9 . 4 9 30, Oc 1 t 9 . 4 3 9 1, No 1 v 9 . 4 8 30, certificates agents Gold 24,479 23,274 21,205 Gold certificates.... 23,274 20,416 2,815 42 42 44 Federal Reserve notes 24 098 52 844 23,202 23,085 23,994 Treasury currency—total 4,596 3 2,286 59 237 4,300 4,280 4,293 Standard silver dollars 493 285 38 3 167 167 161 Silver bullion 2,001 2,001 Silver certificates and Treasury notes of 1890. . 3 2,286 171 2,115 2,105 2,078 Subsidiary silver coin 992 12 25 956 948 947 M!inor coin 375 6 8 361 359 356 United States notes . . 347 3 27 317 315 320 Federal Reserve Bank notes 297 3 293 296 334 National Bank notes 91 1 90 90 96 Total—Nov. 30, 1949 1 25 560 1,317 20 416 3 896 27 543 Oct. 31, 1949. . .. 25,663 1,307 20,505 3,942 27,407 Nov. 30, 1948 25,195 1,332 20,073 3,913 28,331 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals for other end-of-month dates shown in table above, totals by weeks in table on p. 49 and seasonally adjusted figures in table on p. 59. 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. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt; (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. 58 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR POSTAL SAVINGS SYSTEM SEASONAL VARIATION [In millions of dollars] [Outside Treasury and Federal Reserve Banks. In millions of dollars] Assets Amount— Amount— Change in Depos- Date f u o v n r a a s r d i e j a a u t s s i o o te n n d al ad v s j a e u r a s i s t a e o t d n io a n f l or s a e s d a e s j r u o i s e n t s a e l 1 d ly End of month a i n b to c a e r l- s s ' x Total d C ep i a n o s s h i- G U m ov . e e n S r t n . - re C s a e s rv h e tory securi- funds, banks ties etc.2 End of period: 1939 7,598 +742 1940 8,732 + 1,134 1943—December. 1,788 1,843 10 1,716 118 1941 11,160 +2,428 1944—December 2,342 2,411 8 2,252 152 1942 15,410 +4,250 1945—December 2,933 3,022 6 2,837 179 1943 20,449 +5,039 1946—December.. . . 3,284 3,387 6 3,182 200 1944 25,307 +4,858 1947—December 3,417 3,525 6 3,308 212 1945 28,515 +3,208 1946 28,952 +437 1948—June. . 3,379 3,494 6 3,291 196 1947 28,868 -84 July.. 3,368 3,483 6 3,275 202 1948 28,224 -644 August 3,356 3,472 6 3,260 206 27,596 -628 September. . . 3,348 3,464 7 3,260 198 1949 October 3,342 3,459 7 3,244 208 November. . . 3,336 3,454 7 3,244 203 Averages of daily figures: December.. . . 3,330 3,449 7 3,244 198 28,423 28,142 -50 1948—December. . . 1949—January 3,334 3,454 7 3,244 203 27,850 27,767 -375 February. . . . 3,333 3,454 7 3,244 202 1949—January 27,545 27,545 -222 March 3,327 3,447 7 3,254 186 February.... 27,508 27,591 +46 April 3,314 3,435 7 3,239 188 March 27,462 27,683 +92 May 3,294 3,418 7 3,212 198 April 27,438 27,631 -52 June 3,277 3,403 7 3,188 209 May 27,432 27,570 -61 July 3,266 3,393 6 3,187 199 June 27,472 27,527 -43 August 3,248 3,375 6 3,172 196 July 27,397 27,535 +8 September. . . 3,230 3,350 6 3,152 191 August 27,451 27,506 -29 October P3,211 September.. . 27,456 27,456 -50 November. . . ?3,197 October 27,477 27,395 -61 November. . . 27,734 27,459 +64 December. . . P Preliminary. 1 Outstanding principal, represented by certificates of deposit. xFor end-of-year figures, represents change computed on absolute 2 Includes working cash with postmasters, 5 per cent reserve fund amounts in first column. and miscellaneous working funds with Treasurer of United States, ac- NOTE.—For discussion of seasonal adjustment factors and for back crued interest on bond investments, and accounts due from late postfigures on comparable basis see BULLETIN for September 1943, pp. masters. 822-826. Because of an apparent change in the seasonal pattern Back figures.—See Banking and Monetary Statistics, p. 519; for around the year end, adjustment factors have been revised somewhat description, see p. 508 in the same publication. for dates affected, beginning with December 1942. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government Year or month Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers City1 centers l centers 2 City centers City 3 cities 3 City3 cities 3 1943 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1944 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1945 974,102 404,543 479,760 89,799 C18.2 9.7 351,602 412,800 24.2 16.1 1 1 9 9 4 4 6 6 — —o n l e d w s s e e ri r e ie s s 4 i Jl,050,021 417,475 527,336 105,210 "18.9 10.0 | 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 2 5 5. . 2 5 1 16 6 . . 5 9 1947 1,125,074 405,929 599,639 119,506 21.0 '11.9 400,468 598,445 24.1 18.0 1948 . 1,249,630 449,002 667,934 132,695 C23.6 12.9 445,221 660,155 27.2 19.2 1948—November 102,887 34,754 56,815 11,318 23.7 13.8 34,988 56,977 27.8 20.8 December 122,277 46.194 63.714 12.368 28.6 14.1 44,861 62,745 32.1 21.0 1949—January 105,192 38,429 55,651 11,112 25.0 12.9 38,767 55,348 29.3 19.3 February 89,850 31,982 48,198 9,669 23.0 12.2 32,226 47,968 27.1 18.6 March 109,741 39,698 58,637 11,407 24.1 12.8 37,788 56,737 27.2 19.2 April 99,703 35,832 53,374 10,497 22.7 12.2 36,887 52,869 27.6 18.6 May 99,280 36,974 51,995 10,311 24.6 12.3 36,444 50,768 28.3 18.5 June 109,067 42,890 55,386 10,792 26.9 12.5 40,617 53,769 29.8 18.7 July 98,500 36,467 51,886 10,147 23.7 12.2 37,129 51,276 28.7 18.5 August 99,055 36,070 52,466 10,518 21.9 11.4 34,940 51,421 25.5 17.1 September '•101,072 37,191 r53,066 10,814 24.1 12.4 36,130 52,364 28.0 18.6 October ••101,834 36,334 '54,413 11,087 22.4 12.1 36,683 54,488 27.3 18.5 November 99,491 35,249 53,339 10,903 23.4 12.7 34,105 52,336 27.2 19.1 c Corrected. r Revised. 1 National series for which bank debit figures are available beginning with 1919. 2 Number of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another city. 33 WWeeeekkllyy rreeppoorrttiinngg mmeemmbbeerr bbaannkk sseerriieess.. Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June 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. JANUARY 1950 59 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Bank credit Total assets, net— Total Treas- U. S. Government obligations liabil- Capital Total and Date Gold re c n u c r- y Total - L o n a e n t s, Total m C a e o r n m c d ia - l R Fe e d se e r r v a e l Other s O i e t t c i h e u e s r r - ca a n p n e it d t al, c d u e a r p r n o e d s n i c ts y c m o n a u i c e n s - t c ts . , savings Banks banks 1929—June29 4,037 2,019 58642 41, 082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—june 30... 4,031 286 49 148 957 10,328 8,199 1 998 131 9,863 48465 42,029 6,436 1939—Dec 31 17,644 7 963 54 564 79 157 ,105 19,417 9 484 1 204 9,302 75, 171 68,359 6,812 1941—June30 22,624 3, 149 61 387 25,305 26,984 23,539 2, 184 1,261 9,098 87,160 79,357 7,803 Dec. 31. 22,737 3 247 64 653 96 605 90,049 25,511 254 1284 8,999 00,637 82,811 7,826 1945—June30 20,213 4 145 153 992 97 948 118,041 93,655 71 792 594 8,003 178 350 168,040 10,310 Dec 31 20,065 4 339 167 381 30,387 19R,417 101,288 94 262 9 867 8,577 101 785 180 806 10,979 1946—June29 . 20,270 4 539 163 485 570 199 ,740 95,911 783 3 046 9,175 1SR 294 176,215 12,079 Dec. 31 20,529 4 562 158 366 35 765 113,110 86,558 73 350 202 9,491 1R3 457 171,657 11,800 1947—June 30 21,266 4 552 156 297 38,373 107,873 82,679 91 872 3 322 10,051 1H9 115 169,234 12,882 Dec. 31 22,754 4 562 160 832 43 023 107,086 81,199 ?9 559 3 328 10,723 18R 148 175,348 12,800 1948—June30 23,532 4 565 157 958 45,299 101,451 76,774 21, 366 3 311 11,208 186,055 172,857 13,200 1948—Nov.24 24,200 4 600 150 900 48 000 100,600 74,300 93 000 300 11,300 188 600 175,200 13,400 Dec. 31 24,244 4 589 160 457 48,341 100,694 74,097 23,333 3,264 11,422 189,290 176,121 13,168 1949—Jan. 26 24,300 4 600 159 400 48,200 99,900 74,600 22 000 3 300 11,300 188 200 174,900 13,400 Feb. 23 24,300 4 600 158 700 47 800 00,500 73,900 99 400 300 11,400 1R7600 174,400 13,200 Mar.30 24,300 4 600 157 300 48 100 97,700 72,600 21 800 3 300 11,500 186 200 172,600 13,600 Apr. 27. 24,300 4 600 156 800 47 100 OR,100 73,600 91 200 300 11,600 185 700 172,000 13,700 May 25 24,300 4 600 156 200 46 700 07 ,800 74,800 10 700 200 11,700 185 100 171,300 13,800 June 30 24,466 4 597 156 491 47 148 97,428 74,877 19 343 3 208 11,915 185 554 171,602 13,952 July 27"* 24,500 4 600 156 500 46 500 07,800 76,100 18 500 200 12,300 185 700 171,500 14,200 Aug. 24,600 4 600 158 700 47 200 99,100 78,300 17 500 3 200 12,500 187 900 173,800 14,200 Sept 28P 24,600 4 600 160 000 48 000 00,400 78 400 17900 200 12 600 180 200 174 700 14,500 Oct. 26P 24,600 4 600 160 700 48 300 00 ,800 79,200 17 400 100 12,600 1R0 800 175,300 14,600 Nov. 30P 24,500 4 600 161 200 49,200 99,300 78,500 17 700 3 100 12,600 190 200 175,700 14,500 Deposits and Currency U.S. Governmentbalances Adjusted deposits and currency E)ate Fo b r a e n i k gn At com- Time depositss Total deposits, Treas- mercial At Curnet c u a r s y h s b a a v a n n in d k g s s R F B e e a d s n e e r k r v a s e l Total d D e e p m os a i n ts d 2 Total m b C e a o r n m c k ia s - l M s b a a v u n i t k n u s g a 4 s l S S P a y o v s s i t n e ta m g l s o b r u e a t n n s c i k d y s e 1929—June 29 55,776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1933—june 30 42,029 50 264 852 35 40,828 14,411 91,656 10,849 0 621 1,186 4,761 1939—Dec. 31 68,359 1,217 9,409 846 634 63,253 99 ,793 97 ,059 15,258 10,523 1,278 6,401 1941—June 30 79,357 1,949 2,275 753 980 73,400 37,317 27,879 15,928 10648 1,303 8,204 Dec. 31 82,811 1,498 9,215 1,895 867 76,336 SR,992 97,729 15,884 10,532 1,313 9,615 1945—June 30 168,040 2,378 2,279 24,381 599 138,403 69,053 44,253 27,170 14,426 2,657 25,097 Dec. 31 180,806 ,141 ,287 74,608 977 150,793 75,851 48,452 30,135 15,385 2,932 26,490 1946—June 29 176,215 1,894 2,251 13,416 833 157,821 79,476 51,829 32,429 16,281 3,119 26,516 Dec. 31 171,657 1,885 ,272 ,103 393 164,004 83,314 53,960 33,808 16,869 3,283 26,730 1947— D j e u c ne . 3 31 0 1 17 6 5 9 , , 3 2 4 3 8 4 1 1 , , 6 68 5 2 7 1 1 , ,3 3 3 1 6 4 1 1 , ,4 3 5 6 2 7 8 75 7 6 0 1 17 6 0 4 , , 0 1 0 4 8 0 8 R9 7, , 1 1 2 8 1 6 5 5 6 5 , , 4 65 1 5 1 3 35 4 , , 2 8 4 3 9 5 1 1 7 7 , ,7 4 4 2 6 8 3 3, , 4 3 1 9 6 2 2 26 6 , , 4 2 7 9 6 9 1948—June 30 172,857 1,727 1,327 2,180 ]1,928 165,695 82,697 57,360 35,788 18,194 3,378 25,638 1948—Nov.24 175,200 1,900 1,300 ,200 1,700 168,100 85,200 57,000 35,500 18,200 3,300 25,900 Dec. 31 .. 176,121 2,103 1,325 2,451 1,123 169,119 85,520 57,520 35,804 18,387 3,329 26,079 1949—jaI1. 26 174,900 ,200 1,300 ,000 L,100 168,200 85,400 57,600 35,800 18,500 3,300 25,200 Feb. 23 174,400 2,200 1,300 3,000 L,600 166,300 83,400 57,800 35,900 18,600 3,300 25,100 Mar. 30 172,600 ,100 1,300 ,400 L,700 164,200 81,100 58,000 36,000 18700 3 300 25 100 Apr. 27 172,000 2,000 1,300 2,100 1,100 165,500 R9,400 5R,100 36,100 18 700 3 300 24 900 May 25 171,300 1,800 1,300 1,900 700 165,600 82,500 58,200 36,100 18,800 3,300 25.000 June 30. 171,602 1,927 1,307 2,304 438 165,626 81,877 58,483 36,292 18,932 3,259 25,266 July 27* 171,500 1,900 1,300 1,500 400 166,300 83,100 58,400 36,200 19,000 3,300 24,900 Aug.31*>. . 173,800 1,900 1,300 ,100 600 166,900 83,400 58,400 36,100 10,000 3,200 25,100 Sept.28? 174,700 1.900 1,300 3,700 1,200 166,600 83,300 5R,400 36,100 10,100 3,200 24,900 Oct. 26? 175,300 2,000 1,300 3,600 400 168,000 84,600 58,400 36,100 19,100 3,200 24,900 Nov 3QP 175,700 2,100 1,300 3,200 500 168,600 85,500 58,000 35,800 19,100 3,200 25,100 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits, other than interbank and U. S. Government, less cash items reported as in process of collection. 3 Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4 Prior to June 30, 1947, includes a relatively small amount of demand deposits. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital accounts," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against miscellaneous accounts instead of against U. S. Government deposits and Treasury cash. Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 60 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date assets 1 capital of Total Loans Total G o U m o b v l . e i e g n S r a t . n - - O s ri e t t c h ie u e s - r Total 1 b I a n n te k r - 1 m D a e n - d Time accounts banks tions All banks: 1 19 9 4 3 1 9 — — D D eecc . 3 3 0 1 5 6 0 1 , , 8 1 8 2 4 6 2 2 2 6 , , 1 6 6 1 5 5 2 3 8 4 . , 7 5 1 1 9 1 2 1 5 9 , ,4 5 1 1 7 1 9 8 , , 3 9 0 9 2 9 2 2 3 7 , , 2 3 9 4 2 4 6 8 8 1 , , 2 8 4 1 2 6 1 9 0 , , 8 9 7 8 4 2 3 4 2 4 , , 5 3 1 5 6 5 2 2 5 6 , , 8 4 5 7 2 9 8 8 , , 1 4 9 1 4 4 1 14 5 , , 8 0 2 3 6 5 1942—Dec. 31 78,147 23,916 54,231 45,951 8,280 28,701 99,803 11,308 61,437 27,058 8,566 14,682 1943—Dec. 31 96,966 23,601 73,365 65,932 7,433 28,475 117,661 11,003 75,577 31,081 8,996 14,579 1944—Dec. 30 119,461 26,015 93,446 85,885 7,561 30,790 141,448 12,235 91,663 37,551 9,643 14,535 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 131,698 35,648 96 050 86,558 9,491 35,041 155,902 12,656 92,462 50 784 11 360 14,585 1947—Dec. 312 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1948—June 30 . ... 133,081 45,099 87,982 76,774 11,208 35,000 156,353 11,436 90,823 54,093 12,241 14,719 Dec. 31 133,693 48,174 85,519 74,097 11,422 39,474 161,248 12,269 94,671 54,308 12,479 14,703 1949—May 25 133,450 46,910 86,540 74,830 11,710 33,550 154,460 10,430 89,010 55,020 12,700 14,691 June 30 133,868 47,076 86,792 74,877 11,915 34,966 156,470 10,938 90,145 55,386 12,845 14,680 July 27 P 134,960 46,610 88,350 76,080 12,270 33,370 155,470 10,960 89,220 55,290 12 ,830 14,684 Aug. 31? 138,170 47,360 90,810 78,340 12,470 32,700 157,860 11,260 91,290 55,310 12,920 14,687 Sept. 28P 139,060 48,050 91,010 78,390 12,620 32,410 158,470 11,290 91,850 55,330 12,980 14,690 Oct. 26P 140,140 48,290 91,850 79,230 12,620 33,230 160,600 11,740 93,510 55,350 13,040 14,690 Nov. 30? 140,460 49,330 91,130 78,510 12,620 33,440 160,850 11,600 94,280 54,970 13,180 14,685 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44 349 15,952 7,173 14,278 1942—Dec. 31 67,393 19,221 48,172 41,379 6,793 28,039 89,135 11,308 61,431 16,395 7,330 14,136 1943—Dec. 31 85,095 19,117 65,978 59,842 6,136 27,677 105,923 11,003 75,569 19,350 7,719 14,034 1944—Dec. 30 105,530 21,644 83,886 77,557 6,329 30,206 128,072 12,235 91,653 24,184 8,265 13,992 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec. 31 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92 446 33,930 9,577 14,044 1947—Dec. 312 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1948—June 30. . 113,855 39,865 73,990 64,798 9,192 34,168 138,142 11,435 90,806 35,900 10,287 14,187 Dec. 31 114,298 42,488 71,811 62,622 9,189 38,596 142.843 12,269 94,654 35,921 10,480 14,171 1949—May 25 113,440 40,930 72,510 63,170 9,340 32,820 135,650 10,430 88,990 36,230 10,660 14,161 June 30 113,773 41,025 72,748 63,220 9,528 34,166 137,520 10,938 90,128 36,455 10,780 14,150 July 27*> 114,770 40,510 74,260 64,440 9,820 32,600 136,480 10,960 89,200 36,320 10,760 14,154 Aug. 31P. . ... 117,930 41,190 76,740 66,710 10,030 31,920 138,830 11,260 91,270 36,300 10,830 14,157 Sept. 28P 118,750 41,780 76,970 66,800 10,170 31,630 139,390 11,290 91,830 36,270 10,880 14,160 Oct. 26P 119,810 41,930 77,880 67,710 10,170 32,450 141,480 11,740 93,490 36,250 10,930 14,159 Nov. 3QP. 120,150 42,860 77,290 67,110 10,180 32,680 141,780 11,600 94,260 35,920 11,050 14,154 AH member banks: 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 5,886 6,619 1942—Dec. 31 59,263 16,088 43,175 37,546 5,629 24,280 78,277 11,000 54,523 12,754 6,101 6,679 1943—Dec. 31 74,258 16,288 57,970 52,948 5,022 23,790 92,262 10,555 66,438 15,268 6,475 6,738 1944—Dec. 30 , 91,569 18,676 72,893 67,685 5,208 25,860 110,917 11,884 79,774 19,259 6,968 6,814 1945—Dec. 31 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,589 6,884 1946—Dec. 31..' 96,362 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8,095 6,900 1947—Dec. 31 97,846 32,628 65,218 57,914 7,304 32,845 122,528 12,403 81,785 28,340 8,464 6,923 1948—June 30 95,449 33,871 61,578 54,139 7,439 30,303 117,452 10,833 77,796 28,823 8,624 6,925 Dec. 31 95,616 36,061 59,557 52,154 7,403 34,203 121,362 11,641 80,881 28,840 8,801 6.918 1949—May 25 94,964 34,470 60,494 52,917 7,577 29,011 115,064 9,900 76,066 29,098 8,939 6,911 June 30 95,315 34,456 60,859 53,132 7,727 30,423 116,980 10,374 77,342 29,264 9,022 6,903 July 27P 96,266 33,933 62,333 54,319 8,014 28,862 115,916 10,378 76,381 29,157 9,018 6,902 Aug. 31 P. . . .. 99,179 34,519 64,660 56,462 8,198 28,218 118,046 10,686 78,248 29,112 9,072 6,901 Sept. 28P 99,830 35,078 64,752 56,435 8,317 27,819 118,382 10,698 78,585 29,099 9,101 6,902 Oct. 26P 100,771 35,136 65,635 57,333 8,302 28,497 120,215 11,130 80,011 29,074 9,140 6,901 Nov. 30P 101,003 35,973 65,030 56,729 8,301 28,722 120,418 10,987 80,608 28,823 9,224 6,893 All mutual savings banks: 1 19 9 4 3 1 9 — — D D eecc>. 3 3 1 0 1 1O 0. J 2 3 1 7 6 9 4 4, ,9 9 2 01 7 5 5^ ,2 4 8 7 9 8 3 3^ ,1 7 0 0 1 4 2 1 , 1 '7 8 7 8 4 8 7 1 9 8 3 1 1 0 0 , , 5 5 2 3 4 3 3 6 1 1 0 0 , , 5 5 2 2 1 7 1 1 , ,3 2 0 4 9 1 5 5 4 5 8 1 1942—Dec. 31. 10,754 4,695 6,059 4,572 1,487 663 10,668 6 10,662 1,236 546 1943—Dec. 31 11,871 4,484 7 387 6,090 1,297 797 11,738 8 11,730 1,276 545 1944—Dec. 30. . 13,931 4,370 9,560 8,328 1,232 584 13,376 10 13,366 1,378 543 1945—Dec. 31 16,208 4,279 11,928 10 682 1,246 609 15,385 14 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 16 16,853 1,784 541 1947—Dec. 312 18,641 4,944 13,696 11,978 1,718 886 17,763 17 17,745 1,889 533 1948—June 30 19,226 5,234 13,992 11,976 2,016 832 18,211 17 18,193 1,955 532 Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 17 18,387 1,999 532 1949—May 25 20,010 5,980 14,030 11,660 2,370 730 18,810 20 18,790 2,040 530 June 30 20,094 6,050 14,044 11,657 2,387 800 18,949 17 18,932 2,065 530 July 27P 20,190 6,100 14,090 11,640 2,450 770 18,990 20 18,970 2,070 530 Aug. 31 P 20,240 6,170 14,070 11,630 2,440 780 19,030 20 19,010 2,090 530 Sept. 28P 20,310 6,270 14,040 11,590 2,450 780 19,080 20 19,060 2,100 530 Oct. 26P . 20,330 6,360 13,970 11,520 2,450 780 19,120 20 19,100 2,110 531 Nov. 30P 20,310 6,470 13,840 11,400 2,440 760 19,070 20 19,050 2,130 531 P Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. JANUARY 1950 61 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S r . n- Other assets1 Total1 b In a t n e k r - 1 a c c a c p o i u ta n l ts ba o n f ks De- Total o m bl e ig n a t - s ri e t c ie u s - mand Time ' tions Central reserve city member banks: New York City: 1939—Dec 30 9,339 3,296 6,043 4,772 1.272 6 703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31 12,896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 12,917 807 1,648 36 1942—Dec. 31 17,957 4,116 13,841 12,547 1,294 5,864 22,078 3,945 17,399 734 1,727 37 1943—Dec. 31 19,994 4,428 15,565 14,563 1,002 5,197 23,256 3,680 18,729 847 1,862 37 1944—Dec. 30 ... 24,003 5,760 18,243 17,179 1,066 4,921 26,773 4,041 21,730 1,002 1,966 37 1945—Dec. 31 ... 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1,236 2,120 37 1946—Dec. 31 20,834 6,368 14,465 13,308 1,158 6,238 24,723 4,246 19,028 1,449 2,205 37 1947—Dec. 31 20,393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 L,445 2,259 37 1948—Tune 30 19,019 7,550 11,469 10,358 1,110 6,798 23,362 4,027 17,659 1,676 2,262 35 Dec. 31 18,759 8,048 10,712 9,649 1,063 7,758 24,024 4,213 18,131 1,680 2,306 35 1949—May 25..... 18,668 7,598 11,070 9,993 1,077 6,171 22,225 3,700 16,904 1,621 2,326 35 June 30 19,103 7,689 11,413 10,278 1,135 7,109 23,619 3,920 18,004 L,695 2,340 35 July 27P 18,926 7.060 11,866 10,589 1,277 6,448 22,466 3,856 16.983 1,627 2,336 35 Aug. 31-*, 19,652 7,421 12,231 10,891 1,340 6,526 23,107 3,856 17,631 1,620 2,357 35 Sept. 28P 19,674 7.644 12,030 10,666 1,364 6,078 22,931 3,808 17,494 1.629 2,338 34 Oct. 26P3. . . . 19,341 7,216 12,125 10,893 1,232 6,288 23,062 3,920 17,591 1.551 2,312 25 Nov. 3QP 19,484 7,584 11,900 10,692 1,208 6,352 23,032 3,853 17,606 1,573 2,333 25 Chicago: 1939—Dec. 30 2,105 569 1,536 1,203 333 L,446 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 1,806 1,430 376 1,566 4,057 1,035 2,546 476 288 13 1942—Dec. 31. . . . . . 3,973 832 3,141 2,789 352 L,352 5,040 1,117 3,468 455 304 13 1943—Dec. 31 . . 4,554 1,004 3,550 3,238 312 1,283 5,523 985 4,029 508 326 13 1944—Dec. 30 5,443 1,184 4,258 3,913 345 L,378 6,468 1,148 4,700 620 354 13 1945—Dec. 31 5,931 1,333 4,598 4,213 385 L.489 7,046 1,312 5,015 719 377 12 1946—Dec. 31 . . 4,765 1,499 3,266 2,912 355 1,545 5,905 1 153 3,922 829 404 14 1947—Dec. 31. ..... 5,088 1,801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 1948— D juenc e . 3 3 0 1 . 4 4 , , 7 7 4 9 2 9 - 1 1 , , 7 7 8 1 3 4 3 3, , 0 0 1 2 6 8 2 2 , ,6 6 6 3 7 3 3 3 6 8 1 3 1. , 7 9 2 3 6 2 6 6 , , 0 2 3 9 9 3 1 1 , , 0 0 7 6 7 4 4 4, , 2 0 2 1 7 1 1,0 9 0 5 1 1 4 4 3 4 6 4 1 1 4 3 1949—j^ay 25 4,832 1 569 3,263 2,831 432 L.639 5,985 981 3,960 1,044 453 13 June 30 4,841 1,537 3,303 2,888 415 702 6,087 1,008 4,020 1,059 462 13 July 27P 4.942 1,523 3,419 2,985 434 1.687 6,116 1,061 3,995 1,060 459 13 Aug. 31 P 5,184 1,526 3,658 3,211 447 1,654 6,322 1,085 4,180 1,057 464 13 Sept. 28? 5,181 1,521 3,660 3,204 456 1,695 6.358 1,084 4,222 1.052 461 13 Oct. 26P 5,271 1,553 3,718 3,261 457 1,637 6,437 1,123 4,261 1,053 465 13 Nov. 30*> 5,246 1,565 3,681 3,218 463 1,694 6,424 1,081 4,288 1,055 468 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 6,944 5,194 1,749 6,785 17.741 3,686 9,439 4,616 1,828 346 1941—Dec. 31 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13,047 4,806 1,967 351 1942—Dec. 31. 20,915 6,102 14,813 13,038 1,775 9,426 28,700 4,957 18,747 4,995 2,028 354 1943—Dec. 31 27,521 6,201 21,321 19.682 1,639 9,327 35,070 4,874 24.086 6,109 2,135 357 1944—Dec. 30 33,603 6,822 26,781 25,042 1,739 10,238 41,804 5,524 28,525 7,755 2,327 356 1 1 9 9 4 4 5 6 — — D D e e c c . . 3 3 1 1 4 35 0 , , 3 1 5 0 1 8 1 8 0 , , 5 8 1 2 4 5 3 2 1 4 , , 5 5 9 2 4 7 2 2 9 2 , , 5 2 5 5 2 0 2 2 , , 0 2 4 7 2 6 1 1 1 1 , , 2 6 8 5 6 4 4 4 4 9 , , 4 0 7 8 7 5 6 5 , , 4 57 4 0 8 3 2 2 8 , , 8 0 7 4 7 9 1 9 0 , , 7 8 6 5 0 8 2 28, 5 7 6 2 6 8 3 3 5 5 9 5 1947—Dec 31 36,040 13 449 22,591 20,196 2,396 13 066 46,467 5 649 29,395 11,423 2,844 353 1948—June 30 35,065 13,373 21,692 19,222 2,470 11^729 44^149 4^ 909 27,930 11,310 2,870 335 Dec. 31...... 35,332 14,285 21,047 18,594 2,453 13,317 45.943 5,400 29,153 11,391 2,928 335 1949— J M unay e 3 2 0 5... . 3 3 5 4 ,9 0 5 3 2 4 1 1 3 3 , , 2 3 6 8 1 4 2 2 1 1 , , 7 5 7 6 2 8 1 1 9 8 , , 0 9 7 4 6 8 2 2 , , 6 6 9 2 6 0 1 1 1 1 ,3 6 4 1 4 8 4 4 3 3 , , 8 4 5 5 2 0 4 4 , , 6 46 6 5 5 2 2 7 7 , ,5 4 6 2 0 8 1 1 1 1 , , 6 5 2 5 7 7 3 2 , ,9 0 7 0 2 5 3 3 3 3 4 6 July 27P 35,817 13,328 22,489 19,680 2,809 10^951 43,908 4,686 27,650 11,572 3,004 334 Aug. 31 P 37,005 13,423 23,582 20,706 2,876 10,541 44,705 4,943 28,194 11,568 3,031 333 Sept. 28P 37,268 13,672 23,596 20,674 2,922 10,530 44,887 4,962 28,377 11,548 3,045 333 Oct. 26P3 38,161 13,957 24,204 21,207 2,997 10,954 46,135 5,195 29,332 11,608 3,088 342 Nov. 30P 38,067 14,218 23,849 20,857 2,992 11,009 46,119 5,160 29,468 11,491 3,085 339 Country member banks: 1939—Dec. 30. . . 10,224 4,768 5,456 3,159 2,297 4,848 13,762 598 7,312 5,852 1,851 5,966 1941—Dec. 31 . 12,518 5,890 6,628 4 377 2,250 6 402 17,415 822 10,335 6,258 1,982 6,219 1942—Dec. 31 16,419 5,038 11,380 9,172 2,208 7^638 22,459 980 14,909 6,569 2,042 6,275 1943—Dec. 31 . 22.188 4,654 17,534 15,465 2,069 7,983 28,414 1,015 19,594 7,804 2,153 6,331 1944—Dec. 30 28,520 4,910 23,610 21,552 2,058 9,323 35,871 1,171 24,818 9,882 2,321 6,408 1945—Dec. 31 .. . 35,002 5,596 29,407 26,999 2,408 10,632 43,418 1,223 29,700 12,494 2,525 6,476 1946—Dec. 31 35,412 8,004 27,408 24,572 2,836 10,151 43,066 1,091 27,921 14,053 2,757 6,494 1 1 9 9 4 4 8 7— — D Ju e n c e . 3 3 1 0 3 36 6 , , 6 3 2 2 3 4 1 11 0 , , 2 1 3 9 4 9 2 2 5 6 , , 3 12 8 5 9 2 2 1 2 , , 8 85 9 7 2 3 3 , , 4 2 9 6 7 8 1 1 0 0 ^ ,7 0 7 5 8 0 4 43 41', 4 9 4 0 3 3 1 *8 0 2 7 1 3 2 2 8 8 , , 8 1 1 9 0 6 1 1 4 4 ,8 5 8 6 6 0 2 3 , , 9 0 3 5 4 6 6 6 , , 5 5 1 4 9 1 Dec. 31 36,726 11,945 24,782 21,278 3,504 11,196 45,102 964 29,370 14,768 3,123 6,535 1949—May 25 36,512 11,919 24,593 21,145 3,448 9,857 43,404 754 27,774 14,876 3,188 6,529 June 30 36,338 11,968 24,370 20,889 3,481 9,994 43,422 781 27,758 14,883 3,215 6,519 July 27P 36,581 12,022 24,559 21,065 3,494 9,776 43,426 775 27,753 14,898 3,219 6,520 Aug. 31 P 37,338 12,149 25,189 21,654 3,535 9,497 43,912 802 28,243 14,867 3,220 6,520 Sept. 28P 37.707 12,241 25,466 21,891 3,575 9,516 44,206 844 28,492 14,870 3,257 6,522 Oct. 26P 37,998 12,410 25,588 21,972 3,616 9,618 44,581 892 28,827 14,862 3,275 6,521 Nov. 30P 38,206 12,606 25,600 21,962 3,638 9,667 44,843 893 29,246 14,704 3,338 6,516 2 December 31, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947 by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. 3 Data not entirely comparable with prior months due to reclassifications on Oct. 6 of 9 central reserve city banks in New York City as reserve city banks. Loans, U. S. Government obligations, and total deposits of these banks amounted to approximately 150, 210, and 450 million dollars, respectively. For other footnotes see preceding and opposite page. 62 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date U.S. assets1 Inter- a c c a c p o i u t n a t l s ba o n f ks Total Loans Total G o m o b v l e i e g n r a t n - - O r s i e t t c h ie u e s - r Total* bank^ m D a e n - d Time tions All insured commercial banks: 1941—Dec. 31 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1946—Dec. 31 112,178 30,733 81,445 73,554 7,891 33,694 136,990 12,320 91,144 33,526 9,286 13,354 1947—Dec. 31 114,274 37,583 76,691 67,941 8,750 36,926 141,851 12,670 94,300 34,882 9,734 13,398 1948—June 30 111,794 39,372 72,421 63,490 8,931 33,699 135,945 11,035 89,491 35,418 9,955 13,415 Dec. 31 112,286 41,968 70,318 61,388 8,929 38,087 140,642 11,900 93,300 35,441 10,158 13,413 1949—June 30 111,746 40,524 71,222 61,970 9,252 33,720 135,375 10,578 88,830 35,966 10,452 13,417 National member banks: 1941—Dec. 31 27,571 11,725 15,845 12,039 3,806 14,977 39,458 6,786 24,350 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 55,387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4,644 5,017 1946—Dec. 31. ..... 63,723 17,272 46,451 41,658 4,793 20,012 78,775 8,169 52,194 18,412 5,138 5,007 1947—Dec. 31 65,280 21,428 43,852 38,674 5,178 22,024 82,023 8,410 54,335 19,278 5,409 5,005 1948—June 30 63,638 22,243 41,395 36,091 5,303 20,415 78,753 7,305 51,921 19,528 5,533 4,998 Dec. 31 63,845 23,752 40,093 34,852 5,241 22,974 81,407 7,842 54,020 19,545 5,657 4,991 1949—June 30 63,517 22,505 41,012 35,487 5,525 20,324 78,219 6,945 51,420 19,854 5,814 4,987 State member banks: 1941—Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1946—Dec. 31 32,639 9,424 23,216 21,384 1,832 9,575 39,395 3,890 26,726 8,779 2,957 1,893 1947—Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 1,918 1948—June 30. . 31,811 11,628 20,183 18,048 2,135 9,888 38,699 3,529 25,875 9,295 3,091 1,927 Dec. 31 31,771 12,308 19,463 17,301 2,161 11,228 39,955 3,799 26,862 9,295 3,144 1,927 1949—June 30 31,798 11,951 19,847 17,645 2,202 10,099 38,761 3,429 25,922 9,410 3,208 1,916 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 6,810 1945—Dec. 31 14,639 2,992 11,647 10,584 1,063 4,448 18,119 244 12,196 5,680 1,083 6,416 1946—Dec. 31 15,831 4,040 11,791 10,524 1,268 4,109 18,836 260 12,225 6,351 1,193 6,457 1947—Dec. 31. . 16,444 4,958 11,486 10,039 1,448 4,083 19,340 266 12,515 6,558 1,271 6,478 1948—June 30 16,360 5,504 10,856 9,362 1,494 3,397 18,509 202 11,695 6,611 1,333 6,493 Dec. 31. . 16,685 5,911 10,774 9,246 1,528 3,887 19,296 259 12,419 6,618 1,358 6,498 1949—June 30 16,447 6,071 10,376 8,849 1.527 3,299 18,410 204 11,488 6,718 1,431 6,517 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1946—Dec. 31 .. 1,815 389 1,426 1,226 200 530 2,043 336 1,302 404 290 690 1947—Dec. 31 2 2,009 474 1,535 1,280 255 576 2,251 363 1,411 478 325 783 1948—June 30 2,062 493 1,569 1,308 261 469 2,197 400 1,315 482 331 772 Dec. 31 2,013 520 1,493 1,234 259 509 2,201 368 1,353 479 322 758 1949—June 30 2,027 502 1,526 1,250 276 446 2,146 359 1,298 488 329 733 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 3,536 2,270 1,266 3,431 9,574 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 7,130 1946—Dec. 31 17,646 4,429 13,217 11,749 1,468 4,639 20,879 597 13,526 6,756 1,483 7,147 1947—Dec. 3\ * . 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 1,596 7,261 1948—June 30 18,422 5,997 12,425 10,670 1,755 3,867 20,706 602 13,010 7,093 1,664 7,265 Dec. 31 18,698 6,431 12,267 10,479 1,788 4,396 21,497 628 13,772 7,097 1,680 7,256 1949—June 30 18,474 6,573 11,901 10,098 1,803 3,745 20,556 563 12,786 7,207 1,760 7,250 Insured mutual savings banks: 1941—Dec. 31 1,693 642 1,050 629 421 151 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 10,351 1,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 11,415 1,173 191 1947—Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 12,192 1,252 194 1948—June 30 13,142 3,769 9,373 8,169 1,204 644 12,581 12,566 1,302 193 Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 12,757 1,334 193 1949—June 30 13,880 4,397 9,484 7,940 1,544 629 13,241 13,226 1,381 191 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 4,428 3,075 1,353 642 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 4,163 3,522 641 180 5,022 5,020 558 350 1946—Dec. 31 5,813 1,275 4,538 3,833 705 206 5,442 5,439 611 350 1947—Dec. 3i K .... 5,957 1384 4,573 3,813 760 211 5,556 5,553 637 339 1948—June 30 6,084 1465 4,619 ,808 811 188 5,630 5,627 653 339 Dec. 31 6,083 1,577 4,506 ,680 826 194 5,633 5,631 665 339 1949—June 30 6,214 1,654 4,560 3,718 843 171 5,709 5,705 683 339 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. JANUARY 1950 63 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Com- p L u o rc a h ns a s f i o n r g U. S. Government obligations Obli- Total mer- or carrying ga- Class of bank loans cial, securities Direct tions cal a l n d d ate i m n a v e n e n d s t t s - Total1 O e m k i l p n u a e e g d r t n - - - A t c u a u g r l l r - - i- b e T ro r o s k- o T th o - l t R o e a a s e t - e n a s l s C l u o o m a n n e - s rO lo th an e s r Total Total Bills C o c e f a r t t i e i n f s i - - Notes Bonds G t a e u n e a - d r- S p s a i t o u c rO a n » l a b I t f d i e l - t s - O s ri e t t h c i e u e r s pa- and ers debt- diviper deal- ed- sions ers ness All insured commercial banks: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 4,773 4, 545 28,031 21,046 988 3,159 12,7974,102 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3,164 3,6064,6772,361 1,181 96,043 88,912 2,455 19,071 16,04551,321 22 3,8733,258 1946—Dec. 31.. 112,178 30,733 14,016 1,358 1,517 1,609 7,1034,031 1,098 81,445 73,554 1,271 12,288 6,78053,200 154,2983,592 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1,190 9,2665,654 1,028 76,691 67,941 2,124 7,552 5,918 52,334 145,129 3,621 1948—June 30.. 111,794 39,372 17,834 1,976 1,183 1,077 10,1016,412 1,119 72,421 63,490 2,327 9,451 5,06946,630 125,4343,497 Dec. 31.. 112,286 41,968 18,7612,775 1,336 939 10,6666,804 1,095 70,318 61,388 2,821 10,065 3,39445,100 85,5093,420 1949—June 30.. 111,746 40,524 16,2922,734 1,972 901 10,8877,170 1,022 71,222 61,970 2,846 10,437 2,045 46,636 65,7633,489 Member banks, total: 43,521 18,021 8,671 972 594 598 3,494 3f 592 25,500 19,539 971 3,007 11,7293,8323,0902,871 11094451——Dr>e e c c . 3311.. 107,183 22,775 8,949 855 3,133 3,3783,455 1,900 1,104 84,408 78,338 2,275 16,985 14,27144,792 163^2542,815 1946—Dec. 31.. 96,362 26,696 13,154 884 1,506 1,467 5,3583,308 1,020 69,666 63,042 1,167 10,043 5,60246,219 113,5483,077 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 7,130 4,662 952 65,218 57,914 1,987 5,816 4,815 45,286 104,1993,105 1948—June 30.. 95,449 33,871 16,734 1,241 1,171 956 7,777 5,249 1,040 61,578 54,139 2,188 7,597 4,104 40,242 84,4363,003 Dec. 31.. 95,616 36,060 17,631 1,800 1,324 834 8,2445,5851,006 59,556 52,154 2,588 7,999 2,800 38,761 54,4802,922 1949—June 30.. 95,315 34,456 15,213 1,704 1,958 803 8,3835,859 935 60,859 53,132 2,651 8,469 1,639 40,369 44,7103,016 Nov. 1. . 100,888 35,565 65,323 57,052 5,141 3,130 New York City:* 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 80 287 298 18,809 17,574 477 3,433 3,325 10,337 1 606 629 1946—Dec. 31.. 20,834 6,368 4,078 1,096 389 99 455 250 14,465 13,308 387 1,725 992 10,202 1 557 601 1 1 9 9 4 4 7 8 — — D Ju e n c e . 3 3 1 0 m.. # 2 1 0 9 , , 3 0 9 1 3 9 7 7 , , 1 5 7 5 9 0 5 5 , , 3 2 6 7 1 5 9 5 6 4 3 5 2 2 6 5 7 0 1 1 1 6 1 1 5 61 6 6 4 3 3 7 3 2 0 1 1 3 1 , ,4 2 6 1 9 5 1 1 1 0 , , 9 3 7 5 2 8 1,0 6 0 9 2 3 9 6 8 4 3 0 5 52 5 0 8 9 8, , 1 7 6 7 2 1 5 6 8 3 3 8 5 6 2 0 8 4 Dec. 31. . 18,759 8,048 5,642 3 1,102 225 224 643 306 10,712 9,649 589 1,183 365 7,512 563 500 1949—Tune 30. . 19,103 7,689 4,710 11,701 248 209 650 268 11,413 10,278 777 1,472 132 7,897 611 525 Nov. 13. 19,451 7,505 11,946 10,751 668 527 Chicago:* 1941—Dec. 31. . 2,760 954 732 6 48 52 22 95 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1946—Dec. 31. . 4,765 1,499 1,094 3 117 101 51 105 29 3,266 2,912 60 498 146 2,207 167 187 1947—Dec. 31.. 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1948—June 30.. 4,74*2 1,714 1,357 2 61 75 47 156 32 3,028 2,667 160 250 214 2,043 185 176 Dec. 31.. 4,799 1,783 1,412 4 71 63 51 176 27 3,016 2,633 183 275 217 1,958 210 174 1949—June 30.. 4,841 1,537 1,178 6 83 60 48 156 26 3,303 2,888 369 343 125 2,051 235 180 Nov. 1. . 5,275 1,564 3,711 3,256 263 192 Reserve city banks: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 1,527 1, 512 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31. . 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,594 29,552 1,034 6,982 5,653 15,878 5 1,126 916 1946—Dec. 31.. 35,351 10,825 5,548 201 264 704 2,237 1,436 435 24,527 22,250 441 3,799 1,993 16,013 4 1,272 1,004 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 1948—June 30.. 35,065 13,373 6,823 260 126 428 3,3332,158 369 21,692 19,222 783 3,244 1,501 13,692 3 1,446 1,024 Dec. 31.. 35,332 14,285 7,282 437 130 360 3,5032,315 412 21,047 18,594 1,056 3,201 1,090 13,247 11,421 1,032 1949_june 30.. 35,034 13,261 6,227 378 150 321 3,5592,408 385 21,772 19,076 875 3,367 603 14,230 1,559 1,137 Nov. 13. 38,110 14,053 24,057 21,076 1,742 1,238 Country hanks: 1941—Dec> 31 _ 12,518 5,890 1,676 659 20 183 1,823 1, 530 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4,544 16,713 9 1,342 1,067 1946—Dec. 31.. 35,412 8,004 2,433 681 29 273 2,970 1,312 306 27,408 24,572 279 4,020 2,470 17,797 6 1,551 1,285 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,108 17,681 62,006 1,262 1948—June 30.. 36,623 11,234 3,279 979 22 204 4,2362,318 267 25,389 21,892 552 3,121 1,868 16,345 52,223 1,275 Dec. 31.. 36,726 11,945 3,296 1,356 21 187 4,4672,451 261 24,781 21,278 760 3,340 1,128 16,046 42,286 1,217 1949—June 30.. 36,338 11,968 3,098 1,319 23 175 4,567 2,644 256 24,370 20,889 630 3,286 778 16,192 42,306 1,174 Nov. 1.. 38,052 12,442 25,610 21,969 2,467 1,174 Insured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 543 478 20 64 1,282 854 2,535 1,509 17 152 1,069 271 563 462 1945—Dec. 31.. 14,639 2,992 512 459 31 228 1,224 460 7711,647 10,584 180 2,087 1,774 6,538 6 619 443 1946—Dec. 31.. 15,831 4,040 862 474 12 142 1,748 723 79 11,791 10,524 104 2,247 1,179 6,991 3 752 516 1947—Dec. 31.. 16,444 4,958 1,049 563 13 125 2,139 992 76 11,486 10,039 136 1,736 1,104 7,058 4 931 517 1948—June 30.. 16,360 5,504 1,101 735 12 121 2,328 1,163 79 10,856 9,362 138 1,855 966 6,399 4 999 494 Dec. 31.. 16,685 5,911 1,131 975 12 105 2,426 1,220 89 10,774 9,246 234 2,066 594 6,349 3 1,030 498 1949—June 30.. 16,447 6,071 1,079 1,030 14 97 2,508 1,311 87 10,376 8,849 196 1,968 406 6,277 2 1,054 473 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. 2 Central reserve city banks. For other footnote see opposite page. 64 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Re- Cla c s a s l a l o n d d f a b te ank F s B s w e e R e a r d r i n v e e t v - h e k r e s s al v C a i a n u s l h t m b a w B a n d e n i o a c s t k l e - t h - # i s s c 4 j p m u D o a d s a d t e s e n e - i - - t d d s 5 m D e I s o n d t - e t ic e p 4 r o b s a F i e t n i o s g k r n - m U G er . o e n S n v - t - . p v s S o i u a t l s b i a n i t o t d d i e c n i s - a s l c C h c a f e o e e e i t n f e c r r c f d d i t s k . - i ' s - , p a v t n s a p i I i h d d r n o o t i u d n r n p c a a s i o e s - l - , r r s - - , I b n a t n e k r- P U m G S e i a o n . a r n o e s g n v S d v n t s - - a - t . l v s S p i a u i s o t c n b a i l a o d i t d l t n e - i s s - p a v n s a i p t I d h d i r n o o t u i d r n p c n a a i e s o s l - - , s r r - - , r B i o n o w g r s - - c C o a t a a u c p l - n i- ts All insured commercial banks: 1941—Dec. 31.. 12,396 1,358 8,570 37,845 9,823 673 1 761 3,677 1 077 36,544 158 59 492 15, 146 10 6,844 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 ,24823 740 5,098 2 585 72,593 70 103 496 29, 277 215 8 671 1946—Dec. 31.. 16,013 2,012 9,481 82,085 1C,888 ,364 2 930 5,967 2 361 79,887 68 119 664 32, 742 39 9 286 1947—Dec. 31.. 17,796 2,145 9 736 85,751 11,236 ,379 1 325 6,692 2 559 83, 723 54 111 826 33,946 61 9,734 1948—June30.. 17,355 2,063 8 238 81,420 5,628 ,357 2 052 7,132 2 020 78,287 50 111 1,061 34, 246 63 9 955 Dec. 31.. 20,404 1,939 8 947 84,211 1C>,344 1,488 2 323 7,182 2 113 81 682 69 117 1,080 34, 244 54 10,158 1949—June30.. 17,807 2.,036 7 777 80,613 >,O58 L ,374 2 135 7,337 2 352 77 005 146 163 1,243 34 560 27 10,452 Member banks total: 1941—Dec. 31.. 12,396 ,087 6 246 33,754 >,714 671 1 709 3,066 1 009 33 061 140 50 418 11 878 4 5,886 1945—Dec. 31.. 15,811 ,438 7 117 64,184 125,333 1,243 22 179 4,240 2 450 62 950 64 99 399 23 712 208 7,589 1946—Dec. 31.. 16,015 L,576 5 936 70,2431(),644 1,353 2 672 4,915 2 207 69 127 62 114 551 26 525 30 8,095 1947—Dec. 31.. 17,797 L.672 6 270 73,528 1(),978 1,375 176 5,504 2 401 72 704 50 105 693 27 542 54 8,464 1948—June 30.. 17,356 1,606 5 419 70,051 >,433 1,353 1 846 5,873 1 873 68 204 47 106 912 27 805 53 8,624 Dec. 31.. 20,406 1,486 5 674 72,152 10,098 1,480 2 122 5,850 1 962 70 947 63 111 927 27 801 45 8,801 1949—June 30.. 17,808 1,568 5 065 69,397 \$.864 1,369 1,980 ,983 2,222 67 157 141 157 1,069 28 038 21 9,022 Nov. 1.. 16,150 1,538 5 635 71,515 c),778 1,393 2,987 i ,913 1,829 69 493 159 170 1,043 27 876 416 9,236 New York City:* 1941—Dec. 31.. 5,105 93 141 10,761 «$,595 fiO7 866 319 450 11 282 6 29 778 1,648 1945—Dec. 31.. 4,015 111 78 15,065 *$,535 1,105 6,940 237 1,338 15 712 17 10 20 1 206 195 2,120 1946—Dec. 31.. 4,046 131 87 16,429 *$,031 1,195 651 218 942 17 216 20 15 39 1 395 2,205 1947—Dec. 31.. 4,639 151 70 16,653 $.236 1,217 267 290 1,105 17 646 12 12 14 418 "30 2,259 1948—June 30.. 4,883 122 46 15,592 5,830 1,183 333 272 748 16 306 15 14 41 621 26 2,262 Dec 31,. 5,643 117 67 15,773 2,904 1,278 445 241 750 16 695 31 14 20 646 25 2,306 1949—June 30.. 4,726 130 56 15,254 2,680 i isn 562 254 1,201 15,986 90 25 33 637 2,340 Nov. 13. 4,532 114 35 14,918 \2,744 1^178 841 357 827 15 475 105 27 28 493 280 2,328 Chicago:* 1941—Dec. 31.. 1,021 43 298 2,215 L.O27 8 127 233 34 2 152 476 288 1945—Dec. 31.. 942 36 200 3,153 1,292 2C 1,552 237 66 3 160 719 377 1946—Dec. 31.. 928 29 172 3,356 ,130 24 152 228 47 3 495 2 4 823 404 1947—Dec. 31.. 1,070 30 175 3,737 ,196 21 72 285 63 3 853 2 9 902 426 1948—June 30.. 1,144 28 152 3,505 ,055 22 105 320 47 3 539 1 11 940 436 Dec. 31.. 1,325 28 143 3,604 1,038 26 188 284 53 3 702 1 11 989 444 1949—June 30., 1,174 25 149 3,470 962 46 197 307 41 3,475 3 12 1 044 462 Nov. 1. . 1,126 27 104 3,642 1,090 37 206 315 39 3 653 4 10 1 041 44 466 Reserve city banks: 1941—Dec. 31.. 4,060 425 2,590 11,117 i1,302 54 491 1L.144 286 11,127 104 20 243 4 542 1,967 1945—Dec. 31.. 6,326 494 2,174 22,372 (S,3O7 110 8,221 1L.763 611 22,281 30 38 160 9 563 2 2,566 1946—Dec. 31.. 6,337 532 1,923 24,221 5,417 127 991 5,077 693 24,288 25 43 235 10 580 4 2,729 1947—Dec. 31.. 7,095 562 2,125 25,714 5,497 131 405 ;5,282 705 26,003 22 45 332 11 045 1 2,844 1948—June 30.. 6,462 521 1,852 24,316 i1,751 140 728 ;5,442 562 24,198 18 42 496 10,771 3 2,870 Dec. 31.. 7,701 483 1,845 25,072 5,213 168 801 !5,401 649 25,302 19 46 547 10,798 8 2,928 1949—June 30.. 6,781 500 1,744 24,271 4,460 166 701 2,413 518 23,928 39 62 642 10,923 1 3,005 Nov. 13. 6,130 498 1,726 25,410 5,077 168 1,178 :2,180 487 25,475 40 66 611 10,936 73 3,108 Country banks: 1941—Dec. 31.. 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1946—Dec. 31.. 4,703 883 3,753 26,237 L.067 I 877 A2,391 524 24,128 17 55 272 13,727 26 2,757 1947—Dec. 31.. 4,993 929 3,900 27,424 •1,049 432 A2,647 528 25,203 17 45 337 14,177 23 2,934 1948—June 30.. 4,866 934 3,369 26,639 798 9 680 *2A,839 516 24,161 14 49 364 14,473 24 3,056 Dec. 31.. 5,736 858 3,619 27,703 943 8 688 A2,925 510 25,248 13 49 350 14,369 12 3,123 1949—June 30.. 5,127 913 3,117 26,402 762 8 520 vJ.009 462 23,767 12 67 383 14,433 21 3,215 Nov. 1.. 4,362 899 3,770 27,546 868 10 762 3,060 477 24,890 13 73 394 14,406 19 3,335 Insured nonmember commercial banks: 1941—Dec. 31 271 2,325 4,092 log c 53 611 65 3,483 18 g It 3,276 959 1945—Dec. 31 391 3,959 10,537 233 c 1,56( 85{ 13J 9,643 6 L 9' 5,575 1,083 1946—DeCt 437 3,547 11,842 244 252 ,052 10,761 ( c lie 6,232 9 3,193 1947—Dec. 31 473 3,466 12,223 25S 14S 15? 11^019 i ( 132 ,42C ,271 194g—june 30 457 2,820 11,36$ 195 207 *25< 147 10,083 i ( 5,45i 1C j,333 Dec. 31 453 3,273 12,O5S 246 g 201 151 10 736 6 15' 6 459 1^358 1949—June 30 468 2,713 11,216 194 4 155 i',354 130 9,848 6 6 174 6,539 1 1,431 3 Figures not entirely comparable with prior dates due to reclassification of 9 central reserve city banks in New York City as 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. 5 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Beck figures—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans l Investments For purchasing U. S. Government obligations or carrying securities Com- Total mer- Date or month i m n lo a v e n a e n n d s t s t s - Total1 i t n c a r d i i n a a u d l l s , , - a T n o d b d r e o a k l e e r r s s To others e l R s o t e a a a n t l e s L ba o t n o a k n s s O lo t a h n e s r Total c C t a if e t i e r - - s O r s i e t t h c i e e u r s t a c u g u r r l a i - - l G U t l o i i o g o . b v a n S - - t s . . O c t u t i h e r s i e - r G l U t o i i o g o . b S v a n - - . t s .O c t s u t i e h e r - i s e - r Total Bills o d n e f e e d b i s - n t s - - Notes Bonds2 Total— Leading Cities 1948—November. . 62,430 24,937 15,543 389 425 202 4874,032 239 3,870 37,49333,296 2,358 4,454 1,675 24,809 4,197 1949—September.. 66,127 23,632 13,213 856 664 206 454 4,202 205 4,140 42,,49537,463 3,114 6,879 127 26,3435,032 October.... 66,37423,837 13,580 643 686 186 439 4,236 171 4,207 42,,53737,506 2,808 7,339 136 26,2235,031 November. . 66,67824,447 13,760 805 744 175 429 4,276 242 4,329 42,23137,273 2,454 7,261 165 26,3934,958 1949—Oct. 12 66,207 23,875 13,566 730 658 186 442 4,233 165 4,206 42,33237,300 2,716 7,276 125 26,1835,032 Oct. 19. . .. 66,439 23,791 13,647 521 664 185 4484,244 182 ,211 42,64837,625 2,817 7,399 140 26,269 5,023 Oct. 26 66,772 23,921 13,680 564 716 184 420 4,253 182 ,234 42,85137,838 2,982 7,391 150 26,3155,013 Nov. 2 66,666 24,325 13,694 853 764 177 420 4,246 4,272 42,34137,388 2,618 7,273 1,150 26,347 4,953 Nov. 9 66,656 24,664 13,783 934 769 174 429 4,265 330 4,292 41,99237,042 '2,378 '7,187 1,150 26 ,950 Nov. 16 66,506 24,302 13,776 644 756 177 420 4,277 233 4,330 42,20437,257 '2,449 '7,268 1,166 26,374 4,947 Nov. 23 66,723 24,329 13,772 672 730 174 422 4,295 222 4,355 42,39437,430 '2,468 '7,333 1,184 26,4454,964 Nov. 30. ... 66,83924,613 13,775 920 703 173 453 4,299 214 4,393 42,22637,248 2,357 7,245 1,176 26,470 4,978 Dec. 7 66,938 24,812 13,807 1,024 778 175 424 4,302 233 4,38842,12637,153 2,308 7,120 1,173 26,5524,973 Dec. 14 67,57425,130 13,882 1,032 824 174 4254,325 374 4,41342,44437,409 2,529 7,136 1,172 26,5725,035 Dec. 21 67,412 24,701 13,864 648 833 167 4254,337 328 4,42142,711 37,657 2,745 6,927 3,40724,5785,054 67,421 24,894 13,904 748 860 171 4,342 319 4,445 42,52737,469 2,544 6,856 3,43224,637 5,058 Dec. 28 New York City 18,151 7,617 5,634 348 308 196 207 180 80310,534 9,522 926 899 268 7,4291,012 1948—November. . 19,334 7,346 4,681 786 533 192 215 149 82011,988 10,641 782 1,976 232 7,6511,347 1949—September.. 19,216 7,289 4,825 599 543 176 222 138 83111,92 10,644 688 2,042 242 7,6721,283 October 19,296 7,571 4,852 727 597 165 230 172 88011,725 10,531 571 1,947 271 7,7421,194 November. . 1949—Oct. 12..,. 19,124 7,314 4,823 677 519 182 225 100 83311,810 10,513 611 2,019 235 7,6481,297 Oct. 19 19,146 7,200 4,835 479 524 183 225 170 83011,946 10,669 695 2,032 241 7,7011,277 Oct. 26 19,369 7,266 4,858 525 567 158 225 143 83612,103 10,868 865 2,024 252 7,7271,235 Nov. 2 19,341 7,569 4,868 780 609 157 220 131 85511,772 10,576 614 1,948 256 7,7581,196 Nov. 9.... 19,288 7,776 4,890 876 610 165 229 203 85611,512 10,320 434 1,914 256 7,7161,192 Nov. 16. . .. 19,131 7,446 4,844 566 605 158 231 212 88011,685 10,495 559 1,940 273 7,7231,190 Nov. 23 19,288 7,460 4,840 600 592 158 233 191 89911,828 10,633 640 1,960 286 7,7471,195 Nov. 30. ... 19,431 7,602 4,817 811 571 189 239 123 90711,829 10,632 607 1,971 285 7,7691,197 Dec. 7 19,417 7,740 4,806 910 641 163 235 119 91511,677 10,473 552 1,846 283 7,7921,204 Dec. 14 19,842 8,019 4,855 922 661 162 246 300 92311,823 10,545 663 1,799 277 7,8061,278 Dec. 21 19,478 7,510 4,813 565 678 162 249 195 90811,968 10,687 808 1,740 853 7,2861,281 Dec. 28.... 19,551 7,661 4,851 635 704 162 251 201 91411,890 10,613 709 1,732 850 7,3221,277 Outside New York City 1948—November. . 44,279 17,320 9,909 41 117 175 291 3,825 3,06726,95923,774 1,432 3,555 1,40717,380 3,185 1949—September.. 46,793 16,286 8,532 70 131 138 262 3,987 3,320 30,50726,822 2,332 4,903 89518,692 3,685 October 47,158 16,548 8,755 44 143 132 2634,014 33 3,376 30,61026,862 2,120 5,297 89418,551 3,748 November. . 47,382 16,876 8,908 78 147 128 2644,046 70 3.449 30,50626,742 1,883 5,314 89418,651 3,764 1949—Oct. 12 47,083 16,561 8,743 53 139 132 260 4,008 65 3,373 30,52226,787 2,105 5,257 890 18,535 3,735 Oct. 19 47,293 16,591 8,812 42 140 132 265 4,019 12 30,70226,956 2,122 5,367 89918,568 3,746 Oct. 26 47,403 16,655 8,822 39 149 131 2624,028 39 3,398 30,74826,970 2,117 5,367 89818,588J3,778 Nov. 2 47,325 16,756 8,826 73 155 129 263 4,026 80 3,417 30,56926,812 2,004 5,325 89418,589 3,757 Nov. 9.... 47,368 16,888 8,893 58 159 128 264 4,036 127 3,436 30,48026,722 '1,944 *\5,273 89418,611f3,758 Nov. 16 47,375 16,856 8,932 78 151 128 2624,046 21 3.450 30,51926,762 '1,890 ^5,328 89318,65lj3,757 Nov. 23 47,435 16,869 8,932 72 138 128 264 4,062 31 3,456 30,56626,797 '1,828 >-5,373 89818,69813,769 Nov. 30 47,408 17,011 8,958 109 132 128 264 4,060 91 3,486 30,39726,616 1,750 5,274 89118,701 3,781 Dec. 7.... 47,521 17,072 9,001 114 137 124 2614,067 3,473 30,44926,680 1,756 5,274 89018,760 3,769 Dec. 14 47,73: 17,111 9,027 110 163 124 2634,079 74 3,49030,621 26,864 1,866 5,337 89518,766 3,757 Dec. 21 47,934 17,191 9,051 83 155 123 2634,088 133 3,51330,743 26,970 1,937 5,187 2,55417,292 3,773 Dec. 28 47,870 17,233 9,053 113 156 123 2664,091 118 3,53130,63726,856 1,835 5,124 2,58217,315 3,781 r Revised. 1 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 Including guaranteed obligations. 66 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s F w e R e a e r r i e n a d v t - h l k - e s v C a i a ul n s t h b m a w a n d e n i o c s t - k e h t s i s c j p m u o a d s a d t e s n e - i - t d d s 3 s p p u v h n c a o a a o i i n e r d p r l r r d a s t - - - s - , - , S p s d s a i i o t u i c o n a v l b a n i d t i - l t e - s - s c C c O h e a f e e i e t n f e c r r f c d d i s t . k - i ' - s, m U G er . o e n n v S - t - . p p u n c v a o a a o n e i r d r l r r d a s t - - - - , - S p s d s a i i o u t c i o n a v l b a n d i t i - l t e s - - s P m U G S i e a o n a r . n o e g s n v d n v S t s - - a t - . l m D t D e i o c s - e - ma F e n i d o g r n - Time r B i o n o g w r s - - c C o i a t u a c a p n - l - ts B d it e a s b n 4 - k tions tions Total— Leading Cities 1948—November. 14,590 826 2,229 46,936 47,748 3,204 1,361 1,464 14,309 522 85 9,194 1,416 53 248 5,995 91,965 1949—September 11,888 792 2,194 46,55846,869 3,163 1,210 2,320 14,495 637 124 9,110 1,318 145 191 6,185 88,494 October... 12,127 778 2,,259 46 66247,147 3,091 1,225 2,587 14,502 627 123 9,296 1,350 148 114 6,211 91,171 November. 12,109 785 2,185 47,02147,550 3,201 1,278 2,346 14,484 600 124 9,156 1,348 153 376 6,235 86,441 1949—Oct. 12... 11,961 804 2,272 46,28347,212 3,054 1,142 2,533 14,496 628 123 9,429 1,368 148 110 6,210 16,673 Oct. 19... 12,276 780 2,319 46,73847,475 3,009 1,210 2,669 14,514 626 123 9,389 1,362 148 121 6,205 23,910 Oct. 26... 12,040 791 2,183 47,34147,547 3,122 1,320 2,468 14,501 627 123 8,991 1,313 150 133 6,218 20,384 Nov. 2... 12,332 736 2,146 46,848 46,867 3,299 1,216 2,335 14,500 605 123 9,159 1,374 154 647 6,241 22,520 Nov. 9... 12,040 839 2,170 46,70947,120 3,155 1,332 2,321 14,524 593 124 9,261 1,375 155 487 6,244 17,809 Nov. 16... 12,234 779 2,375 46,62548,135 3,116 1,331 2,525 14,502 591 124 9,695 1,354 154 172 6,226 20,766 Nov. 23... 11,920 776 2,121 47,274 47,590 3,181 1,202 2,432 14,461 605 124 8,838 1,309 153 178 6,219 21,900 Nov. 30... 12,021 797 2,115 47,64848,037 3,255 1,308 2,117 14,431 608 123 8,827 1,328 150 398 6,247 18,459 Dec. 7... 12,185 834 2,129 47,72647,745 3,147 1,27.1 1,848 14,431 618 128 9,193 1,318 150 525 6,235 22,196 Dec. 14... 12,259 916 2,41148,65249,724 3,184 1,416 1,846 14,451 619 128 9,560 1,305 150 307 6,209 22,946 Dec. 21... 12,131 891 2,319 48,25448,603 3,181 1,474 1,808 14,476 620 133 9,476 1,292 153 286 6,211 26,875 Dec. 28... 12,146 929 2,286 48,253 48,857 3,296 1,420 1,955 14,537 621 130 9,297 1,279 153 315 6,228 19,329 New York City 1948—November. 5,296 138 15,093 15,741 307 681 453 1,480 2,777 1,229 33 147 2,232 34,988 1949—September 4,434 123 14,918 15,526 220 598 932 1,474 2,717 1,118 100 94 2,284 36,130 October... 4,571 126 14,906 15,539 225 633 953 1,472 2,782 1,144 103 42 2,289 36,683 November. 4,513 136 14,940 15,674 243 638 814 1,476 2,707 1,130 109 245 2,296 34,105 1949—Oct. 12... 4,473 132 14,703 15,452 209 546 947 1,475 2,751 1,162 102 85 2,289 6,260 Oct. 19... 4,684 121 14,911 15,612 226 609 959 1,475 2,822 1,157 102 18 2,289 9,227 Oct. 26... 4,541 129 15,235 15,797 241 742 882 1,469 2,705 1,108 104 22 2,286 8,217 Nov. 2... 4,726 121 14,947 15,422 318 606 824 1,467 2,711 1,166 109 444 2,299 9,582 Nov. 9... 4,469 158 14,735 15,479 245 731 816 1,482 2,719 1,161 109 364 2,299 6,731 Nov. 16... 4,505 127 14,719 15,706 228 652 883 1,479 2,860 1,136 109 58 2,294 8,219 Nov. 23... 4,378 140 15,056 15,710 203 567 840 1,468 2,608 1,084 109 112 2,288 8,677 Nov. 30... 4,486 132 15,243 16,052 221 636 708 1,482 2,637 1,105 108 248 2,301 7,284 Dec. 7... 4,597 144 15,214 15,852 175 608 605 1,476 2,696 1,097 110 428 2,290 9,452 Dec. 14... 4,555 161 15,708 16,615 197 753 571 1,503 2,841 1,089 109 206 2,279 10,105 Dec. 21... 4,578 157 15,343 16,073 170 782 536 1,499 2,867 1,069 111 216 2,279 11,965 Dec. 28... 4,587 154 3515,428 16,302 255 750 593 1,513 2,792 1,062 111 222 2,281 7,772 Outside New York City 1948—November. 9,294 2,19431,84332,007 2,897 680 1,01112,829 502 6,417 101 3,763 56,977 1949—September , 7,454 669 2,16131,640 31,343 2,943 612 1,388 13,021 605 6,393 200 97 3,901 52,364 October 7,556 652 2,22631,756 31,608 2,866 592 1,634 13,030 597 6,514 206 72 3,922 54,488 November.. 7,596 649 2,15332,08131,876 2,958 640 1,532 13,008 572 6,449 218 131 3,939 52,336 1949—Oct. 12.... 7,488 672 2,24331,58031,760 2,845 596 1,586 13,021 597 6,678 206 25 3,921 10,413 Oct. 19 7,592 659 2,28331,827 31,863 2,783 601 1,710 13,039 596 6,567 205 103 3,916 14,683 Oct. 26.... 7,499 662 2,14732,106 31,750 2,881 578 1,586 13,032 597 6,286 205 111 3,932 12,167 Nov. 2.... 7,606 615 2,113 31,90131,445 2,981 610 1,511 13,033 575 6,448 208 203 3,942 12,938 Nov. 9.... 7,571 681 2,14031,97431,641 2,910 601 1,505 13,042 563 6,542 214 123 3,945 11,078 Nov. 16.... 7,729 652 2,342 31,90632,429 2,8 679 1,642 13,023 564 6,835 218 114 3,932 12,547 Nov. 23.... 7,542 636 2,088 12,21831,880 2,9 635 1,592 12,993 579 6,230 225 66 3,931 13,223 Nov. 30.... 7,535 665 2,08332,40531,985 3,C 672 1,409 12,949 583 6,190 223 150 3,946 11,175 Dec. 7.... 7,588 69o! 2,10032,512 31,893 2,972 663 1,243 12,955 594 6,497j 221 97 3,945 12,744 Dec. 14.... 7,704 755! 2,37332,944 13,109 2,987 663 1,275 12,948 595 6,719j 216 101 3,930 12,841 Dec. 21.... 7,553 734 2,28432,911 32,530 3,011 692 1,272 12,977 596 6,609 223 70 3,932 14,910 Dec. 28.... 7,559 7751 2,25132,82532,555 3,041 670 1,362 13,024 597 6,505, 217 93 3,947 11,557 3 Demand 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. Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans x Investments For purchasing U. S. Government obligations or carrying securities Total Comd F i e s d tr e i r c a t l a R nd e se d r a v t e e i m n lo a v e n a e n n d s t s t s - Total* i t a n m t c a c u r g d i u n i e r a r u a l d a r l i - l s , - - l - G U a T t l i o i n o o o . g b d n v a - S - s t b . . d r e o O a c k t l s u t i e e e h e r r r - s e i s s - r G t U l T i o i o o g b . o S n v a - . s - t. ot O h c t s u t e i e h e r r - s e s i- r e l R o st a e a n a t s l e L ba o t n o a k n s sO lo t a h n e s r Total Total Bills o d c C n t f e e a i e e f d t b s i e i r - - t s n - s - - Notes Bonds2 O s ri e t t c h ie u e s - r Boston Nov. 30 ,006 1,033 618 22 19 140 220 1,973 1,819 111 351 43 1,314 154 Dec. 7 ,988 1,035 620 20 18 140 220 1,953 1,801 102 343 43 1,313 152 Dec. 14 ,999 1,032 619 23 19 141 222 1,967 1,818 112 340 42 1,324 149 Dec. 21 ,055 1,047 629 20 17 143 221 2,008 1,857 130 341 142 1,244 151 Dec. 28 ,008 1,036 631 18 19 141 220 1,972 1,823 109 327 143 1,244 149 New York * Nov. 30 ,754 8,391 ,154 824 574 205 467 1251,10713,363 11,958 692 2,157 321 8,7881,405 Dec. 7..... ,715 8,527 ,140 924 644 179 465 1191,11613,188 11,775 621 2,032 319 8,8031,413 Dec. 14 ,142 8,808 ,186 938 664 178 478 300 1,12513,334 11,847 737 1,981 314 8,815 1,487 Dec. 21 ,791 8,285 137 570 681 178 483 1951,11213,506 12,015 901 1,923 921 8,2701,491 Dec. 28 ,869 8,442 5,174 645 709 179 484 2011,11913,427 11,940 810 1,911 919 8,3001,487 Philadelphia Nov. 30 ,719 918 473 1 21 109 9 307 1,801 1,462 136 192 31 1,103 339 Dec. 7. ,711 923 472 1 26 110 9 308 1,788 1,450 114 203 31 1,102 338 Dec. 14 ,757 929 476 1 26 112 11 307 1,828 1,487 148 201 34 1,104 341 Dec. 21 ,817 939 478 1 26 113 16 309 1,878 1,533 184 197 1,041 345 Dec. 28 . . . . . ,786 937 472 . 27 113 18 311 1,849 1,507 158 196 1,039 342 Cleveland Nov. 30 ,661 1,441 790 17 293 29 261 3,220 2,1 117 397 2,229 376 Dec. 7 ,681 1,422 789 17 293 6 259 3,259 2,t 136 406 101 2,243 373 Dec. 14 ,685 1,43.9 801 22 294 6 260 3,246 2,1 117 416 101 2,240 372 Dec. 21 ,741 1,493 809 21 295 46 263 3,248 2,879 121 425 287 2,046 369 Dec. 28...... ,654 1,450 805 24 295 1 267 3,204 2,835 90 387 316 2,042 369 Richmond Nov. 30 ,668 867 388 7 202 1 249 1,801 1,647 120 238 45 1,244 154 Dec. 7 ,682 873 403 7 205 1 236 1,809 1,657 147 237 1,228 152 Dec. 14 ,683 879 407 7 207 1 237 1,804 1,652 144 246 1,218 152 Dec. 21 ,674 879 408 7 206 2 235 1,795 1,643 130 246 115 1,152 152 Dec. 28 ,691 885 408 7 207 1 237 1,806 1,654 141 246 115 1,152 152 Atlanta Nov. 30 ,413 871 529 7 72 4 235 1,542 1,332 68 353 37 874 210 Dec. 7 ,423 879 538 7 72 5 234 1,544 1,336 74 351 37 874 208 Dec. 14 ,446 885 542 8 71 4 237 1,561 1,352 84 355 37 876 209 Dec. 21 ,433 891 546 10 71 4 237 1,542 1,334 67 347 115 805 208 Dec. 28 ,414 890 545 10 71 4 238 1,524 1,317 64 333 117 803 207 Chicago*. Nov. 30 ,444 2,567 1,618 36 361 18 437 6,877 6,134 558 ,256 230 4,090 743 Dec. 7 ,464 2,608 1,611 35 362 61 440 6,856 6,111 506 ,253 230 4,122 745 Dec. 14 ,524 2,618 1,617 52 362 39 453 6,906 6,169 528 ,293 230 4,118 737 Dec. 21 ,501 2,585 1,622 41 365 18 462 6,916 6,168 544 189 709 3,726 748 Dec. 28 ,593 2,671 1,627 38 366 67 468 6,922 6,165 508 1,200 711 3,746 757 St. Louis Nov. 30. . . . . ,258 1,000 569 5 188 7 218 1,258 1,085 32 231 39 783 173 Dec. 7 ,261 1,002 577 5 188 3 219 1,259 1,087 33 224 39 791 172 Dec. 14 ,276 1,004 574 5 189 6 220 1,272 1,099 43 227 46 783 173 Dec. 21 ,290 1,017 573 5 189 19 220 1,273 1,099 37 215 131 716 174 Dec. 28 ,277 998 566 5 189 7 221 1,279 1,105 40 219 127 719 174 Minneapolis Nov. 30 ,252 435 223 2 69 5 134 817 705 32 170 22 481 112 Dec. 7 ,262 435 220 2 69 9 133 827 716 42 169 22 483 111 Dec. 14 ,248 422 213 3 71 133 826 714 39 169 22 484 112 Dec. 21 ,260 436 214 3 71 "u 134 824 712 36 167 69 440 112 Ka D n e s c a . s 2 C 8 ity ,252 434 214 3 72 7 136 818 705 30 166 72 437 113 Nov. 30. . . . . ,484 927 597 5 135 178 1,557 1,324 126 308 62 828 233 Dec. 7 ,561 930 601 4 135 179 1,631 1,393 178 318 61 836 238 Dec. 14 ,566 936 605 6 135 179 1,630 1,393 171 311 61 850 237 Dec. 21. . . .. ,577 945 612 6 135 181 1,632 1,397 171 309 157 760 235 Dec. 28 ,605 953 613 6 136 181 1,652 1,417 187 310 156 764 235 Dallas Nov. 30 ,508 1,149 810 6 90 206 1,359 117 347 43 720 132 Dec. 7 ,511 1,151 811 6 90 208 1,360 122 347 43 716 132 Dec. 14 ,533 1,157 820 7 90 204 1,376 141 347 45 713 130 Dec. 21 ,530 1,165 822 7 91 207 1,365 138 339 91 665 132 Dec. 28 ,532 1,179 838 6 92 204 1,353 1,223 131 334 87 671 130 San Francisco Nov. 30 ,672 5,014 2,006 16 2,173 841 6,658 5,711 248 ,245 202 4,016 947 Dec. 7 ,679 5.027 2,025 15 2,173 836 6,652 5,713 233 ,237 202 4,041 939 Dec. 14 ,715 5,021 2,022 16 26 2,175 836 6,694 5,758 265 ,250 196 4,047 936 Dec. 21 ,743 5,019 2,014 17 26 2,175 840 6,724 5,787 286 ,229 559 3,713 937 Dec. 28 ,740 5,019 2,011 17 25 2,176 843 6,721 5,778 276 ,227 555 3,720 943 City of Chicago* Nov. 30 ,825 1,671 1,256 30 219 4,154 3,656 332 813 176 2,335 498 Dec. 7 ,884 1,717 1,250 29 219 4,167 3,66. 326 816 176 2,345 504 Dec. 14. . . . . ,923 1,705 1,254 45 225 4,218 3,72. 342 861 177 2,343 495 Dec. 21 ,894 1,666 1,256 34 230 4,228 3,720 354 786 451 2,129 508 Dec. 28 ,999 1,748 1,259 32 234 4,251 3,735 328 802 454 2,151 516 * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. For other footnotes see preceding table. 68 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R nd e se d r a v t e e B s w F e a R e e r n r i e a d t v k - h l - e s Ca i m n sh lt m b a w a n d e n o i s c t t - e k h i s c s j p m u o a d s a t d e s n e - i - t d d s 3 s p p u v n h c a o a a o e i n i r d r l p r r d s a t - - - s - , - , S p s d s t a i i o a u c i o n v l t b a d n i e i - l t - s s - c C h c O a e f e e e i t n f e c c r r f d d t i . s k - i ' s - U m G e . e o r v n n S - - t . p u s p n v c a h o a o a e n id l i r r r r d s p a - - - t , - s - S p s d s t a i i o a u i c o n v l t b a n d i e i - l t - s s - P U m G S o e i a n a r . s n o e g n v t d n v S a s - - t - l . m D t e i o c s - - F ei o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p - n l - ts B d it e a s b n - 4 k tions tions Boston Nov. 30 472 53 94 2,466 2,403 212 44 94 472 266 25 326 762 Dec. 7 464 58 88 2,447 2,387 190 40 87 472 262 27 326 891 Dec. 14 480 64 108 2,464 2,460 178 42 89 471 271 27 326 874 Dec. 21.... 468 64 93 2,505 2,447 197 53 82 471 276 28 3261 1,022 Dec. 28 464 66 96 2,459 2,447 177 50 87 471 279 28 328 813 New York* Nov. 30 4,710 183 11516,77217,412 483 684 7642,310 2,702 1,109 110 259 2,502 7,742 Dec. 7 4,849 196 10616,76017,204 421 652 6532,306 2,763 1,101 111 428 2,49110,006 Dec. 14 4,832 216 12417,27418,036 440 799 6202,333 2,909 1,093 111 220 2,47910,636 Dec. 21 4,832 212 11416,90217,453 403 836 585 2,331 2,935 1,072 112 218 2,47812,608 Dec. 28 4,844 209 12016,97517,698 489 801 6452,347 2,862 1,066 112 241 2,480 8,249 Philadelphia Nov. 30 441 46 104 2,103 2,182 102 31 140 396 338 15 315 657 Dec. 7 437 50 92 2,103 2,166 103 25 116 395 346 14 314 838 Dec. 14 456 55 118 2,179 2,292 117 29 109 396 370 13 313 815 Dec. 21 452 55 107 2,222 2,306 101 32 112 395 361 13 313 1,084 Dec. 28 461 52 114 2,195 2,289 103 32 115 396 363 14 312 782 Cleveland Nov. 30 699 81 138 3,195 3,247 166 45 1521,320 417 7 472 955 Dec. 7 722 84 133 3,214 3,218 170 47 1351,320 432 6 474 1,141 Dec. 14 734 95 152 ,241 3,360 171 52 1331,319 466 6 473 1,159 Dec. 21 671 92 138 ,198 3,264 170 52 1341,323 467 11 473 1,421 Dec. 28 717 93 138 3,170 3,257 164 50 1431,330 456 6 474 1,130 Richmond Nov. 30 438 65 158 2,043 2,060 152 44 77 557 383 4 230 639 Dec. 7 433 68 164 2,040 2,067 142 48 76 552 416 4 230 762 Dec. 14 447 73 181 2,059 2,128 147 38 79 551 435 4 229 750 Dec. 21 460 71 165 2,044 2,075 157 38 84 551 420 4 230 868 Dec. 28 451 77 159 2,050 2,079 159 38 552 408 5 230 656 Atlanta Nov. 30 389 39 169 1,741 1,646 282 25 45 530 489 11 197 604 Dec. 7 401 43 173 1,734 1,661 266 24 42 526 534 12 197 689 Dec. 14 392 47 191 1,771 1,741 265 22 43 524 540 11 196 722 Dec. 21. 403 46 188 1,771 1,713 262 23 43 524 531 12 194 837 Dec. 28 404 47 182 1,758 1,683 267 25 44 525 520 9 195 642 Chicago* Nov. 30 1,801 101 320 6,439 6,386 570 96 4032,553 1,416 43 734 2,513 Dec. 7 1,737 105 332 6,451 6,341 561 92 348 2,558 1,469 43 735 2,714 Dec. 14. 1,806 113 349 6,541 6,614 543 105 367 2,555 1,529 42 734 2,816 Dec. 21.... 1,737 112 364 6,459 6,424 545 103 363 2,568 1,507 44 735 3,254 Dec. 28 1,730 118 346 6,509 6,557 552 93 408 2,576 1,476 44 737 2,573 St. Louis Nov. 30 374 30 116 1,436 1,512 106 25 469 619 5 182 562 Dec. 7 383 31 126 1,422 1,505 106 20 465 665 5 183 642 Dec. 14 379 34 134 1,431 1,570 106 20 465 686 5 182 634 Dec. 21 390 33 119 1,453 1,536 105 20 466 672 5 183 722 Dec. 28 372 34 122 1,417 1,520 105 20 467 677 5 183 556 Minneapolis Nov. 30 206 13 82 851 815 149 14 246 296 2 102 318 Dec. 7 204 13 81 850 815 143 13 246 309 3 103 371 Dec. 14.... 199 14 105 861 850 140 12 246 310 3 102 350 Dec. 21 179 13 92 849 823 133 12 246 292 3 103 397 Dec. 28 202 14 93 859 831 136 13 247 295 3 103 293 Kansas City Nov. 30 433 30 261 1,763 1,781 200 34 379 782 1 206 781 Dec. 7 445 32 268 1,838 1,851 200 30 380 812 1 207 776 Dec. 14 462 34 300 1,896 1,942 202 28 379 825 1 206 747 Dec. 21 463 32 309 1,897 1,928 217 30 380 831 1 207 936 Dec. 28 443 34 300 1,923 1,928 220 28 381 799 1 208 689 Dallas Nov. 30 461 34 301 1,989 1,937 233 33 357 641 10 207 603 Dec. 7 494 37 305 1,994 1,928 233 37 358 682 9 208 677 Dec. 14 473 38 366 2,029 2,011 229 36 357 709 9 206 689 Dec. 21 480 37 354 2,030 2,016 219 36 358 699 206 902 Dec. 28 466 40 345 2,019 1,974 215 36 360 689 207 662 San Francisco Nov. 30 1,597 122 257 6,850 6,656 600 233 240 4,842 352 478 774 2,323 Dec. 7 1,616 117 261 6,873 6,602 612 243 208 4,853 363 503 767 2,689 Dec. 14 133 283 6,906 6,720 646 233 220 4,855 365 510 763 2,754 Dec. 21 124 276 6,924 6,618 672 239 2124,863 369 485 763 2,824 Dec. 28 1,592 145 271 6,919 6,594 709 234 2214,885 374 473 771 2,284 City of Chicago* Nov. 30 1,250 36 142 4,055 4,100 306 46 1,331 26 1,045 496 1,645 Dec. 7 1,184 38 155 4,084 4,094 295 45 1871,337 26 1,086 496 1,817 Dec. 14 1,248 40 161 4,135 4,264 290 50 2121,336 26 1,130 496 1,867 Dec. 21. 1,210 41 189 4,098 4,153 280 47 1,349 26 1,109 496 2,047 Dec. 28.... 1,180 44 164 4,126 4,246 283 47 2481,355 26 1,093 497 1,658 For footnotes see opposite page and preceding table. JANUARY 1950 69 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks on On par list which checks are Not on oar list drawn, and their (nonmember) Federal Reserve branches and offices Total Member Nonmember district or State Banks1 a B n r d a n o c ff h ic e e s s2 Banks a B n r d a n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s United States total: Dec. 31, 1946 14,043 3,981 11,957 3,654 6,894 2,913 5,063 741 2,086 327 Dec. 31, 1947 14,078 4,148 12,037 3,823 6,917 3,051 5,120 772 2,041 325 Dec 31, 1948 14,072 4,333 12,061 4,015 6,912 3,197 5,149 818 2,011 318 Nov. 30, 1949P 14,056 4,537 12,180 4,265 6,887 3,363 5,293 902 1,876 272 By districts and by States Nov. 30, 1949P District Boston 487 316 487 316 330 235 157 81 New York 897 888 897 888 770 821 127 67 Philadelphia 836 148 836 148 640 111 196 37 Cleveland 1,125 288 1,125 288 700 249 425 39 1,012 497 804 373 479 242 325 131 208 124 Atlanta • 1,189 196 576 159 349 140 227 19 613 37 Chicago 2,491 594 2,491 594 1 001 240 1,490 354 St. Louis 1,471 140 1,134 79 496 42 638 37 337 61 Minneapolis 1,279 110 678 69 478 26 200 43 601 41 Kansas Citv 1,747 10 1,738 10 754 984 4 9 Dallas 1,022 47 914 38 623 24 291 14 108 9 San Francisco 500 1,303 500 1,303 267 1,227 233 76 State Alabama 225 23 129 23 91 23 38 96 Arizona .... 9 51 9 51 5 38 4 13 Arkansas . 232 21 109 6 68 2 41 4 123 15 California 196 947 196 947 119 902 77 45 Colorado 144 1 144 1 92 1 52 Connecticut 111 34 111 34 64 19 47 15 Delaware 38 15 38 15 17 5 21 10 District of Columbia... 19 41 19 41 15 38 4 3 Florida 185 3 123 3 73 3 50 62 397 38 104 34 66 32 38 2 293 4 43 53 43 53 25 48 18 5 Illinois . 887 3 885 3 505 3 380 2 Indiana 488 100 488 100 236 44 252 56 Iowa 664 164 664 164 161 503 164 Kansas • 609 607 214 393 2 Kentucky 382 40 382 40 112 25 270 15 162 72 59 49 46 43 13 6 103 23 Miaine 63 69 63 69 38 37 25 32 [Maryland 164 114 164 114 77 77 87 37 178 169 178 169 142 153 36 16 [Michigan 441 225 441 225 231 173 210 52 Minnesota 680 6 266 6 207 6 59 414 Mississippi 202 64 40 12 31 5 9 7 162 52 A£issouri 593 527 180 347 66 [Montana . . .'• . ... 111 111 84 27 408 2 408 2 142 2 266 Nevada 8 18 8 18 6 17 2 1 New Hampshire 75 2 75 2 52 1 23 1 New Jersey 329 150 329 150 281 135 48 15 New Mexico 49 12 49 12 33 2 16 10 New York 641 749 641 749 560 695 81 54 North Carolina 211 194 97 74 54 38 43 36 114 120 North Dakota 150 22 63 6 43 20 6 87 16 Ohio 661 212 661 212 424 186 237 26 Oklahoma . ,• 385 1 377 1 225 1 152 8 Oregon 69 96 69 96 29 87 40 9 972 178 972 178 742 150 230 28 Rhode Island ....... 18 44 18 44 10 32 8 12 South Carolina . ... 151 40 63 36 33 30 30 6 88 4 South Dakota 170 48 70 23 62 20 8 3 100 25 294 87 201 74 82 58 119 16 93 13 Texas . 900 5 843 5 571 5 272 57 Utah 55 23 55 23 31 21 24 2 69 11 69 11 40 2 29 9 Virginia . 312 108 307 108 204 59 103 49 5 Washington 122 131 122 131 53 124 69 7 West Virginia 180 179 108 71 1 551 151 551 151 164 21 387 130 53 53 39 14 P Preliminary. 1 Excludes mutual savings banks, on a few of which some checks are drawn. 2 Includes branches and other additional offices at which deposits are received, checks; paid, or money lent, including "banking facilities" at military reservations (see BULLETIN for February 1949, p. 191, footnote 3). Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports. 70 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month paper Total Accepting banks Goods stored in or sta o n u d t i - ng1 sta o n u d t i - ng Total O bi w lls n bo B u il g ls ht Others I U m S i n t n p a i t o t t o e e r s d ts E U S f x r n t p o a i o t m t e e r s d ts c D h e o a x l n l - a g r e U sh n i i p te p p d e o d in t b s F e i t o n w re e i e g n n States countries 1948--Oct©ber. . 285 221 125 67 58 96 140 42 i 20 17 November 287 239 141 71 70 99 152 48 I 24 IS December. 269 259 146 71 76 112 164 57 1 25 12 1949—January.. 268 262 137 66 70 126 156 57 II 25 13 February. 268 228 114 65 49 114 134 51 6 23 14 March. .. 257 215 98 58 40 117 127 51 2 22 14 April 249 204 88 59 28 116 119 46 2 20 17 May 219 195 84 58 27 110 118 44 2 17 12 June 199 198 87 54 33 111 121 47 17 13 July 211 194 90 57 33 104 117 44 (2) 19 13 August... 230 189 85 53 32 104 117 37 (2) 18 16 September 265 207 94 54 40 113 133 37 1 21 14 October. . 278 215 104 57 47 110 140 39 1 23 12 November, 277 251 118 60 58 133 173 44 25 9 1 As reported by dealers; includes some finance company paper sold in open market. 2Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Debit Debit cre C di u t s t b o a m la e n r c s e ' s x Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money balances investment investment and in borrowed2 In partners' In firm (net)i and trading and trading banks Other investment investment In capital accounts accounts Free (net) an a d c c t o r u ad n i ts ng an a d c c t o r u ad n i ts ng ac ( c n o e u t n ) ts 1940—June 653 12 58 223 376 267 62 22 5 269 December... 677 12 99 * 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June........ 761 9 190 167 529 334 66 15 7 212 December... 789 11 188 181 557 354 65 14 5 198 1944—June. ....... 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 314 December... 540 5 312 456 218 694 120 30 10 290 1947—June 552 6 333 395 223 650 162 24 9 271 December... 578 7 315 393 240 612 176 23 15 273 1948—June 619 7 326 332 283 576 145 20 11 291 1948—November. . 3 551 3 244 3 563 December... 550 10 312 349 257 486 112 28 5 278 1949—January.... 3 537 247 3 573 February. . . 3527 3 225 3 565 March 3 530 3 254 3551 April 3 626 3 329 3 542 May 3 660 3 355 3 535 June 681 5 419 280 493 528 129 20 9 260 July 3 690 3 399 3 530 August..... 3 699 3 404 3 548 September. . 3 740 3 418 3 580 October 3783 3 416 3 586 November. . 3813 3 445 3 596 1 Excluding 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): September, 73; October, 72; November, 63. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.-—See Banking.and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. JANUARY 1950 71 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESSES BY BANKS IN SELECTED CITIES U. S Government [Per cent per annum] Prime Prime St e o x- ck security yields Size of loan mo Y w n e e t a h e r k , , or m m 4 p - c o e a o t r n p o c m t e i h a r 6 - s , l - 1 a a d b c n a e a 9 c c r y n 0 s e e s k ' p s x - , t- c n h l a c o r e a l a e a w n s - l n 2 l g - e m bi o 3 ll n - s t 3 h 9 d c m - o c e e f t a o b r o t t n i t i e n e f 1 t s i d h - 2 - - - 3 t i a - y s x s t e o u a a e b r 5 s l - e An 1 n 9 A u a r c e l i t a i a e v a s n e : r d a g p e e s r : iod lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 , 0 0 , 0 0 0 0 - 0 $ $ 1 2 0 0 0 0 ,0 ,0 0 0 0 0 - $ a 2 n 0 d 0 o ,0 v 0 e 0 r ness 1940 2.1 4.3 3.0 2.0 1.8 1941 2.0 4.3 3.0 1.9 1.8 1942 2.2 4.4 3.2 2.2 2.0 1947 average..... 1.03 .87 1.38 .604 .88 1.32 1943 2.6 4.4 3.4 2.5 2.4 1948 average 1.44 1.11 1.55 1.043 1.14 1.62 1944 2.4 4.3 3.3 2.6 2.2 1949 average 1.48 1.12 1.63 1.104 1.14 1.43 1945 2.2 4.3 3.2 2.3 2.0 1946 2.1 4.2 3.1 2.2 1.7 1948—December.. 1.56 1.19 1.63 1.154 1.21 1.64 1947 2.1 4.2 3.1 2.5 1.8 1948 2.5 4.4 3.5 2.8 2.2 1949—January... 1.56 1.19 1.63 1.160 1.22 1.59 1949 2.7 4.6 3.7 3.0 2.4 February. . 1.56 1.19 1.63 1.163 1.22 1.57 March 1.56 1.19 1.63 1.162 1.22 1.54 Quarterly: April 1.56 1.19 1.63 1.155 1.20 1.53 19 cities: May 1.56 1.19 1.63 1.156 1.19 1.49 1949—Mar .70 4.62 3.64 2.89 2.42 June 1.56 1.19 1.63 1.158 1.20 1.42 June .74 4.63 3.70 3.04 2.44 July ... 1.56 1.06 1.63 0.990 1.04 1.26 Sept 2.63 4.62 3.64 2.98 2.31 August.... 1.44 1.06 1.63 1.027 1.07 1.26 Dec 2.65 4.53 3.61 2.98 2.35 September. 1.38 1.06 1.63 1.062 1.08 1.34 New York City: October. . . 1.38 1.06 1.63 1.044 1.09 1.38 1949—Mar 2.42 4.22 3.42 2.25 November. 1.38 1.06 1.63 1.073 1.09 1.37 June 2.35 4.22 3.43 2.17 December . 1.31 1.06 1.63 1.097 1.10 1.37 Sept 2.32 4.23 3.41 2.13 Dec. 2.38 4.14 3.35 2.73 2.21 Week ending: Dec. 3... 1M lVie 1.115 1.11 1.38 7 Northern and East- D D D D e e e e c c c c . . . . 2 3 1 1 4 1 0 7 . . . . . . . . . . . . 11H8- l I l 1 V V 1 1 A / l i 1 6 e 6 s 1/^~1M 1 1 1 1 . . . . 0 0 1 0 8 8 1 8 7 7 5 1 1 1 1 1 . . . . 0 1 0 1 9 0 9 1 1 1 1 1 . . . . 3 3 3 3 6 7 7 7 19 e 4 r 9 n — c J D S M i u t e e i n a p e c e r s t : 2 2 2 2. . . . 6 6 8 6 7 8 6 4 4 4 4 4 . . . . 6 6 7 6 7 3 1 3 3 3 3 3 . . . . 6 6 6 6 3 5 4 6 2 3 2 2 . . . . 0 9 8 9 0 8 9 3 2 2 2 2 . . . . 6 3 4 4 6 9 4 1 2 1 T M h o e n t a h v l e y r a f g ig e u r r e a s t e a r o e n a 9 v 0 e - r d ag ay es S o t f o c w k e e E k x ly ch p a r n e g v e a i t l i i m ng e r l a o t a e n s s . was 1.25 11 1 S 9 W o 4 u 9 e — th st e M e r r n n a r a c n i d ties: 3.12 4.79 3.75 3.04 2.71 per cent prior to Aug. 2, 1946; 1.50 per cent, Aug. 2, 1946-Aug. 16, June 3.17 4.80 3.89 3.26 2.69 19 3 4 8 R ; a a te n d o n 1 .6 n 3 ew p e is r s c u e e n s t o b ff e e g re in d n i w ng it h A in u g p . e 1 ri 7 o , d 1 . 948. D Se e p c t 3 3 . . 0 0 7 3 4 4. . 6 7 6 4 3 3 . . 7 7 9 4 3 3 . . 1 1 2 8 2 2 . . 5 5 8 6 Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October NOTE.—For description of series see BULLETIN for March 1949, 1947, pp. 1251-1253. pp. 228-237. BOND YIELDS i [Per cent per annum] U. S. Government Corporate (Moody's)^ (taxable) Munic- Corpo- Year, month, or week ipal rate By ratings By groups 15 (high- (high- 7 to 9 years grade)2 grade)3 Total years m o o r re Aaa Aa A Baa In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c Number of issues . .. 1-5 1-8 15 10 120 30 30 30 30 40 40 40 1947 average . 1.59 2.25 2.01 2.57 2.86 2 61 2 70 2 87 3 24 2 67 3 11 2 78 1948 average 2.00 2.44 2.40 2.81 3.08 2.82 2.90 3.12 3.47 2.87 3.34 3.03 1949 average 1.71 2.31 2.21 2.65 1948—December 1.94 2.44 2.26 2.81 3.09 2.79 2.88 3.16 3.53 2.85 3.36 3.06 ^ 9 4.9—j arm ary 1.88 2.42 2.15 2.73 3.02 2.71 2.81 3.08 3.46 2.80 3.26 2.99 February 1.83 2.39 2.23 2.73 3.00 2 71 2.80 3.05 3.45 2.79 3.24 2 99 M!arch 1.80 2.38 2.21 2.71 3.00 2.70 2.79 3.05 3.47 2.78 3.27 2.97 April 1.77 2.38 2.20 2.70 3.00 2 70 2.79 3.05 3.45 2.78 3.27 2 96 Mi ay 1.72 2.38 2.20 2.71 3.00 2.71 2.78 3.04 3.45 2.78 3.26 2.95 June 1.66 2.38 2.28 2.72 3.00 2 71 2 78 3 04 3 47 2 78 3 29 2 93 July 1.55 2.27 2.26 2.66 2.98 2.67 2.75 3.03 3.46 2.75 3.29 2.89 August 1.49 2.24 2.20 2.60 2.92 2.62 2.71 2.96 3.40 2.70 3.21 2.86 September 1.65 2.22 2.22 2.59 2.90 2.60 2.69 2.95 3.37 2.68 3.19 2.84 October 1.72 2.22 2.21 2.59 2.90 2 61 2.70 2.94 3.36 2.68 3.20 2 S3 November 1.70 2 20 2.17 2.56 2.89 2.60 2.68 2.93 3.35 2.67 3.20 2.81 December 1.68 5 2.19 2.13 2.55 2.86 2.58 2.67 2.89 3.31 2.65 3.14 2.79 Week ending: Dec. 3 1 70 2.20 2.15 2.56 2.89 2 60 2 67 2 93 3 35 2 66 3 20 2 80 Dec. 10 1.69 2.19 2.14 2.56 2.88 2.59 2.67 2.91 3.34 2.67 3.18 2.80 Dec 17 1.68 5 2.19 2.14 2.55 2.87 2.59 2.67 2.89 3.31 2.66 3.15 2.79 Dec. 24 . .. 1 67 2.18 2.12 2 56 2.85 2 58 2 66 3 29 2 65 3 12 2 79 Dec. 31 1.67 2.18 2.12 2.54 2.85 2.57 2.66 2.87 3.27 2.64 3.11 2.79 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of 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. 5 Number of issues included decreased from 6 to 5 on Dec. 15. 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices Corporate 4 Common (index, 1935-39= 100) Volume of trading7 (in Year, month, or week m U G e e r o . n n S v t - . - 2 g M ( r h i a p u i d g a n e h l i ) c - 3 - H gr i a g d h e - I M nd ed u i s u - m-g R ra a d il e - Public fe P rr r e e d - 6 Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c s s a t h n h a d o r s e u s - o ) f Total trial road utility Number of issues 1-8 15 12 14 5 5 4 15 416 365 20 31 1947 average 103 76 132 8 103 2 97 5 102.6 88.2 102.8 184.7 123 128 105 103 953 1948 average 100 84 125.3 98.7 92.1 96.3 85.4 95.2 168.7 124 131 115 96 1,144 1949 average 102 73 176.4 121 128 97 98 1,037 1948—December 100.89 127.8 98.9 90.9 94.7 84.5 93.6 168.7 119 126 106 93 1,155 1949—January 101 16 129.9 100 5 92 1 96.1 86.4 93.8 171.4 121 127 106 94 833 Februarv 101.51 128.6 100.5 92.7 97.0 86.6 94.7 173.2 117 123 100 94 850 March 101.67 128.8 100.7 91.9 97.1 83.1 95.5 172.2 118 124 97 95 859 April . 101 65 129.1 101.0 91.7 98.0 81.6 95.6 172.2 119 124 97 96 878 May 101,62 129.1 101.0 91.9 98.9 81.2 95.7 173.2 118 124 96 95 819 June 101 72 127 5 100 9 91 7 98 7 80 0 96 3 176.1 112 117 88 93 808 July . 103 29 127 9 102.0 91 8 98.6 79.9 96.9 176.6 118 124 91 95 938 August 103.63 129.1 103.0 92.6 98.2 81.9 97.7 179.5 122 128 94 99 947 September 103 86 128 6 103 1 93 3 99 0 82 1 98 8 182.1 124 130 95 100 1,135 October . 103 90 128.8 102.8 93 7 99.9 82.0 99.2 180.3 127 134 98 101 1,313 November 104.22 129.6 103.2 93.5 100.3 80.8 99.5 179.8 129 137 96 103 1,323 December 8104 36 130 3 103.7 94 5 101.0 82.2 100.1 180.6 133 140 101 104 1,739 Week ending: Dec. 3 104.12 129.9 103.3 93.7 100.7 80.5 99.8 179.5 129 136 96 103 1,540 Dec. 10 104.24 130.1 103.4 93.9 100.5 81.2 99.9 180.0 132 139 100 104 1,626 Dec. 17 104 30 130 1 103 7 94 4 101.0 82.2 100.0 180.0 133 141 101 104 2,004 Dec. 24 104.49 130.5 103.9 94.9 101.5 82.7 100.4 180.9 132 140 100 104 1,423 Dec. 31 104.49 130.5 104.0 95.3 104.4 84.0 100.6 181.4 134 141 103 104 1,813 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years or more. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. 8 Number of issues decreased from 6 to 5 on Dec. 15. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For new capita For refunding Total Domestic Domestic Year or month f ( u i a n r n n n e e g d d - w ) - m T e ( a f e i o d o g n s r t o n d t a - i - ) c l Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a o p o n n o t d e d r s s ate Stocks e F i o g r n - 2 m T e ( a f e i o o d g n s r t o n d t a - i - ) c l Total S n m a p t i n a c a u d i t l - - e a F c e g i e r e e a d s n l - 1 - Total Co B n r a o o p n n t o d e d r s s ate Stocks e F i o g r n - 2 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 5181,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1946 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2,352 601 105 1947 39,691 37,566 7,255 2,228 239 4,787 3,567 1,219 68 2,125 1,948 44 422 1,482 1,199 283 177 1948 9,933 8,806 8,796 2,604 294 45,898 44,992 906 10 1,128 1,127 82 768 277 251 26 1948—November 656 583 583 150 433 409 24 73 73 2 56 16 16 December. 831 753 753 126 627 564 64 78 78 3 72 3 2 2 1949—January.. 675 618 618 192 7 419 360 60 57 57 1 55 1 1 February. 510 445 445 200 14 231 225 6 65 65 4 53 7 7 March.... 679 584 584 174 26 383 311 72 96 96 1 55 39 39 April 949 904 904 190 33 681 514 168 45 45 1 44 1 1 May 761 685 685 339 51 295 193 102 76 76 7 38 31 11 20 June 1,629 1,535 1,535 315 24 1,196 1,084 113 94 1 62 31 30 July 765 685 684 244 9 431 382 49 2 79 % 1 56 22 22 August. .. 613 309 291 174 117 63 54 18 304 204 1 195 8 8 1 101 September 707 519 510 314 69 127 84 43 10 188 188 4 146 38 38 October. . 787 639 639 234 405 323 82 148 148 4 53 91 69 22 November 489 379 379 229 150 92 58 109 109 22 52 35 35 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 3 Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately. 4 Includes the Shell Caribbean Petroleum Company issue of 250 million 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. JANUARY 1950 73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses (}f net proceeds Estimated Estimated Year or month gross net New money Retirement of securities proceeds 2 proceeds 3 Repayment of Other Total Plant and Working Total Bonds and Preferred other debt purposes equipment capital notes stock 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 . 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2 ,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 . .. 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 6,011 5,902 1,080 638 442 4,555 4,117 438 134 133 1946 6,900 6,757 3,279 2,115 1,164 2,868 2,392 476 379 231 1947 6,577 6,466 4,591 3,409 1,182 1,352 1,155 196 356 168 1948 7,113 6,994 5,964 4,242 1,722 307 240 67 488 234 1948—November 507 501 463 314 149 8 8 26 4 December...... 783 771 677 586 91 10 7 3 70 14 1949—January 345 336 312 274 38 2 2 7 16 February 321 318 220 172 48 7 7 25 66 March 411 403 319 253 66 37 37 44 3 698 688 553 402 151 1 1 126 7 May 388 380 340 254 85 18 13 5 15 7 June 1,257 1,244 1,074 958 116 44 40 4 116 9 July 475 468 430 393 37 18 18 1 12 8 August . 173 168 140 119 21 7 7 17 4 September.... 174 171 118 87 31 39 19 20 2 12 October 451 445 272 229 43 59 58 1 29 84 N ovember 223 219 163 134 29 18 18 20 18 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Real estate and financial Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- " pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties poses4 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 1945 1,436 115 1,320 2,291 69 2,159 63 1,969 811 1,010 148 206 85 65 56 1946 704 129 571 3 2,129 785 1,252 93 3,601 2,201 981 419 323 164 64 95 1947 283 240 35 8 3,212 2,188 939 84 2,686 1,974 353 359 286 189 24 73 1948 617 546 56 15 3,039 2,744 146 149 2,751 2,189 75 486 587 485 30 72 1948—November 73 73 228 209 8 11 164 145 19 36 35 1 December.. 45 45 489 461 2 25 228 166 6 56 9 5 1 3 1949—January.... 36 36 118 118 162 139 2 21 20 19 1 February... 54 50 4 104 102 2 128 39 2 87 32 29 3 March 87 87 179 125 36 18 114 85 29 23 21 1 April. . . 17 17 276 270 6 336 215 121 58 51 7 49 49 192 171 16 5 100 92 2 6 39 28 11 June • • * 45 45 916 856 39 20 207 113 4 90 76 60 1 15 July... 51 51 136 134 1 1 249 236 1 12 33 9 16 7 Ausfust 20 13 7 97 93 1 3 46 28 18 6 5 September.. 16 16 97 54 36 6 35 27 2 7 23 22 1 1 October .. 41 41 199 108 44 48 163 118 16 30 41 5 36 November. . 10 10 144 120 5 20 53 23 13 17 11 10 1 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 8 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. 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. 74 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS MANUFACTURING CORPORATIONS [In millions of dollars] Assets of 10 million dollars and over Assets oi 50 million dollars and over Assets of 10-50 million dollars (200 corporations) (82 corporations) (118 corporations) Year or quarter Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Annual 1939 10,591 1,209 997 722 9,008 1,071 883 656 1,583 139 114 67 1940 13,006 1,844 L.273 856 11,138 1,638 1,127 772 1,869 206 146 83 1941 18,291 3,156 L,519 947 15,691 2,778 1,329 854 2,600 378 190 93 1942 21,771 3,395 1,220 760 18,544 2,876 1,056 672 3,227 519 164 88 1943 28,240 3,683 1,260 777 24,160 3,111 1,097 688 4,080 571 164 88 1944 30,348 3,531 1,255 848 25,851 2,982 1,091 755 4,497 549 164 93 1945 26,531 2,421 L.129 861 22,278 1,976 964 764 4,253 445 165 98 1946 21,562 2,033 .202 943 17,651 1,573 932 804 3,912 460 271 139 1947 31,144 4,099 2,521 1,167 26,015 3,423 2,105 1,000 5,129 676 416 167 1948 37,182 5,315 3,310 1,403 31,465 4,593 2,860 1,210 5,717 721 450 192 Quarterly 1947—1 7,020 999 604 246 5,828 843 509 216 1,192 156 95 30 2 7,649 978 598 271 6,362 807 495 235 1,287 171 104 35 3 7,694 989 614 265 6,412 819 508 226 1,282 170 105 38 4 8,781 1,133 706 386 7,412 954 593 322 1,369 179 1948—1 8,660 1,218 751 285 7,270 1,050 649 247 1,390 168 102 38 2 9,003 1,242 770 311 7,559 1,058 657 269 1,445 184 113 42 3 9,314 1,331 832 307 7,877 1,146 717 265 1,437 186 115 43 4 10,204 1,523 958 499 8,759 1,339 838 429 1,445 184 120 76 1949—i 9,398 1,341 823 343 8,086 1,202 739 303 1,312 139 84 40 2 9,441 1,220 750 354 8,187 1,101 677 312 1,254 119 73 42 3 9,502 1,313 799 332 8,224 1,181 715 293 1,277 132 84 39 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad Electric power Telephone Year or quarter O re p v i e n e r g n a u t e - P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r s ts d D e i n v d i- s O re p v i e n e r g n a u t- e P b t e r a o f x o f e i r t s e s P a t r a f o t x e f e i r t s s d D e i n v d i- s r O e p v in e e g r n a u t e - P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Annual 1939 . . 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 . . 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 1,537 374 180 168 1944 9,437 1,972 667 246 3,615 902 507 398 1,641 399 174 168 1945 8,902 756 450 246 3,681 905 534 407 1,803 396 177 174 1946.... 7,628 271 287 235 3,815 964 638 458 1,992 277 200 171 1947. . . . • 8,685 777 479 236 4,244 961 652 494 2,149 193 131 134 1948 . . 9,672 1,148 700 289 4,708 983 661 492 2,541 269 183 181 Quarterly 1947—i 2,040 167 92 42 1,075 289 191 115 527 67 44 40 2 2,113 190 123 50 1,028 247 166 115 478 29 21 32 3 2,178 177 104 37 1,024 196 135 111 555 38 27 32 4 2,354 242 160 106 1,118 228 160 129 589 58 39 30 1948—1 2,243 144 72 57 1,202 284 186 131 607 64 43 39 2 2,363 286 185 56 1,118 233 156 115 627 7J 48 44 3 2,555 395 246 53 1,146 211 143 115 641 64 44 47 4 2,510 323 197 122 1,242 255 176 132 666 69 47 50 1949—i 2,145 120 58 69 1,307 316 206 124 670 62 42 50 2 2,224 184 115 55 1,218 272 180 136 695 75 50 51 3 2,138 175 105 50 1,218 259 173 142 711 84 55 54 NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets as of the end of 1946. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Figures are for 30 large companies (which account for about 85 per cent of all telephone operations) and exclude American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. Data are obtained from the Federal Communications Commission, except for dividends, which are from published company reports. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); p, 1126 of the BULLETIN for November 1942 (telephone); and p. 908 of the BULLETIN for September 1944 (electric power). JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY [In millions of dollars] Annual Quarterly Industry 1947 1948 1949 1946 1947 1948 Nondurable goods industries Total (94 corps.)1 Sales 8,940 11,31313,364 2,816 3,161 3,219 3,289 3,324 3,532 3,245 3,049 3,179 Profits before taxes 1,426 1,787 2,208 437 490 546 553 543 565 501 400 451 Profits after taxes 908 1,167 1,474 287 333 356 362 362 394 325 259 295 Dividends 449 551 656 123 183 133 157 141 225 146 166 148 Selected industries: Foods and kindred products (28 corps.) Sales 2,715 3,231 3,447 792 915 835 861 846 904 804 792 837 Profits before taxes 435 421 410 98 115 96 104 99 111 85 89 100 Profits after taxes 254 259 257 59 73 61 64 60 71 52 54 63 Dividends 105 128 135 29 43 29 32 32 42 30 31 29 Chemicals and allied products (26 corps.) Sales 2,550 3,108 3,563 775 832 848 875 904 936 896 857 895 Profits before taxes 463 547 655 129 140 151 155 166 183 174 144 178 Profits after taxes. 283 337 408 80 89 91 95 104 119 105 87 109 Dividends. . . 180 215 254 54 59 53 58 59 85 64 66 68 Petroleum refining (14 corps.) Sales 2 0802,906 3,945 741 858 947 942 978 1,077 993 934 942 Profits before taxes 269 456 721 120 147 195 182 171 173 161 119 114 Profits after taxes 214 350 548 91 118 141 133 132 141 119 92 86 Dividends 92 127 172 21 51 33 45 29 66 31 47 31 Durable goods industries Total (106 corps.)2 Sales 12,623 19,83123,818 4,878 5,621 5,440 5,714 5,991 6,673 6,153 6,392 6,323 Profits before taxes 607 2,312 3,107 552 643 672 788 958 840 820 862 Profits after taxes 295 1,355 1,836 327 373 395 408 470 564 498 491 504 Dividends 494 615 746 141 203 152 154 166 274 196 188 184 Selected industries: Primary metals and products (39 corps.) Sales 5,429 7,545 9,066 1,831 2,077 2,060 2,100 2,306 2,601 2,431 2,175 2,050 Profits before taxes 451 891 1,174 201 227 248 237 304 385 370 269 228 Profits after taxes 270 545 720 122 141 150 145 185 240 220 161 130 Dividends .... 211 247 270 57 84 60 60 60 90 71 64 61 Machinery (27 corps.) Sales 2,310 3,963 4,781 984 1,165 1,091 1,198 1,140 1,351 1,138 1,181 1,122 Profits before taxes 37 443 569 110 136 131 144 118 177 126 113 115 Profits after taxes; -9 270 334 67 88 75 83 71 105 72 70 71 Dividends 97 113 126 26 37 27 28 28 42 33 32 31 Automobiles and equipment (15 corps.) Sales 3,725 6,692 8,093 1,653 1,925 1,865 1,951 2,056 2,221 2,151 2,601 2,708 Profits before taxes 37 809 1,131 200 236 247 251 305 327 301 387 462 Profits after taxes -8 445 639 114 118 142 146 175 176 180 229 267 Dividends 136 195 282 47 56 53 51 65 112 79 76 80 1 Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products (15); and miscellaneous (1). 2 Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment ©ther 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 billionsof dollars] Profits Profits Cash Undis- Profits Profits Cash Undis- Year before Income after divi- tributed Quarter before Income after divi- tributed taxes taxes taxes dends profits taxes taxes taxes dends profits 1939 . .. . 6.5 1.5 5.0 3.8 1.2 1947—3 31.3 12.3 19.0 7.1 11.9 1940. 9.3 2.9 6.4 4.0 2.4 4 . .. 32.8 13.0 19.8 7.3 12.5 1941. 17.2 7.8 9.4 4.5 4.9 1942 21.1 11.7 9.4 4.3 5.1 1948—1 33.0 12.8 20.2 7.6 12.6 1943 25.1 14.4 10.6 4.5 6.2 2 35.0 13.7 21.3 7.7 13.6 1944 24.3 13.5 10.8 4.7 6.1 3 36.6 14.4 22.2 7.9 14.3 1945 19.7 11.2 8.5 4.7 3.8 4 34.5 13.6 20.9 8.3 12.6 1946 23.6 9.6 13.9 5.8 8.1 1949—i 29.4 11.5 17.9 8.4 9.5 1 1 9 94 4 7 8 . . . 3 3 1 4 .8 6 1 1 2 3 .6 5 2 1 1 9 . 2 1 7 7 .9 0 1 13 2 . 2 1 2 3 l '2 2 8 6 . 0 4 1 1 1 0 . 0 6 1 1 7 5 . 0 8 8 8. 4 4 '8 7 . 6 4 1949 27.6 10.9 16.7 8.4 8.3 4 i 26.5 10.4 16.1 8.5 7.6 ' Revised. 1 Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data. Source,—Same as for national income series. .76 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars! End of month T d g d i r o e r o t e b s a c t s l t i b n d T e d t i a o e r e r t r e b i a e c n t l s t g t- Total 2 T M r b e a a il r s l k u s e r t y ab c l C i e e n a d e t d p r n e e t s u e b i f b s o t i s l - - f ic T is r n s e u o a e t s s e u s 1 ry Tr b e o a n s d u s ry N T o o n t m al a * rket s a b a U b o v l . n e i n S d g p . s s ubl T i t s c a r a n e x i v o s a i t s a s n e u u n g s e r d s s y S i p ss e u c e ia s l b in d N e d t i a e r e o r e r b n i c e n t - t s g t- s g t b e t e F u c e e e a u a r u d e r r r l a i i s l i y n t t n n i - g - e - s 1942—June 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3,015 7,885 454 4,549 Dec 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—June 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 Dec 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,225 1944—June 201,003 199,543 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,516 Dec 230,630 228,891 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 1,470 1945—June 258,682 256,357 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 2,326 409 Dec 278,115 275,694 198,778 17,037 38,155 22,967 120,423 56,915 48,183 8,235 20,000 2,421 553 1946—June 269,422 268,111 189,606 17,039 34,804 18,261 119,323 S6,173 49,035 6,711 22,332 1,311 467 Dec 259,149 257,649 176,613 17,033 29,987 10,090 119,323 56,451 49,776 5,725 24,585 1,500 331 1947—June 258,286 255,113 168,702 15,775 25,296 8,142 119,323 59,045 51,367 5,560 27,366 3,173 83 Dec 256,900 254,205 165,758 15,136 21,220 11,375 117,863 59,492 52,053 5,384 28,955 2,695 76 1948—June 252,292 250,063 160,346 13,757 22,588 11,375 112,462 59,506 53,274 4,394 30,211 2,229 69 Dec 252,800 250,579 157,482 12,224 26,525 7,131 111,440 61,383 55,051 4,572 31,714 2,220 51 1949—Jan 252,620 250,435 156,960 12,133 29 630 3,596 111,440 61,714 55,352 4,618 31,760 2,186 32 Feb 252,721 250,603 156,766 12,134 29,434 3,596 111,440 62,033 55,663 4,641 31,804 2,118 22 Mar 251,642 249,573 155,648 11,648 28,803 3,596 111,440 61,999 55,893 4,383 31,926 2,068 20 Apr...... 251,530 249,509 155,450 11,542 28,710 3,596 111,440 62,227 56,019 4,488 31,833 2,021 19 May 251,889 249,890 155,452 11,544 28,710 3,596 111,440 62,523 56,11*6 4,692 31,914 2,000 20 June 252,770 250,762 155,147 11,536 29,427 3,596 110,426 62,839 56,260 4,860 32,776 2,009 24 July 253,877 251,880 154,959 11,531 29,246 3,596 110,426 63,872 56,453 5,705 33,049 1,996 22 Aug..... 255,852 253,921 155,552 12,124 29,246 3,596 110,426 65,011 56,537 6,768 33,358 1,931 24 Sept 256,680 254,756 155,647 12,315 30,441 3,596 109,133 65,195 56,600 6,897 33,914 1,923 26 Oct 256,778 254,876 155,362 12,317 30,155 3,596 109,133 65,705 56,670 7,345 33,810 1,901 25 Nov.. 4.. 256,982 255,124 155,365 12,320 30,155 3,596 109,133 65,929 56,717 7,527 33,829 1,858 26 Dec... . 257,130 255,019 155,123 12,319 29,636 8,249 104,758 66,000 56,707 7,610 33,896 2,111 27 1 Including amounts held by Government agencies and trust funds, which aggregated 5.368 million dollars on Nov. 30, 1949. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service depositary bonds, Armed Forces Leave bonds, and 2^ per cent Treasury investment bonds, series A-1965, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING DECEMBER 31, 1949 [In millions of dollars] i On basis of daily statements of United States Treasury, In millions of dollars] Funds received from sales during Redemp- Amount tions and out- 1UU maturities Issue and coupon rate Amount Issue and coupon rate Amount Month standing at end of month All Series Series Series All Treasury bills l Treasury bonds—Cont. series E F G series J J J J F a a a a e n n n n b 2 1 1 5 6 2 9 2 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 0 0 0 0 0 . . ... 1,0 9 9 9 9 0 0 0 0 0 1 0 1 3 1 S D D J M u e e e a n p c c r e t . . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 2 1 1 1 2 - - - - - 5 5 5 5 5 4 3 5 4 5 3 3 . . . . . . . ' . , . . 2 . . . y . 2 . . 2 3 2 5 1 1 , , , 1 8 0 5 7 1 2 2 1 5 8 4 0 5 5 F J e is n u c d n a i e l n — g y : e 1 1 a 9 9 r 4 4 3 2 . . . . 2 1 1 0 , , 2 1 5 8 6 8 11 5 , , 7 9 8 9 9 4 3 8 , , 5 2 2 7 6 1 4 7 3 5 5 8 2 2, , 7 03 5 2 9 2 8 0 4 7 8 Feb 9 1950 1,002 June 15, 1952-55..• 2% 1,501 1944.. 34,606 15,498 11,820 802 2,876 2,371 Feb 16 1950 1,001 Dec. 15, 1952-54 ... .2 8,662 1945.. 45,586 14,891 11,553 679 2,658 4,298 F M M e a a b r r . . 2 9 2 3 , , 1 1 1 9 9 95 5 5 0 0 0 . . . . . 1 1 1 , , , 0 0 0 0 0 0 3 2 1 J J M u u a n n r e e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 3 5 4 - - - 5 6 5 5 0 6 3 3 3 . . . . • . 2 M .2 2,6 6 7 1 8 2 1 1 5 1 1 1 9 9 9 4 4 4 6 8 7 . . . . . 4 5 5 9 3 1 , , , 0 3 2 6 3 7 7 5 4 9 6 7, , , 2 2 6 3 1 0 5 2 8 6 4 4 , , , 2 7 0 8 2 3 7 6 9 3 4 3 0 0 6 1 7 0 2 2 1, , , 9 4 5 0 6 6 7 5 1 6 5 5 , , , 7 5 1 1 1 4 7 3 5 Mar. 16, 1950 903 Mar. 15, 1956-58..• 2% 1,449 1949.. 56.260 7,141 4,278 473 2,390 5 067 M M a ar r . 3 2 0 3 1 1 9 9 5 5 0 0 . . . 9 9 0 0 1 1 S S e e p p t t . . 1 1 5 5 , , 1 1 9 9 5 5 6 6 - - 5 5 9 9 3 . . .' 2 2 ~ 3 V / 3,8 9 2 82 3 1948—Dec 55,051 540 399 22 120 432 June 15, 1958-633.'.2% 919 1949—Jan. . . 55,352 647 438 29 180 476 June 15, 1959-624. 5,284 Feb.. .. 55,663 599 386 32 182 369 Cert, of indebtedness J D D u e e n c c e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 5 0 2 9 - - - 6 6 6 7 5 2 4 3 4 . . . • ' .2K 2% 3 2 1 , , , 1 4 4 8 1 7 5 8 0 M Ap a r r . . . . . .. . 5 5 6 5 , , 0 8 1 9 9 3 4 5 5 9 4 0 4 33 1 1 5 2 1 6 9 1 1 4 0 9 4 3 4 9 4 8 0 May... 56,116 433 322 18 93 415 Jan. 1, 1950 • 1M 5,695 Dec. 15, 1963-684.• 2% 2,831 June... 56,260 485 359 20 107 451 Feb. 1,1950 1,993 June 15, 1964-694.• 2% 3,761 July... 56,453 511 378 17 115 425 Mar. 1, 1950 '.in 2,922 Dec. 15, 1964-694. 2/^ 3,838 Aug 56,537 449 329 16 104 439 Apr. 1, 1950 , ,.IK 963 Mar. 15, 1965-704.'•2V2 5,197 Sept.... 56,600 398 299 13 86 411 June 1, 1950 5,019 Mar. 15, 1966-714.•2V2 3,481 Oct.... 56,670 388 289 13 86 396 July 1,1950 .IK 5,601 June 15, 1967-724..2% 7,967 Nov.... 56,717 383 286 14 84 415 Sept. 15, 1950 1,197 Sept. 15, 1967-72.. 2,716 Dec... . 56,707 495 377 16 103 466 Oct. 1, 1950 6,248 Dec. 15, 1967-724..2*2 11,689 Maturities and amounts outstanding December 31, 1949 Treasury notes Po b s o ta n l d S s avings 111 Year of All Series Series Series Series Apr. 1, 1950 . , . 3,596 maturity series E F G Mar. 15, 1954 .IK 4,653 Panama Canal Loan. 3 50 1950 1,002 1,002 1951 1,559 439 1,120 Treasury bonds Total direct issues 155,123 1952 3,984 3,984 Mar. 15, 1950-522..2 1,963 1953 6,816 5,558 200 1,058 Sept. 15, 1950-523. 2% 1,186 1954 8,784 6,267 505 2,012 S D e e p c t . . 1 1 5 5 , , 1 1 9 9 5 5 0 0-52..'.2 4 2 , , 9 6 3 3 9 5 Guaranteed securities 1 1 9 9 5 5 6 5 5 7 ,6 6 1 2 0 8 5 2 , , 0 5 1 9 8 3 5 6 3 1 7 6 2 2 , , 0 4 7 0 3 0 J S u e n p e t. 1 1 5 5 , , 1 1 9 9 5 5 1 1 - - 5 5 4 3 3 . . . '• 2 2% 7 1, , 6 9 2 8 7 6 F V ed a e ri r o al u s Housing Admin. 15 1 1 9 9 5 5 7 8 5 5 , , 4 7 2 4 1 8 3 2 , , 1 7 4 4 8 8 4 27 9 2 4 2 2, , 1 3 7 2 9 8 1959 5,646 3,318 296 2,033 1959 2,924 472 2,452 1 Sold on discount b^sis. See table on Open-Market Money Rates, 1961 1,542 219 1,323 p. 72. Unclassified. . 45 I 2 Called for redemption on Mar. 15, 1950. 3 Partially tax exempt. * Restricted. Total 56,707 I 1,440 33,754 3,610 17,858 JANUARY 1950 77 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Gross debt Held by banks Held >y nonbank investors TV End of interest- u month bearing Other State . S. Governsecurities Total Total m b C a e n o r m k ci s - a l » R F B e e a d s n e e r k r v a s e l Total v I id n u d a i- ls p I c a n a o n s n m u c ie e r - s - s M b a a v u n i t n u k g a s s l a r c t s a i o a s o t r o n i n p o c d s i o n a 2 - s - m l g e a o r e o n c n n v a d - t - l s S a m n p d e e c m i t a r l u a s g t e P n fu u ci n b e d l s i s c issues issues 1940—June... 47,874 48,496 18,566 16,100 2,466 29,930 10,300 6,500 3,100 2 500 400 4,775 2,305 1941—June... 54,747 55,332 21,884 19,700 2,184 33,448 11,500 7,100 3,400 2 400 600 6,120 2,375 1942—June... 76,517 76,991 28,645 26,000 2,645 48,346 18,400 9,200 3,900 5 400 900 7,885 2,737 1943—June... 139,472 140,796 59,402 52,200 7,202 81,394 31,700 13,100 5,300 15 500 1,500 10,871 3,451 1944—June... 201,059 202,626 83,301 68,400 14,901 119,325 46,500 17,300 7,300 25 900 3,200 14,287 4,810 1945—June... 256,766 259,115 105,992 84,200 21,792 153,123 59,800 22,700 9,600 30 900 5,300 18,812 6,128 1946—June... 268,578 269,898 108,183 84,400 23,783 161,715 64,100 25,300 11,500 25 300 6,500 22,332 6,798 Dec... 257,980 259,487 97,850 74,500 23,350 161,637 64,900 25,300 11,800 22 400 6,300 24,585 6,338 1947—June... 255,197 258,376 91,872 70,000 21,872 166,486 67,100 25,000 12,100 22 300 7,100 27,366 5,445 Dec... 254,281 256,981 91,259 68,700 22,559 165,722 66,600 24,300 12,000 21 200 7,300 28,955 5,397 1948—June... 250,132 252,366 85,966 64,600 21,366 166,400 67,000 23,200 12,000 20 700 7,800 30,211 5,53S Dec... 250,630 252,854 85,833 62,500 23,333 167,021 67,600 21,500 11,500 21,400 7,900 31,714 5,603 1949—June... 250,785 252,798 '82 ,343 '63 ,000 19,343 170 ,455 '68 ,900 20,900 11,600 '22 ,700 '8,000- 32,776 5,498 July... 251,903 253,902 '83 ,229 '64,700 18,529 '170,673 r69 ,100 20,700 11,600 '22 ,800 '8,000 33,049 5,471 Aug 253,945 255,879 '84 ,024 '66 ,500 17,524 '171,855 '69 ,200 20,600 11,600 '23 ,600 '8,100 33,358 5,492 Sept... 254,783 256,709 '84 ,510 '66 ,500 18,010 '172,199 '69 ,200 20,500 11,600 '23 ,300 '8,100 33,914 5,500 Oct.... 254,901 256,805 84,716 67,400 17,316 172,089 69,300 20,500 11,500 23,400 8,100 33,810 5,477 ' Revised. 1 Including holdings by banks in territories and insular possessions, which amounted to 300 million dollars on June 30, 1949. 2 Includes savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country. 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. The derived totals for banks and nonbank investors differ slightly from figures in the Treasury Bulletin because of rounding. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Interest-bearing public marketable securities. In millions of dollars] U.S. U.S. Total G ag o e v n t - . F e e ra d l - Com- M tu u a - l Insur- Total G ag o e v n t - . F e e ra d l - Com- M tu u al - Insur- End of month out- cies Re- mer- sav- ance Other End of month out- cies Re- mer- sav- ance Other st i a n n g d- t a ru nd st B se a r n v k e s b c a i n a k l s1 b i a n n g k s s p c a o n m ie - s st i a n n g d- t a ru n s d t B se a r n v k e s b c a i n a k l s1 b i a n n g k s s p c a o n m ie - s funds funds Type of Treasury bonds security: and notes, due or callable: To 1 1 1 ta 9 9 9 l 4 4 4 :* 7 8 9 — — — D D J J u e e u n c c n e e.... 1 1 1 1 5 5 6 6 7 5 0 5 , , , , 4 1 3 7 9 6 7 9 6 0 3 1 5 5 5 5 , , , , 2 4 4 3 6 0 7 7 1 2 7 4 2 2 2 1 2 1 3 9 , , , , 5 3 3 3 5 6 3 4 9 6 3 3 6 5 5 5 1 6 7 5 , , , , 2 3 5 3 3 9 7 5 7 9 0 3 1 1 1 1 1 1 0 1 , , , , 5 5 8 0 5 2 7 2 2 2 7 9 2 2 1 1 2 1 9 9 , , , , 8 7 8 0 9 0 1 9 5 5 9 0 4 4 4 4 2 2 2 4 , , , , 6 7 0 1 3 8 7 5 7 7 9 4 Wi 1 1 1 t 9 9 h 9 4 4 i 4 n 7 9 8 — — — 1 D D J y J u e e e u n c c a n e r e : .... 1 1 1 1 1 0 4 3 , , , , 2 2 2 4 2 1 6 1 6 6 3 1 9 6 4 1 8 9 9 9 2 1 , ,6 0 9 8 9 7 8 6 3 0 2 1 8 5 5 7 , , , , 5 2 9 0 7 2 2 4 1 1 2 4 2 2 2 1 3 3 6 7 2 6 6 1 3 2 3 3 1 2 8 7 6 9 5 3 3 3 4 2 , , , , 1 9 6 5 2 5 7 5 5 6 3 5 S O e c p t t 1 15 5 5 5 , , 3 6 7 6 6 1 5 5, , 3 3 5 7 5 81 1 8 7 , , 0 3 1 1 0 66 5 0 9 , , 3 47 0 6 5 1 1 0 0 , , 9 8 2 6 4 01 1 8 8 , , 5 6 5 3 8 5 4 4 2 3 , , 9 2 8 3 2 8 A Se u p g t 1 1 1 6 , , 2 0 2 5 6 9 4 6 6 4 1,1 9 4 2 2 2 1 7 0 , , 2 4 1 0 8 9 2 32 2 5 8 3 6 4 1 4 6 2 3 , ,5 46 0 8 3 Tre 1 a 9 s 4 u 7 r — y D bi e l c ls: 15,136 1811,433 2,052 25 154 1,454 Oct 16,059 64 1,142 10,575 309 581 3,388 1948—June 13,757 15 8,577 2,345 58 112 2,650 _ 1949— D J e u c ne.... 1 1 1 2 , , 5 2 3 2 6 4 6 6 9 3 4 5 , , 3 4 4 8 6 7 2 2, , 8 7 1 9 7 4 5 1 0 3 6 8 0 4 3 4, , 2 7 3 4 7 0 1— 1 19 9 5 4 4 8 y 7 — e — ar J s u D : n e e c... 4 46 9 , , 1 9 2 4 4 8 3 3 4 1 4 8 2 1 , ,3 6 7 3 7 63 3 0 3 , , 5 4 8 1 0 5 1 1, , 8 8 2 7 9 6 3 2, , 7 0 9 4 0 6 9 7 , , 8 97 9 1 0 Sept 12,315 69 4,342 3,730 18 51 4,105 Dec 44,053 226 3,25828,045 1,769 2,501 8,254 Oct 12,317 46 3,710 4,087 15 59 4,400 1949—June 39,175 212 2,12126,304 1,279 2,124 7,135 Ce 1 1 r 9 9 ti 4 4 fi 7 8 c — — at D D e J s e e u : c c ne.... 2 2 2 1 2 6 , , , 2 5 5 2 8 2 0 8 5 3 2 1 0 4 4 6 4 6 , , , 6 7 0 1 9 7 6 7 8 9 6 8 , , , 0 5 5 5 7 3 2 2 8 2 3 2 1 0 5 7 0 6 2 4 67 6 7 2 9 9 1 8 7 0 , , , 6 3 4 1 8 2 0 6 3 S O A e c u p t g t 3 3 3 3 9 3 , , , 0 1 0 4 7 4 9 5 9 2 1 1 1 8 8 2 7 7 2 1 1 , , , 6 6 1 5 5 2 8 8 12 2 2 2 6 2 , , , 6 6 5 4 3 1 8 6 8 1 1 1 , , , 2 1 1 7 4 3 7 4 0 2 1 1 , , , 0 6 6 3 3 3 3 1 0 5 7 5 , , , 7 0 7 9 1 9 1 7 5 1949—June.... 29,427 26 6,857 9,561 207 602 12,174 5—10 years: Sept 30,441 25 5,832 11,965 187 597 11,835 1949—Dec 10,270 370 426 6,090 576 880 1,928 Oct 30,155 27 5,772 12,181 168 572 11,435 1948—June 10,464 314 546 6,251 506 911 1,936 Treasury notes: Dec 10,464 314 434 6,314 520 997 1,885 1947—Dec 11,375 4 1,477 5,327 98 245 4,224 1949—June 15,067 532 584 6,587 2,002 1,732 3,630 1 19 9 4 4 9 8 — — D J J u e u n c n e e.... 1 3 7 1 , , , 5 1 3 9 3 7 1 6 5 47 7 1,9 3 7 6 5 9 8 9 1 3 4 1 , , , 0 8 5 0 9 3 1 9 1 9 8 4 8 4 1 2 1 1 2 0 6 3 4 6 4 2 1 , , , 5 2 9 4 5 8 4 5 4 A S O e u c p g t t ..... 1 1 1 5 5 5 , , , 0 0 0 6 6 6 7 7 7 5 5 5 3 3 3 1 1 1 5 5 5 8 8 8 4 4 4 6 6 6 , , , 6 6 7 9 7 5 3 0 4 1 1 1 , , , 9 9 9 7 7 8 2 7 8 1 1 1 , , , 7 7 7 4 5 3 9 3 0 3 3 3 , , , 5 4 5 4 9 3 1 1 8 Sept 3,596 41 298 1,909 38 98 1,212 Oct 3,596 41 298 1,937 37 94 1,189 After 10 years: Treasury bonds: 1947—Dec 54,757 4,393 834 5,003 8,60618,21117,710 1947—Dec 117,863 5,173 2,85347,424 11,22622,21328,974 1948—June 53,838 4,685 2,921 3,922 8,63917,12916,542 1948—June.... 112,462 5,336 6,20642,146 11,04720,88026,847 Dec 53,838 4,710 7,215 3,541 8,04815,23015,094 Dec 111,440 5,34010,97740,371 10,486 18,89125,375 1949—June.... 48,554 4,455 4,452 3,933 7,29314,17914,242 1949—June.... 110,426 5,201 7,78042,042 10,76818,31526,320 Aug 48,554 4,461 4,452 3,993 7,27313,97714,398 Sept 109,133 5,207 7,53841,852 10,680 17,88025,976 Sept 48,554 4,467 4,452 4,023 7,27813,98114,353 Oct 109,133 5,205 7,53642,081 10,63817,82425,849 Oct 48,554 4,465 4,450 4,042 7,25913,97614,362 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings banks. 2 Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 78 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] On basis of daily statements of United States Treasury Cash operating Increase (+) or General fund of the Treasury (end of period) during period Assets y m F e i o a s r n c a t o h l r c N e r i e e p - t ts p B t e u u e n r x d e d - g s i e - t s B ( d u + e ( u r - ) f d p ) ic g l o u i e t r s t c T o e a r t u u c c n - . s i t t s c C o i a l n u c e g - n ar t - 1 G d r e o b s t s G ba f e u l n a n e n d r c a e l f a g B e u n i e r a n n a c n l d l e - - Total s F D e R e e r r e e a d v - p l - e osi d t S s c e p i p i a e n o l - s- a O s t s h e e ts r T b t l o i i i e a l t i s - a - l c C o i a n m s - h e o C u a t s g h o i ( E n o + ( x c u - ) o c t ) g e m o s o e s r Banks2 itaries Fiscal year: 1947 40,043 39,289 +754 —1,103 +555 —11 136 —10,930 3 308 3,730 1,202 962 1 565 422 43 59136 931 +6 65§» 1948 42,211* 36,791 +5,419 +2,706 —507 —5,994 +1,624 4,932 5,370 1,928 1,773 1,670 438 45 40036 496 +8,903 1949 38.246 37,057 +1,189 —3 495 +366 +478 — 1 462 3 470 3,862 438 1 771 1 653 392 41 62840 577 +1 051 1948—Dec.. . 4,014 3,603 +410 -718 -163 +294 -177 4,208 4,630 1,123 1,909 1,599 422 4,106 4,235 -128 1949—Jan... 3,579 2,968 +611 -321 +340 -179 +451 4,659 5,042 1,514 1,735 1 ,793 383 3,683 2,855 +829 Feb.. . 3,381 2,646 +736 -154 -51 +101 +631 5,291 5,719 1,423 2,688 1,607 428 3,893 3,259 +635 Mar. . 5,435 3,621 +1,814 -345 +87 -1,080 +476 5,767 6,123 1,482 2,924 1,717 357 5,555 3,850 +1,704 Apr.. . 1,340 2,748 -1,408 —465 +213 -111 -1,771 3,995 4,428 1,226 1,563 1,639 433 1,430 3,130 -1,699 May. . 1,945 2,822 -877 +9 -324 +359 -833 3,163 3,526 628 1,313 1,586 363 2,595 3,709 -1,114 June. . 4,767 4,579 +188 -588 -173 +881 +308 3,470 3,862 438 1,771 1,653 392 4,798 4,550 +248 July.. 1,946 3,434 -1,488 +30 +218 + 1,107 -133 3,337 3,699 529 1,485 1,684 362 2,081 2,964 -883 Aug... 2,479 3,585 -1,106 +345 -133 +1,975 +1,081 4,418 4,767 610 2,513 1,644 349 3,150 3,715 -566 Sept.. 4,832 3,995 +837 -404 +20 +828 +1,281 5,699 6,080 1,176 3,226 1,679 381 4,915 P3,848 P+1,067 Oct... 1,881 3,111 -1,230 +10 +160 +98 -962 4,737 5.080 595 2,831 1,654 343 2,046 P3, 268 P-1,222 Nov. . 2,344 3,127 -783 +299 -36 +204 -315 4,422 4,789 517 2,632 1,641 367 2,965 P3,430 P-465 Dec.. . 4,191 3,722 +469 -272 -88 + 148 +257 4,679 5,033 841 2,557 1,635 354 DETAILS OF TREASURY RECEIPTS On bassis of daily statements of United States Treasury On basis of reports by collectors of nternal revenue Income taxes Deduct m Individual Corporation income Excise F o i r s c m al o , y n e th ar b p W y l h o e i e y t l m d e h r - s - Other i r n e n c M v t e e e e o l i r l n s u a n - u s - a e l S S t r a o e i x c c ty i e u a s - l c O e r t i e h p - e ts r 5 c T e r o i e p t - a t l s R t e a o f x u f e n s ds e S t m S m a e o x c p e c u e l n i o s r a t i y l 8 t - y c N e r i e e p - t ts W i h n e c it l o d h m - e O ta t x h e e s r N a s n u o a d r r n t m d a p x a r l ofits E p o r a x t t o a n h c f x d e e it s e r s s s t t a a g E a n x i s f t d e e - t s m la o t a a n i t s n h x e c d e e o e r s u l- s Fiscal year: 1947 10,013 19,292 8,049 2,039 5,115 44,508 3,006 1,459 40,043 9,842 9,501 6,055 3,622 779 7,285 1948....... 11,436 19,735 8,301 2,396 4,231 46,099 2,272 1,616 42,211 11,534 9,464 9,852 323 899 7,412 1949 9,842 19,641 8,348 2,487 2,456 42,774 2,838 1,690 38,246 10,056 7,996 11,343 211 797 7,585 1948—Dec 714 2,328 702 134 184 4,062 41 7 4,014 34 343 1,960 18 65 678 1949—Jan 609 2,152 638 56 220 3,675 58 38 3,579 640 1,913 391 19 64 547 Feb 1,276 1,414 654 438 152 3,935 273 280 3,381 1,922 905 292 33 53 596 Mar.... 757 4,342 720 170 143 6,133 672 26 5,435 156 1,846 2,529 24 105 646 Apr.... 562 747 644 81 273 2,306 891 75 1,340 908 286 406 10 63 537 May... 1,119 424 656 410 141 2,751 414 391 1,945 1,465 140 232 10 66 645 June. . . 674 3,145 704 139 266 4,928 155 6 4,767 33 975 2,159 12 53 647 July.... 554 655 653 65 135 2,061 57 58 1,946 828 167 485 8 48 587 Aug.. .. 1,161 407 749 404 196 2,917 57 381 2,479 1,556 99 270 7 61 713 Sept 657 3,237 714 147 131 4,885 45 7 4,832 26 991 2,256 11 73 645 Oct.... 564 496 753 65 114 1,993 49 62 1,881 952 122 348 8 53 688 Nov.... 1,134 355 722 356 161 2,727 46 337 2,344 1,403 90 226 6 56 672 Dec.... 695 2,520 720 141 180 4,255 59 5 4,191 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS Or basis of daily statements of United States Treasury Budget expenditures Trust accounts, etc Social Security Other accounts F o is r c m al o y n e th ar Total N de a f t e io n n se al e I d n s e t t e b o r t n - f I i i n n n a o a a a n t n i e n d t d a - r c l - e t e m r V A r a a i t e d n n i t - o i - s s n ' - a t A c u g t u o i r r l d e i - - T c t o f r r a e t a u u c o r n - s n s t s ts - Other c N e r i e e p - t ts m v I e e n s n - t t - s p tu E en r x e d - s i- ce R i e p - ts m v I e e n s n - t- ts E F C c E o o o r x o n e p p o i e e g m n r n - i d c i Other ation Fiscal year: 1947 39,289 16,766 4,958 4,928 6,442 1,226 1,361 3,607 3,235 1,785 1,509 3,009 1,577 2,476 1948 * 36,791 11,364 5,211 4,143 6,317 782 <4,178 4,797 3,918 2,210 1,640 * 5,598 850 2,109 1949 37,057 11,809 5,339 3,011 6,791 2,661 916 6,530 3,722 1,479 2,252 1,992 832 3,000 1,646 1948—Dec 3,603 1,017 1,112 153 554 285 1 482 208 292 158 105 8 499 74 1949—jan. 2,968 1,043 319 200 527 269 73 536 139 -42 189 99 22 237 153 Feb 2,646 930 141 276 545 137 2 614 430 11 195 114 24 326 141 Mar 3,621 1,109 589 505 639 261 1 516 57 88 252 115 12 30 135 Apr. 2,748 1,043 178 125 547 189 75 592 182 -92 235 103 9 403 196 May . 2,822 950 125 272 584 438 30 423 592 18 233 120 38 282 132 June 4,579 1,159 1,570 524 517 161 19 630 270 392 254 504 385 77 253 July 3,434 987 322 478 489 64 413 681 489 199 243 100 24 93 Aug. . . . 3,585 1,134 125 421 518 327 330 730 637 46 262 395 265 114 Sept 3,995 985 544 455 440 495 419 657 37 151 265 513 425 113 Oct. 3,111 959 255 389 504 242 85 676 172 —92 232 114 6 129 Nov. 3,127 1,024 306 353 540 212 7 686 562 13 256 97 9 82 Dec. 3,772 Pl.099 1,008 P353 515 P310 P-26 *464 48 77 277 68 -25 60 Preliminary. 1 Excess of receipts (+) or expenditures (—). 2 Excluding items in process of collection beginning with July 1947. 3 For description, see Treasury Bulletin for September 1947 and subsequent issues. 4 Including 3 billion-dollar transfer to Foreign Economic Cooperation Trust Fund from which expenditures are made in later months. 6 Including surplus property receipts and receipts from renegotiation of war contracts, which for fiscal years 1947-1949 amounted to 2,886, 1,929 and 589 million dollars and 279, 161 and 57 million, respectively. 6 These are appropriated directly to the Federal old-age and survivors insurance trust fund. JANUARY 1950 79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets other than interagency items * Liabilities, other than interagency items Invest- Bonds, notes, U. S. Corporation or agency Total Cash L c a r e o b e i a l - v e n - s m m C p s t a l i u o o a n i e p e m t d s d e - s , i , - - - G U s r e i o t . c i S v u e m . t s - . en O s r ts i e t t c h ie u e s - r 2 L s e t m u t a q a r r n e u u n e d n i c d s p t - , , - O s a t e h s t - s er a t F g U n u a u u b t r . n e a y l e S d l e r s y . - d p d a e O y be a th n b e - le r O li i a t t i h b e i e s l r - i m G n e e r t o e s e n n v t r - t - - o v in P w a e t r t s e n i e t - r e l - y d All agencies: Dec. 31, 1948. 21,718 63011,692 627 1,854 3,518 3,060 337 965 1,66318,886 166 Mar. 31, 1949 22,324 47512,228 674 2,077 3,515 3,049 307 884 1,92719,320 170 Tune 30, 1949 22,232 51411,770 1,140 2,004 3,508 2,946 351 865 1,48719,682 172 Sept. 30, 1949. . ... 22,594 37911,720 1,596 2,069 3,501 2,933 396 856 1,074 20,460 177 Classification by agency, Sept. 30, 1949 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 341 274 51 271 18 Federal intermediate credit banks 655 551 600 49 Production credit corporations 64 24 (3) 63 Agricultural Marketing Act Revolving Fund 2 1 () 2 Federal Farm Mortgage Corp 63 58 61 Rural Electrification Administration 1,277 1,232 (3) 1,277 Commodity Credit Corporation 2,321 834 1,411 338 1,972 Farmers' Home Administration 4. 367 260 5 363 Federal Crop Insurance Corp 42 5 38 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 701 339 340 243 96 158 Federal Savings and Loan Insurance Corp. 214 210 5 209 Home Owners' Loan Corp 312 288 14 296 Public Housing Administration 5 1,704 294 1,376 16 1,687 Federal Housing Administration 250 20 1 185 50 Federal National Mortgage Association 640 637 6 635 Reconstruction Finance Corporation: Assets held for U. S. Treasury 6 828 2 154 607 828 Other7 1,009 876 2 71 938 Export-Import Bank 2,176 2,160 (3) 107 2,069 Federal Deposit Insurance Corp 1,207 (3) 1,193 (3) 37 1,169 Federal Works Agency 171 89 71 8 163 Tennessee Valley Authority 852 1 821 14 838 All other8 7,396 114 3,805 3,385 43 12 7,384 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Sept. 30, 1949 Purpose of loan F M C F a e o o r d r m r p . t. . b c i m F n r a a e e e t n t e d d d e k r i i . - s - t B f o t o a p i r v n e e k r c s a o s - - m C C C r o o o e d m r d p i i - t . t y t R A r E t i i u f l d o i e r c m n c a a - l . - F A H e a d o r r s m m m ' . e - H O C L e o o o w r m s r a n ' p n e - . P H A u i o d n b u m g l s i . c - b h F l a o o e n m a d k n . e s R s n C t t e a F r i o c n o u i r o - c n c p n e - . - B p p I E o a m o x r n r - t - t k - o A th l e l r a c g A i e e l n l s - a Ju g 1 e n 9 a n e 4 l c l 9 3 i , e 0 s , To aid agriculture 66 551 278 956 1,233 527 (3) 5 3,616 3,847 To aid home owners 291 (3) 171 661 1,123 980 To aid industry: Railroads 117 3 120 120 Other . . 1 379 28 407 364 To aid financial institutions: Banks (3) 4 4 4 Other. . . . 339 8 347 368 Foreign loans 172 2,168 3,750 6,090 6,108 Other 295 91 108 494 488 Less: Reserve for losses 8 (3) 5 122 1 267 3 2 61 7 5 481 509 Total loans receivable (net)... 58 551 274 834 1,232 260 289 294 339 877 2,160 4,553 11,720 11,770 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. £ Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing program, and Public Housing Administration activities under the United States Housing Act, as amended. 6 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 7 Includes figures for Smaller War Plants Corp. which is being liquidated by the Reconstruction Finance Corp. 8 Figures for one small agency are for a date other than Sept. 30, 1949. NOTE.—Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures in recent years has been affected by (1) the adoption of a new reporting form and the substitution of quarterly for monthly reports beginning Sept. 30, 1944, and (2) the exclusion of figures for the U. S. Maritime Commission beginning Mar. 31, 1948. For back figures see earlier issues of the BULLETIN and Banking and Monetary Statistics, Table 152, p. 517. 80 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation I ( n p d h 1 u y 9 s s t 3 i r c 5 i a a - l 3 l 9 v p o r = o lu d m 1 u 0 c e t ) 0 i * o 1 n a 1 w C 9 a 2 o c r 3 d n o - e s n 2 d t t 5 r r u a ( c c v = t t a i s o l 1 u n 0 e) 0 2 E 1 m 9 p 3 l 9 o y = m 1 e 0 n 0 t3 F to a r c y - Freight D m ep e a n r t t- Con- W s h a o le lepay- carload- store sumers* com- Manu- rolls 3 ings* sales prices3 modity Year or month Total D ab u f l a r e - ctur N d es u o r n - - M era in ls - Total R d t e e ia n s l i - - o A th l e l r N t a c u g o u r r l n a i - - l - Factory 19 1 3 0 9 0 = 19 = 3 1 5 0 -3 0 9 9 u = ( 3 e v ) 5 1 a * 0 - l - 4 3 0 9 9 = 3 1 5 0 -3 0 9 p - r 1 = i 9 c 1 2 e 0 6 s 0 8 able Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 88 6 103.7 103 9 120 83 123 8 138 6 1920 75 93 60 83 63 30 90 89.4 104.1 124 2 129 99 143 3 154 4 1921 58 53 57 66 56 44 65 79 7 79 7 80 2 110 92 127 7 97 6 1922 73 81 67 71 79 68 88 84 4 88.2 86 0 121 94 119 7 96 7 1923 88 103 72 98 84 81 86 92.9 100.9 109 1 142 105 121 9 160 6 1924 82 95 69 89 94 95 94 91 7 93 7 101 8 139 105 122 2 93 \ 1925 90 107 76 92 122 124 120 94 1 97.0 107 3 146 110 125 4 103 5 1926 96 114 79 100 129 121 135 97 5 98.9 110 5 152 113 126 4 100 0 1927 . . 95 107 83 100 129 117 139 98.0 96.7 108.5 147 114 124.0 95.4 1928 99 117 85 99 135 126 142 98.1 96.9 109.8 148 115 122 6 96 7 1929 110 132 93 107 117 87 142 102 5 103 1 117 1 152 117 122 5 95 $ 1930 91 98 84 93 92 50 125 96.2 89.8 94.8 131 108 119.4 86.4 1931 75 67 79 80 63 37 84 87.1 75.8 71 8 105 97 108 7 73 0< 1932 58 41 70 67 28 13 40 77.2 64.4 49 5 78 75 97 6 64 8 1933. . . .. 69 54 79 76 25 11 37 77.5 71.3 53.1 82 73 92 4 65 9 1934 75 65 81 80 32 12 48 84.9 83.2 68.3 89 82 95 7 74.9 1935 87 83 90 86 37 21 50 88.5 88.7 78.6 92 88 98.1 80.0 1936 103 108 100 99 55 37 70 95.1 96.4 91.1 107 100 99 1 80 8 1937 113 122 106 112 59 41 74 101.4 105.8 108.9 111 107 102 7 86 3 1938. 89 78 95 97 64 45 80 95.4 90.0 84.7 89 99 100 8 78 6 1939 109 109 109 106 72 60 81 100.0 100.0 100 0 101 106 99 4 77 1 1940 125 139 115 117 81 72 89 105.8 107.5 113.6 109 114 100.2 78.6 1941 . . 162 201 142 125 122 89 149 119.4 132.8 164 9 130 133 105 2 87 3 1942 199 279 158 129 166 82 235 131.1 156.9 241.5 138 150 116 5 98 8 1943 239 360 176 132 68 40 92 138.8 183.3 331.1 137 168 123.6 103.1 1944 235 353 171 140 41 16 61 137.0 178.3 343 7 140 187 125 5 104 O 1945 203 274 166 137 68 26 102 132.3 157.0 293.5 135 207 128 4 105 8 1946 170 192 165 134 153 143 161 136.7 147.8 271 1 132 264 139 3 121 1 1947 187 220 172 149 157 142 169 143.2 156.2 326.9 143 286 159.2 152 1 1948. . 192 225 177 155 190 162 214 145.9 155.2 351.4 138 302 171.2 165.1 1947 December . . 192 190 230 173 156 197 161 227 145.0 157.4 159.0 355.8 149 '298 167.0 163.2 1948 January 193 189 229 178 154 191 152 223 145.5 157 8 157.4 348 1 144 "•293 168.8 165.9 February 194 190 226 180 155 187 152 215 145.1 156.6 156.3 343.8 138 >-295 167.5 161.0 March 191 188 229 177 142 181 148 208 145.3 156.8 156.5 346.6 130 ^292 166.9 161.6 188 186 217 177 147 181 154 202 144.6 153 8 152.3 334 9 130 r3G6 169.3 163 0 May 192 192 221 178 162 188 165 206 145.3 154.0 151.3 334.4 142 305 170.5 164.2 June ....«...« 192 193 222 179 159 201 177 220 145.9 154.9 153.3 345.6 139 307 171.7 166.4 July 186 187 219 169 153 205 187 219 146.3 155.8 153.5 346.5 138 '312 173.7 168.8 August 191 194 223 177 159 201 177 220 146.7 155.6 156.3 360.1 142 '308 174.5 169.8 September . ... 192 197 225 178 156 193 165 216 146.8 155.6 158.9 366.8 139 309 174.5 168.9 October 195 199 231 179 158 184 157 206 146.8 155 3 157 6 366 7 140 309 173.6 165.4 November 195 195 229 178 161 189 154 217 146.6 154.5 155.9 362.8 137 '291 172.2 164.0 December 192 190 231 173 156 180 145 209 146.2 152 1 153 5 360 7 137 *-302 171.4 162.4 1949 January 191 187 227 175 149 174 133 207 144.9 149.3 148.9 345.9 131 295 170.9 160.6 February 189 185 225 173 149 169 123 207 144.1 147.6 147.4 340.4 126 '283 169.0 158.1 Inarch . 184 181 223 168 136 175 130 212 143.4 145.6 145.3 332.8 120 278 169.5 158.4 April 179 177 212 162 148 177 141 206 142 8 143 4 141 8 319 2 127 r293 169.7 156 9 May . .... . 174 174 201 161 145 181 159 199 142.1 140.8 138.2 312.8 124 292 169.2 155.7 169 170 194 161 133 195 176 210 141.6 139.9 138.4 315.7 115 285 169.6 154.5 July . 161 163 185 154 123 209 200 217 141.0 138.9 136.9 312.8 110 ••280 168.5 153.5 August 170 173 '"193 165 129 229 228 230 141.5 139.6 141.1 »-323.0 115 283 168.8 152.9 O Se c p to te b m er ber 1 1 7 6 4 6 1 1 7 6 8 9 1 1 9 7 9 5 1 1 7 7 2 7 1 11 1 2 9 2 2 4 6 6 3 2 2 5 6 4 9 2 2 4 5 0 9 1 1 4 3 2 9. . 2 2 1 1 4 3 1 6 . . 3 8 1 1 4 3 3 8 . . 7 9 ^s.o 1 9 0 2 6 '• 2 2 8 7 9 6 1 16 6 8 9 . . 5 6 1 1 5 5 3 2 . . 6 2 November P172 P172 P180 P176 H38 P268 P263 P271P139.6 P135.6?136.9 321.3 115 276 168.6 151.6 «311.9 * Average per working day. e Estimated. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 82-85. For points in total index, by major groups, see p. 104. 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. 89. 3 The unadjusted indexes of employment and payrolls, wholesale commodity prices-, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 4 For indexes by Federal Reserve districts and other department store data, see pp. 91-94. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984? or department store sales, June 1944, pp. 549-561. 81 JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average=100] 1948 1949 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Industrial Production—Total 195 192 191 189 184 179 174 169 161 170 174 166 P172 Manufactures—Total . . 201 199 198 196 193 184 179 176 168 '17S 184 176 P178 Durable Manufactures 229 231 227 225 223 212 201 194 185 '193 199 175 PISQ 224 223 228 232 233 219 204 177 156 178 179 r103 P142 Pig iron 212 212 218 220 221 217 209 189 158 170 171 23 107 Steel 255 254 260 267 264 240 218 182 162 191 193 38 137 Open hearth 194 194 197 199 202 196 187 167 148 165 168 21 105 Electric 685 682 711 755 706 551 438 293 259 376 373 '162 359 Machinery...., 276 277 268 262 252 240 232 225 P.17 '216 224 226 P218 Transportation EQuiptnent . . . 238 246 244 241 240 235 220 240 249 '246 252 238 P206 Automobiles (including parts) . . . 203 208 209 206 204 203 184 211 225 '225 '231 216 (Aircraft; Railroad Equipment; Shipbuilding—Private and Government)2 Wonferrous Metals and Products ' 187 184 183 185 183 167 145 133 127 141 157 164 P161 Smelting and refining . . ... . . 175 183 186 200 210 209 200 193 180 174 175 167 P167 (Copper smelting; Lead refining; Zinc smelting; Fabricating . 192 185 182 180 172 151 123 108 105 128 150 162 P158 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 145 143 129 123 129 126 126 123 115 126 133 133 P146 133 131 117 107 119 118 120 114 104 115 119 116 139 Furniture . 169 168 154 154 150 144 139 139 136 148 159 166 Stone, Clay, and Glass Products 203 205 204 202 195 189 185 186 185 183 '183 183 P182 185 182 183 179 173 172 181 193 202 192 184 192 P184 Glass containers 189 184 189 184 178 179 189 206 223 204 195 204 193 Cement. . 195 212 208 222 208 213 196 195 190 183 189 182 191 172 173 180 176 171 164 157 152 140 145 '145 146 Other stone and clay products2 . . Nondurable Manufactures 178 173 175 173 168 162 161 161 154 165 172 177 Textiles and Products 164 156 160 157 142 129 123 126 120 140 '155 169 vl73 Textile fabrics 148 140 144 142 130 119 114 116 107 127 140 153 Cotton consumption . 122 114 123 125 120 111 103 105 87 111 127 134 138 N R y ay lo o n n a d n e d liv s e il r k ie c s onsumption 2 322 317 313 305 275 240 214 217 238 259 293 '318 338 Wool textiles 162 151 150 143 122 112 118 120 109 134 139 161 Carpet wool consumption 233 206 225 214 198 171 163 127 91 141 148 178 Apparel wool consumption 143 139 136 130 107 92 99 110 109 134 138 157 Wool and worsted yarn... . . 144 133 125 121 105 97 106 115 108 129 135 154 140 127 122 118 100 101 112 118 113 132 '128 141 Worsted yarn 149 143 130 126 112 92 98 111 102 126 145 174 W^oolen and worsted cloth 156 148 149 141 113 107 116 126 118 136 '140 163 Leather and Products . . . . . .. 102 100 108 113 113 106 101 105 96 110 115 108 P99 Leather tanning 100 103 103 107 99 96 95 97 84 91 100 97 Cattle hide leathers 110 114 114 122 110 108 109 110 98 104 112 106 Calf and kip leathers 80 89 88 85 80 74 76 75 55 69 77 81 Goat and kid leathers . . . 89 82 85 89 90 80 79 80 71 72 '84 85 87 87 93 86 78 76 69 79 70 78 87 93 Shoes 104 97 111 117 123 113 105 110 104 123 125 115 noo Manufactured Food Products 159 158 160 162 162 162 163 165 161 166 166 16.6 P157 Wheat flour 133 128 135 127 113 103 105 120 112 109 110 111 J»109 Cane sugar meltings 2 144 144 144 145 150 154 153 151 151 152 151 146 147 Butter 75 74 77 80 86 88 86 81 78 82 86 '843 86 Cheese 166 180 192 190 188 199 189 176 171 171 167 '162 176 143 135 126 130 146 161 166 167 173 172 158 140 135 p Preliminary. ' Revised. 1 In measurement of industrial production by the usual method, output of pig iron and steel ingots is used to represent output in the foundry products, heating apparatus, and other fabricating industries included in the iron and steel group. In October and November 1949 there were especially marked divergences between changes in activity in these lines and in output of pig iron and steel. Consequently, special adjustments were made in those two months which resulted in raising the iron and steel group index considerably. If computed by the usual method, the total index of industrial production would be 8 points lower in October 1949 and 3 points lower in November 1949; the indexes for total manufactures, durable manufactures, and iron and steel would be changed accordingly. 2 Series included in total and group indexes but not available for publication separately. 82 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average =100] 1948 1949 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Manufactured Food Products—Continued Meat packing 155 154 152 156 153 145 137 141 153 158 155 154 PPoorrk and lard 177 172 167 172 167 160 146 150 164 168 181 184 183 Beeff 135 143 147 154 155 145 144 144 147 148 146 133 132 Veal 144 134 115 112 111 106 101 114 127 139 134 129 133 Lamb and mutton. 108 98 92 87 71 55 58 68 77 80 83 85 81 Other manufactured foods 165 164 166 169 170 171 173 175 168 174 175 P175 P164 Processed fruits and vegetables. 140 142 138 136 154 155 156 173 139 '151 136 Confectionery 124 132 131 136 133 123 126 116 108 134 142 Other food products 179 175 179 183 181 183 185 185 185 187 191 188 P181 Alcoholic Beverages. 217 197 181 177 187 164 174 169 165 172 174 167 185 Malt liquor 181 185 168 156 176 152 163 161 171 169 166 143 169 Whiskey 112 131 119 118 106 91 84 60 42 44 69 72 77 Other distilled spirits. 334 278 328 294 249 271 285 277 200 292 182 194 146 Rectified liquors 443 287 235 283 295 247 270 267 257 314 369 387 Tobacco Products. 170 146 159 160 172 162 170 172 146 178 175 165 169 Cigars 130 97 102 100 99 98 98 117 101 111 125 123 120 Cigarettes 224 196 216 220 241 224 236 233 196 242 231 217 226 Other tobacco products. 68 63 66 66 68 65 71 69 61 78 76 72 67 Paper and Paper Products. 169 153 163 158 151 146 144 143 129 155 169 176 177 Paper and pulp 163 150 158 154 147 141 139 137 125 148 160 168 168 Pulp 188 173 188 183 175 166 165 159 147 171 179 192 191 Groundwood pulp 104 105 101 96 95 88 90 94 99 99 104 104 91 Soda pulp 107 104 107 108 106 100 97 80 87 99 102 112 113 Sulphate pulp 317 285 327 309 291 274 273 275 256 302 315 340 336 Sulphite pulp 149 137 145 145 142 135 135 122 104 124 133 144 107 Paper 159 146 153 149 143 138 135 134 122 144 157 164 165 Paperboard 195 167 182 174 163 162 162 164 142 184 203 206 210 Fine paper 2 Printing paper 165 160 157 158 155 151 149 142 133 150 161 168 167 Tissue and absorbent paper 162 158 161 157 160 152 142 139 141 144 157 170 168 Wrapping paper 150 142 151 147 138 123 115 117 109 123 136 150 150 Newsprint 98 100 99 98 99 97 100 99 97 97 94 96 94 Paperboard containers (same as Paperboard). Printing and Publishing.. 156 154 155 153 153 152 155 149 144 151 159 165 160 Newsprint consumption 148 148 153 149 151 154 161 156 156 151 156 162 153 Printing paper (same as shown under Paper). Petroleum and Coal Products. 227 231 228 221 213 209 207 202 198 203 "208 198 P205 Petroleum refining2 Gasoline 174 179 174 170 169 170 177 177 178 177 179 180 176 Fuel oil 200 204 206 194 186 169 166 154 159 168 180 182 P188 Lubricating oil 159 162 159 150 138 126 128 145 132 131 142 152 Kerosene 207 200 196 176 167 157 138 140 142 142 160 177 Other petroleum products 2. Coke 183 184 184 185 178 182 175 159 139 146 145 49 102 By-product coke 175 176 177 176 173 173 169 158 143 150 149 50 104 Beehive coke 460 466 455 504 319 477 385 202 18 33 23 7 23 Chemical Products. 257 257 257 250 245 237 234 233 228 236 240 >243 Paints 153 148 149 143 139 135 134 133 137 140 143 142 Rayon 306 311 309 309 300 265 259 249 252 256 275 293 •317 O In t d h u e s r tr c i h a e l m ch ic e a m l i p c r a o ls ducts 2. 449 450 447 435 427 417 406 404 392 388 •405 414 '419 Rubber Products... 203 200 193 188 182 177 178 178 175 178 176 192 '191 Minerals—Total. 161 156 149 149 136 148 145 133 123 129 119 112 P138 Fuels 167 164 156 155 137 148 149 135 126 134 122 121 '150 Coal 147 137 133 129 85 133 136 99 83 102 58 49 P130 Crud A B e n i p t t u e h m t r r a o in c le i o t u u e m s coal. 1 1 1 5 7 1 5 7 6 1 1 1 4 7 0 5 7 3 1 8 4 8 5 1 7 4 4 2 1 9 5 6 3 2 3 1 8 4 8 4 1 1 1 0 5 4 5 5 4 1 1 7 5 0 8 3 4 1 8 9 4 0 3 7 1 8 0 2 8 6 5 0 0 1 1 3 5 1 1 7 8 P P 1 1 1 6 1 3 1 7 3 Metals. 121 110 167 168 129 156 126 124 105 149 154 v57 P68 Metals other than gold and silver. 175 158 104 113 184 145 176 175 144 102 98 P62 Iron ore (Copper; Lead; Zinc)2 149 161 209 140 133 Gold Silver For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. JANUARY 1950 83 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average =100] 1948 1949 Industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Industrial Production—Total 195 190 187 185 181 177 174 170 163 173 178 169 P173 202 197 195 193 190 183 179 176 169 188 179 P179< 229 229 225 223 221 212 202 195 186 194 200 177 pirn 224 223 228 232 233 219 204 177 156 178 179 T103 142' 212 212 218 220 221 217 209 189 158 170 171 23 107 Steel •. • 255 254 260 267 264 240 218 182 162 191 193 38 137 194 194 197 199 202 196 187 167 148 165 168 21 105: 685 682 711 755 706 551 438 293 259 376 373 162 359' 276 277 268 262 252 240 232 225 217 '216 224 226 P218' 238 246 244 241 240 235 220 240 249 '246 252 238 P206 Automobile*? fincludinsr Darts) .• • 203 208 209 206 204 203 184 211 225 >"231 216 J>174 (Aircraft; Railroad equipment; Shipbuilding— 188 184 183 185 183 167 145 133 127 141 157 164 P161 Smeltin&r and rcfitiini? •«- ••«••*•*•« •.176 183 186 200 210 209 200 192 179 174 175 167 P\67 (Copper smelting; Lead refining; Zinc smelting; 192 185 182 180 172 151 123 108 io5 128 150 162 P158 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin 142 132 118 115 124 126 129 129 121 134 141 139 P143 128 113 100 96 110 116 124 124 113 126 132 125 134 169 168 154 154 150 144 139 139 136 148 159 166 208 199 192 187 185 186 190 188 187 r190 192 P187' Glass oroducts 187 172 181 175 173 172 190 191 196 197 188 196 185 191 171 185 179 178 179 202 204 214 212 199 210 195 211 193 169 168 171 202 206 209 209 207 219 211 206 178 178 166 166 163 160 156 151 140 149 150 154 P153 Nondurable Manufactures 179 171 170 168 164 159 160 161 156 170 178 181 PI 78 Textiles and Products 164 156 160 157 142 129 123 126 120 140 169 P173 Textile fabrics 148 140 144 142 130 119 114 116 107 127 140 153 P156 Cotton consumption 122 114 123 125 120 111 103 105 87 111 127 134 138 322 317 313 305 275 240 214 217 238 259 293 318 338 Wool textiles 162 151 150 143 122 112 118 120 109 134 139 161 Carpet wool consumption 233 206 225 214 198 171 163 127 91 141 148 178 Aonarel wool consumotion 143 139 136 130 107 92 99 110 109 134 138 157 144 133 125 121 105 97 106 115 108 129 135 154 Woolen varn . .. 140 127 122 118 100 101 112 118 113 132 128 141 Worsted yarn 149 143 130 126 112 92 98 111 102 126 145 174 ^Woolen and worsted cloth 156 148 149 141 113 107 116 126 118 136 140 163 EeSathsr and Products . 104 99 108 116 113 106 101 104 94 110 114 108 P100 103 102 104 115 99 96 95 95 80 90 98 98 Cattle hide leathers 115 114 116 131 110 108 109 105 92 101 110 107 Calf and kip leathers 83 88 86 89 79 72 73 76 55 72 76 83 Goat and kid leathers . 86 83 85 93 89 83 78 81 70 70 84 85 Sheep and lamb leathers 92 82 87 95 76 75 75 78 65 81 86 93 Shoes 104 97 111 117 123 113 105 110 104 123 125 115 noo h/lanufactured Food Products .... 161 153 148 146 145 148 156 165 172 189 178 P160 Wheat flour 134 127 135 128 111 99 101 115 111 108 120 118 P110 Cane sugar meltings 8 Manufactured dairy products 95 92 92 104 124 160 203 223 222 197 159 121 97 Butter 57 59 64 71 78 89 111 112 96 90 83 72 66 Cheese . . 125 129 142 156 170 207 253 250 210 191 171 146 132 103 104 102 117 143 182 230 230 201 177 146 113 97 P Preliminary. r Revised. 1 In measurement of industrial production by the usual method, output of pig iron and steel ingots is used to represent output in the foundry products, heating apparatus, and other fabricating industries included in the iron and steel group. In October and November 1949 there wereespecially marked divergences between changes in activity in these lines and in output of pig iron and steel. Consequently, special adjustments~ were made in those two months which resulted in raising the iron and steel group index considerably. If computed by the usual method, the total index of industrial production would be 8 points lower in October 1949 and 3 points lower in November 1949; the indexes for total manufactures, durable manufactures, and iron and steel would be changed accordingly. 2 Series included in total and group indexes but not available for publication separately. 84 FEDERAL RESERVE BULLETIN, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1948 1949 Industry Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Manufactured Food Products—Continued Meat packing , 173 181 179 149 141 134 138 139 140 134 145 155 172 Pork and lard 207 226 219 169 155 146 146 150 144 129 143 173 214 Beef 141 143 150 141 141 136 144 142 149 149 158 145 137 Veal 154 126 106 99 104 104 105 114 127 136 148 147 142 Lamb and mutton. 108 96 98 87 70 53 59 63 74 78 89 81 Other manufactured foods 172 161 152 153 151 152 157 165 176 203 206 H72 Processed fruits and vegetables. 129 111 90 86 85 94 102 133 181 '287 ^265 ^105 Confectionery, 146 134 135 137 123 102 97 86 89 144 184 Other food products 188 179 172 174 173 176 181 187 189 191 194 197 p'l90 Alcoholic Beverages. 212 174 153 159 173 163 182 1P0 188 179 179 180 169 Malt liquor 139 148 138 141 163 160 186 203 213 192 168 133 131 Whiskey. 112 131 119 118 106 91 84 60 42 44 69 72 77 Other distilled spirits. 702 306 213 176 162 162 171 172 116 158 249 503 307 Rectified liquors 443 287 235 283 295 247 270 267 246 257 314 369 387 Tobacco Products. 173 136 158 153 163 153 170 179 152 184 185 171 172 Cigars 130 97 102 100 99 98 98 117 101 111 125 123 120 Cigarettes 228 181 216 207 224 209 236 245 206 254 247 225 231 Other tobacco products. 70 . 56 65 64 68 65 71 71 61 75 81 77 69 Paper and Paper Products. 170 153 163 158 151 146 144 143 128 155 169 176 177 Paper and pulp 163 149 158 154 148 142 139 138 124 147 160 168 168 Pulp 189 173 189 183 176 167 166 159 145 169 177 191 191 Groundwood pulp 110 107 105 100 102 97 98 95 88 87 93 97 97 Soda pulp 107 104 107 108 106 100 97 80 87 99 102 112 113 Sulphate pulp 317 285 327 309 291 274 273 275 256 302 315 340 336 Sulphite pulp 149 137 145 145 142 135 135 122 104 124 133 144 107 Paper 159 146 153 150 143 138 135 134 121 144 157 164 165 Paper board 195 167 182 174 163 162 162 164 142 184 203 206 210 Fine paper 2 Printing paper 165 160 157 158 155 151 149 142 133 150 161 168 167 Tissue and absorbent paper 162 153 159 163 160 153 142 141 136 144 157 172 168 Wrapping paper 150 142 151 147 138 123 115 117 109 123 136 150 150 Newsprint 99 98 99 98 99 99 101 100 95 96 94 96 95 Paperboard containers (same as Paperboard), Printing and Publishing. 163 158 149 152 156 157 158 148 133 143 159 169 167 Newsprint consumption. 161 155 142 146 157 163 168 155 134 136 157 171 167 Printing paper (same as shown under Paper) . Petroleum and Coal Products 227 231 228 221 213 209 207 202 198 203 '208 198 P205 Petroleum refining * Gasoline 174 179 174 170 169 170 177 177 178 177 179 180 '176 Fuel oil 200 204 206 194 186 169 166 154 159 168 180 182 Lubricating oil 159 161 154 148 136 132 133 145 131 129 142 152 Kerosene 213 206 200 185 170 160 140 132 132 136 159 177 Other petroleum products a. Coke 183 184 184 185 178 182 175 159 139 146 145 49 102 By-product coke.......... 175 176 177 176 173 173 169 158 143 150 149 50 104 Beehive coke 460 466 455 504 319 477 385 202 18 33 23 7 23 Chemical Products. 258 258 255 251 248 239 233 230 225 226 237 244 P246 Paints 151 148 146 141 139 140 139 138 132 135 138 143 Rayon 306 311 309 309 300 265 259 249 252 256 275 293 O In t d h u er s tr c i h a e l m c i h c e a m l i p c r a o l d s ucts 2 449 450 447 435 427 417 406 404 392 388 '405 414 P419 Rubber Products... 203 200 193 188 182 177 178 178 175 178 176 192 Minerals—Total. 160 151 143 143 131 146 148 137 128 134 123 112 Fuels 167 164 156 155 137 148 149 135 126 134 122 121 P150 Coal. 147 137 133 129 85 133 136 99 83 102 58 49 P130 Bituminous coal. 155 145 145 142 93 144 144 104 80 108 60 31 P133 Anthracite , 116 103 88 74 52 88 105 78 93 82 50 118 P117 Crude petroleum 177 177 167 168 163 156 155 153 147 149 154 157 Metals. 114 77 68 76 93 134 142 150 r140 135 128 v61 P69 Metals other than gold and silver. 160 100 88 101 126 194 207 222 204 196 179 *>64 P7S ( I C ro o n p p o e re r; Lead; Zinc)2 225 93 74 81 110 260 302 340 324 305 267 18 P39 Gold Silver , For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753—771 and 825—882, JANUARY 1950 85 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] 1949 Industry group or industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total... 12,66© 12,457 12,232 12,093 11,924 11,746 11,535 11,459 11,378 11,439 11,574 11,203 11,105 Durable goods 6,908 6,783 6,626 6,508 6,392 6,260 6,092 6,041 5,978 5,985 "6,048 5,644 5,654 Primary metal industries 1,094 1,090 1,085 1,072 1,057 1,028 1,001 976 948 937 940 571 724 Fabricated metal products 812 789 759 745 722 702 690 686 688 698 '708 681 649 Machinery except electrical 1,193 1,173 1,149 1,127 1,102 1,061 1,009 972 948 "936 "940 928 921 Electrical machinery 640 633 617 601 579 560 543 521 521 '517 "534 544 543 Transportation equipment 1,046 1,042 1,038 1,021 1,017 1,009 958 998 1,014 1,012 "1,010 982 882 Lumber and wood products 754 724 677 668 666 666 672 679 669 "669 678 688 691 Furniture and fixtures 300 293 281 275 271 269 264 261 261 266 "276 280 276 Stone, clay, and glass products. . 455 449 438 431 423 416 416 407 406 410 "411 408 410 Instruments and related products 196 192 190 184 182 181 178 178 176 170 171 172 172 Miscellaneous manufacturing industries 394 374 368 361 350 345 340 342 328 "352 362 • 372 369 Ordnance and accessories 24 24 24 23 23 23 21 21 19 18 18 18 17 Nondurable goods....... 5,752 5,674 5,606 5,585 5,532 5,486 5,443 5,418 5,400 '5,454 "5,526 5,559 5,451 Textile-mill products. 1,233 1,218 1,188 1,172 1,133 1,095 1,092 1,083 1,096 1,114 1,142 1,168 1,165 Apparel and other finished textiles 1,053 1,020 1,005 1,024 1,020 1,029 1,001 999 992 1,030 "1,058 1,048 996 Leather and leather products... 355 350 350 352 351 348 344 348 349 '354 "352 348 335 Food and kindred products 1,190 1,180 1,181 1,175 1,176 1,180 1,189 1,186 1,175 1,165 "1,171 1,176 1,141 Tobacco manufactures 92 91 90 88 88 86 88 89 88 88 87 84 83 Paper and allied products 408 403 394 387 382 377 376 373 374 375 386 389 389 Printing, publishing and allied industries. 503 501 498 495 496 497 496 496 492 ••491 495 493 492 Chemicals and allied products. . 521 518 511 505 503 493 481 473 467 470 480 483 478 Products of petroleum and coal. 192 191 190 191 190 191 188 187 185 185 187 185 185 Rubber products 205 202 199 196 193 190 188 184 182 182 "168 185 187 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 12,775 12,578 12,201 12,074 11,904 11,616 11,324 11,337 11,211 11,561 '11,770 11,382 11,215 Durable goods 6,942 6,845 6,640 6,523 6,417 6,262 6,057 6,022 5,894 "5,947 "6,662 5,676 5,683 Primary Metal Industries 1,099 1,101 1,090 1,077 1,062 1,028 991 971 934 932 940 574 728 Blast furnaces, steel works and rolling mills 547 551 550 553 552 545 534 523 506 498 500 141 Nonferrous smelting and refining, primary 47 46 46 46 47 47 45 45 41 42 39 Nonferrous rolling, drawing and alloying 86 86 85 82 78 71 67 64 62 64 67 70 Fabricated Metal Products, 816 801 767 752 729 706 683 679 671 688 '708 684 652 Cutlery, hand tools and hardware 134 135 131 128 125 121 117 114 109 111 "114 116 Heating apparatus and plumbers' supplies 140 131 117 108 97 94 92 100 109 116 Fabricated structural metal products 170 169 165 163 160 157 156 156 155 155 156 Machinery except Electrical 1,187 1,179 1,155 1,133 1,108 1,066 1,014 977 939 '927 '935 923 916 Agricultural machinery and tractors 154 155 155 154 153 151 148 145 140 140 140 128 Metalworking machinery... 185 185 179 175 171 167 161 156 150 147 "149 148 Special-industry machinery , 155 154 152 149 146 135 129 124 123 119 Service-industry and household machines 152 147 140 137 135 127 108 105 99 98 102 108 Electrical Machinery 650 643 623 607 585 560 538 518 505 '507 '531 549 551 Electrical apparatus (generating, etc.) 245 240 234 233 227 220 209 200 196 197 201 203 Communication equipment. 226 226 217 207 196 189 185 181 176 173 182 Transportation Equipment...... 1,046 1,048 1,038 1,021 1,017 1,012 955 995 1,014 '998 '1,017 986 882 Motor vehicles and equipment. 669 670 665 649 646 649 601 646 670 '678 "686 66 S Aircraft and parts 183 186 190 190 192 192 187 187 192 185 191 188 Ship and boat building and repairing 108 106 102 100 98 93 92 88 86 '80 74 69 Lumber and wood products 754 720 667 655 659 659 672 686 676 '686 685 691 691 Sawmills and planing mills.. 443 420 387 380 385 389 399 410 407 415 "416 41 S Millwork, plywood, etc 105 104 98 95 94 94 92 94 92 95 96 Q0 Furniture and fixtures 305 297 284 278 274 268 259 257 253 263 '277 284 280 Household furniture 220 213 202 198 195 191 183 181 179 187 "199 Stone, Clay, and Glass Products. . 457 451 436 429 423 416 414 409 400 412 '413 410 412 Glass and glass products. .. 120 117 112 110 107 105 106 105 101 107 107 107 Structural clay products 7. . 79 79 76 75 73 73 73 73 72 72 72 71 Instruments and Related Products. 198 190 185 183 181 177 176 170 '169 172 174 174 Miscellaneous Manufacturing Industries 406 385 366 363 354 343 333 333 313 '347 366 383 380 Ordnance and Accessories 24 24 24 23 23 23 21 21 19 18 18 18 17 r Revised. NOTE.—Factory employment covers production (and related) workers only; data shown include all such workers employed full- and parttime during the pay period ending nearest the 15th of the month. Figures for November 1949 are preliminary. Back data and data for industries not shown, without seasonal adjustment,. may be obtained from the Bureau of Labor Statistics. Back data, seasonally adjusted, for groups and the total may be obtained from the Division of Research and Statistics. 86 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES—Continued [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] 1948 1949 Industry group or industry Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Nondurable goods ... 5,833 5,733 5,561 5,551 5,487 5,354 5,267 5,315 5,317 '5,614 '5,708 5,706 5,532 Textile-mill Products 1,245 1736 1,700 1,190 1 1*0 1 100 1,087 1,083 1,058 '1,092 n, 131 1 1,177 Yarn and thread mills 157 158 153 150 144 134 133 132 127 133 139 144 Broad-woven fabric mills 610 607 SQO 526 525 518 547 S6S Knitting mills 225 220 212 214 211 207 202 203 200 211 219 227 Apparel and Oth§r Finished Textiles... . 1,058 1,040 1,015 1,055 1,051 1, 008 956 959 942 1,040 1 1,001 Mens' and boys' suits, coats and overcoats 13S 13S 139 137 134 118 122 116 131 Men's and boys' furnishings 246 236 225 241 242 241 239 236 221 '235 246 251 Women's and misses outerwear 315 315 314 324 318 289 257 258 263 '306 '317 307 Leather and Leather Products . ... 357 3*4 3*4 359 348 332 339 342 r356 r354 3*0 337 Footwear (except rubber) 224 228 233 235 234 228 216 223 226 234 230 224 Food and Kindred Products 1,226 1 171 1007 1,073 1,060 1071 1,095 1,153 1,224 '1,350 rl,337 1 1,178 M^eat products 235 247 240 231 226 217 221 226 227 '229 230 236 Dairy products . . . .. 104 100 99 100 103 108 115 122 122 116 '110 104 Canning and preserving 173 147 118 108 110 125 131 169 220 339 230 Bakery products 197 196 190 189 185 186 188 192 191 194 196 108 Beverage industries 167 157 146 145 149 140 148 152 169 165 157 149 Tobacco Manufactures 97 93 90 88 85 82 82 84 82 91 92 88 Paper and Allied Products, ... 412 400 308- 391 386 377 372 369 365 371 30 r 393 Pulp, paper and paperboard mills 211 210 208 204 201 196 194 192 188 191 197 199 Printing, Publishing and Allied Industries. .. 508 509 500 497 496 495 494 494 485 r486 493 498 497 Newspapers 138 139 136 137 139 140 141 142 141 141 144 145 Commercial printing -. 167 170 169 166 164 163 162 164 162 161 163 167 Chemicals and Allied Products 529 *76 *10 513 40* 476 464 453 458 478 488 485 Industrial inorganic chemicals 56 56 56 55 55 53 53 52 51 50 50 52 Industrial organic chemicals . . 166 165 163 162 157 148 142 139 136 135 140 141 Drugs and medicines 60 60 62 62 61 61 60 60 59 60 61 62 Products of Petroleum and Coal 192 180 187 188 187 188 188 189 189 190 190 185 Petroleum refining 149 149 149 150 149 149 149 150 150 150 149 148 Rubber Products 209 206 201 197 194 190 185 181 177 180 168 187 191 Tires and inner tubes 94 93 91 89 89 89 .87 86 81 64 81 For footnotes see preceding page. HOURS AND EARNINGS OF FACTORY EMPLOYEES [Compiled by the Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week; (per week) (dollars per hour) Industry group 1948 1949 1948 1949 1948 1949 Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Manufacturing—Total 55.60 55.72 55.26 54 45 39.8 39.6 39.7 39.2 1.397 1.407 1.392 1.389 Durable goods 59.11 '58.84 58.03 56 85 40.4 39.7 39.8 39.1 1.463 '1.482 1.458 1.454 Primary metal industries 64.08 60.62 58.58 58 43 40.3 37.7 37.6 37.1 1.590 1.608 1.558 1.575 Fabricated metal products 59.10 '59.11 58.25 56 73 40.7 '40.1 39.9 39.1 1.452 1 .474 1.460 1.451 Machinery except electrical 62.02 '60.44 60.02 59. 17 40.8 '39.3 39.1 38.5 1.520 1.538 1.535 1.537 Electrical machinery 57.91 '57.88 58.01 56.95 40.3 40.0 40.4 39.8 1.437 '1,447 1.436 1.431 Transportation equipment 64.27 '67.13 64.75 62.99 39.0 40.1 39.1 37.9 1.648 1 .674 1.656 1.662 Lumber and wood products 52.53 52.' 79 54.08 52.03 41.2 40.7 41.7 41.0 1.275 1.297 1.297 1.297 Furniture and fixtures 50.02 '51.05 51.66 50.26 40.7 '41.2 41.9 41.3 1.229 1 .239 1.233 1.217 Stone, clay, and glass products 55.18 '54.75 55.19 54.89 40.6 39.7 40.2 39.6 1.359 1.379 1.373 1.386 Instruments and related products 54.90 '55.22 56.14 55.22 39.9 '39.5 39.9 39.3 1.376 1 ,398 1.407 1.405 Miscellaneous manufacturing industriei 51.33 '50.49 51.20 50.58 41.0 '40.2 40.6 40.5 1.252 1 .256 1.261 1.249 Ordnance and accessories 59.50 59.76 59.71 59.06 41.9 40.3 40.1 39.8 1.420 1.483 1.489 1.484 Nondurable goods 51.63 '52.59 52.51 51.78 39.2 '39.6 39.6 39.2 1.317 1.328 1.326 1.321 Textile-mill products 45.49 45.86 47.16 47.28 38.0 38.6 39.5 39.5 1.197 1.188 1.194 1.197 Apparel and other finished textiles.... 43.24 '44.02 42.86 40. 13 36.0 36.9 36.6 35.8 1.201 1 .193 1.171 1.121 Leather and leather products 40.88 '41.99 41.57 40.30 35.7 36.8 36'. 4 35.6 1.145 1 .141 1.142 1.132 Food and kindred products 53.25 53.50 53.88 53.57 41.8 41.7 41.8 41.4 1.274 1.283 1.289 1.294 Tobacco manufactures 37.07 '38.36 37.86 38. 14 37.9 38.9 38.2 37.8 .978 r.986 .991 1.009 Paper and allied products 57.27 '57.77 58.31 57.83 42.9 '42.7 43.1 42.9 1.335 1 .353 1.353 1.348 Printing, publishing and allied industrie) 68.36 '72.14 71.08 70.41 39.2 '39.1 38.4 38.1 1.744 1.845 1.851 1.848 Chemicals and allied products 57.92 '59.66 59.55 59.27 41.7 '41.4 41.7 41.3 1.389 1 .441 1.428 1.435 Products of petroleum and coal 72.60 '74.43 74.09 72.04 40.4 41.1 41.0 40.0 1.797 1 .811 1.807 1.801 Rubber products 58.20 '60.97 59.53 57.68 38.7 40.3 39.4 38.2 1.504 1 .513 1.511 1.510 ' Revised. NOTE.—Data are for production and related workers. Figures for November 1949 are preliminary. Back data are available from the Bureau of Labor Statistics. JANUARY 1950 87 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade i Finance Service * Sta l t o e c , a a l nd utilities government 1941.... 36,164 12,974 947 1,790 3,248 7,567 1,462 3,554 4,622 1942 39,697 15,051 983 2,170 3,433 7,481 1,440 3,708 5,431 1943 42,042 17,381 917 1,567 3,619 7,322 1,401 3,786 6,049 1944 41,480 17,111 883 1,094 3,798 7,399 1,374 3,795 6,026 1945 .. 40,069 15,302 826 1,132 3,872 7,685 1,394 3,891 5,967 1946... 41,412 14,461 852 1,661 4,023 8,815 1,586 4,408 5,607 1947 43,371 15,247 943 1,982 4,122 , 9,196 1,641 4,786 5,454 1948 44,201 15,286 981 2,165 4,151 9,491 1,716 4,799 5,613 • SEASONALLY ADJUSTED 1948—October 44,468 15,320 998 2,223 4,195 9,533 1,737 4,787 5,675 November 44,403 15,250 998 2,242 4,170 9,500 1,738 4,782 5,723 44,276 15,055 1,003 2,245 4,158 9,537 1,741 4,781 5,756 1949.—January 43,881 14,816 997 2,215 4,090 9,479 1,740 4,771 5,773 February . 43,657 14,671 995 2,164 4,059 9,465 1,744 4,784 5,775 March 43,445 14,501 987 2,140 4,008 9,497 1,749 4,792 5,771 April 43,263 14,316 987 2,121 4,008 9,516 1,748 4,792 5,775 May 43,027 14,095 975 2,116 4,024 9,475 1,754 4,804 5,784 June 42,896 14,007 965 2,100 4,003 9,456 1,756 4,786 5,823 July- 42,711 13,917 936 2,128 3,968 9,383 1,754 4,779 5,846 August '42,864 '13,979 949 2,167 '3,947 '9,420 1,762 '4,788 5,852 September r43,068 14,109 944 '2,188 '3,939 '9,453 1,779 '4,784 5,872 October 42,173 13,721 591 2,200 3,879 9,384 1,785 4,768 5,845 November...'.. 42,294 13,627 926 2,201 3,899 9,279 1,782 4,760 5,820 UNADJUSTED 1948—October 44,915 15,514 1,000 2,334 4,188 9,654 1,720 4,811 5,694 November 44,815 15,368 999 2,287 4,166 9,807 1,721 4,782 5,685 December . 45,282 15,174 1,002 2,200 4,158 10,273 1,724 4,757 5,994 1949—January 43,449 14,782 991 2,016 4,054 , 9,388 1,731 4,723 5,764 February 43,061 14,649 986 1,926 4,024 9,292 1,735 4,712 5,737 JVIarch 42,918 14,475 981 1,947 3,975 9,310 1,749 4,720 5,761 April .. .. . 42,966 14,177 984 2,036 3,991 9,478 1,757 4,768 5,775 May., 42,731 13,877 974 2,137 4,021 9,342 1,763 4,804 5,813 June 42,835 13,884 968 2,205 4,031 9,336 1,774 4,834 5,803 July 42,573 13,757 943 2,277 4,007 9,220 1,780 4,851 5,738 August '42,994 14,114 '956 2,340 '3,992 '9,213 1,780 '4,836 5,763 September '43,464 14,312 948 '2,341 '3,959 '9,409 1,770 '4,832 5,893 October 42,607 13,903 593 2,310 3,873 9,503 1,767 4,792 5,866 November....... 42,695 13,741 927 2,245 3,896 9,579 1,764 4,760 5,783 ' Revised. 1 Data for the trade and service divisions, beginning with January 1947, are not entirely comparable with data shown for the earlier period because of the shift of automotive repair services (230,000 employees in January 1947) from trade to services. NOTE.—Data include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. November 1949 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Year or month in T s o t t it a u l t n io o n n a - l T la o b t o a r l Employed 1 Unem- l N ab o o t r i n f o t r h c e e population force Total Total In nonagricul- In ployed tural industries agriculture 1941 101,370 57,380 55,910 50,350 41,250 9,100 5,560 43,990 1942 102,460 60,230 56,410 53,750 44,500 9,250 2,660 42,230 1943 . . .. 103,510 64,410 55,540 54,470 45,390 9,080 1,070 39,100 1944 104,480 65,890 54,630 53,960 45,010 8,950 670 38,590 1945 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40,230 1946 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1948—November 108,948 63,138 61,724 59,893 51,932 7,961 1,831 45,810 December 109,036 62,828 61,375 59,434 52,059 7,375 1,941 46,208 1949—January 109,117 61,546 60,078 57,414 50,651 6,763 2,664 47,571 February 109,195 61,896 60,388 57,168 50,174 6,993 3,221 47,298 March 109,290 62,305 60,814 57,647 50,254 7,393 3,167 46,985 April 109,373 62,327 60,835 57,819 49,999 7,820 3,016 47,046 May 109,458 63,452 61,983 58,694 49,720 8,974 3,289 46,006 June 109,547 64,866 63,398 59,619 49,924 9,696 3,778 44,683 July 109,664 65,278 63,815 59,720 50,073 9,647 4,095 44,385 August ......... 109,760 65,105 63,637 59,947 51,441 8,507 3,689 44,655 September 109,860 64,222 62,763 59,411 51,254 8,158 3,351 45,638 October 109,975 64,021 62,576 59,001 51,290 7,710 3,576 45,953 November 110,063 64,363 62,927 59,518 51,640 7,878 3,409 45,701 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 88 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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] Total R b es u i i d ld e i n n t g ial Nonresidential building P a u n b d li c p u w b o li r c ks Month Factories Commercial Educational Other utilities 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 January.....,.. 615.2 483.0 238.1 159.1 54.1 43.6 74.5 62.6 58.7 38.1 53.3 77.6 136.6 102.0 February..... 682.0 568.5 232.3 193.1 71,9 37.8 75.5 58.8 37.8 44.7 87.2 80.6 177.3 153.5 March. 689.8 747 6 276.5 251.8 55.3 66.2 78.5 88.4 50.3 60.4 65.0 112.4 164.3 168.4 April.., 873.9 845.9 351.6 307.2 82.2 43.8 88.8 92.0 55.4 68.4 111.2 112.2 184.7 222.4 May 970.8 885.4 369.8 351.3 91.9 51.5 103.3 68.5 83.8 76.0 117.0 124.6 205.0 213.5 June 935.2 949.9 355.3 375.0 103.8 45.4 83.1 70.9 63.5 81.4 113.8 138.3 215.7 239.0 July... 962.7 947.8 349.7 344.8 72.9 41.5 106.3 73.4 103.1 91.2 112.8 144.2 217.9 252.7 August..... 854.1 911.0 337.6 398.7 77.7 41.1 77.8 64.4 55.8 72.9 97.4 99.6 207.8 234.3 September , 762.2 ,071.7 279.7 503.5 53.6 38.0 80.4 103.9 54.5 78.6 91.3 124.5 202.7 223.1 October... 778.6 ,061.8 296.8 500.7 70.7 48.9 83.8 82.8 48.4 83.6 113.5 141.8 165.5 204.0 November. 611.2 957.8 264.0 435.2 49.6 35.9 60.2 58.6 47.0 62.3 83.5 109.3 106.9 256.4 December 694.0 256.7 56.3 62.9 66.2 81.1 170.9 Year 9,429.6 . 3,608.0 839.8 975.0 724.6 1.127.1 2,155.2 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars! [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars 1 Total Public ownership Private ownership Month 1947 1948 1949 1947 1948 1949 1947 1948 1949 1949 1948 Federal Reserve district J F a e n br u u a a r r y y . . .. . . . 5 4 7 4 2 2 6 6 8 1 2 5 4 5 8 6 3 8 1 9 6 6 7 2 1 4 9 8 7 2 1 5 6 2 0 4 3 0 4 5 6 4 4 1 3 9 4 3 3 2 1 3 7 Nov. Oct. Nov. March... 597 690 748 143 181 282 453 509 466 J J N A A O S M D u u e c o e p u l a n p t y c v r g o y e t e i e b . e . u l m m e m . s r . b t b . b . . e e e . r . r r . . . . . . . . . 8 6 6 6 6 6 6 7 7 2 7 0 0 5 6 2 9 1 3 5 5 2 0 0 5 3 5 9 9 9 8 8 6 6 7 7 7 3 1 6 9 7 5 6 7 1 5 1 3 4 4 4 2 9 1 , , 9 9 9 8 8 9 0 0 1 8 4 4 5 5 7 6 1 5 6 8 8 0 2 2 2 2 2 2 2 2 2 1 1 0 2 0 3 2 0 1 7 9 3 6 9 4 4 7 8 7 3 3 3 2 2 2 2 2 2 1 3 6 3 3 7 5 9 7 9 5 2 8 6 6 9 8 8 9 3 3 3 3 3 4 3 2 1 7 1 6 1 1 3 8 6 5 9 9 6 0 2 9 4 3 4 4 6 4 5 4 4 4 7 5 2 0 5 1 8 9 1 9 8 5 5 7 8 4 2 6 6 6 5 5 4 4 5 5 2 0 7 1 1 3 1 7 9 8 3 3 3 7 8 6 9 7 5 5 5 5 5 6 7 7 9 1 2 7 3 4 8 3 5 7 7 4 7 2 3 0 A S N P R C M t h i l e t . i e c l i w n a l v L h a n n e m o d e Y t l u a e a a o o i n l p n s p r d o d k h li i s a . . 2 1 1 1 4 4 3 5 8 3 3 2 1 6 0 2 3 1 9 3 4 0 , , , , , , , , , 3 3 1 5 5 6 2 5 2 0 5 7 4 1 7 2 8 5 2 6 6 8 8 3 3 9 0 2 1 1 1 6 9 5 5 0 5 7 1 3 7 3 8 6 0 4 0 9 5 , , , , , , , , , 0 7 3 9 9 2 4 5 8 9 8 9 6 4 2 0 5 2 2 2 2 4 6 6 5 8 1 1 3 4 4 3 6 6 9 2 2 7 4 7 6 0 9 0 1 6 , , , , , , , , , 1 2 0 2 6 5 0 8 0 4 9 1 7 4 4 1 5 1 6 5 3 1 3 4 1 8 4 30,508 38,820 24,347 Year.....7,760 9,430 ... 2,296 3,107 ... 5,464 6,323 Dallas 65,618 65,745 54,074 Total (11 districts) 957,761 1,061,751 611,216 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Title I Loans Mortgages on INSURED FHA HOME MORTGAGES (TITLE II) HELD IN Prop- Small 1- to 4- Rental Warand PORTFOLIO, BY CLASS OF INSTITUTION Year or month Total p m e r i e o m r n t v y - t e * - s h c t t o i r o o u m n n c - e - f h ( a o T m I u I it s ) i l l e e y s h g ( o a T r I u o n I i s ) t d u i l p n e g h e ( o V V T r u a I e i s n ) t t i * l - s n e ' g [In millions M o u f - dol S la a r v s - ] 1 1 1 1 9 9 9 9 4 4 4 4 2 4 3 1 ,, . .... 1 1 . . 1 1 9 8 7 3 3 7 2 7 5 5 2 1 1 4 8 1 4 9 7 4 1 2 1 1 1 5 8 2 6 2 7 1 4 9 7 6 5 1 (« 1 ) 6 3 2 6 5 0 8 3 1 3 4 7 3 End of month Total b C m a c o i n e a m r k l - s - b s i t a n u a n g v a k s l - s a a l s i a t o n s i n o a g o d n c s n i s - p I c a n a o n n s m c u i e e - r s - a c F e g ie e r e a s d n l - - l Other* 1945 666 171 219 4 272 1946 755 321 (8) 347 3 85 1947 1,787 534 446 808 1936—Dec 365 228 8 56 41 5 27 1948........ 3,338 614 880 1,836 1937—Dec...... 771 430 27 110 118 32 53 1948— N D O o e c c v t e e o m m be b b r e e . r r .. . . . . . 3 2 2 1 7 9 8 2 8 5 4 4 2 0 9 1 1 1 1 1 9 0 1 8 5 7 1 1 1 6 2 3 8 7 1 1 1 1 1 9 9 9 9 3 4 4 3 9 0 1 8 — — — — D D D D e e e c c c ec...... 2 3 1 1 , , , , 1 7 1 4 9 9 0 0 9 3 7 9 1 1 , , 1 4 9 6 6 6 0 3 2 5 2 4 1 1 3 7 8 3 8 1 6 0 2 2 1 1 2 5 9 4 4 4 2 9 2 3 5 7 1 4 4 8 2 2 2 9 2 2 1 3 0 7 5 4 1 7 3 1 1 1 9 7 3 5 0 9 3 0 1949—January 269 35 1 128 7 98 1942—Dec 3,620 1,669 236 276 1,032 245 163 February... 279 47 1 123 108 1943—Dec 3,626 1,705 256 292 1,134 79 159 March..... 283 45 1 135 102 April....... 269 34 (8) 127 109 1944—June 3,554 1,669 258 284 1,119 73 150 May 279 35 1 130 113 Dec 3,399 1,590 260 269 1,072 68 140 June....... 382 49 (8) 151 181 July ..... 317 40 1 143 134 1945—June..... 3,324 1,570 265 264 1,047 43 134 August..... 356 55 3 172 126 Dec 3,156 1,506 263 253 1,000 13 122 September.. 309 60 2 163 («) 84 October.... 383 65 2 188 128 1946—June 3,102 1,488 260 247 974 11 122 November.. 4 323 58 1 189 67 Dec 2,946 1,429 252 233 917 9 106 1 Net proceeds to borrowers. 2 Mortgages insured under War 1947—June 2,860 1,386 245 229 889 8 102 Housing Title VI through April 1946; figures thereafter represent Dec 2,871 1,379 244 232 899 7 110 mainly mortgages insured under the Veterans' Housing Title VI (approved May 22, 1946) but include a few refinanced mortgages 1948—June 2,988 1,402 251 245 973 7 110 originally written under the War Housing Title VI. Beginning with Dec 3,237 1,429 265 269 1,113 9 152 December 1947, figures include mortgages insured in connection with sale of Government owned war housing, and beginning with February 1949—June 3,894 1,587 305 323 1,431 21 227 1948 include insured loans to finance the manufacture of housing. 'Less than $500,000. * Includes mortgages insured on new rental housing at or near mili- 1 The RFC Mortgage Company, the Federal National Mortgage tary installations under Title VIII, enacted Aug. 8, 1949. Association, the Federal Deposit Insurance Corporation, and the NOTE.—Figures represent gross insurance written during the period United States Housing Corporation. and do not take account of principal repayments on previously insured 2 Including mortgage companies, finance companies, industrial banka, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place, Federal Housing Administration, JANUARY 1950 89 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions ofdollars] Merchandise exports * Merchandise imports 2 Excess of exports Month 1945 1946 1947 1948 1949 1945 1946 1947 1948 1949 1945 1946 1947 1948 1949 January 903 798 1,114 1,092 Pl,104 332 394 531 547 P590 571 405 583 545 P514 February 887 670 1,146 1,085 P1,043 325 318 437 589 P567 561 352 709 496 P477 March 1,029 815 1,326 1,139 P1,177 365 385 445 675 P632 664 431 882 464 P545 April 1,005 757 1,294 1,121 Pl,165 366 406 512 532 P534 639 351 782 590 P63O M!ay 1,135 851 1,414 1,102 P1,089 372 393 474 554 P540 764 457 940 549 P549 June 868 878 1,235 1,013 Pl.104 360 382 463 625 P527 508 496 772 388 P577 July 895 826 1,155 1,020 P898 358 431 450 564 P456 536 395 705 456 P442 August 738 883 1,145 992 P880 361 422 400 606 P491 378 461 745 387 P389 September. . . . 514 643 1,112 925 P904 339 377 473 560 P530 175 266 639 365 P375 October 455 537 1,235 1,023 P849 347 394 492 600 P559 109 142 743 422 P290 November 639 986 1,141 823 P836 325 478 455 554 P593 314 508 687 269 P243 December 737 1,097 1,114 1,317 298 529 603 P72O 439 567 511 P597 Jan -Nov. 9,068 8,643 13,316 11,334 P11,049 3,849 4,379 5,131 6,404 P6.019 5,219 4,263 8,186 4,930 P5,030 P Preliminary. 1 Including both domestic and foreign merchandise. Beginning January 1948, recorded exports include shipments under the Army Civilian Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.9 million dollars. 2 General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY GLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers, 1935-39 average = 100] RAILROADS For- Mis- Mer- [In millions of dollars] Total Coal CokeGrain s L t i o ve c - kp e r s o t d- Ore l c a el n - e- c d h i a s n e ucts ous I.C.I. Total Net railway Total railway Net operating railway operating income Annual revenue; expenses income 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 1941 130 123 168 112 91 139 183 136 100 Annual 1942 138 135 181 120 104 155 206 146 69 1939 3,995 3,406 589 93 1943 137 138 186 146 117 141 192 145 63 1940 4,297 3,614 682 189 1944 140 143 185 139 124 143 180 147 67 1941 5,347 4,348 998 500 1945 135 134 172 151 125 129 169 142 69 1942 7,466 5,982 1,485 902 1946 .... 132 130 146 138 129 143 136 139 78 1943 9,055 7,695 1,360 873 1947 143 147 182 150 107 153 181 148 75 1944 9,437 8,331 1,106 667 1948 138 141 183 136 88 149 190 146 68 1945 8,902 8,047 852 450 1946 7,628 7,009 620 287 SEASONALLY 1947. 8,685 7,904 781 479 ADJUSTED 1948 P9,672 P8.670 Pl.002 P700 1948—July 138 144 183 158 86 165 182 141 64 August 142 153 196 144 80 162 179 145 66 SEASONALLY September. .. 139 149 193 127 85 152 178 145 66 ADJUSTED October 140 146 195 150 93 149 '174 146 68 November... 137 138 199 155 90 144 rl74 144 66 1948—September. 836 737 99 65 December. . . 137 131 192 147 85 139 201 148 62 October... . 845 756 89 56 November., 833 752 81 49 1949—January 131 130 189 125 79 129 175 141 60 December.. 811 739 72 40 February.... 126 124 187 113 75 112 185 136 61 March 120 79 174 139 77 117 236 138 60 1949—January 768 703 64 34 April 127 129 188 138 76 119 215 132 59 February... 740 688 51 20 May 124 130 173 150 73 123 215 126 59 March 722 663 59 26 June 115 98 150 156 70 122 182 122 58 April , 742 689 53 21 July 110 79 118 177 70 117 177 120 55 May 737 676 61 29 August 115 95 123 138 77 125 160 127 57 June 748 677 71 38 September. .. 106 68 130 125 79 121 145 125 52 July.. 701 650 51 19 October 92 42 54 153 85 124 28 111 54 August 697 659 38 5 November.... 115 122 96 152 75 137 42 119 54 September. 685 633 52 19 October. .. 623 592 31 0 UNADJUSTED 1948—July 143 144 178 189 66 165 291 142 64 UNADJUSTED August 146 153 188 156 76 171 268 147 67 September... 150 149 191 142 113 164 268 156 70 1948—September.. 845 734 111 '81 October 151 146 191 150 143 158 235 159 71 October 878 767 111 84 November... 141 138 ri99 152 114 141 ri9i 150 68 November.. 825 741 84 62 December. . . 128 131 201 138 82 123 62 139 60 December.. 807 742 65 50 1949—January 120 130 198 125 76 116 44 129 57 1949—January.... 731 697 33 12 February 117 124 198 111 60 107 46 128 58 February... 676 646 30 5 March 111 79 175 128 61 117 68 131 61 March 739 674 65 41 April 125 129 184 121 68 119 228 130 60 April 747 682 65 40 May 125 130 171 132 66 128 267 127 59 May 741 683 58 32 June 119 98 147 159 54 127 282 126 57 June 735 674 61 42 July 115 79 115 212 60 117 284 121 55 July 701 650 50 27 August 119 95 119 149 73 131 240 128 57 August 743 677 66 39 September. .. 116 68 128 140 104 130 218 135 55 September. 695 631 64 '38 October 99 42 53 153 131 131 35 121 56 October 649 602 47 P24 November 118 122 96 149 95 135 51 124 55 r Revised. pPreliminary. r Revised. NOTE.—For description and back data, see BULLETIN for June 1941, pp. NOTE.—Descriptive material and back figures may be ob- 529-533. Based on daily average loadings. Basic data compiled by Associa- tained from the Division of Research and Statistics. Basic tion of American Railroads. Total index compiled by combining indexes for data compiled by the Interstate Commerce Commission. classes with weights derived from revenue data of the Interstate Commerce Annual figures include revisions not available monthly. Commission, 90 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average =100] Federal Reserve district Year or month U S n t i at t e e s d Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t n - ta c C a h g i o - Lo S u t i . s M a i p n o n l e i - s K C a i n t s y as Dallas c F i S r s a a c n n o - l SALES 2 1944 187 162 150 167 182 215 244 176 200 164 205 245 224 1945 207 176 169 184 201 236 275 193 227 185 229 275 248 1946 264 221 221 235 257 292 344 250 292 247 287 352 311 1947 286 234 239 261 281 304 360 275 314 273 311 374 336 1948 302 239 249 283 303 322 386 290 335 288 327 404 352 SEASONALLY ADJUSTED 1948—November r291 228 ••230 268 293 r313 374 278 321 286 323 r387 r349 December . . r302 245 247 284 300 331 378 295 338 288 320 397 ^350 J949—January 295 246 243 283 311 309 378 289 290 265 293 387 343 February '283 234 229 265 284 306 374 272 310 274 311 393 ••314 March 278 208 220 272 279 294 365 266 309 267 301 392 r329 April *293 251 242 274 301 303 389 277 321 292 314 374 '335 May . 292 243 239 271 295 315 376 275 335 273 309 384 340 June 285 242 238 269 281 311 368 262 314 266 309 385 r335 July r280 227 222 261 274 326 377 258 325 261 304 387 r329 August , 283 234 234 268 269 304 360 275 326 269 299 366 '333 September 289 241 241 277 279 306 367 283 332 276 312 378 »"326 October 276 211 219 '260 259 295 376 258 309 278 301 398 337 November ?276 234 226 267 266 306 367 262 300 P267 P3Q0 362 318 UNADJUSTED 194g—November 357 285 »-299 356 366 ••387 434 345 404 334 375 r472 '390 495 428 414 480 491 575 635 460 517 431 502 648 582 1949—January 226 187 194 209 230 224 287 216 238 203 223 306 271 February 227 180 192 199 227 239 314 212 261 202 252 315 266 March 254 194 209 249 254 274 339 239 287 241 280 353 289 April 295 256 237 284 304 309 393 280 327 295 311 377 331 May 287 241 230 277 292 310 365 277 328 279 306 373 322 June 268 232 224 256 265 287 323 262 283 255 284 331 314 July . 218 155 155 188 214 236 294 212 254 211 249 310 280 August 238 173 171 201 234 243 324 228 280 242 275 333 313 September 299 248 243 280 282 328 381 297 335 307 328 404 331 October 293 234 243 »-279 274 314 395 271 331 314 325 414 338 November P339 293 293 355 332 379 426 324 378 P310 P348 442 357 STOCKS 2 1944 162 147 150 147 151 190 185 161 159 169 15? 177 178 1945 166 153 160 150 156 198 188 159 166 165 158 190 183 1946 213 182 195 191 205 248 258 205 225 211 210 250 238 1947 255 202 225 220 243 289 306 246 274 266 259 321 300 1948 291 223 241 251 277 322 362 281 314 326 301 393 346 SEASONALLY ADJUSTED 1948—November 295 233 242 253 296 324 377 286 325 319 297 r390 340 December 288 229 236 248 293 309 368 282 329 318 296 382 321 1949—January 278 221 228 241 274 294 360 271 303 307 291 376 321 276 214 224 236 275 295 340 268 313 306 282 373 327 March 283 226 232 238 285 305 348 264 323 300 287 377 342 April 278 223 230 244 260 315 335 266 321 305 283 373 331 May 273 219 224 240 267 304 336 265 296 301 276 356 320 June 265 207 218 232 249 311 325 257 280 301 268 350 313 July 256 193 213 224 228 302 319 253 267 283 263 347 302 August 253 183 204 216 229 295 319 250 264 290 264 342 309 September 264 195 213 232 242 295 337 252 280 296 258 359 334 October 270 206 216 r231 252 305 347 265 298 298 278 370 325 November P273 219 221 231 258 P295 v3S2 261 308 305 P282 369 329 UNADJUSTED 1948—November 330 265 r279 291 319 360 422 326 347 347 327 '429 377 December 259 206 215 218 245 279 320 265 276 294 264 352 292 1949—January 249 196 201 210 240 269 324 244 260 283 265 345 293 February 265 202 218 231 255 287 343 260 282 294 276 361 307 March 287 219 238 250 282 314 365 275 314 312 293 392 335 April . 285 218 237 254 265 329 352 273 321 310 292 388 337 May 277 216 227 245 269 309 332 268 296 302 281 363 331 June 256 199 206 218 244 280 312 247 280 291 268 336 315 July. 245 188 189 202 228 282 300 233 278 290 257 333 311 August 254 192 204 212 242 298 316 242 287 287 259 346 308 September 274 210 225 241 264 309 347 259 311 301 263 367 334 October 297 232 244 265 287 339 379 288 333 313 298 384 346 November P305 249 255 265 279 P328 P395 298 329 331 P310 405 365 P Preliminary. r Revised. 1 Sales indexes revised; back figures available upon request from Federal Reserve Bank of San Francisco. 2 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. 91 JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Per cent change from Ratio of 'ndex numbers ayear ago stocks to withoul, seasonal adjustment (value) sales i 1941 average monthly sales =1QC2 Num- Department r b s e e t p r o o r r o e t f s - Sale pe s r d i u o r d ing S (e m t n o o d c . k ) o s f October Sale pe s r d i u o r d ing Sto o c f k m s o a n t t e h nd ing Oct. 10 mos. Oct. 1949 1948 1949 1948 1949 1949 1949 1949 1948 Oct. Sept. Oct. Oct. Sept. Oct. GRAND TOTAL—entire store 3. . . 358 -12 -6 -6 2.9 2.7 MAIN STORE—total 358 -12 -7 -7 3.1 2.9 213 209 242 656 603 711 Piece goods and household textiles 318 -17 -10 -9 3.3 3.0 193 194 233 645 602 716 Piece goods 295 -26 -18 -10 3.0 2.4 234 232 319 713 725 820 Silks, velvets, and synthetics 193 -27 -20 -13 3.1 2.6 213 204 291 667 655 882 Woolen yard goods 169 -29 -19 +2 2.3 1.6 430 448 601 980 1,049 938 Cotton yard goods 191 -20 -15 -17 3.6 3.5 156 147 195 570 565 717 Household textiles 311 -10 -5 -9 3.5 3.4 174 178 192 608 542 670 Linen and towels 281 -7 -5 -9 4.2 4.2 153 150 165 640 579 698 Domestics—muslins, sheetings. 248 -14 -5 -11 3.2 3.1 162 177 189 516 459 590 Blankets, comforters, and spreads 244 Q -6 -7 3.0 2.9 204 214 223 607 553 659 Small wares. .. 347 -6 -3 -4 3.8 3.7 180 171 192 685 594 708 Laces, trimmings, embroideries, and ribbons... 205 -19 -17 -6 3.9 3.3 192 179 238 747 676 787 Notions 246 -9 -6 0 3.4 3.1 232 229 255 785 719 780 Toilet articles, drug sundries 329 -4 -1 -6 3.9 4.0 137 137 143 536 458 568 Silverware and jewelry 322 -8 -3 -4 4.3 4.1 196 179 212 836 755 867 Silverware and clocks 4 213 — 13 — 12 —3 5.2 4.6 Costume jewelry 4 276 —6 +1 —2 3.0 2.9 Fine jewelry and watches 4 79 _4 +5 —8 7.1 7.4 Art needlework 244 -9 A -1 3.3 3.1 199 167 217 664 620 675 Books and stationery 277 0 0 -2 3.7 3.8 207 190 206 761 591 775 Books and magazines 140 -1 +1 -3 3.3 3.3 173 159 175 565 463 585 Stationery ' 241 +1 0 -1 3.8 3.9 204 201 202 780 636 789 Women's and misses' apparel and accessories 355 -18 -7 -1 2.5 2.1 222 230 270 557 505 566 Women's and misses' ready-to-wear accessories 355 -11 -6 -4 3.0 2.8 206 215 233 627 557 666 Neckwear and scarfs 311 -8 —6 -10 2.0 2.0 289 268 314 566 475 631 Handkerchiefs 285 -14 -9 -8 4.8 4.4 143 119 165 680 520 746 Millinery 176 -12 0 +4 0.9 0.7 231 305 263 204 219 213 Women's and children's gloves 330 -20 -6 -7 4.4 3.8 162 141 202 719 615 776 Corsets and brassieres 341 -5 -2 +2 3.0 2.8 236 240 250 712 678 704 Women's and children's hosiery 349 -15 -10 -18 2.3 2.4 155 146 183 353 281 438 Underwear, slips, and negligees 348 -14 -7 -6 3.7 3.4 187 173 217 697 562 742 Knit underwear 256 -8 +1 +2 3.3 2.9 241 219 263 788 635 791 Silk and muslin underwear, and slips 290 -17 -12 -6 4.1 3.6 167 157 202 684 562 730 Negligees, robes, and lounging apparel.... 254 -14 -6 -13 3.6 3.6 170 151 198 613 455 700 Infants' wear 330 -13 -5 -4 2.8 2.5 292 316 336 818 735 858 Handbags and small leather goods 333 -6 -2 —3 2.6 2.4 190 203 203 486 403 504 Women's and children's shoes 246 -7 -5 +2 4.2 3.8 214 250 231 897 885 908 Children's shoes 4 212 —6 —5 +4 3.9 3.5 Women's shoes4 222 —8 —5 +2 4.3 3.9 Women's and misses' ready-to-wear apparel.. . 355 -23 -8 +4 2.0 1.4 239 245 309 482 448 464 Women's and misses' coats and suits 343 -34 -13 +25 1.8 0.9 315 286 480 551 552 442 Coats 4 216 —40 — 18 +30 1.8 0.8 Suits4 209 — 16 —4 +8 1.6 1 2 Juniors' and girls' wear 318 -25 -7 +7 2.1 1.4 278 316 373 589 537 551 Juniors' coats, suits, and dresses 288 -29 -9 +11 1.7 1.1 284 312 402 489 465 442 Girls' wear 317 -20 -4 +4 2.6 2.0 286 342 359 739 661 718 Women's and misses' dresses 344 -14 -7 -3 1.7 1.5 203 204 235 347 308 360 Inexpensive dresses 4 262 — 11 —5 — 1 1.4 1 2 Better dresses 4 282 — 16 — 10 —5 2.0 1.8 Blouses, skirts, and sportswear 341 -14 -5 +4 2.0 1.6 276 316 319 544 471 527 Aprons, housedresses, and uniforms 290 -6 0 -8 2.5 2.6 133 141 142 336 291 366 Furs 273 -19 -16 -11 3.6 3.2 146 130 182 522 550 604 Men's and boys' wear 331 -15 -6 _3 4.4 3.9 185 175 218 818 746 851 Men's clothing 255 -18 -9 +1 4.4 3.7 202 171 245 906 861 913 Men's furnishings and hats 314 -12 -3 -6 4.4 4.1 169 148 192 738 621 787 Boys' wear 302 -20 -6 -2 4.1 3.4 206 248 258 845 795 871 Men's and boys' shoes and slippers 192 -7 -5 -4 5.6 5.4 167 178 179 930 861 994 Housefurnishings 319 0 -8 -15 3.0 3.6 248 228 249 754 723 897 Furniture and bedding 244 0 -6 -19 3.0 3.7 213 199 213 640 630 791 Mattresses, springs and studio beds 4 166 +3 —2 — 18 1.6 2.0 Upholstered and other furniture 4 178 — 1 — 7 — 18 3 4 4 1 Domestic floor coverings 276 -14 -16 -19 3.1 3.3 246 214 286 756 769 934 Rugs and carpets 4 158 — 13 — 15 — 19 3.0 3.2 Linoleum 4. , 111 — 15 —20 —22 3.6 3.9 Draperies, curtains, and upholstery 300 -5 -2 -6 3.1 3.1 247 204 259 758 736 815 Lamps and shades 252 -3 -2 -9 2.7 2.8 260 216 268 691 616 760 China and glassware 251 +2 _4 +1 6.2 6.2 177 158 175 1,093 1,057 1,087 Major household appliances. . . 246 +2 -29 -37 1.9 3.0 289 307 284 543 552 913 Housewares (including minor appliances) 263 -5 -5 -8 3.3 3.4 272 278 286 910 836 1,002 Gift shop4 168 0 — 1 +2 4.7 4.6 Radios, phonographs, television, records, etc.4. 227 +59 +16 —26 1.8 3.9 Radios, phonographs, television 4 183 4-84 +25 —26 1.4 3.4 Records, sheet music, and instruments 4. . . . 148 -13 -10 —26 4.7 5.6 Miscellaneous merchandise departments. . . 320 -9 -7 -10 3.7 3.8 181 169 198 670 607 761 Toys, games, sporting goods, and cameras 296 -9 -7 -8 6.2 6.0 195 146 215 1,199 932 1,311 Toys and games 239 o -2 -7 6.2 6.1 198 119 215 1,225 857 1,300 Sporting goods and cameras 150 -13 -13 -8 5.8 5.4 191 155 218 1,099 811 1,248 Luggage . 262 -8 o -10 5.4 5.4 148 170 160 794 686 884 Candy 4. 193 -8 -7 -8 1.3 1.3 For footnotes see following page. 92 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS— Continued Per cent change from Ratio of Index numbers a year ago stocks to without seasonal adjustment (value) sales 1 1941 average monthly sales=1002 Num- Department r b s e t e p o r o r e o r s t f - Sale p s e r d io u d ring ( S e m t n o o d c . k ) o s f October Sale p s e r d io u d ring Sto o c f k s m o at n th end ing 1 O 9 c 4 t 9 . 1 m 9 1 o 4 0 s. 9 1 O 9 c 4 t 9 . 1949 1948 Oct. 194 S 9 ept. 1 O 9 c 4 t 8 . Oct. 194 S 9 ept. 1 O 9 c 4 t 8 . BASEMENT STORE—Total. 204 -16 -3 0 2.3 2.0 209 207 248 481 445 485 Domestics and blankets ^ 137 -10 2 -6 2.4 2.4 Women's and misses' ready-to-wear 198 -20 -3 +1 1.9 1.5 212 214 266 409 376 407 Intimate aDDarel ^ 174 -14 -4 2.6 2.4 Coats and suits ^ 183 -36 -12 +17 1.4 0.8 178 -15 0 -6 1.5 1.4 Blouses skirts and snortswear ^ 158 -15 -4 +3 1.7 1.4 Girls' wear ^ 126 -22 -3 +5 2.2 1.6 117 -14 -2 +5 2.2 1.8 Men's and boys' wear „ 163 -16 -1 0 2.9 2.4 216 209 257 634 571 634 138 -15 -1 —2. 2.9 2.5 IVIen's clothing ^ 94 -15 -1 -3 2.7 2.3 Glen's furnishings ^ 120 -13 0 0 3.1 2.7 124 -21 -1 +5 3.0 2.2 Housef nrnishings 103 +1 -1 -3 2.1 2.2 237 192 236 504 460 521 Shoes 127 -9 -5 0 3.6 3.3 154 171 169 549 537 571 NONMERGHANDISE—total 4 179 -12 -2 Barber and beauty shop ^ 77 +8 +5 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 91. 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 1947, sales and stocks at these stores accounted for about 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES * [Weeks ending on dates shown. 1935-39 average = 100] Amount Without seasonal adjustment (In millions of dollars) 1948 1949 1948 1949 Year or month m ( S o t f a o o n l t r e t a h s l ) m ( S e o t n n o d c t k h o s ) f s m ( t o e a O r o n n d n d u d e t t i r h - n o s ) f g M Feb a . r. 2 1 2 1 7 4 8 6 . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 3 4 4 4 6 8 9 0 8 6 F M e a b r . . 2 1 1 5 5 6 9 2 . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 3 4 2 2 3 2 4 7 9 8 A Se u p g t . . 2 2 1 8 1 7 4 4 . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 3 5 5 6 7 0 5 8 1 1 8 A Se u p g t . . 2 2 1 0 6 3 3 7 . . . . . . . . . . . . . 2 2 2 2 2 5 5 9 1 2 2 2 5 8 8 13... ..279 12.... .256 11... ..285 10.... .273 20... ..313 19.... .261 18... ..337 17.... .315 1939 average 128 344 27... ..331 26.... .277 25... ..319 24.... .292 1940 average 136 353 108 Apr. 3... ..280 Apr. 2.... .301 Oct. 2... ..327 Oct. 1.... .302 1941 average 156 419 194 10... ..298 9 .320 9... ..336 8..... .297 1942 average 179 599 263 17... ..294 16.... .314 16... ..331 15.... .290 1943 average 204 509 530 24... ..296 23.... .266 23... ..344 22.... .296 1944 average 227 535 560 May 1... ..300 30.... .286 30... ..319 29... .298 1945 average 255 563 729 8... ..330 May 7.... .334 Nov. 6... ..320 Nov. 5.... .315 1946 average 318 715 909 15... ..293 14.... .285 13... ..346 12.... .318 1947 average 337 826 552 22... ..295 21.... .280 20... ..371 19.... .342 1948 average 353 917 466 29... ..297 28.... .275 27... ..347 26.... .330 June 5... ..282 June 4 .259 Dec. 4... ..485 Dec. 3.... '•449 1948—November. 415 1,057 379 12... ..304 11 .288 11... ..564 10.... .542 December. 599 821 292 19... ..310 18 .285 18... ..576 17.... .584 26... ..262 25 .247 25... ..473 24.... .541 1949—January... 267 790 388 July 3... ..265 July 2.... .238 1949 31.... .199 February.. 255 852 378 10... ..217 9.... .201 Jan. 1... ..204 1950 March..., 320 918 310 17... ..236 16.... .213 8... ..272 Jan. 7 April 347 907 236 24. . .231 23. .207 15... ..244 14 May 328 894 210 31.!."..235 30.... .209 22... ..230 21 June 318 824 286 29... ..218 28 July 238 775 399 August 288 817 413 September 342 881 510 r Revised. October ... 350 975 454 NOTE.—For description of series and for back figures, see BULLETIN November. P406 PI.011 2*361 for September 1944, pp. 874-875. P Preliminary. »• Revised. 1 These figures are not estimates for all department stores in the United States. Back figures.— Division of Research and Statistics JANUARY 1950 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] 1 N 9 o 4 v 9 . Oct. 1949 1 N 9 o 4 v 9 . 1 O 9 c 4 t 9 . m 1 1 9 o 4 1 s 9 . 1 N 9 o 4 v 9 . 1 O 9 c 4 t 9 . 19 11 49 1 N 9 o 4 v 9 . 1 O 9 c 4 t 9 . m 19 o 4 s 9 . United States.. P-5 -11 -6 Cleveland-cont. Chicago...... P-7 -13 -7 Kansas City— Boston +3 Erie 1 -9 -12 Chicago1 -6 -12 -6 cont. N Po e r w tl a H nd aven.... -1 0 - - 1 1 4 3 - - 5 6 W Pit h t e s e b l u in rg g h i *.... -13 - - 2 2 5 3 -9 F Pe o o rt r ia W 1 ayne K. P - -5 9 - -1 1 9 4 -1 -7 0 O Tu k l l s a a homa City. -1 -4 2 — -2 12 -7 Q B D B o o s o w t s o n t n o to n A w r n ea + +4 4 y y 0 0 R W B ic a a h l s t m i h m i o n o n g r t d e on *... + -2 3 - - 1 1 -7 2 4 + -5 1 T D In e e d r s i r a e M n H a o p a i o n u l t e i e s s . K \ ., . - + 1 -4 5 1 - - + 1 1 6 5 2 - - 9 1 A D S a h l r l e a v s eport + -6 2 - - 3 1 -6 0 N C P S A A W N W P N Y C C P S T L P R R S U E N B B B h e l p r h o y c a r l i l a k e o u e o i e i t e r w o i o i m n b r e n a i h i n u r a n i f r w w c l v l r i c l v r f n d c a a k g o a g n k d c e g h t a e i a c a i a i n o c e t n a g r h g Y a d n i d e l h l Y d e n o a r n i y o u s n r a s f a e s e e e s o k e k n x n a - i g t o s t m n t p c l e l n B e r e 1 a e * e p e r p x l t 1 d o 1 k r c e t F r k r t • d 1 a a h h i o e r p r x a d i x i t n C r a s 1 1 a l . y e i . . l i . . . . e . * s t . * . . y . . . . . . . . . . . . 1 . . - ~ + + + + 1 + - - . - - - - - - — - - ' 3 6 1 9 2 1 1 4 6 2 5 2 2 5 0 0 1 c 9 c 3 - - - - - - - - - - - - - - - - - - - - - - - - 1 1 2 1 1 1 1 1 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - - 8 9 8 4 2 9 3 5 5 8 2 4 6 6 6 6 9 3 4 8 2 0 3 1 3 4 - - 1 + 1 - - - - - - - - - - - - - - - - - - - - - - - 8 6 8 7 5 6 6 7 7 8 3 5 5 8 5 5 5 5 5 6 9 8 8 0 0 1 A J S WW N J O A A R L N M M T M R H G C C C R B H B M A C a t a a y a a o o l o i h e i o r a u r a t s c c u h o a o i i c r a v l l e l m n h w m t g l l r a n g i k a k m a c a e ' b n n h u o u e t a f n l e c r e u s m n s o s i n o s i p t m e n m n m n t l v g i t h r t l O o o g s d n ' e t l i n a a o e v s t n i i h b a k t n n o n o b b s o o R l x t g r a i n a x l u o t v n * l m l i u g n 1 h e o h - o l a e x r w i • d s e S . , a t . a n g l u e W , o l m n . a n N , r g e y n . l S s S e . J e . . V . . . x 1 . C m 1 * . . . C . . . . . a . C . . . . . . . . . . . . + - - - + + + + + + + + + + + 1 1 - - , 1 - - - - 1 2 2 9 1 8 3 2 2 7 4 7 5 5 4 2 1 2 1 4 2 2 0 0 0 y + + + - - - - - - - - - - - - - 2 + 1 2 1 1 1 2 - - - 1 1 1 2 1 2 - - - 1 2 1 5 3 8 9 7 9 7 1 1 6 1 9 0 1 2 3 0 1 0 9 4 4 1 - - - - - - - - + + + + 1 + 1 1 1 1 1 1 - - - - - 1 - - - - - 7 1 6 3 3 4 4 4 3 4 0 1 0 0 2 0 1 3 1 1 4 1 0 0 0 0 y 1 S M K T W L L S S S F F L Q S M D P H D G E M D M G M E t. a S p t t u t o i o o a l i v a u e u r r u e . . . n e i i i a t n i r n e e u a p u r s a n n l c i t t t i n l m d L n t L w P n t b e s n l s n c i n e r h u v p n e s i t i a n e c l o o d h g k o s a p s i e e a 1 S t n v S e o y a t s v u o f h a u i i u r u a h a g i R r t i m n B t L p i i l R n - i p e k i . i l l l s l s C s s o 1 o o o l a e l o e L a i d o e u y A i x t e l l c r i p i o x . n i i h . t 1 s k x s . s i r y . u . . 1 . . . . d . e . . . 1 . . - . i . . . l . . . a . s . . s . . , . , , . . , , , , . . , , . , p P p P p - - - - - + 1 1 1 - - - - - 1 5 - - - - - - - - - - - - - - - 7 6 7 3 6 6 6 9 7 9 8 6 6 7 9 9 7 8 7 7 2 9 1 0 3 n Q - - - - - - - - - - - - - - - - ( 1 2 1 2 1 2 1 - - - - - - - - 1 1 1 1 1 - - . 1 1 1 1 1 0 ) 4 4 5 5 8 2 5 7 6 9 2 2 2 4 4 6 4 0 9 5 3 3 3 1 3 o - - - - + 1 1 - - - - - - 1 - - - - - - - - - - - - - . - 1 - 3 7 6 3 6 9 8 6 6 2 6 5 3 6 6 2 2 7 7 7 7 2 4 4 3 7 c y S " V F S T F O S S S S S S P S R D H P L C B B B L a S N N B a a a a a r a t h a o o u o i a o a o e a a o o n o a e v n n n n l c n o r r s c k l l i k l r e a n u a t n s c l l s t t r e l p t s e e e r m l i g l n s a p A e a k A a F J D L r F o n a n r u k a j W t s o o s m B t s o a r a n n g o p a i n s n n B e i r o i f R s a x x 1 e d n d h n e x k a g a d i t l e o a n e n e g e o e C o r e a e e d n 1 n r n * x a a c l n o y n s m l t d t h c a c i d e n h C a a o 1 i s 1 h i r n o s r d c s 1 i 1 i x 1 d d t s . o c . . y 1 i 1 . t . o n . . . . . i J . . * . . . . . o . . . . . . . . * P P P — P P - - - - — - — 1 1 - - + + 7 - - 1 1 1 9 - - - — - - - - 3 3 1 6 2 5 7 9 4 6 3 6 2 2 5 3 9 3 1 1 2 2 4 y 6 1 + + + - - - — - + + + + + + 1 1 1 - 1 - - - - - - - 2 1 1 4 6 2 4 3 6 6 5 2 2 3 7 2 3 6 1 6 5 7 4 1 0 0 2 8 y - - - - + - - - - - - - 1 1 - - - - — - - 1 1 - - - 5 2 5 5 4 3 7 5 8 5 8 5 8 3 9 9 0 3 0 7 0 1 y ^ 4 T C C Sp o l o e r l l i e v u n d e m g o l f a b i n i e u l d s d i x . x . . . . . . - - - 1 8 3 0 0 -14 - - 7 7 M K B C r h n e i o a s r t i t x o d t v a l i i n a l o le o g i a x.. + - - - 5 2 5 5 -1 -8 6 -14 J S L K o t i a . n p n c l J i s o o n a l s s n e p C h ity... - - - - 9 3 7 9 - -1 1 - - 5 9 7 4 - - 1 - - 1 9 7 0 0 S S T E p e a v a o c e t o k r t e m a le t n t a e x 1 x . 1...... P— — - 1 5 4 a 8' -1 — - 5 2 1 - + 1 - - 2 4 2 7 Youngstown *. -15 -10 Nashville i -5 -13 Omaha +2 -3 +2 Yakima J -26 -10 -9 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. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average =100] Year or month All items Food Apparel Rent r t e F r f i u r c i e i g t l e y , r , e a a l t e i n c o d - n fur H ni o s u h s in e gs Miscellaneous 1929.., 122.5 132.5 115.3 141.4 112.5 ill.7 104.6 1933 92.4 84.1 87.9 100.7 100.0 84,2 98.4 1940 100.2 96.6 101.7 104.6 99 7 100.5 101.1 1941 105.2 105.5 106.3 106.2 102.2 107.3 104.0 1942 .. . 116.5 123.9 124.2 108.5 105 4 122.2 110.9 1943 123.6 138.0 129.7 108.0 107.7 125.6 115.8 1944 125.5 136.1 138.8 108.2 109.8 136.4 121.3 1945. . . 128.4 139.1 145.9 108.3 110 3 145.8 124.1 1946 139.3 159.6 160.2 108.6 112.4 159.2 128.8 1947 159.2 193.8 185.8 111.2 121.2 184.4 139.9 1948 . . 171.2 210.2 198.0 117.4 133.9 195.8 149.9 1948—November 172.2 207.5 201.4 118.8 137.9 198.7 153.9 December 171.4 205.0 200.4 119.5 137.8 198.6 154.G 170.9 204.8 196.5 119.7 138.2 196.5 154.1 February.... .. ... 169.0 199.7 195.1 119.9 138 8 195.6 154.1 March 169.5 201.6 193.9 120.1 138 9 193.8 154.4 169.7 202.8 192.5 120.3 137.4 191.9 154.6 May 169.2 202.4 191 3 120.4 135 4 189 5 154.5 June 169.6 204.3 190.3 120.6 135.6 187.3 154.2 July 168.5 201.7 188.5 120.7 135.6 186.8 154.3 August 168.8 202.6 187.4 120.8 135.8 184.8 154.8 September . 169.6 204.2 187.2 121.2 137.0 185 6 155.2 October 168.5 200.6 186.8 121.5 138.4 185.2 155.2 November 168.6 200.8 186.3 122.0 139.1 185.4 154.9 Back figures.—Bureau of Labor Statistics, Department of Labor. 94 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities Manu- Year, month, or week m c t A o o ie m l d s l i - - F p u r a c o r t d m s - Foods Total le H p u a a r i c n o t d h t d d e s e - s r T p u e r x c o t t d s il - e li m g F r a i h a u n a t t e l d e i s l n - g M m p u a r e e n c o t t t d d a a s l - l s B m r i u i a n a i t g l l e d s - - c C a a p u h l l r s l c e o i a t m e d s n d - i d - H g n f o o i i u n s o u r h g d s - - e s - n c M e e o l i l s u a - - s m R ri a a a t l w e s - t p u u f r a c r o c e t d - s d - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100 5 95.4 94.0 94.3 82.6 97.5 94.5 1930 86 4 88 3 90.5 85.2 100.0 80.3 78 5 92.1 89 9 88 7 99 7 77 7 84.3 88 0 1931 73 0 64 8 74 6 75.0 86.1 66.3 67 5 84.5 79.2 79.3 84 9 69.8 65.6 77 0 1932 64 8 48.2 61.0 70,2 72.9 54.9 70.3 80.2 71.4 73.9 7S 64.4 55.1 70 3 1933 65 9 51 4 60 5 71.2 80.9 64.8 66 3 79 8 77.0 72 1 7S 62 5 56 5 70 5 1934 74 9 65 3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81 69.7 68.6 78 2 1935 80 0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 8(16 68.3 77.1 82.2 1936 80 8 80 9 82 1 79 6 95.4 71.5 76 2 87 0 86 7 78 7 81 7 70 5 79 9 82 0 1937 86 3 86 4 85.5 85.3 104.6 76.3 77 6 95.7 95.2 82.6 89 7 77 8 84.8 87.2 1938 78 6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86 8 73.3 72.0 82.2 1939 77 1 65 3 70 4 81 3 95.6 69 7 73 1 94.4 90 5 76.0 86 74 8 70 2 80 4 1940 78 6 67 7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88 S 77.3 71.9 81 6 1941 87 3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.4 94 3 82.0 83.5 89.1 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95.5 10? 4 89.7 100.6 98 6 1943 103 1 122 6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94.9 10? 7 92.2 112.1 100 1 1944 104.0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 95.2 104 3 93.6 113.2 100.8 1945 105.8 128.2 106.2 99.7 118.1 100.1 84.0 104.7 117.8 95.2 104 5 94.7 116.8 101.8 1946 121 1 148 9 130.7 109.5 137.2 116.3 90.1 115.5 132.6 101 4 111 6 100.3 134.7 116 1 1947 152.1 181.2 168.7 135,2 182.4 141.7 108.7 145.0 179.7 127.3 HI 1 115.5 165.6 146.0 1948 165.1 188.3 179.1 151.0 188.8 149.8 134.2 163.6 199.1 135.7 144 5 120.5 178.4 159.4 1948—November 164.0 180.8 174.3 153.6 186.2 147.4 137.6 173.3 203.1 134.4 148 ?, 119.2 175.2 158.8 December 162.4 177.3 170.2 153.1 185.3 146.7 137.2 173.8 202.2 131.1 148 4 118.5 172.2 157.6 1949—January 160.6 172.5 165.8 152.9 184.8 146.1 137.1 175.6 202.3 126.3 148 1 117.3 169.3 156.2 February 158 1 168.3 161.5 151.8 182.3 145.2 135 9 175.5 201 5 122.8 148 115.3 165.8 154 0 March .... 158.4 171.5 162.9 150.7 180 4 143.8 134.3 174.4 200.0 121.1 148 0 115.7 167.3 154.1 April 156.9 170.5 162.9 148.9 179.9 142.2 132.0 171.8 196.5 117.7 147 0 115.6 165.8 153.0 May 155.7 171.2 163.8 146.8 179.2 140.5 130 1 168.4 193.9 118.2 146 2 113.5 165.9 151.5 June 154 5 168.8 162.4 145.6 178.8 139.2 129.9 167.5 191.4 116 8 US 1 111.0 164.5 150.7 July 153.5 166.2 161.3 145.0 177.8 138.0 129.9 167.9 189.0 118.1 143 0 110.3 163.2 149.7 August 152.9 162.3 160.6 145.0 178.9 138.1 129.7 168.2 188.2 119.7 14? 9 109.8 161.3 149.4 September 153 6 163.1 162.0 145.3 181.1 139.0 130 0 168.2 189.4 117.7 14? 9 109.6 162.0 150.1 October 152.2 159.6 159.6 145.0 181.3 138.0 130.5 167.3 189.2 116.0 143 0 109.0 160.3 149.1 November 151.6 156.8 158.9 145.0 180.8 138.0 130.0 167.3 189.5 116.1 143.4 109.7 160.4 148.1 Week ending:1 Nov 1 151 4 156.3 158.7 144.6 136.6 130 6 168 8 188 4 115.7 Nov. 8 151.5 156.7 159.3 144.8 136.7 130.3 169.3 189.3 115.7 Nov 15 151 4 156 5 159.6 144.8 136 8 130 3 169 4 189 5 115 9 Nov 22 151 5 156.8 159.5 145.0 137.4 130 5 169 2 189 4 116 2 Nov. 29 151 4 155.3 157.9 145.1 137.6 130 4 169.2 189 2 116.5 Dec 6 151 0 154 0 156 6 145 1 137 5 130 3 168 9 189 6 115 8 Dec 13 151 1 154 2 156.5 145.3 137.4 130 4 168 7 189 8 115 8 Dec. 20 151 1 155.0 155.6 145.4 137.5 130 4 169 6 190 3 115.5 Dec. 27 151.1 155.1 155.6 145.4 137.5 130.5 169.4 190.8 115.4 • 1948 1949 1948 1949 Subgroups Subgroups Nov. Aug. Sept. Oct. Nov. Nov. Aug. Sept Oct. Nov. Farm Products: Metals and Metal Products: Grains 171.1 150.4 156.4 155.3 156.4 Agricultural mach. & pnuip... 143.6 144.1 US Q 143.8 143.8 Livestock and poultry 213.4 186.3 186.6 177.7 169.6 Farm machinery 146.1 146.6 146 5 146 5 146 4 Other farm oroductQ 162 6 150 1 149 8 148 8 148 2 Iron and steel 165 0 163 8 f-164 0 163 3 163 4 Foods: Motor vehicles. 175.3 177.2 177 1 177.C 176 7 Dairy products... 170.7 152.7 153.5 154.6 154.7 NTvnfprrnns metals 171 4 135.9 135 7 131 5 131 7 F C r e u r i e t a s l a p n r d o d v u e c g ts etables. . . 1 13 5 9 0 . . 6 5 1 13 4 0 2 . . 3 8 1 1 4 2 3 6 . . 7 9 1 1 2 4 8 4. . 6 1 1 1 4 3 4 0 . . 6 8 Build P in lu g m b M in a g te r a ia n l d s : heating 157.3 154.7 154V.6 154.6 154.6 M!eats 227 4 210.7 215 1 205.0 198.9 Rrirk and H1*» 160 4 161 5 161 8 161 8 161 7 Other foods 149.4 136.5 137.8 137.4 139.6 Cement 133.6 133.0 1SS 0 134.5 134 5 Hides and Leather Products: Lumbei 311.2 277.4 "•2797 281.9 283.4 Shoes 188.1 183.8 183.8 183.4 184.3 Paint and naint material_ 161.4 143.8 US Q 141.1 139 9 Hides and skins. . 206. C 194.5 204.8 205.6 199.5 Pinmhinff and heatinc . 157.3 154.7 154 6 154 t 154 6 Leather 183.8 173.7 175.5 176.5 177.0 Structural steel, 178.8 178.8 178 8 178.? 178.8 Other leather products 148.6 141.1 141.1 141.1 141.0 Other building rnaterials 175.6 167.3 168 9 168.1 168.6 Textile Products: Chemicals aind Allied Products: Clothing 149.1 144.8 144.8 144.6 144.3 Chemicals 125.8 118.0 117.4 115.= 115.2 Cotton goods .... 191.2 170.2 174.8 176.5 178.1 Drugs £md Pharmaceuticals. . 152.0 125.0 125.0 123.1 123.0 Hosiery and underwear 104. C ••98.4 r98A 98.4 98.4 Fertilizer materials 119.5 121.8 190 4 120 7 119 8 Silk 46.4 49.2 49.2 49.2 49.5 Mixed iertilizers 107.9 107.9 108.2 107. C) 106.8 Rayon 41.8 39.6 39.6 39.6 39.6 Oils an<ifats 195.1 130.3 118.4 115.() 118.3 Woolen and worsted goods.». 159.6 152.6 '•ISO.4 145.1 146.0 Housefurnisking Goois: Other textile products. 190.5 180.9 181.5 175.6 169.0 Furnishings 153.6 149.1 149.1 149.2- 149.8 Fuel and Lighting Matetials: Furniture.... 142.8 136.6 136.6 136/1 136.8 Anthracite 136.4 135.9 138.6 139.1 139.3 Miscellaneoiis: Bituminous coal.. 195.1 188.8 190.5 191.2 192.4 Auto tires and tubes 66.2 60.6 60.6 60/1 62.5 Coke 219.0 222.0 222.1 222.2 222.2 Cattlp ieed 217 9 197.9 190 S 182 L 184 9 Electricity 67.3 68.5 68.9 Paper and pulp 169.9 156 8 156 c 156 .> 156 5 Gas 92.6 88.9 89.3 87.8 Rubber, crude. 40.4 35.6 37.2 34.1I 35.4 Petroleum productsj 122.8 109.7 109.1 109.9 'ios!5 Other miscellan*ous.... 130.5 121.1 121.2 121/I 121.2 •" Revised. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data Back figures.—Bureau of Labor Statistics, Department of Labor. JANUARY 1950 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1948 1949 1929 1933 1939 1941 1944 1946 1947 1948 Gross national product 103.8 55.8 91.3 126.4 213.7 212.6 235.7 262.4 266.5 270.3 263.5 259.6 256.3 Less: Capital consumption allowances... 8.8 7.2 8.1 9.3 11.9 11.9 13.7 15.7 15.9 16.4 16.2 16.6 16.7 Indirect business tax and related liabilities. 7.0 7.1 9.4 11.3 14.1 17.3 18,7 20.3 20.6 20.7 20.6 21.2 21.5 Business transfer payments .6 .7 .5 .5 .5 .6 .6 .6 .6 .6 .6 .6 .6 Statistical discrepancy -.1 1.2 1.4 1.6 4.0 4.2 1.0 -.3 -.8 -1.3 .1 -1.9 -5.6 Plus: Subsidies less current surplus of government enterprises -.1 C1) .5 .1 .7 .9 -.1 .1 .2 .4 .3 .3 .3 Equals: National income 87.4 39.6 72.5 103.8 183.8 179.6 201.7 226.2 230.4 234.3 226.3 223.4 223.4 Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 24.0 18.3 25.6 32.6 33.3 35.7 31.8 30.9 32.4 Contributions for social insurance. ... .2 .3 2.1 2.8 5.2 6.0 5.6 5.1 5.2 5.3 5.2 5.4 5.6 Excess of wage accruals over disbursements. .0 .0 .0 .0 -.2 .0 .0 .0 -.1 .1 .1 -.3 .0 Plus: Goyernment transfer payments .9 1.5 2.5 2.6 3.1 10.8 11.1 10.5 10.4 9.9 11.1 11.5 11.6 Net interest paid by government 1.0 1.2 1.2 1.3 2.8 4.4 4.4 4.4 4.5 4.5 4.5 4.6 4.6 Dividends 5.8 2.1 3.8 4.5 4.7 5.8 7.0 7.9 7.9 8.3 8.4 8.4 8.4 Business transfer payments .6 .7 .5 .5 .5 .6 .6 .6 .6 .6 .6 .6 .6 Equals: Personal income 85.1 46.6 72.6 95.3 165 9 176.9 193.5 211.9 215.4 216.6 213.7 212.5 210.6 Less: Personal tax and related Payments 2.6 1.5 2.4 3.3 18.9 18.8 21.5 21.1 20.2 20.4 18.8 18.7 18.8 Federal 1.3 .5 1.2 2.0 17.5 17.2 19.6 19.0 18.0 18.2 16.4 16.4 16.4 State and local 1.4 1.0 1.2 1.3 1.4 1.7 1.9 2.1 2.1 2.2 2.3 2.4 2.4 Equals: Disposable personal income 82.5 45.2 70.2 92.0 147.0 158.1 172.0 190.8 195.2 196.2 194.9 193.8 191.9 Less: Personal consumption expenditures 78.8 46.3 67.5 82.3 111.6 147.8 166.9 178.8 180.3 180.9 178.6 178.9 178.5 Equals: Personal saving . 3.7 -1.2 2.7 9.8 35.4 10.3 5.1 12.0 15.0 15.3 16.3 14.8 13.3 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1948 1949 1929 1933 1939 1941 1944 1946 1947 1948 National income 87.4 39.6 72.5 103.8 183.8 179.6 201.7 226.2 230.4 234.3 226.3 223.4 223.4 Compensation of employees 50.8 29.3 47.8 64.3 121.2 117.0 127.6 140.3 143.3 144 9 142.5 141.8 142.2 Wages and salaries2 50.2 28.8 45.7 61.7 116.9 111.4 122.3 135.3 138.3 139 8 137.5 136.5 136.6 Private 45.2 23.7 37.5 51.5 83.4 90.5 104.8 116.1 118.6 119.6 117.2 115.9 115.7 Military .3 .3 .4 1.9 20.6 8.0 4.0 3.9 3.9 4.1 4.1 4.0 4.0 Government civilian 4.6 4.9 7.8 8.3 12.8 12.9 13.6 15.2 15.7 16.1 16.2 16.6 16.8 Supplements to wages and salaries .6 .5 2.1 2.6 4.2 5.6 5.3 5.0 5.0 5.0 5.0 5.3 5.6 Proprietors' and rental income3 19.7 7.2 14.7 20 8 35.5 41.2 45.1 49 5 49.9 49.7 47.8 46.5 44.5 Business and professional 8.3 2.9 6.8 9.6 17.2 20.8 23.1 24.5 24.5 24.5 24.0 24.1 24.2 Farm 5.7 2.3 4.5 6.9 11.8 14.2 15.4 18.4 18.8 18.5 17.1 15.7 13.8 Rental income of persons 5.8 2.0 3.5 4.3 6.5 6.2 6.5 6.6 6.6 6.7 6.7 6.7 6.5 Corporate profits and inventory valua tion adjustment 10.3 -2.0 5.8 14.6 24.0 18.3 25.6 32.6 33 3 35.7 31.8 30.9 32.4 Corporate profits before tax 9.8 .2 6.5 17.2 24.3 23.6 31.6 34.8 36.6 34.5 29.4 26.4 28.9 Corporate profits tax liability 1.4 .5 1.5 7.8 13.5 9.6 12.5 13.6 14.4 13.6 11.5 10.6 11.4 Corporate profits after tax 8.4 — .4 5.0 9.4 10.8 13.9 19.1 21.2 22.2 20.9 17.9 15.8 17.5 Inventory valuation adjustment .5 -2.1 -.7 -2.6 -.3 -5.2 -6.0 -2.2 -3.3 1.2 2.3 4.5 3.5 Net interest 6.5 5.0 4.2 4.1 3.1 3.0 3.4 3.8 3.9 4.1 4.2 4.3 4.3 1 Less than 50 million dollars. ^ 2 Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-38, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown for the period 1939-^48, see Survey of Current Business, July 1949. For a discussion of the revisions, together with annual data for the period 1929-38, see also pp 1105-1114 of the BULLETIN for September 1947; data subsequent to 1938 shown in that issue of the BULLETIN have since been revised. 96 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates Annual totals by quarters 1948 1949 1929 1933 1939 1941 1944 1946 1947 1948 Gross national product 103.8 55.8 91.3 126.4 213.7 212.6 235.7 262.4 266.5 270.3 263.5 259.6 256.3 Personal consumption expenditures 78 8 46.3 67 5 82 3 111.6 147.8 166.9 178 8 180.3 180.9 178.6 178.9 178.5 Durable goods 9 4 3.5 6 7 9 7.1 16.5 22.0 23.5 24.8 22.9 23.1 23.8 25.8 Nondurable goods 37.7 22 3 35 3 44.0 67.1 86.8 96.2 102.2 101.8 103.3 100.1 99.3 96.5 Services 31 7 20.6 25 5 28.5 37,4 44.5 48.8 53.1 53.7 54.8 55.4 55.9 56.2 Gross private domestic investment 15 8 1.3 9 9 18.3 7.7 29.5 31.1 45.0 47.1 48.0 41.6 35.4 35.0 New construction i 7.8 11 4 9 6.8 2.8 10.3 13.8 17.9 18.7 17.9 16.8 16.4 17.3 Producers' durable equipment 6.4 1 4.6 7.7 5.7 12,5 17.2 20.7 21.0 21.2 21.2 20.4 20.1 Change in business inventories 1.6 -1.6 4 3.9 -.8 6.7 .1 6.5 7.4 9.0 3.6 -1.4 -2.4 Net foreign investment 8 .2 9 1.1 -2.1 4.7 8.9 1.9 -.1 1.0 1.0 1.2 -.8 Government purchases of goods and services 8 5 8.0 13.1 24.7 96.5 30.7 28.8 36 7 39.2 40 3 42.3 44.0 43.6 Federal 1.3 2.0 5.2 16.9 89.0 20.8 15.7 20.9 22.8 23.4 25.2 26.2 25.5 W No a n r war \ 1.3 2.0 3 1 .3 9 1 3 3 . . 2 8 88 1. . 6 6 2 2 1 . . 5 2 \ 17.0 21.5 23.1 23.8 25.5 26.5 25.8 Less: Government sales 2 () 1.2 2.9 1.3 .6 .3 .3 .3 .3 .3 State and local 7.2 5.9 7.9 7.8 7.5 9.9 13.1 15.8 16.4 16.9 17.0 17.8 18.1 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Year or month in s P c o e o n r m a - l e re T c o e t i a p l ts4 b m T u d o e r i n t s s a - e t l s W - ag d p e m in u C r o o g s a o d t d n m r u i i d i n t e - c y - s - sal D a i r u n t i y r s t d i i t u e v r d s i s e b i - s - bur S i s n t e e r d r i m v e u s i s e c - n e ts m G er o e n n v - t - L b c p i s e u o a n l o s f o t n n s o c s i y u c o t i r e r a e e r n i - m l e - s - in O l c a t o b h m o e r r e5 p in r r P e i c a e n o r n t o m t d o a - r l e s 8 ' i i n d n s p a t c o e e e n o n n r r d m d a e - l s s e t T m p r e f a a e n y n r t - s s - 7 a in g N t c u r o o i r c m n a u l - e l- 8 1929 85 1 50.0 50.2 21.5 15 5 8 2 5.0 .1 .5 19.7 13.3 1.5 76.8 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .2 .4 7.2 8.2 2.1 43.0 1937 74.0 45.4 45 9 18.4 13 1 6 9 7 5 .6 .5 15.4 10.3 2.4 66.5 1938 68.3 42.3 42 8 15.3 12 6 6 7 8 2 .6 .5 14.0 8.7 2.8 62.1 1939 . 72 6 45 1 45 7 17 4 13 3 6 9 8 2 .6 .5 14.7 9.2 3.0 66.3 1940 78.3 48.9 49.6 19.7 14 2 7 3 8.5 .7 .6 16.3 9 4 3.1 71.5 1941 95.3 60.9 61.7 27.5 163 7 8 10 2 .8 .6 20.8 9 9 3.1 86.1 1942 122.7 80.7 81.9 39 1 18 0 8 6 16 1 1.2 .7 28.4 9.7 3.2 109.4 1943 150.3 103.6 105.4 49 0 20.1 9.5 26 8 1.8 .9 32.8 10.0 3.0 135.2 1944 165 9 114 9 117 1 50 4 22 7 10 5 33 5 2.2 1 3 35.5 10.6 3.6 150 5 1945 171 9 115.3 117.7 45.9 24 7 11.5 35 6 2.3 1 5 37.5 11.4 6.2 155.7 1946 176 9 109.4 111.5 46.0 30 8 13.7 20 9 2.0 1.6 41.2 13.2 11.4 158.5 1947 193 5 120 2 122.3 54 3 35 2 15.2 17 5 2.1 1 8 45 1 14.8 11.7 173.5 1948 211.9 133.1 135.2 60.4 39 2 16.6 19.1 2.1 2.0 49.5 16.2 11.1 188.8 1948—October 216.3 138 1 140 3 62.7 40 4 16 9 20 3 2 2 2.0 49.0 16 8 10.4 192.9 November.... 216.6 137.5 139.7 62.7 39 8 16.9 20 3 2.2 2.0 49.8 16.9 10.4 192.8 December 217.0 137.1 139.4 62.3 40 0 16.9 20.2 2.3 2.0 50.3 16.9 10.7 193.6 1949—January. 215.7 136.6 138.9 61.4 40 2 17.0 20 3 2.3 2.0 49.0 17 0 11.1 192.6 February. ... 212.9 135.0 137.3 60.6 39 5 16.9 20 3 2.3 2.1 47 2 17 1 11.5 191.7 March 212.4 133 5 135.8 58.9 39 4 17.1 20 4 2.3 2.1 47 3 17.1 12.4 191.4 April . . 212.5 134.7 136.8 58.6 40 5 17.1 20 6 2.1 2.1 46.3 17.2 12.2 192.3 May 213.1 135.0 137.2 58.3 41.1 17.3 20.5 2.2 2.1 46.7 17.3 12.0 192.6 June . .. 211.9 133.9 136.2 -58.1 40.3 17.1 20.7 2.3 2.2 46.5 17.2 12.1 191 5 July 209.7 134.2 136.4 57.8 40 5 17.2 20 9 2.2 2.1 44.2 17.1 12.1 191.2 August 211.4 134.4 136.6 58.2 40.5 17.1 20.8 2.2 2.2 45.2 17.3 12.3 192.2 September 210.5 134.8 137.0 58.5 40.4 17.1 21.0 2.2 2.2 43.8 17 A 12.3 193.1 October 209.0 133.6 135.8 56.9 40.0 17.4 21.5 2.2 2.2 44.0 17.5 11.7 191.2 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Same as preceding page. JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit Noninstaiment credit E o n r d m of o n y t e h ar co T ns o u ta m l er Total Sale credit Total Singlecredit i c m n r s e e t d a n i l t t - Total Automobile Other Loans1 no c n m r i e e n d n s i t t t ai- pa l y o m an e s n 2 t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1929 7,628 3,158 2,515 1,318 1,197 643 4,470 2,125 1,749 596 1933 .... 3,912 1,588 1,122 459 663 466 2,324 776 1,081 467 1938 7,047 3,595 2,313 970 1,343 1,282 3,452 1,442 1,487 523 1939 7,969 4,424 2,792 1,267 1,525 1,632 3,545 1,468 1,544 533 1940 9,115 5,417 3,450 1,729 1,721 1,967 3,698 1,488 1,650 560 1941 9,862 5,887 3,744 1,942 1,802 2,143 3,975 1,601 1,764 610 1942 6,578 3,048 1,617 482 1,135 1,431 3,530 1,369 1,513 648 1943 5,378 2,001 882 175 707 1,119 3,377 1,192 1,498 687 1944 5,803 2,061 891 200 691 1,170 3,742 1,255 1,758 729 1945 6,637 2,364 942 227 715 1,422 4,273 1,520 1,981 772 1946 10,191 4,000 1,648 544 1,104 2,352 6,191 2,263 3,054 874 1947 13,673 6,434 3,086 1,151 1,935 3,348 7,239 2,707 3,612 920 1948 . 16,319 8,600 4,528 1,961 2,567 4,072 7,719 2,902 3.854 963 1948—October 15,518 8,233 4,239 1,889 2,350 3,994 7,285 2,869 3,457 959 November 15,739 8,322 4,310 1,922 2,388 4,012 7,417 2,892 3,557 968 December 16,319 8,600 4,528 1,961 2,567 4,072 7,719 2,902 3,854 963 1949—-January 15,748 8,424 4,370 1,965 2,405 4,054 7,324 2,904 3,457 963 February .... 15 325 8,339 4,306 1,996 2,310 4,033 6,986 2,865 3,169 952 March 15,335 8,429 4,364 2,105 2,259 4,065 6,906 2,816 3,121 969 15,595 8,630 4,517 2,241 2,276 4,113 6,965 2,764 3,232 969 May . ... 15.843 8,888 4,718 2,386 2,332 4,170 6,955 2,739 3,235 981 June 16,124 9,123 4,870 2,499 2,371 4,253 7,001 2,752 3,274 975 July 16,198 9,335 5,010 2,610 2,400 4,325 6,863 2,768 3,123 972 August 16,453 9,622 5,223 2,761 2,462 4,399 6,831 2,799 3,064 968 September 16,801 9,897 5,438 2,876 2,562 4,459 6,904 2,808 3,123 973 October? 17,220 10,162 5,661 2,986 2,675 4,501 7,058 2,864 3,197 997 November*3. . . . 17,823 10,450 5,894 3,095 2,799 4,556 7,373 2,922 3,454 997 P Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstaiment 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 milliorLS of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Total m ba C e n r o c k m i s a - l l p S c l a m o o n a m a i n e l - l s b In a tr n d i k u a s l s - 2 p I a c n t l n o o r d i i m a u a e n l s s - - 2 u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s s - I m i l n r z o e a o s a a p n u d t n i a d r e o s i e r 3 r n d n- m b C a e o n r m c k i s a - l l p S c l a m o o n a m a i n e l - l s b I a n tr n d i k u a s l s - 2 p I a c n l t o n o r d i a m i u a e n l s s - - 2 u C n r i e o d n i s t 1929 643 43 263 219 23 95 463 413 38 1933 466 29 246 121 20 50 322 202 32 1938 1,282 312 380 129 95 103 117 146 460 664 238 176 176 1939 1,632 523 448 131 99 135 96 200 680 827 261 194 237 1940 1,967 692 498 132 104 174 99 268 1,017 912 255 198 297 1941 2,143 784 531 134 107 200 102 285 1,198 975 255 203 344 1942 1,431 426 417 89 72 130 91 206 792 784 182 146 236 1943 . 1,119 316 364 67 59 104 86 123 639 800 151 128 201 1944 1,170 357 384 68 60 100 88 113 749 869 155 139 198 1945 , 1,422 477 439 76 70 103 93 164 942 956 166 151 199 1946 2,352 956 597 117 98 153 109 322 1,793 1,231 231 210 286 1947 3,348 ,435 701 166 134 225 119 568 2,636 1,432 310 282 428 1948 4,072 1,709 817 204 160 312 131 739 3,069 1,534 376 319 577 1948—October..,.. 3,994 1,700 772 204 155 302 126 735 222 116 29 24 44 November. . 4,012 L, 701 780 204 156 304 127 740 237 134 31 26 46 December... 4,072 L,709 817 204 160 312 131 739 251 180 37 31 57 1949—January... 4,054 1,705 812 202 159 309 130 737 236 112 31 26 42 February... 4,033 1,695 806 201 159 308 130 734 215 109 28 25 44 March 4,065 L,72O 807 203 161 315 130 729 287 142 36 30 58 April 4,113 .749 815 207 163 323 131 725 278 146 33 29 58 May . . 4,170 1,788 818 213 165 333 131 722 288 135 35 28 60 June....... 4,253 1,836 827 219 167 346 132 726 303 140 38 28 68 July 4,325 1,866 843 225 169 357 133 732 282 155 35 28 59 August 4,399 1,897 851 230 171 369 134 747 294 143 37 29 66 September .. 4,459 1,922 855 235 172 379 135 761 278 128 34 27 65 October?.... 4,501 1,937 858 239 172 385 135 775 272 134 34 26 59 November?. 4,556 1,946 875 244 173 394 137 787 268 161 36 29 64 ^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 November amounted to 94 million dollars, and loans made during November were 8 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 3 Includes only loans insured by Federal Housing Administration. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Other Repair Pery E m e n a o d r n t o o h f r in e m T g x o o c a l b t u a u i d l l t e , o - - s o m m t a r o n a e d r i d n e e l t r - s F s t t u u o r r r n e e i s - H a s a h t p o o n o p u r c l l s d e e i e s - - J s e t w o e re lr s y s o r t e A t o h t r a l e e l i r l s Year or month Total ch P a u s r e r - e d tai D l l o i a re n c s t c d r h p a e ir a u n t e a s d r c e i - l t d , l e o m r t a a n i n o o n iz d d n s a - 1 - 2 l m s i c n o o e a s a n n s t n a a t h s l lhouses Outstanding at end of period: 1929 1,197 160 583 265 56 133 1946 1,591 165 306 275 273 572 1947 2,701 346 536 523 500 796 1933 663 119 299 119 29 97 1948 3,563 570 736 751 636 870 1938 1,343 302 485 266 70 220 1948—October 3,504 561 723 731 620 869 1939 1,525 377 536 273 93 246 November.... 3,528 565 730 736 631 866 1940 1,721 439 599 302 110 271 December 3,563 570 736 751 636 870 1941 1,802 466 619 313 120 284 1949—January 3,558 564 737 758 631 868 1942 1,135 252 440 188 76 179 February.... 3,517 572 737 724 626 858 1943. 707 172 289 78 57 111 March...... 3,556 598 759 709 630 860 1944 691 183 293 50 56 109 April 3,629 631 785 712 636 865 1945 715 198 296 51 57 113 May 3,740 664 817 736 650 873 1946 1,104 337 386 118 89 174 June 3,852 688 843 750 676 895 1 1 9 9 4 4 7 8 2 1 , ,9 5 3 6 5 7 6 87 5 4 0 5 7 8 5 7 0 3 2 8 4 7 9 1 15 4 2 4 3 4 0 0 5 4 J A u u ly gust 3 4 . , 9 04 3 4 3 7 7 1 5 8 4 8 8 9 6 0 9 7 7 6 7 1 8 6 71 8 1 4 9 9 0 1 1 1 September 4,140 780 905 803 730 922 1948 October?. . .. 4,248 811 915 840 755 927 November?,.., 4,334 837 922 871 774 930 October. . . 2,350 797 687 379 117 370 November. 2,388 812 696 377 127 376 Volume extended dur December. 2,567 874 750 387 152 404 ing month: 1948—October . 433 73 93 99 48 120 1949 November.. . . 447 76 98 97 49 127 December. . . 468 75 98 110 42 143 January... 2,405 815 704 366 141 379 1949—January.. 426 68 94 100 32 132 February.. 2,310 778 685 353 130 364 February 383 71 90 74 33 115 March. . . . 2,259 756 675 348 124 356 March 517 105 129 94 45 144 April 2,276 760 683 351 123 359 April 527 113 129 99 48 138 May 2,332 771 704 367 123 367 May 568 112 136 124 54 142 June 2,371 774 718 382 124 373 June 592 109 135 124 67 157 N S J O A u e o u c l p y v t g t o e u e b m s m e t b r b ? e e . r r ? . . 2 2 2 2 2 , , , , , 5 4 7 6 4 6 6 9 7 0 2 2 9 5 0 8 8 9 7 7 1 0 5 8 6 8 6 5 1 6 8 8 7 7 7 2 8 6 5 3 2 4 1 5 0 4 4 4 4 4 3 0 1 6 5 5 5 7 3 4 1 1 1 1 1 2 2 2 2 2 1 8 3 1 1 3 3 4 4 4 0 7 8 2 4 4 8 8 1 1 O S J A N u e c u o l p t y g v o t u e e b s m m e t r b b ? e e r r?... 5 5 5 5 5 4 9 9 7 6 1 3 8 8 8 1 1 1 1 1 1 1 1 2 2 9 2 7 7 5 1 1 1 1 1 2 1 3 2 2 3 5 4 2 9 1 1 1 1 1 2 0 3 3 1 1 9 2 7 4 6 5 6 7 7 2 0 7 0 5 1 1 1 1 1 4 4 4 4 3 1 8 5 5 9 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT LOAN COMPANIES, BY TYPE OF CREDIT [Estimates. In millions of dollars] [Estimates. In millions of dollars] Retail instal- Repair Personal Retail instal- Repair Personal ment paper 2 and instal- ment paper 2 and instal- Year or month Total modern- ment Year or month Total modern- ment m A o u b to il - e Other i l z o a a t n io s n i lo ca a s n h s m A o u b to il - e Other l i o z a a n ti s o x n 2 l c o a a s n h s Outstanding at end Outstanding it end of period: of period: 1946 162.7 27 5 17.8 28 3 89 1 1946 108.4 15.0 7.4 2.4 83.6 1947 233.5 50 0 30 2 4:3.3 110 0 1947 148.2 27.1 17.1 4.2 99.8 1948 286.2 66.6 43 4 51.7 124.5 1948 177.1 38.3 23.7 5.0 110.1 1948—October 285.9 67.1 43.5 51.3 124 0 1948—October 171.8 37.5 22.7 4.9 106.7 November.. 285.5 66 8 43.3 51.6 123 8 November.. 173.5 38.3 23.4 4.9 106.9 December.. 286.2 66.6 43.4 51.7 124.5 December. . 177.1 38.3 23.7 5.0 110.1 1949—January 283 4 66 1 42.3 51.0 124.0 1949- - January. . . 176.0 37.9 23.2 5.0 109.9 February.. . 280.8 66.0 41.5 50.3 123.0 February.. . 176.1 38.0 22.9 4.9 110.3 March 282.9 67.7 41.6 49.5 124.1 March..... 178.1 38.4 23.4 4.8 111.5 April 287.6 70.7 43.1 49.5 124.3 April 180.9 '39.4 24.1 4.9 112.5 May 294.7 73.3 45.8 50.0 125.6 May 183.0 40.3 25.9 5.1 111.7 June 303.4 76.1 48.7 51.2 127.4 June 185.7 41.2 26.7 5.3 112.5 July 309.4 78.8 50.3 51.4 128.9 July 187.9 41.6 28.5 5.3 112.5 August. . . . 317.4 82.9 52.3 52.9 129.3 August.... 190.1 42.3 29.6 5.8 112 A September . 323.7 85.3 54.6 53.9 129.9 September . 190.9 43.0 30.0 5.7 112.2 October?.. . 329.6 88.7 56.6 55.0 129.3 October?... 191.2 44.2 30.2 6.0 110.8 November?. 336.3 91.7 59.2 55.5 129.9 November? 192.5 44.1 30.5 6.3 111.6 Volume extended Volume extended during month: during month: 1948—October 33.5 7 6 4.9 3.5 17.5 1948—October 25.4 5.1 3.0 0.5 16.8 November.. 35.1 8 1 4 6 3.4 19.0 November.. 27.7 6.0 3.4 0.4 17.9 December.. 39.0 7.9 5.4 3.0 22.7 December.. 30.7 5.3 3.4 0.5 21.5 1949—January. 33.1 7 6 4 3 2.3 18.9 1949—January. . . 25.7 4.9 2.7 0.3 17.8 February.. . 31.2 7.6 4.3 2.2 17.1 February . . 25.1 4.8 2.8 0.3 17.2 March 41.6 1.1.3 5 8 2.6 21.9 March 31.8 6.9 3.8 0.4 20.7 April 41.5 12.0 6.8 2.8 19.9 April 31.4 7.1 4.0 0.4 19.9 May 43.7 11.9 7.8 3.6 20.4 May 32.0 7.3 5.2 0.6 18.9 June 47.0 12.3 8.2 4.4 22.1 June 31.1 6.7 4.8 0.6 19.0 July 41.9 11.3 7.5 3.2 19.9 July 30.8 6.7 5.2 0.5 18.4 August . . . 47.7 14.1 8.2 4.7 20.7 August.... 31.1 6.6 4.7 0.8 19.0 September. 43.5 12.5 7.8 4.3 18.9 September . 27.9 6.1 3.9 0.5 17.4 October?... 45.6 13.7 8.5 4.8 18.6 October?. .. 28.3 7.1 3.9 0.5 16.8 November?. 45.8 13.7 4.2 19.1 November ? 28.7 5.7 4.0 0.5 18.5 P Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans* 2 Includes both direct loans and paper purchased. JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe f r ro ce m n t p a r g e e c e c d h i a n n g ge f P ro e m rc e c n o t r a r g e e s p c o h n a d n i g n e g Instalment accounts a C cc h o ar u g n e ts month month of preceding Item year Year or month House- Depart- Furni- hold ap- Jewelry Depart- 1 N 9 o 49 v P . O 19 c 4 t 9 . S 1 e 9 p 4 t 9 . 1 N 9 o 49 v P . 1 O 9 c 4 t 9 . S 1 e 9 p 4 t 9 . s m to e r n e t s st t o u r r e e s p s l t i o a r n e c s e stores s m to e r n e t s Net sales: 1948 Total +4 +9 -2 0 +7 -14 October 23 14 16 16 54 Cash sales +7 +9 -4 -21 -15 -20 November 23 14 15 17 55 Credit sales: December 23 14 15 20 53 Instalment +6 +7 0 +9 +24 -9 Charge account +3 +12 -4 -14 -13 -17 1949 January 22 12 15 14 51 Accounts receivable, end 21 12 14 13 49 of month: March 23 14 15 14 55 Total. +4 +5 +3 +15 +13 +7 April .. ... 23 13 14 14 53 Instalment +5 +5 +3 +19 +18 +11 May 22 13 14 14 53 June 21 12 14 14 53 Collections during July... 19 12 13 13 49 month: August 21 12 14 14 51 Total 0 +7 -2 -9 -9 -10 20 11 12 13 52 Instalment -1 +9 -3 -5 0 -6 October 20 11 12 14 53 November? 20 11 12 13 54 Inventories, end of month, at retail value. +3 +6 +5 -16 -18 -18 P Preliminary. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Year or month Sales during month A a c t c o e u n n d ts o r f e c m ei o v n a t b h le Collec m tio o n n s t h during Instal- Charge Cash ment account sales sales sales Total Cash I m ns e t n a t l- a C c h co ar u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h co ar u g n e t Averages of monthly data: 1941 100 100 100 100 100 100 100 100 48 9 43 1942 114 131 82 102 78 91 103 110 56 6 38 1943 130 165 71 103 46 79 80 107 61 5 34 1944 145 188 65 112 38 84 70 112 64 4 32 1945 162 211 67 125 37 94 69 127 64 4 32 1946 202 242 101 176 50 138 91 168 59 4 37 1947 214 237 154 200 88 174 133 198 55 6 39 1948 225 236 192^ 219 142 198 181 222 52 7 41 1948—October 249 256 204 * 249 155 206 196 220 51 7 42 November '217 263 160 219 204 243 51 7 42 December 380 407 278 370 176 281 212 252 53 6 41 1949—January 173 182 136 171 163 219 212 314 52 7 41 February 162 168 131 162 157 187 194 235 51 7 42 March 203 208 171 204 152 180 210 227 51 7 42 April 223 231 188 221 152 190 196 209 51 8 41 May 207 210 182 210 153 191 196 220 50 8 42 June 200 205 168 201 152 187 194 222 51 7 42 July 149 157 147 141 151 163 179 202 52 9 39 August 179 181 195 173 155 161 188 184 50 10 40 September 214 210 223 217 165 182 191 185 49 9 42 October 220 215 242 222 175 191 202 214 48 10 42 November^ 253 247 259 260 189 213 211 232 48 9 43 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. 91. 100 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS BANK CREDIT, MONEY RATES, AND BUSINESS * 1949 1949 Chart Chart book book page Nov. Dec. Dec. Dec. Dec. page Nov. Dec. Dec. Dec. Dec. 30 30 14 28 i WEEKLY FIGURES 2 In billions of dollars RESERVE BANK CREDIT, ETC. WEEKLY FIGURES 2—Cont. In unit indicated Re U se . r S v . e G B o a v n t k . s c e r c e u d r i i t t , i e t s o , t t a o l tal.. 2 3 1 1 8 7 . . 2 6 7 8 1 1 8 7 . . 6 9 3 3 1 1 8 8. . 1 7 7 3 1 18 9 . . 5 5 4 1 1 1 9 8 . .7 3 9 8 BUSINESS CONDITIONS Bills 4.00 4.17 4.37 4.59 4.74 Wholesale prices: Notes and certificates.. .. 6.17 6.25 6.28 6.71 6.82 Indexes (1926=100): G M T M R E r x o e o e N C C e C N C R R c l q m n d a e h o u e h o e e e e s B s w i s s u i b i w u u s y c s c r e e o e n t n e r a a r r o n r r y t Y d t i Y g v v g e r c n r d o b e e o y y s o k o s c r e a c r e r a c c b r n k b k i s s i i v r a k e a t h t c e y y C n C r n u s v r k a k i l i , e b b e t n a t s s s y y t a a s t d e e o i n n o r t k k v d n a s s e e l s e p , o t s o i t ts a . l . . . .2, 2 2 1 1 7 4 6 4 4 7 1 1 5 6 . . . . . . . . . . . . . 8 5 1 1 3 4 5 3 3 0 6 1 5 3 1 1 4 7 9 8 4 1 3 1 7 4 2 2 1 1 7 4 6 4 4 7 1 1 ( 5 6 3 . . . . . . . . . . ) . . . 1 7 5 1 4 3 7 4 4 2 9 1 5 2 5 1 8 8 8 0 0 0 5 5 0 9 2 2 1 1 4 7 6 4 4 7 1 1 6 5 . . . . . . . . . . . . . . 7 4 1 5 2 4 4 7 4 5 8 1 0 5 1 2 4 1 3 8 8 7 7 3 0 9 3 6P 2 2 1 1 2 7 4 6 4 4 7 P P 1 6 5 . . . . . . . . . . . . . . 2 3 1 5 2 4 4 8 3 4 8 0 1 6 4 4 5 2 8 7 3 3 3 7 4 9 5 3 ' 2 2 1 1 2 4 4 7 7 4 6 5 P 1 6 P . . . . . . . . 3 . . . . . . 2 4 7 3 4 4 2 1 3 4 6 0 1 8 3 3 7 0 ' 0 4 5 6 0 ' 6 B Se a T F F O T F W S l I C C s e n o a o i o t o t o o c c e d h p r h ( o o t t t r t e m A a u e a e o d n d e t c r l o d l a r s u s s u o s n t t t ( n p g m c u r f c d . r i a o ( ( f e ( m a o d s c f r c m n 1 l s m ) d e o e o t 9 n m s u l m n d l 3 t c t a p p s i o a s 9 t t r r e s t d i s = p p o e e r i 1 e r s e d t b p i i : r r 0 u a e u e 0 b p c l s r s s . ) t u o h s : 1 s . u : e h 0 . n l e 0 . ) d l . . ) ) . . . . . 6 6 6 6 6 6 6 6 6 6 6 5 5 8 8 8 5 7 5 7 7 8 3 2 2 2 3 1 1 1 1 1 2 0 2 5 0 5 2 5 5 4 3 9 3 1 8 7 5 0 . 2 5 1 9 . . . . . . . . . . 2 9 4 9 3 6 4 5 1 1 1 3 2 2 2 3 1 1 1 1 1 3 0 2 1 4 2 5 5 5 4 2 2 0 6 . 9 1 1 4 6 5 9 0 . . . . . . . . . . 2 0 9 6 1 0 5 0 0 1 6 3 2 3 2 2 1 1 1 1 1 3 0 4 2 2 0 5 5 5 4 3 0 4 6 . 3 0 0 1 6 5 0 5 . . . . . . . . . . 2 2 7 9 6 5 5 8 1 3 9 3 3 2 2 2 1 1 1 1 1 3 0 1 4 2 2 5 5 5 4 3 0 5 7 . 3 5 5 0 1 5 0 0 . . . . . . . . . . 2 5 6 6 0 1 1 1 1 4 9 3 3 2 2 2 1 1 1 1 1 3 0 0 4 1 2 5 5 5 4 3 0 5 7 8 . 2 5 1 5 5 2 5 . . . . . . . . . . 7 7 6 5 1 1 9 8 0 4 4 MEMBER BANKS IN LEADING CITIES Hogs (dollars per 100 All reporting banks: pounds) 68 15.76 15.58 15.58 16.00 15.86 L U o . a S n . s G an o d v t. i n s v e e c s u t r m iti e e n s t , s total. 1 14 3 6 7 6 . . 2 8 5 4 6 3 6 7 . . 9 1 4 5 3 6 7 7. . 5 4 7 1 3 6 7 7 . . 6 4 6 1 3 6 7 7 . . 4 4 7 3 E B g u g tt s e r ( c ( e c n e t n s ts p e p r e d r o p z o e u n n ) d . ) .. . 6 6 8 8 r3 6 9 2 . . 3 1 3 6 6 2 . . 9 3 3 6 5 2 . . 2 5 6 3 1 0 .9 3 3 6 1 1 . . 5 4 N Bo o n te d s s and certificates.... 1 1 6 6 2 8 6 . . 4 4 3 7 2 8 6 . . 3 5 1 5 2 8 6 . . 3 5 1 7 2 1 4 0 . . 5 3 8 3 2 1 4 0 . . 6 2 4 9 Pr S od te u e c l ti ( o % n : of capacity) 71 87.7 91.7 94.1 94.5 93.1 O D t e h B m e il r a l s n s d e c d u e ri p ti o e s s i ts adjusted.. 1 1 1 8 6 4 2 4 7 . . . 3 9 6 5 8 5 4 2 4 7 . . . 9 2 7 7 9 2 4 2 5 8 . . . 0 5 6 4 3 5 4 2 5 8 . . . 0 7 2 5 5 5 4 2 5 8 . . . 0 5 2 6 5 6 A C u r b u t b o d l m e s . o ) b p i e le tr o ( l t e h u o m us . c ( a th r o s u ). s . . . 7 7 1 2 5,04 6 5 8 4,91 5 9 6 4,94 7 0 9 4,9 1 3 1 5 2 105 L U o . C R a S n o e . s a m , G l m t e o o s e v t t r a t a c . l t i e a d l e posits 1 1 1 1 4 8 8 2 1 4 2 4 3 . . . . 3 2 6 7 0 4 1 8 2 1 4 4 1 3 . . . . 3 9 8 8 0 8 1 1 2 1 4 5 1 3 . . . . 9 3 1 8 7 3 3 8 2 1 4 4 1 3 . . . . 9 3 7 8 4 4 0 6 2 1 2 4 4 3 . . . . 3 0 8 9 4 8 9 0 P M E B a l i e e t p u c a e m t t r r b i ( i c n m o o a p i u r l o l d s w , c p e ( o r o t h a u ( l o m n u ( d m i s s l . l ) i . l t l k o , w n to . s n h ) s r . s . ) . . . ) 7 7 7 7 3 2 5 3 5 1 ,7 2 3 .5 4 0 9 3 4 2 3 5, 1 8 2 3 . 8 5 1 8 1 3 0 7 5, 1 9 2 3 .4 9 0 8 7 5 4 0 '5' 1 ,9 2 .5 9 0 4 1 1 5, 1 4 1 .2 9 1 3 5 1 For purchasing securities: Freight carloadings (thous. cars): Total 18 2.25 2.40 2.46 2.07 2.21 Total 74 694 669 640 623 496 U. S. Govt. securities.. 18 1.09 1.20 1.21 .82 .92 Miscellaneous 74 337 327 318 303 258 Oth O e t r h er securities 1 1 8 8 4 1 . .1 3 6 9 4 1 . .2 3 0 9 4 1 . .2 4 5 1 4 1 . . 4 2 2 6 4 1 . .2 4 9 5 De ( p 1 a 9 r 3 tm 5- e 3 n 9 t = s 1 t 0 o 0 re ) sales 75 449 542 584 542 199 New York City banks: Loans and investments 1 19.43 19.42 19.84 19.48 19.55 U. S. Govt. securities, total. 1 10.63 10.47 10.55 10.69 10.61 1949 Bonds, total holdings 1 7.77 7.79 7.81 7.29 7.32 Due or callable-—5 years 1 6.14 6.17 6.18 5.66 5.68 Notes and certificates.... 1 2.26 2.13 2.08 2.59 2.58 Sept. Oct. Nov.i Bills 1 .61 .55 .66 .81 .71 Demand deposits adjusted.. 1 15.24 15.21 15.71 15.34 15.43 U. S. Govt. deposits 1 .74 .64 .60 .57 .63 MONTHLY FIGURES In billions of dollars Interbank deposits 1 3.74 3.79 3.93 3.94 3.85 Time deposits 1 1.62 1.61 1.64 1.63 1.65 DEPOSITS AND CURRENCY Lo F C a o n o r s m , p m t u o e r t c r a c h l i a a s l ing securities: 1 1 4 7 . . 8 6 2 0 4 7 . . 8 7 1 4 4 8. . 0 8 2 6 4 7 . . 8 5 1 1 7.66 De T p o o t s a i l t s and currency:* 6 P17O.3O P171.6O P171.8O To brokers: Excluding U. S. Govt. de- Ban R ks e T a o l o u O O o e t n s n t s h t i a o U d e t t r e e h . s e S a N r n . e d s G w e o o c Y t v u h t r o e s i r r t k ie s C .. i . t y 1 1 I I : 1 1 1. . . . 1 8 5 2 5 1 7 3 1. . . . 1 9 2 6 5 1 1 4 1. . . . 1 9 2 6 7 2 1 6 1. . . . 1 5 6 2 6 7 8 1 1. . . . 1 6 2 7 7 4 1 0 T U D C i . u e m r m S r e . e p a n o n G d c s d e o y i p t v s d o o t e s . u p it d t o s s e s i p a d it o d e s s j u i b a t s s d a t j e n u d k s t s e . d .. . . . . 6 6 6 6 6 P P P P 1 P 2 8 5 6 3 4 3 8 6 . . . . . 7 9 3 4 6 O 0 0 0 0 P P P P 1 P 5 2 6 8 3 8 4 8 4 . . . . . 6 0 4 9 6 0 0 0 0 0 P P P P 1 P 8 5 2 6 3 8 8 5 5 . . . . . 2 6 0 1 5 0 0 0 0 0 L U o . N B a S n o o . s n t G e d a s o s n v a d t n . d i s n e v c c e e u r s r t t i i m t f i i e c e s a n , t t e t s o s tal.. 1 1 1 1 4 2 1 6 6 7 8 . . . . 1 6 4 7 8 2 1 0 4 2 1 6 7 6 8 . . . . 1 5 6 7 8 2 8 6 4 2 1 6 6 7 8 . . . . 2 8 7 7 3 6 7 3 2 4 1 7 6 7 7 . . . . 7 9 2 9 4 7 9 3 4 2 1 7 6 7 7. . . . 3 7 8 8 : 1 6 4 Mo $ C B 1 n o i 0 l e i l y n s a s o n i , n f d $ $ c 1 $ i , 5 2 r $ 0 c 0 2 u a b , l n a i a l t d n l i s o d o n v $ , e 5 r t o b t i a ll l s . . . . . . 7 7 7 7 2 1 4 8 7 4 . . . . 5 5 4 4 2 0 1 0 2 1 4 8 7 4 . . . . 4 5 4 3 9 4 1 8 2 1 4 8 7 4 . . . . 5 5 5 4 1 9 4 5 Bills 1 1.74 1.74 1.87 1.94 1.84 Demand deposits adjusted.. 1 32.41 32.51 32.94 32.91 32.83 U. S. Govt. deposits 1 1.50 1.34 "1.37 1.37 1.45 Annual rate Interbank deposits 1 6.41 6.72 6.94 6.83 6.71 Time deposits 1 13.58 13.59 13.59 13.62 13.66 Turnover of demand deposits:6 Lo C R an o e s a m , l m t e o s e t t r a a c l t i e a l 1 1 1 9 9 1 4 8 7 . . . 9 0 0 6 6 1 1 9 4 7 . . . 0 0 0 7 0 7 1 4 9 7 . . . 0 0 1 3 8 1 1 4 9 7 . . . 0 0 1 5 9 9 1 4 9 7 . . . 0 0 2 5 9 3 N O e th w e r Y le o a rk d in C g i ty cities 2 1 9 9 . . 5 0 2 1 9 9 . . 4 1 2 1 7 8 . . 5 4 For purchasing securities. 19 .63 .64 .66 .62 .66 Other 19 3.49 3.47 3.49 3.51 3.53 In billions of dollars MONEY RATES, ETC. Per cent per annum COMMERCIAL BANKS U. S. Govt. securities: 3 C B 7 - - e i 5 9 l r l t s i y y f e ( e i n c a a a e r r t s w s e s i ssues) 3 3 3 3 0 0 0 0 1. 1 1 1 1 . . . 1 7 3 1 5 0 8 1 1 1 1 1 .1 . . . 3 1 6 1 7 1 5 9 1 1 1 1 .0 . . . 3 6 1 8 7 7 8 0 1 1 1 1 .0 . . . 8 6 0 3 7 7 9 6 1. 1 1 1 0 . . . 8 3 6 0 1 7 7 9 C Lo a L U s a h o n . a s S a n a . s s s n G * e d t o s i v n • t v . e s s e t c m ur e i n ti t e s s , • t otal *. 9 9 9 9 P P 1 P P 3 1 4 6 1 8 1 6 . . . . 8 6 8 8 0 0 0 0 P P P P 1 3 1 4 6 3 9 1 7 . . . . 5 8 9 7 0 0 0 0 P P P P 1 6 3 2 4 2 7 0 2 . . . . 1 7 2 9 0 O 0 0 15 years or more 30, 32 2.20 2.19 2.19 2.18 2.18 Other securitiese 9 P10.20 P10.20 no.20 Corporate bonds: Holdings of U. S. Govt. se- Aaa 32 2.60 2.59 2.59 2.58 2.57 curities : Baa 32 3.35 3.34 3.31 3.29 3.27 Bonds: High-grade municipal bonds. . 32 2.15 2.14 2.14 2.12 2.12 Total 10 41.87 42.09 "42.27 Within 1 year 10 8.51 8.65 *8.66 S V t o o T I R P l c n u o u a k d m t b i a u l l p r e l i s o r c t i o a r c u i d f e a t s t l i r l a i ( t 1 d y 9 i n 3 g 5 - ( 3 m 9 i l = l, 1 s 0 h 0 a ) r : es) 3 3 3 3 3 4 4 4 4 4 1 1 1 1 .5 3 9 2 0 4 6 6 9 3 1 In 1 1 1 1 .6 3 0 3 0 3 9 4 2 0 unit 2 i . 1 1 1 1 n 0 0 4 0 3 d 0 4 1 1 3 icate 1 d 1 1 1 1 .4 3 4 0 0 2 2 0 4 0 1 1 1 1 1 .8 3 4 0 0 1 4 1 4 3 N G Bi o u 5 O l 1 l t a - - s e v r 1 5 s a e 0 n r a y t y n e 1 e e a d e 0 a r d s r c y s e e s r e a t c r if s u i c ri a ti te e s s 1 1 1 1 1 1 0 0 0 0 0 0 2 1 4 3 6 2 3 . . . . . 0 6 7 6 8 2 9 3 7 4 2 1 4 6 4 2 4 . . . . . 7 0 0 6 1 5 4 9 5 2 " P 2 " « P 1 6 2 4 4 3 . . . . . 7 7 0 4 0 9 6 5 7 9 For footnotes see p. 104. JANUARY 1950 101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS—Continued Chart 1949 book Chart page book Sept. Oct. Nov.* page Sept. Oct. Nov.* MONTHLY FIGURES-Cont. In billions of dollars MONTHLY FIGURES—Cont. In billions of dollars GOVERNMENT FINANCE—Cont. MEMBER BANKS )wnership of U. S. Govt. securities—Cont. All member banks: Marketable public issues—Cont. Loans and investments, total. 12 99.83 100.77 101.00 By class of security—Cont. Loans 12 35.08 35.14 35.97 Bonds—Total outstanding.... 24 109.29 109.29 109.29 U. S. Govt. securities 12 56.44 57/33 56.73 Nonbank (unrestricted issues Other securities 12 8.32 8.30 8.30 only), commercial bank, Demand deposits adjusted" 12 70.64 71.74 72.34 and F. R. Bank 65.51 65.51 Time deposits 12 29.25 29.23 28.98 Commercial bank and F. R. Balances due to banks 12 10.96 11.12 11.16 Bank 49.41 49.63 "49.78 Balances due from banks 12 5.53 5.60 5.60 F. R. Bank 7.54 7.54 7.51 Reserves 12 16.08 16.11 16.1 By earliest callable or due date: Central reserve city banks-.6 Withinl year-Total outstanding 58.93 58.64 58.65 Loans and investments, total 12 24.86 24.61 24.73 Commercial bank and F. R. Loans 12 9.17 8.77 9.15 Bank 37.43 37.48 U. S. Govt. securities 12 13.87 14.15 13.91 F. R. Bank 11.32 10.62 11.01 Other securities 12 1.82 1.69 1.6 1-5 years—Total outstanding. 33.05 33.05 33.05 Demand deposits adjusted8 12 18.78 18.81 18.93 Commercial bank and F. R. Time deposits 12 2.78 2 71 2.74 Bank 24.29 24.31 Balances due to banks 12 4.97 499 4.93 F. R. Bank. . 1.66 1.66 1.66 Reserves 12 5.63 5.57 5.54 5-10 years—Total outstanding 15.07 15.07 15.07 Reserve city banks:6 Nonbank (unrestricted issues Loans and investments, total 13 37.27 3816 38.07 only), commercial bank, Loans 13 13.67 13.96 14.2 and F. R. Bank 25 10.37 10.36 U. S. Govt. securities 13 20.67 2121 20.86 Commercial Bank and F. R. Other securities 13 2.92 300 2.99 Bank.. 7.28 7.34 Demand deposits adjusted8 . • 13 24.76 2557 25.69 F. R. Bank .58 .58 .58 Time deposits 13 1159 1165 11.53 Over 10 years—Total outstand- Balances due to banks 13 5 14 523 5.30 ing 25 48.60 48.60 48.60 Balances due from banks 13 1.68 172 1.71 Nonbank (unrestricted issues Reserves 13 603 6 IS 6.18 only), commercial bank, Country banks: and F. R. Bank 25 9.52 9.52 9.49 Loans and investments, total 13 3771 3800 38.21 Commercial bank and F. R. Loans 13 1224 1241 12.61 Bank 8.48 8.49 ^8.48 U. S. Govt. securities 13 2189 21.97 21.96 F. R. Bank 4.45 4.45 4.43 Other securities 13 3 58 3 62 3.6- Cash income and outgo: Demand deposits adjusted8 13 2711 2736 27.72 Cash income 4.92 2.05 2.97 Time deposits. 13 1488 1488 14.72 Cash outgo 3.85 3.27 3.43 Balances due from banks 13 369 3 72 3.75 Excess of cash income or outgo +1.07 -1.22 -.47 Reserves 13 443 439 4.41 MONEY RATES, ETC. Per cent Treasury bills (new issues) 29 1.062 1.044 1.073 Corporate bonds: CONSUMER CREDIT8 Aaa. 29 2.60 261 2.60 Baa 29 3.37 336 3.35 Consumer credit, total 20 1680 P17 22 P17.82 F. R. Bank discount rate. 29 1,50 150 1.50 Single-payment loans 20 281 P286 P2.92 Commercial paper 29 1.38 138 1.38 Charge accounts 20 3 12 P3 20 P3A5 Stock yields: Service credit 20 97 PI 00 Pi. 00 Dividends/price ratio: Instalment credit, total 20, 21 9 90 P10 16 P10A5 Common stock 33 6.39 6 19 6.86 Instalment loans 21 446 P4 50 P4.5< Preferred stock 33 3.85 3 88 3.89 Instalment sale credit, total 21 544 P5.66 P5.81 Automobile 21 288 P2.99 P3.K In unit indicated Other 21 256 P2.68 P2.8I Margin requirements (per cent) 35 50 50 50 Stock prices (1935-39 = 100), total. . . 35 124 127 129 Stock market credit (mill, dollars): Bank loans 35 454 439 429 GOVERNMENT FINANCE Customers' debit balances 35, 36 740 783 813 Money borrowed 36 418 416 445 Gross debt of the U. S. Government: Customers' free credit balances. ... 36 580 586 596 Total (direct and guaranteed) 22 256.71 256.81 257.0 Volume of trading (mill, shares) 35 1.14 1.31 1.32 Bonds (marketable issues) 22 109.29 109.29 109.2' Notes, certificates, and bills 22 46.35 46.07 46.0; BUSINESS CONDITIONS Savings bonds, savings notes 22 63.50 64.01 64.2- Personal income (annual rates, bill, Special issues 22 33.91 33.81 33.8; dollars):e 5 Guaranteed, noninterest-bearing Total 48 210.5 208.4 debt, etc 22 3.65 3.62 3.5 Total salaries and wages 48 134.8 133.1 Ownership of U. S. Govt. securities: Proprietors' income, dividends, and Total: interest 48 '61.2 61.4 Commercial bankse 23 r66.50 67.40 All other 48 14.5 13.9 Fed. agencies and trust funds... 23 39.41 39.29 39.3 Labor force (mill, persons): • F. R. Banks 23 18.01 17.32 17.6! Total 49 64.2 64.0 64.4 Individualse 23 f-69.20 69.30 P69.4I Civilian . 49 62.8 62.6 62.9 Corporations and associations 8.. 23 m .30 23.40 *>23.8i Unemployment 49 3.4 3.6 3.4 Insurance companiese 23 20.50 20.50 ^20.41 Employment 49 59.4 59.0 59.5 Mutual savings bankse 23 11.60 11.50 n 1.4< Nonagricultural 49 51.3 51.3 51.6 State and local govts.• 23 rg.10 8.10 P8.1 Employment in nonagricultural estab- Marketable public issues: lishments (mill, persons):e 5 By class of security: Total 50 43.07 42.17 P42.29 Bills—Total outstanding 24 12.32 12.32 Manufacturing and mining 50 15.05 14.31 P14.55 Commercial bank and F. R. Construction 50 2.19 2.20 Bank 24 8.07 7.80 P7 .4 > Transportation and utilities 50 3.94 3.88 P3.90 F. R. Bank 24 4.34 3.71 4.0C Trade 50 r9.45 9.38 ?9.28 Notes and certificates—Total Government 50 5.87 5.85 P5.82 outstanding . 24 34.04 33.75 33.7 Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) 51 55.72 55.26 P54.45 Bank 24 20.00 20.19 P20.2 Hourly earnings (dollars) 51 1.407 1.392 Pl.389 F. R. Bank 24 6.13 6.07 6.1 Hours worked (per week) 51 39.6 39.7 For footnotes see p. 104. 102 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS—Continued Chart 1949 Chart 1949 book book page Sept. Oct. Nov.1 page Sept. Oct. Nov.i In unit indicated In unit indicated MONTHLY FIGURES—Cont. MONTHLY FIGURES—Cont. BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS—Cont. Industrial production:5 Consumers' prices (1935-39=100): Total (1935-39 = 100). 52 174 166 P172 All items 64 169.6 168.5 168.6 Groups (points in total index): Food 64 204.2 200.6 200.8 Durable manufactures 52 '75.4 66.4 Apparel 64 187.2 186.8 186.3 Nondurable manufactures 52 '80.7 82.8 P82. Rent 64 121.2 121.5 122.0 Minerals 52 18.1 17.0 P21. Miscellaneous 64 155.2 155.2 154.9 Manufacturing production Wholesale prices (1926=100): (1935-39 =100), total 53 184 176 P178 Total 65 153.6 152.2 151.6 Durable 53 199 175 PISO Farm products 65 163.1 159.6 156.8 Nondurable 53 172 177 P176 Food 65 162.0 159.6 158.9 Selected durable manufactures Other commodities 65 145.3 145.0 145.0 (1935-39=100): Textile products 66 139.0 138.0 138.0 Nonferrous metals . 54 175 167 P167 Hides and leather products 66 181.1 181.3 180.8 Steel , 54 193 38 137 Chemicals and allied products... 66 117.7 116.0 116.1 Cement 5.4 189 182 191 Fuel and lighting materials 67 130.0 130.5 130.0 Lumber 54 119 116 139 Building materials .... 67 189.4 189.2 189.5 Transportation equipment 54 252 238 2>206 Metals and metal products 67 168.2 167.3 167.3 Machinery 54 224 226 P218 Miscellaneous 66 109.6 109.0 109.7 Selected nondurable manufactures Prices paid and received by farmers (1935-39=100): (1910-14=100): Apparel wool consumption 55 138 157 Paid. 69 '240 240 »"239 Cotton consumption 55 127 134 138 Received 69 249 243 239 Shoes 55 125 115 P100 Cash farm income (mill, dollars): Paperboard 55 203 206 210 Total 70 2,608 3,139 P2.795 Newsprint consumption 55 156 162 153 Livestock and products 70 1,274 1,354 »1,285 Manufactured food products.... 55 166 166 P157 Crops 70 1,327 1,773 PI.500 Fuel oil 55 180 182 P188 Govt. payments 70 7 12 no Gasoline 55 179 180 P176 Industrial chemicals 55 r405 414 Rayon 55 275 293 INTERNATIONAL TRADE AND FINANCE Sales, inventories, and orders: Sales (bill, dollars):5 Exports and imports (mill, dollars): Manufacturing, total 56 18.9 16. *18.0 Exports 76 P904 P849 Durable 56 7.9 6.6 P7 .5 Imports 76 P530 P559 P593 Nondurable 56 11.0 10.2 P10.5 Excess of exports or imports 76 P3 75 P290 P243 Wholesale, total 57 7.6 7.2 P7 .5Short-term liabilities to and claims on Durable 57 1.9 1.7 P1-.8 foreigners reported by banks (bill, Nondurable 57 5.7 5.4 P5. dollars): Retail, total 57 10.8 10.6 PIO.6 Total liabilities 77 P5.67 P5.85 Durable 57 3.5 3.5 P3.3 Official 77 P2.58 P2.73 Nondurable 57 7.3 7.1 P7 .3 Invested in U. S. Treasury bills Inventories (bill, dollars):5 and certificates 77 P.76 P.77 Manufacturing, total 56 31.1 r30.8 P30.7 Private 77 P3.09 P3.12 Durable 56 14.3 13.9 P13.6 Claims on foreigners 77 P. 83 P. 85 Nondurable 56 16.8 16.9 P17.1 Foreign exchange rates: Wholesale 57 9.2 9.2 P9.2 See p. 123 of this BULLETIN 78, 79 Retail. 57 14.4 14.5 P14.3 New orders (bill, dollars) Durable 56 7.6 7.6 1949 Nondurable 56 11.8 10.9 Construction contracts (3 mo. moving avg.. mill, dollars):6 Apr.- July- Oct.- Total 58 1,009 ,080 Pl.098 June Sept. Dec. Residential 58 468 495 P485 QUARTERLY FIGURES Other , 58 541 585 P613 Residential construction: GOVERNMENT FINANCE In billions of dollars Contracts awarded (mill, dollars): 5 Total 59 529 463 467 Budget receipts and expenditures of 1- and 2-family dwellings 59 321 316 349 U. S. Treasury: Other 59 208 147 118 Expenditures, total 27 10.15 11.01 9.96 Dwellings started (thous. units)... 59 100 100 93 National defense 27, 28 3.15 3.11 ?3.08 Value of construction activity (mill, Veterans' Administration 28 1.65 1.45 1.56 dollars): International aid 28 1.68 1.35 PI.09 Total • 60 1,922 1,879 1,767 Interest on debt 28 1.87 .99 1.57 Nonresidential:e All other 28 1.67 2.95 P2.59 Public 60 527 509 448 Receipts: Private . 60 658 628 580 Net receipts 27 8.05 9.26 8.42 Residential:e Individual income taxes 28 3.84 3.63 Public 60 27 27 24 Corporate income, etc 28 2.83 3.04 Private 60 710 '715 715 Miscellaneous internal revenue. . 28 2.00 2.12 2.20 Freight carloadings:5 All other 28 .84 .53 Total (1935-39 =100) 61 106 92 115 Tax refunds (deduct) 28 1.46 .16 '".15 Groups (points in total index): Miscellaneous 01 68.2 60. 65.1 Coal 61 14.4 8.9 26.1 MONEY RATES Per cent per annum All other 61 23.8 22.4 23.6 Department stores: Bank rates on loans to business: Indexes (1935-39 =100):« All loans: Sales 62 289 '276 276 19 cities 31 2.74 2.63 2.65 Stocks 62 r264 270 273 New York City 31 2.35 2.32 2.38 296 stores: 7 Northern and Eastern cities... 31 2.86 2.64 2.67 Sales (mill, dollars) 63 342 P350 406 11 Southern and Western cities.. 31 3.17 3.07 3.03 Stocks (mill, dollars) 63 881 975 1,011 Loans of $l,000-$10,000: Outstanding orders (mill, dollars) 63 510 454 361 19 cities 31 4.63 4.62 4.53 Ratios to sales (months' supply): New York City 31 4.22 4.23 4.14 Total commitments 63 4.1 4.1 3.4 7 Northern and Eastern cities... 31 4.67 4.71 4.63 Stocks 63 2.6 2.8 2.4 11 Southern and Western cities.. 31 4.80 4.74 4.66 For footnotes see p. 104. JANUARY 1950 103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS—Continued 1949 1949 Chart Chart book book Apr.- July- Oct.- page Apr.- July- Oct.- June Sept. Dec. June Sept. Dec. Per cent per annum In unit indicated QUARTERLY FIGURES—Cont. QUARTERLY FIGURES—Gont. MONEY RATES—Cont. BUSINESS FINANCE—Cont. Bank rates on loans to business—Cont. Plant and equipment expenditures Loans of $10,000-$100,000: (bill, dollars): •* 19 cities 31 3 70 3 64 3.61 All business 42 New York City 31 3 43 3 41 3.35 Manufacturing and mining; rail- 7 Northern and Eastern cities.. 31 3.64 3 63 3.65 roads and utilities. 42 11 Southern and Western cities 31 3 89 3 79 3.74 Manufacturing and mining 42 Loans of $100,000-$200,000: 19 cities 31 3 04 2 98 2.98 New York City 31 2 78 2 74 2.73 In billions of dollars 7 1 1 N S o o r u th th e e rn rn a a n n d d E W as e t s e t r e n rn c i c t i i t e i s e s. . 3 3 1 1 3 2 9 2 8 6 3 2 9 1 3 8 3 3. . 1 0 2 0 Ind G i r v o id ss u a s l a v s i a n v g i s n gs: 43 +8.8 + 10.6 Loans of $200,000 and over: Liquid savings 43 +0.9 + 1.7 19 cities 31 2.44 2 31 2.35 Cash 43 +0.1 + 1.9 New York City 31 2 17 2 13 2.21 U. S. Govt. securities 43 +0.2 -0.2 7 Northern and Eastern cities, . 31 2 66 2 39 2.41 Other securities 43 +0.8 +0.2 11 Southern and Western cities.. 31 2 69 2.58 2.56 Insurance 43 +1.4 +1.5 Debt liquidation 43 -1.6 -1.6 Stock yields: Earnings/price ratio, common stocks 33 13.80 P12.97 Annual rales, in billions of dollars GROSS NATIONAL PRODUCT, ETC. BUSINESS FINANCE In unit indicated Gross national product5 44 259.6 256.3 Corporate assets and liabilities (bill, Govt. purchases of goods and servdollars):e ices . 44 44.0 43.6 Current assets, total 37 123.3 Personal consumption expenditures 44 178.9 178.5 Cash , 37 24.3 Durable goods 46 23.8 25.8 U. S. Goyt. securities 37 14.8 Nondurable goods 46 99.3 96.5 Inventories 37 45.7 Services 46 55.9 56.2 Receivables 37 37.1 Private domestic and foreign invest- Current liabilities, total 37 56.6 ment 44 36.6 34 2 Notes and accounts payable 37 32.7 Gross private domestic invest- Federal income tax liabilities.... 37 10.6 ment: Net working capital 37 66.7 Producers' durable equipment. 45 20.4 20.1 Corporate security issues: New construction 45 16.4 17.3 Total (bill, dollars) • 38 2 31 .81 Change in business inventories. 45 -1.4 -2 4 New money, total (bill, dollars)«... 38 1 97 .69 Net foreign investment 45 1.2 Type of security (bill, dollars): Personal income, consumption, and Bonds 38 1.58 .53 saving:5 Preferred stock 38 15 .06 Personal income 47 212.5 210.6 Common stock 38 25 .11 Disposable income 47 193.8 191.9 Use of proceeds (mill, dollars): Consumption expenditures 47 178.9 178.5 Plant and equipment: Net personal saving 47 14.8 13.3 All issuers 39 1,615 599 Public utility 39 1,293 277 I R n a d i u lr s o t a r d ia l 3 3 9 9 1 18 1 2 1 24 8 1 0 1948 1949 Working capital: A P R u l a l b i l i l r s ic o s u a u e d t r . i s . l ity 3 3 3 9 9 9 353 4 8 4 9 SEMIANNUAL FIGURES De 3 c 1 . Ju 3 n 0 e De 3 c 1 Industrial 39 237 50 Bond P s u b (b li i c ll , dollars): • 38 1.15 .40 INSURED COMMERCIAL BANKS In billions of dollars Private 38 .74 .24 jLoans: Corporate profits, taxes, and dividends (annual rates, bill, dollars):' I Commercial 11 Profits before taxes 40 26.4 Agricultural 11 Profits after taxes (dividends and Real estate 11 undistributed profits) 40 15.8 17.0 16.1 Consumer 11 Co U rp n o d r i a s t t e ri b p u r t o e f d i ts p ro a f f i t t e s r taxes (quar- 40 7.4 ••8.6 7.6 Fo T r o p u b r r c o h k a e s r i s n g a n s d e c d u e r a i l t e ie rs s : 11 terly totals): Toothers 11 A La ll r g c e o r c p o o r r p a o ti r o a n ti s o n (b s, i ll t , o d ta o l l l ( a b r i s l ) l e , . d . o . l . - 41 3.9 S O t t a h t e e r a s n e d c u l r o it c i a e l s government securities 1 1 1 1 lars) 41 1.1 Manufacturing (mill, dollars): Durable 41 491 504 Nondurable 41 259 295 Electric power and telephone (mill, dollars) 41 230 228 Railroads (mill, dollars) 41 115 105 e Estimated P Preliminary. »• Revised. 1 For charts on pp. 22, 29, and 35, figures for a more recent period are available in the regular BULLETIN tables that show those series. Because the Chart Book is usually released for duplication some time after the BULLETIN has gone to press, most weekly charts and several monthly charts include figures for a more recent date than are shown in this table. _ jrk City as reserve city banks. ' Expenditures anticipated by business during the first quarter of 1950 are (in billions of dollars): All business, 3.8; manufacturing and mining, railroads and utilities, 2.6; manufacturing and mining, 1.7. * Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $9.00; individual copies of monthly issues at $1.00 each. 104 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued CONSUMER CREDIT 1949 Chart Chart book book page1 Sept. Oct.? Nov. page1 Sept. Oct.* NOV.P In millions of dollars In millions of dollars Consumer credit outstanding, total... 3 16,801 17,220 17,823 Consumer instalment sale credit Instalment credit, total 3,5 9,897 10,162 10,450 granted, cumulative totals:2 Instalment loans 5 4,459 4,501 4,556 By all other retailers 857 905 915 Instalment sale credit 5 5,438 5,661 5,894 By department stores and mail- Charge accounts 3 3,123 3,197 3,454 order houses 748 790 802 Single-payment loans. 3 2,808 2,864 2,922 By furniture and household appli- Service credit 3 973 997 997 ance stores 593 629 628 Consumer credit outstanding, cumu- By automobile dealers 412 429 435 lative totals:2 Consumer instalment loan credit out- Instalment credit 4 16,801 17,220 17,823 standing, cumulative totals:2 Charge accounts 4 6,904 7,058 7,373 Commercial and industrial banks. 4,459 4,501 4,556 Single-payment loans 4 3,781 3,861 3,919 Small loan companies 2,302 2,325 2,366 Service credit 4 973 997 997 Credit unions 1,447 1,467 1,491 Consumer instalment sale credit out- Miscellaneous lenders 1,068 1,082 1,097 standing, cumulative totals:2 Insured repair and modernization All other retailers 6 5,438 5,661 5,894 loans 761 775 787 Department stores and mail-order houses 6 4,913 5,117 5,325 Furniture and household appliance stores.. 6 4,095 4,262 4,419 Automobile dealers 6 2,876 2,986 3,095 P Preliminary. 1 Annual figures for charts on pp. 9-19, inclusive, are published as they become available. 2 The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived by subtracting from the figure shown, the total immediately following it. DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF DECEMBER 1, 1949 [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1948 Dec. 1, 1949 1948 Dec. 1, 1949 1948 Dec. 1, 1949 1948 Dec. 1, 1949 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 6,295 6,904 New York . . .. 32,179 33,917 13,501 13,011 132 84 Philadelphia 58,168 56,510 16,435 18,961 Cleveland 269,198 251,347 62,701 65,586 Richmond 1,573 1,040 179,076 190,015 26,095 24,677 Atlanta 2,839 2,110 199,109 204,395 8,037 6,372 Chicago 1,509,225 1,351,980 87,397 90,920 2,516 2,642 St. Louis 14,824 13,809 487,972 430,953 71,768 73,488 22 21 M inneapolis 455,941 378,335 42,416 29,356 262,145 201,043 Kansas City 310 515 422,894 396,589 489,373 367,761 4,970 6,846 Dallas 4,068 6,810 55,486 69,650 60,300 104,507 87 125 San Francisco 1,263 1,750 6,250 7,195 129,840 107,029 35,799 34,034 Total 14,877 16,034 3,681,793 3,377,790 1,007,863 901,668 305,671 244,795 Oats Tame Hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1948 Dec. 1, 1949 1948 Dec. 1, 1949 1948 Dec. 1, 1949 1948 Dec. 1, 1949 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 5,115 5,831 4,057 3,613 36,882 37,833 84,239 75,541 New York 29,631 23,959 6 657 5 222 901 905 44,928 35,154 Philadelphia 18,389 15,601 2,504 2,471 61,275 57,190 22,605 19,861 Cleveland 66,477 58,869 5,535 5,719 158,879 154,037 12,866 12,405 Richmond 27,732 35,103 5,203 5,292 1,070,972 1,075,632 27,213 22,032 Atlanta . 30,227 28,126 3 803 4,055 232,864 258,190 12,174 13,667 Chicago 643,693 591,639 15,394 16,876 30,750 32,537 29,830 30,392 74,612 64,738 9,368 9,829 381,323 367,237 8,418 7,496 Minneapolis . . . .. 415,909 322,573 9,428 9,174 2,349 2,356 47,356 42,612 Kansas City 135,271 106,002 10,359 10,220 4,130 4,212 37,322 31,407 Dallas 18,148 37,499 1,724 1,786 4,888 4,123 San Francisco 28,100 32,984 12,761 12,752 122,815 107,272 Total 1,493,304 1,322,924 86,793 87,009 1,980,325 1,990,129 454,654 401,962 1 Includes 16,000 bales grown in miscellaneous territory. NOTE.—1948 figures for all crops are as revised in December 1949. 105 JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE International capital transactions of the United States. . 108-113 Gold production .. 113 Reported gold reserves of central banks and governments. .. 114 Gold movements; gold stock of the United States. . 115 International Monetary Fund and Bank... 116 Central banks 116-120 Money rates in foreign countries. . 121 Commercial banks . 122 Foreign exchange rates. . 123 Price movements: Wholesale prices . 124 Retail food prices and cost of living... 125 Security prices . 125 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. JANUARY 1950 107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, ( —). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES From th J r< si ju n. g h 2 — , 1935, Total To I t n a c l reas f e u n in O ds f f f o i i c r n e ia i U g l n * . S ba . nki O ng ther f i t I n u e n i b n s r n c n t a d r i n a s e t U u t k a i o t s . i o i n e f o n S g i i n a n n . s l - D b i a n f a e b u n c U r n r k o e d . i a a s n d S s g e . s o e F R f c f u o u e n r U t r e d u i i t s . g r i n e a S n s . : s D I e n f f c o o u f u l m r n o e r d w e i i t s g s i n t e o a i s c f : b I b n r a o fl l k o a e n w r c a e g i s n e 1935—Dec.(Jan. 11936). 1 440 7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Dec 30 2,667.4 989.5 140.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29. .. S01 1 1,259.3 334.7 924.6 449 1 583 2 1,162.0 47 5 193g—Dec.(Jan. 4,1939). 3 933 0 1,513.9 327.0 1,186.9 510.1 641.8 1,219.7 47 6 1939—Dec.(Jan. 3,1940). S 117 8 2,522.4 634.1 1,888.3 650.4 725.7 1,133.7 80.6 1940—Dec.(Jan. 1,1941). S 807 9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Dec. 31 s 3S4 1 2,979.6 1,177.1 1,802.6 791.3 855.5 626.7 100.9 1942—Dec. 313. .. 5,980.2 3,465.5 1,557.2 1,908.3 888.8 848.2 673.3 104.4 1943—Dec. 31 7 ?67 1 4,644.8 2,610.0 2,034 8 877.6 925.9 701.1 117.8 1944—Dec. 31 7 7?8 4 4,865.2 2,624.9 2,240 3 805 8 1,019.4 911.8 126 3 1945—Dec 31 802 8 6,144 5 3,469 0 2 675 5 742 7 07? a 798 7 144 1 1946—Dec. 31 . . 8,009.5 5,272.3 2,333.6 2,938.7 453.8 427.2 U237.9 464.5 153 7 1947—Dec. 31. ... 8,335.2 4,120.3 1,121.8 2,998.5 2 242.0 186.5 1,276.9 367.0 142 4 1948—Nov. 30 ... 8,251.2 4,782.3 1,796.9 2,985.4 1880.6 103.8 1,178.0 181 8 124 6 1949— D Ja e n c. . 3 31 1 r 8 g , , 5 6 6 5 0 2 .0 6 5 5 , , 2 1 2 1 0 9 . . 2 5 2 2 , , 2 1 2 2 1 6 . . 2 0 2 2 , , 9 9 9 9 3 9 . . 6 0 1 1 8 9 4 1 4 4 .2 3 1 1 3 1 9 6 . . 3 8 1 1, , 1 1 8 8 6 2 . . 9 1 1 '7 7 1 4 . 2 8 1 1 2 2 3 0 . . 1 3 Feb. 28 ... rg,712.4 5,298.9 2,294.2 3,004.7 1892.1 138.4 1,188.2 '•76.7 118.1 Mar. 31 rg,638.0 5,212.7 2,236.6 2,976 1 1897.3 152 5 1,170 5 '•82.4 122.6 Apr. 30 *8,601.8 5,151.9 2,128.1 3,023.8 1880.2 190.0 1,176.1 118.9 May 31 ... ,480.7 4,953.8 1,941.6 3,012.2 1874.3 261.4 1,180.5 r95.7 115.1 June 30. '8 S70 Q 5,008.8 2,015.0 2,993.8 1874 7 287.0 1,190.5 r93.6 116.3 July 31 rg,460.1 4,868.7 1,864.6 3,004.1 1859.5 298.2 19Q 6 114.6 119.5 Aug. 31 8,534.4 4,873.6 1,866.3 3,007.2 1 778.8 346.3 1,203.5 211.1 121.2 Sept.30P.. . 8 47? ? 4,935.2 1,872.6 3,062 6 1722 1 308 8 1,124 0 255.0 127.0 Oct. 8,649.3 5,112.8 2,016.4 3,096.4 1 692.4 288.1 1,175.2 254.4 126.6 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th J ro a u n g . h 2 — , 1935, s ti t I o i n t n u t a e t l r i o n in n a s - - Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - Am La e t r i i n ca Asia o A th l e l r 1941—Dec. 31. 5,354.1 674.1 639.9 464.4 725.7 50.5 1,071.7 3,626.3 340.5 567.5 691.1 128.6 1942—Dec. 31. 5,980.2 837.8 625.9 474.0 592.1 48.1 030.3 3,608.1 425.1 835.8 932.9 178.3 1943—Dec. 31. 7,267.1 1.257.7 636.8 487.7 629.1 48.2 ,133.3 4,192.8 760.3 951.0 1,161.6 201.4 1944—Dec. 31. 7,728.4 1,090.0 585.7 506.2 664.3 63.1 ,172.5 4,081.8 976.4 1,193.7 1,273.6 203.0 1945—Dec. 31. 8,802.8 892.5 464.2 539.7 722.3 106.5 ,311.8 4,037.0 1,395.7 1,338.4 1,784.1 247.5 1946—Dec. 31. 453.8 7,555.7 563.1 384.8 326.4 766.1 287.5 ,246.3 3,574.2 979.7 1,474.0 1,258.3 269.6 1947—Dec. 31. 2,067.3 6,267.9 437.0 234.3 213.8 839.3 150.1 ,100.6 2,975.1 688.6 1,383.4 975.8 244.9 1948—Nov. 30 1,713.3 6,537.8 500.9 57.7 88.2 818.5 330.3 ,089.0 2,884.5 930.3 1,448.5 1,044.1 230.5 Dec. 31 1,677.1 6,883.4 659.7 74.2 103.0 846.0 335.9 ,122.2 3,141.1 947.3 1,503.6 1,056.7 234.9 1949—Jan. 31 1,672.5 -•6,979.5 682.4 '57.6 127.6 871.2 383.7 ,145.8 '3,268.3 970.0 1,524.0 990.6 226.7 Feb. 28 1,650.5 -•7,062 689.7 '•53.6 122.9 859.9 403.7 ,192.9 '3,322.8 996.4 1,541.9 963.4 237.5 Mar. 31 1,639.6 '6,998.3 620.9 '•56.0 129.0 883.3 396.8 ,167.9 '3,253.9 1,006.4 1,508.3 983.4 246.4 Apr. 30 1,622.6 '6,979 558.7 '•67.3 120.9 925.5 389.5 ,164.9 "3,226.9 953.3 1,573.2 996.4 229.5 May 31 1,616:7 '6,864 464.6 '"96.5 121.3 918.0 372.8 ,116.7 '3,089.9 942.3 1,621.4 966.4 244.1 June 30 1,619.1 '6,951.9 533.5 107.1 134.8 910.5 376.5 1,092.1 '3,154.4 925.4 1,660.8 955.5 255.7 July 31 1,615.9 '6,844.2 473.7 143.7 885.6 381.3 1,094.3 "3,056.7 909.3 1,689.4 940.0 248.9 Aug. 31 1,630.6 6,903.8 479.2 78^4 128.7 898.5 400.6 1,105.2 3,090.5 903.9 1,715.1 955.5 239.0 Sept. 30P 1,623.7 6,848.5 526.0 93.6 174.0 908.0 291.4 1,085.4 3,078.5 892.7 1,677.9 942.2 257.2 Oct. 31P 1,594.9 7,054.3 585.3 112.3 189.6 930.9 291.1 1,093.2 3,202.3 925.8 1,765.3 896.1 264.7 P Preliminary. r Revised. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 Beginning with 1947. these figures include transactions of international institutions, which are shown separately in Tables 5 and 6. Securities of such institutions are included in foreign securities. 3 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation see BULLETIN for January 1943, p. 98. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637 in the same publication, and for those subsequent to 1941 see BULLETIN for September 1945, pp. 960-974. For revision of earlier figures to include movement in official Philippine accounts held with U. S. Treasury, see BULLETIN for July 1946, pp. 815-819. Certain of the figures in tables "Short-term Liabilities to and Claims on Foreigners Reported by Banks in the United States, by Countries" are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-591, and BULLETIN for March 1947, pp. 338-339, and September 1945, pp. 967-971. 108 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From th Ja ro n u . g 2 h , — 1935, n t I a u i n n t t i i t s o o e t n i r n - - a s l Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u th ro e p r e E T u o ro ta p l e Can- A L m a e t r i i n ca Asia o A th l e l r 1941--Dec. 31.. 2,979.6 328.6 416.5 161.0 326.2 —3.4 538.0 1,766.9 273.1 296.7 541.4 101.6 1942--Dec. 31.. 3,465.5 493.3 394.5 170.0 166.3 -6.2 479.8 1,697.5 399.5 482.8 743.9 141.9 1943--Dec. 31.. 4,644.8 939.4 404.1 176.7 192.7 -6.9 565.3 2,271.2 704.7 578.7 928.2 162.0 1944--Dec. 31.. 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945--Dec. 31.. 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 1,414.2 924.9 1,369.1 212.9 1946--Dec. 31.. 453.8 5,272.3 397.6 165.8 208.2 359.0 247.6 687.2 2,065.5 823.9 983.3 1,135.7 263.9 1947--Dec. 31.. 2,242.0 4,120.3 264.9 87.6 126.7 432.8 132.8 576.6 1,621.4 301.6 1,095.0 877.3 224.9 1948—Nov. 30.. 1,880.6 4,782 3 318.9 93.8 95.3 509.2 310.4 551.9 1,879.6 657.1 ,106.2 940.8 198.6 Dec. 31.. 1,844.3 5,119.5 485.0 112.6 106.1 525.3 313.2 574.8 2,117.1 667.2 ,165.4 971.2 198.6 1949—Jan. 31.. 1,914.2 5,220.2 506.8 89.8 112.1 546.9 364.4 594.0 2,214.0 727.8 ,173.9 913.7 190.8 Feb. 28.. 1,892.1 5,298.9 515.6 87 9 103.1 534.5 389.5 636.1 2.266.7 750.3 ,194.6 889 2 198.2 Mar. 31. . 1,897.3 5,212.7 456.0 89.5 109.6 551.3 379.3 599.2 2,184.9 763.3 ,147.8 909 7 207.0 Apr. 30.. 1,880.2 5,151.9 376.4 100.7 91.3 585.1 373.8 592.1 2,119.5 708.3 ,212.6 921 1 190.4 May 31.. 1,874.3 4,953.8 294.3 104.1 95.4 569.8 356.5 544.8 1,965.0 688.5 ,191 7 903 5 205.1 June 30.. 1,874.7 5,008.8 349.1 114.2 104.3 557.9 364.0 514.4 2,003.8 671.8 ,216.9 900.7 215.6 July 31.. 1,859.5 4,868.7 290.2 84.0 113.6 531.1 367.0 514.2 1,900.1 640.7 ,230.8 888.3 208.8 Aug. 31. . 1,778.8 4,873.6 291.1 70.3 102.0 538.2 381.0 516.4 1,899.0 635.0 ,246. 897.0 196.2 Sept. 30P. 1,722.1 4,935.2 377.5 86.8 149.1 545.1 265.5 500.9 1,924.9 719.6 1.196.6 878.4 215.7 Oct. 31 P. 1,692 A 5,112.8 448.7 103.8 166.3 560.6 265.8 507.4 2,052.6 702.8 ,298.5 835.5 223.3 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1941—Dec 3i 791.3 271.2 76.9 17.6 5.4 25.8 250.5 647.4 62.7 17.7 64 7 1.2 1942—Dec. 31 888 8 279 4 77 8 18 1 6 6 26.2 253.5 661.5 58.6 68.3 93 8 6.6 1943—Dec. 31 877.6 272 1 77.9 18.3 5.1 26.2 256.8 656.5 55.1 55.7 102,7 7.5 1944—Dec 31 805.8 266.1 77.7 18.3 6.8 26.2 231.5 626.6 64.8 37.0 77.7 -.3 1945—Dec. 31 742.7 266.6 78.0 -17.7 5.2 26.2 235.1 593.4 39.5 9.1 99.2 1 5 1946—Dec. 31 427.2 244 3 73 4 -132.3 —1.7 10.6 226.9 421.3 40.7 -58.8 29.9 -5 8 {947—Dec 31 186.5 262.8 55.7 -30.5 1 1 5.5 190.9 485.5 65.4 -346.3 2.0 -20,1 (948—NOV> 30 103 8 273 7 -44.9 —40.4 16 8.2 184.9 383.0 52.9 -342.4 22.0 —11.7 Dec. 31 116.8 267.5 -39.9 -32.7 L.2 10.8 203.5 410.3 53.0 -348.6 10.3 -8.3 4949—jan# 31 139 3 267 7 —36 9 — 12 7 7.0 207 8 434.2 52.2 -338.7 8 —9.1 Feb 28 138.4 265.0 -37.3 -6.8 L.7 1.9 212.5 437.0 54.4 -345.1 -1.5 -6.4 Mar. 31 152 5 258 2 —36 6 —6 2 5 1 224.3 445 1 53.4 -337.1 -2 4 -6.6 Apr. 30 190 0 274 0 -35 3 7 1 0 3.4 226.8 477 0 58.7 -337.9 -.9 —7.0 May 31 261.4 260.4 -9.0 6 8 9 3.5 225.7 489.3 57.8 -265.8 -12.4 —7.6 June 30. . . 287 0 275 0 — 7 9 13 9 8 — 5 226 2 508.5 59.0 -255.2 — 18 0 —7 4 Julv 31 298 2 271.5 —6 0 14.4 1.8 .1 228.6 510.5 60.3 -250.8 -14.2 -7.7 Aug 31 346.3 277.1 9.8 12.7 1.9 5.5 235.8 542.8 58.5 -242.3 -7.5 -5.2 Sept. 30P 308 8 235 2 10 9 11 8 2 8 11.2 221.4 493.3 57.5 -233.9 -1 6 -6 5 Oct. 31 P 288.1 225.6 11.1 12.6 4.1 10.5 221.1 484.9 61.1 -245.2 -6.4 -6.4 TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From th r J o a u n g . h 2 — , 1935, n t I a u i n n t t i i t s o o e ti n r n - - a s l Total U K d n i o i n m t g e - d France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1941—Dec. 31 . 855.5 127 6 51.6 31.5 44.3 28.1 238.4 521.3 35.4 221.1 61.2 16.6 1942—Dec. 31 848 2 125 4 52 4 31 6 44.9 28.0 244.1 526.3 —3.0 245.4 61.5 18.0 I943—Dec. 31 925 9 127 6 50 6 33 0 44 7 27 9 246.6 530.3 41.2 272.3 62.2 19 9 1944—Dec. 31..., 1,019.4 126 5 51.0 33 6 44 5 27.6 246.9 530.1 104.9 302.0 61.3 21.0 1945—Dec. 31 972 8 117 7 51 2 33 0 45 2 27 5 249.2 523.8 49.1 317.1 60.8 22.0 1946_Dec. 31 1,237.9 96 8 50.2 26.0 31 2 26.7 260.2 491.2 236.6 448.4 61.1 .7 1947—Dec. 31 -249.3 1,526.2 94.9 47.1 -3.9 16.3 26.5 275.8 456.7 441.8 537.6 61 6 28.4 1948— Nov. 30 —249.3 1,427.3 85.6 43.1 8 7 17.4 26.5 284.4 413.6 338.8 575.4 63.0 36.6 Dec. 31 —249 3 1,431 3 84 9 42 9 -9 1 — 19 0 26.5 287.2 413.3 339.7 578.3 63.2 36.9 i949—Jan. 31 —249.3 1,436.1 84.8 42.8 -9.3 -18.7 26.6 288.1 414.3 341.5 580.0 63.2 37 1 Feb. 28 -249.3 1,437 5 82.5 42.9 -9.4 -17.9 26.6 289.0 413.8 341.6 581.5 63.2 37 4 Mar. 31 —265 3 1,435 8 82 0 42 9 -9 0 -17.0 26.7 289.5 415.0 336.3 583.4 63.3 37 8 Apr. 30 —265.3 1.441 4 81.8 42 9 -9 7 -16.4 27.0 290.1 415.7 337.0 586.9 63.8 38.0 May 31 -265.3 1,445.8 80.9 43.0 -10.1 -15.7 26.9 290.5 415.5 342.1 586.4 63.7 38.1 June 30 —265.3 1,455.8 80.9 42.8 -10.0 -15.4 27.0 295.0 420.3 344.4 588.8 63.9 38.4 July 31 -265 3 1,464 8 81 4 42 8 -9 2 -16.4 27.1 295.4 421.1 350.3 591.0 63.9 38.6 Aug. 31 -265.3 1,468 8 79 1 42.9 -9 5 -14 1 27.1 296.2 421.7 352.4 591.8 63.9 39.1 Sept. 30P -265.3 1,389.3 77.8 43.2 -9.6 -12.3 26.9 306.1 432.2 260.6 593.5 63.9 39.1 Oct. 31 P -265.3 1,440.4 73.6 42.9 -9.7 -9.5 26.9 307.4 431.6 311.2 594.6 63.9 39.2 P Preliminary. JANUARY 1950 109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From t h J r a o n u . g h 2 — , 1935, na I i n n ti t s o e t n i r - - al Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r tutions 1941—Dec. 31... ... 626.7 -70 1 74.9 236.7 336.4 - .1 37 1 615.0 -44.7 28.1 17.5 10.9 1942—Dec. 31 673.3 -77 6 80.5 236.9 360 5 - .1 44 4 644.7 -45.1 35.2 27.7 10.9 1943—Dec. 31 701.1 -100.3 82.7 239.9 367 3 .6 55.4 645.7 -58.2 40.5 62.5 10.6 1944—Dec. 31 911.8 -125.4 77.3 239.0 368 5 1 9 72 4 633 7 28.1 54 9 240 5 10.7 1945—Dec. 31 798.7 -157.9 81 7 233.5 355.4 2 2 68 0 582.9 -126.6 81.3 251.3 9.9 1946—Dec. 31. 464 5 -194 9 74 9 207.0 337.9 2.1 57.3 484.3 -143.0 87.6 26.8 8.8 1947—Dec. 31 74 5 292 4 -203 8 24 7 108.7 350.9 — 15.0 43.1 308.7 — 139.8 84.2 28.3 11.0 194g—N D O e V c. . 3 3 0 1 , 8 8 2 2 .1 0 9 92 9 . . 7 8 - - 1 1 9 9 4 4 . . 7 1 - - 5 58 1 .0 1 3 2 2 9 .5 4 3 31 1 2 1 .0 2 - - 1 1 5 5 .0 .3 4 45 5 .7 1 1 1 2 1 9 8 .4 3 - - 1 13 3 7 2 .3 2 9 8 4 9. . 7 4 1 5 1 . . 1 3 6 7 . . 6 2 1949— F ja e n b # . 3 2 i 8 # _ # 7 7 . . 6 6 ' r6 6 9 3 . . 1 6 - - 1 1 9 90 4 .0 4 ' r— -5 5 4 6 .8 .4 2 2 6 7 . . 5 8 3 3 1 1 4 7 . . 9 8 - - 1 1 4 4 . . 7 7 4 4 5 4 . . 3 7 ' ' 1 1 2 2 4 7 . . 5 5 - — 1 7 16 1 8 .0 7 9 97 7 .1 5 5 5 . . 7 4 7 7 . . 3 5 Mar. 31 7.6 '74.8 -192.6 '-56.6 24.6 324.4 -14.8 44 6 '129.6 -165.8 98 7 4.9 7.3 A M p a r y . 3 3 0 1 7 7. . 7 6 ' ' 7 8 7 8 .0 0 - - 1 1 8 9 8 0 . . 2 3 '- - 5 5 7 8 .2 7 2 1 2 9 .5 3 3 3 3 3 1 8 8 8 -1 1 5 4 . . 2 6 4 4 4 4 .7 8 ' ' 1 1 3 4 5 2 .0 8 — -1 6 1 6 70 .2 6 9 9 9 9 6 6 5 5 .0 0 77 27 June 30. . . 9.7 '84.0 -188.7 '-58.5 16.5 342.8 -14.4 45.4 '143.1 -168.6 99.7 1.5 8.3 July 31 21.7 '93.0 -186.5 '—58 8 15.2 346.0 -13.5 45.2 '147 6 — 162.5 104 9 —5 3 8,3 Aug. 31 117.0 94.0 -185.2 -60.7 14.2 349.5 -13.5 45.1 149.5 -163.0 104.2 -5.1 8.4 Sept. 30P 166.9 88.1 -182.3 -63.2 13.2 348.1 -12.9 45.5 148.4 -165.9 102.8 -5.3 8.1 Oct. 31? . 167.9 86.5 -180.1 -61.7 10.1 348.7 -12.7 45.9 150.1 -168.9 101.0 -3.7 8.0 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1941—Dec. 31... 100.9 16.8 19.9 17.6 13 5 7 7 75.7 14 1 3.9 6 3 .8 1942—Dec. 31... 104.4 17.4 20.7 17 5 13.7 8 5 78.1 15.2 4.2 6 0 .9 1943—Dec. 31... 117.8 18.8 21.5 19 9 19.3 9.2 89.1 17.6 3.8 6 0 1.3 1944—Dec. 31... 126.3 18.5 23.1 22.3 23.0 10.4 97.7 16.2 5.1 5.6 1.8 1945—Dec. 31... 144.1 19.8 23.4 26.0 30 3 13 6 113.6 19 5 5 9 3.8 1.3 1946—Dec. 31... 153.7 19.2 20.5 17.5 39.6 14 7 112.0 21 5 13.4 4.8 2.0 1947—Dec. 31... 142.4 18.2 19.1 12.7 38.2 14.2 102.7 19.6 12.9 6.6 .7 1948—Nov. 30... 124.6 16.8 16.6 9.5 24.6 10.9 78.9 18.6 19.7 7 0 4 Dec. 31... 123.1 17.0 16.7 9.3 27.5 11.0 81.9 19.6 14.0 7.0 .6 1949—Jan. 31... 120.3 17 0 16.8 9.8 26.8 10.5 81.3 19.6 11.7 7 2 .5 Feb. 28... 118.1 17.0 16.5 9.5 23 8 10.7 77.9 18.8 13.4 7.2 .7 Mar. 31... 122.6 17.3 16.8 10.1 24.3 10.3 79.3 19.2 15.4 7.8 8 Apr. 30... 118.9 16.8 16.6 9 9 24.0 11 1 78.8 19.9 11.9 7 4 8 May 31... 115.1 17.2 16.5 9.7 23.1 11.0 78.0 20.1 9.5 6.7 .8 June 30.. . 116.3 17.2 16.4 10.0 23.5 11.1 78.7 18.9 10.5 7.4 .8 July 31. .. 119.5 16.1 9.6 23.2 10.9 77.3 20.5 13.5 7.3 .8 Aug. 31. .. 121.2 16.1 9.3 22.8 11.7 77.5 20.9 14.9 7.2 .6 Sept. 30*.. 127.0 16.0 9.6 24.4 11.4 79.7 21.0 18.8 6.8 .7 Oct. 31*. . U26.6 17.5 16.2 10.3 27.0 11.4 83.0 19.7 16.4 6.9 .7 SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS Total foreign In- countries 2 Date t t i e i n o r s n n t a a i- - l Official U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u th ro e p r e E T u o ro ta p l e C a a d n a - Am La er t i i c n a Asia ot A h l e l r tutions and Official private 1941—Dec 31 3,678.5' 1,314 9 400.8 448.6 174.9 339 9 15 4 614 6 1,994 o 373.2 417.7 780 0 113.6 1942—Dec. 31 4,205.4 2,244.4 554.6 432^3 186^6 184 2 12 1 Hfeo 9 2,020 7 507.4 597 7 930.0 149 6 1943—Dec. 31 5.374.9 3,320.3 1,000.8 439.9 193.3 210 6 11 3 728.6 2,584.5 812.6 693.71,108.8 175.3 1944—Dec 31 5,596.8 3,335.2 865.7 401.2 209.7 239 3 27 3 774.5 2,517.8 926.5 909.3 1,069.2 174.0 1945—Dec. 31 6,883.1 4,179.3 707.7 3io!o 281 6 304 2 70 4 909.1 2,583 o1,522.2 1,046!4 ,549^7 181.8 1946—Dec. 31... 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372 6 267 9 850.5 2,420.7 931.8 1,104.81,316.4 232.8 1947—Dec. 31... 2,262.0 4,854.4 1,832.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.6 1,057.9 193.7 1948—Nov. 30... 1,900.6 5,516.5 2,507.2 380.3 174.0 111.9 522.8 330.7 715.2 2,234.9 765 1 1,227.71,121.5 167.4 Dec. 31... 1,864.3 5,853.7 2,836.3 546.3 192:8 122.8 538.9 333.5 738.1 2,472.4 775 2 1,287.0 1,151.8 167.4 1949—Jan. 31... 1,934.1 5,954.3 2,931.5 568.2 169.9 128.7 560.5 384.7 757.3 2,569.3 835.7 1,295.4 1,094.4 159.6 Feb. 28... 1,912.1 6,033.1 3,004.5 576.9 168.0 119.7 548.1 409 8 799.4 2,621.9 858 2 1,316.11,069.8 167.0 Mar. 31... 1,917.2 5,946.9 2,946.9 517.3 169.7 126.2 564.9 35>9.6 762.5 2,540.2 871.2 1,269.4 1,090.3 175.8 Apr. 30... 1,900.2 5,886.1 2,838.4 437.8 180.9 107.9 598.7 394.1 755.4 2,474.7 816.2 1,334.2 1,101.8 159.2 May 31... 1,894.2 5,687.9 2,651.9 355.6 184.3 112.0 583.4 376.8 708.1 2,320.2 796.4 1,313.3 1,084.1 173.9 June 30. .. 1,894.6 5,743.0 2,725.3 410.5 194.3 120.9 571.5 384.3 677.6 2,359.1 779.7 1,338.5 1,081.3 184.4 July 31... 1,879.5 5,602.9 2,574.9 351.6 164.1 130.2 544.7 387.3 677.4 2,255.3 748.7 1,352.3 1,068.9 177 t Aug. 31... 1,798.7 5,607.7 2,576.6 352.4 150.4 118.7 551.9 401.3 679.6 2,254.3 742.9 1,367.91,077.6 165.0 Sept. 30P. . 1,742.1 5,669.4 2,582.9 438.9 166.9 165.7 558.7 285.8 664.2 2,280.2 827.5 1,318.21,059.1 184.5 Oct. 31P. . 1,712.3 5,846.9 2,726.7 510.0 183.9 182.9 574.2 286.1 670.7 2,407.9 810.8 1,420.11,016.1 192.1 p Preliminary. ' Revised. 1 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 72.7; U. S. brokerage balances abroad, 23.0. 2 Country breakdown is for "Official and private." no FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS—SUPPLEMENTARY DATA Other Europe 1 Date E O u t r h o e p r e g B iu e m l- m De a n rk - l F a i n n d - m G a e n r y - 2 Greece L b u o x u e r m g - N w o a r y - Po g r a t l u- m R a u n - ia Spain Sweden USSRY sl u a g v o ia - o A th l e l r 1942—Dec. 31... 650.9 121.8 17.7 7.9 7.5 39.3 18.3 132.4 35.7 9.4 17.5 153.5 14.3 17.7 57.9 1943—Dec. 31. . . 728.6 122.9 13.9 7.7 6.5 43.5 18.4 158.9 53.4 9.3 31.8 163.2 12.3 9.9 76.9 1944—Dec. 31. . . 774.5 124.3 14.8 7.1 6.8 48.7 18.6 220.8 54.5 9.5 43.4 152.1 16.1 5.7 52.1 1945—Dec. 31. . . 909.1 185.0 25.9 5.5 7.0 70.8 22.3 216.1 47.9 9.3 31.7 210.1 28.0 5.7 43.7 1946—Dec. 31... 850.5 159.5 66.5 22.2 7.1 49.3 22.6 123.5 39.0 8.9 16.4 172.6 60.5 12.4 89.9 1947—Dec. 31... 739.8 124.9 52.8 30.5 89.5 34.7 21.7 56.2 47.1 8.7 12.8 58.6 73.7 12.1 116.5 1948—Nov. 30... 715.2 112.6 46.1 17.1 153.2 21.9 16.0 72.7 42.1 7.7 18.2 42.5 28.5 24.8 111.8 Dec. 31. .. 738.1 128.7 44.7 19.1 178.9 21.1 16.0 77.7 37.7 7.0 13.6 49.0 21.3 19.9 103.3 1949—Jan. 31... 757.3 129.0 48.8 17.2 186.2 23.7 14.1 77.5 42.4 6.2 15.5 53.1 22.7 14.9 106.0 Feb. 28... 799.4 163.3 49.8 16.9 196.1 24.4 14.1 81.2 39.4 5.9 14.7 54.5 20.2 13.3 105.7 Mar. 31. .. 762.5 143.5 44.3 16.0 188.3 28.7 12.8 83.2 39.5 5.9 14.9 51.5 13.3 12.0 108.6 Apr. 30... 755.4 148.1 40.6 17.4 180.1 30.3 14.3 83.0 39.3 6.5 12.8 49.9 13.7 7.3 112.0 May 31... 708.1 142.4 33.7 17.7 159.9 29.8 14.4 74.0 33.4 7.0 13.3 57.0 10.7 6.0 108.8 June 30... 677.6 124.0 32.8 18.2 160.0 28.5 14.2 69.0 33.0 6.9 9.8 55.8 12.4 6.8 106.2 July 31. . . 677.4 117.5 33.7 17.4 169.6 27.0 13.9 65.9 33.8 6.8 11.3 57.9 8.7 5.3 108.6 Aug. 31. . . 679.6 142.2 32.0 17.7 150.2 25.0 14.1 62.4 30.3 6.8 8.2 61.0 10.5 6.4 112.8 Sept. 30P. . 664.2 126.7 31.8 17.1 147.8 24.7 13.8 60.8 31.3 7.1 9.6 62.0 11.3 9.1 111.3 Oct. 31P . . 670.7 125.3 31.8 15.5 145.2 23.3 13.5 62.6 33.9 6.7 10.8 69.2 11.9 13.6 107.4 Latin America a Neth- French erte A L m at e in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - C R o ic st a a Cuba I W n a d n e i d s e t s M ic e o x- I l W n a d n e i d s e s t s P m an a a- Peru V zu e e n l e a - A O La m th ti e e n r r ica Gui- and ica ana Surinam 1942—Dec. 31... 597.7 67.6 10.8 67.7 34.5 43.4 12.4 100.3 4.9 95.7 20.7 36.9 17.7 20.9 64.2 1943—Dec. 31. .. 693.7 69.8 12.6 98.7 54.0 67.1 12.2 70.4 2.6 70.4 41.2 57.6 17.4 24.2 95.4 1944—Dec. 31. .. 909.3 93.9 17.7 140.8 55.0 83.6 7.4 139.3 4.4 83.1 36.0 69.1 27.7 31.5 119.8 1945—Dec. 31... 1,046.4 77.3 14.5 195.1 66.3 79.2 6.9 128.3 7.1 116.4 28.2 88.7 43.9 49.7 144.8 1946—Dec. 31... 1,104.8 112.6 14.0 174.0 50.7 57.8 7.7 153.5 5.4 152.2. 16.1 77.2 40.9 74.0 168.7 1947'—Dec. 31... 1,216 6 236.2 17.8 104.7 46.3 46.1 7.3 234.7 2.4 139.2 14.9 70.3 41.8 78.0 176.8 1948—Nov. 30. .. 1,227.7 210.0 16.2 131.3 52.9 50.5 8.0 217.3 1.2 145.7 22.3 69.8 50.5 77.9 174.2 Dec. 31. .. 1,287.0 215.8 17.1 123.7 55.6 54.0 8.9 219.4 1.2 146.7 24.3 71.8 52.6 121.7 174.0 1949—Jan. 31. . . 1,295.4 225.7 16.4 120.1 54.5 55.5 9.7 218.8 .9 142.9 24.8 72.2 51.0 122 .4 180.6 Feb. 28... 1,316.1 226.9 15.3 118.9 56.0 49.1 10.6 226.0 .9 138.6 25.5 72.8 50.4 129.6 195.7 Mar. 31. .. 1,269.4 224.7 15.0 98.3 52.0 42.4 10.4 224.5 .7 144.9 23.9 78.8 46.0 113.4 194.5 Apr. 30. .. 1,334.2 225.0 14.8 126.9 62.6 39.4 10.7 229.9 .7 138.4 24.8 77.1 50.6 137.1 196.2 May 31. .. 1,313.3 227.4 15.4 117.2 54.8 45.7 7.5 167.8 .6 157.5 24.8 73.4 53.0 171.3 196.9 June 30... 1,338.5 229.8 14.8 115.9 56.3 51.9 6.6 167.7 .6 162.6 24.1 70.0 52.9 187.5 197.8 July 31. .. 1,352.3 229.4 14.9 118.1 65.1 59.8 7.3 174.8 .9 163.3 24.3 63.1 55.9 162.0 213.5 Aug. 31. .. 1,367.9 228.6 14.4 128.0 57.9 49.0 8.6 187.7 .5 175.5 29.1 64.6 58.3 161.2 204.4 Sept. 3QP . . 1,318.2 221.6 16.2 145.0 58.1 51.0 8.3 179.6 1.3 184.2 27.8 69.0 59.4 99.4 197.3 Oct. 31?. . 1,420.1 227.7 15.7 165.0 59.5 57.6 8.2 182.7 .8 185.7 30.5 72.7 61.4 163.0 189.6 Asia and All Other1 Egypt Date Asia C M c a r h h n i a i u a d n n - a - F I C r n e h d n i o c n - h a H K o o n n g g India l M B a is y r a h i a t - - Japan I n n e d s o ia - i p P p R u h p b e i i l l - n - i e c T k u e r y -O A th si e a r 3 o A th l e l r A t l r u ia a s - -N l Z a e e n a w d -A S E t a n u i g n a g d y d n l a p o n - -F r r M o e c n o c c - o h S A U o f o n u r i f i o t c h n a Other 1942—Dec. 31. . . 930.0 360.9 27.4 41.6 13.1 1.0 4.8 160.4 254.729.9 36.2 149.6 23.1 4.8 6.8 12.1 11.0 91.8 1943—Dec. 31. . . 1,108.8 574.2 27.4 23.9 18.2 .9 4.1 110.1 259.135.4 55.5 175.3 25.3 5.1 6.1 10.3 4.5 124.1 1944—Dec. 31. .. 1,069.2 427.3 27.4 22.9 22.1 1.3 4.0 110.5 365.823.7 64.2 174.0 52.9 3.5 7.3 4.3 8.3 97.6 1945'—Dec. 31 . 1,549 6 582 3 28 0 27 4 33 4 1.2 4.1 113.7 629.152.5 78.0 181.8 28.9 4.3 18.9 10.0 6.4 113.4 1946—Dec. 31. . . 1,316.4 431.9 39.9 44.9 43.5 17.3 16.6 127.1 446.654.7 93.8 232.8 45.5 8.0 20.8 14.9 47.2 96.4 1947—Dec. 31. .. 1,057.9 229.9 6.5 39.8 62.4 11.0 31.3 69.3 488.637.6 81.5 193.7 30.6 5.9 25.0 10.1 46.4 75.8 1948—Nov. 30... 1,121.5 194.1 5.7 48.7 44.7 9.7 77.9 50.1 502.018.0170.7 167.4 20.2 5.3 30.9 12.2 10.8 87.9 Dec. 31. .. 1,151.8 216.2 7.8 51.1 51.8 12.9 81.4 41.5 488.317.5183.3 167.4 22.2 5.3 27.7 11.4 15.8 84.9 1949—Jan. 31. .. 1,094.4 190.1 8.2 57.3 42.4 11.4 91.6 41.0 450.418.7183.4 159.6 17.5 4.3 24.2 11.5 12.6 89.4 Feb. 28... 1,069.8 182.2 8.3 52.9 42.8 10.1 121.6 38.8 402.519.5191.2 167.0 17.5 4.7 25.5 11.2 12.3 95.8 Mar. 31. .. 1,090.3 179.0 7.7 53.4 52.0 10.5 128.4 34.7 413.620.6190.5 175.8 17.4 4.6 37.0 11.1 15.1 90.6 Apr. 30... 1,101.8 161.9 8.0 52.6 51.6 12.3 123.2 33.5 426.817.2214.8 159.2 15.4 5.3 37.9 12.0 10.0 78.7 May 31. .. 1,084.1 147.0 5.5 55.7 55.5 12.2 135.2 31.5 407.420.2213.9 173.9 21.8 5.7 42.5 11.8 12.3 79.9 June 30... 1,081.3 119.2 6.1 67.7 60.9 12.5 141.6 36.1 387.6 15.3234.3 184.4 19.711.6 54.1 11.8 9.1 78.1 July 31. .. 1,068.9 125.3 5.0 78.9 54.2 12.3 144.2 27.1 367.318.2236.3 177.6 22.3 11.5 49.6 9.7 7.3 77.2 Aug. 31. .. 1,077.6 123.7 5.5 80.9 69.1 12.4 152.8 29.0 363.7 13.6226.9 165.0 20.2 10.7 49.9 10.2 6.7 67.2 Sept. 30P . . 1,059.1 124.1 5.1 82.3 60.9 11.6 161.5 26.8 348.315.1223.3 184.5 31.7 12.4 58.7 9.8 5.8 66.2 Oct. 31P. . 1,016.1 116.3 5.3 81.5 52.6 11.4 189.5 20.1 334.112.1193.3 192.1 44.010.0 60.2 10.7 5.7 61.5 P Preliminary. 1 Breakdown not available for most of these countries until June 30, 1942. 2 Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes. 3 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. 111 JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] CLAIMS ON FOREIGNERS Date Total U K d n o in i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1941—Dec 31 367.8 20.9 1.8 1.1 2.6 1.5 60.5 88.4 33.6 148.3 87.9 9.7 1942—Dec 31 246.7 12.6 1.3 .5 1 5 4 56.3 72 6 34.3 99 7 35 3 4 8 1943—Dec. 31 257.9 19.9 1.1 .4 3.0 .4 52.9 77 6 37.8 112 2 26 3 3 9 1944—Dec 31 329.7 25.9 1.4 .3 1.3 .3 78.3 107.5 28.1 131.0 51.4 11.7 1945—Dec 31 392.8 25.4 1.1 36.3 2.9 .3 74.6 140.7 53.3 158.9 29.9 9.9 1946—Dec. 31 708.3 47.7 5.7 151.0 9.8 16 0 82 8 312 9 52.2 226 8 99 2 17 2 1947—Dec. 31 948.9 29.2 23.4 49.1 7.0 21.1 118.9 248.6 27.5 514.3 127.0 31.5 1948—Nov. 30 1,031.7 18.3 124.0 59.1 6.5 18.3 124.9 351.1 40.0 510.4 107 1 23 1 Dec 31 1,018.7 24.5 119.0 51.4 6.9 15.8 106.3 323.8 39.8 516.6 118.8 19.7 1949—Jan. 31 . 996.1 24.3 116.0 31 4 6.8 19 6 102 0 300.0 40 7 506 7 128 3 20 5 Feb. 28 997.1 27.0 116.4 25.4 6.4 24.7 97.3 297.2 38.5 513.1 130 6 17 8 Mar. 31 983.0 33.8 115.7 24.9 7.8 21.4 85.5 289.1 39.5 505.1 131.4 18.0 Apr 30 945.5 18.0 114.4 11.5 7.1 23.1 82.9 257.1 34.2 505.9 130.0 18.4 May 31 ... 874.1 31.6 88.1 11.8 6.2 23 1 84.1 244 8 35 0 433 8 141 4 19 0 June 30 848.5 17.0 86.9 4.7 6.3 27.1 83.6 225.6 33.9 423.1 147 0 18 8 July 31 837.3 20.5 85.0 4.2 6.4 26.4 81.2 223.6 32.6 418.8 143.2 19 1 Aug 31 789.2 14 9 69 3 6 0 6 2 21 1 74.0 191 4 34 4 410 3 136 6 16 6 Sept. 30P 826.7 56.8 68.2 6.9 5.3 15.3 88.4 240.9 35.4 401.9 130.7 17.9 Oct. 31 P 847.4 66.4 68.0 6.1 4.0 16.0 88.7 249.2 31.8 413.2 135.5 17.8 CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Other Europe 1 Date E O u t r h o e p r e g B iu el m - m De a n rk - l F a i n n d - m Q a e n r- y Greece L b u o x u e r m g - N w o a r y - t P u o g r a - l m R a u n - ia Spain S d w en e- USSR s Y la u v g i o a - o A th l e l r 1942—Dec 31 56.3 .8 i 5.6 34.0 1.1 .2 2.4 3.2 .4 i 8.4 1943—Dec 31 52.9 .7 7.6 33.9 .6 .2 1.4 3.2 .2 5.0 1944—Dec 31 78.3 .7 33.9 .6 35.1 .8 1.8 .2 5.1 1945—Dec. 31 74.6 .6 33.9 .7 31.6 .5 .1 1.6 .9 (2) 4 7 1946—Dec 31 82.8 7.5 .5 6.2 30.4 12.4 3.3 1.0 7.2 4.9 9.4 1947—Dec 31 118.9 15.0 2,2 8.0 30.5 10.6 9.2 1.1 .9 5.4 35.8 1948—Nov 30 124.9 21.3 1.1 3.3 30.4 3.5 14.9 .5 2.7 1.0 7.5 38.5 Dec 31 106 3 21 4 6 3 4 30 5 1.2 8 4 .7 2.9 1 4 6 0 29 7 1949— F j e an b 2 3 8 i 1 9 0 7 2 . . 3 0 2 1 0 8 . . 4 5 1 1. .5 3 3 4 . . 8 2 2 2 9 9 . . 5 6 . .9 8 . . 2 1 1 14 4 . . 9 8 . . 7 6 i 1 1 . .2 8 1 1 . .5 3 i(2i) i 2 27 4 .3 4 Mar 31 85.5 18.1 1.7 3.0 29.8 .9 8.7 .6 1.6 1.5 2 19.7 Apr. 30 82.9 16.5 1.4 3.9 29.6 1.0 8.3 .5 2 2.8 1.4 ( ) 17.5 May 31 84.1 18.3 .9 4.9 29.8 .8 8.7 .5 (2) 4.8 1.4 2 14.1 June 30 83.6 18.9 1.1 4.8 29.8 1.0 .1 8.6 .5 ( ) 4.2 1.5 ( ) 13.2 J A u u l g y . 3 3 1 1 8 7 1 4 . . 2 0 1 13 7 . . 6 9 1. . 0 9 4 5. . 5 9 2 29 9 . . 7 9 1. .7 0 . .1 2 8 7. . 9 1 . .4 5 3 2. . 5 3 1 1 . .4 5 ,. 3 : 71 11 3 . .0 0 Sept. 30P 88.4 14.1 .7 6.6 30.3 .8 .2 8.0 .4 9.8 2.8 11.0 Oct. 31* 88.7 12.2 .7 8.6 30.3 .8 .2 7.3 .5 C2)1 14.8 2.1 11.3 Latin America 1 French Netherlands Date A L i m a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - C R o ic st a a Cuba I W n a d n e i d s e t s Mexico I W n a d n e i d s e t s P m an a a- Peru V zu e e n l e a - A O L m a th t e i e r n r - Gui- Suri- ica ana nam 1942—Dec. 31 99.7 6.9 3.0 16.7 15.3 20.7 .6 8.3 .2 4.8 .3 2.1 2.8 3.9 14.2 1943—Dec. 31 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 (2) 11.2 .5 1.1 1.4 3.8 8.7 1944—Dec. 31 131.0 3.1 1.8 25.3 9.0 15.5 1.2 47.4 (2) 8.6 .3 .8 1.2 5.1 11.7 1945—Dec. 31 158.9 21.0 1.3 24.7 6.6 16.8 1.2 33.3 11.0 .5 1.1 1.9 6.1 33.4 1946—Dec. 31 226.8 41.8 2.3 49.8 14.6 26.4 2.9 25.7 .2 25.5 .8 1.3 3.7 8.7 23.1 1947—Dec. 31 514.3 65.2 2.0 165.8 27.8 32.6 3.5 108.6 (2) 52.2 1.1 4.7 4.3 15.3 31.0 1948—Nov. 30 510.4 66.8 2.4 179.8 18.8 33.7 1.5 72.5 (2) 70.4 1.0 3.9 4.2 18.2 37.1 Dec. 31 516.6 72.4 2.7 165.4 15.2 32.6 1.9 83.1 (2) 73.8 1.5 4.6 4.4 26.0 32.7 1949—Jan. 31 506.7 65.7 2.9 171.4 15.4 31.2 2.3 84.0 (2) 70.5 1.4 4.3 4.9 23.4 29.4 Feb. 28 513.1 67.2 2.2 178.7 16.0 29.3 2.2 81.9 (2) 71.8 1.2 4.3 5.1 24.3 28.8 Mar. 31 505.1 62.3 2.6 167.0 15.4 30.0 2.8 84.9 (2) 75.8 1.2 4.3 5.8 23.6 29.4 Apr. 30 505.9 58.0 2.5 175.3 15.0 32.0 2.9 79.3 (2) 74.7 1.3 4.4 5.5 24.7 30.3 May 31 433.8 58.9 2.6 159.5 12.5 37.9 2.6 20.6 (2) 69.6 1.3 4.4 6.0 25.7 32.1 June 30 423.1 57.6 3.0 155.0 12.2 37.7 2.5 21.0 (2) 68.3 1.1 4.5 6.1 23.7 30.4 July 31 418.8 55.5 2.7 158.9 10.9 32.1 2.9 20.3 (2) 67.2 1.1 4.5 7.9 23.0 31.5 Aug. 31. 410.3 56.1 2.2 160.5 11.8 24.4 3.0 17.6 .6 68.0 1.1 4.6 6.9 22.4 30.8 Sept. 30 401.9 52.4 2.3 162.2 11.4 22.6 3.7 17.5 (2) 64.1 1.1 4.6 6.4 22.3 31.2 Oct. 31 413.2 53.3 2.5 162.1 12.0 22.6 3.7 20.0 (2) 66.4 3.0 5.4 6.3 23.0 33.0 p Preliminary. 1 Breakdown not available for most of these countries until June 30, 1942. 2 Less than $50,000. 112 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Asia and All Other 1 China Egypt Date Asia M c a r h n i a u a d n - - F C I r n e h d n in o c a - h H K o o n n g g India M l B i a s y r a h i a - t- Japan I n n e d s o ia - ip p P R p u h i b e i n - l l e - ic T k u e r y - A O s th ia e 2 r ot A h l e l r A t l u r ia a s - -N Z la e e n w a d - - A E t a g n i n a g y d n l p o - - F r r M o e c n o c c - o h A U S f n o r o i u i f o c t a n h Other Sudan 1942—Dec. 31 35.3 11.1 (3) .9 2.2 .7 .5 1 6 14 4 1 8 2 0 4 8 1 0 7 1 (3) 1.7 1.2 1943—Dec. 31 26.3 1.7 (3) 1.0 2.0 .5 .5 1.7 13 9 3 ? 1.8 3 9 .5 .2 .1 (3) 2.4 .7 1944—Dec. 31 51.4 1.5 (3) .9 22.3 .1 .5 1.5 13.8 1.8 8.8 11.7 .6 .2 .2 (3) 9.7 1.0 1 1 1 9 9 9 4 4 4 5 6 7 — — — D D jj e e ec c c . . 3 3 3 i 1 1 1 2 9 2 9 9 7 . . . 2 9 0 4 5 0 3 1. . . 0 8 9 ( ( 3 3 ) ) . 2 5. . . 9 6 8 2 1 7 9 2 . . . 5 6 0 . . . 2 9 1 . . . 5 2 9 1 1 . . . 4 0 5 2 2 1 0 7 3 . . 4 8 2 1 2 1 7 . . 0 7 4 4 2 6 . . 3 7 4 3 1 9 1 7 . . 9 5 2 9 3 1 . . 0 7 4 1 1. . . 5 1 7 . . 3 1 4 (3)" .5 1 1 4 0 4 . . . 7 1 4 2 2 6 . . . 2 5 0 194g.—NOV 30 107.1 25.2 .3 3.5 20.2 .5 7.8 .4 36.3 1.7 11.1 23.1 3.5 .6 .2 .3 11.7 6.8 Dec 31. . . 118.8 24.2 .1 3.4 20.4 .4 15.9 1.9 37.3 1.4 13.8 19.7 4.7 .5 .4 .2 7.9 6.1 1949—Jan. 31 128.3 22.7 .5 5.2 21.3 .6 22.9 3.2 33.8 1.4 16.7 20.5 5.4 1.1 .5 .2 6.4 6.9 Feb. 28 130.6 21.6 .2 3.7 20.9 .9 27 7 1 1 33 8 1 6 19 1 17 8 S 1 5 4 4 5 1 6 3 Mar. 31 131.4 19.7 A 4.3 20.4 .5 34.9 1.1 31.7 1.1 17.2 18.0 5.8 .7 .3 .2 4.1 6.9 Apr 30 130.0 18.2 A 4.8 20.9 .7 34.3 1.2 30.5 1.5 17.7 18.4 5.5 .8 .5 .3 4.3 7.0 May 31 141.4 18.0 .2 6.4 20.0 .7 37.4 1.5 31.9 2.1 23.3 19.0 5.3 .8 A .5 4.6 7.4 June 30 147.0 18.4 (3) 3.2 21.0 .6 39.4 1.1 30 2 9 32 4 18.8 S 4 1 0 4 2 4 6 7 2 July 31 .. 143.2 16.8 .2 3.7 20.0 .7 33.8 1.2 25.3 11.7 29.8 19.1 5.0 1.2 .6 .3 4.2 7.7 Aug. 31 136.6 17.8 .1 3.4 19.7 A 21.8 .5 27.5 14.5 30.9 16.6 4.5 1.4 .2 .4 3.6 6.5 Sept 30? 130.7 18.0 .2 3.4 16.8 .5 9.6 .4 24.6 19.4 37.7 17.9 4.6 1.0 .4 A 4.0 7.5 Oct. 31P 135.5 16.5 .4 3.8 18.8 .5 10.1 .4 25.5 14.3 45.3 17.8 4.8 .9 .5 .7 3.8 7.2 P Preliminary. 1 Breakdown not available for most of these countries until June 30, 1942. 2 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India, s Less than $50,000. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly world Africa North and South America Other Year or production Total month U o . u S t . s S i . d R e .i r m ep o o n r th te l d y A So fr u ic th a d R e h s o ia - A W fr e ic s a t 2 B Co el n g g ia o n 3 U St n a i t t e e s d 4 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 5 Au li s a tra- India6 $l=J56/2 i grains c?f gold Vio fine: i. e., an ounee of fine gold = 3"35. 1941 1,265.6 1,110.4 504.3 27.8 32.4 19.6 209.2 187.1 28.0 23.0 9.3 7.5 52.4 10.0 1942 • 1,125 7 982.1 494.4 26.6 29.2 18.0 131.0 169.4 28.0 20.9 6.4 8.6 40.4 9.1 1943 . . 871.5 774.1 448.2 23.0 19.7 15.8 48.8 127.8 22.1 19.8 6.1 7.7 26.3 8.8 1944 784.0 701.5 429.8 20.7 18.4 12.7 35.8 102.3 17.8 19.4 7.1 7.9 23.0 6.6 1945 738 5 683.0 427.9 19.9 18.9 12.1 32.5 94.4 17.5 17.7 6.3 7.0 23.0 5.9 1946 . . 752.5 697.0 417.6 19.1 20.5 11.6 51.2 99.1 14.7 15.3 8.1 6.4 28.9 4.6 1947 766.5 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 7.4 32.8 6.1 1948 791 .0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1943—Oct 61 1 33.4 1.6 2.0 9 6.3 10.7 .4 1.0 .9 .7 2.6 .6 Nov 60.5 33.2 1.5 2.1 .9 5.1 10.9 1.2 1.2 .5 .6 2.7 .6 Dec 60.2 33.1 1.6 2.0 .9 4.8 11.4 1.0 .8 .4 .6 2.8 .6 1949—Jan 58.4 32.9 1.5 2.0 1.0 3.9 10.8 .7 1.1 .7 .7 2.4 .6 Feb 56 3 31.0 1.5 2.0 1.1 3.9 10.8 1.0 1.4 .3 .6 2.3 .5 Mar 62.2 34.6 1.6 2.0 1.1 5.5 12.0 .8 1.1 .5 .6 2.4 Apr. 60 8 33.4 1.7 1.9 1.0 5 7 11.4 .6 1.1 .4 .6 2.4 .5 May 63.1 34.3 1.6 1.9 1.1 5.6 11.6 1.8 1.0 .5 .6 2.5 .6 June 64 8 34.8 1.5 1.9 1 1 5 5 12.0 1.6 1.0 .4 .6 3.6 .6 July 63.1 35.5 1.6 1.8 1.1 5.7 11.4 1.0 1.1 .5 .6 2.3 .6 Aug. 35.7 1 6 1.9 1.2 6.5 12.6 1.0 .7 2.7 .6 Sept 34.8 1.5 1.1 6.2 12.8 1.0 .7 .5 Oct 34.7 1.0 7.3 .6 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 3 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics, those for 1948 having been revised by subtracting from each monthly figure $214,952 so that aggregate for the year is equal to the yearly estimate compiled by the United States Mint. 5 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 6 Monthly figures reported by American Bureau of Metal Statistics. NOTE.'—For explanation of table and sources, see BULLETIN for June 1948, p. 731; February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; and April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. JANUARY 1950 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month T U u re n r a y it s e - d S T t o a t t a e l s t g A i e n r n a - - 2 g B iu el m - Brazil Canada3 Chile lo C m o b - ia Cuba C v z s a e l k o c - h ia o- m D a en rk - Egypt France Ger- Greece 1942—Dec... 22,726 22,739 614 735 115 161 36 25 16 61 44 52 2,000 29 28 1943—Dec... 21,938 21,981 838 734 254 230 54 59 46 61 44 52 2,000 29 28 1944—Dec... 20,619 20,631 992 329 300 79 92 111 61 44 52 1,777 29 28 1945—Dec... 20,065 20,083 1,197 716 354 361 82 127 191 61 38 52 1,090 1946—Dec... 20,529 20,706 1,072 735 354 543 65 145 226 61 38 53 796 1947—Dec... 22,754 22,868 322 597 354 294 45 83 279 32 53 548 1948—Dec. 24,244 24,399 624 317 408 43 289 32 53 548 1949—Jan., . 24,271 24,448 633 317 416 44 289 32 53 548 Feb... 24,290 24,464 635 317 415 44 289 32 53 548 Mar.. 24,314 24,468 641 317 415 44 289 32 53 548 Apr... 24,332 24,461 647 317 407 43 289 32 53 548 May. 24,342 24,511 665 317 417 44 289 32 53 523 June.. 24,466 24,637 704 317 428 44 289 32 53 523 July.. 24,520 24,705 720 317 436 44 289 32 53 523 Aug... 24,608 24,771 718 317 448 44 289 32 53 523 Sept.. 24,602 24,728 715 317 460 43 289 32 53 523 Oct... 24,584 24,688 720 317 43 32 53 523 Nov.. 24,479 24,626 709 32 523 End of month H g u ar n y - India Iran Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Peru P g o a r l t u ^ - Ru n m ia a- A So fr u ic th a Spain 1942—Dec... 24 274 34 141 6 216 39 506 23 25 203 634 42 1943—Dec... 24 274 92 118 203 500 23 31 260 706 91 1944—Dec... 24 274 128 24 222 500 23 32 267 814 105 1945—Dec... 274 131 24 294 270 23 80 28 269 914 110 1946—Dec... 24 274 127 28 6 201 181 265 23 91 24 245 939 111 1947—Dec... 34 274 127 58 5 180 100 231 23 72 20 193 *>215 762 111 1948—Dec... 35 256 124 96 166 23 52 20 158 183 111 1949—Jan.... 35 251 124 96 166 23 52 20 154 187 111 Feb... 35 247 124 96 166 23 52 20 150 182 111 Mar.. 35 247 124 96 178 166 23 52 20 146 166 101 Apr... 35 247 124 96 178 166 23 52 20 175 96 May., 35 247 112 178 166 24 52 20 166 88 June. . 35 247 122 178 166 28 52 20 149 85 July.. 36 247 122 178 166 28 52 20 149 85 Aug.., 37 247 133 178 161 28 52 20 135 85 Sept.. 38 247 252 178 161 29 51 20 121 85 Oct... 40 247 252 178 161 30 51 119 85 Nov.. . 40 252 178 195 120 Bank End of month S d w e e n - S la w e n r i - d tz 6 - T k u e r y - U d K n o i i n m t g e 7 d - g U u r a u y - V z e u n el e a - t c o r o t i 1 h e u 6 s e n r 8 - n M a I F t n t a u o i t o r e n n y n r d e - a - l f S t m t o i e e o r e r t n n t n I l a a n e t l s - - - Government g p ol r d e vi r o e u s s e rv f e ig s u 1 re n s ot included in United End of month King- France Belgium 1942—Dec... 335 824 114 89 68 138 21 dom 1943—Dec... 387 965 161 121 89 172 45 1944—Dec... 463 ,158 221 157 130 190 37 1945—Dec... 482 ,342 241 195 202 192 39 1942—Dec 17 1 1 9 9 4 4 7 6 — — D D e e c c . . . . . . 3 1 8 0 1 5 , , 4 3 3 5 0 6 2 1 3 7 7 0 2 1 0 7 0 5 2 2 1 1 5 5 1 1 9 9 3 5 1,35 1 6 5 3 3 0 2 1943—Dec> 17 1944—Dec.. . . 2 2,354 214 17 1948— Dec... 81 ,387 162 164 323 217 1,436 36 1945—Dec 22,341 457 17 1949—Jan.. . 80 ,390 162 164 323 220 1,436 36 1946—June. . 2 2,196 F M e a b r . . . . . 8 8 0 0 , , 3 4 9 0 4 8 1 1 6 6 2 2 1 1 6 6 4 4 3 3 2 2 3 3 2 2 2 2 8 9 1 1 , , 4 4 3 3 6 6 4 4 1 9 Dec.. . 22,587 Apr... 80 1,412 161 164 323 231 1,436 50 1947—Mar.... 2 2,345 May.. 71 1,432 161 164 323 232 1,440 55 June.... 2 2,382 June . 71 1,419 160 161 323 232 1,440 55 July.. 71 1,457 160 161 323 233 1,448 60 Sept 2 2,341 Aug.., 71 1,503 160 161 323 P235 1,450 47 Dec..... 2 2,035 Sept.. 70 1,485 159 177 373 P235 1,450 52 1948—Mar.... 22,200 Oct.. . 70 1,486 154 373 P255 1,450 47 Nov. . 1,495 P255 64 June. , 2 1,886 Sept... 21S733 Dec M,822 P 1 I P n r c e l l u im de i s n a g r o y l . d in Exchange Stabilization Fund. Gold in active portion of this Fund is 1949—Mar 2 1,874 not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve June. .. . 2 1,592 statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the Tr 2 e a E s s u t r i y m a s t t e a d te m do e l n la t r " v U a n lu it e e s d d S er t i a v t e e d s M by o n c e o y n , v O er u ti t n s g ta n g d o i l n d g at a n h d o m in e C in ir c a u m la o t u io n n ts , b u y p K to i n 1 d ,2 s 2 ." 4.4 1 Reported at infrequent intervals or on demillion pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of layed basis: U. K.—Exchange Equalization 3.5447 pesos per U. S. dollar. Account; France—Exchange Stabilization Fund 3 4 T Fi o g t u al r e g s o a ld s h re o p ld o i r n te g d s a b r y e n F o o t r e a i v g a n i l E ab x l c e h . ang B e e g C i o n n ni t n ro g l A B p o r a il r d 1 9 a 4 n 6 d , t M he i n s i e s r t i e e r s o is f n F e i w n a a n n c d e . repre- an 2 d G R ro e s n s t es o ff F ic u ia n l d ; h B ol e d l i g n i g u s m — of Tr g e o a l s d u ry a . nd U. S. sents gold held as reserve (25 per cent minimum) less gold in foreign currency liabilities. dollars as reported by British Government; 5 Figures are for following dates: 1942—Jan. 31; 1946—Mar. 31; and 1947—Mar. 31. total British holdings (official and private) of 6 Beginning December 1943, includes gold holdings of Swiss Government. U. S. dollars, as reported by banks in the United 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British States, are shown in table on p. 110. Exchange Equalization Account during 1939. NOTE.—For details regarding special internal 8 These countries are: Algeria, Belgian Congo, Bolivia, Bulgaria, Costa Rica, Dominican gold transfers affecting the British and French Republic. Ecuador, Eire, El Salvador, Ethiopia, Finland, Guatemala, Iceland, Nicaragua, institutions, see p. 116, footnote 4, and p. 117, Pakistan beginning July 1948, and Thailand. Figures for certain of these countries have footnote 8. For available back figures, see been carried forward from last official reports. Banking and Monetary Statistics, p. 526, and NOTE.—For back figures, see Banking and Monetary Statistics, Table 160, pp. 544-555, BULLETIN for January 1949, p. 86; November and for a description of figures, including details regarding special internal gold transfers 1947, p. 1433; June 1947, p. 755; and February affecting the reported data, see pp. 524-535 in the same publication. 1945, p. 190. 114 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD IMPORTS TO UNITED STATES, BY COUNTRIES [Net gold exports from United States (—). In millions of dollars] Gold valued at approximately $35 a fine ounce m Y o o e n r a t r h Total U K d n i o i n m t g ed - g B iu e m l- France N la e e n r t d - h s - S d w en e- U.S.S.R. Canada A t r i g n e a n- Co b l i o a m- Mexico r N a i g c u a a - V zu e e n l e a - 1942 315.7 2.0 11.3 208.9 .1 10.6 40.0 8.7 4.0 1943 . . .. 68.9 1 66.9 -10.8 —3 3 7.5 2.2 1944 -845.4 -695.5 46.2 -50.3 -109.7 7.7 -55.3 1945 -106.3 .2 53 1 15.1 7.4 -56.1 1946 311 5 5 33 7 344 1 — 134 0 3 6 7 3 2 1947 1,866.3 488.4 162 9 28.0 27.9 445.4 335.5 21.0 -7.1 7.6 -.8 1948 1,680.4 1,095.4 135.5 34.4 -4.5 -29.7 103.3 25.1 15.8 7.9 -136.1 1943—Nov 54.2 5 8 8 8 1.0 .3 .6 -16.0 Dec 88.0 60.9 .5 1.0 .3 .6 -20.0 1949—Jan 66.2 20.3 .3 1.0 .4 .7 -4.0 Feb 21 5 .3 .4 .6 Mar 19.8 5 1.0 .3 .6 Apr 13.6 1 .4 3.0 .4 .6 -.1 May 9.5 .3 2.0 .3 .4 June 6.9 — 1 3 .4 .6 July 131.1 12l!8 9 .2 .7 -.1 Aug 257.4 243.6 .6 '.5 .7 Sept 98.1 101.5 7 -8.3 .6 Oct 56.1 40.7 6 2.1 .4 .5 2 Nov.P. . . . 7.6 .5 5.1 .4 .4 NET GOLD IMPORTS TO UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES BY COUNTRIES—Continued [In millions of dollars] [Net gold exports from United States (—). In millions of dollars] Gold s,ock at Ear- Gold valued at approximately $35 a fine ounce end of period Increase Net marked Domesin total gold im-gold: de- tic gold Period gold port or crease produc- Other Philip- All Treas- stock export or in- tion 2 Y m e o a n r t o h r Am L e a r t i i c n an t A ra u l s ia - China p R in e- e A So fr u ic th a c o o th u e n r - ury Total i (-) crease Republics public tries (-) 1942 22,726 22,739 -23.0 315.7 -458.4 125.4 1 1 1 1 9 9 9 9 4 4 4 4 2 5 3 4 -1 1 1 0 7 6 4 . . . . 8 0 3 6 . . . . 5 2 2 1 " - 1 -1 3 — 1 4 9 . . ! 9 0 5' . A 3 ' 3 4 . . . . 6 1 4 3 3 8 0 . . . . 2 9 5 8 1 1 1 1 9 9 9 9 4 4 4 4 6 3 5 4 2 2 2 2 1 0 0 0 , , , , 9 6 5 0 1 2 3 6 9 9 8 5 2 2 2 2 0 1 0 0 , , , , 7 9 0 6 0 8 8 3 6 1 3 1 — - — 1 5 , 6 4 3 7 2 4 7 5 3 9 7 . . 8 1 . . 9 8 - - 1 8 3 0 4 6 1 6 5 8 1 . . . 3 4 5 9 - — - 3 4 4 5 8 5 6 0 6 9 5 3 . . . . 7 8 4 6 3 3 4 5 5 1 2 8 . . . 2 0 3 8 1946 -8.0 -55.8 -.2 118.6 1.3 1947 22,754 22,868 32,162.1 1,866.3 210.0 75.8 1947 -17.1 .1 -14.0 -3.5 410.7 -18.6 1948 24,244 24,399 1,530.4 1,680.4 -159.2 70.9 1948 7.3 .6 -2.5 491.5 1-63.5 1948—Nov.. . .5 .1 57.3 2 -4.2 1948— D N e o c v . . . . . . 2 2 4 4 , , 1 2 6 4 6 4 2 2 4 4 , ,3 3 9 5 9 3 1 4 4 6 9 . . 2 1 5 8 4 8 . . 2 0 -4 9 5 9 . . 9 7 4 5. . 1 8 Dec.. . .6 A 47.1 -3.0 1949—Jan. . . 24,271 24,448 49.5 66.2 -2.7 3.9 Feb... 24,290 24,464 16.2 21.5 -22.2 3.9 1949—Jan.... .7 .4 46.7 -.2 Mar.. . 24,314 24,468 3.6 19.8 -16.7 5.5 Feb... .6 .2 21.1 -1.8 Apr. . . 24,332 24,461 -6.5 13.6 -17.7 5.7 Mar.. . .4 -.2 21.3 -4.3 May. . 24,342 24,511 49.7 9.5 37.8 5.6 A J J M u u p a n l r y y e . . . . . . . . . . . . . . . 5 6 4 8 ' '-s'.s' - - _ . . 2 1 . 2 3 1 1 9 6 2 9 . . . . 5 3 7 4 - - - 5 4 2 -. . . . 6 2 5 1 J A S Ju u e u l n p g y t e . . . . . . . . . . . 2 2 2 2 4 4 4 4 , , , , 6 4 6 5 0 6 0 2 2 6 8 0 2 2 2 2 4 4 4 4 , , , , 6 7 7 7 3 2 0 7 7 8 5 1 - 1 4 6 6 2 3 6 7 6 . . . . 1 5 3 1 2 1 9 5 3 6 8 7 1 . . . . 9 4 1 1 - - 2 1 - 1 1 0 5 2 9 8 4 1 . . . . 9 5 8 6 5 5 6 6 . . . . 7 2 5 5 A O N Se o c u p v t g . . t P . . . . . . . . . . . . . . 5 3 6 5 -1.6 " -'. i 2 1 9 3 2 2 . . . . 5 3 3 7 -1 - - - 4 1 2 0 . . . . 8 1 4 9 O N D o c e t v c . . . . . . . . . . ^ 2 2 2 4 4 4 , , , 4 4 5 7 2 8 9 7 4 ^ 2 2 2 4 4 4 , , , 6 6 5 2 8 6 6 8 3 P- - - 6 3 6 3 1 9 .6 . . 7 8 5 P (4 6 7 ) . .6 1 s - - - 6 8 5 3 9 9 . . . 9 1 4 7 ( ( 4 4 . ) ) 3 v Preliminary. 1 See footnote 1 on opposite page. P Preliminary. 2 Yearly figures are estimates of United States Mint. For explana- 1 Includes $39,190,000 to Switzerland, $10,691,000 to Greece, tion of monthly figures see table on p. 113. $8,347,000 to French Indo-China, and $5,272,000 to other countries. 3 Change includes transfer of 687.5 million dollars gold subscrip- 2 Includes exports of $3,488,000 to Switzerland. tion to International Monetary Fund. 4 Not yet available. NOTE.—For back figures see Banking and Monetary Statistics, 6 Gold held under earmark at the Federal Reserve Banks for foreign Table 158, pp. 539-541, and for description of statistics see p. 524 account, including gold held for the account of international instituin the same publication. tions, amounted to 4,273.3 million dollars on Dec. 31, 1949. Gold under earmark is not included in the gold stock of the United States. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. 115 JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [Millions of dollars] 1949 1948 1948 International Fund International Bank Oct. July Apr. Oct. Sept. June Mar, Sept. Gold 1,450 1,448 1,436 1,403 Gold Member currencies (balances with de- Member currencies (balances with depositories and securities payable on positories and securities payable on demand): demand): United States 1,311 1,340 1,341 1,434 United States 44 59 74 89 Other members 14,265 4,185 4,186 4,014 Other members 926 928 929 927 Unpaid balance of member subscriptions. 1,018 1,070 1,069 1,183 Investment securities (U. S. Govt. obli- Other assets 1 1 (2) (2) gations) 454 453 444 420 A M c e c m um be u r l a s t u e b d s c n r e ip t t i i n o c n o s me 8,0 - 4 3 7 8,0 - 4 3 7 8,0 - 3 2 4 8,0 — 36 1 L C o al a l n s s o n ( i s n u c b l. s c u r n ip d t i i s o b n u s r s to ed c a p p o it r a t l i o s n to s c a k n 4. d . 5 5 5 5 incl. obligations sold under Bank's guarantee) 676 650 559 509 1949 1948 Other assets 11 6 10 9 Net currency purchased3 Bonds outstanding 254 254 254 254 (Cumulative—millions of dollars) Liability on obligations sold under guar- Nov. Oct. Sept. Nov. antee.. 27 27 26 Loans—undisbursed 136 124 51 18 Other liabilities 3 4 5 2 Australian pounds 20.0 20.0 Special reserve 9 8 7 4 Belgian francs 32.1 32.1 32.1 33.0 Capital* 1,670 1,670 1,667 1,667 Brazilian cruzeiros 37.5 15.0 15.0 Accumulated net income 17 14 10 5 Chilean pesos 8.8 8.8 8.8 Costa Rican colones -.9 — A .4 .5 Czechoslovakian koruny. 6.0 6.0 6.0 6.0 1 Includes 382 million dollars receivable for currency adjustments Danish kroner 10.2 10.2 10.2 10.2 resulting from the devaluations in September. Egyptian pounds....... 3.0 3.0 3.0 2 Less than $500,000. Ethiopian dollars .6 .6 .3 3 As of Nov. 30, 1949, the Fund had sold 759.8 million U. S. dollars; French francs 125.0 125.0 125.0 125.0 in addition, the Fund sold to the Netherlands 1.5 million pounds Indian rupees 100.0 100.0 100.0 52.2 sterling in May 1947 and 300 million Belgian francs in May 1948, and Mexican pesos 22.5 22.5 22.5 22.5 sold to Norway 200 million Belgian francs in June and July 1948. Netherlands guilders.... 75.4 75.4 75.4 75.4 Repurchases amounted to 3.6 million dollars. Nicaraguan cordobas .5 4 Excludes uncalled portions of capital subscriptions, amounting to Norwegian kroner 9.6 9.6 9.6 9.6 6,679 million dollars as of Sept. 30, 1949, of which 2,540 million repre- South African pounds. . . 10.0 10.0 10.0 sents the subscription of the United States. Turkish liras 5.0 5.0 5.0 "5.6 Pounds sterling 300.0 300.0 300.0 300.0 Yugoslav dinars 9.0 9.0 3.0 Total. 773.7 752.5 726.2 648.9 CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note circula- (Figures in millions of Dis- tion 3 Deposits Other pounds sterling) Other Notes counts Securi- liabili- Gold* assets 2 and and ad- ties ties and coin vances Bankers' Public E.C.A. Other capital 1935—Dec. 25 200.1 260.0 36.2 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 46.8 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 41.9 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 52.5 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 4 .2 580.0 26.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 630.0 14.2 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 780.0 28.8 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950.0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 1,100.0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 1,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 1,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 5 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17\4 92.1 18.1 1949—Jan. 26 .2 5 1,300.0 79.9 26.0 326.1 1,224.5 294.7 21.4 8.4 89.4 18.3 Feb. 23 .2 1,300.0 76.0 32.1 325.1 1,228.0 295.7 10.9 17.6 90.6 18.4 Mar. 30 .2 1,300.0 53.0 19.9 362.1 1,250.6 294.0 25.6 6.7 90.1 18.6 Apr. 27 .2 1,300.0 24.2 13.7 379.3 1,280.3 289.9 16.8 .7 92.0 17.8 May 25 .2 1,300.0 36.3 25.9 381.4 1,267.9 299.9 12.0 23.3 90.4 17.9 June 29 .2 1,300.0 26.7 27.0 372.0 1,277.9 294.5 8.6 13.5 90.9 18.2 July 27. .2 5 1,350.0 49.9 15.3 381.6 1,305.1 294.0 11.2 32.4 91.0 18.3 Aug. 31 .2 1,350.0 80.4 10.4 354.1 1,275.0 277.6 15.9 41.7 91.2 18.5 Sept. 28 .4 5 1,300.0 41.4 23.6 368.7 1,264.5 295.7 9.1 16.4 93.9 18.5 Oct. 26 .4 1,300.0 47.3 23.3 429.7 1,258.7 298.5 14.0 62.8 107.3 17.8 Nov. 30 .4 1,300.0 39.9 15.3 437.8 1,265.8 295.9 8.9 58.6 111.5 18.0 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce. On June 9, 1945, the official buying price of the Bank of England for gold was raised to 172 shillings and three pence, and on Sept. 19, 1949, it was raised to 248 shillings per fine ounce. 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 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 25 million pounds on Dec. 22, 1948, decreased by 25 million on Jan. 5, 1949, increased by 50 million on July 6, 1949, and decreased by 50 million on Sept. 28, 1949. For details on previous changes see BULLETIN for April 1949, p. 450, and February 1948, p. 254. NOTE.—For back figures see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 116 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits Sterling securities Other (Fi C gu a r n e a s d i i a n n m d i o ll l i l o a n rs s ) of Gold and S t U at n e i s ted Other circ N u o la t t e ion2 liab a i n li d ties dollars S te h r o m rt 1 - Other assets Ch b a a r n te k r s ed D g o m o m v e e i n n rn t io - n Other capital3 1938—Dec. 31. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. ) 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216,7 33.5 496 0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209 2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 ,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 1,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 1,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 1,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43 1 1949—Jan. 31. 1,188.3 806.9 50.2 ,229 2 545.1 141.8 86.8 42.5 Feb. 28. 1,180.5 800.7 54.9 ,221 9 531 0 178.4 79.6 25.7 Mar. 31 82.3 1,087.1 812.1 70.6 ,245,3 540.3 62.6 84 8 119.0 Apr. 30 61.1 1,199.0 822.9 57.9 ,264.7 587.3 115.1 80 8 93.0 May 31. 56.4 1,148.1 836.2 57.5 ,263.8 571.2 101.4 65 2 96.7 June 30. 62.7 1,379.6 636.8 56.9 ,270.0 568.3 112.2 73.7 111.8 July 30. 52.9 1,499.2 499.5 45.1 ,271.0 566.9 94.3 73.8 90.6 Aug. 31 . 55.7 1,557.2 441.2 64.2 ,269.7 578.0 109.7 61 8 99.2 Sept. 30. 60.1 1,616.8 421.2 119.1 ,290.7 611.5 141.0 64.1 109.8 Oct. 31 . 64.9 1,710.6 335.9 80.3 ,293.5 626.0 66.1 77.4 128.8 Nov. 30. 66.1 1,713.9 221.5 54.4 ,283.0 544.7 27.2 84.1 116.8 Assets Liabilities Ban (F k i g o u f r e F s r i a n nce Foreign Domestic bills G A o d v v e a r n n c m es e n to t6 Note Deposits l O ia t b h i e li r millions of francs) Gold ex- Other circula- ties change m O a p rk en et' Special Other Current Other assets • tion G m ov e e n r t n- C.A.R.* Other c a a n p d ital 1938—Dec. 29. 87,265 821 1,892 1,797 7,880 30,627 14,028 110,935 5,061 25,595 2,718 1939—Dec. 28. 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 151,322 1,914 14,751 2,925 1940 -Dec. 26. 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 41,400 27,202 3,586 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 64,580 25,272 3,894 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 16,857 29,935 4,461 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500.386 578 10,724 33,137 4,872 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67^900'480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826 147.400 558.039 59,024 920.831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558,039 57.622 987,621 806 171,783 16,206 1049—Jan. 27. 65,225 34 88,286 4,996 238,795 146,200 558,039 53,426 972,604 822 163,513 18,062 Feb. 24. 65,225 53 94,010 4,816 257,345 154,100 558,039 47,692 991,334 765 171,921 17,260 Mar. 31. 65,225 49 134,911 2,523 233,189 157,500 558,039 87,254 1,045,053 750 180,103 12.784 Apr. 28. 65,225 67 111,190 2,235 290,365 155,300 558,039 58,089 1,047,277 440 179,099 13,693 May 25. 862,274 74 118,855 1,876 272,698 155,000 560.990 56,729 ,043.180 890 170,018 14,409 fune 30. 862,274 7,775 156,208 894 258,294 166,900 560,990 81,046 ,115,608 286 162,969 15.518 fuly 28. 62,274 14,380 137.189 4,486 296,228 162,700 560,990 69,764 ,134,440 195 157.714 15,661 \ug. 25. 62,274 36,675 134,031 4,144 255,099 165,000 560,990 67,738 1,133,129 292 136,331 16,199 Sept. 29. 862,274 51,504 138,787 15,092 298,005 164,200 560,990 76,261 ,210,606 201 140.548 15,757 Oct. 27. 62,274 53,002 140,936 23,486 305,454 152,700 560,990 81,425 ,218,697 202 142.845 18 522 Nov. 24. 62,274 58,174 143,794 28,164 306,397 152,500 560,990 •85,587 1,203,768 153 173,396 20,563 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. 4 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 Less than $50,000. 8 Composition of these items has been changed: Open market henceforth shows only open market portfolio proper and excludes 65 billion francs advanced to the Treasury and 5 billion francs advanced to Caisse Autonome. Current advances represents working fund advances previously shown as "Other advances." Other advances includes advances for occupation costs and a number of perpetual and term loans to the Government. Other assets were reduced through the transfer to "Other advances" of several loans to Government. 7 Central Administration of the Reichskreditkassen. 8 Includes 9,293 million francs of gold earmarked as collateral against a loan. For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 9 Includes advance to Stabilization Fund, amounting to 21.5 billion francs on Nov. 24. 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. JANUARY 1950 117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1949 1948 Central Bank 1949 1948 (Figures as of last report (Figures as of last report date of month) Nov., Oct. Sept. Nov. date of month) Nov. Oct. Sept. Nov. Central Bank of the Argentine National Bank of Costa Rica— Republic (millions of pesos): Issue dept. (thousands of colones): Gold reported separately 507 507 433 Gold 11,545 11,538 Other gold and foreign exchange. 1 687 1,593 1,429 Foreign exchange 17,063 7,852 Government securities 1 7S4 1,730 866 Contributions to Intl Fund and Rediscounts and loans to banks l. 76 885 26,418 18,862 to Intl. Bank 30,321 30,321 Other assets 185 3, 643 Loans and discounts 88,257 82,208 Currency circulation2 8 938 8,540 C6, 990 Securities 22,575 27,651 D eposits—Government 394 Other assets 11,005 6,378 Nationalized * .... 19 71? 19,594 16,244 Note circulation 101,113 102,861 Other sight obligations 685 664 283 Demand deposits 72,697 55,166 Other liabilities and capital 1 663 1,635 322 Other liabilities and capital 6,957 7,922 Commonwealth Bank of Aus- National Bank of Czechoslovakia tralia (thousands of pounds): (millions of koruny): Gold and foreign exchange. .. 395,135378,375 329, 388 Gold and foreign exchange 7 .... 3,163 2,890 2,964 4,259 Checks and bills of other banks.. 843 3,127 3,357 Loans and discounts. 28,428 27,531 26,338 25,114 Securities (incl. Government and 47,116 47,030 47,073 48,452 Treasury bills) 366 488 361,741 357 385 Note circulation 67,706 66,234 65,688 68,466 Other assets ,544 32,025 30 246 DeDosits 992 823 581 984 Note circulation 217,063 215,063 199 355 Other liabilities and capital 10,010 10,394 10,107 8,375 Deposits of Trading Banks: National Bank of Denmark Special 311 670308,670 295 270 (millions of kroner): Other ?Q 34,318 39 062 Gold 69 69 70 70 Other liabilities and capital . .. 235,847 217,216 186 688 Foreign exchange 366 310 363 138 Austrian National Bank (millions Contributions to Intl. Fund and of schillings): to Intl. Bank 65 65 65 65 Gold 50 50 50 49 Clearing accounts (net) -23 Foreign exchange 148 14S 155 83 Loans and discounts 28 30 31 20 Loans and discounts 1 ,514 1,474 1,471 736 118 108 101 121 Claim against Government 6,454 6,489 6,804 y 503 Govt. compensation account. . . . 4,770 4,775 4,784 5,107 Other assets 74 16 9 2 Other assets 287 213 213 170 Note circulation . . .. 5 46S 5 490 5,817 5 388 Note circulation 1,521 1,506 1,470 1,520 Deposits—Banks 401 359 318 580 Deposits—Government 1,820 1,794 1,769 1,826 Other 1 047 1 099 926 558 Other 2,180 2,093 2,214 2,165 Blocked 1,282 1,227 1,430 1 846 Other liabilities and capital 179 177 175 157 National Bank of Belgium Central Bank of the Dominican (millions of francs): Republic (thousands of dollars): Gold 31 063 S47 31,346 27 782 Gold 4,030 4,030 4,030 4,000 Foreign claims and balances (net) 9,657 9,901 10,419 12 074 Foreign exchange (net) 10,539 10,355 10,812 11,419 Loans and discounts . 3, 156 2,540 2,076 3 132 Net claim on Intl. Fund 5 ...... 1,250 1,250 1,250 1,250 Consolidated Government debt.. 34,991 34,991 34,991 35 000 Paid-in capital—Intl. Bank 40 40 40 40 S87? S SOO 6,622 4 622 Loans and discounts 665 244 262 78 Other assets . . 6, 136 6,698 6,459 3 118 Government securities 4 377 4,974 4,974 5,000 Note circulation 8S SOO 8S 99 S 86,570 81 376 Other assets 2,099 1,361 834 730 1 877 2,142 2 052 Note circulation 18,848 18,358 18,013 16,957 E. C. A 541 797 528 365 Demand deposits 3,896 3,649 3,944 5,393 Other liabilities and capital 2,582 2,553 2,672 1 935 257 248 246 168 Central Bank of Bolivia—Mone- Central Bank of Ecuador tary dept. (millions of bolivianos): (thousands of sucres): Gold at home and abroad 956 956 954 Gold 278,600278,518278,479 277,616 Foreign exchange 104 187 209 Foreign exchange (net) -79,087 -70 150-57,234 50 305 Loans and discounts 990 884 573 Net claim on Intl. FundB 16,881 16,881 16,881 16,882 Government securities 748 748 748 C redits—Go vernm ent 267 673254 937254,476 118 422 Other assets 98 70 22 Other 131,063 117,982 115,321 124,384 Note circulation 2 386 2,362 2 049 Other assets 124,822 130,862 122,452 109,446 Deposits 264 239 185 Note circulation 376 957377,483371,699 373 965 Other liabilities and capital. ... 247 244 272 Demand deposits—Private banks 100,925 101,332 120,272 121,627 National Bank of Bulgaria 3 Other 110,285 99,899 95,544 56,770 Central Bank of Chile (millions Other liabilities and capital 151,786 150,316 142,860 144,693 of pesos): National Bank of Egypt (thou- Gold 4 . . . .. . .. 1,353 1,367 1 158 sands of pounds): Foreign exchange (net) 180 259 115 Gold . . . 6,376 6,376 Net claim on Intl. Fund 5 1 1 1 Foreign exchange 14,202 13,627 Discounts for member banks. . . 1 479 1,311 1 267 Loans and discounts 3,833 8,732 Loans to Government .. 691 692 773 British, Egyptian, and other Other loans and discounts 009 2,158 1 306 Government securities 317,079 331,042 Other assets 1 448 1,486 1 395 Other assets 30,303 25,357 Note circulation 5,183 5,210 4 473 Note circulation 143,671 152,332 Deposits—Bank 1,186 1,347 870 Deposits—Government 91,318 89,006 Other 771 217 223 Other 125,694 132,386 Other liabilities and capital . . . 501 447 Other liabilities and capital 11,110 11,409 Bank of the Republic of Colombia Central Reserve Bank of El Salva- (thousands of pesos): dor (thousands of colones): Gold and foreign exchange 6 194 478 164 889 153,429 144,241 Gold 43,252 43,302 43,346 36,328 Net claim on Intl. Fund 5 24 367 24,367 24,366 21,868 Foreign exchange (net) 41,490 41,929 42,476 27,959 Paid-in capital—Intl. Bank 1 370 1,370 1,370 1,230 Net claim on Intl. Fund 5 1,564 1,564 1,564 1,564 Loans and discounts 239 255211,336202,564 177,664 Loans and discounts 2,259 1,937 1,125 3,995 Government loans and securities 140 586 135,399 135,973 129,741 Government debt and securities. 5,244 5,256 5,251 5,312 Other assets S8 00 3 S7 976 57,610 57,386 Other assets 1 469 1 445 1,512 1 418 46? 4S9 408 SSO365,425 315,416 Note circulation 56 105 54,519 54,110 50,436 Deposits . .. ... 148 140,805 164,492 170,055 Deposits 33 253 34 922 35 184 20 218 Other liabilities and capital 47 572 45,984 45,397 46,659 Other liabilities and capital 5,921 5,992 5,979 5,922 c Corrected. 1 Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. 2 By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. 3 For last available report (January 1943), see BULLETIN for July 1943, p. 697. 4 Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar. 5 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 6 Gold not reported separately beginning May 31, 1948. 7 Gold not reported separately beginning Dec. 31, 1946. 118 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1949 1948 Central Bank 1948 (Figures as of last report (Figures as of last report date of month) Nov. Oct. Sept Nov. date of month) Nov. Oct. Sept, Nov. State Bank of Ethiopia—Issue Central Bank of Ireland (thousands dept. (thousands of dollars): (July)* of pounds): Gold 4,393 3,967 Gold 2, ,646 2,646 2,646 Silver 6,907 3,994 Sterling funds 47.927 47,328 44,721 43,289 Foreign exchange 27,949 27,063 Note circulation 50; ,973 47,367 45,935 Treasury bills 9,247 5,832Bank of Italy (millions of lire): Other assets 30,999 29,681 Gold 4,224 ,224 4,224 768 Circulation—Notes 48,435 40,823 Foreign exchange 19538 ,295 15,857 18,228 Coin 29,363 28,704 Advances to Treasury 656.252655,530 667,753 647,123 Other liabilities and capital 1,698 1,010 Loans and discounts 210 477219,196199,618 164,431 Bank of Finland (millions of mark- Government securities 224 764230 760230,771 176,345 kaa): Other assets 456 091437 781430,714 200,561 Gold 269 269 269 268 Bank of Italy notes 931 706 898923,885 825,709 F C L S O o e o l t e c h r a e a u e n i r r r s g i i n t n a a i g e s n s a s s d s e ( s t n s d e e t i s s t) c ( o n u e n t) ts - - 4 3 1 0 1 1 , , , , , 3 9 3 6 0 9 7 5 5 1 9 0 2 0 8 - - 4 2 2 0 1 , , , , 6 6 5 8 5 1 2 6 5 5 3 3 9 9 6 - - 3 2 1 9 1 , , , , 8 8 7 8 7 9 9 2 5 6 7 8 5 9 6 - 3 2 5 , , 2 5 9 8 8 1 8 1 9 2 8 5 6 9 6 A D O l e t l h p ie e o d r s i l m t i s a — i b li i t l G D O a it r o e t i y h e m v s e e n a r r a o n n n t d m e d s e c n a t pital 2 1 1 6 6 7 2 1 0 4 3 2 8, 8 1 8 2 3 2 0 3 0 2 1 5 7 5 7 4 6 2 6 7 8 8 6 9 6 0 3 9 0 5 2 1 1 3 5 4 7 1 0 5 8 0 9 , , , , , 8 3 4 5 9 0 3 0 0 9 2 7 8 8 8 1 4 8 3 5 7 2 3 1 3 1 , , , , , 3 6 1 0 5 6 5 5 1 5 5 9 4 7 4 Note circulation 28,613 28,036 28,389 27,400Bank of Japan (millions of yen): Deposits 2,740 3,165 2,503 1,434 Cash and bullion 218 1,171 833 Other liabilities and capital 6,566 6,814 6,931 7,441 Advances to Government ,694 98,655 80,862 Bank of German States 2 L G o o a v n e s r n a m nd e n d t is s c e o cu u r n i t t s ies , , 8 4 7 1 1 3 9 9 0 1 , , 5 9 8 6 0 6 1 5 5 9 3 , , 4 4 3 3 5 7 (millions of German marks): Reconversion Fin. Bk. bonds. . . . ,384 46,757 32,559 Foreign exchange 1,077 995 843 Other assets ,142 26,311 10,998 Loans and discounts 2,838 2,166 1,327 Note circulation ,252298,202 294,744 Loans to Government 8,143 8,146 7,781 Deposits—Government ,455 27,973 13,334 Other assets 1,567 1,647 1,779 Other ,797 19,658 19,307 Note circulation 7,401 7,382 6,01 Other liabilities ,219 8,989 10,737 Deposits—Government 1,247 1,091 1,57: The Java Bank (millions of guilders) : Banks 1,17 1,016 1,493 Gold 471 471 471 Other 323 303 248 Foreign bills 74 71 97 Other liabilities and capital 3,478 3,162 2,398 Loans and discounts 64 61 64 Bank of Greece (billions of drach- Advances to Government ,105 ,052 1,019 mae): Other assets 73 73 71 Gold and foreign exchange (net). 218 678 Note circulation 912 902 894 Loans and discounts 84 51 Deposits 799 757 761 Advances—Government 2,980 1,295 Other liabilities and capital 76 69 67 Other 1,776 1,389 Bank of Mexico (millions of pesos): Other assets 742 Monetary reserve 3 727 692 711 635 Note circulation 1,404 1,021 "Authorized" holdings of secu- Deposits—Government 354 203 rities, etc ,746 ,689 2,681 ,792 Reconstruction and Bills and discounts 155 112 167 642 relief accts 1,108 219 Other assets 165 171 181 207 Other 746 474 Note circulation. ,093 ,049 2,002 ,856 Other liabilities and capital 2,18; 1,90 Demand liabilities 814 720 841 686 Bank of Guatemala (thousands of Other liabilities and capital 896 897 735 quetzales): Netherlands Bank (millions of D O O C G F R G o i e e t o t o r h h r d p l l c e d d e e i o u i s r r g s l c c a i n l a o o t i t s s a i u n e s — o b n t e x n r i t t c l i G s — B s i b h t a o u i a a e N C n v n n t s i k o e g d o o s i r a e t n n n e a n s m d d to v e c a n I a n t n p c t i e ' t l s a . l Fund. 3 2 1 1 3 2 4 6 8 7 0 7 1 6 , , , , , , , , , , 7 2 2 8 2 1 6 8 4 2 6 5 2 7 4 4 7 5 2 6 1 0 9 7 6 3 7 9 2 3 2 1 9 4 3 3 7 8 5 8 6 1 , , , , , , , , , , 8 2 4 1 1 2 0 2 1 2 2 0 5 0 3 2 7 5 4 6 1 3 3 7 8 9 0 8 7 2 3 1 1 3 9 3 4 3 9 7 1 0 5 , , , , , , , , , , 1 7 6 0 2 6 2 2 5 1 4 6 6 2 3 6 5 2 3 8 1 9 8 9 5 0 2 2 8 3 2 1 1 1 1 2 3 4 7 5 0 1 6 0 1 , , , , , , , , , , 4 0 1 2 1 7 7 2 3 2 6 2 8 6 7 3 9 3 5 6 1 3 1 1 3 9 0 8 0 8 gu S F D L O N G G il i o d o o e t o o l h r v e a l p t v ' e e d e e n r o t i s r r s . g s ) c i n : ( d a a i t i r s s e n n c a — s b d c u s e t l s l t u G B a d s e a d t i t o n l i s s i o o n d v c n c g ( o e — k n s r u s e n e e n u c O m t d N t b ) u s . 5 l e s . r e d . i i n w t d t i i e a s ry coin). , , 6 6 7 7 1 9 3 3 7 6 0 5 4 8 7 1 0 5 9 4 2 3 0 1 1 1 0 , , 5 6 6 7 1 0 3 3 3 4 1 0 6 7 1 0 0 6 3 8 2 7 3 2 0 7 0 4 , , 3 5 5 1 9 3 6 8 8 1 8 4 7 6 0 1 1 9 2 9 5 3 4 6 0 2 3 3, , 3 0 4 4 3 3 1 1 3 6 4 8 4 5 0 5 1 4 0 0 9 0 8 8 1 0 2 National Bank of Hungary (mil- E. C. A 643 539 351 189 lions of forint) : Other 820 845 937 585 Gold 472 445 403 Other liabilities and capital 369 378 372 33S Foreign exchange 102 115 139Reserve Bank of New Zealand Discounts 69 (thousands of pounds): Loans—Treasury 288 298 304 340 Gold 619 3,502 2,802 Other 8,342 8,258 ,113 5,664 Sterling exchange reserve 116 47,571 41,537 Other assets 247 191 15 190 Advances to State or State un- Note circulation 2,493 3,052 ,175 2,544 dertakings 065 37,940 40,305 Demand deposits—Government.. 1 12 Investments 094 48,094 16,124 Other 6,276 5,609 ,336 3,52 Other assets 805 5,733 24,865 Other liabilities and capital 664 661 624 722 Note circulation 662 50,891 48,957 Reserve Bank of India (millions of Demand deposits 679 86,622 71,619 rupees): Other liabilities and capital 358 5,326 5,058 Issue department: Bank of Norway (millions of kroner): Gold at home and abroad... . 400 400 422 Gold.... 253 253 233 Sterling securities 6,003 6,003 7,; Foreign assets (net) 110 115 304 Indian Govt. securities 4,153 4,153 3,501 Clearing accounts (net) -91 -89 -77 Rupee coin 535 529 466 Loans and discounts 45 39 51 Note circulation 10,733 10,799 11,976 Securities 48 48 54 Banking department: Occupation account (net).... ,114 7,114 7,924 Notes of issue department. . . 358 28 275 Other assets 103 113 116 Balances abroad 1,88 1,891 2,764 Note circulation ,193 2,201 2,060 Bills discounted 18 1 23 Deposits—Government ,903 2,907 4,005 Loans to Government 36 Banks ,374 1,375 1,005 Other assets 1,088 1,056 95 Blocked 592 603 754 Deposits 3,143 3,048 3,822 Other 41 42 180 Other liabilities and capital. . . 209 204 234 Other liabilities and capital. . 478 465 601 r Revised. 1 Latest month available. 2 This statement represents combined figures for the Bank of the German States and the eleven Land Central Banks. 3 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 4 Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. 5 Beginning January 1949, this figure represents a net of the Bank's foreign assets and is not strictly comparable with amounts shown for previous months. JANUARY 1950 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1949 1948 Central Bank 1949 1948 (Figures as of last report (Figures as of last report date of month) Nov. Oct. Sept. Nov. date of month) Nov. Oct. Sept Nov. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees) :x Note circulation 26,604 26,062 25,487 Issue department: Deposits—Government.... 1,038 1,010 503 Gold at home and abroad... 44 44 19 Other 2,702 2,780 4,703 Sterling securities 544 624 385 Other liabilities and capital 628 588 623 Pakistan Govt. securities. 265 265 50 Bank of Sweden (millions of kronor) Govt. of India securities. . .. 332 332 13 Gold 155 155 155 178 India currency 432 432 927 Foreign assets (net) 823 793 670 339 Rupee coin 64 61 35 Swedish Govt. securities and ad- Notes in circulation 1,633 1,700 1,521 vances to National Debt Office1 ,054 3,046 2,994 3,297 Banking department: Other domestic bills and advances 110 104 97 128 Notes of issue department 47 57 32 Other assets 476 472 467 726 Balances abroad 620 584 1,055 Note circulation ,109 3,089 3,028 2,924 Bills discounted 10 105 124 Demand deposits—Government.. 577 566 600 721 Loans to Government... Other 272 245 108 255 Other assets 282 292 7, Other liabilities and capital 660 669 648 768 Deposits 98: 946 1,255Swiss National Bank (millions of Other liabilities and capital. . 7: 94 30 francs) : Bank of Paraguay—Monetary dept. Gold ,202 6,162 6,158 5,803 (thousands of guaranies): Foreign exchange 251 254 188 207 Gold. 600 600 600 724 Loans and discounts 110 110 114 139 Foreign exchange (net) -3,351 835 -874 4,618 Other assets 76 70 72 85 Net claim on Int'l. Fund 2 2,710 2,710 2,710 2,710 Note circulation ,345 4,356 4,371 4,345 Paid-in capital—Int'l. Bank -9: -92 -9: Other sight liabilities ,889 1,838 1,671 1,343 Loans and discounts 104,111100,607100,338 60,784 Other liabilities and capital 404 403 489 546 Government loans and securities. 9,903 8,916 9,924 5,099;Central Bank of the Republic of Other assets 2,279 2,293 1,720 2,961 Turkey (thousands of pounds): Note and coin issue 83,213 83,208 81,323 58,378 Gold 7, 430,918 430,571446,348 448,588 Demand deposits 27,807 27,527 28,048 13,329 Foreign exchange and foreign Other liabilities and capital 5,140 5,134 4,995 5,175 clearings 102 488 81 89,079 82,966 Central Reserve Bank of Peru Loans and discounts 858 503 882 847,927 801,332 (thousands of soles): Securities 58 78,323 198,109 Gold and foreign exchange 268,096 152,947 Other assets 91 63,666 43,839 Net claim on Int'l. Fund 2 20,495 20,495 Note circulation 885 833 909,233 878,083 944,215 Contribution to Int'l. Bank 2,238 2,356 Deposits—Gold 153 153,040 153,035 Loans and discounts to banks. . . 153,328 123,109 Other 286 288,240 296,469 212,697 Loans to Government 715,285 716,637 Other liabilities and capital 216 174,929 197,754 264,888 Other assets 66,447 36,378Bank of the Republic of Uruguay Note circulation 840,366 742,505 (thousands of pesos): Deposits 292,931 247,457 Gold 269,278 251,893 Other liabilities and capital 92,593 61,961 Silver 12,116 12,256 Central Bank of the Philippines Paid-in capital—Int'l. Bank 316 319 (thousands of pesos): Advances to State and govern- Gold 2,721 2,721 2,721 ment bodies 133,855 65,235 Foreign exchange 466,416524,931555,414 Other loans and discounts 252,901 241,001 Net claim on Int'l. Fund 2 7,501 7,501 7,501 Other assets 234,995 296,098 Loans 109,178 85,521 50,569 Note circulation 278,133 242,164 Domestic securities 46,784 38,729 20,033 Deposits—Government 77,428 62,111 Other assets 134,103133,836133,627 Other 293,523 253,192 Note circulation 573,614581,358533,957 Other liabilities and capital 254,377 309,336 Demand deposits—U. S. dollars3. 286 226 148 lentral Bank of Venezuela (mil- Pesos 96,591115,357139,132 lions of bolivares): Other liabilities and capital 96,213 96,299 96,628 Golds ,041 1,041 892 Bank of Portugal (millions of Foreign exchange (net) 155 27 10 escudos): Other assets 57 45 78 Gold 3,130 3,180 3,937 Note circulation—Central Bank. 701 712 652 Foreign exchange (net) 8,979 9,052 9,047 National banks.. 1 1 3 Loans and discounts 512 517 431 Deposits 199 202 306 Advances to Government 1,244 1,247 1,277 Other liabilities and capital 351 197 20 Other assets 544 534 533 National Bank of the Kingdom Note circulation 8,073 8,140 8,554 of Yugoslavia 4 Demand deposits—Government.. 221 210 815 Bank for International Settle- Other 3,672 3,759 4,858 ments9 (thousands of Swiss gold Other liabilities and capital 2,443 2,421 997 francs): National Bank of Rumania 4 Gold in bars. . . 195 034142,559160,486 134,011 South African Reserve Bank Cash on hand and with banks. . . 18,244 29,705 49,788 15,866 (thousands of pounds): Sight funds at interest 7 044 3,462 3,385 496 Gold5 29,358 29,747 47,641 Rediscountable bills and accept- Foreign bills 30,350 22,900 43,756 ances (at cost) 26 077 21,229 19,077 16,697 Other bills and loans 45,369 58,781 102,534 Time funds at interest 22 946 i26,073 26,060 29,132 Other assets 21,356 17,137 8,385 Sundry bills and investments.... 184 107j201,127170,574 146,773 Note circulation 66,152 65,420 66,593 Funds invested in Germany 297 201297,201297,201 297,201 Deposits 52,035 54,984 127,974 Other assets 1 940! 3,373 2,636 2,124 Other liabilities and capital 8,246 8,161 7,750 Demand deposits (gold) 24 510| 13,879 13,879 22,371 Bank of Spain (millions of pesetas): Short-term deposits: Gold 934 934 1,219 Central banks—Own account.. 238 897224,850229,999 139,557 Silver 497 497 500 Other 4 076 1,183 1,239 1,126 Government loans and securities. 15,770 15,766 15,782 Long-term deposits: Special..... 228 909228,909228,909 228,909 Other loans and discounts 9,437 8,980 10,025 Other liabilities and capital 256 202255,907255,181 250,336 Other assets 4,335 4,263 3,793 1 Bank commenced operations July 1, 1948. 2 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. 3 Account of National Treasury. 4 For last available report from the central bank of Rumania (June 1944), see BULLETIN for March 1945, p. 286; and of Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282. 5 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 6 Includes small amount of non-Government bonds. 7 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 8 Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Government* 9 See BULLETIN for December 1936, p. 1025. 120 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of ef D fe a ct t i e ve U K d n i o i n m t g ed - France Ger- g B i e u l m - N la e e n r t - d h s - S d w en e- S l w a e n r i - d tz- ba C n e k n tr o a f— l R D 3 e a 1 c te . ef D fe a ct t i e ve ba C n e k n tr o a f l — R D 3 a e 1 c te . ef D fec a t t i e ve In effect Dec. 31 Albania Mar. 21, 1940 Ireland ^1Nov. 23, 1943 1938 Argentina Mar. 1, 1936 Italy Apr. 9, 1949 Jan. 4, 1939. . Austria Aug. 3, 1945 Japan 5.11 July 5, 1948 Apr. 17 4 Belgium Oct. 6, 1949 Java 3 Jan. 14, 1937 May 11 3 Bolivia Feb. 4, 1948 Latvia 5 Feb. 17, 1940 July 6 2K Aug. 24 Aug. 29 Sept. 28 Bulgaria Aug. 1, 1948 Lithuania. . . July 15, 1939 Oct. 26 Canada Feb. 8, 1944 Mexico June 4, 1942 Dec. 15 Chile Dec. 16, 1936 Netherlands . June 27, 1941 Jan. 25, 1940. . Colombia July 18, 1933 New Zealand. July 26, 1941 Apr. 9 Costa Rica.... Apr. 1, 1939 Norway Jan. 9, 1946 May 17 C zechoslo vakia Oct. 28, 1945 Peru*. Nov. 13, 1947 Mar. 17, 1941. . May 29. ...... June 27 2y Jan. 16, 1945.. 2 Denmark Jan. 15, 1946 Portugal.... I" Jan. 12, 1944 Jan. 20 Ecuador 10 May 13, 1948 Rumania.... Mar. 25, 1948 Feb. 9 El Salvador. 4 Oct. 15, 1946 South Africa. Oct. 13, 1949 N J D a e o n c v . . . 1 1 7 0 9 , , 1 1 9 9 4 4 7 6 . . . . F E i s n to la n n i d a 5% y 2 O Ju c l t y . 1 1 , , 1 1 9 9 3 4 5 9 S Sw pa e i d n en $ 2 y H 2 F M e a b r . . 1 9 8 , , 1 1 9 9 4 4 9 5 &2 Aug. 27 3H Oct. 9 France Oct. 1, 1948 Switzerland.. Nov. 26, 1936 June 28, 1948. . Germany July 14, 1949 Turkey July 1, 1938 Sept. 6 Greece 12 July 12, 1948 United King- Oct. 1 Hungary 5 Nov. 1, 1947 dom 2 Oct. 26, 1939 May 27, 1949. . India 3 Nov. 28, 1935 U. S. S. R.... 4 July 1, 1936 July 14 Yugoslavia. . 1-3 Aug. 20, 1948 Oct. 6 In effect Dec. 31 1949 1 The lower rate applies to the Bank Deutscher Laender, and the higher rate applies to the Land Central banks. NOTE.—Changes since Nov. 30: None. OPEN-MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Netherlands Sweden land Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills 3 day up to 3 discount 3 months 3 months 3 months money on deposits money months money months rate 1942—Oct.. .53 1.03 1.00 1.04 1.61 1.25 1943—Oct.. .43 1.03 1.00 1.00 1.73 1.25 1944—Oct.. .38 1.03 1.00 1.10 1.73 1.25 1945—Oct.. .36 .83 .75 .96 1.25 1.30 1.00 1.25 1946—Oct.. .40 .53 .51 .63 1.29 1.07 .90 1.25 1947—Oct.. .41 .53 .51 .63 1.64 .95 .95 1.38 1948—Oct.. .41 .56 .51 .63 2.09 1.03 .78 i-m 1.63 1948—Nov. .41 .56 .51 .63 2.03 1.08 .77 1.63 Dec. .41 .56 .52 .63 2.00 1.25 .96 1.63 1949—Jan.. .41 .56 .52 .63 2.09 1.23 1.13 1.63 Feb.. .42 .56 .52 .63 2.08 1.39 .90 1.63 Mar. .42 .56 .52 .63 2.10 1.38 1.01 1.63 Apr. .49 .58 .51 .63 2.12 1.29 1.24 1.63 May 50 .63 .52 .63 2.43 1.28 1.03 1.63 June .51 .63 .52 .63 1.32 .83 1.50 July. .51 .63 .52 .63 1.43 .83 1.50 Aug. .51 .67 .52 .63 1.25 .91 1.50 Sept. .51 .69 .52 .63 1.15 1.01 1.50 Oct.. .51 .69 .52 .63 1.07 .78 1.50 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. JANUARY 1950 121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities ( m 1 b 1 a il n li L k o o s n s . n t s e d r o F l o i n i f n g g u c ) p r l o e e u a s r n i i d n n s g re C se a r s v h es M c n a s o o l h n l t o e i a c r y n t e d at B c i o l u l n s t e di d s-T re d r c e e e p a i o s p u s t i s r t y 2 Securities Loans to a O s t s h e e ts r Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i i d e t t a i r e l s 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December. 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 1943—December. 422 151 133 1,307 ,154 761 349 4,032 2,712 1,319 245 1944—December. 500 199 147 1,667 ,165 772 347 4,545 3,045 1,500 250 1945—December. 536 252 369 1,523 ,234 827 374 4,850 3,262 1,588 265 1946—December. 499 432 610 1,560 ,427 994 505 5,685 3,823 1,862 342 1947—December. 502 480 793 1,288 ,483 1,219 567 5,935 3,962 1,972 396 1948—November. 495 482 793 1,332 ,480 1,355 516 6,057 3,958 2,099 396 December. 502 485 741 18397 ,478 1,396 621 6,200 4,159 2,041 420 1949—January... 532 481 795 1,267 ,487 1,383 526 6,057 4,033 2,024 414 February. 481 491 860 989 ,487 1,405 519 5,817 3,810 2,007 414 March... . 474 482 870 956 ,496 1,429 517 5,815 3,803 2,012 409 April 500 481 799 1,025 ,501 1,445 540 5,886 3,875 2,011 405 May 487 498 816 1,037 ,502 1,436 501 5,872 3,869 2,004 403 June 481 500 786 1,142 ,502 1,461 562 6,025 3,961 2,064 410 July 492 492 788 1,160 ,512 1,435 508 5,973 3,939 2,034 413 August. . . 492 498 797 1,088 ,511 1,438 510 5,922 3,896 2,026 412 September 490 518 971 903 ,516 1,477 548 6,009 3,959 2,049 413 October. . . 499 556 1,162 744 ,517 1,476 511 6,050 3,997 2,053 414 Assets Liabilities Canada E (1 n C 0 d a i c n n o h a f a d m r m i t a i e l n o l r i n e o t d d n h o s l b f l o i a a g f r n u s k r ) e s. s re C se a r s v E h e n s tire S ly e c i u n r it C y an l d a o i d O a s a c n t o s h u e a n r n t d s d S a a f u n b e o l b e o c d a r r e a u n o f i n r k r g n a i o s s d n t e m y t Securities O as t s h e e t r s ci N r ti c o o u t n l e a- e D T x e o c p l t u a o d l s i i n ts g p D i a n y e te m a r b b a l a n e n d i k n d C e T a p n i o m a s d i e t a s li c a O a b a p t i n h l i i d t e t a i r e l s 1941—December.. 356 32 1,169 168 1,759 653 71 3.105 1,436 1 669 962 1942—December.. 387 31 1,168 231 2,293 657 60 3,657 1,984 1 673 1,049 1943—December.. 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—December.. 550 92 1,211 214 3,611 782 34 5,137 2,714 2.423 1,289 1945—December.. 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1946—December.. 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 1,525 1947—December.. 731 105 1,999 106 3,874 1,159 18 6,412 2,671 3,740 1,544 1948—November 781 96 2,202 140 4,212 1,149 16 7,020 2,935 4,086 1,542 December.. 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4,057 1,537 1949—January 740 90 2,131 131 4,311 1,054 16 6.942 2,824 4,118 1,500 Februaary. . 711 108 2,119 136 4,322 1,070 16 6,957 2,797 4,159 1,494 March 718 81 2,129 136 4,285 1,077 15 6,927 2,663 4,264 1,484 April 760 90 2,199 149 4,267 987 15 7,029 2,690 4,339 1,408 May 776 74 2,202 154 4,342 1,056 15 7,131 2,792 4,339 1,459 June 734 72 2,195 141 4,396 1,130 15 7,183 2,853 4,330 1,471 July 751 77 2,188 143 4,460 952 15 7,130 2,789 4,341 1,425 August 789 78 2,174 132 4,527 1,035 14 7,29.8 2,926 4,372 1,407 September. 789 103 2,304 190 4,463 1,129 14 7,474 3,062 4,412 1,490 October 830 137 2,336 170 4,327 1,142 14 7,441 2,988 4,453 1,488 Assets Liabilities France (4 o m f l i a l m r li g o o e n n s t b h a o f n f i k g f u s r . r a e n s c E s i ) n nd re C se a r s v h es Du b e a n f k ro s m B c i o ll u s n t d e i d s- Loans a O ss t e h t e s r Deposits a a c O n c w c e e p n s t- lia O b a t i n h li d e ti r es Total Demand Time capital 1941—December 6,589 3,476 61,897 8,265 2,040 76,656 75,744 912 413 5,199 1942—December 7,810 3,458 73,917 10,625 2,622 91,549 91,225 324 462 6,422 1943—December 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 428 7,506 1944—December 10,365 4,948 99,782 18,653 2,190 128,758 126,578 2,180 557 6,623 1945—December 14,602 13,804 155,025 36,166 7,360 213,908 211,871 2,037 2,898 10,151 1946—December. . ., 17,943 18,919 195,177 64,933 23,392 291,894 290,004 1,890 15,694 12,777 1947—December 22,551 19,410 219,374 86,344 37,291 342,166 338,710 3,457 25,175 17,628 1948—October 40,694 33,035 339,126 116,174 43,542 516,691 510,425 6,267 27,987 27 893 November 40,936 34,493 330,495 127,147 45,913 520 412 514,284 6,128 28,687 29 887 December. . . 45,406 35,534 354,131 125,154 50,780 548,796 542,113 6,683 30,641 31,568 1949—January 44,404 34,369 345,914 133,550 36,083 548,335 541,420 6,916 30,697 15 287 February 44,191 32,048 343,684 141,296 37,362 551,673 544,466 7,207 31,876 15,033 March 38,024 33,720 330,902 135,617 39,720 528,241 520,846 7,394 32,127 17 615 April 39,482 36,469 368,937 129,306 40,846 561,787 554,453 ,333 32,208 21 047 May 42,636 36,346 346,974 137,906 44,346 551,958 544,870 7,088 33,376 22,874 June 39,514 36,995 363,168 134,226 41,466 562,038 555,184 6,854 28,384 24,948 July 46,205 38,626 407,822 124,098 43,852 601,745 595,063 6,682 29,700 29,157 August 41,276 36,888 395,351 128,804 45,310 587,137 580,010 7,127 29,105 31,387 September 42,358 38,392 402,754 128,343 43,074 595,353 588,687 6,666 25,645 33,922 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements give end-of-month data. 2 Represent six-month leans to the Treasury at 1}/% per cent through Oct. 20, 1945, and at % per cent thereafter. 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. 122 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Belgium Brazil Canada (peso) (pound) (franc) (cruzeiro) (dollar) Year or month Prefer- Prefer- "Bank Basic i ential ential Special i Official Free notes" Official Free Official Free "A" "B"i account 1944 29.773 25 125 322.80 6.0594 5.1469 90.909 89.853 1945. . . 29.773 25.125 322.80 321.17 2.2860 6.0602 5.1802 90.909 90.485 1946 29.773 25.125 321.34 2.2829 6.0602 95.198 93.288 1947 29.773 25 125 321 no 2.2817 5 4403 100.000 91.999 1948 29.773 25.125 20.000 321.22 2.2816 5.4406 100.000 91.691 1949 29.774 '2 20'.695' 23.355 18.591 293.80 2.2009 3 2.1407 5.4406 97.491 92.881 1949—Jan. . . 29.773 25.125 20.000 321.22 2.2844 5.4406 100.000 92.444 Feb... 29.773 25.125 20.000 321.23 2.2847 5.4406 100.000 92.668 Mar... 29.773 25.125 20.000 321.21 2.2828 3 2.1000 5.4406 100.000 93.261 Apr. . . 29.773 25.125 20.000 321.12 2.2752 2.1605 5.4406 100.000 93.566 May.. 29.773 25.125 20.000 321.15 2.2750 2.1791 5.4406 100.000 95.150 June.. 29.773 25.125 20.000 321.00 2.2750 2.2211 5.4406 100.000 95.521 July., . 29.773 25.125 20.000 321.10 2.2750 2.1752 5.4406 100.000 94.545 Aug... 29.773 25.125 20.000 321.03 2.2750 2.1909 5.4406 100.000 95.248 Sept... 29.773 25.125 20.000 274.39 2.1684 2.1115 5.4406 95.909 92.724 Oct... 129.778 22(L695 1 17.456 113.896 223.16 1.9960 1.9917 5.4406 90.909 90.431 Nov.. . 29.778 20.695 17.456 13.896 223.16 1.9980 31.9969 5.4406 90.909 89.864 Dec... 29.778 20.695 17.456 13.896 223.16 1.9998 5.4406 90.909 88.407 France Year or month Ceylon Co b l i o a m- C sl z o e v c a h k o ia - m De a n rk - (franc) India 4 Mexico e N rl e a t n h d - s Ze N a e la w nd Norway (rupee) (peso) (koruna) (krone) (rupee) (peso) (guilder) (pound) (krone) Official Free 1944 57.272 30.122 20.581 324.42 1945 57 014 1.9711 30.122 20.581 ' 37!933' 323.46 1946 57.020 2.0060 20.876 .8409 30.155 20.581 37.813 322.63 20.176 1947 57.001 2.0060 20.864 84.07 30.164 20.577 37.760 322.29 20.160 1948 5 57.006 2.0060 20.857 .4929 .3240 30.169 18.860 37.668 350.48 20.159 1949 6 27 839 2.0060 19.117 7 .4671 .3017 27.706 12.620 34.528 365.07 18.481 1949—Jan. . . 630.117 2.0060 20.854 .4671 .3141 30.168 14.534 37.664 399.14 20.158 Feb... 30.117 2.0060 20.854 .4671 .3138 30.168 14.360 37.628 399.15 20.158 Mar. . 30.117 2.0060 20.854 .4671 .3136 30.168 14.334 37.598 399.12 20.158 Apr... 30.117 2.0060 20.854 .4671 .3106 30.168 14.303 37.650 399.01 20.158 May. . 30 117 2.0060 20.854 .4671 .3038 30.168 12.521 37.609 399.05 20.158 June 30.117 2.0060 20.854 .4671 .3032 30.168 11.911 37.615 398.87 20.158 July 30.117 2.0060 20.854 .4671 .3025 30.168 11.562 37.611 399.00 20.158 Aug 30.117 2.0060 20.854 .4671 .3025 30.168 11.569 37.607 398.90 20.158 Sept 30.117 2.0060 18.177 7 .4671 .2949 27.247 11.572 32.845 340.95 17.572 Oct . 20.804 2.0060 14.494 .2861 20.823 11.570 26.300 277.30 14.015 Nov. . 20.850 2.0060 14.494 .2862 20.870 11.571 26.295 277.30 14.015 Dec... 20 850 2.0060 14.494 .2862 20.870 11.572 26.289 277.29 14.015 United Y m e o a n r t o h r R P e ( p h p p i i e u n l s i b o e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S po o fr u u i n c th d a ) ( S pe p s a e i t n a) S S ( m d e t o e r t l a t n l l a i t e t r s s - ) (k S d r w o en n e- a) e S (f r w r l a a i n t n c z d ) - K ( i p n o g u d n o d m ) Ur (p u e g s u o a ) y Official Free 1944 398.00 403.50 65.830 53.506 1945 399.05 403 50 4-nk m. 65.830 55.159 1946 4L050i 400.50 9.132 25.859 23.363 403.28 65.830 56.280 1947 4.0273 400.74 9.132 27.824 23.363 402.86 65.830 56.239 1948 4.0183 400.75 89.i32 27.824 23.363 403.13 65.830 56.182 1949 : 6 49.723 3.8800 366.62 <5 42^973' 25.480 23.314 368.72 65.830 56.180 io 42.553 1949—Jan. . . 6 49.675 4.0324 400.75 6 47.083 27.823 23.363 403.13 65.830 56.180 Feb... 49.677 4.0327 400.75 47.083 27.823 23.363 403.14 65.830 56.180 Mar.. . 49.721 4.0324 400.75 47.083 27.823 23.363 403.11 65.830 56.180 Apr. . . 49.725 4.0326 400.75 47.166 27.823 23.363 403.00 65.830 56.180 May. . 49.724 1 4.0327 400.75 47.208 27.823 23.363 403.04 65.830 56.180 June.. 49.730 4.0327 400.75 47.186 27.823 23.363 402.85 65.830 56.180 July... 49.738 4.0328 400.75 47.174 27.823 23.363 402.98 65.830 56.180 Aug... 49.740 4.0169 400.75 46.869 27.823 23.363 402.89 65.830 56.180 Sept... 49.739 3.7862 342.48 41.846 24.003 23.283 344.36 65.830 56.180 Oct... 49.734 3.4875 278.38 32.608 19.333 23.085 280.09 9 65.830 956.180 Nov.. . 49.738 3.4810 278.38 32.547 19.333 23.176 280.08 (9) (9) Dec... 49.687 3.4817 278.38 32.692 19.333 23.289 280.07 965.833 956.180 "i042 ".553* 1 Beginning Oct. 11, 1949, new designations were given to the rates shown previously. 2 Based on quotations beginning Oct. 11, 1949. 3 Based on quotations Mar. 22 through Nov. 10, 1949; rate abolished thereafter. 4 Excludes Pakistan, beginning April 1948. 5 Based on quotations through June 10, 1948. 6 Based on quotations beginning Jan. 24, 1949. 7 Based on quotations through Sept.'16, 1949; rate abolished thereafter. 8 Based on quotations through Dec. 17, 1948. 9 Quotations not available Oct. 6, through Dec. 21, 1949. i° Based on quotations beginning Dec. 22, 1949. In addition to the rates shown, two other rates were certified from Oct. 18, 1948, through Oct. 5, 1949. The 1949 averages for these rates were 58.822 and 53.191 cents per peso. 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 1949, p. 1291: January 1949p. 101; July 1947, p. 933; and February 1944, p. 209. JANUARY 1950 123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Nether- Year or month U ( S n 1 t 1 9 i a 0 2 t t 0 6 e e ) d s = C (1 a 9 1 n 2 0 6 a 0 ) d = a M (1 e 1 9 x 0 3 i 0 9 c ) o = K U ( i 1 n 9 1 n 3 g 0 i 0 0 t d e ) o d = m F (1 r 1 9 a 0 3 n 0 8 c ) e = ( I 1 t 1 9 a 0 3 l 0 8 y ) = ( a 1 J v 9 a e 3 p r l 4 a a ) - g i n 3 e 6 ( J J u u l = n l a e y 1 n 1 0 d 1 9 0 s 9 3 ) 3 9 8- S (1 w 9 1 3 0 e 5 0 d ) e = n (J S u w = l ly a i 1 t n 0 z 1 d 0 e 9 ) 1 r- 4 1926.. 100 100 2 124 106 150 2 126 144 1935 80 72 89 52 72 1 87 100 90 1936 81 75 94 63 80 1 91 102 96 1937 86 85 109 89 94 1 108 114 111 1938 79 79 101 100 100 1 102 111 107 1939 77 75 103 105 104 2 105 115 111 1940 79 83 137 139 121 2 131 146 143 1941. 87 90 110 153 171 136 2 150 172 184 1942 99 96 121 159 201 153 2 157 189 210 1943 103 100 146 163 234 2 160 196 218 1944 104 103 179 166 265 2 164 196 223 1945 106 104 199 169 375 4 181 194 221 1946 121 109 229 175 648 16 251 186 215 1947 152 129 242 192 989 48 271 199 224 1948 165 153 260 219 1,712 5,443 128 281 214 233 1948—November 164 159 271 221 1 ,977 667 186 289. 217 232 December 162 160 268 221 .1,974 697 188 291 217 231 1949—January 161 159 270 221 1 ,946 698 191 295 217 230 February 158 158 271 221 1,898 656 192 295 217 229 March 158 158 275 221 1 ,872 5,557 192 294 216 227 April 157 158 280 227 1,846 ,393 200 295 216 224 May 156 156 284 231 1,890 ,278 203 294 215 221 June 155 156 -285 232 1 ,812 »-5,215 203 294 216 220 July 154 157 289 229 1,854 5,034 204 293 215 221 August 153 156 288 229 1,918 4,887 '207 292 214 220 September 154 155 294 230 1,958 211 295 215 218 October 152 157 296 236 297 217 215 November 152 240 P2,005 P215 pP rPrreeiilimmminaarryy.. r r KReevviisseedd.. 1 This index replaces the one formerly shown. It is a weighted index of wholesale prices in Tokyo covering 280 commodities and is computed by the Bank of Japan. For a detailed description as to weights and techniques used see Japanese Economic Statistics Bulletin, No. 36-37, Section III, August-September 1949, p. 19. 2 Approximate figure, derived from old index (1913 =100). Sources.—See BULLETIN for 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] United States Canada United Kingdom Netherlands (1926=100) (1926=100) (1930=100) (July 1938-June 1939=100) Year or month Raw and Fully and Induspr F o a d r u m cts Foods co O i m t t m h ie e o s r d- pr F o a d r u m cts f m a p g c a a o t r n o u t d u r l - s e y d f c m a g h c a o i t n o e u f u d r l - s e y d Foods pr I o t n r d d i u u a c s l t - s Foods t p r r I i o n a d d l u u c s r t - a s w p f r i o t n r d i i s u a h c l e t d s 1926... 100 100 100 100 100 100 1935 79 84 78 64 66 73 87 90 1936 81 82 80 69 71 74 92 96 1937 86 86 85 87 84 81 102 112 1938 69 74 82 74 73 78 97 104 1939 65 70 81 64 67 75 97 106 103 112 104 1940 68 71 83 68 75 82 133 138 121 163 126 1941 82 83 89 73 82 89 146 156 140 177 148 1942 106 100 96 85 90 92 158 160 157 175 154 1943 123 107 97 98 99 93 160 164 157 174 159 1944 123 105 99 107 104 94 158 170 159 179 163 1945 128 106 100 115 106 94 158 175 172 193 184 1946 149 131 110 124 110 99 158 184 200 282 261 1947 181 169 135 133 131 117 165 207 214 328 276 1948 188 179 151 150 156 140 181 242 231 342 283 1948—November 181 174 154 150 164 144 181 244 238 348 291 December 177 170 153 149 164 144 178 246 241 349 294 1949—January 173 166 153 148 163 143 178 247 240 373 295 February 168 162 152 145 161 142 178 247 242 371 295 March 172 163 151 146 162 141 178 246 242 369 293 April 171 163 149 148 161 142 186 251 243 369 294 May 171 164 147 148 160 142 199 250 240 367 294 June 169 162 146 150 160 142 202 249 233 367 296 July 166 161 145 151 161 142 202 244 233 364 295 August 162 161 145 146 159 142 r202 244 230 364 295 September 163 162 145 146 158 142 '201 247 235 365 298 October 160 160 145 145 161 143 '210 251 244 374 297 November 157 159 145 213 254 r Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 124 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PR]CES COST OF LIVING [Index numbers [Index numbers] United Switz- United Switz- Y m e o a n r th or ( U S 1 = 9 n t a 3 1 i 0 5 t te e 0 - d 3 s ) 9 (1 C = 9 a 3 a 1 d 5 0 n a - 0 - 3 ) 9 1 K 7 ( d , J i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 ) e ( N 1 = l e 9 a 3 t n 1 h 8 d 0 e - s 0 3 r ) - ! 9 ( l 1 J a e 9 u r n 1 n - d 4 e Y m e o a n r t o h r ( U 1 S = 9 n t 3 a 1 i 5 0 t t e e 0 - d 3 s ) 9 (1 C = 9 a 3 a 1 d 5 0 n a 0 - - 3 ) 9 1 K 7 ( d , J i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 ) e ( N 1 = l e 9 a 3 t n 1 h 8 d 0 e - s 0 3 r ) - ! 9 ( l 1 J a e 9 u n r 1 n - d 4 e = 100) = 100) = 100) = 100) 1940 97 106 164 129 146 1940 100 106 184 129 151 1941 106 116 168 149 175 1941 105 112 199 150 174 1942 124 127 161 174 200 1942 117 117 200 175 193 1943 138 131 166 224 211 1943 124 118 199 224 203 1944 136 131 168 275 215 1944 126 119 201 285 208 1945 ..I . ... 139 133 170 377 215 1945 128 119 203 393 209 1946 160 140 169 645 193 210 1946 139 124 204 645 192 208 1947 194 160 M01 1,043 211 222 1947 159 136 2 101 1,030 199 217 1948 210 196 108 1,662 228 230 1948 171 155 108 1,632 206 224 1948-November. 208 205 108 1,873 234 235 1948-November. 172 160 109 1,870 208 226 December. 205 202 108 1,924 242 232 December. 171 159 109 1,928 214 225 1949-January... 205 202 108 1,932 243 231 1949-January... 171 160 109 1,935 215 224 February.. 200 200 109 1,845 246 229 February.. 169 160 109 1,857 216 223 March. .. . 202 199 108 1,759 247 228 March 170 159 109 1,781 217 222 April 203 199 108 1,738 248 227 April 170 159 109 1,757 218 221 May 202 200 114 1,725 256 227 May 169 160 111 1,738 221 222 June 204 203 115 1,715 260 228 June 170 161 111 1,726 223 222 July 202 207 116 1,704 251 228 July 169 162 111 1,715 219 221 August 203 209 116 1,744 246 228 August.... 169 163 111 1,752 216 221 September. 204 207 117 1,835 244 229 September. 170 162 112 1,826 216 222 October. .. 201 205 119 PI,901 229 October. . . 169 162 112 Pl.884 221 November. 201 203 n,930 P22S November. 169 162 pin Pi,912 P221 P Preliminary. 1 This index replaces, but is not comparable with, that previously shown. It is a weighted consumer price index for six cities, based on the pattern of consumption in 1935-36 of workers' families with an annual income of less than 1,800 guilders. For a detailed description of this index see Maandschrift van het Centraal Bureau voor de Statistiek, March 1947, pp. 171-172. 2 This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17, are 166 for retail food prices and 203 for cost of living. Sources.— See BULLETIN for July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month S U g t ( r n a h a i i t d g t e e e h s d ) i C (1 a = 9 n 3 1 a 5 0 d 0 -3 a ) 9 2 ( 1 K D 9 U 2 i e 1 n c n g e i m = d te 1 o b d 0 m e 0 r ) F (1 r 9 1 3 a 0 8 n 0 ) c = e N la e n th d e s r 3 - ( U 1 S = 9 n t 3 a 1 i 5 0 t t e e - 0 3 d s ) 9 C (1 a = 9 n 3 1 a 5 0 d - 0 3 a ) 9 4 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) 1 (D F 93 r e a 8 ce n = m c 1 e 0 b 0 e 6 ) r (1 N 9 l e a 3 t 8 n h = d e 1 s r 6 0 - 0) Number of issues. . . 12 (2) 87 50 14 416 106 278 5 295 27 1941 117.8 99.4 123.8 M43.4 80.0 67.5 72.5 7 308 1942 118.3 100.7 127.3 146.4 69.4 64.2 75.3 479 1943 120.3 102.6 127.8 146.6 91.9 83.5 84.5 540 1944 120.9 103.0 127.5 150.5 99.8 83.8 88.6 551 1945 122.1 105.2 128.3 152.1 121.5 99.6 92.4 694 1946 123.3 117.2 132.1 144.6 109.0 139.9 115.7 96.2 875 1947 M03.2 118.5 130.8 132.0 105.6 123.0 106.0 94.6 1,149 202.2 1948 ' 98.7 105.0 129.9 117.0 107.1 124.4 C112.5 92.0 1,256 211.2 1948—December 98.9 104.7 130.4 110.0 106.6 119.4 115.8 91.4 1,366 187.8 1949—January 100.5 104.8 131.0 111.6 106.9 121.0 114.3 91.6 1,332 187.6 February.... 100.5 105.0 131.0 111.9 105.9 117.2 108.1 91.7 1,214 182.8 March 100.7 105.6 130.8 107.6 103.0 118.0 106.4 88.7 1,114 180.7 April 101.0 105.9 130.9 109.0 104.3 118.5 106.4 88.4 1,119 188.1 May 101.0 105.9 130.4 106.3 117.7 105.3 88.9 188.8 June 100.9 105.9 129.3 107.9 107.3 112.0 99.6 85.3 1,042 190.6 July 102.0 106.6 127.1 107.3 107.3 117.8 104.2 84.0 1,122 196.3 August 103.0 107.9 123.6 108.4 107.3 121.8 108.2 84.0 1,168 204.3 September. .. 103.1 108.9 122.7 109.3 106.9 123.8 109.6 85.6 1,148 209.6 October 102.8 P112.2 121.7 P109.3 107.6 127.3 114.3 88.2 Pi,110 207.5 November. . . 103.2 P112.2 118.9 P110.2 108.7 129.1 118.2 86.5 2>l,042 203.6 P Preliminary. c Corrected. 1 New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average for the old series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States, see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly figures are averages of monthly quotations on the capitalized yield as calculated on the 15th of every month. 3 This index represents the reciprocals of average yields for 14 issues, including government, provincial, municipal, mortgage, and industrial bonds. The average yield in the base period (January-March 1937) was 3.39 per cent. * This index is based on 95 common stocks through 1944; on 100 stocks, 1945-1948; and on 106 stocks beginning 1949. 5 In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique G6n6rale," September-November 1946, p. 424. 6 This index is based on 27 Netherlands industrial shares and represents an unweighted monthly average of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS. 7 Average based on figures for 10 months; no data available January-February. Sources.—See BULLETIN for June 1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. 125 JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM THOMAS B. MCCABE, Chairman MARRINER S. ECCLES R. M. EVANS M. S. SZYMCZAK ERNEST G. DRAPER JAMES K. VARDAMAN, JR. ELLIOTT THURSTON, Assistant to the Board CHESTER MORRILL, Special Adviser to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary EDWIN R. MILLARD, Director BRAY HAMMOND, Assistant Secretary GEORGE S. SLOAN, Assistant Director MERRITT SHERMAN, Assistant Secretary C. C. HOSTRUP, Assistant Director LEGAL DIVISION DIVISION OF BANK OPERATIONS GEORGE B. VEST, General Counsel ROBERT F. LEONARD, Director FREDERIC SOLOMON, Assistant General Counsel J. E. HORBETT, Assistant Director JOHN C. BAUMANN, Assistant General Counsel LOWELL MYRICK, Assistant Director OFFICE OF THE SOLICITOR DIVISION OF PERSONNEL ADMINISTRATION J. LEONARD TOWNSEND, Solicitor G. HOWLAND CHASE, Assistant Solicitor FRED A. NELSON, Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF ADMINISTRATIVE SERVICES RALPH A. YOUNG, Director LISTON P. BETHEA, Director GARDNER L. BOOTHE, II, Assistant Director FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL (December 31, 1949) THOMAS B. MCCABE, Chairman ALLAN SPROUL, Vice Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT First Vice President ERNEST G. DRAPER C. E. EARHART W. RANDOLPH BURGESS, NEW YORK DISTRICT MARRINER S. ECCLES FREDERIC A. POTTS, PHILADELPHIA DISTRICT R. M. EVANS SIDNEY B. CONGDON, CLEVELAND DISTRICT RAY M. GIDNEY HUGH LEACH ROBERT V. FLEMING, RICHMOND DISTRICT Second Vice President W. S. MCLARIN, JR. M. S. SZYMCZAK J. T. BROWN, ATLANTA DISTRICT JAMES K. VARDAMAN, JR. EDWARD E. BROWN, CHICAGO DISTRICT President CHESTER MORRILL, Secretary W. L. HEMINGWAY, ST. LOUIS DISTRICT S. R. CARPENTER, Assistant Secretary GEORGE B. VEST, General Counsel HENRY E. ATWOOD, MINNEAPOLIS DISTRICT WOODLIEF THOMAS, Economist EARLE L. RAUBER, Associate Economist JAMES M. KEMPER, KANSAS CITY DISTRICT DONALD S. THOMPSON, Associate Economist J. E. WOODS, DALLAS DISTRICT O. P. WHEELER, Associate Economist CHARLES W. WILLIAMS, Associate Economist RENO ODLIN, SAN FRANCISCO DISTRICT JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Market HERBERT V. PROCHNOW, Secretary Account 126 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, i\ND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President •\7* Q r> Bank of Deputy Chairman First Vice President vice rresidents Boston Albert M. Creighton Joseph A. Erickson Robert B. Harvey2 Alfred C. Neal Harold D. Hodgkinson William Willett E. G. Hult Carl B. Pitman E. 0. Latham 0. A. Schlaikjer R. F. Van Amringe New York Robert T. Stevens Allan Sproul H. A. Bilby H. V. Roelse William I. Myers L. R. Rounds H. H. Kimball Robert G. Rouse L. W. Knoke V. Willis Walter S. Logan R. B. Wiltse A. Phelan Philadelphia.... Warren F. Whittier Alfred H. Williams Karl R. Bopp E. C. Hill C. Canby Balderston W. J. Davis L. E. Donaldson Wm. G. McCreedy Robert N. Hilkert P. M. Poorman3 Cleveland George C. Brainard Ray M. Gidney Roger R. Clouse A. H. Laning3 A. Z. Baker Wm. H. Fletcher W. D. Fulton Martin Morrison J. W. Kossin Paul C. Stetzelberger Donald S. Thompson Richmond Charles P. McCormick Hugh Leach R. L. Cherry C. B. Strathy John B. Woodward, Jr. J. S. Walden, Jr. R. W. Mercer3 K. Brantley Watson W. R. Milford Edw. A. Wayne Charles W. Williams Atlanta Frank H. Neely W. S. McLarin, Jr. P. L. T. Beavers Joel B. Fort, Jr. Rufus C. Harris L. M. Clark V. K. Bowman T. A. Lanford J. E. Denmark E. P. Paris S. P. Schuessler Chicago F. J. Lunding C, S. Young Allan M. Black2 John K. Langum John S. Coleman Neil B. Dawes 0. J. Netterstrom W. R. Diercks A. L. Olson E. C. Harris Alfred T. Sihler W. W. Turner St. Louis Russell L. Dearmont Chester C. Davis 0. M. Attebery Paul E. Schroeder Wm. H. Bryce F. Guy Hitt Wm. E. Peterson William H. Stead C. A. Schacht C. M. Stewart Minneapolis.... Roger B. Shepard J. N. Peyton H. C. Core A. W. Mills3 W. D. Cochran 0. S. Powell E. B. Larson Otis R. Preston H. G. McConnell R. E. Towle Sigurd Ueland Kansas City.... Robert B. Caldwell H. G. Leedy L. H. Earhart John Phillips, Jr. Robert L. Mehornay Henry 0. Koppang Delos C. Johns G. H. Pipkin R. L. Mathes C. E. Sandy2 D. W. Woolley Dallas ..... J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W, D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L, G. Pondrom3 W. E. Eagle C. M. Rowland Mac C. Smyth San Francisco... Brayton Wilbur C. E. Earhart Albert C. Agnew W. L. Partner Harry R. Wellman H. N. Mangels W. N. Ambrose C R. Shaw D. L. Davis H, F. Slade J. M. Leisner3 W. F. Volberg 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York...... Buffalo I. B. Smith4 Minneapolis . ... Helena R. E. Towle Cleveland...... Cincinnati W. D. Fulton Pittsburgh J. W. Kossin Kansas City. Denver G. H. Pipkin Oklahoma City R. L. Mathes Richmond..... Baltimore .W. R. Milford Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta....... Birmingham P. L. T. Beavers Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville Joel B. Fort, Jr. New Orleans E. P. Paris San Antonio W. E. Eagle Chicago........ Detroit E. C. Harris San Francisco.. . Los Angeles W. N. Ambrose St. Louis Little Rock C. M. Stewart Portland D. L. Davis Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis Paul E. Schroeder Seattle C. R. Shaw 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 'General Manager. 127 JANUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS The material listed below may be obtained from PROVISIONS OF STATE LAWS RELATING TO BANK REthe Division of Administrative Services, Board of SERVES as of December 31, 1944. 1945. 30 pages. Governors of the Federal Reserve System, Wash- MONETARY AND BANKING REFORM IN PARAGUAY. ington 25, D. C. Remittance should be made Includes translation of laws, accompanying repayable to the order of the Board of Governors ports, and introduction reviewing the monetary of the Federal Reserve System. history of Paraguay. July 1946. 170 pages. FEDERAL RESERVE BULLETIN. Issued monthly. Sub- $1.00 per copy. scription price in the United States and its pos- RULES OF ORGANIZATION AND RULES OF PROCEDURE sessions, Bolivia, Canada, Chile, Colombia, Costa (Board of Governors of the Federal Reserve Sys- Rica, Cuba, Dominican Republic, Ecuador, tem). September 1946. 31 pages. Guatemala, Haiti, Republic of Honduras, Mexico, THE FEDERAL RESERVE ACT, as amended to Novem- Newfoundland (including Labrador), Nicaragua, ber 1, 1946, with an Appendix containing pro- Panama, Paraguay, Peru, El Salvador, Uruguay, visions of certain other statutes affecting the and Venezuela is $2.00 per annum or 20 cents Federal Reserve System. 372 pages. 50 cents per per copy; elsewhere $2.60 per annum or 25 cents paper-bound copy; $1.00 per cloth-bound copy. per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 POSTWAR ECONOMIC STUDIES. (8 pamphlets) cents per copy per month, or $1.50 for 12 months. No. 1. Jobs, Production, and Living Standards. No. 2. Agricultural Adjustment and Income. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY No. 3. Public Finance and Full Employment. RATES, AND BUSINESS. Issued monthly. $9.00 per annum including historical supplement No. 4. Prices, Wages, and Employment. listed below, or $1.00 per copy (domestic rates). No. 5. Private Capital Requirements. In quantities of 10 or more copies of a particular No. 6. Housing, Social Security, and Public issue for single shipment, 75 cents each. Works. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE No. 7. International Monetary Policies. CHARTS ON BANK CREDIT, MONEY RATES, AND No. 8. Federal Reserve Policy. BUSINESS. 72 pages. (Will be revised from time The price for the set of eight pamphlets is $1.25; to time.) Annual subscription to monthly chart 25 cents per pamphlet, or, in quantities of 10 or book includes supplement; single copies, $1.00 more for single shipment, 15 cents per pamphlet. each (domestic rate). In quantities of 10 or THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND more copies for single shipment, 75 cents each. FUNCTIONS. November 1947. 125 pages. 75 BANKING STUDIES. Comprising 17 papers on bank- cents per cloth-bound copy; in quantities of 10 ing and monetary subjects by members of the or more copies for single shipment, 50 cents each. Board's staff. August 1941; reprinted March Paper-bound copies available without charge. 1948. 496 pages. Paper cover. $1.00 per copy; DEBITS AND CLEARINGS STATISTICS, THEIR BACKin quantities of 10 or more copies for single ship- GROUND AND INTERPRETATION. October 1947. 50 ment, 75 cents each. pages. 25 cents per copy; in quantities of 10 or BANKING AND MONETARY STATISTICS. Statistics of more copies for single shipment, 15 cents each. banking, monetary, and other financial develop- DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, as of ments. November 1943. 979 pages. $1.50 per December 31, 1947, July 1948. 122 pages. As copy. No charge for individual sections (unof June 30, 1949. December 1949. 122 pages. bound). REGULATIONS OF THE BOARD OF GOVERNORS OF THE 1A more complete list, including periodical releases and FEDERAL RESERVE SYSTEM. Individual regulations reprints, appeared on pp. 1534-37 of the December 1949 with amendments. BULLETIN. 128 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATION REPRINTS VI. OWNERSHIP OF AUTOMOBILES, STOCKS AND (From Federal Reserve Bulletin unless preceded by an asterisk) BONDS, AND OTHER NONLIQUID ASSETS. October ^STATEMENT ON BEHALF OF THE BOARD OF GOV- 1949. 16 pages. ERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE VII. ADDITIONAL DATA ON AUTOMOBILE OWNER- THE JOINT COMMITTEE ON THE ECONOMIC REPORT. SHIP. November 1949. 7 pages. Presented by Chairman Thomas B. McCabe on VIII. DISTRIBUTION OF CONSUMER SAVING IN February 14, 1949. 7 pages. 1948. January 1950. 21 pages. NEW STATISTICS OF INTEREST RATES ON BUSINESS THE BALANCE SHEET OF AGRICULTURE, 1949. Sep- LOANS, by Richard Youngdahl. March 1949. tember 1949. 11 pages. 10 pages. # THE EQUITY CAPITAL SITUATION. A personal SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS, statement by Thomas B. McCabe, Chairman of by Charles H. Schmidt. March 1949. 9 pages. the Board of Governors of the Federal Reserve POSTWAR CREDIT CONTROLS IN FRANCE, by Albert O. System, prepared at the request of a Subcommit- Hirschman and Robert V. Rosa. April 1949. tee of the Committee on Banking and Currency 13 pages. of the United States Senate. Submitted August MOVEMENT TOWARD BALANCE IN INTERNATIONAL 5, 1949. 7 pages. TRANSACTIONS OF THE UNITED STATES, by Lewis FINANCIAL POSITION AND BUYING PLANS OF CON- N. Dembitz and Albert O. Hirschman. May SUMERS, July 1949. October 1949. 10 pages. 1949. 14 pages. READJUSTMENT OF FOREIGN CURRENCY VALUES. STATEMENT OF CHAIRMAN THOMAS B. MCCABE OF October 1949. 13 pages. THE BOARD OF GOVERNORS OF THE FEDERAL RE- SERVE SYSTEM BEFORE THE SENATE BANKING AND MEASUREMENTS OF SAVINGS, by Daniel H. Brill. CURRENCY COMMITTEE, May 11, 1949. 6 pages. November 1949. 8 pages. INDUSTRIAL DIFFERENCES IN LARGE CORPORATION NOTES ON FOREIGN CURRENCY ADJUSTMENTS. No- FINANCING IN 1948, by Charles H. Schmidt. vember 1949. 14 pages. June 1949. 8 pages. * REPLY OF THE CHAIRMAN OF THE BOARD OF GOV- NEW SERIES ON QUARTERLY SALES, PROFITS, AND ERNORS OF THE FEDERAL RESERVE SYSTEM (TO the DIVIDENDS OF 200 LARGE MANUFACTURING COR- Questionnaire of the Joint Congressional Com- PORATIONS, by Eleanor J. Stockwell. June 1949. mittee on the Economic Report). November 5 pages. 1949. 112 pages. ' RETAIL CREDIT SURVEY—1948. From June 1949 # STATEMENT OF MARRINER S. ECCLES BEFORE THE BULLETIN with supplementary information for SUBCOMMITTEE ON MONETARY, CREDIT AND FISCAL nine separate trades. 38 pages. POLICIES OF THE JOINT COMMITTEE ON THE ECO- ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS NOMIC REPORT AND SUPPLEMENTAL LETTER TO AND BUSINESSES. July 1949. 2 pages. SENATOR DOUGLAS. Presented November 22 and December 1, 1949. 9 pages. 1949 SURVEY OF CONSUMER FINANCES— * STATEMENT OF THOMAS B. MCCABE, CHAIRMAN OF I. GENERAL FINANCIAL POSITION AND ECONOMIC THE BOARD OF GOVERNORS OF THE FEDERAL RE- OUTLOOK OF CONSUMERS. June 1949. 13 pages. SERVE SYSTEM, BEFORE THE SUBCOMMITTEE ON II. DURABLE GOODS EXPENDITURES IN 1948 AND MONETARY, CREDIT AND FISCAL POLICIES OF THE BUYING PLANS FOR 1949. June 1949. 10 pages. JOINT COMMITTEE ON THE ECONOMIC REPORT. III. DISTRIBUTION OF CONSUMER INCOME IN 1948. Presented December 3, 1949. 10 pages. July 1949. 15 pages. A STUDY OF INSTALMENT CREDIT TERMS, by Milton IV. CONSUMER OWNERSHIP AND USE OF LIQUID Moss. December 1949. 8 pages. ASSETS. August 1949. 16 pages. V. HOME OWNERSHIP AND EXPENDITURES FOR FRENCH EXCHANGE STABILIZATION FUND, by Robert HOUSING. September 1949. 16 pages. Solomon. January 1950. 5 pages. JANUARY 1950 129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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