Federal Reserve Bulletin, 1950-04

F E D E R AL E S E R YE BULLETIN APRIL 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 The Balance of Payments Position of the United States. .. 403-413 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 17, 1950 414-417 1950 Survey of Consumer Finances. . 418-420 Current Events and Announcements. . 420 National Summary of Business Conditions, .. 421-422 Financial, Industrial, Commercial Statistics, U. S. (See p. 423 for list of tables) . . 423-481 International Financial Statistics (See p. 483 for list of tables) . . 483-501 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 502 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 503 Federal Reserve Publications . . 504-505 Map of Federal Reserve Districts. . 506 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1,50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE VOLUME 36 April 1950 NUMBER 4 THE BALANCE OF PAYMENTS POSITION OF THE UNITED STATES Movement toward closer balance in the tially between 1946 and 1948. This expaninternational transactions of the United sion came to a halt at the end of 1948, States in 1949 was slower and less regular and during the year 1949 United States purthan in 1948. A rise in the export surplus chases of foreign commodities and services during the first half of the year was more were at a somewhat lower level. In the last than offset by a sharp decline in the second quarter, however, which followed an imhalf, and for the year as a whole the surplus provement in domestic business conditions was slightly lower than for 1948. Decline and devaluations of foreign currencies, inin the export surplus continued in the early creased purchases of foreign commodities months of 1950, exceeded somewhat a seasonal decline in Readjustment in the trade position of the payments for foreign services. United States in 1949 resulted largely from The greater part of the export surplus in contraction in the value of exports, which 1949 was financed by United States Governexceeded a moderate reduction in the value ment assistance, through which nearly 6 bilof imports. Extension of aid under the lion dollars of American goods and services European Recovery Program and expand- were transferred to foreign countries. Most ing economic activity abroad brought about of this amount was in the form of grants, an increase in United States exports during with about three-fourths extended by the the first half of the year to the average level Economic Cooperation Administration. The of 1948. During the second half, however, net outflow of private funds, representing tightening of import and exchange restric- both investments and donations, declined tions, expanding supplies of goods from for- from the postwar peak reached in 1948, eign sources, and downward adjustments of reflecting mainly a contraction of new longforeign currency values reduced exports to term investments abroad and some inflow the lowest level since 1946. of short-term funds. Financing from other Recovery of production in countries devas- sources, including international institutions, tated by the war, re-establishment of more was less important than in other postwar normal trade relations between the United years. States and the rest of the world, and wide- During 1949 European countries made spread demand in the United States for all progress in expanding their exports to trakinds of goods had combined to raise im- ditional markets, with the result that world ports of commodities and services substan- trade showed a definite drift toward prewar APRIL 1950 403 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE OF PAYMENTS POSITION OF THE UNITED STATES patterns. The aid rendered by the United A major effect on world trade of the de- States under the European Recovery Pro- valuation of foreign currencies in the latter gram enabled the Western European coun- part of 1949 was to enhance the competitive tries to use some of their own resources in position of the devaluing countries in reladeveloping and financing export surpluses tion to the United States. To the extent that with the rest of the world. This read- this readjustment in world currency values justment in world trade was facilitated by results in greater value and variety of United existing arrangements under which the flow States imports, dollars will be provided which will tend to broaden the area of world trade FOREIGN TRADE OF THE UNITED STATES AND MEANS OF conducted in dollars and will also support a FINANCING1 larger volume of United States exports than [In billions of dollars] would otherwise be the case. Larger United Item 1949 1948 1947 1946 States imports would thus help to sustain the flow of goods which the rest of the world Foreign trade of the United States: needs for further development of available Exports, total . . 15.9 16.8 19.7 15.0 O Re th c e o r r d m ed e r m ch e a r n c d h is a e n 2 dise.... 12 . . 4 0 12. . 7 8 1 1 4 . . 6 4 9 2 . . 7 1 resources and steady expansion of economic Income on investments.... 1.3 1.3 1.1 .8 Other services 2.2 2.1 2.6 2.3 activity. Imports total . 9.8 10.5 8.5 7.2 Postwar recovery of world trade has now Recorded merchandise.... 6.6 7.1 5.8 4.9 Other merchandise 2 .5 .6 .3 .2 reached the stage where a flow of capital Income on investments.... .3 .3 .2 .2 Other services 2.4 2.5 2.2 1.8 from the United States may perform an Net purchases from United States by foreign countries... 6.1 6.3 11.3 7.8 important role in promoting wider use of Sources of financing net purchases the dollar as a means of payment in internaby foreign countries: tional transactions. Such a development United States Government, net... 5.7 4.7 5.7 5.1 Credits .7 .9 3.9 2.8 would facilitate relaxation of trade barriers Grants 5.1 3.8 1.8 2.3 United States private, net 1.0 1.7 1.3 .9 and of exchange restrictions and would pro- Foreign investment, longand short-term......... .5 1.0 .7 .3 vide incentives to foreign countries to adjust Donations .5 .6 .6 .6 their cost and price structures so as to com- International Bank and Monetary Fund .1 .4 .8 pete effectively for dollar trade. A stable Foreign countries' capital assets, world trade, at higher levels, will depend in net . . . .. (3) .9 4.5 2.0 Sa S le t s a te o s f gold to United .2 1.5 2.8 .7 considerable measure on the ability of West- Liquidation of long- and short-term dollar assets.. 4_.2 *-. 7 1.7 1.3 ern Europe to meet its deficit with the United Total sources of financing 6.8 7.6 12.3 8.0 States currently by earning, through its trade Errors and omissions -.7 -1.2 -1.0 -.2 with traditional markets in other areas of the world, the dollars that may be made avail- 1 This table is based on U. S. balance-of-payments data compiled by the Department of Commerce. Details may not add to totals able to those areas by the United States because of rounding. 2 Includes U. S. Government purchases and sales. Sales abroad of civilian supplies by the Department of the Army are included through purchases of goods and through new under exports of "other merchandise" in 1946 and 1947, but under recorded merchandise exports in 1948 and 1949, investments. 8 Less than 50 million dollars. * Increase in assets. CHANGES IN EXPORT TRADE of goods was tied to available means of financing. Such arrangements restricted, in The dollar volume of United States exgeneral, the use of currency balances arising ports of commodities and services has defrom trade transactions to purchases and clined substantially from its postwar peak payments within the area covered by them. reached in 1947, as shown in the chart. 404 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE OF PAYMENTS POSITION OF THE UNITED STATES The sharpest decrease occurred in 1948, values also had some effect in reducing forwhen total exports dropped 2.9 billion dol- eign demand for United States goods in the lars to 16.8 billion. In 1949 total exports latter part of 1949 and early 1950. The dedeclined further to 15.9 billion. A decrease crease in dollar volume of exports for 1949 of more than a billion dollars in merchandise as a whole, however, is attributable to lower exports was offset somewhat by a slight in- prices, since the index of recorded export crease in services to foreigners. volume for the year was 2 per cent above that of 1948. FOREIGN TRADE OF THE UNITED STATES By commodity groups, the decrease in 1LU0NS OF OOLLARS QUARTERLY DATA exports in 1949 was largest for manufactured goods, particularly manufactured foods, as shown in the table. A marked decline occurred for exports of wheat flour, due in part to larger crops abroad and a consequent reduction in shipments under UNITED STATES EXPORTS BY COMMODITY CLASS AND BY MAJOR TRADING AREA Value Percentage (in millions of dollars) of total Commodity class or 19491 trading area 1948 1949 1948 Second First half half Year By commodity class:2 Crude materials 766 1,015 1,781 1,489 12 NOTE.—Department of Commerce data. Both merchandise and Crude foodstuffs 595 744 1,339 1,267 10 services are included. Manufactured foodstuffs 361 517 878 1,315 11 Semimanufactures.... 581 771 1,352 1,402 11 During postwar years merchandise exports Finished manufactures 2,958 3,486 6,444 7,060 56 of the United States have included not only Total 5,261 6,533 11,794 12,533 100 100 those exports customarily recorded in foreign By major trading areas:3 Western Europe: trade statistics, but also United States Gov- Continental countries 1,412 1,898 3,310 3,540 28 ernment transfers, such as liquidation of United Kingdom. . . 309 391 700 644 5 Sterling area Government-owned military goods and sur- (excl, U. K.) 487 675 1,162 1,359 11 Canada 9111,030 1,941 1,914 15 Latin America (excl. plus property in foreign countries. These sterling area) 1,299 1,534 2,832 3,310 26 Rest of world 892 1,073 1,966 1,886 15 transactions diminished in importance in Total 5,310 6,601 11,911 12,653 100 100 1948 and 1949, after having reached large proportions in the early postwar years. 1 Preliminary data. 2 Exports of domestic merchandise only. The decrease in value of regularly recorded 3 Exports including re-exports. merchandise exports in 1949 resulted from a United States foreign aid programs. Exsharp contraction in the second half of the ports of crude materials, however, were year, when foreign authorities imposed in- larger than in 1948, with increases for creasing restrictions on dollar imports in raw cotton more than offsetting declines for order to readjust their dollar trade position coal. The reduction in exports in the second and protect their monetary reserves. Down- half of the year occurred among all comward readjustments of foreign currency modity groups, but for finished manufac- APRIL 1950 405 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE OF PAYMENTS POSITION OF THE UNITED STATES tures, the chief component of exports, the the principal means whereby the rest of the decline in this period was relatively less world finances purchases of merchandise and than for other groups. services from the United States. United Changes in the geographic distribution of States payments to foreigners on this account merchandise exports during 1949, while not declined in 1949 to 9.8 billion dollars from a substantial, were in the direction of the pre- postwar high of 10.5 billion in 1948. war pattern of trade. Latin America and Total merchandise imports declined by the sterling area (excluding the United almost 600 million dollars in 1949, due chiefly Kingdom) took smaller proportions of total to a reduction in imports regularly recorded United States exports than in 1948. The in trade statistics. The decline reflected a shares for these areas, however, as well as smaller volume of trade as well as lower for the continental countries of Western prices. The quantity index declined by 3 Europe, were still considerably larger than per cent and the index of unit values by 5 before the war. On the other hand, the per cent. shares of United States exports going to During the early postwar years total merthe United Kingdom, Canada, and other chandise imports of the United States rose countries increased somewhat in 1949 over faster than gross national product, and there 1948. In the postwar period this group was some indication that imports might reof countries, and particularly the United gain their prewar position in this regard. Kingdom and Far Eastern countries, have The rising trend in the relationship was rebeen taking a smaller share of United States versed in 1949, however, when the ratio deexports than they did before the war. The declines in exports from the first to the RELATION OF UNITED STATES IMPORTS TO GROSS NATIONAL PRODUCT second half of 1949 were proportionately PER CENT PER CENT 8 8 greater for Western Europe and the sterling area than they were for Canada, Latin America, and the rest of the world. Income received from investments abroad, largely from direct investments of American concerns in foreign subsidiaries, remained in 1949 at approximately the same high level as in 1948. An increase in 1949 in amounts shown for receipts for other services was largely due to changes in the method of estimation. Increases in foreign travel in the United States and in miscellaneous services NOTE.—Ratio of recorded United States merchandise imports to foreign countries were offset by a further to gross national product, based on Department of Commerce data. Break in 1929 indicates change in basis of estimating decline in shipping earnings from the peak gross national product. level in 1947. clined to 2.57 per cent from 2.71 in 1948, as the chart shows. The 1949 ratio was below IMPORTS: A MEANS OF FINANCING EXPORTS the average ratio during the thirties and was Payment for foreign merchandise and serv- much lower than the average in preceding ices by the United States has usually been decades. 406 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE OF PAYMENTS POSITION OF THE UNITED STATES Merchandise imports decreased steadily UNITED STATES IMPORTS BY COMMODITY CLASS AND BY from the first quarter through the third MAJOR TRADING AREA quarter of the year, reflecting inventory ad- Value Percentage (in millions of dollars) of total justments, the setback in economic activity in Commodity class the United States, and also a lag in placement or 19491 trading area of orders by American importers anticipating 1948 1949 1948 Second First Year foreign currency devaluations. By the fourth half half quarter, however, imports recovered to the By commodity class:2 first quarter level, and improvement has con- Crude materials 904 954 1,858 2,143 28 30 Crude foodstuffs 691 645 1,336 1,272 20 18 Manufactured foodtinued during the early months of 1950. stuffs . ..... 362 379 741 731 11 10 Semimanufactures.... 689 730 1,419 1,633 22 23 There was also a slight decline from 1948 Finished manufactures 604 640 1,244 1,300 19 18 to 1949 in imports of goods not appearing Total 3,250 3,348 6,598 7,079 100 100 in recorded import statistics, interrupting By major trading areas:3 Western Europe: the steady increase since 1946. This item Continental countries 288 329 617 688 9 10 consists largely of military and other United Ste U rl n i i n t g e d a r K ea ingdom... 115 112 227 293 3 4 (excl. U. K.) 414 514 928 1,096 14 15 States Government purchases abroad. Canada 771 740 1,511 1,554 23 22 Latin America (excl. The decline in commodity imports for the sterling area) 1,195 1,234 2,429 2,488 37 35 Rest of world 451 461 912 997 14 14 year was mostly in the crude materials and Total 3,234 3 ,390 6,624 7,116 100 100 semimanufactures commodity groups, as 1 Preliminary data. shown in the table. Principal commodities 2 Imports for consumption. 3 General imports. showing declines were wood pulp, wool, rubber, furs, and oilseeds. Wool in parcent of United States imports in 1948, inticular was priced out of the United States creased their share to 60 per cent in 1949. market. Imports of crude petroleum and On the other hand. United States imports nonferrous ores, however, increased in value from the sterling area (excluding the United as compared with 1948. Imports of crude Kingdom) declined from 15 per cent of the and manufactured foodstuffs, including imtotal in 1948 to 14 per cent in 1949; the deports of coffee and sugar, also increased somecline was even sharper between the first and what over the year. Expansion of coffee im- the second half of 1949 when imports of raw ports reflected an increase in quantity rather materials supplied by the area were greatly than in price until the last quarter of the year. reduced. Western Europe, including the Those areas which since the war have be- United Kingdom, from which the United come the most important suppliers of com- States purchased 14 per cent of total recorded modities required by the American economy imports in 1948, supplied 12 per cent in 1949. increased their share in United States trade The greater part of the increase in comstill further in 1949. Latin America and modity imports from Latin America in 1949, Canada have supplied a generally rising as compared with prewar, may be explained share of United States merchandise imports, by larger purchases of products traditionally as compared with prewar trade, while the supplied from that area. Outstanding ex- United Kingdom and the continental coun- amples are petroleum from Venezuela, Cutries of Western Europe have provided a racao, and Mexico; coffee from Mexico, Codwindling share. Latin America and Can- lombia, and Brazil; sugar from Cuba; copper ada, which together accounted for 57 per from Chile and Mexico; wool from Uruguay APRIL 1950 407 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE OF PAYMENTS POSITION OF THE UNITED STATES and Argentina. Some new products have The major portion was made available under been introduced into United States import the European Recovery Program, which was trade with Latin America, but these have in its first full year of operation. Aid renbeen considerably less important than the dered on a grant basis under this program commodities traditionally imported. totaled 3.7 billion dollars, as shown in the Total payments to foreigners for services table. The next largest item in this category decreased slightly from 1948 to 1949, al- was 980 million dollars spent by the Departthough revisions in methods of computation ment of the Army for civilian supplies reaccounted for much of the net change in the quired in occupied countries. figures. Foreign travel expenditures and Government credits played a modest role payments for foreign shipping continued in 1949. Disbursements of loans under the their postwar rise, while United States Gov- European Recovery Program totaled 425 milernment payments for miscellaneous services lion dollars, and 163 million was paid out declined from an unusually high level in on Export-Import Bank loans. 1948. UNITED STAILS GOVERNMENT FINANCING OF EXPORTS1 OTHER MEANS OF FINANCING EXPORTS [Disbursements, in millions of dollars] Foreign countries can purchase commodi- Form of financing 1949 1948 1947 1946 ties and services from the United States in U. S. Government grants: excess of total United States imports from European Recovery Program... 3,734 1 ,388 Civilian supplies to occupied them only to the extent that dollars become areas 981 1 280 980 539 Aid to Greece and Turkey 171 349 74 available from other sources. These sources Aid to China and Korea 139 168 15 Philippine war damage payinclude loans, investments, grants, and gifts ments, etc 205 130 96 60 UNRRA, post-UNRRA, and from private or public sources; when neces- Interim aid 631 773 1 ,524 Other . .. .... 243 204 349 379 Receipts 2 -388 -389 -460 -238 sary, foreign countries may also draw down Total grants (net) 5,085 3,761 1 ,812 2,279 their own dollar assets and gold holdings. U. S. Government loans: On the other hand, foreign countries may European Recovery Program 425 486 Export-Import Bank 163 454 796 945 use available dollars to repay dollar debt, to Surplus property and ship sale credits 210 274 841 acquire investments in the United States, or British loan. . . 300 2,850 600 Other 9S 24 82 612 Receipts -204 -332 -174 -90 to build up dollar balances or gold reserves. Total long-term (net) 482 1 ,142 3,828 2,908 In early postwar years loans extended by Short-term (net) 174 -245 73 -134 the United States Government or its agen- Total loans (net) 656 897 3.901 2,774 cies, and the liquidation of foreign gold and Total grants and loans (net) 5,741 4,658 5,713 5,053 dollar resources, played an important role in 1 Derived from U. S. balance-of-payments data compiled by the Department of Commerce. financing the abnormally large export sur- 2 Largely payments received in connection with lend-lease settlements; goods and services acquired in occupied areas; and, in plus. A shift occurred in 1948. Grants 1949, transfers to the U. S. Government of 5 per cent local currency counterpart of ECA aid. by the United States Government became much more important than loans, and the The net outflow of private capital from liquidation of gold and dollar resources the United States fell sharply in 1949 to less came to an end in the third quarter of the than 500 million dollars; this was one-half year. of the total for 1948, when the dollar volume United States Government grants attained compared favorably with that of prewar a record level of 5.1 billion dollars in 1949. years. The net outflow of direct investments 408 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE OF PAYMENTS POSITION OF THE UNITED STATES declined by about 100 million dollars from directed to conserving its limited resources, 1948 to 1949. The remainder of the decline thus reducing its sales of dollars to member in private capital outflow may be traced countries to 100 million dollars from almost partly to a small net reduction in holdings of 200 million in 1948. Net disbursements in foreign securities (in contrast to a net in- 1949 by the International Bank were very crease in 1948), but largely to a reversal in small, but new loans authorized during the the movement of short-term funds. During year totaled almost 220 million dollars, inthe years 1946-48 there had been a net out- cluding loans to Brazil, Colombia, El Salvaflow of short-term funds, largely in the form dor, Mexico, Belgium, the Netherlands, Finof commercial bank credits to foreign cus- land, Yugoslavia, and India. tomers and loans on gold extended by Fed- It will be noted that the total funds availeral Reserve Banks to foreign central banks. able to foreign countries in 1949, shown in In 1948 the net extension of such credits the table on page 404, exceeded total United exceeded 100 million dollars, but in 1949 States exports of goods and services by about foreigners made net repayments of almost 700 million dollars. This discrepancy results 200 million dollars on this type of indebted- from net errors and omissions in the reness. corded or estimated items of the balance of Reflecting an improved supply and de- payments, and indicates overestimation of mand situation for dollars in world markets, United States payments relative to receipts. foreign countries in the aggregate increased A large similar discrepancy has appeared moderately their holdings of gold and dol- over the entire postwar period. While lars during 1949. Net sales of gold to the it is impossible to trace with accuracy the United States amounted to only 230 million components of this residual, a number of dollars—a drastic shift from net sales of 1.5 factors suggest that a significant portion repbillion dollars in 1948 and 2.8 billion in 1947. resents unrecorded capital movement to the Foreign short-term dollar balances increased United States. In this connection it is intermoderately (by about 80 million dollars) in esting to note that the debit residual was 1949, following a large accumulation in 1948 unusually large in the third quarter of 1949 and a heavy liquidation in the two preceding (the period which ended with currency deyears. On the whole, foreign countries valuation), and was followed by a credit strengthened their gold and dollar position residual in the last quarter. This reversal to the extent of about 550 million dollars would suggest that a small unrecorded during 1949, in part through acquisition of capital outflow occurred immediately after gold from new production, in part through the readjustment of foreign currency values. accumulation of dollar balances, and in part GEOGRAPHIC PATTERN OF WORLD TRADE through repayment of short-term indebtedness. Changes in foreign gold and dollar The disruption of traditional trade ties holdings in 1949 were reviewed in the March between the industrial countries of Western issue of the BULLETIN. Europe and underdeveloped areas producing The International Monetary Fund and the primary materials and the increasing depend- International Bank for Reconstruction and ence of these areas on supplies from the Development disbursed less than 150 million United States, as a result of the war, brought dollars in 1949. The Fund adopted policies about a fundamental shift in the geographic APRIL 1950 409 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE OF PAYMENTS POSITION OF THE UNITED STATES pattern of international trade. Before the addition to its surplus with Western Europe, war dollars were paid out by the United Canada, and Japan. Despite a sharp decline States to finance its trade deficit with under- in exports and some increase in imports in developed areas. These areas used the dollars 1949, the surplus was still almost 1.4 billion. to purchase consumer or capital goods and While this reduction in the United States services from industrial countries in other surplus in 1949 resulted to some extent from parts of the world, with which the United a contraction in total imports by countries States in turn had a trade surplus. For ex- outside Europe, it was made possible largely ample, in the 1934-38 period the United by the increasing production of European States had a trade surplus with Western goods and their availability in world mar- Europe, Canada, and Japan averaging about kets. The displacement of American goods 640 million dollars a year. This surplus was by European goods in third markets took offset in part by a United States trade deficit place mostly in the second half of 1949 and with Latin America, the sterling area coun- was facilitated by the existence of special trade and financial arrangements. The SURPLUSES AND DEFICITS IN UNITED STATES TRADE initial effects of foreign currency devaluations WITH SELECTED AREAS may also have been important near the end BILLIONS OF DOLLARS BILLIONS OF DOLLARS 6 of the year. Both developments contributed toward a flow of world trade along channels REST OF WORLD LATIN AMERICA which prevailed before the war. STERLING AREA CANADA AND JAPAN The success of the special arrangements WESTERN EUROPE between Western European countries and other parts of the world depended on their provisions for tying the flow of goods to the means of financing. This involved discrimination against United States products as well as restrictions on the use of foreign currency balances arising from trade transactions. The devaluation of foreign currencies in the autumn of 1949, which tended to reduce cost and price differentials between United States and foreign products, contributed to enhancing the competitive position of devalu- 1926-29 1934-38 1948 ing countries as compared with the United V ANNUAL AVERAGES J NOTE,—Sterling area includes dependencies of Western Euro- States. To the extent that devaluation of pean countries. currencies in terms of dollars enables Eurotries outside Europe, the overseas depend- pean countries to compete more effectively encies of European countries, and the rest with the United States in third markets, it of the world, which averaged 215 million should lessen the need for intergovernment dollars a year, as shown in the chart. In arrangements to maintain, by administrative 1947, however, the United States had an controls, a flow of trade within closed curexport surplus with these parts of the world rency areas. amounting to over 3.6 billion dollars, in In 1949 Western Europe not only reduced 410 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE OF PAYMENTS POSITION OF THE UNITED STATES its dollar trade deficit but also shifted from a bility. A return to the prewar pattern, in deficit to a surplus position in the nondollar which a United States deficit in its trade portion of its trade. A number of Western with certain areas would be offset in part by European countries—including the United a surplus with other areas, will not be easily Kingdom, Belgium, Sweden, and Switzer- achieved. Since the war the American econland—attained during the year an over-all omy has depended less on imported raw balance in their current (dollar and nondol- materials, while underdeveloped countries lar) transactions, while others—like France have tended to use the dollar proceeds of and Italy—which continued to have over-all their exports principally for purchases of deficits, showed surpluses in their sterling capital goods in the United States. and other nondollar trade. Although West- Readjustment in trade among other counern Europe's trade deficit on dollar account tries thus far has occurred in segregated trade for 1949 was only slightly below the level areas, where the flow of trade could be exof about 4.5 billion dollars reached in the panded without settlement of balances in previous year, it was nevertheless reduced convertible currencies. The European Revery sharply in the second half of the year. covery Program has enabled Western Europe At the same time, Western Europe ex- to develop and finance a trade surplus with panded its sales to overseas sterling area coun- other areas but—because it took the form tries and to other parts of the world, thus of covering Western Europe's direct deficit reversing its nondollar trade position from with the United States—this program could a deficit of about one billion dollars in 1948 not effectively promote settlement in dollars to a surplus of over one billion in 1949. of other balances arising from world trade. Since these overseas areas themselves con- As Western Europe's capacity to produce and tinued to have a deficit with the dollar area, export increases further and is accompanied this surplus could not be settled in dollars, by a continuing need of underdeveloped but was met by the drawing down of sterling areas for capital imports, it would seem that balances by India and other countries and the flow of investments from the United by other means of financing made available States might play a broader role in encouragby Western Europe. Settlement of the sur- ing the participation of all countries in an plus in nondollar currencies meant that expanding and freer world trade. Western Europe could not use these net THE PROBLEM OF INTERNATIONAL BALANCE receipts to offset its continued deficit on dollar account. This situation indicates that The export surplus of the United States the problem of meeting Western Europe's indicates that the rest of the world needs dollar deficit has broad aspects which in- commodities and services available in the volve movements of goods and capital among United States, and also has access to dollar all parts of the world. resources for purchasing such commodities The shifts in trade positions in 1949 sug- and services. If dollars were not available gest a strong movement toward a more bal- through United States grants, loans, and inanced and permanent pattern of world trade, vestments, purchases by the rest of the world but they also indicate that great difficulties would be limited to the dollar earnings obare still in the way of re-establishing a multi- tained from sales of goods and services to lateral system of trade and currency converti- the United States. The United States export APRIL 1950 411 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE OF PAYMENTS POSITION OF THE UNITED STATES surplus would also disappear if its imports bility, which are basic objectives of United were expanded to provide the rest of the States foreign financial policy. Despite the world with the amount of dollars needed to fact that Western Europe is moving toward meet the foreign demand for American an over-all balance in its external trade, there goods and services. Either form of read- will remain the problem of how to finance justment would give rise to local problems its deficit with the United States by means within the United States, related to realloca- of its surplus with other areas. This problem tion of activities and resources in sectors af- arises mainly because of the shift that has fected by losses of foreign markets or by taken place since the war in the trade position competition of foreign goods in the domestic of primary producing areas from a surplus to market. On the other hand, continuation of a deficit vis-a-vis the United States. Morethe export surplus involves, in economic over, since it is anticipated that Western terms, continued allocation of domestic re- Europe will be unable to develop an over-all sources to foreign countries and, in financial export surplus, there will be the problem of terms, use of private savings or Government how to meet the growing needs of underrevenue for financing foreign investment or developed areas, which in the past have deconsumption. pended on imports of capital from Western Readjustment in the current international Europe. position of the United States since 1947 has The European Recovery Program, as well been attained through a reduction in exports as other types of foreign assistance extended as well as an increase in imports, and both in recent years by the United States, took exports and imports are still moving in the the specific form of financing directly the direction of balance. There is, however, a dollar deficit of the recipient countries. This point beyond which further cuts in United method of dealing with the postwar disrup- States exports would affect adversely eco- tion of the world economy developed from nomic activity and development in the rest the fact that the United States was the only of the world, which might have serious social source of supply for many essential items, and political repercussions in some foreign and from the urgency for investing limited countries. The increase in imports, on the resources in those sectors where maximum other hand, suffered a setback in the spring returns in production could be quickly oband summer of 1949 and, despite recent tained. Re-establishment of traditional trade gains, it appears that strong positive actions relations and appearance of competitive by the United States as well as by other coun- sources of supply in world trade open the tries would be required in order to main- possibility of adopting procedures in the tain a steady increase in the flow of foreign future financing of United States exports goods. These considerations seem to suggest that would promote the use of dollars in that, while a further reduction in the export trade settlements among third countries. surplus from the 1949 level is likely, its com- If future outflow of American capital is plete elimination cannot be expected. directly tied to the export of United States The direction as well as the volume of the products, or to the dollar deficit of a flow of dollars from the United States has an specific country, it may lead to the mainimportant role in the re-establishment of tenance of systems whereby the assisted multilateral trade and currency converti- countries develop export surpluses with 412 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE OF PAYMENTS POSITION OF THE UNITED STATES third countries whose financing is simi- cost and price structures in order to compete larly tied. The flow of American capital to more effectively for dollar trade in third foreign countries, whether from private or markets. The hope for an expanded and public sources, could more effectively further stable world trade lies in the re-establishment the objectives of foreign financial policy of of a system under which the industrial counthe United States if it facilitated a wider tries of Western Europe and the primary use of the dollars by the recipient coun- producing areas of the rest of the world may try for meeting its trade deficit with other cooperate, not through bilateral arrangeforeign countries. This would provide in- ments, but on freer and more competitive centives to those countries having intractable bases in exchanging their products and dedeficits with the United States to adjust their veloping their resources. APRIL 1950 413 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED LEGISLATION REGARDING BANK HOLDING COMPANIES ADDITIONAL STATEMENT OF THOMAS B. McCABE, CHAIRMAN, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, BEFORE SENATE BANKING AND CURRENCY COMMITTEE, MARCH 17, 1950 Mr. Chairman and Members of the Committee: program. Their attitude at all times has been constructive, not destructive. The testimony which I want to express my very great thanks to the they have given to the Committee and the amendmembers of the Committee for allowing us this ments which they have proposed are ample eviopportunity to discuss some of the matters which dence of their constructive approach to the problem. have developed in the course of these hearings. I shall limit my remarks this morning to a As you may know, I have attended all of the discussion of the principal suggestions which were sessions and have listened with much interest to made by the proponents of this legislation. When the various suggestions and criticisms which you I have finished, I shall ask Mr. Townsend, the have received. Needless to say, these have all Board's Solicitor, if he will briefly discuss the received our very careful attention at the Board objections which have been raised by the repreand we are now prepared to make certain consentatives of Transamerica Corporation. crete recommendations in the light of them. As I listened to the various proponents of the I should like to say at the outset that I was bill, I was left with the impression that there particularly impressed, as I hope the Committee are but two or three basic matters which they was, with the fact that only two organizations would have the Committee consider further beappeared here in opposition to this bill. On fore determining whether or not to amend the the other hand, as the Committee remembers, you present draft of the bill. The first of these relates have received expressions endorsing the primary to whether or not there should be a preamble to purposes of this legislation from the American the bill similar to that contained in the bill which Bankers Association, the Federal Advisory Counyou considered last session. Most of the indecil, the National Association of State Supervisors, pendent organizations were desirous of inserting the Independent Bankers Association of Sauk such a preamble. On the other hand, the repre- Centre, Minnesota, the Independent Bankers Assentative of the American Bankers Association sociation of the Twelfth Federal Reserve District, was opposed to so doing. and from numerous other individuals occupying In my previous testimony I pointed out that important' places in the banking world. These the Board had removed the preamble because it organizations collectively represent the cream of had become convinced, as a result of its many American banking thought. Their views are deliberations on the subject, that some of the not only those of big banks but of thousands of language contained therein was so broad as to little banks scattered throughout the country. And draw not only the legitimate and serious objecthe Committee will remember that, as I testified tions of those within the bank holding company earlier, all of these organizations have had one field and the Reserve City Bankers, but also of or more conferences with members of the Board many other business organizations as well, who and its staff during which S. 2318 was literally were concerned that it might introduce a new picked to pieces. Having in mind their testiand potentially harmful concept in the field of mony, I think, it is fair for everyone to believe regulatory legislation generally. In removing the that this legislation has been drafted in the light preamble the Board felt, as it now feels, that the of every possible concept of the public interest. various provisions of the bill are entirely adequate I want publicly to thank the representatives of to insure effective regulation of bank holding all of those organizations, as well as the many companies in the public interest. other individuals, who have given so freely of Another, and I think more substantive, questheir time and talents in aiding the Board in this tion which has been raised by various proponents 414 FEDERAL RESERVE BULLETIN? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED LEGISLATION REGARDING BANK HOLDING COMPANIES of the bill is related to the subject of States' rights. tions of States' rights would be removed from I am sure the members of this Committee realize the deliberations of this Committee and the Conthat this is a subject which very frequently finds gress in dealing with the bank holding company its way into the deliberations of the Congress problem. when considering legislation of all kinds* It is Mr. Brumbaugh made suggestions respecting a subject which certainly received the very careful four sections of the bill. I shall discuss them in attention of the Board in drafting this legislation. order. As I explained in my previous testimony, various In commenting upon Section 3, which relates to provisions were inserted in this bill with the examinations of bank holding companies and the genuine attempt to insure that the powers granted banks controlled by such companies, he suggested to the Board under this bill should contain only that the bill should be amended by requiring the an irreducible minimum of those now vested Board, before it examined any State nonmember exclusively in the States. And the purpose of bank, first to secure the approval of the Federal suggesting that those powers be conferred upon Deposit Insurance Corporation in the case of the Board was in order that the bank holding insured banks or the approval of the State Supercompany problem, which the proponents of the visor in the case of a noninsured bank. As Mr. legislation themselves told you cannot be effec- Brumbaugh pointed out, I had suggested in my tively dealt with by the various States individually, previous testimony that the Board would have might be brought under integrated and effective no objection to this and, accordingly, an amendregulation. ment has been drafted, which I shall hand to you Most of those who raised this question in their in a moment, which incorporates this suggestion. testimony have not offered any concrete sugges- So far as concerns his suggestion that a provision tions by way of amendment to meet their criticisms. be inserted in this section which would require However, Mr. Brumbaugh, Chairman of the such examinations to be made concurrently with Legislative Committee of the National Association the examinations of the bank by the Federal of Supervisors of State Banks, did offer certain Deposit Insurance Corporation or the State Superamendments along this line. These have received visor, the Board feels that an emergency situation the very careful and sympathetic consideration of might arise which would make such a provision the Board. In considering these suggestions the undesirable. Furthermore, the necessity for secur- Board felt, as it hoped this Committee might feel, ing approval even in emergency cases necessarily that the views expressed on this subject by Mr. implies that the Federal Deposit Insurance Cor- Brumbaugh probably represent the most practical poration or the State Supervisor might grant such thinking on the question of States' rights so far approval only upon condition: that it be made as this bill is concerned because they reflect the concurrently with their own examination. Beviews of all of the State Bank Supervisors. After cause of the close relations which exist between all, these officers are the ones whose powers might the various examining authorities, I would not be directly affected by this legislation and who, anticipate the slightest difficulty in obtaining the therefore, would be most likely to express realistic complete cooperation of all concerned in this concern over the question of how far, if at all, S. matter. 2318 derogates from the powers of the States. In his next suggestion Mr. Brumbaugh pointed The Board was pleased in reading Mr. Brum- out that in Section 4 a State bank which is a baugh's statement to find that he pointed out that bank holding company might be compelled to the National Association of State Supervisors did conform to the investment standards prescribed not feel—and I quote—"that the bill is as seriously by Federal law for national banks. This he felt deficient in this respect as has been suggested in was an invasion of the power of the States to the past two sessions of this Committee's hearings." prescribe the investment standards for State banks. Only as to a very few sections of the bill did Mr. The Board did not feel that this represented any Brumbaugh express any concern on behalf of important segment of the holding company probthe State Supervisors. Accordingly, the Board lem or that in actual practice the investment felt that it should make every effort to meet these standards for State banks, generally speaking, are suggestions in the hope that by so doing all ques- materially different from those of national or 415 APRIL 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED LEGISLATION REGARDING BANK HOLDING COMPANIES member banks. However, in order to meet Mr. 13 which would prevent the Board, the Comp- Brumbaugh's suggestion, an amendment has been troller, or the Federal Deposit Insurance Corporaprepared, and will be offered, under which a tion from allowing any expansion within a bank State bank which is a bank holding company may holding company group if to do so would be in be permitted to invest its funds in any manner contravention of any State law now existing or conformable to State law on the subject. hereafter enacted which places a limitation upon In Section 5 Mr. Brumbaugh suggested that the size of domestic bank holding companies. there be eliminated that provision which would The Board believes that this suggestion is require a State member bank in a holding com- probably the one most likely to insure the fullest pany system to first obtain the approval of the possible protection against the invasion of States' Board before establishing a branch within the rights in the bank holding company field. Furtherlimits of the city or town in which the head office more, it is one which is in conformity with of such bank is located. The Board did not existing legislation respecting national banks. As agree with Mr. Brumbaugh's suggestion on this the Committee knows, no national bank may v point and for the following reason. establish a branch in any State which prohibits Under existing law national banks must obtain its own banks from establishing branches. This permission to establish branches from the Comp- principle would now be carried over into the troller; State member banks must obtain consent holding company field. While the Board does of the Federal Reserve Board, except in the case not know of any existing State bank holding where the branch is to be located in the head company regulatory statutes, nevertheless, should office city of such State member bank; and non- a State hereafter enact such a statute in which member insured banks must obtain the approval it declares the public policy of that State respectof the Federal Deposit Insurance Corporation. ing the expansion of bank holding companies One of the fundamental purposes of S. 2318 is domiciled therein, then it would be entirely conto provide a single set of standards for the sistent to require that the Federal authorities in guidance of these three agencies in dealing with this field should adhere to such State requirements. the expansion of any bank within a bank holding In recommending the adoption by this Commitcompany group. The Congress can, of course, tee of the amendments thus proposed by Mr. apply these standards to the Federal bank super- Brumbaugh, the Board felt that every conceivable visory authorities; it cannot apply them to State avenue of objection on the score of alleged violation authorities. Consequently, it was felt that to of States' rights has been fully and adequately leave any area of possible bank holding company closed. expansion unregulated in this bill would be to One other subject and I will have completed offer a potentially important loophole for bank my statement. I should like once more to advert holding company expansion, which expansion to that important provision of S. 2318 which could be obtained outside the limits of the Con- would require the divorcement of bank holding gressional standards prescribed for all other banks companies from their nonbanking activities. in a holding company group. The Board is not Gentlemen, I came into my position with the suggesting that State member banks not a part Federal Reserve with no feelings for or against of a bank holding company system should be banks or for or against bank holding companies. required to secure such approval. The suggestion I have no desire to see any business organization is made only in that extremely limited number subjected to penalties which are contrary to our of cases where the State member bank is also a American way of life. But of this fundamental part of a bank holding company system. truth I have become convinced: That the business Mr. Brumbaugh's final suggestion is one with of banking is a sacred public trust. Only in which the Board has agreed. Incidentally, it is recent times has banking generally emerged as one which was touched upon in one way or a profession; it is now a profession with a public another by some of the other proponents of the trust. The moment you mix private business bill who raised the question of States' rights. Mr. with banking, and that private business is already Brumbaugh's suggestion is that a provision be in competition with other businesses, you thereby inserted in the bill as an amendment to Section create the possibilities of favoritism of one business 416 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED LEGISLATION REGARDING BANK HOLDING COMPANIES over another. Just so soon, in my judgment, will I am now going to ask Mr. Townsend to take the strength of the private enterprise system as up and discuss with you some of the particular we know it become impaired. To me, just on objections which Mr. Stewart has raised in connecthe face of it, the mixing of vast nonbanking tion with this bill. Before doing so, however, organizations with equally vast banking opera- I cannot refrain from expressing the deprecation tions is ethically and basically wrong and should I feel over the unfortunate personal references be prevented. I cannot help but believe that those which Mr. Stewart saw fit to make respecting who oppose this separation of banking from non- Mr. Townsend. I wish to say to this Committee banking affiliations are pursuing a philosophy on behalf of the Board that in whatever duties which cannot but continue the present trend toward Mr. Townsend has assumed on behalf of the the ultimate destruction of the very cause they Board, whether it be in helping prepare bank purport to espouse, namely, a fair field and no holding company legislation, in trying the Board's favor. Looking backward, I wonder if the busipresent proceeding against Transamerica Corporaness leaders of yesterday were more often merely tion under the antitrust laws, or in any of the leaders of the opposition than they were statesmen trying to view objectively the problems of their other many responsibilities which he discharges day. Today none of us would question the wisdom for the Board, he has at all times had the full of, or the necessity for, child labor laws, work- confidence of the Board and has been acting in men's compensation statutes, and other similar all those respects under the Board's supervision legislation. The record of opposition to such and pursuant to its express direction. regulation on the part of business leaders of an I should now like to hand to the Committee earlier day, however, is a lesson in history we the various amendments to which I have referred should not quickly nor easily forget. in my statement. ADDITIONAL AMENDMENTS PROPOSED BY CHAIRMAN McCABE TO S. 2318 Amend Section 3 by adding the following new shares or investments which such bank is perparagraph: mitted to own under the laws of the State in which such bank is operating;" "(d) Notwithstanding any of the provisions of this section no examination shall be made by the Amend Section 13 by changing the period at Board of a State nonmember insured bank purthe end of the section to a semicolon and adding suant to this section without the prior consent of the following: the Federal Deposit Insurance Corporation; and no examination of a State nonmember noninsured "and notwithstanding any of the provisions of this bank shall be made pursuant to this section with- Act no application for the expansion of a bank out the prior consent of the State bank supervisory holding company or any bank in a bank holding authority in the State in which such bank is company group shall be approved by the Federal located." Reserve Board, the Comptroller of the Currency or the Federal Deposit Insurance Corporation if Amend Section 4(d) by adding the following the effect of such approval will be to expand a clause after the word "Act;" appearing on line 17 bank holding company group in any State beyond of page 9 of the bill: limits permitted under any law of such State now "nor shall the prohibitions of this section apply to existing or hereafter enacted which regulates the a nonmember State bank which is a bank holding size of bank holding company groups or the company if the effect of applying such prohibi- number of banks in such groups located in any tions is to prevent such bank from owning any such State." 417 APRIL 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES (Preliminary summary released for publication April 10) The following are highlights from the Fifth pects. Survey findings should always be viewed Annual Survey of Consumer Finances sponsored along with a wealth of other statistics reported by the Board of Governors of the Federal Reserve currently through various Government, private, System and conducted by the Survey Research and nonprofit organizations. Center at the University of Michigan. CONCLUSIONS These preliminary findings are based on simplified tabulations from approximately 3,000 inter- 1. Consumer plans to purchase houses, automoviews made during January and February in 66 biles, and other selected durable goods in 1950 sampling areas throughout the country, including appear, on the whole, to be at least equal in early the 12 largest metropolitan areas. An additional 1950 to those expressed at the beginning of 1949 500 interviews will be included in the final figures and again in midsummer. to be available in a series of articles in the Federal 2. Personal income expectations for 1950 were Reserve BULLETIN starting in June. It is believed generally as optimistic as a year earlier despite that conclusions derived from final figures will not some increased frequency of lower current incomes differ substantially from present conclusions. than a year ago. Consumers were queried regarding their opinions 3. With regard to the general business outlook about their own financial positions at the beginning for the next 12 months, consumers evidenced greater of 1950, and on economic matters in general. They uncertainty than at the beginning of 1949. Howwere asked also about their plans to buy houses, ever, they were somewhat more optimistic than automobiles, and other major durable goods during last July following a series of business adjustments 1950. In addition, the survey collects data concern- in the first half of the year. ing distribution of consumer incomes, ownership 4. A belief that prices will fall in the coming and use of liquid and nonliquid assets, and con- year is widely held, especially with regard to autosumer saving, but information on these subjects mobiles and large household items, but the number is not available at the present time. expressing this belief is down sharply from six Release of the preliminary findings is possible as months and a year ago. the result of an experimental program to speed the PLANS TO BUY HOUSES AND tabulation of certain parts of the survey where the DURABLE GOODS usefulness of the data depends in part on their timeliness. Data from the 1949 Survey of Consumer Fi- 1. Consumer plans to buy houses in the current nances were first released in mid-June of last year. year—newly built and existing houses combined-— In sponsoring the Survey of Consumer Finances, were slightly larger in early 1950 than in early the Board of Governors emphasizes the experi- 1949. Plans to purchase newly constructed homes mental nature of this relatively new development were the same or somewhat greater than in 1949 in the field of economic research. The method- while there was no change or a slight decline in .ology and techniques being used are believed to reported intentions to purchase existing homes. %e among the most adequate known at the present Preliminary survey data justify an estimate of time. Considerable further experience, however, over 1 million consumers having "definite" plans derived from surveys repeated under varying eco- to buy new houses in 1950. Compared with a nomic conditions, together with careful statistical year ago, a somewhat stronger demand was evident and analytical testing of results, will be needed for units priced below $10,000 while little change fcefore this type of research can be of maximum in purchasing intentions was noted for homes iisefulness. priced above this level. The survey information represents only one body About as many consumers indicated intentions **of data indicative of tendencies in economic pros- to buy new homes in 1951 as reported such inten- •418 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES tions for 1950. Purchase plans for 1951 were more being somewhat less optimistic early in 1950 than frequently uncertain than those pertaining to 1950, at the beginning of 1949, but at the same time reflecting in part at least the remoteness of the there was also somewhat less outright pessimism. time period. Many more persons seemed uncertain or unwilling 2. Considerably more than twice as many con- to hazard an opinion as to which way the economic sumers intended buying television sets during 1950 wind might blow during the coming 12 months. as reported similar intentions for 1949. Buying The proportion of those expressing a favorable plans for other selected durable goods (furniture, opinion regarding the business outlook (4 of every refrigerators, and other large appliances) were not 10 units) was the smallest for any of the annual very different from those expressed in early 1949, surveys since early 1946, but about the same as it with some showing small increases and others was in mid-July of last year. showing no change or small decreases. 2. Nearly half of those interviewed thought 3. Preliminary data on consumer intentions to times were good at present—about the same probuy new automobiles in 1950 indicate no substan- portion as in July 1949, but somewhat less than tial change in number of units from 1949, a year gave that answer a year earlier. About 2 in every of record sales. There is also some preliminary 10 considered present conditions were unfavorable, evidence that middle and low income consumers and 3 in 10 held to a middle position or could not comprise a larger part of the prospective demand decide whether times were good or bad. As in in 1950. previous surveys, those in high income groups tended to be more optimistic than did those in FINANCIAL POSITION OF CONSUMERS lower income groups. On the whole, there was 1. Approximately 3 of every 10 consumer spend- little change in consumer evaluations of current ing units expected their total 1950 incomes to be economic conditions from midsummer 1949 to the larger than in 1949; less than 2 in 10 expected them beginning of 1950. to be smaller. There was little change in these 3. Many consumers thought that while times proportions from the survey in early 1949, were good at present, they were less favorable than 2. With regard to current rate of earnings, about a year earlier. Nearly 5 units in 10 believed that 3 in every 10 nonfarm spending units reported a business conditions were worse than in early 1949 higher rate in early 1950 than a year earlier while while 2 in 10 thought they were better and 3 in 10 almost the same proportion received a lesser rate. believed that general conditions were about the In the two previous annual surveys, approximately same. In mid-July 1949, in answer to a similar twice as many units reported higher as reported question, only 1 in 10 believed times were better lower current earnings. However, it should be and 6 in 10 thought they were worse. The entrenoted that in these earlier periods increases also preneurial group—farm operators and self-emoccurred in prices and the cost of living. ployed persons—had the largest proportion of units 3. In their own opinions, the financial position that believed times were less favorable in early of consumers in early 1950 was similar to what 1950 than a year earlier. it had been a year earlier. About as many cur- 4. Somewhat more than half of all employees rently said they were better of? than in early 1949 thought it would be difficult, if not impossible, to as said they were worse off. In the two surveys get another job paying about the same amount of conducted at the beginning of 1950 and 1949, a money if, for any reason, they were to lose the job higher proportion of consumers reported their which they had at the beginning of the year. current financial situation to be better compared About 2 in every 10 felt absolutely certain that with 12 months earlier than in some previous postthey could get a job with equal pay, but a slightly war surveys in which consumers had complained larger proportion were equally certain it would be about increases in the cost of living. impossible to get another job without some sacrifice CONSUMER ATTITUDES ON THE in their current income. Comparable data on this ECONOMIC OUTLOOK point were not obtained in previous years. 1. Consumer attitudes on the general economic 5. Consumers were not quite as uniform in their outlook for the year might be characterized as expectation of lower prices in the following 12- 419 APRIL 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES month period as they had been at the beginning 6. There continued to be a sharp divergence of 1949 or at the midpoint of last year. The pro- between consumer expectations for prices in general portion of those looking for price declines dropped and for prices of automobiles and other durable from about one-half to one-third of those inter- goods. Although only a third of the spending viewed. On the other hand, there seemed to be a units were looking for prices in general to decline, slight increase in the group who thought prices more than half were of the opinion that reductions would probably rise in the coming months. would take place in the hard goods lines. CURRENT EVENTS AND ANNOUNCEMENTS Appointment of Branch Director Admission of State Bank to Membership in the Federal Reserve System On March 22, 1950, the Board of Governors announced the appointment of Dr. John M. The following State bank was admitted to mem- Gallalee, President of the University of Alabama, bership in the Federal Reserve System during the Tuscaloosa, Alabama, as a director of the Birmingham Branch of the Federal Reserve Bank of At- period February 16, 1950 to March 15, 1950: lanta for the unexpired portion of the term ending December 31, 1950. Dr. Gallalee succeeds Mr. J. Texas Roy Faucett, a member of the firm of Faucett Brothers, Northport, Alabama, deceased. Pittsburg—First State Bank 420 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled March 28 and released for publication March 30] Industrial production declined somewhat in Feb- production increased sharply. As a result of larger ruary, owing to work stoppages, but recovered in coal supplies and heavy steel demand, activity at March. The volume of construction work done steel mills, which had been reduced to 74 per cent and contracts awarded reached exceptionally high of capacity in early March, has since risen to 97 per levels for this season. The number unemployed, cent. Automobile assemblies have been at a somehowever, was larger than last year. Personal in- what higher rate in March than in February, alcome was at a new high as insurance dividend pay- though 18 per cent lower than in mid-January bements to veterans reached a total of over 2 billion fore being curtailed by labor disputes. On the basis dollars by the end of March. Department store of indicated increases in most durable goods and in sales showed only the usual seasonal rise but de- coal, the Board's index in March is estimated to be mand for most consumer durable goods was strong. slightly above the January level of 183. Average prices of commodities in wholesale and In February machinery production increased 4 retail markets continued to show little change; per cent, to the highest level since April 1949. charges for rents and other services rose further. While much of this rise reflected continued marked Common stock prices on March 27 were about 3 gains in refrigerators, television, and other conper cent higher than at the beginning of February. sumer goods, advances were general in producers Prices of long-term Government bonds declined equipment. In some lines, however, such as agrisomewhat further. Bank loans to business declined cultural machinery, increases were largely of a sealess than is usual for this season. sonal nature. The exceptionally high level of construction activity has been an important factor in INDUSTRIAL PRODUCTION stimulating output in some machinery industries The Board's industrial production index declined and in the furniture and building materials indus- 3 points in February to 180, owing chiefly to work tries. Lumber production this year has been about stoppages in the coal and automobile industries one-fourth above the reduced level of a year ago. which were only partly offset by rising output of In most nondurable goods industries, output in building materials and machinery. The coal dis- February was maintained at the high levels reached pute was settled on March 5 with an advance of last autumn. Production of textiles, which by the about 5 per cent in the daily basic wage rate and beginning of this year was 11 per cent above yearlarger payments for welfare purposes, and coal ago levels, declined somewhat in February, how- INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS *2ER6 C 0 E YSICAL VOLUME, SEASONALLY — A — DJUSTED, 1935 - 39 - 100 260 240 240 /A MA NUF P ACT \ UR J ES * 220 K 1 Vr* 220 — \ 200 TOTAL 200 •Vv^ \V RABLE .«.• y 160 MO 140 f 120 1 120 1942 1943 1944 1945 1946 1947 1948 1949 1950 Federal Reserve indexes. Monthly figures, latest shown are Federal Reserve indexes. Monthly figures, latest shown are -for February. for February. APRIL 1950 421 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS ever, and apparently has been curtailed further in alcohol was raised 17 per cent, and coal and coke in- March, owing largely to the continued lag in retail creased somewhat after the new wage contracts were sales of apparel. signed. Lumber prices rose further and average costs of building materials were probably about 5 DISTRIBUTION per cent higher than last summer. Consumers' prices for carpets and furniture ad- Value of department store sales in February and vanced in February, while prices for apparel, appliearly March was maintained at last year's level. ances, and foods were reduced. Sales of most durable goods, especially television and furniture, continued substantially above year- BANK CREDIT ago levels. Retail apparel sales in recent months Reductions in Treasury deposits at the Reserve have been about one-tenth below the corresponding Banks supplied reserves to member banks during period a year ago, with not all of the reduction ac- February and the first half of March. These funds counted for by lower prices. This reduced volume were absorbed only in part through net sales of U. S. has apparently been below the advanced level of Government securities by the Federal Reserve, curtextile-mill output. In contrast, the number of autorency outflow, and reduction in gold stock. Memmobiles sold has increased and has been about equal ber banks reduced their borrowings at Reserve to the number produced. Banks and increased their reserve balances. After mid-March, large tax payments shifted funds from COMMODITY PRICES private deposits at commercial banks to Treasury The general wholesale price index was at a deposits at Reserve Banks and member bank excess slightly higher level during February and March reserves declined sharply. owing mainly to seasonal increases in prices of do- Loans to business by member banks in leading mestic farm and food products. Prices of imported cities continued to show a less-than-seasonal reducfoods declined and in the latter part of March hog tion during February and early March. Banks prices decreased to levels somewhat below Federal made moderate increases in real estate and consupports. sumer loans and in holdings of corporate and mu- Prices of some industrial materials, particularly nicipal securities. U. S. Government security holdcotton and rayon gray goods, burlap, and lead, were ings declined substantially, reflecting sales of bills reduced considerably in February and March. Rub- and certificates both to the Federal Reserve and to ber and tin, on the other hand, advanced, industrial nonbank investors. WHOLESALE COMMODITY PRICES LOANS AND INVESTMENTS AT MEMBER BANKS IN LEADING CITIES OTHER THAN U. S. GOVERNMENT SECURITIES ILLIONS OF DOtLARS 1943 1944 1945 1946 1947 1948 1949 1950 Bureau of Labor Statistics* indexes.. Weekly figures, latest 1947 1948 1949 1950 1947 1948 1949 1950; shown are for week ending Apr. 4. Wednesday figures, latest shown are for Mar. 29. 422 FEDERAL RESERVE BULLETINS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 425-426 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements 426-427 Federal Reserve Bank statistics 428-432 Deposits and reserves of member banks; bank suspensions. . 432-433 Money in circulation. . . 434-435 Bank debits and deposit turnover; Postal Sayings System.. 435 All banks and the money supply 436 All banks in the United States, by classes 437-439 All insured commercial banks in the United States, by classes. . 440-441 Weekly reporting member banks ....... 442-445 Number of banking offices on Federal Reserve par list and not on par list 446 Commercial paper, bankers' acceptances, and brokers' balances. .. 447 Money rates; bank rates on business loans; bond yields.... 448 Security prices and new issues 449-450 Corporate sales, profits, and dividends. . 451-452 Treasury finance . .... 453-455 ^Government corporations and credit agencies.... 456 Business indexes .... . 457-466 Department store statistics. . 467-470 Cost of living 470 Wholesale prices 471 Gross national product, national income, and personal income. . . 472-473 Consumer credit statistics 474-476 Current statistics for Federal Reserve chart books. . , 477-481 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. APRIL 19S0 423 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERYE BANK CREDIT, AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS MONEY IN CIRCULATION RESERVE BANK CREDIT MEMBER BANK RESERVE BALANCES TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS 1942 1943 1944 1945 1946 1947 1948 1949 1950 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES I 10 ' NOTES AND |\ CERTIFICATES J j o ^.^ 1942 1943 1944 1945 1946 1947 1948 1949 1950 Wednesday figures, latest shown are for Mar. 22. See page 425. 424 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 co D a a u n d is n d - - ts U. S se G cu o r v i e ti r e n s m c B e e r i n l t l i t s fi , - ot A h l e l r1 Total s G to o c ld k T s r t c o e u r a u n e u r n a r 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 n o a e r g l s a y d h s s - - u F T p s w r e R r e o y d e r i s e t v a e i d - h t s r e e s a - - lb p m N e o r e o s m d n it e - s - - O s F e R e a t e r r c h e a d v - e - l - e r Total qu R ir e e - d2 c 1Z es x s - 2 vances Total Bonds cates, ing Banks counts and notes Wednesday figures 2.. 297 22,215 10,191 12,024 314 22,82724,279 4,588 27,556 L.327 1.284 1,203 613 19 711 19,072 639 Feb.* 9.. 251 22,350 10,105 12,245 235 22,83624,279 4,587 27,557 1,327 1,430 1,176 614 19 597 18,921 676 Feb. 16.. 238 22,303 9,993 12,310 385 22,92624,284 4,586 27,480 1,323 1,754 1,177 615 19 447 18,841 606 Feb. 23.. 303 22,358 9,922 12,436 186 22,84724,290 4,586 27,551 L,326 1,591 1,193 621 19 441 18,754 687 Mar. 2.. 241 21,837 9,868 11,969 343 22,42224,290 4,587 27,557 1,320 877 1,233 628 19 684 18,872 812 Mar. 9.. 203 21,529 9,737 11,792 271 22,00324,295 4,587 27,577 L.320 711 1,223 631 19 424 18,787 637 Mar. 16.. 429 21,500 9,588 11,912 419 22,34824,305 4,588 27,500 1,324 591 1,227 663 19 936 18,946 990 Mar. 23.. 594 21,675 9,458 12,217 244 22,51224,307 4,588 27,423 1,327 1,432 1,197 669 19 360 18,655 705 Mar. 30.. 298 21,828 9,277 12,551 252 22,37824,311 4,591 27,403 L,320 L.678 1,190 671 19 019 18,503 516 Apr. 6.. 213 21,597 9,151 12,446 334 22,14324,317 4,591 27,514 L.329 1,116 1,104 676 19 311 18,479 832 Apr. 13.. 232 21,491 9,064 12,427 333 22,05624,321 4,592 27,507 L,318 L.028 1,110 678 19 327 18,505 822 Apr. 20.. 453 21,288 8,989 12,299 309 22,05024,324 4,589 27,408 1,333 1,054 1,094 678 19 398 18,519 879 Apr. 27.. 266 21,208 8,905 12,303 231 21,70524,329 4,592 27,356 1,330 - 3L,146 1,093 679 19 020 18,492 528 May 4.. 480 20,839 8,671 12,168 258 21,57624,334 4,592 27,447 1,324 990 1,045 623 19 073 18,161 912 May 11.. 202 20,130 8,581 11,549 226 20,55924,335 4,592 27,452 L,314 913 1,017 625 18 164 17,285 879 May 18.. 773 19,706 8,440 11,266 256 20,73524,338 4,591 27,392 1,313 1,026 1,005 627 18 302 17,248 1,054 May 25.. 171 19,691 8,371 11,320 186 20,04824,339 4,591 27,367 L.312 668 978 627 18 027 17,305 722 June 1. . 158 19,767 8,274 11,493 220 20,14524,342 4,595 27,515 L.321 622 911 637 18 076 17,288 788 June 8.. 157 19,594 8,202 11,392 205 19,95624,381 4,596 27,484 L,315 378 946 639 18 170 17,249 921 June 15. . 139 19,461 8,051 11,410 311 19,91124,423 4,596 27,391 L,309 9 906 708 18 606 17,387 1,219 June 22.. 670 19,166 7,932 11,234 277 20,11324,421 4,596 27,345 L.304 508 943 715 18 314 17,348 966 June 29.. 150 19,517 7,780 11,737 209 19,87524,466 4,597 27,426 L,324 497 959 719 18 013 17,334 679 July 6.. 114 19,343 7,780 11,563 321 19,77924,471 4,597 27,659 1L,306 262 898 741 17 980 16,518 1,462 July 13. . 140 18.842 7,780 11,062 297 19,27924,513 4,596 27,480'• ]1,317 371 973 741 17,506 16,493 1,013 July 20.. 360 18,474 7,780 10,694 262 19,09624,518 4,595 27,366 11,310 449 930 740 17,415 16,522 893 July 27.. 417 18,490 7,780 10,710 169 19,07524,520 4,594 27,333 J1,307 447 877 740 17,486 16,586 900 Aug. 3.. 298 18,693 7,780 10,913 222 19,21324,562 4,593 27,419 11,312 411 918 689 17,619 16,490 1,129 Aug. 10. . 137 18,606 7,775 10,831 181 18,92424,568 4,592 27,409 3L,314 370 956 691 17,347 16,513 834 Aug. 17.. 240 18,226 7,775 10,451 228 18,69424,608 4,592 27,383 31,313 444 970 688 17,096 15,799 1,297 Aug.24.. 115 17,803 7,775 10,028 163 18,08124,610 4,591 27,328 3L,321 485 948 691 16,509 15,596 913 Aug.31.. 531 17,524 7,775 9,749 171 18,22524,607 4,593 27,389 3L,310 610 914 690 16,512 15,337 1,175 Sept. 7.. 115 17,413 7,775 9,638 251 17,78024,647 4,592 27,589 1,317 472 955 691 15,995 15,064 931 Sept.14. . 123 17,250 7,775 9,475 431 17,80424,649 4,592 27,454 1,312 334 931 691 16,322 15,207 1,115 Sept.21.. 146 17,154 7,538 9,616 333 17,63324,691 4,591 27,365 1,314 801 962 713 15,760 15,244 516 Sept.28.. 300 17,852 7,538 10,314 245 18,39724,602 4,590 27,348 3,311 1,170 1,029 715 16,016 15,139 877 Oct. 5.. 112 17,961 7,538 10,423 332 18,40624,604 4,593 27,476 3,321 612 1,075 734 16,384 15,242 1,142 Oct. 12.. 109 17,779 7,538 10,241 414 18,30124,604 4,592 27,546 3,296 554 1,247 734 16,119 15,211 908 Oct. 19.. 122 17,666 7,538 10,128 369 18,15724,585 4,591 27,427 1,310 317 1,142 732 16,405 15,330 1,075 Oct. 26.. 138 17,403 7,538 9,865 292 17,83324,584 4,591 27,328 i,313 374 1,163 732 16,098 15,314 784 Nov. 2.. 611 17,533 7,536 9,997 272 18,41624,583 4,591 27,382 1,318 545 1,219 690 16,437 15,319 1,118 Nov. 9.. 319 17,706 7,535 10,171 160 18,18524,532 4,592 27,528 1,312 415 1,220 690 16,145 15,262 883 Nov. 16.. 124 17,789 7,532 10,257 438 18,35124,530 4,592 27,397 1,323 408 1,224 690 16,432 15,346 1 086 Nov. 23.: 133 17,669 7,513 10,156 289 18,09124,530 4,596 27,508 1,315 410 1,306 691 15,987 15,361 626 Nov. 30.. 321 17,682 7,513 10,169 263 18,26724,479 4,596 27,543 ,317 517 1,238 689 16,038 15,367 671 Dec. 7.. 407 17,931 7,512 10,419 289 18,62824,477 4,596 27,699 1,309 441 1,271 690 16,291 15,395 896 Dec. 14.. 107 18,169 7,512 10,657 455 18,73124,476 4,596 27,701 1,314 393 1,273 690 16,433 15,561 872 Dec. 21.. 128 18,538 7,237 11,301 842 19,50824,427 4,595 27,833 1,309 1,027 1,267 756 16,337 15,523 814 Dec. 28.. 142 18,780 7,231 11,558 448 19,37924,427 4,598 27,765 1,314 987 1,281 758 16,299 15,462 837 1950—Jan. 4.. 95 18,829 7,212 11,617 547 19,47124,427 4,597 27,551 1,319 547 1,304 719 17,055 15,597 1 458 Jan. 11.. 99 18,230 7,165 11,065 315 18,64424,426 4,596 27,311 1,313 255 1,382 719 16,686 15,593 1 093 Jan. 18.. 97 17,872 7,134 10,738 414 18,38324,426 4,596 27,121 1,315 381 1,380 719 16,487 15,630 857 Jan. 25.. 121 17,764 7,130 10,634 416 18,30024,425 4,596 26,913 1,321 539 1,408 721 16,419 15,617 802 Feb. 1.. 456 17,855 7,103 10,752 309 18,62024,395 4,599 26,928 1,318 637 1,478 721 16,532 15,534 998 Feb. 8.. 223 17,656 6,969 10,687 267 18,14624,345 4,598 26,985 1,313 366 1,432 727 16,265 15,456 809 Feb. 15. . 267 17,781 6,920 10,861 533 18,58124,343 4,598 26,993 1,313 671 1,419 728 16,400 15,383 1 017 Feb. 21.. 94 17,625 6,887 10,738 373 18,09224,345 4,598 27,019 1,311 380 1,419 731 16,176 15,428 748 Mar. 1.. 314 17,757 6,840 10,917 383 18,45424,345 4,600 27,060 1,316 555 1,444 736 16,288 15,347 941 Mar. 8. . 87 17,846 6,804 11,042 431 18,36324,345 4,601 27,105 1,322 433 1,454 739 16,258 15,261 997 Mar. 15.. 71 17,791 6,615 11,176 402 18,26424,320 4,601 27,023 1,307 9 1,315 759 16,771 15,405 1 366 Mar.22.. 186 17,573 6,529 11,044 277 18,03624,271 4,600 27,972 1,308 759 1,139 761 15,969 P15.303 °666 v 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. APRIL 1950 425 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period v co a D a a n u n d is c n d - - e ts s T U ot . a S l . s e G c B u o o r v n i e t 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 T s r t o c e u r i a u n u n e r n g r a y c t d - - s y - - M i c n t u o io c l n a n i e r - y - T h c i u r o n a e r l g s a y d h s s - - u F T B p s r w e R e r o y a d e r i s n e e t v a i d - h k t r e s e s s a - - l I j 'b m N er e o m n d - e - - c O s F o e R e a t e r u r c h e a d v - n - e l - e t r s Total qu R ir e e - d1 c E es x s - * 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 2,36122,737 3,247 11,160 2,215 867 1,360 291 12,450 9,365 3,085 1945—June 30. 46 21,792 1,11320,679 466 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 15,915 14,457 1.458> 1946—June 29. 157 23,783 75523,028 516 24,45620,270 4,539 28,245 2,251 833 1,250 561 16,123 15,011 1,112 Dec. 31. 163 23,350 75322,597 581 24,09320,529 4,562 28,952 2,272 393 822 607 16,139 15,577 562' 1947—June 30. 70 21,872 727 21,145 228 22,170 21,266 4,552 28,297 1,314 756 881 629 16,112 15,374 738* Dec. 31. 8522,559 2,85319,706 536 23,18122,754 4,562 28,868 1,336 870 961 563 17,899 16,400 1,499' 1948—June 30. 26521,366 6,20615,160 268 21,90023,532 4,565 27,903 1,327 1,928 859 592 17,389 16,647 742 Dec. 31. 223 23,333 10,97712,356 542 24,09724,244 4,589 28,224 1,325 1,123 1,189 590 20,479 19,277 1,202 1949—Feb.. 25122,342 9,88312,459 262 22,855 24,290 4,588 27,557 1,323 1,423 1,194 618 19,617 18,809 80S Mar.. 24521,688 9,241 12,447 333 22,26724,314 4,592 27,439 1,309 1,482 1,154 670 19,118 18,432 686- Apr.. 30321,094 8,90212,192 340 21,73724,332 4,593 27,417 1,324 984 1,243 618 19,076 18,438 63& May. 24719,704 8,35611,348 141 20 092 24,342 4,596 27,507 1,315 628 930 628 18,024 17,230 794 June. 10319,343 7,78011,563 250 19 696 24,466 4,597 27,493 1,307 438 941 713 17,867 16,919 948* July. 31618,529 7,78010,749 393 238 24,520 4,593 27,394 1,298 514 1,018 69017,437 16,685 752 Aug.. 53117,524 7,775 9,749 171 18225 24,608 4,593 27,393 1,308 610 914 690 16,512 15,337 1,175 Sept.. 10918,010 7,53810,472 297 18,41524,602 4,593 27,412 1,311 1,176 1,051 713 15,947 15,176 771 Oct.. 28317,316 7,536 9,780 261 17,860 24,584 4,592 27,407 1,307 595 1,187 690 15,85015,261 589s Nov.. 32117,682 7,51310,169 263 18,26724,479 4,596 27,543 1,317 517 1,238 689 16,038 15,367 671 Dec. 7818,885 7,21811,667 536 19,499 24,427 4,598 27,600 1,312 821 1,517 706 16,568 15,550 1,01* 1950—Jan.. 14517,827 7,11210,715 354 18,326 24,395 4,599 26,941 1,311 677 1,460 72016,211 15,513 698 Feb., 13117,746 6,85710,889 349 18,226 24,345 4,602 27,068 1,310. 666 1,426 730 15,973 15,390 583* Averages of daily figures: 1949—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.. 302 21,615 9,588 12,027 353 22270 24,301 4,588 27,508 1,319 1,009 1,255 652 19,417 18,723 694 Apr.. 249 21,361 9,049 12,312 407 22,01724,322 4,591 27,462 1,318 1,109 1,185 671 19,185 18,479 706. May. 303 19,974 8,511 11,463 298 20,57524,304 4,592 27,438 1,312 914 1,067 593 18,146 17,369 777 June. 19119,377 8,046 11,331 328 19,89624,404 4,596 27,432 1,311 421 984 680 18,068 17,310 758* July. 202 18,797 7,780 11,017 344 342 24,502 4,595 27,472 1,306 391 977 736 17,55816,539 1,019* Aug.* 19018,147 7,777 10,370 245 583 24,588 4,592 27,397 1,312 521 970 69016,873 15,918 955 Sept.. 16417,441 9,792 352 ,957 24,637 4,592 27,451 1,310 649 990 70316,083 15,161 922 Oct.. 13617,643 10,105 361 ,139 24,596 4,592 27,456 1,305 555 1,171 727 16,113 15,251 862. Nov.. 215 17,664 10.136 347 226 24,533 4,593 27,477 1,311 457 1,296 691 16,119 15,308 811 Dec. 18918,287 7,360 10,927 536 19,01224,451 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 71916,52015,585 936 Feb.. 17817,705 6,948 10,757 427 18,310 24,346 4,598 27,008 1,310 585 1,478 728 16,146 15,409 73? 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 2H Postal Savings deposits 2Y2 Regulation T: Other deposits payable: For extensions of credit by brokers In 6 months or more 2Y2 and dealers on listed securities 100 75 50 In 90 days to 6 months. . . 100 75 50 In less than 90 days Regulation U: For loans by banks on stocks 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 v alue, 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. 426 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 i 3 g a ib )* le 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 Mar. 31 beginning— rate Mar. 31 beginning- rate Mar. 31 beginning— rate Boston Aug. 13,1948 Aug. 13,1948 Tan. 14,1948 2 New York.... Aug. 13,1948 Aug. 13,1948 2 Oct. 30,1942 Philadelphia.. Aug. 23,1948 Aug. 23,1948 Aug. 23,1948 2 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 2 C St h . ic L a o g u o is A A u u g g . . 1 1 3 9 , , 1 1 9 9 4 4 8 8 A Au u g g . . 1 1 9 3 , ,1 1 9 9 4 4 8 8 J A a u n g . . 1 1 3 2 , , 1 19 9 4 4 8 8 2V2 Minneapolis. . Aug. 13,1948 Aug. 13,1948 Aug. 23,1948 2H Kansas City., Aug. 16,1948 Aug. 16,1948 Jan. 19,1948 Dallas Aug. 13,1948 Aug. 13,1948 Feb. 14,1948 2 San Francisco Aug. 13,1948 Aug. 13,1948 2 Oct. 28,1942 4 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. * Certain special rates to nonmember banks were in effect during the wartime period. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 45 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back Mures.—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 Rate on In effect be- Previous Net demand deposits l Mar. 31 ginning— rate Time deposits Effective date Central (all 1 9 2 1 1 1 - - - 1 1 2 8 9 0 0 0 d d d a a a y y y s s s IV2 ! l l A A Au u u g g g . . . 1 1 1 3 3 3 , , , 1 1 1 9 9 9 4 4 4 8 8 8 of change r b e c s a i e n t r y k v s e R b e c a s i n e ty k rv s e C b o a u n n k t s ry m ba e n m k b s e ) r 1 Date on which rate became effective at the Federal Reserve Bank of New York. The same rates generally apply to any purchases made 1917—June 21.. 13 10 by the other Federal Reserve Banks. 1936—Aug. 16. 15 4 F 4 E 3 B D - a 4 E c 4 k R 5 . A fig L u re R s E .— SE Se R e V B E a n B k A in N g K a n R d A M T o E n S e ta O ry N S I t N at D ist U ic S s, T R T I a A bl L e L 11 O 7 A , N pp S . 1 19 9 3 3 8 7 — — M A M p a a r y r . . 1 1 1 6 . . . 2 26 2M 2 1 1 0 7 7 1 1 12 4 2 £ AND COMMITMENTS UNDER SECTION 13b 22M 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 March 31. 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. Reserve purchases 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 i - ng c m om O en n m ts it- J J M u u a n ly y e 3 5 0 1 . . . 24 2 2 1 0 14 3 3 2 6 6 7 tion is portion Aug. 1. 13 obligated Aug. 11. Aug. 16. 2 5 B N Ph o e i w s l t a o d Y n e o lp rk hia < ( (3 8 * ) ) ) A S A e u u p g g t . . . 2 1 5 1 8 . . . 2 2 2 3 2 2 1 1 1 9 8 8 Cleveland. Richmond In effect Apr. 1, 1950 22 18 Atlanta . Chicago.. St. Louis 1 Demand deposits subject to reserve requirements, which beginning Minneapolis.... (3) August 23, 1935, have been total demand deposits minus cash items Kansas City (8) in process of collection and demand balances due from domestic banks S D a a n l la F s rancisco... ( ( 3 8 ) ) A (a p ls r o . 1 m 3, i n 1 u 9 s 4 3 w - a J r u n l e o a 3 n 0 , a 1 nd 9 47 se ). ries E bond accounts during the period 2 Requirement became effective at country banks. 1 Including loans made in participation with financing institutions. 8 Requirement became effective at central reserve and reserve city 2 Rate charged borrower less commitment rate. banks. » Rate charged borrower. = Rate charged borrower but not to exceed 1 per cent above the discount rate. * Charge of }£ per cent is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. APRIL 1950 427 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 Mar. 29 Mar. 22 Mar. 15 Mar. 8 Mar. 1 Feb. 21 Feb. 15 Mar. Feb. Mar. Assets Gold certificates 22,478,42722,515,430 22 565,43022,582,430 22,582,43122,582,428 222,584,43022,478,43122,582,427 22,466,431 Redemption fund for F. R. notes 541,340 532,517 536,426 537,921 537,920 537,920 540,029 541,340 537,921 610,217 Total gold certificate reserves.. . 23,019,767 23,047,947 23,101,85623,120,35123,120,35123,120,34823,124,459 23,019,77123,120,348 23,076,648 Other cash. 273,093 287,284 293,454 286,868 311,279 316,702 328,813 273,356 314,230 344,146 Discounts and advances For member banks... 324,076 145,161 28,814 43,487 269,700 36,437 208,246 184,016 84,647 92,748 For nonmember banks, etc 40,800 41,300 42,300 43,800 43,800 57,800 58,300 40,800 45,800 152,950 Total discounts and advances. 364,876 186,461 71,114 87,287 313,500 94,237 266,546 224,816 130,447 245,698 Industrial loans 2,569 2,680 2,499 2,467 2,411 2,186 2,143 2,578 2,400 766 U. S. Govt. securities: Bills 3,862,875 3,816,875 3,853,624 3,944,724 3,873,224 3,752,924 3,824,649 3,951,875 3,856,724 5,175,899 Certificates: Special 108,000 Other 5,858,550 5,848,550 5,835,050 5,835,050 5,781,450 6,284,350 6,330,850 5,863,550 6,332,350 6,886,979 Notes 1,379,200 1,379,200 1,379,200 1,262,500 1,262,500 700,600 705,600 1,379,200 700,600 384,600 Bonds 6,415,100 6 •, 528,7006,615,300 6,803,600 6,839,700 6,886,700 6,920,300 6,397,200 6,856,800 9,240,800 Total U. S. Govt. securities 17,515,72517,57332517,791,17417,845,87417,756,87417,624,57417781,39917,591,825 7,746,47421,688,278 Other Reserve Bank credit outstanding... 260,770 273 850 399,010 427,520 380,761 371,039 530,718 250,888 346,598 332,076 Total Reserve Bank credit outstanding 18,143,94018,036,31618,263,79718,363,14818,453,54618,092,03618,580,80618,070,10718,225,91922,266,818 Liabilities Federal Reserve notes. . 22,848,577 22,856,146 22,913,32822,994,61522,968,76622,937,52922,927,57422,911,09922,974,29723,382,555 Deposits: Member bank —• reserve account 15,781,56115,968,56016,771,16716,257,74516,287,72416,175,61316,399,53615,657,40915,972,80919,118,219 U. S. Treasurer—general account 996,839 758 739 9 432,992 554,859 380,187 670,915 1,005,903 665,776 1,481,952 Foreign 878,725 839 250 879, 897,737 884,996 884,767 890,380 848,655 884,052 657,931 Other. 276,387 299 732 435, 556,591 558,912 534,285 528,287 283,534 541,779 495,581 Total deposits . 17,933,512 17,866,281 18,095,789 18,145,065 18,286,491 17,974,852 18,489,118 17,795,501 18,064,41621,753,683 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 56.4 56.61 56.3 56.2 56.0 56.5 55.8 56.6 56.3 51.1 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m da o y n s t h t s o 6 to m 1 o y n e t a h r s 1 2 y y e e a a r r 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: Mar. 1 313,500 266,494 7,596 1,570 37,840 Mar. 8 87,287 44,382 3,865 2,500 36,540 Mar. 15 71,114 28,750 3,145 6,401 32,818 Mar. 22. 186,461 142,616 2,000 1,540 40,305 Mar. 29 364,876 320,601 2,380 31,751 10,144 Industrial loans: Mar. 1 2,411 6 86 12 227 1,105 280 687 Mar. 8 2,467 5 92 13 187 1,152 280 677 Mar. 15 2,499 95 1 13 189 1,155 288 699 Mar. 22 2,680 100 12 276 1,166 292 759 Mar. 29 2,569 97 17 264 1,080 292 757 U. S. Government securities: Mar. 1... ,756,874 ,201,503 674,1161,137,0881,338,6172,777,000 2,929,650 711,800 2,253,6004,733,500 Mar. 8 ,845,8741,122,492 775,561 997,0512,446,6201,892, ,948,650 711,800 2,253,600 4,697,400 Mar. 15 ,791,174 952,585 683,5931,200,0872,405,6 "5"9 2,133,700 2,707,650 711,800 2!370,300 4,625,800 Mar. 22 ,573,325 1,142,418 384,9411,346,2122,223,604 2,133,700 2,721,150 711,800 2 370,300 4,539,200 Mar. 29 ,515,725 882,852 562,9951,350,6172,346,7112,133,700 2,731,150 711,800 2,370,300 4,425,600 428 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 thotisands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t 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: 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 Mar. 1 22,582,431 853,940 7,205,4381,229,3601,567,3111,058,6481,008,5184,341,564 695,475 479,757 851,676 666,7752,623,969 Mar. 8 22,582,430 863,402 7,243,5841,235,1331,599,8951,077,1211,022,6324,304,432 692,314 465,478 850,161 650,0162,578,262 Mar. 15 22,565,430 871,248 7 342,9851,223,1851,576,7171,034,906 992 6124,359,878 670,724 442,338 851,629 601,4792,597,729 Mar. 22 22,515,430 888,698 6,878,1301,274,6711,616,8361,061,2771,0444214,412,486 697,333 485,138 863,980 638,9802,653,780 Redemption fund for F. R. notes: 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 Mar. 1 537,920 50,467 45,547 47,086 57,965 49,319 38,901 80,678 42,561 22,185 34,478 26,850 41,883 Mar. 8 537,921 50,467 45,547 47,086 57,965 49,319 38,901 80,678 42,561 22,185 34,479 26,850 41,883 Mar. 15 536,426 50,309 44,841 46,768 57,777 49,937 38,728 80,435 42,495 22,161 34,431 26,797 41,747 Mar. 22 532,517 50,138 44,109 46,446 57,571 48,213 38,555 80,191 42,426 22,133 34,378 26,743 41,614 Total gold certificate reserves: 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 Mar. 1......23,120,351 904,407 7,250,9851,276,4461,625,2761,107,9671,047,4194,422,242 738,036 501,942 886,154 693,6252,665,852 Mar. 8 23,120,351 913,869 7,289,1311,282,2191,657,8601,126,440 4,385,110 734,875 487,663 884,640 676,8662,620,145 Mar. 15 .23,101,856 921,557 7,387,8261,269,9531,634,4941,084,8431 0313404 440,313 713,219 464,499 886,060 628,2762,639,476 Mar. 22 23,047,947 938,836 6,922,2391,321,1171,674,4071,109,4901,082,6764,492,677 739,759 507.271 898,358 665,7232,695,394 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 Mar. 1 311,279 24,916 71,461 18,282 27,955 19,232 20,844 41,832 12,302 5,554 11,054 14,718 43,129 Mar. 8 286,868 23,247 67,729 17,808 22,383 17,171 20,367 36,230 11,754 5,819 10,241 13,448 40,671 Mar. 15 293,454 21,288 77,198 16,225 24,606 18,479 19,598 36,688 12,690 5453 10,267 13,196 38,066 Mar. 22 287,284 20,563 70,026 16,855 . 20,707 18,074 22,673 35,378 13,419 5,798 10,427 12,609 40,755 Discounts & advances: Secured by U. S, Govt. sec F M u e a r b i r t . . i e 2 s 1 1 : . . . . 2 3 6 6 9 , , 3 6 8 4 7 7 1 5 2 ^ ^ 7 5 9 4 1 6 169 4 ^ 8 2 3 7 5 0 1, 9 5 9 75 5 1 5 0 , , 3 9 0 70 0 8 2 , , 2 0 5 5 1 1 5 to U f U t 15,'825 3 7 , , 0 5 0 0 0 0 4 6 , , 9 0 5 5 0 0 3 2, , 9 9 6 4 5 0 1,0 6 60 0 32,400 Mar. 8... 43,487 5,546 8,955 1,015 5,470 2,901 3,235500 5,225 1,010 715 3,340 60 9,000 Mar. 15.. 28,814 1,600 12 348 1,295 950 2,271 1 79 •? 375 950 3,740 1,410 Mar. 22.. 145,161 2-800 62^745 1,085 5,875 10,781 'l50 29 1 , , 2 / 2 z 5 o 2,200 8,400 16,540 1,060 4,300 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 Mar. 1.. 43,853 2,759 13,753 3,504 3,986 2,190 1 840 6,044 1,577 1,095 1,621 1,586 3,898 Mar. 8.. 43,800 2,759 13,753 3,504 3,986 2,190 1,840 6,044 1,577 1,095 1,621 1,533 3,898 Mar. 15.. 42,300 2,665 13,282 3,384 3,849 2,115 1,777 5 837 1,523 1,058 1,565 1,481 3,764 Mar. 22.. 41,300 2,602 12,968 3,304 3,758 2,065 1,735 5,699 1,487 1,033 1,528 1,446 3,675 Industrial loans: Feb. 21 2,186 1,986 1 102 97 Mar. 1 2,411 2,206 1 107 97 Mar. 8 2,467 2,263 1 107 96 Mar. 15 2,499 2,290 1 112 96 Mar. 22 2,680 2,380 1 118 181 U. S. Govt. securities: Bills: 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 Mar. 1.... 3,873,224 267,020 902,818 257,573 359,032 250,234 207,465 587,367 213,651 119,834 179,729 175,825 352,676 Mar. 8.... 3,944,724 271,949 919,484 262,328 365,660 254,853 211,295 598,209 217,595 122,046 183,047 179,071 359,187 Mar. 15 3,853,624 265,669 898,249 256,270 357,216 248,967 206,415 584,394 212,570 119,227 178,820 174,935 350,892 Mar. 22.... 3,816,875 263,135 889,683 253,826 353,809 246,593 204,447 578,822 210,543 118,090 177,114 173,267 347,546 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 Mar. 1 5,781,450 398,573 1,347,609 384,473 535,917 373,516 309,678 876,745 318,910 178,873 268,277 262,449 526,430 Mar. 8.... 5,835,050 402,269 1,360,102 388,038 540,885 376,980 312,549 884,874 321,867 180,531 270,763 264,882 531,310 Mar. 15.... 5,943,050 409,715 1,385,276 395,220 550,896 383,957 318,334 901,252 327,824 183,872 275,775 269,785 541,144 Mar. 22 5,848,550 403,199 1,363,249 388,935 542,138 377,851 313,273 886,921 322,611 180,948 271,391 265,495 532,539 Notes: 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 Mar. 1 1,262,500 87,037 294,279 83,957 117,029 81,565 67,624 191,456 69,641 39,060 58,584 57,311 114,957 Mar. 8 1,262,500 87,037 294,279 83,957 117,029 81,565 67,624 191,456 69,641 39,060 58,584 57,311 114,957 Mar. 15 .. 1,379,200 95 082 321,481 91,718 127,846 89,105 73 875 209 153 76,078 42,671 63,999 62,609 125,583 Mar. 22.... 1,379,200 95^082 321^481 91,718 127,846 89,105 73,'875 209453 76,078 42,671 63,999 62,609 125,583 Bonds: 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 Mar. 1.... 6,839,700 471,529 1,594,279 454,847 634,013 441,886 366,3621,037,227 377,285 211,613 317,382 310,488 622,789 Mar. 8.... 6,803,600 469,040 1,585,865 452,446 630,667 439,553 364,4281,031,752 375,293 210,497 315,708 308,849 619,502 Mar. 15..... 6,615,300 456,058 1,541,974 439,923 613,212 427,387 354,3431,003,197 364,907 204,671 306,970 300,302 602,356 Mar. 22.... 6,528,700 450,089 1,521,788 434,165 605,184 421,793 349,703 990,064 360,130 201,992 302,951 296,370 594,471 Total U. S. Govt. securities: 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 Mar. 1 17,756,8741,224,159 4,138,9851,180,8501,645,9911,147,201 951,1292,692,795 979,487 549,380 823,972 806,0731,616,852 Mar. 8 . .17,845,8741,230,295 4,159,7301,186,7691,654,2411,152,951 955,8962,706,291 984,396 552,134 828,102 810,1131,624,956 Mar. 15 17,791,1741;226,524 4,146,9801,183,1311,649,1701,149,416 952,9672,697,996 981,379 550,441 825,564 807,6311,619,975 Mar. 22 17,573,3251,211,505 4,096,2011,168,6441,628,9771,135,342 941,2982,664,960 969,362 543,701 815,455 797,7411,600,139 APRIL 1950 429 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 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 i r s a a c n n o - Assets (cont.): Total loans and securities: Feb. 21 17,720,997 1,224,470 4,130,566 1,180,2371.644.28R1,143,696 946.971 2.683.557 977,270 552,879 823.962 803.151 1.609,950 Mar. 1 18,072.785 1,239.464 4,322.573 1.187.5551.660,9481.157.749 956,319?.714.664 988.564 555,522 828.558 807.719 1,653,150 Mar. 8 17,935,628 1,238,600 4,182,438 1,193.5511.663.6981.158,149 957.9862.717.560 986,983 554,040 833.063 8ll,7O6;1,637,854 Mar, 15 17.864,787 1.230,789 4,172,610 1.190.1001.653,9701,153.914 956 8942.7O5.55R 983.277 552,545 830,860 810.52? 1.623,739 Mar. 22.... 17,762,466 1,216,907 4,171,914 1.175.4131.638,611 1.148.306 943,1832.699,884 973,049 553,315 833.523 800,247 1,608,114 Due from foreign banks: Feb. 21..... 33 2 110 3 3 2 1 5 1 1 3 Mar. 1 33 2 MO 3 3 2 1 5 1 I 3 Mar. 8 33 2 i 10 3 3 2 1 5 1 1 3 Mar. 15.,... 33 2 » 10 3 3 2 1 5 1 1 3 Mar. 22 33 2 M0 3 3 2 \ 5 1 1 3 Federal Reserve notes of other Banks: Feb. 21 •114,511 3,592 14,611 3,466 5,936 17,765 20,687 12,456 8,593 3,840 5,432 5,391 12,733 Mar. 1 106,549 3,301; 16,853 4,120 4,386 16,127 16,857 13,809 6,152 2,934 4,839 4,430 12.741 Mar, 8 107,973 3.219 17,981 4,244 4,632 15,995 15,912 15,119 7.192 2,742 5,241 4.388 11,308 Mar. 15 108.962 4,409 15,605 3.515 4,954 12.953 17,481 14,947 6,922 3,412 5,217 5,689 13.858 Mar. 22 111,991 4,379; 16.622 3,416 4,760 12,714 15,994 14,389 8,060 3,826 5,259 5.490 17,082 Uncollected items: 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 Mar. 1 2,730,309 222,478 496,990 184.222 263,463 214,250 184,556 452.502 135.966 71.829 154,369 123.097 226,587 Mar. 8 2,495.734 192,758 437,052 169,550 212,835 186.298 193,158 425,964 138,919 73.070 150,855 112,894 202,372 Mar. 15 3,205.168 256,463 602,262 217,375 302,986 251,544 222,711 533,528 173.869 85,868 154.799 135.787 267,976 Mar. 22..... 2.752.681 218,037 490,911 201,957 255.704 227,545 215.589 420,075 149,378 77,392 148,460 124,232 223.401 Bank premises: 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 Mar. 1 34,245 1,120 7,836 2,975 4,910 2,473 1,516 3,594 2,037 1,140 2,290 710 3,644 Mar. 8 34,254 1,120 7,836 2,975 4,910 2,473 1,516 3,594 2,037 1,140 2,298 710 3,645 Mar. 15 34,381 1,120 7,839 2,975 4,906 2,472 1,516 3,649 2,036 1,140 2,298 710 3,720 Mar. 22..... 34,476 1,120; 7,839 2,975 4,906 2,472 1,515 3,649 2,047 1,140 2,298 710 3,805 Other assets: Feb. 21 , . . 119,102 8,08lj 27,385 7,562 11,130 7,684 6,348 17,986 7,630 3,547 5,547 5,342 10.860 Mar. 1 117,978 7,994 26,866 7,548 11,162 7,626 6,278 17.84& 7,530 3,507 5.464 5.198 10.957 Mar. 8 122,243 8,325i 27,822 7,841 11,427 7,882 6,520 18,580 7,791 3.654 5,683 5,377 11,341 Mar. 15 . 107,168 7,193 24,677 6,788 10,036 6,822 5,739 16.344 6,992 3,172 5,069 4,823 9,513 Mar. 22 110.643 7,602! 25,156 7,122 10,405 7,042 5,931 16.896 7.174 3.302 5,243 4,942 9,828 Total assets:: Feb. 21 , . 44,028,394 2,394,256?12,066,3682,679,0273,552,9982,505,6032,209,980 7,534,9001,869,9621,140,2111,864,0561,617,7914,593,242 Mar. 1 44,493,529 2,403,682'12.193,574 2,681.151 3,598,1032.525,4262,233,790 7,666,4961.890,5881.142,4291.892.7291,649.49814,616.063 Mar. 8 44.103,084 2,381,140 12,029,9992,678,2003,577,7482,514,4102,256,993 7,602,162 1.889,5521.128.1291.892,022 1,625,3904,527,339 Mar. 15 44 715*809 2,442,821 12,288,0272 706,9343,635,9552,531,029 2,255,2807,751,0321.899,0061,115,7901 894 5801.599 0044 596,351 Mar. 22 44,107,521 2,407,446 11,704,7172,728,8583,609,5032,525,645 2,287,562 7,682,9531,892,8871,152,0451,903,5691,613,9544,598,382 Liabilities Federal Reserve notes: Feb. 21 22,937,529 1,370,848 5,245,082 1,603,9412,011,880 1,527,8611,261,0464.436.797 1,060.628 604.594 904,137 614,7752.295,940 Mar. 1..... 22,968,766 1.370,359 5,245,851 1,601,6262,011,074 1,535,1231,269,3134,432,677 1,062,187 604,779 910,052 623,5.31 2.302.194 Mar. 8 22,994,615 1,369,694 5,237,3131,601,8242,017,048 1,535.9181,274,0464.436,3301,065,170 608,797 915,422 622.3282,310,725 Mar. 15 22,913,328 1,367,739 5,217,5851,596,32<>2.011,760 1,527.881 1,271,1144.429,354 1,062,112 606,771 910,179 615.50S2.296,996 Mar. 22 22,856,146 1,365,618 5,204,3201,596,2402.010,445 1,520,5311,269,2624,423,773 1,057,202; 606,030 907,650 612,178 2,282,897 Deposits: Member bank —reserve accou F n e t b : . 21. 16,175,613 678,960 5,347,289 742.658 1,160,221 667,803 687,648 2,501,702 577,717! 399,479 740,364 787,859 1.883,913 Mar. 1 16,287,724 673.131 5,402,094 748,701 1,154,799 666,404 687.872 2,547,083 590,153 390,451 746.836 810.290 1,869,910 Mar. 8 16,257,745 690,891 5,293,471 754.061 1.185,079 684,032 712,3192,566,217 599,591 386,378 760.971 807.963 1.816.772 Mar. 15 16,771.167 725,101 5,641.472 780,053 1,208,634 678,022 700,9132,623,656 595,289 388,668 779,878 791,212 1.858,269 Mar. 22 15,968,560 682,695 5435,597 765,606 1,154,664 652,525 694,6692,551.742 575,907 376,847 752,775 776,814 1,848,719 U. S. Treasurer-general account: 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 Mar. 1 554,859 45,210 90,792 37.545 51,923 34,137 32.876 65,254 42,347 41,094 27,424 35,958, 50,299 Mar. 8 432,992 32,082 86,879 36,655 36,368 34,648 32,233 38,823 28,155 36,281 21,539 25,528 23,801 Mar. 15 9,224 731 764 623 1,401 526 840 897 679 492 759 583 929 Mar. 22. . 758,739 43,756 176,409 51,524 65,765 45,668 48,588 97,145 42,860 52,307 37.843 35,198 61,676 Foreign: 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 Mar. 1 884,996 55,358 2282,188 70,296 79,962 43,935 36,905 121,261 31,633 21,968 32.512 30,755 78,223 Mar. 8 897,737 56,039 2287,738 71.160 80,945 44,475 37,359 122,751 32,022 22,238 32,693 31,133 79,184 Mar. 15 879,703 55,037 2280,395 69,888 79,497 43,680 36,691 120,557 31,450 21,840 32.323 30,576 77,769 Mar. 22. 839,250 52,555 2266,970 66,736 75,912 41,710 35,036 115,120 30,031 20,855 30,865 29,197 74,263 Other: 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 Mar. 1 558,912 3,330 489,672 1,326 4,508 5,817 3,544 1,952 7,026 998 2,241 785 37,713 Mar. 8. . 556,591 3,625 491,303 2,545 4,517 3,898 2,623 2,874 6,571 1,100 1,340 1,682 34,513 JMar. 15.. 435,695 2,875 367,121 1,363 5,037 4,421 2,634 5,360 8,633 1,181 2,819 833 33,418 Mar. 22. . 299,732 3,388 232,786 2,303 5,198 3,226 984 5,349 5,745 1,846 3,443 750 34,714 1 After deducting $23,000 participations of other Federal Reserve Banks on Feb. 21; Mar. 1; Mar. 8; Mar. 15; and Mar. 22. 2 After deducting $603,337,000 participations of other Federal Reserve Banks on Feb. 21; $602,788,000 on Mar. 1; $609,979,000 on Mar. 8; $599,290,000 on Mar. 15; and $572,261,000 on Mar. 22. 430 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F ci r s a c n o - Liabilities (cont.): Total deposits: Feb. 21.... 17,974,852 762,436 6,134,867 846,8741,270,382 746,085 761,7082,666,848 648,195 453,448 802,798 860,8902.020,321 Mar. 1.... 18,286,491 777,029 6.264,746 857.8681,291,192 750,293 761,1972.735.550 671,159 454,511 809,013 877,7882.036,145 Mar. 8.... 18,145,065 782,637 6,159,391 864.4211,306,909 767,053 784.5342.730.665 666,339 445,997 816,543 866.3061.954,270 Mar. 15.... ;18,095,789 783,744 6.289,752 851,9271,294,569 726,649 741,0782.750.470 636.051 412,181 815,779 823,2041.970,385 Mar. 22. .. . 17,866,281 782,394 5,811,762 886,1691,301,539 743,129 779,2772.769,356 654,543 451,855 824,926 841,9592.019,372 bility items: 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 Mar. 1 2,349,581 199,308 419,812 152,310 213,978 193,012 163,802 375,328 121,860 58,910 139,002 114,613 197 646 Mar. 8.... 2,068,247 171,335 368,533 142,180 171,506 164,009 158,593 311,347 122,277 48,755 125,068 102,912 181,732 Mar. 15 ... 2,806,191 233,568 514,272 188,598 246,896 228,770 203.017 446,627 164,828 71,968 133,390 126,065 248,192 Mar. 22. .. . 2,478,864 201,213 421,186 175,917 214,140 213,831 198,601 364,279 144,801 69,396 135,469 125,280 214,751 Other liabilities including accrued dividends: Feb. 21.... 11,244 689 3,515 556 1,234 549 475 1,862 440 345 393 479 707 Mar. 1.... 9,965 757 2,447 559 1,263 510 422 1,746 404 342 383 363 769 Mar. 8.... 11,417 801 2,977 645 1,271 634 509 1,929 458 553 414 424 802 Mar. 15.... 12,014 805 3,428 607 1,198 600 468 1,909 463 666 431 484 955 Mar. 22. . . . 12,020 809 3.203 664 1,302 669 525 2,065 455 384 407 547 990 Total liabilities: Feb. 21.... 43,154,988 2,338,27811,806,9272,610,6283,472.9002,459,4252,171,2407,414,4601,835,2431,116,4741.829,9841,584,8344,514,595 Mar. 1.... 43,614,803 2,347,45311,932,8562,612.3633,517,5072,478,9382,194,7347,545,301 1,855,6101.118,5421,858.4501,616,2954,536,754 Mar. 8. ... 43,219,344 2,324,46711,768,2142,609,0703,496,7342,467,6142,217,6827,480,2711,854,2441,104,1021,857,4471,591,9704,447,529 Mar. 15.... 43,827,322 2,385,85612,025,0372,637,4613,554,4232,483,9002.215,6777,628,3601.863,4541.091,5861.859.7791,565,2614,516,528 Mar. 22 43,213,311 2,350,034 11,440,4712,658,9903,527,4262,478,1602,247,6657,559,4731,857,0011,127,6651,868,4521,579,9644,518,010 Capital Accts.: Capital paid in: 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 Mar. 1.... 214,640 12,084 72,956 15,318 19,901 9,402 8,584 27,308 7,122 4,868 7,647 8,773 20,677 Mar. 8.... 214,701 12,084 72,967 15,328 19,901 9,415 8,592 27,313 7,123 4,869 7,650 8,774 20,685 Mar. 15.... 214,871 12,098 72,977 15,332 19,904 9,412 8,611 27,316 7,128 4,869 7,669 8,863 20,692 Mar. 22 214,934 12,098 72,995 15,334 19,918 9,420 8,611 27,320 7,128 4,871 7,674 8,869 20,696 Surplus: (section 7): 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 Mar. 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 Mar. 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 Mar. 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 Mar. 22.... 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): 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 Mar. 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 Mar. 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 Mar. 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 Mar. 22.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429: 521 1,073 1,137 1,307 2440 Other cap. accts.: 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 Mar. 1 148,370 10,356 32,294 10,776 13,732 9,958 8,516 20,429 8,217 5,452 7,450 7,250 13,940 Mar. 8.... 153,323 10,800 33,350 11,108 14,150 10,253 8,763 21,120 8,546 5,591 7,743 7,466 14,433 Mar. 15... 157,900 11,078 34,545 11,447 14,665 10,589 9,036 21,898 8,785 5,768 7,950 7,700 14,439 Mar. 22 . . 163,560 11,525 35,783 11,840 15,196 10,937 9,330 22,702 9,119 5,942 8,261 7,941 14,984 Total liabilities and cap. accts.: Feb. 21 44,028,394 2,394,25612,066,3682,679,0273,552,9982,505,6032,209,9807,534,9001,869,9621,140,2111,864,0561,617,7914,593,242 Mar. 1 44,493,529 2,403,68212,193,5742,681,1513,598,1032,525,4262,233,7907,666,4961,890,5881,142,4291,892,7291,649,4984,616,063 Mar. 8.... 44,103,084 2,381,14012,029,9992,678,2003,577,7482,514,4102,256,9937,602,1621,889,5521,128,1291,892,0221,625,3904,527,339 Mar. 15 44,715,809 2,442.82112,288,0272,706,9343,635,9552,531,0292,255,2807,751,0321,899,0061,115,7901,894,5801,599,0044,596,351 Mar. 22. . . .44,107,521 2,407,44611,704,7172,728,8583,609,5032,525,6452,287,5627,682,9531,892,8871,152,0451,903,5691,613,9544,598,382 ity on acceptances purchased for foreign correspondents: Feb. 21. ... 8,126 503 12,647 639 727 399 335 1,102 288 200 295 280 711 Mar. 1 7,864 495 12,470 629 716 393 330 1,085 283 197 291 275 700 Mar. 8.... 7,723 487 12,425 618 703 386 324 1,066 278 193 286 270 687 Mar. 15 7,399 466 12,323 592 673 370 311 1,021 266 185 274 259 659 Mar. 22. .. . 7,317 454 12,373 577 656 360 303 994 260 180 267 252 641 Commitments to make industrial loans: Feb. 21.... 1,734 539 464 15 88 500 128 Mar 1 1 169 469 446 13 113 128 Mar. 8.... 1,099 404 446 13 112 124 Mar 15 1 089 408 445 112 124 Mar. 22 1,176 355 445 252 124 i After deducting $5,479,000 participations of other Federal Reserve Banks on Feb. 21; $5,394,000 on Mar. 1 j $5,298,000 on Mar. 8; $5,076,000 on Mar. 15; and $4,944,000 on Mar. 22. 431 APRIL 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - l A a t nt - a 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 is a a c n n o - F. R. notes outstanding (issued to Bank): Feb. 21 23,708,795 1,424,5125,397,422 1,644,007 2,089,1931,595,7471,313,955 4,517,6211,101,063 613,474 929,597657,4212,424,783 Mar. 1 23,712,686 1,419,2865,402,112 1,647,9332,086,357 1,597,1351,317,344 4,510,8241,101,979 613 933,914654,6232,427,397 Mar. 8 23,751,997 1,416,5925,405,630 1,648,4682,089,9481,601,3261,326,789 4,513,0641,110,123 618,913 938,078 656,0252,427,041 Mar. 15 23,691,556 1,414,6665,387,689 1,642,990 2,088,3551,596,3991,325,574 4,507,4751,103,739 617,950 934,364651,1942,421,161 Mar. 22 23,630,162 1,416,0455,363,865 1,644,6922,084,5231,586,8131,326,320 4,502,2921,096,728 933,963646,2692,411,661 Collateral held against notes outstanding: Gold certificates: Feb. 21 14,249,000 440,000 4,670,000 750,0001,000,000 670,000 675,000 2,950,000 400,000 210,000 280,000 204,000 2,000,000 Mar. 1 14,249,000 440,000 4,670,000 750,0001,000,000 670,000 675,0002,950,000 400,000 210,000 280,000 204,000 2,000,000 Mar, 8... 14,149,000 440,000 4,670,000 750,0001,000,000 670,000 675,0002,950,000 400,000210,000 280,000204,0001,900,000 Mar. 15 14,149,000 440,000 4,670,000 750,0001,000,000 670,000 675,000 2,950,000 440000,,000000 221100,,000000 280,000204,0001,900,000 Mar. 22 14,249,000 440,000 4,670,000 750,0001,000,000 670,000 675,000 2,950,000 400,000210,000 280,000 204,000 2,000,000 Eligible paper: Feb. 21 26,302 5,791 3,845 1,575 2,051 3,000 6,050 3,990 Mar. 1 237,442 12,546 167,835 995 8,251 7,500 4,950 2,965 32,400 Mar. 8 32,182 5,546 8,655 1,015 2,901 1,010 715 3,340 9,000 Mar. 15 22,216 1,600 11,985 1,295 2,271 375 950 3,740 Mar. 22 108,451 2,800 62,645 1,085 10,481 2,200 8,400 16,540 4,300 U. S. Govt. sec: Feb. 21 10,700,000 1,100,000 900,0001,000,0001,150,0001,000,000 700,0001,600,000 800,000 450,000 700,000500,000 800,000 Mar. 1 10,700,000 1,100,000 900.0001,000,0001,150,0001,000,000 700,0001,600,000 800,000 450,000 700,000500,000 800,000 Mar. 8 10,700,000 1,100,000 900,0001,000,0001,150,0001,000,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 Mar. 15 10,700,000 1,100,000 900,0001,000,0001,150,0001,000,000 700,0001,600,000 800,000 450,000 700,000500,000 800,000 Mar. 22 10,700,000 1,100,000 900,0001,000,0001,150,0001,000,000 700,0001,600,000 800,000 450,000 700,000500,000 800,000 Total collateral: Feb. 21 24,975,302 1,545,7915,573,845 1,751,575 2,150,0001,672,0511,375,000 4,550,0001,203,000 666,050 983,990 704,0002,800,000 Mar. 1 25,186,442 1,552,546 5,737,8351,750,9952,150,000 1,678,2511,375,000 4,550,0001,207,500 664,950 982,965704,000 22,,883322,,440000 Mar. 8 24,881,182 1,,.545,546 5,578,6551,751,015 2,150,0001,672,9011,375,000 4,550,0001,201,010 660,715 998833,,.340 704,000 22,,770099,,000000 Mar. 15 24,871,216 1,541,6005,581,985 1,751,295 2,150,0001,672,2711,375,000 4,550,0001,200,375 660,950 983,740 704,000 2,700,000 Mar. 22 25,057,451 1,542,800 5,632,6451,751,0852,150,000 1,680,4811,375,000 4,550,0001,202,200 668,400 996,540 704,000 2,804,300 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS MEMBER BANK RESERVES AND BORROWINGS [Amounts in thousands of dollars] [Averages of daily figures. In millions of dollars] W o D r e a l d t a e n s t e ( s l d a d 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 s m t o a m n en d m t i s n it g -o in P p t f g u a a f t t r i i i i n t o o n i a c n n s n i 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 - l C N e c n e i w t t r y a l b r a e n C s k e h s r i- ve 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 - 1 of period) N b u e m r - Amount ( p am le o te u d n t i ) (amount) (amount) ( s a t m a o n u o d t u - i n n t g ) York cago Total reserves held: 1 1 1 9 9 9 4 3 4 1 9 0 3 2 2 , , , 7 2 9 8 0 0 1 2 8 2 2 1 7 1 8 9 2 8 , , , 8 5 22 6 1 2 0 0 1 2 8 3 , , , 6 2 9 5 9 5 9 4 4 1 1 9 0 3 , , , 1 3 6 5 3 8 2 7 3 1 9 5 4 , , , 2 2 5 2 2 9 0 6 7 1 1 6 9 0 , , , 3 6 9 8 0 8 6 0 1 1 1 9 9 4 5 9 0 — — F F Ja e e n b b u r r u u a a a ry r r y y 1 1 1 9 6 6 , , , 5 1 5 7 4 2 0 6 0 4 5 4 , , , 3 2 4 5 3 6 3 9 0 1 1 1 , , , 1 2 1 2 8 7 7 5 9 6 6 7 , , , 2 3 3 1 5 6 9 6 6 4 4 5 , , , 5 6 4 9 0 4 9 7 7 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 2 7 5 4 6 3 . 3 3 3 3 3 3 , , , , , , 4 5 5 4 4 5 7 1 4 8 2 7 1 1 2 9 3 4 4 4 5 5 5 5 0 9 2 6 4 8 8 1 5 5 4 6 , , , , , , 7 3 5 9 9 7 3 4 3 1 6 2 7 2 2 3 1 6 4 4 1 , , 5 2 9 3 9 2 9 7 2 2 4 4 5 7 6 0 5 8 1 1 3 1 1 4 0 , , , , , 3 8 9 5 1 5 8 9 9 3 2 5 7 5 4 2 6 4 1 9 4 8 7 1 0 , , , , , , 2 1 6 4 3 6 4 7 6 3 0 6 4 0 5 4 1 9 1 1 4 2 2 1 7 7 , , , , , , 0 8 7 6 3 9 8 0 6 7 0 3 6 5 9 0 5 0 F F M M M M e e a a a a b b r r r r . . . . . . 2 2 1 1 2 8 1 5 2 5, » 1 1 1 1 1 -1 6 5 6 6 6 6 , , , , , , 0 9 2 0 1 2 9 8 9 6 7 5 4 1 6 9 8 1 4 4 4 4 4 4 , , , , , , 3 3 3 4 2 3 1 2 2 9 4 9 7 7 6 0 0 8 1 1 1 1 1 1 , , , , , , 1 0 1 1 1 1 1 9 2 1 1 1 2 2 0 4 8 8 6 6 6 6 6 6 , , , , , , 1 1 2 2 2 2 5 5 1 5 2 4 7 7 5 2 0 9 '4 4 4 4 4 4 , , , , , , 4 4 4 3 5 4 9 5 8 8 4 9 0 8 0 3 6 3 1948 Oct. 30... 3,606 614,402 185 1,116 6,085 4,153 Ex 1 c 9 e 4 ss 9 — re F s e e b rv ru e a s r : y 710 26 10 159 515 Nov. 30... 3,606 614,725 85 1,151 6,099 4,166 1950—January 936 53 9 221 653 Dec. 31... 3,607 615,653 335 995 1,643 1,990 February 737 17 —3 147 576 1949 Jan. 31... 3,607 615,893 85 1,005 1,677 2,077 F Fe e b b . . 2 1 2 5 7 8 2 5 6 1 - 6 3 5 — -9 2 1 1 4 8 4 3 5 6 9 0 4 5 Feb. 28... 3,608 616,340 45 907 1,624 2,042 Mar. 1 605 -25 -3 120 513 Mar. 31... 3,610 620,192 45 906 3,270 3,677 Mar. 8 819 27 1 176 615 J A M u p a n r y e . 3 3 3 0 0 1 . . . . . . . . . 3 3 3 , , , 6 6 6 1 1 1 5 4 3 6 6 62 2 2 1 0 0 , , , 2 5 9 9 9 8 7 5 4 2 2 1 4 0 5 5 5 2 8 6 7 1 1 5 9 4 3 2 2 2 , , , 3 3 2 9 4 7 9 9 8 2 2 2 , , , 7 6 8 3 1 1 7 9 1 M M a a r r . . 2 1 2 5 2> 9 7 6 9 6 6 — 10 1 8 —5 8 2 1 2 3 7 6 ?6 6 6 2 6 3 July 30... 3,617 621,601 220 660 2,263 2,563 Borrowings at Federal Aug. 31... 3,623 622,327 545 662 2,072 1,926 Reserve Banks: Sept. 30... 3,630 625,301 912 1,016 1,958 2,023 1949—February 110 23 5 56 27 Oct. 31... 3,637 626,273 1,514 1,075 1,820 1,965 1950—January 35 4 17 13 Nov. 30... 3,644 628,523 1,277 1,954 1,818 2,848 February 123 49 25 32 16 Dec. 31... 3,649 629,326 539 2,178 2,288 2,947 1950 Feb. 15 245 104 83 40 18 J F a e n b . . 2 3 8 1. . . . . . 3 3 , , 6 6 5 5 2 5 6 6 2 3 9 0 , , 7 20 6 9 4 5 2 4 2 4 3 2 2 , , 2 5 2 0 3 5 1 1 , , 9 19 4 7 1 2 2 , , 6 6 4 2 9 8 F M M e a a b r r . . . 2 8 1 2 1 4 2 7 1 8 1 6 2 1 4 7 4 2 3 4 1 2 3 6 2 1 1 2 5 4 Mar. 15 35 20 15 1 Includes applications approved conditionally by the Federal Re- Mar. 22 82 23 21 25 13 serve Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of con- p Preliminary. r Revised. dition of Federal Reserve Banks. 1 Weekly figures of excess reserves of all member banks and of NOTE.—The difference between amount of applications approved and country banks are estimates. Weekly figures of borrowings of all memthe sum of the following four columns represents repayments of ad- ber banks and of country banks may include small amounts of Federal vances, and applications for loans and commitments withdrawn or Reserve Bank discounts and advances for nonmember banks, etc. expired. Back figures.—See Banking and Monetary Statistics, pp. 396-399. 432 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve m A em ll - city t>anks s R er e v - e Coun- m A em ll - city banks s R er e v - e Counba b n er ks New Chi- b c a i n ty ks ba tr n y ks ba b n er ks New Chi- b c a i n ty ks banks York cago York cago First half of February 1950 Second half of February 1950 Gross demand deposits: Total 91,476 20,899 5,346 34,684 30,547 91,889 21,071 5,364 34,847 30,607 Interbank 10,867 3,629 1,064 5,221 953 10,933 3,713 1,072 5,211 938 Other . . 80,609 17,270 4,282 29,463 29,594 80,956 17,357 4,293 29,637 29,669 Net demand deposits 2 80,817 19,321 4,918 30,558 26,019 80,680 19,332 4,851 30,385 26,112 Demand deposits adjusted 3 72,300 71,900 Time deposits 4 29,353 1,695 1,092 11,732 14,833 29,407 1,686 1,091 11,718 14,912 Demand balances due from domestic banks... 32 104 1,607 3,676 34 117 1,676 3,609 5,419 5,436 Reserves with Federal Reserve Banks: Total . . 4,360 1,134 6,230 4,458 4,344 1,118 6,206 4,435 Required 1165,,142833 4,335 1,137 6,087 3,864 1165,,130933 4,337 1,122 6,055 3,879 Excess 760 25 —2 143 594 709 7 —4 151 555 Borrowings at Federal Reserve Banks 168 71 46 37 14 70 24 2 26 18 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 deposi ts; the amounts on call report dates are shown in the Member Bank Call Report. DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND BANK SUSPENSIONS1 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 Na- State In- Nontional sured insured 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 -4 f 2 banks suspended: 330 20 6 216 88 bank bank 1943 4 2 2 1944 1 1 1945 0 1949 1946 0 J F a e n b u ru ar a y ry 1 16 6 , , 4 7 9 2 5 6 8 8, , 7 7 5 4 7 9 1 1 2 2 , , 3 0 6 8 0 6 6 6 , , 0 0 4 5 3 8 1 1 9 9 4 4 7 8 0 1 1 1950 1 1 9 9 4 5 9 0—Jan.-Mar 0 4 4 January 17,393 8,740 12,359 6,048 February 17,350 8,794 12,279 6,075 Deposits of suspended banks (in thousands of dollars) :2 By districts, 1934-42 137,362 18,01626,548 51,567 41,231 February 1950 1943 6,223 4,982 1,241 Boston 2,082 833 337 229 1944 405 405 New York 3,225 2,206 1,103 1,144 1945 0 Philadelphia 1,313 807 936 891 1946 0 Cleveland 1,364 904 1,017 810 1947 167 167 1948 0 A C R h i t c l i a c h n a m g ta o o nd 2 1 1 , , , 1 6 3 3 3 6 7 5 0 1,6 4 4 0 6 1 9 0 1 1,6 8 7 9 5 0 8 4 3 4 9 2 8 6 2 2 4 1 1 1 9 9 4 5 9 0—Jan.-Mar 2,443 0 2,443 St. Louis 676 346 1,006 290 Minneapolis 624 304 772 453 1 Represents banks which, during the periods shown, closed tem- Kansas City 592 108 1,640 212 porarily or permanently on account of financial difficulties; does not Dallas 1,104 160 1,705 81 include banks whose deposit liabilities were assumed by other banks San Francisco 1,240 646 509 300 at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation loans). 2 Deposits of member banks and insured nonmember banks sus- 1 Includes any banks in outlying sections of reserve cities that have pended are as of dates of suspensions, and deposits of noninsured nonbeen given permission to carry the same reserve as country banks. member banks are based on the latest data available at the time the suspensions were reported. Back figures.—See Banking and Monetary Statistics, pp. 283-292; for description, see pp. 281-282 in the same publication. APRIL 1950 433 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 s Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion 1 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 s 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 '947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8.850 2,548 5,070 428 782 5 17 3 1948—November... 28,331 19,680 1,464 1,042 64 2,054 6,137 8,918 8,654 2,475 5,048 400 717 5 9 3 December. . . 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 . 707 5 17 3 1949—January 27,580 19,003 1,441 t,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 March 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 February.... 27,068 18,645 1,459 1,011 60 1,949 5,817 8,348 8,426 2,385 4,988 378 661 5 9 3 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 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 in. circulation * Money Total out- held by standing, As security For Federal Fe 1 b 9 . 5 2 0 8, 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 F R an e e d k se s e r r v a a n e l d B R a a n e g k s e e s n r t v a s e nd Fe 1 b 9 . 50 28, Ja 1 n 9 . 5 3 0 1, Fe 1 b 9 . 49 28, certificates agents Gold 24,345 23,162 21,183 Gold certificates 23,162 20,305 ' 2,815 ' 41 41 43 Federal Reserve notes 23,719 50 853 22,816 22,737 23,350 Treasury currency—total 4,602 32,280 76 314 4,211 4,162 4,164 Standard silver dollars 493 272 50 3 168 168 162 Silver bullion 2,008 2,008 Silver certificates and Treasury notes of 1890. . 32,280 216 2,065 2,024 1,995 Subsidiary silver coin 997 15 46 936 934 927 Minor coin 377 8 14 355 356 352 United States notes 347 3 29 315 306 311 Federal Reserve Bank notes 290 5 284 286 322 National Bank notes 89 1 88 89 94 Total—Feb 28 1950 i 25,442 1,310 20,305 3,983 27,068 Jan 31 1950 25,497 1,311 20,353 4,244 26,941 Feb. 28, 1949 25,343 1,323 20,230 4,082 "•27^557" * 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. 425 and seasonally adjusted figures in table on p. 435. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. * Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt; (ill) 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. 434 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 End of peri D od a : te f u o v n r a a r s d i e j a a u t s s i o o te n n d al ad v s j a e u r a s i s t a e o t d n io a n l for s a e s d a e s j r u o i s e n t s a e l 1 d ly End of month D a i n b t e o c a p r e l o s - s * s l - Total d b C e t a o p i a n n o r s y k s h s i- G s U m e o t c v i . e e u e n s S r r t i n . - - r f e C u e s n t a e c d s r . v h s 2 , e 1939 7,598 +742 1940 . . . 8,732 +1,134 1941 11.160 +2,428 1943—December 1,788 1.843 10 1 716 118 1942 15,410 +4,250 1944—December 2,342 2,411 8 2 252 152 1943 20,449 +5,039 1945—December 2,933 3.022 6 2.837 179 1944 25.307 +4,858 1946—December... 3.284 3,387 6 3,182 200 1945 28,515 +3,208 1947—December 3.417 3,525 6 3.308 212 1946 28,952 +437 1947 28,868 -84 1948—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—February 27,545 27,545 -222 February... . 3,333 3,454 7 3.244 202 March 27,508 27,591 +46 March 3,327 3,447 7 3.254 186 April 27,462 27,683 +92 April 3.314 3.435 7 3,239 188 J M un ay e 2 2 7 7 , ,4 4 3 3 2 8 2 2 7 7 , , 6 5 3 7 1 0 - - 5 6 2 1 J M u a n y e 3 3 , .2 2 7 9 7 4 3 3 . . 4 4 1 0 8 3 7 7 3 3 . . 2 1 1 8 2 8 2 1 0 9 9 8 July. . . . 27,472 27,527 -43 July 3.266 3.393 6 3.187 199 August 27,397 27,535 +8 August 3,248 3.375 6 3.172 196 September 27,451 27,506 -29 September. . 3,230 3.350 6 3,152 191 October 27,456 27,456 -50 October 3,215 3.336 7 3,127 202 November 27,477 27.395 -61 November. . 3.199 3,322 7 3,118 197 December 27,734 27,459 +64 December 3,188 3,312 7 3,118 187 1950—Tanuary 27,220 27,139 -320 1950—January P3,178 February 27,008 27,008 -131 February.... P3,175 March 27,043 27,124 +116 P Preliminary. 1 For end-of-year figures, represents change computed on absolute 1 Outstanding principal, represented by certificates of deposit. amounts in first column. 2 Includes working cash with postmasters, 5 per cent reserve fund NOTE.—For discussion of seasonal adjustment factors and for back and miscellaneous working funds with Treasurer of United States, acfigures on comparable basis see BULLETIN for September 1943, pp. crued interest on bond investments, and accounts due from late post- 822-826. Because of an apparent change in the seasonal pattern masters. around the year-end, adjustment factors have been revised somewhat Back figures.—See Banking and Monetary Statistics, p. 519; for for dates affected, beginning with December 1942. description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government Year or month Total, all New .140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers City1 centers * centers 2 City centers City s 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 4 }l,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 25 5 . . 2 5 1 16 6 . . 5 9 1947 1,125,074 405,929 599,639 119,506 21.0 11.9 400,468 598,445 24.1 18.0 1948 1,249.630 449.002 667.934 132,695 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—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 . . r106,645 38,962 '56,377 n1,306 24 5 12.6 38,133 55,090 28.6 18.9 February 96,234 35,727 50,546 9,960 24.9 12.3 35,205 49,855 29.3 18.9 r Revised. 1 National series for which bank debit figures are available beginning with 1919. 2 Number of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another city. 8 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. APRIL 1950 435 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 Assets Liabilities and Capital Bank credit Total assets, Date Treas- U. S. Government obligations l T ia o b t i a l l - Capital Total and Gold re c n u c r- y Total Lo n a e n t s, m C e o rc m ia - l Federal O se t c h u e - r ca a p n it d al, c d u e a r p r n o e d s n i c ts y c m o a u i c n s - c ts . , Total and Reserve Other rities net net savings Banks banks 1929—June 29 4,037 2,019 58,642 41,082 t>,741 5,499 216 26 11,819 64,698 55,776 8,922 1 19 9 3 3 9 3 — — D juence . 3 3 0 0 ... 1 4 7 , , 0 6 3 4 1 4 2 2 , , 2 9 8 6 6 3 4 5 2 4 , , 1 5 4 6 8 4 2 2 1 2 , , 9 1 5 5 7 7 ? If 1 ), , 3 1 2 0 8 5 1 8 9 , , 1 4 9 1 9 7 2 1 , ,9 4 9 8 8 4 1,2 1 0 3 4 1 9 9, , 3 8 0 6 2 3 4 7 8 5 , , 4 1 6 7 5 1 4 6 2 8 , , 0 3 2 5 9 9 6 6 , , 8 4 1 3 2 6 1941—Dec. 31 22,737 3,247 64,653 26,605 ?,c>,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—June 30 ... 20,213 4,145 153,992 27,948 11?5,041 93,655 21,792 2,594 8,003 178,350 168,040 10,310 Dec. 31 20,065 4,339 167,381 30,387 1??5,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1946—June 29 20,270 4,539 163,485 31,570 122,740 95,911 23,783 3,046 9,175 188,294 176,215 12,079 Dec. 31 20,529 4,562 158,366 35,765 11* ,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 10' ,873 82,679 21,872 3,322 10,051 182,115 169,234 12,882 Dec 31 22,754 4,562 160,832 43,023 103,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1948—June 30 23,532 4,565 157,958 45,299 101,451 76,774 21,366 3,311 11,208 186 055 172,857 13,200 Dec. 31 24,244 4,589 160,457 48,341 10C),694 74,097 23,333 3,264 11,422 189,290 176,121 13,168 1949—Feb. 23 24,300 4,600 158,700 47,800 9c>,500 73,900 22,400 3.300 11,400 187,600 174,400 13,200 Mar. 30 24,300 4,600 157,300 48,100 9*r,700 72,600 21,800 3,300 11,500 186,200 172,600 13,600 Apr. 27 24,300 4,600 156,800 47,100 9?$,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 9'',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 9'r,428 74,877 19,343 3,208 11,915 185,554 171,602 13,952 July 27P 24,500 4,600 156,500 46,500 9' ,800 76,100 18,500 3,200 12,300 185,700 171,500 14,200 Aug 31P 24,600 4,600 158,700 47,200 QC>,100 78,300 17,500 3,200 12,500 187,900 173,800 14,200 Sept 28P . ..... 24,600 4,600 160,000 48,000 qc>,400 78,400 17,900 3,200 12,600 189,200 174,700 14,500 Oct. 26P 24,600 4,600 160,700 48,300 <K>,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 9?>,300 78,500 17,700 3,100 12,600 190,200 175,700 14,500 Dec. 2SP 24,400 4,600 163,000 49,700 ior>,600 78,700 18,800 3,100 12,700 192,000 177,500 14,500 1950—Jan 25? 24,400 4,600 162,900 49,600 10f ,600 79,700 17,800 3,100 12,800 192,000 177,500 14,500 Feb. 21 P 24,300 4,600 162,300 49,800 95,500 78,800 17,600 3,100 12,900 191,200 176,600 14,700 Deposits and Currency U. S. Governmentbalances Deposits adjusted and currency i Date Fo b r a e n i k gn At com- Time deposits3 Total dep n o e s t its, T c u r a e r s a y h s- s m b a a e v a n r n i c n d k i g a s s l R F B e e a A d s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m b C e a o r n m c k ia s - l M s b a a v u n i t k n u s g a * s l S S P a y o v s s i t n e ta m g l s o b r u C e a t n u n s c i r k d y - s e 1929—JUne 29 55,776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1 19 9 3 3 9 3 — — D ju e n c e . 3 3 0 0 . . ...... 4 6 2 8 , , 0 3 2 5 9 9 1,21 5 7 0 2,4 2 0 64 9 8 8 5 4 2 6 63 3 4 5 4 6 0 3 , , 8 2 2 5 8 3 2 1 9 4 , , 7 4 9 1 3 1 2 2 1 7 , , 6 0 5 5 6 9 1 1 0 5 , , 8 2 4 5 9 8 1 9 0 , , 6 5 2 2 1 3 1 1 , , 1 2 8 7 6 8 4 6, , 4 7 0 6 1 1 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 2,657 25,097 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 3,119 26,516 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 3,392 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—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 3,300 25.000 June 30 171,602 1,927 1,307 2,304 438 165,626 81,877 58,483 36,292 18,932 3,259 25,266 July 27P 171,500 1,900 1,300 1,500 400 166,300 83,100 58,400 36,200 19,000 3,300 24,900 Aug. 31P 173,800 1,900 1,300 3,100 600 166,900 83,400 58,400 36,100 19,000 3,200 25,100 Sept 28P 174,700 1.900 1,300 3,700 1,200 166,600 83,300 58,400 36,100 19,100 3,200 24,900 Oct. 26P 175,300 2,000 1,300 3,600 400 168,000 84,600 58,400 36,100 19,100 3,200 24,900 Nov. 30P 175,700 2,100 1,300 3,200 500 168,600 85,500 58,000 35,800 19,100 3,200 25,100 Dec. 28P 177,500 2,100 1,300 3,000 1,000 170,100 86,700 58,400 35,900 19,300 3,200 25,000 1950—Jan. 25P 177,500 2,200 1,300 3,300 500 170,000 86,800 58,700 36,100 19,400 3,200 24,500 Feb. 21P 176,600 2,200 1,300 4,200 400 168,500 84,900 58,900 36,200 19,500 3,200 24,700 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. * 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. 436 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars! Loans and investments Deposits Investments Other Class of bank Cash Total Number and date assets l capital of Total Loans U. S. Trtfoi 1 Inter- accounts banks Total G m ov e e n r t n- O se t c h u e - r lotai * bank > T jL -V i A e- Time obliga- rities mand 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 Aug. 31*>. 138,170 47,360 90,810 78,340 12,470 32,700 157,860 11,260 91,290 55,310 12,920 14,687 Sept. 28* 139,060 48,050 91,010 78,390 12,620 32,410 158,470 11,290 91,850 55,330 12,980 14,690 Oct. 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. 30P 140,460 49,330 91,130 78,510 12,620 33,440 160,850 11,600 94,280 54,970 13,180 14,685 Dec. 28P 141,250 49,870 91,380 78,710 12,670 35,070 163,160 12,100 95,700 55,360 13,140 14,680 1950—Tan. 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 Feb. 21 P 141,720 50,030 91,690 78,760 12,930 33,720 162,350 11,740 94,700 55,910 13,200 14,683 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1942—Dec. 31 67,393 19,221 48,172 41,379 6,793 28,039 89,135 11,308 61,431 16,395 7,330 14,136 1943—Dec. 31 85,095 19,117 65,978 59,842 6,136 27,677 105,923 11,003 75,569 19,350 7,719 14,034 1944—Dec. 30 105,530 21,644 83,886 77,557 6,329 30,206 128,072 12,235 91,653 24,184 8,265 13,992 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec. 31 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—Dec. 312 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1948—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 Aug. 31 P 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. 28P 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—Tan. 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 Feb. 21* 120,980 43,280 77,700 67,250 10,450 32,870 142,820 11,740 94,680 36,400 11,020 14,152 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 Aug. 31 P 99,179 34,519 64,660 56,462 8,198 28,218 118,046 10,686 78,248 29,112 9,072 6,901 Sept. 28P . . 99,830 35,078 64,752 56,435 8,317 27,819 118,382 10,698 78,585 29,099 9,101 6,902 Oct. 26P. . 100,771 35,136 65,635 57,333 8,302 28,497 120,215 11,130 80,011 29,074 9,140 6,901 Nov. 30P. . 101,003 35,973 65,030 56,729 8,301 28,722 120,418 10,987 80,608 28,823 9,224 6,893 Dec. 28P. . 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 Feb. 21*.. 101,709 36,286 65,423 56,838 8,585 28,843 121,253 11,096 80,917 29,240 9,210 6,891 All mutual savings banks: 1939—Dec. 30 10.216 4,927 5,289 3,101 2,188 818 10,524 3 10.521 1,309 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 1,241 548 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 1 19 9 4 4 6 5 — — D D eecc . 3 3 1 i 1 17 6 , , 7 2 0 0 4 8 4 4 ,5 2 2 7 6 9 1 13 1 , 1 9 7 2 9 8 1 1 1 0 , 7 6 7 8 8 2 1 1 , , 2 4 4 0 6 0 6 81 0 8 9 1 1 6 5 , , 8 38 6 5 9 1 1 1 4 6 1 1 5 6 , , 3 8 7 5 1 3 1 1 , , 7 5 8 9 4 2 5 5 4 4 2 1 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 Aug. 31 * 20,240 6,170 14,070 11,630 2,440 780 19,030 20 19,010 2,090 530 Sept. 28P. . 20,310 6,270 14,040 11,590 2,450 780 19,080 20 19,060 2,100 530 Oct. 26P. . 20,330 6,360 13,970 11,520 2,450 780 19,120 20 19,100 2,110 531 Nov. 30P. . 20,310 6,470 13,840 11,400 2,440 760 19,070 1 20 19,050 2,130 531 Dec. 2SP. . 20,420 6,570 13,850 11,430 2,420 880 19,290 1 20 19,270 2,120 531 1950—Tan. 25P. . 20,610 6,660 13,950 11,520 2,430 840 19,430 1 20 19,410 2,130 531 Feb. 21*.. 20,740 6,750 13,990 11,510 2,480 850 19,530 1 20 19,510 2,180 531 * 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. i 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. APRIL 1950 437 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY GLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued (Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S rn . - Other assets * Total* b In a t n e k r - i a c c a c p o i u ta n l ts ba o n f ks Total ment secu- m D a e n - d Time obliga- rities tions Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 6,043 4,772 t.272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31 . . 12,896 4,072 8,823 7,265 L,559 6,637 17,932 4,207 12,917 807 1,648 36 1942—Dec. 31 17,957 4,116 13,841 12,547 1,294 5,864 22,078 3,945 17,399 734 1,727 37 1943—Dec. 31 ... , 19,994 4,428 15,565 14,563 1,002 5,197 23,256 3,680 18,729 847 1,862 37 1944—Dec. 30 24,003 5,760 18,243 17,179 L,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 L,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 L.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 L.063 7,758 24,024 4,213 18,131 1,680 2,306 35 1949— A juunge . 3 3 0 1*. . .. 1 19 9 , , 6 1 5 0 2 3 7 7 , , 4 6 2 8 1 9 1 1 1 2 , , 4 2 1 3 3 1 1 1 0 0 , , 2 8 7 9 8 1 1 1 , , 1 3 3 4 5 0 6 7 , , 5 10 2 9 6 2 2 3 3 , , 6 10 1 7 9 :, ,8 9 5 2 6 0 1 1 8 7 , , 0 6 0 3 4 1 1 1, , 6 6 2 9 0 5 2 2, , 3 3 5 4 7 0 3 3 5 5 Sept. 28v 19,674 7,644 12,030 10,666 1,364 6,078 22,931 ,808 17.494 1,629 2,338 34 Oct. 26P3. . . 19,341 7,216 12,125 10,893 1,232 6,288 23,062 ,920 17.591 1,551 2,312 25 Nov. 30P 19,484 7,584 11,900 10,692 L,208 6,352 23,032 ,853 17,606 1,573 2,333 25 Dec. 28P 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. 25P 19,672 7,485 12.187 10.797 1,390 6,004 22,995 •. ,898 17,510 1,587 2,312 25 Feb. 21* 19,246 7,495 11,751 10,357 1,394 6,373 22,868 3,881 17,412 1,575 2,318 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 L,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 L.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 3,008 4,020 1,059 462 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. 28P 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. 30P. .... 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—Tan. 25* 5,412 1.579 3.833 3,345 488 1,695 6,600 1,127 4.391 1,082 466 13 Feb. 21P 5,282 1,554 3,728 3,223 505 1,624 6,438 1,077 4,270 1,091 467 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 6 944 5,194 1,749 6,785 17,741 3,686 9,439 4,616 1,828 346 1941—Dec. 31 15,347 7,105 8,243 6,467 1,776 8,518 22.313 4,460 13,047 4,806 1,967 351 1942—Dec. 31 20,915 6,102 14,813 13,038 1,775 9,426 28,700 4,957 18,747 4,995 2,028 354 1943—Dec. 31 ... 27,521 6,201 21,321 19,682 1,639 9,327 35,070 4,874 24,086 6,109 2.135 357 1944—Dec. 30 . 33,603 6,822 26;781 25,042 1,739 10,238 41,804 5,524 28,525 7.755 2,327 356 1 1 9 9 4 4 5 6 — — D D e e c c . . 3 3 1 1 4 3 0 5 , , 1 3 0 5 8 1 1 8 0 , , 5 8 1 2 4 5 3 2 1 4 , , 5 52 9 7 4 2 2 9 2 , , 5 2 5 5 2 0 2 2, , 2 0 7 4 6 2 1 1 1 1 , , 6 2 5 8 4 6 4 44 9 , , 4 0 7 8 7 5 6 5S,5 4 7 4 0 8 3 2 2 8 , , 8 0 7 4 7 9 1 9 0 , 7 8 6 5 0 8 2 2 . . 5 7 6 2 6 8 3 3 5 5 9 5 1947—Dec. 31 36,040 13,449 22,591 20,196 2,396 13.066 46,467 5.649 29,395 11 423 2,844 353 1948—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 Aug. 31 P 37,005 13,423 23,582 20,706 2,876 10,541 44,705 4,943 28,194 11,568 3,031 333 Sept. 28P 37,268 13,672 23,596 20,674 2,922 10,530 44,887 4,962 28,377 11.548 3,045 333 Oct. 26P3 38,161 13,957 24,204 21,207 2,997 10,954 46,135 5,195 29,332 11.608 3,088 342 Nov. 30P 38,067 14,218 23,849 20,857 2,992 11,009 46,119 5,160 29,468 11,491 3,085 339 Dec. 28P 38.480 14,420 24,060 21,073 2,987 11,417 46,914 5,399 29,910 11,605 3,092 339 1950—Jan. 25v 38,802 14,310 24,492 21,500 2,992 11,141 46,974 5,430 29,882 11,662 3,074 339 Feb. 2 1P 38,406 14,302 24,104 21,082 3,022 11,119 46,510 5,206 29,632 11,672 3,079 336 Country member banks: 1 1 9 9 4 3 1 9 — — D £) e e c c . 3 3 0 1 .... 1 1 0 2 , , 2 5 2 1 4 8 4 5 , , 7 8 6 9 8 0 5 6 , , 4 6 5 2 6 8 4 3 , , 3 1 7 5 7 9 2 2 , , 2 29 5 7 0 6 4 , , 4 8 0 48 2 1 1 3 7 , , 7 4 6 1 2 5 5 8 9 2 8 2 1 7 0 , , 3 3 1 3 2 5 6 5 , ,8 2 5 5 2 8 1 1 , , 8 98 5 2 1 5 6, , 2 9 1 6 9 6 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 L,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 L,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 L.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 3.121 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 Aug. 31P 37,338 12,149 25,189 21,654 3,535 9,497 43,912 802 28,243 14,867 3,220 6.520 Sept. 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. 30P 38,206 12,606 25,600 21,962 3,638 9,667 44,843 893 29,246 14,704 3,338 6,516 Dec. 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 Feb. 21* 38,775 12,935 25,840 22,176 3,664 9,727 45,437 932 29,603 14,902 3,346 6,517 2 December 31, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947 by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. 8 Data not entirely comparable with prior months due to reclassification on Oct. 6 of 9 central reserve city banks in New York City as reserve city banks. Loans, U. S. Government obligations, and total deposits of these banks amounted to approximately 150, 210, and 450 million dollars, respectively. For other footnotes see preceding and opposite page. 438 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 investment* Deposits Investments Other Class of bank Cash Total Number and date Total Loans Total G o U m o b . v l e i e g S n r a t . n - - O s ri e t t c h ie u e s - r assets1 Total* I b n a t n e k r- ! m D a e n - d Time a c c a c p o i u ta n l ts ba o n f ks tions Allinsured commercial banks: 1941—Dec. 31 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1946—Dec. 31 112,178 30.733 81,445 73,554 7,891 33,694 136,990 12,320 91,144 33,526 9,286 13,354 1947—Dec. 31 114,274 37,583 76,691 67,941 8,750 36,926 141,851 12.670 94,300 34,882 9,734 13,398 1948—June 30 111,794 39,372 72,421 63,490 8,931 33,699 135,945 11,035 89,491 35,418 9,955 13,415 Dec. 31 112,286 41,968 70,318 61,388 8,929 38,087 140.642 11,900 93,300 35,441 10,158 13,413 1949—June 30 111,746 40,524 71,222 61,970 9,252 33,720 135,375 10,578 88.830 35,966 10,452 13,417 National member banks: 1941—Dec. 31 27,571 11,725 15,845 12,039 806 14,977 39,458 6,786 24,350 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 55,387 51,250 137 20,114 84,939 9,229 59,486 16,224 4,644 5,017 1946—Dec. 31 63,723 17,272 46,451 41.658 793 20,012 78,775 8,169 52,194 18,412 5,138 5,007 1947—Dec. 31. . 65,280 21.428 43,852 38,674 178 22,024 82,023 8,410 54.335 19,278 5,409 5,005 1948—June 30 63,638 22,243 41,395 36,091 5.303 20,415 78,753 7,305 51,921 19,528 5,533 4,998 Dec. 31 63,845 23,752 40,093 34,852 5,241 22,974 81,407 7,842 54,020 19,545 5,657 4,991 1949—June 30 63,517 22,505 41,012 35,487 5,525 20,324 78,219 6,945 51,420 19,854 5,814 4,987 State member banks: 1941—Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1,502 1945—Dec. 31 37,871 8.850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1946—Dec. 31 32,639 9,424 23,216 21,384 1,832 9,575 39,395 3,890 26,726 8,779 2,957 1,893 1947—Dec. 31. ..... 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 1,918 1948—June 30 31,811 11,628 20,183 18,048 2,135 9,888 38,699 3,529 25,875 9,295 3,091 1,927 Dec. 31 31,771 12,308 19,463 17,301 2,161 11,228 39,955 3,799 26,862 9,295 3,144 1,927 1949—June 30 31,798 11,951 19,847 17,645 2,202 10,099 38,761 3,429 25,922 9.410 3,208 1,916 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 6,810 1945—Dec. 31 14,639 2,992 11,647 10,584 1,063 4,448 18,119 244 12,196 5,680 1,083 6,416 1946—Dec. 31 15,831 4,040 11,791 10,524 1,268 4,109 18,836 260 12,225 6,351 1,193 6,457 1947—Dec. 31 .. 16,444 4,958 11,486 10,039 1,448 4,083 19,340 266 12,515 6,558 1,271 6,478 1948—June 30. 16,360 5,504 10,856 9,362 1,494 3,397 18,509 202 11,695 6,611 1,333 6,493 Dec. 31...... 16,685 5,911 10,774 9,246 1,528 3,887 19,296 259 12,419 6,618 1,358 6,498 1949—June 30 16,447 6,071 10,376 8,849 1.527 3,299 18,410 204 11,488 6,718 1,431 6,517 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 1,002 761 241 763 •1,87.2 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1946—Dec. 31 1,815 389 1,426 1,226 200 530 2,043 336 1,302 404 290 690 1947 -Dec. 31 2 2,009 474 1,535 1,280 255 576 2,251 363 1,411 478 325 783 1948 -June 30 2,062 493 1,569 1,308 261 469 2,197 400 1,315 482 331 772 Dec. 31...... 2,013 520 1,493 1,234 259 509 2,201 368 1,353 479 322 758 1949—June 30 2,027 502 1,526 1,250 276 446 2,146 359 1,298 488 329 733 411 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 1948—June 30 18,422 5,997 12,425 10,670 1,755 3,867 20,706 602 13,010 7,093 1,664 7,265 Dec. 31 18,698 6,431 12,267 10,479 1,788 4,396 21,497 628 13,772 7,097 1,680 7,256 1949—June 30 18,474 6,573 11,901 10,098 1,803 3,745 20,556 563 12,786 7,207 1,760 7,250 Insured mutual savings banks: 1941—Dec. 31 1,693 642 1,050 629 421 151 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 10,351 1,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 11,415 1,173 191 1947—Dec. 31 12,683 560 9,123 8,165 958 675 12,207 12,192 1,252 194 1948—June 30 .. 13,142 769 9,373 8,169 1,204 644 12,581 12,566 1,302 193 Dec. 31 13,312 109 9,202 7,795 1,407 684 12,772 12,757 1,334 193 1949—June 30 13,880 397 9,484 7,940 1,544 629 13,241 13,226 1,381 191 Noninsured mutual savings banks: 1941—Dec. 31 8.687 4,259 4,428 3,075 1.353 642 8,744 8,738 1,077 496 1945—Dec. 31. . .... 5,361 1,198 4,163 3,522 641 180 5,022 5,020 558 350 1946—Dec. 31 5,813 1,275 4,538 3,833 705 206 5,442 5,439 611 350 1947—Dec. 31 2..... 5,957 1,384 4,573 3,813 760 211 5,556 5,553 637 339 1948—June 30 6,084 1,465 4,619 3,808 811 188 5,630 5,627 653 339 Dec. 31. .... . 6,083 1,577 4,506 3,680 826 194 5,633 5,631 665 339 1949—June 30 6,214 1,654 4,560 3,718 843 171 5,709 5,705 683 339 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics,. Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. APRIL 1950 439 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 Inv(istments Loans for U. S. Government obligations Com- purchasing Obli- Total mer- or carrying ga- Class of bank loans cial, securities Direct tions cal a l n d d ate i m n a v e n e n d s t t s - Total1 o c i p l ii n n u n e g d - n - - A c tu a u g r l l r - - i- b T ro o k- l t R o e a a s e t - n e al s s C l u o o m a n n e - r s O lo t a h n er s Total Total C c e a r t t e if s i- G a u n a - r- S p a i t o nO c a n f l t I d 1i e t s - O s r e t it h c i u e e r s m k a e r t - a e n r d s o 1 t h O - Bills o d f e b in t- - Notes Bonds teed s i u ca b i pa- deal- ers ed- diviper ers ness sions All insured commercial banks: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 4,773 4, >45 28,031 21,046 988 3,159 12,7974,1023,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3,1643,6064,677 2,361 1,181 96,043 88,912 2,455 19,07i 16,04551,321 22 3,8733,258 1946—Dec. 31.. 112,178 30,733 14,016 1,358 1,517 1,609 7,1034,031 1,098 81,445 73,554 1,271 12,288 6,78053,200 154,2983,592 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1,190 9,266 5,654 1,028 76,691 67,941 2,124 7,552 5,918 52,334 145,129 3,621 1948—Dec. 31 112,286 41,968 18,7612,775 1,336 939 10,6666,8041,095 70,318 61,388 2,821 10,065 3,39445.100 85,5093,420 1949—June 30.. 111,746 40,524 16,2922,734 1,972 901 10,8877,170 1,022 71,222 61,970 2,846 10,437 2,04546,636 65,7633,489 Member banks, total * 1 117T 9 9X 4 4 1 5 ! — !— XD r /V > e>e cVc .| \J3 3 1 J1L • ..« 1 4 0 3 7 , , 5 1 2 8 1 3 2 1 2 8 , , 7 0 7 2 5 1 8 8 , , 6 9 7 4 1 9 9 8 7 5 2 5 3,1 5 3 9 3 4 3,3 5 7 98 83 3 , , 4 4 5 9 5 4 1,90 3 0 » > 1 9 ,1 2 04 2 8 5 4 , , 5 4 0 0 0 8 7 1 8 9 , , 3 5 3 3 8 9 2,2 9 7 7 5 1 16,985 1 3 4 , , 0 2 0 7 7 14 1 4 1 , , 7 7 9 2 2 93,83 1 2 63 3 ,2 0 5 9 4 0 2 2 , , 8 8 1 7 5 1 1946—Dec. 31 96,362 26,696 13,154 884 1,506 1,467 5,3583,308 1,020 69,666 63,042 1,167 10,043 5,60246,219 113,5483,077 1947—Dec. 31 97,846 32,628 16,962 1,046 811 1,065 7,1304,662 952 65,218 57,914 1,987 5,816 4,81545,286 104,1993,105 1948—Dec. 31.. 95,616 36,060 17,631 1,800 1,324 834 8,2445,585 1,006 59,556 52,154 2,588 7,999 2,800 38,761 54,4802,922 1949—June 30.. 95,315 34,456 15,213 1,704 1,958 803 8,3835,859 935 60,859 53,132 2,651 8,469 1,639 40,369 44,710 3,016 Nov. 1.. 100,888 35,565 65,323 57,052 5,141 3,130 Dec. 31.. 101,528 36,230 i5*857 1,945 1,737 "758 8", 8346^552i'Mi65,297 56,883 3,389 10,409 5,08537,996 45,2743,140 New York City* 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 123 5>4 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 80 287 298 18,809 17,574 477 3,433 3,325 10,337 1 606 629 1946—Dec. 31.. 20,834 6,368 4,078 1,096 389 99 455 250 14,465 13,308 387 1,725 992 10,202 1 557 601 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 "*3 1,102 225 224 643 306 10,712 9,649 589 1,183 365 7,512 563 500 1949—June 30. 19.103 7,689 4,710 11,701 248 209 650 268 11,413 10,278 777 1,472 132 7,897 .... 611 525 Nov. 18. 19.451 7,505 11 946 10 751 668 527 Dec. 31.. 19,583 7,550 4,792 1,410 219 256 689 309 12,033 10,746 720 1,785 835 7,405 752 535 Chicago:* 1941—Dec. 31.. 2,760 954 732 6 48 52 22 95 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1946—Dec. 31.. 4,765 1,499 1,094 3 117 101 51 105 29 3,266 2,912 60 498 146 2,207 167 187 1947—Dec. 31.. 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1948—Dec. 31.. 4,799 1,783 1,412 4 71 63 51 176 27 3,016 2,633 183 275 217 1,958 210 174 1949—June 30.. 4,841 1,537 1,178 6 83 60 48 156 26 3,303 2,888 369 343 125 2,051 235 180 Nov. 1.. 5,275 1,564 3,711 3,256 263 192 Dec. 31.. 5,424 1,618 'i'.iii j '' i09 "*56 "'51 "l72 "*34 3,806 3,324 "331 *690"*358 "i!945 290 192 Reserve city banks: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 1,527 1, 512 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,594 29,552 1,034 6',982 5,653 15,878 5 1,126 916 1946—Dec. 31.. 35,351 10,825 5,548 201 264 704 2,237 1,436 435 24,527 22,250 441 3,799 1,993 16,013 4 1,272 1,004 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 1948—Dec. 31. 35,332 14,285 7,282 437 130 360 3,503 2,315 412 21,047 18,594 1,056 3,201 1,090 13,247 11,421 1,032 1949—June 30.. 35,034 13,261 6,227 378 150 321 3,5592,408 385 21,772 19,076 875 3,367 603 14,230 1,559 1,137 Nov. 1». 38,110 14,053 24,057 21,076 1,742 1,238 Dec. 31.. 38,301 14,370 6,704 457 183 309 3,742 2,745 432 23,931 20,951 1,189 4,180 2,124 13,457 1,727 1,254 Country banks: 1 1 9 9 4 4 5 1 — — D D e eC c t . 3 3 1 1 . . , . 3 1 5 2 , , 0 5 0 1 2 8 5 5 , , 5 8 9 9 6 0 1 1 , , 6 4 7 8 6 4 6 6 4 5 8 9 4 2 2 0 4 1 7 8 1 3 1 1 , , 8 8 8 2 1 3 70 1 7 530 363 2 6 9 , , 6 40 2 7 8 2 4 6 , , 3 9 7 9 7 9 6 1 3 1 0 0 5,102 4,5 4 4 8 4 1 1 2 6 , , 9 7 2 1 6 3 861 9 1 1 , f 3 2 4 2 2 21 1, , 0 0 6 2 7 8 1946—Dec. 31.. 35,412 8,004 2,433 681 29 273 2,970 1,312 306 27,408 24,572 279 4,020 2,470 17,797 6 1,551 1,285 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,108 17,681 62,006 1,262 1948—Dec. 31.. 36,726 11,945 3,296 1,356 21 187 4,467 2,451 261 24,781 21,278 760 3,340 1,128 16,046 42,286 1,217 1949—June 30.. 36,338 11,968 3,098 1,319 23 175 4,5672,644 256 24,370 20,889 630 3,286 77816,192 42,306 1,174 Nov. 1.. 38,052 12,442 25,610 21,969 2,467 1,174 Dec. 31.. 38,219 12,692 *3 450i!480 "•36 "173 4! 7842 [945' *25925,527 21,862 1,148 3,753 1,768 15,189 42,505 1,160 Insured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 543 478 20 64 1,282 854 2,535 1,509 17 152 1,069 271 563 462 1945—Dec. 31.. 14,639 2,992 512 459 31 228 1,224 460 7711,647 10,584 180 2*,087 1,774 6,538 6 619 443 1946—Dec. 31.. 15,831 4,040 862 474 12 142 1,748 723 7911,791 10,524 104 2,247 1,179 6,991 3 752 516 1947—Dec. 31.. 16,444 4,958 1,049 563 13 125 2,139 992 7611,486 10,039 136 1,736 1,104 7,058 4 931 517 1948—Dec. 31.. 16,685 5,911 1,131 975 12 105 2,426 1,220 8910,774 9,246 234 2,066 594 6,349 3 1,030 498 1949—June 30.. 16,447 6,071 1,079 1,030 14 972,508 1,311 8710,376 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. 440 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 deposil,s Time deposits Cla c s a s l a l o n d d f a b te ank F s B e s w e R R e d a r r i e v n e 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 n d e n i o c a s k t e l t - h s - i s c * j p m u D o a s d a t d s e e e n 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 S v n - - t . p v s S o i u a t l s 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 d i d t k s . - i ' s - , a p v n s a i p t I h d d i r n o o i t u d r p n n c a a i s e o s - l - , s r r , - - I b n a t n e k r- P m U G S i e a o n a . r n o e s g n v d v n S t s - - - a t . l v s S p i u a i s o t c n b i a l a o d i d t l t n e i - - s s a p v n s a p i t I d h d i r n o o t i u d r p n n c a a i s e o s - l - , s r r - - , 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 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1946—Dec. 31. . 16,013 2,012 9,481 82,085 10,888 1,364 2,930 5,967 2,361 79,887 68 119 664 32,742 39 9,286 1947—Dec. 31. . 17,796 2,145 9,736 85,75111,236 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 1,243 22,179 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 5.9H 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 10 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 s 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— N juonve . 30 1 . . . . 1 1 , , 1 1 7 2 4 6 2 2 5 7 1 10 4 4 9 3 3 , , 6 4 4 7 2 0 1,0 9 9 6 0 2 3 4 7 6 2 1 0 9 6 7 3 3 0 1 7 5 4 3 1 9 3 3 , ,4 6 7 5 5 3 3 4 1 1 2 0 1 1 , , 0 0 4 4 4 1 ' *44 4 4 6 6 6 2 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 "i 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: 1 1 9 9 4 4 5 1 — — D D eecc . 3 3 1 1 3 2 9 7 1 1 2 3 , , 9 3 5 2 9 5 1 4 0 , ^ 0 5 9 3 2 7 2 1 3 0 3 8 2 5 1,56 5 0 3 6 85 1 8 1 1 6 3 8 5 3 9^ ,4 6 8 4 3 3 18 6 4 8 9 7 7 4 3 5 , , 2 5 7 7 6 9 6 7 1,0 9 8 5 3 9 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. 6 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. APRIL 1950 441 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 x Investments For purchasing or carrying securities U. 3. Government obligations Com- Total mer- Date or month in lo a v n a 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 Other Total C tif e i r - - O se th c e u r ments and loansbanks loans cates rities t a c u g u r r l a - i- l G U t l i o i o o . g b v n a - S - s t . . O c t s u t i e h e r - s e i- r G U l t o i i o g . o b S v a - n . - t s .O c t s u t i e h e r - s i e - r Total Bills o d n e f e e d b s i - n t s - - Notes Bonds2 Total— Leading Cities 1949—February. . .. 62,201 24,975 15,275 744 426 188 462 4,084 213 3,87337,226 32,997 1,851 5,174 1,030 24,942 4,229 December. . . 67,336 24,884 13,864 863 824 172 425 4,326 314 4,417 42,452 37,422 2,532 7,010 2,29625,584 5,030 1950—January 67,517 24,523 13,860 505 840 159 4244,379 270 4,45642,994 37,910 3,008 6,780 3,454 24,668 5,084 February.... 67,092 24,596 13,891 475 910 143 4344,402 267 4,447 42,496 37,277 2,516 5,955 3,952 24,854 5,219 1950—Jan. 4 67,222 24,673 13,851 702 827 174 425 4,347 271 4,44642,549 37,514 2,542 6,866 3,457 24,649 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 13,871 445 883 150 422 4,400 322 4,45543,239 38,077 3,220 6,694 3,42824,735 5,162 Feb 1 67,266 24,486 13,918 511 853 147 426 4,396 154 4,45542,780 37,595 2,762 6,152 3,885 24,796 5,185 Feb. 8 67,139 24,520 13,885 443 860 146 447 4,402 258 4,45342,619 37,375 2,595 5,947 3,98624,847 5,244 Feb. 15 66,977 24,777 13,905 543 936 141 430 4,399 351 4,44442,200 36,975- 2,306 5,862 3,948 24,859 5,225 Feb. 21 66,985 24,600 13,854 403 994 137 431 4,410 306 4,43942,385 37,162 2,402 5,858 3,98824,914 5,223 Mar. 1 66,831 24,741 13,834 613 916 136 4344,413 302 4,470 42,090 36,774 2,212 5,071 4,62924,862 5,316 Mar. 8 66,283 24,493 13,799 500 852 137 4284,422 249 4,481 41,790 36,463 2,024 4,909 4,699 24,831 5,327 Mar. 15 66,855 24,652 13,889 528 918 141 4654,442 148 4,498 42.203 36,877 2,394 4,856 5,581 24,046 5,326 Mar. 22 67,006 24,786 13,843 508 938 144 4344,461 323 4,512 42,220 36,702 2,200 4,782 5,73523,985 5,518 New York City 1949—February 18,093 7,878 5,584 679 310 41 188 217 153 800 10,215 9,172 590 1,191 134 7,257 1,043 December. . . 19,572 7,732 4,831 758 671 48 162 245 204 915 11,840 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 February.... 19,136 7,475 4,900 419 734 32 167 266 170 912 11,661 10,280 621 1,365 895 7,399 1,381 1950—Jan. 4 . . 19,498 7,584 4,854 611 674 43 161 254 198 913 11,914 10,590 697 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 37 162 273 255 925 12,113 10,735 1,081 1,569 758 7,327 1,378 Feb. 1 19,220 7,416 4,916 452 690 35 165 265 99 919 11,804 10,428 765 1,457 855 7,351 1,376 Feb. 8 19,141 7,449 4,905 402 698 34 180 265 165 925 11,692 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 Mar. 1 19,197 7,526 4,866 545 720 27 162 266 154 91111,671 10,206 561 1,072 1,126 7,447 1,465 Mar. 8 18,962 7,365 4,833 448 667 27 159 274 174 90811,597 10,135 454 1,069 1,143 7,469 1,462 Mar. 15 19,164 7,473 4,868 486 708 27 195 279 125 90911,691 10,226 627 1,003 1,504 7,092 1,465 Mar. 22 19,174 7,486 4,848 459 729 27 164 283 184 91711,688 10,143 514 986 1,573 7,070 1,545 Outside New York City 1949—February 44,108 17,097 9,691 65 116 147 274 3,867 60 3,07327,011 23,825 1,261 3,983 896 17,6853,186 December. . . 47,764 17,152 9,033 105 153 124 263 4,081 110 3,502 30,612 26,842 1.849 5,231 1,730 18,032 3,770 1950—January 48,084 17,056 9,001 62 163 119 2634,113 47 3,53331,028 27,277 2,098 5,160 2,660 17,3593,751 February.... 47,956 17,121 8,991 56 176 111 2674,136 97 3,53530,835 26,997 1,895 4,590 3,057 17,455 3,838 1950—Jan. 4 47,724 17,089 8,997 91 153 131 264 4,093 73 3,53330,635 26,915 1 ,845 5,131 2,621 17,318 3,720 Jan. 11 48,084 17,017 9,001 55 142 119 261 4,112 30 3,54331.067 27,330 2,141 5,182 2,668 17,339 3,737 Jan. 18 48,329 17,041 9,006 50 187 114 265 4,121 18 3,52631,288 27,523 2,269 5,200 2,682 17,372 3,765 Jan. 25 48,200 17,074 9,000 51 170 113 260 4,127 67 3,53031,126 27,342 2,139 5,125 2,670 17,408 3,784 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 17,445 3,809 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 17,459 3,846 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 Mar. 1 47,634 17,215 8,968 68 196 109 2724,147 148 3,55930,419 26,568 1,651 3,999 3,503 17,415 3,851 Mar. 8 47,321 17,128 8,966 52 185 110 2694,148 75 3,57330,193 26,328 1,570 3,840 3,556 17,362 3,865 Mar. 15 47,691 17,179 9,021 42 210 114 2704,163 23 3,58930,512 26,651 1,767 3,853 4,077 16,9543,861 Mar. 22 47,832 17,300 8,995 49 209 117 2704,178 139 3,59530,532 26,559 1,686 3,796 4,162 16,915 3,973 1 Figures for various loan items are shown gros3 (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. 2 Including guaranteed obligations. 442 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 e a r r i e d n a t v - - h l k e s v C a in u as lt h m b a w a d n e o n i c s t - e k h ti s s c j p m u o a d s a d e s t - - n e it d d s 8 s p u n h v a a e a i n i d r d p r l - - s t s - , , p S d s a i o u t i c n a v b l d a i - t i l t e - - s c C c O h a f e e i n e f e r r d f c d i t s k - i ' - s, U m G e . r o e n v - n S - t . s p u n v h a a e a i n i d r r d p l - - s t s - , , p S d s a i o u t c i n a b v l d a i - t i l t e - - s P m U G e a o . r o n e n s d v - n S t - a t . l D D o- ema F n o d r- Time r B i o n o w g r - - s c C o i a a t u c a p - n - l ts B d it e a s b n - * k p c o or r - a- etc. p c o o r r- a- S in av g - s m t e ic s- eign tions tions Total- Leading Cities 1949—February.. 14,286 770 2,049 46,469 46,5133,385 1,254 1,64514,418 595 86 8,5091,472 42 207 6,029 80,194 December. 12,180 893 2,286 48,22148,732 3,202 1,395 1,86414,474 130 9,3821,298 152 358 J5.221105,862 1950—January... 12,408 804 413 48,219 48,403 3,315 1,358 1,99714,597 620 9,8351,238 152 210 6,209 93,223 February.. 12,193 743 126 47,218 47,419 3,393 1,407 2,55014,598 627 9,0981,217 154 383 6,229 85,060 1950—Jan. 4... 12,774 809 2,680 47,975 48,346 3,325 1,471 2,05014,612 620 12810,2931,302 153 224 6,211 24,194 Jan. 11... 12,403 839 2,415 140 48,452 3,208 1,292 1,89514,606 620 127 9,9371,212 153 151 6,215 21,325 Jan. 18... 12,219 787 2,335 48,245 48,596 3,267 1,399 1,94014,593 620 127 9,7831,224 151 196 6,206 22,944 Jan. 25.... 12,237 782 2,221 514 48,219 3,460 1,268 2,10114,577 619 128 9,3271,214 151 270 6,206 20,704 Feb. 1.... 12,384 706 2,04947,767 47,600 3,456 1,605 2,32214,578 627 128 9,0391,202 153 458 6,233 22,286 Feb. 8.... 12,078 760 2,046 4477,33030 46,814 3,372 1,221 2,43814,607 628 128 9,0651,196 153 325 6,242 21,526 Feb. 15... 12,297 750 2,25546, 930 48,132 3,386 1,416 2,63014,594 626 128 9,2971,221 155 493 6,217 19,313 Feb. 21... 12,012 757 2,15546,848 "47,133"3,355 1,387 2,81114,614 627 128 8,9911,249 153 257 6,222 '20,392 Mar. 1... 12,104 708 2,10646,926 47,193 3,454 1,577 2,30214,647 609 121 9,0211,246 148 506 6,229 24,138 Mar. 8... 12,058 763 2,17346,71146,558 3,277 1,220 1,95114,685 610 121 9,3271,281 138 218 6,244 20,492 Mar. 15... 12,438 743 2,468 47,236 48,235 3,266 1,600 2,38414,675 614 121 9,6761,272 140 71 6,234 22,384 Mar. 22... 11,816 759 2,09546,468 46,407 3,406 1,309 2,63014,671 612 121 8,9901,288 137 398 6,240 24,440 New York City 1949—February.. 5,142 14,95715,563 213 635 454 1,482 2,6361,264 22 113 2,259 32,226 December. 4,580 154 15,42316,211 199 723 576 1,498 2,7991,079 110 268 2,283 45,434 1950—January. „ . 4,543 129 15,32015,990 213 690 568 1,510 2,9491,016 111 89 2,279 38,133 February.. 4,545 119 14,93715,676 197 790 735 1,479 2,728 996 112 265 2,287 35,205 1950—Jan. 4... 4,826 134 15,27516,018 206 722 594 1,528 3,1911,074 111 154 2,277 10,233 Jan. 11... 4,532 138 15,27515,972 186 658 528 1,512 2,933 989 111 46 2,279 8,755 Jan. 18... 4,412 123 15,22915,978 196 723 550 1,507 2,8871,002 110 56 2,278 9,272 Jan. 25... 4,403 123 15,50115,990 262 659 603 1,491 2,785 999 110 102 2,280 8,119 Feb. 1... 4,692 112 15,11715,782 212 968 687 1,488 2,744 984 111 344 2,287 9,473 Feb. 8... 4,443 123 15,02215,498 199 636 712 1,483 2,678 977 112 170 2,289 9,494 Feb. 15... 4,604 120 14,72415,763 186 783 749 1,468 2,754 993 114 382 2,284 7,489 Feb.21... 4,442 119 14,88515,662 191 773 791 1,477 2,7351,031 111 165 2,285 8,255 Mar. 1... 4,526 114 14,96915,784 222 871 631 1,491 2,7141,026 105 353 2,290 10,066 Mar. 8... 4,400 120 14,89215,462 217 614 515 1,501 2,7731,055 95 105 2,286 8,109 Mar. 15... 4,689 114 15,09816,013 209 882 617 1,508 2,9821,065 96 17 2,280 9,480 Mar. 22... 4,276 115 14,64015,295 190 651 706 1,505 2,6961,065 93 251 2,280 10,041 Outside New York City 1949—February.. 9,144 2,020 31,51230,950 3,172 619 1,19112,936 571 5,873 208 20 94 3,770 47,968 December. 7,600 739 2,25232,798 32,521 3,003 672 1,28812,976 595 6,583 219 3,938 60.428 1950—January. . 7,865 675 2,380 32,899 32,413 3,102 668 1,42913,087 598 6,886 222 121 3,930 55,090 February.. 7,648 624 2,095 32,28131,743 3,196 617 1,81513,119 606 6,370 221 118 3,942 49,855 1950—Jan. 4... 7,948 675 2,646 32,700 32,328 3,119 749 1,45613,084 597 7,102 228 70 3,934 13,961 Jan. 11... 7,871 701 2, ,865 32,480 3,022 634 1,36713,094 597 7,004 223 105 3,936 12,570 Jan. 18... 7,807 664 2,300 33,,001166 32,618 3,071 676 ,39013,086 598 6,896 222 140 3,928 13.672 Jan. 25... 7,834 659 2,19133,01332,229 3,198 609 ,49813,086 597 6,542 215 168 3,926 12,585 Feb. 1... 7,692 594 2,019 32650 31,818 3,244 637 ,63513,090 606 6,295 218 114 3,946 12,813 Feb. 8... 7,635 637 2,018 32308 31,316 3,173 585 726 13,124 607 6,387 219 155 3,953 12,032 Feb. 15... 7,693 630 2,223 32,206 32,369 3,200 633 ,881 13,126 605 6.543 228 111 3,933 11,824 Feb. 21... 7,570 638 2,123 31,963'31,471'3,164 614 2,020 13,137 606 6,256 218 92 3,937'12,137 Mar. 1... 7,578 594 2,074 31,95731,409 3,232 706 1,67113,156 588 6,307 220 153 3,939 14,072 Mar. 8... 7,658 643 2,143 31,819 31,096 3,060 606 1,43613,184 589 6,554 226 113 3,958 12,383 Mar. 15... 7,749 629 2,437 32,13832,222 3,057 718 1,76713,167 593 6,694 207 54 3,954 12,904 Mar. 22... 7,540 644 2,06531,828 31,112 3,216 658 1,92413,166 591 6,294 223 147 3,960 14,399 ' Revised. 3 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. APRIL 1950 443 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans * Investments For purchasing U. S. Government obligations or carrying securities Com- Total merd F i e s d tr e i r c a t l a R nd e se d r a v t e e in l a o v n a e d n s s t- Total1 in a t c a r g d i n i a r u a d l i l s , - - a U T n o . d S . b d r e o O a k l t e e h r r s e s r U To .S . ot O he th r e s r e l R o st a e a n a t s l e L ba o t n o a k n s sO lo t a h n e s r Total Total Bills o d c C t f a e i e f t b i i e r - t n - s - - Notes Bonds2 O s ri e t t c h ie u e s - r cul- Govt. se- Govt. se- edtural ob- curi- ob- curi- ness liga^ ties liga- ties tions tions Boston Feb. 21 3,021 1,039 648 5 9 10 19 146 3 221 1,982 1,814 75 300 135 1,304 168 Mar. 1 3,015 1,071 651 8 10 11 21 146 24 222 1,944 1,775 70 201 200 1,304 169 Mar. 8 2,995 1,059 648 5 9 10 19 147 16 227 1,936 1,761 61 193 199 1,308 173 Mar. 15 . . .. 2,996 1,052 645 5 11 11 19 149 3 231 1,944 1,771 64 191 226 1,290 175 Mar. 22 3,039 1,064 637 5 11 11 19 149 24 230 1,975 1,800 81 197 228 1,294 175 New York* Feb. 21 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 Mar 1 21,530 8,304 5,177 559 727 30 179 502 1541,120 13,226 11,551 669 1 213 1 237 8 4321 675 Mar. 8 21,271 8,142 5,144 459 676 30 175 509 1751,117 13,129 11,454 538 1,198 1,262 8,456 1,675 Mar. 15 21,498 8,256 5,183 498 717 31 212 516 1251,117 13,242 11,567 718 1,132 1,655 8,062 1,675 Mar 22 21,503 8,270 5,161 472 738 31 180 522 1841,125 13,233 11,469 589 1,115 1,735 8,0301,764 Philadelphia Feb 21 2,763 942 484 1 27 2 7 107 10 320 1,821 1,476 147 185 131 1,013 345 Mar. 1 2,735 943 482 1 27 2 7 108 12 320 1,792 1,449 132 158 150 1,009 343 Mar. 8 2,738 957 491 1 26 2 7 107 19 319 1,781 1,441 123 160 150 1,008 340 Mar. 15 2,784 950 499 1 28 2 7 108 2 319 1,834 1,497 160 176 171 990 337 Mar. 22 2,877 980 495 30 2 7 108 34 319 1,897 1,539 170 188 196 985 358 Cleveland Feb. 21 4,667 1,453 799 9 25 25 41 300 7 267 3,214 2,845 126 317 334 2,068 369 Mar. 1 4,697 1,484 801 10 27 25 41 301 31 269 3,213 2,843 120 301 350 2,072 370 Mar. 8 4,656 1,460 803 10 29 26 41 301 1 270 3,196 2,825 123 287 373 2,042 371 Mar. 15 4,680 1,476 814 10 34 28 42 301 1 267 3,204 2,833 125 276 415 2,017 371 Mar 22 4,717 1,506 812 10 38 27 42 302 32 264 3,211 2,830 131 264 422 2,013 381 Richmond Feb. 21 2,736 886 401 1 7 10 20 218 2 238 1,850 1,699 146 246 149 1,158 151 Mar. 1 ... 2,718 892 403 7 10 20 217 7 239 1,826 1,674 128 211 172 1,163 152 Mar. 8 2,728 891 404 8 10 20 218 2 240 1,837 1,686 143 210 186 1,147 151 Mar 15 2,728 902 410 i 8 10 20 219 2 243 1,826 1,675 117 210 228 1,120 151 Mar. 22 . ... 2,731 908 411 1 8 10 20 219 8 242 1,823 1,673 120 194 240 1,119 150 Atlanta Feb. 21 2,455 881 531 9 12 21 77 4 240 1,574 1,369 110 331 144 784 205 Mar. 1 2,452 884 533 i 10 12 21 76 5 239 1,568 1,363 114 301 175 773 205 Mar. 8 2,463 889 535 9 12 21 75 6 244 1,574 1,368 119 294 179 776 206 Mar. 15 2,483 891 533 9 12 21 77 5 247 1,592 1,384 121 301 205 757 208 Mar 22 2,484 899 533 12 13 21 77 5 251 1,585 1,374 104 300 217 753 211 Chicago* Feb 21 9,466 2,578 1,610 10 71 18 53 370 29 456 6,888 6,097 614 936 758 3,789 791 Mar. 1 9,452 2,587 1,594 25 72 18 52 371 39 455 6,865 6,068 580 855 851 3,782 797 Mar 8 9,342 2,541 1,586 21 61 18 53 371 15 455 6 801 6,001 530 833 861 3,777 800 Mar. 15 9,448 2,551 1,603 9 75 18 53 372 6 454 6,897 6,095 593 830 1,030 3,642 802 Mar. 22 9,433 2,568 1,599 1-7 61 20 53 374 29 454 6,865 6,023 552 804 1,031 3,636 842 St. Louis Feb 21. 2,274 972 540 1 6 8 12 194 5 218 1,302 1,127 58 211 177 681 175 Mar. 1 2,248 971 536 1 6 8 12 196 5 219 1,277 1,101 38 185 203 675 176 Mar. 8 2,247 964 533 1 6 8 12 196 1 219 1,283 1,108 45 185 204 674 175 Mar. 15 2,258 964 532 2 5 8 12 197 1 219 1,294 1,118 56 181 223 658 176 Mar. 22 2,229 964 527 1 6 8 12 198 5 219 1,265 1,083 32 182 217 652 182 Minneapolis Feb. 21 1,262 432 208 3 3 5 75 145 830 713 15 174 86 438 117 Mar 1 1 260 439 212 3 2 5 75 148 821 702 11 139 116 436 119 Mar. 8 . .. 1,248 441 212 2 3 5 76 1 149 807 686 10 124 119 433 121 Mar 15 1 260 450 218 3 3 5 76 151 810 688 14 120 132 422 122 Mar. 22 1,261 453 217 4 3 5 78 153 808 683 15 117 127 424 125 Kansas City Feb. 21 2,611 965 628 4 4 11 139 1 184 1,646 1,410 165 287 187 771 236 Mar 1 2,594 974 634 5 4 12 139 3 184 1,620 1,383 144 267 201 771 237 Mar 8 . . 2,586 978 638 5 4 12 139 1 186 1,608 1,371 137 257 205 772 237 Mar. 15 2,622 987 646 5 4 12 139 1 187 1,635 1,397 152 262 219 764 238 Mar. 22 2,611 993 650 6 4 12 140 1 187 1,618 1,372 132 262 219 759 246 Dallas Feb. 21 2,539 1,181 843 6 7 41 95 200 1,358 1,229 107 323 134 665 129 Mar 1 2,500 1,186 845 6 7 41 94 205 1,314 1,183 75 286 159 663 131 Mar 8 2,490 1,176 838 6 7 40 94 202 1,314 1,183 80 281 160 662 131 Mar. 15 2,502 1,172 835 7 7 40 94 202 1,330 1,200 93 281 176 650 130 Mar 22 2,491 1,174 835 6 7 40 96 203 1,317 1,186 83 279 178 646 131 San Francisco Feb 21 11,673 4,978 1,973 2 19 7 23 2,186 842 6,695 5,751 147 1,077 735 3,792 944 Mar. 1 11,630 5,006 1,966 8 16 7 23 2,188 22 850 6,624 5,682 131 954 815 3,782 942 Mar 8 11,519 4,995 1,967 3 15 7 23 2,189 12 853 6,524 5,579 115 887 801 3,776 945 Mar. 15 ... 11,596 5,001 1,971 16 7 22 2,194 2 861 6,595 5,652 181 896 901 3,674 943 Mar. 22 11,630 5,007 1,966 2 18 8 23 2,198 1 865 6,623 5,670 191 880 925 3,674 953 City of Chicago* 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 Mar 1 5,861 1,650 1,206 24 65 13 44 80 17 227 4,211 3,666 439 510 511 2,206 545 Mar 8 5,770 1,613 1,200 20 54 13 45 81 226 4,157 3,609 401 494 516 2,198 548 Mar. 15 5,814 1,628 1,206 8 68 13 45 81 6 227 4,186 3,639 424 494 600 2,121 547 Mar. 22 5,774 1,623 1,206 16 53 15 45 82 5 227 4,151 3,570 394 462 601 2,113 581 rRevised. * 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. 444 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R nd e se d r a v t e e B s F w e a R e e r n i r e a d t v k h - l - e s C va a i u n sh lt m b a w a n d e n i s c o t t e k - h i s c s j p m u o a s d a t d s e e n i - - d t d s 5 s p p u v n c h a 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 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 - c C h c O a f e e e e i n t f e c r r f c d t d i s k . - i ' s - , U m G er . o e n v n S - - t . u p p v n c a a o a o i n e d l r r r r d s a - t - - , - - S p s d s t a i i o a u c i o n v t l a b n i e d i l t - - s s - P U m G S e o a r a n s o e . n t v S n v d a - - . t - l m D ti e o c s - - F ei o g r n - Time r B i o n o w g r s - - c C o i a t u a c a p n - l - ts B d it e a s b n ^ - k tions tions Boston Feb. 21 465 51 90 2,410 ••2,379 46 130 479 270 27 11 327 '782 Mar. 1 450 49 91 2,411 2,378 181 45 102 479 281 27 5 313 916 Mar. 8 469 52 88 2,422 2,368 178 42 85 480 283 31 5 327 825 Mar. 15 494 50 112 2,432 2,418 182 48 103 479 301 29 2 328 865 Mar. 22 471 52 93 2,445 2,383 194 45 112 480 286 28 1 328 914 New York* Feb. 21 ,725 166 11116,44916,997 491 823 8732,310 2,807 1,034 113 167 2,484 ,788 Mar. 1 ,782 157 11116,51017,108 501 924 708 2,324 2,784 1,029 107 354 2,490 10,714 Mar. 8 ,668 168 10916,41016,784 473 657 5832,335 2,845 1,058 97 126 2,486 ,610 Mar. 15 ,950 159 12516,64117,383 472 932 7022,342 3,055 1,068 98 26 2,480 10,077 Mar. 22 ,518 162 10816,14416,609 442 698 7972,340 2,765 1,068 94 254 2,479 10,684 Philadelphia Feb. 21 454 42 105 2,092 2,181 91 25 178 407 355 11 19 314 729 Mar. 1 449 38 109 2,102 2,208 89 22 138 408 358 11 11 316 933 Mar. 8 . 452 42 98 2,118 2,175 93 27 114 410 360 12 12 316 788 Mar. 15 470 40 127 2,126 2 ,255 100 31 159 410 394 11 14 315 862 Mar. 22 463 41 97 2,201 2,219 177 28 165 411 377 12 6 314 1,388 Cleveland Feb. 21 687 79 143 3,066 3,154 164 53 2041,343 462 7 4 475 1,074 Mar. 1: 708 70 149 3,145 3,202 174 61 641,345 464 6 10 476 1,200 Mar. 8 730 76 133 3,120 3,124 171 50 1391,346 482 6 10 476 1,034 M M a a r r . . 2 1 2 5 7 70 4 8 7 7 7 7 5 1 1 2 5 9 9 3 3, , 1 1 1 4 3 0 3 3 , , 1 2 1 3 9 6 2 1 0 7 7 6 5 5 5 8 1 7 9 2 0 1 1, , 3 3 4 4 6 5 4 4 9 6 9 7 6 7 "io 4 4 7 7 7 7 1 1, , 2 1 5 8 8 3 Richmond Feb. 21 454 62 150 2,064 2,055 176 38 12 567 391 5 230 661 Mar. 1 447 58 150 2,058 2,042 189 42 11 567 381 5 230 812 Mar. 8 456 63 161 2,075 2,057 172 40 97 569 410 5 231 696 Mar. 15 452 62 175 2,066 2,080 178 49 14 569 409 5 231 748 Mar. 22 441 65 155 2,059 2,022 192 42 121 570 374 5 232 790 Atlanta Feb. 21 404 40 189 1,732 1,662 284 24 89 527 539 10 195 692 Mar. 1 408 37 191 1,753 1,662 287 25 72 528 536 9 196 784 Mar. 8 422 41 204 1,773 1,671 286 22 61 529 570 11 197 677 Mar. 15 405 40 208 1,778 1,716 294 30 61 530 569 10 198 728 Mar. 22 410 41 173 1,780 1,661 305 27 66 531 533 9 199 786 Chicago* Feb. 21 ,729 100 323 6,247 6,181 594 94 5422,592 1,415 46 734 2,801 Mar. 1 ,751 91 310 6,280 6,241 579 112 437 2,593 1,448 46 737 3,278 Mar. 8 ,778 100 325 6,242 6,125 568 93 389 2,593 1,492 46 737 2,696 Mar. 15 ,805 96 391 6,276 6,348 563 117 502 2,589 1,542 47 737 2,918 Mar. 22 ,760 97 307 6,138 6,015 594 108 548 2,588 1,426 49 737 3,128 St. Louis Feb. 21 367 28 106 1,400 1,476 103 14 79 474 621 4 183 534 Mar. 1. 374 27 107 1,393 1,469 109 20 63 474 623 4 183 671 Mar. 8 384 29 123 1,402 1,476 104 18 53 475 660 4 184 575 Mar. 15 379 28 131 1,409 1,528 103 21 66 476 653 4 183 624 Mar. 22. . 361 30 113 1,381 1,460 103 17 72 476 607 4 184 662 Minneapolis Feb. 21 199 12 817 791 122 10 92 250 279 3 103 365 Mar. 1 198 12 82 829 800 127 25 73 250 284 3 103 352 Mar. 8 202 12 90 834 779 136 14 61 250 297 3 103 363 Mar. 15 198 12 92 823 810 133 13 72 250 302 3 103 378 Mar. 22 189 13 76 796 767 126 13 76 250 291 3 103 388 Kansas City Feb. 21 457 29 287 1,915 1,878 253 25 100 388 1 775 1 210 739 Mar. 1 461 27 273 1,880 1,834 249 50 86 388 2 797 1 209 877 Mar. 8 477 30 271 1,885 1,845 240 30 71 389 2 814 1 210 730 Mar. 15 491 31 292 1,945 1,941 242 29 86 390 1 807 1 210 757 Mar. 22 470 31 263 1,879 1,847 240 26 94 390 1 786 1 211 Dallas Feb. 21 459 S3 303 1,988 1,957 206 37 68 361 90 642 7 210 713 Mar. 1 481 30 280 1,992 1,933 231 33 55 361 72 625 7 210 784 Mar. 8 475 35 313 1,999 1,931 232 31 48 363 72 646 8 211 644 Mar. 15 463 34 346 2,020 1,987 234 39 60 362 73 646 7 208 697 Mar. 22 448 35 314 1,983 1,948 210 42 64 363 72 621 7 209 826 San Francisco Feb. 21 612 115 260 6,668 6,422 694 198 344 4,916 373 435 94 757 2,514 Mar. 1 595 112 253 6,573 6,316 738 218 293 4,930 374 440 98 766 2,817 Mar. 8 545 115 258 6,431 6,223 624 196 250 4,946 374 468 96 766 2,854 Mar. 15 584 116 310 6,580 6,533 589 233 4,933 379 499 81 764 2,547 Mar. 22 577 115 267 6,549 6,357 616 208 3254,926 379 457 95 767 2,728 City of Chicago* Feb. 21 171 38 152 3,957 4,009 295 49 3051,372 26 1,036 41 493 1,804 Mar. 1 211 32 131 3,980 4,051 277 58 2391,373 26 1,046 40 496 2,026 Mar. 8 230 36 143 3,942 3,964 271 48 1971,371 26 1,090 40 496 1,765 Mar. 15 195 34 192 3,926 4,074 262 59 2441,366 26 1,122 41 496 1,737 Mar. 22 217 34 131 3,845 3,877 276 52 1,364 26 1,046 44 496 1,960 For footnotes see opposite page and preceding table. APRIL 1950 445 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 Banks » a B nd ra n o c ff h ic e e s s2 Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B 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 Feb. 28, 1950? 14,048 4,595 12,185 4,319 6,888 3,414 5,297 905 1,863 276 By districts and by States Feb. 28, 1950? District Boston 486 319 486 319 330 248 156 71 New York 893 899 893 899 767 830 126 69 Philadelphia 837 151 837 151 640 114 197 37 Cleveland 1,125 293 1,125 293 700 253 425 40 Richmond 1,011 505 803 375 479 240 324 135 208 130 Atlanta 1,190 206 586 168 351 146 235 22 604 38 Chicago 2,491 598 2,491 598 1,001 244 1,490 354 St. Louis 1.470 138 1,133 80 496 42 637 38 337 58 Minneapolis 1.277 110 679 69 478 26 201 43 598 41 Kansas City 1.750 10 1.741 10 755 6 986 4 9 Dallas 1.022 47 915 38 625 24 290 14 107 San Francisco 496 ,319 496 1,319 266 1,241 230 78 State Alabama 225 25 129 25 92 25 37 96 Arizona 9 52 9 52 5 39 4 13 Arkansas 232 19 109 6 68 2 41 4 123 13 California 194 954 194 954 118 909 76 45 Colorado 143 1 143 1 92 1 51 Connecticut 110 37 110 37 64 32 46 5 Delaware 38 16 38 16 17 6 21 10 District of Columbia. . 19 41 19 41 15 32 4 9 Florida 188 3 127 3 74 3 53 61 Georgia 395 40 108 36 66 33 42 287 Idaho 43 53 43 53 25 48 18 Illinois 887 3 885 3 505 3 380 Indiana 487 101 487 101 236 45 251 56 Iowa 664 164 664 164 161 503 164 Kansas 611 609 215 394 2 Kentucky 383 41 383 41 112 25 271 16 Louisiana 162 73 59 50 46 44 13 6 ioi' 23 Maine 63 69 63 69 38 37 25 32 Maryland 163 117 163 117 77 78 86 39 Massachusetts 178 169 178 169 142 153 36 16 Michigan 441 228 441 228 231 176 210 52 Minnesota 680 6 266 6 207 6 59 414 Mississippi 202 65 40 13 31 6 9 162 52 Missouri 592 526 180 346 66 Montana 111 111 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 637 758 637 758 557 703 80 55 North Carolina 211 195 97 71 54 40 43 31 114 124 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 43 63 37 33 31 30 6 6 South Dakota 168 48 71 23 62 20 9 3 97 25 Tennessee 294 90 203 77 82 59 121 18 91 13 Texas 900 5 844 5 573 5 271 56 Utah 55 24 55 24 31 22 24 2 Vermont 69 11 69 11 40 2 29 9 Virginia 312 109 307 109 204 59 103 50 Washington 120 136 120 136 53 128 67 West Virginia 180 179 108 71 Wisconsin 551 151 551 164 21 387 Wyoming 53 53 39 14 P Preliminary. * Excludes mutual savings banks, on a few of which some checks are drawn. 2 Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military reservations (see 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. 446 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 m S i t n n p a i t o t t o e e r s d ts E U S f x r n t 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 t s e 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 n e e i n g o n r States countries 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 1 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 February 257 256 120 69 51 136 175 45 (2) 25 11 1 As reported by dealers; includes some finance company paper sold in open market. 2Less than $500,000. Back figures.— See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Debit Debit cre C di u t st b o a m la e n r c s e ' s 1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money balances investment investment and in borrowed2 In partners' In firm (net)i an a d c c t o r u a n d t i s ng an a d c c t o r u a n d t i s ng banks Free O (n th et e ) r a in n a v d c e c t s o r t a u m d n e i ts n n g t a i n a n c d v c e o t s r t u a m n d e t i s n n g t I a n c ( c c n o a e u p t n ) it ts al 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 10 312 349 257 586 112 28 5 278 1949—March 3 530 3254 3 551 April 3 626 3 329 3 542 May 3 660 3355 3 535 June 681 5 419 280 493 528 129 20 9 260 July 3 690 3 399 3 530 August 3 699 3 404 3 548 September. . 3 740 3 418 358O October 3783 3416 3586 November. . 3 813 3 445 3 596 December. . 881 5 400 306 523 633 159 26 15 271 1950—January.. .. 3 901 3 493 3 669 February. . . 3 953 3 522 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): December, 61; January, 46; February, 47. 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. APRIL 1950 447 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESSES BY BANKS IN SELECTED CITIES U. S. Government [Per cent per annum] mo Y w n e e t a h e r k , , or m m 4 p P - c e o a r o r t n p i o c m m t e i h a r - 6 e s , l - 1 a a P d b c n e a a r 9 c r i c y n m s 0 e e s k ' p s e - 1 , t- c S n h l a c e t o r e a o l a e x a w n s - l c - n 2 l g k - e m bi o 3 ll n - s t s 3 h ecu 9 d c m r o - c e e i t f a t o r b o y t t n t i i e e f n t 1 s y i d h - 2 - i - - eld 3 t i a - s y s x s t e o u a a e b r 5 s l - e An 1 n 9 A u a r c e l i a ti a e v a s n e : r d a g p e e s r : iod lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 , S 0 0 , i 0 0 z 0 0 e - 0 o $ f $ 1 2 l 0 o 0 0 a 0 , n , 0 0 0 0 0 0 - $ a 2 n 0 d 0 o ,0 v 0 e 0 r ness 1940 2 1 4.3 3.0 2.0 1.8 1941 2.0 4.3 3.0 1.9 1.8 1942 . . 2.2 4.4 3.2 2.2 2.0 1947 average .87 .604 .88 1.32 1943 2 6 4.4 3.4 2.5 2.4 1948 average 1.11 1.043 1.14 1.62 1944 2.4 4.3 3.3 2.6 2.2 1949 average 1.12 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—March 1.19 1.162 1.22 1.54 1947 2.1 4.2 3.1 2.5 1.8 April 1.19 1.155 1.20 1.53 1948 2.5 4.4 3.5 2.8 2.2 May 1.19 1.156 1.19 1.49 1949 2.7 4.6 3.7 3.0 2.4 June 1.19 1.158 1.20 1.42 July....... 1.06 .990 1.04 1.26 Quarterly: August.... 1.06 1.027 1.07 1.26 19 cities: September. 1.06 1.062 1.08 1.34 1949—june 2.74 4.63 3.70 3.04 2.44 October. . . 1.06 1.044 1.09 1.38 Sept. 2.63 4.62 3.64 2.98 2.31 November. 1.06 1.073 1.09 1.37 Dec 2.65 4.53 3.61 2.98 2.35 December . 1.06 1.097 1.10 1.37 1950—Mar 2.60 4.45 3.54 2.94 2.31 New York City: 1950— F Ja e n b u r a u r a y ry .. 1 1 . . 0 0 6 6 1 1 . . 1 1 0 3 0 0 1 1 . . 1 1 2 5 1 1 . . 3 4 9 4 1949— S j e u p ne t # a mm 2 2. . 3 3 2 5 4 4. . 2 2 2 3 3 3 . . 4 4 1 3 2 2. . 7 7 4 8 2 2 . .1 1 7 3 March 1.06 1.140 1.16 1.45 Dec. 2.38 4.14 3.35 2.73 2.21 1950—Mar. 2.29 3.85 3.22 2.64 2.13 Week ending: M M M a a a r r r . . . 1 1 4 1 8 . . . . . . . . . lj/ie 1 1 1 . . . 1 1 1 3 3 3 9 8 1 1 1 1 . . . 1 1 1 6 6 6 1 1 1 . . . 4 4 4 5 4 4 7 N 1 o 9 e r 4 r t 9 n h — e c r i n j t u i a e ne s n : d East- 2.86 4.67 3.64 2.98 2.66 A M p a r r . . 2 1 5 . . . . . . lVie 1 1 . . 1 1 4 4 8 5 1 1 . . 1 1 6 6 1 1 . . 4 4 5 5 D Se e p c t. 2 2. . 6 6 7 4 4 4. . 6 7 3 1 3 3. . 6 6 5 3 2 3. . 0 9 0 3 2 2. . 4 3 1 9 1950—Mar 2.55 4 64 3.60 2.91 2.28 2 1 T M h o e n a th v l e y r a f g ig e u r r e a s t e a r o e n a v 9 e 0 r - a d g a e y s S o t f o c w k e e E k x ly c h p a r n e g v e a i t l i i m ng e r l a o t a e n s s . was 1.50 11 1 S 9 o W 4 u 9 e t — h st e J e r u r n n n a e c n i d ties: 3.17 4.80 3.89 3.26 2.69 A pe u 3 r g R . c a e 1 t n 7 e t , , o 1 A n 94 u n 8 e g . w . 2 i , s s 1 u 9 e 4 s 6 o - f A fe u re g d . 1 w 6 i , t h 1 in 9 4 p 8 e ; r a io n d d . 1.63 per cent beginning 1950— S D M e e a p c r t. 3 3 3 . . . 0 1 0 7 2 3 4 4 4 . . 7 6 6 4 4 6 3 3 3 . . . 7 7 7 4 9 1 3 3 3 . . . 1 1 1 2 5 8 2 2 2 . . . 7 5 5 4 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)* (taxable) Munic- Corpo- Year, month, or week ipal rate By ratings 3y groups 15 (high- (high- 7 to 9 years grade)2 grade)3 Total years m o o r re Aaa Aa A Baa In tr d 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 1-8 15 9 120 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—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 M!ay 1.72 2.38 2.20 2.71 3.00 2.71 2.78 3.04 3.45 2.78 3.26 2.95 J T u u n lv e 1 1 . 5 6 5 6 2 2 .2 3 7 8 2 2. . 2 2 6 8 22..7626 3 2 . . 0 9 0 8 2 2 . .6 7 7 1 2 2 . . 7 7 8 5 3 3 . . 0 0 4 3 33..4467 2 2 . . 7 7 8 5 3 3 . . 2 2 9 9 2 2. . 8 9 9 3 August 1.49 2.24 2.20 2.60 2.92 2.62 2.71 2.96 3.40 2.70 3.21 2.86 September . . 1.65 2.22 2.22 2.59 2.90 2.60 2.69 2.95 3.37 2.68 3.19 2.84 October 1.72 2.22 2.21 2.59 2.90 2.61 2.70 2.94 3.36 2.68 3.20 2.83 November 1.70 2.20 2.17 2.56 2.89 2.60 2.68 2.93 3.35 2.67 3.20 2.81 December 1.68 2.19 2.13 2.55 2.86 2.58 2.67 2.89 3.31 2.65 3.14 2.79 1950—January . . 1.70 2.20 2.08 2.54 2.83 2.57 2.65 2.85 3.24 2.63 3.07 2.79 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 March 1.78 52.27 2.07 2.55 2.84 2.58 2.66 2.86 3.24 2.64 3.08 2.78 Week ending: Mar. 4 1.76 2.25 2.07 2.54 2.83 2.58 2.65 2.85 3.24 2.64 3.08 2.78 Mar. 11 1.78 2.26 2.07 2.54 2.83 2.58 2.65 2.86 3.24 2.64 3.08 2.78 Mar. 18.. ... 1.78 52.27 2.07 2.55 2.83 2.59 2.65 2.86 3.24 2.64 3.08 2.78 Mar. 25 1.77 2.28 2.07 2.56 2.84 2.59 2.66 2.86 3.23 2.64 3.08 2.79 Apr. 1 1.78 2.28 2.07 2.56 2.84 2.59 2.66 2.86 3.23 2.64 3.08 2.79 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have been reduced from 10 to 6, 6, and 9 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues. 5 Number of issues included decreased from 5 to 4 on Mar. 15. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond priceiS Stock prices 5 Corporate4 Common (index 1935-39=100) V of o l t u ra m d e - Year, month, or week m U G e e r o . n n S v - t . - 2 g M ( r h i a p u i d g a n e h l i ) c - 3 - H gr i a g d h e - Total I M n tr d e i d u al i s u - m-g R r r o a a a i d d l e - P ut u i b li l t i y c fe P rr r e e d - 6 Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c s i s n a t h g n h a 7 d o r s e u ( s - o i ) n 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—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 March 8103.24 131.5 104.1 96.6 102.3 86.7 100.8 183.8 139 147 109 110 1,643 Week ending: Mar. 4 103.43 131.5 104.1 96.5 102.2 86.3 100.8 184.2 137 145 109 108 1,469 Mar. 11 .. . . 103 29 131 5 104.1 96.6 102 4 86 6 100 8 183 7 138 145 108 109 1,395 Mar. 18 8103.24 131.5 104.1 96.5 102.3 86.5 100.8 183.7 139 147 110 110 1,536 Mar. 25 103.20 131.5 104.0 96.7 102.2 86.9 101.0 183.7 140 148 109 111 1,723 Apr. 1. . 103.13 131.5 104.0 9 96.6 9102.1 9 87.1 9100.7 183.7 140 147 108 110 1,990 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years or more. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. 8 Number of issues included decreased from 5 to 4 on Mar. 15. 9 Series discontinued beginning Apr. 1, 1950. Average for week ending Apr. 1 is based on figures for Mar. 27-31. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic Year or month f ( i u a n r n n n e e g d d - w ) - m T e ( a f e i o o d 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 l i - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a o p o n n t o d e d r s s ate Stocks e F i o g r n - 2 m T e f ( a e i o o d g n s r t o n d t - a i - ) c l Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a o o p n n t o d e d r s s ate Stocks e F i o gn r- 2 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 1S 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.. 3 1,185 817 817 233 30 553 463 90 3 369 269 1 159 108 96 12 February. 799 702 700 541 13 146 80 66 3 97 82 5 57 20 19 1 15 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 These figures for 1947 and for Feb. 1950 include 244 million dollars and 100 million respectively, of the International Bank for Reconstruction and Development, which are not shown separately. * 4 Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. APRIL 1950 449 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES * PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month E pr s o t g i c r m e o e s a d s te s d 2 E pr s o ti c n m e e e t a d te s d 8 New money Retirement of securities Repa o y f ment Other purposes Total P eq la u n ip t m an e d nt W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c rr k ed other debt 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 34 418 301 949—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 February 213 209 153 111 42 33 30 3 8 15 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Rea 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 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 L 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 "l8 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 340 317 993 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—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 February... 12 12 103 73 29 74 59 4 10 21 9 12 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. 3 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. 450 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) Year or quarter 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 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 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 J 944 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 1949. 36,942 5,112 3,168 1,657 31,816 4,582 2,836 1,474 5,126 531 332 183 Quarterly 1948—1 8,660 1,218 751 285 7,270 J .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 L,146 717 265 1,437 186 115 43 4 10,204 1,523 958 499 8,759 L,339 838 429 1,445 184 120 70 1949—i '9,395 '1,354 '836 343 8,086 1,215 '752 303 '1,309 139 84 40 2 '9,446 '1,223 '753 354 '8.192 1,104 '680 312 1,254 119 73 42 3 '9,485 '1,331 '818 '331 '8,213 T1,202 '736 '292 '1,273 '129 '82 39 4 8,617 1,203 760 629 7,326 L 059 668 567 1,291 144 92 62 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad Electric power Telephone Year or quarter Operat- Profits Profits Divi- Operat- Profits Profits Divi- Operat- Profits Profits Divirev in e g nue b t e a f x o e r s e t a a f x te e r s dends rev in e g nue b t e a f x o e r s e t a a f x te e r s dends rev in e g nue b t e a f x o e r s e t a a f x te e r s dends Annual 1939 3,995 126 93 126 2,647 629 535 444 L.067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 L,235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 1,537 374 180 168 1944 9,437 1,972 667 246 3,615 902 507 398 1,641 399 174 168 1945 8,902 756 450 246 3,681 905 534 407 .803 396 177 174 1946 . 7,628 271 287 235 3,815 964 638 458 1^992 277 200 171 1947 8,685 777 479 236 4,291 954 643 494 2,149 193 131 134 1948 9,672 1,148 '699 289 '4,830 983 '657 '493 2,541 269 183 181 1949 8,580 700 438 252 5,047 1,129 753 558 2,817 332 220 216 Quarterly 1948—i 2,243 '146 '73 57 '1,231 '282 '184 '124 607 '65 '44 39 2 2.363 286 U86 '57 '1,150 '231 '154 115 627 71 48 44 3 2,555 '393 '244 53 '1,176 211 143 '121 641 64 44 47 4 2,510 '317 '191 122 '1,264 '254 '174 '133 '667 69 47 50 1949—i . .. 2,145 120 58 69 '1,312 316 206 124 670 62 42 50 2 2,224 184 115 55 '1,223 272 180 136 695 75 50 51 3 2,138 '176 '104 50 '1,223 259 173 142 711 84 55 54 4 2,065 225 160 78 1,289 281 195 157 741 111 72 61 r 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 of the BULLETIN for September 1944 (electric power). APRIL 1950 451 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 1947 1948 1949 4 1 2 3 4 1 2 3 4 Nondurable goods industries Total (94 corps.)1 Sales 11,313 13,364 12,790 3,161 3, -71Q 3,?89 3, 3?4 3^3? 3,?45 3 049 '3 163 3 333 Profits before taxes • ... 1,787 2,208 1,873 490 546 553 543 565 501 400 451 521 Profits after taxes 1 167 1,474 1,231 333 356 362 362 394 3?5 259 '296 3S0 551 656 708 183 133 157 141 ??5 146 166 '147 949 Selected industries: Foods and kindred products (28 corps.) Sales 3,231 3,447 3,254 915 835 861 846 904 804 792 '822 835 Profits before taxes 421 410 377 115 96 104 99 111 85 89 '101 10? Profits after taxes 259 257 233 73 61 64 60 71 52 54 63 64 Dividends 128 135 134 43 29 32 32 42 30 31 29 44 Chemicals and allied products (26 corps.) Sales 3 108 3,563 3,562 832 848 875 904 936 896 857 '896 910 Profits before taxes 547 655 690 140 151 155 166 183 174 144 178 194 Profits after taxes 337 408 420 89 91 95 104 119 105 87 '110 119 Dividends 215 254 311 59 53 58 59 85 64 66 68 113 Petroleum refining (14 corps.) Sales 7,906 3,945 3,865 858 947 94? 978 1,077 993 934 94? 996 Profits before taxes ... .. . . 456 721 526 147 195 182 171 173 161 119 114 131 Profits after taxes 350 548 406 118 141 133 132 141 119 92 86 100 Dividends 1?7 172 172 51 33 45 ?9 66 31 47 .31 63 Durable goods industries Total (106 corps.)2 Sales 10 831 23 81824,152 621 5,440 ,714 5,991 6,673 '6 ,150 '6 397 '6 ,322 5,984 Profits before taxes ? 312 3,107 3,239 643 67? 688 788 9S8 r853 '823 '880 68? Profits after taxes . 1,355 1,836 1,937 373 395 408 470 564 '511 '494 '522 410 Dividends 615 746 948 203 152 154 166 274 196 188 184 380 Selected industries: Primary metals and products (39 corps.) Sales . ... 7,545 9,066 8,197 2,077 2,060 2,100 2,306 2,601 2,431 2,175 2,050 1,542 Profits before taxes ... 891 1,174 1,024 227 248 237 304 385 '375 269 '239 139 Profits after taxes 545 720 611 141 150 14S 18S ?40 r225 161 '141 8? Dividends . 247 270 285 84 60 60 60 90 71 64 61 89 Machinery (27 corps.) Sales 3 963 4,781 4,610 1,165 1,091 1,198 1,140 1,351 '1 ,135 '1 ,187 r1 1?0 1,168 Profits before taxes 443 569 520 136 131 144 118 177 '120 '119 148 Profits after taxes .. 270 334 321 88 75 83 71 105 r79 •77 '75 91 Dividends. 113 126 136 37 ?7 ?8 ?8 4? 33 32 31 41 Automobiles and equipment (15 corps.) Sales 6,692 8,093 9,577 1,925 1,865 1,951 2,056 2,221 2,151 2,601 '2 ,707 2,118 Profits before taxes. 809 1,131 1,488 236 247 251 305 327 301 '380 '465 341 D Pr i o v f i i d ts e n a d f s ter taxes 4 1 4 95 5 6 28 3 2 9 4 8 5 7 1 7 1 5 1 6 8 1 5 4 3 ? 1 5 4 1 6 1 6 7 5 S 1 11 7 2 6 18 79 0 ril 7 l 6 r?7 8 1 0 2 ?0 16 4 ' Revised. 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 ta r e o f x o f e i r t s 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 Quarter P b t r a e 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 te f 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 1948—1 33.0 12.8 20.2 7.6 12.6 1940 9.3 2.9 6.4 4.0 2.4 2 35.0 13.7 21.3 7.7 13.6 1941 17.2 7.8 9.4 4.5 4.9 3 36.6 14.4 22.2 7.9 14.3 1942.. . . 21.1 11.7 9.4 4.3 5.1 4 34.5 13.6 20.9 8.3 12.6 1943 25.1 14.4 10.6 4.5 6.2 1944 . ... 24.3 13.5 10.8 4.7 6.1 1949—1 29.4 11.5 17.9 8.3 9.6 1945 19.7 11.2 8.5 4.7 3.8 2 26.4 10.6 15.8 8.2 7.6 1946 23.6 9.6 13.9 5.8 8.1 3 28.9 11.4 17.5 8.1 9.4 1947 31.6 12.5 19.1 7.0 12.1 4i 29.5 11.8 17.7 8.9 8.8 1948 34.8 13.6 21.2 7.9 13.2 1949 28.8 11.4 17.3 8.4 8.9 1950—11 30.5 12.2 18.3 8.4 9.9 1 Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data. Source.—Same as for national income series. 452 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! Direct debt Total g d r e o b s t s Marketable public issues * Nonmarketable public issues Fully End of month n ( a s i g e n n t i c c t e g e u l s u u e r ) d i a d - - r- Total Total2 Tr b ea il s l u s ry c i C e n a d e d t r n e e t s e b i f s o t i s - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total2 s b a U o v . n i n S d g s . s T t s a r a n e x v o a i t a s n e u n g s r d s y S i p ss e u c e ia s l i b n N e d t a e e o r r b n i e n t - s g t- s g ec u t u e a e r r i a d t n ie - s 1943—June 140,796 136,696 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,100 Dec 170,108 165,877 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,230 1944—June 202,626 201,003 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,623 Dec. , . 232,144 230,630 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 1,514 1945—June 259,115 258,682 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 2,326 433 Dec 278,682 278,115 198,778 17,037 38,155 22,967 120,423 56,915 48,183 8,235 20,000 2,421 567 1946—June 269,898 269,422 189,606 17,039 34,804 18,261 119,323 56,173 49,035 6,711 22,332 1,311 476 Dec 259,487 259,149 176,613 17,033 29,987 10,090 119,323 56,451 49,776 5,725 24,585 1,500 339 1947—June 258,376 258,286 168,702 15,775 25,296 8,142 119,323 59,045 51,367 5,560 27,366 3,173 90 Dec. . 256,981 256,900 165,758 15,136 21,220 11,375 117,863 59,492 52,053 5,384 28,955 2,695 81 1948—June 252,366 252,292 160,346 13,757 22,588 11,375 112,462 59,506 53,274 4,394 30,211 2,229 73 Dec 252,854 252,800 157,482 12,224 26,525 7,131 111,440 61,383 55,051 4,572 31,714 2,220 55 1949—Mar, , 251,666 251,642 155,648 11,648 28,803 3,596 111,440 61,999 55,893 4,383 31,926 2,068 24 Apr 251,553 251,530 155,450 11,542 28,710 3,596 111,440 62,227 56,019 4,488 31,833 2,021 23 May 251,912 251,889 155,452 11,544 28,710 3,596 111,440 62,523 56,116 4,692 31,914 2,000 23 June 252,798 252,770 155,147 11,536 29,427 3,596 110,426 62,839 56,266 4,860 32,776 2,009 27 July 253,902 253,877 154,959 11,531 29,246 3,596 110,426 63,872 56,453 5,705 33,049 1,996 26 Aug 255,879 255,852 155,552 12,124 29,246 3,596 110,426 65,011 56,537 6,768 33,358 1,931 27 Sept. ... 256,709 256,680 155,647 12,315 30,441 3,596 109,133 65,195 56,600 6,897 33,914 1,923 29 Oct 256,805 256,778 155,362 12,317 30,155 3,596 109,133 65,705 56,670 7,345 33,810 1,901 28 Nov 257,011 256,982 155,365 12,320 30,155 3,596 109,133 65,929 56,717 7,527 33,829 1,858 29 Dec 257,160 257,130 155,123 12,319 29,636 8,249 104,758 66,000 56,707 7,610 33,896 2,111 30 1950—Jan 256,892 256,865 154,833 12,331 29,314 8,271 104,758 66,533 56,958 7,906 33,502 1,997 27 Feb 256,395 256,368 154,764 12,336 27,321 10,189 104,758 66,771 57,217 7,988 32,871 1,962 27 Mar 255,747 255,723 154,479 12,334 24,399 14,791 102,795 66,928 57,331 8,040 32,098 2,218 24 1 Including amounts held by Government agencies and trust funds, which aggregated 5.370 million dollars on February 28, 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 2% per cent Treasury investment bonds, series A-1965, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC IUNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING MARCH 31, 1950 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions Redempof dollars] Amount Funds received from sales during tions and out- 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. Apr. 6,1950. 905 Sept. 15, 1951-552 3 755 Fiscal year Apr. 13, 1950. 906 Dec. 15, 1951-532. .2K 1,118 ending: Apr. 20, 1950. 903 Dec. 15, 1951-55 2 510 June—1942.. 10,188 5,994 3,526 435 2,032 207 Apr. 27, 1950. 903 Mar. 15, 1952-54... 2K 1,024 1943.. 21,256 11,789 8,271 758 2,759 848 May 4,1950. 1,003 June 15, 1952-54 2 5,825 1944.. 34,606 15,498 11,820 802 2,876 2,371 May 11, 1950. 1,004 June 15, 1952-55... 2 K 1,501 1945 45,586 14,891 11,553 679 2,658 4,298 May 18, 1950. 1,004 Dec. 15, 1952-54 2 8,662 1946 49,035 9,612 6,739 407 2,465 6,717 May 25, 1950. 1,001 June 15, 1953-552 2 725 1947 51,367 7,208 4,287 360 2,561 5,545 June 1,1950. 1,000 June 15, 1954-562. .2K 681 1948 . 53,274 6,235 4,026 301 1,907 5,113 J J u u n n e e 1 8 5 , , 1 1 9 9 5 5 0 0 . . 1,0 9 0 0 1 3 M M a a r r . . 1 1 5 5 , , 1 1 9 9 5 5 5 6 - - 6 5 0 8 2 . . .. . 2 2 V ^8 2 1 , ,4 6 4 1 9 1 1949.. 56,260 7,141 4,278 473 2,390 5.067 June 22, 1950. 900 Sept. 15, 1956-592. .2% 982 1949—Mar.... 55,893 590 415 26 149 440 June 29, 1950. 902 Sept. 15, 1956-59... 2 M 3,823 Apr.. 56,019 454 331 19 104 398 June 15, 1958-632. .2% 919 May. 56,116 433 322 18 93 415 June 15, 1959-623. .2J4 5,284 June. 56,260 485 359 20 107 451 Dec. 15, 1959-623. .2% 3,470 July. 56,453 511 378 17 115 425 Cert, of indebtedness Dec. 15, 1960-652. .2" 1,485 Aug.. 56,537 449 329 16 104 439 J J S O A u u e c p l n p t y r . e t . . 1 1 1 1 5 1 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 0 0 0 0 0 1 1 3 I i I ^ K M y K 8 8 6 5 5 1 , , , , 6 0 1 9 2 0 1 9 6 4 1 9 7 3 8 J J D D M M u u e e a a n n c c r r e e . . . . 1 1 1 1 1 1 5 5 5 5 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 4 2 5 6 4 3 - - - - - - 6 6 7 6 7 6 9 7 0 9 1 8 3 3 3 3 3 3. . . . . . . . . . 2 2 2 2; } - ' 3 3 3 5 2 2 , , , , , , 1 7 4 8 8 1 9 6 8 3 3 1 7 1 1 1 8 8 1950— O N D S Ja e o c e n p t v c . t . . . . . . . . . 5 5 5 5 5 6 6 6 6 6 , , , , , 9 7 7 6 6 5 1 0 7 0 8 7 7 0 0 3 4 3 3 7 9 8 0 8 9 5 3 7 8 8 3 2 4 2 2 7 0 8 9 8 7 2 6 9 9 3 1 1 1 1 8 3 6 3 4 2 1 6 8 8 8 0 7 6 6 4 3 3 4 4 4 6 9 1 1 6 1 6 1 5 6 8 Jan. 1, 1951 iy8 5,373 J S u e n p e t. 1 1 5 5 , , 1 19 9 6 6 7 7 - - 7 7 2 2 3 . . . . . 2 2 } } 2 7 , , 7 9 1 6 6 7 F M e a b r . . . ... 5 57 7 , , 3 2 3 1 1 7 5 5 8 2 1 4 3 3 6 6 1 4 3 2 1 7 1 1 8 3 9 4 4 51 1 0 8 Dec. 15, 1967-723. .2; 11,689 Maturities and amounts outstanding March 31, 1950 Treasury notes Apr. 1, 1950 \% 3,596 Postal Savings Year of All Series Series Series Series July 1, 1951 IK 2,741 bonds 2H 110 maturity series D E F G Oct. 1, 1951 IK 1,918 Mar. 15, 1954 \% 4.675 1950 622 622 Mar. 15, 1955 W2 1,860 Panama Canal Loan. 3 50 1 1 9 95 5 2 1 3 1, , 5 9 5 6 7 6 443 3 1 , ,1 9 1 6 4 6 1953 6,779 5,530 198* ' * * i;65 i * * Treasury bonds Total direct issues 154,479 1 1 9 9 5 5 4 5. 8 7 , , 6 5 8 2 1 8 4 6 , ,1 9 8 4 4 1 5 5 0 3 3 3 2 1 , ,9 0 9 5 5 4 S S D e e e p p c t t . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 0 0 0 - - 5 5 2 2 2 .. . . . 1 2 2 * y 4 2 4 2 1 , , , 6 1 9 8 3 3 6 5 9 Guaranteed securities 1 1 1 9 9 9 5 5 5 7 6 8.. 5 5 5 , , , 3 6 5 5 4 4 1 1 8 2 3 2 , , , 5 0 7 5 6 0 6 7 0 4 6 2 8 1 6 9 2 8 2 2 2 , , , 1 3 3 6 8 0 2 0 6 June 15, 1951-542. .2% 1,627 Federal Housing Admin. 1959 5,730 3,429 292 2,009 Sept. 15, 1951-53... 2 7,986 Various 15 1960 3,741 839 468 2,434 1961 1,640 232 1,407 1962 572 81 492 1 Sold on discount basis. See table on Open-Market Money Rates, Unclassified. . -26 ;p. 448. 2 Partially tax exempt. 3 Restricted. Total... . 57,331 1,065 34,326 3,676 18,289 453 APRIL 1950 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 i ( n a s i g t n e n i c c e t g e u l s u u e ) r d a i d - r - - S i p ss e t u r c e u ia s s l t fun P d is s u s b u * l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e n o r k m ci s a - 2 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u ie e r - - s a c n r i c O a a d o t t t i r i h a o p o s e n o n s r s - s o 3 - g m S o l a o v t e n c a e n d a t r t e l n s - vi I d n u d a i- ls 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 ,737 66,369 2,645 26,000 3,900 9,200 5,400 900 18,400 1943—June 140,796 10,871 ,451 126,474 7,202 52,200 5,300 13,100 15,500 1,500 31,700 1 19 9 4 4 5 4 — — J j u un n e e 2 25 0 9 2 , , 1 6 1 2 5 6 1 18 4 , , 8 2 1 8 2 7 4 6, , 1 8 2 1 8 0 2 1 3 8 4 3 , , 1 5 7 2 5 9 2 1 1 4 , , 7 9 9 0 2 1 6 84 8 , , 2 4 0 0 0 0 9 7 , , 6 3 0 0 0 0 2 1 2 7 , , 7 3 0 0 0 0 3 2 0 5 , , 9 9 0 0 0 0 3 5 , , 2 30 0 0 0 4 59 6 , , 8 5 0 0 0 0 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—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 1950—Jan 256,892 33,502 5,481 217,909 17,827 67,600 11,500 20,600 22,600 8,100 69,700 1 Including the Postal Savings System. 2 Including holdings by banks in territories and insular possessions, which amounted to 300 million dollars on June 30, 1949. 3 Including savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. 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 i a o n u n t g t a d - l - G a t a c g r o i n u e e v d s n s t t - . B s F e R e a e r r e a n d v - l k - e s b C m c a o i n e a m k r l - s - 1 b s M t i a n u a n g v a u k s l - - s p I c a n a o n s n m c u i e e - r s - Other End of month s T t o i a o n u n t g t a d - l - G a t a c g r o i n u e e v d s n s t t - . B s F e R e a e r r e n a d v - l k - e s b C m c a o i n e a m k r l - s - 1 b M s i t a n u a n g v u a k s l - - s p I c a n a o n s n m c u i e e - r s - Other funds funds Type of Treasury bonds security: and notes, due or callable: To 1 1 1 ta 9 9 9 l 4 4 4 : 7 2 8 9 — — — D D D J J e e u u e c c n n c e e . . . . . . . . . . . 1 1 1 1 1 5 5 6 6 5 7 5 0 5 5 , , , , , 4 1 3 7 1 9 3 7 9 6 6 8 3 1 0 5 5 5 5 5 , , , , , 4 4 2 3 3 0 6 7 2 7 1 2 7 7 4 2 2 2 1 1 1 2 3 9 8 , , , , , 3 5 3 8 3 6 5 3 8 4 6 9 3 5 3 6 5 5 5 59 6 7 1 5 , , , , , 8 2 5 3 3 5 3 9 7 5 6 7 9 0 3 1 1 1 1 1 0 1 1 0 1 , , , , , 7 5 5 8 0 7 5 2 7 2 2 2 2 7 9 2 2 1 1 1 1 2 9 8 9 , , , , , 7 8 8 5 0 0 1 9 3 9 5 9 5 5 0• 4 4 4 4 4 2 2 1 2 4 , , , , , 6 7 7 1 0 3 7 6 5 8 7 9 3 4 7 Wi 1 1 1 t 9 h 9 9 4 i 4 4 n 7 9 8 — — — 1 N D D y J J e e o e u u c a c v n n r . e e : . . . . . . . . . . . 1 1 1 1 1 6 1 3 0 4 , , , , , 0 2 4 2 2 5 2 1 1 6 9 6 1 6 3 9 6 4 5 1 8 9 9 7 9 2 1 1 , , , 1 6 0 9 8 4 9 7 8 6 2 3 0 2 1 1 8 5 5 7 0 , , , . , 9 5 2 0 5 7 2 2 4 9 1 1 2 5 4 2 2 2 2 1 8 3 3 6 7 8 2 6 6 1 3 3 5 3 2 8 2 3 1 7 5 9 4 6 3 3 3 3 4 2 , , , , , 1 9 4 6 5 2 5 7 4 5 5 6 5 3 3 1950—Jan 154,847 5,357 17,82760,504 10,849 18,54441,766 Dec 14,319 36 878 9,014 238 468 3,685 Tre 1 a 9 s 4 u 7 r — y D bi e l c ls: 15,136 18 11,433 2,052 25 154 1,454 1950—Jan 14,319 31 867 8,983 227 464 3,747 1948—June.... 13,757 15 8,577 2,345 58 112 2,650 1949— D D J e e u c c ne.... 1 1 12 1 2 , , , 3 5 2 1 3 2 9 6 4 6 6 1 9 3 1 4 4 5 , . , 8 3 4 2 8 4 9 6 7 2 3 2 , , , 5 8 7 1 1 9 4 7 4 5 1 1 0 5 3 6 8 7 0 4 0 3 4 3 , , , 2 7 8 3 4 8 7 0 0 1— 1 1 9 9 5 4 4 7 8 y — — ea D D J rs u e e : n c c e 4 4 4 6 9 4 , , , 1 9 0 2 4 5 4 8 3 3 3 2 1 4 2 8 4 6 2 3 1 , , ,3 6 2 7 3 5 7 6 8 3 3 2 0 3 8 , , . 5 4 0 8 1 4 0 5 5 1 1 1 , , , 8 8 7 2 7 6 9 6 9 3 2 2 , , , 0 5 7 0 4 9 1 6 0 9 8 7 , , , 2 8 97 5 9 1 0 4 1950—Jan 12,331 56 3,755 4,122 42 90 4,266 1949—June.... 39,175 212 2,121 26,304 1,279 2,124 7,135 Certificates: Nov.. . . 33,049 186 1,658 22,759 1,090 1,589 5,767 1947—Dec 21,220 30 6,797 6,538 200 269 7,386 Dec 35,067 186 1,922 24,907 1,121 1,641 5,290 1948— D J e u c ne.... 2 2 2 6 , , 5 5 8 2 8 5 2 1 4 4 4 6 , , 6 0 1 7 6 8 8 9 , , 5 0 5 7 2 2 3 2 1 5 7 6 4 67 7 2 9 1 8 0 , , 6 4 1 2 0 3 1950—Jan 35,089 194 1,922 25,115 1,086 1,621 5,151 1949—June ... 29,427 26 6,857 9,561 207 602 12,174 Dec 29,636 48 6,27511,520 169 633 10,991 o~ 1 ~ 9 i 4 u 7 y — ea D r e s. c 10,270 370 426 6,090 576 880 1,928 1950—Jan 29,314 23 6,40911,287 159 600 10,836 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 1948—June 11,375 1,968 4,531 98 223 4,555 Nov... , 15,067 528 584 6,798 1,968 1,709 3,480 Dec... 7,131 "*7 791 3,099 84 166 2,984 Dec 18,537 568 1,388 6,995 2,640 2,230 4,716 1949— D J e u c ne.... 3 8 , , 5 2 9 4 6 9 4 1 7 5 3 56 5 2 9 5 1 , ,8 5 0 6 1 9 1 4 0 1 7 2 1 4 0 4 4 1 1, , 7 2 5 4 2 4 1950—Jan 18,537 576 1,364 7,047 2,662 2,211 4,677 1950—Jan 8,271 10 551 5,669 117 241 1,683 After 10 years: Treasury bonds: 1947—Dec 54,757 4,393 834 5,003 8,60618,21117,710 1947—Dec 117,863 5,173 2,85347,424 11,22622,21328,974 1948—June.... 53,838 4,685 2,921 3,922 8,63917,129 16,542 1948—June.... 112,462 5,336 6,20642,146 11,04720,88026,847 Dec 53,838 4,710 7,215 3,541 8,04815,23015,094 Dec... 111,440 5,34010,97740,371 10,48618,89125,375 1949—June 48,554 4,455 4,452 3,933 7,29314,17914,242 1949—June 110,426 5,201 7,78042,042 10,76818,31526,320 Nov.... 48,554 4,481 4,428 4,052 7,23813,985 14,370 Dec 104,758 5,217 7,21839,235 10,48017,57925,029 Dec 45,084 4,441 3,593 3,887 6,588 13,48513,090 1950—Jan 104,758 5,232 7,11239,409 10,53117,60724,867 1950—Jan 45,084 4,441 3,510 3,933 6,67313,55112,976 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings banks. 2 Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 454 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 oi dollars1 On basis of daily statements of United States Treeisury Cash operating income and outgo 3 Increase (+)or Generail fund of the Treasury (end of period) decrease v. —j during period Assets y m F e i o a s r n c a t o h l r c N e r i e e p - t ts B p t e u u e n r x d e d - g s i e - t s B ( d u + ( u e r ) f - d p i ) g c l o u i e t s r t c T e o a r t u c c u n - . s 1 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 i e r a n n a n c 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 e c a p p i i r a e o n i 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 ) g o e m s o r 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 42,211436,791 +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 J . 653 392 41,62840,577 + 1,051 1949—Mar. . 5,435 3,621 +1,814 -345 +87 -1,080 +476 5,767 6,123 1,482 2,924 L ,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 L,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 L,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 L,684 362 2,081 2,966 -885 Aug... 2,479 3,585 -1,106 +345 -133 +1,975 +1,081 4,418 4,767 610 2,513 L,644 349 3,150 3,715 -566 Sept.. 4,832 3,995 +837 -404 +20 +828 + 1,281 5,699 6,080 1,176 3,226 L,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 L.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 L,635 354 4,263 P4,061 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 3,595 ^3,537 P+58 Mar... 4,820 3,269 +1,551 -93 +122 -645 +935 6,121 6,438 1,006 3,665 1,766 317 DETAILS OF TREASURY RECEIPTS On basis of daily statements ofUnited States Treasury On basis of reports by collectors of internal revenue Income taxes Deduct Individual Corporation income Excise F o i r s c m al o y n e th ar b p W y l h o e i e y t l m e d h r - s - Other i r n e n c A v t e e e / e T o l r l i n u a n a u - s a e l S S ta r 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 6 l t - y c N e r i e e p - t ts W he it l h d - Other N su o a r r n t m d ax al E p o r a x t o n h c f e d e it s r s s t t a a g T a T n x i c t f s d e e t s m la o ta a i n t s x n h e c d e e o e s r u l- s Fiscal year: 1947 10,013 19,292 8,049 2,039 5,115 44,508 3,006 1,459 40,043 9,842 9,501 6,055 3,622 779 7,285 1948 11,436 19,735 8,301 2,396 4,231 46,099 2,272 1,616 42,211 11,534 9,464 9,852 323 899 7,412 1949 9,842 19,641 8,348 2,487 2,456 42,774 2,838 1,690 38,246 10,056 7,996 11,343 211 797 7,585 1949—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 1,816 739 221 7 48 541 Mar.... 774 3,655 701 364 128 5,622 573 229 4,820 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 a r l e I d n s e t t e b o r t n - f t I i i n 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 r A a a i t e d n n i 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 c o r n - n s s t s ts - Otherr 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 x r o n e p p o i e e g m r n n - i d c i Other ation Fiscal year: 1947 39,289 16,812 4,958 4,928 6,442 1,226 1,361 3,561 3,235 1,785 1,509 3,009 1,577 2,476 1948 * 36,791 11,499 5,211 4,143 6,317 78244,178 4,661 3,918 2,210 1,640 4 5,598 850 2,109 1949 37,057 12,158 5,339 3,011 6,791 2,661 916 6,181 3,722 1,479 2,252 1,992 832 3,000 1,646 1949—Mar 3,621 1,144 589 505 639 261 1 482 57 88 252 115 12 30 135 Apr 2,748 1,080 178 125 547 189 75 554 182 -92 235 103 9 403 196 May 2,822 1,011 125 272 584 438 30 362 592 18 233 120 38 282 132 June 4,579 1,210 1,570 524 517 161 19 578 270 392 254 504 385 77 253 July 3,434 1,042 322 478 489 64 413 626 489 199 243 100 24 93 Aug. 3,585 1,176 125 421 518 327 330 687 637 46 262 395 265 114 Sept 3,995 1,034 544 455 440 495 419 608 37 151 265 513 425 113 Oct 3,111 1,008 255 389 504 242 85 627 172 -92 232 114 6 129 Nov 3,127 1,065 306 353 540 212 7 645 562 13 256 97 9 82 Dec 3,722 1,102 1,008 347 515 311 -26 465 48 77 277 68 -25 60 1950—Tan 3,323 1,054 463 286 509 314 45 652 291 -29 295 121 -424 568 Feb 2,496 944 161 324 494 124 8 441 568 85 267 116 -746 909 Mar 3,269 636 P378 578 P127 11 P495 262 47 311 158 -844 999 v Preliminary. 'Revised. 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. APRIL 1950 455 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items 1 Liabilities, other than interagency items Bonds, notes, Corporation or agency Total Cash L c a r e o b e i a l v - e n - s m C p s t a l i u o o i n e p e m d d s - s , i , - - U.S I m n . v e e n O s t t s t - her L s e tu t a q a r r n u u n e d i c d s p - , , - O s a t e h s t - e s r t F g u a u u r n a l e d l r s y - d p e a b y e a n b - le 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 S t r - t - - . o v in P w a e t r t s n e i e t - r e l - y d m ri a a t l e s - G s ri e o t c i v e u t s - . s ri e t c ie u s - 2 ment an b te y ed Other U.S. All agencies: Mar. 31, 1949 22,324 47512,228 674 2,077 3,515 3,049 307 884 1,927 19,320 170 June 30, 1949 22,232 51411,770 1,140 2,004 3,508 2,946 351 865 1,487 19,682 172 Sept. 30, 1949 22,594 37911,720 1,596 2,069 3,501 2,933 396 856 1,074 20.460 177 Dec. 31, 1949 23,733 44112,733 1,549 2,047 3,492 2,962 509 772 1,720 21,030 183 Classification by agency, Dec. 31, 1949 Department of Agriculture: Farm Credit Administration: Banks for cooperatives. 368 298 3 78 270 19 Federal intermediate credit banks 546 437 6 490 52 Production credit corporations 63 22 1 63 Agricultural Marketing Act Revolving Fund 2 1 1 2 Federal Farm Mortgage Corp 57 52 2 55 Rural Electrification Administration 1,343 1,300 22 () 1,343 Commodity Credit Corporation 3,212 1,612 1,376 157 10 997 2,205 Farmers' Home Administration 4 405 259 57 5 400 Federal Crop Insurance Corp 36 6 6 31 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 734 433 275 204 270 96 163 Federal Savings and Loan Insurance Corp. 219 214 6 213 Home Owners' Loan Corp 252 230 13 238 Public Housing Administration 5 1,693 296 1,352 16 1,677 Federal Housing Administration 272 20 188 1 184 73 Federal National Mortgage Association 833 828 10 824 Reconstruction Finance Corporation: Assets held for U. S. Treasury 6 817 2 610 817 Other? 1,025 890 2 70 955 Export-Import Bank 2,203 2,179 101 2,102 Federal Deposit Insurance Corp 1,212 1,205 1,204 Federal Works Agency. 167 90 68 161 Tennessee Valley Authority 865 830 853 All other « 7,407 118 3,806 3,385 42 7,396 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Dec. 31, 1949 Purpose of loan M F C F a o e o r d r m r p . t. . b c i m F n r a a e e e t n t e d d d e k r i i . - s - t B f o t o a p i r v n e e k r c s a o s - - m C C C r o o o e d 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 C O L e o o o w r m r s a n p ' n - e . P H A u i o d n b u m g l s i . - c b h F l a o o e n a m d k n . e s R s n C t t e a F o r i c n o u i r o - n c 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 S g e 1 e p 9 a n 4 t l . c l 9 3 i , e 0 s , To aid asriculture 60 437 302 1,729 1,301 523 (3) 9 4,362 3,616 To aid home owners 231 (3) 168 853 1,251 1,123 To aid industry: Railroads 112 3 114 120 Other 1 427 33 462 407 To aid financial institutions: Banks . ... (3) 4 4 4 Other 433 8 442 347 Foreign loans 154 " 2 *, i873',750 6,090 6,090 Other 297 88 99 484 494 Less: Reserve for losses 8 (3) 5 116 1 264 1 2 67 7 5 476 481 Total loans receivable (net)... 52 437 298 1,612 1,300 259 230 296 433 891 2,179 4,745 12,733 11,720 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 Dec. 31, 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. 456 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] Year or month Tota In 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 r a o r - - c o l a t u d 1 u n m u r 0 u N 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 C 9 l a 2 r o c d 3 n o e - s R n d 2 d t t t e i e 5 r r a u n s a l ( i - c = c - v t t a i s 1 o lu 0 n o e A 0 th ) l 2 e l r N t a c u g u o r r l a n E - i- l - 1 m 9 p 3 l 9 o y F = m a 1 c e 0 t n o 0 t r 3 y 1 r 9 F p t o 1 3 o a a l 0 9 l c r y s 0 y - - 3 = c 1 F a 9 i = r n r 3 e l g 5 1 o i s g 0 - a * 3 0 h d 9 - t 1 D 9 u m s = s ( e e 3 v t a p o ) e a 5 1 l * a e l n r 0 - - e s r t 3 4 0 t 9 - 1 s p 9 u = C r 3 i m o c 1 5 e n e 0 - s - r 3 0 s 3 9 ' W p m = c 1 r s i h o o 9 a c 1 o m 2 d l e 0 e l 6 i s - e 0 t 3 y 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 93J7 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 P176 J>202 P168 P135 211 192 226 P142.0 P141.6 116 285 169 1 155 0 1948 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 A 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 ••284 169.0 158.1 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 8 320 9 92 276 168 5 152 2 November 173 174 181 177 141 265 256 273 139.9 136.5 137.8 '313.9 117 277 168.6 151.6 December.... 179 178 '203 176 132 262 255 268 141.0 139.0 140.4 '330.1 115 293 167.5 151.2 1950 January 183 179 209 179 130 242 245 239 140.6 140.3 139.9 329 7 117 282 166 9 151 5 February P180 P176 P207 P1 79 P250 P254 P139.6 P140.3 ^140.1 <530.4 104 P279 166.5 152.7 * Average per working day. e Estimated. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 458-461. For points in total index, by major groups, see p. 480. 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. 465. 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. 467-470. 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. APRIL 1950 457 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) fTndex numbers of the Board of Governors. 1935-39 average—100) 1949 1950 Industry Feb Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Industrial Production*—Total 189 184 179 174 169 161 170 174 166 173 r179 183 P180 Manufactures-—-Total (96 193 184 179 175 168 178 184 176 179 188 192 P191 Durable Manufactures 225 223 212 201 194 185 193 199 175 '181 '203 209 P207 Ivofi and Steel * . . . . .. . 232 233 219 204 177 156 178 179 102 145 201 r203 201 Pig iron .. . 220 221 217 209 189 158 170 171 23 107 198 201 175 Steel 267 264 240 218 182 162 191 193 38 137 239 244 238 199 202 196 187 167 148 165 168 21 105 194 192 181 Electric 755 706 551 438 293 259 376 373 162 359 557 612 639 262 252 240 232 225 217 216 224 226 217 227 228 P237 Transportation Equipment ... 241 240 235 220 240 249 246 252 238 '206 243 P212 Automobiles (including parts) . 206 204 203 184 211 225 225 231 216 175 '181 226 P\S6 (Aircraft; Railroad Equipment; Shipbuilding—Private and Government)2 Nonferrous Metals and Products 185 183 167 145 133 127 141 157 164 163 165 179 P182 Smelting and refining . . 200 210 209 200 193 180 174 175 167 169 174 191 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 2 ...: Fabricating 180 172 151 123 108 105 128 150 162 161 162 174 ^175 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products 123 129 126 126 123 115 126 132 133 147 Til* 144 P150 Lumber < 107 119 118 120 114 104 115 119 116 139 153 132 138 154 150 144 139 139 136 148 158 165 163 170 167 Stone, Clay, and Glass Products 202 195 189 185 186 185 183 183 184 183 187 192 P193 179 173 172 181 193 202 192 184 193 184 182 193 P195 Glass containers 184 178 179 189 206 223 204 195 204 193 190 206 208 Cement . 222 208 213 196 195 190 183 189 182 191 206 207 211 176 171 164 157 152 140 145 146 146 147 150 159 P!56 Other stone and clay products2 Nondurable Manufactures 173 168 162 161 161 154 165 173 177 177 176 179 P179 Textiles and Products 157 142 129 123 126 120 140 155 169 175 173 178 vl74 Textile fabrics 142 130 119 114 116 107 127 140 153 157 154 160 p\51 Cotton consumption 125 120 111 103 105 87 111 127 134 138 134 144 144 N Ra y y lo o n n a d n e d li v s e il r k ie c s onsumption 2 305 275 240 214 217 238 259 294 318 340 350 '355 356 Wool textiles 143 122 112 118 120 109 134 139 161 158 '151 153 Carpet wool consumption 214 198 171 163 127 91 141 148 178 186 193 214 Apparel wool consumption 130 107 92 99 110 109 134 138 158 140 136 147 Wool and worsted yarn 121 !05 97 106 115 108 129 135 154 144 133 129 Woolen yarn 118 100 101 112 118 113 132 128 141 135 119 117 126 92 98 111 102 126 145 174 158 153 147 Woolen and worsted cloth 141 113 107 116 126 118 136 140 163 166 159 155 Leather and Products 113 tl3 106 101 105 96 110 115 108 97 101 108 P113 Leather tanning 107 99 96 95 97 84 91 100 98 92 99 96 C Ca a l t f t le a n h d i d k e i p l e l a e t a h t e h r e s rs 1 8 2 5 2 tio 1 7 0 4 8 1 7 0 6 9 11 7 0 5 9 5 8 5 1 6 0 9 4 . 11 7 2 7 1 8 0 1 6 10 7 0 7 1 ' 1 8 1 8 1 8 0 6 3 G Sh 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 ers . . . 8 8 6 9 8 97 0 08 8 7 0 6 6 7 9 9 8 7 0 9 7 7 1 0 7 7 2 8 8 8 4 7 8 9 5 3 8 8 0 6 7 7 8 6 8 8 5 0 Shoes 117 123 113 105 110 104 123 125 115 101 103 116 P\23 162 162 162 163 165 161 166 167 165 r160 161 vl62 Wheat flour 127 113 103 105 120 112 109 110 111 110 105 114 P113 Cane sugar meltings 2 Manufactured dairy products 145 150 154 153 151 151 152 151 146 147 148 148 149 Butter 80 86 88 86 81 78 82 86 83 86 85 85 Cheese 190 188 199 189 176 171 171 167 162 176 183 '185 179 C Ic a e n c n r e e d a m a n 2 d dried milk 130 146 161 166 167 173 172 158 140 135 142 135 144 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. 458 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Con tinned (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average=100] 1949 1950 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Dec, Jan. Feb. Manufactured Food Products—Continued Meat packing 156 153 145 137 141 150 153 158 155 154 157 154 151 Pork and lard , 172 167 160 146 150 164 168 181 184 183 185 174 168 Beef 154 155 145 144 144 147 148 146 133 132 137 146 146 Veal 112 111 106 101 114 127 139 134 129 133 125 108 105 Lamb and mutton. 87 71 55 58 68 77 80 83 85 81 86 85 77 Other manufactured foods 169 170 171 173 175 168 174 176 175 168 167 '168 P171 Processed fruits and vegetables. 136 154 155 156 173 139 151 137 149 134 132 Confectionery 136 133 123 126 116 108 134 142 132 127 140 Other food products 183 181 183 185 185 185 187 191 189 183 181 180 Alcoholic Beverages 177 187 164 174 169 165 172 174 167 187 173 169 158 Malt liquor 156 176 152 163 161 171 169 166 143 171 172 170 159 Whiskey 118 106 91 84 60 42 44 69 72 77 83 88 77 Other distilled spirits. 294 249 271 285 277 200 292 182 194 149 228 259 214 Rectified liquors 283 295 247 270 267 246 257 314 369 390 240 205 204 Tobacco Products. 160 172 162 170 172 146 178 175 165 169 149 162 162 Cigars. 100 99 98 98 117 101 111 125 123 120 88 97 102 Cigarettes 220 241 224 236 233 196 242 231 217 226 205 224 222 Other tobacco products. 66 68 65 71 69 61 78 76 72 67 66 69 67 Paper and Paper Products. 158 151 146 144 143 129 155 169 176 177 167 179 179 Paper and pulp 154 147 141 139 138 126 148 160 168 168 160 171 172 Pulp 183 175 166 165 159 147 171 179 192 191 180 198 201 Groundwood pulp 96 95 88 90 94 99 99 104 104 91 98 93 98 Soda pulp 108 106 100 97 80 87 99 102 112 113 107 118 117 Sulphate pulp 309 291 274 273 275 256 302 315 340 336 312 '354 360 Sulphite pulp 145 142 135 135 122 104 124 133 144 145 138 148 149 Paper 149 143 138 135 134 122 144 157 164 165 157 ••167 167 Paperboard 174 163 162 162 164 142 184 203 206 210 193 209 205 Fine paper 2 Printing paper 158 155 151 149 142 133 150 161 168 167 166 167 168 Tissue and absorbent paper 157 160 152 142 139 141 144 157 170 168 161 175 169 Wrapping paper 147 138 123 115 117 109 123 136 150 150 145 155 162 Newsprint 98 99 97 104 105 106 101 96 96 94 94 98 98 Paperboard containers (same as Paperboard). Printing and Publishing. 153 153 152 155 149 144 151 159 165 160 159 163 169 Newsprint consumption 149 151 154 161 156 156 151 156 162 153 152 159 169 Printing paper (same as shown under Paper). Petroleum and Coal Products. 221 213 209 207 202 198 203 208 198 205 '219 211 Petroleum refining2 Gasoline 170 169 170 177 177 178 177 179 180 177 180 176 P170 Fuel oil 194 186 169 166 154 159 168 182 182 190 192 Lubricating oil 150 138 126 128 145 132 131 142 152 152 153 149 Kerosene. 176 167 157 138 140 142 142 160 177 177 198 207 Other petroleum products2. Coke 185 178 182 175 159 139 146 145 102 158 154 By-product coke 176 173 173 169 158 143 150 149 104 161 156 Beehive coke 504 319 477 385 202 18 33 23 23 58 69 Chemical Products. 250 245 237 234 233 228 229 236 240 243 246 P248 Paints 143 139 139 135 134 133 137 139 143 143 141 P147 Rayon 309 300 265 259 249 252 257 276 294 '316 -335 349 '355 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 2 435 427 417 406 404 392 388 405 414 417 -423 P426 Rubber Products... 188 182 177 178 178 175 178 202 192 '187 192 194 P196 Minerals —Total. 149 136 148 145 133 123 129 119 112 141 132 130 117 Fuels 155 137 148 149 135 126 134 122 120 152 136 133 '118 Coal 129 85 133 136 99 83 102 58 49 130 95 91 43 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. 14 7 2 4 1 9 5 6 3 2 3 1 8 4 8 4 1 1 1 0 5 4 5 5 4 1 1 7 5 0 8 3 4 1 9 8 4 3 0 7 1 1 8 0 4 2 8 9 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 5 0 3 7 3 9 6 6 9 3 6 8 5 168 156 154 '154 Metals 129 126 124 105 102 98 59 76 106 Metals other than gold and silver. 113 184 145 176 175 144 140 133 63 91 •141 116 P117 I (C ro o n p p o e r r e ; Lead; Zinc)2 161 210 P160 •160 Gold Silver For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. 459 APRIL 1950 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] 1949 1950 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Industrial Production—Total. 185 181 177 174 170 163 174 179 169 174 178 179 P176 Manufacturers—Total 193 190 183 179 176 169 181 189 179 180 r186 189 P188 Durable Manufactures 223 221 212 202 195 186 194 200 176 181 201 206 Iron and Steell 232 233 204 177 156 178 179 102 145 201 '203 201 Pig iron 220 221 217 209 189 158 170 171 23 107 198 201 175 Steel O . pen hearth. 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 4 6 8 2 1 1 6 9 5 1 1 16 9 8 3 38 1 1 3 0 7 5 2 1 3 9 9 4 2 1 4 9 4 2 2 1 3 8 8 1 Electric 755 706 551 438 293 259 376 373 21 359 557 612 639 Machinery 262 252 240 232 225 217 216 224 162 217 227 228 P237 Transportation Equipment. 241 240 235 220 240 249 246 252 226 r206 '211 243 P212 Automobiles (including parts) 206 204 203 184 225 238 '175 -181 226 P186 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)2 ' Nonferrous Metals and Products 185 183 167 145 133 127 141 157 164 166 179 P182 Smelting and refining 200 210 209 200 192 179 174 175 167 170 175 191 P200 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2. . Fabricating 180 172 123 108 105 128 150 162 161 162 174 P175 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products 115 124 126 129 129 134 138 144 145 130 P!37 Lumber.. . 96 110 116 124 124 113 126 132 125 134 132 111 Furniture. 154 150 144 139 139 136 148 158 165 163 170 P173 Stone, Clay, and Glass Products.. 187 185 186 190 188 187 190 191 193 188 181 181 P180 Glass products 175 173 172 190 191 196 197 188 197 186 172 190 P191 Glass containers 179 178 179 202 204 214 212 199 210 195 177 201 202 Cement 168 171 202 206 209 209 207 219 211 206 187 168 160 Clay products 166 163 160 156 151 140 149 151 154 153 154 148 P148 Other stone and clay products 2. . . Nondurable Manufactures... 168 164 159 160 161 156 170 179 181 178 175 175 P174 Textiles and Products 157 142 129 123 126 120 140 155 169 175 173 178 P174 Textile fabrics 142 130 119 114 116 107 127 140 153 157 154 160 P!57 Cotton consumption 125 120 111 103 105 87 111 127 134 138 134 144 144 Rayon deliveries 305 275 240 214 217 238 259 294 318 340 350 •355 356 Nylon and silk consumption 2.. . . Wool textiles 143 122 112 118 120 109 134 139 161 158 •151 153 Carpet wool consumption. ...... 214 198 171 163 127 91 141 148 178 186 193 214 Apparel wool consumption... 130 107 92 99 110 109 134 138 158 140 136 147 Woolen and worsted yarn. . . 121 105 97 106 115 108 129 135 154 144 "133 129 Woolen yarn 118 100 101 112 118 113 132 128 141 135 -119 117 Worsted yarn 126 112 92 98 111 102 126 145 174 158 153 147 Woolen and worsted cloth. 141 113 107 116 126 118 136 140 163 166 159 155 Leather and Products. 116 113 106 104 94 110 114 98 101 108 P116 Leather tanning 115 99 96 95 95 80 90 98 99 95 99 96 Cattle hide leathers........ 131 110 108 109 105 92 101 110 107 105 ^111 106 Calf and kip leathers 89 79 72 73 76 55 72 76 S3 78 '86 85 Goat and kid leathers 93 89 83 78 81 70 70 84 85 77 79 85 Sheep and lamb leathers 95 76 75 75 78 65 81 86 93 91 72 74 Shoes 117 123 113 105 104 123 103 116 P123 110 125 115 101 Manufactured Food Products 146 145 148 156 172 189 -156 149 P!46 165 190 177 162 Wheat flour 128 99 101 111 108 104 114 P114 Cane sugar meltings 2 115 120 118 111 Manufactured dairy products.. 104 124 160 203 223 222 197 159 121 97 96 95 107 Butter. 71 78 89 111 112 96 90 83 72 65 67 71 75 Cheese... 156 170 207 253 250 210 191 171 146 132 132 137 .147 Canned and dried milk . .. 117 143 182 230 230 201 177 146 113 97 109 109 Ice cream 2 v 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. 460 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] 1949 1950 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Manufactured Food Products—Continued Meat packing 149 141 134 138 139 140 134 145 155 172 186 183 144 Pork and lard 169 155 146 146 150 144 129 143 173 214 244 229 165 Beef 141 141 136 144 142 149 149 158 145 137 137 149 135 Veal 99 104 104 105 114 127 136 148 147 142 118 100 92 Lamb and mutton... 87 70 53 59 63 74 78 89 81 84 90 78 Other manufactured foods 153 151 152 157 165 176 203 207 194 175 165 P155 Processed fruits and vegetables . 86 85 94 102 133 181 287 267 193 123 103 92 Confectionery 137 123 102 97 86 89 144 184 172 150 141 Other food products 174 173 176 181 187 189 191 195 198 193 185 173' M74 Alcoholic Beverages. 159 173 163 182 190 188 179 179 180 171 151 143 142 Malt liquor 141 163 160 186 203 213 192 168 133 132 138 139 144 Whiskey 118 106 91 84 60 42 44 69 72 77 83 88 77 Other distilled spirits. . . 176 162 162 171 172 116 158 249 503 312 250 168 128 Rectified liquors 283 295 247 270 267 246 257 314 390 240 205 204 Tobacco Products. 153 163 153 170 179 152 184 185 171 172 138 162 154 Cigars 100 99 98 98 117 101 111 125 123 120 97 102 Cigarettes 207 224 209 236 245 206 254 247 225 231 188 224 209 Other tobacco products. 64 68 65 71 71 61 75 81 77 69 58 68 65 Paper and Paper Products.... 158 151 146 144 143 128 155 169 176 177 167 '178 179 Paper and pulp 154 148 142 139 138 125 148 160 168 168 160 171 172 Pulp 183 176 167 166 159 145 169 177 191 191 180 198 201 Groundwood pulp 100 102 97 98 95 88 87 93 97 97 99 97 102 Soda pulp 108 106 100 97 80 87 99 102 112 113 107 118 117 Sulphate pulp 309 291 274 273 275 256 302 315 340 336 312 '354 360 Sulphite pulp 145 142 135 135 122 104 124 133 144 145 138 148 149 Paper 150 143 138 135 135 122 144 157 164 165 157 166 168 Paper board 174 163 162 162 164 142 184 203 206 210 193 209 205 Fine paper 2 Printing paper 158 155 151 149 142 133 150 161 168 167 166 167 168 Tissue and absorbent paper 163 160 153 142 141 136 144 157 172 168 156 173 176 Wrapping paper 147 138 123 115 117 109 123 136 150 150 145 155 162 Newsprint 98 99 99 105 106 104 100 96 96 95 92 98 98 Paperboard containers (same as Paperboard) Printing and Publishing 152 156 157 158 148 133 143 159 169 167 162 '157 167 Newsprint consumption 146 157 163 168 155 134 136 157 171 167 159 147 166 Printing paper (same as shown under Paper) Petroleum and Coal Products. . . 213 207 202 198 203 r219 211 P198 Petroleum refining 2 Gasoline 170 169 170 177 177 178 177 179 180 177 180 176 Fuel oil 194 186 169 166 154 159 168 180 182 182 190 192 Lubricating oil 148 136 132 133 145 131 129 142 152 152 151 145 Kerosene 185 170 160 140 132 132 136 159 177 182 204 212 Other petroleum products 2 Coke 185 178 182 175 159 139 146 145 102 158 154 By-product coke 176 173 173 169 158 143 150 149 104 161 156 Beehive coke 504 319 477 385 202 18 33 23 23 58 69 Chemical Products 251 248 239 233 230 225 226 238 247 Paints 141 139 140 139 138 132 135 138 143 141 141 141 P146 Rayon 309 300 265 259 249 252 257 276 294 r3l6 r335 349 Industrial chemicals. 435 427 417 406 404 392 388 405 414 417 '423 421 Other chemical products 2 Rubber Products.. . 188 182 177 178 178 175 178 202 192 r187 '192 194 vl96 Minerals— Total. 143 131 146 148 137 128 134 123 112 141 128 125 P112 Fuels 155 137 149 135 126 134 122 120 152 136 133 P118 Coal 129 85 133 136 99 83 102 58 49 130 95 91 43 Bituminous coal.. 142 93 144 144 104 80 108 60 31 133 103 96 38 Anthracite 74 52 105 78 93 82 50 118 117 63 69 65 Crude petroleum 168 163 156 155 153 147 149 154 156 163 157 154 P154 Metals 76 93 134 142 150 140 135 128 63 76 81 v80 P80 Metals other than gold and silver. 101 126 194 207 222 204 196 179 64 87 98 P98 P99 Iron ore 81 110 260 302 340 324 305 267 18 54 72 71 64 (Copper; Lead; Zinc)2 Gold Silver.. For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. 461 APRIL 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] 1949 1950 Industry group or industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total.... 12,093 11,924 11,746 11,535 11,459 11,378 11,439 11,578 11,188 11,180 11,389 11,493 11,497 Durable goods 6,508 6,392 6,260 6,092 6,041 5,978 5,985 6,046 5,620 '5,690 '5,903 5,995 5,981 Primary metal industries 1,072 1,057 1,028 1,001 976 948 937 938 556 '739 '943 955 964 Fabricated metal products 745 722 702 690 686 688 698 708 674 663 678 686 694 Machinery except electrical... 1,127 1,102 1,061 1,009 972 948 936 940 927 913 '924 931 952 Electrical machinery 601 579 560 543 521 521 517 534 543 538 r55C 554 570 Transportation equipment 1,021 1,017 1,009 958 998 1,014 1,012 1,010 983 898 '890 990 914 Lumber and wood products 668 666 666 672 679 669 669 677 686 692 '686 652 649 Furniture and fixtures 275 271 269 264 261 261 266 276 280 279 285 286 292 Stone, clay, and glass products 431 423 416 416 407 406 410 412 409 409 '410 405 405 Instruments and related products 184 182 181 178 178 176 170 171 172 172 170 172 172 Miscellaneous manufacturing industries 361 350 345 340 342 328 352 362 372 370 '350 347 352 Ordnance and accessories 23 23 23 21 21 19 18 18 18 17 17 17 17 Nondurable goods 5,585 5,532 5,486 5,443 5,418 5,400 5,454 5,532 5,568 5,490 '5,486 5,498 5,516 Textile-mill products 1,172 1,133 1,095 1,092 1,083 1,096 1,114 1,143 1,168 1,172 1,169 1,164 1,165 Apparel and other finished textiles . 1,024 1,020 1,029 1,001 999 992 1,030 1,061 1,051 1,023 1,022 1,026 1,038 Leather and leather products.. 352 351 348 344 348 349 354 352 347 330 '339 345 351 Food and kindred products 1,175 1,176 1,180 1,189 1,186 1,175 1,165 1,173 1,180 1,149 1,145 1,160 1,166 Tobacco manufactures ... . 88 88 86 88 89 88 88 87 84 84 '85 85 81 Paper and allied products 387 382 377 376 373 374 375 386 390 389 384 381 380 Printing, publishing and allied 1 industries 495 496 497 496 496 492 491 497 495 r495 495 492 487 Chemicals and allied products. 505 503 493 481 473 467 470 480 483 478 477 473 478 Products of petroleum and coal 191 190 191 188 187 185 185 186 185 188 187 187 186 Rubber products 196 193 190 188 184 182 182 167 185 182 183 185 184 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 12,074 11,904 11,616 11,324 11,337 11,211 11,561 11,775 11,368 11,289 11,502 11,460 11,475 Durable goods 6,523 6,417 6,262 6,057 6,022 5,894 5,947 6,060 5,651 '5,719 '5,957 6,007 5,995 Primary Metal Industries 1,077 1,062 1,028 991 971 934 932 938 559 '743 '952 960 969 Blast furnaces, steel works and rolling mills 553 552 545 534 523 506 498 499 131 '325 '504 508 Nonf errous smelting and refining, primary 46 47 47 45 45 42 41 42 39 38 41 43 Nonf errous rolling, drawing and alloying 82 78 71 67 64 62 64 67 70 63 73 74 Fabricated Metal Products . 752 729 706 683 679 671 688 708 677 666 688 693 701 Cutlery, hand tools and hardware 128 125 121 117 114 109 111 114 116 116 119 121 Heating apparatus and plum bers' supplies... 112 108 103 97 94 92 100 110 116 113 111 108 Fabricated structural metal products 163 160 157 156 156 155 155 156 129 134 142 141 Machinery except Electrical. . 1,133 1,108 1,066 1,014 977 939 927 935 922 908 '929 936 957 Agricultural machinery and trEiotors 154 153 151 148 145 140 140 140 128 125 131 134 Metalworking machinery 175 171 167 161 156 150 147 149 148 146 '146 147 Special-industry machinery 149 146 140 135 129 124 123 122 119 117 117 117 Service-industry and household machines 137 135 127 108 105 99 98 102 108 109 119 124 Electrical Machinery 607 585 560 538 518 505 507 531 548 546 '558 560 576 Electrical apparatus (gen- 233 227 220 209 200 196 197 201 203 202 '201 206 Communication equipment. 207 196 189 185 181 176 173 182 193 200 202 Transportation Equipment. . . 1,021 1,017 1,012 955 995 1,014 998 1,017 986 898 '896 990 914 Motor vehicles and equipment 649 646 649 601 646 670 678 686 666 582 585 687 Aircraft and Darts 190 192 192 187 187 192 185 191 188 184 184 185 *S »hil iVp-i C 4>aA i. nOd>X AVb4. oJ^aUAt l»b>3 u.il.d.i.n.g. .a..nd repairing 100 98 93 92 88 86 80 74 69 '71 69 66 Lumber and wood products 655 659 659 672 686 676 686 684 689 692 '683 642 636 Sawmills and planing mills.. 380 385 389 399 410 407 415 416 414 r413 404 381 Millwork, plywood, etc... 95 94 94 92 94 92 95 95 98 101 102 102 Furniture and fixtures 278 274 268 259 257 253 263 277 284 283 289 289 295 Household furniture 198 195 191 183 181 179 187 199 206 207 211 212 Stone, Clay, and Glass Products 429 423 416 414 409 400 412 414 411 411 '412 403 403 Glass and glass products 110 107 105 106 105 101 107 107 108 108 107 106 Structural clay products. 75 73 73 73 73 72 72 72 71 70 71 68 Instruments and Related Products. 185 183 181 177 176 170 169 172 174 174 17 3 172 173 Miscellaneous Manufacturing Industries 363 354 343 333 333 313 347 366 383 381 '360 345 354 Ordnance and Accessories 23 23 23 21 21 19 18 18 18 17 17 17 17 ' Revised. NOTE.—Factory employment covers production and related workers only; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for February 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. 462 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] 1949 1950 Industry group or industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Nondurable goods... 5,551 5,487 5,354 5,267 5,315 5,317 5,614 5,715 5,717 5,570 '5,545 5,453 5,480 Textile-mill Products 1,190 1,150 1,100 1,087 1,083 1,058 1,092 1,132 1,168 1,184 1,187 1,176 1,182 Yarn and thread mills 150 144 134 133 132 127 133 140 144 147 149 149 Broad-woven fabric mills 582 558 530 526 525 518 530 547 565 572 574 567 Knitting mills 214 211 207 202 203 200 211 219 227 230 227 223 Apparel and Other Finished Textiles 1,055 1,051 1,008 956 959 942 1,040 1,082 1,083'1,028'1,042 1,036 1,069 Men's and boys' suits, coats and overcoats 139 137 134 118 122 116 131 133 129 '118 127 129 Men's and boys' furnishings 241 242 241 239 236 221 235 246 252 251 248 243 Women's and misses' outerwear 324 318 289 257 258 263 306 319 308 '280 >"297 304 Leather and Leather Products 359 358 348 332 339 342 356 354 349 332 r342 348 358 Footwear (except rubber) 235 234 228 216 223 226 234 230 224 '208 '223 232 Food and Kindred Products 1,073 1,069 1,071 1,095 1,153 1,224 1,350 1,340 1,273r1,185'1,139 1,078 1,064 Meat products 231 226 217 221 226 227 229 230 236 r242 ns\ 244 Dairy products 100 103 108 115 122 122 116 110 104 99 95 Canning and preserving 108 110 125 131 169 220 339 322 232 160 96 117 Bakery products 189 185 186 188 192 191 194 196 199 195 136 186 Beverage industries 145 149 140 148 152 169 165 157 149 146 190 135 141 Tobacco Manufactures 85 82 82 82 91 94 92 89 '87 81 Paper and Allied Products 391 386 377 372 369 365 371 384 392 393 390 385 384 Pulp, paper and paperboard mills 204 201 196 194 192 188 191 197 200 201 200 199 Printing, Publishing and Allied Industries 497 496 495 494 494 485 486 495 500 r500 502 494 489 Newspapers 137 139 140 141 142 141 141 144 144 145 146 143 Commercial printing 166 164 163 162 164 162 161 162 166 165 168 167 Chemicals and Allied Products 513 511 495 476 464 453 458 478 485 484 480 485 Industrial inorganic chemicals 55 55 53 53 52 51 50 50 52 51 52 51 Industrial organic chemicals 162 157 148 142 139 136 135 140 141 143 144 144 Drugs and medicines 62 61 61 60 60 59 60 61 62 62 62 62 Products of Petroleum and Coal 188 187 188 188 189 189 190 189 185 r188 185 184 183 Petroleum refining 150 149 149 149 150 150 150 149 148 148 146 145 Rubber; Products 197 194 190 185 181 177 180 167 187 r186 187 187 185 Tires and inner tubes 89 89 87 86 82 81 64 81 81 82 83 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 Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Manufacturing—Total. . 55.20 '56.18 56.33 56.37 39.4 '39.9 39.7 39.7 1.401 1.408 1.419 1.420 Durable goods 58.49 '59.15 59.44 59.43 39.9 40.1 40.0 40.1 1.4&6 1.475 1.486 1.482 Primary metal industries 63.16 '62.88 63.83 64.68 39.8 39.4 39.5 40.1 1.587 1.596 1.616 1.613 Fabricated metal products 57.72 59.62 59.93 59.72 39.7 40.5 40.3 40.3 1.454 1.472 1.487 1.482 Machinery except electrical 61.57 61.26 61.22 62.78 40.4 39.7 39.6 40.5 1.524 1.543 1.546 1.550 Electrical machinery 57.02 '58.44 58.56 58.77 39.6 '40.5 40.5 40.5 1.440 •1.443 1.446 1.451 Transportation equipment 65.79 '65.15 67.91 64.16 39.8 '38.8 40.3 38.7 1.653 1.679 1.685 1.658 Lumber and wood products 48.03 '52.66 48.18 49.90 39.5 '41.3 39.3 39.6 1.216 •1.275 1.226 1.260 Furniture and fixtures 48.99 52.46 51.25 52.58 39.8 42.1 41.2 41.8 1.231 1.246 1.244 1.258 Stone, clay, and glass products 55.02 '55.65 55.52 56.24 40.4 '40.3 40.0 40.4 1.362 1.381 1.388 1.392 Instruments and related products 55.28 57.02 56.49 57.04 39.8 40.1 39.7 40.0 1.389 1.422 1.423 1.426 Miscellaneous manufacturing industries. 50.86 '52.32 51.66 51.55 40.3 '41.0 40.3 40.4 1.262 •1.276 1.282 1.276 Ordnance and accessories 59.22 60.85 60.70 60.11 41.3 40.7 40.2 40.1 1.434 1.495 1.510 1.499 Nondurable goods 51.33 52.73 52.82 53.27 38.8 39.5 39.3 39.4 1.323 1.335 1.344 1.352 Textile-mill products 45.01 47.64 47.40 47.68 37.7 39.8 39.4 39.5 1.194 1.197 1.203 1.207 Apparel and other finished products.. . . 43.87 '42.05 42.84 44.93 36.2 '36.0 36.0 36.8 1.212 '1.168 1.190 1.221 Leather and leather products 42.83 '42.07 42.86 44.16 37.7 '37.1 37.7 38.3 1.136 1.134 1.137 1.153 Food and kindred products 53.07 r54.70 55.02 53.96 41.3 41.5 41.4 40.6 1.285 r1.318 1.329 1.329 Tobacco manufactures 34.94 '38.93 39.22 39.55 35.4 38.2 38.0 37.1 .987 1.019 1.032 1.066 Paper and allied products 54.84 '57.99 57.52 57.75 41.2 42.8 42.2 42.4 1.331 1.355 1.363 1.362 Printing, publishing and allied industries 68.32 '72.54 70.43 70.67 38.6 39.4 38.4 38.2 1.770 1.841 1.834 1.850 Chemicals and allied products 57.81 59.78 59.97 60.13 41.0 41.6 41.3 41.1 1.410 1.437 1.452 1.463 Products of petroleum and coal 70.82 '71.70 73.97 73.22 39.9 '39.9 40.8 40.7 1.775 1.797 1.813 1.799 Rubber products 56.55 '59.19 60.56 61.48 37.7 '39.2 39.4 40.0 1.500 1.510 1.537 1.537 r Revised. NOTE.—Data are for production and related workers, Figures for February 1950 are preliminary. Back data are available from the Bureau of Labor Statistics. APRIL 1950 463 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 a li n c d Trade i Finance Service i 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 43,006 14,147 932 2,156 3,979 9,438 1,762 4,782 5,811 SEASONALLY ADJUSTED 1949—February 43,657 14,671 995 2,164 4,059 9,465 1,744 4,784 5,775 March 43,445 14,501 987 2,140 4,008 9,497 1,749 4,792 5,771 April 43,263 14,316 987 2,121 4,008 9,516 1,748 4,792 5,775 May 43,027 14,095 975 2,116 4,024 9,475 1,754 4,804 5,784 June .. 42 896 14,007 965 2,100 4,003 9,456 1,756 4,786 5 823 July 42,711 13,917 936 2,128 3,968 9,383 1,754 4,779 5,846 August 42,864 13,979 949 2,167 3,947 9,420 1,762 4,788 5,852 September. 43 068 14,108 943 2,188 3,939 9,453 1,780 4,785 5,872 October 42,163 13,706 591 2,203 3,877 9,386 1,785 4,770 5,845 November '42,385 '13,695 '917 2,200 '3,895 '9,306 1,784 '4,768 5,820 December. . 42,712 13,924 '940 '2,131 '3,934 '9,424 '1,787 '4,761 5,811 1950—January 42,576 14,033 864 2,103 3,906 9,357 1,781 4,748 5,784 February 42,275 14,041 626 2,055 3,868 9,349 1,789 4,768 5,779 UNADJUSTED 1949—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 5,803 July 42,573 13,757 943 2,277 4,007 9,220 1,780 4,851 5,738 August 42,994 14,114 956 2,340 3,992 9,213 1,780. 4,836 5,763 September 43,466 14,312 948 2,341 3,959 9,409 1,771 4,833 5,893 October 42,601 13,892 593 2,313 3,871 9,505 1,767 4,794 5,866 November '42,784 '13,807 '917 2,244 '3,892 '9,607 '1,766 '4,768 5,783 December '43,696 '14,033 '940 '2,088 '3,934 '10,154 '1,769 '4,737 6,041 1950—January 42,158 13,997 858 1,914 3,873 9,266 1,772 4,701 5,777 February 41,693 14,016 617 1,829 3,835 9,178 1,780 4,696 5,742 ' 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 employees who worked during, or received pay for, the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. February 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 o io n n n a - l T l f a o o b r t c o a e r l Total Employed * Unem- l N ab o o t r i n fo r t c h e e Total In nonagricul- In ployed 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—February 109,195 61,896 60,388 57,168 50,174 6,993 3,221 47,298 March 109,290 62,305 60,814 57,647 50,254 7,393 3,167 46,985 April 109,373 62,327 60,835 57,819 49,999 7,820 3,016 47,046 May. 109,458 63,452 61,983 58,694 49,720 8,974 3,289 46,006 June 109,547 64,866 63,398 59,619 49,924 9,696 3,778 44 683 July 109,664 65,278 63,815 59,720 50,073 9,647 4,095 44,385 August 109,760 65,105 63,637 59,947 51,441 8,507 3,689 44,655 September 109,860 64,222 62,763 59,411 51,254 8,158 3,351 45,638 October 109,975 64,021 62,576 59,001 51,290 7,710 3,576 45,953 November....... 110,063 64,363 62,927 59,518 51,640 7,878 3,409 45,701 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 February 110,344 63,003 61,637 56,953 50,730 6,223 4,684 47,342 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. 464 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Total R b e u si i d ld e i n n t g ial 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 A 164 3 168.4 April. 873.9 845.9 351.6 307.2 82.2 43.8 88.8 92.0 55.4 68.4 111.2 112.2 184.7 222.4 970 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 1948 1949 1950 1948 1949 1950 1948 1949 1950 1950 1949 Federal Reserve district January. . . 615 483 731 197 160 201 419 323 530 February. . 682 568 780 248 252 285 434 317 495 Feb. Jan, Feb. March 690 748 181 282 509 466 April 874 846 236 319 638 527 May 971 885 298 369 673 517 Boston 45,946 43,891 22,468 J Ju u l n y e....... 9 9 3 6 5 3 9 9 5 4 0 8 3 33 3 5 8 3 4 7 1 5 0 6 5 2 9 8 7 5 53 7 7 4 N Ph e i w la d Y e o lp rk hia 1 3 5 4 2 , , 4 2 1 6 7 9 1 5 4 2 0 , , 9 3 6 7 2 4 1 3 1 8 2 , , 9 5 8 0 6 6 August.... 854 911 276 316 579 595 Cleveland 71,185 59,666 46,547 September. 762 1,072 259 289 503 783 Richmond 97,517 93,363 53,120 October.. . . 779 1,062 262 332 517 730 Atlanta 87,814 91,013 72,929 November. 611 958 199 316 413 642 Chicago 131,046 103,273 71,314 December.. 694 929 278 299 416 630 St. Louis 39,231 44,878 29,784 Minneapolis 16,945 11,366 46,263 Year.... 9,430 10,359 3,107 3,718 6,3236,641 D K a an ll s a a s s . . City 3 68 4 , , 3 7 6 9 2 8 2 62 7 , , 4 6 2 4 9 0 2 4 9 5 , , 4 1 3 1 6 4 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Total (11 districts) 779,530 730,855 568,467 [In millions of dollars] Title I Loans Mortgages on INSURED FHA HOME MORTGAGES (TITLE II) HELD IN Year or month Total m p P e r i r e o m r o n t v y p - t e - 1 - s S h c t t m o i r o o u m n a n c - l e - l 1 f h ( a - o T m I u t D i o s t i l l e e y 4 s - h R g ( o a T e r I u o n n I i s ) t d u t i l a p n e l g W h e ( o V V a T r u a r e I i s n ) a t t i l 2 - s n n e ' d g PORTFOLIO, [ In B Y m il C li L on A s S o S f O do F l S l a a I r v s N ] - STITUTION 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 1 4 7 4 9 1 2 1 1 5 1 6 2 8 2 1 9 4 7 6 5 1 7 1 6 7 3 2 6 53 0 8 1 7 3 4 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 - x - Other2 1945 666 171 219 4 272 1946 755 321 (3) 347 3 85 1947 1,787 534 446 808 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 J M M F u p e a a n r y b r e i c l r h uary.. . 3 2 2 2 2 8 7 6 7 8 2 9 9 9 3 3 4 3 4 4 5 5 4 9 7 1 1 1 1 1 1 1 1 2 3 2 3 5 3 0 7 5 1 1 1 1 1 1 0 0 1 8 0 2 8 3 1 9 1 1 1 1 1 9 9 9 9 9 4 3 4 4 4 0 9 1 3 2 — — — — — D D D D D e e e e e c c c c c 3 3 3 2 1 , , , , , 1 6 7 6 4 0 9 2 2 0 7 3 6 9 0 1 1 1 1 , , , , 1 4 7 6 9 6 6 0 6 0 2 5 5 9 2 2 2 1 1 5 3 8 3 7 6 6 6 0 1 2 2 2 2 1 9 2 7 5 9 2 4 6 4 2 1 1 • , , 0 1 5 7 3 3 3 4 8 4 2 4 2 9 2 2 2 2 1 3 0 4 5 7 4 1 5 3 9 1 1 1 1 1 7 5 3 5 6 9 0 3 9 3 J A S u e u l p y g t u e s m t ber.. 3 3 3 5 1 0 6 7 9 4 6 5 0 0 5 3 2 1 1 1 17 6 4 2 3 3 '"oo" 1 1 8 2 3 4 6 4 1944— D Ju e n c e 3 3 , , 5 3 5 9 4 9 1 1 , , 6 5 6 9 9 0 2 2 6 5 0 8 2 2 8 6 4 9 1 1, , 0 1 7 1 2 9 6 7 8 3 1 1 5 4 0 0 O N c o t v o e b m er ber.. 4 3 3 8 2 3 3 6 5 5 8 2 1 1 1 8 8 8 9 1 6 2 7 8 1945—June 3,324 1,570 265 264 1,047 43 134 December. . 4371 71 1 206 90 Dec 3,156 1,506 263 253 1,000 13 122 1950—January 4337 57 1 228 51 1946—June 3,102 1,488 260 247 974 11 122 February.. . 4 329 44 1 203 73 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. 3 Less than $500,000. 4 Includes mortgages insured on new rental housing at or near mili- 1 The RFC Mortgage Company, the Federal National Mortgage tary installations under Title VIII, enacted Aug. 8, 1949. Association, the Federal Deposit Insurance Corporation, and the NOTE.—Figures represent gross insurance written during the period United States Housing Corporation. and do not take account of principal repayments on previously insured 2 Including mortgage companies, finance companies, industrial 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. APRIL 1950 465 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars! Merchandise exports r Merchandise imports 2 Excess of exports Month 1946 1947 1948 1949 1950 1946 1947 1948 1949 1950 1946 1947 1948 1949 1950 January...... 798 .114 ,092 L.104 P745 394 531 547 590 P623 405 583 545 514 P123 February 670 ,146 ,085 L.043 P77O 318 437 589 567 P599 352 709 496 477 P171 March 815 ,326 ,139 p1,177 385 445 675 P633 431 882 464 P544 April ..» 757 ,294 .121 PL ,166 406 512 532 P535 351 782 590 May 851 ,414 .103 PL,092 393 474 554 P541 457 940 549 P552 June 878 1,235 .014 p1.105 382 463 625 P526 496 772 389 P579 July 826 ,155 1,019 P899 431 450 564 P457 395 705 456 P442 August 883 ,145 992 P880 422 400 606 P491 461 745 386 P389 September.... 643 I .112 926 P906 377 473 560 P536 266 639 365 P370 October 537 1,235 1,023 P852 394 492 600 P559 142 743 423 P294 November 986 1,141 823 P837 478 455 554 P594 508 687 269 P243 December 1.097 1,114 1,318 P944 529 603 720 P605 567 511 598 P339 Jan.-Feb- 1,468 2,260 2,176 2,147 n,515 711 968 1,136 1,157 n,221 757 1,292 1,041 990 P294 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 Coke Grain s L t i o v c e k - p e r s o t d- Ore l c a e n l- e- c d h i a s n e ucts ous l.c.l. ra T i o lw ta a l y ra T i o lw ta a l y ra N ilw et ay Net operating expenses operating income Annual revenues income 1939. . 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 1941 130 123 168 112 91 139 183 136 100 Annual 1942 . 138 135 181 120 104 155 206 146 69 1939 3,995 3,406 589 93 1943 137 138 186 146 117 141 192 145 63 1940 4,297 3,614 682 189 1944 140 143 185 139 124 143 180 147 67 1941 5,347 4,348 998 500 1945 135 134 172 151 125 129 169 142 69 1942 7,466 5,982 1,485 902 1946 132 130 146 138 129 143 136 139 78 1943 9,055 7,695 1,360 873 1947 143 147 182 150 107 153 181 148 75 1944 9,437 8,331 1,106 667 1948. . 138 141 184 136 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 '699 ADJUSTED 1949 3*8,580 P7,893 P687 P438 1948—December. . . 137 131 192 147 85 139 187 i48 62 SEASONALLY 1949—January 131 130 189 125 79 129 175 141 60 ADJUSTED February.... 126 124 187 113 75 112 185 136 61 March 120 79 174 139 77 117 236 138 60 1949—January 768 703 64 34 April 127 129 188 138 76 119 215 132 59 February.. . 740 688 51 20 May 124 130 173 150 73 123 215 126 59 March 722 663 59 26 June 115 98 150 156 70 122 182 122 58 April 742 689 53 21 July 110 79 118 177 70 117 177 120 55 May 737 676 61 29 August 117 103 123 138 77 125 160 127 57 June 748 677 71 38 September. . . 105 60 130 125 79 121 145 125 52 July 701 650 51 19 October 92 42 54 153 85 124 28 111 54 August.... 697 659 38 5 November. . . 117 131 96 152 75 137 42 119 54 September.. 685 633 52 19 December. . . 115 97 148 131 72 134 146 127 52 October 623 592 31 0 November.. 708 636 72 39 1950—January..... 117 97 151 119 70 118 169 133 52 December. . 712 632 81 49 February.... 104 46 122 113 65 119 156 130 52 1950—January.... 689 629 60 ?28 UNADJUSTED 1948—December. . . 128 131 202 138 82 123 58 139 60 UNADJUSTED 1949—January 120 130 198 125 76 116 44 129 57 1949—January 731 697 '34 12 February.... 117 124 198 111 60 107 46 128 58 February... 676 646 30 5 March 111 79 175 128 61 117 68 131 61 March 739 674 65 41 April 125 129 184 121 68 119 228 130 60 April 747 682 65 40 May 125 130 171 132 66 128 267 127 59 May 741 683 58 32 June. . . 119 98 147 159 54 127 282 126 57 June 735 674 61 42 July 115 79 115 212 60 117 284 121 55 July 701 650 50 27 August 120 103 119 149 73 131 240 128 57 August.... 743 677 66 39 September. . . 114 60 128 140 104 130 218 135 55 September.. 695 631 64 38 October 99 42 53 153 131 131 35 121 56 October 649 602 47 24 November. . . 120 131 96 149 95 135 51 124 55 November.. 705 629 76 54 December. . . 107 97 155 123 69 119 45 120 50 December. . 711 642 69 82 1950—January 107 97 158 119 68 106 42 122 49 1950—January.... 657 624 33 P12 February.... 96 46 130 111 52 115 39 122 51 Preliminary. r Revised NOTE.—For description and back data, see BULLETIN for June8 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Associa- NOTE.—Descriptive material and back figures may be obtion of American Railroads. Total index compiled by combining indexes for tained from the Division of Research and Statistics. Basic classes with weights derived from revenue data of the Interstate Commerce data compiled by the Interstate Commerce Commission. Commission. Annual figures include revisions not available monthly. 466 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average =100] Federal Reserve district Year or month United States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t n - ta c C a hi g - o Lo S u t. is M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALESi 1945 207 176 169 184 201 235 275 193 227 185 229 275 248 1946. 264 221 220 235 257 292 344 250 292 247 287 352 311 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—February ••284 234 '233 265 284 r308 374 272 310 274 311 »-394 314 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 293 239 237 276 283 311 382 281 330 293 322 403 339 1950—January....... 282 244 229 267 290 300 376 '274 282 246 300 396 r316 February P279 P230 219 276 271 300 383 262 300 P285 P302 409 322 UNADJUSTED 1949—February r228 180 rl93 199 227 »"240 314 212 261 202 252 315 266 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 j une 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 216 185 183 rl97 215 218 285 ^205 232 188 228 313 7-251 February P224 P177 182 207 217 234 322 204 252 P211 P244 327 272 STOCKSi 1945 166 153 160 150 156 198 188 159 166 165 158 190 183 1946 213 182 195 191 205 248 258 205 225 212 209 251 238 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—February. . . . r277 214 ••226 236 275 295 340 268 313 306 282 369 327 March 282 226 232 238 285 305 348 264 323 300 287 370 342 April .... 278 223 230 244 260 315 335 266 321 305 283 369 331 May 273 219 224 240 267 r303 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 272 223 227 232 256 291 357 264 288 304 283 353 322 February P279 222 224 P237 269 *307 350 262 321 P309 P287 364 343 UNADJUSTED 1949—February 265 202 *-219 231 255 287 343 260 282 294 276 362 307 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 244 198 200 202 224 267 321 238 248 279 257 328 294 February P268 209 217 P232 251 P299 354 254 289 P297 P281 357 323 P Preliminary. r Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. 467 APRIL 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Percent change Ratioof Index numbers from a year ago stocks to without seasonal adjustment (value) salesI 1941 average monthly sales =1002 Number of Department r s e t i p o n o r r g e t s - d p S u e a r r l i i e o n s d g m ( S e t o n o n d c t k h o s ) f January Sal p e e s r d i u o r d ing Sto o c f k s m o a n t t h end 1 J 9 a 5 n. 0 1 J 9 a 5 n 0 . 1950 1949 1950 1949 1950 1949 Jan. Dec. Jan. Jan. Dec. Jan. GRAND TOTAL—entire store 3. 350 -5 -2 3.2 3.1 MAIN STORE—total . 350 -5 -2 3.4 3.3 164 374 172 554 553 565 Piece goods and household textiles. 313 -8 0 2.4 2.2 261 242 283 616 694 614 Piece goodS 288 -23 -9 3.6 3.0 194 178 254 691 655 764 Silks, velvets, and synthetics 190 -27 -12 3.4 2.8 171 178 234 580 572 670 Woolen yard goods 166 -21 -6 3.9 3.2 230 223 292 886 891 943 Cotton yard goods 182 -18 -4 3.5 3.0 189 138 230 668 568 693 Household textiles 306 -1 +6 1.9 1.8 294 266 298 565 672 533 Linen and towels 273 +5 +1 2.2 2.3 281 312 269 632 661 621 Domestics---muslins, sheetings. . . . 243 -3 +12 1.3 1.1 428 183 442 540 701 486 Blankets, comforters, and spreads. . 241 -5 +7 2.8 2.4 203 273 213 570 625 533 Small wares • 340 -4 +4 3.9 3.6 148 447 154 575 599 557 205 -13 -3 4.2 3.7 137 298 156 570 685 588 Laces, trimmings, embroideries, and ribbons. 237 -t +6 3.4 3.2 193 361 195 672 709 644 Notions 324 -2 +1 3.6 3.5 133 375 136 484 514 481 Toilet articles, drug sundries 314 -9 +5 5.5 4.8 127 544 139 701 718 657 Sil S F C v i i e o l n r v s e w e tu r a j w m e r w e a e r e a e j l n e r y a d w n e a j d e l n r w d c y l e 4 o w l c ry k at s c 4 hes4 2 2 2 1 7 4 7 3 5 2 9 - - - - 1 9 8 8 1 + + + 1 4 1 0 0 1 3 3 6 1 . . . .7 0 4 4 1 5 2 2 0 . . . .7 9 4 8 191 251 207 576 656 589 Art needlework 269 +1 +7 3.5 3.3 156 608 155 550 541 517 Books and stationery 136 -5 +6 2.9 2.7 151 479 159 444 470 435 Books and magazines 231 +4 +8 3.8 3.7 154 624 149 593 524 554 Stationery Women's and misses' apparel and accessories. 347 -10 0 2.9 2.6 153 342 170 441 431 443 Women's and misses' ready-to-wear accessories.. 347 -6 +3 3.5 3.2 139 407 148 491 488 475 Neckwear and scarfs 307 Q 2 2.6 2.4 170 609 184 449 444 463 Handkerchiefs 285 -13 +1 4.4 3.8 100 632 115 439 443 435 Millinery 167 -4 0 1.5 1.4 104 162 108 160 127 162 Women's and children's gloves 324 -12 +3 4.7 4.0 99 453 112 459 480 446 Corsets and brassieres 334 -4 +1 2.9 2.8 220 260 229 634 674 630 Women's and children's hosiery 342 -5 +10 2.4 2.1 108 328 113 255 255 234 Underwear, slips, and negligees 340 -13 +5 3.6 3.0 137 596 157 498 489 475 Knit underwear 249 i-i +9 3.3 2.8 176 592 190 581 592 531 Silk and muslin underwear, and slips 281 -15 +3 3.9 3.2 133 601 157 526 511 511 Negligees, robes, and lounging apparel , 247 -15 +4 3.2 2.6 127 649 149 401 351 379 Infants' wear 322 -5 +3 3.3 3.1 184 483 195 617 638 598 Handbags and small leather goods 328 -3 +5 3.3 3.0 103 463 107 341 352 328 Women's and children's shoes.. 245 -2 +3 5.3 5.1 153 274 156 815 788 796 Children's shoes 4 212 -8 4-7 6.2 5.4 Women's shoes 4 218 — 1 +2 5.1 5.0 Women's and misses' ready-to-wear apparel 347 -13 -5 2.3 2.1 168 273 194 389 369 411 Women's and misses' coats and suits 337 -15 -10 1.9 1.8 207 209 244 393 375 437 Coats4 203 -19 — 13 1.5 1.4 Suits 4 194 -4 — 7 2.6 2.7 Juniors' and girls' wear 317 -14 "3 2.9 2.5 152 375 177 436 401 449 Juniors' coats, suits, and dresses 286 -16 -7 2.3 2.1 177 303 210 403 360 434 Girls' wear 310 -11 +1 3.8 3.4 133 475 149 505 465 501 Women's and misses' dresses 339 -11 -8 2.0 1.9 157 215 176 308 277 338 Inexpensive dresses4 258 -10 — 1 1.7 1.5 Better dresses 4 268 — 11 — 15 2.3 2.4 Blouses, skirts, and sportswear 337 -12 -3 2.7 2.4 184 414 210 499 455 513 Aprons, housedresses, and uniforms 286 -8 +2 2.1 1.9 174 252 189 360 346 352 Furs 267 -24 +2 3.4 2.5 103 190 137 348 410 349 Men's and boys' wear 325 -7 +4 4.4 4.0 133 497 144 598 602 565 Men's clothing 250 -7 -1 3.9 3.7 173 294 186 676 675 670 Men's furnishings and hats 311 -9 +10 4.6 3.8 113 653 124 514 516 465 Boys' wear. 297 -8 +7 5.5 4.8 106 474 114 585 597 539 Men's and boys' shoes and slippers 191 0 2 5.8 5.9 132 408 132 763 779 765 Houseffurnishings.. 315 +7 -8 3.9 4.5 190 293 177 733 706 796 Furniture and bedding 239 +12 -11 3.7 4.7 186 192 166 693 671 767 Mattresses, springs and studio beds 4 161 4-14 —5 1.9 2.2 Upholstered and other furniture 4 169 4-io — 11 4.3 5.3 Domestic floor coverings 270 -4 -12 4.3 4.7 176 205 184 754 747 855 Rugs and carpets 4 152 —4 — 11 4.2 4.5 Linoleum 4 100 -14 -16 5.6 5.7 Draperies, curtains, and upholstery. . 295 -4 +4 4.6 4.2 148 246 154 681 698 655 Lamps and shades 246 +2 +5 3.4 3.4 180 402 177 624 659 599 China and glassware 247 +2 -1 6.8 7.0 140 350 137 951 965 958 Major household appliances 242 +12 -35 2.6 4.5 210 256 188 555 597 831 Housewares (including minor appliances) 257 0 0 3.9 3.9 203 431 203 800 822 806 Gift shop 4 165 +4 +7 5.9 5.7 Radios, phonographs, television, records, etc.4. 226 +57 — 14 2.0 3.7 Radios, phonographs, television4 185 +89 — 12 1.6 3.4 Records, sheet music, and instruments 4. . . . 142 -12 -15 4.6 4.7 Miscellaneous merchandise departments... 314 -6 -3 4.0 3.9 134 563 143 542 383 547 Toys, games, sporting goods, and cameras.... 288 -4 0 9.8 9.4 57 964 59 556 549 561 Toys and games 230 +2 +2 12.9 12.9 31 1,281 31 401 449 377 Sporting goods and cameras 141 -8 8,0 7.6 66 749 72 533 967 550 Luggage 259 -9 0 4.8 4.4 147 505 163 712 661 702 Candy4 190 -7 -7 1.9 1.9 For footnotes see following page. 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 Percent change Ratio of Index numbers from a year ago stocks to without seasonal adjustment (value) sales 1 1941 average monthly sales =100 2 Department r b N s e t e p o u r o r m e o rt s - f - d p S u e a r r l i i e o n s d g m ( S e t n o o d n c t k o h s f ) January Sale p s e r d io u d ring Sto o c f k s m o at n th end ing 1950 1949 1950 1949 1 J 9 a 5 n 0 . 1 Ja 95 n 0 . 1950 1949 Jan. Dec. Jan. Jan. Dec. Jan. BASEMENT STORE—Total 194 -11 +4 2.6 2.2 149 320 167 379 381 368 Domestics and blankets ^ 129 +6 1.9 1.7 Women's and misses' ready-to-wear 189 -14 +1 2.1 1.8 143 310 167 307 301 304 Intimate apparel ^ 165 -11 +5 2.6 2.2 Coats and. suits ^ 176 -21 -15 1.6 1.4 Dresses 4 170 -15 +4 1.6 1.3 Blouses skirts and sportswear * 151 -15 +3 2.0 1.7 Girls' wear ^ 121 -11 +2 3.1 2.7 114 -8 +7 3.0 2.6 Metis' and boys' wear 155 -9 +9 3.4 2.8 140 486 154 469 452 434 IVIen's wear ^ 135 -8 +8 3.1 2.7 IVIen's clothing ^ 92 -5 +5 2.9 2.6 IVIen's furnishings * 113 -12 +10 3.3 2.7 Boys' wear4 . . . .. 118 -14 +14 4.1 3.1 Housefurnishings . 99 -5 +1 3.0 2.9 144 230 151 437 448 430 Shoes 120 o +2 4.2 3.9 112 229 121 476 460 465 NONMERGHANDISE—total K... 170 -3 (5) (5) (5) Barber and beauty shop 4 76 +8 (5) (5) (5) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 467. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included in group and total indexes. 5 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1949, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. SALES, STOCKS, 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 May 1 1 8 1 5 9 . . 4 . . . . 8 . . .. . . . . . 3 2 3 0 9 3 0 3 0 A M p a r y . 3 1 1 0 7 4 9 . . . 4 . . . . 9 . . . . . . . 2 . 2 3 8 8 3 6 5 4 Nov. 2 1 1 6 3 0 9 . 4 . . . 8 . . . . . . . 3 3 3 2 4 7 0 6 1 Nov. 1 1 1 5 2 9 9 . . . 4 . . . 9 . . . . . . . . 3 3 .3 1 1 4 5 8 2 22... . .295 21.. ...280 27.... .347 26... ..330 1939 average 128 344 29... . .297 28... . .275Dec. 4.... .485 Dec. 3... . .449 1940 average 136 353 108 June 5.. .. .282June 4.. ...259 11.... .564 10... ..542 1941 average 156 419 194 12... ..304 11... . .288 18 .576 17.. ...584 1942 average 179 599 263 19... . .310 18... ..285 25.... .473 24... ..541 1943 average 204 509 530 26... ..262 25.. .. .247 1949 31... ..197 1944 average 227 535 560 July 3... . .265July 2.. ...238 Jan. 1 .204 1950 1945 average , 255 563 729 10... > .217 9... ..201 8.... .272Jan. 7... ..205 1946 average 318 715 909 17... ..236 16.. ...213 15 .244 14.. ...233 1947 average 337 826 552 24... ..231 23... ..207 22.... .230 21... . .230 1948 average. 352 912 465 31... ..235 30... . .209 29 .218 28... ..222 1949 average 333 859 350 Aug. 7... ..261 Aug. 6... ..228 Feb. 5.... .229 Feb. 4... ..226 1949—February.. '256 '856 '381 14... ..258 13... . .218 12 .238 11.. .. .238 March.... 321 919 313 21... ..271 20... ..252 19.... .227 18... ..231 April 348 908 238 28... ..255 27... ..252 26.... .232 25... ..221 May 322 874 207 Sept. 4... ..308 Sept. 3... ..295 Mar. 5.... .244 Mar. 4.. .. .244 June 313 806 283 11... ..285 10... ..273 12 .256 11... ..253 July 234 756 390 18... ..337 17... ..315 19.... .261 18... . .264 August... . 283 799 410 25... ..319 24... ..292 26.... .277 25... ..279 September. 334 861 501 Oct. 2... ..327 Oct. 1.. ...302 Apr. 2 .301Apr. 1... ..301 O N D o c e t c v o e e b m m e b r b . e e r . r . . . 3 3 5 4 9 8 3 7 3 9 9 7 5 9 8 2 0 8 3 4 2 5 4 9 0 4 6 3 2 1 9 3 0 6 . . . . . . . . . . . . . . . . . . 3 . . 3 3 3 1 3 4 3 9 6 4 1 2 2 1 8 5 9 2 . . . . . . . . . . . . . . . . . 2 2 2 2 9 9 9 9 8 0 7 6 2 1 9 3 6 . . . . . . . . . 2 3 3 6 1 2 6 4 0 2 1 2 5 8 1950—January... 254 787 391 February.. *>855 P395 NOTE.—For description of series and for back figures, see BULLETIN P Preliminary. r Revised. for September 1944, pp. 874-875. 1 These figures are not estimates for all department stores in the United States. Back figures.—Division of Research and Statistics. APRIL 1950 469 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] F 1 e 9 b 5 . 0 J 1 a 9 n 5 . 0 T 1 M 9 w o 5 o 0 s. F 1 e 9 b 5 . 0 J 1 a 9 n 5 . 0 T 1 M 9 w o 5 o s 0 . F 19 eb 5 . 0 J 1 a 9 n 5 . 0 T 1 M 9 w o 5 o s 0 . F 1 e 9 b 5 . 0 J 1 a 9 n 5 . 0 T 1 M 9 w o 5 o s 0 . United States P-1 -3 Cleveland-cont. Chicago p-3 -5 -4 Kansas City— P C B N A A L S W N P S N N N P T P Y D W P E R U R B S B B B h o e l B y h o p o r c r l a k o u o l e e e o e i t o i r e w s i m o o i e b i a r i u n r h r i w w n f o r s c w a l r t w v l c l a i t d n f v a g o r k o t g k a e g h s a d c i a e n l a c o c a n n g t n n r a i e t a » n h d Y e d h a l l i g u o a n d H o e r y o r t s e n a n s k e e s a e k 1 f n o s a n s o e - Y » p t d c l n g a e i A t e m l B t e w n r p e e o p o 1 * t e 1 e F v k d r l . r a c h l a r n r t . p h r r e d e a J 1 o k d e r i t . . C s . a . a i l 1 . n r . . . n y . . i . a l . . . . . e , . i e . s . . . > t * . . . . . . y . . , . . . . . . . + - - - - - - + 1 1 1 1 1 - - - - - - - - - - 1 - - - - - - - - - 1 - 2 4 5 7 2 3 6 4 1 2 6 8 2 2 1 2 9 5 6 8 2 0 5 0 6 1 4 2 0 - - - - 1 + + 1 - - 1 - - - - - - - - 1 - - - - - - - - 7 7 6 5 7 3 1 6 6 1 6 5 4 8 6 9 8 5 2 4 7 4 2 2 i c j - - - - - + 1 1 1 - - - 1 1 - - - - - — - - - - - - - - - - 8 6 6 1 4 2 1 3 2 6 6 7 3 6 5 7 6 6 1 2 1 3 5 3 3 0 R A O A S T W W L N J A C R P W G M M E H R C C R M M B B H B A C a i t a i y r a o o r a o i a h o i a r t l c u s a u h o a t o c a i i h i c r v l l a e l n t h l l m m l r t a n h e a g g a m c a b s k e n V n h o t u u e e a s f n e c r s i n m h o m n i o e i u e n b t s m n e m i n m t p l m v i h g t t l t g n d i e t i l r o n l e v o u a s n o i a n i a h o k b n o b i b o o s s R o l 1 g n t i n r x 1 a n n g l u t n t n l u i m a g r g h * e h o v o - a l o g t . e r d s d . e h S , t a o W u n g i e 1 w . o , . m l . n a N g , r J l n S y l n . e e . S e V * . . 1 . * m C . * . . . 1 . C C a . . . . . . . . . . . . . . . . . . . + + - + + + + + + + + + + + + + + 1 - - - - - - - 1 1 6 3 6 6 4 2 4 0 2 7 9 2 4 7 7 5 5 5 3 1 3 1 1 1 0 - - - - - - 1 + + + + + + + + + - 1 1 - - 1 1 - - - - - 1 - - - - - 6 7 5 9 3 2 2 4 1 5 1 7 7 4 0 1 4 3 0 1 2 6 5 4 4 3 1 1 0 - - + + + + + + + + + - - - - - - - - - - - - - - - - - 1 1 1 6 8 1 2 5 4 4 1 9 1 8 2 1 9 1 5 5 4 2 2 2 4 2 6 6 1 2 0 0 S M K L S S D F L L Q P C F T D G F S S D H P D G M E E M M I M t n S a p t . t t e o o a o l i e a u v u h i e e r r u u e . . . d i e i a t i r u n o n n e u r a r r s s n l i n i t a t t n L e i l m d i L t t r L P w n p t r e n s l c i n c n s r u v a n e n e i s t i b n i M c o e o d a o o a h g a W a S p 1 n s S a e e t e n v s y r u l g u u f h o H i i u s r h u a a m a g i t i R 1 v B i o n o t R i . l - n o a i o p p k i i e l l p s l s a C i s s 1 s i i a y 1 o r . e l o o e L a l t u o n d o y . A i h x n e i l l l c 1 p l o . . t l n i e . t i . e e e . s k i s i y r . u * . . s i s . d e . 1 . . i . . K K . . . . l . . l a s s . . . . . . . . . . . . . . . . . . . . . . . . . . . . , P P p + + - - - - - - ( + + 2 + + + + + + + + 1 - 1 1 1 - - - - - - - - 1 3 1 2 5 3 6 4 4 3 9 2 3 2 ) Q 2 0 1 4 5 6 5 3 1 6 6 8 4 0 1 c + - - ( + + + + - - - - - - - - - - - - - - - - - - 2 - - - - 1 1 1 1 ) 4 2 3 1 0 1 1 4 1 6 8 1 8 4 3 8 5 3 4 2 9 7 4 9 3 6 7 7 i - - ( + + + + + + + + + - - - - - - - - - - - — - - 1 ) 1 3 4 7 1 2 2 2 3 1 4 5 7 8 4 3 8 5 4 4 1 5 4 1 1 1 D S O S V S S S S T S F L L O S S P C F T D H P R B B a S a N N c B a h t a a r a a a h o o o o u u a o o k i a a a o n o a e l o n n n n v c n r s o n r l r l c i k e l l r a l a k u n s c l e s s t a t a r e l n p t g s e r e l m p e n l s a A A a e k a F a D v J s h k r o a n u a j W t a t s r o B s m F t o e r o n e . n o p B n o n i s n i a s o i R a x p e x l * d e r a m x g n d t d s n f o e n e e n a g o C a o o r i e e l d n e a y r c a 1 n n e o n n a s r l t 1 h c t e i t d h a l a a . n l i o c h 1 s r d s o C . r n . i d c i 1 s d 1 . s . d o i . . c . i t 1 t . 1 1 . o n i . . y . . . . . . . . . . . l . o . . . . . . . P P * P p P P P P P + + + - - - + + + 2 + - - + - + + 1 + + + + + + 1 - 2 - 1 1 1 3 1 3 2 A 2 6 P 2 6 6 1 8 4 7 2 5 5 l 3 4 1 0 1 0 2 r - + + - - - - + + + + 2 1 1 + - + - - + 1 2 - - - - - - — - - 1 1 5 5 5 7 7 6 3 1 5 2 8 0 8 5 1 6 3 4 2 6 7 6 1 1 1 0 5 - - + + 1 + + + + + + + + - - - - - 2 - - - - 8 2 3 3 6 3 2 3 1 2 6 6 4 6 4 5 5 8 7 7 1 Canton * -4 -9 -7 New Orleans 1. . +2 -2 0 Topeka -1 +3 + 1 Salt Lake City K +9 -6 +2 Cincinnati1.. . -4 +2 -1 Jackson l 0 Wichita -4 -1 Bellingham x. . . +36 -12 + 10 Cleveland1 -7 -3 -4 Meridian -2 -8 Kansas City... -4 +2 -1 Everett1 P+12 -12 0 Columbus J -7 -7 <-7 Bristol 9 -9 Joplin -4 +8 +1 Seattle1 +9 -11 -2 Springfield »... -3 -5 A Chattanooga 1.. +5 +4 +4 St. Joseph -9 +2 -6 Spokanel +9 -13 Toledo* -11 -9 -10 Knoxville 1 -3 -6 Lincoln +2 -1 0 Tacoma 1 +22 '-12 Youngstown *. -7 -12 -10 Nashville1 +2 — 1 Omaha. +6 +5 +6 Yakima1 p-6 -24 P Preliminary. r Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average =100] Year or month All items Food Apparel Rent r t e F r f i u r c i e i g t l y e , r , e a l t a e i c 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. 105.5 106.3 106.2 102.2 107.3 104.0 1942 116. 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 1949—January... 170.9 204.8 196.5 119.7 138.2 196.5 154.1 February.. 169.0 199.7 195.1 119.9 138.8 195.6 154.1 March 169.5 201.6 193.9 120.1 138.9 193.8 154.4 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 February.. 166.5 194.8 184.8 122.8 140.3 185.3 155.1 Back figures.—Bureau of Labor Statistics, Department of Labor. 470 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities Manu- Year, month, or week m c t A o o ie m l d s l i - - F p u r a c o r t 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 e u r x c o t t d s il - e li m F g r a i h a u n a t t e l d i e s l n - g B m r i u i a n a i t g l l e d s - - c C a a p u l l h r s l c o e ie t a d m s d n - i d - H g n f o o i i u n s u o r g h d s - - e s - c M el i l s a - - 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 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 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 79.2 79 3 84.9 69.8 65.6 77.0 1932 64 8 48.2 61.0 70.2 72.9 54.9 70.3 71.4 73.9 75.1 64.4 55.1 70.3 1933 65 9 51.4 60.5 71.2 80.9 64.8 66.3 77.0 72.1 75.8 62.5 56.5 70.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 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 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 86.7 78 7 81.7 70.5 79.9 82.0 1937 86.3 86.4 85.5 85 3 104.6 76.3 77.6 95.2 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 90.3 77.0 86.8 73.3 72.0 82.2 1939 77.1 65 3 70.4 81.3 95.6 69.7 73.1 90.5 76.0 86.3 74.8 70.2 80.4 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 94.8 77.0 88.5 77.3 71.9 81.6 1941 87.3 82.4 82.7 89.0 108 84.8 76.2 103.2 84.4 94.3 82.0 83.5 89.1 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 110.2 95.5 102.4 89.7 100.6 98.6 1943 103.1 122 6 106.6 96 9 117.5 97.4 80.8 111.4 94.9 102.7 92.2 112.1 100.1 1944 104.0 123 3 104.9 98 116.7 98.4 83.0 115 5 95.2 104.3 93.6 113.2 100.8 1945 105.8 128.2 106.2 99 118.1 100.1 84.0 117.8 95.2 104.5 94.7 116.8 101.8 1946 121.1 148.9 130.7 109.5 137.2 116.3 90.1 132.6 101.4 111.6 100.3 134.7 116.1 1947 152.1 181.2 168.7 135.2 182.4 141.7 108.7 179.7 127.3 131.1 115.5 165.6 146.0 1948 165.1 188.3 179.1 151.0 188.8 149.8 134.2 199.1 135.7 144.5 120.5 178.4 159.4 1949 155.0 165.6 161.6 147.3 180.4 140.4 131.7 193.3 118.6 145.2 112.3 163.9 151.2 1949—January.. 160.6 172.5 165.8 152.9 184.8 146.1 137.1 202.3 126.3 148.1 117.3 169.3 156.2 February. 158.1 168.3 161.5 151.8 182.3 145.2 135.9 201.5 122.8 148.3 115.3 165.8 154.0 March... . 158.4 171.5 162.9 150.7 180.4 143.8 134.3 200.0 121.1 148.0 115.7 167.3 154.1 April 156.9 170.5 162.9 148.9 179.9 142.2 132.0 196.5 117.7 147.0 115.6 165.8 153.0 May 155.7 171.2 163.8 146.8 179.2 140.5 130.1 193.9 118.2 146.2 113.5 165.9 151.5 June 154.5 168.8 162.4 145.6 178.8 139.2 129.9 191.4 116.8 145.1 111.0 164.5 150.7 July. 153.5 166.2 161.3 145.0 177.8 138.0 129.9 189.0 118.1 143.0 110.3 163.2 149.7 August. . . 152.9 162.3 160.6 145.0 178.9 138.1 129.7 188.2 119.7 142.9 109.8 161.3 149.4 September 153.6 163.1 162.0 145.3 181.1 139.0 130.0 189.4 117.7 142.9 109.6 162.0 150.1 October... 152.2 159.6 159.6 145.0 181.3 138.0 130.5 189.2 116.0 143.0 109.0 160.3 149.1 November 151 6 156.8 158.9 144.9 180.8 138.0 129.9 189.6 •115.9 143.4 109.7 160.4 148.1 December. '•151.2 154.9 155.8 145.5 179.9 138.4 130.5 190.4 115.3 144.2 110.7 159.5 148.0 1950—January. . 151.5 154.7 154.8 145.8 179.3 138.5 '131.4 191.6 115.7 144.9 110.0 159.8 148.2 February. 152.7 159.1 156.8 145.9 179.0 138.2 131.2 192.7 115.3 145.0 110.0 162.4 149.1 Week ending:1 1950—Jan. 31... 151.2 155.5 154.6 145.2 137.4 103.4 169.5 190.9 115.8 Feb. 7... 151.6 157.2 156.0 145.1 137.4 130.5 169.3 191.2 115.6 Feb. 14... 152.2 159.1 156.8 145.3 137.2 130.4 169.3 191.5 115.4 Feb. 21... 152.5 158.9 158.3 145.3 137.0 130.5 169.4 191.5 115.3 Feb. 28... 152.6 159.4 157.8 145.4 136.9 130.4 169.2 192.5 115.5 Mar. 7... 152.0 158.0 156.0 145.4 136.8 130.1 169.3 193.2 115.9 Mar. 14.. . 152.0 159.2 155.5 145.2 136.3 130.2 169.3 193.2 115.8 Mar. 21.. . 151.7 157.4 155.2 145.4 136.2 130.1 169.6 192.9 116.5 1950 1949 1950 Subgroups Subgroups Feb. Nov. Dec Jan. Feb. Feb. Nov. Dec Jan. Feb. Farm Products: Metals and Metal Products: Grains 157. 156.4 160.9 160.2 161.3 Agricultural mach. & equip.. 144.2 143.3 "143.1 143.2 143.2 Livestock and poultry 187. 169.6 167.0 170.5 179.9 Farm machinery 146.7 145.9 '145.7 145.8 145.8 Other farm products 158, 148.2 145.0 142.6 144.9 Iron and steel 169.1 163.4 165.4 167.3 168.7 Foods: Motor vehicles 175.8 176.7 176.7 176.5 175.6 Dairy products 159 154.7 154.4 148.8 147.5 Nonferrous metals 172.5 131.7 129.2 128.6 128.1 Cereal products 146 144.6 144.6 144.3 144.8 Plumbing and heating 156.1 154.6 154.6 151.7 148.7 Fruits and vegetables 152, 130.8 132.5 134.4 138.3 Building Materials: Meats 205. 198.9 193.5 194.5 201.9 Brick and tile 162.4 161.9 161.9 163.5 163.1 Other foods 127, 139.6 132.6 131.0 129.7 Cement 133.9 134.5 134.5 134.8 134.9 Hides and Leather Products: Lumber 296.9 »-283.5 '285.2 287.5 292.0 Shoes 187, 184.3 184.3 184.3 184.3 Paint and paint materials... 165.3 139.9 139.3 139.0 138.6 Hides and skins 185, 199.5 192.8 189.0 188.2 Plumbing and heating 156.1 154.6 154.6 151.7 148.7 Leather 183, 177.0 178.1 177.6 176.6 Structural steel 178.8 178.8 185.2 191.6 191.6 Other leather products 145, 141.1 141.1 143.1 143.1 Other building materials 179.1 168.6 169.2 170.5 171.1 Textile Products: Chemicals and Allied Products: Clothing. 147. 144.2 144.0 143.9 143.1 Chemicals , 119.5 115.2 114.6 114.7 114.7 Cotton goods 184, 177.9 178.4 178.7 178.4 Drugs and Pharmaceuticals. 148.9 123.0 121.6 121.5 121.4 Hosiery and underwear 101. 98.4 98.4 98.5 98.6 Fertilizer materials 120. 118.3 117.9 117.4 116.9 Silk 50, 49.5 49.9 50.1 50.1 Mixed fertilizers 108.3 107.0 106.5 104.9 104.0 Rayon 41. 39.6 39.6 39.6 39.9 Oils and fats 131.7 118.3 118.2 122.7 120.9 Woolen and worsted goods.. . 162. 146.0 146.9 147.0 147.2 Housefurnishing Goods: Other textile products 186. 169.0 171.5 171.7 170.3 Furnishings 154.2 149.9 151.2 151.8 151.8 Fuel and Lighting Materials: Furniture 142.3 136.8 137.0 137.8 138.1 Anthracite 138, 139.3 139.3 139.3 139.3 Miscellaneous: Bituminous coal 196. 192.2 194.1 196.2 196.3 Auto tires and tubes 64.7 62.5 64.3 64.3 64.3 Coke , 222. 222.2 222.2 222.2 223.7 Cattle feed 190.4 184.9 192.3 179.3 177.3 Electricity 68. 70.3 69.6 Paper and pulp 168.0 156.5 156.0 155.9 155.6 Gas 91. 88.3 87.2 '85.6 Rubber, crude 38.8 35.4 37.8 39.1 41.1 Petroleum products 118. 108.5 108.5 109.4 109.4 Other miscellaneous 126.4 121.2 121.1 120.5 120.4 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. APRIL 1950 471 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 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. . 0) .5 .1 .9 -.1 .1 .3 .4 .3 .3 .3 .3 Equals: National income 87A 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 72.61 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 2A\ 3.3 18.8 21.5 21.1 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 1941 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 61.7 111.4 122.3 135.3 135.6 139.8 136.5 135.4 135.6 135.3 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 w.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 .7 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 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. 472 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates Annual totals by quarters 1948 1949 1929 1933 1939 1941 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 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 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 1'8.7 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 N Le o a s n r s w : a G r overnment sales 2 \ (3 1 ) .3 2.0 3 1 . . 9 3 1 (? 3 3 . . . 8 2 8 2 2 2 1 . . . 9 5 2 \ 1 1 7 . . 3 0 21. . 5 6 25. . 8 4 23. . 8 3 25. . 5 3 26. . 7 3 25.8 25. . 2 2 State and local 7.2 7.9 9.9 13.1 15.8 18.0 16.9 17.1 17.8 18.2 18.8 5.9 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Year or month in s P c o e o n r m a - l e re T c o e t i a p l ts4 b m T u d o e r i n t s s a - e t l s - Wag d p m i e n u C r o o g s o a d t d n m r u i i i d n t e c - y - s - sal D a i u r n t i y r s t d i i t u e v r d i s s e b i - s - bur S i s n t e e r d r i m v u es i s e c - n e ts m G er o e n v n - - t L b c p i s e u o a n l o s f o t n n s o c s i y u c t o i r r e a e e r n i - m l e - s - in O l c a t o b h m o e r r e5 p in r r P e c i a e n o n r t o m t d o a - r l e s 6 ' i i n d n s p t a o c e e e n o n n r r d m d a e - l s s e t m T p r e f a a e n y n r t - s s - 7 i a n g N t c u r o o i r c m n a u l - e l- 8 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .1 .5 19.7 13.3 1.5 76.8 1933.... . 46 6 28.7 28.8 9.8 8.8 5.1 5.2 .2 4 7.2 8 2 2.1 43.0 1937 74 0 45 4 45.9 18.4 13.1 6.9 7.5 6 5 15 4 10 3 2 4 66.5 1938 68 3 42.3 42.8 15.3 12.6 6.7 8.2 .6 5 14.0 8.7 2.8 62.1 1939 72.6 45.1 45.7 17.4 13.3 6.9 8.2 .6 .5 14.7 9.2 3.0 66.3 1940 78 3 48 9 49.6 19.7 14.2 7.3 8.5 7 6 16 3 9 4 3 1 71.5 1941 95.3 60.9 61.7 27.5 16.3 7.8 10.2 .8 .6 20.8 9 9 3.1 86.1 1942 122.7 80.7 81.9 39.1 18.0 8.6 16.1 1.2 .7 28.4 9.7 3.2 109.4 1943 150 3 103.6 105.4 49.0 20.1 9.5 26.8 1.8 9 32.8 10 0 3.0 135.2 1944 165.9 114.9 117.1 50.4 22.7 10.5 33.5 2.2 1.3 35.5 10.6 3.6 150.5 1945 171.9 115.3 117.7 45.9 24.7 11.5 35.6 2.3 1.5 37.5 11.4 6.2 155.7 1946 176 9 109.4 111.5 46.0 30.8 13.7 20.9 2.0 1 6 41.2 13 2 11.4 158.5 1947 193.5 120.2 122.3 54.3 35.2 15.2 17.5 2.1 1.8 45.1 14.8 11.7 173.5 1948 211.9 133.1 135.2 60.4 39.2 16.6 19.1 2.1 2.0 49.5 16.2 11.1 188.8 1949 209.8 133.5 135.7 57.3 40.2 17.2 21.0 2.2 2.1 44.8 17.2 12.2 191.4 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 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 . 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 April 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 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 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 August 209.1 133.4 135.6 56.9 40.5 17.1 21.1 2.2 2.1 43.9 17.1 12.6 191.4 September.... 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 November.... 209.4 132.5 134.7 56.0 39.5 17.4 21.8 2.2 2.2 44.9 17 A 12.4 191.3 December 211.9 134.4 136.6 57.4 39.9 17.4 21.9 2.2 2.2 43.5 18.9 12.8 194.5 1950—January? 218.4 134.1 136.9 57.4 40.2 17.5 21.8 2.8 2.2 46.2 17 A 18.5 199.5 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, s 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. APRIL 1950 473 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 < f y n e th ar co c T n r s o e u t d a m i l t er i c T m n r o s e e t t d a n a i l t l t - Total A Sa u l t e o m cr o e b d i i l t e Other Loans 1 no c T n m r i o e e n t d n s a i t t l t al- p S l a o i y n a m n g s l e e 2 n - 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 N 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 1,601 1,764 610 1942 6,578 3,048 1,617 482 1,135 1,431 3,530 1,369 1,513 648 1943 5,378 2,001 882 175 707 1,119 3,377 1,192 1,498 687 1944 5,803 2,061 891 200 691 1,170 3,742 1,255 1,758 729 1945 6,637 2,364 942 227 715 1,422 4,273 1,520 1,981 772 1946 10,191 4,000 1,648 544 1,104 2,352 6,191 2,263 3,054 874 1947 13,673 6,434 3,086 1,151 1,935 3,348 7,239 2,707 3,612 920 1948 16,319 8,600 4,528 1,961 2,567 4,072 7,719 2,902 3,854 963 1949 18,779 10,890 6,240 3,144 3,096 4,650 7,889 2,988 3,909 992 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 June 16,124 9,123 4,870 2,499 2,371 4,253 7,001 2,752 3,274 975 July 16,198 9,335 5,010 2,610 2,400 4,325 6,863 2,768 3,123 972 August 16,453 9,622 5,223 2,761 2,462 4,399 6,831 2,799 3,064 968 September '•16,803 r9,899 5,438 2,876 2,562 ^4,461 6,904 2,808 3,123 973 October '•17,223 »-10,166 5,661 2,986 2,675 '4,505 7,057 2,866 3,197 994 November "17,815 '•10,441 5,880 3,085 2,795 '4,561 7,374 2,927 3,454 993 December 18,779 10,890 6,240 3,144 3,096 4,650 7,889 2,988 3,909 992 1950—Januarys 18,347 10,839 6,174 3,179 2,995 4,665 7,508 3,005 3,506 997 February v 18,126 10,892 6,207 3,258 2,949 4,685 7,234 3,007 3,227 1,000 1 P II rP nn ri cc ce ll m u l u i dd mii ee .ui ss n i a r a r . ee rr p yy. a . ir and mod ^'xR e v r ec n vv i ii z ss a ce t ud i . on loans insured by Federal Housing Administration. 2 NNoon:instalment consumer loans (single-payment loans of commercial banks and pawnbrokers). N'OTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Total m b C a e n o r k c m i s a - 1 l p S c l a o m o n a m i a n e l - s l b I a n tr n d i k u a s l s 2 - p I a c n t lo n r o d i a i m u a e n l s s - - 2 u C n r i e o d n i s t l l M 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 o a s a a p u n d t n i a d r e o s i e r r n 3 d n- m b C a e n o r k i m c s a - l l p S c l a m o o n a m i a n e l - l s b I a n tr n d i k u a s l s - 2 p I a c n l t n o o r d i i a m u a e n l s s - - 2 u C n r i e o d n i s t 1929.. 643 43 263 21Q 23 95 463 413 38 1933.. 466 29 246 121 20 50 322 205 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 1949 4,650 1,951 929 250 175 402 142 801 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 March 4,065 1,720 807 203 161 315 130 729 287 142 36 30 58 April 4,113 1,749 815 207 163 323 131 725 278 146 33 29 58 May 4,170 1,788 818 213 165 333 131 722 288 135 35 28 60 June 4,253 1,836 827 219 167 346 132 726 303 140 38 28 68 July 4,325 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. . r4,461 1,922 855 235 172 379 135 '763 278 128 34 27 65 October ^4,505 1,936 858 239 172 385 135 r78O 272 134 34 26 59 November... '4,561 1,944 875 244 173 394 137 r794 269 161 36 28 64 December. .. 4,650 1,951 929 . 250 175 402 142 801 280 232 41 31 69 1950—JanuaryP.. . 4,665 1,957 931 251 175 404 142 805 269 131 37 27 59 * February P. .. 4,685 1,970 928 254 174 408 142 809 264 126 34 25 61 P Preliminary. rRevised 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 February amounted to 90 million dollars, and loans made during February were 10 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. 474 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 r f in e m T g xc o o a l t b u a u i d l l t e , o - - s o m m t a r o n e a d r n i d e e l r t - 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 u p r l c s l d e e i e s - - J s e t w o e re lr s y s o r t e A t o h t r a l e e l i r l s Year or month Total c P ha u s r r e - e d tai D 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 or o t n i d z d n s j a 1 - 2 - i s l n 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 1945 715 198 296 51 57 113 July 3,933 718 869 761 684 901 1946 1,104 337 386 118 89 174 August 4,044 754 890 778 711 911 1947 1,935 650 587 249 144 305 September 4,140 780 905 803 730 922 1948 2,567 874 750 387 152 404 October 4,247 811 915 839 755 927 1949 3,096 1,010 935 500 163 488 November 4,326 835 922 868 772 929 December 4,416 854 915 922 781 944 1949 1950—January P. 4,465 866 922 953 779 945 January... 2,405 815 704 366 141 379 February P. . . . 4,487 888 935 938 781 945 February. . 2,310 778 685 353 130 364 Volume extended dur- March 2,259 756 675 348 124 356 ing month: S N J O D A J A M u u e o p e c u p a n l c v t r y g y t o e e i e e l u b m m m s e b b r t b e . . e e . r r r . . . . . . . 2 2 2 2 2 2 3 2 2 , , , , , , , , , 3 2 3 5 6 4 4 7 0 7 7 3 6 7 6 9 0 9 1 6 2 5 2 2 5 0 6 1,0 8 9 8 7 7 7 7 7 1 5 0 1 7 7 8 6 6 0 5 6 8 1 4 1 6 0 8 6 8 9 7 7 7 7 7 2 8 3 5 1 5 0 8 3 2 3 5 8 8 5 4 4 0 3 3 3 4 4 4 4 4 5 5 8 6 3 0 6 1 5 0 1 2 7 5 5 4 7 4 0 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 6 1 1 7 1 3 3 3 4 3 3 3 3 4 4 3 3 4 4 2 6 7 7 0 5 8 8 4 1 7 8 3 4 9 8 8 0 1949— A J J F S J M M A u u a e e p u a a n p n l b r g y r y u t e r i u e c l u a m h s r a t y r b y e . r 4 3 5 5 5 5 5 5 5 2 2 4 8 1 9 6 9 6 7 7 1 3 7 2 8 8 8 1 1 1 1 1 1 1 6 0 1 7 2 1 1 1 0 8 5 2 1 7 2 7 3 9 1 1 1 1 1 1 1 9 9 3 3 2 2 2 3 2 5 0 5 6 9 3 9 4 9 1 1 1 1 1 1 9 9 2 2 0 0 2 7 1 4 9 4 1 0 9 4 4 4 3 4 6 3 4 5 6 5 7 8 2 2 5 4 7 0 3 5 1 1 1 1 1 1 1 1 1 4 4 1 3 4 5 4 4 3 1 4 5 2 2 7 5 8 8 1950 O N c o t v ob e e m r ber.... 5 5 9 7 3 6 1 1 1 2 8 5 1 11 2 5 3 1 13 3 1 6 6 7 7 0 1 14 3 5 9 January P. . 2,995 975 491 627 December. . . . 593 113 105 154 57 164 FebruaryP. 2,949 957 488 615 1950—January P 555 111 116 137 48 143 February P. . . . 538 117 121 117 50 133 CONSUMER INSTALMENT CREDITS OP INDUSTRIAL BANKS, BY TYPE OF CREDIT CONSUMER INSTALMENT CREDITS OF INDUSTRIAL [Estimates. In millions of dollars] LOAN COMPANIES, BY TYPE OF CREDIT Retail instal- Repair Personal [Estimates. In millions of dollars] ment paper 2 and instal- Year or month Total modern- ment Retail instal- Repair Personal Auto- ization cash ment paper 2 and instalmobile Other loans 12 loans Year or month Total modern- ment Outstanding at end m A o u b to il - e Other l i o z a a n ti s o n i2 l c o a a s n h s of period: Outstanding at end 1947 233.5 50.0 30.2 43.3 110 0 of period: 1948 286.2 66.6 43.4 51.7 124 5 1949 343.2 93.6 63.1 55.4 131.1 1947 148.2 27.1 17.1 4.2 99.8 1948 177.1 38.3 23.7 5.0 110.1 1949—January 283.4 66.1 42.3 51.0 124.0 1949 194.7 43.5 31.4 6.5 113.3 O D S N J J A A F M M u u e e e o p c u p n a b l a c v t r y g t y e r r e o e i e u u m l c . b m m . s h a . e t b . r b b . . . r . . e y e e . r , . r r . . . . 3 2 3 3 3 3 2 2 3 3 2 2 9 4 3 2 0 8 8 0 1 8 3 4 3 6 9 3 7 2 9 0 7 . . . . . . . . . . . 7 7 2 3 6 4 8 6 9 4 4 6 8 9 9 6 8 8 7 7 7 7 8 1 3 6 7 5 2 6 3 0 8 . . . . . . . . . . . 7 7 7 1 6 0 3 9 7 3 8 4 5 6 4 4 4 4 5 5 5 5 3 3 6 9 8 1 4 5 0 1 2 . . . . . . . . . . . 1 1 2 7 6 5 6 8 3 6 3 5 5 5 5 4 4 5 5 5 5 5 5 3 5 1 9 9 2 5 1 0 0 . . . . . . . . . . . 5 9 2 5 5 4 9 0 4 3 0 1 1 1 1 1 1 1 1 1 1 1 3 2 2 2 2 2 2 2 2 2 2 1 9 9 8 9 4 4 7 5 9 3 . . . . . . . . . . . 1 9 3 9 9 1 3 4 6 3 0 1949— A J F J A O S M N M J u u e e p u o c a n l a a p b r y n t v g y e r i t o r e u u l e c u b m m s a h a e t r r . b . b y r . y e . e . . . . . r . r . . . . 1 1 1 1 1 1 1 1 1 1 1 7 7 9 9 8 9 8 8 9 7 8 6 0 8 2 0 5 1 0 7 6 3 . . . . . . . . . . . 1 1 1 5 9 7 2 9 9 0 0 3 3 3 3 4 4 4 4 4 4 4 1 7 9 4 0 8 8 3 4 2 1 . . . . . . . . . . . 2 2 9 4 1 3 4 0 0 6 3 2 2 2 2 2 2 2 3 3 3 2 3 0 6 2 0 5 8 3 0 4 9 . . . . . . . . . . . 2 2 7 9 5 9 5 4 0 1 6 4 5 4 5 4 5 6 6 5 5 5 . . . . . . . . . . . 9 0 3 8 1 7 3 0 9 3 8 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 0 1 2 1 9 2 2 1 2 0 2 . . . . . . . . . . . 5 3 5 7 9 5 5 6 2 8 4 December. 194.7 43.5 31.4 6.5 113.3 1950—January P.. 344.6 96.1 63.9 54.7 129.9 February P 347.4 98.6 65.2 54.2 129.4 1950—January P.. 194.8 44.3 31.1 6.6 112.8 February P 193.7 44.6 30.8 6.6 111.7 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 D J S N J A O A M M u u e e p o u c l a p a c n y v r g t y t r o e i e u e e l c m b m m s . h e t . b b . b . . r e . . e e . . . r . r r . . . . 4 4 4 4 4 4 4 4 4 4 5 3 1 5 7 7 7 1 1 3 . . . . . . . . . . 9 7 0 5 7 6 6 5 8 0 1 1 1 1 1 1 1 1 1 1 3 1 2 3 1 2 1 4 1 2 . . . . . . . . . . 7 7 9 5 9 3 3 1 3 0 1 8 8 5 6 8 8 7 7 7 0 . . . . . . . . . . 5 8 2 8 8 2 8 5 8 3 3 4 3 4 2 2 3 4 4 4 . . . . . . . . . . 3 2 2 8 3 6 4 7 6 8 2 2 2 2 2 1 1 1 1 1 1 0 1 0 2 9 8 8 9 9 . . . . . . . . . . 5 1 7 9 6 4 1 9 9 9 D A J A J S O N M M u u e p e o u c l n a p a c r y v t g y e t i r o e e u l e c m b m m s h e t b b . b . r e . e . e . . . r r r . . . . 3 3 3 3 3 2 3 3 2 2 1 1 2 8 1 0 1 1 8 7 . . . . . . . . . . 3 1 7 1 8 8 0 3 9 4 6 6 6 5 6 6 5 7 7 7 . . . . . . . . . . 7 7 1 7 9 4 6 3 1 1 3 3 3 4 4 5 4 4 5 4 . . . . . . . . . . 2 8 9 9 2 7 0 0 8 4 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . . 4 5 5 4 6 5 5 6 8 4 2 2 1 1 1 1 1 1 1 1 0 1 9 8 6 9 8 7 8 9 . . . . . . . . . . 7 1 9 9 8 0 5 4 4 0 1950—January P.. 41.9 12.3 7.8 2.7 19.1 1950—January?.. 27.7 6.5 3.3 0.3 17.6 FebruaryP 40.2 12.5 7.6 2.7 17.4 FebruaryP 25.4 5.6 3.5 0.3 16.0 Preliminary. 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. Includes both direct loans and paper purchased. APRIL 1950 475 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 tnstalment accounts a C c h co ar u g n e ts from preceding month of preceding Item month year Year or month House- Depart- Furni- hold ap- Jewelry Depart- 1 F 9 e 5 b 0 . P J 1 a 9 n 5 . 0 D 19 e 4 c 9 . 1 F 9 e 5 b 0 . ? 1 Ja 95 n 0 . D 19 e 4 c 9 . s m to e r n e t s s t t u or r e e s p s l t i o a r n e c s e stores s m to e r n e t s Net sales: 1949 Total +4 -45 +30 +11 +5 +3 January 22 12 15 14 51 C C a re s d h i t s a s l a e l s es: +2 -47 +46 -7 -14 -11 March 2 2 1 3 1 1 4 2 1 1 5 4 1 1 3 4 5 4 5 9 Instalment +8 -50 +29 +22 +15 +11 April 23 13 14 14 53 Charge account +2 -37 +26 0 -6 -9 May 2 2 2 1 1 1 3 2 1 1 4 4 1 1 4 4 5 5 3 3 Accounts receivable, end July 19 12 13 13 49 of month: August 21 12 14 14 51 Total -2 -3 +10 +25 +21 +17 20 11 12 13 52 Instalment 2 +12 +26 +25 +22 October 20 11 12 14 53 November 20 11 12 13 54 Colle m ct o io n n th s : during -4 December 20 10 12 16 52 Total.. -9 +4 +4 i -6 1950 Instalment -5 +4 +6 +2 -3 January 18 10 12 (2) 49 Inventories, end of +5 February P 17 10 11 (2) 47 month, at retail value. +5 -10 -7 -10 -14 P Preliminary. I Preliminary. 0 beg 1 i C nn o i l n le g c t o io f n m s o d n u t r h in . g month as percentage of accounts outstanding at 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 t h during Cash Instal- Charge sales ment account Total Cash I m ns e t n a t l- Charge Instal- Charge I m ns e t n a t l- Charge sales sales Averages of monthly data: 1941 100 100 100 100 100 100 100 100 48 9 43 1942 114 131 82 102 78 91 103 110 56 6 38 1943 130 165 71 103 46 79 80 107 61 5 34 1944 145 188 65 112 38 84 70 112 64 4 32 1945 162 211 67 125 37 94 69 127 64 4 32 1946 202 242 101 176 50 138 91 168 59 4 37 1947 214 237 154 200 88 174 133 198 55 6 39 1948 225 236 192 219 142 198 181 222 52 7 41 1949 213 216 197 213 165 196 200 224 50 8 42 1949—January 173 182 136 171 163 219 212 314 52 7 41 February. . . . 162 168 131 162 157 187 194 235 51 7 42 March 203 209 172 204 152 180 210 227 51 7 42 April 223 231 188 221 152 190 196 209 51 8 41 May 207 210 182 210 153 191 196 220 50 8 42 June 200 206 168 201 152 187 194 222 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.. . 254 247 259 260 189 213 211 232 48 9 43 December 372 380 325 373 214 285 227 245 50 42 1950—January 164 162 174 164 209 222 233 319 49 9 42 FebruaryP ... 156 152 184 155 207 190 223 242 48 10 42 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. 467. 476 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 Feb. Mar. Mar. Mar. Mar. page Feb. Mar. Mar. Mar. Mar. 22 15 22 15 WEEKLY FIGURES 2 In billions of dollars In unit indicated RESERVE BANK CREDIT, ETC. WEEKLY FIGURES 2—Gont. Reserve Bank credit, total.... 18.09 18.45 18.36 18.26 18.04 U. S. Govt. securities, total.. 17.63 17.76 17.85 17.79 17.57 BUSINESS CONDITIONS G T M M R E r x e o o e N C N C C e R C R c q l m n a d e h o o h e e u e e B N s e B s w s w s i i b u i u s u y s c c r e e i o o e n n t e l a r a r r o l r r n t Y y Y t t d i g v v g s e e r c r n d b o e e o y y s s o o k c s r e a c r r e a c c a r b k b n k i s s i i v r n a k a e t t h c e y y d C C n n r u s v r a k k i i , l e b b e c t t n a s s y s y t a a s e t d e o • i n n r o r t k t k v d a n i s l e s f e . s i • p c , o a to s te i t t a s s . l . . . . . . . . 2, 2 2 1 1 '6 3 6 6 4 4 4 7 1 1 5 6 (3 , . . . . . . . . . . . . . . . ) 9 7 6 8 1 2 0 4 3 3 4 1 7 0 1 6 9 5 5 9 9 6 8 2 1 5 2 9 9 5 3 8 2 2 1 1 - 3 6 4 6 4 7 4 7 1 1 6 5 ( . 3 . . . . . . . . . . . . 0 . . . ) 8 8 8 1 1 0 3 3 3 0 2 3 1 9 5 3 7 7 4 2 2 4 1 6 4 3 5 8 6 9 5 2 2 1 1 3 6 4 6 4 7 4 7 1 1 1 6 5 (4 . . . . . . . . . . . . . . . . ) 9 7 8 1 1 0 1 3 3 4 1 2 2 6 0 1 5 6 2 0 3 8 6 0 0 1 3 5 8 1 6 6 2 2 1 1 3 6 4 6 4 4 7 7 1 1 1 6 5 . . . . . . . . . . . . . . . . . 8 3 6 3 2 3 3 0 1 4 4 7 4 6 1 0 2 5 2 2 2 2 1 5 1 2 7 3 2 1 4 9 7 1P 2 2 1 1 - 3 4 6 6 2 7 4 6 4 5 P 1 5 P . . . . . . . . . . . . . . . . 0 8 5 2 2 0 5 3 2 9 6 0 9 3 6 1 1 2 3 1 3 7 7 5 2 7 7 7 9 0 7 4 Wh I B S n o e a d F T F O T F l W S l I C C s e e e n o o a i t o o t s o o c x c e d h p h r ( o o a t t t r t A e e m a u a c e e o e d l n d t s r e l o l d u o r a s u s s s g n t t t ( ( m p n p c u r f c . 1 d r i r a ( ( o f e ( m a 9 i o d c f s r 1 c m n c l s m ) 2 e d o e o 9 e t n m m s 6 u l n d s 3 l t p c : t = a p i s 9 o a s t t r r e 1 i t d s = s p o p e e r 0 i 1 e d e s r t b 0 p r i i : r 0 u e a u e ) 0 b c p s : l r s s t ) u o h s : s 1 u : e h 0 n l e 0 ) d l . ) ) . . . . 6 6 6 6 6 6 6 6 6 6 6 8 5 8 8 5 5 7 7 5 7 8 2 3 2 2 1 2 1 1 1 1 3 2 0 4 2 5 9 5 4 5 3 2 0 7 8 7 4 2 5 8 . 3 1 . . . . . . . . . . 9 7 5 4 9 5 3 3 8 2 3 3 2 2 2 2 1 1 1 1 1 3 0 2 4 2 4 5 5 9 5 3 2 6 0 7 5 2 9 4 7 . 2 2 . . . . . . . . . . 6 4 7 6 8 3 4 8 3 0 4 3 2 2 2 2 1 1 1 1 1 3 0 9 4 2 2 5 5 4 5 3 1 8 6 8 0 8 6 5 2 3 A . . . . . . . . . . 4 9 2 4 0 0 0 2 4 0 3 3 2 2 2 2 1 1 1 1 1 3 0 4 1 2 8 5 5 4 5 3 6 1 5 8 9 5 6 2 5 . 4 7 . . . . . . . . . . 1 2 2 9 6 4 0 5 0 5 3 3 2 2 2 2 1 1 1 1 1 3 8 0 4 2 1 5 5 4 5 3 . 1 5 1 5 6 9 5 7 5 5 6 . . . . . . . . . . 7 3 8 2 4 9 9 3 4 8 8 MEMBER BANKS IN LEADING CITIES Cows (dollars per 100 All reporting banks: pounds) 68 16.94 16.98 17.14 17.50 17.58 Loans and investments 1 66.99 66.83 66.28 66.86 67.01 Hogs (dollars per 100 U. S. Govt. securities, total. 1 37.16 36.77 36.46 36.88 36.70 pounds) 68 17.20 17.18 17.17 16.76 16.34 Bonds 16 24.91 24.86 24.83 24.05 23.99 Butter (cents per pound). 68 62.3 60.8 60.4 Notes and certificates.... 16 9.85 9.70 9.61 10.44 10.52 Eggs (cents per dozen)... 68 31.0 31.8 32.9 33.9 34.0 Bills 16 2.40 2.21 2.02 2.39 2.20 Production: Other securities 1 5.22 5.32 5.33 5.33 5.5: Steel (% of capacity) 71 88.8 73.7 73.5 89.8 95.5 Demand deposits adjusted.. 1 46.85 46.93 46.71 47.24 46.47 Automobile (thous. cars)... 71 117 117 ••118 ••128 134 U. S. Govt. deposits 14 2.94 2.42 2.07 2.50 2.75 Crude petroleum (thous. Loans, total 1 24.60 24.74 24.49 24.65 24.79 bbls.) 72 4,930 4,839 4,758 4,776 4,781 Commercial 18 13.85 13.83 13.80 13.89 13.84 Bituminous coal (mill, tons). 72 .44 .51 2.20 2.23 2.06 Real estate 18 4.41 4.41 4.42 4.44 4.46 Paperboard (thous. tons)... 73 201 195 192 206 211 For purchasing securities: Meat (mill, pounds) 73 272 299 290 295 287 Total 18 1.97 2.10 1.92 2.05 2.02 Electric power (mill. kw. hrs.) 75 5,854 5,879 5,937 6,015 5,993 U. S. Govt. securities.. 1 .54 .75 .64 .67 .65 Freight carloadings (thous.cars): Other securities 18 1.43 1.35 1.28 1.38 1.37 Total 74 547 574 708 726 717 Other 18 4.44 4.47 4.48 4.50 4.51 Miscellaneous 74 320 328 329 337 343 New York City banks: Department store sales Loans and investments 15 19.19 19.20 18.96 19.16 19.17 (1935-39=100) -.. 75 221 244 253 264 279 U. S. Govt. securities, total. 1 10.29 10.21 10.14 10.23 10.14 Bonds, total holdings..... 17 7.46 7.45 7.47 7.09 7.07 Due or callable—5 years 17 5.73 5.72 5.72 5.77 5.74 1949 1950 Notes and certificates.... 1 2.24 2.20 2.21 2.51 2.56 De B m il a l n s. d deposits adjusted.. 1 1 5 14. . 8 59 9 14. . 9 56 7 14. . 8 45 9 15. . 1 63 0 14. . 6 51 Dec. Jan. Feb.1 U. S. Govt. deposits 15 .83 .67 .55 .65 .74 Interbank deposits5 15 3.77 3.74 3.83 4.05 3.76 MONTHLY FIGURES Time deposits5 15 1.61 1.62 1.62 1.63 1.62 In billions of dollars Loans, total 15 7.52 7.53 7.37 7.47 7.49 DEPOSITS AND CURRENCY Commercial 1 4.88 4.87 4.83 4.87 4. For purchasing securities: Deposits and currency* To brokers: Total deposits and currency. P174.10 P173.90 P173.1O On U. S. Govts 1 .36 .55 .45 .49 .46 Total deposits adjusted and On other securities... 1 .80 .72 .67 .71 .73 currency . 6 P170.10 P170.00 P168.50 Toothers 19 .19 .19 .19 .22 .19 Demand deposits adjusted.. 6 P86.70 P86.80 P84.90 Real estate and other 19 1.17 1.18 1.18 1.19 1.20 Time deposits adjusted 6 P58.40 P58.70 P58.90 Banks outside New York City: Currency outside banks.... 6 P25.00 P24.50 P24.70 Loans and investments 1. 47.80 47.63 47.32 47.69 47.83 U. S. Govt. deposits 6 P4.00 P3.90 P4.60 U. S. Govt. securities, total.. 1 * 26.88 26.57 26.33 26.65 26.56 Money in circulation, total. . . 27.60 26.94 27.07 Bonds 1 17.45 17.42 17.36 16.95 16.92 Bills of $50 and over 8.58 8.47 8.43 Notes and certificates.... 1 7.61 7.50 7.40 7.93 7.96 $10 and $20 bills 14.41 14.02 14.17 Bills 17 1.81 1.65 1.57 1.77 1.69 Coins, $1, $2, and $5 bills... 4.62 4.45 4.48 Demand deposits adjusted.. 15 31.96 31.96 31.82 32.14 31.83 U. S. Govt. deposits 15 2.11 1.76 1.52 1.85 2.01 Interbank deposits5 15 6.47 6.53 6.78 6.90 6.52 Annual rate T Lo im R C an e o e s a m , d l m e t e o p s e t o t r a a c s l t i i e a t s l 5 1 1 1 1 9 5 5 1 1 4 8 7 3 . . . . 9 1 7 0 8 4 9 8 1 1 4 8 7 3 . . . . 9 1 2 7 7 5 2 9 1 1 4 8 3 7 . . . . 9 1 8 1 7 5 2 3 1 1 9 4 7 3 . . . . 0 1 1 8 2 6 8 1 1 1 9 4 7 3 . . . . 0 1 3 8 0 8 0 0 Tu N O rn e th 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 8 2 1 7 7 . . 1 9 2 1 6 8 . . 7 7 2 1 9 8 . . 3 9 For purchasing securities. 1 .61 .65 .62 .64 .65 Other 19 3.54 3.56 3.57 3.59 3.60 COMMERCIAL BANKS In billions of dollars MONEY RATES, ETC. Per cent per annum U. 3 C 7 B 1 S - - 5 e i 5 9 . l r l y t s G y i y e f e e ( o a i n c a a r v e a s r r t s s w t . e o s s r i e s m c s u u o r e r i s e t ) i es: 30, 3 3 3 3 3 0 0 2 0 0 1 2 1 1 1 .1 . . . . 7 3 1 4 2 6 7 5 4 5 1 2 1 1 . 1 1 . . . . 3 4 7 1 2 9 4 6 6 5 1 2 1 1 1 .1 . . . . 1 4 7 3 2 6 4 8 1 6 1 2 . 1 1 1 1 . . . . 3 4 1 7 2 8 5 6 8 7 1 2 . 1 1 1 1 . . . . 7 4 4 1 2 7 5 5 6 8 L C o a U O L a sh o n . t h s a S a e n . a s r s s n G * e s d e t o s c i v e u n t r v . i e t s i s e e t c s m u * r e . i n ti t e s s , • total °, P P P 1 P P 2 2 4 I 6 8 0 3 O 7 . . . . . 1 9 3 3 3 0 0 0 0 0 P1 P P P PI 2 2 4 6 O 1 7 3 8 . . . . . 4 7 6 1 2 0 O 0 0 0 P P P P P 1 4 6 1 2 2 7 3 7 0 1 . . . . . 1 3 3 5 1 O 0 0 0 0 Corporate bonds: Holdings of U. S. Govt. se- Aaa 32 2.58 2.58 2.58 2.59 2.59 curities: Hi B gh a - a g . r . a . d . e municipal bonds.. 3 3 : 2 3 2 . . 2 0 4 5 3 2 . . 2 0 4 7 3 2 . . 2 0 4 7 3 2 . . 2 0 4 7 3 2 . . 2 0 3 7 Wi T B th o il i t l n a s l 1 year: 1 1 0 0 2 3 4 . . 5 0 1 6 24 4. . 1 4 2 0 2* P 2 3 2 . . 5 5 0 0 Stock prices (1935-39 = 100): In unit indicated N Ce o r t t e i s fi c a a n t d e s b onds 1 1 0 0 1 9 1 . . 0 5 3 2 1 8 1 . . 9 2 9 9 P P 9 9 . . 1 9 0 0 Vo T P I R l n u u o a d m b t i u a l l r e i l 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 4 4 0 0 3 5 4 8 8 7 1. 1 1 1 1 4 4 3 0 0 7 5 7 8 9 1 1 1 1 1 . 0 4 3 0 4 9 5 8 8 0 1 1 1 1 1 . 3 1 4 1 5 9 0 7 0 4 1. 1 1 1 1 1 7 0 4 4 1 9 8 0 2 Ov N T 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 d 0 s s . y ) ( r 1 s. - ) 5 yrs.) 1 1 1 1 0 0 0 0 3 2 3 5 4 7 . . . . 8 9 7 0 1 9 9 0 3 2 3 5 6 7 . . . . 9 1 0 1 3 2 5 0 P P 3 2 P P 7 6 4 7 . . . . 1 1 0 0 O 0 0 0 For footnotes see p. 480. APRIL 1950 477 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 Dec. Jan. Feb.1 page Dec. Jan. Feb.* In billions of dollars In billions of dollars MONTHLY FIGURES—Cont. 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 12 101.76 102.42 101.71 By class of security—Cont. Loans 12 36.40 36.16 36.29 Bonds—Total outstanding.... 24 104.92 104.92 104.92 U. S. Govt. securities 12 56.97 57.75 56.84 Nonbank (unrestricted issues Other securities 12 8.39 8.51 8.59 only), commercial bank, Demand deposits adjusted6 12 73.40 73.65 71.80 and F. R. Bank 24 61.06 60.98 P60.78 Time deposits 12 29.15 29.27 29.40 Commercial bank and F. R. Balances due to banks 12 11.24 11.60 10.90 Bank 24 46 47 46.53 P46.42 Balances due from banks 12 5.65 5.89 5.43 F. R. Bank 24 7.22 7.11 6.86 Reserves 12 16.29 16.52 16.15 By earliest callable or due date: Central reserve city banks: Within 1 year-Total outstanding 25 56.39 56.07 54.09 Loans and investments, total 12 25.03 25.08 24.53 Commercial bank and F. R. Loans 12 9.27 9.06 9.0. Bank 25 36.04 35.43 P33.56 U. S. Govt. securities 12 13.99 14.14 13.58 F. R. Bank 25 11.98 11 03 11.06 Other securities 12 1.77 1.88 1.90 1-5 years—Total outstanding. 25 35.07 35.09 37.01 Demand deposits adjusted• 12 19.19 19.31 18.47 Commercial bank and F. R. Time deposits 12 2.80 2.78 2.78 Bank 25 26.83 27.04 *>28.09 Balances due to banks 12 4.95 5.02 4.74 F. R. Bank 25 1.92 1.92 2.07 Reserves 12 5.61 5.65 5.48 5-10 years—Total outstanding 25 18.54 18.54 18.54 Reserve city banks: Nonbank (unrestricted issues Loans and investments, total 13 38.48 38.80 38.41 only), commercial bank, Loans 13 14.42 14.31 14.30 and F. R. Bank 25 11.34 11.33 Pll.28 U. S. Govt. securities 13 21.07 21.50 21.08 Commercial Bank and F. R. Other securities 13 2.99 2.99 3.02 Bank 25 8.38 8.41 P8.37 Demand deposits adjusted * 13 26.09 26.26 25.40 F. R. Bank 25 1.39 1.36 1.25 Time deposits 13 11.64 11.70 11.71 Over 10 years—Total outstand- Balances due to banks 13 5.35 5.57 5.22 ing. .. 25 45.13 45.13 45.13 Balances due from banks 13 1.75 1.82 1.64 Nonbank (unrestricted issues Reserves. .- 13 6.25 6.37 6.22 only), commercial bank, Country banks: and F. R. Bank 25 8.47 8.40 P8.25 Loans and investments, total 13 38.25 38.53 38.78 Commercial bank and F. R. Loans 13 12.71 12.78 12.94 Bank 25 7.48 7.44 Pi .33 U. S. Govt. securities 13 21.91 22.11 22.18 F. R. Bank 25 3.59 3.51 3.37 Other securities 13 3.64 3.64 3.66 ^ash income and outgo: Demand deposits adjustede 13 28.13 28.08 27.92 Cash income 26 4.26 3.49 3.60 Time deposits 13 14.72 14.79 14.91 Cash outgo 26 4.06 3.18 3.54 Balances due from banks 13 3.74 3.90 3.65 Excess of cash income or outgo.... 26 + .20 + .31 + .06 Reserves 13 4.43 4.51 4.45 MONEY RATES, ETC. Per cent Treasury bills (new issues) 29 1.097 1.100 1.130 Corporate bonds: CONSUMER CREDIT e Aaa 29 2.58 2.57 2.58 Baa 29 3.31 3.24 3.24 Consumer credit, total 20 18.78 ^18.35 P18.13 F. R. Bank discount rate 29 1.50 1.50 1.50 Single-payment loans 20 2.99 P3.01 P3.01 Commercial paper 29 1.31 1.31 1.31 Charge accounts 20 3.91 P3.51 P3.23 Stock yields: Service credit 20 .99 Pl.00 Pi. 00 Dividends/price ratio: Instalment credit, total 20, 21 10.89 P10.84 PIO.89 Common stock 33 6.58 6.50 6.49 Instalment loans 21 4.65 P4.67 ^4.69 Preferred stock 33 3. 3.83 3.84 Instalment sale credit, total 21 6.24 P6.17 P6.21 A O u th to er m obile 2 2 1 1 3 3 . . 1 1 0 4 P P 3 3 . . 0 1 0 8 P J> 2 3 . . 9 2 , 6 In unit indicated Margin requirements (per cent) 35 50 50 50 Stock prices (1935-39 = 100), total... 35 133 135 137 Stock market credit (mill, dollars): Bank loans 35 426 424 434 GOVERNMENT FINANCE Customers' debit balances 35, 36 881 901 953 Money borrowed 36 523 493 522 Gross debt of the U. S. Government: Customers' free credit balances.... 36 633 669 669 Total (direct and guaranteed) 22 257.16 256.89 256.40Volume of trading (mill, shares) 35 1.74 1.88 1.70 Bonds (marketable issues) 22 104.92 104.92 104.92 Notes, certificates, and bills 22 50.20 49.92 49.85 BUSINESS CONDITIONS Savings bonds, savings notes.... 22 64.32 64.86 65.21 Personal income (annual rates, bill. Special issues 22 33.90 33.50 32.87 dollars):6 6 Guaranteed, noninterest-bearing Total. . 48 211.9 218.1 P219.1 debt, etc 22 3.82 3.69 3.56 Wage and salary receipts 48 134.4 133.7 P133.5 Ownership of U. S. Govt. securities: Proprietors' income, dividends, and Total: interest 48 62.4 63.9 P61.3 Commercial bankse 23 67.00 67.60 P66.6C Allother 48 15.0 20.5 ^24.3 Fed. agencies and trust funds... 23 39.35 38.98 P38.3 Labor force (mill, persons):e F. R. Banks 23 18.88 17.83 17.75 Total 49 63.5 62.8 63.0 Individuals6 23 69.50 69.70 P70.10 Civilian 49 62.0 61.4 61.6 Corporations and associations e.. 23 22.40 22.60 P23AQ Unemployment 49 3.5 4.5 4.7 Insurance companiese 23 20.50 20.60 P20.6C Employment 49 58.6 56.9 57.0 Mutual savings bankse 23 11.40 11.50 P11.5C Nonagricultural 49 51.8 50.7 50.7 State and local govts.e 23 8.10 8.10 Employment in nonagricultural estab- Marketable public issues: lishments (mill, persons):6 6 By class of security: Total 50 42.71 42.58 P42.28 Bills—Total outstanding 24 12.32 12.33 12.34 Manufacturing and mining....... 50 14.86 14.90 P14.67 Commercial bank and F. R. Construction. 50 2.13 2.10 P2.06 Bank 24 8.34 7.88 P7.3 Transportation and utilities 50 r3.93 3.91 ?3.87 F. R. Bank . . 24 4.83 3.75 3.8< Trade 50 *9A2 9.36 P9.35 Note o s ut a s n ta d n d c i e n r g t ificates—Total 24 37.89 37.58 37.5 Ho G u o rs v e a r n n d m e e a n r t n ings at fac . t . o . r . i .. e s 4 : 50 5.81 5.78 2*5.78 Commercial bank and F. R. Weekly earnings (dollars) 51 56.18 56.33 P56.37 Bank 24 23.93 23.92 P23.61. Hourly earnings (dollars) 51 1.408 1.419 Pl.420 F. R. Bank 24 6.84 6.96 7.0; Hours worked (per week) 51 '39.9 39.7 P39.7 For footnotes see p. 480. 478 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 1949 1950 book book page Dec. Jan. Feb. page Dec. Jan. Feb.1 In unit indicated In unit indicated MONTHLY FIGURES—Cont. MONTHLY FIGURES—Cont. BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS—Cont. Industrial production:6 Consumers' prices (1935-39=100): Total (1935-39 =100) 52 179 183 P180 All items 64 167.5 166.9 166.5 Groups (points in total index): Food 64 197.3 196.0 194.8 Durable manufactures 52 •76.9 P79.2 P78.4 Apparel 64 185.8 185.0 184.8 Nondurable manufactures 52 '82.4 84.0 PS3.7 Rent.. 64 122.2 122.6 122.8 Minerals 52 20.0 19.8 P17.9 Miscellaneous 64 155.5 155.1 155.1 Manufacturing production Wholesale prices (1926=100): (1935-39 =100), total 53 188 192 Total 65 '151.2 '151.5 152.7 Durable 53 '203 209 P207 Farm products 65 '154.9 '154.7 159.1 Nondurable 53 176 179 P179 Food 65 '155. '154.8 156.8 Selected durable manufactures Other commodities 65 '145.5 145.8 145.9 (1935-39=100): Textile products 66 138.4 138.5 138.2 Nonferrous metals 54 174 191 P200 Hides and leather products 66 179.9 179.3 179.0 Steel 54 239 244 P23S Chemicals and allied products... 66 115.3 115.7 115.3 Cement 54 206 207 211 Fuel and lighting materials 67 130.5 '131.4 131.2 Lumber 54 153 132 P138 Building materials 67 190.4 '191.6 192.7 Transportation equipment 54 '211 243 P212 Metals and metal products 67 167.8 168.4 168.6 Machinery 54 227 228 P237 Miscellaneous 66 110.7 110.0 110.0 Selected nondurable manufactures Prices paid and received by farmers (1935-39=100): (1910-14=100): Apparel wool consumption 55 136 147 Paid, etc 69 246 249 248 Cotton consumption 55 134 144 144 Received 69 233 235 237 Shoes. . . . 55 103 116 P123 Cash farm income (mill, dollars): N Pa e p w e s r p b r o i a n r t d consump t t ion 5 5 5 5 1 1 9 5 3 2 2 1 0 5 9 9 2 1 0 6 5 9 T Li o v t e a s l tock and products 7 7 0 0 2 1 , , 3 1 2 42 6 2 1 , , 2 13 5 9 4 P1,015 Manufactured food products.... 55 '160 161 P162 Crops 70 1,175 1,099 P581 Fuel oil 55 190 192 P184 Govt. payments 70 9 16 Gasoline 55 180 176 P170 Industrial chemicals 55 '423 421 P426 Rayon 55 "•335 349 »355 INTERNATIONAL TRADE AND FINANCE Sales, inventories, and orders: Sales (bill, dollars):6 Exports and imports (mill, dollars): Manufacturing, total 56 16.8 17.6 P18.0 Exports 76 P944 P745 P77O Durable 56 7.0 7.5 P7.6 Imports 76 P605 P623 P599 Nondurable 56 9.9 10.2 PIO.4 Excess of exports or imports 76 P339 P123 P171 Wholesale, total 57 7.3 7.2 P7.6 Short-term liabilities to and claims on Durable.. 57 1.7 1.6 P\. foreigners reported by banks (bill, Nondurable 57 5.6 5.6 PS.9 dollars): Retail, total 57 10.5 10.9 Pll.l Total liabilities 77 P5.97 P5.98 Durable 57 3.1 3.6 P3.7 Official 77 P2.91 P2.86 Nondurable 57 7.4 7.3 P7 A Invested in U. S. Treasury bills Inventories (bill, dollars):6 and certificates 77 P. 79 P.81 Manufacturing, total 56 30.9 31.1 Private 77 P3.06 P3.12 Durable 56 13.8 13.9 »13.9 Claims on foreigners 77 P.81 P.72 Nondurable 56 17.1 17.3 »17.3 Foreign exchange rates: Wholesale 57 9.0 9.0 P9.0 See p. 499 of this BULLETIN 78,79 Retail 57 13.7 14.0 P13.9 New orders (bill, dollars) Durable 56 7.0 8.4 P7.9 1949 1950 Nondurable 56 9.8 10.3 PIO.4 Construction contracts (3 mo. moving avg., mill, dollars):6 July- Oct.- Jan.- Total 58 1,076 993 Pl.,027 Sept. Dec. Mar. Residential 58 470 451 P468 QUARTERLY FIGURES Other 58 607 541 P559 Residential construction: GOVERNMENT FINANCE In billions of dollars Contracts awarded (mill, dollars) :6 Total 59 507 470 484 Budget receipts and expenditures of 1- and 2-family dwellings 59 364 353 374 U. S. Treasury: Other 59 143 117 110 Expenditures, total 27 11.01 9.96 9.09 Dwellings started (thous. units)... 59 '78 80 P80 National defense 27, 28 '3.25 '3.18 P3. 04 Value of construction activity (mill, Veterans' Administration 28 1.45 1.56 1.58 dollars): International aid 28 1.35 1.09 P. 99 Totale 60 1,612 1,496 Pl.395 Interest on debt 28 .99 1.57 1.26 Nonresidential:e Allother 28 '2.81 '2.50 2.15 Public 60 365 333 P307 Receipts: Private 60 535 489 P478 Net receipts 27 9.26 8.42 11.16 Residential:e Individual income taxes 28 3.63 2.91 P6.74 Public 60 22 24 P20 Corporate income, etc 28 3.04 2.85 P2.57 Private 60 690 650 P590 Miscellaneous internal revenue.. 28 2.12 2.20 1.95 Freight car loadings:6 All other 28 .63 .61 P. 78 Total (1935-39 =100) 61 115 117 104 Tax refunds (deduct) 28 .16 .15 Groups Cpoints in total index): Miscellaneous 61 69.7 73.0 71.4 Coal 61 20.7 20.6 9.8 MONEY RATES Per cent per annum All other 61 24.9 23.8 23.0 Department stores: Bank rates on loans to business: Indexes (1935-39 = 100) :6 All loans: Sales 62 293 282 279 19 cities 31 2.63 2.65 2.60 Stocks 62 271 272 279 New York City 31 2.32 2.38 2.29 296 stores: 7 Northern and Eastern cities... 31 2.64 2.67 2.55 Sales (mill, dollars) 63 583 '254 246 11 Southern and Western cities.. 31 3.07 3.03 3.12 Stocks (mill, dollars) 63 788 '787 855- Loans of $l,000-$10,000: Outstanding orders (mill, dollars) 63 296 391 395 19 cities 31 4.62 4.53 4.45 Ratios to sales (months' supply): New York City 31 4.23 4.14 3.85 Total commitments 63 1.9 4.6 5.1 7 Northern and Eastern cities... 31 4.71 4.63 4.64 Stocks 63 1.4 3.1 3.4 11 Southern and Western cities.. 31 4.74 4.66 4.64 For footnotes see p. 480. APRIL 1950 479 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 1950 1949 1950] Chart Chart book book page July- Oct.- Jan.- page July- Oct.- Jan.- Sept. Dec. Mar. Sept. Dec. Mar. Per cent per annum In unit indicated QUARTERLY FIGURES—Cont. QUARTERLY FIGURES—Cont. MONEY RATES—Cont. BUSINESS FINANCE—Cont. Bank rates on loans to business—Cont. Plant and equipment expenditures Loans of $10,000-$100,000: (bill, dollars):* 7 19 cities 31 3.64 3.61 3.54 All business 42 4.4 4.6 New York City... 31 3.41 3.35 3.22 Manufacturing and mining; rail- 7 Northern and Eastern cities... 31 3.63 3.65 3.60 roads and utilities 42 3.0 3.2 2.9 11 Southern and Western cities.. 31 3.79 3.74 3.71 Manufacturing and mining 42 1.9 2.0 1.9 Loans of $10Q,000-$200,000: 19 cities 31 2.98 2.98 2.94 New York City 31 2.74 2.73 2.64 In billions of dollars 7 Northern and Eastern cities... 31 2.93 3.00 2.91 11 Southern and Western cities.. 31 3.18 3.12 3.15 Individual savings: • Loans of $200,000 and over: Gross savings 43 +10.6 +10.7 19 cities 31 2.31 2.35 2.31 Liquid savings 43 '+1.8 +0.8 New York City 31 2.13 2.21 2.13 Cash 43 '+2.0 +1.5 7 Northern and Eastern cities... 31 2.39 2.41 2.28 U. S. Govt. securities 43 -0.2 +0.1 11 Southern and Western cities.. 31 2.58 2.56 2.74 Other securities 43 '+0.3 +0.3 Insurance 43 +1.5 +1.8 Stock yields: Debt liquidation 43 — 1.6 -3.0 Earnings/price ratio, common stocks 33 P12.97 Annual rates\ in billions of dollars GROSS NATIONAL PRODUCT, ETC.* BUSINESS FINANCE In unit indicated Gross national product 8 44 254.6 255.2| Corporate assets and liabilities (bill, Govt. purchases of goods and servdollars): • ices 44 43.2 43.7| Current assets, total 37 124.6 Personal consumption expenditures 44 179 179.8! Cash 37 24.7 Durable goods 46 25.7 25.2] U. S. Govt. securities 37 15.6 Nondurable goods 46 97.6 97.7 Inventories 37 44.7 Services 46 56.5 56.9 Receivables 37 38.0 Private domestic and foreign invest- Current liabilities, total. 37 56.9 ment 44 31.8 31.7 Notes and accounts payable 37 32.9 Gross private domestic invest- Federal income tax liabilities.... 37 10.2 ment: Net working capital 37 67.7 Producers' durable equipment. 45 19.6 18.7 Corporate security issues: New construction 45 17.4 18.7 Total (bill, dollars) • 38 .81 1.1.5 Change in business inventories. 45 -5.0 -3.7 New money, total (bill, dollars) «... 38 .69 «.77 Net foreign investment 45 -0.3 -2.0 Type of security (bill, dollars): Personal income, consumption, and Bonds 38 .53 .55 saving: 6 Preferred stock 38 .06 .11 Personal income 47 208.2 209.3 Common stock 38 .11 .12 Disposable income 47 189.5 190.7 Use of proceeds (mill, dollars): Consumption expenditures 47 179.7 179.8 Plant and equipment: Net personal saving 47 9.8 10.8 All issuers 39 599 588 Public utility 39 277 396 Railroad 39 80 77 1948 Industrial. 39 241 112 Working capital: All issuers 39 183 Dec. June Dec. Public utility 39 5 31 30 31 Railroad 39 SEMIANNUAL FIGURES Industrial 39 106 Bonds (bill, dollars): • INSURED COMMERCIAL BANKS In billions of dollars Public 38 .40 .31 Private 38 .24 .52 [Loans: Corp ( o a r n a n te u a p l r o r f a i t t e s, s , t a b x il e l s , , d a o n l d l a d r i s v ) i : d 66 ends Commercial. 11 1 2 8 . . 7 7 8 6 1 2 6 . . 7 2 3 9 Profits before taxes 40 28.9 29.5 30.5 ARegaril ceuslttuartea.l. 1111 10.67 10.89 Pro u f n it d s i st a r f i t b e u r te t d a x p e r s o fi ( t d s i ) v idends and 40 17.5 17.7 18.3 F C o o r n s p u u m rc e h r asing securities: 11 6.80 7.17 Undistributed profits 40 9.4 9.9 To brokers and dealers 11 1.34 1.97 Corporate profits after taxes (quar- Toothers 11 0.94 0.90 All t e c r o ly r p t o o r t a a t l i s o ) n : s (bill, dollars) 8.... 41 4.4 O St t a h t e e r a s n e d c u l r o it c i a e l s government securities 1 1 1 1 5 3. . 4 5 2 1 3 5 . .7 4 6 9 Large corporations, total (bill, dollars) 41 1.2 1.2 Manufacturing (mill, dollars): Durable 41 ••522 410 Nondurable 41 ••296 350 Electric power and telephone (mill, dollars) 41 228 26 Railroads (mill, dollars) 41 104 160 • Estimated. P Preliminary. p Revised. c Corrected. 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. »Deficiency of less than 5 million dollars. < Less than 5 million dollars. 5 Revised series; interbank time deposits, formerly included in time deposits, are now included in interbank deposits. 6 Adjusted for seasonal variation. 7 Expenditures anticipated by business during the second quarter of 1950 are (in billions of dollars): All business, 4.3; manufacturing and mining, railroads and utilities, 3.0; manufacturing and mining, 1.9. * 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. 480 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 Dec. Jan.p Feb.? page1 Dec. Jan.? Feb.* In millions of dollars In millions of dollars Consumer credit outstanding, total... 3 18,779 18,347 18,126 Consumer instalment sale credit Instalment credit, total 3, 5 10,890 10,839 10,892 granted, cumulative totals:2 Instalment loans 5 4,650 4,665 4,685 By all other retailers 1,053 664 730 Instalment sale credit 5 6,240 6,174 6,207 By department stores and mail- Charge accounts 3 3,909 3,506 3,227 order houses 879 586 649 Single-payment loans 3 2,988 3,005 3,007 By furniture and household appli- Service credit 3 992 997 1,000 ance stores 650 488 539 Consumer credit outstanding, cumu- By automobile dealers 392 377 413 lative totals:2 Consumer instalment loan credit out- Instalment credit 4 18,779 18,347 18,126 standing, cumulative totals:2 Charge accounts 4 7,889 7,508 7,234 Commercial and industrial banks. 4,650 4,665 4,685 Single-payment loans 4 3,980 4,002 4,007 Small loan companies 2,449 2,457 2,461 Service credit 4 992 997 1,000 Credit unions 1,520 1,526 1,533 Consumer instalment sale credit out- Miscellaneous lenders 1,118 1,122 1,125 standing, cumulative totals: 2 Insured repair and modernization All other retailers 6 6,240 6,174 6,207 loans 801 805 809 Department stores and mail-order houses 6 5,589 5,547, 5,592 Furniture and household appliance stores 6 4,579 4,572 4,635 Automobile dealers 6 3.144J 3,179 3,258 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. APRIL 1950 481 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States. . 484-489 Gold production. . 489 Reported gold reserves of central banks and governments. .. 490 Gold movements; gold stock of the United States.., 491 International Monetary Fund and Bank. . 492 Central banks... 492-496 Money rates in foreign countries. . 497 Commercial banks... 498 Foreign exchange rates. . 499 Price movements:. Wholesale prices.. 500 Retail food prices and cost of living.. . 501 Security prices. . 501 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. APRIL 1950 483 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 reas f e u n i O n ds 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 u n e n b i n s r c n n a t d r i n e a t s U u k a t i o . s t i o i n e S f o n g n . i a in 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 S d s g e . se o F R f c u f o u e n r U t r e d u i i . t s g r i S n e 2 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 2 o i s c f : b I b r n 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 313 5,980.2 3,465.5 1,557.2 1,908.3 888.8 848.2 673.3 104.4 1943—Dec. 31. 7,267.1 4,644 8 ?,610 0 2,034 8 877 6 925.9 701.1 117.8 1944—Dec. 31.... 7,728.4 4,865.2 9,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Dec. 31. ... 8,802.8 6,144 5 ,469 0 2,675.5 742.7 972.8 798.7 144.1 1946—Dec. 31 8,009.5 5,272.3 2,333.6 2,938.7 453.8 427.2 1,237.9 464.5 153.7 1947—Dec. 31. . 8,335.2 4,120 3 1,121 8 2,998 5 9,242 0 186 5 1,276.9 367.0 142.4 1948—Dec. 31 8,560.6 5,119.5 9,126.0 2,993.6 1 844.3 116.8 1,182.1 174.8 123.1 1949— M Fe a b r . . 3 2 1 8. ... 8 8 , , 7 6 1 3 2 8 . . 4 0 5 5, , 2 2 1 9 2 8 . . 7 9 2 2, , 2 2 9 3 4 6 . . 2 6 3 2, , 9 0 7 0 6 4 . . 1 7 1 18 8 9 9 7 2 . . 3 1 1 15 3 2 8 . . 5 4 1 1 , , 1 1 8 7 8 0 . . 2 5 8 7 2 6 . . 4 7 1 1 2 1 2 8 . . 6 1 Apr. 30.... 8,589.8 5,151 9 9,128 1 3,023 8 1880 2 178 0 1,176 1 84.6 118.9 May 31 8,468.7 4,953.8 1,941.6 3,012.2 1874.3 249.4 1,180.5 95.7 115.1 June 30 8,559.0 5,008.8 2,015.0 2,993.8 1874.7 275.0 1,190.5 93.6 116.3 July 31 8,449.4 4,868 7 1,864 6 3,004 1 1859 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 1722.1 318.0 1,123.5 258.3 127.0 Oct. 31. ... 8.653.7 5,115.3 2,025.6 3,089.7 1692.4 287.0 1,176.4 255.9 126.8 Nov. 30 8.660.2 5,140.2 2,111.1 3,029.1 1655.1 298.6 1,196.4 248.6 121.3 Dec. 31 P 8,780.2 5,223 7 9,203 5 3 020 2 1637 8 328 2 1,205 7 260.7 124.0 1950—Jan. 31 P 8,970.2 5,243.6 2,152.8 3,090.7 1 723.0 414.4 1,200.1 266.1 123.0 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, s ti t I o i n t n u te a ti r l o n i n n a s - - Total U K d n i o n i m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - Am La e t r i i n ca Asia o A th l e l r 1944—Dec. 31 7,728.4 1,090.0 585.7 506.2 664.3 63.1 1,172.5 4,081.8 976.4 1,193.7 1,273.6 203.0 1945—Dec. 31 8,802.8 892.5 464.2 539.7 722.3 106.5 1,311.8 4,037.0 1,395.7 1,338.4 1,784.1 247.5 1946—Dec. 31 453.8 7,555.7 563.1 384.8 326.4 766.1 287.5 1,246.3 3,574.2 979.7 1,474.0 1,258.3 269.6 1947—Dec. 31... 2,067.3 6,267.9 437.0 234.3 213.8 839.3 150.1 L.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—Feb. 28 1,650.5 7,062.0 689.7 53.6 122.9 859.9 403.7 L192.9 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 L,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 L,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 L,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 L,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 ,093.9 3,207.1 928.7 1,758.7 899.6 264.7 Nov. 30 1,558.9 7,101.3 644.5 125.3 165.3 925.1 297.1 ,097.3 3,254.6 952.8 1,770.5 866.7 256.7 Dec. 31P 1,541.7 7,238.5 680.8 114.0 171.0 943.3 305.6 ,150.7 3,365.3 988.5 1,785.0 850.3 249.4 1950—Jan. 31? 1,627.3 7,342.8 728.9 93.8 175.3 890.1 295.1 ,191.8 3,375.1 1,028.8 1,792.3 876.1 270.6 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 special deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also special deposit accounts held with the U. S. Treasury. 2 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 5 and 6. Securities of such institutions are included in foreign securities. 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. 484 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 t h J ro a u n g . h 2 — , 1935, n t a I u i n n t t i t i s o e o t n i r n - - a s l Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1944—Dec. 31 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31 6 144 5 646 4 229 9 265 0 286 3 50.1 745.8 2,223.4 1,414 2 924.9 1,369 1 212.9 1946—Dec. 31 453.8 5,272.3 397.6 165.8 208.2 359.0 247.6 687.2 2,065.5 823.9 983.3 1,135.7 263.9 1947—Dec. 31 2,242.0 4,120.3 264.9 87.6 126.7 432.8 132.8 576.6 1,621.4 301.6 1,095.0 877.3 224.9 1948—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 I949—Feb. 28 1 892 15,298 9 515 6 87 9 103 1 534.5 389.5 636.1 2,266.7 750 31,194.6 889 2 198.2 Mar. 31 1,897 3 5,212.7 456 0 89.5 109.6 551.3 379.3 599.2 2,184.9 763.31,147.8 909.7 207.0 Apr. 30 1,880.2 5,151.9 376.4 100.7 91.3 585.1 373.8 592.1 2,119.5 708.31,212.6 921.1 190.4 May 31 1,874 3 4,953 8 294 3 104 1 95 4 569 8 356.5 544.8 1,965.0 688 51,191.7 903 5 205.1 June 30 1,874 7 5,008.8 349.1 114.2 104.3 557.9 364.0 514.4 2,003.8 671.81,216.9 900.7 215.6 July 31 1,859.5 4,868.7 290.2 84.0 113.6 531.1 367.0 514.2 1,900.1 640.71,230.8 888.3 208.8 Aug. 31 ... 1,778 8 4,873.6 291 1 70 3 102.0 538.2 381.0 516.4 1,899.0 635.01,246.4 897.0 196.2 Sept. 30 1,722.1 4,937.0 377.6 86.8 149.1 545.1 265.5 501.0 1,925.1 719.61,197.8 878.9 215.7 Oct. 31 1 692 45,115 3 451 3 103 8 166 3 563 2 266.3 507.4 2,058.3 702 81,294 9 835 9 223.3 Nov. 30 1,655 1 5,140.2 495.3 103 0 146.3 554.0 275.4 512.0 2,086.0 717.01,317.5 803.9 215.8 Dec. 31P 1,637.8 5,223.7 513.0 91.4 153.2 555.3 285.3 555.9 2,154.2 758.91,315.7 784.2 210.7 1950—Jan. 31*> 1,723.0 5,243.6 548.1 72.2 160.7 493.8 276.4 575.0 2,126.4 811.41,262.9 803.2 239.6 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 I949—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 -337.1 -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 -.9 -7.0 May 31 249.4 260.4 -9.0 6.8 1.9 3.5 213.7 477.3 57.8 -265.8 -12.4 -7.6 June 30 275.0 275 0 -7 9 13 9 1.8 -.5 214.2 496.5 59.0 -255.2 — 18 0 -7 4 July 31 287.5 271.5 -6.0 14.4 1.8 .1 217.9 499.8 60.3 -250.8 -14.2 -7.7 Aug 31 338.0 277.1 9.8 12.7 1.9 5.5 227.6 534.5 58.5 -242.3 -7.5 -5.2 Sept. 30 318.0 235 2 10 9 11.8 4.5 11.2 224.9 498.5 57.5 -233.9 2 4 —6 5 Oct. 31 287.0 225.6 11.0 12.6 4.1 10.5 221.1 484.9 61.1 -248.2 -4.4 -6.4 Nov. 30 298.6 237.2 26.9 12.3 3.5 7.7 219.4 507.1 59.9 -255.9 -6.1 -6.2 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 1950—Jan 31*> 414.4 259.4 27.6 16.0 2.5 5.8 244.8 556.0 52.7 -177.3 .1 -17.0 TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From t h J r a ou n g . h 2 — , 1935, n t a I u i n n t t i i t s o o e t n i r n - - a s l Total U K d n i o 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 I944—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—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. 30 -265.3 1,461.7 71.4 43.0 -9.7 -6.6 26.9 308.1 433.2 330.0 595.4 64.0 39.2 Dec. 31 P -265.3 1,471.0 71.4 43.2 -9.3 -4.0 27.0 311.7 440.0 329.0 598.5 63.9 39.5 1950—Jan. 3W -265.3 1,465.4 71.3 44.0 -15.1 -1.7 27.0 313.4 439.0 320.8 601.9 64.0 39.8 p Preliminary. APRIL 1950 485 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Co» */»»*<* NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From th J ro a u n g . h 2 — , 1935, n t a I u i n n t t i i t s o o e t n i r n - - a s l Total U K d n i o i n m t g 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 ot A h 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. 3i 798 7 -157 9 81.7 233.5 355.4 2.2 68.0 582.9 -126.6 81.3 251.3 9.9 1946—Dec. 31 464.5 -194.9 74.9 207.0 337.9 2.1 57.3 484.3 -143.0 87.6 26.8 8.8 1947—Dec. 31 74.5 292 4 —203 8 24.7 108.7 350.9 -15.0 43.1 308.7 -139.8 84.2 28.3 11.0 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—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 -SI .1 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. 30 169.1 79.5 -176.6 -63.8 5.7 348.9 -13.5 46.3 147.2 -172.3 99.1 -1.7 7.2 Dec 31 v 169 1 91 6 — 173 9 -64 9 4 0 359 3 — 13 4 47 9 159 0 — 174 6 96 9 3 0 7.4 1950—Jan. 31? .. 169.6 96.4 -166.2 -65.7 2.8 367.8 -14.7 47.4 171.3 -177.9 93.6 2.1 7.3 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) United Neth- Switz- From Jan. 2, 1935, through— Total 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 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. 31 126.3 18.5 23.1 22 3 23.0 3 10.4 97.7 16.2 5 1 5.6 1.8 1945—Dec. 31 144.1 19.8 23.4 26.0 30.3 .4 13.6 113 6 19.5 5 9 3.8 1.3 1946—Dec 31 . . 153.7 19.2 20.5 17.5 39.6 .4 14.7 112.0 21.5 13.4 4.8 2.0 1947—Dec. 31 142.4 18.2 19 1 12.7 38 2 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—F^ 28 118.1 17.0 16.5 9 5 23 8 .4 10.7 77 9 18 8 13 4 7 2 .7 Mar. 31 122.6 17.3 16.8 10.1 24.3 .5 10.3 79 3 19.2 15 4 7 8 .8 Apr 30 118.9 16.8 16.6 9 9 24 0 .5 11,1 78 8 19.9 11 9 7.4 .8 May 31 115.1 17.2 16.5 9.7 23.1 .5 11.0 78 0 20 1 9.5 6 7 .8 June 30 116.3 17.2 16.4 10.0 23.5 .5 11.1 78.7 18.9 10.5 7 4 .8 July 31 119.5 17.1 16.1 9.6 23 2 10 9 77 3 20,5 13 5 7 3 g Aug. 31 121.2 17.1 16.1 9.3 22.8 .6 5 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. 30 121.3 17.1 16.2 10.6 25.3 .6 11.4 81.2 18.3 14 5 6.6 .7 Dec 31 P 124.0 17.1 16.2 9.6 28.4 .6 11.1 82.9 20.2 13.3 6.8 .8 1950—Jan. 31? . 1123.0 16.3 15.8 11.0 27.8 .6 11.1 82.5 21.8 11.2 6.7 .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- countries2 Date t t i e i n o r s n n t a i a - - l OEncial • U K d n o i i n m t g e - d France N la e e n r t d - h s - S la w e n r i - d tz 3 - Italy E O u th ro e p r e E T u o ro ta p l e C ad an a - \m L e a r t i i c n a Asia ot A h l e l r tutions md 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 3 1,069.2 174.0 1 1 9 9 4 4 5 6 — — D D e e c c . . 3 3 1 1... 473.7 6 6,0 8 0 83 6.5 1 3 4, , 1 0 7 4 9 3 . ,9 3 4 70 5 7 8.9 7 3 2 1 4 0 5 0 9 2 22 8 4 1. 9 6 3 37 0 2 4 6 2 26 7 7 0 9 4. 9 8 0 5 9 0 . . 1 5 2 2, , 5 4 8 2 3 0. 0 7 1,5 9 2 3 2 1. .2 8 • 1 , , 0 1 4 0 6 4 4 8 1 1 , , 5 3 4 1 9 6!4 7 2 1 3 8 2 1 ! .8 8 1947—Dec.31... 2,262.0 4,854.4 1,832.1 326.2 167 7 143.3 446.4 153 I 739 8 t,976 7 409.6 1,216 6 I.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 0 1,151.8 167.4 1949—Feb. 28 ., ,912.t 6,033.1 3,004.5 576.9 168 0 119 7 548 1 409 8 799.4 2,621.9 858.2 1,316 11,069.8 167.0 Mar.31... ,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 4 1,090.3 175.8 Apr. 30... ,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 L.334 21,101.8 159.2 May 31... ,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 L.313.3 I,084.1 173.9 June 30... L.894.6 5,743 0 2,725.3 410.5 194.3 120 9 571 5 384 3 677.6 2,359.1 779.7 1,338 5 ,081.3 184.4 July 31... L.879.5 5,602 9 2,574.9 351.6 164.1 130 2 544 7 387.3 677.4 2,255 3 748.7 1,352 3t,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 9 I,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 L.319.31,059 5 184.5 Oct. 31... L,712. 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.30... L,675 0 5,874 3 2,821.4 556 7 183.1 162 9 567 6 295.7 675.3 2,441 3 824 9 1,439 0 984 5 184.6 Dec. 31*.. 1,657 8 5,957 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 1950—Jan. 31*.. 1,742 9 5,977 7 2,863.1 609 5 152.3 177 3 507 4 296.7 738.3 2,481 6 919 4 L.384 4 983 9 208.4 P Preliminary. 1 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 70.5; U. S. brokerage balances abroad, 24.3. 2 Country breakdown is for "Official and private." 3 Beginning January 1950, excludes Bank for International Settlements, now included in "International institutions." 486 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 A tr u i s a - g B iu el m - C v o z a s e k l c o i h a - - m De a n rk - l F a i n n d - m G a e n r- y1Greece N w o a r y - l P an o- d t P u o g r a - l m R a u n - ia Spain S d w e e n - USSR s Y la u v g i o a - ot A he ll r2 1944—Dec. 31. .774.5 124.3 14.8 7.1 6.8 48.7 220.8 54.5 9.5 43.4 152.1 16.1 5.7 70.7 1945—Dec 31 909 1 185 0 25 9 5 5 7 0 70 8 216 1 47.9 9.3 31.7 210.1 28.0 5.7 66.0 1946—Dec. 31. .850.5 159.5 66.5 22.2 7.1 49.3 123.5 39.0 8.9 16.4 172.6 60.5 12.4 112.5 1947—Dec. 31. .739.8 124.9 52.8 30.5 89.5 34.7 56.2 47.1 8.7 12.8 58.6 73.7 12.1 138.2 1948—Dec. 31. .738.1 128.7 44.7 19.1 178.9 21.1 77.7 37.7 7.0 13.6 49.0 21.3 19.9 119.3 1949—Feb. 28 799 4 163 3 49 8 16 9 196 1 24 4 81 2 39.4 5.9 14.7 54.5 20.2 13.3 119.7 Mar. 31. .762.5 143.5 44.3 16.0 188.3 28.7 83.2 39.5 5.9 14.9 51.5 13.3 12.0 121 A Apr. 30. .755.4 148.1 40.6 17.4 180.1 30.3 83.0 39.3 6.5 12.8 49.9 13.7 7.3 126.3 May 31. .708.1 142.4 33.7 17.7 159.9 29.8 74.0 33.4 7.0 13.3 57.0 10.7 6.0 123.2 June 30. .677.6 124.0 32.8 18.2 160.0 28.5 69.0 33.0 6.9 9.8 55.8 12.4 6.8 120.4 July 31 677 4 117 5 33 7 17 4 169 6 27 0 65 9 33.8 6.8 11.3 57.9 8.7 5.3 122.5 Aug. 31. .679.6 142.2 32.0 17.7 150.2 25.0 62.4 30.3 6.8 8.2 61.0 10.5 6.4 126.9 Sept. 30. .664.2 126.7 31.8 17.1 147.8 24.7 60.8 31.3 7.1 9.6 62.0 11.3 9.1 125.1 Oct. 31.. 670.7 125.3 31.8 15.5 145.2 23.3 62.6 33.9 6.7 10.8 69.2 11.9 13.6 120.9 Nov. 30. .675.3 117.7 35.4 24.0 141.6 23.7 66.4 33.9 6.7 10.7 78.6 8.2 10.4 118.0 Dec. 31 P.719.1 121 1 38 0 25 1 149 4 29 6 69 4 38.1 6.7 15.7 90.1 10.2 7.6 118.3 1950—Jan. 31*>.738.3 44.3 124.9 17.7 35.2 23.8 149.7 30.3 76.4 6.0 38.3 6.5 14.0 96.1 9.4 7.1 58.5 i Latin America Neth- Do- er- ^ate A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile lo C b m i o a - - Cuba p m i R c l u i i a e b c n n - - - G m u a a l t a e- M ic e o x- l W I S a a n u n n d e r d d i s i e - s t s Peru l P p a i R c u m a e b n o - a - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i m c a th a t e i e 3 r n r nam 1944—Dec# 3i 909 3 93 9 17 7 140 8 55 0 83.6 139 3 83 1 36 0 27 7 69 1 31 5 131 6 1945—Dec. 31. 1,046.4 77.3 14.5 195.1 66.3 79.2 128.3 116 4 28 2 43 9 88.7 49 7 158 8 1946—Dec. 31. 1,104.8 112.6 14.0 174.0 50.7 57.8 153.5 152.2 16.1 40.9 77.2 74.0 181.8 1947—£>ec> 31. 1,216 6 236 2 17 8 104 7 46.3 46 1 234 7 139 2 14 9 41 8 70 3 78 0 186 5 1948—Dec. 31. 1,287.0 215.8 17.1 123.7 55.6 54.0 219.4 146.7 24.3 52.6 71.8 121.7 184.1 1949—Feb. 28. 1,316.1 226.9 15.3 118.9 56.0 49.1 226.0 138.6 25.5 50.4 72.8 129.6 207.2 Mar. 31 1,269 4224 7 15 0 98 3 52.0 42 4 224 5 144 9 23 9 46 0 78 8 113 4 205 6 Apr. 30 1,334.2 225.0 14.8 126.9 62.6 39.4 229.9 138 4 24 8 50 6 77 1 137 1 207 6 May 31. 1,313.3 227.4 15.4 117..2 54.8 45.7 167.8 157.5 24.8 53.0 73.4 171.3 205.0 June 30 1,338 5 229 8 14 8 115 9 56 3 51 9 167 7 162 6 24 1 52 9 70 0 187 5 204 9 July 31. 1,352.3 229.4 14.9 118.1 65.1 59.8 174.8 163.3 24.3 55.9 63.1 162.0 221.6 Aug. 31. 1,367.9 228.6 14.4 128.0 57.9 49.0 187.7 175.5 29.1 58.3 64.6 161.2 213.6 Sept 30 1,319 3221 7 16.2 145.0 58 1 51.0 179.6 184 2 27 8 59 4 69 1 99 4 207 9 Oct. 31. 1,416.5 227.7 15.7 165.0 59.5 57.6 181.7 185.7 30.5 61.4 72.7 160.4 198.6 Nov. 30. 1,439.0 233.7 13.2 216.9 54.9 70.1 178.4 195.0 23.5 53.3 74.2 129.2 196.6 Dec. 31*1,437 3 201.1 13.5 192.8 60.5 85.9 164.2 214 6 25 9 53 8 74 3 143 2 207 4 1950—Jan. 31*1,384.4 210.2 13.9 164.4 57.5 97.3 169.7 35.8 25.8 184.1 26.5 48.7 71.8 35.7 62.3 117.4 63.4 Asia and All Other China Egypt Date Asia M c a r h n i a u a d n - - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i p P p R u h p b e i i - l l n - i e c T la h n a d i- T k u ey r- O A t s h ia e 4 r o A th l e l r t A ra u l s i - a C g B o i e a n l n g - o A E t a n i g n a g y d n l p o - - S A U o f o n u r i f i t o c h a n Other5 Sudan 1944—Dec. 31. 1,069.2 427.3 22.9 22.1 110.5 4 0 365 8 23.7 92.9 174.0 52.9 7.3 8.3 105.4 1945—Dec. 31. 1,549.6 582.3 27.4 33.4 113.7 4.1 629.1 52.5 107.2 181.8 28.9 18.9 6.4 127.7 1946—Dec. 31. 1,316.4 431.9 44.9 43.5 127.1 16.6 446.6 54.7 151.0 232.8 45.5 20.8 47.2 119.3 1947—Dec. 31. 1,057.9 229.9 39.8 62.4 69.3 31.3 488.6 37.6 99.0 193.7 30.6 25.0 46.4 91.8 1948—Dec. 31. 1,151.8 216.2 51.1 51.8 41.5 81.4 488.3 17.5 204.0 167.4 22.2 27.7 15.8 101.6 1949—Feb. 28. 1,069.8 182.2 52.9 42.8 38.8 121 6 402 5 19.5 209.5 167.0 17.5 25.5 12.3 111.7 Mar. 31. 1,090.3 179.0 53.4 52.0 34.7 128.4 413.6 20.6 208.7 175.8 17.4 37.0' 15.1 106.2 Apr. 30. 1,101.8 161.9 52.6 51.6 33.5 123.2 426.8 17.2 235.1 159.2 15.4 37.9 10.0 96.0 May 31. 1,084.1 147.0 55.7 55.5 31.5 135.2 407.4 20.2 231.7 173.9 21.8 42.5 12.3 97.4 June 30. 1,081.3 119.2 67.7 60.9 36.1 141 6 387 6 15.3 252.9 184.4 19.7 54.1 9.1 101.5 July 31. 1,068.9 125.3 78.9 54.2 27.1 144.2 367.3 18.2 253.6 177.6 22.3 49.6 7.3 98.4 Aug. 31. 1,077.6 123.7 80.9 69.1 29.0 152.8 363.7 13.6 244.8 165.0 20.2 49.9 6.7 88.2 Sept. 30. 1,059.5 124.1 82.3 59.9 27.2 161.5 348.4 15.1 241.0 184.5 31.7 58.7 5.8 88.4 Oct. 31. 1,016.5 116.3 81.5 52.6 20.5 189.5 334.1 12.1 209.9 192.1 44.0 60.2 5.7 82.2 Nov. 30. 984.5 113.4 83.3 56.4 17.8 204.8 306.3 10.0 192.4 184.6 39.4 58.3 6.9 79.9 Dec. 31P 964.8 111.9 85.7 63.3 16.4 214 6 297 3 9.8 165.7 179.5 32.4 61.6 6.0 79.5 1950—Jan. 31 P 983.9 110.1 89.9 69.5 12.2 16.8 21.0238.8 286.1 24.3 12.0 103.2 208.4 29.8 27.2 72.8 21.6 57.1 p Preliminary. 1 Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes. 2 Revised to include Luxembourg, no longer reported separately. Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, : reported separately until that date. Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, not reported separately i that date. 5 Revised to include New Zealand and French Morocco, no longer reported separately. Beginning January 1950, excludes Belgian Congo, not reported separately until that date. APRIL 1950 487 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 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 th ro e p r e E T u o r t o aJ pe C a a d n a - A L i m a c t a e in r- Asia o A th 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—Feb. 28. 997.1 27.0 116.4 25.4 6.4 24.7 97.3 997.2 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. 30 836.8 54.8 52.2 6.3 4.6 18.8 90.3 227.1 33.0 423.9 135.2 17.6 Dec. 31 P 807.3 38.8 51.1 5.2 3.8 20.4 8.5.7 204.9 37.8 407.5 136.7 20.4 1950—Jan. 31P 721.1 32.6 51.5 2.7 5.7 20.7 65.0 178.2 40.2 345.3 129.0 28.4 CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu el m - C v o z a s e k l c o i h a - - m De a n rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P a o n - d t P u o g r a - l m R a u n - ia Spain S d w e e n - USSR s Y la u v g i o a - ot A h l e l r1 1944—Dec. 31. 78 3 .7 8 (2) 33.9 .6 35.1 .8 (2) 1 8 .2 (2) 5.2 1945—Dec. 31.. 74.6 6 33.9 .7 31.6 .5 .1 1.6 .9 (2) 4.8 1946—Dec. 31 82 8 7 5 6.2 30 4 12 4 3.3 1 0 1 7 2 4 9 9 5 1947—Dec. 31. 118.9 15.0 2.2 8.0 30.5 10.6 9.2 1.1 9 5.4 35.9 1948—Dec. 31.. 106.3 21.4 .6 3.4 30.5 1.2 8.4 .7 I 2.9 1.4 ? 6.0 29.8 1949—Feb. 28.. 97.3 18.5 1.3 4.2 29.5 .8 14.9 .6 1.8 1.3 24.4 Mar. 31 85 5 18 1 1.7 3 0 29 8 .9 8 7 6 1 6 1 5 19 7 Apr. 30. . 94.9 16.5 1.4 3.9 29.6 1.0 8.3 .5 12.0 2.8 1.4 17.4 May 31.. 96.1 18.3 .9 4.9 29.8 .8 8.7 .5 12.0 4.8 1.4 14.2 June 30 95 6 18 9 1.1 4 8 29 8 1 0 8 6 5 12 0 4 2 1 5 ' ' (2) " " 13 3 July 31.. 91.9 17.9 .9 4.9 29.9 1.0 8.1 .5 10.7 3.3 1.5 fi 13.2 Aug. 31.. 82.2 13.6 1.0 5.5 29.7 .7 7.9 .4 8.2 2.5 1.4 11.1 Sept.30 84 9 14 1 .7 6.6 30.3 .8 8.0 .4 7 1 3.8 1 8 2 11 2 Oct. 31.. 88.7 16.1 .7 8.6 30.3 .8 7.3 .5 7.0 3.8 2.1 11.5 Nov.30 90 3 17 6 7 9 2 22.1 .7 7 5 .7 7 0 6 1 2 1 16 7 Dec. 31P. 85.7 13.4 .4 8.2 22.1 1.7 7.4 .5 7.0 7.0 2.4 8 15.7 1950—Jan. 3\P. 65.0 1.2 15.6 .5 4.9 25.5 .2 1.0 "".5 .7 6.7 3.4 .1 4.8 Latin America Neth- Do- er- Date A L i a m c t a i e n r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i R c u li i a e b c n - n - - G m u a a l t a e- M ic e o x- l W I S a a n u n n d e r d d i s i e s - t s Peru l p P a i R c u m a e b n - o a - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L i a t m c h t a i e e 3 n r r nam 1944—Dec. 31.. 131.0 3.1 1.8 25.3 9.0 15.5 47.4 8.6 .3 1.2 .8 5.1 12.9 1945—Dec. 31.. 158.9 21.0 1.3 24.7 6.6 16.8 33.3 11.0 .5 1.9 1.1 6.1 34.7 1946—Dec. 31.. 226.8 41.8 2.3 49.8 14.6- 26.4 25.7 25.5 .8 3.7 1.3 8.7 26.2 1947—Dec. 31.. 514.3 65.2 2.0 165.8 27.8 32.6 108.6 52.2 1 1 4 3 4 7 15.3 34.5 1948—Dec. 31.. 516.6 72.4 2.7 165.4 15.2 32.6 83.1 73.8 1 5 4.4 4 6 26.0 34.7 1949—Feb. 28.. 513.1 67.2 2.2 178.7 16.0 29.3 81.9 71.8 1.2 5.1 4 3 24.3 31.0 Mar. 31. .505.1 62.3 2.6 167.0 15.4 30.0 84.9 75.8 1.2 5.8 4.3 23.6 32.1 Apr. 30.. 505.9 58.0 2.5 175.3 15.0 32.0 79.3 74.7 1.3 5.5 4.4 24.7 33.2 May 31. .433.8 58.9 2.6 159.5 12.5 37.9 20.6 69.6 1.3 6.0 4 4 25.7 34.7 June 30.. 423.1 57.6 3.0 155.0 12.2 37.7 21.0 68.3 1.1 6.1 4.5 23.7 33.0 July 31 418 8 55 5 2 7 158.9 10 9 32.1 20 3 67 2 1 1 7.9 4 5 23.0 34.5 Aug. 31. .410.3 56.1 2.2 160.5 11.8 24.4 17.6 68.0 1.1 6.9 4 6 22.4 34.5 Sept. 30. . 401.9 52.4 2.3 162.2 11.4 22.6 17.5 64.1 1.1 6.4 4.6 22.3 34.9 Oct. 31.. 416.2 53.3 2.5 165.1 12.0 22.6 20.0 66.4 3.0 6.3 5.4 23.0 36.8 Nov. 30.. 423.9 52.1 1.9 161.9 11.7 22.3 26.4 72.0 1.2 5 8 5 3 23.6 39.6 Dec. 31*. 407.5 51.6 2.2 137.2 15.6 21.4 27.5 72.1 1.3 5.8 5.3 25.7 41.8 1950—Jan. 31 P.345.3 49.3 5.2 99.2 14.1 19.9 27.1 "i!"8'' 50.3 1.1 6.5 4.3 "6:5" "9.6' 25.3 23.3 P Preliminary. 1 Revised to include Luxembourg, no longer reported separately. Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, not reported separ ately until that date. 2 Less than $50,000. a Revised to include Costa Rica and French West Indies and Guiana, no longer reported separately. Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, not reported separately until that date. 488 FEDERAL RESERVE BUILETIN 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 M C c a h h n a u i d n n - - a H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i p P p R u h p e b i i - l l n - ic e T la h n a d i- T k u ey r- O A t s h ia e * r o A th l e l r t A ra u l s i - a C g B o i e a n l n g - o A E E t a n i g g n a g y y d n l p p o - t - S A U o f o n u r f i i t o c h a n Others ria Sudan 1944—Dec. 31.. 51.4 1.5 .9 22.3 1.5 .5 13.8 1.8 8.9 11.7 .6 .2 9.7 1.2 1945—Dec. 31.. 29.9 1.0 .8 7.5 1.4 .5 13.8 2.0 2 8 9 9 1.7 .3 4.7 3.3 1946—Dec. 31.. 99.2 53.9 5.9 12.0 1.0 .2 20.2 1.4 4.6 17.2 3.4 .4 10.1 3.3 1947—Dec# 3i 127 0 40 8 2 6 29.6 5 9 27.4 17.7 7 5 31 5 9 0 .1 14.4 8.0 1948—Dec. 31.. 118.8 24.2 3.4 20.4 1.9 15.9 37.3 1.4 14.3 19.7 4.7 .4 7.9 6.8 1949—Feb. 28.. 130.6 21.6 3.7 20.9 1.1 27.7 33.8 1.6 20.2 17.8 5.1 .4 5.1 7.2 Mar. 31.. 131.4 19.7 4.3 20.4 1.1 34.9 31.7 1.1 18.1 18.0 5.8 .3 4.1 7.8 Apr. 30. 130 0 18 2 4 8 20 9 1.2 34 3 30.5 1.5 18.8 18.4 5.5 .5 4.3 8.0 May 31. . 141.4 18.0 6.4 20.0 1.5 37.4 31.9 2.1 24.2 19.0 5.3 .4 4.6 8.8 June 30. . 147.0 18.4 3.2 21.0 1.1 39.4 30.2 .9 33.0 18.8 5.4 .4 4.6 8.4 July 31.. 143.2 16.8 3.7 20.0 1.2 33.8 25.3 11.7 30.8 19.1 5.0 .6 4.2 9.2 Aug. 31.. 136.6 17.8 3.4 19.7 .5 21.8 27.5 14.5 31.4 16.6 4.5 .2 3.6 8.3 Sept. 30 126 7 18 0 3 4 16 8 .4 9 6 24 6 19.4 34 4 17.9 4.6 .4 4.0 8.9 Oct. 31.. '133.5 16.5 3.8 18.8 .4 10.1 25.5 14.3 44.1 17.8 4.8 .5 3.8 8.8 Nov. 30.. 135.2 16.3 4.2 17.0 .2 9.5 25.9 15.7 46.5 17.6 5.4 .6 3.6 8.0 Dec. 31 P. 136.7 16.5 3.6 17.3 .2 13.2 23 8 14.3 47 7 20.4 7.9 .2 4.5 7*. 7 1950—Jan. 31 P. 129.0 17.0 4.1 16.6 .2 13.6 11.8 18.1 22.8 2.4 10.5 12.0 28.3 10.4 3.6 .2 9.6 4.6 P Preliminary. 1 Revised to include French Indo-China and British Malaya, no longer reported separately. Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, not reported separately until that date. 2 Revised to include New Zealand and French Morocco, no longer reported separately. Beginning January 1950, excludes Belgian Congo, not reported separately until that date. 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 .1 r m e o po n r th te l d y A So fr u ic th a d R e h s o i - a A W fr e ic s a t 2 C B o e n lg g i o a 3 n U St n a i t t e e s d 4 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 5 Au li s a tra- India* U =15* fti grainsof gold Vio fine: i.e., an ounee of fine gold = J135. 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 1949 409.7 18.5 23.1 12.9 69.9 143.9 12 6 7.7 5.7 1949—Jan 58.4 32.9 1.5 2.0 1.0 3.9 10.8 .7 1.1 .7 .7 2.4 .6 Feb 56.3 31.0 5 2,0 1.1 3.9 10.8 1.0 1 4 .3 .6 2 3 5 Mar. . 62.2- 34.6 6 2.0 1.1 5.5 12.0 g ] 1 5 6 2 4 60.8 33.4 1 7 1 9 1.0 5.7 11.4 .6 1 1 .4 .6 2 5 5 May . 63.2 34.3 1 6 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 1 0 .4 .6 3 7 .6 July. . 63.1 35.5 1 6 1 8 1.1 5.7 11.4 1.0 1 5 6 2 3 66.2 35.7 6 9 1.2 6.5 12.6 1.4 1 n .6 .7 2 5 6 Sept 65.4 34.8 S Q 1.1 6.2 12.7 1 6 o 6 7 2 6 5 Oct....... 65.4 34.7 5 9 1.0 7.3 12.8 .9 0 •5 .6 2.7 5 34.0 5 2.0 1.1 7.4 12.7 1 6 7 4 Dec 34.0 1.5 2.0 1.1 6.6 13.1 .6 .6 4 1950—Jan 34.2 2.0 1.1 5.9 1.4 .6 .5 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. * Reported by American Bureau of Metal Statistics. * Includes Philippine production received in United States through 1945. Yearly figures through 1948 are estimates of United States Mint. Figures for 1949 and 1950 are estimates of American Bureau of Metal Statistics. 6 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731; 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. APRIL 1950 489 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS fin millions of dollars] United States End of month Treas- t g i A e n r n a - - 2 g B iu el m - Brazil Canada^ 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 ury Total i 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—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 24,507 679 317 40 32 523 Feb 24,345 24,456 679 40 32 523 End of month H ga u r n y - India Iran Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Peru Portu- 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 5 201 181 265 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—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. 41 247 124 252 178 195 32 51 28 128 85 1950—Jan... 41 247 124 252 178 229 51 28 132 80 Feb.. 41 252 178 229 146 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 Uru- 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 o i t o r n e n y n r d e - a - l f S t m B t o i e e o r a e r t n t n n 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 th t g p o r l e U d K v n i i r o i n t e u g e s s - d e rv fi e g s u F r n r e a s o n t ce inclu B de e d lg i i u n 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—Mar.. 80 1,408 162 164 323 229 1,436 49 1947—Mar 12,380 Apr... 80 1,412 161 164 323 231 1,436 50 June.... 12,410 May. 71 1,432 161 164 323 232 1,440 55 Sept 12,383 June. 71 1,419 160 161 323 232 1,440 55 Dec 12,079 July.. 71 1,457 160 161 323 233 1,448 60 Aug.. 71 1,503 160 161 323 235 1,450 47 1948—Mar 12,241 Sept.. 70 1,485 159 177 373 235 1,450 52 June.... 11,920 Oct... 70 1,486 154 178 373 299 1,450 47 Sept 11,777 Nov.. 70 1,495 154 178 373 300 1,451 64 Dec 11,856 Dec... 70 1,504 154 373 P320 1,451 68 1950—Jan... 70 1,508 154 373 P321 1,459 68 1949_Mar 11,912 Feb. . 70 154 69 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 8 4 F 4 i 7 g u p r e e s s o s a s p e r r e p U o . r t S e . d d b o y ll a F r. oreign Exchange Control Board and Minister of Finance. go N ld O t T r E an .— sfe F r o s r a d f e fe ta c i t l i s n g r e t g h a e r d B in r g it i s s p h e c a ia n l d in F t r e e r n n c a h l ^ Total gold holdings are not available. Beginning April 1946, the series is new and repre- institutions, see p. 492, footnote 1, and p. 493, sents gold held as reserve (25 per cent minimum) less gold in foreign currency liabilities, footnote 8. For available back figures, see e Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31. Banking and Monetary Statistics, p. 526, and 6 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British BULLETIN for November 1947, p. 1433, and Feb- 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. 490 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD IMPORTS TO UNITED STATES, BY COUNTRIES [Net gold exports from United States (—). In millions of dollars] Gold valued at approximately $35 a fine ounce m Y o o e n r a t r h Total U K d n i o i n m t g ed - g B iu e m l- France N la e e n r t d - h s - S d w en e- U.S.S.R. Canada A t r i g n e a n- Co b l i o a m- Mexico r N ag ic 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 55 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 i 15 1 7 4 —56 1 1946 311.5 .5 33.7 344.1 -134.0 3.6 7.3 .2 1947 1,866.3 488.4 162.9 28.0 27.9 445.4 335.5 21.6 -7.1 7.6 -.8 1948 1,680.4 1,095.4 34 4 -4.5 -29.7 103.3 25.1 15.8 7.9 -136.1 1949 686.4 527.9 .1 — 1 5 8 14 1 4 5 6 9 —4 5 1949—Feb 21.5 3 4 5 Mar 19.8 .5 1 0 3 6 Apr 13.6 .1 4 3.0 .4 .6 -.1 May. .... 9.5 3 2.0 .3 .4 June 6.9 i 3 4 6 July 131.1 121.8 .9 .2 .7 -.1 257.4 243.6 6 5 7 Sept 98.1 101.5 7 —8 3 6 Oct 56.1 40.7 5 2 1 4 5 _ 2 Nov 7.6 5 5 1 4 4 Dec.. .. — 1.4 .2 — 1 3 3 5 — 1 1950—Jan 39.0 .1 7 4 4 — 4 Feb.? .... .2 .5 .2 .5 -.1 NET GOLD IMPORTS TO UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued UNITED STATES [In millions of dollars] fNet gold exports from United States (—). In millions of dollars] Gold valued at approximately $35 a fine ounce Gold stock at Earend ofperiod Increase Net marked Domesin total gold im-gold: de- tic gold 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 ia - 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 1 9 9 4 4 3 4 -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 1 0 , , 9 6 8 3 1 1 -1 - ,3 7 4 5 9 7 . . 8 9 -84 6 5 8 . . 4 9 — -4 8 5 0 9 3 . . 8 6 3 4 5 8 . . 8 3 1 1 1 9 9 9 4 4 4 5 6 7 . . -1 — 7 7 8 . 1 0 0 . . 1 1 — — -1 1 5 4 3 5 4 .0 . 8 0 -3 — . 5 .2 1 4 1 1 1 0 8 . . 7 6 4 -18 1 . . . 6 3 5 1 1 19 9 9 4 4 4 7 5 6 ... . 2 2 2 0 0 2 , , , 5 0 7 2 6 5 9 5 4 2 2 2 0 0 2 , , , 0 7 8 8 0 6 3 6 8 3 - 2 5 , 6 1 4 2 6 7 3 2 . . 8 . 1 11 - , 1 8 3 0 6 1 6 1 6 . . . 3 5 3 -3 4 2 5 6 1 6 5 0 . . . 7 4 0 3 5 7 1 2 5 . . . 2 0 8 1 1 9 9 4 4 9 8 .... 6 7 3 4 .3 6 -17.3 — — 2 . 5 1 4 1 9 9 1 0 .7 5 2 1 - - 3 6 9 3 .3 5 1 1 9 9 4 4 8 9 2 24 4 , , 4 2 2 4 7 4 2 2 4 4 , , 5 39 6 9 3 1,5 1 3 6 0 4 . . 4 6 1,6 6 8 8 0 6 . . 4 4 - - 1 4 5 9 9 5 . . 2 7 6 7 9 0 . . 9 9 1949—Feb. . . .6 .2 21.1 -1.8 1949—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 Nov... .3 3.3 -2.4 Dec... 24,427 24,563 -63.2 -1.4 -59.4 6.6 Dec... .4 — .3 5 8 -8.5 1950—Jan.... 24,395 24,507 -56.3 39.0 -93.2 5.9 1950—Tan.... .4 2 337.1 Feb.... 24,345 24,456 -51.2 P.2 -50.4 5.5 Feb.? . .5 .1 -.2 -1.3 Mar... ^24,246P24,359 p-96.5 « (0-95.4 (4) P Preliminary. p Preliminary. l 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 and 1950 are estimates of American Bureau of Metal to other countries. Statistics. 2 Includes net exports of 18.3 million dollars to Poland, 8.6 million 3 Change includes transfer of 687.5 million dollars gold subscripto French Indo-China, 6.6 million to Portuguese Asia, and 5.8 million tion to International Monetary Fund. to other countries. 4 Not yet available. 3 Includes imports of 43.1 million dollars of Thailand gold from 5 Gold held under earmark at the Federal Reserve Banks for foreign Japan and net exports of 3.0 million dollars to Poland and 3.0 million account, including gold held for the account of international instituto other countries. tions, amounted to 4,512.3 million dollars on Mar. 31, 1950. Gold NOTE.—For back figures see Banking and Monetary Statistics, under earmark is not included in the gold stock of the United States. Table 158, pp. 539-541, and for description of statistics, see p. 524 NOTE.—For back figures and description of statistics, see Banking In the same publication. and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. APRIL 1950 491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [Millions of dollars] 1950 1949 1949 1948 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 Unpaid O b t a h l e a r n c m e e o m f b m er e s mber subscriptions. 14 1 , ,0 2 1 66 8 4 1 , , 2 01 65 8 4 1 , , 1 0 8 7 5 0 ! 4 1 , ,1 0 8 24 1 Inves O tm th e er n t m s e e m cu b r e it r i s es (U. S. Govt. obli- 923 926 928 927 - 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 t e o d c a p p o it r a ti l o s n to s c a k n 4 d .. 5 5 5 5 incl. obligations sold under Bank's guarantee) 727 676 650 509 1950 1949 Other assets.... 6 11 6 5 Net currency purchased 8 Bonds outstanding „ 254 254 254 254 (Cumulative—millions of dollars) Liability on obligations sold under guar- Feb. Jan. Dec. Feb. antee 27 27 27 8 Loans—undisbursed 162 136 124 10 Other liabilities 4 3 4 4 Australian pounds 20.0 20.0 20.0 Special reserve 11 9 8 6 Belgian francs 11.4 11.4 32.1 33.0 Capital 1,670 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 a As of Feb. 28, 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 92.5 sterling in May 1947 and 300 million Belgian francs in May 1948, and Mexican pesos 22.5 22.5 22.5 22.5 sold to Norway 200 million Belgian francs in June and July 1948. Netherlands guilders.... 75.4 75.4 75.4 75.4 Repurchases amounted to 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. 753.1 753.1 773.7 700.0 CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fig p u o r u e n s d i s n s m ter il l l i i n o g n ) s of Goldi a O ss t e h t e s r 2 N c a o o n t i d e n s a v c n o a D d n u i s c n a - e t d s s - Se t c ie u s ri- c t ir i c o u n l 3 a- Bankers' Pub D li e c posit E s CA Other it c l i O i a e a p s t b h i i a t e l a n i r - l d 1941—Dec. 31 .2 780.0 28.8 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950.0 27.7 3.5 267.9 923 A 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 1,100.0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27... .2 1,250.0 13.5 5.1 317.4 L.238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 1,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25.. .2 1,450.0 23.4 13.6 327.6 L,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 ,. .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 1,325.0 36.1 16.7 401.1 L,293.1 314.5 11.7 17.4 92.1 18.1 1949—Mar. 30. .2 1,300.0 53.0 19.9 362.1 1,250.6 294.0 25.6 6.7 90.1 18.6 Apr. 27. .2 1,300.0 24.2 13.7 379.3 L280.3 289.9 16.8 .7 92.0 17.8 May 25 .2 1,300.0 36.3 25.9 381.4 1,267.9 299.9 12.0 23.3 90.4 17.9 June 29 .2 1,300.0 26.7 27.0 372.0 L,277.9 294.5 8,6 13.5 90.9 18.2 July 27 .2 1,350.0 49.9 15.3 381.6 I,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 1,300.0 41.4 23.6 368.7 L.264.5 295.7 9.1 16.4 93.9 18.5 Oct. 26 .4 1,300.0 47.3 23.3 429.7 1,258.7 298.5 14.0 62.8 107.3 17.8 Nov. 30 .4 1,300.0 39.9 15.3 437.8 1,265.8 295.9 8.9 58.6 111.5 18.0 Dec. 28 .4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Jan. 25 .4 4 1,300.0 57.9 14.7 477.4 1,247.7 291.7 12.5 117.4 110.2 18.3 Feb. 22 .4 1,300.0 58.4 22.0 486.7 1,247.2 285.2 14.0 136.0 113.5 18.4 1 On June 9, 1945, the official buying price of the Bank of England for gold was set at 172 shillings and three pence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 5Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 8 Notes issued less amounts held in banking department. 4 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. 492 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits Sterling securities Other (Figures in millions of and United Other Note liabilities Canadian dollars) Gold States assets circulation2 and dollars S te h r o m rt - i Other Ch b a a r n te k r s ed D g o o m m v e i e n n r t n io - n Other capital3 1938—Dec. 31. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 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 ,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 1,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 ,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 1949—Mar. 31. 82.3 ,087.1 812.1 70.6 1,245.3 540.3 62.6 84.8 119.0 Apr. 30. 61.1 ,199.0 822.9 57.9 1,264.7 587.3 115.1 80.8 93.0 May 31. 56.4 1,148.1 836.2 57.5 1,263.8 571.2 101.4 65.2 96.7 June 30. 62.7 1,379.6 636.8 56.9 1,270.0 568.3 112.2 73.7 111.8 July 30. 52.9 1,499.2 499.5 45.1 1,271.0 566.9 94.3 73.8 90.6 Aug. 31. 55.7 1,557.2 441.2 64.2 1,269.7 578.0 109.7 61.8 99.2 Sept. 30. 60.1 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 Feb. 28. 76.7 1,786.2 191.1 56.2 1,250.6 554.8 24.3 176.4 104.2 Assets Liabilities Bank of France Advances to Domestic bills Government6 Deposits e Other (Figures in Foreign Note liabilmillions of francs) Gold ex- Other circula- ities change m O ar p k e e n t5 Special Other Current Other tion G m ov e e n r t n- EGA Other ca a p n i d tal 1938—Dec. 29. 87,265 821 1,892 1,797 7,880 30,627 14,028 110,935 5,061 25,595 2,718 1939—Dec. 28. 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 151,322 1,914 14,751 2,925 1940—Dec. 26. 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27,202 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 68,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 21,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 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 67^966'480,447 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—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. 8 62,274 74 118,855 1,876 272,698 155,000 560,990 56,729 1,043,180 890 170,018 14,409 June 30. 8 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. 8 62,274 14,380 137,189 4,486 296,228 162,700 560,990 69,764 1,134,440 195 157,714 15,661 Aug. 25. 8 62,274 36,675 134,031 4,144 255,099 165,000 560,990 67,738 1,133,129 292 136,331 16,199 Sept. 29. 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. 62,274 5.8,174 143,794 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. 62,274 59,719 132,447 31,410 335,845 159,900 560,990 94,504 1,256,758 42 22,910 133,526 23,853 Feb. 23. 862,274 58,658 123,912 31,467 333,358 165,200 560,990 9 91,046 1,271,387 79 14,155 120,858 20,426 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. l- 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 38.8 billion francs on Feb. 23. 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. APRIL 1950 493 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) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. Central Bank of the Argentine National Bank of Costa Rica- Republic (millions of pesos): Issue dept. (thousands of colones): Gold reported separately 656 656 434 Gold 11,545 11,543 Other gold and foreign exchange. 1 275 1 341 1,846 Foreign exchange 14,939 23,663 Government securities . 1 793 1 770 1,760 Contributions to Intl. Fund and Rediscounts and loans to banks.. 466 061 23,230 to Intl. Bank 30,321 30,321 Other assets 906 147 119 Loans and discounts 102,903 85,673 Currency circulation 9 999 10 7,770 Securities 21,767 23,593 Deposits—Nationalized 90 174 19 604 17,537 Other assets 10,293 6,603 Other sight obligations 595 623 512 Note circulation 108,843 108,954 Other liabilities and capital 1 698 1 690 1 569 Demand deposits 76 005 65 746 Commonwealth Bank of Aus- Other liabilities and capital 6,921 6,695 tralia (thousands of pounds): National Bank of Czechoslovakia Gold and foreign exchange ... 417 838 364,168 (millions of koruny): Checks and bills of other banks.. 2 213 2,808 Gold and foreign exchange...... 3,439 3,273 3,004 3,765 Securities (incl. Government and Loans and discounts . .. 25,028 24,692 25,068 25,736 Treasury bills) . 383 S39 338 103 Other assets 47 832 47,428 46 965 48 282 Other assets 34 507 43,441 Note circulation 68 342 67,668 66,626 69,188 Note circulation 939 563 203,605 Deposits .... 883 641 895 452 Deposits of Trading Banks: Other liabilities and capital 7,074 7,085 7,515 8,144 Special 357 170 345,670 National Bank of Denmark Other 31 386 34,933 (millions of kroner): Other liabilities and capital .. 909 978 164 311 Gold 69 69 69 70 Austrian National Bank (millions 411 379 380 190 of schillings): Contributions to Intl. Fund and Gold . . . 50 50 SO 50 to Intl Bank 65 65 65 65 Foreign exchange 156 155 144 92 Loans and discounts 28 30 31 20 1 804 1 634 1 657 1,063 Securities... . 91 101 113 123 Claim against Government 6,494 6 639 6 708 6,502 Govt. compensation account.... 4,743 4,751 4,761 5,008 Other assets 34 33 94 4 Other assets 361 322 295 204 5 34? 5 599 5 5,816 Note circulation 1,531 1,552 1,627 1,494 373 220 454 357 Deposits—Government 1,944 1,923 1,853 1,992 Other 1 093 1 563 1 999 684 Other 2,108 2,058 2,038 2,041 Blocked 1,801 1 130 1 187 853 Other liabilities and capital 184 185 196 153 National Bank of Belgium Central Bank of the Dominican (millions of francs): Republic (thousands of dollars): Gold. 9Q 747 90 74S 30 605 27,817 Gold 4,030 4,030 4,030 4,002 Foreign claims and balances (net) 9,137 9 081 9 266 13,482 Foreign exchange (net) 11,809 11,532 11,012 10,219 Loans and discounts 4, 750 .3 047 4 230 5,959 Net claim on Intl. Fund 3 .... 1,250 1,250 1,250 1,250 Consolidated Government debt.. 34, 973 34 973 34 991 34,997 Paid-in capital—Intl. Bank ... 40 40 40 40 5 818 7 656 6 851 2,843 Loans and discounts 187 278 704 161 Other assets 5,486 5 713 6 108 3,567 Government securities 5,377 4,377 4,377 5,000 R6 114 86 099 87 113 82,810 Other assets 584 2,565 2,575 740 1 799 1 848 1 749 2,477 Note circulation 19,277 19,437 19,509 17,646 ECA 195 390 766 1,041 Demand deposits 3,741 4,381 4,236 3,588 Other liabilities and capital 1,880 1 875 2,430 2,338 Other liabilities and capital 260 255 244 177 Central Bank of Bolivia—Monetary dept. (millions of bolivianos): (Nov.)i Central Bank of Ecuador Gold at home and abroad 956 954 (thousands of sucres): Foreign exchange 4-1 168 Gold 278,746278,702 278,648 277,772 Loans and discounts 1 036 713 Foreign exchange (net) -83,979 -87,067 -94,527 41,395 Government securities 745 771 Net claim on Intl. Fund 3 16,881 16,881 16,881 16,881 Other assets . .. 100 35 Credits—Government 264,949269,416272,280 165,064 Note circulation 9 380 2,216 Other 130,971 137,111 140,373 108,503 Deposits 940 203 Other assets . 118,750 116,424 135,746 101,970 Other liabilities and capital 958 223 Note circulation 368 050376 348392,790 350,161 National Bank of Bulgaria 2 Demand deposits—Private banks 106,775 112,918 114,085 131,614 Central Batik of Chile (millions Other 107,977 105,718 101,420 77,688 of pesos): Other liabilities and capital 143,615 136,483 141,105 152,123 Gold 1 206 1 205 1,275 National Bank of Egypt (thou- Foreign exchange (net) 151 58 65 sands of pounds) : (Nov.)1 Net claim on Intl Fund 3 . 1 1 1 Gold 6,376 6,376 Discounts for member banks... 1 678 2 070 1,536 Foreign exchange 12,593 14,772 Loans to Government .. 686 686 768 Loans and discounts 13,021 5,995 Other loans and discounts 2 489 2 363 1,397 British, Egyptian, and other Other assets 1 600 1 S37 1,356 Government securities 330,550 327,476 Note circulation 5 S54 5 744 4,796 Other assets 40,438 23,375 Deposits—Bank 1 416 1 320 1,037 Note circulation 166,146 149,299 Other 946 359 165 Deposits—Government 121,994 99,936 Other liabilities and capital . 59S S04 399 Other 103,317 120,408 Bank of the Republic of Colombia Other liabilities and capital 11,520 8,351 (thousands of pesos): Central Reserve Bank of El Salva- Gold and foreign exchange...... 248 330246,341215,844 151,633 dor (thousands of colones): Net claim on Intl. Fund 3 24, 367 24,367 24,367 24,367 Gold 46,843 46,899 43,202 36,177 Paid-in capital—Intl. Bank 1,371 1,370 1,370 1,370 Foreign exchange (net) 72,452 57,918 47,067 53,247 Loans and discounts 174, 299174,067232,414 167,767 Net claim on Intl. Fund 3 ..... 1,565 1,565 1,565 1,564 Government loans and securities 140 121139,269 139,292 131,981 Loans and discounts 40 36 3,214 1,864 Other assets. 58 55 589 53676 56,388 Government debt and securities 5,206 5,198 5,212 5,304 Note circulation ..... . . 420 501 494 371 476 340 321,719 Other assets 1 455 1 608 1,208 1 394 Deposits 180 179 169 146 870 164,234 Note circulation .. 73,125 ^71,130 65,020 64,886 Other liabilities and capital 46 080 47 300 43 753 47,552 Deposits 48,562 36,137 30,502 28,839 Other liabilities and capital 5,873 5,958 5,945 5,824 cCorrected. 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. 494 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 1950 1949 (Figures as of last report (Figures as of last report date of month) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. State Bank of Ethiopia1 Bank of Italy (billions of lire): Bank of Finland (millions of mark- Gold 4 4 1 kaa): Foreign exchange 21 21 31 Gold . ... 357 269 269 269 Advances to Treasury 659 665 662 -2 617 -3,218 -2,939 6SS Loans and discounts 213 231 164 Clearings (net) -277 -446 -1,297 -2 ,159 Government securities 225 235 195 Loans and discounts ... 39.721 37,360 40,302 3S400 Other assets S10 S09 963 Securities 1,035 1,068 1,058 887 Bank of Italy notes 981 1,033 856 Other assets 1,756 2,601 2,301 893 Allied military notes 12 15 47 29,491 27,790 29,606 27,353 Deposits—Government 175 160 92 Deposits . 9,712 2,016 2,532 763 Demand . . 122 125 106 Other liabilities and capital 7,773 7,827 7,556 7,839 Other 287 263 183 Bank of German States* Other liabilities and capital S4 61 34 (millions of German marks): Bank of Japan (millions of yen): Foreign exchange 738 846 1,132 Cash and bullion . 1,231 1,030 Loans and discounts 3,787 3,817 1 S16 Advances to Government 88 646 89 07? Loans to Government 8,081 8,278 7 790 Loans and discounts 100,005 72,510 Other assets 1,495 1,348 2,506 Government securities . ... 188,900 163,352 7,526 7,656 6 174 Reconversion Fin. Bk. bonds.... 48 S44 Deposits—Government . 1,143 1,000 1,484 Other assets 21,316 15,072 Banks 1,013 1,269 1 348 Note circulation 3SS 319 399,449 Other 540 211 Deposits—Government 1? 037 96 097 Other liabilities and capital .. 3,877 4,152 3,637 Other 22,129 21,555 Bank of Greece (billions of drach- Other liabilities 10,621 12,478 mae): (Nov.)3 The Java Bank (millions of guilders): Gold and foreign exchange (net). 227 338 Gold 675 <675 471 Loans and discounts 115 52 Foreign bills 51 83 88 Advances—Government 3 509 1,789 Loans and discounts 66 65 70 Other 2,001 1 460 Advances to Government 1,729 1 S94 1 9S7 Other assets 844 43r Other assets 88 83 76 Note circulation . 1,535 1,136 Note circulation 968 935 935 Deposits—Government 576 261 Deposits 1,332 5 1,410 949 Reconstruction and Other liabilities and capital. . 6309 86 77 relief accts 1,480 315 Bank of Mexico (millions of pesos): Other 839 481 Monetary reserve 7 786 785 776 660 Other liabilities and capital 2,266 1,877 "Authorized" holdings of secu- Bank of Guatemala (thousands of rities, etc 2,536 ? 587 774 1 831 quetzales): Bills and discounts 173 176 160 714 Gold 27,229 27,229 97,229 Other assets 262 243 236 151 Foreign exchange 9,758 8,810 18,689 Note circulation . . 2,226 9 107 9 969 1 039 Gold contribution to Int'l. Fund 1,250 1,250 1 9 SO Demand liabilities 919 041 841 708 Rediscounts and advances 5,501 6,479 7S9 Other liabilities and capital. . . . 613 651 844 716 Other assets 18,690 18,161 12,291 Netherlands Bank (millions of Circulation—Notes 35,580 35,704 886 guilders): Coin 3,171 3,157 3,061 Gold8 871 871 740 439 Deposits—Government 3,141 3,204 4,238 Silver (including subsidiary coin) 12 12 11 5 Banks 11 192 10 426 11 919 Foreisn assets (net) 745 781 685 930 Other liabilities and capital 9,344 9,437 9,107 Loans and discounts 178 194 168 165 National Bank of Hungary (mil- Govt, debt and securities 3,100 3,100 3,250 3,300 lions of forint): 791 743 755 338 Gold 482 480 412 Note circulation—Old 68 60 70 108 22 32 106 New 3,007 3 009 3 036 3 045 Discounts . . . 9 Deposits—Government 444 6?0 S83 174 Loans—Treasury 288 288 334 Blocked 32 30 55 43 Other 8,746 8,557 7 049 ECA 714 6?4 610 ?S0 Other assets 233 553 219 Other . 922 870 770 661 2,587 2,629 9,7S6 Other liabilities and capital 511 478 476 904 Demand deposits—Government.. 9 1 2 Reserve Bank of New Zealand Other 6,608 6,494 4 69 S (thousands of pounds): Other liabilities and capital 566 786 829 Gold 3,832 2,816 Reserve Bank of India (millions of Sterling exchange reserve 37,123 47,088 rupees): Advances to State or State un- Issue department: dertakings 56,375 49,559 Gold at home and abroad 400 400 400 Investments SO,094 37,096 Sterling securities 6,303 6,103 7,416 Other assets s 087 7 S10 Indian Govt. securities . . . 4,152 4,152 3,624 Note circulation 58,511 49,645 Rupee coin 535 545 425 Demand deoosits 80 1SS 89,117 Note circulation 11,261 11,065 11,647 Other liabilities and capital 5,746 5,307 Banking department: Bank of Norway (millions of kroner): Notes of issue department. . .. 130 136 219 Gold 948 953 933 Balances abroad 2,023 2,159 2,246 Foreign assets (net) 103 17 272 Bills discounted 45 54 S3 -131 -118 -70 Loans to Government 36 47 Loans and discounts 77 85 76 1,000 1,032 1,161 Securities 47 48 51 Deposits 2,966 3,134 3,446 Occupation account (net) 7,114 7,114 7,813 Other liabilities and capital. . . 268 250 970 Other assets 87 9? 10?, Central Bank of Ireland (thousands 2,202 2,334 2 09 7 of pounds): Deposits—Government • ... 2,863 2,728 3,987 Gold 9,646 2,646 2,646 9,646 Banks 1 305 1 396 978 Sterling funds 47 183 46,995 49,019 43 300 Blocked 574 580 743 Note circulation.. 49,829 49,641 51,665 46,044 Other 45 41 172 Other liabilities and capital 466 481 570 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 Latest month available. 4 Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per guilder. 5 Includes 189 million guilders of ECA counterpart funds. 6 Pending negotiations with the Netherlands and the ECA, counterpart funds are included in "Other liabilities and capital," beginning February 1950. 7 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 8 Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. APRIL 1950 495 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) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets , 4,109 4,123 3,860 Issue department: Note circulation , 27,137 27,645 25,326 Gold at home and abroad... 44 38 Deposits—Government , 62 62 1,378 Sterling securities. 614 966 Other , 2,725 3,296 2,924 Pakistan Govt. securities. . . 265 50 Other liabilities and capital..... 550 835 516 Govt. of India securities.... 332 302 Bank of Sweden (millions of kronor) India currency 432 474 Gold 154 154 154 177 Rupee coin 53 33 Foreign assets (net)... 981 964 907 417 Notes in circulation ,707 ,789 Swedish Govt. securities and ad- Banking department: vances to National Debt Office6 ,029 2,914 3,304 3,331 Notes of issue department... 32 73 Other domestic bills and advances 123 140 138 149 Balances abroad 469 826 Other assets 328 335 340 355 Bills discounted 105 109 Note circulation ,133 3,111 3,287 2,952 Loans to Government Demand deposits—Government.. 470 479 467 693 Other assets 331 105 Other 354 264 440 336 Deposits., 856 ,064 Other liabilities and capital 657 652 649 447 Other liabilities and capital.. 80 50 Swiss National Bank (millions of Bank of Paraguay—Monetary dept. francs): (thousands of guaranies): Gold ,232 6,255 6,240 5,848 Gold 600 600 600 662 Foreign exchange 264 269 260 276 Foreign exchange (net) -2,841 -3,050 -4 ,291 ,260 Loans and discounts 91 94 115 169 Net claim on Int'l. Fund 1 2,710 2,710 2,710 ,710 Other assets 64 63 89 72 Paid-in capital—Int'l. Bank -170 -170 -92 -92 Note circulation ,245 4,265 4,566 4,291 Loans and discounts 109,675106,8321.10189 ,666 Other sight liabilities ,006 2,017 1,731 1,602 Government loans and securities. 11,020 12,399 12,400 ,304 Other liabilities and capital 400 399 407 473 Other assets. 4,270 2,814 732 297 Central Bank of the Republic of Note and coin issue 90,338 89,163 88,683 143 Turkey (thousands of pounds): Demand deposits 29,959 29,597 28,796 618 Gold 431,709 431,709 431,709 454,459 Other liabilities and capital 4,966 3,375 4 769 526 Foreign exchange and foreign Central Reserve Bank of Peru clearings 166,282 147, 860137,890 117,562 (thousands of soles): Loans and discounts 827,183835 139853,851 749,603 Gold and foreign exchange2 287,492 ,743 196 197 Securities 45,440 45, 535 48,971 206,788 Net claim on Int'l. Fund l 20,495 20 495 Other assets 70i,493 78, 798 76,179 46,183 Contribution to Int'l. Bank 2,238 238 2,356 Note circulation 912,075914 275893,125 937,064 Loans and discounts to banks... 182,835 186 131;527 Deposits—Gold 153,040153 040153,040 153,035 Loans to Government 708,680 714,734 724! 896 Other 316,464 308,246 342,185 214,764 Other assets 238,712 218,751 38,961 Other liabilities and capital 159,528163,479160,249 269,731 Note circulation 878,414 771,895 Bank of the Republic of Uruguay Deposits 181,803 231,992 983 (thousands of pesos): (Nov.)7 Other liabilities and capital 380,236 430,064 555 Gold 270,793 248,845 Central Bank of the Philippines Silver 11,785 11,932 (thousands of pesos): Paid-in capital—Int'l. Bank 313 315 Gold 3,219 2,935 2,721 ,721 Advances to State and govern- Foreign exchange 438,781439,498 457,968 646,037 ment bodies 118,625 142,249 Net claim on Int'l. Fund » 7,502 7,502 7, Other loans and discounts 254,322 244,044 Loans 85,451 83,375 77. Other assets 238,285 248,932 Domestic securities 104,650 96,775 92, Note circulation 274,382 281,774 Other assets 138,769 138',554133, '162 Deposits—Government 76,244 66,252 N D o em te a c n i d rc d u e la p t o io si n ts—U. S. dollars3. 541,577540,850555, 597: Other liabil O it t i h es e r and capital 2 26 7 6 7 , , 2 2 7 2 6 0 2 2 8 6 2 5, , 5 7 3 5 7 4 Pesos 130,328 128,572 682 >127; Central Bank of Venezuela (mil- Other liabilities and capital 106,466 99,217 874 86, lions of bolivares): Bank of Portugal (millions of Gold 1,041 1,041 889 escudos): Foreign exchange (net) 108 208 143 Gold 181 ,597 Other assets 63 61 41 Foreign exchange (net) 180 ,148 Note circulation—Central Bank. 809 814 752 Loans and discounts 466 430 National banks.. 1 1 2 Advances to Government 246 ,268 Deposits 218 204 265 Other assets 538 464 Other liabilities and capital 183 289 55 Note circulation 350 ,287 National Bank of the Kingdom Demand deposits—Government.. 194 454 of Yugoslavia 4 ECA 119 Bank for International Settle- Other 516 ,249 ments (thousands of Swiss gold Other liabilities and capital 432 918 francs): National Bank of Rumania 4 Gold in bars 212 109,544209,419 126,518 South African Reserve Bank Cash on hand and with banks... 48, 25,659 33,980 21,720 (thousands of pounds): Sight funds at interest 1 1,682 2,861 851 Gold 46,690 ,410 ,765 Rediscountable bills and accept- Foreign bills 56,976 ,151 ,866 ances (at cost) 109, 82,607 73,358 16,996 Other bills and loans 10,171 ,394 ,664 Time funds at interest 18, 18,325 22,956 30,816 Other assets. 45,013 652 ,976 Sundry bills and investments..,. 243, 273,412i178,818 187,183 Note circulation 64,997 ,358 ,131 Funds invested in Germany..... 297 297,20l|297,201 297,201 Deposits 71,822 ,110 ,083 Other assets 1, 1,503 1,988 2,476 Other liabilities and capital 22,031 ,140 ,057 Demand deposits (gold) 79, 93,2921 45,230 28,210 Bank of Spain (millions of pesetas): Short-term deposits: Gold 877 935 ,219 Central banks—Own account.. 360,,553326,323!285,450 173,904 Silver 497 497 499 Other 6,154 4,229 4,193 1,242 Government loans and securities. 15,814 ,117 15,766 Long-term deposits: Special 228,909 228,909228,909 228,909 Other loans and discounts 9,176 165 ,798 Other liabilities and capital 257,593 257,179256,798 251,493 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. 7 Latest month available. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120. 496 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— eff D ec a t t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S l w a e n r i - d tz- ba C n e k n tr o a f— l M R 3 a a 1 t r e . eff D ec a t t i e ve ba C n e k n tr o a f— l M R 3 a a 1 t r e . eff D ec a t t i e ve In effect Dec. 31, Albania sy 2 Mar. 21, 1940 Ireland 2% Nov. 23, 1943 1938 2 4 2 IK Argentina Mar. 1, 1936 Italy Apr. 9, 1949 Jan. 4, 1939. . Austria Aug. 3, 1945 Japan 5.11 July 5, 1948 Apr. 17 4 Belgium Oct. 6, 1949 Java 3 Jan. 14, 1937 May 11 ... 3 Bolivia 5 4 Feb. 4, 1948 Latvia 5 Feb. 17, 1940 July 6 Aug. 24 4 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 3-4y2 Dec. 16, 1936 Netherlands . June 27, 1941 Jan. 25, 1940.. 2 Colombia July 18, 1933 New Zealand. July 26, 1941 Apr. 9 33^ Costa Rica 3 Apr. 1, 1939 Norway Jan. 9, 1946 May 17 Czechoslovakia Oct. 28, 1945 Peru 6 2 Nov. 13, 1947 Mar. 17, 1941.. IK May 29 3 June 27 2Ji Jan. 16, 1945 1V Denmark Jan. 15, 1946 Portugal.... Jan. 12, 1944 Jan. 20 IH Ecuador io 2 May 13, 1948 Rumania. ... Mar. 25, 1948 Feb. 9 23^ El Salvador. .. Oct. 15, 1946 South Africa. !« Oct. 13, 1949 N De o c v . . 19 7, 1946 3 F E i s n to la n n i d a. 4 J O u c l t y . 1 1 , , 1 1 9 9 4 3 9 5 S S w pa e i d n en 4 2 F M e a b r . . 1 9 8 , , 1 1 9 9 4 4 5 9 Jan. 10,1947.. 5M &2M Aug. 27 Oct. 9 2K&3 France 3 Oct. 1, 1948 Switzerland.. Nov. 26, 1936 June 28, 1948 Germany 11-4 July 14, 1949 Turkey July 1, 1938 Sept. 6.... Greece 12 July 12, 1948 United King- Oct. 1 Hungary 5 Nov. 1, 1947 dom 2 Oct. 26, 1939 May 27, 1949 il 4V India 3 Nov. 28, 1935 U.S.S.R.... 4 July 1, 1936 July 14 l i_4 Yugoslavia. . 1-3 Aug. 20, 1948 Oct. 6 3M In effect Mar. 31, 1950 2 3 11-4 3M 2^ 1M 1 The lower rate applies to the Bank Deutscher Laender, and the higher rate applies to the Land Central banks. NOTE.—Changes since Feb. 28: None OPEN-MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Netherlands Sweden land Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills 3 day up to 3 discount 3 months 3 months 3 months money on deposits money months money months rate 1942—Jan.. .55 1.03 1.01 1.04 1.68 1.25 1943—Jan.. .51 1.03 1.01 1.08 1.61 1.25 1944—Jan.. .41 1.03 1.01 1.08 1.62 1.25 1945—Jan.. .37 1.03 1.01 1.00 1.65 1.25 1946—Jan.. .36 .53 .50 .63 1.27 1.01 1.00 1.25 1947—Jan.. .40 .53 .50 .63 1.48 1.44 .77 1.25 1948—Jan.. .41 .54 .51 .63 2.02 1.28 .57 1.50 1949—Jan., .41 .56 .52 .63 2.09 1.23 1.13 1.63 1949—Feb.. .42 .56 .52 .63 2.08 1.39 .90 1.63 Mar. .42 .56 .52 .63 2.10 1.38 1.01 1.63 Apr.. .49 .58 .51 .63 2.12 1.29 1.24 1.63 May. .50 .63 .52 .63 2.43 1.28 1.03 1.63 June. .51 .63 .52 .63 P2.46 1.32 .83 r1.52 July. .51 .63 .52 .63 2>2.34 1.43 .83 1.50 Aug.. .51 .67 .52 .63 P2.06 1.25 .91 1.50 Sept. .51 .69 .52 .63 P2.03 1.15 1.01 1.50 Oct.. .51 .69 .52 .63 P2.25 1.07 .78 1.50 Nov. .51 .69 .52 .63 P2.55 1.16 .93 1.50 Dec. .51 .69 .52 .63 P2.55 1.32 1.03 1.50 1950—Jan.. .51 .69 .52 .63 2.18 1.31 1.22 1.50 v Preliminary. T Revised. 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. APRIL 1950 497 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom 1 Liabilities (11 London clearing b m a i n ll k io s s n . t e s r l F o in f ig g p u ) o re u s n d in s 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 B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i s r t y 2 Securities 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—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 1,445 540 5,886 3,875 2,011 405 May 487 498 816 1,037 1,502 1,436 501 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 1950—January.. 502 571 1,229 627 1,513 1,526 542 6,085 4,058 2,027 423 Assets Liabilities Canada Security Deposits payable in Canada E (1 n 0 d c o h f a r m te o r n e t d h b f a ig n u k r s e . s Entirely in Canada a l b o r a o n a s d Other Note excluding interbank deposits lia O b t i h li e ti r es Ca in n a m di i a l n li o d n o s l l o a f rs) re C se a r s v h es Se lo c a u n ri s ty l d o i O a s n c t o s h u e a n r n t d s d a f u b o n e a r d e n f i n k r g o e s n m t Securities assets ci t r i c o u n la- Total Demand Time ca a p n i d tal 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—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 <4,484 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 7,130 789 4,341 1,425 August. . . 789 78 2,174 132 4,527 1,035 14 7,298 926 4,372 1,407 September 789 103 2,304 190 4,463 129 14 7,474 3,062 4,412 1,490 October... 830 137 2,336 170 4,327 142 14 7,441 2,988 4,453 1,488 November, 758 119 2,356 161 4,395 084 14 7,388 2,941 4,447 1,471 December. 765 133 2,271 146 4,345 058 14 7,227 2,794 4,433 1,477 1950—January. . . 745 100 2,263 158 4,365 1,033 7,197 2,703 4,494 1,467 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 u s r . r a e n s c E s i ) n nd re C se a r s v h es Du b e a n f k ro s m B c i o ll u s n t d e i d s- Loans a O s 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 December P 40,656 42,176 426,606 128,989 50,259 620,042 611,980 8,062 26,355 42,288 p Preliminary. c Corrected. 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 1 % per cent through Oct. 20, 1945, and at Y% per cent thereafter. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 498 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 20. 666 321.22 2.2816 5.4406 100.000 91.691 1949 29.774 26.695 23.355 18.591 293.80 2.2009 2.1407 5.4406 97.491 92.881 1949—Apr... 29.773 25.125 20.000 321.12 2.2752 2.1605 5 4406 100.000 93.566 May. . 29.773 25.125 20.000 321.15 2.2750 2.1791 5.4406 100.000 95.150 June.. 29.773 25.125 20.000 321.00 2.2750 2.2211 5.4406 100.000 95.521 July... 29.773 25.125 20.000 321.10 2.2750 2.1752 5.4406 100.000 94.545 Aug... 29.773 25.125 20.000 321.03 2.2750 2.1909 5.4406 100.000 95.248 Sept... 29.773 25.125 20.000 274.39 2.1684 2.1115 5.4406 95.909 92.724 Oct. .. 29.778 " 26!695' 17.456 13.896 223.16 1.9960 1.9917 5.4406 90.909 90.431 Nov... 29.778 20.695 17.456 13.896 223.16 1.9980 1.9969 5.4406 90.909 89.864 Dec... 29.778 20.695 17.456 13.896 223.16 1.9998 5.4406 90.909 88.407 1950—Jan. . . 29.778 20.695 17.456 13.896 223.16 2.0003 5.4406 90.909 89.205 Feb... 29.778 20.695 17.456 13.896 223.16 1.9903 5.4406 90.909 89.820 Mar.. . 29.778 20.695 17.456 13.896 223.16 1.9966 5.4406 90.909 90.254 France Year or month Ceylon Co b l i o a m- C sl z o e v c a h k o ia - m De a n rk - (franc) India * Mexico e N rl e a t n h d - s Ze N a e la w nd Norway (rupee) (peso) (koruna) (krone) (rupee) (peso) (guilder) (pound) (krone) Official Free 1944 57 272 30.122 20.581 324.42 1945 57.014 1.9711 30.122 20.581 "'37!933' 323.46 1946 57.020 2.0060 20.876 .8409 30.155 20.581 37.813 322.63 20.176 1947 57.001 2.0060 20.864 .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—Apr 30.117 2.0060 20.854 .4671 .3106 30.168 14.303 37.650 399.01 20.158 May 30.117 2.0060 20.854 .4671 .3038 30.168 12.521 37.609 399.05 20.158 June 30 117 2.0060 20.854 .4671 .3032 30.168 11.911 37.615 398.87 20.158 July 30.117 2.0060 20.854 .4671 .3025 30.168 11.562 37.611 399.00 20.158 Aug 30.117 2.0060 20.854 .4671 .3025 30.168 11.569 37.607 398.90 20.158 Sept 30 117 2.0060 18.177 .4671 .2949 27.247 11.572 32.845 340.95 17.572 Oct 20 804 2.0060 14.494 .2861 20.823 11.570 26.300 277.30 14.015 Nov 20.850 2.0060 14.494 .2862 20.870 11.571 26.295 277.30 14.015 Dec 20.850 2.0060 14.494 .2862 20.870 11.572 26.289 277.29 14.015 1950—Jan. 20 850 2.0060 14.494 .2863 20.870 11.572 26.278 277.29 14.015 Feb 20 850 2.0060 14.494 .2863 20.870 11.572 26.257 277.29 14.015 Mar 20.850 2.0060 14.494 .2863 20.870 11.571 26.267 277.29 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 e e n n - a) e S (f r w r l a a i n t n c z d ) - K ( i p n o g u d n o d m ) Ur (p u e g s u o a ) y Official Free 1944 398.00 403 50 65.830 53.506 1945 399 05 403 50 Aft* ft? 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—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 Mar.. . 49.613 3.4587 278.38 32.722 19.333 23.269 280.07 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. APRIL 1950 499 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 1 1 n 9 ta 0 2 i 0 t t 6 e e ) d s = C (1 a 1 9 n 0 2 0 a 6 ) d = a M (1 1 9 e 0 3 x 0 9 i ) c = o K U ( i 1 n 1 9 n g 0 3 i 0 d 0 te ) o d = m F (1 r 1 9 a 0 3 n 0 8 ) c = e (1 I 1 9 t 0 3 a 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 1 9 0 e 3 0 d 5 ) e = n (J S u w = l ly a i 1 n t 1 0 z d 9 0 e 1 ) r- 4 1926 100 100 M24 106 150 1126 144 1937 86 85 109 89 94 1 108 114 11$ 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 L,917 f>5,169 204 296 216 221 1949—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 L.846 5,393 200 295 216 224 IVtay . ... 156 156 284 231 L.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 L,854 5,034 204 293 215 221 August 153 156 288 230 L,918 4,889 '208 292 214 220 September...... 154 155 294 231 1.958 '4,910 211 295 216 218 October 152 157 296 237 2,002 '4,841 214 297 218 215 November .. 152 157 294 240 2,005 4,826 213 '306 218 215 December 151 157 293 241 2,002 P4.732 213 306 219 213 1950—January . .. 152 157 288 245 2,063 z>223 310 219 212 February....... 153 158 291 245 ^2,048 *>209 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 g c w a o a t r u o n t r d a l u e y n s - d d F f u a c m g l c h l o y a t i u e o n f a r d u l e n y s - d d Foods p I r n o tr d d i u u al s c - ts Foods t p r I r i n o al d d r u u a s c w - ts p f I i r n n o tr i d d s i h a u u l e s c d - ts 1926 100 100 100 100 100 100 1937 86 86 85 87 84 81 102 112 1938 69 74 82 74 73 78 97 104 1939 65 70 81 64 67 75 97 106 103 112 104 1940 68 71 83 68 75 82 133 138 121 163 126 1941 82 83 89 73 82 89 146 156 140 177 148. 1942 . . 106 100 96 85 90 92 158 160 157 175 154 1943. 123 107 97 98 99 93 160 164 157 174 159* 1944 . . .. 123 105 99 107 104 94 158 170 159 179 163 1945 128 106 100 115 106 94 158 175 172 193 184 1946 149 131 110 124 110 99 158 184 200 282 261 1947 181 169 135 133 131 117 165 207 214 328 276 1948 188 179 151 150 156 140 181 242 231 342 283; 1949 . . . .. 166 162 147 147 161 142 197 249 243 369 297' 1949—February . .. 168 162 152 145 161 142 178 247 242 371 29S 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 166 161 145 151 161 142 202 245 233 364 29S 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 '210 252 244 374 297 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 155 155 146 144 160 143 215 261 275 384 305 February 159 157 146 145 162 143 215 262 'Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 500 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 = 9 n t a 3 1 i 0 5 t t e e 0 -3 s d ) 9(1 C = 9 a 3 1 a d 5 0 n a 0 - - 3 ) 9 1 K 7 ( d J , i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 ) e ( N 1 = l e 9 a 1 3 t n 0 h 8 d 0 e - s ) 3 r- 9 ( l 1 J a e 9 u r n 1 - n 4 d e Y m e o a n r t o h r ( U 1 S = 9 n t a 3 1 i 0 5 t t e e 0 - s 3 d ) 9 (1 = C 9 a 1 3 a d 0 5 n a 0 - - 3 ) 9 1 K 7 ( d J , i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 e ) ( N 1 = l e 9 a 1 3 t n 0 h 8 d 0 e - s ) 3 r- 9 ( l 1 a J 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 U01 1,043 211 222 1947 159 136 MOl 1,030 199 217 1948 210 196 108 L,662 228 230 1948 171 155 108 1,632 206 224 1949 202 203 114 [,814 249 228 1949.... 169 161 111 L.818 219 222 1949-February.. 200 200 109 L,845 246 229 1949-February.. 169 160 109 L,857 216 223 March.... 202 199 108 L,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 L.715 260 228 170 161 111 1,726 223 222 July 202 207 116 L.7O4 251 228 July 169 162 111 1,715 219 221 August.... 203 209 116 1,744 246 228 August 169 163 111 r1,753 216 221 September. 204 207 117 11,835 244 229 September. 170 162 112 L,827 216 222 October... 201 205 119 1L,901 244 229 October... 169 162 112 1,885 217 221 November. 201 203 119 .1,930 251 228 November. 169 162 112 1,912 221 221 December. 197 202 120 1,937 257 227 December. 168 162 113 '1.,920 226 220 1950-January... 196 199 120 1L.921 262 225 1950-January... 167 161 113 1,910 230 218 February.. 195 201 Pi.929 P223 February.. 167 162 P .020 P217 P Preliminary. rRevised. 1 This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17, are 166 for retail food prices and 203 for cost of living. Sources.—See BULLETIN for January 1950, p. 125; July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month S U g ( t r n h a a i i t d g t e e e h s d ) i C (1 a = 9 n 3 1 a 5 0 d 0 -3 a ) 9 2 ( 1 K D 9 U i e 2 n c n 1 g e i = m t d 1 e o b d 0 m e 0 r ) F (1 r 1 9 a 0 3 n 0 8 c ) = e N la e n th d e s r s - ( 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 (D F 93 r e a 8 c n e = m c 1 e 0 b 0 e s ) r (1 N 9 la e 3 n t 8 h d = e s 1 r * 0 - 0) Number of issues... 12 (2) 87 50 14 416 106 278 «295 27 1942 118.3 100.7 127.3 146.4 69.4 64.2 75.3 1943 120.3 102.6 127.8 146.6 91.9 83.5 84.5 1944 120.9 103.0 127.5 150.5 99.8 83.8 88.6 1945 122.1 105.2 128.3 152.1 121.5 99.6 92.4 1946 . .. 123.3 117.2 132.1 144.6 109.0 139.9 115.7 96.2 R75 1947 . . i 103.2 118.5 130.8 132.0 105.6 123.0 106.0 94.6 1,149 202.2 1948 98.7 105.0 129.9 117.0 107.1 124.4 112.5 92.0 L.262 211.2 1949 101.9 107.6 126.5 109.4 106.8 121.4 109.4 87.6 :1,129 195.3 1949—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 101.0 105.9 130.4 108.9 106.3 117.7 105.3 88.9 L,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 L,168 204.3 September... 103.1 108.9 122.7 109.3 106.9 123.8 109.6 85.6 1,148 209.6 October 102.8 112.2 121.7 110.5 108.0 127.3 114.3 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 103.7 110.7 121.1 109.9 109.4 132.7 117.9 87.8 1,085 204.6 1950—January 104.0 111.0 119.8 109.5 110.1 135.1 119.0 87.7 1,107 204.2 February.... 104.0 110.7 119.9 Plll.O 110.4 136.7 118.3 87.9 pL,036 202.5 P Preliminary. 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. 8 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. 8 In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique G6n6rale," September-November 1946, p. 424. 6 This index is based on 27 Netherlands industrial shares and represents an unweighted monthly average of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS. 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. 501 APRIL 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM THOMAS B. MCCABE, Chairman MARRINER S. ECCLES R. M. EVANS M. S. SZYMCZAK ERNEST G. DRAPER JAMES K. VARDAMAN, JR. ELLIOTT THURSTON, Assistant to the Board CHESTER MORRILL, Special Adviser to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary EDWIN R. MILLARD, Director 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 Vice President J. N. PEYTON 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 Market Account HERBERT V. PROCHNOW, Secretary 502 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 Chairman 1 President Bank of Deputy Chairman First Vice President Vice I ICOIUCJULO Boston Albert M. Creighton Joseph A. Erickson Robert B. Harvey 1 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. Poorman 3 Cleveland George C. Brainard Ray M. Gidney Roger R. Clouse A. H. Laning 3 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. Mercer 3 K. Brantley Watson W. R. Milford Edw. A. Wayne Charles W. Williams Atlanta Frank H. Neely W. S. McLarin, Jr. P. L. T. Beavers Joel B. Fort, Jr. Rufus C. Harris L. M. Clark V. K. Bowman T. A. Lanford J. E. Denmark E. P. Paris S. P. Schuessler Chicago. . F. J. Lunding C. S. Young Allan M. Black2 John K. Langum John S. Coleman E. C. Harris H. J. Chalfont 0. J. Netterstrom Neil B. Dawes A. L. Olson W. R. Diercks Alfred T. Sihler W. W. Turner St. Louis. . Russell L. Dearmont Chester C. Davis 0. M. Attebery Paul E. Schroeder Wm. H. Bryce F. Guy Hitt Wm. E. Peterson William H. Stead C. A. Schacht CM. Stewart Minneapolis. . . . Roger B. Shepard J. N. Pevton H. C. Core A. W. Mills 3 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. Sandv 2 D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin WT. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. Pondrom 3 W. E. Eagle C. M. Rowland Mac C. Smyth San Francisco.. . Brayton Wilbur C. E. Earhart Albert C. Agnew H. F. Slade Harry R. Wellman H. N. Mangels J. M. Leisner Ronald T. Symms 3 S. A. MacEachron W. F. Volberg W. L. Partner 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. Smith 4 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 J. M. Leisner 5 1 Also Federal Reserve Agent. ! Cashier. 3 Also Cashier. 4 General Manager. 5 Acting. 503 APRIL 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS The material listed below may be obtained from PROVISIONS OF STATE LAWS RELATING TO BANK REthe Division of Administrative Services, Board of SERVES as of December 31, 1944. 1945. 30 pages. Governors of the Federal Reserve System, Wash- MONETARY AND BANKING REFORM IN PARAGUAY. ington 25, D. C, Remittance should be made Includes translation of laws, accompanying repayable to the order of the Board of Governors ports, and introduction reviewing the monetary of the Federal Reserve System. history of Paraguay. July 1946. 170 pages. FEDERAL RESERVE BULLETIN. Issued monthly. Sub- $1.00 per copy. scription price in the United States and its pos- RULES OF ORGANIZATION AND RULES OF PROCEDURE sessions, Bolivia, Canada, Chile, Colombia, Costa (Board of Governors of the Federal Reserve Sys- Rica, Cuba, Dominican Republic, Ecuador, tem). September 1946. 31 pages. Guatemala, Haiti, Republic of Honduras, Mexico, THE FEDERAL RESERVE ACT, as amended to Novem- Newfoundland (including Labrador), Nicaragua, ber 1, 1946, with an Appendix containing pro- Panama, Paraguay, Peru, El Salvador, Uruguay, visions of certain other statutes affecting the and Venezuela is $2.00 per annum or 20 cents Federal Reserve System. 372 pages. 50 cents per per copy; elsewhere $2.60 per annum or 25 cents paper-bound copy; $1.00 per cloth-bound copy. per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 POSTWAR ECONOMIC STUDIES. (8 pamphlets) cents per copy per month, or $1.50 for 12 months. No. 1. Jobs, Production, and Living Standards. No. 2. Agricultural Adjustment and Income. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY 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 ship- THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND ment, 50 cents each. (Domestic rates) FUNCTIONS. November 1947. 125 pages. 75 BANKING STUDIES. Comprising 17 papers on bank- cents per cloth-bound copy; in quantities of 10 ing and monetary subjects by members of the or more copies for single shipment, 50 cents each. Board's staff. August 1941; reprinted March Paper-bound copies available without charge. 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. 504 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS MEASUREMENTS OF SAVINGS, by Daniel H. BrilL (From Federal Reserve Bulletin unless preceded by an asterisk) November 1949. 8 pages. •STATEMENT ON BEHALF OF THE BOARD OF GOV- NOTES ON FOREIGN CURRENCY ADJUSTMENTS. No- ERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE vember 1949. 14 pages. THE JOINT COMMITTEE ON THE ECONOMIC REPORT. Presented by Chairman Thomas B. McCabe on * REPLY OF THE CHAIRMAN OF THE BOARD OF GOV- February 14, 1949. 7 pages. ERNORS OF THE FEDERAL RESERVE SYSTEM (TO the Questionnaire of the Joint Congressional Com- STATEMENT OF CHAIRMAN THOMAS B. MCCABE OF mittee on the Economic Report). November THE BOARD OF GOVERNORS OF THE FEDERAL RE- 1949. 112 pages. SERVE SYSTEM BEFORE THE SENATE BANKING AND CURRENCY COMMITTEE, May 11, 1949. 6 pages. * STATEMENT OF MARRINER S. ECCLES BEFORE THE SUBCOMMITTEE ON MONETARY, CREDIT AND FISCAL RETAIL CREDIT SURVEY—1948. From June 1949 POLICIES OF THE JOINT COMMITTEE ON THE ECO- BULLETIN with supplementary information for NOMIC REPORT AND SUPPLEMENTAL LETTER TO nine separate trades. 38 pages. SENATOR DOUGLAS. Presented November 22 and December 1, 1949. 9 pages. 1949 SURVEY OF CONSUMER FINANCES— * STATEMENT OF THOMAS B. MCCABE, CHAIRMAN OF I. GENERAL FINANCIAL POSITION AND ECONOMIC THE BOARD OF GOVERNORS OF THE FEDERAL RE- OUTLOOK OF CONSUMERS. June 1949. 13 pages. SERVE SYSTEM, BEFORE THE SUBCOMMITTEE ON II. DURABLE GOODS EXPENDITURES IN 1948 AND MONETARY, CREDIT AND FISCAL POLICIES OF THE BUYING PLANS FOR 1949. June 1949. 10 pages. JOINT COMMITTEE ON THE ECONOMIC REPORT. III. DISTRIBUTION OF CONSUMER INCOME IN 1948. Presented December 3, 1949. 10 pages. July 1949. 15 pages. A STUDY OF INSTALMENT CREDIT TERMS, by Milton IV. CONSUMER OWNERSHIP AND USE OF LIQUID Moss. December 1949. 8 pages. ASSETS. August 1949. 16 pages. FRENCH EXCHANGE STABILIZATION FUND, by Robert V. HOME OWNERSHIP AND EXPENDITURES FOR Solomon. January 1950. 5 pages. HOUSING. September 1949. 16 pages. INSURANCE OF COMMERCIAL BANK DEPOSITS. Feb- VI. OWNERSHIP OF AUTOMOBILES, STOCKS AND ruary 1950. 5 pages. BONDS, AND OTHER NONLIQUID ASSETS. October 1949. 16 pages. STATEMENT BY THOMAS B. MCCABE, CHAIRMAN, VII. ADDITIONAL DATA ON AUTOMOBILE OWNER- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SHIP. November 1949. 7 pages. SYSTEM ON S. 2822, A BILL "TO AMEND THE FED- ERAL DEPOSIT INSURANCE ACT." February 1950. VIII. DISTRIBUTION OF CONSUMER SAVING IN 5 pages. 1948. January 1950. 21 pages. STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR THE BALANCE SHEET OF AGRICULTURE, 1949. September 1949. 11 pages. DEPOSIT INSURANCE. February 1950. 15 pages. * THE EQUITY CAPITAL SITUATION. A personal FEDERAL RECEIPTS AND EXPENDITURES FOR FISCAL statement by Thomas B. McCabe, Chairman of YEAR 1951. February 1950. 10 pages. the Board of Governors of the Federal Reserve PROPOSED LEGISLATION REGARDING BANK HOLDING System, prepared at the request of a Subcommit- COMPANIES. Statements of Thomas B. McCabe, tee of the Committee on Banking and Currency Chairman, Board of Governors of the Federal of the United States Senate. Submitted August Reserve System, Before Senate Banking and Cur- 5, 1949. 7 pages. rency Committee. FINANCIAL POSITION AND BUYING PLANS OF CON- Presented March 1, 1950. March 1950. 16 pages. SUMERS, July 1949. October 1949. 10 pages. Presented March 17, 1950. April 1950. 4 pages. READJUSTMENT OF FOREIGN CURRENCY VALUES. 1950 SURVEY OF CONSUMER FINANCES. Preliminary October 1949. 13 pages. summary. April 1950. 2 pages. APRIL 1950 505 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES r= BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES if BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 6 FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE 8RAJ4CH CITIES OCTO&ER 1.194$ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTtlt. I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis