Federal Reserve Bulletin, 1950-02

F E D E R AL E S E RV BULLETIN FEBRUARY 1950 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WIN FIELD 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 Federal Receipts and Expenditures for Fiscal Year 1951. 131-140 Insurance of Commercial Bank Deposits. . 141-145 Statement by Thomas B. McCabe, Chairman, Board of Governors of the Federal Reserve System on S. 2822, a Bill "To Amend the Federal Deposit Insurance Act" 146-150 Staff Study on Assessments and Coverage for Deposit Insurance. . 151-165 Directors of Federal Reserve Banks and Branches.. 166-179 Current Events and Announcements. . 179 National Summary of Business Conditions. . 180-181 Financial, Industrial, Commercial Statistics, U. S. (See p. 183 for list of tables). . 183-244 Earnings and Expenses of Federal Reserve Banks during 1949 (pp. 242-43) International Financial Statistics (See p. 245 for list of tables). 245-263 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council .... 264 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 265 Federal Reserve Publications 266-267 Map of Federal Reserve Districts. . 268 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, IS cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BULLETIN VOLUME 36 February 1950 NUMBER 2 FEDERAL RECEIPTS AND EXPENDITURES FOR FISCAL YEAR 1951 The Federal Budget for the fiscal year of Government borrowing that would be ending June 30, 1951, proposes a total of required from the public, because substantial expenditures slightly below the estimate for purchases of United States Government secuthe current fiscal year, reversing the trend rities would be made by Federal trust funds toward higher expenditures evident in the and agencies. Net borrowing from the pubpast three Budgets. As in the fiscal year lic for fiscal year 1951 is estimated at 2.7 1950, however, estimated Budget expendi- billion dollars. As indicated later, this figtures are considerably in excess of estimated ure, representing the excess of cash payments receipts under the existing tax structure. to the public over receipts from the public, New legislation to increase taxes, recom- is more significant for appraising possible mended by the President in the Budget and monetary effects of Federal finances than is more specifically in a message to Congress the Budget deficit. late in January, would not provide enough United States Government securities of all additional revenue to eliminate the substan- types are commonly viewed as assets postial budgetary deficit in prospect for the sessing a high degree of liquidity. Accordforthcoming fiscal year. ingly, Federal borrowing from the public to Estimated Budget expenditures for the finance the cash deficit in 1951 would refiscal year 1951 total 42.4 billion dollars, or sult in an addition to the public's hold- 860 million dollars less than revised estimates ings of liquid assets. The degree of lifor the current year. Budget receipts are quidity of these holdings, however, may be estimated to decline 460 million from the affected by the types of new securities ofcurrent year, to a total of 37.3 billion dollars. fered by the Treasury, not only in financ- Thus in fiscal year 1951 the Budget deficit ing the deficit but also in its refunding would be 5.1 billion, 400 million dollars less operations during the year. To the extent than the deficit now anticipated for the fiscal that additional amounts of Government seyear 1950. A deficit of this amount would curities are purchased and held by banks, necessitate an increase in the Federal debt rather than by nonbank investors, there from an estimated 258 billion dollars on June would be a further expansion in bank credit, 30, 1950, to 264 billion by June 30, 1951. which would tend to increase the money sup- The Budget deficit and the increase in the ply, whereas securities sold to nonbank investotal Federal debt are larger than the amount tors would not add to the supply of money. FEBRUARY 1950 131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RECEIPTS AND EXPENDITURES FOR FISCAL YEAR 1951 PRESENTATION OF THE BUDGET a program basis, and for each appropriation and fund a breakdown that relates the funds The Budget presented to Congress in Janrequired to types of activity or work to be uary of each year sets forth a comprehensive done. Such activity breakdowns appeared financial statement of the administration's in previous Budgets but were confined to plans for the coming fiscal year. As such, less than half of all appropriations and funds. it is a basic document for appraising the Also, new narrative statements describing policies and programs of the administration purposes and services to be performed now from the point of view of both Government accompany each appropriation and fund. management and the impact of Government operations on the economy. Improvement An experimental grouping of expenditures of its usefulness in this regard has become a into investment outlays, operating expenses, matter of increasingly general interest, and and other expenditures is also included in this year the Bureau of the Budget issued the new Budget. The chief purpose of this for the first time the "Federal Budget in grouping is to distinguish those expenditures Brief/' a simplified version for the layman which represent the acquisition or improvedesigned to promote wider public interest ment of assets by the Government or which and understanding. will result in a flow of benefits to the economy over a period longer than one fiscal In recent years several changes have been year. Many of the expenditures included in introduced in the presentation of the Budget. this group are expected to result in a source The consolidated cash budget, discussed in of receipts to the Government in future subsequent sections, was included for the years, though financial recoverability was first time in January 1943. The Budget prenot a guiding consideration in setting up the sented in January 1949 introduced a new and classification. improved functional classification of Government expenditures. This classification groups CONSOLIDATED CASH DEFICIT expenditures by types of activity rather than by departments responsible for disbursing Of primary interest from the point of view the funds. of monetary developments is the consolidated The Budget recently delivered to Congress cash budget, which is based on a concept contained further important changes, in of Government receipts from and payments large part reflecting the progress that has to the public. Major intragovernmental been made toward presenting the Budget on transactions and noncash transactions with a "performance" basis. Under a perform- the public are omitted. The administrative ance budget funds recommended for an or regular budget is thus cast in a form that agency are related to activities or programs permits the flow of Federal receipts and to be performed by the agency, rather than expenditures to be related to the flow of inonly to types of specific objects of expendi- come and expenditures in the economy and tures, such as numbers and types of per- to changes in the liquid asset holdings of the sonnel and amount and kinds of equipment public. and materials. Specific changes made toward Budget receipts and expenditures are comperformance budgeting this year include a pared with cash receipts and payments in new pattern of appropriations for several the table. Cash receipts include, in addition agencies that groups their appropriations on to tax collections and miscellaneous revenues, 132 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RECEIPTS AND EXPENDITURES FOR FISCAL YEAR 1951 ESTIMATED RECEIPTS AND EXPENDITURES OF THE UNITED January indicated were based on the assump- STATES GOVERNMENT tion that economic activity would continue [In billions of dollars] at approximately the then current level. If Fiscal year ending June 30— the level of activity during the fiscal year Item 1951 should be higher than the assumed level, 19511 19501 1949 1948 tax receipts would be above the estimated Cash receipts from the public...... 43.1 41.7 41.6 45.4 amount and unemployment benefit pay- Cash payments to the public 45.8 46.5 40.6 36.5 Cash deficit ( —) or surplus (-f). . -2.7 -4.8 + 1.1 +8.9 ments would perhaps be lower than esti- Budget net receipts 37.3 37.8 38.2. 42.2 mated. Under such conditions, and if ex- Budget expenditures.. 42.4 43.3 40.1 33.8 penditures should be held within the limits Budget deficit (—) or surplus (+). -5.1 -5.5 -1.8 +8.4 recommended by the President, the 1951 1 Estimated. cash deficit would be smaller than the 2.7 NOTE.—Figures from Budget for 1951. Estimates for 1951 include the following amounts for proposed legislation: 1.5 billion billion dollar estimate in the Budget. Condollars of receipts, 0.6 billion of budget expenditures, and 2.0 billion of cash payments. Figures do not necessarily add to totals versely, a downturn in economic activity due to rounding. would increase the deficit. the contributions by employers and employees for social insurance, which are not CASH RECEIPTS AND PAYMENTS in the net receipts for the regular or adminis- OF THE U. S. GOVERNMENT trative budget. Cash payments include items FISCAL YEAR ENDING JUNE 30 which are not part of regular Budget expenditures, such as benefit payments made from trust account funds and the National Service Life Insurance dividend. Items such as accrued but unpaid interest on savings ^SH RECEIPT5 bonds, and transfers from the general fund to the Railroad Retirement Fund and the CASH PIVfMENTS Civil Service Retirement Fund, which are included in Budget expenditures but do not represent cash outlays to the public, are not in the cash payment figures. The cash deficit estimated for 1951 is 2.7 billion dollars, or 2.4 billion less than the Budget deficit. This difference reflects largely an excess of estimated trust fund re- 1946 1947 1948 1949 I95O 195! ceipts over trust fund payments to the public. (Estimated) NOTE.—Figures are from the Budget for 1951 and earlier The estimated cash deficit for the fiscal year years. They exclude major intragovernmental and noncash transactions. 1951 is also substantially less than the cash deficit estimated for the current year, as the Government cash deficits this year and chart shows. The deficit for 1950, however, next will exert a continued expansionary is increased by the National Service Life influence on the income flow in the economy, Insurance dividend, a nonrecurring cash dis- but the prospective reduction in the deficit bursement concentrated in this year. indicates that this influence may be a dimin- The deficit for 1951 reflects estimates of tax ishing one. The extent and impact of this receipts, which the Budget Message of early shift cannot be fully evaluated, of course, 133 FEBRUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RECEIPTS AND EXPENDITURES FOR FISCAL YEAR 1951 without taking into account many factors, is 3 billion less than is currently estimated especially the nature of changes in specific for the fiscal year 1950, but differs little from payment and receipt items, of which the the total of these expenditures in fiscal years change in the deficit is the net result. 1948 and 1949. Expenditures for national defense are es- PAYMENTS TO THE PUBLIC timated to expand by 600 million dollars in Payments to the public for the fiscal year the fiscal year 1951. The increase would be 1951 are estimated at 45.8 billion dollars. about 200 million greater were it not for This represents a decline of 700 million dol- credits to be received by the Department of lars from the figure estimated for the current Defense for shipping abroad (under the fiscal year. However, cash payments would mutual defense assistance program) military still be more than 9 billion dollars larger than goods taken from stock and not replaced for the fiscal year 1948, when Federal spend- during the year. Expenditures for aircraft ing reached the lowest level of the postwar procurement account for a substantial part period. of the increase in national defense expendi- National defense, international affairs, and tures. related items. As in previous Budgets, na- Payments in connection with international tional defense, international affairs, veterans' programs are estimated to decline 1.3 billion services and benefits, and interest on the pubdollars. A contraction in outlays for ecolic debt account for the major share of recnomic aid under the European Recovery ommended expenditures, shown in the chart. Program and for occupation costs would be The sum of these payments is estimated at offset only in part by an increase in expendi- 30 billion dollars for 1951, nearly two-thirds tures to implement the Mutual Defense Asof all Government cash payments. This sum sistance Act. Payments for veterans' services and bene- FEDERAL PAYMENTS TO THE PUBLIC BY MAJOR FUNCTIONS fits show the largest change between 1950 FISCAL YEAR ENDING .JUNE 30 and 1951. The sharp decline in this category is due chiefly to concentration in the fiscal year 1950 of the payment of the National Service Life Insurance dividend. A reduction in readjustment benefits, includ- I •1 • ing education and training benefits and un- 1 i1 1m employment allowances, also contributes to the decline. Further reductions are expected Ii ii m over the next several years, although they may not be so rapid as had been anticipated earlier. The long-run trend of expenditures for veterans' pensions and hospital care, on the other hand, will continue upward. Despite the fact that the cash deficits in the current fiscal year and anticipated for 1948 1949 1950 1951 1951 imply an increase in Federal debt held (Estimated) NOTE.—Items included in other are those listed under other by the public, interest payments to the public programs in table on page 135. 134 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RECEIPTS AND EXPENDITURES FOR FISCAL YEAR 1951 are estimated to decline by a small amount. dollars over the current fiscal year. Increases In part this reflects some expected savings are scheduled for atomic energy development from refunding maturing obligations with and expansion of power and transmission issues bearing lower coupon rates. facilities. Proposed increases in postal rates Economic and social welfare programs. are expected to reduce substantially the def- Outlays on programs related to social wel- icit in the operation of the Post Office Defare, health and security, housing, education partment, which is estimated at more than and general research, and agriculture would one-half billion dollars for the current fiscal amount to approximately 9 billion dollars in year. Under the proposed rates the deficit the fiscal year 1951, as shown in the table. would be only 160 million dollars in 1951, This represents an increase of approximately and accordingly payments in the broad 2J4 billion over total outlays estimated for transportation and- communication category this group for the current fiscal year, which are estimated to decline. Unemployment in turn are substantially higher than in the benefit payments are estimated to decrease two preceding years. The increase for 1951 by about 400 million dollars in the fiscal year reflects expansion of programs for social in- 1951, presumably on the expectation of a surance, public assistance, and education, somewhat lower average volume of unemlarger outlays on current and new housing ployment. The Budget Message stated that programs, and a partially offsetting decline proposals would be submitted to extend covin expenditures for the farm program. erage and increase benefits under the Federal-State unemployment insurance system. FEDERAL PAYMENTS TO THE PUBLIC BY MAJOR FUNCTIONS The estimated increase for 1951 in pay- [In billions of dollars] ments for social welfare, health, and security is accounted for almost entirely by proposed Fiscal year ending June 30— Function expansion and other changes in the old age 1951 i 19501 1949 1948 and survivors insurance system. These pro- All functions 45.8 46.5 40.6 36.5 posals are about the same as were recom- National defense 13.8 13.2 12.1 12.2 mended last spring and include extension of International affairs and finance. ... 4.9 6.2 6.6 5.8 Veterans1 services and benefits...... 7.1 9.2 7.0 6.8 coverage to nearly all gainfully employed, Interest on the debt 4.1 4.3 3.9 3.9 Other programs, total 15.9 13.6 11,0 7.9 an increase in benefits, and the addition of Social welfare, health, and security. 5.1 3.0 2.5 2.1 disability to the risks covered. The recom- Education and general research. . .4 .1 .1 .1 Housing and community facilities. 1.2 .7 (2) .2 mended program would cover an estimated Agriculture and agricultural resources 2.2 2 7 2 6 6 85 per cent of employed persons and would Natural resources. . 2 2 1 9 1 5 1 1 Tr t a i n o s n p . o . rtation and communica- 1 7 1 9 1 6 1 3 involve additional disbursements of approxi- O G t e h n e e r r al ( i G nc o l v u e d r i n n m g e u n n t employm .. e . n . t . 1.1 1.1 1.0 1.3 mately \l/ 2 billion dollars for benefit paybenefits). .............. 2.0 2.2 1.7 1.3 ments and administrative expenses in 1951. 1 Estimated. It may be noted that the legislation to amend 2 Less than 50 million dollars. NOTE.—Figures from the Budget for 1951. Expenditures in the Social Security Act which was passed by fiscal year 1948 do not reflect the bookkeeping transfer of 3 billion dollars to the Foreign Economic Cooperation Trust Fund; expendi- the House of Representatives during the last tures from this Fund are included in expenditures in 1949. Figures do not necessarily add to totals due to rounding. session of Congress and on which hearings are now being held by the Senate Finance Expenditures under the natural resources Committee provides for a substantially category are estimated at 2.2 billion dollars smaller extension of coverage and somewhat in fiscal year 1951, an increase of 300 million FEBRUARY 1950 135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RECEIPTS AND EXPENDITURES FOR FISCAL YEAR 1951 less increase in benefits than are recom- source of funds in the housing market and mended in the Budget. in much greater volume than originally The President also renewed his recom- estimated. Purchases in fiscal year 1950 are mendation of last year to extend and improve now estimated at 940 million dollars, comthe program of Federal grants to States for pared with an estimate in January 1949 of public assistance. These account for the 149 million. During the first half of the fisprincipal portion of an estimated 271 million cal year the Association made purchases of dollars of additional expenditures for public 360 million dollars and added 340 million to assistance to medical education and to school its undisbursed commitments to purchase. and other local health services. A very small A major portion of these mortgages are guarincrease in payments is expected in 1951 in anteed by the Veterans Administration and connection with the President's proposed pro- the funds provided have been an important gram of prepaid medical care insurance. factor in maintaining demand for houses, Expenditures for education and general particularly those in moderate and low price research, other than amounts included under ranges, at the current level of prices and veterans, national defense, and other cate- costs. In presenting the estimate for mortgories, are estimated at 434 million dollars gage purchases in the forthcoming fiscal for fiscal year 1951, compared with 126 mil- year, the President pointed out that accurate lion for 1950. The increase results entirely estimation of this item is difficult since from proposed legislation, most of which is the volume purchased depends largely on for Federal aid to States for operating ex- whether private lenders decide to hold mortpenses of elementary and secondary schools. gages or to sell them to the Government. Grants would be made on a variable basis In the agricultural category, cash payments with a minimum of $5 per pupil and have are estimated to show a decline from the the purpose in part of equalizing educational fiscal year 1950 levels, largely as a result of opportunities among States. A small addi- a decrease in expenditures for the farm price tional expenditure is for assistance in the support program. Net outlays in the fiscal planning and emergency construction of ele- year 1949 by the Commodity Credit Corpomentary and secondary schools. ration, the agency responsible for disburs- Estimated increases in housing expendi- ing funds for the farm price support protures for 1951 reflect mainly additional out- gram, totaled 1.6 billion dollars. Outlays in lays for low rent public housing, slum the current year, mainly for corn and cotton, clearance, and loans to housing cooperatives have been almost as large as in the preunder proposed new legislation. Purchases ceding year and substantially greater than of mortgages by the Federal National Mort- was anticipated in Budget estimates a year gage Association, which provides a secondary ago. Because of expected effects of acreage market for housing mortgages guaranteed allotments and marketing quotas on 1950 by the Federal Housing Administration and crops, outlays by the Commodity Credit Corthe Veterans Administration, are expected poration are estimated to decrease to someto total 990 million dollars, or 50 million what less than 1 billion dollars in the fiscal more than in 1950. year 1951. Much depends, of course, on such During the current fiscal year such mort- factors as the nature of adjustments made gage purchases have been a relatively large by farmers, weather conditions, domestic con- 136 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RECEIPTS AND EXPENDITURES FOR FISCAL YEAR 1951 sumption, and export volume. The present increase of 1.4 billion over estimated receipts borrowing authority of the Corporation may for the fiscal year 1950* as shown in the table. be exhausted in 1951, and the President has The rise in receipts is due primarily to a recommended that it be given additional substantial increase in the estimated yield of authority of 2 billion dollars, to become avail- employment taxes, which is based for the able in 1950. most part on proposed new legislation. A Outloo\ for coming years. In his Budget partially offsetting decline of more than one- Message the President expressed the expecta- half billion dollars is indicated for corporate tion that over subsequent years Government income taxes, while a small increase is estiexpenditures will continue the downward mated for individual income tax receipts. course begun in the 1951 Budget. In this Estimated receipts from excise taxes and esconnection he called attention to the fact that tate and gift taxes are practically unchanged a substantial reduction had been achieved in from the amounts currently estimated for his request for new authorization to incur 1950. Tax estimates other than those for financial obligations. Such authorizations employment taxes are based on existing legisenacted by Congress will determine in part lation and, as stated earlier, assume a conexpenditures in future fiscal years as well tinuation of economic activity at approxias in 1951. Included in such authorizations mately the current level. are all appropriations other than those needed to pay off contractual obligations incurred FEDERAL RECEIPTS FROM THE PUBLIC in previous years, and also any powers [In billions of dollars] granted designated agencies to enter into new Fiscal year ending June 30— contracts for which funds would not be ap- Source 19511 19501 1949 1948 propriated, however, until a later time when bills are actually to be paid. Total cash receipts 43.1 41.7 41.6 45.4 Direct taxes on individuals: Specifically, the President indicated that Withheld ,t.. 10.1 9.8 9.8 11.4 Other income taxes 8 2 8 1 8 1 9.6 defense expenditures, the largest single item, Kstate and gift taxes. .7 .7 .8 .9 Direct taxes on corporations....... 10.5 11.2 11.6 10.2 probably would remain at about the 1951 Excise taxes and customs.. 8 0 8 0 7.9 7.8 Employment taxes 4.8 3.0 2.5 2.4 level for the next few years. Cost of foreign Other receipts: Deposits by States, unemployaid and veterans' programs, and amounts re- ment insurance 1.2 1.0 1.0 1.0 Miscellaneous budget and trust account receipts 1.8 2.0 2.8 4.4 quired for agricultural price support pur- Deduct: Refunds of taxes 2.2 2.2 2.8 2.3 chases and for providing a secondary market for housing mortgages, should decline. He 1 Estimated. NOTE.—Figures from the Budget for 1951. Estimates for 1951 pointed out also that proposed increases in include amounts for proposed legislation of 1.5 billion dollars. Figures do not necessarily add to totals due to rounding. postal rates would largely eliminate the possibility of a postal deficit in future years. Of the estimated rise of 1.7 billion dollars These adjustments are expected to more than in employment taxes, approximately 1.5 offset anticipated expansion of Government billion is accounted for by recommended outlays on other domestic activities. additional taxes to finance expansion and improvement of the old age and survivors RECEIPTS FROM THE PUBLIC insurance system and the program of medi- Receipts from the public for the fiscal year cal care insurance. These additional taxes 1951 are estimated at 43.1 billion dollars, an involve increasing the number of persons FEBRUARY 1950 137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RECEIPTS AND EXPENDITURES FOR FISCAL YEAR 1951 covered by the old age and survivors insur- Means Committee on February 3, They reance program and raising the tax base from late chiefly to the corporate income tax, the first $3,000 of earned income for each estate and gift taxes, certain excises, and person covered to the first $4,800 of income. loopholes under present laws. Revisions in Also, the rise in the old age and survivors corporate income and estate and gift taxes insurance tax rate from 1% per cent each are intended to provide about 1 billion dolon employer and employee to 2 per cent lars of additional revenue. However, beeach would become effective on January 1, cause of the time lag in collecting these addi- 1951, rather than a year later as now tional taxes after their enactment, no subscheduled. To defray initial expenses in stantial increase in revenue would occur in setting up the health insurance system, a the fiscal year 1951. Little net change in payroll tax of % of 1 per cent each on em- revenue would result from other recommenployer and employee is proposed, to become dations. The President strongly emphasized effective January 1, 1951. The balance of that any loss in yield from reducing excise the increase in employment taxes is due to taxes should not exceed the gain in revenues the increase from 1 to 1% per cent in the from closing loopholes. old age and survivors insurance tax rate that As a measure to support efforts to extend went into effect on January 1 of this year. financial and technical assistance to under- Collections for the fiscal year 1950 are partly developed regions of the world, the President at the old rate, whereas collections for 1951 also recommended changes in tax laws conwould be entirely at the ll/ or 2 per cent rate. cerning income derived from foreign invest- 2 Income taxes paid by corporations in the ments and from personal services rendered fiscal year 1951 will be on profits earned abroad. In the calendar years 1949 and 1950. The Additional revenue from the corporate decline in profits from the high 1948 level income tax would be provided by raising the is therefore reflected in the estimate of tax rate applicable to income in excess of $50,000 receipts for the fiscal year 1951. Accord- from 38 to 42 per cent. At the same time ingly the 1951 figure shows a reduction it was proposed that the rate applying to in corporate income tax receipts from the corporate income in excess of $25,000 but amount estimated for the current fiscal year. less than $50,000, now taxed at 53 per cent, be reduced to the same r^te applied to in- TAX RECOMMENDATIONS come in excess of $50,000. Extension of the Except for the proposed changes in emloss carry-forward provision from two to five ployment taxes already referred to, the Budyears with a one-year carry-back, which get Message made no recommendations for would provide a period of seven years for changes in tax laws. The President stated, offsetting losses of bad years against profits however, that forthcoming recommendations of better years, was also recommended. On would be concerned with reforms of the tax structure as well as an increase in revenues. balance, these revisions would provide an Recommendations for changes in the tax estimated increase of 675 million dollars in laws were transmitted by the President to corporate income taxes. Congress on January 23, and more detailed Proposed revision of the estate and gift tax proposals were submitted by the Secretary laws would be expected to provide around of the Treasury to the House Ways and 400 million dollars of additional revenue. 138 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RECEIPTS AND EXPENDITURES FOR FISCAL YEAR 1951 Recommended changes include integrating The United States Government debt held the separate estate and gift taxes into a single by the public at any time represents pritransfer tax, lowering the exemption, revis- marily the accumulated result of Governing the rates, and changing the treatment of ment cash surpluses and deficits over past life estates in order to bring them more periods. It excludes that part of the debt effectively under the base of the tax. held by Federal trust funds and agencies, A program for closing other loopholes which has increased in recent years at a rate under present tax laws would provide a of 2 to 4 billion dollars a year, and which possible 600 million dollars of additional amounted to 38 billion by mid-1949 and may revenue. The important loopholes to which reach 42 billion by June 30, 1951.. attention was called are the depletion allow- Chiefly because of cash deficits necessitated ances affecting chiefly oil and mining com- by war financing, the publicly held Federal panies, commercial operations of the tax debt reached a total of about 252 billion dolexempt educational and charitable organiza- lars by the end of 1945. In March 1946 the tions, treatment of life insurance companies, Treasury began a program of debt retireand the structure of the capital gains tax. ment, drawing down its cash balance from The net loss in revenue from proposed the high level maintained for war purposes. reductions of excise taxes would amount to In 1947 further funds for debt retirement over 600 million dollars. The Tax Message began to become available through an excess recommended that consideration be given at of current cash receipts over cash outlays, this time only to certain excise taxes, which and surpluses continued in 1948 and early are described as being most urgently in need 1949. By March 1949 the Federal debt held of reduction. The tax on transportation of by the public had been reduced to 214 bilproperty would be eliminated; the rate on lion dollars, as is shown in the chart. passenger transportation would be cut from OWNERSHIP OF U. S. GOVERNMENT SECURITIES 15 to 10 per cent; the long distance telephone BILLIONS OF DOLLARS END OF MONTH FIGURES BILLIONS OF DOLLARS 300 and telegraph tax would be reduced from 25 to 15 per cent; and retail excise taxes, including furs, luggage, jewelry, and toilet prepa- TOTAL OUTSTANDHG rations, would be reduced from 20 to 10 per \ cent. 250 INCREASE IN FEDERAL DEBT HELD \ A TOTAL HELD BYPUBLIC BY THE PUBLIC Financing the excess of Federal cash pay- 200 ments over receipts estimated in the Budget for the fiscal year 1951 would require the sale of additional Government securities to the public. The cash deficit thus would tend to 150 AAJV have an expansionary effect on the holdings •48 '49 '50 NOTE.—Total held by public excludes holdings of Federal of liquid assets by both bank and nonbank agencies and trust funds. Corporations and others include corporations and associations, State and local governments, and investors, as well as to influence the flow of others. Individuals include private trusts. End-of-month figures through December 1949 are reported holdings of Federal expenditures and incomes in the economy. Reserve Banks and Treasury estimates for other groups. Estimates for June 1950 and 1951 are from Budget for 1951. FEBRUARY 1950 139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RECEIPTS AND EXPENDITURES FOR FISCAL YEAR 1951 In the second half of calendar year 1949, were actively seeking securities for investreappearance of a Government cash deficit ment. Prices of securities rose, and holders made necessary net borrowing from the pub- were induced to sell. lic, and the total of publicly held debt rose The effect of the prospective deficit for to 218 billion dollars by the year-end. Jn 1951 on the liquid position of the economy view of the cash deficit in prospect for the will depend in part on the method of financbalance of the fiscal year 1950 and 1951, ing. Debt placed with nonbank investors debt held by the public can be expected would increase the liquid assets of these into continue rising. On the basis of Budget vestors but would involve no expansion of estimates the total would be over 222 billion the total money supply. dollars by June 30, 1951, compared with 215 Sale of Government securities to the bankbillion outstanding at the end of June 1949. ing system, however, would tend to expand Growth in publicly held debt since mid- the money supply. When commercial banks 1949 has been largely in the form of savings purchase Government securities from the notes held by nonbank investors. Investors Treasury, new deposits are placed at the disin this group, however, sold short-term secu- posal of the Treasury, and as these funds are rities to the commercial banking system, so spent they are added to the money supply that on balance expansion in commercial held by the public. When economic acbank credit financed much of the recent in- tivity is high and rising and the demand for crease in total publicly held securities. In bank credit is active, it is appropriate to lay this period, following moderate economic stress on the desirability of avoiding a deficit recession, additional reserves were made and of financing any deficit that may deavailable to banks through reductions in re^ velop as much as possible outside the bankserve requirements. As a consequence, banks ing system. 140 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INSURANCE OF COMMERCIAL BANK DEPOSITS1 The Federal Deposit Insurance Corporation change in the proportion of accounts and deposits periodically collects information on the distribution insured under the $5,000 limit for each depositor. of accounts and deposits in insured banks. This information is obtained for the primary purpose of DISTRIBUTION OF BANKS BY SIZE determining the liability of the Corporation under The rapid growth of deposits in insured comthe $5,000 legal maximum of insurance for each mercial banks, combined with .reorganizations, condepositor. Another purpose of collecting the data solidations, and similar changes, has resulted in subis to estimate the amount of such liability were stantial shifts in the distribution of banks by size. coverage increased to $10,000 or $25,000. Between 1934 and 1949 the number of insured On September 30, 1949, the 13,440 insured com- commercial banks with deposits of $250,000 or less mercial banks reported 91 million accounts with decreased from 5,106 to 77. Growth in deposits, total deposits of 139 billion dollars. About 88 which occurred largely during the war period, acmillion accounts, or 96 per cent of the total num- counted for most of this decline; in 1938 there were ber, were fully protected under the $5,000 maxi- 3,162 banks in this category compared with only mum coverage per depositor. The insured de- 89 in 1945. During the same period, as shown in posits amounted to 62 billion dollars or 45 per cent Table 2, the number of banks with more than 50 of total deposits. Table 1 compares the 1949 data million dollars in deposits increased from 120 to with those reported in five previous surveys.2 299. During the 15-year period covered by these ACCOUNTS FULLY INSURED surveys the number of accounts in insured banks In 1934, accounts with balances of $5,000 or less increased by 42 million and the amount of deposits were 98.5 per cent of all accounts in insured comby 103 billion dollars. At the end of September, mercial banks. By 1949 this proportion had been 1949, the number of accounts was somewhat less reduced to 96.0 per cent. Most of the decline, than twice the number on October 1, 1934. The which has been general among banks of all sizes, amount of deposits in 1949 was nearly fourfold the has occurred since 1941. amount in 1934. Nevertheless, there has been little In 1949 there was no marked variation among *At the request of the Board's Division of Research and banks of different sizes with respect to the propor- Statistics, this article was prepared by Carl F. Behrens of the tion of accounts with balances of $5,000 or less, Division of Research and Statistics, Federal Deposit Insurance Corporation, under the direction of Edison H. Cramer, nor was there much variation on earlier call dates. Chief of the Division. In 1934, even the large banks with more than 50 2 For detailed information concerning the earlier calls, see the following annual reports of the Federal Deposit Insur- million dollars in deposits reported 97.2 per cent ance Corporation: 1934, pp. 59-67, 140-47, 184-93, and 244; of their accounts fully covered by the $5,000 limit 1936, pp. 65-77 and 93-94; 1938, pp. 79-99 and 109-11; H941, pp. 63-78; 1945, pp. 63-80; and 1946, pp. 79-91. for each account. Table 3 indicates that 95.1 per TABLE 1 PROTECTION AFFORDED BY DEPOSIT INSURANCE WITH MAXIMUM COVERAGE OF $5,000 PER DEPOSITOR ALL INSURED COMMERCIAL BANKS, SPECIAL CALL DATES, 1934-49 Sept. 30 Oct. 10 Sept. 24 Sept. 21 May 13 Oct. 1 Account or deposit item 1949 1945 1941 1938 1936 1934 Number of banks ........ . ....... 13,440 13,289 13,434 13,705 14,085 14,060 "Number of accounts (in thousands): Total 91,452 81,655 66,918 61,392 57,398 49,751 $5,000 or less in amount 87,796 78,773 65,668 60,399 56,476 49,021 $5,000 or less as percentage of total 96.0 96.5 98.1 98.4 98.4 98.5 Amount of deposits (in millions): Total $139,252 $130,477 $67,778 $48,220 $45,188 $35,988 Insured 62,411 56,514 26,043 21,705 19,578 15,655 Insured as percentage of total 45 43 38 45 43 44 141 IFEBRUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INSURANCE OF COMMERCIAL BANK DEPOSITS TABLE 2 NUMBER OF INSURED COMMERCIAL BANKS, BY SIZE, SPECIAL CALL DATES, 1934-49 Size of bank (amount of deposits) 1949 1945 1941 1938 1936 1934 All banks. 13,440 13,289 13,434 13,705 14,085 14,060 $250,000 or less 77 89 1,837 3,162 3,945 5,106 $250,000 to $500,000. 522 663 2,986 3 ,203 3,300 3,115 $500,000 to $1,000,000 1,954 2,235 3,226 2,913 2,751 2,421 $1,000,000 to $2,000,000 3,320 3,510 2,413 2,052 1,926 1,631 $2,000,000 to $5,000,000 4,207 3,829 1,747 1,411 1,282 1,060 $ $ 1 5 0 ,0 , 0 0 0 0 , 0 0 , 0 0 0 0 0 t o to $ 1 $ 0 5 , 0 0 , 0 0 0 0 , 0 0 , 0 0 0 0 . 0 . . . . 1 1 , , 7 2 6 7 3 3 1 1 , , 5 11 5 1 3 4 58 7 9 8 4 36 8 0 4 3 4 3 4 1 1 631 More than $50,000,000 324 299 158 120 109 96 cent of the accounts" of banks in this group were Table 5 shows the number of accounts and acfully insured in 1949. counts insured, by type of deposit, for the call dates in 1938, 1941, 1945, and 1949. The table DEPOSITS INSURED also shows distribution of the additional accounts The percentage of deposits covered by insurance which would have been fully protected with insurunder the $5,000 maximum varies more widely by ance coverage of $10,000 and $25,000. size of bank than does the percentage of accounts INSURANCE COVERAGE BY TYPE OF DEPOSIT fully protected. In banks with deposits of $250,000 or less in 1949, 88 per cent of the deposits were In 1949, the total amount of deposits insured under the $5,000 insurance provision was 62 billion insured. In banks with more than 50 million dollars. Of this amount, 31 billion was in demand dollars in deposits, on the other hand, only 30 per accounts and 29 billion in savings and time accent were insured. Similar differences among the counts of individuals, partnerships and corporations. banks in the various size groups existed in earlier The remainder was in other types of accounts. years, as shown in Table 4. With an insurance coverage of $10,000 per depositor, 11 billion dollars of additional deposits, or DISTRIBUTION OF ACCOUNTS BY TYPE AND SIZE a total of 73 billion, would have been insured. From 1938 to 1949 the total number of accounts About 9 billion dollars of this increment would increased from 61 million to 91 million, or 49 per have been in the deposits of individuals, partnercent. This was a gain of 27 million accounts with ships and corporations, largely in demand accounts. balances of $5,000 or less and of 3 million accounts A maximum coverage of $25,000 per depositor with balances of more than $5,000. In 1949, acwould have added 12 billion dollars more to incounts of individuals, partnerships, and corporations sured deposits, raising the total to 85 billion. Twonumbered 85 million. Of these, 41 million were thirds of the increment would have been in the demand accounts and 45 million were savings and form of demand deposits of individuals, partnertime accounts. All other types of accounts numships and corporations. bered 6 million. Uninsured deposits under the $5,000 limitation TABLE 3 TABLE 4 NUMBER OF ACCOUNTS WITH BALANCES OF $5,000 OR LESS AS A PERCENTAGE OF ALL ACCOUNTS IN INSURED COMMERCIAL PERCENTAGE OF DEPOSITS INSURED BY MAXIMUM COVERAGE BANKS OF SPECIFIED SIZE, SPECIAL CALL DATES OF $5,000 IN INSURED COMMERCIAL BANKS OF SPECIFIED 1934, 1941, AND 1949 SIZE, SPECIAL CALL DATES, 1934, 1941, AND 1949 Size of bank (amount of deposits) 1949 1941 1934 Size of "bank (amount of deposits) 1949 1941 1934 All banks 96.0 98,1 98.5 All banks 44 38 43 $250,000 or less 98.7 99.6 99.6 $250,000 or less 88 92 87 $250,000 to '$500,000 98.1 99.3 99.4 $250,000 to $500,000 84 , 88 , 83 $500,000 to $1,000,000 97.5 99.1 99.3 $500,000 to $1,000,000 81 84 • 78 $1,000,000 to $2,000,000. 96.9 98.9 99.1 $1,000,000 to $2,000,000. . .. 77 79 74 $2,000,000 to $5,000,000 96.6 98.7 98.8 $2,000,000 to $5,000,000 72 72 69 $5,000,000 to $50,000,000 96.4 98.1 98.3 $5,000,000 to $50,000,000. . . 59 53 49 More than $50,000,000. . 95.1 96.9 97.2 More than $50,000,000....... 30 21 25 142 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INSURANCE OF COMMERCIAL BANK DEPOSITS amounted to 77 billion dollars in 1949, or 56 per figures for 1949 and also figures for 1938, 1941, and cent of the total. With maximum coverage of 1945 arc shown in Table 6. $10,000 and $25,000 per depositor, the amounts of Additional information regarding the accounts uninsured deposits would have been reduced to and deposits of insured commercial banks, as of 66 billion and 54 billion, respectively. More detailed September 30, 1949, is given in Tables 7-10 on the following pages. TABLE 5 TABLE 6 SIZE AND TYPE OF ACCOUNTS IN INSURED COMMERCIAL BANKS CHANGE IN DEPOSIT PROTECTION WITH CHANGE IN MAXIMUM 1938-49 INSURANCE COVERAGE, BY TYPE OF DEPOSIT, 1938-49 Number of accounts Amount of deposits Size and type of accounts (in thousands) Type of deposit (in millions of dollars) 1949 1945 1941 1938 1949 1945 1941 1938 All deposits—total 139,252130,47767,778 48,220 Deposits of individuals, part- All accounts—total 91,452 81,655 66,918 1,392 nerships, and corporations: Deposits of individuals, partner- Demand 77,780 71,879 34,19721,972 ships, and corporations: Savings and time 33,577 28,17314,77313,612 Demand 40,68135,610 26,29123,770 Interbank deposits 11,339 12,99911,055 6,798 Savings and time 44,630 40,95537,318 4,323 Deposits of States and political Interbank deposits 127 103 104 97 subdivisions Deposits of States and political U. S. Government and Postal }ll,74O 13,161 4,998 3,955 U. su S b . d iv G i o si v o e n r s nment and Postal 292 291 273 266 Un S in av v i e n s g te s d d e tr p u o s s t i t f s unds 2,148 1,645 1,464 997 Savings deposits Drafts 891 908 515 336 Uninvested trust funds 725 680 620 579 Other items 1,777 1,712 776 550 Drafts 600 810 611 596 Insured deposits with coverage Other items 4,397 3,206 1,701 1,761 of $5,000—total 62,411 56,514 26,04321,705 Accounts of $5,000 or less—total. 87,796 78,—773 65",66860,399 Deposits of individuals, part- Deposits of individuals, partner- nerships, and corporations: ships, and corporations: Demand 30,825 28,70511,389 8,535 Demand 38,667 33,85125,641 23,312 Savings and time 28,769 25,25212,774 1•1 ,557 Savings and time 43,276 40,09536,91533,954 Interbank deposits 496 461 445 396 Interbank deposits 37 17 26 29 Deposits of States and political D U e . s p u o S b s . d i i t v s G is o o i v o f e n r S s n t m at e e n s t an a d n d po P l o it s ic ta a l l 199 214 216 213 U. s S u S a b v . d i G n iv g o i s s v i d e o r e n n p s m os e i n ts t and Postal 722 622 497 459 Savings deposits Uninvested trust funds 557 526 425 356 Uninvested trust funds 678 635 SST 554 Drafts 312 375 216 167 Drafts 574 783 596 586 Other items 730 573 297 235 Other items 4,365 3,178 1,687 1,751 Additional insured deposits Accounts of $5,000 to $10,000— with coverage of $10,000.. . 10,587 8,606 3,930 3,098 total 2,248 1,729 698 565 Deposits of individuals, part- Deposits of individuals, partner- nerships, and corporations: ships, and corporations: Demand 6,788 5,1 2,283 1,594 Demand 1,054 939 317 226 Savings and time 2,598 1,633 826 811 Savings and time 1,107 711 323 287 Interbank deposits 424 413 365 312 Interbank deposits 11 10 12 Deposits of States and political Deposits of States and political subdivisions U. s u S b , d iv G is o i v o e n r s nment and Postal 27 23 19 18 U. S S a . v i G ng o s v e d r e n p m os e i n ts t and Postal 391 321 233 219 Savings deposits Uninvested trust funds 175 161 119 86 Uninvested trust funds 20 21 15 12 Drafts 99 97 56 38 Drafts 11 12 7 5 Other items 112 95 48 38 Other items 18 15 5 Further additional insured Accounts of $10,000 to $25,000— deposits with coverage of total 895 722 314 254 $25,000. . 12,066 10,022 5,219 3,937 Deposits of individuals, partner- Deposits of individuals, partships, and corporations: nerships, and corporations: Demand 603 521 19. 137 Demand * 8., 455 7,142 3,138 2,155 Savings and time 215 131 6 68 Savings and time 1,257 742 476 489 Interbank deposits 19 15 17 18 Interbank deposits 1,035 1,053 881 692 Deposits of States and political Deposits of States and political U. su S b . d iv G is o i v o e n r s nment and Postal 26 23 18 17 U. su S b . d G iv o is v i e o r n n s ment and Postal 769 609 386 Savings deposits Savings deposits... Uninvested trust funds 1 15 10 Uninvested trust funds 260 218 169 114 Drafts 9 3 Drafts 151 133 77, 46 Other items 9 8 c 3 Other items 139 125 65 55 Accounts of more than $25,000— 4 Uninsured deposits with covtotal 513 431 238 174 erage oi $25,000 54,188 55,33532,58619,480 Deposits of individuals., partner- Deposits of individuals, partships, and corporations: nerships, and corporations: Demand 356 299 140 95 Demand 31,71 30,14617,38' 9,688 Savings and time 32 18 13 14 Savings and time 953 546 69' 755 Interbank deposits 60 63 51 38 Interbank deposits 9,384 11,07: 9,364 5,398 Deposits of States ,and political Deposits of States and political U. s u S b . d iv G i o si v o e n r s nment and Postal 40 31 20 18 U. su S b . d G iv o is v i e o r n n s ment and Postal 9,858 11,609 3,855 2,891 Savings deposits Savings deposits..' Uninvested trust funds 9 5 Uninvested trust funds 1,156 740 751 441 Drafts 6 2 Drafts 329 303 166 85 Other items 2 Other items 796 919 366 222 FEBRUARY 1950 143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INSURANCE OF COMMERCIAL BANK DEPOSITS TABLE 7 SIZE DISTRIBUTION OF ALL ACCOUNTS IN INSURED COMMERCIAL BANKS, FOR VARIOUS GROUPINGS OF BANKS, SEPTEMBER 30, 1949 Number of accounts(in thousands) in size group of: Accounts of $5,000 Bank grouping Number or less as of banks $5,000 $5,000 $10,000 More percentage Total or less $10 t , o 000 $25 to ,000 $2 th 5, a 0 n 00 n o u f m to b t e a r l All banks 13,440 91,452 87,796 2,248 895 513 96.0 By class: National banks, members of Federal Reserve System.. 4,983 49,806 47,739 1,244 513 310 95.9 State bank members of Federal Reserve System 1,917 21,170 20,247 546 228 149 95.6 Banks not members of Federal Reserve System...... 6,540 20,476 19,810 458 154 54 96.7 By size (amount of deposits): $250 000 or less 77 31 30 1 98.7 $250,000 to $500,000 522 336 330 5 1 98.1 $500 000 to $1 000 000 1,954 2,021 1,971 37 11 2 97.5 $1 000 000 to $2 000 000 3,320 5,808 5,628 127 42 11 96 9 $2,000,000 to $5,000,000 . , 4,207 14,635 14,141 338 118 38 96.6 $5 000 000 to $10 000 000 1,763 12,756 12,320 289 105 42 96.6 $10 000 000 to $25 000 000 , . ... 971 13,581 13,094 312 119 56 96.4 $25,000,000 to $50,000 000 .... 302 8,037 7,722 193 78 44 96.1 $50,000,000 to $100,000,000 148 6,449 6,180 157 66 46 95.8 More than $100 000 000 176 27,798 26,380 789 355 274 94.9 By percentage of total amount of deposits insured: 100 ;..,.. 9 7 7 100.0 90 to 99 755 1,222 1,199 20 3 98 1 80 to 89 . ,. . 3,568 9,690 9,436 194 50 10 97 4 70 to 79 ... , 4,355 18,477 17,888 414 134 41 96 8 60 to 69... 2,773 17,638 17,009 414 153 62 96.4 50 to 59 . .... 1,201 21,175 20,341 535 206 93 96.1 40 to 49 . . 398 7,574 7,232 197 90 55 95 5 30 to 39 . . ... ........ 218 7,695 7,307 208 102 78 95.0 20 to 29 103 4,850 4,560 148 74 68 94.0 Less than 20 60 3,124 2,817 118 83 106 90.1 NOTE.—Percentages were calculated from the original figures before rounding. TABLE 8 DISTRIBUTION OF TOTAL DEPOSITS IN INSURED COMMERCIAL BANKS BY SIZE OF ACCOUNT, FOR VARIOUS GROUPINGS OF BANKS, SEPTEMBER 30, 1949 Deposits insured Amount of deposits (in millions) in accounts of: with $5,000 maximum coverage Bank grouping Total o $5 r ,0 le 0 s 0 s $ $ 1 5 0 t , , o 0 0 0 0 0 0 $ $ 1 2 0 5 to , , 0 0 0 0 0 0 $2 M th 5 o , a 0 r n 0 e 0 m A i m l ( li i o o n u n n s t ) Per cent All banks $139,252 $44,127 $14,787 $13,328 $67,010 $62,411 44 By class: National banks, members of Federal Reserve System 80,486 23,682 8,165 7,629 41,010 34,014 42 State bank members of Federal Reserve System....... 39,696 10,637 3,620 3,437 22,002 15,253 38 Banks not members of Federal Reserve System 19,070 9,808 3,002 2,262 3,998 13,144 68 By size (amount of deposits): $250,000 or less 15 11 2 1 1 13 88 $250,000 to $500,000 . / 208 144 30 20 14 175 84 $500,000 to $1,000,000 1,487 958 245 158 126 1,211 81 $1,000,000 to $2,000,000 4,866 2,866 839 603 558 3,764 77 $2,000,000 to $5,000,000 13,282 7,124 2,225 1,721 2,212 9,595 72 $5,000,000 to $10,000,000. . 12,310 5,988 1,892 1,546 2,884 8,171 66 $10,000,000 to $25,000,000. 14,714 6,370 2,045 1,768 4,531 8,802 59 $25,000,000 to $50,000,000 10,488 3,831 1,262 1,153 4,242 5,408 51 $50,000,000 to $100,000,000 , 10,350 3,139 1,036 994 5,181 4,484 43 More than $100,000,000 ,.,.. . 71,532 13,696 5,211 5,364 47,261 20,788 29 By percentage of total amount of deposits insured: 100 3 3 3 100 90 to 99. , 729 562 116 39 12 677 92 80 to 89 7,199 4,766 1,245 711 477 6,036 83 70 to 79...... ........... 15,928 8,966 2,699 1,916 2,347 11,910 74 60 to 69. 17,772 8,420 2,734 2,260 4,358 11,567 65 50 to 59 25,248 9,678 3,511 3,024 9,035 13,848 54 40 to 49 1 12,178 3,803 1,315 1,361 5,699 5,516 45 30 to 39. 16,945 3,837 1,383 1,553 10,172 5,778 34 20 to 29 .... 15,397 2,358 976 1,139 10,924 3,808 25 Less than 20 27,853 1,734 808 1,325 23,986 3,268 11 NOTE.—Percentages were calculated from the original figures before rounding. 144 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INSURx\NCE OF COMMERCIAL BANK DEPOSITS TABLE 9 NUMBER OF ACCOUNTS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS IN INSURED COMMERCIAL BANKS OF DIFFERENT SIZE, BY SIZE AND TYPE OF ACCOUNT, SEPTEMBER 30, 1949 Size of account Accounts of $5,000 or Size of bank (amount of deposits) $5,000 $5,000 $10,000 More pe l r e c s e s n a ta s ge Total or to to than of total less $10,000 $25,000 $25,000 number Demand accounts—number (in thousands) All banks 40,681 38,667 1,054 603 357 95.0 $250,000 or less 26 26 0) C1) (*) 98.9 $250,000 to $500,000 278 274 3 1 C1) 98.5 $500,000 to $1,000,000 1,491 1,458 24 8 97.8 $1,000,000 to $2,000,000. . . . 3,923 3,812 77 28 1 97.2 $2,000,000 to $5,000,000 8,433 8,144 185 81 6 96.6 $5,000,000 to $10,000,000. . . 6,029 5,785 144 73 23 96.0 $10,000,000 to $25,000,000. . 5,352 5,091 140 81 27 95.1 $25,000,000 to $50,000,000. . 3,056 2,881 88 56 40 94.3 $50,000,000 to $100,000,000. 2,416 2,269 68 46 31 93.9 More than $100,000,000 9,677 8,927 325 229 33 92.2 196 Savings and time accounts—number (in thousands) All banks" 44,630" 43,276 1,107 215 32 97.0 $250,900 or less 3 3 0) 98.6 $250,000 to $500,000 45 44 •\ 1) I) 0) 97.6 $500,000 to $1,000,000 452 441 10 C1) 97.4 $1,000,000 to $2,000,000.... 1,664 1,613 43 7 96.9 $2,000,000 to $5,000,000 5,654 5,487 139 25 3 97.0 $5,000,000 to $10,000,000. . . 6,237 6,072 137 25 3 97.4 $10,000,000 to $25,000,000. . 7,652 7,455 163 30 4 97.4 $25,000,000 to $50,000,000. . 4,525 4,407 98 17 3 97.4 $50,000,000 to $100,000,000. 3,683 3,585 82 14 2 97.3 More than $100,000,000 14,715 14,169 434 96 16 96.3 1 Less than 500 accounts, NOTE.—Percentages were calculated from the original figures before rounding. TABLE 10 AMOUNT OF DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS IN INSURED COMMERCIAL BANKS OF DIFFERENT SIZES BY SIZE AND TYPE OF ACCOUNT, SEPTEMBER 30, 1949 Deposits insured Size of account with $5,000 maximum coverage Size of bank (amount of deposits) $5,000 $5,000 $10,000 More Amount Percentage Total or to to than (in of total less $10,000 $25,000 $25,000 millions) amount Demand deposits—amount (in millions) All banks $77,780 $20,756 $7,262 $9,137 $40,625 $30,825 39 $250,000 or less 11 9 1 1 0) 10 90 $250,000 to $500,000. 151 111 21 13 6 132 87 $500,000 to $1,000,000. 991 664 160 110 57 828 83 $1,000,000 to $2,000,000. ,. 3,022 1,825 516 408 273 2,379 78 $2,000,000 to $5,000,000. . . 7,643 4,042 1,262 1,186 1,153 5,487 71 $5,000,000 to $10,000,000. . 6,580 2,915 978 1,081 1,606 4,134 62 $10,000,000 to $25,000,000. 7,586 2,700 969 1,231 2,686 4,002 52 $25,000,000 to $50,000,000. 5,424 1,577 603 825 2,419 2,452 45 $50,000,000 to $100,000,000 5,418 1,305 481 703 2,929 2,041 37 More than $100,000,000 40,954 5,608 2,271 3,579 29,496 9,360 22 Savings and time deposits—amount (in millions) All banks $33,577 $22,000 $6,899 $2,934 $1,744 $28,769 85 $250,000 or less 2 2 0) (*) C1) 2 96 $ $ 2 5 5 0 0 0 , , 0 0 0 0 0 0 t t o o $ $1 5 , 0 0 0 00 ,0 ,0 0 0 0 0 ..... .. 34 3 3 5 25 2 8 7 64 6 1 2 8 (x) 31 3 7 2 9 9 2 2 $1,000,000 to $2,000,000. . . 1,334 945 269 95 3 1,200 89 $2,000,000 to $5,000,000. . . 4,204 2,890 867 337 25 3,727 $5,000,000 to $10,000,000. . 4,270 2,934 850 342 110 3,758 $10,000,000 to $25,000,000. 5,136 ,511 1,007 407 144 4,493 87 $25,000,000 to $50,000,000. 3,138 2,137 609 230 211 2,726 86 $50,000,000 to $100,000,000 2,584 1,739 507 197 162 2,231 86 More than $100,000,000 12,531 7,557 2,720 1,306 141 10,283 82 948 1 Less than $500,000. NOTE.—Percentages were calculated from the original figures before rounding. 145 FEBRUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BY THOMAS B. McCABE, CHAIRMAN BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ON S. 2822, A BILL "TO AMEND THE FEDERAL DEPOSIT INSURANCE ACT" I am happy to have the privilege of submitting gard for the other aspects of the problem. The to this Committee the views of the Board of Gov- Board also reported that it had instituted a study ernors of the Federal Reserve System on S. 2822. of the insurance program for bank deposits with a The Board is in essential agreement with the gen- view to placing itself in position to respond to such eral purposes of this proposed legislation and is further inquiry as the Committee might wish to gratified that the bill is receiving careful study and make. consideration by your Committee. During the period in which the Board's study The insurance of bank deposits is today an in- was conducted, we received requests for views on tegral part of our banking organization and its bills S. 2094, S. 2300, and S. 2307. In addition, we efficient functioning is a matter of vital interest to were asked by Senator Douglas, Chairman of the the Federal Reserve. The System is charged with Subcommittee on Monetary, Credit, and Fiscal Poliprimary responsibility for monetary and credit pol- cies of the Joint Committee on the Economic Reicy in the national interest and this responsibility af- port, for our views on what changes in the bank fects the entire banking system as well as the non- deposit insurance program would further the effecbanking financial community. Furthermore, the tiveness of general monetary and credit policies. Federal Reserve has a direct concern for the welfare With respect to such requests, we stated that in of its member banks which hold 85 per cent of the view of the primary responsibility of the Federal deposits of the commercial banking system and sup- Deposit Insurance Corporation in this field, the port to a corresponding degree the deposit insur- Board of Governors was hesitant about offering ance program. specific suggestions without having the benefit of Responsibility for monetary and credit policy in the Corporation's views concerning desirable our American tradition cannot be discharged ef- changes. fectively without a strong and profitable private A preliminary draft of the Board's study was combanking system. Deposit insurance contributes to pleted by its staff in late August 1949. In early confidence in our banking mechanism by the assur- September, the Board circulated copies of this draft ance it gives to small depositors of the availability for review and comment to the Presidents of the of their funds. 12 Federal Reserve Banks, the members of the Fed- We believe that the Federal program of bank eral Advisory Council (the membership of which deposit insurance has made a notable contribution consists of one active banker from each of the 12 to banking stability. We further feel that the prin- Federal Reserve districts), and the Chairman of the cipal provisions of S. 2822, if enacted, will consti- Federal Deposit Insurance Corporation. Following tute a distinct improvement in the program. this circulation, a number of comments and sug- During the past year, your Committee has on gestions were received from the Federal Reserve several occasions requested the Board's views on Banks and the Federal Advisory Council. A rebills dealing with the insurance of bank deposits. vised draft was prepared in the light of these com- In response to a request relating to S. 80, a bill to ments and suggestions. A copy of this draft was increase deposit insurance coverage from $5,000 to sent to the President of the American Bankers $15,000, the Board in March, 1949, advised your Association. Chairman that the questions of insurance coverage, The comments received from the Federal Reserve reduction of assessments and revision of the basis Banks and the Federal Advisory Council indicated for assessments were interrelated and that a change some difference in judgment as to the desirability in coverage should not be considered without re- of increased insurance coverage but a strong con- 146 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BY THOMAS B. MCCABE ON S. 2822 sensus as to the desirability of reducing the assess- to the desirable amount of the increase. Extending ment burden on banks. coverage from $5,000 to $10,000 appears to the The Board reviewed the revised staff study * Board to be reasonable and a good compromise of and was in general accord with the suggestions the conflicting views. therein presented with respect to increased insur- Assessment burden—SEC. 7(e). The Board believes that experience, the size of the deposit insurance coverage, reduced assessments, and simplificaance fund, and the financial condition of the banktion of procedure by which individual banks coming system justify a reduction in the burden on pute assessment liabilities. The revised study was banks of insurance assessments. We would suggest then circulated again to the interested parties menthat consideration be given to determining the divitioned above for further suggestion or comment. dend in a manner which will make it less subject Replies recently received from the Presidents of the to fluctuation from year to year. Federal Reserve Banks indicate general concurrence The use of average loss experience over five or with the Board's position. However, we did not more years instead of the loss experience of the have the benefit of an expression of the views of preceding year for assessment purposes would modthe Federal Deposit Insurance Corporation before erate fluctuations in the dividend rate. This would we received a copy of the bill. keep the net assessment burden on banks more At this point, I should like to offer for the record stable and would avoid the adverse effect of a sharp a copy of the Board's study. The study is primarily increase in the net assessment burden in the event directed to a review and analysis of the coverage of widespread banking difficulties concentrated in and assessment aspects of bank deposit insurance. a period of economic reaction. I hope that it will be useful to your Committee in A more stable net assessment rate would also reits further consideration of S. 2822. You will note duce any tendency, on the part of the speculative that the conclusions of the study, arrived at inde- elements of the financial community, to use changes pendently, agree in principle and objective with the in the dividend rate as an index of the soundness proposals set forth in this bill with respect to insur- of bank stocks as well as the banking system. ance coverage and assessments. In making the Size of fund. We have noted that the bill does study available, it is not my thought to present an not indicate in any way what a desirable size of alternative approach, but merely to give your Com- the fund might be. If the size of the fund is not mittee the benefit of our painstaking examination to be increased indefinitely without regard for of this complex subject. probable adequacy, there should be some provision The bill, S. 2822, would modify the insurance designed to retard its further growth after it reaches program in two principal ways by: (1) increasing a desired magnitude in relation to total deposits or, deposit insurance coverage from $5,000 to $10,000, even better, in relation to total deposits minus cash and (2) reducing the net cost of deposit insurance assets and Government securities. to insured banks. It would also simplify the Amount of assessment relief. The Board believes manner in which the assessment liability is com- that relief from the existing assessment burden should be more liberal than is provided for in this puted. In the light of the conclusions reached in bill. Investment income should be included in comthe Board's study, I am pleased to say that the puting net income and the dividend rate should be Board feels that these proposals are a step in the higher than 60 per cent of the combined net inright direction and urges that they be given prompt come. We have come to this conclusion on the consideration. I have a few comments to make basis of the present size of the insurance fund, the on the proposals. availability of other resources to supplement it when Ban\ deposit insurance coverage—SEC. 3(m). necessary, and the potential losses which may be There are arguments for no increase in insurance realized from bank holdings of risk assets. Recoverage as well as arguments for a much more specting the availability of other resources, it should substantial increase than is proposed. Those favorbe borne in mind that the existing authority of the ing an increase in coverage are not in agreement as Corporation to borrow up to 3 billion dollars from #This study is reproduced in full on pp. 151-65 o£ this the Treasury is continued in the bill. Furthermore, the broad powers of the Federal Reserve Banks to BULLETIN. FEBRUARY 1950 147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BY THOMAS B. MCCABE ON S. 2822 provide credit to the commercial banking system Examinations—SEC. 10(b). Section 1.0(b) would will make it easier for banks to meet the demands give the Federal Deposit Insurance Corporation of their depositors if a period of strain should arise power to examine, without the consent of the Board in the future. of Governors, the State member banks of the Fed- The suggestion was also made during the hear- eral Reserve System. It would, however, continue ings on the bill that the authority of the Corporation the requirement that the Corporation obtain the to set up reserves be more carefully defined, and written consent of the Comptroller of the Currency the Board is in agreement with that suggestion. in order to examine any insured national bank. We think that the various changes which have The Board opposes this change. It is unnecessary been outlined above would improve the provisions and no sound reason has been advanced to indicate of the bill which relate to deposit coverage and its need. It would lead to confusion and to inassessment. creased overlapping and duplication in the examina- There are two other provisions of the bill, how- tion and supervision of banks. It would act as a ever, to which we take particular exception, namely, deterrent to State bank membership in the Federal section 13(b) relating to loans and section 10(b) Reserve System. It would be an inappropriate way relating to examinations. of dealing with the realignment of Federal bank supervisory authority. FDIC loan and asset purchase powers—SEC. 13(b). The bill proposes to eliminate the require- Lac\ of necessity. If the Committee were to ment in the present law for a merger or consoli- study the practices of the Federal bank examination dation in those cases in which the Corporation be- and supervisory agencies it would find, I am sure, lieves that a distress situation can best be taken that the proposed extension of power is not necescare of by loans or by purchasing assets. The loan sary to the effective discharge of the insurance functions of the Federal deposit insurance system. or asset purchase approach is frequently preferable As indicated in replies to the Douglas questionto the more involved and at times more costly procnaires, the Federal bank supervisory agencies now ess of receivership and liquidation. The restriction follow substantially uniform examination practices in the present law may at times prevent effective and standards and use similar report forms. As a action in relieving distressed situations without matter of course, Federal Reserve examination reliquidation. The Corporation should certainly have ports are made available freely to the Corporation. adequate powers to deal with distress cases and the Board favors the removal of this restriction. On the first work day of each week the Federal The provisions of the bill with respect to the cir- Reserve Board's Division of Examinations, which reviews and coordinates the examination work of all cumstances under which such loans may be made, the Federal Reserve Banks, sends to the Examinahowever, are not altogether clear, and the language tion Division of the Federal Deposit Insurance might at some future time be interpreted to permit Corporation a memorandum giving the names of the Corporation to embark upon the general busi- State member banks whose examination reports ness of lending to banks. It is understood that have been received by the Board during the previthis power is intended to pertain only to distress ous week. The Corporation calls for these reports cases which could not be handled by normal bankas it wants them, extracts from the reports such ing processes. In order to make clear that this is information as it wants for its own files, and then the case, we recommend that the provisions of secreturns the examination reports to us. It is our tion 13(b) be revised as follows: understanding that a similar procedure is followed "In order to reopen a closed insured bank or, in the case of insured national banks examined by when the Corporation has determined that an in- the Office of the Comptroller of the Currency. sured bank is in imminent danger of closing, in Thus the Corporation has the most recent informaorder to prevent such closing, the Corporation, tion on every insured bank in detail. in the discretion of its board of directors, is Unusual deterioration in asset condition, defalcaauthorized to make loans to, or purchase the tions, and like adverse matters developed by our assets of, such an insured bank upon such terms examining representatives are brought by our reand conditions as the board of directors may pre- view examiners, informally and promptly, to the scribe/' attention of the review examiners of the Federal 148 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BY THOMAS B. MCCABE ON S. 2822 Deposit Insurance Corporation. The review of furnish us with a list of such cases. Up to this such reports is given priority by us so as to make time, however, we have not been furnished with them available to the Corporation as promptly as any such information. possible. The Corporation furnishes to the Board's The Board's records show that 115 requests for Division of Examinations periodic lists of State consent to make examinations of State member member banks classed as problem cases by the Cor- banks were received from the Corporation. Of jporation. Significant information concerning such these not one was refused, 110 were granted, and banks, received between examinations, is trans- in five cases the requests were withdrawn or mitted to the Corporation. dropped. The Corporation also furnishes the Board's Divi- Increased overlapping and duplication. We have sion of Examinations with copies of memoranda 48 State and 3 Federal bank supervisory agencies. setting forth the analysis by its review examiners Among them they supervise about 14,500 banks. *of the condition of State member banks considered In spite of the existence of so many agencies reas problems on the basis of current examinations. markable success has been achieved in coordinating Despite the fact that the reports involved have been and standardizing bank examination procedures analyzed and reviewed at the Reserve Banks and and supervisory policies so as to minimize dupli- %y the Board's Division of Examinations in Wash- cation and reduce the burdens and costs of examiington, photostatic copies of such memoranda re- nation. ceived from the Federal Deposit Insurance Corpo- In order to minimize duplication, Congress proration are sent to the vice president in charge of vided for examination by the Federal Deposit In- 'examinations in the appropriate Reserve Bank with surance Corporation of only those insured banks the request that the Board be advised of further not otherwise subject to Federal examination and developments. As previously indicated, when any supervision, and for the requirement of written such information is received it is relayed to the consent from the appropriate Federal agency be- Federal Deposit Insurance Corporation either by fore the Corporation could examine independently ^telephone or memorandum. any bank otherwise subject to Federal examination. In view of the foregoing, I feel that the Federal The bill would eliminate this provision with regard Deposit Insurance Corporation is currently in- to the 1,900 State member banks with less than formed on the condition of State member banks 40 billion dollars of deposits but not with regard and, therefore, that nothing would be accomplished to the 5,000 national banks with nearly 80 billion •by any change in the law giving the Corporation dollars of deposits. power to examine such institutions without the Such a change after 16 years of experience with consent of the Federal Reserve Board. existing law could be interpreted as Congressional Whenever the Corporation has felt that special approval of increased activity in this field. By the circumstances have warranted a separate examina- very nature of the bureaucratic process, the change tion of a State member bank it has requested per- would lead to more Federal examiners, more exmission of the Board of Governors to make such aminations, more conflicts, more confusion, and an examination. A review of the cases reveals that more burdens on State member banks. the present provision of law has not hampered the While the Federal Reserve has authority with ^Corporation in the discharge of its insurance re- respect to national banks comparable to that being sponsibilities and that the proposed extension of requested for the Insurance Corporation with re- -power is unnecessary. spect to State member banks, for years the Federal A statement was made to your Committee by a Reserve has relied exclusively on the examinations -representative of the Federal Deposit Insurance of the Comptroller of the Currency. We have not Corporation that there have been several instances found it necessary to exercise this authority. In in which the Corporation has requested consent fact, if the purpose of this section of the bill is to oi the Board of Governors to make examinations assure "parity" among Federal supervisory agenof State member banks and in which the Board's cies, as has been suggested in testimony before the consent has not been forthcoming. We do not Committee, this can best be achieved by requiring Icnow of any instances of this kind and, accordingly, the written consent of the Comptroller of the Curon January 25, we requested the Corporation to rency for examination of national banks by the ."FEBRUARY 1950 149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BY THOMAS B. MCCABE ON S. 2822 Federal Reserve, instead of by providing for dupli- gress wish to deal with the problem of organization cate Federal examination of State banks. and functioning of the Federal bank examination Deterrent to State ban\ membership. The pro- and supervisory establishment, it should do so only posed change would expose State member banks after a careful study by the Banking and Currency to examination by two Federal agencies in addition Committees for the specific purpose of determining to examinations by State authorities. The addition the advisability of legislation in this field. by the Congress of another independent Federal Concluding comment. In conclusion, I should examining authority would constitute an obstacle like to re-emphasize the Board's strong sympathy to State bank membership in the Federal Reserve for the objectives of this proposed bill relating to System and I have been advised by Presidents of the insurance coverage, the payment of dividends, the Federal Reserve Banks would lead to withthe assessment base, the simplification of the assessdrawals from the System. As a result, the effectivement computation, and the liberalization of the ness of Federal credit and monetary policies would loan and asset purchase powers of the Corporation. be weakened. We question whether any of the other provisions Inappropriate way of realigning Federal superof this bill are essential at this time. There has visory authority. I should like to emphasize the been only a very short period within which to Board's opinion that realignment of bank examinaexamine all of the provisions in detail. It is quite tion and supervisory functions of the three Fedpossible that, on further study of the detailed proeral bank supervisory agencies is not a matter which should be dealt with in a piecemeal fashion visions of the bill, we would have additional sugor as an incident to a bill designed primarily for gestions to make and, if so, we hope the Commitother ends. The Board feels that, should the Con- tee will permit us to do so. 150 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR DEPOSIT INSURANCE* SUMMARY OF CONCLUSIONS servers that any substantial increase in coverage, especially to full deposit coverage, would result in After 15 years of operations, the FDIC has acan inevitable encroachment by supervisory authoricumulated from assessment receipts and other earnties on bank management responsibilities. ings an insurance fund of more than one billion On the other hand, the weight of argument is in dollars. With this huge reserve fund increasing rapidly (and considering the drawing fund of 3 favor of some increase in the coverage of deposit billion dollars which the Corporation has with the insurance. Added coverage may help in achieving Treasury), it is appropriate to re-examine the whole more fully both of the major objectives of deposit matter of public policy with regard to deposit insurance—protection of the individual depositor and promotion of stability in the economy as a insurance. The basic question is whether, for all practical whole through protection of the money supply and purposes, the existing reserve fund for deposit in- maintenance of public confidence in banks. The surance is now large enough. The answer indi- sharp increase in the general price level, average cated in this study is that the fund is now approach- level of incomes, and bank deposits since prewar ing such a size. has made the existing coverage less adequate than Three further questions therefore need consider- it was 15 years ago. Expanded coverage would ation: first, whether the present benefits of the in- also prove of advantage to smaller banks in getting surance should be increased; secondly, whether and retaining larger deposit accounts and further there should be a revised assessment formula that would correct in part the unevenness of the insurwould moderate the assessment burden on insured ance burden relative to statutory coverage as it is banks; and thirdly, whether both of these steps presently distributed among large and small banks. could be taken at this time. The conclusions of As the FDIC currently functions, great emphasis this study with respect to these questions are in is placed on keeping "trouble" banks in active the affirmative and are set forth below: operation through reorganization and mergers Increase in deposit coverage. At present deposit rather than allowing them to be closed and paying insurance is extended on all deposit accounts but off promptly just the insured depositors. This with a maximum coverage for individual accounts of $5,000. With this coverage, about half of the method of operation has been found to be cheaper total dollar amount of bank deposits are insured; to the FDIC and has the great advantage of proin small banks where the accounts tend to be small, tecting communities against the depressing effects the proportion of deposits insured is relatively high; of bank failures. If the present fund is adequate in large banks, where most of the large deposits to support an operating procedure of this kind at are held, the proportion of deposits insured is rela- current levels of insurance coverage, there is no tively small. reason for thinking that it would be less adequate The principal objection to an extension of deposit at higher levels of coverage. insurance coverage is based on the belief that the Moderation of the assessment burden. If the watchfulness of large depositors helps to promote deposit insurance reserve is not to be increased insound banking practices. It is felt by some ob- definitely without regard for probable adequacy, the present scheme of insurance assessment must be *This background study is directed primarily to a review revised at an early stage. Furthermore, a downand analysis of the coverage and assessment aspects of bank deposit insurance. It was originally prepared in May 1949 ward revision of assessments, resulting in increased and has been revised on the basis of comments and sugges- bank earnings, would greatly strengthen the positions received from the Federal Reserve Banks and the Federal Advisory Council. tion of the supervisory authorities in their efforts FEBRUARY 1950 151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR DEPOSIT INSURANCE to encourage the progressive increase of bank along these lines would be entirely feasible. For capital. this purpose, the rate of assessment could be re- Some reduction in the assessment burden could lated to average loss experience over the previous be effected by permitting deductions from the as- 10-year period. Either the reserves of more than sessment base for vault cash and reserves against 1,100 million dollars that have now been accumudeposits, and perhaps for other riskless assets such lated could be considered a maximum, or provision as short-term Government securities. A combina- might be made for tying the maximum size of the tion of such allowances, at the present assessment fund to the volume of deposits to allow autorate, would reduce premium payments about 40 matically for any future substantial growth in million dollars. This approach to the problem is deposits. circuitous, however, and it would be better to Still another way of making provision for lowerfollow a more direct course in moderating the ing the present assessment burden would be to give assessment burden on insured banks. to the Corporation authority, after consultation The burden on banks of the insurance assessment with other agencies such as the Federal Reserve could be moderated in direct fashion by lowering, Board and the Secretary of the Treasury, to vary the at least for extended periods, the assessment rate. assessment rate within statutory limits. It is doubt- One proposal, supported by banker groups, would ful, however, whether such an arrangement would provide for the establishment of a statutory formula offer any important advantages as against the for an automatic scale of assessments, based on the formula proposed. previous year's losses, to range from a nominal Whatever action may be taken to moderate the assessment up to 1/12 of 1 per cent. This plan, assessment burden on insured banks, there is a however, would have a procyclical impact on banks need for technical changes to simplify the proin that it would provide for raising rates sharply cedures for computation of the assessment base, in periods of banking difficulties and dropping such as use of deposits as of selected dates instead rates rapidly as conditions became favorable. of the daily average of deposits, and to make con- It would be preferable to moderate the assessment sistent the definitions of terms used in determining burden through some formula which would minithe volume of deposits for insurance assessment mize the procyclical effect by providing for an purposes and for reserve and call report purposes. automatically varied premium rate under a statutory formula allowing the fund to decline in pe- Timing of proposed changes. An increase in riods of banking difficulty without a sharp rise coverage and provision for easing the assessment in assessment rates, and leaving the rebuilding of burden on banks are sometimes considered as mututhe fund to a more gradual process. The present ally exclusive alternatives in the deposit insurance level of the fund would be maintained over the long program. The conclusion of this study, however, run, but the formula would not place banks under is that both major steps could be taken concurrently, additional strain in periods of banking difficulties and that early legislative action for this purpose by raising premium rates abruptly. A formula would be appropriate. ASSESSMENTS AND COVERAGE FOR DEPOSIT INSURANCE Since the establishment of a national system of insurance has been stimulated by the size of the deposit insurance, there have been numerous sug- insurance fund and the rate at which it has been gestions for its amendment, some reaching the increasing in recent years. It has been possible status of bills before the Congress. In general these for the Federal Deposit Insurance Corporation to proposals fall into two groups: those favoring an build the insurance fund to more than 1,100 million increase in the amount of deposits insured, and dollars, while repaying the 289 million dollar conthose favoring decreases in the base or rate of assess- tribution to capital made originally by the Treasury ment. Some proposals incorporate elements of both and the Federal Reserve Banks. Currently (at groups—larger deposit coverage with a reduction present deposit levels) assessements are adding more in the assessment rate and/or base. than 100 million dollars a year to the fund. Interest Renewed interest in the whole subject of deposit from invested funds and other income more than 152 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR DEPOSIT INSURANCE pay for operational costs and current losses. In the amount of its total deposits, regardless of how 1947, 38 million dollars was added to the fund much of these deposits is covered by insurance. from these sources alone. Since insurance coverage is limited to amounts of The powers granted to the Corporation permit $5,000 or less and the large accounts are in larger loans on and purchase of assets for the purpose of banks, it is generally true that the larger the bank amalgamating distressed banks with stronger banks. the smaller the proportion of deposits covered. These powers have provided the Corporation with Member banks have about 85 per cent of the total a very effective alternate procedure for dealing with assessment on commercial banks for deposit insurbanks in difficulty. This alternate procedure has ance. Yet member banks tend to run larger in resulted in much smaller losses than would have size than nonmember banks with the result that come from outright liquidation proceedings and only about 37 per cent of member bank deposits consequently required less recourse to the insurance are covered as compared with about 72 per cent for funds. nonmember insured banks. The Federal Reserve has a further interest in INTEREST OF THE FEDERAL RESERVE SYSTEM IN deposit insurance because of its effects on ability DEPOSIT INSURANCE of banks individually to strengthen their capital As the agent primarily responsible for monetary accounts. Assessments constitute a considerable •stability, the Federal Reserve System is vitally in- drain on bank earnings, thus hindering banks in terested in the functioning of an insurance pro- their attempt to improve their individual capital gram which has as its primary objective the re- positions. A decrease in assessments resulting in moval of one of the prime causes of monetary in- increased bank earnings would materially aid banks stability. Deposit insurance is potentially one of in attracting outside capital and in increasing their the more important reforms directed to greater capital directly through retained earnings. monetary stability by the banking legislation of This study explores three basic elements of the 1930's. In essence, these banking reforms deposit insurance—-coverage of insurance, assessaimed at preventing a repetition of the wholesale ment base, and rate of assessment—in order to make destruction of the money supply that occurred available pertinent information and considerations during 1929-33. To that end the Board of Gover- that should be taken into account in working out nors, among other things, was authorized to vary basic changes in the present arrangements. reserve requirements within certain limits and to prescribe margin requirements on listed stocks; the THE NEED FOR DEPOSIT INSURANCE Federal Reserve Banks were authorized to grant The economic importance of deposit insurance credit on any sound bank asset; and provisions for stems from the fact that liabilities of banks are the issuance of Federal Reserve notes were liberal- essentially demand liabilities to the public and that ized. It will be noted, however, that these changes these liabilities constitute the country's principal in System powers, while providing the necessary means of payment, i.e., check money. All too often elasticity in the banking system to cope with adverse in our history panic shifting of funds from one conditions, deal only indirectly with one of the bank to another and eventually panic withdrawals causal factors which in the past have greatly aggra- of funds by the public from the banking system vated cyclical developments, namely panic condi- have forced the banks to liquidate assets at most tions among depositors. Deposit insurance is the unfavorable times. Distress calling of loans and instrument set up to prevent that considerable part forced liquidation of securities by banks and bank of a liquidating process which is due to the panic borrowers have led to widespread bank suspensions withdrawal of funds by the general public. and to a drastic destruction of the principal part System interest in possible changes in deposit of the money supply—bank deposits. insurance arises also from another feature of the Deposit insurance is useful in correcting these deposit insurance plan. Under the existing ar- unfortunate periodic experiences from two major rangement, member banks pay a disproportionate closely related viewpoints—that of the individual share of the insurance cost. The assessment base and that of the nation. From the individuals' is total deposits less cash items in process of collec- standpoint, deposit insurance provides protection, tion and each bank pays roughly in proportion to within limits, against the banking hazards of de- FEBRUARY 1950 153 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR DEPOSIT INSURANCE posit ownership. But the major virtue of deposit rate of assessment necessary to have covered losses insurance is for the nation as a whole. By assuring on these deposit balances would have been about the public, individuals and businesses alike, that 1/7 of 1 per cent of total deposits (less cash colleccash in the form of bank deposits is insured tion items) in operating banks. It was assumed up to a prescribed maximum, a major cause of in- that banking reforms would eliminate repetition stability in the nation's money supply is removed. of the so-called crisis years mentioned earlier in Preservation of public confidence in the banks which losses to depositors were heavy. Losses in makes for stability in the level of bank deposits the noncrisis years were 1/12 of 1 per cent for all and for stability in the economy as a whole. deposits in active banks. The rate then is the equivalent of closed bank losses against all deposits BACKGROUND OF PRESENT LAW in the noncrisis years. Federal insurance of bank deposits grew out of Present assessment base. The statutory assessthe widespread bank failures of the I920's and ment base selected for Federal insurance of deposits early I930's. The Federal Deposit Insurance Cor- was total deposits plus trust funds less cash items poration was established by the Banking Act of in the process of collection. This base was selected 1933, with amendments by the Banking Act of despite the fact that many banks would have essen- 1935. tially full coverage out of the common fund There was little experience and information on whereas others, mainly the larger banks, a large which to base a scheme to insure bank depositors proportion of whose deposits would represent large against loss. Rates of assessment, the assessment accounts, would have a considerably smaller probase, and insurance coverage all had to be deter- portion of their deposits insured. It was thought mined more by current judgment than on the basis that the indirect benefits from deposit insurance for of actuarial experience. In fact, such experience as larger banks fully justified their more than prowas available—various State deposit insurance portionate assessment contribution. funds—was so unfortunate that had it been used, Limitation of insurance to $$,ooo. The limitation insurance rates might well have been prohibitive. of Federal deposit insurance to $5,000 was frankly In recommending the present rate and base, the designed to insure "the mass of depositors with FDIC had some data on annual rates of loss to small accounts." With this limitation on coverage, depositors for the period beginning 1863. As about 98 per cent of depositors were fully insured. eventually revised, covering the period 1863-1940, As a result of the increase in the average size of these data show that annual losses to depositors deposits in recent years, the proportion has fallen from bank suspensions ranged from less than 0.01 slightly to about 96 per cent at present. per cent of all deposits in operating banks to slightly Merger vs. receivership procedure. There are more than 2 per cent. It is estimated that about two procedures by which the Corporation may protwo-thirds of the total losses to depositors in closed tect the deposit holders of insured banks in financial banks over the 76 years occurred in 12 particular years, 1873, 1875-78, 1884, 1891, 1893, and 1930-33. difficulty. One is an advance or purchase of certain About half of the total loss was in the 1930-33 assets by the Corporation to facilitate assumption of period. the deposit liabilities of a weak or insolvent bank Present assessment rate. The statutory assess- by another bank in the same or nearby community. ment rate was set as follows: Total losses to de- The other is to act as receiver for an insolvent positors in closed or suspended commercial banks bank, paying off insured deposits. The merger for the period 1863-1933 were estimated at about method has been much more widely used in recent 2.7 billion dollars, excluding assessments of about years. This method is clearly superior on several 500 million dollars from bank stockholders (actual counts: ordinary business has not been disrupted loss about 2.2 billion dollars), or an average annual by an interruption of banking services; all depositors rate of 1/5 of 1 per cent of deposits in operating have been protected; depositor losses to be met by banks. Deposit balances not exceeding $5,000 the Corporation have been less severe; and unwere estimated to have accounted for approximately desirable repercussions on neighboring banks and three-fourths of these losses. The annual average communities have been held to a minimum. 154 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR DEPOSIT INSURANCE THE RECORD—1934-47 to meet any contingency. It is not feasible to apply rigorous actuarial principles to bank deposit insur- Bank suspensions as well as bank deposit losses ance to determine precisely the size of the insurance have been small since Federal insurance of deposits reserve fund that is needed. Historically losses to was established. Over the period of more than 13 depositors through bank closings have been concenyears, 1934-47, only 404 banks have required astrated in particular periods of economic upheaval. sistance. As Table 1 indicates, 245 were placed These losses could not have been forecast either as in receivership and 159 were merged with other to timing or amount. On the basis of the generally banks. Losses to the Corporation in these operarecognized principle that most bank assets are tions were about 26 million dollars. Actual losses sound, assuming integrity of management, losses to depositors were less than 2 million dollars for to depositors or to an insurance fund should be low the entire period. providing there is time and opportunity to liquidate TABLE 1 the bank assets in an orderly fashion. Under such conditions, an insurance fund of the present size DEPOSITS AND LOSSES IN INSURED BANKS PLACED IN RECEIVER- SHIP OR MERGED WITH FINANCIAL AID OF THE FEDERAL should be more than adequate to take care of ulti- DEPOSIT INSURANCE CORPORATION, 1934-47 mate losses. When public loss of confidence in banks be- Banks Item Total re p c l B e a i c a v e n e d k rs s i h n ip me fi r n g a e n d c i w al ith comes a major factor, however, a larger fund is aid of FDIC needed in order to pay off depositors and hold assets until conditions are proper for their liquidation, Number of banks 404 245 159 and for this reason the FDIC now has a drawing A Es m ti o m u a n t t e d o f lo d s e s p o b s y i t d s. e - . .$512,223,000$109,603,000$402,620,000 fund available from the Treasury of 3 billion dolpositors 1,865,000 1,865,000 lars. If confidence is fully undermined, then no Estimated loss to FDIC 26,014,000 14,619,000 11,395,000 reasonable fund would be large enough to meet liquidation problems arising from panic with- Source.—Annual Report of Federal Deposit Insurance Corporation for 1947, p. 14. drawals of deposits. But provision for ultimate liquidity of deposits is basically not properly the Precisely how much influence deposit insurance task of an insurance fund; it is the responsibility has had in this excellent record and how much must of the central bank—i.e., the Federal Reserve Sysbe credited to other factors cannot be determined. tem. Under the legislation of the 1930's, the The entire period of the Corporation's existence ex- System is in a greatly strengthened position to discept for a part of the years 1937-38 was one of charge that task. rapidly expanding bank credit, generally rising prices, and expanding business activity. The vio- At present the insurance fund is very large and lent bank upheaval of the early 1930's undoubtedly is growing rapidly. At the end of 1948 it was removed from business most banks not structurally about 1,100 million dollars, an amount approxisound or economically necessary, resulted in a dras- mately equal to the total reported losses of all tic house cleaning of many banks which survived, depositors in the 1930-33 period. Assessments paid and provided a good deal of hard-won experience by all insured banks are currently about 120 milfor individual bankers. Bank supervision has also lion dollars a year, as is shown in Table 2. Of improved greatly as a result of the experience in particular interest is the very large current income the 1930's. Financial developments, too, partic- from investments. Almost a quarter of a billion ularly the enormous and continuous growth of the dollars has been added to the insurance fund from public debt over the period to 1946 and the stabili- this source. This sum is three times the total zation of the Government security market by the expenses of the Corporation since its beginning, Federal Reserve System have permitted banks to and more than nine times the deposit insurance acquire a larger proportion of liquid assets than was losses and expenditures since 1934. Moreover, the case in earlier years. while the Corporation's expenses have tended to remain relatively constant, income from invest- Is THE PRESENT INSURANCE FUND LARGE ENOUGH? ments has tended to increase at a rapid rate. The No one can say exactly what the size of the FDIC investment income, of course, is in addition to surplus fund should be if it is to be fully adequate assessments. FEBRUARY 1950 155 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR DEPOSIT INSURANCE TABLE. 2 investment income—is related only to the losses (over and above those covered by bank capital) INCOME AND EXPENSES OF THE FEDERAL DEPOSIT INSURANCE that would be sustained in the final liquidation of CORPORATION SINCE BEGINNING OPERATIONS [In millions of dollars] assets. Those who believe that the insurance fund is not Income Expenses now large enough have called attention principally to the decline in the ratio of bank capital to bank Year Total i p n D o s e u s - i r t - m v a I e n n e s n d - t- t Total i p a n D o n s e u s c - i r e t - m A t i r n a d i - s - - a s in d u N c d r o p e e m d l t u e t s o a a s n s d e ts t , o t t o h e a d a re n c g e e n r t o i f n c r r i e s a in s g e l i o n s se s s u b f s ro ta m nd a d r e d f al a c s a s t e i t o s, n , ance other losses tive by bank employees. The decline in the ratio of assess- and exments come ex- penses bank capital to bank assets has been substantial. penses During the twenties and in the middle thirties, 1933-48 1,148.7 904.3 244.4 82.8 25.9 57.0 1 ,.065.9 member bank capital averaged between 11 and 14 1948 146.8 119.2 27.6 5.7 .4 5.3 141.2 per cent of total member bank assets. After 1938, 1947 157.7 114.4 43.3 5.7 .2 5.5 152.0 1946 130.9 107.1 23.8 4.6 .1 4.5 126.3 and particularly during the early war years (1939- 1945 121.2 83.7 27.5 4.0 .1 3.9 117.2 1944 99.5 80.9 18.6 3.9 .1 3.8 95.6 43) this ratio declined sharply to about 6 per 1943 86.7 70.0 16.7 4.5 .2 4.3 82.2 cent, and since 1944 has risen slightly to 7 per cent 1942 69.4 56.5 12.9 4.4 ,5 3.9 65.0 as of April 1949. Most of the asset expansion since 1941 62.0 51.4 10.6 4.4 .7 3.7 57.6 1940 55.9 46.2 9.7 8.5 4.9 3 .6 47.4 1938, however, has been due to larger bank hold- 1939 51.2 40.7 10.5 11.7 8.3 3.4 39.5 ings of United States Government securities which 1938 47.8 38.3 9.5 5.5 2.5 3.0 42.3 1937 48.1 38.8 9.3 6.2 3.5 2.7 41.9 are free of credit risk. The ratio for member banks 1936 43.8 35.6 8.2 5.1 2.6 2.5 38.7 1935 20.7 11.5 9.2 5.5 2.8 2,7 15.2 of capital to "risk assets" is currently considerably 1933-34 7.0 7.0 4.4 .3 4.1 2.6 higher than in the twenties, although below the level of the thirties and the war years, both periods Source.—Annual Report of the Federal Deposit Insurance Corporation for 1947, p. 28, and FDIC Report to Insured Banks, when bank lending operations were abnormally Dec. 31, 1948. curtailed. In 1947 and 1948, banks added to their The fund was set up for paying ofiE ultimate capital at about the same rate as they increased their losses to depositors on deposits in amounts of risk assets, and so the ratio of capital to risk assets $5,000 or less. Actually the Corporation has two has remained about unchanged. functions and uses the fund in both. First, it is Available statistical evidence does not indicate a liquidating or merger agency and secondly, it is that any significant deterioration in the quality of the insurance agency which absorbs losses arising bank assets has occurred in recent years. Accordout of its liquidating activity. As a liquidating ing to an FDIC report to insured banks, dated Febagency, it acts as a receiver, pays off insured de- ruary 23, 1949, there has been a steady improvepositors as fast as claims can be proved, and at- ment in the quality of bank assets over the past 15 tempts to realize on assets of liquidated banks. It years. In 1948 the volume of substandard assets is, however, only the difference between the realized was only about one-half of 1 per cent of total assets,, value of the assets and the amount paid to meet slightly more than two years ago but very much depositors' claims that needs to be absorbed in its less than in 1939, when it was 5 per cent of insurance function. total bank assets. Further evidence of a signifi- The liquidating function requires the availability cant quality improvement in bank assets since 1935 to the FDIC of a large amount of money. Bank is given in Table 3. United States Government assets cannot be liquidated overnight; indeed, pub- securities now represent about 40 per cent of total lic policy might and probably would require that assets of insured banks as compared with 8 per cent such assets should be held for gradual liquidation, in 1929, and 28 per cent in 1939. This is true particularly in the event of wide-scale suspensions. despite a record-breaking increase in loans in the It was to meet this need that the FDIC was given past several years. Loans as a whole have decreased a 3 billion dollar drawing fund at the United States' in relative importance from about 55 per cent of Treasury. On the other hand, the size of the fund bank assets in 1929 to about 28 per cent in 1948. needed for the insurance function—and this is the What the table cannot show is improvement infund that should be provided out of assessments and risk quality of the loan portfolio. For example,. 156 FEDERAL RESERVE BULLETIN? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR DEPOSIT INSURANCE TABLE 3 of bank capital positions is necessary if banks are to function effectively in financing expansion of ASSETS OF INSURED BANKS FOR SELECTED YEARS American business. The shares of many banks [Percentage distribution] are now selling at a discount from their liquidating 19201192911933 1939 1947 1948 values. As a result, these institutions are finding it difficult to sell additional stock at prices con- Total assets 100.0 100.0 100.0100.0 100.0 100.0 sidered attractive to bank management. Loans 58.1 54.4 37.9 26.7 24.6 27.6 For purchasing securities. 14.7 21.1 13.6 2.6 1.3 1.5 A reduction of FDIC assessments from 1/12 to Real estate. . . 2.8 6.6 7.0 6.6 6.1 6.7 Business 9.3 11.8 12.4 1/50 of 1 per cent would amount to about 90 mil- Agricultural 40.6 26.7 17.3 1.7 1.0 1.8 Other. 6.5 4.4 5.2 lion dollars, or about 12 per cent of bank net profits Investments. 17.9 20.3 36.7 35.5 50.2 46.2 in 1948. An increase in bank profits of this amount U. S. Government securi- should enable banks to plow back more earnings ties , 8.4 8.0 21.5 24.7 44.5 40.3 Other securities 9.5 12.3 15.2 10.8 5,7 5.9 into capital accounts and to float new issues of Cash assets. 18.6 19.0 19.1 34.7 24.2 25.0 capital stock at more satisfactory prices. Such an Reserves with Federal Reserve Banks.......... 5.5 4.9 7.9 18.4 11.7 13.4 increase in bank earnings, moreover, would greatly Cash in vault. 1.8 1.2 1.4 1.7 1.4 1.3 Balance with other banks. 5.4 4.8 6.5 6.4 5.9 help the supervisory authorities in their efforts to Cash items in process of 11.6 collection 5.9 8.1 3.3 4.7 4.4 encourage banks to increase their capital. 3.0 Other assets 5.4 6.3 6.3 1.0 1.2 Can the assessment rate safely be cut? In view 3.1 of the size of the insurance fund at the present 1 Percentages refer to member bank data only. time, the answer to this question is believed to be in the affirmative. The question of what kind of although real-estate loans represent almost identia formula might be used to effect such a cut is cal proportions of total assets in 1948 and in 1929, considered in following sections. provisions for amortization plus the fact that much Can the insurance coverage be increased? Some of the real-estate loan portfolio is now guaranteed discussions of the status of deposit insurance have by Federal agencies put these loans in a much imbeen predicated on the assumption that either the proved risk category. Moreover, improved risk assessment might be cut or the coverage of deposit quality applies in varying degrees to other cateinsurance could be increased. These two courses gories of the loan portfolio. of action, however, are not necessarily mutually ex- Defalcations were an important or controlling clusive. In a following section it is suggested that factor in the difficulties of five (and perhaps six) of the total of seven banks whose depositors the Corpo- extension of the coverage of deposit insurance ration was called upon to protect in 1945, 1946, and might strengthen rather than weaken the adequacy 1947. The problems that arose were related to the of the present fund by increasing public confidence fact that fidelity protection was not in keeping with in banks. Further, it is not true as a practical the risks and responsibilities involved. While de- matter that the insurance liabilities of the FDIC falcations have been an important cause with the would be much if any increased by an increase in very few banks that have experienced difficulties coverage, say to $10,000 or even to $25,000. The recently, they can scarcely be considered of large Corporation now in fact tends to protect all deenough general importance to place the present de- posits through its merger procedure described in posit insurance fund in jeopardy. In any, event, a preceding section. the remedy is greater bank fidelity coverage, not a larger deposit insurance fund. PROPOSALS RELATING TO INSURANCE COVERAGE Effect of reduced assessments on ban\ capital With respect to deposit insurance coverage, three accounts. Reflecting the large increase in bank detypes of proposals have been made. First, there posits in relation to capital since prewar years, banks are those who hold that the present coverage is adegenerally have been under continuous pressure from supervisory authorities to strengthen their quate and that there should be no change. Seccapital positions through reinvesting earnings and ondly, it has been suggested that all deposits should through sales of additional capital stock. From a be insured. Thirdly, bills now pending in Conlong-range point of view, the steady strengthening gress would double or triple the coverage of deposit 157 FEBRUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR DEPOSIT INSURANCE insurance. The advantages and disadvantages of in the service fields. It is conceivable that service these alternatives are discussed below. competition might prove so costly as to influence No change in coverage. Arguments for no change banks into much riskier credit policies. With a significant expansion in deposit coverage it is therein deposit insurance coverage generally fall into fore argued that the scale of bank supervision one of the following three broad categories: would need to be materially enlarged. 1. The fund is not large enough to meet the Lastly, extension of deposit insurance is somepotential liabilities arising out of increased covertimes opposed on the ground that banking reforms age- , during and since the mid-1930's, legislative and 2. In an independent unit banking system such otherwise, have largely corrected the weaknesses in as ours, it would not be advisable to increase the banking system which formerly engendered insurance coverage because the policing influence depositor losses and panic. Two fundamental rethat large depositors exert for the promotion of forms in banking practice illustrate the application sound banking practices would be removed and of experience gained during the depression to the the role of the bank supervisory authorities would strengthening of the banking system. An agreebe correspondingly expanded. ment among bank supervisory agencies in 1938 3. The banking legislation of the thirties cor- represents a change in the concept of appraising rected the deficiencies in the banking system bank assets from a basis of liquidating value to a which gave rise to large deposit losses and de- basis of going-concern value. For example, highpositor panic and in consequence no insurance at grade bonds are valued at the lower of book or all is really needed. Thus, no increase in insur- amortized cost and loans are classified only on the ance coverage is required. basis of some question in regard to payment. Under The question whether the fund is large enough this arrangement bank supervision should help to now to support increased coverage was discussed prevent forced liquidation of assets rather than in a previous section, with the answer in the contribute to such liquidation. A second major affirmative. improvement in banking practice has been the The second objection to a change in coverage of growing tendency, under the prodding of superdeposit insurance is in part based on the feeling visory authorities, to establish adequate reserves that such extension would result in placing a "prem- against losses. This trend was greatly stimulated ium on bad banking." That is to say, if full deposit by the recent ruling of the Bureau of Internal Reveinsurance coverage were in effect, it would tend to nue (Mimeograph 6209) under which banks are lift the influence that watchful, large depositors may permitted to establish such reserves out of income have over the loan and investment and other policies for tax purposes. of bankers. Even if deposit insurance were in- The authority given to the Federal Reserve to creased to some amount greater than $5,000 but lend on any sound bank asset is also cited as a less than full coverage, a smaller group of individ- measure that vastly increases the capacity of the uals than now would be concerned with the safety banking system to meet demands for funds. From of their deposits and consequently with the solvency this point of view, it is argued that, because of bankof their banks. ing reforms, insurance of bank deposits is no longer It is difficult to evaluate in specific terms the essential. Adherents to this view, however, recogextent of this kind of influence. Undoubtedly, bank- nize the general acceptance of the existing insurance ers are restrained, in many cases, from going heav- plan as part of the warp and woof of our present-day ily into certain types of credit in part by the knowl- banking and do not usually recommend its elimiedge that some large depositors are following nation. But neither is expansion of the insurance closely the bank's lending and investing policies program considered necessary or desirable.1 and may withdraw their funds if disturbed by a Full deposit insurance coverage. The case for movement of the bank into more risky assets. Un- full deposit insurance coverage rests basically on der full or substantially increased coverage, "con- the thesis that the primary function of deposit servative banking" might no longer be an asset in competition among banks for accounts of large XA somewhat different interpretation of the interrelationship between deposit insurance and the banking reforms of depositors. Competition might rather be intensified the 1930's is given in the following section. 158 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STAFF STUDY ON ASSESSMENTS AND COVERAGE FOB. DEPOSIT INSURANCE insurance is to protect the money supply and cent) of demand deposits were insured as comthus to contribute to general economic stability, pared with 25.2 billion dollars of the 28.1 billion and that the lessons of past financial crises show (about 90 per cent) of time and savings deposits. that extension of insurance to cover all deposits is If the contention that lack of confidence during essential to the full accomplishment of those objec- periods of economic adversity induces extensive tives. With respect to this thesis, the following withdrawals of funds and forced liquidation of aspoints are made, which are developed in subsequent sets with consequent destructions of bank deposits is paragraphs: valid, then lack of confidence of large depositors could bring about deposit declines of sufficient 1. More than half of the dollar amount of magnitude to force widespread liquidation of bank all individual and business deposits is in nonassets even if insured depositors held their funds insured accounts. Large rather than small dein banks intact. In the 1930-33 recession, according positors historically have exerted the main presto the findings of a study by the staff of the Board sure on banks' liquidity positions. of Governors of the Federal Reserve System, deposit 2. Many deposits of more than $5,000 are small withdrawals by large rather than small depositors business balances, loss of which would result appeared to have exerted the main pressure on in economic distress to individuals and the combanks' liquidity positions. munity. This study covered a large sample of banks with 3. Substantially full deposit coverage is already deposits of from 1 to 40 million dollars (about half provided in actual practice, but full advantage of the total amount of deposits in closed banks has not been taken of its stabilizing value. in this period were in banks of such size). It was 4. Although reforms in banking and in the found that a presuspension decrease in deposits of economy as a whole, supplemented by experi- 70 per cent took place in the balances of demand ence gained in the last depression, reduce the deposit accounts of $100,000 or more. Although probability of another prolonged major depresdemand accounts of $25,000 or more accounted for sion, and the quality of bank assets and banking only 28 per cent of total demand accounts on the practices in general appears to be much better date from which deposit losses were measured, rethan in any previous period of modern banking ductions in the balances of accounts of this size acexperience, full coverage of deposit insurance is counted for 43 per cent of the total reduction in needed to round out the necessary precautionary demand accounts. measures. It was further observed that the magnitude of Subsidiary arguments for full deposit insurance the percentage decrease in balances tended to decoverage are made on grounds of equitable treat- cline successively with each smaller-size deposit ment of large and small banks and large and small class. Reductions in the balances at the lower depositors. limit—accounts less than $500—were about 6 per Federal Reserve surveys of ownership of demand cent. deposits indicate that about two-thirds of the total Finally, the size of account was found to be the amount of demand deposits held by businesses and most important factor in explaining differences in individuals is in balances of $10,000 or more, and the instability of deposit balances in the 1930-33 pemore than half is in balances of $25,000 or more. riod. Other factors, it appeared, such as type of de- Unfortunately, there are no current estimates of posit (demand or time), residence of holder (local or balances of $5,000 or less but it seems probable that nonlocal), or type of holding (business or personal), more than 70 per cent of all private demand de- seemed to be of comparatively minor importance. posits is in accounts in excess of $5,000. Reinforc- One of the arguments for not moving to full ing this evidence that the bulk of demand deposits deposit insurance coverage given in a previous secis in the large accounts is the FDIC's 1945 sur- tion is that such a step would remove the influence vey.2 According to this survey only 28.7 billion which uninsured depositors may now have in endollars of the 71.8 billion dollars (about 40 per forcing good banking practices. On the other hand, 2 More recent data confirm that more than 70 per cent it may be pointed out that the restraint exercised by of all private demand deposits are in accounts in excess of large depositors is not the only factor tending to $5,000. These data are published elsewhere in this BULLETIN enforce good banking practices. Apart from legisthrough the courtesy of the FDIC. FEBRUARY 1950 159 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR DEPOSIT INSURANCE lative and supervisory measures, some restraint may would be permitted to close, in view of the experibe expected to come from bank stockholders, es- ence of the mid-1930's. In effect then, large depecially large stockholders, whose equity in the positors in these banks enjoy 100 per cent protection bank is in the front line to meet losses under full, but the economy does not benefit from the stabilizpartial, or no deposit coverage. It is possible, how- ing effect which would result from official recogniever, that both depositor and stockholder influence tion of that fact. may be relatively weak in periods of boom ac- Still a third argument is that small business tivity when bank credit is expanding rapidly, and needs the protection of full deposit coverage. It is relatively strong in periods of downturn when the quite probable that the accounts of many small outlook is unfavorable and bankers are already on businesses run over $5,000, especially since the guard against anything but the soundest of ventures. significant increase in the general price level. The strengthening of such influence-at the peak and The Federal Reserve survey of demand deposits during the downturn of the cycle, while "good shows that over 52 per cent of noncorporate, i.e., business" for those concerned for the individual small business, accounts are in the $10,000 or bank, has had harmful effects on the economy as a less class. Losses in this type of deposit might whole. result in even greater economic distress to the com- In summary, the contention is that the useful- munity through unemployment, etc., than would ness of deposit insurance both in maintaining confi- result from loss of deposits to individual small dence and in maintaining the money supply may be deposit holders. In addition, widespread small busisignificantly limited by the present restricted cover- ness failures resulting from banking difficulties age. In other words, while there may be serious would involve a great social loss to the nation. risks of encouraging widespread loose banking by Another case for full deposit coverage has been relieving the banks of a large part of their concern made by arguing that such extension is a desirable over the stability of deposits, there are also serious complement to the banking and monetary reforms risks for the banking system in leaving the large of the mid-1930's. Legislative reforms were made depositor as the source of main liquidation pressure to. deal with the shiftability '(liquidity) of bank in times of great financial strain. It is probably true assets, of which liberalized provisions for extension that the burdens of bank supervisory agencies of Federal Reserve Bank credit through lending or would increase significantly with full deposit cover- open market operations and for the issue of curage. Some would say that the supervisory role rency are the most pertinent. Bank supervisory would need to expand so much that it would tend practices have been modified and strengthened in to encroach significantly on the field of manage- a way that should remove some unstabilizing factors ment. that were important in past periods of financial Another argument that is advanced for the ex- crisis. These positive actions provide elasticity in tension of deposit insurance coverage is that over the credit structure and give some assurance that the period of its existence substantially full coverage the public may hold its cash balance either in deof all depositors has in fact been provided without, posits or in currency with equal assurance as to its however, the effects of such coverage being widely availability. Full coverage of deposits by insurance understood and appreciated. Since its inauguration is said to be needed to put this particular banking the Corporation has either acted as receiver for, reform on a par with these other measures for or caused to be merged with other banks, 404 banks financial stability* with total deposits of 512 million dollars. Losses The matter of equity as among large and small on uninsured deposits included in this amount have banks is also advanced as a subsidiary argument totaled less than 2 million dollars. This means that for extending insurance coverage to all deposits. liquidation of assets of these banks by the Corpora- Banks holding large deposit accounts pay full assesstion has resulted in practically full coverage of ment on these accounts whereas only a small fracdeposits irrespective of size. tion of the funds are insured. On the other hand, It may be noted that this experience probably banks having primarily small accounts are insured does not adequately cover the larger banks of the practically up to the total volume of deposits on country. It is extremely unlikely, however, that which they are paying assessment. For example, the large banks holding the bulk of large deposits member banks, which tend to have most of the large 160 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR DEPOSIT INSURANCE accounts, hold about 85 per cent of commercial since the inauguration of deposit insurance in its bank deposits and pay about 85 per cent of the total present form. The wholesale price index has more assessment paid by commercial banks for deposit than doubled since 1935 while deposits have risen insurance. But only 37 per cent of member bank fourfold. The number of depositors fully covered deposits are covered by insurance. Nonmember has declined from more than 98 per cent of all deinsured commercial banks, holding about 15 per posit accounts to about 96 per cent. Probably there cent of total deposits and paying about 15 per cent is a substantial number of accounts that are comof the annual assessment, have 72 per cent of their pletely covered only because depositors, perhaps at deposits covered by insurance. considerable inconvenience, have split their ac- The equity problem as among banks is not neces- counts. sarily as sharp as the foregoing statistics might Most of the arguments made against full coverindicate. It can be said that as a practical matter age do not apply with as much force to an extenthe larger banks are fully insured now, both in sion of limited coverage. In particular, such exconsequence of the FDIC merger policy and be- tension would not remove the "healthy" influence cause, as a matter of public policy, it is unlikely in large depositors are said to exert on the quality of view of past experience that the larger banks would bank practices. be permitted to fail. Related to the equity problem inherent in limited PROPOSALS FOR CHANGES IN ASSESSMENT RATE deposit insurance is the disadvantage suffered AND BASE by country banks in competing with larger banks in Most suggestions to lower or suspend the rate neighboring urban centers. Many large business on, or change the base for, deposit insurance stem concerns with branch operations in country areas from the fact that the present fund is probably as well as medium-sized and large local industries of adequate size and that investment income from prefer now to keep only minimum balances in local it alone is currently more than adequate to meet banks. The reason for this is said to be that larger current losses and expenses. Modification or rewell-established banks have a competitive advan- form of the insurance system is also proposed on tage over local banks only because of their size. grounds of equity—most proposals aim in the gen- This particular competitive advantage would prob- eral direction of giving relief to the larger banks ably be lessened if deposit coverage were increased where a relatively small proportion of deposits is or if all deposits were covered. insured under the present law in relation to assess- Another subsidiary argument advanced for in- ments paid. creased or full coverage has to do with the incon- Relief to insured ban\s through possible changes venience created for some depositors by limited in the assessment base. There are several methods insurance coverage. Depositors with cash holdings by which the present assessment base could be reof more than $5,000 and who desire the protection duced so as to relieve insured banks of some part of full deposit coverage are seriously inconvenienced of their current insurance assessment. There is, by the necessity of dividing their accounts among however, only one method by which the present several banks, some of which may be many miles system can be made proportional—namely, that away. Needless to add, the smaller banks feel that banks be assessed only on those deposits that are they are discriminated against by a limited insur- fully insured. If the present limit in coverage were ance coverage which induces depositors to divide kept, this method would reduce total assessments by deposits among banks. more than 55 per cent. Most of the benefit of the Extension of limited deposit coverage. The case decrease in assessment resulting from adoption of for increasing deposit insurance coverage to some a rigidly proportional base would, of course, go to amount larger than $5,000, say to $10,000 or to the banks holding the larger accounts. $25,000, rests on much the same grounds as those A valid although not necessarily compelling obdiscussed for full coverage. In addition, however, jection to such a step is the fact, mentioned in an an extension of deposit insurance can be justified earlier section, that all deposits at the larger banks on the basis of the significant rise in the general are in effect under official protection since as a matprice level and the increase in the amount of de- ter of public policy it is unlikely that the banks holdposits in the hands of the public over the 14 years ing the larger deposits would be permitted to fail. FEBRUARY 1950 161 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR DEPOSIT INSURANCE Other suggestions have been to reduce assess- An assessment base could be developed which ments by narrowing the assessment base for banks would incorporate features of all the proposals in general. One method would permit bank hold- mentioned above. From the present base of total ings of United States Government securities to be deposits less cash items (the latter deducted to avoid used as a deduction from the assessment base. To double counting of deposits) two additional deducthe extent that banks hold Government securities tions might be permitted. an equal amount of deposits may be said to be (1) Vault cash and reserves. Presumably these backed by riskless, liquid assets—a form of insur- items cover deposits of an equal amount, dollar for ance. It is estimated that with such an assessment dollar, and no liquidating problem is involved. base member banks would be paying about the (2) ShorMerm Government securities. Table 4 same proportion of assessments as under the present shows the estimated effect of such a change in base base. In some respects, however, this method leaves on the assessment income of the Corporation in much to be desired. One effect of this method would be to raise the effective interest yield to banks on Government securities in accordance with the TABLE 4 assessment rate authorized, at present by 1/12 of INSURANCE ASSESSMENTS UNDER PRESENT PLAN AND UNDER 1 per cent. Placing an additional and fixed pre- PLAN TO GIVE CREDIT FOR CASH, CASH RESERVES, AND mium on Government securities, and thus en- BILLS, CERTIFICATES, AND NOTES, DECEMBER 31, 1948 couraging banks to acquire and hold them, might [In millions of dollars] lead to undesirable effects, particularly at times All when monetary and debt management authorities in- Central sured Mem- reserve city Re- Counsought to exert their influence in an opposite di- com- ber serve try rection. However, if the deductible securities were m ci e a r l - banks Y N o e r w k Chi- b c a i n ty ks banks confined to bills, certificates and notes, some ad- banks City cago vantage might result in that individual banks might Deposits for assessbe less disposed to shift from short-term to longer- ment purposes. . . 133,900114,80022,1005,90042,70044,100 Rate times base term securities in certain periods in order to profit (assessment).. 112 96 18 5 36 37 Deposits less refrom higher yields and capital gains. serves, vault cash, and bills, certificates, aiid notes. . 93,300 79,50014,2003,90029,10032,300 Another method sometimes suggested is to per- Rate times base mit deductions from the assessment base equal to (assessment) 78 66 12 3 24 27 Reduction in assessthe amount of bank reserves and vault cash hold- ment . 34 30 6 2 12 10 ings, which perform an insurance function in their Percentage reduction 30 31 33 40 33 27 own right. Member banks would profit by about 20 million dollars a year at present deposit levels if this assessment base were used. As in the pre- 1948. Note that it would provide an income to ceding method, however, member banks would pay the FDIC of 78 million dollars (assuming no about as large a proportion of total assessments as change in the assessment rate) over and above the under the present rate. net income from investments, or roughly equal to Another possible way to reduce the assessment three times the total deposit insurance losses met burden via a smaller assessment base would be by by the Corporation since 1935. deducting from the base the amount of public This assessment base would thus cut the present funds on deposit. These deposits usually require deposit insurance charges to member banks by pledges of Government securities and so tend to about one-third. It would reduce the charges to have the status of insured deposits. Member bank both member and nonmember banks by about the assessments would be reduced by about 6 million same percentage. It appears that almost any feadollars under this procedure.3 sible scheme for changing the base and/or the rate would have little effect in reducing the dispropor- 3 The question as to whether interbank deposits should be tionately large share of the assessment now carried included in the assessment base and whether these deposits should be insured is relevant here. For purposes of this dis- by member banks in relation to coverage. Precussion interbank deposits have tentatively been taken to be sumably, however, member banks would be interin the same category as other deposits, just as they are under ested in an absolute reduction in their dollar assessthe present insurance law. 162 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR DEPOSIT INSURANCE ments even if it did not reduce the proportion of terms; rather, the FDIC ought to be empowered to the total assessment that they pay. define deposits and the various deduction items au- There is one general and telling objection to thorized by law in a manner consistent with reserve the "narrowed assessment base" approach to the reports or call reports. problem of relieving banks of some part of their Relief for insured ban\s by changes in the present assessment burden, namely, that the method assessment rate. The present rate of 1/12 of 1 per is a circuitous way of arriving at a goal better at- cent could, of course, be lowered by Congressional tained more directly. Furthermore, this approach action to any given rate with a proportional reductends to complicate rather than to simplify deposit tion in the assessment burden on insured banks. insurance mechanics. If reform of the existing de- Action to cut the rate by three-fourths (to 1/48 of 1 per cent) would yield on the present base an anposit insurance program is desirable it would seem nual income of over 25 million dollars, which is much better to accomplish it by means that elimiabout equal to total losses paid by the Corporation nate rather than enlarge the program's technical in the past 13 years. If the insurance reserve fund complications. were gradually drawn down to what was consid- Redefinition of the assessment base. Even if ered a dangerously low level at this rate, an inthere is no basic change made in the assessment crease could be made later on the basis of Conbase to effect a reduction in the insurance burden gressional review and determination. on banks, it has been argued that an effort ought to be made to simplify the assessment procedures A proposal has been advanced for moderating and definitions. For computation of the deposit the assessment burden by gearing the assessment rate automatically and inversely to the size of the base, deposits for some selected dates could be used insurance fund. That is to say, the rate would instead of the daily average of deposits now used. decrease after the fund had reached a given (the The assessment base could be left for definition by present) level and would increase after the fund the FDIC (in consultation with the other Federal had fallen below a given level. This proposal has bank supervisory agencies) in such a manner that one important disadvantage—it is procyclical in deposits for call report purposes, for reserve pureffect. The fund would only be reduced by virposes, and for assessment purposes would be simiture of the fact that a number of banks are in diffilar, and that the definitions of cash items allowculty. If this situation were sufficiently wideable as deductions from deposits for both reserve spread to reduce significantly the insurance fund, and assessment purposes would be identical. At this would be the best evidence that there was present an effort is apparently being made to define under way a nation-wide pressure on bank liquidity. deposits for assessment purposes in a manner con- To raise rates under these circumstances would add sistent with deposits insured, disregarding the limia further demand on bank liquidity and would tation on the amount insured. For this reason trust aggravate rather than relieve the situation. By funds in the trust department are included in the the same logic the fact that the fund was increasing assessment base by the statute itself, even though in some period probably would reflect a high level such funds are not treated as deposits for reserve of economic activity in the country with characterpurposes nor for the purposes of the call report. istic increased profits to most businesses including Drafts drawn on correspondent banks are, by rulbanks. These are the circumstances when banks ing of the Corporation, regarded as deposits for could best afford to pay a higher assessment and to assessment purposes, though not for reserve or call rebuild the fund. report purposes. It would be helpful if the items Another proposal for moderating the assessment involved in the base formula were defined in such burden which involves an automaticity almost idena way that they could be identified with correspondtical with the foregoing provides for varying the ing items in the call report, as is now done in the rate in accordance with the loss experience of the case of reports submitted for reserve purposes. This previous year and allows for an annual increase would simplify preparation of reports for assess- in the fund of 25 million dollars from assessments ment purposes, as well as the auditing of such re- and income from investments. Income from inports by the FDIC. The definitions probably ought vestments, which has been running about 25 million not, however, be written into the law in precise dollars, would of course be considered before the FEBRUARY 1950 163 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR DEPOSIT INSURANCE assessment requirement would be computed. The system is undergoing the greatest liquidity diffiproposal recommends that the assessment rate be culties. allowed to vary from a minimum of 1/96 of 1 per Under the moving average method, however, two cent to a maximum of 1/12 of 1 per cent of the years of heavy losses would be taken with no inpresent deposit base. The proposal actually only crease in assessment and the rise thereafter in the spells out in more detail the suggestion for an rate would be small. Indeed, under the conditions assessment rate varying inversely with the size of assumed, in only one year during the cycle would the fund. Like the other, it would have a pro- the rate go as high as 1/12 (.08) of 1 per cent. cyclical effect. Rebuilding of the fund would be more concen- Relief to banks from the present burden of trated in years of small loss experience, when assessment could be made through an automatic banks are best able to do so. In dollar amounts, statutory formula for regulating the assessment during the four years of large deposit losses banks rate that would not be subject to these objections, would have been assessed 346 million dollars under or at least not with the same force. A moving the previous-year-loss method as compared with average of insurance losses over a period, say 10 120 million under the moving average method. years, could be used as the basis of automatic rate It will be noted, however, that despite the smaller adjustment. Some procyclical effect would still initial increases in assessments the integrity of the remain but its amount would be greatly moderated. fund would be maintained over the years by the Table 5 illustrates the point. Deposit losses roughly moving average method just as with the previous comparable to those experienced in 1930 and after loss method, providing of course that average loss rates under both plans over a long period of time TABLE 5 do not exceed the maximum assessment rate. ILLUSTRATION OF ALTERNATE METHODS OF COMPUTING It is probably desirable to make automatic provi- ASSESSMENT FOR DEPOSIT INSURANCE FOR sions for expanding the maximum size of the fund INSURED COMMERCIAL BANKS should deposits increase. Provision for accomplish- [In millions of dollars] ing this may easily be written into the assessment Assessment as computed formula. Under any of the above automatic plans, by formula based on: of course, statutory limitation of the maximum Losses ]Losses of Average losses of assessment rate would help to limit the procyclical VYfkOefar sum as e - d i preceding year 2 preceding 10 years3 effect. A minimum assessment is usually suggested for Dollar Per cent of Dollar Per cent of amount total deposits4 amount total deposits 4 any plan of flexible rates because it is believed that the insurance should not be free if for no other 1950 150 13 .010 13 .010 1951 300 111 .083 13 .010 than psychological reasons. This minimum assess- 1952 150 in .083 40 .030 1953 350 111 .083 54 .040 ment rate is generally put at some very nominal 1954 10 111 .083 107 .080 1955 5 111 .083 94 .070 rate, say 1/50 or 1/100 of 1 per cent. However, 1956 5 111 .083 94 .070 it may be that an assessment of such small pro- 1957 5 111 .083 94 .070 1958 5 111 .083 94 .070 portions (at 1/100 of 1 per cent, only 13 million 1959 5 13 .010 94 .070 1960 5 13 .010 94 .070 dollars for all participating banks under conditions 1961 5 13 .010 67 .050 1962 5 13 .010 40 .030 assumed in Table 5) might prove unduly irritating 1963 5 13 .010 27 .020 1964 5 13 .010 13 .010 to banks without compensating benefit. On grounds of equity as among banks newly insured banks 1 Assumptions based .on loss experience of 1930 and after. 8 Formula suggested by certain banker groups, except that pro- should be required to bear for a period of time the vision for yearly increase in reserve fund of 25 million dollars is not made. assessment rate of 1/12 of 1 per cent which other *• Formula suggested in this memorandum. insured banks have carried. This arrangement, * For purposes of simple computation, deposit base is assumed to be unchanged over the years. however, would not involve much of an addition are assumed to occur over the 15-year period 1950 to FDIC receipts and would create serious administhrough 1964. Note that, during the period of large trative difficulties. Furthermore, it might not be deposit losses, the maximum permissible assessment in the public interest since it could discourage banks under the previous year loss formula would be re- from FDIC membership. quired from banks at the very time the banking On the basis of the considerations discussed above, 164 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR DEPOSIT INSURANCE an automatic statutory formula for determination by discretionary authority. If the maximum rate of the assessment rate, which would provide for should prove inadequate, the matter of assessments immediate relief of the assessment burden on banks, would in any event need to be fully reviewed again have little procyclical effect, and relate growth of the by Congress. fund to the volume of total deposits at insured banks, would be as follows: 4 APPENDIX A Assessments^ FIVE-YEAR AVERAGE ASSESSMENT FORMULA Average of recorded losses over preceding 10 In the body of this study, an assessment formula years. based on a 10-year moving average of losses to the Corporation was suggested. An alternative Provided that: the assessment rate shall never be method using a moving average of 5 years is comin excess of 1/12 of 1 per cent or pared with the 10-year average method in Table 6. less than 1/50 of 1 per cent of Use of the 5-year period results in a more rapid the assessment base, except that increase in assessment rates during the period of if the insurance reserve fund heavy bank deposit losses than does the 10-year were greater than 3 per cent of method. Assessments also decline more sharply the total deposits, less cash assets after the period of heavy deposit losses is past. and U. S. Government securities, With the loss experience assumed, the assessments of insured banks, the minimum under the 5-year average are also greater at their permissible rate would be 1/100 peak than are assessments under the 10-year average. of 1 per cent. Both plans would rebuild the fund over the full Some flexibility for administrative discretion period illustrated, but the 5-year average would could be introduced into deposit insurance assess- tend to concentrate more of this rebuilding in the ments. One method would be to permit the FDIC period of banking crisis. to vary the rate within statutory limits, after consultation with the Board of Governors of the Fed- TABLE 6 eral Reserve System and the Secretary of the Treas- COMPARISON OF THE USE OF A 5-YEAR AND A 10-YEAR MOVING ury. Such authority should be subject to statutory AVERAGE FOR COMPUTING ASSESSMENT FOR DEPOSIT criteria. These might include size of fund, amount INSURANCE FOR INSURED COMMERCIAL BANKS of losses, level of reserve requirements, etc., as well (Based on loss experience, 1930 and after) as the state of industrial, commercial, and agricul- [In millions of dollars] tural activity. It has been argued that since the existence of the Corporation has been largely con- Assessment as computed by formula based on: fined to periods of increasing activity on all economic fronts, the past loss experience of the Corpora- Losses Average losses of Average losses of Year as- preceding 5 years preceding 10 years tion does not provide adequate statistical evidence sumed as to future adequacy of the size of the fund or Dollar Per cent of Dollar Per cent of amount total deposits1 amount total deposits1 the level of assessment rates. Proposals for administrative discretion with respect to the assess- 1950 150 13 .010 13 .010 ment rate, however, do not contemplate authority 1951 300 34 .026 13 .010 1952 150 93 .070 40 .030 to raise the rate above the present level of 1/12 of 1953 350 111 2.083 54 .040 1954 10 Mil 2.083 107 .080 1 per cent. Accordingly, with this maximum, the 1955 5 Mil 2.083 94 .070 1956 5 Mil 2.083 94 .070 possibility of exceptionally high losses contem- 1957 5 104 .078 94 .070 1958 5 75 .056 94 .070 plated by proponents of administrative flexibility 1959 5 27 .020 94 .070 1960 5 27 .020 94 .070 could probably be covered just as effectively by an 1961 5 27 .020 67 .050 automatic formula such as has been suggested as 1962 5 27 .020 40 .030 1963 5 27 .020 27 .020 1964 5 13 .010 13 .010 4 An alternative possibility would be to keep the assessment rate at the present 1/12 of 1 per cent and make dividend *For purposes of simple computation, the deposit base was assumed to be unchanged over the years. Excess of interest income allowances on the basis of the principles reflected in the over current expenses was assumed to average 10 million dollars. formula. 2 Using the suggested upper limit of l/it of 1 per cent. 165 FEBRUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES TJOLLOWING is a list of the directorates of the Federal Reserve Banks and branches as at present •*- constituted. The list shows, in addition to the name of each director, his principal business affiliation, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. One of the directors appointed by the Board of Governors at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe. Term District No. 1—Boston Expires Class A: Dec. 31 Allan Forbes President, State Street Trust Company, Boston, Mass 1950 Russell H. Britton Executive Vice President and Cashier, First National Bank of Rochester, Rochester, N. H 1951 Earle W. Stamm ... President, The National Bank of Commerce of New London, New London, Conn., 1952 Class B.- Philip R. Allen Director, Bird & Son, inc., E. Walpole, Mass 1950 Fredericks. Blackall, jr.... President and Treasurer, The Taft-Peirce Manufacturing Company, Woonsocket, R. 1 1951 Roy L. Patrick.. . .. .President, Rock of Ages Corporation, Burlington, Vt.. . , 1952 Class C.- Albert M. Creighton1 Chairman of the Board 1950 Ames Stevens Treasurer and Director, Ames Worsted Company, Lowell, Mass 1951 Harold D. Hodgkinson2... .Vice President, General Manager and Chairman of Management Board, Wm. Filene's Sons Company, Boston, Mass. 1952 District No. 2—New York Class A: Frederic E. Worden Chairman of the Board, and President, The National Bank of Auburn, Auburn, N. Y 1950 Roger B. Prescott President, The Keeseville National Bank, Keeseville, N. Y. 1951 1 Chairman. 2 Deputy Chairman. 166 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 John C. Traphagen Chairman of the Board, Bank of New York and Fifth Avenue Bank, New York, N. Y 1952 Class B.- Marion B. Folsom Treasurer and Director, Eastman Kodak Company, Rochester, N. Y.... - 1950 Jay E. Crane... . .Director, Standard Oil Company (New Jersey), New York, N. Y 1951 Lewis H. Brown. . . .Chairman of the Board, Johns-Manville Corporation, New York, N. Y 1952 Class C: RobertT. Stevens1... . .Chairman of the Board, J. P. Stevens & Company, Inc., New York, N. Y .. 1950 William I. Myers2 Dean, New York State College of Agriculture, Cornell University, Ithaca, N. Y 1951 Vacancy... 1952 Buffalo Branch Appointed by Federal Reserve Bank: Clyde C. Brown President, The Cuba National Bank, Cuba, N. Y 1950 George G. Kleindinst President, Liberty Bank of Buffalo, Buffalo, N. Y 1951 George F. Bates President, Power City Trust Company, Niagara Falls, N. Y. 1952 Bernard E. Finucane President, Security Trust Company of Rochester, Rochester, N. Y 1952 Appointed by Board of Governors: Lewis B. Swift1 President, Taylor Instrument Companies, Rochester, N. Y. 1950 Carl G. Wooster Farmer, Union Hill, N. Y 1951 Edgar F. Wendt President, Buffalo Forge Company, Buffalo, N. Y 1952 District No. 3—Philadelphia Class A: Archie D. Swift.. . .. .Chairman of Board, Central-Penn National Bank, Philadelphia, Pa 1950 George W. Reily President, Harrisburg National Bank, Harrisburg, Pa 1951 J. Nyce Patterson President, Watsontown National Bank, Watsontown, Pa. 1952 Class B.- Walter H. Lippincott President & Director, Lobdell Company, Wilmington, Del. 1950 Albert G. Frost Chairman of Board, The Esterbrook Pen Company, Camden, N.J 1951 William J. Meinel President & General Manager, Heintz Manufacturing Company, Philadelphia, Pa 1952 1 Chairman. • Deputy Chairman. FEBRUARY 1950 167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class C: Dec, 31 C. Canby Balderston2 Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa , . 1950 Philip T. Sharpies Chairman of Board, The Sharpies Corporation, Philadelphia, Pa . 1951 Warren F. Whittier1. . .Agricultural Consultant, Chester Springs, Pa 1952 District No. 4—Cleveland Class A: John T. Rohr.... .President, The Toledo Trust Company, Toledo, Ohio 1950 Ben R. Conner. . ., . President, The First National Bank of Ada, Ada, Ohio.. . 1951 John D. Bainer.. . .President, The Merchants National Bank and Trust Company of Meadville, Meadville, Pa 1952 Class B: .Executive Vice President, Jones & Laughlin Steel Corpora- C. L. Austin... tion, Pittsburgh, Pa 1950 . Chairman of the Board, The Eagle-Picher Company, Cin- Joel M. Bowlby.. , cinnati, Ohio 1951 . President, Lovell Manufacturing Company, Erie, Pa 1952 Edward C. Doll.. Class C: A. 2. Baker2... . Chairman of the Board, The Cleveland Union Stock Yards Company, Cleveland, Ohio 1950 Leo L. Rummell... . Dean, College of Agriculture, The Ohio State University, Columbus, Ohio 1951 Geo. C. Brainard1. . .President & General Manager, Addressograph-Multigraph Corporation, Cleveland, Ohio 1952 Cincinnati Branch Appointed by Federal Reserve Bank: Walter H. J. Behm President, The Winters National Bank and Trust Company of Dayton, Dayton, Ohio . 1950 Joseph B. Hall President, Kroger Company, Cincinnati, Ohio 1951 Spears Turley. Vice President and Trust Officer, State Bank and Trust Company of Richmond, Kentucky, Richmond, Ky 1951 Sterling B. Cramer First Vice President, The Fifth Third Union Trust Company, Cincinnati, Ohio 1952 Appointed by Board of Governors: Paul G. Blazer1 Chairman of the Board, Ashland Oil & Refining Company, Ashland, Ky 1950 Ernest H. Hahne President, Miami University, Oxford, Ohio 1951 Henry C. Besuden Farmer, Winchester, Ky 1952 1 Chairman. 2 Deputy Chairman. 168 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Pittsburgh Branch Expires Dec, 31 Appointed by Federal Reserve Bank: T. C. Swarts.. ...Executive Vice President, Woodlawn Trust Company, Aliquippa, Pa 1950 Laurence S. Bell.. ..Executive Vice President, The Union National Bank of Pittsburgh, Pittsburgh, Pa.. . 1951 Montfort Jones.. . . Professor of Finance, The University of Pittsburgh, Pittsburgh, Pa 1951 John Barclay, Jr.. . . President, Barclay-Westmoreland Trust Company, Greensburg, Pa. 1952 Appointed by Board of Governors: Josiah M. Koch... ,. .Vice President, Quaker State Oil Refining Corporation, Oil City, Pa 1950 A. H. Burchfield1... .. .President and General Manager, Joseph Home Company, Pittsburgh, Pa. 1951 Sidney A. Swensrud President, Gulf Oil Corporation, Pittsburgh, Pa 1952 District No. 5—Richmond Class A: John A. Sy dens trie ker Cashier, First National Bank in Marlinton, Marlinton, W. Va. 1950 James D. Harrison.. . .President, First National Bank of Baltimore, Baltimore, Md 1951 Warren S. Johnson President, Peoples Savings Bank & Trust Company, Wilmington, N. C 1952 Class B: Cary L. Page President and Treasurer, Jackson Mills, Wellford, S. C... . 1950 Charles C. Reed President, Williams & Reed, Inc., Richmond, Va 1951 H. L. Rust, Jr President, H. L. Rust Company, Washington, D. C 1952 Class C: Charles P. McCormick1. . . .President and Chairman of Board, McCormick & Company, Inc., Baltimore, Md 1950 W. G. Wysor. . .. .Management Counsel, Southern States Cooperative, Inc., Richmond, Va 1951 John B. Woodward, Jr.2... .President and General Manager, Newport News Shipbuilding & Dry Dock Company, Newport News, Va 1952 Baltimore Branch Appointed by Federal Reserve Bank: W. Bladen Lowndes President, Fidelity Trust Company, Baltimore, Md 1950 Holmes D. Baker President, The Citizens National Bank, Frederick, Md.. . . 1951 Eugene G. Grady President, The Western National Bank of Baltimore, Baltimore, Md / 1952 Lacy I. Rice. President, The Old National Bank, Martinsburg, W. Va... 1952 1 Chairman. 2 Deputy Chairman. FEBRUARY 1950 169 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Board of Governors: Dec. 31 James M, Shriver President, The B. F. Shriver Company, Westminster, Md. 1950 James E. Hooper .Vice President, William E. Hooper & Sons Company, Baltimore, Md ,. . 1951 L. Vinton Hershey1 President and General Manager, Hagerstown Shoe Company, Hagerstown, Md 1952 Charlotte Branch Appointed by Federal Reserve Bank: N. S. Calhoun President, Security National Bank, Greensboro, N. C... .. . 1950 ThomasJ. Robertson. . ..President, The First National Bank of South Carolina, Columbia, S. C 1951 George S. Crouch President, Union National Bank, Charlotte, N. C 1952 Jonathan Woody President, First National Bank, Waynesville, N. C 1952 Appointed by Board of Governors: R. E. Ebert1 President, Dixie Home Stores, Inc., Greenville, S. C 1950 R. Flake Shaw Executive Vice President, North Carolina Farm Bureau Federation, Greensboro, N. C 1951 W. A. L. Sibley.. . .. .Vice President and Treasurer, Monarch Mills, Union, S. C. 1952 District No. 6—Atlanta Class A: George J. White... ... President, The First National Bank of Mount Dora, Mount Dora, Fla 1950 R. C. Williams President, The First National Bank of Atlanta, Atlanta, Ga. 1951 L. R. Driver President, The First National Bank in Bristol, Bristol, Tenn. 1952 Class B: A. B. Freeman. . ...Chairman of the Board, Louisiana Coca-Cola Bottling Company, Ltd., New Orleans, La 1950 J. A. McCrary... .. .Vice President and Treasurer, J. B. McCrary Company, Inc., Atlanta, Ga 1951 Donald Comer... ... Chairman of the Board, Avondale Mills, Birmingham, Ala. 1952 Class C: Frank H. Neely1 Chairman of the Board, Rich's, Incorporated, Atlanta, Ga. 1950 Paul E. Reinhold .President, Foremost Dairies, Inc., Jacksonville, Fla 1951 Rufus C. Harris2 President, The Tulane University of Louisiana, New Orleans, La 1952 Birmingham Branch Appointed by Federal Reserve Bank: W. C. Bowman Chairman of the Board, The First National Bank of Montgomery, Montgomery, Ala 1950 1 Chairman. 2 Deputy Chairman. 170 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Dec. 31 D. C. Wads worth.. ...President, The American National Bank of Gadsden, Gadsden, Ala 1951 J. B. Barnett. .. .. .President, The First National Bank of Monroeville, Monroeville, Ala..., 1952 A. M. Shook... ... President, Security Savings Bank, Birmingham, Ala 1952 Appointed by Board of Governors: J. Roy Faucett Faucett Brothers (Merchants), Northport, Ala. 1950 Wm. Howard Smith1 President, McQueen-Smith Farms, Prattville, Ala 1951 Thad Holt President and Treasurer, Voice of Alabama, Inc., Birmingham, Ala 1952 Jacksonville Branch Appointed by Federal Reserve Bank: J. W. Shands... . -, ...President, The Atlantic National Bank of Jacksonville, Jacksonville, Fla 1950 J. D. Camp. . . .President, Broward National Bank of Fort Lauderdale, Fort Lauderdale, Fla 1951 J. E. Bryan .. .President, Union Trust Company, St. Petersburg, Fla 1952 N. Ray Carroll.. . . .President, The First National Bank of Kissimmee, Kissimmee, Fla 1952 Appointed by Board of Governors: Marshall F. Howell1 Secretary-Treasurer, Bond-Howell Lumber Company, Jacksonville, Fla 1950 J. Hillis Miller.... .. .President, University of Florida, Gainesville, Fla 1951 Howard Phillips. . . .Vice President and General Manager, Dr. P. Phillips Company, Orlando, Fla 1952 Nashville Branch Appointed by Federal Reserve Bank: W. H. Hitchcock... .. .President, First and Peoples National Bank of Gallatin, Gallatin, Tenn 1950 Parkes Armistead... ..President, The American National Bank of Nashville, Nashville, Tenn. 1951 Thomas D. Brabson President, The First National Bank of Greeneville, Greeneville, Tenn 1952 T. L. Cathey... .. .President, Peoples and Union Bank, Lewisburg, Tenn 1952 Appointed by Board of Governors: C. E. Brehm President, University of Tennessee, Knoxville, Tenn 1950 H. C. Meacham1 Agriculture and livestock, Franklin, Tenn 1951 W. Bratten Evans President, Tennessee Enamel Manufacturing Company, Nashville, Tenn 1952 1 Chairman. FEBRUARY 1950 171 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term New Orleans Branch Expires Dec. 31 Appointed by Federal Reserve Bank: T. J. Eddins President, Bank of Slidell, Slidell, La 1950 James C. Bolton. President, Rapides Bank & Trust Company in Alexandria, Alexandria, La 1951 Percy H. Si tges ...President, Louisiana Savings Bank & Trust Company, New Orleans, La 1952 Elbert E. Moore President, Louisiana National Bank of Baton Rouge, Baton Rouge, La 1952 Appointed by Board of Governors: H. G. Chalkley, Jr.1 President, Sweet Lake Land & Oil Company, Inc., Lake Charles, La... 1950 John J. Shaffer, Jr Agriculture and farm machinery, Ellendale, La 1951 E. O. Batson President, Batson-McGehee Company, Inc., Millard, Miss. 1952 District No. 7—Chicago Class A: Vivian W. Johnson President, First National Bank, Cedar Falls, Iowa. 1950 Walter J. Cummings Chairman, Continental Illinois National Bank and Trust Company of Chicago, Chicago, 111 1951 Horace S. French President, The Manufacturers National Bank of Chicago, Chicago, 111 1952 Class B: Nicholas H. Noyes Chairman, Finance Committee, Eli Lilly and Company, Indianapolis, Ind 1950 William C. Heath President, A. O. Smith Corporation, Milwaukee, Wis 1951 William J. Grede. President, Grede Foundries, Inc., Milwaukee, Wis 1952 Class C: Allan B. Kline President, American Farm Bureau Federation, Chicago, 111. 1950 F. J. Lunding1 President, Jewel Tea Company, Inc., Barrington, 111. 1951 John S. Coleman2 President, Burroughs Adding Machine Company, Detroit, Mich 1952 Detroit Branch Appointed by Federal Reserve Bank: Charles A. Kanter Chairman, The Manufacturers National Bank of Detroit, Detroit, Mich 1950 John A. Stewart Vice President and Cashier, Second National Bank and Trust Company of Saginaw, Saginaw, Mich 1950 Charles T. Fisher, Jr President, The National Bank of Detroit, Detroit, Mich... 1951 Appointed by Board of Governors: Ernest Gilbert Farmer, Waldron, Mich 1950 Ben R. Marsh1 Vice President and General Manager, Michigan Bell Telephone Company, Detroit, Mich 1951 1 Chairman. 2 Deputy Chairman. 172 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term District No. 8—St. Louis Expires Dec. 31 Class A; Tom K. Smith Chairman of Board, Boatmen's National Bank, St. Louis, Mo . 1950 Phil E. Chappell President, Planters Bank & Trust Company, Hopkinsville, Ky 1951 J. E. Etherton .. .President, Carbondale National Bank, Carbondale, 111 1952 Class B: Louis Ruthenburg Chairman of Board and Chief Executive Officer, Servel, Inc., Evansville, Ind 1950 M. Moss Alexander President, Missouri Portland Cement, Company, St. Louis, Mo.. 1951 Ralph E. Plunkett President, Plunkett-Jarrell Grocer Company, Little Rock, Ark '. 1952 Class C: Wm. H. Bryce2... . .. .Vice President and Director, Dixie Wax Paper Company, Memphis, Tenn.. .... 1950 Vacancy 1951 Russell L. Dearmont1 Chief Counsel for Trustee, Missouri-Pacific Lines, St. Louis, Mo 1952 Little Rock Branch Appointed by Federal Reserve Bank: Geo. S. Neal President, Bank of Russellville, Russellville, Ark 1950 Thos. W. Stone Executive Vice President, The Arkansas National Bank, Hot Springs, Ark. 1951 Lloyd Spencer President, First National Bank, Hope, Ark 1951 Harvey C. Couch, Jr President, Union National Bank, Little Rock, Ark 1952 Appointed by Board of Governors: A. Howard Stebbins, Sr.1.. .Chairman of Board, Stebbins and Roberts, Inc., Little Rock, Ark. 1950 Cecil C. Cox Farmer, Stuttgart, Ark 1951 Stonewall J. Beauchamp President, Terminal Warehouse Company, Little Rock, Ark , 1952 Louisville Branch Appointed by Federal Reserve Bank: Noel Rush .. .President, Lincoln Bank and Trust Company, Louisville, Ky 1950 Ira F. Wilcox... ... Cashier and Director, The Union National Bank, New Albany, Ind 1951 H. Lee Cooper President, Ohio Valley National Bank, Henderson, Ky 1951 A. C. Voris President, Citizens National Bank, Bedford, Ind 1952 1 Chairman. 2 Deputy Chairman. FEBRUARY 1950 173 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Board of Governors: Dec. 31 Alvin A. Voif1, President, Mengel Company, Louisville, Ky 1950 John W. Taylor.. . ., .President, University of Louisville, Louisville, Ky ., 1951 Smith Broadbent, Jr Farmer, Cadiz, Ky 1952 Memphis Branch Appointed by Federal Reserve Bank: W. P. Kretschmar Chairman of Board, Commercial National Bank, Greenville, Miss 1950 Norfleet Turner... President, First National Bank, Memphis, Tenn 1951 H. W. Hicks President, First National Bank, Jackson, Tenn 1951 Ben L. Ross Chairman of Board, Phillips National Bank, Helena, Ark. 1952 Appointed by Board of Governors: M. P. Moore1 Owner, Circle M Ranch, Senatobia, Miss 1950 Leslie M. Stratton, Jr President, Stratton-Warren Hardware Company, Memphis, Tenn 1951 HughM. Brinkley .Farmer, Hughes, Ark , .., , 1952 District No. 9—Minneapolis Cla : J. R. McKnight Chairman of the Board, Pierre National Bank, Pierre, S. D. 1950 C. W. Burges Vice President and Cashier, Security National Bank, Edgeley, N. D 1951 H. E. Atwood. . . .. .President, First National Bank, Minneapolis, Minn 1952 Class B: Walter H. McLeod President, Missoula Mercantile Company, Missoula, Mont. 1950 Ray C. Lange. .President, Chippewa Canning Company, Chippewa Falls, Wis ... 1951 Homer P. Clark. .. ...Chairman of the Board, West Publishing Company, St. Paul, Minn 1952 Class C: Roger B. Shepard1 .St. Paul, Minn 1950 Paul E. Miller Director of Agricultural Extension Division, University of Minnesota, St. Paul, Minn 1951 W. D. Cochran2. .. .. .G. M. C. Truck Distributor, Iron Mountain, Mich 1952 Helena Branch Appointed by Federal Reserve Bank: E. D. MacHaffie President, State Publishing Company, Helena, Mont 1950 Theodore Jacobs President, First National Bank, Missoula, Mont. . 1950 B. M. Harris. President, Yellowstone Bank, Columbus, Mont 1951 Appointed by Board of Governors: James A. McCain1 .President, Montana State University, Missoula, Mont. 1950 W. A. Denecke Livestock rancher, Bozeman, Mont 1951 1 Chairman. 2 Deputy Chairman. 174 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term District No. 10—Kansas City Expires Class A: Dec. 31 W. L. Bunten. .. . .Executive Vice President, Goodland State Bank, Goodland, Kans 1950 T. A. Dines... . .Chairman of the Board, The United States National Bank of Denver, Denver, Colo 1951 M. A, Limbocker... . . Chairman of the Board and President, The Citizens National Bank of Emporia, Emporia, Kans 1952 Class B: L. C. Hutson... . .Chairman of the Board, Chickasha Cotton Oil Company, Chickasha, Okla 1950 Willard D. Hosford.. . . Vice President and General Manager, John Deere Plow Company, Omaha, Neb 1951 E. M. Dodds... . .President, United States Cold Storage Corporation, Kansas City, Mo 1952 Class C: Robert L. Mehornay2 President, North-Mehornay Furniture Company, Kansas City, Mo 1950 Lyle L. Hague Farmer and stockman, Cherokee, Okla 1951 Robert B. Caldwell1 Caldwell, Downing, Noble, and Garrity, Kansas City, Mo. 1952 Denver Branch Appointed by Federal Reserve Bank; J.D.Allen ...President, The First National Bank of Eagle County, Eagle, Colo. 1950 Albert K. Mitchell Rancher, Albert, New Mexico 1950 P. K. Alexander Vice President, The First National Bank of Denver, Denver, Colo 1951 Appointed by Board of Governors: G. Norman Winder1 Rancher, Craig, Colo 1950 Harold F. Silver President, Silver Engineering Works, Inc., Denver, Colo... 1951 Oklahoma City Branch Appointed by Federal Reserve Bank: Frank A. Sewell Chairman of the Board and President, The Liberty National Bank of Oklahoma City, Oklahoma City, Okla 1950 Robert L. Bosworth Financial Vice President, Continental Oil Company, Ponca City, Okla . 1950 S. A. Bryant... .. .President, The Farmers National Bank of Cushing, Gushing, Okla 1951 Appointed by Board of Governors: Rufus J. Green1. . Rancher and farmer, Duncan, Okla. 1950 Cecil W. Cotton President, C. W. Cotton Supply Company, Tulsa, Okla.. . 1951 1 Chairman. 2 Deputy Chairman. FEBRUARY 1950 175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Omaha Branch Expires Dec. 31 Appointed by Federal Reserve Bank: Fred W. Marble. .. .. .President, The Stock Growers National Bank of Cheyenne, Cheyenne, Wyo 1950 I. R. Alter.. . ... President, The First National Bank of Grand Island, Grand Island, Neb 1951 Ellsworth Moser. . ... President, The United States National Bank of Omaha, Omaha, Neb. 1951 Appointed by Board of Governors: Fred S. Wallace1 Farmer, Gibbon, Neb 1950 Joseph W. Seacrest Co-Publisher and Co-Editor in Chief, The Journal Newspapers, Lincoln, Neb 1951 District No. 11—Dallas Class A: W. L. Peterson .President, The State National Bank, Denison, Texas 1950 P. P. Butler .President, First National Bank in Houston, Houston, Texas 1951 J. Edd McLaughlin. . . .Vice President, Security State Bank and Trust Company, Rails, Texas 1952 Class B: W. F. Beall. . . .. .President and General Manager, 3 Beall Brothers 3, Department Stores, Jacksonville, Texas 1950 J. R. Milam .President, The Cooper Company, Inc., Waco, Texas 1951 George L. MacGregor Chairman of the Board, President and General Manager, Dallas Power & Light Company, Dallas, Texas 1952 Class C: G. A. Frierson. . . .G. A. Frierson & Son, Merchants & Planters, Shreveport, La . ... 1950 R. B. Anderson2.. .. .General Manager, W. T. Waggoner Estate, Vernon, Texas. 1951 J. R. Parten1.. . .President, Woodley Petroleum Company, Houston, Texas. 1952 El Paso Branch Appointed by Federal Reserve Bank: W. H. Holcombe Executive Vice President, Security State Bank, Pecos, Texas. 1950 W. S. Warnock Vice President, El Paso National Bank, El Paso, Texas 1951 W. Henry Wooldridge President, Lone Star Motor Company, El Paso, Texas 1951 George G. Matkin President, State National Bank, El Paso, Texas 1952 Appointed by Board of Governors: Hal Bogle1 Livestock feeding, farming, and ranching, Dexter, N. M. 1950 Dorrance D. Roderick President, Newspaper Printing Corporation (El Paso Times and Herald-Post), El Paso, Texas 1951 Hiram S. Corbett... ...President, J. Knox Corbett Lumber Company, Tucson, Ariz 1952 1 Chairman. * Deputy Chairman. 176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Houston Branch Expires Dec. 31 Appointed by Federal Reserve Bank: R. Lee Kempner... .. .Chairman of Executive Committee, United States National Bank, Galveston, Texas 1950 P. R. Hamill... .. .President, Bay City Bank & Trust Company, Bay City, Texas 1951 O. R. Weyrich. . . .President, Houston Bank & Trust Company, Houston, Texas 1951 Melvin Rouff. . ...First Vice President, Houston National Bank, Houston, Texas 1952 Appointed by Board of Governors: Herbert G. Sutton T. O. Sutton and Sons, Colmesneil, Texas 1950 Ross Stewart1 President, C. Jim Stewart & Stevenson, Inc., Houston, Texas 1951 Charles N. Shepardson Dean of Agriculture, A. & M. College of Texas, College Station, Texas 1952 San Antonio Branch Appointed by Federal Reserve Bank: E. R. L. Wroe President, American National Bank, Austin, Texas 1950 E. A. Baetz President, Bexar County National Bank, San Antonio, Texas 1951 C. L. Skaggs.. . .. .President, The First National Bank of Weslaco, Weslaco, Texas 1951 Riley Peters... . . Executive Vice President, First State Bank, Kerrville, Texas 1952 Appointed by Board of Governors: Edward E. Hale.. . .. .Chairman of the Department and Professor of Economics, The University of Texas, Austin, Texas 1950 Henry P. Drought1 Attorney at Law, San Antonio, Texas 1951 D. Hayden Perry. . .. .Livestock farming, Robstown, Texas 1952 District No. 12—San Francisco Class A: Chas. H. Stewart President, Portland Trust and Savings Bank, Portland, Ore. 1950 Carroll F. Byrd President, The First National Bank of Willows, Willows, Calif 1951 William W. Crocker Chairman of the Board, Crocker First National Bank of San Francisco, San Francisco, Calif 1952 Class B: St. George Holden St. George Holden Realty Company, San Francisco, Calif. 1950 Reese H. Taylor President, Union Oil Company of California, Los Angeles, Calif 1951 Walter S. Johnson.. .. .President, American Box Corporation, San Francisco, Calif. 1952 1 Chairman. FEBRUARY 1950 177 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class C: Dec. 31 Wm. R. Wallace, Jr Member of the firm of Wallace, Norton & Ray, Attorneys at Law, San Francisco, Calif *........... 1950 Harry R. Wellman2... .. .Director, Giannini Foundation of Agricultural Economics, University of California, Berkeley, Calif 1951 Brayton Wilbur1... .. .President, Wilbur-Ellis Company, San Francisco, Calif.... 1952 Los Angeles Branch Appointed by Federal Reserve Bank: M. Vilas Hubbard President, Citizens Commercial Trust and Savings Bank of Pasadena, Pasadena, Calif 1950 Frank L. King President, California Bank, Los Angeles, Calif 1950 W. R. Bimson President, The Valley National Bank of Phoenix, Phoenix, Ariz 1951 Appointed by Board of Governors: Fred G. Sherrill1 Vice President, J. G. Boswell Company, Los Angeles, Calif 1950 Paul H. Helms President, Helms Bakeries, Los Angeles, Calif. 1951 Portland Branch Appointed by Federal Reserve Bank: W. W. Flint President, The First National Bank of Cottonwood, Cottonwood, Idaho. 1950 Frank Wortman President, The First National Bank of McMinnville, McMinnville, Ore , 1950 E. B. MacNaughton Chairman of the Board, The First National Bank of Portland, Portland, Ore 1951 Appointed by Board of Governors: R. B. Taylor1 Livestock and farming, Adams, Ore 1950 Aaron M. Frank President, Meier & Frank Company, Inc., Portland, Ore... 1951 Salt Lake City Branch Appointed by Federal Reserve Bank: John A. Schoonover President, The Idaho First National Bank, Boise, Idaho. . 1950 Chas. L. Smith Chairman of the Board, First Security Bank of Utah, National Association, Salt Lake City, Utah. 1950 D. F. Richards... .. .President, American National Bank of Idaho, Idaho Falls, Idaho Falls, Idaho 1951 Appointed by Board of Governors: Merle G. Hyer1 Livestock and farming, Lewiston, Utah 1950 Vacancy 1951 1 Chairman. * Deputy Chairman. 178 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Seattle Branch Expires Dec. 31 Appointed by Federal Reserve Bank: Fred C. Forrest Chairman of the Board and President, The First National Bank of Pullman, Pullman, Wash 1950 Ben j. N. Phillips... ...Chairman of the Board, First National Bank in Port Angeles, Port Angeles, Wash 1950 Lawrence M. Arnold Chairman of the Board, Seattle-First National Bank, Seattle, Wash 1951 Appointed by Board of Governors: John M. McGregor1 President, McGregor Land and Livestock Company, Hooper, Wash.. , 1950 Howard H. Preston Professor of Money and Banking, College of Business Administration, University of Washington, Seattle, Wash. 1951 1 Chairman. CURRENT EVENTS AND ANNOUNCEMENTS Appointment of Mr. Harris as First Vice President Buffalo and Helena branches, respectively, met in of the Federal Reserve Bank of Chicago Washington on January 16-17, 1950. Mr. E. C. Harris, who had been serving as a Vice Admissions of State Banks to Membership in the President of the Federal Reserve Bank of Chicago Federal Reserve System assigned to the Detroit Branch since February 1, The following State banks were admitted to mem- 1943, was appointed First Vice President of the Fedbership in the Federal Reserve System during the eral Reserve Bank of Chicago effective February 1, period December 16, 1949 to January 15, 1950: 1950. Mr. Harris succeeds Mr. Charles B. Dunn, who resigned. Alabama Changes in Board Staff Gadsden—Alabama City Bank of Gadsden, Alabama Mr. Bray Hammond, who had been an employee Georgia of the Board for approximately 17 years and Assistant Secretary since November 1944, retired on Feb- Washington—The Washington Loan and Bankruary 1, 1950. He was succeeded by Mr. Kenneth ing Company A. Kenyon who until recently had been serving as New Jersey a Federal Reserve Examiner in the Board's Division Clifton—Bank of All wood of Examinations. New Yor\ Federal Reserve Meeting Alfred—University Bank The Conference of Chairmen of the Federal Re- Texas serve Banks, and the directors of the Federal Reserve Banks of New York and Minneapolis and their Snyder—West Texas State Bank FEBRUARY 1950 179 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled January 26 and released for publication January 28] Industrial output increased further in December Cotton consumption and paper production in and the first half of January. Construction activity December showed smaller declines than had ocshowed a less than seasonal decline and contract curred in the same month in most of the preceding awards were in very large volume for this time of postwar years and in January average weekly prothe year. Commodity price changes were generally duction of paperboard was back to the high presmall. holiday levels. Output of manufactured foods INDUSTRIAL PRODUCTION declined somewhat in December as activity in the canning industry showed a further decline which Industrial production, as measured by the Board's was offset only in part by a slight gain in meatseasonally adjusted index, increased 5 points in packing. Output of chemicals and petroleum prod- December to 178 per cent of the 1935-39 average, ucts advanced moderately, and coke production the highest level since April 1949. Activity in rose sharply. durable goods industries showed a substantial rise, while nondurable goods production was little Output of coal declined one-fourth in December changed from the high November rate, and output as a shorter work week was reintroduced, and of minerals declined 7 per cent. crude petroleum production was cut 3 per cent. Metal mining, on the other hand, increased some- Steel ingot production increased sharply in Dewhat. In early January, production of coal declined cember to 95 per cent of capacity. In the first four weeks of January operations were scheduled at 94 further by about one-tenth. per cent of the new rated capacity, which, as an- EMPLOYMENT nounced in mid-January, is 3 54 per cent larger than last year's. Reflecting in part more adequate Employment in nonagricultural establishments increased somewhat further in December after steel supplies, activity in the machinery and transallowance for seasonal changes, reflecting largely portation equipment industries advanced moderadvances in durable manufacturing industries as a ately in December. With completion of model result of settlement of the steel labor dispute. changeovers, assembly of automobiles in mid-Janu- Employment in most other industries showed little ary was at about last autumn's record rate but subchange. sequently it was curtailed by a labor dispute. There were further increases in output of nonferrous CONSTRUCTION metals and building materials in December. Lum- Value of construction contracts awarded in ber production was at the highest rate for this December, according to the F. W. Dodge Corporamonth in many years. tion, was more than one-third greater than a year INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS PER CENT PHVS1CAL VOLUME, SEASONALLY ADJUSTED, 1935 - 39 -Y00 PEF 260 ; 240 V 1 \ 220 / 220 \ / \ 200 / 200 / vy 180 / \ 1 V 180 \ 160 160 / 140 140 150 —krferk 120 120 - 100 100 1941 1942 1943 1944 1945 1946 1947 1948 1949 1941 1942 1943 1944 1945 1946 1947 1948 1949 Federal Reserve index. Monthly figures, latest shown are for Federal Reserve indexes. Monthly figures, latest shown for December. stocks November—for sales December. 180 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMAPvY OF BUSINESS CONDITIONS ago. Awards for manufacturing building rose continuing sharp increases in prices in foreign marsharply to year-ago levels. The number of new kets, spot prices of foreign apparel wool in this housing units started in December, as estimated country advanced. Fuel prices were also someby the Bureau of Labor Statistics, declined season- what higher while prices of some manufactured ally to 79,000 units, compared with 93,000 units in products, such as batteries and wool blankets, were November and 53,000 in December 1948; the total reduced. A moderate reduction in retail food prices for the year was 1,019,000 units, about 10 per cent in December contributed to a .7 per cent decline more than the total in 1948. in the consumers price index. DISTRIBUTION BANK CREDIT Department store sales, according to the Board's Holdings of U. S. Government securities inseasonally adjusted index, were 293 per cent of the creased by 880 million dollars during December 1935-39 average in December, as compared with and the first three weeks of January at banks in 276 in November and an average of 285 for the leading cities. Loans to businesses and consumers year 1949. Sales in the first half of January, and loans on real estate continued to expand some- ^especially of apparel, showed more than the usual what. seasonal decline. Net Treasury expenditures and a seasonal in- Total shipments of railroad revenue freight were flow of currency from circulation supplied reserves maintained in December and early January after to banks in the first three weeks of January. allowance for seasonal influences. Substantial gains Excess reserves were at a high level in the early in loadings of ore and steel products were offset by days of January but subsequently declined some- JSL considerable reduction in coal shipments from the what as the Federal Reserve reduced its holdings temporary high level of November. of U. S. Government securities. COMMODITY PRICES SECURITY MARKETS Wholesale commodity prices generally continued The extended rise in common stock prices was to show little change from mid-December to the interrupted in January. Bond prices showed little third week in January. While prices of some foods change. The Treasury's announcement on January and feedstuffs declined somewhat, prices of hogs 13 that a new 1% per cent 20-month note would be and pork products rose. On January 17 it was an- offered in exchange for certificates maturing Febnounced that Federal support purchases of pork ruary 1, 1950, was followed by some increase in would be made during the first quarter if hog yields on short-term Treasury securities. ^prices did not rise seasonally. Reflecting earlier and PERSONAL INCOME WHOLESALE COMMODITY PRICES SEASONALLY ADJUSTED, ANNUAL RATES 1926=100 :200 1948 1949 Department of Commerce estimates. Wage and salary data shown are disbursements and include employee contributions Bureau of Labor Statistics' indexes. Weekly figures, latest for social insurance which are excluded from the total. Monthly -tshown are for week ending Jan. 31. figures, latest shown are for November. FEBRUARY 1950 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

•ANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items. 185-186 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements. 186-187 Federal Reserve Bank statistics 188-192 Deposits and reserves of member banks; bank suspensions 192-193 Money in circulation. 194-195 Bank debits and deposit turnover; Postal Savings System. . 195 All banks and the money supply 196 All banks in the United States, by classes 197-199 All insured commercial banks in the United States, by classes. . 200-201 Weekly reporting member banks .. 202-205 Number of banking offices on Federal Reserve par list and not on par list 206 Commercial paper, bankers' acceptances, and brokers' balances. . 207 Money rates; bank rates on business loans; bond yields. 208 Security prices and new issues 209—210 Corporate sales, profits, and dividends. . 211-212 Treasury finance 213-215 Government corporations and credit agencies. . 216 Business indexes 217-226 Department store statistics. 227-230 Cost of living. . 230 Wholesale prices 231 Gross national product, national income, and personal income. . 232-233 Consumer credit statistics 234-236 Current statistics for Federal Reserve chart books 237-241 Earnings and expenses of Federal Reserve Banks during 1949. . 242-243 Changes in number of banking offices in the United States. . 244 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 o£ the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. FEBRUARY 1950 183 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILLIONS QEJDOI.LARS WEDNESDAY FIGURES BILLIONS OF DOLLARS MONEY IN CIRCULATION RESERVE BANK I 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 ! 10 NOTES AND CERTIFICATES 1941 1942 1943 1944 1945 1346 1947 1948 1949 Wednesday figures, latest shown are for Jan. 25. See page 185. 184 FEDERAL RESERVE BULLETINS 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 c v o 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 c o u o n r v i d e ti s r e n s m c c B e a e r i t n l t e l i t s f s i , , - ot A he ll r* 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 y a r g c t d - - s y - - M i c n t u o io c l n a n i e r - y - T h c i u r o n a e r l g s y a d h s s - - u F T B p s r w e r R o e y a d e r i s e n t e a v i - h d k t r s e s e s a - - l b p m N e o r e o s m d n it e - s - - c O s F o e R e a t e r u c r h e a d v - n - e l - e t r s Total qu R ir e e - d2 c E es x s - * and notes Wednesday figures: 1948—Dec. 1. 306 23,165 11,168 11,997 312 23,783 24,165 4,583 28,322 1,338 1,527 927 54119,877 19,094 783 Dec. 8. 399 23,004 11,110 11,894 324 23,727 24,218 4,585 28,415 ,314 l,540| 986] 548!19,727 19,067 660 Dec. 15. 266 22,993 11,112 11,881 65923,919 24,230 4,585 28,369| ,327 969 994 640 20,435 19,219) 1,216 Dec. 22. 426 22,845 11,057 ll,788j 95024,221 24,234 4,5841 28,560 ,326 1,575 1,033 647 19,899 19,237 662 Dec. 29. 255 23,347 11,001 12,346 51224,113 24,236 4,585 28,325 ,329 1,283 l106 653 20,238 19,180 1,058 1949—Jan. 5. 229 22,919 10,907 12,012! 57923,727 24,249 4,586 28,151 ,322 951 1,167 597 20,375 19,244 1,131 Jan. 12. 364 22,465 10,772 11,693| 364 23,193 24,253 4,586 27,9191 ,323 939 1,145 600 20,105 19,118 987 Jan. 19. 241 22,117 10,603 11,514 64022,999 24,264 4,586 27,717 ,327 804 1,267 60220,133 19,183 950 Jan. 26. 458 22,039 10,265 11,774 463 22,960 24,268 4,587 27,561 ,333 1,135 1,138] 613 20,035 19,113 922 j Feb. 2. 297 222,215 10,191 12,024 314 22,827 24,279 4,5881 27,5561 ,327 1,284 1,203 613 19,711 19,072 639 Feb . 9. 251122,350 10,105! 12,245 23522,836 24,279 4,587 27,557 ,327 1,430 1.1761 61419,597 18,921 676 Feb 16. 238I1 2222,303 9,993i 12,310 385 22,926 24,284 4,586 27,480i ,323 1,754 1,177 61519,447] 18,841 606 Feb. 23. 303 22,358 9,922 12,436 18622,847 24,290 4,586 27,551 ,326 1,591 1,193 62119,44l| 18,754 687 I Mar. 2. 24l2l,837i 9,868 11,969 343 22,422 24,290 4,587 27,557 ,320 877 1,233 628]19,684 18,872 812 Mar. 9. 203 21,529 9,737 11,792 27l!22,003 24,295; 4,587 27,577 ,320 711 1,223 63119,424 18,787 637 Mar. 16. 429 21,5001 9,5881 11,912! 419 22,348 24,305 4,588 27,5OO| ,324 591 1,227! 66319.936 18,946] 990 Mar. 23. 594 21,675 9,458 12,217 24422,512 24,307 4,588 27,423 ,327 1,432 1,197 66919,360 18,655 705 Mar. 30. 298 21,828 9,277* 12,551 252 22,378 24,311 4,591 27,403 ,320 1,678 1.190] 67119,019 18,503 516 Apr. 6. 21321,597 9,151 12,446 334 22,143 24,317 4,591 27,514 ,329 1,116 1,104! 676 19,311 18,479] 832 Apr. 13. 232 21,491 9,0641 12,427 333!22,056 24,321 4,592 27,507 ,318 1,028 1,110! 678 19,327 18,505 822 Apr. 20. 453 21,288 8,989 12,299 309!22,050 24,324 4,589 27,408 ,333 1,054 1,094 678 19,398 18,519 879 Apr. 27. 266 21,208 8,905 12,303 231 j21,705 24,329 4,592 27,356 ,330 1,146 1,093 67919,020 18,492 528 May 4. 480 20,839 8,671 12,168 258!21,576 24,334 4,5921 27,447 ,324 990 1,045 62319,073 18,161 912 May 11. 202 20,130 8,581 11,549 226 20,559 24,335 4,592 27,452 ,314 913 1,017 62518,164 17,285 879 May 18. 77319,706 8,440| 11,266 256!20,735 24,338 4,591 27,392 ,313 1,026 1,005] 62718,302 17,2481 1,054 May 25. 17119,691 8,371 11,320 186|20,048 24,339 4,591 27,367 ,312 668 978J 62718,027 17,305 722 June 1. 15819,767 8,2741 11,493 22o!20,145 24,342 4,595 27,515 ,321 622 911 63718,076 17,288 788 June 8. 15719,594 8,202 11,392 205|19,956 24,381 4,596 27,484 ,315 378 946] 639 18,170 17,249 921 June 15. 139 19,461 8,051 11,410 311 24,423] 4,596 27,391 ,309 9 906 708 18,606 17,387 1,219 June 22. 670 19,166! 7,932 11,234 277!120,113 24,421 4,596 27,345 1,304 508 943 71518,314 17,348 966 June 29. 15019,517 7,780 11,737 209)19,875 24,466 4,597 27,426 1,324 497 959 71918,013 17,334 679 | July 6. 11419,343 7,780 11,563J 321 19.779 24,471 4,597 27,659 1,306] 262 898 74117,980 16,518 1,462 J J u u l l y y 2 1 0 3 . . 3 1 6 4 0 0 1 1 1 8 8 . , 8 4 4 7 2 4 7 7 , , 7 7 8 8 0 0 ! 1 1 0 1, , 0 6 6 9 2 4 2 2 9 6 7 2 1 19 9 , , 0 2 9 7 6 9 2 2 4 4 , , 5 5 1 1 3 8 4 4 , , 5 5 9 9 6 5 1 2 2 7 7 , , 4 3 8 6 0 6 l 1 , , 3 3 1 1 0 7 | 3 44 7 9 1 9 9 3 7 0 3 7 7 4 4 0 1 1 1 7 7 , , 5 4 0 1 6 5 1 1 6 6 , , 4 5 9 2 3 2 1,0 8 1 9 3 3 July 27. 41718,490 7,780 10,710| 169 19,075 24,520 4,594| 27,333 1,307 447 877 74017,486 16,586 900 Aug. 3. 298'18,693 7,780 10,913! 222119,213 24,562 4,593 27,419] 1,312 411 918 68917,619 16,490 1,129 Aug. 10. 13718.606 7,775 10,831 181 18,924 24,568 4,592 27,409 1,314] 370 956 69117,347 16,513 834 Aug. 17. 24018,226 7,775 10,451 228 18,694 24,608 4,592 27,383 1,313 444| 970 688 17,096 15,799 1,297 Aug. 24. 11517,803 7,775 10,028 163 24,610 4,591 27,328] 1,321 485 948 691 16,509 15,596 913 Aug. 31. 53117,524 7,775 9,749 171[18,225 24,607 4,593 27,389 1,310] 610] 914 69016,512 15,337 1,175 Sept. 7. 115]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 17,804 24,649 4,592 27,454| 1,312 334] 931 69116,322 15,207 1,115 Sept. 21. 14617,154 7,538 9,616 17,633 24,691 4,591 27,365 1,314 801 962 71315,760 15,244 516 Sept. 28. 30017,852 7,538 10,314 18,397 24,602 4,590| 27,348 1,311 1,170] 1,029] 715|16,016 15,139 877 Oct. 5. 11217,961 7,538 10,423 332 18,406 24,604 4,593 27,476 1,321 612 1,075 734]16,384 15,242 1,142 Oct. 12. 10917,779 7,538 10,241 414 24,604 4,592 27,546 1,296] 554 1,247 73416,119 15,211 90S Oct. 19. 12217,666 7,538 10,128| 369 18,157 24,585 4,591 27,427 1,310 317 ,142 73216,405 15,330 1,075 Oct. 26. 13817,403 7,538 9,865 292 17,83324,584 4,591 27,328 1,313 374{ ,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 ,219 690 16,437 15,319 1,118 Nov. 9.. 31917,706 7,535 10,171 160 18,185 24,532 4,592 27,528! 1,312 415 ,220 690 16,145 15,262 883 Nov, 16.. 12417,789 7,532 10,257 438 18,351 24,530 4,592 27,397 1,323 408 ,224 690 16,432 15,346| 1,086 Nov, 23.. 13317,669 7,513 10,156] 289 24,530 4,596 27.508J 1,315 410 ,306 69115,987 15,361 626 Nov, 30.. 32117,682 7,513 10,169 18.267J24.479 4,596 ! 27,543! 1,317 517 ,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 ,271 690 16,291 15,395 896 Dec. 14. 10718,169 7,512 10,657 455 24,476 4,596 27,701 1,314 393 ,273 690 16,433 15,561 872 Dec. 21. 128j18,538 7,237 11,301 842 19,508 24,427 4,595 27,833! 1,309 1,027 ,267 756 16,337 15,523 814 Dec. 28. 14218,789 7,231 11,558 448 19,379 24,427 4,598 27,765! 1.314 987 ,281 758 16,299 15,462 837 1950—Jan. 4. 9518,829 7,212 11,617 547 19,471 24,427 4,597 27,551 1,319 547 ,304 719 17,055 15,597 1,458 Jan. 11. 99|18,230 7,165 11,065 315 18,644 24,426 4,596 27,311 1,313 255) ,382 719 16,686 15,593 1,093 Jan. 18. 9717,872 7,134 10,738 414 18,383 24,426 4,596 27,121 1,315 381 l,380| 719 16,487 15,578 P909 Jan. 25. 12117,764 7,130 10,634 416 18,300 24,425 4,596 26,913 1,321 5391 1,408 721 16,419*>15,579 *840 P Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 8 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. FEBRUARY 1950 185 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 Date or period v co a D a a n u n d i c s n d - - e ts s T U ot . a S l s . e G c B u o o r v n it e d i r e s n s m c c B e a e r i t n l t e l i t s f s i , , - ot A h l e l r1 Total s G to o c ld k s T r t o c e u r i a n u n e u r n g a r y c t d - - s y - - M i c n t u i o o c l n a n i 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 s w r e R e r y a d e r i n e e t v a d - h k r s e e a s - - lb p m N e o r e o s m n d it - e s - - c O s F e o 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 Exand notes End of period: 1929—June 29. 1,037 216 71 145 147 400 4,037 2,019 4,459 204 36 28 374 2,356 2,333 23 1933—June 30. 164 1,998 441 557 58 220 4,031 2,286 5,434 264 35 166 346 2,292 1,817 475 1939—Dec. 30. 7 2,484 1,351 133 102 59317,644 2,963 7,598 2,409 634 653 25111,653 6,444 5,209 1941—June 30. 2 2,184 1,364 820 81 267 22,624 3,149 9,612 2,275 980 1,831 29013,051 7,841 5,210 Dec. 31. 3 2,254 1,467 787 104 36122,737! 3,247 11,160 2,215 867 1,360 29112,450 9,365 3,085 1945—June 30. 46 21,792 1,11320,679 46622,304 20,2131 4,145 26,746 2,279 599 1,668 450 14,92013,335 585 Dec. 31. 249 24,262 94723,315 58025,09120,065 4,339 28,515 2,287 977 1,308 49515,91514,457 458 1946—June 29. 157 23,783 75523,028 516 456 20,270 4,539 28,245 2,251 833 1,250 56116,12315,011 1,112 Dec. 31, 163 23,350 753 22,597 581 ,093 20,529 4,562 28,952 2,272 393 822 60716,13915,577 562 1947—June 30. 70 21,872 72721,145 22822,170 21,266 4,552 28,297 ,314 756 881 62916,11215,374 738 Dec. 31. 85 22,559 2,85319,706 53623,18122,754 4,562 28,868 ,336 870 961 56317,89916,400 1,499 1948—June 30. 265 21,366 6,20615,160 26821,90023,532 4,565 27,903 ,327 1,928 859 59217,38916,647 742 Dec. 31. 223 23,333 10,97712,356 54224,09724,244 4,589 28,224 ,325 1,123 1,189 590 20,479 19,277 1,202 1949—Jan 456 22,109 10,22411,885 349 ,91424,271 4,589 27,580 ,336 ,514 1,194 61119,54019,063 477 Feb 25122,342 9,88312,459 262 ,855 24,290 4,588 27,557 ,323 ,423 1,194 61819,61718,809 808 Mar 24521,688 9,24112,447 33322,26724,314 4,592 27,439 ,309 ,482 1,154 67019,11818,432 686 Apr 303 21,094 8,90212,192 34021,737 24,332 4,593 27,417 ,324 984 1,243 618 19,07618,438 638 May 24719,704 8,35611,348 14120,09224,342 4,596 27,507 ,315 628 930 62818,02417,230 794 June 10319,343 7780 11,563 250 ,696 24,466 4,597 27,493 ,307 438 941 71317,86716,919 948 July.... 31618,529 10,749 393 ,238 24,520 4,593 27,394 ,298 514 1,018 69017,43716,685 752 Aug 53117,524 7,775 9,749 171 ,225 24,608 4,593 27,393 ,308 610 914 69016,51215,337 1,175 Sept 10918,010 7,53810,472 297 ,415 24,602 4,593 27,412 1,311 ,176 1,051 71315,94715,176 771 Oct 28317,316 7,536 9,780 261 17,86024,584 4,592 27,407 1,307 595 1,187 69015,85015,261 589 Nov 32117,682 7,51310,169 263 ,267 24,479 4,596 27,543 1,317 517 1,238 68916,03815,367 671 Dec 7818,885 7,21811,667 536 ,499 24,427 4,598 27,600 1,312 821 1,517 70616,56815,550 1,018 Averages of daily figures 1948—Dec 330 23,00211,08511,917 64523,978 24,218 4,584 28,423 1,319 1,398 1,051 60019,99019,193 797 1949—Jan 347 22,28910,620 11,669 51323,150 24,259 4,587 27,850 1,327 1,014 1,211 60319,99119,153 838 Feb.. ... 284 22,32010,03212,288 35022,953 24,283 4,587 27,545 1,321 1,539 1,233 61619,57018,860 710 Mar 302 21,615 9,58812,027 35322,270 24,301 4,588 27,508 1,319 1,009 1,255 65219,41718,723 694 Apr... ... 249 21,361 9,049 12,312 40722,01724,322 4,591 27,462 1,318 1,109 1,185 67119,18518,479 706 May.... 30319,974 8,51111,463 298 ,575 24,304 4,592 27,438 1,312 914 1,067 59318,14617,369 777 June 19119,377 8,04611,331 328 ,896 24,404 4,596 27,432 1,311 421 984 68018,06817,310 758 July.. .. 20218,797 78011,017 343 ,342 24,502 4,595 27,472 1,306 391 977 73617,55816,539 1,019 Aug..... 190 18,147 7,77710,370 245 ,583 24,588 4,592 27,397 1,312 521 970 69016,87315,918 955 Sept 16417,441 7,649 9,792 351 17,95724,637 4,592 27,451 1,3.10 649 990 70316,08315,161 922 Oct..... 13617,643 7,53810,105 361 ,139 24,596 4,592 27,456 1,305 555 1,171 72716,11315,251 862 Nov..... 21517,664 7,52810,136 34' ,226 24,533 4,593 27,477 1,311 457 1,296 69116,11915,308 811 Dec 18918,287 7,36010,927 536 ,012 24,451 4,596 27,734 1,307 687 1,315 72416,29115,488 803 For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS * 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, 1935 Jan. 1,1936 Regulation T: Savings deposits............ For extensions of credit by brokers Postal Savings deposits and dealers on listed securities 100 75 50 Other deposits payable: For short sales 100 75 50 In 6 months or more........ 2X Regulation U: I I n n 9 le 0 s s d t a h y a s n t o 9 0 6 d m a o y n s th . s ..... 2 For loans by banks on stocks 100 75 50 1 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. 186 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 corporations other than member Advances secured by Government banks secured by direct Federal Reserve Bank obligations and discounts of and Other secured advances obligations of the U. S. advances secured by eligible paper [Sec. 10(b>] (last par. Sec. 13) (Sees. 13 and 13a)* Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Jan. 31 beginning— rate Jan. 31 beginning— rate Jan. 31 beginning- rate Boston Aug. 13,1948 Aug. 13,1948 Jan. 14, 1948 2 New York.... Aug. 13,1948 Aug. 13,1948 Oct.30, 1942 V* Philadelphia.. Aug. 23,1948 Aug. 23,1948 Aug.23, 1948 Cleveland Aug. 13,1948 Aug. 13,1948 Aug.13, 1948 Richmond Aug. 13,1948 Aug. 13,1948 2 Oct.28, 1942 2 Atlanta...... Aug. 13,1948 Aug. 13,1948 Jan.24, 1948 4 C St h . ic L a o go u is...... . A A u u g g . . 1 19 3 , ,1 1 9 9 4 4 8 8 A A u u g g . . 1 1 9 3 , , 1 1 9 9 4 4 8 8 A Ja u n g . .1 12 3 , , 1 1 9 9 4 4 8 8 m. Minneapolis.. Aug. 13,1948 Aug. 13,1948 Aug.23, 1948 Kansas City.. Aug. 16,1948 Aug. 16,1948 Jan. 19, 1948 V* Dallas Aug. 13,1948 Aug. 13,1948 Feb.14, 1948 San Francisco Aug. 13,1948 Aug. 13,1948 2 Oct.28, 1942 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 Ja a n te . o 3 1 a In g i e n f n fe in ct g — be- Pre r v at i e ous Net demand deposits l Time 12 9 1 1 1 - - - 1 1 8 2 9 0 0 0 d d d a a a y y y s s s i i i A A Au 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 a s 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 e a p ( m n 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.. 10 lay the other Federal Reserve Banks. 1936—Aug. 16. 15 Back figures.—See Banking and Monetary Statistics, Table 117, pp. 1937—Mar. 1. 17^ May 1. 20 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1938—Apr. 16. 17M AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT 1941—Nov, 1. 20 Maturities not exceeding five years 1942—Aug. 20. [In effect January 31. Per cent per annum] Sept. 14. Oct. 3. To industrial or commercial To financing institutions 1948—Feb. 27. businesses June 11. Sept 16. 16 Federal On discounts or Sept. 24. 26 22 R B es a e n r k ve lo O an n s 1 co m m O en m n t i s t- fo P in r o s r w t t i i h p t o u i u n c - r h cha m se a s R in e i : ng co m m O en m n t i s t- 1949— J J M M u u a n l a y y y e 3 5 0 1 1 . . . . 24 2 2 1 0 1 1 5 4 tion is portion Aug. 1. 13 obligated Aug. 11. »5 Aug. 16, 12 2 5 Boston. Aug. 18. 23 19 New York Aug. 25. 22 Philadelphia Sept. 1. 22 18 Cleveland Richmond In effect Feb. 1, 1950 22 18 12 Atlanta Chicago... St. Louis 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 accounts during the period Apr. 13, 1943-June 30, 1947, and all U. S. San Francisco... 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. • 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 }& per cent is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. 187 FEBRUARY 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 Item 1950 1949 1950 1949 Jan. 25 Jan. 18 Jan.11 Jan. 4 Dec. 28 Dec. 21 Dec. 14 Jan. Dec. Jan. Assets Gold certificates , 22,650,43122,645,43122,645,43122,620,43122,622,429 22 622,430 22,672,43222,620,433 22,622,43022,398,42a Redemption fund for F. R. notes , 547,796 548,073 548,073 551,931 553,792 553,793 553,794 547,646 553,793 626,739- Total gold certificate reserves. . . .23,198,22723,193,504 23,193,504 23,172,36223,176,22123,176,223 23,226,226 23,168,079 23,176,223 23,025,167 Other cash 352,636 326,143 295,421 262,498 219,707 209,533 218,479 370,637 257,845 366,89? Discounts and advances: For member banks... 57,621 31,827 30,167 24,774 72,180 57,254 36,688 83,433 8,345 283,178" For nonmember banks, etc 62,800 64,800 68,300 70,500 69,500 70,500 70,500 61,800 69,500 173,250- Total discounts and advances 120,421 96,627 98,467 95,274 141,680 127,754 107,188 145,233 77,845 456,42& Industrial loans 2,090 2,101 2,046 2,055 1,989 1,989 1,955 2,115 2,070 U. S. Goyt. securities: Bills... 3,684,787 3,788,387 4,167,480 4,779,247 4,737,747 4,589,147 4,374,797 3,754,682 4,829,247 5,038,026* Certificates: Special Other ., 6,398,450 6,398,450 6,336,450 6,275,450 6,257,450 6,149,950 5,983,900 6,409,450 6,275,450 6,421,269- Notes 550,700 550,700 560,700 562,200 562,200 562,200 298,100 550,700 562,200 426,250- Bonds 7,129,650 7,134,150 7,165,200 7,212,200 7,231,300 7,237,000 7,512,300 7,112,100 7,217,700 10,223,854 Total U. S. Govt. securities 17,763,587 17,871,687 18,229,83018,829,097 18,788,697 18,538,297 18,169,097 17,826,932 18,884,59722,109,399" Other Reserve Bank credit outstanding 414,275 412,269 313,395 544,565 446,461 839,933 452,986 351,550 534,199 347,61& Total Reserve Bank credit outstanding 18,300,3 7318,382,68418,643,73819,470,99119,378,827 19,507,97318,731,22618,325,83019,498,71122,914,28£ Liabilities Federal Reserve notes.. 22,918,429 23,097,77723,247,67323,440,030 23,589,47123,633,06523,520,02322,926,47923,482,64623,608,761s Deposits: Member bank — reserve account....... 16,419,49616,486,79316,685,676 17,055,11716,298,74116,337,32816,432,65616,211,20116,568,08819,540,181 U. S, Treasurer—general account 539,154 381,293 254,788 546,856 986,750 1,027,465 393,086 676,687 821,354 1,513,653- Foreign 933,545 909,639 836,336 758,366 763,273 742,516 765,941 907,996 766,521 714,671 Other .. 474,188 469,936 545,184 545,917 517,435 524,368 506,608 552,442 750,269 479,59* Total deposits 18,366,38318,247,66118,321,984 18,906,256 18,566,199 18,631,67718,098,29118,348,32618,906,23222,248,103*: Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 56.2 56.1 55.8 54.7 55.0 54.8 55.8 56.1 54.7 50.2 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 16 d a to y 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 t s o 6 to m 1 o y n e t a h r s 1 2 y y e e a a r r s to2 5 y e y a e r a s r s to 5 O y v e e a r rs Discounts and advances: Dec. 28. 141,680 71,357 6,897 49,460 13,955 7 Jan. 4 , 95,274 28,476 2,803 53,388 10,596 7 Jan. 11. 98,467 29,351 7,126 55,352 6,633 5 Jan. 18 96,627 29,823 5,058 55,172 6,569 5 Jan. 25 120,421 56,569 48,290 13,630 1,927 5 Industrial loans: Dec. 28 1,989 1,211 4 12 29 102 126 505 Jan. 4 -. 2,055 27 114 12 17 115 917 183 670 Jan. 11. 2,046 27 95 12 16 108 940 183 665 Jan. 18 2,101 28 91 12 16 112 997 182 663 Jan. 25 2,090 94 12 16 93 1,022 185 668 U. S. Government securities: Dec. 28.. 18,788,6972,007,412 603,,.500 1583,9752,329,010 1,278,000 3 608,100 2,253,600 5,125,100 Jan. 4.... 18,829,097 917,753 893,,:825 2,105,918 2,031,5512,720,500 2 799,950 2,253,600 5,106,000 Jan. 11 18,229,830 890,334 866,,225 2019,2341,559,9872,720,' 860,950 2,253,,600 5,059,000 Jan. 18... 17,871,6871,076,325 790,150 1 925,9031,141,609 2,720,500 2 935,650 2,253,,600 5,027,950 Jan. 25 17,763,5871,168,225 635,250 2 050,510 976,4022,720,500 2 935,650 2,253,600 5,023,450 188 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 ve d - m Ri o c n h d - Atlanta Chicago Lo S u t. is M a i p n o n li e s - Ka C n it s y as Dallas F c S r i a a sc n n o - Assets Gold certificates: 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 Jan. 4 22,620,431 862,817 7,565,8351,250,0811,530,2951,009,419 941,8894,352,097 668,797 440,884 812,516 566,6442,619,157 Jan. 11 22,645,431 850,732 7,373,0631,207,2891,552,7651,042,278 984,5994,383,980 672,893 453,496 835,319 642,8562,646,161 Jan. 18 22,645,431 874,116 7,237,1001,221,9951,562,7901,052,5421,023,0594,345,483 706,400 442,306 858,544 661,5712,659,525 Jan. 25 22,650,431 837,392 7,175,4731,230,2391,578,6601,049,313 990,5894,448,301 685,055 471,610 837,414 658,5332,687,852 Redemption fund for F. R. notes: 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 Jan. 4 551,931 51,248 48,946 48,559 58,901 52,426 39,678 82,739 42,858 22,302 34,724 27,104 42,446 Jan. 11 548,073 51,068 48,174 48,198 58,679 50,791 39,525 82,512 42,796 22,277 34,675 27,056 42,322 Jan. 18 548,073 51,068 48,174 48,198 58,679 50,791 39,525 82,512 42,796 22,277 34,675 27,056 42,322 Jan. 25. 547,796 51,045 48,153 48,178 58,636 50,770 39,452 82,495 42,787 22,267 34,663 27,053 42,297 Total gold certificate reserves: 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 Jan. 4 23,172,362 914,065 7,614,7811,298,6401,589,1961,061,845 981,5674,434,836 711,655 463,186 847,240 593,7482,661,603 Jan. 11. 23,193,504 901,800 7,421,2371,255,4871,611,4441,093,0691,024,1244,466,492 715,689 475,773 869,994 669,9122,688,483 Jan. 18 23,193,504 925,184 7,285,2741,270,1931,621,4691,103,3331,062,5844,427,995 749,196 464,583 893,219 688,6272,701,847 Jan. 25.. 23,198,227 888,437 7,223,6261,278,4171,637,2961,100,0831,030,0414,530,796 727,842 493,877 872,077 685,5862,730,149 \J UllCl CcLoil • 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 Jan. 4 262,498 25,257 44,493 14,760 22,621 20,808 21,079 33,140 18,072 5,469 11,552 14,032 31,215 Jan. 11 295,421 29,055 51,711 19,028 21,968 23,599 27,008 36,955 16,262 6,005 12,566 16,031 35,233 Jan. 18 326,143 30,378 59,580 21,704 27,338 25,082 25,994 42,597 17,101 6,127 14,333 17,102 38,807 Jan. 25 352,636 32,460 63,154 23,370 25,716 25,933 28,105 50,419 18,982 6,786 15,297 16,772 45,642 XVloCOllIiXo Oc du" vances: Secured by U. S. Govt. securities: Dec. 28.. 72,092 6,386 15,070 2,045 12,875 19,426 30 725 285 7,850 5,400 2,000 Jan. 4. . 24,687 1,386 1,485 1,585 5,655 4,401 50 5,675 600 3,850 Jan. 11.. 30,082 4,796 4,805 925 8,870 3,361 50 3,425 3,000 100 750 Jan. 18.. 31,747 4,891 3,985 455 10,980 1,261 50 7,125 300 100 2,600 Jan. 25.. 57,567 3,521 9,735 1,135 12,995 6,381 5,650 3,650 1,750 3,200 2,250 1,000 6,300 \jtner. 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 Jan. 4... 70,587 4,442 22,278 5,640 6,486 3,455 2,890 9,765 2,538 1,763 2,588 2,468 6,274 Jan. 11.. 68,385 4,303 21,446 5,464 6,215 3,415 2,869 9,460 2,459 1,708 2,577 2,391 6,078 Jan. 18.. 64,880 4,082 20,347 5,184 5,897 3,240 2,722 8,972 2,333 1,620 2,448 2,268 5,767 Jan. 25.. 62,854 3,956 19,719 5,024 5,715 3,140 2,638 8,685 2,261 1,570 2,359 2,198 5,589 Industrial loans* Dec. 28 1,989 1,834 1 103 51 Jan. 4 2,055 1,875 1 102 77 Jan. 11 2,046 1,865 103 77 Jan. 18...... 2,101 1,922 1 101 77 Jan. 25 2,090 1,900 1 102 87 U. S. Govt. securities: Bills: 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 Jan. 4 4,779,247 329,481 1,114,004 317,825 443,017 308,768 255,996 724,763 263,628 147,865 221,772 216,954 435,174 Jan. 11 4,167,480 287,306 971,406 277,142 386,309 269,244 223,227 631,990 229,882 128,938 193,383 189,183 379,470 Jan. 18.... 3,788,387 261,171 883,043 251,932 351,168 244,753 202,921 574,501 208,971 117,209 175,792 171,974 344,952 Jan. 25 3,684,787 254,029 858,895 245,043 341,565 238,060 197,372 558,790 203,256 114,004 170,984 167,271 335,518 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 Jan. 4 6,275,450 432,630 1,462,758 417,324 581,709 405,432 336,138 951,660 346,159 194,156 291,199 284,874 571,411 Jan. 11.... 6,336,450 436,834 1,476,975 421,381 587,363 409,372 339,406 960,910 349,525 196,044 294,031 287,643 576,966 Jan. 18 6,398,450 441,109 1,491,427 425,504 593,110 413,379 342,726 970,313 352,945 197,962 296,907 290,457 582,611 Jan. 25 6,398,450 441,109 1,491,427 425,504 593,110 413,379 342,726 970,313 352,945 197,962 296,907 290,457 582,611 Notes: 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 Jan. 4 562,200 38,758 131,044 37,387 52,114 36,321 30,114 85,256 31,012 17,394 26,088 25,521 51,191 Jan. 11.... 560,700 38,655 130,695 37,287 51,975 36,225 30,033 85,029 30,929 17,347 26,018 25,453 51,054 Jan. 18.... 550,700 37,965 128,364 36,622 51,048 35,578 29,498 83,513 30,377 17,038 25,554 24,999 50,144 Jan. 25 550,700 37,965 128,364 36,622 51,048 35,578 29,498 83,513 30,377 17,038 25,554 24,999 50,144 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 Jan. 4 7,212,200 497,209 1,681,106 479,618 668,542 465,952 386,3141,093,716 397,833 223,138 334,667 327,398 656,707 Jan. 11.... 7,165,200 493,969 1,670,152 476,492 664,185 462,915 383,7971,086,588 395,240 221,684 332,487 325,264 652,427 Jan. 18 7,134,150 491,829 1,662,913 474,427 661,308 460,908 382,1341,081,879 393,527 220,723 331,047 323,855 649,600 Jan. 25 7,129,650 491,519 1,661,864 474,127 660,891 460,617 381,8931,081,196 393,279 220,584 330,839 323,651 649,190 Tnfal TT ^ Pnvt x Otdl s e K c J u m r o i « t V i j e r s O : V C«. 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 Jan. 4 18,829,0971,298,078 4,388,9121,252,1541,745,3821,216,4731,008,5622,855,3951,038,632 582,553 873,726 854,7471,714,483 Jan. 11 ..18,229,8301,256,764 4,249,2281,212,3021,689,8321,177,756 976,4632,764,5171,005,576 564,013 845,919 827,5431,659,917 Jan. 18. 17,871,6871,232,074 4,165,7471,188,4851,656,6341,154,618 957,2792,710,206 985,820 552,932 829,300 811,2851,627,307 Jan. 25 17,763,5871,224,622 4,140,5501,181,2961,646,6141,147,634 951,4892,693,812 979,857 549,588 824,284 806,3781,617,463 FEBRUARY 1950 189 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 ew rk 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 c r is a c n o - Assets (eont.): Total loans and securities: Dec. 28 18,932,366 1,306,960 4,489,7651,289,2871,752,1701,229,1131,010,1982,813,9451,018,166 617,886 916,724 815,1381,673,014 Jan. 4 18.926,426 1,303,906 4,412,6751,261,2541,757,5241,224,4311,011,5022,870,8351,041,170 584,993 880,164 857,2151,720,757 Jan. 11 18,330,343 1,265,863 4,275,4791,220,5561,704,9181,184,635 979,3822,777,4021,011,035 565,898 849,246 829,9341,665,995 Jan. 18 17,970,415 1,241,047 4,190,0791,196,0461,673,5121,159,220 960,0512,726,303 988,453 554,729 834,348 813,5531,633,074 Jan. 25 17,886,098 1,232,099 4,170,0041,189,3551,665,3251,157,257 959,7772,706,147 983,868 554,445 828,893 809,5761,629,352 Due from foreign banks: Dec. 28 39 3 112 3 4 2 2 5 1 1 1 1 4 Jan. 4 38 3 112 3 3 2 2 5 1 1 1 1 4 Jan. 11 38 3 i 12 3 3 2 2 5 1 1 1 1 4 Jan. 18 38 3 112 3 3 2 2 5 1 1 1 1 4 Jan. 25 38 3 112 3 3 2 2 5 1 1 1 1 4 Federal Reserve notes of other Banks: 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 Jan. 4 159,264 8,347 26,206 8,631 9,796 20,486 16,477 19,712 10,079 5,313 7,743 11,521 14,953 Jan. 11. 156,971 6,121 24,999 9,417 7,553 25,423 18,407 18,617 8,101 4,881 7,042 10,333 16,077 Jan. 18 162,840 8,201 28,881 10,495 7,348 26,823 15,725 18,233 8,302 4,849 7,210 9,131 17,642 Jan. 25 154,650 9,020 23,878 6,029 7,641 24,912 16,818 17,335 9,069 4,920 7,559 9,048 18,421 Uncollected items: 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 Jan. 4 2,993,293 248,884 605,785 194,681 254,515 255,289 198,834 492,755 158,375 67,922 160,997 152,471 202,785 Jan. 11 2,532,092 193,417 468,446 169,931 210,823 216,834 193,656 392,359 142,613 73,445 151,613 114,786 204,169 Jan. 18 2,969,348 243,118 560,106 202,312 276,818 237,059 214,492 454,533 175,824 84,131 158,816 143,079 219,060 Jan. 25 2,756,202 216,306 499,166 176,062 269,806 224,449 192,691 435,697 155,236 72,343 151,422 137,152 225,872 Bank premises: 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 Jan. 4 33,733 1,129 7,872 2,987 4,936 2,477 1,523 3,514 1,926 1,146 2,310 717 3,196 Jan. 11 33,870 1,129 7,872 2,987 4,936 2,477 1,523 3,514 1,926 1,146 2,310 717 3,333 Jan. 18 34,023 1,129 7,873 2,987 4,932 2,477 1,523 3,557 1,927 1,146 2,310 717 3,445 Jan. 25.. 34,208 1,129 7,873 2,981 4,925 2,470 1,520 3,557 2,067 1,146 2,310 717 3,513 Other assets: 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 Jan. 4 92,011 6,292 20,974 5,760 8,386 5,938 4,928 14,153 6,316 2,815 4,375 3,961 8,113 Jan. 11 97,183 6,698 22,542 6,032 8,893 6,225 5,183 14,881 6,553 2,921 4,555 4,197 8,503 Jan. 18 101,520 7,427 22,997 6,318 9,388 6,597 5,394 15,580 6,802 2,971 4,779 4,454 8,813 Jan. 25 106,218 7,123 24,472 6,716 9,808 6,975 5,653 16,323 6,977 3,145 5,019 4,725 9,282 Total assets: 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 Jan. 4 45,639,625 2,507,88312,732,7982,786,7163,646,9772,591,2762,235,9127,868,9501,947,5941,130,8451,914,3821,633,6664,642,626 Jan. 11 44,639,422 2,404,08612,272,2982,683,4413,570,5382,552,2642,249,2857,710,2251,902,1801,130,0701,897,3271,645,9114,621,797 Jan. 18 44,757,831 2,456,48712,154,8022,710,0583,620,8082,560,5932,285,7657,688,8031,947,6061,118,5371,915,0161,676,6644,622,692 Jan. 25 44,488,277 2,386,57712,012,1852,682,9333,620,5202,542,0812,234,6077,760,2791,904,0421,136,6631,882,5781,663,5774,662,235 Liabilities Federal Reserve notes: Dec. 28 23,589,471 1,411,784 5,431,6251,643,0142,067,3181,594,2441,299,5054,510,9651,095,781 612,291 919,375 646,5602,357,009 Jan. 4 23,440,030 1,396,267 5,405,5991,630,9692,047,4331,576,5991,288,3924,493,8391,089,765 610,456 918,611 638,9302,343,170 Jan. 11 23,247,673 1,379,445 5,341,1311,617,3712,037,6851,561,9011,277,2734,467,1151,079,480 608,461 914,344 630,1242,333,343 Jan. 18 23,097,777 1,367,967 5,305,1261,609,0242,023,1931,549,9281,270,4164,451,8981,074,477 605,314 908,172 621,2452,311,017 Jan. 25 22,918,429 1,359,739 5,249,2441,596,0132,011,7951,537,1521,257,9514,431,6541,064,932 602,367 903,244 615,5352,288,803 Deposits: Member bank —reserve account: 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 Jan. 4. . 17,055,117 729,664 5,785,698 804,5151,191,256 657,504 667,1072,735,569 634,953 396,658 775,472 780,1581,896,563 Jan. 11.. 16,685,676 713,803 5,503,467 772,0601,173,703 689,491 688,2522,650,664 612,192 392,691 769,219 828,7171,891,417 Jan. 18.. 16,486,793 730,202 5,357,772 766,3391,183,973 679,796 700,2782,588,224 619,060 377,750 773,403 830,3101,879,686 Jan. 25. .16,419,496 705,582 5,297,093 769,0311,189,282 668,679 660,4912,665,030 591,448 400,473 752,074 798,5121,921,801 U. S. Treasurer-general account: 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 Jan. 4.. 546,856 56,810 101,796 55,603 49,854 49,095 30,836 56,974 19,543 24,757 26,998 21,471 53,119 Jan. 11.. 254,788 23,167 37,892 21,719 22,014 16,267 26,807 21,005, 15,847 17,337 13,204 16,093 23,436 Jan. 18.. 381,293 26,623 54,352 32,486 25,046 28,766 40,300 25,807 27,749 20,445 22,054 26,605 51,060 Jan. 25.. 539,154 29,237 102,830 31,924 42,317 35,071 37,969 60,983 33,693 27,717 25,660 53,207 58,546 Forcii? n * 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 Jan. 4. . 758,366 47,370 2244,047 60,152 69,175 36,843 30,828 103,762 27,068 18,798 27,068 26,317 66,938 Jan, 11... 836,336 52,548 2264,123 66,728 75,903 41,705 35,032 115,106 30,028 20,853 30,862 29,194 74,254 Jan. 18.. 909,639 56,713 2292,083 72,016 81,918 45,010 37,808 124,228 32,407 22,505 33,307 31,507 80,137 Jan. 25.. 933,545 58,300 2298,702 74,032 84,211 46,270 38,867 127,705 33,314 23,135 34,240 32,389 82,380 Other: 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 Jan. 4.. 545,917 4,116 468,932 1,555 5,526 7,735 1,916 3,747 8,668 1,859 1,309 723 39,831 Jan. 1.1.. 545,184 5,715 475,908 1,965 5,865 5,322 990 2,067 6,606 1,647 155 1,261 37,683 Jan. 18.. 469,936 5,152 403,201 1,874 5,934 3,891 483 2,099 5,823 1,710 188 423 39,158 Jan. 25.. 474,188 2,865 411,889 1,276 4,807 3,629 534 3,684 6,208 1,513 803 486 36,494 1 After deducting $27,000 participations of other Federal Reserve Banks on Dec. 28; $26,000 on Jan. 4; Jan. 11; Jan. 18; and Jan. 25. 2 After deducting $516,899,000 participations of other Federal Reserve Banks on Dec. 28; $514,300,000 on Jan. 4; $572,192,000 on Jan. 11; $617,537,000 on Jan. 18; and $634,824,000 on Jan. 25. 190 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] 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 c S r is a a c n n o - Liabilities (cont.): Total deposits: Dec. 28.... 18,566,199 825,472 6,452,373 909,4181,370,028 767,293 758,3832,725,757 653,237 452,319 787,728 870,9011,993,290 Jan. 4.... 18,906,256 837,960 6,600,473 921,825 1,315,811 751,177 730,6872,900,052 690,232 442,072 830,847 828.6692,056,451 Jan. 11 18,321,984 795,233 6,281,390 862,472 1,277,485 752,785 751,0812,788,842 664,673 432,528 813,440 875.2652,026,790 Jan. 18 18,247,661 818,690 6,107,408 872,7151,296,871 757,463 778,8692,740,358 685,039 422,410 828,952 888,8452,050,041 Jan. 25.... 18,366,383 795,984 6,110,514 876,2631,320,617 753,649 737,8612,857,402 664,663 452,838 812,777 884,5942,099,221 bility items: 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 Jan. 4.... 2,448,766 219,532 473,408 167,618 206,226 219,198 179,855 358,684 134,393 55,456 132,272 134,655 167,469 Jan. 11 2,218,735 174,883 394,852 136,826 177,133 192,884 183,598 336,900 124,527 66,060 136,635 108,822 185,615 Jan. 18.... 2,557,117 215,070 486,582 161,274 221,964 208,252 198,862 378,550 154,426 67,647 144,809 134,501 185,180 Jan. 25.... 2,341,965 175,770 394,598 143,262 208,874 205,984 200,841 352,423 140,499 58,174 133,162 131,133 197,245 Othpr liabilities including accrued dividends: Dec. 28 16,722 975 4,719 978 1,939 878 713 2,663 673 501 562 714 1,407 Jan. 4 9,243 691 2,315 476 974 560 411 1,628 421 347 395 325 700 Jan. 11 9,322 634 2,551 485 1,004 545 404 1,558 401 325 383 321 711 Jan. 18 8,171 591 2,145 371 1,073 446 346 1,394 290 316 289 344 566 Jan. 25.... 10,055 549 3,383 421 1,177 505 407 1,556 337 307 371 396 646 1 ota. D 1 e H c E . i D 2 iii 8 xiesi 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 Jan. 4 44,804,295 2,454,45012,481,7952,720,8883,570,4442,547,5342,199,3457,754,2031,914,8111,108,3311,882,1251,602,5794,567,790 Jan. 11 43,797,714 2,350,19512,019,9242,617,1543,493,3072,508,1152,212,3567,594,4151,869,0811,107,3741,864,8021,614,5324,546,459 Jan. 18 43,910,726 2,402,31811,901,2612,643,3843,543,1012,516,0892,248,4937,572,2001,914,2321,095,6871,882,2221,644,9354,546,804 Jan. 25 43,636,832 2,332,04211,757,7392,615,9593,542,4632,497,2902,197,0607,643,0351,870,4311,113,6861,849,5541,631,6584,585,915 Capital Accts.: Capital paid in: 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 Jan. 4 211,746 12,003 72,683 15,112 19,673 9,225 8,274 26,936 7,020 4,715 7,419 8,465 20,221 Jan. 11 212,536 12,015 72,753 15,182 19,879 9,268 8,338 27,166 7,036 4,723 7,441 8,507 20,228 Jan. 18 213,189 12,040 72,782 15,230 19,913 9,305 8,419 27,221 7,074 4,731 7,500 8,636 20,338 Jan. 25 213,600 12,048 72,802 15,266 19,929 9,330 8,488 27,271 7,086 4,741 7,566 8,650 20,423 Surplus: (section 7): 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 Jan. 4.... 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,552 Jan. 11 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,552 Jan. 18.... 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,552 Jan. 25.... 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,552 (section 13b): 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 Jan. 4.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Jan. 11 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Jan. 18 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Jan. 25 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.: 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 Jan. 4 107,868 7,641 22,852 8,022 9,897 7,389 6,337 14,353 6,124 4,232 5,656 5,442 9,923 Jan. 11 113,456 8,087 24,153 8,411 10,389 7,753 6,635 15,186 6,424 4,406 5,902 5,692 10,418 Jan. 18 118,200 8,340 25,291 8,750 10,831 8,071 6,897 15,924 6,661 4,552 6,112 5,913 10,858 Jan. 25 122,129 8,698 26,176 9,014 11,165 8,333 7,103 16,515 6,886 4,669 6,276 6,089 11,205 i oiai na uiiities and cap. accts.: 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 Jan. 4 45,639,625 2,507,88312,732,7982,786,7163,646,9772,591,2762,235,9127,868,9501,947,5941,130,8451,914,3821,633,6664,642,626 Jan. 11.... 44,639,422 2,404,08612,272,2982,683,4413,570,5382,552,2642,249,2857,710,2251,902,1801,130,0701,897,3271,645,9114.621,797 Jan. 18 44,757,831 2,456,48712,154,8022,710,0583,620,8082,560,5932,285,7657,688,8031,947,6061,118,5371,915,0161,676,6644,622,692 Jan. 25..... 44,488,277 2,386,57712,012,1852,682,9333,620,5202,542,0812,234,6077,760,2791,904,0421,136,6631,882,5781,663,5774,662,235 Contingent liability on acceptances purchased for foreign correspondents: Dec. 28 10,467 659 13,308 837 963 513 429 1,444 377 262 377 366 932 Jan. 4 9,808 618 13,099 785 902 481 402 1,354 353 245 353 343 873 Jan. 11 9,471 597 12,974 758 862 473 398 1,307 341 237 350 331 843 Jan. 18.... 9,231 581 12,898 738 840 462 388 1,274 332 231 342 323 822 Jan. 25 9,031 569 12,836 722 822 452 379 1,246 325 226 334 316 804 Commitments to mIllcdiK IT-CP ilnH fQinL Glo^LfliIcdj iI. loa D ns e : c. 28 •"2,339 740 886 15 54 500 rl44 Jan. 4 1,955 684 558 15 54 500 144 Jan. 11 1,962 695 557 15 54 500 141 Jan. 18 1,904 637 557 15 54 500 141 Jan. 25.... 1,925 659 556 15 89 500 106 r Revised. i After deducting $7,159,000 participations of other Federal Reserve Banks on Dec. 28; $6,709,000 on Jan. 4; $6,497,000 on Jan. 11; $6,333,000 on Jan. 18; and $6,195,000 on Jan. 25. FEBRUARY 1950 191 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 - la A n t t - a Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F S ra an ncisco F. R. notes outstanding (issued to Bank): Dec. 28 24,396,150 1,455,242 5,602,109 1,686,569 2,148,427 1,650,4981,364,084 4,613,7431,136,654623,881 948,896 685,2932,480,754 Jan. 4 24,324,320 1,455,247 5,590,143 1,678,8542,139,3581,643,3491,359,788 4,604,5241,129,757621,088 947,432681,6522,473,128 Jan. 11 24,210,663 1,448,9015,567,665 1,668,9712,127,9911,634,7101,350,590 4,587,8321,120,399619,430 942,227678,518 2,463,429 Jan. 18. 24,086,035 1,445,338 5^92,3861,664,127 2,124,5391,632,7461,342,454 4,574,8911,115,567619,535 940,226 673,9282,460,298 Jan. 25 23,945,241 1,438,235 5,460,5881,657,657 2,109,7911,618,0121,334,800 4,554,2171,109,687616,101 935,354 670,9792,439,820 Collateral held against notes outstanding: Gold certificates: Dec. 28 14,359,000 440,000 4,670,000 750,000 1,000,000 670,000 675,000 3,060,000 400,000 210,000 280,000 204,000 2,000,000 Jan. 4 14,359,000 440,000 4,670,000 750,000 1,000,000 670,000 675,0003,060,000 400,000 210,000 280,000 204,000 2,000,000 Jan. 11 14,319,000 440,000 4,670,000 750,000 1,000,000 670,000 675,000 3,020,000 400,000 210,000 280,000 204,000 2,000,000 Jan. 18 14,289,000 440,000 4,670,000 750,000 1,000,000 670,000 675,000 2,990,000 400,000 210,000 280,000 204,000 2,000,000 Jan. 25 14,289,000 440,000 4,670,000 750,000 1,000,000 670,000 675,000 2,990,000 400,000 210,000 280,000 204,000 2,000,000 Eligible paper: Dec. 28... 54,412 6,386 11,470 2,045 18,926 285 7,850 5,450 2,000 Jan. 4 13,257 1,386 1,385 1,585 4,401 600 3,900 Jan. 11 16,947 4,796 4,465 925 2,861 3,000 100 800 Jan. 18 13,442 4,891 3,785 455 1,261 300 100 2,650 Jan. 25 31,207 3,521 9,135 1,135 5,881 1,750 3,200 2,285 4,300 U. S. Govt. sec.: Dec. 28 10,800,000 1,100,000 1,000,0001,000,0001,150,0001,000,000 700,0001,600,000 800,000 450,000 700,000500,000 800,000 Jan. 4 10,800,000 1,100,000 1,000,0001,150,0001,000,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 Jan. 11 10,800,000 1,100,000 1 1,000,0001,150,0001,000,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 Jan. 18 , 10,800,000 1,100,000 i;ooo,ooo1,000,0001,150,0001,000,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 Jan. 25 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: Dec. 28 25,213,412 1,546,386 5,681,4701,752,045 2,150,0001,688,9261,375,000 4,660,0001,200,285 667,850 985,450 704,000 2,802,000 Jan. 4 25,172,257 1,541,386 5,671,385l,751,r 150,0001,674,4011,375,000 4,660,0001,200,000 660,600 983,900 704,000 2,800,000 Jan. 11 25,135,947 1,544,796 5,674,4651,750,925 2;150,0001,672,8611,375,000 4,620,0001,203,000 660,100 980,800 704,000 2,800,000 Jan. 18 25,102,442 1,544,8915,673,7851,750,455 2,150,0001,671,2611,375,000 4,590,0001,200,300 660,100 982,650 704,000 2,800,000 Jan. 25 25,120,207 1,543,5215,679,1351,751,135 2150,0001,675,8811,375,000 4,590,0001,201,750 663,200 982,285 704,000 2,804,300 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 o D o r f e a l d t a p e n s e t e r ( i s l d o d a a d s a y t ) y Ap ap t p o p li r c u o a a v t t i e c o d ns b p p u l c r A e t o o t p m v e n - d e - o d t l s ( t a L a m o n o u o d a t u i n - n n s g t) 2 C st o a o m n u d m t- in it g -o in P p t f g u a a o f t t r i u i i i n t o o n i t a c - n n s n i s t s - c i- - week en M di o n n g t h W , e o d r nesday b m a b A n e e k m l r l s - l C Y N e c o e n i r w t t k r y a l b r a e n c C s k a e h s g r i o - ve b s c R a e i n r e t v y k - e s b C a t o n r u y k n s - 1 Num- Amount (amount) (amount) standing ber (amount) Total reserves held: 1948—December 19,990 5,408 1,294 7,511 5,777 1939 2,781 188,222 2,659 13,683 9,220 10,981 1949—November 16,119 4,419 1,116 6,177 4,407 1940 2,908 212,510 13,954 9,152 5,226 6,386 December 16,291 4,462 1,144 6,251 4,434 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 Dec. 21 16,419 4,520 1,152 6,277 4,470 1943 3,471 491,342 926 10,532 9,270 17,930 Dec. 28 16,267 4,439 1,143 6,246 4,439 1944 3,489 525,532 1,295 3,894 4,165 2,705 Jan. 4 16,687 4,561 1,202 6,417 4,507 1945 3,511 544,961 320 1,995 1,644 1,086 Jan. 11 16,760 4,562 1,201 6,426 4,570 1946 3,542 565,913 4,577 554 8,309 2,670 Jan. 18 16,601 4,447 1,176 6,416 4,562 1947 3,574 586,726 945 1,387 7,434 4,869 Jan. 25 16,411 4,421 1,162 6,327 4,501 1948 Excess reserves: July 31... 3,600 611,694 620 802 6,417 3,346 1948—December 797 56 2 198 541 Aug. 31... 3,603 612,099 65 883 6,187 3,353 1949—November 811 46 1 163 601 Sept. 30... 3,604 613,820 45 1,011 6,246 4,212 December 803 19 1 180 603 Oct. 30... 3,606 614,402 185 1,116 6,085 4,153 Nov. 30... 3,606 614,725 85 1,151 6,099 4,166 Dec. 21 839 30 2 174 633 Dec. 31... 3,607 615,653 335 995 1,643 1,990 Dec. 28 773 13 -3 156 607 Jan. 4 1,131 105 31 325 670 1949 Jan. 11 1,168 123 24 297 724 Jan. 18 Pl.000 41 1 241 P717 Jan. 31... 3,607 615,893 85 1,005 1,677 2,077 Jan. 25 ?849 28 -1 162 P660 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—December 134 50 9 41 34 June 30... 3,615 621,297 205 614 2,278 2,619 1949—November 134 •55 16 45 19 July 30... 3,617 621,601 220 660 2,263 2,563 December 118 59 2 30 28 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 Dec. 21 44 17 27 Oct. 31... 3,637 626,273 1,514 1,075 1,820 1,965 Dec. 28 52 1 24 27 Nov. 30... 3,644 628,523 1,277 1,954 1,818 2,848 Jan. 4 55 19 1 19 16 Dec. 31... 3,649 629,327 539 2,179 2,288 2,947 Jan. 11 20 8 12 Jan. 18 25 11 14 1 Includes applications approved conditionally by the Federal Re- Jan. 25 33 20 13 serve Banks and under consideration by applicant. 8 Includes industrial loans past due 3 months or more, which are not P Preliminary. included in industrial loans outstanding in weekly statement of con- 1 Weekly figures of excess reserves of all member banks and of dition of Federal Reserve Banks. country banks are estimates. Weekly figures of borrowings of all mem- NOTE.—The difference between amount of applications approved and ber banks and of country banks may include small amounts of Federal the sum of the following four columns represents repayments of ad- Reserve Bank discounts and advances for nonmember banks, etc. vances, and applications for loans and commitments withdrawn or expired. 192 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 m A em ll - city banks s R er e v - e Coun- m A em ll - city banks s R er e v - e Counber city try ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago First half of December 1949 Second half of December 1949 Gross demand deposits: Total 92,011 21,456 5,381 34,773 30,402 93,090 21,755 5,506 35,332 30,497 11,101 3,777 1,102 5,295 926 11,366 3,893 1,124 5,403 946 Other 80..910 17,679 4,278 29,477 29,476 81,724 17,863 4,382 29,928 29,551 Net demand deposits 2 80,836 19,766 4,916 30,365 25,789 81,300 19,854 4,987 30,629 25,831 Demand deposits adjusted ' 72 850 73,200 Time deposits 4 28,996 1,683 1,059 11,584 14,671 29,100 1,715 1,070 11,629 14,686 Demand balances due from domestic banks... 5,592 40 116 1,705 3,732 41 122 1,7.87 3,757 5,707 Reserves with Federal Reserve Banks: Total 16,208 4,454 1,136 6,214 4,405 4,470 1,152 6,286 4,461 Required 15,440 4,433 1,134 6,045 3,828 1165,,356393 4,454 1,151 6,095 3,834 Excess 768 22 1 169 576 836 16 2 191 627 Borrowings at Federal Reserve Banks 181 113 3 37 29 59 9 23 27 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. 4 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND BANK SUSPENSIONS! SMALL CENTERS * [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 d e e x p c o e s p it t s Time d e e x p c o e s p it t s Time Number of banks suspended: inter- deposits inter- deposits 1934-42 330 20 6 216 83 bank bank 1943 4 2 2 1944 1 1 1945 0 1948 1946 0 November 16,829 8,770 12,492 6,062 1947 . 1 1 December 16,836 8,678 »12,427 6,011 1948 0 1949 4 4 1949 1950—January 0 November 17,056 8,782 12,209 6,046 December 17,266 8,675 12,249 6,004 De ( p in o s t i h ts o u o s f a n su d s s p e o n f d d e o d ll a b r a s n ) k :2 s By districts, 1934-42 137,362 18,01626,54851,567 41,231 December 1949 1943 6,223 4,982 1,241 1944 405 405 Boston 2,104 828 351 228 1945 0 New York 3,140 2,163 1,090 1,135 1946 0 Philadelphia 1,320 795 942 878 1947 167 167 Cleveland 1,384 895 1,020 803 1948 0 1949 2,443 2,443 Richmond 1,137 406 864 475 1950—January 0 Atlanta.". 1,589 456 667 216 Chicago ..:.... 2,361 1,586 1,685 953 St. Louis 680 341 1,012 285 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not Minneapolis 638 300 788 449 include banks whose deposit liabilities were assumed by other banks Kansas City 585 106 1,629 210 at the time of closing (in some instances with the aid of Federal Deposit Dallas 1,085 158 1,669 74 Insurance Corporation loans). San Francisco 1,243 639 530 296 2 Deposits of member banks 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. FEBRUARY 1950 193 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 andsmall denomination currency 2 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 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 s 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—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 \ 94.9—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 Mbarch 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 December. . . 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 3 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. * Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 8 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 * Money Total out- held by standing, As security For Federal De 1 c 9 . 4 3 9 1, g a o s g l i d a lv in e a r s n t d Tre ca a s s h ury B R F an e e d k se e s r r v a a e n l d B R a a n e g s k e e s n r t v a s n e d De 1 c. 9 4 3 9 1, N 1 o 9 v 4 . 9 30, De 1 c 9 . 4 3 8 1, certificates agents Gold 24,427 23,218 21,209 Gold certificates 23,218 20,361 2,815 42 42 44 Federal Reserve notes 24,359 59 1,038 23,262 23,202 23,918 Treasury currency—total 4,598 * 2,304 43 258 4,297 4,300 4,262 Standard silver dollars ... 493 301 21 3 168 167 162 Silver bullion 2,003 2,003 Silver certificates and Treasury notes of 1890. . 2 2,304 183 2,121 2,115 2,060 Subsidiary silver coin 994 11 28 955 956 946 ]Vtinor coin 376 7 9 361 361 356 United States notes . . ... 347 3 32 312 317 312 Federal Reserve Bank notes. . 295 1 4 291 293 330 National Bank notes 90 (5) 1 89 90 95 Total—Dec. 31, 1949 (4) 25,522 1,312 20,361 4,111 27,600 Nov 30 1949 (4) 25,560 1,317 20,416 3,896 27,543 Dec. 31 1948 (4) 25,290 1,325 20,151 4,261 28,224 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. 185 and seasonally adjusted figures in table on p. 195. 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. 194 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 Date unadjusted adjusted for seasonally Depos- End of period: fo v r a s ri e a a t s i o o n n al v s a e r a i s a o t n io a n l a s d e j r u i s e t s e l d End of month a i n b to c a e r l- s s ' l Total d b C e t a o p i a n n r o s k y s h s i- G s U m e o t c v i . e e u e n S s r r t i n . - - r f e C u e s n t a e c d s r . v h s 2 , e 1939 7,598 +742 1940 8,732 +1,134 1 19 9 4 4 2 1 1 1 1 5 , , 1 4 6 1 0 0 + + 2 4 , , 4 2 2 5 8 0 1 19 9 4 4 4 3 — — D D e e c c e e m m b b er er.... 2 1 , , 3 78 4 8 2 2 1 , ,8 4 4 1 3 1 1 8 0 2 1 , , 2 71 5 6 2 1 15 1 2 8 1943 20,449 +5,039 1945—December 2,933 3,022 6 2,837 179 1 1 9 9 4 4 5 4 2 2 5 8 , , 3 5 0 1 7 5 + + 4 3 , , 8 2 5 0 8 8 1 19 9 4 4 6 7 — — D D e e c c e e m m b b er er.... 3 3, , 4 2 1 8 7 4 3 3 , , 3 5 8 2 7 5 6 6 3 3 , , 1 3 8 0 2 8 2 2 0 1 0 2 1946 28,952 +437 1947 28,868 -84 1948—July 3,368 3,483 6 3,275 202 1948 28,224 -644 August 3,356 3,472 6 3,260 206 1949. '27,600 r-624 September. . . 3,348 3,464 7 3,260 198 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 1948—December 28,423 28,142 -50 1949—January 3,334 3,454 7 3,244 203 1949— J J A S O A F M M J u u e a e c u p l n a a p n b t y g r y o e r t u i r u c e l b u a h s m e r a t y r r b y er 2 2 2 2 2 2 2 2 2 2 7 7 7 7 7 7 7 7 7 7 , , , , , , , , , , 3 4 4 4 4 4 4 5 5 8 9 3 5 7 6 5 3 0 4 5 7 2 6 2 2 1 8 8 5 0 2 2 2 2 2 2 2 2 2 2 7 7 7 7 7 7 7 7 7 7 , , , , , , , , , , 4 5 5 5 7 5 5 5 6 6 5 2 3 0 6 4 7 3 9 8 6 7 5 6 7 5 0 1 1 3 - -2 + 3 + - - - - - + 5 2 5 4 6 2 7 4 9 0 9 2 3 1 2 5 8 6 2 J A A J S O F M M N u u e e u p c o l a a n p t y b g r v y r o e i t u c r l e e b h s u m m e t a r b b r e e y r r . . . . . . . . . . P 3 3 3 3 3 3 3 3 3 3 , , , , , , , , . . 2 2 3 3 2 2 3 2 2 1 1 7 1 2 6 4 3 3 9 9 5 4 7 7 6 8 3 0 7 4 3 3 3 3 3 3 3 3 3 , , , , , , , , , 3 4 3 4 4 3 4 3 4 1 3 4 5 3 7 5 9 0 8 6 7 0 5 5 4 3 3 6 6 6 7 7 7 7 7 7 3 3 3 3 3 3 3 3 3 , , , , , , , , , 1 1 1 1 2 1 2 2 2 2 7 5 8 1 8 3 5 4 7 2 2 7 2 8 9 4 4 2 2 2 1 1 1 1 1 1 0 0 0 9 8 9 9 9 8 2 9 2 6 6 8 1 9 8 November 27,477 27,395 -61 December.... P3,182 December 27,734 27,459 +64 1950—January 27,220 27,139 -320 1 P O P u re ts li t m an i d n i a n r g y . principal, represented by certificates of deposit. 2 Includes working cash with postmasters, 5 per cent reserve fund r Revised. and miscellaneous working funds with Treasurer of United States, acxFor end-of-year figures, represents change computed on absolute crued interest on bond investments, and accounts due from late postamounts in first column. masters. NOTE.—For discussion of seasonal adjustment factors and for back Back figures.—See Banking and Monetary Statistics, p. 519; for figures on comparable basis see BULLETIN for September 1943, pp. description, see p. 508 in the same publication. 822-826. Because of an apparent change in the seasonal pattern around the year-end, adjustment factors have been revised somewhat for dates affected, beginning with December 1942. 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 City i centers1 centers 2 City centers City3 cities 3 City 3 cities 3 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 18.2 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 r r i i e e s s 4 4 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 1 6 6 . . 9 5 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 23.6 12.9 445,221 660,155 27.2 19.2 1949 1,230,982 452,897 648,905 129,179 24.1 12.4 447,150 639,772 28.2 18.7 1948—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 53,066 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 December 118,197 45,781 60,493 11,923 27.7 13.1 45,434 60,428 32.5 20.0 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. 3 Weekly reporting member bank series. * Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June 1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947 and for 333 beginning December 1947; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935. 195 FEBRUARY 1950 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 * [Figures partly estimated except on call dates. ][n millionsof dollars Assets Liabilities and Capital Bank credii Total assets, Date Treas- U. S. Government obligations l T ia o b t i a l l - Capital Total and Gold re c n u c r- y Total Lo n a e n t s, Total m C e a o r n c m d ia - l R Fe e d se e r r v a e l Other O r s i e t t c h ie u e s - r ca a n p n e i d t 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—June 29 4 037 2,019 58,642 41, 082 5,741 5,499 216 26 11,819 64, 698 55,776 8,922 1933—June 30 4 031 2,286 42,148 957 10,328 8,199 1,998 131 9,863 48 465 42,029 6,436 1939—Dec. 31 17 644 2,963 54,564 22 157 ,105 19,417 484 1 204 9,302 75 171 68,359 6,812 1941—June 30 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 99 737 3,247 64,653 ?6 605 ,049 25,511 9 254 1 284 8,999 90 637 82,811 7,826 1945—Tune 30 20 213 4,145 153,992 27,948 118,041 93,655 21, 792 2 594 8,003 178 350 168,040 10,310 Dec 31 ?0 065 4,339 167,381 387 ,417 101,288 262 9 867 8,577 1Q1 785 180,806 10,979 1946—June 29 ?0 270 4,539 163,485 31 570 19?,740 95,911 93, 783 046 9,175 188 294 176,215 12,079 Dec 31 20 529 4,562 158,366 35, 765 113,110 86,558 23,350 3 202 9,491 183457 171,657 11,800 1947—june 30 266 4,552 156,297 38, 373 107,873 82,679 872 322 10,051 18? 115 169,234 12,882 Dec. 31 9? 754 4,562 160,832 023 107,086 81,199 99 559 3 328 10,723 188 148 175,348 12,800 1948—June 30 23 532 4,565 157,958 45, 299 101,451 76,774 21 366 3 311 11,208 186055 172,857 13,200 Dec 31 . . 24 244 4,589 160,457 48, 341 100,694 74,097 23, 333 3 264 11,422 189290 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 188200 174,900 13,400 Feb. 23 ?4 300 4,600 158,700 47 800 qq,500 73,900 99 400 300 11,400 187600 174,400 13,200 Mar. 30 ?4 300 4,600 157,300 48 100 q7,700 72,600 800 3 300 11,500 186 200 172,600 13,600 Apr 27 94 300 4,600 156,800 47 100 ,100 73,600 21 200 3 300 11,600 185 700 172,000 13,700 May 25 24 300 4,600 156,200 46 700 97,800 74,800 19 700 3 200 11,700 185 100 171,300 13,800 June 30 .... 94 466 4,597 156,491 47 148 97,428 74,877 10 343 208 11,915 185554 171,602 13,952 July 27P 94 500 4,600 156,500 46 500 07,800 76,100 18 500 200 12,300 185 700 171,500 14,200 Aug. 31 P 94 600 4,600 158,700 47 200 ,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 99,400 78,400 17 900 3 200 12,600 189 200 174,700 14,500 Oct 26P 94 600 4,600 160,700 48 300 qq,800 79,200 17 400 100 12,600 800 175,300 14,600 Nov. 30P 94 500 4,600 161,200 49 200 qq ,300 78,500 17 700 100 12,600 190 200 175,700 14,500 Dec. 2SP 24 400 4,600 163,000 49 700 10C,600 78,700 18 800 3 100 12,700 192 000 177,500 14,500 Deposits and Currency U. S. Government balances Adjusted deposits and currency Date F b or a e n i k gn At com- Time deposits8 Total dep n o e s t its, T c u r a e r s a y h s- s m b a a e v a r n n i c n d k i g a s s l R F B e e a A d s n e e t 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 c m k ia s - l M s b a a v u n i t k n u s g a s * l S S P a y o v s s i t n e ta m g l s o b r u C e a t n u n s c i r k d - y s e 1929—June 29 55 776 365 204 381 36 54,790 99 540 ?8 611 19,557 8,905 149 3,639 1933—jUne 30 49 029 50 264 852 35 40,828 14 411 656 10,849 9,621 1,186 4,761 1939—Dec. 31 68 359 1,217 2,409 846 634 63,253 90 793 77,059 15,258 10,523 1,278 6,401 1941—June 30 79,357 1,949 2,275 753 980 73,400 37 317 97,879 15,928 10,648 1,303 8,204 Dec. 31 8?,811 1,498 2,215 1 895 867 76,336 38 992 77,729 15,884 10,532 1,313 9,615 1945—June 30 ... 168,040 2,378 2,279 94 381 599 138,403 69 053 44,253 27,170 14,426 2,657 25,097 Dec. 31 180,806 2,141 2,287 ?4 608 977 150,793 ,' 75851 48 457 30,135 15,385 2,932 26,490 1946—June 29 176,215 1,894 2,251 n 416 833 157,821 79 476 51,829 32,429 16,281 3,119 26,516 Dec 31 171,657 1,885 2,272 103 393 164,004 ,314 53,960 33,808 16,869 3,283 26,730 1947—june 30 169,234 1,657 1,314 1 367 756 164,140 8?,186 55,655 34,835 17,428 3,392 26,299 Dec 31 175,348 1,682 1,336 1,452 870 170,008 I 87121 56,411 35,249 17,746 3,416 26,476 1948— D JU e n c. e 3 3 0 1 1 17 7 ? 6 , , 8 1 5 2 7 1 2 1 , ,7 1 2 0 7 3 1 1 , , 3 3 2 2 7 5 2 , , 1 4 8 5 0 1 1 1 1 , , 9 1 2 2 8 3 1 1 6 6 9 5, , 6 1 9 1 5 9 8 8 ? 5 , , 6 5 9 2 7 0 5 57 7 , , 3 5 6 2 0 0 3 3 5 5 , , 7 8 8 0 8 4 1 1 8 8 , ,3 1 8 9 7 4 3 3 , , 3 3 7 2 8 9 2 26 5 , , 0 6 7 3 9 8 1949—jan 26 174,900 2,200 1,300 ,000 1,100 168,200 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. 30 179,600 2,100 1,300 ,400 1,700 164,200 81,100 58,000 36,000 18,700 3,300 25,100 Apr. 27 17?,000 2,000 1,300 2,100 1,100 165,500 ,400 58,100 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 ,304 438 165,626 81,877 58,483 36,292 18,932 3,259 25,266 July 27P 171,500 1,900 1,300 1,500 400 166,300 ,100 58,400 36,200 19,000 3,300 24,900 Aug. 31P 173,800 1,900 1,300 3,100 600 166,900 83,400 58,400 36,100 19,000 3,200 25,100 Sept 28P 174 700 1,900 A, 300 ,700 1,200 166,600 83,300 58,400 36,100 19,100 3,200 24,900 Oct. 26P 175,300 2,000 1,300 3,600 400 168,000 84,600 58,400 36,100 19,100 3,200 24,900 Nov. 30P 175,700 2,100 1,300 3,200 500 168,600 85,500 58,000 35,800 19,100 3,200 25,100 Dec 28P 177,500 2,100 1,300 3,000 1,000 170,100 86,700 58,400 35,900 19,300 3,200 25,000 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. 196 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 U. S. Inter- accounts banks Govern- Other Total i bank i Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions All banks: 1939—Dec. 30 50,884 22,165 28.719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1942—Dec. 31 78,14 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. 31 140,22 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 -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? 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. 28*. . . . 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. 26?. . . . 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 Dec. 28P. . . . 141,250 49,870 91,380 78,710 12,670 35,070 163,160 12,100 95,700 55,360 13,140 14,680 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—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.31».. .. 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.28? 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. 26? 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. 30?.... 120,150 42,860 77,290 67,110 10,180 32.680 141,780 11.600 94,260 35,920 11,050 14,154 Dec. 28? 120,830 43,300 77,530 67,280 10,250 34,190 143,870 12,100 95,680 36,090 11,020 14,149 All 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. . , 59,26. 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 36,060 59,557 52,154 7,403 34,203 121,362 11,641 80,881 28,840 8,801 6.918 1949—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. 28?. . 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. 26*. . 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. 30?. , 101,003 35,973 65,030 56,729 8,301 28,722 120,418 10,987 80,608 28,823 9,224 6,893 Dec. 28?. . 101,763 36,399 65,364 56,972 8,392 29,971 122,340 11,453 81,892 28,995 9,215 6,892 All mutual savings banks: 1939—Dec. 30. . 10.216 4,927 5,289 3,101 2,188 818 10,524 10,521 1,309 551 1941—Dec. 31. .. 10;379 4,901 5,478 3,704 1,774 793 10,533 10,527 1,241 548 1942—Dec. 31 10,754 4,695 6,059 4,572 1,487 663 10,668 10,662 1,236 546 1943—Dec. 31. . . 11,87 4,484 7,387 6,090 1,297 797 11,738 11,730 1,276 545 1944—Dec. 30. . , 13,931 4,370 9,560 8,328 1,232 584 13,376 13,366 1,378 543 1945—Dec. 31. .. 16,208 4,279 11,928 10,682 1,246 609 15,385 15,371 1,592 542 1946—Dec. 31. . , 17,704 4,526 13,179 11,778 1,400 818 16,869 16,853 1,784 541 1947—Dec. 312 . , 18,64 4,944 13,696 11,978 1,718 886 17,763 17,745 1,889 533 1948—June 30. . , 19,226 5,234 13,992 11,976 2,016 832 18,211 18,193 1,955 532 Dec. 31. . . 19,395 5,686 13,709 11,476 2,233 878 18,405 18,387 1,999 532 1949—June 30. . . 20,09' 6,050 14,044 11,657 2,387 800 18,949 18,932 2,065 530 July 27P.. 20,190 6,100 14,090 11,640 2,450 770 18,990 18,970 2,070 530 Aug. 31 P. . 20,240 6,170 14,070 11,630 2,440 780 19,030 19,010 2,090 530 Sept. 2SP . . 20,310 6,270 14,040 11,590 2,450 780 19,080 19,060 2,100 530 Oct. 26P. . 20,330 6,360 13,970 11,520 2,450 780 19,120 19,100 2,110 531 Nov. 30?. . 20,310 6,470 13,840 11,400 2,440 760 19,070 19,050 2,130 531 Dec. 28?. . 20,420 6,570 13,850 11,430 2,420 19,290 19,270 2,120 531 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. FEBRUARY 1950 197 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY GLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cl a a n s d s o d f a t b e ank Total Loans Total G U m ov . e e n S r t n . - O se t c h u e - r Cash Total1 b In a t n e k r - i m D a e n - d Time a c c T a c o p o i t u t a a n l l ts N b u a o m n f k b s er obliga- rities tions Central reserve city member banks: New York City: 1939—Dec. 30... 9,339 3,296 6,043 4,772 ,272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31... 12,896 4,072 8,823 7,265 ,559 6,637 17,932 4,207 12,917 807 1,648 36 1942—Dec. 31... 17,957 4,116 13,841 12,547 ,294 ,864 22,078 3,945 17,399 734 1,727 37 1943—Dec. 31... 19,994 4,428 15,565 14,563 ,002 5,197 23,256 3,680 18,729 847 1,862 37 1944—Dec. 30... 24,003 5,760 18,243 17,179 ,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 ,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 ,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 ,242 7,261 25,216 4,464 19,307 1,445 2,259 37 1948—Tune 30... 19,019 7,550 11,469 10,358 ,110 6,798 23,362 4,027 17,659 1,676 2,262 35 Dec. 31... 18,759 8,048 10,712 9,649 ,063 ,758 24,024 4,213 18,131 1,680 2,306 35 1949—June 30. .. 19,103 7,689 11,413 10,278 ,135 7,109 23,619 3,920 18,004 1,695 2,340 35 July 27*.. 18,926 7,060 11,866 10,589 ,277 6,448 22,466 3,856 16,983 1,627 2,336 35 Aug. 31P. . 19,652 7,421 12,231 10,891 ,340 6,526 23,107 3,856 17,631 1,620 2,357 35 Sept. 28P.. 19,674 7,644 12,030 10,666 ,364 6,078 22,931 808 17,494 1,629 2,338 34 Oct. 26P3. 19,341 7,216 12,125 10,893 ,232 6,288 23,062 920 17,591 1,551 2,312 25 Nov. 30P. . 19,484 7,584 11,900 10,692 ,208 6,352 23,032 3,853 17,606 1,573 2,333 25 Dec. 28P . . 19,611 7,630 11,981 10,694 ,287 6,690 23,475 3,970 17,894 1,611 2,313 25 Chicago: 1939—Dec. 30. .. 2,105 569 1,536 1,203 333 1,446 3,330 1,947 495 250 14 1941—Dec. 31... 2,760 954 1,806 1,430 376 1,566 4,057 ,035 2,546 476 288 13 1942—Dec. 31... 3,973 832 3,141 2,789 352 1,352 5,040 ,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 1,378 6,468 ,148 4,700 620 354 13 1945—Dec. 31... 5,931 1,333 4,598 4,213 385 1,489 7,046 ,312 5,015 719 377 12 1946—Dec. 31... 4,765 1,499 3,266 2,912 355 1,545 5,905 ,153 3,922 829 404 14 1947—Dec. 31... 5,088 1,801 3,287 2,890 397 1,739 6,402 ,217 4,273 913 426 14 1948—June 30... 4,742 1,714 3,028 2,667 361 1,726 6,039 ,077 4,011 951 436 14 Dec. 31... 4,799 1,783 3,016 2,633 383 1,932 6,293 ,064 4,227 1,001 444 13 1949—June 30... 4,841 1,537 3,303 2,888 415 1,702 6,087 ,008 4,020 1,059 462 13 July 27*. . 4,942 1,523 3,419 2,985 434 1,687 6,116 ,061 3,995 1,060 459 13 Aug. 31P . . 5,184 1,526 3,658 3,211 447 1,654 6,322 ,085 4,180 1,057 464 13 Sept. 28P. . 5,181 1,521 3,660 3,204 456 1,695 6,358 ,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. 30P. . 5,246 1,565 3,681 3,218 463 1,694 6,424 1,081 4,288 1,055 468 13 Dec. 28?. . 5,418 1,643 3,775 3,294 481 1,699 6,644 1,131 4,437 1,076 470 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 1945—Dec. 31 40,108 8,514 31,594 29,552 2,042 11,286 49,085 6,448 32,877 9,760 2,566 359 1946—Dec. 31 , 35,351 10,825 24,527 22,250 2,276 11,654 44,477 5,570 28,049 10,858 2,728 355 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—June 30 35,034 13,261 21,772 19,076 2,696 11,618 43,852 4,665 27,560 11,627 3,005 336 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 Dec. 28P. . 38,480 14,420 24,060 21,073 2,987 11,417 46,914 5,399 29,910 11,605 3,092 339 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 ,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 ,836 10,151 43,066 1,091 27,921 14,053 2,757 6,494 1947—Dec. 31 36,324 10,199 26,125 22,857 3,268 10,778 44,443 1,073 28,810 14,560 2,934 6,519 1948—June 30 36,623 11,234 25,389 21,892 3,497 10,050 43,903 821 28,196 14,886 3,056 6,541 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—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. 31P. . .. 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 Dec. 28*. . . . 38,254 12,706 25,548 21,911 3,637 10,165 45,307 953 29,651 14,703 3,340 6,515 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. 8 Data not entirely comparable with prior months due to reclassification 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. 198 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 Total Loans G U ov . e S rn . - Other assets1 Total* I b n a t n e k r- * a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t - s ri e t c ie u s - 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 L.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 j .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 .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 L,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 L,483 7,147 1947—Dec. 31 2 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 L.76O 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 12 10,351 1,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 1 13 11,415 1,173 191 1947—Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 1 14 12,192 1,252 194 1948—June 30 13,142 3,769 9,373 8,169 1,204 644 12,581 15 12,566 1,302 193 Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 1 14 12,757 1,334 193 1949_june 30 . .. 13,880 4,397 9,484 7,940 1,544 629 13,241 1 13 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 6 8,738 1,077 496 1945__Dec. 31 5,361 1,198 4,163 3,522 641 180 5,022 2 5,020 558 350 1946—Dec. 31 5,813 1,275 4,538 3,833 705 206 5,442 3 5,439 611 350 1947—Dec. 31* 5,957 1,384 4,573 3,813 760 211 5,556 3 5,553 637 339 1948—June 30 6,084 1,465 4,619 3,808 811 188 5,630 2 5,627 653 339 Dec. 31 6,083 1,577 4,506 3,680 826 194 5,633 3 5,631 665 339 1949—June 30 6,214 1,654 4,560 3,718 843 171 5,709 4 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. FEBRUARY 1950 199 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 C m o e m r- - p L u o rc a h n a s s f i o n r g Lr. S. Government obligations O g b a- li- Total cial, or carrying tions Cla c s a s l a l o n d f d a b te ank i m n lo a v e n a e n n d s t s t s - Total* o e p i l ii n u nn e g d - n - - A t c u a u g r l l r - - i- b s T r e o o c k u - rities l t R o e a a s e t - n e a s l s C l u o o m a n n e - s r O lo th an e s r Total Total C c e a r t t e if D s i- irect G a u n a - r- S p a i t o o c a n l a t f d i e l t s - O s ri e t t h c i e e u r s m k p a e a r t - - d a e e n r a s d l- o e t r h s - Bills o d e f e d b i - n t- - Notes Bonds teed d su iv b i - per ers ness sions 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 12,7974,1023,6513,333 1945—Dec. 31.. 121,809 25,765 9,4611,3143,1643,606 4,677 2,361 1,18196,043 88,912 2,455 19,07116,04551,321 22 3,8733,258 1946—Dec. 31.. 112,178 30,733 14,0161,358 1,517 1,6097,1034,0311,098 81,445 73,554 1,271 12,288 6,78053,200 154,2983,592 1947—Dec. 31.. 114,274 37,583 18,0121,610 823 1,1909,266 5,6541,028 76,691 67,941 2,124 7,552 5,91852,334 145,1293,621 1948—June 30.. 111,794 39,372 17,8341,976 1,183 1,07710,1016,412 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 10,6666,8041 ,.P9570,318 61,388 2,82110,065 3,39445,100 85,5093,420 1949—June 30.. 111,746 40,524 16,2922,7341,972 901 10,8877,170 1,02271,222 61,970 2,846 10,437 2,04546,636 65,7633,489 Member banks, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 3,494 3, )92 25,500 19,539 971 3,00711,7293,8323,0902,871 1945—Dec. 31.. 107,183 22,775 8,949 855 3,1333,3783,455 1,900 1,10484,408 78,338 2,275 16,98514,27144,792 163,2542,815 1946—Dec. 31.. 96,362 26,696 13,154 884 1,506 1,4675,358 3,3081,02069,666 63,042 1,167 10,043 5,60246,219 113,5483,077 1947—Dec. 31.. 97,846 32,628 16,9621,046 811 1,0657,1304,662 952 65,218 57,914 1,987 5,816 4,81545,286 104,1993,105 1948—June 30.. 95,449 33,871 16,7341,241 1,171 956 7,777 5,2491,04061,578 54,139 2,188 7,597 4,10440,242 84,4363,003 Dec. 31.. 95,616 36,060 17,6311,800 1,324 834 8,2445,5851,00659,556 52,154 2,588 7,999 2,80038,761 54,4802,922 1949—June 30.. 95,315 34,456 15,2131,704 1,958 803 8,3835,859 935 60,859 53,132 2,651 8,469 1,63940,369 44,7103,016 Nov. 1.. 100,888 35,565 65,323 57,052 5,1413,130 New York City:* 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,6521,679 729 830 1945—Dec 31 26,143 7,334 3,044 2,4531,172 80 287 298 18,809 17,574 477 3,433 3,32510,337 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 1947—Dec. 31.. 20,393 7,179 5,361 545 267 111 564 330 13,215 11,972 1,002 640 558 9,771 638 604 194Q—Tune 30 19,019 7,550 5,275 963 250 161 616 372 11,469 10,358 693 983 520 8,162 583 528 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—June 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:2 1941—Dec. 31.. 2,760 954 732 6 48 52 22 9) 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 ^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.. 4,742 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—Tune 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 1,5031,459 855 404 31,594 29,552 1,034 '6^982 5,65315,878 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 3,333 2,158 369 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 3,503 2,315 412 21,047 18,594 1,056 3,201 1,090 13,247 11,421 1,032 1949— N j ounve . 30 i . s . . 3 38 5 , , 1 0 1 3 0 4 1 1 3 4 , , 2 0 6 5 1 3 6,227 378 150 321 3,559 2,408 385 2 2 1 4 , , 7 0 7 5 2 7 2 1 1 9 , , 0 0 7 7 6 6 875 3,367 603 14,230 1 1 , ,7 5 4 5 2 9 1 1 , , 1 2 3 3 7 8 Country banks: 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 4,236 2,318 267 25,389 21,892 552 3,121 1,868 16,345 52,2231,275 Dec. 31.. 36,726 11,945 3,2961,356 21 187 4,4672,451 261 24,781 21,278 760 3,340 1,128 16,046 42,2861,217 1949—June 30.. 36,338 11,968 3,0981,319 23 175 4,5672,644 256 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 1212,328 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 footnotes see opposite page. 200 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 n o d d f a b te ank F s B s w e e R e a d r i r v n e e t v h - e k r e s a s l v C a i a n u s l h t m b a w a B n d e n i c a o s t k l e - t h - s i s c * j p m u D o a d s a d t s e e n e i - - - t d d s 5 m D e I s d o n ti - e t c e p 4 r o b s a i F e t n i s o g k r n - U m G er . o e n n v S - t - . p v s S o i u a l t s i b a n i t o t d d i e c n i s - a s l c C h c a e f o e e e i n t 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 e o s - l - , r r s - - , I b n a t n e k r- P U m G S i e a o n . r a n o e s g n v d n v S t s - - a t - . l v s S p i a u i s o t c n i a b l a o d i t d l t n e - i s s - a p 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 - - , r s 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 1,24823,740 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 10,888 1,364 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 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1948—June 30.. 17,355 2,063 8,238 81,420 9,628 1,357 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 10,344 1,488 2,323 7,182 2,113 81,682 69 117 1,080 34,244 54 10,158 1949—June 30.. 17,807 2,036 7,777 80,613 9,058 1,374 2,135 7,337 2,352 77,005 146 163 1,243 34,560 27 10,452 Member banks, total i 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 11994415——DDeecc.. 3311.. .. 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1946—Dec. 31.. 16,015 L,576 5,936 70,243 10,644 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 10,978 1,375 1,176 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 9,433 1,353 1,846 5,873 1,873 68,204 47 106 912 27,805 53 8,624 Dec. 31.. 20,406 L.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—Tune 30.. 17,808 1,568 5,065 69,397 8,864 1,369 1.980 ,983 2.222 67,157 141 157 1,069 28,038 21 9,022 Nov. 1.. 16,150 L.538 5,635 71,515 9,778 1,393 2,987 K,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 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 "io 20 1,206 195 2,120 1946—Dec. 31.. 4,046 131 87 16,429 3,031 1,195 651 218 942 17,216 20 15 39 1,395 2,205 1947—Dec. 31.. 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 '"36 2,259 1948—June 30.. 4,883 122 46 15,592 2,830 1,183 333 272 748 16,306 15 14 41 1,621 26 2,262 Dec 31.. 5,643 117 67 15,773 2,904 1,278 445 241 750 16,695 31 14 20 1,646 25 2,306 1949— N y ounve. 3 1 0 3 .. . 4 4 , ,5 7 3 2 2 6 1 11 3 4 0 3 5 5 6 1 1 5 4 , ,9 2 1 5 8 4 2 2, , 6 7 8 4 0 4 1 1, , 1 1 7 5 8 0 8 5 4 6 1 2 3 2 5 5 7 4 1,2 8 0 27 1 1 15 5 , , 4 9 7 8 5 6 1 9 0 0 5 2 2 5 7 3 2 3 8 1 1 , , 6 4 3 9 7 3 280 2 2 , , 3 3 2 4 8 0 Chicago :2 1941—Dec. 31.. 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31.. 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1945—Dec. 31.. 928 29 172 3,356 1,130 24 152 228 47 3,495 2 4 823 404 1947—Dec. 31.. 1,070 30 175 3,737 21 72 285 63 3,853 2 9 902 426 194Q Tune 30 1,144 28 152 3,505 1]055 22 105 320 47 3,539 11 940 436 Dec. 31.. 28 143 3,604 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 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31. . 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 *2 2,566 1946—Dec. 31.. 6,337 532 1,923 24,221 5,417 127 991 2,077 693 24,288 25 43 235 10,580 4 2,729 1947—Dec. 31.. 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1948—June 30.. 6,462 521 1,852 24,316 4,751 140 728 2,442 562 24,198 18 42 496 10,771 3 2,870 Dec. 31.. 7,701 483 1,845 25,072 5,213 168 801 2,401 649 25,302 19 46 547 10,798 8 2,928 1949— Tune 30.. 6.781 500 1,744 24,271 4,460 166 701 1.413 518 23.928 39 62 642 10,923 1 3,005 Nov. 13. 6,130 498 1,726 25,410 5,077 168 1,178 1,180 487 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 .,004 435 21,797 17 52 219 12,224 11 2,525 1946—Dec. 31. . 4,703 883 3,753 26,237 1,067 8 877 ;5,391 524 24,128 17 55 272 13,727 26 2,757 1947—Dec. 31.. 4,993 929 3,900 27,424 1,049 7 432 i5,647 528 25,203 17 45 337 14,177 23 2,934 1948—June 30.. 4,866 934 3,369 26,639 798 9 680 15,839 516 24,161 14 49 364 14,473 24 3,056 Dec. 31.. 5,736 858 3,619 27,703 943 8 688 '.5,925 510 25,248 13 49 350 14,369 12 3,123 1949—June 30.. 5,127 913 3.117 26,402 762 8 520 $,009 462 23,767 12 67 383 14,433 21 3,215 Nov. 1. . 4,362 899 3,770 27,546 868 10 762 :5,060 477 24,890 13 73 394 14,406 19 3,335 Insured nonmember commercial banks: 1941—Dec. 31.. 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 959 1945—Dec. 31.. 391 3,959 10,537 233 5 1,560 858 135 9,643 6 4 97 5,579 7 1,083 1946—Dec. 31.. 437 3,547 11,842 244 11 258 1,052 154 10,761 6 5 113 6,232 9 1,193 1947—Dec. 31 473 3,466 12,223 258 4 149 1,188 158 11,019 4 6 132 6,420 7 1,271 1948—June 30 457 2,820 11,368 195 4 207 ,259 147 10,083 4 6 149 6,457 10 1,333 Dec. 31 453 3,273 12,059 246 8 201 L.332 151 10,736 6 6 153 6,459 8 1,358 1949—June 30 468 2,713 11,216 194 4 155 1,354 130 9,848 6 6 174 6,539 s 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. 6 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. 201 FEBRUARY 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 1 Investments For purchasing or carrying securities U. S. Government obligations Com- Total merloans cial, To brokers Date or month i m n a v e n e n d s t t s - Total* in t a r d i n a u d l s , - and dealers To others e l R s o t e a a a n te l 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 ie u e s r a t c u g u r r l- a i- l G U l o i o g . b S v a - . - t. O c t s u t i e h e r - s e i- rG l U o i o g . b S a v - . - t.O c t s u t i e h e r - s e i- r Total Bills o d n e f e e d b s i - n t s - - Notes Bonds2 tions tions Total— Leading Cities 1948—December. . 62,730 25,336 15,567 684 478 200 474 4,059 209 3,912 37,39433,227 2,129 4,655 1,759 24,684 4,167 1949—October 66,374 23,837 13,580 643 686 186 439 4,236 171 4,207 42,53737,506 7,339 1,13626,2235,031 November. . 66,678 24,447 13,760 805 744 175 429 4,276 242 4,329 42,231 37,273 2,454 7,261 1,16526,393 4,958 December. . 67,336 24,884 13,864 863 824 172 425 4,326 314 4,41742,452 37,422 2,532 7,010 2,296 25,5845,030 1949—Nov. 9 66,656 24,664 13,783 934 769 174 429 4,265 330 4,29241,992 37,042 2,378 7,187 ,150 26,327 4,950 Nov. 16 66,506 24,302 13,776 644 756 177 420 4,277 233 4,330 42,20437,257 2,449 7,268 ,166 26,3744,947 Nov. 23 66,723 24,329 13,772 672 730 174 422 4,295 222 4,35542,39437,430 2,468 7,333 ,184 26,445 ,964 Nov. 30. ... 66,839 24,613 13,775 920 703 173 453 4,299 4,39342,22637,248 2,357 7,245 ,176 26,470 4,978 Dec. 7 66,938 24,812 13,807 ,024 778 175 4244,302 4,388 42,12637,153 2,308 7,120 ,17326,,552 4,973 Dec. 14 67,574 25,130 13,882 ,032 824 174 425 4,325 374 4,413"42,444 37,409 2,529 7,136 ,17226,5725,035 Dec. 21 67,412 24,701 13,864 648 833 167 425 4,337 328 4,42142,711 37,657 2,745 6,927 3,40724, ,054 Dec. 28 67,421 24,894 13,904 748 860 171 428 4,342 319 4,44542,527 37,469 2,544 6,856 3,43224,637 5,058 1950—Jan. 4 67,222 24,673 13,851 702 827 174 425 4,347 271 4,446 42,549 37,514 2,542 6,866 3,45724,649 5,035 Jan. 11 67,357 24,382 13,857 443 807 161 4214,379 217 4,468 42,97537,920 2,999 6,804 3,486 2"4'1, 6"3 15,055 Jan. 18 67,670 24,455 13,861 429 843 151 428 4,392 269 4,453~ 43,21538,131 3,271 6,756 3,446 241,,665588 5,084 67,818 24,579 13,871 445 883 150 422 4,400 322 4,45543,23938,077 3,220 6,694 3,,428 214,7355,162 Jan. 25 New York City 18,414 7,909 5,594 629 352 186 215 168 81410,505 9,502 753 1,053 304 7,3921,003 1948—December. . 19,216 7,289 4,825 599 543 176 222 138 83111,927 10,644 688 2,042 242 7,6721,283 1949—October 19,296 7,571 4,852 727 597 165 230 172 88011,725 10,531 571 1,947 271 7,7421,194 November.. 19,572 7,732 4,831 758 671 162 245 204 91511,840 10,580 683 1,779 566 7,5521,260 December. . 1949—Nov. 9 19,288 7,776 4,890 876 610 165 229 203 85611,512 10,320 434 1,914 256 7,716 1,192 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 11,829 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 4,851 635 704 162 201 11,890 10,613 709 1,732 850 7,3221,277 1950—Jan. 4 19,498 7,584 4,854 611 674 254 198 91311,914 10,599 697 1,735 836 7,3311,315 Jan. 11 19,273 7,365 4,856 388 665 160 267 187 92511,908 10,590 858 1,622 818 7,2921,318 Jan. 18 19,341 7,414 4,855 379 656 163 271 251 92711,927 10,608 1,002 1,556 764 7,2861,319 Jan. 25 19,618 7,505 4,871 394 713 162 273 255 92512,113 10,735 1,081 1,569 758 7,3271,378 Outside New York City 1948—December. . 44,316 17,427 9,973 55 126 168 288 3,844 3,098 26,88923,725 1,376 3,602 1,45517,292 3,164 1949—October 47,158 16,548 8,755 44 143 132 263 4,014 33 3,376 30,61026,862 2,120 5,297 89418,5513,748 November. . 47,382 16,876 8,908 78 147 128 264 4,046 70 3.449 30,50626,742 1,883 5,314 89418,.6 51 3,764 December. . 47,764 17,152 9,033 105 153 124 263 4,081 110 3,502 30,61226,842 1,849 5,231 1,730 18,032 3,770 1949—Nov. 9 47,368 16,888 8,893 58 159 128 264 4,036 127 3,436 30,48026,722 ,944 5,273 89418,6113,758 Nov. 16 47,375 16,856 8,932 78 151 128 262 4,046 21 3.450 30,519 26,762 ,890 5,328 89318,6513,757 Nov. 23 47,435 16,869 8,932 72 138 128 264 4,062 31 3,456 30,566 26,797 ,828 5,373 89818,698 3,769 Nov. 30 47,408 17,011 8,958 109 132 128 264 4,060 91 3,486 30,397 26,616 ,750 5,274 89118,7013,781 Dec. 7 47,521 17,072 9,001 114 137 124 2614,067 114 3,473 30,44926,680 ,756 5,274 89018,760 3,769 Dec. 14 47,732 17,111 9,027 110 163 124 263 4,079 74 3,490 30,621 26,864 ,866 5,337 89518,766 3,757 Dec. 21 47,934 17,191 9,051 83 155 123 263 4,088 133 3,513 30,74326,970 ,937 5,187 2,55417,2923,773 Dec. 28 47,870 17,233 9,053 113 156 123 266 4,091 118 3,531 30,63726,856 1,835 5,124 2,58217,315 3,781 1950—Jan. 4 47,724 17,089 8,997 91 153 131 264 4,093 73 3,533 30,63526,915 1,845 5,131 2,62117,,318 3,720 Jan. 11 48,084 17,017 9,001 55 142 119 4,112 30 3,543 31,06727,330 2,141 5,182 2,66817,339 3,737 Jan. 18 48,329 17,041 9,006 50 187 114 265 4,121 18 3,526 31,28827,523 2,269 5,200 2,68217,3723,765 Jan. 25 48,200 17,074 9,000 51 170 113 260 4,127 67 3,530 31,12627,342 2,139 5,125 2,67017,4083,784 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. 202 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 th - l k - e s v C a i a u n s l h t m b a w e a d n i s o n c t t - e k h i s s c j p u m s o a d a t d e s e n - i - d t d s ^ s p p u n v h c a o a a o e i n i r d r p 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 a b n d i t i l t e - - s - s c C c O h a e f e e i e t n f e c r r f c d i t s . d k - i ' - s, m U G er o . e n n v S - t - . s p p u n c v h a o a a o e n i i r r d p l r r d a s t - - - s - , - , S p s d s a i i o t u c i o n a v l a b n i d t i l t - e s - - s P m U G S i e a o n r a n . o e g s n v d n v t S s - - a t - . l m D t D i e o c s - e - man F ei d o g r n - Time r B o o w r - - c C o i a a u t c p a n - - l ts B d it e a s b n * - k tions tions Total- Leading Cities 1948—-December.. 14,704 884 2,23547,78748,387 3 ,255 1,51.0 1,095 14,306 518 85 9,149 1,459 51 200 6,008107,606 1949—October 12,127 778 2,259 46, 47,147 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, 47,550 3,201 1,278 2,346 14,484 600 124 9,156 1,348 153 376 6,235 86,441 December.. 12,180 893 2,286 48. ,732 3,202 1,395 1,864 14,474 619 130 9,382 1,298 152 358 6,221 105,862 1949—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 2,3755 46,62548,135 3,116 1,331 2,525 14,502 591 124 9,6951,354 154 172 6,226 20,766 Nov. 23 11,920 776 2,121I 47,27447,590 3,181 1,202 2,432 14,461 605 124 8,8381,309 153 178 6,219 21,900 Nov. 30.... 12,021 797 2,115 47,648 48,037 3,255 1,308 2,117 14,431 608 123 8,8271,328 150 398 6,247 18,459 Dec. 7.... 12,185 834 2,129 47,726 47,745 3,147 1,271 1,848 14,431 618 128 9,193 1,318 150 525 6,235 22,196 Dec. 14.... 12,259 916 2,41148,652 49,724 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,,225544 48,603 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 48,25348,857 3,296 1,420 1,955 14,537 621 130 9,297 1,279 153 315 6,228 19,329 1950—Jan. 4.... 12,774 809 2,680 47,975 48,346 3,325 1,471 2,050 14,612 620 12810,293 1,302 153 224 6,211 24,194 Jan. 11.... 12,403 839 2,41548,140 48,452 3,208 1,292 1,895 14,606 620 127 9,937 1,212 153 151 6,215 21,325 Jan. 18.... 12,219 787 2,335 48,24548,596 3,267 1,399 1,940 14,593 620 127 9,7831,224 151 196 6,206 22,944 Jan. 25. .. . 12,237 782 2,22148,514 48,219 3,460 1,268 2,101 14,577 619 128 9,327 1,214 151 270 6,206 20,704 New York City 1948—December.. 5,383 145 15,491 16,228 802 294 1,511 2,8221,269 32 122 2,235 44,861 1949—October.... 4,571 126 14,90615,539 225 633 953 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 December.. 4,580 154 15,42316,211 199 723 576 1,498 2,799 1,079 110 268 2,283 45,434 1949—Nov. 9 4,469 158 14,73515,479 245 731 816 1,482 2,719 1,161 109 364 2,299 6,731 Nov. 16.... 4,505 127 14,71915,706 228 652 883 ,479 2,860 1,136 109 58 2,294 8,219 Nov. 23.... 4,378 140 15,05615,710 203 567 840 ,468 2,608 1,084 109 112 2,288 8,677 Nov. 30.... 4,486 132 15,24316,052 221 636 708 ,482 2,637 1,105 108 248 2,301 7,284 Dec. 7.... 4,597 144 15,21415,852 175 608 605 1,476 2,696 1,097 110 2,290 9,452 Dec. 14.... 4,555 161 15,70816,615 197 753 571 1,503 2,841 1,089 109 206 2,279 10,105 Dec. 21.... 4,578 157 15,34316,073 170 782 536 1,499 2,867 1,069 111 216 2,279 11,965 Dec. 28.... 4,587 154 15,42816,302 255 750 593 1,513 2,792j1,062 111 222 2,281 7,772 1950—Jan. 4.... 4,826 134 15,27516,018 206 722 594 1,528 3,191 1,074 111 154 2,277 10,233 Jan. 11.... 4,532 138 15,27515,972 186 658 528 1,512 2,933 989 111 46 2,279 8,755 Jan. 18.... 4,412 123 15,22915,978 196 723 550 1,507 2,887j1,002 110 56 2,278 9,272 Jan. 25.... 4,403 123 15,50115,990 262 659 603 1,491 2,785 999 110 102 2,280 8,119 Outside New York City 1948—December.. 9,321 739 2,199 32,29632,159 3,029 708 80112,795 502 6,327 78 3,773 62,745 1949—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 2,153 32,08131,876 2,958 640 1,532 13,008 572 6,449 218 131 3,939 52,336 December.. 7,600 739 2,252 32,798 32,521 3,003 672 1,288 12,976 595 6,583 219 90 3,938 60,428 1949—Nov. 9.... 7,571 681 ,974 31,641 2,910 601 1,505 13,042 563 6,542 214 123 3,945 11,078 Nov. 16.... 7,729 652 342 31,906 32,429 2,888 679 1,642 13,023 564 6,835 218 114 3,932 12,547 Nov. 23 7,542 636 088 32,218 31,880 2,978 635 1,592 12,993 579 6,230 225 66 3,931 13,223 Nov. 30.... 7,535 665 083 32,405 31,985 3,034 672 1,409 12,949 583 6,190 223 150 3,946 11,175 Dec. 7.... 7,588 690 2, 512 31,893 2,972 663 1,243 12,955 594 6,497 221 97 3,945 12,744 Dec. 14.... 7,704 755 2,373 32,944 33,109 2,987 663 1,275 12,948 595 6,719 216 101 3,930 12,841 Dec. 21.... 7,553 734 2,284 32,91132,530 3,011 692 1,272 12,977 596 6,609 223 70 3,932 14,910 Dec. 28.... 7,559 775 2,25132,825 32,555 3,041 670 1,362 13,024 597 6,505 217 93 3,947 11,557 1950—Jan. 4.... 7,948 675 2,646 32,700 32,328 3,119 749 1,456 13,084 597 7,102 228 70 3,934 13,961 Jan. 11.... 7,871 701 2,383 32,865 32,480 3,022 634 1,367 13,094 597 7,004 223 105 3,936 12,570 Jan. 18.... 7,807 664 2,30o 3333,,016 32,618 3,071 676 1,390 13,086 598 6,896 222 140 3,928 13,672 Jan. 25 7,834 659 2,19133,01332,229 3,198 609 1,498 13,086 597 6,542 215 168 3,926 12,585 8 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. FEBRUARY 1950 203 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 * Investments For purchasing U. S. Government obligations or carrying securities Com- Total merd F i e s d tr e i r c a t l a R nd es e d r a v t e e i m l n o a v e n a e n n d s t s t s - Total1 i t n a t c a c u r g d i u n i a r r u a l d a l i - s l , - l - G a U T t l i o i n o o o g . b d n v a S - - b s t . d . r e o O a k c t l s u e t i e e h e r r r - s e s i s - rG t U l T i o i o o g b o . n v a S - - s t . o . t O h c t u e t i h e r r s s i e - r e l R o st a e a n a t l s 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 a e i e f e d t b i s e i r - - t n s - s - - Notes Bonds2 O s ri e t t c h ie u e s - r Boston Dec. 28 008 1,036 631 18 12 19 141 7 220 1,972 1,823 109 327 143 1,244 149 Jan. 4 , 024 1,026 626 16 12 19 142 2 223 1,998 ,850 136 328 131 1,255 148 Jan. 11 056 1,026 626 11 12 19 145 1 226 2,030 ,881 141 333 123 1,284 149 Jan. 18 040 1,021 627 7 12 21 146 2 221 2,019 ,869 125 335 121 1,288 150 Jan. 25 048 1,037 631 11 12 18 146 9 223 2,011 ,859 114 338 118 1,289 152 New York * Dec. 28 869 8,442 5,174 645 709 51 179 484 201 ,11913,427 11,940 810 1,911 919 8,300 ,487 Jan. 4 814 8,363 5,173 623 680 47 177 487 201 11813,451 11,929 803 1,909 906 8,311 522 Jan. 11. . •/ 585 8,139 5,172 396 672 46 176 502 188 13013,446 11,921 966 ,787 899 8,2691,525 Jan. 18 666 8,189 5,169 391 662 40 179 507 251 13313,477 11,948 ,122 ,721 840 8,2651,529 Jan. 25 965 8,271 5,174 407 720 40 178 510 2551,13013,694 12,108 ,215 1,741 835 8,317 1,586 Philadelphia Dec. 28 ,786 937 472 27 2 7 113 18 311 1,849 1,507 158 196 114 1,039 342 Jan. 4 ,767 929 465 26 2 7 113 16 314 1,838 1,501 153 195 123 1,030 337 Jan. 11 ,795 918 472 24 2 7 113 1 313 1,87 1,534 188 221 126 999 343 Jan. 18 •. ,786 913 470 22 2 7 113 31 1,873 1,529 193 213 127 996 344 Jan. 25 ,775 918 466 22 2 7. 113 315 1,857 1,509 180 207 127 995 348 Cleveland Dec. 28 ,654 1,450 805 24 29 37 295 26 3,204 2,835 90 387 316 2,042 369 Jan. 4 ,648 1,440 801 22 29 37 295 264 3,208 2,841 95 381 317 2,048 367 Jan. 11 ,667 1,450 810 20 29 37 396 264 3,21 2,848 106 374 318 2,050 369 Jan. 18 ,692 1,453 809 26 28 37 296 264 3,239 2,870 125 373 317 2,055 369 Jan. 25 ,667 1,452 810 23 27 37 296 264 3,215 2,849 113 372 308 2,056 366 Richmond Dec. 28 ,691 885 408 7 11 18 207 237 1,806 1,654 141 246 115 1,152 152 Jan. 4 ,668 875 403 7 11 18 206 239 1,793 1,643 122 252 110 1,159 150 Jan. 11 ,707 875 404 7 10 17 208 238 1,680 142 265 128 1,145 152 Jan. 18 ,719 872 400 7 10 18 209 237 1,696 152 268 132 1,144 151 Jan. 25 . ,709 874 401 7 10 18 210 237 1,684 148 260 128 1,148 151 Atlanta Dec. 28 ,414 890 545 10 11 22 71 238 1,524 1,317 64 333 117 803 207 Jan. 4 ,401 883 540 9 12 22 72 236 1,518 1,314 66 329 118 801 204 Jan. 11 ,411 892 541 7 13 21 79 239 1,519 1,315 68 332 123 792 204 Jan. 18 ,450 884 534 8 12 22 79 237 1,566 1,364 89 354 122 799 202 Jan. 25 "... ,449 889 536 8 12 22 80 239 1,560 1,360 80 360 123 797 200 Chicago* Dec. 28 ,593 2,671 1,627 38 19 56 366 468 6,92 6,165 508 1,200 711 3,746 757 Jan. 4 ,530 2,616 1,621 38 18 55 367 464 6,914 6,163 520 1,198 710 3,735 751 Jan. 11. ,627 2,554 1,612 36 18 54 368 466 7,073 6,318 692 1,180 705 3,741 755 Jan. 18 ,664 2,593 1,630 72 18 53 369 469 7,071 6,306 700 1,158 690 3,758 765 Jan. 25 ,639 2,602 1,632 58 18 52 369 468 7,03 6,268 738 1,078 683 3,769 769 St. Louis Dec. 28 ,277 998 566 9 10 189 221 1,279 1,105 40 219 127 719 174 Jan. 4.. ,265 976 551 9 11 188 22: 1,289 1,11 50 216 132 719 172 Jan. 11 ,317 975 550 9 10 189 22: 1,34: 1,171 75 229 143 724 171 Jan. 18 ,322 977 550 8 11 190 22: 1,345 1,168 7: 234 149 713 177 Jan. 25 ,314 980 548 8 11 191 221 1,334 1,16: 71 235 160 696 172 Minneapolis Dec. 28 ,252 434 214 3 72 136 705 30 166 72 437 113 Jan. 4 ,246 426 214 2 72 136 820 710 19 181 73 437 110 Jan. 11. : ,260 428 216 2 73 13 832 72 31 181 73 437 110 Jan. 18 ,283 433 216 2 73 138 850 739 50 180 72 437 111 Jan. 25 ,27: 432 214 2 74 139 841 728 38 180 72 438 113 Kansas City Dec. 28 ,601 953 613 136 181 1,652 1,41 18' 310 156 764 235 Jan. 4 ,574 943 609 136 182 1,631 1,396 164 310 164 758 235 Jan. 11 ,603 946 612 137 183 1,657 1,42: 17' 320 166 759 235 Jan. 18 ,62 950 616 138 182 1,677 1,441 18' 323 167 764 236 Jan. 25 ,615 953 619 138 181 1,66: 1,427 173 319 165 770 235 Dallas Dec. 28 ,532 1,179 838 92 204 1,353 1,223 131 334 87 671 130 Jan. 4 ,53 1,184 837 93 20: 1,353 1,225 13 331 89 668 128 Jan. 11 ,538 1,175 835 94 204 1,363 1,236 119 346 95 676 127 Jan. 18. ,569 1,180 840 95 203 1,389 1,260 133 355 101 671 129 Jan. 25 ,571 1,182 845 95 200 1,389 1,257 128 361 104 664 132 San Francisco Dec. 28 ,740 5,019 2,011 2,176 843 6,721 5,778 276 1,22 555 3,720 943 Jan. 4 ,748 5,01 2,011 24 2,176 846 6,736 5,825 277 1,236 584 3,728 911 Jan. 11 ,791 5,004 2,007 2,175 846 6,787 5,872 294 1,236 587 3,755 915 Jan. 18 ,852 4,990 2,000 2,177 834 6,862 5,941 323 1,242 608 3,768 921 Jan. 25 ,793 4,989 2,178 838 6,80- 5,866 222 1,243 605 3,796 938 City of Chicago* Dec. 28 999 1,748 1,259 79 234 4,251 3,735 328 802 454 2,151 516 Jan. 4 943 1,695 1,24: 79 233 4,248 3,738 335 804 451 2,148 510 Jan. 11 031 1,645 1,236 80 233 4,386 3,871 500 765 441 2,165 515 Jan. 18 040 1,676 1,248 80 235 4,36' 3,844 495 741 426 2,182 520 Jan. 28 999 1,684 1,255 80 233 4,315 3,792 523 657 420 2,192 523 * 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. 204 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 es e d r a v t e e B s w F e R e a e r n r i e a d t v k - h l - e s v C a a i u n s l h t m b a w a n d e n i o c s t t e k - h i s c s j p m u o d a s a t d e s e n i - - t d d s 3 p p u v n c a o a a o i e n r d r l r r d a s t - - - - , - S p s d s t a i i o a u i c o n v t l b a n i d e i - l t - s s - c C h c O f a e e e e i t n r f e c c r f t d i s k d . - i ' s - , U m G er . o e n S v n - . - t u p s p v n c a h o a o a i e n d l i r r r r d p s a - - - t , s - - S p s d s t a i i o a u c i o n v t l b a n d i e i - l t - s s - P U m G S e o i a n r a s n . o e g n S t v v n d a s - . - - t l m D ti e 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 Dec. 28 464 66 96 2,459 2,447 177 50 471 279 28 3 328 813 Jan. 4 494 59 106 2,472 2,441 188 57 473 304 31 6 325 967 Jan. 11 495 58 2,490 2,446 190 42 476 294 28 4 325 857 Jan. 18 498 55 2,482 2,458 184 46 474 291 28 17 325 951 Jan. 25 482 52 2,494 2,437 179 41 474 271 28 4 311 835 New York* Dec. 28 4,844 209 120 16,97517,698 489 801 645 2,347 2,8621,066 112 241 2,480 8,249 Jan. 4 5,106 185 12716,82817,401 437 789 649 2,363 3,2721,078 112 182 2,47710,814 Jan. 11 4,834 189 11816,83017,362 426 703 578 2,346 3,014 992 112 89 2,478 9,311 Jan. 18 4,707 172 12116,80017,366 459 771 603 2,339 2,9631,006 112 90 2,47710,058 Jan. 25 4,662 170 12517,08317,355 553 706 660 2,323 2,8561,003 111 120 2,479 8,640 Philadelphia Dec. 28 461 52 114 2,195 2,289 103 32 115 396 363 14 17 312 782 Jan. 4 497 46 115 2,157 2,277 89 34 123 400 412 16 7 313 960 Jan. 11...., 461 46 107 2,173 2,253 90 26 115 400 384 14 11 313 797 Jan. 18 461 43 107 2,168 2,256 92 29 116 400 378 14 13 313 833 Jan. 25 464 43 107 2,172 2,237 90 24 130 400 359 14 7 313 774 Cleveland Dec. 28 717 93 138 3,170 3,257 164 50 1431,330 456 6 12 474 1,130 Jan. 4 746 82 146 3,156 3,222 169 61 1471,337 482 7 10 474 1,245 Jan. 11 726 86 140 3,167 3,213 174 53 1371,337 471 7 16 474 1,057 Jan. 18 740 83 144 3,183 3,249 168 54 140 1,336 478 7 35 474 1,165 Jan. 25 748 82 146 3,194 3,239 164 52 1521,340 458 6 12 475 1,102 Richmond Dec. 28 451 77 159 2,050 2,079 159 38 552 408 5 25 230 656 Jan. 4 434 65 213 2,033 2,073 164 51 92 559 440 5 3 229 840 Jan. 11 461 69 190 2,089 2,100 162 44 86 561 437 5 1 229 757 Jan. 18 457 64 173 2,090 2,090 165 49 85 561 428 5 228 797 Jan. 25 449 65 170 2,079 2,058 177 40 92 561 397 5 14 228 730 Atlanta Dec. 28 404 47 182 1,758 1,683 267 25 44 525 520 9 195 642 Jan4 4 397 42 242 1,728 1,660 272 29 46 527 587 9 196 776 Jan. 11 407 44 219 1,726 1,651 287 23 46 521 587 9 195 752 Jan. 18 420 41 187 1,758 1,688 280 24 47 526 572 196 744 Jan. 25 393 41 176 1,748 1,644 292 22 50 526 534 196 687 Chicago* Dec. 28 1,730 118 346 6,509 6,557 552 93 4082,576 1,476 737 2,573 Jan. 4 1,926 105 432 6,515 6,501 578 101 419 2,588 1,653 735 3,332 Jan. 11 1,843 108 357 6,549 6,522 554 91 3792,589 1,593 735 2,754 Jan. 18 1,775 103 344 6,530 6,503 561 100 393 2,589 1,553 731 3,047 Jan, 25 1,876 102 322 6,599 6,488 601 99 420 2,588 1,474 732 2,947 St. Louis Dec. 28 372 34 122 1,417 1,520 105 20 467 677 183 556 Jan. 4...., 412 30 140 1,416 1,520 102 20 469 719 181 614 Jan. 11 390 30 137 1,438 1,523 104 20 470 711 182 614 Jan. 18 402 30 125 1,430 1,534 108 20 471 716 182 656 Jan. 25 374 30 125 1,424 1,506 106 19 471 695 183 613 Minneapolis Dec. 28 202 14 93 859 831 136 13 247 295 103 293 Jan, 4 209 12 121 861 833 148 14 248 308 103 354 Jan. 11 198 14 111 845 830 123 14 248 324 102 411 Jan. 18 186 13 92 838 822 120 13 248 321 102 | 379 Jan. 25 209 13 84 844 815 119 13 248 308 102 328 Kansas City Dec. 28 443 34 300 1,923 1,928 220 28 381 799 208 689 Jan. 4..... 478 30 339 1,902 1,903 234 30 382 857 208 789 Jan. 11 485 33 323 1,912 1,916 221 30 383 877 208 765 Jan. 18 482 31 312 1,922 1,931 239 28 384 867 208 840 Jan. 25 469 31 300 1,919 1,888 248 26 385 825 209 787 Dallas Dec. 28 466 40 345 2,019 1,974 215 36 360 689 207 662 Jan. 4 453 35 398 1,981 1,943 225 54 362 91 763 205 931 Jan. 11 493 37 349 2,020 1,975 219 32 362 90 717 208 677 Jan. 18 491 33 344 2,042 2,026 218 43 361 92 715 208 765 Jan. 25 466 36 318 2,011 1,983 214 40 361 93 693 209 753 San Francisco Dec. 28 1,592 145 271 6,919 6,594 709 234 2214,8 374 473 771 2,284 Jan. 4 1,622 118 301 6,926 6,572 719 231 253 4,904 375 496 765 2,572 Jan. 11 1,610 125 276 6,901 6,661 658 214 236 4,913 377 528 766 2,573 Jan. 18 1,600 119 296 7,002 6,673 673 222 236 4,904 376 501 762 2,709 Jan. 25 1,645 117 259 6,947 6,569 717 186 251 4,9"0"0" 376 457 41 769 2,508 City of Chicago'1 Dec. 28 1,180 44 164 ,126 4,246 283 47 2481,355 26 1,093 497 1,658 Jan. 4 1,348 40 242 ,158 4,229 301 52 2441,363 26 1,237 497 2,198 Jan. 11 1,265 39 175 4,172 4,221 294 43 2171,362 26 1,183 497 1,711 Jan. 18 1,230 39 163 4,184 4,246 287 49 2211,363 26 1,136 493 1,845 Jan. 25 1,289 38 144 4,181 4,191 301 45 2381,361 26 1,0 493 1,880 For footnotes see opposite page and preceding table. FEBRUARY 1950 205 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 par list drawn, and their (nonmember) Federal Reserve branches and offices Total Member Nonmember district or State Banks1 a B nd ra n o c ff h ic e e s s2 Banks a B nd ra 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 Dec 31 1949? . 14,051 4,563 12,178 4,290 6,887 3,388 5,291 902 1,873 273 By districts and by States Dec. 31, 1949P District Boston 485 319 485 319 329 248 156 71 New York . . 894 896 894 896 768 827 126 69 Philadelphia 836 150 836 150 640 113 196 37 Cleveland 1,125 292 1,125 292 700 252 425 40 Richmond • • • 1,012 500 804 375 479 238 325 137 208 125 Atlanta 1,188 197 577 159 351 140 226 19 611 38 2,490 594 2,490 594 1,001 240 1,489 354 1,472 140 1,135 80 496 42 639 38 337 60 Minneapolis . ...... 1,278 110 678 69 478 26 200 43 600 41 Kansas Citv 1,749 10 1,740 10 756 984 4 9 Dallas 1,022 47 914 38 623 24 291 14 108 9 San Francisco •. ... 500 1,308 500 1,308 266 1,232 234 76 State Alabama 225 23 129 23 92 23 37 96 Arizona . ... 9 51 9 51 5 38 4 13 Arkansas 232 21 109 6 68 2 41 4 123 15 California 196 949 196 949 118 904 78 45 Colorado • 144 1 144 1 92 1 52 Connecticut • • . 109 37 109 37 63 32 46 5 Delaware 38 15 38 15 17 5 21 10 District of Columbia... 19 41 19 41 15 32 4 9 Florida 185 3 123 3 73 3 50 62 Georgia 396 38 105 34 67 32 38 2 291 4 Idaho 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 . .... 663 164 663 164 161 502 164 Kansas 610 608 215 393 2 Kentucky 383 41 383 41 112 25 271 16 Louisiana 162 72 59 49 46 43 13 6 103 23 M!aine 63 69 63 69 38 37 25 32 Miaryland 164 115 164 115 77 77 87 38 Massachusetts 178 169 178 169 142 153 36 16 M!ichis?an 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 !Missouri 593 527 180 347 66 M!ontana 111 111 84 27 Nebraska 408 2 408 2 142 2 266 Nevada 8 19 8 19 6 18 2 1 New Hampshire 75 2 75 2 52 1 23 1 New Jersey 329 151 329 151 281 136 48 15 New Mexico 51 12 51 12 35 2 16 10 New York 638 "755 638 755 558 700 80 55 North Carolina 211 194 97 74 54 39 43 35 114 120 North Dakota 150 22 63 6 43 20 6 87 16 Ohio 661 215 661 215 424 188 237 27 Oklahoma € . . 384 1 376 1 224 1 152 8 Oregon ... ... 69 96 69 96 29 87 40 9 Pennsylvania 972 181 972 181 742 153 230 28 Rhode Island 18 45 18 45 10 32 8 13 151 41 63 36 33 30 30 6 88 5 South Dakota 169 48 70 23 62 20 8 3 99 25 Tennessee 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 • 312 109 307 109 204 60 103 49 5 Washington . 122 133 122 133 53 126 69 7 West Virginia 180 179 108 71 1 551 151 551 151 164 21 387 130 Wyoming 53 53 39 14 P Preliminary. * 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 p. 244, footnotes 9 and 10). Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports. 206 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 ll n s bo B u il g l h s t Others I U m S i n t n p a i t o t t o e e r d s ts E U S f x n t r p a o i o t t m e e r s d ts c D h o e 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—November 287 239 141 71 70 99 152 48 1 24 15 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 19 13 August... 230 189 85 53 32 104 117 37 18 16 September 265 207 94 54 40 113 133 37 21 14 October. . 278 215 104 57 47 110 140 39 23 12 November '278 251 118 60 58 133 173 44 25 9 December 257 272 128 58 70 144 184 49 30 9 r Revised. 1 As reported by dealers; includes some finance company paper sold in open market. 2LLeessss tthhsan $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 l Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )i es a in n a v d c e c t s o r t a u m d n e i t n s n g t a in n a v d c e c t s o r t u a m d n e t i s n n g t a b n a d n k i s n borrowed2 Free O (n th et e ) r a i I n n n v d p e t a s r t r a m t d n e i e n n r g t s' an in d I v n t e r s a f t i m d rm i e n n g t I a n c ( c c n o a e u p t n ) it t a s l accounts accounts 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 December... 550 10 312 349 257 486 112 28 5 278 1949—January 3 537 3 247 3 573 February. . . 3 527 3 225 3 565 March 3 530 3 254 3 551 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 »699 3404 3 548 September. . 3 740 3 418 3 580 October 3 783 3 416 3 586 November. . 3813 3 445 3 596 December. . 881 5 400 306 523 633 159 26 15 271 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): 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. 207 FEBRUARY 1950 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] mo Y w n e e t a h e r k , , or m m 4 p P - c e o a r o r t n p i o c m m t e i h a r - e 6 , s l - 1 a a P d b c n e a a r 9 c r i c y n s m e 0 e ' s k p s e - 1 , t- c S h n l c t e o r e a o e a x a w n - l c - n l g k - e m bi o 3 l n - ls t s h ' e . cu 9 d m c r - o c e e i t f t a o r o b y t t n t i i e e n f 1 t s y i h d 2 - - i - - eld 3 t i - a s y s x s t e o u a a e b r 5 s l - e An 1 n 9 A u r a c e l i a ti a e a v s n e : r d a g p e e s ri : od lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 S , 0 0 i , z 0 0 e 0 0 - 0 of $ $ 1 l 2 o 0 0 a 0 0 n ,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. 1947 average. . .. 1.03 .87 1.38 .604 1.32 1 1 9 9 4 4 2 3 2 2 .6 2 4 4 .4 4 3 3 . . 2 4 2 2 .5 2 2 2. . 4 0 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 1949—January. . 1.56 1.19 1.63 1.160 1.22 1.59 1947 2.1 4.2 3.1 2.5 1.8 February. 1.56 1.19 1.63 1.163 1.22 1.57 1948 2 5 4.4 3.5 2 8 2.2 March 56 1.19 1.63 1.162 1.22 1.54 1949 2.7 4.6 3.7 3.0 2.4 April 56 1.19 1.63 1.155 1.20 1.53 May 56 1.19 1.63 1.156 1.19 1.49 Quarterly: June 56 1.19 1.63 1.158 1.20 1.42 19 cities: July 56 1.06 1.63 0.990 1.04 1949—Mar 2.70 4.62 3.64 2.89 2.42 August. . . 44 1.06 1.63 1.027 1.07 June 2.74 4.63 3.70 3.04 2.44 September 38 1.06 1.63 1.062 1.08 Sept 2 63 4.62 3.64 2.98 2.31 October. . 1.38 1.06 1.63 1.044 1.-09 Dec 2.65 4.53 3.61 2.98 2.35 November 1.38 1.06 1.63 1.073 1.09 New York City: December 1.31 1.06 1.63 1.097 1.10 1.37 1949—Mar 2 42 4.22 3.42 2.66 2.25 June 2.35 4.22 3.43 2.78 2.17 1950—January... 1.31 1.06 1.63 1.100 1.12 1.39 Sept 2 32 4.23 3 41 •2 74 2.13 Dec 2.38 4.14 3.35 2.73 2.21 Week ending: J J D a a e n n c. . . 3 1 1 7 4 . . . . . . . . . l lV V i i e e 1 1 1 . . . 0 0 1 7 8 0 6 1 1 1 1 1 . . . 1 0 1 0 9 0 1 1 1 . . . 3 3 3 6 5 7 7 N 19 o e 4 r r t 9 n h — e c r M n it i a a e r s n : d East- 2.68 4.63 3.66 2.89 2.44 Jan. 21... 1.103 1.13 1.39 June 2.86 4.67 3.64 2.98 2.66 Jan. 28... 1.118 1.13 1.42 Sept 2 64 4.71 3.63 2.93 2.39 Dec 2.67 4.63 3.65 3.00 2.41 1 2 M Th o e n t a h v l e y r a fi g g e u r r e a s t e a r o e n a v 9 e 0 r - a d g a e y s S o t f o c w k e e E k x ly c h 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 1.50 11 1 S 9 o W 4 u 9 e t — h 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, Aug. 2, 1946-Aug. 16, 1948; and 1.63 per cent beginning June 3.17 4.80 3.89 3.26 2.69 Aug. 17, 1948. Sept 3.07 4.74 3.79 3.18 2.58 3 Rate on new issues offered within period. Dec 3.03 4.66 3.74 3.12 2.56 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 * [Per cent per annum] U. S. Government Corporate (Moody's)4 (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 Indus- Rail- Public Aaa Aa Baa trial road utility Number of issues 1-5 120 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 2.96 2.66 2.75 3.00 3.42 2.74 3.24 2.90 1949—January 1.88 2.42 2.73 3.02 2.71 2.81 3.08 3.46 2.80 3.26 2.99 February.. . 1.83 2.39 2.73 3.00 2.71 2.80 3.05 3.45 2.79 3.24 2.99 March 1.80 2.38 2.21 2.71 3.00 2.70 79 3.05 3.47 2.78 3.27 2.97 April 1.77 2.38 20 2.70 3.00 2.70 79 3.05 3.45 2.78 3.27 2.96 May 1.72 2.38 20 2.71 3.00 2.71 78 3.04 3.45 2.78 3.26 2.95 June 1.66 2.38 28 2.72 3.00 2.71 78 3.04 3.47 2.78 2.93 July 1.55 2.27 26 2.66 2.98 2.67 2.75 3.03 3.46 2.75 2.89 August 1.49 2.24 20 2.60 2.92 2.62 2.71 2.96 3.40 2.70 3.21 2.86 September 1.65 2.22 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 2.83 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 2.19 2.13 2.55 2.86 2.58 2.67 2.89 3.31 2.65 3.14 2.79 1950—January 1.70 2.20 2.08 2.54 2.83 2.57 2.65 2.85 3.24 2.63 3.07 2.79 Week ending: Dec. 31 1.67 2.18 2.12 2.54 2.85 2.57 2.66 2.87 3.27 2.64 3.11 Jan. 7 1.66 2.18 2.12 2.54 2.84 2.57 2.65 2.86 3.25 2.64 3.08 Jan. 14 1.68 2.18 2.06 2.54 2.83 2.57 2.65 2.85 3.24 2.63 3.06 Jan. 21 1.70 2.21 2.06 2.53 2.82 2.57 2.65 2.85 3.23 2.62 3.06 Jan. 28 1.73 2.22 2.07 2.54 2.83 2.58 2.65 2.85 3.23 2.63 3.07 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, Aa, and A groups have been reduced from 10 to 6, 6, and 9 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues. Back figures:—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. 208 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices 5 Corporate4 Common (index, 1935-39=100) V of o l t u ra m d e ing7 (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 - Total M Ind ed u i s u - m-g R r a a i d l e - Public fe P r r re e- d6 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 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 102.73 128.9 101.9 92.6 98.6 82.3 97.0 176.4 121 128 97 98 1,037 1949—January 101.16 129.9 100.5 92.1 96.1 86.4 93.8 171.4 121 127 106 94 833 February 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 104.36 130.3 103.7 94.5 101.0 82.2 100.1 180.6 133 140 101 104 1,739 1950—January. 104.16 131.4 104.0 96.3 101.8 86.4 100.6 182.8 135 143 108 106 1,884 Week ending: Dec. 31 104.49 130.5 104.0 95.3 101.4 84.0 100.6 181.4 134 141 103 104 1,813 Jan. 7 104.53 130.5 104.0 96.0 101.5 85.9 100.6 181.9 135 143 108 105 2,054 Jan. 14 104.41 131.7 104.0 96.2 101.6 86.3 100.6 182.8 137 144 110 106 2,740 Jan. 21 104.12 131.7 104.1 96.4 102.0 86.5 100.6 183.3 135 142 107 106 1,478 Jan. 28 103.86 131.5 104.1 96.5 102.1 86.9 100.5 183.3 134 141 107 106 1,377 e Corrected. 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. 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 capital For refunding Total Domestic Domestic Year or month f ( i u a n r n n n e e g d - d w ) - m T e f ( a 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 l t - - 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 m T e a f ( e i o o d g n s t o r n d t - a - i ) c l Total S n m a p t i n a c a u d i l t - - 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 gn r- 2 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 1 1 1 9 9 9 4 4 4 7 6 5 3 8 8 9 , , , 6 0 6 4 0 9 5 6 1 3 4 1 7 , , , 6 7 5 4 7 6 5 2 6 4 7 1 , , , 6 7 2 3 6 5 5 5 1 2,2 9 4 2 5 7 8 2 1 2 1 3 2 2 9 6 7 3 4 1 , , , 7 5 2 8 5 6 7 6 4 2 3 , , 0 5 6 8 6 0 4 7 7 1 1 , , 4 2 6 7 1 5 2 9 7 1 1 2 0 4 6 2 , , , 1 2 0 2 3 0 5 4 0 3 6 1 , , , 1 8 9 7 9 4 3 5 8 3 2 2 0 4 4 8 4 9 4 7 1 2 3 2 2 4 4 2 1 , , , 9 9 4 3 8 5 7 3 2 2 4 1 , , , 3 2 1 5 9 8 2 1 9 2 6 6 5 8 0 6 3 1 1 1 6 7 0 1 7 5 1948 10,215 r9,Q80 -9,070 2,604 294 r46,172 »-45,264 T-908 68 1,135 1,135 82 768 T-284 T-257 ?28 1949 9,475 7,909 7,880 2 ,803 233 4,844 3,890 954 10 1,566 1,466 104 943 418 366 52 * ioi 29 1948—December »-902 -822 r822 126 '696 '•631 r65 T-80 '80 3 72 '4 T-3 2 1949—January. . r74! '642 r642 192 7 ^442 r383 60 100 100 1 '97 1 1 February. T"525 '460 '460 200 14 '246 '240 6 65 65 4 53 '8 '8 March. . . ••691 '595 ••595 174 26 '395 T-321 '73 96 96 1 55 39 39 April ^952 r906 '906 190 33 '684 '516 167 ^46 '46 1 44 1 1 May '766 '68 7 '687 339 51 '296 194 102 T-79 '79 7 38 '34 14 20 June 1,634 1,540 1,540 315 24 1,201 1,088 113 94 94 1 62 31 30 J A u u ly gust. . . ' '• 7 6 6 1 4 6 ' • 6 •3 8 1 4 1 ' ' 6 2 8 9 3 3 2 1 4 7 4 4 9 1 '4 1 3 9 0 3 r6 8 6 2 '4 5 8 4 1 2 8 30 7 4 9 20 7 4 9 1 1 1 5 9 6 5 22 8 22 8 i ioi September r749 "•521 '511 314 69 128 84 '44 10 '228 '228 4 181 '43 38 '5 October. . 787 639 639 234 405 323 82 148 148 4 53 91 69 22 November '•521 ••412 '412 229 183 124 '59 109 109 22 52 35 35 December 731 513 513 198 315 169 146 218 218 57 56 105 101 4 .... ' Revised. 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. FEBRUARY 1950 209 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES 1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Estimated Estimated New money Retirement of securities Year or month pro g c r e o e s d s s 2 proc n e e e t ds 3 Repa o y f ment Other Total P eq la u n ip t m an e d nt W ca o p rk it i a n l g Total Bo n n o d t s e a s nd Pr s e t f o e c r k red other debt purposes 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 1949 5,410 5,322 4,277 3,500 111 326 292 34 418 301 1948—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 April 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 November 223 219 163 134 29 18 18 20 18 December 493 484 336 226 111 76 75 1 6 66 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Publicutility Industrial Real estate and financial Vear 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 "ik 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 1949 456 441 11 4 2,765 2,324 249 191 1,679 1,192 44 444 421 320 22 79 1948—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 i 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 17 276 270 336 215 121 58 51 7 May 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 IN July 51 51 136 134 1 1 249 236 1 12 33 9 16 7 August 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 I December. . 31 27 4 306 173 69 64 87 77 2 8 60 59 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. * 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. 210 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 of 50 million dollars and over Assets of 10-50 million dollars (200 corporations) (82 corporations) (118 corporations) Year or quarter Sales P b t e r a o f x o f e i r s t 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 s t e s P a r f o t f e i r ts d D e i n v d i- s Sale 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 1,273 856 11,138 1,638 1,127 772 1,869 206 146 83 1941 18,291 3,156 1,519 947 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 1,129 861 22,278 1,976 964 764 4,253 445 165 98 1946 21,562 2,033 1,202 943 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 ,192 156 95 30 2 7,649 978 598 271 6,362 807 495 235 ,287 171 104 35 3 7,694 989 614 265 6,412 819 508 226 ,282 170 105 38 4 8,781 1,133 706 386 7,412 954 593 322 ,369 179 112 1948—1 , 8,660 1,218 751 285 7,270 1,050 649 247 ,390 168 102 38 2 , 9,003 1,242 770 311 7,559 1,058 657 269 ,445 184 113 42 3 9,314 ,331 832 307 7,877 1,146 717 265 ,437 186 115 43 4 10,204 ,523 958 499 8,759 1,339 838 429 ,445 184 120 76 1949—1 9,398 ,341 823 343 8,086 1,202 739 303 1,312 139 84 40 2 9,441 ,220 750 354 8,187 1,101 677 312 1,254 119 73 42 3 9,502 ,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 Operat- Profits Profits Divi- Operat- Profits Profits Divi- Operat- Profits Profits Divirev in e g nue b t e a f x o e r s e t a a f x te e r s dends rev in e g nue b t e a f x o e r s e a ta ft x e e r s dends rev in e g nue b t e a f x o e r s e t a a f x te e r s dends 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 J 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 194g—i 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 71 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 1L,307 316 206 124 670 62 42 50 2 2,224 184 115 55 3L ,218 272 180 136 695 75 50 51 3 2,138 175 105 50 1L,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). 211 FEBRUARY 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 2,080 2,906 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 3,107 552 643 672 688 788 958 840 820 862 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 7. 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 11 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 other than automobile (6); and miscellaneous (7). CORPORATE PROFITS, TAXES, AND DIVIDENDS (Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates) [In billions of dollars] Year P b t r e a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t e s s - d Quarter P b t r e a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s - d 1939 6.5 1.5 5.0 3.8 1.2 1947—4 32.8 13.0 19.8 7.3 12.5 1 1 1 9 9 9 4 4 4 2 0 1 2 1 9 1 7 . . . 3 2 1 1 2 7 1 . . . 9 8 7 9 6 9 . . . 4 4 4 4 4 4 . . . 0 5 3 2 4 5. . . 1 9 4 1948— 2 1 3 3 3 5 . . 0 0 1 1 2 3 . . 8 7 2 2 0 1 . . 2 3 7 7. . 7 6 1 1 2 3 . . 6 6 1943 25.1 14.4 10.6 4.5 6.2 3 36.6 14.4 22.2 7.9 14.3 1944 24.3 13.5 10.8 4.7 6.1 4 34.5 13.6 20.9 8.3 12.6 1 1 1 9 9 9 4 4 4 6 5 7. 3 2 1 1 3 9 . . . 6 6 7 1 1 9 1 2 . . . 6 2 5 1 1 8 3 9 . . . 5 9 1 4 5 7 . . 7 8 0 1 3 8 2 . . 8 1 1 1949— 3 2 i #m r2 2 2 8 9 6 . . 4 4 9 1 1 1 1 1 0 . . 4 5 6 1 1 1 7 7 5 . . 5 9 8 8 8 8 . . 4 4 4 f9 9 7 . . 5 4 1 1948 34.8 13.6 21.2 7.9 13 2 4 i 26 5 10 4 16 1 8 5 7 6 1949 27.6 10.9 16.7 8.4 8.3 ' 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, 212 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] Total in T t o er ta e l st- Marketable public issues1 Sfonmarketable public issues in N te o r n e - st- g F ua u r l a ly n- End of month d g d i r e r o e b s c t s t b d e d i a e r r e b i c n t t g Total 2 Tre b a il s l u s ry c i C e n a d e d te n r e t s e i b f s o t i s - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total 2 s b a U o v . n i S n d g . s s T t s a r a n e x v o a i t a s n e u n g s r d s y S is p r e su c e ia s l b d e d i a r e r e b i c n t t g s t b e t e e c e e u r a d e r r i s i i n t t n i - g e - s 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 56,173 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 HI ,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 56,1*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 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 1950—Jan 256,865 254,869 154,833 12,331 29,314 8,271 104,758 66,533 56,958 7,906 33,502 1,997 24 1 Including amounts held by Government agencies and trust funds, which aggregated 5.368 million dollars on Dec. 31, 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)4 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 JANUARY 31, 1950 [In millions of dollars] iOn basis of daily statements of United States Treasury. In millions Redempof dollars] Amount Funds received from sales during tions and out- pemou. maturities Month standing Issue and coupon rate Amount Issue and coupon rate Amount at end of month All Series Series Series All series E F G series Treasury bills i Treasury bonds—Cont. Feb. 2, 1950 .. ..... 1,001 Sept. 15, 1951-553 3 755 Fiscal year Feb. 9, 1950 1,002 Dec. 15, 1951-533. .2)4 1,118 ending: Feb. 16, 1950 1,001 Dec. 1-5, 1951-55 2 510 June—1942.. 10,188 5,994 3 526 435 2 032 207 Feb. 23, 1950 1,003 Mar. 15, 1952-54... 2)4 1,024 1943.. 21,256 11,789 8 271 758 2 759 848 Mar. 2, 1950 1,001 June 15, 1952-54 2 5,825 1944.. 34,606 15,498 11 820 802 2 876 2,371 M M a a r r . . 1 9 6 S , 1 19 9 5 5 0 0 . . 1,0 9 0 0 2 3 J D u e n c e . 1 1 5 5 , , 1 19 9 5 5 2 2 - - 5 5 4 5 ... 2 K 2 8 1 , ,5 6 0 6 1 2 1 1 9 9 4 4 6 5 . .. . 4 4 5 9 , , 5 0 8 3 6 5 14 9 , ,6 8 1 9 2 1 1 6 1 5 7 5 3 3 9 4 6 0 7 7 9 2 2 4 6 6 5 5 8 6 4 , , 7 2 1 9 7 8 Mar. 23,1950 901 June 15, 1953-553 2 725 1947.. 51,367 7,208 4 287 360 2 561 5,545 Mar. 30,1950. 901 June 15, 1954-563. .2K 681 1948.. 53,274 6,235 4 026 301 1 907 5,113 Apr. 6, 1950 905 Mar. 15, 1955-603. .2% 2,611 1949.. 56,260 7,141 4 278 473 2 390 5.067 Apr. 13, 1950 906 Mar. 15, 1956-58... 2)4 1,449 Apr. 20, 1950 903 Sept. 15, 1956-593. .2 34 982 1949—Jan 55,352 647 438 29 180 476 Apr. 27, 1950 903 Sept. 15, 1956-59... 2 M 3,823 Feb.... 55,663 599 386 32 182 369 June 15, 1958-633. .2% 919 Mar.... 55,893 590 415 26 149 440 June 15, 1959-624. .2% 5,284 Apr.. .. 56,019 454 331 19 104 398 Dec. 15, 1959-624. .2% 3,470 May... 56,116 433 322 18 93 415 Cert, of indebtedness Dec. 15, 1960-653. .2% 1,485 June... 56,260 485 359 20 107 451 J O A J S F M u u J e e p c a l a n p b t y r n r e . t . . . . . 1 1 1 1 1 1 5 1 1 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 0 0 0 0 0 1 0 0 I 1 1 1 1 V I I i M M ) K K y Z 4 j 8 | 5 6 5 2 5 1 1 , , , , , , , 1 3 0 6 2 9 9 9 9 1 9 0 2 7 4 6 7 9 3 1 2 3 8 3 J D S J D M J D M u u u e e e e a n a n n p c c c r e r e e t . . . . . . 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 , , , , , , , , , 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 6 6 6 6 6 6 6 6 6 7 7 6 5 4 4 2 3 7 - - - - - - - - - 7 7 7 7 6 6 6 6 7 2 2 1 0 9 9 7 8 2 4 4 4 4 4 4 4 4 . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 2 2 J % Y ) ) 3 ) ) ^ 4 4 4 4 4 2^ 1 3 2 3 3 5 2 7 1 2 , , , , , , , , , 4 7 7 8 1 8 6 9 1 8 1 6 3 3 9 8 6 1 1 6 1 8 1 7 9 8 7 1950— O N D A S J J u a e e o c u n p l c v t g y . t . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 5 5 5 5 6 6 6 6 6 6 6 , , , , , , , 9 7 7 6 6 5 4 0 5 1 7 3 0 5 7 8 7 0 7 0 3 4 4 3 3 7 3 5 9 4 0 8 8 9 1 5 9 7 3 8 8 1 3 3 3 2 4 2 2 7 2 7 0 8 9 8 7 9 8 2 6 9 9 3 1 1 1 1 1 1 8 6 6 3 7 3 4 2 1 1 1 6 8 8 0 0 8 1 7 6 4 3 4 6 5 3 4 4 4 4 4 6 9 6 1 3 1 1 2 6 6 5 9 8 5 1 \ Maturities and amounts outstanding January 31, 1950 Postal Savings T A re p a r. s ur 1 y , 1 n 9 o 5 t 0 e s 1% 3,596 bonds 110 m Y a e t a u r r i o t f y se A ri l e l s Se D ries Se E ries Se F ries Se G ries Mar. 15, 1954 4,675 1950 838 838 Panama Canal Loan. 3 1951 1,559 441 1,118 Treasury bonds Total direct issues 154,833 1 1 9 9 5 5 2 3 3 6 , , 9 8 8 0 3 0 3 5 , ,5 9 4 8 5 3 ""199" "i',056" Mar. 15, 1950-522.. 2 1,963 1954 8,754 6,245 504 2,005 Sept. 15, 1950-523. .iy2 1,186 1955 7,595 4,994 536 2,066 S D e e p c t . . 1 1 5 5 , , 1 1 9 9 5 5 0 0 -52... 2 1)4 4 2 , , 9 6 3 3 9 5 Guaranteed securities 1 1 9 9 5 5 6 7 5 5 , , 5 3 9 9 1 9 2 2, , 7 5 3 8 4 2 . 6 4 1 9 7 3 2 2 , , 3 1 9 7 3 3 June 15, 1951-543. .2% 1,627 FederarHousing Admin. 1958 5,713 3,121 271 2,321 Sept. 15, 1951-53... 2 7,986 Various 14 1959 5,843 3,524 295 2,024 1960 3,074 157 471 2,445 1961 1,643 232 1,411 1 Sold on discount basis. See table on Open-Market Money Rates, 1962 142 19 123 p. 208. Unclassified. . 24 2 Called for redemption on Mar. 15, 1950. 8 Partially tax exempt. * Restricted. Total.... 56,958 1,280 34,002 3,637 18,016 FEBRUARY 1950 213 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 1Dy nonbank investors Total End of interestmonth bearing Other State U. S. Governsecurities Total Total m b C a e o n rc m k i s a - 1 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 I c a n o n s m u ce r - - M s b a a v u n i t n u k g a s s l r c a o a t r i n p o d o n - s l g a o o n c v d a - l a m nd e n t t r u a s g t e n f c u i n e d s s panies associa- ern- Special Public tions 2 ments 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 21,872 166,504 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 5,538 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 1949—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 Nov.. . 255,150 257,011 84,582 66,900 17,682 172,429 69,300 20,400 11,400 23,800 8,100 33,829 5,491 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 al - Insur- Total G ag o e v n t - . F e e ra d l - Com- M tua u l - 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- and serve ba ci n a k l s1 ings p c a o n m ie - s st i a n n g d- and serve ba ci n a k l s1 ings p c a o n m ie - s trust Banks banks trust Banks banks funds funds Type of Treasury bonds security: and notes, due or callable: Total:2 Within 1 year: 1 1 1 9 9 9 4 4 4 7 9 8 — — — D D J J u e e u n c c n e e.... 1 1 1 1 5 6 5 6 7 0 5 5 , , , , 4 3 1 7 9 7 6 9 6 3 0 1 5 5 5 5 , , , , 2 4 4 3 6 0 7 7 1 2 7 4 2 2 2 1 3 2 1 9 , , , , 3 5 3 3 3 5 6 4 3 9 6 3 6 5 5 5 7 6 1 5 , , , , 5 2 3 3 9 3 7 5 9 7 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 4 2 2 , , , , 6 0 7 1 3 8 7 5 7 7 9 4 1 1 1 9 9 9 4 4 4 7 8 9 — — — D D J J u u e e n n c c e e 1 1 1 1 1 0 3 4 , , , , 2 2 2 4 2 1 6 1 6 6 3 1 6 9 4 1 9 8 9 9 2 1 , ,6 0 9 8 9 7 8 6 3 0 2 1 5 8 5 7 , , , , 9 5 0 2 7 2 2 4 1 1 2 4 2 2 2 1 3 3 6 7 2 6 6 1 3 3 2 3 2 8 1 7 9 5 6 3 3 4 3 2 , , , , 1 9 6 5 2 5 7 5 5 6 5 3 Tre 1 a 9 s 4 u 7 r — y O N D b c o i e l t v c ls: 1 1 1 5 5 5 5 5 , , , 3 3 1 8 7 3 0 6 6 5 5 , , 3 3 5 6 1 5 8 8 1 1 1 7 7 1 , , , 6 3 4 8 1 3 2 6 3 6 5 2 0 9 , , , 0 3 8 5 0 3 2 5 41 1 0 0 , , 7 8 4 6 2 5 5 0 1 1 8 8 , , 4 5 1 6 5 54 9 8 4 4 3 2 1 , , ,4 2 9 5 8 8 4 2 2 S N O e c o p t v t .. . . 1 1 1 6 6 6 , , , 0 0 0 5 5 5 9 9 9 6 6 57 4 4 1 1 1 , , , 1 1 1 4 4 4 2 2 2 1 1 1 0 0 0 , , , 5 5 4 9 7 0 5 5 9 3 3 28 0 2 8 9 5 5 5 6 3 8 1 4 1 6 3 3 3 , , , 3 4 5 8 4 0 8 3 3 1 1 9 9 4 4 8 9 — — D J J e u u c n n e e . . . . . . . . 1 1 1 3 2 1 , , , 7 2 5 5 2 3 7 4 6 6 6 15 9 3 5 4 8 , , , 4 5 3 8 7 4 7 6 7 2 2 2, , , 8 7 3 1 9 4 7 4 5 5 5 1 8 0 3 11 8 6 2 4 0 3 2 4 , , , 7 2 6 3 4 5 7 0 0 1- 1 1 5 9 9 4 4 y 7 8 e — — ar D s J : e u c ne.... 4 46 9 , , 1 9 2 4 4 8 3 3 4 1 4 8 2 1 , ,3 6 7 3 7 6 3 3 3 0 , , 4 5 1 8 5 0 1 1 , , 8 8 7 2 6 9 3 2 , , 0 7 4 9 6 0 9 7 , , 8 9 9 71 0 Oct 12,317 46 3,710 4,087 15 59 4,400 Dec 44,053 226 3,25828,045 1,769 2,501 8,254 Nov.. . . 12,320 52 4,000 3,471 11 58 4,728 1949—June 39,175 212 2,12126,304 1,279 2,124 7,135 Ce 1 1 rt 9 9 if 4 4 i 7 8 c — — ate D D J s u e e : n c c e 2 2 2 1 6 2 , , , 2 5 5 2 2 8 0 5 8 3 2 1 0 4 4 6 6 4 , , , 7 6 0 1 9 7 6 7 8 9 6 8 , , , 0 5 5 7 5 3 2 2 8 3 2 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 O S N e c o p t v t .. . . 3 3 3 3 3 3 , , , 0 0 0 4 4 4 9 9 9 1 1 1 8 8 8 7 6 7 1 1 1 , , , 6 6 6 5 5 5 8 8 8 2 2 22 2 2 , , , 7 6 6 5 3 4 9 6 8 1 1 1 , , , 1 0 1 4 9 3 4 0 0 1 1 1 , , , 5 6 6 8 3 3 9 3 1 5 5 5 , , , 7 7 7 9 6 9 1 7 5 1949—June.... 29,427 26 6,857 9,561 207 602 12,174 5-10 years: Oct 30,155 27 5,772 12,181 168 572 11,435 1949—Dec 10,270 370 426 6,090 576 880 1,928 Nov.. . . 30,155 27 5,871 12,141 149 585 11,382 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 1 9 9 4 4 8 9 — — 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 4 3 1 , , ,8 0 5 0 3 9 1 1 9 9 8 4 8 4 1 2 1 1 2 0 6 3 4 6 4 2 1 , , ,2 5 9 4 5 8 4 5 4 S O N e o c p v t t . .. . . . . . . 1 1 1 5 5 5 , , , 0 0 0 6 6 6 7 7 7 5 5 52 3 3 8 1 1 5 5 5 8 8 8 4 4 4 6 6 6 , , , 7 7 6 5 9 9 4 8 3 1 1 1 , , , 9 9 9 7 7 6 2 7 8 1 1 1 , , , 7 7 7 0 4 3 9 9 0 3 3 3 , , , 5 4 4 3 9 8 1 8 0 Oct 3,596 41 298 1,937 37 94 1,189 Nov.. . . 3,596 34 298 1,948 32 92 1,192 After 10 years: Treasury bonds: 1947—Dec 54,757 4,393 834 5,003 8,606 18,21117,710 1947—Dec 117,863 5,173 2,85347,424 11,22622,21328,974 1948—June 53,838 4,685 2,921 3,922 8,63917,129 16,542 1948—June 112,462 5,336 6,20642,146 11,04720,88026,847 Dec 53,838 4,710 7,215 3,541 8,04815,230 15,094 Dec 111,440 5,340 10,97740,371 10,486 18,89125,375 1949—June.... 48,554 4,455 4,452 3,933 7,29314,179 14,242 1949—June.... 110,426 5,201 7,78042,042 10,768 18,31526,320 Sept 48,554 4,467 4,452 4,023 7,27813,981 14,353 Oct 109,133 5,205 7,53642,081 10,63817,82425,849 Oct 48,554 4,465 4,450 4,042 7,25913,976 14,362 Nov.. ... 109,133 5,218 7,51342,256 10,552 17,72625,868 Nov.. . . 48,554 4,481 4,428 4,052 7,23813,985 14,370 * 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. 214 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 iaily statements of United States 'Treasury Cash operating incorpf* nnH mi ten 3 Increase (+) or Generail fund of the Treasury (end of period) during period Assets y F e i a s r c a o l r Net Bu ex d - get s B u u r d p g lu e s t T a ru c- st C i l n e g ar- a B n a c l e - Deposits in Total Cash i E n x c c o e m ss e month ce r i e p - ts p t e u n re d s i- ( d + e ) fi c o it r co et u c n .1 ts co a u c- nt1 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 g e u i e r n n a n d l - Total F e R e r e a d - l - d S e c p p ia e o l - s- O as t s h e e t r s b t l i i i e a li s - - co in m - e outgo ( o + u ) t g o o r B s a e n rv k e s2 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 +6,659 1948 42,211* 36,791 +5,419 +2,706 —507 —5,994 +1,624 4,932 5,370 1,928 1,773 ,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 L.6S3 392 41,62840,577 +1,051 1949—Jan... 3,579 2,968 +611 -321 +340 -179 +451 4,659 5,042 1,514 1,735 .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 L,6O7 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 :,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 L,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 ,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 L,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 ,679 381 4,915 3,847 +1,068 Oct... 1,881 3,111 -1,230 +10 +160 +98 -962 4,737 5,080 595 2,831 1,654 343 2,046 3,266 -1,220 Nov. . 2,344 3,127 -783 +299 -36 +204 -315 4,422 4,789 517 2,632 1,641 367 2,965P3.430 P-465 Dec... 4,191 3,722 +469 -272 -88 +148 +257 4,679 5,033 841 2,557 1,635 354 4,263^4,061 P+202 1950—Jan.. . 3,366 3,323 +44 +2 +589 -265 +370 5,049 5,421 677 2,898 1,847 372 DETAILS OF TREASURY RECEIPTS On basis of daily statements of UnitedStates Treasury On basis of reports by collectors of internal revenue Income taxes Deduct Individual Corporation income Excisi F o i r s c m al o y n e th ar b p W y l h o e i y e t l m e d 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 e i 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 ts l 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 h d 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 o t n h c a f d e e x it s r e s s s t t a a g E a x n i s f t e d e - t s m la o t a a n i t s n x h e c d e e o e s r u l- s Fiscal year: 1947 10,01319,292 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 .... 11,43619,735 8,301 2,396 4,231 46,099 2,272 1,616 42,21111,534 9,464 9,852 323 899 7,412 1949 9,84219,641 8,348 2,487 2,456 42,774 2,838 1,690 38,246 10,056 7,996 11,343 211 797 7,585 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 59$ 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 713J 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 36 292 2,256 7 59 606 1950—Jan.. . . 588 1,957 645 68 222 3,480 67 47 3,366 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Trust accounts, etc. Social Security Other 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 d n t d a - r c l - e t e r m V A r a a i t e d n i n t o i - - s s n ' - a t c A u g t u o i r r l d e i - - T c t o f r r a e t u a u c o r n s n - s t s ts - Other c N e r i e p e - t ts ac m v c I e e o n s n u - t t n - s ts 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 C F c E o o o r x o n e p p o i e g e m r n n - i d c itu O r t e h s er ation Fiscal year: 1947 289 16,766 4,958 4,928 6,442 1,226 1,361 3,607 3,235 1,785 1,509 3,009 1,577 476 1948 791 11,364 5,211 4,143 6,317 782<4,178 4,797 3,918 2,210 1,64045,598 850 109 1949 057 11,809 5,339 3,011 6,791 2,661 916 6,530 3,722 1,479 2,252 1,992 832 3,000 646 1949—Jan 968 1,043 319 200 527 269 73 536 139 -42 189 99 22 237 153 Feb 646 930 141 276 545 137 2 614 430 11 195 114 24 326 141 Mar 621 1,109 589 505 639 261 1 516 57 88 252 115 12 30 135 Apr 748 1,043 178 125 547 189 75 592 182 -92 235 103 9 403 196 May. . . . 822 950 125 272 584 438 30 423 592 18 233 120 38 282 132 June 579 1,159 1,570 524 517 161 19 630 270 392 254 504 385 77 253 July 434 987 322 478 489 64 413 681 489 199 243 100 24 93 Aug 585 1,134 125 421 518 327 330 730 637 46 262 395 265 114 Sept 995 985 544 455 440 495 419 657 37 151 265 513 4251 113 Oct...... 111 959 255 389 504 242 85 676 172 -92 232 114 61 129 Nov 127 1,024 306 353 540 212 7 686 562 13 256 97 9 82 Dec 722 1,069 1,008 347 515 311 -26 499 48 77 277 68 -25 60 1950—Jan 323 P996 463 P332 509 P667 291 -29 295 121 -424 568 p Preliminary. 1 Excess of receipts (+) or expenditures ( —). s 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. 5 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. FEBRUARY 1950 215 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 1 Liabilities, other than interagency items Bonds, notes, Corporation cr agency Total Cash L c a r e o b e i a l v - e n - s m m C p s r t a l i i u o o a n i e a p e m t d d s l e - s s , i , - - - G U s ri e o . t c i v I u e S m n t s - . . v e e n O s t s r s t 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 n u a u b u t r n e a l y e d l e r s y - d d p e a O b y e a th n b e - le r O li i a t t i b h e i e s l r - i U m G n e e r . t o e s e n v n S t r - - t - . o v in P w a e t r t s e n i e t - r e l - y d U.S. 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 June 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 63 Agricultural Marketing Act Revolving Fund 2 1 2 Federal Farm Mortgage Corp 63 58 61 Rural Electrification Administration 1,277 1,232 () 1,277 Commodity Credit Corporation 2,321 834 1,411 10 338 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 701 339 340 204 243 96 158 Federal Savings and Loan Insurance Corp 214 210 5 209 Home Owners' Loan Corp. 312 14 296 Public Housing Administration 5 1,704 294 1,376 16 1,687 Federal Housing Administration 250 20 174 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 2,160 107 2,069 Federal Deposit Insurance Corp 1,207 (3) 1,193 () 37 1,169 Federal Works Agency 171 89 71 8 163 Tennessee Valley Authority 852 1 821 14 838 All other » 7,396 114 3,805 3,385 43 12 7,384 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Sept. 30, 1949 Purpose of loan M F C F a o e o r d r m r p . t. . b c i m F n r a a e e t e n t e d d e d 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 r m d p i i - t . t y t R r A E t i i f u l . o d i e r c m n c a a - l - . A F H e a d o r r s m m m ' . e - H C O 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 n s C t t e a F i r o c n o u i r o - c n p c 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 J g u 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 5 3,616 3,847 291 171 661 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 8 347 368 172 2,168 3,750 6,090 6,108 Other 295 91 108 494 488 Less: Reserve for losses 8 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. i Includes assets and liabilities of the Regional Agricultural Credit Corporation, which have been reported as "Disaster Loans, etc., Revolving Fund," since the dissolution of that Corporation pursuant to Public Law 38, 81st Congress. 5 Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing program, and Public Housing Administration activities under the United States Housing Act, as amended. 6 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 7 Includes figures for Smaller War Plants Corp. which is being liquidated by the Reconstruction Finance Corp. 8 Figures for one small agency are 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. 216 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] Construction I ( n p d h u y s s t i r c i a a l l v p o ro lu d m uc e t ) i * o 1 n awa c rd o e n d t ra (v ct a s lue)2 E 1 m 9 p 3 l 9 o y = m 1 e 0 n 0 t8 1935-39 = 100 1923-25 = 100 Fac- D m ep e a n r t t- Wholetory Freight store Con- sale Year or month Total Du f M a r- c a tu n r u N e - s on- M era in ls - Total R d t e i e a 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 1 r 9 p o 1 3 a l 0 l 9 y s 0 - 3 = c 1 a 9 i = r n 3 l g 1 o 5 s 0 a - * 3 0 d 9 - 1 u 9 s = ( e 3 a v ) 1 l 5 a * e 0 - l s - 0 3 * 9 1 s p 9 u = r 3 m i 1 5 c 0 e - e 3 r 0 s s 9 3 ' p m c « r 1 i o > o 9 c m 1 d 2 e 0 6 i s - 0 t 8 y durable 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 >"93 119 7 96 7 1923 88 103 72 98 84 81 86 92.9 100.9 109 1 142 104 121 9 160 6 1924 82 95 69 89 94 95 94 91.7 93.7 101.8 139 104 122 2 98 1 1925 . . 90 107 76 92 122 124 120 94.1 97.0 107.3 146 109 125.4 103 5 1926 96 114 79 100 129 121 135 97.5 98.9 110.5 152 112 126.4 100 0 1927 95 107 83 100 129 117 139 98.0 96.7 108.5 147 113 124.0 95 4 1928 99 117 85 99 135 126 142 98.1 96.9 109.8 148 ••114 122 6 96 7 1929 110 132 93 107 117 87 142 102.5 103.1 117.1 152 116 122 5 95 3 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 r96 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 0 1945 203 274 166 137 68 26 102 132.3 157.0 293.5 135 207 128.4 105 3 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 1949 P176 P201 P16S P134 211 192 226 P142.0 P141.5 e325 1 116 285 169 1 155 0 1948 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 0 191 188 229 177 142 181 148 208 145.3 156.8 156.5 346.6 130 292 166.9 161 6 April •. .. 188 186 217 177 147 181 154 202 144.6 153.8 152.3 334 9 130 306 169.3 163 0 May 192 192 221 178 162 188 165 206 145.3 154.0 151.3 334.4 142 305 170.5 164 2 192 193 222 179 159 201 177 220 145.9 154.9 153.3 345.6 139 307 171.7 166.4 July .. .... 186 187 219 169 153 205 187 219 146.3 155.8 153.5 346.5 138 312 173.7 168 8 191 194 223 177 159 201 177 220 146.7 155.6 156.3 360.1 142 308 174.5 169.8 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 6 189 185 225 173 149 169 123 207 144.1 147.6 147.4 340.4 126 283 169.0 158.1 March , 184 181 223 168 136 175 130 212 143.4 145.6 145.3 332 8 120 278 169 5 158 4 April 179 177 212 162 148 177 141 206 142.8 143.4 141.8 319.2 127 293 169.7 156.9 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 rl74 193 165 129 229 228 230 141.5 139.6 141.1 323 0 117 283 168 8 152 9 September 174 179 199 i 73 119 246 254 240 142.2 141.3 143.7 r335.1 105 289 169.6 153 6 October 166 169 175 177 112 263 269 259 139.2 136.6 138.8 ''320 8 92 276 168 5 152 2 November . . . 173 174 181 177 141 265 256 273 139.8 136.1 137 A 313.5 117 276 168 6 151 6 December P179 P177 P202 P175 P131 262 255 268 P140.9P138.7P140.2 e329.6 115 293 167.5 151.3 * Average per working day. e Estimated. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 218-221. For points in total index, by major groups, see p. 240. 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. 225. 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. 227-230. 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. 549-561 217 FEBRUARY 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Industrial Production-—Total 192 191 189 184 179 174 169 161 170 174 166 173 P179 Manufactures—Total 199 198 196 193 184 179 '175 168 178 184 176 179 P187 Durable Manufactures 231 227 225 223 212 201 194 185 193 199 175 181 P202 Iron and Steel * • . • • . 223 228 232 233 219 204 177 156 178 179 144 198 Pig iron 212 218 220 221 217 209 189 158 170 171 23 107 198 Steel 254 260 267 264 240 218 182 162 191 193 38 137 239 194 197 199 202 196 187 167 148 165 168 21 105 194 Electric 682 711 755 706 551 438 293 259 376 373 162 359 557 277 268 262 252 240 232 225 217 216 224 226 217 P226 Transportation Equipment 246 244 241 240 235 220 240 249 246 252 238 206 P218 Automobiles (including parts) .. 208 209 206 204 203 184 211 225 225 231 216 176 (Aircraft; Railroad Equipment; Shipbuilding—Private 184 183 185 183 167 145 133 127 141 157 164 163 P167 183 186 200 210 209 200 193 180 174 175 167 169 P174 (Copper smelting; Lead refining; Zinc smelting; Fabricating 185 182 180 172 151 123 108 105 128 150 162 161 *>164 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 143 129 123 129 126 126 123 115 126 133 147 P157 Lumber 131 117 107 119 118 120 114 104 115 119 116 139 Furniture 168 154 154 150 144 139 139 136 148 158 165 163 P167 Stone Clay and Glass Products 205 204 202 195 189 185 186 185 183 183 183 P187 182 183 179 173 172 181 193 202 192 184 192 183 181 Glass containers . . 184 189 184 178 179 189 206 223 204 195 204 193 190 Cement 212 208 222 208 213 196 195 190 183 189 182 191 206 173 180 176 171 164 157 152 140 145 146 146 147 Nondurable Manufactures 173 175 173 168 162 161 161 154 165 173 177 177 PI 75 Textiles and Products 156 160 157 142 129 123 126 120 140 155 169 174 P174 Textile fabrics 140 144 142 130 119 114 116 107 127 140 153 157 P154 Cotton consumption 114 123 125 120 111 103 105 87 111 127 134 138 134 Rayon deliveries 317 313 305 275 240 214 217 238 259 '294 318 r340 350 Nylon and silk consumption2 . Wool textiles 151 150 143 122 112 118 120 109 134 139 161 160 Carpet wool consumption 206 225 214 198 171 163 127 91 141 148 178 196 Apparel wool consumption.. . . 139 136 130 107 92 99 110 109 134 138 158 140 133 125 121 105 97 106 115 108 129 135 154 145 Woolen yarn . 127 122 118 100 101 112 118 113 132 128 141 135 143 130 126 112 92 98 111 102 126 145 174 159 Woolen and worsted cloth 148 149 141 113 107 116 126 118 136 140 163 165 Leather and Products 100 108 113 113 106 101 105 96 110 115 108 97 Leather tanning 103 103 107 99 96 95 97 84 91 100 92 Cattle hide leathers 114 114 122 110 108 109 110 98 104 112 106 101 89 88 85 80 74 76 75 55 69 77 81 77 Goat and kid leathers 82 85 89 90 80 79 80 71 72 84 85 80 87 93 86 78 76 69 79 70 78 87 93 86 Shoes 97 111 117 123 113 105 110 104 123 125 115 101 Manufactured Food Products 158 160 162 162 162 163 165 161 166 r167 159 P157 Wheat flour 128 135 127 113 103 105 120 112 109 110 111 110 144 144 145 150 154 153 151 151 152 151 146 147 148 Butter . . . 74 77 80 86 88 86 81 78 82 86 83 86 85 Cheese 180 192 190 188 199 189 176 171 171 167 162 176 184 135 126 130 146 161 166 167 173 172 158 140 135 142 c Corrected. 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, November, and December 1949 there were especially marked divergences between changes in activity in these lines and in output of pig iron and steel. To allow for these differences, special adjustments were made to the iron and steel group index on those three months. If computed by the usual method, the total index of industrial production would be 8 points lower in October, 3 points lower in November, and 2 points higher in December; 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. 218 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Manufactured Food Products—Continued Meat packing 154 152 156 153 145 137 141 150 153 158 155 154 157 Pork and lard , 172 167 172 167 160 146 150 164 168 181 184 183 185 Beef 143 147 154 155 145 144 144 147 148 146 133 132 137 Veal , 134 115 112 111 106 101 114 127 139 134 129 133 125 Lamb and mutton. 98 92 87 71 55 58 68 77 80 83 85 81 86 Other manufactured foods. 164 166 169 170 171 173 175 168 174 -176 174 '163 Processed fruits and vegetables. 142 138 136 154 155 156 173 139 151 137 rJ49 131 Confectionery 132 131 136 133 123 126 116 108 134 142 132 Other food products 175 179 183 181 183 185 185 185 187 191 188 182 P179 Alcoholic Beverages. 197 181 177 187 164 174 169 165 172 174 167 173 Malt liquor 185 168 156 176 152 163 161 171 169 166 143 171 172 Whiskey 131 119 118 106 91 84 60 42 44 69 72 77 83 Other distilled spirits. 278 328 294 249 271 285 277 200 292 182 194 228 Rectified liquors 287 235 283 295 247 270 267 246 257 314 369 240 Tobacco Products. 146 159 160 172 162 170 172 146 178 175 165 169 149 Cigars 97 102 100 99 98 98 117 101 111 125 123 120 Cigarettes 196 216 220 241 224 236 233 196 242 231 217 226 205 Other tobacco products. 63 66 66 68 65 71 69 61 78 76 72 67 66 Paper and Paper Products. 153 163 158 151 146 144 143 129 155 169 176 177 167 Paper and pulp 150 158 154 147 141 139 -•138 126 148 160 168 168 160 Pulp 173 188 183 175 166 165 159 147 171 179 192 191 181 Groundwood pulp 105 101 96 95 88 90 94 99 99 104 104 91 98 Soda pulp 104 107 108 106 100 97 80 87 99 102 112 113 107 Sulphate pulp 285 327 309 291 274 273 275 256 302 315 340 336 313 Sulphite pulp 137 145 145 142 135 135 122 104 124 133 144 "145 139 Paper 146 153 149 143 138 135 134 122 144 157 164 165 157 Paperboard 167 182 174 163 162 162 164 142 184 203 206 210 193 Fine paper2 Printing paper 160 157 158 155 151 149 142 133 150 161 168 167 165 Tissue and absorbent paper 158 161 157 160 152 142 139 141 144 157 170 168 161 Wrapping paper 142 151 147 138 123 115 117 109 123 136 150 150 145 Newsprint 100 99 98 99 97 104 105 106 101 96 94 94 Paperboard containers (same as Paperboard). Printing and Publishing. 154 155 153 153 152 155 149 144 151 159 165 160 159 Newsprint consumption 148 153 149 151 154 161 156 156 151 156 162 153 Printing paper (same as shown under Paper). Petroleum and Coal Products. 231 228 221 213 209 207 202 198 203 208 198 204 Petroleum refining 2 Gasoline 179 174 170 169 170 177 177 178 177 179 180 177 P180 Fuel oil 204 206 194 186 169 166 154 159 168 180 182 182 Lubricating oil 162 159 150 138 126 128 145 131 142 152 152 Kerosene 200 196 176 167 157 138 140 142 142 160 177 177 Other petroleum products 2. Coke 184 184 185 178 182 175 159 139 146 145 49 102 By-product coke 176 177 176 173 173 169 158 143 150 149 50 104 Beehive coke 466 455 504 319 477 385 202 18 33 23 7 23 Chemical Products. 257 250 245 237 234 233 228 236 240 243 P245 Paints 148 149 143 139 139 135 134 133 137 139 143 Rayon 311 309 309 300 265 259 249 252 '257 -"276 >-294 r318 P339 Industrial chemicals 450 447 435 417 406 404 392 388 405 414 Other chemical products 2 Rubber Products... 200 193 188 182 177 178 178 175 178 T-202 '197 195 Minerals—Total. 156 149 149 136 148 145 133 123 129 119 112 141 P131 Fuels 156 155 137 148 135 126 134 122 "120 152 P!36 Coal. 137 133 129 85 133 136 99 83 58 49 130 95 Crud A B e n i p t t u e h m t r r a o i c n le i o t u u e m s coal. 1 1 1 0 4 7 3 5 7 1 8 4 8 5 1 7 4 4 2 1 9 5 6 3 2 3 1 8 5 8 6 1 1 1 0 5 4 5 5 4 1 15 7 0 3 8 4 9 8 3 0 1 1 8 4 0 2 9 8 6 5 0 0 1 1 5 3 1 6 1 8 1 1 1 3 6 1 3 3 7 P1 1 6 5 0 7 3 3 Metals. 110 167 168 129 145 126 124 105 102 154 59 P74 P103 Metals other than gold and silver. 158 104 113 184 209 176 175 144 140 98 62 P90 Iron ore (Copper; Lead; Zinc)2 149 161 133 Gold 52 Silver 62 For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. FEBRUARY 1950 219 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 190 187 185 181 177 174 170 163 r174 r179 169 174 197 195 193 190 183 179 176 169 181 '189 179 179 P186 229 225 223 221 212 202 195 186 194 200 176 181 223 228 232 233 219 204 177 156 178 179 r102 198 212 218 220 221 217 209 189 158 170 171 23 107 198 Steel 254 260 267 264 240 218 182 162 191 193 38 137 239 194 197 199 202 196 187 167 148 165 168 21 105 194 682 711 755 706 551 438 293 259 376 373 162 359 557 277 268 262 252 240 232 225 217 216 224 226 217 P226 246 244 241 240 235 220 240 249 246 252 238 206 P218 208 209 206 204 203 184 211 225 225 231 216 176 H86 (Aircraft; Railroad equipment; Shipbuilding— 184 183 185 183 167 145 133 127 141 157 164 163 P167 183 186 200 210 209 200 192 179 174 175 167 170 P174 (Copper smelting; Lead refining; Zinc smelting; 185 182 180 172 151 123 108 105 128 150 162 161 P164 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin 132 118 115 124 126 129 129 121 134 141 144 P144 113 100 96 110 116 124 124 113 126 132 125 134 P132 168 154 154 150 144 139 139 136 148 165 163 P167 199 192 187 185 186 190 188 187 190 191 192 188 P181 172 181 175 173 172 190 191 196 197 188 196 185 171 171 185 179 178 179 202 204 214 212 199 210 195 177 193 169 168 171 202 206 209 209 207 219 211 206 187 178 166 166 163 160 156 151 140 149 151 154 153 Nondurable Manufactures 171 17® 168 164 159 16© 161 156 170 181 178 fl74 156 160 157 142 129 123 126 120 140 155 169 174 P174 Textile fabrics 140 144 142 130 119 114 116 107 127 140 153 157 P154 Cotton consumption 114 123 125 120 111 103 105 87 111 127 134 138 134 317 313 305 275 240 214 217 238 259 '294 318 350 151 150 143 122 112 118 120 109 134 139 161 160 206 225 214 198 171 163 127 91 141 148 178 196 Aoioarel wool consumt)tion 139 136 130 107 92 99 110 109 134 138 158 140 133 125 121 105 97 106 115 108 129 135 154 145 127 122 118 100 101 112 118 113 132 128 141 135 143 130 126 112 92 98 111 102 126 145 174 159 Woolen and worsted cloth 148 149 141 113 107 116 126 118 136 140 163 165 99 108 116 113 106 101 104 94 110 114 108 99 102 104 115 99 96 95 95 80 90 98 r99 95 Cattle hide leathers 114 116 131 110 108 109 105 92 101 110 107 105 Calf and kip leathers 88 86 89 79 72 73 76 55 72 76 83 78 83 85 93 89 83 78 81 70 70 84 85 77 Sheen and lamb leathers 82 87 95 76 75 75 78 65 81 86 93 91 Shoes 97 111 117 123 113 105 110 104 123 125 115 101 153 148 146 145 148 156 165 172 189 r190 162 P153 Wheat flour 127 135 128 111 99 101 115 111 108 120 118 111 P105 92 92 104 124 160 203 223 222 197 159 121 97 96 Butter 59 64 71 78 89 111 112 96 90 83 72 r65 67 Cheese ... . 129 142 156 170 207 253 250 210 191 171 146 132 133 104 102 117 143 182 230 230 201 177 146 113 97 109 Ice cream 2 /••'• Corrected. 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, November, and December, 1949 there were especially marked divergences between changes in activity in these lines and in output of pig iron and steel. To allow for these differences, special adjustments were made to the iron and steel group index in those three months. If computed by the usual method, the total index of industrial production would be 8 points lower in October, 3 points lower in November, and 2 points higher in December; 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. 220 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 = 1QOJ 1948 1949 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactured Food Products—Continued 181 179 149 141 134 138 139 140 134 145 155 172 186 226 219 169 155 146 146 150 144 129 143 173 214 244 Beef 143 150 141 141 136 144 142 149 149 158 145 137 137 Veal 126 106 99 104 104 105 114 127 136 148 147 142 118 96 98 87 70 53 59 63 74 78 89 88 81 84 161 152 153 151 152 157 165 176 203 '207 193 P174 P161 Processed fruits and vegetables .... 111 90 86 85 94 102 133 181 287 '267 '192 121 P94 Confectionerv 134 135 137 123 102 97 86 89 144 184 172 179 172 174 173 176 181 187 189 191 195 197 191 #183 174 153 159 173 163 182 190 188 179 179 180 151 Malt liquor 148 138 141 163 160 186 203 213 192 168 133 132 138 Whiskey 131 119 118 106 91 84 60 42 44 69 72 77 83 306 213 176 162 162 171 172 116 158 249 503 '312 250 Rectified liquors 287 235 283 295 247 270 267 246 257 314 369 '390 240 Tobacco Products ... . « 136 158 153 163 153 170 179 152 184 185 171 172 138 97 102 100 99 98 98 117 101 111 125 123 120 88 Cigarettes 181 216 207 224 209 236 245 206 254 247 225 231 188 56 65 64 68 65 71 71 61 75 81 77 69 58 Paper and Paper Products 153 163 158 151 146 144 143 128 155 169 176 177 166 149 158 154 148 142 139 138 125 148 160 168 168 159 Pulp 173 189 183 176 167 166 159 145 169 177 191 191 181 Groundwood pulp . . 107 105 100 102 97 98 95 88 87 93 97 97 99 Soda pulp 104 107 108 106 100 97 80 87 99 102 112 113 107 285 327 309 291 274 273 275 256 302 315 340 336 313 Sulphite pulp . • »• 137 145 145 142 135 135 122 104 124 133 144 145 139 146 153 150 143 138 135 135 '122 144 157 164 165 156 Paper board 167 182 174 163 162 162 164 142 184 203 206 210 193 160 157 158 155 151 149 142 133 150 161 168 167 165 Tissue and absorbent paper 153 159 163 160 153 142 141 136 144 157 172 168 156 142 151 147 138 123 115 117 109 123 136 150 150 145 Newsprint .. .... 98 99 98 99 99 105 106 104 100 '96 96 95 92 Printing and Publishing 158 149 152 156 157 158 148 133 143 159 169 167 162 Newsprint consumption . . • 155 142 146 157 163 168 155 134 136 157 171 167 159 PetroleuTti and Coal Products. .. .. ».231 228 221 213 209 207 202 198 203 208 198 204 P213 Gasoline 179 174 170 169 170 177 177 178 177 179 180 177 2*180 Fuel oil . . ....... 204 206 194 186 169 166 154 159 168 180 182 182 ^187 Lubricating oil 161 154 148 136 132 133 145 131 129 142 152 152 206 200 185 170 160 140 132 132 136 159 177 182 Coke 184 184 185 178 182 175 159 139 146 145 49 102 176 177 176 173 173 169 158 143 150 149 50 104 Beehive coke 466 455 504 319 477 385 202 18 33 23 7 23 P58 Chemical Products 258 255 251 248 239 233 230 225 226 '245 247 P249 Paints 148 146 141 139 140 139 138 132 135 138 143 141 311 309 309 300 265 259 249 252 '257 '276 '294 318 P339 Industrial chemicals 450 447 435 427 417 406 404 392 388 405 414 418 ^425 Rubber Products 200 193 188 182 177 178 178 175 178 195 P192 Minerals—Total 151 143 143 131 146 148 137 128 134 123 112 141 P128 Fuels 164 156 155 137 148 149 135 126 134 122 152 P136 Coal 137 133 129 85 133 136 99 83 102 58 49 130 95 145 145 142 93 144 144 104 80 108 60 31 133 103 103 88 74 52 88 105 78 93 82 50 118 117 63 Crude petroleum 177 167 168 163 156 155 153 147 149 154 156 163 Metals 77 68 76 93 134 142 150 140 135 128 62 P75 P79 Metals other than gold and silver 100 88 101 126 194 207 222 204 196 179 64 2*96 93 74 81 110 260 302 340 324 305 267 18 54 71 Gold 40 38 39 44 47 48 49 50 53 57 61 Silver 59 56 59 64 67 68 60 55 51 55 57 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. 221 FEBRUARY 1950 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total 12,457 12,232 12,093 11,924 11,746 11,535 11,459 11,378 11,439 11,578 11,187 11,148 11,366 Durable goods 6,783 6,626 6,508 6,392 6,260 6,092 6,041 5,978 5,985 '6,046 '5,622 5,660 5,915 Primary metal industries 1,090 1,085 1,072 1,057 1,028 1,001 976 948 937 ••938 '559 727 963 Fabricated metal products 789 759 745 722 702 690 686 688 698 708 '673 663 668 Machinery except electrical 1,173 1,149 1,127 1,102 1,061 1,009 972 948 936 940 '927 913 916 Electrical machinery 633 617 601 579 560 543 521 521 517 534 544 539 544 Transportation equipment 1,042 1,038 1,021 1,017 1,009 958 998 1,014 1,012 1,010 982 881 914 Lumber and wood products 724 677 668 666 666 672 679 669 669 '677 '686 690 681 Furniture and fixtures 293 281 275 271 269 264 261 261 266 276 280 279 281 Stone, clay, and glass products. . 449 438 431 423 416 416 407 406 410 '412 '409 409 410 Instruments and related products 192 190 184 182 181 178 178 176 170 171 172 172 170 Miscellaneous manufacturing industries 374 368 361 350 345 340 342 328 352 362 372 370 351 Ordnance and accessories 24 24 23 23 23 21 21 19 18 18 18 17 17 Nondurable goods 5,674 5,606 5,585 5,532 5,486 5,443 5,418 5,400 5,454 '5,532 '5,565 5,488 5,451 T A e p x p t a il r e e - l m a i n ll d p o ro th d e u r c t f s inished tex- 1,218 1,188 1,172 1,133 1,095 1,092 1,083 1,096 1,114 1, 143 1,169 1,173 1,166 tiles 1,020 1,005 1,024 1,020 1,029 1,001 999 992 1,030 1,061 1,050 1,024 1,018 Leather and leather products.. . 350 350 352 351 348 344 348 349 354 352 '347 330 330 Food and kindred products 1,180 1,181 1,175 1,176 1,180 1,189 1,186 1,175 1,165 1,173 1,178 1,147 1,129 Tobacco manufactures 91 90 88 88 86 88 89 88 88 87 84 84 86 Paper and allied products 403 394 387 382 377 376 373 374 375 386 '390 389 385 Printing, publishing and allied industries. . .. 501 498 495 496 497 496 496 492 491 '497 '495 494 494 Chemicals and allied products. . 518 511 505 503 493 481 473 467 470 480 483 478 475 Products of petroleum and coal. 191 190 191 190 191 188 187 185 185 186 185 187 186 Rubber products 202 199 196 193 190 188 184 182 182 167 184 182 182 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 12,578 12,201 12,074 11,904 11,616 11,324 11,337 11,211 11,561 11,775 11,367 11,256 11,482 Durable goods 6,845 6,640 6,523 6,417 6,262 6,057 6,022 5,894 5,947 '6,060 '5,653 5,689 5,971 Primary Metal Industries 1,101 1,090 1,077 1,062 1,028 991 971 934 932 '938 '562 731 973 Blast furnaces, steel works and rolling mills 551 550 553 552 545 534 523 506 498 '499 134 315 Nonferrous smelting and refining, primary 46 46 46 47 47 45 45 42 41 42 39 38 Nonferrous rolling, drawing and alloying 86 85 82 78 71 67 64 62 64 67 70 62 Fabri C ca u t t e le d r M y, eta h l a n P d r od t u o c o t l s s and 801 767 752 729 706 683 679 671 688 708 '676 666 678 He h a a t r i d ng w are apparatus and 135 131 128 125 121 117 114 109 111 114 116 116 Fa p b l r u ic m a b te e d r s s ' t s r u u p c p tu li r e a s l . metal 131 117 112 108 103 97 94 92 100 110 116 113 products 169 165 163 160 157 156 156 155 155 156 128 133 Machinery except Electrical 1,179 1,155 1,133 1,108 1,066 1,014 977 939 927 935 '922 908 921 Agricultural machinery and tractors 155 155 154 153 151 148 145 140 140 140 128 125 Metalworkmg machinery... 185 179 175 171 167 161 156 150 147 149 148 146 Special-industry machinery 154 152 149 146 140 135 129 124 123 119 118 Service-industry and household machines 147 140 137 135 127 108 105 99 98 102 108 109 Electrical Machinery 643 623 607 585 560 538 518 505 507 531 549 547 552 Electrical apparatus (generating, etc.) 240 234 233 227 220 209 200 196 197 201 203 202 Communication equipment. 226 217 207 196 189 185 181 176 173 182 195 205 Transportation Equipment 1,048 1,038 1,021 1,017 1,012 955 1,014 998 1,017 '985 881 920 Motor vehicles and equipment 670 665 649 646 649 601 646 670 678 686 665 568 Aircraft and parts 186 190 190 192 192 187 187 192 185 191 188 181 Ship and boat building and repairing 106 102 100 98 93 92 86 80 74 69 72 Lumber and wood products 720 667 655 659 659 672 686 676 686 r684 '689 690 678 Sawmills and planing mills. 420 387 380 385 389 399 410 407 415 416 '413 411 Millwork, plywood, etc 104 98 95 94 94 92 94 92 95 '95 '98 101 Furniture and fixtures 297 284 278 274 268 259 257 253 263 277 284 283 285 Household furniture 213 202 198 195 191 183 181 179 187 199 206 207 Stone, Clay, and Glass Products. . 451 436 429 423 416 414 409 400 412 '414 '411 411 412 Glass and glass products. . . 117 112 110 107 105 106 105 101 107 107 108 108 Structural clay products. . . 79 76 75 73 73 73 73 72 72 72 71 70 Instruments and Related Products. 196 190 185 183 181 177 176 170 169 172 174 174 173 Miscellaneous Manufacturing Industries 385 366 363 354 343 333 33. 313 347 366 383 381 362 Ordnance and Accessories 24 24 23 23 23 21 21 19 18 18 18 17 17 ' 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 December 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. 222 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov, Dec. Nondurable goods 5,733 5,561 5,551 5,487 5,354 5,267 5,315 5,317 5,614 '5,714 5,567 5,511 Textile-mill Products 1,236 1,200 1,190 1,150 1,100 1,087 1,083 1,058 1,092r1,132'•1,169 1,185 1,183 Yarn and thread mills 158 153 150 144 134 133 132 127 133 140 145 147 Broad-woven fabric mills 607 590 582 558 530 526 525 518 530 547 565 572 Knitting mills 220 212 214 211 207 202 203 200 211 219 227 230 Apparel and Other Finished Textiles 1,040 1,015 1,055 1,051 1,008 956 959 942 1,040r1,082 r1,082 1,029 1,038 Mens' and boys' suits, coats and overcoats 135 135 139 137 134 118 122 116 131 133 129 120 Men's and boys' furnishings 236 225 241 242 241 239 236 221 235 246 251 250 Women's and misses outerwear 315 314 324 318 289 257 258 263 306 ••319 '308 279 Leather and Leather Products 354 354 359 358 348 332 339 342 356 354 '349 332 333 Footwear (except rubber) 228 233 235 234 228 216 223 226 234 230 224 208 Food and Kindred Products 1,171 1,097 1,073 1,069 1,071 1,095 1,153\ 1,224 1,350r1,340r1,271 1,182 1,125 Meat products 247 240 231 226 217 221 226 227 229 230 236 243 Dairy products 100 99 100 103 108 115 122 122 116 110 104 99 Canning and preserving 147 118 108 110 125 131 169 220 339 '322 '231 158 Bakery products 196 190 189 185 186 188 192 191 194 196 199 194 Beverage industries. 157 146 145 149 140 148 152 169 165 157 149 146 Tobacco Manufactures 93 90 85 82 82 82 91 94 92 89 Paper and Allied Products 409 398 391 386 377 372 369 365 371 384 '392 393 391 Pulp, paper and paperboard mills 210 208 204 201 196 194 192 188 191 197 ••200 201 Printing, Publishing and Allied Industries. , 509 500 497 496 495 494 494 485 486 '495 r500 499 501 Newspapers 139 136 137 139 140 141 142 141 141 144 144 145 Commercial printing 170 169 166 164 163 162 164 162 161 162 166 165 Chemicals and Allied Products 526 519 513 511 495 476 464 453 458 478 488 485 482 Industrial inorganic chemicals 56 56 55 55 53 53 52 51 50 50 52 51 Industrial organic chemicals 165 163 162 157 148 142 139 136 135 140 141 143 Drugs and medicines 60 62 62 61 61 60 60 59 60 61 62 62 Products of Petroleum and Coal 189 187 188 187 188 188 189 189 190 r189 185 187 184 Petroleum refining , 149 149 150 149 149 149 150 150 150 149 148 148 Rubber Products 206 201 197 194 190 185 181 177 180 '167 '186 186 186 Tires and inner tubes 93 91 89 89 89 87 86 82 81 64 81 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 Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Manufacturing—Total 56.14 55.26 54.53 56.20 40.1 39.7 39.2 39.8 1.400 1.392 1.391 1.412 Durable goods 59.67 '58.17 57.00 59.31 40.7 '39.9 39.2 40.1 1.466 1.458 1.454 1.479 Primary metal industries 64.12 '58.31 57.32 61.73 40.3 '37.5 36.6 38.7 1.591 1.555 1.566 1.595 Fabricated metal products 59.57 '58.28 56.80 59.48 41.0 '40.0 39.2 40.3 1.453 1.457 1.449 1.476 Machinery except electrical 62.80 '60.17 59.17 61.06 41.1 '39.2 38.5 39.6 1.528 1.535 1.537 1.542 Electrical machinery 58.10 58.01 57.26 58.87 40.4 40.4 39.9 40.8 1.438 1.436 1.435 1.443 Transportation equipment 66.21 64.75 63.08 66.46 40.1 39.1 38.0 39.3 1.651 1.656 1.660 1.691 Lumber and wood products 51.13 '53.96 52.40 53.25 41.0 '41.6 41.1 41.7 1.247 1.297 1.275 1.277 Furniture and fixtures 50 76 '51.50 50.72 51.66 41.2 '41.8 41.3 41.9 1.232 '1.232 1.228 1.233 Stone, clay, and glass products 55.72 '55.37 55.14 55.22 41.0 '40.3 39.9 39.9 1.359 1.374 1.382 1.384 Instruments and related products 55.24 '56.08 56.64 57.37 40.0 '39.8 40.0 40.2 1.381 1.409 1.416 1.427 Miscellaneous manufacturing industries. 51.78 '51.53 51.57 52.56 41.0 '40.7 40.8 40.9 1.263 1.266 1.264 1.285 Ordnance and accessories 58.62 '59.97 59.82 60.67 41.4 '40.3 40.2 40.5 1.416 1.488 1.488 1.498 Nondurable goods 51.84 '52.55 52.02 53.02 39.3 39.6 39.2 39.6 1.319 1.327 1.327 1.339 Textile-mill products 45 93 47 16 47.16 47.52 38.4 39.5 39.5 39.7 1.196 1.194 1.194 1.197 Apparel and other finished textiles 42.95 '42.70 40.63 42.54 35.7 '36.4 35.7 36.3 1.203 1.173 1.138 1.172 Leather and leather products 42.41 '41.61 40.08 42.26 37.1 36.4 35.1 37.2 1.143 1.143 1.142 1.136 Food and kindred products. . 53 84 '53 92 54.07 54.76 41.9 '41.7 41.4 41.3 1.285 '1.293 1.306 1.326 Tobacco manufactures 37 50 37.86 38.49 39.21 38.3 38.2 38.0 38.4 .979 .991 1.013 1.021 Paper and allied products 56.66 58.31 58.22 58.44 42.6 43.1 43.0 43.1 1.330 1.353 1.354 1.356 Printing, publishing and allied industries. 69.30 '71.41 70.96 72.90 39.6 '38.6 38.5 39.3 1.750 1.850 1.843 1.855 Chemicals and allied products. . . 58 35 '59.51 59.57 59.78 41.8 41.7 41.6 41.6 1.396 1.427 1.432 1.437 Products of petroleum and coal 71.59 74.09 71.94 71.24 40.4 41.0 39.9 39.4 1.772 1.807 1.803 1.808 57.67 '59.61 58.10 59.66 38.5 39.4 38.5 39.3 1.498 1.513 1.509 1.518 r Revised. NOTE.—Data are for production and related workers. Figures for December 1949 are preliminary' Back data are available from the Bureau of Labor Statistics. FEBRUARY 1950 223 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 Trade1 Finance Service1 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 L.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 L,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 .716 4,799 5,613 1949 42,999 14,142 930 2 160 3,977 9,433 1,762 4,782 5,813 SEASONALLY ADJUSTED 1948—December 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 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 42,864 13,979 949 2,167 3,947 9,420 1,762 4,788 5,852 September 43,068 14,108 '943 2,188 3,939 9,453 1,780 »-4,785 5,872 October r42,154 13,704 591 »-2,203 '3,878 »-9,377 1,786 '•4,770 5,845 November 42,343 13,664 913 2,202 3,896 9,296 1,785 4,767 5,820 December 42,680 13,893 927 2,179 3,907 9,391 1,789 4,765 5,829 UNADJUSTED 1948—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 43,061 14,649 986 1,926 4,024 9,292 1,735 4,712 5,737 March 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 M!ay 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 '•43,466 14,312 948 2,341 3,959 9,409 1,771 '4,833 5,893 October '•42,590 13,888 593 2 313 ••3,872 »"9,496 1,768 '4,794 5,866 42,743 13,776 914 2,246 3,893 9,597 1,767 4,767 5,783 December 43,667 14,007 927 2,135 3,907 10,118 1,771 4,741 6,061 r 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. December 1949 figures and 1949 averages are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Year or month in T p s o o t p t i a t u u l l t a n i t o o io n n n a - l T l f a o o b r t c o a e r l Total Total In E m no p n lo ag y r e i d c u * l- In U pl n o e y m ed - l N ab o o t r i n fo t r h ce e tural industries agriculture 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 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1948—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 47,571 109,195 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 December 110,169 63,475 62,045 58,556 51,783 6,773 3,489 46,694 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. 224 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] Nonresidential building Publicworks Total R b es u i i d ld e i n n t g ial and p 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 99.6 207.8 234.3 762.2 1,071.7 279.7 503.5 53.6 38.0 80.4 103.9 54.5 78.6 91.3 124.5 202.7 223.1 October 778 61,061.8 296.8 500.7 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) Total Public ownership Private ownership Month 1947 1948 1949 1947 1948 1949 1947 1948 1949 1949 1948 Federal Reserve district January... 572 615 483 167 197 160 405 419 323 Dec. Nov. Dec. February.. 442 682 568 96 248 252 346 434 317 March..... 597 690 748 143 181 282 453 509 466 April 602 874 846 177 236 319 425 638 527 39,746 53,156 32,872 May 675 971 885 234 298 369 441 673 517 New York 186,222 239,618 118,864 J J O N A S D u u e u o e c l p n y c g v t t o e u e e e m b s m m . t e . b b b r . e e . . e r . r . r . , . . . . . 6 6 6 8 6 7 7 2 0 2 9 6 5 1 5 5 3 3 0 0 5 9 9 6 6 8 7 7 1 3 6 9 7 6 5 1 5 3 4 9 2 4 1 1 , , 9 9 9 9 9 0 0 1 4 2 5 5 7 6 1 8 9 8 0 2 2 2 2 2 2 2 2 1 0 2 0 1 2 0 9 3 6 9 8 4 7 3 3 3 2 2 2 2 1 3 3 6 7 5 7 9 5 8 2 6 9 8 9 3 3 3 4 3 2 2 1 7 1 3 1 9 8 6 5 6 2 0 9 9 3 4 6 4 5 4 4 7 0 5 5 8 9 1 9 5 8 7 4 2 8 5 5 5 5 5 4 4 0 2 1 1 7 9 1 3 8 7 3 9 7 6 5 5 5 6 6 7 7 9 7 4 3 3 8 3 5 4 2 7 0 3 0 P R C C h i h le c i i l v h c a e m a d l g a e o o n l n p . d d hi . a .... . 1 1 9 6 8 2 7 1 2 9 5 1 7 2 0 3 , , , , , , , 4 8 5 0 8 0 8 4 4 8 4 7 0 4 9 0 0 4 6 4 8 1 1 1 4 8 4 3 1 3 2 6 1 0 2 0 3 4 , , , , , , , 3 5 3 5 2 2 5 0 7 7 8 4 2 5 2 3 6 9 8 3 0 1 6 5 6 4 6 2 1 6 6 4 2 8 1 1 , , , , , , , 8 5 5 8 4 6 5 6 5 1 4 3 9 7 2 7 9 1 6 9 4 Kansas City 54,214 30,508 28,334 Year 7,760 9,43010,3592,296 3,107 3,718 5,464 6,323 6,641 Dallas 68,207 65,618 81,465 Total (11 districts) 929,030 957,761 694,023 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Title ILoans Mortgages on INSURED FHA HOME MORTGAGES (TITLE II) HELD IN Year or month Total p m P e r i r e o r m o n t v y p - t e - x - s S h c t t o m i r o o u m n a n c - l e - l 1 f h ( a - o T m I u t I i o ) s i t l l e y 4 e s - h R g ( o a T e r I u o n n I i s t ) d u t i l a n p e l g W h e ( o V V a T r u a r I e i s ) n a t t * i l - n s n e ' d g PORTFOLIO, [ In B Y m il C li L on A s M S o S u f - O do F l l S a I a r N s v ] - STITUTION 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 4 1 9 1 7 4 2 1 1 5 1 8 6 2 2 7 9 1 4 1 7 6 5 % 13 6 2 6 5 8 3 0 1 4 3 7 3 End of month Total b C m c a o i n e a m r k l - s - b s t i a n u a n g v a k s l - s a a l s i a t o n s i n a o g o d n c s n i s - p I c a n a o n s n m c u i e e - r s - a c F e g ie e r e a s d n l - - i Other2 1945 666 171 219 4 272 1946 755 321 347 3 85 1947 1,787 534 446 808 1936—Dec 365 228 8 56 41 5 27 1948 3,338 614 W7 880 ...y 1,836 1937—Dec 771 430 27 110 118 32 53 1949 43,821 594 13 1,855 1,339 1938—Dec...... 1,199 634 38 149 212 77 90 1948—December, . 298 49 1 117 131 1939—Dec 1,793 902 71 192 342 153 133 1949—January 269 35 1 128 7 98 1 1 9 9 4 4 0 1 — — D D e e c c 2 3 , ,1 4 0 0 7 9 1 1 , , 1 4 6 6 2 5 1 18 3 6 0 2 2 2 5 4 4 5 7 4 8 2 9 2 23 0 4 1 1 17 5 9 0 February... 279 47 1 123 108 1942—Dec 3,620 1,669 236 276 1,032 245 163 March 283 45 1 135 102 1943—Dec 3,626 1,705 256 292 1,134 79 159 April....... 269 34 (3) 127 109 May 279 35 130 113 1944—June 3,554 1,669 258 284 1,119 73 150 June.. 382 49 (3) 151 181 Dec, 3,399 1,590 260 269 1,072 68 140 July 317 40 143 134 August 356 55 3 172 126 1945—June 3,324 1,570 265 264 1,047 43 134 September.. 309 60 2 163 (3) 84 Dec 3,156 1,506 263 253 1,000 13 122 October 383 65 2 188 128 November.. 4 323 58 1 189 67 1946—June 3,102 1,488 260 247 974 11 122 December. . 4 371 71 1 206 (3) 90 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 o D r e ig c i e n m al b l e y r w 1 r 9 i 4 tt 7 e , n f ig u u n r d e e s r i t n h c e l u W de a r m o H r o tg u a s g in e g s T in i s t u le r e V d I i . n c B o e n g n i e n c n t i i n o g n w w i i t t h h Dec 3,237 1,429 265 269 1,113 9 152 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. 3 Less than $500,000. 4 Includes mortgages insured on new rental housing at or near mili- iThe 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 banks, 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. FEBRUARY 1950 225 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 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 PI,104 332 394 531 547 P590 571 405 583 545 P514 February...... 887 670 1,146 1,085 PI.044 325 318 437 589 P567 561 352 709 496 P477 March 1,029 815 1,326 1,139 Pl.177 365 385 445 675 P633 664 431 882 464 P545 April 1,005 757 1,294 1,121 P1,166 366 406 512 532 P535 639 351 782 590 P631 May 1,135 851 1,414 1,103 Pl,092 372 393 474 554 P541 764 457 940 549 P552: June 868 878 1,235 1,014 Pl,104 360 382 463 625 P526 508 496 772 '389 P578» July 895 826 1,155 1,019 P899 358 431 450 564 P456 536 395 705 456 P443 August 738 883 1,145 992 P880 361 422 400 606 P491 378 461 745 P389 September.... 514 643 1,112 >-926 P906 339 377 473 560 P531 175 266 639 365 P375 October . .. 455 537 1,235 1,023 P850 347 394 492 600 P559 109 142 743 '423 P291 November 639 986 1,141 823 P836 325 478 455 554 P594 314 508 687 269 P242 December 737 1,097 1,114 1,318 P943 298 529 603 720 P605 439 567 511 598 P338J Jan.-Dec 9,806 9,740 14,430 12,653 P12,000 4,147 4,909 5,733 7,124 ^6,626 5,659 4,831 8,696 5,529 ^5,374 P Preliminary. r Revised. 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 CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers, 1935-39 average = 100] RAILROADS For- Mis- Mer- [In millions of dollars] Total Coal Coke Grain s L t iv o e c - kp e ro st d- Ore l c a e n l e - - c d h i a s n e ucts l.c.l. Total Net railway Total railway Net operating railway operating income Annual revenues expenses income 1940 109 111 137 101 96 114 147 110 96 1941 130 123 168 112 91 139 183 136 100 1942 138 135 181 120 104 155 206 146 69 Annual 1943 137 138 186 146 117 141 192 145 63 1939 3,995 3,406 589 93 1944 140 143 185 139 124 143 180 147 67 1940 4,297 3,614 682 189 1945. 135 134 172 151 125 129 169 142 69 1941 5,347 4,348 998 500 1946 132 130 146 138 129 143 136 139 78 1942 7,466 5,982 1,485 902 1947 143 147 182 150 107 153 181 148 75 1943 9,055 7,695 1,360 873 1948 138 141 184 136 88 149 184 146 68 1944 9,437 8,331 1,106 667 1949 116 100 145 142 77 123 151 127 57 1945 8,902 8,047 852 450 SE A A D S JU O S N T A E L D LY 1 1 1 9 9 9 4 4 4 7 6 8 P 8 7 9 , , , 6 6 6 8 7 2 2 5 8 P 7 7 8 , , . 0 9 6 0 7 0 0 9 4 Pi,0 6 7 0 2 8 2 0 1 ? 4 2 7 7 8 0 9 7 0 ' 1948—August 142 153 196 144 80 162 179 145 66 September... 139 149 193 127 85 152 178 145 66 SEASONALLY October 140 146 195 150 93 149 174 146 68 ADJUSTED November... 137 138 199 155 90 144 174 144 66 December. . . 137 131 192 147 85 139 187 148 62 1948—October... 845 756 89 56, November. 833 752 81 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 20i 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 103 123 138 77 125 160 127 57 June 748 677 71 38; September. .. 105 >-60 130 125 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.... 117 131 96 152 75 137 42 119 54 September. 685 633 52 19- December. . . 115 97 148 131 72 134 146 127 52 October. .. 623 592 31 0 UNADJUSTED November. 708 636 72 1948—August 146 153 188 156 76 171 268 147 67 UNADJUSTED September... 150 149 191 142 113 164 268 156 70 October 151 146 191 150 143 158 235 159 71 1948—October... 878 767 111 84 November. .. 141 138 199 152 114 141 191 150 68 November. 825 741 84 62 December. . . 128 131 '202 138 82 123 '58 139 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 120 103 119 149 73 131 240 128 57 August 743 677 66 39 September. .. 114 ^60 128 140 104 130 218 135 55 September. 695 631 64 38?- October 99 42 53 153 131 131 35 121 56 October. .. 649 602 47 November 120 131 96 149 95 135 51 124 55 November. 705 629 76 December. . . 107 97 155 123 69 119 45 120 50 r Revised. pPreliminary. 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. Basiction 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. 226 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 United Year or month States 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 nt - a c C a h g i o - Lo S u t i . s M a i p n o n li e- s K C a i n t s y as Dallas F c S r i a a s n c n o - SALESi 1945 207 176 169 184 201 '235 275 193 227 185 229 275 248 1946 264 221 '220 235 257 292 344 250 292 247 287 352 311 4947 286 234 239 261 281 304 360 275 314 273 311 374 336 1948 302 239 249 '284 303 '.521 386 290 335 288 M26 '403 352 1949 . . ^285 ?234 P233 ?271 *>281 P307 P374 P271 P317 P275 P307 P3S5 P331 SEASONALLY ADJUSTED 1948—December 302 245 247 284 300 '329 378 295 338 288 320 '396 350 1949—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 Mtarch ... 278 208 220 272 279 294 365 266 309 267 301 392 329 April 293 251 242 274 301 303 389 277 321 292 314 374 335 292 243 239 271 295 315 376 275 335 273 309 384 340 June . •.». 285 242 238 269 281 311 368 262 314 266 309 385 335 July 280 227 222 261 274 326 377 258 325 261 304 387 329 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 '305 367 262 300 267 299 362 '319 December P293 ?235 239 276 283 311 382 281 ?330 292 P322 P405 339 UNADJUSTED 1948—December... 495 428 '416 480 491 '571 635 460 517 431 502 '646 '583 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 254 194 209 249 254 274 339 239 287 241 280 353 289 295 256 237 284 304 309 393 280 327 295 311 377 331 M^ay 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 339 »-292 293 355 332 '378 426 324 378 310 347 442 '358 December ^480 P411 401 472 465 541 642 438 P504 436 P5O6 2>660 564 STOCKSi 1945 166 153 160 150 156 198 188 159 166 165 158 190 183 1946 213 182 195 191 205 248 258 205 225 '212 '209 250 238 1947. . . . 255 202 225 220 243 289 306 246 274 266 259 321 300 1948 291 223 241 '252 277 322 362 281 314 326 301 '389 346 1949 P27O ?210 *221 J>234 ?256 ?301 P339 P260 P296 P299 P276 P362 P323 SEASONALLY ADJUSTED 1948—December 288 229 '237 248 293 309 368 282 329 318 296 382 321 1949 —January . 278 221 228 241 274 294 360 271 303 307 291 376 321 February 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. . . 273 219 224 240 267 304 336 265 296 301 276 356 320 265 207 218 232 249 311 325 257 280 301 268 350 313 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 270 206 216 231 252 305 347 265 298 298 278 370 325 November 273 219 221 231 258 295 352 261 308 305 284 369 329 December ?271 ?227 227 240 262 P293 352 253 309 292 277 P351 321 UNADJUSTED -1948—December 259 206 '216 218 245 279 320 265 276 294 264 352 292 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 Miarch . . . 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 277 216 227 245 269 309 332 268 296 302 281 363 331 256 199 206 218 244 280 312 247 280 291 268 336 315 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 . . . 305 249 255 '266 279 328 395 298 329 331 313 405 365 December P244 P205 207 211 219 ?265 306 237 259 270 246 *>323 293 P Preliminary. r Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN *:for June 1946, pp. 588-612. I FEBRUARY 1950 227 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 Index numbers a year ago stocks to without seasonal adjustment (value) sales i 1941 average monthly sales = 100 2 Number of Department r s e t p i o n o r g e rt s - Sale p s e ri d o u d ring S (e m t n o o d c . k ) o s f November Sale p s e ri d o u d ring Sto o c f k m s o a n t t e h nd N 19 o 4 v 9 . 11 1 9 m 49 os. N 19 o 4 v 9 . 1949 1948 Nov. 1 949 Oct. N 19 o 4 v 8 . Nov. 1 949 Oct. N 19 o 4 v 8 . GRAND TOTAL—entire store 3. 361 -5 -6 -7 2.6 2.7 MAIN STORE—total 361 -5 -7 -7 2.8 2.8 247 213 260 683 656 738 Piece goods and household textiles 321 -14 -11 -6 3.4 3.2 20© 193 232 689 645 734 P H i o e W D S L C B u c i i o o l s e l n o a k e m t e o n t g s h o n l k , e o o e n s e o v l n a t d t d e i n s y c y l s , d a s t v a e — r c e r x d t o t d o t s m m i w g , l g e o f u e a o o s o s l n o s r l d d t i d e n s s r s s s , y , n s a h th n e e d e t t i i s c n p s g r s eads 3 2 2 2 2 1 1 1 1 4 4 8 9 9 7 8 4 7 6 3 8 4 0 8 - - - - - 2 1 2 2 2 - - - 6 1 8 0 6 1 5 6 - - - -1 2 2 1 - - - - 5 5 5 6 5 0 0 8 - - - 1 1 1 -4 2 6 5 2 0 e 3 3 3 3 3 4 3 2 . . . . . . . . 2 0 7 5 5 1 7 1 3 3 3 3 3 2 2 2 . . . . . . . . 7 4 4 3 4 7 0 6 2 2 3 2 1 1 1 1 1 0 0 1 9 9 4 5 6 2 0 4 1 9 9 4 2 2 4 2 1 1 1 1 1 3 0 3 5 6 5 7 3 0 4 4 3 2 6 4 2 4 2 2 2 2 1 1 8 1 1 0 7 0 7 8 5 7 7 6 2 4 1 8 6 6 6 8 5 6 7 6 6 0 0 7 4 1 3 7 9 1 6 9 6 0 0 8 9 5 6 6 5 6 6 7 0 1 8 6 4 0 7 1 7 6 0 7 0 8 0 3 6 8 6 7 7 7 7 7 3 2 1 4 1 6 0 0 1 1 5 3 6 3 9 6 -6 Small wares 350 -6 -4 -3 3.3 3.2 234 180 249 783 685 804 Laces, trimmings, embroideries, and ribbons... 211 -14 -17 c 3.5 3.2 230 192 267 817 747 851 Notions 249 -6 -6 +1 3.4 3.2 241 232 257 832 785 810 Toilet articles, drug sundries 331 -6 -1 -4 4.2 4.1 166 137 176 692 536 726 Silverware and jewelry 325 -6 A -5 3.4 3.4 265 196 282 919 836 947 Silverware and clocks4 217 -9 -11 -4 3.9 3.7 Costume jewelry4 281 -5 0 -3 2.7 2.7 Fine jewelry and watches4 79 -8 +3 -7 5.5 5.4 Art needlework 247 -9 -4 -4 3.0 2.9 223 199 245 677 664 704 Books and stationery 281 0 0 0 2.5 2.5 332 207 331 836 761 836 Books and magazines 144 -7 0 0 2.7 2.5 243 173 260 657 565 668 Stationery 221 +3 0 +1 2.4 2.4 350 204 338 843 780 842 Women's and misses' apparel and accessories 358 -7 -6 2.4 2.3 235 222 253 558 557 595 Women's and misses' ready-to-wear accessories 358 -4 -5 -5 2.8 2.8 238 206 246 663 627 703 Neckwear and scarfs 314 -7 -6 -10 2.1 2.2 319 289 342 664 566 739 Handkerchiefs 289 -12 -10 7 3.4 3.3 233 143 265 808 680 882 Millinery 174 -i 0 -12 0.9 1.0 183 231 184 155 204 178 W Co o r m se e ts n 's a n a d n d b r c a h ss il i d e r re en s 's gloves 3 3 3 4 3 4 + -3 2 -2 + -7 1 3 3. . 3 1 3 3 . . 2 4 2 21 3 5 6 2 1 3 6 6 2 2 2 2 3 1 0 7 71 2 7 6 7 7 1 1 2 9 7 7 8 1 3 0 W A W J W F W W U H o B In u m u l p n a W f n S J o C I o o C G B o o K S N r r n d a n e u u i s m m m m u o i o h e i d n e o e n n e l n o s r i n k t a g i r x b t e e r e ' e i t e l m i t l s w s s t s s t s l o e n n n s p n d a s i a ' , ' ' , 4 g r e g ' ' a r ' e ' u r e n s s s s 4 w w h a s e n e n n s a s n d d ' n o n e k a a ' a r a s d d e e s r a , c u s ' d i n n n n i a a e s e m v r n , o s s m d d d s d s r r r t e e g h d s a r w l s s u i o d h i e i t , m o c m c p s s d s r e r b s s o h l h e s l s a , e r a m i i i e s e 4 e i , e s i n n s s s r s l ' l s s s 4 s s s s a d a d d u , w ' s e 4 e e u l n r r i e s l a r s s e n e t s e d e s ' s ' , n p l n n d a a , e d 4 c d a o ' ' r n e d s s a o r a n r r e e y t l n t a w s d h h g o s s - t h d s o w e t l u e s o i o u e r s n a g d e - e a s n i r g e w e a g r n s i , e i r f e r o n d e o y s a s o a g . r s n d s m r e d u s a s s a i . p s t p s . l p i p : p a a s r r e e l l . . . . . . . 3 3 3 3 3 2 3 2 2 3 2 3 2 2 2 3 2 2 2 2 3 2 2 2 4 2 3 4 0 8 5 5 6 7 1 3 4 7 4 5 0 9 5 5 2 9 1 5 2 3 7 9 8 3 8 3 4 4 7 6 6 9 1 0 0 2 5 4 0 - - - - - - - - - 1 + 1 1 1 1 + + 1 1 1 1 - - - - - - - - - 6 1 5 8 6 1 2 2 9 2 3 0 8 1 0 0 8 8 8 5 4 O c - - - - - - - 1 1 1 + 1 1 1 - - - - - - - 1 - - - - - 8 6 5 6 5 5 7 2 5 4 5 8 0 3 1 0 8 4 1 2 0 7 - - - - - 1 1 1 + 1 - 1 - - - - - - - - - - - - - - 4 5 2 4 6 9 7 8 6 7 3 2 7 5 5 2 3 1 1 0 1 0 •a 2 4 3 2 2 2 2 2 2 4 2 2 2 2 2 2 1 1 1 1 1 1 1 . . . . . . . . . . . . . . . . . . . . . . . 4 7 6 4 3 3 9 4 5 0 6 2 8 8 6 4 3 3 4 6 8 1 9 4 3 3 2 2 2 4 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 . . . . . . . . . . . , . . . . . . . . . . . 3 5 7 2 8 4 4 6 8 2 3 7 5 5 5 3 1 7 1 1 8 3 8 3 3 3 2 2 2 2 2 2 2 2 2 2 1 1 1 1 5 4 9 2 3 5 7 0 2 6 9 7 5 7 8 5 7 1 5 1 3 3 5 9 9 7 0 4 9 6 9 1 6 9 3 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 8 0 7 3 7 8 1 9 4 3 4 9 5 7 8 6 5 6 3 6 9 8 4 4 2 1 3 6 0 5 0 7 7 3 3 3 3 2 2 3 2 3 2 2 2 2 2 1 1 1 5 1 7 0 1 4 5 2 2 6 9 1 9 6 8 6 9 3 2 6 3 1 8 4 6 8 0 8 4 3 3 2 8 4 4 3 3 4 4 9 5 5 4 4 8 5 8 7 7 7 7 1 8 9 8 1 3 0 3 4 3 5 0 2 5 0 3 6 1 7 1 3 7 9 7 1 7 4 7 8 2 6 4 9 8 5 3 4 4 3 5 6 4 8 5 5 3 8 6 6 7 7 3 2 4 8 8 4 8 5 1 9 8 5 3 1 9 8 8 6 2 4 2 9 7 9 1 3 7 6 3 9 8 7 4 8 9 3 4 5 4 4 5 4 6 8 5 4 8 7 8 8 8 2 3 5 7 5 4 8 0 7 5 4 8 1 4 5 0 2 1 1 2 9 3 6 1 0 8 4 1 6 3 9 9 0 5 Men's and boys' wear 336 -2 -5 _4 3.2 3.3 257 185 263 828 818 872 Men's clothing 255 -4 -8 -4 3.7 3.7 233 202 242 856 906 897 Men's furnishings and hats. 320 -3 -3 -5 2.9 3.0 271 169 280 793 738 837 Boys' wear 306 +4 -5 c 2.9 3.2 289 206 277 841 845 878 Men's and boys' shoes and slippers 195 -2 -5 4.6 4.8 205 167 208 938 930 1,000 Housefurnishings 322 0 -8 -14 2.9 3.4 262 248 263 768 ! 754 899 Fu M rn a it t u tr r e e s s a e n s d , s b p e r d in d g in s g and studio beds 4 2 1 4 6 5 1 4-2 -j - - 5 2 - - 1 1 8 4 3 1. . 9 1 3 2 . . 7 2 210 213 213 652 640 791 Upholstered and other furniture 4 171 -2 -6 -17 3.4 4.0 Do L R m i u n e g o s s l t e i a c u n m f d lo 4 o ca r r c p o e v ts e r 4 ings 2 1 9 7 5 8 8 0 - - 1 1 -9 0 8 — - - 2 1 0 5 14 - - - 2 1 1 0 9 9 2 4 2 . . . 9 8 1 3 3 4 . . . 3 1 2 248 246 275 725 756 902 Draperies, curtains, and upholstery 303 -1 -2 -5 2.8 2.9 269 247 271 745 758 785 Lamps and shades 253 -4 -2 -5 2.4 2.4 314 260 326 757 691 814 China and glassware 254 0 -4 +1 4.7 4.7 231 177 232 1,094 1,093 1,091 Major household appliances 251 -3 -27 -36 2.4 3.6 246 289 255 582 543 922 H G Ra i o R R f d u t e a i s o s c d e h s o w i , o o r a d s p p r , s h e 4 , p o s s h n h ( o o i e n n g e c o r t l a g u p m r d a h i u p s n s , h g i s c t e , , m l t e a e i v n n le i o d s v r i i o i s n a n i p s o , t p n r r l u e i 4 a c m n o c e rd e n s s t ) , s 4 e . t c . . . 4 . . 2 2 1 1 1 3 6 7 8 4 0 4 3 2 5 + + - + 1 5 3 3 1 9 9 t + + -1 - 3 1 5 1 0 9 0 - - - + 2 2 2 2 3 5 4 7 3 3 3 . 1 1 . . . . . 6 7 4 3 3 3 3 4 3 2 . . . . . 4 3 0 0 8 292 272 309 953 910 1,026 Miscellaneous merchandise departments 324 -6 -7 -6 2.3 2.3 297 181 315 668 670 702 Toys, games, sporting goods, and cameras 300 -6 -7 -2 2.4 2,3 473 195 504 1,111 1,199 1,139 Toys and games 242 -6 -4 0 1.9 1.8 641 198 684 1,217 1,225 1,217 Sporting goods and cameras 144 -9 -12 -7 4.0 4.0 366 191 401 1,475 1,099 1,664 Luggage 262 -4 -7 -11 3.8 4.1 222 148 231 849 794 962 Candy 4 193 -7 -9 1.7 1.8 For footnotes see following page. 228 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 i 1941 average monthly sales=100a Num- Department r b s e t e p o r o r e r o t s f - Sale p s e ri d o u d ring ( S e m t n o o d c . k ) o s f November Sale p s e r d io u d ring Sto o c f k s m o at n t e h nd ing N 19 o 4 v 9 . 1 m 9 1 o 4 1 s 9 . N 19 o 4 v 9 . 1949 1948 Nov. 1949 Oct. N 19 o 4 v 8 . Nov. 1949 Oct. N 19 o 4 v 8 . BASEMENT STORE—Total 205 -7 -3 -4 2.1 2.0 234 209 251 486 481 506 Domestics mud blankets ^ 137 -6 -3 -4 2.6 2.6 Women's and misses* ready-to-wear 198 -10 -4 -6 1.8 1.7 229 212 255 409 409 433 Intimate apparel ^ 174 -6 -3 -4 2.4 2.3 Coats and. suits * 184 -19 -13 —9 1.1 1.0 Dresses ^ 177 -13 -1 -8 1.5 1.4 Blouses skirts and sportswear * 158 -8 _4 —5 1.9 1.8 Girls' wear ^ 125 -5 -4 -7 1.6 1.7 Infants' wear * 116 -2 -2 -1 2.0 2.0 Men's and boys' wear 162 0 -1 -2 2.2 2.3 288 216 287 641 634 649 Mien's wear ^ 141 -1 -1 -2 2.2 2.3 Men's clothing4 . . . . 93 +1 — 1 -5 2.2 2.4 !Men's furnishings ^ 117 0 -1 2.2 2.2 Bovs' wear ^ 120 +5 -1 +1 2.1 2.2 Housefurnishings 102 -3 -1 -2 2.0 2.0 249 237 257 506 504 519 Shoes 128 -3 -5 -4 3.4 3.4 166 154 171 564 549 595 NONMERCHANDISE—total4 183 +4 -1 (5) (6) (6) Barber and beauty shop 4 79 +3 +5 (5) (5) (5) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 227. 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. 6 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 stock3 at these stores accounted for about 50 per cent of estimated total department store sales and stocks. Not all stores report data fpr 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 1 [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 t o n o n d c t k h o s ) f s m ( t o e a O r o n n d n u d d e t t i r h - o n s f ) g A M p a r r . . 2 2 1 3 0 6 7 3 . . . . . . . . . . . . . . . . . . . . . . . 3 2 2 3 2 3 6 8 7 1 1 6 0 9 3 M Ap a r r . . 2 1 1 5 6 2 9 2 . . . . . . . . . . . . . . . . . . . . 2 2 2 2 3 4 5 7 6 0 4 6 7 1 1 S O e c p t. t. 2 1 1 4 2 5 8 1 . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 2 3 3 1 0 2 8 7 9 8 7 5 S O e c p t. t. 2 1 1 3 1 4 0 7 . . . . . . . . . . . . . . . . . . . . . 2 3 2 3 2 0 7 9 1 9 2 3 2 5 5 10.. ..298 9.. ..320 9... ..336 8.... .297 17.. ...294 16.. ..314 16... ..331 15.... .290 1939 average 128 344 24.. ...296 23.. ..266 23... ..344 22.... .296 1940 average 136 353 108 May 1.. ...300 30.. ..286 30... ..319 29.... .298 1941 average 156 419 194 8.. ...330 May 7.. ..334 Nov. 6... ..320 Nov. 5 .315 1942 average 179 599 263 15.. ..293 14.. ..285 13... ..346 12.... .318 1943 average 204 509 530 22.. ..295 21.. ..280 20... .,371 19 .342 1944 average 227 535 560 29.. ..297 28.. ..275 27... ..347 26.... .330 1945 average . 255 563 729 June 5.. ..282 June 4... ...259 Dec. 4... ..485 Dec. 3.... .449 1946 average. 318 715 909 12.. ..304 11.. ..288 11... ..564 10 .542 1947 average 337 826 552 19.. ..310 18.. ..285 18... ..576 17 .584 1948 average 353 '912 '465 26.. ..262 25.. ..247 25... ..473 24 .541 1949 average P333 2*858 P350 July 3.. ..265 July 2.. ..238 1949 31.... 197 10.. ..217 9... ..201 Jan. 1... ..204 1950 1948—December. 821 292 17.. ..236 16... ..213 8... . .272Jan. 7 .205 24.. ..231 23.. ..207 15... ..244 14 .233 1949—January... 267 '389 31.. ..235 30.. ..209 22... ..230 21.... .230 February.. 255 '854 '380 Aug. 7.. ..261 Aug. 6.. ..228 29... ..218 28.... .222 March '321 '919 '313 14.. ..258 13.. ..218 Feb. 5... ..229 Feb. 4 .227 April..... '348 '908 '238 21.. . .271 20.. . .252 12... . .238 11 May '322 '874 '207 28* ] '. !255 27]. .'.252 19... ..227 18 June '313 '806 '283 26... ..232 25 July '234 '756 '390 August.... c283 '799 '410 September '334 '861 '501 »• Revised. October ... "343 '952 '444 NOTE.—For description of series and for back figures, see BULLETIN November. 397 990 350 for September 1944, pp. 874-875. December. P786 P296 ' Corrected. P Preliminary. T Revised. i These figures are not estimates for all department stores in the United States. Back figures.—Division of Research and Statistics. FEBRUARY 1950 229 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] Dec. Nov.Year Dec. Nov.Year Dec. Nov.Year Dec. Nov. Year 1949 1949 1949 1949 1949 1949 1949 1949 1949 1949 1949 1949 United States. P-2 -5 -6 Cleveland-cont. Chicago -3 -6 -7 Kansas City— B N P o o e s w r t t o l H a n a n v d e . n ..... - - 3 3 0 r+ -1 2 0 - - - 3 4 6 W E Pi r t h i t e e s * e b l u in rg g h i * - - - 4 4 7 - -1 1 -9 2 3 - - - 4 9 7 F P C e o h o r i t c r i a W a g o * a x yne \. - - - 5 3 2 - - 6 9 c - - - 9 5 6 O T c u k o l l s a n a h t. oma City. + + 9 2 -1 -4 2 N S W P A D N B N P E N R B B B S e B p r o c l o u o l o e i i e r o o w m b r a n u h f o s i w w c w i v r f a g d t n g g e s h i c a o i a n n r a t Y g g n h Y e h l e d n o a r y o t r f s k e s e o a k e o n a o i t t c e e p n m r A w e i e r * l t e k F c k o r r d a n r t p e a r 1 o d e C s t l n y a l i l . i e s . . . . t . . . . . y . . . . . - + + - — - — - - - - - 2 3 6 1 2 4 4 4 3 0 5 A 1 3 1 e \ + + + + - - - - - - - - - 3 1 9 3 5 2 4 6 2 4 4 5 0 0 0 1 I - - - - - - - - - - - - - 6 7 9 4 7 4 4 8 6 8 4 5 7 0 0 O c R A W W L N H R B C C G R H B M A C t i l y a o a i h o i r s a c u h a a o i c r e l n l h l r a n g h n m s ' e n b t h u e f l e c r i s h t i e o s i n m m m t l m v a h g i t l i ' e r i l n v o e t i n h b k n o b s s o o o l g i n g l u t t l n i g r n e h n o - a l o t e r d e , S . t o a g n d w W , o m n a N , n S l n S . . * . e V . . . J C . . m . . . . C a . . . . C . . . . . . . . . . P + - + + + + + + 1 - - — - - + - - - 1 4 1 1 2 1 6 5 5 J 6 2 2 0 5 6 7 2 + r - - - - + + + + 1 1 + 1 - - - - - 2 1 3 4 3 2 8 2 2 7 3 0 7 4 2 2 0 0 1 - - - + + + 1 + - - 1 1 - - - - - - - 6 3 3 9 2 3 9 3 4 2 1 0 1 2 4 2 0 Q S T F L D D M F L L Q I G G S M E E t n l t o e a o i . a v u e r r e . i d a i t n r e a u r s s n i t t a l d L i r t L n t e n s l i r w t a e n e i s n i M c o d o o S n s S n v i s a y o i u H a u m g i R v B t o t u R n l i p . 1 i l a s i k i i a o e s o L a l t u n y e i h . l l c p o - t . e i e e e 1 k s i u s . l . 1 . d . 1 . K K . . i . . . . s . . . s . . . . . . . . . . . . P P P - + + - - + 1 - - - - - - — 3 3 5 5 2 4 4 5 P 5 1 8 Q O 2 5 4 0 - + 1 — + - - - - - - - - - - - - - 6 6 8 7 6 5 7 9 9 7 4 7 7 5 3 g 1 5 - - + 1 1 - — — - - — - - - - - - - 9 6 2 6 6 4 1 6 7 5 3 2 5 0 2 4 7 7 D S S F D S T F L L C H P O R B a a B h a r o h o o u a i o a a n o e v l n r s n k c r o k e r l u l s e e t l p s g e a r e l n a A s F A v r k o a r u W n s t o s s s e n n e o B r n s n i i f 1 p l a d J g d x n i t e o e e C o o n e e J a y a r l i r l n c d c t h a e n t h i i h i s r n o d s i i J d c s . . l t . o . . i . . . . . . . . . P P + + + + + + - - - - - - 2 4 4 2 5 1 P 2 7 4 4 4 1 \ O 0 \ - - - - + 1 - 1 1 - - - 2 - - - - - 6 3 6 2 7 4 6 5 5 1 4 0 4 2 - + 1 - - - - - - - - - - - 6 2 S 4 6 9 7 4 9 7 8 6 1 ' P C A T L C C S W Y Y S T P C C U R h l p y h o a r l o k i a e o t e o i i e n e r i r n l i a n l l r l u v c r i e v l a u n a k o c c n d t a e k n a d c e m o t n e i d a g i d i l g o u o l n n n s s a f e a e s x b n s - n i g t n n l i l t e e B e u i p a p o d x l x d r s 1 d a t h w h i J * r J i x i n r a * a e . 1 i . * . . . + + + + - - — — - - - - - - — 8 8 1 2 4 2 2 9 3 3 2 2 2 - 1 7 e 7 2 - - - 1 + 1 + + 1 - - - - - - - - 9 3 8 3 2 1 6 5 5 0 5 2 5 2 0 0 0 - + 1 - - - — — - - - — - — 5 7 9 7 7 6 4 0 5 5 5 5 1 7 c 7 / 7 T A A J N J O S N M K M C M R C M B B a a a a o o r h a u a n e r t c c e a o i i l v l w s t m l m o a g a s k k r a c a n o u h a t t i x u m s o n n s t e n o t m d n p v O o v o g s n a d t l i n i a a i t n i n o n b o R a l r 1 a l x 1 a l l v n m u o l J e o h e e J i s o . a u l e 1 l g . i n g r e . a . y s e * . . 1 * J . . 1 . . . . . . . . . . . . . . P + + + + + + + + + - + - - - 5 1 8 5 1 9 5 3 3 1 6 2 6 z 0 0 0 0 1 j_ - + + + + + + + 1 - - — - - - - — - - 2 9 2 2 5 5 5 7 3 2 5 4 5 4 5 0 1 2 1 - - + + + 1 1 - - - _ — - - - - — 4 1 9 1 7 4 5 0 1 2 2 8 0 J 1 1 c 7 c M K S T S S W J S L D P H K O M M D o a S t t t p u i o i m e a u u . . . n i e p n n i u e r p n n n t l m c c L l J n P i a p b s c e u n v i s n o o h h a n o e e l h k a p a e e t l o g s a r u a i s a s n h i u h r a e i t f n i p - p o i l p s a i s s 1 C r o o e h . C o A l l l . i i n d i . t i s r s x y . . t . l e . . . y . . K . . . a . . . . . . . . . . . . . . . . . + + + + + + - + + + - - + - - 1 5 2 1 1 1 1 1 4 2 2 0 1 4 4 0 0 0 1 - - - - 1 1 - - - 1 - - + 1 — - - - - - - 7 7 6 6 3 9 8 9 7 3 9 1 2 9 0 2 Q 7 - - 1 — - 1 - - - - + - - - - - - - - 5 5 2 8 6 6 5 4 2 8 7 6 8 3 1 3 3 c S S S S S V S S P S E S T Y B B S N N a a a a a t a o p e a a o v e a a o n n n c l n r c l a o l i a k e a n t l c l s r t t o t e k m i i r l p e F J a a D L k t n m m a j e o a B m l r o a t g p a i a n t e R n s a o a 1 e a e t k a h d e 1 a e n n x e g n o r . 1 e a l n n d 1 c n x o . s m t . i d C a a o s x r . c i 1 x d t . o . . y x i . . n . . x . . i . . o . . . P P + - ( - + + + 2 + + + + + 6 - 1 1 ) 1 5 1 5 5 3 2 2 5 1 1 - - - - - 1 - + + - 1 - - - - 1 1 - - - 2 8 6 3 2 7 8 9 8 3 3 5 7 1 6 3 9 2 5 3 s - - + - - - - + 1 - - - - - _ 3 4 3 2 3 9 4 3 9 0 5 g 7 1 2 P Preliminary. »• 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. s Eleven months 1949. 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 l a t e i n c o d - n fur H ni o s u h s in e gs Miscellaneous- 1929 . . .. 122.5 132.5 115.3 141.4 112.5 111.7 104.6 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 :D 1942 116.5 123.9 124.2 108.5 105 4 122 2 1943 . 123.6 138.0 129.7 108.0 107.7 125.6 111105 .89 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 1949 169.1 201.9 190.1 120.8 137.5 189.0 154.7 1948—December 171.4 205.0 200.4 119.5 137.8 198.6 154.0 1949—January 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 December 167.5 197.3 122.2 139.7 185.4 155.5 185.8 Back figures.—Bureau of Labor Statistics, Department of Labor. 230 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 All Manu- Year, month, or week m c t o o ie m d s i - - F p u r a c o r t m d s - Foods Total l H e 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 h i a u n a t t e d l i e s l n - g M m p u a r e e c n 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 t m e a d s d n - i d - H g n f o o i i u n s u o r g h s d - e - s - n c M e e l o i l s u a - - s m R ri a a a t w l 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 92.7 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 75.1 64.4 55.1 70.3 1933 . 65.9 51.4 60 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 56.5 70.5 1934 74.9 65.3 70 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 68.6 78.2 1935.. . .... 80.0 78.8 83 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 77.1 82.2 1936 80.8 80.9 82 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 86.3 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 88.5 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, 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 95 102. 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 94.9 102. 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 152.1 181.2 168.7 135.2 182.4 141.7 108.7 145.0 179.7 127.3 131.1 115.5 165.6 146.0 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 1949 155.0 165.6 161.6 147.3 180.4 140.4 131.7 170.2 193.3 118.6 145.2 112.3 163.9 151.2 1948—December. 162.4 177.3 170.2 153.1 185.3 146.7 137.2 173.8 202.2 131.1 148.4 118.5 172.2 157.6 949—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. 158.1 168.3 161.5 151.8 182.3 145.2 135.9 175.5 201.5 122.8 148.3 115.3 165.8 154.0 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 154.5 168.8 162,4 145.6 178.8 139.2 129.9 167.5 191.4 116.8 145.1 111.0 164.5 150.7 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. . . 152.9 162.3 160.6 145.0 178.9 138.1 129.7 168.2 188.2 119.7 142.9 109.8 161.3 149.4 September 153.6 163.1 162.0 145.3 181.1 139.0 130.0 168.2 189.4 117.7 142.9 109.6 162.0 150.1 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 151.6 156.8 158.9 145.0 180.8 138.0 130.0 167.3 189.5 115.9 143.4 109.7 160.4 148.1 December. 151.3 155.3 155.7 145.5 179.9 138.4 130.8 167.8 190.3 115.3 144.1 110.7 159.9 147.9 Week ending ;i 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. . 151.1 155.4 155.8 145.5 137.5 •130.6 169.8 190.3 115.4 1950—Jan. 3... 150.6 153.9 154.5 145.1 137.4 130.1 169.5 190.3 115.5 Jan. 10... 151.4 155.3 155.9 145.2 137.4 130.4 169.5 190.3 116.0 Jan. 17.. . 150.9 153.4 155.0 145.2 137.5 130.5 169.4 190.3 116.0 Jan. 24.. , 150.7 153.2 154.5 145.1 137.4 130.3 169.3 190.3 115.8 1948 1949 1948 1949 Subgroups Subgroups Dec. Sept. Oct. Nov. Dec, Dec. Sept. Oct. Nov. Dec, Farm Products: Metals and Metal Products: Grains 171 156.4 155.3 156.4 160.9 Agricultural mach. & equip. 144.0 143.9 143.8 143.3 143.3 Livestock and poultry 204 186.6 177.7 169.6 168.2 Farm machinery 146.5 146.5 146.4 145.9 145.9 Other farm products 161 149.8 148.8 148.2 145.0 Iron and steel 165.4 164.0 163.3 163.4 165.4 Foods: Motor vehicles 175.7 177.1 177.0 176.7 176.7 Dairy products 171 153.5 154.6 154.7 154.4 Nonferrous metals 172.5 135.7 131.5 131.7 129.2 Cereal products 150 143.7 144.6 144.6 144.6 Plumbing and heating 157.3 154.6 154.6 154.6 154.6 Fruits and vegetables 139. 126.9 128.1 130.8 132.5 Building Materials: Meats 220 215.1 205.0 198.9 193.4 Brick and tile 160.5 161.8 161.8 161.9 161.9 Other foods 140. 137.8 137.4 139.6 132.6 Cement 133.5 133.0 134.5 134.5 134.5 Hides and Leather Products: Lumber 305.9 279.7 281.9 283.4 285.1 Shoes 188. 183.8 183.4 184.3 184.3 Paint and paint materials.. 161.2 143.9 141.1 139.9 139.3 Hides and skins 197. 204.8 205.6 199.5 192.8 Plumbing and heating 157.3 154.6 154.6 154.6 154.6 Leather 186. 175.5 176.5 177.0 178.1 Structural steel 178.8 178.8 178.8 178.8 185.2 Other leather products 148. 141.1 141.1 141.1 141.1 Other building materials... 176.9 168.9 168.1 168.6 169.2 Textile Products: •hemicals and Allied Products: Clothing. 148. 144.8 144.6 144.2 144.0 Chemicals 123.4 117.4 115.5 115.2 114.6 Cotton goods 189. 174.8 176.5 177.9 178.4 Drugs and Pharmaceuticals 151.5 125.0 123.1 123.0 121.6 Hosiery and underwear 103. 98.4 98.4 98.4 98.4 Fertilizer materials 120.1 120.4 120.2 118.3 117.9 Silk 46. 49.2 49.2 49.5 49.9 Mixed fertilizers 108.3 108.2 107.0 106.8 106.3 Rayon 41. 39.6 39.6 39.6 39.6 Oils and fats 179 A 118.4 115.6 118.3 118.2 Woolen and worsted goods... 159. 150.4 145.1 146.0 146.9 Housefurnishing Goods: Other textile products 190. 181.5 175.6 169.0 171.5 Furnishings 153.6 149.1 149.2 149.9 151.2 Fuel and Lighting Materials: Furniture 143.1 136.6 136.7 136.8 136.8 Anthracite 136. 138.6 139.1 139.3 139.3 Miscellaneous: Bituminous coal 195. 190.5 191.2 192.4 195.2 Auto tires and tubes 66.2 60.6 60.7 62.5 64.3 Coke 219. 222.1 222.2 222.2 222.2 Cattle feed 217.1 190.3 182.1 184.9 192.3 Electricity 67. 68.9 70.1 Paper and pulp 169.5 156.5 156.5 156.5 156.0 Gas 91. 89.3 87.8 88.3 Rubber, crude 38.9 37.2 34.8 35.4 37.8 Petroleum products 122. 109.1 109.9 108.5 108.5 Other miscellaneous....... 129.5 121.2 121.2 121.2 121.1 ' Revised. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data Back figures.—Bureau of Labor Statistics, Department of Labor. FEBRUARY 1950 231 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 3 4 1 2 3 Gross national product 103.8 55.8 91.3 126.4 213.7 212.6 235.7 262 A 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 .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 govern- -.1 C1) 5 1 .7 9 .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 -.3 .0 Plus: Government transfer payments .9 1.5 2.5 2.6 3.1 10.8 11.1 10.5 10A 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 .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 14®. 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 i.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 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 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 valui 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. 232 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 3 4 1 2 3 103.8 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 9.4 3.5 6.7 9.8 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 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 1 7.8 1.1 4.9 6.8 2.8 10.3 13.8 17.9 18.7 17.9 16.8 16.4 17.3 6.4 1.8 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 A 3.9 -.8 6.7 .1 6.5 7.4 9.0 3.6 -1.4 -2.4 .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 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 . . 9 3 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 (3) (8) 1.2 2.9 1 * .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 o 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 i r s n t s - a e t l s W - ag d p m e in u C r o o g s a o d t d n m r i u i i d 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 i s s e b i - s - bur S i s n t e e r d r i m v u es i s e c - n e ts m G er o e n n v - t - L b c p i s e u a o n l o s f o t n s n o c s i y u c o t i r e r a e e r n i - l m e - s - in O l c a t o b h m o e r r e5 p in r r i P c e a e o n r n t o o m t d - a rs e l * 6 i i n d n s p a t e c o e n e 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 i a n 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 16 3 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—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 17.4 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 November v... . 209.7 133.6 135.8 57.2 39.3 17.4 21.9 2.2 2.3 44.1 17.6 12.1 191.9 p Preliminary 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts, and other business transfers. 8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Same as preceding page. FEBRUARY 1950 233 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 Noninstalment credit E o n r d m of o n y t e h ar co c T n r s o e u t d a m i l t er i c T m n r o s e e t t d a n a i l t l t - Total A Sa u l t e o m cr o e b d i i l t e Other Loans1 no c T m n r i o e e n t d n s a i t t l t al- p S a l i y o n m a g n l e s e 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 1939 7 969 4 424 2,792 1,267 1,525 1.632 3,545 J .468 J.544 533 1940 9,115 5,417 3,450 1,729 1,721 L,967 3,698 L.488 1,650 560 1941 9,862 5,887 3,744 1,942 1,802 i,143 3,975 L.601 11,764 610 1942 6,578 3,048 1,617 482 1,135 1L,431 3,530 1L,369 1,513 648 1943 5,378 2,001 882 175 707 L.119 3,377 11,192 L,498 687 1944 5,803 2,061 891 200 691 L,170 3,742 L.255 1,758 729 1945 6,637 2,364 942 227 715 L.422 4,273 .520 .981 772 1946 10,191 4,000 1,648 544 1,104 2J352 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 1949P 18,788 10,912 6,262 3,149 3,113 4,650 7,876 2,980 3,909 987 1948—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 17,221 10,164 5,661 2,986 2,675 4,503 7,057 2,866 3,197 994 November?. .. . 17,810 10,439 5,882 3,085 2,797 4,557 7,371 2,926 3,454 991 December?.... 18,788 10,912 6,262 3,149 3,113 4,650 7,876- 2,980 3,909 987 P Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics, CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Total m ba C e n r o k c m i s a - x 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 l t n o o r d i i a m 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 o a 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 n o r k c m i s a - 1 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 n o o r d i i a m 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 20? 32 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 1,435 701 166 134 225 119 568 2,636 1,432 310 282 428 1948 4,072 L,709 817 204 160 312 131 739 3,069 1,534 »\375 r318 577 1949P 4,650 L ,952 929 250 175 402 142 800 3,282 1,737 418 334 712 1948—November. 4,012 1,701 780 204 156 304 127 740 237 134 31 26 46 December... 4,072 L,709 817 204 160 312 131 739 251 180 r$6 '30 57 1949—January.... 4,054 1,705 812 202 159 309 130 737 236 112 31 '25 42 February. . . 4,033 1,695 806 201 159 308 130 734 215 109 28 25 44 March...... 4,065 1,720 807 203 161 315 130 729 287 142 36 30 58 April 4,113 1,749 815 207 163 323 131 725 278 146 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 L,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 L ,922 855 235 172 379 135 761 278 128 34 27 65 October 4,503 1L,936 858 239 172 385 135 778 272 134 34 26 59 November?. 4,557 L,944 875 244 173 394 137 790 269 161 36 28 64 December?.. 4,650 1L ,952 929 250 175 402 142 800 280 232 41 31 69 ? Preliminary. r Revised. 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 December amounted to 91 million dollars, and loans made during December were 11 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 3 Includes only loans insured by Federal Housing Administration. 234 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 n e m T g x o o c a b l t u a u il d 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 e d e i e s - - Je st 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 c P ha u s r e r - e d ta D i l l o i a re n c s t c d r h p a e ir a r u t e i a s r d 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 s i l m n c o o s e a n a t s a n a n h l t l s houses Outstanding at end of period: 1929 1,197 160 583 265 56 133 1947 2,701 346 536 523 500 796 1948 3,563 570 736 751 636 870 1933 663 119 299 119 29 97 1949? 4,420 854 916 924 781 945 1939 1,525 377 536 273 93 246 1948—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 1 9 9 9 4 4 4 7 8 9? 3 2 1 , , ,9 1 5 3 1 6 5 3 7 1,0 6 8 1 5 7 0 0 4 5 9 7 3 8 5 9 7 0 2 3 5 8 4 1 7 9 1 1 1 1 5 4 6 2 4 3 3 4 4 0 0 9 5 4 0 J S A u e u l p y g t u e s m t ber 3 4 4 , , , 1 9 0 4 3 4 0 3 4 7 7 7 8 1 5 0 8 4 8 9 8 0 6 9 5 9 0 8 7 7 0 6 7 3 1 8 6 7 7 1 8 3 1 4 0 9 9 9 0 1 2 1 1 2 October 4,247 811 915 839 755 927 1948 November?...-. 4,326 835 922 868 772 929 December?. . . 4,420 854 916 924 781 945 November. 2,388 812 696 377 127 376 December. 2,567 874 750 387 152 404 Volume extended during month: 1949 1948—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 J S J A N M M A O D u u e p o e c u n l a a p y c r t v g e y t o i r e e l e . u c b m m m s h e b b t r b . e . . e . e . r . r . . r . ? ? . . . 2 2 2 2 2 2 2 2 3 2 , , , , , , , , , , 3 2 2 5 3 1 4 6 4 7 3 7 7 5 1 6 6 7 0 9 1 2 3 6 9 2 2 5 0 7 1,0 7 8 7 8 9 7 7 7 7 1 5 1 6 0 5 7 7 6 8 0 6 8 0 6 5 4 1 6 1 6 6 7 8 8 9 7 7 7 7 7 8 2 0 5 3 5 1 8 3 5 3 2 4 8 9 5 8 4 0 3 3 3 3 4 4 4 4 4 5 4 8 5 6 3 1 6 0 5 1 8 2 1 7 5 7 5 5 4 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 6 4 3 3 7 1 1 4 1 3 3 3 3 3 3 3 3 4 4 4 4 5 7 6 0 5 9 2 8 7 4 6 8 7 4 9 0 1 8 3 1 O A J S J M A N M D u u e c p u e o l a a n p t y r g c v y r o e t i e u c e l e b h m s m m e t r b b b e e e r r r ? ? . .. . . . 5 5 5 5 5 5 5 5 5 5 7 9 9 9 1 2 4 6 9 6 6 5 3 8 7 7 1 8 2 8 1 1 1 1 1 1 1 1 1 12 0 1 1 1 1 1 1 2 0 5 5 2 8 3 2 7 2 7 9 - 1 1 1 1 1 1 1 1 1 1 2 1 0 2 2 3 2 2 3 3 3 5 5 9 3 6 9 9 5 4 1 1 1 1 1 1 1 1 9 9 2 3 5 0 3 2 1 2 9 4 1 1 6 9 6 4 4 4 5 6 6 4 4 5 6 7 5 7 0 2 7 5 8 4 7 0 8 5 1 1 1 1 1 1 1 1 1 1 4 4 4 6 3 4 4 4 5 3 1 5 5 4 9 8 2 4 7 8 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 12 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 n 12 l c o a a s n h s Outstanding at end Outstanding at end of period: of period: 1947 233.5 50.0 30.2 •43.3 110.0 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 1949? 343.2 93.1 63.2 55.4 131.5 1949? 194.7 43.4 31.5 6.5 113.5 1948—November.. 285.5 66.8 43.3 51.6 123.8 1948—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. 4.9 110.3 March 282.9 67.7 41.6 49.5 124.1 March..... 178.1 38.4 23. 4.8 111.5 April 287.6 70.7 43.1 49.5 124.3 April 180.9 39.4 24. 4.9 112.5 May 294.7 73.3 45.8 50.0 125.6 May 183.0 40.3 25. 5.1 111.7 June 303.4 76.1 48.7 51.2 127.4 June 185.7 41.2 26. 5.3 112.5 July 309.4 78.8 50.3 51.4 128.9 July 187.9 41.6 28. 5.3 112.5 August.. .. 317.4 82.9 52.3 52.9 129.3 August.... 190.1 42.3 29.6 5. 112.4 September . 323. 85.3 54.6 53.9 129.9 September . 190.9 43.0 30.0 5 112.2 October 329.6 88.7 56.6 55.0 129.3 October.... 191.2 44.2 30.2 6 110.8 November?. 336.3 91.7 59.2 55.5 129.9 November? 192.5 44.1 30.5 6.3 111.6 December?. 343.2 93.1 63.2 55.4 131.5 December?. 194.7 43.4 31.5 113.3 Volume extended Volume extended during month: during month: 1948—November.. 35.1 8.1 4.6 3.4 19.0 1948—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 11.3 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 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 8.8 4.2 19.1 November ? 28.7 5.7 4.0 0.5 18.5 December?. 47.1 11.9 10.3 3.3 21.6 December 31.6 5.3 4.5 0.5 21.3 P Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. 235 FEBRUARY 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 fr r o c m en ta p g re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr 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 1 D 9 e 4 c 9 . P N 19 o 4 v 9 . 1 O 9 c 4 t 9 . 1 D 9 e 4 c 9 . P N y 19 e o 4 a v 9 r . 1 O 9 c 4 t 9 . Year or month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h p H s o l t o l i o d a u r n s e a c e s p e - - J s e t w o e re lr s y D s m e to p e r a n e r t s t- Net sales: 1948 Total +31 4-4 +9 +3 0 +7 November 23 14 15 17 55 Cash, sales . +47 +6 +9 -11 -21 -15 December 23 14 15 20 53 Credit sales: Instalment +30 +5 +7 +11 +9 +24 1949 Charge account +26 +3 +12 -9 -13 January 22 12 15 14 51 -14 February 21 12 14 13 49 Accounts receivable, end March 23 14 15 14 55 of month: April 23 13 14 14 53 Total +10 +4 +5 +18 +15 +13 "bJL ay 22 13 14 14 53 +13 +5 +5 +22 +19 +18 June 21 12 14 14 53 July. 19 12 13 13 49 Collections during August 21 12 14 14 51 month: September . .. 20 11 12 13 52 Total +5 0 +7 -6 -8 -9 October 20 11 12 14 53 +4 -1 +9 -3 -5 0 20 11 12 13 54 Decembers .... 20 11 12 16 52 Inventories, end of month, at retail value. -10 +3 +6 -15 -16 -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 t s o r f ec m ei o v n a t b h le Collec m tio o n n s t h during Cash Instal- Charge Total Cash I m ns e t n a t l- a G 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 Instal- a C c h c a o r u g n e t sales m sa e le n s t ac s c a o le u s nt Averages of monthly data: 1941 100 100 100 100 100 100 100 100 48 43 1942 114 131 82 102 78 91 103 110 56 38 1943 130 165 71 103 46 79 80 107 61 34 1944 145 188 65 112 38 84 70 112 64 32 1945 162 211 67 125 37 94 69 127 64 32 1946 202 242 101 176 50 138 91 168 59 37 1947 214 237 154 200 88 174 133 198 55 39 1948 225 236 192 219 142 198 181 222 52 41 1949P 213 216 197 213 165 196 200 224 50 42 1948—November. . . 264 274 217 263 160 219 204 243 51 7 42 December.... '381 '408 278 370 176 281 212 252 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 DecemberP.. . 372 380 326 373 214 285 227 245 50 42 P Preliminary. T Revised. NOTE.'—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 227 236 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 1950 1949 1950 Chart Chart book book page Dec. Jan. Jan. Jan. Jan. page Dec. Jan. Jan. Jan. Jan. 28 18 25i 28 WEEKLY FIGURES2 In billions of dollars In unit indicated RESERVE BANK CREDIT, ETC. WEEKLY FIGURES 2—Gont. Reserve Bank credit, total 2 19.38 19.47 18.64 18.38 18.30 U.S. Go vt. securities, total.. 3 18.79 18.83 18.23 17.87 17.76 BUSINESS CONDITIONS Bills 4.74 4.78 4.17 3.79 3.68 Notes and certificates.. .. 6.82 6.84 6.90 6.95 6.95 Wholesale prices: Bonds 7.23 7.21 7.17 7.13 7.13 Indexes (1926=100): G M T M r o o e e l m n a d e s b u s y e t r o r y i c n b k c a c a n i s r k h c u r a l e a n s t d e io rv d n e e s p , o to si t t a s l . . . . . 2, 2 2 1 2 4 7 6 . . . . 3 7 4 3 0 7 3 0 2 2 1 7 4 1 7 . . . . 8 5 4 0 7 5 3 6 2 2 1 4 7 1 6 . . . . 4 5 3 6 3 1 9 7 2 2 1 7 4 1 6 . . . . 1 4 7 4 2 3 9 0 2 2 1 4 6 1 6 . . . . 8 4 9 4 6 3 1 2 T F F O a o o th r o t m a e d r l s . p . c . r o o m d m uc o t d s ities 6 6 6 6 5 5 5 5 1 1 1 1 5 5 5 4 1 5 5 5 . . . . 1 8 5 4 1 1 1 1 5 5 5 4 0 3 4 5 . . . . 6 9 5 1 1 1 1 1 5 5 5 45 1 5 5 . . . . 2 4 9 3 1 1 1 1 5 5 5 45 0 3 5 . . . . 2 9 4 0 1 1 1 1 5 5 5 4 3 0 4 5 . . . . 2 7 5 1 New York City 4.44 4.56 4.56 4.45 4.42 Basic commodities: Chicago 1.14 1.20 1.20 1.18 1.16 (Aug. 1939=100): Re C R q o u es u ir e n e r t d v r e y r e c b s i a t e y n r v k b e s a s . n . ks 1 4 6 5 . . . 2 4 4 5 4 6 1 6 4 5 . . . 4 5 6 1 2 0 1 6 4 5 . . . 5 4 5 7 3 9 P1 4 6 5 . . . 4 5 5 2 6 8 6 4 . . 3 5 3 0 T F In o o d o t u a d l s s t tu ri f a f l s materials 6 6 6 7 7 7 3 2 2 0 4 2 5 7 2 . . . 5 7 8 2 3 2 4 0 2 8 6 3 . . . 2 0 0 3 2 2 0 5 2 7 0 4 . . . 7 3 3 3 2 2 0 4 2 9 9 3 . . . 1 9 0 3 2 2 0 4 2 9 9 2 . . . 2 4 3 Ex N C C R ce h e o e s s i w u s c e n a r r Y t g v e r o e y s o e r c r k b v i a t e y C n s k i , b t s y t a o e n t k a s le 4 (3 . . . . ) 8 0 1 6 4 1 6 1 1. . . . . 4 3 1 0 6 6 2 0 3 7 1. . . . . 0 1 0 7 3 9 2 2 2 0 P P . . . . 9 7 0 2 1 2 4 4 P P . . . . 1 0 8 6 6 3 4 6 Se W S l C C e t o c o e h p t r t e e e o n t r o d a u s n t ( n c f d a ( ( e ( d c s r c n m ) e o e t n s l n l t t a p p s s r r e s p p o r e e d b p r r u u e b p c r s t u o h s 1 s u : e h 0 n l e 0 ) d l . ) ) . . . . 6 6 6 6 8 8 8 8 2 3 1 3 1 0 3 0 8 . 2 . . 6 . 7 9 9 4 3 2 1 1 3 2 3 . 0 0 3 0 . . . 6 8 8 4 3 2 1 3 0 1 2 0 8 . 9 . . . 4 9 8 6 0 2 3 1 0 3 1 2 . 0 9 9 4 . . . 5 9 0 6 2 3 1 3 0 2 3 1 . 1 0 1 . . . 3 5 1 0 MEMBER BANKS IN LEADING CITIES Cows (dollars per 100 All reporting banks: pounds) 68 14.62 15.47 15.47 15.43 15.68 Loans and investments 1 67.42 67.22 67.36 67.67 67.82 Hogs (dollars per 100 U. S. Govt. securities, total. 1 37.47 37.51 37.92 38.13 38.08 pounds) 68 15.86 15.88 15.81 16.18 16.80 Bonds 16 24.64 24.65 24.63 24.66 24.74 Butter (cents per pound). 68 61.4 61.8 61.7 60.8 61.0 Notes and certificates.... 16 10.29 10.32 10.29 10.20 10.12 Eggs (cents per dozen)... 68 30.4 29.8 28.1 28.2 Bills 16 2.54 2.54 3.00 3.27 3.22 Production: Other securities 18 5.06 5.04 5.06 5.08 5.16 Steel (% of capacity) 71 93.1 92.9 94.0 95.0 93.9 Demand deposits adjusted.. 14 48.25 47.98 48.14 48.25 48.51 Automobile (thous. cars)... 71 105 109 147 150 134 U. S. Govt. deposits 14 2. 2.18 2.02 2.07 2.23 Crude petroleum (thous. Loans, total 14 24.89 24.67 24.38 24.46 24.58 bbls.) 72 4,933 4,865 4,865 4,899 Commercial 18 13.90 13.85 13. 13.86 13.87 Bituminous coal (mill, tons). 72 1.28 1.13 1.24 1.21 1.25 Real estate 18 4.34 4.35 4.38 4.39 4.40 Paperboard (thous. tons)... 73 112 170 208 205 208 For purchasing securities: Meat (mill, pounds) 73 273 310 394 362 321 Total 18 2.21 2.13 1.83 1.85 1.90 Electric power (mill. kw. hrs.) 75 5,493 5,695 6,029 6,041 5,972 U. S. Govt. securities. . 18 .92 .88 .60 .58 .60 Freight carloadings (thous. cars): Other securities 18 1.29 1.25 1.23 1.27 1.31 Total 74 496 507 631 619 636 Other 18 4.45 4.45 4.47 4.45 4.46 Miscellaneous 74 258 270 323 322 327 New York City banks: Department store sales Loans and investments 15 19.55 19.50 19.27 19.34 19.62 (1935-39=100) 75 197 205 233 230 U. S. Govt. securities, total. 15 10.61 10.60 10.59 10.61 10.74 Bonds, total holdings 17 7.32 7.33 7.29 7.29 7.33 No D te u s e a o n r d c a c l e la rt b i l f e ic — at 5 e s y . e . a . r . s 1 1 7 7 5 2 . . 6 5 8 8 5 2 . . 6 5 8 7 5 2 . . 6 4 6 4 5 2 . . 6 3 5 2 5 2 . . 6 3 8 3 1949 Bills 17 .71 .70 .86 1.00 1.08 D U e . m S. a n G d o v d t e . p d o e s p it o s s i a t d s justed.. 1 1 5 5 15. . 4 6 3 3 15. . 2 6 8 3 15. . 2 5 8 7 15. . 2 5 3 9 15. . 5 6 0 4 Oct. Nov. Dec.1 T L In i o m t a e n e rb s , d a e n to p k t o a s d l i e ts p osits 1 1 1 5 5 5 3 7 1 . . . 8 6 6 5 6 5 4 7 1 . . . 2 5 6 7 8 6 3 7 1 . . . 9 3 6 2 7 5 3 7 1 . . . 8 4 6 9 1 4 3 7 1 . . . 6 7 5 2 8 1 MONTHLY FIGURES In billions of dollars Commercial 19 4.85 4.85 4.86 4.86 4.87 DEPOSITS AND CURRENCY Fo T r o p u b r r c o h k a e s r i s n : g securities: Deposits and currency:6 Ba L U n o . R k N B B S a s . e n i o o T l a s l n t o G s o e l d u O O a s o e s n t o v n n s s a d t t t i n h . a o U d d i e t s t e n e . h e r v s c c e S N a . e u e r n . s e r r d s t G i t w m t e i i f o o c e e i Y t v s u c n h , t r o a t e s t i s t r . r t o e k i t e s a . s C . l . . . . i . . . t y 1 1 1 1 1 1 1 1 1 : 5 7 9 9 9 7 5 9 4 2 1 7 1 7 6 1 7 . . . . . . . . . 7 8 1 8 8 3 6 7 2 1 7 6 2 4 7 4 0 1 4 2 1 6 7 7 1 1 7 . . . . . . . . . 9 7 7 8 1 3 6 6 2 2 5 2 2 5 7 1 7 0 4 2 1 2 7 8 7 1 7 . . . . . . . . . 8 1 0 1 3 3 3 6 2 5 4 8 3 4 9 9 7 0 2 4 1 2 7 7 8 1 7 . . . . . . . . . 2 8 5 3 2 3 6 3 2 7 8 2 7 3 0 6 8 0 4 2 1 2 7 8 7 1 7 . . . . . . . . . 1 2 8 2 3 4 3 7 2 4 0 0 0 4 1 9 1 0 Mo $ T C T U D B C 1 n o i o i . u e m 0 l e E i t l r m S y n s a r x e a l . s e p a c o n i , n o n G d l n f d u $ c s d e o y i d $ c 1 p $ t v i i , 5 s d o 2 r n o t $ e 0 s c . 0 g u p i 2 u a t d t o b , s l U s n e a i s a i p l t d a d i . n l i t o d s e o s S d o s j n . u v b i a $ , t s e G d s a 5 t t r j e n o o u b d v k t s i t a l t s . l e l . s d d . . . . e . . . . . . . - 7 7 6 6 7 6 6 6 7 6 P P P P P 1 1 2 1 P 2 5 7 8 6 4 8 7 4 3 4 8 1 4 8 . . . . . . . . . . 4 5 4 3 9 6 4 6 6 0 9 4 1 8 0 0 0 0 0 0 0 P P ^ P 1 1 2 1 5 P 6 2 8 7 4 8 7 4 8 3 8 5 5 1 . . . . . . . . . . 2 5 5 5 4 0 6 1 5 8 0 9 1 0 4 5 0 0 0 0 P P P P ^ 1 1 2 2 P 1 8 5 7 7 8 4 7 5 4 6 8 0 3 3 . . . . . . . . . . 6 5 6 4 0 0 7 4 1 1 2 8 0 0 0 0 0 0 1 0 Demand deposits adjusted.. 1 32.83 32.70 32.87 33.02 33.01 U. S. Govt. deposits 1 1.45 1.55 1.46 1.48 1.59 Interbank deposits 15 6.72 7.33 7.23 7.12 6.76 Annual rate Time deposits... 15 13.66 13.72 13.73 13.73 13.73 Loans, total 15 17.23 17.09 17.02 17.04 17.07 Turnover of demand deposits:6 Commercial 19 9.05 9.00 9.00 9.01 9.00 New York City 29 A 27.5 26.6 Real estate 19 4.09 4.09 4.11 4.12 4.13 Other leading cities 19.1 18.4 17.7 For purchasing securities. 19 .66 .64 .58 .62 .59 Other 19 3.53 3.53 3.54 3.53 3.53 MONEY RATES, ETC. COMMERCIAL BANKS In billions of dollars Per cent per annum U. S. Govt. securities: Bills (new issues) 30 1.081 1 076 1.101 1 103 1.118 :ash assets • 9 P33.50 P32.70 P34.20 Certificates 30 1.09 1.10 1.10 1.13 1.13 Loans and investments, total«. 9 P119.80 P120.20 P120.90 3-5 years 30 1.37 1.35 1.36 1.39 1.42 Loanse 9 P41.90 ?42.90 2>43.30 7-9 years 30 1.67 1.66 1.68 1.70 1.73 U. S. Govt. securitiese 9 P67.7O P67.10 P67.30 15 years or more 30, 32 2.18 2.18 2.18 2.21 2.22 Other securitiese 9 P10.20 no.20 P10.30 Corporate bonds: Holdings of U. S. Govt. se- Aaa 32 2.57 2.57 2.57 2.57 2.58 curities : Baa 32 3.27 3.25 3.24 3.23 3.23 Bonds: High-grade municipal bonds. . 32 2.12 2.12 2.06 2.06 2.07 Total. 10 42.09 42.27 P39.25 Within 1 year 10 8.65 8.66 P7.06 In unit indicated 1-5 years 10 22.65 22.76 P21.30 Stock prices (1935-39=100): 5-10 years 10 6.75 6.80 P7 .00 Total 34 134 135 137 135 134 Over 10 years 10 4.04 4.05 P3.89 Industrial 34 141 143 144 142 141 Notes and certificates 10 14.12 14.09 P17.09 Railroad 34 103 108 110 107 107 Bills 10 4.09 3.47 Public utility 34 104 105 106 106 106 Guaranteed securities 10 Volume of trading (mill, shares) 34 1.81 2.05 2.74 1.48 1.38 For footnotes see p. 240. FEBRUARY 1950 237 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 book book page Oct. Nov. Dec1 page Oct. Nov. Dec.1 MONTHLY FIGURES—Cont. In billions of dollars MONTHLY FIGURES-Cont, In billions of dollars GOVERNMENT FINANCE—Cont. MEMBER BANKS Ownership of U. S. Govt. securities—Cont. All member banks: Marketable public issues—Cont. Loans and investments, total 12 100.77 101.00 101.76 By class of security—Cont. Loans 12 35.14 35.97 36.40 Bonds—Total outstanding.... 24 109.29 109.29 104.92 U. S. Govt. securities 12 57.33 56.73 56.97 Nonbank (unrestricted issues Other securities 12 8.30 8.30 8.39 only), commercial bank, Demand deposits adjusted8 12 71.74 72.34 73.40 and F. R. Bank 24 65.51 65.48 P61.06 Time deposits 12 29.23 28.98 29.15 Commercial bank and F. R. Balances due to banks 12 11.12 11.16 11.24 Bank 24 49.63 49.78 Balances due from banks *., 12 5.60 5.60 5.6J F. R. Bank 24 7.54 7.51 7.22 Reserves .. 12 16.11 16.12 16.29 By earliest callable or due date: Central reserve city banks: Withinl year-Total outstanding 25 58.64 '58.64 56.39 Loans and investments, total 12 24.61 24.73 25.03 Commercial bank and F. R. Loans 12 8.77 9.15 9.27 Bank 25 37.48 37.23 P36.04 U. S. Govt. securities 12 14.15 13.91 13.99 F. R. Bank 25 10.62 11.01 11.98 Other securities 12 1.69 1.67 1.77 1-5 years—Total outstanding. 25 33.05 33.05 35.07 Demand deposits adjusted"....... 12 18.81 18.93 19.19 Commercial bank and F. R. Time deposits 12 2.71 2.74 2.80 Bank 25 24.31 24.42 P26.83 Balances due to banks 12 4.99 4.93 4.9 F. R. Bank 25 1.66 1.66 1.92 Reserves 12 5.57 5.54 5.61 5-10 years—Total outstanding 25 15.07 15.07 18.54 Reserve city banks: Nonbank (unrestricted issues Loans and investments, total 13 38.16 38.07 38.48 only), commercial bank, Loans 13 13.96 14.22 14.42 and F. R. Bank 25 10.36 10.36 Pll.34 U. S. Govt. securities 13 21.21 20.86 21.07 Commercial Bank and F. R. Other securities 13 3.00 2.99 2.99 Bank 25 7.34 7.38 P8..38 Demand deposits adjusted8 13 25.57 25.69 26.09 F. R. Bank 25 .58 .58 1.39 Time deposits 13 11.65 11.53 11.64 Over 10 years—Total outstand- Balances due to banks 13 5.23 5.30 5.35 ing 25 48.60 48.60 45.13 Balances due from banks......... 13 1.72 1.71 1.75 Nonbank (unrestricted issues Reserves 13 6.15 6.18 6.25 only), commercial bank, Country banks: and F. R. Bank 25 9.52 9.49 P8.47 Loans and investments, total 13 38.00 38.21 38.25 Commercial bank and F. R. Loans 13 12.41 12.61 12.71 Bank 25 8.49 8.48 P7.48 U. S. Govt. securities '.. 13 21.97 21.96 21.91 F. R. Bank 25 4.45 4.43 3.59 Other securities 13 3.62 3.64 3.64 Cash income and outgo: Demand deposits adjusted* 13 27.36 27.72 28.13 Cash income 26 2.05 2.97 4.26 Time deposits 13 14.88 14.72 14.72 Cash outgo 26 3.27 3.43 4.06 Balances due from banks 13 3.72 3.75 3.74 Excess of cash income or outgo 26 -1.22 -.47 + .20 Reserves 13 4.39 4.41 4.43 MONEY RATES, ETC. Per cent Treasury bills (new issues) 29 1.044 1.073 1.097 Corporate bonds: CONSUMER CREDIT* Aaa 29 2.61! 2.60 2.58 Baa 29 3.36 3.35 3.31 Consumer credit, total 20 17.22 P17.81 P18.79 F. R. Bank discount rate 29 1.50 1.50 1.50 Single-payment loans 20 2.87 P2.93 P2.98 Commercial paper 29 1.38 1.38 1.31 Charge accounts 20 3.20 P3.45 P3.91 Stock yields: Service credit 20 .99 P.99 P.99 Dividends/price ratio: Instalment credit, total 20, 21 10.16 PlO.44 P10.91 Common stock 33 6.19 6.86 6.58 Instalment loans 21 4.50 P4.56 Preferred stock 33 3.88 3.89 3.88 Instalment sale credit, total .... 21 5.66 P5.88 P6^26 Automobile 21 2.99 P3.09 P3. 15 In unit indicated Other 21 2.68 P2.80 P3. 11 Margin requirements (per cent) 35 50 50 50 Stock prices (1935-39 = 100), total... 35 127 129 133 Stock market credit (mill, dollars): Bank loans 35 439 429 426 GOVERNMENT FINANCE Customers' debit balances 35, 36 783 813 881 Money borrowed 36 416 445 523 Gross debt of the U. S. Government: Customers' free credit balances 36 586 596 633 Total (direct and guaranteed)...... 22 256.81 257.01 257.16 Volume of trading (mill, shares) 35 1.31 1.32 1.74 Bonds (marketable issues) 22 109.29 109.29 104.92 Notes, certificates, and bills 22 46.07 46.07 50.20 BUSINESS CONDITIONS Savings bonds, savings notes.... 22 64.01 64.24 64.32 Personal income (annual rates, bill, Special issues 22 33.81 33.83 33.90 dollars):e 6 Guaranteed, noninterest-bearing Total 48 209.0 209.7 debt, etc 22 3.62 3.57 3.82 Total salaries and wages 48 133.6 133.6 Ownership of U. S. Govt. securities: Proprietors' income, dividends, and Total: interest 48 61.5 61.7 Commercial banks * 23 67.40 66.90 P67.00 All other 48 13.9 14.4 Fed. agencies and trust funds... 23 39.29 39.32 39.35 Labor force (mill, persons):e F. R. Banks 23 17.32 17.68 18.88 Total 49 64.0 64.4 63.5 Individuals • 23 69.30 69.30 P69.20 Civilian 49 62.6 62.9 62.0 Corporations and associations *.. 23 23.40 23.80 P22.70 Unemployment 49 3.6 3.4 3.5 Insurance companiese 23 20.50 20.40 P20.50 Employment 49 59.0 59.5 58.6 Mutual savings banks • 23 11.50 11.40 P11A0 Nonagricultural 49 51.3 51.6 51.8 State and local govts. • 23 8.10 8.10 P8.10 Employment in nonagricultural estab- Marketable public issues: lishments (mill, persons):e 6 By class of security: Total 50 42.15 42.34 P42.68 Bills—Total outstanding 24 12.32 12.32 12.32 Manufacturing and mining 50 14.30 14.58 P14.82 Commercial bank and F. R. Construction 50 2.20 2.20 P2.18 Bank 24 7.80 7.47 P8.34 Transportation and utilities 50 3.88 3.90 P3.91 F. R. Bank 24 3.71 4.00 4.83 Trade 50 9.38 9.30 P9.39 Notes and certificates—Total Government 50 5.85 5.82 P5.83 outstanding 24 33.75 33.75 37.89 Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) 51 55.26 54.53 P56.20 Bank.. 24 20.19 20.26 P23.93 Hourly earnings (dollars) 51 1.392 1.391 P1.-412 F. R. Bank 24 6.07 6.17 6.84 Hours worked (per week) 51 39.7 39.2 P39.8 For footnotes see p. 240. 238 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 Oct. Nov. Dec.1 page Oct. Nov. Dec.1 In unit indicated In unit indicated MONTHLY FIGURES—Gont. MONTHLY FIGURES—Cont. BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS—Cont. Industrial production:6 Consumers' prices (1935-39=100): Total (1935-39 =100) 52 166 173 P179 All items 64 168.5 168.6 167.5 Groups (points in total index): Food 64 200.6 200.8 197.3 Durable manufactures 52 H56.3 68.5 P76.9 Apparel 64 186.8 186.3 185.8 Nondurable manufactures 52 ••82.7 82.8 P81.9 Rent 64 121.5 122.0 122.2 Minerals. 52 17.0 21.4 P20.0 Miscellaneous 64 155.2 154.9 155.5 Manufacturing production Wholesale prices (1926 = 100): (1935-39 = 100), total 53 176 179 P187 Total 65 152.2 151.6 151.3 Durable .. 53 175 181 P202 Farm products 65 159.6 156.8 155.3 Nondurable 53 177 177 P175 Food 65 159.6 158.9 155.7 Selected durable manufactures Other commodities 65 145.0 145.0 145.5 (1935-39=100): Textile products 66 138.0 138.0 138.4 Nonferrous metals 54 167 169 P174 Hides and leather products..... 66 181.3 180.8 179.9 Steel 54 38 137 239 Chemicals and allied products... 66 116.0 115.9 115.3 Cement 54 182 191 206 Fuel and lighting materials 67 130.5 130.0 130.8 Lumber 54 116 139 153 Building materials 67 189.2 189.5 190.3 Transportation equipment 54 238 206 P218 Metals and metal products 67 167.3 167.3 167.8 Machinery 54 226 217 P226 Miscellaneous 66 109.0 109.7 110.7 Selected nondurable manufactures Prices paid and received by farmers (1935-39=100): (1910-14=100): Apparel wool consumption 55 158 140 Paid 69 '246 '245 246 Cotton consumption 55 134 138 134 Received 69 '242 '237 233 Shoes 55 115 101 lash farm income (mill, dollars): Paperboard 55 206 210 193 Total 70 3,139 3,050 P2,326 Newsprint consumption 55 162 153 152 Livestock and products 70 1,354 1,316 Pl.142 Manufactured food products.... 55 165 159 »157 Crops 70 1,773 1,722 P1,175 Fuel oil 55 182 182 P1S7 Govt. payments 70 12 12 P9 Gasoline 55 180 177 P180 Industrial chemicals 55 414 418 P425 Rayon 55 318 P339 INTERNATIONAL TRADE AND FINANCE Sales, inventories, and orders: Sales (bill, dollars):6 Exports and imports (mill, dollars): Manufacturing, total 56 16.8 17.3 P16.6 Exports 76 P850 P836 P943 Durable 56 6.6 7.0 Imports 76 P559 P594 P605 Nondurable 56 10.2 10.3 Excess of exports or imports 76 P291 P242 P338 Wholesale, total 57 7.2 7.5 P7 . Short-term liabilities to and claims on Durable 57 1.7 1.8 P\. foreigners reported by banks (bill, Nondurable 57 5.4 5.7 P5. dollars): Retail, total 57 10.6 10.6 PIO.5 Total liabilities 77 P5.85 2*5.87 P5.97 Durable 57 3.5 3.3 P3.1 Official 77 P2.73 P2.82 P2.91 Nondurable 57 7.1 7.3 P7A Invested in U. S. Treasury bills Inventories (bill, dollars):6 and certificates 77 P.77 P.80 P.80 Manufacturing, total 56 30.8 30.5 P30.6 Private 77 P3.12 P3.05 P3.06 Durable 56 13.9 13.6 *13.6 Claims on foreigners 77 P. 85 P. 83 P.81 Nondurable 56 16.9 16.8 P17.0 Foreign exchange rates: Wholesale 57 9.2 9.1 P9.1 See p. 261 of this BULLETIN 78, 79 Retail 57 14.5 14.3 P13.8 New orders (bill, dollars) Durable 56 7.4 7.4 1949 Nondurable 56 10.9 10.8 Construction contracts (3 mo. moving avg., mill, dollars):6 Apr.- July- Oct.- Total 58 1,080 1,076 June Sept. Dec. Residential 58 495 470 470 QUARTERLY FIGURES Other 58 585 618 606 Residential construction: GOVERNMENT FINANCE In billions of dollars Contracts awarded (mill, dollars):6 Total 59 463 467 507 Budget receipts and expenditures of 1- and 2-family dwellings 59 316 349 364 U. S. Treasury: Other 59 147 118 143 Expenditures, total 27 10.15 11.01 9.96 Dwellings started (thous. units)... 59 100 93 79 National defense 27,28 3.15 3.11 3.05 Value of construction activity (mill, Veterans' Administration 28 1.65 1.45 1.56 dollars): International aid 28 1.68 1.35 1.09 Total • 60 1,879 1,767 1,612 Interest on debt 28 1.87 .99 1.57 Nonresidential:* All other 28 1.67 2.95 2.63 Public 60 509 448 365 Receipts: Private 60 628 580 535 Net receipts 27 8.05 9.26 8.42 Residential:e Individual income taxes 28 3.84 3.63 2.91 Public 60 27 24 22 Corporate income, etc 28 2.83 3.04 2.85 Private 60 715 715 690 Miscellaneous internal revenue. . 28 2.00 2.12 2.20 Freight carloadings:6 Allother 28 .84 .63 .61 Total (1935-39 =100) 61 92 117 115 Tax refunds (deduct) 28 1.46 .16 .15 Groups (points in total index): .... Miscellaneous 61 60.8 65.1 69.7 Coal 61 8.9 r27.9 20.7 MONEY RATES Per cent per annum All other 61 22.4 23.6 24.9 Department stores: Bank rates on loans to business: Indexes (1935-39 = 100):6 All loans: Sales 62 276 276 293 19 cities 31 2.74 2.63 2.65 Stocks 62 270 273 271 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 "343 584 11 Southern and Western cities.. 31 3.17 3.07 3.03 Stocks (mill, dollars) 63 '952 786 Loans of $l,000-$10,000: Outstanding orders (mill, dollars) 63 "444 350 296 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 3.4 1.9 7 Northern and Eastern cities... 31 4.67 4.71 4.63 Stocks 63 2.8 2.4 1.3 11 Southern and Western cities.. 31 4.80 4.74 4.66 For footnotes see p, 240. FEBRUARY 1950 239 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 page 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—Cont. 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):'7 19 cities .... 31 3.70 3.64 3.61 All business 42 4.7 4 4 4 4 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 3.2 3.0 3.1 11 Southern and Western cities.. 31 3.89 3.79 3.74 Manufacturing and mining 42 2.1 1.9 1.9 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 Northern and Eastern cities.,. 31 2.98 2.93 3.00 Lo 1 a 1 n s S o o f u t $ h 2 e 0 rn 0, 0 a 0 n 0 d a W nd e s o te v r e n r : cities.. 31 3.26 3.18 3.12 Ind G i r v o id ss u a s l a v s i a n v g i s ngs :e 43 +8.8 +10.6 19 cities 31 2.44 2.31 2.35 Liquid savings 43 +0.9 +1.7 New York City 31 2.17 2.13 2.21 Cash 43 +0.1 +1.9 7 Northern and Eastern cities... 31 2.66 2.39 2.41 U. S. Govt. securities 43 +0.2 -0.2 11 Southern and Western cities.. 31 2.69 2.58 2.56 Other securities 43 +0.8 +0.2 Insurance 43 +1.4 +1.5 Stock yields: Debt liquidation 43 -1.6 -1.6 Earnings/price ratio, common 33 13.80 P12.97 Annual rates, in billions of dollars GROSS NATIONAL PRODUCT, ETC.« BUSINESS FINANCE In imit indicated Gross national product 6 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. 37 123.3 124.6 Personal consumption expenditures 44 178.9 178.5 Cash 37 24.3 24.7 Durable goods 46 23 8 25.8 U. S. Govt. securities 37 14.8 15.6 Nondurable goods 46 99.3 96.5 Inventories .... 37 45.7 44.7 Services 46 55 9 56.2 37 37.1 38.0 Private domestic and foreign invest- 37 56.6 56.9 ment 44 36.6 34.2 Notes and accounts payable 37 32.7 32.9 Gross private domestic invest- Federal income tax liabilities.... 37 10.6 10.2 ment: 37 66.7 67.7 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 -.8 Type of security (bill, dollars): Personal income, consumption, anc Bonds 38 1.58 .53 saving:6 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 Railroad 39 111 80 1948 1949 Industrial 39 182 241 Working capital: 39 353 89 Dec. June Dec. Public utility 39 4 4 31 30 31 Railroad 39 SEMIANNUAL FIGURES 39 237 50 Bonds (bill, dollars): • INSURED COMMERCIAL BANKS In billions of dollars Public 38 1.15 .40 Private 38 .74 .24 Loans: Co P r r p o ( o f a r i n t a s n t e u b a p e l r f o o r r f a e i t t e s t , s a , t x a b e x i s e ll s , , d a o n l d l a d r i s v ): id « e 6 nd. 3 An 26 4 r28 9 26 5 Agricultural 1 1 1 1 1 2 8 . . 7 7 8 6 1 2 6 . . 7 2 3 9 Profits after taxes (dividends and Real estate 11 10.67 10.89 undistributed profits) 40 15.8 r17.5 16.1 F C o o r n s p u u m rc e h r asing securities: 11 6.80 7.17 40 7.4 r9.1 7.6 11 1.34 1.97 Corporate pronts after taxes (quar To others 11 0 94 0 90 terly totals): State and local government securities 11 5.51 5.76 All corporations (bill, dollars)«. ... 41 3.9 4.4 11 3.42 3.49 Large corporations, total (bill, dollars) 41 1 l 1 1 Manufacturing (mill, dollars): 41 491 504 41 259 295 Electric power and telephon• (mill, dollars) 41 230 228 Railroads (mill, dollars) 41 115 105 6 Estimated. »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. 2 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 3 Deficiency of less than 5 million dollars. * Less than 5 million dollars. 5 Change in series. 6 Adjusted for seasonal variation. 7 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. 240 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 Chart 1949 Chart 1949 book book page1 page1 Oct. NOV.P Dec? Oct. Nov.? Dec? In millions of dollars In millions of dollars Consumer credit outstanding, total... 3 17,221 17,810 18,788 Consumer instalment sale credit Instalment credit, total 3, 5 10,164 10,439 10,912 granted, cumulative totals:2 Instalment loans 5 4,503 4,557 4,650 By all other retailers 906 907 1,073 Instalment sale credit 5 5,661 5,882 6,262 By department stores and mail- Charge accounts 3 3,197 3,454 3,909 order houses 790 794 896 Single-payment loans 3 2,866 2,926 2,980 By furniture and household appli- Service credit 3 994 991 987 ance stores 629 620 667 Consumer credit outstanding, cumu- By automobile dealers 429 431 394 lative totals:2 Consumer instalment loan credit out- Instalment credit 4 17,221 17,810 18,788 standing, cumulative totals:2 Charge accounts 4 7,057 7,371 7,876 Commercial and industrial banks. 4,503 4,557 4,650 Single-payment loans 4 3,860 3,917 3,967 Small loan companies 2,328 2,369 2,448 Service credit 4 994 991 987 Credit unions 1,470 1,494 1,519 Consumer instalment sale credit out- Miscellaneous lenders 1,085 1,100 1,117 standing, cumulative totals:2 Insured repair and modernization All other retailers 6 5,661 5,882 6,262 loans 778 790 800 Department stores and mail-order houses 6 5,117 5,314 5,609 Furniture and household appliance stores 6 4,262 4,408 4,599 Automobile dealers 6 2,986 3,085 3,149 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 bF subtracting from the figure shown, the total immediately following it. FEBRUARY 1950 241 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1949 Phila- System Boston New York delphia Cleveland Richmond Atlanta Current Earnings Discounts and advances $3,471,924 $181,165 $1,425,130 $196,459 $285,904 $197,358 $110,509 Industrial loans 41,013 37,728 20 2,769 Commitments to make industrial loans 10,280 451 79 6,897 734 713 U. S. Government securities 312,240,93221,419,245 74,083,054 21,269,71728,798,07520,042,91716,734,213 All other 772,781 10,348 131,663 6,954 240,360 16,975 34,513 Total current earnings 316,536,93021,611,209 75,639,84721,510,93729,331,256 20,260,75316,879,948 Current Expenses Operating expenses: Salaries: Officers 3,649,245 224,230 718,563 176,180 297,441 245,889 264,700 Employees 50,024,026 3,263,147 12,257,194 3,016,305 4,214,252 3,187,576 2,276,971 Retirement System contributions 5,292,429 338,648 1,246,846 309,532 442,256 353,927 258,983 Legal fees 18,907 68 23 1,053 8,568 Directors' fees and expenses 276,448 17,913 20,651 18,325 19,047 18,711 38,447 Federal Advisory Council, fees and expenses 22,164 1,540 1,372 1,424 1,518 1,110 2,283 Traveling expenses (other than of directors and members of Federal Advisory Council) 850,247 49,109 104,126 32,968 71,201 73,652 56,301 Postage and expressage 8,845,639 833,094 1,371,694 540,775 757,692 756,801 679,304 Telephone and telegraph 519,097 23,612 101,416 31,156 47,032 30,440 42,344 Printing, stationery, and supplies 3,686,535 328,275 683,692 218,841 267,725 208,009 236,198 Insurance 650,526 43,701 159,806 30,454 54,712 37,361 30,610 Taxes on real estate 1,937,416 203,253 482,167 91,436 215,922 87,096 79,760 Depreciation (building) 1,340,323 55,832 261,866 66,352 244,966 115,160 50,607 Light, heat, power, and water 701,661 48,889 140,171 43,858 93,747 47,709 39,397 Repairs and alterations 835,401 25,407 62,208 31,494 203,635 78,743 27,345 Rent 271,011 1,262 7,849 4,868 7,608 19,915 Furniture and equipment, including rental 3,540,338 210,971 731,105 259,661 370,602 289,833 156,344 All other 1,313,481 96,349 177,731 78,276 247,784 62,210 65,919 Inter-Bank expenses 28,952 -314,334 36,764 42,279 22,518 18,842 Total operating expenses 83,774,894 5,794,252 18,206,297 4,992,703 7,605,247 5,624,353 4,344,270 Less reimbursement for certain fiscal agency and other expenses 15,844,034 907,219 3,146,763 833,222 1,231,421 901,269 903,985 Net operating expenses 67,930,860 4,887,033 15,059,534 4,159,481 6,373,826 4,723,084 3,440,285 Assessment for expenses of Board of Governors 3,242,500 203,600 1,022,800 260,300 298,100 161,000 133,800 Federal Reserve currency: Original cost 5,582,979 337,026 1,135,259 413,412 456,129 441,215 454,701 Cost of redemption 721,337 44,886 132,268 44,144 58,120 61,572 65,138 Total current expenses 77,477,676 5,472,545 17,349,861 4,877,337 7,186,175 5,386,871 4,093,924 Profit and Loss Current net earnings. 239,059,254 16,138,664 58,289,98616,633,60022,145,08114,873,88212,786,024 Additions to current net earnings: Profits on sales of U. S. Government securities (net). 31,361,686 2,125,355 7,652,704 2,272,116 2,961,697 1,995,190 1,638,435 All other 302,118 51,347 7,747 1,607 107,433 768 385 Total additions 31,663,804 2,176,702 7,660,451 2,273,723 3,069,130 1,995,958 1,638,820 Deductions from current net earnings: Charge-offs and special depreciation on bank premises. 515,035 218, 178,577 Retirement System (adjustment for revised benefits). 2,613,424 158, 667,315 178,515 224,183 163,430 98,399 All other 263,473 203: 2,615 590 1,348 5,128 6,240 Total deductions. 3,391,932 580,602 669,930 179,105 404,108 168,558 104,639 Net additions 28,271,872 1,596, 6,990,521 2,094,618 2,665,022 1,827,400 ,534,181 Transferred to reserves for contingencies 40,394,146 2,733, 9,765,231 2,820,890 3,760,963 2,537,242 ,178,868 Paid U. S. Treasury (interest on outstanding Federal Reserve notes) 193,145,837 12,877, 46,165,51313,510,438 17,903,13812,261,57010,490,252 Net earnings after reserves and payments to U. S. Treasury 33,791,143 2,123 349,763 2,396,890 146,002 ,902,470 ,651,085 Dividends paid .- 12,329,373 692 220,220 895,650 156,753 539,948 485,448 Transferred to surplus (Sec. 7) 21,461,770 1,431 5,129,543 1,501,240 1,989,249 1,362,522 ,165,637 Surplus (Sec. 7), January 1 466,711,12629,347 143,019,19736,704,21743,967,550 22,416,66720,027,863 Surplus (Sec. 7), December 31 488,172,89630,778,154 148,148,740 38,205,45745,956,799 23,779,189 21,193,500 Surplus (Sec. 13b), January 1 and December 31. 27,542,654 3,010,527 7,318,631 4,489,062 1,005,665 3,349,145 762,426 242 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1949 Chicago St. Louis Minneapolis K C an it s y as Dallas Fra S n a c n isco Current Earnings $418,125 $133,749 $68,198 $175,421 $86,360 $193,546 Discounts and advances 496 Industrial loans 435 17 954 Commitments to make industrial loans 46,578,291 16,872,994 10,104,928 15,098,534 13,506,250 27,732,714 U. S. Government securities 55,148 15,391 5,408 223,847 12,652 19,522 All other 47,051,999 17,022,134 10,179,030 15,497,819 13,605,262 27,946,736 Total current earnings Current Expenses Operating expenses: Salaries: 451,219 244,115 200,910 247,877 229,588 348,533 Officers 7,817,701 2,943,024 1,495,522 2,664,030 2,313,414 4,574,890 Employees 824,887 306,939 153,594 299,676 256,407 500,734 Retirement System contributions 1,212 6,598 1,220 2 163 Legal fees 17,460 22,125 17,863 27,423 25,067 33,416 Directors' fees and expenses 1,976 1,293 1,950 2,019 2,496 3,183 Federal Advisory Council, fees and expenses Traveling expenses (other than of directors and mem- 120,899 66,656 62,117 62,860 53,968 96,390 bers of Federal Advisory Council) 1,228,574 474,204 303,587 514,708 466,321 918,885 Postage and express age 32,923 45,345 26,905 39,636 34,446 63,842 Telephone and telegraph 654,627 257,068 101,447 216,506 189,532 324,615 Printing, stationery, and supplies 91,516 38,046 21,611 42,701 32,270 67,738 Insurance 301,363 80,521 98,688 105,724 49,577 141,909 Taxes on real estate 176,790 110,472 31,406 105,601 41,309 79,962 Depreciation (building) 93,691 53,603 26,470 31,534 40,313 42,279 Light, heat, power, and water 160,121 59,524 57,226 69,612 24,219 35,867 Repairs and alterations 68,541 6,490 1,268 13,732 9,944 129,534 Rent 580,241 211,728 89,319 191,195 168,359 280,980 Furniture and equipment, including rental 161,354 87,598 90,426 71,626 61,588 112,620 All other 63,418 16,544 11,489 16,544 16,084 40,900 Inter-Bank expenses 12,848,513 5,031,893 2,791,798 4,724,224 4,014,904 7,796,440 Total operating expenses Less reimbursement for certain fiscal agency and 2,808,274 981,091 507,750 979,791 912,463 1,730,786 other expenses 10,040,239 4,050,802 2,284,048 3,744,433 3,102,441 6,065,654 Net operating expenses 446,200 117,300 80,800 117,200 113,000 288,400 Assessment for expenses of Board of Governors Federal Reserve currency: 1,005,538 345,540 98,048 204,355 213,288 478,468 Original cost 116,364 38,513 18,213 30,328 34,146 77,645 Cost of redemption 11,608,341 4,552,155 2,481,109 4,096,316 3,462,875 6,910,167 Total current expenses Profit and Loss 35,443,658 12,469,979 7,697,921 11,401,503 10,142,387 21,036,569 Current net earnings Additions to current net earnings: 4,268,571 1,646,280 912,889 1,499,577 1,395,483 2,993,389 Profits on sales of U. S. Government securities (net) 131,944 126 32 329 72 328 All other 4,400,515 1,646,406 912,921 1,499,906 1,395,555 2,993,717 Total additions Deductions from current net earnings: 117,762 Charge-offs and special depreciation on bank premises 328,771 153,522 84,292 186,597 114,429 255,794 Retirement system (adjustment for revised benefits) 36,737 1,096 358 1,239 790 3,603 All other 483,270 154,618 84,650 187,836 115,219 259,397 Total deductions 3,917,245 1,491,788 828,271 1,312,070 1,280,336 2,734,320 Net additions 5,936,360 2,116,055 1,288,565 1,915,442 1,738,520 3,602,100 Transferred to reserves for contingencies Paid U. S. Treasury (interest on outstanding Federal Re- 28,681,442 10,294,486 6,268,253 9,328,916 8,272,076 17,091,926 serve notes) 4,743,101 1,551,226 969,374 1,469,215 1,412,127 3,076,863 Net earnings after reserves and payments to U. S. Treasury 1,556,097 407,193 272,831 432,591 492,888 1,177,731 Dividends paid 3,187,004 1,144,033 696,543 1,036,624 919,239 1,899,132 Transferred to surplus (Sec. 7) 68,841,817 17,973,827 11,797,316 17,008,400 14,954,200 40,652,922 Surplus (Sec. 7), January 1 72,028,821 19,117,860 12,493,859 18,045,024 15,873,439 42,552,054 Surplus (Sec. 7), December 31 1,429,384 521,318 1,072,621 1,137,044 1,307,125 2,139,706 Surplus (Sec, 13b), January 1 and December 31 FEBRUARY 1950 243 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for last date shown are preliminary] Commercial and stock savings banks and nondeposit trust companies Mutual savings All Member banks Nonmember banks banks banks Total Na- State In- Non- In- Non- Total i tional member1 Total sured 2 insured 2 sured 1 2 ineured2 Banks (head offices) Dee. 31, 1933 15,029 14,450 6,011 5,154 857 8,439 8,4:9 579 Dec. 31, 1934 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec 31 1941 14,825 14,277 6,619 5,117 1,502 7,661 6,810 851 52 496 Dec. 31, 1945 14,553 14,011 6,884 5,017 1,867 7,130 6,416 714 192 350 Dec 31 1946 14,585 14,044 6,900 5,007 1,893 7,147 6,457 690 191 350 Dec 31 1947 3 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 Dec. 31, 1948 14,703 14,171 6,918 4,991 1,927 7,256 6,498 758 193 339 Dec. 31, 1949 14,680 14,149 6,892 4,975 1,917 7,260 6,540 720 192 339 Branches and additional offices Dec. 31, 1933 .... 2,911 2,786 2,081 1,121 960 705 7C5 i:5 Dec. 31, 1934 3,133 3,007 2,224 1,243 981 783 4 783 4 126 Dec 31, 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 Dec. 31, 1945 .... 4,090 3,947 2,909 1,811 1,098 1,038 981 57 101 42 Dec. 31, 1946 4,138 3,981 2,913 1,781 1,132 1,068 1,006 62 115 42 Dec 31 1947 3 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec. 31, 1948 4,531 4,349 3,197 1,965 1,232 1,152 1,084 68 132 50 Dec. 31, 1949 4,779 4,580 3,388 2,085 1,303 1,192 1,139 53 141 58 Changes, Jan. 1-Dec. 31, 1949 Banks New banks 5 +73 +72 +18 +12 +6 +54 +42 +12 +1 Suspensions -4 -4 -4 -4 Consolidations and absorptions: Banks converted into branches -59 -58 -38 -24 -14 -20 -20 — 1 Other -20 -19 -10 -7 -3 -9 -9 -1 Voluntary liquidations 6 . . -12 -12 -2 -2 -10 -2 Unclassified -1 -1 -t -1 Interclass changes: Conversions— National into State -1 -2 +1 +1 +1 State into national +3 +7 -4 -3 -2 -1 Federal Reserve membership:7 Admissions of State banks +15 +15 -15 -12 -3 Withdrawals of State banks -11 -11 +11 +11 Federal deposit insurance 8 Admissions of State banks +34 -34 Withdrawals of State banks i +1 Net increase or decrease -23 -22 -26 -16 -10 +4 +42 -1 -38 Number of banks, Dec. 31, 1949 14,680 14,149 6,892 4,975 1,917 7,260 6,540 720 192 339 Branches and additional offices 9 De novo branches +175 +158 +122 +75 +47 +36 +32 +4 +9 +8 U B n an cl k a s s s c if o ie n d v erted into branches ... . + + 5 1 9 + + 5 1 8 +46 +27 +19 + + 12 1 + + 11 1 +1 +1 Discontinued -11 -10 -4 -1 -3 -6 -3 -3 i Interclass branch changes: National to State member -4 +4 State member to national +1 -1 State member to nonmember Q -8 +8 +8 Nonmember to national + 1 + 1 -1 — 1 N N o o n n i m ns e u m re b d e r to to in S s t u a r te e d member . ... +12 •••+12" -12 + -1 6 -ii -6 Net increase or decrease +224 +207 +169 +99 +70 +38 +53 -15 +9 +8 Number of branches and additional offices Dec. 31, 1949 4,685 4,486 3,301 2,012 1,289 1,185 53 141 58 1,132 Banking facilities u Established +24 +24 +22 +21 +1 +2 +2 Number of banking facilities, Dec. 31, 1949 .. 94 94 87 73 14 7 7 1 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks that became members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only once in "all banks." 2 Federal deposit insurance did not become operative until Jan. 1, 1934. 3 As of June 30, 1947, the series was revised to conform (except that it excludes possessions) with the number of banks in the revised all bank series announced in November 1947 by the Federal bank supervisory authorities. The revision resulted in a net addition of 115 banks and 9 branches. 4 Separate figures not available for branches of insured and noninsured banks. 5 Exclusive of new banks organized to succeed operating banks. 6 Exclusive of liquidations incident to succession, conversion, and absorption of banks. 7 Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership; they are included under "conversions." 8 Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "interclass bank changes." 9 Covers all branches and other additional offices (excluding banking facilities) at which deposits are received, checks paid, or money lent, 10 Banking facilities are provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government at military and other Government establishments. Two of these banking facilities are, in each case, operated by two national banks, each bank having separate teller windows; each of these facilities is counted as one office only. These figures do not include branches that have also been designated by the Treasury Department as banking facilities. Back figures.—See Banking and Monetary Statistics, Tables 1 and i4, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. 244 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States. . 246-251 Gold production. . 251 Reported gold reserves of central banks and governments. . 252 Gold movements; gold stock of the United States. . 253 International Monetary Fund and Bank. . 254 Central banks.. 254-258 Money rates in foreign countries. . 259 Commercial banks. . 260 Foreign exchange rates. . 261 Price movements:. Wholesale prices. . 262 Retail food prices and cost of living. . 263 Security prices. . 263 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, FEBRUARY 1950 245 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 Increase in foreign banking Increase in Decrease Foreign Domestic From th r J o a u n g . h 2 -— , 1935, Total funds in U. S. f t u e b n rn a d n a s k ti o i o n f n g i a n l - b in a fu n U n k d . i n s S g . s o e R c f u e U t r u it . r i n e S s . : s I e n f c o f u l r o r e w i i t g i n e o s f : b I b n r a o fl l k o a e w n r c a e g i s n e Total Official * Other in i s n t it U ut . i o S n . s abroad funds 2 funds 2 1935—Dec. (Jan. 1, 1936). 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 3,501.1 1,259.3 334.7 924 6 449.1 583.2 1,162.0 47.5 1938—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). 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 1,133.7 80.6 1940—Dec. (Jan. 1, 1941). 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Dec 31 5,354 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 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Dec. 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Dec. 31 8,802.8 6,144.5 3,469.0 2,675.5 742.7 972.8 798.7 144.1 1946—Dec 31 8,009.5 5,272.3 2,333.6 2,938.7 453.8 427.2 1,237.9 464.5 153.7 1947—Dec> 3i 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—Dec. 31 8,560.6 5,119.5 2,126.0 2,993.6 1,844.3 116.8 1,182.1 174.8 123.1 1949—jail. 31 8,652.0 5,220.2 2,221.2 2,999.0 1,914 2 139.3 L,186.9 71.2 120.3 Feb 28 8,712.4 5,298.9 2,294.2 3,004.7 1,892.1 138.4 1,188.2 76.7 118.1 Mar. 31 8,638.0 5,212.7 2,236 6 2,976 1 1,897 3 152 5 1,170 5 82.4 122.6 Apr 30 . .. ••8,589.8 5,151.9 2,128.1 3,023.8 1,880.2 178.0 1,176.1 84.6 118.9 May 31 ••8,468.7 4,953.8 1,941.6 3,012.2 1,874.3 '249.4 L,180.5 95.7 115.1 June 30 r8,559.0 5,008.8 2,015 0 2,993 8 1 874 7 r275 0 1,190 5 93.6 116.3 July 31 ••8,449.4 4,868.7 1,864.6 3,004.1 1,859.5 ••287.5 1,199.6 114.6 119.5 Aug. 31 r8,526.2 4,873.6 1,866.3 3,007.2 1,778.8 ••338.0 1,203.5 211.1 121.2 Sept. 30 8,485.9 4,937.0 1,877.6 3,059 5 1,722 1 318.0 L.123.5 258.3 127.0 Oct. 31 P 8,645.0 5,112.8 2,016.4 3,096.4 1,692.4 281.1 1,174.6 257.6 126.6 Nov. 30P 8,648.7 5,133.6 2,109.3 3,024.3 1,655.1 302.9 1,186.5 249.3 121.3 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, s ti t I o i n t n u te a ti r l o n i n n a s - - Total U K d n o i 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 ad an 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 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 1,133.3 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 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 1,311.8 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 1,246.3 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 1,100.6 2,975.1 688.6 1,383.4 975.8 244.9 1948—Dec. 31.. 1,677 6,883.4 659.7 74.2 103.0 846.0 335.9 1,122.2 3,141.1 947.3 1,503.6 1,056.7 234.9 1949—Jan. 31.. 1,672 6,979.5 682.4 57.6 127.6 871.2 383.7 1,145.8 3,268.3 970.0 1,524.0 990.6 226.7 Feb. 28.. 1,650 7,062.0 689.7 53.6 122.9 859.9 403.7 1,192.9 3,322.8 996.4 1,541.9 963.4 237.5 Mar. 31.. 1,639 6,998.3 620.9 56.0 129.0 883.3 396.8 1,167.9 3,253.9 1,006.4 1,508.3 983.4 246.4 Apr. 30.. 1,622 '6,967.2 558.7 67.3 120.9 925.5 389.5 1,153.0 •3,214.9 953.3 1,573.2 996.4 229.5 May 31.. 1,616 '6,852.1 464.6 96.5 121.3 918.0 372.8 1,104.7 •3,077.9 942.3 1,621.4 966.4 244.1 June 30.. 1,619 '6,939.9 533.5 107.1 134.8 910.5 376.5 1,080.1 •3,142.5 925.4 1,660.8 955.5 255.7 July 31.. 1,615 '6,833.4 473.7 78.0 143.7 885.6 381.3 1,083.5 •3,045.9 909.3 1,689.4 940.0 248.9 Aug. 31.. 1,630 '6,895.6 479.2 78.4 128.7 898.5 400.6 1,097.0 •3,082.2 903.9 1,715.1 955.5 239.0 Sept. 30.. 1,623 6,862.1 525.5 95.2 174.0 910.0 291 A 1,089.6 3,085.7 893, 1,679.0 946.6 257.2 Oct. 31 P. 1,594 7,050.0 584.7 113.8 189.6 931.2 291.1 1,086.8 3,197.2 926. 1,765.3 896.1 264.7 Nov. 30P. 1,558. 7,089.8 644.5 128.1 165.3 916.0 297.1 1,103.8 3,254.9 942.9 1,770.2 865.8 256.0 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 dep©sit 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 m@nth 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. 8 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation see BULLETIN for January 1943, p. 98. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637 in the same publication, and for those subsequent to 1941 see BULLETIN for 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. 246 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 Inter- From th Ja ro n u . g 2 h , — 1935, n t a u in t t i i s o o ti n 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... 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 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—Dec. 31.. 1,844.3 ,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 ,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 ,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 ,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 ,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 ,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 ,008 349.1 114.2 104.3 557.9 364.0 514.4 2,003.8 671.8 ,216.9 900.7 215.6 July 31.. 1,859.5 ,868 290.2 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 ,873 291.1 70.3 102.0 538.2 381.0 516.4 1,899.0 635.0 ,246.-4 897.0 196.2 Sept. 30.. 1,722.1 ,937 377.6 86.8 149.1 545.1 265.5 501.0 1,925.1 719.6 1,197.8 878.9 215.7 Oct. 31 P. 1,692.4 ,112.8 448.7 103.8 166.3 560.6 265.8 507.4 2,052.6 702. ,298.5 835.5 223.3 Nov. 30*>. 1,655.1 ,133.6 495.3 103.0 146.3 544.9 275.4 513.7 2,078.6 717.0 ,318.2 804.0 215.8 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 I945—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 I947—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 1948—Dec. 31 116.8 267 5 —39 9 -32.7 1 2 10.8 203.5 410.3 53.0 -348.6 10.3 —8.3 1949— F ja e n b # 3 2 1 8 1 1 3 3 9 8 . . 3 4 2 2 6 6 7 5 . . 7 0 — -3 3 7 6 .3 .9 — - 1 6 2 .8 .7 1 1. . 7 3 7 1 . . 0 9 2 21 0 2 7 . . 5 8 4 4 3 3 4 7 . . 2 0 5 5 2 4 . . 2 4 - - 3 3 3 4 8 5 . . 7 1 -1.5 .8 — -6 9 .4 .1 Mar. 31. 152.5 258 2 —36 6 —6.2 .3 5.1 224.3 445.1 53.4 -337.1 —2.4 —6.6 Apr 30 '178.0 274.0 -35.3 7.1 1.0 3.4 T-214.9 '465.0 58.7 -337.9 — .9 -7.0 May 31 r249 4 260 4 —9 0 6 8 1 9 3 5 r213.7 '477.3 57.8 —265.8 -12.4 —7.6 June 30 ••275.0 275 0 -7 9 13 9 1 8 — .5 '214.2 '496.5 59.0 -255.2 — 18.0 —7.4 July 31 .... '287.5 271.5 -6.0 14.4 1.8 .1 '217.9 '499.8 60.3 -250.8 -14.2 -7.7 Aug 31 . r338 0 277 1 9 8 12 7 1 9 5 5 '227.6 '534.5 58.5 -242.3 —7.5 —5.2 Sept. 30 318.0 235.2 10.9 11.8 4.5 11.2 224.9 498.5 57.5 -233.9 2.4 -6.5 Oct 31P 281.1 225.6 11.1 12.6 4.1 10.5 214.1 478.0 61.1 -245.2 -6.4 -6.4 Nov. 30*> 302.9 237.2 26.9 12.3 3.5 7.7 224.4 512.0 59.9 -255.9 -6.1 -6.9 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 a I 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 it - 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 a e t r i i n ca Asia © A th ll er 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 1943—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—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 1949—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 30 -265.3 1,388.8 77.1 43.2 -9.6 -12.0 26.9 306.1 431.7 260.5 593.5 63.9 39.1 Oct 31p —265 3 1,439 9 72 8 42 9 -9 7 -9.2 26 9 307.4 431.1 311.1 594.6 63.9 39.2 Nov. 30P -265.3 1,451.8 71.4 43.0 -9.7 -6.6 26.9 308.1 433.2 320.1 595.4 64.0 39.2 P Preliminary. r Revised. FEBRUARY 1950 247 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 th J ro a u n g . h 2 — , 1935, n t a I 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 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 - A L m a e t r i i n ca Asia o A th l e l r 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 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.. o 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. 3i 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—Dec. 3i #; 82.1 92.7 -194.7 -58.1 29.5 311.0 -15.0 45.7 118.4 -132.3 94.4 5.1 7.2 1949—jan# 3i 7.6 63 6 — 194 0 -54 8 27 8 314 9 -14.7 45.3 124.5 — 171.0 97.1 5.7 7.3 Feb. 28 7.6 69.1 -190.4 -56.4 26.5 317.8 -14.7 44.7 127.5 —168.7 97.5 5.4 7.5 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 Apr. 30 7.6 77 0 — 190.3 -57.7 22 3 331.8 -15.2 44.8 135.8 -170.6 99.6 5.0 7.2 May 31 7.7 88.0 -188.2 -58.2 19.5 338.8 -14.6 44.7 142.0 -166.2 99.6 5.0 7.7 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. 30 166.9 91.4 -182.1 -61.7 13.2 348.1 -12.9 46.2 15.0.8 -165.0 102.8 -5.3 8.1 Oct. 31P 167.9 89.8 -179.9 -60.2 10.1 348.7 -12.7 46.5 152.5 -168.1 101.0 -3.7 8.0 Nov. 30P 169.1 80.2 -176.6 -61.0 5.7 348.9 -13.5 46.3 149.9 — 172.3 98.0 -2.7 7.2 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 th ro 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 .2 7.7 75.7 14.1 3.9 6.3 .8 1942—Dec. 31 104.4 17.4 20.7 17.5 13.7 .2 8.5 78.1 15.2 4.2 6.0 .9 1943—Dec. 31 , 117.8 18.8 21.5 19.9 19.3 .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 3 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 .4 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 .4 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 .3 14.2 102.7 19.6 12.9 6.6 .7 1948—Dec. 31 123.1 17.0 16.7 9 3 27.5 .4 11.0 81.9 19.6 14.0 7.0 .6 1949—jan. 3i t 120.3 17.0 16.8 9.8 26.8 .4 10.5 81.3 19.6 11.7 7.2 .5 Feb. 28 118.1 17.0 16.5 9.5 23.8 .4 10.7 77.9 18.8 13.4 7.2 .7 Mar. 31 122.6 17.3 16.8 10 1 24.3 .5 10.3 79.3 19.2 15.4 7.8 .8 Apr. 30 118.9 16.8 16.6 9.9 24.0 .5 11.1 78.8 19.9 11.9 7.4 .8 May 31 115.1 17 2 16.5 9 7 23.1 .5 11.0 78.0 20.1 9.5 6.7 .8 June 30 116.3 17.2 16.4 10.0 23.5 .5 11.1 78.7 18.9 10.5 7.4 .8 July 31 119.5 17.1 16.1 9.6 23 2 .5 10.9 77.3 20.5 13.5 7.3 .8 Aug. 31 121.2 17.1 16.1 9.3 22.8 .6 11.7 77.5 20.9 14.9 7.2 .6 Sept. 30 127.0 17.7 16.0 9.6 24.4 .6 11.4 79.7 21.0 18.8 6.8 .7 Oct. 31 P 126 6 17 5 16 2 10 3 27 0 5 11.4 83.0 19.7 16.4 6.9 .7 Nov. 30P . 1121.3 17.1 16.2 10.6 25.3 .6 11.4 81.2 18.3 14.5 6.6 .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 i a - - l Official 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 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 1,994.0 373.2 417.7 780.0 113.6 1942—Dec. 31 4,205.4 2,244.4 554.6 432.3 186.6 184.2 12.1 650.9 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 2,584.5 812.6 693.7 1,108.8 175.3 1944—Dec. 31 5,596.8 3,335.2 865.7 401.2 209.7 239.3 27.3 774.5 2,517.8 926.5 909.31,069.2 174.0 1945—Dec. 31 6,883.1 4,179.3 707.7 310.0 281.6 304.2 70.4 909.1 2,583 01,522 2 1,046.41,549.7 181.8 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 1,216.61,057.9 193.7 1948—Dec. 31... L.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 1,287.01,151.8 167.4 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 1,295.41,094.4 159.6 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 2,946.9 517.3 169.7 126.2 564.9 399.6 762.5 2,540.2 871.2 1,269.41,090.3 175.8 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 1,313.31,084.1 173.9 June 30... L.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 1,338.51,081.3 184.4 July 31... L.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 1,352.31,068.9 177.6 Aug. 31... L.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. 30... L,742.1 5,671.2 2,587.9 438.9 166.9 165.7 558.7 285.9 664.2 2,280.3 827.5 1,319.31,059.5 184.5 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 Nov. 30?.. 1,675.0 5,867.8 2,819.6 556.7 183.1 162.9 558.5 295.7 676.9 2,433.8 824.9 1,439.8 984.6 184.6 P Preliminary. 1 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 69.7; U. S. brokerage balances abroad, 25.3. 2 Country breakdown is for "Official and private." 248 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 4-3.5 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—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. 30. .. 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 Nov. 30P. . 676.9 118.4 35.4 24.0 141.6 23.7 13.1 66.4 33.9 6.7 10.7 78.6 8.2 10.4 105.7 Latin America1 Neth- French erte 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 G n a d n u e i d i s e - t s M ic e o x- I l W n a a d n n e i d d s e s t s P m an a a- Peru V zu e e n l e a - O A L i a m t c h t a i e e n r r 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 1 19 9 4 4 7 6 — ,— D jj eecc. . 3 3 i 1 /. , . . 1 1 , , 1 2 0 1 4 6 . . 8 6 2 1 3 1 6 2 . . 2 6 1 1 4 7 . . 0 8 1 10 7 4 4 . . 7 0 4 5 6 0. . 7 3 5 4 7 6 . . 8 1 7 7 . . 7 3 2 1 3 5 4 3 . . 7 5 2 5. . 4 4 1 1 3 5 9 2 . . 2 2 1 1 6 4. . 9 1 7 7 7 0 . . 2 3 4 4 0 1 . . 9 8 7 7 4 8 . . 0 0 1 1 6 7 8 6 . . 7 8 1948—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 A 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. 30. . . 1,319.3 221.7 16.2 145.0 58.1 51.0 8.3 179.6 1.3 184.2 27.8 69.1 59.4 99.4 198.3 Oct. 31P. . 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 Nov. 30P . . 1,439.8 234.4 13.2 216.9 54.9 70.1 11.0 174.4 .6 195.0 23.5 74.2 53.3 129.2 189.1 Asia and All Other1 Egypt Date Asia C M c a h h n a i u 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 t s h i e a r 3 o A th l e l r A t l u r ia a s- - N l Z a e e n a w d - A E t a n i g n a g y d n l p o - -F r r M o e c n o c c - o h S A U o f n o u r i f i o t c h n a Other ria Sudan 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 1 1 9 9 4 4 3 4 — — ] D [) e e c c# . 3 3 1 1 . . . . . . 1 1 , ,0 1 6 0 9 8 . . 2 8 4 5 2 74 7 . . 2 3 2 2 7 7 . . 4 4 2 2 3 2 . . 9 9 2 1 2 8 . . 1 2 1. .9 3 4 4 . . 1 0 1 11 1 0 0 . . 5 1 2 36 5 5 9 . . 8 13 2 5 3. . 7 4 6 5 4 5 . 2 5 1 1 7 7 5 4 .0 32 5 5 2. . 9 3 5 3 . . 1 5 6 7 . . 1 3 1 4 0 . . 3 3 4 8. . 3 5 1 9 2 7 4 . . 6 1 1 1 9 9 4 4 6 5 — — D £) e e c c. . 3 3 1 1 . . . . . . 1 1 , , 5 3 4 1 9 6 . . 6 4 5 43 8 1 2 . . 9 3 2 39 8 . . 9 0 2 4 7 4. . 9 4 3 43 3 . . 5 4 1 1 7 . . 2 3 1 4 6 . . 1 6 1 1 1 2 3 7 . . 7 1 4 6 4 2 6 9 . . 6 15 54 2 . . 7 5 9 7 3 8 . . 8 0 2 1 3 81 2 .8 82 4 8 5 . . 9 5 4 8. . 0 3 2 1 0 8 . . 8 9 1 14 0 . . 9 0 4 6 7 . . 4 2 1 9 1 6 3 . . 4 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—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 31.5 407.420.2213.9 173.921.8 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 36.1 387.615.3234.3 184.4 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 22.311.5 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. 30. .. 1,059.5 124.1 5.1 82.3 59.9 11.6 161.5 27.2 348.415.1224.3 184.5 31.7 12.4 58.7 9.8 5.8 66.2 Oct. 31?.. 1,016.1 116.3 5.3 81.5 52.6 11.4 189.5 20.1 334.112.1193.3 192.144.010.0 60.2 10.7 5.7 61.5 Nov. 30P . . 984.6 113.4 5.2 82.6 56.4 10.1 204.8 17.8 306.311.2 176.8 184.6 39.4 9.4 58.3 11.8 6.9 58.7 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. FEBRUARY 1950 249 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 i o n 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—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 ••957.5 18.0 114.4 11.5 7.1 23.1 ••94.9 '269.1 34.2 505.9 130.0 18.4 May 31 '886.1 31.6 88.1 11.8 6.2 23.1 ••96.1 ••256.8 35.0 433.8 141.4 19.0 June 30 ••860.5 17.0 86.9 4.7 6.3 27.1 ••95.6 '237.6 33.9 423.1 147.0 18.8 July 31 ••848.0 20.5 85.0 4.2 6.4 26.4 '91.9 '234.3 32.6 418.8 143.2 19.1 4ug- 31 '797.5 14.9 69.3 6.0 6.2 21.1 '82.2 '199.6 34.4 410.3 136.6 16.6 Sept. 30 817.5 56.8 68.2 6.9 3.6 15.3 84.9 235.7 35.4 401.9 126.7 17.9 Oct. 31*> 854.4 66.4 68.0 6.1 4.0 16.0 95.7 256.2 31.8 413.2 135.5 17.8 Nov. 30P 832.6 54.8 52.2 6.3 4.6 18.8 85.4 222.1 33.0 423.9 135.2 18.3 CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Other Europe1 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 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 (2) 5.6 34.0 1.1 .1 .2 2.4 (2) 3.2 .4 (2) (2) 8.4 1943—Dec. 31 52.9 .7 (2) 7.6 33.9 .6 .1 .2 1.4 2 3.2 .2 CO 5.0 1 1 9 9 4 4 4 5 — — D D e ec c # 3 3 1 i 7 74 8 .3 6 . . 7 6 ( C 2 O ) ( ( 2 2 ) ) 3 33 3 .9 9 . . 6 7 .1 1 3 31 5 .1 6 . . 8 5 (2) 1 1 . . 6 8 . . 2 9 ( (2 2 ) ) 8 5 4 . . 1 7 1946—Dec. 31 82.8 7.5 .5 6.2 30.4 12.4 .1 3.3 1.0 .1 7.2 4.9 8 9.4 1947—Dec 3i 118.9 15.0 2.2 8.0 30.5 10.6 .1 9.2 1.1 (2) .9 5.4 (2)1 35.8 1 1 9 9 4 4 8 9 — — J F A J A M M D J u u e a p u e a l a n b n y r g c y r . e . . . . 3 3 3 3 3 3 3 3 2 1 1 1 0 1 0 1 1 8 . .... . 1 1 ' ' ' ' ' 9 9 9 9 9 8 8 0 0 6 4 5 1 7 5 2 2 6 . . . . . . . 6 9 5 3 9 0 2 3 1 2 2 1 1 1 1 1 1 1 0 1 8 8 8 7 6 8 3 . . . . . . 4 4 5 9 1 9 5 6 3 1 1 1 1 1 1 . . . . . . 7 3 5 1 6 9 9 4 0 3 3 3 4 3 4 4 4 5 . . . . . . 2 4 0 8 8 9 9 9 5 3 2 2 2 2 2 2 2 2 9 9 9 9 0 9 9 9 9 . . . . . . 6 9 5 5 8 8 7 8 6 1 1 1 1 . . . . . . 2 0 0 8 9 9 8 7 0 ( ( W ( 2 2 2 ) ) ) 2 . . . . 2 1 1 1 1 1 8 8 8 8 8 8 7 4 4 . . . . . . . 7 6 1 7 4 9 8 9 3 . . . . . . . . . 5 6 5 7 7 6 5 5 4 ' ' ' ' 1 1 1 1 '8 0 2 2 2 ( ( ( ( 2 2 2 2 . . . . . ) 2 ) ) ) 7 0 0 0 3 2 2 4 4 2 1 1 1 . . . . . . . . . 8 2 3 6 8 2 5 9 8 1 1 1 1 1 1 1 1 1 . . . . . . . . . 4 5 5 5 5 3 4 4 4 ( ( ( ( (c ( C 2 2 2 2 2 22 ) ) O ) ) ) )) 6 ( ( C ( ( ( ( 2 2 2 2 2 2 ) O . ) ) ) ) ) 0 2 2 2 1 1 1 1 1 1 9 7 4 3 9 7 3 4 1 . . . . . . . . 7 4 3 2 7 0 1 0 5 Sept. 30 84.9 14.1 .7 6.6 30.3 .8 .2 8.0 .4 7.1 3.8 1.8 (*) .2 11.0 Oct. 31P 95.7 •12.2 .7 8.6 30.3 .8 .2 7.3 .5 7.0 14.8 2.1 11.3 Nov. 30P 85.4 12.6 .7 9.2 22.1 .7 .1 7.5 .7 7.0 6.1 2.1 16.7 Latin America 1 French N la e n th d e s r- 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 G n a d n u e i d i s e - t s Mexico I W S n a u d n e r i d s i e - t s P m an a a- Peru V zu e e n l e a - A O L m i a t c h t e a i e r n r 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 CO 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 .1 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 CO 52.2 1.1 4.7 4.3 15.3 31.0 1948—Dec. 31 516.6 72.4 2.7 165.4 15.2 32.6 1.9 83.1 CO 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 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 L.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 L.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 L.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 l.l 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 L.I 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 CO 64.1 1.1 4.6 6.4 22.3 31.2 Oct. 31P 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 Nov. 30P 423.9 52.1 1.9 161.9 11.7 22.3 3.7 26.4 .3 72.0 ]L.2 5.3 5.8 23.6 35.6 P Preliminary. r Revised. 1 Breakdown not available for most of these countries until June 30, 1942. 2 Less than $50,000. 250 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 Ko 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 - 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 r u ia a s - -N Z la e e n a w 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 o c f t a n h Other Sudan 1942—Dec. 31 35.3 11.1 .9 2.2 .5 1.6 14.4 1.8 2 0 4.8 1.0 .7, 1.7 1.2 1943—Dec. 31 26.3 1.7 1.0 2.0 .5 i.7 13.9 3.2 1.8 3.9 .5 .2 2.4 .7 1944—Dec. 31 51.4 1.5 .9 22.3 .5 1.5 13.8 1.8 8.8 11.7 .6 .2 9.7 1.0 1945—Dec. 31 29.9 1.0 () .8 7.5 .5 1.4 13.8 2.0 2.7 9.9 1.7 .7, 4.7 2.5 1946—Dec. 31 99.2 53.9 (3) 5.9 12.0 .2 1.0 20.2 1.4 4.4 17.2 3.4 1.1 10.1 2.2 1947—Dec. 31 127.0 40.8 2.6 29.6 .9 .5 27.4 17.7 6.3 31.5 9.0 1.5 14.4 6.0 1948—Dec. 31 118.8 24.2 3.4 20.4 15.9 1.9 37.3 1.4 13.8 19.7 4.7 .5 7.9 6.1 1949—Jan. 31 128.3 22.7 5.2 21.3 22.9 3.2 33.8 1.4 16.7 20.5 5.4 1.1 6.4 6.9 Feb. 28 130.6 21.6 3.7 20.9 27.7 1.1 33.8 1.6 19.1 17.8 5.1 .5 5.1 6.3 Mar. 31.. 131.4 19.7 4.3 20.4 34.9 1.1 31.7 1.1 17.2 18.0 5.8 .7 4.1 6.9 Apr. 30 130.0 18.2 4.8 20.9 34.3 1.2 30.5 1.5 17.7 18.4 5.5 4.3 7.0 May 31 141.4 18.0 6.4 20.0 37.4 1.5 31.9 2.1 23.3 19.0 5.3 4.6 7.4 June 30 147.0 18.4 3.2 21.0 39.4 1.1 30.2 9 32.4 18.8 5.4 1.0 4.6 7.2 July 31 143.2 16.8 3.7 20.0 33.8 1.2 25.3 117 29.8 19.1 5.0 1.2 4.2 7.7 Aug. 31 136.6 17.8 3.4 19.7 21.8 .5 27.5 145 30.9 16.6 4.5 1.4 3.6 6.5 Sept. 30 126 18.0 3.4 16.8 9.6 .4 24.6 19.4 33.7 17.9 4.6 1.0 4.0 7.5 Oct. 31P 135 16.5 3.8 18.8 10.1 .4 25.5 14.3 45.3 17.8 4.8 .9 3.8 7.2 Nov. 30? 135.2 16.3 4.2 17.0 9.5 .2 25.9 15.7 46.1 18.3 5.4 .5 4.3 7.0 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. 3 Less than $50,000. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated 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 fri e c s a t * 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 tr a • - India6 11 =15*/JI grainsof gold "/IO fine: i.e., an ounee of firle gold = j 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 1948—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— F j e a b n 5 5 6 8 . . 3 4 3 3 1 2 . . 0 9 1 1 . . 5 5 2 2 . . 0 0 1 1 . . 1 0 3 3 . . 9 9 1 1 0 0 . . 8 8 1. . 0 7 1 1 . . 1 4 . . 3 7 . . 6 7 2 2 . . 3 4 . . 5 6 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 .6 .7 2.7 .6 Sept 34.8 1.5 1.9 1.1 6.2 12.8 1.0 .7 2.6 .5 Oct 34 7 1.9 1 0 7 3 12 8 1.0 6 5 Nov 34.0 1.1 7.4 .7 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only, s Reported by American Bureau of Metal Statistics. * 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. FEBRUARY 1950 251 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 i t g A i e n r n a - - * g B iu el m - Brazil "anada3 Chile lo C m o b - ia Cuba C v z s a e lo k c - i h a o- m D a en rk - Egypt France m G a e n r- y 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 1,77.7 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 32 53 523 Oct... 24,584 24,688 720 317 470 43 32 53 523 Nov.. 24,4-79 24,626 709 317 484 43 32 53 523 Dec.. . 24,427 4,563 698 317 496 32 523 End of month H ga u r 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 4 - 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 V261" 181 265 23 91 24 245 939 111 1947--Dec.. 34 274 127 58 s 180 100 231 23 72 20 193 762 111 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 20 119 85 Nov... 40 247 252 178 195 51 120 Dec... 178 195 16 Inter- f B or a n I k n- Government gold reserves1 not included in End of month S d w en e-° S la w e n r i - d tz 6 - T k u ey r- U d K n o i m i n t g e 7 d - g U u r a u y - V zu e e n l e a - t c o r o t i h e u s e n r 8 - n M a F t t a u o io r n n y n d e a - l S t m t i e e o e r t n n t n l a a t e l s - - pre U vi n o i u te s d figures End of month King- France Belgium dom 1942—Dec... 335 824 114 89 68 138 21 1943—Dec... 387 965 161 121 89 172 45 1944—Dec... 463 ,158 221 157 130 190 37 1942—Dec 17 1945—Dec... 482 ,342 241 195 202 192 39 1943—Dec 17 1946—Dec... 381 ,430 237 200 215 193 15 32 1944—Dec 2 2,354 214 17 1 1 9 9 4 4 8 7 — — D D e e c c . . . . . . 1 8 0 1 5 , , 3 3 5 8 6 7 1 1 7 6 0 2 1 17 6 5 4 2 3 1 2 5 3 2 1 1 9 7 5 1 1 , , 3 4 5 3 6 6 3 3 0 6 1945—Dec 22,341 457 17 1946—June 22,196 1949—Jan... 80 ,390 162 164 323 220 1,436 36 Dec 22,587 F M e a b r . . . . . 8 8 0 0 , ,4 3 0 9 8 4 1 16 6 2 2 1 1 6 6 4 4 3 32 2 3 3 2 2 2 2 8 9 1 1 , , 4 4 3 3 6 6 4 4 1 9 1947—Mar 22,345 Apr... 80 ,412 161 164 323 231 1,436 50 June.... 22,382 May., 71 ,432 161 164 323 232 1,440 55 Sept 22,341 June . 71 ,419 160 161 323 232 1,440 55 July.. 71 ,457 160 161 323 233 1,448 60 Dec 2 2,035 Aug.. 71 ,503 160 161 323 P235 1,450 47 1948—Mar 22,200 S N O e c o p t v t . . . . . . . 7 7 7 0 0 0 1, , , 4 4 4 9 8 8 5 6 5 1 1 1 5 5 5 9 4 4 1 1 7 7 8 7 3 3 3 7 7 7 3 3 3 P P P 2 2 2 9 3 9 9 5 9 1 1 1 , , , 4 4 4 5 5 5 0 1 0 5 4 6 2 7 4 J S u ep n t e.... 2 2 1 1 , , 7 88 3 6 3 Dec. 70 154 373 P299 1,451 68 Dec 21,822 1949—Mar 2 1,874 P Preliminary. c Corrected. June... . 21,592 1 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve 1 Reported at infrequent intervals or on destatement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the layed basis: U. K.—Exchange Equalization Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." Account; France—Exchange Stabilization Fund 2 Estimated dollar values derived by converting gold at home in amounts up to 1,224.4 and Rentes Fund; Belgium—Treasury. million pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of 2 Gross official holdings of gold and U. S. 3.5447 pesos per U. S. dollar. dollars as reported by British Government; 8 Figures as reported by Foreign Exchange Control Board and Minister of Finance. total British holdings (official and private) of 4 Total gold holdings are not available. Beginning April 1946, the series is new and repre- U. S. dollars, as reported by banks in the United sents gold held as reserve (25 per cent minimum) less gold in foreign currency liabilities. States, are shown in table on p. 248. 6 7 6 G F B i o e g l g u d i r n h e n s o i l n a d g r i n e D g f s e o c o r e f f m o B l b l a e o n r w k i 1 n o 9 g f 4 3 E d , n a i g t n e l c a s l : n u d d 1 e 9 r s 4 e d 2 g u — o c ld e J d a h n t o . o l 3 d n 1 i o n ; m g 1 s i 9 n o 4 a 6 f l — S am w M i o s a u s r n . G t 3 o b 1 v y ; e a g r n o n l d m d e 1 t n 9 ra t 4 . n 7 s — fe M rs a t r o . 3 B 1 r . itish g in o s N ld ti O tu T tr t E a io n .— n sf s F e , r o s s r e a d e f e f p t e a . c i t 2 l i s n 5 g 4 r , e g t fo h a o r e d t n i B n o r g t i e t i s s p 4 h e , c a a ia n n l d d i p n F . t r e e 2 r n 5 n c 5 a h , l Exchange Equalization Account during 1939. footnote 8. For available back figures, see 8 For list of countries included, see BULLETIN for January 1950, p. 114, footnote 8. 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. 252 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 e or n ar th Total U K n d i i o n m t g e - d g B i e um l- France N la e e n r t d - h s - S d w en e- U.S.S.R. Canada Ar t g in e a n- Co b l ia om- 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 Q 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 1948—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 M ay 9.5 3 2.0 .3 .4 June 6.9 - .1 3 .4 .6 July 131.1 121.8 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 7.6 5 5.1 .4 .4 Dec -1.4 .2 i 3 .3 .5 -.1 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 stock at Ear- Gold valued at approximately $35 a fine ounce end of period I in n cr t e o a t s a e l go N ld e i t m-g m ol a d: r ked de- D tic om g e o s- ld Y m e o a n r t o h r A Re m p O L e u t a r b h t i l i e c n r i an cs t A r u al s- ia China P p h p u R i i b l e n - l e i ic p- A So fr u ic th a c o t o A r th i u e l e n l s r - Period Tr u e ry as- Total i s g t o o ld ck p e o xp rt o o rt r c c or r r ( e e - a a i ) s s n e e - pr ti o o d n u 2 c- 1942 22,726 22,739 —23.0 315.7 -458.4 125.4 1942 16.3 .5 .3 4.1 8.9 1943 21,938 21,981 -757.9 68.9 -803.6 48.3 1943 14.6 .2 -9.5 .3 8 1944 20,619 20,631 — 1,349 8 —845.4 -459.8 35.8 1 19 9 4 4 5 4 -10 7 .8 0 . . 2 1 - - 1 1 34 1.9 0 .1 3. . 6 4 30. . 2 5 1 1 9 9 4 4 5 6 .. . 2 2 0 0 , , 0 5 6 2 5 9 2 2 0 0 , , 0 7 8 0 3 6 -5 6 4 2 7 3 .8 .1 — 3 1 1 0 1 6 .5 .3 -3 4 5 6 6 5. . 4 7 3 5 2 1. . 2 0 1 1 9 9 4 4 7 6 -1 -8 7. . 1 0 .i - - 1 5 4 5 . . 0 8 -3 -. . 2 5 4 1 1 1 0 8 , . 7 6 -18 1 . . 6 3 1 1 9 9 4 4 7 8 2 2 2 4 , , 7 2 5 4 4 4 2 2 4 2 , , 3 86 9 8 9 32, 1 1 , 6 5 2 3 . 0 1 .4 1 1, , 8 6 6 8 6 0 .3 .4 -1 2 5 1 9 0 .2 .0 7 75 0.9 8 1948 .... 7 3 .6 -2.5 491.5 !-63.5 1949 24,427 24,563 164.6 686.4 -495.7 (4) 1948—Dec.. . 6 .1 47.1 -3.0 1949—Jan. . . 24,271 24,448 49.5 66.2 -2.7 3.9 1949—J A F M M a e n p a b a . r . r y . . . . . .. . . . . . . . . . 7 6 4 5 4 -5.2 — . . . . 4 2 2 3 9 4 2 2 1 6 6 1 1 9 . . . . . 3 7 3 1 4 - - - 1 5 4 - — . . . . 2 2 . 8 3 6 F A M M e p a a b r r . y. . . . . . . . . . 2 2 2 2 4 4 4 4 , , , , 3 3 3 2 3 4 1 9 2 2 4 0 2 2 2 2 4 4 4 4 , , , , 4 4 5 4 6 1 6 6 1 1 8 4 - 4 1 6 9 3 6 .5 . . 7 . 2 6 2 1 1 1 9 3 9 ° . . . 5 6 8 5 - - - 2 1 1 3 2 6 7 7 . . . 2 7 7 .8 3 5 5 5 . . . . 9 7 6 5 A J J u u u n l g y e . . . . . . . . . 8 6 6 c—7 - 3 0 .5 - -. . 2 1 2 1 9 2 2 . . . 5 3 7 c- - - 3 4 2 . . . 9 5 1 J J A S u u e u l p g n y t .. e . . . . . . . . . 2 2 2 2 4 4 4 4 , , , , 6 6 5 4 0 0 2 6 2 8 0 6 2 2 2 2 4 4 4 4 , , , , 7 7 7 6 0 7 2 3 5 1 8 7 - 1 4 6 6 2 3 6 7 6 .1 . . . 5 3 1 2 1 5 9 3 7 8 1 6 . . . 1 4 1 .9 - - 2 1 - 1 1 0 5 2 9 8 4 1 . . . 5 9 8 .6 6 5 6 5 . . . . 2 7 5 5 N S O D e c o e p t v c .. t .. . . . . . . . . . . 5 3 4 5 -1.6 ' - — .3 i 1 9 3 5 2 . . . 5 3 8 7 - — - - 4 2 8 1 . . . 8 4 5 .1 1950—J O N D a c o n e t c . v . . . . . .. . . . . . . ? 2 2 2 2 4 4 4 4 , , , , 3 4 5 4 9 7 2 8 5 9 7 4 2> 2 2 2 2 4 4 4 4 , , , , 6 5 6 5 8 2 6 0 8 6 3 7 P - - - - 6 3 6 5 3 9 1 6 . . . 2 8 7 .6 - 5 ( 1 4 6 7 ) .4 .1 .6 5 - - - 6 5 8 -9 3 9 9 3 . . . 1 9 4 .2 7 7 ( ( 4 4 . . ) ) 3 4 P Preliminary. 1 See footnote 1 on opposite page. c Corrected. 2 Yearly figures are estimates of United States Mint. For explanai Includes $39,190,000 to Switzerland, $10,691,000 to Greece, tion of monthly figures see table on p. 251. $8,347,000 to French Indo-China, and $5,272,000 to other countries. 3 Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund. NOTE.—For back figures see Banking and Monetary Statistics, 4 Not yet available. Table 158, pp. 539-541, and for description of statistics see p. 524 5 Gold held under earmark at the Federal Reserve Banks for foreign in the same publication. account, including gold held for the account of international institutions, amounted to 4,366.5 million dollars on Jan. 31, 1950. Gold under earmark is not included in the gold stock of the United States, NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. FEBRUARY 1950 253 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 1949 1948 International Fund International Bank Oct. July Apr. Oct. Dec. Sept. June Dec. 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 38 44 59 81 Other members 14,265 4,185 4,186 4,014 Other members 923 926 928 927 Unpaid balance of member subscriptions. 1,018 1,070 1,069 1,183 Investment securities (U. S. Govt. obli- 1 1 448 454 453 429 Member subscriptions 8,047 8,047 8.034 8,036 Calls on subscriptions to capital stock* .. 5 5 5 5 Accumulated net income -3 -3 -2 -1 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 727 676 650 509 1949 1948 6 11 6 5 Net currency purchased8 Bonds outstanding 254 254 254 254 (Cumulative—millions of dollars) Liability on obligations sold under guar- Dec. Nov. Oct. Dec. antee 27 27 27 8 Loans—undisbursed 162 136 124 10 Other liabilities 4 3 4 4 Australian pounds 20.0 20.0 20.0 Special reserve 11 9 8 6 Belgian francs 32.1 32.1 32.1 ' '33!6 Capital4 1,670 1,670 1,670 1,667 Brazilian cruzeiros 37 5 37 5 15 0 Accumulated net income 20 17 14 8 Chilean pesos 8.8 8.8 ".4 8.8 Costa Rican colones — 9 — 9 — 4 1 3 Czechoslovakian koruny 6 0 6 0 6 0 6 0 c Corrected 10.2 10 2 10 2 10.2 1 Includes 382 million dollars receivable forcurrehcv adiustments Egyptian pounds . . . 3.0 3.0 3.0 resulting from the devaluations in September. Ethiopian dollars 6 6 6 .3 2 Less than $500,000. 125.0 125.0 125 0 125.0 s As of Dec. 31, 1949, the Fund had sold 759.8 million U. S. dollars; Indian rupees 100 0 100 0 100 0 68 3 in addition, the Fund sold to the Netherlands 1.5 million pounds 22.5 22.5 22 5 22.5 sterling in May 1947 and 300 million Belgian francs in Mav 1948. and Netherlands guilders 75 4 75 4 75 4 75 4 sold to Norway 200 million Belgian francs in June and Tulv 1948. Nicaraguan cordobas .5 Repurchases amounted to 3.6 million dollars. 9.6 9 6 9 6 9.6 4 Excludes uncalled portions of capital subscriptions, amounting to South African pounds. 10 0 10 0 10 0 10 0 6,679 million dollars as of Sept. 30, 1949, of which 2.540 million reore- Turkish liras 5.0 5.0 5 0 5.0 sents the subscription of the United States. 300.0 300.0 300.0 300.0 Yugoslav dinars 9.0 9.0 9.0 Total •. 773.7 773.7 752.5 675.8 CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fig p u o r u e n s d i s n s m ter il l l i i n o g n ) s ^ of Gold1 a O ss t e h t e s r 2 N c a o o n t i d e n s a v c n o a D d n u i c n s a e - t d s s - Se t c ie u s ri- c t i i r o c n u l 3 a- Bankers' Pub D li e c posi E ts .C.A. Other t c i l O e i a a s p t b h a i i t e l n a i r - d l 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 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 4 8 1 2 3 4 6 7 5 0 — — — — — — — — — D D D D D D D D D e e e e e e e e e c c c c c c c c c . . . . . . . . . 3 3 2 2 3 2 2 2 2 1 0 5 9 1 6 9 7 5 . . . . . . . . . 2 2 2 2 2 2 2 2 2 5 : L L L 1 L L , , , , , , 2 9 6 4 7 4 4 1 3 5 5 3 5 8 0 5 0 2 O 0 0 0 0 0 0 0 5 . . . . . . . . . O 0 0 0 0 0 0 0 0 1 3 2 2 2 2 1 1 1 0 6 0 3 8 7 4 2 3 0 . . . . . . . . . 7 7 4 1 8 2 5 5 8 1 1 1 4 3 6 2 5 8 5 6 3 . . . . . . . . . 5 4 0 5 4 1 2 7 6 3 3 3 3 3 2 2 4 1 0 2 2 3 1 6 0 6 9 7 7 7 1 7 7 1 7 9 . . . . . . . . . 9 0 9 6 3 4 1 8 1 1 L L 1 L L , , . . , , 9 4 0 6 7 3 3 2 2 2 2 8 1 5 4 7 3 9 3 8 6 1 8 9 9 8 3 . . . . . . . . 7 7 9 A 9 6 2 1 7 3 3 2 2 2 2 2 2 1 1 1 7 6 7 1 3 2 3 4 8 0 4 9 5 4 3 5 . . . . . . . . . 5 9 7 5 9 3 1 4 7 1 1 1 1 1 1 9 5 5 8 1 1 2 0 0 . . . . . . . . . 0 2 3 2 7 6 5 3 3 17.4 9 4 5 5 5 9 5 5 6 2 5 8 8 2 7 1 0 4 . . . . . . . . . 5 2 5 1 8 3 3 4 1 1 1 1 1 1 1 1 1 1 7 7 7 8 8 8 7 7 7 . . . . . . . . . 9 8 8 9 1 1 1 9 9 1949—Jan. 26 .2 5 L,300.0 79.9 26.0 326.1 L.224.5 294.7 21.4 8.4 89.4 18.3 Feb. 23 .2 :L,300.0 76.0 32.1 325.1 1,228.0 295.7 10.9 17.6 90.6 18.4 Mar. 30 .2 L,300.0 53.0 19.9 362.1 1,250.6 294.0 25.6 6.7 90.1 18.6 Apr. 27 .2 L,300.0 24.2 13.7 379.3 1,280.3 289.9 16.8 .7 92.0 17.8 May 25 .2 L,300.0 36.3 25.9 381.4 L.267.9 299.9 12.0 23.3 90.4 17.9 June 29 .2 L,300.0 26.7 27.0 372.0 L.277.9 294.5 8.6 13.5 90.9 18.2 July 27... .2 L,350.0 49.9 15.3 381.6 L,305.1 294.0 11.2 32.4 91.0 18.3 Aug. 31 .2 1,350.0 80.4 10.4 354.1 L,275.0 277.6 15.9 41.7 91.2 18.5 Sept. 28 .4 5 ;L,300.0 41.4 23.6 368.7 1,264.5 295.7 9.1 16.4 93.9 18.5 Oct. 26 .4 L,300.0 47.3 23.3 429.7 1,258.7 298.5 14.0 62.8 107.3 17.8 Nov. 30 .4 L.300.0 39.9 15.3 437.8 1,265.8 295.9 8.9 58.6 111.5 18.0 Dec. 28 .4 s:L,350.0 33.7 14.8 489.6 L.321.9 299.2 11.6 97.9 111.2 18.1 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. 6 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, decreased by 50 million on Sept. 28, 1949, and increased by 50 million on Dec. 14, 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. 254 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 (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 an S d S t e t U a rl t n i e n i s g ted securities a O s t s h e e ts r c # i rc N ul o a t t e ion2 lia O b a t i n h li d e ti r es dollars S te h r o m r t- i Other 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 capital 3 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 1,036.0 401.7 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. (5) 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 7.7.4 128.8 Nov. 30. 66.1 1,713.9 221.5 54.4 1,283.0 544.7 27.2 84.1 116.8 Dec. 31. 74.1 1,781.4 227.8 42.5 1,307.4 541.7 30.7 126.9 119.2 Assets Liabilities Bank of France Advances to mill ( io F n ig s u o r f e s f r i a n ncs) Gold Fo e r x ei - gn Domestic bills Government6 Other ci N rc o u t l e a- Deposits l O ia ti t b e h i s e li r change m O a p rk e e n t6 Special Other Current Other tion G m ov e e n r t n- C.A.R.? Other ca a p n i d tal 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 1949—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 1,043,180 890 170,018 14,409 fune 30..862,274 7,775 156,208 894 258,294 166,900 560,990 81,046 1,115,608 286 162,969 15,518 July 28.. 62,274 14,380 137,189 4,486 296,228 162,700 560,990 69,764 1,134,440 195 157,714 15,661 \ug. 25.. 862,274 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 1,210,606 201 140,548 15,757 Oct. 27.. 862,274 53,002 140,936 23,486 305,454 152,700 560,990 81,425 1,218,697 202 142,845 18,522 Nov. 24.. 8 62,274 58,174 143,794 28,164 306,397 152,500 560,990 85,587 1,203,768 153 173,396 20,563 Dec. 29. . 8 62,274 61,943 137,689 28,548 335,727 157,900 560,990 9112,658 1,278,211 1,168 158,973 19,377 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. 6 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 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 43.3 billion francs on Dec. 29. 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. 255 FEBRUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1949 1948 1949 1948 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct. Dec. Central Bank of the Argentine National Bank of Costa Rica- Republic (millions of pesos): Issue dept. (thousands of colones): Gold reported separately 505 507 434 Gold 11 545 11,541 Other gold and foreign exchange. 1,580 1,687 1,991 Foreign exchange . 15 749 17,415 Government securities . . . 1,749 1,734 1,786 Contributions to Intl. Fund and Rediscounts and loans to banks. . 27,168 26,885 21,641 to Intl. Bank 30 371 30,321 Other assets 202 185 66 Loans and discounts 94 144 85,355 Currency circulation 9,161 8,938 7,694 Securities 73 715 31,845 Deposits—Nationalized 19,720 19,712 16,334 Other assets 10 877 6,257 Other sight obligations 633 685 402 Note circulation 10? SS4 112,244 Other liabilities and capital 1,690 1,663 1,488 Demand deposits 76 024 63,426 Commonwealth Bank of Aus- Other liabilities and capital 7 773 7,065 tralia (thousands of pounds): National Bank of Czechoslovakia Gold and foreign exchange 395,135 350,590 (millions of koruny): Checks and bills of other banks.. 2,843 3,628 Gold and foreign exchange...... 3,004 3,163 2 890 4,186 Securities (incl. Government and 75,068 28,428 27 531 30,234 Treasury bills) 366,488 358,127 Other assets A6,965 47,116 47 030 48,306 29,544 39,776 66 626 67 706 66 ?34 71 997 Note circulation 217,063 217,605 Denosits 895 992 2,039 Deposits of Trading Banks: Other liabilities and capital..... 7,515 10,010 10 394 8,691 Special 311,670 319,170 National Bank of Denmark Other 29,429 22,296 (millions of kroner): Other liabilities and capital 235,847 193,051 Gold 69 69 69 70 Austrian National Bank (millions Foreign exchange 380 366 310 175 of schillings): Contributions to Intl. Fund and Gold 50 50 50 50 to Intl Bank 6S 65 65 65 Foreign exchange 144 148 145 86 -24 Loans and discounts 1,657 1,514 1,474 1,109 Loans and discounts 31 28 30 23 Claim against Government 6,708 6,454 6,489 6,192 Securities 113 118 108 130 Other assets 24 24 16 3 Govt. compensation account 4,761 4,770 4, 775 5,092 Note circulation 5,721 5,465 5,490 5,635 Other assets . 287 713 158 454 401 359 507 Note circulation 1 677 1,521 1 506 1,614 Other 1,222 1,042 1,099 869 Deposits—Government 1 1,820 1 794 1,858 Blocked 1,187 1,282 1,227 428 Other . 038 2,180 2 093 2,058 National Bank of Belgium Other liabilities and capital 196 179 177 160 (millions of francs): Central Bank of the Dominican Gold . . .. 30,605 31,063 31,542 27,334 Republic (thousands of dollars): Foreign claims and balances (net) 9,266 9,657 9,901 13,598 Gold 4,030 4,030 4,030 4,000 Loans and discounts 4,230 3,156 2,540 4,720 Foreign exchange (net) 11,012 10,539 10,355 10,831 Consolidated Government debt.. 34,991 34,991 34,991 35,000 Net claim on Intl. Fund 2 ...... 1,250 1,250 1,250 1,250 Government securities 6,851 5,822 5,500 4,636 Paid-in capital—Intl Bank 40 40 40 40 6,108 6,136 6,698 4,233 Loans and discounts. 704 665 7.44 74 Note circulation 87,113 85,500 85,995 83,176 Government securities 4 377 4,377 4 974 5,000 1,742 2,201 1,827 2,474 Other assets 7 S7S 2,099 1 361 740 E. C. A 766 541 797 1,701 Note circulation... 19 S09 18,848 18,358 17,424 Other liabilities and capital 2,430 2,582 2,553 2,171 Demand deposits 4, 736 3,896 3, 649 4,356 Central Bank of Bolivia—Mone- Other liabilities and capital 244 257 248 156 tary dept. (millions of bolivianos): Central Bank of Ecuador Gold at home and abroad 956 954 (thousands of sucres): 104 269 Gold 778,648278,600278, 518 277,657 Loans and discounts 990 655 Foreign exchange (net) -94 -79,087.-70 150 68,627 Government securities .. . 748 746 Net claim on Intl. Fund2 16,881 16,881 16,881 16,882 Other assets 98 16 Credits—Government 780267,6737,54937 121,234 2,386 2,169 Other ... 140 373 131,063 117,987 120,599 Deposits 264 234 Other assets 13S,746124,822 130 867 107,816 Other liabilities and capital 247 237 Note circulation so? 790 376,957 377,483 375,644 National Bank of Bulgaria 1 Demand deposits—Private banks114,085100,925 101,332 144,045 Central Batik of Chile (millions Other 101,420110,285 99,899 60,105 of pesos): Other liabilities and capital..... 141,105151,786 150,316 133,022 Gold 1,205 1,199 1,353 1,169 National Bank of Egypt (thou- Foreign exchange (net) 58 122 180 28 sands of pounds): Net claim on Intl. Fund 2 1 1 1 1 Gold 6,376 6,376 6,376 Discounts for member banks.... 2,070 1,727 1,429 1,632 Foreign exchange 12,593 13,777 14,699 686 691 691 768 Loans and discounts 13,021 9 357 8,315 Other loans and discounts 2,363 2,055 2,009 1,360 British, Egyptian, and other Other assets . .. . .. 1 ,537 1,447 1,448 1,415 Government securities 330,550 3?8, 966 333,840 5,744 5,168 5,183 4,720 Other assets . 40,438 37 416 21,869 Deposits—Bank 1,320 1,273 1,186 1,037 Note circulation 166,146 1S7,917 153,836 Other 352 256 221 246 Deposits—Government 121,994 116 7S8 80,584 Other liabilities and capital 504 544 520 371 Other 103,317 110, 864 143,754 Bank of the Republic of Colombia Other liabilities and capital 11,520 9 804 6,925 (thousands of pesos): Central Reserve Bank of El Salva- Gold and foreign exchange 215,844194,478164,889 163,079 dor (thousands of colones): Net claim on Intl. Fund 2 24,367 24,367 24,367 24,367 Gold 43 707 43,252 43 307 36,274 Paid-in capital—Intl. Bank 1,370 1,370 1,370 1,370 Foreign exchange (net) 47,067 41,490 41,929 32,922 Loans and discounts . . 232,414239,255211,336 192,663 Net claim on Intl. Fund 2 1,565 1,564 1,564 1,564 Government loans and securities. 139,292140,586135,399 131,931 Loans and discounts . . . 3 2,259 1 937 5,572 53,676 58,003 57,976 48,167 Government debt and securities s212 5 244 5, 5 346 476,340462,459408,550 361,827 Other assets 1,208 1,469 1,445 1,050 Deposits 146,870148,029140,805 153,641 Note circulation 020 56 105 54 sio 57 002 Other liabilities and capital 43,753 47,572 45,984 46,109 Deposits 30 SO? 33,253 34 9?? 19,849 Other liabilities and capital 5,945 5,921 5,992 5,878 1 For last available report (January 1943), see BULLETIN for July 1943, p. 697. 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. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 118. 256 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 1949 1948 (Figures as of last report (Figures as of last report date of month) date of month) Dec. Nov. Oct, Dec. Dec. Nov. Oct, Dec. State Bank of Ethiopia1 Bank of Italy (millions of lire): Bank of Finland (millions of mark- Gold 4,224 4,224 1,256 kaa): Foreign exchange 19,538 19,295 17,204 Gold 269 269 269 268 Advances to Treasury 656,252655,530 666,638 Foreign assets (net) -2,939 -3,399 -2,613 1,098 Loans and discounts 210,477219,196 180,657 Clearings (net) -1,297 -1,970 -2,623 -2,199 Government securities 224,764 230,760 186,344 Loans and discounts 40,302 40,310 40,569 35,023 Other assets 456,091437,781 261,906 Securities 1,058 1,058 859 893 Bank of Italy notes 931,706927,898 911,944 Other assets 2,301 1,652 1,556 1,359 Allied military notes 18,820 24,480 51,069 Note circulation 29,606 28,613 28,036 27,369 Deposits—Government 173,820177,683 58,199 Deposits 2,532 2,740 3,165 1,627 Demand 122,133121,290 85,900 Other liabilities and capital 7,556 6,566 6,814 7,446 Other 264,,288 255,669 163,992 Bank of German States2 Other liabilities and capital 60,579 59,765 42,903 (millions of German marks): Bank of Japan (millions of yen): Foreign exchange 995 1,077 983 Cash and bullion 259 1,218 865 Loans and discounts 3,439 2,838 1,629 Advances to Government 794 99,694 84,760 Loans to Government 7 ,948 8,143 7,619 Loans and discounts 415 105,871 51,901 Other assets 1,535 1,567 2,255 Government securities 067109,413 217,714 Note circulation 7,307 7,401 6,319 Reconversion Fin. Bk. bonds.. .. 073 34,384 30,005 Deposits'—Government 1,247 1,247 1,335 Other assets 541 14,142 19,821 Banks 1,041 1,175 1,573 Note circulation 382306,252 355,280 Other 401 323 225 Deposits—Government 267 27,455 14,002 Other liabilities and capital. 3,922 3,478 3,034 Other 089 18,797 22,660 Bank of Greece (billions of drach- Other liabilities 971 12,219 13,123 mae): The Java Bank (millions of guilders): Gold and foreign exchange (net). 227 191 411 Gold 471 471 471 Loans and discounts 115 87 45 Foreign bills 88 74 71 Advances—Government. 3,509 3,249 1,689 Loans and discounts 70 64 61 Other 2,001 1,913 1,411 Advances to Government 1,257 ,105 1,052 Other assets 844 823 379 Other assets 76 73 73 Note circulation 1,535 1,507 1,202 Note circulation 935 912 902 Deposits—Government 576 456 215 Deposits 949 799 757 Reconstruction and Other liabilities and capital 77 76 69 relief accts 1,480 1,241 366 Bank of Mexico (millions of pesos): Other 839 761 368 Monetary reserve 3 727 692 669 Other liabilities and capital. 2,266 2,294 1,784 "Authorized" holdings of secu- Bank of Guatemala (thousands of rities, etc ,746 2,689 1,919 quetzales): Bills and discounts 155 112 641 Gold 27,229 27,229 27,229 27,230 Other assets 165 171 178 Foreign exchange 8,810 7,846 8,247 18,173 Note circulation ,093 2,049 2,000 Gold contribution to Int'l. Fund. 1,250 1,250 1,250 1,250 Demand liabilities 814 720 676 Rediscounts and advances 6,479 6,761 5,453 4,611 Other liabilities and capital 896 732 Other assets 18,161 16,277 16,167 11,566Netherlands Bank (millions of Circulation—Notes 35,704 34,457 34,137 33,783 guilders): Coin 3,157 3,143 3,108 3,046 Gold * 740 740 612 439 Deposits—Government 3,204 2,879 3,203 4,466 Silver (including subsidiary coin). 11 11 10 5 Banks 10,426 8,622 8,078 11,624 Foreign assets (net)5 685 679 707 458 Other liabilities and capital 9,437 10,262 9,821 9,910 Loans and discounts 168 153 163 155 National Bank of Hungary (mil- Govt. debt and securities 3,250 ,300 ,300 3,300 lions of forint): Other assets 755 702 633 316 Gold 472 472 412 Note circulation—Old 70 71 72 111 Foreign exchange 87 102 153 New 3,036 ,981 ,007 3,115 Discounts 3 50 Deposits—Government.. 583 664 548 179 Loans—Treasury 288 298 337 Blocked 55 35 36 57 Other 8,342 8,258 5,970 E. C. A 610 643 539 188 Other assets 247 191 255 Other 779 820 845 702 Note circulation 2,493 3,052 2,817 Other liabilities and capital. 476 369 37 320 Demand deposits—Government.. 2 2 6 Reserve Bank of New Zealand Other liabilities and O c t a h p e i r tal 6, 6 2 6 7 4 6 5,6 66 0 1 9 3,5 7 7 75 9 (th G o o u l s d ands of pounds): 3,619 2,802 Reserve Bank of India (millions of Sterling exchange reserve 42,116 43,505 rupees): Advances to State or State un- Issue department: dertakings 44,065 48,212 Gold at home and abroad 400 400 400 414 Investments 48,094 16,022 Sterling securities 6,103 6,003 6,003 7,689 Other assets 5,805 23,808 Indian Govt. securities 4,152 4,152 4,153 3,433 Note circulation 52,662 53,110 Rupee coin 545 538 535 453 Demand deposits 85,679 75,758 Note circulation 11,065 10,754 10,733 11,882 Other liabilities and capital 5,358 5,480 Banking department: Bank of Norway (millions of kroner): N O D B L B o i a e t o l h l a p l t a s e e n o n r s s d s c i a i o e t t s o s s s f c s o i e a G s u t b s s o n r u v o t e e e a d r d d n e m pa e r n t t ment. . . . 3 2 1 , , , 1 1 0 1 5 5 3 3 3 3 4 6 9 2 4 3 1 1 , , , 3 0 9 0 4 8 1 4 1 0 3 4 8 5 1 3 1 1 , , , 1 3 8 0 5 4 8 8 1 8 3 7 8 8 2 3 1 , , , 5 6 1 1 3 6 2 1 0 3 0 2 5 3 8 8 S F O C L G e o o l c o e c r a c l e a u d n u r i r s p g i i n t n a a i g t e n i a s o d a s n c s d e c a i t o s s c u c c n ( o o n t u u s e n n t t ( t ) s n ( e n t) et) , 2 1 1 5 4 4 1 7 1 3 9 8 0 6 4 7, - 2 1 1 9 5 4 4 1 1 1 3 5 8 0 4 7, - 9 2 2 6 2 4 5 3 7 6 4 2 4 3 2 Other liabilities and capital. . . 250 235 209 240 Other assets 89 103 105 Central Bank of Ireland (thousands Note circulation ,183 2,193 2,191 of pounds): Deposits—Government ,902 2,903 4,042 Gold. . 2,646 2,646 2,646 2,646 Banks ,348 1,374 819 Sterling funds 49,019 47,927 47,328 45,299 Blocked 586 592 750 Note circulation 51,665 50,573 49,973 47,945 Other 39 41 176 Other liabilities and capital 459 478 585 1 For last available report (July 1949), see BULLETIN for January 1950, p. 119. 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. * Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. 6 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. 257 FEBRUARY 1950 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) date of month) Dec. Nov. Oct. Dec. Dec. Nov. Oct Dec. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets 4,335 3,922 Issue department: Note circulation 26,604 26,472 Gold at home and abroad... 44 44 22 Deposits—Government.... 1,038 771 Sterling securities 544 544 606 Other 2,702 3,091 Pakistan Goyt. securities. . . 265 265 50 Other liabilities and capital 628 834 Govt. of India securities. .... 332 332 171 Bank of Sweden (millions of kronor): India currency 432 432 814 Gold.... 154 155 15, 178 Rupee coin 71 64 34 Foreign assets (net) 907 823 793 450 Notes in circulation ,631 1,633 1,674 Swedish Govt. securities and ad- Banking department: vances to National Debt Office* ,304 ,054 3,046 3,499 Notes of issue department... 57 47 24 Other domestic bills and advances 138 110 104 155 Balances abroad 564 620 993 Other assets 340 476 472 423 Bills discounted 113 105 122 Note circulation ,287 ,109 3,089 3,113 Loans to Government... 4 Demand deposits—Government.. 467 577 566 679 Other assets 286 282 83 Other 440 272 245 459 Deposits 952 982 1,169 Other liabilities and capital 649 660 669 453 Other liabilities and capital.. 68 72 5' Swiss National Bank (millions of Bank of Paraguay—Monetary dept. francs): (thousands of guaranies): Gold ,240 6,202 6,162 5,821 Gold 600 600 600 710 Foreign exchange 260 251 254 237 Foreign exchange (net) -4,291 ,351 835 1,334 Loans and discounts 115 110 110 206 Net claim on Int'l. Fund * 2,710 ,710 2,710 2,710 Other assets 89 76 70 119 Paid-in capital—Int'l. Bank -92 -92 -92 -92 Note circulation ,566 4,345 4,356 4,594 Loans and discounts 110,189 ,111 100,607 68,737 Other sight liabilities ,731 1,889 1,838 1,243 Government loans and securities. 12,400 ,903 8,916 7,636 Other liabilities and capital 407 404 403 546 Other assets 732 ,279 2,293 622 Central Bank of the Republic of Note and coin issue 88,683 ,213 83,208 64,588 Turkey (thousands of pounds): Demand deposits 28,796 ,807 27,527 15,068 Gold 431,709 430,918 430,571 454,458 Other liabilities and capital 4,769 ,140 5,134 2,000 Foreign exchange and foreign Central Reserve Bank of Peru clearings 137 102 488 81,238 84,279 (thousands of soles): Loans and discounts 853 503 882,617 820,245 Gold and foreign exchange... 256,006 175,376 Securities 48, 981 63,725 213,857 Net claim on Int'l. Fund * 20,495 20,495 Other assets 76, 214 67,290 39,857 Contribution to Int'l. Bank 2,238 2,356 Note circulation 893 125 885 833 909,233 935,111 Loans and discounts to banks. . . 152,372 116,296 Deposits—Gold 153,040 153,040 153,040 153,035 Loans to Government 714,440 733,582 Other 342, 286, ,240 258,590 Other assets 66,515 56,252 Other liabilities and capital 160 249216 174,929 265,962 Note circulation 854,180 761,287Bank of the Republic of Uruguay Deposits 263,445 257,928 (thousands of pesos): Other liabilities and capital 94,442 85,141 Gold 270,793 248,845 Central Bank of the Philippines Silver 11,912 11,842 (thousands of pesos): Paid-in capital—Int'l. Bank 316 315 Gold 2,721 2,721 2,721 Advances to State and govern- Foreign exchange 457,968 466,416 524,931 ment bodies 124,341 72,119* Net claim on Int'l. Fund 1 7,502 7, 7,501 Other loans and discounts 249,939 243,926, Loans 77,047109 85,521 Other assets 230,170 313,625, Domestic securities 92,197 46 38,729 Note circulation 273,392 271,084 Other assets 133,697134, 133,836 Deposits—Government 77,642 59,51ft Note circulation 555,575573. 581,358 Other 281,624 257,894 Demand deposits—U. S. dollars2. 226 Other liabilities and capital 254,813 302,184 Pesos 117,682 115,357 Central Bank of Venezuela (mil- Other liabilities and capital 97,874 96,299 lions of bolivares): Bank of Portugal (millions of Gold ,041 ,041 1,041 escudos): Foreign exchange (net) 208 98 155 170 Gold 151 3,130 3,827 Other assets 61 61 57 66 Foreign exchange (net) 074 8,979 8,665 Note circulation—Central Bank. 814 713 701 768 Loans and discounts 479 512 447 National banks.. 1 1 1 2 Advances to Government 244 1,244 1,276 Deposits 204 257 199 253 Other assets 542 544 463 Other liabilities and capital 289 228 351 103 Note circulation 165 8,073 8,696National Bank of the Kingdom Demand deposits—Government.. 114 221 493 of Yugoslavia 3 E. C. A 107 Bank for International Settle- Other 661 3,672 4,579 ments (thousands of Swiss gold Other liabilities and capital 442 2,443 911 francs): National Bank of Rumania 3 Gold in bars 209 419 195,034142,559 110,208 South African Reserve Bank Cash on hand and with banks. . . 33 980 18,244 29,705 19,242 (thousands of pounds): Sight funds at interest 2 861 7,044 3,462 497 Gold 555 29,358 44,965 Rediscountable bills and accept- Foreign bills 926 30,350 32,361 ances (at cost) 73358 26,077 21,229 16,662 Other bills and loans 386 45,369 102,947 Time funds at interest 22 ,956 22,946 26,073 25,056 Other assets . 240 21,356 9,977 Sundry bills and investments.... 178,818 184,107201,127 168,842 Note circulation 122 66,152 68,414 Funds invested in Germany 297 201 297,201297,201 297,201 Deposits 258 52,035 112,895 Other assets.» 1 988 1,940 3,373 1,396 Other liabilities and capital..... 727 8,246 8,940 Demand deposits (gold) 45.230 24,510 13,879 15,118 Bank of Spain (millions of pesetas): Short-term deposits: Gold 934 1,219 Central banks—Own account.. 285 450 238,897224,850 143,531 Silver 497 500 Other 4,193 4,076 1,183 1,245 Government loans and securities. 15,770 15,546 Long-term deposits: Special 228,909 228,909228,909 228,909 Other loans and discounts 9,437 9,981 Other liabilities and capital 256.798 256,202255,907 250,300 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 Account of National Treasury. 3 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. 4 Includes small amount of non-Government bonds. NOTE.'—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120. 258 FEDERAL RESERVE BULLETIH 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 fec a t t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S la w e n r i - d tz- ba C n e k n tr o a f— l R Ja 3 a n 1 t . e ef D fec a t t i e ve ba C n e k n tr o a f— l R Ja 3 a n 1 t . e ef D fec a t t i e ve In effect Dec. 31, Albania Mar. 21, 1940 Ireland Nov. 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 Belgium Oct. 6, 1949 Java 3 Jan. 14, 1937 May 11 Bolivia Feb. 4, 1948 Latvia 5 Feb. 17, 1940 July 6 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 Czechoslovakia Oct. 28, 1945 Peru Nov. 13, 1947 Mar. 17, 1941. . 1M May 29 June 27 Jan. 16, 1945 . . Denmark Jan. 15, 1946 Portugal. I* Jan. 12, 1944 Jan. 20 Ecuador May 13, 1948 Rumania.... Mar. 25, 1948 Feb. 9 El Salvador. Oct. 15, 1946 South Africa. Oct. 13, 1949 Nov. 7, 1946. . Estonia Oct. 1, 1935 Spain Mar. 18, 1949 Dec. 19 3 Finland July 1, 1949 Sweden Feb. 9, 1945 Jan. 10, 1947.. A O u c g t. . 27 9 &3 3y2 France Oct. 1, 1948 Switzerland.. Nov. 26, 1936 June 28, 1948. . U-5 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 ll-4 Yugoslavia.. 1-3 Aug. 20, 1948 Oct. 6 3M In effect Jan. 31 1950 3M !The lower rate applies to the Bank Deutscher Laender, and the higher rate applies to the Land Central banks. NOTE.—Changes since Dec. 31: 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—Nov .53 1.03 1.00 1.00 1.67 1.25 1943—Nov .41 1.03 1.00 1.00 1.64 1.25 I944.—Nov .38 1.03 1.00 1.00 1.21 1.25 1945—Nov .36 .53 .51 .63 1.36 1.25 1946—Nov .40 .53 .51 .63 1.21 1.01 .78 1.25 1947—Nov .41 .53 .51 .63 2.12 .93 .74 1.38 1948—Nov .41 .56 .51 .63 2.03 1.08 .77 1.63 1948—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 2 3^-4 > 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 Nov .51 .69 .52 .63 1.16 .93 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. FEBRUARY 1950 259 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom 1 Assets Liabilities (1 b 1 a n L k o s. n do F n ig u c r le e a s ri i n n g Money at Treasury Deposits Other million st s e r o li f n g p ) ounds re C se a r s v h es ca s l h l o a r n t d B co il u ls n t d e i d s- re d c e e p i o p s t i s t 2 Securities c L u o s a to n m s e to rs a O s t s h e e ts r liab a i n li d ties notice Total Demand Time capital 1942—December 390 142 198 896 ,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—December 502 485 741 1,397 ,478 1,396 621 6,200 4,159 2,041 420 532 481 795 1,267 ,487 1,383 526 6,057 4,033 2,024 414 February . . 481 491 860 989 ,487 405 519 5,817 3,810 2,007 414 March 474 482 870 956 ,496 429 517 5 815 3,803 2,012 409 April 500 481 799 1,025 ,501 445 540 5,886 3,875 2,011 405 487 498 816 1,037 ,502 436 501 5,872 3,869 2,004 403 June 481 500 786 1,142 ,502 461 562 6,025 3,961 2,064 410 Tulv 492 492 788 1,160 ,512 435 508 5,973 3,939 2,034 413 August 492 498 797 1,088 ,511 438 510 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 November 497 548 1,216 688 1,517 1,483 539 6,066 3,977 2,089 422 Assets Liabilities Canada (10 chartered banks. Entirely in Canada Se lo c a u n ri s ty e D x e c p lu o d si in ts g p i a n y te ab rb le a n i k n d C e a p n o a s d it a s En C d a i n n o a f d m m i i a l o n li n o t d n h o s l f l o i a g f r u s) res re C se a r s v h es Se lo c a u n ri s ty l d o i O a sc n t o s h u e a n r n t d s d a a f u b n o b e d a r r e n o f i k r n g a o s d n e m 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- Total Demand Time 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 1942—December 387 31 1,168 231 ?,293 657 60 3,657 1,984 1,673 J .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 L,289 1945—December 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 1L.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 ,874 1,159 18 6,412 2,671 3,740 1L,544 1948—December 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4,057 1L,537 1949—January 740 90 2,131 131 4,311 1,054 16 6,942 2,824 4,118 1L,500 February 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 1L,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 1L t 15 7,131 2,792 4,339 1,459 734 72 2,195 141 4,396 1L,130 15 7,183 2,853 4,330 L,471 July- 751 77 2,188 143 4,460 952 15 7,130 2,789 4,341 11,425 August 789 78 2,174 132 4,527 1,035 14 7,298 2,926 4,372 L.407 September 789 103 2,304 190 4,463 1,129 14 7,474 3,062 4,412 L.490 October 830 137 2,336 170 4,327 L.142 14 7,441 2,988 4,453 L.488 November 758 119 2,356 161 4,395 1,084 14 7,388 2,941 4,447 1,471 Assets Liabilities France (4 large banks. End Deposits Own Other o m f il m li o on n s th o f f i g f u r r a e n s c s in ) re C se a r s v h es Du b e a n f k ro s rrl B c i o l u ls n t d e i d s- Loans a O ss t e h t e s r Total Demand Time ances li c a a b a p i n l i i d t t a ie l s 1942—December 7,810 '3,688 '73,786 10,522 1,221 '91,673 '91 ,350 324 462 '4,892 1943—December '8,541 '4,086 '90,908 14,245 1,216 112,843 111 ,302 1,541 428 '5,725 1944—December 10,365 4,948 99,782 18,651 1,521 128,734 ,555 '2,179 557 '5,977 1945-—December 14,733 14,128 155,472 '36,621 '4,783 '215,615 '213 ,592 '2,023 '2,904 '7,218 1946—December 18,007 18,940 195,223 '65,170 17,445 '291,945 '29C>,055 1,890 15,694 '7,145 1947'—December '22,590 19,378 '219,386 '86,875 '27,409 '341,547 ,090 3,457 25,175 '8,916 1948—November 40,936 34,493 330,495 127,147 45,913 520,412 514,284 6,128 28,687 29,887 December. '45,397 '35,633 '354,245 126,246 '34,030 '552,221 , '545 ,538 6,683 30,638 12,691 1949—January 44,404 34,369 345,914 133,550 36,083 548,335 S41,420 6,916 30,697 15,287 44,191 32,048 343,684 141,296 37,362 551,673 S44,466 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 7,333 32,208 21,047 42,636 36,346 346,974 137,906 44,346 551,958 S44,870 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 58C,010 7,127 29,105 31,387 September 42,358 38,392 402,754 128,343 43,074 595,353 S8f=,687 6,666 25^645 33,922 October 41,534 39,301 451^597 120,353 42,724 633,092 62e 6,881 23,537 38,881 r Revised. 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 1H per cent through Oct. 20, 1945, and at Y% 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. 260 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 ential ential Special Official Free notes" Official Free Official Free "A" "B" account 1944 29.773 25.125 322.80 6.0594 5.1469 90.909 89.853 1945 29.773 25.125 322.80 ' 32i!l7* ' '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 25.125 321.00 2.2817 5.4403 100.000 91.999 1948 29.773 25.125 '"26!666' 321.22 2.2816 5.4406 100.000 91.691 1949 29.774 ' 20'.695' 23.355 18.591 293.80 2.2009 2.1407 5.4406 97.491 92.881 1949—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 2.l666 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. . . 29.778 20.695 17.456 13.896 223.16 1.9960 1.9917 5.4406 90.909 90.431 Nov... 29.778 20.695 17.456 13.896 223.16 1.9980 1.9969 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 1950—Jan. .. 29.778 20.695 17.456 13.896 223.16 2.0003 5.4406 90.909 89.205 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 D a en rk - (franc) India i 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 57.006 2.0060 20.857 .4929 .3240 30.169 18.860 37.668 350.48 20.159 1949 27.839 2.0060 19.117 .4671 .3017 27.706 12.620 34.528 365.07 18.481 1949—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 .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 1950—Jan... 20.850 2.0060 14.494 .2863 20.870 11.572 26.278 277.29 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 w ro e e n n - a) S e (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 50 403 02 65.830 55.159 1946 4.0501 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 9.132 27.824 23.363 403.13 65.830 56.182 1949 49.723 3.8800 366.62 42.973 25.480 23.314 368.72 65.830 56.180 42.553 1949—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 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 28C .09 65.830 56.180 Nov... 49.738 3.48.10 278.38 32.547 19.333 23.176 28C .08 Dec... 49.687 3.4817 278.38 32.692 19.333 23.289 280 .07 65.833 56.180 42.553 1950—Jan. .. 49.617 3.4856 278.38 32.717 19.333 23.281 28C .07 65.833 56.180 42.553 1 Excludes Pakistan, beginning April 1948. pp. 572-573 in same 123; October 1949, FEBRUARY 1950 261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 1 1 n 9 ta 0 2 i 0 t t 6 e e ) d s = C (1 a 1 9 n 0 2 a 0 6 ) d a = M (1 1 9 e 0 3 x 0 9 i ) c o = K U ( i 1 n 1 n 9 g 0 i 3 0 t d 0 e ) o = d m . F (1 r 1 9 a 0 3 n 0 8 c ) e = (1 I 1 9 t 0 a 3 0 l 8 y ) = ( a 1 J v 9 a = e 3 p r D 4 a a - g n 3 e 6 ( J J N u u l n = l e a y e t n 1 h 0 d 1 1 e 0 s 9 9 r ) 3 3 - 8 9 - S (1 w 1 9 0 e 3 0 d 5 ) e n = (J S u w = l l y a i 1 t n z 0 1 d e 0 9 r ) 1 - 4 1926 100 100 1124 10 150 1126 144 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 83 103 137 139 121 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 5,159 48 271 199 224 1948 . . .. 165 153 260 219 1,712 5,443 128 281 214 233 1949 155 157 285 230 Pi,917 P221 1948—December 162 160 268 221 1,974 5,697 188 291 217 231 1949—January 161 159 270 221 1,946 5,698 191 295 217 230 February 158 158 271 221 1,898 5,656 192 295 217 229 March 158 158 275 221 1,872 5,557 192 294 216 227 April 157 158 280 227 1,846 5,393 200 295 216 224 May 156 156 284 231 1,890 5,278 203 294 215 221 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 ••4,889 207 292 214 220 September 154 155 294 230 1,958 4,912 211 295 215 218 October 152 157 296 ••237 2,002 *>213 297 217 215 November 152 157 294 240 P2,005 305 215 December 151 157 293 240 P2.001 P213 P Preliminary. r Revised. 1 Approximate figure, derived from old index (1913 =100). Sources.—See BULLETIN for January 1950, p. 124; June 1949, p.. 754; June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. 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 pr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p g c a o a t r u o n t d r l u e y s - d fa c m g c h o a t i u e o n f d r u l e s y - d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d l d u u r s c a - w ts p f I i r n n o tr i d d s i u h a u l e s c - d ts 1926 100 100 100 100 100 100 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 1949 166 162 147 147 161 142 197 249 1948—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 M!ay 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 162 161 145 146 159 142 202 244 230 364 295 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 157 159 145 145 161 143 213 254 265 376 303 December 155 156 146 144 160 143 212 256 Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 262 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 t o h r ( U S 1 = 9 n t a 3 1 it t 5 0 e e 0 - d s 3 ) 9 (1 = C 9 a 3 1 a 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 9 e a 1 3 t n 0 h 8 d 0 e - s ) 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 S 1 = 9 n t a 3 1 i 5 t 0 t e e 0 -3 s d ) 9 (1 = C 9 a 3 a d 1 5 n 0 a 0 - - 3 ) 9 1 K 7 ( d , J i o u 1 n m n 9 g e 4 - 7 F = ( r 1 a 1 9 n 0 3 c 0 8 e ) ( N 1 = l e 9 a 1 3 t n 0 h 8 d 0 e - s ) 3 r 9 - ( l 1 J a e 9 u n r 1 - n d 4 e = 100) = 100) = 100) = 100) 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 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 1 101 1,043 211 222 1947 159 136 1 101 1,030 199 217 1948 210 196 108 1,662 228 230 1948. 171 155 108 1,632 206 224 1949 202 203 1,814 249 P228 1949 169 161 219 1948-December. 205 202 108 1,924 242 232 1948-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 L ,757 218 221 202 200 114 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 L 715 219 221 August.... 203 209 116 1,744 246 228 August 169 163 111 L ,757 216 221 September. 204 207 117 1,835 244 229 September. 170 162 112 L.827 216 222 October... 201 205 119 1,901 244 229 October... 169 162 112 L,885 217 221 November. 201 203 119 251 228 November. 169 162 112 VL.912 221 221 December. 197 202 257 P227 December. 168 162 V .99.0 226 v Preliminary. r Revised. 1 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 January 1950, p. 125; July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month S U g t ( r n h a 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 a 3 ) 9 2 ( 1 K D 9 U i e 2 n c n 1 g e i = m t d 1 e o b d 0 m e 0 r ) F (1 r 9 1 a 3 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 s d ) 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 c n e = m c 1 e 0 b 0 e 5 ) r (1 N 9 l e a 3 t n 8 h = d e 1 s r 6 0 - 0) Number of issues. . . 12 (2) 87 50 14 416 106 278 s 295 27 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 1103.2 118.5 130.8 132.0 105.6 123.0 106.0 94.6 1,149 202.2 1948 98.7 105.0 129.9 117.0 107.1 124.4 112.5 92.0 1,256 211.2 1949 101.9 107.6 126.5 P109.4 106.7 121.4 109.4 87.6 Pl.136 195.4 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 102.8 112.2 121.7 110.5 107.6 127.3 114.3 88.2 1,110 207.5 November. . . 103.2 112.1 118.9 110.2 108.7 129.1 118.2 86.5 1,042 203.6 December.... 103.7 110.7 121.1 P109.9 109.4 132.7 117.9 87.8 1,085 204.6 P Preliminary. 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. 4 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 Generate," September-November 1946, p. 424. 6 This index is based on 27 Netherlands industrial shares and represents an unweighted monthly average of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS. Sources.—See BULLETIN for June 1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. FEBRUARY 1950 263 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 MERRITT SHERMAN, Assistant Secretary GEORGE S. SLOAN, Assistant Director KENNETH A. KENYON, 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 FRED A. NELSON, Director G. HOWLAND CHASE, Assistant Solicitor DIVISION OF ADMINISTRATIVE SERVICES DIVISION OF RESEARCH AND STATISTICS LISTON P. BETHEA, Director RALPH A. YOUNG, Director GARDNER L. BOOTHE, II, Assistant Director FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL THOMAS B. MCCABE, Chairman WALTER S. BUCKLIN, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman N. BAXTER JACKSON, NEW YORK DISTRICT ERNEST G. DRAPER C. E. EARHART FREDERIC A. POTTS, PHILADELPHIA DISTRICT MARRINER S. ECCLES R. M. EVANS SIDNEY B. CONGDON, CLEVELAND DISTRICT RAY M. GIDNEY ROBERT V. FLEMING, RICHMOND DISTRICT HUGH LEACH W. S. MCLARIN, JR. J. T. BROWN, ATLANTA DISTRICT M. S. SZYMCZAK EDWARD E. BROWN, CHICAGO DISTRICT JAMES K. VARDAMAN, JR. W. L. HEMINGWAY, ST. LOUIS DISTRICT CHESTER MORRILL, Secretary JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT S. R. CARPENTER, Assistant Secretary GEORGE B. VEST, General Counsel DAVID T. BEALS, KANSAS CITY DISTRICT WOODLIEF THOMAS, Economist EARLE L. RAUBER, Associate Economist J. E. WOODS, DALLAS DISTRICT DONALD S. THOMPSON, Associate Economist O. P. WHEELER, Associate Economist JAMES K. LOCKHEAD, SAN FRANCISCO DISTRICT CHARLES W. WILLIAMS, Associate Economist JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open HERBERT V. PROCHNOW, Secretary Account 264 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Bank of Deputy Chairman First Vice President Vice JrlcsiueiiLs 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 E. C. Harris H. J. Chalfont 0. J. Netterstrom Neil B. Dawes A. L. Olson W. R. Diercks 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 Denver G. H. Pipkin Oklahoma City R. L. Mathes Richmond Baltimore W. R. Milford Kansas City.... Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta........ Birmingham P. L. T. Beavers El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville Joel B. Fort, Jr. Dallas. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit H. J. Chalfont Los Angeles W. N. Ambrose St. Louis Little Rock C. M. Stewart Portland D. L. Davis San Francisco... 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. 8 Also Cashier. 4 General Manager. 265 FEBRUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS1 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 2$, 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 RATES, AND BUSINESS. Issued monthly. $9.00 No. 3. Public Finance and Full Employment. 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 ^•A 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. 266 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS * THE EQUITY CAPITAL SITUATION. A personal (From Federal Reserve Bulletin unless preceded by an asterisk.) statement by Thomas B. McCabe, Chairman of the Board of Governors of the Federal Reserve ^STATEMENT ON BEHALF OF THE BOARD OF GOV- System, prepared at the request of a Subcommit- ERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE tee of the Committee on Banking and Currency THE JOINT COMMITTEE ON THE ECONOMIC REPORT. Presented by Chairman Thomas B. McCabe on of the United States Senate. Submitted August February 14, 1949. 7 pages. 5, 1949. 7 pages. FINANCIAL POSITION AND BUYING PLANS OF CON- STATEMENT OF CHAIRMAN THOMAS B. MCCABE OF SUMERS, July 1949. October 1949. 10 pages. THE BOARD OF GOVERNORS OF THE FEDERAL RE- SERVE SYSTEM BEFORE THE SENATE BANKING AND READJUSTMENT OF FOREIGN CURRENCY VALUES. CURRENCY COMMITTEE, May 11, 1949. 6 pages. October 1949. 13 pages. INDUSTRIAL DIFFERENCES IN LARGE CORPORATION MEASUREMENTS OF SAVINGS, by Daniel H. Brill. FINANCING IN 1948, by Charles H. Schmidt. November 1949. 8 pages. June 1949. 8 pages. NOTES ON FOREIGN CURRENCY ADJUSTMENTS. November 1949. 14 pages. NEW SERIES ON QUARTERLY SALES, PROFITS, AND DIVIDENDS OF 200 LARGE MANUFACTURING COR- * REPLY OF THE CHAIRMAN OF THE BOARD OF GOV- PORATIONS, by Eleanor J. Stockwell. June 1949. ERNORS OF THE FEDERAL RESERVE SYSTEM (TO the 5 pages. Questionnaire of the Joint Congressional Committee on the Economic Report). November RETAIL CREDIT SURVEY—1948. From June 1949 1949. 112 pages. BULLETIN with supplementary information for nine separate trades. 38 pages. * STATEMENT OF MARRINER S. ECCLES BEFORE THE SUBCOMMITTEE ON MONETARY, CREDIT AND FISCAL ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS POLICIES OF THE JOINT COMMITTEE ON THE ECO- AND BUSINESSES. July 1949. 2 pages. NOMIC REPORT AND SUPPLEMENTAL LETTER TO SENATOR DOUGLAS. Presented November 22 and 1949 SURVEY OF CONSUMER FINANCES— December 1, 1949. 9 pages. I. GENERAL FINANCIAL POSITION AND ECONOMIC * STATEMENT OF THOMAS B. MCCABE, CHAIRMAN OF OUTLOOK OF CONSUMERS. June 1949. 13 pages. THE BOARD OF GOVERNORS OF THE FEDERAL RE- II. DURABLE GOODS EXPENDITURES IN 1948 AND SERVE SYSTEM, BEFORE THE SUBCOMMITTEE ON BUYING PLANS FOR 1949. June 1949. 10 pages. MONETARY, CREDIT AND FISCAL POLICIES OF THE 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. VI. OWNERSHIP OF AUTOMOBILES, STOCKS AND INSURANCE OF COMMERCIAL BANK DEPOSITS. Feb- BONDS, AND OTHER NONLIQUID ASSETS. October ruary 1950. 5 pages. 1949. 16 pages. STATEMENT BY THOMAS B. MCCABE, CHAIRMAN, VII. ADDITIONAL DATA ON AUTOMOBILE OWNER- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SHIP. November 1949. 7 pages. SYSTEM ON S. 2822, A BILL "TO AMEND THE FED- VIII. DISTRIBUTION OF CONSUMER SAVING IN ERAL DEPOSIT INSURANCE ACT." February 1950. 1948. January 1950. 21 pages. 5 pages. THE BALANCE SHEET OF AGRICULTURE, 1949. Sep- STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR tember 1949. 11 pages. DEPOSIT INSURANCE. February 1950. 15 pages. 267 FEBRUARY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UJ CO UJ UJ CO UJ Ul o UJ u, 268 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis