Federal Reserve Bulletin, 1950-05

F E D E R AL E S E R VE BULLETIN MAY 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 Labor Market Developments.. 507-516 Member Bank Earnings, 1949. . 517-521 Ownership of Demand Deposits. . 522-525 Current Events and Announcements. . 525 National Summary of Business Conditions. . 526-527 Financial, Industrial, Commercial Statistics, U. S. (See p. 529 for list of tables) . 529-601 International Financial Statistics (See p. 603 for list of tables) . 603-621 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. . 622 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 623 Federal Reserve Publications. 624-625 Map of Federal Reserve Districts. 626 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

VOLUME 36 May 1950 NUMBER 5 LABOR MARKET DEVELOPMENTS Following the moderate recession in the employment has been less than the increase first half of 1949, business activity increased in the labor force. The labor force was rein midsummer and continued to expand in duced by about 5 million workers soon after the early part of 1950, but generally has not the war, but since that time the annual addireattained earlier peak levels. In the labor tion to the labor force has ranged between market, the recession was reflected in a sub- 800,000 and 1,100,000 as compared with 600,stantial easing in the demand for labor. Sea- 000 a year in the decade before the war. The sonally adjusted employment declined some- increment varies from year to year, dependwhat, especially in manufacturing but also ing on the increase in the population of workto a lesser extent in most other private non- ing age and a variety of institutional and agricultural activities, hours of work were economic factors which affect the proportion curtailed, involuntary part-time work in- of persons of working age in the labor force. creased, and unemployment rose. In mid- This year the labor force is expected to inyear the decline in employment was halted, crease by about one million persons. and since that time there have been some in- The volume of unemployment also has creases in both employment and average been affected by the rise in productivity, hours of work, particularly in manufactur- which has permitted production to increase ing. Expansion, however, has been limited, more than employment since last summer. and the volume of employment in April was High levels of economic activity, large profstill below its postwar peak but was very its, and strong financial position in recent sharply above prewar levels. years have encouraged business to spend rec- Unemployment increased in the first quar- ord amounts for new machinery and equipter of 1950 to the highest levels since before ment of highly efficient design. The recesthe war, and at the high point in February sion in the first half of 1949 intensified amounted to 4.7 million persons. By April competitive pressure on management to unemployment had declined to 3.5 million, reduce costs, partly by curtailing employpartly as a result of seasonal factors. The ment and by utilizing those employed decline was also due to a more than seasonal more efficiently than earlier in the postwar improvement in business activity. The level period when general inflationary conditions of unemployment, nevertheless, continued resulted in some laxness on the part of both higher than in the same month last year. management and workers. Reports of gains The higher levels of unemployment this in productivity have increased markedly in year reflect the fact that expansion of the past year. It is difficult to substantiate MAY 1950 507 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS these reports by satisfactory statistics covering a year ago, and weekly earnings were at a the whole economy but, in most industries new high level. Total wage and salary infor which comparable data are available, out- come, seasonally adjusted, in March was put since last summer has increased substan- somewhat below the 1948 peak mainly betially more than employment or man-hours. cause of a lower level of employment, but The failure of employment opportunities aggregate real wage and salary income has to expand sufficiently to provide jobs for all been maintained by lower prices of conthe new additions to the labor force and for sumer goods and services. all those affected by technical and other Collective bargaining agreements have inchanges operating to increase productivity creasingly included more liberal vacations, poses important questions for economic pol- pensions, and other welfare benefits instead icy. The unemployment problem has not of direct increases in wage rates. New or been sufficiently acute to require broad Fed- expanded pension programs have been eral action, but it has been serious for some adopted by many large manufacturing corareas and for the workers affected. At cur- porations in the country. Bargaining for rent high levels of activity the problem of pensions, however, has led to major indusreducing unemployment is difficult, partly trial disputes some of which appeared to be because programs appropriate for treating based, to a large extent, on disagreement large-scale cyclical unemployment appear to about questions concerning the financing or be largely inappropriate for dealing with the administering of funds. present situation. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT The easier supply of labor since early SELECTED YEARS , J929- 1949 1949, together with slightly lower living M 7 I 0 LLIONS OF PERSONS ANNUAL AVERAGES MILLIONS OF PERSO 7 N 0 S TOTAL LABOR FORCE costs, has been reflected in the nature of UNEMPLOYMENT wage adjustments made. Widespread gen- ARMED FORCES AGRICULTURAL EMPLOYMENT eral increases in wage rates, which had been common earlier in the postwar period when living costs were rising, have been replaced by more limited advances for particular groups of workers and in certain industries. In general, wage increases during the past year have been relatively small. Estimated average houjrly earnings of all wage earners have increased by about 3 per cent in the 1929 1933 1939 194! 1944 946 1947 1948 1949 past year. In transportation and public Bureau of Labor Statistics estimates, 1929-1939, and Bureau of Census estimates, 1941-1949. utilities, where wage advances had lagged most other industries during the war and LABOR FORCE earlier postwar period, increases in earn- Following withdrawal of extra workers ings have been above the average. In manu- after the war, the labor force structure refacturing industries, hourly earnings in turned to a more normal pattern in which March were about 2 per cent above a year changes from year to year have reflected ago. Average hours of work in manufac- mainly growth in population of working age turing in March were also somewhat above together with delayed entrance into the labor 508 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS market of some veterans completing their higher than before the war but not markedly schooling. However, the proportion of the so. These groups tend to be in the labor working age population in the labor force force in higher proportions when employwas somewhat higher in 1949 than in 1940, ment opportunities, including part-time jobs and within certain age-sex groups significant as well as full-time, are relatively good. changes had occurred. When employment opportunities are less Approximately 800,000 persons were added favorable, many persons in these groups do to the labor force in 1949 while total em- not automatically become unemployed but ployment, including the armed forces, de- instead tend to be outside the labor force. clined by 500,000, and as a result unemploy- While the proportion of older men in the ment rose to an average of 3.4 million from labor force may be reduced as adequate pen- 2.1 million in 1948. The net increase in the sions become more widespread, studies inlabor force last year was somewhat larger dicate that most older men prefer to continue than would have been anticipated from pop- to work rather than to retire, if jobs suitable ulation growth alone because of re-entry of to their physical capacities are provided. some veterans and an increase in the number of women 35 years of age and over. PERCENTAGE OF POPULATION IN LABOR FORCE 1949 and 1940 It is expected that veterans will continue to come into the labor force in substantial Both sexes Male Female Age group numbers this year, with possibly as many (years) 1949 1940 1949 1940 1949 1940 as 250,000 being added to the regular growth Total, 14 and over... 58 56 85 84 32 28 of the labor force. Continuing high birth 14 to 19 43 33 54 44 33 23 rates indicate little change is to be ex- 20 to 24 . . . 66 73 88 96 45 50 25 to 34 64 66 96 98 34 35 pected in the percentage of women under 35 35 to 44 67 63 98 99 38 29 45 to 54 65 61 96 96 36 24 years in the labor force while teen-agers and 55 to 64 56 53 88 87 25 19 65 and over 27 26 47 45 10 7 older men and women are likely to continue to be in the labor force in larger proportions no than before the war unless forced out by thels reduced employment opportunities. Another factor of importance in recent An average of 63.6 million persons was years is the increased tendency for married reported in the labor force in 1949, or 58 per women to work outside the home. This recent of the population 14 years of age and flects a changed attitude toward working over. This was 7.6 million more than in 1940 wives, the expansion of job opportunities, when 56 per cent of the population of work- higher costs of living, and the high rates of ing age was in the labor force. The percent- marriage which have greatly increased the age of women 20-34 years of age in the labor percentage of married women of working force, and also the percentage of men in the age in the population. Only 15 per cent of same age group, is somewhat below prewar, the married women living with their husas shown in the table. bands in 1940 were members of the labor The percentages of teen-agers and of force but by last year 23 per cent of this women 35 and over in the labor force last group were in the labor force. Looking at year were higher than in 1940. The pro- it another way, over half of the women in portion of men 65 and over was also the labor force last year were married, MAY 1950 509 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS whereas in 1940 slightly more than one-third the factors which need to be taken into acof the women in the labor force were mar- count in appraising changes in the labor married. The high proportion of married ket and unemployment Consideration of women and youths in the labor force may these factors is necessary if unemployment is well have been an important factor con- to be used as an important guide to economic tributing to the more even distribution of policy. income in the postwar period and to the EMPLOYMENT CHANGES high demand for consumer durable goods. The net addition to the labor force amounts Total civilian employment at 58.7 million to more than 1 per cent a year, but this figure (Census series) in 1949 was lower than in obscures the large monthly movement into the preceding year for the first time in the and out of the labor force. For example, postwar period. It was about 700,000 below during 1949, an average of 2.8 million per- the record level of 1948 but was higher than sonSj or almost 5 per cent of the total, en- in any year prior to 1948. Some 13 million tered the civilian labor force each month, more persons were employed last year than while nearly the same number left the labor in 1939, and 4 million more were employed market. This gross movement results from than in the peak year of the war. The desome workers looking for gainful employ- cline last year took place largely within the ment temporarily or permanently, while first half of the year, and since then emothers withdraw for short periods or retire ployment has increased moderately. permanently. These changes are related to In agriculture an average of 8 million persome extent to the irregular or seasonal de- sons was employed in 1949, approximately mand for workers in such activities as agri- the same number as in 1948, although culture, construction, trade, and service. the levels for comparable months in the Some of the demand, most importantly that two years showed considerable variation in agriculture, is largely satisfied by tempo- owing to somewhat different seasonal moverary additions to the labor force rather than ments and other factors. In contrast to nonby drawing workers from among those al- farm employment which was sharply higher ready in the labor market and unemployed. than before the war, agricultural employ- When these irregular demands cease, many ment continued considerably below prewar workers withdraw from the labor market. levels and last year was one-sixth lower than The bulk of the gross movement into and in 1939. In the first quarter of 1950, farm out of the labor force in 1949, as in other employment was at its seasonally low level years, is traceable to teen-agers and women and was somewhat below the same quarter 20 years of age and over, who constitute only of last year. about one-third of the total labor force and Seasonally adjusted employment in nonlast year constituted only two-fifths of total agricultural establishments, excluding domesunemployment. Partly because of the high tic service, self-employed, and unpaid family rate of turnover in the labor force, the num- workers (Bureau of Labor Statistics series) ber of different individuals in the labor force totaled 42.8 million workers in March 1950, during the year is substantially greater than approximately the same number as in the the average number reported for the year. third quarter of 1949, but 1.7 million or 4 The foregoing sections indicate some of per cent less than at peak levels in late 1948 510 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS and somewhat less than in March last year. or 11 per cent. Except for the early postwar The following chart shows changes in non- reconversion period this was the sharpest agricultural employment since 1945. reduction in manufacturing employment since the recession of 1937-38 when such em- EMPLOYEES IN NONAGRICULTURAL ESTABLISHMENTS ADJUSTED FOR SEASONAL VARIATION, (947 • IOO MONTHLY ployment declined by 2 million or more than one-fifth. Noticeable recovery developed in many manufacturing lines after midsummer 1949, led by textiles among nondurable goods industries and by furniture and other household equipment among durable goods industries. In primary metals and in industrial equipment, however, employment continued to lag. The curtailment of steel and coal operations by work stoppages during part of the fourth quarter of 1949 retarded further employment recovery in that period, but with settlement of the disputes employment Bureau of Labor Statistics data, adjusted for seasonal variation by Federal Reserve. Nonmanufacturing excludes mining and production increased. The following as well as manufacturing. Latest figures shown are for March 1950. chart compares durable and nondurable Manufacturing. As is usual, manufactur- goods employment with total manufacturing. ing employment and hours of work responded sooner to both the recession and MANUFACTURING EMPLOYMENT ADJUSTED FOR SEASONAL YARIATIO PER CENT MONTHLY PER CENT the recovery in business activity last year I2O 120 than most other divisions of employment. Seasonally adjusted manufacturing employment totaled 14.1 million persons in March 1950, 8 per cent below its Septem- NONDURABLE ber 1948 peak and only slightly above its recession low in mid-1949. However, the VS \X . MANUFA A C L T L U RING ^-^ number of employees in manufacturing in *•''' March was still 4 million or 40 per cent DURABLE ^ / V higher than in 1939. Moderate reductions in manufacturing employment occurred in the first half of both 1947 and 1948 but in both periods expansive >-w-\, • — tA, 1947 1948 1949 1950 Bureau of Labor Statistics data, adjusted for seasonal variaforces were strong enough to return employ- tion by Federal Reserve. Latest figures shown are for March ment to earlier levels or higher ones later in the year. The decline after the fall of 1948 Since the end of last year employment in was more widespread and of longer duration durable goods industries has shown subthan in these earlier periods, and by July 1949 stantial strength, with primary metals and the number of production workers employed industrial machinery reversing their previous in manufacturing had declined by 1.4 million declines and with moderate gains being re- MAY 1950 511 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS ported in furniture and household equip- PERCENTAGE CHANGES IN MAN-HOURS IN MANUFACTURING INDUSTRIES ment where improvement had begun somewhat earlier. Employment in nondurable Percentage increase, or goods industries has shown little change decrease (—), March 1950 from: Industry group since the initial pick-up in the fall of 1949, Sept. July Sept. but in March such employment was only 1949 1949 1948 moderately below its 1948 peak. All manufacturing. .2 4.1 - 9.3 Man-hours of work in manufacturing have Durable goods 1.7 4.9 -12.1 increased more than employment since mid- Lumber and wood products - 2.1 2.5 -15.6 Furniture and fixtures 9.1 22.1 .3 summer as a result of a rise in average hours S P t r o im ne a , r y c la m y, e t a a n l d i g n la d s u s s p tr ro ie d s u . c . t . s ;. . . . . 9 1 . . 0 9 9 5 . . 8 8 - - 1 1 1 0 . . 4 0 Fabricated metal products - .1 5.0 -12.4 worked. Man-hours reported in manufac- Machinery (except electrical). .. 7.4 7.1 -18.7 Electrical machinery 9.6 15.8 - 9.4 turing in March 1950 were 4 per cent higher Transportation equipmentx -11.9 -11.7 - 7.6 Instruments and related products 2.0 - .1 -14.2 than in July 1949 but still 9 per cent below Miscellaneous manufacturing industries - .4 12.4 the level of late 1948. The average work Nondurable goods - 1.4 3.3 - 5.9 week in March 1950 was close to 40 hours, Food and kindred products - 4.5 - 5.2 - 6.8 Tobacco manufactures..'. -14.7 -12.3 -18.5 about an hour more than in the previous July A Te p x p t a il r e e - l m a il n l d p o ro th d e u r c t f s inished tex- 3.5 13.8 - 5.6 tile products. - 4.5 6.2 - 2.6 and only slightly below that in the fall of Paper and allied products - .6 6.2 - 6.7 Printing, publishing, and allied 1948. Since midsummer especially large in- industries - 1.8 .5 - 3.5 Chemicals and allied products. . . - .6 4.2 -10.4 creases, amounting to about 3 hours in the Products of petroleum and coal. - 4.8 - 3.1 - 2.6 Rubber products 8.2 4.2 -10.9 average work week, have been reported in Leather and leather products. . . 2.1 2.2 - 3.9 the textile, furniture, and primary metals in- 1 There was a work stoppage at factories of an important automobile producer in March 1950. dustries, and a rise of about 2 hours a week NOTE.—Based on Bureau of Labor Statistics data on number of production workers, seasonally adjusted by Federal Reserve, and has occurred in the electrical machinery average weekly hours of work in major industry groups. March 1950 figures used in computations are preliminary. group. The table shows changes in manhours in manufacturing industries in March try distribution of employment was not far 1950 from selected earlier dates. different from that in the earlier period. The moderate upward adjustments in Construction, service, and Federal Governmanufacturing employment in recent ment activities have gained somewhat in relamonths have been reflected in turnover rates. tive importance as compared with prewar, Since December 1949 hiring rates have been while transportation, finance, mining, and higher than in the corresponding months of State and local government have declined the previous year, while layoff rates have de- moderately. On the other hand, manufacclined. The ready supply of labor, however, turing, trade, and public utilities now employ has tended to reduce voluntary job shifts and about the same proportion of total nonfarm quit rates have been around the lowest levels workers as in 1939. Within manufacturing since 1940. a considerable shift has occurred in the rela- Nonmanufacturing. Nonmanufacturing tive proportions of durable and nondurable employment seasonally adjusted totaled 28.7 goods industries. Employment in durable million persons in March 1950 and was more goods industries now is larger than employthan double the number employed in manu- ment in nondurable goods industries; before facturing industries. Both manufacturing the war employment was greater in nonand nonmanufacturing employment were durable goods industries. two-fifths higher than in 1939 and the indus- The postwar rise in nonmanufacturing 512 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS employment on a seasonally adjusted basis EMPLOYEES IN NONAGRICULTURAL ESTABLISHMENTS continued until the end of 1948, as shown in MARCH 1950 [Seasonally adjusted] the chart on page 511, in contrast to manufacturing employment which tended to level Percentage increase, March or decrease (—), off after early 1947. Since the end of 1948 1950 (in March 1950 from: Industry division thousands nonmanufacturing employment has declined pers o o f ns) July Sept. Year 1949 1948 1939 gradually and by March 1950 had been reduced by about 550,000 or 2 per cent. Total.... 42,795 .2 - 3.8 41 About one-half of the reduction in non- Manufacturing 14,120 1.5 - 8.0 40 manufacturing employment since the fall of Durable 7,397 .8 -11.4 58 Nondurable 6,723 2.2 -13.9 25 1948 was in the transportation industry, in Nonmanufacturing 28,675 ^ - 1.6 42 which the railroads are the most important Mining 934 - .2 - 6.8 11 Contract construction.... 2 ,091 -1.7 - 5.6 82 group and accounted for most of the decline. Transportation 2,710 -1.2 - 7.9 30 Public utilities 1,195 -2.4 - 2.5 44 As a result of a collective bargaining agree- Trade 9,398 .2 - 1.8 40 Finance 1,789 2.0 3.2 29 ment, the scheduled work week for non- Service... 4,782 .1 - .4 48 Government 5,776 -1.2 2.2 45 operating railroad personnel was reduced in Federal . 1,829 -4 5 — 2.0 104 State and local 3,947 .4 4.4 28 September 1949 from 48 to 40 hours with no NOTE.—Bureau of Labor Statistics estimates seasonally adjusted change in weekly earnings. This decline in by Federal Reserve. Self-employed persons, domestic servants, and personnel of the armed forces are excluded. March 1950*figures hours has not resulted in any offsetting rise are preliminary. in employment. Although transportation dined somewhat since mid-1949 but State employment increased after settlement of the and local government employment, after coal strike in early March, it was still slightly rising until the end of 1949, has shown little lower than before hours were reduced and 8 further change. Employment in finance has per cent below the late 1948 level. Total increased throughout the postwar period mining employment also increased in March and in March was 3 per cent higher than in but was still slightly below the level of last the latter part of 1948. July and 7 per cent below its high level in the Domestic service employment has infall of 1948. The following table indicates creased and in April 1950 was about onechanges in nonagricultural employment by fifth higher than in late 1948 but still subindustry divisions in March 1950 from sestantially below prewar levels. Because of lected earlier dates. the marginal nature and the relatively low In most other nonmanufacturing indus- wages paid, workers tend to enter domestic tries employment has receded slowly, and service when demand for labor in other segemployment levels in March were only ments of the economy weakens and to leave slightly below their earlier peaks. The it when demand rises. The number of selfmaintenance of employment in these activi- employed workers in nonagricultural activities during the recession last year was an ties is still about the same as in the latter important factor sustaining aggregate in- part of 1948. come and consumer demand when employ- UNEMPLOYMENT ment in the more volatile manufacturing industries was declining. Employment in Unemployment reached a minimum durgovernment is higher than in 1948; the num- ing the war period and remained low ber of Federal civilian employees has de- throughout the post-reconversion period at MAY 1950 513 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS a level of around 2 million persons, or less creased considerably more for men than than 4 per cent of the labor force. The de- for women. Because of reductions in mancline in employment associated with the re- ufacturing employment, unemployment incession beginning in late 1948 resulted in creased more sharply for experienced worksharp increases in unemployment. By the ers 35 years of age and over than for first quarter of 1950, unemployment had younger workers. However, the ratio of reached the highest level since 1941, and was unemployment to the labor force conabout 50 per cent higher than in the same tinued to be much higher for youths than quarter of last year and nearly double that for other age groups, amounting to 10 per of two years ago. Nevertheless, the recent cent in April for those under 20 years of age rate of unemployment has been low relative as compared to an average of 5.7 per cent for to that in all years of the 1930's. all ages, as indicated in the table. Unemploy- Substantial reductions have occurred since ment rates are usually higher among youths February 1950, when unemployment reached because this group includes both new worka high of 4.7 million persons, and by April ers looking for jobs for the first time and unemployment was down to 3.5 million. These recent declines are in part a result of UNEMPLOYMENT BY AGE AND SEX expansion in industrial production and con- April Unemployment rates x struction activity and thus reflect improved 1950 (in Age (years) or sex thousands economic conditions. They are also in part of April April April persons) 1950 1949 1948 seasonal and reflect the usual spring expan- Both sexes, 14 and over. . . . 3,515 5.7 5.0 3.6 sion of employment in outdoor activities and By age groups: 14 to 19 449 10 0 9 9 7 8 UNEMPLOYMENT 20 to 24 580 8.0 7.8 6.3 25 to 34 743 5 1 4 6 3 1 8MILLIONS OF PERSONS MILLIONS OF PERSONS 35 to 44 599 4.3 3.7 2.7 45 to 54 553 4.9 3.7 2.6 55 to 64 448 5.9 4 1 3.0 65 and over 145 4.8 4.7 2.6 By sexes: Male.. 2,628 6.0 5 0 3.6 Female. 887 4.9 4.7 3.6 Percentage of those in the civilian labor force in each group who are unemployed. Numbers may not add to totals because of rounding. Source.—Bureau of Census. those with little experience or seniority. Unemployment increased more sharply in the past year and the rate of unemployment was much higher for nonwhite workers than for white workers, with the former having an unemployment rate of 9.1 per cent in April 1950 as compared with 5.3 per cent Bureau of Census estimates. Latest figure plotted is for April 1950. for the latter. For workers 65 years of in trade. The volume of unemployment in age and over the rate of unemployment April, however, was higher than a year ago was below the average for all workers and substantially higher than two years ago. and increased somewhat less last year During the past year unemployment in- than for other age groups. Once they had 514 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS become unemployed, however, workers in DURATION OF UNEMPLOYMENT this age bracket were out of work longer April April April last year than persons in other age groups. Period 1950 1949 1948 Both the average period of unemployment In thousands of persons and the number of persons with long-time Unemployed for: unemployment were considerably higher in 1 to 6 weeks... 1,368 l449 1,238 7 to 14 weeks. 969 r952 548 April 1950 than at any time in the postwar 15 weeks and over......... ... 1,180 616 406 period. The average period of unemploy- Total unemployed . ...... 3,515 3,016 2,193 ment for all those seeking work increased Percentage distribution to 14 weeks in April 1950 from 10 weeks a Unemployed for: 1 to 6 weeks •. 38 9 48.0 56.5 year earlier. Since the first of this year, how- 7 to 14 weeks 27.6 M.6 25.0 15 weeks and over.. 33.6 20.4 18.5 ever, the number of short-duration unem- Total unemployed 100.0 100.0 100.0 ployed has decreased more sharply than in the same period of last year, indicating a de- Source,—Bureau of Census. Numbers may not add to totals because of rounding. clining rate of layoffs and increased opportunities for employment. In April there were dustrial areas. In New England, which has fewer workers unemployed for less than 7 had many areas of high unemployment for weeks than in any month since December some time, 9 of the 10 major areas had 1948 and somewhat fewer than a year earlier a substantial surplus of labor. In the Middle when unemployment was tending upward. Atlantic region 19 of the 21 most impor- However, the number and percentage of tant areas were in high unemployment catelong-duration unemployed has continued to gories. In the West unemployment was increase, and in April 1.2 million workers or heavy in 10 of the 11 major labor market one-third of the unemployed had been out areas, but seasonal influences accounted for of a job for 15 weeks or more. This was high rates in some of the areas. In the North double the number of long-time unemployed Central, South Atlantic, and South Central a year ago. The accompanying table shows regions there were also a number of areas changes in duration of unemployment in with substantial labor surpluses, but a ma- April for the last three years. jority of the labor market areas had unem- On a regional basis, high unemployment ployment rates of less than 7 per cent. this winter resulted in labor surpluses in a UNEMPLOYMENT COMPENSATION majority of the nation's important industrial areas. In the 100 major labor market areas Claims filed in March and April 1950 for classified by the Bureau of Employment unemployment compensation under State Security, 63 had unemployment rates of 7 programs also indicated important reductions per cent or higher in early 1950, while in 13 in new unemployment. Initial claims for of these areas unemployment reached or ex- unemployment compensation, which tend to ceeded 12 per cent. In early 1949 only 24 represent new unemployment among covmajor areas reported unemployment rates ered workers, declined more sharply from of 7 per cent or more. Three regions— their seasonal highs this winter than was the New England, Middle Atlantic, and the case last year, and by the end of April the West—reported substantial labor surpluses number of initial claims filed was about 20 this year in nearly all of their major in- per cent below the level of a year ago. Con- MAY 1950 515 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS tinued claims have also declined from levels interest credited to the trust fund. In a numprevailing earlier in the year and at about ber of States sharply increased unemploy- 1.9 million a week in late April were slightly ment has necessitated an increase in tax rates below a year ago. on employers because of drains on reserves or In comparing recent claims for unem- because of legal requirements designed to ployment compensation with those last year, safeguard the programs. In most States subit should be noted that large numbers of stantial reserves were built up during the war workers exhaust their benefit rights before and early postwar period, and these reserves finding jobs and are ineligible to receive are generally considered adequate to meet further payments. Over 7 million differ- payments for some time at present benefit ent workers received unemployment com- rates and current levels of unemployment. pensation benefits during 1949 and ap- The President has recently recommended proximately 2 million persons exhausted modifications in the unemployment compentheir benefit rights during the year. The sation system so as to remove present inaverage worker received benefits for a period equities, provide more adequate benefits for of 12 weeks before finding a job or exhaust- longer periods, and give financial support ing his rights. In 1948 only about 1 million to States whose funds may be subjected to persons exhausted their benefit rights. heavy drains. In order to protect the State The average weekly benefit for those re- funds the President proposed that some of ceiving unemployment compensation was the unemployment compensation tax paid to $21 in March 1950, or about one-third of the the Federal Government be used specifically average weekly wage in covered employ- to provide a fund for reinsurance grants to ment. The proportion of wage loss that is States that encounter temporary financial covered by unemployment benefits varies difficulty. from State to State. Average weekly benefits have about doubled since 1940 but earn- UNEMPLOYMENT PROSPECTS ings have risen more sharply than benefits, Prospects for the next several months apand as a result the percentage of wage loss pear good for continued high levels of ecocovered by unemployment compensation is nomic activity which may be expected to be smaller than in prewar years. reflected in the labor market. During the Payments out of the unemployment trust summer unemployment is likely to increase fund have exceeded receipts since early again, however, owing to seasonal influences. 1949. For the year 1949 over 1,7 billion dol- Both the labor force and unemployment usulars were paid out in unemployment benefits ally increase substantially in June and July under State programs while tax receipts and when the ending of the school term brings interest earned totaled 1 billion, with the re- large numbers of youth into the labor force sult that the balance of State accounts in the seeking temporary or permanent jobs. Gradtrust fund was reduced from an all-time high uating classes this year will be exceptionally of 7.6 billion at the end of 1948 to 6.9 billion large and, unless employment opportunities at the end of 1949. In the first quarter of continue to expand, many new entrants to 1950 unemployment benefits averaged about the labor market will have more difficulty 2.2 billion dollars at an annual rate and obtaining jobs than in most other postwar were about double receipts from taxes and years. 516 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1949 * Net current earnings before income taxes of all capital accounts partly offset the effect of larger members banks continued their upward trend in earnings. 1949 by advancing to 1,097 million dollars, an in- In contrast with declines in the three preceding crease of 64 million over 1948.2 The relatively years, net profits increased by 65 million dollars slight increase in the first half of the year was fol- and amounted to 686 million. The increase relowed by larger gains in the second half, which sulted from higher net current earnings, smaller net resulted for the most part from the investment of additions to reserves for losses, and larger net funds released when reserve requirements were profits and recoveries on securities; these factors reduced. The ratio of net current earnings to were partly offset by increases in taxes on net inaverage total capital accounts increased only slightly come and in net losses on loans and other assets. from 12.0 in 1948 to 12.2 in 1949; increases in The ratio of net profits to total capital accounts increased to 7.6 per cent, which was higher than 1 This article was prepared by Paul F. Smith of the the level prevailing in the 1930's but considerably Board's Division of Bank Operations. 2 Net current earnings are gross current operating earn- below the peak of 10.9 reached in 1945. ings less gross current operating expenses, before adjust- The pattern of earnings and expenses changed ments for losses, recoveries, and transfers to and from relatively little from 1948. Loans continued to be valuation reserves, and before taxes on net income. MEMBER BANK EARNINGS, SELECTED YEARS, 1929-49 [Dollar amounts in millions] Item 1929 1932 1939 1941 1942 1943 1944 1945 1946 1947 1948 1949 Earnings $2,399 $1,554 $1,296 $1,417 $1,487 $1,650 $1,874 $2,102 $2,403 $2,579 $2,828 $2,986 On U. S. Government securi- On t i o es th x er securitiesl. . . . ... . . . [ 473 458 444 445 540 766 960 ' 9 1 9 39 7 1,0 1 5 4 4 8 9 1 2 4 1 9 8 1 5 5 5 8 8 1 5 6 9 9 On loans2 1,563 851 560 665 649 563 563 588 772 1,044 1,308 1,427 Service charges on deposit ac- Ot c h o e u r n e t a s rnings 2 . . . . [ 363 245 23 5 7 4 24 6 2 5 23 6 0 8 24 7 5 6 26 8 5 6 29 8 1 7 3 1 2 0 8 0 3 1 4 1 6 9 3 1 6 4 7 1 3 1 7 5 3 8 Expenses 2 1,684 1,143 895 988 1,002 1,039 1,127 1,268 1,469 1,650 1,795 1,889 Salaries and wages 464 357 388 426 461 487 525 580 699 797 876 926 Interest on time deposits 3. . . . 445 302 159 140 128 124 144 183 212 236 250 261 Interest on interbank and demand deposits 314 132 Taxes other than on net income 2 112 67 85 129 81 84 83 83 82 90 96 Other expenses 2. 348 285 262 293 331 344 375 422 476 529 579 605 Net current earnings before income taxes 2 715 410 401 429 485 611 747 835 934 929 1,033 1,097 Recoveries and profits 4 137 113 327 278 188 312 318 454 356 232 190 155 Losses and charge-off s 2 4 295 778 380 318 223 251 232 230 247 251 195 166 Net additions to valuation reserves4 173 Profits before income taxes. .. 451 673 833 1,058 1,043 910 854 961 Taxes on net income. 115 184 270 285 257 234 275 Net profits 557 -255 347 390 383 557 649 788 758 653 621 686 Cash dividends declared 6 387 245 207 211 203 208 226 246 267 281 294 313 Number of banks at end of year.. 8,522 6,816 6,362 6,619 6,679 6,738 6,814 6,884 6,900 6,923 6,918 6,892 1 Not available separately prior to 1945. 2 The following changes in reporting are reflected beginning with 1942: (a) earnings on loans include service charges and fees on loans, previously included in other earnings; (b) taxes on net income, previously included with other taxes in expenses, are a separate item; (c) recurring depreciation on real estate, previously included in losses and charge-offs, is included in other expenses. 3 Beginning with 1938, interest on time deposits includes interest on interbank time deposits; interest (if any) on demand deposits is included in other expenses. 4 For description of the composition of this item, and the changes reflected beginning with 1948, see footnote to table on p. 520. 6 Not reported separately; transfers to these reserves were included with losses, and transfers from these reserves were included with recoveries. Such amounts are estimated to have been relatively small, especially prior to 1947. 6 Includes interest on capital notes and debentures. MAY 1950 517 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1949 an increasingly important source of earnings and decline of 1,774 million dollars in commercial and accounted for 1,427 million dollars or 48 per cent of industrial loans, the first since 1941, was more than total earnings. The downward trend in earnings offset by increases in other types of loans. Real from United States Government securities in re- estate and consumer loans continued to increase and cent years was reversed by a relatively small in- were 590 and 967 million dollars higher at the end crease of 4 million dollars. The distribution of of the year. Loans for purchasing and carrying expenses remained practically unchanged with in- securities increased by 336 million dollars and there creases reported in all items. The increase of 50 was a corresponding increase in the average volume million dollars in salaries and wages was less than of these loans held during the year. that of other recent years. Although the volume of United States Govern- Cash dividends were higher in 1949 than in 1948 ment securities held by member banks was 4.7 biland amounted to 313 million dollars, but the pro- lion dollars larger at the end of the year than at the portion of net profits paid out in dividends was end of 1948, the average holdings for the year slightly lower. Through retention of earnings were slightly below 1948. Earnings on these sethere was an increase in capital accounts of 373 curities increased by 4 million dollars and the million dollars for the year. This increase, notwith- average rate of earnings increased slightly from standing a relatively small increase in risk assets 1.56 to 1.59 per cent. (total assets less Government securities and cash Member bank holdings of securities other than assets), led to a slight increase in the ratio of capi- Government obligations and the average rate of tal accounts to risk assets, the first since 1944. return on these securities both continued to in- Earnings figures for selected years since 1929 ap- crease. Earnings from this source amounted to 169 pear in the table on the preceding page. million dollars, 11 million more than in the pre- Earnings. The increase of 157 million dollars in vious year. earnings was widely distributed, with only minor Earnings from service charges on deposits, which shifts in the relative importance of various sources have been a growing source of bank earnings in of earnings. The shift from earnings on United recent years, amounted to 158 million dollars, an States Government securities to earnings on loans increase of 17 million over 1948. These earnings that began in 1946 continued, but at a greatly re- have shown a steady increase from 36 million dolduced rate. Loans accounted for 48 per cent and lars in 1935, when the item was first reported Government securities for 29 per cent of total earn- separately. They now constitute more than 5 per ings as compared to 46 and 30 per cent respectively in 1948. MEMBER BANK LOANS AND INVESTMENTS Earnings on loans reflected both larger average DECEMBER 31, 1949 holdings and an increase in rate of return. Al- [Dollar amounts in millions] though the rate of increase in loans was considerably smaller in 1949 than 1948, the high level Change from Dec. 31, Dec. 31, 1948 attained at the end of 1948 was largely maintained Item 1949 in 1949 and average holdings were larger than Amount Percentage the year before. Loans declined during the first half of 1949 but increased in the second half. Total loans and investments. $101,528 +$5,911 + 5.8 Year-end comparisons show that total loans in- Loans * 36,230 + 170 4- .5 Commercial and industrial. . . 15,857 -1,-774 -11.2 creased by only 170 million dollars in 1949 as com- Consumer 6,552 + 967 +14.8 Real estate 8,834 + 590 + 6.7 pared to 3,432 million during 1948. For purchasing or carrying securities 2,494 + 336 +13.5 The average annual rate of earnings on loans Agricultural 1,945 + 145 + 7.5 All other 1,034 + 28 + 2.7 was 4.05 per cent in 1949 as compared to 3.83 in U. S. Government securities.. 56,883 +4,730 + 8.3 1948. The increase reflected primarily a shift Treasury bills, notes, and toward higher yielding loans, such as consumer and certificates 18,883 +5,495 +29.1 Bonds and guaranteed obligareal estate loans, but there were also some indica- tions 38,001 - 766 - 2.0 tions of rate increases for some categories of loans. Other securities 8,414 +1,012 +12.0 Changes in the composition of loan portfolios dur- 1 Totals are net (after deduction of valuation reserves); individual ing 1949 are shown in the accompanying table. A loan items are gross and do not add to the total. 518 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1949 cent of total earnings as compared to 3 per cent of 41 million in net profits and recoveries on sein 1935. curities. These changes were offset in part by an Expenses. Current expenses of all member banks increase of 41 million dollars in taxes on net inamounted to 1,889 million dollars, 94 million more come and an increase in net losses and charge-ofls than in 1948. There was no change in the relative on loans and other assets. importance of various expense items. The largest Net transfers to valuation reserves, which have single item continued to be salaries and wages. become an important factor in the interpretation Officers' salaries for the year 1949 amounted to of reported net profits, amounted to 172 million dol- 318 million dollars and salaries and wages of other lars for the year. When they are large, as they have employees to 608 million. A growth of 50 million been in the past three years, net profits are small in dollars in the total resulted from increases in both relation to net current earnings. The influence of the average number of officers and employees and these transfers on reported net profits will continue the average salary. to be important as long as additional banks adopt The recent tendency toward payment of higher these reserves and the banks using them have not rates of interest on time deposits continued. It reached the ceilings established for tax purposes. was reflected in a small increase from 0.87 per cent After the ceilings have been generally attained, to 0.90 per cent in the ratio of interest paid to losses charged to previously established reserves deposits held. The higher rate as well as a larger will help maintain the level of net profits. The average amount of time deposits resulted in an in- exact effect on net profits will depend upon whether crease of 11 million dollars in interest paid. banks replenish their reserves in years when losses Profits, recoveries, losses, and transfers to reserves. occur. Higher prices for Government securities resulted The ratio of net profits to total capital accounts in an increase in profits on sales of securities and increased from 7.2 per cent in 1948 to 7.6 per cent in a decline in the excess of losses and charge-offs in 1949. This is the first increase since 1945, when over recoveries on securities. Profits on securities profits from securities sold or redeemed were unamounted to 64 million dollars and net losses and usually large and the ratio reached the peak of 10.9. charge-off s to 20 million, as compared to 55 and 52 Cash dividends and capital. Although cash divimillion respectively in 1948; the combined increase dends were 19 million dollars larger in 1949 than in net recoveries and profits on securities was 41 in 1948, they were a slightly smaller percentage million dollars. About 3 million dollars was added of net profits. Retained profits were sufficient to to reserves to provide for future losses. account for the 373 million dollar increase in Losses and charge-ofls on loans increased by 18 capital accounts in 1949. Other changes in capital million dollars during the year and recoveries deaccounts, including approximately 37 million dolclined by 7 million, resulting in an increase in net lars in new capital obtained by sales of common losses of 25 million in 1949. Total losses and stock, 10 million in retirements of preferred stocks, chargeofts on loans for 1949 amounted to 81 million and capital repayments to stockholders incident to and total recoveries to 36 million. About 62 milmergers, were practically offsetting. lion dollars of these losses and 18 million of the The increase in capital accounts was sufficiently recoveries were charged or credited directly to valualarge in relation to changes in "risk assets" (total tion reserves. These changes, together with net assets less United States Government securities and transfers to these reserves amounting to 166 million cash assets) to halt the downward trend in the dollars, brought the balance at the end of the year ratio of capital accounts to risk assets that began to 485 million. This was slightly more than 1 per in 1945. This ratio increased slightly to 20.2 per cent of the total volume of loans outstanding. cent in contrast to declines of more than 2 per- Net profits. Net profits of member banks after all expenses, charges, recoveries, profits, provisions centage points per year in the past three years. for future losses, and income taxes were 686 million The ratio of capital accounts to total assets increased dollars, an increase of 65 million over 1948. The from 6.6 to 7.0 per cent during the year. growth reflected an increase of 64 million dollars in Earnings by class of bank. All classes of member net current earnings, a decline of 48 million in net banks reported increases over 1948 in total current additions to valuation reserves, and an increase earnings, as is shown by the table on page 520. MAY 1950 519 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1949 The pattern of increase was typical of the postwar reserve city banks. The apparent decline at cenyears, with reserve city banks and country banks tral reserve city banks in New York was the result showing larger percentage increases than central of the reclassification of nine central reserve city reserve city banks in New York and Chicago. banks as reserve city banks. Adjustment of data Since 1946, current earnings have increased by 33 for this change indicates a very small increase for per cent at country banks, 27 per cent at reserve New York banks. city banks, and 4 and 11 per cent respectively at Larger net current earnings at all classes of banks New York City and Chicago banks. At all classes resulted from larger increases in earnings than in of banks the principal factor in the 1949 increase expenses. The actual increases, however, varied was earnings on loans. from 2 million dollars at New York City banks to Expenses showed the same general pattern as 32 million at reserve city banks. earnings, with the largest percentage increase at Losses on securities declined at all classes of MEMBER BANK EARNINGS, BY CLASS OF BANKS, 1948-49 ] [Dollar amounts in millions] Central reserve city banks Total Res b e a rv n e k s city- C b o a u i n ik t s ry Item New York Chicago 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 Earnings $2,986 $2,828 $476 $476 $123 $120 $1,136 $1,058 $1,250 $1,174 On U. S. Government securities .... 859 855 148 154 46 44 305 294 361 363 On other securities 169 158 26 25 11 10 59 53 73 70 On loans 1,427 1,308 189 182 46 46 571 524 622 555 All other . . 531 508 114 114 21 21 201 187 195 185 Expenses . . .. .... 1,889 1,795 282 284 78 75 727 681 802 755 Salaries and wages 926 876 164 166 37 36 353 330 372 345 Interest on deposits ; 261 250 8 8 11 10 108 101 135 131 All other 702 669 110 110 31 29 266 250 295 280 Net current earnings before income taxes.... 1,097 1,033 194 192 45 45 409 377 448 419 Profits and recoveries 1 155 190 28 37 15 23 50 70 62 60 Recoveries on securities 16 33 3 3 1 4 20 9 9 Profits on securities 64 55 13 16 8 6 19 19 24 14 Recoveries on loans 36 43 6 7 3 6 10 13 16 18 All other. 40 58 5 11 4 11 18 18 13 19 Losses and charge-oils '• 166 195 23 34 8 12 58 67 76 82 On securities 36 85 2 19 2 4 11 27 20 36 On loans 81 63 12 7 4 6 29 22 36 27 All other 49 46 9 8 2 2 18 18 20 19 Ne t additions to valuation reserves 1 125 173 33 16 -1 15 48 74 46 68 On securities 3 2 2 -9 -3 2 2 7 3 2 On loans 122 171 30 25 2 13 46 67 43 66 Profits before income taxes 961 854 166 178 53 41 354 306 388 330 Taxes on net income . 275 234 55 39 11 11 104 91 105 92 Net profits 686 621 111 139 42 30 251 215 283 238 Cash dividends declared 2 313 294 82 80 15 14 118 110 97 90 Ratios (per cent): Net current earnings before income taxes to average total capital accounts 12.2 12.0 8.4 8.4 9.9 10.4 13.6 13.1 13.9 13.8 Net profits to average total capital accounts.... 7.6 7.2 4.8 6.1 9.1 6.9 8.3 7.4 8.8 7.8 Earnings on U. S. Government securities to average holdings 1.59 1.56 1.46 1.44 1.57 1.61 1.56 1.52 1.69 1.65 Earnings on loans to average holdings 4.05 3.83 2.46 2.40 2.82 2.61 4.13 3.83 5.12 4.99 1 Data for these items and corresponding items in the table on p. 517 were derived by combining detailed earnings data on p. 588 of this BULLETIN as described below: (a) Recoveries on securities and loans were obtained by combining recoveries credited to profits (shown in the body of the detailed table) with recoveries credited to valuation reserves (shown under memoranda items in the detailed table). The combined figures represent the gross recoveries of member banks during the year regardless of the accounting methods of the individual banks. (b) Losses on securities and loans are the combination of losses charged against profits with losses charged to valuation reserves. These totals represent the gross losses of member banks during the year regardless of the accounting methods of the individual banks. (c) Net additions to valuation reserves on securities and loans represent the combination of four amounts given in the detailed table: the sum of the two items that increase valuation reserves (transfers to reserves reported in the body of the detailed table plus recoveries credited to reserves reported as memoranda items) less the sum of the two items that decrease valuation reserves (transfers from reserves reported in the body of the detailed table plus losses charged to reserves reported as memoranda items). * Includes interest on capital notes and debentures. 520 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1949 banks and profits on sales of securities increased serves for losses in contrast to a decrease at the at country banks and central reserve city banks other banks. in Chicago. Losses on loans, however, increased The ratio of net profits to total capital accounts slightly at all classes except Chicago banks. increased at all classes of banks except New York Taxes on net income increased at all classes of City banks. This ratio was 8.8 per cent at country banks. banks, 8.3 at reserve city banks, and 9.1 and 4.8, Net profits increased at all classes of banks ex- respectively, at central reserve city banks in Chicept central reserve city banks in New York. A cago and New York. decline at New York City banks reflected the Detailed figures of earnings and related items, absence of any appreciable increase in net current together with selected ratios, will be found on earnings, and an increase in net additions to re- pages 588-599 of this BULLETIN. MAY 1950 521 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS1 Adjustments in the national economy that began Balances of business enterprises, both nonfinancial in the latter part of 1948 and continued in 1949and financial, increased somewhat in the 12 months were reflected in the survey of ownership of demand ending January 31, 1950 to the highest level redeposits conducted by the Federal Reserve System ported. Farmers' balances declined for the second as of January 31, 1950. A decline of 1.6 billion year but deposit balances of nonfarm individuals dollars, or 1.9 per cent, in aggregate demand de- increased. Uninvested trust funds and balances of posits of individuals, partnerships, and corporations nonprofit associations and of foreigners each dein the 12 months ending with January 31, 1949 was clined somewhat, as shown by Table 1. followed by an increase of 1.2 billion dollars, or Business deposits. Increases in business deposits 1.5 per cent, in the following 12 months. These occurred in all Federal Reserve districts but two. relatively small changes followed a rapid growth In the Richmond and St. Louis Districts, declines since December 1941, when the System's survey in deposits of nonfinancial businesses exceeded inof ownership of demand deposits was inaugurated. creases in deposits of financial enterprises, and there Changes in demand deposits of ownership groups were declines in total business balances. were somewhat more divergent between January The slight increase in total business deposits from 31, 1949 and January 31, 1950 than in the preceding January 1949 to January 1950 would seem to indiyear, when deposits of most groups declined. cate that the cash position of business in 1949 was generally satisfactory, considering the existing vol- 1 This article was prepared by Charles Fox of the Board's ume of transactions and level of prices. The rela- Division of Research and Statistics. OWNERSHIP OF DEMAND DEPOSITS BY INDIVIDUALS AND BUSINESSES FEDERAL RESERVE ESTIMATES BILLIONS OF DOLLARS SELECTED DATES BILLIONS OF DOLLARS BROAD GROUPS NONFINANCIAL BUSINESSES OTHER HOLDERS 00 20 24 A - iNDn/IDUALS r > - EXCLUDNO FARMERS 80 r ——- / ' / MN A U N F ) A M C I T N J IN R G INC / ( 20 TCTAL / / f y -J- 60 r V 12 /TRADE JI / 16 / i w - NC)NFINANCl / 40 - EJUSINESSE 8 • / r\ FARMERS / ' X . '——. y NON O F T IN H A E N R CIAL NONPROFIT y - / V AS A S N O D N O A T TI H O E N R S * 4t — — 20 y f|NDIvimlAI ** 4 U P T IJ L B IT L I I E C:s \ * \/ 3 F U IN S A IN N : C S I S A E L S *- — BUSINESSES^ NSUFANCE 0 • . » I 1 ' NONPR ,A OF N IT D A O S T S H O E CI R A * TIONS 0 ?OMP 1942 1944 1946 1948 19501942 1944 1946 1948 1950 1942 1944 1946 J948 I95O * Includes deposits of trust funds and foreigners. NOTE.—Estimates based on Federal Reserve surveys of deposit ownership. Latest figures are for Jan. 31, 1950. 522 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS tively sharp changes in the general business situa- TABLE 2 tion during the year affected the receipts and ex- DEMAND DEPOSITS OF CORPORATIONS AND UNINCORPORATED penditures of different types of businesses in differ- BUSINESSES ent ways, but on balance did not bring about large- [Estimates, dollar amounts in billions] scale changes in demand deposits. In some lines of endeavor, such as retail and wholesale trade Change from Jan. 31,. 1949 and manufacturing and mining, declines in income Jan. 31, 1950? from current business operations were accompanied Dollar Peramount P centage^ by rather general liquidation of inventories. In Type of holder o p t u h b e l r ic b u u t s i i l n it e i s e s s e s, c a s te u g c o h r y a , s it t ho se s e e m i s n c p lu ro d b e a d b le in t t h h a e t C r p a o o t r - e - N r c p a o o o t r - n e - - C r p a o o t - r e - N r c p a o o o t r - e n - - C r p a o o t - r e - N r c p a o o o t r n - e - changes in income took place at the same time as shifts in expenditures on plant and equipment. Domestic businesses— And in the category of other nonfinancial busi- total $36.1$11.8 +1.2 +0.1 +3.5 +0.8 nesses, which includes construction contractors and No M nf a in n a u n fa c c ia tu l ring and 30.1 10.1 +0.9 C1) +3.0 -0.2 firms providing business and professional services, mining 16.0 1.6 +0.5 C1) +3.5 -0.5 Public utilities 3.8 0.2 +0.1 0) +1.3 +9.1 there seems to have been a continued expansion of Trade 7.5 5.8 0) -0.1 +0.4 -1.4 Other nonfinancial... . 2.9 2.4 +0.3 +0.1 +9.6 +2.5 income and volume of business. Financial 6.0 1.8 +0.4+0.1 +6.3 +7.0 Insurance companies and the other financial Insurance 2.6 0.1 +0.2 C1) +8.5 +10.9 Other financial. 3.4 1.6 +0.1 +4.6 +6.6 businesses, as well as the group "other nonfinancial +0.1 businesses," had continued increases in deposits v Preliminary. to new high levels. For manufacturing and mining 1 Less than 50 million dollars. NOTE.—Detailed figures may not add to totals because of roundconcerns, demand deposit totals increased someing. what and were a little above the high levels reached group also increased but were smaller than at the in January 1948. Balances of the public utilities time of the first few postwar surveys. Deposits of TABLE 1 retail and wholesale trade concerns declined some- CHANGES IN OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS what further from the peak levels of two years ago. PARTNERSHIPS, AND CORPORATIONS Demand deposits of corporations rose by more [Estimates, dollar amounts in billions] than a billion dollars or 3.5 per cent during 1949, as shown in Table 2. Their total in January 1950 Change from Am ou o t u - nt Jan. 31, 1949 exceeded the previous peak of January 1948. They Type of holder s J t a a n n . d i 3 n 1 g , became a larger percentage of the deposits of all 1950? am Do o l u la n r t? cen P t e a r g - e P business firms and thus continued a trend that has been in evidence since 1946. Since the corporate Domestic businesses—total.., $47.9 +1.3 +2.8 form of organization is more widely used by larger No M nf a in n a u n fa c c ia tu l r b in u g si n a e n s d s e m s ining. . 4 1 0 7 . . 2 6 + + 0 0. . 9 5 + + 3 2 . . 1 2 than smaller business firms, and since it appears Public utilities 4.0 +0.1 +1.7 that smaller firms have not added greatly to their Trade 13.3 -0.1 -0.4 Other nonfinancial 5.3 +0.3 +6.3 holdings of liquid assets in other forms, it would Financial businesses 7.7 +0.5 +6.4 seem that larger businesses have emerged from the Insurance companies 2.7 +0.2 +8.6 Other financial 5.0 +0.2 +5.3 economic readjustments of the past year and of Individuals 29.1 C1) the postwar period as a whole in a stronger financial F O a th rm er e r in s dividuals 2 6 2 . . 8 3 + -0 0 .3 .3 + -3 1 . . 9 3 position than smaller firms. Other holders 5.0 -0.1 -1.7 Personal deposits. Starting in January 1948, sur- Trust funds 1.5 (*) -2.6 vey data have shown personal deposits to be increas- Nonprofit associations 2.9 0) -0.3 Foreigners 3. . . 0.6 C1) -5.9 ing less rapidly or decreasing more sharply than Total 82.0 +1.2 +1.5 deposits of business firms. This is in contrast with the trend during the war and immediate postwar P Preliminary. 1 Less than 50 million dollars. years, when personal demand deposits were re- 3 2 L E e x s c s lu t d h e a s n fo 0 r .0 ei 5 g n p e b r a c n e k n s t . and governments. cording greater percentage increases than business NOTE.—Detailed figures may not add to totals because of deposits. rounding. MAY 1950 523 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS While the total of personal demand deposits did TABLE 3 not change in 1949, individuals made substantial CHANGES IN DEMAND DEPOSITS OF INDIVIDUALS, PARTNERadditions to their holdings of other types of liquid SHIPS, AND CORPORATIONS, BY FEDERAL RESERVE DISTRICTS assets and also maintained their consumption ex- JANUARY 31, 1949 TO JANUARY 31, 1950 penditures at the same high level as in 1948. Time Percentage changes in deposits of deposits, consisting largely of personal accounts, r h o o s l e d in b g y s m in or e sa v th in a g n s 1 a n b d ill i l o o n an d a o s l s la o r c s i , a t p io e n rs s o n in a c l re s a h s a e r d e Fede d ra is l t r R ic e t serve gro A u l p l s x Individuals fin N a o n n ci - al businesses by almost 1.5 billion dollars, and there was a Farmers Nonfarmers net increase of more than a billion dollars in the Boston +1.8 -17.6 +1.6 +2.0 outstanding amounts of United States savings bonds New York +0.9 -14.6 + 1.1 + 1.8 Philadelphia +4.1 +. 1.4 +2.9 +3.9 of the types that are purchased mainly by indi- Cleveland +0.9 - 4.8 -1.6 + 1.2 viduals. However, currency outside banks, which Richmond -1.6 - 9.3 -1.6 -2.6 is largely in the hands of individuals, decreased by Atlanta +1.5 + 0.7 + 1.9 -0.3 over 600 million dollars between January 31, 1949 Chicago +3.7 - 3.9 +3.1 +6.0 St. Louis -0.2 - 3.8 +8.2 -6.6 and January 31, 1950. Minneapolis -0.4 - 9.4 -3.6 +8.3 Stability of the total of personal demand balances D K a a l n l s a a s s City + +4 2 . . 7 1 + - 4 3 . . 1 6 +3 (2 .6 ) + +5 5 . . 2 9 from January 1949 to January 1950 resulted from San Francisco +0.1 - 2.6 -1.3 +0.4 the first divergent movements since 1941 in the All districts + 1.5 - 3.9 +1.3 +2.2 deposits held by farm and nonfarm individuals 1 Includes also changes in deposits of financial businesses, nonrespectively. While they had increased together profit associations, trust funds, and foreigners. from year to year during the war and early post- 2 Less than 0.05 per cent. war period, and decreased together in 1948, in 1949 The decline in farmers' demand deposits for the there was a decline of 300 million dollars in farmers' second consecutive year reflects the readjustment in demand deposits and an increase of the same the agricultural income-expenditure pattern that amount in personal demand balances of nonfarm began early in 1948. During 1949 farmers appear individuals. to have maintained their expenditures for machin- TABLE 4 OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, SELECTED DATES, 1941-50 [Estimates, in billions of dollars] Dec. 31, Feb. 29, Jan. 31, Jan. 31, Feb. 26, Jan. 30, Jan. 31, Jan. 31, Type of holder 1941 1944 1945 1946 1947 1948 1949 1950P Domestic businesses—total 24.8 35.9 40.4 42.9 43.8 47.1 46.6 47.9 Corporate * * 30.6 31.1 32.1 35.0 34.9 36.1 Noncorporate * * 9.9 11.9 11.7 12.1 11.7 11.8 2Vonfinancial businesses—total 20.4 31.5 35.3 37.0 37.2 39.8 39.4 40.2 ^Manufacturing and mining. 10.0 16.3 17.5 16.1 16.0 17.3 17.1 17.6 Public utilities 3.1 3.7 3.7 4.0 4.2 4.1 3 9 4 0 Trade 4.6 8.2 10.3 12.6 12.5 13.4 13.4 13.3 Other nonfinancial 2.7 3.4 3.7 4.2 4.5 4.9 5 0 5.3 Financial businesses—total 4.4 4.3 5.2 5.9 6.5 7.4 7 2 7.7 Insurance companies 1.9 1.7 1.9 1.8 2.1 2.7 2.5 2.7 Other financial . 2.5 2.6 3.3 4.1 4.7 4.7 5.0 4.5 Individuals—total 9.6 17.7 21.5 26.4 30.1 29.1 29.1 28.9 Farmers . . * 4 2 5 0 6 3 7 5 7 1 6 8 Other individuals. . * 13.5 16.5 20.1 217 .72 22.6 22.0 22.3 Other holders ; 3.2 3.6 4.0 4.8 5.2 5.2 5.1 5.0 Trust funds * 1.3 1.4 1.6 1.7 1.6 1.6 1.5 F N o o r n e p ig r n o e fi r t s — as b so u c si i n at e i s o s n e s s and individuals * * 0 1 . . 8 5 0 1 . 7 9 2 0 .8 4 2 0 .8 7 2 0 .7 8 2 0 .7 9 2 0 .6 9 Total 37.6 57.2 65.9 74.1 77.8 82.4 80.8 82.0 P Preliminary. * Not available. NOTE.—Detailed figures may not add to totals because of rounding. 524 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS ery and other purposes notwithstanding continued result of a shifting of some trust funds from dereductions in prices of farm products. The decline mand deposits to time deposits by the trustee banks. in farmers' balances extended to all Federal Reserve There is evidence that such shifting of trust funds districts but three, although with varying intensity. began about mid-1948. This is illustrated in Table 3. The only sizable in- Large and small accounts. Analysis according to crease in farm deposits occurred in the Dallas size of deposit indicates that during 1949 there was District and amounted to 30 million dollars, or 4 an increase in the amount and the percentage of per cent. From district to district the direction of demand deposits held in the largest accounts (more change was somewhat more uniform for farmers' than $25,000) and a decrease in the amount and the deposits than for nonfarm personal balances, as proportion of such deposits held in the smallest Table 3 shows. Within particular districts the per- accounts (less than $10,000). These changes centage variations from 1949 levels were generally characterized both business and personal deposits. greater for farm than for nonfarm deposits. A slight shifting of demand deposits toward the Trust funds. Uninvested trust funds carried as larger account sizes was also evident in last year's demand deposits in commercial banks declined by survey. This development could be due both to slightly less than 50 million dollars in 1949, fol- increases in the larger deposits and to a rise in the lowing a reduction of about 100 million during smaller balances that advanced them to larger size 1948. A good part of this decline is probably the classes. CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings for the unexpired portion of the term ending December 31, 1952. Mr. Patterson is a member of The Federal Advisory Council held a meeting the legal firm of Patterson, Belknap & Webb, New in Washington on May 14-16, 1950, and met with York, New York. the Board of Governors of the Federal Reserve Formerly he was a judge of the United States System on May 16, 1950. District Court, Southern New York District, and Death of Branch Director and Appointment of Successor was serving as a judge of the United States Circuit Court of Appeals, Second Circuit, when he resigned Mr. Holmes D. Baker, President, The Citizens in July 1940 to become Assistant Secretary of War. National Bank of Frederick, Frederick, Maryland, He was appointed Under Secretary of War in who had served as a director of the Baltimore December 1940 and served as Secretary of War Branch of the Federal Reserve Bank of Richmond from September 1945 to July 1947. since January 1, 1946, died on April 15, 1950. Mr. Patterson succeeds Mr. Robert D. Calkins, On April 28, the Federal Reserve Bank of Rich- Vice President and Director, General Education mond appointed Mr. Charles A. Piper, President, Board, New York, New York, whose term expired. Liberty Trust Company, Cumberland, Maryland, as a director of the Baltimore Branch for the un- Resignation of Branch Director expired portion of the term ending December 31, 1951, to succeed Mr. Baker. On May 12, 1950, the Board of Governors accepted the resignation of Mr. Harold F. Silver, Appointment of Class C Director President, Silver Engineering Works, Inc., Denver, The Board of Governors on April 25, 1950, an- Colorado, as a director of the Denver Branch of nounced the appointment of Mr. Robert P. Patter- the Federal Reserve Bank of Kansas City. Mr. son of Cold Spring, New York, as a Class C di- Silver had served the Branch as a director since rector of the Federal Reserve Bank of New York January 1, 1950. MAY 1950 525 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled April 26 and released for publication April 28] Industrial output in March increased considerably ceptions of construction and household appliances, and in April was at or slightly above the March is still below earlier peak levels. Exports of steel rate. Residential construction expanded further this year have been at a considerably lower rate and consumer demand for automobiles and house- than last year. furnishings continued strong. Refinery output of nonferrous metals, which Prices of some leading industrial materials ad- showed no expansion during the second half of vanced from March to April, while wholesale prices last year, owing in part to industrial disputes, has of livestock and products declined seasonally and risen substantially since December. Demands from prices of most finished products continued to show the building industry and most consumer durlittle change. Common stock prices advanced able goods industries have continued to increase further to the level of mid-August 1946. First and large purchases have been made for Governquarter reports of a number of major companies ment stockpiling. Refinery stocks of nonferrous showed a marked rise in net earnings. metals have been reduced further while stocks in consuming industries have increased. INDUSTRIAL PRODUCTION Output of nondurable goods in March continued The Board's production index advanced 5 points at advanced levels, despite small decreases in texin March to 186 per cent of the 1935-39 average as tile industries. In April, activity at textile mills has coal mining was resumed and output of most dur- apparently declined further reflecting mainly the able goods increased. In April, activity in durable reduced levels this year of apparel sales and exgoods industries has expanded further, but de- ports of textile products. Output of most other clines are indicated in output of some nondurable nondurable goods has been maintained. Activity goods and minerals. in the rubber products industry has advanced to Output of steel reached capacity levels in mid- the highest level since late 1948 owing in part to the April and for the month was about 11 per cent high rate of automobile production. higher than in February and March and about the DISTRIBUTION same rate as at the peak in March 1949. Activity in most steel consuming lines has also expanded Value of department store sales remained soniefurther in recent months but, with the major ex- EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS MILLIONS OF PERSONS SEASONALLY ADJUSTED MILLIONS Of j>EBSi>NS INDUSTRIAL PRODUCTION 46 TOT PHYSICAL VOLUME, SEASONALLY ADJUSTED, I93S - 39 • 100 44 MANUFACTUR/Nff ANDAIMING .A 7 42 40 \ 38 : . _ rV 1 I \V 1 J NO SERVICE V 6 GOVERNMENT FINANCE * TRANSPORTATION V 4 AND UTILITI:s 140 | 1 j \ 1 1 1 1 1 1 140 CONSTRUCtlON 120 ( 1 1 1 1 1 1 1 1 120 0 1946 1948 1950 1946 1950 100 Bureau of Labor Statistics' data adjusted for seasonal vari- 1942 (943 1944 1945 1946 1947 1948 1949 1950 ation by Federal Reserve. Proprietors and domestic servants Federal Reserve index. Monthly figures, latest shown are for are not included. Midmonth figures, latest shown are for March. March. 526 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS what below year-ago levels in March and the first Consumers' prices rose .3 per cent in March half of April, owing to the reduced volume of reflecting mainly a small advance in retail food apparel sales. Seasonally adjusted sales of house- prices to the January level. furnishings, while down somewhat from the exceptionally high level reached in January and Febru- BANK CREDIT ary, were still substantially above year-ago levels. Treasury deposits at the Reserve Banks, which Automobile dealers' sales have been at record had increased in the last half of March, were levels in spite of the work stoppage at plants of a drawn down during the first three weeks of April. major producer. Reflecting easier credit terms as A part of the reserve funds thus supplied to banks well as the relatively high level of durable goods was absorbed by Federal Reserve sales of Governsales, the volume of instalment credit outstanding ment securities. has expanded more rapidly than during the same At banks in leading cities, business loans declined period a year ago. somewhat in March and the first half of April but the reduction continued to be less than seasonal COMMODITY PRICES and much less than last year. Loans to real estate The general wholesale price level continued to owners, consumers, and security dealers increased show little change from the middle of March to the moderately, and holdings of municipal and corthird week of April. Prices of livestock and prodporate securities rose further. Holdings of Governucts declined somewhat reflecting mainly seasonal ment securities were reduced, reflecting largely increases in supplies, while prices of grains rose sales of bills and certificates. owing partly to reduced crop prospects. Curtailed demand for certain nondurable goods led to some SECURITY MARKETS price reductions. On the other hand, marked increases in demand for materials, largely in the Common stock prices rose in the first three weeks durable goods and construction industries, con- of April in increasingly active markets to the hightributed to advances in nonferrous metals, steel est levels since 1946. Further moderate increases scrap, and building materials. Natural rubber in yields of long-term Treasury bonds narrowed prices rose considerably further to a point more further the spread between these yields and those than 50 per cent above last autumn's level. of high-grade corporates. CONSTRUCTION CONTRACTS AWARDED MEMBER BANKS IN LEADING CITIES BILLIONS OF DOLLARS bO DEHAND DEPOsrrs ADJUSTEE w 40 i4 ^ V 30 &/ S U E . C S U . R G I O TH V:'s yv r /" LOANS j,^ -•• | -i-^"^ EO is ix. L TIME DEP_osrrs__.... 10 \ MTV U.S.60VT DEPOSITS ^ j^.VA 0 1946 1948 1950 1946 1948 1950 1943 1944 1945 1946 1947 1948 1949 1950 F. W. Dodge Corporation data for 37 Eastern States. * CHANGE IN SERIES. Monthly figures, latest shown are for March. Wednesday figures, latest shown are for Apr.26. MAY 1950 527 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. ... 531-532 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements. 532-533 Federal Reserve Bank statistics 534-538 Deposits and reserves of member banks; bank suspensions. 538-539 Money in circulation 540-541 Bank debits and deposit turnover; Postal Savings System. . 541 All banks and the money supply 542 All banks in the United States, by classes 543-545 All insured commercial banks in the United States, by classes. . 546-547 Weekly reporting member banks . 548-551 Number of banking offices on Federal Reserve par list and not on par list 552 Commercial paper, bankers' acceptances, and brokers' balances. . 553 Money rates; bank rates on business loans; bond yields. .. 554 Security prices and new issues 555-556 Corporate sales, profits, and dividends. . 557-558 Treasury finance 559-561 Government corporations and credit agencies. . 562 Business indexes 563-572 Department store statistics. . 573-576 Cost of living. . 576 Wholesale prices 577 Gross national product, national income, and personal income. . 578-579 Consumer credit statistics 580-582 Current statistics for Federal Reserve chart books. 583-587 Member bank earnings, 1949 588-599 Number of banks and branches in operation on December 31, 1949. . 600-601 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. MAY 1950 529 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILLIONS OFDOLLARS WEDNESDAY FIGURES BILLIONS OFOOLI ^c^^ TREASURY CASH AND DEPOSITS I 1942 1943 1944 1945 J946 1947 1948 1949 1950 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES I fO 0 1943 1944 1945 1946 1947 1948 1949 1950 Wednesday figures, latest shown are for Apr. 26. See page 531. 530 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period c v o D a a a n u n i d s c n d - - e ts s To U t . a l S. s e B G cu o o r n v i d t e i s r e n s m c c B e a e r i t n l t e l i t s f s i , , - ot A he ll r1 Total s G to o c ld k T s r t c o e u r i a u n n e u r n a r c y g t d - - s y - - M i c n t u o i o c l n a n i e r - y - T h c i u r o n a e r g l s a y d h s s - - u F T B p s w r e R r e o y a d e r i s e n t a v e i - d h k t s r e e s s a - - lb p m N e o r e o s m n i d t - e s - - c O s F e o R e a t e r u c r h e a d v - n - e l - e t r s Total qu R ir e e - d2 Exand notes Wednesday figures: 1949—Mar. 2. 241 21,837 9,868 11,969 343 22,422 24,290 4,587 27,557 320 877 ,233 62819,684 18,872 812 Mar. 9. 203 21,529 9,737 11,792 271 22,00324,295 4,587 27,577 320 711 .223 63119,424 18,787 637 Mar. 16. 429 21,500 9,588 11,912 419 22,34824,305 4,588 27,500 ,324 591 ,227 66319.936 18,946 990 Mar. 23. 59421,675 9,458 12,217 244 22,512 24,307 4,588 27,423 ,327 ,432 ,197 66919,360 18.655 705 Mar. 30. 29821,828 9,277 12,551 252 22.378 24,311 4,591 27,403 ,320 ,678 ,190 67119.019 18.503 516 Apr. 6. 21321,597 9,151 12,446 334 22,143 24,317 4,591 27,514 ,329 ,116 ,104 67619,311 18,479 832 Apr. 13. 23221,491 9,064 12,427 333 22,056 24,321 4,592 27,507 ,318 ,028 ,110 67819,327 18,505 822 Apr. 20. 45321,288 8,989 12,299 309 22,050 24,324 4,589 27,408 ,333 ,054 ,094 67819.398 18,519 879 Apr. 27. 26621,208 8,905 12,303 231 21,705 24,329 4,592 27,356 ,330 1.146 ,093 67919,020 18.492 528 May 4. 480 20,839 8,671 12,168 25821,576 24,334 4,592 27,447 ,324 990 ,045 62319,073 18,161 912 May 11. 20220,130 8.581 11,549 226 20,55924,335 4.592 27,452 ,314 913 ,017 62518,164 17,285 879 May 18. 77319,706 8,440 11,266 256 20,73524,338 4,591 27*392 313 1,026 ,005 62718,302 17,248 1,054 May 25. 17119,691 8,371 11,320 18620,048 24,339 4,591 27,367 ,312 668 978 62718,027 17,305 722 15819,767 8,274 11,493 220 20.145 24,342 4,595 27,515 ,321 622 911 63718,076 17,288 788 15719,594 8,202 11,392 205 19,956 24,381 4,596 27,484 ,315 378 946 63918,170 17,249; 921 13919,461 8,051 11,410 311 19,91124,423 4,596 27,391 ,309 9 906 70818,606 17,387 1,219 670 19,166 7,932 11,234 277 20,11324,421 4,596 27,345 ,304 508 943 71518,314 17,348 966 15019,517 7,780 11,737 209 19,87524,466 4,597 27,426 ,324 497 959 71918,013 17,334 679 July 6. 11419,343 7,780 11,563 321 19.779 24,471 4,597 27,659 ,306 262 898 74117,980 16,518 1,462 July 13. 14018,842 7,780 11,062 297 19,279 24,513 4,596 27,480 ,317 371 973 74117,506 16,493 1,013 July 20. 36018,474 7,780 10,694 262 19,096 24,518 4,595 27,366 ,310 449 930 74017,415 16,522 893 July 27. 41718,490 7,780 10,710 169 19,075 24,520 4,594 27,333 ,307 447 877 74017,486 16,586 900 Aug. 3. 29818,693 7,780 10,913 222 19,213 24,562 4,593 27,419 ,312 411 918 68917,619 16,490 1,129 Aug. 10. 13718,606 7,775 10,831 181 18,924 24,568 4,592 27,409 ,314 370 956 69117,347 16,513 834 Aug. 17. 24018,226 7,775 10,451 228 18,694 24,608 4,592 27,383 ,313 444 970 68817,096 15,799 1,297 Aug. 24. 11517,803 7,775 10,028 163 24,610 4,591 27,328 ,321 485 948 69116,509 15,596 913 Aug. 31. 53117,524 7,775 9,749 171 18,225 24,607 4,593 27,389 ,310 610 914 69016,512 15,337 1,175 Sept. 7. 11517,413 7,775 9,638 251 17.780 24,647 4,592 27,589 ,317 472 955 69115,995 15,064 931 Sept. 14. 12317,250 7,775 9,475 431 17,804 24,649 4,592 27,454 ,312 334 931 69116,322 15,207 1,115 Sept. 21. 146 17,154 7,538 9,616 333 17,633 24,691 4,591 27,365 ,314 801 962 71315,760 15,244 516 Sept. 28. 30017,852 7,538 10,314 245 18,397 24,602 4,590 27,348 ,311 1,170 1,029 71516,016 15,139 877 Oct. 5. 11217,961 7,538 10,423 332 18,406 24,604 4,593 27,476 ,321 612 1,075 73416,384 15,242 1,142 Oct. 12. 10917,779 7,538 10,241 414 18,30124,604 4,592 27,546 ,296 554 1,247 73416,119 15,211 908 Oct. 19. 12217,666 7,538 10,128 369 18,15724,585 4,591 27,427 ,310 317 1,142 73216,405 15,330 1.075 Oct. 26. 13817,403 7,538 9,865 292 17,833 24,584 4,591 27,328 ,313 374 1,163 73216,098 15.314 784 Nov. 2. 61117,533 7,536 9,997 272 18,416 24,583 4,591 27,382 ,318 545 1,219 69016,437 15,319 1,118 Nov. 9. 31917,706 7,535 10,171 160 18,185 24,532 4,592 27,528 ,312 415 1,220 69016,145 15,262 883 Nov. 16. 12417,789 7,532 10,257 438 18,35124,530 4,592 27,397 ,323 408 1,224 69016,432 15,346 1,086 Nov. 23. 13317,669 7,513 10,156 289 18,09124,530 4,596 27,508 ,315 410 1,306 69115,987 15,361 626 Nov. 30. 32117,682 7,513 10,169 263 18,267 24,479 4,596 27,543 ,317 517 1,238 68916,038 15,367 671 Dec. 7. 40717,931 7,512 10,419 289 18,628 24,477 4,596 27,699 ,309 441 1,271 69016,291 15,395 896 Dec. 14. 10718,169 7,512 10,657 455 24,476 4,596 27,701 ,314 393 1,273 690 16,433 15,561 872 Dec. 21. 12818,538 7,237 11,301 842 191508 24,427 4,595 27,833 ,309 1,027 1,267 75616,337 15.523 814 Dec. 28. 14218,789 7,231 11,558 448 19.379 24,427 4,598 27,765 ,314 987 1,281 75816,299 15,462 837 1950—Jan. 4. 9518,829 7,212 11,617 547 19,471 24,427 4,597 27,551 ,319 547 1,304 71917,055 15,597 1,458 Jan. 11. 9918,230 7,165 11,065 315 18,644 24,426 4,596 27,311 ,313 255 1,382 71916,686 15,593 1,093 Jan. 18. 9717,872 7,134 10,738 414 18,383 24,426 4,596 27,121 ,315 381 1,380 71916,487 15,630 857 Jan. 25. 12117,764 7,130 10,634 416 18,300 24,425 4,596 26,913 ,321 539 1,408 72116,419 15,617 802 Feb. 1. 45617,855 7,103 10,752 309 18,620 24,395 4,599 26,928 ,318 637 1,478 72116,532 15,534 998 Feb. 8. 22317,656 6,969 10,687 267 18.146 24,345 4,598 26,985 ,313 366 1,432 72716,265 15,456 809 Feb. 15. 26717,781 6,920 10,861 533 18,58124,343 4,598 26,993 ,313 671 1,419 72816,400 15,383 1,017 Feb. 21. 9417,625 6,887 10,738 373 18,09224,345 4,598 27,019 ,311 380 1,419 73116,176 15,428 748 Mar. 1. 31417,757 6,840 10,917 383 18,454 24,345 4,600 27,060 ,316 555 1,444 73616,288 15,347 941 Mar. 8. 8717,846 6,804 11,042 431 18,363 24,345 4,601 27,105 ,322 433 1,454 73916,258 15,261 997 Mar. 15. 7117,791 6,615 11,176 402 24,320 4,601 27,023 ,307 9 1,315 75916,771 15,405 1,366 Mar. 22. 18617,573 6,529 11,044 277 18,036 24,271 4,600 C26,972 ,308 759 1,139 76115,969 15,324 645 Mar. 29. 36517,516 6,415 11,101 263 18,144 24,246 4,599 26,969 ,321 997 1,155 76615,782 15,268 514 Apr. 5. 16817,572 6,357 11,215 392 18,132 24,246 4,601 27,133 ,317 622 1,167 76915,971 15,209 762 Apr. 12. 160 17,597 6,327 11,270 311 18,068 24,247 4,600 27,072 ,313 587 1,177 76915,996 15,248 748 Apr. 19. 13717,410 6,220 11,190 381 17,928 24,247 4,600 26,992 ,319 647 1,261 77115,786 315,225 P561 Apr. 26. 21817,640 6,204 11,436 282 18,141 24,247 4,600 26,962 ,316 833 1,208 77215,898 '15,232 P666 P Preliminary. c Corrected. 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. MAY 1950 531 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period v co a D a a n u n d i c s n d - - e ts s T U ot . a S l . s e G c B u o o r v n i e t d i r e s n s m c c B e a e r i t n l t e l i t s f s i , , - ot A h l e l r1 Total s G to o c ld k s r T t c o e u i a r u n n u r e n r g y c t a d - - y s - M i c n t u i o o c l n a n i e r - y - T h c i u r o n a e r l g s y a d h s s - - u F T B p s w r e R r e o y a d e r i s n e t e v a d i h - k t r e s e s s a - - l b p m N e o r e o s m d n it e - s - - c O s F o e R e a t e r u r h c e a d v n - e - l - e t r s Total qu R ir e e - d1 c E e x ss - 2 and notes j End of period: 1929—June 29. 1,037 216 71 145 147 1,400 4,037 2,019 4,459 204 36 28 374 356 2,333 23 1933—June 30. 164 1,998 441 1,557 58 2,220 4,031 2,286 5,434 264 35 166 346 292 1,817 475 1939—Dec. 30. 7 2,484 1,351 1,133 102 2,593 17,644 2,963 7,598 2,409 634 653 251 653 6,444 5,209 1941—Dec. 31. 3 2,254 1,467 787 104 2,361 22,737 3,247 11,160 2,215 867 1,360 291 450 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 45014,920 13,335 1,585 Dec. 31. 249 24,262 94723,315 580 25,091 20,065 4,339 28,515 2,287 977 1,308 49515,915 14,457 1,458 1946—June 29. 157 23,783 75523,028 516 24,456 20,270 4,539 28,245 2,251 833 1,250 56116,123 15,011 1,112 Dec. 31. 163 23,350 75322,597 581 24,093 20,529 4,562 28,952 2,272 393 822 60716,139 15,577 562 1947—June 30. 70 21,872 72721,145 22822,170 21,266 4,552 28,297 ,314 756 881 62916,112 15,374 738 Dec. 31. 85 22,559 2,85319,706 536 23,181 22,754 4,562 28,868 ,336 870 961 56317,899 16,400 1,499 1948—June 30. 265 21,366 6,20615,160 26821,900 23,532 4,565 27,903 ,327 1,928 859 59217,389 16,647 742 Dec. 31. 223 23,333 10,97712,356 542 24,097 24,244 4,589 28,224 ,325 1,123 1,189 590 20,479 19,277 1,202 1949—Mar 245 21,688 9,241 12,447 333 22,267 24,314 4,592 27,439 ,309 1,482 1,154 67019,118 18,432 iS86 Apr 30321,094 8,902 12,192 340 21,737 24,332 4,593 27,417 ,324 984 1,243 61819,076 18,438 638 May 24719,704 8,356 11,348 14120,092 24,342 4,596 27,507 ,315 628 930 62818,024 17,230 794 June 10319,343 7,780 11,563 250 19,696 24,466 4,597 27,493 ,307 438 941 71317,867 16,919 948 July 316 18,529 7,780 10,749 393 19,238 24,520 4,593 27,394 ,298 514 1,018 690 17,437 16,685 752 Aug 53117,524 7,775 9,749 171 18,225 24,608 4,593 27,393 ,308 610 914 69016,512 15,337 1,175 Sept 10918,010 7,538 10,472 297 18,415 24,602 4,593 27,412 ,311 1,176 1,051 71315,947 15,176 771 Oct 28317,316 7,536 9,780 261 17,860 24,584 4,592 27,407 ,307 595 1,187 69015,850 15,261 589 Nov 32117,682 7,513 10,169 263 18,267 24,479 4,596 27,543 ,317 517 1,238 68916,038 15,367 671 Dec 7818,885 7,218 11,667 536 19,499 24,427 4,598 27,600 ,312 821 1,517 70616,568 15,550 1,018 1950—Jan 14517,827 7,112 10,715 354 18,326 24,395 4,599 26,941 1,311 677 1,460 72016,211 15,513 698 Feb 13117,746 6,857 10,889 349 18,226 24,345 4,602 27,068 1,310 666 1,426 73015,973 15,390 583 Mar 22517,592 6,397 11,195 253 18,070 24,246 4,602 27,042 1,315 1,006 1,132 76615,657 15,150 507 Apr 11317,796 6,155 11,641 392 18,301P24.247P4,603 P27.047 P1,309 858 1,347 71215,878 15,212 666 Averages of daily figures: 1949—Mar 302 21,615 9,588 12,027 353 22,270 24,301 4,588 27,508 ,319 ,009 1,255 65219,417 18,723 694 Apr 249 21,361 9,049 12,312 407 22,017 24,322 4,591 27,462 ,318 ,109 1,185 67119,185 18,479 706 May 30319,974 8,511 11,463 29820,575 24,304 4,592 27,438 ,312 914 1,067 59318,146 17,369 777 June 19119,377 8,046 11,331 328 19,896 24,404 4,596 27,432 ,311 421 984 68018,068 17,310 758 July 20218,797 7,780 11,017 344 19,342 24,502 4,595 27,472 ,306 391 977 736 17,55816,539 1,019 Aug 19018,147 7,777 10,370 245 18,583 24,588 4,592 27,397 ,312 521 970 69016,873 918 955 Sept 16417,441 7,649 9,792 352 17,957 24,637 4,592 27,451 ,310 649 990 70316,083 161 922 Oct. 13617,643 7,538 10,105 361 18,139 24,596 4,592 27,456 ,305 555 1,171 72716,113 ,251 862 Nov 21517,664 7,528 10,136 347 18,226 24,533 4,593 27,477 ,311 457 1,296 69116.119 ,308 811 Dec 18918,287 7,360 10.927 536 19,012 24,451 4,596 27,734 ,307 687 1,315 72416,291 ,488 803 1950—Jan 10118,082 7,15710,925 466 18,649 24,420 4,597 27,220 ,314 472 1,420 71916,520 15,585 936 Feb 17817,705 6,94810,757! 427 18,310 24,346 4,598 27,008 ,310 585 1,478 72816,146 15,409 737 Mar 17017,682 6,640 11,042 389 18,242 24,311 4,600 27,043 ,307 638 1,331 75216,081 15,298 783 Apr.. .. -.. 14017,608 6,27411,334 388 18,136J>24,247 4,601 27,062 ,313 695 1,250 76415,898 For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS * [Per cent per annumj [Per cent of market value] Jan. 21, Feb. 1, Effec- Nov. 1, 1933-Feb. 1, 1935- Effective Prescribed in accordance with 1946- 1947- tive Jan. 31, 1935 Dec. 31, 1935 Jan. 1,1936 Securities Exchange Act of 1934 Jan. 31, Mar. 29, Mar. 30 1947 1949 1949 Savings deposits 2 V6 Postal Savings deposits Regulation T: Oth In e r 6 d m ep o o n s t i h ts s p or a y m a o b r l e e: I" Fo a r nd e x d te e n a s le io rs n s o n o f li s c te r d ed s i e t cu b r y i ti b es rokers 100 75 50 In 90 days to 6 months. . . 100 75 50 In less than 90 days 1 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 value, which is a may not in any event exceed the maximum rate payable by State specified percentage of its market value at the time of the extension; the banks or trust companies on like deposits under the laws of the State "margin requirements" shown in this table are the difference between in which the member bank is located. Maximum rates that may be the market value (100%) and the maximum loan value. paid by insured nonmember banks as established by the F.D.I.C.. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504 effective Feb. 1, 1936, are the same as those in effect for member banks. and BULLETIN for March 1946, p. 295. 532 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member A o d b v li a g n a c ti e o s n s s e a c n u d re d d is b c y o u G nt o s v o e f r n a m n e d nt Other secured advances b o a b n li k g s a t s i e o c n u s r e o d f t b h y e d U ir . e S ct . Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Apr. 30 beginning— rate Apr. 30 beginning— rate Apr. 30 beginning— rate Boston Aug. 13,1948 Aug. 13,1948 Jan. 14, 1948 New York.... Aug. 13,1948 Aug. 13,1948 2 Oct.30, 1942 Philadelphia., Aug. 23,1948 Aug. 23,1948 Aug.23, 1948 Cleveland Aug. 13,1948 Aug. 13,1948 Aug.13. 1948 2 Richmond Aug. 13,1948 Aug. 13,1948 2Oct. 28, 1942 4 Atlanta Aug. 13,1948 Aug. 13,1948 Jan. 24, 1948 2 Chicago Aug. 13,1948 Aug. 13,1948 Aug.13, 1948 2H St. Louis Aug. 1.9,1948 Aug. 19,1948 Jan. 12, 1948 2 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. 2 Certain special rates to nonmember banks were in effect during the wartime period. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.-^-See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING MEMBER BANK RESERVE REQUIREMENTS RATES ON BANKERS' ACCEPTANCES [Per cent per annum] [Per cent of deposits] Maturity R A a p t r e . 3 o 0 n In g i e n f n fe in ct g — be- Pre ra v t i e ous Net demand deposits 1 Time 1 9 2 1 1 1 - - - 1 1 2 9 8 0 0 0 d d d a a a y y y s s s IN ! l l A A A u u u g g g . . . 1 1 1 3 3 3 , , , 1 1 1 9 9 9 4 4 4 8 8 8 iS Ef o fe f c t c i h v a e ng d e ate C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry d m b e a e p ( n m a o k l s b l s i e ) ts r 1 Date on which rate became effective at the Federal Reserve Bank of New York. The same rates generally apply to any purchases made 1917—June 21.. 13 10 7 by the other Federal Reserve Banks. 443 B - a 4 c 4 k 5 . figures.—See Banking and Monetary Statistics, Table 117, pp. 1 1 9 9 3 3 6 7 — — A M M u a a g y r . . 1 1 1 6 . . . 2 2 2 6 2 1 0 5 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1938—Apr. 16. 17 12 AND COMMITMENTS UNDER SECTION 13b 1941—Nov. 1. 26 20 14 OF THE FEDERAL RESERVE ACT 1942—Aug. 20. 24 Maturities not exceeding five years Sept. 14. 22 [In effect April 30. Per cent per annum] Oct. 3. 20 To industrial or 1948—Feb. 27. 22 commercial To financing institutions June 11. 24 businesses Sept. 16. 16 Sept. 24. R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or 1949— M M a a y y 5 1 . . 21 15 a « 7 7 Bank lo O an n s ! co m m O e m n n t i s t- fo P in r o s w r t t i i h t o u i n c - h ma R in e- ing c m om O en n m ts it- J J A u u u l n y g e . 30 1 1 . . . 20 1 1 4 3 «6 tion is portion Aug. 11. »5 obligated Aug. 16. 12 Aug. 18. 23 19 Boston..... Aug. 25. 22}* 18 New York...... Sept. 1. 22 18 Philadelphia Cleveland In effect May 1, 1950 22 18 12 Richmond Atlanta Chicago 1 Demand deposits subject to reserve requirements, which beginning St. Louis August 23, 1935, have been total demand deposits minus cash items Minneapolis.... in process of collection and demand balances due from domestic banks Kansas City (also minus war loan and series E bond accounts during the period Dallas Apr. 13, 1943-June 30, 1947). San Francisco... 2 Requirement became effective at country banks. ? Requirement became effective at central reserve and reserve city 1 Including loans made in participation with financing institutions. banks. 2 Rate charged borrower less commitment rate. 3 Rate charged borrower. 4 Rate charged borrower but not to exceed 1 per cent above the discount rate. 5 Charge of J£ per cent is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. MAY 1950 533 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 \pr. 26 Apr. 19 Apr. 12 Apr.5 Mar. 29 Mar.22 Mar. 15 Apr Mar. Apr. Assets Gold certificates ?? 509 43? 7? 496 431 7? 498 479 ?? 488 430 ?7 478 4? 7?? S1S 430 ?? S65 430 ?? 509 431 7?,478,431 ?7 494 431 Redemption fund for F. R. notes 525,931 528,093 531,341 541,340 541,340 532,517 536,426 525,931 541,340 605,002 Total gold certificate reserves, ... 23,035,363 23,024,52423,029,77023,029,77023,019,76723,047,94723,101,85623,035,36223,019,77123,099,433 Other cash .... ??8 4?? ?43 714 740 585 737,600 ?73,093 ?87,284 ?93,454 9?7 , 407 273,356 785 138 Discounts and advances: For member banks... 178,066 96,881 119,771 128,346 324,076 145,161 28,814 73,056 184,016 151,081 For nonmember banks, etc......... 39,800 39,800 39,800 39,800 40,800 41,300 42,300 39,800 40,800 152,075 Total discounts and advances 217,866 136,681 159,571 168,146 364,876 186,461 71,114 112,856 224,816 303,156 Industrial loans........ 7 S7S 7 517 ? 587 7 60? ? S69 ?,680 ? 499 ?,574 2,578 68? U. S. Govt. securities: Bills 4 199 47S 3 987 37S 4 015 37 S 3 97? 375 3 86?,875 3 816,875 3 853 6?4 4 368, 475 3,951,875 4 865 986 Certificates: Special 108 000 Other . 5 7.S3 750 5 749 750 5 800 750 5 788 750 5 858 5 SO 5 848 550 5 835 050 5 765 750 5,863,550 6,940,979 Notes 1,484 000 1,454 000 1,4S4,000 1 454,000 1 379,200 1,379,200 1,379,700 1,506,700 1,379,200 384 600 Bonds 6,203,800 6,219,800 6,326,900 6,357,300 6,415,100 6,528,700 6,615,300 6,155,000 6,397,200 8,902 300 Total U. S. Govt. securities 17 640 s?s17 410 47S 17 597 07S 17 57? 4? 517 S1S,7?5 17 S73,32517 791 174 17 795 9?S 17,591,825 ?1,093 865 Other Reserve Bank credit outstanding... 279,743 378,748 309,221 388,664 260,770 273,850 399,010 389,638 250,888 339 476 Total Reserve Bank credit outstanding 18,140,709 17,928,371 18,068,404 18,131,837 18,143^94018,036,316 18,263,797 18,300,993 18,070,107 21,737 179 Liabilities Federal Reserve notes.. 22,801,457 22,841,56622,916,425 22,967,63222,848,57722,856, 14622,913,32822,879,57622,911,099 23,326 646 Deposits: Member bank — reserve account 15,897,591 15,785,854 15,996,472 15,970,695 15,781,561 15,968,56016,771,167 15,877,83015,657,409 19,075 988 U. S. Treasurer—general account 833 361 646 673 =587049 6?? 199 996 839 758,739 9 ??4 858 039 1,005,903 984 161 Foreign . . 913,537 904,934 896,009 88?,603 878,725 839,250 879,703 91? ,057 848,655 567 685 Other 294,827 356,537 281,157 284,404 276,387 299,732 435,695 434,886 283,534 675 724 Total deposits 17,939,316 17,693,998 17,760,680 17,759,901 17 933,512 17,866,28118,095,789 18,082,812 17,795,50121,303 558 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 56.5 56.8 56.6 56.5 56.4 56.6 56.3 56.2 56.6 51.8 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Within 16 to 30 31 to 60 61 to 90 91 days to 6 months 1 year to 2 years to Over Total 15 days days days days 6 months to 1 year 2 years 5 years 5 years Discounts and advances: Mar. 29 364,876 320,601 2,380 31,751 10,144 Apr. 5 168,146 124,771 2,300 38,201 2,874 Apr. 12 159,571 115,901 2,595 38,181 2,894 Apr. 19 136,681 94,236 6,731 33,151 2,563 Apr. 26 217,866 174,366 32,225 10,805 470 Industrial loans: Mar. 29 T 2,569 97 5 17 57 264 1,080 292 757 Apr. 5 2,602 61 9 56 41 966 450 292 727 Apr. 12 2,587 44 8 55 41 956 463 292 728 Apr. 19 2,517 59 5 55 43 883 460 284 728 Apr. 26 2,575 50 5 53 43 956 457 284 727 U. S. Government securities: A A M p p a r r r . . . 2 1 5 9 2 . 1 1 1 7 7 7 , , , 5 5 5 7 9 1 2 7 5 , , , 4 0 7 2 2 2 5 5 5 8 5 7 0 8 3 3 2 2 , , , 8 8 7 4 5 8 3 2 6 6 5 6 2 6 6 2 6 3 , , , 9 0 6 9 9 1 5 2 0 2 2, , , 4 3 4 2 5 2 7 0 3 , , , 6 6 1 5 1 2 9 7 0 3 2 3 , , , 3 2 0 4 3 1 6 3 2 , , , 7 4 4 1 0 3 1 2 8 2 1 1 , , , 1 8 8 3 1 1 3 4 4 , , , 7 5 0 0 0 0 2 1 , , , 7 1 1 3 6 6 1 2 2 , , , 1 6 6 5 5 5 0 0 0 7 7 7 1 8 8 1 6 6 , , , 8 6 6 0 0 0 0 0 0 2 2 2 H 3 6 6 7 5 5 0 6 6 , , , 3 9 9 0 0 0 0 0 0 4 4 4 , r , 3 4 3 6 2 3 7 5 7 , , , 8 6 4 0 0 0 0 0 0 Apr. 19 17,410,425 913,260 769,6022,222,604 2,893,5091,794,500 1,143,150 786,600 2 656,900 4,230,300 Apr. 26 17,640,525 968,937 723,0252,373,8112,945,3021,798,500 1,143,150 811,600 2 661,900 4,214,300 534 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n o n li e s - Ka C n it s y as Dallas F c S r i a a sc n n o - Assets Gold certificates: Mar. 29 22,478,427 900,568 6,763,9621,299,5101,673,9131,078,5691,050,8814,446,232 697,276 490,987 845,395 636,2002,594,934 Apr. 5 22,488,430 895,206 6,935,5911,292,5801,630,6021,083,8811,034,9624,287,813 697,595 482,904 857,936 667,5272,621,833 Apr. 12 22,498,429 894,838 6,883,5271,288,3731,616,1661,084,7201,045,1084,343,859 690,955 473,500 863,038 655,0082,659,337 Apr. 19 22,496,431 923,804 6,919,5481,304,1311,606,6871,051,6631,029,3564,435,959 684,216 465,803 852,559 631,6012,591,104 Apr. 26 22,509,432 894,627 6,875,4681,285,6061,641,0561,056,6271,039.9154,438,410 672,206 470,095 863,684 622,8402,648,898 Redemption fund for F. R. notes: Mar. 29 541,340 49,989 43,471 46,187 57,381 48,863 38,411 89,994 42,379 22,096 34,341 26,705 41,523 Apr. 5 541,340 49,989 43,471 46,187 57,381 48,863 38,411 89,994 42,379 22,096 34,341 26,705 41,523 Apr. 12 531,341 49,989 43,471 46,187 57,381 48,864 38,411 79,994 42,379 22,096 34,341 26,705 41,523 Apr. 19 528,093 49,771 42,524 45,784 57,131 48,489 38,193 79,690 42,273 22,068 34,261 26,637 41,272 Apr. 26 525,931 49,587 41,767 45,434 56,934 48,489 38,031 79,472 42,208 22,043 34,211 26,590 41,165 Total gold certificate reserves: Mar. 29 23,019,767 950,557 6,807,4331,345,6971,731,2941,127,4321,089,2924,536,226 739,655 513,083 879,736 662,9052,636,457 Apr. 5 23,029,770 945,195 6,979,0621,338,7671,687,9831,132,7441,073,3734,377,807 739,974 505,000 892,277 694,2322,663,356 Apr. 12 23,029,770 944,827 6,926,9981,334,5601,673,5471,133,5841,083,5194,423,853 733,334 495,596 897,379 681,7132,700,860 Apr. 19 23,024,524 973,575 6,962,0721,349,9151,663,8181,100,1521,067,5494,515,649 726,489 487,871 886,820 658,2382,632,376 Apr. 26 23,035,363 944,214 6,917,2351,331,0401,697,9901,105,1161,077,9464,517,882 714,414 492,138 897,895 649,4302,690,063 Other cash: Mar. 29 273,093 17,985 64,911 16,687 23,022 17,733 20,275 34,476 14,017 5,223 9,926 12,119 36,719 Apr. 5 237,600 17,184 55,949 13,664 18,777 15,904 18,595 30,183 11,456 5,698 8,432 11,049 30,709 Apr. 12 240,585 17,022 57,203 13,978 21,552 15,355 18,451 30,869 11,840 4,514 8,841 10,618 30,342 Apr. 19 243,214 17,325 55,290 14,079 19,525 16,860 21,301 30,158 12,918 5,020 9,938 9,981 30,819 Apr. 26 228,422 16,392 50,827 11,817 20,541 15,970 19,639 26,359 12,462 4,449 9,707 10,709 29,550 vances: Secured by U. S. Govt. securities: Mar. 29. . 324,076 5,475 206,590 1,740 8,275 22,561 6,950 46,225 5,710 5,700 14,790 60 Apr. 5. . 128,346 10,250 58,030 1,000 14,550 3,406 150 29,250 2,150 3,900 2,300 60 3,300 Apr. 12.. 119,771 11,300 40,795 5,150 25,200 2,301 150 9,875 2,770 10,950 9,420 60 1,800 Apr. 19.. 96,881 2,250 26,625 2,500 27,050 8,376 150 5,825 2,175 11,750 6,620 60 3,500 Apr. 26. . 178,066 10,850 107,150 2,195 15,400 10,306 50 4,850 9,395 10,000 6,870 1,000 Other: Mar. 29.. 40,800 2,570 12,811 3,264 3,713 2,040 1,714 5,630 1,469 1,020 1,510 1,428 3,631 Apr. 5. . 39,800 2,507 12,497 3,184 3,622 1,990 1,672 5,492 1,433 995 1,473 1,393 3,542 Apr. 12.. 39,800 2,507 12,497 3,184 3,622 1,990 1,672 5,492 1,433 995 1,473 1,393 3,542 Apr. 19.. 39,800 2,507 12,497 3,184 3,622 1,990 1,672 5,492 1,433 995 1,473 1,393 3,542 Apr. 26.. 39,800 2,507 12,497 3,184 3,622 1,990 1,672 5,492 1,433 995 1,473 1,393 3,542 Industrial loans: Mar. 29 2,569 2,288 1 100 180 Apr. 5 2,602 2,312 1 110 179 Apr. 12. . 2,587 2,293 1 114 179 Apr. 19 ... 2,517 2,218 1 109 189 Apr. 26 2,575 2,275 1 113 186 U. S. Govt. securities: Bills: Mar. 29 3,862,875 266,307 900,405 256,885 358,073 249,565 206,911 585,797 213,080 119,514 179,249 175,355 351,734 Apr. 5.... 3,972,375 273,856 925,929 264,167 368,223 256,639 212,776 602,403 219,120 122,901 184,330 180,326 361,705 Apr. 12.... 4,015,375 274,890 957,425 265,164 369,614 257,608 213,580 604,678 219,948 123,365 185,026 181,007 363,070 Aor. 19 3,987,375 274,890 929,425 265,164 369,614 257,608 213,580 604,678 219,948 123,365 185,026 181,007 363,070 Apr. 26. .. .4,199,475 289,512 978,864 279,269 389,275 271,311 224,941 636,842 231,647 129,928 194,868 190,635 382,383 Certificates: Mar. 29. .. .5,858,550 403,888 1,365,580 389,600 543,066 378,497 313,807 888,437 323,164 181,258 271,854 265,948 533,451 Apr. 5.... 5,788,750 399,076 1,349,311 384,957 536,594 373,988 310,069 877,852 319,314 179,098 268,615 262,781 527,095 Apr. 12 5,800,750 399,076 1,361,311 384,957 536,594 373,988 310,069 877,852 319,314 179,098 268,615 262,781 527,095 Apr. 19.... 5,749,250 396,353 1,340,104 382,331 532,932 371,436 307,953 871,862 317,134 177,877 266,783 260,987 523,498 Apr. 26.... 5,753,250 396,629 1,341,036 382,598 533,303 371,695 308,167 872,468 317,355 178,000 266,968 261,169 523,862 Notes: Mar. 29 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 Apr. 5. ... 1,454,000 100,239 338,916 96,693 134,780 93,937 77,882 220,496 80,204 44,985 67,470 66,004 132,394 Apr. 12 1,454,000 100,239 338,916 96,693 134,780 93,937 77,882 220,496 80,204 44,985 67,470 66,004 132,394 Apr. 19.... 1,454,000 100,239 338,916 96,693 134,780 93,937 77,882 220,496 80,204 44,985 67,470 66,004 132,394 Apr. 26 1,484,000 102,307 345,909 98,687 137,561 95,875 79,489 225,046 81,859 45,913 68,862 67,366 135,126 Bonds: Mar. 29 6,415,100 442,257 1,495,310 426,610 594,653 414,454 343,619 972,838 353,863 198,476 297,680 291,214 584,126 Apr. 5 6,357,300 438,272 1,481,836 422,767 589,297 410,720 340,522 964,072 350,675 196,689 294,998 288,589 578,863 Apr. 12.... 6,326,900 436,176 1,474,750 420,746 586,478 408,756 338,893 959,462 348,997 195,749 293,588 287,209 576,096 Apr. 19 6,219,800 428,793 1,449,786 413,623 576,551 401,837 333,157 943,220 343,090 192,434 288,617 282,348 566,344 Apr. 26.... 6,203,800 427,690 1,446,056 412,559 575,067 400,803 332,300 940,794 342,208 191,939 287,875 281,622 564,887 Total U. S. Govt. securities: Mar. 29 17,515,7251,207,534 4,082,7761,164,8131,623,6381,131,621 938,2122,656,225 966,185 541,919 812,782 795,1261,594,894 Apr. 5 17,572,425 1,211,443 4,095,9921,168,5841,628,8941,135,284 941,2492,664,823 969,313 543,673 815,413 797,7001,600,057 Apr. 12 17,597,0251,210,381 4,132,4021,167,5601,627,4661,134,289 940,4242,662,488 968,463 543,197 814,699 797,0011,598,655 Apr. 19 17,410,425 1,200,275 4,058,2311,157,8111,613,8771,124,818 932,5722,640,256 960,376 538,661 807,896 790,3461,585,306 Apr. 26 17,640,5251,216,138 4,111,8651,173,1131,635,2061,139,684 944,8972,675,150 973,069 545,780 818,573 800,7921,606,258 MAY 1950 535 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 c r is a c n o - Assets (cont.) Total loans and securities: Mar. 29 17,883,170 1,215,579 4,302,177 1,172,1051,635,6271,156,322 946,8762,708,080 973,364 548,819 829,082 796,6141,598,525 Apr. 5 17,743,173 1,224,200 4,166,5191,175,0801,647,0671,140,790 943,0712,699,565 972,896 548,747 819,186 799,1531,606,899 Apr. 12 17,759,183 1,224,188 4,185,6941,178,1871,656,2891,138,694 942,2462,677,855 972,666 555,321 825,592 798,4541,603,997 Apr. 19 17,549,623 1,205,032 4,097,3531,165,7131,644,5501,135,293 934,3942,651,573 963,984 551,595 815,989 791,7991,592,348 Apr. 26 17,860,966 1,229,495 4,231,512 1,180,7671,654,2291,152,093 946,6192,685,492 983,897 556,961 826,916 803,1851,609,800 Due from foreign banks: Mar. 29 33 2 110 3 3 2 1 5 1 1 1 1 3 Apr. 5 33 2 110 3 3 2 1 5 1 1 1 1 3 Apr. 12 33 2 110 3 3 2 1 5 1 1 1 1 3 Apr. 19 33 2 110 3 3 2 1 5 1 1 1 1 3 Apr. 26...... 29 2 19 2 3 1 1 4 1 1 1 1 3 Federal Reserve notes of other Banks: Mar. 29. 111,095 4,303 16,864 3,599 4,745 11,320 13,971 15,261 6,657 3,663 5,598 5,370 19,744 Apr. 5 97,389 3,419 15,293 3,658 4,652 9,994 12,764 14,444 5,489 3,160 5,042 5,441 14,033 Apr. 12 107,405 3,317 19,187 4,644 5,275 11,292 17,213 13,413 7,314 2,633 5,324 4,703 13,090 Apr. 19 110,206 4,874 18,827 4,749 6,077 11,406 14,297 14,840 7,507 3,243 5,875 4,775 13,736 Apr. 26 107,600 4,908 17,039 4,301 5,945 14,078 12,624 14,677 6,951 2,794 6,008 4,952 13,323 Uncollected items: Mar. 29 2,569,500 202,738 454,033 174,396 262,109 211,038 184,954 407,442 131,485 68,365 122,047 113,350 237,543 Apr. 5. 2,471,823 218,210 454,973 172,357 223,729 183,882 176,604 411,454 132,113 62,705 127,332 104,607 203,857 Apr. 12 2,844,251 223,494 515,440 204,380 267,029 237,926 203,865 482,136 161,666 73,500 144,350 114,041 216,424 Apr. 19 .3,027,079 258,377 609,430 223,793 267,400 239,849 202,782 461,949 159,324 73,670 151,928 134,102 244,475 Apr. 26. 2,568,375 203,108 472,462 177,701 230,512 209,988 170,719 413,657 139,165 69,623 135,125 133,590 212,725 Bank premises: Mar. 29 34,427 1,115 7,839 2,970 4,897 2,465 1,512 3,649 2,035 1,138 2,298 710 3,799 Apr. 5 34,375 1,115 7,817 2,970 4,897 2,465 1,512 3,627 2,035 1,138 2,292 707 3,800 Apr. 12 34,474 1,115 7,817 2,970 4,897 2,465 1,512 3,627 2,035 1,138 2,292 707 3,899 Apr. 19 34,520 1,115 7,819 2,970 4,894 2,483 1,512 3,651 2,035 1,138 2,292 707 3,904 Apr. 26 34,580 1,115 7,819 2,964 4,894 2,476 1,509 3,629 2,034 1,138 2,292 707 4,003 Other assets: Mar. 29 113,247 7,731 25,764 7,319 10,374 7,325 6,081 17,442 7,351 3,326 5,405 5,021 10,108 Apr. 5 114,224 7,666 26,037 7,383 10,646 7,386 6,098 17,600 7,377 3,394 5,440 4,998 10,199 Apr. 12 118,502 7,941 27,170 7,649 10,727 7,801 6,319 18,337 7,571 3,525 5,689 5,133 10,640 Apr. 19 121,511 8,173 27,585 7,891 11,151 8,021 6,400 18,671 7,772 3,621 5.832 5,421 10,973 Apr. 26 126,721 8,526 28,764 8,257 11,690 8,352 6,675 19,550 8,072 3,803 6,025 5,670 11,337 Mar. 29..'.... 44,004,332 2,400,01011,679,0312,722,7763,672,0712,533,6372,262,9627,722,5811,874,5651,143,6181,854,0931,596,0904,542,898 Apr. 5 43,728,387 2,416,99111,705,6602,713,8823,597,7542,493,1672,232,0187,554,6851,871,3411,129,8431,860,0021,620,1884,532,856 Apr. 12 44,134,203 2,421,906 11,739,5192,746,3713,639,3192,547,1192,273,1267,650,0951,896,4271,136,2281,889,4681,615,3704,579,255 Apr. 19 44,110,710 2,468,47311,778,3862,769,1133,617,4182,514,0662,248,2367,696,4961,880,0301,126,1591,878,6751,605,0244,528,634 Apr. 26 43,962,056 2,407,760 11,725,6672,716,8493,625,8042,508,0742,235,732 7,681,2501,866,9961,130,9071,883,9691,608,2444,570,804 Liabilities Federal Reserve notes: Mar. 29. 22,848,577 1,368,117 5,199,4231,599,4402,010,3661,520,7851,271,3984,418,8431,055,130 604,746 906,696 613,2632,280,370 Apr. 5 22,967,632 1,377,897 5,217,4671,607,0292,016,7201,527,2661,282,1804,439,0641,060,652 608,033 913,561 616,4262,301,337 Apr. 12 22,916,425 1,378,861 5,190,5441,603,9492,024,1961,525,4031,272,3674,435,3761,058,398 607,358 909,442 611,6072,298,924 Apr. 19 22,841,566 1,381,651 5,170,0321,597,4042,018,880 1,516,0331,266,9924,433,1481,054,614 606,491 906,242 608,6902,281,389 Apr. 26 22,801,457 1,379,208 5,158,4171,599,0802,022,277 1,507,0441,260,9274,431,3791,050,027 604,992 902,928 608,8572,276,321 Deposits: Member bank —reserve account: Mar. 29.. 15,781,561 657,297 5,185,674 759,2611,142,296 646,978 681,6472,450,284 566,915 380,178 738,586 764,4251,808,020 Apr. 5. . 15,970,695 675,518 5,259,694 773,4501,166,124 655,719 696,9932,438,043 579,173 380,528 737,915 803,2631,806,275 Apr. 12.. 15,996,472 675,354 5,240,056 779 5661 155,172 658 895 691,9422 476,788 584 973 379 648 740,004 782,6491,831,425 Apr. 19.. 15,785,854 701,291 5,150,369 767,7941,148,332 638,170 686,1022,487,203 557,127 375,214 740,315 758,8211,775,116 Apr. 26.. 15,897,591 666,286 5,235,902 748,3821,149,212 655,114 675,6722,524,112 564,593 369,309 730,942 757,0381,821,029 U. S. Treasurer-general account: Mar. 29.. 996,839 73,719 141,790 67,703 137,343 72,043 59,211 238,995 49,752 50,569 23,390 38,874 43,450 Apr. 5. . 622,199 63,028 98,997 55,849 62,359 43,951 22,199 99,753 36,048 37,385 21,722 30,868 50,040 Apr. 12.. 587,049 40,027 79,623 44,312 49,393 46,869 47,014 73,612 29,830 39,548 38,117 39,136 59,568 Apr. 19.. 646,673 30,851 137,458 65,022 47,946 41,253 33,978 117,076 35,715 30,135 20,900 34,029 52,310 Apr. 26.. 833,361 52,819 140,355 69,987 74,981 53,277 60,961 117,665 44,709 46,548 49,873 46,704 75,482 Foreign: Mar. 29.. 878,725 54,804 2281,954 69,592 79,161 43,495 36,536 120,046 31,316 21,748 32,186 30,447 77,440 Apr. 5. . 882,603 55,213 2281,373 70,112 79,753 43,820 36,809 120,943 31,550 21,910 '32,427 30,674 78,019 Apr. 12.. 896,002 55,969 2286,541 71,072 80,845 44,420 37,313 122,599 31,982 22,210 32,871 31,094 79,086 Apr. 19.. 904,934 55,969 2291,424 71,592 81,436 44,745 37,586 123,496 32,216 22,373 33,111 31,321 79,665 Apr. 26. . 913,537 56,700 2296,118 72,000 81,900 45,000 37,800 124,200 32,400 22,500 33,300 31,500 80,119 Other: Mar. 29. . 276,387 2,423 214,887 1,356 4,077 2,423 666 4,366 6,317 1,480 4,352 569 33,471 Apr. 5. . 284,404 3,210 217,866 1,602 5,022 4,222 775 2,633 6,916 1,277 6,097 1,144 33,640 Apr. 12.. 281,157 2,464 216,073 3,524 4,794 4,269 785 3,239 6,772 907 6,034 763 31,533 Apr. 19.. 356,537 2,719 273,177 5,824 7,551 5,466 2,344 6,918 8,933 2,584 7,667 1,960 31,394 Apr. 26.. 294,827 4,538 216,853 4,467 5,054 3,852 6,352 5,206 6,086 1,023 8,372 1,129 31,895 1 After deducting $23,000 participations of other Federal Reserve Banks on Mar. 29; Apr. 5; Apr. 12; Apr. 19; and $20,000 on Apr. 26. 2 After deducting $596,751,000 participations of other Federal Reserve Banks on Mar. 29; $601,211,000 on Apr. 5; $509,442,000 on Apr. 12; $613,492,000 on Apr. 19; and $617,400,000 on Apr. 26. 536 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Liabilities (cont.): Total deposits: Mar. 29 17,933,512 788,243 5,824,305 897,9121,362,877 764,939 778,0602,813,691 654,300 453,975 798,514 834,3151,962,381 Apr. 5.... 17,759,901 794,969 5,857,930 901,0131,313,258 747,712 756,7762,661,372 653,687 441,100 798,161 865,9491,967,974 Apr. 12 17,760,680 773,814 5,822,293 898,4741,290,204 754,453 777,0542,676,238 653,557 442,313 817,026 853,6422,001,612 Apr. 19 17,693,998 790,830 5,852,428 910,232 1,285,265 729,634 760,0102,734,693 633,991 430,306 801,993 82.6,1311,938,485 Apr. 26 17,939,316 780,343 5,889,228 894,8361,311,147 757,243 780,7852,771,183 647,788 439,380 822,487 836,3712,008,525 J1 L"frf/nCft fl^lyCY *Or fli COvXl 7O1IcOLvalla bility items: Mar. 29.... 2,308,763 185,020 385,906 154,409 214,772 199,325 172,680 363,587 128,410 59,906 112,995 113,634 218,119 Apr. 5.... 2,083,192 185,118 360,055 134,537 183,183 169,360 152,049 327,076 120,095 55,432 112,238 102,826 181,223 Apr. 12.... 2,535,063 209,987 455,162 172,300 240,218 218,138 182,447 410,745 147,236 61,317 126,692 114,932 195,889 Apr. 19.... 2,648,364 236,394 483,540 189,547 227,952 218,987 179,729 400,030 153,983 63,936 133,974 134,729 225,563 Apr. 26-... 2,288,661 188,326 403,549 150,669 206,546 194,035 152,230 349,518 131,439 60,976 121,828 127,281 202,264 including accrued dividends: Mar. 29.... 13,255 903 3,740 736 1,397 720 604 2,095 505 407 432 616 1,100 Apr. 5.... 12,822 929 3,410 702 1,479 664 549 2,098 498 575 463 500 955 Apr. 12 12,964 888 3,804 771 1,174 705 571 2,045 537 398 432 510 1,129 Apr. 19.... 12,479 882 3,461 683 1,276 630 532 2,148 466 428 430 549 994 Apr. 26 14,377 902 4,639 765 1,418 709 609 2,092 553 448 495 637 1,110 l otcii liaDiiitics. Mar. 29.... 43,104,107 2,342,28311,413,3742,652,4973,589,4122,485,7692,222,7427,598,2161,838,3451,119,0341,818,6371,561,8284,461,970 Apr. 5.... 42,823,547 2,358,91311,438,8622,643,2813,514,6402,445,0022,191,5547,429,6101,834,9321,105,1401,824,4231,585,7014,451,489 Apr. 12 43,225,132 2,363,55011,471,8032,675,4943,555,7922,498,6992,232,4397,524,4041,859,7281,111,3861,853,5921,580,6914,497,554 Apr. 19 43,196,407 2,409,75711,509,4612,697,8663,533,3732,465,2842,207,2637,570,0191,843,0541,101,1611,842,6391,570,0994,446,431 Apr. 26.... 43,043,811 2,348,77911,455,8332,645,3503,541,3882,459,0312,194,5517,554,1721,829,8071,105,7961,847,7381,573,1464,488,220 Capital Accts.: Capital paid in: Mar. 29 214,969 12,098 73,005 15,335 19,922 9,421 8,618 27,323 7,130 4,873 7,674 8,874 20,696 Apr. 5.... 214,981 12,098 73,006 15,335 19,922 9,423 8,619 27,323 7,132 4,873 7,674 8,880 20,696 Apr. 12.... 215,024 12,098 73,009 15,335 19,922 9,424 8,628 27,327 7,144 4,876 7,675 8,887 20,699 Apr. 19 215,081 12,099 73,015 15,338 19,931 9,438 8,634 27,330 7,145 4,877 7,675 8,892 20,707 Apr. 26 215,160 12,098 73,017 15,338 19,930 9,469 8,641 27,330 7,145 4,879 7,677 8,895 20,741 Surplus: (section 7): Mar. 29.... 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 Apr. 5.... 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 Apr. 12 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,552 Apr. 19. ... 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 Apr. 26 488,173 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): Mar. 29 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Apr. 5.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Apr. 12.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Apr. 19.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Apr. 26.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other cap. accts. Mar. 29 169,540 11,840 37,184 12,250 15,774 11,319 9,646 23,584 9,451 6,144 8,600 8,208 15,540 Apr. 5.... 174,143 12,191 38,324 12,572 16,229 11,614 9,889 24,294 9,638 6,263 8,723 8,427 15,979 Apr. 12.... 178,331 12,469 39,239 12,848 16,642 11,868 10,103 24,906 9,916 6,399 9,019 8,612 16,310 Apr. .19..... 183,506 12,828 40,442 13,215 17,151 12,216 10,383 25,689 10,192 6,554 9,179 8,853 16,804 Apr. 26 187,369 13,094 41,349 13,467 17,523 12,446 10,584 26,290 10,405 6,665 9,372 9,023 17,151 and cap. accts. Mar. 29.... 44,004,332 2,400,01011,679,0312,722,7763,672,0712,533,6372,262,9627,722,5811,874,5651,143,6181,854,0931,596,0904,542,898 Apr. 5 43,728,387 2,416,99111,705,6602,713,8823,597,7542,493,1672,232,0187,554,6851,871,3411,129,8431,860,0021,620,1884,532,856 Apr. 12.... 44,134,203 2,421,90611,739,5192,746,3713,639,3192,547,1192,273,1267,650,0951,896,4271,136,2281,889,4681,615,3704,579,255 Apr. 19 44,110,710 2,468,47311,778,3862,769,1133,617,4182,514,0662,248,2367,696,4961,880,0301,126,1591,878,6751,605,0244,528,634 Apr. 26. .,. 43,962,056 2,407,76011,725,6672,716,8493,625,8042,508,0742,235,7327,681,2501,866,9961,130,9071,883,9691,608,2444,570,804 Contingent liability on acceptances purchased for foreign correspondents Mar. 29.... 7,891 497 12,478 631 718 395 332 1,089 284 197 292 276 702 Apr. 5 7,729 487 12,427 618 703 386 325 1,067 278 193 286 271 688 Apr. 12 6,988 440 12,194 559 636 349 293 964 252 175 259 245 622 Apr. 19 6,586 440 12,059 525 597 328 275 905 236 164 243 230 584 Apr. 26.... 6,416 404 12,014 513 584 321 270 886 231 160 237 225 571 Commitments to make industrial loans: Mar. 29 1,274 447 444 259 124 Apr. 5.... 1,243 417 443 259 124 Apr. 12 1,321 439 443 60 258 121 Apr. 19 1,348 467 442 60 258 121 Apr. 26 1,283 403 441 60 258 121 1 After deducting $5,413,000 participations of other Federal Reserve Banks on Mar. 29; $5,302,000 on Apr. 5; $4,794,000 on Apr. 12; $4,527,000 ©a Apr. 19, and $4,402,000 on Apr. 26. MAY 1950 537 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued FEDERAL RESERVE NOTES-—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - l A a t n - ta Chicago Lo S u t i . s M ap in o n li e s - K C an it s y as Dallas F c S r i a a sc n n o - F.R.notes outstanding (issued to Bank): Mar. 29 23,588,765 1,416,9225,349,5741,640,5132,084,8281,5*74,0781,325,6674,497,5891,098,051614,644 935,104 648,138 2,403,657 Apr. 5 23,603,061 1,416,9485,345,8551,643,2732,082,9331,575,235 1,331,4974,512,3621,099,308617,983 937,173646,124 2,394,370 Apr. 12 . 23.611,970 1,418,1015,338,3961,648,4022,094,806 1,578,183 1,331,210 4,516,5571,096,613617,305 933,845642,8632,395,689 Apr. 19 23,575,560 1,419,830 5,318,5981,644,650 2,093,8031,576,714 1,329,5464,506,1651,094,211615,951 930,731664411,,882288 22,,440033,,553333 Apr. 26 23,523,111 1,417,830 5,305,5581,639,1492,084,462 1,564,359 1,322,2154,508,520 1,096,721616,351 930,852641,5472,395,547 Collateral held against notes outstanding: Gold certificates: Mar. 29 13,949,000 440,000 4,670,000 750,000 1,000.000 670,000 675,000 2,750.000 400,000 210,000 280,000204,000 11,900,000 Apr. 5 14,049,000 440,000 4,670,000 750,000 1,000,000 670,000 675,000 2,750,000 400,000 210,000 280,000220044,,000000 2:,000,000 Apr. 12 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 220044,,000000 :2,000,000 Apr. 19 14,249,000 440,000 4,670,000 775500,,000000 11,,000000,,000000 670,000 675,000 2,950,000 400,000 210,000 280,000204,000 2,000,000 Apr. 26 14,249,000 440,0004,670,000 750,0001,000,000 670,000 675,000 2,950,000 400,000 210,000 280,000 204,000 2,000,000 Eligible paper: Mar. 29 255,756 5,475 200,080 1,740 22,261 5,710 5,700 14,790 Apr. 5 82,846 10,250 56,840 1,000 3,106 2,150 3,900 2,300 3,300 Apr. 12 83,086 11,300 39,395 5,150 2,301 2,770 10,950 9,420 1,800 Apr. 19 63,446 2,250 26,275 2,500 8,376 2,175 11,750 6,620 3,500 Apr. 26 155,941 10,850 106,375 2,145 10,306 9,395 10,000 6,870 U. S. Govt. sec: Mar. 29 10,800,000 1,100,000 800,0001,000,000 1,150,000 1,000,000 700,0001,800,000 800,000 450,000 700,000 500,000 800,000 Apr. 5 10,750,000 1,100,000 800,0001,000,000 1,150,000 950,000 700,0001,800,000 800,000 450,000 700,000 500,000 800,000 Apr. 12 10,550,000 1,100,000 800,0001,000,000 1,150,000 950,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 Apr. 19 10,550,000 1,100,000 800,0001,000,000 1,150,000 950,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 Apr. 26 10,550,000 1,100,000 800,0001,000,000 1,150,000 950,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 Total collateral: Mar. 29 25,004,756 1,545,475 5,670,0801,751,740 2,150,000 1,692,2611,375,000 4,550,000 1,205,710 665,700 994,790 704,000 2,700,000 Apr. 5 24,881,846 1,550,250 5,526,8401,751,000 2,150,000 1,623,1061,375,000 4,550,0001,202,150 663,900 982,300 704,000 2,803,300 Apr. 12 24,882,086 1,551,300 5,509,3951,755,150 2,150,000 1,622,3011, 1,202,770 670,950 989,420 704,000 2,801,800 Apr. 19 24,862,446 1,542,250 5,496,2751,752,500 2,150,000 1,628,376l,375;000 4,550,000 1,202,175 671,750 986,620 704,000 2,803,500 Apr. 26 24,954,941 1,550,850 5,576,3751,752,145 2,150,000 1,630,3061,375,000 4,550,0001,209,395 670,000 986,870 704,000 2,800,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS MEMBER BANK RESERVES AND BORROWINGS [Amounts in thousands of dollars] [Averages of daily figures. In millions of dollars] Partici- Central reserve W o D r e a l d t a e n s t e ( s l d a d a s a y t y A a p p t p o p l i r d c o a a v t t i e e o d ns b p u c r A o o t p m v - n e - o d t st L a o n o u d a t i n - n s g2 C m o o m e u n m t- ts it- o in p f t g u a f t t i i i n i o o n a n n s n s t 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 l m r l s - l N c e i w ty ban C k h s i- b s c R e a i r n e t v y k - e s b C a t o n r u k y n s1 of period) pleted ! (amount) standing out- York cago N b u e m r - Amount (amount) (amount) ( s a t m an o d u i n n t g ) Total reserves held: 1 1 1 9 9 9 4 4 3 1 0 9 . ..... 3 2 2 , , , 2 7 9 8 0 0 1 2 8 2 2 1 7 1 8 9 2 8 , , , 8 5 2 6 2 1 0 2 0 1 2 8 3 , , , 2 6 9 9 5 5 4 9 4 1 1 3 0 9 , , , 1 3 6 5 3 8 2 7 3 1 9 5 4 , , 2 2 5 2 2 9 0 7 6 1 1 6 9 0 ^ , , 6 9 3 0 8 8 0 1 6 1 1 9 9 4 5 9 0 — — M M Fe a a b r r r c c u h h a ry . 1 1 1 6 6 9 , , , 1 4 0 1 4 8 7 6 1 4 5 4 , , , 3 3 2 3 0 5 7 4 3 1 1 1 , , , 2 0 1 4 2 9 7 7 4 6 6 7 , , , 2 1 3 1 8 0 9 4 6 4 4 5 , , . 4 6 4 6 4 6 1 7 6 1 1 1 1 1 1 9 9 9 9 9 9 4 4 4 4 4 4 6 4 3 7 2 5 . . . 3 3 3 3 3 3 , , , , , , 4 5 5 5 4 4 7 1 4 8 7 2 1 1 2 9 4 3 4 4 5 5 5 5 9 0 2 4 8 6 1 8 5 4 6 5 , , , , , , 3 7 5 9 7 9 4 3 3 6 2 1 2 7 2 1 6 3 4 4 1 , , , 5 2 2 9 3 9 9 7 4 2 4 2 5 6 7 8 5 0 1 1 0 4 3 I I , , , , , 5 1 9 8 3 5 3 2 9 9 8 54 2 6 5 4 7 1 9 4 8 7 1 0 , , , , , , 2 3 1 6 4 6 4 7 0 6 3 6 4 0 9 5 4 1 1 1 4 2 2 1 7 7 , , , , , , 8 0 7 6 3 9 8 6 0 7 0 3 6 9 5 0 5 0 A A A A M M p p p p a a r r r r r r . . . . . . 2 2 2 1 1 2 9 5 6 9 2 1 1 1 1 1 1 6 5 5 5 5 5 , , , , , , 1 8 8 9 9 8 6 5 3 6 5 1 9 3 9 6 6 0 4 4 4 4 4 4 , , , , , , 3 2 2 2 2 2 1 6 6 9 8 8 7 6 8 3 8 0 1 1 1 1 1 1 , , , , , . 0 0 0 0 0 0 9 8 0 6 7 7 2 4 0 1 4 4 6 6 6 6 6 6 , , , , , , 2 1 1 0 1 1 1 3 3 9 6 4 5 2 3 2 3 6 4 4 4 4 4 4 , , , , , , 5 3 4 4 3 4 4 7 4 5 5 3 6 0 9 7 6 8 1948 Nov. 30... 3,606 614 725 85 1,151 6,099 4,166 Ex 1 c 9 e 4 ss 9 — re M se a r r v c e h s: 694 32 5 156 501 Dec. 31... 3,607 615,653 335 995 1,643 1,990 1950—February 737 17 -3 147 576 1949 March 783 34 -2 157 595 J F M a e n a b . r . . 3 2 3 8 1 1 . . . . . . . . . 3 3 3, , , 6 6 6 1 0 0 0 7 8 6 6 6 1 1 2 6 5 0 , , , 3 1 8 9 4 9 2 0 3 8 4 4 5 5 5 1,0 9 9 0 0 0 7 6 5 3 1 1 , , , 6 6 2 7 2 7 7 4 0 3 2 2 , , , 6 0 0 7 4 7 7 2 7 A M M p a a r r r . . . 2 2 2 9 5 6 7 7 0 8 1 0 9 5 -1 - - 5 2 1 1 9 3 4 8 6 7 6 5 5 5 0 7 9 5 0 Apr. 30... 3,613 620,595 152 819 2,399 2,811 Apr. 12 749 13' 2 157 577 J J M u u a l n y y e 3 3 3 0 0 1 . . . . . . . . . 3 3 3 , , , 6 6 61 1 1 7 4 5 6 6 6 2 2 2 1 0 1 , , , 2 9 6 9 8 0 7 4 1 2 2 2 0 2 4 5 0 5 6 6 7 1 6 5 4 0 3 2 2 2 , , , 3 2 2 4 7 6 9 8 3 2 2 2 , , , 6 5 73 1 6 7 9 3 A A p p r r . . 2 1 6 9 P *6 7 0 2 5 4 11 -2 IJ 1 10 3 5 3 P P 5 50 87 2 Aug. 31... 3,623 622,327 545 662 2,072 1,926 Borrowings at Federal Sept.30... 3,630 625,301 912 1.016 1,958 2,023 Reserve Banks: Oct. 31... 3,637 626,273 1,514 1,075 1,820 1,965 1949—March 148 52 23 48 26 Nov. 30... 3,644 628,523 1,277 1,954 1,818 2,848 1950—February 123 49 25 32 16 Dec. 31... 3,649 629,326 539 2,178 2,288 2,947 March 128 58 20 34 17 1950 Jan. 31... 3,652 629,764 544 2,223 1,941 2,649 M M a a r r . . 2 2 2 9 25 8 3 2 1 2 5 3 1 3 2 7 1 2 4 5 3 2 1 2 3 Feb. 28... 3,655 630,209 223 2,505 1,197 2,628 Apr. 5 214 67 79 51 17 Mar.31.... 3,663 632,049 1,225 2,673 1,272 2,651 Apr. 12 117 57 6 33 21 Apr. 19 59 3 2 37 17 1 Includes applications approved conditionally by the Federal Re- Apr. 26 86 18 45 23 serve Banks and under consideration by applicant. 5 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of con- P Preliminary. dition of Federal Reserve Banks. i 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. 538 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i n r e t v y k - e s C ba t o r n u y k n s - b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i r n e t v y k - e s C ba t o r n u y k n s - York cago York cago First half of March 1950 Second half of March 1950 Gross demand deposits: Total 90,926 20,746 5,268 34,364 30,548 90,955 20,750 5,131 34,652 30,422 Interbank 11,072 3,748 1,093 5,292 939 10,905 3,743 1,093 5,155 914 Other 79,854 16,998 4,175 29,072 29,609 80,051 17,007 4,038 29,497 29,508 Net demand deposits 2 80,126 19,242 4,796 30,082 26,006 80,184 19,109 4,683 30,349 26,043 Demand deposits adjusted 3 71,750 71,250 Time deposits 4 29,486 1,698 1,089 11,749 14,949 29,512 1,701 1,076 11,750 14,985 Demand balances due from domestic banks... 5,518 32 117 1,673 3,696 5,385 41 96 1,682 3,566 Reserves with Federal Reserve Banks: Total ,. 16,194 4,393 1,114 6,201 4,485 15,976 4,284 1,075 6,168 4,449 Required 15,298 4,318 1,110 6,002 3,868 15,298 4,289 1,084 6,050 3,874 Excess 895 75 5 199 616 678 -9 118 575 Borrowings at Federal Reserve Banks 68 22 30 16 185 92 37 37 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. * Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND BANK SUSPENSIONS * SMALL CENTERS * [Averages of daily figures. In millions of dollars] Member Nonmember Total, banks banks In places of 15,000 In places of under all and over population 15,000 population banks Na- State In- Nontional sured insured Demand Demand d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s r p i - t t s de T p i o m s e its Num 1 b 9 e 3 r 4 o - f 4 2 banks suspended: 330 20 6 216 88 bank bank 1943 4 2 2 1944 1 1 1945 0 1949 1946 0 January 16,726 8,749 12,360 6,043 1947 1 1 February 16,495 8,757 12,086 6,058 1948: 0 March 16,443 8 8 , , 7 7 9 4 0 0 11,944 6,065 1 1 9 9 4 5 9 0—Jan.-Apr 4 0 4 1950 January 17,393 8,740 12,359 6,048 Deposits of suspended banks February 17,350 8,794 12,279 6,075 (in thousands of dollars) :2 March 17,335 8,877 12,222 6,091 1934-42 137,362 18,01626,54851,567 41,231 By district, 1943 6,223 4,982 1,241 March 1950 1944 405 405 1945 0 Boston 2,077 834 334 230 1946 0 N P C h l e e i w l v a e d Y la e o n lp r d k hia 3 1 1 , , , 2 3 2 8 9 0 0 8 1 2,2 8 9 3 1 2 3 2 0 1 1 , , 0 0 9 8 2 3 6 5 5 1,1 8 8 4 9 1 9 6 1 1 1 1 9 9 9 4 4 4 7 8 9.. 2,4 1 4 6 3 7 0 2,4 1 4 6 3 7 Richmond 1,138 413 848 483 1950—Jan.-Apr 0 Atlanta 1,663 465 721 223 S C t h . i L ca o g u o is 2,3 6 5 7 3 5 1,6 3 2 4 2 7 1,6 9 9 9 9 7 2 9 9 6 2 7 po 1 r a R ri e ly p re o s r e n p t e s r m b a a n n e k n s tl w y h o ic n h , a c d c u o r u i n n t g o t f h e f in p a e n r c io ia d l s d s i h ff o i w cu n l , t ie c s l ; o s d e o d e s t e n m o - t Minneapolis 615 305 765 452 include banks whose deposit liabilities were assumed by other banks Kansas City 593 109 1,627 212 at the time of closing (in some instances with the aid of Federal Deposit S D a a n l l F as r . ancisco 1 1, , 2 1 3 0 8 4 6 1 5 6 2 5 1,6 5 8 0 3 3 30 7 0 7 Ins 2 u D ra e n p c o e s it C s or o p f or m at e i m on b e l r o a b n a s n ). ks and insured nonmember banks suspended are as of dates of suspensions, and deposits of noninsured nonmember banks are based on the latest data available at the time the 1 Includes any banks in outlying sections of reserve cities that have suspensions were reported. been given permission to carry the same reserve as country banks. Back figures.—See Banking and Monetary Statistics, pp. 283-292; for description, see pp. 281-282 in the same publication. MAY 1950 539 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 i Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin «$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000$10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 . 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947. 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8.850 2,548 5,070 428 782 5 17 3 1948—December... 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949—January 27,580 19,003 1,441 1,000 62 1,972 5,892 8,636 8,579 2,459 5,020 396 689 5 10 3 February.... 27,557 19,029 1,441 996 63 1,976 5,929 8,625 8,531 2,444 5,000 394 679 5 10 3 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 March.... 27,042 18,651 1,468 1,013 59 1,949 5,834 8,327 8,393 2,375 4,968 384 654 5 8 1 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. 8 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulationl Money Total out- held by standing, As security For Federal M 1 a 9 r. 5 0 31, g a o s g l i d a lv in e a r s n t d Tre ca a s s h ury B R F an e e d k se e s r r v a a n e l d B R a a n e g k s e e s n r t a v s n e d M 1 a 9 r. 5 3 0 1, Fe 1 b 9 . 5 2 0 8, M 1 a 9 r. 4 9 31, certificates agents Gold 24,246 23,061 21,185 Gold certificates 23,061 20,204 2,815 41 41 43 Federal Reserve notes. 23,586 53 783 22,749 22,816 23,213 Treasury currency—total 4,602 * 2,284 76 273 4,252 4,211 4,183 Standard silver dollars 493 273 49 3 168 168 162 Silver bullion 2,011 2,011 Silver certificates and Treasury notes of 1890.. » 2,284 188 2,096 2,065 2,014 Subsidiary silver coin 999 16 39 944 936 931 Minor coin 378 9 13 356 355 353 United States notes 347 3 27 317 315 310 Federal Reserve Bank notes . . ... 286 1 2 283 284 319 National Bank notes 89 1 88 88 94 Total—Mar. 31, 1950 (4) 25,345 1,315 20,204 3,872 27,042 Feb. 28, 1950 (4) 25,442 1,310 20,305 3,983 27,068 Mar. 31, 1949 25,385 1,309 20,261 3,996 27,439 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. 531 and seasonally adjusted figures in table on p. 541. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 8 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. s Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. 540 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 fin millions of dollars] [Outside Treasury and Federal Reserve Banks. In millions of dollars] Assets Amount— Amount- Change in Date unadjusted adjusted for seasonally Depos- End of period: fo v r a s ri e a a t s i o o n n al v s a e r a i s a o t n io a n l a s d e j r u i s e t s e d * End of month a i n b to c a e r l- s s ' l Total d b C e t a o p i a n n r o s k y s h s i- G s U m e o t c i v . 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 9 , 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—October. 3,342 3,459 7 3,244 208 1948 28,224 -644 November. . . 3,336 3,454 7 3,244 203 1949 27,600 -624 December.... 3,330 3,449 7 3,244 198 Averages of daily figures: 1949—January 3,334 3,454 7 3,244 203 February. . . . 3,333 3,454 7 3,244 202 1949—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 May 27,438 27,631 -52 May 3,294 3,418 7 3,212 198 June 27,432 27,570 -61 June 3,277 3,403 7 3,188. 209 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—January 27,220 27,139 -320 1950—January 3,183 3,307 7 3,117 182 February 27,008 27,008 -131 February.. . . P3,175 March 27,043 27,124 +116 March ^3,166 April 27,062 27,280 +156 P Preliminary. *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' cities8 City' cities* 1944 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1945 974,102 404,543 479,760 89,799 18.2 9.7 351,602 412,800 24.2 16.1 1 1 9 9 4 4 6 6 — — o n l e d w s e se ri r e ie s s ^ 4 Jl,050,021 417,475 527,336 105,210 18.9 10.0 ( 3 4 7 0 4 7 , , 3 94 6 6 5 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 2 5 5. . 2 5 1 16 6 . . 5 9 1947 1,125,074 405,929 599,639 119,506 21.0 11.9 400,468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 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—March 109,741 39,698 58,637 11,407 24.1 12.8 37,788 56,737 27.2 19.2 April 99,703 35,832 53,374 10,497 22.7 12.2 36,887 52,869 27.6 18.6 May 99,280 36,974 51,995 10,311 24.6 12.3 36,444 50,768 28.3 18.5 June 109,067 42,890 55,386 10,792 26.9 12.5 40,617 53,769 29.8 18.7 July 98,500 36,467 51,886 10,147 23.7 12.2 37,129 51,276 28.7 18.5 August 99,055 36,070 52,466 10,518 21.9 11.4 34,940 51,421 25.5 17.1 September 101,072 37,191 53,066 10,814 24.1 12.4 36,130 52,364 28.0 18.6 October 101,834 36,334 54,413 11,087 22.4 12.1 36,683 54,488 27.3 18.5 November 99,491 35,249 53,339 10,903 23.4 12.7 34,105 52,336 27.2 19.1 December 118,197 45,781 60,493 11,923 27.7 13.1 45,434 60,428 32.5 20.0 1950—January 106,645 38,962 56,377 11,306 24.5 12.6 38,133 55,090 28.6 18.9 February '•96,236 35,727 50,546 '9,962 24.9 12.3 35,205 49,855 29.3 18.9 March 115,738 43,112 60,915 11,712 25.7 12.8 41,164 59,113 29.4 19.3 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. 3 Weekly reporting member bank series. 4 Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June 1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947 and for 333 beginning December 1947; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935. MAY 1950 541 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENTS FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Bank credit Total assets, Date Treas- 1J. S. Government obligationsi l T ia o b t i a l l - Total Ca a p n i d tal Gold r c u e u n r r c y - y Total Lo n a e n t s, m C e o r m cia - 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 it c s y c m o a u i c s n - c t . s, Total and Reserve Other rities net net savings Banks banks 1929—June 29 4 037 2,019 58,642 41 082 5 741 5,499 216 26 11,819 64,698 55,776 8,922 1933—june 30 4 031 2,286 42,148 957 10 328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec.30 17 644 2,963 54,564 22 157 105 19,417 2,484 1 204 9,302 75,171 68,359 6,812 1941—Dec. 31 22 737 3,247 64,653 26 605 29 049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—June30 ?0 213 4,145 153,992 ?7 948 118 041 93,655 21,792 594 8,003 178,350 168,040 10,310 Dec. 31 20 065 4,339 167,381 30 387 128 417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1946—June29 . . . 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. 31 529 4,562 158,366 765 in 110 86,558 23,350 202 9,491 183,457 171,657 11,800 1947—June30 21 266 4,552 156,297 38 373 107 873 82,679 21,872 3, 322 10,051 182,115 169,234 12,882 Dec. 31 754 4,562 160,832 41 023 107 086 81,199 22,559 328 10,723 188,148 175,348 12,800 1948—June30 23 532 4,565 157,958 45 299 101 451 76,774 21,366 3,311 11,208 186,055 172,857 13,200 Dec. 31 24 244 4,589 160,457 48 341 100 694 74,097 23,333 3,264 11,422 189,290 176,121 13,168 1949—Mar.30 ?4 300 4,600 157,300 48 100 97 700 72,600 21,800 300 11,500 186,200 172,600 13,600 Apr. 27 ?4 300 4,600 156,800 47 100 98 100 73,600 21,200 3 300 11,600 185,700 172,000 13,700 May25 24 300 4,600 156,200 46 700 97 800 74,800 19,700 3, 200 11,700 185,100 171,300 13,800 June 30 466 4,597 156,491 47 148 97 428 74,877 19,343 208 11,915 185,554 171,602 13,952 July 27 ?4 500 4,600 156,500 46 500 97 800 76,100 18,500 3 200 12,300 185,700 171,500 14,200 Aug.31 24 600 4,600 158,700 47 200 99 100 78,300 17,500 3 200 12.500 187,900 173,800 14,200 Sept.28 94 600 4,600 159,800 47 900 QQ 300 78,300 17,900 s 200 12,600 189,000 174,400 14,500 Oct. 26 24 600 4,600 160,300 48 100 99 600 79,100 17,400 3, 100 12,600 189,500 174,900 14,600 Nov.30 ?4 500 4,600 160,700 4Q 000 Q9 100 78,300 17,700 3 100 12,600 189,800 175,300 14,500 Dec. 31 ?4 427 4,598 162,681 4Q 604 100 456 78,433 18,885 138 12,621 191,706 177,313 14,392 1950—Jan. 24, 400 4,600 162,500 49 400 100 400 79,500 17,800 3 100 12,700 191,600 177,100 14,400 Feb. 24, 300 4,600 161,900 49 700 99 300 78,600 17,600 3 100 12,900 190,800 176,200 14,600 Mar.29P. '.'.'.'.'.'.'.'. 24, 200 4,600 161,700 50 400 98 000 77,400 17,500 3 100 13,300 190,600 176,000 14,500 Deposits and Currency U. S. Government balances Deposits adjusted and currency r)ate Total d F e b o p r a o e n s i k g it n s, Treas- A m t e r c c o ia m l - At Time deposits3 Curnet c u a r s y h s b a a a v n n in d k g s s R F B e e a d s n e e r r k v a s e l Total d D e e p m os a i n ts d 2 Total m b C e a o r n m c k ia - s l M s b a a v u n i t k n u s g a 4 s l S S P a y o v s s t in t e a m g l s o b r u e a t n n s c i k d y s e 1929—June 29 55 776 365 204 381 36 54,790 22,540 ?8 611 19,557 8,905 149 3,639 1933—June 30 42 029 50 264 852 35 40,828 14,411 21 656 10,849 9,621 1,186 4,761 1939—Dec. 30. 68 359 1,217 2,409 846 634 63,253 29,793 ?7 059 15,258 10,523 1,278 6,401 1941—Dec. 31 8? 811 1,498 2,215 1 895 867 76,336 38,992 ?7 729 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 2,287 608 977 150,793 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 ,103 393 164,004 83,314 960 33,808 16,869 3,283 26,730 1947— D j e u c n . e 3 3 0 1 . .. 1 17 69 5 2 34 34 8 1 1 , , 6 6 5 8 7 2 1 1, , 3 3 3 1 6 4 1 1 , , 3 4 6 5 7 2 8 7 7 56 0 1 1 7 6 0 4 , , 0 1 0 4 8 0 8 8 7 2 , , 1 1 2 8 1 6 5 5 6 5 4 6 1 55 1 3 3 4 5 , , 8 2 3 4 5 9 1 17 7 , , 7 4 4 2 6 8 3 3 , , 4 3 1 9 6 2 2 2 6 6 , , 4 2 7 9 6 9 1948_june 30 17? 857 1,727 1,327 ,180 1,928 165,695 82,697 57360 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—Mar.30 17?,600 2,100 1,300 ,400 1,700 164,200 81,100 000 36,000 18,700 3,300 25 100 Apr. 27 17?,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 27 171,500 1,900 1,300 1,500 400 166,300 83,100 58,400 36,200 19,000 3,300 24,900 Aug. 31 173,800 1,900 1,300 3,100 600 166,900 83,400 58,400 36,100 19,000 3,200 25,100 Sept 28 174,400 1,900 1,300 3,700 1,200 166,300 83,100 58,400 36,100 19,100 3,200 24,900 Oct. 26. .. 174,900 2,000 1,300 3,600 400 167,700 84,300 58,400 36,100 19,100 3,200 24,900 Nov. 30 175,300 2,100 1,300 3,200 500 168,100 85,000 58,000 35,800 19,100 3,200 25,100 Dec. 31 177,313 2,150 1,312 3,249 821 169,781 85,750 58,616 36,146 19,273 3,197 25,415 1950—Jan. 177,100 2,200 1,300 3,300 500 169,700 86,400 58,700 36 100 19,400 3 ,200 24,500 Feb. 2\pr 176,200 2,200 1,300 4,200 400 168,200 84,500 50,000 36 300 19 500 3 200 24 700 Mar. 29? 176,000 2,300 1,300 4,300 1,000 167,100 83,300 59,300 36,500 19,700 3,200 24,600 P Preliminary. r Revised. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits, other than interbank and U. S. Government, less cash items reported as in process of collection. 8 Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4 Prior to June 30, 1947, includes a relatively small amount of demand deposits. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital accounts," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against miscellaneous accounts instead of against U. S. Government deposits and Treasury cash. Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 542 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 * capital of Total Loans u. s. Inter- accounts banks Govern- Other lotaxl bank i Total ment secu- mand Time obliga- rities 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 Sept. 28 138,840 47,950 90,890 78,290 12,600 32,410 158,250 11,290 91,630 55,330 12,980 14,690 Oct. 26 139,810 48,140 91,670 79,080 12,590 33,230 160,270 11,740 93,180 55,350 13,040 14,690 Nov. 30 140,010 49,130 90,880 78,310 12,570 33,440 160,400 11,600 93,830 54,970 13,180 14,685 Dec. 31 140,598 49,544 91,054 78,433 12,621 36,522 164,467 12,710 96,156 55,601 13,088 14,687 1950—Jan. 25* »\ . . . 141,820 49,610 92,210 79,490 12,720 33,580 162,510 12,050 94,760 55,700 13,110 14,689 Feb. 211" 141,320 49,890 91,430 78,570 12,860 33,710 161,970 11,690 94,320 55,960 13,190 14,683 Mar. 29*> 141,210 50,520 90,690 77,370 13,320 32,320 160,020 11,230 92,500 56,290 13,270 14,682 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 Sept. 28 118,530 41,680 76,850 66,700 10,150 31,630 139,170 11,290 91,610 36,270 10,880 14,160 Oct. 26 119,480 41,780 77,700 67,560 10,140 32,450 141,150 11,740 93,160 36,250 10,930 14,159 Nov. 30 119,700 42,660 77,040 66,910 10,130 32,680 141,330 11,600 93,810 35,920 11,050 14,154 Dec. 31 120,197 42,965 77,232 67,005 10,227 35,650 145/174 12,709 96,136 36,328 10,967 14,156 1950—Jan. 25P>\... 121,230 42,940 78,290 67,980 10,310 32,750 143,080 12,050 94,740 36,290 10,980 14,158 Feb. 21P»\ . . . 120,600 43,130 77,470 67,070 10,400 32,870 142,440 11,690 94,300 36,450 11,020 14,152 Mar. 29? 120,320 43,650 76,670 65,820 10,850 31,460 140,340 11,230 92,480 36,630 11,080 14,151 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 Sept. 28 99,830 35,078 64,752 56,435 8,317 27,819 118,382 10,698 78,585 29,099 9,101 6,902 Oct. 26. 100,771 35,136 65,635 57,333 8,302 28,497 120,215 11,130 80,011 29,074 9,140 6,901 Nov. 30 101,003 35,973 65,030 56,729 8,301 28,722 120,418 10,987 80,608 28,823 9,224 6,893 Dec. 31 101,528 36,230 65,297 56,883 8,414 31,317 123,885 12,097 82,628 29,160 9,174 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*r. . . . 101,709 36,286 65,423 56,838 8,585 28,843 121,253 11,096 80,917 29,240 9,210 6,891 Mar. 29P 101,400 36,732 64,668 55,669 8,999 27,533 119,264 10,664 79,230 29,370 9,260 6,889 All mutual savings banks: 1 19 9 4 3 1 9 — — D j) e e c c # 3 3 i 0 1 10 0 , , 3 2 7 1 9 6 4 4, , 9 9 0 2 1 7 5 5, , 4 2 7 8 8 9 3 3 , ,1 7 0 0 1 4 2 1^ ,1 7 8 7 8 4 8 7 1 9 8 3 1 10 0 , , 5 5 3 2 3 4 3 6 1 1 0 0 , .5 5 2 2 1 7 1 1 , , 2 3 4 0 1 9 5 5 5 4 1 3 1942—Dec 31 10,754 4,695 6,059 4,572 1,487 663 10,668 6 10,662 1,236 546 1 19 9 4 4 4 3 — — D D e e c c . 3 3 i 0 1 1 1 3 , , 8 93 7 1 1 4 4, , 3 4 7 8 0 4 9 7 , , 5 38 6 7 0 6 8, , 3 0 2 9 8 0 1 1^ ,2 2 9 3 7 2 5 7 8 9 4 7 1 1 1 3 , , 7 3 3 7 8 6 10 8 1 13 1 , , 3 7 6 3 6 0 1 1 , , 3 27 7 6 8 5 5 4 4 5 3 1 19 9 4 4 6 5 — — D j) e e c c . 3 3 i 1 1 1 7 6 , ,2 7 0 0 8 4 4 4, , 5 2 2 7 6 9 1 1 1 3 , , 9 1 2 7 8 9 1 1 0 1 , , 6 7 8 7 2 8 1 1 , , 2 4 4 0 6 0 6 81 0 8 9 1 1 5 6 , , 3 8 8 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 54 4 1 2 1947—Dec. 312 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 1 17 18,387 1,999 532 1949—June 30 20,094 6,050 14,044 11,657 2,387 800 18,949 1 17 18,932 2,065 530 Sept. 28 20,310 6,270 14,040 11,590 2,450 780 19,080 1 20 19,060 2,100 530 Oct. 26 20,330 6,360 13,970 11,520 2,450 780 19,120 1 20 19,100 2,110 531 Nov. 30 20,310 6,470 13,840 11,400 2,440 760 19,070 1 20 19,050 2,130 531 Dec 31 20,400 6,578 13,822 11,428 2 ,394 873 19,293 20 19,273 2,122 531 1950—Jan. 25*"\ . . . 20,590 6,670 13,920 11,510 2,410 830 19,430 20 19,410 2,130 531 Feb. 2lPr 20,720 6,760 13,960 11,500 2 ,460 840 19,530 20 19,510 2,170 531 Mar. 29P . '.' '. '. 20,890 6,870 14,020 11,550 2^470 860 19,680 20 19,660 2,190 531 Prelim:inary. r Revised. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. MAY 1950 543 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY GLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cl a a n s d s o d f a b te ank Total Loans G U o . v e S r . n- Other a C ss a e s t h s * Total i b In a t n e k r - i a c c T a c o p o t i u t a a n l l ts N b u a o m n f k b s er Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 6,043 4,772 1,272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31 12,896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 12,917 807 1,643 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 18,729 847 862 37 1944—Dec. 30 24,003 5,760 18,243 17,179 1,066 4,921 26,773 4,041 21,730 1,002 966 37 1945—Dec. 31 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1,236 2,120 37 1946—Dec. 31 20,834 6,368 14,465 13,308 1,158 6,238 24,723 4,246 19,028 1,449 2,205 37 1947—Dec. 31 20,393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 1,445 2,259 37 1948—Dec. 31 18,759 8,048 10,712 9,649 1,063 7,758 24,024 4,213 18,131 1,680 2,306 35 1949—June 30 19,103 7,689 11,413 10,278 1,135 7,109 23,619 3,920 18,004 1,695 2,340 35 Sept. 28 19,674 7,644 12,030 10,666 1,364 6,078 22,931 3,808 17,494 1,629 2,338 34 Oct. 26». . .. 19,341 7,216 12,125 10,893 1,232 6,288 23,062 3,920 17,591 1,551 2,312 25 Nov. 30..... 19,484 7,584 11,900 10,692 1,208 6,352 23,032 3,853 17,606 1,573 2,333 25 Dec. 31..... 19,583 7,550 12,033 10,746 1,287 6,985 23,983 4,192 18,139 1,651 2,312 25 1950—Jan. 25'vr, . .19,672 7,485 12,187 10,797 1,390 6,004 22,995 3,898 17,510 1,587 2,312 25 Feb. 2lpr. .. 19,246 7,495 11,751 10,357 1,394 6,373 22,868 3,881 17,412 1,575 2,318 25 Mar. 29P 19,135 7,534 11,601 10,004 1,597 6,021 22,211 3,704 16,895 1,612 2,311 25 Chicago: 1939—Dec. 30 2,105 569 1,536 1,203 333 1,446 3,330 1,947 495 250 14 1941—Dec. 31 2,760 954 1,806 1,430 376 1,566 4,057 1,035 2,546 476 288 13 1942—Dec. 31 3,973 832 3,141 2,789 352 1,352 5,040 1,117 3,468 455 304 13 1943—Dec. 31 4,554 1,004 3,550 3,238 312 1,283 5,523 985 4,029 508 326 13 1944—Dec. 30 5,443 1,184 4,258 3,913 345 1,378 6,468 1,148 4,700 620 354 13 1945—Dec. 31 5,931 1,333 4,598 4,213 385 1,489 7,046 1,312 5,015 719 377 12 1946—Dec. 31 4,765 1,499 3,266 2,912 355 1,545 5,905 1,153 3,922 829 404 14 1947—Dec. 31 5,088 1,801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 1948—Dec. 31 799 1,783 3,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—June 30 4,841 1,537 3,303 2,888 415 1.702 6,087 1,008 4,020 1,059 462 13 Sept. 28 5,181 1,521 3,660 3,204 456 1,695 6,358 1,084 4,222 1,052 461 13 Oct. 26 5,271 1,553 3,718 3,261 457 1,637 6,437 1,123 4,261 1,053 465 13 Nov. 30 5,246 1,565 681 3,218 463 1,694 6,424 1,081 4,288 1,055 468 13 Dec. 31 5,424 1,618 806 3,324 482 1,850 6,810 1,191 4,535 1,083 470 13 1950—Jan. 25*"\ . . 412 1,579 3,833 3,345 488 1,695 6,600 1,127 4,391 1,082 466 13 Feb. 2\pr. .. 282 1,554 3,728 3,223 505 1,624 6,438 1,077 4,270 1,091 467 13 Mar. 29P 5,063 1,554 3,509 2,980 529 1,486 6,003 1,086 3,861 1,056 470 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 6,944 5,194 1,749 6,785 17,741 3,686 9,439 4,616 1,828 346 1941—Dec. 31 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13,047 4,806 1,967 351 1942—Dec. 31 20,915 6,102 14,813 13,038 1,775 9,426 28,700 4,957 18,747 4,995 2,028 354 1943—Dec. 31 27,521 6,201 21,321 19,682 1,639 9,327 35,070 4,874 24,086 6,109 2,135 357 1944—Dec. 30..... 33,603 6,822 26,781 25,042 1,739 10,238 41,804 5,524 28,525 7,755 2,327 356 1945—Dec. 31 40,108 8,514 31,594 29,552 2,042 11,286 49,085 6,448 32,877 9,760 2,566 359 1946—Dec. 31 ... 35,351 10,825 24,527 22,250 2,276 11,654 44,477 5,570 28,049 10,858 2,728 355 1947—Dec. 31..... 36,040 13,449 22,591 20,196 2,396 13,066 46,467 5,649 29,395 11,423 2,844 353 1948—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 Sept. 28 37,268 13,672 23,596 20,674 2,922 10,530 44,887 4,962 28,377 11,548 3,045 335 Oct. 26» 38,161 13,957 24,204 21,207 2,997 10,954 46,135 5,195 29,332 11,608 3,088 344 Nov. 30 38,067 14,218 23,849 20,857 2,992 11,009 46,119 5,160 29,468 11,491 3,085 341 Dec. 31 38,301 14,370 23,931 20,951 2,980 12,168 47,559 5,713 30,182 11,664 3,087 341 1950—Jan. 25*"\ . . 38,802 14,310 24,492 21,500 2,992 11,141 46,974 5,430 29,882 11,662 3,074 341 F M e a b r . . 2 2 1 9 * P " . " . . . . . . 3 3 8 8 , , 4 3 0 4 6 0 1 1 4 4 , , 3 5 0 4 2 7 2 2 4 3 , , 1 7 0 9 4 3 2 2 1 0 , , 0 6 8 8 2 0 3 3 , , 0 1 2 1 2 3 1 1 1 0 , , 1 5 1 7 9 6 4 4 6 5, , 8 5 4 1 5 0 5 4 , , 2 9 0 7 6 4 2 2 9 9 , , 6 1 3 7 2 4 1 1 1 1 , , 6 6 7 9 2 7 3 3 , , 0 11 7 6 9 3 3 3 3 8 8 Country member banks: 1939—Dec. 30 10,224 4,768 5,456 3,159 2,297 4,848 13,762 598 7,312 5,852 1,851 5,966 1941—Dec. 31 12,518 5,890 6,628 4,377 2,250 6,402 17,415 822 10,335 6,258 1,982 6,219 1942—Dec. 31 16,419 5,038 11,380 9,172 2,208 7,638 22,459 980 14,909 6,569 2,042 6,275 1943—Dec. 31..... 22,188 4,654 17,534 15,465 2,069 7,983 28,414 1,015 19,594 7,804 2,153 6,331 1944—Dec. 30 28,520 4,910 23,610 21,552 2,058 9,323 35,871 1,171 24,818 9,882 2,321 6,408 1945—Dec. 31 35,002 5,596 29,407 26,999 2,408 10,632 43,418 1,223 29,700 12,494 2,525 6,476 1946—Dec. 31 35,412 8,004 27,408 24,572 2,836 10,151 43,066 1,091 27,921 14,053 2,757 6,494 1947—Dec. 31 . 36,324 10,199 26,125 22,857 3,268 10,778 44,443 1,073 28,810 14,560 2,934 6,519 1948—Dec. 31 36,726 11,945 24,782 21,278 3,504 11,196 45,102 964 29,370 14,768 3,123 6,535 1949—June 30 36,338 11,968 24,370 20,889 3,481 9,994 43,422 781 27,758 14,883 3,215 6,519 Sept. 28 37,707 12,241 25,466 21,891 3,575 9,516 44,206 844 28,492 14,870 3,257 6,520 Oct. 26 37,998 12,410 25,588 21,972 3,616 9,618 44,581 892 28,827 14,862 3,275 6,519 Nov. 30 38,206 12,606 25,600 21,962 3,638 9,667 44,843 893 29,246 14,704 3,338 6,514 Dec. 31 38,219 12,692 25,527 21,862 3,665 10,314 45,534 1,001 29,771 14,762 3,305 6,513 1950—Jan. 25?"". .. 38,532 12,784 25,748 22,112 3,636 9,835 45,339 980 29,580 14,779 3,327 6.513 Feb. 21*"-... 38,775 12,935 25,840 22,176 3,664 9,727 45,437 932 29,603 14,902 3,346 6,515 Mar. 29P 38,862 13,097 25,765 22,005 3,760 9,450 45,205 900 29,300 15,005 "3,363 6,513 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. 544 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S r . n- Other a C s a se sh ts1 Total* I b n a t n er k - 1 a c c T a c p o o i t u t a a n l l ts N b u a o m n f k b s er Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions All insured commercial banks: 1941—Dec. 31 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1945—Dec. 31 .. 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1946—Dec. 3i 112,178 30,733 81,445 73,554 7,891 33,694 136,990 12,320 91,144 33,526 9,286 13,354 1947—Dec 31 114,274 37,583 76,691 67,941 8,750 36,926 141,851 12,670 94,300 34,882 9,734 13,398 194g—Dec. 3i 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 Dec. 31 118,278 42,485 75,793 65,820 9,974 35,207 143,138 12,368 94,914 35,856 10,645 13,429 National member banks: 1941—Dec. 31 27,571 11,725 15,845 12,039 3,806 14,977 39,458 6,786 24,350 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 55,387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4,644 5,017 1946—Dec. 31 63,723 17,272 46,451 41,658 4,793 20,012 78,775 8,169 52,194 18,412 5,138 5,007 1947—Dec 31 65,280 21,428 43,852 38,674 5,178 22,024 82,023 8,410 54,335 19,278 5,409 5,005 194g—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—jUI1e 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 Dec. 31 67,943 23,853 44,090 38,161 5,930 20,995 83,113 8,278 55,034 19,801 5,920 4,975 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 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 194g—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 Dec. 31 33,585 12,378 21,207 18,722 2,484 10,322 40,772 3,819 27,594 9,359 3,254 t.917 Insured nonmember commercial banks: 1941—Dec. 3i 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 194g—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 Dec. 31 16,766 6,258 10,508 8,947 1,561 3,892 19,269 272 12,285. 6,712 1,473 6,540 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1946—Dec. 31 1,815 389 1,426 1,226 200 530 2,043 336 1,302 404 290 690 1947—Dec. 31 * 2,009 474 1,535 1,280 255 576 2,251 363 1,411 478 325 783 1948—Dec. 31... . 2,013 520 1,493 1,234 259 509 2,201 368 1,353 479 322 758 1949—7une 30 2,027 502 1,526 1,250 276 446 2.146 359 1,298 488 329 733 Dec. 31 1,919 481 1,438 1,185 253 442 2,036 341 1,223 472 321 727 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 3,536 2,270 1,266 3,431 9,574 457 5,504 3,613 1,288 7 662 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14 101 6 045 1,362 7 130 1946—Dec 31 17,646 4,429 13,217 11,749 1,468 4,639 20,879 597 13,526 6 756 1,483 7,147 1947—Dec. 31 2 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 1,596 7,261 1948—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 Dec. 31 18,686 6,739 11,947 10,132 1,814 4,334 21,305 613 13,508 7,184 1,794 7,267 Insured mutual savings banks: 1941—Dec. 31 1,693 642 1,050 629 421 151 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 12 10,351 1,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 1 13 11,415 1,173 191 1947—Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 1 14 12,192 1,252 194 1943—Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 1 14 12,757 1,334 193 1949—June 30 13,880 4.397 9,484 7,940 1,544 629 13,241 1 13 13,226 1,381 191 Dec. 31 14,209 4,814 9,394 7,832 1,562 682 13,592 16 13,575 1,420 192 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 4,428 3,075 1,353 642 8,744 6 8,738 1,077 496 1945—Dec. 31 5,361 1,198 4,163 3,522 641 180 5,022 2 5,020 558 350 1 1 9 9 4 4 6 7 — — D D e e c c . . 3 3 1 1 2 5 5 , , 8 9 1 5 3 7 1 1 , , 2 3 7 8 5 4 4 4, , 5 5 7 3 3 8 3 3, , 8 8 1 3 3 3 7 7 0 6 5 0 2 2 0 1 6 1 5 5 , , 4 5 4 5 2 6 3 3 5 5 4 5 3 5 9 3 6 63 1 7 1 3 3 5 3 0 9 1948—Dec. 31 6,083 1,577 4,506 3,680 826 194 5,633 3 5,631 665 339 1949—June 30 6,214 1,654 4,560 3,718 843 171 5,709 4 5,705 683 339 Dec. 31 6,192 1,764 4,428 3,596 832 191 5,702 3 5,699 702 339 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. MAY 1950 545 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Class of bank T lo o a t n a s l C m c o i e a m r l - , - o p L s r u e o r c c c a a u h n r r a s r i y t s i f i i e o n n s r g g U. S. Govern D m ir e e n c t t obligations O t g io a b n - li s cal a l n d d ate i m n a v e n e n d s t t s - Total* o e m p i l n u a e g d r n - - - A t c u a u g r l l r - - i- b T ro o k- To l t R o e a a s e t - n e a s l s C l u o o m a n n e - s r O lo t a h n e s r 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 c o a n a l t f d i e l t s - O s ri e t t h c ie e u s r k p p e e a t r - d a e e e n r r a s d s l- o e t r h s - Bills o d n f e e e d b i s - n t s - - Notes Bonds teed d s s u i i o v b n i - - s All insured commercial banks: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 4,773 4, 545 28,031 21,046 988 3,159 12,7974,102 3 6513 333 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3,164 3,606 4,677 2,361 1,181 96,043 88,912 2,455 19,071 16,045 51,321 22 3,'8733,258 1946—Dec. 31.. 112,178 30,733 14,016 1,358 1,517 1,609 7,103 4,031 1,098 81,445 73,554 1,271 12,288 6,780 53,200 154,2983,592 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 52,334 145,1293,621 1948—Dec. 31 112,286 41,968 18,761 2,775 1,336 939 10,6666,804 1,095 70,318 61,388 2,821 10,065 3,394 45,100 85,5093,420 1949—June 30., 111,746 40,524 16,292 2,734 1,972 901 10,8877,170 1,022 71,222 61,970 2,846 10,437 2,045 46,636 65,7633,489 Dec. 31. . 118,278 42,485 16,935 2,963 1,749 855 11,4058,005 1,121 75,793 65,820 3,692 12,479 5,810 43,833 66,4003,574 Member banks, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 3,494 3, 592 25,500 19,539 971 3,007 11,7293,832 3,0902,871 1945—Dec. 31.. 107,183 22,775 8,949 855 3,133 3,378 3,455 1,900 1,104 84,408 78,338 2,275 i6,98514,271 44,792 163,2542,815 1946—Dec. 31.. 96,362 26,696 13,154 884 1,506 1,467 5,358 3,308 1,020 69,666 63,042 1,167 10,043 5,602 46,219 113,5483,077 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 7,130 4,662 952 65,218 57,914 1,987 5,816 4,815 45,286 104,1993,105 1948—Dec. 31.. 95,616 36,060 17,631 1,800 1,324 834 8,244 5,585 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 8,383 5,859 935 60,859 53,132 2,651 8,469 1,639 40,369 44,7103,016 Nov. 1 100,888 35,565 65,323 57,052 5,141 3,130 Dec. 31.. 101,528 36,230 15 ',857i',945i',737 "758 8"! 8346^551 i'Mi65,297 56,883 3,389 10,409 5,085 37,996 45,2743,140 New York City? 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,6521,679 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 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. 13. 19,451 7,505 11,946 10,751 668 527 Dec. 31. . 19,583 7,550 4,792 1,410 219 256 689 309 2,033 10,746 720 1,785 835 7,405 752 535 Chicago:2 1941—Dec. 31.. 2,760 954 732 6 48 52 22 9 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 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 1,211 7 109 56 51 172 34 3,806 3,324 331 690 358 1,945 290 192 Reserve city banks: 1941—Dec. 31. 15,347 7,105 3,456 300 114 194 1,527 1 12 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 3,559 2,408 385 21,772 19,076 875 3,367 603 14,230 1,559 1,137 Nov. 13. 38,110 14,053 24,057 21,076 1 7421,238 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: 1941—Dec 31 12,518 5,890 1,676 659 20 183 1,823 1, 30 6,628 4,377 110 481 2,926 861 1,222 ,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4,544 16,713 9 1,342 1,067 1946—Dec. 31.. 35,412 8,004 2,433 681 29 273 2,9701,312 306 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 3,8271,979 229 26,125 22,857 480 2,583 2,108 17,681 62,0061,262 1948—Dec. 31.. 36,726 11,945 3,296 1,356 21 187 4,4672,451 261 24,781 21,278 760 3,340 1,128 16,046 42,2861,217 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 42,3061,174 Nov. 1.. 38,052 12,442 25,610 21,969 .... •.... 2,4671,174 Dec. 31.. 38,219 12,692 34501,480 "*36 "l73 417842,945 "259 25,527 21,862 1,148 '3[753 1,768 15!189 42,5051,160 Insured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 543 478 20 64 1,282 8 4 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 1052.426 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 97 2,508 1,311 8710,376 8,849 196 1,968 406 6,277 2 1,054 473 Dec. 31.. 16,766 6,258 1,078 1,018 12 97 2,575 1,453 8710,508 8,947 303 2,071 725 5,846 2 1,127 434 * These figures dp 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. 546 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Re- Cla c s a s l a l o n d d f a b te ank F s B e s w e R e d a r r i n v 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 a i o c s t k l e - t h - i s s c 4 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 t - e ic e p 4 r o b s a i F e t n i s o g k r n - U m G er . o e n n v S - t - . p v s S o i u a t l s b a i n i t o t d i d e c n i s a - s l c C h c o a e f e e e i f t n c e f r r c i d t s k d . - i ' s - , p a v n s a p i t I h d i d r n o o t i u d r n p c n a a i e s o s - l - , r r s - - , I b n a t n er k - P U m G S e i a n o r a . n o e g s n v v n S d t s - - a - t . l v s S p i a u i s o t c n i b a l a o i d t d l t n e - i s s - p a v n s a p i t I h d i d r n o o t i u d r n p n c a a i e o s s - - l , r r s - - , r i B o n o w g r s - - c C o a t a u a c p n l - i t - s All insured commercial banks: 1941—Dec. 31. . 12,396 1,358 8,570 37,845 9,823 673 .1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.. 15,810 1,829 11,075 74,72212,566 1,248 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 82,08510,888 1,364 2,930 5,967 2,361 79,887 68 119 664 32,742 39 9,286 1947—Dec. 31.. 17,796 2,145 9,736 85,75111,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1948—Dec. 31.. 20,404 1,939 8,947 84,21110,344 1,488 2,323 7,182 2,113 81,682 69 117 1,080 34,244 54 10,158 1949—June 30. . 17,807 2,036 7,777 80,613 9,058 1,374 2,135 7,337 2,352 77,005 146 163 1,243 34,560 27 10,452 Dec. 31.. 16,428 1,984 9,466 84,57610,885 1,315 3,050 7,419 2,338 82,106 169 182 1,232 34,442 14 10,645 Member banks, total: 1941—Dec. 31. . 12,396 1,087 6,246 33,754 9,714 671 1,709 , 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.. 15,811 1,438 7,117 64,18412,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1946—Dec. 31.. 16,015 1,576 5,936 70,24310,644 1,353 2,672 4,915 2,207 69,127 62 114 551 26,525 30 8,095 1947—Dec. 31.. 17,797 1,672 6,270 73,52810,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1948—Dec. 31.. 20,406 1,486 5,674 72,15210,098 1,480 2,122 5,850 1,962 70,947 63 111 927 27,801 45 8,801 1949—June 30. . 17,808 1,568 5,065 69,397 8,864 1,369 1,980 5,983 2,222 67,157 141 157 1,069 28,038 21 9,022 Nov. 1. . 16,150 1,538 5,635 71,515 9,778 1,393 2,987 5,913 1,829 69,493 159 170 1,043 27,876 416 9,236 Dec. 31.. 16,429 1,521 6,194 72,65810,623 1,310 2,838 6,017 2,185 71,589 164 175 1,051 27,934 11 9,174 New York City:2 1 1 9 9 4 4 1 5 — — D D e e c c . . 3 3 1 i .t. 5 4 , , 1 0 0 1 5 5 1 9 1 3 1 14 7 1 8 1 1 5 0 , , 0 7 6 6 5 1 3 3 , , 5 5 9 3 5 5 1,1 6 0 0 5 7 6,9 8 4 66 0 3 2 1 3 9 7 1,3 4 3 5 8 0 1 1 1 5 , , 2 7 8 1 2 2 17 6 10 2 2 9 0 1,2 7 0 7 6 8 "195 2 1 , ,6 1 4 2 8 0 1946—Dec. 31.. 4,046 131 87 16,429 3,031 1,195 651 218 942 17,216 20 15 39 1,395 2,205 1947—Dec. 31.. 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 "*30 2,259 1948—Dec. 31.. 5,643 117 67 15,773 2,904 1,278 445 241 750 16,695 31 14 20 1,646 25 2,306 1949—June 30. . 4,726 130 56 15,254 2,680 1,150 562 254 1,201 15,986 90 25 33 1,637 2,340 Nov. 1 3. 4,532 114 35 14,918 2,744 1,178 841 357 827 15,475 105 27 28 1,493 "280 2,328 Dec. 31. . 4,462 112 68 15,182 2,996 1,084 640 196 895 16,408 113 38 24 1,590 2,312 Chicago:2 1941—Dec. 31. . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31.. 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1946—Dec. 31. . 928 29 172 3,356 1,130 24 152 228 47 3,495 2 4 823 404 1947—Dec. 31. . 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1948—Dec. 31.. 1,325 28 143 3,604 1,038 26 188 284 53 3,702 1 11 989 444 1949—june 30. . 1,174 25 149 3,470 962 46 197 307 41 3,475 3 12 1,044 462 Nov. 1.. 1,126 27 104 3,642 1,090 37 206 315 39 3,653 4 10 1,041 44 466 Dec. 31. . 1,183 27 159 3,797 1,151 40 258 286 60 3,932 4 10 1,069 470 Reserve city banks: 1941—Dec. 31. . 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1946—Dec. 31.. 6,337 532 1,923 24,221 5,417 127 991 2,077 693 24,288 25 43 235 10,580 4 2,729 1947—Dec. 31.. 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1948—Dec. 31.. 7,701 483 1,845 25,072 5,213 168 801 2,401 649 25,302 19 46 547 10,798 8 2,928 1949—June 30. . 6,781 500 1,744 24,271 4,460 166 701 2,413 518 23,928 39 62 642 10,923 1 3,005 Nov. 13. 6,130 498 1,726 25,410 5,077 168 1,178 2,180 487 25,475 40 66 611 10,936 73 3,108 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 Ensured nonmember commercial banks: 1941—Dec. 3i 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 959 1945—Dec. 3i 391 3,959 10,537 233 5 1,560 858 135 9,643 6 4 97 5,579 7 1,083 1946—Dec. 31. . 437 3,547 11,842 244 11 '258 1,052 154 10,761 6 5 113 6,232 9 1,193 1947—Dec. 31 473 3,466 12,223 258 4 149 1,188 158 11,019 4 6 132 6,420 7 1,271 1948—Dec. 31 453 3,273 12,059 246 8 201 1^332 151 10,736 6 6 153 6,459 8 1,358 1949—June 30. . 468 2,713 11,216 194 4 155 1,354 130 9,848 6 6 174 6,539 5 1,431 Dec. 31.. 463 3,273 11,918 261 6 213 1,402 153 10,517 5 6 182 6,524 3 1,473 8 Figures not entirely comparable with prior dates due to reclassification of 9 central reserve city banks in New YYoorrkk C(ity as reserve city banks. 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million 1d o"ll arrss 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. Backf igures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. MAY 1950 547 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans l Investments For purchasing or carrying securities U. S. Government obligations Date or month i m T n lo a v o e n a e n t n d s a t s t l s - Total* i C n t m c a r d o i i n e a a u m d r l l s , - , - - a T n o d b d r e o a k l e e r r s s To others e l R s o t e a a a n t l e s L ba o t n o a k n s s O lo t a h n e s r Total c C t a if e t i e r - - s O s ri e t t h c ie u e s r t a c u g u r r l a i - - l G U t l i o i o o g . b n v a S - - s t . . O c t s u t i e h e r - s i e - rG l U t o i i o g o b .S v a n - - t . s .O c t s u t i e h e r - s i e - r Total Bills o d n e f e e d b s i - n t s - - Notes Bonds Total— Leading Cities 1949—March 61,860 24,75' 15,043 73' 457 194 438 4,084 26: 3,83637,10332,764 1,771 4,920 992 25,0814,339 1950—January... 67,517 24,523 13,860 505 840 159 424 4,379 270 4,45642,99437,910 3,008 6,780 3,45424,6685,084 February. . 67,092 24,596 13,891 475 910 143 434 4,402 267 4,44742,49637,277 2,516 5,955 3,95224,854 ,219 March. . . . 66,708 24,71 13,831 579 910 141 4,440 247 4,50041,99636,587 2,120 4,851 5,26824,348 ,409 1950—Feb. 8. . 67,139 24,520 13,885 443 860 146 4,402 258 4,45342,61937,375 2,595 5,947 3,98624,847 ,244 Feb. 15. . 66,977 24,77 13,905 543 936 141 4304,399 351 4,44442,20036,975 2,306 5,862 3,94824,859 ,225 Feb. 21. . 66,985 24,600 13,854 403 994 137 4314,410 306 4,439 42,38537,162 2,402 5,858 3,98824,914 ,223 Mar. 1 66,831 24,741 13,834 613 916 136 434 4,413 302 4,470 42,09036,774 2,212 5,071 4,62924,862 ,316 Mar. 66,28. 24,493 13,799 500 852 137 4284,422 249 41,79036,463 2,024 4,909 4,69924,831 ,327 Mar. 15 66,855 24,652 13,889 528 918 141 4654,442 148 4,498 42,20336,877 2,394 4,856 5,58124,046 ,326 Mar. 22 67,006 24,786 13,843 508 938 144 434 4,461 323 42,22036,702 2,200 4,782 5,73523,985 ,518 Mar. 29 66,563 24,886 13,790 746 924 145 4434,465 212 4,540 41,67736,118 1,768 4,638 5,69624,016 ,559 Apr. 5 . . . . 66,626 25,124 13,729 747 991 146 4504,472 411 4,559 41,,50235,920 1,616 4,384 5,89924,021 ,582 Apr. 12 66,608 25,037 13,716 700 989 138 4604,491 345 4,580 41,,57135,941 1,633 4,370 5,90724,031 ,630 Apr. 19. . . . 66,696 24,861 13,574 6651,013 136 465 4,502 297 4,59141,83536,177 1,874 4,341 5,89124,071 ,658 Apr. 26 66,514 24,916 13,475 7961,025 138 4684,513 266 4,615 41,59835,922 1,715 4,309 5,83524,063 ,676 New York City 1949—March. 18,036 7,831 5,517 672 342 169 214 190 77910,205 9,097 595 1,085 120 7,2971,108 1950—January.. 19,433 7,467 4,859 443 677 161 266 223 92311,966 10,633 910 1,620 794 7,309 ,333 February. 19,136 7,475 4,900 419 734 167 266 170 91211,661 10,280 621 1,365 895 7,399 ,381 March. . . 19,114 7,482 4,842 521 712 171 277 147 91211,632 10,128 512 1,004 1,381 7,231 ,504 1950—Feb. 8. . 19,141 7,449 4,905 402 698 180 265 165 925 1,692 0,304 657 1,354 906 7,387 ,388 Feb. 15. . 18,997 7,514 4,900 461 746 162 267 170 90311,483 L0.104 472 1,336 896 7,400 ,379 Feb. 21. . 19,187 7,521 4,879 364 801 162 268 245 90011,666 .0,285 589 1,312 924 7,460 ,381 Mar. 1. . .. 19,197 7,526 4,866 545 720 162 266 154 91111,671 .0,206 561 1,072 1,126 7,447 ,465 Mar. 8 18,962 7,365 4,833 448 667 159 274 174 908 1,597 .0,135 454 1,069 1,143 7,469 ,462 Mar. 15 . . . . 19,164 7,473 4,868 486 708 195 279 125 90911,691 .0,226 627 1,003 1,504 7,092 ,465 Mar. 22 19,174 7,486 4,848 459 729 164 283 184 917 1,688 .0,143 514 986 1,573 7,070 ,545 Mar. 29 19,076 7,561 4,793 667 734 176 282 99 916 1,515 9,931 404 890 1,561 7,076 ,584 Apr. 5. . .. 19,187 7,727 4,790 660 784 177 281 222 920 1,460 9,873 318 883 1,614 7,058 ,587 Apr. 12 19,071 7,654 4,780 605 786 182 288 186 931 1,417 9,823 321 847 1,601 7,054 ,594 Apr. 19. . .. 19,153 7,594 4,697 596 803 187 289 193 933 1,559 9,966 468 867 1,563 7,068 ,593 Apr. 26 19,158 7,671 4,660 692 824 189 291 180 939 1,487 9,901 450 846 1,524 7,081 ,586 Outside New York City 1949—March. 43,824 16,926 9,526 65 115 2693,870 72 3,057 !6,898 13,667 1,176 3,835 87217,7843,231 195&—January. . 48,084 7,056 9,001 62 163 119 263 ,113 47 3,53331,028 17,277 2,098 5,160 2,660 7,359 ,751 February. 47,956 7,121 8,991 56 176 111 2674,136 97 3,535 30,835 !6,997 1,895 4,590 3,057 7,455 ,838 March. . . 47,594 7,230 8,989 58 198 116 2704,163 100 3,58830,364 16,459 1,608 3,847 3,887 7,117 ,905 1950—Feb. 8. . 47,998 7.071 8,980 41 162 112 2674,137 93 3,528 10,927 ;7,O71 1,938 4,593 3,080 460 ,856 Feb. 15. . 47,980 7,263 9,005 82 190 111 2684,132 181 3,541 30,717 16,871 1,834 4,526 3,052 459 ,846 Feb. 21. . 47,798 7,079 8,975 39 193 110 269 ,142 61 3,53930,719 16,877 1,813 4,546 3,064 454 ,842 Mar. 1. . 47,634 7,215 8,968 68 196 109 4,147 148 3,55930,419 16,568 1,651 3,999 3,503 7,415 ,851 Mar. 8. . 47,321 7,128 8,966 52 185 110 2694,148 75 3,57330,193 16,328 1,570 840 3,556 7,362 ,865 Mar. 15. . 47,691 7,179 9,021 42 210 114 2704,163 23 3,58930,512 16,651 1,767 853 4,077 6,954 ,861 Mar. 22. . 47,832 7,300 8,995 49 209 117 2704,178 139 3,59530,532 16,559 1,686 3,796 4,162 6,915 ,973 Mar. 29. . 47,487 7,325 8,997 79 190 126 2674,183 113 3,62430,162 16,187 1,364 3,748 4,135 6,940 ,975 Apr. 5. . 47,439 7,397 8,939 87 207 128 273 4,191 189 3,639 30,042 16,047 1,298 3,501 4,285 6,963 ,995 Apr. 12. . 47,537 7,383 8,936 95 203 116 278 ,203 159 3,64930,154 16,118 1,312 3,523 4,306 6,977 ,036 Apr. 19. . 47,543 7,267 8,877 69 210 115 278 4,213 104 3,65830,276 1,406 3,474 4,328 7,003 ,065 Apr. 26. . 47,356 7,245 8,815 104 201 117 279 4,222 86 3,67630,111 26^021 1,265 3,463 4,311 6,982 ,090 1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. 2 Including guaranteed obligations. 548 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 w F e R e a e r r i e a n d t v h - l k - e s v C a i u a n s lt h b m a w a n d e n i c o s t e k - h ti s s c j p m u o d a s a d t s e n e i - - t d d s 3 s p p u v n h c a o a a o i e n i d r r l p r r d s a t - - - s - , - , S p s d s a i i o t u c i o n a v l b a n i d t i l t - e - s - s c C c O h f a e e e i e n t f e r r c f c d t i s d . k i - ' - s, U m G er . o e n n v S - t - . s p p u v n c h a o a a o i e n i d r r l p r r d s a t - - - s - , - , S p s d s a i i o t u i c o n a v l b a n i d t i l t - e - s - s P U m G S e i a o n r a . n o e n s g v v n d S t - s - a - t . l m D t D i e o c s e - - man F ei d o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p n - l - ts B d it e a s b n * - k tions tions Total— Leading Cities 1949—March 14,254 761 2,08145,750 45,594 3,466 1,286 1,86914,460 598 8,4311,402 57 363 6,048 94,525 1950—January... 12,408 804 2,413 48219 48,403 3,315 1,358 1,99714,597 620 127 9,8351,238 152 210 6,209 93,223 February.. 12,193 743 2,126 47,218 47,419 3,393 1,407 2,550 14,598 627 128 9,0981,217 154 383 6,229 85,060 March 12,028 752 2,166 46,70146,848 3,367 1,395 2,39214,668 612 121 9,1241,267 140 330 6,240100,277 1950—Feb. 8... 12,078 760 2,046 47,330 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 2,255 46,930 48,132 3,386 1,416 2,630 14,594 626 128 9,2971,221 155 493 6,217 19,313 Feb. 21... 12,012 757 2,155 46,848 47,133 3,355 1,387 2,81114,614 627 128 8,991 1,249 153 257 6,222 20,392 Mar. 1... 12,104 708 2,106 46,926 47,193 3,454 1,577 2,302 14,647 609 121 9,021 1,246 148 506 6,229 24,138 Mar. 8... 12,058 763 2,173 46 46,558 3,277 1,220 1,951 14,685 610 121 9,3271,281 138 218 6,244 20,492 Mar. 15... 12,438 743 2,468 47,236 48,235 3,266 1,600 2,384 14,675 614 121 9,6761,272 140 71 6,234 22,384 Mar. 22... 11,816 759 2,095 46,468 46,407 3,406 1,309 2,630 14,671 612 121 8.9901,288 137 398 6,240 24,440 Mar. 29... 11,727 785 1,990 46 45,848 3,431 1,269 2,691 14,660 617 120 8,6081,248 138 458 6,254 20,753 Apr. 5... 11,816 729 2,13145,98145,810 3,377 1,317 2,587 14,684 614 121 9,106 1,260 139 470 6,266 24,555 Apr. 12... 11,857 804 2,204 46,49247,378 3,263 1,268 2,332 14,664 615 121 9,0981,293 142 336 6,272 19,520 Apr. 19... 11,639 764 2,186 46,656 4477,078 3,359 1,336 2,103 14,684 616 120 8,9251,318 141 315 6,266 24,082 Apr. 26... 11,841 794 2,062 47 149 47,120 3,447 1,279 1,823 14,705 633 121 8,5551,312 355 6,274 21,514 New York City 1949—March 5,197 113 14,870 15,457 224 664 482 1,4 2,606 1,198 37 212 2,257 37,788 1950—January... 4,543 129 15,32015,990 213 690 568 1,510 2,949 1,016 111 89 2,279 38,133 February.. 4,545 119 14,93715,676 197 790 735 ,479 2,728 996 112 265 2,287 35,205 March 4,442 118 14,85915,572 213 734 637 ,504 2,7481,048 96 208 2,283 41,164 1950—Feb. 8... 4,443 123 15,02215,498 199 636 712 ,483 2,678 977 112 170 2,289 9,494 Feb. 15... 4,604 120 14,72415,763 186 783 749 ,468 2,754 993 114 382 2,284 7,489 Feb. 21... 4,442 119 14,88515,662 191 773 791 ,477 2,735 1,031 165 2,285 8,255 Mar. 1... 4,526 114 14,96915,784 222 871 631 1,491 2,714 1,026 105 353 2,290 10,066 Mar. 8... 4,400 120 14,89215,462 217 614 515 1,501 2,773 1,055 95 105 2,286 8,109 Mar. 15... 4,689 114 15,09816,013 209 882 617 1,508 2,982 1,065 96 17 2,280 9,480 Mar. 22... 4,?76 115 14,64015,295 190 651 706 1,505 2,696 1,065 93 251 2,280 10,041 Mar. 29... 4,318 127 14,69715,308 229 651 717 1,515 2,578 1,029 93 312 2,278 8,315 Apr. 5... 4,385 118 14,82015,383 231 679 689 1,493 2,670 1,040 317 2,291 10,622 Apr. 12... 4,382 130 14,78415,595 217 631 622 1,470 2,710 1,070 217 2,291 7,797 Apr. 19... 4,283 119 14,77515,506 259 667 554 1,486 2,716 1,092 201 2,288 8,828 Apr. 26... 4,388 129 15,01715,596 298 60J 479 1,511 2,618 1,094 213 2,287 8,677 Outside New York City 1949—March 9,057 2,03330,88030,137 3,242 622 1,38712,972 573 5,825 151 3,791 56,737 1950—January... 7,865 675 2,38032,89932,413 3,102 668 1,429 13,087 598 6,886 222 121 3,930 55,090 February.. 7,648 624 2,09532,28131,743 3,196 617 1,815 13,119 606 6,370 221 118 3,942 49,855 March.... 7,586 634 2,13131,84231,276 3,154 661 1,755 13,164 591 6,376 219 122 3,957 59,113 1950—Feb. 8... 7,635 637 2,018 32,30831,316 3,173 585 1,726 13,124 607 6,387 219 155 3,953 12,032 Feb. 15... 7,693 630 2,22. 32,206 _3_2,369 3,200 633 1,881 13,126 605 6,543 228 111 3,933 11,824 Feb. 21... 7,570 638 2,12331,963 3"1 ,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 1,671 13,156 588 6,307 220 153 3,939 14,072 Mar. 8... 7,658 643 2,14331,81931,096 3,060 606 1,436 13,184 589 6,554 226 113 3,958 12,383 , Mar. 15... 7,749 629 2,43732,13832,222 3,057 718 1,767 13,167 593 6,694 207 54 3,954 12,904 Mar. 22... 7,540 644 2,06531,82831,112 3,216 658 1,924 13,166 591 6,294 223 147 3,960 14,399 Mar. 29... 7,409 658 1,93731,46530,540 3,202 618 1,974 13,145 596 6,030 219 146 3,976 12,438 Apr. 5... 7,431 611 2,07531,16130,427 3,146 638 1,898 13,191 594 86 6,436 220 153 3,975 13,933 Apr. 12... 7,475 674 2,17231,70831,783 3,046 637 1,710 13,194 595 6,388 223 119 3,981 11,723 Apr. 19... 7,356 64. 2,15331,88131,572 3,100 669 1,549 13,198 596 6,209 226 114 3,978 15,254 Apr. 26... 7,453 665 2,033 32,13231,524 3,149 674 1,344 13,194 613 86 5,937 218 142 3,987 12,837 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. MAY 1950 549 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 Total Com- Federal Reserve lo an an d s m ci e a r l, - To brokers To others Cerdistrict and date invest- Total1 in tr d i u al s- and dealers e R st e a a t l e Lo to ansO lo t a h n e s r Total c t a if t i e - s O se t c h u e - r t a a c u g u n r r l d a i - - l G U li o o g . b S a v - - t . . O c s u t e h r - i e - r G l U o i o g b . v a S - - t . .O c s u t e h r - i e - r loans banks Total Bills o d n f e e e d b i s - n t s - - Notes Bonds2 rities tions ties tions ties Boston Mar. 29 3,042 1,069 637 9 10 11 19 148 24 233 1,973 1,792 73 191 228 1,300 181 Apr. 5 3,062 1,090 633 11 11 10 19 149 46 233 1,972 1,788 71 184 232 1,301 184 Apr 12 3,027 1,072 638 15 16 10 19 151 13 232 1,955 1,765 56 176 231 1,302 190 Apr. 19 3,022 1,063 626 15 12 10 19 152 18 233 1,959 1,766 60 173 232 1,301 193 Apr. 26 3,038 1,060 621 16 13 11 19 152 17 233 1,978 1,782 67 184 230 1,301 196 New York* Mar. 29 . 21,387 8,340 5,105 675 743 23 192 521 991,12613,047 11,244 468 1,020 1,724 8,032 1,803 Apr. 5 21,481 8,511 5,101 673 794 22 192 521 222 1,13012,970 11,161 364 1,007 1,779 8,011 1,809 Apr 12 21,370 8,442 5,092 619 795 25 198 530 186 1,142 12,928 11,111 373 968 1,763 8,007 1,817 Apr. 19 21,475 8,386 5,008 610 811 25 203 532 195 1,14613,089 11,270 534 990 1,728 8,018 1,819 Apr. 26 21,454 8,454 4,970 701 832 25 205 533 180 1,152 13,000 11,188 507 962 1,684 8,035 1,812 Philadelphia Mar. 29 2,829 967 494 1 29 2 7 109 22 319 1,862 1,507 140 187 194 986 355 Apr. 5 2,841 978 495 2 28 2 7 109 33 318 1,863 1,506 139 184 199 984 357 Apr. 12 2,819 968 499 2 27 2 7 109 16 322 1,851 1,493 134 171 206 982 358 Apr. 19 2,803 966 492 2 29 2 7 108 20 322 1,837 1,477 125 163 203 986 360 Apr 26 2,777 946 486 2 28 2 7 108 8 321 1,831 1,470 118 162 204 986 361 Cleveland Mar. 29 4,675 1,494 819 15 29 30 43 303 9 267 3,181 2,800 106 262 419 2,013 381 Apr. 5 4,623 1,494 820 15 31 30 45 304 2 268 3,129 2,748 76 234 425 2,013 381 Apr. 12 4,619 1,496 819 15 28 30 47 305 4 269 3,123 2,735 68 232 423 2,012 388 Apr. 19 4,641 1,490 813 15 30 30 48 305 1 269 3,151 2,763 96 238 425 2,004 388 Apr. 26 4,634 1,493 804 15 31 29 49 306 8 272 3,141 2,751 95 229 425 2,002 390 Richmond Mar 29 2,702 907 415 8 10 19 219 2 245 1,795 1,644 102 187 239 1,116 151 Apr. 5 2,682 913 416 9 10 19 221 4 245 1,769 1,622 93 172 245 1,112 147 Apr. 12 2,713 928 419 8 10 19 220 14 249 1,785 1,638 98 180 245 1,115 147 Apr. 19 2,708 926 417 9 10 19 224 9 249 1,782 1,632 97 170 247 1,118 150 Apr 26 2,692 921 414 8 10 18 224 7 251 1,771 1,623 94 163 247 1,119 148 Atlanta Mar. 29 2,469 901 535 10 12 21 78 5 253 1,568 1,355 97 291 218 749 213 Apr 5 2,469 906 541 10 13 21 77 4 253 1,563 1,352 95 276 233 748 211 Apr. 12 2,491 903 535 11 13 21 78 5 253 1,588 1,378 108 284 245 741 210 Apr. 19 2,467 889 520 12 12 21 78 5 255 1,578 1,366 94 280 245 747 212 Apr. 26 2,449 890 516 10 13 22 78 5 259 1,559 1,347 80 279 251 737 212 Chicago* Mar 29 9,273 2,598 1,595 41 54 27 53 374 37 456 6,675 5,848 377 802 1,019 3,650 827 Apr. 5 9,244 2,595 1,579 42 67 29 55 374 28 461 6,649 5,814 356 738 1,052 3,668 835 Apr. 12 9,298 2,628 1,586 45 65 18 56 374 62 462 6,670 5,822 332 760 1,055 3,675 848 Apr. 19 .. 9,276 2,562 1,578 19 70 18 56 376 24 461 6,714 5,860 365 759 1,045 3,691 854 Apr 26 9,311 2,593 1,577 58 64 18 56 376 22 462 6,718 5,847 351 764 1,038 3,694 871 St. Louis Mar. 29 2,210 962 519 1 6 8 12 198 10 220 1,248 1,064 26 173 215 650 184 Apr 5 2,234 981 514 1 6 8 13 198 32 221 1,253 1,067 33 171 213 650 186 Apr. 12 2,228 962 512 1 6 8 13 197 12 225 1,266 1,080 39 173 212 656 186 Apr. 19 2,229 956 507 1 6 8 13 197 14 222 1,273 1,087 52 167 212 656 186 Apr. 26 2,218 944 497 2 6 8 12 198 10 223 1,274 1,085 50 170 212 653 189 Minneapolis Mar 29 1,243 455 219 3 3 5 78 154 788 663 13 104 119 427 125 Apr 5 1,254 469 218 3 3 5 79 14 154 785 657 11 86 133 427 128 Apr. 12 1,245 462 220 3 3 5 79 4 155 783 654 13 79 135 427 129 Apr 19 1,232 460 221 3 3 5 78 157 772 643 8 74 132 429 129 Apr. 26 1,238 461 220 3 3 5 80 156 777 649 2 86 133 428 128 Kansas City Mar 29 2,574 992 650 6 4 11 140 1 187 1,582 1,336 111 249 218 758 246 Apr 5 . .. 2,587 983 632 6 4 11 141 9 187 1,604 1,357 138 230 234 755 247 Apr 12 2,594 985 634 5 4 12 142 7 188 1,609 1,363 147 228 234 754 246 Apr 19 2,605 986 630 6 3 12 142 11 189 1,619 1,371 157 225 233 756 248 Apr 26 2,577 983 634 6 4 12 142 2 190 1,594 1,347 136 227 225 759 247 Dallas Mar 29 2,495 1,178 834 9 7 40 97 204 1,317 1,184 82 276 176 650 133 Apr. 5 2,503 1,177 830 8 7 40 98 207 1,326 1,192 87 251 189 665 134 Apr 12 2,518 1,174 826 7 7 41 98 208 1,344 1,209 95 262 191 661 135 Apr 19 2,514 1,177 828 7 7 40 99 209 1,337 1,204 92 259 196 657 133 Apr 26 2,487 1,170 818 7 7 41 99 211 1,317 1,184 92 251 195 646 133 San Francisco m Mar. 29 . . . 11,664 5,023 1,968 4 17 8 212,200 3 876 6,641 5,681 173 896 927 3,685 A A p p r r . 12 5 1 1 1 1 , , 6 6 8 4 6 6 5 5, , 0 0 1 2 7 7 1 1 , ,9 9 3 5 6 0 3 3 1 1 8 8 8 8 2 2 2 3 2 2 , , 2 2 0 0 8 1 2 1 2 7 8 8 8 7 2 5 6 6 , , 6 6 1 6 9 9 5 5 , , 6 6 5 9 6 3 1 1 5 7 3 0 8 85 5 7 1 9 9 6 6 7 5 3 3 , , 6 68 9 7 9 99 9 6 7 60 6 3 Apr. 19 11,724 5,000 1,934 3 18 8 22 2,211 879 6,724 5,738 194 843 993 3,708 986 Apr. 26 11,639 5,001 1,918 2 17 8 222,217 7 885 6,638 5,649 123 832 991 3,703 989 City of Chicago* Mar. 29 5,650 1,661 1,201 40 47 23 45 82 21 228 3,989 3,423 250 462 601 2,110 566 Apr 5 5,641 1,661 1,191 41 58 24 47 82 13 231 3,980 3,411 256 404 632 2,119 569 Apr 12 5,685 1,677 1,197 44 56 13 48 82 32 231 4,008 3,428 237 428 637 2,126 580 Apr. 19 5,664 1,624 1,190 18 61 13 48 82 11 227 4,040 3,456 268 428 629 2,131 584 Apr 26 5,695 1,656 1,190 57 55 13 48 82 9 228 4,039 3,438 232 449 623 2,134 601 * 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. 550 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R nd e se d r a v t e e B s w F e R a 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 o c t t - e k h i s c s i p m u o a d s a d s e t n e - i - t d d s 3 s p p u n v h c a o a a o e i n i r d r l p r r d a s t - - - s - , - , S p s d s t a i i o a u i c o n v l t b a n i d e i - l t - s s - c C h c O a f e e e e i n t f e r c c r f d t d i s k . i - ' s - , U m G er . o e n n v S - t - . p u p n v c a o a o a e i n d l r r r r d s a - - - t , - - S p s d s t a i i o a u i c o n v l t b a n i d e i - l t - s s - P U m G S i e a o n . r a o n e s g n v t v n d S s a - - - t . l m D t e i o c s - - F ei o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p n - l - ts B d it e a s b n * - k tions tions Boston Mar. 29 444 51 92 2,431 2,351 204 43 116 480 266 30 329 834 Apr. 5 452 51 90 2,428 2,360 206 41 115 484 284 30 7 328 926 Apr. 12 462 55 91 2,417 2,378 203 45 106 484 279 31 7 329 823 Apr. 19 471 52 103 2,438 2,404 222 50 101 483 280 31 8 329 873 Apr. 26 460 56 87 2,458 2,373 220 50 81 482 268 29 15 329 948 New York* Mar. 29 :,575 174 12516,193 16,616 475 693 809 ,349 27 2,647 1,032 312 2,478 8,829 Apr. 5 ,648 164 140 16,30916,699 458 726 777 ,329 26 2,743 1,043 325 2,491 11,380 Apr. 12 ,624 179 11516,270 16,956 443 679 703 ,305 26 2,781 1,073 223 2,492 8,319 Apr. 19 ,539 166 12716,31916,849 522 716 627 ,320 26 2,788 1,095 202 2,489 10,709 Apr. 26 ,631 176 11116,51816,929 529 654 2,344 26 2,687 1,097 220 2,488 9,237 Philadelphia Mar. 29 456 44 99 2,166 2,196 144 25 169 412 17 355 12 6 314 875 Apr. 5 467 42 108 2,171 2,179 166 22 169 411 17 383 12 3 316 920 Apr. 12 475 46 105 2,159 2,223 156 20 149 414 17 380 12 21 316 772 Apr. 19 456 43 100 2,142 2,207 132 28 132 416 16 381 10 13 316 937 Apr. 26 451 45 93 2,147 2,205 121 30 117 415 17 353 12 13 315 Cleveland Mar. 29 710 80 131 3,092 199 47 1971,347 42 447 7 7 477 1,138 Apr. 5 725 73 131 3,027 187 48 1891,348 41 469 7 14 478 1,203 Apr. 12 721 80 135 3,022 3,153 172 63 175 1:, 3.48 42 473 6 31 479 1,065 Apr. 19 704 78 136 3,049 3,107 172 63 160 1,348 42 460 7 37 479 1,266 Apr. 26 708 80 134 3,101 3,138 182 61 1391,348 40 440 6 24 480 1,148 Richmond Mar. 29 436 65 145 2,024 ,978 183 39 123 570 26 358 5 20 232 700 Apr. 5 436 63 164 2,011 ,993 176 37 115 572 26 391 5 2 232 772 Apr. 12 440 67 163 2,061 ,078 175 44 104 572 27 389 6 232 725 Apr. 19 428 66 150 2,050 ,045 178 44 95 573 27 371 5 232 824 Apr. 26. 442 65 145 2,069 2,049 183 39 85 573 27 354 6 232 736 Atlanta Mar. 29 412 41 160 1,776 1,624 318 26 68 531 6 500 11 199 689 Apr. 5 412 39 184 1,762 1,630 309 27 67 533 6 544 9 200 710 Apr. 12 403 42 192 1,785 1,701 305 27 62 534 6 548 11 200 675 Apr. 19 402 40 178 1,773 1,682 291 27 57 534 6 523 9 200 796 Apr. 26 393 41 172 1,778 1,663 291 24 51 534 6 493 9 200 672 Chicago* Mar. 29 ,681 98 259 5,881 5,774 586 100 553 2,563 31 17 1,412 48 76 738 3,077 Apr. 5 ,653 93 282 5,741 5,655 555 111 5'1"1 22,559944 31 1,499 49 101 739 3,822 Apr. 12 ,691 102 344 6,102 6,184 540 101 4552,595 31 1,434 50 22 740 2,544 Apr. 19 . ,711 96 324 6,152 6,146 555 98 4182,598 31 1,403 48 11 740 3,106 Apr. 26 ,760 99 328 6,310 6,271 574 95 3662,600 31 1,363 47 37 741 3,028 St. Louis Mar. 29 359 30 112 1,387 1,441 106 17 75 476 12 573 3 6 184 565 Apr. 5 368 28 116 1,380 1,450 105 17 80 478 12 610 3 2 185 602 Apr. 12 372 31 124 1,395 1,512 100 18 71 478 12 613 4 3 184 556 Apr. 19 349 29 120 1,395 1,495 98 19 63 479 14 585 6 185 665 Apr. 26 358 30 112 1,413 1,488 105 19 55 480 14 560 13 185 594 Minneapolis Mar. 29 199 13 71 802 760 129 12 78 250 278 6 102 334 Apr. 5 195 11 76 807 764 147 13 74 250 289 4 103 362 Apr. 12 197 13 79 818 789 136 13 67 250 278 10 103 327 Apr. 19 196 13 79 812 779 133 12 58 250 265 23 103 384 Apr. 26 193 13 71 828 781 150 12 48 250 259 18 103 338 Kansas City A M p a r r . . 29 5 4 4 6 5 1 6 3 2 2 9 2 26 4 3 2 1 1 , , 8 8 7 5 3 3 1 1 , , 8 8 0 1 7 1 2 2 4 4 2 2 2 2 7 7 9 91 ' 3 3 9 9 1 2 7 7 3 9 1 3 1 2 4 2 2 1 1 1 1 6 7 8 3 8 6 Apr. 12 460 33 274 1,888 ,894 236 26 8 392 787 8 212 672 Apr. 19 455 31 276 1,912 ,890 243 28 75 392 779 212 899 Apr. 26 451 33 255 1,893 ,859 24: 2 65 39: 755 212 767 Dallas Mar. 29 448 31 29J 1,991 ,89. 229 4. 65 36: 59' 210 675 Apr. 5 46' 34 291 1,970 ,898 223 34 64 36: 639 210 661 Apr. 12 456 37 321 2,006 ,962 230 35 5 363 646 210 638 Apr. 19 43: 34 32 2,000 1,969 222 41 54 364 62 210 843 Apr. 26 438 37 308 1,984 1,957 195 50 47 364 599 211 695 San Francisco Mar. 29 ,546 120 259 6,546 6,304 616 3414,929 379 444 780 2,349 Apr. 5 ,53 102 286 6,52: 6,34. 603 214 3354,931 378 46: 773 2,461 Apr. 12 ,556 119 261 6,569 6,548 56' 19' 3014,929 37 490 775 2,404 Apr. 19 ,496 116 268 6,614 6,505 591 210 2634,92' 378 463 771 2,780 Apr. 26 ,556 119 246 6,650 6,407 655 218 2274,923 381 424 778 2,502 City of Chicago* Mar. 29 ,123 35 90 3,59 3,640 275 48 2741,339 26 1,045 74 497 1,958 Apr. 5 ,11 35 10 3,491 3,560 259 64 2571,367 26 1,115 101 498 2,712 Apr. 12 ,144 3 165 3,797 3,971 254 4' 2281,36 26 1,049 19 498 1,582 Apr. 19 ,16 35 155 3,855 3,97 250 46 2021,369 26 1,024 498 1,963 Apr. 26 ,19: 35 143 3,923 4,009 26 50 1831,371 26 986 35 499 1,903 For footnotes see opposite page and preceding table. MAY 1950 551 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 x 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 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 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 r4,562 12,178 r4,289 6,887 r3,387 5,291 902 1,873 273 Mar 31 1950? 14,046 4,616 12,183 4,338 6,884 3,431 5,299 907 1,863 278 By districts and by States Mar. 31, 1950? District Boston . .. i . 486 321 486 321 330 250 156 71 New York 892 901 892 901 766 832 126 69 Philadelphia 837 152 837 152 640 115 197 37 Cleveland 1,124 294 1,124 294 699 254 425 40 Richmond 1,011 510 804 378 478 242 326 136 207 132 Atlanta 1,192 208 587 170 351 147 236 23 605 38 Chicago 2,490 601 2,490 601 1,001 247 1,489 354 St. Louis ... . 1,469 138 1,132 80 496 42 636 38 337 58 Minneapolis 1,277 111 679 70 478 27 201 43 598 41 Kansas City 1,751 10 1,742 10 755 6 987 4 9 Dallas 1,023 48 916 39 625 25 291 14 107 9 San Francisco 494 1 322 494 1,322 265 1 244 229 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 192 956 192 956 117 911 75 45 Colorado 144 1 144 1 92 1 52 Connecticu t 110 38 110 38 64 33 46 5 Delaware 38 16 38 16 17 6 21 10 District of Columbia .. 19 41 19 41 15 32 4 9 Florida 188 4 127 4 74 4 53 3" 61 Georgia 397 40 109 36 66 33 43 288 4 5 Idaho 43 53 43 53 25 48 18 Illinois 886 3 884 3 5©5 3 379 2 487 102 487 102 236 46 251 56 Iowa 663 164 663 164 161 502 164 Kansas 611 609 215 394 2 383 41 383 41 112 25 271 16 Louisiana 162 74 59 51 46 45 13 6 103 23 IVIaine 63 69 63 69 38 37 25 32 163 117 163 117 77 78 86 39 M assachusett s 178 170 178 170 142 154 36 16 441 230 441 230 231 178 210 52 Minnesota 680 6 266 6 207 6 59 414 ^Mississippi 202 65 40 13 31 6 9 7 162 52 IMissouri 592 526 180 346 66 111 111 84 27 Nebraska 409 2 409 2 141 2 268 8 19 8 19 6 18 2 1 New Hampshire 75 2 75 2 52 1 23 1 329 152 329 152 281 137 48 15 New Ivlexico 51 12 51 12 35 2 16 10 New York 636 760 636 760 556 705 80 55 North Carolina 210 200 97 74 54 42 43 32 113 126 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 8 Oregon 69 97 69 97 29 87 40 10 Pennsylvania 972 182 972 182 741 154 231 28 Rhode Island 18 45 18 45 10 32 8 13 South Carolina 151 43 63 37 32 31 31 6 88 6 South Dakota 168 49 71 24 62 21 9 3 97 25 Tennessee 294 91 203 78 82 59 121 19 91 13 Texas 901 5 845 5 573 5 272 56 Utah 55 24 55 24 31 22 24 2 Vermont 69 11 69 11 40 2 29 9 Virginia 313 109 308 109 204 59 104 50 5 Washington 120 137 120 137 53 129 67 8 West Virginia 180 179 108 71 1 551 151 551 151 164 21 387 130 Wvominfif 53. 53 39 14 P Preliminary. r Revised. x 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. 552 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 in w g n banks Bills Others I U S m i t n n p a i t t o t o e e r s d ts E U S f x t n r p a o i o t m t e e r s d ts c D h e o a x l n l - g ar e G s o h o i d p p s p o e s d i t n c> t b s r e e t i d n w e in e n or bills bought United Foreign States countries \ 949—February 268 228 114 65 49 114 134 51 6 23 14 March . . 257 215 98 58 40 117 127 51 2 22 14 April 249 204 88 59 28 116 119 46 2 20 17 May 219 195 84 58 27 110 118 44 2 17 12 June 199 198 87 54 33 111 121 47 (2) 17 13 July 211 194 90 57 33 104 117 44 (2) 19 13 August 230 189 85 53 32 104 117 37 18 16 September 265 207 94 54 40 113 133 37 1 21 14 October 278 215 104 57 47 110 140 39 1 23 12 November 278 251 118 60 58 133 173 44 25 9 December. . . 257 272 128 58 70 144 184 49 30 9 1950——January 258 280 134 67 68 146 190 49 (2) 32 9 February 257 256 120 69 51 136 175 45 8 25 11 March 258 245 100 63 37 145 165 45 23 12 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 Customers' Debit Debit credit balances 1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )i es a in n a v d c e c t s o r t u a m d n e t i s n n g t a in n a v d c e c t s o r t u a m d n e t i s n n g t a b n a d n k i s n borrowed2 Free O (n th e e t) r a i I n n n a v d c p e c t s a o r t r u a m t d n n e t i e s n n r g t s' a in a n I c v d n c e t o s r f t u a i m r n d m e t i s n n g t I a n c ( c c n o a e u p t n ) it t a s l 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 789 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 314 December... 540 5 312 456 218 694 120 30 10 290 1947—June 552 6 333 395 223 650 162 24 9 271 December... 578 7 315 393 240 612 176 23 15 273 1948—June 619 7 326 332 283 576 145 20 11 291 December... 550 10 312 349 257 586 112 28 5 278 1949—April »626 3 329 3 542 May »660 3 355 3 535 June 681 5 419 280 493 528 129 20 9 260 July 3 690 3 399 3 530 August »699 3 404 3548 September. . 3 740 3418 3 580 October 8 783 8416 3 586 November. . 3 813 3 445 3 596 December. . 881 5 400 306 523 633 159 26 15 271 1950—January.. .. »901 3 493 3 669 February. . . 3 953 3 522 3 669 March 31,018 3 579 3 666 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): January, 46; February, 47; March, 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. MAY 1950 553 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] Stock security yields Prime Prime ex- Size of loan mo Y w n e e t a h e r k , , or m m 4 p - c e o a o r t n p c o m t e i h a r - 6 , s l - 1 a a d b c n e a a 9 c c r y n 0 e s e s k ' p s - * , t- c n h l a c o r e a l e a a w n s - l n 2 l g - e m bi o 3 ll n - s t 3 h 9 d m c o - c e e t f a o b r o t t n t i i e e n f t 1 s i d h - 2 - - - 3 t i - a y s x s t e o u a a e b r 5 s l - e An 1 n 9 A u a r c e l i a ti a e v a s n e : r d a g p e e s ri : od lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 , 0 0 , 0 0 0 0 - 0 $ $ 1 2 0 0 0 0 ,0 ,0 0 0 0 0 -$ a 2 n 0 d 0 o ,0 v 0 e 0 r ness 1940 .. 2.1 4.3 3.0 2.0 1.8 1941 2.0 4.3 3.0 1.9 1.8 1942 2.2 4.4 3.2 2.2 2.0 1947 average 1.03 .87 1.38 .604 .88 J 32 1943 .. 2.6 4.4 3.4 2.5 2.4 1948 average..... 1.44 L.ll L.55 1.043 1.14 L.62 1944 2.4 4.3 3.3 2.6 2.2 1949 average 1.48 L.12 L.63 1.104 L.14 L.43 1945 2.2 4.3 3.2 2.3 2.0 1946 2.1 4.2 3.1 2.2 1.7 1949—April 1.56 1.19 L.63 1.155 L.20 L.53 1947 2.1 4.2 3.1 2.5 1.8 May 1 56 L. 19 L.63 1.156 L.19 L.49 1948 2.5 4.4 3.5 2.8 2.2 June 1.56 L.19 L.63 1.158 L.20 L.42 1949 2.7 4.6 3.7 3.0 2.4 July- 1.56 . :L 06 L 63 990 L 04 L 26 August .... 1.44 L.06 L.63 1.027 L.07 :L.26 Quarterly: September. 1.38 L.06 L.63 1.062 L.08 L.34 19 cities: October. . . 1.38 L.06 L.63 1.044 L.09 L.38 1949—June 2.74 4.63 3.70 3.04 2.44 November. 1.38 L.06 L.63 1.073 L.09 L.37 Sept 2.63 4.62 3.64 2.98 2.31 December . 1.31 1.06 L.63 1.097 L.10 L.37 Dec 2.65 4.53 3.61 2.98 2.35 1950—Mar 2.60 4.45 3.54 2.94 2.31 1950—January 1.31 1.06 L.63 1.100 L.12 1.39 New York City: February .. 1.31 1.06 L.63 1.130 L.15 L.44 1949—June 2.35 4.22 3.43 2.78 2.17 March 1.31 1.06 L.63 1.140 L.16 L.45 Sept 2.32 4.23 3.41 2.74 2.13 April 1.31 1.06 .63 1.164 4 ;L.17 5 ;L.45 Dec 2.38 4.14 3.35 2.73 2.21 1950—Mar 2.29 3.85 3.22 2.64 2.13 Weekending: 7 Northern and East- Apr. 1.... lVie i^-i M 1.148 L.16 L.45 ern cities: A A p p r r . . 1 8 5.... 1M~1 M 1 lV V u 16 11^—1 3^ 1 1. . 1 1 6 6 2 0 4 L L. . 1 1 6 7 5L L. . 4 4 5 4 1949— S Ju e n p e t 2 2 . . 8 6 6 4 4 4 . . 6 7 7 1 3 3 . . 6 6 4 3 2 2 . . 9 9 8 3 2 2 . . 6 3 6 9 Apr. 22.... lVie 1.166 L.17 L.45 Dec 2.67 4.63 3.65 3.00 2.41 Apr. 29.... lVw Di-iH 1.166 1.19 L.46 1950—Mar ^.. 2.55 4.64 3.60 2.91 2.28 11 Southern and 1 Monthly figures are averages of weekly prevailing rates. Western cities: A pe u 2 r g T . c h e 1 e n 7 t , a , v 1 A e 9 r 4 u a 8 g g . . e 2 r , a t 1 e 9 4 o 6 n - A 9 u 0 g -d . ay 1 6 S , t 1 o 9 ck 4 8 E ; x a c n h d a n 1 g .6 e 3 t i p m e e r l c o e a n n t s b w e a g s in 1 n . i 5 n 0 g 1949— S D Ju e e p n c t e 3 3 3 . . . 1 0 0 7 7 3 4 4 4 . . . 7 6 8 4 6 0 3 3 3 . . . 7 7 8 9 4 9 3 3 3 . . . 1 1 2 2 8 6 2 2 2 . . . 5 5 6 8 6 9 4 s B R e a g te in o n n in g n e A w p i r s . s u 8 e s re o p f r f e e s re e d n ts w y it i h e i l n d p o e n r i l o o d n . gest certificate issue out- 1950—Mar 3.12 4.64 3.71 3.15 2.74 standing, which matures in somewhat less than 9 months, that is, on Jan. 1, 1950. NOTE.—For description of series see BULLETIN for March 1949, 5 Beginning Apr. 1 includes the following note issues: \yi per cent pp. 228-237. March 1954, and \XA per cent March 1955. Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. BOND YIELDS 1 [Per cent per annum] U. S. Government Corporate (Moody's (taxable) Munic- Corpo- Year, month, or week 15 (h ip ig a h l - (h ra ig te h- By ratings By groups 7 to 9 years grade)2 grade)3 Total years Aaa Aa Baa In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c Number of issues. 1-5 1-8 15 120 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—April 1.77 2.38 20 2.70 3.00 2.70 2.79 3.05 3.45 2.78 3.27 2.96 May 1.72 2.38 20 2.71 3.00 2.71 2.78 3.04 3.45 2.78 3.26 2.95 June. 1.66 2.38 28 2.72 3.00 2.71 2.78 3.04 3.47 2.78 3.29 2.93 July...... 1.55 2.27 26 2.66 2.98 2.67 2.75 3.03 3.46 2.75 3.29 2.89 August 1.49 2.24 20 2.60 2.92 2.62 2.71 2.96 3.40 2.70 3.21 2.86 September 1.65 2.22 22 2.59 2.90 2.60 2.69 2.95 3.37 2.68 3.19 2.84 October. .. 1.72 2.22 2.21 2.59 2.90 2.61 2.70 2.94 3.36 2.68 3.20 2.83 November. 1.70 2.20 2.17 2.56 2.60 2.68 2.93 3.35 2.67 3.20 2.81 December. 1.68 2.19 2.13 2.55 2.58 2.67 2.89 3.31 2.65 3.14 2.79 1950—January... 1.70 2.20 2.54 2.83 2.57 2.65 2.85 3.24 2.63 .07 2.79 February.. 1.75 2.24 2.54 2.83 2.58 2.65 2.86 3.24 2.63 .08 2.78 March 1.78 2.27 2.55 2.84 2.58 2.66 2.86 3.24 2.64 .08 2.78 April 1.80 2.30 2.57 2.84 2.60 2.66 2.86 3.23 2.64 3.08 2.79 Week ending: 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 Apr. 8... 1.78 2.29 2.07 2.57 2.84 2.59 2.66 2.86 3.23 2.64 3,08 2.79 Apr. 15... 1.79 2.30 2.09 2.57 2.83 2.59 2.66 2.86 3.22 2.64 3.07 2.79 Apr. 22 . . . 1.80 2.30 2.09 2.57 2.84 2.60 2.66 2.86 3.22 2.64 3.07 2.79 Apr. 29.. . 1.81 2.30 2.08 2.58 2.85 2.60 2.67 2.87 3.24 2.65 3.09 2.80 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. *-U. S. Treasury Department. < Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have been reduced from 10 to 6, 6, and 9 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. 554 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices ' Corporate * Common (index, 1935-39 = 100) Volume of trad- Year, month, or week U.S. Munic- ing7 (in Gov- ipal Medium-grade Pre- thoum e e rn n - t2 g ( r h a i d g e h ) - 8 H gr i a g d h e - Indus- Rail- Public ferred6 Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c s s a h n a d r s e s o ) f Total trial road utility Number of issues. 1-8 15 12 14 15 416 365 20 31 1947 average 103.76 132.8 103.2 97.5 102.6 88.2 102.8 184. 123 128 105 103 953 1948 average 100.84 125.3 98.7 92.1 96.3 85.4 95.2 168. 124 131 115 96 1,144 1949 average 102.73 128.9 101.9 92.6 98.6 82.3 97.0 176. 121 128 97 98 1,037 1949—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 ,135 October.., 103.90 128.8 102.8 93.7 99.9 82 0 99 2 180 3 127 134 98 101 ,313 November 104.22 129.6 103.2 93.5 100.3 80.8 99.5 179.8 129 137 96 103 ,323 December. 104.36 130.3 103.7 94.5 101.0 82.2 100.1 180.6 133 140 101 104 ,739 1950—January.., 104.16 131.4 104.0 96.3 101.8 86.4 100.6 182.8 135 143 108 106 ,884 February. 103.62 131.7 104.0 96.4 102.0 86.5 100.9 182.4 137 144 107 107 ,704 March 103.24 131.5 104.1 96.6 102.3 86.7 100.8 183.8 139 147 109 110 ,643 April 102,87 131.3 183.5 142 150 110 111 2,297 Week ending: Apr. 1 103.13 131.5 183.7 140 147 108 110 1,990 Apr. 8. 102.98 131.5 183.7 141 149 109 111 1,843 Apr. 15 102.91 131 183.7 143 151 110 112 2,349 Apr. 22 102,82 131 183.3 143 151 111 112 2,840 Apr. 29.... 102,81 131.3 183.3 141 149 107 110 2,117 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. s 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 Series discontinued beginning Apr. 1, 1950. 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 d o g n s t r o n d t a - i - ) c l Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a o p o n n o t d e d r s s ate Stocks e F i o g r n - 2 m T e ( a f e i o o d g n s r o t 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 - i - Total Co B n r a o o p n n t o d e d r s s ate Stocks e F i o g r n - 2 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 10S 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—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 « 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 March. . . 1,059 768 746 363 21 361 280 82 22 292 229 3 58 168 165 4 63 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. 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. MAY 1950 555 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 o e s a e s t d e s d 2 E pr s o ti n c m e et e a d te s d 8 New money Retirement of securities Repa o y f ment Other Plant and Working Bonds and Preferred other debt purposes Total equipment capital Total notes stock 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 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 1949—March 411 403 319 253 66 37 37 44 3 April 698 688 553 402 151 1 1 126 388 380 340 254 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 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 n 1950—January. 575 567 423 394 29 52 39 12 53 February 213 209 153 111 42 33 30 3 8 "547 538 371 242 129 139 138 1 11 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Real estate and financial Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money Securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties poses 4 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 . 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 1938 . 54 24 30 1 208 180 943 86 831 469 226 136 16 8 7 1 1939. 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 1945 1,436 115 1,320 2,291 69 2,159 63 1,969 811 1,010 148 206 85 65 56 1946 704 129 571 3 2,129 785 1,252 93 3,601 2,201 981 419 323 164 64 95 1947 283 240 35 8 3,212 2,188 939 84 2,686 1,974 353 359 286 189 24 73 1948 .. 617 546 56 15 3,039 2,744 146 149 2,751 2,189 75 486 587 485 30 72 1949 456 441 11 4 2,765 2,324 249 191 1,679 1,192 44 444 421 320 22 79 1949—March 87 87 179 125 36 18 114 85 29 23 21 1 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 j une ,. 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 f 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 March 107 85 22 224 147 58 19 76 64 10 3 132 75 50 7 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. * 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. 556 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS MANUFACTURING CORPORATIONS [In millions of dollars] Assets of 10 million dollars and over Assets of 50 million dollars and over Assets of 10-50 million dollars (200 corporations) (82 corporations) (118 corporations) Year or quarter Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r s ts d D e i n v d i s - Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Annual 1939 10,591 1,209 997 722 9,008 1,071 883 656 1,583 139 114 67 1940 13,006 1,844 1,273 856 11,138 1,638 1,127 772 1,869 206 146 83 1941 18,291 3,156 1,519 947 15,691 2,778 1,329 854 2,600 378 190 93 1942 21,771 3,395 1,220 760 18,544 2,876 1,056 672 3,227 519 164 88 1943.. 28,240 3,683 1,260 777 24,160 3,111 1,097 688 4,080 571 164 88 1944 .. 30,348 3,531 1,255 848 25,851 2,982 1,091 755 4,497 549 164 93 1945 26,531 2,421 1,129 861 22,278 1,976 964 764 4,253 445 165 98 1946 21,562 2,033 1,202 943 17,651 1,573 932 804 3,912 460 271 139 1947 31,144 4,099 2,521 1,167 26,015 3,423 2,105 1,000 5,129 676 416 167 1948 37,182 5,315 3,310 1,403 31,465 4,593 2,860 1,210 5,717 721 450 192 1949 36,942 5 1191 3,168 1,657 31,816 4,582 2,836 1,474 5,126 531 332 183 Quarterly 1948—l 8,660 1,218 751 285 7,270 1,050 649 247 1,390 168 102 38 2 9,003 1,242 770 311 7,559 1,058 657 269 1,445 184 113 42 3 9,314 1,331 832 307 7,877 1,146 717 265 1,437 186 115 43 4 10,204 1,523 958 499 8,759 1,339 838 429 1,445 184 120 70 1949—i , 9,395 1,354 836 343 8.086 1,215 752 303 1,309 139 84 40 2 9 446 753 354 8,192 1,104 680 312 1,254 119 73 42 3 9,485 1,331 818 331 8,213 1,202 736 292 1,273 129 82 39 4 . 8,617 1,203 760 629 7,326 1,059 668 567 1,291 144 92 62 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad Electric power Telephone Year or quarter r O e p v in e e r g n a u t e - P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r t s s d D e i n v d i- s r O e p v in e e r g n a u t e - P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r t s s d D e i n v d i- s r O e p v in e e g r n a u t e - P b t e r a o f x o f e i r s t e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 . . 7,466 1,658 902 202 3,216 847 • 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 1,537 374 180 168 1944 9,437 1,972 667 246 3,615 902 507 398 1,641 399 174 168 1945 8,902 756 450 246 3,681 905 534 407 1,803 396 177 174 1946 7,628 271 287 235 3,815 964 638 458 1,992 277 200 171 1947 8,685 777 479 236 4,291 954 643 494 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—1 2,243 146 73 57 1,231 282 184 124 607 65 44 39 2 2,363 286 186 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 r2,147 119 58 69 1,312 316 206 124 670 62 42 50 2 r2,226 183 115 55 1,223 272 180 136 695 75 50 51 3 r2,140 174 104 50 1,223 259 173 142 711 84 55 54 4 ••2,066 '224 161 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 £>f 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). MAY 1950 557 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 Nondurable goods industries Total (94 corps.)1 Sales 11,31313,36412,790 3,161 3,219 3,289 3,324 3,532 3,245 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 1,231 333 356 362 362 394 325 259 296 350 Dividends 551 656 708 183 133 157 141 225 146 166 147 249 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 89 101 102 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 2,906 3,945 3,865 858 947 942 978 1,077 993 934 942 996 Profits before taxes 456 721 526 147 195 182 171 173 161 119 114 131 Profits after taSes 350 548 406 118 141 133 132 141 119 92 86 109 Dividends 127 172 172 51 33 45 29 66 31 47 31 63 Durable goods industries Total (106 corps.)2 Sales 19,83123,818 24,152 5,621 5,440 5,714 5,991 6,673 6,150 6,397 6,322 5,284 Profits before taxes 2,312 3,107 3,239 643 672 688 788 958 853 823 880 682 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 545 720 611 141 150 145 185 240 225 161 141 82 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 1,187f 1,120 1,168 Profits before taxes 443 569 520 136 131 144 118 177 133 120 119 148 Profits after taxes 270 334 321 88 75 83 71 105 79 77 75 91 Dividends 113 126 136 37 27 28 28 42 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 Profits after taxes. 445 639 877 118 142 146 175 176 180 222 271 204 Dividends 195 282 451 56 53 51 65 112 79 76 80 216 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 r e o fo fi r t e s In ta c x o e m s e P a r f o t f e i r ts C di a v s i h - tr U ib n u d t is e - d Quarter P b r e o fo fi r t e s In ta c x o e m s e P a r f o t f e i r ts C di a v s i h - tr U ib n u d t i e s- d taxes taxes dends profits taxes taxes dends profits 1939 6.5 1.5 5.0 3.8 1.2 194g—i 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—i 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 4 i 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. 558 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily Statements of United States Treasury. In millions of dollars] Total Direct debt g d r e o b s t s Marketable public issues l Nonmarketable public issues Fully (includ- Non- guaran- End of month n a s g e n t i c t e g e u s u e r ) a i d - r- Total Total2 Tre b a il s ls ury c i C e n a d e d te n r e t s e i b f s o t i s - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total 2 s b a U o v . n i S n d g . s s T t s a r a n e x v o a i t a s n e u n g s r d s y S i p ss e u c e ia s l i b n e d t a e e r r b i e n t s g t- sec t u ee ri d ties 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—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 56,260 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 Apr..... 255,740 255,718 154,601 12,623 23,437 15,586 102,795 67,114 57,427 8,133 31,802 2,202 22 1 Including amounts held by Government agencies and trust funds, which aggregated 5.385 million Hollars on March 31, 1950. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service depositary bonds, Armed Forces Leave bonds, and 2^ per cent Treasury investment bonds, series A-1965, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING APRIL 30, 1950 [In millions of dollars] [On basis of daily statements o o f f d U o n ll i a te rs d ] States Treasury, In millions Amount Funds received from sales during t R io e n d s e m an p d out- period 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. May 4, 1950 1,003 Sept. 15, 1951-552 3 755 Fiscal year May 11, 1950 1,004 Dec. 15, 1951-532 " ' 1,118 ending: May 18, 1950 1,004 Dec. 15, 1951-55. 510 June—1942.. 10,188 5,994 3,526 435 2,032 207 May 25, 1950 1,001 Mar. 15, 1952-54. 1,024 1943.. 21,256 11,789 8,271 758 2,759 848 June 1,1950 1,000 June 15, 1952-54. ...2 5,825 1944.. 34,606 15,498 11,820 802 2,876 2,371 June 8, 1950 1,001 June 15, 1952-55. .2X 1,501 1945.. 45,586 14,891 11,553 679 2,658 4,298 June 15, 1950 903 Dec. 15, 1952-54. 8,662 1946.. 49,035 9,612 6,739 407 2,465 6,717 June 22, 1950 900 June 15, 1953-552 725 1947.. 51,367 7,208 4,287 360 2,561 5,545 June 29, 1950 902 June 15, 1954-562 681 1948.. 53,274 6,235 4,026 301 1,907 5,113 C J J J J J J S e u u u u u u e r l l l l l n p y y y y t y e , t . o 2 1 2 1 f 7 3 0 6 1 5 1 , , , , , , , i 1 1 n 1 1 1 1 1 9 9 d 9 9 9 9 9 5 5 5 5 5 5 5 e 0 0 0 0 0 0 0 b tednes 1 l \M s - H j| 5 5 1 1 1 1 , , , , , , 1 0 6 0 0 0 9 9 1 0 0 0 0 0 7 9 2 1 2 0 2 J D J D J J D S D S M M u u u u e e e e e e n n n n a a p p c c c c e r e r e e t t . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 6 6 5 6 5 6 6 5 5 5 5 5 2 8 4 4 5 9 9 3 0 6 6 6 - - - - - - - - - - - - 6 6 6 6 6 6 6 6 6 5 5 5 3 7 0 9 9 2 2 8 5 9 8 9 2 3 2 3 3 3 3 3 2 2 . . • 21 3 3 3 2 2 3 2 5 1 1 , , , , , , , , , , 7 4 8 8 1 4 2 8 9 6 9 4 8 6 3 1 3 7 8 1 2 1 8 4 5 1 8 1 8 0 4 9 3 1 2 9 1949— O N D A S J M J A 1 u e u u o e c a 9 p p n g l c v t y y 4 t r . e . . . . . 9 . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 5 5 5 5 5 5 5 6 6 6 6 6 6 6 6 6 6 , , , , , , , , , , 7 7 0 6 1 5 4 6 2 2 1 0 3 1 7 1 0 5 6 6 7 7 7 9 0 6 0 3 0 0 7,1 4 3 4 3 4 4 4 3 5 4 8 5 9 4 8 3 8 9 1 3 4 5 1 9 8 3 5 8 1 4,2 3 3 3 3 3 3 2 2 2 7 3 2 5 7 7 2 8 8 9 8 1 2 9 7 8 9 6 9 9 47 2 1 1 1 1 1 1 1 1 3 0 9 8 6 3 4 6 7 3 2,3 1 1 1 1 1 9 9 8 8 0 8 0 0 0 1 3 0 6 4 4 6 4 3 7 5 5,0 3 3 4 4 4 4 4 4 4 6 9 5 1 1 1 6 3 9 2 6 1 1 7 5 5 6 9 3 5 J O a c n t . . 1, 1 , 1 1 9 9 5 5 1 0 W iy8 z 6 5, , 3 2 7 4 3 8 J S D M M u e e a a n p c r r e t . . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 5 7 6 7 7 - - - - - 7 7 7 7 7 2 0 2 1 2 3 3 3 3 . 1 3 2 5 7 1 , , , , , 7 1 4 9 6 9 1 8 6 8 7 6 1 9 7 1950— A F M Ja e p n a b r r . . . . . . . . . . . . 5 5 5 5 7 7 7 6 , , , , 3 4 2 9 2 3 1 5 7 1 7 8 5 5 4 7 2 8 2 0 4 1 3 7 3 3 3 40 6 0 6 2 1 5 4 3 3 2 1 8 1 7 5 2 1 1 1 6 0 8 3 7 2 9 4 6 4 4 5 1 1 1 1 8 3 8 0 Maturities and amounts outstanding April 30, 1950 Treasury notes July 1, 1951-B....1M 2,741 Postal Savings Year of All Series Series Series Series July 1, 1951-C....1M 886 bonds . 110 maturity series D E F G Oct. 1,1951 1H 1,918 Mar. 15, 1954 1% 4,675 1950 557 557 Mar. 15, 1955 \y2 5,365 Panama Canal Loan. 3 50 1 19 9 5 5 2 1 3 1 , ,5 9 5 5 5 9 443 3 1 , ,1 9 1 5 2 9 1953 6,773 5,526 198 1,049 Total direct issues 154,601 1954 8,644 6,152 502 1,990 Treasury bonds 1955 7,498 4,918 533 2,048 Sept. 15, 1950-522. .2^ 1,186 1956 5,528 2,544 609 2,374 Sept. 15, 1950-52... 2 4,939 Guaranteed securities 1957 5,330 2,685 487 2,158 Dec. 15, 1950. 1)4 2,635 1958 5,609 3,042 268 2,300 June 15, 1951-542. .2^ 1,627 Federal Housing Admin. 1959 5,666 3,373 291 2,003 Sept. 15, 1951-53... 2 7,986 Various 15 1960 .... 4,031 1,137 467 2,428 1961 1,635 231 1,403 1962 697 97 599 1 Sold on discount basis. See table on Open-Market Money Rates, Unclassified. . -55 p. 554. 2 Partially tax exempt. 3 Restricted. Total 57,427 1,065 34,447 3,683 18,352 MAY 1950 559 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 i g n c g lu u d ar - - trust funds * Federal Com- Mutual Insur- c O o t r h p e o r - S a t n a d te a s t e n i c e te u s e ) ri d - S i p ss e u c e ia s l P is u s b u l e i s c Total R B e a s n er k v s e m ba e n r k ci s a 2 l s b a a v n in k g s s p c a o n m ie - s a c n r ia a d t t i i a o o s n n s s s o 3 - g m o lo v e c e n a r t l n s - vi T d u j a ; 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 2,737 66,369 2,645 26,000 3,900 9,200 5,400 900 18,400 1943—June 140,796 10,871 3,451 126,474 7,202 52,200 5,300 13,100 15,500 1,500 31,700 1944—June 202,626 14,287 4,810 183,529 14,901 68,400 7,300 17,300 25,900 3,200 46,500 1945—June 259,115 18,812 6,128 234,175 21,792 84,200 9,600 22,700 30,900 5,300 59,800 1946—June 269,898 22,332 6,798 240,768 23,783 84,400 11,500 25,300 25,300 6,500 64,100 Dec 259,487 24,585 6,338 228,564 23,350 74,500 11,800 25,300 22,400 6,300 64,900 1947—June 258,376 27,366 5,445 225,565 21,872 70,000 12,100 25,000 22,300 7,100 67,100 Dec 256,981 28,955 5,397 222,629 22,559 68,700 12,000 24,300 21,200 7,300 66,600 194g—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—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 Feb 256,395 32,871 5,494 218,030 17,746 66,600 11,500 20,600 23,400 8,200 70,000 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 c a r g o i u n e e v d s n s t t - . s B 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 r k l - s - 1 b M s 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 a i o n u n t g t a d - l - G a t a c r g o u i n e e v d s n s t t - . s B 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 r k l - s - 1 b M s 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 funds funds Type of Treasury bonds security: and notes, due or callable: To 1 1 1 ta 9 9 9 l 4 4 4 : 7 8 9 2 — — — D D D J J u u e e e n n c c c e e 1 1 1 1 1 5 5 5 6 6 7 5 5 0 5 , , , , , 4 1 1 3 7 9 3 6 7 9 6 8 0 3 1 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 3 1 2 8 9 , , , , , 3 3 5 8 3 3 6 5 8 4 3 6 9 5 3 6 5 5 5 5 7 5 1 6 9 , , , , , 5 3 2 3 8 9 5 3 5 7 9 3 7 6 0 1 1 1 1 1 1 1 0 1 0 , , , , , 5 5 7 8 0 5 2 7 7 2 2 2 2 7 9 2 2 1 1 1 2 1 9 8 9 , , , , , 8 7 8 5 0 9 0 1 3 9 5 5 9 5 0 4 4 4 4 4 2 4 1 2 2 , , , , , 6 0 7 7 1 3 8 6 7 5 7 7 3 9 4 Wi 1 1 1 t 9 9 9 h 4 i 4 4 n 7 8 9 — — — 1 D D D y J J e e e u u e c c c a n n r e e : . . . . . . . . 1 1 1 1 14 1 4 3 0 , , , , , 3 2 2 4 2 1 2 6 1 1 9 6 3 1 6 3 6 9 4 1 6 9 8 9 9 2 1 , , 0 6 8 9 8 7 9 8 6 7 0 3 2 1 8 9 5 5 8 7 , , , , , 9 0 5 0 2 2 7 1 2 4 2 1 4 1 4 2 2 2 2 1 3 3 3 6 7 2 8 6 6 1 3 3 4 3 2 6 2 8 1 7 8 9 5 6 3 3 3 4 2 3 , , , , , 1 6 5 9 6 2 8 5 7 5 5 5 3 5 6 1950—Jan 154,847 5,35717,82760,504 10,849 18,54441,766 Feb 154,779 5 ,37017,74659,610 10,83318,54442,676 1950—Jan. 14,319 31 867 8,983 227 464 3,747 Treasury bills; Feb 14,319 31 867 9,103 204 426 3,688 1947—Dec 15,136 18 11,433 2,052 25 154 1,454 1948—June.... 13,757 15 8,577 2,345 58 112 2,650 1-5 years: Dec 12,224 69 5,487 2,794 50 84 3,740 1947—Dec 49,948 344 1,37733,415 1,876 3,046 9,890 1949—June.... 11,536 63 4,346 2,817 13 60 4,237 1948—June.... 46,124 318 2,63630,580 1,829 2,790 7,971 Dec 12,319 11 4,829 3,514 15 70 3,880 Dec 44,053 226 3,25828,045 1,769 2,501 8,254 1950— F Ja e n b 1 12 2 , , 3 3 3 3 6 1 5 5 6 3 3 3, , 8 7 5 5 7 5 3 4 , , 4 1 5 2 5 2 4 3 2 8 9 9 0 6 4 4 , , 8 2 3 6 7 6 1949— D J e u c ne.... 3 35 9 , , 0 1 6 7 7 5 2 1 1 8 2 6 2 1 , , 1 92 21 22 2 4 6 , , 9 3 0 0 7 4 1 1 , , 2 1 7 2 9 1 2 1 , , 1 6 2 4 4 1 5 7 , , 2 1 9 3 0 5 Ce 1 1 r 9 9 ti 4 4 fi 7 8 c — — ate D J s u e : n c e 2 2 1 2 , , 2 5 2 8 0 8 3 1 0 4 4 6 , ,7 6 9 1 7 6 6 8 , , 5 5 3 5 8 2 2 31 0 7 0 2 4 6 7 9 9 8 7 , , 6 3 1 8 0 6 1950— F Ja e n b 3 3 7 5 , , 0 0 0 8 7 9 2 1 0 9 0 4 2 1 , , 0 9 7 2 2 22 2 5 6 , , 1 0 1 1 5 4 1 1 , , 0 08 8 6 0 1 1 , , 6 6 4 2 1 1 5 6 , , 1 0 5 0 1 0 1949— D D Ju e e n c c e 2 2 2 9 6 9 , , , 4 5 6 2 2 3 7 5 6 2 2 4 4 6 8 6 6 6 , , , 8 2 0 5 7 7 7 5 8 1 9 9 1 , , , 0 5 5 7 6 2 2 1 0 2 2 1 0 5 6 6 7 9 6 6 6 7 0 3 2 2 3 1 1 1 2 0 0 , , , 1 4 9 7 2 9 4 3 1 5- 1 1 1 9 9 0 4 4 7 8 y — — ea D J r u s e n : c e 1 1 0 0 , , 4 2 6 7 4 0 3 3 7 1 0 4 4 5 2 4 6 6 6 6 , , 0 2 9 5 0 1 5 5 0 7 6 6 8 9 8 1 0 1 1 1 , , 9 9 2 3 8 6 1950—Jan 29,314 23 6,409 11,287 159 600 10,836 Dec 10,464 314 434 6,314 520 997 1,885 Feb 27,321 18 6,332 9,935 145 588 10,303 1949—June.... 15,067 532 584 6,587 2,002 1,732 3,630 Treasury notes: Dec 18,537 568 1,388 6,995 2,640 2,230 4,716 1947—Dec 11,375 4 1,477 5,327 98 245 4,224 1948—June 11,375 1,968 4,531 98 223 4,555 1950—Jan 18,537 576 1,364 7,047 2,662 2,211 4,677 Dec 7,131 7 791 3,099 84 166 2,984 Feb 18,537 574 1,254 7,119 2,658 2,224 4,708 1949—June 3,596 47 359 1,801 41 104 1,244 Dec 8,249 15 562 5,569 107 244 1,752 After 10 years: 1950— F Ja e n b 1 8 0 , , 2 1 7 8 1 9 1 1 0 6 5 7 5 0 1 1 6 5 , , 6 66 4 9 8 1 1 1 2 7 0 2 24 4 8 1 2 1 , , 4 6 5 8 6 3 1 1 9 9 4 4 7 8 — — D D J e e u c c n . e.... 5 5 5 3 3 4 , , , 7 8 8 5 3 3 7 8 8 4 4 4 , , , 7 6 3 1 8 9 0 5 3 2 7 , ,2 9 8 1 2 3 5 1 4 3 3 5 , , , 9 5 0 2 4 0 2 1 3 8 8 8 , , , 6 6 0 0 3 4 6 9 81 1 1 5 7 8 , , , 2 1 2 3 2 1 0 9 1 1 1 1 6 5 7 , , , 5 0 7 4 9 1 2 4 0 Tre 1 1 a 9 9 s 4 4 u 7 8 r — — y D J b u o e n c n e ds: 1 11 1 2 7 , , 4 8 6 6 2 3 5 5, , 3 1 3 7 6 3 2 6 , ,2 8 0 5 6 34 4 7 2 , ,1 4 4 2 6 4 1 11 1 , , 0 2 4 2 7 62 2 2 0 , , 2 88 1 0 3 2 2 6 8 , , 8 9 4 7 7 4 1949— D J e u c ne.... 4 4 8 5 , , 5 0 5 8 4 4 4 4 , , 4 4 5 4 5 1 4 3 , , 4 5 5 9 2 3 3 3, , 8 9 8 3 7 3 6 7 , , 5 2 8 9 8 3 1 1 4 3 , , 1 4 7 8 9 5 1 1 4 3 , , 2 0 4 9 2 0 1949— D D J e u e c n . c e . . . . . .. 1 1 1 1 0 1 0 4 1 , , , 4 7 4 2 5 4 6 8 0 5 5 5 , , , 2 2 3 1 0 4 7 1 0 1 7 7 0 , , , 7 2 9 8 1 7 0 8 7 4 3 4 2 9 0 , , , 0 2 3 4 3 7 2 5 1 1 1 1 0 0 0 , , , 4 4 7 8 8 6 0 6 8 1 1 17 8 8 , , , 5 3 8 7 1 9 9 5 1 2 2 2 5 5 6 , , , 0 3 3 2 7 2 9 5 0 1950— F Ja e n b 4 4 5 5 , , 0 0 8 8 4 4 4 4, , 4 4 5 4 8 1 3 3, , 3 5 6 1 5 0 3 3 , , 9 9 6 3 3 3 6 6 , , 7 6 0 7 8 3 1 1 3 3 , , 5 5 5 6 1 1 1 1 2 3 , , 9 0 7 2 6 9 1950—Jan 104,758 5,232 7,11239,409 10,531 17,60724,867 Feb 104,758 5,247 6,857 39,550 10,530 17,60524,969 * 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. 560 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] On basis of daily statements of United States Treasury Cash operating income and outgo 8 Increase (+) or General fund of the Treasury (end of period) decrease (—) during period Assets y m e o ar n t o h r c N e r i e e p - t ts B p t e u u e n r x d e d - g s i e - t s B ( d u + e u r f d p ) i c g lu o i e t s t r c T o e a r t u c u c 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 c n l d l e - - Total F e D R e r e e a d - p l - osi d t S s e c p p i i a e o n l - 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 ) tg o e m s o r s e B s a e n rv k e s2 itaries Fiscal year: 1947...... 40,043 39,289 +754 -1,103 +555 -11,136 -10,930 3,308 3,730 1,202 962 1,565 42243,59136,931 +6,659 1948 42,2114 36,791 +5,419 +2,706 -507 -5,994 +1,624 4,932 5,370 1,928 1,773 1,670 43845,40036,496 +8,903 1949 38,246 37,057 +1,189 -3,495 +366 +478 -1,462 3,470 3,862 438 1,771 1,653 39241,62840,576 +1,051 1949—Apr... 1,340 2,748 -1,408 -465 +213 -111 -1,771 3,995 4,428 1,226 1,563 1,639 433 1,430 3,130 -1,699 May.. 1,945 2,822 -877 +9 -324 +359 -833 3,163 3,526 628 1,313 1,586 363 2,595 3,709 -1,114 June.. 4,767 4,579 +188 -588 -173 +881 +308 3,470 3,862 438 1,771 1,653 392 4,798 4,550 +248 July.. 1,946 3,434 -1,488 +30 +218 +1,107 -133 3,337 3,699 529 1,485 1,684 362 2,081 2,966 -885 Aug... 2,479 3,585 -1,106 +345 -133 +1,975 +1,081 4,418 4,767 610 2,513 1,644 349 3,150 3,715 -566 Sept.. 4,832 3,995 +837 -404 +20 +828 +1,281 5,699 6,080 1,176 3,226 1,679 381 4,915 3,847 +1,068 Oct... 1,881 3,111 -1,230 +10 +160 +98 -962 4,737 5,080 595 2,831 1,654 343 2,046 3,266 -1,220 Nov.. 2,344 3,127 -783 +299 -36 +204 -315 4,422 4,789 517 2,632 1,641 367 2,965 3,426 -461 Dec... 4,191 3,722 +469 -272 -88 +148 +257 4,679 5,033 841 2,557 1,635 354 4,263 4,070 + 193 1950—Jan.. . 3,366 3,323 +44 +2 +589 -265 +370 5,049 5,421 677 2,898 1,847 372 3,485 3,177 +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 +58 Mar... 4,820 3,269 +1,551 -93 +122 -645 +935 6,121 6,438 1,006 3,665 1,766 317 5,162 4,045 +1,117 Apr.,. 1,488 2,847 -1,358 -79 +25 -6 -1,419 4,702 5,074 875 2,543 1,657 373 DETAILS OF TREASURY RECEIPTS On basis of daily statements of UnitedStates Treasury On basis of reports by collectors of internal revenue Income taxes Deduct Individual Corporation income • F o i r s c m al o y n e th ar b p W y l h o e i y e t l e d h m r - s - Other i r n e n c M v t e e e e o l r i l n s u n a - u - s a e l S S t r a o e i x c c ty e i u a s - l c O e r i t p e h - t e s r 5 c T e r o i e p t - a ts l R t e a f o x u f e n s ds e S t m S a m e o x c p e c e u l n i o s r a t i y 6 l t - y c N e r i e e p - t ts W i h n e c it l o d h m - e O ta t x h e e s r N s a u o a n r r n d t m d a p x a r l ofits E p o t r a x a t o n h c x f e d e i e t s r s s s t t a a g E a x n i s t f d e e - t s m la o ta a n i t s x n h e c d e e o e s r u l- s Fiscal year: 1947 10,01319,292 8,049 2,039 5,115 44,508 3,006 1,459 40,043 9,842 9,501 6,055 3,622 779 7,285 1948 11,436 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—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.... 1,310 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 93 1,604 2,103 8 91 674 Apr,... 479 788 629 93 103 2,092 518 86 1,488 DETAILS OF BUDGET EXPENDITURES AND TRUSTACCOUNTS 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 d a e t f i e o n n s a e l e I d n s e t t e b o r t n - f t I i i n n a a n o a n t i a n e n d d - a r c - l e tr m V A a i t e n d i t - o i - s n - a t c A u g u i r r l d e i - - T c t o f r r a e t u a u c o r n n s - s t s ts - Other c N e r i e e p - t ts m v I e e n s n - t- ts 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 1,6404 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 3,666 1,646 4949—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 7 646 562 13 256 97 9 82 Dec 3,722 1,102 1,008 347 515 311 -26 465 48 77 277 68 -25 60 1950—Jan 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 1,061 636 373 578 127 11 483 262 47 311 158 -844 999 Apr 2,847 n,080 184 *>330 499 P217 69 *>468 178 52 238 127 -327 421 p Preliminary. 1 Excess of receipts (+) or expenditures (—). 2 Excluding items in process of collection beginning with July 1947. 8 For description, see Treasury Bulletin for September 1947 and subsequent issues. * Including 3 billion-dollar transfer to Foreign Economic Cooperation Trust Fund from which expenditures are made in later months. 8 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. 8 These are appropriated directly to the Federal old-a^e and survivors insurance trust fund. MAY 1950 561 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 Li i a n b t i e l r i a ti g e e s n , c o y th i e t r e m th s an m Co o m di - - I m nv e e n s t t s - Land, t B u a o r n n e d d s s p d , a e n b y o e a t n b e l - s e , U G . o v S - . v P a r te i- ly Corporation or agency Total Cash L c a e r o b e i a l - v e n - s m p s r t a l i u i a n i e a p e t d s l e - s s , , - G U s ri e o t . c i S v e u . t s - . O s ri e t t c h i u e e - s r 1 s e t m u t a q r r n u e u e d n i c s p t - , - O s a t e h s t - e s r a F g U n u u b t . e a y l S l e r y . - d Other O li i a t t i b h e i e s l r - i m n e e r t e s e n n t r - t - o in w e t s e n t r e - d All agencies: Mar. 31, 1949 22,324 47512,228 674 2,077 3,515 3,049 307 23 884 1,927 19,320 170 June 30, 1949 22,232 51411,770 1,140 2,004 3,508 2,946 351 26 865 1,487 19,682 172 Sept. 30, 1949 22,594 37911,720 1,596 2,069 3,501 2,933 396 28 856 1,074 20,460 177 Dec 31 1949 23,733 44112,733 1,549 2,047 3,492 2,962 509 28 772 1,720 21,030 183 Classification by agency, Dec. 31, 1949 Department of Agriculture: Farm Credit Administration: 368 24 298 43 3 78 1 270 19 Federal intermediate credit banks 546 28 437 74 6 490 4 52 Production credit corporations 63 1 39 22 1 63 Agricultural Marketing Act Revolving Fund 2 1 1 2 57 3 52 2 1 1 55 Rural Electrification Administration 1,343 21 1,300 (3) 22 (3) 1,343 Commodity Credit Corporation 3,212 14 1,612 1,376 53 157 10 997 2,205 Farmers' Home Administration 4 405 85 259 1 3 57 5 400 Federal Crop Insurance Corp 36 31 6 6 31 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 734 23 433 275 3 204 270 96 163 Federal Savings and Loan Insurance Corp. 219 1 214 4 6 213 252 11 230 8 2 1 2 (5) 13 238 Public Housing Administration 8 ... 1,693 17 296 1,352 27 16 1,677 Federal Housing Administration 272 39 20 188 (3) 1 24 15 184 73 Federal National Mortgage Association 833 828 5 10 824 Reconstruction Finance Corporation: Assets held for U. S. Treasury 6 817 2 142 3 610 61 817 Other7 1,025 10 890 80 2 44 70 955 Export-Import Bank 2,203 1 2,179 (3) 23 101 2,102 Federal Deposit Insurance Corp 1,212 1 (3) (3) 1 205 5 8 1 204 Federal Works Agency 167 { 90 68 9 6 161 865 13 (3) 16 830 6 12 853 All other 8 7,407 118 3,806 14 3,385 42 41 11 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 m i 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 A r 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 s r a n ' p n e - . P H A u i o d n b u m g l s i . c - b h F l a o o e n m a d k n . e s R s n C t t e a F i r o 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 i 3 , e 0 s , To aid agriculture 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 i 427 33 462 407 To aid financial institutions: Banks (3) 4 4 4 Other 433 8 442 347 Foreign loans 154 2,187 3,750 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. 8 Less than $500,000. * Includes assets and liabilities of the Regional Agricultural Credit Corporation, which have been reported as "Disaster Loans, etc., Revolving Fund," since the dissolution of that Corporation pursuant to Public Law 38, 81st Congress. 6 Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing program, and Public Housing Administration activities under the United States Housing Act, as amended. 6Assets 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. 562 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction Industrial production contracts Employment • (physical volume) *i awarded (value)2 1939 = 100 Year or month Total 1935- D 39 u f M a r- = c a tu n 1 r u N 0 e 0 - s on- M era in ls - Tot 1 a 9 l 23- R d 2 t e i e 5 a n s l i - = - 1 o 0 A t 0 h l e l r N t a c u g u o r r l a n - i- l - Factory 1 r F p 9 t o 1 o a 3 a l 0 l c r 9 y s y 0 - - « = c 1 F a 9 i = r n r 3 e l g 1 5 o i s g 0 - a 3 * h 0 d 9 t - D 1 u 9 m s = s ( e e 3 t a v p o e ) 5 1 l a * a e n r 0 - l e s r - 3 t 4 0 t 9 - 1 s p 9 u C = r 3 i m o c 1 5 e n 0 e - s - 3 0 r s 3 9 ' W p m c = r 1 s i h o o 9 a c 1 m o d 2 l e e 0 l 6 i s - e 0 t » y durable able Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 88 6 103 7 103 9 120 83 123 8 138 6 1920 75 93 60 83 63 30 90 89.4 104 1 124 2 129 99 143 3 154 4 1921 58 53 57 66 56 44 65 79.7 79.7 80 2 110 92 127 7 97 6 1922 73 81 67 71 79 68 88 84 4 88 2 86 0 121 93 119 7 96 7 1923 88 103 72 98 84 81 86 92.9 100.9 109 1 142 104 121 9 100 6 1924 82 95 69 89 94 95 94 91.7 93.7 101 8 139 104 122 2 98 1 1925 90 107 76 92 122 124 120 94.1 97 0 107 3 146 109 125 4 103 5 1926 96 114 79 100 129 121 135 97.5 98 9 110 5 152 112 126 4 100 0 1927 95 107 83 100 129 117 139 98.0 96.7 108.5 147 113 124.0 95.4 1928 99 117 85 99 135 126 142 98.1 96.9 109 8 148 114 122 6 96 7 1929 110 132 93 107 117 87 142 102.5 103 1 117 1 152 116 122 5 95 3 1930 91 98 84 93 92 50 125 96.2 89.8 94.8 131 108 119.4 86.4 1931 75 67 79 80 63 37 84 87.1 75.8 71 8 105 96 108 7 73 0 1932 58 41 70 67 28 13 40 77.2 64.4 49 5 78 75 97 6 64 8 1933 69 54 79 76 25 11 37 77.5 71 3 53 1 82 73 92 4 65 9 1934 75 65 81 80 32 12 48 84.9 83.2 68 3 89 82 95 7 74 9 1935 87 83 90 86 37 21 50 88 5 88 7 78 6 92 88 98 1 80 0 1936 103 108 100 99 55 37 70 95.1 96.4 91 1 107 100 99 1 80 8 1937 113 122 106 112 59 41 74 101.4 105 8 108 9 111 107 102 7 86 3 1938 89 78 95 97 64 45 80 95.4 90.0 84 7 89 99 100 8 78 6 1939 109 109 109 106 72 60 81 100 0 100 0 100 0 101 106 99 4 77 1 1940 125 139 115 117 81 72 89 105.8 107.5 113.6 109 114 100.2 78.6 1941 162 201 142 125 122 89 149 119.4 132 8 164 9 130 133 105 2 87 3 1942 199 279 158 129 166 82 235 131.1 156.9 241 5 138 150 116 5 98 8 1943 239 360 176 132 68 40 92 138 8 183 3 331 1 137 168 123 6 103 1 1944 235 353 171 140 41 16 61 137.0 178.3 343.7 140 187 125.5 104.0 1945 203 274 166 137 68 26 102 132.3 157.0 293.5 135 207 128.4 105.8 1946 170 192 165 134 153 143 161 136.7 147 8 271 1 132 264 139 3 121 1 1947 187 220 172 149 157 142 169 143 2 156 2 326 9 143 286 159 2 152 1 1948 192 225 177 155 190 162 214 145.9 155.2 351.4 138 302 171.2 165.1 1949 P176 P202 P168 P135 211 192 226 142.0 141.6 325.3 116 '286 169.1 155.0 1948 April 188 186 217 177 147 181 154 202 144.6 153.8 152.3 334.9 130 306 169 3 163.0 !May 192 192 221 178 162 188 165 206 145.3 154.0 151.3 334 4 142 304 170 5 164 2 June . 192 193 222 179 159 201 177 220 145.9 154.9 153.3 345 6 139 306 171 7 166 4 July 186 187 219 169 153 205 187 219 146.3 155.8 153.5 346.5 138 312 173 7 168.8 August 191 194 223 177 159 201 177 220 146.7 155.6 156 3 360 1 142 308 174 5 169 8 September. 192 197 225 178 156 193 165 216 146.8 155.6 158.9 366 8 139 308 174.5 168.9 October 195 199 231 179 158 184 157 206 146.8 155.3 157 6 366 7 140 310 173 6 165 4 November 195 195 229 178 161 189 154 217 146.6 154.5 155.9 362 8 137 291 172 2 164 0 December 192 190 231 173 156 180 145 209 146.2 152.1 153.5 360.7 137 302 171.4 162.4 1949 January 191 187 227 175 149 174 133 207 144.9 149.3 148.9 345 9 131 295 170 9 160 6 February 189 185 225 173 149 169 123 207 144.1 147.6 147.4 340.4 126 284 169.0 158.1 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 9 174 178 199 172 119 246 254 240 142.2 141.3 143.7 335.1 105 289 169.6 153.6 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 '•329.3 115 293 167.5 151.2 1950 January 183 179 209 179 130 242 245 239 140.6 140.2 139.8 329.2 117 282 166.9 151.5 February 181 177 207 180 118 263 260 266 139.6 140.2 139.9 330.1 104 280 166.5 152.7 March *>187 P184 P212 P180 PU3 P269 P268 *>270P141.3P141.3P141.0 «333.8 127 P274 167.0 152.6 April •188 186 "219 178 140 P126 «289 153.0 * Average per working day. * Estimated. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 564-567. For points in total index, by major groups, see p. 586. 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. 571. 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. 573-576. 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. MAY 1950 563 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average =100] 1949 1950 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Industrial Production—Total. 184 179 174 169 161 170 174 166 173 179 183 181 P187 Manufactures—Total 193 184 179 175 168 178 184 176 179 188 192 192 P19S Durable Manufactures . .. 223 212 201 194 185 193 199 175 181 203 209 207 Iron and Steel* 233 219 204 177 156 178 179 102 145 201 203 201 205 Pig iron 221 217 209 189 158 170 171 23 107 198 201 175 175 Steel 264 240 218 182 162 191 193 38 137 239 244 238 243 Open hearth. 202 196 187 167 148 165 168 21 105 194 192 181 180 Electric 706 551 438 293 259 376 373 162 359 557 612 639 691 Machinery 252 240 232 225 217 216 224 226 217 227 '229 237 P243 Transportation Equipment. 240 235 220 240 249 246 252 238 206 211 P217 Automobiles (including parts) 204 203 184 211 225 225 231 216 175 181 r223 183 (Aircraft; Railroad Equipment; Shipbuilding — Private and Government)2 Nonferrous Metals and Products. 183 167 145 133 127 141 157 164 163 '166 179 188 P20O Smelting and refining 210 209 200 193 180 174 175 167 169 174 191 202 P206 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 172 151 123 108 105 128 150 162 161 162 174 183 P197 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products 129 126 126 123 115 126 132 133 147 159 144 150 P155 Lumber.. . 119 118 120 114 104 115 119 116 139 153 132 138 US Furniture. 150 144 139 139 136 148 158 165 163 170 167 173 P174 Stone, Clay, and Glass Products. 195 189 185 186 185 183 183 184 183 187 192 194 P19O Glass products 173 172 181 193 202 192 184 193 184 182 194 195 P191 Glass containers 178 179 189 206 223 204 195 204 193 190 206 '207 201 Cement 208 213 196 195 190 183 189 182 191 206 207 211 Clay products. 171 164 157 152 140 145 146 146 147 150 158 157 Other stone and clay products 2. Nondurable Manufactures... 168 162 161 161 154 165 172 177 177 176 179 180 Textiles and Products 142 129 123 126 120 140 155 169 175 173 178 179 P173 Textile fabrics. , 130 119 114 116 107 127 140 153 157 154 160 162 Cotton consumption 120 111 103 105 87 111 127 134 138 134 144 144 138 Rayon deliveries 275 240 214 217 238 259 294 318 340 350 355 '357 346 Nylon and silk consumption 2 Wool textiles 122 112 118 120 109 134 139 161 158 151 154 159 Carpet wool consumption. . . . 198 171 163 127 91 141 148 178 186 193 '215 215 Apparel wool consumption. . . 107 92 99 110 109 134 138 158 140 136 147 163 Wool and worsted yarn 105 97 106 115 108 129 135 154 144 133 131 139 Woolen yarn 100 101 112 118 113 132 128 141 135 119 119 122 Worsted yarn 112 92 98 HI 102 126 145 174 158 153 148 164 Woolen and worsted cloth.. . . 113 107 116 126 118 136 140 163 166 159 156 155 Leather and Products. 113 106 101 105 96 110 115 108 97 101 108 115 P115 Leather tanning 99 96 95 97 84 91 100 98 92 99 ••95 102 Cattle hide leathers 110 108 109 110 98 104 112 106 100 111 103 112 Calf and kip leathers 80 74 76 75 55 69 77 81 77 88 86 85 Goat and kid leathers 90 80 79 80 71 72 84 85 80 78 85 89 Sheep and lamb leathers 78 76 69 79 70 78 87 93 86 76 80 91 Shoes 123 104 123 125 116 124 P126 113 105 110 115 101 103 Manufactured Food Products. . 162 161 166 167 161 161 P166 162 163 165 165 160 160 Wheat flour 113 109 110 114 112 P109 Cane sugar meltings 2.. . 103 105 120 111 110 105 Manufactured dairy products. 150 154 153 151 151 152 151 146 147 148 148 149 154 Butter 86 86 81 78 82 86 83 86 85 85 '86 94 Cheese 188 199 189 176 171 171 167 162 176 183 185 181 190 Canned and dried milk... 146 161 166 167 173 172 158 140 135 142 135 144 158 Ice cream 2 v Preliminary. r Revised. c Corrected. 1 Methods used in compiling the iron and steel group index have been revised beginning October L949. 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. 564 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average =100] 1949 1950 Industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactured Food Products—Continued Meat packing 153 145 137 141 150 153 158 155 154 157 154 151 160 Pork and lard 167 160 146 150 164 168 181 184 183 185 174 168 184 Beef 155 145 144 144 147 148 146 133 132 137 146 146 150 Veal 111 106 101 114 127 139 134 129 133 125 108 105 108 Lamb and mutton 71 55 58 68 77 80 83 85 81 86 85 77 76 Other manufactured foods 170 171 173 175 168 174 176 175 168 167 168 P174 Processed fruits and vegetables 154 155 156 173 139 151 137 149 134 132 142 136 Confectionery 133 123 126 116 108 134 142 132 127 140 139 Other food products 181 183 185 185 185 187 191 189 183 181 180 183 P184 Alcoholic Beverages 187 164 174 169 165 172 174 167 187 173 169 158 174 Malt liquor.., 176 152 163 161 171 169 166 143 171 172 170 159 172 Whiskey. 106 91 84 60 42 44 69 72 77 83 88 77 75 Other distilled spirits 249 271 285 277 200 292 182 194 149 228 259 214 214 Rectified liquors. . . 295 247 270 267 246 257 314 369 390 240 205 204 268 Tobacco Products 172 162 170 172 146 178 175 165 169 149 162 162 176 Cigars 99 98 98 117 101 111 125 123 120 88 97 102 97 Cigarettes 241 224 236 233 196 242 231 217 226 205 224 222 248 Other tobacco products 68 65 71 69 61 78 76 72 67 66 69 67 72 Paper and Paper Products 151 146 144 143 129 155 169 176 177 167 179 '178 178 Paper and pulp 147 141 139 138 126 148 160 168 168 160 171 172 Pulp 175 166 165 159 147 171 179 192 191 180 198 201 197 Groundwood pulp 95 88 90 94 99 99 104 104 91 98 93 98 94 Soda pulp 106 100 97 80 87 99 102 112 113 107 118 117 112 Sulphate pulp 291 274 273 275 256 302 315 340 336 312 354 360 349 Sulphite pulp 142 135 135 122 104 124 133 144 145 138 148 149 152 Paper. ... 143 138 135 134 122 144 157 164 165 157 167 167 168 Paperboard .. 163 162 162 164 142 184 203 206 210 193 209 205 203 Fine paper 2 Printing paper 155 151 149 142 133 150 161 168 167 166 167 167 173 Tissue and absorbent paper .. 160 152 142 139 141 144 157 170 168 161 175 '170 173 Wrapping paper 138 123 115 117 109 123 136 150 150 145 155 162 163 Newsprint.... . . 99 97 104 105 106 101 96 96 94 94 98 98 102 Paperboard containers (same as Paperboard) Printing and Publishing 153 152 155 149 144 151 159 165 160 159 163 '168 168 Newsprint consumption 151 154 161 156 156 151 156 162 153 152 159 169 163 Printing paper (same as shown under Paper) Petroleum and Coal Products , 213 209 207 202 198 203 208 198 205 219 211 204 no. Petroleum refining 2 Gasoline 169 170 177 177 178 177 179 180 177 180 176 174 P176 Fuel oil 186 169 166 154 159 168 180 182 182 190 192 187 P183 Lubricating oil. 138 126 128 145 132 131 142 152 152 153 149 148 Kerosene 167 157 138 140 142 142 160 177 177 198 207 190 Other petroleum products 2 Coke 178 182 175 159 139 146 145 49 102 158 154 124 146 By-product coke 173 173 169 158 143 150 149 50 104 161 156 127 145 Beehive coke 319 477 385 202 18 33 23 7 23 58 '16 21 186 Chemical Products 245 237 234 233 228 229 236 240 243 '245 '248 247 P247 Paints 139 139 135 134 133 137 139 143 143 141 144 147 P148 Rayon 300 265 259 249 252 257 276 294 316 335 349 355 P35O Industrial chemicals ... 427 417 406 404 392 388 405 414 417 »-422 421 424 P428 Other chemical products 2 Rubber Products 182 177 178 178 175 178 °174 192 187 '193 194 196 P196 Minerals—Total 136 148 145 133 123 129 119 112 141 132 130 118 Fuels 137 148 149 135 126 134 122 120 152 136 133 118 P148 Coal 85 133 136 99 83 102 58 49 130 95 91 43 141 Bituminous coal 93 144 144 104 80 108 60 31 133 103 96 38 149 Anthracite 52 88 105 78 93 82 50 118 117 63 69 65 108 Crude petroleum 163 156 155 153 147 149 154 156 163 157 154 155 Metals 129 145 126 124 105 102 98 59 76 106 '117 117 P116 Metals other than gold and silver 184 210 176 175 144 140 133 63 91 141 160 P158 (Copper; Lead; Zinc)2 Gold ... 50 53 55 52 51 48 50 52 54 55 57 Silver 62 67 68 62 56 52 54 57 63 64 60 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. MAY 1950 565 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Industrial Production—Total. 181 177 174 170 163 174 178 169 174 178 179 177 P184 Manufacturers—Total 190 183 179 176 169 181 188 179 180 186 189 188 P192 Durable Manufactures 221 212 202 195 186 194 200 176 181 201 206 204 P2U Iron and Steel i... 233 219 204 177 156 178 179 102 145 201 203 201 205 Pig iron 221 217 209 189 158 170 171 23 107 198 201 175 175 Steel Open hearth. 2 20 6 2 4 2 1 4 9 0 6 2 1 1 8 8 7 1 1 8 6 2 7 162 1 16 9 5 1 1 1 9 6 3 8 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 2 1 4 8 3 0 Electric 706 551 438 293 259 376 373 21 359 557 612 639 691 Machinery 252 240 232 225 217 216 224 162 217 227 r229 237 v243 Transportation Equipment. 240 235 220 240 249 246 252 226 206 211 '241 211 v217 Automobiles (including parts) , 204 203 184 211 225 231 238 175 181 '223 183 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)2 :.. .. 216 Nonferrous Metals and Products. 183 167 145 133 127 141 157 164 '164 166 179 188 P200 Smelting and refining 210 209 200 192 179 174 175 167 170 175 191 202 P207 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 172 151 123 108 105 128 150 161 162 174 183 P197 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products. 124 126 129 129 121 134 141 138 144 145 130 137 P147 Lumber.. . 110 116 124 124 113 126 132 125 134 132 111 119 P133 Furniture. 150 144 139 139 136 148 158 165 163 170 167 173 Stone, Clay, and Glass Products 185 186 190 188 187 191 193 188 181 181 180 P182 Glass products 173 172 190 191 196 197 188 197 186 172 191 190 P\91 Glass containers 178 179 202 204 214 212 199 210 195 177 »-202 '201 201 Cement . 171 202 206 209 209 207 219 211 206 187 168 160 157 Clay products 163 160 156 151 140 149 151 154 153 154 147 149 P152 Other stone and clay products 2. Nondurable Manufactures... 164 159 160 161 156 170 178 181 178 175 175 175 Textiles and Products 142 129 123 126 120 140 155 169 175 173 178 179 P173 Textile fabrics 130 119 114 116 107 127 140 153 157 154 160 162 P156 R C a o y tt o o n n d c e o l n iv s e u r m ie p s tion 2 1 7 2 5 0 2 1 4 1 0 1 2 1 1 0 4 3 2 1 1 0 7 5 87 2 1 5 1 9 1 2 1 9 2 4 7 3 1 1 3 8 4 3 1 4 3 0 8 3 1 5 3 0 4 3 1 5 4 5 4 '3 1 5 4 7 4 3 1 4 3 6 8 Nylon and silk consumption 2.... . 238 Wool textiles 122 112 118 120 109 134 139 161 158 151 154 159 Carpet wool consumption 198 171 163 127 91 141 148 178 186 193 '215 215 Apparel wool consumption.., 107 92 99 110 109 134 138 158 140 136 147 163 Woolen and worsted yarn 105 97 106 115 108 129 135 154 144 133 131 139 Woolen yarn 100 101 112 118 113 132 128 141 135 119 119 122 Worsted yarn 112 92 98 111 102 126 145 174 158 153 148 164 Woolen and worsted cloth.. . 113 107 116 126 118 136 140 163 166 159 156 155 heather and Products. 113 106 101 104 94 110 114 108 98 101 108 118 P115 Leather tanning 99 96 95 80 90 98 99 95 99 96 109 Cattle hide leathers 110 108 109 105 92 101 110 107 105 111 105 121 Calf and kip leathers 79 72 73 76 55 72 76 83 78 86 T-84 89 Goat and kid leathers.... 89 83 78 81 70 70 84 85 77 79 85 92 Sheep and lamb leathers. 76 75 75 78 65 81 86 93 91 72 74 100 Shoes 123 105 104 115 101 116 124 P126 113 110 123 125 103 Manufactured Food Products. 145 156 172 177 162 149 145 P148 148 165 189 190 156 Wheat flour. 101 111 118 111 114 113 P106 Cane sugar meltings 2 99 115 108 120 104 Manufactured dairy products. 124 160 203 223 222 197 159 121 97 96 95 107 128 Butter 78 89 111 112 96 90 83 72 65 67 71 '76 85 Cheese 170 207 253 250 210 191 171 146 132 132 137 149 171 Canned and dried milk .. 143 182 230 230 201 177 146 113 97 109 109 129 155 Ice cream 2 P Preliminary. r Revised. c Corrected. 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. 566 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactured Food Products—Continued Meat packing 141 134 138 139 140 134 145 155 172 186 183 144 148 Pork and lard 155 146 146 150 144 129 143 173 214 244 229 165 171 Beef 141 136 144 142 149 149 158 145 137 137 149 135 137 Veal 104 104 105 114 127 136 148 147 142 118 100 92 101 Lamb and mutton 70 53 59 63 74 78 89 88 81 84 90 78 74 Other manufactured foods 151 152 157 165 176 203 207 194 175 165 154 P154 P155 Processed fruits and vegetables 85 94 102 133 181 287 267 193 123 103 92 86 P85 O Co th n e f r e c f t o io o n d e p ry roducts 1 1 2 7 3 3 1 1 0 7 2 6 1 9 8 7 1 1 8 8 6 7 1 8 8 9 9 1 19 4 1 4 1 19 8 5 4 1 1 7 9 2 8 1 1 5 9 0 3 •• 1 1 4 8 1 4 1 1 4 7 3 3 in P177 A Icoholic Beverages 173 163 182 190 188 179 179 180 171 151 143 142 162 Malt liquor 163 160 186 203 213 192 168 133 132 138 139 144 160 Whiskey 106 91 84 60 42 44 69 72 77 83 88 77 75 Other distilled spirits 162 162 171 172 116 158 249 503 312 250 168 128 139 Rectified liquors 295 247 270 267 246 257 314 369 390 240 205 204 268 Tobacco Products 163 153 170 179 152 184 185 171 172 138 162 154 167 Cigars 99 98 98 117 101 111 125 123 120 88 97 102 97 Cigarettes 224 209 236 245 206 254 247 225 231 188 224 209 230 Other tobacco products 68 65 71 71 61 75 81 77 69 58 68 65 72 Paper and Paper Products 151 146 144 143 128 155 169 176 177 167 178 179 179 Paper and pulp 148 142 139 138 125 148 160 168 168 160 171 172 172 Pulp 176 167 166 159 145 169 177 191 191 180 198 201 198 Groundwood pulp 102 97 98 95 88 87 93 97 97 99 97 102 101 Soda pulp 106 100 97 80 87 99 102 112 113 107 118 117 112 Sulphate pulp 291 274 273 275 256 302 315 340 336 312 354 360 349 Sulphite pulp 142 135 135 122 104 124 133 144 145 138 148 149 152 Paper 143 138 135 135 122 144 157 164 165 157 166 168 168 Paper board 163 162 162 164 142 184 203 206 210 193 209 205 203 Fine paper 2 Printing paper 155 151 149 142 133 150 161 168 167 166 167 ••167 173 Tissue and absorbent paper 160 153 142 141 136 144 157 172 168 156 173 rl77 173 Wrapping paper 138 123 115 117 109 123 136 150 150 145 155 162 163 Newsprint 99 99 105 106 104 100 96 96 95 92 98 98 102 Paperboard containers (same as Paperboard) Printing and Publishing 156 157 158 148 133 143 159 169 167 162 157 rl66 171 Newsprint consumption 157 163 168 155 134 136 157 171 167 159 147 166 170 Printing paper (same as shown under Paper) Petroleum and Coal Products. . .. 213 209 207 202 198 203 208 198 205 219 211 204 P206 Petroleum refining 2 Gasoline 169 170 111 177 178 177 179 180 177 180 176 174 P176 Fuel oil 186 169 166 154 159 168 180 182 182 190 192 187 P183 Lubricating oil 136 132 133 145 131 129 142 152 152 151 145 146 Kerosene 170 160 140 132 132 136 159 177 182 204 212 199 Other petroleum products 2 Coke 178 182 175 159 139 146 145 49 102 158 154 124 146 By-product coke 173 173 169 158 143 150 149 50 104 161 156 127 145 Beehive coke 319 477 385 202 18 33 23 7 23 58 »76 21 186 Chemical Products 248 239 233 230 225 226 238 245 247 *249 249 250 P250 P R a a i y n o t n s • k . . . . 3 1 0 3 0 9 2 1 6 4 5 0 2 1 5 3 9 9 2 1 4 3 9 8 2 1 5 3 2 2 2 1 5 3 7 5 2 1 7 3 6 8 2 1 9 4 4 3 3 1 1 4 6 1 3 1 3 4 5 1 3 1 4 4 9 1 3 1 5 4 5 5 P P 3 U 5 S 0 O In t d h u er s tr c i h a e l m c i h c e a m l i p c r a o ls d ucts 2 ' 427 417 406 404 392 388 405 414 417 ••422 421 424 P428 Rubber Products 182 177 178 178 175 178 cl74 192 187 *193 194 196 P196 Minerals—Total . 131 146 148 137 128 134 123 112 141 128 125 113 P138 Fuels 137 148 149 135 126 134 122 120 152 136 133 118 P148 Coal 85 133 136 99 83 102 58 49 130 95 91 43 141 Bituminous coal 93 144 144 104 80 108 60 31 133 103 96 38 149 Anthracite 52 88 105 78 93 82 50 118 117 63 69 65 108 Crude petroleum 163 156 155 153 147 149 154 156 163 157 154 155 P151 Metals . .. 93 134 142 150 140 135 128 63 76 81 80 80 P80 Metals other than gold and silver 126 194 207 222 204 196 179 64 87 98 98 P100 P100 Iron ore 110 260 302 340 324 305 267 18 54 72 71 64 63 (Copper; Lead; Zinc)2 Gold 44 47 48 49 50 53 57 61 62 57 54 Silver . ' 64 67 68 60 55 51 55 57 64 64 61 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. MAY 1950 567 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] 1950 Industry group or industry Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total 11,924 11,746 11,535 11,459 11,378 11,439 11,578 11,188 11,180 -11,390 11,484 11,485 11,572 Durable goods 6,392 6,260 6,092 6,041 5,978 5,985 6,046 5,620 5,690 '5,906 ••5,989 5,972 6,048 Primary metal industries 1,057 1,028 1,001 976 948 937 938 556 739 ••946 '958 972 978 Fabricated metal products 722 702 690 686 688 698 708 674 663 678 686 692 703 Machinery except electrical 1,102 1,061 1,009 972 948 936 940 927 913 924 931 955 977 Electrical machinery 579 560 543 521 521 517 534 - 543 538 ••551 '555 565 571 Transportation equipment 1,017 1,009 958 998 1,014 1,012 1,010 983 898 890 '980 879 890 Lumber and wood products 666 666 672 679 669 669 677 686 692 ••685 '651 663 675 Furniture and fixtures 271 269 264 261 261 266 276 280 279 285 286 294 295 Stone, clay, and glass products.. 423 416 416 407 406 4iO 412 409 409 410 405 410 410 Instruments and related products 182 181 178 178 176 170 171 172 172 170 172 171 172 Miscellaneous manufacturing industries 350 345 340 342 328 352 362 372 370 350 '348 354 359 Ordnance and accessories 23 23 21 21 19 18 18 18 17 17 17 17 18 Nondurable goods 5,532 5,486 5,443 5,418 5,400 5,454 5,532 5,568 5,490 '5,484 '5,495 5,513 5,524 Textile-mill products 1,133 1,095 1,092 1,083 1,096 1,114 1,143 1,168 1,172 1,169 1,164 1,166 1,166 Apparel and other finished textiles 1,020 1,029 1,001 999 992 1,030 1,061 1,051 1,023 1,020 1,024 1,035 1,030 Leather and leather products... 351 348 344 348 349 354 352 347 330 '340 345 349 350 Food and kindred products. 1,176 1,180 1,189 1,186 1,175 1,165 1,173 1,180 1,149 1,145 1,160 1,157 1,163 Tobacco manufactures 88 86 88 89 88 88 87 84 84 85 85 81 81 Paper and allied products...... 382 377 376 373 374 375 386 390 389 384 381 382 385 Printing, publishing and allied industries 496 497 496 496 492 491 497 495 •"495 '494 '491 493 499 Chemicals and allied products.. 503 493 481 473 467 470 480 483 478 477 473 478 480 Products of petroleum and coal. 190 191 188 187 185 185 186 185 188 187 187 186 184 Rubber products 193 190 188 184 182 182 167 185 182 183 185 186 186 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 11,904 11,616 11,324 11,337 11,211 11,561 11,775 11,368 11,289 11,504 11,451 11,464 11,551 Durable goods 6,417 6,262 6,057 6,022 5,894 5,947 6,060 5,651 5,719 '5,961 '6,001 5,986 6,072 Primary Metal Industries 1,062 1,028 991 971 934 932 938 559 743 '955 '963 977 983 Blast furnaces, steel works and rolling mills 552 545 534 523 506 498 499 131 325 '507 '511 513 Nonf errous smelting and refining, primary... 47 47 45 45 42 42 39 38 41 43 46 Nonf errous rolling, drawing and alloying 78 71 67 64 62 64 67 70 63 73 74 75 Fabricated Metal Products 729 706 683 679 671 688 708 677 666 688 693 699 710 Cutlery, hand tools and hardware 125 121 117 114 109 111 114 116 116 119 121 124 Heating apparatus and plumbers' supplies 108 103 97 94 92 100 110 116 113 111 108 112 Fabricated structural metal products 160 157 156 156 155 155 156 129 134 142 141 140 Machinery except Electrical 1,108 1,066 1,014 977 939 927 935 922 908 929 936 960 982 Agricultural machinery and tractors 153 151 148 145 140 140 140 128 125 131 133 138 Metalworking machinery... 171 167 161 156 150 147 149 148 146 146 147 149 Special-industry machinery 140 135 124 123 122 119 117 117 117 117 Service-industry and household machines 135 127 108 105 99 98 102 108 109 119 124 132 Electrical Machinery 585 560 538 518 505 507 531 548 546 r559 561 571 577 Electrical apparatus (generating, etc.) 227 220 209 200 196 197 201 203 202 '208 '208 211 Communication equipment. 196 189 185 181 176 173 182 193 200 '201 202 206 Transportation Equipment 1,017 1,012 955 995 1,014 998 1,017 986 898 896 '980 879 890 Motor vehicles and equipment 646 649 601 646 670 678 686 666 582 585 '677 574 Aircraft and parts. 192 192 187 187 192 185 191 188 184 184 185 184 Ship and boat building and repairing 98 93 92 88 86 80 74 69 71 69 66 68 Lumber and wood products 659 659 672 686 676 686 684 689 692 r682 r641 650 668 Sawmills and planing mills.. 385 389 399 410 407 415 416 414 413 404 381 384 Millwork, plywood, etc 94 94 92 94 92 95 95 98 101 102 101 101 Furniture and fixtures 274 268 259 257 253 263 277 284 283 289 289 297 298 Household furniture 195 191 183 181 179 187 199 206 207 211 212 218 Stone, Clay, and Glass Products.. 423 416 414 409 400 412 414 411 411 412 403 408 410 Glass and glass products... 107 105 106 105 101 107 107 108 108 107 106 108 Structural clay products... 73 73 73 73 72 72 72 71 70 71 '69 68 Instruments and Related Products. 183 181 177 176 170 169 172 174 174 173 172 172 173 Miscellaneous Manufacturing Industries 354 343 333 333 313 347 366 383 381 r361 '346 356 363 Ordnance and Accessories 23 23 21 21 19 18 18 18 17 17 17 17 18 ' 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 March 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. 568 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Nondurable goods. 5,487 5,354 5,267 5,315 5,317 5,614 5,715 5,717 5,570'5,543 '5,450 5,478 5,479 Textile-mill Products 1,150 1,100 1,087 1,083 1,058 1,092 1,132 1,168 1,184 1,187 1,176 1,183 1,183 Yarn and thread mills . . . 144 134 133 132 127 133 140 144 147 149 149 149 Broad-woven fabric mills. 558 530 526 525 518 530 547 565 572 574 567 571 Knitting mills 211 207 202 203 200 211 219 227 230 227 223 223 Apparel and Other Finished Textiles 1,051 1,008 956 959 942 1,040 1,082 1,083 1,028'1,040 '1,0341,066 1,061 Men's and boys' suits, coats and overcoats 137 134 118 122 116 131 133 129 118 127 '130 135 Men's and boys' furnishings 242 241 239 236 221 235 246 252 251 ••247 '242 245 Women's and misses' outerwear 318 289 257 258 263 306 319 308 280 '296 '303 315 Leather and Leather Products.. , 358 348 332 339 342 356 354 349 332 348 356 357 Footwear (except rubber) . 234 228 216 223 226 234 230 224 208 '224 232 235 Food and Kindred Products . . 1,069 1,071 1,095 1,153 1,224 1,350 1,340 1,273 1,185 1,139 1,078 1,056 1,056 Meat products 226 217 221 226 227 229 230 236 242 251 244 232 Dairy products 103 108 115 122 122 116 110 104 99 96 95 97 Canning and preserving. 110 125 131 169 220 339 322 232 160 136 117 109 Bakery products 185 186 188 192 191 194 196 199 195 190 186 188 Beverage industries 149 140 148 152 169 165 157 149 146 141 135 134 Tobacco Manufactures. 85 82 82 84 82 91 94 92 89 87 85 81 79 Paper and Allied Products 386 377 372 369 365 371 384 392 393 390 385 386 389 Pulp, paper and paperboard mills . . . 201 196 194 192 188 191 197 200 201 200 199 199 Printing, Publishing and Allied Industries . 496 495 494 494 485 486 495 500 500 r501 *493 495 499 Newspapers 139 140 141 142 141 141 144 144 145 145 143 146 Commercial printing 164 163 162 164 162 161 162 166 165 168 167 164 Chemicals and Allied Products 511 495 476 464 453 458 478 488 485 484 480 485 487 Industrial inorganic chemicals . 55 53 53 52 51 50 50 52 51 '51 51 52 Industrial organic chemicals . . , 157 148 142 139 136 135 140 141 143 144 144 144 Drugs and medicines 61 61 60 60 59 60 61 62 62 62 62 59 Products of Petroleum and Coal. 187 188 188 189 189 190 189 185 188 185 184 183 181 Petroleum refining 149 149 149 150 150 150 149 148 148 146 145 144 Rubber Products 194 190 185 181 177 180 167 187 186 187 187 187 187 Tires and inner tubes . 89 89 87 86 82 81 64 81 81 82 83 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 Mar. Jan. Feb. Mar. Mar. Jan. Feb. Man Mar. Jan. Feb. Mar. Manufacturing—Total 54.74 '56.29 56.37 56.57 39.1 39.7 39.7 39.7 1.400 '1.418 1.420 1.425 Durable goods 57.83 59.40 59.47 59.97 39.5 40.0 40.1 40.3 1.464 '1.485 1.483 1.488 Primary metal industries. 61.70 '63.79 63.60 63.00 39.0 39.5 39.7 39.3 .582 .615 1.602 1.603 Fabricated metal products 57.35 59.82 59.87 59.79 39.5 '40.2 40.4 40.4 .452 .488 1.482 1.480 Machinery except electrical 60.85 '61.57 62.74 63.38 39.9 '39.8 40.4 40.6 .525 .547 1.553 1.561 Electrical machinery 56.50 '58.52 58.52 59.22 39.1 40.5 40.5 40.9 .445 .445 1.445 1.448 Transportation equipment 63.19 '67.99 66.16 67.58 38.6 '40.4 39.5 40.2 .637 .683 1.675 1.681 Lumber and wood products 50.21 48.18 50.88 51.69 40.3 39.3 40.0 40.1 .246 .226 1.272 1.289 Furniture and fixtures 48.87 •51.21 52.08 52.38 39.6 41.2 41.6 41.7 .234 .243 1.252 1.256 Stone, clay, and glass products 54.18 '55.56 55.98 56.38 39.9 40.0 40.3 40.5 .358 .389 1.389 1.392 Instruments and related products 55.18 56.49 56.68 57.28 39.7 39.7 39.8 40.0 .390 .423 1.424 1.432 Miscellaneous manufacturing industries. 50.17 51.66 51.58 51.95 40.2 40.3 40.2 40.4 .248 .282 1.283 1.286 Ordnance and accessories 57.90 60.70 60.88 61.33 39.6 40.2 40.4 40.7 .462 .510 1.507 1.507 Nondurable goods. 51.07 52.78 53.06 52.90 38.6 39.3 39.3 39.1 .323 .343 1.350 1.353 Textile-mill products 44.19 '47.36 47.80 47.35 37.2 39.4 39.6 39.2 .188 .202 1.207 1.208 Apparel and other finished products.... 43.41 '42.81 44.43 43.40 36.3 '36.1 36.6 36.2 .196 .186 1.214 1.199 Leather and leather products 42.56 42.86 43.93 44.04 37.5 37.7 38.1 37.8 .135 .137 1.153 1.165 Food and kindred products 52.80 •54.98 54.17 54.50 40.9 41.4 40.7 40.7 .291 .328 1.331 1.339 Tobacco manufactures 36.21 39.22 38.55 38.27 36.1 38.0 36.3 35.8 .003 .032 1.062 1.069 Paper and allied products 54.45 57.52 57.72 57.58 41.0 42.2 42.5 42.4 .328 .363 1.358 1.358 Printing, publishing and allied industries 69.56 70.39 70.41 71.39 38.6 38.4 38.0 38.3 .802 .833 1.853 1.864 Chemicals and allied products 57.51 60.01 59.88 60.05 40.9 41.3 41.1 41.1 .406 .453 1.457 1.461 Products of petroleum and coal 70.92 '73.87 71.90 72.00 40.0 '40.7 39.9 39.8 .773 .815 1.802 1.809 Rubber products 55.43 '60.40 60.67 59.58 37.0 39.4 39.6 39.2 1.498 .533 1.532 1.520 'Revised. NOTE.—Data are for production and related workers, Figures for March 1950 are preliminary. Back data are available from the Bureau of Labor Statistics. MAY 1950 569 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURE ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- ning co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade » Finance Service l Sta l t o e c , al and 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 14,146 932 2,156 3,977 9,438 1,763 4,781 5,813 SEASONALLY ADJUSTED 1949—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 '42,710 ••13,922 940 2,131 '3,930 '9,426 1,788 '4,762 5,811 1950—January ••42,569 14,017 '865 '2,109 '3,901 '9,363 1,782 4,748 5,784 February 42,271 14,023 609 2,084 3,872 9,350 1,785 4,769 5,779 March 42,795 14,120 934 2,091 3,905 9,398 1,789 4,782 5,776 UNADJUSTED 1949—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 '43,694 14,031 940 2,088 '3,930 10,156 1,770 '4,738 6,041 1950—January ••42,151 13,981 '859 1,919 '3,868 '9,273 1,773 4,701 5,777 February 41,687 13,999 600 1,855 3,839 9,179 1,776 4,697 5,742 March 42,323 14,091 927 1,903 3,872 9,262 1,789 4,710 5,769 ' 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. March 1950 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Year or month in T p s o o t p t i a t u u l l t a n i t o i o o n n n a - l T l f a o o b r t c o a e r l Total Employed l Unem- l N ab o o t r in f or 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—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 March. 110,442 63,021 61,675 57,551 50,877 6,675 4,123 47,422 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. 570 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 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 January 483.0 730.9 159.1 343.5 43.6 37.7 62.6 60.6 38.1 63.5 77.6 73.5 102.0 152.1 February 568.5 779.5 193.1 361.5 37.8 27.9 58.8 58.3 44.7 58.0 80.6 121.4 153.5 152.5 March 747.6 1,300.2 251.8 574.7 66.2 161.5 88.4 88.6 60.4 96.3 112.4 154.3 168.4 224.9 April... 845.9 307.2 43.8 92.0 68 4 112 2 222 4 May 885.4 351.3 51.5 68.5 76.0 124.6 213.5 June . ... 949.9 375 0 45 4 70.9 81 4 138 3 239 0 July . • 947.8 344.8 41.5 73.4 91.2 144.2 252 7 August 911.0 398.7 41.1 64.4 72.9 99.6 234.3 September 1,071.7 503 5 38.0 103.9 78 6 124 5 223 1 October 1,061.8 500.7 48.9 82.8 83.6 141.8 204.0 November 957.8 435.2 35.9 58.6 62.3 109.3 256.4 December 929.0 419.1 64.8 60.7 66.9 110.8 206.8 Year 10,359.3 4,239.4 558.6 885.0 824.4 1,375.9 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 t.L95 Mar. Feb. Mar. March 690 748 181 282 509 466 April 874 846 236 319 638 527 May 971 885 298 369 673 517 Boston 67,979 45,946 39,188 June 935 950 338 375 597 574 New York 195,726 152,269 145,142 July 963 948 335 410 628 537 Philadelphia 78,956 34,417 42,402 August.... 854 911 276 316 579 595 Cleveland 99,931 71,185 82,298 September. 762 1,072 259 289 503 783 Richmond 152,339 97,517 71,578 October 779 1,062 262 332 517 730 Atlanta 239,937 87,814 82,449 November. 611 958 199 316 413 642 Chicago 185,528 131,046 109,514 December.. 694 929 278 299 416 630 St. Louis 71,460 39,231 43,935 Minneapolis 36,589 16,945 32,462 Year.... 9,430 10,359 3,107 3,718 6,323 6,641 K Da a l n l s a a s s City 1 6 0 4 7 , , 0 7 0 4 8 8 3 6 4 8 , , 7 36 9 2 8 3 6 4 4 , , 3 3 3 1 8 3 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Total (11 districts) 1,300,201 779,530 747,619 [In millions of dollars] Title ILoans Mortgages on INSURED FHA HOME MORTGAGES (TITLE II) HELD IN Year or month Total m p P e r i e r o m r o n t v y p - t e - x - s S h c t t o m r i o o u m n a n c - l e - l 1 h f ( a - o T m I u t D i o s t i l l e y e 4 s - h R g ( o T a e r I u o n n I i s ) t u d 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 - n s 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 la 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 4 1 9 7 4 1 2 1 1 5 1 8 6 2 2 7 1 4 9 6 7 5 1 (3 1 ) 3 6 7 2 6 53 0 8 1 7 3 4 3 End of month Total b C m a c 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 t o n s i n a o g o d n s c 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 r e e a d s n l - x - Other8 1945 666 171 219 4 272 1946 755 321 (*) 347 3 85 1947 1,787 534 (3) 446 808 1936—Dec 365 228 8 56 41 5 27 1948 3,338 614 7 880 1,836 1937—Dec 771 430 27 110 118 32 53 1949 43,821 594 13 1,855 7 1,339 1938—Dec 1,199 634 38 149 212 77 90 1949— A J J M M u u p a a l n r y y r e i c l h .. . 3 3 2 2 2 8 1 6 7 83 2 7 9 9 3 4 3 4 4 5 4 5 9 0 ( ( 3 3 ) ) 1 1 1 1 1 1 1 3 3 2 4 5 5 0 7 3 1 1 1 1 1 1 0 3 0 1 8 2 4 9 3 1 1 1 1 1 1 9 9 9 9 9 3 4 4 4 4 9 0 3 2 1 — — — — — D D D D D e e e e e c c c c c . . 3 3 3 2 1 , , , , , 1 6 6 4 7 0 2 2 0 9 7 6 0 9 3 1 1 1 1 , , , , 1 4 6 7 9 6 6 6 0 0 2 5 9 5 2 1 2 2 1 8 5 3 3 7 6 6 6 0 1 2 2 2 2 1 9 7 2 5 9 2 6 4 4 2 1 1 , ,0 1 3 5 7 3 3 4 4 8 2 4 2 2 9 2 2 2 1 4 0 3 5 7 5 1 4 3 9 1 1 1 1 1 7 5 3 6 5 9 0 3 3 9 A S O e u c p t g o t u e b s m e t r ber.. 3 3 3 5 0 8 6 9 3 6 5 6 5 5 0 3 2 2 1 1 1 7 8 6 2 8 3 (s) 1 1 8 2 2 4 8 6 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 5 6 8 0 2 26 8 9 4 1 1, , 0 1 7 1 2 9 6 7 8 3 1 1 5 4 0 0 N De o c v e e m m b b e e r r . .. . 4 4 3 3 7 2 1 3 5 7 8 1 2 1 0 8 6 9 9 6 0 7 1945— D Ju e n c e 3 3 , , 3 1 2 5 4 6 1 1 , , 5 5 7 0 0 6 2 2 6 6 5 3 2 2 6 5 4 3 1 1 , , 0 0 4 0 7 0 4 1 3 3 1 1 3 2 4 2 1950—January 4337 57 228 51 February... 4 329 44 203 73 1946—June 3,102 1,488 260 247 974 11 122 March '353 44 209 00 88 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 undei 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- iThe RFC Mortgage Company, the Federal National Mortgage tary installations under Title VIII, enacted Aug. 8, 1949. Association, the Federal Deposit Insurance Corporation, and the and N O d T o E n . o — t F ta ig k u e re a s c c r o e u p n re t s o e f n t p r g i r n o c s i s p a in l s r u e r p a a n y c m e e w n r ts it t o e n n p d r u e r v i i n o g u s t l h y e in p s e u ri r o e d d Un 2 i I te n d c lu S d ta in te g s m H o o r u tg s a in g g e c C o o m rp p o a r n a ie ti s o , n f . inance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title. II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. MAY 1950 571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports 2 Exc<2ss of exports Month 1946 1947 1948 1949 1950 1946 1947 1948 1949 1950 1946 1947 1948 1949 1950 January 798 1,114 L,092 1,104 P746 394 531 547 590 P623 405 583 545 '515 P123 February 670 1,146 1,085 L,043 *#73 318 437 589 567 P600 352 709 496 477 P173 March 815 1,326 1,139 1,177 P867 385 445 675 633 P663 431 882 464 544 P204 April 757 1,294 1,121 V1,166 406 512 532 P535 351 782 590 P631 May 851 1,414 L ,103 V1,092 393 474 554 *541 457 940 549 P552 June 878 1,235 1.014 V .105 382 463 625 »526 496 772 389 P579 July 826 1,155 1,019 P899 431 450 564 *456 395 705 456 P442 August 883 1,145 992 P880 422 400 606 P491 461 745 386 P389 September.... 643 1,112 926 P906 377 473 560 P531 266 639 365 P375 October 537 1,235 1,023 P853 394 492 600 P557 142 743 423 i»296 November 986 1,141 823 P837 478 455 554 P593 508 687 269 P244 December .. . 1,097 1,114 1,318 P944 529 603 720 P605 567 511 598 P339 Jan.-Mar 2,284 3,586 3,315 3,325 P2,386 1,096 1,412 1,810 1,789 P1,886 1,188 2,174 1,505 1,535 P500 P Preliminary. r Revised. 1 Including both domestic and foreign merchandise. Beginning January 1948, recorded exports include shipments under the Army Civilian Supply Program for occupied areas. The average monthly value of such unrecorded shipments in.1947 was 75.9 million dollars. 2 General imports including merchandise entered for immediate consumption and that entered'for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers, 1935-39 average = 100] RAILROADS For- Mis- Mer- [In millions of dollars] Total Coal CokeGrain 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 - Annual ucts ous l.c.1. r o r e p a T v i e e o l r w n t a a u t a i l e y n s g e r x a T p i o l e w t n a a s l e y s o r i p a n N i e c l r o w e a m t t a i y e ng in N co e m t e 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 1941 130 123 168 112 91 139 183 136 100 Annual 1942 . . .. 138 135 181 120 104 155 206 146 69 1939 3,995 3,406 589 93 1943 137 138 186 146 117 141 192 145 63 1940 4,297 3,614 682 189 1944 140 143 185 139 124 143 180 147 67 1941 5,347 4,348 998 500 1945 135 134 172 151 125 129 169 142 69 1942 7,466 5,982 1,485 902 1946 132 130 146 138 129 143 136 139 78 1943 ". 9,055 7,695 1,360 873 1947 143 147 182 150 107 153 181 148 75 1944 9,437 8,331 1,106 667 1948 138 141 184 136 88 149 184 146 68 1945 8,902 8,047 852 450 1949 116 100 145 142 77 123 151 127 57 1946 7,628 7,009 620 287 1947 8,685 7,904 781 479 SEASONALLY 1948 9,672 8,670 1,002 699 ADJUSTED 1949 P8.580 P7.893 P687 P438 1949—January 131 130 189 125 79 129 175 141 60 February.... 126 124 187 113 75 112 185 136 61 SEASONALLY March 120 79 174 139 77 117 236 138 60 ADJUSTED April 127 129 188 138 76 119 215 132 59 May 124 130 173 150 73 123 215 126 59 1949—February.. 740 688 51 20 June 115 98 150 156 70 122 182 122 58 March. 722 663 59 26 July 110 79 118 177 70 117 177 120 55 April 742 689 53 21 August 117 103 123 138 77 125 160 127 57 May 737 676 61 29 September. . . 105 60 130 125 79 121 145 125 52 June 748 677 71 38 October 92 42 54 153 85 124 28 111 54 July 701 650 51 19 November. .. 117 131 96 152 75 137 42 119 54 August. . . 697 659 38 5 December. . . 115 97 148 131 72 134 146 127 52 September. 685 633 52 19 October... 623 592 31 0 1950—January 117 97 151 119 70 118 169 133 52 November. 708 636 72 39 February.... 104 46 122 113 65 119 156 130 52 December. 712 632 81 49 March 127 139 143 126 67 123 134 134 53 1950—January... 689 629 60 29 UNADJUSTED February.. 638 606 32 P2 1949—January 120 130 198 125 76 116 44 129 57 February.... 117 124 198 111 60 107 46 128 58 UNADJUSTED March. 111 79 175 128 61 117 68 131 61 April 125 129 184 121 68 119 228 130 60 1949—February.. 676 '645 31 5 May 125 130 171 132 66 128 267 127 59 March.. .. 739 674 65 41 June 119 98 147 159 54 127 282 126 57 April 747 682 65 40 July 115 79 115 212 60 117 284 121 55 May 741 683 58 32 August 120 103 119 149 73 131 240 128 57 June 735 674 61 42 September. .. 114 60 128 140 104 130 218 135 55 July 701 650 50 27 October 99 42 53 153 131 131 35 121 56 August. . . 743 677 66 39 November. . . 120 131 96 149 95 135 51 124 55 September. 695 631 64 38 December 107 97 155 123 69 119 45 120 50 October... 649 602 47 24 November. 705 629 76 54 1950—January 107 97 158 119 68 106 42 122 49 December. 711 642 69 82 February.... 96 46 130 111 52 115 39 122 51 March 120 139 144 116 53 123 39 127 54 1950—January... 657 624 33 11 February.. 585 570 15 P-9 NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Associa- p Preliminary. p Revised. tion of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce NOTE.—Descriptive material and back figures may be ob- Commission. tained from the Division of Research and Statistics. Basic data compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. 572 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 New Phil- Boston York adel- phia SALESi 1945 207 176 169 184 1946 264 221 220 235 1947 . 286 234 239 261 1948 302 239 249 284 1949 '286 234 233 271 SEASONALLY ADJUSTED 1949—March 279 208 '223 272 April 293 251 242 274 May .. . 291 243 234 271 June 285 242 236 269 July 280 227 222 261 August 283 234 234 268 September 289 241 238 277 October 276 211 223 260 November. . . 277 234 227 267 December 293 239 237 276 1950—January 282 244 229 267 February 280 229 '220 276 March i»274 P216 217 263 UNADJUSTED 1949—March 254 194 '210 249 April 295 256 237 284 May 287 241 230 277 June 268 232 224 256 July 218 155 155 188 August 238 173 171 201 September 299 248 243 280 October 293 234 243 279 November 339 292 293 355 December 481 418 401 472 1950—January 216 185 183 197 February 224 177 '183 207 March P257 P207 209 255 STOCKSi 1945 166 153 160 150 1946 213 182 195 191 1947 255 202 225 220 1948 291 223 241 252 1949... 270 210 221 233 SEASONALLY ADJUSTED 1949—March 282 226 '234 238 April 278 223 230 244 May 273 219 224 240 June 265 207 218 232 July 256 193 213 224 August 253 183 204 216 September 263 195 213 232 October 270 206 216 231 November 273 219 221 231 December 271 228 227 1950—January 272 223 227 February 279 222 224 M^arch P284 233 231 UNADJUSTED 1949—March 287 219 '240 April 285 218 237 May 277 216 227 June 256 199 206 July 245 188 189 August 254 192 204 September 274 210 225 October 297 232 244 November 305 249 255 December 244 205 207 1950—January 244 198 200 February 268 209 217 March P289 226 237 3S 3S Ot oC oC o« 3S 3S *P C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a hi g - o Lo S u t i . s 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 - 201 235 275 193 227 185 229 275 248 257 292 344 250 292 247 287 352 311 281 304 360 275 314 273 311 374 337 303 321 386 290 335 288 326 404 353 281 307 374 271 317 275 '309 385 332 279 '295 365 266 309 267 301 '391 '328 301 303 389 277 321 292 314 374 334 295 315 376 275 335 273 309 384 340 281 311 368 262 314 266 309 385 335 274 326 377 258 325 261 304 387 329 269 304 360 275 326 269 299 374 333 279 306 367 283 332 276 312 374 326 259 295 376 258 309 278 301 387 337 266 305 367 262 300 267 299 371 319 283 311 382 281 330 293 322 403 339 290 300 376 274 282 246 300 396 316 271 '299 383 262 300 284 301 409 '323 270 P288 P374 265 297 249 P298 389 321 254 '275 339 239 287 241 280 '352 289 304 309 393 280 327 295 311 377 332 292 310 365 277 328 279 306 373 323 265 287 323 262 283 255 284 331 314 214 236 294 212 254 211 249 310 280 234 243 324 228 280 242 275 333 313 282 328 381 297 335 307 328 404 331 274 314 395 271 331 314 325 414 339 332 378 426 324 378 310 347 442 358 465 541 642 438 504 438 '505 662 565 215 218 285 205 232 188 228 313 251 217 234 322 204 252 210 244 327 '273 256 P283 P359 241 285 228 2277 362 291 156 198 188 159 166 165 158 190 183 205 248 258 205 225 212 209 251 238 243 289 306 246 274 266 259 320 300 277 322 362 281 314 326 301 389 346 256 301 339 260 296 299 276 362 323 285 305 348 264 323 300 '288 370 342 260 315 335 266 321 305 283 369 331 267 303 336 265 296 301 276 363 320 249 311 325 257 280 301 268 357 313 228 302 319 253 267 283 263 354 302 229 295 319 250 264 290 264 349 309 242 295 337 252 280 296 258 356 334 252 305 347 265 298 298 278 366 325 258 295 352 261 308 305 284 365 329 262 295 352 253 309 292 '276 351 321 256 291 357 264 288 304 283 353 322 269 307 350 262 321 308 283 364 343 237 276 324 353 264 326 P307 P296 362 355 250 282 314 365 275 314 312 '294 '393 335 254 265 329 352 273 321 310 292 388 337 245 269 309 332 268 296 302 281 363 331 218 244 280 312 247 280 291 268 336 315 202 228 282 300 233 278 290 257 333 311 212 242 298 316 242 287 287 259 346 308 241 264 309 347 259 311 301 263 367 334 265 287 339 379 288 333 313 298 384 346 266 279 327 395 298 329 331 313 405 365 204 219 267 306 237 259 270 246 323 293 202 224 267 321 238 248 279 257 328 294 229 251 299 354 254 289 296 278 357 323 249 273 334 371 274 317 P302 384 348 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. MAY 1950 573 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Per cent change Ratio of Index numbers from a year ago stocks to without seasonal adjustment (value) sales * 1941 average monthly sales=100 2 Num- Department r b s e t e p o r o re o r s t f - Sale p s e r d io u d ring m ( S e t o n o d n c t k o h s f ) February Sale p s e r d io u d ring Sto o c f k m s o at n t e h nd ing Feb. Two Feb. 1950 1949 1950 1949 1950 m 1 o 9 n 5 t 0 hs 1950 1950 1949 Feb. Jan. Feb. Feb. Jan. Feb. GRAND TOTAL—entire store 3 351 A -5 3.7 3.5 MAIN STORE—total 351 -3 -4 -1 3.9 3.8 153 164 159 592 554 593 Piece goods and household textiles 313 -18 -12 +3 4.4 3.5 147 261 180 647 616 626 Piece goods 288 -28 -26 -5 4.0 3.0 195 194 271 775 691 813 Ho S W C D L B u i i o l o l s o n a k e t m o e n s t h o l n , k e o e n s s e v n l t d t e a i y s y c l n , a v t s a d e r c e — r d x o d t t s t m o m i , g g l w o e f a u o o s o e n s o r l d l d d t s i s e n s s r s s y , , n s a t h h n e e d e t t i s i c n p s g r . e s ads 3 2 2 2 1 1 1 0 4 7 4 7 9 8 6 0 2 5 6 6 7 - - - - 3 2 2 1 - - 9 7 2 7 2 5 - - - 3 2 + 2 - -5 6 0 4 0 2 ? + + - + + - - 1 7 4 1 8 7 3 4 3 4 3 4 4 4 5 . . . . . . . 9 9 0 1 7 8 3 3 3 2 4 3 4 4 . . . . . . . 0 0 2 8 4 0 5 2 1 1 1 1 1 1 2 6 2 0 9 2 3 4 9 3 7 4 6 4 2 4 2 2 2 1 1 3 8 0 2 7 9 8 0 1 3 8 1 4 9 3 2 2 1 1 1 1 0 4 4 1 3 5 3 6 9 8 5 5 9 0 6 8 5 6 5 7 5 8 5 4 7 0 4 7 5 7 1 9 6 7 4 5 8 6 5 5 6 5 8 8 7 6 6 3 4 6 0 0 8 5 2 0 6 4 8 5 5 5 7 8 9 9 0 3 8 4 7 7 9 5 6 0 6 Small wares 341 -5 -4 +3 4.1 3.8 144 148 151 587 575 565 Laces, trimmings, embroideries, and ribbons... 206 -12 — 12 -3 4.4 4.1 150 137 169 669 570 687 Notions 239 -7 -4 +3 4.1 3.7 169 193 183 697 672 662 Toilet articles, drug sundries 323 0 -1 0 3.9 3.9 122 133 122 479 484 475 Silverware and jewelry. . . . 314 -10 -9 +5 5.3 4.6 139 127 153 733 701 691 Silverware and clocks 4 214 -8 -10 +4 6.5 5.8 Costume jewelry 4 272 -14 -11 +9 3.4 2.8 Fine jewelry and watches 4 76 -6 -7 +4 9.6 8.7 Art needlework 241 -13 -10 +1 3.8 3.3 155 191 178 591 576 572 Books and stationery 271 +1 +1 +7 3.3 3.1 165 156 163 538 550 501 Books and magazines 137 -4 -4 +6 2.7 2.4 153 151 159 418 444 386 Stationery 221 +5 +4 +9 3.5 3.4 162 154 155 576 593 535 Women's and misses' apparel and accessories 348 -10 -10 +1 3.4 3.0 145 153 162 497 441 487 Women's and misses' ready-to-wear accessories. 348 —7 -7 +5 3.9 3.4 140 139 151 549 491 515 Neckwear and scarfs 308 -5 -6 0 2.8 2.7 188 170 198 530 449 519 Handkerchiefs 283 -14 -14 +3 4.0 3.4 113 100 131 455 439 445 Millinery 165 -5 -4 +11 1.9 1.6 125 104 132 241 160 213 Women's and children's gloves 325 -8 -10 5.2 4.7 100 99 109 520 459 518 Corsets and brassieres 335 -9 -7 +1 3.6 3.2 191 220 212 681 634 673 Women's and children's hosiery 343 -4 -4 0 2.4 2.0 116 108 121 277 255 243 Underwear, slips, and negligees 341 -14 -13 +14 4.0 3.3 133 137 155 537 498 502 Knit underwear 254 -4 -6 +6 3.6 3.2 166 176 172 605 581 539 Silk and muslin underwear, and slips 284 -21 -18 +10 4.6 3.5 119 133 150 542 526 525 Negligees, robes, and lounging apparel 249 -15 -15 +2 3.3 2.5 122 127 143 400 401 357 Infants' wear. 324 -5 -5 +11 3.8 3.4 181 184 191 697 617 662 Handbags and small leather goods 330 -5 -4 +5 3.3 3.0 118 103 124 394 341 362 Women's and children's shoes 242 -2 -2 +6 6.1 5.7 150 153 153 923 815 857 Children's shoes 4 212 -4 -6 +6 6.8 6.0 Women's shoes 4 219 j -1 +10 6.0 5.6 Women's and misses' ready-to-wear apparel. .. 348 -14 -13 +5 2.9 2.6 150 168 174 442 389 459 Women's and misses' coats and suits 336 -15 -15 -4 2.6 2.4 177 207 208 461 393 502 Coats 4 206 -21 -20 -9 2.4 2.3 Suits4 201 -7 -6 -14 2.6 2.5 Juniors' and girls' wear 314 -12 -13 -4 3.2 2.9 162 152 184 523 436 529 Juniors' coats, suits, and dresses. ... 287 -14 -15 -2 2.6 2.4 172 177 202 445 403 472 Girls' wear 311 -9 -10 -6 4.1 3.7 157 133 172 650 505 630 Women's and misses' dresses 339 -15 -13 +3 2.4 2.2 144 157 169 355 308 383 Inexpensive dresses 4 248 -17 -14 -4 2.1 1.8 Better dresses 4 261 -12 -11 -10 2.8 2.8 Blouses, skirts, and sportswear 338 -10 -11 -4 3.2 3.0 173 184 192 553 499 577 Aprons, housedresses, and uniforms 287 -15 -11 2.8 2.3 140 174 164 391 360 377 Furs 266 -20 -23 tf 5.3 4.0 65 103 81 344 348 330 Men's and boys' wear 326 -2 -5 +4 5.4 5.1 119 133 122 649 598 622 Men's clothing 253 -1 -4 5.7 5.7 127 173 128 728 676 733 Men's furnishings and hats 310 -4 -6 +8 4.7 4.2 116 113 121 551 514 508 Boys' wear 298 -4 -6 +9 6.4 5.7 110 106 114 708 585 654 Men's and boys' shoes and slippers 189 +4 +2 6.8 7.1 120 132 115 815 763 809 Housefurnishings 317 +13 +10 -7 3.8 4.6 199 190 177 756 733 805 Fu M rn a i t t t u r r e e s s a e n s d , s b p e r d in d g in s g and studio beds 4 2 1 4 6 1 5 + +1 1 5 3 + + 1 1 2 4 - - 8 2 3 1 . . 4 8 4 2 . . 1 1 210 186 187 704 693 756 Upholstered and other furniture 4 172 +12 +_11 -7 3.7 4.4 Domestic floor coverings 272 -1 -12 4.7 5.3 171 176 172 808 754 896 Rugs and carpets 4 152 -2 -3 -11 4.8 5.3 Linoleum 4 99 -10 -12 -13 5.2 5.4 Draperies, curtains, and upholstery. . 296 -3 -3 +7 5.0 4.5 151 148 155 753 681 702 Lamps and shades. 247 +1 +1 +5 3.6 3.4 176 180 174 636 624 607 China and glassware 249 +2 +2 7.0 7.2 141 140 138 984 951 987 Major household appliances 247 +24 +18 -29 2.8 4.9 208 210 168 578 555 808 ' Housewares (including minor appliances) 262 -2 -1 -1 4.2 4.2 201 203 205 845 800 853 Gift shop 4 167 +3 +4 +7 5.6 5.4 Radios, phonographs, television, records, etc.4. 230 +109 +82 -17 1.6 4.0 Radios, phonographs, television 4 180 +158 +121 -21 1.2 3.8 Records, sheet music, and instruments 4. . . . 132 -5 o -10 4.5 4.8 Miscellaneous merchandise departments 314 -4 -5 -3 3.5 3.4 138 134 144 486 542 504 Toys, games, sporting goods, and cameras 287 -3 -3 -2 7.6 7.6 75 57 77 575 556 581 Toys and games 234 -1 0 -1 7.4 7.4 58 31 59 430 401 424 Sporting goods and cameras 143 -7 -4 7.8 7.6 79 66 84 613 533 633 Luggage 259 -11 -10 0 5.4 4.9 129 147 145 712 712 698 Candy 4 191 -9 -8 -6 1.3 1.2 For footnotes see following page. 574 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Per cent change Ratio of Index numbers from a year ago stocks to without seasonal adjustment (value) sales * 1941 average monthly sales=100 2 Department b s N t e o u r r m o es - f Sale p s e r d io u d ring m ( S e t o n o d n c t k o h s f ) February Sale p s e r d io u d ring Sto o c f ks m o at n t e h nd reporting 1950 1949 1950 1949 F 19 e 5 b. 0 m T 1 o 9 w n 5 o t 0 hs F 19 e 5 b. 0 1950 1949 Feb. Jan. Feb. Feb. Jan. Feb. BASEMENT STORE—total 200 -10 -11 +5 3.1 2.7 137 149 152 425 379 403 Domestics and blankets ^ 135 -12 -8 +7 3.5 2.9 Women's and misses' ready-to-wear 196 -13 -14 +2 2.6 2.2 138 143 159 352 307 343 Intimate apparel ^ 171 -11 -11 +6 2.9 2.4 Coats and. suits * 185 -20 -21 -9 2.4 2.1 Dresses * y 177 -16 -16 +3 1.8 1.4 * Blouses skirts and sportswear * 163 -12 -14 0 2.4 2.1 Girls' wear ^ 125 -7 -9 +4 3.4 3.1 Infants' wear ^ 118 -4 -6 +8 3.4 3.1 Men's and boys' wear 160 -4 -7 +10 3.9 3.4 135 140 140 521 469 465 ]Vten's wear ^ 136 -4 -6 +8 3.6 3.2 Helen's clothing * 94 -5 -5 +7 3.6 3.2 IMen's furnishinsrs * 118 -4 -8 +11 3.6 3.1 Boys' wear ^ 119~ -4 -9 +16 4.8 4.0 Housefurnishings 104 -3 -4 +3 3.1 3.0 153 144 158 481 437 465 Shoes . . 124 -3 -5 +3 5.0 4.7 105 112 109 522 476 512 NONMERGHANDISE—total K . . 172 -2 -2 (5) (5) (5) Barber and beauty shop ^ 75 +1 +5 (5) (5) (5) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 573. 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 STORES1 [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 o r n n d n u d d e t t i r - h o n s ) f g June 1 1 5 2 9 . . 4 . . . 8 . . . . . 3 2 0 8 4 2June 1 1 4 1 94 .. 9 .. . . 2 2 5 8 9 8 Dec. 1 1 4 1 9 . 4 . . . 8 . . . . . . 5 4 6 8 4 5 Dec. 1 1 3 0 94 .. 9 .. . .5 4 4 4 2 9 19... ..310 18 .285 18.... .576 17.... .584 1939 average 128 344 26... . .262 25.... .247 25.... .473 24 .541 1940 average 136 353 108 July 3... ..265 July 2.... .238 31.... .197 1941 average 156 419 194 10... . .217 9 .201 1949 1942 average 179 599 263 17.. ...236 16.... .213 1950 1943 average 204 509 530 24... ..231 23.... .207 Jan. 1 .204 1944 average 227 535 560 31... ..235 30.... .209 8.... .272Jan. 7 .205 1945 average 255 563 729 Aug. 7... ..261 Aug. 6 .228 15.... .244 14.... .233 1946 average 318 715 909 14.. .. .258 13.... .218 22.... .230 21 .230 1947 average 337 826 552 21... ..271 20.... .252 29.... .218 28.... .222 1948 average 352 912 465 28.. .. .255 27.... .252 Feb. 5 .229Feb. 4.. . ..226 1949 average 333 859 350 Sept. 4... ..308 Sept. 3 .295 12.... .238 11.... .238 1949—March 321 r921 313 11... ..285 10.... .273 19.... .227 18.... .231 April 348 908 238 18.. ...337 17.... .315 26.... .232 25.... .221 May 322 874 207 25... ..319 24.... .292 Mar. 5.... .244Mar. 4.... .244 June 313 806 283 Oct. 2... ..327 Oct. 1.... .302 12.... .256 11 .253 July 234 756 390 9.. ...336 8.... .297 19 .261 18.... .264 August.... 283 799 410 16... ..331 15.... .290 26.... .277 25.... .279 September. 334 861 501 23... ..344 22.... .296 Apr. 2.,. ..301Apr. 1 .301 October. . . 343 952 444 30... ..319 29 .298 9 .320 8.... .320 November. 397 990 350 Nov. 6... ..320 Nov. 5 .315 16.... .314 15.... .254 December. 583 788 296 13... ..346 12.... .318 23.... .266 22.... .279 20.. ...371 19.... .342 30 .286 29.... .283 1950—January 254 787 391 27.. .. 347 26 .330 May 7 .334May 6 February.. 245 853 393 14 285 13 March.... P321 P917 P326 21 ... .280 20 28.... .275 27 v Preliminary. r Revised. 1 These figures are not estimates for all department stores in the United States. NOTE.—For description of series and for back figures, see BULLETIN Back figures.—Division of Research and Statistics. for September 1944, pp. 874-875. MAY 1950 575 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] M 19 a 5 r 0 . F 19 e 5 b 0 . T m 1 h 9 o r 5 s e 0 . e 1 M 95 a 0 r. F 19 e 5 b 0 . T m 1 h 9 o r 5 e s 0 . e 1 M 95 a 0 r. F 19 e 5 b 0 . T 1 h 9 r 5 e 0 e 1 M 9 a 5 r 0 .F 19 e 5 b 0 . T m 1 h o 9 r 5 s e . 0 e United States. -1 *Cleveland-cont. Chicago +1 -4 -2 Kansas City— B N N P W S P A N N B D N E B B B o a B p o r l o e l o i u e r e i s o m o y b n a r r i w o s t w w w f d i v o t r a g g t f s n i l c o g a n n a n i r t a h a Y g d H e n o a l r e y . t r Y a n o . k f e s o a n p o . m i a d A o ! . t n w e o r . 1 e v . r F k c t r l r . r n k o d e e e t a . * . n C . . a . n l . . , , l . i s . t . . . . y .. l P+ + + + + + + + + - - 7 6 1 3 5 7 5 9 1 8 4 0 0 0 0 - - - - - - - - - - - - - - - - 1 1 1 2 9 6 5 3 8 8 1 2 2 6 6 7 1 6 0 2 - - + + + - - - - - - - - - - - 1 1 6 4 5 3 3 2 2 4 3 2 4 3 3 2 3 0 0 R W L W W N P H R C G E B C R H A C i i y r c a h o i a o r s a u h t h i a c i e h l n h l l t a r n e g ' e s n h t e u s e f l c e r m i s h i o e s e x m b n m t m l v h g t ' e i l l i r o u v o t i i n b h k o n b s s o o l n n i n r g l u t n t i l g n r g g e o - l a d o t e r d e , S , h t o n g W w o , i a n N , * . S n l n . S e . . V . . . 1 m . C . . . . C C . a . . . . . . . . . . . . P + + + + + + + + + + + - - - - 5 1 1 3 2 4 7 1 1 1 9 2 2 9 2 6 1 0 + - + + + 1 + + - - - - - - 1 9 5 6 6 7 4 0 1 3 1 5 5 1 + + + + + + - - - - - - - - - 1 2 5 5 4 6 3 2 3 7 1 3 9 9 5 1 0 0 S L F T F L L P G F C D D M G M E I t n . e l o a o o e i v h r r e e i d i a t o n e a r u r r a n l s t i t L d i r t t w e r n l s c i n r t a e e i s i o i M n o a d s W S n a s a n v i u v g o i H u a m g i R J B t o R i i l n o a p k J s l l a i o i a 1 y e l o e a . t n u e y c h n e l p e t i k e e i s 1 * s i d . » 1 . * . . . K , s . . . . . , . , , , , , . . , , , p — - + + + + + + + + - - 1 - - 5 5 4 3 1 2 3 2 3 1 1 7 1 0 0 0 1 + - - - - + + + 1 - - - - - 1 1 1 - - - - - 4 9 2 2 8 1 6 2 4 5 3 3 2 1 0 6 4 9 1 - + + + - - 1 - - - - - - - - - - - 4 2 4 9 6 5 3 3 1 4 2 2 2 4 2 2 1 ^ S D O O T F S S T F L C D H P L B a a c a h r h o u o u o o m a k a n o e o l n r o n r c l s k r l l l u s e s n t a l a a p s e e g n a A a A v s h h o u s n u r F W s o t s e a o n B n n i s o f r x p i m x g t i o e a n e o C o e a r n 1 l a i n r l t h d c t e c h . i h r o C s i . 1 i s . s * i c . t t 1 o . i y . . . . . . . . . . . . + - + + + + + + + + + + + + - 1 2 5 3 7 1 1 5 5 5 1 1 4 6 9 0 3 + r + - - + + + + + + + + + - 1 1 2 6 6 1 2 5 5 4 2 4 7 6 6 3 1 0 0 - + + + + + + + + + - - - - — 2 1 1 2 3 5 8 4 7 5 4 5 5 9 4 4 -t Poughkeepsie... +6 -15 -6 Atlanta P+6 +3 +3 Quincy , -1 +1 +1 Oakland and Rochester x -4 -3 Birmingham x.. +4 -6 -4 East St. Louis +4 +4 +3 Berkeley x +4 -1 Schenectady. .. -12 -8 Mobile P+4 2 +1 St. Louis J —3 -4 2 Riverside and Syracuse1 +2 -2 -1 Montgomery 1.. +6 -4 -2 St. Louis Area -2 -3 -2 San Bernardino +6 +8 +6 P C L W T T P Y S U R Y A C C C C h l o p h o a r o e l e a i k t o i i e e n r i u n i l a v n l l l r c i r l e v u n a k c o n c n d e a t k a d e m d i t o e a l n g g i d i n o o a l n e s s n f s e a b n n n * i - g t l l i n t e e p B u a * p d J l d o r * h t s d h a i » w i * 1 r i a * a r * n . e . . . 1 » » . . . . . . . . . . + + + + + + + + + - - - 1 4 3 4 6 1 1 1 1 7 2 2 9 0 0 0 + - - + — - - - - - - - - — - 1 1 1 3 7 5 3 1 2 4 4 4 7 7 4 1 2 0 0 7 + + + - - - - - - - - - - 6 3 3 6 6 3 5 1 4 1 2 1 4 0 J O A A T S N J N C M R M C K B M B a a a a o h r e r o u a a t n c c a e i v l l i w s t l m a a g o m k k a a s c r u o a h m t i x u t n s o n s m n t d n p o e v O o o v s a d n t i . i n l i a a t n n i n b o a R . l r a i l x a 1 l v l u n o l 1 x e h o e e i s . o a l u i J l g n . g e a . s e . * x J . * . . . . . . . . . . . + + + + - + + + + + + + + + + + 1 2 1 1 1 0 8 2 2 3 1 9 5 8 6 7 5 2 4 0 0 0 e + + + + + + + + + + + + - - - - 1 2 2 2 3 1 4 2 9 2 7 7 7 2 2 5 5 0 + + + + + + + + + + - - - 1 - - 1 2 1 2 5 6 3 8 1 3 7 6 3 2 2 2 0 0 0 K M S T M S D P W J S L M D H K a o S p u t t o i i a u u e . . n n e p i n i r u e p n n c t i n m l c l s J P n p b n c e u h n i s o a o v n e e l g h k a p a e i t o l s s r a t e f h s a i n u h a a i e i n p r - o p e i l p C s . s 1 o l r o . d h o C l x . l i i . i n . t . s 1 i s y . . . t . . . . . y . * . . . , . . . . . . . , P - - - ( + 1 - - - - 1 - - 1 - - 2 6 8 3 1 7 5 3 1 2 ) 0 2 0 0 0 + + + + + + + - - - - - - - - 1 5 3 9 4 9 1 4 4 6 5 3 8 6 2 4 0 ( + + - - - - - - - - - - - 2 3 5 1 1 2 2 8 1 4 1 1 ) 2 1 0 * S S S S S S V P S S S T Y B B E N N a t a a a a a o p e a a o e v a o n n n c n l a r l c o l i k a a e t c l l s r t t t o e k m i i l p a k r e F J a D L t n m a j m e a l m o t o a r g p a n e i a o a R n t a a 1 e s h k a i n d e t n n e g a e 1 o x a e n d 1 . 1 c 1 n o s . m . t i C d a o . s x . . c i x x t . . o . . y x . . . . . x . . . . K . . . + - + + + + 1 11 5 2 5 2 0 + + + - + + + + + + + — - + - 1 1 1 3 2 6 9 9 9 1 1 1 3 4 1 2 2 6 2 1 + - - + + + + + - + - - — - 1 1 1 1 1 3 1 4 5 1 1 1 2 4 1 0 6 0 P Preliminary. r Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located 2 Data not available. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average =100] Fuel, elec- Year or month All items Food Apparel Rent r t e r f i r c i i g ty er , at a i n o d n fur H ni o s u h s in e gs Miscellaneous 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1933 . 92.4 84.1 87.9 100.7 100.0 84.2 98.4 1940 100.2 96.6 101.7 104.6 99.7 100.5 101.1 1941 105.2 105.5 106.3 106.2 102.2 107.3 104.0 1942 116.5 123 9 124 2 108.5 105.4 122 2 110 9 1943 123.6 138.0 129.7 108.0 107.7 125.6 115.8 1944 125.5 136.1 138.8 108.2 109.8 136.4 121.3 1945 128 4 139 1 145 9 108.3 110.3 145 8 124 1 1946 139.3 159.6 160.2 108.6 112.4 159.2 128.8 1947 159.2 193.8 185.8 111.2 121.2 184.4 139.9 1948 171.2 210.2 198.0 117.4 133.9 195.8 149.9 1949 169 1 201 9 190 1 120.8 137.5 189 0 154.7 1949—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 March 167.0 196.0 185.0 122.9 140.9 185.4 155.0 Back figures.—Bureau of Labor Statistics, Department of Labor. 576 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All Manu- Year, month, or week m c t o i o e m d s i - - F p u r a c o r t m d s - Foods Total l H e p u a a r i c n o t d h t d d e s e - s r T p u e r x c o t t d s il - e li m g F r a h i a u n a t t e d i l e s n l - g M m p u a r e e c n o t t t d d a a s l - l s B m r i u i a n a i t g l l e d s - - c C a a p u h l l r s l c e o i t m e a d s d n - i d - H g n f o o i i u n s u o r g h d s - - e s - n c M e e o l i l s u a - s - m R ri a a a t w l e s - t p u u f r a c r o c e t d - s d - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 97.5 94.5 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 84.3 88.0 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 65.6 77.0 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 55.1 70.3 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 56.5 70.5 1934 74.9 65.3 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 68.6 78.2 1935 80.0 78.8 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 77.1 82.2 1936 80.8 80.9 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 79.9 82.0 1937 86.3 86.4 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 84.8 87.2 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 72.0 82.2 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 70.2 80.4 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 J.5 77.3 71.9 81.6 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84 94. 82.0 83.5 89.1 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95 102. 89.7 100.6 98.6 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94.9 102 92.2 112.1 100.1 1944 104.0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 95.2 104.3 93.6 113.2 100.8 1945 105.8 128.2 106.2 99.7 118.1 100.1 84.0 104.7 117.8 95.2 104.5 94.7 116.8 101.8 1946 121.1 148.9 130.7 109.5 137.2 116.3 90.1 115.5 132.6 101.4 111.6 100.3 134.7 116.1 1947 152.1 181.2 168.7 135.2 182.4 141.7 108.7 145.0 179.7 127.3 131.1 115.5 165.6 146.0 1948 165.1 188.3 179.1 151.0 188.8 149.8 134.2 163.6 199.1 135.7 144.5 120.5 178.4 159.4 1949 155.0 165.6 161.6 147.3 180.4 140.4 131.7 170.2 193.3 118.6 145.2 112.3 163.9 151.2 1949—March. . . 158.4 171.5 162.9 150.7 180.4 143.8 134.3 174.4 200.0 121.1 148.0 115.7 167.3 154.1 April 156.9 170.5 162.9 148.9 179.9 142.2 132.0 171.8 196.5 117.7 147.0 115.6 165.8 153.0 May 155.7 171.2 163.8 146.8 179.2 140.5 130.1 168.4 193.9 118.2 146.2 113.5 165.9 151.5 June 154.5 168.8 162.4 145.6 178.8 139.2 129.9 167.5 191.4 116.8 145.1 111.0 164.5 150.7 July 153.5 166.2 161.3 145.0 177.8 138.0 129.9 167.9 189.0 118.1 143.0 110.3 163.2 149.7 August... 152.9 162.3 160.6 145.0 178.9 138.1 129.7 168.2 188.2 119.7 142.9 109.8 161.3 149.4 September 153.6 163.1 162.0 145.3 181.1 139.0 130.0 168.2 189.4 117.7 142.9 109.6 162.0 150.1 October. . 152.2 159.6 159.6 145.0 181.3 138.0 130.5 167.3 189.2 116.0 143.0 109.0 160.3 149.1 November 151.6 156.8 158.9 144.9 180.8 138.0 129.9 167.3 189.6 115.9 143.4 109.7 160.4 148.1 December. 151.2 154.9 155.8 145.5 179.9 138.4 130.5 167.8 190.4 115.3 144.2 110.7 159.5 148.0 1950—January. . 151.5 154.7 154.8 145.8 179.3 138.5 131.4 168.4 191.6 115.7 144.7 110.0 159.8 148.2 February. 152.7 159.1 '156.7 145.9 179.0 138.2 '131.3 168.6 192.8 115.2 145.0 110.0 162 .4 149.0 March. . . 152.6 159.4 155.5 146.0 179.6 137.3 131.4 168.4 193.9 116.3 145.3 110.7 162.7 148.8 Week ending:1 1950—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 Mar. 28. . 152.1 158.5 155.9 145.6 136.1 130.5 169.6 192.9 116.6 Apr, 4. . 152.0 157.6 156.0 145.6 135.8 130.3 169.6 193.0 117.3 Apr. 11.. 152.1 157.9 155.0 145.7 135.6 130.1 169.7 193.1 117.5 Apr. 18. . 152.2 157.5 155.0 146.1 135.6 130.5 170.0 193.8 117.2 Apr. 25. . 153.7 160.8 157.8 146.5 135.3 130.7 170.3 194.3 117.0 1949 1950 1949 1950 Subgroups Subgroups Mar. Dec. Jan. Feb. Mar. Mar. Dec, Jan. Feb. Mar, Farm Products: Metals and Metal Products: Grains 162. 160.9 160.2 161.3 165.4 Agricultural mach. & equip. 144.2 143.1 •143.0 143.1 143.2 Livestock and poultry 195. 167.0 170.5 179.9 180.3 Farm machinery 146.7 145.7 145.7 145.7 145.7 Other farm products 158. 145.0 142.6 144.9 144.2 Iron and steel 168.3 165.4 167.3 168.7 168.8 Foods: Motor vehicles 175.2 176.7 176.5 175.6 175.1 Dairy products 154. 154.4 148.8 147.5 144.8 Nonferrous metals 168.4 129.2 128.6 128.1 127.2 Cereal products 146. 144.6 144.3 144.8 145.6 Plumbing and heating 155.3 154.6 151.7 148.7 151.9 Fruits and vegetables 151. 132.5 •134.3 '138.2 134.9 Building Materials: Meats 214. 193.5 194.5 '201.6 200.0 Brick and tile 162 A 161.9 163.5 163.2 163.2 Other foods 126. 132.6 131.0 '129.6 129.8 Cement '133.9 134.5 134.8 134.9 134.9 Hides and Leather Products: Lumber 294.7 285.2 287.5 292.1 295.9 Shoes 187. 184.3 184.3 184.3 184.3 Paint and paint materials.. 162.3 139.3 139.0 138.6 137.3 Hides and skins 181. 192.8 189.0 1-88.2 190.4 Plumbing and heating 155.3 154.6 151.7 148.7 151.9 Leather 178. 178.1 177.6 176.6 177.9 Structural steel 178.8 185.2 191.6 191.6 191.6 Other leather products 145. 141.1 143.1 143.1 143.1 Other building materials... 178.3 169.2 170.5 171.1 171.8 Textile Products: Chemicals and Allied Products: Clothing 147. 144.0 143.9 143.1 143.5 Chemicals 118.4 114.6 114.7 114.7 115.4 Cotton goods. 180. 178.4 178.7 178.4 176.5 Drugs and Pharmaceuticals 142.4 121.6 121.5 121.4 121.9 Hosiery and underwear 101. 98.4 98.5 98.6 98.0 Fertilizer materials 119.6 117.9 117.4 116.9 117.3 Silk 50. 49.9 50.1 50.1 49.1 Mixed fertilizers 108.3 106.5 104.6 103.5 103.5 Rayon 41. 39.6 39.6 39.9 39.9 Oils and fats 129.3 118.2 122.7 120.9 125.6 Woolen and worsted goods... 161. 146.9 147.0 147.2 146.3 Housefurnishing Goods: Other textile products 184. 171.5 171.7 170.3 166.9 Furnishings 153.9 151.2 '151.5 151.8 152.2 Fuel and Lighting Materials: Furniture 142.1 137.0 137.8 138.1 138.1 Anthracite 137. 139.3 139.3 139.3 141.9 Miscellaneous: Bituminous coal 195. 194.1 196.2 196.7 198.0 Auto tires and tubes 64.6 64.3 64.3 64.3 64.3 Coke 222, 222.2 222.2 223.7 224.7 Cattle feed 209 192.3 179.3 177.3 193.7 Electricity 67. 69.6 68.9 Paper and pulp 167.2 156.0 155.9 155.6 155.5 Gas 92, 87.2 85.0 87.4 Rubber, crude 40.0 37.8 39.1 41.1 41.3 Petroleum products 115. 108.5 109.4 109.4 108.6 Other miscellaneous 125.6 121.1 120.5 120.4 120.4 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. MAY 1950 577 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 Annual totals Seasonally adjusted annual rates by quarters 1948 1949 1929 1933 1939 1941 1946 1947 1948 1949 4 1 2 3 4 Gross national product 103 8 55 8 91 3 126 4 212 6 235 7 262 4 257 4 270 3 262 0 257 9 254 6 255 2 Less: Capital consumption allowances 8.8 7.2 8.1 9.3 11.9 13.7 15.7 16.8 16.4 16.4 16.9 16.9 17.2 Indirect business tax and related liabilities. 7.0 7.1 9.4 11.3 17.3 18.7 20.3 21.2 20 7 20.6 21.2 21.8 21.4 Business transfer payments .6 .7 .5 .5 .6 .6 .6 .6 .6 .6 .6 .6 .6 Statistical discrepancy — .1 1.2 1.4 1.6 4.2 1.0 -.3 -2.5 -1.3 .0 -1.3 -5.0 n.a. Plus: Subsidies less current surplus of government enterprises -.1 .5 .1 .9 .1 .3 .3 .3 .3 .3 Equals: National income 87.4 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 Kxcess of wage accruals over disbursements. .0 .0 .0 .0 .0 .0 .0 .0 .1 .1 — .3 .0 .0 Plus: Government transfer payments .9 1.5 2.5 2.6 10.8 11.1 10.5 11.6 9.9 11.2 11.7 11.9 11.8 Net interest paid by government 1.0 1.2 1.2 1.3 4.4 4.4 4.4 4.7 4.5 4.5 4.6 4.7 4.7 Dividends 5.8 2.1 3.8 4.5 5.8 7.0 7.9 8.4 8.3 8.3 8.2 8.1 8.9 Business transfer payments .6 .7 .5 .5 .6 .6 .6 .6 .6 .6 .6 .6 .6 Equals: Personal income .... 85.1 46.6 72.6 95.3 176.9 193.5 211.9 209.8 216.6 212.0 210.0 298.2 209.3 Less: Personal tax and related payments 2.6 1 5 2 4 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 4 1 2 3 4 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 Pr S o u p p r p ie le t m or e s n ' ts a n to d w re a n ge t s a l a i n n d c s o a m la e r i 3 es 19. . 7 6 7. .5 2 14 2 . . 7 1 2 2 0 . . 6 8 4 5 1 . . 6 2 4 5 5 . . 3 1 4 5 9 . . 0 5 4 5 4 . . 5 8 4 5 9 .7 0 4 5 7 . . 4 1 4 5 5 . . 5 1 4 5 3 .1 5 4 5 3 . . 6 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 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. Corporate profits before tax 9.8 .2 6.5 17.2 23.6 31.6 34.8 28.8 34.5 29.4 26.4 28.9 n.a. Corporate profits tax liability 1.4 .5 1.5 7.8 9.6 12.5 13.6 11.4 13.6 11.5 10.6 11.4 n.a. Corporate profits after tax 8.4 — .4 5.0 9.4 13.9 19.1 21.2 17.3 20.9 17.9 15.8 17 5 n.a. Inventory valuation adjustment .5 -2.1 — .7 -2.6 -5.2 -6.0 —2.2 2.6 1.2 2.2 4.3 3.3 .7 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. 578 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 Annual totals Seasonally adjusted annual rates by quarters 1948 1949 1941 1946 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 56.5 56.9 Gross private domestic investment 15.8 1.3 9.9 18.3 29.5 31.1 45.0 34.7 48.0 40.0 33.2 32.1 33.7 New construction 1 7.8 1.1 4.9 6.8 10.3 13.8 17.9 17.3 17.9 16.8 16.4 17.4 18.7 Producers' durable equipment 6.4 1.8 4.6 7.7 12.5 17.2 20.7 19.7 21.2 20.7 20.0 19.6 18.7 Change in business inventories 1.6 -1.6 .4 3.9 6.7 .1 6.5 -2.3 9.0 2.5 -3.2 -5.0 -3.7 Net foreign investment .8 .2 .9 1.1 4.7 8.9 1.9 .0 1.0 1.0 1.2 -.3 -2.0 Government purchases of goods and services 8.5 8.0 13.1 24.7 30.7 28.8 36.7 43.4 40.3 42.3 44.2 43.2 43.7 Federal 1.3 2.0 5.2 16.9 20.8 15.7 20.9 25.4 23.4 25.2 26.4 25.0 25.0 W No a n r war \ 1.3 2.0 3 1 . . 9 3 1 3 3 . . 2 8 2 2 1 . . 5 2 1 17.0 21.5 25.8 23.8 25.5 26.7 25.8 25.2 State L a e n ss d : l G oc o a v l ernment sales 2 () 5.9 7.9 7.8 9 2 . . 9 9 1 1 3 . . 3 1 15 . . 6 8 18. . 0 4 16. . 9 3 17 . . 3 1 .3 18.2 18 . . 2 8 17.8 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Wage and salary disbursements Less em- Pro- dends Trans- Non- Per- ployee Other prietors' and fer agricul- Year or month in s c o o n m al e re T c o e t i a p l ts4 Total m C o o d m it - y Distrib- Service Gov- b c u o f t n o io t r r n i- s in l c a o b m or e5 in re c a n o n m t d al e6 in s p t o e e n r r a e - l st m p e a n y t - s7 in t c u o r m al e8 burse- produc- indus- indus- ern- social income ments ing in- tries tries ment insurdustries ance 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .1 .5 19.7 13.3 1.5 76.8 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .2 .4 7.2 8.2 2.1 43.0 1937 74.0 45.4 45.9 18.4 13.1 6.9 7.5 .6 .5 15.4 10.3 2.4 66.5 1938 68.3 42.3 42.8 15.3 12.6 6.7 8.2 .6 .5 14.0 8.7 2.8 62.1 1939. 72.6 45.1 45.7 17.4 13.3 6.9 8.2 .6 .5 14.7 9.2 3.0 66.3 1940 78.3 48.9 49.6 19.7 14.2 7.3 8.5 .7 .6 16.3 9.4 3.1 71.5 1941 95.3 60.9 61.7 27.5 16.3 7.8 10.2 .8 .6 20.8 9.9 3.1 86.1 1942 122.7 80.7 81.9 39.1 18.0 8.6 16.1 1.2 .7 28.4 9.7 3.2 109.4 1943 150.3 103.6 105.4 49.0 20.1 9.5 26.8 1.8 .9 32.8 10.0 3.0 135.2 1944 165.9 114.9 117.1 50.4 22.7 10.5 33.5 2.2 1.3 35.5 10.6 3.6 150.5 1945 171.9 115.3 117.7 45.9 24.7 11.5 35.6 2.3 1.5 37.5 11.4 6.2 155.7 1946 176.9 109.4 111.5 46.0 30.8 13.7 20.9 2.0 1.6 41.2 13.2 11.4 158.5 1947 193.5 120.2 122.3 54.3 35.2 15.2 17.5 2.1 1.8 45.1 14.8 11.7 173.5 1948 211.9 133.1 135.2 60.4 39.2 16.6 19.1 2.1 2.0 49.5 16.2 11.1 188.8 1949 209.8 133.5 135.7 57.3 40.2 17.2 21.0 2.2 2.1 44.8 17.2 12.2 191.4 1949—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 17.4 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 218.1 133.7 136.5 57.1 40.1 17.6 21.7 2.8 2.2 46.5 17.4 18.3 198.7 FebruaryP 219.,1 133.5 136.2 56.5 40.1 17.8 21.8 2.7 2.2 43.9 17.4 22.1 202.8 P Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts, and other business transfers. 8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Same as preceding page. MAY 1950 579 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit Noninstalment credit E o n r d m of o n y t e h ar co c T n r s o e u t d a m i l t er i c T m n r s o e e t t d n a 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 g n l s 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 1,197 643 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—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 9,899 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—January 18,344 10,836 6,174 3,179 2,995 4,662 7,508 3,003 3,506 999 February P 18,139 10,896 6,212 3,256 2,956 4,684 7,243 3,001 3,233 1,009 March? 18,328 11,103 6,341 3,367 2,974 4,762 7,225 3,003 3,209 1,013 ^Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Total m b C a e o n rc m k i s a - l 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 al s s 2 - p I a c n t l n o o r d i i a m u a e n l s s - - 2 u C n r i e o d n i s t l 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 a o s a a p n u 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 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 m a u a e n l s s - - 2 u C n r i e o d n i s t 1929 643 43 263 219 23 95 463 413 38 1933 466 29 246 121 20 50 322 202 32 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—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. . 4,461 1,922 855 235 172 379 135 763 278 128 34 27 65 October 4,505 1,936 858 239 172 385 135 780 272 134 34 26 59 November... 4,561 1,944 875 244 173 394 137 794 269 161 36 28 64 December... 4,650 1,951 929 250 175 402 142 801 280 232 41 31 69 1950—January. ... 4,662 1,957 931 251 175 404 142 802 269 131 37 27 59 February P. .. 4,684 1,973 928 254 174 408 142 805 266 126 34 25 61 MarchP..,.. 4,762 2,024 936 258 176 421 143 804 333 163 43 30 78 ^Preliminary. 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of March amounted to 93 million dollars, and loans made during March were 14 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. 580 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Other Repair Pery E m e n a o d r n t o o h f r in e m T g x o o c a b t lu a u il d l t e , o - - s o m m t a r o n e a d r i d n e e l t r - s F s t t u u o r r r n e e i s - H a s a h t p o o n o p u r c l l s d e e i e s - - J s e t w o e re lr s y s o r t e A t o t h r a l e e l i r l s Year or month Total c P ha u s r r e - e d ta D i l l o i a re n c s t c d r h p e a ir a u t n e a s r d c i e - l t d , l e o m r t a a n i n o o n i d z d n s a - 12 - s i l n m o c o s n a a e t s a n a 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 1933 663 119 299 119 29 97 1 1 9 9 4 4 9 8 4 3 , , 4 5 1 6 6 3 5 8 7 5 0 4 9 7 1 3 5 6 9 75 2 1 2 6 7 3 8 6 1 8 9 7 4 0 4 1939 1,525 377 536 273 93 246 1949—February 3,517 572 737 724 626 858 1940 1,721 439 599 302 110 271 March 3,556 598 759 709 630 860 1941 1,802 466 619 313 120 284 April 3,629 631 785 712 636 865 1942 1,135 252 440 188 76 179 May 3,740 664 817 736 650 873 1943 707 172 289 78 57 111 June 3,852 688 843 750 676 895 1944 .. 691 183 293 50 56 109 July 3,933 718 869 761 684 901 1945 715 198 296 51 57 113 August , 4,044 754 890 778 711 911 1946 1,104 337 386 118 89 174 September 4,140 780 905 803 730 922 1947 . 1,935 650 587 249 144 305 October 4,247 811 915 839 755 927 1948 2,567 874 750 387 152 404 November..... 4,326 835 922 868 772 929 1949 3,096 1,010 935 500 163 488 December 4,416 854 915 922 781 944 1949 1950— F Ja e n b u ru a a ry ry P. .. . 4 4 , , 4 4 6 9 5 4 8 8 6 8 6 8 9 9 2 3 2 5 9 9 5 4 3 1 7 78 7 3 9 9 9 4 4 5 7 February.. 2,310 778 685 353 130 364 March? 4,594 923 962 965 775 969 March.... 2,259 756 675 348 124 356 April 2,276 760 683 351 123 359 Vo i l n u g m m e o e n x t t h e : nded dur- J M J u u n a ly y e 2 2 2 , , , 3 3 4 7 3 0 1 2 0 7 7 7 7 7 6 1 4 6 7 7 7 0 3 1 4 0 8 3 3 4 8 6 0 7 2 5 1 1 1 2 2 2 3 4 1 3 3 3 6 7 7 7 8 3 1949— M Fe ar b c r h uary... 3 5 8 1 3 7 1 7 0 1 5 1 9 2 0 9 9 7 4 4 3 4 3 5 1 11 4 5 4 S A e u p g te u m st b . e .. r . . 2 2 , , 5 4 6 6 2 2 8 7 1 8 8 1 7 7 5 8 5 4 4 4 1 3 7 5 1 1 2 2 1 1 3 40 8 4 8 A M p a r y il 5 5 2 6 7 8 1 1 1 1 3 2 1 1 2 3 9 6 1 9 2 9 4 4 5 8 4 1 14 3 2 8 October.. . 2,675 855 822 454 123 421 June 592 109 135 124 67 157 November. 2,795 906 858 464 127 440 July 541 112 129 109 50 141 December. 3,096 1,010 935 500 163 488 August 598 127 134 114 75 148 September 568 117 123 121 62 145 1950 October 593 125 123 136 70 139 November 576 118 115 131 67 145 January.. . 2,995 975 902 491 627 December. . . . 593 113 105 154 57 164 F M e a b r r c u h a ? ry . . P . . 2 2 , , 9 9 7 5 4 6 9 9 5 5 7 8 8 8 9 9 9 1 5 49 0 2 0 6 6 1 1 5 7 1950— F Ja e n b u ru a a ry ry P. ... 5 5 4 5 0 5 1 11 1 8 1 1 1 2 1 1 6 1 1 1 3 8 7 5 4 0 8 1 1 3 4 3 3 March? 643 143 148 139 42 171 CONSUMER INSTALMENT CREDITS OF 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 m A o u b to il - e Other i l z o a a t n io s n x 2 lo ca a s n h s Year or month Total ment paper 2 m a o n d d ern- i m ns e ta n l t - Auto- ization cash Outstanding at end mobile Other loans i2 loans of period: 1 1 9 9 4 4 7 8 2 2 3 86 3 . . 2 5 5 6 0 6 . . 0 6 3 4 0 3 . . 2 4 4 5 3 1 . . 3 7 1 1 1 2 0 4 . . 0 5 Ou o t f s t p a e n r d i i o n d g : at end 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—February.. 280.8 66.0 41.5 50.3 123.0 1949 194.7 43.5 31.4 6.5 113.3 D O A J S N J A M M u u e e p c o u l a a n p c r y t v g y r e t i o e e c l e u m b m m h s e . t b . b b r e e e . . r . r r . . . . . 3 2 2 3 3 3 3 2 3 3 3 4 9 2 0 8 0 8 1 2 3 6 4 3 3 2 7 9 7 9 . . . . . . . . . . 2 7 7 3 6 4 4 9 6 4 8 9 9 6 8 8 7 7 7 7 3 1 5 7 8 2 0 3 6 8 . . . . . . . . . . 6 7 7 7 7 3 9 3 1 8 4 5 6 4 4 4 5 5 5 5 9 3 3 8 4 6 1 5 0 2 . . . . . . . . . . 2 7 6 6 1 1 6 8 3 3 5 4 5 5 5 5 5 5 5 4 3 5 9 5 0 1 1 5 2 9 . . . . . . . . . . 9 2 4 5 5 0 4 0 9 5 1 1 1 1 1 1 1 1 1 1 2 3 2 2 2 2 2 2 2 2 9 5 9 4 7 1 8 4 9 9 . . . . . . . . . . 9 6 9 4 3 9 1 1 3 3 1949— A J J A O S N M M F u u e p o u e c l n a a p r b y v t g y e r i t o r e u l e c u b m m s h a e t b . r . b r y . e . e . . . . r . r . . . 1 1 1 1 1 1 1 1 1 1 9 9 8 8 7 8 9 8 7 9 1 2 5 7 0 8 0 3 6 0 . . . . . . . . . . 2 5 7 9 9 9 1 0 1 1 3 3 3 4 4 4 4 4 4 4 1 4 8 9 4 8 3 1 2 0 . . . . . . . . . . 2 2 4 4 0 6 1 0 3 3 3 2 2 2 2 2 3 3 2 2 0 6 3 8 0 2 0 4 5 9 . . . . . . . . . . 2 7 4 5 5 9 9 0 6 1 4 4 5 4 5 6 6 5 5 5 . . . . . . . . . . 3 9 3 8 0 7 3 9 8 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 0 2 1 1 0 2 . . . . . . . . . . 5 5 5 5 3 2 7 6 8 4 1950—January... 344.6 96.1 63.9 54.7 129.9 December. 194.7 43.5 31.4 6.5 113.3 February?, 347.4 98.6 65.2 54.2 129.4 1950—January... 194.8 44.3 31.1 6.6 112.8 March?..., 350.5 100.4 66.9 53.0 130.2 February? 193.7 44.6 30.8 6.6 111.7 March?... 196.0 46.1 30.8 6.5 112.6 Volume extended Volume extended during month: during month: 1949— D N J A S O J A M M F u u e e o u p c e l a n a p c v y r g t b y r e t i o e e u r c l e m u b m h s m a e t b b . b r r e y e . . e r . r . r . . . . . . . , . , , . 4 4 4 4 4 4 3 4 4 4 4 7 5 3 5 7 7 1 1 1 3 1 . . . . . . . . . . . 0 6 5 8 7 2 9 0 7 6 5 1 1 1 1 1 1 1 1 1 1 7 3 3 1 2 1 1 4 2 2 1 . . . . . . . . . . . 6 7 7 9 5 9 3 1 0 3 3 1 8 8 8 8 7 4 5 6 7 7 0 . . . . . . . . . . . 5 2 8 2 8 5 8 8 8 3 3 3 4 4 3 2 4 4 4 2 2 3 . . . . . . . . . . . 3 2 2 8 7 2 3 6 4 6 8 2 2 2 2 2 1 1 1 1 1 1 1 0 2 0 8 1 9 8 9 7 9 . . . . . . . . . . . 5 7 6 9 1 4 9 1 9 9 1 1949— D A O A J J S N M M F u u e e p o u e c l n a p a c b r y t v g e t i r o e r y e u l e c u m b m m s , h a e t . b r b . b . r . y e . e . e . . . r . . r r . . . . . 3 3 3 3 3 2 2 2 3 2 3 1 1 8 7 8 0 2 1 1 1 5 . . . . . . . . . . . 7 9 3 1 3 8 0 1 4 8 1 6 6 5 6 5 4 6 6 7 7 7 . . . . . . . . . . . 4 6 7 1 7 7 9 1 3 8 1 4 3 4 4 5 4 5 3 4 2 3 . . . . . . . . . . . 2 9 2 9 7 4 0 8 0 8 8 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . . . 5 5 4 8 5 5 6 3 6 4 4 2 2 1 1 1 1 1 1 1 1 1 1 0 7 9 7 8 9 6 8 8 9 . . . . . . . . . . . 7 2 1 4 5 0 0 8 9 4 9 1950—January 41.9 12.3 7.8 2.7 19.1 1950—January... 27.7 6.5 3.3 0.3 17.6 February? . 40.3 12.6 7.6 2.7 17.4 February? 25.4 5.6 3.5 0.3 16.0 March?.... 47.3 13.5 9.7 2.5 21.6 March?... 31.1 7.2 4.0 0.3 19.6 ? Preliminary. 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. MAY 1950 581 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe fr r o c m en t p ag re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g tnstalment accounts a C c h c a o r u g n e ts month month of preceding Item 1 M 95 a 0 r P . F 19 e 5 b 0 . 1 Ja 95 n 0 . 1 M 95 a 0 r. ? F y 19 e e 5 a b r 0 . J 1 a 95 n 0 . Year ox month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h p H s o l t o l i o d a u r n s a e c e s p e - - Je st w o e re lr s y D s m e to p e r a n e r t s t- Net sales: 1949 Total +18 +4 -45 +10 +12 +5 February 21 12 14 13 49 Cash sales +11 +1 -47 -3 -14 March 23 14 15 14 55 Credit sales: April 23 13 14 14 53 Instalment +20 +8 -50 +18 +23 +15 May 22 13 14 14 53 Charge account +13 +2 -37 +1 -1 -6 June 21 12 14 14 53 July 19 12 13 13 49 Accounts receivable, end August 21 12 14 14 51 of month: September 20 11 12 13 52 Total 0 -2 -3 +26 +25 +21 October 20 11 12 14 53 Instalment 0 -2 +28 +26 +25 November 20 11 12 13 54 20 10 12 16 52 Collections during month: -4 1950 Total... +8 -9 +5 +4 -1 January 18 10 12 (2) 49 Instalment...... +11 -5 +5 +7 +6 +2 March? 2 1 0 7 1 11 0 1 12 1 ( (2 2 ) ) 4 53 8 Inventories, end of month, at retail value. +8 +5 -6 -10 P Preliminary. 0 1 Collections during month as percentage of accounts outstanding at P Preliminary. beginning of month. 2 Collection of these data for jewelry stores was discontinued after December 1949. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Year or month Sales during month A a c t c o e u n n d ts o r f e c m ei o v n a t b h le Collec m tio o n n s th during Cash Instal- Charge ment account Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h co ar u g n e t sales 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—February 162 168 131 162 157 187 194 235 51 7 42 March. '204 209 172 204 152 180 210 227 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 8 42 1950—January 164 162 174 164 209 222 233 319 49 9 42 February 156 152 184 155 207 191 223 242 48 10 42 March? 203 199 230 203 209 185 251 232 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. 573. 582 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 Mar. Apr. Apr. Apr. Apr. page Mar. Apr. Apr. Apr. Apr. 12 19 26 i 29 12 19 26i WEEKLY FIGURES 2 In billions of dollars In unit indicated RESERVE BANK CREDIT, ETC. WEEKLY FIGURES 2—Cont. Reserve Bank credit, total 2 18.14 18.13 18.07 17.93 18.14 U. S. Govt. securities, total.. 3 17.52 17.57 17.60 17.41 17.64 BUSINESS CONDITIONS Bills 3 3.86 3.97 4.02 3.99 4.20 Wholesale prices: Notes and certificates 3 7.24 7.24 7.25 7.20 7.24 Indexes (1926=100): Bonds 3 6.42 6.36 6.33 6.22 6.20 Total. 65 152.1 152.0 152.1 152.2 153.7 G M T M r o o e e l m n d a e s b s u y e t r o r y i c n b k c a c a n i s r k h c u r a l e n a s t d e i o rv d n e e s p , o to si t t a s l . . . . . 2, 2 4 2 2 2 2 1 2 4 6 5 . . . . 3 2 9 7 2 5 7 8 2 2 1 4 7 1 5 . . . . 9 2 9 1 4 5 7 3 2 2 1 4 7 1 6 . . . . 9 2 0 0 0 5 7 0 2 2 1 4 6 1 5 . . . . 9 2 9 7 7 5 9 9 2 2 1 2 4 6 5 . . . . 1 2 9 9 5 5 6 0 Ba O F F si o a t c h r o m e d c r o s . p m c r o m o m d o m u d c o i t t d s ie it s i : es 6 6 6 5 5 5 1 1 1 5 5 4 8 5 5 . . . 5 9 6 1 1 1 5 5 4 7 6 5 . . . 6 0 6 1 1 1 5 4 5 7 5 5 . . . 9 7 0 1 1 1 5 4 5 7 6 5 . . . 5 1 0 1 1 14 6 5 6 0 7 . . . 5 8 8 New York City 5 4.27 4.27 4.29 4.28 4.29 (Aug. 1939=100): Chicago 5 1.08 1.00 1.06 1.07 1.07 Total 67 247.1 245.9 247.5 247.4 250.9 Reserve city banks 5 6.13 6.13 6.16 6.15 6.09 Foodstuffs 67 309.6 308.2 310.7 310.7 316.6 R Ex e C c q e o u s u i s r n e r t d e r y s r e e b r s v a e e n r s v k , e s t s o tal • 5 4 4 1 4 5 . . . 3 2 5 7 1 7 1 4 5 . . . 4 2 7 4 6 1 1 4 5 . . . 4 2 7 5 5 5P1 4 P 5 . . . 5 4 2 6 6 3^1 4 P 5 . . . 3 2 6 6 3 7 Se W l I e n c d h t u e e d a s t t r f i a ( a c r l m e n m t p s a r t p e o e r d i r u a b l c s u t s s : hel). 6 6 8 7 2 2 1 29 9 . . 2 0 • 2 2 3 1 1 7 . .8 7 2 2 1 29 9 . . 2 1 2 2 1 3 9 0 . . 2 3 2 2 2 2 2 9 . . 0 6 New York City (3) (4) .01 .01 Corn (cents per bushel)... 68 139.1 139.8 141.6 142.5 146.9 Chicago 5 (3) (3) (4) -.01 Cotton (cents per pound). 68 31.9 32.2 32.4 32.5 32.7 Reserve city banks 5 .10 .15 .16 .13 .11 Steers (dollars per 100 Country banks • .51 .57 .58 P.59 P. 50 pounds) 68 28.40 28.23 28.18 28.05 28.95 MEMBER BANKS IN LEADING CITIES Cows (dollars per 100 All reporting banks: pounds) 68 17.68 17.33 17.48 17.75 18.85 Loans and investments 14 66.56 66.63 66.61 66.70 66.52 Hogs (dollars per 100 U. S. Govt. securities, total. 14 36.12 35.92 35.94 36.18 35.93 pounds) 68 16.07 16.12 16.22 16.50 17.25 Bonds 16 24.02 24.02 24.03 24.07 24.06 Butter (cents per pound). 68 59.9 59.9 59.8 59.8 59.8 Notes and certificates.... 16 10.33 10.28 10.28 10.23 10.16 Eggs (cents per dozen)... 68 31.9 30.6 30.9 31.7 30.6 Bills 16 1.77 1.62 1.63 1.87 1.72 Production: Other securities 18 5.56 5.58 5.63 5.66 5.67 Steel (% of capacity) 71 96.7 96.8 97.8 100.0 100.3 Demand deposits adjusted.. 14 46.16 45.98 46.49 46.66 47.14 Automobile (thous. cars)... 71 133 128 141 144 U. S. Govt. deposits 14 2.81 2.71 2.45 2.22 1.94 Crude petroleum (thous. Loans, total 14 24.89 25.12 25.04 24.86 24.91 bbls.) 72 4,807 4,932 4,931 4,957 Commercial 18 13.79 13.73 13.72 13.57 13.47 Bituminous coal (mill, tons). 72 2.17 1.92 1.89 1.86 1.85 F R o e r a l p e u s r t c a h t a e s ing securities: 18 4.47 4.47 4.49 4.50 4.51 P M a e p a e t r b ( o m a i r l d l, p (t o h u o n u d s s . ) tons)... 7 7 3 3 2 2 0 8 4 8 2 27 1 2 1 2 1 7 9 9 4 2 2 1 8 2 4 2 3 0 1 8 0 Total 18 2.26 2.33 2.29 2.28 2.43 Electric power (mill. kw. hrs.) 75 5,912 5,898 5,863 5,846 5,902 U O . t h S e . r G se o c v u t r . it s i e e c s urities.. 1 1 8 8 1. . 3 8 7 9 1. . 4 8 4 9 1. . 4 8 5 4 1. . 4 8 8 0 1. . 4 9 9 3 Fre T i o g t h a t l c arloadings (thous. cars): 74 720 700 707 723 745 Other 18 4.54 4.56 4.58 4.59 4.62 Miscellaneous 74 351 345 353 364 371 New York City banks: Department store sales Loans and investments 1 19.08 19.19 19.07 19.15 19.16 (1935-39=100) 75 301 320 254 279 283 U. S. Govt. securities, total. 1 9.93 9.87 9.82 9.97 9.90 Bonds, total holdings 1 7.08 7.06 7.05 7.07 7.08 Due or callable—5 years 1 5.72 5.68 5.67 5.67 5.67 1950 Notes and certificates.... 1 2.45 2.50 2.45 2.43 2.37 De B m il a ls n d deposits adjusted.. 1 14. . 7 40 0 14. . 8 32 2 14. . 7 32 8 14. . 7 47 8 15. . 0 4 2 5 Jan. Feb. Mar.i U. S. Govt. deposits .75 .72 .66 .59 .51 Interbank deposits 3.70 3.80 3.88 3.90 3.81 MONTHLY FIGURES Time deposits 1.54 1.51 1.49 1.51 1.53 In billions of dollars Loans, total 7.56 7.73 7.65 7.59 7.67 DEPOSITS AND CURRENCY C Fo o r m p m u e r r c c h i a a s l ing securities: 4.79 4.79 4.78 4.70 4.66 Deposits and currency8 To brokers: Total deposits and currency. P173.5O P172..80 P172.40 Ba L U n o . k N B B R a S s n i o e o . T l s a n l o t G s e o l d u a O O s o o s e n t v n n s t s a d h t t i n . a o d U e i d t s t n e r e h . e s v c e c S N a e e r u n . s e r r d s t G t w i m e t i i f o o c e e i Y t v u s c n h , t o r a t e s i t s r t r t o e k i t e s a . s C . l . . . . i . . . t y 1 1 I 1 1 1 1 1 1 : 1 9 4 2 1 7 7 1 6 1 6 . . . . . . . . . 3 2 8 4 1 9 6 7 2 6 0 7 3 0 8 9 9 4 4 2 1 7 6 7 1 1 6 . . . . . . . . . 3 2 7 0 4 9 7 2 6 0 0 8 0 6 9 5 4 6 4 2 1 7 7 6 1 1 6 . . . . . . . . . 2 3 1 8 5 9 7 2 6 2 1 9 0 1 2 3 4 8 4 2 1 7 7 6 1 1 7 . . . . . . . . . 2 4 8 5 2 0 2 8 6 2 1 1 0 0 0 4 1 0 4 2 1 7 6 7 1 1 6 . . . . . . . . . 2 2 7 0 3 8 6 9 2 7 3 9 1 6 3 2 9 8 M T o $ T U C D C B 1 n i o o i u . e m c l 0 e t i l m r S u y a n s r e a . r l e s a o r n i , n n G d e n d f d c $ d e n e o y $ 1 p c c p $ v 5 d i , o y o 2 r o t 0 e $ s c . s 0 u p i 2 u i t d a t t o , s b l s s n e a s i a i p d a d t l i n a l i t d o e s o s d d o j s n j u b i v a u $ , t s d e s a s 5 t t r t j e n o e u b d k d t s i a t s l e l l . a . s d . n . . . . . d . . . . 6 6 6 6 6 P P P P 1 2 P 1 5 8 2 7 4 8 6 8 4 6 3 4 0 . . . . . . . . . 7 4 4 9 0 8 5 0 9 O 7 5 4 2 0 0 0 0 P P P P 1 2 P 1 8 2 5 6 4 8 7 4 4 4 4 9 8 . . . . . . . . . 4 4 0 7 5 1 0 2 6 3 8 7 0 0 7 0 0 0 P P P P 1 2 P 1 8 2 5 6 8 4 7 S 4 3 4 9 7 . . . . . 3 . . . . 3 4 0 1 3 6 3 1 0 9 9 4 6 0 0 0 0 Demand deposits adjusted.. 1 31.47 31.16 31.71 31.88 32.12 U In . t e S r . b G an o k v t d . e d p e o po si s t i s ts .. . 1 1 2 6 . . 0 2 6 9 6 1 . .9 7 8 0 6 1 . .7 6 9 6 6 1 . .6 4 3 8 6 1 . .4 2 3 0 Annual rate T L i o m C R an o e e a s m d , l m e t e o p s e o t t r a a s c l i t i t e a s l 1 1 1 1 9 1 1 9 4 3 7 . . . . 0 1 7 3 0 8 4 3 1 1 4 8 3 7 . . . . 9 1 7 4 4 9 9 0 1 1 8 4 3 7 . . . . 9 2 7 3 4 0 9 8 1 1 8 4 3 7 . . . . 8 2 7 2 8 1 9 7 1 1 4 8 7 3 . . . . 2 8 2 8 2 1 4 1 Tu N O rn e th o w e v r e Y r l e o o a r f k d i d n C e g i m ty c a i n ti d e s deposits:7 8 8 2 1 6 8 . . 7 7 2 1 9 8 . . 3 9 2 1 8 8 . . 5 9 For purchasing securities , 19 .66 .70 .69 .67 .70 Other. 19 3.62 3.64 3.65 3.66 3.68 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 ( a o i n c a a r v a e s r r t s t s w . e o s s r i e s m c s u u o e r r i s e t ) i es: 30, 3 3 3 3 3 0 0 0 2 0 1 2 1 1 1 .1 . . . . 4 7 2 1 4 5 8 8 6 8 6 5 1 2 1 1 \ 1 . . . . 2 4 7 1 6 9 4 8 7 0 1 2 1 1 . 1 1 . . . . 7 4 6 1 3 9 5 2 6 0 1 2 1 1 1 . 1 . . . 3 4 8 1 6 5 0 0 7 6 1 2 1 1 1 .1 . . . . 4 8 1 6 3 6 1 9 6 0 H L C o a o U O L a s ld h n o . t h i s a S n a e n g . a s r s s n s G " s e d e t o o s c i v * f u n t r . v i U e t s i s e e . t c s m u S * r e . i n ti t G e s s , o • v t o t. t a s l' e . - 9 9 9 9 9 P P 1 P P P 1 2 6 2 4 0 1 8 7 2 . . . . . 3 2 0 6 9 0 0 0 0 0 P P P P 1 P 6 l 4 2 2 7 3 O 0 7 . . . . . 1 1 4 6 1 0 0 0 0 0 P P P P P 1 2 6 1 4 2 6 5 0 3 0 . . . . . 4 8 9 7 3 0 0 0 0 0 C H o i A B g r h p a a - o a a g r r a a t d e e b m on u d n s i : cipal bonds. . 3 3 3 2 2 2 2 3 2 . . . 2 0 5 3 7 9 3 2 2 . . . 2 5 0 3 9 7 3 2 2 . . . 2 0 5 2 9 9 3 2 2. . . 0 2 6 9 2 0 3 2 2 . . . 2 0 6 4 8 0 Wi T c B t u h o il r i t l n i a s t l i e 1 s y : ear: 1 1 0 0 2 4 4 . . 1 4 2 1 2 3 2 . . 4 5 6 1 P P 1 2 8 . . 4 4 0 0 Certificates 10 11.29 9.94 P8.10 In unit indicated Notes and bonds 10 9.00 9.12 P7.90 Stock prices (1935-39 = 100): Over 1 year: T In o d ta u l s trial 3 3 4 4 1 14 4 7 0 1 1 4 4 1 9 1 15 4 1 3 1 1 4 5 3 1 1 1 4 4 1 9 T N o o t t a e l s and bo 4 n ds (1-5 yrs.) 1 1 0 0 3 25 6 . . 1 1 2 0 3 2 7 6 . . 1 0 0 1 P P 3 3 9 0 . . 8 3 0 0 P R u a b il l r i o c a u d t ility 3 3 4 4 1 1 0 1 8 0 1 11 0 1 9 1 11 1 2 0 1 1 1 1 1 2 1 1 0 1 7 0 B Bo o n n d d s s ( ( 5 o - v 1 e 0 r y 1 r 0 s . y ) rs.) 1 1 0 0 3 7 . . 9 0 3 5 3 7 . . 9 1 6 2 P P 5 4 . . 5 0 0 0 Volume of trading (mill, shares) 34 1.99 1.84 2.35 2.84 2.12 For footnotes see p. 586. MAY 1950 583 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 1950 Chart 1950 book book page Jan. Feb. Mar.i page Jan. Feb. Mar.1 MONTHLY FIGURES—Cont. In billions of dollars MONTHLY FIGURES—Cont. In billions of dollars GOVERNMENT FINANCE—Cont. MEMBER BANKS Ownership of U. S. Govt. securities—Cont. All member banks: Marketable public issues—Cont. Loans and investments, total 12 102.42 101.71 101.40 By class of security—Cont. Loans 12 36.16 36.29 36.73 Bonds—Total outstanding.... 24 104.92 104.92 102.96 U. S. Govt. securities 12 57.75 56.84 55.67 Nonbank (unrestricted issues Other securities 12 8.51 8.59 9.00 only), commercial bank, Demand deposits adjustede 12 rl3.50 '71.60 70.45 andF. R. Bank 24 60.98 60.78 P58.50 Time deposits 12 29.27 29.40 29.51 Commercial bank and F. R. Balances due to banks 12 11.60 10.90 10.99 Bank 24 46.53 46.42 P44.60 Balances due from banks 12 5.89 5.43 5.45 F. R. Bank 24 7.11 6.86 6.40 Reserves 12 16.52 16.15 16.08 By earliest callable or due date: Central reserve city banks: Within 1 year-Total outstanding 25 56,07 54.09 49.20 Loans and investments, total 12 25.08 24.53 24.20 Commercial bank and F. R. Loans 12 9.06 9.05 9.09 Bank 25 35.43 33.56 P29.00 U. S. Govt. securities 12 14.14 13.58 12.98 F. R. Bank. 25 11 03 11.06 10.57 Other securities 12 1.88 1.90 2.13 1-5 years—Total outstanding. 25 35.09 37.01 44.22 Demand deposits adjustede 12 19.31 18.47 17.87 Commercial bank and F. R. Time deposits 12 2.78 2.78 2.76 Bank 25 27.04 28.09 P33.10 Balances due to banks 12 5.02 4.74 4.84 F. R. Bank 25 1.92 2.07 2.75 Reserves 12 5.65 5.48 5.43 5-10 years—Total outstanding 25 18,54 18.54 15.93 Reserve city banks: Nonbank (unrestricted issues Loans and investments, total 13 38.80 38.41 38.34 only), commercial bank, Loans 13 14.31 14.30 14.55 and F. R. Bank 25 11.33 11.28 P8.60 U. S. Govt. securities 13 21.50 21.08 20.68 Commercial Bank and F. R. Other securities 13 2.99 3.02 3.11 Bank 25 8.41 8.37 P6.60 Demand deposits adjustede 13 26.26 25.40 25.04 F. R. Bank 25 1.36 1.25 1.15 Time deposits 13 11.70 11.71 11.74 Over 10 years—Total outstand- Balances due to banks 13 5.57 5.22 5.22 ing 25 45.13 45.13 45.13 Balances due from banks 13 1.82 1.64 1.68 Nonbank (unrestricted issues Reserves 13 6.37 6.22 6.18 only), commercial bank, Country banks: and F. R. Bank 25 8.40 8.25 PS. 00 Loans and investments, total 13 38.53 38.78 38.86 Commercial bank and F. R. Loans 13 12.78 12.94 13.10 Bank 25 7.44 7.33 P7A0 U. S. Govt. securities 13 22.11 22.18 22.00 F. R. Bank 25 3 51 3.37 3.12 Other securities 13 3.64 3.66 3.76 Cash income and outgo: Demand deposits adjustede 13 '27.93 '27.72 27.54 Cash income 26 3.49 3.60 5.16 Time deposits 13 14.79 14.91 15.02 Cash outgo 26 3.18 3.54 4.05 Balances due from banks 13 3.90 3.65 3.63 Excess of cash income or outgo 26 + .31 + .06 + 1.12 Reserves 13 4.51 4.45 4.47 MONEY RATES, ETC. Per cent Treasury bills (new issues) 29 1.100 1.130 1.140 Corporate bonds: CONSUMER CREDIT6 Aaa 29 2 57 2.58 2.58 Baa 29 3 24 3.24 3.24 Consumer credit, total 20 18.34 P18.14 P18.33 F. R. Bank discount rate 29 1.50 1.50 1.50 Single-payment loans 20 3.00 P3.00 P3. 00 Commercial paper . 29 1.31 1.31 1.31 Charge accounts 20 3.51 P3.23 P3.21Stock yields: Service credit 20 1.00 Pl.01 Pl.01 Dividends /price ratio: Instalment credit, total. 20, 21 10.84 no.90 ni.io Common stock 33 6.50 6.49 6.40 I In n s s A O t t a a u th l l t m m o er m e e n n o t t b i s l l o a e a l e n s c redit, total..... . 2 2 2 2 1 1 1 1 3 3 6 4 . . . . 1 0 1 6 7 0 8 6 P P P P 2 6 3 4 . . . . 9 2 6 21 6 6 8 P P P P 3 6 4 2. . . . 9 3 7 3 7 7 6 4 Preferred stock 33 3 I . n 8 3 unit i 3 n . d 8 i 4 cated 3.81 Margin requirements (per cent) 35 50 50 50 Stock prices (1935-39 = 100), total... 35 135 137 139 Stock market credit (mill, dollars): Bank loans 35 424 434 441 GOVERNMENT FINANCE Customers' debit balances 35, 36 901 953 1,018 Money borrowed 36 493 522 579 Gross debt of the U. S. Government: Customers' free credit balances 36 669 669 666 Total (direct and guaranteed) 22 256.89 256.40 255.75 Volume of trading (mill, shares)..... 35 1. 1.70 1.64 N Bo o n te d s s , ( c m er a ti r f k ic e a ta te b s l , e a is n s d u e b s i ) l ls 2 2 2 2 1 4 0 9 4 . . 9 9 2 2 1 4 0 9 4 . . 8 9 5 2 1 5 0 1 2 . . 5 8 2 0 BUSINESS CONDITIONS Savings bonds, savings notes 22 64.86 65.21 65.37 Personal income (annual rates, bill, Special issues 22 33.50 32.87 32.10 dollars):«* Guaranteed, noninterest-bearing Total 48 218.1 219.1 P222.7 debt, etc 22 3.69 3.56 3.80 Wage and salary receipts 48 133.7 133.1 P135.2 Ownership of U. S. Govt. securities: Proprietors' income, dividends, and Total: interest 48 63.9 61.7 P61.6 Commercial bankse 23 67.60 66.60 P65.10 Allother. 48 20.5 24.3 P25.9 Fed. agencies and trust funds... 23 38.98 38.37 37.61 Labor force (mill, persons): • F. R. Banks 23 17.83 17.75 17.59 Total 49 62.8 63.0 63.0 Individuals * 23 69.70 70.00 P7O.5O Civilian 49 61.4 61.6 61.7 Corporations and associationse.. 23 22.60 23.40 P24.40 Unemployment. 49 4.5 4.7 4.1 Insurance companiese 23 20.60 20.60 P20.60 Employment 49 56.9 57.0 57.6 Mutual savings bankse 23 11.50 11.50 Pll.60 Nonagricultural 49 50.7 50.7 50.9 State and local govts.e 23 8.10 8.20 P8.30 Employment in nonagricultura estab- Marketable public issues: lishments (mill, persons):6 7 By class of security: Total 50 '42.57 42.27 P42.80 Bills—Total outstanding 24 12.33 12.34 12.33 Manufacturing and mining 50 14.88 14.63 PIS.05 Commercial bank and F. R. Construction 50 '2.11 2.08 P2.09 Bank 24 7. 7.31 P6.40 Transportation and utilities 50 '3.90 3.87 P3.91 F. R. Bank 24 3.75 3.86 3.95 Trade 50 9.36 9.35 P9.40 Notes and certificates—Total Government 50 5.78 5.78 P5.78 outstanding 24 37.58 37.51 39.19 Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) 51 '56.29 56.37 P56.57 Bank 24 23.92 23.62 P24.80 Hourly earnings (dollars) 51 '1.418 1.420 Pi.425 F. R. Bank 24 6.96 7.03 7.24 Hours worked (per week) 51 39.7 39.7 P39.7 For footnotes see p. 586. 584 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 1950 Chart 1950 book book page Jan. Feb. Mar.1 page Jan. Feb. Mar.i In unit indicated In unit indicated MONTHLY FIGURES—Cont. MONTHLY FIGURES—Cont BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS—Cont. Industrial production:7 :onsumers' prices (1935-39=100): Total (1935-39=100). 52 183 181 P187 All items 64 166.9 166.5 167.0 Groups (points in total index): Food 64 196,0 194.8 196.0 Durable manufactures 52 79.2 78.4 P80.4 Apparel 64 185.0 184.8 185.0 Nondurable manufactures ,, 52 84.0 84.2 84.5 Rent 64 122.6 122.8 122.9 Minerals ...... 52 19.8 17.9 Miscellaneous 64 155.1 155.1 155.0 Manufacturing production Wholesale prices (1926=100): (1935-39 = 100), total 53 192 192 P195 Total 65 151.5 152.7 152.6 Durable 53 209 207 P212 Farm products 65 154.7 159.1 159.4 Nondurable 53 179 180 P180 Food.. 65 154.8 '156.7 155.5 Selected durable manufactures Other commodities 65 145.8 145.9 146.0 (1935-39=100): Textile products 66 138.5 138.2 137.3 Nonferrous metals , 54 191 202 P206 Hides and leather products 66 179.3 179.0 179.6 Steel 54 244 238 P243 Chemicals and allied products . 66 115.7 115.2 116.3 Cement 54 207 211 P192 Fuel and lighting materials..... 67 131.4 131.3 131.4 Lumber , 54 132 138 145 Building materials ...... 67 191.6 192.8 193.9 Transportation equipment 54 ••241 211 P217 Metals and metal products..... 67 168.4 168.6 168.4 Machinery 54 '229 237 P243 Miscellaneous... 66 110.0 110.0 110.7 Selected nondurable manufactures Prices paid and received by farmers (1935-39 =100): (1910-14 = 100): Apparel wool consumption .. 55 147 163 Paid, etc. 69 249 248 250 Cotton consumption 55 144 144 138 Received. ... 69 235 237 237 Shoes 55 116 124 P126 Cash farm income (mill, dollars): Paperboard 55 209 205 203 Total 70 2,254 Pi,614 Pl,703 Newsprint consumption , 55 159 169 163 Livestock and products. 70 1,139 Pi,015 P1,164 Manufactured food products.... 55 161 161 P166 Crops 70 1,099 P581 P5O7 Fuel oil • 55 192 187 P183 Govt. payments 70 16 P32 Gasoline 55 176 174 P176 Industrial chemicals 55 421 424 P428 Rayon 55 349 355 P350 INTERNATIONAL TRADE AND FINANCE Sales, inventories, and orders: Sales (bill, dollars):7 Exports and imports (mill, dollars): Manufacturing, total 56 17.6 18.0 Exports 76 P746 P773 P867 Durable 56 7.5 7.5 Imports 76 P623 P600 P663 Nondurable 56 10.2 10.6 Excess of exports or imports .... 76 P123 P173 P204 Wholesale, total 57 7.2 7.3 Pi .1Short-term liabilities to and claims on Durable 57 1.6 1.7 P\.9 foreigners reported by banks (bill, Nondurable 57 5.6 5.6 P5.8 dollars): Retail, total 57 10.9 11.1 Pll.l Total liabilities 77 P5.98 P6.02 Durable 57 3.6 3.7 P3.1 Official 77 P2.86 P2.89 Nondurable 57 7.3 7.4 P7 A Invested in U. S. Treasury bills Inventories (bill, dollars);7 and certificates 77 P.81 P. 83 Manufacturing, total 56 31.1 31.1 Private 77 P3. 12 P3. 13 Durable 56 13.9 13.9 P14.0 Claims on foreigners 77 P.72 P.67 Nondurable 56 17.3 17.2 Foreign exchange rates: Wholesale 57 9.0 9.0 P9.2 See p. 619 of this BULLETIN .. 78. 79 Retail 57 14.0 13.8 P14.2 New orders (bill, dollars) Durable 56 8.4 7.5 P9.5 1949 1950 Nondurable 56 10.3 10.5 Construction contracts (3 mo. moving avg., mill, dollars):7 July- Oct.- Jan.- Total 58 993 1,080 Pl.104 Sept. Dec. Mar. Residential 58 451 479 P494 QUARTERLY FIGURES Other 58 541 600 P610 Residential construction: GOVERNMENT FINANCE In billions of dollars Contracts awarded (mill, dollars): Total 59 470 484 514 Budget receipts and expenditures of 1- and 2-family dwellings 59 353 374 393 U. S. Treasury: Other 59 117 110 120 Expenditures, total 27 11.01 9.96 9.09 Dwellings started (thous. units) 59 80 80 P110 National defense. 27, 28 3.25 3.18 3.06 Value of construction activity (mill, Veterans' Administration 28 1.45 1.56 1.58 dollars): International aid 28 1.35 1.09 .98 Total« 60 1,496 1,395 Pl.540 Interest on debt , . 28 .99 1.57 1.26 Nonresidential:e All other . 28 2.81 2.50 r2.14 Public 60 333 307 P361 Receipts: Private 60 489 478 Net receipts 27 9.26 8.42 11.16 Residential:e Individual income taxes 28 3.63 2.91 6.63 Public 60 24 20 Corporate income, etc 28 3.04 2.85 2.68 Private 60 650 590 Miscellaneous internal revenue 28 2.12 2.20 1.95 Freight carloadings:7 All other 28 .63 .61 .78 Total (1935-39 = 100) 61 117 104 127 Tax refunds (deduct) . 28 .16 .15 .88 Groups (points in total index): Miscellaneous 61 73.0 71.4 73.4 Coal 61 20.6 9.8 29.5 MONEY RATES Per cent' per annum All other 61 23.8 23.0 23.7 Department stores: Bank rates on loans to business: Indexes (1935-39 = 100) :7 All loans: Sales 62 282 ••280 274 19 cities 31 2.63 2.65 2.60 Stocks 62 272 279 284 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) 63 254 ••245 321 11 Southern and Western cities 31 3.07 3.03 3.12 Stocks (mill, dollars) 63 787 r853 917 Loans of $l,000-$10,000: Outstanding orders (mill, dollars) 63 391 '393 326 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 4.6 5.1 3.9 7 Northern and Eastern cities. .. 31 4.71 4.63 4.64 Stocks 63 3.1 3.4 2.9 11 Southern and Western cities.. 31 4.74 4.66 4.64 For footnotes see p. 586, MAY 1950 585 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):« 8 19 cities 31 3.64 3.61 3.54 All business, 42 4.4 4 6 4.1 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 $100,000-$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:e 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 1 1 N S o o r u th th e e rn rn a a n n d d E W as e t s e t r e n r n c i c t i i t e i s e s. . . . 3 3 1 1 2 2. . 5 3 8 9 2 2. . 5 4 6 1 2 2 . . 2 7 8 4 O U. t h S e . r G se o c v u t r . it s i e e c s u rities 4 4 3 3 + -0 0 . . 2 3 + + 0 0 . . 3 1 Insurance 43 +1.5 +1.8 Stock yields: Debt liquidation 43 -1.6 -3.0 Earnings /price ratio, common stocks 33 14.01 *13.49 Annual rates, in billions of dollars GROSS NATIONAL PRODUCT, ETC. • BUSINESS FINANCE In unit indicated xross national product 7 44 254.6 '256.7 263.9 Corporate assets and liabilities (bill, Govt. purchases of goods and servdollars): • ices . , , 44 43.2 43.7 42.2 Current assets, total 37 124.6 124.1 Personal consumption expenditures 44 179 179.8 182.7 C U a . s S h . Goyt. securities 3 3 7 7 2 1 4 5 . . 7 6 2 1 4 5 . . 9 7 N D o u n ra d b u l r e a b g l o e o d g s o ods , 4 4 6 6 9 2 7 5 . , 6 2 9 5 7 . . 2 7 2 9 6 8, .9 R In e v c e e n iv to ab ri l e e s s . 3 3 7 7 3 4 8 4 . . 0 7 3 4 8 3 . . 3 8 Pri S v e a r t v e i c d e o s m . estic and foreign invest- 46 56.5 56.9 57, Current liabilities,^ total 37 56.9 56.4 ment 44 31.8 '33.2 39.0 Notes and accounts payable.. 37 32.9 33.7 Gross private domestic invest- Federal income tax liabilities 37 10.2 9.7 ment: Net working capital. 37 67.7 67.7 Producers' durable equipment 45 19.6 18.7 19.3 Corporate security issues: New construction.. . , 45 17.4 18.7 20.1 Total (bill, dollars) • 38 .81 1.15 1.31 Change in business inventories 45 -5.0 -3.7 1.7 New money, total (bill, dollars) •. . 38 .69 .77 .95 Net foreign investment. 45 -0.3 r-.5 -2.1 Type of security (bill, dollars): 'ersonal income, consumption, and Bonds 38 .53 .55 .83 saving: 7 Preferred stock. 38 .06 .11 .09 Personal income 47 208.2 209.3 219.9 Common stock 38 .11 .12 .10 Disposable income.... 47 189.5 190.7 201.3 Use of proceeds (mill, dollars): Consumption expenditures 47 179.7 179.8 182.7 Plant and equipment: Net personal saving 47 9.8 10.8 18.6 All issuers 39 599 588 747 Public utility 39 277 396 567 R In a d il u r s o t a r d ia l 3 3 9 9 24 8 1 0 1 7 1 7 2 10 7 6 3 1948 1949 Working capital: A Pu ll b i l s ic s u u e t r i s l . i ty 3 3 9 9 89 4 183 5 200 1 De 31 c. Ju 3 n 0 e De 3 c 1 . I R n a d i u lr s o t a r d ia l 3 3 9 9 50 106 9 1 4 8 SEMIANNUAL FIGURES Bond P s u b (b li i c ll , dollars):' 38 .31 .69 INSURED COMMERCIAL BANKS In billions of dollars Private ... 38 .52 .46 Loans: Co P P r r r p o o u ( o f f a n r i i n d t a t s s n t i e s u b t a a p r e f l i r f t b o o e r u f r r a i e t t t e e s t d t , s a a , t x x a p b e e x r s i s o l e l f s , i ( , t d d s a i ) o n v l d i l d a d e r n i s v d ) i . s d e 7 e a n n d d s 4 4 0 0 2 1 8 7 . . 9 5 2 1 9 7 . . 5 7 3 1 0 8 . . 5 3 A C C R o g o ea m r n i l s c m u e u m s e lt t r u e a c r r i t . a a e l l . , 1 1 1 1 1 1 1 1 1 1 2 6 8 0 . . . . 8 7 7 6 0 8 6 7 1 1 2 7 6 0 . . . . 1 7 2 8 7 3 9 9 1 1 2 8 6 1 . . . . 0 9 9 4 0 6 4 0 Co U A L r a p l n l t r o d e g c r r i e o a l s y t t r e r c p i t o o b o r p r u t p a r a t o t o e l i r f s d o a i ) t n t : s p i s o r o n a (b f s f i t , i t e l s l r t , o d t t a o a l l x la e ( s r b s i ) l l ( , • q . u d . a o . r l . - - 4 4 1 0 9 4 . . 4 4 8.8 9.9 S O t t a F h t o e e T T r r o a o s p n e u b o d c r r t u c h o l r h o e k i a t r c e i s s a e r i s l s n g g a o n s d v e e c d r u n e r a m i l t e e ie r n s s t : securities 1 1 1 1 1 1 1 1 0 5 3 1 . . . .3 4 9 5 4 2 4 1 0 5 3 1 . . . . 9 7 9 4 7 6 0 9 3 0 6 1 . . . . 5 7 8 4 7 5 6 0 lars) 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) 41 104 161 e Estimated. P Preliminary. r Revised. e 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. 3 Deficiency of less than 5 million dollars. 4 Less than 5 million dollars. 5 Beginning Apr. 8, represents yield on longest certificate issue outstanding, which matures in somewhat less than 9 months, that is, on Jan. 1, 1950. 6 Beginning Apr. 1, includes lfi per cent notes of Mar. 15, 1954, and 1}£ per cent notes of Mar. 15, 1955. 7 Adjusted for seasonal variation. 8 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. 586 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 1950 1950 Chart Chart book book page Jan. Feb.* Mar.p page Jan. Feb.? Mar., In millions of dollars In millions of dollars Consumer credit outstanding, total... 3 18,344 18,139 18,328 Consumer instalment sale credit Instalment credit, total 3, 5 10,836 10,896 11,103 granted, cumulative totals: x Instalment loans 5 4,662 4,684 4,762 By all other retailers 7 666 729 915 Instalment sale credit 5 6,174 6,212 6,341 By department stores and mail- Charge accounts 3 3,506 3,233 3,209 order houses 7 587 646 808 Single-payment loans 3 3,003 3,001 3,003 By furniture and household appli- Service credit 3 999 1,009 1,013 ance stores 7 489 536 666 Consumer credit outstanding, cumu- By automobile dealers 7 377 406 491 lative totals: i Consumer instalment loan credit out- Instalment credit 4 18,344 18,139 18,328 standing, cumulative totals: *• Charge accounts 4 7,508 7,243 7,225 Commercial and industrial banks. 8 4,662 4,684 4,762 4 4,002 4,010 4,016 Small loan companies 8 2,454 2,457 2,480 Service credit 4 999 1,009 1,013 Credit unions 8 1,523 1,529 1,544 Consumer instalment sale credit out- Miscellaneous lenders 8 1,119 1,121 1,123 standing, cumulative totals: * Insured repair and modernization All other retailers 6 6,174 6,212 6,341 loans . 8 802 805 804 Department stores and mail-order houses . . .. 6 5,547 5,596 5,724 Furniture and household appliance stores 6 4,572 4,639 4,766 Automobile dealers 6 3,179 3,256 3,367 P Preliminary, 1 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. MAY 1950 587 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1949 ALL MEMBER BANKS, BY CLASSES [Amounts in thousands of dollars] nat A io ll nal S A ta l t l e cit C y e m nt e r m al b r e e r s e b r a v n e ks Re c s i e ty rve Country All member banks 1 member member member member banks banks banks banks New York Chicago 1946 1947 1948 Year 1949 Earnings 2,402,532 2,578,629 2,828,342 2,985,639 1,998,439 987,200 476,114 123,109 1,136,095 1,250,322 Interest and dividends on securities: U. S. Government 1,053,532 920,821 854,803 859,218 580,156 279,062 147,791 45,591 305,236 360,600 Other 147,586 149,166 157,844 168,502 117,471 51,031 25,828 10,650 58,908 73,116 Interest and discount on loans 760,668 1,028,863 1,289,454 1,405,636 966,087 439,549 184,728 44,417 560,381 616,110 Other charges on loans. . . 11,717 14,855 18,331 21,434 14,254 7,180 4,022 1,180 10,734 5,497 Service charges on deposits 99,634 119,254 141,133 157,957 109,174 48,783 14,935 1,774 61,170 80,077 Other charges, fees, etc.. . 67,827 65,803 65,329 64,497 41,763 22,734 8,924 968 24,222 30,384 Trust department 131,195 135,934 147,513 151,384 60,340 91,044 51,860 12,030 56,922 30,572 Other current earnings. . . 130,373 143,933 153,935 157,012 109,194 47,818 38,026 6,498 58,521 53,966 Expenses 1,468,550 1,649,980 1,795,225 1,888,915 1,244,144 644,771 282,077 78,202 726,598 802,039 Salaries—officers 242,422 269,456 297,325 318,189 211,057 107,132 42,585 10,835 102,691 162,078 Salaries and wages—others 457,020 527,525 578,468 607,927 386,939 220,988 121,637 25,749 250,190 210,351 Directors' fees, etc 12,401 13,731 14,910 16,064 10,804 5,260 1,340 157 2,987 11,581 Interest on time deposits. 211,603 235,948 250,487 261,102 183,057 78,045 7,709 10,806 107,598 134,989 Interest on borrowed money 2,175 2,461 3,133 3,336 1,687 1,649 1,817 223 697 600 Taxes other than income. 81,819 87,946 89,928 96,285 65,568 30,717 9,703 4,564 40,327 41,691 Recurring depreciation. . . 34,034 34,841 39,376 43,901 30,550 13,351 3,411 850 15,593 24,047 Other current expenses... 427,076 478,072 521,598 542,111 354,482 187,629 93,876 25,017 206,515 216,703 Net current earnings before income taxes... . 933,982 928,649 1,033,117 1,096,724 754,295 342,429 194,037 44,908 409,497 448,283 Recoveries, transfers from reserves, and profits.. 355,805 232,065 242,523 182,476 117,347 65,129 32,807 21,877 63,030 64,762 On securities: T R r e a c n o s v f e e r r i s e s from reserves. 1 53,587 40,358 2 23 6 , , 3 4 6 7 3 7 2 1 2 3 , , 2 4 8 4 9 7 1 6 5 , , 1 4 3 4 6 5 6 7, , 3 8 1 4 1 4 2 1 , , 1 6 8 2 8 4 7, 2 8 2 7 5 5 2 9, , 7 3 5 8 3 9 3 8 , , 0 6 3 4 6 5 Profits on securities.... 183,010 89,647 54,754 63,943 40,116 23,827 13,398 7,853 18,863 23,828 On loans: T R r e a c n o s v f e e r r i s e s from reserves. 63,742 59,082 3 4 3 5 , , 9 5 0 4 8 7 2 1 4 8 , , 9 12 1 5 8 1 1 3 1 , , 4 46 3 3 0 1 4 3 , , 6 4 9 5 5 5 9 1 , ,0 5 5 1 7 0 1,3 6 7 0 8 7 4 9 , , 9 4 2 6 3 0 1 5 0 , , 3 7 4 6 1 8 All other 55,466 42,978 58,474 39,753 30,757 8,996 5,030 3,938 17,642 13,144 Losses, charge-offs, and transfers to reserves.. 246,962 251,205 421,175 317,875 204,656 113,219 60,535 14,080 118,314 124,946 On securities: T Lo ra s n se s s fe a r n s d t o c h r a e r s g e e r -o v f e f s s . . . . . 115,455 101,342 3 6 5 8 , , 5 3 2 3 1 4 3 2 0 8 , , 8 0 5 0 7 4 2 1 1 8 , , 2 3 4 1 8 0 9 9 , , 6 6 0 9 9 4 3 1 , ,6 5 5 6 0 4 2 5, , 0 2 8 0 0 4 1 7 3 , , 6 4 1 0 0 2 1 5 9 , , 9 39 5 3 8 On loans: T L r o a s n se s s fe a r n s d t o c h r a e rg s e e - r o v f e f s s . . . . . 61,492 102,653 2 2 4 3 7 , , 7 17 8 8 4 1 1 9 9 1 , , 1 2 5 5 2 4 12 14 2 , , 2 0 0 3 1 3 6 4 9 , , 9 2 5 2 1 1 46, 3 0 1 4 7 7 4 1 , ,0 2 4 5 1 0 7 3 5 , , 2 6 7 0 3 9 6 1 5 4 , ,5 3 2 4 1 8 All other 70,015 47,210 46,358 48,607 28,864 19,743 8,957 1,505 18,420 19,726 Profits before income taxes 1,042,825 909,509 854,465 961,325 666 ,986 294,339 166,309 52,704 354,213 388,099 Taxes on net income 285,026 256,518 233,556 275,066 193,428 81,638 55,012 11,102 103,660 105,291 Federal 264,512 239,481 218,711 257,069 182,425 74,644 47,771 11,102 97,838 100,357 State 20,514 17,037 14,845 17,997 11,003 6,994 7,241 5,822 4,934 Net profits ? 757,799 652,991 620,909 686,259 473,558 212,701 111,297 41,602 250,553 282,808 Gash dividends declared.. 266,647 280,942 293,818 312,666 204,253 108,413 82,325 15,370 118,016 96,955 On preferred stock 2 5,873 4,304 3,866 3,488 1,097 2,391 9 68 780 2,632 On common stock 260,774 276,638 289,952 309,178 203,156 106,022 82,316 15,302 117,236 94,324 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 7,017 2,399 1,380 1,019 559 1,417 423 On loans 9,305 17,51 12,828 4,684 5,313 2,005 5,284 4,910 Losses charged to reserves (not included in losses above): On securities 17,079 5,144 2,338 2,806 725 280 3,354 785 On loans 39,645 61,857 44,919 16,938 11,764 3,379 25,252 21,462 Loans 24,258,000 29,326,253 34,186,509 35,249,000 7,665,0001,616,000 13,823,00012,145,000 U. S. Government securities. 71,217,000 60,051,428 54,735,701 54,063,000 10,149,0002,902,00019,613,000 21,399,000 Other securities 6,384,000 6,958,737 7,381,518 7,847,000 1,180,000 428,000 2,721,000 3,518,000 Cash assets 29,171,000 30,375,421 32,450,070 30,098,000 6,739,0001,730,00011,552,00010,076,000 Other assets 1,285,000 1,320,781 1,496,025 1,554,000 408,000 47,000 611,000 489,000 Total assets 132,315,000128,032,620130,249,823128,810,000 26,142,0006,722,000 48,319,00047,627,000 Time deposits 25,905,000 27,905,356 28,720,582 29,145,000 1,698,0001,042,00011,557,00014,849,000 Total deposits 123,453,000118,710,911120,447,279118,264,000 23,024,0006,192,00044,859,00044,191,000 Total capital accounts 7,868,000 8,291,278 8,629,770 8,999,000 2,323,000 455,000 3,003,000 3,218,000 Number of officers 42,512 44,960 46,278 47,45 33,195 14,259 3,175 806 12,481 30,992 Number of employees 230,442 241,011 247,628 250,36 161,538 88,829 42,400 8,648 98,983 100,336 Number of banks 6,900 6,923 6,918 6,89 4,97. 1,917 341 6,513 See footnotes on pp. 589-591. 588 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1949—Continued ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n ve d - m Ri o c n h d - Atlanta Chicago St. Louis M a i p n ol n i e s - Ka C n it s y as Dallas Fra S n a c n isco Earnings 155,548 730,701 176,529 245,856 141,125 145,697 417,595 113,500 86,956 134,139 152,560 485,434 Interest and dividends on securities: U. S. Government 45,081 223,057 54,110 77,893 40,555 36,866 150,258 30,372 26,936 36,415 33,919 103,756 Other 6,229 40,820 15,054 18,000 5,824 9,333 26,887 7,106 4,266 7,351 7,245 20,387 Interest and discount on loans 69,390 305,860 75,672 106,785 70,699 70,073 171,352 59,553 39,274 68,629 87,267 281,083 Other charges on loans.... 586 6,055 616 1,243 553 887 3,804 479 491 497 598 5,624 Service charges on deposits. 9,576 32,843 6,717 10,616 7,970 9,576 21,376 4,490 5,589 8,849 7,537 32,819 Other charges, fees, etc.... 2,910 13,374 2,273 4,152 4,138 6,282 7,980 3,765 4,603 2,816 3,978 8,226 Trust department 11,988 59,584 14,563 13,155 5,975 4,296 17,573 3,447 1,972 2,696 2,234 13,900 Other current earnings.... 9,788 49,108 7,526 14,010 5,412 8,384 18,366 4,288 3,823 6,886 9,783 19,638 Expenses 103,742 459,468 111,694 157,838 87,371 91,991 275,907 69,108 55,551 78,378 91,903 305,966 Salaries—officers 18,001 71,364 18,381 23,580 16,745 16,098 43,914 14,098 11,709 18,472 20,468 45,360 Salaries and wages—others 32,658 173,680 33,316 45,018 25,770 26,854 84,488 19,956 15,446 22,680 25,598 102,464 Directors' fees, etc 1,102 3,592 1,977 1,438 1,091 819 1,966 829 587 805 900 958 Interest on time deposits.. 12,805 38,971 16,439 27,585 12,368 10,855 48,045 8,071 8,672 5,719 5,276 66,297 Interest on borrowed money 116 2,044 123 158 133 57 320 102 44 115 38 86 Taxes other than income.. 4,422 17,040 5,437 15,402 4,708 5,964 13,939 3,827 1,958 2,986 8,796 11,807 Recurring depreciation.... 2,767 8,543 3,176 4,089 2,596 2,782 5,525 1,584 1,323 1,996 2,608 6,913 Other current expenses.... 31,871 144,235 32,847 40,567 23,960 28,562 77,709 20,641 15,813 25,604 28,219 72,082 Net current earnings before income taxes 51,805 271,233 64,835 88,019 53,754 53,706 141,689 44,391 31,405 55,762 60,657 179,468 Recoveries, transfers from reserves, and profits. . 17,642 59,862 10,739 11,372 4,711 8,137 33,737 6,360 2,428 5,968 5,832 15,689 On securities: Recoveries 971 5,691 1,382 928 415 326 1,525 321 459 643 275 512 Transfers from reserves. 3,865 4,206 1,102 332 67 551 8,186 605 104 912 175 2,186 Profits on securities 2,671 23,063 3,477 4,215 1,857 3,666 13,226 2,568 472 1,547 1,665 5,516 On loans: Recoveries 1,561 3,439 1,912 1,170 980 997 2,482 514 785 1,270 1,419 1,597 Transfers from reserves. 3,696 14,213 145 2,115 166 465 2,051 595 134 382 582 374 All other 4,878 9,249 2,721 2,613 1,226 2,132 6,267 1,757 475 1,214 1,716 5,505 Losses, charge-offs, and transfers to reserves. . 27,343 94,295 18,168 21,150 11,031 13,729 42,570 12,765 8,042 11,534 18,542 38,706 On securities: Losses and charge-offs. . 1,661 6,504 2,770 1,912 1,340 1,519 6,343 2,483 601 1,727 1,917 2,081 Transfers to reserves 4,979 6,165 593 1,118 142 999 6,548 653 952 410 895 4,550 On loans: Losses and charge-offs. . 848 1,947 969 1,245 916 1,384 2,595 952 1,114 2,226 3,193 1,763 Transfers to reserves.... 13,002 67,018 10,542 13,667 6,881 7,396 21,666 6,102 4,381 4,973 10,021 25,604 All other 6,852 12,661 3,293 3,208 1,753 2,432 5,418 2,575 994 2,198 2,516 4,708 Profits before income taxes 42,105 236,800 57,406 78,240 47,434 48,114 132,856 37,986 25,791 50,196 47,947 156,451 Taxes on net income... 11,734 71,914 15,490 19,577 14,498 14,072 32,071 10,027 7,742 13,849 14,266 49,826 Federal 9,556 63,056 15,490 19,577 14,329 13,564 32,033 9,763 6,788 12,928 14,235 45,752 State 2,177 8,858 170 509 39 264 954 921 31 4,075 Net profits 30,371 164,886 41,916 58,663 32,936 34,042 100,784 27,960 18,049 36,347 33,681 106,625 Cash dividends declared. . 17,329 101,655 21,506 22,156 13,776 11,569 35,664 10,703 7,035 10,741 13,725 46,808 On preferred stock 2 32 2,038 297 203 38 23 378 50 39 5 30 357 On common stock 17,298 99,618 21,210 21,953 13,738 11,546 35,287 10,653 6,995 10,737 13,694 46,451 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 43 839 50 68 1 18 210 550 On loans 710 6,896 29 637 398 418 3,387 422 285 596 2,580 Losses charged to reserves (not included in losses above) : On securities 102 1,592 354 443 17 6 392 30 12 58 2,138 On loans 3,721 17,710 2,113 3,788 1,782 2,500 7,798 1,819 1,057 2,529 3,498 13,542 Loans 1,670,00010,155,0001,750,000 2,637,0001,566,0001,512,000 4,431,0001,463,000 881,000 500,000 1,827,000 5,856,000 U. S. Government securities. 2,714,00014,423,000 3,039,000 4,778,0002,514,0002,365,000 9,535,0001,936,0001,653,000 2,394,000 2,142,0006,569,000 Other securities 310,000 1,879,000 640,000 767,000 272,000 412,000 1,339,000 328,000 219,000 396,000 310,000 977,000 Cash assets 1,324,000 8,369,0001,474,000 2,247,0001,464,0001,541,000 4,627,0001,254,000 852,0001,730,0001,868,000 3,346,000 Other assets 103,000 528,000 97,000 108,000 74,000 70,000 160,000 40,000 30,000 39,000 74,000 231,000 Total assets 6,120,000 35,355,000 6,999,00010,537,0005,890,0005,900,00020,092,000 5,022,000 3,636,000 6,060,000 6,2211,00016,979,000 Time deposits 1,258,000 1,942,000 3,216,0001,322,0001,109,000 5,605,000 965,000 935,000 674,000 632,000 6,147,000 Total deposits 5,532,000 31,490,000 6,331144,,000000 9,661,0005,454,0005,512,0001.88,,778866,,000000 4,,668855,,000000 3,,440066,,000000 5i,.668866,,000000 15,,884400,,00000015,898,000 Total capital accounts 518,000 636,000 811,000 396,000 350,000 1,167,000 306,000 206,000 349,000 357,000 90-7,000 Number of officers 2,585 3,206 3,816 2,875 2,562 6,053 2,583 2,213 3,472 3,479 6,914 Number of employees 15,047 15,216 19,012 12,033 12,603 33,999 9,942 7,308 10,640 11,568 37,559 Number of banks 330 768 640 700 479 351 1,004 496 478 756 623 267 1 Includes figures for all banks that were members of the Federal Reserve System at the end of the year (including those becoming members during the year whose returns may cover operations for only part of the year); and in addition includes appropriate adjustments for member banks in operation during part of the year but not at the end of the year. Data may not add to totals because of rounding. 2 Includes interest on capital notes and debentures. 3 Not available. 4 Not available on the 13-month basis used for all member banks. See note on p. 590. For other footnotes see pp. 590-591. MAY 1950 589 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1949—Continued RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item 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 St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings 53,642 34,272 64,103 132,445 55,895 60,287 124,264 52,321 27,392 62,969 69,775 398,730 Interest and dividends on securities: U. S. Government. 15,207 8,764 16,930 42,735 18,006 14,628 49,782 12,761 8,011 18,390 15,961 84,062 Other 1,768 1,400 6,108 10,031 2,201 4,010 5,987 2,902 1,366 3,608 2,327 17,201 Interest and discount on loans. 22,562 16,805 25,537 52,807 23,601 28,605 48,184 28,227 12,720 30,499 39,487 231,347 Other charges on loans 341 396 329 973 233 753 1,838 280 172 149 314 4,955 Service charges on deposits.. . 1,879 2,998 1,814 4,679 3,294 3,056 8,749 1,431 1,190 3,075 1,916 27,089 Other charges, fees, etc 1,416 697 623 2,146 2,044 2,833 2,984 1,945 948 858 1,559 6,168 Trust department 6,279 856 9,624 10,677 4,007 2,483 2,293 2,948 1,585 2,224 1,861 12,086 Other current earnings 4,189 2,356 3,138 8,396 2,507 3,920 4,447 1,829 1,401 4,167 6,351 15,822 Expenses 33,995 25,000 41,948 84,897 35,775 39,128 86,783 31,477 17,662 38,156 43,161 248,614 Salaries—officers. . 5,647 3,333 5,901 10,190 6,122 5,375 10,662 5,132 2,695 6,046 7,017 34,573 Salaries and wages—others. . 12,274 9,139 16,230 28,435 12,714 12,016 30,250 11,019 7,025 13,062 12,842 85,186 Directors' fees, etc 158 175 256 310 289 226 382 162 90 202 169 569 Interest on time deposits 1,697 2,743 1,596 12,471 3,124 4,524 15,332 2,676 1,699 2,863 3,546 55,326 Interest on borrowed money. 33 36 59 122 74 29 62 71 29 87 24 71 Taxes other than income.. . . 1,365 783 1,964 8,288 2,325 3,105 3,713 1,628 370 1,400 5,178 10,209 Recurring depreciation 824 541 744 1,987 834 963 1,581 452 356 997 1,109 5,205 Other current expenses 11,997 8,251 15,198 23,096 10,295 12,891 24,801 10,336 5,399 13,500 13,276 57,475 Net current earnings before income taxes 19,647 9,272 22,155 47,547 20,120 21,159 37,481 20,844 9,730 24,813 26,614 150,116 Recoveries, transfers from reserves, and profits 11,314 6,026 4,186 5,805 1,994 4,703 5,461 3,925 657 3,717 2,754 12,488 On securities: Recoveries 59 49 182 336 22 140 632 209 31 437 55 234 Transfers from reserves.... 3,321 1,781 835 79 18 150 114 382 912 2,163 Profits on securities 1,080 1,655 917 1,940 981 2,166 2,209 1,434 79 1,148 959 4,296 On loans: Recoveries 426 45 494 417 392 582 389 128 306 234 186 1,326 Transfers from reserves 3,025 1,782 40 1,708 89 275 1,041 429 76 251 542 203 All other 3,403 715 1,719 1,324 492 1,390 1,078 1,344 165 734 1,012 4,267 Losses, charge-offs, and transfers to reserves 15,110 9,013 7,668 11,162 4,355 5,242 12,899 7,411 1,641 5,049 8,782 29,983 On securities: Losses and charge-offs 90 228 364 291 230 458 941 1,514 16 822 1,214 1,443 Transfers to reserves 4,519 937 247 428 72 500 1,117 423 134 363 438 4,225 On loans: Losses and charge-offs 48 87 271 129 472 479 112 255 226 210 976 Transfers to reserves 6,192 7,163 5,657 8,131 3,102 3,137 8,601 3,615 1,086 2,752 6,165 20,010 All other. * 4,262 600 1,393 2,041 821 676 1,760 1,747 149 755 3,330 Profits before income taxes. 15,85© 6,285 18,673 42,190 17,759 20,620 30,044 17,358 8,747 23,481 20,585 132,621 Taxes on net income. 4,044 1,168 5,418 10,099 5,332 6,057 8,322 4,990 2,864 6,581 7,099 41,687 Federal 2,935 996 5,418 10,099 5,330 5,883 8,320 4,777 2,391 6,112 7,099 38,479 State 1,109 172 2 174 2 213 473 469 3,208 Net profits 11,805 5,117 13,256 32,091 12,427 14,563 21,722 12,369 5,883 16,900 13,487 90,935 Cash dividends declared.... 7,791 2,798 9,984 13,723 6,297 5,359 8,768 6,083 2,732 5,151 7,296 42,034 On preferred stock 2 88 197 148 8 30 310 On common stock 2,710 9,984 13,526 6,297 5,359 8,620 6,075 2,702 V',296 41,724 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 10 21 33 1 1 203 620 528 On loans 175 391 111 233 105 210 899 212 43 504 278 2,123 Losses charged to reserves (not included in losses above): On securities 3 635 320 266 1 4 4 23 2,090 On loans 1,513 2,079 774 2,233 545 1,234 2,138 779 208 1,393 1,859 10,497 Loans 705,000 323,000 723,0001,538,000 634,000 712,0001,205,000 842,000 357,000 829,0001,028,000 4,927,000 U. S. Government securities. . . 971,000 428,000 988,000 2,734,0001,196,000 984,000 3,293,000 878,000 505,0001,278,0001,006,000 5,350,000 Other securities 87,000 44,000 256,000 385,000 106,000 161,000 349,000 125,000 73,000 205,000 106,000 824,000 Cash assets 565,000 235,000 695,0001,376,000 717,000 724,0001,491,000 682,000 361,000 1,007,000 941,000 2,757,000 Other assets 54,000 16,000 40,000 68,000 38,000 35,000 53,000 21,000 12,000 25,000 49,000 199,000 Total assets. 2,382,000 1,047,000 2,701,000 6,102,0002,690,0002,616,000 6,391,000 2,548,0001,308,000 3,345,000 3,131,00014,058,000 Time deposits 190,000 292,000 239,0001,488,000 437,000 425,000 2,004,000 339,000 182,000 360,000 407,000 5,193,000 Total deposits 2,127,000 968,0002,433,000 559,000 2,449966,,000000 2,444,000 6,040,000 2,,336655,,0000001,212,000 3,,113377,,000000 2,992255,,00000013,153,000 Total capital accounts. 212,000 71,000 235,000 '490,000 171,000 149,000 313,000 160,000 80,000 190,000 189,000 744,000 Number of officers 583 357 565 1,017 698 643 1,142 595 291 759 723 5,108 Number of employees 5,347 3,550 6,644 10,915 5,595 5,526 12,068 5,208 2,892 5,706 5,291 30,241 Number of banks 10 17 13 29 75 49 38 27 * Not including central reserve city banks. NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for the call dates at the beginning, middle, and end of the year except in 1949. For 1949 these three call dates were used, plus the last-Wednesday-of-the-month figures for the 10 intervening months. For other footnotes see pp. 589 and 591. 590 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1949—Continued COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item 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 St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings 101,906 220,315 112,427 113,412 85,230 85,410 170,222 61,179 59,564 71,170 82,785 86,704 Interest and dividends on securities: U. S. Government 29,874 66,502 37,181 35,158 22,549 22,238 54,885 17,612 18,926 18,025 17,958 19,694 Other 4,462 13,592 8,946 7,969 3,623 5,324 10,249 4,204 2,901 3,743 4,919 3,185 Interest and discount on loans. 46,828 104,327 50,134 53,977 47,098 41,468 78,751 31,326 26,555 38,130 47,780 49,736 Other charges on loans 245 1,637 287 270 320 134 785 200 319 349 283 670 Service charges on deposits 7,697 14,909 4,903 5,937 4,676 6,520 10,852 3,059 4,399 5,774 5,621 5,730 Other charges, fees, etc 1,493 3,753 1,650 2,006 2,094 3,449 4,028 1,820 3,656 1,958 2,419 2,058 Trust department 5,709 6,868 4,939 2,479 1,967 1,813 3,250 499 388 472 374 1,814 Other current earnings 5,598 8,727 4,388 5,615 2,905 4,465 7,421 2,459 2,422 2,719 3,432 3,816 Expenses 69,747 152,391 69,747 72,940 51,596 52,863 110,921 37,632 37,889 40,221 48,742 57,351 Salaries—officers 12,354 25,446 12,480 13,390 10,624 10,723 22,417 8,966 9,014 12,426 13,451 10,787 Salaries and wages—others... . 20,384 42,905 17,086 16,583 13,057 14,838 28,489 8,937 8,421 9,617 12,756 17,278 Directors' fees, etc 944 2,077 1,721 1,128 802 593 1,428 668 498 603 731 390 Interest on time deposits 11,108 28,518 14,843 15,114 9,244 6,331 21,907 5,393 6,973 2,857 1,730 10,971 Interest on borrowed money... 83 191 65 37 59 28 35 31 15 29 14 14 Taxes other than income 3,057 6,554 3,473 7,115 2,383 2,859 5,662 2,199 1,588 1,586 3,618 1,597 Recurring depreciation 1,943 4,591 2,432 2,102 1,762 1,820 3,093 1,133 966 999 1,499 1,707 Other current expenses 19,874 42,108 17,649 17,470 13,665 15,672 27,891 10,305 10,415 12,104 14,943 14,607 Net current earnings before income taxes 32,159 67,924 42,680 40,472 33,634 32,547 59,300 23,547 21,675 30,949 34,043 29,352 Recoveries, transfers from reserves, and profits 6,329 21,029 6,553 5,567 2,717 3,434 6,399 2,435 1,771 2,251 3,078 3,200 On securities: Recoveries 913 3,454 1,201 591 392 186 668 112 427 206 220 278 Transfers from reserves 544 801 267 253 49 401 197 223 104 175 23 Profits on securities 1,591 8,010 2,560 2,275 876 1,500 3,164 1,135 393 398 706 1.220 On loans: Recoveries 1,135 2,338 1,418 752 589 415 715 386 479 1,036 1,233 271 Transfers from reserves 671 2,922 105 407 77 190 403 166 58 131 40 171 All other 1,475 3,505 1,002 1,289 734 742 1,251 413 310 480 705 1,238 Losses, charge-offs, and transfers to reserves 12,232 24,747 10,500 9,989 6,676 8,487 15,591 5,354 6,402 6,485 9,760 8,723 On securities: Losses and charge-offs 1,571 4,626 2,406 1,620 1,110 1,061 3,198 969 585 906 703 638 Transfers to reserves 460 1,664 346 690 70 499 351 230 818 47 457 325 On loans: Losses and charge-offs 800 1,544 961 974 787 912 1,074 840 859 2,000 2,983 787 Transfers to reserves 6,811 13,808 4,886 5,537 3,779 4,259 8,815 2,487 3,295 2,221 3,856 5,594 All other 2,591 3,104 1,901 1,167 931 1,755 2,153 828 844 1,312 1,760 1,379 Profits before income taxes... 26,255 64,207 38,733 36,050 29,675 27,494 50,108 20,628 17,044 26,715 27,362 23,829 Taxes on net income 7,689 15,734 10,073 9,478 9,166 8,015 12,647 5,037 4,878 7,268 7,167 8,139 Federal 6,621 14,289 10,073 9,478 8,998 7,681 12,610 4,986 4,397 6,815 7,137 7,273 State 1,068 1,446 168 334 37 51 481 453 31 866 Net profits 18,566 48,472 28,660 26,572 20,509 19,479 37,461 15,591 12,167 19,447 20,194 15,690 Cash dividends declared 9,539 16,533 11,522 8,433 7,479 6,21© 11,526 4,620 4,303 5,590 6,429 4,774 On preferred stock 2 32 1,941 297 6 38 23 162 42 9 5 30 47 On common stock , 9,507 14,592 11,226 8,427 7,441 6,187 11,364 4,578 4,293 5,586 6,398 4,727 Memoranda items: Recoveries credited to reserves (not included in recoveries above) : On securities 43 271 29 34 17 7 22 On loans 535 1,192 184 404 293 208 483 210 242 384 318 457 Losses charged to reserves (not included in losses above): On securities 99 233 34 177 16 2 108 7i 4 58 48 On loans 2,208 3,867 1,339 1,555 1,237 1,266 2,281 1,040 J 849 1,135 1,639 3,045 Loans 966,000 2,168,0001,026,0001,098,000 933,000 801,0001,610,000 622,000 524,000 671,000 799,000 929,000 U. S« Government securities 1,742,0003,845,000 2,051,000 2,044,0001,317,0001,381,,10"00 3,341,0001,059,000 1,148,0001,116,0001,136,0001,218,000 Other securities 223,000 654,000 384,000 382,000 167,000 251,000 562,000 203,000 146,000 190,000 204,000 153,000 Cash assets 758,0001,395,000 779,000 871,000 747,000 816,000 1,405,000 572,000 491,000 724,000 927,000 589,000 Other assets 50,000 104,000 57,000 40,000 36,000 35,000 60,000 19,000 18,000 14,000 25,000 31,000 Total assets 3,739,000 8,166,000 4,298,000 4,435,000 3,200,0003,284,0006,978,000 2,474,000 2,327,000 2,715,0003,090,000 2,920,000 Time deposits 1,069,000 3,350,0001,703,0001,727,000 885,000 685,000 2,558,000 626.000 753,000 314,000 225,000 954,000 Total deposits 3,405,0007,498,0003,,883311,,000000 4,110011,,000000 2,,995588,,0000003,069,0006,555,000 2,320,000 2,194,000 2,550,0002,916,0002,744,000 Total capital accounts 306,000 599,000 401,000 321,000 226,000 201,000 400,000 147,000 126,000 159,000 169,000 163,000 Number of officers 2,002 4,164 2,641 2,799 2,177 1,919 4,105 1,988 1,922 2,713 2,756 1,806 Number of employees 9,700 19,490 8,572 8,097 6,438 7,077 13,283 4,734 4,416 4,934 6,277 7,318 Number of banks 320 726 627 671 447 330 916 475 469 707 585 240 NOTE,—(cont.)—The number of officers, employees, and banks are as of the end of the year. Cash assets are comprised of cash, balances with other banks (including reserve balances), and cash items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. For other footnotes see pp. 589-590. MAY 1950 591 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS BY SIZE OF BANK, 1949 ALL MEMBER BANKS [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 2,972,448 12,820 65,222 224,535 243,132 319,818 233,406 232,038 1,641,479 Interest and dividends on securities: U. S. Government 856,372 3,153 17,186 63,089 69,224 92,730 67,471 69,211 474,309 Other 167,888 592 3,334 13,770 15,640 18,878 12,968 10,843 91,864 Interest and discount on loans. . 1,400,418 7,536 36,795 119,630 122,869 153,365 107,384 106,786 746,053 Other charges on loans 21,287 46 254 730 1,367 1,532 1,565 1,324 14,471 Service charges on deposits 157,370 733 3,775 13,603 16,1 23,377 16,504 14,410 68,160 Other charges, fees, etc. 64,324 461 2,219 6,523 6,139 7,274 5,154 5,151 31,405 Trust department 148,104 1 81 919 2,938 8,011 9,217 11,069 115,868 Other current earnings 156,686 299 1,577 6,272 8,147 14,652 13,144 13,245 99,349 Expenses 1,879,127 7,961 39,693 139,110 153,497 209,193 155,280 155,190 1,019,203 Salaries—officers 316,393 2,934 12,505 36,472 33,029 38,191 25,651 24,882 142,730 Salaries and wages—others 604,886 1,015 6,403 27,809 37,264 58,729 47,478 50,376 375,813 Directors' fees, etc 15,991 203 1,015 3,231 2,678 2,580 1,327 1,138 3,820 Interest on time deposits 259,853 1,009 6,237 24,875 27,704 36,410 22,949 20,476 120,195 Interest on borrowed money.. . . 3,326 12 49 130 91 163 110 146 2,627 Taxes other than income 96,017 413 2,019 7,215 8,002 10,497 8,17 7,693 52,002 Recurring depreciation 43,783 236 1,187 4,276 4,639 6,082 4,223 4,559 18,582 Other current expenses 538,877 2,140 10,279 35,104 40,092 56,542 45,367 45,920 303,434 Net current earnings before income taxes 1,093,321 4,858 25,529 85,425 89,635 110,626 78,125 76,848 622,275 Recoveries, transfers from reserves, and profits 178,36.' 504 1,981 8,307 10,426 16,390 13,808 14,06: 112,885 On securities: Recoveries 12,668 20 20; 837 1,803 1,933 1,449 2,668 3,753 Transfers from reserves 22,289 3 47 138 328 921 826 620 19,408 Profits on securities 63,105 525 2,677 3,551 6,216 6,40' 5,674 37,934 On loans: 121 Recoveries 17,996 759 2,485 2,210 2,749 1,250 1,388 6,869 Transfers from reserve 24,854 287 7 547 870 1,247 1,022 1,382 19,709 All other 37,449 371 1,623 1,665 3,324 2,853 2,330 25,212 "73 Losses, charge-offs, and transfers to reserves 314,748 1,068 5,10 19,330 23,623 31,736 27,138 25,701 181,050 On securities:" Losses and charge-offs 30,184 125 758 3,108 4,356 4,461 3,443 4,023 9,911 Transfers to reserves 28,003 2 45: 700 1,544 2,633 1,400 21,184 On loans: Losses and charge-offs 18,830 637 1,953 4,734 2,98' 2,236 1,442 1,001 3,840 Transfers to reserves 189,775 172 1,578 7,874 11,758 18,953 15,423 15,020 118,998 All other 47,957 132 726 3,16: 3,823 4,54: 4,197 4,257 27,117 Profits before income taxes. . . 956,935 4,294 22,408 74,40: 76,437 95,280 64,795 65,209 554,110 Taxes on net income 273,996 783 4,453 17,326 21,243 27,897 19,702 19,848 162,745 Federal 256,106 739 4,177 16,53" 20,401 26,64" 19,049 18,750 149,806 State 17,890 44 276 789 842 1,250 653 1,098 12,939 Net profits 682,939 3,512 17,956 57,076 55,194 67,384 45,092 45,361 391,366 Cash dividends declared 311,863 1,047 5,085 17,520 17,444 23,899 17,085 18,030 211,755 On preferred stock 2 3,468 9 36 169 216 585 273 957 1,221 On common stock 308,396 1,038 5,048 17,351 17,228 23,313 16,812 17,073 210,533 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 2,399 4 4 73 109 88 40 2,038 On loans 17,450 143 746 1,13 1,358 930 1,260 11,860 Losses charged to reserves (not included, in losses above): On securities 5,144 24 80 183 148 387 96 4,225 On loans. 60,869 640 2,99' 4,610 5,784 3,911 5,043 37,810 Loans. 36,202,521 127,511 654,993 2,299,89 2,441,674 3,205,44' 2,407,896 2,631,482 22,433,621 U. S. Government securities 56,850,854 155,974 909,496 3,533,38: 4,080,771 5,809,546 4,397,82:' 4,655,08333,308,780 Other securities 8,409,623 23,870 138,633 628,063 794,342 982,086 687,012 607,538 4,548,079 Cash assets 31,293,60 109,689 535,883 1,860,447 1,990,578 2,727,546 2,224,540 2,458,771 19,386,153 Other assets 1,584,351 2,874 15,466 63,188 82,035 138,890 118,357 135,908 1,027,633 Total assets • 134,340,956 419,918 2,254,471 8,384,977 9,389,40012,863,515 9,835,62710,488,78280,704,266 Time deposits 29,311,91 98,986 617,005 2,533,661 3,033,054 4,158,025 2,693,041 2,398,087 13,780,058 Total deposits 123,814,95: 378,203 2,062,710 7,750,594 8,718,04911,970,729 9,189,273 9,800,45073,944,944 Total capital accounts 9,154,366 40,901 187,349 615,141 640,452 834,396 594,619 620,358 5,621,150 Number of officers 47,291 1,164 3,761 8,766 6,35 5,: 3,42, 3,094 14,841 Number of employees 249,731 850 4,136 15,154 18,216 27,239 21,31 22,241 140,581 Number of banks 6,868 50' 1,368 2,39: 1,241 778 140 175 1 Totals are for all banks that submitted reports covering the entire year, except two trust companies having no deposits. 2 Includes interest on capital notes and debentures. NOTE.—The figures for assets, deposits, capital accounts, number of officers and employees, and number of banks are as of the end of the year. See note on preceding page regarding the composition of cash assets and total capital accounts. 592 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS BY SIZE OF BANK, 1949—Continued NATIONAL BANKS [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 1,990,134 9,006 44,874 169,707 177,519 225,907 157,405 151,537 1,054,179 Interest and dividends on securities*. U. S. Government 577,899 2,260 12,032 48,990 51,836 68,197 46,713 46,673 301,198 Other 117,059 450 2,447 10,946 11,901 13,648 9,078 7,567 61,022 Interest and discount on loans. 961,542 5,222 24,921 88,668 88,362 106,294 72,142 67,582 508,351 Other charges on loans 14,175 29 149 540 1,014 786 1,074 1,027 9,556 Service charges on deposits.. . . 108,652 536 2,617 10,317 12,384 16,365 11,450 9,510 45,473 Other charges, fees, etc 41,618 292 1,537 4,837 4,485 5,018 3,742 3,609 18,098 Trust department 60,257 68 589 1,518 5,194 4,152 5,908 42,828 Other current earnings 108,932 217 1,103 4,820 .6,019 10,405 9,054 9,661 67,653 Expenses ,238,160 5,569 27,218 104,901 110,955 145,805 103,602 101,179 638,931 Salaries—officers 210,050 2,021 8,499 27,340 23,855 27,001 17,110 16,484 87,740 Salaries and wages—others.. .. 385,178 729 4,441 21,143 26,954 40,614 31,580 32,371 227,346 Directors' fees, etc 10,760 149 714 2,485 1,955 1,839 . 870 711 2,037 Interest on time deposits 181,919 702 4,285 18,565 19,639 24,902 14,691 12,398 86,737 Interest on borrowed money. . . 1,680 10 30 92 68 90 93 94 1,203 Taxes other than income 65,390 278 1,330 5,396 5,775 7,563 5,258 5,245 34,545 Recurring depreciation 30,453 166 840 3,335 3,377 4,267 2,865 2,989 12,614 Other current expenses 352,730 1,514 7,079 26,545 29,332 39,529 31,135 30,887 186,709 Net current earnings before income taxes 751,974 3,437 17,656 64,806 66,564 80,102 53,803 50,358 415,248 Recoveries, transfers from reserves, and profits 115,297 369 1,427 6,559 7,616 10,533 8,780 6,671 73,342 On securities: Recoveries 5,905 14 164 686 1,517 1,324 558 538 1,104 Transfers from reserves 15,445 15 98 245 344 514 161 14,068 Profits on securities 39,472 92 380 2,072 2,529 4,066 4,319 3,567 22,447 On loans: Recoveries 13,309 202 607 2,086 1,662 2,045 980 904 4,823 Transfers from reserves 11,399 35 373 429 310 319 413 9,520 All other 29,767 6i 226 1,244 1,234 2,444 2,090 1,088 21,380 Losses, charge-offs, and transfers to reserves 202,304 728 3,566 14,840 17,668 21,712 17,381 14,177 112,232 On securities: Losses and charge-offs 20,917 96 615 2,630 3,706 3,436 2,733 1,922 5,779 Transfers to reserves 18,310 2 57 300 527 934 805 538 15,147 On loans: Losses and charge-offs 13,987 439 1,402 3,791 2,396 1,905 1,347 524 2,183 Transfers to reserves 120,557 101 965 5,794 8,286 12,358 9,527 9,180 74,346 All other 28,533 90 527 2,325 2,753 3,079 2,969 2,013 14,777 Profits before income taxes. . . 664,967 3,078 15,517 56,525 56,512 68,923 45,202 42,852 376,358 Taxes on net income 192,737 555 3,073 13,028 15,788 20,184 13,966 13,065 113,078 Federal 181,776 520 2,870 12,393 15,175 19,300 13,579 12,485 105,454 State 10,961 35 203 635 613 884 387 580 7,624 Net profits 472,230 2,523 12,444 43,497 40,724 48,739 31,236 29,787 263,280 Cash dividends declared 203,949 758 3,751 13,569 13,093 17,101 11,203 11,791 132,683 On preferred stock 1,078 6 16 105 96 284 48 275 248 On common stock 202,871 752 3,735 13,464 12,997 16,817 11,155 11,516 132,435 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 1,380 32 39 14 13 25 1,257 On loans 12,766 13 101 579 914 1,018 737 957 8,447 Losses charged to reserves (not included in losses above): On securities 2,338 15 72 133 18 43 61 1,994 On loans 43,931 438 2,362 3,645 3,920 2,676 3,513 27,318 Loans 23,838,853 88,352 442,856 1,700,104 1,754,952 2,198,244 1,603,057 1,714,65214,336,636 U. S. Government securities 38,144,918 108,643 628,113 2,711,334 3,025,375 4,268,150 3,048,218 3,173,96421,181,121 Other securities 5,926,004 17,700 97,584 495,039 593,058 716,281 481,796 431,354 3,093,192 Cash assets 20,977,738 76,008 368,464 1,415,812 1,486,349 2,001,670 1,592,832 1,787,02212,249,581 Other assets 1,053,793 2,141 11,182 48,333 58,551 96,321 76,977 88,968 671,320 Total assets.... 89,941,306 292,844 1,548,199 6,370,622 6,918,285 9,280,666 6,802,880 7,195,960 51,531,850 Time deposits 19,929,952 67,797 417,608 1,891,325 2,143,998 2,872,081 1,775,003 1,514,351 9,247,789 Total deposits 83,065,517 261,837 1,410,776 5,880,072 6,424,103 8,651,740 6,376,148 6,734,538 47,326,303 Total capital accounts 5,915,848 30,469 134,669 477,655 472,763 590,925 392,646 418,349 3,398,372 Number of officers 33,134 815 2,530 6,645 4,680 4,226 2,263 2,022 9,953 Number of employees 161,399 611 2,842 11,536 13,250 18,877 14,240 14,203 85,840 Number of banks 4,957 354 926 1,800 912 569 188 94 114 See footnotes on preceding page. MAY 1950 593 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS BY SIZE OF BANK, 1949—Continued STATE MEMBER BANKS [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings ... 982,314 3,814 20,348 54,828 65,613 93,911 76,001 80,501 587,300 Interest and dividends on securities: U. S. Government 278,473 893 5,154 14,099 17,388 24,533 20,758 22,538 173,111 Other 50,829 142 887 2,824 3,739 5,230 3,890 3,276 30,842 Interest and discount on loans. . 438,876 2,314 11,874 30,962 34,507 47,071 35,242 39,204 237,702 Other charges on loans 7,112 17 105 190 353 746 491 297 4,915 Service charges on deposits 48,718 197 1,158 3,286 4,424 7,012 5,054 4,900 22,687 Other charges, fees, etc 22,706 169 682 1,686 1,654 2,256 1,412 1,542 13,307 Trust department. 87,847 1 13 330 1,420 2,817 5,065 5,161 73,040 Other current earnings 47,754 82 474 1,452 2,128 4,247 4,090 3,584 31,696 Expenses . . . ... 640,967 2,392 12,475 34,209 42,542 63,388 51,678 54,011 380,272 Salaries—officers 106,343 913 4,006 9,132 9,174 11,190 8,541 8,398 54,990 Salaries and wages—others. .... 219,708 286 1,962 6,666 10,310 18,115 15,898 18,005 148,467 Directors' fees etc 5,231 54 301 746 723 741 457 427 1,783 Interest on time deposits 77,934 307 1,952 6,310 8,065 11,508 8,258 8,078 33,458 Interest on borrowed money... . 1,646 2 19 38 23 73 17 52 1,424 Taxes other than income 30,627 135 689 1,819 2,227 2,934 2,917 2,448 17,457 Recurring depreciation 13,330 70 347 941 1,262 1,815 1,358 1,570 5,968 Other current expenses 186,147 626 3,200 8,559 10,760 17,013 14,232 15,033 116,725 Net current earnings before income taxes 341,347 1,421 7,873 20,619 23,071 30,524 24,322 26,490 207,027 Recoveries, transfers from re- 63,065 135 554 1,748 2,810 5,857 5,028 7,391 39,543 On securities: Recoveries 6,763 6 39 151 286 609 891 2,130 2,649 Transfers from reserves 6,844 3 32 40 83 577 312 459 5,340 Profits on securities 23,633 29 145 605 1,022 2,150 2,088 2,107 15,487 On loans: Recoveries 4,687 85 152 399 548 704 270 484 2,046 Transfers from reserves 13,455 42 174 441 937 703 969 10,189 All other 7,682 12 145 379 431 880 763 1,242 3,832 Losses, charge-offs, and transfers to reserves 112,444 340 1,536 4,490 5,955 10,024 9,757 11,524 68,818 On securities: Losses and charge-off s 9,267 29 143 478 650 1,025 710 2,101 4,132 9,693 30 152 173 610 1,828 862 6,037 On loans: Losses and charge-off s 4,843 198 551 943 591 331 95 477 1,657 Transfers to reserves .. 69,218 71 613 2,080 3,472 6,595 5,896 5,840 44,652 All other 19,424 42 199 837 1,070 1,463 1,228 2,244 12,340 Profits before income taxes.... 291,968 1,216 6,891 17,877 19,925 26,357 19,593 22,357 177,752 Taxes on net income 81,259 228 1,380 4,298 5,455 7,713 5,736 6,783 49,667 Federal 74,330 219 1,307 4,144 5,226 7,347 5,470 6,265 44,352 State . . ... 6,929 9 73 154 229 366 266 518 5,315 Net profits 210,709 989 5,512 13,579 14,470 18,645 13,856 15,574 128,086 Gash dividends declared. 107,914 289 1,334 3,951 4,351 6,798 5,882 6,239 79,072 2,390 3 20 64 120 301 225 682 973 On common stock 105,525 286 1,313 3,887 4,231 6,496 5,657 5,557 78,098 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 1,019 4 15 34 95 75 15 781 On loans 4,684 2 42 167 223 340 193 303 3,413 Losses charged to reserves (not included in losses above): On securities 2,806 9 8 50 130 344 35 2,231 On loans 16,938 14 202 635 965 1,864 1,235 1,530 10,492 Loans . . . 12,363,668 39,159 212,137 599,793 686,722 1,007,203 804,839 916,830 8,096,985 U. S. Government securities 18,705,936 47,331 281,383 822,048 1,055,396 1,541,396 1,349,604 1,481,119 12,127,659 Other securities... 2,483,619 6,170 41,049 133,024 201,284 265,805 205,216 176,184 1,454,887 Gash assets . 10,315,869 33,681 167,419 444,635 504,229 725,876 631,708 671,749 7,136,572 Other assets 530,558 733 4,284 14,855 23,484 42,569 41,380 46,940 356,313 Total assets . . . .. 44,399,650 127,074 706,272 2,014,355 2,471,115 3,582,849 3,032,747 3,292,822 29,172,416 Time deposits 9,381,965 31,189 199,397 642,336 889,056 1,285,944 918,038 883,736 4,532,269 Total deposits . . . . .. 40,749,435 116,366 651,934 1,870,522 2,293,946 3,318,989 2,813,125 3,065,912 26,618,641 Total capital accounts 3,238,518 10,432 52,680 137,486 167,689 243,471 201,973 202,009 2,222,778 Number of officers . .. . ... 14,157 349 1,231 2,121 1,677 1,659 1,160 1,072 4,888 Number of employees 88,332 239 1,294 3,618 4,966 8,362 7,074 8,038 54,741 Number of banks . . . .. 1,911 153 442 592 329 209 79 46 61 See footnotes on p. 592. 594 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1949—Continued RATIOS OF ALL MEMBER BANKS, BY CLASSES [Computed from aggregate dollar amounts; ratios expressed as percentages] Central reserve All member banks city b a m n e k m s ber Re c s i e ty rve C m o e u m n b tr e y r m b e a m nk b s er banks Y N o e r w k Chicago 1946 1947 1948 Year 1949 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 11.9 11.2 12.0 12.2 8.4 9.9 13.6 13.9 Profits before income taxes l 13.3 11.0 9.9 10.7 7.2 11.6 11.8 12.1 Net profits 1..., 9.6 7.9 7.2 7.6 4.8 9.1 8.3 Cash dividends declared 3.4 3.4 3.4 3.5 3.5 3.4 3.9 3.0 Percentage of total assets: Total earnings 2.0 2.2 2.3 1.8 2.4 2.6 Net current earnings before income taxes. .7 .7 .8 .9 .7 .7 .8 .9 Net profits 1 .6 .5 .5 .4 .6 .5 .6 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 43.9 35.7 30.2 28.8 31.0 37.0 26.9 28.9 Other securities 6.1 5.8 5.6 5.6 5.4 8.7 5.2 5.8 Earnings on loans 32.2 40.5 46.2 47.8 39.7 37.0 50.3 49.7 Service charges on deposits accounts. 4.1 4.6 5.0 5.3 3.1 1.4 5.4 6.4 Other current earnings 13.7 13.4 13.0 12.5 20.8 15.9 12.2 9.2 Total earnings. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 29.1 30.9 31.0 31.0 34.5 29.7 31.1 29.8 Interest on time deposits. 8.8 9.2 8.9 8.8 1.6 8.8 9.5 10.8 Other current expenses. . . 23.5 23.2 23.9 23.6 23.5 23.1 25.0 23.4 Total expenses 64.1 61.1 64.0 63.5 63.3 59.2 63.5 64.0 Net current earnings before income taxes 35.9 38.9 36.0 36.5 36.7 40.8 36.5 36.0 Net losses including transfers (or recoveries and profits +)1 +4.5 .7 6.3 4.5 5.8 +6.3 4.9 Taxes on net income * 11.9 10.0 8.2 9.2 11.6 9.0 9.1 8.5 Net profits 1 31.5 25.3 22.0 23.0 23.4 33.8 22.0 22.6 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities 1.5 1.5 1.6 1.5 1.6 1.6 1.7 Interest and dividends on total securities 1.5 1.6 1.6 1.7 1.5 1.7 1.6 1.7 Net losses including transfers (or recoveries and profits +)4 + .2 + .04 + .1 + .1 + .1 + .04 + .04 Net losses (or recoveries and profits +)2 4 () (3) + .1 + .1 + .2 + .1 + .1 Return on loans: Earnings on loans 3.2 3.6 3.8 4.0 2.5 2.8 4.1 5.1 Net losses including transfers (or recoveries +)1. . . + .01 .1 .6 .5 • 5 .2 .5 .5 Net losses (or recoveries +)2 .1 .1 .1 .1 .2 Distribution of assets: Percentage of total assets: U. S. Government securities 53.8 46.9 42.0 42.0 38.8 43.2 40.6 44.9 Other securities 4.8 5.4 5.7 6.1 4.5 6.4 5.6 7.4 Loans 18.3 22.9 26.2 27.4 29.3 24.0 28.6 25.5 Cash assets 22.0 23.7 24.9 23.3 25.8 25.7 23.9 21.2 Other assets 1.1 1.1 1.2 1.2 1.6 .7 1.3 1.0 Other ratios: Total capital accounts to: Total assets 5.9 6.5 6.6 7.0 8.9 6.2 6.8 Total assets less Government securities and cash assets 24.6 22.0 20.0 20.2 25.1 21.8 17.5 19.9 Total deposits. 6.4 7.0 7.2 7.6 10.1 7.3 6.7 7.3 Time to total deposits 21.0 23.5 23.8 24.6 7.4 16.8 25.8 33.6 Interest on time deposits to time deposits .9 .9 .5 1.0 .9 Number of banks 6,900 6,923 6,918 6,892 25 13 341 6,513 1 Ratios for 1948 and 1949 are not entirely comparable with prior years due to transfers to reserves for bad debt losses on loans. 2 "Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers to and from valuation reserves are excluded. 3 Data for losses and recoveries exclusive of transfers to and from reserves are not available. Prior to 1948 transfers to valuation reserves were included with losses and transfers from these reserves were included with recoveries. Such amounts are estimated to have been relatively small, especially prior to 1947. 4 Ratios of less than .005 are shown as .0. NOTE.—The ratios in this and the following three tables were computed from the dollar aggregates shown in preceding tables. Many of these ratios vary substantially from the average of individual bank ratios, which will be published in a subsequent issue, in which each bank's figures—regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based on aggregates presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. (For example, the 175 largest member banks have total earnings which, combined, are larger than those of all the other member banks, numbering about 6,700.) Ratios based on aggregates show combined results for the banking system as a whole and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of individual ratios are useful primarily to those interested in studying the financial results of operations of individual banks. MAY 1950 595 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1949—Continued RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o ew rk - P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 10.0 9.1 10.2 10.9 13.6 15.3 12.1 14.5 15.2 16.0 17.0 19.8 Profits before income taxes........ 8.1 7.9 9.0 9.6 12.0 13.7 11.4 12.5 14.4 13.4 17.2 Net profits 5.9 5.5 6.6 7.2 8.3 9.7 8.6 10.4 9.4 11.8 Cash dividends declared 3.3 3.4 3.4 2.7 3.3 3.1 3.5 3.4 3.1 3.8 5.2 Percentage of total assets: Total earnings 2.5 2.5 2.3 2.4 2.5 2.4 2.2 2.5 2.9 Net current earnings before income taxes 1.0 1.1 Net profits : .5 .6 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 29.0 30.5 30.7 31.7 28.7 25.3 36.0 26.8 31.0 27.1 22.2 21.4 Other securities 4.0 5.6 8.5 7.3 4.1 6.4 6.4 6.3 4.9 5.5 4.7 4.2 Earnings on loans 45.0 42.7 43.2 43.9 50.5 48.7 41.9 52.9 45.7 51.5 57.6 59.1 Service charges on deposit accounts 6.2 4.5 3.8 4.3 5.6 6.6 5.1 4.0 6.4 6.6 4.9 6.8 Other current earnings 15.8 16.7 13.8 12.8 11.1 13.0 10.6 10.0 12.0 9.3 10.6 8.5 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 32.6 33.5 29.3 27.9 30.1 29.5 30.7 30.0 31.2 30.7 30.2 30.5 Interest on time deposits 8.2 5.3 9.3 11.2 8.8 7.5 11.5 7.1 10.0 4.3 3.5 13.7 Other current expenses 25.9 24.1 24.7 25.1 23.0 26.1 23.9 23.8 22.7 23.4 26.5 18.8 Total expenses , 66.7 62.9 63.3 64.2 61.9 63.1 66.1 60.9 63.9 58.4 60.2 63.0 Net current earnings before income taxes 37.1 36.7 35.8 38.1 36.9 33.9 39.1 36.1 41.6 39.8 37.0 Net losses including transfers (or recoveries and profits +) 6.2 4.7 4.2 4.0 4.5 3.8 2.1 5.6 6.5 4.1 8.3 4.7 Taxes on net income 7.5 9.8 8.8 7.9 10.3 9.7 7.7 8.9 8.8 10.4 9.4 10.3 Net profits 19.5 22.6 23.7 23.9 23.3 23.4 24.1 24.6 20.8 27.1 22.1 22.0 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities 1.7 1.5 1.8 1.6 1.6 1.6 1.6 1.6 1.6 1.5 1.6 1.6 Interest and dividends on total securities 1.7 1.6 1.9 1.7 1.7 1.7 1.6 1.7 1.7 1.6 1.7 1.6 Net losses (or recoveries and profits +)i2 + .1 + .1 + .1 + .1 + .03 + .1 + .1 + .03 + .02 + .04 .0 + .03 Return on loans: Earnings on loans 3.1 4.4 4.1 4.5 4.7 4.0 4.1 4.5 4.6 4.8 4.9 Net losses (or recoveries +)12 .1 + .01 .1 .1 .2 .2 .1 .0 .2 .3 .2 Distribution of assets: Percentage of total assets: U. S. Government securities 44.3 40.8 43.4 45.3 42.7 40.1 47.5 38.6 45.5 39.5 34.4 38.7 Other securities 5.1 5.3 9.1 7.3 4.6 7.0 6.7 6.5 6.0 6.5 5.0 5.8 Loans 27.3 28.7 25.0 25.0 26.6 25.6 22.1 29.1 24.2 24.8 29.4 34.5 Cash assets 21.6 23.7 21.1 21.3 24.9 26.1 23.0 25.0 23.4 28.5 30.0 19.7 Other assets 1.7 1.5 1.4 1.1 1.2 1.2 .7 .9 .7 1.2 1.3 Other ratios: Total capital accounts to: Total assets 8.5 8.5 9.1 7.7 6.7 5.9 5.8 5.7 5.8 5.7 Total assets less Government securities and cash assets 24.9 23.8 25.6 23.1 20.7 17.6 19.7 16.7 18.2 18.0 16.1 12.8 Total deposits 9.4 9.5 10.1 8.4 7.3 6.3 6.2 6.5 6.0 6.1 6.1 5.7 Time to total deposits 22.7 17.0 30.8 33.3 24.2 20.1 29.8 20.6 27.5 11.9 10.8 38.7 Interest on time deposits to time deposits 1.0 .7 .9 .9 1.0 .9 .9 .4 Number of banks 330 768 640 700 479 351 1,004 496 478 756 623 267 1 "Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers to and from valuation reserves are excluded. 2 Ratios of less than .005 are shown as .0. 596 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1949—Continued RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Ressrve district Item Boston Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 9.3 13.1 9.4 1 9.7 11.8 14.2 12.0 13.0 12.2 13.1 14.1 20.2 Profits before income taxes 7.5 8.9 7.9 8.6 10.4 13.8 9.6 10.8 10.9 12.4 10.9 17.8 Net profits.. . 5 6 7 2 5 6 6 5 7 3 9 8 6 9 7.7 7 4 8 9 7.1 12 2 Cash dividends declared 3.7 3.9 4.2 2.8 3.7 3.6 2.8 3.8 3.4 2.7 3.9 5.6 Percentage of total assets: Total earnings 2.3 3.3 2.4 2.2 2.1 2.3 1.9 2.1 2.1 1.9 2.2 2.8 Net current earnings before income taxes 8 9 8 8 7 8 .6 .8 .7 .7 .9 1.1 Net profits .5 .5 .5 .5 .5 .6 .3 .5 .4 .5 .4 .6 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 28.3 25.6 26.4 32.3 32.2 24.3 40.1 24.4 29.2 29.2 22.9 21.1 Other securities 3.3 4.1 9.5 7.6 3.9 6.7 4.8 5.5 5.0 5.7 3.3 4.3 Karnings on loans 42 7 50 2 40 4 40 6 42 6 48 7 40 3 54 5 47.1 48.7 57.0 59 3 Service charges on deposit accounts. 3.5 8.7 2.8 3.5 5.9 5.1 7.0 2.7 4.3 4.9 2.7 6.8 Other current earnings 22.2 11.4 20.9 16.0 15.2 12.9 14.4 11.5 14.1 8.5 15.4 7.8 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 33 4 36 4 34 5 29 2 28 8 30.9 35.5 30.3 28.5 30.0 Interest on time deposits 3.2 8.0 2.5 9.4 353. 67 7.5 3122..93 5.1 6.2 4.5 5.4 13.9 Other current expenses 26.8 28.5 28.4 25.5 24.7 28.6 24.6 24.2 22.8 25.8 28.3 18.4 Total expenses 62.3 63.4 72.9 65.4 64.1 64.0 64.9 69.8 60.2 64.5 60.6 61.9 Net current earnings before income taxes 37.7 36.6 27.1 34.6 35.9 36.0 35.1 30.2 39.8 35.5 39.4 38.1 Net losses including transfers (or recoveries and profits +) 8.8 5.4 4.2 .9 6.7 3.6 2.1 8.6 4.4 Taxes on net income 7.1 3 4 8 5 4.0 9 6 10 0 6.0 9 5 10 5 10.5 10.2 10 5 Net profits 272 .05 14.9 20.7 274 .27 22.2 24.2 167 .57 23.6 21.4 26.8 19.3 22.8 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities . 1 6 2 0 1 7 1 6 1 5 1 5 1.5 1.5 1.6 1.4 1.6 1.6 Interest and dividends on total securities 1 6 2 2 1 9 1 7 1 6 1 6 1 5 1 6 1.6 1.5 1.6 1.6 Net losses (or recoveries and profits +)1 + .1 + .2 + .04 + .1 + .1 + .2 + .1 + .03 + .02 + .1 + .1 + .02 Return on loans: Karnings on loans.. 3.2 5.3 3.6 3.5 3.8 4.1 4.2 3.4 3.6 3.7 3.9 4.8 Net losses (or recoveries +)1 .1 .5 ' .02 .1 .03 .1 .1 .1 .03 .1 .2 .2 Distribution of assets: Percentage of total assets: U. S. Government securities 40.8 40.9 36.6 44.8 44.5 37.6 51.5 34.5 38.6 38.2 32.1 38.1 Other securities 3.7 4.2 9.5 6.4 3.9 6.2 5.5 4.9 5.6 6.1 3.4 5.9 Loans 29.6 30.9 26.8 25.2 23.6 27.2 18.9 33.0 27.3 24.8 32.8 35.0 Cash assets... 23 7 22 4 25 7 22 5 26 6 27 7 23 3 26 8 27.6 30.1 30.1 19.6 Other assets 2.2 1.6 1.4 1.1 1.4 1.3 .8 .8 .9 .8 1.6 1,4 Other ratios: Total capital accounts to: Total assets. 8 9 6 8 8 7 8 0 6 4 5 7 4 9 6 3 6.1 5.7 6.0 5 3 Total assets less government securities and cash assets 25 1 18 5 23 1 24 6 22 0 16 4 19 5 16 2 18.1 17.9 16.0 12.5 Total deposits 10.0 7.3 9.7 8.8 6.9 6.1 5.2 6.8 6.6 6.1 6.5 5.7 Time to total deposits 8.9 30.2 9.8 26.8 17.5 17.4 33.2 14.3 15.0 11.5 13.9 39.5 Interest on time deposits to time deposits .9 .9 .7 .8 .7 1.1 .8 .8 .9 .8 .9 1.1 Number of banks 10 17 13 29 32 21 75 21 9 49 38 27 * Not including central reserve city banks. 1 "Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual retries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers .nd from valuation reserves are excluded. MAY 1950 597 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1949—Continued RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 10.5 11.3 10.6 12.6 14.9 16.2 14.8 16.0 17.2 19.5 20.1 18.0 Profits before income taxes 8.6 10.7 9.7 11.2 13.1 13.7 12.5 14.0 13.5 16.8 16.2 14.6 Net profits 6.1 8.1 7.1 8.3 9.1 9.7 9.4 10.6 9.7 12.2 11.9 9.6 Cash dividends declared 3.1 2.8 2.8 2.6 3.3 3.1 2.9 3.1 3.4 3.5 3.8 2.9 Percentage of total assets: Total earnings 2.7 2.7 2.6 2.7 2.6 2.4 2.5 2.6 2.7 3.0 Net current earnings before income taxes 1.0 1.1 1.0 1.0 1.1 1.1 1.0 Net profits .6 .6 .6 .7 .7 .7 .5 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 29.3 30.2 33.1 31.0 26.5 26.0 32.2 28.8 31.8 25.3 21.7 22.7 Other securities 4.4 6.2 8.0 7.0 4.3 6.2 6.0 6.9 4.9 5.3 5.9 3.7 Earnings on loans 46.2 48.1 44.8 47.8 55.6 48.7 46.7 51.5 45.1 54.1 58.1 58.1 Service charges on deposit accounts 7.6 6.8 4.4 5.2 5.5 7.6 6.4 5.0 7.4 8.1 6.8 6.6 Other current earnings 12.5 8.7 9.7 9.0 8.1 11.5 8.7 7.8 10.8 7.2 7.5 8.9 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 32.1 31.0 26.3 26.4 27.8 29.9 29.9 29.3 29.3 31.0 31.7 32.4 Interest on time deposits 10.9 12.9 13.2 13.3 10.8 7.4 12.9 8.8 11.7 4.0 2.1 12.6 Other current expenses 25.4 25.3 22.5 24.6 21.9 24.6 22.4 23.4 22.6 21.5 25.1 21.1 Total expenses 68.4 69.2 62.0 64.3 60.5 61.9 65.2 61.5 63.6 56.5 58.9 66.1 Net current earnings before income taxes 31.6 30.8 38.0 35.7 38.1 34.8 38.5 36.4 43.5 41.1 33.9 Net losses including transfers (or recoveries and profits +) 5.8 1.7 3.5 3.9 4.6 5.9 5.4 4.8 7.8 6.0 8.1 6.4 Taxes on net income 7.6 7.1 9.0 8.4 10.8 9.4 7.4 8.2 8.2 10.2 8.6 9.4 Net profits 18.2 22.0 25.5 23.4 24.1 22.8 22.0 25.5 20.4 27.3 24.4 18.1 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities 1.7 1.7 1.8 1.7 1.7 1.6 1.6 1.7 1.6 1.6 1.6 1.6 Interest and dividends on total securities 1.7 1.8 1.9 1.8 1.8 1.7 1.7 1.7 1.7 1.7 1.7 1.7 Net losses (or recoveries and profits +)1 + .04 + .2 + .1 + .04 + .01 + .04 + .01 + .02 + .02 + .02 + .01 + .06 Return on loans: N Ea e r t n l i o n s g s s e s o n (o l r o r a e n c s overies +)1 4. . 9 1 4. . 9 1 4. . 9 1 4. . 9 1 5. . 1 1 5. . 2 2 4. . 9 1 5. . 1 2 5. . 1 2 5. . 7 3 6.0 5. . 4 3 .4 Distribution of assets: Percentage of total assets: U. S. Government securities 46.6 47.1 47.7 46.1 41.2 42.1 47.9 42.8 49.3 41.1 36.8 41.7 Other securities 6.0 8.0 8.9 8.6 5.2 7.6 8.1 8.2 6.3 7.0 6.6 5.2 Loans 25.8 26.5 23.9 24.8 29.2 24.4 23.1 25.1 22.5 24.7 25.9 31.8 Cash assets 20.3 17.1 18.1 19.6 23.3 24.8 20.1 23.1 21.1 26.7 30.0 20.2 Other assets 1.3 1.3 1.4 .9 1.1 1.1 .5 .7 1.1 Other ratios: Total capital accounts to: Total assets 7.3 9.3 5.7 5.9 5.4 5.9 5.6 Total assets less Government securities and cash assets 24.7 20.5 27.3 21.1 19.9 18.5 17.9 17.4 18.3 18.2 16.5 14.6 Total deposits 9.0 8.0 10.3 7.8 7.6 6.5 6.1 6.3 6.2 5.8 5.9 5.7 Time to total deposits 31.4 44.7 43.9 42.1 29.9 22.3 39.0 27.0 34.3 12.3 7.7 34.8 Interest on time deposits to time deposits 1.0 .9 .9 .9 1.0 .9 .9 .9 .9 .9 1.2 Number of banks 320 726 627 671 447 330 916 475 469 707 585 240 1 "Net losses" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries and profits credited to net profits plus recoveries credited to valuation reserves; "net recoveries and profits" is the reverse. Transfers to and from valuation reserves are excluded. 598 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK EARNINGS, 1949 INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1946-1949 [Amounts in thousands of dollars] All insured commercial banks x F B e a d n e k ra s l n R o e t s m er e v m e b S e y r s s te o m f Items 1946 1947 1946 1947 1949 Earnings 2,862,875 3,097,670 3,403,586 3,606,879 460,730 519,449 575,682 621,695 Interest and dividends on securities: U. S. Government 1,218,517 1,079,535 1,008,138 1,013,515 165,219 158,960 153,592 154,552 Other..:. 176,620 179,408 189,559 201,691 29,071 30,274 31,749 33,220 Interest and discount on loans 936,554 1,263,788 1,577,633 1,733,690 175,986 235,039 288,310 328,207 Other charges on loans 14,564 18,386 22,315 26,090 2,848 3,532 3,985 4,658 Service charges on deposits 124,696 147,761 173,791 194,013 25,062 28,507 32,658 36,057 Other charges, fees, etc 97,995 97,264 97,456 95,420 30,173 31,469 32,134 30,929 Trust department 140,340 144,734 156,678 160,430 9,146 8,802 9,167 9,049 Other current earnings 153,589 166,794 178,016 182,030 23,225 22,866 24,087 25,024 Expenses 1,762,634 1,981,787 2,163,514 2,283,727 294,378 332,120 368,611 395,169 Salaries—officers 309,220 344,845 381,756 410,685 66,836 75,431 84,478 92,553 Salaries and wages—others 521,709 602,266 662,696 700,065 64,721 74,779 84,268 92,173 Directors' fees, etc 16,936 18,954 20,859 22,608 4,537 5,225 5,952 6,546 Interest on time deposits 268,624 298,274 316,570 328,010 57,185 62,482 66,244 67,100 Interest on borrowed money 2,364 2,656 3,432 3,582 189 195 299 246 Taxes other than income 96,314 103,516 106,163 113,569 14,505 15,582 16,247 17,296 Recurring depreciation 40,850 42,276 48,271 53,988 6,821 7,440 8,899 10,091 Other current expenses 506,617 569,000 623,767 651,219 79,584 90,986 102,224 109,165 Net current earnings before income taxes 1,100,241 1,115,883 1,240,072 1,323,153 166,352 187,329 207,071 226,527 Recoveries, transfers from reserves, and profits 408,608 262,042 266,439 213,187 52,819 29,993 23,925 30,726 On securities: T R r e a c n o s v f e e r r i s e s from reserves 59,515 45,360 2 2 9 4 , , 2 1 2 6 1 1 2 1 6 6 , , 6 4 7 1 2 2 5,929 5,002 2,7 7 4 98 4 2 4 , , 9 3 6 8 8 3 Profits on securities 208,700 100,189 60,025 73,196 25,704 10,555 5,274 9,263 On loans: T R r e a c n o s v f e e r r i s e s from reserves 74,499 67,687 3 4 9 8 , , 7 9 4 3 8 4 2 2 3 8 , , 1 2 4 2 2 0 10,758 8,608 3 5 , , 3 8 8 4 7 0 3 5 , , 3 01 0 7 2 All other 65,894 48,806 64,350 45,546 10,428 5,828 5,882 5,793 Losses, charge-offs, and transfers to reserves 283,175 294,286 485,753 379,824 36,220 43,109 64,595 61,966 On securities: L T o ra s n se s s f e a r n s d t o c h r a e r s g e e rv -o e f s fs 132,254 118,498 4 7 0 8 , , 9 5 4 9 1 0 3 3 8 3 , , 6 0 7 4 1 4 16,805 17,182 / \ 10 5 , , 2 4 6 2 6 0 5 7 , , 0 8 4 2 1 2 On loans: T Lo ra s n se s s f e a rs n d t o c h re ar s g e e rv -o e f s fs 71,253 120,370 2 3 7 2 8 , , 3 6 9 6 3 6 2 2 21 9 , , 1 0 6 6 7 4 9,761 17,717 / I 31 8 , , 4 6 8 0 9 9 2 9 9 , , 9 9 1 1 2 9 All other 79,668 55,418 55,163 57,878 9,654 8,210 8,811 9,272 Profits before income taxes... 1,225,674. 1,083,639 1,020,758 1,156,514 182,951 174,213 166,401 195,285 Ta F x e e d s e o ra n l net income 3 3 0 2 1 3 , , 0 3 4 2 8 8 302,242 2 25 7 8 5 , , 4 4 9 2 0 2 325,148 3 3 6 8 , , 5 3 3 0 6 2 4 43 5 , , 5 7 6 2 5 4 4 3 1 9 , , 8 7 6 7 6 9 4 5 7 0 , , 5 0 0 8 3 2 State 22,280 283,046 16,932 304,572 1,766 2,159 2,087 2,579 Net profits 902,346 19,196 745,336 20,576 144,649 128,489 124,535 145,201 Cash dividends declared 298,983 781,397 331,833 831,364 32,336 34,273 38,015 41,478 O O n n c p o re m fe m rr o e n d s s t t o o c c k k 2 290 8, , 3 6 4 38 5 315,215 326 5 , , 6 2 0 3 3 0 354,144 2 2 9 , , 4 8 7 64 2 32 1 , , 5 67 96 7 36 1 , , 6 3 5 6 1 4 39 1 , , 8 60 7 5 4 5,981 5,093 Memoranda items: 309,234 349,052 Recoveries credited to reserves (not included in recoveries above): On securities 7,224 2,600 207 201 On loans 10,844 19,645 1,539 2,133 Losses charged to reserves (not included in losses above): On securities 18,031 6,104 952 960 On loans 46,486 72,978 6,842 11,123 Loans 27,768,295 33,863,334 39,650,962 41,670,879 3,512,756 4,539,644 5,467,547 6,092,203 U. S. Government securities 81,835,381 70,229,835 64,291,298 63,080,73910,628,66710,189,728 9,566,975 9,035,341 Other securities 7,556,923 8,315,081 8,872,676 9,387,984 1,174,201 1,357,629 1,492,432 1,541,486 Cash assets 33,286,775 34,279,792 36,247,026 35,683,829 4,118,387 3,906,621 3,798,976 3,705,187 Other assets 1,449,396 1,482,219 1,664,551 1,742,647 164,084 161,507 168,593 182,596 Total assets 151,896,770148,170,261150,726,513151,566,07819,598,09520,155,12920,494,52320,556,813 Time deposits 31,939,078 34,378,653 35,322,398 35,902,235 6,049,512 6,489,350 6,618,112 6,708,045 Total deposits 141,829,678137,537,907139,517,461139,764,39418,391,87218,843,04919,086,48719,038,257 Total capital accounts 9,010,013 9,527,968 9,951,200 10,421,106 1,143,475 1,238,073 1,322,909 1,423,677 Number of officers 62,697 65,740 67,609 69,439 20,195 20,790 21,342 21,996 Number of employees 271,395 284,072 292,015 296,308 40,974 43,082 44,406 45,959 Number of banks 13,359 13,403 13,419 13,436 6,462 6,483 6,504 6,547 1 Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on preceding pages. 2 Includes interest on capital notes and debentures. s* NJNoot t aavvaaiillaabbllee.. NNOOTTEE.—The figures of assets, deposits, and capital accounts are averages of the amoouunnttss rreeppoorrted for call dates at the beginning, middle, and eennd of each year. The number of officers, employees, and banks are as of the end ooff eeaacchh yyeeaarr MAY 1950 599 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1949 All banks, by class of bank All banks maintai b n y in c g l a b s r s a n o c f h b e a s n o k r l additional offices, Commercial banks Commercial banks Mutual sav- Mutual sav- Member Nonmember ings banks Member Nonmember ings banks banks banks banks banks Total Total Total Total ti N on a- al m S b t e a e m t r e - su In re - d s N u i o n re n - d - su In re - d s N u i o n re n - d - ti N on a- al m S b t e a e m t r e - su In re - d s N u i o n re n - d - su I r n e - d s N u i o n re n - d - United States 14,687 14,156 4,975 1,917 6,540 727 192 339 1,336 1,226 328 216 '651 31 65 45 Alabama 225 225 69 23 132 1 4 3 Arizona 10 10 3 2 4 1 7 2 Arkansas 232 232 52 16 153 11 19 2 California 206 206 94 25 76 11 41 13 Colorado , 149 149 77 15 48 9 1 1 Connecticut 189 117 47 16 32 22 14 Delaware 40 38 13 4 20 1 7 Dist. of Col 19 19 9 6 4 14 Florida 193 193 61 12 116 4 4 Georgia 396 396 51 16 261 68 18 Idaho 43 43 14 11 17 1 Illinois 890 890 382 123 369 16 3 3 Indiana 492 2 488 125 2112 241 11 54 54 39 Iowa 664 664 97 64 443 60 120 120 116 Kansas 610 610 174 41 246 149 Kentucky 386 386 92 20 250 24 Louisiana 162 162 35 11 115 1 Maine 96 64 33 5 16 10 26 2 Maryland 173 164 61 16 85 2 7 2 Massachusetts 374 184 118 25 32 9 190 34 Michigan 446 446 78 153 187 28 Minnesota 683 682 179 28 453 22 Mississippi 202 202 24 7 167 4 33 Missouri 598 598 79 101 391 27 Montana 111 111 39 45 27 Nebraska. 415 415 125 17 219 54 2 2 Nevada 8 8 5 1 2 5 5 New Hampshire 110 76 51 1 5 34 3 2 New Jersey 355 332 208 73 47 23 61 57 New Mexico 51 51 26 9 16 9 9 New York 770 640 382 176 75 130 168 114 North Carolina 228 228 46 8 172 58 58 North Dakota 150 150 41 2 102 15 15 Ohio 664 661 241 183 225 50 50 18 Oklahoma 386 386 199 25 151 1 1 Oregon 71 70 20 9 39 12 12 Pennsylvania 985 978 633 109 218 68 64 Rhode Island 28 19 8 2 3 14 12 South Carolina 151 151 25 101 14 14 South Dakota 169 169 35 107 26 26 Tennessee 296 296 72 10 206 30 30 Texas 903 903 440 131 279 7 7 Utah 55 55 11 20 24 6 6 Vermont 77 70 39 1 29 9 8 Virginia 312 312 132 72 108 51 51 Washington 125 122 37 16 66 13 West Virginia 180 180 74 34 68 Wisconsin 556 2 552 95 271 379 91 Wyoming. 53 53 24 15 14 All of the branches and additional offices are located in the same States as their parent banks except that one national bank in New Jersey has a branch in Pennsylvania, and one national bank in California has two branches in Washington and one in Oregon. In the table these branches are shown according to their location, rather than the location of the parent banks. 1 Some State laws make a distinction between "branches" and certain other types of "additional offices." The table, however, covers all branches or additional offices within the meaning of Section 5155 U. S. R. S., which defines the term "branch" as "any branch bank, branch office, branch agency, additional office, or any branch place of business ... at which deposits are received, or checks paid, or money lent." Figures include "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government. 2 The figures for member (commercial) banks and those for mutual savings (noncommercial) banks both include one mutual savings bank in Indiana and two in Wisconsin. The total for "All banks," however, includes such banks only once; and they are not included in the total for "Commercial banks." 3 Each bank is reported once only—according to the widest area in which it operates branches or additional offices. Back figures.—See Banking and Monetary Statistics, Table 1, pp. 16-17, and Tables 73-79, pp. 297-311, and descriptive text, pp. 14 and 294- 295; and BULLETINS for July 1943, pp. 687-688; June 1944, pp. 612-613.; June 1945, pp. 616-617; June 1946, pp. 672-673; June 1947, pp. 752-753 ; May 1948, pp. 588-589; and June 1949, pp. 734-735. 600 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1949—Continued All brancles and additional offices, by class of bank 1 Commercial banks Member Total banks Total Na- State tional member United States 4,778 4,579 2,085 1,302 Alabama 23 23 22 1 Arizona 52 52 36 2 Arkansas 21 21 2 California 949 949 758 146 Colorado 1 1 1 Connecticut 39 36 13 18 Delaware 16 15 5 District of Columbia 41 41 22 10 Florida 4 4 3 Georgia 38 38 24 Idaho 53 53 46 Illinois 3 3 3 Indiana ... 100 100 27 Iowa 164 164 Kansas Kentucky 41 41 17 Louisiana 72 72 36 IVTaine 72 70 8 Maryland 131 115 21 Massachusetts 213 170 89 Michigan 225 225 79 Minnesota 6 6 6 Mississippi 64 64 4 Missouri Montana Nebraska 2 2 2 Nevada 19 19 14 New Hampshire 3 2 1 New Jersey 158 151 54 New Mexico 12 12 2 New York 850 759 209 North Carolina 194 194 20 North Dakota 22 22 Ohio 215 215 60 Oklahoma 1 1 1 Oregon 96 96 86 Pennsylvania 198 181 112 Rhode Island 60 54 11 South Carolina 41 41 28 South Dakota 48 48 20 Tennessee 87 87 46 Texas 5 5 5 Utah 23 23 16 Vermont 20 11 2 Virginia. 109 109 42 Washington 136 133 122 West Virginia Wisconsin 151 151 15 Wyoming 00 CN Nonmember banks In- sured 1,139 13 19 44 5 10 9 1 17 8 7 29 56 64 94 1 4 82 491 19 128 1 41 21 2 12 5 18 4 6 nC nC All branches and additional offices except offices at military reservations by location Offices Mutual savings Outside head office city military banks Non- In- Non- o h c f e f i i a t c y d e I c n o o f u f h i n c e e t a y d c I t o n ig u c u n o o ti n u e - s s I c n o u n o n t u o i s g n - - tions insured sured insured counties 53 141 58 2,091 1,174 621 798 94 4 6 4 8 1 1 9 14 17 10 2 17 2 1 1 1 234 99 133 463 20 1 3 12 17 9 1 1 4 6 6 39 2 1 3 1 17 1 7 7 6 4 3 11 35 3 55 1 42 58 159 5 121 43 16 24 12 2 3 29 34 31 5 2 24 9 2 7 35 29 1 37 1 14 2 70 27 22 Y 5 15 2 43 128 78 6 I n 46 6 153 45 16 6 59 5 36 16 6 i 2 1 2 3 4 9 I 1 1 3 15 7 100 55 3 10 2 6 3 1 56 3 91 702 101 34 4 153 28 44 72 48 22 11 11 27 145 61 6 9 17 9 9 61 24 4 17 123 45 26 1 7 15 6 24 24 7 5 11 8 4 6 22 28 20 17 11 29 47 23 6 8 2 3 3 5 11 9 9 11 9 49 49 23 19 9 7 3 29 17 30 56 129 1 18 108 25 ONCN 3 1 3 i 3 5 1 9 4 Nonmember Mutual Member banks commercial banks savings banks Distribution by location of branches with respect to head office Total Non- Non- National State Insured insured Insured insured Banks with branches or additional offices 3 1,336 328 216 651 31 65 45 In head office city only 408 147 112 59 4 63 23 Outside head office city but not beyond head office county. 596 90 64 409 16 17 Outside head office county but not beyond contiguous counti< 232 32 23 161 9 5 In counties not contiguous to head office county 65 29 15 19 2 At military reservations only 35 30 2 3 Branches and additional offices 4,778 2,085 1,302 1,139 53 141 58 In head office city 2,091 862 884 165 16 130 34 Outside head office city: In head office county 1,174 255 227 647 23 18 In contiguous counties 621 220 120 257 11 6 In noncontiguous counties 798 675 57 63 3 At military reservations 94 73 14 7 For footnotes, see opposite page. MAY 1950 601 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States... 604-609 Gold production 609 Reported gold reserves of central banks and governments... 610 Gold movements; gold stock of the United States... 611 International Monetary Fund and Bank... 612 Central banks 612-616 Money rates in foreign countries.. 617 Commercial banks 618 Foreign exchange rates... 619 Price movements: Wholesale prices.. 620 Retail food prices and cost of living.. . 621 Security prices. .. 621 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. MAY 1950 603 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES From th J ro a u n g . h 2 — , 1935, Total To I t n a c l rease fu n in O d s f f f o i i c n r i e a i U l g n . i S b . ank O in t g her f i t I n u e n b i n s r c n n a t d r i n a e s t U u t k a i o . t s i o i n e f o S n g i n . a i n n s l - D b i a n a f e b u n c U r n r k o e d . i a a n s S d s g . e se o F R f c f u o u e n r U t r e d u i i . s t r g 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 e i t s g s i n t e 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 193g—Dec. (jan 4^ 1939) 3,933 0 1,513.9 327 0 1,186 9 510 1 641 8 1,219 7 47.6 1939—Dec. (Jan. 3, 1940). 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 1,133.7 80.6 1940—Dec. (Jan. 1, 1941). 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Dec. 31 5,354.1 2,979.6 1,177.1 1,802.6 791.3 855.5 626.7 100.9 1942—Dec. 31 3 5,980 2 3,465 5 1,557 2 1,908 3 888 8 848 2 673 3 104 4 1943—Dec. 31 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Dec. 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Dec 31 8,802 8 6,144 5 3,469 0 2,675 5 742 7 972 8 798 7 144 1 1946—Dec. 31 . .. 8,009 5 5,272.3 2,333 6 2,938 7 453 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 2,242.0 186.5 1,276.9 367.0 142.4 1948—Dec 31 8,560.6 5,119.5 2,126.0 2,993.6 1,844.3 116.8 J 189. 1 174.8 123.1 1949—Mar 31 8,638.0 5,212.7 2,236.6 2,976.1 1,897.3 152.5 :L.170.5 82.4 122.6 Apr. 30 8,589.8 5,151.9 2,128.1 3,023.8 1,880.2 178.0 1,176.1 84.6 118.9 May 31 8,468 7 4,953.8 1,941.6 3,012.2 1,874 3 249 4 1,180 5 95.7 115.1 June 30 8,559.0 5,008.8 2,015.0 2,993.8 1,874.7 275.0 L.190.5 93.6 116.3 July 31 8,449 4 4,868 7 1,864 6 3,004 1 1 859 5 287 5 L.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 L.203.5 211.1 121.2 Sept 30 8,485.9 4,937.0 1,877.6 3,059.5 1,722.1 318.0 1,123.5 258.3 127.0 Oct. 31 8.653 7 5,115.3 2,025 6 3,089.7 1,692 4 287 0 1,176 4 255.9 126.8 Nov 30 8 660.2 5,140.2 2,111.1 3,029.1 1,655.1 298.6 1,196.4 248.6 121.3 Dec. 31 8,755.4 5,226.0 2,199.3 3,026.7 1,637.8 313.0 1,209.9 245.0 123.7 1950—Tan. 31P 8,958.5 5,243.6 2,152.8 3,090.7 1,723.0 414.4 1,204.3 250.3 123.0 Feb. 28P 9,086.0 5,282.6 2,177.1 3,105.5 1,706.7 469.1 L,212.3 293.6 121.8 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 a n s - - Total U K d n o in 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 a a d n 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 1,100.6 2,975.1 688.6 1,383.4 975.8 244.9 1948—Dec. 31 1,677.1 6,883 4 659.7 74.2 103.0 846.0 335 9 1,122 2 3,141.1 947.3 1,503.6 1,056.7 234.9 1949—Mar. 31 1,639.6 6,998.3 620.9 56.0 129 0 883.3 396 8 1,167 9 3,253.9 1,006.4 1,508.3 983.4 246.4 Apr. 30 1,622.6 6,967.2 558.7 67.3 120.9 925.5 389.5 1,153.0 3,214.9 953.3 1,573.2 996.4 229.5 May 31 1,616.7 6,852.1 464.6 96.5 121.3 918.0 372.8 1,104.7 3,077.9 942.3 1,621.4 966.4 244.1 June 30 1,619 1 6,939 9 533 5 107 1 134 8 910 5 376 5 1,080 1 3,142 5 925 4 1,660.8 955.5 255.7 July 31 1,615.9 6,833.4 473.7 78.0 143.7 885.6 381.3 1,083.5 3,045.9 909.3 1,689.4 940.0 248.9 A Se u p g t . . 3 30 1 1 1, , 6 6 3 2 0 3 . 6 7 6 6, , 8 8 9 6 5 2 .1 6 4 5 7 2 9 5 . . 2 5 9758..24 112784. 07 9 89 1 8 0. 0 5 4 2 0 9 0 1 .4 6 1 1 , , 0 0 9 8 7 9 . 0 6 3 3 , , 0 0 8 82 5 . . 2 7 9 8 0 9 3 3 .5 9 1 1 , , 6 7 7 1 9 5 . . 0 1 9 9 4 5 6 5 . . 6 5 2 2 5 3 7 9 . . 2 0 Oct. 31 1,594.9 7,058.8 587.3 110.9 189.6 933.8 291.6 1,093.9 3,207.1 928.7 1,758.7 899.6 264.7 Nov. 30 . 1,558 9 7,101.3 644 5 125.3 165 3 925 1 297 1 1,097 3 3,254.6 952.8 1,770.5 866.7 256.7 Dec 31 1,541.7 7,213.7 682.4 113.2 171.6 951.2 302.3 1,134.8 3,355.5 984.7 1,782.2 841.9 249.4 1950—Jan. 31> 1,627.3 7,331 2 728.9 93.8 175 3 890 1 295 1 1,191 8 3,375.1 1,022 2 1,792.3 871.1 270.6 Feb. 28P 1,612.1 7,473.9 765.1 116.1 162.2 888.3 298.2 1,224.1 3,454.2 1,021.4 1,835.4 1,043.6 243.3 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. 604 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES Inter- From th J ro a u n g . h 2 — , 1935, n t a u in t t i i s o o t n i n - a s l Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 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 ,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 2,117.1 667.2 ,165.4 971.2 198.6 1949—Mar. 31. . 1,897.3 5,212.7 456.0 89.5 109.6 551.3 379.3 599.2 2,184.9 763.3 ,147.8 909.7 207.0 Apr. 30. . 1,880.2 5,151.9 376.4 100.7 91.3 585.1 373.8 592.1 2,119.5 708.3 ,212.6 921.1 190.4 May 31.. 1,874.3 4,953.8 294.3 104.1 95.4 569.8 356.5 544.8 1,965.0 688.5 ,191.7 903.5 205.1 June 30. . 1,874.7 5,008.8 349.1 114.2 104.3 557.9 364.0 514.4 2,003.8 671.8 ,216.9 900.7 215.6 July 31.. 1,859.5 4,868.7 290.2 84.0 113.6 531.1 367.0 514.2 1,900.1 640.7 ,230.8 888.3 208.8 Aug. 31. . 1,778.8 4,873.6 291.1 70.3 102.0 538.2 381.0 516.4 1,899.0 635.0 ,246.4 897.0 196.2 Sept. 30.. 1,722.1 4,937.0 377.6 86.8 149.1 545.1 265.5 501.0 1,925.1 719.6 ,197.8 878.9 215.7 Oct. 31.. 1,692.4 5,115.3 451.3 103.8 166.3 563.2 266.3 507.4 2,058.3 702.8 ,294.9 835.9 223.3 Nov. 30. . 1,655.1 5,140.2 495.3 103.0 146.3 554.0 275.4 512.0 2,086.0 717.0 ,317.5 803.9 215.8 Dec. 31. . 1,637.8 5,226.0 513.0 91.4 153.9 563.3 283.3 553.7 2,158.7 761.1 ,315.1 780.4 210.7 1950—Jan. 31 P. 1,723.0 5,243.6 548.1 72.2 160.7 493.8 276.4 575.0 2,126.4 811.4 ,262.9 803.2 239.6 Feb. 28*. 1,706.7 5,282.6 573.7 79.3 152.8 496.3 282.3 603.9 2,188.2 762.8 ,267.2 846.6 217.8 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 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 l 5 5 190.9 485 5 65 4 —346 3 2 0 -20 1 1948—Dec. 31 116.8 267.5 -39.9 -32.7 1.2 10.8 203.5 410.3 53.0 -348.6 10.3 -8.3 1949—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... '. 313.0 254.8 27.2 13.4 4.3 4.9 210.3 515.0 55.3 -241.1 -7.2 -9.0 1950—Jan. 31 P . 414.4 259.4 27.6 16.0 2.5 5.8 244.8 556.0 52.7 -177.3 .1 -17.0 Feb. 28? 469.1 266.6 43.1 14.2 2.6 3.2 247.2 576.8 51.4 -141.4 5.1 -22.9 TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) Inter- From t h J r a o n u . g h 2 — , 1935, na in ti s o t n i- al Total U K n i i n t g e - d France N e e r t - h- Sw er i - tz- Italy E O u t r h o e p r e E T u o ro ta p l e C ad a a n- A L m a e t r i i n ca Asia o A th l e l r tutions dom lands land 1944—Dec. 31 1,019.4 126.5 51.0 33.6 44.5 27.6 246.9 530.1 104.9 302.0 61.3 21.0 1945—Dec. 31 972 8 117 7 51 2 33 0 45 2 27 5 249 2 523 8 49 1 317 1 60.8 22.0 1946—Dec 31 1,237.9 96.8 50.2 26.0 31.2 26.7 260.2 491.2 236.6 448.4 61.1 .7 1947—Dec. 31 -249.3 1,526.2 94 9 47 1 —3 9 16 3 26 5 275.8 456.7 441 8 537.6 61.6 28.4 1948—Dec. 31 -249.3 1,431.3 84.9 42.9 -9.1 -19.0 26.5 287.2 413.3 339.7 578.3 63.2 36.9 1949—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 L.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 L,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 -265.3 L,475.1 71.4 43.2 -9.3 .1 27.0 311.7 444.1 329.1 598.5 63.9 39.5 1950—Jan 31*> -265.3 L,469.5 71.3 44.0 -15.1 2.4 27.0 313.4 443.0 320.9 601.9 64.0 39.8 Feb. 28? -267.8 1,480.1 70.9 44.9 -16.9 4.5 27.0 314.4 444.9 326.9 604.1 64.1 40.1 p Preliminary. MAY 1950 605 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From th J ro a u n g . h 2 — , 1935, na I i n n ti t s o e t n i r - - al Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r tutions 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. 31 292.4 -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—Mar. 31 7.6 74.8 -192.6 -56.6 24.6 324.4 -14.8 44.6 129.6 -165.8 98.7 4.9 7.3 Apr. 30 7.6 77.0 -190.3 -57.7 22.3 331.8 -15.2 44.8 135.8 -170.6 99.6 5.0 7.2 May 31 7 7 88 0 — 188 2 —58 2 19 5 338 8 — 14 6 44 7 142 0 — 166 2 99 6 5 0 7 7 June 30 9.7 84.0 -188.7 -58.5 16.5 342.8 -14.4 45.4 143.1 -168.6 99.7 1.5 8.3 July 31 21.7 93.0 -186.5 -58.8 15.2 346.0 -13.5 45.2 147.6 -162.5 104.9 -5.3 8.3 Aug. 31 117.0 94.0 -185.2 -60.7 14.2 349.5 -13.5 45.1 149.5 -163.0 104.2 -5.1 8.4 Sept. 30 166.9 91.4 -182.1 -61.7 13.2 348.1 -12.9 46.2 150.8 -165.0 102.8 -5.3 8.1 Oct. 31 167.9 88.0 -179.9 -63.0 10.1 348.7 -12.7 46.5 149.7 -168.1 101.0 -2.7 8.0 Nov. 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 ... 169.1 75.8 -173.9 -64.9 4.0 355.2 -13.4 47.9 154.9 -181.3 96.9 -2.0 7.4 1950—Jan. 31? 169.6 80.7 -166.2 -65.7 2.8 363.7 -14.7 47.4 167.2 -184.6 93.6 -2.9 7.3 Feb. 28P 173.2 120.3 -163.1 -66.7 1.1 359.1 -14.9 47.9 163.4 -137.4 90.0 -3.1 7.5 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 d i o n m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1944—Dec. 31 . . .. 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. 3i 153 7 19.2 20.5 17.5 39.6 .4 14.7 112.0 21.5 13.4 4 8 2 0 1947—Dec. 31 142.4 18.2 19.1 12.7 38.2 .3 14.2 102.7 19.6 12.9 6.6 .7 1948—Dec. 31 123.1 17.0 16.7 9.3 27.5 .4 11.0 81.9 19.6 14.0 7.0 .6 1949—Mar. 31 122.6 17.3 16.8 10.1 24.3 .5 10.3 79.3 19.2 15.4 7.8 .8 Apr. 30 118.9 16.8 16.6 9.9 24.0 .5 11.1 78.8 19.9 11.9 7.4 .8 May 31 115.1 17.2 16.5 9.7 23.1 .5 11.0 78.0 20.1 9.5 6.7 .8 June 30 116.3 17.2 16.4 10.0 23.5 .5 11.1 78.7 18.9 10.5 7.4 .8 July 31 119 5 17.1 16.1 9.6 23.2 .5 10.9 77 3 20 5 13 5 7 3 8 Aug. 31 121.2 17.1 16.1 9.3 22.8 .6 11.7 77.5 20.9 14.9 7.2 .6 Sept. 30 127 0 17.7 16.0 9.6 24.4 .6 11 4 79 7 21 0 18 8 6 8 7 Oct. 31 126.8 17.5 16.2 10.3 27.0 .5 11.4 83.0 19.9 16.4 6.9 .7 Nov. 30 121.3 17.1 16.2 10.6 25.3 .6 11.4 81.2 18.3 14.5 6.6 .7 Dec. 31 123 7 17.1 16.2 9.6 28.4 .6 11.1 82.9 20 5 12.7 6 8 8 1950—Jan. 31*> 123.0 16.3 15.8 11.0 27.8 .6 11.1 82.5 21.8 11.2 6.7 .8 Feb. 28P... 1121.8 17.1 15.5 11.1 25.9 .6 10.7 80.9 17.7 15.6 6.9 .8 SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS Total foreign In- countries 2 Date t t i e i n o r s n n t a a i- - l Official U K d n i o i n m t g ed - France N la e e n r t d - h s - S la w e n r i d - tz s - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - Am La e t r i i n ca Asia o A th l e l r tutions and Official private 1944—Dec. 31 5,596.8 3,335.2 865.7 401.2 209.7 239.3 27.3 774.5 2,517.8 926.5 909.3 1,069.2 174.0 1945—Dec. 31 6,883.1 4,179.3 707.7 310.0 281.6 304.2 70.4 909.1 2,583.0 1,522 2 1,046.41,549.7 181 8 1946—Dec. 31... 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 931.8 1,104.81,316.4 232.8 1947—Dec. 31... 2,262.0 4,854.4 1,832.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.61,057.9 193.7 1948—Dec. 31... 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—Mar. 31... 1,917.2 5,946.9 2,946.9 517.3 169.7 126.2 564.9 399.6 762.5 2,540.2 871.2 1,269.4 1,090.3 175.8 Apr. 30... 1,900.2 5,886.1 2,838.4 437.8 180.9 107.9 598.7 ^94.1 755.4 2,474.7 816.2 1,334.2 1,101.8 159.2 May 31... 1,894.2 5,687.9 2,651.9 355.6 184.3 112.0 583.4 376.8 708.1 2,320.2 796.4 1,313.31,084.1 173.9 June 30... 1,894.6 5,743.0 2,725.3 410.5 194.3 120.9 571.5 384.3 677.6 2,359.1 779.7 1,338.51,081.3 184.4 July 31... 1,879.5 5,602.9 2,574.9 351.6 164.1 130.2 544.7 387.3 677.4 2,255.3 748.7 1,352.31,068.9 177.6 Aug. 31... 1,798.7 5,607.7 2,576.6 352.4 150.4 118.7 551.9 401.3 679.6 2,254.3 742.9 1,367.91,077.6 165.0 Sept. 30... 1,742.1 5,671.2 2,587.9 438.9 166.9 165.7 558.7 285.9 664.2 2,280.3 827.5 1,319.31,059.5 184.5 Oct. 31... 1,712.3 5,849.4 2,735.9 512.6 183.9 182.9 576.8 286.6 670.7 2,413.6 810.8 1,416.51,016.5 192.1 Nov. 30... 1,675.0 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 5,960.2 2,909.6 574.4 171.6 170.5 576.9 303.6 717.0 2,513.9 869.1 1,436.7 961.0 179.5 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 1,384.4 983.9 208.4 Feb. 28P.. 1,726.6 6,016.7 2,887.4 635.0 159.4 169.4 509.9 302.6 767.2 2,543.5 870.7 1,388.7 1,027.2 186.6 P Preliminary. 1 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 72.6; U. S. brokerage balances abroad, 27.7. 2 Country breakdown is for "Official and private." 3 Beginning January 1950, excludes Bank for International Settlements, now included in "International institutions." 606 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 e m l- C v o z a s e k lo c i h a - - m D a en 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 h l e l 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—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. .717.0 118.9 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 P.738.3 124.9 "\Y.Y 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 Feb. 28P. 767.2 44.0 133.3 17.3 33.2 20.6 164.6 31.6 82.2 6.7 39.2 6.4 11.3 101.9 11.1 5.8 58.0 Latin America Neth- Do- eruate A L i m a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p 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 I W 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 t a h t e i e 3 r n r nam 1944—Dec. 31. 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 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—Dec. 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—Mar. 31. 1,269.4 224.7 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 A 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. 1,319.3 221.7 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. 1,436.7 201.1 13.5 192.8 60.9 85.9 164.2 214.6 25 9 52.8 74.3 143.2 207 A 1950—Jan. 3W 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 Feb. 28?1,388.7 219.3 13.0 143.8 70.1 90.6 176.9 36.3 26.7 179.7 25.4 46.4 75.0 42.6 59.8 115.2 68.0 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 IndiaI 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 e r y - 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 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—Mar. 31. 1,090.3 179.0 53.4 52.0 34.7 128.4 413 6 20 6 208.7 175 8 17 A 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. 31. 961.0 108.8 85.7 63.3 15.7 214.6 297.3 9.8 165.7 179.5 32.4 61.6 6.0 79.5 1950—Tan. 31* 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 Feb. 28P 1,027.2 112.3 90.6 69.4 29.2 16.4 27.3252.2 289.4 22.5 14.4 103.5 186.6 25.1 28.3 58.4 21.3 53.6 P Preliminary. 1 Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes. 2 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 3 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 4 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 5 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. MAY 1950 607 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] CLAIMS ON FOREIGNERS Date Total U K d n o in i m t g 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 r t o a p J e 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 1948—Dec# 31 t g .. 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—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 60 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. 31 822.5 37.2 51.8 5.2 3.8 21.6 99.4 219 2 37 6 409 1 136 3 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 Feb 28? 666.4 25.4 36.0 4.4 5.5 23.3 62.6 157.3 41.4 309.4 124.0 34.3 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 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 h l e l r1 1944—Dec 31 78 3 .7 8, 33.9 .6 35.1 .8 1.8 .2 i i 5.2 1945—Dec. 31.. 74.6 .6 33.9 .7 31.6 .5 .1 1.6 .9 4.8 1946—Dec. 31. . 82.8 7 5 6 2 30.4 12 A 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 2.9 1.4 .i 6.0 29.8 (2) 1949—Mar. 31 85 5 18 1 1.7 3.0 29.8 .9 8.7 .6 (2) • 1.6 1.5 119.7 Apr. 30.. 94.9 16.5 1.4 3.9 29.6 1.0 8.3 .5 12.0 2.8 1.4 8 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 I 13.3 July 31.. 91.9 17.9 .9 4.9 29.9 1.0 8.1 .5 10.7 3.3 1.5 13.2 Aug. 31. . 82.2 13.6 1.0 5.5 29.7 .7 7.9 A 8.2 2.5 1.4 11.1 Sept 30 84 9 14 1 .7 6.6 30.3 .8 8.0 A 7.1 3.8 1.8 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 (2) "".2 16.7 Dec. 31 99 4 19 3 .4 8.2 30.0 1.7 7.4 .5 7.0 7.0 2.3 15.6 1950—Jan. 31 P. 65.0 1.2 15.6 8 .5 4.9 25.5 .2 1.0 .5 .7 6.7 3.4 4.8 Feb. 28P. 62.6 .2 16.3 .5 3.5 23.8 2 1.1 .1 .6 7.9 3.1 5.2 A 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 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 - O A L i a m t 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—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 1950— D Ja e n c . . 3 31 1 . P . .3 4 4 0 5 9 . . 3 1 4 5 9 1. . 6 3 2 5. . 2 3 1 9 3 9 6 . . 2 9 1 14 5 . . 1 5 2 1 1 9 . . 1 9 2 2 7 7 . . 5 1 'Y.8' "2.4' 5 7 0 3 . . 3 0 1 1. . 1 3 5 6. . 5 8 5 4 . . 3 3 *6!5' "9.O 2 25 5 . . 3 6 4 2 3 3 . . 1 3 Feb. 28P. 309.4 45.8 5.7 81.3 9.3 21.0 21.5 1.7 2.7 46.3 1.1 6.6 4.6 5.3 8.1 26.0 22.3 P Preliminary. 1 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 2 Less than $50,000. 3 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 608 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Asia and All Other 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 - c e T la h n a d i- T k u e r y - O A t s h ia e i 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 S E t a u n i g n a g d y n d l a p o n - - S A U o f o n u r i f i t o c h a n Other2 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. 31. . 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—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 . 136 3 16 6 3.7 17.4 .2 14 1 23 2 14 3 46 9 20 4 7 9 2 4 5 7 7 1950—Tan. 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 Feb. 28P. 124.0 15.1 4.2 17.7 .1 13.8 12.5 17.9 22.4 1.9 9.9 8.5 34.3 15.5 3.5 .3 10.7 4.3 p Preliminary. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Productionreportedmonthly Estimated Year or pro w d o u r c ld tion Total Afiica North and South America Other month U o . u S t . s S i . d R e .i r m ep o o n r th te l d y A So fr u ic th a R de h s o i - a A W fr e ic s a t 2 B Co el n g g ia o n 3 U St n at i e te s' d * 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- India3 $1=15*,^2i grainsof gold 9/io fine: i. e., an ounce of fine gold =$35. 1941 1,265.6 1,110.4 504.3 27.8 32.4 19.6 209.2 187.1 28.0 23.0 9.3 7.5 52.4 10.0 1942 1 125 7 982 1 494 4 26 6 29.2 18 0 131 0 169 4 28 0 20 9 6 4 8 6 40.4 9 1 1943 871.5 774.1 448.2 23.0 19.7 15.8 48.8 127.8 22.1 19.8 6.1 7.7 26.3 8.8 1944 784.0 701.5 429.8 20.7 18.4 12.7 35.8 102.3 17.8 19.4 7.1 7.9 23.0 6.6 1945 . 738 5 683 0 427 9 19 9 18.9 12.1 32.5 94.4 17.5 17 7 6 3 7 0 23.0 5 9 1946 752.5 697.0 417.6 1.9.1 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—Feb 56.3 31.0 1.5 2.0 1.1 3.9 10.8 1.0 1.4 .3 .6 2.3 .5 Mar. 62 2 34.6 1.6 2.0 1 1 5.5 12 0 8 1 1 5 6 2 4 Apr 60.8 33.4 1.7 1.9 1.0 5.7 11.4 .6 1.1 .4 .6 2.5 .5 May . . 63.2 34.3 1.6 1.9 1.1 5.6 11.6 1.8 1.0 .5 .6 2.5 .6 June 64.8 34.8 1.5 1.9 1.1 5.5 12.0 1.6 1.0 .4 .6 3.7 .6 July 63.1 35.5 1.6 1.8 1.1 5.7 11.4 1.0 1.1 .5 .6 2.3 .6 Aug 66 2 35 7 1 6 1 9 1 2 6 5 12 6 1 4 1 0 6 7 2 5 6 Sept 65.4 34.8 1.5 1.9 1.1 6.2 12.7 1.6 1.0 .6 .7 2.6 .5 Oct. . 65 4 34.7 1.5 1 9 1 0 7 3 12.8 9 1 0 .5 .6 2 7 5 Nov 34.0 1.5 2.0 1.1 7.4 12.7 1.1 .6 .7 2.9 .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 • 12.4 1 4 6 .5 Feb 32.0 1.0 5.5 .7 .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. 3 Reported by American Bureau of Metal Statistics. 4 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. 5 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731; and Banking and Monetary Statistics, p. 524. For annual. estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp 542-543. MAY 1950 609 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] United States End of month Treas- Total i t g i A e n r n a - - 2 g B iu e m l- Brazil Canada3 Chile lo C m o b - ia Cuba C v z s a e lo k c - h ia o- m De a n rk - Egypt France 1945—Dec. 20,065 20,083 1,197 716 354 361 82 127 191 61 38 52 1,090 1946—Dec. 20,529 20,706 1,072 735 354 543 65 145 226 61 38 53 796 1947—Dec.. 22,754 22,868 322 597 354 294 45 83 279 32 53 548 1948—Dec. 24,244 24,399 624 317 408 43 289 32 53 548 1949—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 53 523 1950—Jan.. 24,395 24,507 679 317 507 40 32 523 Feb.. 24,345 24,456 679 509 40 32 523 Mar. 24,246 24,360 682 511 32 523 End of month H ga u r n y - India Iran Italy Java Mexico Ne l t an h d er s - Ze N a e l w a - nd N w o a r y - Peru P g o a r l t u * - Ru n m ia a- A So fr u ic th a Spain 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—Apr.. 35 247 124 96 178 166 23 52 20 175 96 May. 35 247 124 112 178 166 24 52 20 166 83 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 32 51 28 132 80 Feb.. 41 247 125 252 178 229 33 50 28 146 Mar.. 178 229 End of month S d w e e n - S l w a e n r i - t d z- T k u e r y - U d K n i o i n m t g e 6 - d g Ur u u a - y V z e u n el e a - c t o r o t i 1 h e u 6 s e n r 7 - n M a I F t n t a u i o t o r e n n y n r d e - a - l f S t m B t o i e e o r a e r t n n n t I n l a n k a e t l s - - - E G nd o v o e f r n m m o e n n t t h g p o r l e U d K v n i i o r i n 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 c e 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 2,476 2 457 217 1948—Dec... 81 1,387 162 164 323 217 1,436 36 1946—Dec 2,696 1949—Apr... 80 1,412 161 164 323 231 1,436 50 1947—Mar 2,380 May. 71 1,432 161 164 323 232 1,440 55 June.... ^2,410 June. 71 1,419 160 161 323 232 1,440 55 Sept 2,383 July.. 71 1,457 160 161 323 233 1,448 60 Dec 2,079 Aug.. 71 1,503 160 161 323 235 1,450 47 Sept.. 70 1,485 159 177 373 235 1,450 52 1948—Mar... . 2,241 Oct... 70 1,486 154 178 373 299 1,450 47 June.... 1,920 Nov.. 70 1,495 154 178 373 300 1,451 64 Sept 1,777 Dec... 70 1,504 154 178 373 P320 1,451 68 Dec 1,856 1950—Jan..'. 70 1,508 154 373 P321 1,459 68 Feb. . 70 1,503 154 373 P322 69 1949—Mar 1,912 Mar.. 69 P322 87 June.... 1,651 Sept 1,425 Dec 1 .688 P Preliminary. 1 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is 1950—Mar 11,984 not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." , 1 Exchange Equalization Account holdings of 2 Estimated dollar values derived by converting gold at home in amounts up to 1,224.4 gold, U. S. and Canadian dollars, as reported by million pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of British Government. 3.5447 pesos per U. S. dollar. 2 France—Exchange Stabilization Fund; Bel- 3 Figures as reported by Foreign Exchange Control Board and Minister of Finance. gium—Treasury. 4 Total gold holdings are not available. Beginning April 1946, the series is new and repre- NOTE.—For details regarding special internal sents gold held as reserve (25 per cent minimum) less gold in foreign currency liabilities. gold transfers affecting the British and French 6 Figures are for following dates: 1946—Mar. 31, and 1947—Mar. 31. institutions, see p. 612, footnote 1, and p. 613, 6 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British footnote 8. For available back figures, see Exchange Equalization Account during 1939. Banking and Monetary Statistics, p. 526, and 7 For list of countries included, see BULLETIN for January 1950, p. 114, footnote 8. BULLETIN for November 1947, p. 1433, and Feb- NOTE.—For description of figures, including details regarding special internal gold trans- ruary 1945, p. 190. fers 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. 610 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 e - d g B iu el m - France N la e e n r t d - h s - S d w e e n - U.S.S.R. Canada A t r i g n e a n- Co b l i o a m- Mexico r N a i g c u a a - V zu e e n l e a - 1942 . .. 315.7 2.0 11.3 208.9 .1 10.6 40.0 8.7 4.0 1943 68.9 .1 66 9 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 21.0 —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 — l 5 8 14 1 —4 5 6 9 —4 5 1949—Mar 19.8 5 1 0 3 6 Apr 13.6 .1 4 3.0 .4 .6 -.1 May 9.5 3 2 0 3 .4 June 6.9 — .1 3 4 6 July 131 1 121 8 9 2 7 — 1 Aug 257.4 243.6 .6 5 .7 Sept 98.1 101.5 7 —8 3 6 Oct. 56 1 40 7 2 1 4 5 _ 2 Nov 7.6 5 5 1 4 4 Dec — 1.4 .2 — 1 3 3 5 j 1950—Jan 39.0 .1 .7 .4 .4 — .4 Feb .2 5 2 5 __ -i Mar.? -1.6 -.1 5 .3 .5 i NET GOLD IMPORTS TO UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued UNITED STATES [In millions of dollars] [Net gold exports from United States (—). In millions of dollars] Gold valued at approximately $35 a fine ounce Gold stock at Earend of period I i n n c t r o ea ta s l e go N ld e i t m-g m ol a d r : k e d d e- D tic o m go e l s d - Other Philip- All Period gold port or crease produc- Y m e o a n r t o h r Am L e a r t i i c n an t A ra u l s i - a China p R i e n - e A So fr u ic th a c o o th u e n r - T u re r a y s- Total i 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 3 4 .. . 2 2 1 0 , , 9 6 3 1 8 9 2 2 1 0 , , 9 6 8 3 1 1 — — 1,3 7 4 57 9 . . 9 8-84 6 5 8 . . 4 9 — -4 8 5 0 9 3 . . 8 6 4 35 8 . . 8 3 1945 7.0 .1 -134.0 .1 .4 .5 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 1946 —8.0 -55.8 -.2 118.6 1.3 1946 20,529 20,706 623.1 311.5 465.4 51.2 1947 .... -17.1 .1 -14.0 -3.5 410.7 -18.6 1947 22,754 22,868 32,162.1 1,866.3 210.0 75.8 1948 . . .. 7 3 6 —2 5 491.5 i-63.5 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 1949 6 4 .3 — 17.3 — .1 190.7 2-39.3 1949 24,427 24,563 164.6 686.4 -495.7 69.9 1949—Mar... 4 -.2 21.3 -4.3 1949—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 __ -i 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—Jan.... .4 2 337.1 Feb.... 24,345 24,456 -51.2 .2 -50 4 5.5 Feb. . . .5 .1 -.2 -1.3 Mar... 24,246 24,360 -96.2 P-1.6 -95.4 (4) Mar, P. .4 3 -3,5 Apr.. . P24,247 ?24,350 p—9.4 (*) s -59.2 (4) P Preliminary. p Preliminary. x See footnote 1 on opposite page. 1 Includes net exports of 39.2 million dollars to Switzerland, 10.7 2 Yearly figures through 1948 are estimates of United States Mint. million to Greece, 8.3 million to French Indo-China, and 5.3 million Figures for 1949 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 4,571.5 million dollars on Apr. 30, 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. MAY 1950 611 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 International Fund International Bank Jan. Oct. July Jan. Mar. Dec. Sept. Mar, Gold 1,459 1,450 1,448 1,436 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States 1,300 1,311 1,340 1,391 United States 18 38 44 74 Other 14,266 4,265 4,185 4,024 Other 925 923 926 929 Unpaid balance of member subscriptions. 1,018 1,018 1,070 1,181 Investment securities (U. S. Govt. obli- Other assets 1 1 1 (2) gations) 446 448 454 444 Member subscriptions 8,047 8,047 8,047 8,034 Calls on subscriptions to capital stock4. . 5 5 5 5 Accumulated net income -3 -3 -2 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 723 727 676 559 1950 1949 Other assets 7 6 11 10 Net currency purchased 3 Bonds outstanding 261 254 254 254 (Cumulative—millions of dollars) Liability on obligations sold under guar- Mar. Feb. Jan. Mar. antee 26 27 27 26 Loans—-undisbursed 130 162 136 51 Other liabilities 2 4 3 5 A Be u l s g t i r a a n li a f n ra n p c o s unds 2 1 0 1 . . 0 4 2 1 0 1 . . 0 4 2 1 0 1 . . 0 4 S C p a e p c i i t a a l l4 reserve 1,67 1 0 2 1,67 1 0 1 1,670 9 1,667 7 Brazilian cruzeiros 37.5 37.5 37.5 Accumulated net income 23 20 17 10 Chilean pesos 8.8 8.8 8.8 C Cz o e s c ta h o R sl i o ca v n a k c i o an lo n k e o s runy. - 6 .9 .0 - 6 .9 .0 - 6 .9 .0 6 1 . .3 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 1949. E Et g h y i p o t p i i a a n n p d o o u l n la d r s s 3. .6 0 3. .6 0 3. . 0 6 .3 2 3 L A e s s s o f t h M an a r $ . 5 3 0 1 0 , , 0 1 0 9 0 5 . 0, 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 100.0 100.0 100.0 100.0 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. N N e ic t a h r e a r g la u n a d n s c g o u rd il o d b e a r s s . . . . . . . . 75.4 75.4 75.4 75. . 4 5 Re 4 p E u x rc c h lu a d se e s s a u m nc o a u ll n e t d e d p o to r ti 2 o 4 n .2 s m of i ll c i a o p n i t d a o l ll s a u r b s s . crip tions, amounting to Norwegian kroner 9.6 9.6 9.6 9.6 6,679 million dollars as of Mar. 31, 1950, 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. 753.1 753.1 753.1 707.5 CENTRAL BANKS Assets of issue Assets of banking department department Liabilities of banking department Bank of England Note (Fig p u o r u e n s d i s n s m ter il l l i i n o g n ) s of Gold1 a O ss t e h t e s r 2 N c a o o n t i d e n s a v c n o a D d n u i s c n a e t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' Pub D li e c posit E s CA Other t c i l O e i a a s p t b h i a i t e l n a i r d l 1941—Dec. 31 .2 780.0 28.8 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950.0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 1,100.0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 1,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26. .2 1,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 ' 'l7A' ' 92.1 18.1 1949—Apr. 27 .2 1,300.0 24.2 13.7 379.3 1,280.3 289.9 16.8 .7 92.0 17.8 May 25 .2 1,300.0 36.3 25.9 381.4 1,267.9 299.9 12.0 23.3 90.4 17.9 June 29. : .2 1,300.0 26.7 27.0 372.0 1,277.9 294.5 8.6 13.5 90.9 18.2 July 27 .2 1,350.0 49.9 15.3 381.6 1,305.1 294.0 11.2 32.4 91.0 18.3 Aug. 31 .2 1,350.0 80.4 10.4 354.1 1,275.0 277.6 15.9 41.7 91.2 18.5 Sept. 28 .4 1,300.0 41.4 23.6 368.7 1,264.5 295.7 9.1 16.4 93.9 18.5 Oct. 26 .4 1,300.0 47.3 23.3 429.7 1,258.7 298.5 14.0 62.8 107.3 17.8 Nov. 30 .4 1,300.0 39.9 15.3 437.8 1,265.8 295.9 8.9 58.6 111.5 18.0 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 Mar. 29 .4 1,300.0 38.5 12.3 507.2 1,267.3 283.5 12.1 160.0 83.9 18.5 1 On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and 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. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 Fiduciary issue decreased by 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. 612 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (F C ig a u n re a s d i i a n n m d i o ll l i l o ar n s s ) of Gold an S d d S t o e t U a l r l l t a i n e n r i s s g ted S te h r o m r s t * - ecuritie O s ther O as t s h e e ts r circ N ul o a t t e ion2 Ch b a a r n te k r s ed D g o o m m v e e i n n r t n io - n Other l c ia O a b a p t i n h i li t d e t a i r l e 3 s 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 1,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 1,022.0 858.5 43.7 1,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 1,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 1949—Apr. 30. 61.1 1,199.0 822.9 57.9 ,264.7 587.3 115.1 80.8 93.0 May 31. 56.4 1,148.1 836.2 57.5 ,263.8 571.2 101.4 65.2 96.7 June 30. 62.7 1,379.6 636.8 56.9 ,270.0 568.3 112.2 73.7 111.8 July 30. 52.9 1,499.2 499.5 45.1 1,271.0 566.9 94.3 73.8 90.6 Aug. 31. 55.7 1,557.2 441.2 64.2 269.7 578.0 109.7 61.8 99.2 Sept. 30. 60.1 1,616.8 421.2 119.1 290.7 611.5 141.0 64.1 109.8 Oct. 31. 64.9 1,710.6 335.9 80.3 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 Mar. 31. 73.7 1,655.9 358.9 75.2 1,258.5 567.3 71.2 150.7 116.1 Assets Liabilities Bank of France (Figures in Foreign Domestic bills G A o d v v e a r n n c m es e n to t6 Note Deposits5 O lia t b h i e l r millions of francs) Gold ch e a x n - ge m O a p rk e e n t5 Special Other Current Other a O ss t e h t e s r 5 cir ti c o u n la- G m ov e e n r t n- EGA Other ca i a t p i n e i d t s al 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 29,935 721,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 7 15,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Apr. 28. 65,225 67 111,190 2,235 290,365 155,300 558,039 58,089 1,047,277 440 179,099 13,693 May 25. 862,274 74 118,855 1,876 272,698 155,000 560,990 56,729 1,043,180 890 170,018 14,409 June 30. 62,274 7,775 156,208 894 258,294 166,900 560,990 81,046 115,608 286 162,969 15,518 July 28. 862,274 14,380 137,189 4,486 296,228 162,700 560,990 69,764 134,440 195 157,714 15,661 Aug. 25. 862,274 36,675 134,031 4,144 255,099 165,000 560,990 67,738 1,133,129 292 136,331 16,199 Sept. 29. 862,274 51,504 138,787 15,092 298,005 164,200 560,990 76,261 210,606 201 140,548 15,757 Oct. 27. 862,274 53,002 140,936 23,486 305,454 152,700 560,990 81,425 1,218,697 202 142,845 18,522 Nov. 24. 862,274 58,174 143,794 28,164 306,397 152,500 560,990 85,587 1,203,768 153 173,396 20,563 Dec. 29. 8 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 1,278,211 1,168 158,973 19,377 1950—Jan. 26. 862,274 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. 62,274 58,658 123,912 31,467 333,358 165,200 560,990 91,046 1,271,387 79 14,155 120,858 20,426 Mar. 30. 862,274 63,987 123,013 29,279 359,671 166,000 560,990 9112,552 1,321,855 24 22,432 115,627 17,828 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. * On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 5 For 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 42.2 billion francs on Mar. 30. 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. MAY 1950 613 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1950 1949 Central Bank 1950 (Figures as of last report (Figures as of last report date of month) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. Central Bank of the Argentine National Bank of Costa Rica— (Dec. Republic (millions of pesos): Issue dept. (thousands of colones): 1949)i Gold reported separately 656 656 434 Gold 11,545 11,543 Other gold and foreign exchange. 1,276 1,275 1,892 Foreign exchange 14,939 29,121 Government securities 1,867 1,793 1,751 Contributions to Intl. Fund and Rediscounts and loans to banks.. 29,164 28,466 23,625 to Intl. Bank 30,321 30,321 Other assets 19 206 123 Loans and discounts 102,903 82,027 Currency circulation 10,156 9,999 7,818 Securities 21,767 20,443 Deposits—Nationalized 20,748 20,174 17,807 Other assets , 10,293 6,703 Other sight obligations 584 595 588 Note circulation 108,843 108,762 Other liabilities and capital 1,67: 1,628 1,611 Demand deposits 76,005 64,454 Commonwealth Bank of Aus- Other liabilities and capital 6,921 6,942 tralia (thousands of pounds): National Bank of Czechoslovakia Gold and foreign exchange 461,411436,220 377,221 (millions of koruny): Checks and bills of other banks.. 4,712 3,193 3,756 Gold and foreign exchange 3,349 3,439 3,273 3,476 Securities (incl. Government and Loans and discounts 24,716 25,028 24,692 23,962 Treasury bills) 335,055355,367 342,08: Other assets 48,433 47,832 47,428 48,191 Other assets 58,759 31,403 59,353 Note circulation 68,447 68,342 67,668 67,477 Note circulation 221,813221,313 206,605 Deposits 702 883 641 180 Deposits of Trading Banks: Other liabilities and capital 7,348 7,074 7,085 7,972 Special 412,970371,170 380,670 National Bank of Denmark Other 37,315 38,064 23,493 (millions of kroner): Other liabilities and capital 187,839 195,635 171,643 Gold 69 69 69 70 Austrian National Bank (millions Foreign exchange 423 411 379 187 of schillings): Contributions to Intl. Fund and Gold 50 50 50 50 to Intl. Bank 6 65 65 65 Foreign exchange 142 156 155 111 Loans and discounts 24 28 30 21 Loans and discounts 1,928 1,804 1,634 1,101 Securities 87 91 101 111 Claim against Government 6,634 6,494 6,639 6,665 Govt. compensation account.... 4,663 4,743 4,751 ,870 Other assets 37 34 33 6 Other assets 416 361 322 220 Note circulation 5,611 5,342 5,599 5,833 Note circulation 1,550 1,531 1,552 ,496 Deposits—Banks 256 373 220 362 Deposits—-Government 1,880 1,944 1,923 ,843 Other 1,034 1,023 1,563 602 Other 2,096 2,108 2,058 ,061 Blocked 1,890 1,801 1,130 1,136 Other liabilities and capital 162 184 185 143 National Bank of Belgium Central Bank of the Dominican (millions of francs): Republic (thousands of dollars): Gold 29,880 29,747 29,745 28,069 Gold 4,030 4,030 4,030 4,005 Foreign claims and balances (net) 9,473 9,137 9,081 12,726 Foreign exchange (net) 11,551 11,809 11,532 10,662 Loans and discounts 4,197 4,750 3,047 5,288 Net claim on Intl. Fund 2 1,250 1,250 1,250 1,250 Consolidated Government debt. . 34,939 34,973 34,973 34,991 Paid-in capital—Intl. Bank 40 40 40 40 Government securities 8,034 5,818 7,656 5,283 Loans and discounts 235 187 278 154 Other assets 5,061 5,486 5,713 3,903 Government securities 5,377 5,377 4,377 5,000 Note circulation 86,659 86,114 86,092 83,580 Other assets 607 584 2,565 536 Deposits—Demand 2,692 1,722 1,* 4,209 Note circulation 18,925 19,277 19,437 17,373 ECA 277 195 399 247 Demand deposits 3,901 3,741 4,381 4,092 Other liabilities and capital 1,957 1,880 1,875 2,224 Other liabilities and capital 266 260 255 183 Central Bank of Bolivia—Mone- (Dec. Central Bank of Ecuador tary dept. (millions of bolivianos) 1949) i (thousands of sucres): Gold at home and abroad 956 956 Gold 265,463278,746278,702 278,100 Foreign exchange 111 211 Foreign exchange (net) -70,300-83,979-87,067 17,767 Loans and discounts 1,174 695 Net claim on Intl. Fund 2 16,881 16 881 16,881 16,881 Government securities 745 767 Credits—Government 284,250264.949269,416 178,654 Other assets 102 37 Other 24,874130971137,111 106,583 Note circulation 2,547 ,199 Other assets 113,212118!750116,424 105,714 Deposits 303 246 Note circulation 367,959 050376,348 337,716 Other liabilities and capital 238 221 Demand deposits—Private banks 94,840 775112,918 129,307 Central Bank of Chile (millions Other 24,303 977105,718 93,540 of pesos): Other liabilities and capital .47,279 615 36,483 143,136 Gold 1,236 1,265 1,206 1,354 National Bank of Egypt (thou- (Dec. Foreign exchange (net) 177 189 151 81 sands of pounds): 1949)1 Net claim on Intl. Fund 2 1 1 1 1 Gold 6,376 6,376 Discounts for member banks.... 1,652 2,037 1,678 1,097 Foreign exchange 13,861 14,787 Loans to Government 688 686 686 768 Loans and discounts 17,574 4,926 Other loans and discounts 2,631 2,312 2,489 1,841 British, Egyptian, and other Other assets 1,551 1,460 1,600 1,578 Government securities 316,682 327,473 Note circulation 5,607 5,692 5,554 4,910 Other assets 43,766 24,999 Deposits—Bank 1,289 1,281 1,416 1,211 Note circulation 66,166 149,547 Other 228 346 246 188 Deposits—Government 12,720 101,195 Other liabilities and capital 811 633 595 409 Other 112,528 119,811 Bank of the Republic of Colombia Other liabilities and capital 6,845 8,008 (thousands of pesos): lentral Reserve Bank of El Salva- Gold and foreign exchange : 48,330246,341 130,226 dor (thousands of colones): Net claim on Intl. Fund 2. ...... 24,367 24,367 24,367 Gold 46,788 46,843 46,899 36,123 Paid-in capital—Intl. Bank 1,371 1,370 1,370 Foreign exchange (net) 73,948 72,452 57,918 55,077 Loans and discounts 74,299 74,067 177,475 Net claim on Intl. Fund 2 1,565 1,565 1,565 1,564 Government loans and securities. 40,121 39,269 132,307 Loans and discounts 48 40 36 182 Other assets. 58,272 55,589 56,763 Government debt and securities.. 5,121 5,206 5,198 5,264 Note circulation :20,501424,371 311,913 Other assets. 1,490 1,455 1,608 1,665 Deposits 80,179 69,333 163,867 Note circulation 72,099 73,125 71,130 62,301 Other liabilities and capital 46,080 47,300 46,729 Deposits.. 50,971 48,562 36,137 31,720 Other liabilities and capital 5,891 5,873 5,958 5,855 1 Latest month available. 2 This figure represents- the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 118. 614 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BASKS—Continued Central Bank 1950 1949 1950 1949 Central Bank (Figures as of last report date of month) Ma Feb. Jan. Mar. (Figu d r a es te a o s f o m f l o a n s t t h r ) eport Mar. Feb. Jan. Mar. State Bank of Ethiopia l Bank of Italy (billions of lire): Bank of Finland (millions of mark- Gold 4 4 1 kaa): Foreign exchange 21 21 31 Gold 357 357 269 269 Advances to Treasury 660 659 660 Foreign assets (net) -2,329 -2,617 -3,218 658 Loans and discounts ; 213 213 165 Clearings (net) 125 -277 -446 -2,193 Government securities 245 225 201 Loans and discounts 38,876 39,721 37,360 36,211 Other assets 522 510 292 Securities. . 1,026 1,035 1,068 892 Bank of Italy notes 966 981 847 Other assets 2,678 1,756 2,601 1,411 Allied military notes 9 12 45 Note circulation 29,935 29,491 27,790 27,407 Deposits—Government 189 175 113 Deposits 3,388 2,712 2,016 2,309 Demand 159 122 118 Other liabilities and capital 7,410 7,773 7,827 7,531 Other 293 287 194 Bank of German States 2 Other liabilities and capital 49 54 33 (millions of German marks): Bank of Japan (millions of yen): Foreign exchange 657 738 1,205 Cash and bullion 1,305 1,131 Loans and discounts 3,862 3,787 1,576 Advances to Government 87,256 77,655 Loans to Government 8,142 8,081 8,413 Loans and discounts 88,494 67,943 Other assets 1,135 1,495 2,599 Government securities 176,235 134,894 Note circulation 7,591 7,526 6,604 Reconversion Fin. Bk. bonds. . . . 70,305 Deposits—Government 1,293 1,143 1,499 Other assets 12,362 52,182 Banks 957 1,013 1,471 Note circulation 320,398 312,547 Other 432 540 224 Deposits—Government 14,512 48,349 Other liabilities and capital 3,522 3,877 3,995 Other 18,217 23,072 Bank of Greece (billions of drach- (Dec. Other liabilities 12,525 20,143 mae): 1949)3 The Java Bank (millions of guilders): Gold and foreign exchange (net). 284 363 Gold 675 675 4 675 471 Loans and discounts 114 53 Foreign bills 47 51 83 59 Advances—Government 3,937 1,909 Loans and discounts 77 66 65 71 Other 2,163 1,432 Advances to Government 1,612 1,729 1,524 867 Other assets 825 454 Other assets 91 88 83 100 Note circulation 1,859 1,125 Note circulation 1,007 968 935 748 Deposits—Government 592 270 Deposits 1,162 1,332 s 1,410 714 Reconstruction and Other liabilities and capital e 333 6 309 105 relief accts 1,1 372 Bank of Mexico (millions of pesos): Other 742 496 Monetary reserve 7 799 786 785 664 Other liabilities and capital 2,262 1,949 "Authorized" holdings of secu- Bank of Guatemala (thousands of rities, etc 2,500 2,536 ,587 1,846 quetzales): Bills and discounts 182 173 176 693 Gold 27,229 27,229 27,229 Other assets 327 262 243 172 Foreign exchange 10,138 9,758 19,075 Note circulation 2,226 2,226 ,197 1,900 Gold contribution to Int'l. Fund. 1,250 1,250 1,250 Demand liabilities 970 919 941 757 Rediscounts and advances 5,661 5,501 3,161 Other liabilities and capital 613 613 651 718 Other assets 19,346 18,690 12,228 Netherlands Bank (millions of Circulation—Notes 36,442 35,580 33,988 guilders): Coin 3,181 3,171 3,077 Golds 871 871 871 439 Deposits—Government 2,393 3,141 4,125 Silver (including subsidiary coin). 12 12 12 5 Banks 11,568 11,192 11,858 Foreign assets (net) 820 745 781 283 Other liabilities and capital 10,039 9,344 9,89r Loans and discounts 152 178 194 146 National Bank of Hungary (mil- Govt. debt and securities 2,850 ,100 3,100 3,300 lions of forint): Other assets 783 791 743 366 Gold 482 482 412 Note circulation—Old 66 68 69 107 Foreign exchange 13 22 213 New 2,932 ,007 3,009 2,983 Discounts 4 Deposits—Government 544 444 620 216 Loans—Treasury 287 288 312 Blocked 36 32 30 35 Other 9,204 8,746 6,890 EGA 514 714 624 250 Other assets 211 233 225 Other 862 922 870 742 Note circulation 2,673 2,587 2,755 Other liabilities and capital 534 511 478 205 Demand deposits—Government. 12 9 1Reserve Bank of New Zealand Other 6,913 6,608 4,763 (thousands of pounds): Other liabilities and capital 599 566 538 Gold 3,954 3,894 2,843 Reserve Bank of India (millions of Sterling exchange reserve 43,269 40,960 50,826 rupees): Advances to State or State un- Issue department: dertakings 61,071 59,716 42,324 Gold at home and abroad 400 400 400 Investments. . . . 48,658 48,658 34,095 Sterling securities 6,503 6,303 7,416 Other assets 6,128 6,190 7,862 Indian Govt. securities 4,153 4,152 3,674 Note circulation 53,800 55,261 49,369 Rupee coin 514 535 420 Demand deposits 103,234 98,121 83,105 Note circulation 11,570 11,261 11,693 Other liabilities and capital 6,047 6,035 5,566 Banking department: Bank of Norway (millions of kroner): Notes of issue department.... 146 130 218 Gold 248 232 Balances abroad 1,938 2,023 2,025 Foreign assets (net) 103 226 Bills discounted 53 45 21 Clearing accounts (net) -131 -70 Loans to Government 3 36 Loans and discounts 77 85 Other assets 1,105 1,000 1,367 Securities 47 51 Deposits 2,963 2,966, 3,323 Occupation account (net) 7,114 7,813 Other liabilities and capital. . . 282 268 309 Other assets 87 97 Central Bank of Ireland (thousands Note circulation 2,202 2,046 of pounds): Deposits—Government 2,863 4,064 Gold 2,646 2,646 2,646 2,646 Banks 1,395 869 Sterling funds 47,962 47,183 46,995 43,993 Blocked 574 738 Note circulation 50,608 49,829 49,641 46,639 Other.... . 45 164 Other liabilities and capital. . . . . 466 553 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, s Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. MAY 1950 615 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1950 1949 Central Bank (Figures as of last report (Figures as of last report date of month) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets 4,135 4,109 3,920 Issue department: Note circulation 27,297 27,137 25,004 Gold at home and abroad.. . 44 44 4: Deposits—Government 53 62 1,425 Sterling securities 714 664 1,026 Other 2,664 2,725 2,749 Pakistan Govt. securities 265 265 Other liabilities and capital 547 550 552 Govt. of India securities 332 332 345 Bank of Sweden (millions of kronor): India currency 432 432 394 Gold 153 154 154 176 Rupee coin 53 53 31 Foreign assets (net) 971 981 964 383 Notes in circulation ,760 1,746 1,754 Swedish Govt. securities and ad- Banking department: vances to National Debt Office5 ,770 3,029 2,914 3,155 Notes of issue department... 79 44 84 Other domestic bills and advances 151 123 140 132 Balances abroad 346 409 746 Other assets 328 328 335 370 Bills discounted 105 105 109 Note circulation ,161 3,133 3,111 2,953 Loans to Government 1 2 Demand deposits—Government.. 409 470 479 641 Other assets 330 317 "*i54 Other 122 354 264 160 Deposits 780 798 1,050 Other liabilities and capital 680 657 652 462 Other liabilities and capital. . 80 80 4: Swiss National Bank (millions of Bank of Paraguay—Monetary dept. francs): (thousands of guaranies): Gold ,249 6,232 6,255 5,911 Gold. 600 600 600 62 Foreign exchange 274 264 269 316 Foreign exchange (net) -258 ,841-3,050 -6,612 Loans and discounts 93 91 94 156 Net claim on Int'l. Fund l 2,710 ,710 2,710 2,710 Other assets 69 64 63 77 Paid-in capital—Int'l. Bank -182 -170 -170 -92 Note circulation ,299 4,245 4,265 4,326 Loans and discounts 108,877 ,675106,832 78,601 Other sight liabilities ,987 2,006 2,017 1,666 Government loans and securities. 9,944 ,020 12,399 6,778 Other liabilities and capital 398 400 399 469 Other assets 7,774 ,270 2,814 8,797Central Bank of the Republic of Note and coin issue 95,798 ,338 89,163 68,488 Turkey (thousands of pounds): Demand deposits 28,917 ,959 29,597 18,658 Gold. 431,709 431,709 431,709 454,460 Other liabilities and capital 4,749 ,966 3,375 3,663 Foreign exchange and foreign Central Reserve Bank of Peru clearings 148 047166 282147,860 125,073 (thousands of soles): Loans and discounts 849 752827 183835,139 727,183 Gold and foreign exchange 2 292 287,492 198,901 Securities 44 325 45 440 45,535 205,860 Net claim on Int'l. Fund * 20 20,495 20,496 Other assets 55 126 70 493 78,798 46,083 Contribution to Int'l. Bank 2 2,238 2,356 Note circulation 898 742912 075914,275 919,664 Loans and discounts to banks. . . 174 182,835 143,141 Deposits—Gold 153 040153040153,040 153,036 Loans to Government 708. 708,680 723,892 Other 313 068316 464308,246 214,121 Other assets 223. 238,712 43,073 Other liabilities and capital 164 109159 528163,479 271,837 Note circulation 889. 878,414 777,240Bank of the Republic of Uruguay Deposits 162, 181,803 287,801 (thousands of pesos): Other liabilities and capital 369. 380,236 66,818 Gold 278,369 248,845 Central Bank of the Philippines Silver 11,726 12,144 (thousands of pesos): Paid-in capital—Int'l. Bank 307 313 Gold 3,436 ,219 2,935 2,721 Advances to State and govern- Foreign exchange 438,357 438,781439,498 669,666 ment bodies 122,867 141,674 Net claim on Int'l. Fund * 7,502 ,502 7,502 Other loans and discounts 255,649 243,602 Loans 87,198 ,451 83,375 Other assets 241,084 235,832 Domestic securities 106,450 104,650 96,775 469 Note circulation 289,742 274,713 Other assets 149,224 ,769138,554 '164,157 Deposits—Government 84,130 72,216 Note circulation 544,296 ,577540,850 580,377 Other 279,994 279,996 Demand deposits—U. S. dollars3. 40,073 Other liabilities and capital 256,136 255,484 Pesos 139,776 130,328128,572 127,361 Central Bank of Venezuela (mil- Other liabilities and capital 108,094 106,466 99,217 89,203 lions of bolivares): Bank of Portugal (millions of Gold ,041 1,041 889 escudos): Foreign exchange (net) 103 108 91 Gold 192 3,190 3,496 Other assets 73 63 35 Foreign exchange (net) 227 9,230 7,870 Note circulation—Central Bank. 804 809 763 Loans and discounts 456 460 439 National banks. . 1 1 1 Advances to Government 244 1,244 1,265 Deposits 190 218 233 Other assets 446 442 500 Other liabilities and capital 221 183 17 Note circulation 908 8,072 8,269Bank for International Settle- Demand deposits—Government.. 543 392 238 ments (thousands of Swiss gold ECA 113 113 francs): Other 654 3,644 Gold in bars 267 550 212,520 209,544 150,769 Other liabilities and capital 347 2,345 Cash on hand and with banks... 42, 650 48,828 25,659 38,709 South African Reserve Bank Sight funds at interest 1 681 1,681 1,682 494 (thousands of pounds): Rediscountable bills and accept- Gold 4. . ,657 46,690 40,786 ances (at cost) 135,181109,373 82,607 17,681 Foreign bills 647 56,976 5,431 Time funds at interest 31 151 18,204 18,325 26,639 Other bills and loans ,516 10,171 90,720 Sundry bills and investments.... 206,750243,347273,412 189,351 Other assets ,978 45,013 18,649 Funds invested in Germany 297.201297,201297,201 297,201 Note circulation ,715 64,997 65,483 Other assets 1.555 1,572 1,503 i,643 Deposits ,667 71,822 81,927 Demand deposits (gold) 96,767 79,515 93,292 21,654 Other liabilities and capital ,415 22,031 8,176 Short-term deposits: Bank of Spain (millions of pesetas): Central banks—Own account.. 373 534360,553326,323 218,876 Gold 877 877 1,111 Other 26 315 6,154 4,229 1,317 Silver 487 497 499 Long-term deposits: Special 228.909228,909228,909 228,909 Government loans and securities. ,919 15,814 15,739 Other liabilities and capital 258 192257,593257,179 251,730 Other loans and discounts ,143 9,176 8,460 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. * On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 5 Includes small amount of non-Government bonds. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120. 616 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 Ger- g B i e u l m - N la e e n r t - d h s - S d w e e n - S la w e n r i - d tz- ba C n e k n tr o a f— l R A 3 a p 0 t r e . eff D ec a t t i e ve ba C n e k n tr o a f— l R A 3 a p 0 t r e . eff D ec a t t i e ve In effect Dec. 31, Albania... Mar.21, 1940 Ireland 2H Nov. 23, 1943 1938 I* Argentina. Mar. 1, 1936 Italy 4 Apr. 6, 1950 Jan. 4, 1939. . Austria. Aug. 3, 1945 Japan 5.11 July 5, 1948 Apr. 17 4 Belgium. Oct. 6, 1949 Java 3 Jan. 14, 1937 May 11 3 Bolivia. . Feb. 4, 1948 Latvia 5 Feb. 17, 1940 A Ju u l g y . 2 6 4 2y2 Aug. 29 Sept. 28 Bulgaria. Aug. 1, 1948 Lithuania. . . July 15, 1939 Oct. 26 Canada.. Feb. 8, 1944 Mexico June 4, 1942 J D a e n c . . 2 1 5 5 , 1940. . C C h o i l l o e mbia 3-4 4 y2 J D u e l c y . 1 1 6 8 , , 1 1 9 9 3 3 6 3 N Ne e w th e Z r e l a an la d n s d . . J J u u l n y e 2 2 6 7 , , 1 1 9 9 4 4 1 1 Apr. 9 Costa Rica 3 Apr. 1, 1939 Norway Jan. 9, 1946 May 17 3H Czechoslovakia Oct. 28, 1945 Peru Nov. 13, 1947 Mar. 17, 1941.. May 29 June 27 Jan. 16, 1945. . Denmark. .. Jan. 15, 1946 Portugal.... Jan. 12, 1944 Jan. 20 Ecuador.... 10 May 13, 1948 Rumania Mar. 25, 1948 Feb. 9 El Salvador. 4 Oct. 15, 1946 South Africa. Oct. 13, 1949 Nov. 7,1946.. Estonia Oct. 1, 1935 Spain Mar. 18, 1949 Dec. 19 Finland July 1, 1949 Sweden Feb. 9, 1945 Jan. 10, 1947. . Aug. 27 3y 2 Oct. 9 234 &3 France 3 Oct. 1, 1948 Switzerland.. \y Nov. 26, 1936 June 28, 1948 Germany U-4 July 14, 1949 Turkey 2 July 1, 1938 Sept. 6 Greece 12 July 12, 1948 United King- 4 Oct. 1 Hungary.. 5 Nov. 1, 1947 dom 2 Oct. 26, 1939 May 27, 1949 India 3 Nov. 28, 1935 U.S.S.R.... 4 July 1, 1936 July 14 Yugoslavia. . 1-3 Aug. 20, 1948 Oct. 6 In effect Apr. 30, 1950 U-4 1 The lower rate applies to the Bank Deutscher Laender, and the higher rate applies to the Land Central banks. NOTE.—Changes since Mar. 31: Italy—Apr. 6, down from 43^ to 4 per cent. 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 day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1942—Feb .55 1.03 1.00 1.04 1.58 1.25 1943—Feb .51 1.03 1.00 1.10 1.65 1.25 1944—Feb .39 1.03 1.00 1.13 1.69 1.25 1945—Feb .37 1.03 1.00 1.00 1.60 1.25 1946—Feb .36 .53 .51 .63 1.36 1.18 1.00 1.25 1947—Feb .40 .53 .51 .63 1.39 1.72 1.46 1.25 1948—Feb .41 .56 .50 .63 2.00 1.38 .78 1.50 1949—Feb .42 .56 .52 .63 2.08 1.39 .90 1.63 Nil 1949—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 A3 1.28 1.03 1.63 June .51 .63 .52 .63 P2.46 1.32 .83 1.52 July .51 .63 .52 .63 P2.34 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 1.2.2 1.50 Feb .51 .69 .52 .63 P2.40 1.54 1.50 1.50 v Preliminary. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. MAY 1950 617 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom* Assets Liabilities (1 b m 1 a i n l L l k io o s s . n n t e s d r o F l o i n f i n g g p u c ) o l r e e u a s n r i d i n n s g re C se a r s v h es M c n a s o o l h l n t o e i a c r y n t e 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 Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i i d t e t a i r e l s 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—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 1,51-7 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 February. 476 539 1,169 471 1,503 1,574 541 5,841 3,844 1,997 432 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 fi a g n u k r s e . s Entirely in Canada a l b o r a o n a s d Note excluding interbank deposits Other Ca in n a m di i a l n li o d n o s l l o a f rs) Cash 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 n o e a d r e n f i n r k g o s e n m t Securities O as t s h e e t r s cir ti c o u n la- Total Demand Time li c a a b a p i n l i d i t t a ie l s 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 1,274 227 038 869 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—March.... 718 81 2,129 136 4,285 1,077 15 6,927 2,663 4,264 1,484 April 760 90 2,199 149 4,267 987 15 7,029 2,690 4,339 1,408 May 776 74 2,202 154 4,342 1,056 15 7,131 2,792 4,339 1,459 June 734 72 2,195 141 4,396 1,130 15 7,183 2,853 4,330 1,471 July 751 77 2,188 143 4,460 952 15 7,130 2,789 4,341 1,425 August. . . 789 78 2,174 132 4,527 1,035 14 7,298 2,926 4,372 1,407 September 789 103 2,304 190 4,463 1,129 14 7,474 3,062 4,412 1,490 October... 830 137 2,336 170 4,327 1,142 14 7,441 2,988 4,453 1,488 November. 758 119 2,356 161 4,395 1,084 14 7,388 2,941 4,447 1,471 December. 765 133 2,271 146 4,345 1,058 14 7,227 2,794 4,433 1,477 1950—January. . 745 100 2,263 158 4,365 1,033 7,197 2,703 4,494 1,467 February. 749 84 2,299 149 4,391 1,046 7,277 2,741 4,537 1,439 Assets Liabilities France (4 o m f l i a m l r li g o o e n n s t b h a o f n f i k g f u s r . r a e n s c E s in ) 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 O as t s h e e ts r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- li c a O a b a p t i n h l i d i t e t a i r e l s 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—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? 40,656 42,176 426,606 128,989 50,259 620,042 611,980 8,062 26,355 42,288 1950—January 39,317 43,107 423,329 138,276 33,866 630,113 622,110 8,003 27,958 19,824 P Preliminary. 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements give end-of-month data. 2 Represent six-month loans to the Treasury at 1H Per cent through Oct. 20, 1945, and at % per cent thereafter, a Less than 500,000. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 618 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 "2O!666" 321.22 2.2816 5 4[-406 100.000 91.691 1949 29.774 20.695 23.355 18.591 293.80 2.2009 2.1407 5.4406 97.491 92.881 1949—May. . 29.773 25.125 20.000 321.15 2.2750 2.1791 5.4406 100.000 95.150 June.. 29.773 25.125 20.000 321.00 2.2750 2.2211 5.4406 100.000 95.521 July... 29.773 25.125 20.000 321.10 2.2750 2.1752 5.4406 100.000 94.545 Aug... 29.773 25.125 20.000 321.03 2.2750 2.1909 5.4406 100.000 95.248 Sept. . 29.773 25.125 20.000 274.39 2.1684 2.1115 5.4406 95.909 92.724 Oct. . . 29.778 20.695 17.456 13.896 223.16 1.9960 1.9917 5.4406 90.909 90.431 Nov... 29.778 20.695 17.456 13.896 223.16 1.9980 1.9969 5.4406 90.909 89.864 Dec... 29.778 20.695 17.456 13.896 223.16 1.9998 5.4406 90.909 88.407 1950—Jan. . . 29.778 20.695 17.456 13.896 223.16 2.0003 5.4406 90.909 89.205 Feb... 29.778 20.695 17.456 13.896 223.16 1.9993 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 Apr. . . 29.778 20.695 17.456 13.896 223.16 1.9912 5.4406 90.909 90.205 France Year or month Ceylon Co b l i o a m- C sl z o e v c a h k o ia - m De a n rk - (franc) India i Mexico e N rl e a t n h d - s Ze N a e la w nd Norway (rupee) (peso) (koruna) (krone) (rupee) (peso) (guilder) (pound) (krone) Official Free 1944 57.272 30.122 20.581 324.42 1945 57.014 1.9711 30.122 20.581 "37]933' 323.46 1946 57.020 2.0060 20.876 .8409 30.155 20.581 37.813 322.63 20.176 1947 57.001 2.0060 20.864 .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—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 Apr 20.850 2.0060 14.494 .2860 20.870 11.564 26.262 277.29 14.015 United Y m e o a n r t o h r R P e ( p h p p i i e u n l s i b o e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S po o fr u u i n c th d a ) ( S pe p s a e i t n a) S S ( m d e t o e r t l a t n l l a i t e t r s s - ) (k S d r w o en n e- a) e S (f r w r l a a i n t n c z d ) - K ( i p n o g u d n o d m ) Ur (p u e g s u o a ) y Official Free 1944 398.00 403.50 65.830 53.506 1945 399 05 403 50 403 02 65.830 55.159 1946 4.0501 400.50 9.132 25.859 23.363 403.28 65.830 56.280 1947 4.0273 400.74 9.132 27.824 23.363 402.86 65.830 56.239 1948 4.0183 400.75 9.132 27.824 23.363 403.13 65.830 56.182 1949 49.723 3.8800 366.62 42.973 25.480 23.314 368.72 65.830 56.180 42.553 1949—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 Apr.. . 49.613 3.4595 278.38 32.734 19.333 23.286 280.07 65.833 56.180 42.553 i 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. MAY 1950 619 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 9 t n a 0 2 i 0 t t 6 e e ) s d = C (1 a 1 9 n 0 2 0 6 a ) d = a M (1 1 9 e 3 0 x 0 9 i ) c = o K U ( i 1 n 1 n 9 g 0 3 i 0 t d 0 e ) o d = m F (1 r 1 9 a 0 3 n 0 8 ) c = e (1 I 1 9 t 3 0 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 d 1 0 e 9 9 s ) r 3 3 - 8 9 - S (1 w 1 9 e 0 3 0 d 5 ) e = n (J S u w = l ly a i 1 n t 0 z 1 d 0 9 e ) 1 r- 4 1926 100 100 U24 106 150 1126 144 1937 86 85 109 89 94 1 108 114 111 1938 79 79 101 100 100 1 102 111 107 1939 77 75 103 105 104 2 105 115 111 1940 79 83 103 137 139 121 2 131 146 143 1941 87 90 110 153 171 136 2 150 172 184 1942 99 96 121 159 201 153 2 157 189 210 1943 103 100 146 163 234 2 160 196 218 1944 104 103 179 166 265 2 164 196 223 1945 106 104 199 169 375 4 181 194 221 1946 121 109 229 175 648 16 251 186 215 1947 152 129 242 192 989 5,159 48 271 199 224 1948 165 153 260 219 1,712 5,443 128 281 214 233 1949 155 157 285 230 1,917 P5,169 204 296 216 221 1949—March 158 158 275 221 1,872 5,557 192 294 216 227 April 157 158 280 227 1,846 5,393 200 295 216 224 May 156 156 284 231 1,890 5,278 203 294 215 221 June 155 156 285 232 1,812 5,215 203 294 216 220 July 154 157 289 229 1,854 5,034 204 293 215 221 August 153 156 288 230 1,918 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 P223 310 219 212 February 153 158 291 245 2,048 313 220 209 March 153 159 304 246 ?2,101 P Preliminary. 1 Approximate figure, derived from old index (1913 =100). Sources.—See BULLETIN for January 1950, p. 124; June 1949, p. 754; June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1926=100) (1926=100] (1930=100) (July 1938-June 1939=100) Year or month Raw and Fully and pr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p c a a t r u n t r l u e y - d fa c m c h a t i u e n f r u l e y - d Foods p I r n o tr d d ia u u l c s- ts Foods t p r I r i n o a d l d u u r s a 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 goods goods 1926 100 100 100 100 100 100 1937 86 86 85 87 84 81 102 112 1938 69 74 82 74 73 78 97 104 1939 65 70 81 64 67 75 97 106 103 112 104 1940 68 71 83 68 75 82 133 138 121 163 126 1941 82 83 89 73 82 89 146 156 140 177 148 1942 106 100 96 85 90 92 158 160 157 175 154 1943 . 123 107 97 98 99 93 160 164 157 174 159 1944 123 105 99 107 104 94 158 170 159 179 163 1945 128 106 100 115 106 94 158 175 172 193 184 1946 149 131 110 124 110 99 158 184 200 282 261 1947 181 169 135 133 131 117 165 207 214 328 276 1948 188 179 151 150 156 140 181 242 231 342 283 1949 166 162 147 147 161 142 197 249 243 r370 297 1949—March 172 163 151 146 162 141 178 246 242 369 293 April 171 163 149 148 161 142 186 251 243 339 294 Mav 171 164 147 148 160 142 199 250 240 367 294 June 169 162 146 150 160 142 202 249 233 367 296 July- 166 161 145 151 161 142 202 245 233 364 295 August 162 161 145 146 159 142 202 244 230 364 295 September 163 162 145 146 158 142 201 248 235 r366 298 October 160 160 145 145 161 143 210 252 244 '376 297 November . .. 157 159 145 145 161 143 213 255 265 '378 303 December 155 156 146 144 160 143 212 257 270 r372 304 1950—January . ... 155 155 146 144 160 143 215 261 275 384 305 February 159 157 146 145 162 143 215 262 282 381 309 Mi arch 159 156 146 147 164 144 215 262 r Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 620 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 1 S = 9 n t 3 a 1 i 5 0 t te e 0 -3 d s ) 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 9 1 n 38 0 c 0) e ( N 1 = l e 9 a t 3 n 1 h 8 d 0 s e - 0) 3 r- 9 ( l 1 J a e 9 u n r 1 n - d 4 e Y m e o a n r t o h r ( U S 1 = n t 9 a i 3 1 t t 5 0 e e - s d 0 3 ) 9 (1 = C 9 a a 3 da 1 n 5 - 0 - 0 3 ) 9 1 K 7 ( d , i J o n u m 1 n g 9 e - 47 F = ( r 1 a 1 9 n 0 3 c 0 8 e ) ( N 1 = l e 9 a 1 3 t n h 0 8 d 0 e - s 3 ) r- 9 ( l 1 J a e 9 u r n 1 n - d 4 e = 100) = 100) = 100) = 100) 1941 106 116 168 149 175 1941 105 112 199 150 174 1942 124 127 161 174 200 1942 117 117 200 175 193 1943 138 131 166 224 211 1943 124 118 199 224 203 1944 136 131 168 275 215 1944 126 119 201 285 208 1945 139 133 170 377 215 1945 . 128 119 203 393 209 1946 160 140 169 645 193 210 1946 139 124 204 645 192 208 1947 194 160 1 101 1,043 211 222 1947 159 136 1 101 1,030 199 217 1948 210 196 108 1,662 228 230 1948 . 171 155 108 1,632 206 224 1949 202 203 114 1,814 249 228 1949 169 161 111 1,818 219 222 1949-March... . 202 199 108 1,759 247 1949-March 170 159 109 1,781 217 222 April 203 199 108 1,738 248 227 April 170 159 109 1,757 218 221 M ay 202 200 114 1,725 256 227 M ay ..... 169 160 111 1,738 221 222 204 203 115 1,715 260 228 June...... 170 161 111 1,726 223 222 July 202 207 116 1,704 251 228 July .. 169 162 111 1,715 219 221 August 203 209 116 1,744 246 228 August 169 163 111 1,753 216 221 September. 204 207 117 1,835 244 229 September. 170 162 112 1,827 216 222 October... 201 205 119 1,901 244 229 October... 169 162 112 1,885 217 221 November. 201 203 119 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 1,921 262 '224 1950-January... 167 161 113 1,910 230 218 February.. 195 201 121 1,929 270 223 February.. 167 162 113 1,920 234 217 March.... 196 204 P1,920 274 March.... 167 164 PI,906 237 P Preliminary. r Revised. 1 This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17, are 166 for retail food prices and 203 for cost of living. Sources.—See BULLETIN for January 1950, p. 125; July 1947, p. 935; M ay 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. S E C U R I TY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month S U g t ( n r a h a i t i d t g es h e e ) d i C (1 a = 9 n 3 a 1 5 d 0 - 0 3 a ) 2 9 ( 1 K D 9 U i e 2 n n c 1 i g e = t m d 1 ed b 0 om e 0 r ) F (1 r 1 9 a 0 3 n 0 8 c ) = e N la e n th ds e 3 r- ( 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 5 0 e ) r (1 N 9 l e 3 a t 8 n h = d e s 1 r 0 6 - 0) Number of issues. . . 12 (2) 87 50 14 416 106 278 5 295 27 1942 118.3 100.7 127.3 146.4 69.4 64.2 75.3 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 96.2 875 1947 M03.2 118.5 130.8 132.0 105.6 123.0 106.0 94.6 1,149 202.2 1948 98.7 105.0 129.9 117.0 107.1 124.4 112.5 92.0 1,262 211.2 1949 101.9 107.6 126.5 109.4 106.8 121.4 109.4 87.6 1,129 195.3 1949—April 101.0 105.9 130.9 109.0 104.3 118.5 106.4 88.4 1,119 188.1 M ay 101.0 105.9 130.4 108.9 106.3 117.7 105.3 88.9 1,050 188.8 June 100.9 105.9 129.3 107.9 107.3 112.0 99.6 85.3 1,042 190.0 July 102.0 106.6 127.1 107.3 107.3 117.8 104.2 84.0 1,122 196.3 August 103.0 107.9 123.6 108.4 107.3 121.8 108.2 84.0 1,168 204.3 September. .. 103.1 108.9 122.7 109.3 106.9 123.8 109.6 85.6 1,148 209.6 October 102.8 112.2 121.7 110.5 108.0 127.3 114.3 88.2 1,110 207.5 November. . . 103.2 112.1 118.9 110.2 108.7 129.1 118.2 86.5 1,042 203.6 December 103.7 110.7 121.1 109.9 109.4 132.7 117.9 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 Pi,036 202.5 March 104.1 110.9 119.4 ^111.5 109.0 138.8 118.7 88.4 n,045 197.0 P Preliminary. 1 New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average for the old series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States, see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly figures are averages of monthly quotations on the capitalized yield as calculated on the 15th of every month. 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. 4 This index is based on 95 common stocks through 1944; on 100 stocks, 1945-1948; and on 106 stocks beginning 1949. B In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424. 6 This index is based on 27 Netherlands industrial shares and represents an unweighted monthly average of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS. Sources.—See BULLETIN for June 1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. MAY 1950 621 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 WIN FIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary EDWIN R. MILLARD, Director MERRITT SHERMAN, Assistant Secretary GEORGE S. SLOAN, Assistant Director KENNETH A. KENYON, Assistant Secretary C. C. HOSTRUP, Assistant Director LEGAL DIVISION GEORGE B. VEST, General Counsel DIVISION OF BANK OPERATIONS FREDERIC SOLOMON, Assistant General Counsel ROBERT F. LEONARD, Director JOHN C. BAUMANN, Assistant General Counsel J. E. HORBETT, Assistant Director OFFICE OF THE SOLICITOR LOWELL MYRICK, Assistant Director J. LEONARD TOWNSEND, Solicitor G. HOWLAND CHASE, Assistant Solicitor DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS FRED A. NELSON, Director RALPH A. YOUNG, Director FRANK R. GARFIELD, Adviser on Economic Research ARTHUR W. MARGET, Adviser on International DIVISION OF ADMINISTRATIVE SERVICES Finance LISTON P. BETHEA, Director GUY E. NOYES, Assistant Director GARDNER L. BOOTHE, II, Assistant Director FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL THOMAS B. MCCABE, Chairman WALTER S. BUCKLIN, BOSTON DISTRICT ALLAN SPROUL, Vice Chairman N. BAXTER JACKSON, NEW YORK DISTRICT CHESTER C. DAVIS ERNEST G. DRAPER FREDERIC A. POTTS, PHILADELPHIA DISTRICT MARRINER S. ECCLES SIDNEY B. CONGDON, CLEVELAND DISTRICT JOSEPH A. ERICKSON R. M. EVANS ROBERT V. FLEMING, RICHMOND DISTRICT J. N. PEYTON Vice President M. S. SZYMCZAK J. T. BROWN, ATLANTA DISTRICT JAMES K. VARDAMAN, JR. C. S. YOUNG EDWARD E. BROWN, CHICAGO DISTRICT President CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary W. L. HEMINGWAY, ST. LOUIS DISTRICT GEORGE B. VEST, General Counsel WOODLIEF THOMAS, Economist JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT 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 622 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 x President Bank of Deputy Chairman First Vice President Vice rresiuents Boston Albert M. Creighton Joseph A. Erickson Robert B. Harvey 2 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 William F. Treiber Walter S. Logan V. Willis A. Phelan R. B. Wiltse 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. Black 2 John K. Langum John S. Coleman E. C. Harris H. J. Chalfont 0. J. Netterstrom Neil B. Dawes A. L. Olson W. R. Diercks Alfred T. Sihler W. W. Turner St. Louis Russell L. Dearmont Chester C. Davis 0. M. Attebery Paul E. Schroeder Wm. H. Bryce F. Guy Hitt Wm. E. Peterson William H. Stead C. A. Schacht C. M. Stewart Minneapolis.... Roger B. Shepard J. N. Peyton H. C. Core H. G. McConnell W. D. Cochran 0. S. Powell C-W. Groth A. W. Mills 3 E. B. Larson Otis R. Preston 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. Sandy 2 D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. 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 C. W. Groth 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 CM. Stewart Portland S. A. MacEachron Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis Paul E. Schroeder Seattle J. M. Leisner 1 Also Federal Reserve Agent. 1 Cashier. 3 Also Cashier. 4 General Manager. MAY 1950 623 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. $1.00 per copy. FEDERAL RESERVE BULLETIN. Issued monthly. Subscription 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 POSTWAR ECONOMIC STUDIES. (8 pamphlets) States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. No. 1. Jobs, Production, and Living Standards. No. 2. Agricultural Adjustment and Income. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY No. 3. Public Finance and Full Employment. RATES, AND BUSINESS. Issued monthly. $6.00 No. 4. Prices, Wages, and Employment. per annum including historical supplement 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. No. 7. International Monetary Policies. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE 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 more copies for single shipment, 15 cents each. BANKING AND MONETARY STATISTICS. Statistics of 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 (un- of 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, will appear in the June 1950 issue of the BULLETIN. with amendments. 624 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS * REPLY OF THE CHAIRMAN OF THE BOARD OF GOV- (From Federal Reserve Bulletin unless preceded by an asterisk) ERNORS OF THE FEDERAL RESERVE SYSTEM (TO the •STATEMENT ON BEHALF OF THE BOARD OF GOV- Questionnaire of the Joint Congressional Com- ERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE mittee on the Economic Report). November THE JOINT COMMITTEE ON THE ECONOMIC REPORT. 1949. 112 pages. Presented by Chairman Thomas B. McCabe on * STATEMENT OF MARRINER S. ECCLES BEFORE THE February 14, 1949. 7 pages. SUBCOMMITTEE ON MONETARY, CREDIT AND FISCAL STATEMENT OF CHAIRMAN THOMAS B. MCCABE OF POLICIES OF THE JOINT COMMITTEE ON THE ECO- NOMIC REPORT AND SUPPLEMENTAL LETTER TO THE BOARD OF GOVERNORS OF THE FEDERAL RE- SENATOR DOUGLAS. Presented November 22 and SERVE SYSTEM BEFORE THE SENATE BANKING AND December 1, 1949. 9 pages. CURRENCY COMMITTEE, May 11, 1949. 6 pages. * STATEMENT OF THOMAS B. MCCABE, CHAIRMAN OF RETAIL CREDIT SURVEY—1948. From June 1949 THE BOARD OF GOVERNORS OF THE FEDERAL RE- BULLETIN with supplementary information for SERVE SYSTEM, BEFORE THE SUBCOMMITTEE ON nine separate trades. 38 pages. MONETARY, CREDIT AND FISCAL POLICIES OF THE 1949 SURVEY OF CONSUMER FINANCES— JOINT COMMITTEE ON THE ECONOMIC REPORT. Presented December 3, 1949. 10 pages. I. GENERAL FINANCIAL POSITION AND ECONOMIC OUTLOOK OF CONSUMERS. June 1949. 13 pages. A STUDY OF INSTALMENT CREDIT TERMS, by Milton Moss. December 1949. 8 pages. II. DURABLE GOODS EXPENDITURES IN 1948 AND BUYING PLANS FOR 1949. June 1949. 10 pages. FRENCH EXCHANGE STABILIZATION FUND, by Robert Solomon. January 1950. 5 pages. III. DISTRIBUTION OF CONSUMER INCOME IN 1948. July 1949. 15 pages. INSURANCE OF COMMERCIAL BANK DEPOSITS. February 1950. 5 pages. IV. CONSUMER OWNERSHIP AND USE OF LIQUID ASSETS. August 1949. 16 pages. STATEMENT BY THOMAS B. MCCABE, CHAIRMAN, V. HOME OWNERSHIP AND EXPENDITURES FOR BOARD OF GOVERNORS OF THE FEDERAL RESERVE HOUSING. September 1949. 16 pages. SYSTEM ON S. 2822, A BILL "TO AMEND THE FED- ERAL DEPOSIT INSURANCE ACT." February 1950. VI. OWNERSHIP OF AUTOMOBILES, STOCKS AND 5 pages. BONDS, AND OTHER NONLIQUID ASSETS. October 1949. 16 pages. STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR VII. ADDITIONAL DATA ON AUTOMOBILE OWNER- DEPOSIT INSURANCE. February 1950. 15 pages. SHIP. November 1949. 7 pages. FEDERAL RECEIPTS AND EXPENDITURES FOR FISCAL VIII. DISTRIBUTION OF CONSUMER SAVING IN YEAR 1951. February 1950. 10 pages. 1948. January 1950. 21 pages. PROPOSED LEGISLATION REGARDING BANK HOLDING # THE EQUITY CAPITAL SITUATION. A personal COMPANIES. Statements of Thomas B. McCabe, statement by Thomas B. McCabe, Chairman of Chairman, Board of Governors of the Federal the Board of Governors of the Federal Reserve Reserve System, Before Senate Banking and Cur- System, prepared at the request of a Subcommitrency Committee. tee of the Committee on Banking and Currency Presented March 1, 1950. March 1950. 16 pages. of the United States Senate. Submitted August Presented March 17, 1950. April 1950. 4 pages. 5, 1949. 7 pages. 1950 SURVEY OF CONSUMER FINANCES. Preliminary FINANCIAL POSITION AND BUYING PLANS OF CONsummary. April 1950. 2 pages. SUMERS, July 1949. October 1949. 10 pages. * THE CHALLENGE OF OPPORTUNITY VERSUS SECU- MEASUREMENTS OF SAVINGS, by Daniel H. Brill. RITY. Address by Thomas B. McCabe, Chairman, November 1949. 8 pages. Board of Governors of the Federal Reserve Sys- NOTES ON FOREIGN CURRENCY ADJUSTMENTS. No- tem before a Seminar group of Life Insurance vember 1949. 14 pages. Executives. Presented April 13, 1950. 7 pages. MAY 1950 625 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 S^ BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM $ FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CfTSS OCTOBER 1.1948 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTSH. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis