Federal Reserve Bulletin, 1950-03

E R A L E R V IN MARCH 1950 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Foreign Gold and Dollar Holdings in 1949. 269-278 Proposed Legislation Regarding Bank Holding Companies Statement of Thomas B. McCabe, Chairman, Board of Governors of the Federal Reserve System, before the Senate Banking and Currency Committee, March 1, 1950.. .. 279-286 S. 2318, a Bill to Provide for Control and Regulation of Bank Holding Companies, and for other Purposes. 286-294 Report of the National Advisory Council on International Monetary and Financial Problems, April 1, 1949-September 30, 1949. . 295-313 Publication of New Journal by the International Monetary Fund. 313 Current Events and Announcements. 314-315 National Summary of Business Conditions. . 316-317 Financial, Industrial, Commercial Statistics, U. S. (See p. 319 for list of tables) 319-377 International Financial Statistics (See p. 379 for list of tables) . 379-397 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 398 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 399 Federal Reserve Publications 400-401 Map of Federal Reserve Districts. 402 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BULLETIN VOLUME 36 March 1950 NUMBER 3 FOREIGN GOLD AND DOLLAR HOLDINGS IN 1949 During 1949 there was some improvement countries liquidated their reserves on a large in the over-all monetary reserve position of scale, mainly to pay for purchases in the foreign countries, thus reversing the trend United States that could not be financed in which had prevailed in earlier years since the other ways. In the past year and a half, the end of the war. At the close of 1949 total extension of foreign aid under the European foreign holdings of gold and dollars were Recovery Program, the recovery of producestimated at 15.2 billion dollars as compared tion and trade abroad, the tightening with 14.9 billion at the beginning of the year, of import and exchange restrictions, and an increase of about 300 million dollars. An the downward adjustment of foreign curexception to this general improvement was rency values have combined to arrest the the net decline in the monetary reserves of decline in the monetary reserves of foreign the United Kingdom and sterling area countries. countries. Improvement in the gold and dollar posi- Gold and dollar holdings are the principal tion of foreign countries during 1949 was exchange resources freely available to foreign neither continuous throughout the year nor countries for meeting external commitments uniform among countries. An increase in in dollar or other currencies, as well as for gold and dollar holdings, which had started covering any minimum legal requirements in the latter part of 1948, continued in the for internal reserves. Changes in the hold- early part of 1949. In the spring and sumings of individual countries are generally mer of 1949, however, there was a serious indicative of their current international eco- setback as some countries liquidated part of nomic position. In addition, changes for their gold holdings and also lost dollars accuforeign countries as a group reflect the bal- mulated in previous months, in order to adance-of-payments position of the rest of the just to a moderate recession in world trade, world toward the United States. particularly in exports to the dollar area. During the war many countries outside In the last quarter of the year, following the Europe built up their monetary reserves to adjustment of foreign exchange rates, aggreunprecedentedly high levels, since they ob- gate gold and dollar holdings of foreign tained large dollar earnings which they could countries rose again. not use to increase their imports because of The United Kingdom and other countries supply shortages in the United States. From of the sterling area were particularly sensithe end of 1945 to mid-1948, however, foreign tive to recession tendencies in United States MARCH 1950 269 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN GOLD AND DOLLAR HOLDINGS IN 1949 imports, and suffered severe losses of gold Taken as a whole, recent experience sugand dollars in the second and third quarters gests that, while the European Recovery Proof 1949, These losses were offset only in part gram has helped to arrest the postwar depleby gains in the fourth quarter of the year, tion of foreign monetary reserves, it has not as shown in the chart. Several Western resulted as yet in any general reconstitution European countries, however, increased their of such reserves. This experience also suggold and dollar holdings throughout the gests that the precariously low level of gold year. The combined result of these develop- and dollars available to foreign monetary ments was that the group of countries par- authorities renders their currencies highly ticipating in the European Recovery Pro- vulnerable to fluctuations in world trade, pargram showed a slight over-all improvement ticularly in the case of countries suffering in reserves over the year. from basic economic maladjustments. Lack of margins in monetary reserves, moreover, FOREIGN GOLD RESERVES AND SHORT-TERM DOLLAR BALANCES SELECTED COUNTRIES AND AREAS is a serious obstacle to efforts of foreign END OF QUARTER BILLIONS OF DOLLARS countries to liberalize trade and payments among themselves and with the United States. For this reason, measures directed toward encouraging and facilitating a replenishment of monetary reserves to more adequate levels would further important objectives of the foreign financial policy of the United States and be of benefit to the world at large. By strengthening the position of foreign currencies vis-a-vis the dollar, they would assist foreign monetary authorities in the transition from the present restrictive controls over trade and foreign exchange to a system of multilateral trade and currency convertibility. GOLD AND DOLLAR HOLDINGS AND MONETARY RESERVES Canada continued to accumulate both gold and dollars during 1949, though at a slower Statistics of foreign gold and dollar holdpace than in the preceding year. Tightening ings shown in the table and charts of this of import controls and adjustment of ex- article differ somewhat from the official change rates contributed to a marked im- figures of monetary reserves as reported by provement in the monetary reserve position certain foreign countries. This can be exof Latin America in the second half of the plained primarily by the difference in the year. The gold and dollar holdings of some composition of the two sets of figures. The Far Eastern countries were drawn down gold and dollar holdings data used here are heavily throughout the year. based in part on foreign official figures and on 270 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN GOLD AND DOLLAR HOLDINGS IN 1949 statistics collected in the United States, and in of the Exchequer, includes the Treasury part they are estimated. holdings of gold, United States dollars, The data on gold holdings represent the and Canadian dollars, but does not ingold reserves held by foreign monetary au- clude dollar balances privately held by Britthorities and are based, as a rule, on figures FOREIGN GOLD RESERVES AND SHORT-TEHU DOLLAR BALANCES currently reported in central bank statements BILLIONS OF DOLLARS END OF QUARTER BILLIONS OF DOLLARS or otherwise made public by foreign countries. Where published data are incomplete or unavailable, estimates have been used. The data on foreign dollar balances in the United States are drawn from a regularly reported statistical series covering all shortterm assets (i.e., deposits, short-term commercial paper, Treasury bills, etc.) held for foreign residents by banks in the United States. They comprise both official balances (those owned by foreign central banks and governments) and balances held on private foreign account. While official balances as a rule are included by monetary authorities in their monetary reserves, private balances represent in general the working capital which foreign banks and business firms maintain in order to meet their current dollar requirements. ish banks, business firms, and individuals. Exchange controls are applied in most coun- Despite the difference in coverage, the trend tries in such a way as to keep private dollar shown by the official British reserve figure balances at the approximate levels necessary is similar to that of the gold and dollar holdto meet the operating requirements of their ings data used in this article. Between holders. This policy has the effect of keep- March 31 and September 30, 1949, the deing fluctuations of private balances within cline in official reserves was reported at narrower ranges than those of official bal- 487 million dollars, while the decline in gold ances. Net changes in the aggregate figure and dollar holdings is estimated, in the table (official plus private balances) reflect quite on page 273, at 493 million. During the last accurately the trend of official balances, as quarter of the year, official reserves rose is shown in the accompanying chart. 263 million dollars, while gold and dollar From an international point of view, the holdings increased by an estimated 235 milmost important changes in individual gold lion. The small difference between the two and dollar holdings in 1949 were those of series is explainable by changes in private the United Kingdom. The official figure dollar balances (included in United States of the monetary reserves of the United King- statistics) and in official holdings of Canadom, announced regularly by the Chancellor dian dollars (included in the British figures). 271 MARCH 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN GOLD AND DOLLAR HOLDINGS IN 1949 FOREIGN GOLD RESERVES AND GOLD flow of gold to the United States, which was MOVEMENTS reduced to a figure well below the level of new production abroad. Net United States The greater part of the net gain in foreign purchases of gold from foreign countries monetary reserves in 1949 was in the form amounted to 230 million dollars in 1949, as of gold. Estimated gold reserves of foreign shown in the table, as compared with L5 countries (other than the U.S.S.R.) rose from billion dollars in 1948 and 2.8 billion in 1947. slightly over 9.0 billion dollars at the end The amount of new gold production of 1948 to nearly 9.3 billion at the end of 1949. abroad, excluding the U.S.S.R., has been ten- The net gain of 250 million dollars contrasts tatively estimated for the year at nearly 750 with net losses of 1.2 billion dollars in 1948 million dollars. Since net accumulation of and 2.4 billion in 1947 (exclusive of contribu- gold reserves by foreign countries and net tions to the International Monetary Fund). purchases of foreign gold by the United The net accumulation of gold by foreign States totaled 480 million dollars, there remonetary authorities in 1949 was primarily mains about 270 million of newly mined forthe result of a sharp contraction in the net eign gold to be accounted for. Apart from a small increase (15 million) in the holdings of the International Monetary Fund and FOREIGN TRANSACTIONS IN GOLD BY THE UNITED STATES some amounts absorbed by consumption in DURING 1949 Net Purchases (+). or Net Sales (—) arts and industries, the remainder of this gold' presumably went into private holdings [In millions of dollsirsj through the free and black markets existing Country J M an a . r - . A Ju p n r e .- J S u e l p y t - . D O e c c t. . - Year in various parts of the world. For the year as a whole, gross purchases ERP countries (other than United Kingdom): of foreign gold by the United States Belgium and Belgian Congo. . -13 -31 -2 +3 -43 Greece —2 —4 amounted to 736 million dollars, and its sales Italy —114 — 114 Netherlands and Netherlands West Indies. +10 -38 -28 to foreign monetary authorities were 506 Portugal +11 " ' +3 +14 Switzerland .... -5 "-io -20 " —5 -40 million. The adjustments in the values of Total +3 -43 -133 -43 -215 foreign currencies in September 1949 were Other Europe -2 -6 -8 followed by a shift of the United States from U U n n i i t o e n d o K f i S n o g u d t o h m Africa. +72 + + 1 5 6 6 2 + + 2 4 8 8 4 " +20 + +1 4 9 4 5 6 the position of a net purchaser to that of a Canada... +3 +3 net seller of gold—a net gold inflow of 462 Latin America: Argentina -50 -50 million dollars from January 1 to September Colombia +4 +3 +7 Cuba — 10 — 10 18 being contrasted with a net gold outflow of Mexico +2 +8 — 11 — 15 -16 Uruguay +3 -16 -1 -14 232 million in the remainder of the year. Venezuela —50 -50 Other Latin America +2 +2 -1 -7 -4 Gold from the United Kingdom and the Total... . +8 +16 -89 -73 -137 Union of South Africa accounted for almost Asia: Thailand . .. —40 —43 nine-tenths of total purchases of gold by the Other Asia -7 -3 -2 -12 United States. Italy made the largest indi- Total -3 -7 -3 -42 -55 vidual purchase from the United States, but a Total i +84 +184 +106 -143 +230 number of other countries (Venezuela, Ar- 1 Excludes net sales of 34 million dollars to the Bank for Inter- gentina, Thailand, Belgium, Switzerland, national Settlements. 272 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN GOLD AND DOLLAR HOLDINGS IN 1949 Netherlands, Mexico, Uruguay, and Cuba) slightly less than the net gold gains of the also acquired sizable amounts. other countries participating in the Euro- The changes in foreign gold reserves in pean Recovery Program, with the result that 1949 varied considerably by countries. Net the gold reserves of the group showed a small gold losses of the United Kingdom, estimated net improvement over the year. In addition at 255 million dollars for the year, were to Italy, which increased its gold reserves by ESTIMATED CHANGES IN FOREIGN GOLD RESERVES AND SHORT-TERM DOLLAR BALANCES DURING 1949 [In millions of dollars] Increase or decrease (—) Holdings at end Holdings at end of 1948 of 1949? Area and country Jan.-Mar. Apr.-Sept. Oct.-Dec.P Gold Dollar Gold Dollar Gold Dollar Gold Dollar Gold Dollar reserves balances reserves balances reserves balances reserves balances reserves balances ERP countries (other than United Kingdom): Belgium-Luxembourg (and Belgian Congo) 647 174 18 19 75 -27 -17 -6 723 160 Denmark 32 45 —1 —12 6 32 38 France (and dependencies) 571 226 —24 —26 —11 6 545 197 Germany (Western Zones) . . 179 9 —40 1 149 Italy. . .... . 98 326 4 67 156 —113 20 258 300 Netherlands (and Netherlands West Indies) 214 147 -11 3 -5 44 38 2 236 196 Norway 52 78 5 — 1 —22 8 51 69 Sweden 81 49 — \ 2 — 10 11 28 70 90 Switzerland 1,387 499 21 6 77 4 19 —5 1,504 504 Turkey 162 18 3 —6 —5 —5 154 10 Other ERP countries *.. 418 97 -31 36 -1 -7 3 12 389 138 Total 3 662 1 838 125 262 —179 38 67 3 962 1 851 Other Continental Europe 2 536 160 -4 -35 -33 -23 ': 4 5 503 107 Sterling area: United Kingdom 1,605 546 60 —29 -415 —78 100 135 1,350 574 U. K. dependencies 70 2 33 105 India. 256 52 —9 8 3 247 63 Union of South Africa 183 16 —17 —1 —45 —9 7 128 6 Other sterling area3 123 42 11 -5 25 23 2 -1 161 59 Total 2,167 726 45 -33 -435 -23 109 137 1,886 807 Canada 408 775 7 96 45 -44 36 40 496 867 Latin America: Argentina 141 216 9 23 —3 51 —21 215 201 Brazil 317 124 —26 47 48 317 193 Chile 43 56 1 -4 -1 6 -3 2 40 60 Cuba 289 219 5 10 —44 —16 299 164 Panama 72 7 —10 5 74 Peru 20 53 —7 13 8 -5 28 54 Venezuela 323 122 —9 50 —14 44 373 143 Other Latin America 355 394 —8 9 17 50 16 60 380 513 Total 1,488 1,256 -7 -16 99 45 72 117 1,652 1,402 Asia: Indonesia 178 41 —6 —8 —11 178 16 Japan 206 81 47 33 —44 54 162 215 Philippine Republic . 1 488 —74 —66 —51 1 297 Other Asia 335 384 2 -30 -21 -21 74 -88 390 245 Total . 720 994 2 -63 -21 -62 30 -96 731 773 All other Q.. .. . 55 65 20 1 55 86 Totali \ 9,036 5,814 43 74 -83 -266 289 271 9,285 5,893 P Preliminary. ( y 1 Includes gold to be distributed by Tripartite Commission to European countries (including some non-ERP countries). 2 Excludes gold reserves, but includes short-term dollar balances held by U. S. S. R. 3 Excludes Eire and Iceland, which are included under "Other ERP countries." 4 Excludes gold and dollar holdings of international institutions. MARCH 1950 273 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN GOLD AND DOLLAR HOLDINGS IN 1949 160 million dollars, Switzerland and Belgium ever their dollar balances fall considerably also made comparatively large gains. These below such levels. The levels of foreign dolincreases resulted in part from purchases lar balances at any given date are also affected from the United States and in part from by other financial operations, such as dollar settlements of trade balances with other transactions of member countries with the countries. International Monetary Fund. For example, Argentina and Venezuela accounted for the decline in Italian dollar balances in the most of the gold increases among Latin third quarter of 1949 was the result of a shift American countries. Thailand, in addition from official balances to gold holdings, while to its purchase from the United States, also part of the increase in the Brazilian dollar received 44 million dollars of gold which balances toward the end of the year was had been held for her account in Tokyo. attributable to a drawing on the Fund. Canada continued to add most of her newly In a similar manner the United Kingdom mined gold to monetary reserves. adjusted the level of its dollar balances The small volume of net gold movements through sales of gold to the United States. in 1949 did not alter the distribution of gold British dollar balances (official and private) between the United States and the rest of the at the end of February 1949 were at their world which existed in 1948. At the end of high for the year, 577 million dollars, but 1949 official gold holdings of the world (ex- fell sharply thereafter. Sales of gold at a cluding the U.S.S.R.) totaled over 35 billion monthly rate of approximately 80 million dollars, of which 70 per cent was held by the were needed to sustain the dollar balances United States, 26 per cent by monetary au- within a 350 to 440 million dollar range durthorities of foreign countries, and 4 per cent ing the second and third quarters of the year. by the International Monetary Fund and Following the devaluation the dollar balother international institutions. ances recovered again and by the end of the year amounted to 574 million. CHANGES IN FOREIGN DOLLAR BALANCES Apart from scattered gains and losses, con- Foreign dollar balances (official and pri- tinental countries of Western Europe as a vate) followed the same general trend in group showed little change in their aggre- 1949 as foreign gold reserves. A net over-all gate dollar balances. In Latin American increase of 74 million dollars in the first countries the marked improvement in the quarter was followed by a net decline of dollar position beginning in the spring of 266 million in the second and third quarters; 1949 was the result of tighter import restricthis, in turn, was offset by an equivalent rise tions and, in some cases, of exchange adjust- (271 million) in the last quarter of the year. ments. Gains made by Brazil, Mexico, Co- These fluctuations reflected the movements lombia, and Venezuela were, however, partly in official balances, since private balances had offset by a decline on the part of Cuba. In only slight, though opposite, fluctuations. Asia the Philippines suffered a steady drain of It is a common practice among monetary dollars and China liquidated a substantial authorities to invest in gold any sizable accu- portion of both dollar and gold holdings, mulation of dollars in excess of certain cus- while Japan continued to increase her dollar tomary levels and to dispose of gold when- balances throughout the year. 274 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN GOLD AND DOLLAR HOLDINGS IN 1949 In addition to increasing their dollar bal- tions, particularly in the case of the United ances during 1949, foreign countries repaid Kingdom and the sterling area. The critical a relatively substantial part of their short-term losses of British reserves in the second and liabilities to American banks. A few coun- third quarters stemmed from these fundatries (France, Netherlands, Cuba, Argentina, mental maladjustments, but several short-run Brazil, and Colombia) accounted for the net factors were responsible for the sharpness of decline from 1,019 million dollars at the end the drain as well as for the subsequent reof 1948 to 807 million at the end of 1949 covery in monetary reserves. in the outstanding short-term dollar liabilities The September devaluations were preceded of foreign countries. by a decline in foreign exports to the United States and by speculative activities against EFFECTS OF READJUSTMENT OF FOREIGN the pound sterling. The dollar trade posi- CURRENCY VALUES tion of sterling area countries deteriorated in the first three quarters of 1949, as indicated The reversal of trend in foreign gold and by an increase in their purchases of American dollar holdings during 1949, and the changes goods and a decline in American purchases by countries or areas shown in the chart on of their goods, particularly of raw materials. page 270, are related to the adjustments of Rumors of currency devaluation then encourforeign exchange rates in terms of the dollar. aged traders to take speculative positions The year 1949 witnessed a general realignagainst the pound through purely short-term ment in the values of foreign currencies. adjustments in their inventories and in their The devaluation of the pound sterling on pound or dollar balances. In addition, some September 18 was followed by adjustments dollar proceeds from sterling area exports in the value of their currencies by most counwere diverted from official to non-British tries in the sterling area and Western Europe, or private hands through commodity arbias well as by Finland, Canada, Argentina, trage operations involving financing with Egypt, and a few countries in Latin America so-called "cheap" sterling obtained at rates and Asia. In addition, Japan established a below parity. unitary exchange rate in April, Mexico offi- The reversal of these short-term factors in cially devalued the peso in June, and several Latin American countries made changes the last quarter of the year underlay the in their exchange rate structures during the substantial recovery in reserves which was year. Thus, apart from the U.S.S.R. and achieved as the initial response to devalua- Eastern Europe, only a few important coun- tion. The British Chancellor of the Extries (notably Switzerland, Brazil, and Paki- chequer, in announcing the fourth quarter stan) maintained unchanged throughout the increases in monetary reserves on January 4, year the dollar value of their currencies. 1950, estimated that about half of the recov- These exchange rate adjustments were ery was of a nonrecurring nature. A coneffected primarily in order to correct the siderable part of the increase in British rebasic trade disequilibrium between the serves was undoubtedly due to an inflow of United States and other countries and to less- dollars representing deferred payments for en the strains of altered debtor-creditor rela- sterling purchases and to larger imports by MARCH 1950 275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN GOLD AND DOLLAR HOLDINGS IN 1949 the United States in order to rebuild inven- output in order to reconstitute further their tories of sterling area products. depleted monetary reserves. Another instance of improvement in monetary reserves that is attributable partly to de- EFFECTS OF IMPORT RESTRICTIONS valuation is Mexico. In July 1948 Mexico ceased supporting the peso at its parity of As the year progressed, tightening of re- 4.85 pesos to the dollar and in the following strictions on dollar imports became an inmonths allowed it to depreciate to 6.85 pesos creasingly important factor in arresting the to the dollar. In the second quarter of 1949 drain on foreign gold and dollar holdings. the peso depreciated further, and on June The reversal of the gold and dollar move- 17 Mexico established a new par value of ments in the last quarter of the year was due 8.65 pesos to the dollar. At the same time to the application of import restrictions by Mexico adopted more effective anti-inflation- sterling area countries as well as to the deary credit and budget policies. An unusually valuation of the pound. The United Kinglarge cotton crop, combined with steady min- dom announced in July a direct cut of British eral shipments, contributed to maintaining purchases in the dollar area of about 25 per exports at high levels, while imports were cent as an emergency measure to stem the increasingly curtailed over the year by the drain on monetary reserves. Shortly therelowering of the dollar value of the peso. As after the Commonwealth Finance Ministers a result, Mexico's gold and dollar holdings, agreed to recommend to their governments which had been drawn down heavily in 1947 "action comparable in its result" to that taken and 1948, remained stationary in the early by the United Kingdom. These measures part of 1949; from April through December began to be effective almost immediately Mexico increased its dollar balances by 76 and were strengthened in the latter part of million dollars, in addition to net purchases the year by devaluation. United States exof 16 million of gold from the United States. ports to the United Kingdom and sterling More important than these short-run re- area countries (excluding the Union of sults in individual cases are the ultimate South Africa) amounted to 354 million doleffects which it is hoped that devaluation lars in the third quarter and to 329 million will have on monetary reserves. By its im- in the final quarter, as compared with a total pact on comparative prices the adjustment of 912 million in the first half of the year. of foreign exchange rates should contribute The Union of South Africa had put into to a reduction in the United States export effect an even stricter curtailment of dollar surplus and thereby assist foreign countries imports in the latter part of 1948, and imin their efforts to maintain or strengthen posed additional restrictions during 1949 in their monetary reserves. Also, by raising the order to arrest a critical depletion of its gold price of gold in terms of local currencies, reserves. Despite its high current gold outwithout raising mining costs correspond- put, large sales to the United States to finance ingly, devaluation provides a stimulus to gold a record deficit in dollar trade and a gold loan production. It may be expected that foreign to the United Kingdom reduced the gold remonetary authorities will endeavor to acquire serves of South Africa by 580 million dollars and retain as much as possible of the gold in 1948. During the first three quarters of 276 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN GOLD AND DOLLAR HOLDINGS IN 1949 1949 the decline in gold reserves was much Only two important countries, Canada and less—an annual rate of about 80 million dol- Belgium, were in a position in 1949 to relax lars—although during this period South restrictions on imports from the United Africa accepted repayment of the gold loan States. This relaxation was made possible by in sterling as a means of financing its large the recovery in their reserves, which accomtrade deficit with the United Kingdom. panied the attainment of over-all favorable After devaluing its currency in September, balance-of-payments positions. South Africa achieved a small gain in reserves, at an annual rate of about 30 million THE IMPORTANCE OF ADEQUATE MONETARY dollars, thus reversing the trend which had RESERVES prevailed since 1947. The imposition of more stringent import The holdings of gold and dollars (or other and exchange controls was generally respon- convertible currencies) constitute the reserves sible for the increase in Latin American gold which foreign countries need in order to and dollar holdings, although other factors finance the current flow of international contributed in some cases. A large volume trade and to assure monetary stability and of coffee exports, together with higher coffee confidence in their currencies. prices, and application of more stringent Although the postwar liquidation of these import and exchange restrictions produced reserves came to a halt in mid-1948 and a notable increases in the gold and dollar hold- slight increase occurred during 1949, the ings of Brazil and Colombia. Moreover, over-all level remains close to the postwar Colombia paid off practically all its backlog low. The present foreign gold and dollar of commercial indebtedness to American holdings are only slightly higher—in dollar exporters, and Brazil is expected in 1950 to terms—than prewar holdings, while the use a substantial part of the increase in its wholesale price level in the United States dollar balances for the same purpose. Ar- has doubled and the dollar value of world gentina reduced its trade deficit with the trade has risen between two and three times, United States through tight controls and with exports from the United States increascurrency devaluation, and announced its in- ing about four times. It may be noted that tention of allocating 30 per cent of its current the widespread application of trade and exdollar receipts for the reduction of its back- change controls and the recourse to clearing log of commercial debt to the United States. and other bilateral arrangements during the The heavy loss of dollar balances by the thirties arose from the necessity, on the part Philippines is attributable chiefly to an infla- of foreign countries, of eliminating balancetionary fiscal policy and failure to control the of-payments deficits in order to protect their resultant demand for imported goods, which monetary reserves. The maintenance and continued in 1949 at high postwar levels. tightening of these restrictive measures The Philippine Government in October in the second half of the decade, despite the placed limits on import financing and in De- recovery from depression, suggest that forcember tightened import regulations and im- eign countries continued to regard their posed exchange controls in an endeavor to monetary reserves as inadequate to meet the requirements of an expanding multilateral arrest the drain on reserves. MARCH 1950 277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN GOLD AND DOLLAR HOLDINGS IN 1949 world trade. Thus, inadequate reserves are The existence of the International Moneprimarily the result of basic maladjustments tary Fund provides additional resources in international trade, but their persistence which may be made available to its members over a period of time and their widespread to meet normal or temporary fluctuations in development over a number of countries their balance of payments. Because of its become the cause in turn of further dis- specific responsibilities and limited resources, equilibria and difficulties. however, the Fund cannot be expected to as- Adequate monetary reserves may be re- sure complete protection to its members garded as one of the prerequisites of any against balance-of-payments pressures irrewidespread movement by foreign countries spective of their origins or magnitudes. In toward a system of multilateral trade and summary, a country with a weak monetary currency convertibility. Progress in this di- reserve could ill afford the risk of a substanrection will continue to be limited, unless tial loss in exchange resources, which might countries can build their gold and foreign immediately follow policies of external libbalances up to levels adequate for meeting the eralization or internal expansion, even if such varying financing requirements of their for- loss could be recouped after completion of eign trade, and unless the position of their the adjustment to the new situation. currencies can be reinforced by monetary re- When a country finds that its reserve of serves adequate to instill public confidence. gold and convertible currencies is falling to Even if basic trade maladjustments were levels which it regards as inadequate, its eliminated and an over-all balance in inter- monetary authority is confronted with the national payments were achieved, a mone- problem either of changing the relation betary authority could not recommend the lift- tween its domestic and the international price ing of restrictions on imports and the restora- levels through currency devaluation, or of tion of convertibility, unless it were protected introducing restrictions on foreign trade and by a reserve position or other exchange facili- payments in order to assure the flow of imties sufficiently strong to withstand the in- ports vital to its economy, or of adopting inevitable fluctuations of world trade. ternal deflationary policies in order to adjust The level of monetary reserves has a direct the level of its economic activity to a lower bearing also on the financial and economic level of imports. Frequently, however, such policies which a country may pursue for the policies force fundamental changes in the purpose of achieving or maintaining stable economy of the country in order to meet a conditions internally. A strong reserve would passing situation. They may also affect other permit a country to adopt policies appropri- economies adversely and lead to a lower level ate for stimulating economic activity in times of world trade. In extreme cases, they may of depression, or to undertake investment have serious political and social impacts. programs designed to attain a fuller utiliza- These considerations suggest that achievetion or development of employable resources. ment of economic stability, at high levels of A weak reserve, on the other hand, would production and trade, requires that foreign be a serious obstacle to policies fostering eco- countries continue their efforts to rebuild nomic stability since these would tend to ex- monetary reserves to levels which would perpand imports and thus involve a potential mit their participation in a system of multidrain on the exchange resources of the nation. lateral trade and currency convertibility. 278 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED LEGISLATION REGARDING BANK HOLDING COMPANIES STATEMENT OF THOMAS B. McCABE, CHAIRMAN, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, BEFORE SENATE BANKING AND CURRENCY COMMITTEE, MARCH 1, 1950 Mr. Chairman and Members of the Committee: the Chairman of the Federal Deposit Insurance Cor- I believe I could never forget the bank holding poration or their representatives. As a result of company legislation, because when your Committee these discussions, various changes have been made in the spring of 1948 was considering my nomi- in the bill so as to take into account and give effect nation as a member of the Federal Reserve Board, to the best and most constructive suggestions reone of your chief concerns was with the holding ceived as well as we have been able to appraise company bill then pending in Congress. Some of them. I have never known a bill which had more you will recall that after being questioned at some careful and extended study and consideration by all length I was told to go back and take a sort of a post- parties who might be interested or affected than graduate course on bank holding company matters has this bill. and to report back to the Committee after my home- You will recall that the principal purposes of this work was completed. At that time bank holding legislation are (a) to overcome the inadequacies of company legislation had been carefully considered the present law relating to holding company affiliby this Committee and had been favorably reported; ates, (b) to regulate the expansion of bank holding and, in this connection, I would like to request that companies, (c) to require bank holding companies the report of this Committee with respect to S. 829, to give up their investments in nonbanking comthe bank holding company bill in the last Con- panies, and (d) to require bank holding companies gress, be inserted in the record. Your careful study to register, make reports, and submit to examiof that bill, together with the fact that the present nation. In other words, the basic objectives of S. bill (S. 2318) is in large part similar to it, would 2318 are the same as those of S. 829 which your almost seem to render unnecessary any compre- Committee reported favorably in the last Congress. hensive statement on the subject at this time. How- Although the Senate Calendar was such that it was ever, in view of the many other matters which not possible to act on the bill at that time, you will continuously press upon the members of this Com- recall that S. 829 had the support of the Federal Admittee for attention and the fact that there has been visory Council of the Federal Reserve System (a some change in the Committee membership, I am statutory body that is composed of a banker repgoing to assume that you may not have clearly in resentative from each of the twelve Federal Remind some of the points regarding this legislation, serve Districts and that acts in an advisory capacity and I will proceed to state as briefly as I can the to our Board) and of numerous banking organizamore recent developments in connection with the tions, as well as the majority of the major bank proposed legislation and the reasons why the Board holding companies. In its report on the holding feels that its enactment is necessary and important. company legislation pending in the last Congress, Since S. 829 was under consideration by the 80th the Federal Advisory Council pointed out that such Congress, the legislation has undergone further legislation was urgently necessary, and I would like careful consideration by the Board, and over a to submit for the record at this point a letter reperiod of a year and a half we have had numerous ceived in the last few days from the Council, which informal conferences with representatives of a num- indicates its general approval of the pending bill. ber of groups who are interested. These include The need for the enactment by Congress of apthe American Bankers Association, the Reserve City propriate and effective bank holding company legis- Bankers Association, the National Association of lation has been recognized by the American Bank- Supervisors of State Banks, the Independent Bank- ers Association and has been reiterated by the Iners Associations, and various bank holding com- dependent Bankers Associations. Moreover, I am panies. These meetings, in most instances, were advised by the Director of the Bureau of the Budget attended by the Comptroller of the Currency and that the President favors legislation designed to 279 MARCH 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED LEGISLATION REGARDING BANK HOLDING COMPANIES provide for more effective control of bank holding of such acquisition may be to expand the size and companies, although he has not approved any par- extent of a bank holding company system beyond ticular draft of a bill. limits consistent with adequate and sound banking I should like to emphasize that this bill is not all- and the public interest." (Sec. 5(d).) I will comembracing. It does not provide a death sentence ment further on this change a little later. for bank holding companies; it does not provide Another important provision in connection with for freezing all companies in their present situa- the consideration of the acquisition of banks or tions; it does not forbid a bank holding company branches is that which requires that the approprito establish offices across State lines; it does not ate Federal supervisory agency notify the bank bring an individual under the restrictions applicable supervisor in the State in which the acquiring bank to bank holding companies; and it does not re- is located of the proposed transaction so that he quire holding companies to accumulate any greater may submit his views and recommendations on the reserves than does the present law. On the other subject. These must be taken into consideration hand, the bill does require bank holding companies by the Federal agency in acting upon the proposal. to rid themselves, with reasonable exceptions, of (Sec. 5(e).) the ownership of companies not engaged in the The term "bank holding company" in the new banking business; it provides for the regulation of bill includes any company which controls a bank expansion by bank holding companies; and it pro- operating four or more branches, rather than a bank vides a means of more effective supervision of bank operating merely one or more branches as provided holding companies. The bill is in no sense revo- in S. 829. We feel that the definition as applied lutionary; it. is evolutionary. to a bank with one branch is too inclusive. (Sec. As I have indicated, S. 2318 is very similar to the 2(a).) bill S. 829 in the 80th Congress, but at this point In connection with the authorization to examine I think I should mention some of the principal bank holding companies and their subsidiaries, S. differences between the two: 2318 contains a provision, not in the previous bill, S. 829 included a preamble which contained the authorizing use of the reports of examination made statement that it was the declared policy of Con- by other supervisory authorities to the extent that gress "generally to maintain competition among the information contained therein is adequate for banks and to minimize the danger inherent in con- the purposes of the law. (Sec. 3(c).) centration of economic power through centralized S. 2318 also adds a new provision permitting a control of banks." After listening to the various bank holding company to own up to 5 per cent viewpoints expressed as to the desirability of this of a nonbanking company or to own an investment declaration of policy, it was the Board's feeling that company which in turn owns not in excess of 5 it might properly be omitted from the bill, and it is per cent of any nonbanking company. We feel not included in S. 2318. Some of the groups with that this provides a reasonable exception to the rewhom we discussed the matter, notably the Inde- quirement for the divorcement of nonbanking pendent Bankers groups, felt, and I believe still feel, assets without in any way breaking down the printhat it would be desirable to retain a provision of ciple which is involved. (Sec. 4(e).) this kind. Others, however, felt that it was par- S. 2318 contains a new section specifically proticularly objectionable and should be omitted. viding that the enactment of the bill "shall not be A related change is that with respect to the pro- construed as preventing any State, to an extent not visions of the bill which prescribe certain standards inconsistent with this Act, from exercising the same to guide the supervisory agencies in passing upon power and jurisdiction which it now has with reacquisitions by holding companies or banks of spect to banks, bank holding companies, and subbanks or branches. Included among these stand- sidiaries thereof." This is intended to eliminate ards in S. 829 was consideration of "the national any implication that Congress in enacting this legispolicy against restraint of trade and undue concen- lation is depriving the States of any power which tration of economic power and in favor of the main- they have in this field, except where such power tenance of competition in the field of banking." would be inconsistent with this bill. (Sec. 13.) In S. 2318 the language has been changed to pro- There are other differences between S. 2318 and vide for consideration of "whether or not the effect the earlier bill, S. 829, but I believe I have described 280 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED LEGISLATION REGARDING BANK HOLDING COMPANIES the more important of the changes. Now, be- partnership, or some other organized group. In fore discussing in more detail the proposed legis- addition to controlling banks, a holding company lation and the inadequacies of the existing law, a may be engaged in other businesses, or in the word concerning the nature of bank holding com- ownership and control of other businesses, unrepanies might be helpful. lated to banking. Holding companies may them- The bank holding company problem is, as you selves be banks, including national banks as well know, not a new one to the Congress. Bank hold- as State institutions. ing companies had a rapid growth during the 1920's, In some instances, there are two or more holding most of the major companies being organized in companies controlling the same banks, directly that period. After extensive hearings which began or indirectly. The simplest example of this is in 1930, Congress recognized the need for and where one company owns the controlling stock of undertook to provide for the regulation of bank another company which, in turn, owns control of holding companies. This legislation was a part of a group of banks; but there also are other methods the Banking Act of 1933. However, the inade- which have been used to establish indirect control. quacy of the law soon became apparent, and there In this connection, it should be mentioned that, were recommendations and proposals for new leg- without owning any of the stock of the banks, a islation. For example, in a message to Congress company may indirectly, or even directly, control a in 1938, President Roosevelt recommended the group of banks, as in the case of trust arrangeenactment of legislation to prohibit further ex- ments, as well as in other situations. pansion of bank holding companies and to require Ordinarily, of course, control is based upon'stock their elimination as soon as practicable. In its ownership, but this does not necessarily mean annual report for 1943, the Board pointed out in majority ownership; holding companies can and do some detail the deficiencies in the existing law and exercise a controlling influence over banks through made certain broad recommendations with respect the ownership of lesser amounts of stock. to new legislation. Since then, various bills have The banks controlled by a bank holding combeen introduced in Congress; and the Board, as well pany may include national banks, State member as others, has continued to urge enactment of effec- banks and State nonmember banks, whether or not tive legislation on this subject. insured; and the major holding company groups May I say at this point that we do not regard usually include more than one class of banks. bank holding companies as being necessarily un- Bank holding companies range in size from small desirable; in some instances, they have been help- organizations to large, nationally known organizaful in providing better management for banks, in tions controlling a large number of banks in numerassisting them financially, and in encouraging im- ous States. Such companies are to be found in proved banking service. Nevertheless, dangerous almost every section of the country. The proposed abuses are possible in the absence of effective regu- legislation, therefore, deals with a problem nationlation. One of these is the unlimited expansion of wide in scope. control over banks. Of like importance is the combining under the same management of large seg- INADEQUACY OF PRESENT LAW ments of our banking structure with miscellaneous nonbanking businesses. Basically, our view is that A discussion of the major provisions of the probank holding companies should be regulated in posed legislation will be assisted by some explanamuch the same manner as banks themselves are tion of the present, inadequate law concerning regulated. bank holding companies. A bank holding company is most likely to be As a part of the Banking Act of 1933, Section a State-chartered corporation organized to own a 5144 of the Revised Statutes was amended by addmajority of the stock of a group of banks and to ing several new paragraphs applying exclusively manage or supervise these banks, However, there to bank holding companies (called "holding comis a great variety of factual situations in which, by pany affiliates") and placing limitations and reone method or another, organized groups of per- strictions upon the right of such companies to vote sons control banks. A holding company is not nec- the stock which they owned in member banks of essarily a corporation; it may be a business trust, the Federal Reserve System. This section provides MARCH 1950 281 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED LEGISLATION REGARDING BANK HOLDING COMPANIES that a holding company, before it may vote its permit, but it also fails to reach others because of stock of a member bank, must first obtain a per- inadequacies in the definition of a "holding commit to do so from the Board. The Board is au- pany affiliate." The definition in the existing law thorized in its discretion to grant or deny such embraces only those holding companies which cona permit. As a condition to the granting of the trol member banks. This excludes from any regupermit, the holding company, on behalf of itself lation those companies which operate in all respects and its controlled banks, is required to agree to as bank holding companies, but which control submit to examinations, to establish a reserve fund, only nonmember banks, even though the latter and to dispose of all interests in securities com- include insured banks. panies. Another and more important defect is in that Present law is optional. The amendments to Sec- portion of the definition in the existing law which tion 5144 provided a means for bringing some defines a bank holding company as any company bank holding companies under regulation, but "which owns or controls, directly or indirectly, left others, even though meeting the same defini- either a majority of the shares of capital stock of tions, free from regulation. This is because the law a member bank or more than 50 per centum of the is based solely upon the voting permit. A holding number of shares voted for the election of direccompany becomes subject to the law only if a voting tors of any one bank at the preceding election, permit is issued. But there is no mandatory requirement in the law that a holding company The purpose underlying this part of the statute is obtain such a permit. Undoubtedly it was believed to reach those companies which control the manthat all would do so. Not all have done so, how- agement and policies of banks, and with this basic ever. This is because in many instances holding premise we are in agreement. However, as precompanies, as a practical matter, can control the viously pointed out and as Congress and the courts operations of banks whether or not they vote their have long recognized, effective control of one comshares in such banks. pany by another does not depend upon the owner- Whenever the Board receives an application for ship or control of a majority of the voting shares. a voting permit, it makes a thorough examination Thus, the present law in this respect does not cover of the holding company and its affiliated nonbank- cases where control is exercised through the ownering organizations and reviews reports of exami- ship of a smaller proportion of the total shares outnations of the affiliated banks to determine what standing, or where control is maintained without corrections, if any, are necessary to meet basic the ownership of any shares. standards. If such corrections appear necessary, Similarly, the number of shares owned or conthey are made a condition to the granting of the trolled, as compared with the number of shares voting permit. In one important case, however, voted for the election of directors at the preceding when advised of the need for such corrections, the election, is an unsatisfactory basis for determining applying company simply abandoned its application whether a holding company relationship exists. for a voting permit. It was able to control its banks Such a restricted test puts it within the power of without voting the shares which it owned in these the holding company to establish an absence of banks, and thus was able to avoid regulation. control when, in fact, it is at the same time exer- Clearly the law should apply to all bank holding cising most effective control. The case in which companies alike. This cannot be accomplished by regulation is most necessary may very well be the a law which permits a holding company to elect case in which the attempt is made to take advantage not to subject itself to regulation. The law must of a deficient definition to escape regulation. be mandatory to be effective. The present bill pro- The definition of a bank holding company in vides that all bank holding companies meeting the Section 2(a) of the bill conforms more nearly to prescribed definition shall register and shall be sub- the practical realities of intercorporate relationships. ject automatically to all of the regulatory pro- The first part of the definition extends automatic visions of the statute. coverage to all companies which own 15 per cent Present definition of holding company is inadequate. or more of the voting shares of two or more banks, Not only does the present law fail to reach those or of one bank operating four or more branches, or companies which elect not to apply for a voting of one or more other banks in the case of a com- 282 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED LEGISLATION REGARDING BANK HOLDING COMPANIES pany which is a bank. However, provision is made NONBANKING ACTIVITIES OF BANK HOLDING for the exemption of such institutions which would COMPANIES be covered under the definition automatically, if they can demonstrate that they do not exercise a con- One of the most salutary requirements of the trolling influence over the management or policies bill is contained in Section 4 and is designed to limit the nonbanking activities of bank holding of their subsidiary banks. Subsequent provisions companies. To that end, a holding company would of the definition permit the Board to declare an be required to divest itself of any securities except institution to be a bank holding company even those in companies which are incidental to its though it does not own the 15 per cent of bank banking operations, those which are eligible for stock requisite to automatic coverage under the investment by national banks, or those which repredefinition, provided the Board finds, after hearing, sent investments of a relatively unsubstantial nature. that it does in fact control the specified number of Such divestment must be accomplished within a banks. This definition we believe is practical, just, period of two years, or within a maximum period and essential in view of the prevailing situations. of five years if additional time should be deemed All institutions similarly situated are affected alike. necessary to avoid undue hardship. Each has a ready procedure for escaping regula- The reasons underlying this requirement are tion by demonstrating that it does not in fact exert simple. Accepted rules of law confine the business the kind of influence upon banks which requires of banks to banking and prohibit them from enthat it be subject to regulation. gaging in extraneous business, such as owning and operating industrial and manufacturing concerns. Some question has been raised as to that part of The lender and borrower or potential borrower the definition of "bank holding company" in the should not be dominated or controlled by the same bill which authorizes the Board, after notice and management. As indicated earlier, however, the opportunity for hearing, to determine that an instiholding company device has been used to gather tution is a bank holding company even though it under one management enterprises wholly unredoes not own 15 per cent of the stock of a bank. lated to the conduct of a banking business. I may say that we have studied this point very In keeping with sound banking principles, it carefully and have tried to develop a formula which is necessary that a bank holding company should would constitute a satisfactory definition of the be required by law to divest itself of any substanterm without giving the Board any discretionary tial interests in nonbanking ventures. The excepauthority. We have approached this problem sym- tion in the bill which permits a holding company pathetically but we have been unable to find a defi- to own not over 5 per cent of the voting securities nition based solely upon an arithmetical formula of another company directly or through the instruwhich would do the job adequately. We have also mentality of an investment company, is not incomasked those who had some question about this in patible, we believe, with these principles. If, howtheir minds to suggest a satisfactory substitute for ever, this exception should be used to evade the purposes of the law, the bill provides that the holdthe present definition but no one has brought foring company may be required to dispose of any ward a suggestion which seemed to us to meet the such securities. situation. The discretionary authority for the de- Where, pursuant to the requirements of Section termination of a bank holding company is patterned 4, a holding company distributes its nonbanking after similar authority which is contained in the assets, such a transaction is given appropriate tax Public Utility Holding Company Act and which exemption under a provision of the bill prepared has been in operation over a period of some 15 with the assistance of the Treasury tax experts. years. The rights of all parties will be adequately (Sec. 12(f).) protected under the provisions of the bill, since the Board can determine that a company is a bank BANK HOLDING COMPANY EXPANSION holding company only after notice and hearing and any action taken by the Board is subject under The problem of how far bank holding company the bill to judicial review. systems should be permitted to expand has long MARCH 1950 283 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED LEGISLATION REGARDING BANK HOLDING COMPANIES been of serious concern. It is in this area that one ment; and the needs of the communities involved. of the greatest potential evils of bank holding com- As this Committee pointed out in favorably reportpany operations exist. ing upon this legislation in 1947, these are in gen- Under existing law, a chartered bank may be eral the considerations now specified in the law as prevented by the regulatory agency to which it is the basis for administrative action in connection subject from expanding its banking offices either with the admission of State banks to membership by the establishment of new branches or by taking in the Federal Reserve System and the granting of over and operating the offices of other banks as deposit insurance coverage. However, under the branches. In order to establish branches, national bill the agency concerned would also have to conbanks must first obtain permission from the Comp- sider whether the proposed expansion of a bank troller of the Currency, State member banks from holding company or of any banking subsidiary in the Board, and nonmember insured banks from a bank holding company group would extend the the Federal Deposit Insurance Corporation. But operation of the holding company group beyond a bank holding company is not limited by any such limits consistent with adequate and sound banking requirements. Through the acquisition by the and the public interest. In this connection, I should holding company of the stock of an existing bank point out that this represents a difference in lanwhich thereafter may be operated, for all practical guage from that contained in the bill previously purposes, as a branch of the holding company sys- acted upon by this Committee. The earlier bill tem, the denial of a branch application of a con- contained language which was objected to by a trolled bank may become almost meaningless. The number of groups, including nonbanking groups holding company device lends itself readily to the with whom I have met, on the ground that the amassing of vast resources obtained largely from language was so broad as to present serious difficulthe public, which can be controlled and used by the ties in interpretation. The language which has relatively few who comprise the management of been inserted in the present bill I believe meets the holding company, giving them a decided ad- these objections without in any way narrowing the vantage in acquiring additional properties and in considerations which the supervisory agency may carrying out a program of expansion. Such power take into account in passing upon questions of holdcan be used to acquire independent banks by meas- ing company expansion. Chief among these conures which leave the local management and mi- siderations, as this Committee pointed out in 1947, nority stockholders little with which to defend is the anti-monopoly principle enunciated in the themselves except their own protests. Sherman and Clayton Acts. Under Section 5 of the bill, this situation would In the discussions which we have had on this bill be remedied by preventing bank acquisitions with- with the interested groups, the suggestion was out first obtaining the approval of some agency of made, particularly by the State bank supervisors, the Federal Government. Under this section, any that it would be well for the Comptroller, the Fedacquisition of the stock or assets of banks by a eral Deposit Insurance Corporation, or the Board, bank holding company would have to be approved in considering any proposal for the acquisition of by the Board. If one of the banks in a holding banks or the establishment of branches under this company group wished to acquire the assets of bill, to consult with the appropriate State bank a bank, the acquiring bank, if a national bank, supervisory authority and get his consent before would have to secure the approval of the Comp- approving the transaction. We discussed this at troller; if a State member bank, it would have to great length with various groups and among ourobtain the approval of the Board; if a nonmember selves and with others and we did not feel that bank, it would have to obtain the approval of the it would be practicable to go so far as to give to Federal Deposit Insurance Corporation. the State supervisor what in effect would be a veto Section 5(d) of the bill enumerates the standards in the matter. We have included in the bill a prowhich would guide the banking agencies in decid- vision which requires that in any such case the ing whether to approve any such expansion. First, bank supervisor in a State must be notified and they would have to consider the financial history given 30 days in which to submit his views and and condition of the applicant and the banks con- recommendations. (Sec. 5(e).) As a practical cerned; their prospects; character of their manage- matter, in emergency cases the State supervisor 284 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED LEGISLATION REGARDING BANK HOLDING COMPANIES would, of course, be expected to submit his views uninsured bank. As to national banks, the examvery promptly. These must be taken into account ination practice and the relationship between the by the Federal agency in acting upon the matter Comptroller of the Currency and the Board in that and they become a part of the record in the case. regard have been long established under existing The views of the State authorities will thus be fully provisions of the law; this has worked very satisconsidered in each instance and a decision will be factorily and the present provisions of the bill reached only in the light of their recommendations. would not change the effect of existing law. S. 2318, like S. 829 in the last Congress, provides that the Federal Reserve Board shall be the admin- OTHER ASPECTS OF PROPOSED LEGISLATION istering agency, because the Board is named as the administering agency in the existing law enacted Under the present law, the only provision which in 1933 relating to holding company affiliates. How- implies a degree of administrative supervision of ever, we are more concerned in this bill with the bank holding companies relates to such examinaprinciples which would be established by it than tions "as shall be necessary to disclose fully the we are with the question of what agency admin- relations between" the holding company and its isters it. It is our view that, regardless of what controlled banks, and the further provision that, agency is selected for the purpose, only one agency for violation of the statute or of its agreement with should be charged with the responsibility for ad- the Board prerequisite to its obtaining a voting ministering it. We are unalterably opposed to the permit, such permit of a holding company may be administration of this Act by a board made up of revoked. In that event, certain penalties affecting various supervisory agencies for the obvious rea- the banks in the holding company system may be sons of efficiency and economy as well as time sav- applied. When considered in the light of the voling on the part of the executives of the different untary aspects of the existing law, such provision agencies. Only by naming one agency can there falls far short of providing effective regulation. be effective administration of the legislation and In the first place, the Board's right to examine a responsibility clearly fixed for the carrying out of holding company is not coupled with the specific the Congressional purpose. power to require corrections. Secondly, the penal- Section 3(c) of the bill authorizes the Board to ties for violation of the statute or of a holding commake such examinations of a holding company and pany's agreement with the Board are directed prinof its subsidiaries, including bank subsidiaries, as cipally at the controlled banks, rather than at the shall be necessary to disclose fully the relations bank holding company. between the holding company and its subsidiaries, The provisions of the present bill, as previously but it also provides that the Board may use reports indicated, would require registration of all bank of examination made by the Comptroller of the holding companies (Sec. 3(a)). A bank holding Currency, the Federal Deposit Insurance Corpora- company would be required to file periodic reports. tion, or the appropriate State bank supervisory (Sec. 3(b).) It, as each of its subsidiaries, would authority to the extent that the information con- be subject to examination. (Sec. 3(c).) The more tained therein is adequate. As a matter of prac- important requirements of the present statute retice, of course, so far as banks are concerned, we garding reserve funds of bank holding companies would expect to rely almost wholly upon reports are included as a part of the bill (Sec. 8). Investof examinations made by these agencies, instead of ments by a subsidiary bank in the capital stock of making the examinations ourselves. Accordingly, its bank holding company would be forbidden and if the Committee should consider it advisable, the loans by such a bank to its holding company or its Board would have no objection to putting a pro- other subsidiaries would be regulated (Sec. 6(a) vision in the bill which would require that the and 6(c)). The terms of any management or serv- Board obtain the consent of the Federal Deposit ice contracts between a holding company and its Insurance Corporation before it makes an examina- bank would be open to surveillance (Sec. 7). Fition of any nonmember insured bank that is a nally, the Board would be authorized to make such subsidiary of a bank holding company, and the con- rules, regulations, and orders as might be necessent of the appropriate State supervisory authority sary to enable it to administer and carry out the for an examination of a subsidiary nonmember purposes of the Act. (Sec. 9.) MARCH 1950 285 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED LEGISLATION REGARDING BANK HOLDING COMPANIES With respect to its effective administration, the I ask that these two proposed amendments which bill provides certain sanctions believed to be neces- I now submit be included in the record.# sary to assure compliance with its provisions. Thus, Before concluding this statement, I would perif it is found, after notice and hearing, that a bank sonally like to express my deep appreciation to the holding company has willfully violated the Act or various banking groups and individuals who have any rules, regulations, or orders issued thereunder, given so much of their time and attention to the the holding company may be forbidden to pay the consideration of the various points in connection salary of its officials who participated in the viola- with this proposed legislation and have united with tion, to receive dividends or management or service us in trying to bring forth a sound and effective bill fees from its subsidiary banks, or to participate in which would meet the views of as many varying any way in the management or control of any sub- interests as possible. They have all been most helpsidiary bank (Sec. 11 (a)). In addition, the bill ful in the discussions of the matter and in subprovides for the criminal prosecution of willful mitting constructive suggestions. We are also most violators (Sec. ll(b)). appreciative of the helpful consideration which we The bill extends a statutory right of judicial re- have had from the Attorney General's office, the view to anyone aggrieved by any action of the Bureau of the Budget, and other Government agen- Board taken under any of the various regulatory cies. We have felt free to call upon any and all provisions of the bill (Sec. 10(d)). This provision of these groups and agencies at any time for their is similar to that contained in comparable legisla- points of view. Their assistance has been most tion in other fields. generously given and our discussions have been At this time I would like to suggest for the con- carried on in a most cordial atmosphere. sideration of the Committee two proposed amend- As I said at the commencement of this statement, ments to the bill which we believe are desirable the bank holding company problem first came forchanges. These amendments, which are of a techcibly to my attention when I was before this Comnical nature and consistent with the general purmittee nearly two years ago. In view of the intense poses of the bill, reflect the results of further coninterest of this Committee in the subject, I have sultation with interested parties. made an extensive and what I consider a completely Under the first proposed amendment, a bank objective and fresh approach to the problem withwould not be a "bank holding company" merely out personal prejudice in the subject, and have because it may have a subsidiary trust company reached the conclusion on my own that legislation located in the same city or town. In such a situaon this subject is highly desirable from the standtion, the subsidiary stands in much the same posipoint of the public interest. It is also desirable in tion as a bank's own trust department. my judgment in order to give the bank holding The second proposed amendment would exclude companies a sort of yardstick by which they can from the definition of "bank," those organizations operate, so that they will know what they are lawwhich are engaged principally in international or fully permitted to do and what they may not do. foreign banking and in whose shares national banks The necessity for appropriate legislation in the field may invest with the Board's permission. This prois generally recognized and on behalf of the Board, posal is merely a clarification of the provision altherefore, I respectfully urge upon your Commitready in the bill excluding banks which do not do tee the desirability of prompt and favorable action. business within the United States. S. 2318, A BILL TO PROVIDE FOR CONTROL AND REGULATION OF BANK HOLDING COMPANIES, AND FOR OTHER PURPOSES Be it enacted by the Senate and House of Repre- of each of two or more banks or of a company sentatives of the United States of America in Con- which is a bank holding company by virtue of this gress assembled, That this Act may be cited as the section, or any company which is a bank and which "Bank Holding Company Act of 1949." directly or indirectly owns, controls, or holds with SEC. 2. DEFINITIONS.—(a) "Bank holding com- power to vote 15 per centum or more of the voting pany" means (1) any company which directly or indirectly owns, controls, or holds with power to *For full text of proposed amendments, see p. 294 of the vote 15 per centum or more of the voting shares BULLETIN. 286 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED LEGISLATION REGARDING BANK HOLDING COMPANIES shares of one or more other banks, or any company ing, however, any such company which is owned which directly or indirectly owns, controls, or holds by the United States. with power to vote 15 per centum or more of the (d) "Board" means the Board of Governors of voting shares of one bank provided such bank the Federal Reserve System. operates four or more branches, unless the Board as (e) "Subsidiary," with respect to a specified bank hereinafter provided by order declares such com- holding company, means (1) any company 15 per pany not to be a bank holding company; (2) any centum or more of whose outstanding voting shares company which the Board determines, after notice (excluding shares owned by the United States or and opportunity for hearing, directly or indirectly, by any company wholly owned by the United exercises (either alone or pursuant to an arrange- States) is owned or controlled by such bank holding ment or understanding with one or more other company, unless the Board as hereinafter provided persons) such a controlling influence over the manby order declares such company not to be a subagement or policies of two or more banks or of sidiary of such bank holding company; or (2) any only one bank if such bank operates four or more company the management and policies of which the branches as to make it necessary or appropriate in Board determines, after notice and opportunity for the public interest or for the protection of investors hearing, are subject to a controlling influence by or depositors that such company be subject to the the specified bank holding company. obligations, duties, and liabilities imposed in this The Board, upon application, shall by order de- Act upon bank holding companies; and (3) any clare that a company is not a subsidiary company company which is a bank and which the Board of a specified bank holding company under clause determines after notice and opportunity for hear- (1) above if the Board finds that the management ing, directly or indirectly, exercises (either alone or or policies of the applicant are not subject to a pursuant to an arrangement or understanding with controlling influence, directly or indirectly, by such one or more other persons) such a controlling inbank holding company (either alone or pursuant to fluence over the management or policies of one or an arrangement or understanding with one or more more other banks as to make it necessary or approother persons). priate in the public interest or for the protection of (f) For the purposes of this section there shall investors or depositors that such company be subbe excluded from consideration all voting shares ject to the obligations, duties, and liabilities imposed in this Act upon bank holding companies. of banks acquired or held by mutual savings banks; also, there shall be excluded from consideration all The Board, upon application, shall by order devoting shares of banks or other companies acquired clare that a company is not a bank holding comor held by a bank in a fiduciary capacity; except pany under clause (1) above if the Board finds that where such voting shares are acquired or held for the applicant does not, either alone or pursuant to the benefit of all or a majority of the persons benean arrangement or understanding with one or more ficially interested in such bank or except where the other persons, exercise such a controlling influence Board, after notice and opportunity for hearing over the management or policies of the stated finds that such acquisition or holding is resulting in number of banks as to make it necessary or approthe violation or evasion of any of the purposes or priate in the public interest or for the protection of provisions of this Act. investors or depositors that such company be subject SEC. 3. REGISTRATION, REPORTS, AND EXAMINAto the obligations, duties, and liabilities imposed in TIONS.—(a) Within ninety days after the effective this Act upon bank holding companies. date of this Act, or within ninety days after be- (b) "Bank" means any national bank, or any coming a bank holding company, whichever is later, State bank, banking association, savings bank, or every bank holding company shall register with the trust company, but shall not include any organiza- Board on forms prescribed by the Board, which tion which does not receive deposits nor conducts a shall include, with such other information as the trust business within the United States. "State mem- Board may require, statements showing (1) its ber bank" means any State bank which is a memfinancial condition at the end of its fiscal year last ber of the Federal Reserve System. "District bank" means any State bank organized or operating under preceding the date of registration, including therein the Code of Law for the District of Columbia. the amount of its accumulated net income at such (c) "Company" means any bank, corporation, time; (2) name and address of each of the bank partnership, joint-stock company, business trust, holding company's subsidiary banks and address of voting trust, association, or any similar organized each branch of each such bank; (3) name and adgroup of persons, whether incorporated or not, or dress of each other bank of which the bank holding any receiver, trustee, or other liquidating agent of company or its subsidiaries own shares; (4) numany of the foregoing in his capacity as such; exclud- ber of shares of each class of stock of each bank MARCH 1950 287 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED LEGISLATION REGARDING BANK HOLDING COMPANIES owned by the bank holding company or its sub- year at a time if, in its judgment, such an extensidiaries; (5) information concerning the manner sion would not be detrimental to the public interin which such shares are owned; (6) name, address, est. However, nothing herein provided shall be and nature of business of each of the bank holding construed to authorize the Board to extend any such company's subsidiaries, other than banks, and the period beyond a date five years after the enactment manner in which the relationship arises; and (7) hereof. such information as the Board may deem necessary (b) The prohibitions in this section shall not or appropriate. apply to shares or other securities or obligations The Board may, in its discretion, extend the owned or acquired by a bank holding company in time within which a bank holding company shall any company engaged solely in holding and operatregister and file the requisite statement. ing property in which the bank premises are located, (b) Each bank holding company shall furnish or engaged solely in conducting a safe-deposit busito the Board from time to time such reports as ness, or engaged solely in the business of furnishmay be required by the Board and in such form ing managerial, auditing, supervisory, purchasing, and detail as the Board may prescribe. Such reports and other similar services to such bank holding shall contain such information concerning the bank company and its subsidiaries, or solely in the busiholding company and its subsidiaries as the Board ness of liquidating assets acquired from such bank shall deem necessary to disclose fully the relations holding company and its subsidiaries, or in any among such companies, the effect of such relations other company all the activities of which the Board upon the affairs of the subsidiary banks, and has determined are so closely related to the business whether the provisions of this Act have been com- of managing, operating, or controlling banks as to plied with. be a proper incident thereto. (c) Each bank holding company and each sub- (c) Nor shall the prohibitions in this section sidiary thereof shall be subject to such examina- apply to shares or securities or obligations acquired tions by examiners selected or approved by the by a bank holding company from any of its subsidi- Board as shall be necessary to disclose fully the aries which have been requested to dispose of such relations between such bank holding company and voting shares, securities, or obligations by any Fedits subsidiaries, the effect of such relations upon the eral or State authority having statutory power to affairs of the subsidiary banks, and whether the examine such subsidiaries or which have been provisions of this Act or of the Board's orders, rules, acquired from such subsidiaries with the prior or regulations have been complied with; and the approval of the Board; but such bank holding comexaminer making such an examination shall have pany shall dispose of such shares, securities, or oblipower to administer oaths and to examine any of gations within a reasonable time. If, while such the officers, directors, employees, and agents of such bank holding company owns or controls such bank holding company or subsidiary under oath. shares, securities, or obligations, the Board, after The expenses of any such examination may, in the notice and opportunity for hearing, determines that discretion of the Board, be assessed against the bank the ownership or control of such shares, securities, holding company and, when so assessed, shall be or obligations is resulting in the violation or evapaid by such bank holding company. To the extent sion of any of the purposes or provisions of this that the information contained therein is adequate Act, it may by order require such bank holding for the purposes of this section the Board is author- company to dispose of all or any part thereof forthized to use the reports of examination made by the with. Comptroller of the Currency, the Federal Deposit (d) Nor shall the prohibitions of this section Insurance Corporation, or the appropriate State apply to shares or other securities or obligations bank supervisory authority. which are held or acquired by a bank, which is SEC. 4« INTERESTS IN NONBANKING ORGANIZA- a bank holding company, in a fiduciary capacity or TIONS.—(a) Except as otherwise provided in this which are otherwise lawfully owned by such bank Act, it shall be unlawful for any bank holding or any of its wholly owned subsidiaries on the effeccompany, after two years after the effective date tive date of this Act; nor as to any bank holding hereof, to own any shares or other securities or obli- company shall the prohibitions in this section apply gations of any company other than a bank or to to investment securities of the kinds and amounts engage in any business other than that of banking eligible for investment by national banks under or managing or controlling subsidiary banks. The the provisions of section 5136 of the Revised Stat- Board is authorized, upon application by a bank utes. If, while such bank or bank holding company holding company, to extend this period from time owns or controls such shares, securities, or other to time as to such company for not more than one obligations, the Board, after notice and opportunity 288 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED LEGISLATION REGARDING BANK HOLDING COMPANIES for hearing, determines that the ownership or con- (c) No plan, undertaking, or agreement by or trol of such shares, securities, or obligations is result- on behalf of a banking subsidiary of a bank holding in the violation or evasion of any of the pur- ing company to acquire all or substantially all of poses or provisions of this Act, it may by order the assets of any bank shall be consummated, effecrequire such bank or bank holding company to tuated, or completed except with the prior approval dispose of all or any part thereof forthwith. of (1) the Comptroller of the Currency if the (e) Nor shall the prohibitions of this section acquiring bank is a national bank or district bank; apply to the ownership by a bank holding company or (2) the Board if the acquiring bank is a State of shares or other securities or obligations of any member bank, or (3) the Federal Deposit Insurcompany which do not include more than 5 per ance Corporation in the case of any other acquircentum of the outstanding voting securities of such ing bank. Nor shall any State member bank (not company, and do not have a value greater than 5 including a district bank) which is a subsidiary per centum of the value of the total assets of the of a bank holding company, establish any branch bank holding company, as determined under regu- within the limits of the city, town, or village in lations prescribed by the Board; nor shall they which the head office of such bank is located apply to the ownership by a bank holding company, except with the prior approval of the Board. in excess of such limitations, of shares or other (d) In determining whether to approve any securities or obligations of an investment company acquisition subject to paragraphs (a), (b), or (c) which is not engaged in any business other than of this section consideration shall be given to the investing in securities if the bank holding company financial history and condition of the applicant and all such investment companies (in which the and the banks concerned; their prospects; the bank holding company has investments in excess character of their management, the convenience, of such limitations) do not together own shares or needs, and welfare of the communities and the other securities or obligations of any one other com- area concerned; and whether or not the effect of pany which are in excess of the foregoing limita- such acquisition may be to expand the size and tions. If, while such bank holding company owns extent of a bank holding company system beyond or controls such shares, securities, or obligations, limits consistent with adequate and sound bankthe Board, after notice and opportunity for hearing, ing and the public interest. The factors stated in determines that the ownership or control of such this section shall likewise be considered by the shares, securities, or obligations is resulting in the Board, the Comptroller of the Currency, or the violation or evasion of any of the purposes or pro- Federal Deposit Insurance Corporation in detervisions of this Act, it may by order require such mining whether to approve an application of any bank holding company to dispose of all or any part bank, which is a part of a bank holding company thereof forthwith. system, to establish a branch or branches of such SEC. 5. ACQUISITIONS OF BANK SHARES OR BANK bank. ASSETS.—(a) No plan, undertaking, or agreement (e) Before determining whether to approve any by or on behalf of any company which would result acquisition or application pursuant to this section, in that company becoming a bank holding com- the Comptroller of the Currency, the Federal Depany, as defined in section 2 (a) (1) of this Act, posit Insurance Corporation, or the Board, as the and no plan, undertaking, or agreement by or on case may be, shall notify the bank supervisory aubehalf of any bank holding company to acquire thority in the State in which the acquiring or applyeither directly or indirectly any voting shares of ing bank is located and shall afford such State banka bank, shall be consummated, effectuated, or com- ing authority a period of thirty days within which pleted except with the prior approval of the Board: to submit a written statement of his views and Provided, however, That nothing herein contained recommendations as to whether such acquisition or shall be construed to apply to the acquisition by a application should be approved. Such statement bank holding company of any additional voting and recommendation shall be taken into considerashares of a bank in any case where such bank hold- tion by the Comptroller of the Currency, the Federal ing company, prior to such acquisition, owned a Deposit Insurance Corporation, or the Board, as majority of the voting shares thereof. the case may be, in determining whether to ap- (b) No plan, undertaking, or agreement by or prove any acquisition or application pursuant to on behalf of any bank holding company or any this section, and such statement and recommendaof its nonbanking subsidiaries to acquire all or tion shall be made a part of the record upon which substantially all of the assets of any bank shall be such acquisition or application is approved or reconsummated, effectuated, or completed except with jected. the prior approval of the Board. SEC. 6. BORROWING BY BANK HOLDING COM- MARCH 1950 289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED LEGISLATION REGARDING BANK HOLDING COMPANIES PANY OR ITS SUBSIDIARIES.—(a) No bank shall invest to (1) any company of the types described in any of its funds in the capital stock of (1) a bank section 4 (b) of this Act, or (2) any company whose holding company of which it is a subsidiary, or (2) subsidiary status has arisen out of a bona fide debt a subsidiary of such bank holding company. to the bank contracted prior to the date of the crea- (b) No bank shall accept the capital stock of tion of such status, or (3) any company whose (1) a bank holding company of which it is a sub- subsidiary status exists by reason of the ownership sidiary, or (2) a subsidiary of such bank holding or control of voting shares thereof by the bank as company as collateral security for advances made executor, administrator^ trustee, receiver, agent, or to any person, partnership, association, or corpora- depositary, or in any other fiduciary capacity, extion: Provided, however, That any bank may, with cept where such shares are held for the benefit of the prior approval of the Board, accept such capital all or a majority of the stockholders of such bank. stock as a security for debts previously contracted. SEC. 7. SERVICE FEES OR BENEFITS.—The Board (c) No bank shall (1) make any loan or any is authorized, if in its opinion such action is necesextension of credit to, or purchase securities under sary or appropriate for the protection of depositors repurchase agreement from, (a) a bank holding or investors and after appropriate notice and opporcompany of which it is a subsidiary, or (b) a sub- tunity for hearing, to determine the reasonableness sidiary of such bank holding company; or (2) of any service, management, or similar charge or invest any of its funds in the bonds, debentures, fee or benefit obtained by a bank holding company or other such obligations of any such bank holding or any of its subsidiaries from a subsidiary bank company or subsidiary; or (3) accept the bonds, of such bank holding company, and to order that debentures, or other such obligations of any such all or any part of such charges or fees or benefits bank holding company or subsidiary as collateral which it finds to be unreasonable shall be disconsecurity for loans or advances made to any person, tinued. It shall be unlawful for such bank holding partnership, association, or corporation, if, in the company or any of its subsidiaries thereafter to case of all such bank holding companies and sub- assess or obtain any such charge or fee or benefit sidiaries, the aggregate amount of such loans, exten- in contravention of the Board's order. sions of credit, repurchase agreements, investments, SEC. 8. RESERVE FUND.—After the effective date and advances against such collateral security will of this Act, every corporate bank holding company exceed 20 per centum of the capital stock and sur- shall use all its net earnings over and above 6 per plus of such bank. Non-interest-bearing deposits to centum per annum of the book value of its own the credit of a bank shall not be deemed to be a shares to accumulate a fund, and every noncorporate loan or advance to the bank of deposit, nor shall the bank holding company shall accumulate a fund in giving of immediate credit to a bank upon uncol- accordance with the terms prescribed by the Board, lected items received in the ordinary course of in an amount equal to at least 12 per centum of the business be deemed to be a loan or advance to the aggregate par value of all bank shares owned by it. depositing bank. Within the foregoing limitations, Such fund shall consist of readily marketable assets, each loan or extension of credit of any kind or char- other than bank stocks, and shall be identified in an acter to such bank holding company or subsidiary appropriate manner and kept free and clear of any shall be secured by collateral in the form of stocks, lien, pledge, or hypothecation of any kind or bonds, debentures, or other such obligations having nature. Such assets may be used by the bank holda market value at the time of making the loan or ing company to replace capital of its subsidiary extension of credit of at least 20 per centum more banks and to eliminate losses and depreciation from than the amount of the loan or extension of credit, the assets of such banks, and, with the prior apor of at least 10 per centum more than the amount proval of the Board, to increase the capital or surof the loan or extension of credit if it is secured by plus of its subsidiary banks, but, except as perobligations of any State or of any political subdivi- mitted by the Board, shall not be used by the bank sion or agency thereof: Provided, That no margin holding company for any other purpose, and any of collateral shall be required when such loan or deficiency in such assets resulting from such use extension of credit is secured by obligations of the shall be replaced in the same manner as above pro- United States Government, the Federal intermediate vided. credit banks, the Federal land banks, the Federal SEC. 9. REGULATIONS.—The Board shall have the home-loan banks, or the Home Owners' Loan Corauthority to make and issue such rules, regulations, poration, or by such notes, drafts, bills of exchange, and orders, not inconsistent with the provisions of or bankers' acceptances as are eligible for redisthis Act, as may be necessary to enable it to admincount or for purchase by Federal Reserve banks. ister and carry out the purposes of this Act and (d) The provisions of this section shall not apply prevent evasions thereof and it shall likewise have 290 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED LEGISLATION REGARDING BANK HOLDING COMPANIES authority to amend, modify, or rescind any such documentary or otherwise, required of him may rules, regulations, or orders so made or issued. All tend to incriminate him or subject him to penalty powers and functions of the Board prescribed by or forfeiture; but no individual shall be prosecuted this Act, other than the issuance, amendment, modi- or subject to any penalty or forfeiture for or on fication, or rescission of rules, regulations, and account of any transaction, matter, or thing concernorders and the determination of matters of gen- ing which he is compelled to testify or produce evieral policy, may be performed through such mem- dence, documentary or otherwise, after having bers of the Board or such officers and employees claimed his privilege against self-incrimination, exthereof or such Federal Reserve banks or officers or cept that such individual so testifying shall not be employees thereof as the Board may deem advisable exempt from prosecution and punishment for perin order to facilitate the administration of this Act. jury committed in so testifying. Any person who SEC. 10. HEARINGS, INVESTIGATIONS, AND COURT without just cause shall fail or refuse to attend and REVIEW OF ORDERS.—(a) In addition to the hearings testify or to answer any lawful inquiry or to produce authorized in this Act, the Board also shall have books, records, or other papers in obedience to the authority to make such investigations as may be subpena of the Board, if in his or its power so to necessary to determine whether any proceeding do, shall be guilty of a misdemeanor and upon conunder this Act should be instituted against a par- viction shall be subject to a fine of not more than ticular person or persons, or with respect to a $1,000 or to imprisonment for a term of not more particular transaction or transactions; and the Board than one year, or both. shall keep appropriate records of all hearings and (d) Any person or party aggrieved by any final investigations. action of the Board under this Act may obtain a (b) For the purpose of any hearing or investi- review of such order in the circuit court of appeals gation under this Act, any member of the Board, or of the United States within any circuit wherein any officer thereof designated by it, is empowered such person resides or has his principal place of to administer oaths and affirmations, subpena wit- business, or in the United States Court of Appeals nesses, compel their attendance, take evidence, and for the District of Columbia, by filing in such require the production of any books, records, or court, within sixty days after the entry of such other papers which are relevant or material to order, a written petition praying that the order of the inquiry. Such attendance of witnesses and the the Board be modified or set aside in whole or in production of any such papers may be required part. A copy of such petition shall be forthwith from any place in any State or in any Territory or served upon any member of the Board or upon the other place subject to the jurisdiction of the United Board's secretary at its offices in the City of Wash- States at any designated place where such a hear- ington, and thereupon the Board shall certify and ing is being held or investigation is being made. file in the court a transcript of the record upon (c) In case of refusal to obey a subpena issued which the order complained of was entered. Upon to, or contumacy by, any person, the Board may the filing of such transcript such court shall have invoke the aid of any court of the United States exclusive jurisdiction to affirm, modify, or set aside within the jurisdiction of which such hearing or such order in whole or in part. No objection to investigation is carried on, or where such person the order of the Board shall be considered by the resides or carries on business, in requiring the at- court unless such objection shall have been urged tendance and testimony of witnesses and the pro- before the Board or unless there were reasonable duction of books, records, or other papers. And grounds for failure so to do. The finding of the such court may issue an order requiring such person Board as to the facts, if supported by substantial to appear before the Board or member or officer evidence, shall be conclusive. If application is made designated by the Board, there to produce records, to the court for leave to adduce additional evidence, if so ordered, or to give testimony touching the and it is shown to the satisfaction of the court that matter under investigation or in question; and any such additional evidence is material and that there failure to obey such order of the court may be pun- are reasonable grounds for failure to adduce such ished by such court as a contempt thereof. All evidence in the proceeding before the Board, the process in any such case may be served in the court may order such additional evidence to be judicial district whereof such person is an inhabit- taken before the Board and to be adduced upon the ant or wherever he may be found. No person shall hearing in such manner and upon such terms and "be excused from attending and testifying or from conditions as to the court may seem proper. The producing books, records, or other papers in obedi- Board may modify its findings as to the facts by ence to a subpena issued under the authority of this reason of the additional evidence so taken, and it Act on the ground that the testimony or evidence, shall file with the court such modified or new find- MARCH 1950 291 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED LEGISLATION REGARDING BANK HOLDING COMPANIES ings, which, if supported by substantial evidence, lows the colon and by inserting in lieu thereof the shall be conclusive, and its recommendation, if any, following: "Provided, That whenever any member for the modification or setting aside of the original banks within the same Federal Reserve district are order. The judgment and decree of the court affirm- subsidiaries of the same bank holding company ing, modifying, or setting aside, in whole or in part, within the meaning of the Bank Holding Company any such order of the Board shall be final, subject Act of 1949, participation in any such nomination to review by the Supreme Court of the United States or election by such member banks, including such upon certiorari or certification as provided in bank holding company if it is also a member bank, section 1254 of title 28, United States Code. The shall be confined to one of such banks, which may commencement of proceedings to review an order be designated for the purpose by such bank holdof the Board issued under this Act shall not oper- ing company." ate as a stay of the Board's order unless the court (b) (1) The eighteenth paragraph of section 9 otherwise orders. of the Federal Reserve Act is amended by striking SEC. 11. PENALTIES.—(a) If, after notice and out the last sentence of such paragraph. opportunity for hearing, the Board finds that a. (2) The twenty-first paragraph of section 9 of bank holding company has willfully violated any the Federal Reserve Act is repealed. of the provisions of this Act, or of any rules, regu- (c) Subsection (c) of section 2 of the Banking lations, or orders of the Board issued pursuant Act of 1933, as amended, is repealed. thereto, or has knowingly permitted or assented (d) Section 5144 of the Revised Statutes, as to or participated in any such violation by any sub- amended, is amended to read as follows: sidiary, the Board may issue an order, effective for "SEC. 5144. In all elections of directors, each such period as may be fixed by the order and con- shareholder shall have the right to vote the number taining any one or more of the following prohibi- of shares owned by him for as many persons as tions: (i) That such bank holding company shall there are directors to be elected, or to cumulate not pay any salary or other remuneration to any such shares and give one candidate as many votes officer or director of the company found by the as the number of directors multiplied by the num- Board to have willfully participated in such viola- ber of his shares shall equal, or to distribute them tion or violations and who was made a party to on the same principle among as many candidates as such hearing by the Board; (ii) that no subsidiary he shall think fit; and in deciding all other quesbank of such bank holding company shall pay divi- tions at meetings of shareholders, each shareholder dends on shares owned by such bank holding com- shall be entitled to one vote on each share of stock pany or pay or become liable to pay to such bank held by him; except that (1) this shall not be conholding company or any of its subsidiaries any serv- strued as limiting the voting rights of holders of ice, management, or similar charges or fees, or ren- preferred stock under the terms and provisions of der any specified benefit; and (iii) that such bank articles of association, or amendments thereto, holding company shall not directly or indirectly adopted pursuant to the provisions of section 302 vote the shares owned by it or otherwise participate (a) of the Emergency Banking and Bank Conin the management or control of any subsidiary servation Act, approved March 9, 1933, as amended; bank. (2) in the election of directors, shares of its own (b) Any person who willfully violates any pro- stock held by a national bank as sole trustee, vision of this Act or any rule, regulation, or order whether registered in its own name as such trustee issued by the Board pursuant thereto shall upon or in the name of its nominee, shall not be voted conviction be fined not more than $10,000 or im- by the registered owner unless under the terms of prisoned not more than two years, or both. Every the trust the manner in which such shares shall officer, director, agent, and employee of a bank be voted may be determined by a donor or beneholding company shall be subject to the same pen- ficiary of the trust and unless such donor or benealties for false entries in any book, report, or state- ficiary actually directs how such shares shall be ment of such bank holding company as are appli- voted; and (3) shares of its own stock held by a cable to officers, directors, agents, and employees of national bank and one or more persons as trustees member banks for false entries in any books, may be voted by such other person or persons, as reports, or statements of member banks under sec- trustees, in the same manner as if he or they were tion 1005 of title 18, United States Code. the sole trustee. Shareholders may vote by proxies SEC. 12. TECHNICAL AMENDMENTS.—(a) The last duly authorized in writing; but no officer, clerk, sentence of the sixteenth paragraph of section 4 of teller, or bookkeeper of such bank shall act as the Federal Reserve Act, as amended, is amended proxy; and no shareholder whose liability is past by striking out all of the language therein which fol- due and unpaid shall be allowed to vote. When- 292 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED LEGISLATION REGARDING BANK HOLDING COMPANIES ever shares of stock cannot be voted by reason of suant to an order of the Board of Governors being held by the bank as sole trustee, such shares of the Federal Reserve System authorizing, apshall be excluded in determining whether matters proving or directing such exchange as effectuatvoted upon by the shareholders were adopted by ing the policy of the Bank Holding Company the requisite percentage of shares." Act of 1949, transfers property not permitted (e) The second paragraph of section 5211 of the to be owned by a bank holding company under Revised Statutes is amended by striking out the the provisions of section 4 of such Act, to a second sentence of such paragraph. corporation organized to receive such property (f) (1) Subsection (d) of section 26 of the solely in exchange for all of the stock of such Internal Revenue Code, as amended, is amended to transferee corporation and such stock is disread as follows: tributed forthwith in a distribution subject to "(d) BANK HOLDING COMPANIES.—In the case the provisions of subparagraph (A). of a bank holding company (as defined in the Bank "(C) Application of subparagraphs (A) and Holding Company Act of 1949), the amount of (B).—The provisions of subparagraphs (A) the earnings or profits which the Board of Gov- and (B) of this paragraph shall not apply unless ernors of the Federal Reserve System certifies to the Board of Governors of the Federal Reserve the Commissioner has been devoted by such com- System shall certify that such distribution or pany during the taxable year to the acquisition of exchange was of property not permitted to be readily marketable assets in compliance with section owned under the provisions of section 4 of the 8 of the Bank Holding Company Act of 1949. The Bank Holding Company Act of 1949 and was aggregate of the credits allowable under this sub- necessary or appropriate to effectuate the prosection for all taxable years shall not exceed the visions of such Act. In such certification, the amount required to be devoted under such section Board of Governors of the Federal Reserve 8 to such purposes, and the amount of the credit System shall specify and itemize the stock, sefor any taxable year shall not exceed the adjusted curities or other property so distributed or net income for such year." exchanged." (2) Subdivision (3) of subsection (b) of section 27 of the Internal Revenue Code, as amended, is (4) Section 113 (a) of the Internal Revenue Code amended to read as follows: is amended by inserting at the end thereof the "(3) The bank holding company credit provided following: in section 26 (d)." (3) Section 112 (b) of the Internal Revenue "(23) PROPERTY ACQUIRED IN DISTRIBUTION PUR- SUANT TO BANK HOLDING COMPANY ACT OF 1949. Code is amended by inserting at the end thereof the following: "(a) If property other than stock or securities is acquired in a distribution subject to "(11) DISTRIBUTIONS AND EXCHANGES PURSU- the provisions of section 112 (b) (11), then the ANT TO BANK HOLDING COMPANY ACT OF 1949.— basis of such property shall be the same as it "(A) Distributions.—In the case of a distri- would be in the hands of the company disbution of property not permitted to be owned tributing such property; and an amount equal by a bank holding company under the provi- to the adjusted basis which such property had sions of section 4 of the Bank Holding Com- in the hands of such distributing company at pany Act of 1949, held by a bank holding the time of such distribution shall be applied company on the date of enactment of such against and reduce the adjusted basis of the Act or thereafter legally acquired pursuant to stock in respect of which the distribution was such Act, made pursuant to an order of the made, and if in excess of such basis, such excess Board of Governors of the Federal Reserve shall be taxable in the same manner as a gain System authorizing, approving or directing from the sale or exchange of property. such distribution as effectuating the policy of "(b) If stock or securities is acquired in a the Bank Holding Company Act of 1949, to distribution subject to the provisions of section a shareholder in such bank holding company 112 (b) (11), then the basis in the case of the as defined in such Act, without the surrender stock in respect of which the distribution was by such shareholder of stock or securities in made shall be apportioned, under regulations such company, no gain to the distributee shall prescribed by the Commissioner with the apbe recognized. proval of the Secretary, between such stock and "(B) Exchanges.—No gain or loss shall be the stock or securities acquired in such disrecognized if a bank holding company, pur- tribution. MARCH 1950 293 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED LEGISLATION REGARDING BANK HOLDING COMPANIES "(c) Where stock or securities and property company affiliate, as defined in the Banking Act other than stock or securities are acquired in of 1933" to read "or any bank holding company, a distribution subject to the provisions of sec- as defined in the Bank Holding Company Act of tion 112 (b) (11), subparagraph (a) of this 1949, or any banking subsidiary or any other subparagraph shall be applied before subpara- sidiary thereof which is exempt from section 4 by graph (b). reason of the provisions of subsection (b) thereof as "(d) If stock is acquired by a bank holding defined in said Act." company in an exchange subject to the pro- (h) Subsection (b) of section 2 of the Banking visions of section 112 (b) (11) (B), then the Act of 1933, as amended, is amended by adding the basis of such stock shall be the same as in the following paragraphs: case of the property exchanged; and when, in "(4) which owns or controls, directly or ina distribution subject to the provisions of secdirectly, either a majority of the shares of caption 112 (b) (11) (A), such stock is acquired ital stock of a member bank or more than 50 per by a distributee of such company, then the basis centum of the number of shares voted for the shall be determined as though the stock were election of directors of any one bank at the preproperty other than stock or securities. ceding election, or controls in any manner the "(e) If property is acquired by a corporation election of a majority of the directors of any one in a transfer from a bank holding company bank; or subject to the provisions of section 112 (b) "(5) for the benefit of whose shareholders or (11) (B), then the basis of such property shall members all or substantially all of the capital stock be the same as it would be in the hands of such of a member bank is held by trustees." bank holding company." SEC. 13. RESERVATION OF RIGHTS TO STATES.—The (g) (1) Paragraph 4 of subsection (c) of section 3 enactment by Congress of the Bank Holding Comof the Investment Company Act of 1940 is amended pany Act of 1949 shall not be construed as preto read as follows: venting any State, to an extent not inconsistent with "(4) Any bank holding company which is regis- this Act, from exercising the same power and juristered with the Board of Governors of the Federal diction which it now has with respect to banks, Reserve System pursuant to the Bank Holding Com- bank holding companies and subsidiaries thereof. pany Act of 1949, or any banking subsidiary or SEC. 14. SEPARABILITY OF PROVISIONS.—If any proany other subsidiary thereof which is exempt from vision of this Act, or the application of such prosection 4 by reason of the provisions of subsection vision to any person or circumstance, shall be held (b) thereof as defined in said Act." invalid, the remainder of the Act, and the applica- (2) Paragraph (11) of subsection (a) of section tion of such provision to persons or circumstances 202 of the Investment Advisers Act of 1940 is other than those to which it is held invalid, shall amended by changing the words "or any holding not be affected thereby. AMENDMENTS PROPOSED BY CHAIRMAN McCABE TO S. 2318 I. Amend subsection (a) of section 2 by inserting not substantially engaged in commercial banking between the first and second paragraphs thereof a business, and operates no branches outside of such new paragraph reading as follows: municipality." "Notwithstanding the foregoing, no company II. Amend the first sentence of subsection (b) of shall be a bank holding company by reason of the section 2 to read as follows: fact that one bank (or stockholders of such bank or trustees for their benefit) owns, controls, or holds " 'Bank' means any national bank, or any State voting shares, or exercises a controlling influence bank, banking association, savings bank, or trust over the management or policies, of one other bank, company, but shall not include any organization if the principal offices of both banks are located in operating under section 25 or 25(a) of the Federal the same municipality and one of them is a trust Reserve Act or any organization which does not do company principally engaged in trust business, is business within the United States." 294 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL ON INTERNATIONAL MONETARY AND FINANCIAL PROBLEMS APRIL 1, 1949—SEPTEMBER 30, 1949 The report given below was transmitted by the September 30, 1949, and gold and short-term dollar President to Congress on January 20, 1950. Several resources of foreign countries as of ]une 30, 1949. charts and appendixes are omitted from the text The membership and resources of the International reprinted here. The appendixes present detailed Monetary Fund and the International Ban\ for information on postwar United States Government Reconstruction and Development are also given. financial assistance to foreign countries, gold trans-Copies of the full report may be obtained from the actions between the United States and other coun- National Advisory Council on International Monetries during the period January 1, 1945 through tary and Financial Problems, Washington 25, D. C. I. ORGANIZATION OF THE COUNCIL STATUTORY BASIS ties from the Securities Acts. The legislation also authorized the Securities and Exchange Commis- The National Advisory Council on International sion, acting in consultation with the Council, to Monetary and Financial Problems was established suspend the exemption of International Bank securiby the Congress in the Bretton Woods Agreements ties from the Securities Acts. Act (59 Stat. 512, 22 U. S. C. 286b), approved July The relevant portions of the Bretton Woods 31, 1945. The statute directed the Council to coor- Agreements Act, the Foreign Assistance Act of dinate the policies and operations of the representa- 1948, and amendments to the National Bank Act tives of the United States on the International and the Bretton Woods Agreements Act are pre- Monetary Fund and the International Bank for sented in Appendix A.1 Reconstruction and Development, the Export-Import Bank of Washington, and all other agencies REPORTS of the Government "to the extent that they make or participate in the making of foreign loans or Since its first meeting on August 21, 1945, the engage in foreign financial, exchange or monetary Council has submitted nine formal reports.2 The transactions." The Council was also directed to present report covers the activities of the Council advise and consult with the President and the from April 1, 1949, to September 30, 1949. United States representatives on the Fund and the MEMBERSHIP Bank on major problems arising in the administration of the Fund and the Bank; and to recommend The members of the Council, according to law, to the President general policy directives for the during the period under review, were the following: guidance of the representatives of the United States The Secretary of the Treasury, John W. Snyder, on the Fund and Bank. The Bretton Woods Chairman. Agreements Act was amended by Section 106 of The Secretary of State, Dean Acheson. the Foreign Assistance Act of 1948 (62 Stat. Ch. 169, 22 U. S. C. 286b (a)), approved April 3, 1948, 1 Appendixes are omitted here but are part of the complete report submitted to Congress. to include the Administrator for Economic Coop- 2 These reports were transmitted by the President to the eration as a member of the Council for the dura- Congress on Mar. 1, 1946 (H. Doc. No. 489, 79th Cong. 2d tion of this office. The Council was also given cer- sess.; subsequently included as Appendix B to H. Doc. No. tain additional duties with regard to the economic 497, 79th Cong., 2d sess.); Mar. 8, 1946 (H. Doc. No. 497, 79th Cong., 2d sess.); Jan. 13, 1947 (H. Doc. No. 53, 80th assistance program. Cong., 1st sess.); June 26, 1947 (H. Doc. No. 365, 80th In June 1949, the Bretton Woods Agreements Cong., 1st sess.); Jan. 19, 1948 (H. Doc. No. 501, 80th Act and the National Bank Act were amended Cong., 2d sess.); May 17, 1948 (H. Doc. No. 656, 80th (Public Law 142, Ch. 276, 81st Cong., 1st sess.), to Cong., 2d sess.); Aug. 3, 1948 (H. Doc. No. 737, 80th Cong., 2d sess.); Mar. 14, 1949 (H. Doc. No. 120, 81st Cong., 1st permit wider dealing in and underwriting of Intersess.); and July 5, 1949 (H. Doc. No. 250, 81st Cong., 1st national Bank securities and to exempt such securi- sess.). MARCH 1950 295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL The Secretary of Commerce, Charles Sawyer. Hawthorne Arey, Vice Chairman of the Board of The Chairman of the Board of Governors of the Directors of the Export-Import Bank. Federal Reserve System, Thomas B. McCabe. Wayne C. Taylor, Assistant to the Administrator, The Chairman of the Board of Directors of the Economic Cooperation Administration. Export-Import Bank, Herbert E. Gaston. The Administrator for Economic Cooperation, C. Dillon Glendinning is the Secretary of the Paul G. Hoffman. Council. By agreement, the following served as alternates: The United States Executive Directors on the William McChesney Martin, Jr., Assistant Secre- International Monetary Fund, Frank A. Southard, tary of the Treasury. Jr., and on the International Bank for Reconstruc- Willard L. Thorp, Assistant Secretary of State for tion and Development, Eugene R. Black, or their Economic Affairs. alternates, Henry J. Tasca and John S. Hooker, Thomas C. Blaisdell, Jr., Assistant Secretary of respectively, regularly attended the meetings of the Commerce. Council. On May 18, 1949, Mr. Black was elected M. S. Szymczak, Member of the Board of Gover- President of the International Bank, and assumed nors of the Federal Reserve System. his new duties on July 1, 1949. II. UNITED STATES POSTWAR FOREIGN ASSISTANCE » As in previous reports of the Council, this chapter of grants, including (for statistical purposes) assistoutlines the magnitude and scope of assistance ex- ance for which terms of repayment are subject to tended by the United States to nations throughout future determination, as compared with loans and the world. In its consideration of the foreign finan- other credits which call for the repayment of princial policies of this country, the Council has taken cipal and interest to the United States. As of June into account, in addition to the objectives of the 30, 1949, the outstanding indebtedness of foreign programs, the interrelationship of the various fac- countries to the United States Government, excludtors affecting the extent and direction of foreign aid. ing that arising from World War I debts, amounted to 9.8 billion dollars. During the postwar period, MAGNITUDE AND GEOGRAPHICAL DISTRIBUTION OF repayments on principal were in excess of 1 billion POSTWAR FOREIGN AID dollars. Annual foreign debt service to the United In the four-year period, July 1945 through June 1949, the United States exported approximately 67 billion dollars in goods and services to foreign TABLE I countries and imported 35 billion dollars worth. UNITED STATES GOVERNMENT FOREIGN GRANTS AND CREDITS During this period, United States Government for- UTILIZED JULY 1, 1945-JUNE 30, 1949, AND UNUTILIZED AS eign assistance utilized amounted to 23 billion dol- OF JUNE 30, 1949, BY MAJOR GEOGRAPHIC AREA lars, or over one-third of the value of all imports [In millions of dollars] of foreign countries from the United States. For- Utilized Unutilized eign countries liquidated gold and dollar assets of about 6.6 billion dollars,4 and additional dollars Area Total GrantsCredits Total Grants Credits were made available from disbursements by the International Monetary Fund and the International Total, all areas. 23,310 13,230 10,080 3,855 2,163 1,692 Bank, United States private financing and other ERP participants. 16,434 8,089 8,345 2 014 1,766 248 capital movements. Other Europe. . . . 1,577 1,115 462 13 13 During the postwar period, through June 30, Asia 4,156 3,406 750 513 371 142 Latin America.... 359 31 329 138 2 137 1949, a somewhat larger share of United States Government foreign aid was rendered in the form Miscellaneous.... 784 589 195 103 25 78 Uncommitted 3 A detailed breakdown of the statistical information re- lending 1 074 1,074 ferred to in this section appears in Appendixes B and C [omitted here]. NOTE.—(a) Components will not necessarily add to totals because of rounding, (b) U. S. Government payments to the Inter- *The net difference between the 6.6 billion dollars men- national Bank and the International Monetary Fund are not tioned above and the 5.0 billion dollar reduction in foreign included in this tabulation, (c) A detailed breakdown of all data gold and dollar balances shown in Table III is largely ac- appearing in this table, as well as a definition of terms, may be counted for by sales of gold to the United States out of cur- found in Appendix C [omitted here]. Source.—Clearing Office for Foreign Transactions, Office of rent foreign gold production. Business Economics, Department of Commerce. 296 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL States Government, including interest and amorti- TABLE II zation of principal, will increase between 1949 and UNITED STATES GOVERNMENT FOREIGN ASSISTANCE UTILIZED 1952, reaching a peak of about one-half billion TOTAL OF GRANTS AND CREDITS, BY PROGRAM, FISCAL YEARS dollars in the latter year. 1946 THROUGH 1949 Of the 23.3 billion dollars of United States Gov- [In millions of dollars] ernment assistance utilized by countries throughout the world in the postwar period, approximately Post- Fiscal year 16.4 billion dollars, or 70 per cent, went to nations Program war total presently participating in the European Recovery 1946 1947 1948 1949 Program. Although aid received by the European Recovery Program participants, as a group, was All programs. 23,310 5,4626,184 5,3876,277 almost equally divided between grants and credits, European Recovery 4,266 2044,062 United Kingdom loan 3,750 2,050 1,700 the allocation to individual countries varied con- Civilian supplies (GARIOA, etc.). 3,660 744 667 1,181i',068 siderably. Grant assistance has been the more UNRRA , 2,577 1,184 1,377 16 widely dispersed, with 70 per cent of the total util- Lend-lease 2,552 2,312 191 46 4 Export-Import Bank. 2,455 558 1,085 598 214 ized going to four countries—-the United Kingdom, Western Germany, France, and Italy—as contrasted Surplus property credits. 1,341 530 290 47 Miscellaneous 2,708 191 284 1,352 882 with 80 per cent of total credit assistance going to two countries, the United Kingdom and France. NOTE.—(a) Components will not necessarily add to totals because of rounding, (b) U. S. Government payments to the Asiatic nations (primarily Japan and China), International Bank and the International Monetary Fund are were the recipients of over 4 billion dollars in post- not included in this tabulation, (c) A more detailed analysis of foreign assistance programs of the U. S. Government in the postwar United States Government aid, almost five- war period will be found in Table 11 of Appendix C [omitted here]. sixths in the form of grants. On the other hand, Source.—Clearing Office for Foreign Transactions, Office of postwar assistance to Latin America—which Business Economics, Department of Commerce. amounted to over 350 million dollars—was largely in the form of loans and credits. gress had, furthermore, provided funds to be ad- Of the 3.9 billion dollars available for foreign ministered by the Department of the Army for aid but unutilized on June 30, 1949, approximately government and relief in occupied areas, principally one-half consisted of EGA funds allocated and obli- Germany and Japan. gated by country but not disbursed as of that date. By the end of the fiscal year 1947, practically all of the aid rendered through post VJ-day lend-lease AGENCIES AND PROGRAMS OF FOREIGN AID and through UNRRA had been utilized. In addi- The first year after the end of the war witnessed tion, all of the loan to Britain had been utilized a larger proportion of aid in the form of grants than by the end of the fiscal year 1948. Finally, the in loans, due primarily to relief assistance extended bulk of surplus property located overseas had also through UNRRA and post VJ-day lend-lease grants. been sold by mid-1948. For the fiscal year 1947, large drawings from the Completion of several early postwar programs 3.75 billion dollar line of credit extended to the left the United States, at the end of 1947, with United Kingdom swung the balance toward a pre- three major avenues of foreign assistance: (1) the ponderance of credit assistance. In the fiscal year Export-Import Bank, whose lending authority had 1948, grants increased and credits declined, resulting been increased in 1945 from 700 million dollars to in an equal division of aid between grants and 3.5 billion dollars; (2) the initiation of the Interim credits. Since mid-1948, after the advent of the Aid Program, which anticipated the long-range European Recovery Program, the major part of European Recovery Program; and (3) government United States foreign assistance has been in the and relief in occupied areas (GARIOA) as a reform of grants. During this four-year period, the sponsibility of the Department of the Army. average rate of aid rendered has amounted to 5.8 The European Recovery Program got under way billion dollars per year. in the spring of 1948. Introduction of this program The chief agencies through which foreign finan- resulted in a realignment of the agencies designated cial and economic assistance was extended by the to carry out programs of foreign assistance. The United States immediately after the war were the Congress also integrated into the Foreign Assistance Export-Import Bank, the lend-lease organization, Act of 1948 provision for assistance covering other and UNRRA (see Table II). In addition, surplus major aid programs. property was available for sale in various foreign In the two fiscal years of 1948 and 1949, the total countries, a large part of which could be used for amount of foreign assistance utilized amounted to peacetime as well as military purposes. The Con- 11,664 million dollars, almost identical with the MARCH 1950 297 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL 11,646 million dollars extended during the first two a small increase from 73 billion dollars to 7.5 postwar years. A principal source of United States billion dollars in the gold and dollar reserves of assistance in this second two-year period has been the participating countries. Among the major the European Recovery Program, which accounted countries, Italy and Belgium were able to increase for about 65 per cent of all aid during the fiscal their reserves, while those of the United Kingdom year 1949. showed a considerable decline. The Mutual Defense Assistance Program, for Outside of Europe, net declines over the postwar which the Congress authorized 1.3 billion dollars period have more than offset isolated increases. The in October 1949, was developed with attention to Latin American countries lost over 800 million dolthe primary need for economic recovery in Europe. lars in reserves, or more than one-fifth of the This program embodied parts of several earlier pro- amount they had on hand at the end of the war. grams for which the Congress provided funds. Other nations which have experienced heavy gold In addition to military assistance, proposed legis- and dollar losses include Canada and the Union of lation bearing upon foreign aid considered during South Africa, despite the fact that both of these 1949 was that resulting from promulgation of the countries are leading gold producers. Point Four Program. As indicated in Chapter III With respect to gold movements alone, in the of this report, no authorization was made by the early postwar period, there was a heavy net flow of Congress for that program during 1949. gold from foreign countries to the United States, reaching a peak of 2.9 billion dollars in 1947. The FOREIGN GOLD AND DOLLAR RESERVES inception and continuation of the European Recov- The gold and short-term dollar reserves which ery Program enabled the participating countries foreign nations had on hand at the end of the war as a whole to avoid further large liquidation of were available for two main purposes: for currency remaining reserves during 1949, though the United reserves, and as working balances for international Kingdom experienced a critical drain during part transactions. As shown in Table III, these reserves of the year. declined by over 5 billion dollars during the post- CHANGING PATTERNS OF UNITED STATES FOREIGN war period from June 30, 1945, to June 30, 1949. TRADE The decline would have been greater were it not for the fact that during this period, foreign gold pro- The repercussions of war greatly shifted the preduction, exclusive of the U.S.S.R., amounted to war pattern of world trade. Germany and Japan about 700 million dollars per year. witnessed reductions in their external trade to the Prior to the start of the Recovery Program, ERP point where exports became negligible and imports countries had lost, in the aggregate, slightly over consisted chiefly of aid from the United States. 3 billion dollars, or 30 per cent of their monetary Other countries, both belligerent and nonbelligerent, affected in varying degrees by the war, also reserves. The decline continued for the first few experienced wide changes in their trade. Postwar months after the Recovery Program started in April, exports of the United States, expressed both in but from June 30, 1948, to June 30, 1949, there was quantitative units and in terms of value, have been considerably greater than imports. The United TABLE III States, which had supplied 14 per cent of world ESTIMATED FOREIGN GOLD AND OFFICIAL AND PRIVATE SHORT- exports in 1938, had become the source of supply TERM DOLLAR BALANCES, JUNE 30, 1945, 1948, AND 1949a of 33 per cent of all exported goods in 1947, 23 [In millions of dollars] per cent in 1948, and approximately 20 per cent in the first nine months of 1949. June 30 As indicated in Table IV, there has been a con- Geographic area siderable shift in the geographical pattern of United 1949 1948 1945 States foreign trade. The share of Asia and Oceania in both imports and exports of the United States Total, all areas . 14,647 14,631 19,684 has declined, and the prewar export surplus of this ERP countries and dependencies. . . . 7,496 7,322 10,473 area with the United States has shifted to an import Other Europe 2 737 988 1,029 surplus. United States postwar imports from both Asia and Oceania 2,121 2,004 1,980 Latin America 2,801 2,876 3,625 Latin America and Canada substantially increased, All other 1,492 1,441 2,577 whereas the dollar value of imports from Europe has only slightly increased above the prewar level. 1 Exclusive of international organizations and the gold holdings of the U.S.S.R. The dollar value of exports to Latin America and 2 Includes gold held by Tripartite Commission for the Restitu- Canada showed a five-fold increase in the postwar tion of Monetary Gold. 298 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL period as compared with prewar, while exports OTHER ASPECTS OF FOREIGN ASSISTANCE to Europe, including those financed through the United States Government foreign aid during the European Recovery Program, showed less than a postwar period amounted to 2.5 per cent of the gross four-fold increase. national product. Although the dollar value of such assistance in the fiscal years 1948 and 1949 was TABLE IV approximately equal to that in the two immediate postwar fiscal years 1946 and 1947, the gross na- POSTWAR AND PREWAR FOREIGN TRADE OF THE UNITED STATES tional product of the United States showed almost BY GEOGRAPHIC AREA a 20 per cent increase. As a consequence, foreign Value (In millions of dollars) aid declined from 2.7 per cent of the nation's gross national product in the first two fiscal postwar Postwar Prewar (1946-48 (1936-38 years to less than 2.3 per cent in the fiscal years average) average) 1948 and 1949. ----- With the exception of the fiscal year 1946, which Im- Ex- Im- Exports ports ports ports included extraordinary wartime expenditures, total expenditures of the United States Government All areas 5,904 12,564 2,489 2,967 showed slight variation during the postwar period. Western Hemisphere 3,398 5,058 925 1,007 Thus foreign aid as a percentage of total Federal expenditures remained relatively constant, ranging Canada 1,177 1,810 345 454 Latin America . . 2 080 3 040 542 485 between 14.7 and 17.0 per cent in the three most Other Western Hemisphere. . 141 208 38 68 recent postwar years. Europe 963 4,764 725 1,254 In addition to United States Government aid, a ERP countries 776 4,253 606 1,129 significant amount of United States private capital Other Europe 187 511 119 125 and gifts has gone abroad in the postwar period. Asia and Oceania 1,102 1,854 757 557 The net amount of these funds totaled 4.9 billion Africa and Near East 442 890 81 149 dollars in the four years from July, 1945 to June, 1949. Private postwar investments were largely Percentage distribution concentrated in petroleum development in a relatively few countries. All areas 100 0 100 0 100 0 100 0 Total funds authorized and appropriated by the Western Hemisphere 57.4 40 0 37.2 33.9 81st Congress 1st session, for foreign assistance, Canada 19.7 14.5 13.9 15.3 amounted to 6.6 billion dollars. European Recov- Latin America 35.4 23.9 21.8 16.3 Other Western Hemisphere.. 2.3 1.6 1.5 2.3 ery Program funds of 3.9 billion dollars account Europe 16 4 38 3 29 1 42 3 for three-fifths of this total. Under the Mutual ERP countries 13.1 33.8 24.3 38.1 Other Europe . .. 3 3 4 5 4 8 4 2 TABLE V Asia and Oceania 18 6 14 7 30 4 18 8 UNITED STATES GOVERNMENT POSTWAR FOREIGN AID, GROSS Africa and Near East 7.6 7.0 3.3 5.0 NATIONAL PRODUCT, AND FISCAL OPERATIONS, 1946—49 NOTE.—Components will not necessarily add to totals because [Dollar items inbillions] of rounding. Source.—Department of Commerce. U. S. Govern- Foreign aid as a ment percentage of Gross During the first nine months of 1949, the dollar Fiscal year national v in a c l r u e e a s o e f o U ve n r it e th d e S 1 t 9 at 4 e 6 s - 4 i 8 m l p e o v r e t l s , w sh h o i w le e d e x a p o m rt o s d r e e r g a i t s e - product ex i T t p u o e r t n e a s d l - Fo a r i e d ign n p a G ro t r i d o o u s n s c a t l ex i T t p u o e r t n e a s d l tered a slight decline. Compared with the year Total postwar. $944.9 $172.3 $23.3 2.5 13.5 1948, however, both imports and exports decreased 1949 265.0 137.1 6.3 2.4 17.0 to a small extent. In the first nine months of 1949, 1948 248.5 136.8 5.4 2.2 14.7 countries participating in the European Recovery 1 19 9 4 4 6 7... 2 2 2 0 6 4 . . 7 7 2 2 3 6 7 0 . . 9 5 6 5 . . 2 5 2 2 . . 7 7 1 9 6 . . 1 4 Program imported approximately $5.00 of goods and services from the United States for every $1.00 Figures for the fiscal year 1948 include a 3 billion dollar transfer in June to Foreign Economic Cooperation Trust Fund; figures for of exports to this country. This represented some fiscal year 1949 exclude expenditures from this fund. improvement, as compared with the period 1946-48, 2 Data exclude payments to the International Bank and the International Monetary Fund. in the trade deficit of these countries with the Sources.—Department of Commerce for data on gross national product and foreign aid. Treasury Department for total expendi- United States. tures of the U. S. Government. MARCH 1950 299 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL TABLE VI Defense Assistance Program, $1,211,370,000 was authorized for the North Atlantic Treaty countries FOREIGN AID APPROPRIATIONS AND AUTHORIZATIONS and for Greece and Turkey, as well as $102,640,000 (81ST CONG., 1ST SESS.) * for Middle Eastern and Asiatic countries. An additional amount of 45 million dollars for assistance to Program or country Amount Greece and Turkey under the Act of May 22, 1947 (61 Stat. 103) was appropriated under the Foreign Total $6,575,168,092 Aid Appropriations Act of 1949 (Public Law 327, European Recovery Program 3,900,680,000 81st Cong., 1st sess.). Period 4J3/49 to 6/30/49 Kl,074,000,000) Fiscal year, 1949-50 3,628,380,000 Appropriations under GARIOA of 912.5 million EC A loan authorizations 150,000,000 dollars for the fiscal year 1950 compared with EC A guaranties 3122,300,000 1,300 million dollars appropriated for the fiscal year Department of the Army: GARIOA (government and relief in occupied areas). . . 912,500,000 1949. This decline reflects, in part, transfer of the Mutual Defense Assistance Program i 1,314,010,000 administration of funds for certain countries—such North Atlantic Treaty countries 1,000,000,000 as Korea—from the Department of the Army to Greece and Turkey 211,370,000 Iran, Korea and Philippines 27,640,000 the Economic Cooperation Administration and the China . . . 75,000,000 Mutual Defense Assistance Program. Assistance to: The Korean aid program was presented by the Greece and Turkey.. . 45,000,000 Korea 5 60,000,000 Administration as ;a three year program with an China ... 64,000,000 Philippines 202,092,398 appropriation request for 150 million dollars during the first year, fiscal 1950. Appropriations amount- International Refugee Organization 70,500,029 Loan to the United Nations , 7 53,534,065 ing to 60 million dollars were effective through Relief of Palestine refugees . . ., 88,000,000 Institute of Inter-American Affairs 9 4,751,600 February 15, 1950. Liquidation of lend-lease 100,000 FOREIGN AID FUNDS FOR FISCAL 1950 1 Under specific appropriations and authorizations, funds were made available beyond the fiscal year, 1950, for such items as Table VI shows foreign aid funds made available EC A guaranties, certain phases of the Mutual Defense Assistance by the Congress during 1949. Program, Philippine rehabilitation, and construction of the United Nations bunding. 2 This amount is not included in the total since these funds is to be rendered in 1950. From Oct. 15, 1949, to Feb. 15, 1950, technically were considered to have been available for allotments $30,000,000 of assistance may be expended at the same rate and or other use prior to June 30, 1949. under the same terms and conditions as in the fiscal year 1949. 3 Public Law 47, 81st Cong., 1st sess., authorized ECA to borrow Appropriations were made for the period through Feb. 15, 1950, $150,000,000 from the Treasury for the purpose of extending pending enactment of legislation authorizing aid to Korea. guaranties, less any amount allocated for that purpose prior to 6 Out of the unexpended balances from the 1948 appropriations Apr. 3, 1949. $27,700,000 had been so allocated prior to Apr. 3, to China (Public Law 793, 80th Cong.), the Congress made avail- 1949 but only approximately $3,600,000 of guaranties had actually able $4^000,000 -under Public Law 327, 81st Cong., 1st sess., out been made. Therefore EGA was authorized to make up to approxi- of any unobligated balance of the amount made available under mately $146,400,000 in new guaranties after Apr. 3, 1949. This Public Law 47, 81st Cong., to be used for educational purposes amount is not limited for use within the fiscal year. for Chinese citizens. 4 For expenditures necessary to enable the President to carry 7 Authorized under Public Law 903, 80th Cong., 2d sess. approved out the Mutual Defense Assistance Act of 1949 (Public Law 329, Aug. 11, 1948. Of the $65,000,000 authorized, $11,465,935 had 81st Cong., 1st sess.) for the period through June 30, 1950; $814,- been disbursed by June 30, 1949. 010,000. In addition, the President is authorized to enter into 8 Of a total appropriation of $16,000,000, $8,000,000 had been contracts for carrying out the provisions of Title I (North Atlantic expended by June 30, 1949. The legislation provided for a sum Treaty countries) of this Act not in excess of $500,000,000 during of $16,000,000 to be available until June 30, 1950, of which $8,000,the period ending June 30, 1950. 000 was to be used to repay without interest the RFC for advances 6 From July 1 to Oct. 15, 1949, $30,000,000 of assistance to made pursuant to section 1 of Public Law 25, 81st Cong., 1st sess. Korea was provided at the same rate of expenditure as in the fiscal 9 Public Law 283, 81st Cong., 1st sess., extends the life of the year 1949, pending the enactment of legislation by the Congress Institute of Inter-American Affairs to June 30, 1955, and authorizes outlining the terms and conditions under which further assistance total appropriations of $35,000,000. III. ACTIVITIES OTHER THAN THOSE RELATING TO THE INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL BANK EUROPEAN RECOVERY PROGRAM self-help. In accordance with these principles, the EGA appropriations and authorizations, 1949-1950. Administration requested appropriations for the The European Recovery Program was predicated second year of the European Recovery Program from its inception on the assumption that progress which were approximately 20 per cent below those in recovery would be accompanied by a reduction which had been provided for the first year. in the amount of aid extended. It was contem- On April 19, 1949, the Congress authorized a plated that the United States would provide dollar total of 5,580 million dollars for European recovery assistance to stimulate recovery and that the Euro- (Public Law 47, Ch. 77, 81st Cong., 1st sess.), to pean countries would complement American aid provide funds for the April-June quarter of 1949, with their own efforts of mutual assistance and and for the fiscal year 1949-50. The appropriation 300 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL bill for foreign aid, however, passed on October 6, of loans, and the remainder was allocated for guar- 1949 (Public Law 327, Ch. 621, 81st Cong., 1st anties. Other assistance took the form of direct sess.), provided a smaller amount, as indicated in grants, and, to a lesser extent, conditional aid, i.e., Table VI of Chapter II. Operations for a portion funds made available to participating countries to of the interim period were covered by the authoriza- the extent that they granted equivalent amounts in tion in Section 114(g) of the ECA Act of 1948, their own currencies (called drawing rights) to as amended by P. L. 47, which made available 1,000 other participating countries. million dollars through the Reconstruction Finance In testifying on the second year program, Secre- Corporation. In order to finance interim ECA tary Snyder, as Chairman of the Council, recomexpenditures after these funds had been exhausted, mended to the Congress that the Administrator be the Congress made temporary appropriations for authorized, with the advice of the Council, to deterthe fiscal year 1950.5 Appropriations for the Euro- mine, as to the total amount of aid made available, pean Recovery Program, as well as for other foreign whether aid should be on a loan basis and in what aid purposes, have been summarized in Table VI of amount. It was pointed out that, to the extent Chapter II of this report. that participating countries emerged from the re- Nature of aid to participating countries. The Ecocovery program with a burden of fixed charges on nomic Cooperation Act of 1948 provided for conexisting dollar indebtedness, their ability to attract sultation by the Adminstrator for Economic Coopprivate capital would be reduced, and that many eration with the National Advisory Council on the of these countries had already contracted substantial types of assistance to be extended and the terms dollar debts in connection with earlier reconstrucapplicable thereto. Under that Act 1 billion dollars tion expenditures. If these countries had to obligate was specifically authorized to finance loans and themselves for too large amounts of additional guaranties. Of this amount 972.3 million dollars loans under the program, the longer-term objectives was allocated to participating countries in the form of that program would be endangered. It was 5 Public Law 154, Ch. 290, 81st Cong., 1st sess.; Publicrecognized, however, that some of the countries Law 196, Ch. 378, 81st Cong;, 1st sess.; Public Law 246, would be in a better position to repay than others. Ch. 473, 81st Cong., 1st sess.; Public Law 305, Ch. 576, 81st Cong., 1st sess. A prudent use of the discretionary power requested TABLE VII ECA ALLOTMENTS TO PARTICIPATING COUNTRIES, APRIL 1948-SEPTEMBER 1949, BY TYPE OF AID [In millions of dollars] July 1, 1949- Apr. 1948-June 1949, by type of aid Total Sept. 30, 1949 allotments Total allot- Country April 1948- ments,1 loans, Con- Sept. 1949 grants and Total Loans Grants ditional conditional aid aid All ERP countries 7,085.7 1,132.7 5,953.0 972.3 4,209.3 771.4 United Kingdom 1,911.9 292.2 1,619.7 322.7 963.0 334.0 France 1,527.3 213.9 1,313.4 172.0 1,131.7 9.7 Italy... 791.6 123.6 668.0 67.0 553.7 47.3 Germany (Bizone)2 496.9 414.3 82.6 (French Zone) 721.7 108.2 116.6 101.8 14.8 Netherlands 653.1 82 .0 571.1 146.7 413.1 11.3 Belgium-Luxembourg 360.7 99.3 261.4 50.9 3.0 207.5 Austria 332.9 52.9 280.0 276.9 3.1 Greece 241.4 49.7 191.7 191.7 Denmark. 153.8 27,6 126.2 31.0 90.1 5.1 Norway. . . 129.7 28.6 101.1 35.0 49.6 16,5 Ireland 100.5 14.2 86.3 86.3 Turkey 67.7 49.0 38.0 lli.0 Sweden. 60.7 15.3 45.4 20.4 25.0 Trieste 22.2 4.3 17.9 17.9 Iceland 10.5 2.2 8.3 ''2.3' 2.5 1 This is the first allotment out of fiscal year 1949-50 appropriated funds. 2 ECA allotments exclude GARIOA funds. NOTE.—See Appendix C, Table 12 [omitted here] for data on intra-European aid and net aid received by or provided to participating countries. Source.-—Economic Cooperation Administration. MARCH 1950 301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL by the Administrator and the Council would keep The Act was also amended to broaden the definithe field open for long-range investment projects tion of "investment" to include "the furnishing of to be financed by the private capital market, the capital goods items and related services, for use Export-Import Bank, and the International Bank. in connection with projects approved by the Admin- Accordingly in the authorizing legislation, Con- istrator, pursuant to a contract providing for paygress did not set aside, as it had done in 1948, any ment in whole or in part after June 30, 1950. . . ." specific amounts available only for loans, but an Public Law 47, 81st Congress, further amended amount was set aside in the Appropriation Act for the provisions of the 1948 Act (Public Law 472, that purpose. Under Public Law 327, 81st Con- 80th Cong., 2nd sess.), relating to guaranties, to gress, the Administrator was authorized to issue read in part that "The guaranty to any person notes during the fiscal year 1950 for purchase by shall not exceed the amount of dollars invested in the Secretary of the Treasury in an amount not the project by such person with the approval of the exceeding in the aggregate 150 million dollars for Administrator plus actual earnings or profits on said the purpose of extending assistance on credit terms project to the extent provided by such guaranty," Under this authorization, and after consultation to ERP countries. The form in which assistance with the Council, ECA announced that the aggreprovided from appropriated funds would be exgate amount to be covered under guaranties would tended was left to the determination of the Adminnot exceed 175 per cent of the principal sum actually istrator in consultation with the Council. invested. Investors would be limited as to the Table VII summarizes EC A allotments by amount of receipts they could convert in the first country and type of aid extended for the period five years. Beginning in the sixth year, however, April 1948 through September 1949. investors would be permitted to convert up to an EGA guaranty program. The Foreign Assistance aggregate of 175 per cent of the principal sum Act of 1948 (Public Law 472, 80th Cong., 2nd sess.) invested. Within these limits, conversion may be had authorized EC A to extend assistance on credit made at any time during the period of the guaranty, terms and make guaranties out of public debt funds, regardless of whether the foreign currency was not exceeding an aggregate of 1 billion dollars. received as principal, capital gains, or income. The The guaranties were to cover private United States 175 per cent limitation does not apply to the guarinvestments in industries and distribution of inforanties issued to cover the furnishing of capital goods mational media in the participating countries, made items and related services under Section lll(b)(3) in connection with projects approved by the Ad- (iv) of the Foreign Assistance Act of 1948, as ministrator and the foreign government concerned. amended, nor to guaranties as to informational The total amount of guaranties made under this media. Guaranties may be written so as to be effec- Act was not to exceed 300 million dollars. tive until April 3, 1962. During the first year of ECA operations, 27.7 As of September 30, 1949, total guaranties thus million dollars was set aside for guaranties, alfar issued by ECA amounted to approximately though actual guaranties authorized amounted only 4.7 million dollars. Although the amount of interto approximately 3.6 million. These guaranties est in the guaranty provision, evidenced by the assured United States companies investing abroad number of applications and inquiries received, has that they would be able to convert local currency shown a steady increase during recent months, the receipts from their investments into dollars up to number of guaranty contracts signed to date in rela- 100 per cent of their original investment, if such tion to such applications and inquiries has not conversion were not possible through normal chanreached the volume anticipated. Experience has nels. shown that this is partly due to the length of time Public Law 47, signed by the President on April which it takes investors to complete the necessary 18, 1949, authorized ECA to make guaranties not contractual and business arrangements preliminary exceeding 150 million dollars, of which not to actually to making an investment. exceed 10 million in any fiscal year may be made All guaranties issued and applications for guarfor enterprises producing and distributing informaanties filed with regard to industrial projects related tional media, funds therefor to be obtained by to investments in the metropolitan areas of Euroissuing notes to the Treasury to the amount of pean countries—primarily in the United Kingdom, 150 million dollars less the 27.7 allocated to guaran- France, and Italy. Such guaranties issued and the ties under the Foreign Assistance Act of 1948. majority of the applications on file cover invest- Since 3.6 million dollars of guaranties were made ments for the purpose of the establishment of indusprior to April 2, 1949, ECA was in effect author- trial enterprises in these countries or the expansion, ized to make up to 146.4 million in new guaranties. modernization, or development of existing enter- 302 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL prises. The bulk of the guaranties issued for in- expected to be a heavy creditor in European trade formational media relate to Western Germany. and her estimated surplus with European countries Intra-European trade and payments. During the exceeded her Western Hemisphere deficit, the new six months under review, the first year's Intra- agreement limited the total amount of multilateral European Payments Agreement was revised and a drawing rights and conditional aid which could be new agreement was signed by the participating transferred to Belgium. Furthermore, Belgium countries on September 7, 1949. The effective date agreed to finance part of the difference between her of the new agreement was made retroactive to July estimated deficit with the Western Hemisphere and 1, 1949. The new agreement continued most of the her surplus with the participating countries by exbasic features of the previous one. Intra-European tending long-term credits to her main debtors, balances were estimated bilaterally for the fiscal year namely, the United Kingdom, France, and the and drawing rights made available by the creditors Netherlands. in their own currencies to finance uncovered deficits. The revaluation of European currencies which These drawing rights in turn would be matched by took place in September 1949 was expected to have conditional dollar aid granted to the creditors as a significant effect on the pattern and volume of part of their total ECA dollar allotment. intra-European trade. However, until a clearer Two significant new features were included in picture of the impact of devaluation upon the paythe agreement. The debtor countries were to be ments pattern could be obtained, it was not possible allowed to use freely in any of the participating to judge the direction or amount of change in countries 6 25 per cent of their total estimated draw- drawing rights which might be desirable. ing rights for the fiscal year 1950, To insure the Local currency accounts. Assistance extended on necessary incentives under the plan, conditional dol- a grant basis by the United States under the Eurolar aid matching these so-called multilateral draw- pean Recovery Program has been accompanied by ing rights would likewise be flexible and would be deposits of commensurate amounts of local currency allotted to the country in which multilateral draw- in special accounts by participating countries. In ing rights were actually used. accordance with the Economic Cooperation Act of The second significant modification was designed 1948, these local currency funds, except for the 5 to take account of the special position of Belgium per cent set aside for use by the United States, are, in intra-European payments. Since Belgium was to the extent consistent with internal financial stability, available for the stimulation of produc- 6 Subject to the qualification with respect to Belgium tive activity and the exploration for and developindicated in the next paragraph. TABLE VIII STATUS OF EUROPEAN LOCAL CURRENCY COUNTERPART ACCOUNTS UNDER THE FOREIGN ASSISTANCE ACT OF 1948 SEPTEMBER 30, 1949 [Dollar equivalents of the local currency, in millions of dollars] For use by recipient country (95 per cent) For use by Total United Country receiving grants currency States deposited Approved for With- Balances (5 per cent) withdrawal drawals on deposit (Cumulative) All countries. . 3,892.8 2,639.2 2,447.0 1,251.3 194.5 France *. . .• 1,213.1 1,132.6 1,132.6 19.9 60.6 United Kingdom 847.9 742.3 739.6 65.9 42 .4 Western Germany x 481.3 152.0 152.0 305.3 24.0 Italy 388.4 186.4 24.0 345.0 19.4 Austria . . . 290.7 109.4 106.8 169.4 14.5 Netherlands. 272.0 90.5 90.5 167.9 13.6 Greece 212.2 139.6 118.2 83.4 10.6 Denmark. . . . 85.3 (2) 81.0 4.3 Norway. . . . . 84.8 73.5 73.5 7.1 4.2 Trieste. . . 14.1 12.9 9.8 3.6 0.7 Belgium. . 3.0 2.8 0.2 1 DDaattaa ffoorr FFrrance and Western Germany revised from those published earlier in the ECA Local Currency Counterpart Funds Report for SSeepptt.. 3300,, 11994499.. 2 Less than $50,000 equivalent. NOTE.—"Dollar equivalents" are computed at the actual rates which were used by the respective governments in agreement witih the Administrator in making commensurate deposits of local currency. At Sept. 30, 1949, these were all predevaluation rates. Source.—^Economic Cooperation Administration. MARCH 1950 303 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL merit of new sources of wealth, and for other pur- sations with the British Chancellor of the Exposes conducive to attaining the purposes of the chequer. At this meeting, the United States and Act. The policies involved in the use of these funds Canadian representatives were advised of the genhave been formulated by the ECA in consultation eral character of the import cuts which would have with the Council. The status of counterpart funds to be made by the United Kingdom and the sterling under the Foreign Assistance Act of 1948 as of Sep- area countries. It was agreed at the meeting to tember 30, 1949, is shown in Table VIII. hold further conversations early in September 1949. Pursuant to Section 115(b)(6) of the Economic The ensuing discussions with the United King- Cooperation Act of 1948, the Council, during the dom and Canada were held in Washington under six months ending September 30, 1949, was con- the chairmanship of Secretary Snyder. These talks sulted by the Economic Cooperation Administration reviewed the steps that both debtor and creditor naon proposed programs of counterpart releases for tions should take to progress toward a self-balanc- Austria, France, Italy, the Netherlands, and the ing relationship between the dollar area and the French Zone of Germany.7 sterling area. The results of the meeting were summarized in a joint communique which was re- FINANCIAL DEVELOPMENTS RELATING TO THE leased at the close of the meetings on September UNITED KINGDOM 12, 1949, and which is reproduced as Appendix D to this report [omitted here]. Earlier reports of the Council have reviewed On September 18, 1949, after consultation with postwar developments as they affected the financial the International Monetary Fund, the British Govposition of the United Kingdom. Here it may be ernment announced a decision to devalue the pound observed that while total dollar imports and exsterling from $4.03 to $2.80, or by 30.5 per cent. ports increased in 1947 over 1946, the disparity in Gold and dollar reserves, which had reached a low British trade remained. In 1948, British exports of 1,330 million dollars on the date of devaluation, continued to increase while her imports decreased increased to 1,415 million dollars by September 30, substantially, thus somewhat narrowing the gap. 1949. The devaluation of sterling was followed by Nevertheless, the adverse trade situation with the adjustments in most of the other principal currendollar area continued into 1949. The difference cies of the world. The subject of changes in par between British exports and imports was financed values is discussed in detail in Chapter IV. largely by the use of gold and dollar reserves and by the extension of direct assistance from the United POINT FOUR PROGRAM States in the form of loans and grants. Gold and Since first introduced in his inaugural address, dollar reserves, for example, were reduced from a January 20, 1949, the Council has given continuing high of 2.6 billion dollars on December 31, 1946, to attention to the financial aspects of the President's 1.6 billion dollars on June 30> 1949. The financing Point Four Program, which is designed to facilitate of the dollar deficits of other parts of the sterling economic development, particularly in underdevelarea contributed substantially to this reduction m oped areas. In the original statement, the methods reserves. whereby this objective could be achieved were As a result of the deterioration in the British outlined in broad terms rather than in specific dollar position, the United Kingdom on July 14, measures. 1949, announced a new austerity program which The Council gave particular attention to sugwould reduce plans for spending in the United gested methods of implementing the program, in- States and Canada by 400 million dollars during cluding proposals for guaranties of private investthe current fiscal year. This decision to slash dolments, the content of investment treaties,, and lar imports by 25 per cent was stated to be necessary specific measures relative to tax deterrents to interto safeguard the sterling area's gold and dollar national investment. reserves. At the same time, Commonwealth Gov- In connection with the program, emphasis was ernments indicated that they would take steps to placed upon the concept that private capital should make similar cuts in their dollar imports. contribute a major part of the funds required. During the course of a trip to Europe in the The history of United States private investments summer of 1949,, the Chairman of the Council, at abroad indicates there was a comparatively low the request of the British Government, participated level of financing during the 193Q's following dewith the Canadian Minister of Finance in converfaults on foreign government obligations which had resulted from the depression. During World 7 In October 1949 the Council also approved a broad pro- War II, withdrawals of capital from such investgram for the use of counterpart funds in the United Statesments exceeded new capital put in and it was not United Kingdom Zone of occupation of Western Germany. 304 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL until 1945 that new direct investments again be- pertaining to taxation of corporations having forcame important. Since the end of the war, foreign eign subsidiaries would be liberalized so that a investments have increased rapidly, reaching an majority stock ownership would no longer be reannual level of about 800 million dollars in 1948, quired to be eligible for the tax credit for foreign but these new investments have been concentrated taxes paid by the foreign subsidiaries. Furtherin a very limited number of fields and in a few more, it was proposed that the law be liberalized countries. In order to achieve an expansion in the so that an American citizen abroad may recerve amount and fields of investment, it was realized the exemption from the United States tax on his that new incentives were required. foreign earned income retroactively to the time he A prerequisite for stimulating foreign invest- first becomes a bona fide resident of a foreign ment is the creation of a more favorable climate for country. It was recommended that estate taxes investment abroad, including a cooperative attitude imposed by foreign governments be allowed as a on the part of the foreign countries concerned. credit against United States estate taxes similar One step towards the improvement of such a cli- to the credit under the income tax. Finally, it was mate would be the negotiation of treaties of friend- proposed that, if practicable, taxes on the profits of ship, commerce, and economic development be- foreign branches of domestic corporations should tween foreign countries and the United States. be postponed until the profits are remitted to the The principal purpose of such treaties would be United States, similar to the present treatment of to provide an understanding between the govern- foreign subsidiaries. ments on the basis of which potential investors In July 1949, the guaranty program was prewould be assured of the security of their property sented to the Congress as an experimental program and, in the case of expropriation, of prompt, ade- which would give the Export-Import Bank broad quate, and effective compensation. The investor and flexible authority to issue guaranties against also would be given reasonable opportunity to re- risks peculiar to foreign investment. In testifying mit earnings and to withdraw his capital, and before the Senate Banking Committee, Secretary of would enjoy security in the protection of his per- the Treasury Snyder, as Chairman of the Council, son, and nondiscriminatory treatment in the con- pointed out that outside capital could help speed duct of his business affairs. > the development of underdeveloped areas but that In addition it was considered that the United sound and lasting development could be attained States might encourage private investment abroad only if these areas used their own resources to the by providing guaranties against risks peculiar to fullest extent. He stressed that foreign investment foreign investment. The Council therefore recom- should be undertaken through private channels inmended, as a coordinated part of the Point Four sofar as possible, particularly because investment by Program, that the Export-Import Bank seek au- private enterprise is characteristically accompanied thority from the Congress to offer guaranties, in by technical assistance in the form of industrial consultation with the Council, to United States know-how. private capital newly invested in enterprises con- Secretary Snyder also pointed out that the obtributing to economic development in foreign coun- stacles to investment of private capital abroad spring tries. The Export-Import Bank was considered from several sources, such as exchange restrictions, the best medium for carrying out the guaranty pro- state control and ownership of industry in foreign gram since it had previous experience in the ex- countries, and political instability. The United tension of development loans to foreign countries, States Government could contribute to the removal both for productive purposes and to increase inter- of these obstacles through the negotiation of treaties national trade. It was believed that the program of the type previously discussed, and could suppleshould be experimental in nature since it was diffi- ment the assurances to investors through guaranties cult to anticipate the types of risks which should of private United States investments abroad. be covered or the effectiveness of guaranties to The Banking and Currency Committees of both stimulate investments. Houses of Congress reported favorably on the bills The Council also recommended that the Secre- permitting the extension of foreign investment tary of the Treasury propose legislation to remove guaranties but no further action was taken on them tax deterrents to private foreign investment. Such during the first session of the 81st Congress. legislation would liberalize present limitations on In addition to the introduction of bills advocating the foreign tax credits allowed to American busi- foreign investment guaranties by the Export-Import ness so that increased tax relief would be accorded Bank, a companion bill relating to the Point Four where foreign operations result in profits in some Program dealt with international technical cooperacountries and losses in others. The present laws tion. It was the objective of the proposed legisla- 3Q5 MARGH 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL tion to enable the United States to participate in Bank announced an authorization to Yugoslavia of programs, in cooperation with other interested gov- 20 million doljars in credits, which would be availernments, for the interchange of technical knowl- able until December 31, 1950. edge and skills which would contribute to the Other credits. In August 1949, the Bank anbalanced and integrated development of the eco- nounced authorization of credits in the total amount nomic resources and productive capacities of eco- of 17.9 million dollars (representing specific allocanomically underdeveloped areas. The House Com- tion of funds from an original commitment of 50 mittee on Foreign Affairs conducted hearings on million made in April, 1947), for the rehabilitation this bill but postponed action until the second ses- and development of Mexican railroads. These sion of the 81st Congress. funds are designed to further a general program of transportation development for which the Bank EXPORT-IMPORT BANK CREDITS had previously lent 62 million dollars, under this During the period under review, the Council and other credits, of which 22 million had been recontinued to work closely with the Export-Import paid. Bank to facilitate coordination of the Bank's opera- The Bank authorized a credit of 4 million dollars tions with those of other agencies concerned with to the Liberia Mining Company to assist in financforeign financial and monetary matters. New ing the development of high-grade iron ore decredits authorized by the Bank during this period posits and the construction of a railroad and ore totaled $49,758,058. handling and storage facilities. This loan repre- Chile. During the six-month period, the Council sented about one-half of the projected financing approved consideration by the Export-Import Bank costs of the project. of a credit to Chile not to exceed 25 million dollars, As previously reported by the Council, as of with a maturity of not more than nine years, to April 1, 1949, credits of 51 million dollars had been assist in the financing of its import program for authorized out of the Bank's earmark of 100 milthe remainder of 1949.8 lion dollars in favor of the State of Israel. On September 8, 1949, the Bank announced an alloca- The Bank also approved an increase of $1,350,tion from the 49 million still available of $2,350,000 000 in an existing line of credit of $5,350,000 which for United States goods and services to be used in was extended by the Bank in favor of the Corconnection with the improvement and expansion poracion de Fomento de la Produccion, Chile, in of the existing ports of Israel. February 1947. This increase was granted to finance expenditures in the United States for hydro- The Export-Import Bank also acted as adminiselectric power facilities. The additional credit is tering agency for the supplementary loan agreeguaranteed by the Republic of Chile. ments with participating ERP countries signed during the period under review. The terms and con- Yugoslavia. Before the war, Yugoslavia was a ditions of these loans, agreed upon by ECA after leading producer of nonferrous metals such as consultation with the Council, include an interest bauxite, mercury, copper, lead, and zinc. Damage rate of 2.5 per cent per annum payable semiannually to the mines and their equipment occurred during from 1952, and principal payments beginning in the war. There was also a considerable amount of 1956. The loans mature in 1983. depreciation and obsolescence. In order to assist As of September 30, 1949, the resources of the in rehabilitation, chiefly of the Yugoslav mining Export-Import Bank were distributed as follows industry, application was made to the Export-Im- (in millions of dollars): port Bank for credits for the purchase in the United States of essential materials and equipment. Loans outstanding 2,160.7 The Council approved consideration by the Ex- Undisbursed commitments 383.2 port-Import Bank of the extension to Yugoslavia Uncommitted lending authority 956.1 of credits up to 20 million dollars for purchases in Total lending authority. . 3,500.0 the United States of the necessary materials, equipment, and services. On September 9, 1949, the Table IX shows the distribution of net credits authorized by country and object of financing. 8 The authorization of a credit of 25 million dollars was Data on actual utilization of Export-Import Bank announced by the Board of Directors of the Export-Import credits by country, through June 30, 1949, may be Bank on Oct. 7, 1949, with 15 million to be made available immediately and additional advances of up to 10 million found in Table VIII, Appendix C [omitted here]. to be made on demonstration that they are necessary to pay for 1949 imports agreed to be essential. Funds advanced OTHER FINANCIAL PROBLEMS under the credit will be repayable in semiannual instalments Financial terms of military assistance to Iran and beginning Apr. 30, 1952, and ending Oct. 31, 1959, and will bear interest at the rate of 3.5 per cent per annum. the Philippines. When the financial aspects of the 306 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL Mutual Defense Assistance Program were originally of 1949, President Dutra returned the visit made referred to the Council, the Council was of the by President Truman to Brazil in August 1947. view that such assistance should be provided on a grant basis to countries receiving ECA assistance TABLE IX and that separate determinations should be made NET CREDITS AUTHORIZED BY THE EXPORT-IMPORT BANK for countries outside of the ECA program. Iran JULY 1, 1945-SEPTEMBER 30, 1949 1 and the Philippines were not included in the origi- fin millions of dollars] nal program under which the Atlantic Pact coun- Re- Lend- Cott l r a i t e e s r w de e t r e e r m to in e re d c e t iv h e a t m th il e i s ta e r y t w a o id . c ou W nt h ri e e n s i w t o w u a ld s A c r o e u a n a tr n y d Total s c t t i r o o u n n c - - v m D e e l e o n - p t - r s l e i e t q i a o u s n e i- sch t p o a u n s r e - s2 Other participate in the Mutual Defense Assistance Program, the Council expressed the opinion that mili- Total, all areas.. 2,641.8 1,008.6 767.1 655.0 183.8 27.3 tary assistance to them should be provided on a Total, Europe. .. 2,030.4 971.9 280.9 655.0 105.0 17.6 grant basis. France 1,200.0 650.0 550.0 Additional stabilization assistance to Mexico. On Netherlands.... 205.3 3 152.2 " 31 i 50.0 June 17, 1949, Secretary of the Treasury Snyder, Belgium 132.0 45.0 s32.0 55.0 after consultation with the Council, announced the Italy 131.8 101.9 25.0 <4.9 signing of an agreement supplementing the United F N i o n r l w an a d y 1 5 0 0 0 . . 2 2 50.0 73.2 17.0 6 10 .2 .0 States-Mexican Stabilization Agreement entered Poland 40.0 40.0 into in May 1947. Mexico had previously utilized Turkey 35.5 35.5 Czechoslovakia 22.0 20.6 "42.6 37 million dollars of the 50 million available under the existing Stabilization Agreement. The new Denmark 20.0 20.0 4.6 64.6 agreement increased to 25 million the balance avail- Greece 14.7 14.7 able from the United States Stabilization Fund Austria 13.5 13.0 .5 for the purchase of Mexican pesos to stabilize the 2.2 2 2 Yugoslavia 20.0 20.0 United States dollar-Mexican peso rate of exchange. Unallotted cot- The agreement was signed following acceptance by ton credits 38.4 38.4 the International Monetary Fund of a new par Total, Latin value of 8.65 Mexican pesos per dollar (see Chap- America .... 224.1 224.1 ter IV). Secretary Snyder stated that any opera- Brazil 65.2 65.2 tions under the agreement with Mexico would be M Ch e i x le ico 5 6 7 4. . 7 0 5 6 7 4 .0 7 closely coordinated with the activities of the Inter- 20.1 20 1 national Monetary Fund in order to contribute to Haiti ... 4.0 4.0 the efforts of the Fund to stabilize the exchange Ecuador 3.8 3.8 rate structure of its members. Bolivia 3.3 3 3 3.0 3 0 Withdrawal of Commodity Credit Corporation 2.0 2 0 agreement with the Netherlands Indies Government. Argentina. . . .2 .2 In June 1948, the Council reviewed the proposed Uruguay .1 1 Other Latin extension of a 20 million dollar credit by the Com- America .... .7 .7 modity Credit Corporation to Indonesia for the Total, Asia and purchase of incentive goods (textiles, food, house- Africa.. 232.6 36.7 117.1 78.8 hold articles, etc.) to be used to stimulate the pro- Israel 100.0 100.0 China 66.7 33.7 33.0 duction and procurement of copra and palm oil for Japan 45.8 3' 645.8 export. A year later the Secretary of Agriculture Saudi Arabia. . . 10.0 10.0 advised the Council that no funds had been ad- Egypt 7.1 7 1 Ethiopia. 3.0 3.0 vanced under the proposal and that the Board of Directors of the Commodity Credit Corporation Canada 145.0 145.0 had resolved to withdraw the offer to enter into the Other areas 9 7 9.7 agreement. During the period, changes in the 1 Cancellations and expirations deducted. Numerous small world fats and oils supply situation obviated the exporter-importer loans extended by the Bank, July 1, 1945, need for the proposed agreement. through Sept. 30, 1949, are excluded. Also excluded are Mexican authorizations of $30,000,000 and a Peruvian authorization of United States-Brazil economic discussions. Follow- $400,000 approved prior to June 30, 1945, recorded on Export- Import Bank books subsequent to June 30, 1945. ing submission of the report of the Joint Brazil- 2 Credits extended by Export-Import Bank under general approval of the Council. Hungarian credit of $7,000,000 can- United States Technical Commission, the govern- celed Apr. 2, 1947. 3 Excludes participation by private banks. ments of each country considered plans to foster the 4 For financing tobacco purchases. economic development of Brazil. During the spring 6 5 R Fo ev r o f l i v n i a n n g c in c g re d fo it o s d . purchases. MARCH 1950 307 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL The two Presidents discussed at length the desir- ate treaty that would stimulate the mutually beneability of fostering economic development and so- ficial flow of private investment. It was also fully cial progress through the mutually beneficial inter- agreed that a comprehensive joint study of the tax change of technological data and trained specialists relations between the two countries would be helpof all types, as well as through financial and ecoful. The two Presidents recognized the possibility nomic cooperation. President Dutra mentioned the of financing through public lending agencies approneed of foreign private investment in Brazil. The priate development projects not suited to private two Presidents recognized the important role of financing, of the types which have been accepted private investment in economic development and social progress and accordingly instructed technical for financing by the International Bank for Reexperts of their respective Governments to com- construction and Development and the Export-Immence immediately the negotiation of an appropri- port Bank. IV. ACTIVITIES RELATING TO THE INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT The National Advisory Council, in accordance to extend this period until September 30, 1950, if with statutory authority, continued to coordinate they deem such action warranted. the activities of the United States representatives of (3) The Boards of Governors also extended until the Fund and the Bank with those of: other agencies March 31, 1950 the period in which the Republic of the Government, by consulting and advising of Liberia may accept membership, and empowered with them on major problems arising in adminis- the Executive Directors further to extend the petration of the Fund and the Bank. The United riod, but not beyond October 1, 1950. States Executive Directors of these institutions, or (4) At the Fund meetings, the Governors their alternates, have attended the Council's meetadopted a resolution, referring to the Executive ings regularly, and have participated continuously Directors for further study, the proposal by South in the work of its Staff Committee. Africa concerning gold sales at premium prices. They also discussed questions of exchange and FOURTH ANNUAL MEETINGS OF THE FUND AND monetary policy, exchange restrictions, and mone- THE BANK tary reserves. The Boards of Governors of the Fund and the (5) A report on relations with the International Bank held their fourth annual meetings in Wash- Trade Organization and the CONTRACTING PARTIES ington, D. C, September 12 to 16, 1949, The to the General Agreement on Tariffs and Trade was Secretary of the Treasury, John W. Snyder, as submitted to the Board of Governors of the Fund United States Governor of both institutions, at- for information. tended. Willard L. Thorp, William McChesney (6) The Governors of the Bank reviewed the re- Martin, Jr., and Frank A. Southard^ Jr., were apport of the Ad Hoc Committee (appointed at the pointed temporary United States Alternate Goverthird annual meeting to consider provisions relating nors for the purpose of these meetings. The to duties and remuneration of the Executive Direc- United States Alternate Executive Directors also tors), and referred the matter back to the Commitparticipated in these meetings,, as did representatives tee for further study. of the constituent agencies of the Council. (7) The Governors of the Bank approved the The principal matters considered by the Boards report of the Executive Directors postponing the of Governors were as follows: election of a new Advisory Council. (1) The Boards of Governors discussed and ac- (8) The Governors of the Bank also approved cepted the annual reports, the financial statements the report of the Executive Directors on the allocaand reports on audit, and the 1949 administrative tion of the Bank's net income for the fiscal year budgets, and elected officers and a joint procedures ending June 30, 1949. committee for 1949-50. (2) The application of the Republic of Haiti for At the closing session, the Governor of India was membership in the two institutions was approved, elected Chairman for the coming year, and the Govproviding for a quota in the Fund of 2 million dol- ernors of China, France, United Kingdom, and the lars, with a like amount as a subscription to the United States were elected Vice Chairmen. It was Bank. Membership is open to Haiti until March decided to hold the fifth annual meetings in Paris 31, 1950, with the Executive Directors empowered in the month of September 1950. 308 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL MEMBERSHIP CHANGES IN THE FUND AND THE BANK Currency readjustments: September 1949. In December 1946, the International Monetary Fund and During the period under review, one new counmember governments agreed on the establishment try, Thailand, was admitted to membership in the of initial par values for their currencies based on Fund and the Bank, At the third annual meetings existing exchange rates, even though, as the Execuin Washington in September 1948, the Boards of tive Directors of the Fund recognized in their first Governors accepted the request of Thailand for Annual Report ". . . in some cases the initial pair membership, providing for a quota in the Fund of values that are established may later be found in- 12.5 million dollars, with a like amount as a subcompatible with the maintenance of a balanced scription to the Bank. Thailand formally became international payments position at a high level of a member of the two organizations on May 3, 1949. domestic economic activity." There were cogent Favorable action by the United States reprereasons for this decision. It would have been presentatives with respect to this application was taken mature to attempt a general revision of exchange with the approval of the Council. rates at that time, in view of the drastic changes On September 30, 1949, 48 countries were mem- in the structure of world trade and the disruption bers of the Fund and the Bank. The members, of the internal economies of many member counwith their quotas and capital subscriptions as of tries wrought by the war. September 30, 1949, are listed in Appendix E [omit- As economic advances were made as a result of ted Aiere]. the internal efforts of the countries concerned as well as of the United States foreign assistance ORGANIZATIONAL CHANGES program, the desirability of an eventual revalua- On May 18, 1949, Mr, Eugene R. Black, then tion of currencies gradually became more apparent. United States Executive Director, was elected Pres- In its Semiannual Report for the period October ident of the Bank, succeeding Mr. John J. McCloy, 1, 1948-March 31, 1949, the National Advisory who resigned to accept the post of United States Council stated that ". . . in 1948 a general revalua- High Commissioner for Germany. Mr. Black as- tion of the European exchange rates was inadvissumed his new duties on July 1, 1949. able in view of the possible internal repercussions of devaluation on the participating countries in a THE FUND period when their economies still exhibited serious During the period under review, the Fund con- inflationary tendencies, while their levels of productinued to provide a number of its member coun- tion were not adequate to maintain an expanded tries with technical assistance, as well as, in ap- volume of international trade. In many of the propriate instances, necessary foreign currency to participating countries these conditions no longer meet balance-of-payments deficits on current ac- obtain, since substantial progress has been made tocount. As will be noted in the following section ward recovery in their Jevels of production. . . . of this report dealing with "par values," the Fund It is the Council's opinion that in some cases the participated actively in the extensive realignment revaluation of currencies may constitute an imof currencies that occurred in the latter half of portant means of bringing about the desired ex- September 1949. pansion of exports to the dollar area which, along Par values. On May 24, 1949, the Fund an- with other appropriate measures, will contribute nounced the establishment of an initial par value to more normal methods of financing after 1952." for the Yugoslav dinar at 50 dinars per United Similarly, in their Annual Report for the year end- States dollar, the rate proposed by the Government ing April 30, 1949, the Executive Directors of the of Yugoslavia. On June 17, 1949, the Fund also International Monetary Fund declared that "Where announced that it had concurred in the request of a price reduction ... is necessary to expand exthe Government of Mexico for the establishment of ports, it would in many cases seem possible only a new par value for the peso. The new par value through an adjustment in the exchange rate." 9 of 8.65 pesos per United States dollar replaced the In the period under review, it was becoming initial par value of 4.855 pesos per United States widely accepted that a general revision of European dollar, established on December 18, 1946, by agree- exchange rates was an essential step in the direcment between Mexico and the Fund. Transactions tion of creating freer intra-European and world at this initial parity had been suspended by the trade and restoring equilibrium in European bal- Bank of Mexico on July 22, 1948. The United ances of payments at a reasonable level. European States Executive Director, acting with the approval 9 Similar views had been expressed by other international of the Council, concurred in the Fund action on bodies such as the Organization for European Economic the proposals of both Yugoslavia and Mexico. Cooperation and the Economic Commission for Europe. MARCH 1950 309 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL export prices in terms of dollars had become less June 1947, Ecuador had made certain modificacompetitive than United States prices for the same tions in her exchange control system. In the May types of goods, and in the absence of depreciation it was becoming increasingly difficult for European TABLE X countries to maintain, much less expand, their ex- CHANGES IN CURRENCY VALUES, SEPTEMBER 30, 1949 ports to the dollar area and to compete with dollar area goods in their domestic and third markets. Currency value— Reduc- U. S. cents per tion There was serious danger that unless such action Monetary unit of currency in Country unit value was taken, the marked disparities in cost-price struc- (per tures existing between the soft currency area coun- Old New cent) tries and the dollar area countries on the one hand, and among the -soft currency area countries them- STE U R n L i I t N ed G K AR in E g A d : om1.. Pound 403.000 280.000 30.5 selves on the other, would tend to become set, the Iceland Krona 15.411 10.705 30.5 Ireland Pound 403.000 280.000 30.5 strains of altered creditor-debtor relationships in- Burma Rupee 30.225 21.000 30.5 creasingly burdensome, and the distortions of inter- Ceylon Rupee 30.225 21.000 30.5 national trade and the disequilibria in European India. Rupee 30.225 21.000 30.5 balances of payments increasingly intractable. Iraq. ............ Dinar 403.000 280.000 30.5 Australia. . Pound 322.400 224.000 30.5 The decline in the exports of European countries New Zealand . . .;..'. Pound 403.000 280.000 30.5 to the dollar area and the depletion of the United South Africa Pound 403.000 280.000 30;5 Kingdom's gold and dollar reserves during 1949 Canada ....... Dollar 100.000 90.909 9.1 underlined the need to adopt remedial action. In Egypt . .'. . Pound 413.300 287.156 30.5 Israel less than six months, from the 31st of March to Pound September 18, 1949, the United Kingdom's gold E Im xp p o o r r t t s s2 3 4 0 0 2 3 . . 0 0 0 0 0 0 \ / 280.000 3 7 0 . . 3 5 and dollar reserves fell by more than 500 million Jordan. . . Pound 403.000 280.000 30.5 dollars. On September 18, the International Mone- Thailand. ..... .7.'. . Baht 10.075 8.000 20.6 tary Fund announced that the United Kingdom EUROPE: Belgiumhad proposed and the Fund had concurred in a Luxembourg3. . . Franc 2.282 2.000 12.3 change in the par value of the pound sterling from F D i e n n la m n a d r 4 k K M r a o r n k e ka 2 0 0 . . 6 8 2 3 5 8 1 0 4 . . 4 47 3 8 48 3 3 0 0 . . 5 4 the previous rate of one pound sterling to $4.03, to France5 Franc 0.3669 0.2857 22.1 one pound sterling to $2.80. Twenty-five other Deutsche c ch o a u n n g tr e ie s ra t h e a s d b a y n n S o e u p n te c m ed b er a d 3 ju 0 s , t m w e it n h t s th in e e th x e te ir n t e o x f - G Gr e e r e m c a e n 6 y, Western. D M ra a c r h k ma 3 0 0 . . 0 0 1 00 2 0 3 . . 0 81 0 0 67 3 2 3 0 . . 3 6 Lira 0.1739 0.1572 9.6 devaluation varying from 9.1 per cent in the case Italy? Guilder 37.695 26.316 | 30.2 of Canada, to 30.5 per cent by most countries within Netherlands8 Krone 20.150 14.000 30.5 the sterling area (see Table X). The Fund was Norway Escudo 4.000 3.478 13.0 Portugal9 Krona 27.816 19.33 30.5 consulted on, and approved, the adjustments proposed by member countries, and the United States 1S w A e ll d e o n f * 0 t . h , e British territorial currencies (except that of British Honduras), were likewise devalued by 30.5 per cent. Executive Director, acting in accordance with policy 2 Free market rate for imports. 3 The Belgian Congo franc remains at par with the Belgian franc. directives previously formulated by the Council, * The Finnish change shown here followed closely an earlier concurred in the action of the Fund. devaluation (from 0.735 to 0.625 cents per markka), on July 4, 1949, and thus represents a total devaluation of 41 per cent during The Council recognizes that this readjustment recent months. 6 Rates shown are those for trade transactions. Under the of exchange rates does not constitute a cure-all official free market system used in France, the rates referred to for the difficult and complex problems currently here are technically flexible, though they may be held steady for relatively long periods. All local currencies of French dependencies faced in international payments. But it helps to are pegged to the French franc, except: (1) the rupee of French possessions in India, which is maintained at par with the Indian clear the way by removing some of the obstacles rupee; and (2) the Djibouti franc, which retains its old dollar to the effective functioning of a world price sys- par 6 i U ty n d o e f r 0. t 4 h 7 e c e e x n c t h s. ange certificate system used in Greece, the tem. It may contribute to a reduction in the Euro- rates referred to here are technically flexible, but for over a year prior to the current devaluation, fluctuations in the old rate had' pean dollar deficit by an expansion of exports from been held to less than 1 per cent in either direction. the European countries to the Western Hemisphere 7 Under the official free market system used in Italy, the rates referred to here are technically flexible, though they may be held and facilitate the relaxation of barriers to multi- steady for relatively long periods. 8 The Indonesian guilder remains at par with the Netherlands lateral trade. guilder, but the Surinam guilder retains the old dollar parity of Exchange restrictions. On May 27, 1949, the Fund 53 9 c T e h n e ts . change shown here followed closely a minor adjustment reported results of consultations with the Govern- (from 4.0124 to 4.0 cents per escudo), on August 8, 1949. Portugal is not a member of the International Monetary Fund and has no ment of Ecuador on Ecuador's exchange system, and par value. Rates shown are mid-rates between the official buying related subjects of credit and monetary policy. As and 10 S se w ll e in de g n r a i t s e s n . ot a member of the Fund and has no par value. a result of similar consultations with the Fund in Rates shown are average rates between the official buying and selling rates. 310 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL consultations it was understood that Ecuador would TABLE XI continue to maintain for another year her present CURRENCY SALES OF THE INTERNATIONAL MONETARY FUND exchange controls but that during this period Ecua- APRIL 1, 1947-SEPTEMBER 30, 1949 dor would consult with the Fund regarding modifi- [In millions of U. S. dollars] cations which might properly be made at the end of that time. Six months ending Total Price of gold. The Secretary of the Treasury, at to Country Sept. the fourth annual meeting of the International 30, Sept. Mar. Sept. Mar. Sept. 1949 30, 31, 30, 31, 30, Monetary Fund, in connection with consideration 1949 1949 1948 1948 1947 of the resolution proposed by South Africa con- Total, all countries 734.6 21.0 73.8 39.7 391.1 209.0 cerning gold sales at premium prices, reiterated the established position of the United States Gov- Total, ERP participants 564.2 6.1 17.3 356.8 184.0 ernment with respect to the maintenance of the United Kingdom.. 300.0 240.0 60.0 dollar price of gold. In his capacity as United France . ... 125 0 25.0 100.0 States Governor, the Secretary stated, during the N Be e l t g h i e u r m lands. ..... 3 7 3 5 . 0 3 16.8 4 3 4 3 . . 5 0 224.0 course of the discussion, "I have said on many occa- Norway.......... 15.7 36 1 4 7.1 2.5 sions and I must say again that I do not perceive Denmark 10 2 3 4 6 8 Turkey 5 0 5.0 any considerations of monetary policy which would justify me in proposing to my Government a change Total, other countries.. 170.4 21.0 67.7 22.4 34.3 25.0 in the dollar price of gold." 10 India. .. 100.0 55.9 16.1 28.0 Repurchase of Fund drawings. Article V, Section Mexico . . 22.5 Brazil 15.0 7 of the Fund's Articles of Agreement provides for Union of South the compulsory repurchase of Fund holdings of a Africa....... 10.0 10.0 member's currency under specified conditions. Chile 8 8 6.3 2.5 Czechoslovakia. . . 6.0 6 0 During May 1949, Costa Rica became the first Egypt... 3.0 3.0 Yugoslavia 3 0 3 0 country to repurchase some of its own currency from the Fund. This transaction involved Costa Costa Rica. 1 3 1 3 Nicaragua 0.5 0 5 Jlican colones equivalent to $874,000, and was Ethiopia. . 0.3 0.3 effected through a, Costa Rican payment to the Fund of $855,000, and gold to the value $19,000. 2 1 I S n a c l l e u o d f e s B 6 e l m gi i a l n li o f n ra d n o c l s l . ars of pounds sterling. In August 1949, Belgium repurchased from the 3 United States dollars sold for an equivalent in gold. 4 Includes 4.6 million dollars of Belgian francs. Fund Belgian francs equivalent to $946,500, with NOTE.—Except where otherwise indicated, all sales were of a payment of $35,000, and gold to the value of United States dollars in exchange for the currency of the purchas ing country. $911,500. During September 1949, Nicaragua re- Source.—International Monetary Fund. purchased for $500,000 the total amount of cordobas which it had sold to the Fund in 1948. As a THE BANK result of this transaction, the Fund's holdings of During the six months under review, the Intercordobas reverted to the level in existence prior to national Bank made 76.5 million dollars in new the original Nicaraguan drawing. loan commitments to four of its member coun- Exchange transactions. During the six months, tries. The United States Executive Director or his April 1, 1949, through September 30, 1949, the alternate consulted with the Council with respect Fund sold 21 million dollars to three of its member to each of these loan applications. countries. These transactions increased total cur- As a further aid to member countries, the Interrency sales of the Fund to date to the equivalent national Bank announced an expanded program of of 734.6 million dollars. Fund sales of United technical assistance for economic development. States dollars for member currencies have been al- The Bank indicated that it would be prepared to most entirely to non-ERP countries since the start help member countries in making comprehensive of the European Recovery Program in April 1948. surveys of their resources and in working out appropriate long-term investment programs; to work The accompanying table presents a detailed closely with potential borrowers in the analysis and breakdown of currency sales through September planning of specific projects for Bank financing; 30, 1949. and to assist in formulating and putting into efrect practical measures to strengthen the financial in- 10 The position of the United States on this matter was stitutions and practices of its member countries further explained in a memorandum to the press of Oct. 5, 1949, and reaffirmed by President Truman on Nov. 10, 1949. and to encourage productive investment from other MARCH 1950 311 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL sources. The Bank, however, emphasized the im- ing production of limestone powder for agriculture. portance of action on the part of the less-developed The terms of this loan, which was guaranteed by countries to create a sound foundation for economic the Government of Finland, were similar to those development. applicable to the Herstelbank. Loans and disbursements. On July 29, 1949, the On August 18, 1949, the Bank granted a loan Bank granted a loan of 15 million dollars to the of 34 million dollars to India for the reconstruc- Finance Corporation for National Reconstruction tion and development of the railways owned and (Herstelbank), of the Netherlands. This loan was operated by the State. Proceeds of this loan will be specifically made to finance imports of equipment used to finance part of the purchase price of locomofor the reconstruction or modernization of plants tives, boilers, and spare parts. This loan—the first in various industries. The loan, guaranteed by the to be granted by the Bank to a member country Kingdom of the Netherlands, extends for a period in Asia—carried terms similar to those in the two of 15 years, and carries an interest rate of 3 per preceding instances, except that amortization paycent, plus the usual 1 per cent commission for the ments will start on August 15, 1950. On Sep- Bank's special reserve. Amortization payments, tember 29, 1949, the Bank announced an addicalculated to retire the loan by maturity, will start tional loan of 10 million dollars to India, to finance in the fourth year. The Bank announced that this part of the cost of agricultural machinery needed loan was made in accordance with one of its main for land clearance and reclamation and thereby purposes—to aid in the reconstruction of economies to increase the production of grain in India. This of member nations and to encourage the develop- loan was for a term of seven years and carried an ment of their productive facilities and resources. interest rate of 2.5 per cent, plus the usual 1 per The Bank also stated that by assisting in financing cent commission. Amortization payments, calprojects which involve permanent additions to Eu- culated to retire the loan by maturity, will start rope's productive capacity, the loan followed the on June 1, 1952. Bank's policy of supplementing the European Re- On August 19, 1949, the Bank granted a loan of covery Program. 5 million dollars to the Caja de Credito Agrario, On August 1, 1949, the Bank announced a loan Industrial y Minero of Colombia to finance the purof 12.5 million dollars to the Bank of Finland to chase of agricultural machinery. This loan, guaranfinance imports of equipment and materials re- teed by the Republic of Colombia, is for a term o£ quired for the reconstruction and modernization seven years, and carries an interest rate of 2.5 per of Finland's woodworking industries, for an elec- cent, plus the customary 1 per cent commission. tric power development program, and for expand- Semiannual amortization payments, beginning May TABLE XII STATUS OF INTERNATIONAL BANK LOANS, SEPTEMBER 30, 1949 Loan Dis- Unused balance Borrower commitment bursement of commitment Total, all loans $726,600,000 $541,440,917 $185,159,083 Credit National (France) 250,000,000 250,000,000 Kingdom of the Netherlands 195,000,000 195,000,000 Brazilian Traction, Light & Power Co., Ltd.] 75,000,000 21,948,244 53,051,756 Dominion of India 2.... 44,000,000 44,000,000 Kingdom of Denmark , 40,000,000 40,000,000 Financiera and Comision (Mexico)3 34,100,000 5,296,139 28,803,861 Kingdom of Belgium 16,000,000 4,029,608 11,970,392 Corporacion de Fomento (Republic of Chile) 16,000,000 2,945,100 13,054,900 Herstelbank (Netherlands)4 15,000,000 15,000,000 Bank of Finland 5 12,500,000 12,500,000 Grand Duchy of Luxembourg 12,000,000 10,221,826 1,778,174 Netherlands shipping companies * 12,000,000 12,000,000 Caja de Credito (Colombia)2 5,000,000 5,000,000 1 Loan guaranteed by the United States of Brazil. 2 Agreements become effective after the Bank has received certain certificates and documents, and has notified the borrower and guarantor of its acceptance of such evidence. 3 Loans guaranteed by the Government of Mexico. Nacional Financiera and Comision Federal de Electricidad are joint borrowers.. 4 Loans guaranteed by the Kingdom of the Netherlands. 5 Loan guaranteed by the Government of Finland. Sources—International Bank for Reconstruction and Development. 312 FEDERAL RESERVE BULLETIN, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL 15, 1952, are designed to retire the loan by maturity was amended to provide that any securities issued on November 15, 1956. The agricultural equip- by the International Bank and any securities guarment to be purchased with the proceeds of this loan anteed by the Bank as to both principal and interest should enable Colombia to increase farm produc- shall be deemed exempted securities under the tion and thus meet an expanding domestic con- Securities Act of 1933 and the Securities Exchange sumption, while reducing imports of foodstuffs and Act of 1934. Public Law 142 also authorized the staples with a consequent saving of hard currency. Securities and Exchange Commission to require the From May 9, 1947, when the Bank announced Bank to file annual and other reports with it and, its first loan, through September 30, 1949, total in consultation with the Council, to suspend these loan commitments of the International Bank aggreexemptions. gated somewhat more than 726 million dollars, of Fiscal operations. For the fiscal year ending June which 678 million had become effective. As shown 30, 1949, the International Bank had a net income in Table XII, four-fifths of this latter amount had of about 10.6 million dollars, exclusive of special been disbursed by September 30, 1949. reserve commissions of 5 million. For the three Legislation. In June 1949, the United States Conmonths ending September 30, 1949, the Bank had gress enacted, and on the 29th day of that month an income of nearly 3.2 million, exclusive of over the President approved, legislation amending pro- 1.3 million paid into its special reserve. As of Sepvisions of the National Bank Act and the Bretton tember 30, 1949, the Bank had an earned surplus Woods Agreements Act applicable to securities of of over 16.8 million dollars, plus about 9.4 million the International Bank (Public Law 142, Ch. 276, in its special reserve. 81st Cong., 1st sess.). This legislation was designed to remove certain requirements which might inter- Future lending. On September 30, 1949, the Bank fere with the Bank's financing operations and there- had uncommitted loanable dollar funds amounting by limit its effectiveness in carrying out the pur- to approximately 320 million, and was engaged in poses for which it was established. The National the investigation of numerous requests for loans Bank Act was amended to permit national banks throughout the world. After having completed and State member banks of the Federal Reserve Sys- the immediate postwar phase of its activities, the tem to deal in and underwrite International Bank Bank has entered upon a program of developmental securities subject to certain prescribed limitations loans to assist nations to obtain the fullest utilizaas to amount. The Bretton Woods Agreements Act tion of their own resources. PUBLICATION OF NEW JOURNAL BY THE INTERNATIONAL MONETARY FUND With the February 1950 issue of Staff Papers, papers do not necessarily express the policy or views of the Fund, its Executive Board, or its officials. the International Monetary Fund began publica- The annual subscription price of Staff Papers is tion of a new journal, to be released at irregular $3.50, or its equivalent price in the currencies of intervals three times a year. The journal will most member countries. The price of single copies contain monetary and financial papers originally is $1.50. Orders may be addressed to The Secreprepared by staff members for the interest and use tary, International Monetary Fund, 1818 H Street, of the Fund's officials. The views presented in the N. W., Washington 25, D. C. MARCH 1950 313 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EYENTS AND ANNOUNCEMENTS Federal Reserve Meetings in the Division of Research and Statistics. Prior A meeting of the Presidents of the Federal Re- to his appointment by the Board he was employed serve Banks was held in Washington on February by the Economic Cooperation Administration and 27, and on March 1 the Presidents met with the served in the capacity of Chief of the Finance Board of Governors. Branch, Office of Special Representative, Paris, On February 28 and March 1 meetings of the France. Federal Open Market Committee were held. At Mr. Guy E. Noyes has been employed by the the meeting on March 1, Thomas B. McCabe was Board as Assistant to the Director, Division of re-elected as Chairman of the Committee and Allan Research and Statistics, since November 1, 1948. Sproul as Vice Chairman. The representative Appointment of Class C Director members of the Committee elected by the Federal Reserve Banks for the period of one year begin- The Board of Governors on March 15, 1950, anning March 1, 1950, are Joseph A. Erickson, Allan nounced the appointment of Mr. Joseph H. Moore Sproul, C. S. Young, Chester C. Davis, and J. N. of Charleston, Missouri, as a Class C director of Peyton, Presidents of the Federal Reserve Banks the Federal Reserve Bank of St. Louis to fill the of Boston, New York, Chicago, St. Louis, and vacancy in the three-year term ending December 31, Minneapolis, respectively. 1951. Mr. Moore is engaged in farming. The Federal Advisory Council met in Washington on February 19-21. The annual organization Appointment of Branch Director meeting of the Council was held on February 19, On February 17, 1950, the Board of Governors at which Edward E. Brown, Chairman of The announced the appointment of Mr. F. M. Brown- First National Bank of Chicago, was re-elected ing, President, Ogden Buick Sales Company, President; Robert V. Fleming, President and Chair- Ogden, Utah, as a director of the Salt Lake City man of The Riggs National Bank, was elected Vice Branch of the Federal Reserve Bank of San Fran- President; and Herbert V. Prochnow was re- cisco for the unexpired portion of the two-year appointed Secretary. The Council met with the term ending December 31, 1951. Mr. Browning Board of Governors of the Federal Reserve System succeeds Mr. Henry Aldous Dixon, President,. on February 21. Weber College, Ogden, Utah, whose term expired. Changes in Board's Staff Death of Director The Board of Governors made the following ap- Mr. J. Roy Faucett, a member of the firm of pointments in its Division of Research and Statistics, Faucett Brothers, Northport, Alabama, who had effective March 1, 1950: served as a director of the Birmingham Branch of the Federal Reserve Bank of Atlanta since January Mr. Frank R. Garfield, Adviser on Economic 1, 1948, died on February 19, 1950. Research. Mr. Arthur W. Marget, Adviser on Interna- Admission of State Bank to Membership in the tional Finance. Federal Reserve System Mr. Guy E. Noyes, Assistant Director. The following State bank was admitted to mem- Mr. Garfield has been employed in the Division bership in the Federal Reserve System during the of Research and Statistics since June 17, 1929, his period January 16, 1950 to February 15, 1950: most recent position being that of Chief of Business Michigan Conditions Section. Mr. Marget was employed by the Board on Jan- Breckenridge—The Farmers State Bank of Breckuary 4, 1950, as Specialist in International Finance enridge, Michigan 314 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Revised Edition of Historical Supplement to Monthly Federal Reserve Charts on Bank Credit, Money Rates, and Business—Price Reduction for Chart Books Early next month the Board of Governors will By recent action of the Board both the annual have available for distribution a substantially re- subscription price and the per copy price of the vised and enlarged edition of the historical supple- monthly Chart Book have been reduced. Effective ment to the monthly Federal Reserve Chart Boo\ immediately, the annual subscription price will be on Ban\ Credit, Money Rates, and Business. Many $6.00. Individual copies of monthly issues will be new charts have been added to those published in sold at 60 cents each; in quantities of 10 or more the October 1949 issue, and most charts include copies for single shipment, there will be a special plotting space through 1951. The new charts price of 50 cents each. The historical supplement relate to bank credit, production, prices, and agriwill be distributed free to annual subscribers to the culture, and new sections of charts have been added monthly Chart Book; the purchase prices of single on banking structure and bank earnings, Governand multiple copies of the supplement will be the ment finance, and consumer finance. The revised edition is of the same general format as the monthly same as those given above for individual issues of book and contains 113 pages of charts. In most the monthly book. Orders should be sent to the cases the period covered by the charts begins with Division of Administrative Services, Board of Gov- 1919 or some earlier year. All charts include the ernors of the Federal Reserve System, Washington latest data available on March 17, 1949. 25, D. C. MARCH 1950 315 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled February 27 and released for publicationJMamh 1 ] .- Industrial output increased somewhat further in was scheduled at about 89 per cent of capacity but January but was reduced by work stoppages in the during the week beginning February 27 it dropped early part of February. Construction activity was sharply to 74 per cent. Lumber production demaintained at very high levels for this time of year. clined in January from the exceptionally high Personal incomes were supplemented by large pay- December level. ments of insurance dividends to veterans. Value Output of nondurable goods in January was of department store sales was close to last year's maintained at earlier high levels. There were small level and sales of automobiles were considerably increases in cotton consumption, rayon deliveries, larger. Prices generally remained stable. paper and paperboard production, and chemicals output. Production of most other nondurable INDUSTRIAL PRODUCTION goods showed small declines or little change from The Board's seasonally adjusted index of industhe level of the preceding month. trial production rose 3 points in January to 183 Minerals production showed a slight decline in per cent of the 1935-39 average—the highest level January and in February was curtailed sharply since March 1949. In February, industrial output further, as a result of work stoppages at coal mines. has apparently declined about 5 points, largely as Output of petroleum showed little change, while a result of work stoppages in the coal and automometals production increased. bile industries. EMPLOYMENT Production of durable goods increased 3 per cent in January reflecting a large expansion in out- Employment in nonagricultural establishments, put of automobiles, and smaller gains in non- seasonally adjusted, was little changed in January ferrous metals and iron and steel. Following model as a sharp drop in employment at coal mines was changeovers, automobile production by mid-Jan- more than offset by increases in construction and in uary regained the record rate of last fall. Beginning plants manufacturing durable goods. Employment January 25, however, auto assembly operations were in most other lines showed little change. Unemreduced about one-fifth by a labor dispute at the ployment rose to 4.5 million persons in January, up plants of a major producer. Output at steel mills 1.8 million from January 1949. increased to 95 per cent of capacity in mid-January CONSTRUCTION but subsequently decreased as a result of coal short- Value of construction contract awards declined ages. For the month of February ingot production seasonally in January but was more than one-half INDUSTRIAL PRODUCTION CONSUMERS' PRICES PHYSICAL VOLUME, SEASONALLY ADJUSTED, I - 240 240 - - 220 220 - 200 / \ 200 V i V 180 V - 180 160 V - 160 140 - 140 - !20 - 100 80 U 1941 1942 1943 1944 1945 1946 1947 1948 1949 1941 1942 1943 1944 1945 1946 1947 1948 1949 Bureau of Labor Statistics' indexes. "All items" includes fuel Federal Reserve index. Monthly figures, latest shown are for and housefurnishings groups not shown separately. Midmonth January. figures, latest shown are for January. 316 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS larger than a year earlier. The number of new reflecting largely increases in prices of cotton, hogs, residential units started in January was estimated and pork. These changes resulted in part from by the Bureau of Labor Statistics to be 80,000 as seasonal reductions in supplies. Prices of lumber compared with 79,000 units in December and and some other building materials also were ad- 50,000 in January 1949. vanced in this period. On the other hand, prices of some textile and chemical products and auto- DISTRIBUTION mobiles were reduced. Value of department store sales showed some- The average level of consumer prices declined what more than the usual seasonal decline in Jan- further by .4 per cent from December to January uary and the Board's adjusted index was at 282 owing to small decreases in retail prices of foods per cent of the 1935-39 average as compared with and most other groups of goods and services, except 293 in December and 276 in November. Sales dur- fuels and rent which continued to increase. ing the three weeks ending February 18 were maintained at the same level as in the corresponding BANK CREDIT period last year. Sales of apparel at department During January and the first half of February stores remained below year-ago levels while sales holdings of Government securities at member banks of most durable goods were in greater volume. in leading cities and Federal Reserve Banks com- Sales of new automobiles were exceptionally large bined declined by about 1.5 billion dollars, indifor this season of the year. The payment of insur- cating substantial purchases by nonbank investors. ance dividends to veterans beginning the middle Federal Reserve Banks sold large amounts of Treasof January is providing an important supplement to ury bills and a substantial volume of bonds in personal income at this time, tending to increase response to a strong market demand, but purchased retail sales. certificates and notes. Reporting member banks Shipments of railroad revenue freight rose some- purchased bonds, while reducing their holdings of what in January, after allowance for seasonal shorter-term securities. changes, as increased loadings of most manufac- Bank holdings of corporate and municipal secutured goods and ore more than offset declines in rities increased further in January and February, grain and forest products. Freight carloadings and real estate loans expanded moderately. Busidropped sharply in early February, reflecting mainly ness loans did not show the usual seasonal decline. the curtailment of coal and coke production. Adjusted demand deposits at reporting banks declined substantially, while Treasury deposits in- COMMODITY PRICES creased. The general wholesale price index rose somewhat Member bank reserves showed little net change from mid-January to the third week of February, from late December through the first three weeks of February. Decreases in money in circulation SECURITY MARKETS and in Treasury deposits supplied reserves, which were largely absorbed by the decline in Federal Reserve holdings of Government securities. SECURITY MARKETS Common stock prices declined slightly after the first week of February when they had reached a new high level since 1946. Corporate bond prices remained stable while long-term Treasury issues showed a small further decline. Yields on shortterm Treasury securities continued to increase. The Treasury announced the offering of a IV2 per cent, five year note issue in exchange for bonds called for redemption on March 15 and notes maturing on April 1; also \% per cent Treasury notes ma- Common stock prices, Standard and Poor's Corporation; corporate bond yields, Moody's Investors Service; U. S. Gov- turing on July 1, 1951, were offered in exchange ernment bond yields, U. S. Treasury Department. Weekly figures, latest shown are for Feb. 25. for certificates maturing March 1 and April 1. MARCH 1950 317 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items.. 321-322 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements. . 322-323 Federal Reserve Bank statistics 324-328 Deposits and reserves of member banks; bank suspensions. 328-329 Money in circulation. . 330-331 Bank debits and deposit turnover; Postal Savings System. 331 All banks and the money supply 332 All banks in the United States, by classes 333-335 All insured commercial banks in the United States, by classes. . 336-337 Weekly reporting member banks . 338-341 Number of banking offices on Federal Reserve par list and not on par list 342 Commercial paper, bankers' acceptances, and brokers' balances. . 343 Money rates; bank rates on business loans; bond yields. .. 344 Security prices and new issues . . 345-346 Corporate sales, profits, and dividends. . 347-348 Treasury finance. . .., 349-351 Government corporations and credit agencies. . 352 Business indexes . . . . 353-362 Department store statistics. . 363-366 Cost of living. 366 Wholesale prices 367 Gross national product, national income, and personal income. . 368-369 Consumer credit statistics 370-372 Current statistics for Federal Reserve chart books. . 373-377 v Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. MARCH 1950 319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 30 MONEY IN CIRCULATION RESERVE BANK CREDIT 25 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 I NOTES AND CERTIFICATES 1941 1942 1943 1944 1945 1946 1947 1948 1949 Wednesday figures, latest shown are for Feb. 21. See page 321. 320 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars} Reserve Bank credit outstanding Member bank reserve balances Date or period 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 cu o o r n 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 r1 Total s G to o c ld k T s r t o c e u r i a u e n n u r n y a r g c t d - - s y - - M i c n t o u io c n la 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 - r u F T B p s w r e r R o e y a d e i r s n e t e a v i d - h k t r s e e s s a - - l b p m N e o r e o s m d n 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 r l - e t r s Total qu R ir e e - d2 c E e x s - s8 and notes Wednesday figures: 1949—Jan. 5. 22922,919 10,907 12,012 579 23,727 24,249 4,586 28,151 1,322 951 ,167 597 20,375 19,244 1,131 Jan. 12. 364 22,465 10,772 11,693 364 23,193 24,253 4,586 27,919 1,323 939 ,145 600 20,105 19,118 987 Jan. 19. 241 22,117 10,603 11,514 640 22,999 24,264 4,586 27,717 1,327 804 ,267 60220,133 19,183 950 Jan. 26. 458 22,039 10,265 11,774 463 22,960 24,268 4,587 27,561 1,333 1,135 ,138 61320,035 19,113 922 Feb. 2. 29722,215 10,191 12,024 314 22,827 24,279 4,588 27,556 1,327 1,284 ,203 61319,711 19,072 639 Feb . 9. 251 22,35010,105 12,245 235 22,836 24,279 4,587 27,557 1,327 1,430 ,176 61419,597 18,921 676 Feb 16. 238 22,303 9,993 12,310 385 22,926 24,284 4,586 27,480 1,323 1,754 ,177 61519,447 18,841 606 Feb. 23. 303 22,358 9,922 12,436 18622,847 24,290 4,586 27,551 1,326 1,591 ,193 62119,441 18,754 687 Mar. 2. 24121,837 9,868 11,969 343 22,422 24,290 4,587 27,557 1,320 877 ,233 62819,684 18,872 812 Mar. 9. 203 21,529 9,737 11,792 271 22,003 24,295 4,587 27,577 1,320 711 ,223 63119,424 18.787 637 Mar. 16. 429 21,500 9,588 11,912 419 22,348 24,305 4,588 27,500 1,324 591 ,227 66319,936 18,946 990 Mar. 23. 594 21,675 9,458 12,217 24422,51224,307 4,588 27,423 1,327 1,432 ,197 66919,360 18,655 705 Mar. 30. 298 21,828 9,277 12,551 25222,378 24,311 4,591 27,403 1,320 1,678 ,190 67119,019 18,503 516 Apr. 6. 21321,597 9,151 12,446 334 22,143 24,317 4,591 27,514 1,329 1,116 ,104 67619,311 18,479 832 Apr. 13. 232 21,491 9,064 12,427 333 22,056 24,321 4,592 27,507 1,318 1,028 ,110 67819,327 18,505 822 Apr. 20. 45321,288 8,989 12,299 309 22,050 24,324 4,589 27,408 1,333 1,054 ,094 67819,398 18,519 879 Apr. 27. 266 21,208 8,905 12,303 231 21,705 24,329 4,592 27,356 1,330 1,146 ,093 679 19,020 18,492 528 May 4. 48020,839 8,671 12,168 25821,576 24,334 4,592 27,447 1,324 990 ,045 62319,073 18,161 912 May 11. 20220,130 8,581 11,549 226 20,559 24,335 4,592 27,452 1,314 913 ,017 62518,164 17,285 879 May 18. 77319,706 8,440 11,266 256 20,73524,338 4,591 27,392 1,313 1,026 1,005 62718,302 17,248 1,054 May 25. 17119,691 8,371 11,320 18620,04824,339 4,591 27,367 1,312 668 978 62718,027 17,305 722 15819,767 8,274 11,493 22020,14524,342 4,595 27,515 1,321 622 911 63718,076 17,288 788 15 19,594 8,202 11,392 205 19,95624,381 4,596 27,484 1,315 378 946 63918,170 17,249 921 13919,461 8,051 11,410 311 19,91124,423 4,596 27,391 1,309 9 906 70818,606 17,387 1,219 67019,166 7,932 11,234 27720,113 24,421 4,596 27,345 1,304 508 943 71518,314 17,348 966 15019,517 7,780 11,737 19,87524,466 4,597 27,426 1,324 497 959 71918,013 17,334 679 July 6. 11419,343 7,780 11,563 321 19,779 24,471 4,597 27,659 1,306 262 898 74117,980 16,518 1,462 July 13. 14018,842 7,780 11,062 297 19,279 24,513 4,596 27,480 1,317 371 973 74117,506 16,493 1,013 July 20. 36018,474 7,780 10,694 262 19,096 24,518 4,595 27,366 ,310 449 930 74017,415 16,522 893 July 27. 41' 18,490 7,780 10,710 169 19,075 24,520 4,594 27,333 ,307 447 877 74017,486 16,586 900 Aug. 3. 29818,693 7,780 10,913 222 19,213 24,562 4,593 27,419 ,312 411 918 68917,619 16,490 1,129 Aug. 10. 13 18,606 7,775 10,831 181 18,924 24,568 4,592 27,409 ,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 ,313 444 970 688 17,096 15.799 1,297 Aug. 24. 11517,803 7,775 10,028 163 18,08124,610 4,591 27,328 ,321 485 948 69116,509 15,596 913 Aug. 31. 53117,524 7,775 9,749 171 18,22524,607 4,593 27,389 ,310 610 914 690 16,512 15,337 1,175 Sept. 7. 11517,413 7,775 9,638 251 17,78024,647 4,592 27,589 ,317 472 955 69115,995 15,064 931 Sept. 14. 12317,250 7,77 9,475 431 17,804 24,649 4,592 27,454 ,312 334 931 69116,322 15,207 1,115 Sept. 21. 14617,154 7,538 9,616 333 17,633V24.691 4,591 27,365 ,314 801 962 71315,760 15,244 516 Sept. 28. 30017,852 7,538 10,314 245 18,39724,602 4,590 27,348 ,311 1,170 1,029 71516,016 15,139 877 Oct. 5. 11217,961 7,538 10,423 332 18,40624,604 4,593 27,476 ,321 612 1,075 73416,384 15,242 1,142 Oct. 12. 10917,779 7,538 10,241 414 18,30124,604 4,592 27,546 ,296 554 1,247 73416,119 15,211 908 Oct. 19. 12: 17,666 7,538 10,128 369 18,15724,585 4,591 27,427 ,310 317 1,142 73216,405 15,330 1,075 Oct. 26. 13817,403 7,538 9,865 17,83324,584 4,591 27,328 ,313 374 1,163 73216,098 15,314 784 Nov. 61117,533 7,536 9,997 272 18,416 24,583 4,591 27,382 ,318 545 1,219 690 16,437 15,319 1,118 Nov, 31917,706 7,535 10,171 160 18,18524,532 4,592 27,528 ,312 415 1,220 690 16,145 15,262 883 Nov. 12417,789 7,532 10,257 438 18,35124,530 4,592 27,397 ,323 408 1,224 69016,432 15,346 1,086 Nov, 13317,669 7,513 10,156 289 18,09124,530 4,596 27,508 ,315 410 1,306 69115,987 15,361 626 Nov, 32117,682 7,513 10,169 263 18,26724,479 4,596 27,543 ,317 517 1,238 68916,038 15,367 671 Dec. 7. 40 17,931 7,512 10,419 18,62824,477 4,596 27,699 ,309 441 1,271 69016,291 15,395 896 Dec. 14. 10 18,169 7,512 10,657 455 18,73124,476 4,596 27,701 ,314 393 1,273 69016,433 15,561 872 Dec. 21. 12J 18,538 7,237 11,301 842 19,50824,427 4,595 27,833 ,309 1.027 1,267 75616,337 15,523 814 Dec. 28. 14: 18,789 7,231 11,558 448 19,37924,427 4,598 27,765 ,314 987 1,281 75816,299 15,462 837 1950—Jan. 4. 9518,829 7,212 11,617 547 19,47124,427 4,597 27,551 ,319 547 1,304 71917,055 15,597 1,458 Jan. 11. 9918,230 7,165 11,065 315 18,644 24,426 4,596 27,311 ,313 255 1,382 71916,686 15,593 1,093 Jan. 18. 9717,872 7,134 10,738 414 18,383124,426 4,596 27,121 ,315 381 1,380 71916,487 15,630 857 Jan. 25. 12117.764 7,130 10,634 416 18,30024,425 4,596 26,913 ,321 539 1,408 72116,419 15,617 802 Feb. 1. 45617,855 7,103 10,752 309 18,620 24,395 4,599 26,928 ,318 637 1,478 72116,532 15,534 998 Feb. 8. 22317,656 6,969 10,687 267 18,146 24,345 4,598 26,985 ,313 366 1,432 72716,265 15,456 809 Feb. 15. 26' 17,781 6,920 10,861 533 18,581 24,343 4,598 26,993 ,313 671 1,419 72816,400 15,383 1,017 Feb. 21. 9417,625 6,887 10,738 373 18,092 24,345 4,598 27,019 ,311 380 1,419 73116,176 54 *>779 P Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 2 Wednesday figures and end-of-month figures (shown on next page) are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. MARCH 1950 321 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 c v o a D a a n u n d is c 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 i l t f s 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 u n n u e r n r g a y c t d - - s y - - M i c n t u o i o 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 s w r e e R r y a d e r i n e t e v a d - h k r 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 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 - d5 c E es x s - 2 and notes End of period: 1929—June 29'. 1,037 216 71 145 147 1,400 4,037 2,019 4,459 204 36 28 374 2,356 2,333 23 1933^June 30. 164 1,998 441 1,557 58 2,220 4,031 2,286 5,434 264 35 166 346 2,292 1,817 475 1939—Dec. 30. 7 2,484 1,351 1,133 102 2,59317,644 2,963 7,598 2,409 634 653 251 11,653 6,444 5,209 1941—Dec. 31. 3 2,254 1,467 787 104 ,36122,737 3,247 11,160 2,215 867 1,360 291 12,450 9,365 3,085 1945—June 30. 46 21,792 1,113 20,679 466 22,304 20,213 4,145 26,746 2,279 599 1,668 450 14,92013,335 1,585 Dec. 31. 249 24,262 94723,315 580 25,09120,065 4,339 28,515 2,287 977 1,308 495 15,91514,457 1,458 1946—June 29. 15723,783 755 23,028 516 24,456 20,270 4,539 28,245 2,251 833 1,250 561 16,123 15,011 1,112 Dec. 31. 16323,350 753 22,597 581 24,093 20,529 4,562 28,952 2,272 393 822 607 16,139 15,577 562 1947—June 30. 70 21,872 72721,145 228 22,170 21,266 4,552 28,297 ,314 756 881 629 16,112 15,374 738 Dec. 31. 22,559 2,85319,706 536 23,18122,754 4,562 28,868 ,336 870 961 56317,899 16,400 1,499 1948—June 30. 265 21,366 6,20615,160 268 21,90023,532 4,565 27,903 ,32.7 ,928 859 592 17,389 16,647 742 Dec. 31. 223 23,333 10,97712,356 542 24,09724,244 4,589 28,224 ,325 ,123 1,189 590 20,479 19,277 1,202 1949—Jan 456 22,109 10,224 11,885 349 22,91424,271 4,589 27,580 ,336 ,514 1,194 611 19,54019,063 477 Feb 25122,342 9,883 12,459 262 22,855 24,290 4,588 27,557 ,323 ,423 1,194 618 19,617 18,809 808 Mar 24521,688 9,241 12,447 333 22,26724,314 4,592 27,439 ,309 ,482 1,154 670 19,118 18,432 686 Apr 30321,094 8,902 12,192 340 21,73724,332 4,593 27,417 ,324 984 1,243 618 19,076 18,438 638 May 24719,704 8,356 11,348 141 20,092 24,342 4,596 27,507 ,315 628 930 62818,024 17,230 794 June 10319,343 7,78011,563 250 19,696 24,466 4,597 27,493 ,307 438 941 71317,867 16,919 948 July.... 31618,529 7,780 10,749 393 19,238 24,520 4,593 27,394 ,298 514 1,018 690 17,437 16,685 752 Aug...... 53117,524 7,775 9,749 171 18,225 24,608 4,593 27,393 ,308 610 914 690 16,512 15,337 1,175 Sept 10918,010 7,538 10,472 297 18,41524,602 4,593 27,412 ,311 1,176 1,051 71315,947 15,176 771 Oct 28317,316 7,536 9,780 261 17,860 24,584 4,592 27,407 ,307 595 1,187 69015,850 15,261 589 Nov 32117,682 7,513 10,169 263 18,26724,479 4,596 27,543 ,317 517 1,238 689 16,038 15,367 671 Dec. 7818,885 7,218 11,667 536 19,499 24,427 4,598 27,600 1,312 821 1,517 706 16,568 15,550 1,018 1950—Jan 14517,827 7,112 10,715 354 18;326 24,3.95 4,599 26,941 1,311 677 1,460 72016,211 15,513 698 Averages of daily figures 1949—Jan 34722,289 10,620 11,669 513 150 24,259 4,587 27,850 1,327 1,014 1,211 603 19,991 19,153 838 Feb 28422,320 10,032 12,288 350 953 24,283 4,587 27,545 1,321 1,539 1,233 616 19,57018,860 710 Mar 30221,615 9,588 12,027 353 270 24,301 4,588 27,508 1,319 1,009 1,255 65219,417 18,723 694 Apr.. ... 24921,361 9,049 12,312 407 22,01724,322 4,591 27,462 1,318 1109 1,185 671 19,185 18,479 706 May.... 303 19,974 8,511 11,463 298 20,57524,304 4,592 27,438 1,312 914 1,067 59318,146 17,369 777 June 191 19,377 8,046 11,331 328 19,896 24,404 4,596 27,432 1,311 421 984 680 18,068 17,310 758 July.... 20218,797 7,780 11,017 343 19,34224,502 4,595 27,472 1,306 391 977 73617,558 16,539 ,019 Aug 19018,147 7,777 10,370 245 18,58324,588 4,592 27,397 1,312 521 970 690 16,873 15,918 955 Sept. 16417,441 7,649 9,792 351 17,957 24,637 4,592 27,451 1,310 649 990 70316,083 15,161 922 Oct.. ... 13617,643 7,53810,105 361 18,13924,596 4,592 27,456 1,305 555 1,171 72716,113 15,251 862 Nov 215 17,664 7,528 10,136 347 226 24,533 4,593 27,477 1,311 457 1,296 16,119 15,308 811 Dec 18918,287 7,360 10,927 536 012 24,451 4,596 27,734 1,307 687 1,315 72416,291 15,488 803 1950—Jan 101 18,082 7,157 10,925 466 18,649 24,420 4,597 27,220 1,314 472 1,420 16,52015,585 936 For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS' [Per cent per annum] [Per cent of market value] Jan. 21, Feb. 1, Effec- Nov. 1, 1933-Feb. 1, 1935- Effective Prescribed in accordance with 1946- 1947- tive Jan. 31, 1935 Dec. 31, 1935 Jan. 1,1936 Securities Exchange Act of 1934 Jan. 31, Mar. 29, Mar. 30, 1947 1949 1949 Savings deposits 2*4 Postal Savings deposits 2Y Regulation T: Other deposits payable: f For extensions of credit by brokers In 6 months or more..,... and dealers on listed securities 100 75 50 In 90 days to 6 months. . . For short sales 100 75 50 In less than 90 days Regulation U: 100 75 50 NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regula- 1 Regulations T and U limit the amount of credit that may be extion Q. Under this Regulation the rate payable by a member bank tended on a security by prescribing a maximum loan value, which is a may not in any event exceed the maximum rate payable by State specified percentage of its market value at the time of the extension; the banks or trust companies on like deposits under the laws of the State "margin requirements" shown in this table are the difference between in which the member bank is located. Maximum rates that may be the market value (100%) and the maximum loan value. paid by insured nonmember banks as established by the F.D.I.C., Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, effective Feb. 1, 1936, are the same as those in effect for member banks. and BULLETIN for March 1946, p. 295. 322 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advances ( s S e e c e u s r . e 1 d 3 b a y n d e l 1 ig 3 i a b ) l 1 e paper [Sec. 10(b)] obl ( i l g a a s t t i o p n a s r . o f S e t c h . e 1 U 3) . S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Feb. 28 beginning— rate Feb. 28 beginning— rate Feb. 28 beginning— rate Boston Aug. 13,1948 Aug. 13,1948 Jan. 14,1948 New York Aug. 13,1948 Aug. 13,1948 2 Oct. 30,1942 Philadelphia Aug. 23,1948 Aug. 23,1948 Aug. 23,1948 & Cleveland Aug. 13,1948 Aug. 13,1948 Aug. 13,1948 2 Richmond Aug. 13,1948 Aug. 13,1948 2Oct. 28, 1942 4 Atlanta Aug. 13,1948 Aug. 13,1948 Jan. 24,1948 Chicago Aug. 13,1948 Aug. 13,1948 Aug. 13,1948 St. Louis Aug. 19,1948 Aug. 19,1948 Jan. 12,1948 Minneapolis Aug. 13,1948 Aug. 13,1948 Aug. 23,1948 Kansas City Aug. 16,1948 Aug. 16,1948 Jan. 12,1948 Dallas Aug. 13,1948 Aug. 13,1948 Feb. 14,1948 San Francisco Aug. 13,1948 Aug. 13,1948 2 Oct. 28,1942 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 ll\.iOXilJL/U| \J1 v-v/JL J/v/J. C4HVA1U J44C&V&V* UlIVA\*i bAJLV* ACV4.JW JJCH Ugi Ct^li, V/-L WV'V^bl^/li A v/ W ^ \J \XCXtj O« 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 Fe a b te . 2 o 8 n In g i e n f n fe in c g t — be- Pre ra v t i e ous Net demand deposits 1 Time Effective date Central dep (a o l s l its 1-90 days lAug. 13, 1948 of change reserve Reserve Country member 1 9 2 1 1 - - 1 1 2 8 0 0 d d a a y y s s * xA A u u g g . . 1 1 3 3 , , 1 1 9 9 4 4 8 8 b c a i n ty ks b c a i n ty ks banks banks) 1 Date on which rate became effective at the Federal Reserve Bank of New York. The same rates generally apply to any purchases made 1917—June 21.. 13 10 by the other Federal Reserve Banks. 44 B 3- a 4 c 4 k 5 f . igures.—See Banking and Monetary Statistics, Table 117, pp. 1 1 9 9 3 3 6 7 — — M A M u a a g y r . . 1 1 1 6 . . . 2 2 2 6 % 3^ 2 1 1 0 7 5 14 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1938—Apr. 16. 22M 17 12 AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT 1941—Nov. 1. 26 20 14 Maturities not exceeding five years 1942—Aug. 20. 24 Sept. 14. 22 [In effect February 28. Per cent per annum] Oct. 3. 20 To industrial or commercial To financing institutions 1948—Feb. 27 22 businesses June 11. . . 24 Sept. 16. 16 Federal On discounts or Sept. 24 22 purchases Reserve 1949—May 1 15 27 Bank lo O an n s l co m m O e m n n t i s t- fo P in r o s w r t t i i h t o u i n c - h ma R in e- ing c m om O en n m ts it- J J M u u l n a y y e 30 5 1 ... 24 2 2 1 0 14 3 3 2 6 6 7 ob ti l o ig n a t i e s d portion A A A u u u g g g . . . 1 1 1 6 1 1 12 3 " 2 3 5 5" Boston. Aug. 18 23 19 New York 23^-5 Aug. 25 223^ 18 Philadelphia 2^-5 Sept. 1 22 18 Cleveland 2^-5 Richmond 2^-5 In effect Mar. 1, 1950 22 18, 12 Atlanta 2H-5 () S C t h . ic L a o g u o is 2 3 y 2 - - 5 5 2^-5 1 Demand deposits subject to reserve requirements, which beginning Minneapolis August 23, 1935, have been total demand deposits minus cash items Kansas City. . . . in process of collection and demand balances due from domestic banks Dallas (also minus war loan and series E bond accounts during the period San Francisco.. . Apr. 13, 1943-June 30, 1947). 2 Requirement became effective at country banks. 1 Including loans made in participation with financing institutions. 3 Requirement became effective at central reserve and reserve city 2 Rate charged borrower less commitment rate. banks. 3 Rate charged borrower. 4 Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Charge of )/i per cent is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. MARCH 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 1950 1949 Feb. 21 Feb. 15 Feb. 8 Feb. 1 Jan. 25 Jan. 18 Jan. 11 Feb. Jan. Feb. Assets Gold certificates....... 22,582,428 22,584,430 22,584,431 22,620,432 22,650,431 22,645,431 22,645,43122,582,427 22,620,433 22,428,431 Redemption fund for F. R. notes. 537,920 540.029J 540,030 543,243 547,796 548,073 548,073 537,921 547,646 616,933 Total gold certificate reserves 23,120,348 23,124,459;23,124,461 23,163,675 23,198,227 23,193,504 23,193,504 23,120,348 23,168,07923,045,364 Other cash 316,702 328,813: 333,040 364,123 352,636 326,143 295,421 314,230 370,637 354,623 Discounts and advances: For member banks... 36,437 208,246J 163,996 393,912 57,621 31,827 30,167 84,647 83,344 77,910 For nonmember banks, etc.. 57,800 58,300; 59,300 61,800 62,800 64,800 68,300 45,800 61,889 173,250 Total discounts and advances 94,237 266,546; 223,296 455,712 120,421 96,627 8,467 130,447 145,233 251,160 Industrial loans 2,186 2,143 2,122 2,134 2,090 2,101 2,046 2,400 2,115 767 U. S. Govt. securities: Bills 3,752,924 3,824,649 3,703,972 3,761,682 3,684,787 3,788,387 4,167,480 3,856,724 3,754,682 5,303,910 Certificates: Special Other... . 6,284,350 6,330,850 6,305,350 6,332,350 6,398,450 6,398,450 6,336,450 6,332,350 6,409,450 6,788,269 Notes 700,600 705,600 677,500 657,800 550,700 550,700 560,700 700,600 550,700 367,550 Bonds 6,886,700 6,920,300 6,968,900 7,103,300 7,129,650 7,134,150 7,165,200 6,856,800 7,112,100 9,882,627 Total U. S. Govt. securities 17,624,574 17,781,399 17,655,722 17,855,132 17,763,587 17,871,687 18,229,830 17,746,47417,826,932 22,342,356 Other Reserve Bank credit outstanding. .. 371,039 530,718 264,526 307,205 414,275 412,269 313,395 346,598 351,550 260,602 Total Reserve Bank credit outstanding 18,092,036 18,580,806 18,145,666 18,620,183 18,300,373 18,382,684 18,643,738 18,225,919 18,325,83022,854,885 Liabilities Federal Reserve notes. . 22,937,52922,927,57422,929,35522,911,18222,918,42923,097,77723,247,67322,974,29722,926,479 23,527,879 Deposits: Member banks — reserve account....... 16,175,61316,399,53616,265,34116,531,60416,419,49616,486,79316,685,67615,972,80916,211,201 19,616,686 U.S. Treasurer—general account....... 380,187 670,915 366,070 636,816 539,154 381,293 254,788 665,776 676,687 1,423,346 Foreign. 884,767 890,380 904,273 917,023 933,545 909,639 836,336 884,052 907,996 750,591 Other.. 534,285 528,287 527,896 561,250 474,188 469,936 545,184 541,779 552,442 443,877 Total deposits 17,974,852 18,489,118 18,063,580 18,646,693 18,366,383 18,247,661 18,321,984 18,064,41618,348,326 22,234,500 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 56. 55.8 56.4 55.7 56.2 56.1 55.8 56.3 56.1 50.4 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS Jin thousands of dollars] Total 1 W 5 it d h 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 t s o 2 5 y y e e a a r r s s to 5 O y v e e a r rs Discounts and advances: Jan. 25 120,421 56,569 48,290 13,630 1,927 Feb. 1 455,712 392,421 53,407 8,537 1,347 Feb. 8 223,296 206,081 9,370 7,355 490 Feb. 15 266,546 255,680 3,380 7,296 190 Feb. 21 94,237 84,723 7,155 2,169 190 Industrial loans: Jan. 25 2,090 94 12 16 93 1,022 185 668 Feb. 1 2,134 80 16 7 92 1,080 182 665 Feb. «. 2,122 1 65 10 91 1,088 183 672 Feb. 15 2,143 2; 81 6 97 1,103 183 671 Feb. 21.. 2,186 1 84 9 98 1,127 196 671 U. S. Government securitiei Jan. 25 17,763,587 1,168,225 635,2502,050.510 976,4022,720,500 2,935,650 2,253,600 5,023,450 Feb. 1 17,855,132 1,161,8751,191,0181,774,101 679,6882,720, ,970,150 107, ,253,600 4,997,100 Feb. .8..... 17,655,722 l,022,150;1,349,9841,517,787 859,0512,729,500 2,934,150 126,800 2,253 600 4,862,700 Feb. 15. 17,781,399 1,683,768 772,3851,244,409 164,0872,734,500 2,959,650 154,900 2,253 600 4,814,100 Feb. 21 17,624,574 1,622,984 762,0261,136,7021,271,2122,729, ,918,650 149,900 2,253,600 4,780,500 324 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 i . s M a i p n ol n i e s - Ka C n it s y as Dallas F c S r i a a sc n n o - Assets Gold certificates: 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 Feb. 1. 22,620,432 858,513 7,228,1771,229,1351,567,9301,069,533 985,2854,345,527 698,709 466,392 863,165 648,5712,659,495 Feb. 8 22,584,431 843,787 7,244,1311,225,4121,556,5231,051,6481,010,8834,330,872 688,128 471,083 849,791 649,9792,662,194 Feb. 15. , 22,584,430 833,668 7,337,1921,241,8881,572,7081,044,124 985,5234,309,500 671,227 467,444 861,427 633,9702,625,759 Feb. 21 22,582,428 856,713 7,247,0101,250,3861,580,0491,052,471 995,4344,304,280 682,080 476,760 845,968 647,6102,643,667 Redemption fund for F. R. notes: Jan. 25 547,796 51,045 48,153 48,178 58,636 50,770 39,452 82,495 42,787 22,267 34,663 27,050 42,297 Feb. 1 543,243 50,830 47,140 47,769 58,386 48,657 39,252 82,459 42,700 22,248 34,595 27,053 42,157 Feb. 8 540,030 50,661 46,335 47,424 58,179 49,174 39,072 80,914 42,628 22,211 34,533 26,903 41,996 Feb. 15 540,029 50,661 46,335 47,424 58,178 49,174 39,072 80,914 42,628 22,211 34,533 26,903 41,996 Feb. 21 537,920 50,467 45,547 47,086 57,964 49,319 38,901 80,678 42,561 22,185 34,479 26,850 41,883 Total gold certificate reserves: 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 Feb. 1 23,163,675 909,343 7,275,3171,276,9041,626,3161,118,1901,024,5374,427,986 741,409 488,640 897,760 675,6212,701,652 Feb. 8 23,124,461 894,448 7,290,4661,272,8361,614,7021,100,8221,049,9554,411,786 730,756 493,294 884,324 676,8822,704,190 Feb. 15.. 23,124,459 884,329 7,383,5271,289,3121,630,8861,093,2981,024,5954,390,414 713,855 489,655 895,960 660,8732,667,755 Feb. 21 23,120,348 907,180 7,292,5571,297,4721,638,0131,101,7901,034,3354,384,958 724,641 498,945 880,447 674,4602,685,550 Other cash: 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 Feb. 11 364,123 33,289 69,701 24,636 29,858 24,698 24,969 52,476 17,448 6,202 14,581 17,050 49,215 Feb. 8 333,040 30,958 62,755 22,367 25,865 21,008 22,067 50,305 15,747 5,983 11,888 16,431 47,666 Feb. 15,, 328,813 29,928 64,570 19,919 28,187 20,359 21,423 48,719 15,310 6,148 11,430 16,544 46,276 Feb. 21 316,702 25,463 68,706 16,486 24,863 20,529 21,318 44,811 15,306 6,163 10,868 16,182 46,007 vances: Secured by U. S. Govt. securities: 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 Feb. 1.. 393,887 3,696 292 605 6,145 8,970 14,781 2,750 32,525 13 000 2,575 14,340 2,500 Feb. 8.. 163,971 6,446 57,820 850 22,730 7,031 2,250 44,224 3,170 1,750 7,040 60 10,600 Feb. 15.. 208,196 8,421 136,865 1,385 7,350 16,701 250 18,774 1,900 6,750 5,740 2,060 2,000 Feb. 21.. 36,387 5,791 4,270 1,575 5,300 2,051 500 2,850 3,000 6,050 3,940 1,060 Other: 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 Feb. 1... 61,825 3,893 19,405 4,944 5,624 3,090 2,596 8,528 2,225 1,545 2,312 2,163 5,500 Feb. 8.. 59,325 3,736 18,620 4,744 5,396 2,965 2,491 8,184 2,135 1,482 2,219 2,076 5,277 Feb. 15.. 58,350 3,673 18,306 4,664 5,305 2,915 2,449 8,046 2,099 1,457 2,207 2,041 5,188 Feb. 21.. 57,850 3,641 18,149 4,624 5,260 2,890 2,428 7,976 2,081 1,445 2,189 2,023 5,144 Industrial loans: Jan. 25 2,090 1,900 1 102 87 Feb. t........2.,134 1,937 1 107 89 Feb. 8 2,122 1,919 1 103 99 Febi 15 2,143 1,948 1 96 98 Feb. 21 2,186 1,986 1 102 97 U. S. Govt. securities: Bills: 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 Feb. 1.... 3,761,682 259,330 876,818 250,156 348,693 243,027 201,491 570,451 207,498 116,383 174,553 170,762 342,520 Feb. 8 3,703,972 255,352 863,366 246,318 343,343 239,299 198,400 561,700 204,315 114,597 171,875 168,142 337,265 Feb. 15.... 3,824,649 263,671 891,495 254,343 354,530 247,095 204,864 580,000 210,972 118,331 177,475 173,620 348,253 Feb. 21.... 3,752,924 258,727 874,777 249,573 347,881 242,461 201,022 569,123 207,015 116,112 174,147 170,364 341,722 v^e JF r ae t nb m .. c aL 2 L 1 e 5 s .. ; ...... 6 6 , , 3 3 9 3 8 2 , , 4 3 5 5 0 0 4 43 4 6 1 , , 5 1 5 0 2 9 1 1 , , 4 4 7 91 6 , , 4 0 2 2 7 0 4 4 2 2 1 5 , , 1 5 0 0 7 4 5 58 9 6 3 , , 9 1 8 1 3 0 4 4 1 0 3 9 , , 3 1 7 0 9 8 3 3 4 3 2 9 , , 7 1 2 8 6 6 9 9 7 6 0 0 , , 3 2 1 8 3 9 3 3 5 4 2 9 , , 9 2 4 9 5 9 1 1 9 9 7 5 , , 9 9 6 1 2 6 2 29 9 3 6 , , 8 9 4 0 1 7 2 2 9 8 0 7 , , 4 4 5 5 7 7 5 5 7 8 6 2, , 6 5 1 9 1 2 Feb. 8.... 6,305,350 434,691 1,469,727 419,312 584,481 407,363 337,739 956,194 347,809 195,082 292,587 286,232 574,133 Feb. 15... 6,330,850 436,450 1,475,671 421,008 586,844 409,011 339,105 960,060 349,215 195,871 293,770 287,389 576,456 Feb. 21.... 6,284,350 433,243 1,464,831 417,916 582,533 406,007 336,615 953,010 346,651 194,431 291,612 285,278 572,223 Notes: 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 Feb. 1 657,800 45,349 153,328 43,744 60,975 42,498 35,234 99,754 36,285 20,352 30,524 29,861 59,896 Feb. 8 677,500 46,707 157,920 45,054 62,801 43,771 36,290 102,741 37,372 20,961 31,438 30,755 61,690 Feb. 15 705,600 48,644 164,470 46,923 65,406 45,586 37,795 107,003 38,922 21,830 32,742 32,031 64,248 Feb. 21 700,600 48,299 163,304 46,591 64,943 45,263 37,527 106,244 38,646 21,676 32,510 31,804 63,793 Bonds: 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 Feb. 1.... 7,103,300 489,702 1,655,722 472,377 658,448 458,916 380,4811,077,201 391,825 219,769 329,614 322,454 646,791 Feb. 8.... 6,968,900 480,435 1,624,395 463,439 645,990 450,233 373,2821,056,820 384,411 215,610 323,378 316,353 634,554 Feb. 15 6,920,300 477,085 1,613,066 460,207 641,484 447,093 370,6791,049,450 381,731 214,107 321,123 314,147 630,128 Feb. 21 6,886,700 474,769 1,605,235 457,972 638,370 444,922 368,8791,044,354 379,877 213,068 319,564 312,622 627,068 Total U. S. Govt. securities: 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 Feb. 1 17,855,1321,230,933 4,161,8881,187,3841,655,0991,153,549 956,3922,707,695 984,907 552,420 828,532 810,5341,625,799 Feb; 8 17,655,7221,217,185 4,115,4081,174,1231,636,6151,140,666 945,7112,677,455 973,907 546,250 819,278 801,4821,607,642 Feb. 15 17,781,3991,225,850 4,144,7021,182,4811,648,2641,148,785 952,4432,696,513 980,840 550,139 825,110 807,1871,619,085 Feb. 21 17,624,5741,215,038 4,108,1471,172,0521,633,7271,138,653 944,0432,672,731 972,189 545,287 817,833 800,0681,604,806 MARCH 1950 325 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 - Assets (cont.): Total loans and securities: 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 Feb. 1 18,312,978 1,238,522 4,473,8981,200,4101,669,6941,171,527 961,7382,748,7481,000,132 556,629 845,184 812,6971,633,799 Feb. 8 17,881,140 1,227,367 4,191,8481,181,6361,664,7421,150,765 950,4522,729,863 979,212 549,581 828,537 803,6181,623,519 Feb. 15 18,050,088 1,237,944 4,299,8731,190,4781,660,9201,168,497 955,1422,723,333 984,839 558,444 833,057 811,2881,626,273 Feb. 21...... 17,720,997 1,224,470 4,130,566 1,180,2371,644,2881,143,696 946,9712,683,557 977,270 552,879 823,962 803,1511,609,950 Due from foreign banks: Jan. 25. 38 3 112 3 3 2 2 5 1 1 1 1 4 Feb. 1 38 3 i 12 3 3 2 2 5 1 1 1 1 4 Feb. 8 38 3 112 3 3 2 2 5 1 1 1 1 4 Feb. 15 38 3 112 3 3 2 2 5 1 1 1 1 4 Feb. 21 33 2 110 3 3 2 1 5 1 1 1 1 3 Federal Reserve notes of. other Banks: 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 Feb. 1 130,130 4,237 17,307 4,263 6,195 24,981 17,595 15,909 6,110 4,752 5,899 7,700 15,182 Feb. 8 116,761 3,716 15,720 4,738 4,758 20,612 18,787 14,388 7,075 3,769 4,954 6,455 11,789 Feb. 15 110,598 3,622 13,829 4,594 5,684 17,467 16,710 14,529 7,681 3,679 5,752 5,843 11,208 Feb. 21...... 114,511 3,592 14,611 3,466 5,936 17,765 20,687 12,456 8,593 3,849 5,432 5,391 12,733 Uncollected items: 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 Feb. 1 2,548,498 210,012 466,628 168,452 233,572 200,247 170,623 409,097 140,155 68,582 132,633 119,737 228,760 Feb. 8. 2,404,124 192,818 427,565 155,912 214,039 206,209 173,503 379,390 128,089 71,245 135,050 119,757 200,547 Feb. 15. 3,195,650 239,754 623,965 219,579 283,211 218,804 204,982 611,041 166,413 78,553 141,339 147,016 260,993 Feb. 21 2,602,369 224,344 524,677 170,825 223,846 211,669 178,801 387,511 134,469 73,684 135,503 112,551 224,489 Bank premises: 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 Feb. 1. 34,129 1,124 7,854 2,981 4,923 2,476 1,520 3,535 2,051 1,143 2,296 713 3,513 Feb. 8 34,295 1,124 7,855 2,981 4,923 2,476 1,520 3,616 2,053 1,143 2,296 713 3,595 Feb. 15...... 34,289 1,124 7,855 2,981 4,919 2,476 1,520 3,616 2,051 1,143 2,296 713 3,595 Feb. 21. 34,332 1,124 7,856 2,976 4,919 2,468 1,519 3,616 2,052 1,143 2,296 713 3,650 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 Feb. 1 110,073 7,385 25,091 6,987 10,444 7,285 5,895 16,858 7,159 3,265 5,191 4,824 9,689 Feb. 8...... 111,453 7,568 25,478 7,130 10,252 7,154 5,943 17,252 7,229 3,313 5,244 4,909 9,981 Feb. 15...... 116,182 7,897 26,724 7,357 10,889 7,481 6,208 17,663 7,486 3,464 5,403 5,205 10,405 Feb. 21.. 119,102 8,081 27,385 7,562 11,130 7,684 6,348 17,986 7,630 3,547 5,547 5,342 10,860 Total assets: Jan. 25 44,488,277 2,386,577 12,012,1852,682,9333,620,5202,542,0812,234,6077,760,2791,904,0421,136,6631,882,5781,663,5774,662,235 Feb. 1 44,663,644 2,403,915 12,335,8082,684,6363,581,0052,549,4062,206,8797,674,6141,914,4651,129,2141,903,5451,638,3434,641,814 Feb. 8 44,005,312 2,358,002 12,021,6992,647,6033,539,2842,509,0482,222,2297,606,6051,870,1621,128,3291,872,2941,628,7664,601,291 Feb. 15 44,960,117 2,404,60112,420,3552,734,2233,624,6992,528,3842,230,582 7,809,3201,897,6361,141,0871,895,2381,647,4834,626,509 Feb. 21 44,028,394 2,394,256 12,066,3682,679,0273,552,9982,505,6032,209,9807,534,9001,869,9621,140,2111,864,0561,617,7914,593,242 Liabilities Federal Reserve Jan. 25 . 22,918,429 1,359,739 5,249,2441,596,0132,011,795 1,537,1521,257,9514,431,654 1,064,932 602,367 903,244 615,5352,288,803 Feb. 1 22,911,182 1,355,424 5,242,5181,593,4312,005,0091,535,9781,264,4694,427,2211,065,268 602,024 907,238 621,2962,291,306 Feb. 8...... 22,929,355 1,361,368 5,232,8231,596,6912,008,034 1,534,3751,267,9594,426,3231,064,318 604,847 907,704 619,8312,305,082 Feb. 15 22,927,574 1,362,831 5,240,1731,600,5662,007,1231,531,2761,262,9574,429,258 1,061,540 604,183 904,730 617,0292,305,908 Feb. 21...... 22,937,529 1,370,848 5,245,0821,603,9412,011,880 1,527,8611,261,0464,436,797 1,060,628 604,594 904,137 614,7752,295,940 Deposits: Member bank —reserve account: Jan. 25.. 16,419,496 705,582 5,297,093 769,0311,189,282 668,679 660,4912,665,030 591,448 400,473 752,074 798,512 1,921,801 Feb. 1. . 16,531,604 698,708 5,566,204 774,7291,154,595 677,536 659.8322,569,431 599,214 387,622 752,807 796,7981,894,128 Feb. 8.. 16,265,341 684,394 5,321,667 753,7151,151,777 668,837 692,4302,567,945 594,933 390,545 755,520 791,8431,891,735 Feb. 15.. 16,399,536 671,237 5,505,658 737,9381,180,808 672,016 692,4542,552,601 588,436 394,713 770,752 777,7311,855,192 Feb. 21.. 16,175,613 678,960 5,347,289 742,6581,160,221 667,803 687,6482,501,702 577,717 399,479 740,364 787,8591,883,913 U. S. Treasurer-general account: 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 Feb. 1. . 636,816 48,999 74,882 33,249 62,216 51,635 40,880 85,911 49,682 34,946 52,130 44,468 57,818 Feb. 8.. 366,070 23,626 75,257 24,828 23,011 21,447 22,488 43,918 20,231 25,931 18,432 36,673 30,228 Feb. 15.. 670,915 57,547 128,760 55,160 78,216 45,218 18,402 112,314 28,748 39,538 24,659 46,460 35,893 Feb. 21.. 380,187 25,717 36,994 32,570 25,786 31,798 34,450 41,704 30,681 29,897 28,071 37,747 24,772 Foreign: 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 Feb. 1. . 917,023 57,065 2295,625 72,464 82,428 45,290 38,044 125,000 32,609 22,645 33,515 31,703 80,635 Feb. 8.. 904,273 56,662 2287,266 71,952 81,845 44,970 37,775 124,117 32,378 22,485 33,278 31,479 80,066 Feb. 15.. 890,380 55,768 2283,115 70,816 80,553 44,260 37,178 122,158 31,867 22,130 32,752 30,982 78,801 Feb. 21.. 884,767 55,409 2281,410 70,360 80,034 43,975 36,939 121,371 31,662 21,988 32,541 30,783 78,295 Other: 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 Feb. 1.. 561,250 2,502 493,179 1,995 4,772 7,040 628 2,760 6,132 2,240 2,068 422 37,512 Feb. 8.. 527,896 2,886 465,849 1,405 4,782 2,505 667 1,890 7,179 1,685 1,862 790 36,396 Feb. 15.. 528,287 2,459 470,098 1,287 4,045 3,397 1,282 1,829 6,192 1,103 1,840 450 34,305 Feb. 21.. 534,285 2,350 469,174 1,286 4,341 2,509 2,671 2,071 8,135 2,084 1,822 4,501 33,341 1 After deducting $26,000 participations of other Federal Reserve Banks on Jan. 25; Feb. 1; Feb. 8; Feb. 15; and $23,000 on Feb. 21. 2 After deducting $634,824,000 participations of other Federal Reserve Banks on Jan. 25; $621,379,000 on Feb. 1; $616,989,000 on Feb. 8; $607,247,000 on Feb. 15; and $603,337,000 on Feb. 21. 326 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 thotisands of dollars] 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 S r is a a c n n o - Liabilities (cont.): Total deposits: Jan. 25.... 18,366,383 795,984 6,110,514 876,263 1,320,617 753,649 737,8612,857,402 664,663 452,838 812,777 884,5942,099,221 Feb. 1.... 18,646,693 807,274 6,429,890 882,437 1,304.011 781,501 739,3842,783,102 687,637 447,453 840,520 873,3912,070,093 Feb. 8.... 18,063,580 767,568 6,150,039 851,900 1,261,415 737,759 753,3602,737,870 654,721 440,646 809,092 860,7852,038,425 Feb. 15 18.489,118 787,011 6,387,631 865,201 1,343,622 764,891 749,3162,788,902 655,243 457,484 830,003 855,6232,004,191 Feb. 21 17,974,852 762,436 6,134,867 846,874 1,270,382 746,085 761,7082,666,848 648,195 453,448 802,798 860,8902,020,321 Deferred availability items: 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 Feb. 1.... 2,241,331 185,876 405,737 141,084 192,232 186,422 164,889 344,932 127,464 56,139 122,239 111,235 203,082 Feb. 8... 2,139,636 173,088 379,228 130,714 189,666 190,808 162,276 321,782 116,508 59,065 121,521 115,331 179,649 Feb. 15.... 2,664,970 198,477 531,298 199,865 193,145 185,832 179,406 469,710 145,979 55,510 126,294 141,678 237,776 Feb. 21 2,231,363 204,305 423,463 159,257 189,404 184,930 148,011 308,953 125,980 58,087 122,656 108,690 197,627 vy Lllci JIclDlIlLlCS including accrued dividends: Jan. 25.... 10,055 549 3,383 421 1,177 505 407 1,556 337 307 371 396 646 Feb. 1. . . . 8,249 618 2,022 417 1,132 430 332 1,414 305 377 334 277 591 Feb. 8.... 8,799 601 2,242 505 920 544 392 1,603 322 319 325 318 708 Feb. 15.... 9,675 659 2,744 467 1,076 497 388 1,667 369 295 370 401 742 Feb. 21.... 11,244 689 3,515 556 1,234 549 475 1,862 440 345 393 479 707 Total liabilities: Jan. 25.... 43,636,832 2,332,042 11,757,7392,615,9593,542,4632,497,2902,197,060 7,643,035 1,870,4311,113,6861,849,5541,631,6584,585,915 Feb. 1.... 43,807,455 2,349,192 12,080,1672,617,3693,502,3842,504,3312,169,074 7,556,669 1,880,6741,105,9931,870,3311,606,1994,565,072 Feb. 8.... 43,141,370 2,302,625 11,764,3322,579,8103,460,0352,463,4862,183,987 7,487,578 1,835,8691,104,8771,838,6421,596,2654,523,864 Feb. 15.... 44,091,337 2,348,978 12,161,8462,666,0993,544,9662,482,4962,192,067 7,689,537 1,863,1311,117,4721,861,3971,614,7314,548,617 Feb. 21.... 43,154,988 2,338,278 11,806,9272,610,6283,472,9002,459,4252,171,240 7,414,460 1,835,2431,116,4741,829,9841,584,8344,514,595 Capital Accts.: Capital paid in: 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 Feb. 1.... 213,939 12,048 72,894 15,271 19,939 9,354 8,495 27,296 7,103 4,844 7,579 8,676 20,440 Feb. 8.... 214,077 12,072 72,910 15,285 19,882 9,370 8,544 27,316 7,106 4,852 7,596 8,699 20,445 Feb. 15.... 214,223 12,077 72,916 15,297 19,896 9,383 8,564 27,329 7,113 4,863 7,604 8,728 20,453 Feb. 21.... 214,422 12,079 72,940 15,305 19,898 9,396 8,572 27,332 7,120 4,863 7,616 8,763 20,538 Surplus: (section 7): 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 Feb. 1.... 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 Feb. 8.... 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 Feb. 15.... 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 Feb. 21 488,173 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): 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 Feb. 1.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Feb. 8.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Feb. 15.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Feb. 21.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other cap. accts.: 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 Feb. 1.... 126,534 8,886 27,279 9,302 11,719 8,593 7,354 17,191 7,049 4,810 6,453 6,288 11,610 Feb. 8.... 134,149 9,516 28,989 9,814 12,404 9,064 7,742 18,253 7,548 5,033 6,874 6,622 12,290 Feb. 15.... 138,841 9,757 30,125 10,133 12,874 9,377 7,995 18,996 7,753 5,185 7,055 6,844 12,747 Feb. 21.... 143,268 10,110 31,033 10,400 13,237 9,654 8,212 19,650 7,960 5,307 7,274 7,014 13,417 Total liabilities and cap. accts.: Jan. 25 44,488,277 2,386,577 12,012,1852,682,9333,620 5?02,542,0812,234,607 7,760,279 1,904,0421,136,6631,882,5781 663,5774,662,235 Feb. 1. ... 44,663,644 2,403,915 12,335,8082,684,6363,581,0052,549,4062,206,879 7,674,614 1,914,4651,129,2141,903,5451,638,3434,641,814 Feb. 8.... 44,005,312 2,358,002 12,021,6992,647,6033,539,2842,509,0482,222,229 7,606,605 1,870,1621,128,3291,872,2941,628,7664,601,291 Feb. 15 44,960,117 2,404,601 12,420,3552,734,2233,624,6992,528,3842,230,582 7,809,320 1,897,6361,141,0871,895,2381,647,4834,626,509 Feb. 21.... 44,028,394 2,394,256 12,066,3682,679,0273,552,9982,505,6032,209,980 7,534,900 1,869,9621,140,2111,864,0561,617,7914,593,242 Contingent liabilitj' on acceptances purchased for foreign correspondents: Jan. 25.... 9,031 569 12,836 722 822 452 379 1,246 325 226 334 316 804 Feb. 1.... 8,546 538 !2,683 684 778 427 359 1,179 308 214 316 299 761 Feb. 8.... 7,529 474 12,363 603 685 377 316 1,039 271 188 279 264 670 Feb. 15 7,579 478 12,379 606 690 379 318 1,046 273 190 280 265 675 Feb. 21 8,126 503 12,647 639 727 399 335 1,102 288 200 295 280 711 Commitments to make industrial loans: Jan. 25.... 1,925 659 556 15 89 500 106 Feb. 1 1 861 618 498 15 89 500 141 Feb. 8 1,799 571 497 15 88 500 128 Feb. 15 1 759 532 496 15 88 500 128 Feb. 21 1^734 539 464 15 88 500 128 1 After deducting $6,195,000 participations of other Federal Reserve Banks on Jan. 25; $5,863,000 on Feb. 1; $5,166,000 on Feb. 8; $5,200,000 on Feb. 15; and $5,479,000 on Feb. 21. MARCH 1950 327 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 g - la A n t t - a Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S r a an n cisco F.R.notes outstanding (issued to Bank): Jan. 25 23,945,241 ,438,2355,460,5881,657,6572,109,7911,618,0121,334,800 4,554,2171,109,687616,101 935,354 670,9792,439,820 Feb. 1 23,816,552 ,433,7715,407,778 1,650,5722,103,6831,610,0041,323,7224,542,032 1,106,795613,864 930,603 665,9382,427,790 Feb. 8 23,764,551 ,430,7845,399,268 1,646,8192,098,268 1,603,9451.321,3554,528,642 1,107,052 614,,164 933,358 661,3202,419,576 Feb. 15 23,718,111 ,423,6625,409,603 1,640,1002,091,413 1,599,9081,316,974 4,517,932 1,099,876 614,154 931,165 657,250 2,416,074 Feb. 21 23.708,795 ,424,5125,397,422 1,644,0072,089,1931,595,7471,313,955 4,517,6211,101,063 613,474 929,597 6(57,4212,424,783 Collateral held against notes outstanding: Gold certificates: Jan, 25... 14,289,000 440,000 4,670,000 750,0001,000,000 670,000 675,000 2,990,000 400,000210,000 280,000 204,0002,000,000 Feb. 1 14,289,000 440,000 4,670,000 750,0001,000,000 670,000 675,000 2,990,000 400,000210,000 280,000204,0002,000,000 Feb. 8 14,249,000 440,000 4,670,000 750,0001,000,000 670,000 675,0002,950,000 400,000 210,000 280,000 204,0002,000,000 Feb. 15... 14,249,000 440,0004,670,000 750,0001,000,000 670,000 675,000 2,950,000 400,000210,000 280,000 204,0002,000,000 Feb. 21 14,249,000 440,000 4,670,000 750,0001,000,000 670,000 675,000 2,950,000 400,000210,000 280,000 204,0002,000,000 Eligible paper: Jan. 25 31,207 3,521 9,135 1,135 5,881 1,750 3,200 2,285 4,300 Feb. 1 348,082 3,696 292,520 6,145 14,281 13,000 2,575 14,365 1,500 Feb. 8 92,732 6,446 57,820 850 7,031 3,1.70 1,750 7,065 8,600 Feb. 15. 176,812 8,421 136,365 1,385 16,201 1,900 6,750 5,790 Feb. 21. 26,302 5,791 3,845 1,575 2,051 3,000 6,050 3,990 U. S. Govt. sec.: Jan. 25 10,800,0001,100,0001,000,0001,000,0001,150,0001,000,000 700,000 1,600,000 800,000 450,000 700,000 500,000 800,000 Feb. 1 10,700,0001,100,000 900,0001,000,0001,150,0001,000,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 Feb. 8... 10,700,0001,100,000 900,0001,000,0001,150,0001,000,000 700,0001,600,000 800,000 450,000 700,000500,000 800,000 Feb. 15. 10,700,0001,100,000 900,0001,000,0001,150,0001,000,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 Feb. 21... 10,700,0001,100,000 900,0001,000,0001,150,0001,000,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 Total collateral: Tan. 25.. 25,120,2071,543,5215,679,135 1,751,135 21.,150,0001,675,8811,375,000 4,590,0001,201,750 663,200 982,285704,000 2,804,300 Feb. 1. 25,337 0821 543 696 5 862,5201,756,1452,150,0001,684,2811,375,000 4,590,0001,213,000 6622,575 994,365704,000 2,801,500 Feb. 8 25,041,7321,546,446 5,627,8201,750,850 2,150,0001,677,0311,375,000 4,550,0001,203,170 6611,750 987,065704,000 2,8081,,660000 Feb. 15 25,125,8121,548,4215,706,365 1,7511,,.385 21,150,0001,686,2011,375,000 4,550,0001,201,900 666750 985,790 704,0002,800,000 Feb. 21 24,975,302 ,545,7915,573,845 1,7511,,.575 2,150,0001,672,0511,375,000 4,550,0001,203,000 666,050 983,990 704,000 2,800,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS MEMBER BANK RESERVES AND BORROWINGS [Amounts in thousands of dollars] [Averages of daily figures. In millions of dollars] Partici- Central reserve W o D r e a l d t a e n s t e ( s d l d a a s a y t y A a p p t p o p l i r c d o a a v t t i e e o d ns b p u c r A o o t p m v n - e o - d t st L a o n o u d a t i - n n s g2 C m o o m e u n m t- ts it-o in p t f g u a f t t i i i i n o o n a n n s n t s s c i- - week en M di o n n g t h W ,, o e r dnesday b m a b A n e e k m l r l s - * N c e i w ty ban C k h s i- b s c R a e i r n e t v y - k e s b C a t o n r u y k n s - l of period) pleted * (amount) standing out- York cago N b u e m r - Amount (amount) ^amount,/ ( s a t m an o d u i n n t g ) Total reserves held r 1 1 9 9 3 4 9 0 2 2 , , 7 90 8 8 1 2 1 1 8 2 8 , ,2 5 2 1 2 0 13 2 , ^ 6 9 5 5 9 4 1 9 3 , , 1 6 5 8 2 3 9 5 , , 2 2 2 2 0 6 1 6 0 , , 3 9 8 8 6 1 1 1 9 9 4 5 9 0 — — D J J a a e n n c u u e a a m r r y y b er....... . 1 1 1 9 6 6 , , , 5 2 9 2 9 9 0 1 1 5 4 4 , , , 3 4 4 5 6 6 8 2 9 1 1 1 , , , 2 1 1 9 7 4 7 9 4 6 6 7 , , , 3 5 2 6 3 5 6 9 1 4 5 4 , , , 7 5 4 9 0 3 7 7 4 1941 3,202 279,860 8,294 10,337 14,597 19,600 1 1 1 9 9 9 4 4 4 2 3 4 . 3 3 3 , , , 4 4 4 2 7 8 3 1 9 4 4 5 9 0 2 1 8 5 , , , 3 7 5 4 3 3 2 7 2 4 1 ^ ,2 2 9 9 2 4 5 6 8 1 1 4 3 0 * , , 1 8 5 1 9 3 2 4 2 6 1 9 4 0 , , , 2 1 6 7 6 6 0 5 1 1 1 2 7 7 , , , 7 3 9 0 0 3 5 5 0 J J F a a e n n b. . . 2 1 1 5 8 1 1 1 6 6 6 , , , 6 4 1 0 1 6 1 1 7 4 4 4 , , , 4 3 4 4 9 2 7 4 1 1 1 1 , , , 1 1 1 6 7 5 2 6 0 6 6 6 , , , 3 2 4 2 5 1 7 2 6 4 4 4^ , , 5 5 ,3 6 0 7 2 1 1 1 1 1 9 9 94 4 4 7 5 6 3 3 3 , , , 5 5 5 4 1 7 2 1 4 5 5 5 6 4 8 5 4 6 , , , 9 7 9 2 1 6 6 3 1 4,5 9 3 7 4 2 7 5 0 1 1 , , 9 3 5 9 8 5 5 7 4 8 7 1 , , , 6 3 4 4 0 3 4 4 9 4 2 1 . , , J 0 6 .8 8 7 6 6 0 9' F F F e e e b b b . . . 2 1 8 5 2.... 1 1 1 6 6 6 , , , 2 0 2 : 9 5 2 4 7 2 4 4 4 , , , 3 3 2 7 9 9 4 8 0 1 1 1 , , , 1 1 1 4 1 2 6 8 0 6 6 6 , , , 2 2 2 3 5 2 6 2 0 4 4 4 , , , 4 4 4 6 9 5 5 6 8 1948 July 31... 3,600 611,694 620! 802 6,417 3,346 Ex 1 c 9 e 4 ss 9 — re J s a e n r u v a e r s y : . 838 41 4 214 578 Aug. 31... 3,603 612,099 65 883 6,187 3,353 December....... 803 19 1 180 603 Sept. 30. ... 3,604 613,820 45 1,011 6,246 4,212 1950—January 936 53 9 221 653 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 Jan. 18 988 41 1 241 705 Dec. 31... 3,607 615,653; 335 995 1,643 1,990 Jan. 25 824 28 -1 162 635 1949 Feb. 1 619 -5 -10 114 520 Jan. 31..,. 3,607 615,893 85: 1,005 1,677 2,077 F Fe e b b . . 1 8 5 ,. 7 7 6 2 3 9 -3 12 -9 4 1 14 4 3 4 6 59 0 7 4 Feb. 28... 3,608 616,340 45 907 1,624 2,042 Feb. 22 , P865 65 -2 183 P619 Mar. 31... 3,610 620,192 45 906 3,270 3,677 Apr. 30... 3,613 620,595 152 819 2,399 2,811 Borrowings at Federal May 31... 3,614 620,984 245 753 2,349 2,737 Reserve Banks: June 30..,. 3,615 621,297 205 614 2,278 2,619 1949—January 169 98 32 28 July 30... 3,617 621,601 220? 660 2,263 2,563 December , 118 59 30 28 Aug. 31... 3,623 622,327 545 662 2,072 1,926 1950—January 35 4 17 13 Sept. 30... 3,630 625,301 912 1,016 1,958 2,023 Oct. 31... 3,637 626,273 1,514 1,075 1,820 1,965 Jan. 18 25 11 14 Nov. 30... 3,644 628,523 1,277 1,954 1,818 2,848 Jan. 25 33 20 13 Dec. 31... 3,649 629,326 539 2,178 2,288 2,947 Feb. 1 121 58 42 17 1950 Feb. 8 59 8 28 11 Jan. 31... 3,652 629,764 544 2,223 1,941 2,649 F Fe e b b . . 2 1 2 5 24 4 5 1 104 7 4 1 0 6 1 1 8 4 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. P Preliminary. 2 Includes industrial loans past due 3 months or more, which are not 1 Weekly figures of excess reserves of all member banks and of included in industrial loans outstanding in weekly statement of con- country banks are estimates. Weekly figures of borrowings of all memdition of Federal Reserve Banks. ber banks and of country banks may include small amounts of Federal NOTE.—The difference between amount of applications approved and Reserve Bank discounts and advances for nonmember banks, etc. the sum of the following four columns represents repayments of ad- Back figures.—See Banking and Monetary Statistics, pp. 396-399. vances, and applications for loans and commitments withdrawn or expired. 328 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 b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i r n e t v y k - e s C ba t o r n u y k n s - b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i r n e t v y k - e s C ba t o r n u y k n s - York cago York cago First half of January 1950 Second half of January 1950 Gross demand deposits: Total .....-.,• 93,680 21,604 5,625 35,608 30,843 92,651 21,140 5,497 35,346 30,667 Interbank. , 11,908 3,986 1,196 5,709 1,017 11,304 3,750 1,118 5 ,449 986 Other 81,772 17,619 4,428 29,899 29,826 81,347 17,390 4,379 29,897 29,681 Net demand deposits 2. . . . 81,558 19,767 5,104 30,810 25,878 81,627 19,602 5 ,042 30,958 26,025 Demand deposits adjusted 3 73,200 73,400 Time deposits 4 29,309 1,737 1,082 11,708 14,782 29,287 1,706 1,083 11,704 14,794 Demand balances due from domestic banks. 6,105 51 137 1,901 4,017 5,693 34 111 1,751 3,797 Reserves with Federal Reserve Banks: Total 16,736 4,548 1,204 6,437 4,547 16,318 4,395 1,155 6,300 4,469 Required . . . 15,588 4,436 1,177 6,131 3,844 15 ,582 4,398 1,163 6,158 3,863 Excess.» . 1,147 112 28 305 702 737 -3 -9 142 606 Borrowings at Federal Reserve Banks 22 13 47 25 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 1 [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 ti N on a- al State su In re - d in N s o u n r - ed Demand Demand d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s r p i - t t s de T p i o m s e its Num 1 b 9 e 3 r 4 o - f 4 2 banks suspended: 330 20 6 216 88 bank bank 1943 4 2 2 1944 1 1 1945 0 1948 1946 0 December 16,836 8,678 12,427 6,011 1947 1 1 1948 0 1949 1949 4 4 January '•16,726 8,749 '12,360 6,043 1950—Jan.-Feb 0 December 17,266 8,675 12,249 6,004 Deposits of suspended banks 1950 (in thousands of dollars) :2 January 17,393 8,740 12,359 6,048 1934-42 137,362 18,01626,54851,567 41,231 By districts, 1943 6,223 4,982 1,241 January 1950 1944 405 405 1945 0 Boston 2,108 831 345 228 1946 0 N Ph e i w la d Y e o l r p k hia. 3 1 , , 1 32 8 5 1 2,1 8 8 0 2 2 1,1 9 0 3 0 8 1,1 8 4 8 3 7 1 1 9 9 4 4 7 8 16 0 7 167 Cleveland.. 1,378 904 1,024 805 1949 2,443 2,443 1950—Jan.-Feb 0 Richmond 1,135 408 859 480 Atlanta . 1,621 458 692 219 Chicago 2,376 1,601 1,703 960 St. Louis 686 343 1,025 287 Minneapolis 633 302 784 451 Kansas City 592 107 1,655 211 S D a a n l la F s rancisco. 1 1 , , 1 2 0 5 7 1 6 1 4 5 2 9 1,7 5 1 2 1 3 30 7 0 6 Ins 2 u D ra e n p c o e s it C s or o p f or m at e i m on b e l r o a b n a s) n . ks and insured nonmember banks suspended are as of dates of suspensions, 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. MARCH 1950 329 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency 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 8 26 3 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8.850 2,548 5,070 428 782 5 17 3 1943—October 28,176 19,531 1,451 1,026 63 2,037 6,087 8,867 8,647 2,467 5,035 401 730 5 9 3 November... 28,331 19,680 1,464 1,042 64 2,054 6,137 8,918 8,654 2,475 5,048 400 717 5 9 3 December.. . 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949——Tanuar v 27,580 19,003 1,441 1,000 62 1.972 5,892 8,636 8,579 2,459 5,020 396 689 5 10 3 February 27,557 19,029 1,441 996 63 1,976 5,929 8,625 8,531 2,444 5,000 394 679 5 10 3 27,439 18,930 1,445 992 61 1,965 5,913 8,555 8,510 2,428 4,980 392 696 5 10 1 April 27,417 18,925 1,450 994 60 1,967 5,913 8,541 8,493 2,421 4,970 390 700 5 9 1 May 27,507 18,993 1,456 1,011 61 1,986 5,934 8,544 8,515 2,422 4,980 388 712 5 9 1 June 27,493 18,982 1,459 1,008 61 1,971 5,931 8,551 8,513 2,426 4,974 387 712 5 9 2 July 27,394 18,908 1,457 1,001 60 1,959 5,901 8,529 8,488 2,410 4,964 385 717 4 9 2 August 27,393 18,901 1,462 1,003 61 1,958 5,900 8,517 8,494 2,406 4,980 383 712 4 9 2 September... 27,412 18,917 1,468 1,018 60 1,970 5,905 8,496 8,498 2,401 4,996 382 705 4 9 2 October .. 27,407 18,915 1,474 1,031 60 1,973 5,891 8,486 8,494 2,392 5,007 381 701 4 9 2 November... 27,543 19,040 1,484 1,046 61 1,994 5,935 8,520 8,506 2,398 5,021 382 692 4 8 2 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 1950—January . 26,941 18,475 1,457 1,008 60 1,926 5,715 8,309 8,469 2,401 5,010 380 666 4 8 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. 3 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 ir circulation x Money Total out- held by standing, As security For Federal Ja 1 n 95 . 0 31, g a o s g l i d a lv in e a r s n t d Tr c e a a s s h ury B R F an e e d k se s e r r a v a n e l d B R a a n e g k s e e s n r t v a s n e d Ja 1 n 9 . 5 3 0 1, De 1 c 9 . 4 3 9 1, Ja 1 n 9 . 4 3 9 1, certificates agents Gold .- 24,395 23,210 21,185 Gold certificates 23,210 20,353 2,815 41 42 44 Federal Reserve notes 23,855 60 1,058 22,737 23,262 23,386 Treasury currency—total 4,599 3 2,287 66 371 4,162 4,297 4,150 Standard silver dollars 493 281 41 3 168 168 162 Silver bullion 2,006 2,006 Silver certificates and Treasury notes of 1890 3 2,287 263 2,024 2,121 1,979 Subsidiary silver coin 995 13 48 934 955 927 Minor coin 377 7 14 356 361 352 United States notes 347 4 37 306 312 308 Federal Reserve Bank notes 292 1 5 286 291 326 National Bank notes 90 1 1 89 89 95 Total—Jan. 31, 1950.. .. ... (4) 25,497 1,311 20,353 4,244 26,941 Dec. 31, 1949 (4) 25,522 1,312 20,361 4,111 27,600 Jan. 31, 1949 (4) 25,318 1,336 20,210 4,367 27,580 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. 321 and seasonally adjusted figures in table on p. 331, 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. 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. 330 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 unadjusted adjusted for seasonally Depos- Date fo v r a r s i 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 1 d End of month a i n b to c a e r l- s s ' i Total d C ep i a n o s s h i- G U m ov . e e n S r t n . - re C s a e s rv h e tory securi- funds, banks ties etc.* End of period: 1939 7,598 +742 1940 8,732 +1,134 1943—December 1,788 1,843 10 1,716 118 1941 11,160 +2,428 1944—December 2,342 2,411 8 2,252 152 1942 15,410 +4,250 1945—December.... 2,933 3,022 6 2,837 179 1943 . 20,449 +5,039 1946—December 3,284 3,387 6 3,182 200 1944 25,307 +4,858 1947—December 3,417 3,525 6 3,308 212 1945 28,515 +3,208 1946 . 28,952 +437 1948—August 3,356 3,472 6 3,260 206 1947 28,868 -84 September. . . 3,348 3,464 7 3,260 198 1948 28,224 -644 October 3,342 3,459 7 3,244 208 1949... 27,600 -624 November. . . 3,336 3,454 7 3,244 203 December... . 3,330 3,449 7 3,244 198 Averages of daily figures: 1949—January 3,334 3,454 7 3,244 203 1949—January. ..... 27,850 27,767 -375 February. . . . 3,333 3,454 7 3,244 202 February 27,545 27,545 -222 March 3,327 3,447 7 3,254 186 March . 27,508 27,591 +46 April 3,314 3,435 7 3,239 188 April 27,462 27,683 +92 May 3,294 3,418 7 3,212 198 May 27,438 27,631 -52 June 3,277 3,403 7 3,188 209 June 27,432 27,570 -61 July 3,266 3,393 6 3,187 199 July 27,472 27,527 -43 August 3,248 3,375 6 3,172 196 August 27,397 27,535 +8 September. . . 3,230 3,350 6 3,152 191 September 27,451 27,506 -29 October 3,215 3,336 7 3,127 202 October 27,456 27,456 -50 November. . . 3,199 3,322 7 3,118 197 November 27,477 27,395 -61 December.... ^3,182 December 27,734 27,459 +64 1950—January ^3,178 1950—January ... 27,220 27,139 -320 February 27,008 27,008 -131 P Preliminary. 1 For end-of-year figures, represents change computed on absolute 2 1 I O n u c t l s u t d a e n s d i w ng o rk p i r n in g c i c p a a s l h , r w ep it r h e se p n o t s e t d m a b s y t e c r e s r , ti 5 fi c p a e te r s c e o n f t d r e e p s o e s r i v t e . fund amounts in first column. and miscellaneous working funds with Treasurer of United States, ac- NOTE.'—For discussion of seasonal adjustment factors and for back crued interest on bond investments, and accounts due from late postfigures on comparable basis see BULLETIN for September 1943, pp. masters. 822-826. Because of an apparent change in the seasonal pattern Back figures.—See Banking and Monetary Statistics, p. 519; for around the year-end, adjustment factors have been revised somewhat description, see p. 508 in the same publication. for dates affected, beginning with December 1942. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government Year or month Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers City1 centers1 centers 2 City centers City3 cities 3 City3 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 e se ri r e ie s s ^ 4 jl,050,021 417,475 527,336 105,210 18.9 10.0 ( 3 40 7 7 4 , , 9 3 4 6 6 5 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 2 5 5 . . 2 5 1 1 6 6 . . 5 9 1947 1,125,074 405,929 599,639 119,506 21.0 11.9 400,468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 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 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 1950—January 106,636 38,962 56,374 11,300 24.5 12.6 38,133 55,090 28.6 18.9 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. 4 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. MARCH 1950 331 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. In millions of dollars] AJssets Liabilities znd Capital Bank credit Total assets, net- Date Treas- U. S. Government obligations l T ia o b t i a l l - Capital Total Emd Gold re c n u c r- y Total Lo n a e n t s, Total m C a e o n rc 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 it d t al, c d u e a r p r n o e d s n i c ts y c m o n a u i c e n s - t c ts . , savings Banks banks 1929—June 29 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 R,922 1933_june 30 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 4?,029 6,436 1939—Dec> 30 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31 22,737 3,247 64,653 26,605 90,049 25,511 2,254 1,284 8,999 00,637 8? 811 7,826 I945—June 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 20,065 4,339 167,381 30,387 ,417 101,288 24,262 2,867 8,577 101 785 180 806 10,979 1946—June 29 20,270 4,539 163,485 31,570 1??,740 95,911 23,783 3,046 9,175 188,294 176,215 ,079 Dec. 31 . 20,529 4,562 158,366 35,765 113,110 86,558 23,350 3,202 9,491 183,457 171,657 11,800 1947—June 30 . 21,266 4,552 156,297 38,373 107,873 82,679 21,872 3,322 10,051 182,115 169,234 12,882 Dec. 31 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 1?,800 1948—June 30 23,532 4,565 157,958 45,299 101,451 76,774 21,366 3,311 11,208 186,055 172,857 13,200 Dec. 31 . 24,244 4,589 160,457 48,341 100,694 74,097 23,333 3,264 11,422 189,290 176,121 13,168 1949—jan> 26 24,300 4,600 159,400 48,200 99,900 74,600 22,000 3,300 11,300 188,200 174,900 13,400 Feb. 23 24,300 4,600 158,700 47,800 00,500 73,900 22,400 3,300 11,400 187,600 174,400 ,200 Mar. 30 24,300 4,600 157,300 48,100 07,700 72,600 21,800 3,300 11,500 186,200 17?,600 IS,600 Apr. 27 24,300 4,600 156,800 47,100 98,100 73,600 21,200 3,300 11,600 185,700 172,000 13,700 May 25 24,300 4,600 156,200 46,700 07,800 74,800 19,700 3,200 11,700 185,100 171 300 13,800 June 30 24,466 4,597 156,491 47,148 07,428 74,877 19,343 3,208 11,915 185,554 171,602 ,952 July 27 P 24,500 4,600 156,500 46,500 97,800 76,100 18,500 3,200 12,300 185,700 171,500 14,200 Aug. 31 P . 24,600 4,600 158,700 47,200 99,100 78,300 17,500 3,200 12,500 187,900 173,800 14,200 Sept. 28? 24,600 4,600 160,000 48,000 00,400 78,400 17,900 3 200 12,600 180,200 174 700 14,500 Oct. 26P 24,600 4,600 160,700 48,300 99,800 79,200 17,400 3,100 12,600 189,800 175,300 14,600 Nov. 30P 24,500 4,600 161,200 49,200 99,300 78,500 17,700 3,100 12,600 190,200 175,700 14,500 Dec. 28P 24,400 4,600 163,000 49,700 100,600 78,700 18,800 3,100 12,700 10?,000 177,500 14,500 1950—Jan. 25? 24,400 4,600 162,900 49,600 100,600 79,700 17,800 3,100 12,800 192,000 177,500 14,500 Deposits and Currency U. S. Governmentbalances Deposits adjusted and currency Date Total d F e o b p r a o e n i s k g it n s, Treas- A m t e c rc o i m al - At Time deposits3 Curnet c u a r s y h s b a a v a n n in d k g s s R F B e e a d s n e e r k r v a s e l Total d D e e p m os a i n ts d 2 Total m b C e a o r n m c k ia s - l M s b a a v u n i t k n u s g a 4 s l S S P a y o v s s i t n t e a m g l s o b r u e a t n n s c i k d y s e 1929—June 29 55,776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1933—June 30 42,029 50 264 852 35 40,828 14,411 21,656 10,849 Q,621 1,186 4,761 1939—Dec. 30 68,359 1,217 2,409 846 634 63,253 29,793 27,059 15,258 10,523 1,278 6,401 1941—Dec. 31 82,811 1,498 2,215 1,895 867 76,336 38,992 27,729 15,884 10,532 1,313 9,615 1945—June 30 168,040 2,378 2,279 24,381 599 138,403 69,053 44,253 27,170 14,426 ,657 ,097 Dec. 31. . 180,806 2,141 2,287 24,608 977 150,793 75,851 48,452 30,135 15,385 2,932 26,490 1946—June 29. . 176,215 1,894 2,251 13,416 833 157,821 79,476 51,829 32,429 16,281 ,119 ,516 Dec. 31 171,657 1,885 2,272 3,103 393 164,004 83,314 53,960 33,808 16,869 3,283 26,730 1947—June 30 169,234 1,657 1,314 1,367 756 164,140 82,186 55,655 34,835 17,428 ,392 26,299 Dec. 31 .... 175,348 1,682 1,336 1,452 870 170,008 87,121 56,411 35,249 17,746 3,416 26,476 1948—June 30 172,857 1,727 1,327 2,180 1,928 165,695 82,697 57,360 35,788 18,194 3,378 25,638 Dec. 31 .... 176,121 2,103 1,325 2,451 1,123 169,119 85,520 57,520 35,804 18,387 3,329 26,079 1949—Jan. 26 174,900 2,200 1,300 2,000 1,100 168,200 85,400 57,600 35,800 18,500 ,300 ,200 Feb. 23 . . .. . 174,400 2,200 1,300 3,000 1,600 166,300 83,400 57,800 35,900 18,600 3,300 25,100 Mar. 30 172,600 2,100 1,300 3,400 1,700 164,200 81,100 58,000 36,000 18,700 3,300 25,100 Apr. 27 172,000 2,000 1,300 2,100 1,100 165,500 82,400 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 ,300 ,000 June 30 171,602 1,927 1,307 2,304 438 165,626 81,877 58,483 36,292 18,932 ,259 25,266 July 27? 171,500 1,900 1,300 1,500 400 166,300 83,100 58,400 36,200 19,000 3,300 24,900 Aug. 31 P . 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 1,300 3,700 1,200 166,600 83,300 58,400 36,100 10,100 ,200 ,900 Oct. 26P 175,300 2,000 1,300 3,600 400 168,000 84,600 58,400 36,100 10,100 •2,200 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 10,300 ,200 ,000 1950—Jan. 25 P 177,500 2,200 1,300 3,300 500 170,000 86,800 58,700 36,100 19,400 3,200 24,500 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. 8 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. 332 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY GLASSES * 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 x capital of Total Loans U. S. Total i Inter- accounts banks Total G o m o b v l e i e g n r a t n - - O s ri e t t c h ie u e s - r bank i 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 78,147 23,916 54,231 45,951 8,280 28,701 99,803 11,308 61,437 27,058 8,566 14,682 1943—Dec. 31 96,966 23,601 73,365 65,932 7,433 28,475 117,661 11,003 75,577 31,081 8,996 14,579 1944—Dec. 30. . 119,461 26,015 93,446 85,885 7,561 30,790 141,448 12,235 91,663 37,551 9,643 14,535 1945—Dec. 31. ..... 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31.. .... 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—Dec. 312 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1948—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. 3\P 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. 26P 140,140 48,290 91,850 79,230 12,620 33,230 160,600 11,740 93,510 55,350 13,040 14,690 Nov. 3QP 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. 28? 141,250 49,870 91,380 78,710 12,670 35,070 163,160 12,100 95,700 55,360 13,140 14,680 1950—Jan. 25P 142,220 49,750 92,470 79,680 12,790 33,590 162,890 12,100 95,140 55,650 13,110 14,689 All commercial bank®? 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 b 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—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 27P 114,770 40,510 74,260 64,440 9,820 32,600 136,480 10,960 89,200 36,320 10,760 14,154 Aug. 31P 117,930 41,190 76,740 66,710 10,030 31,920 138,830 11,260 91,270 36,300 10,830 14,157 Sept. 28P 118,750 41,780 76,970 66,800 10,170 31,630 139,390 11,290 91,830 36,270 10,880 14,160 Oct. 26P 119,810 41,930 77,880 67,710 10,170 32,450 141,480 11,740 93,490 36,250 10,930 14,159 Nov. 30P 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 1950—Jan. 25P 121.610 43,090 78,520 68,160 10,360 32,750 143,460 12,100 95,120 36,240 10,980 14,158 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 59,263 16,088 43,175 37,546 5,629 24,280 78,277 11,000 54,523 12,754 6,101 6,679 1943—Dec. 31.. 74,258 16,288 57,970 52,948 5,022 23,790 92,262 10,555 66,438 15,268 6,475 6,738 1944—Dec. 30...... 91,569 18,676 72,893 67,685 5,208 25,860 110,917 11,884 79,774 19,259 6,968 6,814 1945—Dec. 31...... 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,589 6,884 1946—Dec. 31 96,362 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8,095 6,900 1947—Dec. 31. . .... 97,846 32,628 65,218 57,914 7,304 32,845 122,528 12,403 81,785 28,340 8,464 6,923 1948—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. 28P 99,830 35,078 64,752 56,435 8,317 27,819 118,382 10,698 78,585 29,099 9,101 6,902 Oct. 26P 100,771 35,136 65,635 57,333 8,302 28,497 120,215 11,130 80,011 29,074 9,140 6,901 Nov. 3QP 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 1950—Jan. 25? 102,418 36,158 66,260 57,754 8,506 28,675 121,908 11,435 81,363 29,110 9,179 6,892 All mutual savings banks: 1 19 9 4 3 1 9 — — D D eecc#. 3 3 0 1 1 10 0 , . 3 2 7 1 9 6 4 4, ,9 90 2 1 7 5 5 , , 2 4 8 7 9 8 3 3 , , 1 7 0 0 1 4 2 1 , ,7 1 7 8 4 8 8 7 1 9 8 3 1 1 0 0 , , 5 5 2 3 4 3 3 6 1 1 0 0 , , 5 5 2 2 1 7 1 1 , , 3 2 0 4 9 1 5 54 5 8 1 1942—Dec. 31 ..... 10,754 4,695 6,059 4,572 1,487 663 10,668 6 10,662 1,236 546 1943—Dec. 31 11,871 4,484 7,387 6,090 1,297 797 11,738 8 11,730 1,276 545 1944—Dec. 30. ..... 13,931 4,370 9,560 8,328 1,232 584 13,376 10 13,366 1,378 543 1945—Dec> 3i 16 208 4,279 11,928 10 682 1,246 609 15,385 14 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 16 16,853 1,784 541 1947—Dec. 31« 18,641 4,944 13,696 11,978 1,718 886 17,763 17 17,745 1,889 533 1948—Dec. 31...... 19,395 5,686 13,709 11,476 2,233 878 18,405 17 18,387 1,999 532 1949—June 30...... 20,094 6,050 14,044 11,657 2,387 800 18,949 17 18,932 2,065 530 July 27P 20,190 6,100 14,090 11,640 2,450 770 18,990 20 18,970 2,070 530 Aug. 31 P 20,240 6,170 14,070 11,630 2,440 780 19,030 20 19,010 2,090 530 Sept. 28? 20,310 6,270 14,040 11,590 2,450 780 19,080 1 20 19,060 2,100 530 Oct. 26*> 20,330 6,360 13,970 11,520 2,450 780 19,120 1 20 19,100 2,110 531 Nov. 30? 20,310 6,470 13,840 11,400 2,440 760 19,070 1 20 19,050 2,130 531 Dec. 28P 20,420 6,570 13,850 11,430 2,420 880 19,290 1 20 19,270 2,120 531 1950—Jan. 25P 20,610 6,660 13,950 11,520 2,430 840 19,430 1 20 19,410 2,130 531 P Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. MARCH 1950 333 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 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investmems Other Cl a a n ss d o d f a b te ank Total Loans G u ov . e s rn . - Other a C ss a e s t h s1 Total1 b In a t n e k r - 1 De- a c c T a c o p o t i u t a a n l l ts N b u a o m n f k b s er Total ment secu- mand Time obliga- rities tions Central reserve city member banks: New York City: 1939—Dec. 30...... 9,339 3,296 6,043 4,772 1,272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31 . . 12,896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 12,917 807 1,648 36 1942—Dec. 31 ,. 17,957 4,116 13,841 12,547 1,294 5,864 22s078 3,945 17,399 734 1,727 37 1943—Dec. 31 19,994 4,428 15,565 14,563 1,002 5,197 23,256 3,680 18,729 847 1,862 37 1944—Dec. 30 24,003 5,760 18,243 17,179 1,066 4,921 26,773 4,041 21,730 1,002 1,966 37 1945—Dec. 31 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1,236 2,120 37 1946—Dec. 31 20,834 6,368 14,465 13,308 1,158 6,238 24,723 4,246 19,028 1,449 2,205 37 1947—Dec. 31 20,393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 1,445 2,259 37 1948—Dec. 31 18,759 8,048 10,712 9,649 1,063 7,758 24,024 4,213 18,131 1,680 2,306 35 1949— J j uunly e 3 27 0 *> 1 1 8 9 , , 9 1 2 0 6 3 7 7 , , 6 0 8 6 9 0 1 11 1 , , 8 4 6 1 6 3 1 1 0 0 , , 5 2 8 7 9 8 1 1, , 2 1 7 3 7 5 6 7 , , 4 10 4 9 8 2 2 2 3 , , 4 61 6 9 6 3 3, , 8 9 5 2 6 0 1 1 6 8 , , 9 0 8 0 3 4 1 1 , , 6 6 2 9 7 5 2 2 , , 3 3 3 4 6 0 3 3 5 5 Aug. 31? 19,652 7,421 12,231 10,891 1,340 6,526 23,107 3,856 17,631 1,620 2,357 35 Sept. 28? 19,674 7,644 12,030 10,666 1,364 6,078 22,931 3,808 17,494 1,629 2,338 34 Oct. 26?3. . . . 19,341 7,216 12,125 10,893 1,232 6,288 23,062 3,920 17,591 1,551 2,312 25 Nov. 30? 19,484 7,584 11,900. 10,692 1,208 6,352 23,032 3,853 17,606 1,573 2,333 25 Dec. 28? 19,611 7,630 11,981 10,694 1,287 6,690 23,475 3,970 17,894 1,611 2,313 25 1950—Jan. 25? 19,672 7,485 12,187 10,797 1,390 6,004 22,995 3,898 17,510 1,587 2,312 25 Chicago: 1939—Dec. 30. 2,105 569 1,536 1,203 333 1,446 3,330 888 1,947 495 250 14 1941—Dec. 31 . . 2,760 954 1,806 1,430 376 1,566 4,057 1,035 2,546 476 288 13 1942—Dec. 31. 3,973 832 3,141 2,789 352 1,352 5,040 1,117 3,468 455 304 13 1943—Dec. 31. .... . 4,554 1,004 3,550 3,238 312 1,283 5,523 985 4,029 508 326 13 1944—Dec. 30 ,. 5,443 1,184 4,258 3,913 345 1,378 6,468 1,148 4,700 620 354 13 1945—Dec. 31 5,931 1,333 4,598 4,213 385 1,489 7,046 1,312 5,015 719 377 12 1946—Dec. 31.... .. 4,765 1,499 3,266 2,912 355 1,545 5,905 1,153 3,922 829 404 14 1947—Dec. 31...... 5,088 1,801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 1948—Dec. 31. . . . 4,799 1,783 3,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—June 30 4,841 1,537 3,303 2,888 415 1,702 6,087 1,008 4,020 1,059 462 13 July 27*. . ... 4,942 1,523 3,419 2,985 434 1,687 6,116 1,061 3,995 1,060 459 13 Aug. 31 P 5,184 1,526 3,658 3,211 447 1,654 6,322 . 1,085 4,180 1,057 464 13 Sept. 28? 5,181 1,521 3,660 3,204 456 1,695 6,358 1,084 4,222 1,052 461 13 Oct. 26? ... 5,271 1,553 3,718 3,261 457 1,637 6,437 1,123 4,261 1,053 465 13 Nov. 30? 5,246 1,565 3,681 3,218 463 1,694 6,424 1,081 4,288 1,055 468 13 Dec. 28P 5,418 1,643 3,775 3,294 481 1,699 6,644 1,131 4,437 1,076 470 13 1950—Jan. 25? 5,412 1,579 3,833 3,345 488 1,695 6,600 1,127 4,391 1,082 466 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 7J755 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—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 27 v 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. 28?. , . . . 37,268 13,672 23,596 20,674 2,922 10,530 44,887 4,962 28,377 11,548 3,045 333 Oct. 26»3. . . . 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 1950—Jan. 25? 38,802 14,310 24,492 21,500 2,992 11,141 46,974 5,430 29,882 11,662 3,074 339 Country member banks: 1939—Dec. 30 10,224 4,768 5,456 3,159 2,297 4,848 13,762 598 7,312 5,852 1,851 5,966 1941—Dec. 31 12,518 5,890 6,628 4,377 2,250 6,402 17,415 822 10,335 6,258 1,982 6,219 1942—Dec. 31...... 16,419 5,038 11,380 9.172 2,208 7,638 22,459 980 14,909 6,569 2,042 6,275 1943—Dec. 31...... 22,188 4,654 17,534 15,465 2,069 7,983 28,414 1,015 19,594 7,804 2,153 6,331 1944—Dec. 30 28,520 4,910 23,610 21,552 2,058 9,323 35,871 1,171 24,818 9,882 2,321 6,408 1945—Dec. 31. ... 35,002 5,596 29,407 26,999 2,408 10,632 43,418 1,223 29,700 12,494 2,525 6,476 1946—Dec. 31 . 35,412 8,004 27,408 24,572 2,836 10,151 43,066 1,091 27,921 14,053 2,757 6,494 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—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 37S338 12,149 25,189 21,654 3,535 9,497 43,912 802 28,243 14,867 3,220 6,520 Sept. 28?. . . . 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. 30? 38,206 12,606 25,600 21,962 3,638 9,667 44,843 893 29,246 14,704 3,338 6,516 Dec. 28P 38,254 12,706 25,548 21,911 3,637 10,165 45,307 953 29,651 14,703 3,340 6,515 1950—Jan. 25? 38,532 12,784 25,748 22,112 3,636 9,835 45,339 980 29,580 14,779 3,327 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. s 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. 334 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 Cla a s n s d o d f a b te ank Total Loans Total G o U m o b v l . e i S e g n r a . t n - - O s ri e t t c h ie u e s - r a C s a se sh ts1 Total* I b n a t n e k r- ^ m D a e n - d Time a c c T a c p o o i t u t a a n l l ts N b u a o m n f k b s er 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. 3i 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 194g— D ju e n c e . 3 3 0 1 1 1 1 1 2 1 , , 2 7 8 9 6 4 3 4 9 1 ,9 3 6 7 8 2 7 7 2 0 , , 4 3 2 1 1 8 6 6 3 1 , , 4 3 9 8 0 8 8 8 , , 9 9 3 2 1 9 3 33 8 , , 6 0 9 8 9 7 1 1 3 40 5 , , 6 9 4 4 2 5 1 11 1 , , 9 0 0 3 0 5 9 8 3 9 , , 3 4 0 9 0 1 3 35 5 , , 4 4 4 1 1 8 1 9 0 , , 9 1 5 58 5 1 1 3 3 , , 4 4 1 1 3 5 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. 3 1 . .. 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 194g—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 J .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 1945—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 19d-7—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 1943—june 30. . 31,811 11,628 20,183 18,048 2,135 9,888 38,699 3,529 25,875 9,295 3,091 1,927 Dec. 31 31,771 12,308 19,463 17,301 2,161 11,228 39,955 3,799 26,862 9,295 3,144 1,927 1949—june 30 31,798 11,951 19,847 17,645 2,202 10,099 38,761 3,429 25,922 9,410 3,208 1.916 Insured nonmember commercial banks: 1941—Dec. 31. 5,776 3,241 2,535 1,509 1,025 2,668 7s7O2 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 1943— D ju e n c e . 3 3 0 1 1 16 6 , , 6 3 8 6 5 0 5 5 , ,9 5 1 0 1 4 1 1 0 0 , , 8 7 5 7 6 4 9 9 , , 3 2 6 4 2 6 1 1 , , 4 5 9 2 4 8 3 3, , 8 3 8 9 7 7 1 1 8 9 , , 5 2 0 9 9 6 2 2 0 5 2 9 1 1 1 2 , , 6 4 9 1 5 9 6 6 , , 6 6 1 1 1 8 1 1 , ,3 3 5 33 8 6 6 , , 4 4 9 9 8 3 1949—June 30. . . 16,447 6,071 10,376 8,849 1.527 3f299 18,410 204 11.488 6j718 1.431 6,517 Noninsured nonmem- ber commercial banks: 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1,291 253 329 852 1945—Dec. 31. . . 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1 1 9 9 4 4 6 7 — — D D e e c c . . 3 31 1 . 2 ..... 2 1 , , 0 8 0 1 9 5 3 4 8 7 9 4 1 1 , , 4 5 2 3 6 5 1 1, , 2 2 8 2 0 6 2 2 0 5 0 5 5 5 3 7 0 6 2 2 , , 0 2 4 5 3 1 3 3 3 6 6 3 l 1s3 ,4 0 1 2 1 4 4 0 7 4 8 3 29 2 0 5 6 7 9 8 0 3 1943—june 30 2,062 493 1,569 1,308 261 469 2,197 400 1,315 482 331 772 1949— D Ju e n c e 3 3 1 0 2 2 ,0 0 2 1 7 3 5 5 2 0 0 2 1 1, 8 5 4 2 9 6 3 1 1 , , 2 2 5 3 0 4 2 2 5 7 9 6 5 4 0 4 9 6 2 25 ,1 2 4 0 6 1 3 36 5 8 9 1 1 , , 2 35 9 3 8 4 4 7 8 9 8 3 32 2 2 9 7 7 5 3 8 3 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 3,536 2,270 1,266 3,431 9,574 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1.362 7,130 1946—Dec. 31. . 17,646 4,429 13,217 11,749 1,468 4,639 20,879 597 13,526 6,756 1,483 7,147 1947—Dec. 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 1943—June 30 18 422 5 997 12,425 10,670 1,755 3,867 20,706 602 13.010 7,093 1,664 7,265 Dec. 31. .. 18,698 6,431 12,267 10,479 1,788 4,396 21,497 628 13,772 7,097 1,680 7,256 1949—june 30 18,474 6,573 11,901 10,098 1,803 3,745 20,556 563 12,786 7,207 1,760 7,250 Insured mutual savings banks: 1941—Dec 31 1 693 642 1 050 629 421 151 1,789 1,789 164 52 1945—Dec. 31 10 846 3 081 7,765 7,160 606 429 10,363 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 194g— D TU e n c e 3 3 0 1 1 1 3 3 3 1 1 4 2 2 3 4 ,1 7 0 6 9 9 9 9, 2 3 0 7 2 3 8 7 ,7 1 9 6 5 9 1 1, , 4 2 0 0 7 4 6 6 4 8 4 4 1 1 2 2, , 7 5 7 8 2 1 1 1 1 4 5 1 1 2 2 , , 5 7 6 5 6 7 1 1 , , 3 3 0 3 2 4 1 1 9 9 3 3 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 2 5,957 1,384 4,573 3,813 760 211 5,556 3 5,553 637 339 1943—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—Tune 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. 335 MARCH 1950 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 Cla c s a s l a l o n d f d a b te ank i m T n lo a v o e n a e t n n d a s t s l t s - Total1 o C c m m c p k p i p l i o i n u n e a e a a e e m d g - r n r l t r - , - - - - - A t c u a u g r l l r - - i- b o p d a L s T e e r r u e n e o r r o o r a c s c d s k a c a l u - - n h r r s r a i o t y s T f i t i i o e n n h o s r g g - l t R o a a e te n a s l s l u o o m a n n e - s r O lo th an er s Total Total U. B S il . ls Go C o d c v n e f e a e e r e d t b t r i s e i - n n t f s D s - i - m - ir e e N n c t o t t o e b s lig B at o io n n d s s G t a e u n e a d - r- S p d s O t s a i g t i o u o i c i a n o a v b o a l b f t d n i - i n l e l - t - i s s - - s O s ri e t t h c ie e u r s - All insured commercial banks: 1941—Dec. 31.. 49,290 21,259 9,2141,450 614 6624,773 4,545 28,031 21,046 988 3,15912,797 4,1023,6513,333 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3,164 3,606 44,1667777 2,3611,18196,043 88,9122,45519,07116,04551,321 22 3,8733,258 1946—Dec. 31.. 112,178 30,733 14,0161,3581,5171,609 7,103 4,0311,098 81,445 73,5541,27112,288 6,780 53,200 15 4,298 3,592 1947—Dec. 31.. 114,274 37,583 18,0121,610 8231,190 9,266 5,6541,028 76,691 67,9412,124 7,552 5,91852,334 14 5,129 3.621 1948—Dec. 31 112,286 41,968 18,7612,7751,336 93910,666 6,8041,095 70,318 61,3882,821 10,065 3,394 45 100 8 5,509 3,420 1949—June 30.. 111,746 40,52416,2922,7341,972 90110,8877,170 1,022 71,222 61,9702,846 10,437 2,045 46,636 6 5,7633,489 Member banks, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,00711,729 3,832 3090 2,871 1945—Dec. 31.. 107,183 22,775 8,949 8553,133 3,3783,4551,900 1,104 84,40878,3382,27516,98514,27144,792 16 3,254 2,815 1946—Dec. 31. . 96,362 26,696 13,154 8841,506 1,4675, ,3081,020 69,66663,042 1,16710,043 5,60246,219 548 3,077 1947—Dec. 31. , 97,846 32,628 16,9621,046 8111,0657,130 4,662 65,21857,9141,987 5,816 4,81545,286 10 4,199 3,105 1948—Dec. 31.. 95,616 36,060 17,6311,800 1,324 834 8,244 5,5851,006 59,55652,1542,588 7,999 2,"800 38,761 480 2.922 1949—June 30.. 95,315 34,456 15,2131,704 1,958 8038,383 5,859 935 60,85953,1322,651 8,469 1,639 40,369 4 4,710 3,016 Nov. 1.. 100,888 35,565 65,32357,052 5,1413,130 Dec. 31.. 101,528 36,230 15',8571L9451,737 758 8,834 6,5521,034 65,29756,8833,38910,409 5,08537,996 4 5,2743,140 New York City:* 1941—Dec. 31.. 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 80 287 298 18,80917,574 477 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 99210,202 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 1948—Dec. 31., 18,759 8,048 5,642 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 1,701 248 209 650 268 11,413 10,278 777 1,472 132 7,897 611 525 N D o ec v . . 31 I3 . . . 1 19 9 , , 5 4 8 5 3 1 7 7 , , 5 5 0 5 5 0 iiiio '219 '256 '689 *309 1 12 1 , , 0 9 3 4 3 6 1 1 0 0 , , 7 7 5 4 1 6 *720 1,785 "835 7\405 6 7 6 5 8 2 5 5 3 2 5 7 Chicago:* 1941—Dec. 31.. 2,760 954 732 48 52 96 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 51 4,598 4,213 133 1,467 749 1,864 181 204 1946—Dec. 31.. 4,765 1,499 1,094 117 101 105 3,266 2,912 60 498 146 2,207 167 187 1947—Dec. 31.. 5,088 1,801 1,418 73 87 149 3,287 2,890 132 235 248 2,274 213 185 1948—Dec. 31.. 4,799 1,783 1,412 71 63 176 3,016 2,633 183 275 217 1,958 210 174 1949—June 30.. 4,841 1,537 1,178 83 60 156 3,303 2,888 369 343 125 2,051 235 180 Nov. 1.. 5,275 1,564 3,711 3,256 263 192 Dec. 31. . 5,424 1,618 109 "56 *JL72 3,806 3,324 331 690 358 1,945 290 192 Reserve city banks, 1941—Dec. 31.. 15,347 7,105 3,456 300 114 1941,527 1,512 8,243 6,467 295 751 4,248 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,5031,459 855 404 31,59429,552 1,034 6,982 5,65315,878 1,126 916 1946—Dec. 31.. 35,351 10,825 5,548 201 264 704 2,2371,436 24,52722,250 441 3,799 1,99316,013 4 1,272 ,004 1 1 19 9 9 4 4 4 9 7 8 — — — J D D u e e n c c e . . 3 3 3 1 1 0 . . . . . . 3 3 3 5 6 5 , , , 3 0 0 3 4 3 2 0 4 1 1 13 3 4 , , , 2 4 2 6 4 8 1 9 5 6 7 7 , , , 2 0 2 2 8 8 7 2 8 2 3 4 2 7 3 5 8 7 1 1 1 5 7 3 0 0 0 4 3 3 6 2 8 0 4 1 3 3 3 , , , 5 5 1 0 5 4 3 9 7 2 1 2 , , ,4 3 9 1 6 08 5 9 3 38 6 5 6 2 2 2 2 1 1 , , , 5 7 0 9 7 4 1 2 7 2 1 1 0 9 8 , , , 1 0 5 9 7 9 6 6 41, 3 8 05 7 7 6 3 5 2 3 3, , , 3 2 3 6 0 5 7 1 8 1 1 , , 9 6 0 0 9 0 1 0 3 1 1 1 5 4 3 , , , 5 2 2 3 6 4 0 0 7 1 1 1 , , , 5 3 4 5 4 2 9 2 1 , , , 1 0 0 3 5 3 2 3 7 Nov. 13. 38,110 14,053 24,05: 21,076 1,742 ,238 Dec. 31. . 38,301 14,370 6,704 457 183 309 3,7422,745 432 23,93120,951 1,189 4,180 2,124 13,457 1,727 ,254 Country banks: 1941—Dec. 31.. 12,518 5,890 1,676 659 1831,823 1,530 6,628 4,377 110 481 2,926 8611,222 ,028 1945—Dec. 31.. 35,002 5,596 1,484 648 4711,881 707 36329,40726,999 630 5,102 4,544 16,713 91,342 ,067 1946—Dec. 31.. 35,412 8,004 2,433 681 273 2,970 1,312 306 27,40824,572 279 4,020 2,470 17,797 61,551 ,285 1 1 9 9 4 4 8 7 — — D D e e c c . , 3 3 1 1 . . . . 3 36 6 , , 7 3 2 2 6 4 1 1 0 1 , , 1 9 9 4 9 5 3 3 , , 0 2 9 9 6 6 1,3 8 5 1 6 8 2 1 , , 4 9 5 7 1 9 2 26 2 1 9 2 2 6 4 , , 1 7 2 8 5 1 2 2 2 1 , , 8 2 5 7 7 8 4 7 8 6 0 0 2 3 , , 5 3 8 4 3 0 , , 1 1 2 0 8 81 1 7 6 , , 6 0 8 4 1 6 6 2 2 ,r2 0 8 0 6 6 , , 2 2 6 1 2 7 1949—June 30.. 36,338 11,968 3,098 1,319 175 4,567 2,644 25624,37020,889 630 3,286 77816,192 2,306 ,174 Nov. 1.. 38,052 12,442 25,61021,969 2,467 1,174 Dec. 31. .38,219 12,692 3450i',480 173 4,784 2^945 259 25,52721,862 1448 3',753 1,768 15 489 42 ,5051,160 Insured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 543 478 641,282 854 2,535 1,509 17 152 1,069 271 563 462 1945—Dec. 31.. 14,639 2,992 512 459 2281,224 460 11,64710,584 180 2,087 1,774 6,538 6 619 443 1946—Dec. 31.. 15,831 4,040 862 474 1421,748 723 11,791 10,524 104 2,247 1,179 6,991 3 752 516 1947—Dec. 31.. 16,444 4,958 1,049 563 125 2,139 992 11,48610,039 136 1,736 1,104 7,058 4 931 517 1948—Dec. 31.. 16,685 5,911 1,131 975 105 2,4261,220 10,774 9,246 234 2,066 594 6,349 31,030 498 1949—June 30.. 16,447 6,071 1,079 1,030 97 2,5081,311 10,376 8,849 196 1,968 406 6,277 21,054 473 * 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." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., 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. 336 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Re- Cla c s a s l a l o n d f d a b te ank F s B e s w e R e d a r i r e v n e t v r h e k - e a s s l v C a i a n u s l h t b m a w a B d n e n i o c a s t k e l - t h - i s s c 4 j % m p u D o d s a a t s e e n e d i - - t d d - s 5 m D e I s n d o t e i 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 v n S - - t . p v s S o i u a t s l a b i n i t o t d i d e c n i s a - s l c C h c o e a f e e e i f t n e c f r r c i d d t s k . - i ' s - , p a v n s a p i t I h d i d r n o o t i u d r n p c n a a i e s o s - l - , r r s - - , I b n a t n er k - P U m G S i e a n o a r . n o e g s n v v n d S t s - - a - t . l v s S p i a u i s o t c n i b a l o a i d t d l t n e - i s s - p a v n s a p t i I h i d d r n o o t i u d r n p n c a a i e s o s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p n l - i t - s 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 74,72212,566 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 82,08510,888 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 85,75111,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1948—Dec. 31. . 20,404 1,939 8,947 84,21110,344 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: 1941—Dec. 31. . 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 1945—Dec. 31. . 15,811 1,438 7,117 64,18412,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1946—Dec. 31. . 16,015 1,576 5,936 70,24310,644 1,353 2,672 4,915 2,207 69,127 62 114 551 26,525 30 8,095 1947—Dec, 31. . 17,797 1,672 6,270 73,52810,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1948—Dec. 31. . 20,406 1,486 5,674 72,152 10,098 1,480 2,122 5,850 1,962 70,947 63 111 927 27,801 45 8,801 1949—June 30. . 17,808 1,568 5,065 69,397 8,864 1,369 1,980 5,983 2,222 67,157 141 157 1,069 28,038 21 9,022 Nov. 1. . 16,150 1,538 5,635 71,515 9,778 1,393 2,987 5,913 1,829 69,493 159 170 1,043 27,876 416 9,236 Dec. 31. . 16,429 1,521 6,194 72,65810,623 1,310 2,838 6,017 2,185 71,589 164 175 1,051 27,934 11 9,174 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 30 2,259 1948—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—June 30. . 4,726 130 56 15,254 2,680 1,150 562 254 1,201 15,986 90 25 33 1,637 2,340 Nov. 1 3. 4,532 114 35 14,918 2,744 1,178 841 357 827 15,475 105 27 28 1,493 280 2,328 Dec. 31. . 4,462 112 68 15,182 2,996 1,084 640 196 895 16,408 113 38 24 1,590 2,312 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 1946—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 1,196 21 72 285 63 3,853 2 9 902 426 1948—Dec. 31. . 1,325 28 143 3,604 1,038 26 188 284 53 3,702 1 11 989 444 1949—June 30. . 1,174 25 149 3,470 962 46 197 307 41 3,475 3 12 1,044 462 Nov. 1. . 1,126 27 104 3,642 1,090 37 206 315 39 3,653 4 10 1,041 "44 466 Dec. 31. . 1,183 27 159 3,797 1,151 40 258 286 60 3,932 4 10 1,069 470 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—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—June 30. . 6,781 500 1,744 24,271 4,460 166 701 2,413 518 23,928 39 62 642 10,923 1 3,005 Nov. 1 3. 6,130 498 1,726 25,410 5,077 168 1,178 2,180 487 25,475 40 66 611 10,936 73 3,108 Dec. 31. . 6,413 482 1,965 25,744 5,498 176 1,142 2,478 650 25,912 38 60 617 10,987 3,087 Country banks: 1941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31. . 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1946—Dec. 31. . 4,703 883 3,753 26,237 1,067 8 877 2,391 524 24,128 17 55 272 13,727 26 2,757 1947—Dec. 31. . 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1948—Dec. 31. . 5,736 858 3,619 27,703 943 8 688 2,925 510 25,248 13 49 350 14,369 12 3,123 1949—June 30. . 5,127 913 3,117 26,402 762 8 520 3,009 462 23,767 12 67 383 14,433 21 3,215 Nov. 1. . 4,362 899 3,770 27,546 868 10 762 3,060 477 24,890 13 73 394 14,406 19 3,335 Dec. 31. . 4,371 901 4,002 27,935 979 9 797 3,058 579 25,337 13 73 400 14,289 11 3,305 [nsured 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—Dec. 31. . 453 3,273 12,059 246 8 201 1,332 151 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 5 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. s Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. MARCH 1950 337 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. Governmentobligations Com- Total mer- Date or month in lo a v a n e n d s s t- Total1 i t n c r d i i a a u l l s , , - a T n o d b d r e o a k l e e r r s s To others e R st e a a t l e Lo to ans O lo t a h n e s r Total C ti e fi r - - O se th c e u r and loansbanks cates rities agri- U. S. Other U.S. Other Total Bills of in- Notes Bonds2 t c u u r l a - l G t l i o i o o g b v n a - - s t. c t s u i e e r - s i- G l t o i i o g o b v a n - - t s . c t s u i e e r - s i- d n e e e d b s - t s - Total— Leading Cities 1949—January 62,741 25,069 15,396 701 416 196 4594,079 191 3,918 37,672 33,492 2,204 5,577 1,044 24,6674,180 1949-—November. .. 66,678 24,447 13,760 805 744 175 4294,276 242 4,329 42,231 37,273 2,454 7,261 1,165 26,3934,958 December. . . 67,336 24,884 13,864 863 824 172 4254,326 314 4,417 42,452 37,422 2,532 7,010 2,296 25,5845,030 1950—January 67,517 24,523 13,860 505 840 159 424 4,379 270 4,456 42,994 37,910 3,008 6,780 3,45424,6685,084 1949—Dec. 7 .... 66,938 24,812 13,807 1,024 778 175 424 4,302 233 4,388 42,126 37,153 2,308 7,120 1,173 26,552 4,973 Dec. 14 67,574 25,130 13,882 1,032 824 174 425 4,325 374 4,413 42,444 37,409 2,529 7.136 1,172 26,572 5,035 Dec 21 67,412 24,701 13,864 648 833 167 425 4,337 328 4,421 42.711 37,657 2,745 6,927 3,40724,578 5,054 Dec. 28 67,421 24,894 13,904 748 860 171 428 4,342 319 4,445 42,527 37,469 2,544 6,856 3,432 24,637 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 4,46842,975 37,920 2,999 6,804 3,48624,631 5,055 Jan. 18 67,670 24,455 13,861 429 843 151 4284,392 269 4,45343,215 38,131 3,271 6,756 3,44624,658 5,084 Jan 25 67,818 24,579 13,871 445 883 150 4224,400 322 4,455 43,239 38,077 3,220 6,694 3,42824,735 5,162 Feb. 1 67,266 24,486 13,918 511 853 147 4264,396 154 4,455 42,780 37,595 2,762 6,152 3,88524,796 5,185 Feb 8 67,139 24,520 13,885 443 860 146 4474,402 258 4,453 42,619 37,375 2,595 5,947 3,98624,847 5,244 Feb. 15 66,977 24,777 13,905 543 936 141 4304,399 351 4,444 42,200 36,975 2,306 5,862 3,94824,8595,225 Feb. 21 66,985 24,600 13,854 403 994 137 4314,410 306 4,439 42,385 37,162 2,402 5,858 3,98824,9145,223 New York City 1949—January 18,305 7,816 5,584 649 300 38 178 215 140 806 10,489 9,458 715 1,335 133 7,275 1,031 1949—November... 19,296 7,571 4,852 727 597 47 165 230 172 88011,725 10,531 571 1,947 271 7,742 1,194 December. . . 19,572 7,732 4,831 758 671 48 162 245 204 91511,840 10,580 683 1,779 566 7,552 1,260 1950—January 19,433 7,467 4,859 443 677 40 161 266 223 923 11,966 10,633 910 1,620 794 7,309 1,333 1949—Dec. 7 19,417 7,740 4,806 910 641 51 163 235 119 91511,677 10,473 552 1,846 283 7,792 1,204 Dec. 14 19,842 8,019 4,855 922 661 50 162 246 300 92311,823 10,545 663 1,799 277 7,806 1,278 Dec. 21 19,478 7,510 4,813 565 678 44 162 249 195 908 11,968 10,687 808 1,740 853 7,286 1,281 Dec. 28.... 19,551 7,661 4,851 635 704 48 162 251 201 914 11,890 10,613 709 1,732 850 7,322 1,277 1950—Jan. 4..... 19,498 7,584 4,854 611 674 43 161 254 198 91311,914 10,599 697 1,735 836 7,331 1,315 Jan. 11 19,273 7,365 4,856 388 665 42 160 267 187 92511,908 10,590 858 1,622 818 7,292 1,318 Jan. 18 19,341 7,414 4,855 379 656 37 163 271 251 92711,927 10,608 1,002 1,556 764 7,286 1,319 Jan. 25 19,618 7,505 4,871 394 713 37 162 273 255 92512,113 10,735 1,081 1,569 758 7,327 1,378 Feb. 1 19,220 7,416 4,916 452 690 35 165 265 99 91911,804 10,428 765 1,457 855 7,351 1,376 Feb. 8 19,141 7,449 4,905 402 698 34 180 265 165 92511,692 10,304 657 1,354 906 7,387 1,388 Feb. 15 18,997 7,514 4,900 461 746 30 162 267 170 90311,483 10,104 472 1,336 896 7,400 1,379 Feb. 21 19,187 7,521 4,879 364 801 27 162 268 245 90011,666 10,285 589 1,312 924 7,460 1,381 Outside New York City 1949—January 44,436 17,253 9,812 52 116 158 281 3,864 51 3,112 27,183 24,034 1,489 4,242 911 17,3923,149 1949—November. .. 47,382 16,876 8,908 78 147 128 2644,046 70 3,44930,506 26,742 1,883 5,314 89418,6513,764 December. . . 47,764 17,152 9,033 105 153 124 2634,081 110 3,50230,612 26,842 1,849 5,231 1,730 18,0323,770 1950—January 48,084 17,056 9,001 62 163 119 263 4,113 47 3,53331,028 27,277 2,098 5,160 2,660 17,3593,751 1949—Dec. 7 47,521 17,072 9,001 114 137 124 2614,067 114 3,47330,449 26,680 1,756 5,274 89018,7603,769 Dec. 14 47,732 17,111 9,027 110 163 124 2634,079 74 3,49030,621 26,864 1,866 5,337 89518,7663,757 Dec. 21 . 47,934 17,191 9,051 83 155 123 2634,088 133 3,513 30,743 26,970 1,937 5,187 2,554 17,2923,773 Dec. 28..... 47,870 17,233 9,053 113 156 123 266 4,091 118 3,531 30,637 26,856 1,835 5,124 2,582 17,3153,781 1950—Jan. 4 47,724 17,089 8,997 91 153 131 2644,093 73 3,53330,635 26,915 1,845 5,131 2,621 17,3183,720 Jan. 11 48,084 17,017 9,001 55 142 119 2614,112 30 3,54331,067 27,330 2,141 5,182 2,668 17,3393,737 Jan. 18 48,329 17,041 9,006 50 187 114 2654,121 18 3,52631,288 27,523 2,269 5,200 2,682 17,3723,765 Jan. 25 48,200 17,074 9,000 51 170 113 2604,127 67 3,53031,126 27,342 2,139 5,125 2,670 17,4083,784 Feb. 1 48,046 17,070 9,002 59 163 112 2614,131 55 3,53630,976 27,167 1,997 4,695 3,030 17,4453,809 Feb. 8 47,998 17,071 8,980 41 162 112 2674,137 93 3,52830,927 27,071 1,938 4,593 3,080 17,4603,856 Feb. 15 47,980 17,263 9,005 82 190 111 2684,132 181 3,541 30,717 26,871 1,834 4,526 3,052 17,4593,846 Feb. 21 47,798 17,079 8,975 39 193 110 2694,142 61 3,53930,719 26,877 1,813 4,546 3,064 17,4543,842 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. 338 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 t v - h l k - e s v C a i a u n s l h t m b a w n d a e o n i c s t - e k h ti s s c j p m u o a d s a e d s t n e - i - t d d s s s p p u v n c a h o a a o i e n i r d r l p r r d s a t - - - s - , - , S p s d s a i i o t u i c o n a v l b a n d i t i - l t e - s - s c C c O h a f e e e i e t n f e r c r f c d d t i s . k - i ' - s, U m G er o . e n S n v - . t - s p p u n v c h a o a a o e n i i r r d l p r r d s a t - - - s - , - , S p s d s a i i o t u i c o n a v l b a n i d t i - l t e - s - s P U m G S e i a o n r a n o . e n g s v S v d n - t - s . - a t l m D t D i e o c s e - - ma F n ei o d 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 ^ - k tions tions Totalr— Leading Cities 1949—January... 14,776 820 2,26147,57347,798 3,240 1,302 1,019 14,432 562 85 9,326 1,489 47 219 6>012 94,115 1949—November.. 12,109 785 2,18547,02147,550 3,201 1,278 2,346 14,484 600 124 9,156 1,348 153 376 6,235 86,441 December.. 12,180 893 2,28648,22148,732 3,202 1,395 1,864 14,474 619 130 9,382 1,298 152 358 6,221 105,862 1950—January... 12,408 804 2,41348,21948,403 3,315 1,358 1,997 14,597 620 127 9,835 1,238 152 210 6,209 93,223 1949—Dec. 7.... 12,185 834 2,129 47,72647,745 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 2,41148,65249,724 3,184 1,416 1,846 14,451 619 128 9,560 1,305 150 307 6,209 22,946 Dec. 21.... 12,131 891 2,31948,25448,603 3,181 1,474 1,808 14,476 620 133 9,476 1,292 153 286 6,211 26,875 Dec. 28.... 12,146 929 2,28648,25348,857 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 2,68047,97548,346 3,325 1,471 2,050 14,612 620 12810,2931,302 153 224 6,211 24,194 Jan. 11.... 12,403 839 2,41548,14048,452 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 2,33548,24548,596 3,267 1,399 1,940 14,593 620 127 9,7831,224 151 196 6,206 22,944 Jan. 25.... 12,237 782 2,22148,51448,219 3,460 1,268 2,101 14,577 619 128 9,327 1,214 151 270 6,206 20,704 Feb. 1.... 12,384 706 2,04947,76747,600 3,456 1,605 2,322 14,578 627 128 9,039 1,202 153 458 6,233 22,286 Feb. 8 12,078 760 2,04647,33046,814 3,372 1,221 2,438 14,607 628 128 9,065 1,196 153 325 6,242 21,526 Feb. 15 12,297 750 2,25546,93048,132 3,386 1,416 2,630 14,594 626 128 9,297 1,221 155 493 6,217 19,313 Feb. 21.... 12,012 757 2,15546,84847,130 3,358 1,387 2,811 14,614 627 128 8,991 1,249 153 257 6,222 20,386 New York City 1949—January.. . 5,393 126 33 15,33115,934 202 644 268 1,512 20 14 2,852 1,288 26 155 2,251 38,767 1949—November.. 4,513 136 3214,940 15,674 243 638 814 1,476 28 28 2,707 1,130 109 245 2,296 34,105 December.. 4,580 154 3415,42316,211 199 723 576 1,498 24 35 2,799 1,079 110 268 2,283 45,434 1950—January... 4,543 129 33 15,32015,990 213 690 568 1,510 22 38 2,949 1,016 111 89 2,279 38,133 1949—Dec. 7.... 4,597 144 2915,214 15,852 175 608 605 1,476 24 33 2,696 1,097 110 428 2,290 9,452 Dec. 14.... 4,555 161 3815,708 16,615 197 753 571 1,503 24 33 2,841 1,089 109 206 2,279 10,105 Dec. 21.... 4,578 157 3515,343 16,073 170 782 536 1,499 24 38 2,867 1,069 111 216 2,279 11,965 Dec. 28.... 4,587 154 3515,428 16,302 255 750 593 1,513 24 38 2,792 1,062 111 222 2,281 7,772 1950—Jan. 4.... 4,826 134 3415,275 16,018 206 722 594 1,528 23 38 3,191 1,074 111 154 2,277 10,233 Jan. 11 4,532 138 3215,275 15,972 186 658 528 1,512 23 38 2,933 989 111 46 2,279 8,755 Jan. 18.... 4,-412 123 3515,22915,978 196 723 550 1,507 22 38 2,887 1,002 110 56 2,278 9,272 Jan. 25 4,403 123 3015,50115,990 262 659 603 1,491 22 37 2,785 999 110 102 2,280 8,119 Feb. 1.... 4,692 112 3015,117 15,782 212 968 687 1,488 21 38 2,744 984 111 344 2,287 9,473 Feb. 8.... 4,443 123 2815,022 15,498 199 636 712 1,483 21 38 2,678 977 112 170 2,289 9,494 Feb. 15 4,604 120 3214,72415,763 186 783 749 1,468 21 38 2,754 993 114 382 2,284 7,489 Feb. 21 4,442 119 3214,885 15,662 191 773 791 1,477 21 38 2,735 1,031 111 165 2,285 8,255 Outside New York City 1949—January... 9,383 694 2,22832,24231,864 3,038 658 751 12,920 542 71 6,474 201 21 64 3,761 55,348 1949—November.. 7,596 649 2,15332,08131,876 2,958 640 1,532 13,008 572 96 6,449 218 44 131 3,939 52,336 December.. 7,600 739 2,25232,79832,521 3,003 672 1,288 12,976 595 95 6,583 219 42 90 3,938 60,428 1950—January. . . 7,865 675 2,38032,89932,413 3,102 668 1,429 13,087 598 89 6,886 222 41 121 3,930 55,090 1949—Dec. 7.... 7,588 690 2,10032,51231,893 2,972 663 1,243 12,955 594 95 6,497 221 40 97 3,945 12,744 Dec. 14.... 7,704 755 2,37332,94433,109 2,987 663 1,275 12,948 595 95 6,719 216 41 101 3,930 12,841 Dec. 21.... 7,553 734 2,28432,91132,530 3,011 692 1,272 12,977 596 95 6,609 223 42 70 3,932 14,910 Dec. 28.... 7,559 775 2,25132,82532,555 3,041 670 1,362 13,024 597 92 6,505 217 42 93 3,947 11,557 1950—Jan. 4.... 7,948 675 2,64632,70032,328 3,119 749 1,456 13,084 597 90 7,102 228 42 70 3,934 13,961 Jan. 11.... 7,871 701 2,383 32,86532,480 3,022 634 1,367 13,094 597 89 7,004 223 42 105 3,936 12,570 Jan. 18.... 7,807 664 2,30033,01632,618 3,071 676 1,390 13,086 598 89 6,896 222 41 140 3,928 13,672 Jan. 25 7,834 659 2,19133,01332,229 3,198 609 1,498 13,086 597 91 6,542 215 41 168 3,926 12,585 Feb. 1 7,692 594 2,01932,65031,818 3,244 637 1,635 13,090 606 90 6,295 218 42 114 3,946 12,813 Feb. 8 7,635 637 2,01832,30831,316 3,173 585 1,726 13,124 607 90 6,387 219 41 155 3,953 12,032 Feb. 15.... 7,693 630 2,22332,20632,369 3,200 633 1,881 13,126 605 90 6.543 228 41 111 3,933 11,824 Feb. 21.... 7,570 638 2,12331,96331,468 3,167 614 2,020 13,137 606 90 6,256 218 42 92 3,937 12,131 8 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. MARCH 1950 339 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 dollarsj Loans1 Investments For purchasing U. S. Government obligations or carrying securities Total Comloans mer- Federal Reserve and cial, To brokers •To others Cerdistrict and date i m nv e e n st t - s Total1 in a t a r g d n i r u a d i l s - - a U n . d S d . ealers U.S. e l R o st a e a n a t s e l L ba o t n o a k n s s O lo t a h n e s r Total Total Bills o d c t f a e i f t b i i e - t n s - - Notes Bonds2 O s ri e t t c h ie u e s - r cul- Govt. OtherGovt.Other edtural ob- se- ob- se- ness liga- curi- liga- curitions ties tions ties Boston Jan. 25 3,048 1,037 631 11 8 12 18 146 9 223 2,011 1,859 114 338 118 1,289 152 Feb. 1 3,043 1,039 634 8 8 11 18 147 12 223 2,004 1,847 100 303 145 1,299 157 Feb. 8 3,033 1,045 644 4 8 11 19 148 13 220 1,988 1,826 86 302 140 1,298 162 Feb. 15 3 047 1,078 647 5 8 10 18 145 44 222 1,969 1,804 76 297 136 1,295 165 Feb.21 3,021 1,039 648 5 9 10 19 146 3 221 1,982 1,814 75 300 135 1,304 168 New York* Jan. 25 21,965 8,271 5,174 407 720 40 178 510 2551,130 13,694 12,108 1,215 1,741 835 8,317 1,586 Feb. 1 21,581 8,188 5,223 464 697 38 181 502 1021,124 13,393 11,808 907 1,616 944 8,341 1,585 Feb. 8 21,502 8,224 5,215 409 706 38 196 502 1691,132 13,278 11,677 794 1,504 999 8,380 1,601 Feb. 15 .. 21,329 8,297 5,209 473 754 34 178 502 1791,111 13,032 11,444 585 1,480 988 8,391 1,588 Feb. 31 21,518 8,293 5,189 374 808 31 178 503 2451,108 13,225 11,632 692 1,471 1,018 8,451 1,593 Philadelphia Jan. 25 2,775 918 466 1 22 2 7 113 7 315 1,857 1,509 180 207 127 995 348 Feb. 1 2,756 921 475 1 24 2 7 113 315 1,835 1,482 158 188 141 995 353 Feb. 8 2 774 948 476 1 25 2 7 113 23 317 1 826 1,474 158 172 143 1,001 352 Feb. 15 2 761 950 484 1 25 2 7 107 22 318 1,811 1,460 155 168 135 1,002 351 Feb. 21 2,763 942 484 1 27 2 7 107 10 320 1,821 1,476 147 185 131 1,013 345 Cleveland Jan. 25 4 667 1 452 810 10 23 27 37 296 5 264 3,215 2,849 113 372 308 2,056 366 Feb. 1 4,683 1,463 810 9 23 26 38 297 10 270 3,220 2,854 120 347 329 2,058 366 Feb. 8 4,668 1,447 801 8 29 26 41 298 1 263 3,221 2,851 126 327 330 2,068 370 Feb. 15 4 651 1 470 802 10 26 26 40 300 21 265 3,181 2,813 106 311 325 2,071 368 Feb. 21 4,667 1,453 799 9 25 25 41 300 7 267 3,214 2,845 126 317 334 2,068 369 Richmond Jan. 25 2 709 874 401 1 7 10 18 210 1 237 1,835 1,684 148 260 128 1,148 151 Feb. 1 2 702 881 400 7 10 18 213 4 240 1 821 1 669 130 251 145 1,143 152 Feb. 8 2 718 880 399 7 10 19 216 1 239 1 838 1 687 143 248 147 1,149 151 Feb. 15 2 724 883 402 8 10 20 217 1 236 1 841 1,691 141 249 148 1,153 150 Feb. 21... 2,736 886 401 1 7 10 20 218 2 238 1,850 1,699 146 246 149 1,158 151 Atlanta Jan. 25 2 449 889 536 8 12 22 80 4 239 1 560 1,360 80 360 123 797 200 Feb. 1 2 438 883 535 9 12 21 78 4 237 1 555 1 354 81 337 139 797 201 Feb. 8 2 447 882 534 9 12 21 75 4 240 1 565 1,361 90 329 147 795 204 Feb. 15.. . 2 476 886 536 9 12 21 77 4 240 1 590 1 388 113 330 145 800 202 Feb. 21 2 455 881 531 9 12 21 77 4 240 1 574 1 369 110 331 144 784 205 Chicago* Jan. 25 9,639 2,602 1,632 12 58 18 52 369 31 468 7,037 6,268 738 1,078 683 3,769 769 Feb. 1 9,594 2,551 1,618 20 40 18 53 368 14 459 7,043 6,262 746 985 747 3,784 781 Feb. 8 9 534 2 535 1 610 14 41 18 53 369 13 456 6 999 6 203 668 988 754 3,793 796 Feb. 15 9,521 2,639 1,617 47 71 18 53 370 47 455 .6,882 6,094 610 942 750 3,792 788 St. Fe L b o . u i 2 s 1 .. 9,466 2,578 1,610 10 71 18 53 370 29 456 6,888 6,097 614 936 758 3,789 791 Jan. 25 2,314 980 548 1 6 8 11 191 6 221 1,334 1,162 71 235 160 696 172 Feb. 1 2 286 977 546 1 5 8 11 193 3 222 1 309 1,136 52 210 177 697 173 Feb. 8 2,276 985 544 1 5 8 11 193 15 220 1,291 1,119 48 204 184 683 172 Feb. 15 2 285 985 542 1 5 8 12 193 17 219 1 300 1,127 56 210 181 680 173 Feb. 21 2,274 972 540 1 6 8 12 194 5 218 1,302 1,127 58 211 177 681 175 Minneapolis Jan. 25 1 273 432 214 4 2 5 74 139 841 728 38 180 72 438 113 Feb. 1 1 276 428 210 2 3 5 74 141 848 734 25 187 85 437 114 Feb. 8 1 277 430 207 2 2 5 74 6 141 847 732 32 174 87 439 115 Feb. 15 1 282 436 211 2 3 5 74 4 143 846 728 25 178 87 438 118 Feb. 21 1 262 432 208 3 3 5 75 145 830 713 15 174 86 438 117 Kansas City Jan. 25 2 615 953 619 5 4 11 138 1 181 1 662 1,427 173 319 165 770 235 Feb. 1 2 600 964 626 6 4 11 139 1 183 1,636 1,400 157 296 176 771 236 Feb. 8 2 603 964 628 5 4 11 139 1 182 1 639 1 404 160 287 185 772 235 Feb. 15 2 624 972 632 5 4 11 139 4 183 1 652 1,416 174 283 186 773 236 Feb. 21 2 611 96 5 628 4 4 11 139 1 184 1,646 1,410 165 287 187 771 236 Dallas Jan. 25 2 571 1 182 845 6 7 40 95 200 1 389 1,257 128 361 104 664 132 Feb. 1 2 547 1 192 852 6 7 40 94 204 1,355 1,226 106 324 134 662 129 Feb. 8 2 542 1 188 845 6 7 41 95 205 1 354 1 224 104 321 136 663 130 Feb. 15 2 542 1 190 845 5 7 41 95 208 1 352 1 224 101 318 137 668 128 Feb. 21 2 539 1 181 843 6 7 41 95 200 1,358 1,229 107 323 134 665 129 San Francisco Jan. 25 11,793 4,989 1,995 2 16 8 232,178 3 838 6,804 5,866 222 1,243 605 3,796 938 Feb. 1 11 760 4 999 1 989 8 26 8 232 178 4 837 6 761 5,823 180 1,108 723 3,812 938 Feb. 8 11 765 4 992 1 982 6 17 8 23 2 180 12 838 6 773 5,817 186 1,091 734 3,806 956 Feb. 15 11,735 4,991 1,978 6 18 7 24 2 180 8 844 6,744 5,786 164 1,096 730 3,796 958 Feb. 21 11,673 4,978 1,973 2 19 7 232,186 842 6,695 5,751 147 1,077 735 3,792 944 City of Chicago* Jan. 25 5,999 1,684 1,255 12 53 13 45 80 18 233 4,315 3,792 523 657 420 2,192 523 Feb. 1 5,957 1,629 1,231 20 35 13 45 79 231 4,328 3,796 538 588 464 2,206 532 Feb. 8 . 5,958 1,625 1,225 14 36 13 45 80 8 229 4,333 3,788 529 594 459 2,206 545 Feb. 15 5 899 1,683 1 233 47 62 13 45 80 2 227 4,216 3,678 467 550 456 2,205 538 Feb. 21 5,872 1,660 1,226 9 63 13 45 79 24 227 4,212 3,671 461 544 457 2,209 541 * 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. 340 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 n e d s e d r a v t e e B s w F e R a e e r n r i e a d t v k h - l - e s v C a a i u n sh lt 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 a d s a d t e s n e i - - t d d s 3 s p p u v n c h a o a a o i e n i d r r l p r r d s a t - - - s - , - , S p s d s t a i i o a u i c o n v t l b a n i e d i l - t - s s - c C h c O f a e e e e i t n f r e c c r f t d i s d k . i - ' - s, U m G er . o e n n v S - t - . p u s p v n c a h o a o a i e n d l i r r r r d s p a - - - t , - s - S p s d s t a i i o a u i c o n v l t b a n d i e i - l t - s s - P U m G S e o i a n r a . s n o e g n t v v n d S a s - - - t l . m D t e i o c s - - F ei o g r n - Time r B i o n o w g r s - - c C o i a t u a c a p n - l - ts B d it e a s b n - 4 k tions tions Boston Jan. 25 482 52 89 2,494 2,437 179 41 474 271 28 311 835 Feb. 1 477 47 87 2,469 2,421 180 45 105 475 276 27 2 326 855 Feb. 8 462 51 82 2,434 2,379 179 41 110 479 270 26 5 326 810 F Fe e b b . . 2 1 1 5 4 46 5 5 4 5 5 1 0 9 9 2 0 2 2, , 4 4 1 4 0 0 2 2, , 3 4 7 2 6 3 1 1 8 8 1 0 3 4 5 6 1 1 2 3 0 0 4 4 7 7 9 9 2 2 7 7 0 4 2 2 7 8 "ii 3 3 2 2 7 7 7 77 9 6 0 New York* Jan. 25 , 4,662 170 12517,08317,355 553 706 660 2,323 2,856 1,003 111 120 2,479 8,640 Feb. 1 4,940 154 12116,70217,122 518 ,023 7512,318 2,816 987 113 347 2,486 10,072 Feb. 8 4,683 170 10316,58516,818 505 683 7812,314 2,749 981 113 170 2,48810,019 Feb. 15 , 4,883 166 12816,30517,137 503 836 824 2,300 2,828 996 115 385 2,483 8,062 Feb. 21 4,725 166 11116,44916,997 491 823 873 2,310 2,807 1,034 113 167 2,484 8,788 Philadelphia Jan. 25 464 43 107 2,172 2,237 90 24 130 400 359 14 7 313 774 Feb. 1 468 38 96 2,114 2,228 76 24 151 400 365 13 10 314 830 Feb. 8 450 41 94 2,121 2,184 86 20 156 400 360 12 3 314 763 Feb. 15 445 41 124 2,065 2,238 80 25 167 400 400 12 24 314 701 Feb. 21 454 42 105 2,092 2,181 91 25 178 407 355 11 19 314 729 Cleveland Jan. 25 ,. 748 82 146 3,194 3,239 164 52 1521,340 458 6 12 475 1,102 Feb. 1 726 74 135 3,165 3,197 165 54 1651,340 452 6 7 475 1,197 Feb. 8 710 75 126 3,107 3,102 166 52 1731,340 444 6 21 476 1,015 Feb. 15 745 74 153 3,114 3,204 164 51 1901,341 477 2 475 1,054 Feb. 21 687 79 143 3,066 3,154 164 53 2041,343 462 4 475 1,074 Richmond Jan. 25 449 65 170 2,079 2,058 177 40 92 561 397 14 228 730 Feb. 1 457 56 145 2,062 2,040 184 38 93 562 380 13 229 738 Feb. 8 449 64 159 2,062 2,052 159 40 99 566 407 6 230 718 Feb. 15 456 61 172 2,068 2,084 171 40 107 566 404 17 230 695 Feb. 21 454 62 150 2,064 2,055 176 38 112 567 391 14 230 661 Atlanta Jan. 25 393 41 176 1,748 1,644 292 22 50 526 534 5 196 687 Feb. 1 386 36 163 1,730 1,621 301 24 55 526 516 2 197 711 Feb. 8 415 41 179 1,740 1,613 302 21 59 527 557 2 197 656 Feb.15 415 39 199 1,787 1,702 313 23 66 526 552 197 668 Feb. 21 404 40 189 1,732 1,662 284 24 89 527 539 195 692 Chicago* Jan. 25 1,876 102 322 6,599 6,488 601 99 420 2,588 1,474 52 732 2,947 Feb. 1 1,785 93 291 6,466 6,330 598 107 457 2,590 1,409 39 735 2,961 Feb. 8 1,779 99 307 6,322 6,167 569 94 476 2,605 1,426 85 736 2,693 Feb. 15 1,773 96 339 6,265 6,395 577 99 526 2,602 1,484 44 733 2,741 Feb. 21 1,729 100 323 6,247 6,181 594 94 5422,592 1,415 13 734 2,801 St. Louis Jan. 25 374 30 125 1,424 1,506 106 19 58 471 695 3 183 613 Feb. 1 384 26 113 1,407 1,479 109 18 62 471 660 16 182 593 Feb. 8 378 29 112 1,400 1,463 106 15 65 473 660 4 183 566 Feb. 15 376 27 117 1,401 1,524 103 15 75 473 663 1 183 539 Feb. 21 367 28 106 1,400 1,476 103 14 79 474 621 7 183 534 Minneapolis Jan. 25 209 13 84 844 815 119 13 57 248 308 10 102 328 Feb. 1 203 12 88 853 805 138 17 69 249 295 3 102 357 Feb. 8 200 12 84 843 806 130 12 72 249 297 2 102 327 Feb. 15 210 12 86 863 835 123 19 80 250 280 6 102 320 Feb. 21 199 12 817 791 122 10 92 250 279 11 103 365 Kansas City Jan. 25 469 31 300 1,919 1,888 248 26 84 385 1 825 1 209 787 Feb. 1 470 27 263 1,895 1,846 249 25 87 386 1 777 13 209 747 Feb. 8 471 31 278 1,894 1,851 241 26 91 386 2 799 10 209 681 Feb. 15 492 30 271 1,941 1,939 250 26 95 387 1 786 6 210 723 Feb. 21 457 29 287 1,915 1,878 253 25 100 388 1 775 4 210 739 Dallas Jan. 25 466 36 318 2,011 1,983 214 40 48 361 93 693 209 753 Feb. 1 469 32 282 1,984 1,936 212 37 51 361 93 658 208 689 Feb. 8 463 35 278 1,970 1,907 220 30 55 361 92 654 210 638 Feb. 15 454 34 316 1,970 1,986 225 35 63 361 90 676 209 635 Feb. 21 459 33 303 1,988 1,957 206 37 68 361 90 642 210 713 San Francisco Jan. 25 1,645 117 259 6,947 6,569 717 186 2514,900 376 457 769 2,508 Feb. 1 1,619 111 265 6,920 6,575 726 193 276 4,900 377 435 770 2,536 Feb. 8 , . 1,618 112 244 6,852 6,472 709 187 3014,907 373 442 771 2,640 Feb. 15 1,594 120 258 6,711 6,665 696 212 3174,909 373 473 754 2,385 Feb. 21 1,612 115 260 6,668 6,422 694 198 344 4,916 373 435 757 2,514 City of Chicago* Jan. 25 1,289 38 4,181 4,191 301 45 2381,361 26 1,088 493 1,880 Feb. 1 1,241 33 124 4,115 4,104 304 55 2591,363 26 1,032 496 1,869 Feb. 8 1,227 35 143 4,029 4,011 289 47 1,376 26 1,048 496 1,715 Feb. 15 1,219 34 3,955 4,141 285 47 2951,373 26 1,082 492 1,795 Feb. 21 1,171 38 152 3,957 4,009 295 49 3051,372 26 1,036 493 1,804 For footnotes see opposite page and preceding table. MARCH 1950 341 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 Banksi a B nd ra n of c f h ic e e s s1 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 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 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 Jan. 31, 1950? 14,051 4,579 12,187 4,304 6,887 3,398 5,300 906 1,864 275 By districts and by States Jan. 31, 1950 P District Boston 485 319 485 319 329 248 156 71 New York 894 897 894 897 768 828 126 69 Philadelphia. 837 150 837 150 640 113 197 37 Cleveland 1,125 293 1,125 293 700 253 425 40 Richmond 1,011 503 803 375 479 239 324 136 208 128 Atlanta... 1,188 201 584 163 351 142 233 21 604 38 Chicago 2,491 594 2,491 594 1,001 240 1,490 354 St. Louis 1,472 139 1,135 80 496 42 639 38 337 59 Minneapolis 1,278 110 679 69 478 26 201 43 599 41 Kansas City 1,750 10 1,741 10 755 6 986 4 9 Dallas 1,022 47 915 38 624 24 291 14 107 San Francisco 498 1,316 498 1,316 266 1,237 232 79 State Alabama 225 23 129 23 92 23 37 96 Arizona 9 52 9 52 5 39 4 13 Arkansas 232 20 109 6 68 2 41 4 123" 14 California 195 953 195 953 118 907 77 46 Colorado 143 143 1 92 1 51 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 186 3 125 3 73 3 52 61 Georgia 395 39 108 35 67 32 41 287 Idaho 43 53 43 53 25 48 18 Illinois 887 3 885 3 505 3 380 Indiana 488 100 488 100 236 44 252 56 Iowa 664 164 664 164 161 503 164 Kansas 611 609 215 394 2 L K o e u n i t s u i c an k a y 3 1 8 6 3 2 4 7 1 3 38 5 3 9 4 5 1 0 1 4 1 6 2 4 2 4 5 27 1 1 3 1 6 6 ioi' 23 Maine 63 69 63 69 38 37 25 32 Maryland 163 116 163 116 77 77 86 39 Massachusetts 178 169 178 169 142 153 36 16 Michigan 441 225 441 225 231 173 210 52 Minnesota. ........ 681 6 267 6 207 6 60 414 Mississippi 202 64 40 12 31 5 9 162 52 Missouri 593 527 180 347 66 Montana 111 111 84 27 Nebraska 409 2 409 2 141 2 268 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 638 756 638 756 558 701 80 55 North Carolina 211 195 97 72 54 40 43 32 114 123 North Dakota 150 22 63 6 43 20 6 87 16 Ohio 661 216 661 216 424 189 237 27 Oklahoma 384 1 376 1 224 1 152 Oregon 69 97 69 97 29 87 40 10 Pennsylvania 973 181 973 181 742 153 231 28 Rhode Island 18 45 18 45 10 32 8 13 South Carolina , 151 41 63 36 33 30 30 6 5 '" South Dakota 168 70 23 62 20 3 98 25 Tennessee 294 89 203 76 82 59 121 17 91 13 Texas 900 5 844 5 572 5 272 56 Utah 55 23 55 23 31 21 24 2 Vermont 69 11 69 11 40 2 29 9 Virginia 312 110 307 110 204 60 103 50 Washington 121 135 121 135 53 127 68 West Virginia 180 179 108 71 8 Wisconsin 551 151 551 151 164 21 387 Wyoming 53 53 39 14 '130* 2 p I P n r c e l l u im de i s n a b r r y a . n ches and o * t h E e x r c a lu d d d e i s ti o m n u a t l u o a f l f i s c a e v s in a g t s w b h a i n c k h s , d o ep n o a s i f t e s w a r o e f r w ec h e ic iv h e d so , m ch e e c c h k e s c k p s a i a d r , e o d r ra m w o n i 1 m . ey lent, including "banking facilities" at military reservations (see BULLETIN for February 1950, p. 244, footnotes 9 and 10). Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55, and Annual Reports. 342 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 sta p o n a u d p t i e - n r g1 st T a o n o u d t t a i - n l g Total Accept O b in i w l g l n s banks bo B u il g ls ht Others I U S m i n t n p a i t o t t o e e r s d ts E U S f x n t r p a o i o t m t e e r s d ts c D h e o a x l n l - g ar e G U s o h n o i i d p te s p p d o e s d i t n o t b r s e e F d i t n o w r i e e n e i g n o n r States countries 1948—December 269 259 146 71 76 112 164 57 1 25 12 1949—January 268 262 137 66 70 126 156 57 11 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 (2) 17 13 July 211 194 90 57 33 104 117 44 (2) 19 13 August 230 189 85 53 32 104 117 37 18 16 September 265 207 94 54 40 113 133 37 1 21 14 October. . . 278 215 104 57 47 110 140 39 1 23 12 November 278 251 118 60 58 133 173 44 25 9 December 257 272 128, 58 70 144 184 49 30 9 1950—January 258 280 134 67 68 146 190 49 (2) 32 9 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Other credit balances Debit Debit 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 u a m n d e t i s n n g t a in n a v d c e c t s o r t u a m d n e i t n s 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 a v d c p e c t s a o r t r u a m t n d n e t i e s n n r g t s' an in a d I c v n c t e r o s f a t u i m d r n m i e t n s n g t I a n c ( c c n o a e u p t n ) it t a s l 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—February. . . 3 527 3225 3 565 March '530 3254 3551 April 3 626 3 329 3 542 May 3 660 3 355 3 535 June 681 5 419 280 493 528 129 20 9 260 July 3 690 3 399 3 530 August 3 699 3 404 3 548 September. . 3 740 3418 3 580 October 3 783 3 416 3 586 November. . 3813 3445 3 596 December. . 881 5 400 306 523 633 159 26 15 271 1950—January 3 901 3 493 3 669 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): November, 63; December, 61; January, 46. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. MARCH 1950 343 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESSES BY BANKS IN SELECTED CITIES u. s Government [Per cent per annum] Prime Prime S e to x- ck security yields Size of loan mo Y w n e e th a ek r , , or m m 4 p - c e o a o r t n p o c m t e i h 6 a r - , s l - 1 a a d b c n e a a 9 c r c y n s 0 e e ' s k p s - 1 , t- ch n l a c o r e a l a e a w n s - l n 2 l g - e m bi o 3 ll - n s t 3 h 9 d c m - o c e e t f a o r o b t t n i t i e n e 1 f t s i h d - 2 - - - 3 t i - a y s x s t e o u a a e b r 5 s l - e An 1 n 9 A u a r c e l i a t a i e v a s e n : r d a g p e e s r : iod lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 , 0 0 , 0 00 0- 0 $ $ 1 2 0 0 0 0 ,0 ,0 0 0 0 0 -$ a 2 n 0 d 0 o ,0 v 0 e 0 r ness 1940 2.1 4.3 3.0 2.0 1.8 1941 2 0 4.3 3.0 1.9 1.8 1942 2.2 4.4 3.2 2.2 2.0 1947 average 1.03 .87 1.38 .604 .88 1.32 1943 2.6 4.4 3.4 2.5 2.4 1948 average. 1.44 1.11 1.55 1.043 1.14 1.62 1944 . ... 2 4 4.3 3.3 2.6 2.2 1949 average 1.48 1.12 1.63 1.104 1.14 1.43 1945 2.2 4.3 3.2 2.3 2.0 1946 2.1 4.2 3.1 2.2 1.7 1949—February. . 1.56 1.19 1.63 1.163 1.22 1.57 1947 2.1 4.2 3.1 2.5 1.8 March 1.56 1.19 1.63 1.162 1.22 1.54 1948 2.5 4.4 3.5 2.8 2.2 April . .. 1.56 J 19 1.63 1.155 1.20 1.53 1949 2 7 4 6 3.7 3.0 2.4 May. ..... 1.56 L.19 1.63 1.156 1.19 1.49 June 1.56 L 19 1.63 1.158 1.20 1.42 Quarterly: July . 1.56 :L.06 1.63 0.990 1.04 1.26 19 cities: August.... 1.44 L.06 1.63 1.027 1.07 1.26 I949—Mar 2.70 4.62 3.64 2.89 2.42 September. 1.38 L.06 1.63 1.062 1.08 1.34 June 2.74 4.63 3.70 3.04 2.44 October. ... 1.38 L.06 1.63 1.044 1.09 1.38 Sept 2.63 4.62 3.64 2.98 2.31 November. 1.38 L.06 1.63 1.073 1.09 1.37 Dec. 2.65 4.53 3.61 2.98 2.35 December . 1.31 L.06 1.63 1.097 1.10 1.37 New York City: I949—Mar 2.42 4.22 3.42 2.66 2.25 1950—January 1.31 1.06 1.63 1.100 1.12 1.39 June 2 35 4.22 3.43 2.78 2.17 February .. 1.31 1.06 1.63 1.130 1.15 1.44 Sept 2.32 4.23 3.41 2.74 2.13 Dec 2.38 4.14 3.35 2.73 2.21 Week ending: 7 Northern and East- Jan. 28 ... lVw {¥'{¥ 1.118 1.13 1.42 ern cities: Feb. 4 ... lVie 1.119 1.14 1.44 I949—Mar 2.68 4.63 3.66 2.89 2.44 F F e eb b . . 1 1 1 8 . . . . . . 1 1M M — -1 1 H % 1 lV 7M ic 1 1 . .1 1 3 3 2 1 1 1. . 1 1 5 4 1 1. . 4 4 5 3 J S u e n p e t 2 2 . . 8 6 6 4 4 4 . . 6 7 7 1 3 3 . . 6 6 4 3 2 2 . . 9 9 8 3 2 2 . . 6 3 6 9 Feb. 25 ... 17M 1.137 1.15 1.44 Dec. 2.67 4.63 3.65 3.00 2.41 1 Monthly figures are averages of weekly prevailing rates. 11 S W ou e th st e e r r n n a c n i d ties: 2 The average rate on 90-day Stock Exchange time loans was 1.50 I949—Mar 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 Au 3 g R . a 1 t 7 e , o 1 n 9 4 n 8 e . w issues offered within period. D Se e p c t 3 3 . .0 0 7 3 4 4 . . 6 7 6 4 3 3 . . 7 7 4 9 3 3 . . 1 1 2 8 2 2 . . 5 5 6 8 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 Aaa Aa Baa In tr d ia u l s- R ro a a i d l- u P t u i b li l t i y c Number of issues. 1-5 15 120 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—February.. 1.83 2.39 2.23 2.73 3.00 2.71 2.80 3.05 3.45 2.79 3.24 2.99 March 1.80 2.38 2.21 2.71 3.00 2.70 2.79 3.05 3.47 2.78 3.27 2.97 April 1.77 2.38 2.20 2.70 3.00 2.70 2.79 3.05 3.45 2.78 3.27 2.96 May 1.72 2.38 2.20 2.71 3.00 2.71 2.78 3.04 3.45 2.78 3.26 2.95 June 1.66 2.38 2.28 2.72 3.00 2.71 2.78 3.04 3.47 2.78 3.29 .93 July...... 1.55 2.27 2.26 2.66 2.67 2.75 3.03 3.46 2.75 3.29 .89 August 1.49 2.24 2.20 2.60 2.62 2.71 2.96 3.40 2.70 3.21 .86 September. 1.65 2.22 2.22 2.59 2.60 2.69 2.95 3.37 2.68 3.19 2.84 October. .. 1.72 2.22 2.21 2.59 2.61 2.70 2.94 3.36 2.68 3.20 2.83 November. 1.70 2.20 2.17 2.56 2.60 .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 February.. 1.75 2.24 2.06 2.54 2.83 2.58 2.65 2.86 3.24 2.63 3.08 2.78 Week ending: Jan. 28. . . 2.22 .07 2.54 2.83 2.58 2.65 2.85 3.23 2.63 3.07 2.79 Feb. 4... 2.23 .07 2.54 2.83 2.58 2.66 2.85 3.23 2.63 3.08 2.79 Feb. 11. .. 2.23 .06 2.54 2.83 2.58 2.66 2.86 3.24 2.63 3.08 2.78 Feb. 18. . . 2.24 .06 2.54 2.83 58 2.65 2.86 3.24 2.63 3.09 2.78 Feb. 25... 1.76 2.25 2.05 2.53 2.83 2.58 2.65 2.85 3.24 2.64 3.08 2.78 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. < 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. 344 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) Volume of trad- Year, month, or week U.S. Munic- ing7 (in Gov- ipal Medium-grade Pre- thoum e e r n n- t 2 g ( r h a i d g e h ) - 3 H gr i a g d h e - 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 ferred6 Total In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c s s a h n a d r s e s o ) f 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—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 February 103.62 131.7 104.0 96.4 102.0 86.5 100.9 182.4 137 144 107 107 1,704 Week ending: Jan. 28 . 103 86 131 5 104 1 96 5 102 1 86 9 100 5 183 3 134 141 107 106 1,377 Feb. 4 103.73 131.5 104.0 96.6 102.1 86.7 100.9 182.3 136 144 107 107 1,872 Feb 11 103.73 131.7 104.0 96.5 102.0 86.7 100.9 182.3 137 145 107 108 1,618 Feb. 18 103.66 131.7 104.0 96.4 102.0 86.2 100.9 182.8 136 144 107 107 2,011 Feb 25 103.45 131.9 104.1 96.3 101.9 86.3 100.8 182.3 137 145 108 108 1,435 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 ( u i a n r n n n e e g d d - w ) - m T e ( a f e i o d o g n s t o r n d t a - i - ) c l Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co B r a o p n n o d d r s ate Stocks e F i o g r n - 2 m T e ( a f e i o d o g n s t r o n d t a - i - ) c l Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co B r a o p n n o d d r s ate Stocks e F ig o n r- 2 notes notes 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1946 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2,352 601 105 1947 39,691 37,566 7,255 2,228 239 4,787 3,567 1,219 68 2,125 1,948 44 422 1,482 1,199 283 177 1948 '10,214 '9,079 9,070 2,604 294 46,172 45,264 908 10 1,135 1,135 82 768 284 257 28 1949 9,475 7,909 7,880 2,803 233 4,844 3,890 954 29 1,566 1,466 104 943 418 366 52 101 1949—January. . 741 642 642 192 7 442 383 60 100 100 1 97 1 1 February 525 460 460 200 14 246 240 6 65 65 4 53 8 8 March. . . 691 595 595 174 26 395 321 73 96 96 1 55 39 39 April 952 906 906 190 33 684 516 167 46 46 1 44 1 1 May 766 687 687 339 51 296 194 102 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 July 764 684 683 244 9 430 382 48 2 79 79 1 56 22 22 August. .. 616 311 293 174 119 66 54 18 304 204 1 195 8 8 1 101 September 749 521 511 314 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 1950—January.. U,185 817 817 233 30 553 463 90 5 369 269 1 159 108 96 12 r 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. 5 Includes 100 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately. 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. 345 MARCH 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses 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 8 Repa o y f ment Other Total Plant and Working Total Bonds and Preferred other debt purposes equipment capital notes stock 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938.. . 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 6,011 5,902 1,080 638 442 4,555 4,117 438 134 133 1946. 6,900 6,757 3,279 2,115 1,164 2,868 2,392 476 379 231 1947 6,577 6,466 4,591 3,409 1,182 1,352 1,155 196 356 168 1948 7,113 6,994 5,964 4,242 1,722 307 240 67 488 234 1949. 5,410 5,322 4,277 3,500 777 326 292 34 418 301 I949—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 1950—January 575 567 423 394 29 52 39 12 53 39 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Real estate and financial Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties poses4 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939. 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 1945 1,436 115 1,320 2,291 69 2,159 63 1,969 811 1,010 148 206 85 65 56 1946 704 129 571 3 2,129 785 1,252 93 3,601 2,201 981 419 323 164 64 95 1947 283 240 35 8 3,212 2,188 939 84 2,686 1,974 353 359 286 189 24 73 1948 617 546 56 15 3,039 2,744 146 149 2,751 2,189 75 486 587 485 30 72 1949 456 441 11 4 2,765 2,324 249 191 1,679 1,192 44 444 421 320 22 79 1949—January.... 36 36 118 118 162 139 2 21 20 19 1 February... 54 50 4 104 102 2 128 39 2 87 32 29 3 March 87 87 179 125 36 18 114 85 29 23 21 1 April 17 17 276 270 6 336 215 121 58 51 7 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 15 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 1 December.. 31 27 4 306 173 69 64 87 77 2 8 60 59 1 1950—January 93 27 31 35 410 348 16 46 51 44 4 3 12 4 8 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. 346 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 millions dollars and over Assets of 10-50 million dollars (200 corporations) (82 corporations) (118 corporations) Y'ear or quarter Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i s - 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—i 7,020 999 604 246 5,828 843 509 216 1,192 156 95 30 2 7,649 978 598 271 6,362 807 495 235 1,287 171 104 35 3 7,694 989 614 265 6,412 819 508 226 1,282 170 105 38 4 8,781 1,133 706 386 7,412 954 593 322 1,369 179 112 63 8,660 1,218 751 285 7,270 1,050 649 247 1,390 168 102 38 2 9,003 1,242 770 311 7,559 1,058 657 269 1,445 184 113 42 3 9,314 1,331 832 307 7,877 1,146 717 265 1,437 186 115 43 4 10,204 1,523 958 499 8,759 1,339 838 429 1,445 184 120 70 1949—i 9,398 1,341 823 343 8,086 1,202 739 303 1,312 139 84 40 2 ... 9,441 1,220 750 354 8,187 1,101 677 312 1,254 119 73 42 3 9,502 1,313 799 332 8,224 1,181 715 293 1,277 132 84 39 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad Electric power Telephone Year or quarter r O e p v in e e r n g a u t e - P b t r e 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 s ts d D e i n v d i- s r O e p v in e e r g n a u t e - P b t r e 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 s ts d D e i n v d i- s r O e p v in e e g n ra u t e - 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 s ts d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 1.067 227 191 175 1940 . . 4,297 249 189 159 2,797 692 548 447 L ,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 L ,235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 L ,362 302 163 163 1943 . 9,055 2,211 873 217 3,464 913 502 410 ,537 374 180 168 1944 9,437 1,972 667 246 3,615 902 507 398 L ,641 399 174 168 1945 8,902 756 450 246 3,681 905 534 407 ,803 396 177 174 1946 7,628 271 287 235 3,815 964 638 458 .992 277 200 171 1947 8,685 777 479 236 '•4,291 '954 '643 494 2,149 193 131 134 1948 .... 9,672 1,148 700 289 4,708 983 661 492 2,541 269 183 181 Quarterly 1947 1 2,040 167 92 42 '1,085 '291 190 122 527 67 44 40 2 . 2,113 190 123 50 '1,037 '246 163 121 478 29 21 32 3 2,178 177 104 37 "•1,036 193 132 116 555 38 27 32 4 2,354 242 160 106 '1,133 '225 157 135 589 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 1,307 316 206 124 670 62 42 50 2 2,224 184 115 55 1,218 272 180 136 695 75 50 51 3 2,138 175 105 50 1,218 259 173 142 711 84 55 54 ' Revised. 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 oi the BULLETIN for September 1944 (electric power). 347 MARCH 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 12,62319,83123,818 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 1,0911 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 75 83 71 105 72 70 71 Dividends 97 113 126 26 37 27 28 28 42 33 32 31 Automobiles and equipment (15 corps.) Sales 3,725 6,692 8,093 1,653 1,925 1,865 1,951 2,056 2,221 2,151 2,601 2,708 Profits before taxes 37 809 1,131 200 236 247 251 305 327 301 387 462 Profits after taxes -8 445 639 114 118 142 146 175 176 180 229 267 Dividends 136 195 282 47 56 53 51 65 112 79 76 80 1 Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products (15); and miscellaneous (1). 2 Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment 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 s ts 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 a e o f x o f e i r s t e s In ta c x o e m s e P t a a r 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 1939 6.5 1.5 5.0 3.8 1.2 1947—4 32.8 13.0 19.8 7.3 12.5 1940 9.3 2.9 6.4 4.0 2.4 1941 17.2 7.8 9.4 4.5 4 9 1948—i 33.0 12.8 20.2 7.6 12 6 1942 21.1 11.7 9.4 4.3 5.1 2 35.0 13.7 21.3 7.7 13.6 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 1945 19.7 11.2 8.5 4.7 3.8 1946 23.6 9.6 13.9 5.8 8.1 1949—1 29.4 11.5 17.9 '8.3 '9.6 1947 31.6 12 5 19.1 7.0 12 1 2 26.4 10.6 15.8 '8.2 '7.6 1948 34.8 13.6 21.2 7.9 13.2 3 28.9 11.4 17.5 '8.1 '9.4 1949 '28.8 11.4 17.3 8.4 '8.9 41 . ••29.5 11.8 17.7 '8.9 '8.8 *• 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. 348 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] End of month T d g d i o r e r o e t b s a c t s l t i b n d T e d t i a o e r e r e r t b i a e c n t l s t g t- Total2 T M re b a a il r s l k s u e ry tab c l i C e e n a d e t d e n p r e t s e u i b f s b o i t s - - l f ic T is r n s e u o a e t s e s u s x ry T b re o a n s d u s ry N T o o n t m a a l2 rket s a b a U b o v l . e n i n S d p g ; s s ubl T i t s c a r a n e x i v o s a i s t s a n e u u n g s e r d s s y S is p s e u c e ia s l i b n d N e d t i a e r e o r e r b n i e c n t - s t g t- s g t b e e t F u e c e e a u u r a d e r r r l a l s i i i y t n t n n i - g e - - s 1943—June 136,696 135,380 95,310 11,864 16,501 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—Feb 252,721 250,603 156,766 12,134 29,434 3,596 111,440 62,033 55,663 4,641 31,804 2,118 22 Mar . 251,642 249,573 155,648 11,648 28,803 3,596 111,440 61,999 55,893 4,383 31,926 2,068 20 Apr...... 251,530 249,509 155,450 11,542 28,710 3,596 111,440 62,227 56,019 4,488 31,833 2,021 19 May 251,889 249,890 155,452 11,544 28,710 3,596 111,440 62,523 56,116 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—Tan 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 Feb 256,368 254,407 154,764 12,336 27,321 10,189 104,758 66,771 57,217 7,988 32,871 1,962 24 1 Including amounts held by Government agencies and trust funds, which aggregated 5.357 million dollars on Jan. 31, 1950. 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 23^ 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 FEBRUARY 28, 1950 [In millions of dollars] [On basis of daily statements o o f f d U o n ll i a te rs d ] States Treasury, In millions Amount Funds received from sales during t R io e n d s e m an p d out- 1UU 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 Treasury bonds—Cont. Mar. 2, 1950. 1,001 Sept. 15, 1951-553 3 755 Fiscal year Mar. 9, 1950. 1,002 Dec. 15, 1951-533. .2^ 1,118 ending: Mar. 16, 1950. 903 Dec. 15, 1951-55 2 510 June—1942 . 10,188 5 994 3,526 435 2 032 207 Mar. 23, 1950. 901 Mar. 15, 1952-54... 2^ 1,024 1943.. 21,256 11 789 8,271 758 2 759 848 Mar. 30, 1950. 901 June 15, 1952-54 2 5,825 1944 34,606 15498 11,820 802 2 876 2,371 Apr. 6, 1950. 905 June 15, 1952-55... 2 ^ 1,501 1945 45,586 14891 11,553 679 2 658 4,298 Apr. 13, 1950 906 Dec. 15, 1952-54 2 8,662 1946 , 49,035 9 612 6,739 407 2 465 6,717 Apr. 20, 1950 903 June 15, 1953-55* 2 725 1947.. 51,367 7 208 4,287 360 2 561 5,545 A M M p a a r y y . 2 1 4 7 1 , , , 1 1 1 9 9 9 5 5 5 0 0 0 1 1 , , 0 0 9 0 0 0 3 4 3 J M M un a a r r e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 4 5 6 - - - 5 6 5 6 0 8 3 3 . . . . . . . 2 2 2 7 % ^ /8 2 1 , , 6 6 4 1 8 4 1 1 9 1 1 9 9 4 4 8 9 .. . 5 5 3 6 , , 2 2 7 6 4 0 6 7 2 1 3 41 5 4 4 , , 0 2 2 7 6 8 3 4 0 7 1 3 I 9 3 0 9 7 0 5 5 , 1 0 1 6 3 7 May 18, 1950 1,004 Sept. 15, 1956-593. .2% 982 1949—Feb 55,663 599 386 32 182 369 C J J S O M A M e u J u e c p r a a l n a p t y r t n y e r . t . , . . . o 2 1 f 1 5 1 1 5 1 1 1 , , , , , , , i 1 1 1 1 n 1 1 1 , 9 9 9 9 9 9 9 d 5 5 5 5 5 5 1 5 e 0 0 0 1 0 0 0 b 9 te 5 d 0 n I e 1 1 1 i s M H s M 5 6 5 5 2 1 1 , , , , , , , 3 1 6 0 2 9 0 9 9 7 1 0 4 2 0 6 7 9 1 3 8 2 1 3 J S D J M D M J J J D S D D u u u u u e e e e e e e n a a n n p n n p c c c c c r r e e e t e e . t . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 6 6 6 6 6 6 6 6 5 5 5 6 6 5 7 7 6 5 4 4 2 3 9 9 0 8 7 6 - - - - - - - - - - - - - 7 7 7 7 - 6 6 6 6 6 6 6 6 7 5 2 2 1 0 9 9 7 2 8 2 5 3 2 9 4 4 4 4 4 4 4 4 4 4 3 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Y } } Y ) ) % % % ^ ^ ^ ^ M 4 4 4 4 2 2 1 2 3 3 3 5 7 3 2 3 2 1 5 1 , , , , , , , , , , , , , 7 1 4 7 9 6 8 8 4 1 4 2 9 8 1 9 8 8 6 6 8 3 3 1 7 8 1 2 6 7 1 9 1 5 7 1 8 8 0 4 9 3 1950— F O N D S A J J J M M A a u e u e c o p u e n b a a p n t l v r g c y r . y t e . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 5 5 5 5 5 5 5 5 5 7 6 6 6 6 6 6 6 5 6 6 6 , , , , , , , , , , , , 2 9 7 7 0 5 6 1 6 8 4 2 1 0 5 1 3 1 0 1 6 7 9 5 7 7 8 7 7 9 0 6 0 0 3 3 5 3 4 4 3 4 5 4 4 3 7 5 8 5 8 9 4 8 0 9 3 8 9 1 1 4 3 5 9 8 7 0 3 5 8 1 3 3 3 4 3 3 3 3 2 4 2 2 3 2 6 5 1 7 2 7 0 8 9 8 1 2 9 5 8 9 6 9 9 1 7 2 2 3 3 2 1 1 1 1 1 1 1 1 6 8 1 0 8 6 9 6 3 3 4 7 2 1 1 1 1 1 1 1 9 0 6 4 8 8 8 0 0 8 1 0 3 4 7 9 6 4 6 7 3 9 5 4 3 4 4 4 3 4 4 4 4 4 4 6 9 5 9 1 1 4 1 1 6 3 2 1 8 1 6 5 5 0 1 7 6 9 5 8 Maturities and amounts outstanding February 28, 1950 T O A r c e p t a r . . s ur 1 1 y , , 1 1 n 9 9 o 5 5 t 0 1 e s 1 iy M 8 3 1 , ,9 5 1 9 8 6 Po b s o ta n l d S s avings 2)4, 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 Panama Canal Loan. 3 50 1 1 9 9 5 5 0 1 1,5 7 6 3 0 4 4 7 4 3 3 4 1,116 Treasury bonds Total direct issues 154,764 1 1 9 9 5 5 2 3 .. 3 6 , , 9 78 7 1 5 3 5 , , 9 5 7 2 5 9 199 1,053 Mar. 15, 1950-522.. 2 1,963 1954 8 724 6 221 503 2 000 Sept. 15, 1950-523. .2 1,186 1955 7,564 4,970 534 2,061 Sept. 15, 1950-52... 2 4,939 1956 5,571 2,570 614 2,386 Dec. 15, 1950 1 2,635 Guaranteed securities 1957 5,377 2,719 491 2,168 June 15, 1951-543. .2 1,627 Federal Housing Admin. 1958 5,680 3,096 270 2,313 Sept. 15, 1951-53... 2 7,986 Various 15 1959 5,808 3,497 294 2,017 1960 3,389 479 470 2,440 1961 1,645 233 1,412 1 Sold on discount basis. See table on Open-Market Money Rates, 1962 . 398 52 345 p. 344. Unclassified. . 11 2 Called for redemption on Mar. 15, 1950. 3 Partially tax exempt. 4 Restricted. Total 57,217 1,178 34,172 3,660 18,196 MARCH 1950 349 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] Total Held by Held by the public gross U. S. Government debt agencies and End of month (includ- trust Funds 1 Insur- Other State ing guar- Federal Com- Mutual corpo- and India se n c te u e ri d - Special Public Total R B e a s n er k v s e m ba e n r k ci s a 2 l s b a a v n in k g s s c a o n m ce - an ra d t i a o s n s s o- go lo v c e a r l n- viduals ties) issues issues panies ciations 3 ments 1940—June 48,496 4,775 2,305 41,416 2,466 16,100 3,100 6,500 2,500 400 10,300 1941—June, 55,332 6,120 2,375 46,837 2,184 19,700 3,400 7,100 2,400 600 11,500 1942—June 76,991 7,885 2,737 66,369 2,645 26,000 3,900 9,200 5,400 900 18,400 1943—June 140,796 10,871 3,451 126,474 7,202 52,200 5,300 13,100 15,500 1,500 31,700 1944—June. 202,626 14,287 4,810 183,529 14,901 68,400 7,300 17,300 25,900 3,200 46,500 1945—June. 259,115 18,812 6,128 234,175 21,792 84,200 9,600 22,700 30,900 5,300 59,800 1946—June. 269,898 22,332 6,798 240,768 23,783 84,400 11,500 25,300 25,300 6,500 64,100 Dec. 259,487 24,585 6,338 228,564 23,350 74,500 11,800 25,300 22,400 6,300 64,900 1947—June. 258,376 27,366 5,445 225,565 21,872 70,000 12,100 25,000 22,300 7,100 67,100 Dec. 256,981 28,955 5,397 222,629 22,559 68,700 12,000 24,300 21,200 7,300 66,600 1948—June. 252,366 30,211 5,538 216,617 21,366 64,600 12,000 23,200 20,700 7,800 67,000 Dec. 252,854 31,714 5,603 215,537 23,333 62,500 11,500 21,500 21,400 7,900 67,600 1949—June. 252,798 32,776 5,498 214,524 19,343 63,000 11,600 20,900 22,700 8,000 68,900 1949—Sept, 256,709 33,914 5,500 217,295 18,010 66,500 11,600 20,500 23,300 8,100 69,200 Oct.. 256,805 33,810 5,477 217,518 17,316 67,400 11,500 20,500 23,400 8,100 69,300 Nov., 257,011 33,829 5,491 217,691 17,682 66,900 11,400 20,400 23,800 8,100 69,300 Dec. 257,160 33,896 5,450 217,814 18,885 67,000 11,400 20,500 22,400 8,100 69,500 groups are estimated by the Treasury Department SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES • [Interest-bearing public marketable securities* In millions of dollars] U.S. U.S. End of month s T t o a o u n t t a d - l - G a c g o i e e v n s t - . F e R e r e a d - l - C m c o i e a m r l - - M s tu av u al - - I c a n o n s m c u e - r- Other End of month s T t o a o u n t t a d - l - G a c g o i e e v n s t - . F e R e r e a d - l - C m c o i e a m r l - - M s tu av u al - - I c a n o n s m c u e - r- Other ing and serve banks* ings panies ing and serve banks1 ings panies trust Banks banks trust Banks banks funds funds Type of Treasury bonds security: and notes, due or callable: To 1 1 t 1 a 9 9 9 l 4 4 : 4 « 7 8 9 — — — D D J J u e e u n c c n e e.... 1 1 1 1 5 6 5 6 7 5 5 0 , , , , 4 7 1 3 9 9 6 7 6 1 0 3 5 5 5 5 , , , , 2 4 4 3 6 0 7 7 1 2 7 4 2 2 2 1 2 1 3 9 , , , , 5 3 3 3 5 6 3 4 9 6 3 3 6 5 5 5 7 1 6 5 , , , , 5 3 2 3 9 7 3 5 9 0 7 3 1 1 1 1 1 1 0 1 , , , , 5 5 8 0 5 2 7 2 2 2 7 9 2 2 1 1 2 1 9 9 , , , , 8 7 8 0 9 0 1 9 5 5 9 0 4 4 4 4 2 2 4 2 , , , , 7 6 0 1 7 3 8 5 9 7 7 4 Wi 1 1 1 t 9 9 9 h 4 4 4 in 7 8 9 — — — 1 D D J J y u u e e e n n c c a e e r: 1 1 1 1 0 1 4 3 , , , , 2 2 2 4 1 2 6 1 6 6 3 1 6 9 4 1 9 8 9 9 2 1 , , 0 6 9 8 7 9 8 6 0 3 2 1 8 5 5 7 , , , , 5 2 9 0 7 4 2 2 1 2 1 4 2 2 2 1 6 3 3 7 6 2 6 1 3 3 3 2 2 8 1 7 9 5 6 3 3 3 4 2 , , , , 1 9 6 5 2 5 7 5 5 6 5 3 Tre 1 a 9 s 4 u 7 r — y N D D bi e o e l c c l v s . . : . . . 1 1 1 5 5 5 5 5 , , , 1 1 3 3 3 8 6 8 0 5 5 , ,3 3 2 6 1 7 8 8 1 1 1 7 1 8 , , , 6 4 8 8 8 3 2 5 3 5 5 2 9 9 , , , 0 8 8 5 5 3 2 6 4 1 10 0 , , 7 7 7 4 2 2 5 5 1 1 8 8 , , 4 5 1 6 3 5 9 5 4 4 4 3 1 1 , , , 2 4 7 8 5 6 2 3 4 O N D c e o t c v.. . . 1 1 1 4 6 6 , , , 0 3 0 5 1 5 9 9 9 3 6 5 6 4 7 1 1 , , 1 1 8 4 4 7 2 2 8 1 1 9 0 0 , , , 0 5 5 1 7 9 4 5 5 3 2 2 3 0 8 8 9 8 4 5 5 6 3 8 8 4 1 3 3 3 , , , 6 3 4 8 8 4 5 8 3 1 1 9 9 4 4 8 9 — — D J J u u e n n e c e . . . . . .. 1 1 1 3 1 2 , , , 7 5 2 5 3 2 7 6 4 6 6 15 9 3 8 5 4, , , 4 3 5 4 8 7 6 7 7 2 2 2 , , , 8 3 7 1 4 9 7 5 4 5 5 1 8 0 3 1 8 6 12 4 0 3 2 4 , , , 2 7 6 3 4 5 7 0 0 1- 1 1 5 9 9 4 4 y 7 8 e — — ar D J s u : e n c e 4 4 6 9 , , 1 9 2 4 4 8 3 3 1 4 8 4 2 1 , , 6 37 36 73 30 3 , , 5 4 8 1 0 5 1 1, , 8 8 2 7 9 6 3 2 , , 0 7 4 9 6 0 9 7 , , 8 97 9 1 0 Nov.. . . 12,320 52 4,000 3,471 11 58 4,728 Dec 44,053 226 3,25828,045 1,769 2,501 8,254 Dec 12,319 11 4,829 3,514 15 70 3,880 1949—June.... 39,175 212 2,121 26,304 1,279 2,124 7,135 Ce 1 1 rt 9 9 i 4 4 fi 7 8 c — — at D e 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 4 6 , , , 7 6 0 1 9 7 6 7 8 6 9 8 , , , 0 5 5 5 7 3 2 2 8 2 3 2 1 0 5 7 0 6 2 4 67 6 7 2 9 9 1 8 7 0 , , , 6 3 4 1 8 2 0 6 3 O N D c e o t c v 3 3 3 5 3 3 , , , 0 0 0 6 4 4 7 9 9 1 1 1 8 8 8 6 6 7 1 1 1 , , , 9 6 6 2 5 5 2 8 8 2 2 2 4 2 2 , , , 9 6 7 0 4 5 7 8 9 1 1 1 , , , 0 1 1 9 2 3 0 1 0 1 1 1 , , , 5 6 6 8 3 4 9 1 1 5 5 5 , , , 7 2 7 9 9 6 5 0 7 1949—June.... 29,427 26 6,857 9,561 207 602 12,174 5—10 years: Nov.. . . 30,155 27 5,871 12,141 149 585 11,382 1949—Dec 10,270 370 426 6,090 576 880 1,928 Dec 29,636 48 6,275 11,520 169 633 10,991 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 3 9 7 1 6 5 47 7 1,9 3 7 6 5 9 8 9 1 3 4 1 , , , 0 5 8 9 3 0 1 9 1 9 8 4 8 4 1 2 1 1 2 0 6 3 4 6 4 2 1 , , , 5 9 2 5 8 4 5 4 4 O N De o c c v t. . . . . . . . . 1 1 1 5 5 8 , , , 0 0 5 6 6 3 7 7 7 5 5 5 2 6 3 8 8 1 1,3 5 5 8 8 8 8 4 4 6 6 6 , , , 7 9 7 9 9 5 5 8 4 2 1 1 , , ,9 9 6 7 6 4 7 8 0 2 1 1 , , , 2 7 7 0 3 3 0 9 0 3 3 4, , , 7 4 4 1 9 8 6 1 0 Nov.. . . 3,596 34 298 1,948 32 92 1,192 Dec 8,249 15 562 5,569 107 244 1,752 After 10 years: Treasury bonds: 1947—Dec 54,757 4,393 834 5,003 8,606 18,211 17,710 1947—Dec 117,863 5,173 2,85347,424 11,22622,21328,974 1948—June.... 53,838 4,685 2,921 3,922 8,639 17,129 16,542 1948—June.... 112,462 5,336 6,20642,146 11,04720,88026,847 Dec 53,838 4,710 7,215 3,541 8,048 15,230 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 7,293 14,179 14,242 1949—June 110,426 5,201 7,78042,042 10,768 18,31526,320 Oct 48,554 4,465 4,450 4,042 7,259 13,976 14,362 Nov.. . .109,133 5,218 7,51342,256 10,552 17,72625,868 Nov.. . . 48,554 4,481 4,428 4,052 7,238 13,985 14,370 Dec 104,758 5,217 7,21839,235 10,480 17,57925,029 Dec 45,084 4,441 3,593 3,887 6,588 13,485 13,090 * 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. * Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 350 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] On basis of daily statements of United States Treasury Cash operating inCOrT1 nnrl ontern 3 Increase General fund of the Treasury (end of period) during period Assets y m e o ar n t o h r c N e r i e e p - t ts B p t e u u e n r x d e d - g s i e - t s ( d u + e r f ) p i o c lu r it s c T o e a r t u c u c n - . s i t t s c C o i a l n u c e g - a n r t - 1 G de ro b s t s G ba f e u l n a n e n d r c a e l f a g B e u n e i r a n n a c n l d l e - - Total B s F e D a R e e r n r e e a d v k - p l - e s o 2 si d i t S t s c e a p i p r a i e o i n l e - s s - O as t s h e e t r s T b t l o i i i e a l t i s - a - l c C o i a n m s - h e o C u a t s g h o i E ( n o + x c u ) c o t o g e m r s o s e 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 42,2114 36,791 +5,419 +2,706 -507 -5,994 +1,624 4,932 5,370 1,928 1,773 1,670 438 45,40036,496 +8,903 1949 38,246 37,057 +1,189 —3,495 +366 +478 -1,462 3,470 3,862 438 1,771 1,653 392 41,62840,577 +1,051 1949—Feb... 3,381 2,646 +736 -154 -51 +101 +631 5,291 5,719 1,423 2,688 1,607 428 3,893 3,259 +635 Mar.. 5,435 3,621 +1,814 -345 +87 -1,080 +476 5,767 6,123 1,482 2,924 1,717 357 5,555 3,850 +1,704 Apr... 1,340 2,748 -1,408 -465 +213 -111 -1,771 3,995 4,428 1,226 1,563 1,639 433 1,430 3,130 -1,699 May.. 1,945 2,822 -877 +9 -324 +359 -833 3,163 3,526 628 1,313 1,586 363 2,595 3,709 -1,114 June.. 4,767 4,579 +188 -588 -173 +881 +308 3,470 3,862 438 1,771 1,653 392 4,798 4,550 +248 July.. 1,946 3,434 -1,488 +30 +218 +1,107 -133 3,337 3,699 529 1,485 1,684 362 2,081 r2,966 r-885 Aug... 2,479 3,585 -1,106 +345 -133 +1,975 +1,081 4,418 4,767 610 2,513 1,644 349 3,150 3,715 -566 Sept.. 4,832 3,995 +837 -404 +20 +828 +1,281 5,699 6,080 1,176 3,226 1,679 381 4,915 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 2,965 3,426 -461 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 3,485 P3.177 P+308 Feb.. . 2,972 2,496 +476 +170 -11 -497 +137 5,186 5,489 666 3,146 1,677 303 DETAILS OF1 TREASURY RECEIPTS On basis of daily statements of United States Treasury On basis of reports by collectors of internal revenue Income taxes Deduct Individual Corporation income 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 e d h m 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 i t p e h - t e s r 5 c T e r o i e p t - a ts l R t e a f o x u f e n s ds e S t m S a m e o x c p e c e u l n i o s r a t i y l 6 t - y c N e r i e e p - t ts W i h n e c it l o d h m - e O ta t x h e e s r N s a u o a n r n r d t m d a p x a r l ofits E p o t r a x a t o n h c x f e d e i e t s r s s s t t a a g E a x n i s t f d e e - t s m l E a o t a a x n i t s n x h c e c d e i e o e s s r u l e - s Fiscal year: 1947 . .. 10,013 19,292 8,049 2,039 5,115 44,508 3,006 1,459 40,043 9,842 9,501 6,055 3,622 779 7,285 1948 11,436 19,735 8,301 2,396 4,231 46,099 2,272 1,616 42,211 11,534 9,464 9,852 323 899 7,412 1949 9,842 19,641 8,348 2,487 2,456 42,774 2,838 1,690 38,246 10,056 7,996 11,343 211 797 7,585 1949—Feb 1,276 1,414 654 438 152 3,935 273 280 3,381 1,922 905 292 33 53 596 Mar.... 757 4,342 720 170 143 6,133 672 26 5,435 156 1,846 2,529 24 105 646 Apr... . 562 747 644 81 273 2,306 891 75 1,340 908 286 406 10 63 537 May. . . 1,119 424 656 410 141 2,751 414 391 1,945 1,465 140 232 10 66 645 June.. . 674 3,145 704 139 266 4,928 155 6 4,767 33 975 2,159 12 53 647 July.... 554 655 653 65 135 2,061 57 58 1,946 828 167 485 8 48 587 Aug.. .. 1,161 407 749 404 196 2,917 57 381 2,479 1,556 99 270 7 61 713 Sept 657 3,237 714 147 131 4,885 45 7 4,832 26 991 2,256 11 73 645 Oct.... 564 496 753 65 114 1,993 49 62 1,881 952 122 348 8 53 688 Nov 1,134 355 722 356 161 2,727 46 337 2,344 1,403 90 226 6 56 672 Dec.... 695 2,520 720 141 180 4,255 59 5 4,191 36 292 2,256 7 59 606 1950—Jan 588 1,957 645 68 222 3,480 67 47 3,366 698 1,657 338 7 51 594 Feb.... 1,309 1,032 599 544 123 3,607 238 398 2,972 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 i r s 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 t I in i n a n a o a n t i a n e n d 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 i e - - T c t o f r r a e t a u u o c r n s n - s t s ts - Other c N e r i e e p - t ts acc m v o I e e n u s n - t n - t t s s p tu E e r n 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 e g m n r n - i d c i Other ation Fiscal year: 1947 39,289 16,766 4,958 4,928 6,442 1,226 1,361 3,607 3,235 1,785 1,509 3,009 1,577 2,476 1948 4 36,791 11,364 5,211 4,143 6,317 782 44,178 4,797 3,918 2,210 1,640 45,598 850 2,109 1949 37,057 11,809 5,339 3,011 6,791 2,661 916 6,530 3,722 1,479 2,252 1,992 832 3,000 1,646 1949 Feb 2,646 930 141 276 545 137 2 614 430 11 195 114 24 326 141 Mar. 3,621 1,109 589 505 639 261 1 516 57 88 252 115 12 30 135 Apr. 2,748 1,043 178 125 547 189 75 592 182 -92 235 103 9 403 196 May 2,822 950 125 272 584 438 30 423 592 18 233 120 38 282 132 June 4,579 1,159 1,570 524 517 161 19 630 270 392 254 504 385 77 253 July . ... 3,434 987 322 478 489 64 413 681 489 199 243 100 24 93 Aug 3,585 1,134 125 421 518 327 330 730 637 46 262 395 265 114 Sept. 3,995 985 544 455 440 495 419 657 31 151 265 513 425 113 Oct. 3,111 959 255 389 504 242 85 676 172 -92 232 114 6 129 Nov.. . 3,127 1,024 306 353 540 212 7 686 562 13 256 97 9 82 Dec 3,722 1,069 1,008 347 515 311 -26 499 48 77 277 68 -25 60 1950—Jan... 3,323 1,016 463 286 509 314 45 690 291 -29 295 121 -424 568 Feb 2,496 *>922 161 P282 494 P124 8 P505 568 85 267 116 -746 909 P Preliminary. rRevised. 1 Excess of receipts (+) or expenditures (—). 2 Excluding items in process of collection beginning with July 1947. 3 For description, see Treasury Bulletin for September 1947 and subsequent issues. 4 Including 3 billion-dollar transfer to Foreign Economic Cooperation Trust Fund from which expenditures are made in later months. 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. MARCH 1950 351 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items * Liabilities, other than interagency items Corporation or agency Total Cash L c a r e o b e i a l v - e n - s m m C p s t r a i l i u o o a n i e a e p m t d s d l e s s - , i , - - - G U s ri e o t . c i S I v e u m n . t s - . v e e n O s s t r t s i e t - t c h ie u e s - r 2 L s t e 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 - e s r a t F B g n u a u u b o t r n e a l y e n d l e r s y d - d s p d , a e n O y b o e a t t h n b e e - l s e 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 n v t S r - t - - . o v in P w a e t r t s e n e i t r - e l - y d U.S. All agencies: Dec. 31, 1948 21,718 630 11,692 627 1,854 3,518 3,060 337 965 1,66318,886 166 Mar. 31, 1949 22,324 475 12,228 674 2,077 3,515 3,049 307 884 1,92719,320 170 June 30, 1949 22,232 514 11,770 1,140 2,004 3,508 2,946 351 865 1,48719,682 172 Sept. 30, 1949 22,594 379 11,720 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 (3) 1,277 Commodity Credit Corporation 2,321 834 1,411 10 338 1,972 Farmers' Home Administration * 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 312 288 8 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 1,193 () 37 1,169 Federal Works Agency 171 () 89 71 8 163 Tennessee Valley Authority 852 10 1 821 14 838 All other 8 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 . . c b m i 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 c k r s a o s - - C m 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 d o i e r c m n c a a - l . - F A H e a d o r r s m m m ' . e - H O C L e o o o w r m r a s 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 r i o c n o u i r o - c n c p n e - . - B p p I E o a m o x r n r t - - t k - o A th l e l r a c g A i e e l n l s - a J g u 1 e n 9 a n e l 4 c l 9 3 ie , 0 s , To aid agriculture 66 551 278 956 1,233 527 (3) 5 3,616 3,847 To aid home owners 291 (3) 171 661 1,123 980 To aid industry: Railroads 117 3 120 120 Other 1 379 28 407 364 To aid financial institutions: Banks .. . ... (3) 4 4 4 Other 339 8 347 368 172 2,168 3,750 6,090 6,108 Other . . 295 91 108 494 488 Less: Reserve for losses 8 (3) 5 122 1 267 3 2 61 7 5 481 509 Total loans receivable (net)... 58 551 274 834 1,232 260 289 294 339 877 2,160 4,553 11,720 11,770 1 Assets are shown on a net basis, i. e., after reserve for losses. 2 Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction and Development and its subscription of 2,750 million to the International Monetary Fund. 3 Less than $500,000. * Includes assets and liabilities of the Regional Agricultural Credit Corporation, which have been reported as "Disaster Loans, etc., Revolving Fund," since the dissolution of that Corporation pursuant to Public Law 38, 81st Congress. 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. 352 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 Year or month Tot I a n ( l p d h 1 u y 9 s s t 3 r i 5 c ia - a D 3 l l 9 u f v p M a r o r - = c o l a t u d u n 1 m u r u N 0 d e c e - 0 s u t o ) i * r n o - 1 - n M era in ls - To a t w 1 a 9 l a 2 r c d 3 o e - R n d 2 d t t e e i 5 r a n s a l ( i - = c - v t a s l 1 u o 0 e A t 0 h ) l 2 e l r N t a c u g u o r r l n a E - i- l - 1 m 9 p 39 lo y F = m a c 1 e t 0 n o 0 t r 3 y 1 r 9 F p t o 1 o 3 a a l 0 9 l r c y s 0 y - - = 3 c 1 F a 9 i = r n r 3 e l g 1 o 5 i s g 0 - a * 3 0 h d 9 t - D 1 u 9 m s s = ( e e 3 t v a p o e ) 1 a l 5 * a e n r 0 l - - e s r t 3 0 4 t 9 - 1 s p 9 u C = r 3 m i o 1 c 5 n e 0 e - - r 3 0 s s 3 9 ' W p m c = 1 r s h o o i 9 a c 1 m o d l 2 e e 0 l 6 i - s e 0 t y - 3 able 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 92.9 100.9 109.1 142 104 121.9 100.6 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 96 108.7 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 26 102 132.3 157.0 293.5 135 207 128.4 105.8 1946. 170 192 165 134 153 143 161 136.7 147.8 271.1 132 264 139.3 121.1 1947. 187 220 172 149 157 142 169 143.2 156.2 326.9 143 286 159.2 152.1 1948. 192 225 177 155 190 162 214 145.9 155.2 351.4 138 302 171.2 165.1 1949. P202 P168 P135 211 192 226P142.0 PU1.6 P325.5 116 285 169.1 155.0 1948 February. . . 194 190 226 180 155 187 152 215 145.1 156.6 156.3 343.8 138 295 167.5 161.0 March 191 188 229 177 142 181 148 208 145.3 156.8 156.5 346.6 130 292 166.9 161.6 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 '304 170.5 164.2 June 192 193 222 179 159 201 177 220 145.9 154.9 153.3 345.6 139 '306 171.7 166.4 July 186 187 219 169 153 205 187 219 146.3 155.8 153.5 346.5 138 312 173.7 168.8 August 191 194 223 177 159 201 177 220 146.7 155.6 156.3 360.1 142 308 174.5 169.8 September. . 192 197 225 178 156 193 165 216 146.8 155.6 158.9 366.8 139 ••308 174.5 168.9 October 195 199 231 179 158 184 157 206 146.8 155.3 157.6 366,7 140 »-310 173.6 165.4 November. . 195 195 229 178 161 189 154 217 146.6 154.5 155.9 362.8 137 291 172.2 164.0 December... 192 190 231 173 156 180 145 209 146.2 152.1 153.5 360.7 137 302 171.4 162.4 1949 January.... 191 187 227 175 149 174 133 207 144.9 149.3 148.9 345.9 131 295 170.9 160.6 February. . . 189 185 225 173 149 169 123 207 144.1 147.6 147.4 340.4 126 283 169.0 158.1 March 184 181 223 168 136 175 130 212 143.4 145.6 145.3 332.8 120 '279 169.5 158.4 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 '291 169.2 155.7 June 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 170 174 193 165 129 229 228 230 141.5 139.6 141.1 323.0 117 283 168.8 152.9 September. . 174 179 199 173 119 246 254 240 142.2 141.3 143.7 335.1 105 289 169.6 153.6 October. . . . 166 169 175 177 112 263 269 259 139.2 136.6 138.8 r320.9 92 276 168.5 152.2 November. . 173 174 183 177 141 265 256 273 '139.9 136.4 137.7 '315.5 117 '277 168.6 151.6 December... 180 178 204 175 132 262 255 268 141.0 139.2 140.5 331.7 115 293 167.5 151.3 1950 January. Pi 83 P179 P210 P179 P131 242 245 239P140.8P140.2 P139.8 '330.3 117 282 166.9 151.6 * Average per working day. e Estimated. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 354-357. For points in total index, by major groups, see p. 376. 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. 361. 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. 363-366. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for department store sales, June 1944, pp. 549-561. MARCH 1950 353 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] 1949 1950 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Industrial Production—Total 191 189 184 179 174 169 161 170 174 166 173 180 P183 Manufactures—Total 198 196 193 184 179 175 168 178 184 176 179 188 P193 Durable Manufactures 227 225 223 212 201 194 185 193 199 175 183 204 P210 Iron and Steel1 228 232 233 219 204 177 156 178 179 102 201 204 Pig iron 218 220 221 217 209 189 158 170 171 23 107 198 201 Steel ... 260 267 264 240 218 182 162 191 193 38 137 239 244 Open hearth 197 199 202 196 187 167 148 165 168 21 105 194 192 Electric 711 755 706 551 438 293 259 376 373 162 359 557 612 268 262 252 240 232 225 217 216 224 226 217 227 Transportation Equipment 244 241 240 235 220 240 249 246 252 238 '214 219 P247 Automobiles (including parts) . . 209 206 204 203 184 211 225 225 231 216 186 191 P228 (Aircraft; Railroad Equipment; Shipbuilding— Private Nonferrous Metals and Products 183 185 183 167 145 133 127 141 157 164 163 165 P177 Smelting and refining 186 200 210 209 200 193 180 174 175 167 169 174 P192 (Copper smelting; Lead refining; Zinc smelting; Fabricating 182 180 172 151 123 108 105 128 150 162 161 162 P171 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 129 123 129 126 126 123 115 126 132 133 147 159 vl45 117 107 119 118 120 114 104 115 119 116 139 153 134 Furniture. .. 154 154 150 144 139 139 136 148 158 165 163 170 P166 Stone, Clay, and Glass Products 204 202 195 189 185 186 185 183 183 184 183 187 P19O Glass products 183 179 173 172 181 193 202 192 184 193 184 182 P192 Glass containers 189 184 178 179 189 206 223 204 195 204 193 190 206 208 222 208 213 196 195 190 183 189 182 191 206 207 Clay products 180 176 171 164 157 152 140 145 146 146 147 150 P158 Nondurable Manufactures 175 173 168 162 161 161 154 165 173 177 177 175 P179 Textiles and Products 160 157 142 129 123 126 120 140 155 169 rl75 173 P176 Textile fabrics 144 142 130 119 114 116 107 127 140 153 157 154 P158 Cotton consumption .... 123 125 120 111 103 105 87 111 127 134 138 134 144 Nylon and silk consumption2 313 305 275 240 214 217 238 259 294 318 340 350 354 Wool textiles 150 143 122 112 118 120 109 134 139 161 158 152 Carpet wool consumption 225 214 198 171 163 127 91 141 148 178 186 193 Apparel wool consumption... . . 136 130 107 92 99 110 109 134 138 158 140 136 125 121 105 97 106 115 108 129 135 154 144 134 Woolen yarn 122 118 100 101 112 118 113 132 128 141 135 121 Worsted yarn 130 126 112 92 98 111 102 126 145 174 158 153 Woolen and worsted cloth . 149 141 113 107 116 126 118 136 140 163 166 159 Leather and Products 108 113 113 106 101 105 96 110 115 108 97 101 Leather tanning 103 107 99 96 95 97 84 91 100 98 92 99 Cattle hide leathers 114 122 110 108 109 110 98 104 112 106 100 112 Calf and kip leathers ... 88 85 80 74 76 75 55 69 77 81 77 87 Goat and kid leathers 85 89 90 80 79 80 71 72 84 85 80 78 Sheep and lamb leathers ... 93 86 78 76 69 79 70 78 87 93 86 76 Shoes 111 117 123 113 105 110 104 123 125 115 101 103 P115 160 162 162 162 163 165 161 166 167 165 159 159 P158 Wheat flour 135 127 113 103 105 120 112 109 110 111 110 105 P106 Cane sugar meltings 2 Manufactured dairy products 144 145 150 154 153 151 151 152 151 146 147 148 147 Butter 77 80 86 88 86 81 78 82 86 83 86 85 85 Cheese 192 190 188 199 189 176 171 171 167 162 176 183 184 Canned and dried milk 126 130 146 161 166 167 173 172 158 140 135 142 135 pP rPrreeiliimmminaarryy.. rr KReevviisseead.. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 354 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—CcmfciiH^ (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average =100] 1949 1950 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Manufactured Food Products—Continued Meat packing 152 156 153 145 137 141 150 153 158 155 154 157 154 Pork and lard 167 172 167 160 146 150 164 168 181 184 183 185 174 Beef 147 154 155 145 144 144 147 148 146 133 132 137 146 Veal 115 112 111 106 101 114 127 139 134 129 133 125 108 Lamb and mutton. 92 87 71 55 58 68 77 80 83 85 81 86 85 Other manufactured foods 166 169 170 171 173 175 168 174 176 175 167 P165 P165 Processed fruits and vegetables. 138 136 154 155 156 173 139 151 137 149 rl33 131 P125 Confectionery 131 136 133 123 126 116 108 134 142 132 127 Other food products 179 183 181 183 185 185 185 187 191 189 182 181 '182 Alcoholic Beverages. 181 177 187 164 174 169 165 172 174 167 187 173 169 Malt liquor 168 156 176 152 163 161 171 169 166 143 171 172 170 Whiskey 119 118 106 91 84 60 42 44 69 72 77 83 88 Other distilled spirits. 328 294 249 271 285 277 200 292 182 194 149 228 259 Rectified liquors 235 283 295 247 270 267 246 257 314 369 390 240 205 Tobacco Products. 159 160 172 162 170 172 146 178 175 165 169 149 162 Cigars 102 100 99 98 98 117 101 111 125 123 120 97 Cigarettes 216 220 241 224 236 233 196 242 231 217 226 205 224 Other tobacco products. 66 66 68 65 71 69 61 78 76 72 67 69 Paper and Paper Products. 163 158 151 146 144 143 129 155 169 176 177 167 179 Paper and pulp 158 154 147 141 139 138 126 148 160 168 168 160 171 Pulp 188 183 175 166 165 159 147 171 179 192 191 180 198 Groundwood pulp 101 96 95 88 90 94 99 99 104 104 91 98 93 Soda pulp 107 108 106 100 97 80 87 99 102 112 113 107 118 Sulphate pulp 327 309 291 274 273 275 256 302 315 340 336 •312 355 Sulphite pulp 145 145 142 135 135 122 104 124 133 144 145 138 148 Paper 153 149 143 138 135 134 122 144 157 164 165 157 169 P Fi a n p e e r p b a o p a e r r d 2 182 174 163 162 162 164 142 184 203 206 210 193 209 Printing paper 157 158 155 151 149 142 133 150 161 168 167 166 169 Tissue and absorbent paper 161 157 160 152 142 139 141 144 157 170 168 161 175 Wrapping paper 151 147 138 123 115 117 109 123 136 150 150 145 155 Newsprint. 99 98 99 97 104 105 106 101 96 96 94 94 98 Paperboard containers (same as Paperboard). Printing and Publishing. 155 153 153 152 155 149 144 151 159 165 160 159 164 Newsprint consumption 153 149 151 154 161 156 156 151 156 162 153 152 159 Printing paper (same as shown under Paper). Petroleum and Coal Products. 228 221 213 209 207 202 198 203 208 198 '205 217 Petroleum refining2 Gasoline 174 170 169 170 177 177 178 177 179 180 177 180 P179 Fuel oil 206 194 186 169 166 154 159 168 180 182 182 190 Lubricating oil 159 150 138 126 128 145 132 131 142 152 152 153 Kerosene 196 176 167 157 138 140 142 142 160 177 177 198 Other petroleum products 2. Coke 184 185 178 182 175 159 139 146 145 49 102 158 154 By-product coke 177 176 173 173 169 158 143 150 149 50 104 161 156 Beehive coke 455 504 319 477 385 202 18 33 23 7 23 58 69 Chemical Products. 257 250 245 237 234 233 228 229 236 240 243 246 '251 Paints 149 143 139 139 135 134 133 137 139 143 •143 141 Rayon 309 309 300 265 259 249 252 257 276 294 318 339 P354 O In t d h u e s r tr c i h a e l m c i h c e a m l i p c r a o ls ducts 2. 447 435 427 417 406 404 392 388 405 414 •417 424 P433 Rubber Products... 193 188 182 177 178 178 175 178 202 '192 188 193 P193 Minerals—Total. 149 149 136 148 145 133 123 129 119 112 141 132 P131 Fuels 156 155 137 148 149 135 126 134 122 120 152 136 P134 Coal 133 129 85 133 136 99 83 102 58 49 130 95 91 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 8 4 6 8 5 7 14 7 2 4 1 9 5 6 3 2 3 1 1 8 5 4 8 6 4 1 1 1 0 5 4 5 5 4 1 15 0 7 3 4 8 9 8 3 0 1 1 8 4 0 2 9 8 1 6 5 5 0 0 4 1 1 3 5 1 1 6 8 1 1 1 3 6 1 3 3 7 1 1 6 0 5 3 3 7 P1 9 6 5 6 9 5 168 147 Metals. 104 129 145 126 124 102 98 59 76 105 P115 113 105 Metals other than gold and silver. 149 184 210 176 175 140 133 '63 91 158 I ( r C o o n p o p r e e r; Lead; Zinc)2 161 144 Gold 55 Silver For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. MARCH 1950 355 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] Annual 1949 1950 Industry 1949 1948 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Industrial Production—Total. 176 192 185 181 177 174 170 163 174 179 169 174 178 P179 Manufacturers—Total 183 198 193 190 183 179 176 169 181 189 179 '180 187 P189 Durable Manufactures.... 202 225 223 221 212 202 195 186 194 200 176 -183 202 P207 Iron and Steel 1 188 208 232 233 219 204 177 156 178 179 102 '145 201 204 Pig iron 175 196 220 221 217 209 189 158 170 171 23 107 198 201 Steel Open hearth. 1 16 9 2 9 2 1 3 8 6 3 2 1 6 9 7 9 2 2 0 6 2 4 2 1 4 9 0 6 2 1 1 8 8 7 1 1 8 6 2 7 1 1 6 4 2 8 1 1 6 9 5 1 1 16 9 8 3 38 1 10 3 5 7 1 2 9 3 4 9 2 19 4 2 4 Electric 460 620 755 706 551 438 293 259 376 373 21 359 557 612 Machinery 234 277 262 252 240 232 225 217 216 224 162 217 227 P228 Transportation Equipment. 237 235 241 240 235 220 240 249 246 252 226 '214 219 P247 Automobiles (including parts) 207 198 206 204 203 184 211 225 225 231 238 -•186 191 P22S (Aircraft; Railroad equipment; Shipbuilding— Private and Government)2 216 Nonferrous Metals and Products. 160 193 185 183 167 145 133 127 141 157 164 163 166 P177 Smelting and refining 186 191 200 210 209 200 192 179 174 175 167 170 175 P192 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 149 193 180 172 151 123 108 105 128 150 162 161 162 Pl7l (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products. 130 145 115 124 126 129 129 121 134 138 144 145 P!30 Lumber. . 119 134 96 110 116 124 124 113 126 132 125 134 132 pill Furniture. 152 168 154 150 144 139 139 136 148 158 165 163 170 166 Stone, Clay, and Glass Products. 188 206 187 185 186 190 188 187 190 191 '193 188 181 >179 Glass G p la r s o s d c u o c n ts t . a iners , 1 1 8 9 5 5 1 2 9 1 8 2 1 1 7 7 9 5 1 17 7 8 3 1 1 7 7 2 9 2 1 0 9 2 0 2 1 0 9 4 1 2 1 1 9 4 6 2 1 1 9 2 7 1 19 8 9 8 r 2 19 1 7 0 - 1 1 9 8 5 6 1 1 7 7 2 7 1 2 8 0 9 1 Cement 197 193 168 171 202 206 209 209 207 219 211 206 187 168 Clay products 155 173 166 163 160 156 151 140 149 151 154 153 154 P158 Other stone and clay products 2 Nondurable Manufactures. . 168 177 168 164 159 160 161 156 170 179 181 178 174 174 Textiles and Products. 147 170 157 142 129 123 126 120 140 155 169 •175 173 '176 Textile fabrics 134 155 142 130 119 114 116 107 127 140 153 157 154 P15S Cotton consumption 118 136 125 120 111 103 105 87 111 127 134 138 134 144 Rayon deliveries 280 312 305 275 240 214 217 238 259 294 318 340 350 354 Nylon and silk consumption2. . Wool textiles 135 169 143 122 112 118 120 109 134 139 161 158 152 Carpet wool consumption.. 169 217 214 198 171 163 127 91 141 148 178 186 193 Apparel wool consumption. 124 175 130 107 92 99 110 109 134 138 158 140 136 Woolen and worsted yarn.. 123 154 121 105 97 106 115 108 129 135 154 144 134 Woolen yarn 120 140 118 100 101 112 118 113 132 128 141 135 121 Worsted yarn 127 174 126 112 92 98 111 102 126 145 174 158 153 Woolen and worsted cloth. 136 163 141 113 107 116 126 118 136 140 163 166 159 Leather and Products. 106 111 116 113 106 101 104 94 110 114 108 TQ8 101 Leather tanning 97 106 115 99 96 95 95 80 90 98 99 95 99 Cattle hide leathers 108 121 131 110 108 109 105 92 101 110 107 105 112 Calf and kip leathers.... 77 79 89 79 72 73 76 55 72 76 83 78 85 S G h o e a e t p a a n n d d k l i a d m l b e a l t e h a e t r h s e . r . s . . 8 8 1 1 r 9 8 4 9 9 9 3 5 8 7 9 6 8 7 3 5 7 7 8 5 8 7 1 8 6 7 5 0 8 7 1 0 8 8 4 6 9 8 3 5 9 7 1 7 7 7 9 2 Shoes.. 112 114 117 104 115 101 H15 123 113 105 110 123 125 103 Manufactured Food Products. 163 159 146 145 148 156 165 172 189 190 177 162 155 >147 W Ca h n e e a t s u f g lo a u r r meltings 2 113 134 128 111 99 101 115 111 108 120 118 111 104 107 Manufactured dairy products. 150 148 104 124 160 203 223 222 197 159 121 97 96 95 Butter 83 72 71 78 89 111 112 96 90 83 72 65 67 71 Cheese 180 166 156 170 207 253 250 210 191 171 146 132 132 136 Canned and dried milk... 154 170 117 143 182 230 230 201 177 146 113 109 109 Ice cream 2 P Preliminary. r Revised. 1 Methods Used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 356 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average=100] Annual 1949 1950 Industry 1949 1948 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufactured Food Products—Continued Meat packing 151 141 149 141 134 138 139 140 134 145 155 172 186 183 Pork and lard...... 170 155 169 155 146 146 150 144 129 143 173 214 244 229 Beef 144 133 141 141 136 144 142 149 149 158 145 137 137 149 Veal 121 129 99 104 104 105 114 127 136 148 147 142 118 100 Lamb and mutton. 77 96 87 70 53 59 63 74 78 89 81 84 90 Other manufactured foods 171 166 153 151 152 157 165 176 203 207 r194 174 P163 152 Processed fruits and vegetables. 145 143 86 85 94 102 133 181 287 267 193 122 102 Confectionery 131 137 123 102 97 86 89 144 184 172 150 Other food products 184' 179 174 173 176 181 187 189 191 195 198 192 174' Alcoholic Beverages.. 172 182 159 173 163 182 190 188 179 179 180 171 151 143 Malt liquor 164 162 141 163 160 186 203 213 192 168 133 132 138 139 Whiskey 80 111 118 106 91 84 60 42 44 69 72 77 83 88 Other distilled spirits. 220 312 176 162 162 171 172 116 158 249 503 312 250 168 Rectified liquors 284 295 283 295 247 270 267 246 257 314 369 390 240 205 Tobacco Products. 165 164 153 163 153 170 179 152 184 185 171 172 138 162 Cigars 107 110 100 99 98 98 117 101 111 125 123 120 88 97 Cigarettes 224 222 207 224 209 236 245 206 254 247 225 231 188 224 Other tobacco products. 69 70 64 68 65 71 71 61 75 81 77 69 58 68 Paper and Paper Products. . 156 164 158 151 146 144 143 128 155 169 176 177 '167 179 Paper and pulp 151 159 154 148 142 139 138 125 148 160 168 168 160 171 Pulp 175 182 183 176 167 166 159 145 169 177 191 191 180 198 Groundwood pulp 96 105 100 102 97 98 95 88 87 93 97 97 99 97 Soda pulp 101 108 108 106 100 97 80 87 99 102 112 113 107 118 Sulphate pulp 301 299 309 291 274 273 275 256 302 315 340 336 '312 355 Sulphite pulp 134 149 145 142 135 135 122 104 124 133 144 145 138 148 Paper. 147 155 150 143 138 135 135 122 144 157 164 165 157 167 F P i a n p e e r p a b p o e a r r d 2 179 -•185 174 163 162 162 164 142 184 203 206 210 193 209 Printing paper 155 164 158 155 151 149 142 133 150 161 168 167 166 169 Tissue and absorbent paper 154 163 163 160 153 142 141 136 144 157 172 168 156 173 Wrapping paper 134 148 147 138 123 115 117 109 123 136 150 150 145 155 Newsprint 99 '96 98 99 99 105 106 104 100 96 96 95 92 98 Paperboard containers (same as Paperboard). Printing and Publishing 155 154 152 156 157 158 148 133 143 159 169 167 162 158 Newsprint consumption 155 145 146 157 163 168 155 134 136 157 171 167 159 147 Printing paper (same as shown under Paper). Petroleum and Coal Products 209 218 221 213 207 202 198 203 208 198 '205 217 v218 Petroleum refining 2 Gasoline 176 168 170 169 170 177 177 178 177 179 180 177 180 P179 Fuel oil 178 197 194 186 169 166 154 159 168 180 182 182 190 Lubricating oil 142 161 148 136 132 133 145 131 129 142 152 152 151 Kerosene 165 196 185 170 160 140 132 132 136 159 177 182 204 Other petroleum products 2. . . Coke 150 174 185 178 182 175 159 139 146 145 49 102 158 154 By-product coke 148 168 176 173 173 169 158 143 150 149 50 104 161 156 Beehive coke 206 393 504 319 477 385 202 18 33 23 7 23 58 69 Chemical Products. 241 248 239 230 225 226 238 245 247 Paints 140 155 141 139 140 139 138 132 135 138 143 141 141 P141 Rayon. .....' 286 306 309 300 265 259 249 252 257 276 294 318 339 P3S4 Industrial chemicals.... 415 442 435 427 417 406 404 392 388 405 414 r417 424 P433 Other chemical products 2 Rubber Products. . . 185 206 188 182 177 178 178 175 178 202 "192 '188 193 P193 Minerals—To tal. 135 155 143 131 146 148 137 128 134 123 112 141 128 P126 Fuels 139 161 155 137 148 149 135 126 134 122 120 152 136 P134 Coal 103 139 129 85 133 136 99 83 102 58 49 130 95 91 Bituminous coal. 107 147 142 93 144 144 104 80 108 60 31 133 103 96 Anthracite 84 112 74 52 105 78 93 82 50 118 117 63 69 Crude petroleum. . . . 157 172 168 163 156 155 153 147 149 154 156 163 157 P155 Metals. 107 76 93 134 142 150 140 135 128 76 P81 P79 Metals other than gold and silver. 147 167 101 126 194 207 222 204 196 179 87 P98 I ( r C o o n p p o e re r; Lead; Zinc)2 184 219 81 110 260 302 340 324 305 267 54 ri2 71 Gold 50 '57 Silver For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. 357 MARCH 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] Annual 1948 1949 1950 Industry group or industry- 1948 1949 Dec. Jan. Feb. June July Aug. Sept. Oct. Nov. Dec. Jan. ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total 12,717 11,597 12,457 12,232 12,093 11,459 11,378 11,439 11,578 '11,188 11,174 11,400 11,484 Durable goods 6,909 6,096 6,783 6,626 6,508 6,041 5,978 5,985 6,046 '5,620 '5,684 5,910 5,996 Primary metal industries 1,083 939 1,090 1,085 1,072 976 948 937 938 '556 '733 944 961 Fabricated metal products 812 701 789 759 745 686 688 698 708 '674 663 678 688 Machinery except electrical 1,203 1,001 1,173 1,149 1,127 972 948 936 940 927 913 926 936 Electrical machinery 656 552 633 617 601 521 521 517 534 '543 '538 548 548 Transportation equipment 1,031 987 1,042 1,038 1,021 998 1,014 1,012 1,010 '983 '898 892 977 Lumber and wood products . 752 676 724 677 668 679 669 669 677 686 '692 687 659 Furniture and fixtures 306 272 293 281 275 261 261 266 276 280 279 285 286 Stone, clay, and glass products. . 448 416 449 438 431 407 406 410 412 409 409 411 405 Instruments and related products 200 177 192 190 184 178 176 170 171 172 172 170 171 Miscellaneous manufacturing industries 394 354 374 368 361 342 328 352 362 372 370 352 348 Ordnance and accessories 24 20 24 24 23 21 19 18 18 18 17 17 17 Nondurable goods 5,808 5,501 5,674 5,606 5,585 5,418 5,400 5,454 5,532 '5,568 '5,490 5,490 5,488 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- 1,275 1,136 1,218 1,188 1,172 1,083 1,096 1,114 1,143 '1,168 '1,172 1,169 1,162 tiles 1,049 1,022 1,020 1,005 1,024 999 992 1,030 1,061 '1,051 '1,025 1,025 1,029 Leather and leather products... 368 347 350 350 352 348 349 354 352 347 330 341 345 Food and kindred products 1,197 1,172 1,180 1,181 1,175 1,186 1,175 1,165 1,173 '1,180 '1,148 1,145 1,148 Tobacco manufactures 93 87 91 90 88 89 88 88 87 84 84 84 84 Paper and allied products 405 382 403 394 387 373 374 375 386 390 389 384 380 Printing, publishing and allied industries 501 495 501 498 495 496 492 491 497 495 494 495 494 Chemicals and allied products.. 520 485 518 511 505 473 467 470 480 483 478 477 474 Products of petroleum and coal. 192 188 191 190 191 187 185 185 186 185 187 187 186 Rubber products 209 186 202 199 196 184 182 182 167 '185 '183 183 186 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 12,717 11,597 12,578 12,201 12,074 11,337 11,211 11,561 11,775 11,368 11,283 11,513 11,456 Durable goods 6,909 6,096 6,845 6,640 6,523 6,022 5,894 5,947 6,060 '5,651 '5,713 5,965 6,007 Primary Metal Industries 1,083 939 1,101 1,090 1,077 971 934 932 938 '559 '737 953 966 Blast furnaces, steel works and rolling mills 537 476 551 550 553 523 506 498 499 '131 '320 505 Nonferrous smelting and refining, primary 47 43 46 46 46 45 42 41 42 39 38 41 Nonferrous rolling, drawing and alloying 86 71 86 85 82 64 62 64 67 70 '63 73 Fabricated Metal Products 812 701 801 767 752 679 671 688 708 '677 666 688 695 Cutlery, hand tools and hardware 132 118 135 131 128 114 109 111 114 116 116 119 Heating apparatus and plumbers' supplies 137 106 131 117 112 94 92 100 110 116 113 112 Fabricated structural metal products 169 152 169 165 163 156 155 155 156 '129 '134 142 Machinery except Electrical 1,203 1,001 1,179 1,155 1,133 977 939 927 935 922 908 931 941 Agricultural machinery and tractors 152 142 155 155 154 145 140 140 140 128 125 IT? Metalworking machinery... 187 158 185 179 175 156 150 147 149 148 146 147 Special-industry machinery 159 131 154 152 149 129 124 123 122 119 '117 117 Service-industry and household machines 156 115 147 140 137 105 99 98 102 108 109 Electrical Machinery 656 552 643 623 607 518 505 507 531 '548 '546 556 553 Electrical apparatus (generating, etc.) 251 211 240 234 233 200 196 197 201 203 202 706 Communication equipment. 224 192 226 217 207 181 176 173 182 '193 '200 ?,00 Transportation Equipment 1,031 987 1,048 1,038 1,021 995 1,014 998 1,017 '986 '898 898 977 Motor vehicles and equipment 658 644 670 665 649 646 670 678 686 '666 '582 Aircraft and parts 167 189 186 190 190 187 192 185 191 188 '184 185 Ship and boat building and repairing 123 85 106 102 100 88 86 80 74 69 72 69 Lumber and wood products 752 676 720 667 655 686 676 686 684 689 '692 684 649 Sawmills and planing mills.. 442 401 420 387 380 410 407 415 416 '414 '412 404 Millwork, plywood, etc 105 96 104 98 95 94 92 95 95 98 101 10? Furniture and fixtures 306 272 297 284 278 257 253 263 277 284 283 289 289 Household furniture 222 195 213 202 198 181 179 187 199 206 207 Stone, Clay, and Glass Products. . 448 416 451 436 429 409 400 412 414 411 411 413 403 Glass and glass products. .. 120 107 117 112 110 105 101 107 107 108 108 107 Structural clay products. . . 77 72 79 76 75 73 72 72 72 71 70 71 Instruments and Related Products. 200 177 196 190 185 176 170 169 172 174 174 173 171 Miscellaneous Manufacturing Industries 394 354 385 366 363 333 313 347 366 383 381 363 346 Ordnance and Accessories 24 20 24 24 23 21 19 18 18 18 17 17 17 ' Revised. 1 Annual figures for 1949 were computed by Board of Governors and are preliminary. 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 January 1950 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. 358 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] Annual 1948 1949 1950 Industry group or industry 1948 1949 i Dec. Jan. Feb. June July Aug. Sept. Oct. Nov. Dec. Jan. Nondurable goods. 5,808 5,501 5,733 5,561 5,551 5,315 5,317 5,614 5,715 '5,717 '5,570 5,548 5,449 Textile-mill Products 1,275 1,136 1,236 1,200 1,190 1,083 1,058 1,092 1,132 rl, 168 r1,184 1 187 1 174 169 140 158 153 150 132 127 133 140 ••144 147 149 Broad-woven fabric mills 615 551 607 590 582 525 518 530 547 565 572 574 Knitting mills 231 213 220 212 214 203 200 211 219 227 230 227 Apparel and Other Finished Textiles 1,049 1,022 1,040 1,015 1,055 959 942 1,040 1,082 r1,083 '1,030 1,045 1,039 Mens' and boys' suits, coats and over- 140 128 135 135 139 122 116 131 133 129 120 129 Men's and boys' furnishings 251 240 236 225 241 236 221 235 246 ••252 r251 248 Women's and misses outerwear 309 294 315 314 324 258 263 306 319 308 279 296 Leather and Leather Products 368 347 354 354 359 339 342 356 354 349 332 344 348 235 226 228 233 235 223 226 234 230 224 '209 225 1,197 1,172 1,171 1,097 1,073 1,153 1,224 1,350 1,340 r1,273 r1,184 1,138 1,072 Mieat products . ... . 216 231 247 240 231 226 227 229 230 236 243 252 Dairy products 111 108 100 99 100 122 122 116 110 104 99 96 Canning and preserving 195 181 147 118 108 169 220 339 322 r232 159 135 Bakery products . ... 196 191 196 190 189 192 191 194 196 199 194 189 Beverage industries 161 151 146 152 169 165 157 149 146 141 157 145 Tobacco Manufactures 93 87 90 84 82 91 94 92 89 86 84 93 88 Paper and Allied Products 405 382 398 369 365 371 384 392 393 390 384 Pulp, paper and paperboard mills 211 198 420190 208 329014 192 188 191 197 200 201 200 Printing, Publishing and Allied Industries. .. 501 495 509 500 497 494 485 486 495 500 499 502 496 134 141 139 136 137 142 141 141 144 144 145 147 Commercial printing ... ... 166 164 170 169 166 164 162 161 162 166 165 168 Chemicals and Allied Products 520 485 526 519 513 464 453 458 488 485 484 481 Industrial inorganic chemicals 55 52 56 56 55 52 51 50 50 52 51 52 164 146 165 163 162 139 136 135 140 141 143 144 Drugs and medicines 60 61 60 62 62 60 59 60 61 62 62 62 Products of Petroleum and Coal 192 188 189 187 188 189 189 190 189 185 187 185 183 Petroleum refining 149 149 149 149 150 150 150 150 149 148 148 146 Rubber Products 209 186 206 201 197 181 177 180 167 T187 r187 187 188 Tires and inner tubes 96 84 93 91 89 86 82 81 64 81 81 82 For footnotes see preceding page. HOURS AND EARNINGS OF FACTORY EMPLOYEES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1949 1950 1949 1950 1949 1950 Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Manufacturing—Total 55.50 -•54.74 56.40 56.44 39.5 '39.3 40.0 39.8 1.405 '1.393 1.410 1.418 Durable goods 58.83 '57.34 59.56 59.81 40.1 '39.3 40.3 40.3 1.467 -1.459 1.478 1.484 Primary metal industries 63.72 '57.83 62.92 63.40 40.0 36.6 39.4 39.6 1.593 '1.580 1.597 1.601 Fabricated metal products 58.23 '57.02 59.62 60.49 40.1 '39.3 40.5 40.6 1.452 '1.451 1.472 1.490 Machinery except electrical 61.72 '59.37 61.26 61.18 40.5 '38.6 39.7 39.6 1.524 'i.538 1.543 1.545 Electrical machinery 57.01 57.26 58.71 59.03 39.7 39.9 40.6 40.6 1.436 1.435 1.446 1.454 Transportation equipment 66.23 '64.32 67.70 70.73 39.9 '38.7 40.2 42.0 1.660 '1.662 1.684 1.684 Lumber and wood products 49.82 '52.52 52.87 47.63 40.7 '41.0 41.4 39.3 1.224 '1.281 1.277 1.212 Furniture and fixtures 48.34 50.72 52.46 51.29 39.4 '41.2 42.1 41.0 1.227 '1.231 1.246 1.251 Stone, clay, and glass products 54.50 '55.28 55.79 •54.71 40.1 '40.0 40.4 39.5 1.359 1.382 1.381 1.385 Instruments and related products 55.36 '56.48 57.02 56.30 40.0 40.0 40.1 39.4 1.384 '1.412 1.422 1.429 Miscellaneous manufacturing industries. 50.77 '51.78 52.27 51.79 40.2 '41.0 40.9 1.263 '1.263 1.278 1.285 Ordnance and accessories 58.08 59.82 60.85 60.90 40.9 40.2 40.7 1.420 1.488 1.495 1.515 Nondurable goods 51.35 52.07 52.73 52.78 38.7 '39.3 39.5 39.3 1.327 '1.325 1.335 1.343 Textile-mill products 44.89 47.16 47.64 47.04 37.5 39.5 39.8 39.2 1.197 1.194 1.197 1.200 Apparel and other finished products... . 43.10 '40.41 41.97 42.97 35.3 35.7 35.9 36.2 1.221 '1.132 1.169 1.187 Leather and leather products 42.30 40.08 41.96 42.67 37.2 35.1 37.0 37.3 1.137 1.142 1.134 1.144 Food and kindred products 53.62 54.07 54.78 54.97 41.5 '41.5 41.5 41.3 1.292 '1.303 1.320 1.331 Tobacco manufactures 35.69 '38.46 38.89 39.57 36.2 38.0 38.2 38.6 .986 '1.012 1.018 1.025 Paper and allied products 55.54 "58.31 58.04 57.09 41.6 43.0 42.8 42.1 1.335 '1.356 1.356 1.356 Printing, publishing and allied industries 67.59 70.95 72.61 70.72 38.6 '38.6 39.4 38.5 1.751 '1.838 1.843 1.837 Chemicals and allied products 57.70 '59.43 59.78 60.09 41.1 '41.5 41.6 41.5 1.404 1.432 1.437 1.448 Products of petroleum and coal 73.29 '72.08 71.48 72.68 41.2 '40.0 39.8 40.2 1.779 '1.802 1.796 1.808 Rubber products 56.89 "58.06 59.38 59.75 37.9 38.5 39.3 38.9 1.501 '1.508 1.511 1.536 r Revised. NOTE.—Data are for production and related workers. Figures for January 1950 are preliminary. Back data are available from the Bureau «of Labor Statistics. MARCH 1950 359 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 fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade 1 Finance Service 1 Sta l t o e c , a a l nd utilities government 1941 36,164 12,974 947 1,790 3,248 7,567 1,462 3,554 4,622 1942 39,697 15,051 983 2,170 3,433 7,481 1,440 3,708 5,431 1943 42,042 17,381 917 1,567 3,619 7,322 1,401 3,786 6,049 1944 41,480 17,111 883 1,094 3,798 7,399 1,374 3,795 6,026 1945..... 40,069 15,302 826 1,132 3,872 7,685 1,394 3,891 5,967 1946 41,412 14,461 852 1,661 4,023 8,815 1,586 4,408 5,607 1947 43,371 15,247 943 1,982 4,122 9,196 1,641 4,786 5,454 1948 44,201 15,286 981 2,165 4,151 9,491 1,716 4,799 5,613 1949 43,005 14,148 931 2,156 3,979 9,436 1,762 4,782 5,811 SEASONALLY ADJUSTED 1949—January 43,881 14,816 997 2,215 4,090 9,479 1,740 4,771 5,773 February 43,657 14,671 995 2,164 4,059 9,465 1,744 4,784 5,775 March.. 43,445 14,501 987 2,140 4,008 9,497 1,749 4,792 5,771 April 43,263 14,316 987 2,121 4,008 9,516 1,748 4,792 5,775 May 43,027 14,095 975 2,116 4,024 9,475 1,754 4,804 5,784 June 42,896 14,007 965 2,100 4,003 9,456 756 4,786 5,823 July 42,711 13,917 936 2,128 3,968 9,383 1,754 4,779 5,846 August 42,864 13,979 949 167 3,947 9,420 762 4,788 5,852 September 43,068 14,108 943 2,188 3,939 9,453 1,780 4,785 5,872 October '42,163 13,706 591 203 '3,877 '9,386 1,785 4,770 5,845 November '42,375 13,691 '912 200 '3,894 '9,304 1,785 '4,769 5,820 December 42,712 13,943 936 2,134 3,935 9,403 1,788 4,762 5,811 1950—January 42,656 14,025 816 2,189 3,911 9,398 1,780 4,753 5,784 UNADJUSTED 1949—January 43,449 14,782 991 2,016 4,054 9,388 1,731 4,723 5,764 February 43,061 14,649 986 1,926 4,024 9,292 1,735 4,712 5,737 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 May 42,731 13,877 974 2,137 4,021 9,342 1,763 4,804 5,813 June 42,835 13,884 968 2,205 4,031 9,336 1,774 4,834 803 July 42,573 13,757 943 2,277 4,007 9,220 1,780 4,851 738 August 42,994 14,114 956 2,340 3,992 9,213 1,780 836 763 September 43,466 14,312 948 2,341 3,959 9,409 1,771 833 893 October '42,601 13,892 593 2,313 '3,871 '9,505 1,767 4,794 866 November '42,772 13,800 '913 '2,244 '3,891 '9,605 1,767 4,769 783 December 43,695 14,054 936 2.091 3,935 10,130 1,770 4,738 6,041 1950—January 42,221 13,993 810 1,992 3,878 9,295 1,771 4,705 5,777 ' 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. January 1950 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 i o o n n n a - l T l f a o o b r t c o a e r l Total In E n m on p a lo g y ri e c d u l 1 - In U pl n o e y m ed - la N b o o t r i f n o r t c h e e Total 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 1949—January 109,117 61,546 60,078 57,414 50,651 6,763 2,664 47,571 February 109,195 61,896 60,388 57,168 50,174 6,993 3,221 47,298 M arch 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 1950—January 110,256 62,835 61,427 56,947 50,749 6,198 4,480 47,420 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. 360 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Total R b e u si i d ld e i n n t g ial Nonresidential building P a u n b d li c p u w b o l r ic ks Month Factories Commercial Educational Other utilities 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 January 615.2 483.0 238.1 159.1 54.1 43.6 74.5 62.6 58.7 38 1 53 3 77 6 136 6 102.0 February 682.0 568.5 232.3 193.1 71.9 37.8 75.5 58.8 37.8 44.7 87.2 80.6 177.3 153.5 !March 689.8 747.6 276.5 251.8 55.3 66.2 78 5 88.4 50 3 60 4 65 0 112 4 164 3 168.4 April 873.9 845.9 351.6 307.2 82.2 43.8 88.8 92.0 55.4 68.4 111.2 112.2 184.7 222.4 May 970.8 885.4 369.8 351.3 91.9 51.5 103.3 68.5 83.8 76.0 117.0 124.6 205.0 213.5 June 935.2 949.9 355.3 375 0 103.8 45.4 83 1 70.9 63 5 81 4 113 8 138 3 215 7 239.0 July 962.7 947.8 349.7 344.8 72.9 41.5 106.3 73.4 103.1 91.2 112.8 144.2 217.9 252.7 August 854.1 911.0 337.6 398.7 77.7 41.1 77.8 64.4 55.8 72.9 97.4 99.6 207.8 234.3 September 762.2 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 778.6 1,061.8 296.8 500.7 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 694.0 929.0 256.7 419.1 56.3 64.8 62.9 60.7 66.2 66.9 81.1 110.8 170.9 206.8 Year 9,429.6 10,359.3 3,608.0 4,239.4 839.8 558.6 975.0 885.0 724.6 824.4 1,127.1 1,375.92,155.2 2,476.0 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 1950 1949 Federal Reserve district January. . . 572 615 483 167 197 160 405 419 323 February. . 442 682 568 96 248 252 346 434 317 Jan. Dec. Jan. March 597 690 748 143 181 282 453 509 466 April 602 874 846 177 236 319 425 638 527 May 675 971 885 234 298 369 441 673 517 Boston 43,891 39,746 25,713 June 605 935 950 226 338 375 379 597 574 New York 140,374 186,222 77,841 July 660 963 948 203 335 410 458 628 537 Philadelphia 52,962 61,580 34,745 August.... 823 854 911 218 276 316 605 579 595 Cleveland 59,666 85,840 44,370 September. 650 762 1,072 193 259 289 457 503 783 Richmond 93,363 110,844 50,973 October. . . 793 779 1,062 209 262 332 584 517 730 Atlanta 91,013 99,449 60,736 November. 715 611 958 224 199 316 492 413 642 Chicago 103,273 123,848 78,852 December . 625 694 929 207 278 299 418 416 630 St. Louis 44,878 72,004 31,680 Minneapolis 11,366 27,076 18,214 Year.... 7,760 9,430 10,359 2,296 3,107 3,718 5,464 6,323 6,641 Kansas City 27,640 54,214 15,511 Dallas 62,429 68,207 44,349 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Total (11 districts) 730,855 929,030 482,984 [In millions of dollars] Title I Loans Mortgages on INSURED FHA HOME MORTGAGES (TITLE II) HELD IN Prop- Small 1- to 4- Rental War and PORTFOLIO, BY CLASS OF INSTITUTION Year or month Total m p e r i e o m r n t v y - t e x - s h c t t o i r o o u m n n c - e - f h ( a o T m I u I i s ) t i l l e e y s h g ( o T a r I u o n I i s ) t u d i l p n e g h e ( o V V T r u a e I i s n t ) t i l 2 - s n e ' g [In millions of doll S a a rs v ] - 1 1 1 1 9 9 9 9 4 4 4 4 2 3 1 4 1 1 , , 1 1 9 8 7 3 3 7 2 7 5 5 2 1 1 4 8 4 1 9 7 1 4 2 1 1 5 1 2 8 6 2 4 7 9 1 5 7 1 6 (3 1 ) 6 3 2 6 5 8 0 3 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 M s t i a n u a n g v u a k s l - - s a a l i s a o t n s n i a o g o d n c s n i s - p I c a n a o n n s m c u i e e - r s - a c F e g i e e r e a d s n l - 1 - Other2 1945 666 171 219 4 272 1946 755 321 (3) 347 3 85 1947 1,787 534 (3) 446 808 1936—Dec 365 228 8 56 41 5 27 1948 3,338 614 7 880 1,836 1937—Dec 771 430 27 110 118 32 53 1949 43,821 594 13 1,855 7 1,339 1938—Dec 1,199 634 38 149 212 77 90 1949— A F M M J e p a a a b n r y r i r u c l u h a a ry ry .. . . . . . 2 2 2 2 2 6 8 7 6 7 9 3 9 9 9 3 3 3 4 4 5 4 5 7 5 « 1 1 1 1 1 1 1 1 2 3 3 2 2 7 5 0 8 3 7 1 1 1 1 9 0 0 0 1 8 2 9 8 3 1 1 1 1 1 9 9 9 9 9 3 4 4 4 4 9 0 1 3 2 — — — — — D D D D D e e e e e c c c c c 3 3 2 3 1 , , , , , 1 7 6 6 4 9 0 2 2 0 3 7 6 9 0 1 1 1 1 , , , , 1 4 6 7 9 6 6 6 0 0 2 5 9 5 2 2 2 1 1 5 3 8 3 7 6 6 6 0 1 2 2 2 2 1 9 7 5 2 9 2 6 4 4 2 1 1 , , 1 0 3 5 7 3 3 4 4 8 2 4 2 2 9 2 2 2 1 4 3 0 7 5 5 4 1 9 3 1 1 1 1 1 7 5 6 5 3 9 9 3 0 3 J Ju u l n y e 3 3 8 1 2 7 4 4 9 0 (3) 1 14 5 3 1 1 1 3 8 4 1 1944—June 3,554 1,669 258 284 1,119 73 150 August 356 55 3 172 126 Dec 3,399 1,590 260 269 1,072 68 140 S O e c p to te b m er ber.. 3 3 8 0 3 9 6 6 0 5 2 2 1 1 6 8 3 8 (3) 1 8 2 4 8 1945—June 3,324 1,570 265 264 1,047 43 134 November.. 4 323 58 1 189 67 Dec 3,156 1,506 263 253 1,000 13 122 December. . 4371 71 1 206 90 1946—June 3,102 1,488 260 247 974 11 122 1950—January 4337 57 1 228 51 Dec 2,946 1,429 252 233 917 9 106 1 Net proceeds to borrowers. 2 Mortgages insured under War 1947—June 2,860 1,386 245 229 889 8 102 Housing Title VI through April 1946; figures thereafter represent Dec 2,871 1,379 244 232 899 7 110 mainly mortgages insured under the Veterans' Housing Title VI (approved May 22, 1946) but include a few refinanced mortgages 1948—June 2,988 1,402 251 245 973 7 110 originally written under the War Housing Title VI. Beginning with Dec 3,237 1,429 265 269 1,113 9 152 December 1947, figures include mortgages insured in connection with sale of Government owned war housing, and beginning with February 1949—June..... 3,894 1,587 305 323 1,431 21 227 1948 include insured loans to finance the manufacture of housing. s 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 and N O d T o E n . o — t F ta ig k u e re a s c c r o e u p n re t s o e f n t p r g i r n o c s i s p a in l s r u e r p a a n y c m e e w n r t i s t t o e n n p d r u e r v i i n o g u s t l h y e in p s e u ri r o e d d Un 2 it I e n d c lu S d ta in te g s m H o o r u tg si a n g g e c C o o m rp p o an ra ie ti s o , n f . inance 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. MARCH 1950 361 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports * Merchandise imports 2 Excess of exports 1946 1947 1948 1949 1950 1946 1947 1948 1949 1950 1946 1947 1948 1949 1950 January , . 798 1,114 1,092 1,104 P744 394 531 547 590 P623 405 583 545 514 P121 February 670 1,146 1,085 Pl.044 318 437 589 P567 352 709 496 P477 March 815 1,326 1,139 Pl.177 385 445 675 P633 431 882 464 P545 April 757 1,294 1,121 Pl,166 406 512 532 P535 351 782 590 P631 May .. 851 1,414 1,103 Pl.092 393 474 554 P541 457 940 549 P552 June 878 1,235 1,014 Pi,104 382 463 625 J>526 496 772 389 P578 July 826 1 155 1,019 P899 431 450 564 P456 395 705 456 P443 August 883 1,145 992 P880 422 400 606 P491 461 745 386 P389 September 643 1,112 926 P906 377 473 560 P531 266 639 365 P375 October 537 1,235 1,023 P850 394 492 600 P559 142 743 423 P291 November 986 1 141 823 P836 478 455 554 P594 508 687 269 i>242 December 1 097 1,114 1,318 P943 529 603 720 P605 567 511 598 P338 Jan.-Dec 9.740 14,430 12,653 P12.000 4,909 5,733 7,124 P6.626 4.831 8,696 5,529 P5.374 P Preliminary. 1 Including both domestic and foreign merchandise. Beginning January 1948, recorded exports include shipments under the Army Civilian Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.9 million dollars. 2 General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers, 1935-39 average = 100] RAILROADS For- Mis- Mer- [In millions of dollars] Total Coal CokeGrain s L t i o v c e k - p e ro st d- Ore l c a e n l- e- c d h i a se nucts ous l.c.l. Total Total Net Annual r o r e p a v e i e l r w n a u t a i e y n s g e r x a p il e w n a se y s o r i p a n e i r c l a o w t m a i e y ng i m n N co e m t e 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 1941 130 123 168 112 91 139 183 136 100 Annual 1942 138 135 181 120 104 155 206 146 69 1939 3,995 3,406 589 93 1943 137 138 186 146 117 141 192 145 63 1940 4,297 3,614 682 189 1944 140 143 185 139 124 143 180 147 67 1941 5,347 4,348 998 500 1945 135 134 172 151 125 129 169 142 69 1942 7,466 5,982 1,485 902 1946 132 130 146 138 129 143 136 139 78 1943 9,055 7,695 1,360 873 1947 143 147 182 150 107 153 181 148 75 1944 9,437 8,331 1,106 667 1948 138 141 184 136 88 149 184 146 68 1945 8,902 8,047 852 450 1949 116 100 145 142 77 123 151 127 57 1946 7,628 7,009 620 287 1947. 8,685 7,904 781 479 SEASONALLY 1948 9,672 8,670 1,002 698 ADJUSTED 1949 P8.580 P7.893 P687 P436 1948—November... 137 138 199 155 90 144 174 144 66 December. . . 137 131 192 147 85 139 187 148 62 SEASONALLY ADJUSTED 1949—January 131 130 189 125 79 129 175 141 60 February.... 126 124 187 113 75 112 185 136 61 1949—January... 768 703 64 34 March .. 120 79 174 139 77 117 236 138 60 February.. 740 688 51 20 April 127 129 188 138 76 119 215 132 59 March.... 722 663 59 26 May 124 130 173 150 73 123 215 126 59 April 742 689 53 21 June 115 98 150 156 70 122 182 122 58 May 737 676 61 29 July 110 79 118 177 70 117 177 120 55 June 748 677 71 38 117 103 123 138 77 125 160 127 57 July 701 650 51 19 September. .. 105 60 130 125 79 121 145 125 52 August.... 697 659 38 5 October. . ... 92 42 54 153 85 124 28 111 54 September. 685 633 52 19 November 117 131 96 152 75 137 42 119 54 October. .. 623 592 31 0 December. . . 115 97 148 131 72 134 146 127 52 November. 708 636 72 39 December. 712 632 81 1950— January 117 97 151 119 70 118 169 133 52 UNADJUSTED UNADJUSTED 1948—November... 141 138 199 152 114 141 191 150 68 1949—January... 731 697 33 12 December... 128 131 202 138 82 123 58 139 60 February.. 676 646 30 S March.... 739 674 65 41 1949—January 120 130 198 125 76 116 44 129 57 April 747 682 65 40 February.... 117 124 198 111 60 107 46 128 58 May 741 683 58 32 M!arch . 111 79 175 128 61 117 68 131 61 June 735 674 61 42 April 125 129 184 121 68 119 228 130 60 July 701 650 50 27 May 125 130 171 132 66 128 267 127 59 August... 743 677 66 39 June .. 119 98 147 159 54 127 282 126 57 September 695 631 64 38 Julv 115 79 115 212 60 117 284 121 55 October... 649 602 47 24 August 120 103 119 149 73 131 240 128 57 November, 705 629 76 54 September. .. 114 60 128 140 104 130 218 135 55 December 711 642 69 *>82 October 99 42 53 153 131 131 35 121 56 November 120 131 96 149 95 135 51 124 55 December. . . 107 97 155 123 69 119 45 120 50 pPreliminary. 1950—January 107 97 158 119 68 106 42 122 49 NOTE.—Descriptive material and back figures may be ob« tained from the Division of Research and Statistics. Basic data compiled by the Interstate Commerce Commission. NOTE.—For description and back data, see BULLETIN for June 1941, pp. Annual figures include revisions not available monthly. 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for Classes with weights derived from revenue data of the Interstate Commerce Commission, 362 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 ki 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 - la A n t t - a c C a h g i o - L S ou t. is M ap i o n l n is e- K C a i n ty sas Dallas2 F c S r is a a c n n o - SALES 3 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 1947 286 234 239 261 281 304 360 275 314 273 311 374 '337 1948 302 239 249 284 303 321 386 290 335 288 326 '404 '353 1949 285 234 233 271 281 307 374 271 317 275 307 385 332 SEASONALLY ADJUSTED 1949—January 295 246 '244 283 311 '308 378 289 290 265 293 387 '341 February 283 234 '232 265 284 306 374 272 310 274 311 393 314 March '279 208 '222 272 279 294 365 266 309 267 301 392 329 April 293 251 242 274 301 303 389 277 321 292 314 374 '334 May '291 243 '234 271 295 315 376 275 335 273 309 384 340 June 285 242 '236 269 281 311 368 262 314 266 309 385 335 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 '374 333 September 289 241 '238 277 279 306 367 283 332 276 312 '374 326 October 276 211 '223 260 259 295 376 258 309 278 301 '387 337 November ••277 234 '227 267 266 305 367 262 300 267 299 '371 319 December 293 239 '237 276 283 31.1 382 281 330 r293 322 403 339 1950—January P282 P245 229 267 290 P300 P376 275 282 P301 P398 314 UNADJUSTED 1949—January 226 187 '195 209 230 224 287 216 238 203 223 '307 271 February 227 180 192 199 227 239 314 212 261 202 252 315 266 March 254 194 209 249 254 274 339 239 287 241 280 353 289 April 295 256 237 284 304 309 393 280 327 295 311 377 '332 May 287 241 230 277 292 310 365 277 328 279 306 373 '323 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 '339 November 339 292 293 355 332 378 426 324 378 310 347 442 358 December 481 418 401 472 465 541 642 438 504 '438 506 662 '565 1950—January P216 183 198 215 206 232 P189 P228 P315 249 STOCKS s 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 '251 238 1947 255 202 225 220 243 289 306 246 274 266 259 '320 300 1948 291 223 241 252 277 322 362 281 314 326 301 389 346 1949 '..[ 270 210 221 233 256 301 339 260 296 299 276 362 323 SEASONALLY ADJUSTED 1949—January '279 221 '229 241 274 294 360 271 303 307 291 '372 321 February 276 214 224 236 275 295 340 268 313 306 282 '369 327 March r282 226 232 238 285 305 348 264 323 300 287 '370 342 April 278 223 230 244 260 315 335 266 321 305 283 '369 331 May 273 219 224 240 267 304 336 265 296 301 276 '363 320 June 265 207 218 232 249 311 325 257 280 301 268 '357 313 July 256 193 213 224 228 302 319 253 267 283 263 '354 302 August 253 183 204 216 229 295 319 250 264 290 264 '349 309 September '263 195 213 232 242 295 337 252 280 296 258 '356 334 October 270 206 216 231 252 305 347 265 298 298 278 '366 325 November 273 219 221 231 258 295 352 261 308 305 284 '365 329 December 271 228 227 '232 262 295 352 253 309 292 277 351 321 1950—January 223 227 P224 256 P291 P357 264 288 P301 P356 322 UNADJUSTED 1949—January '250 196 '202 210 240 269 324 244 260 283 265 '346 293 February 265 202 218 231 255 287 343 260 282 294 276 '362 307 March 287 219 238 250 282 314 365 275 314 312 293 392 335 April 285 218 237 254 265 329 352 273 321 310 292 388 337 May 277 216 227 245 269 309 332 268 296 302 281 363 331 June 256 199 206 218 244 280 312 247 280 291 268 336 315 July 245 188 189 202 228 282 300 233 278 290 257 333 311 August 254 192 204 212 242 298 316 242 287 287 259 346 308 September 274 210 225 241 264 309 347 259 311 301 263 367 334 October 297 232 244 265 287 339 379 288 333 313 298 384 346 November 305 249 255 266 279 '•327 395 298 329 331 313 405 365 December 244 205 207 '204 219 267 306 237 259 270 246 323 293 1950—January P244 198 200 P195 224 P321 238 248 P277 P258 P331 294 P Preliminary. ' Revised. 1 Sales indexes revised; back figures available upon request from Federal Reserve Bank of New York. 2 Sales and stocks indexes revised to reflect seasonal factor revisions. 3 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. MARCH 1950 363 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 a year ago stocks to (value) sales l Number of Stocks Department stores Sales during (end of December report- period mo.) ing D 19 e 4 c 9 . Y 19 e 4 a 9 r D 19 e 4 c 9 . 1949 1948 360 -3 -6 -5 1.4 1.4 MAIN STORE—total 360 -3 -6 -5 1.4 1.5 320 -9 -11 -4 2.9 2.7 296 -23 -19 -13 3.7 3.2 Silks velvets and synthetics 193 -24 -21 -16 3.2 2.9 170 -24 -20 -5 4.0 3.2 186 -20 -16 -15 4.1 3.9 313 -3 -5 0 2.5 2.4 282 —4 -5 0 2.1 2.0 Domestics—muslins sheetincs .... 247 -4 -5 +1 3.8 3.7 245 -1 -5 2.3 2.3 Small wares 349 -3 -4 +2 1.3 1.3 Laces, trimmings, embroideries, and ribbons 210 -10 -16 -4 2.3 2.2 Notions 247 -4 -6 +5 2.0 1.8 Toilet articles drug sundries 332 -5 -2 0 1.4 1.3 324 -5 -4 +3 1.3 1.2 Silverware and clocks 4 216 -7 — 11 0 1.9 1.8 281 -4 -1 +9 0.8 0.7 76 -4 +1 0 2.0 1.9 Art needlework 245 -8 -5 -2 2.6 2.4 Books and stationery • . 279 +3 +1 +3 0.9 0.9 Books and magazines 142 0 +2 1.0 0.9 240 +4 +1 +5 0.8 0.8 Women's and misses' apparel and accessories. 357 -5 -7 -3 1.3 1.2 Women's and misses' ready-to-wear accessories. 357 -3 -5 0 1.2 1.2 Neckwear and scarfs 313 -6 —6 -3 0.7 0.7 287 -9 -10 -2 0.7 0.6 IMillinery . 172 +4 0 -4 0.8 0.9 Women's and children's gloves 332 -4 0 1.1 1.0 Corsets and brassieres • • 343 0 —2 +1 2.6 2.6 Women's and children's hosiery 351 -4 —9 0 0.8 0.7 350 ^ -6 0 0.8 0.8 Knit underwear ... . 255 +9 +3 +4 1.0 1.0 Silk and muslin underwear, and slips 289 -1 -9 -2 0.8 0.8 Negligees, robes, and lounging apparel 252 -9 -7 -4 0.5 0.5 Infants' wear . 334 —2 —4 —2 1.3 1.3 336 0 —2 +3 0.8 0.7 Women's and children's shoes .... 249 -4 —5 +1 2.9 2.7 Children's shoes 4 213 +1 -3 +4 2.1 2.0 Wom W en o ' m s e a n n ' d s m sh i o ss e e s s 4 ' ready- . t . o-wear apparel.... 3 2 5 2 7 4 -8 — -8 5 -7 o 3 1 .3 1 3.0 Women's and misses' coats and suits 345 -19 — 14 —8 1.8 Coats 4 208 -22 — 18 —8 1.6 Suits 4 200 — 7 _5 —8 2 4 Juniors' and girls' wear 321 —7 —7 —5 1.1 Juniors' coats suits and dresses 291 -10 — 10 — 10 1 2 Girls' wear 320 -4 —4 -i 1.0 Women's and misses' dresses . 346 -9 —8 — 11 1 3 Inexpensive dresses4 263 -6 -7 1.0 Better dresses 4 273 — 12 — 11 — 15 1 6 Blouses, skirts, and sportswear 344 2 —5 —6 1.1 Aprons, housedresses and uniforms 290 2 — 1 c 1 4 Furs 275 -4 -11 -3 2.2 Men's and boys' wear 334 -1 —4 0 1 2 Men's clothing 257 2 7 —4 2.3 Men's furnishings and hats 317 -1 -3 +4 0.8 Boys' wear 305 +2 -3 0 1.3 Men's and boys' shoes and slippers . . 194 -4 -3 1.9 Housef urnishings 322 XI —7 —12 2 4 Furniture and bedding 247 -5 -16 3.4 M!attresses SDrinss and studio beds 4 163 1 — 11 2 7 Upholstered and other furniture 4 172 p _5 — 14 3 6 Domestic floor coverings 278 -9 -14 -16 3.7 151 -9 -14 -15 3.6 Linoleum 4 .. .... 103 -14 -20 -21 4.6 Draperies, curtains, and upholstery 302 0 -1 -1 2.8 Lamps and shades 254 o —2 — 1 1 6 254 +2 —3 2 2.8 Major household appliances .... 249 +1 -25 -36 2.3 Housewares (including minor appliances) 264 -4 -5 -3 1.9 173 1 fi, 1 i 4-8 1 4 Radios, phonographs, television, records, etc.4. . 232 +20 +19 -20 1.0 Radios, phonographs television 4 ... 184 +32 +30 -21 0.8 Records, sheet music, and instruments4 145 -5 -10 -17 1.4 Miscellaneous merchandise departments. . . . 323 +1 -5 -6 0.7 Toys, games, sporting goods, and cameras 300 +3 -3 2 0.6 Toys and games 243 +4 — 1 0 0 4 Sporting goods and cameras 145 -10 -3 1.3 Luggage .... 262 -4 -7 1.3 Candy 4 194 -7 -6 0.4 oC NO Index numbers without seasonal adjustment 1941 average monthly sales = 100 2 Sales during Stocks at end period of month 1949 1948 1949 1948 Dec. Nov. Dec. Dec. Nov. Dec. 374 247 384 553 683 587 242 200 266 694 689 724 178 214 232 655 678 746 178 202 235 572 601 685 223 300 291 891 810 912 138 149 173 568 546 665 266 191 274 672 679 677 312 199 325 661 706 673 183 154 190 701 630 679 273 216 276 625 669 650 447 234 463 599 783 588 298 230 330 685 817 704 361 241 375 709 832 672 375 166 394 514 692 516 544 265 570 718 919 690 251 223 275 656 677 673 608 332 591 541 836 526 479 243 485 470 657 451 624 350 597 524 843 508 342 235 360 431 558 446 407 238 421 488 663 492 609 319 645 444 664 458 632 233 698 443 808 454 162 183 156 127 155 132 453 236 465 480 726 484 260 215 261 674 717 668 328 179 342 255 404 260 596 279 618 489 768 494 592 327 545 592 856 573 601 256 610 511 739 488 649 279 714 351 722 385 483 345 492 638 831 655 463 223 464 352 557 348 274 209 286 788 907 , 787 273 233 296 369 447 396 209 291 259 375 434 411 1.4 2.4 1.1 375 294 401 401 539 425 1.2 303 255 337 360 411 402 1.0 475 351 494 465 708 469 1.3 215 179 236 277 317 314 1.0 1.7 1.2 414 260 421 455 583 485 1.4 252 156 258 346 387 361 2.1 190 181 197 410 491 426 1.2 497 257 502 602 828 602 2.4 294 233 299 675 856 711 0.8 653 271 662 516 793 503 1.3 474 289 464 597 841 599 1.9 408 205 421 779 938 795 2 8 293 262 290 706 768 805 4.2 192 210 187 671 652 791 3 1 4 3 4.0 205 248 224 747 725 901 3.8 5.0 2.9 246 269 245 698 745 709 1.6 402 314 404 659 757 674 2.8 350 231 344 965 1,094 981 3.7 256 246 254 597 582 930 1.9 431 292 450 822 953 855 1 4 l!4 1.6 0.7 563 297 559 383 668 403 0.6 964 473 936 549 1,111 561 0 4 1,281 641 1,227 449 1,217 454 1.3 749 366 768 967 1,475 998 1.4 505 222 525 661 849 7081 0.4 For footnotes see following page. 364 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 * 1941 average monthly sales = 100 2 Number of Sales during Stocks Sales during Stocks at end Department stores period (e m n o d . ) of December period of month reporting 1949 1948 1949 1948 D 19 e 4 c 9 . Y 19 e 4 a 9 r D 19 e 4 c 9 . 1949 1948 Dec. Nov. Dec. Dec. Nov. Dec. BASEMENT STORE—Total 203 -6 -4 0 1.2 1.1 320 234 340 381 486 384 Domestics £Hid blankets * 136 -5 -3 +3 2.3 2.1 Women's and misses' ready-to-wear. 197 -8 -5 -3 1.0 0.9 310 229 337 301 409 310 Intimate apparel4 173 -6 -4 +1 1.0 1.0 Coats and. suits 4 183 -21 -14 -11 1.4 1.2 Dresses 4 176 -9 -2 -3 0.9 0.8 Blouses skirts and sportswear4 157 e -4 -4 0.8 0.8 123 -6 -4 -6 0.8 0.8 Infants' wear 4 115 -4 -2 +1 1.0 1.0 Men's and boys' wear .... 162 -1 -1 +2 0.9 0.9 486 288 489 452 641 440 Mien's wear 4 142 0 -1 +2 0.9 0.9 Mien's clothing 4 92 +2 -1 -2 1.5 1.6 IVIen's furnishinss 4 117 -1 0 +5 0.7 0.7 Boys' wear 4 120 -1 +5 0.9 0.9 Housef urnishings 102 -3 -1 +1 2.0 1.9 230 249 236 448 506 441 Shoes 126 -9 -5 0 2.0 1.8 229 166 251 460 564 461 NONMERCHANDISE—total4 178 -4 -2 Barber and beauty shop 4 76 +8 +5 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 363. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included n group and total indexes. a Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1947, sales and stocks at these stores accounted for about 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES * [Weeks ending on dates shown. 1935-39 average =100] Amount (In millions of dollars) Without seasonal adjustment 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 Apr. 1 1 1 3 7 0 9 . . 4 . . . 8 .. . . . 2 2 2 8 9 9 0 4 8 Apr 1 1 2 9 6 9 . . 4 . . . 9 .. . . . 3 3 3 1 0 2 4 1 0 Oct 1 1 2 9 6 94 .. 8 .. . . 3 3 3 3 3 27 6 1 Oct 1 1 8 1 5 94 .. 9 .. . . 2 2 3 9 0 9 2 7 0 24... ..296 23.. ...266 23 .344 22.. .. .296 1939 average 128 344 May 1.. .. .300 30... ..286 30.... .319 29.... .298 1940 average 136 353 108 8... ..330 May 7... . .334Nov. 6 .320Nov. 5.. . .315 1941 average 156 419 194 15... . .293 14... ..285 13 .346 12 .318 1942 average 179 599 263 22,. .. .295 21... . .280 20.... .371 19 .342 1943 average 204 509 530 29.. ...297 28... ..275 27 .347 26.... .330 1944 average 227 535 560 June 5... ..282 June 4... . .259 Dec. 4.... .485Dec. 3.... .449 1945 average 255 563 729 12.. ...304 11.. ...288 11 .564 10 .542 1946 average 318 715 909 19.. .. .310 18... . .285 18.... .576 17.... .584 1947 average....... 337 826 552 26... ..262 25.. .. .247 25.... .473 24 .541 1948 average ••352 912 465 July 3... . .265July 2... . .238 1949 31.... .197 1949 average 333 859 350 10.. .. .217 9... ..201 Jan. 1.. . .204 1950 1949— F Ja e n b u r a u r a y ry.... 2 2 5 6 5 7 ' 8 7 5 9 4 7 3 3 8 8 9 0 2 1 4 7 . . . . . . . . . . 2 2 3 3 1 6 2 16 3 . . . . . .. . . . 2 2 1 0 3 7 1 8 5.... . . 2 2 4 7 4 2Jan. 14 7 . . 2 2 3 0 3 5 March 321 919 313 31... ..235 30... ..209 22 .230 21.:.. .230 April 348' 908 238 Aug. 7... . .261Aug. 6... ..228 29 .218 28.... .222 May 322 874 207 14... ..258 13... . .218 Feb. 5.... .229Feb. 4 '226 June.. i 313 806 283 21.. .. .271 20... . .252 12 .238 11.... .238 July 234 756 390 28.. ...255 27.. .. .252 19 .227 18.... .231 August 283 799 410 Sept. 4.. ...308 Sept. 3... . .295 26.... .232 25.... .221 September... 334 861 501 11.. .. .285 10... ..273 Mar. 5.... .244Mar. 4.... .244 O N c o t v o e b m er ber... 3 39 4 7 3 9 9 5 9 2 0 4 35 4 0 4 2 1 5 8 . . . . . .. . . . 3 33 1 7 9 2 17 4.. . . . . .2 3 9 1 2 5 1 1 9 2 . . 2 2 6 5 1 6 1 11 8. December. . . 583 788 296 26.... .277 25 1950—January ?255 P788 2>391 r Revised. P 1 T P h re e l s i e m i f n ig a u r r y e . s are not r e R st e i v m is a e te d s . for all department stores in the for N S O e T p E te .— mb F e o r r d 19 e 4 sc 4 r , i p p t p io . n 8 7 o 4 f - 8 s 7 er 5 i . es and for back figures, see BULLETIN United States. Back figures.—Division of Research and Statistics. 365 MARCH 1950 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] Jan. Dec. Year Jan. Dec. Year Jan. Dec. Year Tan. Dec. Year 1950 1949 1949 1950 1949 1949 1950 1949 1949 1950 1949 1949 United States.. P-4 2 -6 Cleveland-cont. Chicago P-5 -3 -7 Kansas City— B P C N A S T N C C Y L P C Y S W A S T C P W B D P N N P R U R N E S B B B h o l B e p o r h o y o a p c r l o l o e o u a k i e o l o e o t e e i i r s o i e o m i w n e r b i a n r l i h n r u w f n r l o s v w c w r l i u a r l w c i t e v l v t u r f n a a a c g k o i t k d n c o e h e g g a s t d n l i a a c d o e n i a m n c i n o t e d r a a a g Y t n n l d g n e l h Y H h d e g i n o l o n o a i r a u o g y s t n r s n f e n a s e e s o k e e s k b 1 a o n n a n i - o t n a s d t f l n t i l c t e g n e B p 1 A r e u m w e a * p e p e o i r v 1 d 1 l d t 1 k r F c e e r k t s r o 1 h d a a h w e n r i t e p l x a 1 r d r * n * i i o e 1 C d n r a s a t l . y a n e 1 1 . l i . i . * . . e . . s * . . t . * . . . . . y . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - - - - - - 1 + + - - + - - - 1 1 - - - - - - 1 1 1 - - - - - - - - - - - - - 9 5 7 7 7 8 5 7 3 9 6 6 6 6 5 5 1 6 9 7 4 6 8 5 2 4 7 3 4 4 2 2 2 2 o -i + + + - - + + - - - - + - - - - - - - - - - - - - — - - - - - - 2 2 3 1 2 4 3 3 6 5 7 1 2 4 4 4 1 1 2 5 5 9 7 3 4 3 2 3 1 0 1 1 0 2 r - - _ 1 - - — - + - - - - - — - - - - - - - - - - - - - - - - 2 5 6 7 7 6 7 8 6 5 5 7 7 7 4 9 5 5 5 5 4 7 4 5 6 9 0 0 1 7 7 7 4 R A W N W O A A S N J K W L N P J T R M C H R E M M C M B B R H M B C C G B A C a i t a a i y r a o r a o a i o n o e r h u a i a h t a c r s l u c h e t a o a o i h i c i i r v l l c a e l w n l h t m g l r t o s l m h a g n a s e a k r a m s a c ' b e n n t h e o u u s e f a l n h k e c t r i x e u i s h t n m s o n m i o e i s b e t n o m n t m d m n i l m p v h t i g O r v t l v o t s g s i n d ' e l t i l n l e v u a o i s t n a n i i a a h i k b t o i i n n o o b b o o s a o R o r l n 1 a t g i n l n l r l 1 a g l u t l o v n n l n u l i m g r l n g n g h * e o h o e - o l e a t e e r i d w s e d S , . x t h o a a u g n l e o 1 W . i , o l m n n n a N g , r . e g * n y S s l . e S . 1 a e . ! . V . . J 1 . . 1 1 m 1 1 . . . . . C . C . . . . . . . a . C . . . . . . . . . . . . . . . . P P - - — - - - - - + + + + + + + + - + + - - - - 1 1 1 - - - - 1 1 1 - - - - - — - 1 - - 5 9 1 9 8 1 5 6 2 2 4 3 5 8 8 7 7 0 4 4 3 0 1 6 5 1 1 4 1 2 4 3 4 0 0 o 2 - 1 t + - + + + + + + + + + + + + + + + + - - 1 - - - - - - - - - - - 1 5 5 8 4 4 7 4 2 1 6 5 4 1 5 1 1 1 9 - 5 3 6 3 6 2 2 5 6 7 6 0 0 0 0 0 2 0 - -t * « r - - - - - — + + + 1 + 1 + + + - - - - - 1 1 - - - - - - - - - 1 - - - - - - - - - - - 8 9 7 5 4 6 9 1 1 5 2 5 7 7 9 4 3 9 2 3 0 4 4 3 7 1 0 1 2 0 3 1 2 1 1 4 2 2 0 0 S K M J L T T W S F F L F L L Q S S S D P H K O P D S D D G M M E E M M C I G t o n a . S p t u t i e l t o o t o o e a i i v a u m e a e u h r r e u . . . n . p i d i a e i n t i n r o u e n r u e a p r r s a s n n n l i c n t t i t L i c d m l l L i t t r L J w a n t P n b r e p l n s s c i c n n e r t h v i u a s n e o e s i i o o h n M n i c o a o l o d h e a k g e s W a a p a n s i S a e S e v t n i o l s u y a t u v r u g s s n a a i o f i h H r h u a u a a . i g 1 e R t m i B o i n t i i R i l i n a o p o . - p p k i e 1 . s p l s l s l a s s C i y o 1 1 e l l a . o o r o e i L a h n u o C d e . A i t n y e c i l l p l J 1 o v t e h n i i i t 1 e i k e i r s s s u y 1 s . 1 t . . d e 1 . 1 . y K . . . . i * . . . , a . . s . . s . . . . . . \ . . . . . . , . . , . . . . . . + - - ( + + + + 1 1 + + + + - - - - - - - - - + - - — - - - - - - - - - 2 - 1) 1 4 7 2 1 4 9 1 6 8 1 8 3 4 4 3 9 3 6 4 5 7 7 3 0 3 2 8 2 5 1 1 -f 1 + + + + + + + + + + + + + - - - - - - - - — - - - - 1 4 1 2 2 5 5 5 3 5 5 4 1 8 4 2 5 2 4 1 4 1 0 0 1 1 0 0 0 c 1 2 - - - - + 1 1 - + 1 1 - - - - - - - - - - - - - - - - - - — - - - - - - - - 5 2 6 6 4 9 6 4 9 7 6 5 5 2 6 6 7 5 6 7 3 5 4 2 8 6 8 2 3 3 1 5 3 0 f 2 j j S D T F L L O S S S S V T S F S P S S P S S S T O D H R Y C B B E B a S N N a c B a a a r t a h a a o o h o o p e a u a v o i a o e a u k a o a a n o a e o v n n l n n l n r c s n a r c l r l o o l i k e e a a r l k l u l k t n c s c l e s s l t t e n l a o p t a t g r r e e r l k m p i n e l a s A e a A k J i a F D v L s t r F k h a n e a m u a j t s W n m a t a B l r o s s o t o e . n e o r o g o p B t n a n m n i s e a s o r i i n R t a a p s e l d i e d x i m h k a g a x n 1 d a n f n t o n e e e a g e n C o o o r e * i 1 e a e e 1 J d n a y r 1 . 1 n n 1 a e o c a n r s l n m t c h . c e C t a d l a a h n i x i . h l t d r i s s C . o r n d . o s i i 1 l d c 1 . t . s d . . * c 1 i . y o i . t 1 . t . . . o n . . i . . y . . . . 1 . . . . . . . o . . . . . . \ . ! P P P P P p P P P P p - - - - + + - - - - - - - 2 - - - - 1 1 2 ( + + + + 4 1 1 1 3 + — 1 1 1 1 1 - - - - 8 — - - - 2 3 1 1 3 4 9 1 5 7 6 6 5 6 ) 2 5 1 2 2 3 5 8 1 7 6 2 1 6 0 2 5 7 + + + - - + + + + + + + + + + + + + + + + 1 + + - - — 1 + - - - - 2 1 1 8 6 4 2 1 2 3 1 1 3 5 1 5 2 2 5 8 2 4 4 4 1 3 7 9 7 2 0 5 2 0 0 1 c r r - - - + - 1 1 + + - 1 + - - - - - - - - - - - - - - - - - - - - - 3 3 4 4 6 2 8 4 3 2 7 9 6 7 4 9 6 9 4 2 4 3 5 6 2 0 2 7 3 1 - r 2 P Preliminary. r Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average =100] Fuel, elec- Year or month All items Food Apparel Rent r t e r f i r c i i g ty er , a a ti n 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 105.2 105.5 106.3 106.2 102.2 107.3 104.0 1942 116.5 123.9 124.2 108.5 105.4 122.2 110.9 1943. . 123 6 138 0 129 7 108 0 107 7 125.6 115 8 1944 , 125.5 136.1 138 8 108 2 109 8 136.4 121 3 1945 128.4 139.1 145.9 108.3 110.3 145.8 124.1 1946 . 139.3 159.6 160.2 108.6 112.4 159.2 128.8 1947 159 2 193 8 185 8 111 2 121 2 184.4 139 9 1948.. 171.2 210.2 198.0 117.4 133.9 195.8 149.9 1949 169.1 201.9 190.1 120.8 137.5 189.0 154.7 1' 949—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 April 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 167.5 197.3 185.8 122.2 139.7 185.4 155.5 1950—January 166.9 196.0 185.0 122.6 140.0 184.7 155.1 Back figures.—Bure au of Labor Statistics, Department of Labor. 366 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities Manu- Year, month, or week m c t A o i o e m d l s l 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 i s l - e li m g F r a i h a u n a t t e l d i e s n l - 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 n a a i t g l l e d s - - c C a a p u l l h r s l c o e i t e a d m 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 o l i l s u a - s - m R ri a a a t l w e s - t p u u f r a c r o c e t d - s d - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 97.5 94.5 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88 7 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 7?, q 54 q 70.3 80.2 71.4 73 q 75.1 64.4 55.1 70.3 1933 65 9 51.4 60.5 71.2 80 q 641- 8 66 3 79.8 77.0 72 1 75.8 62 5 56.5 70.5 1934 74.9 65.3 70.5 78.4 86 6 72 q 73.3 86.9 86.2 75 3 81.5 69.7 68.6 78.2 1935 80.0 78.8 83.7 77.9 89 6 70.9 73.5 86.4 85.3 79 0 80.6 68.3 77.1 82.2 1936 80.8 80.9 82.1 79.6 95 4 71 5 76.2 87.0 86.7 78 7 81.7 70.5 79.9 82.0 1937 86 3 86.4 85.5 85.3 104 6 7(i 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 6Q 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 71 8 71.7 95.8 94.8 77,0 8i 77.3 71.9 81.6 1941 87.3 82.4 82.7 89.0 108 3 84 8 76.2 99.4 103.2 84 4 94.3 82.0 83.5 89.1 1942 98.8 105.9 99.6 95.5 117 7 9(1 q 78.5 103.8 110.2 95 S 102.4 89.7 100.6 98.6 1943 103.1 122.6 106.6 96.9 117 5 97 4 80.8 103.8 111.4 94 q 102.7 92.2 112.1 100.1 1944 104 0 123.3 104.9 98.5 116 7 4 83.0 103.8 115.5 95 104.3 93.6 113.2 100.8 1945 105.8 128.2 106.2 99.7 118 1 10(1 1 84.0 104.7 117.8 95 104.5 94.7 116.8 101.8 1946 121.1 148.9 130.7 109.5 137.2 ^^6 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 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 1949—January 160.6 172.5 165.8 152.9 184 8 Hfi 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 14.S 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 q 14? 132.0 171.8 196.5 117 7 r 0 115.6 165.8 153.0 May 155.7 171.2 163.8 146.8 179 140 5 130.1 168.4 193.9 118 9 146.2 113.5 165.9 151.5 June 154.5 168.8 162.4 145.6 178 8 139.2 129.9 167.5 191.4 1168 14=.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 t 14' 0 110.3 163.2 149.7 August 152.9 162.3 160.6 145.0 178 q 138 1 129.7 168.2 188.2 119 7 142 q 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 1177 142.9 109.6 162.0 150.1 October 152 2 159.6 159 6 145 0 181 3 0 130 5 167 3 189.2 1160 143 0 109 0 160 3 149.1 November. . . . 151.6 156.8 158.9 144 9 180 8 138 0 129 9 167.3 189.6 115 q 142 4 109.7 160.4 148.1 December 151.3 155.3 155.7 145.4 179 9 138.4 130.5 167.8 190.4 115.3 144.1 110.7 159.7 147.9 1950—January 151.6 155.3 154.7 145.8 179 3 138.5 131.3 168.4 191.7 115.7 144.8 110.0 160.1 148.2 Week ending:1 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 2 137 130 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 1158 Jan. 31 151.2 155.5 154.6 145.2 137.4 103.4 169.5 190.9 1158 Feb. 7 151.6 157.2 156.0 145.1 137.4 130.5 169.3 191.2 1156 Feb. 14 152.2 159.1 156.8 145.3 137.2 130.4 169.3 191.5 1154 Feb. 21 152.5 158.9 158.3 145.3 137.0 130.5 169.4 191.5 1153 Annual 1949 1950 Annual L949 1950 Subgroups Subgroups 1948 1949 Jan. Dec. Jan. 1948 1949 Jan. Dec. Jan. Farm Products: Metals and Metal Products: Grains . 199.2 158.3 167.7 160.9 160.2 Agricultural mach. & equip... 134.9 144.0 144. 1 143.2 143.3 Livestock and poultry 225 1 185 8 194 7 168 2 172 4 Farm marhlnerv 136 9 146 5 146 145 9 145.9 Other farm products 162 1 154 4 159 4 145 0 142.6 Iron and steel.. 155.1 16e 7 169. 1 165.4 167.3 Foods: Motor vehicles 168 0 17£ q 175 8 176 7 176.5 Dairy products.... 179.3 152.9 163 6 154.4 148.8 Nonferrons metals 157.5 144.3 172. S 129.2 128.6 Cereal products. . 155.8 145.3 148.0 144.6 144.3 Plumbing and heating 147.8 '154L8 156. 9 154.6 154.0 Fruits and vegetables.... 143.4 143.6 145.3 132.5 134.4 Building Materials: Meats 236 5 210 2 214 2 193 4 194.3 Brick and tile . 156.3 161 7 162. 5 161.9 163.5 Other foods 147 6 132 3 134 4 132 6 131 0 Cement 130 4 131 8 133 q 134 5 134.8 Hides and Leather Products: Lumber 313.0 ?8tf 0 299. 5 '285.2 287.5 Shoes 189.7 185.1 187.8 184.3 184.3 Paint and paint materials 159.6 151.1 166. 3 139.3 139.0 L H e id a e th s e a r nd skins. . . 2 1 0 8 9 8 8 2 1 1 7 9 8 2 . 0 2 1 1 8 9 5 8 .7 4 1 1 7 9 8 2 . 1 8 1 1 7 8 7 9 .0 6 S P t l r u u m c b tu in ra g l a s n te d e l h . eatinff 1 1 6 4 3 7 . . 7 8 1 17 S < 4 3 8 3 1 1 5 7 6 8 . . q 8 1 18 5 5 4 . . 2 6 1 1 5 9 4 1 . . 0 6 Other leather products 149.5 143.2 145.4 141.1 143.1 Other building materials 167.6 171.7 179. 1 169.2 170.5 Textile Products: Chemicals and Allied Product.v Clothing 147 5 145 6 147 7 144 0 143.9 Chemirais 126.7 117 4 122. 114.6 114.7 Cotton goods 207.1 176.1 186 9 178.4 178.7 Drugs and pharmarenricais. . 153.4 i?,q 1 150. 4 121.6 121.5 Hosiery and underwear 104.7 99.5 102.5 98.4 98.5 Fertilizer materials 116.1 119.7 120. 8 117.9 117.4 Silk 46 4 49 6 50 1 49 9 50.1 Mixed fertilizers 105.0 107 q 108. 7 106.5 104.9 Rayon 41.2 40.5 41.8 39.6 39.6 Oils and fats. . . 206.5 173 8 146. 1 118.2 122.7 Woolen and worstec goods.. 155.6 155.2 161.6 146.9 146.9 Housefurnisking Goocis: Other textile prodm^ts 182.9 179.5 189.0 171.5 171.7 Furnishings 148.3 151.3 153. 4 151.2 151.8 Fuel and Lighting Materials: Furniture 140.8 0 142. 8 136.9 137.5 Anthracite 130.9 137.0 137.7 139.3 139.3 Miscellaneous: Bituminous coal. 187 0 192 0 196 5193 9 196 0 Auto tires and tubes . .. 64.8 6? q 65. 5 64.3 64.3 Coke 207.1 222.2 220.5 222.2 222.2 Cattle feed . . . 253.6 ?O0 7 212. 0 192.3 179.3 Electricity 66.3 67.7 Paper and pulp 168.5 160.8 168. 3 156.0 155.9 Gas . 89 2 88 1 87 2 Rubber crude 44.9 37 0 39. S 37.8 39.1 Petroleum products 122.1 112.2 121.3 108.5 109.4 Other miscellaneous.... 130.6 123.0 128. 1 121.1 120.5 r Revised. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures.—Bureau of Labor Statistics, Department of Labor. 367 MARCH 1950 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 1946 1947 1948 1949 Gross national product 103.8 55.8 91.3 126.4 212.6 235.7 262.4 257.4 270.3 262.0 257.9 254.6 255.2 Less: Capital consumption allowances 7.2 8.1 9.3 11.9 13.7 15.7 16.8 16.4 16.4 16.9 16.9 17.2 Indirect business tax and related liabilities. 7.0 7.1 9.4 11.3 17.3 18.7 20.3 21.2 20.7 20.6 21.2 21.8 21.4 Business transfer payments .6 .7 .5 .5 .6 .6 .6 .6 .6 .6 .6 .6 .6 Statistical discrepancy -.1 1.2 1.4 1.6 4.2 1.0 -.3 -2.5 -1.3 .0 -1.3 -5.0 n.a. Plus: Subsidies less current surplus of government enterprises , -.1 C1) .5 .1 .9 -.1 .1 .3 .4 .3 .3 .3 .3 Equals: National income 87.4 39.6 72.5 103.8 179.6 201.7 226.2 221.5 234.3 224.7 220.8 220.7 n.a. Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 18.3 25.6 32.6 31.4 35.7 31.6 30.7 32.3 n.a. Contributions for social insurance .2 .3 2.1 2.8 6.0 5.6 5.1 5.6 5.3 5.6 5.6 5.6 5.6 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .1 .1 -.3 .0 .0 Plus: Government transfer payments .9 1.5 2.5 2.6 10.8 11.1 10.5 11.6 9.9 11.2 11.7 11.9 11.8 Net interest paid by government 1.0 1.2 1.2 1.3 4.4 4.4 4.4 4.7 4.5 4.5 4.6 4.7 4.7 Dividends 5.8 2.1 3.8 4.5 5.8 7.0 7.9 8.4 8.3 8.3 8.2 8.1 8.9 Business transfer payments .6 .7 .5 .5! .6 .6 .6 .6 .6 .6 .6 .6 .6 Equals: Personal income 85.1 46.6 72.6 95.3 176.9 193.5 211.9 209.8 216.6 212.0 210.0 208.2 209.3 Less: Personal tax and related payments 2.6 1.5 2.4 3.3 18.8 21.5 21 18.6 20.4 18.6 18.6 18.6 18.6 Federal 1.3 .5 1.2 2.0 17.2 19.6 19.0 16.2 18.2 16.2 16.2 16.2 16.1 State and local. 1.4 1.0 1.2 1.3 1.7 1.9 2.1 2.4 2.2 2.4 2.4 2.4 2.5 Equals: Disposable personal income 82.5 45.2 70.2 92.0 158.1 172.0 190.8 191.2 196.2 193.4 191.4 189.5 190.7 Less: Personal consumption expenditures 78.8 46.3 67.5 82.3 147.8 166.9 178.8 179.4 180.9 178.7 179.3 179.7 179.8 Equals: Personal saving 3.7 -1.2 2.7 9.8 10.3 5.1 12.0 11.8 15.3 14.8 12.1 9.8 10.8 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1948 1949 1929 1933 1939 1946 1947 1948 1949 National income 87.4 39.6 72.5 103.8 179.6 201.7 226.2 221.5 234.3 224.7 220.8 220.7 n.a. Compensation of employees 50.8 29.3 47.8 64.3 117.0 127.6 140.3 141.1 144.9 141.9 140.8 141.1 140.9 Wages and salaries 2 50.2 28.8 45.7 61.7 111.4 122.3 135.3 135.6 13,9.8 136.5 135.4 135.6 135.3 Private 45.2 23.7 37.5 51.5 90.5 104.8 116.1 114.6 119.6 116.1 114.7 114.4 113.5 Military .3 .3 .4 1.9 8.0 4.0 3.9 4.2 4.1 4.1 4.1 4.2 4.5 Government civilian 4.6 4.9 7.8 8.3 12.9 13.6 15.2 16.8 16.1 16.3 16.6 16.9 17.3 Supplements to wages and salaries .6 .5 2.1 2.6 5.6 5.3 5.0 5.5 5.0 5.4 5.5 5.5 5.6 Proprietors' and rental income 3 19.7 7.2 14.7 20.8 41.2 45.1 49.5 44.8 49.7 47.1 45.1 43.1 43.7 Business and professional 8.3 2.9 6.8 9.6 20.8 23.1 24.5 24.0 24.5 24.1 24.1 24.0 24.0 Farm 5.7 2.3 4.5 6.9 14.2 15.4 18.4 14.1 18.5 16.4 14.3 12.6 12.9 Rental income of persons 5.8 2.0 3.5 4.3 6.2 6.5 6.6 6.7 6.7 6.7 6.7 6.6 6.8 Corporate profits and inventory valu; tion adjustment 10.3 -2.0 5.8 14.6 18.3 25.6 32.6 31.4 35.7 31.6 30.7 32.3 n.a. Corporate profits before tax 9.8 .2 6.5 17.2 23.6 31.6 34.8 28.8 34.5 29.4 26.4 28.9 n.a. Corporate profits tax liability 1.4 .5 1.5 7.8 9.6 12.5 13.6 11.4 13.6 11.5 10.6 11.4 n.a. Corporate profits after tax 8.4 -.4 5.0 9.4 13.9 19.1 21.2 17.3 20.9 17.9 15.8 17.5 n.a. Inventory valuation adjustment .5 -2.1 — .7 -2.6 -5.2 -6.0 -2.2 2.6 1.2 2.2 4.3 3.3 Net interest 6.5 5.0 4.2 4.1 3.0 3.4 3.8 4.2 4.1 4.1 4.2 4.2 4.3 r Revised. n.a. Not available. 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. 368 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 annualrates Annua' totals by quarters 1948 1949 1929 1933 1939 1941 1946 1947 1948 1949 4 2' 3' 4 Gross national product 103.8 55.8 91.3 126.4 212.6 235.7 262.4 257.4 270.3 262.0 257.9 254.6 255.2 Personal consumption expenditures 78.8 46.3 67.5 82.3 147.8 166.9 178.8 179.4 180.9 178.7 179.3 179.7 179.8 Durable goods 9.4 3.5 6.7 9.8 16.5 22.0 23.5 24.4 22.9 23.0 23.6 25.7 25.2 Nondurable goods 37.7 22.3 35.3 44.0 86.8 96.2 102.2 98.9 103.3 100.4 99.8 97.6 97.7 Services 31.7 20.6 25.5 28.5 44.5 48.8 53.1 56.1 54.8 55.3 55.9 56.5 56.9 Gross private domestic investment 15.8 1.3 9.9 18.3 29.5 31.1 45.0 34.7 48.0 40.0 33.2 32.1 33.7 New construction l 7 8 1 1 4 9 6 8 10 3 13 8 17 9 17 3 17 9 16 8 16 4 17 4 18.7 Producers' durable equipment 6.4 1.8 4.6 7.7 12.5 17.2 20.7 19.7 21.2 20.7 20.0 19.6 18.7 Change in business inventories 1.6 -1.6 .4 3.9 6.7 .1 6.5 -2.3 9.0 2.5 -3.2 -5.0 -3.7 Net foreign investment .8 .2 .9 1.1 4.7 8.9 1.9 .0 1.0 1.0 1.2 -2.0 Government purchases of goods and services 8.5 8.0 13.1 24.7 30.7 28.8 36.7 43.4 40.3 42.3 44.2 43.2 43.7 Federal 1.3 2.0 5.2 16.9 20.8 15.7 20.9 25.4 23.4 25.2 26.4 25.0 25.0 W No a n r war } 1.3 2.0 3 1 .3 9 1 3 3 .8 2 2 2 1 .2 5 ) 17.0 21.5 25.8 23.8 25.5 26.7 25.8 25.2 Less: Government sales 2 2.9 1 1.3 .6 .4 .3 .3 .3 .8 .2 State and local 7.2 5.9 7.9 7.8 9.9 13.1 15.8 18.0 16.9 17.1 17.8 18.2 18.8 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Wage and salary disbursements Less em- Pro- dends Trans- Non- Per- ployee Other prietors' and agricul- Year or month in s c o o n m al e re T c o e t i a p l ts4 T d o is ta - l m C o o d m it - y D u is ti t v ri e b- Service Gov- b c u o f t n o io t r r n i- s in l c a o b m or e5 in re c a o n n m t d a e l 6 in s p t o e e n r r a e - l st m p t e a e n y r t - s' in t c u o r m al e8 produc- indus- ern- social income ments ing in- tries tries ment insurdustries ance 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 1949 209.8 133.5 135.7 57.3 40.2 17.3 21.0 2.2 2.1 44.8 17.4 12.2 191.4 1948—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 214.6 135.9 138.2 60.5 40.3 17.1 20.3 2.3 2.0 48.5 17.0 11.2 192.0 February r. . . . 211.3 134.0 136.3 59.4 39.5 17.0 20.4 2.3 2.1 46.6 17.0 11.6 191.0 March r 210.2 132.3 134.6 57.4 39.4 17.3 20.5 2.3 2.1 46.2 17.0 12.6 190.5 Aprilr 210.5 133.9 136.0 57.4 40.7 17.3 20.6 2.1 2.1 45.0 17.1 12.4 191.8 May r 210.2 133.7 135.9 57.0 40.9 17.4 20.6 2.2 2.1 45.2 17.0 12.2 191.4 June r 209.4 132.9 135.2 56.7 40.3 17.3 20.9 2.3 2.1 45.1 17.0 12.3 190.5 July 207.2 133.0 135.2 56.4 40.5 17.1 21.2 2.2 2.1 42.8 16.9 12.4 190.2 Augustr 209.1 133.4 135.6 56.9 40.5 17.1 21.1 2.2 2.1 43.9 17.1 12.6 191 A September7*. . . 208.3 133.7 135.9 57.1 40.5 17.1 21.2 2.2 2.1 42.7 17.2 12.6 192.2 October'- 207.0 132.7 134.9 55.5 40.2 17.5 21.7 2.2 2.1 42.9 17.3 12.0 190.3 Novemberr. . . 209.4 132.5 134.7 56.0 39.5 17.4 21.8 2.2 2.2 44.9 17.4 12.4 191.3 December? 211.5 134.1 136.3 57.4 39.6 17 A 21.9 2.2 2.2 43.4 19.1 12.7 194.1 P Preliminary. r Revised. 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. MARCH 1950 369 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 o o f n y t e h ar co c T n r s o e u t d m a 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 o y n a m g n l e e s n 8 - 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 1.468 1,544 533 1940 9,115 5,417 3,450 1,729 1,721 1,967 3,698 1,488 1,650 560 1941 9,862 5,887 3,744 1,942 1,802 2,143 3,975 L,601 1,764 610 1942 6,578 3,048 1,617 482 1,135 1,431 3,530 1,369 1,513 648 1943 5,378 2,001 882 175 707 1,119 3,377 1L,192 1,498 687 1944 5,803 2,061 891 200 691 1,170 3,742 1L,255 1,758 729 1945 6,637 2,364 942 227 715 1,422 4,273 1L.520 1,981 772 1946 10,191 4,000 1,648 544 1,104 2,352 6,191 2,263 3,054 874 1947 13,673 6,434 3,086 1,151 1,935 3,348 7,239 2,707 3,612 920 1948 16,319 8,600 4,528 1,961 2,567 4,072 7,719 2,902 3,854 963 1949P 18 777 10,891 6,240 3,144 3,096 4,651 7,886 2,987 3,909 990 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 April 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 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 N 17,221 10,164 5,661 2,986 2,675 4,503 7,057 2,866 3,197 994 November 17,813 10,439 5,880 3,085 2,795 4,559 7,374 2,927 3,454 993 December?.... 18,777 10,891 6,240 3,144 3,096 4,651 7,886 2,987 3,909 990 1950—Januarys 18,335 10,830 6,163 3,179 2,984 4,667 7,505 3,002 3,506 997 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 ©f period) (during period) Year or month Total m ba C e n r o 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 In a tr n d i k u a s l s - 2 p I a c n l t o o n r d i a m i a u 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 r n z o e a o a s a p u n d t n i a r e d o s i e r 8 r n n d - m b C a e n o r m k ci s a - x l p S c l a m o o n a m a i n e l - l s b I a n tr n d i k u a s l s - 2 p I a c n l t o o n r d a m i i u a e n l s - s - * u C n r i e o d n i s t 1929 643 43 263 219 23 95 463 413 38 1933 466 29 246 121 20 50 322 202 32 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 1,709 817 204 160 312 131 739 3,069 1,534 375 318 577 1949P 4,651 1,951 929 250 175 402 142 802 3,282 1,737 418 334 712 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 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 4,253 1,836 827 219 167 346 132 726 303 140 38 28 68 July 4,325 1,866 843 225 169 357 133 732 282 155 35 28 59 August 4,399 1,897 851 230 171 369 134 747 294 143 37 29 66 September .. 4,459 1,922 855 235 172 379 135 761 278 128 34 27 65 October 4,503 1,936 858 239 172 385 135 778 272 134 34 26 59 November. . 4,559 1,944 875 244 173 394 137 792 269 161 36 28 64 December?.. 4,651 1,951 929 250 175 402 142 802 280 232 41 31 69 1950—January?... 4,667 1,958 931 251 175 403 142 807 270 131 37 27 59 Preliminary. 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of January amounted to 91 million dollars, and loans made during January 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. 370 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars]. Depart- Automobile Other Repair Pery E m e n a o d r n t o o h f r in e m T g x o o c a l b t u a u i d l l t e , o - - s o m m t a r o n a e d r i n d e e l t r - s F s t t u u o r r r n e e i s - H a s h a t p o o n o p u r c l l s e d e i e s - - J s e t w or el e r 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 r e - e d ta D i l l o i a r n ec s t c d r h p e a ir a u t n a e s r d c i e - l t d , l e o m r t a a n i n o o n iz d d n s a - 12 - s in l m o c o s n a a e t s a a n n h l l s t 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? 4,416 854 915 922 781 944 1939 1,525 377 536 273 93 246 1949—January 3,558 564 737 758 631 868 1940 . . 1,721 439 599 302 110 271 February 3,517 572 737 724 626 858 1941 1,802 466 619 313 120 284 March 3,556 598 759 709 630 860 1942 1,135 252 440 188 76 179 April 3,629 631 785 712 636 865 1943 707 172 289 78 57 111 May 3,740 664 817 736 650 873 1944 691 183 293 50 56 109 June 3,852 688 843 750 676 895 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 5 6 7 9 8 ? ." 3 2 1 1 , , , , 9 1 0 5 7 3 0 9 6 1 5 4 6 7 5 1,0 3 6 8 1 1 3 5 7 9 0 7 0 4 8 3 2 9 5 7 8 3 9 8 5 6 5 6 7 0 3 2 5 1 8 5 4 0 1 7 1 9 0 8 1 1 1 6 5 4 8 5 3 2 4 9 7 3 4 4 1 1 0 8 0 1 7 5 8 4 3 4 J N A S O u e o u c l p t v y g o t e u b e m s e m t r b b er er.... 3 4 4 4 4 , , , , , 9 2 3 1 0 3 4 4 2 4 0 3 7 6 4 8 8 7 7 7 3 1 1 5 8 5 8 1 4 0 8 8 9 9 9 0 1 6 2 9 5 5 9 2 0 8 8 8 7 7 6 0 6 3 7 8 3 1 9 8 6 7 7 7 7 8 1 7 5 3 4 1 2 5 0 9 9 9 9 9 0 1 2 2 2 1 1 9 2 7 December?. . . 4,416 854 915 922 781 944 1949 January... 2,405 815 704 366 141 379 1950—January? 4,468 867 922 954 780 945 February.. 2,310 778 685 353 130 364 Volume extended dur- March.... 2,259 756 675 348 124 356 ing month: April 2,276 760 683 351 123 359 1949—January ••427 68 ••95 100 32 132 May 2,332 771 704 367 123 367 February 383 71 90 74 33 115 June 2,371 774 718 382 124 373 March 517 105 129 94 45 144 July 2,400 766 730 405 121 378 April 527 113 129 99 48 138 August 2,462 781 755 417 121 388 May 568 112 136 124 54 142 September. 2,562 818 784 435 121 404 June 592 109 135 124 67 157 October. . . 2,675 855 822 454 123 421 July 541 112 129 109 50 141 November. 2,795 906 858 464 127 440 August 598 127 134 114 75 148 December? 3,096 1,010 935 500 163 488 September.... 568 117 123 121 62 145 October. 593 125 123 136 70 139 1950 November.... 576 118 115 131 67 145 December?. . . 593 113 105 154 57 164 January P. . 2,984 978 903 484 619 1950—January? 557 113 116 137 48 143 r Revised. 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 Auto- ization cash Auto- ization cash mobile Other loans ! loans mobile Other loans i2 loans 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 93.6 63.1 55.4 131.1 1949? 194.7 43.5 31.4 6.5 113.3 1949—January... 283.4 66.1 42.3 51.0 124.0 1949—January... 176.0 37.9 23.2 5.0 109.9 February.. 280.8 66.0 41.5 50.3 123.0 February.. . 176.1 38.0 22.9 4.9 110.3 March.... 282.9 67.7 41.6 49.5 124.1 March 178.1 38.4 23.4 4.8 111.5 April 287.6 70.7 43.1 49.5 124.3 April 180.9 39.4 24.1 4.9 112.5 May..... 294.7 73.3 45.8 50.0 125.6 May 183.0 40.3 25.9 5.1 111.7 June 303.4 76.1 48.7 51.2 127.4 June 185.7 41.2 26.7 5.3 112.5 July 309.4 78.8 50.3 51.4 128.9 July 187.9 41.6 28.5 5.3 112.5 August. . . 317.4 82.9 52.3 52.9 129.3 August. . . . 190.1 42.3 29.6 5.8 112.4 September 323.7 85.3 54.6 53.9 129.9 September . 190.9 43.0 30.0 5.7 112.2 October... 329.6 88.7 56.6 55.0 129.3 October 191.2 44.2 30.2 6.0 110.8 November. 336.3 91.7 59.2 55.5 129.9 November . 192.5 44.1 30.5 6.3 111.6 December? 343.2 93.6 63.1 55.4 131.1 December?. 194.7 43.5 31.4 6.5 113.3 1950—January?.. 344.6 96.1 63.9 54.7 129.9 1950—January?.. . 194.8 44.3 31.1 6.6 112.8 Volume extended Volume extended during month: during month: 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 22.1 June 31.1 6.7 4.8 0.6 19.0 July 41.9 11.3 7.5 3.2 19.9 July 30.8 6.7 5.2 0.5 18.4 August. . . 47.7 14.1 8.2 4.7 20.7 August 31.1 6.6 4.7 0.8 19.0 September. 43.5 12.5 7.8 4.3 18.9 September . 27.9 6.1 3.9 0.5 17.4 October... 45.6 13.7 8.5 4.8 18.6 October... . 28.3 7.1 3.9 0.5 16.8 November. 45.8 13.7 8.8 4.2 19.1 November . 28.7 5.7 4.0 0.5 18.5 December? 47.0 11.9 10.3 3.3 21.5 December?. 31.3 5.4 4.4 0.4 21.1 1950—January?.. 41.9 12.3 7.8 2.7 19.1 1950—January?.. . 27.7 6.5 3.3 0.3 17.6 p Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. MARCH 1950 371 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 * Percentage change 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 c h co ar u g n e ts from preceding month of preceding Item 1 J 9 a 5 n 0 . ? m D 1 o 9 e n 4 c t 9 . h N 19 o 4 v 9 . 1 J 9 a 5 n 0 . ? D 1 y 9 e e 4 a c 9 r . N 19 o 4 v 9 . Year or month D s m e to p e r a n e r t s t- F s t t u o u r r r n e e i s - h p H s o l t o l i o a d u r n s e a c e s p e - - J s e t w or e e lr s y D s m e to p e r a n e r t s t- Net sales: 1948 Total -45 +30 +4 +5 +3 0 December 23 14 15 20 53 Cash sales -47 +46 +6 -14 -11 -21 Credit sales: 1949 Instalment -50 +29 +5 +15 +11 +9 22 12 15 14 51 Charge account -37 +26 +3 -6 -9 — 14 F M e a b r r c u h ary 2 23 1 1 1 4 2 1 1 5 4 1 1 4 3 5 4 5 9 Accounts receivable, end 23 13 14 14 53 of month: May 22 13 14 14 53 Total -3 +10 +4 +21 +17 +15 June 21 12 14 14 53 Instalment . -4 +12 +5 +26 +22 +19 July- 19 12 13 13 49 August 21 12 14 14 51 Collections during September 20 11 12 13 52 month: October 20 11 12 14 53 Total +6 +4 0 -1 -6 -8 November 20 11 12 13 54 Instalment —2 +4 +2 -3 -5 December 20 10 12 16 52 Inventories, end of 1950 month, at retail value. 0 -10 +3 -10 -14 -16 Januarys 18 10 12 (2) 49 P Preliminary. P Preliminary. 1 Collections during month as percentage of accounts outstanding at beginning of month. 2 Collection of these data for jewelry stores was discontinued after December 1949. 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 e c m ei o v n a t b h le Collec m tio o n n s th during Cash Instal- Charge Total Cash Instal- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t Instal- Charge 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 1949 213 216 197 213 165 196 200 224 50 42 1948—December 381 408 278 370 176 281 212 252 53 41 1949—January 174 182 136 171 163 219 212 314 52 41 February 162 168 131 162 157 187 194 235 51 42 March 203 r209 172 204 152 180 210 227 51 42 April 223 231 188 221 152 190 196 209 51 41 May 207 210 182 210 153 191 196 220 50 42 June 200 '206 168 201 152 187 194 222 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 '209 223 217 165 182 191 185 49 9 42 October 220 '•214 242 '221 175 191 202 214 48 10 42 November.. . r254 247 259 260 189 213 211 232 48 9 43 December 372 380 325 373 214 285 227 245 50 42 1950—January? 164 162 174 164 209 223 234 318 49 p Preliminary. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 363. 372 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 * 1950 1950 Chart Chart book book page Jan. Feb. Feb. Feb. Feb. page Jan. Feb. Feb. Feb. Feb. 25 15 22 i 25 1 15 22 i WEEKLY FIGURES a In billions of dollars In unit indicated RESERVE BANK CREDIT, ETC. WEEKLY FIGURES *—Cont. Reserve Bank credit, total.... 2 18.30 18.62 18.15 18.58 18.09 U. S. Govt. securities, total.. 3 17.76 17.86 17.66 17.78 17.63 BUSINESS CONDITIONS M G T M R Ex r e o o e N C C C N C e R R c q l m n d a e h o o h u e e e e B N e s B s w w s i b s i u i u y s u s c c r e e i o o e n n t l e a a r r r o l r r n t Y Y t y t d i g g v s v e e r n c r d b o o e e y y s s o o k s c r e a c r r e a c c a r k b k b n i s s i v i r n k a e a t h t c e d y y C C n r n u s v r a k i i , l k e b b c e t t n a s s y y e s t a a s t d e o r i « n n t r o t k i k . d v n a f . s s e e i . l c s e p a , o t t e s o s it t s a . l . . . .2, 2 2 1 1 3 6 4 6 4 7 6 4 1 6 1 5 (3 . . . . . . . . . . . . . . . ) . 9 6 8 4 1 3 1 5 4 9 4 6 8 6 1 0 5 8 6 2 6 3 3 0 2 1 3 2 0 4 6 3 2 2 1 1 - - 3 6 4 6 4 7 6 4 1 1 1 6 5 . . . . . . . . . . . . . . . 0 0 . . 7 9 1 0 9 2 3 1 3 9 4 5 5 5 1 1 1 6 9 5 0 6 5 9 0 7 3 0 3 2 1 3 2 2 1 1 3 6 6 4 6 4 4 6 1 1 6 ( 5 4 . . . . . . . . . . . . . . ) . . 9 7 6 1 3 9 2 4 3 9 2 4 6 8 1 0 7 0 8 5 7 8 4 7 5 9 7 0 1 6 4 1 2 2 1 1 - 4 3 4 6 6 7 4 6 1 1 1 6 5 ( . 3 . . . . . . . . . . . . . 0 . . ) 8 1 9 0 2 9 3 4 0 9 3 4 3 5 1 1 2 2 2 2 2 8 0 6 4 9 4 0 9 8 4 P 2 2 1 1 4 3 6 7 6 4 6 4 1 l P P 6 5 . . . . . . . . . . . . . . . . 7 6 8 2 l 3 3 9 4 1 4 0 1 6 7 0 : 5 . 9 9 . 9 8 9 8 0 7 8 1 8 2 Wh S I B n o e a d l T F O F T W F l S I C C s e e e n i o o a t o o s t o c o c x e d h p h ( r o o a t t t r t e e A m e u a a e o l e n d t d c s r e d o l l a r s u s s u o s n t t t ( n g p m p ( u c r c f d 1 . i r a ( r o ( f e ( a m o d i c s f r 9 c m n 1 c l s m ) e o d e 2 t o e 9 n m s l u m n 6 d s l 3 t c t a : p p s = o i a s 9 t r t e r d t s 1 i s = p p e o r e i 0 e 1 t e r s d b p i 0 i r : r 0 e u a e u ) s 0 b p l c : r s s u ) t o h : s s u 1 : e h 0 n l e 0 ) d l . ) ) . . . . 6 6 6 6 6 6 6 6 6 6 6 8 8 8 5 5 7 5 7 5 8 7 2 3 2 2 3 1 1 1 1 1 3 4 0 2 0 2 4 5 5 5 3 9 1 . 2 9 1 5 0 3 4 0 1 . . . . . . . . . . 2 5 3 2 7 3 4 1 1 5 0 2 3 3 2 2 1 1 1 1 1 3 4 0 2 1 1 4 5 5 2 5 1 8 . 5 1 0 8 1 4 9 5 2 . . . . . . . . . . 2 5 4 0 5 0 2 1 6 7 5 3 3 2 2 2 1 1 1 1 1 3 0 0 4 1 1 4 5 5 2 5 1 . 6 8 9 8 7 5 6 9 1 0 . . . . . . . . . . 7 5 9 1 2 9 9 2 1 0 6 3 2 2 2 2 1 1 1 1 1 3 0 9 2 2 4 4 5 3 5 5 2 9 . 1 1 7 2 6 5 2 9 4 . . . . . . . . . . 3 0 0 4 0 8 2 8 1 3 1 3 2 2 2 2 1 1 1 1 1 9 0 3 2 4 2 4 5 3 5 5 . 7 0 7 2 4 5 8 3 8 2 1 . . . . . . . . . . 3 5 7 9 3 8 4 5 3 2 9 MEMBER BANKS IN LEADING CITIES Cows (dollars per 100 All reporting banks: pounds) 68 15.68 15.95 16.35 17.13 Loans and investments 14 67.82 67.27 67.14 66.98 66.99 Hogs (dollars per 100 U. S. Govt. securities, total. 14 38.08 37.60 37.38 36.98 37.16 pounds) 68 16.80 17.23 17.48 17.76 17.20 Bonds 16 24.74 24.80 24.85 24.86 24.91 Butter (cents per pound). 68 61.0 61.8 62.1 62.4 62,3 Notes and certificates.... 16 10.12 10.04 9.93 9.81 9.85 Eggs (cents per dozen)... 68 28.2 28.4 28.8 29.8 31.0 Bills 16 3.22 2.76 2.60 2.31 2.40 Production: Other securities 18 5.16 5.19 5.24 5.23 5.22 Steel (% of capacity) 71 93.9 93.1 91.5 90.7 Demand deposits adjusted.. 14 48.51 47.77 47.33 46.93 46.85 Automobile (thous. cars)... 71 134 120 118 116 117 U. S. Govt. deposits 14 2.23 2 AS 2.57 2.76 2.94 Crude petroleum (thous. Loans, total 14 24.58 24.49 24.52 24.78 24.60 bbls.) 72 4,893 4,883 4,887 4,931 4,930 Commercial. 18 13.87 13.92 13.89 13.91 13.85 Bituminous coal (mill, tons). 72 1.25 1.09 .42 .40 .44 Real estate 18 4.40 4.40 4.40 4.40 4.41 Paperboard (thous. tons)... 73 208 203 210 206 201 For purchasing securities: Meat (mill, pounds) 73 321 301 283 285 272 Total 18 1.90 1.94 1.90 2.05 1.97 Electric power (mill. kw. hrs.) 75 5,972 6,062 5,970 5,931 5,854 U. S. Govt. securities. . 18 .60 .66 .59 .68 .54 Freight carloadings (thous. cars): Other securities 18 1.31 1.28 1.31 K37 1.43 Total 74 636 613 569 560 547 Other 18 4.46 4.46 4.45 4.44 4.44 Miscellaneous 74 327 322 329 326 320 New York City banks: Department store sales Loans and investments 15 19.62 19.22 19.14 19.00 19.19 (1935-39=100) 75 222 226 238 231 221 U. S. Govt. securities, total. 15 10.74 10.43 10.30 10.10 10.29 Bo D nd u s e , o t r o c ta a l l l h ab o l l e d — ing 5 s y ears 1 1 7 7 5 7 . . 6 3 8 3 5 7 . . 6 3 8 5 5 7 . . 7 3 0 9 5 7 . . 6 4 9 0 5 7 . . 7 4 3 6 1949 1950 Notes and certificates. ... 17 2.33 2.31 2.26 2.23 2.24 De B m il a ls n d deposits adjusted.. 1 1 5 7 1 1 5 . . 0 5 8 0 15. . 1 7 2 7 15. . 0 6 2 6 14. . 7 4 2 7 14. . 8 5 9 9 Nov. Dec. Jan. U. S. Govt. deposits 15 .64 .73 .75 .79 .83 T In im te e r b d a e n p k o s d i e ts p osits 1 1 5 5 3 1 . .6 7 2 8 3 1 . .6 7 2 3 3 1 . .6 6 2 6 3 1 . .6 7 0 5 3 1 . . 7 61 MONTHLY FIGURES In billions of dollars Loans, total 15 7.51 7.42 7.45 7.51 7.52 DEPOSITS AND CURRENCY F C o o r m p m u e rc rc h i a a s l ing securities: 19 4.87 4.92 4.91 4.90 4.88 Deposits and currencye To brokers: Total deposits and currency. P172.30 P174.10 P173.90 Ba L U n o . k R N B B a S s n i e o o . l T s a n l o t G s l e o d u a O O s o s e o n t v n n s s a t d t t i h n . a o U d i d e t s t n e e . h e r v c s c e S N a e e r u . . n r s . e r . d t s t G w i i m e t f i o o i c e e c Y t v u s a n h , t o r t s t e e i t s r r t o s k i t e . a C s . l . . . i . . . . t y 1 1 1 1 1 1 : 1 1 1 9 5 5 9 9 7 9 7 7 4 2 1 2 8 7 7 1 7 . . . . . . . . . 2 1 8 2 3 4 2 3 7 0 4 0 0 4 0 9 1 1 4 2 1 2 7 7 8 1 7 . . . . . . . . . 1 0 7 1 0 4 4 2 6 8 0 3 7 5 5 5 0 9 4 2 1 7 7 1 8 1 7 . . . . . . . . . 9 1 6 0 0 4 2 4 7 4 9 7 7 0 1 6 0 0 4 2 1 1 6 7 7 1 7 . . . . . . . . . 8 1 5 8 9 4 7 1 4 3 7 8 7 8 6 9 6 5 4 2 1 7 1 7 6 1 7 . . . . . . . . . 8 1 6 8 8 4 3 1 8 1 7 1 0 8 5 6 0 9 Mo $ C T U T D C B 1 n i o o i u . e l 0 m c e i t l r m S y u n s a r e a . l r e s a o n r i , n G n d n e f d d $ c d e n e o y $ 1 c p c $ p v 5 i , d o y 2 o r o t 0 $ e s c . 0 s u 2 p i u i a t d t t , o b s l s s n e a a s i i d p l a t d i n l a i t o d s e o d s d o s j n j u i v b a $ u , t s e s d a 5 s t r t j t e n 5 o b e u d k d i t s l a t s l e l . s a d . . . n . . . . d . . . . 7 7 6 6 6 6 7 6 7 P ^ P ^ 1 2 8 2 P 1 5 6 8 4 7 5 4 5 3 8 8 . . . . . . . . . 7 5 5 5 5 4 1 6 0 O 1 9 4 0 5 0 0 0 P P P P 1 2 P 1 8 5 2 7 8 4 7 4 4 6 8 5 0 . . . . . . . . . 5 6 6 4 0 7 4 0 1 8 2 0 1 0 0 0 0 0 P P P P 1 2 P 8 1 5 2 7 8 6 4 6 4 8 4 3 0 . . . . . . . . 8 . 4 4 9 0 9 7 5 0 0 7 5 4 2 0 0 0 0 Demand deposits adjusted.. 15 33.01 32.65 32.31 32.21 31.96 U In . te S r . b G an o k v t. d e d p e o p s o i s ts it s 1 1 5 5 6 1 . .5 7 9 6 6 1 . .7 5 2 1 6 1 . .8 6 2 1 6 1 . .9 7 7 7 2 6. . 4 1 7 1 Annual rate T Lo im C R an o e e s a m , d l m e t e o p s e t o t r a a s c l i t i t e a s l 1 1 1 1 5 9 5 9 1 1 4 9 7 3 . . . . 0 1 0 7 0 3 7 3 1 1 9 4 7 3 . . . . 0 1 0 7 0 3 7 4 1 1 4 8 7 3 . . . . 9 1 0 7 8 4 7 7 1 1 9 4 3 7 . . . . 0 1 7 2 1 3 7 6 1 1 4 8 3 7 . . . . 9 1 7 0 8 4 9 8 Tu O N rn t e h o w e v r e Y r l o e o a r f k d i d n C e g i m ty c a i n ti d e s deposits:6 2 1 7 8 . . 5 4 ' 1 •2 7 7 .9 .1 2 1 6 8 . . 7 7 For purchasing securities. 19 .59 .60 .58 .65 .61 Other 19 3.53 3.54 3.53 3.54 3.54 COMMERCIAL BANKS In billions of dollars MONEY RATES, ETC. Per cent per annum C U o . 3 B C 7 1 r S - - 5 p i e 5 9 . l r o l y t s G r y i y e a f e o e ( a i t n c a e a r v s e a r r t s w t s . b e o ; o s s r i e n s m c d s u u s o : e r r i s e t ) i es: 30, 3 3 3 3 3 0 2 0 0 0 1 2 1 1 . 1 1 . . . . 4 2 7 1 1 2 2 3 3 8 1 2 1 . 1 1 1 . . . . 7 1 2 1 4 4 9 3 4 4 1 2 1 1 1 .1 . . . . 7 4 2 1 3 4 3 3 4 1 1 2 1 . 1 1 1 . . . . 3 7 1 4 2 2 4 5 5 4 1 2 .1 . 3 2 7 5 L H C o a o U L O a s l h d n o . t h i s a S n a e n . a g s r s n s s G e s d e e o t o c s i v f n e u t 7 . v r i U e s t s e i . e t c m s u S e e r . i n t t i G s e , o s e v t o t. t a s le e . - 9 9 9 9 9 P P P P P 1 2 4 1 2 6 7 2 0 0 7 .0 A . . . 0 9 2 2 O 0 0 0 P P P 2 P 1 > 2 6 1 2 4 8 7 0 0 3 . . . . . 1 3 3 9 3 0 0 0 0 0 ^ P 1 2 P P * 6 I 2 4 2 8 O 1 3 7 . . . . . 2 4 7 1 6 0 0 0 0 0 Aaa 32 2.58 2.58 2.58 2.58 curities : Hi B gh a - a g rade municipal bonds. . 3 3 2 2 3 2 . .0 2 7 3 3 2 . . 2 0 4 6 3 2 . . 2 0 4 6 3 2 . . 2 0 4 5 Wi T B th o il i t l n a s l 1 year: 1 1 0 0 2 3 6 . . 4 2 7 2 2 3 4 . . 5 0 1 6 " P 2 4 4 . . 1 4 2 1 Certificates 10 12.14 11.52 m.29 Stock prices (1935-39=100): In unit indicated Notes and bonds 10 10.61 9.03 «9.00 Vo T I R P l n u o u a d m b t i u a l l r e l i s o c t o a r u f i d a t t l i r l a it d y i ng (mill, shares) 3 3 3 3 3 4 4 4 4 4 1. 1 1 1 1 3 0 0 4 3 8 6 7 1 4 1 1 . 1 1 1 8 0 0 4 3 7 7 7 4 6 1. 1 1 1 1 6 0 4 0 3 2 7 5 8 7 2. 1 1 1 1 0 0 0 4 3 1 7 7 4 6 1. 1 1 1 1 4 0 4 0 3 4 8 5 8 7 Ov T N B B e o r o o o t n n t 1 a e d d l s s s y a e ( ( n a o 5 d r - v : 1 e b 0 r o y n 1 r 0 d s s . y ) r (1 s. - ) 5 yrs.) 1 1 1 1 0 0 0 0 3 2 6 4 3 2 . . . . 0 8 7 6 5 0 6 1 3 2 3 5 7 4 . . . . 8 7 0 9 9 9 0 1 " " . 2 3 « e 5 6 3 7 . . . . 1 9 0 O 3 1 9 5 For footnotes see p. 376. MARCH 1950 373 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 1950 Chart 1949 1950 book book page Nov. Dec. Jan.i page Nov. Dec Jan.* In billions of dollars In billions of dollars MONTHLY FIGURES—Gont. MONTHLY FIGURES—Cont. GOVERNMENT FINANCE—Cont. MEMBER BANKS Ownership of U. S. Govt. securities—Cont. All member banks: Marketable public issues—Cont. Loans and investments, total 12 101.00 101.76 102.42 By class of security—Cont. Loans 12 35.97 36.40 36.16 Bonds—Total outstanding.... 24 109.29 104.92 104.92 U. S. Govt. securities 12 56.73 56.97 57.75 Nonbank (unrestricted issues Other securities 12 8.30 8.39 8.51 only), commercial bank, Demand deposits adjustede 12 72.34 73.40 73.65 and F. R. Bank 24 65.48 61.06 «60.97 T B i a m la e n c d e e s p o d s u i e ts to banks 1 1 2 2 2 1 8 1 . . 9 1 8 6 2 1 9 1 . . 1 2 5 4 2 1 9 1 . . 2 60 Co B m a m nk e rcial bank and F. R. 24 49.78 46.47 e46.53 Balances due from banks 12 5.60 5.65 5.89 F. R. Bank 24 7.51 7.22 7.11 Reserves 12 16.12 16.29 16.5: By earliest callable or due date: Central reserve city banks: Within 1 year-Total outstanding 25 58.65 56.39 56.07 Loans and investments, total 12 24.73 25.03 25.08 Commercial bank and F. R. Loans 12 9.15 9.27 9.06 Bank ... 25 37.23 36.04 «35.44 U. S. Govt. securities 12 13.91 13.99 14.14 F. R. Bank 25 11.01 11.98 11.03 Other securities 12 1.67 1.77 1.88 1-5 years—Total outstanding. 25 33.05 35.07 35.09 Demand deposits adjusted« 12 18.93 19.19 19.31 Commercial bank and F. R. Time deposits.. 12 2.74 2.80 2.78 Bank 25 24.42 26.83 *27.05 Balances due to banks 12 4.93 4.95 5.02 F. R. Bank 25 1.66 1.92 1.92 Reserves 12 5.54 5.61 5.65 5-10 years—Total outstanding 25 15.07 18.54 18.54 Reserve city banks: Nonbank (unrestricted issues Loans and investments, total 13 38.07 38.48 38.80 only), commercial bank, Loans 13 14.22 14.42 14.31 and F. R. Bank 25 10.36 11.34 «11.33 U. S. Govt. securities 13 20.86 21.07 21.50 Commercial Bank and F. R. Other securities 13 2.99 2.99 2.99 Bank 25 7.38 8.38 Demand deposits adjustede....... 13 25.69 26.09 26.26 F. R. Bank 25 .58 1.39 1^36 Time deposits 13 11.53 11.64 11.70 Over 10 years—Total outstand- Balances due to banks.. 13 5.30 5.35 5.5 ing 25 48.60 45.13 45.13 Balances due from banks 13 1.71 1.75 1.8: Nonbank (unrestricted issues Reserves 13 6.18 6.25 6.3 only), commercial bank, Country banks: and F. R. Bank 25 9.49 8.47 8.40 Loans and investments, total 13 38.21 38.25 38.53 Commercial bank and F. R. Loans 13 12.61 12.71 12.78 Bank 25 8.48 7.48 e7.42 U. S. Govt. securities 13 21.96 21.91 22.11 F. R. Bank 25 4.43 3.59 3.51 Other securities 13 3.64 3.64 3.64 Cash income and outgo: Demand deposits adjustede 13 27.72 28.13 28.08 Cash income 26 2.97 4.26 3.49 Time deposits 13 14.72 14.72 14.79 Cash outgo 26 3.43 4.06 3.18 Balances due from banks 13 3.75 3.74 3.90 Excess of cash income or outgo.... 26 *--.46 + .20 + .31 Reserves 13 4.41 4.43 4.51 MONEY RATES, ETC. Per cent Treasury bills (new issues) 29 1.073 1.097 1.100 Corporate bonds: CONSUMER CREDIT e Aaa 29 2.60 2.58 2.57 Baa 29 3.35 3.31 3.24 Consumer credit, total 20 17.81 P18.78 P18.34 F. R. Bank discount rate 29 1.50 1.50 1.50 Single-payment loans 20 2.93 P2.99 Commercial paper 29 1.38 1.31 1.31 Charge accounts. 20 3.45 P3.91 Stock yields: Service credit 20 .99 v. 99 Pl Dividends/price ratio: Instalment credit, total 20, 21 10.44 P10.89 PIO Common stock 33 6.86 6.58 6.50 Instalment loans 21 4.56 P4.65 P4 Preferred stock 33 3.89 3.88 3.83 Instalment sale credit, total 21 5.88 J>6.24 A O u th to er m obile 2 2 1 1 3 2 . . 0 8 9 0 P P 3 3 . . 1 1 4 0 P2.98 In unit indicated Margin requirements (per cent) 35 50 50 50 Stock prices (1935-39=100), total... 35 129 133 135 Stock market credit (mill, dollars): Bank loans 35 429 426 424 GOVERNMENT FINANCE Customers' debit balances 35, 36 813 881 901 Money borrowed 36 445 523 493 Gross debt of the U. S. Government: Customers' free credit balances.... 36 596 633 669 Total (direct and guaranteed) 22 257.01 257.16 256 Volume of trading (mill, snares) 35 1.32 1.74 1.88 Bonds (marketable issues) 22 109.29 104.92 104 Notes, certificates, and bills 22 46.07 50.20 49 BUSINESS CONDITIONS Savings bonds, savings notes.... 22 64.24 64.32 64 Personal income (annual rates, bill, Special issues 22 33.83 33.90 33 dollars):e 6 Guaranteed, noninterest-bearing Total 48 209.4 P211.5 debt, etc 22 3.57 3.82 3.69 Wage and salary receipts 48 132.5 P134.1 Ownership of U. S. Govt. securities: Proprietors' income, dividends, and Total: interest 48 '•62.3 P62.5 F C e o d m . m ag e e rc n i c a i l e s b a a n nd k s t e r ust funds... 2 2 3 3 3 6 9 6 . . 3 9 2 0 3 6 9 7 . . 3 0 5 0 P P 6 3 7 8 La A bo ll r o f t o h r e c r e (mill, persons):e 48 rl4.6 P14.9 F. R. Banks 23 17.68 18.88 17 Total 49 64.4 63.5 62.8 Individuals6 23 69.30 69.50 P69 Civilian 49 62.9 62.0 61 A Corporations and associations e. . 23 23.80 22.40 2>22 Unemployment 49 3.4 3.5 4.5 Insurance companies e 23 20.40 20.50 P20 Employment 49 59.5 58.6 56.9 Mutual savings banks e 23 11.40 11.40 ^11 Nonagricultural 49 51.6 51.8 50.7 State and local govts.e 23 8.10 8.10 Employment in nonagricultural estab- Marketable public issues: lishments (mill, persons):« 5 By class of security: Total 50 42.38 42.71 P42.66 Bills—Total outstanding 24 12.32 12.32 12.33 Manufacturing and mining 50 14.60 14.88 P14.84 Commercial bank and F. R. Construction 50 2.20 2.13 2>2.19 Bank 24 7.47 8.34 Transportation and utilities 50 r3.89 3.94 P3.91 F. R. Bank 24 4.00 4.83 Trade 50 9.30 9.40 P9.40 Notes and certificates—Total Government 50 5.82 5.81 P5.78 outstanding 24 33.75 37.89 37.59 Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) 51 54.74 56.40 ^56.44 Bank 24 20.26 23.93 Hourly earnings (dollars) 51 1.393 1.410 Pl.418 F. R. Bank 24 6.17 6.84 Hours worked (per week) 51 »-39.3 40.0 For footnotes see p. 376. 374 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 1950 Chart 1950 book book page Nov. Dec. Jan.i page Nov. Dec. Jan.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) 52 173 180 P183 All items .. 64 168.6 167.5 166.9 Groups (points in total index): Food 64 200.8 197.3 196.0 Durable manufactures 52 '•69.2 77.4 P79.6 Apparel 64 186.3 185.8 185.0 Nondurable manufactures 52 82.8 82.2 PS3.7 Rent , ... 64 122.0 122.2 122.6 Minerals 52 21.4 20.0 P19.9 Miscellaneous 64 154.9 155.5 155.1 Manufacturing production Wholesale prices (1926=100): (1935-39 =100), total 53 179 188 P193 Total 65 151.6 151.3 151.6 Durable 53 ••183 204 P210 Farm products 65 156.8 155.3 155.3 Nondurable 53 177 175 P!79 Food... 65 158.9 155.7 154.7 Selected durable manufactures Other commodities 65 144.9 145.4 145.8 (1935-39=100): Textile products 66 138.0 138.4 138.5 Nonferrous metals 54 169 174 P192 Hides and leather products..... 66 180.8 179.9 179.3 Steel 54 137 239 244 Chemicals and allied products... 66 115.9 115.3 115.7 Cement 54 191 206 207 Fuel and lighting materials 67 129.9 130.5 131.3 Lumber 54 139 153 2>134 Building materials . 67 189.6 190.4 191.7 Transportation equipment 54 '214 219 J>247 Metals and metal products...... 67 167.3 167.8 168.4 Machinery 54 217 227 P228 Miscellaneous 66 109.7 110.7 110.0 Selected nondurable manufactures Prices paid and received by farmers (1935-39=100): (1910-14=100): Apparel wool consumption 55 140 136 Paid, etc 69 '246 246 249 Cotton consumption. 55 138 134 144 Received 69 '237 233 235 Shoes 55 101 103 »115 ash farm income (mill, dollars): Paperboard 55 210 193 209 Total 70 3,050 2,326 ?2,255 Newsprint consumption 55 153 152 159 Livestock and products 70 1,316 1,142 Pl.139 Manufactured food products.... 55 ••159 159 P158 Crops 70 1,722 1,175 Pl.100 Fuel oil 55 182 190 0194 Govt. payments 70 12 9 P16 Gasoline 55 177 180 P\79 Industrial chemicals 55 '417 424 P433 Rayon 55 '316 ••335 INTERNATIONAL TRADE AND FINANCE Sales, inventories, and orders: Sales (bill, dollars):6 Exports and imports (mill, dollars): Manufacturing, total 56 17.3 16.8 Exports 76 P836 P943 J>744 Durable 56 7.0 7.0 P7A Imports 76 P594 2>605 P623 Nondurable 56 10.3 9.9 P10. Excess of exports or imports 76 P242 P338 P121 Wholesale, total 57 7.5 7.3 P7.2 Short-term liabilities to and claims on Durable 57 1.8 1.7 Pl.6 foreigners reported by banks (bill, Nondurable 57 5.7 5.6 P5.7 dollars): Retail, total 57 10.6 10.5 P10.9 Total liabilities 77 P5.S7 PS.97 Durable 57 3.3 3.1 P3.6 Official 77 P2.S2 P2.91 Nondurable 57 7.3 7.4 P7.3 Invested in U. S. Treasury bills Inventories (bill, dollars):8 and certificates 77 P.79 P. 80 Manufacturing, total 56 30.5 30.9 P30.8 Private 77 P3.05 P3.06 Durable 56 13.6 13.8 *13.8 Claims on foreigners 77 P.83 P.81 Nondurable 56 16.8 17.1 *17.0 Foreign exchange rates: Wholesale 57 9.1 9.0 ?8.9 See p. 395 of this BULLETIN 78, 79 Retail 57 14.3 13.7 P13.8 New orders (bill, dollars) Durable 56 7.4 6.4 1949 -Nondurable 56 10.8 9.9 Construction contracts (3 mo. moving avg., mill, dollars):6 Apr.- July- Oct.- Total 58 1,088 1,076 992 June Sept. Dec. Residential 58 470 470 451 QUARTERLY FIGURES Other... 58 618 607 541 Residential construction: GOVERNMENT FINANCE In billions of dollars Contracts awarded (mill, dollars):6 Total 59 467 507 470 Budget receipts and expenditures of 1- and 2-family dwellings 59 349 364 353 U. S. Treasury: Other 59 119 143 117 Expenditures, total 27 10.15 11.01 9.96 Dwellings started (thous. units) ... 59 93 79 80 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 1,767 1,612 1,496 Interest on debt 28 1.87 .99 1.57 Nonresidential:e Allother 28 1.67 2.95 2.63 Public 60 448 365 333 Receipts: Private 60 580 535 489 Net receipts 27 8.05 9.26 8.42 Residential:e Individual income taxes 28 3.84 3.63 2.91 Public 60 24 22 24 Corporate income, etc 28 2.83 3.04 2.85 Private 60 715 690 650 Miscellaneous internal revenue.. 28 2.00 2.12 2.20 Freight carloadings:5 Allother 28 .84 .63 .61 Total (1935-39 =100) 61 117 115 117 Tax refunds (deduct) 28 1.46 .16 .15 Groups (points in total index): Miscellaneous 61 65.1 69.7 73.0 Coal 61 27.9 20.7 20.6 MONEY RATES Per cent per annum All other 61 23.6 24.9 23. Department stores: Bank rates on loans to business: Indexes (1935-39=100):« All loans: Sales 62 '277 293 282 19 cities 31 2.74 2.63 2.65 Stocks 62 273 271 272 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).. .. 63 397 '583 255 11 Southern and Western cities.. 31 3.17 3.07 3.03 Stocks (mill, dollars) 63 990 '788 788 Loans of $l,000-$10,000: Outstanding orders (mill, dollars) 63 350 296 391 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 3.4 1.9 4.6 7 Northern and Eastern cities... 31 4.67 4.71 4.63 Stocks 63 2.4 '1.4 3.1 11 Southern and Western cities.. 31 4.80 4.74 4.66 For footnotes see p. 376. MARCH 1950 375 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—Cotlt. BUSINESS FINANCE—Cont. Bank rates on loans to business—Cont. Plant and equipment expenditures Loans of $10,000-$100,000: (bill, dollars):* 8 19 cities. 31 3.70 3,64 3.61 All business 42 New York City 31 3.43 3.41 3.35 Manufacturing and mining; rail- 7 Northern and Eastern cities . . 31 3.64 3.63 3.65 roads and utilities 42 11 Southern and Western cities. . 31 3.89 3.79 3.74 Manufacturing and mining 42 Loans of $100,000-$200,000: 19 cities 31 3.04 2.98 2.98 New York City 31 2.78 2.74 2.73 In billions of dollars 7 Northern and Eastern cities. . . 31 2.98 2.93 3.00 11 Southern and Western cities. . 31 3.26 3.18 3.12 Individual savings:e Loans of $200,000 and over: Gross savings 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 .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 stocks 33 13.80 P12.97 Annual rates, in billions of dollars GROSS NATIONAL PRODUCT, ETC. e BUSINESS FINANCE In unit indicated Gross national product 6 44 nsi .9 '•254.6 255.2 Corporate assets and liabilities (bill, Govt. purchases of goods and servdollars):e ices 44 '•44.2 '43.2 43.7 Current assets, total 37 123.3 124.6 Personal consumption expenditures 44 179.3 179.7 179.8 Cash 37 24.3 24.7 Durable goods 46 f-23.6 '25.7 25.2 U. S. Goyt. securities 37 14.8 15.6 Nondurable goods 46 K>9.8 '97.6 97.7 Inventories 37 45.7 44.7 Services 46 55.9 '56.5 56.9 Receivables 37 37.1 38.0 Private domestic and foreign invest- Current liabilities, total 37 56.6 56.9 ment 44 '34.4 '31.8 31.7 Notes and accounts payable 37 32.7 32.9 Gross private domestic invest- Federal income tax liabilities.... 37 10.6 10.2 ment: Net working capital 37 66.7 67.7 Producers' durable equipment. 45 ^•20.0 19.6 18.7 Co T N rp o e T o t w a y r l a p m t e ( e b o o i n s l f e l e , c y s u d , e r o c t i o u l t l y t r a a i r t l i y s s ) s ( e b u ( b i e l i s l l , : l , d d ol o l l a l r a s r ) s e ) . : . 3 3 8 8 2 1 . .9 3 7 1 . . 6 8 9 1 1. . 1 78 5 Perso N n e a N C t l h e f w a o in n r e c g c i o e o g m n n in s e t i , r n b u v u c c e s o t i s i n n o tm e s n s u e s m n i t p n t v io en n t , or a ie n s d . 4 4 4 5 5 5 r-3 1 . 1 6 2 . . 2 4 r- 1 ' 5 - 7 . . 0 . 3 4 - - 1 3 2 8 . . . 7 0 7 Bonds 38 1.58 .53 .55 saving: 6 Preferred stock 38 .15 .06 .11 Personal income 47 '210.0 '208.2 209.3 Common stock 38 .25 .11 .12 Disposable income 47 191.4 189.5 190.7 Use of proceeds (mill, dollars): Consumption expenditures 47 179.3 179.7 179.8 Plant and equipment: Net personal saving 47 12.1 '9.8 10.8 All issuers 39 1,615 599 588 Public utility 39 1,293 277 396 R In a d i u lr s o t a r d ia l 3 3 9 9 1 1 1 8 1 2 24 8 1 0 11 7 2 7 1948 1949 Working capital: All issuers 39 353 89 183 Dec. June Dec. Public utility 39 4 4 31 30 31 Railroad 39 SEMIANNUAL FIGURES Industrial 39 237 106 Bond P s u b (b li i c ll , dollars) :e 38 1.15 .40 .31 INSURED COMMERCIAL BANKS In billions of dollars Private 38 .74 .24 .52 Loans: Co P P r r r p o o u ( o f a f n r i i n t d a t s s n t i e s u b t a a p r e f l i r f t b o o e r u r f r a e i t t t e e s t t d , s a a , x t x a p b e e x r s i s o e l l f s , i ( , t d d s a i ) o n v l d i l d a d e r n i s v d ) i : s d e 5 e a n n d d s 4 4 0 0 2 1 6 5 . . 4 8 2 1 8 7 . . 9 5 ' 1 2 7 9 . . A C R C o e o g a m n ri l s c m u e u m s e l t t r e u a c r t r i e a a l l 1 1 1 1 1 1 1 1 1 1 2 6 8 0 . . . . 8 7 7 6 0 8 6 7 1 1 6 0 2 7 . . . . 1 2 8 7 7 9 9 3 Co A U L r a p l n t l r o e d g c r r i e o a l s y t t r e r c p i t o o b o r p r u t p a r a t o t o e l i r f s d o a i ) n t t : s p i s o r o n a (b f s f i t , i t e l s l r t , o d t t a o a l l x la e ( r s b s i ) l l ( e , q . d u . o a .. r l - - 4 4 1 0 3.9 O St t a F h t o e e T T r r o o a s p n e u b o d c r r t u c h o l r h e o k i a t r c e i s s a e r i s l s n g g an o s d v e e c d r u n e r m a i l t e i e e r n s s t : securities 1 1 1 1 1 1 1 1 0 5 3 1 . . . . 3 9 4 5 4 4 2 1 0 3 5 1. . . . 9 9 7 4 0 6 9 7 lars) 41 1.1 Manufacturing (mill, dollars): Durable 41 491 504 Nondurable. 41 259 295 Electric power and telephone (mill, dollars) 41 230 228 Railroads (mill, dollars) 41 115 105 e Estimated. P Preliminary. ' Revised. 1 For charts on pp. 22, 29, and 35, figures for a more recent period are available in the regular BULLETIN tables that show those series. Because the Chart Book is usually released for duplication some time after the BULLETIN has gone to press, most weekly charts and several monthly charts include figures for a more recent date than are shown in this table. 2 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period, s Deficiency of less than 5 million dollars. 4 Less than 5 million dollars. 5 Revised to include balances with Federal Reserve Banks. 6 Adjusted for seasonal variation. 7 Revised. Cash assets, as shown here, exclude cash items in process of collection. 8 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 $6.00; individual copies of monthly issues at 60 cents each. 376 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 1950 Chart 1949 1950 book book page1 Nov. Jan.p page1 Nov. Dec? Jan. In millions of dollars In millions of dollars Consumer credit outstanding, total... 3 17,813 18,777 18,335 Consumer instalment sale credit Instalment credit, total 3, 5 10,439 10,891 10,830 granted, cumulative totals:2 Instalment loans 5 4,559 4,651 4,667 By all other retailers 907 1,053 658- Instalment sale credit 5 5,880 6,240 6,163 By department stores and mail- Charge accounts 3 3,454 3,909 3,506 order houses 794 879 581 Single-payment loans 3 2,927 2,987 3,002 By furniture and household appli- Service credit 3 993 990 997 ance stores 620 650 479 Consumer credit outstanding, cumu- By automobile dealers 431 392 374 lative totals:2 Consumer instalment loan credit out- Instalment credit 4 17,813 18,777 18,335 standing, cumulative totals:2 Charge accounts 4 7,374 7,886 7,505 Commercial and industrial banks. 4,559 4,651 4,667 Single-payment loans 4 3,920 3,977 3,999 Small loan companies 2,371 2,450 2,458 Service credit 4 993 990 997 Credit unions 1,496 1,521 1,527 Consumer instalment sale credit out- Miscellaneous lenders 1,102 1,119 1,124 standing, cumulative totals:2 Insured repair and modernization All other retailers 6 5,880 6,240 6,163 loans 792 802 807 Department stores and mail-order houses 6 5,313 5,589 5,544 Furniture and household appliance stores 6 4,407 4,579 4,566 Automobile dealers 6 3,085 3,144 3,179 P Preliminary. 1 Annual figures for charts on pp. 9-19, inclusive, are published as they become available. 2 The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived by subtracting from the figure shown, the total immediately following it. MARCH 1950 377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE International capital transactions of the United States... 380-385 Gold production.. 385 Reported gold reserves of central banks and governments. .. 386 Gold movements; gold stock of the United States.. 387 International Monetary Fund and Bank.. 388 Central banks 388-392 Money rates in foreign countries. .. 393 Commercial banks 394 Foreign exchange rates.. 395 Price movements:. Wholesale prices.. 396 Retail food prices and cost of living. . . 397 Security prices... 397 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. MARCH 1950 379 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES From th J ro a u n g . h 2 — , 1935, Total To I t n a c l rease fu n in O d s f f f o i i c n r i e a i U l g i n . S b . ank O in th g er f i t I n u e n b i n s r c n n a t d r i n a e t s U u k t a i o t s . i o i n e f o n S g i n a i . n n s l - D b i a n f a e b u n c r U n r k o e d . i a a n s d S s g e . se o F R f c u f o e u n r U t r e d u i i . s t g r i n e 2 S n s . : s D I e n f f c o o u f u l m r n o e r d w i i e g t s s i n e t o 2 i s c f : b I b n r a o f l l k a o e n w r c a e g i s n e 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. 31 3 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 ""i&.h" 427.2 1,237.9 464.5 153.7 1947—Dec. 31 8,335.2 4,120.3 1,121.8 2,998.5 2,242.0 186.5 1,276.9 367.0 142.4 1948—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—Jan. 31 8,652.0 5,220.2 2,221.2 2,999.0 1,914.2 139.3 1,186.9 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 1,180.5 95.7 115.1 June 30 8,559.0 5,008.8 2,015.0 2,993.8 1,874.7 275.0 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 8,526.2 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 1,123.5 258.3 127.0 Oct. 31 8,653.7 5,115.3 2,025.6 3,089.7 1,692.4 287.0 1,176.4 255.9 126.8 Nov. 30P 8,648.7 5,133.6 2,109.3 3,024.3 1,655.1 302.9 1,188.3 247.5 121.3 Dec. 31P 8,771.1 5,223.7 2,203.5 3,020.2 1,637.8 328.2 1,197.6 259.7 124.0 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th J ro a u n g . h 2 — , 1935t s ti t I o i n t n u te a ti l r o n i n n a s - - Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - Am La e t r i i n ca Asia o A th l e l r 1944—]}ec 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—j)ec# 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 1,677.1 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 1,672.5 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 1,650.5 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 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 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 1,616.7 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 1,619.1 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 1,615.9 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 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 1,623.7 6,862.1 525.5 95.2 174.0 910.0 291.4 1,089.6 3,085.7 893.5 1,679.0 946.6 257.2 Oct. 31 1,594.9 7,058.8 587.3 110.9 189.6 933.8 291.6 1,093.9 3,207.1 928.7 1,758.7 899.6 264.7 Nov. 30P 1,558.9 7,089.8 644.5 125.3 165.3 916.0 297.1 1,103.8 3,252.1 944.7 1,770.2 866.8 256.0 Dec. 31P 1,541.7 7,229.4 680.8 114.0 171.0 943.3 305.6 1,150.7 3,365.3 980.4 1,784.0 850.3 249.4 P Preliminary. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and deposit accounts held with the U.S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 5 and 6. Securities of such institutions are included in foreign securities. 3 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation see BULLETIN for January 1943, p. 98. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637 in the same publication, and for those subsequent to 1941 see BULLETIN for February 1950, pp. 246-251. For revision of earlier figures to include movement in official Philippine accounts held with U. S. Treasury, see BULLETIN for July 1946, pp. 815-819. Certain of the figures in tables "Short-term Liabilities to and Claims on Foreigners Reported by Banks in the United States, by Countries" are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-591, and BULLETIN for March 1947, pp. 338-339, and September 1945, pp. 967-971. 380 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States'; (—). In millions of dollars] TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From th r J o a u n g . h 2 — , 1935, n t I a u i n n t t i i t s o o e t n i r n - - a s l Total U K d n o i i n m t g ed - 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 1944—Dec. 31 4,865.2 804.4 356.6 193.1 221 A 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 ,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 5,119.5 485.0 112.6 106.1 525.3 313.2 574.8 2,117.1 667.21,165.4 971.2 198.6 1949—Jan. 31 1,914.2 5,220.2 506.8 89.8 112.1 546.9 364.4 594.0 2,214.0 727.8 ,173.9 913.7 190.8 Feb. 28 1,892.1 5,298.9 515.6 87.9 103.1 534.5 389.5 636.1 2,266.7 750.3 ,194.6 889.2 198.2 Mar. 31 1,897.3 5,212.7 456.0 89.5 109.6 551.3 379.3 599.2 2,184.9 763.3 ,147.8 909.7 207.0 Apr. 30 1,880.2 5,151.9 376.4 100.7 91.3 585.1 373.8 592.1 2,119.5 708.3 ,212.6 921.1 190.4 May 31 1,874.3 4,953.8 294.3 104.1 95.4 569.8 356.5 544.8 1,965.0 688.5 ,191.7 903.5 205.1 June 30 1,874.7 5,008.8 349.1 114.2 104.3 557.9 364.0 514.4 2,003.8 671.8 ,216.9 900.7 215.6 July 31 1,859.5 4,868.7 290. 84.0 113.6 531.1 367.0 514.2 1,900.1 640.7 ,230.8 888.3 208.8 Aug. 31 1,778.8 4,873.6 291.1 70.3 102.0 538.2 381.0 516.4 1,899.0 635.0 ,246.4 897.0 196.2 Sept. 30 1,722.1 4,937.0 377.6 86.8 149.1 545.1 265.5 501.0 1,925.1 719.6 ,197.8 878.9 215.7 Oct. 31 1,692.4 5,115.3 451.3 103.8 166.3 563.2 266.3 507.4 2,058.3 702.8 ,294.9 835.9 223.3 Nov. 30P 1,655.1 5,133.6 495.3 103.0 146.3 544.9 275.4 513.7 2,078.6 717.0 ,318.2 804.0 215.8 Dec. 31P 1,637.8 5,223.7 513.0 91.4 153.2 555.3 285.3 555.9 2,154.2 758.9 ,315.7 784.2 210.7 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through—• 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 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 1944—Dec. 31.. 805.8 266.1 77.7 18.3 6.8 26.2 231.5 626.6 64.8 37.0 77.7 -.3 1945—Dec. 31.. 742.7 266.6 78.0 -17.7 5.2 26.2 235.1 593.4 39.5 9.1 99.2 1.5 1946—Dec. 31.. 427.2 244.3 73.4 -132.3 -1.7 10.6 226.9 421.3 40.7 -58.8 29.9 -5.8 1947—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—Jan. 31.. 139.3 267.7 -36.9 -12.7 1.3 7.0 207.8 434.2 52.2 -338.7 -9.1 Feb. 28.. 138.4 265.0 -37.3 -6.8 1.7 1.9 212.5 437.0 54.4 -345.1 -1.5 -6.4 Mar. 31.. 152.5 258.2 -36.6 -6.2 .3 5.1 224.3 445.1 53.4 -337 -2.4 -6.6 Apr. 30.. 178.0 274.0 -35.3 7.1 1.0 3.4 214.9 465.0 58.7 -337 -.9 -7.0 May 31.. 249.4 260.4 -9.0 6.8 1.9 3.5 213.7 477.3 57.8 -265 -12.4 -7.6 June 30. 275.0 275.0 -7.9 13.9 1.8 -.5 214.2 496.5 59.0 -255 -18.0 -7.4 July 31.. 287.5 271.5 -6.0 14.4 1.8 .1 217.9 499.8 60.3 -250 -14.2 -7.7 Aug. 31., 338.0 277.1 9. 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 2.4 -6.5 Oct. 31.. 287.0 225.6 11.0 12.6 4.1 10.5 221.1 484.9 61.1 -248 -4.4 -6.4 Nov. 30P 302.9 237.2 26.9 12.3 3.5 7.7 224.4 512.0 59.9 -255.9 -6.1 -6.9 Dec. 31 P 328.2 253.2 28.0 13.4 4.3 6.2 224.1 529.2 55.0 -239.5 -7.6 -9.0 TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) Inter- From t h J r a o n u . g h 2 — , 1935, n t a u in t t i i s o o t n i n - a s l 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 ro ta p l e C ad an a - A L m a e t r i i n ca Asia o A th l e l r 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 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. 31. . -265.3 1,441.7 72.8 42.9 -9.7 -9.2 26.9 307.4 431.1 312.9 594.6 63.9 39.2 Nov. 30P . -265.3 1,453.6 71.4 43.0 -9.7 -6.6 26.9 308.1 433.2 321.9 595.4 64.0 39.2 Dec. 31P. -265.3 1,462.9 71.4 43.2 -9.3 -4.0 27.0 311.7 440.0 320.9 598.5 63.9 39.5 p Preliminary. MARCH 1950 381 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) Inter- United Neth- Switz- From th J ro a u n g . h 2 — , 1935, n t a u in t t i i s o o t n i n - a s l Total K d i o n m g- France la e n r d - s la e n r- d 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 1944—Dec. 31 911.8 -125.4 77.3 239.0 368.5 1.9 72.4 633.7 —28.1 54.9 240.5 10.7 1945—Dec. 31 798.7 -157.9 81.7 233.5 355.4 2.2 68.0 582.9 —126.6 81.3 251.3 9.9 1 1 9 9 4 4 7 6 — — D D e e c c# . 3 3 1 i 74.5 4 2 6 9 4 2 . . 5 4 - - 1 2 9 0 4 3 . . 9 8 2 7 4 4 . . 7 9 2 1 0 0 7 8 . . 0 7 3 3 3 5 7 0 . . 9 9 —1 2 5 . . 1 0 5 4 7 3 . . 3 1 4 30 8 8 4 . . 7 3 — -1 1 4 3 3 9 . . 0 8 8 8 4 7 . . 2 6 2 2 6 8 . . 8 3 1 8 1 . . 8 0 1948—Dec# 31 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. 31 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 46.2 150.8 -165.0 102.8 -5.3 8.1 Oct. 31. 167.9 88.0 -179.9 -63.0 10.1 348.7 -12.7 46.5 149.7 -168.1 101.0 -2.7 8.0 Nov. 30P 169.1 78.4 -176.6 -63.8 5.7 348.9 -13.5 46.3 147.2 -172.3 98.0 — 1.7 7.2 Dec. 31 P 169.1 90.6 -173.9 -64.9 4.0 359.3 -13.4 47.9 159.0 -174.6 95.9 3.0 7.4 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increasesin Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokersand Dealers in U. S. with Brokers and Dealers Abroad) United Neth- Switz- From Jan. 2, 1935, through— Total K d i o n m g- France la e n r d - s la e n r- d 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 - A L m a e t r i i n ca Asia o A th l e l r 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—£)ec 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 A 11.0 81.9 19.6 14 0 7.0 .6 1949—Jan. 3i 120.3 17.0 16.8 9.8 26.8 A 10.5 81.3 19.6 11.7 7.2 .5 Feb 28 118.1 17.0 16.5 9.5 23.8 A 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. 31 126.8 17.5 16.2 10.3 27.0 .5 11.4 83.0 19.9 16.4 6.9 .7 Nov. 30P 121.3 17.1 16.2 10.6 25 3 .6 11.4 81 2 18 3 14 5 6 6 .7 Dec. 31 P 1124.0 17.1 16.2 9.6 28.4 .6 11.1 82.9 20.2 13.3 6.8 .8 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 terna- United Neth- Switz- Date t i i n o s n t a i- l Official K do in m g- France la e n r d - s la e n r- d 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 tutions3 and Official private 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 L.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... 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 1,287.01,151.8 167.4 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 A 2,621.9 858.2 L,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 1,334.21,101.8 159.2 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 11,313.31,084.1 173.9 June30... 1,894 6 5,743.0 2,725.3 410.5 194.3 120.9 571.5 384.3 677.6 2,359.1 779.7 1L,338.51,081.3 184.4 July 31... 1,879 5 5,602^9 2,574.9 351.6 164.1 130.2 544.7 387.3 677.4 2,255.3 748.7 U352.31,068.9 177.6 Aug. 31... 1,798 7 5,607.7 2,576.6 352.4 150.4 118.7 551.9 401.3 679.6 2,254.3 742.9 1,367.91,077.6 165.0 Sept.30... 1,742 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. 31... 1,712.3 5,849.4 2,735.9 512.6 183.9 182.9 576.8 286.6 670.7 2,413.6 810.8 1,416.51,016.5 192.1 Nov. 30P.. 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 Dec. 31P.. 1,657 8 5,957.9 2,913.8 574.4 171.6 169.8 569.0 305.6 719.1 2,509.4 866.8 1,437.3 964.8 179.5 Preliminary. 1 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 73.4; U. S. brokerage balances abroad, 26.3. 2 Country breakdown is for "Official and private." 382 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 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 - 1 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 USSR Y sl u a g v o ia - o A th l e l r 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 A 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. 31.. . 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 Dec. 31P . . 719.1 121.1 38.0 25.1 149.4 29.6 13.6 69.4 38.1 6.7 15.7 90.1 10.2 7.6 104.7 Latin America Neth- French er- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - C R o ic st a a Cuba I W 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 1944—Dec. 31... 909.3 93.9 17.7 140.8 55.0 83.6 7.4 139.3 4.4 83.1 36.0 69.1 27.7 31.5 119.8 1945—Dec. 31... 1,046.4 77.3 14.5 195.1 66.3 79.2 6.9 128.3 7.1 116.4 28.2 88.7 43.9 49.7 144.8 1946—Dec. 31. .. 1,104.8 112.6 14.0 174.0 50.7 57.8 7.7 153.5 5 4 152.2 16.1 77.2 40.9 74.0 168.7 1947—Dec. 31... 1,216.6 236.2 17.8 104.7 46.3 46.1 7.3 234.7 2.4 139.2 14.9 70.3 41.8 78.0 176.8 1948—Dec. 31. .. 1,287.0 215.8 17.1 123.7 55.6 54.0 8.9 219.4 1.2 146.7 24.3 71.8 52.6 121.7 174.0 1949—Jan. 31... 1,295.4 225.7 16.4 120.1 54.5 55.5 9.7 218.8 .9 142.9 24.8 72.2 51.0 122.4 180.6 Feb. 28... 1,316.1 226.9 15.3 118.9 56.0 49.1 10.6 226.0 .9 138.6 25.5 72.8 50.4 129.6 195.7 Mar. 31... L,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... L,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... L,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... L.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. 31. . . 1,416.5 227.7 15.7 165.0 59.5 57.6 8.2 181.7* .8 185.7 30.5 72.7 61.4 160.4 189.6 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 Dec. 31* . . 1,437.3 201.1 13.5 192.8 60.5 85.9 8.3 164.2 .5 214.6 25.9 74.3 53.8 143.2 198.6 Asia and All Other Date Asia C M c a r h h n a i i u a d n n - - a F I C r n e h d n i o c n - h a H K o o n n g g India l M B a is y r a h i a - t- Japan I n n e d s o ia - i p P p R u h p b e i i - l l n - i e c T k u e r y -O A t s h i e a r s 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 E t a n i g g n a g y y d n l p p o - t - F r r M o e c n o c c - o h S U A o f o n u r f i i o t c h n a Other Sudan 1944—Dec. 31... 1,069.2 427.3 27.4 22.9 22.1 1.3 4.0 110.5 365.823.7 64.2 174.0 52.9 3.5 7.3 4.3 8.3 97.6 1945—Dec. 31. .. 1,549.6 582.3 28.0 27.4 33.4 1.2 4.1 113.7 629.152.5 78.0 181.8 28.9 4.3 18.9 10.0 6.4 113.4 1946—Dec. 31. .. 1,316.4 431.9 39.9 44.9 43.5 17.3 16.6 127.1 446.654.7 93.8 232.8 45.5 8.0 20.8 14.9 47.2 96.4 1947—Dec. 31. .. 1,057.9 229.9 6.5 39.8 62.4 11.0 31.3 69.3 488.637.6 81.5 193.7 30.6 5.9 25.0 10.1 46.4 75.8 1948—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 34.7 413.620.6 190.5 175.8 17.4 4.6 37.0 11.1 15.1 90.6 Apr. 30... 1,101.8 161.9 8.0 52.6 51.6 12.3 123.2 33.5 426.817.2214.8 159.2 15.4 5.3 37.9 12.0 10.0 78.7 May 31... 1,084.1 147.0 5.5 55.7 55.5 12.2 135.2 31.5 407.420.2213.9 173.9 21.8 5.7 42.5 11.8 12.3 79.9 June 30... 1,081.3 119.2 6.1 67.7 60.9 12.5 141.6 36.1 387.615.3234.3 184.4 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.. . 1,016.5 116.3 5.3 81.5 52.6 11.4 189.5 20.5 334.112.1193.3 192.1 44.0 10.0 60.2 10.7 5.7 61.5 Nov. 30P .. 984.6 113.4 5.2 82.6 56.4 10.1 204.8 17.8 306.311.2176.8 184.6 39.4 9.4 58.3 11.8 6.9 58.7 Dec. 31* . . 964.8 111.9 5.3 85.7 63.3 8.6 214.6 16.4 297.3 9.8 151.8 179.5 32.4 7.8 61.6 11.2 6.0 60.4 p Preliminary. 1 Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes. 2 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. MARCH 1950 383 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 ot A h l e l r 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 194g__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 Aug. 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 ... 848 5 66 4 68.1 6.1 4 0 16 0 88 7 249 2 31 8 416 2 133 5 17 8 Nov. 30? 832.6 54.8 52.2 6.3 4.6 18.8 85.4 222.1 33.0 423.9 135.2 18.3 Dec. 31P 807.3 38.8 51.1 5.2 3.8 20.4 85.7 204.9 37.8 407.5 136.7 20.4 CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Other Europe 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 1944—Dec 31 78.3 .7 C1) C1) 33.9 .6 .1 35.1 .8 C1) 1.8 .2 0) 0) 5.1 1945—Dec. 31. .. 74 6 .6 (i) 33.9 .7 .1 31.6 .5 .1 1.6 .9 (1) (1) 4 7 1946—Dec. 31 82.8 7.5 6.2 30.4 12.4 .1 3.3 1.0 .1 7.2 4.9 (1) (1) 9.4 1947—Dec 31 118.9 15.0 2.2 8.0 30.5 10.6 .1 9.2 1.1 0) .9 5.4 35.8 1948—Dec. 31 106.3 21.4 .6 3.4 30.5 1.2 C1) 8.4 .7 C1) 2.9 1 4 C1)'1 6.0 29.7 1949—jan 3i 102.0 20.4 1.5 3.8 29.6 .9 .2 14.8 .7 C1) 1.2 .5 C1) C1) 27.4 Feb. 28 97 3 18 5 1 3 4 2 29.5 .8 .1 14.9 .6 (1) 1.8 (1) (1) 24 3 A M p a r r . . 3 3 1 0 9 8 4 5 . . 9 5 1 16 8 . . 5 1 1 1 . . 7 4 3 3 . .0 9 2 29 9 . . 6 8 1. . 0 9 0) 8 8 . . 7 3 . . 6 5 12.0 2 1. . 6 8 1 L.4 5 C1) C (1 1 ) ) 1 1 7 9. . 7 5 May 31 96.1 18.3 .9 4.9 29.8 .8 C1) 8.7 .5 12.0 4.8 L.4 C1) 14.1 J J u u l n y e 3 3 1 0 ... 9 9 1 5 . . 9 6 1 1 8 7 . . 9 9 1. . 1 9 4 4 .9 8 2 2 9 9 . . 9 8 1 1 . . 0 0 .2 8 8. . 1 6 . . 5 5 1 1 0 2 . . 7 0 3 4 . . 3 2 5 5 C (1)1) C (1) 1) 1 13 3 .0 2 S A e u p g t . . 3 3 0 1 8 8 2 4 . . 2 9 1 1 3 4 .1 6 1 .7 0 6 5 .6 5 3 2 0 9. . 7 3 . . 7 8 . .2 1 8 7 . . 0 9 . . 4 4 8 7 . . 2 1 3 2 . . 8 5 1 4 8 C (1)1) .2 1 1 1 1 .0 0 Oct 31 88.7 16.1 .7 8.6 30.3 .8 .2 7.3 .5 7.0 3.8 2.1 C1) 11.3 N D o ec v . . 3 3 1 0P * 8 8 5 5 .7 4 1 1 2 3 .4 6 .4 7 9 8 .2 2 2 2 2 2 . . 1 1 1. . 7 7 . .1 1 7 7 . .4 5 . . 7 5 7 7 . .0 0 6 7 . .0 1 2 2. . 4 1 ( C 1) 1) C1) 1 1 6 5 .6 7 Latin America French N l e an 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 ia - 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 1944—Dec. 31 131.0 3.1 1.8 25.3 9.0 15.5 1.2 47.4 C1) 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 0) 52.2 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 0) 73.8 S 4.6 4.4 26.0 32 7 I949—jan# 31 506.7 65.7 2.9 171.4 15.4 31.2 2.3 84.0 C1) 70.5 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 0) 71.8 L.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 0) 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 (1) 74.7 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 0) 69.6 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 0) 68.3 L.I 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 (1) 67.2 1 4.5 7.9 23 0 31 5 Aug. 31. .-. 410.3 56.1 2.2 160.5 11.8 24.4 3.0 17.6 .6 68.0 1 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 C1) 64.1 1.1 4.6 6.4 22.3 31.2 Oct. 31 416.2 53.3 2.5 165.1 12.0 22.6 3.7 20.0 0) 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 1.2 5.3 5.8 23.6 35.6 Dec. 31P 407.5 51.6 2.2 137.2 15.6 21.4 4.0 27.5 C1) 72.1 1.3 5.3 5.8 25.7 37.8 P Preliminary. 1 Less than $50,000. 384 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 Date Asia C M c a h h n a i u d n n - a - F C I r n h e d n in o c a - h 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 - ip p P R p u h i b e i n - l l e - ic T k u ey r-O As th ia e 1 r ot A h l e l r A t l r i u a a s - -N l Z a e e n a w d - A E E t a g g n i n a y g y d n l p p o - t -F r r M o e c n o c c - o h A U S f n o r o i i u c o f t a n h Other ria Sudan 1944—Dec. 31 51.4 1.5 (2) .9 22.3 .1 .5 1.5 13.8 1 8 8.8 11.7 6 7 .2 (2) 9.7 1.0 1 1 9 9 4 4 5 6 — — £ D ) e e c c > # 3 3 1 i 2 99 9 . . 2 9 53 1. .9 0 ( (2 2) ) 5 .8 9 1 7 2 . . 5 0 . . 1 2 . . 5 2 1 1 . . 4 0 2 1 0 3 . . 2 8 2 1 . . 0 4 2 4 .7 4 1 9 7 . . 9 2 1 S . 7 4 1 .7 1 . . 3 4 (2) .1 1 4 0 . . 7 1 2 2 . . 5 2 1947—Dec. 31 127.0 40.8 ' 3 2.6 29.6 .9 .9 .5 27.4 17 7 6.3 31.5 9 0 1 5 .1 " 5 14.4 6.0 1948—Dec. 31 118.8 24.2 .1 3.4 20.4 .4 15.9 1.9 37.3 1 4 13.8 19.7 4 7 5 .4 .2 7.9 6.1 1949—Jan. 31 128.3 22.7 .5 5.2 21.3 .6 22.9 3.2 33.8 1.4 16.7 20.5 5.4 1.1 .5 .2 6.4 6.9 Feb. 28 130.6 21.6 2 3.7 20 9 .9 27 7 1.1 33.8 1 6 19 1 17.8 5 1 S .4 .4 5.1 6.3 Mar. 31 131.4 19.7 .4 4.3 20.4 .5 34.9 1.1 31.7 1.1 17.2 18.0 S 8 7 .3 .2 4.1 6.9 Apr. 30 130.0 18.2 .4 4.8 20.9 .7 34.3 1.2 30.5 1.5 17.7 18.4 5.5 .8 .5 .3 4.3 7.0 May 31 141 4 18.0 2 6 4 20 0 .7 37.4 1 5 31.9 2.1 23 3 19.0 •> 3 8 .4 .5 4.6 7.4 June 30 147.0 18.4 (2) 3.2 21.0 .6 39.4 1.1 30.2 Q 32.4 18.8 5 4 1 0 .4 .2 4.6 7.2 July 31 143.2 16.8 .2 3.7 20.0 .7 33.8 1.2 25.3 11.7 29.8 19.1 5.0 1.2 .6 .3 4.2 7.7 Aug. 31 136.6 17.8 .1 3.4 19.7 .4 21.8 .5 27.5 14.5 30.9 16.6 4 S 1 4 .2 .4 3.6 6.5 Sept. 30 126.7 18.0 .2 3.4 16.8 .5 9.6 .4 24.6 19 4 33.7 17.9 4 6 1 0 .4 .4 4.0 7.5 Oct. 31 133.5 16.5 .4 3.8 18.8 .5 10.1 .4 25.5 14.3 43.3 17.8 4.8 .9 .5 .7 3.8 7.2 Nov. 30P 135.2 16.3 .1 4.2 17.0 .4 9.5 .2 25.9 1S 7 46.1 18.3 S 4 S .6 .4 4.3 7.0 Dec. 31 P 136.7 16.5 .3 3.6 17.3 .6 13.2 .2 23.8 14.3 46.8 20.4 7.9 .5 .2 .8 4.5 6.4 P Preliminary. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. 2 Less than $50,000. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated Year or pro w d o u r c ld tion Total Africa North and South America Other month U o . u S t . s S i . d R e .i r m e o p n o t r h te l d y A So fr u ic th a d R e h s o ia - A W fr e ic s a t 2 B Co el n g g i o an 3 U St n a i t t e e s d 4 C a a d n a - M ic e o x- C b o i l a om- Chile r N ag ic u a a - 5 Au l s ia tra- India6 I grainsof gold V10 fine: i.c, an ounee of fitle gold =v 135. 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—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 an b . m 5 5 8 6 . . 4 3 3 31 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 4 1 . . 7 3 . . 7 6 2 2. . 3 4 .5 6 Mar... 62.2 34.6 1.6 2.0 1.1 5.5 12.0 .8 1 .5 .6 2.4 Apr 60.8 33.4 1.7 1.9 1 0 5.7 11.4 .6 1 4 .6 r2 5 5 May... . *-63.2 34.3 1.6 1.9 1.1 5.6 11.6 1.8 0 .5 .6 2.5 6 June 64 8 34.8 1.5 1.9 1.1 5.5 12.0 1 6 0 .4 .6 r3 7 6 July. . . 63.1 35.5 1.6 1.8 1.1 5.7 11.4 1.0 1 .5 .6 2.3 .6 Aug . 66 2 35.7 1.6 1.9 1.2 6.5 12.6 1 4 0 .6 .7 r2 5 6 Sept 65.4 34.8 1.5 1.9 1.1 6.2 •12.7 1.6 0 .6 .7 2.6 .5 Oct. 34.7 1.5 1.9 1.0 7.3 12.8 0 .6 2 7 5 Nov 34 0 2 0 1 1 7.4 12 7 1 7 4 Dec....... 34.0 2.0 1.1 6.6 13.1 .6 r Revised. Gold -production in U. S. S. R.: No regular Government statistics on gold production in U. S, S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 3 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics, those for 1948 having been revised by subtracting from each monthly figure $214,952 so that aggregate for the year is equal to the yearly estimate compiled by the United States Mint. 5 Gold exports, reported by the Banco National 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. MARCH 1950 385 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] United States End of month Treas- Total i t g i A n e r n a - - 2 g B iu e m l- Brazil Canada3 Chile lo C m o b - ia Cuba C v z s a e l k o c - h ia o- m D a en rk - Egypt France 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—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 43 299 32 53 523 Oct.. 24,584 24,688 720 317 470 43 299 32 53 523 Nov. 24,479 24,626 709 317 484 43 32 53 523 Dec. 24,427 24,563 698 317 496 40 32 523 1950—Jan.. 24,395 24,507 679 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 Nor- Peru P g o a r l t u i - Ruma- A So fr u ic th a Spain 1945—Dec.. 274 131 24 294 270 23 80 28 269 914 110 1946—Dec. 24 274 127 28 s 201 181 265 23 91 24 245 939 111 1947—Dec. 34 274 127 58 s 180 100 231 23 72 20 193 P215 762 111 1948—Dec. 35 256 124 96 166 23 52 20 158 183 111 1949—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. 35 247 124 112 178 166 24 52 20 166 88 June. 35 247 124 122 178 166 28 52 20 149 85 July. 36 247 124 122 178 166 28 52 20 149 85 Aug.. 37 247 124 133 178 161 28 52 20 135 85 Sept.. 38 247 124 252 178 161 29 51 20 121 85 Oct... 40 247 124 252 178 161 30 51 20 119 85 Nov.. 40 247 124 252 178 195 31 51 28 120 85 Dec. 41 247 252 178 195 32 128 85 1950—Jan... 41 252 178 229 End of month S d w e e n - S l w a e n r i - t d z- T k u e r y - U d K n i o i n m t g e 6 - d g Ur u u a - y V z e u n el e- a t c o r o t i 1 h e u 6 s e n r 7 - n M a I F t n t a u i o t o r e n n y n r d e - a - l f S t B t m o i e e o r a r e t n n n t n I l a k a n e t l s - - - E G nd o v o e f r n m m o e n n t t h g p o r l e U d K v n i i o r i n e t u g e s s d - e rv fi e g s u F re n ra s o n t c i e nclu B de e d lg iu in m dom 1945—Dec... 482 1,342 241 195 202 192 39 1946—Dec... 381 1,430 237 200 215 193 15 32 1947—Dec... 105 1,356 170 175 215 195 1,356 30 1945—Dec 12,476 2 457 217 1948—Dec.. 81 1,387 162 164 323 217 1,436 36 1946—Dec 12,696 1949—Feb... 80 1,394 162 164 323 228 1,436 41 1947—Mar 12.380 Mar.. 80 1,408 162 164 323 229 1,436 49 June.... 12,410 Apr... 80 1,412 161 164 323 231 1,436 50 Sept 12,383 May. 71 1,432 161 164 323 232 1,440 55 Dec 12,079 June. 71 1,419 160 161 323 232 1,440 55 July.. 71 1,457 160 161 323 233 1,448 60 1948—Mar !2,241 Aug.. 71 1,503 160 161 323 235 1,450 47 June.... 11,920 Sept.. 70 1,485 159 177 373 235 1,450 52 Sept 11,777 Oct... 70 1,486 154 178 373 299 1,450 47 Dec 11,856 Nov.. 70 1,495 154 178 373 P299 1,451 64 Dec... 70 1,504 154 373 P319 1,451 68 1949—Mar 11,912 1950—Jan... 70 154 373 P321 1,459 68 June.... 11,651 Sept 11.425 Dec 11,688 p Preliminary. 1 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve 1 Exchange Equalization Account holdings of statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the gold, U. S. and Canadian dollars, as reported by Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." British Government. 2 Estimated dollar values derived by converting gold at home in amounts up to 1,224.4 2 France—Exchange Stabilization Fund; Belmillion pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of gium—Treasury. 3.5 4 3 4 T F 4 i o 7 g t u a p l r e e s g s o o s l a d s p e h r r o e p l U d o i . r n t S g e . s d d a b o re y ll a n F r o . o t r e a i v g a n i la E b x le c . h _ a n B g e e g i C n o n n in tr g o l A p B r o il a r 1 d 9 4 a 6 n , d t h M e s in e i r s ie te s r is o n f e F w i n a a n n d c e r . epre- i g n o s l N t d i O tu t T r t E a io n . n — sf s e , F r o s s r e e a d f e f p e t . a c i t 3 l i s n 8 g 8 r , e t f g h o a e o r d tn B in o r g t i e t i s s 4 p h , e c a a i n a n l d d i p n F . t r e e 3 r n 8 n c 9 a h , l sen 5 6 t F G s i o g g l o u d l r d e h s o h l e a d l r i d e n g a f s s o r o r f e f s o B e l r l a o v n w e k i n ( o 2 g f 5 E d p n a e g t r e la c s n : e d n 1 t 9 re m 4 d 6 i u n — c im e M d u a m t r o . ) n 3 l o e 1 m s , s i a n g n a o d l l d a 1 m 9 in 4 o 7 u fo — n r t e M i b g y a n r g . c o 3 u ld 1 rr . e tr n a c n y s f l e i r a s b i t l o i ti B e r s i . tish f B B o a U o n L t k n L i o E n t T g e I N a 8 f n o . d r F N M o o o r v n e e m a t v a b a r e y il r a b S 19 l t e a 47 ti , s b t p i a c . c s k , 1 43 p 3 f . i , gu 5 a r 2 n e d 6 s , , F a s e n e b d e - Exchange Equalization Account during 1939. ruary 1945, p. 190. 7 For list of countries included, see BULLETIN for January 1950, p. 114, footnote 8. NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for February 1950, p. 252. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 386 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD IMPORTS TO UNITED STATES, BY COUNTRIES [Net gold exports from United States (—). In millions of dollars] Gold valued at approximately $35 a fine ounce m Y o o e n r a t r h Total U K d n i o i n m t g ed - g B iu el m - France N la e e n r t d - h s - S d w e e n - U.S.S.R. Canada A t r i g n e a n- Co b l i o a m- Mexico r N a i g c u a a - V zu e e n l e a - 1942. . 315.7 2.0 11.3 208.9 .1 10.6 40.0 8.7 4.0 1943.. 68.9 .1 66.9 -10.8 -3.3 7.5 2.2 1944.. -845.4 -695.5 46.2 -50.3 -109.7 7.7 -55.3 1945.. -106.3 .2 53.1 15.1 7.4 -56.1 1946.. 31.1.5 .5 33.7 344.1 -134.0 3.6 7.3 .2 1947.. 1,866.3 488.4 162.9 28.0 27.9 445.4 335.5 21.0 -7.1 7.6 -.8 1948.. 1,680.4 1,095.4 -4.5 -29.7 103.3 25.1 15.8 7.9 -136.1 1949. . 686.4 527.9 -.1 5.8 14.1 -4.5 6.9 -4.5 1949—Jan... 66.2 20.3 1.0 .4 .7 -4.0 Feb... 21.5 .4 .6 Mar.. 19.8 1.0 .3 .6 Apr... 13.6 3.0 .4 .6 May. , 9.5 2.0 .3 .4 June. . 6.9 -.1 .4 .6 July.. 131.1 121.8 .2 .7 -.1 Aug.. 257.4 243.6 .5 .7 Sept.. 98.1 101.5 -8.3 .6 Oct... 56.1 40.7 2.1 .4 .5 -.2 Nov.., 7.6 5.1 .4 .4 Dec... -1.4 .2 -.1 .3 .5 1950—Jan. P. 39.0 .4 .4 NET GOLD IMPORTS TO UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued UNITED STATES [In millions of dollars] [Net gold exports from United States (—). In millions of dollars] Gold valued at approximately $35 a fine ounce Gold stock at Earend of period I i n n c r to ea ta s l e go N ld e i t m-g m ol a d r : k d ed e- t D ic o m go e l s d - Other Philip- All period gold port or crease produc- Y m e o a n r t o h r Am L e a r t i i c n an t A ra u l s i - a China p R in e- e A So fr u ic th a c o o th u e n r - T u re r a y s- Total 1 stock ex (- p ) ort c o r r e a in se - tion 2 Republics public tries (-) 1942 16.3 .5 .3 4.1 8.9 1942. 22,726 22,739 -23.0 315 7 -458.4 125.4 1 19 9 4 4 4 3 -1 1 0 4 . . 8 6 . . 2 2 -1 -9 1 . . 5 9 3. . 6 3 30. . 2 8 1 1 9 9 4 4 4 3 2 2 1 0 , , 9 6 3 1 8 9 2 2 0 1 , , 6 9 3 8 1 1 -1 - ,3 7 4 5 9 7. . 9 8 -84 6 5 8 .4 9 - - 8 4 0 5 3 9 . . 6 8 3 4 5 8 . . 8 3 1945 7.0 .1 -134.0 .1 .4 .5 1945. 20,065 20,083 -547.8 -106 3 -356.7 32.0 1 19 9 4 4 7 6 -1 -8 7 .1 0 .1 — — 5 1 5 4 . . 8 0 - — 3.5 2 4 1 1 1 0 8 . . 7 6 — 1 1 8 . . 3 6 1 19 9 4 4 7 6 2 2 0 2 , ,7 5 5 2 4 9 2 2 2 0 , , 8 7 6 0 8 6 3 2, 6 1 2 6 3 2 . . 1 11,8 31 6 1 6.3 5 4 21 6 0 5 . . 0 4 5 7 1 5 . . 2 8 1948 7.3 .6 -2.5 491.5 1 -63.5 1948. 24,244 24,399 1,530.41,680 4 -159.2 70.9 1949 6.4 .3 -17.3 -.1 190.7 2-39.3 1949 24,427 24,563 164.6 686 4 -495.7 69.9 1949—Jan.... .7 .4 46.7 -.2 1949—Feb... 24,290 24,464 16.2 21 5 -22.2 3.9 Feb... .6 .2 21.1 -1.8 Mar... 24,314 24,468 3.6 19 8 -16.7 5.5 Mar... .4 -.2 21.3 -4.3 Apr... 24,332 24,461 -6.5 13 6 -17.7 5.7 Apr .. 5 —5 2 — 2 19.4 -5.2 May. . 24,342 24,511 49.7 9 5 37.8 5.6 May. . .4 .3 6.3 -.6 June.. 24,466 24,637 126.1 6 9 121.6 5.5 June.. .8 -.1 9.5 -4.5 July... 24,520 24,705 67.3 131.1 -19.9 5.7 July... 6 -3.5 — .2 12.7 -2.1 Aug.. . 24,608 24,771 66.5 257 4 -208.5 6.5 Aug.. . .6 -7.0 22.3 -3.9 Sept... 24,602 24,728 -43.1 98 1 -154.8 6.2 Sept. 5 — 1 6 9.5 -4.8 Oct.... 24,584 24,688 -39.8 56.1 —89.1 7.3 Oct... . .5 -.1 12.7 -1.1 Nov... 24,479 24,626 -61.7 7 6 -63.9 7.4 N De o c v . . . . . . .3 4 — 3 3 5 . . 3 8 — -8 2 .5 .4 1950— D T e an c . . . . . . . 2 2 4 4 , , 4 3 2 9 7 5 2 2 4 4, , 5 5 0 6 7 3 - - 6 5 3 6 . . 2 3 P -1 39 4 0 - - 5 93 9 . . 2 4 6 (4 . ) 6 1950—Jan. P.. .4 .2 337.1 Feb.... P24.345P24.455 P-51.5 (4) 5-50.4 (4) P Preliminary. P Preliminary. x See footnote 1 on opposite page. 1 Includes net exports of 39.2 million dollars to Switzerland, 10.7 2 Yearly figures through 1948 are estimates of United States Mint. million to Greece, 8.3 million to French Indo-China, and 5.3 million Figures for 1949 are estimates of American Bureau of Metal Statistics. to other countries. 3 Change includes transfer of 687.5 million dollars gold subscrip- 2 Includes net exports of 18.3 million dollars to Poland, 8.6 million tion to International Monetary Fund. to French Indo-China, 6.6 million to Portuguese Asia, and 5.8 million * Not yet available. to other countries. 5 Gold held under earmark at the Federal Reserve Banks for foreign 3 Includes imports of 43.1 million dollars of Thailand gold from account, including gold held for the account of international institu- Japan and net exports of 3.0 million dollars to Poland and 3.0 million tions, amounted to 4,416.9 million dollars on Feb. 28, 1950. Gold to other countries. under earmark is not included in the gold stock of the United States. NOTE.—For back figures see Banking and Monetary Statistics, NOTE.—For back figures and description of statistics, see Banking Table 158, pp. 539-541, and for description of statistics see p. 524 and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. in the same publication. MARCH 1950 387 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION ANp DEVELOPMENT [Millions of dollars] 1950 1949 1949 International Fund International Bank Jan. Oct. July Jan, Dec. Sept. June Dec. Gold 1,459 1,450 1,448 1,436 Gold Member currencies (balances with de- Member currencies (balances with depositories and securities payable on positories and securities payable on demand): demand): United States 1,300 1,311 1,340 1,391 United States 38 44 59 81 Other members 14,266 4,265 4,185 4,024 Other members 923 926 928 927 Unpaid balance of member subscriptions. 1,018 1,018 1,070 1,181 Investment securities (U. S. Govt. obli- Other assets. 1 1 1 (2) gations) 448 454 453 429 A M c e c m um be u r l a s t u e b d s c n r e ip t t i i n o c n o s me 8,0 - 4 3 7 8,0 - 4 3 7 8,0 - 4 3 7 8,0 - 3 2 4 C Lo al a l n s s o n ( i s n u c b l. s c u r n ip d t i i s o b n u s r s to ed c a p p o it r a t l i o s n to s c k a * n d .. 5 5 5 5 inch obligations sold under Bank's guarantee) 727 676 650 509 1950 1949 Other assets 6 , 11 6 5 Net currency purchased 3 Bonds outstanding 254 254 254 254 (Cumulative—millions of dollars) Liability on obligations sold under guar- Jan. Dec. Nov. Jan. antee 27 27 27 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 11.4 32.1 32.1 33.0 Capital * ,670 1,670 1,670 1,667 Brazilian cruzeiros 37.5 37.5 37.5 Accumulated net income 20 17 14 8 Chilean pesos 8.8 8.8 8.8 Costa Rican colones -.9 -.9 -.9 1.3 Czechoslovakian koruny. 6.0 6.0 6.0 6.0 1 Includes 33 million dollars receivable for currency adjustments Danish kroner 10.2 10.2 10.2 10.2 resulting from the devaluations in September. Egyptian pounds 3.0 3.0 3.0 2 Less than $500,000. Ethiopian dollars .6 .6 .6 "".3 3 As of Jan. 31, 1950, the Fund had sold 759.8 million U. S. dollars; French francs 125.0 125.0 125.0 125.0 in addition, the Fund sold to the Netherlands 1.5 million pounds Indian rupees 100.0 100.0 100.0 68.3 sterling in May 1947 and 300 million Belgian francs in May 1948, and Mexican pesos 22.5j 22.5 22.5 22.5 sold to Norway 200 million Belgian francs in June and July 1948. Netherlands guilders.... 75.4 75.4 75.4 75.4 Repurchases amounted to 24.2 million dollars. Nicaraguan cordobas.... .5 4 Excludes uncalled portions of capital subscriptions, amounting to Norwegian kroner 9.6 9.6 9.6 9.6 6,679 million dollars as of Dec. 31, 1949, of which 2,540 million repre- South African pounds. .. 10.0 10.0 10.0 10.0 sents the subscription of the United States. Turkish liras 5.0 5.0 5.0 5.0 Pounds sterling 300.0 300.0 300.0 300.0 Yugoslav dinars 9.0 9.0 9.0 Total. 753.1 773.7 773.7 675.8 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 te i r l l l i i n o g n ) s of Other Notes co D u is n - ts Securi- c t ir i c o u n l 3 a- Deposits l O ia t b h i e li r - Gold* assets 2 c a o n i d n a v n a d n c a e d s - ties Bankers' Public E.C.A. Other it c i a e p s i a ta n l d 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 3 2 5 6 7 4 0 1 — — — — — — — — — 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 2 2 3 2 2 0 1 9 9 6 5 1 7 5 . . . . . . . . . 2 2 2 2 2 2 2 2 2 L L 1 L 1 L , , , , , , 6 9 4 4 7 1 2 4 3 3 5 5 0 8 0 5 5 2 0 0 0 0 0 0 0 0 5 . . . . . . . . . 0 0 0 0 0 0 0 0 0 1 3 2 2 2 2 1 1 1 0 6 0 7 8 3 3 4 2 0 . . . . . . . . . 7 7 1 4 8 2 5 5 8 1 1 1 4 3 6 2 5 8 5 6 3 . . . . . . . . . 0 5 5 4 4 1 2 7 6 3 3 3 3 3 2 2 4 1 3 2 0 2 1 6 6 0 9 1 7 7 7 7 7 7 1 9 . . . . . . . . . 9 3 6 0 9 4 8 1 1 1 1 1 1 1 1 , , , , , , 4 0 3 2 2 3 9 6 7 2 8 4 3 7 9 2 1 5 8 8 9 8 9 3 3 6 1 . . . . . . . . . 2 9 7 7 4 9 6 7 1 3 2 3 2 2 2 2 2 1 1 7 1 6 7 1 2 3 3 8 4 0 5 4 9 3 4 5 . . . . . . . . . 7 9 5 5 1 9 4 3 7 1 1 1 1 1 1 9 5 5 1 8 0 1 0 2 . . . . . . . . . 0 2 3 2 7 6 3 5 3 17.4 9 4 6 5 9 5 5 5 5 5 0 7 8 2 8 2 4 1 . . . . . . . . . 5 4 5 3 8 2 1 3 1 1 1 1 1 1 1 1 1 1 8 7 7 8 7 8 7 7 7 . . . . . . . . . 9 9 1 1 9 9 8 1 8 1949—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 1,300.0 53.0 19.9 362.1 1,250.6 294.0 25.6 6.7 90.1 18.6 Apr. 27 .2 L,300.0 24.2 13.7 379.3 1,280.3 289.9 16.8 .7 92.0 17.8 May 25 .2 1,300.0 36.3 25.9 381.4 1,267.9 299.9 12.0 23.3 90.4 17.9 June 29 .2 L,300.0 26.7 27.0 372.0 1,277.9 294.5 8.6 13.5 90.9 18.2 July 27 .2 1I,350.0 49.9 15.3 381.6 1,305.1 294.0 11.2 32.4 91.0 18.3 Aug. 31 .2 1,350.0 80.4 10.4 354.1 1,275.0 277.6 15.9 41.7 91.2 18.5 Sept. 28 .4 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 L,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Jan. 25 .4 5 L1,300.0 57.9 14.7 477.4 1,247.7 291.7 12.5 117.4 110.2 18.3 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce. On June 9, 1945, the official buying price of the Bank of England for gold was raised to 172 shillings and three pence, and on Sept. 19, 1949, it was raised to 248 shillings per fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue decreased by 50 million pounds on Jan. 11, 1950. For details on previous changes see BULLETIN for February 1950, p. 254, April 1949, p. 450, and February 1948, p. 254. NOTE.—For back figures see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 388 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 (F C ig a u n re a s d i i a n n m d i o l l l l i a o r n s s ) of Gold an S d S t e t U a rl t i n e n i s g ted securities O as t s h e e ts r circ N ul o a t t e ion2 lia O b a t i n h l d i e ti r es dollars S te h r o m rt 1 - Other Ch b a a r n te k r s ed D g o o m m v e e i n n rn t io - n Other capital3 1938—Dec. 31. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200,9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340. 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 1,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 1,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 1,022.0 858.5 43.7 1,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 1,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 1949—Feb. 28. .4 1,180.5 800.7 54.9 1,221.9 531.0 178.4 79.6 25.7 Mar. 31. 82.3 1,087.1 812.1 70.6 1,245.3 540.3 62.6 84.8 119.0 Apr. 30. 61.1 1,199.0 822.9 57.9 1,264.7 587.3 115.1 80.8 93.0 May 31. 1,148.1 836.2 57.5 1,263.8 571.2 101.4 65.2 96.7 June 30.. 62. 1,379.6 636.8 56.9 1,270.0 568.3 112.2 73.7 111.8 July 30. 52, 1,499.2 499.5 45.1 1,271.0 566.9 94.3 73.8 90.6 Aug. 31. 1,557.2 441.2 64.2 1,269.7 578.0 109.7 61.8 99.2 Sept. 30. 1,616.8 421.2 119.1 1,290.7 611.5 141.0 64.1 109.8 Oct. 31. 64.9 1,710.6 335.9 80.3 1,293.5 626.0 66.1 77.4 128.8 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 1950—Jan. 31. 73.1 1,769.1 235.4 73.1 1,259.2 530.7 94.3 145.8 120.7 Assets Liabilities Bank of France 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 G A o d v v e a r n n c m es e n t t o 5 Other ci N rc o u t l e a- Deposits6 O li i a t t i b h e i e s l r change m O a p rk e e n t5 Special Other Current Other assets 5 tion G m ov e e n r t n- E.C.A. 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 ii^oo" 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 27,202 7 44,986 1941—Dec. 31... 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 7 68,474 1942—Dec. 31... 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 721,318 1943—Dec. 30... 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 7 15,596 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—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 June 30... §62,274 7,775 156,208 894 258,294 166,900 560,990 81,046 1,115,608 286 162,969 15,518 July 28... 862,274 14,380 137,189 4,486 296,228 162,700 560,990 69,764 1,134,440 195 157,714 15,661 Aug. 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... 8 62,274 51,504 138,787 15,092 298,005 164,200 560,990 76,261 1,210,606 201 140,548 15,757 Oct. 27... 8 62,274 53,002 140,936 23,486 305,454 152,700 560,990 81,425 1,218,697 202 142,845 18,522 Nov. 24... 862,274 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 28,548 335,727 157,900 560,990 112,658 1,278,211 1,168 158,973 19,377 1950—Jan. 26... 8 62,274 59,719 132,447 31,410 335,845 159,900 560,990 9 94,504 1,256,758 42 22,910 133,526 23,853 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 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 6 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 7 Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400; 1941, 64,580; 1942, 16,857; 1943, 10,724. 8 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 41.8 billion francs on Jan. 26. 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. 389 MARCH 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1950 1949 Central Bank 1950 1949 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. Central Bank of the Argentine National Bank of Costa Rica— Republic (millions of pesos): Issue dept. (thousands of colones): Gold reported separately 656 656 505 434 Gold 11,545 11,545 11,543 Other gold and foreign exchange. 1,275 ,341 1,580 1,869 Foreign exchange 14,939 7,497 16,956 Government securities 1,793 ,770 1,749 1,750 Contributions to Intl. Fund and Rediscounts and loans to banks.. 28,466 ,061 27,168 22,691 to Intl. Bank 30,321 30,321 30,321 Other assets 206 147 202 115 Loans and discounts 102,903100,001 85,625 Currency circulation 9,999 ,128 9,161 7,547 Securities 21,767 23,036 25,193 Deposits—Nationalized 20,174 ,604 19,720 17,250 Other assets. 10,293 10,972 6,341 Other sight obligations 595 623 633 517 Note circulation 108,843101,842 108,282 Other liabilities and capital . 1,628 ,620 1,690 1,545 Demand deposits 76,005 74,000 61,240 Commonwealth Bank of Aus- Other liabilities and capital 6,921 7,530 6,456 tralia (thousands of pounds): National Bank of Czechoslovakia Gold and foreign exchange 417 ,838 399,195 338,555 (millions of koruny): Checks and bills of other banks.. 2.,213 4,430 2,675 Gold and foreign exchange 3,273 3,004 3,163 4,420 Securities (inch Government and Loans and discounts 24,692 25,068 28,428 26,456 Treasury bills) 383 ,539 382,172 351,405 Other assets 47,428 46,965 47,116 48,176 Other assets 34,507 30,150 39,774 Note circulation 67,668 66,626 67,706 70,489 Note circulation 239 ,563 219,563 202,105 Deposits 641 895 992 562 Deposits of Trading Banks: Other liabilities and capital 7,085 7,515 10,010 8,001 Special 357 170 332,170 326,420National Bank of Denmark Other. 31 44,799 33,383 (millions of kroner): Other liabilities and capital 209 219,414 170,502 Gold 69 69 69 70 Austrian National Bank (millions Foreign exchange 379 380 366 177 of schillings): Contributions to Intl. Fund and Gold 50 50 50 50 to Intl. Bank 65 65 65 65 Foreign exchange 155 144 148 95 Loans and discounts 30 31 28 23 Loans and discounts 1,634 ,657 1,514 1,129 Securities 101 113 118 125 Claim against Government 6,639 ,708 6,454 6,256 Govt. compensation account.... 4,751 4,761 4,770 5,052 Other assets 33 24 24 4 Other assets 322 295 287 197 Note circulation 5,599 ,721 5,465 5,669 Note circulation 1,552 1,627 1,521 1,517 Deposits—Banks 220 454 401 485 Deposits—Government 1,923 1,853 1,820 2,014 Other 1,563 ,222 1,042 787 Other 2,058 2,038 2,180 2,028 Blocked 1,130 ,187 1,282 593 Other liabilities and capital 185 196 179 150 National Bank of Belgium Central Bank of the Dominican (millions of francs): Republic (thousands of dollars): Gold 29,745 605 31,063 27,741 Gold 4,030 4,030 4,030 4,001 Foreign claims and balances (net) 9,081 266 9,657 12,444 Foreign exchange (net)......... 11,532 11,012 10,539 10,440 Loans and discounts 3,047 230 3,156 5,191 Net claim on Intl. Fund 3 1,250 1,250 1,250 1,250 Consolidated Government debt.. 34,973 991 34,991 34,997 Paid-in capital—Intl. Bank 40 40 40 40 Government securities 7,656 851 5,822 3,889 Loans and discounts 278 704 665 136 Other assets -... 5,713 108 6,136 3,466 Government securities 4,377 4,377 4,377 5,000 Note circulation 86,092 113 85,500 82,973 Other assets 2 ,565 2,575 2,099 759 Deposits—Demand 1,848 742 2,201 2,255 Note circulation 19,437 19,509 18,848 17,404 E. C. A 399 766 541 \ 417 Demand deposits 4,381 4,236 3,896 4,056 Other liabilities and capital 1,875 430 2,582 2,083 Other liabilities and capital 255 244 257 166 Central Bank of Bolivia—Monetary dept. (millions of bolivianos): (Oct.)1 Central Bank of Ecuador Gold at home and abroad 956 954 (thousands of sucres): Foreign exchange 104 240 Gold 278, 278,648 278,600 277,741 Loans and discounts 990 710 Foreign exchange (net) -87. -94 -79,087 58,358 Government securities 748 741 Net claim on Intl. Fund 3 16. 16,881 16,882 Other assets 98 32 Credits—Government 269. 272,280 267,673 136,489 Note circulation 2,386 ,158 Other 137. 131,063 111,089 Deposits. 264 297 Other assets 116. 135,746 124,822 98,726 Other liabilities and capital 247 223 Note circulation 376. 392,790 376,957 355,946 National Bank of Bulgaria 2 Demand deposits—Private banks112, ,085 100,925 132,687 Central Bank of Chile (millions Other 105 ,420 110,285 69,923 of pesos): Other liabilities and capital 136 ,105 151,786 140,731 Gold.. ,205 1,199 1,176 National Bank of Egypt (thou- Foreign exchange (net) 58 122 155 sands of pounds): Net claim on Intl. Fund 2 1 1 1 Gold 6,376 6,376 Discounts for member banks.... ,070 1,727 1,608 Foreign exchange 12,593 13,822 Loans to Government 686 691 768 Loans and discounts 13,021 6,740 Other loans and discounts ,363 2 ,055 1,290 British, Egyptian, and other Other assets ,537 1,447 1,356 Government securities 330,550 332,841 Note circulation ,744 5,168 4,609 Other assets 40,438 22,625 Deposits—Bank ,320 1,273 998 Note circulation 166,146 150,709 Other 352 256 329 Deposits—Government 121,994 89,291 Other liabilities and capital 504 544 418 Other 103,317 133,262 Bank of the Republic of Colombia Other liabilities and capital 11,520 9,142 (thousands of pesos): Central Reserve Bank of El Salva- Gold and foreign exchange 246,341215,844 194,478 163,345 dor (thousands of colones): Net claim on Intl. Fund 3 24,367 24.367 24,367 24,367 Gold „. 899 43,202 43,252 36,225 Paid-in capital—Intl. Bank 1,370 1 370 1,370 1,370 Foreign exchange (net) 918 47,067 41,490 42,689 Loans and discounts 174,067 232,414 239,255 155,369 Net claim on Intl. Fund 3 565 1,565 1,564 1,564 Government loans and securities. 139,269139.292 140,586 133,741 Loans and discounts 36 3,214 2,259 4,576 Other assets 55,589 53:676 58,003 53,640 Government debt and securities.. 198 5,212 5,244 5,345 Note circulation 424,371476 340 462,459 326,901 Other assets 608 1,208 1,469 1,334 Deposits 169,333146.870 148,029 159,673 Note circulation 730 65,020 56,105 62,591 Other liabilities and capital 47,300 43:753 47,572 45,260 Deposits 137 30,502 33,253 23,210 Other liabilities and capital 958 5,945 5,921 5,932 1 Latest month available. 2 For last available report (January 1943), see BULLETIN for July 1943, p. 697. 3 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 118. 390 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1950 1949 Central Bank 19,50 1949 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. State Bank of Ethiopia1 Bank of Italy (billions of lire): Bank of Finland (millions of mark- Gold 4 4 4 1 kaa): Foreign exchange 21 21 20 30 Gold 269 269 269 268 Advances to Treasury 659 665 656 660 Foreign assets (net) —3,218 -2,939 -3,399 978 Loans and discounts 213 231 210 166 Clearings (net) -446 -1,297 -1,970 -2,244 Government securities 225 235 225 190 Loans and discounts 37,360 40,302 40,310 34,502 Other assets 510 502 456 260 Securities 1,068 1,058 1,058 925 Bank of Italy notes 981 1,033 932 870 Other assets 2,601 2,301 1,652 1,143 Allied military notes 12 15 19 49 Note circulation 27,790 29,606 28,613 25,782 Deposits—Government 175 160 174 78 Deposits 2,016 2,532 2,740 2,174 Demand. . 122 125 122 103 Other liabilities and capital 7,827 7,556 6,566 7,615 Other.. 287 263 264 173 Other liabilities and capital 54 61 61 35 Bank of German States* (millions of German marks): Bank of Japan (millions of yen): Foreign exchange 846 995 1,113 Cash and bullion 1 231 1,259 901 Loans and discounts 3,817 3,439 1,460 Advances to Government 88 646 95,794 85,402 Loans to Government 8,278 7,948 7,660 Loans and discounts 100 005 98,415 61,092 Other assets 1,348 1,535 2,381 Government securities 188 900123,067 190,468 Note circulation 7,656 7,307 6,125 Reconversion Fin. Bk. bonds 22,073 39,806 Deposits—Government 1,000 1,247 1,413 Other assets 21 316 14,541 11,357 Banks 1,269 1,041 1,474 Note circulation 355,312303,382 341,575 Other 211 401 230 Deposits—Government 12,037 20,267 12,287 Other liabilities and capital 4,152 3,922 3,371 Other 22,129 20,089 22,961 Bank of Greece (billions of drach- Other liabilities 10 621 10,971 12,203 mae) : The Java Bank (millions of guilders): Gold and foreign exchange (net). 227 359 Gold 3 675 471 471 Loans and discounts 115 48 Foreign bills 83 88 74 Advances—Government ,509 1,741 Loans and discounts 65 70 64 Other ,001 1,435 Advances to Government 1,524 ,257 1,105 Other assets 844 419 Other assets 83 76 73 Note circulation ,535 1,130 Note circulation 935 935 912 Deposits—Government 576 251 Deposits 1,410 949 799 Reconstruction and Other liabilities and capital 77 76 relief accts 1,480 320 Bank of Mexico (millions of pesos): Other 839 423 Monetary reserve 5 785 776 727 675 Other liabilities and capital 2,266 1,877 "Authorized" holdings of secu- Bank of Guatemala (thousands of rities, etc ,587 ,774 2,746 ,898 quetzales): Bills and discounts 176 160 155 668 Gold 27,229 27,229 27,229 27,230 Other assets 243 236 165 195 Foreign exchange 9,758 8,810 7,846 17,448 Note circulation ,197 ,262 2,093 ,943 Gold contribution to Int'l. Fund. 1,250 1,250 1,250 1,250 Demand liabilities 941 841 814 758 Rediscounts and advances. . . 5,501 6,479 6,761 4,193 Other liabilities and capital 651 844 735 O D Ci e t r h p c e o u r s l a i a t t s s i — s o e n t G — s o N C v o e o r i t n n es ment 3 1 3 3 5 8 , , , , 1 1 5 6 7 4 8 9 1 1 0 0 3 1 3 3 5 8 , , , , 1 1 2 7 5 6 0 0 7 1 4 4 3 1 3 2 4 6 , , , , 1 8 4 2 4 7 5 7 3 9 7 7 3 1 3 4 4 1 , , , , 1 0 0 6 6 5 4 9 8 9 5 2 Ne g t u h S G i e l i d o l r v e l l d e r a s r n e ): ( d i s n clu B d a in n g k sub (m sid il i l a io ry n s c oi o n f ). 87 1 1 2 74 1 0 1 74 1 0 1 43 4 9 Banks 11,192 10,426 8,622 11,076 Foreign assets (net).. 781 685 679 310 Other liabilities and capital 9,344 9,437 10,262 9,471 Loans and discounts 194 168 153 193 National Bank of Hungary (mil- Govt. debt and securities ,100 ,250 ,300 ,300 lions of forint): Other assets 743 755 702 308 Gold 48: 480 472 412 Note circulation—Old 69 70 71 109 Foreign exchange 22 32 195 New ,009 ,036 ,981 ,052 Discounts 17 Deposits—Government 620 583 664 265 Loans—Treasury 288 288 288 335 Blocked 30 55 35 5 Other 8,746 8,557 8,342 6,492 E. C. A 624 610 643 214 Other assets 233 553 247 290 Other 870 779 820 705 Note circulation 2,58 2,629 2,493 2,735 Other liabilities and capital 478 476 369 203 Demand deposits—Government.. 1 2 Reserve Bank of New Zealand Other 6,608 6,494 6,276 4,206 (thousands of pounds): Other liabilities and capital 566 786 664 795 Gold 3,776 2,816 Reserve Bank of India (millions of Sterling exchange reserve 39,616 43,454 rupees): Advances to State or State un- Issue department: dertakings 48,654 49,061 Gold at home and abroad 400 400 406 Investments 48,094 37,098 Sterling securities 6,103 6,003 7,525 Other assets 5,828 6,966 Indian Govt. securities 4,152 4,152 3,568 Note circulation 54,051 50,401 Rupee coin. 545 538 441 Demand deposits 86,424 83,735 Note circulation 11,065 10,754 11,731 Other liabilities and capital 5,495 5,260 Banking department: Bank of Norway (millions of kroner): N Ba o l t a e n s c o e f s i a s b s r u o e a d department.... 2,1 1 5 3 9 6 1, 3 9 4 1 0 8 2, 2 3 0 5 9 8 F G o o r l e d ign assets (net) 25 7 3 6 2 2 3 4 3 8 Bills discounted 54 14 99 Clearing accounts (net) -110 -61 Loans to Government 3 1 47 Loans and discounts 49 58 Other assets 1,032 1,045 1,046 Securities 48 53 Deposits 3,134 3,083 3,515 Occupation account (net)... 7,114 7,814 Other liabilities and capital. .. 250 235 243 Other assets 89 103 Central Bank of Ireland (thousands Note circulation 2,183 2,065 of pounds): Deposits—Government 2,902 3,910 Gold 2,646 2,646 2,646 2,646 Banks 1,348 976 Sterling funds 46,995 49,019 47,927 42,706 Blocked 586 747 Note circulation 49,641 51,665 50,57, 45,352 Other 39 177 Other liabilities and capital. 459 573 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 Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per guilder. 4 Includes 189 million guilders of ECA counterpart funds. 5 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 6 Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. 391 MARCH 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1950 1949 Central Bank 1949 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets 4,123 4,121 3,950 Issue department: Note circulation 27,645 26,456 25,482 Gold at home and abroad... 44 44 29 Deposits—Government 62 969 1,526 Sterling securities 614 544 751 Other 3,296 2,879 2,920 Pakistan Govt. securities. . . 265 265 50 Other liabilities and capital. . . 835 696 516 Govt. of India securities.... 332 332 239 Bank of Sweden (millions of kronor): India currency 432 432 715 Gold 154 154 155 177 Rupee coin 53 71 34 Foreign assets (net) 964 907 823 470 Notes in circulation ,707 1,631 1,779 Swedish Govt. securities and ad- Banking department: vances to National Debt Office6 ,914 3,304 3,054 3,130 Notes of issue department... 32 57 38 Other domestic bills and advances 140 138 110 173 Balances abroad 469 564 914 Other assets 335 340 476 385 Bills discounted 105 113 110 Note circulation ,111 3,287 3,109 2,934 Loans to Government 3 Demand deposits—Government.. 479 467 577 728 Other assets 331 286 93 Other 264 440 272 228 Deposits 856 952 1,114 Other liabilities and capital. .... 652 649 660 446 Other liabilities and capital.. 80 68 44 Swiss National Bank (millions of Bank of Paraguay—Monetary dept. francs): (thousands of guaranies): Gold ,255 6,240 6,202 5,834 Gold 600 600 600 696 Foreign exchange 269 260 251 233 Foreign exchange (net) -3,050 ,291 -3,351 -372 Loans and discounts 94 115 110 159 Net claim on Int'l. Fund 1 2,710 ,710 2,710 2,710 Other assets 63 89 76 74 Paid-in capital—Int'l. Bank -170 -92 -92 -92 Note circulation ,265 4,566 4,345 4,307 Loans and discounts 106,832 ,189104,111 69,625 Other sight liabilities ,017 1,731 1,889 1,521 Government loans and securities. 12,399 ,400 9,903 7,636 Other liabilities and capital 399 407 404 473 Other assets 2,814 732 2,279 2,732Central Bank of the Republic of Note and coin issue 89,163 ,683 83,213 63,788 Turkey (thousands of pounds): Demand deposits 29,597 ,796 27,807 16,815 Gold 431,709 431,709 430,918 454,458 Other liabilities and capital 3,375 ,769 5,140 2,333 Foreign exchange and foreign Central Reserve Bank of Peru clearings 147 860137 890102,488 104,151 (thousands of soles): Loans and discounts 835 139 851858,503 774,248 Gold and foreign exchange...... 2509,267 179,575 Securities 45 535 971 58,981 213,188 Net claim on Int'l. Fund x 20,495 20,495 Other assets 78 798 179 91,214 57,499 Contribution to Int'l. Bank 2,238 2,356 Note circulation 914 275 125885,833 937,511 Loans and discounts to banks. .. 151,492 115,227 Deposits—Gold 153 040 040153,040 153,035 Loans to Government 629,041 726,283 Other 308 246342,185 286,797 229,833 Other assets 98,054 34,561 Other liabilities and capital 163 479160,249 216,436 283,165 Note circulation 853,815 755,005Bank of the Republic of Uruguay Deposits 298,020 265,509 (thousands of pesos): Other liabilities and capital 258,751 57,983 Gold 270,793 248,845 Central Bank of the Philippines Silver 11,785 12,167 (thousands of pesos): Paid-in capital—Int'l. Bank 313 315 Gold ,721 2,721 2,721 Advances to State and govern- Foreign exchange 968 466,416 712,248 ment bodies 118,625 80,357 Net claim on Int'l. Fund * ,502 7,501 Other loans and discounts 254,322 247,671 Loans ,047109,178 Other assets 238,285 336,387 Domestic securities ,197 46,784 Note circulation 274,382 265,622 Other assets ,697134,103 '162,627 Deposits—Government 76,244 71,884 Note circulation ,575573,614 621,521 Other 277,220 274,335 Demand deposits—U. S. dollars3. 286 Other liabilities and capital 266,276 313,900 Pesos 96,591 169,351Central Bank of Venezuela (mil- Other liabilities and capital 96,213 86,724 lions of bolivares): Bank of Portugal (millions of Gold ,041 1,041 1,041 escudos): Foreign exchange (net) 108 208 98 160 Gold ,181 3,151 3,705 Other assets 63 61 61 68 Foreign exchange (net) ,180 9,074 8,434 Note circulation—Central Bank. 809 814 713 759 Loans and discounts 466 479 428 National banks.. 1 1 1 2 Advances to Government ,246 1,244 1,268 Deposits. 218 204 257 297 Other assets 538 542 475 Other liabilities and capital 183 289 228 60 Note circulation ,350 8,165 8,313National Bank of the Kingdom Demand deposits—Government.. 194 114 456 of Yugoslavia 4 E. C. A 119 107 Bank for International Settle- Other ,516 3,661 ments (thousands of Swiss gold Other liabilities and capital ,432 2,442 924 francs): National Bank of Rumania 4 Gold in bars 209 544209,419 195,034 108,955 South African Reserve Bank Cash on hand and with banks. .. 25. 659 33,980 18,244 27,468 (thousands of pounds): Sight funds at interest 1,682 2,861 7,044 1,207 Gold , ,410 29,555 45,904 Rediscountable bills and accept- Foreign bills. ,151 43,926 21,936 ances (at cost) 82. 607 73,358 26,077 16,867 Other bills and loans ,394 37,386 95,478 Time funds at interest 18, 325 22,956 22,946 21,865 Other assets ,652 26,240 11,313 Sundry bills and investments 273. 412178,818 184,107 188,111 Note circulation ,358 66,122 66,239 Funds invested in Germany 297, 201297,201297,201 297,201 Deposits.... ,110 62,258 100,759 Other assets 1 503 1,988 1,940 2,231 Other liabilities and capital ,140 8,727 7,633 Demand deposits (gold) 93, 292 45,230 24,510 26,878 Bank of Spain (millions of pesetas) : Short-term deposits: Gold 935 934 1,219 Central banks—Own account.. 326 323285,450 238,897 156,026 Silver 497 497 500 Other 4, 229 4,193 4,076 1,075 Government loans and securities. ,117 15,757 15,736 Long-term deposits: Special 228 909228,909 228,909 228,909 Other loans and discounts ,165 9,690 9,039 Other liabilities and capital 257 179256,798 256,202 251,017 r Revised. 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 3 Account of National Treasury. 4 For last available report from the central bank of Rumania (June 1944), see BULLETIN for March 1945, p. 286; and of Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282. 5 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 6 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. 392 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of—• ef D fe a ct t i e ve U K d n i o i n m t g ed - France 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 l w a e n r i - d tz- ba C n e k n t o r f a — l R F 2 e a 8 b te . ef D fec a t t i e ve ba C n e k n t o r f a — l • R F 2 e a 8 b te . eff D ec a t t i e ve J In a n 1 e . 9 f f 3 e 8 ct 4 , D 1 e 9 c 3 . 9 3 . 1 . , 2 2 2 V2 4 2V> 2 2V, IX A A A l r u b g s a e tr n n i i t a a i na . A M M u a a g r r . . . 21 3 1 , , , 1 1 1 9 9 9 4 4 3 0 5 6 J I Ir t a a e p l l a y a n nd 2 5 Y .1 2 1 A J N u p o ly r v . . 23 5 9 , , , 1 1 1 9 9 9 4 4 4 3 9 8 Apr. 17. 4 Belgium 3% Oct. 6, 1949 Java 3 Jan. 14, 1937 May 11 3 Bolivia 5 Feb. 4, 1948 Latvia 5 Feb. 17, 1940 J A u u ly g . 2 6 4 . . 4 2V2 Aug. 29 3 Sept. 28 3 Bulgaria Aug. 1, 1948 Lithuania. . . 6 July 15, 1939 Oct. 26 2 Canada .. Feb. 8, 1944 Mexico June 4, 1942 Dec. 15 3 Chile 3-4*! Dec. 16, 1936 Netherlands . 2|| June 27, 1941 Jan. 25, 1940. . 2 Colombia 4 July 18, 1933 New Zealand. July 26, 1941 Apr. 9 •21/ Costa Rica.. . . 3 Apr. 1, 1939 Norway Jan. 9, 1946 May 17 3Y 2 Czechoslovakia Oct. 28, 1945 Peru 6 Nov. 13, 1947 Mar. 17, 1941. . 1 2,/ May 29 3 J J u an n . e 2 1 7 6, 1945. . 2i/ Denmark Jan. 15, 1946 Portugal. . . . ?A Jan. 12, 1944 J F N a e o n b v . . . 2 9 0 7, 1946. . "i'5A "ix E E E l c s t u S o a a n d l i o v a r ador. .. 1 4 8* O O M c c a t t y . . 1 15 3 1 , , , 1 1 1 9 9 9 4 4 3 8 6 5 S S R p o u a u m i t n h a n A ia f . r ic . a . . . 3 4 Y2 O M M c a a t r r . . . 2 1 1 5 3 8 , , , 1 1 1 9 9 9 4 4 4 8 9 9 Dec. 19 3 Finland July 1, 1949 Sweden 2V2 Feb. 9, 1945 Jan. 10, 1947. . 5H &2M Aug. 27 3V 2 Oct. 9 2z2 &3 France 3 Oct. 1, 1948 Switzerland.. IX Nov. 26, 1936 June 28, 1948. . il-5 Germany July 14, 1949 Turkey July 1, 1938 Sept. 6 3^ &4 Greece 12 July 12, 1948 United King- Oct. 1 3 Hungary 5 Nov. 1, 1947 dom 2 Oct. 26, 1939 May 27, 1949. . 11-4V India 3 Nov. 28, 1935 U.S. S.R.. .. 4. July 1, 1936 July 14 .. 11-4 Yugoslavia. . 1-3 Aug. 20, 1948 Oct. 6 3H In effect Feb. 28, 1950 2 3 U-4 3H 2H 2V 2 IX 1 The lower rate applies to the Bank Deutscher Laender, and the higher rate applies to the Land Central banks. NOTE.—Changes since Jan. 31: None. OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- 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—Dec .52 1.03 1.01 1.00 1.42 .25 1943—Dec .42 1.03 1.01 1.00 1.65 .25 1944—Dec .37 1.03 1.00 1.02 1.53 ,25 1945—Dec .36 .53 .50 .63 1.33 ,25 1946—Dec .40 .53 .50 .63 1.19 1.21 .78 ,25 1947—Dec .41 .53 .51 .63 2.04 1.13 .53 .38 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 Tune .51 .63 .52 .63 1.32 .83 1.50 July .51 .63 .52 .63 1.43 .83 1.50 Aug .51 .67 .52 .63 1.25 .91 1.50 Sept .51 .69 .52 .63 1.15 1.01 1.50 Oct .51 .69 .52 .63 1.07 .78 1.50 Nov .51 .69 .52 .63 1.16 .93 1.50 Dec .51 .69 .52 .63 1.32 1.03 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. MARCH 1950 393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities ( b 1 m a 1 i n ll L k io s o s n . t n e s d r o l F o i n n f ig g p u c ) o l r e e u a s n r d i i n n s g re C se a r s v h es M ca s o l h l n o e a r y n t d at I B co il u ls n t d e i d s- r T e d r c e e e p a i o s p u s t i s r t y 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 Deposits lia O b a t i n h li d e ti r es notice Total Demand Time capital 1942—December. 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 1943—December. 422 151 133 1,307 1,154 761 349 4,032 2,712 1,319 245 1944—December. 500 199 147 1,667 1,165 772 347 4,545 3,045 1,500 250 1945—December. 536 252 369 1,523 1,234 827 374 4,850 3,262 1,588 265 1946—December. 499 432 610 1,560 1,427 994 505 5,685 3,823 1,862 342 1947—December. 502 480 793 1,288 1,483 1,219 567 5,935 3,962 1,972 396 1948—December. 502 485 741 1,397 1,478 1,396 621 6,200 4,159 2,041 420 1949—January.. 532 481 795 1,267 1,487 1,383 526 6,057 4,033 2,024 414 February. 481 491 860 989 1,487 1,405 519 5,817 3,810 2,007 414 March... . 474 482 870 956 1,496 1,429 517 5,815 3,803 2,012 409 April 500 481 799 1,025 1,501 445 540 5,886 3,875 2,011 405 May 487 498 816 1,037 1,502 436 501 5,872 3,869 2,004 403 June 481 500 786 1,142 1,502 1,461 562 6,025 3,961 2,064 410 July 492 492 788 1,160 1,512 1,435 508 5,973 3 ,939 2,034 413 August. . . 492 498 797 1,088 1,511 1,438 510 5,922 3,896 2,026 412 September, 490 518 971 903 1,516 1,477 548 6,009 3,959 2,049 413 October... 499 556 1,162 744 1,517 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 December. 532 571 1,109 793 1,512 1,534 579 6,202 4,161 2,041 427 Assets Liabilities Canada Security Deposits payable in Canada E (1 n C 0 d a i c n n o h a f a m d r m i t a i e l n o l r i n o e d t n d h o s l b l f o a a ig f r n s u k ) r s e . s re C se a r s v h E e n s tire S l e y lo c a i u n n r i s t C y ana l d o d i O a s a c n t o s h u e a n r n t d s d a a f u b n o l b o e a r d r e a n o f i n r n k g a o s e s d n m t Securities O as t s h e e ts r ci N r ti c o o u t n l e a- e T x o cl t u a d l ing i D n e te m rb an an d k de T p i o m si e ts 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 2,293 657 60 3,657 1,984 1,673 1,049 1943—December.. 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—December.. 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 1,289 1945—December.. 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1946—December.. 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 1,525 1947—December.. 731 105 1,999 106 3,874 1,159 18 6,412 2,671 3,740 1,544 1948—December.. 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4,057 1,537 1949—January. . . 740 90 2,131 131 4,311 1,054 16 6,942 2,824 4,118 1,500 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 2,484 April...... 760 90 2,199 149 4,267 987 15 7,029 2,690 4,339 1,408 May 776 74 2,202 154 4,342 1,056 15 7,131 2,792 4,339 1,459 June 734 72 2,195 141 4,396 1,130 15 7,183 2,853 4,330 1,471 July 751 77 2,188 143 4,460 952 15 7,130 2,789 4,341 1,425 August.... 789 78 2,174 132 4,527 1,035 14 7,298 2,926 4,372 1,407 September. 789 103 2,304 190 4,463 1,129 14 7,474 3,062 4,412 1,490 October 830 137 2,336 170 4,327 1,142 14 7,441 2,988 4,453 1,488 November. 758 119 2,356 161 4,395 1,084 14 7,388 2,941 4,447 1,471 December.. 765 133 2,271 146 4,345 1,058 14 7,227 2,794 4,433 1,477 Assets Liabilities France (4 o m f l i a l m r li g o o e n n s t b h a o n f f i k g f s u r . r a e n s c E s i n ) n d re C se a r s v h es Du b e a n f k ro s m B co ill u s n t d e i d s- Loans O as t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- 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. 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 1,521 128,734 126,555 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 17,445 291,945 290,055 1,890 15,694 7,145 1947—December. 22,590 19,378 219,386 86,875 27,409 341,547 338,090 3,457 25,175 8,916 1948—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 36,083 548,335 541,420 6,916 30,697 15,287 February. 44,191 32,048 343,684 141,296 37,362 551,673 544,466 7,207 31,876 15,033 March. . . 38,024 33,720 330,902 135,617 39,720 528,241 520,846 7,394 32,127 17,615 April 39,482 36,469 368,937 129,306 40,846 561,787 554,453 7,333 32,208 21,047 May 42,636 36,346 346,974 137,906 44,346 551,958 544,870 7,088 33,376 22,874 June 39,514 36,995 363,168 134,226 41,466 562,038 555,184 6,854 28,384 24,948 July 46,205 38,626 407,822 124,098 43,852 601,745 595,063 6,682 29,700 29,157 August... 41,276 36,888 395,351 128,804 45,310 587,137 580,010 7,127 29,105 31,387 September 42,358 38,392 402,754 128,343 43,074 595,353 588,687 6,666 25,645 33,922 October. . 41,534 39,301 451,597 120,353 42,724 633,092 626,211 6,881 23,537 38,881 November 38,343 43,810 400,043 134,779 46,063 597,316 589,900 7,416 25,032 40,690 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements give end-of-month data. 2 Represent six-month loans to the Treasury at 1H per cent through Oct. 20, 1945, and at % per cent thereafter. 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. 394 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 25.125 322.80 321.17 2.2860 6.0602 5.1802 90.909 90.485 1946 29.773 25.125 321.34 2.2829 6.0602 95.198 93.288 1947 29.773 25.125 321.00 2.2817 5.4403 100.000 91.999 1948 29.773 25.125 "26'.666' 321.22 2.2816 5.4L406 100.000 91.691 1949 29.774 20.695 23.355 18.591 29:5.80 2.2009 2.1407 5.'L406 97.491 92.881 1949—Mar... 29.773 25.125 20.000 321L.21 2.2828 2.1000 5.'1406 100.000 93.261 Apr. . . 29.773 25.125 20.000 32L.12 2.2752 2.1605 5.^L406 100.000 93.566 May. . 29.773 25.125 20.000 32L. 15 2.2750 2.1791 5.'1406 100.000 95.150 June. . 29.773 25.125 20.000 321LOO 2.2750 2.2211 5.^1406 100.000 95.521 July... 29.773 25.125 20.000 32L.10 2.2750 2.1752 5.'1406 100.000 94.545 Aug... 29.773 25.125 20.000 32L.03 2.2750 2.1909 5j1406 100.000 95.248 Sept... 29.773 25.125 20.000 27't.39 2.1684 2.1115 5.'1406 95.909 92.724 Oct... 29.778 "26! 695* 17.456 13.896 22.5.16 1.9960 1.9917 5.'1406 90.909 90.431 Nov... 29.778 20.695 17.456 13.896 22.5.16 1.9980 1.9969 5.'1406 90.909 89.864 Dec... 29.778 20.695 17.456 13.896 22,3.16 1.9998 5.'1406 90.909 88.407 1950—Tan. . . 29.778 20.695 17.456 13.896 22,3.16 2.0003 5./1406 90.909 89.205 Feb.. .. 29.778 20.695 17.456 13.896 223.16 1.9993 5.'1406 90.909 89.820 France Ceylon Colom- Czecho- Den- (franc) India 1 Mexico Neth- New Norway Year or month (rupee) (p b e i s a o) s ( l k o o v ru a n k a ia ) ( m kr a o r n k e) (rupee) (peso) ( e g r u la il n de d r s ) Z (p e o a u la n n d d ) (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 . 8407 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—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—Tan 20.850 2.0060 14.494 .2863 20.870 11.572 26.278 277.29 14.015 Feb 20.850 2.0060 14.494 .2863 20.870 11.572 26.257 277.29 14.015 United Y m e o a n r t o h r R P e ( p h p p i i e u n l s i b o e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S po o fr u u i n c th d a ) ( S pe p s a e i t n a) S S ( m d e t o e r t l a t n l l a i t e t r s s - ) (k S d r w o en n e- a) 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—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 23.085 280.09 65.830 56.180 Nov... 49.738 3.4810 278.38 32.547 19.333 23.176 280.08 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 23.281 280.07 65.833 56.180 42.553 Feb... 49.615 3.4673 278.38 32.713 19.333 23.264 280.07 65.833 56.180 42.553 1 Excludes Pakistan, beginning April 1948. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for January 1950, p. 123; October 1949, p. 1291; January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209. MARCH 1950 395 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 19 1 n t 2 a 0 i 6 0 t t e e ) d = s C (1 a 1 9 n 0 2 0 a 6 ) d = a M (19 1 e 3 0 x 9 0 i ) c = o K U ( i 1 n 9 1 n 3 g 0 i 0 0 d t e ) o d = m F (19 r 1 3 a 0 8 n 0 ) c = e (1 I 1 9 t 0 a 3 0 8 ly ) = ( a 1 J v 9 a = e 3 p r 1 4 a a ) - g n 3 e 6 ( J J N u u l = n l e a y e t 1 n h 0 1 1 d e 0 9 9 s r ) 3 3 - 8 9 - S (1 w 9 1 3 0 e 5 0 d ) e = n (J S u w = l l y a i 1 t n 0 1 z d 0 9 e ) 1 r- 4 1926 100 100 1 124 106 150 U26 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 ^5,174 296 P216 221 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 r230 1,918 4,889 207 292 214 220 September 154 155 294 '231 1,958 4,912 211 295 '216 218 October 152 157 296 237 2,002 *>4,837 214 297 '218 215 November 152 157 294 240 P2,005 ?4,826 213 305 218 215 December 151 157 293 '241 P2.001 P4,794 306 P219 213 1950—January 152 157 288 245 P2,063 P212 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 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 R fa m p a c a w a t r u n t r a l u e y n - d d F f u a c m l c h l a t y i u e n f r a u l e n y - d 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 d l u u ra s c - w ts p fi I r n n o tr i d d s i h u a u e l s c - d ts goods goods 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 166 162 147 147 161 142 197 249 243 369 297 1949—January 173 166 153 148 163 143 178 247 240 373 295 February 168 162 152 145 161 142 178 247 242 371 295 March 172 163 151 146 162 141 178 246 242 369 293 April 171 163 149 148 161 142 186 251 243 369 294 May 171 164 147 148 160 142 199 250 240 367 294 June 169 162 146 150 160 142 202 249 233 367 296 July 166 161 145 151 161 142 202 r245 233 364 295 August 162 161 145 146 159 142 202 244 230 364 295 September 163 162 145 146 158 142 201 ••248 235 365 298 October 160 160 145 145 161 143 '211 r252 244 374 297 November 157 159 145 145 161 143 213 ••255 265 376 303 December 155 156 145 144 160 143 212 ••257 270 370 304 1950—January 155 155 146 144 160 143 215 261 «• Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 396 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES 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 = t 9 n a 3 i 1 t 5 t 0 e e - s 0) 3 d 9 (1 = C 9 a a 3 da 1 n 5 - 0 - 0 3 ) 9 1 K 7 ( d J , i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 ) e ( N 1 = l e 9 a t 3 n 1 h 8 d 0 s e - 0) r 3 - 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 t 0 e e 0 - s d 3 ) 9 (1 = C 9 a 3 a d 1 5 n 0 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 0 n 3 0 c 8 ) e ( N 1 = l e 9 a 3 1 t n h 0 8 d 0 e - s 3 ) r- 9 ( l 1 J a e 9 u r n 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 202 203 114 P1,814 249 228 1949 . ... 169 161 111 219 222 1949-January... 205 202 108 1,932 243 231 1949-January... 171 160 109 1,935 215 224 February.. 200 200 109 1,845 246 229 February.. 169 160 109 1,857 216 223 March. . . . 202 199 108 1,759 247 228 March.... 170 159 109 1,781 217 222 April 203 199 108 1,738 248 227 April 170 159 109 1,757 218 221 May .... 202 200 114 1.725 256 227 May 169 160 111 1,738 221 222 June 204 203 115 1,715 260 228 170 161 111 1,726 223 222 July 202 207 116 1,704 251 228 July 169 162 111 1,715 219 221 August 203 209 116 1,744 246 228 August.... 169 163 111 1,757 216 221 September. 204 207 117 1,835 244 229 September. 170 162 112 1,827 216 222 October... 201 205 119 :1,901 244 229 October... 169 162 112 1,885 217 221 November. 201 203 119 pL.930 251 228 November. 169 162 112 P1,912 221 221 December. 197 202 120 p1,937 257 227 December. 168 162 113 2-1,920 226 220 1950-January. . . 196 199 VL ,921 1950-January... 167 161 R218 v Preliminary. 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 C o m m on 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 3 a ) 9 2 ( 1 K D 9 U 2 i e 1 n c n g e i = m t d e 1 o b d 0 m e 0 r ) F (1 r 1 9 a 0 3 0 n 8 ) 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 te e 0 -3 d s ) 9 C (1 a = 9 n 3 1 a 5 0 d - 0 3 a ) 9 4 ( K 1 U 9 in 2 n 6 g i = d te 1 o d 0 m 0) 1 ( F D 93 r e a 8 ce n = m c 1 e 0 b 0 e 5 ) r (1 N 9 l e 3 a t 8 n h = d e 1 s r 6 0 - 0) Number of issues. . . 12 (2) 87 50 14 416 106 278 5 295 27 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 1,262 211.2 1949 ...... 101.9 107.6 126.5 P109.4 106.8 121.4 109.4 87.6 Pj 1?O 195.3 1949—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 L.119 188.1 May 101.0 105.9 130.4 106.3 117.7 105.3 88.9 1,050 188.8 June 100.9 105.9 129.3 107.9 107.3 112.0 99.6 85.3 1,042 190.0 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 L.148 209.6 October 102.8 112.2 121.7 110.5 108.0 127.3 114.3 88.2 L ,110 207.5 November. . . 103.2 112.1 118.9 110.2 108.7 129.1 118.2 86.5 L.042 203.6 December 103.7 110.7 121.1 P109.9 109.4 132.7 117.9 87.8 V1,085 204.6 1950—January 104.0 111.0 119.8 2*109.5 110.1 135.1 119.0 87.7 VL.108 204.2 P Preliminary. r Revised 1 New series beginning 1947, derived from average yields of 12 bonds on basis of a 2M per cent 30-year bond. Annual average for the old series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States, see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly figures are averages of monthly quotations on the capitalized yield as calculated on the 15th of every month. 3 This index represents the reciprocals of average yields for 14 issues, including government, provincial, municipal, mortgage, and industrial bonds. The average yield in the base period (January-March 1937) was 3.39 per cent. * This index is based on 95 common stocks through 1944; on 100 stocks, 1945-1948; and on 106 stocks beginning 1949. 6 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 G6ne>ale," 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. MARCH 1950 397 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 GEORGE B. VEST, General Counsel DIVISION OF BANK OPERATIONS FREDERIC SOLOMON, Assistant General Counsel ROBERT F. LEONARD, Director JOHN C. BAUMANN, Assistant General Counsel J. E. HORBETT, Assistant Director OFFICE OF THE SOLICITOR LOWELL MYRICK, Assistant Director J. LEONARD TOWNSEND, Solicitor G. HOWLAND CHASE, Assistant Solicitor DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS FRED A. NELSON, Director RALPH A. YOUNG, Director FRANK R. GARFIELD, Adviser on Economic Research ARTHUR W. MARGET, Adviser on International DIVISION OF ADMINISTRATIVE SERVICES Finance LISTON P. BETHEA, Director GUY E. NOYES, Assistant 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 CHESTER C. DAVIS ERNEST G. DRAPER FREDERIC A. POTTS, PHILADELPHIA DISTRICT MARRINER S. ECCLES SIDNEY B. CONGDON, CLEVELAND DISTRICT JOSEPH A. ERICKSON R. M. EVANS ROBERT V. FLEMING, RICHMOND DISTRICT J. N. PEYTON Vice President M. S. SZYMCZAK J. T. BROWN, ATLANTA DISTRICT JAMES K. VARDAMAN, JR. C. S. YOUNG EDWARD E. BROWN, CHICAGO DISTRICT President CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary W. L. HEMINGWAY, ST. LOUIS DISTRICT GEORGE B. VEST, General Counsel JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT WOODLIEF THOMAS, Economist JOHN K. LANGUM, Associate Economist DAVID T. BEALS, KANSAS CITY DISTRICT ALFRED C. NEAL, Associate Economist J. MARVIN PETERSON, Associate Economist J. E. WOODS, DALLAS DISTRICT WILLIAM H. STEAD, Associate Economist JOHN H. WILLIAMS, Associate Economist JAMES K. LOCHEAD, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open Mar\et Account HERBERT V. PROCHNOW, Secretary 398 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 JrJLCSIUCIILS 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. Poor man3 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 Edw. A. Wayne W. R. Milford 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 a 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 C. R. Shaw Harry R. Wellman H. N. Mangels J. M. Leisner H. F. Slade S. A. MacEachron Ronald T. Symms3 W. L. Partner W. F. Volberg 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York. Buffalo I. B. Smith4 Minneapolis.... Helena R. E. Towle Cleveland Cincinnati W. D. Fulton Pittsburgh J. W. Kossin Kansas City.... Denver G. H. Pipkin Oklahoma City R. L. Mathes Richmond Baltimore W. R. Milford Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham P. L. T. Beavers Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville Joel B. Fort, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit H. J, Chalfont San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock C. M. Stewart Portland S. A. MacEachron 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. 1 General Manager. MARCH 1950 399 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS The material listed below may be obtained from PROVISIONS OF STATE LAWS RELATING TO BANK REthe Division of Administrative Services, Board of SERVES as of December 31, 1944. 1945. 30 pages. Governors of the Federal Reserve System, Wash- MONETARY AND BANKING REFORM IN PARAGUAY. ington 25, D. C. Remittance should be made Includes translation of laws, accompanying repayable to the order of the Board of Governors ports, and introduction reviewing the monetary of the Federal Reserve System. history of Paraguay. July 1946. 170 pages. FEDERAL RESERVE BULLETIN. Issued monthly. Sub- $1.00 per copy. scription price in the United States and its pos- RULES OF ORGANIZATION AND RULES OF PROCEDURE sessions, Bolivia, Canada, Chile, Colombia, Costa (Board of Governors of the Federal Reserve Sys- Rica, Cuba, Dominican Republic, Ecuador, tem). September 1946. 31 pages. Guatemala, Haiti, Republic of Honduras, Mexico, THE FEDERAL RESERVE ACT, as amended to Novem- Newfoundland (including Labrador), Nicaragua, ber 1, 1946, with an Appendix containing pro- Panama, Paraguay, Peru, El Salvador, Uruguay, visions of certain other statutes affecting the and Venezuela is $2.00 per annum or 20 cents Federal Reserve System. 372 pages. 50 cents per per copy; elsewhere $2.60 per annum or 25 cents paper-bound copy; $1.00 per cloth-bound copy. per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 POSTWAR ECONOMIC STUDIES. (8 pamphlets) cents per copy per month, or $1.50 for 12 months. No. 1. Jobs, Production, and Living Standards. No. 2. Agricultural Adjustment and Income. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued monthly. $6.00 No. 3. Public Finance and Full Employment. per annum including historical supplement No. 4. Prices, Wages, and Employment. listed below, or 60 cents per copy. In quantities No. 5. Private Capital Requirements. of 10 or more copies of a particular issue for No. 6. Housing, Social Security, and Public single shipment, 50 cents each. (Domestic rates) Works. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE No. 7. International Monetary Policies. CHARTS ON BANK CREDIT, MONEY RATES, AND No. 8. Federal Reserve Policy. BUSINESS. 113 charts. March 1950 edition. The price for the set of eight pamphlets is $1.25; Annual subscription to monthly chart book in- 25 cents per pamphlet, or, in quantities of 10 or cludes supplement; single copies, 60 cents each. more for single shipment, 15 cents per pamphlet. In quantities of 10 or more copies for single shipment, 50 cents each. (Domestic rates) THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND FUNCTIONS. November 1947. 125 pages. 75 BANKING STUDIES. Comprising 17 papers on bankcents 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. 1949. 496 pages. Paper cover. $1.00 per copy; DEBITS AND CLEARINGS STATISTICS, THEIR BACKin quantities of 10 or more copies for single ship- GROUND AND INTERPRETATION. October 1947. 50 ment, 75 cents each. pages. 25 cents per copy; in quantities of 10 or BANKING AND MONETARY STATISTICS. Statistics of more copies for single shipment, 15 cents each. banking, monetary, and other financial develop- DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, as of ments. November 1943. 979 pages. $1.50 per December 31, 1947. July 1948. 122 pages. As copy. No charge for individual sections (unof June 30, 1949. December 1949. 122 pages. bound). REGULATIONS OF THE BOARD OF GOVERNORS OF THE 1A more complete list, including periodical releases and FEDERAL RESERVE SYSTEM. Individual regulations reprints, appeared on pp. 1534-37 of the December 1949 with amendments. BULLETIN. 400 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS System, prepared at the request of a Subcommit- (From Federal Reserve Bulletin unless preceded by an asterisk) tee of the Committee on Banking and Currency of the United States Senate. Submitted August ^STATEMENT ON BEHALF OF THE BOARD OF GOV- 5, 1949. 7 pages. ERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE THE JOINT COMMITTEE ON THE ECONOMIC REPORT. FINANCIAL POSITION AND BUYING PLANS OF CON- Presented by Chairman Thomas B. McCabe on SUMERS, July 1949. October 1949. 10 pages. February 14, 1949. 7 pages. READJUSTMENT OF FOREIGN CURRENCY VALUES. STATEMENT OF CHAIRMAN THOMAS B. MCCABE OF October 1949. 13 pages. THE BOARD OF GOVERNORS OF THE FEDERAL RE- MEASUREMENTS OF SAVINGS, by Daniel H. Brill. SERVE SYSTEM BEFORE THE SENATE BANKING AND November 1949. 8 pages. CURRENCY COMMITTEE, May 11, 1949. 6 pages. NOTES ON FOREIGN CURRENCY ADJUSTMENTS. No- NEW SERIES ON QUARTERLY SALES, PROFITS, AND vember 1949. 14 pages. DIVIDENDS OF 200 LARGE MANUFACTURING COR- PORATIONS, by Eleanor J. Stockwell. June 1949. * REPLY OF THE CHAIRMAN OF THE BOARD OF GOV- 5 pages. ERNORS OF THE FEDERAL RESERVE SYSTEM (TO the Questionnaire of the Joint Congressional Com- RETAIL CREDIT SURVEY—1948. From June 1949 mittee on the Economic Report). November BULLETIN with supplementary information for 1949. 112 pages. nine separate trades. 38 pages. * STATEMENT OF MARRINER S. ECCLES BEFORE THE ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS SUBCOMMITTEE ON MONETARY, CREDIT AND FISCAL AND BUSINESSES. July 1949. 2 pages. POLICIES OF THE JOINT COMMITTEE ON THE ECO- NOMIC REPORT AND SUPPLEMENTAL LETTER TO 1949 SURVEY OF CONSUMER FINANCES— SENATOR DOUGLAS. Presented November 22 and December 1, 1949. 9 pages. I. GENERAL FINANCIAL POSITION AND ECONOMIC OUTLOOK OF CONSUMERS. June 1949. 13 pages. * STATEMENT OF THOMAS B. MCCABE, CHAIRMAN OF 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 III. DISTRIBUTION OF CONSUMER INCOME IN 1948. JOINT COMMITTEE ON THE ECONOMIC REPORT. July 1949. 15 pages. Presented December 3, 1949. 10 pages. IV. CONSUMER OWNERSHIP AND USE OF LIQUID A STUDY OF INSTALMENT CREDIT TERMS, by Milton ASSETS. August 1949. 16 pages. Moss. December 1949. 8 pages. V. HOME OWNERSHIP AND EXPENDITURES FOR HOUSING. September 1949. 16 pages. FRENCH EXCHANGE STABILIZATION FUND, by Robert Solomon. January 1950. 5 pages. VI. OWNERSHIP OF AUTOMOBILES, STOCKS AND BONDS, AND OTHER NONLIQUID ASSETS. October0 INSURANCE OF COMMERCIAL BANK DEPOSITS. Feb- 1949. 16 pages. ruary 1950. 5 pages. VII. ADDITIONAL DATA ON AUTOMOBILE OWNER- STATEMENT BY THOMAS B. MCCABE, CHAIRMAN, SHIP. November 1949. 7 pages. BOARD OF GOVERNORS OF THE FEDERAL RESERVE VIII. DISTRIBUTION OF CONSUMER SAVING IN SYSTEM ON S. 2822, A BILL "TO AMEND THE FED- 1948. January 1950. 21 pages. ERAL DEPOSIT INSURANCE ACT." February 1950. 5 pages. THE BALANCE SHEET OF AGRICULTURE, 1949. September 1949. 11 pages. STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR DEPOSIT INSURANCE. February 1950. 15 pages. * THE EQUITY CAPITAL SITUATION. A personal statement by Thomas B. McCabe, Chairman of FEDERAL RECEIPTS AND EXPENDITURES FOR FISCAL the Board of Governors of the Federal Reserve YEAR 1951. February 1950. 10 pages. MARCH 1950 401 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

2 CO o UJ 5 H * _ CO CO O CO UJ > UJ UJ > C U O J cc UJ Ji CO <a < : UJ «J UJ Q UJ u. EDE CO UJ (£ o 5 UJ O z Q£ £0 u. CC Lu LU O 3: H CO UJ O < < o 402 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis