Federal Reserve Bulletin, 1950-06

F E D E R AL R E S E RV BULLETIN 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 Recent Developments in Business Financing. 627-635 Industrial Differences in Large Corporation Financing in 1949, by Eleanor J. Stockwell 636-642 1950 Survey of Consumer Finances: Part I. General Financial Position and Economic Outlook of Consumers. . 643-654 Retail Credit Survey—1949, by Katharyne P. Reil. . 655-660 Special Report of the National Advisory Council. 661-677 Law Department 678 Current Events and Announcements. 679 National Summary of Business Conditions. 680-681 Financial, Industrial, Commercial Statistics, U. S. (See p. 683 for list of tables) 683-743 International Financial Statistics (See p. 745 for list of tables) . 745-763 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 764 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 765 Federal Reserve Publications. 766-769 Map of Federal Reserve Districts. 770 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL VOLUME 36 June 1950 NUMBER 6 RECENT DEVELOPMENTS IN BUSINESS FINANCING Within the past year and a half, business Starting around midsummer 1949, there concerns generally have experienced a mod- has been a gradual improvement in business erate recession and subsequent recovery in conditions and prospects. While inventory activity. Following a prolonged period of liquidation continued, though at a more unusually large investment in plant and moderate rate than earlier, a substantial inequipment, inventories, and customer financ- crease in customer financing and a seasonal ing, these readjustments in business activity rise in plant and equipment expenditures and prices were accompanied by decreases during the fourth quarter raised business inin business investment and indebtedness and vestment during the second half of 1949 to by increases in business holdings of cash and a level well above that of the first half of the United States Government securities. year. However, business funds from various During the first half of 1949 a steady de- sources exceeded the amount invested in cline in production and prices was reflected plant and equipment and customer financin an appreciable reduction in business profits ing during the second half of 1949, with from the record levels attained in the latter the result that business holdings of cash part of 1948. The volume of business funds and Government securities expanded still from current operations—retained earnings further. plus depreciation accruals—was nevertheless Business investment continued to rise dursubstantial and was supplemented by funds ing the first quarter of 1950, reflecting a subobtained through liquidation of inventories stantial seasonal addition to inventories that and accounts receivable and by proceeds of was partially offset by a seasonal decline new security issues. Part of the funds so in customer financing and reduced plant obtained was used to finance plant and and equipment expenditures. Present exequipment expenditures, part to retire trade pectations are that there will be some further and bank debt, and the remainder was added additions to inventory holdings and some into cash holdings or invested in Government crease in customer financing during the resecurities. The resulting increase in business mainder of the year. Business expenditures liquidity was greater among large corpora- on new plant and equipment during the first tions than among smaller concerns and was quarter of 1950 were well below those of first generally confined to large corporations in quarter 1949, but recent estimates indicate manufacturing industries. Business con- the total for the current year may be only cerns as a group, however, emerged from slightly lower than that for last year. the recession in a relatively strong financial With respect to the financing of business condition. investment, funds from operations have re- JUNE 1950 627 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN BUSINESS FINANCING gained the predominant role which they ness activity. Such expenditures, however, occupied during 1947 and 1948. Business were somewhat lower than in the correspondloans from commercial banks, which in- ing periods of 1948, and new orders for creased sharply during 1947 and 1948 and machinery and transportation equipment declined sharply during the first half of were so sharply curtailed that output of these 1949, have thus far in 1950 declined only industries declined markedly. moderately. Both the volume of corporate A moderate rise in total business investsecurity issues during the first quarter and ment has accompanied the improvement the prospective volume during the first half since mid-1949 in the general economic situof this year are well below the record levels ation. The rise, however, has reflected diof 1948 and early 1949. vergent movements of components. Contin- Recovery since mid-1949 in earnings and ued liquidation of inventories during the reinvestment activity of business concerns has mainder of 1949 was followed by substantial not been evenly distributed among all size additions to inventories in the first quarter classes. Larger companies have realized sub- of this year, while an increase in consumer stantial operating economies from extensive financing in the second half of 1949 was folpostwar additions and improvements to plant lowed by a moderate seasonal decline in the and equipment. Smaller companies, on the early months of 1950. Plant and equipment other hand, have been somewhat less suc- expenditures expanded seasonally in the cessful in their attempts to reduce costs in fourth quarter of 1949, but were down somethe face of growing competition. Hence, what in the first quarter of the current year. while corporate profits for first quarter 1950 Inventories. During the first quarter of were larger in the aggregate than those of 1950 the book value of manufacturing and fourth quarter 1949, the increase reflects the trade inventories increased 1.7 billion dollars, improved earnings of a few large companies according to Department of Commerce estirather than a general rise in the earnings of mates shown in the table. In terms of busiall size classes of concerns. ness requirements for funds, this contrasts sharply with the reduction of 5.7 billion dur- BUSINESS INVESTMENT ing the last three quarters of 1949. It should The extraordinarily large postwar volume be noted, however, that the greater part of of business investment in plant and equip- the first quarter increase represented usual ment, inventories, and customer financing, seasonal additions to retailers' stocks and that that reached its peak in 1947 and tapered off nonseasonal additions to inventory were somewhat in 1948, was sharply curtailed dur- small. ing the second and third quarters of 1949. Retail trade concerns in the first quarter This curtailment reflected the fact that, with of 1950 added 1.5 billion dollars to their the decline in prices and sales, liquidation stocks, largely nondurable goods in anticiof inventories and accounts receivable sup- pation of Easter sales. Wholesalers' stocks planted their previous expansion. Because of durable goods increased by the same of the longer-range character of decisions amount this year as last, while there was little and commitments affecting business plant change in the book value of manufacturers' and equipment expenditures, the latter were stocks. In contrast to the same period last not seriously affected by the recession in busi- year, there has been little evidence of involun- 628 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN BUSINESS FINANCING CHANGES IN MANUFACTURING AND TRADE INVENTORIES The total dollar value of manufacturing and trade inventories is currently about 4 bil- [Book value, in billions of dollars] lion dollars less than that of a year ago, ha O n n d, Increas p e r e o c r e d d i e n c g r e q as u e a r ( t e — r ) from despite the fact that the dollar volume of Ind o u f s t i r n y v e a n n t d o r t y ype M 31 a , r. sales in the first quarter of 1950 was about 1950 1 1 s 9 t 5 Q 0 4 1 t 9 h 4 9 Q 3 1 r 9 d 4 Q 9 2 1 n 9 d 4 Q 9 l 1 s 9 t 4 Q 9 equal to that of first quarter 1949. Of even greater significance in judging the over-all Total 55.1 1.7 -1.2 -0.8 -3.6 0.7 level of manufacturing inventories at the Manufacturing: Durable goods. . . . 13.9 0.1 -0.5 -1.5 -0.9 0.5 present time is the fact that both new orders Nondurable goods. 17.2 -0.1 0.6 -0.4 -0.6 -0.4 and backlogs of unfilled orders have been Wholesale trade: Durable goods.... 3.2 0.3 -0.1 -0.3 -0.3 0.3 Nondurable goods. 6.2 -0.1 C1) 0.6 -0.4 -0.3 rising, particularly in the case of manufac- Retail trade: turers of producers' and consumers' dur- Durable goods..... 5.4 0.5 -0.6 0.2 -0.6 0.3 Nondurable goods. 9.2 1.0 -0.7 0.5 -0.8 0.4 able goods. From December 1949 to March 1950 the monthly volume of manu- 1 Less than 50 million dollars. NOTE.—Department of Commerce data, without adjustment for facturers' new orders rose by 3.4 billion dolseasonal variation or for inventory revaluation arising out of price changes. lars, whereas over the corresponding period tary accumulation in dealers' stocks of house- of 1949 there was no change. Manufacturers' hold appliances and certain other durable unfilled orders, which declined from a postconsumer goods. Although the book values war peak of 36.9 billion dollars in January of retailers' stocks of durable goods increased 1947 to 21.4 billion in August 1949, subsesomewhat more this year than last, they were quently increased to 24.1 billion in March of generally below those of a year ago, and sales 1950. of automobiles, television sets, furniture, and Customer financing. During the first half major household appliances were brisk. of 1949 nonfinancial corporations reduced The very cautious inventory policies fol- their notes and accounts receivable by 1.6 lowed throughout 1949 in most industrial billion dollars, reflecting a reduced demand and trade lines have been relaxed consider- on the part of customers for credit as busiably in the face of heavy demands for auto- ness sales declined. In the second half of mobiles, construction materials, and house- the year notes and accounts receivable inhold equipment. In the case of steel and creased 1.2 billion, reflecting in part an imnonferrous metals, for example, efforts are provement in sales, in part the usual seasonal being made to improve working stocks posi- expansion in such accounts, and in part the tions in line with increased production and termination of consumer instalment credit the possibility of shortages arising out of regulations in mid-1949. Receivables usually greater use of these metals for defense pur- decline seasonally during the first half of poses. With the pick-up in orders and pro- the year, but little decline is indicated for duction, stocks of many materials that for- the first half of 1950. merly were available on demand have been Plant and equipment expenditures. depleted, with the result that longer periods Throughout the postwar period business exare now required for procurement. Forward penditures on new plant and equipment have purchase commitments have lengthened, but been an important factor underlying the genmost industrial concerns still count on cover- erally high level of business activity. During ing their requirements within 90 days. the four years 1946-49 such expenditures JUNE 1950 629 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN BUSINESS FINANCING are estimated to have totaled more than 65 plant and equipment expenditures in the billion dollars and for the most part to hate first nine months of 1950 to be slightly higher represented additions to productive capacity than for the same period of 1949. rather than modernization and replacement With sustained improvement in business of existing facilities. After reaching a peak and a marked firming of basic prices and of 19.2 billion dollars in 1948, business ex- costs, many concerns have reconsidered modpenditures on new plant and equipment de- ernization and expansion programs that were clined to 18.1 billion in 1949, reflecting the shelved during the recession. Some of these gradual tapering off of postwar construction and equipment programs. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT Business plant and equipment expenditures BILLIONS OF DOLLARS during the first nine months of 1950 are ex- 7 QUARTERLY AVERAGES pected to be about 6 per cent below their level in the corresponding period of 1949, according to estimates compiled jointly by the Securities and Exchange Commission and * * the Department of Commerce. A decline in expenditures during the first quarter of this year, to a level about 17 per cent below that of first quarter 1949, may be attributed in part to work stoppages in the coal and steel industries during the fall of last year, which curtailed the flow of industrial equipment and construction materials. Plant and equipment expenditures during the second quarter of 1950 are anticipated by business 1939 1946 1947 1948 1950 to be about 3 per cent below those of the ANTICIPATED BY BUSINESS. second quarter of last year, while third quar- NOTE.—Securities and Exchange Commission and Department of Commerce estimates except for 1939, which is a Fedter 1950 expenditures are expected to be eral Reserve estimate. Commercial and miscellaneous includes trade, service, finance, and communications. slightly higher than those of 1949. Greatest declines in plant and equipment programs call for additions to productive expenditures during the first three quarters capacity; others are directed primarily toof 1950 are anticipated by the railroad and ward modernization and replacement of exother transportation industries, as shown in isting facilities to achieve increased producthe chart. Manufacturing, in which there tivity and economy of operation. was considerable evidence of weakening in- One indication of renewed interest in plant vestment in plant and equipment during and equipment is the sharp increase in re- 1949, and mining anticipate only moderate cent months in new orders received by mandeclines in such expenditures. Electric and ufacturers of durable goods. In some indusgas utility companies, whose postwar expan- tries, notably iron and steel and machinery, sion and modernization programs have been new orders have reached the highest levels one of the strongest factors in the demand since 1948, a record year of plant and equipfor capital goods in recent years, expect their ment expenditures. New orders in such in- 630 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN BUSINESS FINANCING dustries are not only indicative of expansion As a result, business corporations in the agand modernization plans for industry in gen- gregate were unusually well supplied with eral, but they have also prompted some liquid assets to finance any subsequent inmanufacturers to reconsider their own plant crease in investment expenditures. and equipment needs in the light of the con- It appears, however, that the increase in tinued high-level demand for their products. holdings of liquid assets was much more pro- Contract awards during recent months nounced among large corporations than suggest that business construction during the among smaller concerns. Moreover, as dislatter part of 1950 will attain levels only cussed in the article "Industrial Differences slightly, if any, lower than those of 1949* in Large Corporation Financing in 1949," During the first five months of this year the pages 636-642 of this BULLETIN, the increase dollar volume of business construction was in liquidity was most marked among large about 8 per cent below that of the correcorporations in manufacturing industries. sponding period of 1949. In the autumn of 1949 the volume of funds obtained from operations began to increase, INTERNAL FUNDS while inventory liquidation continued— Throughout the postwar period business though on a more moderate scale—throughconcerns have met the major proportion of out the remainder of the year. Preliminary their financial requirements with funds from estimates covering the first half of 1950 indicurrent operations—retained earnings plus cate that operations will once again be the depreciation accruals—supplemented in 1946, principal source of funds, with nearly threeand again in 1949, by funds made available fourths of the total obtained by corporations through liquidation of assets. In 1948, for coming from this source and most of the example, roughly 65 per cent of total funds remainder from security issues. invested by nonfinancial corporations in During 1949 many business concerns, parplant and equipment, inventories, and custicularly those of larger size, took advantage tomers' financing represented funds from opof the respite from continued expansion to erations, while 4 per cent came from bank readjust their financial structures. This was loans, 22 per cent from security issues, and reflected in the retirement of long-term bank the remainder from other sources. loans, either with funds obtained from in- Funds from operations decreased substanternal sources, including reduction of inventially during the first half of 1949. However, tories and accounts receivable, or with the total internal funds increased because of the proceeds of security issues. At the present amounts made available by liquidation of intime business demands for bank credit are ventories and accounts receivable. During again arising primarily from working capithat period nonfinancial corporations obtal requirements and, to a lesser extent, from tained substantially more funds from internal longer-run expansion needs, sources and new security issues than the amount invested in plant and equipment. Funds from operations. Business funds Part of these additional funds were used for from current operations—retained earnings repayment of bank and trade debt, and the plus depreciation accruals—have been inremainder was invested in United States Gov- creasing since the autumn of 1949, following ernment securities or added to cash holdings. a decline of nearly 40 per cent during the L 1950 631 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN BUSINESS FINANCING first half of the year, but they are still well Despite the improvement in earnings durbelow the postwar peak reached in the third ing the last half of 1949, corporate profits quarter of 1948. Depreciation allowances before taxes and dividends in most industries continued the steady increase that has ac- were lower for the year as a whole than in companied the acquisition of additional high 1948. Public utilities, other than railroads, priced facilities during the postwar period. was the only major industrial group which Profits, on the other hand, dropped sharply showed a significant year-to-year increase in during the first half of 1949, as sales de- profits. Manufacturing industries as a group clined and inventory profits were replaced experienced one of the largest declines—22 with inventory losses. A moderate increase per cent. Profit declines were reported by in earnings since mid-1949 has been partially businesses in all size classes and in all indusoffset by a larger volume of dividend dis- tries except automobiles and equipment, acbursements. With capital expenditures de- cording to the Quarterly Industrial Financlining during 1949 and costs stabilizing, cial Report Series published jointly by the Federal Trade Commission and the Securities CORPORATE PROFITS, TAXES, AND DIVIDENDS and Exchange Commission. By size, de- 4B AN I0L N L U IO A N L S R O A F T E D S OLLARS BILLION A S N N O U F A D L O R L A LA T 4 E R 0 S S clines shown for the largest companies— those with total assets of 100 million dollars and over—were much more moderate than those for any other size class. By industry, the smallest declines occurred in those groups— including chemicals, electrical machinery, and tobacco—in which large companies predominate. The greatest declines were generally in those industries—including textiles, apparel, lumber, furniture, and leather—in which small companies predominate. In the first quarter of 1950 profits of the larger manufacturing companies, as shown by reports to stockholders, were about 17 per cent above those of the last quarter of 1949 and about 5 per cent larger than in the 1946 1948 first quarter of last year. Earnings of the Department of Commerce estimates except figures for first quarter of 1950, which are estimates of the Council of Economic Advisers based on preliminary data. larger railroads were below the levels of early 1949, but those of other public utilities there was less need for retaining an unusureached new record highs. To a certain exally large proportion of earnings, and divitent, the increase in profits of large manufacdend payments were increased—about 6 per turing companies during the first quarter of cent from 1948 to 1949 and somewhat further this year reflects continued improvement in this year. Net profits in the first quarter of profit margins, resulting largely from in- 1950 were only about one-eighth smaller than creased productivity, of a relatively small in the third quarter of 1948, but undistrib- number of very large companies. Of the uted profits were one-fourth smaller. 200 manufacturing companies whose profits 632 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN BUSINESS FINANCING are summarized regularly in the BULLETIN, salers, food processors, and tobacco comabout half have reported lower earnings panies. Similarly, a substantial part of the this year than last, but at the same time one- recent decline in business loans of these fourth of the companies—some in each major banks reflects a seasonal liquidation of loans industry—reported higher profits than in any by wholesalers and tobacco companies. other first quarter on record. Even more important, in recent months there have been sizable repayments by sales finance, BANK LOANS public utility, and petroleum companies, Following a 2.8 billion dollar reduction in partly with the proceeds of security issues. business loans of member banks in leading The role of banks in supplying larger cities during the first half of 1949, such loans sized business with medium- and long-term expanded by 1.1 billion between early August funds has diminished considerably since the and the end of the year. In the first two beginning of 1949. Whereas in 1947 and months of 1950 the volume of business loans 1948 there was a substantial demand on the leveled off at 13.9 billion dollars—1.7 billion part of large companies for term loans from below the postwar peak reached in December banks to finance permanent increases in both 1948. Since February such loans have de- fixed and working capital, more recently the clined only slightly. primary need has been for short-term loans The moderate expansion in business loans to adjust the volume of working capital to during the last half of 1949 occurred in the seasonal requirements. At the same time face of continued large-scale reductions in there has been a considerable acceleration in bank loans to manufacturing corporations. repayments of term loans, facilitated by the On the basis of data for New York City availability of funds released by liquidation of inventory and receivables during 1949. banks, it appears that a large part of the ex- The greater availability of liquid assets pansion in bank loans was associated with among large companies is also reflected in a the seasonal movement of crops to wholedecline in the volume of securities issued for the purpose of funding term loans. BUSINESS LOANS OF MEMBER BANKS IN LEADING CITIES BILLIONS Or DOLLARS tfEONESOAY FIGURES BILLIONS OF DOLLARS While larger corporations reduced the vol- I " ume of their term borrowings from commercial banks substantially during 1949, the decline in such borrowing was more moderate among small and medium-sized business concerns. Furthermore, with working capital requirements and equipment purchases increasing since the beginning of 1950, smaller concerns may have resorted once again to increased bank borrowing. Considerable interest has been displayed in business and banking circles over the recent plans for making credit more readily available to small and medium-sized businesses. J F M A M J J Latest figures are for May 31. Plans recently announced by several New JUNE 1950 633 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN BUSINESS FINANCING York City banks and a large life insurance 1949. For the most part such repayment is company provide for participation in loans currently confined to the electric and gas made by smaller banks, and also for loans, utilities and to railroads, the volume of secuwith maturities of 3 years (in some cases rities issued by manufacturing companies for up to 5 years), accompanied by amortization this purpose having declined to a small fracand discount features. Meanwhile, several tion of its first-half 1949 level. This refinanbills have been introduced in Congress which cing may be ascribed, at least in part, to a would provide additional small business desire to reduce bank commitments at a time financing facilities in the form of loan in- when the economic outlook was uncertain, surance similar to the present Federal Hous- and perhaps to moderate the burden of amoring Administration Title I insurance, and of tization requirements on bank term loans. companies which would pool investment Electric and gas and telephone utilities funds for the purpose of making long-term have continued to provide the bulk of corloans to, or purchasing debt obligations porate security issues for new capital in recent and/or stock of, small and medium-sized months, as they have since mid-1947. While businesses. the volume of flotations by these groups decreased in the last half of 1949, following SECURITY ISSUES unusually heavy financing in the second Since mid-1949 the amount of new capital quarter in anticipation of capital expendiraised by corporations in the security markets has been considerably smaller than the record CORPORATE SECURITY ISSUES FOR .NEW CAPITAL volume obtained in 1948 and the first half [In millions of dollars] of 1949. Corporate security issues for new 1950 1949 capital during the first quarter of 1950 Industry lstQ 4th Q 3rd Q 2nd Q 1st Q amounted to slightly more than one billion dollars and will probably be somewhat Total 1,029 903 671 2,180 1,083 larger in the second quarter. The total for Manufacturing, total 129 233 191 564 399 Food, beverages, and the first half of 1950 will thus be greater than tobacco 9 52 2 259 35 Metals and metal in the last half of 1949, though probably products 48 39 29 165 175 Petroleum, chemicals, and rubber 66 125 155 117 97 about one-third smaller than in the first half All other . 6 17 5 23 92 of that year. Public utilities, total.. 794 642 441 1,471 566 Railroads.... 147 81 80 107 181 Reduction since the middle of last year in Electric and gas 395 416 229 682 351 Telephone 218 17 28 429 4 the volume of corporate securities issued for All other 34 128 104 253 30 new capital has been especially pronounced Finance 72 11 17 86 80 Trade . . 11 12 21 4 31 in the case of manufacturing corporations, as All other 23 5 2 56 7 shown in the table. This reflects declines in NOTE.—Commercial and Financial Chronicle data, excluding issues of investment companies. over-all requirements for working capital and also in the need for external funds to finance tures, it has subsequently increased. The plant and equipment expenditures. Repay- total of such financing in the first half of ment of long-term bank debt with the pro- 1950, however, will probably fall below the ceeds of corporate security issues is con- unusually high volume in the January-June tinuing in 1950, though in somewhat smaller period of 1949. Railroads reduced their volvolume than during the first six months of ume of security offerings by almost one-half 634 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN BUSINESS FINANCING in the last six months of 1949, as a result of a 1949, when interest in the market was relamarked decline in equipment expenditures tively small. Average daily volume of tradfrom the high level of early 1949. However, ing reached 2.3 million shares in April 1950, the volume of such issues increased sharply the largest since September 1939, but dein the first quarter of 1950, and it now ap- clined to 1.8 million in May. pears that railroads may raise almost as much Since the middle of last year there has been new capital through security issues in the some increase in the volume of preferred and first half of 1950 as in the corresponding common stock offerings, while the amount period of 1949. of bond and other debt offerings has de- The proportion of total corporate security clined. As a result, stocks have accounted for issues, new and refunding, that have been a slightly higher proportion of total corporate privately placed with insurance companies security issues since mid-1949 than in the first has been somewhat smaller during the first half of 1949. While the recent increase in five months of 1950 than in the comparable stock offerings may be attributed in part to period of 1949. However, recent innovations the improved tone of the stock market, the in corporate financing, including the pur- latter has not as yet had any appreciable effect chase and lease of freight cars and diesel loco- on external equity financing, and debt issues motives by life insurance companies and the continue to account for the major proportion direct purchase by a group of investment of total corporate security offerings. companies of a large industrial common stock issue, provide some alternatives to debt CURRENT SITUATION financing. A continued rise in industrial production, Equity financing of business in the form of accompanied by moderate increase in prices, common and preferred stock issues has had may be expected to result in further exthe advantage of a more favorable stock pansion of business inventories and customer market in the past year. Common stock financing during 1950. Numerous opportuprices have risen substantially in the past nities exist for further cost reduction through eleven months, in increasingly active marmodernization and improvement of facilities. kets. Prices as measured by Standard and New products and processes are continually Poor's index of 416 common stocks in late being developed through research on a scale May were up about one-third from the postunprecedented in peacetime. To what exwar low level in June 1949 and within 7 per tent businesses may initiate further expansion cent of the postwar peak in May 1946. Inand modernization of their plant and equipdustrial stock prices have increased somement will depend in part on their efforts what more rapidly than prices of railroad to reduce costs and increase productivity and and utility issues. in part on the demand for their products An appreciable increase in public interest and services. Financially, business concerns in the equity markets has been indicated by in the aggregate are favorably situated, both the expanding volume of shares traded in with respect to liquid assets and inflow of recent months. Trading on the New York funds from operations, to undertake further Stock Exchange this year has averaged about expansion of their inventories, customer fi- 1.9 million shares per day, compared with nancing, and plant and equipment. 0.8 million in the corresponding period of JUNE 1950 635 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING IN 1949 by ELEANOR J. STOCKWELL During the early part of 1949, a smaller amount tically no change during 1949 in the liquidity posiof business expenditures for plant and equipment, tion of large electric and gas utilities as a group coupled with a substantial volume of funds received since liquid assets and current liabilities each infrom retained earnings and from liquidation of in-creased slightly. The railroad and telephone comventories and customer receivables, resulted in a munication industries were in a less liquid position significant increase in liquidity of large corpora- than in 1948 since they reduced their liquid asset tions, as is indicated in the leading article in this holdings in order to finance substantial plant and BULLETIN. Despite the increase in investment equipment expenditures. which occurred in the last half of 1949, end-of-year LIQUIDITY POSITION OF LARGE CORPORATIONS financial statements indicate that large companies END OF YEARS 1949 AND 1948 as a group still had on hand a much larger volume OF LIQUID ASSETS TO CURRENT LIABILITIES of liquid assets relative to their current liabilities NONFERROUS METALS than was the case at the end of 1948. CHEMICALS This increase in liquidity was confined for the AUTOMOBILES most part to companies in manufacturing indus- IRON AND STEEL tries. In 7 of the 10 major manufacturing groups RUBBER which are typically large company industries, RAILROADS the increase in corporate liquidity reflected a shift RETAIL TRADE Y/////////////////////M in current asset holdings from inventories and ac- FOOD counts receivable to cash and marketable securities, MACHINERY accompanied by a reduction in short-term bank and PETROLEUM trade debt, accrued Federal income taxes, and other current liabilities. In 2 manufacturing groups, the increase in liquidity reflected a smaller decline in cash and marketable securities than in current COMMUNICATIONS liabilities, while in one it resulted from a greater TOBACCO increase in liquid asset holdings than in current liabilities. The foregoing observations are based on data Increased liquidity during 1949 was less procompiled for a sample of 300 large corporations in nounced among large retail trade concerns than in 10 manufacturing industries, retail trade, and 3 any of the manufacturing industries except nonpublic utility groups.1 Other differences and simiferrous metals, as the chart shows. While trade larities in large corporation financing during 1949 concerns reduced inventories and short-term inare summarized in the following paragraphs. debtedness moderately, they added relatively little to liquid assets. Instead, they invested substantial USES OF FUNDS amounts in customer receivables, as credit sales in- In general, with the completion of many plant creased in importance relative to cash sales followexpansion programs begun since the war, together ing the gradual relaxation and final removal of with lower price and production levels during the consumer instalment credit regulations. first half of 1949 and uncertainty about business The decline in liquidity of electric and gas utiliprospects, corporations in most industries increased ties in 1949 reflects the experience of two companies that transferred to current liabilities a substantial 1 For description of the sample and analysis of financial examount of bank indebtedness falling due in 1950. perience in prior years, see Charles H. Schmidt, "Industrial Differences in Large Corporation Financing in 1948," Fed- Excluding these two companies, there was prac- eral Reserve BULLETIN, June 1949, pp. 626-33. 636 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING IN 1949 their holdings of cash and its equivalent, repaid pansion programs, the length of time required to bank loans and short-term debt and, as compared complete new installations in this field, as well as with 1948, used a much smaller proportion of their the delaying effect of materials shortages during available funds for new investment. the early postwar period. Increased capital ex- Increase in liquid asset holdings. Large companies penditures of large retail trade concerns probably in retail trade, electric power and gas, and 8 of the reflected modernization programs undertaken in 10 manufacturing groups increased their holdings response to increased competition. of cash and marketable securities in 1949. Retail Repayment of bank debt. For all industries totrade and electric utility companies, whose capital gether (excluding railroads, for which data on bank expenditures were still increasing in 1949, used a loans are not available) funds used by large correlatively small portion of their funds to increase porations to retire short- and long-term bank debt holdings of cash and/or marketable securities. For increased only slightly in 1949, from 485 million manufacturers of machinery, automobiles, and other dollars in 1948 to 530 million last year. The fact transportation equipment, on the other hand, ex- that retirement of bank debt exceeded new borrowpansion of liquid asset holdings was the single most ing from banks, in the aggregate and in 8 of the important use of funds in 1949. In the food, rubber, industries, reflects a sharp decline in new borrowchemical, and iron and steel industries, it was second ing rather than a significant increase in repayment only to plant and equipment expenditures. For the of outstanding bank debt. most part reflecting inventory liquidation, reduced Food processors, chemical and automobile manuplant and equipment expenditures, and a continued facturers, and electric power and gas utilities were large volume of funds from operations, manufactur- the only groups of companies to retire a substaning companies in the sample increased their invest- tially larger volume of bank loans in 1949 than in ment in marketable securities—largely United States 1948. Petroleum companies, on the other hand, Government securities—by more than one billion which had retired 95 million dollars of bank credit dollars in 1949, and their holdings of cash by 200 in 1948, reduced their indebtedness to banks by million dollars. only about 15 million in 1949. Decline in plant and equipment expenditures. The Reduction of other debt. Reduction of short-term fact that the first major phase of postwar expansion debt other than bank loans was primarily a reflection of plant and equipment has now largely run its of the lower average level of activity during 1949. course is clearly evident in figures for the 300 com- In all industries except foods, for example, trade panies in the sample. In the aggregate, these com- debt incurred in 1949 for the purchase of materials panies spent 15 per cent less on plant and equip- and supplies was less than the amount of previously ment in 1949 than in 1948. The largest relative incurred debt paid off in 1949. Similarly, with the declines occurred in the machinery, chemical, and decline in profits, the amount set aside for payment tobacco groups. of income taxes was generally less in 1949 than it Nonferrous metals, railroad, electric power and had been in 1948. gas, and retail trade were the only groups for which SOURCES OF FUNDS plant and equipment expenditures exceeded the level of the preceding year. There would have been Despite widespread declines from 1948 levels of a slight decline for the nonferrous metals group had corporate profits, funds derived from current opit not been for the purchase by one company of war- erations in 1949—that is, profits after taxes and built facilities formerly operated under lease from dividends, and depreciation allowances—were still the Government. Capital expenditures by railroad large relative to corporate financial requirements. companies were somewhat above the 1948 level In addition, a substantial volume of internal funds despite the fact, noted in the leading article, that was made available through liquidation of invenequipment expenditures were sharply curtailed in tories and accounts receivable. As a result, the the second half of last year. The steadily increasing total dollar volume of internal funds was at least capital outlays in the electric power and gas industry as large in 1949 as in 1948 in all of the 14 groups in 1949 reflected the magnitude of postwar ex- except petroleum and retail trade. As the table JUNE 1950 637 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING IN 1949 SOURCES OF FUNDS OF LARGE CORPORATIONS, 1949 AND 19481 [Percentage distribution] Internal funds Internal funds Industry and year Total Total a F o r c t r p e i u o o e n r m n r - t - s d F l a i a r s q t o s u i e m o i t - n t f e u E r n x n d - a s l Industry and year Total Total a F o r c t r p e i u o o e n r m n r - t - s d F l a i a r s q t o s u i e m o i t - n t f e u E r n x n d - a s l Food 1949 100 92 47 45 8 Machinery. . , . .1949 100 94 55 39 6 1948 100 47 45 2 53 1948 100 54 54 0 46 Tobacco.... ....1949 100 58 55 4 42 Automobiles . . , ... 1949 100 80 68 13 20 1948 100 25 25 0 75 1948 100 63 56 7 37 Rubber... ... 1949 100 99 52 46 1 Other trans, equip...... 1949 100 67 25 42 33 1948 100 97 69 28 3 1948 100 70 42 28 30 Petroleum. ... ... .1949 100 95 81 14 5 Retail trade.. ..1949 100 94 73 22 6 1948 100 71 71 0 29 1948 100 77 73 4 23 Chemicals 1949 100 89 69 20 11 Railroads... ..1949 100 90 45 45 10 1948 100 81 67 14 19 1948 100 73 66 7 27 Iron and steel 1949 100 90 72 18 10 Electric power and gas,, 1949 100 39 32 7 61 1948 100 72 63 8 28 1948 100 28 28 0 72 Nonferrous metals 1949 100 78 33 45 22 Communications 1949 100 45 33 13 55 1948 100 74 63 11 26 1948 100 29 23 6 71 1 Gross sources were derived by combining positive amounts in the Sources of Funds and negative amounts in the Uses of Funds sections of the Composite Sources and Uses of Funds Statement. NQTE.—-Details, may not add to totals because of rounding. shows, 8 of the groups financed 90 per cent or mobile groups, but in the remaining 7 manufacturmore of their 1949 requirements from internal ing groups and in retail trade it accounted for 20 to funds. In the few industries in which a significant 45 per cent of total sources of funds. In several inproportion of funds was obtained externally, there dustries—particularly food, rubber, machinery, nonwas a shift in 1949, as compared with 1948, from ferrous metals, and retail trade—liquidation of indebt to equity financing. The increased preference ventories or receivables was largely responsible for for equity funds reflected both improved prospects the relatively greater importance of internal funds for stock financing and a desire for permanent in 1949. capital rather than for temporary funds such as Funds from operations. In absolute dollar terms, had been required for the initial financing of postthe volume of funds retained from operations by war expansion programs. large companies declined from 1948 to 1949 in all of Liquidation of inventories and receivables. Business the 14 industry groups except 4—the tobacco, autoorganizations obtain internal funds from two genmobile, electric power, and communications induseral sources: retained earnings plus current depreciatries. These declines reflected a drop in sales and tion allowances, and liquidation of assets. In a the disbursement of a larger proportion of net period of economic prosperity the former generally profits in dividends. account for the largest proportion of internal funds, Relative to total financial requirements, however, and in 1948 they accounted for over 90 per cent of the internal funds of the 300 large companies in funds derived from operations were larger in the the aggregate. aggregate than in 1948 and, among the individual In 1949, for the first time in recent years, retail industries, fell below the 1948 level only in the rubtrade companies reduced their inventories signifi- ber, nonferrous metal, other transportation equipcantly and large corporations in most manufacturing ment, and railroad groups. For large tobacco comindustries liquidated inventories and also reduced panies, a decline of 50 per cent in total uses of funds the amount of customer financing (as evidenced by together with a small increase in retained earnings accounts receivable). Such liquidation was rela- resulted in a very great increase in the relative imtively minor in the tobacco, petroleum, and auto- portance of the latter. 638 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING IN 1949 External financing negligible in most industries. long-term indebtedness moderately in 1949, but, in Financing through bank credit, long-term debt, the group totals, such increases were largely offset stock issues, or increased allowance for accrued by retirements by other companies. taxes and other current liabilities was relatively un- Railroad companies obtained practically all of important in 1949 among large manufacturing and their external financing in 1949 through long-term trade corporations. The only exceptions were bank borrowing. However, such borrowing accounted credit in the nonferrous metal group, increased tax for less than 10 per cent of the industry's total accruals in the automobile group, increases in other funds as compared with 20 per cent in 1948. No current liabilities—principally advances on contracts company in this group has issued or retired any —in the other transportation equipment group, arid capital stock since 1946. sale of stock in the tobacco group. In the remain- The electric and gas utility and communications ing six manufacturing industries and in retail trade, groups continued to finance a large proportion of at least 90 per cent of total needs was provided by their investment expenditures externally. Electric internal sources and no more than a negligible pro- power and gas utilities obtained about 30 per cent portion of total investment was financed from any of their total investment funds through long-term single external source. borrowing and about 25 per cent through sale of The food processing, tobacco, and machinery stock. In the communications industry the correindustries, which had obtained substantial funds sponding proportions were 20 and 28 per cent. In through long-term borrowing in 1948, obtained both groups, the percentages for long-term borrowlittle or none in this way during 1949. Individual ing represent a sharp decline from 1948, and those companies in several industries did increase their for stock issues a moderate increase. NOTE.—Composite Balance Sheet, Selected Income Statement, and Sources and Uses of Funds data for the sample of large corporations discussed in this article are shown on the following pages. JUNE 1950 639 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMPOSITE BALANCE SHEET AND INCOME STATEMENT, 1949, 1948 AND 1947 300 LARGE CORPORATIONS IN SELECTED INDUSTRIES [Dollar amounts in millions] Manufacturing Account Food Tobacco Rubber Petroleum Chemicals Iron and steel Nonferrous metals U949 1948 1947 1949 1948 1947 1949 1947 i 1949 1948 1947 1949 1948 1947 11949 1948 1947 1949 1948 1947 Number of companies 28 28 28 24 24 24 33 33 33 18 18 18 14 14 14 Total assets (end of year). . $3,463 $3,460 $3,149 $1,750 $1,739 $1,567 $1,382 $1,427 $1,362 $13,338 $12,866 $10,658 $4,930 $4,701 $4,356 $7,398 $7,174 $6,283 $3,292 $3,313 $3,058 Cash 365 366 314 56 54 53 139 116 165 919 941 825 591 510 581 747 711 722 279 308 347 Marketable securities 289 181 188 0 0 0 129 104 62 480 527 487 516 440 459 897 770 845 415 496 430 Receivables (net) 411 484 432 82 86 81 254 259 263 978 1,161 931 424 455 427 592 700 582 189 242 210 Inventories 987 1,133 1,060 1,418 1,416 1,273 452 539 483 1,719 1,741 1,317 877 961 875 1,323 1,377 1,150 621 620 557 Plant and equipment (net of depreciation) 1,267 1,163 1,020 110 101 79 385 383 365 8,238 7,484 6,228 1,892 1,767 1,478 3,571 3,374 2,767 1,609 1,470 1,341 Other assets 2 134 135 81 23 26 24 1,004 1,012 871 631 569 535 268 243 217 179 177 173 144 82 Total liabilities and equity $3,460 $3,149 $1,750 $1,567 $1,382 $1,427 $1,362 $13,338 $12,866 $10,658 $4,930 $4,701 $4,356 $7,398 $7,174 $6,283 $3,292 $3,313 $3,058 Notes payable to banks $3,463 $1,739 (short-term) 180 92 171 270 15 11 11 47 11 27 21 34 5 10 1 10 6 5 Trade notes and accounts 89 236 payable 206 201 201 11 14 17 74 93 100 882 968 815 192 209 209 506 592 487 122 141 131 Accrued income taxes 227 248 255 89 91 81 69 99 92 420 722 467 381 391 362 509 549 442 166 241 214 Other current liabilities 3... 117 128 118 26 20 17 58 78 81 211 218 187 149 149 133 220 238 233 Notes payable to banks 80 83 75 (long-term) 38 41 44 0 0 2 12 15 18 603 561 388 71 123 111 7 10 14 Mortgages, bonds, and 47 2 5 other liabilities 4 485 463 345 524 539 414 296 305 306 1,270 1,163 999 465 441 413 831 773 722 224 198 160 Surplus reserves 6. . 166 208 185 3 2 127 127 107 149 155 148 138 185 194 185 185 207 106 Capital stock 1,047 1,027 1,020 508 489 463 299 300 303 3,911 3,854 3,550 1,356 1,329 1,299 2,793 2,708 2,459 85 1,119 99 Surplus... 1,087 965 417 346 302 432 399 344 5,844 5,174 4,094 2,152 1,853 1,602 2,343 2,109 1,718 1,124 1,417 1,112 1,434 1,258 I Income statement: Sales $10,613 $11,184 $10,731 $2,317 $2,286 $2,170 $2,118 $2,331 $2,301$11,406 $12,250 $9,136 $4,734 $4,998 $4,525 $7,903 $8,547 $7,030 $2,404 $2,902 $2,494 Depreciation, depletion, and amortization 103 85 73 7 6 5 58 55 46 713 650 522 203 182 131 283 295 240 71 63 56 f4 Profit before income taxes 6 406 413 489 202 185 156 130 183 170 1,593 2,464 1,540 862 863 778 940 984 739 357 582 527 Net profit 6 248 253 298 124 114 96 88 116 112 1,280 1,837 1,190 556 547 495 551 580 450 227 362 326 Dividends 145 146 147 72 67 62 39 41 41 561 553 430 363 311 271 240 227 196 168 200 174 to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Manufacturing, cont. Utilities o Retail trade Account Mac e h le in c e tr r i y c , a l incl. Automobiles O t t i h o e n r e t q ra u n ip s m po e r n t t a- Railroads Electric and gas Communications 1949 1948 1947 1949 1948 1947 7 1949 1948 1947 1949 1948 1947 1949 1948 1947 1949 1948 1947 Number of companies 46 46 46 12 12 12 19 19 19 42 42 42 20 20 20 35 35 35 1 1 1 Total assets (end of year). $5,769 $5,665 $4,945 $5,188 $4,698 $3,934 $1,773 $1,744 $1,692 $4,082 $3,964 $3,613 $17,428 $17 456$16,914 $10,536 $9,743 $8,998 $8,12^ $7,475 $6,392 C M a a s r h k . e table secur m ities 6 6 1 7 7 8 3 6 6 1 9 1 3 5 1 8 6 0 1,3 6 7 6 9 7 8 5 5 8 3 2 3 5 9 9 8 3 2 2 0 3 1 2 1 1 1 8 S 5 2 8 3 8 8 2 6 5 3 6 8 6 2 4 4 6 0 5 1 3 8 0 8 4 60 5 9 5 6 7 3 0 9 5 6 6 2 2 2 7 3 2 2 3 7 2 2 2 5 9 6 0 2 26 7 7 4 24 9 7 0 37 8 7 6 46 7 1 7 Receivables (net) 827 903 781 404 381 438 268 284 258 539 484 408 334 360 367 233 222 200 326 290 271 Inventories. . 1,649 1,919 1,724 1,175 1,306 1,117 580 680 669 1,393 1,467 1,491 489 579 513 291 358 284 99 124 136 Plant and equipment (net of depreciation) 1,522 1,422 1,172 1,239 1,253 1,103 432 413 374 1,063 939 827 12,166 11,706 11,260 89,213 8 8,368 §7,724 6,789 6,097 4,975 Other assets 2 475 371 323 61 67 64 193 189 171 3,375 3,466 3,525 240 248 501 472 441 324 285 247 575 Total liabilities and equity $5,769 $4,945 $4,698 $1,773 $1,744 $1,692 $4,082 $3,964 $3,613 $17,428 $17,456 $16,914 $10,536 $9,743 $7,475 $6,392 Notes payable to banks $5,665 $5,188 $3,934 $8,998 $8,126 (short-term) 11 37 7 6 46 58 45 41 31 00 105 94 77 40 Trade notes and accounts 52 14 4 70 113 payable 284 331 308 465 500 408 108 137 118 332 348 365 433 517 535 157 161 251 282 297 A O c th c e ru r e c d u r in re c n o t m l e i a t b a i x li e t s ies 3.. . 3 6 9 4 3 8 4 6 2 8 7 5 3 5 3 7 6 1 6 35 9 2 7 3 5 1 4 2 5 4 25 0 2 1 78 85 25 7 3 5 2 2 7 3 6 8 3 2 3 4 2 4 3 2 0 2 9 8 3 21 9 2 0 3 4 4 3 0 3 4 2 4 6 4 4 i°332 136 i°2 1 9 4 0 6 2 1 0 6 7 7 1 15 8 1 0 1 1 4 3 5 6 Notes payable to banks 305 240 156 (long-term) 41 122 203 7 18 18 26 55 58 60 83 124 0 0 0 Mortgages, bonds, and 15 28 46 other liabilities 4 666 652 490 240 364 312 74 178 164 114 6,359 6,257 6,053 4,376 79 3,691 3,443 2,786 102 80 4,748 Surplus reserves 5 263 260 251 104 114 82 53 58 73 48 62 89 1,31? 1,289 1,255 59 3,795 19 12 5 S C u a r p p i l t u a s l stock 1 1 , , 5 8 9 6 5 8 1 1, , 6 5 2 1 2 5 1 1 , ,2 5 4 0 2 6 2 1 , ,1 1 1 9 7 3 1,9 9 1 2 4 4 1,5 9 3 2 5 2 3 7 8 2 5 1 3 6 8 8 5 6 3 6 5 6 3 5 1 1, , 8 0 7 3 8 3 1 1 , , 6 03 7 7 8 1 1 , , 3 0 8 3 3 4 3 5 , , 6 0 6 5 5 7 3 5 , , 5 0 6 5 4 7 3 5 , , 3 0 0 5 6 7 4,0 9 1 2 5 3 1 9 3,6 87 5 7 2 3,58 9 5 4 2,8 8 1 6 5 3 2,5 7 3 9 4 5 2,2 7 6 1 9 3 Income statement: 815 Sales. . . . ' $7,182 $7,330 $5,928 $10,382 $8,690 $7,035 $2,312 $2,177 $1,679 $10,975 $11,459 $10,425 $5,741 $6,459 $5,836 $2,851 $2,739 $2,506 $2,893 $2,625 $2,225 Depreciation, depletion, and amortization 161 131 i 103 170 148 126 37 33 29 84 77 70 285 266 244 270 248 249 321 278 237 Profit before income taxes6. 901 927 704 1,583 1,187 823 156 167 24! 634 785 705 448 727 516 615 547 547 354 323 236 Net profit6. 556 559 426 930 670 458 102 -17 390 481 424 287 460 311 405 364 362 233 222 161 Dividends 251 213 189 473 298 208 60 58 53 210 210 192 156 183 147 301 266 266 216 203 189 1 For one or two companies in the food, petroleum, and iron and steel industries, reports for 1949 excluded, and for 1947 and 1948 included, foreign subsidiaries. Balance sheet and income statement data and sources and uses of funds of these companies for 1949 have been adjusted so as to be comparable with earlier years. 2 Includes relatively small amounts of intangibles and current assets not shown separately. 3 Includes current instalments of principal repayments on mortgages and bonds, accrued interest and charges, dividends payable, etc. 4 Includes pension reserves and minority interest in capital stock and surplus. 5 Includes reserves for self-insurance, contingencies, plant replacement, and possible future declines in value of inventories. 6 Excludes nonrecurring charges and credits to income, tax refunds, payments of prior year's taxes, gains on sales of assets, and charges and credits to and from surplus reserves. 7 Data for two companies estimated. 8 Includes intangibles. 9 Included with other short- and long-term liabilities. 10 Includes State income and property taxes. NOTE.—Includes most of the largest companies in each industry group having fiscal years that end on or around December 31 and for which data are available in investment manuals and company reports to stockholders. Manufacturing and trade groups include only companies with end-of-year 1949 total assets of 10 million dollars and over; railroads, Class I roads with total assets of 265 million and over; utilities, Class A and fi electric and gas companies with total assets of 90 million and over; communication, American Telephone and Telegraph Company and principal subsidiaries comprising the Bell System. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMPOSITE SOURCES AND USES OF FUNDS STATEMENT, 1949 AND 1948 300 LARGE CORPORATIONS IN SELECTED INDUSTRIES [Dollar amounts in millions) Manufacturing Account Food Tobacco Rubber Petroleum Chemicals Iro s n te e a l nd No m nf e e t r a r l o s us 1949 1949 1948 1949 1948 1948 1949 1948 1949 1948 1949 1948 Number of companies 28 28 24 24 33 33 18 18 14 14 Sources of funds—total $32 $406 $18 $178 $-20 $130 $1,583 $31,025 $227 $624 $370 $1,038 $214 $299 Net from operations 1............ 204 208 59 54 107 134 1,787 2,240 400 427 600 661 121 233 Cash -4 -52 -1 -23 49 54 -104 -82 72 -40 12 30 39 Marketable securities -108 7 0 0 -25 -42 48 -40 -76 19 -127 76 81 -66 Trade payables 4 1 -3 -19 -106 152 -17 1 -83 104 -20 10 Bank loans, short-term -88 88 -64 -34 3 () 3 40 6 -12 -4 9 5 1 Bank loans, long-term -2 0 -2 -3 -3 42 176 -52 13 -4 -3 46 -4 Accrued income taxes -1 15 -1 10 -30 6 -302 253 -10 33 -40 108 -75 27 Other current liabilities -2 10 6 4 -20 -3 8 31 -1 16 -16 5 -3 8 Mortgages, bonds, other liabilities. 22 116 -15 125 -8 -1 57 149 24 36 58 51 25 38 Capital stock 8 4 39 25 2 -3 -3 111 35 2 19 14 4 9 Other sources 3. . (2) 11 0 0 0 0 1 17 0 17 7 1 0 4 Uses of funds—total $32 $406 $18 $178 $-20 $130 $1,583 $3,025 $227 $624 $370 $1,038 $214 $299 Plant and equipment expenditures 224 237 16 29 67 75 " *2,2OO 337 500 498 661 254 203 Inventories -104 110 2 144 -87 57 -31 428 -84 89 -46 228 2 63 Receivables -67 52 -4 4 -5 -5 -185 229 -32 30 -104 123 -53 32 Other assets -21 8 3 1 -2 2 59 168 4 4 22 24 3 2 Other uses 5 0 0 1 1 7 1 0 0 3 0 0 0 9 0 Manufacturing, cont. Utilities Retail Account M e a le c i c h n t i c r n i l. c e a r l y, Automobile O e p t q h o u e r i r t p a m t t r i e o a n n n t s- trade Railroads a E n l d e ct g r a ic s Co c m ati m o u ns ni- 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 Number of companies 46 46 12 12 19 19 42 42 20 20 35 35 Sources of funds—total $-32 $728 $129 $470 $-62 $134 $202 $271 $612 $751 $1,143 $1,222 $1,168 $1,496 Net from operations l. . 471 485 709 557 73 81 273 349 476 618 409 360 402 351 Cash -8 -34 -86 11 -46 53 8 -116 96 -78 -37 -27 -3 -9 Marketable securities -309 -54 -526 -455 -86 -27 —16 -52 185 -18 25 -15 130 84 Trade payables -46 23 -35 92 -28 19 -17 -17 -84 -18 —5 20 -31 -15 Bank loans, short-term -41 15 7 3 -40 -12 4 10 (6) 11 24 36 37 A B c a c n r k u e lo d a i n n s c , o l m on e g t - a te x r e m s - -8 3 2 1 -8 9 0 4 - 1 1 5 1 2 14 0 4 - - 1 8 3 1 3 2 -5 -2 7 - 2 3 2 -1 ( 2 6) 5 () 76 - 7 3 7 29 M4 4 2 0 8 34 0 Other current liabilities -37 116 39 60 66 -17 -6 16 -47 -11 21 8 16 15 Mortgages, bonds, other liabilities. . . 14 162 -124 52 22 9 14 50 100 182 371 619 248 658 Capital stock 18 1 -3 -3 -10 14 -3 4 0 0 334 184 340 340 Other sources 3 19 0 7 9 0 4 11 0 22 31 2 1 Uses of funds—total $-32 $728 $129 $470 $-62 $134 $202 $271 $612 $751 $1,143 $1,222 $1,168 $1,496 Plant and equipment expenditures. . . 281 392 238 301 60 75 215 197 808 749 1,197 1,113 1,080 1,460 Inventories -264 198 -131 189 -100 18 -73 -19 -91 66 -67 76 -25 -12 Receivables -71 122 21 -58 -13 25 54 77 -27 -6 12 21 36 20 Other assets. 21 15 1 39 -8 3 4 17 -80 -58 1 13 76 30 Other uses 5.. .. 0 1 0 0 0 12 0 0 0 1 0 0 0 0 1 Net profit after taxes plus current depreciation accruals and minus cash dividends paid; nonfund and nonrecurring charges and credits to income have been eliminated from net profit. 2 Less than 0.5 million dollars. 3 Proceeds from sale of fixed assets and investments, tax refunds, and extraordinary sources of funds. 4 Company figures which in some cases include, and in others exclude,, dry hole costs. 5 Prior year tax payments, charges resulting from devaluation of foreign currencies, and extraordinary uses of funds. 6 Included with other short- and long-term liabilities. -Includes State income and property taxes. NOTE.—-Figures were derived from income data and year-to-year changes in balance sheet accounts, as shown in the Composite Balance Sheet and Income Statement. Asset write-ups and write-downs, stock dividends, and other nonfund bookkeeping transfers are not shown separately, but are eliminated from the income data and changes in balance sheet accounts in the Sources and Uses of Funds Statement. Negative figures in the Sources of Funds section represent uses of funds, while negative figures in the Uses of Funds Section represent sources of funds. Details may not add to totals because of rounding. 642 FEDERAL RESERVE BUIXETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES PART I. General Financial Position and Economic Outlook o£ Consumers1 The general financial position of consumers ap- annual Survey of Consumer Finances sponsored pears to have been fairly well maintained during by the Board of Governors of the Federal Reserve the economic readjustments of 1949, although there System. This survey, again conducted for the is evidence of some deterioration for particular Board by the Survey Research Center, University consumer groups. Personal incomes remained at of Michigan, makes available important informavery high levels and about as many consumers tion about consumer attitudes on economic matters, believed their financial position had improved dur- expenditures and buying plans for durable goods, ing the year as believed that it had worsened. distribution of consumer incomes, ownership and Optimism concerning personal financial prospects use of liquid and nonliquid assets, and consumer and the general economic outlook for the ensuing saving. It is to be emphasized that the field work 12 months continued to be the most prevalent at- on these surveys was carried out largely in the titude in early 1950, although greater reservations first two months of this year and that the survey were expressed than a year earlier. Actual pur- findings must be interpreted with reference to chases of consumer durable goods in 1949 reflected that period. a substantial broadening of the market and con- This article, the first in a BULLETIN series presumer plans to buy houses, automobiles, television senting survey "findings, is devoted to the general sets, and other durable goods at the outset of 1950 financial position of consumers and to changes in were, on the whole, at least as extensive as buying consumer attitudes on economic matters during the plans reported in early 1949. past year. Subsequent issues of the BULLETIN will The above are highlight findings from the fifth contain articles analyzing consumer expenditures during 1949 and buying plans in 1950 for major ^•This is the first in a series of articles presenting the durable goods and houses, changes in the distriburesults of the Board of Governors' Survey of Consumer Finances in 1950. Other articles will appear in succeeding tion of incomes, in consumer saving patterns durissues. ing 1949, and in holdings of liquid and nonliquid From the Board of Governors, general supervision of assets, as well as a discussion of the technical aspects the survey has been under the direction of Ralph A. Young, Director of the Division of Research and Statistics, and of- of this fifth survey and the statistical limitations of Homer Jones, Chief of the Consumer Credit and Finances the results obtained by the survey.2 Section of the Division. The Division of Research and Statistics has responsibility for planning the over-all content of Interviewing for the survey began during the the survey, analyzing survey results, and preparing the spe- first week of January and continued through the cial articles reporting survey findings that appear in the first week in March. Approximately 3,500 inter- BULLETIN. From the University of Michigan, Rensis Likert, Director views were taken in 66 sampling areas distributed of the Institute for Social Research, and Angus Campbell, throughout the country. Director of the Survey Research Center, were in general charge of the survey. The Survey Research Center is a As in previous surveys, the interview unit was division of the Institute for Social Research of the University the consumer spending unit, defined as all persons of Michigan. Responsibility for detailed planning and living in the same dwelling and related by blood, supervision of the survey, including interviewing, editing, tabulation of survey results, and preparation of Survey Research Center studies was carried by George Katona in 2 Previous surveys were conducted for the Board of collaboration with John B. Lansing and James K. Dent of Governors early in 1949, 1948, and 1947 by the Survey the Survey Research Center staff. Charles F. Cannell served Research Center and the results of those surveys were as head of the field staff and Leslie Kish as acting head of reported beginning with the June issue of the BULLETIN the sampling section of the Center. for those years. The first survey was made for the Board The present article was prepared by Irving Schweiger of Governors early in 1946 by the Division of Program of the Consumer Credit and Finances Section of the Board's Surveys, Bureau of Agricultural Economics, United States Division of Research and Statistics. The author has neces- Department of Agriculture. The Survey Research Center sarily maintained a close working relationship with the staff staff currently in charge of the survey work was associated of the Survey Research Center at all stages of his work with the Division of Program Surveys at the time of the and his analysis of the survey tabulations has had the first survey. Results of that survey were reported in the benefit of many suggestions from the Center's staff, particu- June, July, and August 1946 issues of the BULLETIN under larly John B. Lansing and Kent E. Winter. the general title "National Survey of Liquid Assets." JUNE 1950 643 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES marriage, or adoption, who pooled their incomes include such factors as reporting errors made by for their major items of expense.3 Sampling those being interviewed, differences in the quesmethods also permit tabulation of many survey tionnaire from year to year, differences in interresults on a family basis, and some of the results pretation given either by the respondent to the will be presented on this basis in later BULLETIN question asked or by the interviewrer to the answer articles.4 given, and differences in processing the data. In appraising changes in survey findings, it must SIGNIFICANCE OF SURVEY RESULTS be kept in mind that the value of change deter- In sponsoring the Survey of Consumer Finances mined from the survey represents the best available over the past five years, the Board of Governors (i.e., most probable) estimate of the true value. has frequently emphasized the experimental nature Generally, if differences are greater than may be of this relatively new development in the field of attributed to chance variation in the selection of economic research. The methodology and tech- the particular samples (see the accompanying table niques being used are believed to be among the most adequate known at the present time. Before SAMPLING ERRORS OF DIFFERENCES1 this type of research can become of maximum use- Differences required for significance (95 per cent probability) in comparisons of percentages derived from successive Surfulness, however, considerable further experience veys of Consumer Finances and from two different subderived from a number of surveys repeated under groups of the same survey. varying economic conditions, together with careful statistical and analytical testing of results, will be Sizeof sample or group Size of sample needed. or group 200 300 500 700 1,000 3,5002 Continuing studies are in process by the Board's staff and also by the staff of the Survey Research For percentages from about 30 per cent to 70 per cent Center (the latter with university and research foundation support) to determine limitations of 200 11 300 . . 11 9 survey methods and to test the validity of survey 500 10 8 7 results. Instances have occurred of the use of 700 10 8 6 6 1,000 9 7 6 5 5 survey data without critical regard for their inherent 3,500, .,. ....... 8 7 5 5 4 2.9 limitations to confirm special points of view as to For percentages around 20 per cent consumer income, saving, or expenditure patterns. and 80 per cent As in the case of other types of economic statistics, appropriate precautions in applying and interpret- 2 3 0 0 0 0 9 8 7 ing data are necessary to avoid unwarranted in- 5 7 0 0 0 0. 8 7 6 7 5 6 5 ferences. 1,000 . . . 7 6 5 5 4 3,500 6 5 4 4 3 2.2 Changes from year to year in survey findings, for example, may result from many factors. Among For percentages around 10 per cent and 90 per cent the most important of these are (1) actual changes in the basic situation which it is the main objective 200 7 of the survey to measure; and (2) random shifts 3 5 0 0 0 0 6 7 6 6 5 due principally to the particular samples of persons 700 6 5 4 4 1,000 6 5 4 3 3 interviewed (sampling variation). Other factors 3,500 5 4 3 3 2 1.6 which affect findings, though important, would be For percentages around 5 per cent as prevalent in a complete census of the entire and 95 per ceni population as in a carefully selected sample. These 200 5 s If people contributed more than one-half of their 300 4 4 500 4 3 3 income to the family it was considered that they pooled 700 4 3 3 3 their income. In addition, the wife of the head of the1,000 . . 4 3 3 2 2 3,500 3 3 2 2 2 1.2 family, or a family member under 18 years of age or earning less than $10 a week, was always considered a 1 The sampling error does not measure the actual error that is member of the main spending unit. involved in specific survey measurements. It shows that—except 4 Families are defined as all persons living in the same for nonsampling errors, errors in reporting, in interpretation, etc.— differences larger than those found in the table will arise by chance dwelling unit who are related by blood, marriage, or in only 5 cases in 100. adoption. 2 The entire sample of each survey. 644 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES of sampling differences), one may assume that a findings are a supplement to these other data. real change has taken place.5 What conclusions They serve to fill important gaps in our economic can be justified then if the difference between information. At the same time, they need always two survey data is smaller than might be due to to be reviewed and assessed against other series sampling variation alone? of statistical data. Reasonableness of results and In some cases in the 1950 survey the proportion of derived estimates as judged by data external to early this year of those intending to buy a certain the surveys is one of the tests that must constantly commodity was slightly larger than the proportion be applied in interpreting the significance of survey having similar intentions early in 1949. The findings. difference was not statistically significant (less than PRELIMINARY SUMMARY OF PRINCIPAL SURVEY might result from sampling variation), but it does RESULTS not follow that there was no difference between the two proportions. Nor does it follow necessarily Financial position of consumers in early 1950. that the proportion was larger in 1950 than in 1. Approximately 20 million of the 52 million 1949. What can be said is that the order of consumer spending units in the population received magnitude of the two proportions remained the higher money incomes in 1949 than in 1948. same, but the chances are somewhat greater of an Lower incomes were received by about 13 million increase from 1949 to 1950 than of a decrease. units. This was the smallest number of year-to- Sample surveys yield information which approxi- year increases in income and as large a number of mates the true order of magnitude of data but do decreases as has been observed in the postwar not produce exact values. Expressing the results period, and reflected the economic readjustments in terms of an estimated number of spending units in 1949 that followed an extended period of exor of aggregate dollar amounts may imply an un- ceptionally high production at rising prices. warranted degree of certainty and is justified only 2. Higher incomes in 1949 were most frequently because in this form the results are more easily reported by spending units whose 1948 incomes interpreted and understood and, therefore, more had been less than $1,000 and least frequently by useful. It must be remembered, however, that those with 1948 incomes of $4,000 or more. Consuch magnitudes fall within a relatively large versely, there was a tendency for declines to be margin of error, and that the width of the margin reported more frequently by units at high income may have a bearing on the interpretation of the data. levels in 1948. A somewhat similar pattern pre- These qualifications, both as to the significance vailed for changes in income between 1947 and •of the changes from one survey to the next and as 1948 but in this earlier period, the income groups to the aggregate estimates presented, are important below $4,000 had substantially more increases in to keep in mind in using the data shown in the income and fewer decreases than did groups above -various tables and in appraising the results pre- this income level. When income changes were resented throughout the series of articles. lated to income levels after the changes, it was found The survey information represents only one for 1949, as it had been for former years, that higher %ody of data indicative of tendencies in consumer income groups had more increases in income and income, spending for durable goods and houses, fewer decreases than did lower income groups. rand saving. In the past half century, this country 3. For the first time in the postwar period, an Sias developed a vast wealth of currently available increase occurred in the proportion of low income statistical data reported through various Govern- spending units. Spending units with incomes of ment, private, and nonprofit organizations, and less than $2,000 increased somewhat during 1949, great progress has also been made in knowledge of rising from 30 to 33 per cent of all units. The Ttheir significance and in methods of summarizing proportion of units at intermediate income levels :.and presenting them as an aid to an understanding declined from 55 per cent in 1948 to 51 per cent *of the changing economic situation. The survey last year, while there was almost no change in 5 A fuller discussion of the reliability of sample data will the proportion of units with incomes of $5,000 be presented in a later article on the technical aspects of the or more. rsurvey. Additional discussion cf this point may be found 4. In early 1950, 7 of every 10 spending units in the appendix to Part I of the 1949 series of articles which sappeared in the June 1949 BULLETIN beginning on page 642. reported possessing some liquid assets (i.e., Govern- JUNE 1950 645 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES ment bonds, savings and checking accounts, and of consumers who bought them—more than 27 savings and loan shares). The number of units million spending units. owning liquid assets—approximately 36 million— 11. Survey data indicate that approximately 11 was at least as large as the number a year earlier and million consumer spending units purchased autoroughly 1.5 million units larger than indicated by mobiles in 1949 and that more than 20 million a similar survey in early 1946. Since there has bought other selected durable goods such as furnibeen an increase in the total number of spending ture, refrigerators, radio and television sets, washunits in this period, it has been possible for the ing machines, and other large household appliances. number of units having no liquid assets to in- Nearly 5 million units bought both a car and one crease also. In four years, this group has grown or more of the other goods. from approximately 11 million to nearly 16 million 12. The further broadening of the market for spending units—which is a faster rate of increase durable goods in 1949 was accompanied by an inthan for those owning assets. As a consequence, creased use of instalment credit. Approximately the proportion of units possessing some liquid 48 per cent of all automobile buyers reported using assets has declined somewhat. credit last year compared with 39 per cent in 1948. 5. Preliminary evidence indicates a reduction in As in previous years, purchases on credit were the frequency of large liquid asset holdings by more frequently reported for used cars than for spending units with incomes of $5,000 or more. new cars. Reports of credit buying of durable 6. As in earlier postwar years, consumers in 1949 goods other than automobiles were also more continued to change the type of liquid assets held. numerous than in prior years. Fewer spending units held savings bonds and 13. The total number of new and existing nonsavings accounts at the end of the year than at the farm houses purchased in 1949 for owner occupancy beginning. The number of spending units having was less than in earlier postwar years, due primarily checking accounts increased somewhat. The to a reduced turnover of existing houses. Although median holding for those who had any of the vari- independent data indicate that more nonfarm houses ous kinds of liquid assets appeared to decline some- for owner occupancy were started in 1949 than in what last year. 1948, the number completed and sold in 1949 ap- 7. Preliminary tabulations indicate that slightly pears to have been smaller than in the previous year. more than 3 in every 10 spending units spent more Consumer views on the economic outlook. than they earned (i.e., dissaved) in 1949. This was a somewhat larger proportion than in 1948 and it 14. Consumer attitudes on the general economic appears that the increase occurred almost wholly outlook for the year might be characterized as being among units with incomes of less than $3,000. optimistic but less so early in 1950 than at the 8. The proportion of spending units owning beginning of 1949. At the same time there was homes remained approximately the same from also somewhat less outright pessimism. Many 1948 to 1949. However, since the total number more persons seemed uncertain or unwilling to of units in the population increased in this period, hazard an opinion as to which way the economic the number of homeowners may have increased. wind might blow during the coming 12 months. 9. The proportion of spending units that felt The proportion of those expressing a favorable they were better off than a year earlier was about opinion regarding the business outlook (4 in every as large in early 1950 as in any of the preceding 10 units) was the smallest for any of the annual surveys. In general, nonfarm spending units, surveys since early 1946, but about the same as it with the major exception of unskilled workers, ap- was in mid-July of last year. peared to believe they were better off, while farm 15. Nearly half of those interviewed thought operators as a group felt they were worse off. times were good at present—about the same proportion as in July 1949 but somewhat less than Spending for durable goods in 1949. a year earlier. Less than 3 in every 10 units consid- 10. About 1 in every 2 spending units bought an ered present conditions were unfavorable, and 2 automobile or other major durable good in 1949. in 10 held to a middle position or could not decide The total volume of such purchases broke all whether times were good or bad. As in previous previous records and so did, probably, the number surveys, those in high income groups tended to 646 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES consider the present situation more favorable than new houses in 1950. About as many consumers indid those in lower income groups. On the whole, dicated intentions to buy new homes in 1951 as there was not much change in consumer evaluations reported such intentions for 1950. Purchase plans of current economic conditions from midsummer were more frequently uncertain for 1951 than for 1949 to the beginning of 1950. 1950, reflecting in part at least the remoteness of 16. Many consumers thought that while times the time period. were good at present, they were less favorable than Spending units containing veterans constituted a year earlier. Nearly 5 in every 10 units believed a greater proportion of the prospective buyers of that business conditions were worse than in early homes in both 1950 and 1951 than in 1949. 1949 while 2 in 10 thought they were better and 21. Consumer intentions to buy new cars were 3 in 10 believed they were about the same. Al- at least as frequent in 1950 as in 1949, a year of though consumers believed that some worsening record sales. In addition, a substantial increase had taken place, the consensus was that times were was reported in intentions to purchase used cars. still favorable. 22. Plans to buy selected durable goods other 17. Somewhat more than half of all employees than cars were also at least as numerous as in 1949. thought it would be difficult, if not impossible, Considerably more than twice as many consumers to get other jobs paying about the same amount intended to buy television sets during 1950 as of money if, for any reason, they were to lose their reported similar intentions for 1949. Buying plans present jobs. Less than 2 in every 10 felt absolutely for furniture, washing machines, and refrigerators certain that they could get jobs with equal pay, also appeared to be at least as extensive as a year but a slightly larger proportion were equally cer- earlier. A decline was noted, however, in intentain it would be impossible to get other jobs tions to purchase radios. For durable goods, as without some sacrifice in current income. Com- a whole, consumers were thinking of buying in parable data on this point were not obtained in greater volume than in the record year of 1949. previous years. 18. Consumers were not quite as uniform in CONCLUSIONS their expectation of lower prices of the things they The financial position of consumers, which was buy in the following 12-month period as they strong at the beginning of 1949, was generally had been at the beginning of 1949 or at the mid- maintained during the year. Some deterioration point of last year. The proportion of those looking took place, chiefly among farm operators and unfor price declines dropped to one-third from about skilled workers, but it did not appear to be of one-half in both the 1949 surveys. On the other serious magnitude. On the positive side, personal hand, there seemed to be a slight increase in the incomes remained at very high levels, although proportion that thought prices would probably there was some increase in the proportion of rise in the coming months. units with incomes of less than $2,000. Liquid 19. There continued to be a sharp divergence assets continued to be widely held by members of between expectations for consumer prices in gen- all income and occupational groups. Most coneral and for prices of automobiles and other durable sumers had some secondary financial reserves, in goods. Although only a third of the spending units many cases substantial reserves, in the form of inwere looking for consumer prices in general to de- vestments in one or a combination of life insurance, cline, more than half were of the opinion that reduc- houses, and various types of securities. tions would take place in the hard goods lines. However, on the negative side, the frequency of dissaving, or spending in excess of current income, Consumer plans to buy houses and durable goods. increased by several percentage points to its highest 20. The number of consumer units that planned level in the postwar period, especially among conto buy newly built houses in the current year ap- sumers with incomes of less than $3,000. Addipeared to be somewhat larger in early 1950 than tions to consumer indebtedness were substantial. in early 1949. There was little change in reported Also, there was a further increase in the proporintentions to purchase existing homes. tion of all units that had no liquid assets and the Survey data justify an estimate of well over 1 mil- median holding of those with liquid assets problion consumers having "definite" plans to buy ably declined somewhat. JUNE 1950 647 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES On balance, it seems that consumers generally in greater optimism and a larger volume of began 1950 in a strong financial position, although expenditures. slightly weaker than a year earlier. They were Certain groups in the population, however, did optimistic concerning their own income prospects not report an improved financial position on baland the general economic outlook for the year, al- ance. Farm operators were seriously affected by though not as unreservedly as 12 months earlier. declining farm prices during 1949 and this is Intentions to purchase houses, automobiles, and reflected in the successively higher proportions of other major durable goods in 1950 appeared to be farm operators to report worsened financial posiat least as numerous as in any prior year. The tions. As shown in Table 2, reports of such extent to which these plans will be carried out will TABLE 1 depend considerably on what happens to jobs, FINANCIAL SITUATION OF CONSUMERS incomes, and prices, the availability of goods and credit, and the general domestic and international Percentage distribution of all spending units situation. But to the extent that the consumer is Comparison with an independent element in the economic system, a year earlier Early July Early July Early July Early the prospects for high-level purchases of durable 1950 1949 1949 1948 1948 1947 1947 goods and houses appeared encouraging. Opinion of own financial situation l CHANGES IN CONSUMER FINANCIAL SITUATIONS Better off 32 24 33 25 29 26 31 Same 32 36 35 30 28 31 30 In their own opinions, the financial positions of Worse off 34 39 30 42 39 41 34 Uncertain 1 (2) 1 1 2 1 2 consumers were broadly similar in early 1950 to Not ascertained...... 1 1 2 2 1 3 what they had been a year earlier. As Table 1 All cases........ 100 100 100 100 100 100 100 shows, about as many spending units said their Current income 3 financial situations were better than in early 1949 A M b o o re u t th th an e s a a y m ea e r . a . g .. o .. . 3 4 0 1 2 3 4 9 4 3 2 5 3 4 4 1 4 3 3 3 3 3 6 4 ( ( 4 4 ) ) as said they were worse. This indicates that a Less than a year ago.. 27 36 21 22 21 27 (4) Not ascertained 2 1 2 3 3 3 (4) considerable improvement had taken place since All cases 100 100 100 100 100 100 100 the middle of 1949. At that time, many more consumers reported being worse off than reported 1 The question was: "Would you say that you people are betteroff or worse off financially than you were a year ago?" being better off compared with a year earlier. 2 Less than one-half of 1 per cent. * Data refer to nonfarm spending units only, except for July This development is of some significance because 1949 when all units are included. The question was: "Are you a feeling of financial improvement tends to result making as much money now as you were a year ago, more or less?"" 4 Data not available. TABLE 2 CHANGES IN FINANCIAL SITUATION AS REPORTED BY SPENDING UNITS IN VARIOUS OCCUPATIONAL GROUPS Percentage distribution of spending units within occurmtional groups O i p n s i i n t o u i w o a n t n i o o n f f i n c f a r h n o c a m i n a g l e Professional M se a l n f- a e g m e p ri l a o l y e a d nd S se k m ill i e s d k il a le n d d sa C le l s e r p ic e a r l s o a n n n d el Unskilled Farm operators a year earlier Early July Early Early July Early Early July Early Early July Early Early July Early Early July Earlr 1950 1949 1949 1950 1949 1949 1950 1949 1949 1950 1949 1949 1950 1949 1949 1950 1949 1949 Better off 47 33 43 35 32 34 38 26 34 47 32 40 27 21 29 20 20 38 Same 29 37 30 31 34 36 33 37 36 29 39 36 33 35 36 30 37 29 Worse off. 22 29 25 32 33 28 27 37 28 22 28 23 38 44 33 50 40 31 Uncertain 1 1 1 (i) (i) 1 1 8 1 1 (i) 1 (i) (i) 2 1 Not ascertained 1 1 i 1 1 1 1 1 1 — 2 1 1 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases..... 287 (2) 293 466 (2) 470 895 (2) 886 486 (2) 495 344 (2) 427 409 (2) 430 1 Less than one-half of 1 per cent. 2 Data not available. NOTE.—The "number of cases" shown in this and in subsequent tables represents the actual number of spending units falling in each cell. Because the survey oversamples certain groups and corrects for the oversampling by the use of weights, the unweighted number of spending units in a cell does not represent the same proportion of the total sample as the weighted proportion. For example, spending, units with incomes of $5,000 or more in 1949 were 15.8 per cent of the weighted sample, but there were 706 such spending units which, on an unweighted basis, amounted to 20.1 per cent of the 3,512 spending units in the sample. Tables based on entire samples do not include a statement of the number of cases, which number approximates 3,500 respondents for the annual surveys and about half that for the midyear surveys. For a detailed description of the sampling methods, see pp. 643-46 of the BULLETIN for June 1948. An article to appear in a later issue of the BULLETIN will discuss the technical aspects of the survey. 648 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES worsening were made by 31 per cent of farm 1950 than a year earlier, 70 per cent believed that operators in early 1949, by 40 per cent in July 1949, their financial situations had improved; of those and by 50 per cent in early 1950. All other occu- making less, 74 per cent felt that they were worse pational groups also experienced some deterioration off. This relationship did not show up as clearly in financial condition during the first half of 1949, in earlier postwar years, when prices were rising, "but the trend for these groups was reversed in because consumers were quite sensitive to the fact the second half when general business conditions that price rises had wiped out much of the benefit improved. of higher money incomes. The upswing in the second half of 1949 appar- Further accumulation of savings and repayment ently had a substantial beneficial effect upon spend- of debt were also frequently mentioned as factors ing units headed by skilled and semiskilled work- underlying improvement in financial position. Iners, clerical and sales personnel, and professional, creased expenses due to the birth of a baby or managerial, and self-employed persons. Members sickness or death in the family, as well as such of these occupational groups not only reported factors as higher prices (e.g., rent), reduction of improved financial positions much more frequently savings, or an increase in debt were the most imporin early 1950 than in July 1949 but even more tant additional reasons given for worsened financial frequently than in early 1949, the previous post- conditions. war high point for reports of financial betterment. In comparing their current (early 1950) rate Unskilled workers also appeared to feel that they of earnings with that of 12 months earlier, a benefited by the upswing in business in the second slightly larger proportion of nonfarm spending tialf of 1949 but not as much as most other occu- units reported higher current earnings than repational groups. ported lower earnings. This was a considerable Change in income during 1949 was the most change from earlier postwar years when increases important single factor influencing attitudes toward outnumbered reductions by almost two to one. personal financial positions. The importance of a However, prices also rose considerably in these change in income in determining a person's atti- earlier years. It is significant that the same tude toward his own financial position is demon- ratio of consumers believed they were better or strated by the fairly close correlation between these worse off in a period of high-level economic activity two categories shown in Table 3. Of those who and stable prices as in a period of inflationary rises were making more money at the beginning of in prices and incomes. In contrast with previous annual surveys, all TABLE 3 major nonfarm occupational groups did not report 'RELATION BETWEEN CHANGE IN INCOME AND CHANGE IN higher current incomes on balance. Only spending FINANCIAL SITUATION1 units headed by persons who followed a profession or by clerical and sales personnel or skilled and Percentage distribution of spending units having specified changes in income semiskilled workers provided more reports of Opinion of from preceding year change in own larger than of smaller current earnings. Businessfinancial situation Early 1950 Early 1949 men and unskilled workers reported the opposite exfrom a year perience—that is, more of them had declines in earlier MakingAbout Making MakingAbout Making the rate of current earnings compared with 12 more the less more the less now same now now same now months earlier than had increases. However, all nonfarm occupational groups reported fewer de- Better off 70 22 10 56 18 12 Ko change 18 56 15 29 56 17 clines and more increases in current earnings in "Worse off 10 21 74 14 26 70 Uncertain 1 1 1 (2) 1 early 1950 than in the summer of 1949. Not ascertained. 1 (2) (2) (2) (2) These changes appear to have accompanied an All cases 100 100 100 100 100 100 increase in the proportion of spending units with ^Number of cases. 973 1,269 789 1,286 1,084 639 incomes of less than $2,000 and a reduction in the proportion at middle income levels, as is 1 Comparison of changes from a year earlier in a spending unit's •current level of income and in its opinion of its own financial shown in Table 4. situation. Excludes all farmers and also such other spending units as did not indicate whether they were making more or less Complete information has not yet been tabulated on changes in income during 1949, but preliminary JUNE 1950 649 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 4 beginning of the year and a substantial number thought that the deterioration was serious. INCOME GROUPING OF SPENDING UNITS1 Opinion on the change in conditions was quite [Percentage distribution] similar at all income levels in early 1950 whereas in midsummer 1949 greater cognizance of worsened Annual money income before taxes 1949 1948 1947 1946 1945 economic conditions was reflected at higher in- Under $1,000 14 12 14 17 20 come levels than at others. Farm operators were $1,000-$! ,999 19 18 22 23 27 $2,000-$2,999 21 23 23 25 23 more unanimous than were other occupational $ $ 3 4 , , 0 0 0 0 0 0 - - $ 1 3 4 ,9 ,9 9 9 9 9... 1 1 9 1 2 1 0 2 1 1 7 0 17 8 1 7 5 groups in believing that general economic condi- $5,000-$7,499 11 10 9 6 5 tions had deteriorated. Six months earlier they $7,500 and over 5 5 5 4 3 had held this belief with less frequency than most All income groups 100 100 100 100 100 other occupations. 1 Income data for each year are based on interviews during January, February, and early March of the following year. TABLE 5 tabulations indicate that higher incomes in 1949 OPINIONS REGARDING CHANGES IN ECONOMIC CONDITIONS were most frequently received by spending units SINCE EARLY 1949x whose 1948 incomes had been less than f 1,000 [Percentage distribution of all spending units] and least frequently by those with 1948 incomes of $7,500 or more. Conversely, declines were Opinion E 1 a 9 r 5 l 0 y J 1 u 94 ly 9 received more frequently by units that had been Times better now 1 1 at high income levels in 1948. When income Times better now, with reservations 17 7 changes from 1948 to 1949 were related to 1949 T T i i m m e e s s w ab o o r u se t n th o e w s , a w m i e th reservations 2 4 8 6 3 4 0 4 incomes, it was found that spending units at high Times worse now 2 14 Don't know; not ascertained 6 4 income levels reported proportionately more in- All cases . . 100 100 creases and fewer decreases than did units at low income levels. This pattern, which has also been iThe question asked in early 1950 was: "Now, considering the country as a whole, would you say that times now are better or found in earlier surveys, reflects in considerable worse than a year ago?" In July 1949, it was: "Now considering the country as a whole—would you say that times now are better, measure the fact that consumers who received in- about the same or worse than they were six months ago?" Comcreases tended to move to higher income levels parable questions were not asked in earlier surveys. and those whose incomes declined tended to move As in earlier surveys, some tendency was apto lower income levels. Detailed survey findings parent for consumers to generalize from their on the distribution of consumer incomes before personal situations. Spending units that had reand after taxes will be presented on a family as well ceived increases in income were somewhat more as a spending unit basis in a later issue of the favorable in their appraisal of the change in general BULLETIN. economic conditions than were those whose incomes had declined, The converse was also true. CONSUMER APPRAISAL OF CURRENT ECONOMIC Although consumers believed that some worsen- SITUATION ing had taken place, the most widely held view was that times were still favorable. Twice as many peo- In early 1950, consumers as a group believed that ple expressed the opinion that times were "good" as general economic conditions were somewhat worse that they were "bad." Very few spending units than a year earlier but that the deterioration had thought that current conditions were either very not been serious. As shown in Table 5, roughly good or very bad. For the most part, the situation 2 in every 10 spending units believed that times was regarded as compounded of both favorable were better than in early 1949 while 5 in 10 thought and unfavorable elements, with the largest group they were worse. However, almost none believed of consumers believing that, on balance, times that conditions had become seriously worse. This were "good." The proportion that believed times indicated that consumers were taking a somewhat were unfavorable increased somewhat and was brighter view than in midsummer of 1949 when larger than at any time since early 1948 (see Table 6 in 10 thought that times were worse than at the 6 for details). At that time, people were mindful 650 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 6 favorable opinions reported had been consistently larger in every income and occupational group. OPINIONS REGARDING CURRENT ECONOMIC CONDITIONS X [Percentage distribution of all spending units] ECONOMIC OUTLOOK OF CONSUMERS Optimism concerning personal income and gen- Opinion E 1 a 9 r 5 l 0 y J 1 u 94 ly 9 E 1 a 9 r 4 l 9 y E 1 a 9 r 4 l 8 y eral economic prospects for the balance of the year continued to be the attitude most frequently re- Good times. 6 7 30 39 Good times, with reservations 41 40 26 15 ported by consumers in early 1950, but the tone Middle position , 18 32 20 13 Bad times, with reservations. 21 14 9 6 of this optimism was changed from that of previous Bad times * - 4 5 7 19 years, especially in regard to general conditions. Don't know; not ascertained 10 2 8 8 Whereas many consumers formerly looked for All cases 100 100 100 100 very good times ahead, few did so in early 1 The question was: "Would you say we are having good or bad 1950. A tendency was apparent to expect economic times now or what?" conditions during the year to be somewhat mixed of "inflation" as causing bad times. In early 1950 but to consider that the favorable elements outthe chief factors mentioned were employment and weighed the unfavorable. Uncertainty concerning labor-management relations. (Prolonged and business in general and one's future rate of earnings widely publicized strikes in the coal and automo- was expressed by a larger part of the population. tive industries were underway during the period While the proportion of spending units in the in which interviews were conducted.) Those who "uncertain" group was larger than in early 1949, held that 1950 conditions were favorable put chief it should be noted that of those that expressed stress on high purchasing power and employment. definite opinions concerning good or bad times, a Although, as mentioned earlier, a greater pro- larger proportion viewed the future as being favorportion of farm operators than of other occupations able on balance in early 1950 than in any period believed that economic conditions had deteriorated surveyed since early 1947. As shown in Table 7, somewhat in the past year, this by no means meant TABLE 7 that farmers were the most pessimistic in their EXPECTATIONS CONCERNING PERSONAL INCOMES AND GENERAL appraisal of current conditions. In fact, farm ECONOMIC CONDITIONS operators were less frequently of the opinion that [Percentage distribution of all spending units] current economic conditions were bad than were Expectation Early July Early July Early Early members of most other occupations. The most 1950 1949 1949 1948 1948 1947 favorable analyses of the current situation were Own income 1 made by persons who followed a profession, by businessmen, and by farm operators. A majority I I n n c c o o m m e e w w i i l l l l be b e l ar a g b e o r ut the 30 23 27 26 28 23 of each of these groups believed that present times same.. ...... 43 41 46 42 47 42 Income will be smaller 16 18 17 8 13 14 were "good." The most unfavorable appraisal of Uncertain, it depends 9 17 9 22 9 19 Not ascertained •. 2 1 1 2 3 2 the current situation was provided by spending AH cases 100 100 100 100 100 100 units headed by persons who were unskilled General economic workers. conditions 2 There appeared to be a direct relationship be- Good times ahead 4 7 22 1- 36 45 Good times ahead, with tween income level and evaluation of current reservations 36 31 25 11 10 economic conditions. In general, the higher the Twiddle position 15 15 14 6 3 21 Bad times ahead, with 10 income level, the greater was the proportion of Ba r d e s t e i r m v e a s t io a n h s ead 1 2 5 22 9 1 9 6 ] 30 2 3 3 1 5 7 spending units that believed times were "good" Uncertain, no change 19 14 10 16 13 (3) Not ascertained 9 2 4 3 8 2 and the smaller the proportion that thought they All cases 100 100 100 160 100 100 were "bad." Each income and occupational group contained more spending units that felt economic 1 Data for 1947 are based on comparisons of expected incomes a year hence with current rate of income and so are. not strictly conditions in early 1950 were favorable than comparable with data for other years, which compare expected annual incomes with the past annual income. thought they were unfavorable. This had also 2 The question was: "Now considering the country as a whole, do you think we will have good times or bad times or what during been true a year earlier when a similar evaluation the next 12 months or so?" was obtained, but at that time the proportion of 3 Middle position on the 1947 survey is interpreted to include "uncertain, no^change." JUNE 1950 651 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES for every spending unit that expected bad times TABLE 8 there were more than 2 expecting generally good RELATION OF PAST CHANGE IN INCOME TO EXPECTED CHANGE conditions to prevail throughout the year. Greater [Percentage distribution of spending units within each group] belief in favorable than unfavorable conditions was reported by every income and occupational group. Annual money income in 1949 w M e o r s e t s o p p e t n im di i n s g ti c un a i m ts o n h g e ad th ed e b o y cc u p p r a o t f i e o s n s a io l na g l r o p u e p r s - E p x in a p r c e e o c d m t e t e d o i a n 1 n 9 1 n 4 9 u 9 5 a 0 l i n m c c o o o m m n - e ey s u p i A n e n n i l g t l d s - i L n a c c r o o g m m er p e ared i n S to c a o m 1 m e 9 e 48 in S i c n m o c m o al m e le e r • sons and skilled and semiskilled workers; most in 1949 in 1949 in 1949 pessimistic were farm operators. In general, belief that good times would prevail during 1950 in- Larger income in 1950.. 30 37 17 34 Same income in 1950... 43 41 58 31 creased with income level; uncertainty in this re- Smaller income in 1950. 16 14 16 21 Uncertain, it depends. . 9 7 7 12 spect was considerably greater among units with Not ascertained 2 1 2 2 incomes of less than $4,000 than it was above this All cases 100 100 100 100 level. Number of cases 3,512 1,373 1,013 900 Consumers appeared to be quite hopeful about their own income prospects for 1950. Nearly twice When consumers were asked to compare their current earning rate (in early 1950) with what as many people were looking for higher total inthey expected to be earning 12 months ahead, it comes this year as were expecting lower incomes. was found that, on balance, consumers with definite Anticipations of higher incomes this year than in opinions were optimistic. However, more units the previous year were held by 3 units in 10, which tended not to have a definite opinion, to be "unwas a somewhat larger proportion than in any certain," than when the same question was askedi previous survey in this postwar series. Every in early 1949. A relationship was apparent between? major occupational group reported the same or a personal expectations and attitudes toward the greater proportion of units with such expectations general economic outlook. Of those who were than in 1949, with skilled and semiskilled workers uncertain about general conditions, nearly half showing the largest increase. Farm operators were were uncertain about their own income prospects; found to be less uncertain about the future and to those who thought the economic outlook for 1950 anticipate both increases and decreases in income was favorable were most optimistic regarding inmore frequently this year than in 1949. Also, as creases in their own incomes. in 1949, more members of this group expected For the first time in these surveys consumers lower incomes than expected the contrary. were asked to discuss how financially secure they Spending units with incomes of less than $7,500 felt. As with any survey data obtained for the were somewhat more optimistic about higher in- first time, this material should be considered as comes in the coming year than they had been in informative but only experimental in nature until 1949; those with incomes above this level were pos- there has been adequate opportunity to appraise sibly somewhat less optimistic about increases its significance and reliability. Differences io and were the only income group to anticipate re- phrasing of questions and in classification of anceiving more decreases in income than increases. swers can cause substantial variations in the results A substantial number of units that had suffered obtained, particularly with reference to the proporincome declines in 1949 were counting on regaining tions feeling secure or insecure. There can always at least part of the decline in 1950. Approximately be differences of opinion in a process of evalua- 3 units in 10 with lower total incomes in 1949 tion, but to the extent that a reasonable distinction were expecting to earn more in 1950; 2 in 10 be- could be made, it appeared that nearly 2 consumers lieved their incomes would decrease further. Those felt financially secure for every 1 that felt insecure. consumers whose incomes were higher in 1949 than Great security was encountered with the same in the previous year were most optimistic of all; frequency as great insecurity, each being reported nearly 4 in 10 of this group believed that their by roughly one-tenth of the population. A feeling incomes would rise still further in 1950 and another of security was reported most frequently by con- 4 in 10 thought that they would maintain their sumers who believed that their current financial higher incomes, as is shown in Table 8. situations were improved over those of a year earlier .> 652 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES by those whose current earnings were higher, by what larger proportion were equally certain that those who believed that current economic condi- it would be impossible to get other jobs at the tions in the nation were favorable, and by those same rate of pay. It should be pointed out that who expected good times to prevail in the com- many employees with great security and seniority ing year. The majority of spending units that be- in their present positions would be in this category. lieved their incomes would go up or remain the Their incomes may reflect long terms of service, same during 1950 considered themselves to be secure possibly very specialized service, for one company financially. The expectancy of income declines and, of course, many such people would find it did not typically result in feelings of insecurity in- impossible to match their present incomes if they asmuch as half again as many of those expecting were required to take jobs with other companies. declines reported feeling secure as insecure. There This is illustrated indirectly by the finding that was more worry about future personal finances more than one-third of the group that reported among consumers who were uncertain of their feeling very secure financially believed that it would future earning rate than among those who antici- be difficult or impossible to get other jobs at equal pated that their incomes would fall. Pay- As might be expected, the higher the level of However, the relationship between insecurity income or the amount of liquid assets owned, the and inability to get another job at equal pay* apmore secure the consumer tended to feel. Only pears to be a strong one. More than 7 in 10 conamong units with incomes of less than $1,000 or sumers who indicated an attitude of great insecurwith no liquid assets were feelings of insecurity ity and were presently employed reported that they expressed by a majority of the group. A sub- would find it difficult or impossible to obtain other stantial difference was apparent in the attitudes of jobs that paid the same. Most optimistic about those with no liquid assets and those possessing getting other jobs at equal pay were people emeven small amounts (less than $200). The pro- ployed as professionals (e.g., accountants, teachers, portion of units in the former group that expressed social workers) and clerical and sales personnel; a feeling of great financial insecurity was roughly least optimistic were unskilled workers. Age was twice that for those with small amounts of assets. an important factor, with younger people substan- Feelings of financial security were most pervasive tially more confident than older people about being among spending units headed by persons who fol- able to get other positions that paid as well. More lowed a profession or by clerical and sales person- than half of the people below the age of 35 thought nel; least frequent among unskilled workers and the chances were good of locating other jobs with retired persons. However, it should be noted that the same pay. Above this level, less than half held a majority of the units in each of these latter groups this view. Of those who were 55 years of age or indicated a feeling of financial security. Surpris- older, fewer than 3 in 10 believed they could obtain ingly little difference was found among the differ- other positions with pay equal to their current ent age groups on this point. In all groups, except earnings. Only at low and at high income levels the very youngest (18 to 24 years of age), half (less than $2,000 and $7,500 or more) were more again as many consumers felt secure financially as than half of the units fairly confident of their ability felt insecure. The youngest group felt somewhat to obtain other jobs with no loss in pay. more secure and tended to worry less about how PRICE EXPECTATIONS they would get along financially than did other age groups. During 1949 there was a substantial falling off Persons other than those self-employed, retired, in the frequency with which consumers expected or unemployed were asked what they thought of price declines, and a growing conviction that prices their chances of getting other jobs that paid about would remain stable. Expectations of price rises the same if they lost their present jobs for any also increased somewhat (see Table 9 for details). reason. Of the group to which the question was As in previous periods, almost all of the consumers applicable, more than half thought that it would expecting price changes during 1950 believed that be difficult, if not impossible to do so. Somewhat the increases or decreases would not be large. less than 2 in 10 were absolutely certain that they Each occupational and income group was found could get other jobs with equal pay but a some- to have shifted in its price expectations in the same JUNE 1950 653 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES general manner described above but in varying level to rise, as many as 6 in 10 believed that degrees. The largest drop in the proportion ex- durable goods prices would not rise and might pecting price declines was found among units even fall. headed by professional and by managerial or self- The significance of price expectations in relation employed persons. The last-mentioned group also to buying plans depends in part on the magnitude showed the greatest increase in the proportion of of anticipated price changes. If price declines are units that believed prices would rise. However, expected to be relatively large, a substantial group as in early 1949, farm operators reported the highest may delay purchasing until the declines materialize. If large price rises are expected, many people may TABLE 9 tend to rush into the markets to purchase before EXPECTATIONS CONCERNING CONSUMER PRICES1 the changes take effect. In this connection, it was [Percentage distribution of all spending units] found that all except a handful of consumers in the sample thought that any change in automobile Expectation E 1 a 9 r 5 l 0 y 1 Ju 94 ly 9 E 1 a 9 r 4 l 9 y 1 Ju 94 ly 8 E 1 a 9 r 4 l 8 y 1 Ju 94 ly 7 E 1 a 9 r 4 l 7 y and other durable goods prices in 1950 would be of relatively small magnitude. It was also found Will go up 12 7 8 42 33 32 13 that the proportion of units that expected declines Will remain the same. 36 34 20 25 24 29 22 Will go down 36 48 55 15 28 29 46 in consumer hard goods prices was somewhat Uncertain 2., 15 10 15 16 12 9 17 Not ascertained...... 1 1 2 2 3 1 2 smaller in early 1950 than in July 1949 and the All cases 100 100 100 100 100 100 100 proportion expecting increases was slightly larger. These survey findings indicate that, so far as prices 1 Inrthe July surveys the question was: "What do you think will happen to the prices of things you buy between now and the end were concerned, consumers may have felt that there of the year?" For the survey early in 1950, etc. the question was: was less reason to postpone buying durable goods "What do you think will happen to the prices of the things you buy during the year—do you think they will go up, or down, or stay in early 1950 than might have been the case in about where they are now?" 2 This group includes those giving conditional answers as well as mid-1949. those undecided as to future prices. Of spending units giving conditional answers in early 1950, 2.9 per cent thought that prices In previous years when both prices and incomes would either stay the same or rise, while 5.8 per cent thought prices would either stay the same or fall. Similar data are not available were rising, consumers tended to associate a future for earlier surveys. decline in general prices with good times and a rise expectancy of price rises and of unchanged prices in prices with bad times. In early 1950, the asand the lowest expectancy of price declines. sociation between good times and falling prices, Some relationship was apparent between income and the converse, had almost disappeared. It is level and price expectations. The proportion of possible that the absence of inflationary price rises units that anticipated lower prices tended to be during 1949 led people to be less acutely conlarger at each successively higher income level, scious of the effects of price changes on their rising from 3 in 10 at the "under $1,000" level to budgets. It is also possible that events in 1949 led 5 in 10 among those with incomes of $7,500 or more. some consumers to see a relationship between fall- Conversely, the percentage expecting price in- ing prices, bad times, and falling incomes. Howcreases fell at each higher income level. ever, in this connection it is noteworthy that the As in July 1949, consumers were found to differ- great majority of people who expect prices to fall entiate sharply between expectations for prices in also expect their own incomes to be maintained or general and for prices of consumer durable goods increased. One of the basic ingredients of conin particular. Approximately 6 in every 10 spend- sumer optimism in early 1950 was the belief, on ing units expected the prices of automobiles and the part of more than 4 in every 5 spending units other durable goods to decline during 1950 com- with definite price and income expectations, that pared with 4 in 10 that expected prices in general their own incomes would stay the same or rise to decline. The differentiation was so sharp that, during 1950 while prices would remain stable or even among those expecting the general price go down. 654 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY—1949 * by KATHARYNE P. REIL Credit sales of retail outlets continued to expand absorbed by the instalment segment, which has in 1949 although total sales declined somewhat. risen from less than 4 cents to approximately 11 Credit transactions, estimated on the basis of find- cents of each sales dollar. Despite this marked ings of the annual Retail Credit Survey, increased increase, instalment sales still account for a smaller about 1 billion dollars to a total of 39.8 billion, while total sales declined by nearly 2 billion. The RETAIL SALES growth in credit sales reflected a 16 per cent rise in instalment sales that more than offset the moderate decline in charge-account business. The rate of expansion in instalment sales in 1949 was much less rapid than in earlier postwar years, but it brought transactions of this type to a record figure of 14.1 billion dollars, approximately double the prewar high of 1941. Charge-account sales declined nearly 1 billion dollars to 25.7 billion in 1949. Estimates of credit sales based on the annual surveys are shown in Table 1 and in the accompanying chart. Cash sales at retail establishments, which since the war have comprised a declining proportion of total sales, decreased in 1949 both in dollar 1939 1940 1941 1942 1943 1944 3945 1946 1947 1948 1949 volume and in relation to the total. During that year cash sales accounted for 69 cents of every proportion of total sales at retail outlets than in dollar spent at retail outlets, 10 cents less than prewar years. Charge-account transactions constiin 1945. Most of this difference has been tute a larger part of the total than instalment sales but are subject to less wide fluctuations. In 1949 TABLE 1 these open credit transactions accounted for 20 RETAIL SALES BY TYPE OF TRANSACTION cents of the retail dollar, compared with 17 cents Annual estimates for total retail trade in 1945 and 23 cents in the years immediately preceding the war. Sales (in billions of dollars) Percentage of total sales Further growth in instalment sales in 1949 was Year Total Cash a C c h co ar u g n e t I m ns e t n a t l- Cash a C c h c a o r u g n e t I m ns e t n a t l- due largely to record production and a sustained 1939.. 42.0 27.2 9.9 4.9 65 23 12 1 The survey—which is the eighth consecutive annual 1940. .: 46.4 29.7 10.9 5.8 64 23 13 study of credit-granting retail stores conducted by the 1941.. 55.5 35.6 12.8 7.1 64 23 13 1942.. 57.6 41.9 12.2 3.5 73 21 6 Board of Governors of the Federal Reserve System and the 1943.. 63.3 49.0 11.3 3.0 77 18 5 Federal Reserve Banks — was under the general super- 1944.. 68.8 54.3 11.6 2.9 79 17 4 vision of Ralph A. Young, Director of the Board's Division 1945.. 75.8 60.3 12.6 2.9 79 17 4 1946.. 100.3 77.2 18.0 5.1 77 18 5 of Research and Statistics, and the immediate direction of 1947.. 118.9 86.7 23.1 9.1 73 19 8 Homer Jones, Chief of the Consumer Credit and Finances 1948.. 130.0 91.3 26.6 12.1 70 21 9 Section. The individual store reports were collected and 1949.. 128.2 88.4 25.7 14.1 69 20 11 district data tabulated by the staff of each Reserve Bank. The 1949 survey covers nine trades and is based on data NOTE.—Estimates of total retail sales compiled by the Bureau of Foreign and Domestic Commerce, United States Department of from 8,728 stores, all of which transacted a part of their Commerce. Sales by type of transaction are based on data from business on credit. Totals include concerns submitting conthe Census of Business for 1939, projected for subsequent years solidated reports for multiple units, which in some cases according to Retail Credit Survey data. These data have been revised for the years 1943-48, inclusive. could not be classified by Federal Reserve districts. Copies of the 1949 Retail Credit Survey, which contains separate data for nine trades, may be obtained on request from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. JUNE 1950 655 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY-—1949 level of consumption for many durable goods of current needs. Lower mark-ons also contributed high unit value. Automobile sales were larger toward the decline in inventories which took place than at any time on record. Although sales of during the year. other major durable items slackened somewhat as supplies became more adequate and backlog de- SALES EXPERIENCE IN SELECTED TRADES mand gave way to replacement purchases, the The postwar rise in dollar volume of retail sales over-all demand remained at a high level. In order was generally reversed in 1949 at credit-granting to strengthen sales, retailers increased promotional stores covered by the Retail Credit Survey. Sales activities, lowered prices, and introduced less ex- declined at eight of the nine types of trade covered, pensive models. while at automobile dealers, which had shown a Another factor in the growth of instalment sales marked growth in business during the three prewas the relaxation of maximum instalment terms ceding years, a further expansion of 15 per cent under the Board's Regulation W during the spring occurred in 1949. For some of the groups—departof 1949 and termination of the regulation on ment stores, men's clothing stores, and women's ap- June 30, which permitted dealers to place renewed parel stores—the declines were the first since before emphasis on instalment purchases. Instalment terms the war. Percentage changes from 1948 to 1949 in on durable goods, which had generally been below sales of the credit-granting stores included in the the regulatory limits, were relaxed gradually. Some survey and the percentage distribution of such retailers offered long-term contracts with little or sales by cash and credit are shown in Table 2. no cash down payment, but usually the most lenient Since these data are based on sales of creditterms were reserved for the better credit risks. granting stores only, the proportion of sales trans- Throughout the year inventories were under- acted on credit is larger than if all firms were going some readjustment. In late 1948 and the covered for each kind of business, whether or not early months of 1949 demand slackened for many they granted credit. types of durable and nondurable goods, and re- The eight classes of reporting business other than tailers reduced their stocks. Moreover, increased automobile dealers reported retail sales declines supplies and shorter delivery schedules enabled ranging from 3 per cent for automobile tire and retailers to scale their purchases more closely to accessory stores to 9 per cent at hardware and TABLE 2 RETAIL SALES BY TYPE OF TRANSACTION AND BY KIND OF BUSINESS Stores reporting in 1949 Retail Credit Survey Percentage change 1948^49 Percentage of total sales 2 Kind of business re o N p f u o s m r t t o i b n r e e g r s * Total Cash a C c h c a o r u g n e t - I m ns e t n a t l- Cash a C c h c a o r u g n e t I m ns e t n a t lsales sales sales sales 1949 1948 1949 1948 1949 1948 Department stores 1,807 - 6 - 9 - 3 + 3 52 54 37 36 11 10 Men's clothing stores 537 -14 - 2 + 4 48 51 47 45 5 4 Women's apparel stores 733 - 7 -16 44 45 52 51 4 4 Furniture stores 1,277 -18 -13 - 2 17 19 18 20 65 61 Household appliance stores 1,142 - 7 -16 -17 + 8 27 30 26 29 47 41 Jewelry stores ...... 574 - 9 -16 - 5 35 38 25 24 40 38 Hardware stores 780 - 9 -11 - 9 + 13 41 42 54 54 5 4 Automobile dealers 1,014 + 15 + 8 - 1 +53 57 60 17 20 3 26 3 20 Automobile tire and accessory stores 864 - 3 -10 - 6 + 16 46 49 30 31 24 20 1 The extent of coverage in the various trade groups is indicated by the following comparisons of the sales volume of the reporting credit-granting stores with the estimated total sales volume of all stores for each trade: Department stores, 65 per cent; furniture stores, 18 per cent; men's clothing stores, 13 per cent; jewelry stores and women's apparel stores, 9 per cent; automobile tire and accessory stores, 8 per cent; hardware stores, 7 per cent; household appliance stores, 6 per cent; automobile dealers, 5 per cent. Because there were more than 500 stores in each trade group, it is believed that even this degree of coverage affords reliable indication of trends. Related to the sales of credit-granting stores only, sample coverage would be considerably larger. 2 Since the survey is composed of credit-granting stores only, the proportion of total sales transacted on credit is larger than it would be if ail stores were included. 3 The proportion of instalment sales reported by automobile dealers is believed to be substantially understated because of the accounting methods used in handling instalment paper sold. See footnote 2, on the rext page. 656 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1949 jewelry stores. Sales of household appliance stores, creased by 6 percentage points. The relative imwhich had been well maintained during the first portance of instalment sales at household appliance three quarters of 1948, fell considerably below that stores increased from 41 to 47 per cent, although level in the first half of 1949 and, even with record the dollar volume of such transactions was only Christmas sales of television and appliances, were 8 per cent larger than in the preceding year. Other 7 per cent short of the preceding year's total. large increases in instalment business were reported Furniture store sales were in smaller dollar volume by automobile tire and accessory and by hardware than in 1948 throughout most of the year, showing stores, 16 per cent and 13 per cent, respectively, in the aggregate a decline of 7 per cent. while the proportion of sales made on instalment Credit-granting stores selling primarily non- increased from 61 to 65 per cent at furniture stores durable goods showed a reduction in sales volume and from 20 to 24 per cent at automobile tire and of about the same magnitude as durable goods out- accessory stores. Instalment business of women's lets. At both men's clothing and women's ap- apparel stores, which accounts for only a small part parel stores sales fell 8 per cent below those of of their total sales, was more sharply curtailed than a year earlier, with declines registered in nearly at other outlets. every month. Department stores, on the other Charge-account transactions were reduced in dolhand, were /able to maintain a somewhat more lar volume at each of the nine kinds of outlet, and favorable comparison largely because of the diver- cash sales were down for all except automobile sified character of their merchandise. Sales of dealers. The increase in cash sales of automobile this group were down 6 per cent. dealers may reflect to some extent their method of The over-all decrease in dollar sales of retail handling instalment paper sold.2 outlets in 1949 was attributable in substantial CHARGE-ACCOUNT SALES AND RECEIVABLES measure to the moderate decline in prices of many consumer items, which began late in 1948 and con- Charge-account sales of all retail establishments tinued during most of 1949. Lower prices were re- decreased moderately to 25.7 billion dollars in 1949. flected in sales at most of the nine selected out- This is the first annual decline in charge-account lets except automobile dealers and automobile tire business since 1943, when sales volume was affected and accessory stores. Because of these lower prices, by wartime shortages of goods and by credit restricthe volume of merchandise sold declined rela- tions. Such sales constituted 20 per cent of the tively less than dollar sales, and in a number of total in 1949, a slightly smaller proportion than cases probably increased somewhat. in the preceding year and 3 percentage points less Credit transactions in 1949 continued to increase than in the early forties. in relative importance at all retail outlets covered The largest declines in charge-account sales, 17 by the survey. In general, the durable goods lines and 13 per cent, respectively, occurred at housereported a more extensive use of instalment credit, hold appliance and furniture stores, reflecting the while those classified as nondurable built up their extension of more instalment credit. At four types charge-account sales relative to the total. Auto- of outlet—department, men's clothing, women's mobile dealers and household appliance stores led apparel, and jewelry stores—charge-account busiin the increased use of instalment credit, followed ness declined relatively less than total sales, and closely by automobile tire and accessory stores and the proportion of business transacted on this type furniture stores. At clothing stores and depart- of credit increased by 1 or 2 percentage points over ment stores, where charge accounts are the pre- that of the preceding year. ferred type of credit, charge-account sales increased Changes in charge-accounts receivable during relative to the total in 1949. 1949 were less marked than changes in sales of Instalment sales increased at six of the nine kinds that type. The total outstanding on all retail charge of business covered, and the relative importance of 2At a few stores customarily selling all instalment paper instalment sales increased in all trade lines except as soon as it is written, sales of this type are entered on the men's apparel. Automobile dealers continued, as books as cash transactions since total payment is received by in the two preceding years, to report the greatest the retailer at the time of the sale. Therefore, cash transactions of automobile dealers and perhaps of household apexpansion in instalment business—53 per cent— pliance stores may be somewhat overstated, with a comand the proportion of sales made on instalment in- pensating error appearing in the instalment segment. JUNE 1950 657 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1949 accounts increased slightly more than 1 per cent A rapidly growing interest in television sets and over the year-period and on December 31 was a greater use of instalment credit in purchasing estimated at 3.9 billion dollars. During the early these and other durable goods also contributed months of 1949 there was a net liquidation of to the increase. The rate of expansion in instalcharge-account indebtedness which was partially ment sales in 1949, however, was only about oneseasonal in character. After the first quarter, the half the 1948 rate—33 per cent—and around oneamount outstanding remained slightly below pre- fifth the annual rate in 1946 and 1947 when this ceding-year levels until the Christmas indebtedness type of business was comparatively small. was entered on the books. The slackening in growth of instalment sales in Year-end charge accounts receivable of the nine 1949 reflected the fact that in the early months reporting trade lines ranged from 4 per cent below of the year many consumers chose to postpone those on the corresponding date of the preceding purchases of major items in plentiful supply in anyear to 6 per cent above, as shown in Table 3. ticipation of lower prices and wider selection among The largest increase was shown by household ap- the medium- and low-priced models. By midyear, pliance stores which, as has already been indicated, however, consumers were taking a more optimistic reported the greatest decline in charge-account sales. view of business conditions and the future. A These diverse movements probably resulted in large high level of construction, with the accompanying part from resumption in 1949 of the practice of ex- need for new furnishings and equipment, and retending on open accounts credit for as long as 90 and laxation and subsequent termination of instalment 120 days. This brought the ^average repayment credit controls were two factors contributing toperiod for charge accounts of appliance stores from ward larger purchases of consumer goods on deless than 50 days in 1948 to more than 60 days in the ferred credit during the latter part of 1949. Retailfollowing year. A considerable lengthening of the ers also sold some slow-moving items and off-season average repayment period occurred also at furni- merchandise through price concessions and liberal ture stores where there was a more widespread use credit terms. Consequently, outstanding consumer of longer-term charge-account credit than a year instalment credit originated by dealers increased earlier. In 1949 charge accounts receivable of these about 38 per cent during the year to 6.2 billion stores were collected, on the average, in about 74 dollars on December 31, 1949.4 days, as compared with 65 days in 1948. The Automobile dealers, which showed the largest collection period for men's clothing stores ranked increases in instalment sales of any lines covered, second with an average of 69 days, 5 days longer reported an even more marked growth in instalthan a year earlier. Women's apparel, jewelry, ment receivables. Similarly, at other durable goods household appliance, and department stores also outlets that reported large gains in instalment sales collected their open credit accounts more slowly in 1949, averaging 60 days or more. fications have different meanings for the various kinds of business. The size range for each, based on 1949 annual Among the durable goods outlets, the smaller sales, in thousands of dollars, is indicated below: firms generally permitted a substantially longer liquidation period than the larger firms.3 Auto- Kind of business Small Medium Large mobile dealers as a group adhered more closely to a 30-day definition of charge accounts than any D M e e p n a 's r t c m lo e t n h t i n st g ores. Under 1,000 1,000 to 10,000 10,000 and over other group in the survey, but even in this group stores Under 250 250 to 1,000 1,000 and over Women's apparel practices differed with size of business. stores Under 250 250 to 1,000 1,000 and ove: F H u o r u n s i e t h u o re ld s to ap re p s li . - .. Under 200 200 to 500 500 and ove; INSTALMENT SALES AND RECEIVABLES ance stores Under 100 100 to 250 250 and ove; Jewelry stores.... Under 100 100 to 500 500 and ove: Hardware stores. . Under 100 100 to 500 500 and ove: Instalment sales at retail establishments in- Automobile dealcreased 16 per cent in 1949 to an estimated 14.1 Au e t r o s mobile tire Under 250 250 to 500 500 and over billion dollars. As indicated earlier, a sustained and accessory stores Under 50 50 to 100 high level of activity in the new passenger car 100 and over market accounted for a substantial part of this rise. 4 This figure does not purport to cover the extent to which sales are made possible through instalment borrowing from 3 Reporting firms are classified as small, medium, and banks and other lenders- These sales would appear as cash large on the basis of 1949 annual sales volume. These classi-on the retailers' books. 658 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1949 —automobile tire and accessory stores, hardware 3, that they sold paper equivalent to 53 per cent stores, and household appliance stores—there was of their instalment sales volume last year coma more than proportionate rise in year-end out- pared with 49 per cent in 1948 and a somewhat standing balances. Instalment business at furniture smaller proportion in other postwar years. These stores in 1949 did not top the preceding year's proportions, however, are afifected by the accountfigures until the third quarter of the year; although ing practices of some automobile dealers, which the year's sales of this type declined slightly, ac- tend to understate both instalment sales and instalcounts receivable on December 31 were one-fifth ment paper sold.5 larger than at the end of 1948. Women's apparel Instalment paper sold by household appliance stores were the only group surveyed that showed stores and hardware stores in 1949 amounted to a decrease in instalment accounts receivable, but more than one-fifth of their instalment business, in this instance it was accompanied by a marked an increase of about 5 percentage points from the decline in instalment sales. preceding year. At these types of outlet the smaller The average period for liquidation of instalment firms customarily finance a greater share of their accounts in 1949 was somewhat longer than in 1948 credit operations through sale of paper than is the at most of the types of stores covered. Automobile case for either the larger stores or the multiple-unit dealer credit was outstanding, on the average, ap- firms, which cannot be classified by size of outlet. proximately seventeen months last year, about one Some dealers, especially the larger ones, who assign month longer than in the preceding year. For six of paper to a bank or other lender include the figures the nine outlets the average liquidation period in their receivables and collections, and accordranged from eleven to thirteen months representing, ingly such paper is not included with the amount in most cases, a lengthening of one or two months sold. from the 1948 average. Men's clothing and women's With increased sales of durable goods, departapparel stores continued to collect their instalment ment stores also have sought more aid from lenders accounts in about the same periods as in 1948, in order to finance their instalment business. The that is, approximately eight and six months, 1949 sale of paper by such stores represented respectively. only one-tenth of their annual instalment volume, but the proportion was almost double that of the INSTALMENT PAPER SOLD preceding year. Automobile tire and accessory stores sold about one-eighth of their paper, little Retailers financed a larger proportion of their more than in 1948. Others included in the survey instalment sales through banks, finance companies, retained the bulk of their paper. and others in 1949 than in the preceding year. Automobile dealers indicated, as shown in Table 5 See footnote 2 on page 657. TABLE 3 RETAIL ACCOUNTS RECEIVABLE Stores reporting in 1949 Retail Credit Survey Percentage Average collection period change in for accounts receivable Instalment accounts paper sold as Number receivable percentage of Kind of business of stores during 1949 Charge account Instalment instalment sales reporting (in days) (in months) Charge Instalaccount ment 1949 1948 1949 1948 1949 1948 Department stores 1,679 + 2 + 14 60 59 13 12 10 6 Men's clothing stores 512 + 4 + 8 69 64 8 8 2 1 Women's apparel stores 560 - 2 - 9 65 63 6 6 1 0) Furniture stores 1,030 0) +20 74 65 12 11 3 2 J H e o w u e s l e r h y o l s d to r a e p s pliance stores 1,0 5 1 2 6 2 + C 1 6 ) + + 3 9 3 6 6 1 1 4 5 9 9 1 1 2 1 1 1 0 1 2 0 1 ) 1 C1 6 ) Hardware stores 706 - 4 +33 55 53 11 9 21 16 Automobile dealers 938 - 3 +73 33 34 17 16 53 49 Automobile tire and accessory stores 707 + 5 +52 42 38 11 9 12 11 1 Less than one-half of 1 per cent. JUNE 1950 659- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1949 INVENTORIES C stores, showed a slightly smaller reduction in stocks on hand. At the end of the year the dollar volume During the three years immediately following of stocks at these outlets amounted to about onethe war, most retailers attempted to build up and third of the year's sale volume. balance their inventories as merchandise which Automobile dealers' inventories of new and used had been in short supply again became readily cars at the end of 1949 were 7 per cent less than a available. The inventory position established was year earlier. The decline reflected largely reduced one for a rising volume of sales at increasing prices. prices of used cars and curtailed production of With the softening in demand in many retail new passenger cars late in the year as a result of lines late in 1948, some adjustment of inventory model change-overs and reduced steel supplies. position was undertaken, and 1949 was a year of During 1949 the continued large demand for new inventory reduction, particularly at outlets han- cars, the higher production rate, and improved dling major housefurnishing items for which earlier delivery of nearly all models resulted in a turnthere had been a period of pressing demand to over ratio of about once a month at large dealers meet deferred needs. With some softening of de- and multiple-unit outlets. This represented a mand, more rapid delivery of merchandise, some substantial acceleration from the 1948 average. price declines, and more uncertain prospects, mer- Among small dealers, however, the turnover was chants became reluctant to carry stocks as large as somewhat less than once in two months and was those maintained a year earlier. about the same in 1949 as in 1948. • Apparel stores reduced their inventories but without change Household appliance stores reporting in the surin the over-all turnover rate, although some changes vey reduced the dollar volume of inventories by occurred by size of outlet. These outlets prob- 15 per cent during the year. At these outlets, as ably have increased their attempts to bolster deshown in Table 4, the rate of turnover in 1949 clining sales with promotional merchandise purwas approximately four times a year compared with chased in bulk at special prices. Orders for future 3.7 times in 1948. Furniture stores, which handle delivery have been kept at a reduced level in many of the same items as household appliance order to permit the most advantageous use of bargain merchandise. Small stores generally re- 6 The inventory information was dropped from the Retail ported a somewhat slower rate of turnover than Credit Survey schedule for 1948, but was reinstated in the the lamer outlets. 1949 schedule. TABLE 4 INVENTORIES BY KIND OF BUSINESS AND BY SIZE OF STORE Stores reporting in 1949 Retail Credit Survey Inventory turnover by size of store x Percentage Not Kind of business changes Total Small Medium Large classified during 1949 by size 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 Department stores - 6 4.9 4.9 3.6 3.7 4.9 5.0 5.3 5.3 4.3 4.2 ]Vfen's clothing stores y 3.2 3.2 2.4 2.5 3.0 3.1 4.1 4.1 3.1 3.1 Women's apparel stores - 7 4.9 4.9 4.0 3.7 5.1 4.9 4.9 4.9 4.9 5.3 Furniture stores -13 3.2 2.9 2.5 2.5 2.8 2.6 3.2 2.9 3.5 3.3 Household appliance stores -15 4.0 3.7 3.6 3.4 4.5 4.2 5.0 4.7 3.4 3.1 Jewelry stores - 4 1.6 1.7 1.3 1.5 1.6 1.7 1.5 1.5 1.8 2.0 Hardware stores — 4 3 3 3 5 2 4 2.5 2.9 3 1 3 1 3 2 4 2 4 4 Automobile dealers. - 7 11.7 9.4 5.5 5.6 8.4 7.7 12.4 9.7 12.2 10.4 Automobile tire and accessory stores - 9 3.8 3.6 2.5 2.5 3.7 3.6 4.9 4.6 3.5 3.3 1 Turnover is the ratio of sales for the year to year-end inventory. For basis of size classification, see footnote 3, page 658. NOTE.—Figures in this table are based on inventories at retail prices. 660 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL Given below is the text of the second special subjects at biennial intervals are required of the report of the National Advisory Council on the Council under the terms of Section 4 (b) (6) of operations and policies of the International Mone- the Bretton Woods Agreements Act. This report tary Fund and the International Ban\ for Re- was transmitted by the President to Congress on construction and Development. Reports on these May 31, 1950* CHAPTER I—INTRODUCTION The National Advisory Council is directed by of the principal matters of interest in relation to Section 4(b)(6) of the Bretton Woods Agreements the Fund and the Bank. These matters will not Act biennially to submit a special report to the be covered again, except in so far as they are President and the Congress on the operations and directly related to the broader questions of policy policies of the International Monetary Fund and discussed in the present report.2 the International Bank for Reconstruction and De- In its First Special Report the Council noted the velopment These reports are to cover "The extent extensive economic difficulties of the world conto which the Fund and the Bank have achieved sequent upon the war. At that time the economies the purposes for which they were established; the of many countries, particularly in Europe, were extent to which the operations and policies of the suffering from shortages of raw materials and fuels, Fund and the Bank have adhered to, or departed attrition of capital equipment, and disorganization from, the general policy directives formulated by of production and of trade both within countries the Council, and the Council's recommendations in and among countries. The report noted various connection therewith; the extent to which the opera- ways in which the world had been attempting to tions and policies of the Fund and the Bank have cope with the problems of production, trade and been coordinated, and the Council's recommenda- employment, and also summarized very briefly the tions in connection therewith; recommendations on United States' contributions to the process of rewhether the resources of the Fund and the Bank construction. The First Special Report was preshould be increased or decreased; recommenda- sented after the Congress had passed the enabling tions as to how the Fund and the Bank may be legislation for the European Recovery Program, but made more effective; recommendations on any before appropriations for the program had been other necessary or desirable changes in the Articles made. of Agreement of the Fund and of the Bank or in Partly as the result of reconstruction programs this Act; and an over-all appraisal of the extent to sponsored by the United States, the economic situawhich the operations and policies of the Fund and tion of the world at the present time appears far the Bank have served, and in the future may be more satisfactory than when the previous report expected to serve, the interests of the United States was submitted. In Europe particularly great and the world in promoting sound international strides have been made in the recovery of produceconomic cooperation and furthering world se- tion. With the recovery of production there has curity." x also been a recovery in world trade, though the In the period intervening since the submission recovery of trade has probably not reached the of its First Special Report, the Council has sub- point of expansion that had been expected by the mitted to the President and to the Congress, in Bretton Woods Conference. accordance with Section 4(b)(5) of the Act, four The Articles of Agreement of the International semiannual reports on its activities. In each of Monetary Fund were predicated on the expectation these reports there has been included a discussion that within a period of a few years following the end of hostilities, world trade would be restored # For text of the first special report, see Federal Reserve to a multilateral basis, with the elimination by the BULLETIN for July 1948, pp. 794-809. member countries of restrictions on international 1 Public Law 142, 81st Cong., which amended portions payments for current account. It was expected that of the National Bank Act and the Bretton Woods Agreements Act, requires this report to include additional matters regarding the International Bank. These questions are 2 This report covers the two-year period ending Mar. 31, treated below, p. 664. 1950. JUNE 1950 661 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL the currencies of the world would again become Charter provides for consultation and cooperation convertible for international transactions on cur- between the ITO and the Fund in other matters rent account. These expectations have not been of common interest. The combined activities of realized. On the contrary, a large and persistent these organizations should eventually bring closer disequilibrium in the dollar accounts of most coun- to realization their common ideal of expanding tries in the world required them to draw heavily multilateral trade intended to raise levels of proon their gold and dollar reserves. This not only duction and real income throughout the world and gave rise to the need for special aid, such as the should contribute to the stability of the flow of European Recovery Program, but greatly retarded income among the nations. the rate of progress which countries found it pos- Pending the entry into effect of the ITO Charter, sible to make in eliminating exchange and trade 26 countries have entered into a General Agreerestrictions and restoring effective currency con- ment on Tariffs and Trade, and additional counvertibility. Consequently, the Fund and the Bank tries are in process of adhering to this Agreement. have continued to operate in a world of restrictions The countries making this General Agreement and thus have been unable fully to realize their have agreed to certain international trade practices objectives and to carry out their activities in the as immediate steps looking forward to the entry way that was contemplated. In brief, the transi- into force of the more permanent provisions of the tional period contemplated by the Articles of ITO Charter and have agreed upon mutual re- Agreement has continued to the present time and ductions in tariffs and elimination of certain quanmay be prolonged until a substantial part of the titative restrictions on the movement of internamembers of the Fund can undertake the obliga- tional trade. There are also provisions for consultations of Article VIII of the Fund Agreement. This tion with the Fund in trade matters related to the situation has been reflected in the policies and balance of payments of the signatories and for speactivities of these institutions. cial exchange agreements with countries not in It was recognized by the Bretton Woods Con- the Fund. ference that the elimination of exchange restric- In the last two years two additional members tions of itself would prove inadequate to the attain- have joined the International Bank and the Interment of the Fund's purposes of expanding world national Monetary Fund, and one, Poland, has trade and nondiscnminatory currency practices un- withdrawn, so that they have a present membership less barriers to trade in the form of quantitative re- TABLE 1 strictions, import and export controls, and similar MEMBER COUNTRIES OF THE INTERNATIONAL MONETARY FUND devices, which easily could negate freedom of ex- AND THE INTERNATIONAL BANK FOR RECONSTRUCTION AND change transactions, also were drastically reduced. DEVELOPMENT, AS OF MARCH 31, 1950 The Conference in its Resolution VII inter alia Australia El Salvador Nicaragua called upon the nations to deal internationally with Austria Ethiopia Norway the problem of reducing trade regulations and re- Belgium Finland Panama Bolivia France Paraguay strictions and other nonfinancial barriers to world Brazil Greece Peru trade, and Section 14 of the Bretton Woods Agree- Canada Guatemala Philippines ments Act declared that it was the policy of the C Ch h i i l n e a H Ic o e n la d n u d ras S T y h r a i i a land United States to bring about further international Colombia India Turkey economic cooperation to attain these ends. Costa Rica Iran Union of South Africa Cuba Iraq United Kingdom After a succession of conferences a Charter for Czechoslovakia Italy United States the International Trade Organization has been Denmark Lebanon Uruguay formulated and submitted to the Congress and the Dominican Republic Luxembourg Venezuela Ecuador Mexico Yugoslavia legislatures of other nations. The code of interna- Egypt Netherlands tional trade practices embodied in the ITO Charter will form a valuable adjunct to the provisions of of 47 countries. Of the original signatories only the Fund Articles regarding international cur- Haiti, Liberia, New Zealand, and the Soviet Union rency and exchange practices. Under the proposed have not become members, while Austria, Finland, ITO Charter the Fund is given certain responsi- Italy, Pakistan, Thailand, and Turkey, which did bilities with regard to balance-of-payments ques- not participate in the Bretton Woods Conference, tions arising under the Charter. Special exchange have been admitted to membership.3 agreements with the ITO are to be required in the case of countries not members of the Fund so that 3 Haiti, Liberia, and Pakistan have been admitted to membership but have not as yet assumed the obligations of they assume obligations in exchange matters commembers by signing the Articles of Agreement and paying parable to those of Fund members. The ITO their subscriptions. 662 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL CHAPTER II—INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT The International Bank was established to make In accordance with Section 7(c) of the Bretton and guarantee loans for postwar economic recon- Woods Agreements Act and Article V, Section 12 struction and the economic development of its of the Bank Agreement, the United States submember nations as a means of realizing the more stituted noninterest bearing notes for that part general objectives of international economic coop- of the United States subscription not currently eration, the growth of international trade, the needed in the Bank's operations. In consequence maintenance of equilibrium in the balances of of the Bank's use of the United States subscription payments of members, and raising the standards for making loans, the entire amount of the United of living of the member countries. States subscription has now been converted into cash so that no notes of this issue are outstanding 1. CAPITALIZATION AND FINANCING OF THE BANK'S at this time. OPERATIONS The Bank may make direct loans from the por- The Articles of Agreement of the Bank au- tion of the capital subscribed and paid in by the thorize a capital of 10 billion dollars. The original members, or from borrowed funds. The Bank has signatories were to subscribe 9.1 billion dollars of issued securities on the market in the United States this amount, with the balance available for such and in Switzerland, a nonmember country. As new members as might eventually be admitted. noted in previous reports of the Council, the The present subscribed capital of the Bank is United States has given the Bank permission, in $8,348,500,000. The capital of the Bank consists accordance with the Articles, to float securities in of three portions: (1)2 per cent of each member's the United States market. On July 15, 1947, the subscription paid in gold or dollars, except that Bank issued 100 million dollars par value of 10-year those countries formerly occupied by the enemy 2y per cent bonds due July 15, 1957 and 150 mil- 4 may defer part of their payment; (2) 18 per cent lion dollars of 25-year 3 per cent bonds due July 15, of the capital paid in the member's own currency; 1972. On January 25, 1950, the Bank, after perand (3) 80 per cent of the capital subject to call mission had been granted by the Council, sold an only to meet obligations of the Bank and payable issue of 100 million dollars of 2 per cent serial in the currency required by the Bank to meet its bonds which will mature at an annual rate of 10 obligations. On the 2 per cent payment, the total million dollars between 1953 and 1962. These received has been $162,055,000 and $4,915,000 has bonds were issued to retire the outstanding 10-year been deferred. Of the total paid in capital, equiva- 254 per cent bonds. While the first issues of the lent to $1,664,785,000, the United States has paid Bank's securities were sold directly to investors, in $635,000,000. Gold and dollar payments by the 1950 issue was sold by competitive bidding to other countries have provided the Bank with $98,- a syndicate of banking houses, including com- 555,000 which can be used without restriction for mercial banks. Since the coupon rate was relending operations. The 18 per cent payment may duced by lA per cent and the new bonds were sold be used only with the consent of the member to the syndicate at a premium of $559,000, the cost country. of money to the Bank has been reduced more The United States Government, acting through than $1,250,000 annually. At the same time the the National Advisory Council, has given its con- maturities of the bond issues will correspond more sent to the use of the subscription of the United closely to the serial repayments of loans to the Bank. States. The Governments of Belgium, Canada, The Bank has also issued two series of bonds Denmark, and the United Kingdom have also denominated in Swiss francs. In 1948 the Bank authorized the use of part of their capital subscrip- sold an issue of 2% per cent bonds in the amount tion for lending purposes in amounts aggregating of 17,000,000 Swiss francs (equivalent to approxithe equivalent of about 13.3 million dollars.4 While mately 4 million dollars) to the Bank for Interthe Bank has been anxious to secure permission national Settlements, and in 1950 an issue of bonds from the member governments to use their capital with the same coupon rate in the aggregate amount subscriptions for lending purposes, governments of 28,500,000 Swiss francs (approximately 6.6 milother than those specified have not as yet seen fit lion dollars), was sold to a group of Swiss banks. to grant such permission. Both of these issues were purchased by the banking institutions for investment purposes and were 4 In addition to this amount the United Kingdom has not offered to the public. The bond issues were agreed, in principle, to the release of an equivalent of floated to obtain Swiss francs to enable the Bank 2.8 million dollars, subject to specific approval in individual cases as they arise. to provide funds for certain purchases of Swiss JUNE 1950 663 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL materials and equipment and to extend the market ing the operations of the Bank, and the recomfor the Bank's securities. mendations of the Council as to any modifications The loans made by the Bank up to the present it may deem desirable in the provisions of the Act. time have been derived from the capital subscription Section 15(a) of the amended Act exempted the of the United States and, to a very small extent, securities of the Bank from certain provisions of from the capital funds provided by other coun- the Securities Act of 1933 and the Securities Extries. The total loans made by the Bank to change Act of 1934 on condition of filing reports March 31, 1950, less cancellations, have amounted with the Securities and Exchange Commission. to 737.7 million dollars, of which 595 million has This amendment was supported by the Council in been disbursed, while the amount available from order to facilitate the wider distribution in the members' subscriptions for loan purposes has aggre- United States of securities issued or guaranteed by gated 746.9 million. The bulk of the funds ob- the International Bank. Since enactment of the tained by the sale of securities has not as yet amendment in June 1949, the Bank has distributed been loaned, and the Bank has invested the pro- only one issue of its securities, the 100 million dolceeds along with other surplus cash in United lars of bonds maturing serially from 1953 to 1962 States Government obligations to a total amount mentioned above, which was sold in January 1950 of 433.6 million dollars, as of March 31, 1950. These at competitive bidding to a syndicate consisting of investment securities have earned over 4 million 99 investment bankers and 37 commercial banks. dollars per annum for the- Bank. The accumu- The participation of the commercial banks was lated interest from these investments and other made possible by the amendment to the National earnings of the Bank are available for additional Bank Act. loans by the Bank, since the Board of Governors In view of the short time that has elapsed and at the annual meetings has voted not to distribute the fact that there has been only one issue of the the Bank's current earnings, thus providing addi- Bank's bonds since the adoption of the amendtional security for Bank obligations. ment, the Council does not believe it possible as The Articles of Agreement of the Bank also yet to judge the effectiveness of Section 15(a) in authorize the Bank to guarantee loans made through securing a wider distribution of the Bank's seprivate investment channels, as well as to guar- curities and, accordingly, does not at this time antee securities in which it has invested, in order recommend any change. to facilitate resale to private investors. The original 2. THE BANK'S LOANS expectation that a considerable part of the Bank's business would take the form of guaranties of As of March 31, 1950, the Bank had made loan privately floated loans has not been realized in commitments (less cancellations) of 737.7 million practice, under the conditions prevailing in the dollars including a loan of 12.5 million dollars world. In two instances, however, the Bank has which, however, has not as yet become effective. resold to private investors with its guaranty se- The Bank retained in its portfolio 697.1 million curities received under its loan agreements. In dollars in securities arising from these loan trans- 1948 the Bank made a series of loans to four Neth- actions. erlands steamship companies in an aggregate During the first two years of its operations the amount of 12 million dollars. The securities arising Bank's loans were predominantly reconstruction from these loans were subsequently sold to a group loans made to the governments of European counof American commercial and savings banks. Simi- tries, or their agencies, i.e., France, the Netherlarly, the bonds arising from a loan of 16 million lands, Denmark, and Luxembourg. In the case dollars made directly to the Kingdom of Belgium of France, the Netherlands, and Denmark, the were resold at private sale to a group of New loans made in 1947 were general purpose recon- York savings banks and a life insurance company. struction loans which assisted these countries in The National Advisory Council, on behalf of the carrying on their reconstruction programs, and United States Government, approved of these sales enabled them to secure needed supplies of materials of securities in the markets of the United States. and equipment in the United States. The loan to Section 15(b) of the Bretton Woods Agreements Luxembourg (1947) was to finance construction Act, as amended by Public Law 142, 81st Cong., work for a steel mill and to provide rolling stock requires that the biennial special reports of the for railways. The Council, through the United Council shall cover the effectiveness of the pro- States Executive Director, favored these loans, visions of Section 15(a) of the Act and the exemp- which made a valuable contribution to European tion for securities issued by the Bank, provided for recovery. It became clear, however, that the magniby Section 8 of the National Bank Act, in facilitat- tude of the European recovery problem was far 664 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL greater than had originally been anticipated and the Bank's activities to the underdeveloped counthat the needed program could not be financed en- tries in the belief that the raising of the productivity tirely or predominantly on a loan basis under the of their economies will contribute to world ecoconditions set in the Bank's Articles of Agreement. nomic prosperity and stability. For this reason, among others, the Council favored the European recovery proposals which were sub- TABLE 2 mitted to the Congress and enacted into law in 1948. STATUS OF INTERNATIONAL BANK LOANS The International Bank loans proved of great value As OF MARCH 31, 1950 in that they financed some of the most pressing reconstruction needs in the earlier period. Borrower com L m o i a tm n ent Di m sb e u n r t se- ba U la n n u c se e d of Since the beginning of the operations of the commitment Economic Cooperation Administration program of Total, all loans $737,706,983 $594,986,266$142,720,717 grants and loans, the International Bank has made only a few special purpose loans to European coun- Credit National (France) 250,000,000 250,000,000 tries. These were loans to the Netherlands steam- Kingdom of the Netherlands 195,000,000 195,000,000 ship companies for the purchase of ships, and to Brazilian Traction, Belgium for steel mills and power plants. The Light & Power Co., Ltd 75,000,000 31,338,474 43,661,526 Bank has also made loans to the Republic of Fin- Republic of India 44,000,000 26,710,118 17,289,882 land and the Bank of Finland (guaranteed by the Kingdom of Denmark. 40,000,000 40,000.000 Republic) for timber equipment, the moderniza- Fin si a o n n c i ( e M ra e x a i n c d o )1 Comi- 34,100,000 10,185,330 23,914,670 tion of the woodworking industry, electric power, Kingdom of Belgium. . 16,000,000 8,739,524 7,260,476 and limestone production. In 1949 it also made a Corporacion de Foloan to Yugoslavia for timber equipment. The mento (Republic of Chile) 16,000,000 4,891,304 11,108,696 loans to Finland and Yugoslavia are part of a proj- Herstelbank (Netherlands) 2 8,800,000 565,616 8,234,384 ect for relatively short-period financing of the purchase of timber equipment which would enable Rio Lempa Hydroelectric Commission (El these countries to produce and export to Western Salvador)3 12,545,000 12,545,000 Bank of Finland. ..... 12,500,000 1,327,599 11,172,401 Europe timber needed in the process of European Netherlands Shipping economic reconstruction. These loans should be Companies 12,000,000 12,000,000 of benefit to both the borrowing countries and the Grand Duchy of Luxembourg 411,761,983 11,761,983 countries cooperating in the European Recovery Caja de Credito Program. (Colombia) 5,000,000 866,909 4,133,091 Yugoslavia 2,700,000 1,584,548 1,115,452 In the last two years the Bank has directed its Republic of Finland.. . 2,300,000 14,861 2,285,139 major attention to development loans, particularly in Latin America. Thus, loans were made to Chile 1 Nacional Financiera and Comision Federal de Electricidad for hydroelectric and irrigation installations and are joint borrowers. 2 After cancellation of 6.2 million dollars, effective Mar. 17, 1950. the procurement of agricultural machinery. The 3 Agreement becomes effective after the Bank has received certain certificates and documents, and has notified the borrower loan to the Brazilian Traction, Light & Power Com- and guarantor of its acceptance of such evidence. pany, guaranteed by Brazil, was for power and 4 After cancellation of $238,017, effective Dec. 19, 1949. telephone installations, and the loan to Mexico was NOTE.—In all instances, loans have been made to or guaranteed by the respective governments. for power plants and power distribution. The Source. — International Bank for Reconstruction and Development. Bank has also approved a loan to El Salvador for an hydroelectric plant, and power distribution In addition to the loans which have been made, equipment, though this loan has not as yet be- the Bank has a variety of applications before it from come effective. The loan to Colombia was for other countries for various projects. As a general agricultural machinery. The Bank has also made practice, the Bank considers that it is desirable in a loan to India for railway rehabilitation and land the interest both of the borrower and of the Bank reclamation machinery, which will contribute to to have proposed projects carefully examined on the the badly needed agricultural development of the spot by groups of technicians designated by the country. These loans mark an important step in Bank. These studies have frequently resulted in a the development of the Bank's lending policy. They reformulation of the project so that some of the were made to underdeveloped countries for care- projects have been improved or their cost reduced. fully planned projects intended to increase their Many members without specific loan projects in economic productivity over a period of time. The view have asked the Bank for technical assistance Council, in concurring in the granting of these in the survey and study of their economies and loans, has looked with favor on the extension of their prospects for development. JUNE 1950 665 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL The National Advisory Council is of the opinion Executive Director who need not be a national that the Bank has contributed to the economic de- of the same country as the Executive Director. velopment of underdeveloped countries both In some instances the Executive Director and his through its loans and through its technical advice Alternate have been nationals of different countries and assistance. The Council believes that the Bank thus giving greater representation to the group of should play an increasingly important role in this members electing the Director. pattern of development and that it can be especially The Bank's Articles provide that the Executive valuable in assisting the member countries to direct Directors shall "function in continuous session at their economic development in ways which will the principal office of the Bank and shall meet effectively contribute to raising standards of living as often as the business of the Bank may require." and improving levels of production. Properly con- [Art. V, Sec. 4(e).] The experience of the fourceived development projects will also, by increasing year period has indicated that the business of the productivity, help these countries in financing their Bank is not such as to require frequent sessions of foreign exchange needs. the Executive Directors. The active negotiation The President of the United States has empha- of loans or the study of loan projects is carried sized the importance of technical assistance to the out by the staff of the Bank, under the President's underdeveloped countries in the Point Four Pro- direction, so that the main function of the Executive gram, which is under consideration by the Congress. Board is to give general guidance to the President The Bank's activities in this field are a valuable and to determine the terms of loans after a concontribution to economic development, fully conso- siderable period of study and negotiation. This nant with the United States international program. business can be transacted by a Board meeting at The Bank, by using technicians from various coun- less frequent intervals than the Fund Board whose tries, can give programs of technical assistance the problems and methods of operation are rather benefit of wider experience than would be available different. Some of the member countries accordfrom the United States alone. In this connection ingly have felt that it was undesirable to keep both it is significant that the Bank has entered into co- an Executive Director and an Alternate on a fulloperative arrangements with the International time basis in Washington. Other countries have Monetary Fund and with the United Nations for believed, however, that their interests in the Bank the provision of technical advice to member coun- could be best served by the retention of full-time tries and for undertaking technical studies directed Executive Directors and Alternates. toward economic development. It is expected that At the annual meeting of the Board of Governors the Technical Assistance Program will help to over- in 1948, a committee of Governors was established come some of the barriers to sound development to study this question and to submit its findings loans to underdeveloped countries, and will provide to the 1949 meeting. After discussion at the considerable assistance to countries in the presen- 1949 meeting, the Committee was enlarged in tation of projects which will meet the loan criteria membership and directed to submit a second reof the Bank. In this way it is hoped that the Point port to the Governors. This Ad Hoc Committee Four Program will make possible a more rapid in the early part of 1950 reported a plan whereby rate of expansion of loans by the International Bank. either the Executive Director, or the Alternate, but ordinarily not both, representing a country or 3. BANK ADMINISTRATIVE MATTERS group of countries, would be continuously avail- The organization of the Bank was provided for able at the seat of the Bank. They would ordinarily in the Articles of Agreement. Its Board of Gover- be paid on the basis of the portion of their time nors meets annually and the conduct of affairs be- actually devoted to the Bank, and might perform tween meetings of the Governors is in the hands other function for their countries. Where, howof the Executive Directors, to whom the Gover- ever, special circumstances existed, an Executive nors have delegated all of their powers except Director might arrange with the Bank's President those which have been reserved exclusively to for simultaneous full or part-time service of both the Governors by the Articles of Agreement. The himself and his Alternate. In this way there would five countries with the largest subscriptions have be the maximum of flexibility in the arrangements the privilege of naming Executive Directors to of the various members. Under the revision of represent them, while the remainder of the Board the by-laws of the Bank, approved by the vote of is elected by the countries with smaller subscrip- the Governors on March 30, 1950, this system will tions. Thus, the elected directors represent several go into effect at the meeting of the Governors in countries, with the number varying from two to September 1950. ten. Each Director in turn appoints an Alternate In line with the objective of the new by-laws, the 666 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL United States Government has appointed as its the fiscal year ending June 30, 1947, to $938,600. Executive Director of the Bank an Assistant Secre- Since that period, however, the Bank's income has tary of the Treasury, who receives no compensation increased, so that in the fiscal year ending June 30, from the Bank, but carries on the duties of Execu- 1948, there was an excess of income over expenses tive Director in addition to his normal duties in of 4.1 million dollars, in the fiscal year 1949 of the United States Government. He is assisted by 10.6 million, and in the nine-month period ending an Alternate Executive Director who divides his March 31, 1950, 9.9 million. Thus, though it was time between the Fund and the Bank. Somewhat not intended as a profit-making institution, the similar arrangements have been made by a number Bank has been able to add to its surplus which, on of other countries, which have designated part- March 31, 1950, stood at 23.5 million dollars. In time Directors or Alternates. addition, the Special Reserve held against the The Bank's Articles provide for an Advisory Bank's liabilities, amounted to 12.2 million dollars. Council of seven or more persons elected for a For the nine months ending March 31, 1950, the two-year term by the Board of Governors. This lending operations of the Bank (interest, commis- Advisory Council has included representatives of sions, commitment, and other incidental charges) banking, commercial, industrial, labor, and agri- produced gross revenue of 19.2 million dollars. Of cultural interests, as distinct from ordinary na- this amount 4.2 million dollars, equal to the comtional interests as represented in the Board of missions, was added, in accordance with the Executive Directors. The members have been Articles, to the Special Reserve against the Bank's designated after consultation with the international liabilities. The funds derived from the sale of its organizations in these fields. The Advisory Coun- securities and other funds not immediately needed cil selected in 1948 held sessions in 1948 and 1949, in the Bank's operations, as well as the Special Reat which it discussed various problems in connec- serve Fund, have been invested in United States tion with the Bank's operations but found that it securities which, in the nine-month period, yielded was unable to agree upon any recommendations an income to the Bank of 3.8 million dollars. Exand, in fact, at its last session made no formal penses for this period aggregated 8.9 million dollars. report to the Bank. It was the opinion of the At their annual meetings, the Board of Governors Chairman of the Bank's Advisory Council, as well has voted not to distribute the net income of the as a majority of the members that, as presently Bank but to add this income to the Bank's operating constituted, the Bank's Advisory Council served funds. If a dividend were to be declared, the little useful purpose. Accordingly, at the 1949 Bank's Articles of Agreement provide for a premeeting of the Board of Governors a new set of ferred dividend of up to 2 per cent of the amount councilors was not elected, and the Executive of a member's subscription used in loans. Since Directors have been instructed to study methods the bulk of the loans has been made in United whereby the intention of the Articles could be States dollars, the bulk of any dividend would thus more satisfactorily accomplished by a reconstitu- accrue to the United States Government. In the tion of the Council through a different selection of opinion of the National Advisory Council it has members, or otherwise. The National Advisory been preferable to keep the Bank's earnings avail- Council concurs substantially in the conclusion that able to the Bank to add to its available capital and the Bank's Advisory Council in its present organiza- surplus as an additional guaranty of the Bank's tion and with its present terms of reference has not obligations which have been issued on the market, made a valuable contribution to the work of the and to provide additional funds against the con- Bank. tingency of possible default. 4. FISCAL RESULTS 5. CONCLUSIONS AND RECOMMENDATIONS The International Bank was established as a co- The National Advisory Council believes that operative venture in financing reconstruction and the Bank has made considerable progress in carrydevelopment. As such, it was not a primary objec- ing out the functions entrusted to it by the Articles tive that the Bank should earn a large profit but of Agreement. The loans made by the Bank in merely that its operations should be conducted with the initial period of postwar reconstruction have a prudent regard to the interests of all of the mem- been of value in assisting the recovery of the Eurober nations, the soundness of its loans, and the pean countries. From the vantage of the present safety of the securities sold by it to the public. time, it is apparent that the total requirements of During the first period of its operations, before the European countries for goods needed to restore interest on loans accrued to the Bank in large their economies to approximately prewar levels has amount, the Bank operated at a loss amounting in involved funds far in excess of the amount which 667 JUNE 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL could be supplied by the Bank under the terms of markets of the member countries. Under the conits Articles and the conditions of financial markets. ditions of currency inconvertibility and the main- The foreign economic assistance programs of the tenance of exchange and other controls, particularly United States since 1945 have amounted to several on capital transactions, which have prevailed up to times the total authorized capital of the Interna- the present, the Bank could, in practice, raise capital tional Bank. Moreover, it is also clear that it would funds in large amount only in the American finanhave been practically impossible to finance the Euro- cial market. The Bank has obtained a small pean Recovery Program on a loan basis without amount of Swiss franc funds and it has been greatly impairing the future balance-of-payments authorized to use a very small percentage of the position of the participating countries and creating capital subscription of countries other than the international financial difficulties in future years, United States. It does not appear that for the imin view of the problem of prospective world balmediate future the Bank will be able to obtain ances of payments. The Bank, however, may be nondollar funds in an amount large enough to add expected in the future to make loans to European greatly to its lending capacity. governments or to enterprises whose loans will be The Council believes that the methods of consulguaranteed by governments. tation with the United States representatives on the The Bank is making an increasing contribution Bank and other agencies engaged in international to the economic development of underdeveloped financial transactions, have provided satisfactory member countries. It has made loans for hydrocoordination in the light of the broad objectives of electric and other power projects which should in- United States international policy. In its opinion crease the productive capacity of the borrowing the operations of the Bank have contributed to procountries. It has made loans for agricultural demoting international economic cooperation and velopment programs which should add to the furthering world security. The Council does not ability of the borrowing countries to feed their believe that the United States subscription to the populations and to provide commodities for export. The Bank has also, through its missions and tech- capital stock of the Bank should be changed at nical advice, rendered an important, though per- this time, nor does it wish to propose amendments haps less tangible, service to the member countries. to the Bank's Articles of Agreement. The improve- The Council heartily supports these activities of the ment of world conditions will, it is hoped, give the Bank. Bank a more important role in furthering interna- The Articles of Agreement predicate that the tional investment as an aid to world security and Bank would be able to finance loan programs prin- to improvement in the standards of living of the cipally by the sale of its securities in the financial member nations. CHAPTER III—INTERNATIONAL MONETARY FUND The International Monetary Fund is an organiza- diversity of conditions among the member nations, tion intended to promote international monetary the Fund was established as an international arbiter cooperation and to assist in the expansion of pro- of exchange practices and as an instrument for ductive world trade by promoting exchange sta- discussion and mutual cooperation among the membility and maintaining orderly exchange arrange- bers. The actual postwar conditions have been far ments. In carrying out its functions it may aid removed from the ideal situation for the Fund, members by selling foreign exchange to them, and, as a consequence, its policies and operations under adequate safeguards, to assist them in cor- have necessarily reflected the unstable and restricrecting temporary maladjustments in their balances tive conditions of the postwar world. Some counof payments without resorting to measures destruc- tries have found it possible to remove some or even tive of national or international prosperity. most of the exchange restrictions imposed during The Articles of Agreement of the International the war. But all except five countries have availed Monetary Fund were predicated on the expectation themselves of the right to retain exchange restricthat after a relatively brief period of transition ex- tions, and a number of countries have intensified tending over a few years after the war, the world restrictions. It can not so far be said that the total would make rapid strides toward multilateralism movement has been large in the general direction in exchange and trade. Recognizing that changes of unrestricted convertibility of currencies. would come about in stages and that various types Under these conditions most of the world curof adjustment would be needed in the light of the rencies have been inconvertible. The Fund, as a FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL pool of currencies and gold, has thus included a be more rapidly attained thereby. As it became predominance of inconvertible currencies which apparent that Fund drawings would merely be one have not been in great demand by the member additional source of dollars in a situation of fundacountries. The Fund's transactions, therefore, mental disequilibrium which would not be remehave been very largely in United States dollars. died within a few years, the Council has favored Moreover, so far the amount repurchased from the a policy of conservation of the Fund's resources to Fund has been relatively small. It must be kept the future date at which their use might be more in mind that the type of currency transaction efficacious in bringing about the realization of the originally envisaged by the Fund's Articles would Fund's basic objectives as stated in the Articles of result from temporary deficits in balances of pay- Agreement. ments under conditions in which exchange markets As an element in this policy, the Council has are dominated by private exchange transactions. urged measures which would result in the repur- In practice, with extensive systems of exchange chase of their currencies by members drawing on control, import licensing, governmental purchasing the Fund so as more effectively to maintain the programs, and other forms of direct governmental revolving character of the Fund's pool of currenintervention in international trade, situations arise cies. The Council has also emphasized the imin which balance-of-payments deficits result from portance of appropriate levels of exchange rates and governmental planning. exchange policies as an important means eventually The Fund was not intended to provide long- of achieving the Fund's objectives through the term loans, nor to provide funds for reconstruction. reduction of fundamental disequilibrium in the It was intended to aid in the stabilization of ex- international accounts of the members and the change rates by providing temporary assistance to avoidance of restrictions which hamper internathe members. Under conditions of inconvertibility tional trade. The specific questions of policy with the drawing of currency, with little prospect of re- regard to the Fund are outlined in the following purchase within a relatively short time, is practically paragraphs. equivalent to an unsecured loan with no very precise conditions for repayment. Under these condi- 1. PAR VALUES AND EXCHANGE STABILITY tions, the Fund has found it peculiarly difficult One of the primary objectives of the Fund is "to both to formulate and to administer a proper and promote exchange stability, to maintain orderly exreasonable policy to govern the use of its resources. change arrangements among members, and to avoid It is understandable that, in any description or competitive exchange depreciation." Exchange staevaluation of the activities of the Fund, emphasis bility implies that the prices at which foreign exshould be placed on the manner and extent of the change is bought and sold do not deviate greatly use of its resources. But the Fund also has the^ from the par values established with the Fund. task of interpreting to members the "code of fair Par values, expressed in terms of gold or dollars of practice" in the field of foreign exchange policy the weight and fineness in effect July 1, 1944, have which is set forth in its Articles of Agreement, and been established for all members of the Fund except of serving as impartial and expert adviser to mem- Austria, China, Finland, Greece, Italy, Thailand, bers who are striving to take the measures most and Uruguay. In the case of France a par value likely to contribute to stability and equilibrium. was established in 1946, but there has been no The National Advisory Council has had these agreed par value since January 26, 1948, and Peru problems and changing circumstances in mind in temporarily abandoned its par value in November the formulation of United States policy with respect 1949. to the Fund. It has tried to avoid the extreme, on In accepting the original par values in 1946 the the one hand, of acquiescing in the virtually auto- Fund recognized that some of the rates adopted matic use of the Fund's resources to meet any type would need modification at a later date since they of current deficit, while also, on the other hand, were out of line with relative wage and price levels. avoiding the extreme of insisting upon such rigid The Fund believed that when production had instandards as would practically have suspended the creased and postwar trade had returned to more Fund's currency operations until greater progress normal conditions, satisfactory adjustments might had been made toward general convertibility, par- be made* The National Advisory Council gave ticularly of sterling, and toward elimination of careful consideration to the problem of exchange exchange restrictions. Thus, in the first period of rates at the time of the determination of the original the Fund's operations the Council concurred in parities, and concurred in this general conclusion. some Fund drawings, principally by European The Council has had the problem of exchange countries, in the hope that financial stability might rates under continuous review. In 1948, while the 669 JUNE 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL legislation for the European Recovery Program was values of their currencies will be conducive to this under consideration in the Congress, the Secretary result. . . . Where an exchange rate adjustment is of the Treasury, on behalf of the Council, stated: indicated, a member country will be expected to propose a new par value to the International Mone- "The adjustment of some exchange rates may be tary Fund."6 expected in the course of European recovery. In- The International Monetary Fund in its report flation in Europe in certain instances has given rise for the year 1948-49 discussed at some length the to exchange rates which result in an over-valuation problems affecting the balances of payments of the of the currencies in relation to the dollar. This member countries. It emphasized the importance state of affairs has tended to hinder the exports of of the adjustment of the pattern of world trade such countries and at the same time to make imto the conditions emerging in the world and sugports relatively cheap in terms of local currency. gested that if countries with large Western Hemi- In some cases countries have resorted to export sphere deficits were to attain proper balance, insubsidies, by means of special exchange rates, or creased sales in the Western Hemisphere would be have used other measures in conflict with our own long-range international economic program. necessary. With regard to the role of exchange rate adjustments, the Fund report said, inter alia: "The determination of an appropriate exchange rate is a very complex matter involving the widest "Where a price reduction of the magnitude indirange of considerations relating to prices, costs and cated above is necessary to expand exports, it would balances of payments. The difficulties of setting in many cases seem possible only through an adjustexchange rates under present conditions are such ment in the exchange rate. that, although the rates of some of the participating "Countries with dollar payments difficulties are countries will certainly have to be adjusted, the time faced with the question of whether an exchange of these adjustments will vary from country to rate adjustment can help solve their problem. The country. Accordingly, it would not be good policy immediate purpose of an exchange adjustment is for us to insist upon across-the-board modification to increase substantially the foreign exchange reof exchange rates before we extend aid. The re- ceipts and particularly the dollar receipts from vision of rates of individual countries should in- exports. . . . Every country with a payments probstead be considered as a part of a developing pro- lem—and this includes both surplus and deficit gram of internal and external stabilization in con- countries—has a direct interest in the establishment junction with United States assistance. To insure of exchange rates in other countries that will enthat these revisions will be undertaken where neces- courage a pattern of trade conducive to a better sary, the recipient countries will be asked to agree balance in international payments." that when, in the opinion of the United States In the course of the summer of 1949 the Fund Government, their exchange rates are imposing an gave increased attention to the balance-of-payments unjustifiable burden on their balances of payments, problems of the member countries so as to be prethey will consult with the International Monetary pared to act promptly should members propose Fund about revision." 5 exchange rate adjustments. Under the Articles of A year later the Secretary, in discussing the legis- Agreement, however, the Fund may not take the lation for the continuation of the European Re- initiative in proposing specific exchange rate adjustcovery Program, stated: ments since "A change in the par value of a member's currency may be made only on the proposal of "The National Advisory Council has studied this the member and only after consultation with the question from time to time over the last year, and Fund." [Art. IV, Sec. 5(b).] we did not conclude that the time was ripe for On September 18, 1949, the Fund announced widespread exchange rate adjustments. This does that the United Kingdom had proposed, and the not mean that we will hold to the same views in Fund had concurred in, a change in the par value 1949. . . . The Council believes that the exchange of the pound sterling from the previous rate of rate question should be reviewed with a number $4.03 to the pound to a rate of $2.80 to the pound. of the European countries in the course of the next With the approval of the Fund, proportional year. The objective will be to explore with these changes were made in the par values of other stercountries the extent to which they can improve their ling area countries 7 and by Denmark, Egypt, and balance-of-payments position with the Western Hemisphere, and whether or not changing the par 6 Hearings before the Senate Foreign Relations Committee, February 1949, p. 388. 5 Hearings before the Senate Foreign Relations Committee, 7 In March 1950, a further reduction to 6.14 cents per Part I, January 1948, p. 408. krona was made by Iceland with Fund concurrence. 670 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL Norway. An almost equivalent devaluation was rate to be determined in an exchange certificate made by the Netherlands, and smaller changes in market. their par values were made by Canada, Belgium, The United States Executive Director, acting in and Luxembourg. Several countries not members accordance with policy directives previously given of the Fund, such as Israel, Jordan, Portugal, Spain, to him by the Council concurred in the Fund's de- Sweden, and Western Germany, made adjustments cisions on these exchange adjustments. The Counin their exchange rates. A number of countries cil believes that these adjustments of exchange which were Fund members but which did not have rates will prove beneficial in the long run in proagreed par values, including Finland, France, viding part of the solution to the balance-of-pay- Greece, Italy, and Thailand, with Fund approval ments problems of the member countries. By nardevalued their currencies with respect to the dollar rowing or eliminating disparities between dollar by announcing increased official rates for the dollar. prices and the prices of commodities in soft curren- In the months immediately following these cur- cies, the adjustments should facilitate the expansion rency devaluations, a number of Latin American of exports from these countries and hence a reduccountries made changes in their exchange rate tion in their dollar deficits. This should permit systems.8 These changes were intended in some greater relaxation of barriers to multilateral trade instances to take account of the probable effect and so contribute to the realization of one of the upon their economies of the devaluations of Euro- primary purposes of the Fund and of United States pean currencies, particularly as they tended to affect international economic policy. the exports of primary commodities. These adjust- How effective exchange rate adjustments can be ments were also designed to curtail demand for in contributing to a lasting reduction in disequilibimports. For the most part these changes did not rium in balances of payments depends on financial take the form of the establishment of new par and economic developments within the countries values, but of changes in various multiple currency concerned. In this connection the Fund warned, in its Annual Report of April 30, 1949: systems already in effect, which resulted in currency depreciations for particular types of transactions. "For exchange adjustment to be successful, it is Peru, however, suspended the par value of the sol essential that the expected benefits should not be and has since the suspension permitted the exchange dissipated by an offsetting rise in local prices and 8 Argentina: On Oct. 1, 1949, Argentina announced ex- par value (7.41 U. S. cents per sucre), as a buying rate for tensive changes in the existing multiple exchange rate export proceeds. The par value of the sucre was not forsystem, but left unchanged the basic export rate in terms mally revalued, although it is now used only for a few of dollars. Argentina is not a member of the Fund and has nontrade transactions. There exist three effective selling no par value. The basic buying rate for the peso is 29.77 rates for merchandise imports, resulting from taxes applied U. S. cents; Bolivia: In February 1950, two of the three to the par value; Nicaragua: In December 1949, without the existing rates were altered, but there was no change in the approval of the Fund, Nicaragua introduced changes in her par value of 2.38 U. S. cents per boliviano. On Apr. 8, the exchange rate structure involving an indeterminate amount 2.38 rate was abandoned. One of the remaining two rates, of effective revaluation and some increase in the degree of 1.667 U. S. cents per boliviano, became the new parity. rate multiplicity. These revisions did not amount to a Several additional effective rates result from the sale of formal revaluation of the cordoba, which remained at 20 varying proportions of export proceeds at the two specified U. S. cents per cordoba; Paraguay: On Nov. 7, 1949, the rates; Chile: On Jan. 10, 1950, the Fund announced that Fund announced that Paraguay introduced certain modifica- Chile had introduced a new temporary rate of 1.667 U. S. tions in its multiple exchange rate system. These changes, cents per peso. Although this action, with Fund concurrence, although not representing a formal revaluation of the guarani, did not constitute a formal revaluation of the peso, it was involve some simplification of a previously highly complex regarded as the first step in a program of unifying Chile's structure of rates. The par value of the guarani is 32.3625 complex multiple rate structure and of establishing a new U. S. cents per guarani; Peru: On Nov. 15, 1949, the Fund par value; Costa Rica: On Apr. 1, 1950, without objection announced that Peru had suspended the former par value by the Fund, Costa Rica modified its multiple exchange rate of the sol (15.385 U. S. cents.). Peru has since permitted system. No change was made in the par value (17.8 cents . the exchange rate to be determined in an exchange certiper colon) or in the official buying rate, but there was some ficate market. The step was taken as a temporary measure effective depreciation of the selling rates by requiring im- looking toward the establishment of a unitary rate system ports in the three least favored of the four import categories at a new par value; Uruguay: On Oct. 6, 1949, Uruguay to be financed in the free market and by increasing the ex- introduced modifications in its multiple exchange rate system. change surcharges which apply at various rates. Four effec- The Fund expressed no objection to these temporary meastive selling rates are thus established, and a fifth effective ures with the understanding that consultation would conrate may be established by the creation of a fifth import tinue for the purpose of unifying the rate structure, and category to which a particularly high surcharge rate would ultimately agreeing on a par value. Probably the most imapply; Ecuador: In December 1949, without the approval of portant of Uruguay's three official buying rates is 65.83 U. S. the Fund, Ecuador discontinued the use of its established cents per peso. JUNE 1950 671 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL TABLE 3 costs. It must, therefore, have public support and be accompanied by appropriate fiscal and credit CHANGES IN CURRENCY VALUES BETWEEN SEPTEMBER 18, policies. If the public recognizes that an expansion 1949 AND MARCH 31, 1950 of exports is necessary to maintain the flow of imports, and is prepared to accept higher import Currency value: Reduc- U. S. cents per tion prices without insisting on corresponding changes Monetary unit of currency in Country unit value in incomes, exchange adjustments in the deficit (Per countries should involve only a relatively small rise Old New cent) in the cost of living. If, however, the public is Sterling area: insistent on offsetting by higher incomes even a United Kingdom1 . Pound 403.000 280.000 30.5 moderate rise in the cost of living, the result will be Iceland Krona 15.411 6.140 2 60.2 Ireland Pound 403.000 280.000 30.5 the almost complete dissipation of the benefits of Burma Rupee 30.225 21.000 30.5 exchange adjustment. Even if an exchange adjust- C In e d y i l a on R R u u p p e e e e 3 3 0 0 . . 2 2 2 2 5 5 2 2 1 1 . . 0 0 0 0 0 0 3 3 0 0 . . 5 5 ment is accomplished without a significant rise in prices and costs, it would be futile if the greater Iraq Dinar 403.000 280.000 30.5 Australia Pound 322.400 224.000 30.5 demand abroad were not matched by an equivalent New Zealand Pound 403.000 280.000 30.5 supply of exports. Unless home demand is re- South Africa , Pound 403.000 280.000 30.5 strained, the expansion of exports, which alone can Europe: justify an exchange adjustment, will not be Austria 3 , Schilling 10.000 6.944 30.6 Belgium-Luxem- achieved." bourg 4 , Franc 2.282 2.000 12.3 Denmark , Krone 20.838 14.478 i 30.5 As was mentioned above, seven member countries Finland 5 Markka 0.625 0.43481 30.4 have not proposed par values for their currencies France 6 Franc 0.3669 0.2860 22.9 and three others have abandoned their par values Germany (Western) Deutsche 30.000 23.810 20.6 Mark and have not proposed new ones to the Fund. Greece 7. Drachma 0.01 0.0067 33.3 These countries for the most part have been suffer- Italy 8 Lira 0.1739 0.1601 7.9 ing from the economic dislocations attendant upon Netherlands Guilder 37.695 26.316 30.2 internal inflation and other conditions which have Norway Krone 20.150 14.000 30.5 tended toward instability in their international pay- Portugal9 Escudo 4.000 3.478 13.0 Sweden 10 Krona 27.816 19.33 30.5 ments situations. Where conditions are manifestly Other countries: unstable, little is to be gained by a merely formal Canada , Dollar 100.000 90.909 9.1 declaration of par values, if the country concerned Egypt Pound 413.300 287.156 30.5 Israel Pound cannot in practice maintain the degree of stability E Im xp p o o r r t t s s1 3 4 0 0 2 3 . . 0 0 0 0 0 0 / \ 280.000 \ / 3 0 7 .5 .3 which would make the par value effective. But the Council considers that the system of par values Jordan Pound 403.000 280.000 30.5 Thailand Baht 10.075 8.000 20.6 and unitary rates called for by the Articles of Indonesia. Guilder 37.695 26.316 1230.2 Agreement of the Fund is fundamentally sound, and that the Fund provides a satisfactory mecha- 1 All of the British territorial currencies, except that of British nism for facilitating needed changes. Accordingly, Honduras, were likewise devalued by 30.5 per cent. The latter currency was devalued 30.0 per cent, effective Dec. 31, 1949. where a country's internal situation has approached 2 Represents two separate devaluations of the krona. The first, occurring on Sept. 20, 1949, represented a reduction of 30.5 per a reasonable state of stability, the Council believes cent (from 15.411 to 10.705 U. S. cents per krona). The second that the declaration of a par value and the maindevaluation of 42.6 per cent (effective Mar. 20, 1950), brought the new par value of the krona to 6.14 U. S. cents. tenance of conditions of stability would be in the 3 In November 1949, the Austrian Government increased its basic rate to 14.40 schillings to the dollar, with a premium rate interest of the member concerned and of the world of 26 schillings (used for invisibles and certain other transactions), at large. In the period ahead, as world trade adand a "retention quota" of 60 per cent for exports, yielding an effective rate of 21.36 schillings for exports. Subsequently the referred to here are technically flexible, though they may be held retention quotas were modified for various classes of transactions. 4 The Belgian Congo franc remains at par with the Belgian franc. steady for relatively long periods. The new rate shown is as of 5 The Finnish change shown here followed closely an earlier devaluation (from 0.735 to 0.625 cents per markka), on July 4, Mar. 31, 1950. 1949, and thus represents a total devaluation of 41 per cent during 9 The change shown here followed closely a minor adjustment recent months. (from 4.0124 to 4.0 cents per escudo), on Aug. 8, 1949. Portugal 6 The old rate shown is for trade transactions. Under the official is not a member of the International Monetary Fund and has no free market system used in France, the rates referred to here are par value. Rates shown are mid rates between the official buying technically flexible, though they may be held steady for relatively and selling rates. long periods. The new rate shown is as of Mar. 31, 1950. All local 10 Sweden is not a member of the Fund and has no par value. currencies of French dependencies are pegged to the French franc, Rates shown are average rates between the official buying and except: (1) the rupee of French possessions in India, which is selling rates. maintained at par with the Indian rupee; and (2) the Djibouti 11 Free market rate for imports. franc, which retains its old dollar parity of 0.47 cents. 12 Effective Sept. 20, 1949. However, on Mar. 13, 1950 further 7 Under the exchange certificate system used in Greece, the rates devaluation of the guilder was effected by means of the introducreferred to here are technically flexible, but for over a year prior tion of the certificate type of exchange control in the flexible buying to the current devaluation, fluctuations in the old rate had been and selling rates. On Mar. 31, 1950, the latter rates were quoted held to less than 1 per cent in either direction. at one-half to one-third that of the official rate, which remained 8 Under the official free market system used in Italy, the rates unchanged at 26.316 U. S. cents per guilder. 672 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL justs to a declining volume of extraordinary United expected to abandon their restrictions as soon as States financial assistance, it will be important that they are able to do so. the exchange pattern of the world be kept under In accordance with Article XIV, Sec. 4, the Fund review and that adjustments in individual exchange is required to prepare a report on the restrictions rates be made from time to time if developing con- still in force under the transitional arrangements ditions so require. three years after the date the Fund began operations. Each year thereafter a similar report is to 2. EXCHANGE RESTRICTIONS AND MULTIPLE be made on such restrictions still in force. The CURRENCY PRACTICES first of these reports was presented to the member One of the ultimate objectives of the Fund is the governments in April 1950. Five years after the establishment of a multilateral system of payments date of the Fund's initial operations, i.e., March for international transactions and the elimination 1952, any members retaining restrictions inconsisof exchange restrictions on current international tent with Article VIII, Sees. 2, 3, and 4 (which transactions. At the time the Fund Agreement came require the conversion of foreign-held balances into operation almost all of the countries of the and the avoidance of restrictions on current payworld had in effect some controls over exchange ments and discriminatory currency practices), must transactions. These controls take the form of consult with the Fund as to their further retention. limitation on payments in certain currencies or pay- Such consultations are to take place annually therements for particular types of transactions, or both. after. The Fund in exceptional circumstances may In many countries there have been multiple cur- make representations to a member that conditions rency systems, varying greatly from country to are favorable for the withdrawal of particular recountry, designed to deal with balance-of-payments strictions, and if the member, after consultation, deficits but providing incidental or deliberate pro- persists in maintaining such restrictions despite tection to some producers and export subsidies to the Fund's objections, it may be required to withothers. In these systems the price of a dollar in draw from membership. terms of local currency may vary with the commod- On November 8, 1946, the Fund requested the ity purchased, or foreign exchange for certain pur- members to state whether they chose to take adposes may be obtained only through purchase on vantage of the transitional provisions or whether the open market where the price is higher than they were willing to accept the obligations to mainthe official rate available for preferred transactions. tain nondiscriminatory currency practices and to Moreover, multiple currency practices and ex- avoid restrictions on current transactions and on change restrictions are supplemented by direct conversion of foreign balances. The only countries controls of trade or other transactions in so far which have accepted these obligations are El Salvaas import licenses or other special permission of dor, Guatemala, Mexico, Panama, and the United government may be required before a transaction States. The currencies of these countries alone can be consummated. are, therefore, regarded as convertible currencies The Fund Articles require that exchange re- within the meaning of the Fund's Articles. All strictions be progressively removed. Under Ar- other countries have taken advantage of the transiticle VIII, members may not impose restrictions tional period privileges, although, as the Fund's on payments and transfers for current transactions recent report on exchange restrictions explains, without the approval of the Fund and members several other countries maintain restrictions so mild may not engage in discriminatory currency ar- in eftect as to bring them very close to convertibilrangements without the approval of the Fund, ity. except in so far as they may be authorized by the The Fund's report on the restrictions in force Agreement. The restrictions in effect at the entry March 1, 1950, has described in detail the nature into force of the Agreement were to be removed of these restrictions, but, in view of their wide progressively by the member countries unless they prevalence, has not attempted to formulate a protook advantage of the transitional privileges pro- gram for removal of restrictions by the member vided by Article XIV, Sec. 2. These provisions countries as a whole. The Fund holds that these permit member countries to maintain and adapt restrictions should be removed at the earliest date to changing circumstances restrictions on current possible, but recognizes that under present condiaccount transactions, and in the case of members tions progress may have to be made gradually. which had been occupied by the enemy, to intro- The Fund, however, has, from time to time, conduce restrictions. Members availing themselves sulted with many members individually on their of the transitional period provisions are not obli- foreign exchange practices. These consultations gated to convert foreign-held balances but they are have taken place in Washington or in the countries JUNE 1950 673 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL concerned, generally when the member country a member, on the initiative of such member, with has requested the Fund to send a mission to dis- the currency of another member in exchange for cuss exchange restrictions, multiple currency prac- gold or the currency of the member desiring to tices and cognate issues. The Fund has examined make the purchase" (Article V, Sec. 2). These these cases carefully and has obtained agreement currency transactions are intended to give assistance on some modifications of the exchange practices to members in financing temporary balance-of-payof various member countries to move them in the ments deficits on current account for monetary direction of less discrimination and toward greater stabilization operations. multilateralization of their trade arrangements. Sub- There have been further developments with restantial changes in multiple currency practices re- gard to the Fund's policy in the use of its resources quire the approval of the Fund, because these since the submission of the First Special Report of changes usually involve exchange rate adjustments the Council to the Congress. The first drawings even though the par value itself is not modified. on the Fund's resources had been made principally In some instances, the Fund has not objected by the European countries, and at the time these to certain multiple currency practices, on the drawings were made the Council concurred in grounds that in these cases the transition to the them as a means of dealing with the immediate desirable system could not quickly be made. need for foreign exchange. As conditions developed The Fund's attitude on exchange restrictions subsequently, it became clear that the European and multiple currency practices has been to press situation was more serious than had originally for a reduction in or a removal of restrictions and been anticipated, and that the amount required the abandonment of, or a simplification of, multiple for the reconstruction of Europe, even for current currency practices country by country as each case account transactions, was far greater than could be arises; but at the same time to recognize the sub- provided through the resources of the Fund and stantial difficulties which countries face as they the Bank. It was clear that the European counendeavor to move toward unified and stable ex- tries were in a condition of fundamental, rather change systems with a minimum of restrictions. than temporary, disequilibrium and that a remedy The National Advisory Council has concurred in for the situation was to be sought in other means the Fund's attitude. The slow rate of progress than the use of the Fund's resources. With the has been a disappointment, but the United States introduction of the European Recovery Program itself has recognized the special difficulties of the there was no further occasion for the European European area through its European Recovery Pro- countries to attempt to finance their balance-ofgram and other forms of international assistance. payments deficits through the Fund's limited supply The conditions which have called forth this aid of dollars. Accordingly, the Fund Board, in a program have largely been responsible for the per- decision on April 5, 1948, in which the United sistence of restrictions on trade by the European States concurred, resolved that during the concountries, which have found themselves without tinuance of the European Recovery Program memadequate resources and adequate earnings in dollars ber participating countries should not draw on to cover their requirements from the Western the dollar resources of the Fund, except under ex- Hemisphere. The time is approaching when greater ceptional or unforeseen circumstances. This policy efforts must be made by the member countries in has continued in effect. Europe and elsewhere to bring about conditions In the first four years of operations, the Fund of multilateral trade and exchange in conformity made total currency sales equivalent to 783.4 milwith the Fund's objectives. Many countries, in lion United States dollars in exchange for other the formulation of their policies, have probably member currencies and gold. Of this amount, overestimated the difficulties and underestimated sales of United States dollars against other member the advantages of transition from restricted to un- currencies were 759.8 million. As of March 31, restricted payments systems. It is clear that the 1950, the Fund's United States dollar holdings Fund cannot adequately function in an economic amounted to 1.30 billion in dollar deposits and world in which the bulk of the member countries noninterest bearing notes. In addition, the Fund maintain international exchange and trade policies held 1.46 billion dollars in gold. The Fund's gold and practices which are clearly out of harmony and dollar resources thus are the equivalent of with the objectives of the Fund. about 2.76 billion dollars. These resources will, of course, be increased by such currency repur- 3. USE OF THE FUND'S RESOURCES chases with gold and dollars as occur in the future. The Articles of Agreement limit the Fund's It is apparent that under present conditions the operations in general to "the purpose of supplying greatest demand for currencies from the Fund will 674 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL be a dollar demand and that unless the Fund rigor- Agreement, and certifies that the currency is needed ously scrutinizes all requests for drawings and to meet a deficit on current account. In practice, limits them for use strictly in accordance with the however, the Fund, without a formal declaration letter and spirit of the Fund's Articles, the Fund's of ineligibility, may indicate that it would regard ability to supply dollars might be greatly impaired drawings as inadvisable in the case of members within a relatively short period of years. whose internal and external situations are such that Within the Fund itself there has been discussion their balances-of-payments deficits could not be of the precise terms on which the Fund's resources regarded as temporary. Moreover, in every reshould be made available. One view, in its ex- quest for a drawing, the Fund has (and exercises) treme form, is that drawings on the Fund should the right to make a careful examination of the be almost automatic and that the Fund should honor current and prospective payments position of the all requests for drawings whenever the member member with a view to determining whether the has an agreed par value, has not formally been use of the resources of the Fund is likely to be declared ineligible to draw under the Articles of temporary. TABLE 4 CURRENCY SALES OF THE INTERNATIONAL MONETARY FUND, APRIL 1, 1947 TO MARCH 31, 1950 [In millions of United States dollars] Six-month period ending Total to Country Mar. 31, 1950 Mar. 31, Sept. 30, Mar. 31, Sept. 30, Mar. 31, Sept. 30, 1950 1949 1949 1948 1948 1947 Total, all countries 783.4 48.8 21.0 73.8 39.7 391.1 209.0 Total, ERP participants 564.2 6.1 17.3 356.8 184.0 United Kingdom 300.0 240.0 60.0 France 125 0 25.0 100.0 Netherlands 75 3 16.8 44.5 224.0 Belgium 33 0 33.0 Norway 15.7 36.1 47.1 2.5 Denmark 10 2 3 4 6 8 Turkey. . 5.0 5.0 Total, other countries 219.2 48.8 21.0 67.7 22.4 34.3 25.0 India . 100 0 55.9 16.1 28.0 Brazil 37.5 22.5 15.0 A M u e s x t i r c a o lia 2202. 05 20.0 22 5 Union of South Africa 10 0 10 0 Yugoslavia 9.0 6.0 3.0 Chile 8 8 6.3 2.5 Czechoslovakia . . 6 0 6 0 Egypt 3 0 3 0 Costa Rica 1.3 1 3 Ethiopia 0.6 0.3 0.3 Nicaragua . .. 0 5 0 5 1 Sale of Belgian francs. 2 Includes 6 million dollars of pounds sterling. 3 U. S. dollars sold for an equivalent in gold. 4 Includes 4.6 million dollars of Belgian francs. NOTE.—Except where otherwise indicated, all sales were of U. S. dollars in exchange for the currency of the purchasing country. Source.—International Monetary Fund. The council approves a strict application of this of repurchase of currencies from the Fund, so that criterion by the Fund to any requested drawings. the Fund's resources will not be dissipated. De- The fifth purpose of the Fund, i.e., "to give con- cisions on specific applications must be considered fidence to members by making the Fund's re- in the light of the Fund's purposes, which include sources available to them under adequate safe- the promotion of exchange stability, the mainteguards thus providing them with opportunity to nance of orderly exchange arrangements, the estabcorrect maladjustments in their balance of pay- lishment of a multilateral system of payments in ments without resorting to measures destructive of respect of current transactions, and the shortening national and international prosperity," implies that of the duration and lessening of the degree of the Fund must give proper regard to the prospects disequilibrium in the international balances of JUNE 1950 675 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SPECIAL REPORT OF THE NA11ONAL ADVISORY COUNCIL payments of members. In the view of the Council Repurchase obligations have arisen in the case retention of exchange restrictions on current ac- of Belgium and Costa Rica in accordance with these count transactions or quantitative import controls provisions, and the countries concerned have reby a member of the Fund should be considered purchased their currencies with gold and dollars as prima facie evidence of fundamental disequi- in accordance with the Articles of Agreement. In librium. In such instances, a drawing on the 1949, Nicaragua voluntarily repurchased from the Fund's resources should not be permitted without Fund the cordobas which had been paid for a purcareful scrutiny of the borrower's balance-of-pay- chase of dollars in 1948. ments position and prospects for restoring equi- In a great many of the countries which are memlibrium. Before permitting a drawing, the Fund bers of the Fund, the repurchase obligation would should be satisfied that the program of the coun- not arise under present conditions either because try in question designed to restore equilibrium is their gold and dollar reserves are smaller than adequate, and should from time to time carefully their quotas, or because they are not likely to inreview the impact of internal fiscal policies on the crease their holdings of gold and dollars in the payments position of the country, the appropriate- immediate future in an amount sufficient to require ness of its exchange rate, the impact on its balance repurchase. Moreover, members of a currency of payments of reconstruction and development group such as the sterling area customarily hold programs, and all other pertinent factors affecting only small or even nominal gold reserves and, if its general payments position. the currency in which they hold their foreign exchange reserves (e.g., pounds sterling) is inconverti- 4. REPURCHASE OF CURRENCIES SOLD TO THE FUND ble, the automatic repurchase obligations described above would not operate. Under these circum- The Fund was conceived of as an international stances, drawings of dollars from the Fund are pool of currencies whose total value would remain likely to result in the accumulation by the Fund of unimpaired, but whose composition would vary inconvertible currencies and a gradual reduction in with the conditions of the international exchange the Fund's ability to supply dollars. situation. This pool was not intended as a means of providing long-term loans. The Fund's Arti- As has been noted, the Fund's Articles were cles were also predicated on the assumption that predicated on the assumption of convertibility of most of the member currencies would be converti- the major currencies of the world so that any ble, so that a member drawing one currency from country, whose general balance-of-payments situathe Fund would in due course be able to repur- tion was satisfactory, would be able to use the chase the Fund's holdings of its currency by offer- currencies obtained from its normal international ing gold or other convertible currencies in ex- transactions for the repurchase of its currency withchange. As noted above, only the United States in a reasonably short period, say, four or five dollar and the currencies of a few other Western years. With currencies generally inconvertible, Hemisphere countries are convertible currencies in only earnings of dollars from the Western Hemithe meaning of the Fund's Articles and, accord- sphere, or from other countries receiving dollars ingly, available to make repurchases from the Fund in payment of goods, and gold derived from curunder Article V, Sec. 7(b).9 rent production, or through exchange transactions, are available to satisfy repurchase requirements. 9 This Article provides, inter alia, that at the end of each The Fund is thus faced with problems somewhat financial year of the Fund, each member is required to re- different from those originally contemplated. To purchase its currency from the Fund in an amount equivalent permit drawings under these circumstances, with to one-half of any increase in the Fund's holdings of its little assurance that there will be a repurchase currency in the course of the year, plus one-half of any increase in the country's monetary reserves, or minus one-half within a few years, would result in a steady deof any decrease in the member's monetary reserves during the formula would reduce the Fund's holdings of the currency year. (Monetary reserves are defined as gold and convertible below 75 per cent, it would not apply, i.e., no member currencies.) This repurchase obligation, however, may not may be required to make payments in gold or convertible extend to the point where: currencies in the repurchase of its own currency which 1) The member's monetary reserves are below its quota, or 2) The Fund's holdings of its currency are below 75 per would make its net contribution of gold and convertible cent of its quota, or currencies to the Fund more than 25 per cent of its quota, 3) The Fund's holdings of any currency required to be unless its own currency is in fact convertible. Finally, the used in the repurchase are above 75 per cent of the quota effect of a repurchase obligation by member countries may of the member concerned. not be such as to require the Fund to hold more than 75 This means that, if a member's monetary reserves are per cent of the quota of a country whose currency is used smaller than its quota, it has no automatic obligation to to make the repurchase because the result would be to repurchase. It also means that, if a country's monetary reserves increase rapidly so that the application of the oblige that country to reduce the Fund's holdings of its currency by additional gold or convertible currency payments. 676 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SPECIAL REPORT OF THE NATIONAL ADVISORY COUNCIL terioration of the Fund's assets. Some assurance make studies of their exchange and balance-of-paythat conditions in a country will result in a prob- ments situations and the related monetary and able repurchase within a few years would seem to financial matters which affect their ability to be a desirable condition precedent to Fund draw- achieve and maintain exchange and trade equiings. The National Advisory Council has favored librium. Some of the member countries have benecareful consideration by the Fund of the problem fited greatly from these studies and from the Fund's of currency repurchases under the conditions which advice and suggestions tendered through these misare likely to prevail in the immediate future. sions and through consultations at the Fund's headquarters. Moreover, the continual discussion in 5. CONCLUSIONS AND RECOMMENDATIONS the Fund's Board of the problems of the various In the present state of world affairs, character- countries, as they come to the Fund's attention, has ized by currency inconvertibility, disequilibrium in served to acquaint countries with each others' international accounts and the maintenance of exproblems and so to view their own programs in change and trade restrictions, the resources of the the light of broader considerations of general eco- Fund can be used effectively only to a limited extent nomic policy. In this way the Fund's activities in to promote the basic objectives for which the Fund the financial field also serve as a valuable element was established and which are part of the United in the program of technical assistance proposed States international economic program, i.e., the by the President. achievement and maintenance of multilateral non- The Council has considered the questions specidiscriminatory international payments with a minified in Section 4(b) of the Bretton Woods Agreemum of restriction on current account exchange ments Act. It does not believe that the United transactions. It is clear that the time when the States subscription to the International Monetary Fund can be most effective in stabilization opera- Fund should be changed under the conditions tions is in the future when greater progress has which are likely to prevail in the immediate future. been made toward reaching the conditions origi- The Council believes that the Fund's resources nally predicated for the Fund's most successful should be conserved for the purposes specified in operation. It is in accordance with this belief that the Articles of Agreement and in the Bretton the National Advisory Council favors only moderate Woods Agreements Act. Since the Articles of and prudent use of the Fund's resources to assist Agreement admit of considerable flexibility in member countries in meeting genuinely temporary deficits. adjusting the operations of the Fund to the emerging patterns of world trade and finance, the Coun- In the interim, nevertheless, the Fund has an cil does not propose any amendments at this time. important role as an international consultative body In its opinion, present conditions and the condiand as a forum for dealing with important questions of the immediate past have not given adequate tions relating to foreign exchange. In the long-run opportunity to test the effectiveness of the Fund as this may prove to be the Fund's greatest contria stabilizing mechanism and as a means for mainbution to the solution of the international ecotaining orderly exchange arrangements in a world nomic problems of our times. It has on the request of freer trade and greater stability. of many member governments sent missions to 677 JUNE 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Mortgage Insurance for Low-Cost Homes for the administration of the participating trust may be based in part upon the rate for real estate loan Amendment to Section 24 of Federal Reserve Act investments. For example, if 15 per cent of the The Act of Congress known as the "Housing assets of the common trust fund consist of real Act of 1950," approved April 20, 1950 (Public Law estate loans, can the bank charge the real estate loan 475, 81st Congress), among other things, added a rate on 15 per cent of a trust's participation in the new section 8 to title I of the National Housing common trust fund? Act to provide mortgage insurance for low-cost The bank's inquiry was prompted by the followhomes, particularly in suburban and outlying areas, ing provision of section 17(c)(8) of Regulation F: and amended the third sentence of the first para- "A national bank # # # shall not # # # regraph of section 24 of the Federal Reserve Act by ceive, either from the Common Trust Fund or striking out "or title VIII" and inserting in lieu from any trusts the funds of which are invested thereof the words "title VIII, or section 8 of title I." in participations therein, any additional fees, com- The effect of this amendment is to make certain missions, or compensations of any kind by reason limitations and restrictions on loans made by naof such participation." tional banks, secured by real estate, inapplicable to loans for low-cost homes which are insured under In the Board's opinion, this provision of Regulathe new section 8 of title I of the National Housing tion F does not prohibit the bank from basing its Act. fee in part on the real estate loan rate as suggested above. It is the Board's view that the bank would Common Trust Funds not be receiving any additional fee by reason of the Fees Charged Trusts Holding Participations trust's participation in the common trust fund if it The Board has considered an inquiry by a na- received no greater fee than would be charged if tional bank relating to the fees which the bank may the funds of the trust were separately invested in charge for the administration of trusts which hold the same classes of investments as are held by the participations in a common trust fund operated by common trust fund. the bank. The Board has not undertaken to rule on any It appears that the bank has a schedule of trust aspect of this matter other than the application of fees based on principal and that a higher rate is the above-quoted provision of Regulation F. The charged for a trust's investments in real estate loans fees which a national bank may charge for the adthan for its investments in other personal property. ministration of trusts depend, of course, on the facts Since there is this difference in rates when the funds of particular cases, including the terms of the trust of a trust are invested separately, the bank inquired instruments, court orders, and State laws; and, in whether, upon the investment of funds of a trust in this connection, consideration should be given to the a participation in the bank's common trust fund provisions of section 14(a) of Regulation F dealing which holds some real estate loans, the fee charged generally with trust fees of national banks. 678 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Appointment of Mr. Norton to the Board of Governors Board of Trustees of Miles College. Mr. Norton is affiliated with the Birmingham Branch of the The appointment of Mr. Edward L. Norton of Birmingham, Alabama, as a member of the Board American Red Cross as a director and is a member of Governors for the term ending January 31, 1964, of the Alabama Advisory Committee of the Rewas approved by the Senate on June 2. When construction Finance Corporation, the Alabama Mr. Norton takes office he will succeed Mr. Ernest Planning Commission, and the Birmingham Cham- G. Draper whose term expired January 31, 1950. ber of Commerce. Mr. Norton was born in Blountsville, Alabama, Federal Reserve Meetings on June 13, 1892. After receiving his B.S. degree at the Birmingham-Southern College in 1913, he A meeting of the Presidents of the Federal Recontinued his studies at the University of Alabama. serve Banks was held in Washington on June 12 Mr. Norton served as an Ensign in the United and 13, and on June 15 the Presidents met with the States Navy in World War I and from 1915 to Board of Governors. 1939 he was associated with the Munger Companies On June 13 and 14 a meeting of the Federal which were engaged in real estate and manufac- Open Market Committee was also held. turing operations. He also served, under appointment by the Board of Governors, as a director of Appointment of Branch Director the Birmingham Branch of the Federal Reserve On June 6, 1950, the BoaH of Governors an- Bank of Atlanta from August 19, 1937 through nounced the appointment of Mr. Cecil Puckett, December 31, 1946. During this period he served Dean of the College of Business Administration, as Chairman of the Board of Directors for three University of Denver, Denver, Colorado, as a direcand one-half years and as Vice Chairman for one tor of the Denver Branch of the Federal Reserve year. Bank of Kansas City for the unexpired portion of At the present time Mr. Norton is President of the term ending December 31, 1951. Mr. Puckett the Coosa River Newsprint Company, Coosa Pines, succeeds Mr. Harold F. Silver, President, Silver Alabama, Chairman of the Board of the Florida Engineering Works, Inc., Denver, Colorado, who Broadcasting Company, Jacksonville, Florida, and resigned. Chairman of the Board of the Voice of Alabama, Inc., Birmingham, Alabama. He is also a director Resignation of Branch Director of the First National Bank of Birmingham, the The Federal Reserve Bank of Kansas City on Nehi Corporation, and the Avondale Mills. Mr. Norton has been active for many years in June 7, 1950, accepted the resignation of Mr. Robert educational work. He was selected to be one of L. Bosworth, Financial Vice President, Continental the trustees of the General Education Board of Oil Company, Ponca City, Oklahoma, as a director New York and he is also Chairman of the Board of the Oklahoma City Branch of the Federal Reof Trustees of the Birmingham-Southern College serve Bank of Kansas City. Mr. Bosworth had and Chairman of the Executive Committee of the served as a director since January 20, 1949. JUNE 1950 679 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled May 25 and released for publication May 27] Industrial and construction activity showed fur- chinery index advanced substantially further in ther gains in April and May. Prices of many in- April to 251 per cent of the 1935-39 average, the dustrial materials and of livestock and other farm highest since early 1949. products have advanced since mid-April. Sales of Output of nondurable goods showed little change durable consumer goods have continued at excep- in April as small declines in leather products, foods, tionally high levels. Common stock prices have paper, and petroleum products were offset by gains risen further. in newsprint consumption and in output of paperboard, chemicals, and rubber products. Cotton con- INDUSTRIAL PRODUCTION sumption and rayon deliveries were maintained in The Board's index of industrial production rose April, following small declines in March. 2 points further in April to 189 per cent of the Coal output has declined considerably from the 1935-39 average and in May apparently showed a high levels reached shortly after settlement of the similar increase. The rise since March has reflected strike in early March. Production of crude petromainly large gains in the iron and steel, automobile, leum, on the other hand, has increased about 5 per and machinery industries. Output of other dur- cent from March to mid-May. Iron ore production, able goods and of most nondurable goods has con- which showed much less than the usual seasonal tinued at advanced levels. Minerals production, re- rise in April, has increased sharply in May. duced somewhat in April, has apparently recovered in May. EMPLOYMENT Steel output has been at record levels in April and Employment in nonagricultural industries in- May, and during the week ending May 28 was creased by 400,000 in April, after allowances for scheduled at 102 per cent of present rated capacity. usual seasonal changes. One-third of the increase Automobile assemblies rose 10 per cent in April, reflected a substantial gain in durable manufacand in mid-May, following settlement of the labor turing industries. There were also increases in dispute affecting a major producer, advanced about trade, transportation, and construction and a large 20 per cent further to a new peak rate. Reflecting temporary expansion of Federal Census employthe recent general strengthening of demand for pro- ment. Unemployment declined to 3.5 million, 1 ducers equipment as well as the sustained high de- million below February but 500,000 above year-ago mand for household appliances, the Board's ma- levels. WHOLESALE COMMODITY PRICES INDUSTRIAL PRODUCTION S1CAL VOLUME, S 240 240 MANUFACTURES \ 220 220 f V A J 200 TOTAL 200 V 4 NONDURABLE ^ 180 v ••• y 180 160 V/ 160 t NERALS 140 140 ^ •1 Federal Reserve indexes. Monthly figures, latest shown are Bureau of Labor Statistics' indexes. Weekly figures, latest for April. shown are for week ending May 23. 680 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS CONSTRUCTION hogs, rose sharply and grain prices generally advanced. Reflecting a continuing strong business Value of construction contracts awarded in April, demand, prices of steel scrap, nonferrous metals, according to the F. W. Dodge Corporation, conrubber, lumber, and some other industrial materials tinued at the record March level, as a substantial increased further. Wool prices continued to adincrease in private awards offset a decline in awards vance and in mid-May, cotton gray goods prices, for public construction. Residential awards conwhich had been declining, strengthened. tinued to increase sharply and were more than Consumers' prices rose .2 per cent further in double the dollar volume in April 1949. April reflecting mainly continued small advances in retail food prices. DISTRIBUTION The Board's seasonally adjusted index of depart- BANK CREDIT ment store sales in April was 292 per cent of the Reductions in Treasury balances at the Reserve 1935-39 average as compared with 293 in April Banks during most of April and again during the 1949. Sales in the first three weeks of May confirst three weeks of May supplied reserve funds to tinued close to year-ago levels, despite lower apparel member banks. The Federal Reserve continued to sales. sell Treasury bonds during the period, and in May Retail sales of radios, television sets, and other also sold Treasury bills while purchasing notes and durable housefurnishings continued considerably the shorter maturities of certificates. above a year ago. Sales of automobile dealers were Consumer and real estate loans continued to inat new record levels in May. The volume of increase at banks in leading cities during April and stalment credit has continued to expand. the first half of May. Business loans declined fur- Shipments of railroad revenue freight showed ther but the reduction appeared less than might somewhat less than the usual seasonal rise in April be seasonally expected. and the first half of May, mainly because of reduced loadings of ore and coal. The volume of SECURITY MARKETS manufactured goods shipped continued to increase Common stock prices rose 3.5 per cent further in and was substantially above that of a year ago. the first three weeks of May and were at the highest level since June 1946. Yields on Treasury and high- COMMODITY PRICES grade corporate bonds showed relatively little The general level of wholesale prices rose about change. Early in the month the Treasury an- 2.5 per cent from mid-April to the third week in nounced the offering of 13-month 1% per cent notes May. Prices of livestock and products, particularly in exchange for certificates maturing on June 1 and July 1. SECURITY MARKETS «0 COMMON SrocK PRICES 180 LOANS AND INVES O T TH M E E R N T T H S AN A t T l S M . E G M OV B E E RN R M EN B T A S N E K CU S RI T I I N ES LEADING CITIES 40 _y—: 140 8ILLI0NS OF DOLLARS BILLIONS OF DOLLARS 00 BOND YIELDS 4 "^—. CORPORATE: ; —-— *—-.*-. AGO -/* 2 v ,_-—-•! .—** .S. GOVERNMENT*" "** 1 0 1943 1944 1945 1946 1947 1948 1949 1950 Common stock prices, Standard and Poor's Corporation; corporate bond yields, Moody's Investors Service; U. S. Gov- [947 1948 1949 1950 1947 1948 1949 1950 ernment bond yields, U. S. Treasury Department. Weekly figures, latest shown are for May 24. Wednesday figures, latest shown are for May 24. JUNE 1950 681 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 685-686 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements. . 686-687 Federal Reserve Bank statistics 688-692 Deposits and reserves of member banks; bank suspensions. 692-693 Money in circulation 694-695 Bank debits and deposit turnover; Postal Savings System.. 695 All banks and the money supply 696 All banks in the United States, by classes 697-699 All banks in the United States and possessions, by States, December 31, 1949 ... ...... 700-701 All insured commercial banks in the United States, by classes. . 702-703 Weekly reporting member banks 704-707 Number of banking offices on Federal Reserve par list and not on par list 708 Commercial paper, bankers' acceptances, and brokers' balances.. 709 Money rates; bank rates on business loans; bond yields. .. 710 Security prices and new issues 711-712 Corporate sales, profits, and dividends... 713-714 Treasury finance 715-717 Government corporations and credit agencies.. 718 Business indexes 719-728 Department store statistics. ., 729-732 Cost of living 732 Wholesale prices 733 Gross national product, national income, and personal income.., 734-735 Consumer credit statistics 736-738 Current statistics for Federal Reserve chart books... 739-743 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. JUNE 1950 683 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS -IONS OF DOLLARS WEDNESDAY FIGURES ILL1ONS OF DOLLARS I I J ( MONEY IN CIRCULATION f RESERVE BANK ~ i CREDIT MEMBER BANK RESERVE BALANCES TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS 1943 1944 1945 1946 1947 1948 [949 1950 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES NOTES AND CERTIFICATES 0 ^ 1942 1943 1944 1945 1946 1947 1948 1949 1950 Wednesday figures, latest shown, are for May 24. See p. 685. 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 d i c n s d - - e ts s To U t . a l S. s e G B cu o o r n v i d e ti s r e n s m c c B e a e r i t n t l e i l t f s s i , , - ot A he ll r1 Total s G to o c ld k T s r t o c e u r i a u n e n u r n a g y r c t d - - s y - - M i c n t u o io l c n a n i e r - y - T h c i u r o n a e r l g s a y d h s s - - F u T B p s e w r R e r o d y a e r i s e n e t v a d i r h - k t s e e a s s - - 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 c h e a d v n - e - l - e t r s Total qu R ir e e - d2 Exand notes Wednesday figures: 1949—Apr. 6. 21321,597 9,151 12,446 33422,143 24,317 4,591 27,514 1,329 1,116 1,104 67619,311 18,479 832 Apr. 13. 23221,491 9,064 12,427 333 22,056 24,321 4,592 27,507 1,318 1,028 1,110 67819,327 18,505 822 Apr. 20. 45321,288 8,989 12,299 309 22,050 24,324 4,589 27,408 1,333 1,054 1,094 67819,398 18,519 879 Apr. 27. 266 21,208 8,905 12,303 231 21,705 24,329 4,592 27,356 1,330 1,146 1,093 67919,020 18,492 528 May 4. 48020,839 8,671 12,168 25821,576 24,334 4,592 27,447 1,324 990 1,045 62319,073 18,161 912 May 11. 20220,130 8,581 11,549 20,559 24,335 4,592 27,452 1,314 913 1,017 62518,164 17,285 879 May 18. 77319,706 8,440 11,266 20,735 24,338 4,591 27,392 1,313 1,026 1,005 18,302 17,248 1,054 May 25. 17119,691 8,371 11,320 18620,048 24,339 4,591 27,367 1,312 668 978 18,027 17,305 722 June 1. 15819,767 8,274 11,493 22020,145 24,342 4,595 27,515 1,321 622 911 63718,076 17,288 788 June 8. 15719,594 8,202 11,392 205 19,95624,381 4,596 27,484 1,315 378 946 63918,170 17,249 921 June 15. 13919,461 8,051 11,410 311 19,91124,423 4,596 27,391 1,309 9 906 70818,606 17,387 1,219 June 22. 67019,166 7,932 11,234 277 20,11324,421 4,596 27,345 1,304 508 943 71518,314 17,348 966 June 29. 15019,517 7,780 11,737 209 19,875 24,466 4,597 27,426 1,324 497 959 71918,013 17,334 679 July 6. 11419,343 7,780 11,563 321 19,779 24,471 4,597 27,659 1,306 262 898 17,980 16,518 1,462 July 13. 14018,842 7,780 11,062 297 19,27924,513 4,596 27,480 1,317 371 973 741 17,506 16,493 1,013 July 20. 36018,474 7,780 10,694 262 19,09624,518 4,595 27,366 1,310 449 930 740 17,415 16,522 893 July 27. 41718,490 7,780 10,710 169 19,07524,520 4,594 27,333 1,307 447 877 74017,486 16,586 900 Aug. 3. 29818,693 10,913 222 19,21324,562 4,593 27,419 1,312 411 918 68917,619 16,490 1,129 Aug. 10. 13718,606 10,831 181 18,92424,568 4,592 27,409 1,314 370 956 69117,347 16,513 834 Aug. 17. 24018,226 10,451 228 18,694 24,608 4,592 27,383 1,313 444 970 68817,096 15,799 1,297 Aug. 24. 11517,803 10,028 163 18,0"8 124,610 4,591 27,328 1,321 485 948 69116,509 15,596 913 Aug. 31. 53117,524 7,775 9,749 18,22524,607 4,593 27,389 1,310 610 914 69016,512 15,337 1,175 Sept. 7. 17,413 7,775 9,638 251 17,780 24,647 4,592 27,589 1,317 472 955 69115,995 15,064 931 Sept. 14. 12317,250 7,775 9,475 431 17,804 24,649 4,592 27,454 1,312 334 931 69116,322 15,207 1,115 Sept. 21. 14617,154 7,538 9,616 333 17,633 24,691 4,591 27,365 1,314 801 962 71315,760 15,244 516 Sept. 28. 30017,852 7,538 10,314 245 18,397 24,602 4,590 27,348 1,311 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 1,321 612 1,075 73416,384 15,242 1,142 Oct. 12. 10917,779 7,538 10,241 414 24,604 4,592 27,546 1,296 554 1,247 73416,119 15,211 908 Oct. 19. 12217,666 7,538 10,128 369 18,157 24,585 4,591 27,427 1,310 317 1,142 73216,405 15,330 1,075 Oct. 26. 13817,403 7,538 9,865 292 17,83324,584 4,591 27,328 1,313 374 1,163 73216,098 15,314 784 Nov. 2. 61117,533 7,536 9,997 272 18,416 24,583 4,591 27,382 1,318 545 1,219 690 16,437 15,319 1,118 Nov. 9. 17,706 7,535 10,171 16018,185 24,532 4,592 27,528 1,312 415 1,220 69016,145 15,262 883 Nov. 16. 17,789 7,532 10,257 438 18,35124,530 4,592 27,397 1,323 408 1,224 69016,432 15,346 1,086 Nov. 23. 13317,669 7,513 10,156 289 18,09124,530 4,596 27,508 1,315 410 1,306 69115,987 15,361 626 Nov. 30. 17,682 7,513 10,169 263 18,26724,479 4,596 27,543 1,317 517 1,238 68916,038 15,367 671 Dec. 7. 17,931 7,512 10,419 289 18,628 24,477 4,596 27,699 1,309 441 1,271 690 16,291 15,395 896 Dec. 14. 10718,169 7,512 10,657 455 24,476 4,596 27,701 1,314 393 1,273 69016,433 15,561 872 Dec. 21. 12818,538 7,237 11,301 842 19,508 24,427 4,595 27,833 1,309 1,027 1,267 75616,337 15,523 814 Dec. 28. 18,789 7,231 11,558 448 19,379 24,427 4,598 27,765 1,314 987 1,281 75816,299 15,462 837 1950—Jan. 4. 18,829 7,212 11,617 547 19,47124,427 4,597 27,551 1,319 547 1,304 71917,055 15,597 1,458 Jan. 11. 18,230 7,165 11,065 18,64424,426 4,596 27,311 1,313 255 1,382 71916,686 15,593 1,093 Jan. 18. 17,872 7,134 10,738 18,38324,426 4,596 27,121 1,315 381 1,380 71916,487 15,630 857 Jan. 25. 17,764 7,130 10,634 416 18,300 24,425 4,596 26,913 1,321 539 1,408 72116,419 15,617 802 Feb. 1. 17,855 7,103 10,752 309 18,620 24,395 4,599 26,928 1,318 637 1,478 72116,532 15,534 998 Feb. 8. 22317,656 6,969 10,687 18,14624,345 4,598 26,985 1,313 366 1,432 72716,265 15,456 809 Feb. 15. 26717,781 6,920 10,861 53318,58124,343 4,598 26,993 1,313 671 1,419 72816,400 15,383 1,017 Feb. 21. 9417,625 6,887 10,738 18,092 24,345 4,598 27,019 1,311 380 1,419 73116,176 15,428 748 Mar. 1. 31417,757 6,840 10,917 383 18,45424,345 4,600 27,060 1,316 555 1,444 73616,288 15,347 941 Mar. 8. 8717,846 6,804 11,042 431 18,36324,345 4,601 27,105 1,322 433 1,454 73916,258 15,261 997 Mar. 15. 17,791 6,615 11,176 402 18,26424,320 4,601 27,023 1,307 9 1,315 75916,771 15,405 1,366 Mar. 22. 18617,573 6,529 11,044 277 18,03624,271 4,600 26,972 1,308 759 1,139 76115,969 15,324 645 Mar. 29. 17,516 6,415 11,101 263 18,14424,246 4,599 26,969 1,321 997 1,155 76615,782 15,268 514 Apr. 5. 16817,572 6,357 11,215 392 18,13224,246 4,601 27,133 1,317 622 1,167 76915,971 15,209 762 Apr. 12. 16017,597 6,327 11,270 311 18,06824,247 4,600 27,072 1,313 587 1,177 76915,996 15,248 748 Apr. 19. 13717,410 6,220 11,190 381 17,928 24,247 4,600 26,992 1,319 647 1,261 77115,786 15,265 521 Apr. 26. 21817,640 6,204 11,436 282 18,14124,247 4,600 26,962 1,316 833 1,208 77215,898 15,243 655 May 3. 12117,711 6,098 11,613 359 18,19224,247 4,602 27,051 1,326 678 1,287 71315,986 15,224 762 May 10. 90 17,591 5,976 11,615 17,97824,249 4,602 27,041 1,318 533 1,314 71715,907 15,147 760 May 17. 7917,401 5,911 11,490 18,00124,230 4,601 26,980 1,294 426 1,293 71616,123 *>15,240 *>883 May 24. 10617,290 5,854 11,436 288 17,68324,230 4,601 26,908 1,292 428 1,246 71815,922 ^15,289 P633 May 31. 30617,389 5,802 11,587 239 17,935v 24,231 P4.606P27.088 Pi,310 588 1,254 71815,814 P15.286 P52S P Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 2 Wednesday figures and end-of-month figures (shown on next page) are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. JUNE 1950 685 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 B cu o o r n v i d e ti s r e n s m c c B e a e r i t n t l e i l t f s s i , , - ot A h l e l r1 Total s G to o c ld k T s r o c e t u i r a u n n u e r n y r g c t a - - d y s - - M i c n t u o io c l n a n i e r - y - T h c i u r o n a e r l g s a y d h s s - - F u T B p e s w r r R o e d y a e i r s e n e t a v i d - r h k t s e a e s s - - l b m p 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 c h e a d v - n - e l - e t r s Total qu R ir e e - d2 Exand notes End of period 1929—June 29. ,037 216 71 145 147 1,400 4,037 2,019 4,459 204 36 28 374 356 2,333 23 1933—June 30. 164 998 441 1,557 58 2,220 4,031 2,286 5,434 264 35 166 346 292 1,817 475 1939—Dec. 30. 7 484 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. 3 254 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. 46 792 1,11320,679 466 22,304 20,213 4,145 26,746 2,279 599 1,668 450 920 3,335 1,585 Dec. 31. 249 262 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. 157 783 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. 7021,872 72721,145 228 22,170 21,266 4,552 28,297 1,314 756 881 62916,112 15,374 738 Dec. 31. 8522,559 2,85319,706 536 23,181 22,754 4,562 28,868 1,336 870 961 56317,899 16,400 1,499 1948—June 30. 26521, 6,20615,160 268 21,900 23,532 4,565 27,903 1,327 1,928 859 59217,389 16,647 742 Dec. 31. 22323,333 10,97712,356 542 24,097 24,244 4,589 28,224 1,325 1,123 1,189 59020,479 19,277 1,202 1949—Apr 30321,094 8,90212,192 340 21,737 24,332 4,593 27,417 1,324 984 1,243 61819,076 18,438 638 May. .. . 24719,704 8,35611,348 141 20,092 24,342 4,596 27,507 1,315 628 930 62818,024 17,230 794 June.... 10319,343 78011,563 250 19,696 24,466 4,597 27,493 1,307 438 941 71317,867 16,919 948 July.... 31618,529 78010,749 393 19,238 24,520 27,394 1,298 514 1,018 69017,437 16,685 752 Aug 53117,524 7,775 9,749 18,225 24,608 27,393 1,308 610 914 69016,512 15,337 1,175 Sept 10918,010 7,53810,472 18,415 24,602 27,412 1,311 1.176 1,051 71315,947 15,176 771 Oct..... 28317,316 7,536 9,780 261 17,860 24,584 27,407 1,307 595 1,187 69015,85015,261 589 Nov..... 321 17,682 7,51310,169 263 18,267 24,479 4,596 27,543 1,317 517 1,238 68916,03815,367 671 Dec 7818,885 7,21811,667 19,499 24,427 4,598 27,600 1,312 821 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 1,460 720 16,211 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 25: 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 39: 18,301 24,247 4,603 27,048 1,308 858 1,347 71215,878 15.202 676 May.. .. 30617,389 5,802 11,587 239 17,935P24,231 P4,606 ^27,088 l0 588 1,254 71815,814 15,286 *>528 Averages of daily figures: 1949—Apr 249 21,361 9,049 12,312 40' 22,017 24,322 4,591 27,462 1,318 1,109 1,185 67119,185 18,479 706 May.... 30319,974 8,511 11,463 298 20,575 24,304 4,592 27,438 1,312 914 1,067 59318,146 17,369 777 June.... 19119,377 8,046 11,331 328 19,896 24,404 4,596 27,432 1,311 421 984 68018,06817,310 758 July.... 20218,79' 7,780 11,017 344 19,342 24,502 4,595 27,472 1,306 391 97 73617,55816,539 1,019 Aug 19018,147 7,777 10,370 245 18,583 24,588 4,59: 27,397 1,312 521 970 69016,873 15,918 955 Sept 16417,441 7,649 9,792 35: 17,957 24,637 4,592 27,451 1,310 649 990 70316,083 15,161 922 Oct 13617,643 7,538 10,105 361 18,139 24,596 4,592 27,456 1,305 555 1,171 72716,113 15,251 862 Nov 21517,664 7,528 10,136 347 18,226 24,533 4,593 27,47 1,311 45 1,296 69116,119 15,308 811 Dec 18918,28' 7,360 10,927 536 19,012 24,451 4,596 27,734 1,307 687 1,315 72416,291 15,488 803 1950—Jan 10118,082 7,157 10,925 466 18,649 24,420 4,597 27,220 1,314 47: 1,420 71916,52015,585 936 Feb 17817,705 6,948 10,75 427 18,310 24,346 4,598 27,008 1,310 585 1,478 72816,146 15,409 737 Mar 17017,682 6,640 11,042 18,242 24,311 4,600 27,043 1,307 638 1,331 75216,081 15,298 783 Apr 14017,608 6,274 11,334 18,136 4,601 27,06: 1,313 695 1,250 76415,89815,204 694 May.... 11617,486 5,937 11,549 40318,005 24*236 4,602 27,022 1,302 563 1,299 71 15,941 For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS' [Per cent per annum] [Per cent of market value] Jan. 21, Feb. 1, Effec- Nov. 1, 1933-Feb. 1, 1935- Effective Prescribed in accordance with 1946- 1947- tive Jan. 31, 1935Dec. 31, 1935Jan. 1, 1936 Securities Exchange Act of 1934 Jan. 31, Mar. 29, Mar. 30, 1947 1949 1949 Savings deposits Postal Savings deposits Regulation T: Other deposits payable: For extensions of credit by brokers In 6 months or more...... 2% and dealers on listed securities 100 75 50 In 90 days to 6 months. . . 2Y For short sales 100 75 50 In less than 90 days Regulation U: For loans by banks on stocks 100 75 50 NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regula- 1 Regulations T and U limit the amount of credit that may be extion Q. Under this Regulation the rate payable by a member bank tended on a security by prescribing a maximum loan 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. 686 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advances ( s S e e c e u s r . e 1 d 3 b a y n d e li 1 g 3 ib a l ) e i paper [Sec. 10(b)] obl ( i l g a a s t t i o p n a s r . o S f e t c h . e 1 U 3) . S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous May 31 beginning— rate May 31 beginning— rate May 31 beginning— rate Boston Aug. 13, 1948 Aug. 13,1948 Jan. 14,1948 New York Aug.13, 1948 Aug. 13,1948 2 Oct. 30,1942 M Philadelphia Aug.23, 1948 Aug. 23,1948 Aug. 23,1948 2 Cleveland Aug.13, 1948 Aug. 13,1948 Aug. 13,1948 2 Richmond Aug.13, 1948 Aug. 13,1948 2 Oct. 28,1942 4 Atlanta Aug. 13, 1948 Aug. 13,1948 Jan. 24,1948 2 Chicago Aug.13, 1948 Aug. 13,1948 Aug. 13,1948 2H St. Louis Aug.19, 1948 Aug. 19,1948 Jan. 12,1948 Minneapolis Aug.13, 1948 Aug. 13,1948 Aug. 23,1948 Kansas City Aug. 16, 1948 Aug. 16,1948 Jan. 19,1948 Dallas Aug.13, 1948 Aug. 13,1948 Feb. 14,1948 San Francisco Aug.13, 1948 Aug. 13,1948 2 Oct. 28,1942 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. '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 M a a te y o 3 n 1 In g i e n f n fe in ct g — be- Pre ra v t i e ous Net demand deposits l 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. I 1 K % i i * A A A u u u g g g . . . 1 1 1 3 3 3 , , , 1 1 1 9 9 9 4 4 4 8 8 8 Ef o fe f c t c i h ve a 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. . 10 by the other Federal Reserve Banks. 1936—Aug. 16 34 15 44 B 3- a 4 c 4 k 5 . figures.—See Banking and Monetary Statistics, Table 117, pp. 1937— M M a a y r. 1 1 2 2 2 6 % 2 1 0 7K 14 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1938—Apr. 16 22 % 17K 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 Oct. 3 20 [In effect May 31. Per cent per annum] 1948--Feb. 27. 22 To industrial or June 11. 24 c b o u m si m ne e s r s c e ia s l To financing institutions S Se e p p t t . . 2 1 4 6 . . 22 16 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 3 2 7 7 Bank lo O an n s 1 co m m O e m n n t i s t- f o o P i b t n r i o l o s i w r g t n t i a i h t o u t i i e s n c - d h m po a R r in t e i i - o n n g c m om O en n m ts it- J A A A J A u u u u u u l n g g g y g e . . . . 3 1 1 1 0 1 8 1 6 1 23 2 1 1 0 9 9K 1 1 12 4 3 ' 3 3 2 25 6 6 5' N Bo ew st o Y n ork A Se u p g t . . 25 1 2 2 2 2 1 18 8K P C h le il v a e d la e n lp d hia. . . . In effect June 1, 1950 22 18 12 Richmond Atlanta () 1 Demand deposits subject to reserve requirements, which beginning Chicago. 2K-5 August 23, 1935, have been total demand deposits minus cash items S M t. i n L n o e u a i p s olis. . . . 1K (2 - ) 2 (3) i ( n a ls p o ro c m e i s n s u o s f w co a l r l e l c o t a io n n a a n n d d s d e e r m ies a n E d b b a o l n a d n ce a s c c d o u u e n t f s r om du r d i o ng m e t s h t e ic p b e a ri n o k d s Kansas City. . . . (2) Apr. 13, 1943-June 30, 1947). Dallas (2) 2 Requirement became effective at country banks. San Francisco... (2) 3 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 }/i per cent is made on undisbursed portion of loan. Back figures,—See Banking and Monetary Statistics, Table 118, pp. 446-447. JUNE 1950 687 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [lit thousands of dollars] Wednesday figures End of month Item 1950 1950 1949 May 31 May 24 May 17 May 10 May 3 Apr. 26 Apr. 19 May April May Assets Gold certificates 22,477,428 22,499,43122,513,432 22,524,430 22,509,43122,509,43222,496,43122,477,42822,509,43122,524,428 Redemption fund for F. R. notes. 520,630 521,590 524,645 523,646 523,646 525,931 528,093 520,630 525,931 591,949 Total gold certificate reserves. . . .22,998,058 23,021,02123,038,07723,048,076 23,033,07723,035,363 23,024,524 22,998,05823,035,362 23,116,377 Other cash 182,184 211,172 204,853 192,132 206,260 228,422 243,214 182,184 227,407 255,398 Discounts and advances: For member banks... 286,999 81,290 39,670 50,675 80,761 178,066 96,881 286,999 73,056 139,565 For nonmember banks, etc. 19,400 24,800 39,800 39,800 39,800 39,800 39,800 19,400 39,800 107,600 Total discounts and advances 306,399 106,090 79,470 90,475 120,561 217,866 136,681 306,399 112,856 247,165 Industrial loans 2,585 2,585 2,541 2,563 2,536 2,575 2,517 2,585 2,574 618 U. S. Govt. securities: Bills 4,068,875 3,995,875 4,099,275 4,263,475 4,319,975 4,199,475 3,987,375 4,068,875 4,368,475 ,231,635 Certificates: Special Other 5,874,850 5,814,650 5,771,150 5,748,250 5,761,250 5,753,250 5,749,250 5,874,850 5,765,750 6,757,800 Notes 1,643,700 1,625,200 1,619,400 1,603,400 1,531,500 1,484,000 1,454,000 1,643,700 1,506,700 359,100 Bonds 5,801,900 5,854,300 5,910,700 5,976,100 6,098,500 6,203,800 6,219,800 5,801,900 6,155,000 8,355,900 Total U. S. Govt. securities 17,389,325 17,290,025 17,400,525 17,591,225 17,711,225 17,640,525 17,410,425 17,389,325 17,795,925 19,704,435 Other Reserve Bank credit outstanding... 236,297 284,535 518,092 294,008 357,252 279,743 378,748 236,297 389,638 140,281 Total Reserve Bank credit outstanding 17,934,606 17,683,235 18,000,628 17,978,271 18,191,574 18,140,709 17,928,371 17,934,606 18,300,993 20,092,499 Liabilities Federal Reserve notes. . 22,835,733 22,712,503 22,795,63722,844,71622,870,115 22,801,45722 ,841,566 22 ,835 ,733 22 ,879,57623,345,562 Deposits: Member bank — reserve account 15,813,832 15,922,110 16,123,35115,906,95415,985,60715,897,59115,785,85415,813,83215,877,83018,024,100 U. S. Treasurer—general account. 587,526 428,221 425,835 532,897 678,120 833,361 646,673 587,526 858,039 627,658 Foreign 987,980 969,258 1,022,177 1,017,962 996,315 913,537 904,934 987,980 912,057 471,221 Other 266,103 276,310 270,891 296,174 291,014 294,827 356,537 266,103 434,886 459,108 Total deposits 17,655,441 17,595,899 17,842,254 17,753,987 17,951,056 17,939,316 17,693,998 17,655,441 18,082,812 19,582,087 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 56.8 57.1 56.7 56.8 56.2 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m da o y n s t h t s o 6 to m 1 o y n e t a h r s 1 2 y y e e a a r r t s o 2 5 y e y a e r a s r s to 5 O y v e e a r rs Discounts and advances: May 3 120,561 76,786 39,750 3,775 250 May 10 90,475 76,425 9,826 3,674 550 May 17 79,470 72,895 2,561 3,564 450 May 24 106,090 84,801 4,374 1,365 550 15,000 May 31 306,399 281,020 6,946 4,892 13,541 Industrial loans: May 3 2,536 42 48 41 52 989 362 278 724 May 10 2,563 14 48 42 53 1,036 368 278 724 May 17 2,541 43 16 43 52 1,024 366 271 726 May 24 2,585 53 5 42 52 1,056 372 276 729 May 31 . 2,585 47 36 11 49 1,067 381 276 718 U. S. Government securities: May 3 17,711,225 1,174,8671,638,51&3,211,502 1,106,688 1,797,500 1,152,150 854,800 2.666,200 4,109,000 May 10 17,591,225 1,083,8521,698,234 3,063,938 1,229,0511,786,500 1,150,150 921,7 671,200 3,986,600 May 17 17,400,5252,119,993 573,1863,007,509 1,268,1872,234,200 1,130,550 937,700 2!208,000 3,921,200 May 24 17,290,0252,052,384 606,4772,935,202 1,355,4122,199,200 1,125,050 943,500 2.208,000 3,864,800 May 31 17,389,3252,092,854 669,016 ,939,988 1,381,8172,199,200 1,124,050 962,000 2 208,000 3,812,400 688 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thotisands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a d l l a e n ve d - m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n o n li e s - Ka C n it s y as Dallas F S r a a n ncisco Assets Gold certificates: 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 May 3 22,509,431 880,265 6,903,2381,276,4561,627,0311,046,1261,026,3774,406,619 687,749 472,263 925,081 652,4132,605,813 May 10 22,524,430 887,445 6,874,4511,258,0581,625,8191,086,4731,025,8844,460,574 671,312 471,245 893,731 636,2222,633,216 May 17 22,513,432 888,981 6,932,3871,272,6461,622,8171,069,5701,005,7704,364,294 681,106 474,409 908,840 632,5732,660,039 May 24 22,499,431 879,068 6,873,9771,286,1411,635,3971,062,7881,018,4734,445,843 679,743 467,355 868,082 631,4412,651,123 Redemption fund for F. R. notes: 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 May 3 523,646 49,469 41,270 45,206 56,787 47,631 37,933 79,319 42,166 22,025 34,182 26,560 41,098 May 10 523,646 49,469 41,270 45,206 56,786 47,631 37,933 79,319 42,167 22,025 34,182 26,560 41,098 May 17 524,645 49,469 41,270 46,206 56,786 47,631 37,933 79,319 42,166 22,025 34,182 26,560 41,098 May 24 521,590 51,206 38,513 45,753 56,536 47,239 37,721 79,005 42,092 21,998 34,059 26,502 40,966 cate reserves: 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 May 3 23,033,077 929,734 6,944,5081,321,6621,683,8181,093,7571,064,3104,485,938 729,915 494,288 959,263 678,9732,646,911 May 10 23,048,076 936,914 6,915,7211,303,2641,682,6051,134,1041,063,8174,539,893 713,479 493,270 927,913 662,7822,674,314 May 17 23,038,077 938,450 6,973,6571,318,8521,679,6031,117,2011,043,7034,443,613 723,272 496,434 943,022 659,1332,701,137 May 24 23,021,021 930,274 6,912,4901,331,8941,691,9331,110,0271,056,1944,524,848 721,835 489,353 902,141 657,9432,692,089 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 May 3 206,260 16,080 44,627 11,539 17,412 14,000 17,402 24,158 10,381 5,215 8,549 10,245 26,652 May 10 192,132 17,006 39,194 11,623 17,671 11,605 16,605 23,361 9,395 3,956 6,934 9,545 25,237 May 17 204,853 17,507 43,204 12,507 13,709 13,350 19,751 22,959 11,672 4,622 9,350 10,082 26,140 May 24 211,172 16,771 41,780 15,233 17,858 14,204 17,870 23,328 13,037 3,738 10,242 9,176 27,935 Discounts & advances: Secured by U. S. Govt. securities: 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 May 3.. 80,761 8,395 22,010 2,425 13,450 5,856 4,450 4,225 950 7,220 7,620 560 3,600 May 10.. 50,675 7,450 13,555 2,345 11,500 3,040 3,050 6,325 1,600 200 1,450 60 100 May 17.. 39,670 11 150 10,220 1,625 1,000 2 700 3,100 4,325 1,500 3,950 100 May 24.. 81,290 10,250 14,810 1,925 15,900 5,335 2,700 5,825 6,550 10,000 5,395 2,100 500 Other i 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 May 3.. 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 May 10.. 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 May 17.. 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 May 24.. 24,800 1,562 7,787 1,984 2,257 1,240 1,042 3,422 893 620 918 868 2,207 Industrial loans: Apr. 26 2,575 2,275 1 113 186 May 3 2 536 2,243 1 108 184 May 10 2,563 2,262 1 117 183 May 17 2,541 2 239 1 121 180 May 24. 2,585 2,276 1 112 196 U. S. Govt. securities: Bills: 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 May 3.... 4,319,975 297,819 1,006,952 287,283 400,444 279,096 231,395 655,116 238,294 133,656 200,460 196,105 393,355 May 10 4,263,475 293,924 993,782 283,525 395,207 275,446 228,369 646,547 235,178 131,908 197,838 193,540 388,211 May 17.... 4,099,275 282,604 955,508 272,606 379,986 264,838 219,574 621,647 226,120 126,827 190,219 186,087 373,259 May 24.... 3,995,875 275,476 931,406 265,730 370,402 258,158 214,035 605,966 220,416 123,628 185,421 181,393 363,844 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 May 3 5,761,250 397,181 1,342,901 383,129 534,045 372,211 308,596 873,682 317,796 178,247 267,339 261,532 524,591 May 10 5,748,250 396,285 1,339,871 382,264 532,840 371,372 307,899 871,711 317,078 177,845 266,736 260,943 523,406 May 17 5,771,150 397,863 1,345,209 383,787 534,963 372,850 309,126 875,183 318,342 178,554 267,799 261,981 525,493 May 24. ... 5,814,650 400,862 1,355,349 386,680 538,994 375,660 311,456 881,781 320,742 179,900 269,817 263,956 529,453 Notes: 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 May 3 1,531,500 105,582 356,980 101,846 141,964 98,944 82,033 232,249 84,479 47,383 71,066 69,523 139,451 May 10 1,603,400 110,538 373,740 106,628 148,629 103,589 85,884 243,152 88,445 49,608 74,403 72,786 145,998 May 17 1,619,400 111,641 377,469 107,692 150,112 104,623 86,741 245,579 89,328 50,103 75,145 73,513 147,454 May 24.... 1,625,200 112,041 378,821 108,077 150,650 104,998 87,052 246,458 89,648 50,282 75,414 73,776 147,983 Bonds: 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 May 3.... 6,098,500 420,430 1,421,512 405,556 565,307 394,000 326,660 924,825 336,400 188,681 282,989 276,841 555,299 May 10. ... 5,976,100 411,992 1,392,981 397,417 553,960 386,092 320,104 906,264 329,648 184,894 277,309 271,285 544,154 May 17.... 5,910,700 407,484 1,377,737 393,067 547,898 381,867 316,601 896,346 326,040 182,871 274,274 268,316 538,199 May 24 5,854,300 403,595 1,364,591 389,317 542,670 378,223 313,580 887,793 322,929 181,126 271,657 265,756 533,063 Total U. S. Govt. securities: 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 3 17,711,2251,221,012 4,128,3451,177,8141,641,7601,144,251 948,6842,685,872 976,969 547,967 821,854 804,0011,612,696 May 10 17,591,2251,212,739 4,100,3741,169,8341,630,6361,136,499 942,2562,667,674 970,349 544,255 816,286 798,5541,601,769 May 17 17,400,5251,199,592 4,055,9231,157,1521,612,9591,124,178 932,0422,638,755 959,830 538,355 807,437 789,8971,584,405 May 24 17,290,0251,191,974 4,030,1671,149,8041,602,7161,117,039 926,1232,621,998 953,735 534,936 802,309 784,8811,574,343 JUNE 1950 689 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Assets (cont.) Total loans and securities: 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 May 3 17,834,322 1,231,914 4,162,852 1,185,6661,658,8331,152,205 954,8062,695,589 979,352 556,366 830,947 805,9541,619,838 May 10 17,684,263 1,222,696 4,126,426 1,177,6251,645,7591,141,646 946,9782,679,491 973,382 545,633 819,209 800,0071,605,411 May 17 17,482,536 1,213,249 4,078,640 1,164,2001,617,5821,128,989 936,8142,648,572 962,763 539,530 812,860 791,2901,588,047 May 24 17,398,700 1,203,786 4,052,7641,155,9891,620,8741,123,726 929,8652,631,245 961,178 545,752 808,622 787,8491,577,050 Due from foreign banks: Apr. 26 29 2 19 2 3 1 1 4 1 1 1 1 3 May 3 29 2 i 9 2 3 1 1 4 1 1 1 1 3 May 10 29 2 19 2 3 1 1 4 1 1 1 1 3 May 17 29 2 19 2 3 1 1 4 1 1 1 1 3 May 24. 29 2 I 9 2 3 1 1 4 1 1 1 1 3 Federal Reserve notes of other Banks: 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 May 3 102,711 4,497 18,329 3,997 5,296 11,101 11,986 15,431 5,711 2,543 5,339 5,531 12,950 May 10 97,416 3,566 17,279 4,213 4,929 9,879 12,251 14,848 7,431 2,351 5,259 4,077 11,333 May 17 110,537 5,025 21,757 4,280 5,640 10,956 12,405 15,541 8,193 3,082 6,093 4,650 12,915 May 24 111,496 5,810 19,127 5,709 5,978 11,082 13,081 16,039 9,149 3,506 5,067 4,572 12,376 Uncollected items: 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 May 3 2,554,756 210,298 482,707 173,357 228,384 208,380 174,426 405,204 147,858 73,312 137,259 107,506 206,065 May 10 2,525,939 205,446 462,942 167,845 223,558 210,981 182,624 411,786 153,182 69,298 129,286 108,431 200,560 May 17 3,253,076 250,523 604,792 218,105 324,979 269,979 218,832 543,613 173,603 82,061 167,317 148,747 250,525 May 24 2,644,879 206,971 498,030 180,142 261,494 224,974 175,612 417,636 144,372 68,031 134,675 128,777 204,165 Bank premises: 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 May 3 34,529 1,111 7,799 2,964 4,884 2,476 1,509 3,628 2,030 1,135 2,286 703 4,004 May 10 34,595 1,111 7,799 2,964 4,884 2,478 1,509 3,630 2,031 1,135 2,286 703 4,065 May 17 34,730 1,111 7,806 2,964 4,881 2,488 1,509 3,751 2,031 1,135 2,286 703 4,065 May 24 34,867 1,111 7,806 2,959 4,871 2,479 1,508 3,752 2,030 1,135 2,286 703 4,227 Other assets: 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 May 3. 130,042 8,736 29,406 8,351 12,238 8,566 6,882 19,872 8,246 3,892 6,290 5,756 11,807 May 10 132,133 8,910 29,816 8,536 12,199 8,697 7,017 20,087 8,439 3,988 6,489 5,835 12,120 May 17 136,556 9,176 30,870 8,798 12,784 8,926 7,261 20,677 8,647 4,128 6,671 6,141 12,477 May 24 140,307 9,449 31,843 8,969 13,054 9,321 7,485 21,338 8,872 4,207 6,700 6,328 12,741 Total assets: Apr. 26 43,962,056 2,407,76011,725,6672,716,8493,625,8042,508,0742,235,732 7,681,2501,866,9961,130,9071,883,9691,608,2444,570,804 May 3...... 43,895,726 2,402,372 11,690,2372,707,5383,610,8682,490,4862,231,3227,649,8241,883,4941,136,7521,949,9341,614,6694,528,230 May 10 43,714,583 2,395,65111,599,1862,676,0723,591,6082,519,3912,230,802 7,693,1001,867,3401,119,6321,897,3771,591,3814,533,043 May 17 44,260,394 2,435,043 11,760,7352,729,7083,659,1812,551,8902,240,2767,698,7301,890,1821,130,9931,947,6001,620,7474,595,309 May 24 43,562,471 2,374,174 11,563,8492,700,8973,616,0652,495,8142,201,6167,638,1901,860,4741,115,7231,869,7341,595,3494,530,586 Liabilities Federal Reserve notes: 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 May 3 22,870,115 1,378,729 5,166,2221,596,7682,021,8231,517,9211,271,7204,437,5581,055,576 606,507 909,255 615,3612,292,675 May 10 22,844,716 1,378,902 5,146,4331,601,6472,029,3901,513,9841,266,1254,435,7391,052,932 606,911 906,573 611,9542,294,126 May 17 22,795,637 1,375,444 5,139,0471,600,7892,025,9041,511,1971,258,5304,436,732 1,050,582 605,030 902,465 607,9652,281,952 May 24 22,712,503 1,372,165 5,120,8731,604,5902,023,3811,497,7641,250,2954,424,8241,044,196 602,882 899,194 604,1282,268,211 Deposits: Member bank —reserve account: 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 May 3. . 15,985,607 678,843 5,216,719 758,5861,154,641 650,805 687,4502,497,725 570,682 378,001 815,298 781,1091,795,748 May 10.. 15,906,954 665,221 5,149,466 746,4551,150,546 677,102 686,1622,548,907 569,802 371,741 759,392 780,4281,801,732 May 17. .16,123,351 671,569 5,271,118 777,7621,195,434 669,951 673,0082,501,326 575,107 371,032 798,230 771,0391,847,775 May 24. . 15,922,110 658,389 5,156,115 760,2781,173,274 668,592 687,5632,527,959 575,925 380,083 738,793 763,7291,831,410 urer-general account: 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 May 3.. 678,120 34,708 111,510 59,074 64,658 35,364 40,167 121,907 49,411 40,930 26,236 44,188 49,967 May 10. . 532,897 37,407 86,526 35,047 45,507 35,807 31,504 94,312 28,531 28,927 36,301 22,538 50,490 May 17. . 425,835 34,084 55,959 35,325 22,571 31,847 34,603 48,377 27,681 33,659 30,966 32,926 37,837 May 24. . 428,221 28,625 64,543 31,056 31,624 32,152 25,528 57,632 28,805 23,574 31,433 32,272 40,977 Foreign: 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 May 3. . 996,315 62,364 2317,224 79,192 90,081 49,495 41,576 136,606 35,636 24,748 36,626 34,647 88,120 May 10. . 1,017,962 63,762 2323,641 80,968 92,101 50,605 42,508 139,670 36,436 25,303 37,448 35,424 90,096 May 17.. 1,022,177 64,140 2323,740 81,448 92,647 50,905 42,760 140,498 36,652 25,453 37,670 35,634 90,630 May 24.. 969,258 60,719 2308,072 77,104 87,706 48,190 40,480 133,004 34,697 24,095 35,661 33,733 85,797 Other: 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 May 3.. 291,014 4,821 218,145 1,621 4,872 2,981 495 4,513 5,956 1,669 10,152 959 34,830 May 10.. 296,174 4,813 221,058 1,708 4,813 2,876 2,485 4,341 6,110 1,446 10,610 568 35,346 May 17.. 270,891 3,157 205,189 1,339 4,364 2,881 501 3,364 5,602 1,138 9,309 578 33,469 May 24.. 276,310 3,771 211,158 1,172 4,224 1,965 610 4,650 4,988 988 8,451 552 33,781 1 After deducting $20,000 participations of other Federal Reserve Banks on Apr. 26; May 3; May 10; May 17; and May 24. 2 After deducting $617,400,000 participations of other Federal Reserve Banks on Apr. 26; $679,071,000 on May 3; $694,301,000 on May 10; $698,417,000 on May 17; and $661,167,000 on May 24. 690 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 o t u . 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: 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 May 3.... 17,951,056 780,736 5,863,598 898,4731,314,252 738,645 769,6882,760,751 661,685 445,348 888,312 860,9031,968,665 Mav 10 17,753,987 771,203 5,780,691 864,1781,292,967 766,390 762,6592,787,230 640,879 427,417 843,751 838,9581,977,664 May 17 17,842,254 772,950 5,856,006 895,8741,315,016 755,584 750,8722,693,565 645,042 431,282 876,175 840,1772,009,711 May 24. . . .17,595,899 751,504 5,739,888 869,6101,296,828 750,899 754,1812,723,245 644,415 428,740 814,338 830,2861,991,965 i-/ClCliv.u d V cxiId bility items: 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 May 3.... 2,197,533 186,704 399,874 143,716 193,991 187,658 151,052 330,364 131,462 61,019 118,246 105,218 188,229 May 10 2,231,960 188,946 409,892 141,221 188,184 192,355 162,823 347,907 138,383 60,812 112,613 106,898 181,926 May 17. ... 2,735,013 229,745 502,746 163,786 236 660 238,239 191,484 445,404 159,237 70,500 134,400 138,783 224,029 May 24 2,360,373 193,305 437,907 157,073 213,742 199,922 157,447 366,457 136,220 59,795 121,368 126,838 190,299 including accrued dividends: Apr. 26.... 14,377 902 4,639 765 1,418 709 609 2,092 553 448 495 637 1,110 May 3 12,746 929 3,253 740 1,531 649 569 2,149 518 431 487 494 996 May 10. ... 13,892 966 3,656 808 1,298 714 611 2,142 554 886 484 544 1,229 May 17.... 13,120 934 3,451 744 1,404 643 581 2,195 517 439 495 598 1,119 May 24 15,127 992 4,765 823 1,520 722 665 2,200 597 429 517 673 1,224 lUtdl A i p ld r D . llI 2 L 6 lti . b . . .. 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 May 3.... 43,031,450 2,347,09811,432,9472,639,6973,531,5972,444,8732,'l93,0297,530,8221 849 2411,113,3051,916,3001,581,9764,450,565 May 10 42,844,555 2,340,01711,340,6722,607,8543,511^8392,473,4432,192,2187,573,0181,832,7481,096,0261,863,4211,558,3544,454,945 May 17 43,386,024 2,379,07311,501,2502,661,1933,578,9842,505,6632 201,4677,577,8961,855,3781,107,2511,913,5351,587,5234,516,811 May 24 42,683,902 2,317,96611,303,4332,632,0963,535,4712,449,3072462,5887,516,7261,825,4281,091,8461,835,4171,561,9254,451,699 Capital Accts.: Capital paid in: 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 May 3.... 215,209 12,098 73,020 15,359 19,934 9,474 8,649 27,333 7,148 4,879 7,678 8,896 20,741 May 10 215,663 12,098 73,036 15,374 19,937 9,474 8,658 27,633 7,149 4,880 7,678 8,991 20,755 May 17.... 215,767 12,099 73,029 15,374 19 944 9,475 8,658 27,732 7,150 4,882 7,678 8,991 20,755 May 24. ... 215,808 12,100 73,029 15,375 19,950 9,485 8,658 27,737 7,154 4,883 7,680 9,002 20,755 Surplus: (section 7): 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 May 3.... 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 May 10. ... 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 May 17 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,552 May 24. ... 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 13 b): 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 May 3.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 May 10... . 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 May 17 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 May 24... . 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.: 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 May 3.... 133,351 9,387 28,802 9,788 12,374 9,011 7,688 18,211 7,466 5,001 6,774 6,617 12,232 May 10. ... 138,649 9,747 30,010 10,150 12,869 9,346 7,970 18,991 7,804 5,159 7,096 6,856 12,651 May 17 142,887 10,082 30,988 10,447 13,290 9,624 8 195 19,644 8,015 5,293 7,205 7,053 13,051 May 24. . . . 147,045 10,319 31,919 10,732 13,681 9,894 8,414 20,269 8,253 5,427 7,455 7,242 13,440 and cap. accts.: 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 May 3.... 43,895,726 2,402,37211,690,2372,707,5383,610,8682,490,4862,231,3227,649,8241,883,4941,136,7521,949,9341,614,6694,528,230 May 10 43,714,583 2,395,65111,599,1862,676,0723,591,6082,519,3912,230,8027,693,1001,867,3401,119,6321,897,3771,591,3814,533,043 May 17... . 44,260,394 2,435,04311,760,7352,729,7083,659,1812,551,8902,240,2767,698,7301,890,1821,130,9931,947,6001,620,7474,595,309 May 24 43,562,471 2,374,17411,563,8492,700,8973,616,0652,495,8142,201,6167,638,1901,860,4741,115,7231,869,7341,595,3494,530,586 Contingent liability on acceptances purchased for foreign correspondents: Apr. 26 6,416 404 !2,014 513 584 321 270 886 231 160 237 225 571 May 3.... 6,441 406 12,022 515 586 322 271 889 232 161 238 226 573 May 10 5,567 351 11,748 445 507 278 234 768 200 139 206 195 496 May 17. ... 5,385 339 11,691 431 490 269 226 743 194 135 199 189 479 May 24 5,426 342 11,704 434 494 271 228 749 195 135 201 190 483 Commitments to make industrial loans: Apr. 26. ... 1,283 403 441 60 258 121 May 3.... 1,304 424 441 60 258 121 May 10 1,289 413 441 60 257 118 May 17.... 1,306 431 441 60 256 118 May 24 1,292 408 440 60 256 128 1 After deducting $4,402,000 participations of other Federal Reserve Banks on Apr. 26; $4,419,000 on May 3; $3,819,000 on May 10; $3,694,000 on May 17; and $3,722,000 on May 24. JUNE 1950 691 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] San Total Boston New Phila- Cleve- Rich- At- Chicago St. Minne- Kansas Dallas Fran- York delphia land mond lanta Louis apolis City cisco F.R.notes outstanding (issued to Bank): Apr. 26 23,523,111 1,417,830 5,305,5581,639,149 2,084,4621,564,3591,322,215 4,508,5201,096,721 616,351 930,852641,5472,395,547 May 3 23,523,444 1,417,0815,291,980 1,640,833 2,088,0071,567,0071,320,094 4,516,0161,095,606 615,730 933,773642,2842,395,033 May 10 23,542,891 1,412,705 5,294,5851,636,297 2,096,6941,568,3221,324,716 4,513,2711,099,412 617,265 934,547641,416 2,403,661 May 17 23,529,677 ,416,9075,276,176 1,643,439 2,095,8651,570,6351,319,073 4,518,,2288881,093,929 617,376 931,098 642,179 2,404,712 May 24. ....... 23,456,486 1,409,7185,264,160 1,637,613 2,096,0201,557,3221,309,8174,509,989 1,094,014 614,406 925,861637,6242,399,942 Collateral held against notes outstanding: Gold certificates: Apr. 26 14,249,000 440,000 4,670,000 750,0001,000,000 670,000 675,000 2,950,000 400,000 210,000 280,000 204,000 2,000,000 May 3 14,249,000 440,000 4,670,000 750,0001,000,000 670,000 675,000 2,950,000 400,000 210,000 280,000 204,000 2,000,000 May 10 14,249,000 440,0004,670,000 750,0001,000,000 670,000 675,000 2,950,000 400,000 210,000 280,000204,000 2,000,000 May 17 14,249,000 440,000 4,670,000 750,0001,000,000 670,000 675,000 2,950,000 400,000 210,000 280,000 204,000 2,000,000 May 24 14,249,000 440,000 4,670,000 750,0001,000,000 670,000 675,000 2,950,000 400,000210,000 280,000 204,000 2,000,000 Eligible paper: Apr. 26 155,941 10,850 106,375 2,145 10,306 9,395 10,000 6,870 May 3 57,936 8,395 21,870 2,425 5,856 950 7,220 7,620 3,600 May 10 26,350 7,450 10,165 2,345 3,040 1,600 200 1,450 100 May 17 31,245 11,150 10,220 1,625 2,700 1,500 3,950 100 May 24 54,165 10,250 14,210 1,925 5,335 6,550 10,000 5,395 500 U. S. Govt. sec: Apr. 26 10,550,000 1,100,000 800,000 1,000,000 1,150,000 950,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 May 3 10,550,000 1,100,000 800,000 1,000,000 1,150,000 950,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 May 10 10,550,000 1,100,000 800,000 1,000,000 1,150,000 950,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 May 17 10,550,000 1,100,000 800,000 1,000,000 1,150,000 950,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 May 24 10,450,000 1,100,000 700,000 1,000,000 1,150,000 950,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 Total collateral: Apr. 26 24,954,941 1,550,850 5,576,3751,752,145 2,150,0001,630,3061,375,000 4,550,0001,209,395 670,000 986,870 704,000 2,800,000 May 3 24,856,936 1,548,395 1,752,425 2,150,0001,625,8561,375,000 4,550,0001,200,950 667,220 987,620 704,000 2,803,600 May 10 24,825,350 1,547,450 5,480,1651,752,345 2,150,0001,623,0401,375,000 4,550,0001,201,600 660,200 981,450 704,000 2,800,100 May 17 24,830,245 1,551,150 5,480,220 1,751,625 2,150,000 1,622,7001,375,000 4,550,0001,201,500 660,000 983,950 704,000 2,800,100 May 24 24,753,165 1,550,250 5,384,210 1,751,925 2,150,0001,625,3351,375,000 4,550,0001,206,550 670,000 985,395 704,000 2,800,500 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 o r f e a l d p t a e e n s > r e t ( i s o l d d a d a s a ) t y y N b u A e m r a p p - t p o p l i r c d o A a a v t t m i e e o d o n u s nt ( b a p p m u c l r A e o o t o t p m v e u - n d e n - o d t" l t ) s ( t a L a m o n o u o d a t u i n - n n s g t) 2 ( C s a m t o m a o m n e u o n d m t u - t i n s n i t t g ) -o i ( s n p a t f t u g m a a o f t t n i u i o i i n o d o n t u a - n i n s n n n s t s t c i g ) - - week en M di o n n g t h W , o e r dnesday b m a b A n e e k m H r s - * Y N c o e i r w t k y ban c C k a h g s i- o b s c R a e i n r e t v - y k e s b C a t o n r u y k n s - * Total reserves held: 1939. 2,781 188,222 2,659 13,683 9,220 10,981 1949—April 19,185 5,169 1,211 7,216 5,589 1940 2,908 212,510 13,954 9,152 5,226 6,386 1950—March 16,081 4,337 1,094 6,184 4,466 1941. 3,202 279,860 8,294 10,337 14,597 19,600 April 15,898 4,285 1,060 6,131 4,423 1942 3,423 408,737 4,248 14,126 10,661 17,305 1943 3,471 491,342 926 10,532 9,270 17,930 Apr. 19 15,956 4,280 1,074 6,146 4,457 1944. 3,489 525,532 1,295 3,894 4,165 2,705 Apr. 26 15,810 4,288 1,074 6,092 4,356 1945 3,511 544,961 320 1,995 1,644 1,086 May 3 15,926 4,304 1,077 6,112 4,433 1946 3,542 565,913 4,577 554 8,309 2,670 May 10 15,929 4,242 1,078 6,127 4,481 1947 3,574 586,726 945 1,387 7,434 4,869 May 17 16,042 4,269 1,087 6,193 4,493 May 24 15,907 4,273 1,090 6,138 4,406 1948 Nov. 30... 3,606 614 725 85 1,151 6,099 4,166 Excess reserves: Dec. 31... 3,607 615,653 335 995 1,643 1,990 1949—April 706 42 10 184 471 1949 1950—March 783 34 157 595 April 694 6 1 137 551 Jan. 31... 3.607 615,893 85 1,005 1,677 2,077 Feb. 28... 3,608 616,340 45 907 1,624 2,042 Apr. 19 717 -7 133 580 Mar. 31. .. 3,610 620,192 45 906 3,270 3,677 Apr. 26 590 105 487 Apr. 30... 3,613 620,595 152 819 2,399 2,811 May 3 715 -1 140 565 May 31... 3,614 620,984 245 753 2,349 2,737 May 10 763 1 146 608 June 30... 3,615 621,297 205 614 2,278 2,619 May 17 P836 40 178 *>619 July 30... 3,617 621,601 220 660 2,263 2,563 May 24 P652 10 -6 118 P530 Aug. 31... 3,623 622,327 545 662 2,072 1,926 Sept. 30... 3,630 625,301 912 1,016 1,958 2,023 Borrowings at Federal Oct. 31... 3,637 626,273 1,514 1,075 1,820 1,965 Reserve Banks: N De o c v . . 3 3 0 1 . . . . . . 3 3, , 6 6 4 4 9 4 6 6 2 2 8 9, , 3 5 2 2 6 3 1,2 5 7 3 7 9 2 1, , 9 1 5 7 4 8 2 1 , ,8 2 1 8 8 8 2 2 , 7 9 8 4 4 7 8 1 1 9 9 4 5 9 0 — — A M p a r r i c l h 12 9 8 8 5 1 8 9 2 3 0 3 3 9 4 3 1 7 7 1950 April 101 25 13 42 21 Jan. 31. . . 3,652 629,764 544 2,223 1,941 2,649 Apr. 19 59 3 37 17 Feb. 28. .. 3,655 630,209 223 2,505 1,197 2,628 Apr. 26 86 18 45 23 Mar. 31.... 3,663 632,049 1,225 2,673 1,272 2,651 May 3 66 1 39 26 Apr. 29. .. 3,667 632,573 1,172 2,665 1,288 2,652 May 10 74 14 36 24 May 17. 43 1 17 24 1 Includes applications approved conditionally by the Federal Re- May 24 61 1 36 22 serve Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of con- p Preliminary. dition of Federal Reserve Banks. 1 Weekly figures of excess reserves of all member banks and of NOTE.—The difference between amount of applications approved and country banks are estimates. Weekly figures of borrowings of all 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. 692 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 April 1950 Second half of April 1950 Gross demand deposits: Total 90,453 20,637 4,951 34,373 30,492 90,658 20,743 5,150 34,434 30,331 Interbank 10,903 3,677 1,154 5,156 915 10,636 3,722 1,027 5,002 885 Other 79,550 16,960 3,797 29,216 29,577 80,021 17,021 4,124 29,431 29,445 Net demand deposits 2 79,579 19,045 4,485 30,057 25,992 79,740 19,090 4,654 30,000 25,995 Demand deposits adjusted 3. 70,800 71,600 Time deposits 4 29,558 1,684 1,077 11,768 15,029 29,610 1,691 1,085 11,784 15,049 Demand balances due from domestic banks... 5,454 82 1,671 3,613 5,274 31 117 1,664 3,461 Reserves with Federal Reserve Banks: Total 15,942 4,289 1,044 6,153 4,456 15,854 4,281 1,076 6,108 4,389 Required 15,184 4,274 1,040 5,999 3,871 15,224 4,284 1,078 5,989 3,872 Excess 758 15 4 155 585 631 -3 -3 119 518 Borrowings at Federal Reserve Banks 40 27 39 19 78 1 Averages of daily dosing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, I. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection) are estimated for all member banks, but not by class of bank. 4 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND BANK SUSPENSIONS * SMALL CENTERS i [Averages of daily figures. In millions of dollars] Member Nonmember Total, banks banks In places of 15,000 In places of under all and over population 15,000 population banks Na- State In- Nontional sured insured Demand Demand d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s r p i - t t s de T p i o m s e its Num 1 b 9 e 3 r 4 o -4 f 2 banks suspended: 330 20 6 216 88 bank bank 1943 4 2 2 1944 1 1 1945 0 1949 1946 0 F M e a b r r c u h ary 1 1 6 6 , , 4 4 4 9 3 5 8 8 , , 7 7 9 5 0 7 1 1 2 1 , , 0 9 8 4 6 4 6 6 , , 0 0 6 5 5 8 1 1 9 9 4 4 7 8 0 1 1 April 16,289 8,829 11,753 6,063 1949 4 4 1950—Jan.-May 0 1950 February 17,350 8,794 12,279 6,075 Deposits of suspended banks March 17,335 8,877 12,222 6,091 (in thousands of dollars) :2 April 17,366 8,923 12,145 6,116 1934-42 137,362 18,01626,54851,567 41,231 By district, 1943 6,223 4,982 1,241 April 1950 1944 405 405 1945 0 Boston. . 2,101 835 336 230 1946 .... 0 New York 3,201 2,241 1,084 ,152 1947 167 167 Philadelphia 1,320 827 946 903 1948 0 Cleveland 1,390 917 1,024 812 1949 2,443 2,443 1950—Jan.-May 0 Richmond 1,119 416 841 483 Atlanta.. 1,666 467 725 226 S C t h . ic L a o g u o is. . 2, 6 3 7 5 6 2 1, 3 63 5 5 0 1, 9 68 8 8 7 9 2 7 9 1 3 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 S M D K a a a i n n l n l n s a F a e s r s a a p n C o c i l i t i s y s co 1 1, , 2 0 6 5 4 9 8 0 7 8 9 7 3 6 1 1 5 0 0 6 1 6 9 7 1 1 , , 4 6 6 7 0 5 9 5 9 8 6 1 3 4 2 0 1 5 7 1 3 4 9 i a I n n t c s 2 t l u h u D r e d a e e t n p i c m o b e s a e i n t C s o k o f s r o c p f w l o o h s r m a i o n t e s g i e m o n ( b d i n e e l r o p s a o o b n s m a i s t e n ) . k l i i n s a s b t a i a l n n i d t c i e e s s in w w su i e t r r h e e d t h a e s n s o a u n i m d m e o e d f m F b b e y e d r e o r t b a h a l e n r D k s e b p a s o n u s k s i s t pended are as of dates of suspensions, and deposits of nonihsured 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. JUNE 1950 693 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency 2 Large denomination currency2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin $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 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 I^larch . • 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 April 27,048 18,661 1,478 1,016 60 1,945 5,830 8,333 8,389 2,380 4,961 382 650 4 11 1 1 Total of amoun s 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. 3Paper 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 circulation1 Money Total out- held by standing, As security For Federal Ap 1 r 9 . 5 3 0 0, g a o s g l i d a lv i a n er n st d Tre ca a s s h ury B R F an e e d k se e s r r a v a n e l d B R a a n e g s k e e s n r a t v s n e d Am 1 . 9 5 3 0 0, M 1 a 9 r. 5 3 0 1, Ap 1 r 9 . 4 3 9 0, certificates agents Gold . 24,247 23,076 2l,17O Gold certificates 23,076 20,220 2,815 41 41 43 Federal Reserve notes 23,540 46 771 22,723 22,749 23,146 Treasury currency—total 4,603 ' 's'2',273" 91 227 4,285 4,252 4,228 Standard silver dollars 493 260 62 3 168 168 162 Silver bullion 2,013 2,013 Silver certificates and Treasury notes of 1890.. 32,273 151 2,122 2,096 2,054 Subsidiary silver coin 1,000 16 33 951 944 934 Minor coin 379 9 12 358 356 353 United States notes 347 3 25 319 317 315 Federal Reserve Bank notes 283 1 3 279 283 315 National Bank notes 89 (5) 1 87 88 93 Total—Apr. 30, 1950 (4) 25,349 1,308 20,220 3,814 27,048 Mar. 31, 1950. (4) 25,345 1,315 20,204 3,872 27 042 Apr. 30, 1949 (4) 25,397 1,324 20,284 3,963 27,417 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. 685 and seasonally adjusted figures in table on p. 695. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 6 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. 694 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR POSTAL SAVINGS SYSTEM SEASONAL VARIATION [In millions of dollars] [Outside Treasury and Federal Reserve Banks. In millions of dollars] Assets Amount— Amount— Change in End of peri D od a : te f u o v n r a a r s d i e j a a u t s s i o o te n n d al ad v s j a e u r a s i s t a e o t d n io a n l for s a e s d a e s j r u o i s n e t s a e l d 1 ly End of month D a i n b t e o c a p e r l o s - s s ' - l Total d b C e t a o p i a n n r o s k y s h s i- G s U m e o t c v i . e e u e n s S r r i t n . - - r f e C u e s n t a e c d s r 3 h v s, 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—November. . . 3,336 3,454 7 3,244 203 1948 28,224 -644 December.... 3,330 3,449 7 3,244 198 1949 27,600 -624 1949—January 3,334 3,454 7 3,244 203 Averages of daily figures: February. . . . 3,333 3,454 7 3,244 202 March 3,327 3,447 7 3,254 186 1949—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. . . . 3,177 3,301 7 3,107 186 March 27,043 27,124 +116 March ^3,166 April 27,062 27,280 +156 April P3.153 May. . 27,022 27,212 -68 P Preliminary. 1 For end-of-year figures, represents change computed on absolute 1 Outstanding principal, represented by certificates of deposit. amounts in first column. 2 Includes working cash with postmasters, 5 per cent reserve fund NOTE.—For discussion of seasonal adjustment factors and for back and miscellaneous working funds with Treasurer of United States, acfigures on comparable basis see BULLETIN for September 1943, pp. crued interest on bond investments, and accounts due from late post- 822-826. Because of an apparent change in the seasonal pattern masters. around the year-end, adjustment factors have been revised somewhat Back figures.—See Banking and Monetary Statistics, p. 519; for for dates affected, beginning with December 1942. description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government Year or month Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers City i centers1 centers 2 City centers City3 cities 3 City3 cities 3 1944 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1945 974,102 404,543 479,760 89,799 18.2 9.7 351,602 412,800 24.2 16.1 1946—old series 4 374,365 449,414 25.5 16.9 1946—new series 4 Jl,050,021 417,475 527,336 105,210 18.9 10.0 | 407,946 522,944 25.2 16.5 1947 1,125,074 405,929 599,639 119,506 21.0 11.9 400,468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 23.6 12.9 445,221 660,155 27.2 19.2 1949 1,230,982 452,897 648,905 129,179 24.1 12.4 447,150 639,772 28.2 18.7 1949—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 ••115,726 43,112 r60,903 11,712 25.7 12.8 41,164 59,113 29.4 19.3 April 102,528 37,025 54,639 10,865 24.1 12.5 38,480 54,929 29.7 19.4 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. JUNE 1950 695 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 [Figurespartly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, Date Treas- U. S. Government obligations l T ia o b t i a l l - Total Ca a p n i d tal Gold re c n u c r- y Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O r s i e t t c h ie u e s - r ca a n p n e it d t al, c d u e a r p n r o e d s n i c ts y c m o n a u i c e s n - t c ts . , savings Banks banks 1929—June 29 4 037 2,019 58,642 41 082 5 741 5,499 216 26 11,819 64 698 55,776 8,922 1 19 9 3 3 9 3 — — D ju e n c e . 3 3 0 0 17 4, 0 6 3 4 1 4 2 2 , , 2 9 8 6 6 3 4 5 ? 4 , , 1 5 4 6 8 4 7 ?? 1 9 1 5 5 7 7 ? 1 3 0 3 1 2 0 8 5 1 8 9 , , 1 4 9 1 9 7 ? 1 , , 4 9 8 9 4 8 1,2 1 0 3 4 1 9 9 , ,3 8 0 6 2 3 4 7 8 5 4 1 6 7 5 1 6 4 8 2 , , 3 0 5 2 9 9 6 6 , , 8 4 1 3 2 6 1941—Dec. 31 77, 737 3,247 64 ,653 76 605 79 049 25,511 7,754 1,284 8,999 90 637 82,811 7,826 1945— D j e u c ne . 3 3 o 1 7 7 0 0 0 7 6 1 5 3 4 4, , 3 1 3 4 9 5 1 1 6 5 7 3 , , 3 99 8 2 1 ? 3 7 0 9 38 4 7 8 1 1 1 ?8 8 0 41 4 7 1 1 9 0 3 1 , , 6 2 5 8 5 8 ? 7 1 4, , 2 7 6 9 2 2 ? 7, , 8 5 6 9 7 4 8 8, , 5 0 7 0 7 3 1 10 7 1 8 3 7 5 8 0 5 1 1 8 6 0 8 , , 8 0 0 4 6 0 1 1 0 0 , , 9 3 7 1 9 0 1946—June 29 ?0, 270 4,539 163 ,485 31 570 1?? 740 95,911 ?3 ,783 3,046 9,175 188 294 176,215 12,079 Dec. 31 ?n, 5?9 4,562 158 ,366 35 765 113 110 86,558 73,350 3,202 9,491 183 457 171,657 11,800 1947—june 30 ?1, 266 4,552 156 ,297 38 373 107 873 82,679 ?1 ,872 3,322 10,051 18? 115 169,234 12,882 Dec. 31 7?i 754 4,562 160 ,832 43 023 107 086 81,199 77,559 3,328 10,723 188 148 175,348 12,800 194g__june 30 ?3 537 4,565 157 ,958 45 299 101 451 76,774 71,366 3,311 11,208 186 055 172,857 13,200 Dec. 31 ?4 744 4,589 160 ,457 48 341 100 694 74,097 ?,.3,33.3 ,3,264 11,422 180 290 176,121 13,168 1949—Apr 27 94, 300 4,600 156 ,800 47 100 08 100 73,600 ?1 ,200 3,300 11,600 185 700 172,000 13,700 May 25 74, 3on 4,600 156 ,200 46 700 07 800 74,800 10,700 3,200 11,700 185 100 171,300 13,800 June 30 ?4 466 4,597 156 ,491 47 148 07 428 74,877 10,343 3,208 11,915 185 554 171,602 13,952 July 27 94, 500 4,600 156 ,500 46 500 07 800 76,100 18,500 3,200 12,300 185 700 171,500 14,200 Aug. 31 ?4 600 4,600 158 ,700 47 200 00 100 78,300 17,500 3,200 12,500 1*87 900 173,800 14,200 Sept. 28 24,600 4,600 159,800 47 900 99 300 78,300 17,900 3,200 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 . 74 500 4,600 160,700 40 000 00 100 78,300 17,700 3,100 12,600 180 800 175,300 14,500 Dec. 31 24,427 4,598 162,681 49 604 100 456 78,433 18,885 3,138 12,621 191 706 177,313 14,392 1950—Jan. 25? 74 400 4,600 167,500 40 400 100 400 79,500 17,800 3,100 12,700 101 600 177,100 14,400 Feb. 21? 24,300 4,600 161,900 49700 99 300 78,600 17,600 3,100 12,900 190 800 176,200 14,600 Mar. 29? 24,200 4,600 161,700 50400 98 000 77,400 17,500 3,100 13,300 190 600 176,000 14,500 Apr. 26? 24,200 4,600 162,000 50600 97 900 77,100 17,600 3,100 13,500 190 800 176,300 14,500 Deposits and Currency U S. Government balances Deposits adjusted and currency Date Total d F e b o p n r a o e e n i s t k g it n s, T c u r a e r s a y h s- A s m a t a e v n r i c c n d o i g a m s l - R Fe e d A se e t r r v a e l Total d D e e p m os a i n ts d 2 Total m C T e o i r m m ci e a - l dep M s o av s u i i t t n u s g 3 a s l S P a o v s in ta g l s o r u C e t n u s c i r d y - e banks Banks banks banks4 System banks 1929_-J un e 29 55 776 365 204 381 36 54,790 ?? ,540 78,611 19,557 8,905 149 3,639 1933—june 30 4? 070 50 264 852 35 40,828 14,411 71,656 10,849 0,621 1,186 4,761 1939—Dec. 30 68 359 1,217 2,409 846 634 63,253 70 ,793 77 ,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 77,729 15,884 10,532 1,313 9,615 1945—june 30 168 040 2,378 2,279 ?4 ,381 599 138,403 60 ,053 44 ,253 27,170 14,426 2,657 25,097 Dec 31.. . 180,806 2,141 2,287 24,608 977 150,793 75,851 48,452 30,135 15,385 2,932 26,490 1946—June 29 176 ?15 1,894 2,251 13,416 833 157,821 70,476 51,829 32,429 16,281 3,119 26,516 Dec. 31 171 657 1,885 2.272 3,103 393 164,004 83,314 53,960 33,808 16,869 3,283 26,730 1947—june 30 169 234 1,657 1,314 1,367 756 164,140 82,186 55,655 34,835 17,428 3,392 26,299 Dec. 31 175 348 1,682 1,336 1,452 870 170,008 87,121 56,411 35,249 17,746 3,416 26,476 1948—June 30 172 857 1,727 1,327 2,180 1,928 165,695 82,697 57,360 35,788 18,194 3,378 25,638 Dec. 31 176 1?1 2,103 1,325 ?,451 1,123 169,119 85,520 57,520 35,804 18,387 3,329 26 079 I949—Apr 27 172 000 2,000 1,300 2,100 1,100 165,500 82,400 58,100 36,100 18,700 3,300 24,900 May 25. 171 300 1,800 L.300 1,900 700 165,600 8?,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 m 800 1,900 1,300 3,100 600 166,900 83,400 58,400 36,100 10,000 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 10 100 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. 25? 177 100 2,200 1,300 3,300 500 169,700 86,400 58,700 36 100 19,400 3,200 24,500 Feb. 21? 176 200 2,200 1,300 4,200 400 168,200 84,500 59,000 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 Apr. 26? 176 300 2,400 1,300 3,200 800 168,500 84,500 59,500 36,600 19,700 3,200 24,600 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits, other than interbank and U. S. Government, less cash items reported as in process of collection. 3 Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4 Prior to June 30, 1947, includes a relatively small amount of demand deposits. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital accounts," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against miscellaneous accounts instead of against U. S. Government deposits and Treasury cash. Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 696 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 Cla a s n s d o d f a b te ank Total Loans Total G o U m o b v l . e i e g n S r a t n . - - O s ri e t t c h ie u e s - r as C s a e s ts h 1 Total b I a n n te k r - i m D a e n - d Time a c c T a c o p o t i u t a n a l t l s N b u a o m n f k b s er 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 09,865 01,288 8,577 35,415 165,612 14,065 105,935 45,613 10542 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 11360 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 11948 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 12479 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 12845 14,680 Oct. 26.... 139,810 48,140 91,670 79,080 12,590 33,230 160,270 11,740 93,180 55,350 13040 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 13088 14,687 1950—Jan. 25P . . . 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. 21P. . . 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 Apr. 26P. . . 141,390 50,770 90,620 77,140 13,480 32,770 160,710 11,240 92,990 56,480 13270 14,684 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 7173 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 7330 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 7719 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. 31 2. . . 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10059 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 10480 14,171 1949—June 30. . . . 113,77 41,025 72,748 63,220 9,528 34,166 137,520 10,938 90,128 36,455 10 780 14,150 Oct. 26 119,480 41,780 77,700 67,560 10,140 32,450 141,150 11,740 93,160 36,250 10930 14,159 Nov. 30 119,700 42,660 77,040 66,910 10,130 32,680 141,330 11,600 93,810 35,920 11050 14,154 Dec. 31. . . . 120,197 42,965 77,232 67,005 10,227 35,650 145,174 12,709 96,136 36,328 10967 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 10980 14,158 Feb. 2\P.. . 120,600 43,130 77,470 67,070 10,400 32,870 142,440 11,690 94,300 36,450 11020 14,152 Mar. 29P. . . 120,320 43,650 76,670 65,820 10,850 31,460 140,340 11,230 92,480 36,630 11080 14,151 Apr, 26?. . . 120,380 43,800 76,580 65,570 11,010 31,970 140,960 11,240 92,970 36,750 11090 14,153 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 5522 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 5886 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 7589 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 8 464 923 1948—Dec. 31. . . . 95,616 36,060 59,557 52,154 7,403 34,203 121,362 11,641 80,881 28,840 8 801 918 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 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. 25P. . . 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. 21P.. . 101,709 36,286 65,423 56,838 8,585 28,843 121,253 11,096 80,917 29,240 9 210 6,891 A M p a r r . . 2 2 9 6 P P . . . . . . 1 1 0 0 1 1 , , 4 4 0 2 0 8 3 3 6 6 , , 7 8 3 4 2 2 6 6 4 4 , , 6 5 6 8 8 6 5 55 5 , , 4 6 4 6 1 9 8 9, , 1 9 4 9 5 9 2 2 7 8 , , 5 0 3 3 3 9 1 1 1 19 9 , , 8 2 5 6 1 4 1 1 0 0, , 6 6 8 6 3 4 7 7 9 9 , , 2 7 3 0 0 4 2 2 9 9 , , 3 4 7 6 0 4 9 9, 2 2 6 7 0 2 6 6 , ,8 8 9 8 1 9 All mutual savings banks: 1939—Dec. 30 .... 10,216 4,927 5,289 3,101 2,188 818 10,524 10,521 1,309 551 1941—Dec. 31.... 10,379 4,901 5,478 3,704 1,774 793 10,533 10,527 1,241 548 1942—Dec. 31 10,754 4,695 6,059 4,572 1,487 663 10,668 10,662 1,236 546 1943—Dec. 31. . . . 11,871 4,484 7,387 6,090 1,297 797 11,738 11,730 1,276 545 1944—Dec. 30 .... 13,931 4,370 9,560 8,328 1,232 584 13,376 13,366 1,378 543 1945—Dec. 31. . . . 16,208 4,279 11,928 10,682 1,246 609 15,385 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 1.400 818 16,869 16,853 1,784 541 1947—Dec. 31 2. . . 18,641 4,944 13,696 11,978 /1,718 886 17,763 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 18,387 1,999 532 1949—June 30.... 20,094 6,050 14,044 11,657 2,387 800 18,949 18,932 2,065 530 Oct. 26 20,330 6,360 13,970 11,520 2,450 780 19,120 19,100 2,110 531 Nov. 30 20,310 6,470 13,840 11,400 2,440 760 19,070 19,050 2,130 531 Dec. 31. . . . 20,400 6,578 13,822 11,428 2,394 873 19,293 19,273 2,122 531 1950—Jan. 25P.. . 20,590 6,670 13,920 11,510 2,410 830 19,430 19,410 2,130 531 Feb. 21P. . . 20,720 6,760 13,960 11,500 2,460 840 19,530 19,510 ?,,170 531 Mar. 29P . . . 20,890 6,870 14,020 11,550 2,470 860 19,680 19,660 2,190 531 Apr. 26?. . . 21,010 6,970 14,040 11,570 2,470 800 19,750 19,730 2,180 531 P Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. JUNE 1950 697 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S rn . - Other as C s a e s ts h 1 Total i b I a n n te k r - x De- a c c T a c o p o t i u a ta n l l ts N b u a o m n f k b s er Total ment secu- mand Time obliga- rities tions Central reserve city member banks: New York City: 1939—Dec. 30...... 9,339 3,296 6,043 4,772 1,272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31 12,896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 12,917 807 1,648 36 1942—Dec. 31 17,957 4,116 13,841 12,547 1,294 5,864 22,078 3,945 17,399 734 1,727 37 1943—Dec. 31 ...... 19,994 4,428 15,565 14,563 1,002 5,197 23,256 3,680 18,729 847 1,862 37 1944—Dec. 30 24,003 5,760 18,243 17,179 1,066 4,921 26,773 4,041 21,730 1,002 1,966 37 1945—Dec. 31 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1,236 2,120 37 1946—Dec. 31 20,834 6,368 14,465 13,308 1,158 6,238 24,723 4,246 19,028 1,449 2,205 37 1947—Dec. 31 20,393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 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 Oct. 26 3. ... 19,341 7,216 12,125 10,893 1,232 6,288 23,062 3,920 17,591 1,551 2,312 25 Nov. 30...... 19,484 7,584 11,900 10,692 1,208 6,352 23,032 3,853 17,606 1,573 2,333 25 Dec. 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. 25P 19,672 7,485 12,187 10,797 1,390 6,004 22,995 3,898 17,510 1,587 2,312 25 Feb. 21? 19,246 7,495 11,751 10,357 1,394 6,373 22,868 3,881 17,412 1,575 2,318 25 Mar. 29 v 19,135 7,534 11,601 10,004 1,597 6,021 22,211 3,704 16,895 1,612 2,311 25 Apr. 26?. 19,206 7,645 11,561 9,963 1,598 6,060 22,380 3,818 16,956 1,606 2,320 25 Chicago: 1939—Dec. 30 2,105 569 1,536 1,203 333 1,446 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 1,806 1,430 376 1,566 4,057 1,035 2,546 476 288 13 1942—Dec. 31 3,973 832 3,141 2,789 352 1,352 5,040 1,117 3,468 455 304 13 1943—Dec. 31 4,554 1,004 3,550 3,238 312 1,283 5,523 985 4,029 508 326 13 1944—Dec. 30 5,443 1,184 4,258 3,913 345 1,378 6,468 1,148 4,700 620 354 13 1945—Dec. 31 5,931 1,333 4,598 4,213 385 1,489 7,046 1,312 5,015 719 377 12 1946—Dec. 31 4,765 1,499 3,266 2,912 355 1,545 5,905 1,153 3,922 829 404 14 1947—Dec. 31 5,088 1,801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 1948—Dec. 31. 4,799 1,783 3,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—June 30 4,841 1,537 3,303 2,888 415 1,702 6,087 1,008 4,020 1,059 462 13 Oct. 26 5,271 1,553 3,718 3,261 457 1,637 6,437 1,123 4,261 1,053 465 13 Nov. 30 5,246 1,565 3,681 3,218 463 1,694 6,424 1,081 4,288 1,055 468 13 Dec. 31 5,424 1,618 3,806 3,324 482 1,850 6,810 1,191 4,535 1,083 470 13 1950—Jan. 25? 5,412 1,579 3,833 3,345 488 1,695 6,600 1,127 4,391 1,082 466 13 Feb. 21P 5,282 1,554 3,728 3,223 505 1,624 6,438 1,077 4,270 1,091 467 13 Mar. 29^. . . . . 5,063 1,554 3,509 2,980 529 1,486 6,003 1,086 3,861 1,056 470 13 Apr. 26P 5,103 1,548 3,555 2,992 563 1,642 6,243 1,026 4,130 1,087 471 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 Oct. 26 3 38,161 13,957 24,204 21,207 2,997 10,954 46,135 5,195 29,332 11,608 3,088 344 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 P 38,802 14,310 24,492 21,500 2,992 11,141 46,974 5,430 29,882 11,662 3,074 341 Feb. 21* 38,406 14,302 24,104 21,082 3,022 11,119 46,510 5,206 29,632 11,672 3,079 338 Mar. 29P 38,340 14,547 23,793 20,680 3,113 10,576 45,845 4,974 29,174 11,697 3,116 338 Apr. 26? 38,201 14,470 23,731 20,546 3,185 10,894 45,987 4,968 29,292 11,727 3,123 338 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 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. 29? 38,862 13,097 25,765 22,005 3,760 9,450 45,205 900 29,300 15,005 3,363 6,513 Apr. 26P 38,918 13,179 25,739 21,940 3,799 9,443 45,241 871 29,326 15,044 3,358 6,515 2 December 31, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947 by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. 3 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. 698 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 U. S. as C s a e s ts h l Inter- a c c T a c p o o i t u t a a n l l ts N b u a o n m f k b s er Total Loans Govern- Other Total bank i Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions All insured commercial banks: 1941—Dec. 31 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6.844 13,426 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1946—Dec. 31 112,178 30,733 81,445 73,554 7,891 33,694 136,990 12,320 91,144 33,526 9,286 13,354 1947—Dec. 31 114,274 37,583 76,691 67,941 8,750 36,926 141,851 12,670 94,300 34,882 9,734 13,398 1948—Dec. 31 112,286 41,968 70,318 61,388 8,929 38,087 140,642 11,900 93,300 35,441 10,158 13,413 1949—June 30 111,746 40,524 71,222 61,970 9,252 33,720 135,375 10,578 88,830 35,966 10,452 13,417 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 1948—Dec. 31 63,845 23,752 40,093 34,852 5,241 22,974 81,407 7,842 54,020 19,545 5,657 4,991 1949—June 30 63,517 22,505 41,012 35,487 5,525 20,324 78,219 6,945 51,420 19,854 5,814 4,987 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 1,502 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1946—Dec. 31 32,639 9,424 23,216 21,384 1,832 9,575 39,395 3,890 26,726 8,779 2,957 1,893 1947—Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 1,918 1948—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—Tune 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 1,917 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 6,810 1945—Dec. 31 14,639 2,992 11,647 10,584 1,063 4,448 18,119 244 12,196 5,680 1,083 6,416 1946—Dec. 31 15,831 4,040 11,791 10,524 1,268 4,109 18,836 260 12,225 6,351 1,193 6,457 1947—Dec. 31 16,444 4,958 11,486 10,039 1,448 4,083 19,340 266 12,515 6,558 1,271 6,478 1948—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 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—June 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 saving banks: 1941—Dec. 31 1,693 642 1,050 629 421 151 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 10,351 1,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 11,415 1,173 191 1947—Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 12,192 1,252 194 1948—Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 12,757 1,334 193 1949—June 30 13,880 4,397 9,484 7,940 1,544 629 13,241 13,226 1,381 191 Dec. 31 14,209 4,814 9,394 7,832 1,562 682 13,592 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 8,738 1,077 496 1945—Dec. 31 5,361 1,198 4,163 522 641 180 5,022 5,020 558 350 1946—Dec. .31 5,813 1,275 4,538 833 705 206 5,442 5,439 611 350 1947—Dec. 31 2 5,957 1,384 4,573 3,813 760 211 5,556 5,553 637 339 1948—Dec. 31 6,083 1,577 4,506 680 826 194 5,633 5,631 665 339 1949—June 30 6,214 1,654 4,560 718 843 171 5,709 5,705 683 339 Dec. 31 6,192 1,764 4,428 3,596 832 191 5,702 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. JUNE 1950 699 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES AND POSSESSIONS, BY STATES, DECEMBER 31, 1949 ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in thousands of dollars] Loans l Investments Cash, Total i T n o v t e a a s l t n m d lo e a n n t s s Total i o C p i o n e m n c l m u m d e a r i c n rk i g a e l t , Rea lo l a e n s s tate O lo t a h n e s r Total U o . b l S ig . a G tio o n v s 't o O f p b S o l t i a l g i t t a e i t c s i a o a l n n s d se O cu th ri e t r ies b d r a e u n s e k e s r f , v r o e a m s n , d e a R s ss t e a e a t t l e s O as t s h e e ts r l a ia s t b s o e i t l t a i s t l — ies paper subdivisions cash items and capital United States and possessions. 141,264,386 49,828,162 17,195,434 18,349,628 15,070,370 91,436,224 78,753,673 6,657,230 6,025,321 36,675,794 1,291,331 811,602 180,043,113 United States... 140,597,688 49,543,521 17,095,111 18,246,936 14,987,829 91,054,167 78,432,942 6,634,263 5,986,962 36,522,414 1,281,450 768,545 179,170,097 Possessions 666,698 284,641 100,323 102,692 82,541 382,057 320,731 22,967 38,359 153,380 9,881 43,057 873,016 State Alabama 955,007 370,233 131,177 90,348 153,239 584,774 471,093 92,909 20,772 327,387 9,720 4,838 1,296,952 Arizona. ; 358,447 167,336 49,551 55,430 63,132 191,111 158,434 19,335 13,342 76,836 5,643 2,287 443,213 Arkansas 592,953 191,849 44,280 44,401 104,161 401,104 334,960 55,377 10,767 257,878 4,235 864 855,930 California 11,557,041 4,946,618 1,515,635 2,468,673 1,039,917 6,610,423 5,707,987 632,052 270,384 2,447,206 130,400 59,174 14,193,821 Colorado. 888,638 300,377 81,767 57,264 163,160 588,261 540,856 30,558 16,847 306,634 3,773 3,166 1,202,211 Connecticut 2,695,536 816,001 131,541 550,111 145,968 1,879,535 1,542,821 97,142 239,572 397,631 25,406 16,271 3,134,844 Delaware 513,894 162,187 47,193 72,546 42,902 351,707 252,126 22,931 76,650 110,313 4,657 1,296 630,160 District of Columbia 820,156 285,398 93,439 98,191 95,859 534,758 491,093 5,965 37,700 275,880 17,467 2,156 1,115,659 Florida 1,361,111 380,034 150,428 87,978 145,147 981,077 871,537 90,031 19,509 483,962 19,211 4,980 1,869,264 Georgia 1,266,365 627,509 244,417 139,826 248,353 638,856 554,167 61,212 23,477 475,329 15,944 4,505 1,762,143 Idaho 364,898 152,703 32,656 47,739 73,813 212,195 200,523 9,979 1,693 84,212 3,294 132 452,536 Illinois 10,107,511 2,711,010 1,473,361 449,580 823,892 7,396,501 6,473,580 584,610 338,311 3,111,027 52,168 42,969 13,313,675 Indiana 2,566,751 730,621 172,574 322,312 243,492 1,836,130 1,658,205 118,277 59,648 725,258 18,514 5,677 3,316,200 Iowa 1,873,221 700,344 124,172 208,729 372,999 1,172,877 982,718 154,248 35,911 500,099 11,469 2,202 2,386,991 Kansas 1,297,642 502,953 98,031 81,147 325,711 794,689 661,081 109,573 24,035 411,184 6,895 2,134 1,717,855 Kentucky 1,245,354 476,240 142,948 149,770 188,746 769,114 701,087 39,391 28,636 413,371 9,168 2,518 1,670,411 Louisiana 1,309,673 409,716 181,147 83,711 150,025 899,957 752,812 136,319 10,826 506,900 14,059 11,885 1,842,517 Maine 653,044 214,462 54,154 106,966 55,029 438,582 364,949 13,651 59,982 97,300 4,712 1,385 756,441 Maryland 1,737,536 440,482 103,579 193,760 146,508 1,297,054 1,161,232 36,931 98,891 390,942 16,252 14,382 2,159,112 Massachusetts 7,044,199 2,328,428 641,249 1,324,018 398,531 4,715,771 4,123,350 99,643 492,778 1,074,888 54,467 46,181 8,219,735 Michigan 4,462,157 1,386,802 290,869 657,867 450,281 3,075,355 2,683,483 258,121 133,751 1,089,464 35,118 13,498 5,600,237 Minnesota 2,505,006 872,813 229,987 296,124 356,448 1,632,193 1,374,533 131,228 126,432 665,394 15,878 8,513 3,194,791 Mississippi 589,671 195,706 64,580 48,053 85,254 393,965 275,321 112,915 5,729 219,582 6,135 749 816,137 Missouri 3,295,836 1,365,379 477,616 407,743 489,994 1,930,457 1,645,710 174,464 110,283 1,177,660 25,740 9,497 4,508,733 Montana 463,216 110,720 21,767 26,869 64,107 352,496 325,646 15,936 10,914 146,107 2,870 1,321 613,514 Nebraska 1,006,320 335,791 73,537 40,288 226,090 670,529 586,290 60,305 23,934 333,386 6,273 2,238 1,348,217 Nevada 144,434 51,966 7,349 27,201 17,576 92,468 83,516 7,550 1,402 30,280 1,461 727 176,902 New Hampshire 533,388 211,256 32,182 150,877 28,639 322,132 255,925 9,393 56,814 64,358 4,005 290 602,041 New Jersey 4,613,642 1,297,057 260,198 708,449 348,327 3,316,585 2,734,800 291,324 290,461 822,750 55,839 19,247 5,511,478 New Mexico 238,197 104,508 28,829 27,201 49,741 133,689 122,833 9,499 1,357 100,704 2,511 401 341,813 New York 37,268,012 13,900,561 5,517,528 5,335,902 3,409,520 23,367,451 20,588,463 1,149,456 1,629,532 8,880,777 293,928 356,516 46,799,233 North Carolina 1,411,620 561,375 222,172 123,287 223,531 850,245 705,537 99,279 45,429 495,092 13,045 8,324 1,928,081 North Dakota 513,736 110,456 14,334 17,682 79,560 403,280 364,071 28,541 10,668 93,761 1,813 973 610,283 § Ohio 6,368,579 2,041,980 585,009 819,455 666,537 4,326,599 3,758,801 331,883 235,915 1,579,124 56,577 17,097 8,021,377 w Oklahoma 1,220,011 462,058 172,998 57,265 234,374 757,953 629,901 109,934 18,118 544,808 8,534 2,929 1,776,282 Oregon 1,086,907 379,815 138,347 110,367 133,092 707,092 600,509 95,529 11,054 275,116 15,409 5,136 1,382,568 Pennsylvania 9,902,295 2,992,396 1,193,941 1,008,427 834,175 6,909,899 5,442,250 464,890 1,002,759 2,302,951 123,668 42,619 12,371,533 Rhode Island 974,093 296,850 80,915 172,284 46,379 677,243 579,583 12,080 85,580 132,867 12,920 3,079 1,122,959 8 South Carolina 506,325 167,955 57,196 46,233 66,257 338,370 286,026 38,480 13,864 187,848 3,794 972 698,939 w South Dakota. 418,438 132,041 17,255 27,945 89,053 286,397 257,094 19,678 9,625 105,023 2,266 1,056 526,783 Tennessee 1,534,925 677,686 302,244 124,556 258,586 857,239 708,981 117,840 30,418 526,301 19,330 4,702 2,085,258 Texas 4,797,080 2,158,650 1,008,828 217,507 950,704 2,638,430 2,304,032 277 ,122 57,276 2,252,905 73,013 18,263 7,141,261 td Utah 454,811 193,451 47,952 78,217 69,107 261,360 235,760 21,598 4,002 141,822 4,300 719 601,652 cj Vermont 318,117 188,955 18,622 129,999 41,465 129,162 103,699 11,804 13,659 45,286 3,699 493 367,595 Virginia 1,524,938 676,930 187,145 238,926 256,737 848,008 760,726 56,629 30,653 470,492 22,285 4,498 2,022,213 Washington 1,746,225 667,232 246,872 230,803 195,927 1,078,993 895,169 139,644 44,180 463,526 14,579 5,172 2,229,502 West Virginia •765,483 273,074 55,511 126,257 94,289 492,409 447,330 28,901 16,178 211,765 8,963 2,125 988,336 Wisconsin 2,532,139 749,257 214,294 339,163 207,989 1,782,882 1,557,291 140,774 84,817 612,144 18,606 8,139 3,171,028 Wyoming 193,110 66,300 13,735 19,489 33,506 126,810 115,051 9,332 2,427 76,884 1,437 250 271,681 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES AND POSSESSIONS, BY STATES^ DECEMBER 31, 1949—Continued ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in thousands of dollars] Deposits 2 U. S. Individuals, partnerships Borrowings Total Number O Total Interbank G an o S d v a e v r i P n n o m g s s e ta n l t s S u t p b a o d t l e i i v s t i i s c a i a o n l n d s a c n h C d e e c r k o t s i f f f , i i e c e d e t r c s . ' Dem an a d n d corporati T o i n m s e d d e e T p m o o t a a s n i l t d s d T e t p i o m o ta s e l its a li n a d b i o li t t h ie e s r a c c a c p o i u t n al ts ban o k f s 2 O United States and possessions... 165/244,044 12,721,424 3,325,366 3,956,609 2,370,756 83,454,342 54,415,547 108,975,825 56,268,219 1,633,479 13,165,590 14,736 United States.. . 164,467,186 12,709,780 3,256,160 3,834,570 2,358,078 83,179,274 54,129,324 108,544,335 55,922,851 1,614,502 13,088,409 14,687 Possessions 776,858 11,644 69,206 122,039 12,678 275,068 286,223 431,490 345 ,368 18,977 77,181 49 State Alabama 1,201,737 70,922 19,458 128,749 7,209 721,521 253,878 944,730 257,007 8,110 87,105 225 Arizona 416,062 3,966 6,081 50,162 5,634 252,560 97,659 317,132 98,930 4,235 22,916 10 Arkansas 799,607 60,962 7,943 73,389 5,180 554,224 97,909 700,916 98,691 2,046 54,277 232 California 13,236,728 468,755 258,287 1,006,038 228,094 5,881,521 5,394,033 7,376,289 5,860,439 185,667 771,426 206 Colorado 1,125,774 81,616 20,843 54,402 10,775 734,680 223,458 901,629 224,145 4,698 71,739 149 Connecticut 2,827,204 37,394 41,043 60,445 33,614 926,755 1,727,953 1,096,971 1,730,233 17,915 289,725 189 Delaware 561,832 4,642 30,193 44,413 9,250 324,440 148,894 406,200 155,632 3,511 64,817 40 District of Columbia 1,037,781 55,244 24,899 117 17,881 733,334 206,306 826,700 211,081 7,117 70,761 19 Florida 1,744,193 133,775 21,736 198,231 15,195 1,050,309 324,947 1,411,451 332,742 8,100 116,971 193 Georgia 1,624,290 177,644 30,107 118,170 14,449 970,376 313,544 1,305,026 319,264 16,412 121,441 396 Idaho 428,789 5,763 5,687 59,408 3,583 252,424 101,924 326,131 102,658 1,860 21,887 43 Illinois 12,438,079 1,311,444 355,589 624,569 110,011 7,057,158 2,979,308 9,309,884 3,128,195 81,108 794,488 890 Indiana 3,107,894 116,434 49,921 293,593 36,612 1,695,453 915,881 2,186,678 921,216 12,689 195,617 492 Iowa 2,234,709 116,383 52,085 183,127 24,424 1,330,319 528,371 1,703,180 531,529 3,244 149,038 664 Kansas 1,611,633 83,940 22,146 270,174 11,728 1,060,670 162,975 1,445,344 166,289 3,717 102,505 610 Kentucky 1,547,119 155,095 20,677 97,714 11,064 1,039,353 223,216 1,320,745 226,374 7,130 116,162 386 Louisiana 1,732,337 218,602 20,254 257,499 13,445 944,581 277,956 1,446,233 286,104 16,487 93,693 162 Maine 674,831 8,455 7,482 21,999 5,066 200,383 431,446 240,573 434,258 5,214 76,396 96 Maryland 1,976,798 98,714 52,891 97,793 8,928 906,393 812,079 1,155,758 821,040 11,023 171,291 173 Massachusetts 7,374,137 332,139 103,637 250,922 71,320 2,624,063 3,992,056 3,372,155 4,001,982 69,309 776,289 374 Michigan 5,251,480 177,092 183,549 273,149 47,253 2,410,861 2,159,576 3,072,616 2,178,864 35,099 313,658 446 Minnesota 2,971,580 300,617 57,741 177,002 28,866 1,381,665 1,025,689 1,934,619 1,036,961 19,185 204,026 683 Mississippi 764,716 53,640 8,207 98,061 3,517 469,582 131,709 631,946 132,770 2,139 49,282 202 Missouri 4,209,000 721,946 69,292 269,065 25,907 2,441,425 681,365 3,518,791 690,209 21,663 278,070 598 Montana 585,914 31,850 6,727 76,333 6,343 366,718 97,943 487,217 98,697 1,888 25,712 111 Nebraska 1,265,055 139,984 23,307 64,471 8,346 889,671 139,276 1,125,469 139,586 3,182 79,980 415 Nevada 165,830 1,149 2,522 20,429 1,988 83,056 56,686 105,719 60,111 1,164 9,908 8 New Hampshire 533,390 7,632 5,092 14,648 5,076 114,966 385,976 146,327 387,063 2,106 66,545 110 New Jersey 5,087,857 53,158 85,568 301,124 60,665 2,061,346 2,525,996 2,532,269 2,555,588 29,039 394,582 355 New "Mexico 324,189 11,316 7,567 53,600 3,834 206,564 41,308 280,208 43,981 705 16,919 51 New York 41,919,980 4,602,246 807,883 694,225 994,855 19,804,389 15,016,382 26,511,743 15,408,237 778,910 4,100,343 770 North Carolina 1,781,644 221,278 45,975 158,973 23,955 987,320 344,143 1,384,498 397,146 21,136 125,301 228 North Dakota 575,498 11,353 6,510 98,99.6 3,037 338,471 117,131 410,440 165,058 1,817 32,968 150 Ohio 7,491,816 303,318 191,963 432,909 96,512 3,738,026 2,729,088 4,609,361 2,882,455 40,181 489,380 664 Oklahoma 1,653,321 162,930 37,183 197,731 21,977 1,115,401 118,099 1,530,421 122,900 7,789 115,172 386 Oregon 1,291,353 34,217 18,205 112,628 16,073 724,456 385,774 898,736 392,617 7,590 83,625 71 Pennsylvania 11,102,432 614,255 220,684 398,308 100,405 5,782,215 3,986,565 6,975,856 4,126,576 67,854 1,201,247 985 Rhode Island 1,010,756 13,579 19,663 33,874 8,595 368,852 566,193 443,449 567,307 13,031 99,172 28 South Carolina 654,164 20,859 11,620 71,312 7,168 456,599 86,606 565,319 88,845 3,194 41,581 151 South Dakota. 496,648 10,292 8,864 43,184 3,138 344,910 86,260 407,271 89,377 1,416 28,719 169 Tennessee 1,946,154 283,900 24,556 166,583 16,447 1,016,525 438,143 1,490,887 455,267 10,763 128,341 296 Texas 6,710,309 925,194 78,929 633,401 124,130 4,416,513 532,142 6,048,676 661,633 33,029 397,923 903 Utah 563,649 44,947 4,533 57,142 4,304 271,910 180,813 381,798 181,851 2,468 35,535 55 Vermont 328,138 1,596 2,283 10,809 2,275 78,120 233,055 93,028 235,110 2,026 37,431 77 Virginia 1,859,958 158,796 44,578 141,475 27,172 925,232 562,705 1,249,428 610,530 13,703 148,552 312 Washington 2,092,134 82,562 44,887 119,513 15,727 1,103,380 726,065 1,359,450 732,684 10,098 127,270 125 West Virginia 903,311 38,080 22,028 83,327 22,609 481,658 255,609 644,782 258,529 5,185 79,840 180 Wisconsin 2,969,292 126,463 61,884 111,285 31,563 1,378,923 1,259,174 1,700,816 1,268,476 7,754 193,982 556 Wyoming 256,084 13,642 3,401 30,099 2,879 160,003 46,060 209,470 46,614 796 14,801 53 1 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 figures prior to June 30, 1948. Total loans continue to be shown net. 2 Includes 31 banks for which asset and liability data are not available. 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] Loans Investments Cla c s a s l a l o n d d f a b te ank i m T n lo a v o e n a e n t n d s a t s t l s - Total1 o C c m c p i l i o i n u n e e a m g d - r n l, - - - - A t c g u a u r r l l i - - - b o p L s T r r u e o o o r c c k c a a u - n h r r s a r i t y s f i i i o e n n s r g g l R t o e a a e s t n a - e l s s C l u o o m a n n e - s rO lo th an er s Total Total U. S. Go C c v e a e r t t r e i n f D s i m - ir e e n c t t obligations G a u n a - r- S p O t a t g i o o a n o b a l t f d i n l - e t i s s - - O s ri e t t h c ie e u s r mar- ers 10 Bills of in- Notes Bonds teed ical ket and oth- debt- subpa- deal- ers ed- diviper ers ness sions All insured commercial banks: 1941—Dec. 31. . 49,290 21,259 9 214 1,450 614 662 4 773 4, 545 28,031 21,046 988 3,15912,7974,102 3 651 3,333 1945—Dec. 31. .121,809 25,765 9]4611,3143,1643,6064 677 2,361 1,181 96,043 88,912 2,455 19,071 16,04551,321 22 3 873 3,258 1946—Dec. 31. .112,178 30,733 14,0161,3581,517 1,6097 1034,0311,098 81,445 73,554 1,271 12,288 6,78053,200 154 298 3,592 1947—Dec. 31. .114,274 37,583 18,012 1,610 823 1,1909 266 5,654 1,028 76,691 67,941 2,124 7,552 5,91852,334 145 129 3,621 1948—Dec. 31. .112,286 41,968 18,7612,7751,336 939 10,6666,8041,095 70,318 61,388 2,821 10,065 3,39445,100 85 509 3,420 1949—June 30. . 111,746 40,524 16,2922,734 1,972 901 10,8877,1701,022 71,222 61,970 2,846 10,437 2,04546,636 6 5 763 3,489 Dec. 31. . 118,278 42,485 16,9352,9631,749 855 11,4058,005 1,121 75,793 65,820 3,692 12,479 5,81043,833 66 400 3,574 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 3 090 2,871 1945—Dec. 31. .107,183 22,775 8,949 855 3,133 3,3783 455 1,900 1,104 84,408 78,338 2,275 16•985 14,27144,792 163 254 2,815 1946—Dec. 31. . 96,362 26,696 13,154 884 1,506 1,4675 358 3,3081,020 69,666 63,042 1,167 10,043 5,60246,219 113 548 3,077 1947—Dec. 31. . 97,846 32,628 16.962 1,046 811 1,0657 130 4,662 952 65,218 57,914 1,987 5,816 4,81545,286 104 199 3,105 1948—Dec. 31. . 95,616 36,060 17,631 1,8001,324 834 8 244 5,585 1,006 59,556 52,154 2,588 7,999 2,80038,761 54 480 2,922 1949—June 30. . 95,315 34,456 15,2131,7041,958 803 g 383 5,859 935 60,859 53,132 2,651 8,469 1,63940,369 44 710 3,016 Nov. 1. .100,888 35,565 65,323 57,052 5 141 3,130 Dec. 31. . 101,528 36,230 15^857i,9451,737 758 8 834 6,5511,034 65,297 56,883 3,389 10,409 5,08537,996 45 274 3,140 New York City? 1941—Dec. 31. . 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31. . 26,143 7,334 3,044 2,453 1,172 80 287 298 18,809 17,574 477 3',433 3,325 10,337 1 606 629 1946—Dec. 31. . 20,834 6,368 4,078 1,096 389 99 455 250 14,465 13,308 387 1,725 992 10,202 1 557 601 1947—Dec. 31. . 20,393 7,179 5,361 545 267 111 564 330 13,215 11,972 1,002 640 558 9,771 638 604 1948—Dec. 31. . 18,759 8,048 5,642 ' "3 1,102 225 224 643 306 10,712 9,649 589 1,183 365 7,512 563 500 1949—June 30. . 19,103 7,689 4,710 11,701 248 209 650 268 11,413 10,278 111 1,472 132 7,897 611 525 Nov. 1 s. 19,451 7 505 11,946 10,751 668 527 Dec. 31. . 19,583 7,550 4,792 1,410 219 256 689 309 12,033 10,746 720 1,785 835 7,405 752 535 Chicago:2 1941—Dec. 31. . 2,760 954 732 6 48 52 22 95 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31. . 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 i^467 749 1,864 181 204 1946—Dec. 31. . 4,765 1,499 I,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 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 1iiii •••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, 512 8,243 6,467 295 751 4,248 1,173 956 820 1945-^Dec. 31. . 40,108 8,514 3,661 205 427 1,503 1 459 855 404 31,594 29,552 1,034 6,982 5,65315,878 5 1,126 916 1946—Dec. 31. . 35,351 10,825 5,548 201 264 704 2 237 1,436 435 24,527 22,250 441 3,799 1,99316,013 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 11,4211,032 1949—June 30. . 35,034 13,261 6,227 378 150 321 3,5592,408 385 21,772 19,076 875 3,367 603 14,230 1,559 1,137 Nov. 1 3. 38,110 14,053 24,057 21,076 1,742 1,238 Dec. .31. . 38,301 14',370 6^704 457 183 309 3 742 2,745 432 23,931 20,951 1,189 4,180 2,124 13,457 1,727 1,254 Country banks: 1941—Dec. 31. . 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31. . 35,002 5,596 1,484 648 42 471 1 881 707 363 29,407 26,999 630 5,102 4,54416,713 9 1,342 1,067 1946—Dec. 31. . 35,412 8,004 2,433 681 29 273 2,970 1,312 306 27,408 24,572 279 4,020 2,47017,797 6 1,5511,285 1947—Dec. 31. . 36,324 10,199 3,096 818 23 227 3,8271,979 229 26,125 22,857 480 2,583 2,10817,681 62,006 1,262 1948—Dec. 31. . 36,726 11,945 3,296I,356 21 187 4,4672,451 261 24,781 21,278 760 3,340 1,128 16,046 42,286 1,217 1949—June 30. . 36,338 11,968 3,098l,319 23 175 4,5672,644 256 24,370 20,889 630 3,286 778 16,192 42,3061,174 Nov. 1. . 38,052 12,442 25,610 21,969 2,467 1,174 Dec. 31. . 38,219 12,692 3,150l,480 36 1734,7842,945 259 25,527 21,862 1,148 3,753 1,76815,189 42,505 1,160 Insured nonmember commercial banks: 1941—Dec. 31. . 5,776 3,241 543 478 20 64 1,282 854 2,535 1,509 17 152 1,069 271 563 462 1945—Dec. 31. . 14,639 2,992 512 459 31 228 1,224 460 77 11,647 10,584 180 '2',087 1,774 6,538 6 619 443 1946—Dec. 31. . 15,831 4,040 862 474 12 142 1,748 723 79 11,791 10,524 104 2,247 1,179 6,991 3 752 516 1947—Dec. 31. . 16,444 4,958 1,049 563 13 1252,139 992 76 11,486 10,039 136 1,736 1,104 7,058 4 931 517 1948—Dec. 31. . 16,685 5,911 1,131 975 12 105 2,4261,220 89 10,774 9,246 234 2,066 594 6,349 3 1,030 498 1949—June 30. . 16,447 6,071 1,079 i,030 14 97 2,5081,311 87 10,376 8,849 196 1,968 406 6,277 2 1,054 473 Dec. 31. . 16,766 6,258 1,078l,018 12 97 2,575 1,453 87 10,508 8,947 303 2,071 725 5,846 2 1,127 434 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. 2 Central reserve city banks. For other footnotes see opposite page. 702 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 Cla c s a s l a l o n d f d a b te ank F s B e s w e R R e d a r i r e v n e e t v r h - - e k e a s s l v C a i a n u s l h t b m a w a B d n e n i a o c s t k l e - t h - i s s c 4 j p m u D o a d s a t d s e e e n i - - - t d d s 5 m D e I s n d o t e t i - c e p 4 r o b s a i F e t n i s o k g r n - U m G e . r o e n n v S - t - . p v s S o i u a t l s a b i n i t o t d i d e c n i s a - s l c C h c o a f e e e e i f n t e c f r r c i d d t s k . - i ' s - , p a v n s a p i t I h d d i 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 e k r- P U m G S e i a o n r a . n o e s g n v d v n S t s - - a - t . l v s p S 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 d i r n o o t i u d r n p n c a a i e s o s - - l , r r s - - , r 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 74,722 12,566 L,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1946—Dec. 31.. 16,013 2,012 9,481 82,085 10,888 1,364 2,930 5,967 2,361 79,887 68 119 664 32,742 39 9,286 1947—Dec. 31. . 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1948—Dec. 31. . 20,404 1,939 8,947 84,211 10,344 1,488 2,323 7,182 2,113 81,682 69 117 1,080 34,244 54 10,158 1949—June 30. . 17,807 2,036 7,777 80,613 9,058 1,374 2,135 7,337 2,352 77,005 146 163 1,243 34,560 27 10,452 Dec. 31.. 16,428 1,984 9,466 84,576 10,885 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 64,184 12,333 L.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 70,243 10,644 L,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 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1948—Dec. 31. . 20,406 1,486 5,674 72,152 10,098 1,480 2,122 5,850 1,962 70,947 63 111 927 27,801 45 8,801 1949—June 30. . 17,808 1,568 5,065 69,397 8,864 L.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 L,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 72,658 10,623 L.310 2,838 6,017 2,185 71,589 164 175 1,051 27,934 11 9,174 New York City:2 1941—Dec. 31. . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31. . 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 "l95 2,120 1946—Dec. 31. . 4,046 131 87 16,429 3,031 1,195 651 218 942 17,216 20 15 39 1,395 2 205 1947—Dec. 31. . 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1948—Dec. 31. . 5,643 117 67 15,773 2,904 1,278 445 241 750 16,695 31 14 20 1,646 25 2,306 1949— N juonve . 30 1 . 3 . . 4 4, , 5 7 3 2 2 6 1 1 3 1 0 4 5 3 6 5 1 1 5 4 , , 2 9 5 1 4 8 2 2 , , 6 7 8 4 0 4 L 1, 1 ,1 7 5 8 0 5 8 6 4 2 1 2 35 5 7 4 1,2 8 0 2 1 7 1 1 5 5 , , 9 4 8 7 6 5 1 9 0 0 5 2 2 5 7 3 2 3 8 1 1 , , 6 4 3 9 7 3 280 2 2 , , 3 3 4 2 0 8 Dec. 31. . 4,462 112 68 15,182 2,996 L.084 640 196 895 16,408 113 38 24 1,590 2,312 Chicago:2 1941—Dec. 31. . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31. . 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1946—Dec. 31. . 928 29 172 3,356 1,130 24 152 228 47 3,495 2 4 823 404 1947—Dec. 31. . 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1948—Dec. 31. . 1,325 28 143 3,604 1,038 26 188 284 53 3,702 1 11 989 444 1949—june 30. . 1,174 25 149 3,470 962 46 197 307 41 3,475 3 12 1,044 462 Nov. 1. . 1,126 27 104 3,642 1,090 37 206 315 39 3,653 4 10 1,041 44 466 Dec. 31. . 1,183 27 159 3,797 1,151 40 258 286 60 3,932 4 10 1,069 470 Reserve city banks: 1941—Dec. 31. . 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31. . 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1946—Dec. 31. . 6,337 532 1,923 24,221 5,417 127 991 2,077 693 24,288 25 43 235 10,580 4 2,729 1947—Dec. 31.. 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1948—Dec. 31. . 7,701 483 1,845 25,072 5,213 168 801 2,401 649 25,302 19 46 547 10,798 8 2,928 1949—June 30. . 6,781 500 1,744 24,271 4,460 166 701 2,413 518 23,928 39 62 642 10,923 1 3,005 Nov. 1 3. 6,130 498 1,726 25,410 5,077 168 1,178 2,180 487 25,475 40 66 611 10,936 73 3,108 Dec. 31. . 6,413 482 1,965 25,744 5,498 176 1,142 2,478 650 25,912 38 60 617 10,987 3,087 Country banks: 1941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1946—Dec. 31. . 4,703 883 3,753 26,237 1,067 8 877 2,391 524 24,128 17 55 272 13,727 26 2,7'57 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 Insured nonmember commercial banks: 1941—Dec. 31. . 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 959 1 1 9 9 4 4 5 6 — — Y D ) eerc . 3 3 1 i .. 3 43 9 7 1 3 3, , 5 9 4 5 7 9 1 11 0 , , 8 5 4 3 2 7 2 2 3 4 3 4 1 5 1 1, ' 5 2 6 5 0 8 1,0 8 5 5 2 8 1 1 3 5 5 4 1 9 0 , , 6 7 4 61 3 6 6 4 5 1 9 1 7 3 5 6, , 2 5 3 7 2 9 9 7 1 1 , , 0 19 8 3 3 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 3 Figures not entirely comparable with prior dates due to reclassification of 9 central reserve city banks in New York City as reserve city banks. 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 5 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. JUNE 1950 703 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] Loans1 Investments For purchasing or carrying securities U. S. Government obligations Com- Total merloans cial, To brokers Date or month i m n a v e n e n d s t t s - Total* i t n a r d i n a u d l s , - and dealers To others e l R s o t e a a a n t l e sb L a 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 e u 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 v n a S - - s t . . O c t s u t i e h e r - s i e - rG U l t o i i o g o . b v S a n - - t . s .O c t u t i h e r s i e - r Total Bills o d n e f e e d b i s - n t s - - Notes Bonds5 Total- Leading Cities 1949—April 61,181 24,078 14,409 661 537 195 4274,079 227 3,844 37,10332,720 1,630 4,742 25,3764,383 1950—February. . 67,092 24,596 13,891 475 910 143 4344,402 267 4,447 42,496 37,277 2,516 5,955 3,952 24,8545,219 March. . . . 66,708 24,712 13,831 579 910 141 4414,440 247 4,500 41,99636,587 2,120 4,851 5,26824,3485,409 April 66,611 24,985 13,624 7271,004 140 4614,494 330 4,586 41,62635,989 1,709 4,351 5,88324,0465,637 1950—Mar. 8 66,283 24,493 13,799 500 852 137 i4,422 249 4,48141,79036,463 2,024 4,909 4,699 24,8315,327 Mar. 15. . . . 66,855 24,652 13,889 528 918 141 465 4,442 148 4,498 42,203 36,877 2,394 4,856 5,58124,046 5,326 Mar. 22 67,006 24,786 13,843 508 938 144 434 4,461 323 4,51242,22036,702 2,200 4,782 5,73523,985 5,518 Mar. 29 66,563 24,1 13,790 746 924 145 i 4,465 4,540 41,67736,118 1,768 4,638 5,696 24,016 5,559 Apr. 5 66,626 25,124 13,729 747 991 146 450 4,472 4,559 41,502 35,920 1,616 4,384 5,899 24,0215,582 Apr. 12 . . . . 66,608 25,037 13,716 700 989 138 460 4,491 4,580 41,571 35,941 1,633 4,370 5,90724,0315,630 Apr. 19 66,696 24,861 13,574 6651,013 136 465 4,502 297 4,591 41,83536,177 1,874 4,341 5,891 24,0715,658 Apr. 26 . . . . 66,514 24,916 13,475 7961,025 138 468 4,513 266 4,615 41,59835,922 1,715 4,309 5,83524,0635,676 May 3 66,534 25,009 13,420 7151,098 144 480 4,522 368 4,644 41,525 35,916 1,753 4,307 5,776 24,080 5,609 May 10. . . . 66,401 24,918 13,365 7141,073 137 475!4,541 323 4,674 41,483 35,899 1,744 4,316 5,75624,0835,584 May 17 66,689 24,844 13,377 5471,101 140 48814,563 305 4,707 41,84536,251 1,972 4,417 5,731 24,1315,594 66,951 24,984 13,359 5381,116 137 523 41,576 364 4,755 41,96736,359 2,025 4,402 5,744 24,188 5,608 May 24 New York City 17,818 7,499 5,216 611 400 207 177 10,319 9,215 558 1,153 104 7,4001,104 1949—April 1950—February. . . 19,136 7,475 4,900 419 734 167 266 170 91211,661 10,280 621 1,365 895 7,399 1,381 March 19,114 7,482 4,842 521 712 171 277 147 91211,632 10,128 512 1,004 1.381 7,231 1,504 April 19,143 7,662 4,732 638 799 184 287 195 93111,481 9,891 389 861 1,576 7,065 1,590 1950—Mar. 8.... 18,962 7,365 4,833 448 667 159 274 174 90811,597 10,135 1,069 1,143 7,469 1,462 Mar. 15 19,164 7,473 4,868 486 708 195 279 125 90911,691 10,226 627 1,003 1,504 7,092 1,465 Mar. 22 .... 19,174 7,486 4,848 459 729 164 283 184 91711,688 10,143 514 986 1,573 7,070 1,545 Mar. 29 19,076 7,561 4,793 667 734 176 282 99 91611,515 9,931 404 890 1,561 7,076 1,584 Apr. 5.... 19,187 4,790 660 784 177 281 222 920 11,460 9,873 318 883 1,614 7,058 1,587 Apr. 12 19,071 4,780 605 786 182 288 186 93111,417 9,823 321 847 1,601 7,054 1,594 Apr. 19 19,153 4,697 596 803 187 289 193 93311,559 9,966 468 867 1,563 7,068 1,593 Apr. 26.... 19,158 4,660 692 824 189 291 180 93911,487 9,901 450 846 1,524 7,081 1,586 May 3 19,090 7,785 4,683 642 892 200 294 216 95811,305 9,810 377 850 1,508 7,075 1,495 May 10 18,888 7,704 4,617 649 873 196 301 205 96911,184 9,729 351 844 1,490 7 ,0441,455 May 17. . . . 18,934 7,603 4,599 496 890 205 308 228 98111,331 9,874 425 916 1,472 7,061 1,457 May 24.... 19,207 7,718 4,591 490 881 238 312 315 99711,489 10,024 508 931 1,487 7,098 1,465 Outside New York City 1949—April 43,363 16,579 9,193 50 137 263 3,872 50 3,068 26,78423,505 1,072 3,589 17,976 3,279 1950—February. . . 47,956 17,121 8,991 56 176 111 267 4,136 97 3,53530,835 26,997 1,895 4,590 3,057 17,4553,838 March 47,594 17,230 8,989 58 198 116 270 4,163 100 3,588 30,36426,459 1,608 3,847 3,887 17,1173,905 April 47,468 17,323 8,892 89 205 119 277 4,207 135 3,65530,145 26,098 1,320 3,490 4,307 16,9814,047 1950—Mar. 8... 47,321 17,128 8,966 52 185 110 269 4,148 75 3,573 30,193 26,328 1,570 3,840 3,556 17,362 3,865 Mar. 15 . . . 47,691 17,179 9,021 42 210 114 270 4,163 23 3,589 30,512 26,651 1,767 3,853 4,077 16,954 ,861 Mar. 22 . . . 47,832 17,300 8,995 49 209 117 270 4,178 139 30,532 26,559 1,686 3,796 4,162 16,9153,973 Mar. 29. . . 47,487 17,325 8,997 79 190 126 267 4,183 113 3,624 30,162 26,187 1,364 3,748 4,135 16,940 3,975 Apr. 5 . . . 47,439 17,397 8,939 87 207 128 273 4,191 189 3,639 30,042 26,047 1,298 3 ,501 4,285 16,963 3,995 Apr. 12 . . . 47,537 17,383 8,936 95 203 116 278 4,203 159 3,649 30,154 26,118 1,312 3,523 4,306 16,9774,036 Apr. 19 . . . 47,543 17,267 8,877 69 210 115 278 4,213 104 3,658 30,276 26,211 1,406 3,474 4,328 17,0034,065 Apr. 26. . . 47,356 17,245 8,815 104 201 117 279 4,222 86 3,676 30,111 26,021 1,265 3,463 4,311 16,9824,090 May 3 . . . 47,444 17,224 8,737 73 206 119 280 4,228 152 3,686 30,220 26,106 1,376 3,457 4,268 17,0054,114 May 10. .. 47,513 17,214 8,748 65 200 118 279 4,240 118 3,705 30,299 26,170 1,393 3,472 4,266 17,039 4,129 May 17. .. 47,755 17,241 8,778 51 211 119 283 4,255 77 3,726 30,514 26,377 1,547 3,501 4,259 17,0704,137 May 24. . . 47,744 17,266 8,768 48 235 118 285 4,264 49 3,758 30,478 26,335 1,517 3,471 4,257 17.090 4,143 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. 704 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 i r e a n t d v h - l k - e s v C a i u a n s lt h m b a w a n d e n i c o s t e k - h ti s s c j m p u o d a s a d s t e n e i - - t d d s 3 s p p u v n h c a o a a o i e i n 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 a b n i d t i l t - e - s - s c C c O h a f e e e i e n t f e r r c f c d t i d s . k - i ' - s, U m G er . o e n v n S - - t . s p p u v n h c a o a a i e o 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 a b n i d t i l t - e - s - s P U m G S e i a o n . r a o n e s n g v v n d S t - s - a - t . l m D t D i e o c s e - - man F e d i o g r n - Time r B i o n o w g r s - - c C o i a t u a c a p n - l - ts B d it e a s b n * - k tions tions Total— _ Leading Cities 1949—April 14,108 780 2 100 45,49745,472 3 445 1,142 1,58514 480 619 92 8,215 1,385 55 252 6,077 89,756 1950—February.. . 12,193 743 2 12647,21847,419 3 393 L,407 2,55014 598 627 128 9,098 1,217 154 383 6,229 85,060 March 12,028 752 2 16646,70146,848 3 367 L,395 2,392 14668 612 121 9,124 1,267 140 330 6,240 100,277 April 11,788 773 2 14646,57046,846 3 362 1,300 2,21114684 619 121 8,921 1,296 141 369 6,270 93,409 1950—Mar. 8.... 12,058 763 2 17346,71146,558 3 277 1,220 1,951 14 685 610 121 9,327 1,281 138 218 6,244 20,492 Mar.15.... 12,438 743 2 46847,23648,235 3 266 L,600 2,38414 675 614 121 9,676 1,272 140 71 6,234 22,384 Mar.22.... 11,816 759 2 09546,46846,407 3 406 1,309 2,630 14671 612 121 8,9901,288 137 398 6,240 24,440 Mar.29 1.1,727 785 199046,16245,848 3 431 L,269 2,69114 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 14684 614 121 9,106 1,260 139 470 6,266 24,555 Apr. 12.... 11,857 804 2 20446,49247,378 3 263 1,268 2,332 14 664 615 121 9,098 1,293 142 336 6,272 19,520 Apr. 19.... 11,639 764 2 18646,65647,078 3 359 1,336 2,103 14684 616 120 8,925 1,318 141 315 6,266 24,082 Apr. 26.... 11,841 794 2 06247,14947,120 3 447 1,279 1,82314 705 633 121 8,555 1,312 141 355 6,274 21,514 May 3.... 11,776 731 2 17546,92846,672 3 601 1,265 1,66814 717 633 122 8,966 1,251 139 364 6,304 23,846 May 10.... 11,733 787 2 15146,88146,780 3 409 1,395 1,697 14 711 637 121 8,8981,253 140 300 6,305 21,265 May 17.... 11,891 768 2 34846,93347,525 3 400 1,237 2,12114 713 636 120 9,107 1,259 139 235 6,305 22,836 May 24.... 11,844 787 2 12047,38047,286 3 443 1,524 2,06114 732 637 123 8,576 1,259 180 323 6,313 22,528 New York City 1949—April 5,192 120 33 14,842 15,416 251 554 393 1 478 27 17 2,586 1,181 36 134 2,262 36,887 1950—February.. . 4,545 119 3114,937 15,676 197 790 735 1479 21 38 2,728 996 112 265 2,287 35,205 March 4,442 118 3514,859 15,572 213 734 637 1 504 21 35 2,748 1,048 96 208 2,283 41,164 April 4,359 124 3714,849 15,520 251 646 586 1 490 20 35 2,678 1,074 96 237 2,289 38,480 1950—Mar. 8.... 4,400 120 3014,892 15,462 217 614 515 1 501 21 35 2,773 1,055 95 105 2,286 8,109 Mar. 15.... 4,689 114 3115,09816,013 209 882 617 1 508 21 35 2,982 1,065 96 17 2,280 9,480 Mar. 22.... 4,276 115 3014,64015,295 190 651 706 21 35 2,696 1,065 93 251 2,280 10,041 Mar. 29.... 4,318 127 5314,697 15,308 229 651 717 1 515 21 35 2,578 1,029 93 312 2,278 8,315 Apr. 5.... 4,385 118 5614,82015,383 231 679 689 1,493 20 35 2,670 1,040 94 317 2,291 10,622 Apr. 12.... 4,382 130 3214,784 15,595 217 631 622 1470 20 36 2,710 1,070 96 217 2,291 7,797 Apr. 19.... 4,283 119 3314,775 15,506 259 667 554 1 486 20 35 2,716 1,092 96 201 2,288 C9,828 Apr. 26.... 4,388 129 2915,017 15,596 298 605 479 1 511 20 35 2,618 1,094 98 213 2,287 8,677 May 3.... 4,323 117 2914,902 15,440 321 586 430 1 512 19 35 2,686 1,033 96 236 2,301 10,193 May 10.... 4,278 125 2814,74415,352 191 762 431 1 519 20 35 2,641 1,034 96 184 2,299 9,219 May 17.... 4,337 118 3814,742 15,554 175 570 541 1,508 19 35 2,746 1,041 96 93 2,300 9,067 May 24.... 4,268 123 3015,02415,701 186 868 520 1,533 20 36 2,590 1,041 134 132 2,300 9,234 Outside New York City 1949—April 8,916 660 2,06730,65530,056 3,194 588 1,192 13,002 592 75 5,629 204 19 118 3,815 52,869 1950—February.. . 7,648 624 2,09532,28131,743 3,196 617 1,815 13,119 606 90 6,370 221 42 118 3,942 49,855 March 7,586 634 2,13131,84231,276 3,154 661 1,755 13,164 591 86 6,376 219 44 122 3,957 59,113 April 7,429 649 2,10931,72131,326 3,111 654 1,625 13,194 599 86 6,243 222 45 132 3,981 54,929 1950—Mar. 8.... 7,658 643 2,14331,81931,096 3,060 606 1,436 13,184 589 86 6,554 226 43 113 3,958 12,383 Mar. 15.... 7,749 629 2,43732,13832,222 3,057 718 1,767 13,167 593 86 6,694 207 44 54 3,954 12,904 Mar. 22.... 7,540 644 2,06531,82831,112 3,216 658 1,92413,166 591 86 6,294 223 44 147 3,960 14,399 Mar. 29.... 7,409 658 1,93731,46530,540 3,202 618 1,97413,145 596 85 6,030 219 45 146 3,976 12,438 Apr. 5.... 7,431 611 2,07531,16130,427 3,146 638 1,89813,191 594 86 6,436 220 45 153 3,975 13,933 Apr. 12.... 7,475 674 2,17231,70831,783 3,046 637 1,71013,194 595 85 6,388 223 46 119 3,981 11,723 Apr. 19.... 7,356 645 2,15331,88131,572 3,100 669 1,54913,198 596 85 6,209 226 45 114 3,978 '14,254 Apr. 26.... 7,453 665 2,03332,13231,524 3,149 674 1,34413,194 613 86 5,937 218 43 142 3,987 12,837 May 3.... 7,453 614 2,14632,02631,232 3,280 679 1,23813,205 614 87 6,280 218 43 128 4,003 13,653 May 10.... 7,455 662 2,12332,13731,428 3,218 633 1,266 13,192 617 86 6,257 219 44 116 4,006 12,046 May 17.... 7,554 650 2,31032,19131,971 3,225 667 1,58013,205 617 85 6,361 216 43 142 4,005 13,769 May 24.... 7,576 664 2,09032,35631,585 3,257 656 1,54113,199 617 87 5,986 218 46 191 4,013 13,294 c Corrected. 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 4 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. Back figures.—For description of revision, beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. JUNE 1950 705 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 1 Investments For purchasing U. S. Government obligations or carrying securities Com- Total merd F i e s d tr e i r c a t l a R nd es e d r a v t e e in lo a v n a e n d s s t- Total1 in c tr d ia i u a l, s l - a T n o d b d r e o a k l e e r r s s To others e R st e a a t l e Lo t a o nsOther Total c C t a i e f t i r 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 t l o i i o o . g b v n a S - - t s . . O c t s u t i e h e r - s e i- rG t l U 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 e i- r loans banks Total Bills o d n f e e e d b s i - t n s - - Notes Bonds2 rities Boston Apr. 26 3,038 1,060 621 16 13 11 19 152 17 233 1,978 1,782 67 184 230 1,301 196 May 3 3,044 1,062 625 14 11 10 19 154 17 234 1,982 1,783 69 184 230 1,300 199 May 10 3,050 1,060 630 12 12 11 19 157 6 235 1,990 1,787 72 183 228 1,304 203 May 17 3,022 1,063 637 5 16 12 19 160 1 235 1,959 1,753 41 178 230 1,304 206 May 24 2,998 1,062 638 5 12 12 19 162 2 234 1,936 1,729 38 159 227 1,305 207 New York* Apr. 26 21,454 8,454 4,970 701 832 25 205 533 1801,152 13,000 11,188 507 962 1,684 8,035 1,812 May 3 21,391 8,568 4,986 652 899 29 217 536 2211,172 12,823 11,102 440 961 1,664 8,037 1,721 May 10 21,211 8,480 4,917 661 880 23 213 541 2051,184 12,731 11,048 440 945 1,651 8,012 1,683 May 17 21,291 8,383 4,900 508 897 25 222 550 2281,197 12,908 11,223 523 1,028 1,633 8,039 1,685 May 24 21,609 8,489 4,892 496 886 23 255 553 3151,213 13,120 11,425 634 1,055 1,648 8,0881,695 Philadelphia Apr. 26 2,777 946 486 2 28 2 7 108 8 321 1,831 1,470 118 162 204 986 361 May 3 2,763 954 486 2 30 2 7 110 12 321 1,809 1,449 106 154 203 986 360 May 10 2,787 975 495 2 32 2 7 110 20 323 1,812 1,459 105 164 205 985 353 May 17 2,793 968 497 2 33 3 7 112 5 325 1,825 1,472 123 165 200 984 353 May 24 2,804 978 499 2 35 3 7 113 10 325 1,826 1,471 122 165 200 984 355 Cleveland Apr. 26 4,634 1,493 804 15 31 29 49 306 8 272 3,141 2,751 95 229 425 2,002 390 May 3 4,666 1,493 808 17 30 30 49 306 2 272 3,173 2,783 150 235 399 1,999 390 May 10 4,651 1,483 801 14 29 26 50 307 2 275 3,168 2,778 126 229 423 2,000 390 May 17 4,681 1,506 819 14 32 24 52 309 5 272 3,175 2,787 134 227 426 2,000 388 May 24 4,682 1,513 813 14 33 24 53 311 286 3,169 2,782 139 221 428 1,994 387 Richmond Apr 26 2,692 921 414 8 10 18 224 7 251 1,771 1,623 94 163 247 1,119 148 May 3 2,694 928 415 1 8 12 18 224 8 253 1,766 1,614 90 161 247 1,116 152 May 10 2,684 929 422 1 8 12 17 224 2 254 1,755 1,602 89 161 236 1,116 153 May 17 2,713 929 420 8 12 18 224 2 256 1,784 1,630 103 164 235 1,128 154 May 24 2,682 930 421 9 11 18 224 2 256 1,752 1,597 80 161 237 1,119 155 Atlanta Apr. 26 2,449 890 516 10 13 22 78 5 259 1,559 1,347 80 279 251 737 212 May 3 2,443 890 514 11 13 22 78 5 260 1,553 1,341 76 278 250 737 212 May 10 2,470 902 521 12 13 22 79 8 261 1,568 1,356 87 272 254 743 212 May 17 2,472 896 515 11 14 22 80 5 263 1 576 1,364 97 27Z 257 738 212 May 24. . 2,446 903 517 13 13 22 80 6 266 1,543 1,331 74 255 262 740 212 Chicago* 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 May 3 9,306 2,577 1,586 24 70 19 56 376 18 468 6,729 5,854 347 767 1,036 3,704 875 May 10 9,260 2,576 1,572 20 61 19 56 376 45 469 6,684 5,807 294 772 1,036 3,705 877 May 17 9,393 2,609 1,594 14 63 17 57 375 57 474 6,784 5 ,907 391 769 1,028 3,719 877 May 24 9,436 2,600 1,588 16 84 18 56 376 25 479 6,836 5,960 437 771 1,026 3,726 876 St. Louis Apr. 26 2,218 944 497 2 6 8 12 198 10 223 1,274 1,085 50 170 212 653 189 May 3 2,210 941 496 2 6 8 13 197 8 223 1,269 1,078 42 173 203 660 191 May 10 2,217 939 490 2 6 8 12 201 7 225 1,278 1,088 57 174 196 661 190 May 17 2,221 938 491 2 6 9 12 202 228 1,283 1,093 64 169 202 658 190 May 24 2,217 942 492 1 6 9 13 201 231 1,275 1,085 58 166 202 659 190 Minneapolis Apr. 26 1,238 461 220 3 3 5 80 156 777 649 2 86 133 428 128 May 3 1,245 463 217 3 3 5 81 • • • • j 154 782 654 13 85 128 428 128 May 10 1 238 466 217 4 3 5 82 7 155 772 645 12 79 126 428 127 May 17 1,226 457 215 3 3 5 82 156 769 642 10 78 127 427 127 May 24 1,228 459 215 3 3 5 83 157 769 641 10 79 125 427 128 Kansas City Apr 26 2,577 983 634 6 4 12 142 2 190 1,594 1,347 136 227 225 759 247 May 3 2,563 924 572 1 .5 3 11 142 11 186 1,639 1,391 170 231 229 761 248 May 10 2,616 930 575 5 3 12 143 11 188 1,686 1,434 198 233 234 769 252 May 17 2,625 926 576 5 4 12 145 1 190 1,699 1,446 204 247 223 772 253 May 24 2,640 933 581 5 4 12 145 1 192 1,707 1,455 209 249 224 773 252 Dallas Apr 26 2,487 1,170 818 7 7 41 99 211 1,317 1,184 92 251 195 646 133 May 3 2,488 1,166 813 8 7 41 99 212 1,322 1,187 88 251 199 649 135 May 10 2,504 1,176 820 7 9 40 99 214 1,328 1,194 95 250 199 650 134 May 17 2,521 1,172 813 7 9 40 99 1 216 1,349 1,214 107 258 199 650 135 May 24 2,516 1,182 818 8 9 41 99 1 219 1,334 1,200 87 266 194 653 134 San Francisco Apr 26 11,639 5,001 1,918 2 17 8 22 2,217 7 885 6,638 5,649 123 832 991 3,703 989 May 3 11,721 5,043 1,902 2 17 8 222,219 59 889 6,678 5,680 162 827 988 3,703 998 May 10 11,713 5,002 1,905 2 17 8 222,222 10 891 6,711 5,701 169 854 968 3,710 1,010 May 17 11,731 4,997 1,900 2 20 8 222,225 895 6,734 5,720 175 862 971 3,712 1,014 May 24 11,693 4,993 1,885 4 22 8 222,229 1 897 6,700 5,683 137 855 971 3,720 1,017 City of Chicago* 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 May 3 "5,735 1,644 1,201 23 60 14 48 82 13 230 4,091 3,488 265 461 622 2,140 603 May 10 5,684 1,634 1,185 19 51 15 48 82 31 230 4,050 3,446 218 468 622 2,138 604 May 17 5,783 1,664 1,203 13 52 12 48 82 50 231 4,119 3,517 289 471 614 2,143 602 May 24 . .. 5,812 1,651 1,194 15 74 12 48 82 20 233 4,161 3,561 319 474 612 2,156 600 * 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. 706 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits. Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi Demand d F i e s d tr e i r c a t l a R nd es e d r a v t e e B s w F e R e a e r r i n e a t d v k h - l - e s v C a a i u n s l h t m b a w a n d e n i s o c t t k e - h i s c s j p m u a o d s a d t s e n e i - - t d d s 3 s p p u v n c h a o a a o i e n i 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 a b n i d e i l t - - s s - c C h c O a f e e e e i n t f c e r r c f d t i k s d . i - ' s - , U m G er . o e n n v S - t - . p u s p n v c a h o a o a i e n d i l r r r r d p s a - - - t , - s - S p s d s t a i i o a u c i o n v l t a b n i d e i t l - - s s - P U m G S o e i a n r a s n o . e g n t v S d v n a s - - . - t l m D ti e o c s - - F ei o g r n - Time r B in o o w g r s - - c C o i a t u a c a n p - l t - s B d it a e s n b < - k tions tions Boston Apr. 26 460 56 87 2,458 2,373 220 50 81 482 6 268 29 15 329 948 May 3 454 49 92 2,471 2,386 221 46 70 481 6 271 30 6 330 955 May 10 445 55 85 2,456 2,371 220 40 73 481 6 273 30 12 330 815 May 17 453 53 88 2,398 2,377 190 43 94 481 5 271 30 27 331 952 May 24 447 53 82 2,398 2,351 182 42 92 479 6 255 33 8 331 847 New York* Apr. 26 4,631 176 111 16,51816,929 529 654 542 2,344 26 44 2,687 1,097 99 220 2,488 9,237 May 3 4,599 164 120 16,44416,779 579 638 489 2,351 26 44 2,761 1,036 98 240 2,502 10,785 May 10 4,527 173 129 16,28616,695 480 808 493 2,357 26 44 2,711 1,037 97 199 2,501 9,765 May 17 4,633 166 145 16,31916,923 463 623 617 2,358 26 44 2,8201,046 97 128 2,502 9,712 May 24 4,559 171 106 16,62917,056 479 929 594 2,383 26 45 2,660 1,044 136 155 2,502 9,831 Philadelphia Apr. 26 451 45 93 2,147 2,205 121 30 117 415 17 353 12 13 315 849 May 3 455 41 99 2,129 2,170 134 27 113 415 18 369 12 1 9 317 1,015 May 10 442 44 91 2,132 2,182 120 23 114 415 22 360 11 1 16 318 892 May 17 471 42 111 2,120 2,209 120 20 142 416 22 397 13 15 318 875 May 24 463 44 95 2,149 2,192 130 27 135 416 21 354 14 1 24 318 868 Cleveland Apr. 26 708 80 134 3,101 3,138 182 61 139 1,348 40 3 440 6 2 24 480 1,148 May 3 713 74 136 3,147 3,137 194 64 125 1,333 40 3 466 6 2 13 480 1,225 May 10 715 79 133 3,106 3,095 194 67 132 1,332 40 3 463 9 2 37 479 1,057 May 17 728 79 159 3,162 3,200 215 68 165 1,329 40 3 484 7 2 3 478 1,254 May 24 733 81 140 3,163 3,178 202 65 161 1,328 43 3 453 7 2 22 479 1,223 Richmond Apr. 26 442 65 145 2,069 2,049 183 39 85 573 27 20 354 6 1 8 232 736 May 3 434 62 158 2,066 2,046 188 37 75 574 26 20 375 5 1 4 233 784 May 10 446 66 153 2,065 2,057 169 40 74 574 26 20 376 6 1 5 233 712 May 17 454 65 162 2,075 2,091 169 48 91 574 26 20 390 5 1 8 233 808 May 24 459 66 149 2,068 2,065 169 43 90 574 26 20 357 5 1 12 234 790 Atlanta Apr. 26 393 41 172 1,778 1,663 291 24 51 534 6 5 493 9 4 200 672 May 3 403 38 181 1,772 1,657 299 25 46 536 6 5 508 8 2 ""8 201 769 May 10 405 42 174 1,796 1,690 298 24 47 536 6 5 512 9 2 3 202 672 May 17 392 39 195 1,802 1,726 292 23 60 534 6 5 500 10 2 3 202 767 May 24 410 42 162 1,794 1,673 298 26 61 534 6 5 463 10 3 8 202 735 Chicago* Apr. 26 1,760 99 328 6,310 6,271 574 95 366 2,600 31 17 1,363 47 1 37 741 3,028 May 3. . . . . 1,704 97 319 6,186 6,106 563 109 333 2,606 30 17 1,435 49 1 41 745 3,137 May 10 1,757 103 322 6,227 6,178 547 95 337 2,600 30 17 1,439 47 1 15 746 2,636 May 17 1,684 101 379 6,230 6,277 577 105 429 2,602 30 17 1,468 46 1 5 746 3,122 May 24 1,735 102 329 6,332 6,250 583 104 413 2,603 30 17 1,393 45 1 39 748 3,009 5/. Louis Apr. 26 358 30 112 1,413 1,488 105 19 55 480 14 1 560 3 13 185 594 May 3 361 28 116 1,389 1,474 103 22 49 480 15 1 590 3 9 185 631 May 10 360 30 125 1,413 1,500 102 17 50 480 14 1 586 2 7 185 545 May 17 368 29 123 1,410 1,524 100 21 64 481 15 1 581 3 8 185 626 May 24 369 30 116 1,441 1,511 108 18 62 481 14 1 545 2 6 185 607 Minneapolis Apr. 26 193 13 71 828 781 150 12 48 250 1 259 3 4 18 103 338 May 3 195 12 76 821 776 144 13 46 250 1 289 3 4 9 103 396 May 10 190 13 76 824 785 140 13 46 250 1 283 3 4 2 103 339 May 17 187 13 81 817 785 139 13 54 249 1 272 2 4 3 104 392 May 24 202 14 85 829 784 144 12 52 249 1 264 2 4 24 104 357 Kansas City Apr. 26 451 33 255 1,893 1,859 242 27 65 392 2 2 755 1 1 6 212 767 May 3 499 29 280 1,871 1,834 248 28 59 393 1 3 835 1 1 7 213 771 May 10 463 32 287 1,915 1,881 236 27 62 393 2 2 821 1 1 1 213 674 May 17 506 31 288 1,940 1,949 231 28 77 394 1 2 832 1 1 3 213 848 May 24 455 32 277 1,940 1,902 240 26 75 394 1 2 786 1 1 4 214 847 Dallas Apr. 26 438 37 308 1,984 1,957 195 50 47 364 89 6 599 8 1 211 695 May 3 446 34 327 1,995 1,939 211 35 44 364 89 6 613 8 1 214 721 May 10 448 36 318 2,008 1,953 208 38 46 357 89 6 616 9 214 620 May 17 441 34 347 2,014 2,013 199 39 58 364 88 6 629 8 214 767 May 24 . 445 36 319 2,008 1,975 197 41 58 365 88 6 607 7 ""2 215 783 San Francisco Apr. 26 . 1,556 119 246 6,650 6,407 655 218 227 4,923 381 16 424 91 29 778 2,502 May 3 1,513 103 271 6,637 6,368 717 221 219 4,934 382 16 454 90 29 781 2,657 May 10 1,535 114 258 6,653 6,393 695 203 223 4,936 382 16 458 89 31 3 781 2,538 May 17 1,574 116 270 6,646 6,451 705 206 270 4,931 382 16 463 88 31 32 779 2,713 May 24 1,567 116 260 6,629 6,349 711 191 268 4,926 382 17 439 89 31 19 781 2,631 City of Chicago* Apr. 26 1,192 35 143 3,923 4,009 267 50 183 1,371 26 4 986 41 35 499 1,903 May 3 1,161 36 144 3,884 3,928 267 54 164 1,376 25 4 1,044 43 39 502 1,899 May 10 1,200 37 157 3,916 3,986 262 47 165 1,370 25 4 1,048 41 11 502 1,636 May 17 1,129 35 176 3,902 4,056 269 50 213 1,372 25 4 1,067 40 3 502 1,909 May 24 1,182 35 152 3,984 4,031 278 54 208 1,372 25 4 1,013 40 37 503 1,818 For footnotes see opposite page and preceding table. JUNE 1950 707 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve branches and offices Total Member Nonmember district or State Banks * a B nd ra n o c ff h ic e e s s2 Banks a B nd ra n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s United States total: Dec. 31 1946 14,043 3,981 11,957 3,654 6,894 2,913 5,063 741 2,086 327 Dec. 31, 1947 14,078 4,148 12,037 3,823 6,917 3,051 5,120 772 2,041 325 Dec 31 1948 14,072 4,333 12,061 4,015 6,912 3,197 5,149 818 2,011 318 Dec. 31, 1949 14,051 4,562 12,178 4,289 6,887 3,387 5,291 902 1,873 273 Apr. 30, 1950^ 14,048 4,632 12,186 4,353 6,886 3,444 5,300 909 1,862 279 % By districts and by States Apr. 30, 1950P District Boston 486 321 486 321 330 250 156 71 New York . .. 891 902 891 902 766 833 125 69 Philadelphia 836 155 836 155 640 119 196 36 Cleveland 1,123 295 1,123 295 699 255 424 40 Richmond 1,012 513 805 381 478 244 327 137 207 132 Atlanta 1,191 210 587 171 351 148 236 23 604 39 Chicago . . 2,490 603 2,490 603 1,001 248 1,489 355 St. Louis 1,470 138 1,133 80 496 42 637 38 337 58 Minneapolis 1,278 111 679 70 478 27 201 43 599 41 Kansas Citv 1,754 10 1,745 10 755 6 990 4 9 Dallas 1,023 48 917 39 626 25 291 14 106 9 Sari Francisco 494 1,326 494 1,326 266 1,247 228 79 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 193 959 193 959 118 913 75 46 Colorado 145 1 145 1 92 1 53 Connecticut 110 38 110 38 64 33 46 5 Delaware 38 17 38 17 17 7 21 10 District of Columbia 19 42 19 42 15 33 4 9 Florida 188 4 127 4 74 4 53 61 Georgia 397 40 109 36 66 33 43 3 288 4 Idaho 43 53 43 53 25 48 18 5 Illinois 887 3 885 3 505 3 380 2 Indiana 487 102 487 102 236 46 251 56 Iowa 663 164 663 164 161 502 164 611 609 215 394 2 Kentuckv 383 41 383 41 112 25 271 16 Louisiana 162 74 59 51 46 45 13 6 103 23 Maine 63 69 63 69 38 37 25 32 M^aryland 164 118 164 118 77 78 87 40 Massachusetts 178 170 178 170 142 154 36 16 Michigan 440 232 440 232 231 179 209 53 680 6 266 6 207 6 59 414 Mississippi 201 67 40 14 31 7 9 7 161 53 Missouri 593 527 180 347 66 111 111 84 27 Nebraska 411 2 411 2 141 2 270 Nevada 8 19 8 19 6 18 2 1 75 2 75 2 52 1 23 1 New Jersey 328 152 328 152 281 137 47 15 New Miexico 51 12 51 12 35 2 16 10 New York 636 761 636 761 556 706 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 660 217 660 217 424 190 236 27 Oklahoma . . ... 384 1 376 1 224 1 152 8 Oregon 69 97 69 97 29 87 40 10 Pennsylvania 971 184 971 184 741 157 230 27 Rhode Island 18 45 18 45 10 32 8 13 South Carolina 151 43 63 37 32 31 31 6 88 6 South Dakota 169 49 71 24 62 21 9 3 98 25 Tennessee 294 91 203 78 82 59 121 19 91 13 Texas 901 5 846 5 574 5 272 55 Utah 55 24 55 24 31 22 24 2 Vermont 69 11 69 11 40 2 29 9 Virginia 313 110 308 110 204 60 104 50 5 Washington 119 138 119 138 53 130 66 8 West Virginia 180 179 108 71 1 ^Wisconsin 551 151 551 151 164 21 387 130 Wvomins 53 53 39 14 P Preliminary. l 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. 708 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month paper Total Accepting banks Goods stored in or sta o n u d t i - ng1 sta o n u d t i - ng Total O bi w lls n bo B u il g ls ht Others I U S m i t n n p a i t o t t o e e r s d ts E U S f x r t n p o a i o t m t e e r s d ts c D h e o a x l n l - g ar e U sh n i i p te p p d o ed in t b s e F t i o w n r e e e ig n n States countries 1949—March . 257 215 98 58 40 117 127 51 22 14 April 249 204 88 59 28 116 119 46 20 17 May 219 195 84 58 27 110 118 44 17 12 June 199 198 87 54 33 111 121 47 17 13 July... 211 194 90 57 33 104 117 44 19 13 August 230 189 85 53 32 104 117 37 18 16 September 265 207 94 54 40 113 133 37 21 14 October 278 215 104 57 47 110 140 39 23 12 November 278 251 118 60 58 133 173 44 25 9 December 257 272 128 58 70 144 184 49 30 9 1950—January 258 280 134 67 68 146 190 49 32 9 February 257 256 120 69 51 136 175 45 25 11 March 258 245 100 63 37 145 165 45 23 12 April 257 237 93 62 31 144 157 47 18 15 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars! Debit balances Credit balances Debit Debit cre C di u t s b to a m la e n r c s e ' s x Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )i es a in n a v d c e c t s o r t u a m n d e t i s n n g t a in n a v d c e c t s o r t u a m n d e t i s n n g t a b n a d n k i s n borrowed2 Free O (n th et e ) r a i I n n n a v d c p e c t a s o r t r u a m t d n n e i t e n s n r g t s' a in n a I c v d n c e t o s f r t i u a 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—May 3 660 3 355 3 535 June 681 5 419 280 493 528. 129 20 9 260 J- »690 3399 3 530 August »699 3 404 3 548 September. . 3 740 3 418 3580 October 8 783 3 416 3586 November., 3813 3 445 3 596 December.. 881 5 400 306 523 633 159 26 15 271 1950—January.. .. »901 3 493 «669 February. . . 3 953 3 522 3 669 March 3 1,018 3 579 *666 April 3 1,084 3 619 3 678 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 N ew 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): February, 47; March, 47; April, 51. 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. JUNE 1950 709 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESSES BY BANKS IN SELECTED CITIES U. S. Government [Per cent per annum] Prime P ba ri n m k e - S e to x c - k security yields Size of loan mo Y w n e e th e ar k , , or m m 4 p - c e o a o r t n p o c m t e i h a r 6 - , s l - 1 a a d c n e a 9 c r c y s e 0 e s ' p s l t , - ch n l a c o r a e l e a a s w n - l n l g 2 - e m bi o 3 l n - ls t ' h 9 d m c - o c e e t f a o b r o t t n t i i e e f n t 1 s i d h - - 2 - - 3 t - a y x e to a a b r 5 le - An 1 n 9 A u a r c e l i a ti a e v a s n e : d ra g p e e s r : iod lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $1 1 0 0 0 ,0 ,0 0 0 0 0 - $ $ 1 2 0 0 0 0 ,0 ,0 0 0 0 0 - $ a 2 n 0 d 0 o ,0 v 0 e 0 r ness 1940 2.1 4.3 3.0 2.0 1.8 1941 2.0 4.3 3.0 1.9 1.8 1942.... 2.2 4.4 3.2 2.2 2.0 1947 average. ... 1.03 .87 1.38 .604 1.32 1943.. 2.6 4.4 3.4 2.5 2.4 1948 average 1.44 1.11 1.55 1.043 1.14 1.62 1944 2.4 4.3 3.3 2.6 2.2 1949 average.... 1.48 1.12 1.63 1.104 1.14 1.43 1945 2.2 4.3 3.2 2.3 2.0 1946 2.1 4.2 3.1 2.2 1.7 1949—May 1.56 1.19 1.63 1.156 1.19 1.49 1947 2.1 4.2 3.1 2.5 1.8 June 1.56 1.19 1.63 1.158 1.20 1.42 1948 2.5 4.4 3.5 2.8 2.2 July 1.56 1.06 1.63 .990 1.04 1.26 1949 2.7 4.6 3.7 3.0 2.4 August... 1.44 1.06 1.63 1.027 1.07 1.26 September 1.38 1.06 1.63 1.062 1.08 1.34 Quarterly: October. . 1.38 1.06 1.63 1.044 1.09 1.38 19 cities: November 1.38 1.06 1.63 1.073 1.09 1.37 1949—June 2.74 4.63 3.70 3.04 2.44 December 1.31 1.06 1.63 1.097 1.10 1.37 Sept 2.63 4.62 3.64 2.98 2.31 Dec 2.65 4.53 3.61 2.98 2.35 1950—January... 1.31 1.06 1.63 1.100 1.12 1.39 1950—Mar 2.60 4.45 3.54 2.94 2.31 February . 1.31 1.06 1.63 1.130 1.15 1.44 New York City: March 1.31 1.06 1.63 1.140 1.16 1.45 1949—June...... 2.35 4.22 3.43 2.78 2.17 April 1.31 1.06 1.63 1.164 41.17 1.45 Sept 2.32 4.23 3.41 2.74 2.13 May 1.06 1.63 1.167 1.45 Dec 2.38 4.14 3.35 2.73 2.21 1950—Mar 2.29 3.85 3.22 2.64 2.13 Week ending: Apr. 29... 1.166 1.19 1.46 7 Northern and East- M M a a y y 1 6 3 . . . . . . lVie 1 1. . 1 1 6 6 5 6 1 1 . . 1 1 8 8 1 1 . . 4 4 7 4 19 e 4 r 9 n — c J i u ti n e e s: 2.86 4.67 3.64 2.98 2.66 May 20... lVie 1.167 1.18 1.45 Sept 2.64 4.71 3.63 2.93 2.39 May 27... lVie 1.166 1.19 1.46 1950— D M e a c r 2 2 . . 5 6 5 7 4 4. . 6 6 4 3 3 3. . 6 6 0 5 3 2 . . 0 9 0 1 2 2. . 2 4 8 1 2 1 T M h o e n a th v l e y r a f g ig e u r r e a s t e a r o e n a v 9 e 0 r - a d g a e y s S o t f o c w k e e E k x ly c h p a r n e g v e a il t i i n m g e r l a o t a e n s s . was 1.50 11 1 S 9 W o 4 u 9 e t — h st e J e r u r n n n e a c n i d ties: 3.17 4.80 3.89 3.26 2.69 per cent, Aug. 2, 1946-Aug. 16, 1948; and 1.63 per cent beginning Sept 3.07 4.74 3.79 3.18 2.58 Au 8 g R . a 1 t 7 e , o 1 n 9 4 n 8 e . w issues offered within period. 1950— D M ec a . r 3 3. . 1 0 2 3 4 4. . 6 6 4 6 3 3 . . 7 7 4 1 3 3 . .1 1 2 5 2 2 . . 7 5 4 6 * Beginning Apr. 1 represents yield on longest certificate issue outstanding, which matures in somewhat less than 9 months. NOTE.—For description of series see BULLETIN for March 1949, Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 228-237. pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. BOND YIELDS * [Per cent per annum] U. S. Government Corporate (Moody's)4 (taxable) Munic- Corpo- Year, month, or week 15 i ( p hi a g l h- (h ra ig te h- By ratings By groups 7 to 9 years grade)2 grade)3 Total years m o o r re 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—May 1.72 2.38 2.20 2.71 3.00 2.71 2.78 3.04 3.45 2.78 3.26 2.95 June 1.66 2.38 2.28 2.72 3.00 2.71 2.78 3.04 3.47 2.78 3.29 July 1.55 2.27 2.26 2.66 2.98 2.67 2.75 3.03 3.46 2.75 3.29 August 1.49 2.24 2.20 2.60 2.92 2.62 2.71 2.96 3.40 2.70 3.21 September 1.65 2.22 2.22 2.59 2.90 2.60 2.69 2.95 3.37 2.68 3.1 October. .. 1.72 2.22 2.21 2.59 2.90 2.61 2.70 2.94 3.36 2.68 3.20 November. 1.70 2.20 2.17 2.56 2.89 2.60 2.68 2.93 3.35 2.67 3.20 December. 1.68 2.19 2.13 2.55 2.86 2.58 2.67 2.89 3.31 2.65 3.14 2.79 1950—January.., 1.70 2.20 2.08 2.54 2.83 2.57 2.65 2.85 3.24 2.63 3.07 2.79 February.. 1.75 2.24 2.06 2.54 2.83 2.58 2.65 2.86 3.24 2.63 3.08 2.78 March. . . , 1.78 2.27 2.07 2.55 2.84 2.58 2.66 2.86 3.24 2.64 3.08 2.78 April 1.80 2.30 2.08 2.57 2.84 2.60 2.66 2.86 3:23 2.64 3.08 2.79 May l"80 2.31 2.07 2.57 2.86 2.61 2.69 2.88 3.25 2.65 3.12 2.81 Week ending: 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 May 6. . 1.82 2.30 2.07 2.57 2.85 2.60 2.68 2.87 3.24 2.64 3.10 2.80 May 13. . 1.80 2.30 2.07 2.57 2.85 2.61 2.68 2.87 3.24 2.64 3.11 2.81 May 20. ., 1.80 2.31 2.07 2.57 2.86 2.61 2.69 2.88 3.25 2.65 3.12 2.81 May 27. . 1.81 2.30 2.07 2.58 2.86 2.62 2.69 2.88 3.26 2.65 3.12 2.81 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have been reduced from 10 to 6, 6, and 9 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. 710 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock price3* Corporate4 Common (index 1935-39=100) V of o l t u ra m d e ing' (in Year, month, or week m U G e e r o . n n S v - t . - 2 g M ( r h i a p u i d g a n e h l i ) c - ^ - H gr i a g d h e - Total M Ind ed u i s u - m-g R r a a i d l- e Public fe P r r r e ed - 6 Total In tr d i u al s- R ro a a i d l- u P t u il b it l y ic s s a t h n h a d o r s e u s - o ) f trial road utility Number of issues 1-8 15 12 14 5 5 4 15 416 365 20 31 1947 average 103.76 132.8 103.2 97.5 102.6 88.2 102.8 184.7 123 128 105 103 953 1948 average . ... 100.84 125.3 98.7 92.1 96.3 85.4 95.2 168.7 124 131 115 96 1,144 1949 average ; 102.73 128.9 101.9 92.6 98.6 82.3 97.0 176.4 121 128 97 98 1,037 1949—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 99 947 103.86 128.6 103.1 93.3 99.0 82.1 98.8 182.1 124 130 95 100 1,135 October 103.90 128.8 102.8 93.7 99.9 82.0 99.2 180.3 127 134 98 101 1,313 November. 104.22 129.6 103.2 93.5 100.3 80 8 99.5 179.8 129 137 96 103 1,323 December 104.36 130.3 103.7 94.5 101.0 82.2 100.1 180.6 133 140 101 104 1,739 1950—January 104.16 131.4 104.0 96.3 101.8 86.4 100.6 182.8 135 143 108 106 1,884 February.. .. .... 103.62 131.7 104.0 96.4 102.0 86.5 100.9 182.4 137 144 107 107 1,704 March 103.24 131.5 104.1 96.6 102.3 86 7 100 8 183 8 139 147 109 110 1,643 April 102.87 131.3 00 (8) (8) (8) (8) 183.5 142 150 110 111 2,297 Mi ay 102.73 131.5 183.1 147 156 110 113 1,763 Week ending: Apr. 29 102 81 131 3 183 3 141 149 107 110 2,117 May 6 102.75 131.5 182.8 145 153 110 112 2,150 May 13 102.76 131.5 182.8 145 154 109 112 1,740 May 20 . 102 71 131 5 183 3 147 156 110 113 1,806 May 27 102.70 131.5 183.3 148 158 110 114 1,519 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 b asis of a 4 per cent 20-year bond. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 8 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 (new Year or month fu i a r n n n e g d - d ) - m T e ( f a e i o d o g n s t o r d n 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 a s te Stocks e F i o g r n - 2 m T e ( a f e i o d o g n s t o r d n 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 a s te Stocks e F i o gn r- 2 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1,075 1 075 342 108 624 506 118 1,039 1 039 181 440 418 407 11 1943 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1946 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2,352 601 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—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. . H.185 817 817 233 30 553 463 90 3 369 269 1 159 108 96 12 February. *-809 »7ll '708 ••550 13 146 80 66 3 '98 ••83 r6 57 20 19 1 14 March. . . 1,059 768 746 363 21 361 280 82 22 292 229 3 58 168 165 4 63 April 685 525 520 170 23 327 147 180 5 160 160 6 65 89 80 9 r Revised. 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 3 These figures for 1947 and for January 1950 include 244 million dollars and 100 million respectively, of the International Bank for Reconstruction and Development, which are not shown separately. 4 Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle. t 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. JUNE 1950 711 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES 1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month E pr s o t g i c r m e o e s a d s t s e d 2 E pr s o ti c n m e e e t a d te s d 3 New money Retirement of securities Repa o y f ment pu O r t p h o e s r es Total P eq la u n ip t m an e d nt W ca o p rk it i a n l g Total Bo n n o d t s e a s nd Pr s e t f o e c r k red other debt 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 n'" 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 .... 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 . . . 1,062 1,043 474 . 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 . 6,011 5,902 1,080 638 442 4,555 4,117 438 134 133 1946 . 6,900 6,757 3,279 2,115 1,164 2,868 2,392 476 379 231 1947 6,577 6,466 4,591 3,409 1,182 1,352 1,155 196 356 168 1948 . 7,113 6,994 5,964 4,242 1,722 307 240 67 488 234 1949 5,410 5,322 4,277 3,500 777 326 292 34 418 301 1949—April 698 688 553 402 151 1 1 126 7 May 388 380 340 254 85 18 13 5 15 7 June 1,257 1,244 1,074 958 116 44 40 4 116 9 July 475 468 430 393 37 18 18 1 12 8 A Se u p g t u e s m t ber 1 17 7 4 3 1 1 6 7 8 1 1 11 4 8 0 1 8 1 7 9 2 3 1 1 39 7 1 7 9 20'" 1 2 7 1 4 2 October 451 445 272 229 43 59 58 1 29 84 November 223 219 163 134 29 18 18 20 18 December 493 484 336 226 111 76 75 1 6 66 1950—January 575 567 423 394 29 52 39 12 53 39 February 213 209 153 111 42 33 30 3 8 15 March 547 538 371 242 129 139 138 1 11 17 April 431 421 300 259 41 45 31 14 70 6 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Rea estate and financial Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties poses4 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 . . . 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1 208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 .... 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 1945 1,436 115 1,320 2,291 69 2,159 63 1,969 811 1,010 148 206 85 65 56 1946 704 129 571 ""3' 2,129 785 1,252 93 3,601 2,201 981 419 323 164 64 95 1947 .. 283 240 35 8 3,212 2,188 939 84 2,686 1,974 353 359 286 189 24 73 1948 617 546 56 15 3,039 2,744 146 149 2,751 2,189 75 486 587 485 30 72 1949 456 441 11 4 2,765 2,324 249 191 1,679 1,192 44 444 421 320 22 79 1949—April 17 17 276 270 6 336 215 121 58 51 7 May 49 49 192 171 16 5 100 92 2 6 39 28 11 June . . . 45 45 916 856 39 20 207' 113 4 90 76 60 1 15 July 51 51 136 134 1 1 249 236 1 12 33 9 16 7 August 20 13 7 97 93 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 April 27 23 4 250 209 35 5 61 48 7 5 84 20 2 61 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and penses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a publication of the Board of Governors. 712 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 s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Annual 1939 10,591 1,209 997 722 9,008 1,071 883 656 1,583 139 114 67 1940 13,006 1,844 1,273 856 11,138 1,638 1,127 772 1,869 206 146 83 1941 18,291 3,156 1,519 947 15,691 2,778 1,329 854 2,600 378 190 93 1942 . 21,771 3,395 1,220 760 18,544 2,876 1,056 672 3,227 519 164 88 1943. 28,240 3,683 1,260 777 24,160 3,111 1,097 688 4,080 571 164 88 J944 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 '5,035 '3,099 1,657 31,816 '4,506 '2,768 1,474 '5,124 '529 '330 183 Quarterly 1948—1 . 8,660 1,218 751 285 7,270 1,050 649 247 1,390 168 102 38 2 9,003 1,242 770 311 7,559 1,058 657 269 1,445 184 113 42 3 9,314 1,331 832 307 7,877 1,146 717 265 1,437 186 115 43 4 10,204 1,523 958 499 8,759 1,339 838 429 1,445 184 120 70 \949—i '9,392 '1,326 '808 343 '8,085 '1,187 '723 303 1,307 139 84 40 2 9,446 1,196 '726 354 8,192 '1,077 '653 312 1,254 119 73 42 3 9,485 1,312 '799 331 8,213 '1,183 '717 292 1,273 129 82 39 4 8,617 1,201 '766 629 7,326 '1,059 '675 567 1,291 142 '91 62 1950—1 9,220 1,403 852 387 7,893 1,255 759 347 1,327 148 92 40 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 a r f o x te f e i r t s s d D e i n v d i- s r O e p v in e e r n g a u t e - P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s r O e p v in e e g r 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 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 L ,641 399 174 168 1945 8,902 756 450 246 3,681 905 534 407 .803 396 177 174 1946 7,628 271 287 235 3,815 964 638 458 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 1,233 282 184 124 607 65 44 39 2 2,363 286 186 57 '1,152 231 154 115 627 71 48 44 3 2,555 393 244 53 1,178 211 143 121 641 64 44 47 4 2,510 317 191 122 '1,267 254 174 133 667 69 47 50 1949—1 2,147 119 58 69 1,312 316 206 124 670 62 42 50 2 2,226 183 115 55 1,223 272 180 136 695 75 50 51 3 2,140 174 104 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 1950—i 1,985 109 51 61 1,376 351 230 146 749 114 74 63 r Revised. NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946* which are from reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets as of the end of 1946. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Figures are for 30 large companies (which account for about 85 per cent of all telephone operations) and exclude American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. Data are obtained from the Federal Communications Commission, except for dividends, which are from published company reports. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); p. 1126 of the BULLETIN for November 1942 (telephone); and p. 908 of the BULLETIN for September 1944 (electric power). JUNE 1950 713 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 1948 1949 1950 1947 1948 1949 1 2 3 4 1 2 3 4 1 Nondurable goods industries Total (94 corps.)1 Sales 11,313 13,364 12,790 3,219 3,289 3,324 3,532 '3,243 '3,051 3,163 3,333 3,251 Profits before taxes 1,787 2,208 1,843 546 553 543 565 '496 '397 '446 '503 505 Profits after taxes • • 1,167 1,474 1,211 356 362 362 394 '321 '256 '292 '342 323 Dividends 551 656 708 133 157 141 225 146 166 147 249 166 Selected industries: Foods and kindred products (28 corps.) Sales 3,231 3,447 3,254 835 861 846 904 '805 792 822 835 755 Profits before taxes 421 410 377 96 104 99 111 85 89 101 102 83 Profits after taxes 259 257 233 61 64 60 71 52 54 63 64 51 Dividends 128 135 134 29 32 32 42 30 31 29 44 31 Chemicals and allied products (26 corps.) Sales 3,108 3,563 3,562 848 875 904 936 896 '860 896 910 952 Profits before taxes 547 655 '673 151 155 166 183 170 140 174 189 206 Profits after taxes 337 408 '403 91 95 104 119 100 '83 105 115 122 Dividends 215 254 311 53 58 59 85 64 66 68 113 72 Petroleum refining (14 corps.) Sales 2,906 3,945 3,865 947 942 978 1,077 993 934 942 996 960 Profits before taxes . . 456 721 '525 195 182 171 173 161 119 114 131 121 Profits after taxes 350 548 406 141 133 132 141 119 92 86 109 91 Dividends 127 172 172 33 45 29 66 31 47 31 63 42 Durable goods industries Total (106 corps.)2 Sales 19 83123,81824,152 5,440 5,714 5,991 6,673 '6,149 6,397 6,322 5,284 5,969 Profits before taxes 2,312 3,107 '3,192 672 688 788 958 '830 T-799 '866 '697 898 Profits after taxes 1,355 1,836 1,888 395 408 470 564 '487 '470 '508 '424 529 Dividends * .... 615 746 '949 152 154 166 274 197 188 184 380 220 Selected industries: Primary metals and products (39 corps.) Sales 7,545 9,066 8,197 2,060 2,100 2,306 2,601 '2,430 2,175 2,050 1,542 2,206 Profits before taxes 891 1,174 '993 248 237 304 385 '353 '252 '228 160 299 Profits after taxes 545 720 '578 150 145 185 240 '204 '144 130 100 175 Dividends 247 270 285 60 60 60 90 71 64 61 89 66 Machinery (27 corps.) Sales 3,963 4,781 4,610 1,091 1,198 1,140 1,351 1,135 1,187 1,120 1,168 1,064 Profits before taxes 443 569 520 131 144 118 177 133 120 119 148 147 Profits after taxes .. ... 270 334 321 75 83 71 105 79 77 75 91 86 Dividends 113 126 136 27 28 28 42 33 32 31 41 49 Automobiles and equipment (15 corps.) Sales 6,692 8,093 9,577 1,865 1,951 2,056 2,221 2.151 2,601 2,707 2,118 2,283 Profits before taxes 809 1,131 1,473 247 251 305 327 '298 '376 '462 '337 398 Profits after taxes .... . ... 445 639 '861 142 146 175 176 177 '218 '267 '200 234 Dividends 195 282 451 53 51 65 112 79 76 80 216 90 r Revised. 1 Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products (15); and miscellaneous (1). 2 Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). CORPORATE PROFITS, TAXES, AND DIVIDENDS (Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates) [In billions of dollars] Year P b t r e a o f x o f e i r s t e s In ta c x o e m s e P t a r a f o x t f e e i r s ts d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t s e s - d Quarter P b t r e a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t e s s - d 1939 6.5 1.5 5.0 3.8 1.2 1948—1 33.0 12.8 20.2 7.6 12.6 1940 .. 9.3 2.9 6.4 4.0 2.4 2 35.0 13.7 21.3 7.7 13.6 1941 17.2 7.8 9.4 4.5 4.9 3 36.6 14.4 22.2 7.9 14.3 1942 21.1 11.7 9.4 4.3 5.1 4 34.5 13.6 20.9 8.3 12.6 1943 25.1 14.4 10.6 4.5 6.2 1944 24.3 13.5 10.8 4.7 6.1 1949—1 29.4 11.5 17.9 8.3 9.6 1945 19.7 11.2 8.5 4.7 3.8 2 26.4 10.6 15.8 8.2 7.6 1946 23.6 9.6 13.9 5.8 8.1 3 28.9 11.4 17.5 8.1 9.4 1947 31.6 12.5 19.1 7.0 12.1 4 29.5 11.2 18.2 8.9 '9.3 1948 34.8 13 6 21.2 7.9 13.2 1949 '28.6 11.2 17.4 8.4 '9.0 1950—11, 30.5 12.2 18.3 '8.6 '9.7 r Revised. 1 Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data. Source.—Same as for national income series. 714 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Direct debt Total gross Marketable public: issues * Nonmarketable public issues debt Fully (includ- Non- guaran- End of month in a s g e n c t g e u u e ri a d r- Total Total2 Tre b a il s l u s ry c i C n a e t d e r e t s i b f o i t - f Tr n e o a t s e u s ryT b re o a n s d u s ry Total 2 s b a U o v . n i n S d g s . s T t s a r a e x v a i a s n u n g r d s y S i p ss e u c e ia s l b in e d t a e e r r b i e n t s g t- sec t u e r e i d ties ties) edness notes 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 I944.—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— 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 May. . . . 256,370 256,350 155,001 13,023 23,437 15,586 102,795 (57,314 57,477 8.292 31,868 2,167 20 1 Including amounts held by Government agencies and trust funds, which aggregate;! 5.381 million dollars on April 30, 1950. 2 Total marketable public issues includes Postal Savings and prewar bonds, and tot^.1 nonmarketable public issues includes adjusted service depositary bonds, Armed Forces Leave bonds, and 2 )4 per cent Treasury investment bonds, series A-1965, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING MAY 31, 1950 [In millions of dollars] [On basis of daily statements of United States Treasury, In millions Redempof dollars] 1 Amount Funds receive p d e r f i r o o d m sales during tions and out- maturities Montii i standing Issue and coupon rate Amount Issue and coupon rate Amount | at end of i month All Series Series Series All series E F G series Treasury bills i Treasury bonds—Cont. i June 1,1950.. 1,000 Sept. 15, 1951-552 3 755 Fiscal year June 8,1950.. 1,001 Dec. 15, 1951-532. .2M 1,118 ending: June 15,1950. 903 Dec. 15, 1951-55 2 510 June—1942.. 10,188 5,994 3,526 435 2,032 207 June 22,1950.. 900 Mar. 15, 1952-54... 2H 1,024 1943.1. 21,256 11,789 8,271 758 2,759 848 June 29,1950.. 902 June 15, 1952-54 2 5,825 1944. 34,606 15,498 11,820 802 2,876 2,371 July 6,1950. 902 June 15, 1952-55... 2 M 1,501 1945 45,586 14,891 11,553 679 2,658 4,298 July 13, 1950. 1,002 Dec. 15, 1952-54..... 2 8,662 1946 i 49,035 9,612 6,739 407 2,465 6,717 July 20, 1950. 1,002 June 15, 1953-552 2 725 1947 51,367 7,208 4,287 360 2,561 5,545 July 27,1950. 1,000 June 15, 1954-562. .2Y± 681 1948 53,274 6,235 4.026 301 1,907 5,113 A A u u g g . . 1 3 0 , ,1 1 9 9 5 5 0 0 . . 1 1 , ,1 1 0 0 2 3 M M a a r r . . 1 1 5 5 , , 1 19 9 5 5 5 6 - - 6 5 0 8 2 . . .. . 2 2 % ^ 2 1 , , 6 4 1 4 1 9 1949.!. 56,260 7,141 4,278 473 2s390 5,067 Aug. 17,1950.. 1,102 Sept. 15, 1956-592. .2% 982 1949—May. 56,116 433 322 18 93 415 Aug. 24,1950.. 1,103 J S u e n p e t. 1 1 5 5 , , 1 1 9 9 5 5 8 6 - - 6 5 3 9 2 . . .. . 2 2 % H 3, 9 8 1 2 9 3 J J u u n ly e. . , . \ . . 5 5 6 6 , , 4 26 5 0 3 4 S 8 I 5 1 3 37 5 8 9 2 1 0 7 1 1 1 0 5 7 4 4 5 2 1 5 June 15, 1959-623. ,2U 5,284 Aug...!. 56,537 449 329 16. 104 439 Cert, of indebtedness J D D u e e n c c e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 5 2 9 0 - - - 6 6 6 7 2 5 3 3 2. . . . . . 2 2 2 M ) % 4 3 2 1 , , , 1 4 4 8 1 7 5 8 0 O N Se o c p v t t . . . . . . . . . . . . 5 5 5 6 6 6 , , . 7 6 6 1 0 7 7 0 0 3 3 3 8 8 9 3 8 8 2 2 2 8 9 8 6 9 9 1 1 1 3 3 4 8 8 8 6 6 4 3 4 4 9 1 1 6 1 5 J J u u l n y e 1 1 , , 1 1 9 9 5 5 0 0 1 1 H ^ 5 5 , , 6 0 0 1 1 9 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 63 4 - - 6 6 8 9 3 3. . . . 2 2' ' 3 2 , , 7 8 6 3 1 1 Dec...!. 56,707 495 377 16 103 466 S O e c p t. t . 1 1 5 , , 1 19 9 5 5 0 0 1 i 3 y ^8 6 1 , ,1 2 9 4 7 8 D M e a c r . . 1 1 5 5 , , 1 19 9 6 6 4 5 - - 6 7 9 0 3 3. . . . 2 2 5,1 8 9 3 7 8 1950— F Ja e n b . . . . . . . . 5 5 7 6 , , 2 9 1 5 7 8 5 7 8 0 1 7 3 4 6 0 1 2 3 3 8 1 2 1 6 8 7 9 6 4 1 1 8 8 Mar. 15, 1966-713. .2 3,481 Mar.... 57,331 524 364 27 134 510 Jan. 1, 1951 1% 5,373 S J D u e e n p c e t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 7 7 7 - - - 7 7 7 2 2 2 3 3 . . . . . . . 2 2 2 1 2 1 7 , , , 7 6 9 1 8 6 6 9 7 A M p a r y . . . 5 5 7 7 , , 4 4 7 2 7 7 4 4 1 2 6 3 3 3 0 0 7 5 1 1 6 5 1 9 0 2 2 4 4 5 1 4 3 Maturities and amounts outstanding May 31, 1950 Treasury notes July 1, 1951-B 1M 2,741 "ostal Savings Year of All Series Series Series Series July 1, 1951-C....1M 886 bonds 2)4 110 maturity series D E F G Oct. 1, 1951 134 1,918 M M a a r r . . 1 1 5 5 , , 1 1 9 9 5 5 4 5 \ \ % y2 4 5 . , 6 3 7 6 5 5 •anama Canal Loan. 3 50 1 1 19 9 9 5 5 5 2 1 0 i : : 3 1 , , 9 5 4 5 4 9 3 9 7 4 44 9 2 7 3 1 , ,1 9 1 4 1 9 1953 ! 6,747 5,502 198 1,046 Treasury bonds Total direct issues 155,001 1 1 9 9 5 5 4 5 - i 8 7 , , 6 4 0 7 2 0 4 6, , 1 8 1 9 7 8 5 5 0 3 1 1 2 1 , ,9 0 8 4 4 1 Sept. 15, 1950-5224.2^ 1,186 1956 ! 5,504 2,529 608 2,368 Sept. 15, 1950-52... 2 4,939 1957 i 5,302 2,665 486 2,151 Dec. 15, 1950 1% 2,635 Guaranteed securities 1958.... i 5,570 3,011 266 2,292 June 15, 1951-542. .2% 1,627 Federal Housing Admin. 1959 i 5,597 3,312 289 1,996 Sept. 15, 1951-53... 2 7,986 Various 16 1960 4,290 1,403 465 2,422 1961 •] 1,629 230 1,398 1962 807 114 693 1 Sold on discount basis. See table on Open-Market Money Rates, Unclassified. . -39 p. 710. 2 Partially tax exempt. 3 Restricted. Total... • 57,477 939 34,496 3,688 18,393 4 Called for redemption on Sept. 15, 1950. JUNE 1950 715 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 in ( a s i g t e n n i c c e t g e u l s u u ) e r d a i d - r - - S i p ss e t u r c e u ia s s l t fun P d is s u s b u * l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e n o r k m ci s a - 2 l s M b av a u n i t n u k g s a s l p I c n a o s n m u ie r - - s a c n r i c O a a d o t t t i r i h a o p o s e n o n s r s - s o 3 - g m S o l a o v t e n c a e n d a t r t e l n s - vi I d n u d a i- ls 1940—June 48 496 4,775 2,305 41,416 2,466 16,100 3,100 6,500 2,500 400 10,300 1941—June 55,332 6,120 2,375 46,837 2,184 19,700 3,400 7,100 2,400 600 11,500 1942—June 76,991 7,885 2,737 66,369 2,645 26,000 3,900 9,200 5,400 900 18,400 1943—June 140,796 10,871 3,451 126,474 7,202 52,200 5,300 13,100 15,500 1,500 31,700 1944—June 202,626 14,287 4,810 183,529 14,901 68,400 7,300 17,300 25,900 3,200 46,500 1945—June 259 115 18 812 6,128 234,175 21,792 84,200 9,600 22,700 30,900 5,300 59,800 1946—June .... 269,898 22,332 6,798 240,768 23,783 84,400 11,500 25,300 25,300 6,500 64,100 Dec 259,487 24,585 6,338 228,564 23,350 74,500 11,800 25,300 22,400 6,300 64,900 1947—june 258 376 27,366 5,445 225,565 21,872 70,000 12,100 25,000 22,300 7,100 67,100 Dec 256,981 28,955 5,397 222,629 22,559 68,700 12,000 24,300 21,-200 7,300 66,600 1948—June 252,366 30,211 5,538 216,617 21,366 64,600 12,000 23,200 20,700 7,800 67,000 Dec. 252 854 31,714 5,603 215,537 23,333 62,500 11,500 21,500 21,400 7,900 67,600 1949—june 252,798 32,776 5,498 214,524 19,343 63,000 11,600 20,900 22,700 8,000 68,900 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 Mar. 255,747 32,098 5,510 218,139 17,592 65,200 11,600 20,600 24,400 8,700 70,200 1 Including the Postal Savings System. 2 Including holdings by banks in territories and insular possessions, which amounted to 300 million dollars on June 30, 1949. 3 Including savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Interest-bearing public marketable securities. In millions of dollars] U. S. U. S. End of month s T t o i a o n u n t g t a d - l - G a t a c 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 k r l - s - 1 b M s t i a n u a n g v u a k s l - - s p I c a n a o n s n m c u i e e - r s - Other End of month s T t o i a 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 a c o i n e a m k r l - s - 1 b M s t i a n u a n g v u a k s l - - s p I c a n a o n s n m c u i e e - r s - Other funds funds Type of Treasury bonds security: and notes, due or callable: Total:2 1 1 1 9 9 9 4 4 4 7 8 9 — — — D D D J J e e e u u c c c n n e e . . . . . . . . 1 1 1 1 1 5 6 5 6 5 5 5 7 0 5 , , , , , 1 4 7 3 1 3 9 9 7 6 8 6 1 3 0 5 5 5 5 5 , , , , , 2 4 4 3 3 6 0 7 2 7 1 2 7 7 4 2 2 2 1 1 3 2 1 8 9 , , , , , 3 5 3 8 3 3 5 6 8 4 3 9 6 5 3 6 5 5 5 5 6 7 1 9 5 , , , , , 2 5 3 8 3 3 9 5 7 5 7 9 6 0 3 1 1 1 1 1 0 1 0 1 1 , , , , , 7 5 5 8 0 7 5 2 7 2 2 2 2 7 9 2 2 1 1 1 1 2 8 9 9 , , , , , 7 8 5 8 0 0 9 3 1 9 5 5 5 9 0 4 4 4 4 4 2 4 2 1 2 , , , , , 6 0 7 7 1 3 8 7 6 5 7 7 9 3 4 Wi 1 1 1 t 9 9 9 h 4 i 4 4 n 7 9 8 — — — 1 D D D y J J e e e u e u c c c a n n r e e : . . . . . . . . 1 1 1 1 1 4 0 1 4 3 , , , , , 3 2 2 2 4 1 1 2 6 1 9 6 6 3 1 4 3 6 9 1 9 6 9 8 9 2 1 , ,6 0 9 8 8 9 7 8 7 6 3 0 2 8 1 9 5 5 8 7 , , , , , 0 5 9 0 2 1 7 2 2 4 4 1 1 2 4 2 2 2 2 1 3 3 3 6 7 6 2 8 6 1 3 3 3 4 2 8 6 2 1 7 5 8 9 6 3 3 3 3 2 4 , , , , , 1 6 6 5 9 2 8 7 5 5 5 5 6 3 5 1950—Feb 154,779 5,370 17,74659,610 10,833 18,54442,676 Mar 154,494 5,385 17,592 58,198 10,876 18,53143,912 1950—Feb 14,319 31 867 9,103 204 426 3,688 Treasury bills: Mar 12,357 30 750 7,859 185 367 3,166 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 1,377 33,415 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— M Fe a b r.. . . 1 12 2 , , 3 3 3 3 4 6 3 5 9 3 3 3 , , 9 8 5 5 2 7 3 2, , 4 4 0 5 9 5 2 3 8 8 1 9 1 6 1 4 5 , , 8 7 3 9 7 5 1949— D Ju e n c e 3 35 9 , , 0 1 6 7 7 5 2 1 1 8 2 6 2 1 , ,9 1 2 2 2 1 2 2 4 6 , , 9 3 0 0 7 4 1 1 , , 1 2 2 7 1 9 2 1 , ,6 1 4 2 1 4 5 7, , 1 2 3 9 5 0 Ce 1 1 rt 9 9 i 4 4 fi 7 8 c — — ate D Ju s e : n c e 2 2 1 2 , , 2 5 2 8 0 8 3 1 0 4 6 4, ,7 6 9 16 7 6 8 , , 5 55 3 2 8 2 31 0 7 0 2 4 6 7 9 9 7 8, , 6 3 1 8 0 6 1950— M Fe a b r 4 3 4 7 , , 2 0 2 0 0 7 2 36 0 4 0 2 2 , , 0 7 7 5 2 03 2 0 6 , , 3 0 1 1 2 4 1 1, , 0 0 7 8 9 0 1 1 , , 8 6 3 4 5 1 6 7 , , 0 8 0 8 0 0 Dec 26,525 24 6,078 9,072 256 672 10,423 1949— D Ju e n c e 2 2 9 9 , , 4 6 2 3 7 6 2 4 6 8 6 6 , , 8 2 5 7 7 5 1 9 1 , , 5 5 6 2 1 0 2 1 0 6 7 9 6 6 0 3 2 3 1 1 2 0 , , 1 9 7 9 4 1 o— 1 1 9 9 l 4 4 u 7 8 y — — ea D J r u e s n c : e 1 1 0 0 , , 2 4 7 6 0 4 3 3 7 1 0 4 4 5 2 4 6 6 6 6, , 2 0 5 9 1 0 5 5 7 0 6 6 9 8 1 8 1 0 1 1, , 9 9 3 2 6 8 1950—Feb 27,321 18 6,332 9,935 145 588 10,303 Dec 10,464 314 434 6,314 520 997 1,885 Treasury M no a t r es: 24,399 22 5,864 8,128 142 515 9,728 1949— D j eunc e.... 1 1 5 8 , , 0 5 6 3 7 7 5 53 6 2 8 1,3 5 8 8 8 4 6 6 , , 5 9 8 9 7 5 2 2 , , 0 6 0 4 2 0 2 1, , 7 2 3 3 2 0 4 3 , , 7 6 1 3 6 0 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—Feb 18,537 574 1,254 7,119 2,658 2,224 4,708 Dec 7,131 7 791 3,099 84 166 2,984 Mar 15,926 421 1,153 5,473 2,681 2,129 4,069 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—Feb 10,189 16 701 6,648 120 248 2,456 1947—Dec 54,757 4,393 834 5,003 8,606 18,211 17,710 Treasury M bo a n r ds: 14,791 24 1,379 9,472 144 356 3,416 1948— D J e u c ne.... 5 5 3 3 , , 8 8 3 3 8 8 4 4 , , 7 6 1 8 0 5 2 7 , , 9 21 2 5 1 3 3 , , 9 5 2 41 2 8 8, , 0 6 4 3 8 9 1 1 7 5 , , 1 2 2 3 9 0 1 1 6 5 , , 5 0 4 9 2 4 1947—Dec 117,863 5,173 2,85347,424 11,22622,21328,974 1949—-June 48,554 4,455 4,452 3,933 7,29314,179 14,242 1948—June.... 112,462 5,336 6,20642,146 11,047 20,88026,847 Dec 45,084 4,441 3,593 3,887 6,588 13,485 13,090 1949— D Ju e n c e 1 11 1 0 1 , , 4 4 2 4 6 0 5 5, , 2 3 0 4 1 0 1 7 0 , , 7 97 8 7 0 4 4 0 2, , 0 3 4 7 2 1 1 1 0 0 , , 7 4 6 8 8 6 1 1 8 8 , , 3 8 1 9 5 12 2 5 6 , , 3 3 7 2 5 0 1950—Feb 45,084 4,458 3,365 3,963 6,708 13,561 13,029 Dec 104,758 5,217 7,21839,235 10,480 17,57925,029 Mar 45,084 4,473 3,124 4,000 6,759 13,567 13,161 1950—Feb 104,758 5,247 6,85739,550 10,530 17,60524,966 Mar 102,795 5,265 6,39738,172 10,559 17,54324,859 * 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. 716 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 3 Increase (+) or General fund of the Treasury (end of period) decrease (—) during period Assets y m F e i o a s r n c a t o h l r c N e r i e e p - t ts B p t e u u e n r x d d e - g s i e - t s B ( d u + e u r f d p ) i c g l o u i e t s r t c T o e a r t u u c c n - . s i t t s c C o i a l n u c e g - 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 B s F D e R a e e r n r e e a d v k - p l - e s o 2 si d i t S t s e c a p p i i r a e n o i l - e s s - !O as t s h e e t r s T b t l o i i i e a l t i s - a - l c C o i a n m s - h e o C u a t s g h o i ( E n o + x c u o c ) tg e m o s o e s r Fiscal year: 1947 40,043 39,289 +754 -1,103 +555 -11,136 -10,930 3,308 3,730 1,202 962 1,565 43,59136,931 +6,659 1948 42,211 33,791 4+8,419 -294 -507 -5,994 +1,624 4,932 5,370 1,928 1,773 1,670 ,400 36,496i +8,903 1949 38,246 40,057 4-1,811 -495 +366 +478 -1,462 3,470 3,862 438 1,771 1,653 39241.,628 40,576 +1,051 1949—May. 1,945 4 3,104i -1,159 +291 -324 +359 -833 3,163 3,526 628 1,313 1,586 363 2, 3,709 -1,114 June. 4,767 44,656 4+111 -511 -173 +881 +308 3,470 3,862 438 1,771 1,653 392 4 4,550 +248 A Ju u l g y . . . 2 1, , 9 4 4 7 6 9 3 3 , ,5 4 8 34 5 - -1 1 , , 1 4 0 8 6 8 + + 3 3 4 0 5 + -1 2 3 1 3 8 + + 1 1 , , 1 9 0 7 7 5 +1 - , 1 0 3 8 3 1 3 4, , 4 3 1 3 8 7 3 4 , ,7 6 6 9 7 9 6 52 1 9 0 2 1 , , 5 4 1 8 3 5 1 1 , , 6 6 8 4 4 4 3 3 6 4 2 9 2 3,150 3 2 , , 7 9 1 6 5 6 - -5 8 6 8 6 5 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 1950— F M A D M J e a p e a b a n c r r y . . . . . . . . . . 4 3 4 2 2 1 , , , , , , 1 3 9 4 3 8 9 8 6 7 2 2 1 8 2 6 0 0 3 3 3 2 2 2 , , , , , , 7 3 9 2 8 4 2 6 2 6 4 9 2 2 3 9 7 6 + -1 1 + + - , , 3 6 + 5 4 4 5 4 5 6 4 7 8 2 1 9 4 6 + - + 2 - - 1 1 + 7 7 9 7 4 2 9 3 2 7 0 + + -3 - + - 5 1 8 1 7 2 2 8 8 1 6 5 2 9 + - + - - 2 4 6 1 6 6 - 9 4 4 3 6 5 7 5 2 S -1 + + + + - ,4 2 1 2 3 9 . 1 3 5 7 3 3 9 8 7 0 5 7 4 5 4 5 6 4 , , , , , , 6 7 1 0 1 4 0 8 7 4 2 6 2 6 9 1 9 4 5 5 6 5 5 4 , , , , , , 4 0 7 4 4 0 2 5 3 8 3 7 1 7 3 9 8 4 1, 8 6 0 6 8 5 0 4 7 6 7 8 6 1 7 6 5 8 2 2 3 3 2 2 , , , , , , 1 5 6 5 8 5 4 5 6 4 9 6 6 7 5 3 8 0 1 1 1 1 1 1 , , , , , , 6 8 7 6 6 6 3 4 6 7 5 0 5 7 6 7 7 9 3 3 3 3 3 2 7 0 5 7 1 9 2 3 4 3 7 4 4 3 3 ,263 4 3 3 3 4 , , , , , 1 5 0 3 0 7 3 7 4 4 7 0 5 7 4 + -1 1 + + , , 6 + 1 1 3 6 1 5 9 0 1 7 8 3 8 DETAILS OF TREASURY RECEIPTS On bagis of daily statements ofUnited States Treasury On basis of reports by collectors of internal revenue Income taxes Deduct # Individual Corporation income Excise F o i r s c m al o y n e th ar b p W y l h o e i y e t l m e d h r - s - Other i r n e n c M v t e e e e o l i r l n s u n a - u s - a e l S S ta r o e i x c c ty e i u a s - l c O e r i t p e h - t e s r 5 c T e r o i e p t - a ts l R t e a o f 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 ce N r i e e p - t ts W i h n e c it l o h d m - e O ta t x h e e s r N 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 d e 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 h n e c d e e o e s r u l- s Fiscal year: 1947 10,013 19,292 8,049 2,039 5,115 44,508 3,006 1,459 40,043 9,842 9,501 6,055 3,622 779 7,285 1948 11,436 19,735 8,301 2,396 4,231 46,099 2,272 1,616 42,211 11,534 9,464 9,852 323 899 7,412 1949 9,842 19,641 8,348 2,487 2,456 42,774 2,838 1,690 38,246 10,056 7,996 11,343 211 797 7,585 1949—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 1,488 530 470 283 5 60 548 May. . . 1,342 379 704 295 176 2,895 301 274 2,320 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Trust accounts, etc. Social Security Other F o i r s c m al o y n e th ar Total N 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 n a o a n t i a n e n d d - a r c - l e t e m r V A r a a i t e d n i n t o - i - s s n ' - a t c A u g t u o i r r l d e i - - T c t o f r r a e t a u u c o r n n s - s t s ts - Other c N e r i e e p - t ts ac m c v o I e e n u s n - t n - t t s s p tu E e r n x e d - s i- ce R i e p - ts m v I e e n s n - t- ts t p u E e r n x e d - s - 4 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 4 33,791 11,500 5,211 4,143 6,317 782 44,178 4,661 3,918 2,210 1,640 4 5,598 850 2,109 1949 4 40,057 12,158 5,339 3,011 6,791 2,661 916 6,181 3,722 1,479 2,252 1,992 832 4,646 1949—May .... . ... 4 3,104 1,011 125 272 584 438 30 362 592 18 233 120 38 415 June . . 4 4,656 1,210 1,570 524 517 161 19 578 270 392 254 504 385 330 July 3,434 1,040 322 478 489 64 413 628 489 199 243 100 24 93 Aug . . .. 3,585 1,173 125 421 518 327 330 691 637 46 262 395 265 114 Sept 3,995 1,032 544 455 440 495 419 611 37 151 265 513 425 113 Oct 3,111 1,006 255 504 242 85 624 172 -92 232 114 6 129 Nov 3,127 1,063 306 353 540 212 7 647 562 13 256 97 9 82 Dec 3,722 1,100 1,008 347 515 311 -26 467 48 77 277 68 -25 60 1950—jan 3,323 1,054 463 r294 509 314 45 644 291 -29 295 121 -424 568 Feb. 2,496 944 161 r325 494 124 8 440 568 85 267 116 -746 909 Mar 3,269 1,061 636 ^375 578 127 11 481 262 47 311 158 -844 999 Apr 2,847 977 184 344 499 217 69 557 178 52 238 127 -327 421 May 2,962 136 498 ^356 16 556 169 243 117 -73 186 P Preliminary. r Revised. 1 Excess of receipts (+) or expenditures (—). 2 Excluding items in process of collection beginning with July 1947. 3 For description, see Treasury Bulletin for September 1947 and subsequent issues. 4 To make the figures for the fiscal years 1948 and 1949 comparable with those for prior years, all transactions relating to the Foreign Economic Cooperation Trust Funds expenditures have been consolidated with Budget expenditures. 5 Including surplus property receipts and receipts from renegotiation of war contracts, which for fiscal years 1947-1949 amounted to 2,886, 1,929, and 589 million dollars and 279, 161, and 57 million, respectively. 6 These are appropriated directly to the Federal old-age and survivors insurance trust fund. JUNE 1950 717 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets other than interagency items * Liabilities, other than interagency items Corporation or agency Total Cash L c a e r o b e i a l v - e n - s m m C p s r t a l i u i o o a n i e a p e m t d d s l e - s s , i , - - - G U s ri e o t , c i v I e u m S n t s - . v . e e n O s s r t i t e s t t - c h ie u e s - r 2 L s e t m u a t q a r r n e u u n e d n i c d s p t - , , - O s a t e h s t - e s r a t B F g n u a u u b o t r n e a y l e n d l e r s y d - d s p d , a e n O y b o e a t t h n b e e - l s e r , O li i a t t i b h e i e s l r - i U m G n e e r t . o e s e n v n S t r - - t - . o v in P w a e t r t s e n i e t - r e l - y d U. S. All agencies: 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: Banks for cooperatives 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 Federal Farm Mortgage Corp 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 i 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 Pu H bl o i m c e H o O u w si n n e g r s A ' L dm oa i n n is C tr o a r t p i . on 5 1,6 2 9 5 3 2 1 1 1 7 2 2 3 9 0 6 (3) 8 2 1,352 27 1 2 (3) 1 1 3 6 1,6 2 7 3 7 8 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 (3) 90 68 9 161 Tennessee Valley Authority.. 865 13 (3) 16 830 12 853 All other 8 7,407 118 3,806 14 w 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 o e r r d r m p t . . . b c m i F n r a a e e e t n t e d d e d k r i i . s - t - B f o t o a i p 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 d l o i e r m c n c a a - l . - F A H e a d o r r s m m m ' . e - H O C L e o o o w r m s r a n ' p n e - . P H A u i o d n b u m g l s i . c - b h F l a o o e n m a d k n - c s R s n C t t e a F i r o c n o u i r o - c n p c n e - . - B p p I E o a m o x r n r - t - t k - o A th l e l r a c g A i e e l n l s - a 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 3,616 231 (3) 168 853 1,251 1,123 To aid industry: 112 3 114 120 Other i 427 33 462 407 To aid financial institutions: (3) 4 4 4 Other 433 8 442 347 154 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. 3 Less than $500,000. 4 includes assets and liabilities of the Regional Agricultural Credit Corporation, which have been reported as "Disaster Loans, etc., Revolving Fund," since the dissolution of that Corporation pursuant to Public Law 38, 81st Congress. 5 Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing program, and Public Housing Administration activities under the United States Housing Act, as amended. 6 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 7 Includes figures for Smaller War Plants Corp. which is being liquidated by the Reconstruction Finance Corp. 8 Figures for one small agency are for a date other than Dec. 31, 1949. NOTE.'—Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures in recent years has been affected by (1) the adoption of a new reporting form and the substitution of quarterly for monthly reports beginning Sept. 30, 1944, and (2) the exclusion of figures for the U. S. Maritime Commission beginning Mar. 31, 1948. For back figures see earlier issues of the BULLETIN and Banking and Monetary Statistics, Table 152, p. 517. 718 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] I ( n p d h 1 u y 9 s s t 3 i r c 5 i a a -3 l l 9 v p o r = o lu d m 1 u 0 c e 0 t ) i o * n x aw 1 C 9 ar 2 o c d 3 n o e - s n d 2 t t 5 r r u a ( c c = v t t a i s o l 1 u n 0 e 0 )2 E 1 m 9 p 3 l 9 o y = m 1 en 0 t 0 3 Fac- D m ep e a n r t t- Wholetory Freight store Con- sale Year or month Total Du f M a r- c a tu n r u N e d - s u o r n - - M era in ls - Total R d ti e e a n s l i - - o A th l e l r N t a c u g u o r r l n a i - - l - Factory 1 r p 9 o 1 3 a l 0 l y 9 s 0 - = 3 c 1 a i 9 = n r 3 l g 1 5 o s 0 - a 3 0 d 9 - 19 u = s ( 3 e a v 1 5 l ) a e 0 * - l s 3 - 0 . 9 1 s p 9 u = r 3 i m c 1 5 e e 0 - s 3 r 0 s 3 9 ' p m c = r 1 i o o 9 c 1 d 2 m e 0 i 6 s t 0 ' y 3 " able able Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919. 72 84 71 63 44 79 88.6 103.7 103.9 120 83 123 138.6 1920. 75 93 83 63 30 90 89.4 104.1 124.2 129 99 143.3 154.4 1921. 58 53 66 56 44 65 79.7 79.7 80.2 110 92 127 97.6 1922. 73 81 71 79 68 88 84.4 88.2 86.0 121 93 119 96.7 1923. 88 103 98 84 81 86 92.9 100.9 109.1 142 104 121.9 100.6 1924. 82 95 89 94 95 94 91.7 93.7 101.8 139 104 122.2 98.1 1925. 90 107 92 122 124 120 94.1 97.0 107.3 146 109 125.4 103.5 1926. 96 114 100 129 121 135 97.5 98.9 110.5 152 112 126.4 100.0 1927. 95 107 100 129 117 139 98.0 96.7 108.5 147 113 124.0 95.4 1928. 99 117 99 135 126 142 98.1 96.9 109.8 148 114 122.6 96.7 1929. 110 132 107 117 87 142 102.5 103.1 117.1 152 116 122.5 95.3 1930. 91 98 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 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 89 149 119.4 132.8 164.9 130 105.2 87 3 1942 19V 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. . 187 220 172 149 157 142 160 143 2 156.2 326.9 143 286 159.2 152.1 1948. . 192 225 177 15^ 190 162 214 145.9 155.2 351.4 138 302 171.2 165.1 1949. . 176 202 168 13 S 211 192 226 142.0 141.6 325.3 116 286 169.1 155.0 1948 May 192 192 221 178 162 188 165 206 145.3 154.0 151 3 334.4 142 304 170.5 164.2 June 192 193 222 179 159 201 177 220 145.9 154.9 153.3 345.6 130 171.7 166.4 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. . , 195 195 229 178 161 185 154 217 146.6 154.5 155.9 362.8 137 291 172.2 164.0 December 192 190 231 156 180 145 209 146.2 152.1 153.5 137 302 171.4 162.4 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 September 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 183 179 209 179 130 242 245 239 140.5 140.2 139.8 329.2 117 282 166.9 151.5 February. . . 180 177 207 180 118 263 260 266 139.5 140.1 139.9 329.9 104 280 166.5 152.7 March 187i 183 212 180 144 275 278 274 141.1 141.2 141.0 333.5 127 274 167.0 r152.7 April P188 P222 P179 P141 P286 P302 P273 '142.4P142.6P141.1 '335.8 126 P292 167.3 152.9 May •145: «156.5 * Average per working day. e Estimated. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 720-723. For points in total index, by major groups, see p. 742. 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. 727. 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. 729-732. 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. JUNE 1950 719 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Industrial Production—Total 179 174 169 161 170 174 166 173 179 183 187 P189 Manufactures—Total 184 179 175 168 178 184 176 179 188 192 192 194 P198 Durable Manufactures 212 201 194 185 193 199 175 181 203 209 207 212 P222 Iron and Steel * 219 204 177 156 178 179 102 145 201 203 201 205 222 Pig iron. 217 209 189 158 170 171 23 107 198 201 175 175 219 Steel 240 218 182 162 191 193 38 137 239 244 238 243 270 Open hearth 196 187 167 148 165 168 21 105 194 192 181 180 204 Electric 551 438 293 259 376 373 162 359 557 612 639 691 739 M achinery 240 232 225 217 216 224 226 217 227 229 237 243 P251 Transportation Eouifttnent 235 220 240 249 246 252 238 206 211 r242 215 P229 Automobiles (including parts) 203 184 211 225 225 231 216 175 181 '224 181 190 P2O7 (Aircraft; Railroad Equipment; Shipbuilding — Private and Government)2 Nonferrous Metals and Products . 167 145 133 127 141 157 164 163 166 179 188 199 P196 Smelting and refining 209 200 193 180 174 175 167 169 174 191 202 208 P208 (Copper smelting; Lead refining; Zinc smelting; Aluminum* ]Vtagnesium; Tin)2 Fabricating 151 123 108 105 128 150 162 161 162 174 183 196 P192 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products 126 126 123 115 126 132 133 147 159 144 150 156 P159 Lumber 118 120 114 104 115 119 116 139 153 132 138 145 150 Furniture 144 139 139 136 148 158 165 163 170 167 173 176 P175 Stone Clay and Glass Products 189 185 186 185 183 183 184 183 187 ^192 188 P199 Glass products 172 181 193 202 192 184 193 184 182 194 195 191 P207 Glass containers 179 189 206 223 204 195 204 193 190 206 207 201 222 Cement 213 196 195 190 183 189 182 191 206 207 211 192 218 Clay products 164 157 152 140 145 146 146 147 150 158 158 158 P160 Nondurable Manufactures 162 161 161 154 165 172 177 177 176 179 180 180 Pi 79 Textiles and Products ; . . . 129 123 126 120 140 155 169 175 173 178 179 173 P171 Textile fabrics 119 114 116 107 127 140 153 157 154 160 162 156 P154 Cotton consumption 111 103 105 87 111 127 134 138 134 144 144 138 139 Rayon deliveries 240 214 217 238 259 294 318 340 350 355 357 '350 351 Nylon and silk consumption 2 Wool textiles 112 118 120 109 134 139 161 158 151 154 159 152 Carpet wool consumption 171 163 127 91 141 148 178 186 193 215 215 210 Apparel wool consumption 92 99 110 109 134 138 158 140 136 147 163 153 Wool and worsted yarn 97 106 115 108 129 135 154 144 133 131 140 134 Woolen yarn 101 112 118 113 132 128 141 135 119 119 122 115 Worsted yarn 92 98 111 102 126 145 174 158 153 148 165 161 Woolen and worsted cloth 107 116 126 118 136 140 163 166 159 156 156 146 Leather and Products 106 101 105 96 110 115 108 97 101 108 115 115 Leather tanning . 96 95 97 84 91 100 98 92 99 95 102 98 Cattle hide leathers 108 109 110 98 104 112 106 100 111 103 112 108 Calf and kip leathers 74 76 75 55 69 77 81 77 88 86 85 77 Goat and kid leathers 80 79 80 71 72 84 85 80 78 85 89 91 Sheep and lamb leathers 76 69 79 70 78 87 93 86 76 80 91 81 Shoes 113 105 110 104 123 125 115 101 103 116 124 127 Manufactured Food Products ... 162 163 165 161 166 167 165 160 160 161 161 166 P162 Wheat flour . 103 105 120 112 109 110 111 110 105 114 112 111 Cane sugar meltings 2 Manufactured dairy products 154 153 151 isi 152 151 146 147 148 148 149 154 153 Butter 88 86 81 82 86 83 86 85 85 86 94 9L Cheese 199 189 176 17781 171 167 162 176 183 185 181 191 195 Canned and dried milk 161 166 167 173 172 158 140 135 142 135 144 158 155 Ice cream 2 p Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 720 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Manufactured Food Products—Continued Meat packing. .. . 145 137 141 150 153 158 155 154 157 154 151 160 157 Pork and lard 160 146 150 164 168 181 184 183 185 174 168 184 182 Beef 145 144 144 147 148 146 133 132 137 146 146 150 144 Veal 106 101 114 127 139 134 129 133 125 108 105 108 104 Lamb and mutton 55 58 68 77 80 83 85 81 86 85 77 76 74 Other manufactured foods 171 173 175 168 174 176 175 168 167 r169 169 #173 Processed fruits and vegetables 155 156 173 139 151 137 149 134 132 142 136 151 P142 Confectionery 123 126 116 108 134 142 132 127 140 139 139 Other food products . . 183 185 185 185 187 191 189 183 181 181 183 184 181 Alcoholic Beverages . 164 174 169 165 172 174 167 187 173 169 158 174 168 Malt liquor 152 163 161 171 169 166 143 171 172 170 159 172 159 Whiskey. ... . 91 84 60 42 44 69 72 77 83 88 77 75 88 Other distilled spirits. . 271 285 277 200 292 182 194 149 228 259 214 214 280 Rectified liquors 247 270 267 246 257 314 369 390 240 205 204 268 242 Tobacco Products 162 170 172 146 178 175 165 169 149 162 162 176 161 Cigars 98 98 117 101 111 125 123 120 97 102 97 91 Cigarettes.. 224 236 233 196 242 231 217 226 205 224 222 248 224 Other tobacco products 65 71 69 61 78 76 72 67 66 69 67 72 67 Paper and Paper Products .... 146 144 143 129 155 169 176 177 167 179 178 T17Q P181 Paper and pulp 141 139 138 126 148 160 168 168 160 171 171 172 175 Pulp 166 165 159 147 171 179 192 191 180 198 201 204 Groundwood pulp 88 90 94 99 99 104 104 91 98 93 98 94 97 Soda pulp 100 97 80 87 99 102 112 113 107 118 117 121 Sulphate pulp. 274 273 275 256 302 315 340 336 312 354 360 r35O 365 Sulphite pulp 135 135 122 104 124 133 144 145 138 148 149 152 153 Paper 138 135 134 122 144 157 164 165 157 167 167 '169 170 Paperboard 162 162 164 142 184 203 206 210 193 209 205 203 207 Fine paper 2 Printing paper 151 149 142 133 150 161 168 167 166 167 167 >175 171 Tissue and absorbent paper 152 142 139 141 144 157 170 168 161 175 170 173 185 Wrapping paper. . . .. 123 115 117 109 123 136 150 150 145 155 162 163 161 Newsprint 97 104 105 106 101 96 96 94 94 98 98 102 111 Paperboard containers (same as Paperboard) Printing and Publishing 152 155 149 144 151 159 165 160 159 163 168 r169 170 Newsprint consumption . 154 161 156 156 151 156 162 153 152 159 169 163 168 Printing paper (same as shown under Paper) Petroleum and Coal Products 209 207 202 198 203 208 198 205 219 211 r205 206 206 Petroleum refining2 Gasoline 170 177 177 178 177 179 180 177 180 176 174 173 *nn Fuel oil . . . 169 166 154 159 168 180 182 182 190 192 187 178 Lubricating oil 126 128 145 132 131 142 152 152 153 149 148 152 Kerosene 157 138 140 142 142 160 177 177 198 207 190 188 Other petroleum products 2 . . Coke 182 175 159 139 146 145 49 102 158 154 124 146 174 By-product coke 173 169 158 143 150 149 50 104 161 156 127 145 170 Beehive coke . . 477 385 202 18 33 23- 7 23 58 76 21 r181 312 Chemical Products 237 234 233 228 229 236 240 243 245 248 247 247 P250 Paints 139 135 134 133 137 139 143 143 141 144 147 147 Rayon 265 259 249 252 257 276 294 316 335 349 355 352 2>349 Industrial chemicals 417 406 404 392 388 405 414 417 422 '42 3 426 P430 Other chemical products 2 Rubber Products . . .. 177 178 178 175 178 174 192 187 193 194 196 195 P205 Minerals—Total... 148 145 133 123 129 119 112 141 132 130 118 144 P!41 Fuels 148 149 135 126 134 122 120 152 136 133 118 148 P148 Coal 133 136 99 83 102 58 49 130 95 91 43 141 131 Bituminous coal 144 144 104 80 108 60 31 133 103 96 38 149 143 Anthracite 88 105 78 93 82 50 118 117 63 69 65 108 83 Crude petroleum 156 155 153 147 149 154 156 163 157 154 155 152 Metals 145 126 124 105 102 98 59 76 106 117 P116 PQ1 Metals other than gold and silver 210 176 175 144 140 133 63 91 141 160 161 P\S9 Pill (Copper; Lead; Zinc)2 Gold 53 55 52 51 48 50 52 54 55 57 58 Silver 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. JUNE 1950 721 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] 1950 Industry- Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar Apr, Industrial Production—Total. . 177 174 170 163 174 178 169 174 178 179 177 183 P188 Manufacturers—Total 183 179 176 169 181 188 179 180 186 189 188 191 P197 Durable Manufactures 212 202 195 186 194 200 176 181 201 206 204 210 P222 Iron and Steel1.: 204 177 156 178 179 145 201 203 201 205 222 Pig iron 209 189 158 170 171 23 107 198 201 175 175 219 Steel 240 218 182 162 191 193 38 137 239 244 238 243 270 Open hearth. 196 187 167 148 165 168 21 105 194 192 181 180 204 Electric 551 438 293 259 376 373 359 557 612 639 691 739 162 Machinery 240 232 225 217 216 224 217 227 229 237 243 P251 226 Transportation Equipment. 235 220 240 249 246 252 206 211 '242 '209 215 P229 238 Automobiles (including parts). . . . 203 184 211 225 225 231 175 181 r224 '181 P2O7 (Aircraft; Railroad equipment; Shipbuilding—Private 216 and Government)2........ Nonferrous Metals and Products... 167 145 133 127 141 157 164 164 166 179 188 199 P196 Smelting and refining 209 200 192 179 174 175 167 170 175 191 202 208 P208 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 123 108 105 128 150 162 162 174 183 196 P192 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2. . .^ Lumber and Products. 126 129 129 121 134 141 138 144 145 130 137 147 vl58 Lumber.. . 116 124 124 113 126 132 125 134 132 111 119 133 150 Furniture. 144 139 139 136 148 158 165 163 170 167 173 176 P175 Stone, Clay, and Glass Products. 186 190 188 187 190 191 193 188 181 '179 179 180 P196 Glass products 172 190 191 196 197 188 197 186 172 191 190 191 P207 Glass containers 179 202 204 214 212 199 210 195 177 202 201 201 222 Cement 202 206 209 209 207 219 211 206 187 168 160 157 207 O Cl t a h y e r p s r t o o d n u e c t a s nd clay products 2. 160 156 151 140 149 151 154 153 154 147 •150 151 P155 Nondurable Manufactures. .. 159 160 161 156 170 178 181 178 175 175 175 176 Textiles and Products 123 126 120 140 155 169 175 173 178 179 173 P171 Textile fabrics 119 114 116 107 127 140 153 157 154 160 162 156 '154 R N C a o y y t l t o o o n n n a d c n e o d l n i v s s e u il r m k ie p s c t o i n on sumption 2... 2 1 4 1 0 1 2 1 1 0 4 3 2 1 1 0 7 5 23 8 8 7 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 5 3 0 8 3 1 5 3 1 9 Wool textiles 112 118 120 109 134 139 161 158 151 154 159 152 Carpet wool consumption 171 163 127 91 141 148 178 186 193 215 215 210 Apparel wool consumption. 92 99 110 109 134 138 158 140 136 147 163 153 Woolen and worsted yarn. . 97 106 115 108 129 135 154 144 133 131 140 134 Woolen yarn 101 112 118 113 132 128 141 135 119 119 122 115 Worsted yarn 92 98 111 102 126 145 174 158 153 148 165 161 Woolen and worsted cloth.. 107 116 126 118 136 140 163 166 159 156 156 146 Leather and Products. 106 101 104 94 110 114 108 98 101 108 118 115 Leather tanning , 96 95 95 80 90 98 99 95 99 96 109 97 Cattle hide leathers 108 109 105 92 101 110 107 105 111 105 120 108 Calf and kip leathers 72 73 76 55 72 76 83 78 86 84 89 75 Goat and kid leathers 83 78 81 70 70 84 85 77 79 85 92 90 Sheep and lamb leathers. . 75 75 78 65 81 86 93 91 72 74 100 79 Shoes 113 104 123 101 103 105 110 125 115 116 124 127 Manufactured Food Products. 148 172 189 162 156 P148 156 165 190 177 149 145 148 Wheat flour 99 111 108 111 104 P103 Cane sugar meltings 2. 101 115 120 118 114 113 109 Manufactured dairy products. 160 203 223 222 197 159 121 97 96 95 107 128 159* Butter 89 111 112 96 90 83 72 65 67 71 76 85 92 Cheese 207 253 250 210 191 171 146 132 132 137 149 172 203 Canned and flried milk .. 182 230 230 201 177 146 113 97 109 109 129 155 125 Ice cream 2. *. p Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 722 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Manufactured Food Products—Continued Meat packing 134 138 139 140 134 145 155 172 186 183 144 148 145 Pork and lard 146 146 150 144 129 143 173 214 244 229 165 171 166 Beef 136 144 142 149 149 158 145 137 137 149 135 137 136 Veal . 104 105 114 127 136 148 147 142 118 100 92 101 102 Lamb and mutton 53 59 63 74 78 89 88 81 84 90 78 74 72 Other manufactured foods 152 157 165 176 203 207 194 175 165 155 154 P154 Processed fruits and vegetables 94 102 133 181 287 267 193 123 103 92 86 83 P87 Confectionery 102 97 86 89 144 184 172 150 141 143 140 Other food products 176 181 187 189 191 195 198 193 184 173 174 177 P174 Alcoholic Beverages 163 182 190 188 179 179 180 171 151 143 142 162 166 Malt liquor 160 186 203 213 192 168 133 132 138 139 144 160 167 Whiskev 91 84 60 42 44 69 72 77 83 88 77 75 88 Other distilled spirits 162 171 172 116 158 249 503 312 250 168 128 139 168 Rectified liquors 247 270 267 246 257 314 369 390 240 205 204 268 242 Tobacco Products 153 170 179 152 184 185 171 172 138 162 154 167 152 Cigars 98 98 117 101 111 125 123 120 88 97 102 97 91 Cigarettes 209 236 245 206 254 247 225 231 188 224 209 230 209 Other tobacco products...... 65 71 71 61 75 81 77 69 N 58 68 65 72 67 Paper and Paper Products 146 144 143 128 155 169 176 177 167 178 179 179 P182 Paper and pulp 142 139 138 125 148 160 168 168 160 171 172 173 175 Pulp 167 166 159 145 169 177 191 191 180 198 201 199 205 Groundwood pulp 97 98 95 88 87 93 97 97 99 97 102 101 107 Soda pulp . . 100 97 80 87 99 102 112 113 107 118 117 113 121 Sulphate pulp 274 273 275 256 302 315 340 336 312 354 360 365 Sulphite pulp 135 135 122 104 124 133 144 145 138 148 149 152 153 Paper 138 135 135 122 144 157 164 165 157 166 168 169 170 Paper board 162 162 164 142 184 203 206 210 193 209 205 203 207 Fine paper 2 Printing paper isi 149 142 133 iso 161 168 167 166 167 167 175 171 Tissue and absorbent paper 153 142 141 136 144 157 172 168 156 173 177 173 187 Wrapping paper 123 115 117 109 123 136 150 150 145 155 162 163 161 Newsprint 99 105 106 104 100 96 96 95 92 98 98 102 113 Paperboard containers (same as Paperboard) Printing and Publishing 157 158 148 133 143 159 169 167 162 157 166 r172 175 Newsprint consumption 163 168 155 134 136 157 171 167 159 147 166 170 178 Printing paper (same as shown under Paper) Petroleum and Coal Products 209 207 202 198 203 208 198 205 219 211 r205 206 206 Petroleum refining 2 Gasoline 170 177 177 178 177 179 180 177 180 176 174 173 p{lO Fuel oil 169 166 154 159 168 180 182 182 190 192 187 178 P173 Lubricating oil 132 133 145 131 129 142 152 152 151 145 146 150 Kerosene 160 140 132 132 136 159 177 182 204 212 199 192 Other petroleum products 2 Coke 182 175 159 139 146 145 49 102 158 154 124 146 174 By-product coke 173 169 158 143 150 149 50 104 161 156 127 145 170 Beehive coke. 477 385 202 18 33 23 7 23 58 76 21 181 312 Chetnical Products 239 233 230 225 226 238 245 247 249 249 250 P252 Paints .... 140 139 138 132 135 138 143 141 141 141 145 147 Rayon 265 259 249 252 257 276 294 316 335 349 355 352 P349 Industrial chemicals 417 406 404 392 388 405 414 417 422 '419 *-423 426 P430 Other chemical products 2 Rubber Products 177 178 178 175 178 174 192 187 193 194 196 195 P205 Minerals—Total 146 148 137 128 134 123 112 141 128 125 113 139 P139 Fuels 148 149 135 126 134 122 120 152 136 133 118 148 P148 Coal 133 136 99 83 102 58 49 130 95 91 43 141 131 Bituminous coal 144 144 104 80 108 60 31 133 103 96 38 149 143 Anthracite 88 105 78 93 82 50 118 117 63 69 65 108 83 Crude petroleum 156 155 153 147 149 154 156 163 157 154 155 152 P157 Metals ..... . 134 142 150 140 135 128 63 76 81 80 r81 P84 Metals other than gold and silver 194 207 222 204 196 179 64 87 98 98 100 *101 P106 Iron ore 260 302 340 324 305 267 18 54 72 71 64 63 79 (Copper; Lead; Zinc)2 Gold . ... 47 48 49 50 53 57 61 62 57 54 52 Silver 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. JUNE 1950 723 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] 1949 1950 Industry group or industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total 11,746 11,535' 11,459 11,378 11,439 11,578 11,188 11,180 11,390 '11,482 n ,477 11,569 11,679 Durable goods 6,260 6,092 6,041 5,978 5,985 6,046 5,620 5,690 5,906 '5,988 '5,965 6,046 6,176 Primary metal industries 1,028 1,001 976 948 937 938 556 739 946 958 972 976 1,004 Fabricated metal products...... 702 690 686 688 698 708 674 663 678 686 692 703 719 Machinery except electrical 1,061 1,009 972 948 936 940 927 913 924 '932 •"954 975 995 Electrical machinery 560 543 521 521 517 534 543 538 551 555 r566 573 594 Transportation equipment 1,009 958 998 1,014 1,012 1,010 983 898 890 '978 ^872 881 897 Lumber and wood products 666 672 679 669 669 677 686 692 685 '652 '664 683 687 Furniture and fixtures 269 264 261 261 266 276 280 279 285 286 294 298 305 Stone, clay, and glass products. . 416 416 407 406 410 412 409 409 410 405 410 410 416 Instruments and related products 181 178 178 176 170 171 172 172 170 172 170 171 173 Miscellaneous manufacturing industries 345 340 342 328 352 362 372 370 350 ••347 354 358 368 Ordnance and accessories 23 21 21 19 18 18 18 17 17 17 17 18 18 Nondurable goods 5,486 5,443 5,418 5,400 5,454 5,532 5,568 5,490 5,484 ••5,494 rS,512 5,523 5,503 Textile-mill products 1,095 1,092 1,083 1,096 1,114 1,143 1,168 1,172 1,169 ,165 1,167 1,167 1,166 Apparel and other finished textiles 1,029 1,001 999 992 1,030 1,061 1,051 1,023 1,020 1 ,022 i ,034 1,027 1,015 Leather and leather products... 348 344 348 349 354 352 347 330 340 345 '350 350 339 Food and kindred products 1,180 1,189 1,186 1,175 1,165 1,173 1,180 1,149 1,145 1,160 i ,156 1,167 1,159 Tobacco manufactures 86 88 89 88 88 87 84 84 85 85 81 80 80 Paper and allied products 377 376 373 374 375 386 390 389 384 381 382 385 390 Printing, publishing and allied industries 497 496 496 492 491 497 495 495 494 491 493 497 499 Chemicals and allied products. . 493 481 473 467 470 480 483 478 477 473 ••477 479 487 Products of petroleum and coal. 191 188 187 185 185 186 185 188 187 187 186 185- 179 Rubber products 190 188 184 182 182 167 185 182 183 185 186 186 189 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 11,616 11,324 11,337 11,211 11,561 11,775 11,368 11,289 11,504'1!,449 ii,457 11,549 11,556 Durable goods. 6,262 6,057 6,022 5,894 5,947 6,060 5,651 5,719 5,961 '6,000 ,979 6,070 6,177 Primary Metal Industries 1,028 991 971 934 932 938 559 743 955 963 977 981 1,004 Blast furnaces, steel works and rolling mills 545 534 523 506 498 499 131 325 507 511 '512 507 Nonferrous smelting and refining, primary 47 45 45 42 41 42 39 38 41 43 '45 46 Nonferrous rolling, drawing and alloying 71 67 64 62 64 67 70 63 73 74 75 77 Fabricated Metal Products 706 683 679 671 688 708 677 666 688 693 699 710 723 Cutlery, hand tools and 121 117 114 109 111 114 116 116 119 121 124 128 hardware.... Heating apparatus and 103 97 94 92 100 110 116 113 111 108 112 114 plumbers' supplies Fabricated structural metal 157 156 156 155 155 156 129 134 142 141 141 143 products Machinery except Electrical 1,066 1,014 977 939 927 935 922 908 929 r937 r959 980 1,000 Agricultural machinery and tractors 151 148 145 140 140 140 128 125 131 133 137 139 Metalworking machinery.. . 167 161 156 150 147 149 148 146 146 147 149 152 Special-industry machinery 140 135 129 124 123 122 119 117 117 117 117 119 Service-industry and household machines. . . 127 108 105 99 98 102 108 109 119 124 133 138 Electrical Machinery 560 538 518 505 507 531 548 546 559 561 *572 579 594 Electrical apparatus (generating, etc.) 220 209 200 196 197 201 203 202 208 208 211 212 Communication equipment. 189 185 181 176 173 182 193 200 201 '203 ••2 07 211 Transportation Equipment 1,012 955 995 1,014 998 1,017 986 898 896 *978 '872 881 900 Motor vehicles and equipment 649 601 646 670 678 686 666 582 585 r675 »-567 578 Aircraft and parts 192 187 187 192 185 191 188 184 184 184 184 184 Ship and boat building and repairing. 93 92 88 86 80 74 69 71 69 66 '67 67 Lumber and Wood Products 659 672 686 676 686 684 689 692 682 r642 r651 676 680 Sawmills and planing mills.. 389 399 410 407 415 416 414 413 404 381 384 399 Millwork, plywood, etc 94 92 94 92 95 95 98 101 102 102 101 102 Furniture and Fixtures 268 259 257 253 263 277 284 283 289 289 297 301 303 Household furniture 191 183 181 179 187 199 206 207 211 212 218 221 Stone, Clay, and Glass Products. . 416 414 409 400 412 414 411 411 412 403 408 410 416 Glass and glass products. . . 105 106 105 101 107 107 108 108 107 106 108 109 Structural clay products. . . 73 73 73 72 72 72 71 70 71 69 68 69 Instruments and Related Products. 181 177 176 170 169 172 174 174 173 172 mi 172 173 Miscellaneous Manufacturing Industries 343 333 333 313 347 366 383 381 361 *345 356 362 366 Ordnance and Accessories 23 21 21 19 18 18 18 17 17 17 17 18 18 r 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 April 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. 724 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] 1950 Industry group or industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Nondurable goods 5,354 5,267 5,315 5,317 5,614 5,715 5,717 5,570 5,543 '5,449 5,478 5,479 5,379 Textile-mill Products 1,100 1,087 1,083 1,058 1,092 1,132 1,168 1,184 1,187'1,177'1,184 1,185 1,172 Yarn and thread mills 134 133 132 127 133 140 144 147 149 149 149 149 Broad-woven fabric mills 530 526 525 518 530 547 565 572 574 '568 '572 575 Knitting mills 207 202 203 200 211 219 227 230 227 223 223 221 Apparel and Other Finished Textiles 1,008 956 959 942 1,040 1,082 1,083 1,028 1,040p1,032 '1,065 1,058 995 Men's and boys' suits, coats and overcoats 134 118 122 116 131 133 129 118 127 130 135 135 Men's and boys' furnishings . 241 239 236 221 235 246 252 251 247 '241 >244 245 Women's and misses' outerwear , 289 257 258 263 306 319 308 280 296 '302 '314 305 Leather and Leather Products 348 332 339 342 356 354 349 332 343 348 r357 357 339 Footwear (except rubber) 228 216 223 226 234 230 224 208 224 '231 235 235 Food and Kindred Products 1,071 1,095 1,153 1,224 1,350 1,340 1,273 1,185 1,139 1,078 1,056 1,060 1,056 Meat products 217 221 226 227 229 230 236 242 251 244 232 229 Dairy products. 108 115 122 122 116 110 104 99 96 95 97 99 Canning and preserving. 125 131 169 220 339 322 232 160 136 117 109 109 Bakery products 186 188 192 191 194 196 199 195 190 186 188 189 Beverage industries 140 148 152 169 165 157 149 146 141 135 134 139 Tobacco Manufactures 82 82 84 82 91 94 92 89 87 85 81 76 Paper and Allied Products 377 372 369 365 371 384 392 393 390 385 386 389 390 Pulp, paper and paperboard mills , 196 194 192 188 191 197 200 201 200 199 199 200 Printing, Publishing and Allied Industries 495 494 494 485 486 495 500 500 501 493 495 497 497 Newspapers 140 141 142 141 141 144 144 145 145 '142 146 147 Commercial printing 163 162 164 162 161 162 166 165 168 167 165 165 Chemicals and Allied Products. ,\ 495 476 464 453 458 478 488 485 480 '484 486 489 Industrial inorganic chemicals , 53 53 52 51 50 50 52 51 51 '50 52 52 Industrial organic chemicals 148 142 139 136 135 140 141 143 144 144 144 145 Drugs and medicines 61 60 60 59 60 61 62 62 62 62 59 58 Products of Petroleum and Coal ;....., 188 188 189 189 190 189 185 188 185 184 183 182 176 Petroleum refining 149 149 150 150 150 149 148 148 146 145 144 143 Rubber Products 190 185 181 177 180 167 187 186 187 187 187 187 189 Tires and inner tubes , 89 87 86 82 81 64 81 81 82 83 83 84 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 Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Manufacturing—Total 53.80 56.37 56.53 56.89 38.4 39.7 39.7 39.7 1.401 1.420 1.424 1.433 Durable goods , 57.21 59.47 59.78 61.04 39.0 40.1 40.2 40.8 1.467 1.483 1.487 1.496 Primary metal industries 60.83 *63.44 62.32 65.08 38.4 r39.6 38.9 40.4 1.584 1.602 .602 1.611 Fabricated metal products 56.19 '59.68 59.75 60.02 38.7 '40.3 40.4 40.5 1.452 -1.481 ,479 1.482 Machinery except electrical , 59.55 '62.70 63.34 64.57 39.1 40.4 40.6 41.1 1.523 1.552 ,560 1.571 Electrical machinery - 55.59 58.52 58.79 58.64 38.5 40.5 40.6 40.5 1.444 1.445 ,448 1.448 Transportation equipment 63.58 '66.41 67.54 71.57 38.7 '39,6 40.2 42.0 1.643 1.677 .680 1.704 Lumber and wood products 51.52 '50.79 52.19 52.71 40.5 r39.9 40.3 40.8 1.272 1.225 295 1.292 Furniture and fixtures 47.60 '52.12 52.38 51.38 38.7 41.6 41.8 41.2 1.230 1.253 1.253 1.247 Stone, clay, and glass products. 53.37 r55.60 55.70 55.78 39.3 r40.0 40.1 40.1 1.358 1.390 1.389 1.391 Instruments and related products 54.51 '56.75 57.28 56.77 39.3 39.8 40.0 39.7 1.387 1.426 1.432 1.430 Miscellaneous manufacturing industries 48.95 '51.62 51.91 •51.74 39.0 40.2 40.3 40.2 1.255 1.284 1.288 1.287 Ordnance and accessories , 54.13 60.88 61.31 60.88 36.7 40.4 40.6 40.4 1.475 1.507 1.510 1.507 Nondurable goods 49.67 53.06 53.08 52.24 37.6 39.3 39.2 38.5 1.321 1.350 1.354 1.357 Textile-mill products 42.20 '47.84 47.39 45.63 35.7 39.6 39.2 37.9 1.182 1.208 1.209 1.204 Apparel and other finished products... 39.53 44.43 43.73 40.87 34.4 36.6 36.5 35.2 1.149 1.214 1.198 1.161 Leather and leather products , 40.74 '44.01 44.08 41.87 35.8 38.1 37.9 36.0 1.138 1.155 1.163 1.163 Food and kindred products 52.33 '54.13 54.50 54.34 40.6 40.7 40.7 40.4 1.289 1.330 1.339 1.345 Tobacco manufactures 35.15 '38.41 39.31 38.27 34.7 "3d.2 36.6 34.7 1.013 1.061 1.074 1.103 Paper and allied products 53.48 57.72 58.06 57.52 40.3 42.5 42.6 42.2 1.327 1.358 1.363 1.363 Printing, publishing and allied industries 69.39 '70.86 72.07 71.81 38.4 ••38.3 38.6 38.4 1.807 1.850 1.867 1.870 Chemicals and allied products 57.45 '59.78 60.13 60.31 40.6 ••41.0 41.1 41.0 1.415 1.458 1.463 1.471 Products of petroleum and coal 71.26 '71.82 71.66 73.57 40.1 39.9 39. 40.6 1.777 1.800 1.805 1.812 Rubber products 55.50 '60.94 60.17 64.75 36.9 '39.7 39.3 40.7 1.504 1.535 1.531 1.591 'Revised. NOTE.—Data are for production and related workers. Figures for April 1950 are preliminary. Back data are available from the Bureau of Labor Statistics. m JUNE 1950 725 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade * Finance Service : 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—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 '42,544 14,016 '867 2,109 '3,902 '9,337 1,781 4,748 5,784 February '42,252 '•14,020 "•610 '2, 090 '3,874 '9,325 1,786 '4,768 5,779 M arch 42,730 14,120 936 2,086 3,906 9,336 1,790 4,780 5,776 April . . .. 43,134 14,245 938 2,127 3,950 9,402 1,792 4,779 5,901 UNADJUSTED 1949—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 '42,125 13,980 '861 1,919 '3,869 '9,246 1,772 4,701 5,777 February '•41,667 13,996 '601 1,860 '3,841 '9,154 1,777 '4,696 5,742 Miarch 42,263 14,094 930 1,898 3,873 9,201 1,790 4,708 5,769 April 42,794 14,113 935 2,042 3,930 9,316 1,801 4,755 5,902 ' 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. April 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 i n f or t c h e e Total In nonagricul- In ployed tural industries agriculture 1942 .. .7 102,460 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—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 April 110,536 63,513 62,183 58,668 51,473 7,195 .. 3,515 47,024 11 IInncclluuddeess sseellff--eemmppllooyyeedd,, uunnppaaiidd ffaammiillyy,, aanndd ddoommeessttiicc sseerrvviiccee wwoorrkkeerrss.. 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. 726 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 es u i 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 195CF 1948 1949 1950 1948 1949 1950 1950 1949 Federal Reserve district January... 615 483 731 197 160 201 419 323 530 February. . 682 568 780 248 252 285 434 317 495 Apr. Mar. Apr. March 690 748 1,300 181 282 481 509 466 819 April 874 846 1,350 236 319 354 638 527 996 May 971 885 298 369 673 517 Boston 87,968 67,979 45,075 June 935 950 338 375 597 574 New York 258,789 195,726 133,954 July 963 948 335 410 628 537 Philadelphia 90,450 78,956 53,351 August.... 854 911 276 316 579 595 Cleveland 147,334 99,931 78,991 September. 762 1,072 259 289 503 783 Richmond 149,009 152,339 104,545 October.... 779 1,062 262 332 517 730 Atlanta 107,805 239,937 80,945 November. 611 958 199 316 413 642 Chicago 236,952 185,528 155,892 December.. 694 929 278 299 416 630 St. Louis 78,384 71,460 51,402 Minneapolis 47,666 36,589 53,120 Year 9,430 10,359 3,107 3,718 6,323 6,641 Kansas City 46,948 64,008 32,543 Dallas 99,191 107,748 56,093 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Total (11 districts) 1,350,496 1,300,201 845,911 [In millions of dollars] Title I loans Mortgages on Year or month Total m p P e r i e r o m r o n t v y p - t e - * - s S h c t t m o r i o o u m n a n c - l e l - 1 f h ( a - o T m I t u D i o s t i l l e e 4 y s - h R g ( o T a e r I u o n n D i s t d u t i l a p n e l g W h e ( o V V a T r u a r I e i s n ) t a t i 2 l - s n n e ' g d INSURED P O F R H T A F O H L O IO M [ , I E n B Y m M i O l C li R o L n T A s G S o S A f G d O o E F l S l a r I s ( N ] T S I T T I L T E U T II I ) O H N ELD IN Mu- Sav- 1941 . . .. 1,172 249 21 877 13 13 Com- tual ings Insur- Fed- 1 1 1 9 9 9 4 4 4 2 3 4 1,1 9 8 3 3 7 7 5 5 1 1 8 1 4 7 4 1 15 1 2 6 2 4 1 9 5 6 1 6 6 2 5 0 3 8 3 7 4 End of month Total b m c a i n e a r k l - s b s i a n a n g v k - s s a l s a o s n a o d n ci- p c a a o n n m c i e e - s a c e g i r e e a s n l l - Other2 1945 666 171 219 4 272 ations 1946 755 321 347 3 85 1947 1,787 534 446 808 1948 3,338 614 7 880 1,836 1936—Dec 365 228 8 56 41 5 27 1949 43,821 594 13 1,855 1,339 1937—Dec 771 430 27 110 118 32 53 1949— A O J J S A M u u e u c p l a n p t y r g y e o i t u l e b s m e t r ber.. 3 3 3 3 3 2 2 8 1 5 0 8 6 7 2 7 6 9 3 9 9 3 4 6 3 4 5 6 4 9 5 5 0 5 0 3 2 2 1 1 1 1 1 1 1 1 1 7 2 5 8 6 4 3 2 7 1 8 3 3 0 7 1 1 1 1 1 1 8 2 8 0 1 3 2 4 6 1 9 3 4 8 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 4 4 4 3 4 4 9 3 0 1 8 2 4 — — — — — — — D D D D D D D e e e e e e e c c c c c c c 3 3 3 3 2 1 1 , , , , , , , 1 7 6 1 3 6 4 0 9 9 2 9 0 2 7 3 9 6 9 9 0 1 1 1 1 1 , , , , , 1 4 6 7 5 9 6 6 6 6 0 9 0 3 2 5 9 5 0 2 4 2 2 2 1 1 5 3 3 6 8 3 7 6 8 6 0 6 0 1 2 2 2 2 2 1 1 9 5 7 2 6 9 4 2 4 6 4 9 2 9 1 1 1 , , , 1 0 0 3 5 2 7 3 7 3 4 4 1 8 2 2 4 2 2 2 9 2 2 2 1 3 4 0 6 7 5 7 4 5 1 8 9 3 7 1 1 1 1 1 1 9 7 3 5 6 5 4 0 9 3 9 3 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 - 1 1 2 1 0 8 6 9 9 6 0 7 1945— D Ju e n c e 3 3, , 1 3 5 2 6 4 1 1, , 5 5 0 7 6 0 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 12 3 2 4 1950—January 4337 57 1 228 51 February... 4329 44 1 203 73 1946—June 3,102 1,488 260 247 974 11 122 March 4 353 44 1 209 88 Dec 2,946 1,429 252 233 917 9 106 April 4 329 27 171 122 1947—June 2,860 1,386 245 229 889 8 102 1 Net proceeds to borrowers. 2 Mortgages insured under War Dec 2,871 1,379 244 232 899 7 110 Housing Title VI through April 1946; figures thereafter represent mainly mortgages insured under the Veterans' Housing Title VI 1948—June 2,988 1,402 251 245 973 7 110 (approved May 22, 1946) but include a few refinanced mortgages Dec 3,237 1,429 265 269 1,113 9 152 originally written under the War Housing Title VI. Beginning with December 1947, figures include mortgages insured in con0n0ection with 1949—June 3,894 1,587 305 323 1,431 21 227 sale of Government owned war housing, and beginning with February Dec 4,751 1,771 378 416 1,828 52 305 1948 include insured loans to finance the manufacture of housing. 3 Less than $500,000. 4 Includes mortgages insured on new rental housing at or near mili- 1 The RFC Mortgage Company, the Federal National Mortgage tary installations under Title VIII, enacted Aug. 8, 1949. Association, the Federal Deposit Insurance Corporation, and the and N O do T E n . o — t F ta ig k u e r a es c c r o e u p n re t s o e f n t p r g i r n o c s i s p a in l s r u e r p a a n y c m e e w n r t i s t t o e n n p d r u e r v i i n o g u s t l h y e in p s e u r r io e d d Un 2 it I e n d c lu S d ta in te g s m H o o r u tg s a in g g e c C o o m rp p o a r n a i t e i 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. JUNE 1950 727 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports 2 Excess of exports Month 1946 1947 1948 1949 1950 1946 1947 1948 1949 1950 1946 1947 1948 1949 1950 January 798 1.114 1.092 1,104 P746 394 531 547 590 P623 405 583 545 515 P123 February 670 1,146 1,085 1,043 P773 318 437 589 567 P600 352 709 496 477 P173 March 815 L,326 1,139 1,177 P868 385 445 675 633 P664 431 882 464 544 P203 April 757 1,294 1,121 1,166 P808 406 512 532 535 P583 351 782 590 631 P225 May 851 L,414 1,103 Pl,092 393 474 554 P541 457 940 549 P552 June 878 1,235 1.014 P1,105 382 463 625 P526 496 772 389 P579 July 826 1,155 1,019 j>899 431 450 564 P456 395 705 456 P442 August 883 L,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 L 235 1,023 *>853 394 492 600 ?557 142 743 423 J»296 November 986 L 141 823 P837 478 455 554 P593 508 687 269 P244 December 1 097 114 1,318 P944 529 603 720 P605 567 511 598 P339 Jan.-Apr 3,040 4,880 4,436 4,490 P3-, 195 1,502 1,924 2,342 2,324 P2.471 1,539 2,956 2,094 2,166 ?»724 P Preliminary. 1 Including both domestic and foreign merchandise. Beginning January 1948, recorded exports include shipments under the Army Civilian Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.9 million dollars. 2 General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers, 1935-39 average = 100] RAILROADS For- Mis- Mer- [In millions of dollars] Total Coal CokeGrains 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 l i 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 i N e c l r o w e a m t t a i y e ni 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—March 120 79 174 139 77 117 236 138 60 April 127 129 188 138 76 119 215 132 59 SEASONALLY Mav. 124 130 173 150 73 123 215 126 59 ADJUSTED June 115 98 150 156 70 122 182 122 58 July 110 79 118 177 70 117 177 120 55 1949—March 722 663 59 26 August 117 103 123 138 77 125 160 127 57 April 742 689 53 21 September.. .105 60 130 125 79 121 145 125 52 May 737 676 61 29 October 92 42 54 153 85 124 28 111 54 June 748 677 71 38 N D o ec v e e m m b b e e r r . . . . . .1 11 1 5 7 1 9 3 7 1 1 9 4 6 8 1 13 5 1 2 7 7 2 5 1 1 3 3 4 7 1 4 4 2 6 1 1 1 2 9 7 5 5 4 2 J A S u e u l p y g t u e s m t ber. 6 6 7 9 8 0 7 5 1 6 6 6 3 5 5 3 9 0 3 5 5 8 2 1 1 1 5 9 9 1950—January 117 97 151 119 70 118 169 133 52 October... 623 592 31 0 February.... 104 46 122 113 65 119 156 130 52 November. 708 636 72 39 March . . 127 139 143 126 67 123 134 134 53 December. 712 632 81 49 April 126 123 181 131 68 129 121 137 53 1950—January... 689 629 60 29 UNADJUSTED February.. 638 606 32 1 1949—March 111 79 175 128 61 117 68 131 61 March.... 723 655 67 April 125 129 184 121 68 119 228 130 60 May 125 130 171 132 66 128 267 127 59 UNADJUSTED June 119 98 147 159 54 127 282 126 57 July 115 79 115 212 60 117 284 121 55 1949—March 739 '673 '66 41 August . . 120 103 119 149 73 131 240 128 57 April 747 682 65 40 September... 114 60 128 140 104 130 218 135 55 May 741 683 58 32 October 99 42 53 153 131 131 35 121 56 June 735 674 61 42 November. . .120 131 96 149 95 135 51 124 55 July 701 650 50 27 December. . .107 97 155 123 69 119 45 120 50 August. . . 743 677 66 39 September. 695 631 64 38 1950—January. .... 107. 97 158 119 68 106 42 122 49 October... 649 602 47 24 February.... 96 46 130 111 52 115 39 122 51 November. 705 629 76 54 March 120 139 144 116 53 123 39 127 54 December. 711 642 69 82 April 122 123 177 115 61 129 63 135 54 1950—January... 657 624 33 11 February.. 585 570 15 Q NOTE.—For description and back data, see BULLETIN for June 1941, pp. March.... 743 668 76 529-533, Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce p Preliminary. r Revised. Commission. NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic data compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. 728 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average =100] Federal Reserve district Year or month United States Boston Y N o e r w k a P p d h h i e i l l a - - 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 St u . 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 - SALESi 1945 . ... 207 176 169 184 201 235 275 193 227 185 229 275 248 1946 264 221 220 235 257 292 344 250 292 247 287 352 311 1947 286 234 239 261 281 304 360 275 314 273 311 374 337 1948 302 239 249 284 303 321 386 290 335 288 '325 404 353 1949 286 234 233 271 281 307 374 271 317 275 309 385 332 SEASONALLY ADJUSTED 1949—April 293 251 '244 274 301 '304 389 277 321 292 314 374 334 M!ay 291 243 234 271 295 315 376 275 335 273 309 384 340 285 242 236 269 281 311 368 262 314 266 309 385 335 Tulv 280 227 222 261 274 326 377 258 325 261 304 387 329 August 283 234 234 268 269 304 360 275 326 269 299 374 333 September 289 241 238 277 279 306 367 283 332 276 312 374 326 October 276 211 223 260 259 295 376 258 309 278 301 387 337 November 277 234 227 267 266 305 367 262 300 267 299 371 319 December 293 239 237 276 283 311 382 281 330 293 322 403 339 1950—January 282 244 229 267 290 300 376 274 282 246 300 396 316 February 280 229 220 276 271 299 383 262 300 284 301 409 323 ]Vtarch 274 216 217 263 270 288 374 265 297 249 298 389 321 April P244 235 281 299 323 397 269 319 P278 401 333 UNADJUSTED 1949—April 295 256 '239 284 304 '310 393 280 327 295 311 '378 '331 287 241 230 277 292 310 365 277 328 279 306 373 323 June 268 232 224 256 265 287 323 262 283 255 284 331 314 July 218 155 155 188 214 236 294 212 254 211 249 310 280 August 238 173 171 201 234 243 324 228 280 242 275 333 313 September 299 248 243 280 282 328 381 297 335 307 328 404 331 October 293 234 243 279 274 314 395 271 331 314 325 414 339 November 339 292 293 355 332 378 426 324 378 310 347 442 358 December 481 418 401 472 465 541 642 438 504 438 505 662 565 1950—January 216 185 183 197 215 218 285 205 232 188 228 313 251 February 224 177 183 207 217 234 322 204 252 210 244 327 273 March 257 207 '208 255 256 283 359 241 285 228 277 362 291 April P285 225 276 290 313 389 269 316 P278 P304 393 321 STOCKSi 1945 166 153 160 150 156 198 188 159 166 165 158 190 183 1946 ... 213 182 195 191 205 248 258 205 225 212 209 251 238 1947 255 202 225 220 243 289 306 246 274 266 259 320 300 1948. 291 223 241 252 277 322 362 281 314 326 301 389 346 1949. . 270 210 221 233 256 301 339 260 296 299 276 362 323 SEASONALLY ADJUSTED 1949—April 278 223 '232 244 260 315 335 266 321 305 283 369 331 May 273 219 224 240 267 303 336 265 296 301 276 363 320 June 265 207 218 232 249 311 325 257 280 301 268 357 313 July . . 256 193 213 224 228 302 319 253 267 283 263 354 302 August 253 183 204 216 229 295 319 250 264 290 264 349 309 September 263 195 213 232 242 295 337 252 280 296 258 356 334 October 270 206 216 231 252 305 347 265 298 298 278 366 325 November. 273 219 221 231 258 295 352 261 308 305 284 365 329 December 271 228 227 232 262 295 352 253 309 292 276 351 321 \950—January 272 223 227 232 256 291 357 264 288 304 283 353 322 February. 279 222 224 234 269 307 350 262 321 308 283 364 343 March 285 233 231 '239 276 324 353 264 326 307 294 362 355 April . P286 231 230 249 283 329 360 265 329 P297 375 341 UNADJUSTED £949—April 285 218 '239 254 265 329 352 273 321 310 292 388 337 M^ay 277 216 227 245 269 309 332 268 296 302 281 363 331 June 256 199 206 218 244 280 312 247 280 291 268 336 315 July 245 188 189 202 228 282 300 233 278 290 257 333 311 August 254 192 204 212 242 298 316 242 287 287 259 346 308 September 274 210 225 241 264 309 347 259 311 301 263 367 334 October . . .. 297 232 244 265 287 339 379 288 333 313 298 384 346 November 305 249 255 266 279 327 395 298 329 331 313 405 365 December 244 205 207 204 219 267 306 237 259 270 246 323 293 1950—January 244 198 200 202 224 267 321 238 248 279 257 328 294 February '267 209 217 229 251 299 354 254 289 296 278 357 323 Miarch 290 226 237 '251 273 334 371 274 317 319 300 384 348 April P294 227 237 259 287 344 378 273 329 P306 393 347 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 indexe3 for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. JUNE 1950 729 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) saes i 1941 average monthly sales = 100 2 Num- Department r b s e e t p o r o r r e o t s f - Sal p e e s r d i u o r d ing m ( S e t o n o n d c t k h o s i March Sal p e e s r d i u o r d ing Sto o c f k m s o a n t t h end ing M 1 a 95 r 0 . m T 1 o h 9 n r 5 t e 0 h e M 1 a 9 r 5 . 0 1950 1949 Mar. 1950 Feb. M 1 a 94 r 9 . Mar. 1950 Feb. M 1 a 94 r 9 . GRAND TOTAL—entire store 3 352 -3 0 3.0 3.0 MAIN STORE—total. 352 0 -2 0 3.2 3.3 199 153 199 645 592 648 Piece goods and household textiles . 313 -15 -13 +3 3.9 3.2 173 147 204 672 647 654 Piece goods 288 -23 -25 -5 3.1 2.4 253 195 328 774 775 813 Silks, velvets, and synthetics 194 -29 -29 -6 3.0 2.3 271 169 383 825 657 877 Woolen yard goods 170 -21 -23 -5 2.8 2.4 288 224 364 818 885 867 Cotton yard goods 186 -14 -17 0 3.1 2.7 268 194 309 827 747 832 Household textiles 306 -6 -4 +7 4.7 4.1 134 123 143 627 579 586 Linens and towels 278 -2 +1 +2 4.8 4.6 135 126 138 642 606 635 Domestics—muslins, sheetings 245 -17 -9 +18 4.5 3.2 145 134 176 660 574 565 Blankets, comforters, and spreads 241 +1 -4 +5 4.7 4.5 120 107 119 567 541 538 Small wares 342 2 -3 +2 4.0 3.9 158 144 161 636 587 625 Laces, trimmings, embroideries, and ribbons... 205 -2 -8 -4 3.3 3.4 241 150 248 804 669 836 Notions 240 -8 -6 +2 3.6 3.3 211 169 231 769 697 756 Toilet articles, drug sundries 326 + 1 0 +1 3.8 3.8 134 122 133 511 479 506 Silverware and jewelry 315 -7 -8 +3 5.4 4.9 152 139 163 822 733 792 Silverware and clocks 4 213 -7 -9 0 6.4 6.0 Costume jewelry 4 277 -10 -11 +6 3.7 3 1 Fine jewelry and watches 4 79 +12 -1 +8 9.4 9 8 Art needlework 241 -11 -11 +1 4.2 3.7 155 155 175 643 591 643 Books and stationery 274 +8 +3 +4 3.4 3.6 169 165 156 584 538 562 Books and magazines \ 138 +5 -1 +5 2.6 2.6 189 153 180 487 418 458 Stationery 237 +10 +6 +5 4.1 4.3 152 162 138 621 576 592 Women's and misses' apparel and accessories 349 -3 -7 0 2.4 2.4 218 145 225 534 497 533 Women's and misses' ready-to-wear accessories. 349 +2 -3 +5 2.9 2.8 206 140 203 606 549 580 Neckwear and scarfs 307 +7 -1 -1 2.3 2.4 265 188 248 599 530 598 Handkerchiefs 285 -1 -9 0 4.3 4.3 109 113 110 466 455 492 Millinery 166 +9 +2 +13 1.1 1.0 261 125 239 281 241 251 Women's and children's gloves 324 +8 -3 +2 3.6 3.8 159 100 148 575 520 571 Corsets and brassieres 335 -3 -5 +4 3.0 2.8 250 191 256 741 681 712 Women's and children's hosiery 343 -1 —3 +10 2.1 1.9 148 116 149 310 277 282 Underwear, slips, and negligees 341 -11 -13 +5 3.7 3,2 164 133 185 612 537 583 Knit underwear 254 -3 -5 +11 3.5 3.1 210 166 217 744 605 665 Silk and muslin underwear, and slips 288 -16 -17 0 4.0 3.4 155 119 184 621 542 620 Negligees, robes, and lounging apparel.... 251 -13 -14 +11 3.3 2.5 142 122 164 465 400 415 Infants' wear 320 +3 2 +3 2.7 2.7 275 181 266 744 697 733 Handbags and small leather goods 330 +4 -1 +4 2.4 2.4 194 118 187 463 394 442 Women's and children's shoes 253 +8 +2 +<§ 4.0 4.1 245 150 227 969 923 920 Children's shoes 4 212 +14 +3 +8 3.8 4.0 Women's shoes 4 220 +7 +2 +6 4 0 4.1 Women's and misses' ready-to-wear apparel. .. 349 -7 -11 -6 2.0 1.9 231 150 248 457 442 486 Women's and misses' coats and suits 338 -10 -13 -12 1.4 1.4 303 177 336 437 461 498 Coats4 210 -18 — 19 — 15 1.4 1.4 Suits4 203 +3 -1 -8 1.3 Juniors' and girls' wear 286 -1 1.7 l'.8 313 162 315 529 523 557 Juniors' coats, suits, and dresses 291 -6 -11 -7 1.4 1.4 309 172 329 447 445 487 Girls' wear 311 +7 -2 -3 2.0 2.2 332 157 311 650 650 668 Women's and misses' dresses 340 -10 -11 -6 1.8 1.8 203 144 225 372 355 402 Inexpensive dresses 4 / 250 -13 -13 -6 1.5 1.4 Better dresses 4 261 -6 -9 —8 2.1 2.2 Blouses, skirts, and sportswear 339 -6 -9 t 2.7 2.1 *227' 173 242 608 553 653 Aprons, housedresses, and uniforms 287 -13 -12 +3 2.5 2.1 172 140 197 434 391 421 Furs 269 -4 -18 +3 4.9 4.6 71 65 73 349 344 343 Men's and boys' wear 328 +6 -1 +3 4.4 4.5 165 119 156 729 649 714 Men's clothing 254 +9 0 -2 4.4 4.9 182 127 168 797 728 819 Men's furnishings and hats 311 0 -4 +6 4.7 4.4 136 116 136 636 551 601 Boys' wear. 300 +11 +2 +3 3.6 3.9 218 110 196 786 708 774 Men's and boys' shoes and slippers 187 +9 +5 +5 5.9 6.1 162 120 148 947 815 886 Houseffurnishings 317 +10 +10 -3 3.8 4.3 223 199 204 840 756 865 Furniture and bedding 242 +9 +11 -4 3.9 4.4 197 210 182 775 704 806 Mattresses, springs and studio beds 4 164 +9 +13 +3 2.0 2.1 Upholstered and other furniture 4 172 +8 +10 —4 4.4 5^0 Domestic floor coverings 274 -3 -10 4.6 4.9 189 171 195 859 808 943 Rugs and carpets 4 149 -2 -3 -9 4.6 5.0 Linoleum 4 101 -16 -14 -10 4.1 3.9 Draperies, curtains, and upholstery 296 -1 -3 +8 4.1 3.8 200 151 203 821 753 765 Lamps and shades 249 0 +1 +5 3.7 3.5 190 176 191 712 636 683 China and glassware 247 +9 +5 -2 6.4 7.2 160 141 147 ,037 984 1,061 Major household appliances 249 +16 + 17 -16 2.6 3.6 274 208 237 710 578 842 Housewares (including minor appliances)...... 262 -1 -1 -1 3.7 3.7 261 201 262 964 845 968 Gift shop 4 167 +9 +6 +6 5.4 5.6 Radios, phonographs, television, records, etc.4. . 228 +86 +83 -3 1.8 3^4 Radios, phonographs, television 4 175 +116 +119 -3 1.4 3.1 Records, sheet music, and instruments 4 127 -8 -8 —3 4.7 4^5 Miscellaneous merchandise departments. 311 +2 -2 -4 3.2 3.4 171 138 168 544 486 577 Toys, games, sporting goods, and cameras 284 +3 -1 -3 6.0 6.4 108 75 105 650 575 668 Toys and games 234 +7 +4 2 5.4 6.0 93 58 86 503 430 525 Sporting goods and cameras 142 -8 -7 -3 6.7 6.4 101 79 109 677 613 702 Luggage 262 -3 -8 -2 4.9 4.9 150 129 155 737 712 754 Candy4. 192 +13 — 1 -11 1.4 1.8 For footnotes see following page. 730 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 1 1941 average monthly sales=100 2 Department r b N s e t e p o u r o r m e o rt s - f - 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 ) March Sale p s e r d io u d ring Sto o c f ks m a o t n e th nd ing M 19 a 5 r 0 . m T o h n re t e hs M 19 a 5 r 0 . 1950 1949 1950 1949 1950 1949 1950 Mar. Feb. Mar. Mar. Feb. Mar. BASEMENT STORE—total ,202 g -8 +3 2.3 2.1 197 137 209 456 425 444 Domestics and blankets ^ 136 -10 Q +6 3.1 2.7 Women's and misses' ready-to-wear 197 rj -11 0 1.8 1,6 211 138 228 372 352 372 171 -5 _9 +5 2.4 2.2 Coats and. suits ^ 185 -12 -16 19 1.1 1.1 Dresses 4 179 -14 -15 +2 1.5 1.3 Blouses, skirts, and sportswear 4 163 -9 -12 2.1 2.0 Girls' wear * 125 +8 -1 -3 1.7 1.8 Infants' wear 4 119 +2 -3 +4 2.3 2.3 Men's and boys' wear 158 +1 _4 •+10 3.0 2.7 195 135 193 579 521 527 135 b ~5 + 10 3.1 2.8 Mien's clothing 4 94 2 +6 2.9 2.7 Mien's furnishings 4 117 -5 -7 +13 3.3 2.8 118 +13 +1 +11 2.4 2.4 Housef urnishings... 105 -2 -3 +2 2.7 2.6 192 153 195 514 481 503 Shoes 122 +3 -2 +1 3.7 3.7 157 105 152 576 522 570 NONMERGHANDISE—total 4. . . 171 0 -2 (5) (5) (5) Barber and. beauty shop 4 74 +4 +4 (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. 729. 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. 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 r o n n d n u d d e t t i r - h o n s ) f g July 1 1 3 0 9 . . 4 . . . . 8 . . .2 .2 1 6 7 5July 1 2 9 9 . 4 . 9 .. . . 2 2 0 3 1 8 Jan. 1 8 1 9 . . 4 . . 9 . . . . . . 2 2 7 0 2 4 Jan. 1 7 950 .205 17... ..236 16 .213 15.. .. .244 14 .233 1939average. 128 344 24... ..231 23 .207 22.. .. .230 21 .230 1940average. 136 353 ' 108 " 31.. .. .235 30.... .209 29... . ,218 28.... .222 1941average. 156 419 194 Aug. 7.. .. .261Aug. 6 . 228 Feb. 5 229 Feb 4 226 1942average. 179 599 263 14... . .258 13.... .218 12... ..238 11.... .238 1943average. 204 509 530 21.. .. .271 20.... .252 19.. .. .227 18 .231 1944average. 227 535 560 28... . .255 27 .252 26... . .232 25.... .221 1945average, 255 563 729 Sept 4.. .. .308Sept. 3. 795 Mar. 5.. .. .244Mar. 4.. . . 244 1946average. 318 715 909 11... . .285. 10.... .273 12.. .. .256 11 .253 1947average, 337 826 552 18.. .. .337 17.... .315 19... ..261 18.... .264 1948average, 352 912 465 25... . .319 24 .292 26.. ...277 25.... .279 1949average. 333 859 . 350 Oct. 2.. .. .327Oct. 1 .302 Apr. 2.. ...301 Apr. 1 .301 1949—April 348 '909 238 1 9 6. . . . . . . . , . 3 3 3 3 6 1 1 8 5 . . . . . . . . . . 2 29 9 7 0 1 9 6. . . . . . . . . . 3 3 1 2 4 0 1 8 5 . . . . . . . . . . 2 3 5 2 4 0 J J M u u a l n y y e 3 3 2 2 1 3 2 3 4 8 8 7 0 7 5 6 4 6 2 3 2 9 8 0 0 3 7 Nov. 3 2 6 0 3 . . . . . . . . . . . . . . . 3 3 3 1 4 2 9 4 0Nov. 2 2 2 5 9 . . . . . . . . . . . 2 2 3 9 9 1 6 8 5 May 3 2 0 7 3 . . . . . . . . . . . . . . . 2 3 2 6 3 8 6 4 6 May 2 22 6 9.... . - . 2 3 2 7 8 0 9 5 1 A Se u p g t u e s m t. ber. 3 2 3 8 4 3 8 7 6 9 1 9 4 5 1 0 0 1 2 1 0 3 . . . . . . . . . . 3 3 7 4 1 6 1 1 2 9.... . .3 3 4 1 2 8 2 14 1 . . . .. .. . . . 2 2 8 8 5 0 2 1 0 3 . . 2 3 7 0 5 8 October. . . 343 952 444 27.. .. .347 26.... .330 28... ..275 27.... .283 November., 397 990 350 Dec. 4.. .. .485Dec. 3 .449 June 4.. .. .259June 3 December. 583 788 296 11... . .564 10 .542 11. .. . .288 10 1950—January 254 787 ?390 18.. .. .576 17 .584 18... . .285 17 February... 245 853 393 25.. . 473 24 .. 541 25 247 24 March 318 920 - 326 31.... .197 April P317 P922 P27Q P Preliminary. r Revised. 1 These figures are not estimates for all department stores in the r Revised. 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. JUNE 1950 731 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] Apr. Mar. Four Apr. Mar. Four Apr. Mar. Four Apr. Mar. m Fo o u s. r 1950 1950 1950 1950 1950 1950 1950 1950 1950 1950 1950 1950 United States. P-7 +1 -3 Cleveland-cont. Chicago. P-7 +1 -4 Kansas City— B N P B o o o e s r w s t t t o l o a n H n n . d a A v r e e n a . . . . . . - - 1 - 1 - 9 4 4 0 + + -6 7 9 0 - - - 8 1 4 2 R E W P ic i r t h i h t e e m s * e b o . l u i n n r d g g h 2 . * .... . - - - 1 1 - 1 5 1 0 1 c + + + 1 2 1 j - - - - 7 7 6 3 C F P In e o h d o r i i c t r a i a a W n g a 1 o a p 1 y o n li e s * 1. . . .. . - - - 7 8 6 o + + -5 3 0 1 - - - 4 6 5 5 O O T c u k m o l l s a a n a h h t. a oma City. - — 2 3 2 + + + 1 6 1 + + -2 2 4 Downtown Washington 1... -4 -3 -2 Terre Haute K.. -6 -11 -11 Dallas +2 +5 +4 Boston...... -10 +8 __! Baltimore -8 -2 -6 Des Moines.... -5 -5 -2 Shreveport..... —7 +4 +1 Springfield.... -14 +7 -6 Hagerstown -4 +1 j Detroit1 -12 +2 -6 Corpus Christi.. +2 +5 +4 Worcester g 0 -7 Asheville, N. C. \ -3 -2 Flint *. -3 +1 0 Dallas i. i +5 +4 Providence -10 +5 -5 Raleigh.. * +6 0 +4 Grand Rapids.. -8 +2 -1 Fort Worth +1 +7 +6 N N A N B B B E N e l u e l r i e i w m b a n i f w w f d a g g i a a n g Y r a l h Y a r o y r e o k a a o p r m i r 1 o - k F k t r a o t C l * n l i s . . t . . . y . . . - - + 1 - - - 1 - 9 8 7 9 4 0 5 3 c + + + - — 8 r 4 1 5 Q 0 0 9 1 - - + 1 - - 1 - - - - 5 3 4 7 4 6 1 0 1 W L N G C C R H C y i h o r o u h i c e n r a n n l ' h e f l c u r s t o s m n l h t i m e ' l o v n t b k o s o i n g b u t n l n o - t l i r d e o S . a n g W , n a , . . S S l . . e V . . . m . C . a C . . . . . + - - - - - 3 6 8 2 1 3 3 c t; + + + + + + + - 1 5 4 2 9 6 1 9 1 2 0 + + + - - - - 7 3 1 4 1 6 5 2 ^ S L M F L G M L E t. a o o i v r i a t n e u r a l t L d t w e s l i n e i s o i n s S s a n v u v o u R m g i B i l n i k l l o s i a e l e t c e y h e l k l * l. . . . . .. p P * -1 - - - - - - - - 9 8 7 3 8 1 4 6 9 + + + — -1 3 1 7 0 2 ^ 0 3 - - 1 — - - - - _ - 4 3 4 7 3 2 3 4 2 S S T F L H P L B a a r h o o u a n o e n s n k o c u s g e s e A n A s F r o n o t s B n n r n o i f x a g t x . i e n o e e 1 n a 1 l n l d c c e i h i o s s l 1 . c 1 . . o . . . . . . . . . P - + + 1 - - - -7 1 7 9 5 9 2 y 1 + - + + + + 2 — + - 1 1 0 3 9 3 1 1 7 5 - + 2 + - - - - - 3 1 5 4 3 2 9 3 Poughkeepsie.. -8 +6 -6 Atlanta —5 +6 +J Quincy P-4 -1 — 1Oakland and Rochester 1.... -4 0 -3 Birmingham 1. . -7 +4 -5 East St. Louis.. -3 +4 +1 Berkeley * — 7 +4 -3 Schenectady. . -11 -1 -9 Mobile -7 +4 2 St. Louis i -8 -3 -4 Riverside and Syracuse J — 7 +2 3 Montgomery 1. . -6 +6 3 St. Louis Area.. -8 2 -3 San Bernardino -6 +6 +2 Utica..... -6 +1 -3 Jacksonville 1... -7 +2 -4 Springfield -1 — 1 0 Sacramento *... -1 +9 +1 P T L P W Y R h h a r e o i i e n i a l l r l n k a c d a k t e a d i d 1 o n s s e e n - g t l l e B p p * 1 r a h . h . 1 r i . i . a r a e . . . . » * . . . . . — - — - - — 2 9 9 Q 7 7 7 + + + + + + 1 2 1 6 7 9 0 1 + - — - 7 6 3 0 2 1 1 O A A T M C M R a o o r u t a i l l m l m a g a a c u m u n o n p e m s d n t a i a t b o a * x x u J s - + + 1 - - 8 1 4 2 7 0 -2 + + + + + + + 1 1 1 9 8 3 2 0 4 0 + + + + + - - 5 1 2 2 5 8 5 2 K M S M M D a S t i u . e i n n u n l m P n p s u n a e e a p e t r s a h u h a i - p p o i l C s 1 r o o l i l * i t i s y s 1 . . 1 . . . . . . . . . . . . P - -4 1 - - - - 9 7 5 6 6 r- + - - - 5 3 8 1 2 0 - - - - - - 2 1 2 8 2 51 S S V S S S B N a a t a a a o o n n n n l i a c l s t e p e J k D a F j a o t o r i a o R e s a l n n g e a n o d 1 o n s c d a i 1 s . 1 c . . o . 1 . .. . * - - - + 1 1 1 -7 2 6 0 l ^ + + + + + _ 1 3 6 5 3 4 0 - + 1 - - -3 1 3 2 4 Cleveland. -S +1 -5 Savannah +2 + 10 +5 Denver -6 0 -3 Nampa -12 -10 Akron 1 -10 -4 — 7 Baton Rouge 1.. +15 -10 -9 Pueblo -1 -4 -4 Portland Q +2 -5 Canton x -8 3 -6 New Orleans *. . -11 +7 2 Hutchinson -17 r-10 -4 Salt Lake City i. -1C —4 -4 Cincinnati1... -i +2 -1 Jackson x...... +1 +5 +2 Topeka -9 — 7 -4 Bellingham *. . . +21 +11 +14 Cleveland i.... —9 0 -4 Meridian -13 —5 -8 Wichita -11 ^ -6 Everett1 — 7 o Columbus 1 — 13 _4 -8 Bristol — 7 +5 -3 Kansas City.... -9 1 -3 Seattle1 -4 +3 Springfield *... c 0 _3 Chattanooga 1.. +3 +22 +9 Joplin +1 0 +1 Spokane1 3 +2 -1 T Y o o l u e n d g o s ^ town *. - - 1 1 2 4 -1 Q -1 -8 1 K N n as o h x v v i i l l l l e e * * -2 -^ + + 8 6 -1 0 L St i . n c J o o l s n eph - - 1 1 2 0 -10 3. - _ 9 4 T Y a a c k o im m a a x l - + 12 1 - + 16 5 +3 P Preliminary. r Revised. c Corrected. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 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 tricity, and House Miscellaneous refrigeration furnishings 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_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 M^arch 167.0 196.0 185.0 122.9 140.9 185.4 155.0 April 167.3 196.6 185.1 123.1 141.4 185.6 154.8 Back figures.—Bureau of Labor Statistics, Department of Labor. 732 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All Manu- Year, month, or week m c t o o ie m d s i - - F p u r a c o r t m d s - Foods Total l H e p u a a r i c n o t d h t d d e s e - s r T p e u 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 l i d 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 p a u h l l r s l c e o i a m t e d s n d - i d - H g n f o o i i u n s u o r g h s d - - e s - n c M e e o l i l s u a - s - m R ri a a a t 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 8(1 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 70.5 78.4 86 6 79 9 73 3 86 9 86.2 75.3 81.5 69.7 68 6 78 2 1935 80.0 78.8 83.7 77.9 89 6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 77.1 82.2 1936 80 8 80 9 82 1 79 6 95 4 71 76 2 87 0 86 7 78 7 81 7 70 5 79 9 82 0 1937 . . 86 3 86 4 85.5 85.3 104 6 76 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 71 8 71 7 95.8 94 8 77 0 88 5 77 3 71 9 81 6 1941 . 87.3 82.4 82.7 89.0 108 84 8 76.2 99.4 103.2 84.4 94.3 82.0 83.5 89.1 1942 98.8 105.9 99.6 95.5 117 7 96 9 78.5 103.8 110.2 95.5 102.4 89.7 100.6 98.6 1943 103 1 122 6 106 6 96.9 117 Q7 4 80 8 103.8 111.4 94.9 102.7 92.2 112 1 100 1 1944 . . . .. 104.0 123.3 104.9 98.5 116 7 4 83.0 103.8 115.5 95.2 104.3 93.6 113.2 100.8 1945 105 8 128 2 106 2 99 7 118 1 ior 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 90.1 115 5 132.6 101.4 111.6 100 3 134 7 116 1 1947 . . . 152.1 181.2 168.7 135.2 189 4 141 7 108.7 145.0 179.7 127.3 131.1 115.5 165.6 146.0 1948 165.1 188.3 179.1 151.0 188 8 8 134.2 163.6 199.1 135.7 144.5 120.5 178.4 159.4 1949 155 0 165 6 161 6 147 3 180 4 ur 4 131 7 170 2 193 3 118 6 145 2 112 3 163 9 151 2 1949__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 \W 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 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 152.9 162.3 160.6 145.0 178.9 138 129.7 168.2 188.2 119.7 142.9 109.8 161.3 149.4 September . 153.6 163.1 162.0 145.3 181.1 135.0 130.0 168.2 189.4 117.7 142.9 109.6 162.0 150.1 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 13?• 4 130.5 167.8 190.4 115.3 144 2 110.7 159 5 148.0 1950—January 151 5 154 7 154 8 145.8 179 138 131 4 168 4 191.6 115 7 144 7 110 0 159 8 148.2 February 152.7 159.1 156.7 145.9 179.0 138.2 131.3 168.6 192.8 115.2 145.2 110.0 162.4 149.1 March 152.7 159.4 155.5 146.1 179.6 137.3 131.5 168.5 194.2 116.3 145.4 110.7 162.8 148.9 April 152 9 159 3 155 3 146 4 179 4 136 4 131.3 168 7 194 8 117.1 145 7 112 6 162.5 149.4 Week ending:1 1950—Apr, 4 . .. 152 0 157.6 156 0 145.6 IV 8 130 3 169.6 193.0 117.3 Apr 11 152.1 157.9 155.0 145.7 13 =.6 130.1 169.7 193.1 117.5 Apr. 18 152.2 157.5 155.0 146.1 13 =.6 130.5 170.0 193.8 117.2 Apr. 25 .. 153 7 160.8 157.4 146.6 1V 131 1 170 3 194.3 117.0 May 2 154.5 162 7 158.8 146.7 IV 4 132 1 169 6 194.5 116 7 May 9 155 1 162 9 158 7 147 2 1 V 132 2 170 1 197 0 116 9 May 16 155.9 164.7 160.5 147.5 13 =.4 132.6 170.3 198.0 116.5 May 23 156.1 165.3 160.7 147.6 13 =.6 132.8 171.0 198.5 116.2 1949 1950 1949 L950 Subgroups Subgroups Apr. Jan. Feb. Mar. Apr. Apr. Jan. Feb Mar. Apr. Farm Products: Metals and Metal Products: Grains 163.8 160.2 161.3 165.4 169.6 Agricultural mach. & equip... 144.3 143.0 143 1 143.1 143.4 Livestock and poultrv 189.0 170.5 179.9 180,3 178.0 Farm m aohinerv 146.7 145.7 145 7 145.6 145.8 Other farm productg 160.0 142.6 144.9 144.2 144.2 Iron and steel. . 166.2 167.3 168.8 169.C 168.8 Foods: Motor vehicles 175.8 176.5 175.6 175.1 175.1 Dairy products... 147 2 148.8 147.5 144 8 141.1 Nonfprrons mptais 156 4 128 6 128 1 127 2 128.9 Cereal products. . . 145.3 144.3 144.8 145.6 145.9 Plumbing and heating.. 154.9 151.7 148 7 151.5 154.8 Fruits and vegetables. . . 158.1 134.3 138.2 134.9 137.6 Building Materials: Meats 216 0 194.5 201.6 200 0 200 6 Rrirk and rilp 160 8 163 5 163 9 163 3 163.4 Other foods 127.6 131.0 129.6 129.8 129 4 Cement 134.3 134.8 134 Q 134.5 134.9 Hides and Leather Products: Lumber 290.6 287.5 292 1 295.5 299.4 Shoes 186.9 184.3 184.3 184.3 184.3 Paint and paint materias.... 157.9 139.0 139 0 138.2 136.7 Hides and skins 183 4 189.0 188.2 190.4 187 2 Plumbiriff and hearine1 154 9 151 7 148 7 151 5 154.8 Leather 177 8 177 6 176 6 177 9 179 1 Structural stf»f»1 178 8 191 6 191 6 191 £ 191 6 Other leather products 144.7 143.1 143.1 143.1 143.1 Other Imilding materials 173.8 170.5 171.1 172.2 172.0 Textile Products: Chjmicals and Allied Products: Clothing 146.4 143.9 143.1 143.5 144.2 Chemicvals 117.2 114.7 114.7 115.4 116.4 Cotton goods . 176.2 178.7 178.4 176.5 172.9 Drugs and Pharmaceuticals. . 123.0 121.5 121.4 121.5 122.0 Hosiery and underwear . 101.2 98.5 98.6 98.0 97 8 Fertilizer materials 119.7 117.4 116.9 117.3 117.4 Silk 50.1 50.1 50.1 49.1 49.1 Mixed fertilizers 108.3 104.6 103 5 103.= 103.5 Rayon . 41.8 39.6 39.9 39.9 39.9 Oils and fats 121.2 122.7 120 9 125.(> 127.5 Woolen and worsted goods.. 160.9 147.0 147.2 146.3 146.1 Housefurnishing Goods: Other textile products. 180.9 171.7 170.3 166.9 165.6 Furnisllings.... 152.4 151.5 151 8 152.2 152.6 Fuel and Lighting Materials: Furnitiire 141.6 137.8 138 4 138.4t 138.6 Anthracite . - 135.0 139.3 139.3 141.9 142 6 JS: Bituminous coal... 190.7 196.2 196.7 198.5 193.5 Auto tires and tubes. . . 64.6 64.3 64 •2 64.3 65.0 Coke 222.8 222.2 223.7 224.7 225.6 Cattlefeed 231.9 179.3 177.3 193./ 215.6 Electricity 67.9 68.9 69.6 Paper ci.nri nnln 165.1 155 9 1556 155.= 155.4 Gas 92.3 85.0 87.4 88.3 Rubber, crude. 38.9 39.1 41 1 41.3 48.7 Petroleum products 113.3 109.4 109.4 108.6 109.5 Other miscellaneous 124.2 120.5 120.4 120.4[ 120.3 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. JUNE 1950 733 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1949 1950 1929 1933 1939 1941 1946 1947 1948 1949 1 2 3 4 1 Gross national product . ..... 103.8 55.8 91.3 126.4 212.6 235.7 262.4 '257.8 262.0 257.9 254.6 '•256.7 263.9 Less: Capital consumption allowances 8.8 7.2 8.1 9.3 11.9 13.7 15.7 16.8 16.4 16.9 16.9 17.2 17.5 Indirect business tax and related liabilities. 7.0 7.1 9.4 11.3 17.3 18.7 20.3 21.2 20.6 21.2 21.8 21.4 21.6 .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 .0 -1.3 -5.0 -1.4 n.a. Plus: Subsidies less current surplus of government enterprises — .1 C1) .5 .1 .9 .1 .3 .3 .3 .3 .3 .4 Equals: National income . . .. 87.4 39.6 72.5 103.8 179.6 201.'7 226.2 '•221.3 224.7 220.8 220.7 219.1 n.a. Less^ Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 18.3 25.6 32.6 '31.2 31.6 30.7 32.3 30.2 n.a. Contributions for social insurance .2 .3 2.1 2.8 6.0 5.6 5.1 5.6 5.6 5.6 5.6 5.6 6.6 Excess of wage accruals over disbursements. .0 .0 .0 .0 .0 .0 .0 .0 .1 — .3 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.5 2.6 10.8 11.1 10.5 11.6 11.2 11.7 11.9 11.8 20.7 Net interest paid by government 1.0 1 2 1 2 1 3 4 4 4.4 4 4 4 7 4 5 4 6 4 7 4 7 4 7 Dividends 5.8 2.1 3.8 4.5 5.8 7.0 7.9 8.4 8 3 8 2 8.1 8.9 8.6 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 95.3 176.9 193.5 211.9 209.8 212.0 210.0 208.2 209.3 219.9 Less: Personal tax and related payments 2.6 1.5 2 4 3 3 18 8 21.5 21 1 18.6 18.6 18.6 18.6 18.6 18.7 Federal . 1 3 5 1 2 2 0 17 2 19 6 19 0 16 2 16 2 16 2 16 2 16 1 16 1 State and local . . . 1 4 1 0 1 2 1 3 1 7 1 9 2 1 2 4 2 4 2 4 2 4 2 5 2 6 Equals: Disposable personal income 82.5 45.2 70.2 92.0 158.1 172.0 190.8 191.2 193.4 191.4 189.5 190.7 201.3 Less: Personal consumption expenditures 78.8 46.3 67.5 82.3 147.8 166.9 178.8 179.4 178.7 179.3 179.7 179.8 182.7 Equals: Personal saving 3.7 -1.2 2.7 9.8 10.3 5.1 12.0 11.8 14.8 12.1 9.8 10.8 18.6 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1950 1929 1933 1939 1946 1947 1948 1949 National income. 87.4 39.6 72.5 103.8 179.6 201.7 226.2 '221.3 224.7 220.8 220.7 219.1 n.a. Compensation of employees 50.8 29.3 47.8 64.3 117.0 127.6 140.3 141.1 141.9 140.8 141.1 140.9 142.8 Wages and salaries 2 50.2 28.8 45.7 61.7 111.4 122.3 135.3 135.6 136.5 135.4 135.6 135.3 136.7 Private 45.2 23.7 37.5 51.5 90.5 104.8 116.1 114.6 116.1 114.7 114.4 113.5 115.1 Military .3 .3 .4 1.9 8.0 4.0 3.9 4.2 4.1 4.1 4.2 4.5 4.4 Government civilian 4.6 4.9 7.8 8.3 12.9 13.6 15.2 16.8 16.3 16.6 16.9 17.3 17.2 Supplements to wages and salaries .6 .5 2.1 2.6 5.6 5.3 5.0 5.5 5.4 5.5 5.5 5.6 6.1 Proprietors' and rental income 3 19.7 7.2 14.7 20.8 41.2 45.1 49.5 44.8 47.1 45.1 43.1 43.7 44.7 Business and professional. 8.3 2.9 6.8 9.6 20.8 23.1 24,5 24.0 24.1 24.1 24.0 24.0 25.0 Farm 5.7 2.3 4.5 6.9 14.2 15.4 18.4 14.1 16.4 14.3 12.6 12.9 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 6.6 6.8 6.8 Corporate profits and inventory valua tion adjustment 10.3 -2.0 5.8 14.6 18.3 25.6 32.6 '31.2 31.6 30.7 32.3 i0.2 n.a. Corporate profits before tax 9.8 .2 6.5 17.2 23.6 31.6 34.8 *28.6 29.4 26. 28.9 '9.5 n.a. Corporate profits tax liability 1.4 .5 1.5 7.8 9.6 12.5 13.6 m.2 11.5 10.6 11.4 .1.2 n.a. Corporate profits after tax 8.4 A 5.0 9.4 13.9 19.1 21.2 m A 17.9 15.8 17.5 .8.2 n.a. Inventory valuation adjustment .5 -2A -.7 -2.6 -5.2 -6.0 -2.2 2.6 2.2 4.3 3.3 .7 -.7 Net interest 6.5 5.0 4.2 4.1 3.0 3.4 3.8 4.2 4.1 4.2 4.2 4.3 4.3 r Revised. n.a. Not available. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-38, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown for the period 1939-48, see Survey of Current Business, July 1949. For a discussion of the revisions, together with annual data for the period 1929-38, see also pp. 1105-1114 of the BULLETIN for September 1947; data subsequent to 1938 shown in that issue of the BULLETIN have since been revised. 734 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates Annua totals by quarters 1949 1950 1929 1933 1939 1941 1946 1947 1948 1949 1 2 3 4 1 Gross national product 103.8 55.8 91.3 126.4 212.6 235.7 262.4 '257.8 262.0 257.9 254.6 '256.7 263.9 Personal consumption expenditures 78.8 46.3 67.5 82.3 147.8 166.9 178.8 179.4 178.7 179.3 179.7 179.8 182.7 Durable goods 9.4 3.5 6.7 9.8 16.5 22.0 23.5 24.4 23.0 23.6 25.7 25.2 26.9 Nondurable goods 37 7 22.3 35.3 44 0 86.8 96 ? 102.2 98 Q 100.4 99.8 97.6 97 7 98.1 Services 31.7 20.6 25.5 28.5 44.5 48.8 53.1 56.1 55.3 55.9 56.5 56.9 57.7 Gross private domestic investment 15.8 1.3 9.9 18.3 29.5 31.1 45.0 34.7 40.0 33.2 32.1 33.7 41.1 New construction * 7 8 1.1 4.9 6.8 10. 13 8 17.9 17 3 16.8 16.4 17.4 18 7 20.1 Producers' durable equipment 6.4 1.8 4.6 7.7 12.S 17 ? 20.7 19.7 20.7 20.0 19.6 18 7 19.3 Change in business inventories 1.6 -1.6 .4 3.9 6.7 .1 6.5 -2 .3 2.5 -3.2 -5.0 -3 .7 1.7 Net foreign investment .8 .2 .9 1.1 4.7 8 9 1.9 r 4 1.0 1.2 — .3 -2.1 Government purchases of goods and services 8 5 8 0 13.1 24 7 30.7 ?8 8 36.7 43 4 42 3 44.2 43.2 43 7 42.2 Federal 1.3 2.0 5.2 16. Q 20. 8 15 7 20.9 25 4 25.2 26.4 25.0 25 0 23.2 W N Le o a s r n s w : G ar overnment sales 2 \ (3) 1.3 (3 2 ) .0 3 1 .3 9 1 (3 3 3 ) .8 9 2 2 2 1 . . . 0 2 } J 17 1 .0 3 21. .6 5 25.8 4 25. .3 5 26. .3 7 25. .8 8 25.2 ? 23. .2 4 State and local 7.2 5.9 7.9 7.8 9.9 13.1 15.8 18.0 17.1 17.8 18.2 18.8 18.9 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Year or month s P o e n r a - l re T c o ei t p a t l s* b m T u d o e r is n t s a - e t l s - Wag d p m i e n C u r o o g s o a d t d m n r u i i i d n t c - e y - - s sal D a i u r n i t y s r t d i i t u e v r d i s s e b i - s - bur S i s n t e e r d r i m u v es s i e c - n e ts m G er o e n v n - - t L b c p i s e u o n a l o s f o t n s n o c s i y u c o t i r e a r e e r n m i - l e - s - in O l c a t o b h m o e r r e5 p in r r P c e i a e o n n r t o m t d o a - r e l s 6 ' i i n d n s p a t o c e e e n o n n r r d m d a e - l s s e t m T p r e f a a e n y n r t - s s - 7 i a n g N t c u r o o i r c m n a u - l e l- 8 1929 85.1 50.0 50.2 21.5 15.5 8.2 5,0 19.7 13.3 1.5 76.8 1933. 46.6 28.7 28.8 9.8 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—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 S6.9 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 February 219.1 133.1 135.8 56.5 39.9 17.8 21.6 2.7 2.2 44.1 17.6 22.1 202.7 March 222.7 134.8 137.6 58.2 40.1 17.8 21.5 2.8 2.4 43.5 17.9 24.1 207.1 r Revised. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts, and other business transfers. 8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Same as preceding page. JUNE 1950 735 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. * In millions of dollars] Instalment credit Noninstalment credit E o n r d m of o n y t e h ar co c T n r s o e u t d a m i l t er i c T m n r o s e e t t d 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 * 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 e s 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 I949.—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 . .. 18,126 10,884 6,213 3,256 2,957 4,671 7,242 3,001 3,233 1,008 March*" 18,304 11,079 6,334 3,355 2,979 4,745 7,225 3,009 3,211 1,005 April? 18,629 11,321 6,513 3,478 3,035 4,808 7,308 3,061 3,241 1,006 P Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistic CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Insured Year or month Total m b C a e o n r m c k i s a - l l p S c l a m o o n a m i a n e l - l s 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 M l a e n n is e d c o e e u r l s s - m i l r z o e a o a a p n d t n i a d e o s i r r n 3 n- m b C a e o n ri m k c 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 a s l s - 2 p I a c n l t n o o r d i i a m u a e n l s s - - 2 u C n r i e o d n i s t 1929 643 43 263 219 23 95 463 413 38 1933 . 466 29 246 121 20 50 322 202 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—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.... 4,671 1,973 928 254 174 408 142 792 268 126 34 25 61 March? 4,745 2,026 936 258 176 421 143 785 336 163 43 31 78 Aprils 4,808 2,068 945 262 178 431 144 780 307 154 37 28 70 P 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 April amounted to 94 million dollars, and other loans made during April were 12 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. 736 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 t b lu a u il l d t e , o - - s m o m t a r o n a e d r i n d e e l t - r s F s t t u u o r r r n e e i s - H a s o h a p t u o n p o l l s c r i e d e e - s - J s e t w o e r l e r s y s o r t e A t o t h r a l e e l i r l s Yeai; or month Total cLu£ r d etail c r h p e a u ta s r i e - l d , e m r a n n o i d z d a - - s in m o s n e t a a n l l 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 19 9 4 4 9 8 3 4, , 4 5 1 6 6 3 5 8 7 5 0 4 9 7 1 3 5 6 9 7 2 5 2 1 6 7 3 8 6 1 8 94 7 4 0 1939 1,525 377 536 273 93 246 1949—March ... 3,556 598 759 709 630 860 1940...... 1,721 439 599 302 110 271 April 3,629 631 785 712 636 865 1941. . 1,802 466 619 313 120 284 May 3,740 664 817 736 650 873 1942 1,135 252 440 188 76 179 June 3,852 688 843 750 676 895 1943 707 172 289 78 57 111 July 3,933 718 869 761 684 901 1944 691 183 293 50 56 109 August 4,044 754 890 778' 711 911 1945. 715 198 296 51 57 113 September... 4,140 780 905 803 730 922 1946 1,104 337 386 118 89 174 October 4,247 811 915 839 755 927 1947 1,935 650 587 249 144 305 November 4,326 835 922 868 772 929 1948 2,567 874 750 387 152 404 December 4,416 854 915 922 781 944 1949 3,096 1,010 935 500 163 488 1950—January 4,465 866 922 953 779 945 1949 February 4,494 888 935 941 783 947 March? 4,595 922 964 966 774 969 March 2,259 756 675 348 124 356 April? 4,690 953 994 983 780 980 N J S D A O J A M u u e o e p u c n l a p c y t v g r e y t o i e u e e l . b m . m s m e t b b b r. e e e r . r r . , , . 2 2 2 2 3 2 2 2 2 , , , , , , , , , 2 5 3 3 6 4 0 7 4 3 7 7 6 7 6 9 9 0 1 2 6 2 5 2 5 0 6 1,0 8 8 9 7 7 7 7 7 1 5 1 0 6 7 7 6 8 0 5 8 6 0 4 1 6 1 6 8 8 9 7 7 7 7 7 8 2 3 5 5 1 8 0 3 3 2 5 8 5 8 4 4 0 3 3 3 4 4 4 4 4 5 5 8 6 0 3 5 6 1 0 1 2 7 5 5 4 4 7 0 ^ 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 6 2 2 7 3 4 3 1 3 3 1 1 4 4 3 3 3 3 4 3 4 0 2 6 5 4 7 8 7 8 7 9 4 1 0 3 8 8 8 Vo i 1 l n u 9 g m 4 9 m e — o J A M J S e A M n u u x e t p u l a n t h a p y r g e y r e : t i n c u l e h d s m t e b d e r dur 5 5 5 5 5 5 5 9 1 6 2 6 4 9 2 7 8 7 8 1 8 1 1 1 1 1 1 1 1 0 1 1 2 1 0 2 5 2 7 7 3 9 1 1 1 1 1 1 1 2 3 3 3 2 2 2 9 6 5 4 9 3 9 1 1 1 1 1 9 9 2 2 0 2 1 4 9 1 4 9 4 4 5 4 4 5 6 6 7 2 4 5 8 0 7 5 1 1 1 1 1 1 1 4 4 4 4 5 4 3 1 4 2 5 7 8 8 1950 O N c o t v ob e e m r ber.... 5 57 9 6 3 1 1 2 1 5 8 1 1 2 1 3 5 1 1 3 3 6 1 6 7 7 0 1 1 3 4 9 5 January.. . 2,995 975 902 491 627 December 593 113 105 154 57 164 A F M e p a b r r i r c l u ? h a ? r . y . . . . 2 2 3 , , , 9 9 0 7 5 3 9 7 5 9 9 9 6 7 5 0 6 8 9 8 8 1 9 9 3 9 1 4 5 5 0 1 9 2 6 2 6 6 6 1 1 3 6 8 0 1950— F M Ja e a n b r u r c u a h a r ? y ry •• 5 6 5 4 4 5 2 6 4 1 1 14 1 1 2 7 1 1 1 1 5 2 1 1 4 6 1 1 1 1 3 3 8 7 9 '4 4 4 7 9 2 1 1 1 4 7 3 3 2 4 April? 607 130 141 130 52 154 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT CONSUMER INSTALMENT CREDITS OF INDUSTRIAL [Estimates. In millions of dollars] Retail instal- Repair Personal [Estimates. [n million.3 of dollar3] Year or month Total ment Daper 2 m a o n d d ern- i m ns e ta n l t - Retail instal- Repair Personal m A o u b to il - e Other i l z o a a t n io s n 12 lo ca a s n h s Year or month Total ment paper 2 mo an d d ern- i m ns e t n al t - Outstanding at end m A o u b to il e Other l i o z a a n t s io 1n2 l c o a a s n h s of period: 1947 233.5 50.0 30.2 43.3 110.0 Outstanding at end 1948 286.2 66.6 43.4 51.7 124^5 of period: 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—March 282.9 67.7 41.6 49.5 124 1 1949 194.7 43.5 31.4 6.5 113.3 O D N J S A J A M u u e c e p o u l a n p t c r y v g y o e t i e e u l e b m m m s e t r b b . b e e e . r r r . . , . . . . 3 3 3 3 3 3 2 3 2 2 0 4 2 3 1 9 0 8 3 3 9 9 6 7 4 3 7 . . . . . . . . . 2 7 6 3 4 4 7 4 6 8 9 9 8 8 7 7 7 7 8 1 3 2 5 3 8 6 0 . . . . . . . . . 7 7 6 9 3 7 3 8 1 5 6 5 5 5 4 4 4 5 6 9 3 4 0 8 2 5 3 . . . . . . . . . 2 6 1 6 7 3 3 8 1 5 5 5 5 5 4 5 5 5 5 5 3 1 5 1 2 0 9 . . . . . . . . . 4 0 9 5 2 4 9 0 5 1 1 1 1 1 1 1 1 1 2 3 2 2 2 2 2 2 2 1 9 9 9 8 5 9 7 4 . . . . . . . . . 1 9 9 3 6 9 4 3 3 1949— J A A J S O N M M u u e p u c o n l a a p t r y v g y e r o t i e c u l e b h m m s e t r b . b e e . r r . . . . 1 1 1 1 1 1 1 1 1 9 9 8 9 8 9 8 8 7 2 1 7 0 5 0 0 3 8 . . . . . . . . . 5 2 9 9 7 1 9 0 1 4 4 4 3 3 4 4 4 4 1 3 4 4 1 2 9 8 0 . . . . . . . . . 2 2 0 1 6 3 4 3 4 2 2 3 3 2 3 2 2 2 8 0 0 6 0 9 5 4 3 . . . . . . . . . 2 5 5 0 7 6 9 1 4 5 5 6 4 5 6 4 5 5 . . . . . . . . . 3 3 7 3 0 9 8 1 8 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 2 2 0 1 2 2 1 . . . . . . . . . 2 6 5 7 5 8 4 5 5 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 April? 355.0 102.6 68.9 52.8 130.7 March?.. . . 196.2 46.1 31.0 6.5 112.6 April? 198.6 47.5 31.6 6.4 113.1 Volume extended during month: Volume extended during month: 1949— D J N A S O A J M M u u e e p o u c l a a n p c y r v g t y r i e t o e c e u l e . m h b m s m . t e b . b . b r e e . . e . r . r . r . . . . . . . . . . 4 4 4 4 4 4 4 4 4 4 7 5 3 5 1 1 3 7 7 1 . . . . . . . . . . 6 0 5 5 7 8 7 6 0 9 1 1 1 1 1 1 1 1 1 1 3 3 1 2 1 1 4 1 2 2 . . . . . . . . . . 7 7 9 5 3 9 1 3 3 0 1 8 8 8 5 6 8 7 7 7 0 . . . . . . . . . . 5 8 2 2 8 8 8 5 8 3 3 3 4 4 2 3 2 4 4 4 . . . . . . . . . . 3 2 2 8 6 6 7 3 4 8 2 2 2 2 2 1 1 1 1 1 1 0 1 0 2 8 8 9 9 9 . . . . . . . . . . 5 7 9 4 6 1 9 1 9 9 1949— D J J A O A S N M M u u e e c p o u a l a p t c n y r v y g r o t i e c e l e e b u m h m m . e s . r b b b t . e . e e . . r r r . . . . . . . . 3 3 2 2 3 3 3 3 3 2 1 0 7 8 1 1 8 1 2 1 . . . . . . . . . . 1 8 1 9 7 3 3 4 0 8 6 6 5 6 6 6 5 7 7 7 . . . . . . . . . . 7 4 6 7 7 9 1 1 3 1 3 3 4 5 4 4 4 4 5 3 . . . . . . . . . . 2 9 2 7 8 9 4 0 8 0 0 0 0 0 0 0 0 0 0 0 . . . . . . . . . . 5 5 4 8 4 6 5 5 6 4 2 2 1 1 1 1 1 1 1 1 0 1 8 9 9 6 9 8 7 8 . . . . . . . . . . 7 1 4 0 0 8 9 5 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? 31.2 7.3 4.0 0.3 19.6 April? 43.1 12.7 8.8 3.0 18.6 April? 29.2 6.9 3.9 0.4 18.0 ? Preliminary. r Revised 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. JUNE 1950 737 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Percentage change f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C c h co ar u g n e ts from preceding month of preceding Item 1 A 9 p 5 r 0 i P l m M 1 o 9 a n 5 r t 0 . h F 19 e 5 b 0 . A 19 p 5 ri 0 l P M y 19 e a 5 a r r 0 . F 19 e 5 b 0 . Year or month ' D s m e to p e a r n e rt t s - F s t t u u o r r r n e e i s - h p H s o l t o l i o d a u r n s e a c e s p e - - J s e t w o e re lr s y D s m e to p e r a n e r t s t- Net sales: 1949 Total -3 +18 +4 +2 + 11 +12 March. 23 14 15 14 55 Cash sales -6 + 11 +1 7 -3 -7 April... 23 13 14 14 53 Cr I e n d s it t a s l a m le e s n : t 2 +20 +8 +6 +18 +23 J M u a n y e 2 21 2 1 12 3 1 14 4 1 1 4 4 5 5 3 3 Charge account -3 +13 +2 + 1 +1 -1 July. . 19 12 13 13 49 August 21 12 14 14 51 Accounts receivable, end September 20 11 12 13 52 of month: October 20 11 12 14 53 Total +1 0 -2 +27 +26 +25 November 20 11 12 13 54 Instalment + 1 0 -2 +29 +28 +26 December 20 10 12 16 52 Collections during 1950 month: January 18 10 12 (2) 49 Total. -6 +8 -9 +1 +5 +4 February 17 10 11 (2) '47 Instalment -8 +10 -5 +2 +6 +6 March 19 11 12 (2) 53 Inventories, end of April? . .... 17 10 11 (2) 50 month, at retail value. +3 +8 +5 0 -2 -6 v Preliminary. r Revised. 1 Collections during month as percentage of accounts outstanding at 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 Accounts receivable Collections during Year or month Sales during month at end of month month Cash Instal- Charge Total Cash Instal- Charge I m ns e ta n l- t 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 ment ac s c a o le u s nt 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 '66 112 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—-March 204 209 172 204 152 180 210 227 51 7 42 April 223 231 189 ••222 152 190 196 209 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 •"222 r241 48 10 42 March 203 199 230 203 209 185 251 230 48 10 42 April? 204 201 215 205 212 190 226 209 49 9 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. 729. 738 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 Apr. May May May May page Apr. May May May May 26 WEEKLY FIGURES2 In billions of dollars In unit indicated RESERVE BANK CREDIT, ETC. WEEKLY FIGURES 2—Gont. Reserve Bank credit, total 18.14 18.19 17.98 18.00 17.68 U. S. Govt. securities, total.. 17.64 17.71 17.59 17.40 17.29 BUSINESS CONDITIONS G M T M R Ex r o e o e N C N C C e R c q l m n d a e o h h u e e e B N e s B s w w s i i b u i s y u s c c r e i o o e n t l e a a r r o l r r n t Y y Y t d i g g v s e e n r c d b o o e y s o s o k s c r e a c r r e a c a r b k k n i s s i v r n k a e t h c e y d C C n r u s v r a k i i , l e b c e t t n a s s y y e a t s t d e o r i n r t o t k i v a d n f s e l i e c s • p a , o t t e o s s i t t a s l. . . . . 2, 2 2 1 1 4 4 6 2 4 6 4 6 7 1 5 ( 5 J . . . . . . . . . . . . . 0 0 3 2 1 2 2 2 2 9 2 9 6 ) 7 9 6 0 5 0 9 4 5 6 6 4 0 2 2 1 1 4 4 6 6 2 4 7 7 4 1 5 5 . . . . . . . . . . . . . . 3 4 1 0 1 2 0 0 3 2 2 9 7 0 2 3 1 8 0 9 0 5 6 0 5 2 1 9 2 2 1 1 6 4 4 5 4 4 7 7 1 1 5 5 . . . . . . . . . . . . . . 8 1 9 0 4 2 3 2 2 0 1 9 7 0 5 3 8 8 8 6 5 4 6 5 4 1 5 1 * 2 2 > 1 4 4 6 4 1 5 6 4 7 P 1 1 6 5 . . . . . . . . . . . . . 7 0 1 4 2 9 3 1 9 2 1 . 8 0 2 2 9 9 9 7 1 9 0 8 3 4 2 8 4 2 2 1 4 5 4 7 4 6 5 1 1 . . . . . . . . . 7 0 9 8 0 2 4 2 9 : : 9 5 0 7 4 3 1 Wh S I B n o e a d l F F F O T W T l I C s e e n e o o a i o o s o t c c x d h h o r ( o a t t t r e m A u e a a e l d n e d c s e d l l a s r s s u o t t t ( p g m p r ( u c f c i 1 . a r r o ( f e a m o i c f r 9 n m 1 l c s m e d 2 t o e 9 n s m u m 6 d s 3 t c : p p s = i o a 9 t t e r d t s 1 i = p o e r e i 0 e 1 r t s d b i i 0 r : 0 e u a u ) s 0 b l c : s s t u ) h s : s : e h l e ) l . ) .. . 6 6 6 6 6 6 6 6 6 8 8 5 7 5 5 7 5 7 3 2 2 2 1 1 1 1 1 1 2 2 5 4 6 5 5 4 6 9 2 0 6 0 3 7 6 . . . . . . . . . 6 6 0 9 6 8 7 4 9 3 2 2 2 1 1 1 1 1 2 2 5 3 6 4 4 5 5 3 1 2 0 2 6 7 8 4 . . . . . . . . . 3 5 7 4 7 7 5 8 5 3 2 2 2 1 1 1 1 1 3 3 2 5 4 5 6 4 5 0 0 5 7 7 8 2 8 5 . . . . . . . . . 6 2 5 0 7 1 9 3 1 3 2 2 2 1 1 1 1 1 2 2 5 2 6 6 4 5 4 9 7 8 7 4 0 7 5 9 . . . . . . . . . 3 5 4 7 4 5 5 9 1 3 2 2 2 1 1 1 1 1 3 2 6 3 5 4 6 6 5 2 4 2 2 6 7 0 5 0 . . . . . . . . . 1 1 3 2 6 6 3 7 7 C R o es u e n r t v r e y c b i a ty n k b s a e nks . .4 1 9 1 . . 1 5 4 7 . . 1 6 5 1 P. . 6 1 2 8 S C t o e p t e o t r o u s n n d ( ( d s c ) o e l n l t a s r s p e p r e p r ou 10 n 0 d). 6 6 8 8 2 3 8 2 .9 .7 5 2 3 9 2 .0 .6 3 2 3 9 2 .0 .6 5 2 3 9 2 .2 .9 5 2 3 9. 3 4 . 5 3 MEMBER BANKS IN LEADING CITIES Cows (dollars per 100 All reporting banks: pounds) 18.85 19.23 19.28 19.33 19.25 Loans and investments 14 66.51 66.53 66.40 66.69 66.99 Hogs (dollars per 100 U. S. Govt. securities, total. 14 35.92 35.92 35.90 36.25 36.39 pounds) 68 17.25 18.08 19.61 19.93 19.96 Bonds 16 24.06 24.08 24.08 24.13 24.19 Butter (cents per pound) . 68 59.8 59.8 59.8 59.9 59.9 Notes and certificates.... 16 10.14 10.08 10.07 10.15 10.15 Eggs (cents per dozen)... 68 30.6 29.5 28.5 28.0 27.6 Bills 16 1.72 1.75 1.74 1.97 2.06 Production: Other securities 18 5.68 5.61 5.58 5.59 5.61 Steel (% of capacity) 71 100.3 100.2 100.1 101.3 101.8 Demand deposits adjusted.. 14 47.15 46.93 46.88 46.93 47.40 Automobile (thous. cars)... 71 141 139 165 168 177 U. S. Govt. deposits 14 1.94 1.79 1.82 2.24 2.18 Crude petroleum (thous. Loans, total 14 24.92 25.01 24.92 24.84 24.98 bbls.) 72 4,943 4,988 5,042 5,042 5,042 Commercial 18 13.48 13.42 13.37 13.38 13.36 Bituminous coal (mill, tons) . 72 1.85 1.80 1.66 1.60 1.70 Real estate 18 4.51 4.52 4.54 4.56 4.58 Paperboard (thous. tons)... 73 208 207 212 209 209 For purchasing securities: Meat (mill, pounds) 73 310 300 280 270 276 Total 18 2.43 2.44 2.40 2.28 2.31 Electric power (mill. kw. hrs.) 75 5,902 5,871 5,864 5,845 5,894 U. S. Govt. securities. . 18 .93 .86 .85 .69 .68 Freight carloadings (thous. cars): Other securities 18 1.49 1.58 1.55 1.59 1.64 Total. 74 745 744 »712 743 781 Other.. 18 4.62 4.64 4.67 4.71 4.76 Miscellaneous 74 371 356 P33S 357 374 New York City banks: Department store sales Loans and investments 15 19.16 19.09 18.89 18.93 19.21 (1935-39=100) 75 r285 301 308 275 283 U. S. Govt. securities, total. 15 9.90 9.81 9.73 9.87 10.02 Bonds, total holdings 17 7.08 7.08 7.04 7.06 7.10 Due or callable—5 years 17 5.67 5.66 5.62 5.63 5.65 1950 Notes and certificates.... 17 2.37 2.36 2.33 2.39 2.42 Bills 17 .45 .38 .35 .43 .51 Demand deposits adjusted.. 15 15.02 14.90 14.74 14.74 15.02 Feb. Mar. Apr. U. S. Govt. deposits 15 .51 .47 .47 .58 .56 Interbank deposits , 15 3.81 3.82 3.77 3.89 3.77 MONTHLY FIGURES Time deposits ....... 15 1.53 1.53 1.54 1.53 1.55 In billions of dollars Loans, total. . . 15 7.67 7.79 7.70 7.60 7.72 DEPOSITS AND CURRENCY C Fo o r m p m u e r r c c h i a a s l ing securities: 19 4.66 4.68 4.62 4.60 4.59 Deposits and currency6 To brokers: Total deposits and currency. 6 P172.80 P172.40 P172.60 Re T a o l O O e o n n s t t h a o U e t t e . r h s e S a r n . d s G e o o c t v u h t . r s e . i r t ie . s . . . . . . 1 1 1 1 9 9 9 9 1. . . . 2 8 6 2 3 2 9 1 1. . . . 2 8 2 6 5 9 3 4 1. . . . 2 8 6 2 7 7 5 2 1. . . . 2 8 5 2 9 9 0 3 1. . . . 3 4 2 8 1 9 6 8 T T D o i e m c t m u a e l r a r n d e d d e n e p p c d o o y e s . s p i i t . t o s s . s a i a t d s d j j u a u s d s t t j e e u d d s te a d n . d . 6 6 6 P P P 1 8 5 6 4 8 9 . . . 5 2 0 0 0 0 P P P 1 8 5 6 3 9 7 . . . 3 1 3 0 0 0 P P P 1 8 5 6 4 9 8 . . . 5 5 5 0 0 0 Banks outside New York City: Currency outside banks. ... 6 P24.70 P24.60 *>24.60 L U o . N B B S a . n i o o l s n G l t s e d a o s s n v a d t n . i d s n e v c c e u e r r s t i i t t f i m i e c s e a , n t t e t o s s t . a . l . . . . . 1 1 1 1 1 5 5 7 7 7 4 2 1 6 7 7 1 6 . . . . . 2 7 0 3 9 7 7 2 6 8 4 2 1 7 6 7 1 7 . . . . . 3 7 4 1 0 8 3 4 1 1 4 2 1 6 7 7 1 7 . . . . . 3 7 1 5 0 9 4 7 1 4 4 2 1 7 7 6 1 7 . . . . . 5 7 7 3 0 5 6 6 8 7 4 2 1 . 6 7 1 7 7 . . . . . 5 7 3 0 7 5 7 3 9 8 Mo $ U B C n 1 i . o l 0 e i l S y n s a . s o n i , G n f d $ o $ c 1 $ v i 5 , 2 r t 0 $ . c 0 2 u d a , b l n e a i a p d l t n l i o s o d o s n i v $ , t e s 5 t r o b t i a ll l s . . . . . . 7 7 6 7 7 2 P 1 8 4 7 4 4 . . . . . 4 0 4 1 6 3 7 8 7 0 2 P 1 8 4 7 4 5 . . . . . 3 4 0 1 3 9 9 4 6 0 2 P 1 4 8 7 4 4 . . . . . 5 3 1 0 1 0 6 0 9 5 Demand deposits adjusted.. 15132.13 32.03 32.14 32.19 32.37 U. S. Govt. deposits 15 1.43 1.32 1.35 1.66 1.63 Interbank deposits 15 6.20 6.54 6.52 6.62 6.25 Annual rate T L i o m R C an e e o s a 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 5 9 5 9 1 1 4 8 7 3 . . . . 8 2 2 8 2 2 5 1 1 1 4 8 3 7 . . . . 7 2 8 2 4 3 2 2 1 1 4 8 3 7 . . . . 7 2 2 8 5 4 1 1 1 1 4 8 3 7 . . . . 2 7 8 2 6 8 2 4 1 1 4 8 3 7 . . . . 7 2 8 2 : 7 6 Tu O N rn t e h 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 depos . i . ts .. :5 2 1 9 8 . . 3 9 2 1 8 8 . . 5 9 3 1 0 9 . . 6 6 For purchasing securities. 19 .70 .68 .66 .66 .69 Other 19 3.68 3.69 3.71 3.73 3.76 COMMERCIAL BANKS In billions of dollars MONEY RATES, ETC. Per cent per annum U. 3 B C 7 1 S - - 5 i e 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 e s a r r t s s w t . e o s s r i e s m c s u u o e ri s r t ) i e e . s . : ...... 30 « , 3 3 3 3 3 2 0 0 0 0 1 2 1 1 1 .1 . . . . 1 4 8 6 3 9 6 1 6 0 1 2 . 1 1 1 1 . . . . 8 4 3 1 6 2 7 0 8 6 1 2 1 1 1 .1 . . . . 4 1 8 3 6 4 8 0 0 5 1 2 1 1 1 .1 . . . . 4 1 8 3 6 5 8 0 1 7 1 2 1 . 1 1 1 . . . . 8 6 4 1 3 0 9 5 8 1 L C o a U O L a sh n o . t h s a S a e n . a s r s n s G 8 s e d e o t c s i v " u n t r . v i e t s i s e e t c s m u • r e i n ti t e s s , • t otal". 9 9 9 9 9 P1 P P P P 2 2 6 I 4 7 0 7 O 3 . . . . . 1 1 6 4 1 0 0 O 0 0 P P P P n 1 4 6 2 2 o 6 0 3 5 . A . . . 9 3 7 8 0 0 0 0 0 P P 1 P P P 2 2 4 6 l 6 0 3 5 l . . . . . 5 4 8 6 0 0 0 0 0 0 Corporate bonds: Holdings of U. S. Govt. se- Aaa 32 2.60 2.60 2.61 2.61 curities: Hi B gh a - a g rade municipal bonds. . 3 3 2 2 3 2 . . 2 0 4 8 3 2 . . 2 0 4 7 3 2 . . 2 0 4 7 3 2 . . 2 0 5 7 Wi T B th o il i t l n a s l 1 year: 1 1 0 0 2 3 2 . .5 4 1 6 1 2 8 . .4 4 1 1 P P 1 2 6 . . 7 1 O 0 Stock prices (1935-39 =100): In unit indicated N Ce o r t t e i s f ic a a n t d e s b onds 1 1 0 0 9 9. . 1 9 2 4 8 7 . . 1 8 3 7 P P7 5 . . 7 6 O 0 Vo T P R I l n u u o a d m b t i u a l l r e l i s o c t o a r u f d i a t t l i r l a it d y i ng (mill, shares) 3 3 3 3 3 4 4 4 4 4 2. 1 1 1 1 1 0 4 4 1 2 7 1 9 0 2. 1 1 1 1 1 4 1 5 1 5 5 2 3 0 1 1 . 1 1 1 7 1 4 0 5 4 2 5 9 4 1 1 . 1 1 1 8 1 4 5 1 1 3 7 6 0 1. 1 1 1 1 5 1 1 5 4 2 4 0 8 8 Ov T N B B e o r o o o t n n t 1 a e d d l s s s y a e ( ( n a 5 o d r - v : 1 e b 0 r o y n 1 r d 0 s s . y ) ( r 1 s. - ) 5 yrs.) 1 1 1 1 0 0 0 0 3 2 3 7 6 7 . . . . 1 0 9 1 0 1 6 2 3 3 5 4 0 9 . . . . 3 0 4 7 1 0 7 9 P P 4 3 P P4 2 2 5 . . . . 9 5 5 1 0 0 0 0 For footnotes see p. 742. JUNE 1950 739 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 book book page Feb.- Mar. Apr. page Feb. Mar. Apr.i MONTHLY FIGURES—Cont. In billions of dollars MONTHLY FIGURES—Gont. In billions of dollars GOVERNMENT FINANCE—Cont. MEMBER BANKS Ownership of U. S. Govt. securities—Cont. All member banks: Marketable public issues—Cont. Lo L an o s a n a s n d investments, total 1 1 2 2 1 3 0 6 1 . . 2 7 9 1 1 3 0 6 1 . . 7 4 3 0 1 3 0 6 1 . . 8 4 4 3 By B c o l n as d s s — of T s o e t c a u l r o it u y t — sta C n o d n in t. g 24 104.92 102.95 102.95 U. S. Govt. securities 12 56.84 55.67 55.44 Nonbank (unrestricted issues De O m th an er d s d e e c p u o ri s t i i t e s s adjusted e 1 1 2 2 7 8 1 . . 5 6 9 0 7 9 0 . . 0 4 0 5 7 9 1 . . 1 6 5 1 o an n d ly ) F , . R co . m B m an e k rc ial bank, 24 60.78 58.48 ^58.20 Time deposits 12 29.40 29.51 29.62 Commercial bank and F. R. Balances due to banks 12 10.90 10.99 10.77 Bank 24 46.42 44.58 PU.50 Balances due from banks 12 5.43 5.45 5.36 F. R. Bank 24 6.86 6.40 6.16 Reserves 12 16.15 16.08 15.90 By earliest callable or due date: Gentral reserve city banks: Within 1 year-Total outstanding 25 54.09 49.20 44.93 Loans and investments, total 12 24.53 24.20 24.31 Commercial bank and F. R. Loans 12 9.05 9.09 9.19 Bank 25 33.56 28.97 P26.70 U. S. Govt. securities 12 13.58 12.98 12.96 F. R. Bank 25 11.06 10.57 10.60 Other securities 12 1.90 2.13 2.16 1-5 years—Total outstanding. 25 37.01 44.22 48.61 Demand deposits adjustede 12 18.47 17.87 18.50 Commercial bank and F. R. Time deposits 12 2.78 2.76 2.79 Bank 25 28.09 33.06 P36.10 Balances due to banks 12 4.74 4.84 4.79 F. R. Bank 25 2.07 2.75 3.16 Reserves 12 5.48 5.43 5.34 5-10 years—Total outstanding 25 18.54 15.93 15.93 Reserve city banks: Nonbank (unrestricted issues Loans and investments, total 13 38.41 38.34 38.20 only), commercial bank, Loans 13 14.30 14.55 14.47 and F. R. Bank 25 11.28 8.58 ^8.60 U. S. Govt. securities 13 21.08 20.68 20.55 Commercial Bank and F. R. Other securities 13 3.02 3.11 3.19 Bank 25 8.37 6.63 P6. 70 Demand deposits adjusted e 13 25.40 25.04 25.44 F. R. Bank 25 1.25 1.15 1.15 Time deposits 13 11.71 11.74 11.77 Over 10 years—Total outstand- Balances due to banks 13 5.22 5.22 5.08 ing 25 45.13 45.13 45.13 Balances due from banks. 13 1.64 1.68 1.67 Nonbank (unrestricted issues Reserves 13 6.22 6.18 6.13 only), commercial bank, Country banks: andF. R. Bank 25 8.25 8.01 P7.8O Loans and investments, total 13 38.78 38.86 38.92 Commercial bank and F. R. Loans 13 12.94 13.10 13.18 Bank... 25 7.33 7.13 P6.90 U. S. Govt. securities. ... .' 13 22.18 "22.01 21.94 F. R. Bank 25 3.37 3.12 2.88 Other securities 13 3.66 3.76 3.80 :ash income and outgo: Demand deposits adjusted e 13 27.72 27.54 27.68 Cash income 26 3.60 5.16 1.68 Time deposits 13 14.91 15.02 15.06 Cash outgo 26 3.54 4.05 3.34 Balances due from banks 13 3.65 3.63 3.54 Excess of cash income or outgo.... 26 + .06 +1.12 -1.66 Reserves 13 4.45 4.47 4.42 MONEY RATES, ETC. Per cent Treasury bills (new issues) .... 29 1.130 1.140 1.164 "Corporate bonds: CONSUMER CREDIT e Aaa 29 2.58 2.58 2.60 Baa 29 3.24 3.24 3.23 Consumer credit, total 20 18.13 P18.30 P18.63 F. R. Bank discount rate 29 1.50 1.50 1.50 Single-payment loans 20 3.00 P3.01 2>3.06Commercial paper 29 1.31 1.31 1.31 Charge accounts 20 3.23 *>3.21 P3.24 Stock yields: Service credit 20 1.01 PI.01 PI.01 Dividends/price ratio: Instalment credit, total 20, 21 10.88 *>11.08 Pll.32 Common stock 33 6.49 6.40 6.18 I In n s s t t a a l l m m e e n n t t s lo a a le n s c redit, total 2 2 1 1 4 6 . . 6 2 7 1 P P 4 6 . . 7 3 5 3 P P 4 6 . .5 8 1 1 Preferred stock 33 3.84 3.81 3.82 A O u th to er m obile 2 2 1 1 3 2 . . 2 9 6 6 P P 3 2 . . 3 9 6 8 P P 3 3 . . 4 0 8 4 In unit indicated Margin requirements (per cent) 35 50 50 50 Stock prices (1935-39 =100), total... 35 137 139 142 Stock market credit (mill, dollars): Bank loans 35 434 441 461 GOVERNMENT FINANCE Customers' debit balances 35, 36 953 1,018 1,084 Money borrowed 36 522 579 619 Gross debt of the U. S. Government: Customers' free credit balances.... 36 669 666 678 Total (direct and guaranteed) 22 256.40 255.75 255.74 Volume of trading (mill, shares) 35 1.70 1.64 2.30 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 i n ss d u e b s i ) l ls 2 2 2 2 1 4 0 9 4 . . 8 9 5 2 1 5 0 1 2 . . 5 9 2 5 1 5 0 1 2 . . 6 9 5 5 BUSINESS CONDITIONS Savings bonds, savings notes.... 22 65.21 65.37 65.56 Personal income (annual rates, bill, Special issues 22 32.87 32.10 31.80 dollars):e5 Guaranteed, noninterest-bearing Total 48 219.1 222.7 P216.9 debt, etc 22 3.56 3.80 3.78 Wage and salary receipts 48 133.1 134.8 P136.6 Ownership of U. S. Govt. securities: Proprietors' income, dividends, and Total: interest 48 61.7 61.4 P60.9 Commercial banks • 23 66.60 65.20 P65.60 All other 48 24.3 26.5 P19A Fed. agencies and trust funds... 23 38.37 37.61 37.31 Labor force (mill, persons):e F. R. Banks 23 17.75 17.59 17.80 Total. 49 63.0 63.0 63.5 Individualse. 23 70.00 70.20 ^70.10 Civilian 49 61.6 61.7 62.2 Corporations and associationse.. 23 23.40 24.40 P24.10 Unemployment 49 4.7 4.1 3.5 Insurance companiese 23 20.60 20.60 P20.50 Employment 49 57.0 57.6 58.7 Mutual savings bankse 23 11.50 11.60 Pll.60 Nonagricultural 49 50.7 50.9 51.5 State and local govts.e 23 8.20 8.70 P8.7O Employment in nonagricultural estab- Marketable public issues: lishments (mill, persons):e5 By class of security: Total 50 42.25 42.73 *43.13 Bills—Total outstanding 24 12.34 12.33 Manufacturing and mining 50 14.63 15.06 ^15.18 Commercial bank and F. R. Construction 50 '•2.09 2.09 P2.13 Bank 24 7.31 6.36 P7.10 Transportation and utilities 50 3.87 3.91 P3.95 F. R. Bank 24 3.86 3.95 4.37 Trade 50 '9.33 9.34 P9.40 Notes and certificates—Total Government 50 5.78 5.78 P5.90 outstanding 24 37.51 39.19 39.02 Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) 51 56.37 56.53 P56.&9 Bank 24 23.62 24.84 P24.80 Hourly earnings (dollars) 51 1.420 1.424 P1A33 F. R. Bank 24 7.03 7.24 7.27 Hours worked (per week) 51 39.7 39.7 P39.7 For footnotes see p. 742. 740 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 Feb. Mar. Apr.i page Feb. Mar. Apr.1 In unit indicated In unit indicated MONTHLY FIGURES—Cont. MONTHLY FIGURES—Cont. BUSINESS CONDITIONS—Coilt. BUSINESS CONDITIONS—Cont. Industrial production:5 Consumers' prices (1935-39=100): Total (1935-39 =100) , 52 "•180 187 »189 AH items 64 166.5 167.0 167.3 Groups (points in total index): Food , 64 194.8 196.0 196.6 Durable manufactures 52 '78.3 80.2 *>84.2 Apparel 64 184.8 185.0 185.1 Nondurable manufactures 52 84.2 84.6 ^84.0 Rent 64 122.8 122.9 123.1 Minerals 52 17.9 21.9 P21.4 Miscellaneous 64 155.1 155.0 154.8 Manufacturing production Wholesale prices (1926=100): (1935-39 =100), total 53 192 194 P198 Total 65 152.7 '152.7 152.9 Durable 53 207 212 P222 Farm products 65 159.1 159.4 159.3 Nondurable 53 180 180 P179 Food 65 156.7 155.5 155.3 Selected durable manufactures Other commodities 65 145.9 '146.1 146.4 (1935-39=100): Textile products 66 138.2 137.3 136.4 Nonferrous metals 54 202 208 P208 Hides and leather products 66 179.0 179.6 179 A Steel 54 238 243 270 Chemicals and allied products... 66 115.2 116.3 117.1 Cement 54 211 192 218 Fuel and lighting materials 67 131.3 '131.5 131.3 Lumber 54 138 145 2*150 Building materials « 67 192.8 '194.2 194.8 Transportation equipment 54 '209 215 P229 Metals and metal products 67 168.6 '168.5 168.7 Machinery 54 237 243 P251 Miscellaneous 66 110.0 110.7 112.6 Selected nondurable manufactures Prices paid and received by farmers (1935-39=100): (1910-14 = 100): Apparel wool consumption 55 163 153 Paid, etc 69 248 250 251 Cotton consumption 55 144 138 139 Received 69 237 237 241 Shoes. • 55 124 127 ash farm income (mill, dollars): Paperboard 55 205 203 207 Total. , 70 1,614 1,674 Pl.781 Newsprint consumption 55 169 163 168 Livestock and products 70 1,015 1,164 Pl.199 Manufactured food products.... 55 161 166 P162 Crops 70 581 478 P532 Fuel oil 55 187 178 P173 Govt. payments 70 18 32 P50 Gasoline 55 174 173 P170 Industrial chemicals 55 '423 426 P430 Rayon 55 355 352 P349 INTERNATIONAL TRADE AND FINANCE Sales, inventories, and orders: Sales (bill, dollars) :5 Exports and imports (mill, dollars): Manufacturing, total 56 18.0 19.1 P18.3 Exports. 76 P773 P808 Durable 56 7.5 8.1 PS.O Imports 76 P600 P664 P'583 Nondurable 56 10.6 11.0 P10.3 Excess of exports or imports 76 P173 P204 Wholesale, total 57 7.3 7.7 P7.3 Short-term liabilities to and claims on Durable 57 1.7 1.9 Pi. 8 foreigners reported by banks (bill, Nondurable , 57 5.6 5.8 P5.5 dollars): Retail, total 57 11.1 11.1 Pll.l Total liabilities 77 P6.02 P6.04 Durable 57 3.7 3.7 P3..7 Official 77 P2.89 P2.82 Inven N t o o n ri d e u s ra (b b i l l e l, dollars):5 57 7.4 7.4 P7A Inv a e n s d t e c d e r i t n if i U ca . t S e . s Treasury bills 77 P.83 P.83 Manufacturing, total 56 31.1 31.1 ?31.3 Private 77 P3.13 V3.22 Durable 56 13.9 13.9 P14.0 Claims on foreigners 77 P. 67 P. 64 Nondurable 56 17.2 17.2 P17.4 Foreign exchange rates: Wholesale 57 9.0 9.1 P9A See p. 761 of this BULLETIN 78, 79 Retail. 57 13.8 14.3 P14.2 New orders (bill, dollars) Durable 56 7.5 9.1 P8.2 1949 1950 Nondurable 56 10.5 11.2 P9.8 Construction contracts (3 mo. moving avg., mill, dollars)1.5 July- Oct.- Jan.- Total 58 1,080 1,130 Pl.173 Sept. Dec. Mar. Residential 58 479 511 *>555 QUARTERLY FIGURES Other 58 600 619 P618 Residential construction: GOVERNMENT FINANCE In billions of dollars Contracts awarded (mill, dollars): Total 59 484 514 564 Budget receipts and expenditures of 1- and 2-family dwellings 59 374 393 417 U. S. Treasury: Other 59 110 120 147 Expenditures, total 27 11.01 9.96 9.09 Dwellings started (thous. units) ... 59 80 P110 P!26 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 1,395 1,540 Pl.702 Interest on debt 28 .99 1.57 1.26 Nonresidential:e Allother 28 2.81 2.50 2.14 Public 60 307 361 P423 Receipts: Private . 60 478 505 P534 Net receipts 27 9.26 8.42 11.16 Residential:6 Individual income taxes 28 3.63 2.91 6.63 Public. 60 20 24 P25 Corporate income, etc 28 3.04 2.85 2.68 Private 60 590 650 P72O Miscellaneous internal revenue.. 28 2.12 2.20 1.95 Freight carloadings:5 Allother 28 .63 .61 .78 Total (1935-39 = 100) 61 104 127 126 Tax refunds (deduct) 28 .16 .15 Groups (points in total index): Miscellaneous 61 71.4 73.4 75.2 Coal 61 9.8 29.5 26.2 MONEY RATES Per cent per annum All other 61 23.0 23.7 24.3 Department stores: Bank rates on loans to business: Indexes (1935-39 =100) :5 All loans: Sales 62 280 274 292 19 cities 31 2.63 2.65 2.60 Stocks 62 279 '285 286 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) 63 245 '318 317 11 Southern and Western cities.. 31 3.07 3.03 3.12 Stocks (mill, dollars) 63 853 '920 922 Loans of $l,000-$10,000: Outstanding orders (mill, dollars) 63 393 326 270 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 5.1 3.9 3.8 7 Northern and Eastern cities... 31 4.71 4.63 4.64 Stocks 63 3.4 2.9 2.9 11 Southern and Western cities.. 31 4.74 4.66 4.64 For footnotes see p. 742. JUNE 1950 741 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) :• « 19 cities 31 3.64 3.61 3.54 All business 42 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 11 Southern and Western cities.. 31 3.79 3.74 3.71 Manufacturing and mining 42 Loans of $100,000-$200,000: 19 cities 31 2.98 2.98 2.94 New York City 31 2.74 2.73 In billions of dollars 7 Northern and Eastern cities... 31 2.93 3.00 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 Liquid savings 43 +1.8 +0.8 New York City 31 2.13 2.21 Cash 43 +2.0 +1.5 7 Northern and Eastern cities... 31 2.39 2.41 U. S. Govt. securities 43 -0.2 +0.1 11 Southern and Western cities.. 31 2.58 2.56 2.74 Other securities * 43 +0.3 +0.3 Insurance •. 43 +1.5 +1.8 Stock yields: Debt liquidation 43 -1.6 -3.0 Earnings /price ratio, common stocks 33 14.01 13.49 2.28 Annual rates, in billions of dollars GROSS NATIONAL PRODUCT, ETC.6 BUSINESS FINANCE In unit indicated Gross national product 5 44 254.6 256.7 263.9 Corporate assets and liabilities (bill, Govt. purchases of goods and servdollars):e ices 44 43.2 43.7 42.2 Current assets, total 37 124.6 124.1 Personal consumption expenditures 44 179.7 179.8 182.7 Cash 37 24.7 24.9 Durable goods 46 25.7 25.2 26.9 U. S. Goyt. securities 37 15.6 15.7 I Nondurable goods 46 97.6 97.7 98.1 Inventories 37 44.7 43.8 Services 46 56.5 56.9 57.7 Receivables 37 38.0 38.3 Private domestic and foreign invest- 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. IS 1.3* Change in business inventories, 45 -5.0 -3.7 1.7 New money, total (bill, dollars) e. . 38 .69 .77 .95 Net foreign investment 45 -.3 -.5 -2.1 Type of security (bill, dollars): Personal income, consumption, and Bonds 38 r.63 '.64 .83 saving: 5 Preferred stock 38 .06 .11 .09 Personal income 47 208.2 209.3 219.9 Common stock 38 '.10 Ml .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 i u lr s o t a r d ia l 3 3 9 9 24 8 1 0 11 7 2 7 10 7 6 3 1948 1949 Working capital: A P R u l a l b i l i l r s i o c s u a u d e t r i s l ity 3 3 3 9 9 9 89 4 183 5 20 1 0 8 1 SEMIANNUAL FIGURES D 3 e 1 c. Ju 3 n 0 e De 3 c 1 . Industrial 39 106 94 Bond P s u b (b li i c ll , dollars):8 38 .40 .31 .69 INSURED COMMERCIAL BANKS In billions of dollars Private 38 '.67 .46 Loans: Corporate profits, taxes, and dividends Commercial 11 18.76 16.29 16.94 (annual rates, bill, dollars):e 5 Agricultural 11 2.78 2.73 2.96 Profits before taxes 40 28.9 29.5 30.5 Real estate 11 10.67 10.89 11.41 Pro u f n i d ts i st a r f i t b e u r te t d a x p e r s o fi ( t d s i ) v idends and 40 17.5 18.2 18.3 F C o o r n s p u u m rc e h r asing securities: 11 6.80 7.17 8.00 Undistributed profits 40 9.4 '9.3 9.7 To brokers and dealers 11 1.34 1.97 1.75 Corporate profits after taxes (quar- To others 11 0.94 0.90 0.86 All t e c r o ly r p t o o r t a a t l i s o ) n :. s (bill, dollars)e. ... 41 4.5 O St t a h t e e r a s n e d c u l r o it c i a e l s government securities 1 1 1 1 3 5 . . 4 5 2 1 5 3 . . 7 4 6 9 6 3. . 5 4 7 0 Large corporations, total (bill, dollars) 41 1.1 1.2 1.2 Manufacturing (mill, dollars): Durable 41 '508 529 Nondurable 41 '292 '342 323 Electric power and telephone (mill, dollars) 41 228 267 304 Railroads (mill, dollars) 41 104 161 51 e Estimated. P Preliminary. ' 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 Adjusted for seasonal variation. 6 Expenditures anticipated by business during the second quarter of 1950 have been revised as follows (in billions of dollars): All business, 4.5; manufacturing and mining, railroads and utilities, 3.3; manufacturing and mining, 2.1. Expenditures anticipated during the third quarter are 4.5, 3.2, and 2.1, respectively. * 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. 742 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 Feb. Mar.? Apr.P page Feb. Mar.p Apr.? In millions of dollars In millions of dollars Consumer credit outstanding, total... 3 18,126 18,304 18,629 Consumer instalment sale credit Instalment credit, total 3, 5 10,884 11,079 11,321 granted, cumulative totals: 1 Instalment loans 5 4,671 4,745 4,808 By all other retailers 7 730 919 870 Instalment sale credit 5 6,213 6,334 6,513 By department stores and mail- 3 3,233 3,211 ,241 order houses 7 647 809 760 Single-payment loans 3 3,001 3,009 3,061 By furniture and household appli- Service credit 3 1 008 1 005 \ 006 ance stores 7 537 663 611 Consumer credit outstanding, cumu- By automobile dealers 7 407 487 442 lative totals:1 Consumer instalment loan credit out- Instalment credit 4 18,126 18,304 18,629 standing, cumulative totals:1 Charge accounts 4 7,242 7,225 7,308 Commercial and industrial banks. 8 4,671 4,745 4,808 Single-payment loans 4 4,009 4,014 4,067 Small loan companies 8 2,444 2,461 2,478 Service credit 4 1,008 1 005 1006 Credit unions 8 1,516 1,525 1,533 Consumer instalment sale credit out- Miscellaneous lenders 8 1,108 1,104 1,102 standing, cumulative totals:* Insured repair and modernization All other retailers 6 6 213 6 334 513 loans 8 792 785 780 Department stores and mail-order houses 6 5,597 5,716 5,883 Furniture and household appliance stores 6 4,639 4,756 4,907 Automobile dealers 6 3,256 3,355 3,478 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. JUNE 1950 743 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States.., 746-751 Gold production. . 751 Reported gold reserves of central banks and governments... 752 Gold movements; gold stock of the United States.. 753 International Monetary Fund and Bank. . 754 Central banks.. 754-758 Money rates in foreign countries. . 759 Commercial banks.. 760 Foreign exchange rates... 761 Price movements: Wholesale prices.. 762 Retail food prices and cost of living.. 763 Security prices. . 763 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. JUNE 1950 745 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking In b c a r n ea k s in e g in Decrease Foreign, Domestic From th J ro a u n g . h 2 — , 1935, Total Total fun O ds f fi i c n ia U l 1 . S. Other f i t n u e i n s r n n t d i a s t U u t i o t . o i f o S n i n a . n s l - b i a n f a b u n r U n k o d . i a n s d S g . se o R f c u f u e n U t r d u i . s t r i S n e 2 s . : s I e n f f c o u f u l r n o e r d w i ig t s i n e o 8 s 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. it 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 1933—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. 3i 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 '8,343.7 4,120.3 1,121.8 2,998.5 2,242.0 186.5 1,276.9 '375.5 142.4 1948—Dec. 31 '•8.569.1 5,119.5 2,126.0 2,993.6 1,844.3 116.8 1,182.1 '183.3 123.1 1949—Apr 30 '8,598.3 5,151.9 2,128.1 3,023.8 1,880.2 178.0 L,176.1 '93.1 118.9 May 31 r8,477 2 4,953 8 1,941 6 3,012 2 1,874 3 249 4 L,180 5 '104.2 115.1 June 30 r8,567 5 5,008.8 2,015.0 2,993.8 1,874.7 275.0 L.190.5 '102.1 116.3 July 31 '8,457.9 4,868.7 1,864.6 3,004.1 1,859.5 287.5 L.199.6 '123.1 119.5 Aug. 31 '8,534.7 4,873.6 1,866.3 3,007.2 1,778.8 338.0 1,203.5 '219.6 121.2 Sept. 30 '8,492 4 4,93 7.0 1,877 6 3,059 5 1,722 1 '316 0 1,123.5 '266 8 127.0 Oct. 31 '8,660 2 5,115.3 2,025.6 3,089.7 1,692.4 r285.0 L.176.4 '264.4 126.8 Nov. 30 8,658.9 5,140.2 2,111.1 3,029:i 1,655.1 '288.8 L.196.4 '257.1 121.3 Dec. 31 K.763 5; 5,226.0 '•2,197.8 '•3,028.2 1,637.8 '307.6 1,209.9 '258.5 123.7 1950—Jan. 31 8,964 5 5,245 9 2,153 6 3,092 4 1,723.0 404 5 L,204.3 263.8 123.0 Feb. 28P 9,091.4 5,282.6 2,177.1 3,105.5 1,706.7 461.0 L.212.3 307.1 121.8 Mar. 31P 9,143.3 5,304.2 2,112.3 3,191.9 1,688.9 485.7 1,165.4 369.1 130.0 TABLE 2.—TOTAL CAPITAL MOVEMENT BY COUNTRIES From th J ro a u n g . h 2 — , 1935, s ti t I o i n t n u t a e t l i r o n i n n a s - - Total U K d n i o n i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - 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 L,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 L,474.0 1,258.3 269.6 1947—Dec. 31 >,067.3 '6,276.4 437.0 234.3 213.8 839.3 150.1 L.100.6 2,975.1 688.6 1,383.4 '984.3 244.9 1948—Dec. 31 1,677.1 '6,891.9 659.7 74.2 103.0 846.0 335.9 L.122.2 3,141.1 947.3 L.503.6 '1,065.2 234.9 1949—Apr. 30 1,622.6 '6,975.7 558.7 67.3 120.9 925.5 389.5 L,153.0 3,214.9 953.3 L.573.2 '1,004.9 229.5 May 31 1,616.7 '6,860.6 464.6 96.5 121.3 918.0 372.8 L.104.7 3,077.9 942.3 L.621.4 '974.9 244.1 June 30 L,619.1 '6,948.4 533.5 107.1 134.8 910.5 376.5 L,080.1 3,142.5 925.4 1,660.8 '964.0 255.7 July 31 L.615.9 '6,842.0 473.7 78.0 143.7 885.6 381.3 L,083.5 3,045.9 909.3 1,689.4 '948.5 248.9 Aug. 31 1,630.6 '6,904.1 479.2 78.4 128.7 898.5 400.6 •L,097.0 3,082.2 903.9 1,715.1 '964.0 239.0 Sept. 30 1,623.7 '6,868.6 525.5 95.2 174.0 910.0 291.4 L.089.6 3,085.7 893.5 r1,677.0 '955.1 257.2 Oct. 31 1,594.9 '7,065.3 587.3 110.9 189.6 933.8 291.6 L.093.9 3,207.1 928.7 L ,756.7 '908.1 264.7 Nov. 30 1,558.9 '7,100.0 644.5 125.3 165.3 925.1 297.1 r'1,089.4 '3 ,246.8 952.8 1,768.5 '875.2 256.7 Dec. 31 1,541.7 '7,221.8 682.4 113.2 171.6 951.2 '301.4 r1,135.8 3,355.5 984.7 L.780.2 '852.0 249.4 1950—Jan. 31 L.627.3 7,337.2 728.9 93.8 175.3 890.1 295.1 L,186.3 3,369.6 1,022.2 L.792.3 882.9 270.2 Feb. 28P :L,612.1 7,479.2 765.1 116.1 162.2 888.3 298.2 L,218.0 3,448.1 1,021.4 1,833.4 933.1 243.3 Mar. 31P 1L.618.3 7,525.0 790.7 113.0 169.2 954.5 260.4 L.221.3 3,509.1 992.5 1,847.1 944.3 232.0 P Preliminary. ' Revised. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and 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. 746 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 Can- A L m a e t r i i n ca Asia o A th l e l r 1944—Dec. 31. 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31. 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 1,414.2 924.9 1,369.1 212.9 1946—Dec. 31. 453.8 5,272.3 397.6 165.8 208.2 359.0 247.6 687.2 2,065.5 823.9 983.3 1,135.7 263.9 1947—Dec. 31. 2,242.0 4,120.3 264.9 87.6 126.7 432.8 132.8 576.6 1,621.4 301.6 1,095.0 877.3 224.9 1948—Dec. 31. 1,844.3 5,119.5 485.0 112.6 106.1 525.3 313.2 574.8 2,117.1 667.2 1,165.4 971.2 198.6 1949—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 1,212.6 921.1 190.4 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 1,191.7 903.5 205.1 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 1,216.9 900.7 215.6 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 1,230. 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 1,246.4 897.0 196.2 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 1,197.8 878.9 215.7 Oct. 31 1,692.4 5,115.3 451.3 103.8 166.3 563.2 266.3 507.4 2,058.3 702. 1,294.9 835.9 223.3 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 1,317.5 803.9 215.8 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 1,315.1 780.4 210.7 1950—Jan. 31 1,723.0 5,245.9 548.1 72.2 160.7 493.8 276.4 575.8 2,127.1 811.4 1,264.9 801.5 241.0 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 1,267.2 846.6 217.8 Mar. 31*.. . 1,688.9 5,304.2 593.8 76.9 159.5 562.4 245.7 594.8 2,233.0 749.1 1,265.4 847.4 209.4 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 1 1 9 9 4 47 6 — — D £) e eC c - . 3 3 1 j 4 1 2 8 7 6 2 5 2 26 4 2 4 3 8 5 7 5 3 7 4 — — 1 3 3 0 2 5 3 — 1 1 1 7 1 5 0 6 5 2 1 2 9 6 0 9 9 4 4 2 8 1 5 .5 3 4 6 0 5 .4 7 -3 -5 4 8 6 . . 8 3 2 2 9 . . 0 9 -2 -5 0 . . 8 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—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. r316 0 235 2 10 9 11 8 4 5 11 2 224 9 498.5 57.5 ••—235.9 2.4 -6.5 Oct. 31 •"285 0 225 6 11 0 12 6 4 1 10 5 221 1 484.9 61.1 ••—250.2 -4.4 -6.4 Nov 30 ••288.8 237.2 26.9 12.3 3.5 7.7 ••211.6 ••499.2 59.9 ••-257.9 -6.1 -6.2 Dec. 31. . ''307 6 254 8 27 2 13 4 4 3 r4 0 r211 3 r515.0 55.3 •• -243.1••—10.6 -9.0 195Q—jan 3i 404.5 259.4 27.6 16.0 2.5 5.8 238.6 549.8 52.7 -179.3 .1 -18.7 Feb 28P 461.0 266.6 43.1 14.2 2.6 3.2 241.1 570.7 51.4 -143.4 5.1 -22.9 Mar. 31? . 485.7 268.3 43.7 14.3 .3 7.0 240.5 574.1 59.3 -135.5 14.5 -26.7 TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) Inter- From t h J r a o n u . g h 2 — , 1935, n t a u in t t i i s o o t n i n - a s l Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C ad a a n- A L m a e t r i i n ca Asia o A th l e l r 1944_Dec. 31 1,019.4 126.5 51.0 33.6 44.5 27.6 246.9 530.1 104.9 302.0 61.3 21.0 1 19 9 4 4 6 5 — — D D e e c c# . 3 31 1. 1,2 9 3 72 7 .9 8 1 9 17 6 .8 7 5 5 1 0 .2 2 3 2 3 6 .0 0 3 45 1 .2 2 2 2 7 6 .7 5 2 24 6 9 0 .2 2 4 5 9 2 1 3 . . 2 8 2 4 3 9 6. . 6 1 4 3 4 1 8 7 . . 4 1 6 6 1 0 . . 1 8 22. . 0 7 1 19 9 4 4 8 7 — — D D e ec c > . 3 3 1 i — -2 2 4 4 9 9 . 3 3 1 1 , , 5 4 2 3 6 1 .3 2 9 8 4 4 .9 9 4 4 7 2 .9 1 — -9 3 .1 9 -1 1 9 6 . 0 3 2 2 6 6 .5 5 2 27 8 5 7 .2 8 4 4 5 1 6 3 . . 7 3 3 4 3 4 9 1 . . 7 8 5 57 3 8 7 . . 3 6 6 6 3 1 . . 2 6 2 3 8 6 . . 4 9 1949—Apr. 30 —265 3 1,441 4 81 8 42 9 —9 7 — 16 4 27 0 290 1 415.7 337.0 586.9 63.8 38.0 May 31 -265.3 1,445.8 80.9 43.0 -10.1 -15.7 26.9 290.5 415.5 342.1 586.4 63.7 38.1 June 30 —265 3 1,455 8 80 9 42 8 — 10 0 — 15 4 27 0 295 0 420.3 344.4 588.8 63.9 38.4 July 31 -265.3 1,464.8 81.4 42.8 -9.2 -16.4 27.1 295.4 421.1 350.3 591.0 63.9 38.6 Aug. 31 —265 3 1,468 8 79 1 42 9 —9 5 — 14 1 27 1 296 2 421.7 352.4 591.8 63.9 39.1 Sept 30 -265.3 1,388.8 77.1 43.2 -9.6 -12.0 26.9 306.1 431.7 260.5 593.5 63.9 39.1 Oct. 31 —265 3 1,441 7 72 8 42 9 —9 7 —9 2 26 9 307 4 431.1 312.9 594.6 63.9 39.2 Nov. 30 -265.3 1,461.7 71.4 43.0 -9.7 -6.6 26.9 308.1 433.2 330.0 595.4 64.0 39.2 Dec 31 -265.3 1,475.1 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 1,469.5 71.3 44.0 -15.1 2.4 27.0 313.4 443.0 320.9 601.9 64.0 39.8 Feb. 28P -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 Mar. 31P -266.4 1,431.8 70.4 46.2 -16.9 8.2 27.1 319.8 454.8 266.1 606.5 64.1 40.3 Preliminary. r Revised. JUNE 1950 747 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continue** NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—).. In millions of dollars] TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From th J ro a u n g . h 2 — , 1935, n t a I u i n n t t i i t s o o e t n i r n - - a s l Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1944—Dec. 31. . 911.8 -125.4 77.3 239.0 368.5 1.9 72.4 633.7 -28.1 54.9 240.5 10.7 1945—Dec. 31. . 798.7 -157.9 81.7 233.5 355.4 2.2 68.0 582.9 -126.6 81.3 251.3 9.9 1946—Dec. 31. . 464.5 -194.9 74.9 207.0 337.9 2.1 57.3 484.3 -143.0 87.6 26.8 8.8 1947—Dec. 31.. 74.5 '300.9 -203.8 24.7 108.7 350.9 -15.0 43.1 308.7 -139:8 84.2 '36.8 11.0 1948—Dec. 31.. 82.1 101.2 -194.7 -58.1 29.5 311.0 -15.0 45.7 118.4 -132.3 94.4 13.6 7.2 1949—Apr. 30. . 7.6 '85.5 -190.3 -57.7 22.3 331.8 -15.2 44.8 135.8 -170.6 99.6 13.5 7.2 May 31. . 7.7 '96.5 -188.2 -58.2 19.5 338.8 -14.6 44.7 142.0 -166.2 99.6 13.5 7.7 June 30. . 9.7 '92.5 -188.7 -58.5 16.5 342.8 -14.4 45.4 143.1 -168.6 99.7 10.0 8.3 July 31. . 21.7 101.5 -186.5 -58.8 15.2 346.0 -13.5 45.2 147.6 -162.5 104.9 '3.2 8.3 Aug. 31. . 117.0 102.5 -185.2 -60.7 14.2 349.5 -13.5 45.1 149.5 -163.0 104.2 '3.4 8.4 Sept. 30. . 166.9 '99.9 -182.1 -61.7 13.2 348.1 -12.9 46.2 150.8 -165.0 102.8 '3.2 8.1 Oct. 31. . 167.9 '96.5 -179.9 -63.0 10.1 348.7 -12.7 46.5 149.7 -168.1 101.0 '5.8 8.0 Nov. 30. . 169.1 '88.0 -176.6 -63.8 5.7 348.9 -13.5 46.3 147.2 -172.3 99.1 '6.8 7.2 Dec. 31. . 169.1 '89.3 -173.9 -64.9 4.0 355.2 -13.4 47.9 154.9 -181.3 96.9 11.5 7.4 1950—Jan. 31.. 169.6 94.2 -166.2 -65.7 2.8 363.7 -14.7 47.4 167.2 -184.6 93.6 10.6 7.3 Feb. 28*>. 173.2 133.8 -163.1 -66.7 1.1 359.1 -14.9 47.9 163.4 -137.4 90.0 10.4 7.5 Mar. 31 P. 195.8 173.3 -158.8 -69.1 .9 355.8 -19.8 55.8 164.9 -103.2 92.2 11.2 8.3 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through— rotal U K d n o in it m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m a e t r i i n ca Asia o A th l e l r 1944—Dec. 31... 126.3 18.5 23.1 22.3 23.0 .3 10.4 97.7 16.2 5.1 5.6 1.8 1945—Dec. 31... 144.1 19.8 23.4 26.0 30.3 .4 13.6 113.6 19.5 5.9 3.8 1.3 1946—Dec. 31... 153.7 19.2 20.5 17.5 39.6 .4 14.7 112.0 21.5 13.4 4.8 2.0 1947—Dec. 31... 142s. 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—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. . 121.8 17.1 15.5 11.1 25.9 .6 10.7 80.9 17.7 15.6 6.9 .8 Mar. 31*.. 130.0 17.0 15.3 11.3 27.8 .6 10.4 82.4 21.2 18.5 7.2 .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 - Prance N la e e n r t d - h s - S la w e n r i d - tz 3 - 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 i tutions ind 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 1,216.6 1,057.9 193.7 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—Apr. 30... 1,900 2 5,886. 1 2,838.4 437. 8 180.9 107.9 598 7 394.1 755.4 2,474.7 816.2 1,334.2 1,101.8 159.2 May 31... 1,894 2 5,687. 9 2,651.9 355.6 184.3 112.0 583 4 376.8 708.1 2,320.2 796.4 1,313.3 1,084.1 173.9 June30... 1,894 6 5,743 0 2,725.3 410. 5 194.3 120.9 571 5 384.3 677.6 2,359.1 779. 7 1,338.5 1,081.3 184.4 July 31... 1,879 5 5,602 9 2,574.9 351.6 164.1 130.2 544 7 387.3 677.4 2,255.3 , 748.7 1,352.3 1,068.9 177.6 Aug.31... 1,798 7 5,607 7 2,576.6 352.4 150.4 118.7 551 9 401.3 679.6 2,254.3 742.9 1,367.9 1,077.6 165.0 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 1,319.3 1,059.5 184.5 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 1,416.5 1,016.5 192. 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 ,908.1 574.4 171.6 170 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 5,980 1 2,863.8 609.5 152.3 177 3 507 4 296.7 739.0 2,482.3 919. 4 1,386.4 982.2 209. 8 Feb. 28*.. 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 Mar.31P.. 1,708 8 6,038 3 2,822.6 655 2 157.0 176 1 576 0 266.0 758.1 2,588.3 857. 0 1,386.9 1,028.0 178.2 P Preliminary. 'Revised. 1 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 78.9; U. S. brokerage balances abroad, 25.8. 2 Country breakdown is for "Official and private." 3 Beginning January 1950, excludes Bank for International Settlements, now included in "International institutions." 748 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 Czech- Date E O u t r h o e p r e A tr u i s a - g B iu e m l- v o a s k lo ia - m De a n rk - l F a i n n d - m G a e n r- y1Greece N w o a r y - l P an o- d t P u o g r a - l m R a u n - ia Spain S d w e e n - USSR s Y la u v g i o a - ot A 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—Apr. 30.. 755.4 148.1 40.6 17 A 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. .739.0 ii.3 123.9 "ll'.Y 35.2 23.8 149.7 30.3 76.4 "o\6' 40.0 6.5 14.0 96.1 9.4 7.1 58.5 Feb. 28*\ 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 Mar. 31 P. 758.1 42.9 118.5 12.2 29.3 19.0 180.2 32.4 79.3 6.1 35.8 6.1 11.5 106.1 13.9 6.6 58.3 Latin America Neth- 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 p m i D R c u i a e o b n - n - - - G m u a a l t a e- M ic e o x- l W I a a n e n n d r e d d - i s e s t s Peru l P p i R c u a e b n o - - - 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 lic Suri- ama 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 79.2 178 3 116 4 28 2 43 9 88 7 49 7 158 8 1946—Dec. 31 1,104.8 119 6 14.0 174.0 SO7 57.8 1S3 5 152 9 16.1 40.9 77 9 74 0 181 8 1947—Dec 31 1,216 6 936 9 17 8 104.7 46 3 46.1 934 7 139 9 14 9 41 8 70 s 78 0 186 s 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—Apr. 30. 1,334.2 225 0 14.8 126.9 62.6 39.4 229.9 138 4 24.8 50.6 77 1 137 1 207 6 May 31 1,313 3 227 4 15.4 117.2 54 8 45.7 167 8 157 s 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 1,367.9 998 6 14.4 128.0 57 9 49.0 187 7 175 s 29 1 58.3 64 6 161 9 913 6 Sept. 30 1,319.3 991 7 16.2 145.0 58 1 51.0 179 6 184 9 27.8 59.4 69 1 QQ 4 907 9 Oct 31 1,416 5 997 7 15.7 165.0 59 s 57.6 181 7 185 7 30 5 61 4 72 7 160 4 108 6 Nov. 30 1,439.0 933 7 13.2 216.9 54 9 70.1 178 4 195 0 23 5 53.3 74 9 199 9 196 6 Dec. 31 1,436.7 901 1 13.5 192.8 60 9 85.9 164 9 914 6 25.9 52.8 74 3 143 9 907 4 1950—Jan. 31. 1,386.4 210 2 13.9 164.4 57.5 97.3 169.7 35.8 25.8 184 1 26.5 48.7 73 8 35.7 62.3 117 4 63 4 Feb. 7.8*1,388.7 219 3 13.0 143.8 70.1 90.6 176.9 36.3 26.7 179.7 25 A 46.4 75.0 42.6 59.8 115 2 68 0 Mar. 31P 1,386.9 217 0 13.1 141.1 70.4 80.0 185.4 36.9 27.6 175 7 26.5 51.6 78.5 42.6 60.7 110 1 69 7 Asia and All Other China Egypt Date Asia M c a h n a u d n - - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i p P p R u h p b e i i - l l n - i e c T la h n a d i- T k u 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 U A o f o n u r i f i o t c h n a Other6 Sudan I944—Dec 31 1,069 7 427.3 99 Q 99 1110 5 4 0 365 8 93 7 92 9 174 0 52.Q 7 3 8 3 105 4 1945—Dec. 31. 1,549.7 582.3 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 31 316 431 0 4-10 43 s197 1 16 6 446 6 54 7 151 0 232 45 5 20 8 47 9 119 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 194g—Dec 31 1,151 8 216 9 51 1 S1 8 41 5 81 4 488 3 17 S 904 0 167 4 22.7 27.7 15 8 101 6 1949—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 31 1,084 1 147 0 S5 7 55 5 31 5 135 9 407 4 20 9 931 7 173 Q 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 Q 125 3 78 0 54 9 97 1 144 9 367 3 18 9 9S3 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. i 059 s 124 1 89 3 5Q 0 97 9 161 S 348 4 15 1 241 0 184 S 31. 7 58 7 5 8 88 4 Oct 31 A 016 s 116 3 81 5 6 90 5 189 5 334 1 1 909 9 199 1 44.0 60.2 S 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 mo 6 '83.9 63.3 15.7 214 6 297 3 9 8 165.7 179.5 32.4 61.6 6 0 79.5 1950—Jan. 31 987, 2 110 1 89.9 69.5 12.2 16.8 21.0238 8 286 1 24.3 12 0 101.5 209.8 29.8 27.2 72.8 22 9 57.1 Feb. 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 Mar. 31* 1,028 0 103 5 88.8 62.8 27.6 17.5 25.0276 5 288.2 23.5 10 4 104.2 178.2 20.5 30.0 57.1 15.8 54.7 P Preliminary. r Revised. 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. * 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. * Beginning January 1950, excludes Belgian Congo, reported separately as of that date. JUNE 1950 749 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] CLAIMS ON FOREIGNERS Date Total U K d n i o i n m t g e - d France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1944—Dec. 31 329.7 25.9 1.4 .3 1.3 .3 78.3 107.5 28.1 131.0 51.4 11.7 1945—Dec. 31 392.8 25.4 1.1 36.3 2.9 .3 74.6 140.7 53.3 158.9 29.9 9.9 1946—Dec 31 708.3 47.7 5.7 151.0 9.8 16.0 82.8 312.9 52.2 226.8 99.2 17.2 1947—Dec# 31 948.9 29.2 23.4 49.1 7.0 21.1 118.9 248.6 27.5 514.3 127.0 31.5 1948—Dec. 31 1,018.7 24.5 119.0 51.4 6.9 15.8 106.3 323.8 39.8 516.6 118.8 19.7 1949—Apr. 30 957.5 18.0 114.4 11.5 7.1 23.1 94.9 269.1 34.2 505.9 130.0 18.4 May 31 886.1 31.6 88.1 11.8 6.2 23.1 96.1 256.8 35.0 433.8 141 4 19.0 June 30 . .. 860.5 17.0 86.9 4.7 6.3 27.1 95.6 237.6 33.9 423.1 147.0 18 8 July 31 848.0 20.5 85.0 4.2 6.4 26.4 91.9 234.3 32.6 418.8 143.2 19.1 Aug. 31 797.5 14.9 69.3 6.0 6.2 21.1 82.2 199.6 34.4 410.3 136.6 16.6 Sept 30 . .. '•819.5 56.8 68.2 6.9 3.6 15.3 84.9 235.7 35.4 r403.9 126.7 17 9 Oct. 31 ^850.5 66.4 68.1 6.1 4.0 16.0 88.7 249.2 31.8 r418.2 133.5 17.8 Nov 30 ''846 7 54.8 52.2 6.3 4.6 18.8 r98 2 r234 9 33.0 r425 9 135 2 17 6 Dec 31 . . '"827.9 37.2 51.8 5.2 3.8 r22 6 r98.5 219.2 37.6 r411 1 '"139 7 20 4 1950—jan# 31 !724.8 32.6 51.5 2.7 5.7 20.7 !65.0 !178.2 40.2 347.3 129.0 30 1 Feb. 28? 668.4 25.4 36.0 4.4 5.5 23.3 62.6 157.3 41.4 311.4 124.0 34.3 Mar. 31P 643.7 23.7 35.4 4.3 7.8 19.6 63.1 153.9 33.6 303.5 114.6 38.1 CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- 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 en e- USSR s Y la u v g i o a - ot A h l e l r2 1944—Dec. 31.. 78.3 .7 K 33.9 .6 35.1 .8 1.8 .2 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 12.4 3.3 1.0 7.2 4.9 CO 9.5 1947—Dec. 31 118 9 15.0 2.2 8.0 30.5 10.6 9.2 1.1 .9 5.4 .1 35.9 1948—Dec. 31.. 106.3 21.4 .6 3.4 30.5 1.2 8.4 .7 2.9 L.4 6.0 29.8 1949—Apr. 30.. 94.9 16.5 1.4 3.9 29.6 1.0 8.3 .5 12.0 2.8 L.4 117.4 J M u a n y e 3 3 1 0 . . . . 9 95 6 . . 6 1 1 1 8 8 .9 3 1.1 9 4 4 .8 9 2 2 9 9 . . 8 8 1. . 0 8 8 8 . . 7 6 . . 5 5 1 1 2 2 .0 0 4 4 .2 8 L. 4 5 i 1 1 4 3 . . 2 3 July 31.. 91.9 17.9 .9 4.9 29.9 1.0 8.1 .5 10.7 3.3 L.5 13.2 Aug. 31.. 82.2 13 6 1 0 5 5 29 7 .7 7 9 .4 8.2 2.5 L.4 11.1 O Se c p t. t . 3 3 1 0 . . . . 8 8 4 8 . . 9 7 1 1 4 6 . . 1 1 . . 7 7 6 8 . . 6 6 3 3 0 0 . . 3 3 . . 8 8 8 7 . . 0 3 . . 4 5 7 7 . . 1 0 3 3 . . 8 8 L ». . l 8 i .2 1 1 1 1 . . 2 5 Nov. 30.. T98.2 17 6 .7 9.2 >-30 0 .7 7.5 .7 7.0 6.1 > 1 16.7 Dec. 31.. r98.5 19.3 .4 8.2 30.0 '.-7 7.4 .5 7.0 7.0 2.3 15.6 1950—Jan. 31.. 165.0 "i!2* 15.6 •>)'• .5 4.9 *25.5 .2 1.0 .5 .7 6.7 3.4 .1 4.8 Feb. 28P. 62.6 .2 16.3 .5 3.5 23.8 .2 1.1 .1 .6 7.9 3.1 .1 5.2 Mar. 31*>. 63.1 .7 17.7 .1 .5 2.4 25.3 .2 1.2 .1 .8 6.6 2.4 .7 4.4 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 ia - Brazil Chile l C o b m i o a - - Cuba m p i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- l I W a a n n n d e d d i s e s t s Peru l p P i R c u a e n b o - - - 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 a m t c h t a e i e 4 n r r lic Surinam 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—Apr. 30.. 505.9 58.6 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.. '•403.9 r54.4 2.3 162.2 11.4 22.6 17.5 64.1 1.1 6.4 4 6 22 3 34 9 Oct. 31.. ••418.2 '55.3 2.5 165.1 12.0 22.6 20.0 66.4 3.0 6.3 5.4 23.0 36.8 Nov. 30.. '425.9 ••54.1 1.9 161.9 11.7 22.3 26.4 72.0 1.2 5.8 5.3 23.6 39.6 Dec. 31.. r411.1 '53.6 2.3 136.9 15.5 21.1 27.5 73.0 1.3 5.8 5.3 25.6 43 1 1950—Jan. 31.. 347.3 51.3 5.2 99.2 14.1 19.9 27.1 i.8 2.4 50.3 1.1 6.5 4.3 6.5 9.0 25.3 23.3 Feb. 28P. 311.4 47.8 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 Mar. 3\P. 303.5 44.7 6.3 75.2 7.9 24.1 17.6 1.7 2.1 48.1 1.0 6.2 4.9 4.2 13.2 24.6 21.6 p Preliminary. r Revised. 1 Figure not strictly comparable with the corresponding figures for preceding months due to write-off of claim on Germany amounting to $6,121,000. The cumulative figures in Tables 1, 2, and 4 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movement introduced by this change. 2 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date, a Less than $50,000. 4 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 750 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 h n a u d n - - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i P p R h p e i i - l n - e T la h n a d i- T k u ey r- O A t s h ia e 1 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 a n g n g y d l p o - - S U o o n u f i t o h n Other2 ria public tian Africa Sudan 1944—Dec. 31.. 51.4 1.5 .9 22.3 1.5 .5 13 8 1 8 8 9 11 7 6 .2 9.7 1.2 1945—Dec. 31.. 29.9 1.0 .8 7.5 1.4 .5 13.8 2.0 2.8 9.9 1.7 .3 4.7 3.3 1946—Dec. 31. . 99.2 53.9 5.9 12.0 1.0 .2 20.2 1.4 4.6 17.2 3.4 .4 10.1 3.3 1947—Dec. 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—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 is.7 46 5 17.6 5.4 .6 3.6 8.0 Dec. 31.. 139.7 16.6 3.7 17.4 .2 14.1 23.2 14.3 '50.3 20.4 7.9 .2 4.5 7.7 1950—Jan. 31.. 129.0 17.0 4.1 16.6 .2 13.6 ii.8 18.1 22.8 "lA 10.5 12.0 30.1 10.4 .2 11.3 4.6 F M e a b r . . 2 3 8 1 P P . . 1 1 2 1 4 4 . . 0 6 1 1 5 9 . . 1 4 4 4 . .3 2 1 1 7 7. . 7 8 . .2 1 1 1 3 3 . . 8 6 1 1 2 3 . . 5 3 1 7 7 . 7 9 2 2 2 2 .0 4 1 1 .2 9 9 5 .9 9 9 8 .3 5 3 3 4 8 .1 3 1 1 5 8 . . 5 9 3 3 . . 5 5 . . 3 4 1 1 0 1 . . 7 3 4 4 . . 0 3 P Preliminary. r Revised. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included withrlndia. 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] Production reported monthly Estimated Year or world Africa North and South America Other production Total month U o . u S t . s S i . d R e .i m re o p n o t r h 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 C B o el n g g i o an 3 U St n a i t t e e s d 4 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 5 Au li s a tra- India* $1=15$,f2i grainsof gold 9/w fine: i. <?., 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 19.1 20.5 11.6 51.2 99.1 14.7 15.3 8.1 6.4 28.9 4.6 1947 766.5 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 7.4 32.8 6.1 1948 . 791 0 728 1 405 5 18 0 23 4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949 755.6 409.7 18.5 23.1 12.9 69.9 143.9 14.2 12.6 6.3 7.7 31.3 5.7 1949—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 .6 1.9 1.2 6.5 12.6 1.4 1.0 .6 .7 2.5 .6 Sept.. 65.4 34 8 1.9 1.1 6.2 12.7 1.6 1.0 .6 .7 2.6 .5 Oct 65 4 34 7 s 1 9 1 0 7 3 12 8 .9 1 0 .5 .6 2.7 .5 Nov.. 66.1 34.0 s 2.0 1.1 7.4 12.7 1.9 1.1 .6 .7 2.9 .4 Dec 63 7 34 0 s 2 0 1 1 6.6 13.1 8 .6 .5 .6 2.6 .4 1950—jan 34.2 s 2.0 1.1 5.9 12.4 1.4 .6 2.3 .5 Feb 32 0 4 2 0 1.0 5.5 12 3 .7 2.3 .5 Mar. 35 1 1.9 1.1 6.1 13.4 .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. JUNE 1950 751 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 T u re r a y s- Total i t g i A e n r n a - - 8 g B iu el m - Brazil Canada3 Chile lo C m o b - ia Cuba C v z s a e l k o c - h ia o- m 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 43 289 32 53 548 1949—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 43 299 32 53 523 Dec 24,427 24,563 698 317 496 40 299 32 53 523 1950—Jan 24,395 24,507 679 317 507 40 32 53 523 Feb 24,345 24,456 679 317 509 40 32 53 523 Mar 24,246 24,360 682 317 511 40 32 53 523 Apr 24,247 24,350 679 32 523 End of month H ga u r n y - India Iran* Italy Java Mexico N l e a t n h d e s r- Ze N a e l w and N w o a r y - Peru P g o a r l t u s - Ruma- A So fr u ic th a Spain 1945—Dec.. 274 131 24 294 270 23 80 28 269 914 110 1946—Dec.. 24 274 127 28 201 181 265 23 91 24 245 939 111 1947—Dec.. 34 274 142 58 180 100 231 23 72 20 193 762 111 1948—Dec.. 35 256 ••140 96 166 23 52 20 158 183 111 1949—May. 35 247 140 112 178 166 24 52 20 166 88 June. 35 247 140 122 178 166 28 52 20 149 85 July. 36 247 140 122 178 166 28 52 20 149 85 Aug.. 37 247 140 133 178 161 28 52 20 135 85 Sept.. 38 247 140 252 178 161 29 51 20 121 85 Oct... 40 247 140 252 178 161 30 51 20 119 85 Nov.. 40 247 140 252 178 195 31 51 28 120 85 Dec.. 41 247 140 252 178 195 32 51 28 128 85 1950—Jan... 41 247 140 252 178 229 32 51 28 132 80 Feb.. 41 247 140 252 178 229 33 50 28 146 80 Mar.. 247 252 178 229 33 50 28 166 80 Apr.. 229 61 End of month S d w e e n - S l w a e n r i - t d z- T k u ey r- U d K n i o i n m t g e 7 - d g U u r a u- y V zu e e n l e a - t c o r o t i 1 h e u 6 s e n r 8 - n M a I F t n t u a o i t o r n e n y n r d e - a - l f S t B m t o i e e o r a e r t n t n n n I l a k a n e t l s - - - E G nd o v o e f r n m m o e n n t t h g p o r l e U d K v n i i r o i n e t u g e s s - d e rv fi e g s u F r n r e a s o n t ce inclu B de e d lg i i u n m dom 1945—Dec... 482 1,342 241 195 202 192 39 1946—Dec... 381 1,430 237 200 215 193 15 32 1947—Dec... 105 1,356 170 175 215 195 1,356 30 1945—Dec 12,476 2 457 217 1948—Dec... 81 1,387 162 164 323 217 1,436 36 1946—Dec 12,696 1949—May. 71 1,432 161 164 323 232 1,440 55 1947—Mar 12,380 June. 71 1,419 160 161 323 232 1,440 55 June.... 12,410 July.. 71 1,457 160 161 323 233 1,448 60 Sept 12,383 Aug.. 71 1,503 160 161 323 235 1,450 47 Dec 12,079 Sept.. 70 1,485 159 177 373 235 1,450 52 Oct... 70 1,486 154 178 373 299 1,450 47 1948—Mar !2 ,241 Nov.. 70 1,495 154 178 373 300 1,451 64 June.... il ,920 Dec... 70 1,504 154 178 373 327 1,451 68 Sept 11,777 1950—Jan... 70 1,508 154 183 373 P328 1,459 68 Dec il 856 Feb. . 70 1,503 154 187 373 P329 1,460 69 Mar.. 69 1,527 154 190 373 P328 1,460 87 1949—Mar.. . 11 912 Apr... 71 373 P328 93 June.... Sept il 425 Dec M 688 P Preliminary. r Revised. 1 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is 1950—Mar il 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 Beginning December 1947 includes gold holdings of issue and banking departments of NOTE.—For details regarding special internal Ba 5 n T k o M ta e l l g li o l I d r a h n o ; ld p i r n io g r s t a o r e t h n a o t t r a e v p a r i e l s a e b n le ts . ho B ld eg in in g n s i o n f g i A ss p u r e il d 1 e 9 p 4 a 6 r , t m th e e n s t e r o i n es ly i . s new and repre- g in o s ld ti tu tr t a io n n sf s e , rs s ee a ff p e . c t 7 in 5 g 4 , t f h o e o tn B o r t i e ti sh 1 , , a a n n d d p F . r e 7 n 5 c 5 h , sen 6 t F s i g g o u l r d e s h e a l r d e a f s o r r e f s o e l r lo v w e i ( n 2 g 5 d p a er t e c s e : n 1 t 9 m 46 in — im M u a m r. ) 3 le 1 s , s a g n o d l d 1 i 9 n 4 7 fo — re M ig a n r . c 3 u 1 rr . ency liabilities. f B o a o n t k n i o n t g e a 8 n . d F M or o ne a ta v r a y il ab S l t e a tis b ti a c c s k , p f . i gu 5 r 2 e 6 s , , a s n e d e 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British BULLETIN for November 1947, p. 1433, and Feb- Exchange Equalization Account during 1939. ruary 1945, p. 190. 8 For list of countries included, see BULLETIN for January 1950, p. 114, footnote 8. NOTE.—For description of figures, including details regarding special internal gold transfers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back figures through 1941 see Table 160, pp. 544-555, in the same publication and for those subsequent to 1941 see BULLETIN for February 1950, p. 252. For revised back figures for Argentina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 752 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD IMPORTS TO UNITED STATES, BY COUNTRIES [Net gold exports from United States (—). In millions of dollars] Gold valued at approximately $35 a fine ounce m Y o o e n r a t r h Total U K d n i o i n m t g ed - g B iu el m - France N la e e n r t d - h s - S d w e e n - U.S.S.R. Canada A t r i g n e a n- Co b l i o a m- Mexico r N a i g c u a a - V zu e e n l e a - 1942 315.7 2.0 11.3 208.9 10.6 40.0 8.7 4.0 1943 68.9 .1 66.9 -10.8 -3.3 7.5 2.2 1944 -845.4 -695.5 46.2 -50.3 -109.7 7.7 .-55.3 1945 -106.3 .2 53.1 15.1 7.4 -56.1 1946.. 311.5 .5 33.7 344.1 -134.0 3.6 7.3 .2 1947 1,866.3 488.4 162.9 28.6 27.9 445.4 335.5 21.0 -7.1 7.6 -.8 1948 1,680.4 1,095.4 -4.5 -29.7 103.3 25.1 15.8 7.9 -136.1 1949 •686.5 527.9 5.8 14.2 6.9 -4.5 1949—Apr... 13.6 3.0 .6 May. . 9.5 2.0 .4 June.. 6.9 -.1 .6 July.., 131.1 121.8 .7 -.1 Aug.., 257.4 243.6 .7 Sept... 98.1 101.5 .6 Oct..., 56.1 40.7 2.1 .5 Nov... 7.6 5.1 .4 Dec... -1.4 .2 .5 1950—Jan... 39.0 .4 Feb. . , .2 .5 Mar... -1.6 -.1 .5 Apr. P. 53.3 31.7 .5 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 Ear- Y m e o a n r t o h r Am O L e a t r h t i i e c n r an t A ra u l s i - a China P p h R i i e n l - i e p- A So fr u ic th a c o o A th u l e n l r - Period T e u r n e r d a y s o - f p T e o ri t o a d l i I i n n s g c to o r to e l c d a t k a s l e g p e o o x N ld r p t e o i t o m rt r -g m o c c o l r r a r d e e r : a a i k n s s d e - e e d e- p D ti t r c o i o o m d g n u o e 2 l c s d - - 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 1943 14.6 .2 -9.5 .3 8 1943 21,938 21,981 —757.9 68.9 -803.6 48.3 1944 —10 8 2 -11.9 3.6 30.2 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 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 1 19 9 4 4 8 7 -17 7 . . 1 3 . . 1 6 — 14.0 - — 2 3 .5 .5 4 49 1 1 0 . . 5 7 1 - - 1 6 8 3 . . 6 5 1 1 9 9 4 4 7 8 2 2 4 2 , , 2 7 4 5 4 4 2 2 4 2 , , 3 8 9 6 9 8 3 1 2 , , 5 1 3 6 0 2 .4 .1 1 1 , , 6 8 8 6 0 6 . . 4 3 -1 2 5 1 9 0 . . 2 0 7 7 0 5 . . 9 8 1949 6.4 .3 "-19.1 — 1 190.7 '2-37.6 1949 24,427 24,563 164.6 686.4 -495.7 69.9 1949—Apr... .5 -5.2 — .2 19.4 -5.2 1949—May. . 24,342 24,511 49.7 9.5 37.8 5.6 May. . .4 .3 6.3 June. . 24,466 24,637 126.1 6.9 121.6 5.5 June.. .8 -.1 9.5 -4.5 July... 24,520 24,705 67.3 131.1 -19.9 5.7 July... 6 -3.5 — .2 12.7 —2.1 Aug.. . 24,608 24,771 66.5 257.4 -208.5 6.5 Aug.. . .6 -7.0 22.3 -3.9 Sept... 24,602 24,728 -43.1 98.1 -154.8 6.2 Sept... .5 — 1 6 9.5 -4.8 Oct.... 24,584 24,688 -39.8 56.1 -89.1 7.3 Oct.... .5 — .1 12.7 — 1.1 Nov... 24,479 24,626 -61.7 7.6 -63.9 7.4 Nov... .3 3.3 —2.4 Dec... 24,427 24,563 -63.2 -1.4 -59.4 6.6 Dec.... .4 — .3 5.8 —8.5 1950—Jan.... 24,395 24,507 -56.3 39.0 -93.2 5.9 1950—Jan.... .4 .2 «37.1 Feb.... 24,345 24,456 -51.2 .2 -50.4 5.5 Feb... .5 .1 9 -1.3 Mar ... 24,246 24,360 -96.2 -1.6 -95.4 6.1 Mar.,. 4 .3 —3.5 Apr.... 24,247 24,350 -9.2 . P53.3 -59.2 (4) Apr. P. .5 .1 c 16.8 3.7 May... P24.231P24,339 P-11.0 (4) 5-29.9 (4) P Preliminary. r Revised. c Corrected. 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 4.1 million tion to International Monetary Fund. to other countries. i Not yet available. 3 Includes imports of 43.1 million dollars of Thailand gold from 6 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 4,601.4 million dollars on May 31, 1950. Gold NOTE.—For back figures see Banking and Monetary Statistics, under earmark is not included in the gold stock of the United States. Table 158, pp. 539-541, and for description of statistics, see p. 524 NOTE.—For back figures and description of statistics, see Banking in the same publication. and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. JUNE 1950 753 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 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 A M c e c m um be u r l a s t u e b d s c n r e ip t t i i n o c n o s me 8,0 - 4 3 7 8,0 - 4 3 7 8,0 - 4 3 7 8,0 - 3 2 4 L C o al a l n s s o n (i n su c b l. s c u r n ip d t i i s o b n u s r s t e o d c a p p o i r t t a i l o n st s o c a k n 4 d . . 5 5 5 5 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- Apr. Mar. Feb. Apr. 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 33.0 S C p a e p c i i t a a l l 4 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 15.0 Accumulated net income 23 20 17 10 Chilean pesos 8.8 8.8 8.8 8.8 C Cz o e s c ta h o R sl i o ca v n ak c ia o n lo n k e o s runy. - 6 .9 .0 6!o Q 6i0 Q 6 1 . . 0 3 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. Egyptian pounds 3.0 3.0 3.0 3.0 2 Less than $500,000. Ethiopian dollars .6 .6 .6 .3 3 As of Apr. 30, 1950, the Fund had sold 759.8 million U. S. dollars; French francs 125.0 125.0 125.0 125.0 in addition, the Fund sold to the Netherlands 1.5 million pounds Indian rupees 100.0 100.0 100.0 100.0 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 Ni e c t a h r e a r g la u n a d n s c g o u r i d ld o e b r a 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 t o o 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 . criptions, 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. 753.1 753.1 753.1 725.5 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 i e a a s p t b h i a i t e l n a i r - l d 1941—Dec. 31 .2 780.0 28.8 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950.0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 1,100.0 12.5 2.5 307.9 L,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 1,250.0 13.5 5.1 317.4 L.238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 1,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 1,450.0 23.4 13.6 327.6 L.428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 1,450.0 100.8 15.2 331.3 ]L.349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 1,325.0 36.1 16.7 401.1 \L,293.1 314.5 11.7 92.1 18.1 1949—May 25 .2 1,300.0 36.3 25.9 381.4 1,267.9 299.9 12.0 23.3 90.4 17.9 June 29 .2 1,300.0 26.7 27.0 372.0 ]L,277.9 294.5 8.6 13.5 90.9 18.2 July 27 .2 1,350.0 49.9 15.3 381.6 L,305.1 294.0 11.2 32.4 91.0 18.3 Aug. 31... .2 1,350.0 80.4 10.4 354.1 L,275.0 277.6 15.9 41.7 91.2 18.5 Sept. 28..... .4 1,300.0 41.4 23.6 368.7 L.264.5 295.7 9.1 16.4 93.9 18.5 Oct. 26 .4 1,300.0 47.3 23.3 429.7 1,258.7 298.5 14.0 62.8 107.3 17.8 Nov. 30 .4 1,300.0 39.9 15.3 437.8 1,265.8 295.9 8.9 58.6 111.5 18.0 Dec. 28 .4 1,350.0 33.7 14.8 489.6 L.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 L,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 L.267.3 283.5 12.1 160.0 83.9 18.5 Apr. 26 .4 1,300.0 28.4 22.0 529.4 L ,277.7 288.8 13.9 169.8 89.5 17.8 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. 754 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 S t e t U a rl t n i e n i s g ted securities O as t s h e e t r s circ N ul o a t t e ion2 lia O b a t i n h li d e ti r es dollars S te h r o m r t 1 - Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other capital3 1938—Dec. 31. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 •33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944_Dec. 30. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 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—May 31. 56.4 1,148.1 836.2 57.5 1,263.8 571.2 101.4 65.2 96.7 June 30. 62.7 1,379.6 636.8 56.9 1,270.0 568.3 112.2 73.7 111.8 July 30. 52.9 1,499.2 499.5 45.1 1,271.0 566.9 94.3 73.8 90.6 Aug. 31. 55.7 1,557.2 441.2 64.2 1,269.7 578.0 109.7 61.8 99.2 Sept. 30. 60.1 1,616.8 421.2 119.1 1,290.7 611.5 141.0 64.1 109.8 Oct. 31. 64.9 1,710.6 335.9 80.3 1,293.5 626.0 66.1 77.4 128.8 Nov. 30. 66.1 1,713.9 221.5 54.4 1,283.0 544.7 27.2 84.1 116.8 Dec. 31. 74.1 1,781.4 227.8 42.5 1,307.4 541.7 30.7 126.9 119.2 1950—Jan. 31. 73.1 1,769.1 235.4 73.1 1,259.2 530.7 94.3 145.8 120.7 Feb. 28. 76.7 1,786.2 191.1 56.2 1,250.6 554.8 24.3 176.4 104.2 Mar. 31. 73.7 1,655.9 358.9 75.2 1,258.5 567.3 71.2 150.7 116.1 Apr. 29. 86.0 1,668.3 371.0 56.5 1,269.8 551.6 41.3 199.8 119.4 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 t5 Note Deposits O lia t b h i e l r millions of francs) Gold ex- Other circula- ities change m O ar p k e e n t6 Special Other Current Other tion G m ov e e n r t n- ECA Other ca a p n i d tal 1938—Dec. 29. 87,265 821 1,892 1,797 7,880 30,627 14,028 110,935 5,061 25,595 2,718 1939—Dec. 28. 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 151,322 1,914 14,751 2,925 1940—Dec. 26. 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27,202 44,986 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 68,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 721,318 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_May 25. 862,274 74 118,855 1,876 272,698 155,000 560,990 56,729 1,043,180 890 170,018 14,409 June 30. "62,274 7,775 156,208 894 258,294 166,900 560,990 81,046 1,115,608 286 162,969 15,518 July 28. 862,274 14,380 137,189 4,486 296,228 162,700 560,990 69,764 1,134,440 195 157,714 15,661 Aug. 25. 62,274 36,675 134,031 4,144 255,099 165,000 560,990 67,738 1,133,129 292 136,331 16,199 Sept. 29. 8 62,274 51,504 138,787 15,092 298,005 164,200 560,990 76,261 1,210,606 201 140,548 15,757 Oct. 27. 62,274 53,002 140,936 23,486 305,454 152,700 560,990 81,425 1,218,697 202 142,845 18,522 Nov. 24. 8 62,274 58,174 143,794 28,164 306,397 152,500 560,990 85,587 1,203,768 153 173,396 20,563 Dec. 29. 8 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 1,278,211 1,168 158,973 19,377 1950—Jan. 26. 8 62,274 59,719 132,447 31,410 335,845 159,900 560,990 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. 8 62,274 63,987 123,013 29,279 359,671 166,000 560,990 112,552 1,321,855 24 22,432 115,627 17,828 Apr. 27. 8 62,274 83,526 117,039 29,297 367,740 167,100 560,990 9113,338 1,332,148 21 34,284 114,103 20,747 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 5 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 6 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 7 Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400; 1941, 64,580; 1942, 16,857; 1943, 10,724, 8 Includes 9,293 million francs of gold earmarked as collateral against a loan. For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 9 Includes advance to Stabilization Fund, amounting to 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. 755 JUNE 1950 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) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. Central Bank of the Argentine National Bank of Costa Rica- Dec. Republic (millions of pesos): Issue dept. (thousands of colones): (1949)1 Gold reported separately 656 656 434 Gold 11,545 11,543 Other gold and foreign exchange. ,361 1,276 1,832 Foreign exchange 14,939 26,678 Government securities.. . ,846 1,867 1,721 Contributions to Intl. Fund and Rediscounts and loans to banks.. ,312 29,164 23,948 to Intl. Bank 30,321 30,321 Other assets 197 197 124 Loans and discounts 102,903 79,403 Currency circulation ,198 10,156 7,894 Securities 21,767 22,119 Deposits—Nationalized ,882 20,748 17,803 Other assets 10,293 6,689 Other sight obligations 552 584 658 Note circulation 108,843 106,420 Other liabilities and capital ,741 1,672 1,704 Demand deposits 76,005 63,127 Commonwealth Bank of Aus- Other liabilities and capital 6,921 7,206 tralia (thousands of pounds) : National Bank of Czechoslovakia Gold and foreign exchange 513 820 502,072 461,411 391,731 (millions of koruny): Checks and bills of other banks.. 5,671 4,736 4,712 4,429 Gold and foreign exchange 349 3,439 3,204 Securities (incl. Government and Loans and discounts 716 25,028 23,382 Treasury bills) 339 879 358,035 335,055 348,568 Other assets 433 47,832 48,621 Other assets 88 90 58,759 57,074 Note circulation 447 68,342 66,174 Note circulation 230 225 221,813 212,605 Deposits 702 883 660 Deposits of Trading Banks: Other liabilities and capital 348 7,074 8,372 Special 466 220 459,420 412,970 380,920National Bank of Denmark Other 30 34 •3.7,315 24,882 (millions of kroner): Other liabilities and capital 221 187,839 183,396 Gold 69 69 69 70 Austrian National Bank (millions Foreign exchange 441 423 411 169 of schillings): Contributions to Intl. Fund and Gold 50 50 50 50 to Intl. Bank 6 6 65 65 Foreign exchange 145 142 156 128 Loans and discounts 26 24 28 22 Loans and discounts ,029 ,928 1,804 1,149 Securities. 132 87 91 115 Claim against Government 393 ,634 6,494 6,759 Govt. compensation account.... 4,658 ,663 4,743 4,857 Other assets 37 37 34 6 Other assets 209 416 361 190 Note circulation ,618 ,611 5,342 5,877 Note circulation 1,548 ,550 1,531 1,502 Deposits—Banks 180 256 373 359 Deposits—Government 1,760 ,880 1,944 1,773 Other ,089 ,034 1,023 588 Other 2,071 ,096 2,108 2,068 Blocked ,766 ,890 1,801 1,268 Other liabilities and capital 163 162 184 144 National Bank of Belgium Central Bank of the Dominican (millions of francs): Republic (thousands of dollars): Gold 29,747 ,880 29,747 28,362 Gold 4,030 .030 4,030 4,009 Foreign claims and balances (net) ,939 ,473 9,137 12,726 Foreign exchange (net) 11,974 ,551 11,809 10,245 Loans and discounts ,407 ,197 4,750 4,460 Net claim on Intl. Fund 2. 1,250 ,250 1,250 1,250 Consolidated Government debt. . 939 ,939 34,973 34,991 Paid-in capital—Intl. Bank 40 40 40 40 Government securities ,697 ,034 5,818 4,010 Loans and discounts 252 235 187 136 Other assets ,859 ,061 5,486 3,804 Government securities 5,377 ,377 5,377 4,974 Note circulation ,079 86,659 86,114 83,743 Other assets 651 607 584 833 Deposits—Demand ,245 ,692 1,722 2,241 Note circulation 19,069 ,925 19,277 17,451 ECA 234 277 195 270 Demand deposits 4,232 ,901 3,741 3,845 Other liabilities and capital ,030 ,957 1,88 2,098 Other liabilities and capital 274 266 260 191 Central Bank of Bolivia—Mone- Central Bank of Ecuador tary dept. (millions of bolivianos) (Jan.) (thousands of sucres): Gold at home and abroad 956 956 Gold 265,463278,746 278,264 Foreign exchange 98 182 Foreign exchange (net) -70 300-83,979 3,125 Loans and discounts 1,176 690 Net claim on Intl. Fund 2 16.881 16,881 16,881 Government securities 745 765 Credits—Government 284,250 264,949 185,149 Other assets 112 41 Other 124. 130,971 102,216 Note circulation 2,514 2,220 Other assets . 113, 118,750 103,415 376 193 Note circulation 367, 368,050 338,395 Other liabilities and capital 197 221 Demand deposits—Private banks 94! 106,775 111,344 Central Bank of Chile (millions Other 124 107,977 95,145 of pesos): Other liabilities and capital 147, 143,615 144,165 Gold ,236 1,265 1,345 National Bank of Egypt (thou- Foreign exchange (net). •. 177 189 221 sands of pounds): Net claim on Intl. Fund 2 1 1 1 Gold 6 376 6,376 6,376 Discounts for member banks.... ,652 2,037 1,018 Foreign exchange 14.309 14,065 15,616 Loans to Government 688 686 733 Loans and discounts 9,361 14,307 4,956 Other loans and discounts ,631 2,312 1,964 British, Egyptian, and other Other assets ,551 1,460 1,579 Government securities 325.487324,003 324,057 Note circulation ,607 5,692 4,953 Other assets 49.604 43,576 29,710 Deposits—Bank ,289 1,281 1,222 Note circulation 162 937165,391 151,569 Other 228 346 199 Deposits—-Government 110 623115,464 100,503 Other liabilities and capital 811 633 487 Other 123.490113,088 119,366 Bank of the Republic of Colombia Other liabilities and capital 087 8,384 9,276 (thousands of pesos): Central Reserve Bank of El Salva- Gold and foreign exchange 215,988 233,064 248,330 122,915 dor (thousands of colones): Net claim on Intl. Fund 2 24,368 ,368 24,367 24,367 Gold 46,740 ,788 46,843 36,079 Paid-in capital—Intl. Bank..... 1,371 ,371 1,371 1,370 Foreign exchange (net) 74,050 ,948 72,452 55,557 Loans and discounts 191,394 ,332174,299 179,931 Net claim on Intl. Fund 2 1,565 ,565 1,565 1,564 Government loans and securities. 142,662 ,812140,121 135,190 Loans and discounts 155 48 40 191 Other assets 57,488 ,565 58,272 56,200 Government debt and securities.. 5,078 ,121 5,206 5,261 Note circulation 414,430 422,722 420,501 313,062 Other assets 1,543 ,490 1,455 1,597 Deposits 169,222 180,179 160,977 Note circulation 68,031 ,099 73,125 58,937 Other liabilities and capital 49,620 46,080 45,933 Deposits 55,117 ,971 48,562 35,417 Other liabilities and capital 5,984 ,891 5,873 5,894 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. 756 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued (Figu C d re a e s t n e a t o s r f a o l m f B l o a a n s n t t h k r ) eport Apr. M 19 a 5 r 0 , Feb. A 19 p 4 r 9 . (Figu d C re a e s t n e a t o s r f a o l m f B l o a a n s n t t h k r ) eport Apr. Mar. Feb A 1 p 94 r. 9 State Bank of Ethiopia x Bank of Italy (billions of lire): Bank of Finland (millions of mark- Gold 4 4 4 1 kaa): Foreign exchange 22 21 21 31 Gold 1,787 357 357 269 Advances to Treasury 657 664 660 650 Foreign assets (net) -1,939 -2,329 -2,617 -375 Loans and discounts 198 193 213 174 Clearings (net) -28 125 -277 -1,984 Government securities 221 235 245 201 Loans and discounts 39,493 38,876 39,721 37,682 Other assets 531 524 522 311 Securities 1,036 1,026 1,035 876 Bank of Italy notes 973 965 966 858 Other assets 1,585 2,678 1,756 1,206 Allied military notes 7 7 9 45 Note circulation 30,266 29,935 29,491 27,741 Deposits—Government 163 173 189 119 Deposits 2,667 3,388 2,712 2,142 Demand 152 148 159 124 Bank O t o h f e r G l e ia r b m il a it n i es S t a a n t d e s c 2 apital 9,001 7,410 7,773 •7,792 Other liabil O it t i h es e r and capital 28 5 8 1 29 5 4 2 29 4 3 9 1 3 9 2 1 (millions of German marks): Bank of Japan (millions of yen): Foreign exchange 674 657 1,346 Cash and bullion 1,443 1,412 1,147 Loans and discounts 3,797 3,862 1,591 Advances to Government 81,811 84,456 92,655 Loans to Government 8,049 8,142 8,572 Loans and discounts 108,825 106,605 74,812 Other assets 180 1,135 2,843 Government securities 163,498 170,799 121,781 Note circulation 7,713 7,591 6,745 Reconversion Fin. Bk. bonds. . . . 73,036 Deposits—Government 1,141 1,293 1,500 Other assets 33,976 11,505 41,919 Banks 867 957 1,486 Note circulation 311,344311,811 315,932 Other 339 432 387 Deposits—Government 42,402 34,762 45,433 Other liabilities and capital 3,640 3,522 4,234 Other 20,829 15,796 25,211 Bank of Greece (billions of drach- (Dec. Other liabilities 14,977 12,407 18,774 mae): 1949); The Java Bank (millions of guilders): Gold and foreign exchange (net). 284 355 Gold 4 675 675 675 471 Loans and discounts 114 58 Foreign bills 43 47 51 77 Advances—Government 3,937 2,059 Loans and discounts 91 77 66 68 Other 2,163 1,460 Advances to Government 2,262 1,612 1,729 915 Other assets 825 495 Other assets 94 91 88 81 Note circulation 1,859 1,250 Note circulation 1,627 1,007 968 775 Deposits—Government 592 289 Deposits 1,190 1,162 1,332 745 Reconstruction and Other liabilities and capital5. . . . 347 333 309 92 Ot r h e e li r ef accts 1,8 7 6 42 8 3 48 9 8 8 Bank M o o f n e M ta e r x y i c r o e se (m rv i e ll i 6 ons of pesos): 788 799 786 647 Other liabilities and capital 2,262 2,002 "Authorized" holdings of secu- Bank of Guatemala (thousands of rities, etc 2,440 2,500 2,536 1,792 quetzales): Bills and discounts 183 182 173 708 Gold 27,229 27,229 27,229 27,230 Other assets 357 327 262 164 Foreign exchange 10,613 11,068 10,138 18,464 Note circulation 2,224 2,226 2,226 1,906 Gold contribution to Int'l. Fund. 1,250 1,250 1,250 1,250 Demand liabilities 928 970 919 683 Rediscounts and advances 5,747 5,661 5,661 3,055 Other liabilities and capital 616 613 613 722 Other assets 19,158 19,218 19,346 11,992 Netherlands Bank (millions of Circulation—Notes 35,544 36,369 36,442 33,537 guilders): Coin 3,164 3,191 3,181 3,086 Gold 7 871 871 871 439 Deposits—Government 2,097 2,332 2,393 3,930 Silver (including subsidiary coin). 12 12 12 6 Banks 12,887 12,482 11,568 11,725 Foreign assets (net) 868 820 745 243 Other liabilities and capital 10,304 10,052 10,039 9,713 Loans and discounts 158 152 178 144 National Bank of Hungary (mil- Govt. debt and securities 2,850 2,850 ,100 3,300 lions of forint): Other assets 799 783 791 378 Gold 482 412 Note circulation—Old 65 66 68 106 Foreign exchange 13 226 New 2,908 2,932 ,007 2,957 Discounts 4 Deposits—Government 543 544 444 128 Loans—Treasury 287 311 Blocked 30 36 32 59 Other 9,204 7,043 ECA 659 514 714 287 Other assets 211 263 Other 833 862 922 780 Note circulation 2,673 2,929 Other liabilities and capital 519 534 511 194 Demand deposits—Government. 12 1Reserve Bank of New Zealand Other 6,913 4,747 (thousands of pounds): Other liabilities and capital 599 581 Gold 4,027 3,954 2,843 Reserve Bank of India (millions of Sterling exchange reserve 47,344 43,269 53,650 rupees): Advances to State or State un- Issue department: dertakings 61,598 61,071 39,968 Gold at home and abroad 400 400 400 Investments 43,658 48,658 34,095 Sterling securities 6,503 6,503 7,203 Other assets 7,004 6,128 6,327 Indian Govt. securities 4,403 4,153 3,937 Note circulation 53,196 53,800 50,834 Rupee coin 511 514 474 Demand deposits 104,090 103,234 80,275 Note circulation 11,635 11,570 11,814 Other liabilities and capital 6,345 6,047 5,774 Banking department: Bank of Norway (millions of kroner): Notes of issue department.... 182 146 201 Gold 242 246 232 Balances abroad 2,084 1,938 1,* Foreign assets (net) 149 127 223 Bills discounted 20 53 104 Clearing accounts (net) -98 -103 -54 Loans to Government 2 3 35 Loans and discounts. . .• 36 37 78 Other assets 924 1,105 1,224 Securities 47 47 48 Deposits 2,914 2,963 3,078 Occupation account (net). ,112 7,112 7,813 Other liabilities and capital. . . 298 282 291 Other assets 73 80 110 Note circulation ,227 2,175 2,054 Central Bank of Ireland (thousands Deposits—Government ,881 2,822 4,095 of pounds): Banks. . ,396 1,472 853 Gold 2,646 2,646 2,646 2,646 Blocked 564 569 714 Sterling funds 48,142 47,962 47,183 44,422 Other 39 42 166 Note circulation 50,788 50,608 49,829 47,068 Other liabilities and capital.... 455 466 568 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. 8 Latest month available. * Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per guilder. s Pending negotiations with the Netherlands and the ECA, counterpart funds are included in "Other liabilities and capital," beginning February 1950. 6 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 7 Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. JUNE 1950 757 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1950 1949 Central Bank 1950 1949 (Figures as of last report (Figures as of last report date of month) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets -. 4,859 4,333 4,13. 3,985 Issue department: Note circulation 27,561 27,535 27,29' 25,080 Gold at home and abroad.. 44 4' 44 Deposits—Government 1,256 1,404 5. 1,379 Sterling securities 714 714 979 Other 2,489 2,653 2,66' 2,641 Pakistan Govt. securities... 361 265 Other liabilities and capital.... 592 519 54 598 Govt. of India securities. .. 235 332 342 Bank of Sweden (millions of kronor) India currency 43: 43: 404 Gold 156 153 15- 176 Rupee coin 55 53 50 Foreign assets (net) 892 971 981 307 Notes in circulation 1,773 1,760 1,723 Swedish Govt. securities and ad- Banking department: vances to National Debt Office5 2,898 2,770 3,029 3,348 Notes of issue department.. 68 79 96 Other domestic bills and advances 158 151 123 95 Balances abroad , 327 346 857 Other assets 326 328 328 380 Bills discounted 105 105 109 Note circulation 3,207 3,161 3,133 3,019 Loans to Government 1 1 Demand deposits—Government. 437 409 470 563 Other assets 393 330 177 Other 184 122 354 302 Deposits 809 780 1,164 Other liabilities and capital.... 603 680 657 422 Other liabilities and capital. , 80 76Swiss National Bank (millions of Bank of Paraguay—Monetary dept. francs): (thousands of guaranies): Gold 6,243 6,249 6,23: 5,948 Gold 600 600 600 62 Foreign exchange 296 274 264 365 Foreign exchange (net) , 3,263 -258 -2,841 -3,631 Loans and discounts 89 93 91 151 Net claim on Int'l. Fund 1 2,710 2,710 2,710 2,710 Other assets 68 69 64 81 Paid-in capital—Int'l. Bank..... -194 -18: -170 -9: Note circulation 4,267 4,299 4,245 4,298 Loans and discounts 113,416 108,87 109,675 83,640 Other sight liabilities 2,033 1,987 2,006 1,726 Government loans and securities. 9,187 9,944 11,020 5,170 Other liabilities and capital 396 398 400 520 Other assets 12,794 7,774 4,270 9,446 Central Bank of the Republic of Note and coin issue 104,638 95,798 90,338 75,488 Turkey (thousands of pounds): Demand deposits 32,074 28,917 29,959 19,642 Gold 431,709431,709 451,306 Other liabilities and capital 5,063 4,749 4,966 2,737 Foreign exchange and foreign Central Reserve Bank of Peru clearings 148,04 166,282 122,465 (thousands of soles): Loans and discounts 849,75: 827,183 738,697 Gold and foreign exchange 2 291,563292,677 180,922 Securities 44,325 45,440 194,872 Net claim on Int'l. Fund 1 20,495 20,495 20,496 Other assets 55,126 70,493 44,148 Contribution to Int'l. Bank 2,238 2,238 2,238 Note circulation 898,742912,075 928,774 Loans and discounts to banks. . . 187,309 174,948 137,731 Deposits—Gold 153,040153,040 153,036 Loans to Government 707,604 708,035 723,127 Other 313,068316,464 198,680 Other assets 227,577223,974 36,598 Other liabilities and capital 164,109159,528 270,997 Note circulation 901,597889,800 787,099 Bank of the Republic of Uruguay Deposits 162,238 162,999 253,437 (thousands of pesos): Other liabilities and capital 372,951369,569 60,575 Gold. . 288,976284,430 248,845 Central Bank of the Philippines Silver 11,513 11,689 12,151 (thousands of pesos): Paid-in capital—Int'l. Bank 311 307 313 Gold 3,881 3,436 3,219 2,721 Advances to State and govern- Foreign exchange 444,691438,357 438,781 685,164 ment bodies 157,331147,675 141,568 Net claim on Int'l. Fund * 7,502 7,502 7,502 Other loans and discounts 261,705255,073 248,857 Loans 72,749 87,198 85,451 Other assets 271,387260,822 240,506 Domestic securities 115,502 106,450 104,650 1,731 Note circulation 296,688295,564 279,933 Other assets 146,387 149,224 138,769 164,693 Deposits—Government 85,411 89,274 74,089 Note circulation 537,948544,296541,577 580,527 Other 276,325276,188 275,038 Demand deposits—U. S. dollars3. 40,551 Other liabilities and capital 332,798298,970 263,180 Pesos 141,283 139,776 130,328 142,734 Central Bank of Venezuela (mil- Other liabilities and capital 111,481108,094 106,466 90,497 lions of bolivares): Bank of Portugal (millions of Gold 1,041 1,041 1,041 889 escudos): Foreign exchange (net) 64 39 103 227 Gold 3,139 3,192 3,239 Other assets 59 61 73 33 Foreign exchange (net) 9,030 9,227 7,859 Note circulation—Central Bank. 780 795 804 779 Loans and discounts 473 456 440 National banks. . 1 1 1 1 Advances to Government 1,245 1,244 1,247 Deposits 172 163 190 335 Other assets 450 446 548 Other liabilities and capital 211 181 221 32 Note circulation 7,788 7,908 8,153 Bank for International Settle- Demand deposits—Government.. 344 543 243 ments (thousands of Swiss gold ECA 113 113 francs): Other 3,750 3,654 3,974 Gold in bars •83,584 567,550212,520 153,030 Other liabilities and capital 2,343 2,347 963 Cash on hand and with banks. . . 27,728 42,650 48,828 19,554 South African Reserve Bank Sight funds at interest 2,934 1,681 1,681 1,914 (thousands of pounds): Rediscountable bills and accept- Gold ^ 58,768 51,657 42,983 ances (at cost) .39,340 35,181 09,373 19,160 Foreign bills 77,997 68,647 2,076 Time funds at interest 33,156 31,151 18,204 22,860 Other bills and loans 9,772 10,516 84,601 Sundry bills and investments 150,982 :O6,75O 143,347 166,224 Other assets 36,930 45,978 12,657 Funds invested in Germany 197,201 •97,201 197,201 297,201 Note circulation 66,370 64,715 65,699 Other assets -. 1,585 1,555 1,572 1,827 Deposits 96,342 90,667 69,116 Demand deposits (gold) 13,990 96,767 79,515 17,353 Other liabilities and capital 20,755 21,415 7,501 Short-term deposits: Bank of Spain (millions of pesetas): Central banks—Own account.. 409,657 173,534 60,553 181,883 Gold .... 668 877 877 1,047 Other 25,704 26,315 6,154 1,344 Silver... 487 487 487 497 Long-term deposits: Special 28,909 128,909 28,909 228,909 Government loans and securities. 15,143 15,800 15,919 15,965 Other liabilities and capital 58,250 158,192 57,593 252,281 Other loans and discounts 10,741 10,613 9,143 8,205 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 3 Account of National Treasury. 4 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 6 Includes small amount of non-Government bonds. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120. 758 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 n i i n t g ed - France m G a e n r- y g B i e u l m - N e e r t - h- S d w en e- Sw er i - tz- ba C n e k n t o r f a — l R M 3 a a 1 t y e eff D ec a t t i e ve ba C n e k n t o r f a — l R M 3 a a 1 t y e eff D ec a t t i e ve dom lands land J In a n 1 e . 9 f f 3 e 8 ct 4 D ,1 e 9 c 3 . 9 3 . 1 . , 2 2 3 4 2y2 2 IX A A l u b s a tr n i i a a . sy2 A M M u a a g r r . . . 21 3 1 , , , 1 1 1 9 9 9 4 4 3 5 0 6 J I I r t a a e p l l a y a n nd 4 5 .1 2 1 J N A u p o ly r v . . 23 5 6 , , , 1 1 1 9 9 9 4 5 4 3 0 8 Apr. 17 4 Belgium Oct. 6, 1949 Java 3 Jan. 14, 1937 May 11 3 Bolivia 5 4 Feb. 4, 1948 Latvia 5 Feb. 17, 1940 July 6 2)4 Aug. 24 4 Aug 29 3 S O e c p t. t . 2 28 6. 3 2 C Ch a i n le ada. iy2 F D e e b c . . 1 8 6, , 1 1 9 9 4 3 4 6 L M i e th xi u c a o nia. . . 6 J J u u l n y e 1 4 5 , , ^ ^ 1 1 9 9 4 3 2 9 Dec. 15 3 Colombia 4 July 18, 1933 Netherlands . June 27,11941 Jan. 25, 1940 2 Costa Rica.... 3 Apr. 1, 1939 New Zealand. July 26,|l941 Apr 9 3)4 Czechoslovakia 2Y2 Oct. 28, 1945 Norway Jan. 9J1946 May 17 3)4 Mar. 17, 1941.. 1M May 29 3 J J u an n . e 2 1 7 6, 1945.. 2)4 D Ec e u n a m d a o r r k 1 s 0 y2 J M an ay . 1 1 5 3 , , 1 1 9 9 4 4 6 8 P P e o r r u tugal.... 6 N Ja o n v . . 1 1 2 3 , , 1 1 9 94 4 4 7 Jan. 20 1% El Salvador... 3 Mar. 2, 1950 South Africa. Oct. 13, 1949 Feb. 9 2)4 Estonia Oct. 1, 1935 Spain 4 Mar. 18, 1949 Nov 7 1946 2\t> Finland July 1, 1949 Sweden 2)4 Feb. 9, 1945 Dec. 19 3 Jan. 10,1947.. Aug. 27 3)4 France 3 Oct. 1, 1948 Switzerland.. Nov. 26, 1936 Oct. 9 2H 8L3 Germany July 14, 1949 Turkey 4 July 1, 1938 June 28 1948 11-5 Greece 12 July 12, 1948 United King- Sept. 6 Hungary...... 5 Nov. 1, 1947 dom. ..... 2 Oct. 26, 1939 Oct. 1. . . India 3 Nov. 28, 1935 U.S.S.R.... 4 July 1, 1936 May 27, 1949.. July 14 . i 1—4 Oct. 6 ii/ 1 The lower rate applies to the Bank Deutscher Laender, and the higher In effect May 31, rate applies to the Land Central banks. 1950 2 3 11-4 3M IX NOTE.—Changes since Apr. 30: None OPEN-MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Netherlands Sweden land Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1942—Mar .55 1.03 1.00 1.03 1.59 1.25 1943—Mar .50 1.03 1.00 .90 1.58 1.25 1944—Mar .39 1.03 1.00 1.13 1.65 1.25 1945—Mar .37 1.03 1.00 1.00 1.60 .25 1946—Mar .36 .53 .51 .63 1.34 1.05 1.00 .25 1947—Mar .40 .53 .51 .63 1.41 1.65 1.19 .25 1948—Mar .41 .56 .51 .63 2.09 1.45 .99 .50 1949—Mar .42 .56 .52 .63 2.10 1.38 1.01 .63 1949—Apr .49 .58 .51 .63 2.12 1.29 1.24 .63 May .50 .63 .52 .63 2.43 1.28 1.03 .63 June .51 .63 .52 .63 P2A6 1.32 .83 .52 July .51 .63 .52 .63 P2.34 1.43 .83 .50 Aug. .51 .67 .52 .63 P2.06 1.25 .91 .50 Sept .51 .69 .52 .63 P2.03 1.15 1.01 .50 Oct .51 .69 .52 .63 P2.25 1.07 .78 .50 Nov .51 .69 .52 .63 *2.55 1.16 .93 .50 Dec .51 .69 .52 .63 P2.55 1.32 1.03 .50 1950—Jan .51 .69 .52 .63 2.18 1.31 1.22 1.50 Feb .51 .69 .52 .63 2.40 1.54 1.50 1.50 Mar .51 .69 .52 .63 2.70 1.45 1.13 1.50 P 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. JUNE 1950 759 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom i Assets Liabilities (1 b m 1 a i n ll L k io s o 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 i e 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 O as t s h e e ts r Total D D e e p m os a it n s d Time li c a 3 i a b a t p i n h l i d i e t t a r i l es 1943—December 422 151 133 1,307 ,154 761 349 4,032 2,712 1,319 245 1944—December 500 199 147 1,667 ,165 772 347 4,545 3,045 1,500 250 1 1 9 9 4 4 5 6 — — D D e e c c e e m m b b e e r r # # 5 49 3 9 6 2 4 5 32 2 3 6 6 10 9 1 1, , 5 5 6 2 0 3 , ,4 2 2 3 7 4 9 8 9 2 4 7 3 5 7 05 4 4 5 , , 8 6 5 8 0 5 3 3 , , 2 8 6 2 2 3 1 1 , ,8 5 6 8 2 8 3 2 4 6 2 5 1947—December 502 480 793 1,288 ,483 1,219 567 5,935 3,962 1,972 396 194g—December .... 502 485 741 1,397 ,478 1,396 621 6,200 4,159 2,041 420 1949—April 500 481 799 1,025 ,501 1,445 540 5,886 3,875 2,011 405 May 487 498 816 1,037 ,502 1,436 501 5,872 3,869 2,004 403 June 481 500 786 1,142 ,502 1,461 562 6,025 3,961 2,064 410 July 492 492 788 1,160 ,512 1,435 508 5,973 3,939 2,034 413 August 492 498 797 1.088 ,511 1,438 510 5,922 3,896 2,026 412 September 490 518 971 903 ,516 1,477 548 6,009 3,959 2,049 413 October 499 556 1,162 744 ,517 1,476 511 6,050 3,997 2,053 414 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—Tanuary 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 March 485 534 1,106 444 1,503 1,602 553 5,783 3,812 1,971 443 Assets Liabilities Canada (10 chartered banks. Entirely in Canada Se lo c a u n ri s ty e D x e c p lu o d si in ts g p i a n y te ab rb le a n i k n d C e a p n o a s d it a s End in o f m m il o li n o t n h s f o ig f ures a a n b d r o n a e d t Securities Other ci N rc o u t l e a- lia O b t i h li e ti r es Canadian dollars) Other due from assets tion and re C se a r s v h es Se lo c a u n ri s ty l d o i a sc n o s u a n n t d s f b o a re n i k g s n Total Demand Time capital 1943—D ecember 471 48 1,156 250 ?,940 744 42 4,395 2,447 1,948 1,172 1944—December 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 1,289 1945—December 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1946—December 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 1,525 1947—December 731 105 1,999 106 3,874 1,159 18 6,412 2,671 3,740 L,544 194-8—December 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4,057 L.537 1949—April 760 90 2,199 149 4,267 987 15 7,029 2,690 4,339 L.408 IVlay 776 74 2,202 154 4,342 1,056 15 7,131 2,792 4,339 L.459 June 734 72 2,195 141 4,396 1,130 15 7,183 2,853 4,330 L.471 July 751 77 2,188 143 4,460 952 15 7,130 2,789 4,341 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 L,471 December 765 133 2,271 146 4,345 1,058 14 7,227 2,794 4,433 L,477 1950—January 745 100 2,263 158 4,365 1,033 1 7,197 2,703 4,494 1,467 February 749 84 2,299 149 4,391 1,046 (3) 7,277 2,741 4,537 1,439 March 731 83 2,344 146 4,453 1,081 (3) 7,400 2,828 4,573 L,438 Assets Liabilities France (4 large banks. End Deposits Other of month figures in Cash Due from Bills dis- Loans Other Own liabilities millions of francs) reserves banks counted assets Total Demand Time ances ca a p n i d tal 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 17f,555 2,179 557 5-977 1945—December 14,733 14,128 155,472 36,621 4,783 215,615 ?11,592 2,023 2,904 r,218 1946—December 18,007 18,940 195,223 65,170 17,445 291,945 29C,055 1,890 15,694 M45 1947—December 22,590 19,378 219,386 86,875 27,409 341,547 33S,090 3,457 25,175 I5,916 1948—December 45,397 35,633 354,245 126,246 34,030 552,221 S45,538 6,683 30,638 V-,691 1949—March 38,024 33,720 330,902 135,617 39,720 528,241 S?f ,846 7,394 32,127 r ,615 April 39,482 36,469 368,937 129,306 40,846 561,787 SS4,453 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 5^ ,184 6,854 28,384 24-948 July 46,205 38,626 407,822 124,098 43,852 601,745 ,063 6,682 29,700 25.157 August 41,276 36,888 395,351 128,804 45,310 587,137 58C,010 7,127 29,105 31,387 Septe mber 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 6?f ,211 6,881 23,537 38,881 November 38,343 43,810 400,043 134,779 46,063 597,316 585,900 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 February 36,419 45,579 424,838 137,143 36,056 632,035 623,031 9,005 29,747 18,252 v 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. 3 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. 760 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.^403 100.000 91.999 1948 29.773 25.125 26!666 321.22 2.2816 5.^L406 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—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 22: .16 1.9912 5.4406 90.909 90.205 May. . 29.778 20.695 17.456 13.896 22: .16 1.9921 5.4406 90.909 90.110 France Year or rnonth C (r e u y p l e o e n ) C ( o p b l e i o s a o m ) - C s ( l k z o o e v r c u a h n k o a ia - ) ( m D kr a e o n r n k - e) (franc) I (r n u d p i e a e * ) M (p e e x s i o c ) o ( e g N r u l e a il t n d h e d - r s ) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) 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 A5407 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—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 May.. . 20.850 2.0060 14.494 .2859 20.870 11.564 26.264 277.29 14.015 United Y m e o a n r t o h r R P e ( p h p p i i e u n l s i b o e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S po o fr u u i n c th d a ) ( S pe p s a e i t n a) S S ( m d e t o e r t l a t n l l a i t e t r s s - ) (k S d r w o e e n n - a) e S (f r w r l a a i n t n c z d ) - K ( i p n o g u d n o d m ) Ur (p u e g s u o a ) y Official Free 1944 398.00 403.50 65.830 53.506 1945 .... 399 05 403.50 403.02 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—june. m 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 May. . 49.616 3.4577 278.38 32.761 19.333 23.291 280.07 65.833 56.180 42.553 1 Excludes Pakistan, beginning April 1948. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for January 1950, p. 123; October 1949, p. 1291; January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209. JUNE 1950 761 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 19 1 n t 2 a 0 i 6 0 t t e e ) s d = C (1 a 1 9 n 0 2 0 a 6 ) d = a M (19 1 e 3 0 x 9 0 i ) c = o K U ( i 1 n 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 9 1 t 3 0 a 8 0 l y ) = ( a 1 J v 9 a = e 3 p r 1 4 a a ) - g n 3 e 6 ( J J N u u l = n l e a y e t 1 n h 0 1 1 d e 0 9 9 s ) r 3 3 - 8 9 - S (1 w 9 1 3 0 e 5 0 d ) e = n (J S u w = l l y a i 1 t n 0 z 1 d 0 e 9 ) 1 r- 4 1926 100 100 U24 106 150 U26 144 1937 86 85 109 89 94 1 108 114 111 1938 79 79 101 100 100 1 102 111 107 1939 77 75 103 105 104 2 105 115 111 1940 79 83 103 137 139 121 2 131 146 143 1941 87 90 110 153 171 136 2 150 172 184 1942 99 96 121 159 201 153 2 157 189 210 1943 103 100 146 163 234 2 160 196 218 1944 104 103 179 166 265 2 164 196 223 1945 106 104 199 169 375 4 181 194 221 1946 121 109 229 175 648 16 251 186 215 1947 152 129 242 192 989 5,159 48 271 199 224 1948 165 153 260 219 1,712 5,443 128 281 214 233 1949 155 157 285 230 L,917 5,170 204 296 216 221 1949—Anril 157 158 280 227 L.846 5,393 200 295 216 224 May 156 156 284 231 1,890 5,278 203 294 215 221 155 156 285 232 1,812 5,215 203 294 216 220 July 154 157 289 229 1,854 5,034 204 293 215 221 August 153 155 288 230 1,918 4,889 208 r293 214 220 September 154 155 294 231 1,958 4,910 211 295 216 218 October 152 157 296 237 ?.OO2 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 4,747 213 306 219 213 1950—January 152 157 288 245 2,063 4,732 224 310 219 212 February 153 158 291 245 '•2,057 P4,758 P222 313 220 209 !March 153 159 304 »-245 2,101 P221 315 P220 209 April 153 160 307 250 vl,095 *>313 P208 P Preliminary. r Revised. 1 Approximate figure, derived from old index (1913 =100). Sources.—See BULLETIN for January 1950, p. 124; June 1949, p. 754; June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1926=100) :i926=100 (1930=100) (July 1938-June 1939=100) Year or month Raw and Fully and pr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p g c a o a t r u o n t r d l u e y s - d fa c m g c h o a t i u e o n f r d u l e y s - d Foods p I ro n tr d d i u a u l c s- ts Foods t p r I r i o n a d d l u u r c s a - t w s p fi I r n o n tr i d d s i h u a u l e c s d - ts 1926 100 100 100 100 100 100 1937 86 86 85 87 84 81 102 112 1938 69 74 82 74 73 78 97 104 1939 65 70 81 64 67 75 97 106 io3 112 i64 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 166 162 147 147 161 142 197 249 243 370 297 1949—April 171 163 149 148 161 142 186 251 243 369 294 May 171 164 147 148 160 142 199 250 240 367 294 June .. 169 162 146 149 160 142 202 249 233 367 296 July 166 161 145 151 161 142 202 245 233 364 295 162 161 145 147 159 142 202 244 230 364 295 September....... 163 162 145 146 159 142 201 248 235 366 298 October 160 160 145 146 161 143 210 252 244 376 297 November 157 159 145 146 161 143 213 255 265 378 303 155 156 146 145 160 143 212 257 270 372 304 1950—January. ....... 155 155 146 144 160 143 >"214 261 275 384 305 February 159 157 146 145 162 143 215 262 282 381 309 ]March 159 156 146 147 164 144 215 262 279 383 310 April. .. 159 155 146 148 165 144 221 266 P Preliminary. r Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 762 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- Y m e o a n r t o h r ( U S 1 = 9 n t a 3 1 i 0 5 t t e e 0 - s d 3 ) 9 (1 C = 9 a 3 1 a d 5 0 n a 0 - - 3 ) 9 1 K 7 ( d J , i o u n 1 m n g 9 e 4 - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 e ) N (1 = l e 9 a 1 3 t n 0 h 8 d 0 e - s ) 3 r- 9 ( l 1 J a e 9 u n r 1 n - d 4 e Y m e o a n r t o h r ( U S 1 = 9 n t a 3 1 i 0 5 t t e e 0 - s d 3 ) 9 (1 C = 9 a 3 a 1 d 0 5 n a 0 - - 3 ) 9 1 K 7 ( d J , i o u n 1 m n g 9 e 4 - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 e ) ( N 1 = l e 9 a 1 3 t n 0 h 8 d 0 e - s ) 3 r- 9 ( l 1 J a e 9 u r n 1 n - 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-April 203 199 108 1,738 248 227 1949-April 170 159 109 1,757 218 221 May 202 200 114 1,725 256 227 May... o o. 169 160 111 1,738 221 222 June 204 203 115 1,715 260 228 June 170 161 111 1 726 223 222 July 202 207 116 1,704 251 228 July 169 162 111 1,715 219 221 August 203 209 116 1,744 246 228 August.... 169 163 111 1,753 216 221 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.... 196 204 121 1,920 274 223 March.... 167 164 113 1,906 237 217 April 197 205 ^1,942 April 167 164 P114 P1,922 P237 Preliminary. 1 This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17, are 166 for retail food prices and 203 for cost of living. Sources.—See BULLETIN foi\January 1950, p. 125; July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month S U g ( t r n h a a i i t d g t e e e h s d ) i C (1 a = 9 n 3 1 a 5 0 d 0 -3 ) a 9 2 ( 1 K D 9 U 2 i e n 1 c n g e i = m t d e 1 o b d 0 m e 0 r ) F (1 r 1 9 a 3 0 n 0 8 c ) = e N la e n th d e s r 3 - ( U 1 S = 9 n t 3 a 1 i 5 0 t te e - 0 3 d s ) 9 C (1 a = 9 n 3 1 a 5 0 d - 0 a 3 ) 9 4 ( K 1 U 9 in 2 n 6 g i = d te 1 o d 0 m 0) 1 (D F 93 r e a 8 c n e = m c 1 e 0 b 0 5 er ) (1 N 9 l 3 a e 8 n t h d = e s 1 r 6 0 - 0) Number of issues... 12 (2) 87 50 14 416 106 278 5 295 27 1942 118.3 100.7 127.3 146.4 69.4 64.2 75.3 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 87«? 1947 1103.2 118.5 130.8 132.0 105.6 123.0 106.0 94.6 1,149 202.2 1948 98.7 105.0 129.9 117.0 107.1 124.4 112.5 92.0 1,262 211.2 1949 101.9 107.6 126.5 109.4 106.8 121.4 109.4 87.6 L.129 195.3 1949—May 101.0 105.9 130.4 108.9 106.3 117.7 105.3 88.9 L,050 188.8 June 100.9 105.9 129.3 107.9 107.3 112.0 99.6 85.3 L.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.... 104.0 110.7 119.9 110.9 110.4 136.7 118.3 87.9 L,036 202.5 March 104.1 110.9 119.4 111.5 109.0 138.8 118.7 88.4 L.045 197.0 April (7) 110.3 119.9 P112.3 108.7 141.8 125.9 89.1 VL.024 191.0 Preliminary. 1 New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average for the old series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States, see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly figures are averages of monthly quotations on the capitalized yield as calculated on the 15th of every month. 3 This index represents the reciprocals of average yields for 14 issues, including government, provincial, municipal, mortgage, and industrial bonds. The average yield in the base period (January-March 1937) was 3.39 per cent. 4 This index is based on 95 common stocks through 1944; on 100 stocks, 1945-1948; and on 106 stocks beginning 1949. 5 In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424. 6 This index is based on 27 Netherlands industrial shares and represents an unweighted monthly average of daily quotations. The figurea are not comparable with data for previous years shown in earlier BULLETINS. 7 Series discontinued beginning Apr. 1, 1950. 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. 763 JUNE 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM THOMAS B. MCCABE, Chairman MARRINER S. ECCLES R. M. EVANS M. S. SZYMCZAK ERNEST G. DRAPER JAMES K. VARDAMAN, JR. ELLIOTT THURSTON, Assistant to the Board CHESTER MORRILL, Special Adviser to the Board 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 764 FEDERAL RESERVE BULLETIM 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 * President Bank of Deputy Chairman First Vice President Vice rlesiuems Boston Albert M. Creighton Joseph A. Erickson John J. Fogg Alfred C. Neal Harold D. Hodgkinson William Willett Robert B. Harvey 2 Carl B. Pitman E. G. Hult 0. A. Schlaikjer E. 0. Latham 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 N. L. Armistead C. B. Strathy John B. Woodward, Jr. J. S. Walden, Jr. R. L. Cherry K. Brantley Watson R. W. Mercer 3 Edw. A. Wayne W. R. Milford Charles W. Williams Atlanta Frank H. Neely W. S. McLarin, Jr. P. L. T. Beavers Joel B. Fort, Jr. Rufus C. Harris L. M. Clark V. K. Bowman T. A. Lanford J. E. Denmark E. P. Paris S. P. Schuessler Chicago F. J. Lunding C. S. Young Allan M. 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. 2 Cashier. 3 Also Cashier. 4 General Manager. JUNE 1950 765 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS The material listed below may be obtained from No. 7. International Monetary Policies. the Division of Administrative Services, Board of No. 8. Federal Reserve Policy. Governors of the Federal Reserve System, Wash- The price for the set of eight pamphlets is $1.25; ington 25, D. C. Where a charge is indicated, 25 cents per pamphlet, or, in quantities of 10 or remittance should be made payable to the order more for single shipment, 15 cents per pamphlet. of the Board of Governors of the Federal Reserve System. THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND FUNCTIONS November 1947. 125 pages. 75 BOOKS cents per cloth-bound copy; in quantities of 10 or more copies for single shipment, 50 cents each. BANKING STUDIES. Comprising 17 papers on bank- Paper-bound copies available without charge. ing and monetary subjects by members of the DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, Board's staff. August 1941; reprinted March As of December 31, 1947. July 1948. 122 pages. 1949. 496 pages. Paper cover. $1.00 per copy; As of June 30, 1949. December 1949. 122 pages. in quantities o£ 10 or more copies for single ship- HISTORICAL SUPPLEMENT TO FEDERAL RESERVE ment, 75 cents each. CHARTS ON BANK CREDIT, MONEY RATES, AND BANKING AND MONETARY STATISTICS. Statistics of BUSINESS. 113 charts. March 1950 edition. banking, monetary, and other financial develop- Annual subscription to monthly chart book inments. November 1943. 979 pages. $1.50 per cludes supplement; single copies, 60 cents each. copy. No charge for individual sections (un- In quantities of 10 or more copies for single shipbound). ment, 50 cents each. (Domestic rates) MONETARY AND BANKING REFORM IN PARAGUAY. REGULATIONS OF THE BOARD OF GOVERNORS OF THE Includes translation of laws, accompanying re- FEDERAL RESERVE SYSTEM. Individual regulations ports, and introduction reviewing the monetary with amendments. history of Paraguay. July 1946. 170 pages. $1.00 per copy. PERIODICAL RELEASES RULES OF ORGANIZATION AND RULES OF PROCEDURE WEEKLY (Board of Governors of the Federal Reserve System). September 1946. 31 pages. CONDITION OF THE FEDERAL RESERVE BANKS THE FEDERAL RESERVE ACT, as amended to Novem- CONDITION OF WEEKLY REPORTING MEMBER BANKS ber 1, 1946, with an Appendix containing pro- IN CENTRAL RESERVE CITIES visions of certain other statutes affecting the CONDITION OF WEEKLY REPORTING MEMBER BANKS Federal Reserve System. 372 pages. 50 cents per IN LEADING CITIES paper-bound copy; $1.00 per cloth-bound copy. DEPARTMENT STORE SALES, BY CITIES DEBITS AND CLEARINGS STATISTICS, THEIR BACK- WEEKLY DEPARTMENT STORE SALES GROUND AND INTERPRETATION. October 1947. 50 WEEKLY FOREIGN EXCHANGE RATES pages. 25 cents per copy; in quantities of 10 or WEEKLY REVIEW OF PERIODICALS more copies for single shipment, 15 cents each. SEMIMONTHLY POSTWAR ECONOMIC STUDIES. (8 pamphlets) No. 1. Jobs, Production, and Living Standards. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER No. 2. Agricultural Adjustment and Income. BANKS MONTHLY No. 3. Public Finance and Full Employment. No. 4. Prices, Wages, and Employment. FEDERAL RESERVE BULLETIN. Subscription price in No. 5. Private Capital Requirements. the United States and its possessions, Bolivia, No. 6. Housing, Social Security, and Public Canada, Chile, Colombia, Costa Rica, Cuba, Works. Dominican Republic, Ecuador, Guatemala, Haiti, 766 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS Republic of Honduras, Mexico, Newfoundland SEMIANNUAL—QUARTERLY (including Labrador), Nicaragua, Panama, Para- ALL BANKS IN THE UNITED STATES AND POSSESSIONS guay, Peru, El Salvador, Uruguay, and Vene- —PRINCIPAL ASSETS AND LIABILITIES zuela is $2.00 per annum or 20 cents per copy; QUARTERLY EARNINGS AND DIVIDENDS OF LARGE elsewhere, $2.60 per annum or 25 cents per copy. CORPORATIONS Group subscriptions in the United States for 10 PRELIMINARY EARNINGS OF MEMBER BANKS or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. ANNUAL FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY ANNUAL REPORT OF THE BOARD OF GOVERNORS OF RATES, AND BUSINESS. $6.00 per annum in- THE FEDERAL RESERVE SYSTEM cluding historical supplement, or 60 cents per BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EXcopy. In quantities of 10 or more copies of a CEPT INTERBANK ACCOUNTS particular issue for single shipment, 50 cents IRREGULAR each. (Domestic rates) ASSETS AND LIABILITIES OF MEMBER BANKS (Con- ASSETS AND LIABILITIES OF ALL BANKS IN THE densed) UNITED STATES MEMBER BANK CALL REPORT (Detailed) ASSETS AND LIABILITIES OF ALL MEMBER BANKS, SURVEYS OF CONSUMER FINANCES BY DISTRICTS BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EX- REPRINTS CEPT INTERBANK ACCOUNTS (From Federal Reserve Bulletin unless preceded by an asterisk) BUSINESS INDEXES THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS CONSUMER CREDIT IN THE UNITED STATES, November 1938. 20 CONSUMER INSTALMENT CREDITS OF COMMERCIAL pages. BANKS # PROBLEMS OF BANKING AND BANK SUPERVISION. CONSUMER INSTALMENT CREDITS OF INDUSTRIAL Excerpts from the Board's 1938 Annual Report. BANKS 33 pages. CONSUMER INSTALMENT CREDITS OF INDUSTRIAL MONETARY MEASURES AND OBJECTIVES. September LOAN COMPANIES 1937, April 1939, and May 1939. 8 pages. CONSUMER INSTALMENT LOANS OF THE PRINCIPAL THE GOLD PROBLEM TODAY, by E. A. Goldenweiser, TYPES OF FINANCIAL INSTITUTIONS January 1940. 4 pages. DEPARTMENT STORE CREDIT THE PAR COLLECTION SYSTEM OF THE FEDERAL RE- DEPARTMENT STORE SALES (Indexes and Compari- SERVE BANKS, by George B. Vest. February 1940. sons with Previous Year) 8 pages. DEPARTMENT STORE SALES AND STOCKS, BY MAJOR HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RE- SERVE POLICY, by Arthur Hersey. April 1940. DEPARTMENTS 11 pages. DEPARTMENT STORE STOCKS CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM, FOREIGN EXCHANGE RATES by E. A. Goldenweiser. May 1940. 5 pages. INTERDISTRICT SETTLEMENT FUND GENERAL INDEXES OF BUSINESS ACTIVITY, by Frank NATIONAL SUMMARY OF BUSINESS CONDITIONS R. Garfield. June 1940. 7 pages. OPEN-MARKET MONEY RATES IN NEW YORK CITY GOLD RESERVES OF CENTRAL BANKS AND GOVERN- RETAIL FURNITURE REPORT MENTS. September 1940. 18 pages. RETAIL INSTALMENT CREDIT AT FURNITURE AND MEASUREMENT OF PRODUCTION, by Woodlief Thomas HOUSEHOLD APPLIANCE STORES and Maxwell R. Conklin. September 1940. 16 SALES FINANCE COMPANIES pages. SELECTED LIST OF ADDITIONS TO THE RESEARCH FEDERAL RESERVE BANK LENDING POWER NOT DE- LIBRARY PENDENT ON MEMBER BANK RESERVE BALANCES. STATE BANK MEMBERS AND NONMEMBER BANKS February 1941. 2 pages. THAT MAINTAIN CLEARING ACCOUNTS WITH FED- ADJUSTMENT FOR SEASONAL VARIATION, by H. C. ERAL RESERVE BANKS (Also annual list) Barton, Jr. Description of method used by Board JUNE 1950 767 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS in adjusting economic data for seasonal variation. STERLING IN MULTILATERAL TRADE, by J. Burke June 1941. 11 pages. Knapp and F. M. Tamagna. September 1947. COMMERCIAL AND INDUSTRIAL LOANS AT MEMBER 8 pages. BANKS, April 16-May 15, 1942. August, Septem- BANK LOANS TO FARMERS— ber, and November 1942. 32 pages. COMMERCIAL BANK LOANS TO FARMERS, by Tynan FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION. Smith and Philip T. Allen; FARM MORTGAGE From August 1940, September 1941, and October LOANS AT COMMERCIAL BANKS, by Philip T. 1943 issues of BULLETIN with supplementary data. Allen; FARM PRODUCTION LOANS AT COMMERCIAL October 1943. 120 pages. BANKS, by Herman Koenig and Tynan Smith; REVISED INDEX OF DEPARTMENT STORE SALES. June THE STRUCTURE OF INTEREST RATES ON COM- 1944. 20 pages. MERCIAL BANK LOANS TO FARMERS, by Richard Youngdahl. October and December 1947. 36 REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES. September 1944. 2 pages. pages. ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28, BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929, by Morris A. Copeland and Daniel H. by Mary S. Painter. September 1945. 2 pages. Brill. January 1948. 9 pages. SURVEYS OF LIQUID ASSET HOLDINGS. September 1945. 7 pages. THE FEDERAL RESERVE CHART BOOK AS AN AID TO BANK MANAGEMENT, by Charles H. Schmidt. REVISED INDEX OF DEPARTMENT STORE STOCKS, by April 1948. 9 pages. Richard Youngdahl and John O. Bergelin. June 1946. 25 pages. NEW COMMERCIAL BANKING OFFICES, 1936-1947, by Caroline H. Cagle and Raymond C. Kolb. INDEX OF DEPARTMENT STORE SALES AND STOCKS, BY May 1948. 12 pages. MAJOR DEPARTMENTS. August 1946. 4 pages. RECENT DEVELOPMENTS IN BUSINESS FINANCE; with ESTIMATED DURABLE GOODS EXPENDITURES, 1939-45, INDUSTRIAL DIFFERENCES IN LARGE CORPORATION by Doris P. Warner and Albert R. Koch. Sep- FINANCING, by Charles H. Schmidt. June 1948. tember 1946. 8 pages. 19 pages. BUSINESS LOANS OF MEMBER BANKS— SALES FINANCE COMPANY OPERATIONS IN 1947, by SUMMARY, by Albert R. Koch; TERM LENDING Milton Moss. July 1948. 6 pages. TO BUSINESS BY COMMERCIAL BANKS IN 1946, by THE PHILIPPINE CENTRAL BANK ACT and Text of Duncan McC. Holthausen; SECURITY PLEDGED ON the Act, by David Grove and John Exter. In MEMBER BANK LOANS TO BUSINESS, by Tynan part a reprint from the August 1948 BULLETIN. Smith; THE STRUCTURE OF INTEREST RATES ON 36 pages. BUSINESS LOANS AT MEMBER BANKS, by Richard BANK CREDIT DEVELOPMENTS. October 1948. 12 Youngdahl; MEMBER BANK LOANS TO SMALL pages. BUSINESS, by Charles H. Schmidt. March, May, THE SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL June, July, and August 1947. 80 pages. RESERVE SYSTEM. Address by Chairman Thomas COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL- B. McCabe on October 26, 1948 at the annual MENT FINANCING, by Frieda Baird. March 1947. meeting of the Stockholders of the Federal Re- 6 pages. serve Bank of Boston. November 1948. 5 pages. VALUES AND LIMITATIONS OF CONSUMER FINANCIAL LATIN AMERICA'S POSTWAR INFLATION AND BALANCE SURVEYS FOR ECONOMIC RESEARCH, by Ralph A. OF PAYMENTS PROBLEMS, by David L. Grove and Young and Duncan McC. Holthausen. March Gerald M. Alter. November 1948. 11 pages. 1947. 9 pages. ^STATEMENT ON BEHALF OF THE BOARD OF GOV- METHODS OF RESTRICTING MONETIZATION OF PUBLIC ERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE DEBT BY BANKS. April 1947. 4 pages. THE JOINT COMMITTEE ON THE ECONOMIC REPORT. REVISION OF WEEKLY STATISTICS FOR MEMBER Presented by Chairman Thomas B. McCabe on BANKS IN LEADING CITIES. June-July 1947. 9 February 14, 1949. 7 pages. pages. NEW STATISTICS OF INTEREST RATES ON BUSINESS REVISION OF NATIONAL INCOME AND PRODUCT STA- LOANS, by Richard Youngdahl. March 1949. TISTICS. September 1947. 12 pages. 10 pages. 768 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS, A STUDY OF INSTALMENT CREDIT TERMS, by Milton by Charles H. Schmidt. March 1949. 9 pages. Moss. December 1949. 8 pages. POSTWAR CREDIT CONTROLS IN FRANCE, by Albert FRENCH EXCHANGE STABILIZATION FUND, by Robert O. Hirschman and Robert V. Rosa. April 1949. Solomon. January 1950. 5 pages. 13 pages. INSURANCE OF COMMERCIAL BANK DEPOSITS. February 1950. 5 pages. MOVEMENT TOWARD BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES, by Lewis STATEMENT BY THOMAS B. MCCABE, CHAIRMAN, N. Dembitz and Albert O. Hirschman. May BOARD OF GOVERNORS OF THE FEDERAL RESERVE 1949. 14 pages. SYSTEM ON S. 2822, A BILL "TO AMEND THE FED- ERAL DEPOSIT INSURANCE ACT." February 1950. STATEMENT OF CHAIRMAN THOMAS B. MCCABE OF 5 pages. THE BOARD OF GOVERNORS OF THE FEDERAL RE- STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR SERVE SYSTEM BEFORE THE SENATE BANKING AND DEPOSIT INSURANCE. February 1950. 15 pages. CURRENCY COMMITTEE, May 11, 1949. 6 pages. FEDERAL RECEIPTS AND EXPENDITURES FOR FISCAL NEW SERIES ON QUARTERLY SALES, PROFITS, AND YEAR 1951. February 1950. 10 pages. DIVIDENDS OF 200 LARGE MANUFACTURING COR- # THE CHALLENGE OF OPPORTUNITY VERSUS SECU- PORATIONS, by Eleanor J. Stockwell. June 1949. RITY. Address by Thomas B. McCabe, Chair- 5 pages. man, Board of Governors of the Federal Re- # THE EQUITY CAPITAL SITUATION. A personal serve System before a Seminar group of Life statement by Thomas B. McCabe, Chairman of Insurance Executives. Presented April 13, 1950. the Board of Governors of the Federal Reserve 7 pages. System, prepared at the request of a Subcom- 1950 SURVEY OF CONSUMER FINANCES— mittee of the Committee on Banking and Cur- Preliminary summary. April 1950. 2 pages. rency of the United States Senate. Submitted PART I. GENERAL FINANCIAL POSITION AND ECO- August 5, 1949. 7 pages. NOMIC OUTLOOK OF CONSUMERS. June 1950. 12 FINANCIAL POSITION AND BUYING PLANS OF CON- pages. (Other articles on the 1950 Survey will SUMERS, July 1949. October 1949. 10 pages. appear in subsequent issues of the BULLETIN. READJUSTMENT OF FOREIGN CURRENCY VALUES. Also, similar survey for 1946 from June-Septem- October 1949. 13 pages. ber 1946 BULLETINS, 28 pages; for 1947 from MEASUREMENTS OF SAVINGS, by Daniel H. Brill. June-August and October 1947 BULLETINS, 48 November 1949. 8 pages. pages; for 1948 from June-September and November 1948 BULLETINS, 70 pages; for 1949 from NOTES ON FOREIGN CURRENCY ADJUSTMENTS. No- June-November 1949 and January 1950 BULvember 1949. 14 pages. LETINS, 124 pages.) # REPLY OF THE CHAIRMAN OF THE BOARD OF GOV- INDUSTRIAL DIFFERENCES IN LARGE CORPORATION ERNORS OF THE FEDERAL RESERVE SYSTEM (TO the FINANCING IN 1949, by Eleanor J. Stockwell. Questionnaire of the Joint Congressional Com- June 1950. 6 pages. (Also, similar survey by mittee on the Economic Report). November Charles H. Schmidt. June 1949. 8 pages.) 1949. 112 pages. RETAIL CREDIT SURVEY—1949. From June 1950 # STATEMENT OF THOMAS B. MCCABE, CHAIRMAN OF BULLETIN with supplementary information for THE BOARD OF GOVERNORS OF THE FEDERAL RE- nine separate trades. 38 pages. (Also, RETAIL SERVE SYSTEM, BEFORE THE SUBCOMMITTEE ON CREDIT SURVEY—1943, 1944, 1945, 1946, 1947, MONETARY, CREDIT AND FISCAL POLICIES OF THE 1948 from the June 1944, May 1945, June 1946, JOINT COMMITTEE ON THE ECONOMIC REPORT. July 1947, July 1948, and June 1949 BULLETINS Presented December 3, 1949. 10 pages. with supplementary information.) JUNE 1950 769 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 1 i BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES DA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis