Federal Reserve Bulletin, 1950-07

F E D E R AL E S E R VE BULLETIN JULY 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 Resumption of Bank Credit and Monetary Expansion. . 771-779 1950 Survey of Consumer Finances: Part II. Purchases of Houses and Durable Goods in 1949 and Buying Plans for 1950 . 780-794 Methods of the Survey of Consumer Finances 795-809 Statement on Proposed Small Business Legislation, Presented by Thomas B. McCabe, Chairman of the Board of Governors of the Federal Reserve System, before the Senate Committee on Banking and Currency ... 810-817 Branch Banking in the United States, 1939 and 1949. .. 818-822 Law Department 823-834 Current Events and Announcements 834 National Summary of Business Conditions 835-836 Financial, Industrial, Commercial Statistics, U. S. (See p. 837 for list of tables) 837-909 International Financial Statistics (See p. 911 for list of tables) 911-929 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 930 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 931 Federal Reserve Publications 932-933 Map of Federal Reserve Districts. . 934 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions^ Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 36 July 1950 NUMBER 7 RESUMPTION OF BANK CREDIT AND MONETARY EXPANSION Bank credit and monetary expansion, has been financed in part by expansion of which was interrupted in 1948 and the first bank credit, chiefly through borrowing from half of 1949, was resumed in the 12 months banks by brokers in order to finance growing ending June 1950. It is estimated that pri- margin accounts and, to a lesser extent, vately held deposits and currency amounted through loans by banks directly to customers to about 170 billion dollars on June 30, a for purchasing securities. new peak for that date and about 4.5 bil- Resumption of monetary expansion in lion dollars more than a year earlier. This mid-1949 followed closely on a series of actotal was close to the previous all-time peak tions by the Federal Reserve System designed in December 1947. Bank credit and mone- to combat the recession in economic activity tary expansion in recent months has resulted by increasing the availability of credit and primarily from a mounting volume of real creating easier conditions generally in the estate and consumer loans, together with money market. Subsequently, as it became sustained bank investment in State and local apparent that economic recovery was well government securities. under way, the System modified its program Expansion of bank credit over the past 12 of fostering easier credit conditions. Accordmonths has been a contributing factor to, ingly, in late 1949 and early 1950, strengthenas well as a result of, accelerating business ing demand for short-term credit was rerecovery. Banks have participated widely flected in gradually rising market yields on in financing the construction and owner- Treasury bills and certificates. ship of homes, the recent expansion of busi- By early 1950 the large volume of loanness inventories, and consumer purchases of able funds in the hands of nonbank indurable goods, thus supporting both the mar- vestors had pressed down yields on longket supply and market demand for these term securities to extremely low levels and goods. Over-all bank lending to business long-term credit in the security and morthas fluctuated in accordance with seasonal gage loan markets had become available on patterns. The decline in business lending in very easy terms. In view of these developthe early months of 1950, however, was much ments and the rate at which business activity less than might be expected on seasonal was expanding in key sectors, the Reserve grounds, and this fact together with the pick- System responded to market demands for up in recent weeks indicates a strong de- long-term Government bonds by selling mand for this type of credit. In the stock from its portfolio. By absorbing part of the market increased activity over the past year supply of investment funds in this way, Sys- JULY 1950 771 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESUMPTION OF BANK CREDIT AND MONETARY EXPANSION tern sales exerted a continuing pressure on in commercial bank credit to private borrowbank reserve positions and also contributed ers resulted for the most part from loans to to a modest firming in long-term yields. consumers and real estate owners. Real estate loans. After a period of re- GROWTH IN BANK CREDIT duced lending in the early part of 1949, mort- Paralleling recovery in business activity gage loans on real estate have expanded at since the middle of 1949, a steady strengthen- a rapid rate. Funds available for mortgage ing has taken place in the demand for bank investment have been large and the return credit by borrowers other than the Federal to lenders on mortgage loans has been attrac- Government. Total loans to private bor- tive relative to alternative investments. At rowers and bank purchases of State and local the same time loans have been available to government securities increased by about 5l/ borrowers on very favorable terms. Recent 2 billion dollars in the 12 months ending June Federal housing legislation and changes in 1950. Bank loans, which declined sharply regulations further liberalized terms on mortin the first half of 1949 as a result of a re- gages underwriter by the Veterans Adminduction in loans to business, resumed growth istration and the Federal Housing Adminin the ensuing 12 months. At the end of istration. June 1950 the total outstanding was almost 4 In the early months of 1949 mortgage billion dollars above the level of the preceding lending by commercial banks, as well as by June. As is shown in the chart, the increase others, declined, following the sharp dfop in residential building and real estate activity COMMERCIAL BANK LOANS in the winter of 1948-49. With the marked MEMBER BANKS ALL INSURED BANKS IN LEADING CITIES revival of residential building in the spring BiLLlONS OF DOLLARS BILLIONS OF DOLLARS of 1949, mortgage lending rose, but by the middle of the year bank mortgage portfolios had increased by only 200 million dollars, a much smaller amount than in any similar period since the war. With the continuation of the rise in building and the improved economic outlook in the last half of 1949 and increased availability of funds, real estate loans outstanding at commercial banks expanded by about 600 million dollars, about the same amount as in the last half of 1948. For the year as a whole, however, real estate loans increased somewhat less at commercial banks than at either savings and loan associations, life insurance companies, or savings banks, and the propor- 1946 1948 1949 1949 1950 All insured commercial banks in the United States. Com- tion of total real estate loans held by commercial loans include commercial and industrial loans, open market commercial paper, and acceptances. Latest figures are mercial banks decreased. At the end of 1949 for Dec. 31, 1949. For member banks in leading cities, figures on commercial commercial banks held about 11 billion dolloans include commercial, industrial, and agricultural loans, open market commercial paper, and acceptances. Latest lars of nonfarm mortgage loans, or a little figures are for June 28, 1950. Loans to banks, not shown. 772 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESUMPTION OF BANK CREDIT AND MONETARY EXPANSION more than a fourth of the total outstanding CONSUMER INSTALMENT CREDIT mortgage debt held by institutional lenders, BILLIONS OF DOLLAR* END OF MONTH sLLIONS OF DOLt 14 compared with 20 per cent at the end of 1948. In contrast to a year ago, builders began 12 J early in 1950 on large building programs. i In the first six months of the year the num- 10 / TOTAL / ber of new housing units started was at the INSTALMENT CREDIT / highest level on record—more than 50 per 8 / cent larger than in the same period of 1949. y 6 $ The volume of new mortgage lending has / expanded beyond the high volume of the 4 / LOAN CREDIT ^ ~* closing months of 1949. """'** AUTOMOBILE SALE CREDIT "^V<> The current demand for mortgage credit 2 R SALE CREDIT will probably continue throughout 1950, be- *--...,.... >-* 0 cause of both the unprecedented number of 1945 1946 1947 1948 1949 1950 Estimates. Latest figures are for May. housing units already started and an indicated strong demand for new and old houses. crease in the same period of 1948. In the past The Board's Survey of Consumer Finances, several years a growing share of the increase reported elsewhere in this BULLETIN, reveals in total instalment credit has reflected financthat more than one million families have ing of consumer purchases of automobiles. "definite" plans to buy new houses this year Commercial banks have continued to parand a substantial number of families plan ticipate heavily in the extension of credit to to enter the market for used houses. Family consumers. Since last June bank loans to incomes continue generally high, liquid assets consumers have expanded about 1.5 billion are still widely held, and new family forma- dollars, a growth of near-record amount. tion is being maintained at a high rate. The Also, banks currently appear to be extending supply of mortgage funds is currently large about the same proportion of total instalment and terms to borrowers are generally the credit as in the past several years. A large most favorable in history. part of the growth in bank loans to consum- Consumer loans. Increased bank lending ers in the past year has represented bank to consumers has been part of the general financing of automobile purchases but in expansion in consumer credit by all types of addition there has been increased lending for lenders. Growth in such credit has acceler- purchases of other goods reflecting the strong ated since the Board's relaxation of consumer consumer demand for durables of all kinds, credit regulations in the spring of 1949 and To some extent banks also financed conthe expiration of the Board's authority to sumers indirectly by making advances to, or regulate this form of credit in mid-1949. buying the paper of, sales finance companies Since June 1949 consumer credit extended and retailers. bv all lenders has increased by about 3 billion Business loans. One of the important facdollars. Expansion of instalment credit, as is tors in changes in the level of total bank shown in the chart, has been particularly loans at commercial banks since the end of marked—the increase in the last half of 1949 the war has been business borrowing, which being over 50 per cent greater than the in- constitutes the largest loan category. Where- JULY 1950 773 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESUMPTION OF BANK CREDIT AND MONETARY EXPANSION as bank loans on real estate and loans to con- goods to finance inventory expansion has sumers have moved upward steadily in this been a special factor of strength in business period to record highs, the amount of busi- loan demands. ness borrowing outstanding has fluctuated, Agricultural loans. Short-term loans to especially since 1947, as shown in the chart farmers by the commercial banks have on page 772. changed only moderately in the past 12 Business loans at commercial banks de- months, following a substantial increase in clined by much more than the usual seasonal earlier postwar years. In the last half of amount in the first half of 1949. Although 1949 an expansion of 500 million dollars in business profits decreased sharply in this commodity loans guaranteed by the Comperiod from the record levels reached in modity Credit Corporation was offset in part the latter part of 1948, the volume of funds by a reduction of 200 million in other loans available to business from current operations to farmers. According to present indications, was large and was supplemented by liquida- outstanding guaranteed loans declined more tion of inventories and accounts receivable than is usual in the first half of the current and by further sales of new securities. With year as a result of the rise in prices of farm reduced needs for financing through bank products, while other loans to farmers excredit at lower levels of activity, some of panded seasonally. the available funds were used to retire out- Loans on securities. Credit for purchasstanding bank debt. ing or carrying securities other than those Since mid-1949 business loans have recov- of the United States Government has inered part of the decline of the first half of creased steadily during the past year, conthat year. A seasonal increase in these tinuing a rise that began in the spring of loans began in August, somewhat later than 1949 shortly after the Board of Governors usual, but gained momentum in the last reduced margin requirements on security four months of the year. Inventory liquida- loans. Customer borrowing from brokers tion continued, although at a slower rate in margin accounts has increased by over 70 than in the first half, but there was a sub- per cent during the past year and now totals stantial increase in customer financing and about 1.2 billion dollars. Banks, however, a seasonal rise in plant and equipment ex- have supplied most of this additional credit penditures. indirectly through loans to brokers or dealers Demand for business loans has continued who have extended credit to their customers strong in the first six months of 1950. As in margin accounts. business activity has accelerated in recent The increase since mid-June 1949 in loans months, businesses generally have made sub- at reporting banks for purchasing or carrying stantial seasonal additions to inventories and securities other than United States Governcustomer receivables, a portion of which is ment securities amounted to 785 million dolordinarily financed by bank loans. They lars, or about 70 per cent. Most of this increase have also maintained their plant and equip- was in the form of loans to brokers and ment expenditures at levels only slightly dealers. The total of bank loans on such selower than last year. Borrowing by finance curities, however, both to brokers and dealers companies for carrying expanding consumer and to others, is still less than 2 billion dolcredit and by dealers in consumer durable lars or about 7 per cent of total loan portfolios 774 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESUMPTION OF BANK CREDIT AND MONETARY EXPANSION of commercial banks. This amount is much released by the reduction in their reserve resmaller than in previous periods of substan- quirements in July, August, and September, tial stock market activity. Bank loans for 1949. A substantial part of the bank demand purchasing or carrying United States Gov- for short-term Governments was supplied ernment securities have fluctuated widely in by the Federal Reserve System. In addition, response to short-term requirements but have banks purchased considerable amounts of decreased somewhat in level since June 1949. Treasury bonds from the market as increas- State and local government securities. ing prices over the second half of 1949 made State and local governments in recent years these less attractive to nonbank investors. have been increasing their indebtedness substantially to carry out public works programs EXPANSION IN THE MONEY SUPPLY and to pay bonuses to veterans of World After two years of little change at high War II. A large part of this financing has levels, the volume of deposits and currency come from the commercial banks, which in- held by businesses and individuals increased creased their portfolios of State and local by about 4% billion dollars during the 12 government securities by about 1.5 billion months ending June 1950 to a new peak dollars during the past year. This form of level for the midyear. The expansion was credit was one of the principal components of very substantial compared with that in the the increase in bank credit to borrowers other two preceding 12-month periods, as the chart than the United States Government. shows. Most of the increase took place in the second half of 1949. There was, how- UNITED STATES GOVERNMENT SECURITIES ever, some further increase in the first six Holdings of United States Government months of 1950, in contrast to declines for securities by the banking system (Federal the corresponding period in 1948 and 1949. Reserve, commercial, and mutual savings The principal factor influencing the banks) declined substantially in the first four growth in the privately held money supply months of 1950 but increased again in May in the 12 months ending in June 1950 was and June. The commercial banks and the Federal Reserve Banks each reduced their MONETARY EXPANSION CHANGES IN DEPOSITS ADJUSTED AND CURRENCY holdings by about one-half billion dollars YEAR ENDING JUNE 30 while mutual savings bank portfolios were little changed in total amount. Strong cash positions of corporations and others, combined with increased yields and resumption of bond sales by the Federal Reserve System, formed the basis for a shift in Government securities to nonbank investors in early 1950. The decline in commercial bank holdings of Government securities in the first half of 1950 followed a very large increase in these holdings in the second half of 1949, Based on deposits for all banks in the United States. Dewhen member banks entered the Govern- mand deposits adjusted exclude U, S. Government and interbank deposits and items in process of collection. Time dement securities market vigorously with funds posits include deposits in the Postal Savings System and in mutual savings banks. Figures are partly estimated. JULY 1950 775 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESUMPTION OF BANK CREDIT AND MONETARY EXPANSION the substantial expansion in the volume of MAJOR FACTORS AFFECTING DEPOSITS AND CURRENCY JULY 1949—JUNE 1950 bank credit to borrowers other than the [In billions of dollars, partly estimated] United States Government, as is shown in the table. Treasury operations, including 1949 1950 Total, July changes in Treasury deposits with the bank- Item 1949- July- Oct.- Jan.- Apr.- June ing system and new financing, had only a Sept. Dec. Mar. June 1950 small contractive effect over the 12-month Factors affecting deposits and currency 1 period as a whole, but they contributed sig- Gold outflow +0.1 -0.2 -0.2 (2) -0.2 nificantly to monetary developments during Loans to private borrowers and securities of State the year. A small gold outflow also tended and local governments and of corporations helci to contract the privately held money supply. b tu y a l c s o a m v m ing er s c i b a a l n k a s nd mu- +1.6 +1.6 +1.7 +1.7 +6.6 Treasury transactions 3 -1.3 +0.7 -1.4 +1.6 -0.5 In the last half of 1949, and especially in Market transactions of banking system in U. S. the last quarter, deposits and currency held Gov't securities4 +1.2 #:? -2.2 +0.4 +0.6 Other factors, net -0.9 -0.6 -0.5 -1.8 by businesses and individuals expanded sub- Changes in deposits and curstantially and reached a level only nominally rency held by individuals and businesses, total +0.7 +3.5 -2.7 +3.2 +4.7 below the peak of December 1947. In this Demand deposits adjusted. . +1.2 +2.7 -2.5 +2.7 +4.1 half year banking system purchases of T C i u m rr e e n d c e y p o o s u it t s s i 5 de banks.... - - 0 0 . . 1 4 + + 0 0 . . 2 5 + -0 0 . . 8 7 +0 (2 .4 ) + -0 1 . . 7 2 medium- and short-term United States Gov- 1 Signs before figures indicate effect on deposits and currency. ernment securities from nonbank investors, Changes are net. 2 Less than 50 million dollars. seasonal expansion in loans at commercial 3 Treasury deposits, decrease (+) or increase (—), and Treasury sale (+) of new U. S. Government securities to, or retirement (—) and savings banks, and additions to bank of maturing securities held by the banking system which includes commercial banks, mutual savings banks, andt Federal Reserve holdings of State and local government se- Banks. Figures include an 800 million dollar increase in Treasury bills in July-September 1949 and a 1.1 billion increase in Aprilcurities tended to increase the privately held Jun 4 e E x 1 c 9 lu 50 de . s sales of new bills by the Treasury as indicated in note above. money supply. The effect of these increases 5 Includes changes in deposits at commercial banks, mutual savings banks, and the Postal Savings System. was partly offset by shifts of funds to Treas- NOTE.—Changes are based on figures for June 30, Sept. 28, and Dec. 31, 1949, and Mar. 29 and June 28, 1950. All data for June ury accounts at Reserve Banks and commer- 28, 1950 are estimated. Figures may not add to totals because of rounding. cial banks, largely as a result of sales of savings notes in the third quarter. Subse- tures and banking system sales of more than quently in the fourth quarter Treasury dis- 2 billion dollars of Government securities bursements in excess of receipts reduced these in response to strong nonbank demand. In deposits somewhat, but over the two quarters the following quarter Treasury operations the increase in Treasury deposits constituted added to the privately held money supply a drain of about 1.3 billion dollars. The net through a reduction in Treasury deposits effect of all factors over the six-month period and through new financing. The principal was an increase of more than 4 billion dollars factor tending to expand the privately held in privately held deposits and currency. money supply was the substantial increase During the first half of 1950 the privately in bank loans which amounted to over 2 bilheld money supply increased somewhat fur- lion dollars in the first half of the year. Banks ther, with reductions in the first quarter of also added about 1 billion dollars to their the year more than offset by increases in the holdings of State and municipal securities. second quarter. Principal contractive factors As mentioned above, the privately held in the first quarter were the seasonally large money supply as of June 1950 reached a Treasury tax receipts in excess of expendi- new peak for the midyear. 776 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESUMPTION OF BANK CREDIT AND MONETARY EXPANSION MORE ACTIVE USE OF MONEY ease reflected a series of actions taken by the Federal Reserve System during the previous An increase in private holdings of deposits spring and the summer to combat the busiover the past 12 months has been accompanness downturn and promote a return to ied by an increase in the rate oi turnover of higher levels of production and employment. deposits, particularly in recent months. As These actions followed moderate measures is shown in the chart, the turnover of deof restraint adopted in 1947 and 1948. mand deposits at reporting banks in the first In November 1949, with economic recovery half of 1950 is significantly greater than that well under way, the Federal Reserve underof the 1946-49 period, which had already took to modify prevailing conditions of exshown substantial increases over the war treme monetary and credit ease. Growing period. This higher rate of money use comdemand for credit resulted in an expansion bined with a larger money supply reflects in required reserves. System purchases of a larger volume of expenditures than in any Government securities to supply these addiearlier comparable period. The rate of use tional reserves to banks were made at increasof deposits is still considerably below the ing rates. Subsequently the Federal Reserve levels of other periods of peacetime prossold securities to absorb any additions to perity, however, and a substantial further bank reserves from other sources. Yields on increase in expenditures could be supported short-term Government securities began to without additional deposit creation. increase in the late autumn and moved irregularly higher for several months. By the TURNOVER OF DEMAND DEPOSITS end of April 1950 they had advanced about SEMIANNUALLY l/s of 1 per cent to about the same levels prevailing in the spring of 1949. Early in 1950 the Federal Reserve also began a program of open market operations to modify somewhat the extremely easy conditions in the market for long-term credit. Substantial amounts of funds were being offered in this credit sector by savings institutions, including insurance companies, savings banks, and savings and loan associations, as well as by pension funds and personal trusts. Stimulated in part by the ready avail- 1946 1947 9948 1949 1950 ability of such credit, capital outlays—par- Data are semiannual averages of monthly figures of the ticularly for residential construction—were ratio of debits to the level of demand deposits, excluding interbank and U. S. Government deposits, at weekly reporting mem- increasing rapidly to levels that were tending ber banks in New York City and in other leading cities. to press on available resources. Furthermore, under the impact of abundant investment MODIFICATION OF CREDIT POLICY funds, capital values were increasing sharply Recovery in economic activity after mid- and prices of long-term bonds were under 1949 was aided by ready availability of credit considerable upward pressure. at very low rates. This monetary and credit In recognition of these developments the JULY 1950 777 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESUMPTION OF BANK CREDIT AND MONETARY EXPANSION Federal Reserve System, which had refrained Over the first half of 1950 yields on longfrom selling any appreciable amounts of term Treasury bonds not eligible for purlong-term Government bonds after mid-1949 chase by banks rose by somewhat more than when it adopted a vigorous policy of mone- Y$ of 1 per cent. Yields on corporate securitary ease, began early in 1950 to make bonds ties stabilized for several months early in available to the market from its portfolio. the year and increased slightly thereafter, Over the first half of the year, as shown in as shown in the chart. On State and local the table, Reserve Bank holdings of restricted government issues, yields remained steady Treasury bonds declined by 1.4 billion dol- throughout the first half of 1950 at levels lars. These sales of bonds by the System close to those reached early in the year. tended to absorb some of the money being offered for long-term investment and thus MONEY RATES helped to reduce the amount of such funds to a level more consistent with the volume of private investment being financed through the capital markets. MAJOR FACTORS AFFECTING MEMBER BANK RESERVES JULY 1949—JUNE 1950 [In billions of dollars] July Nov. Jan. Total, 24- 1- Julyl, Item Nov. Dec. June 1949- 23, 31, 30, June 30, 1949 1949 1950 1950 Factors affecting bank reserves:1 Gold stock +0.1 -0.1 -0.2 -0.2 Money in circulation (2) -0.1 +0.4 +0.3 Treasury deposits at the Reserve Banks (2) -0.4 -0.1 -0.5 Corporate bond yields, Moody's Investors Service; high- Federal Reserve holdings grade municipal bond yields, Standard and Poor's Corporaof U. S. Gov't securi- tion. "For Treasury bills, rate is average discount on new issue ties R .: estricted bonds (2) (2) -1.4 -1.4 offered during week. Latest figures are for week ended July 1. Other securities -1.6 +1.2 +0.7 +0.3 Other factors, -0.4 (2) (2) -0.4 Federal Reserve open market operations, Changes in member bank reserves, total -1.9 +0.6 -0.6 -1.9 and particularly its program of selling long- Excess reserves -0.3 +0.4 -0.6 -0.5 term Government bonds, generally tended Required reserves, total... -1.6 +0.2 (2) -1.4 Effect of: to exert a drain on bank reserves;in the first Reduction in reserve requirement percentages —2 2 -2.2 half of 1950. Additions to bank reserves Change in deposits. +0.6 +0.2 (2) +0.8 in January from the seasonal return of cur- 1 Signs before figures indicate effect on bank reserves. rency from circulation and a reduction in 2 Less than 50 million dollars. Treasury balances at the Reserve Banks were Yields on long-term securities of all types absorbed by System sales of Treasury bills had declined in 1949 and were at extremely and bonds. Subsequent Federal Reserve sales low levels by the end of the year. With the of long-term bonds to nonbank investors adoption by the Federal Reserve of a pro- tended further to drain reserves from banks. gram for selling Government bonds this In order to meet this drain and to maintain decline was arrested and in part reversed. their reserve positions, banks were under 778 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESUMPTION OF BANK CREDIT AND MONETARY EXPANSION pressure to sell short-term Government instalment basis. Automobile producers are securities. Some of these were bought by continuing high levels of production, and corporations and other nonbank investors, the marketing of passenger cars will be an thus reducing bank deposits and required important factor in further demand for conreserves, and some were bought by the Fed- sumer instalment credit. Inventory accumueral Reserve, thereby supplying reserves. As lation by businesses and credit extended to was indicated earlier, commercial bank holdcustomers, which ordinarily require addiings of Government securities declined by tional bank credit in the latter part of the about 600 million dollars over the first half year, have been resumed on an appreciable of the year. scale. The foregoing factors, combined with the CURRENT SITUATION anticipated cash deficit of the Federal Gov- The current demand for credit from both ernment and the construction programs of public and private sectors of the economy is State and local governments, indicate a strong. The extraordinary number of housstrong demand for bank credit for the nearing starts in the first half of this year comterm future. While it is too early to assess bined with the indicated active demand for the full effect on the American economy of new housing will, in the normal course of recent developments in the international events, give rise to further large demand for mortgage credit. As the units are occupied, field, credit and monetary forces generated there will be substantial requirements for fur- by these developments appear likely to supniture and other consumer durable goods plement rather than counteract current much of which is usually purchased on an trends. JULY 1950 779 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES PART II. Purchases of Houses and Durable Goods in 1949 and Buying Plans for 1950 1 Consumer purchases of durable goods set new frequent than in 1948, reflecting for the most part records in 1949, in terms of both number of buyers the reduced turnover of existing houses. and volume of expenditures. Not all commodities The number of people intending to buy homes, were in peak demand, however. Purchases of automobiles, and other durable goods in the ensuing automobiles and television sets were considerably 12 months was at least as large in early 1950 as a more extensive than in 1948 but buying of major year earlier. Those planning to buy this year household appliances, such as refrigerators and appeared to be somewhat more certain of carrying washing machines, either showed no change or out their intentions than was the case last year. declined. Purchases of homes were somewhat less The findings given above were included in the brief outline of survey results presented in the 1 This is the second in a series of articles presenting the April and June issues of the BULLETIN. This article results of the 19.50 Survey of Consumer Finances spon- presents a more detailed treatment of consumer sored by the Board of Governors of the Federal Reserve System and conducted by the Survey Research Center of purchases of durable goods and houses in 1949 and the University of Michigan. An article beginning on page of intentions to purchase in 1950. 795 of the BULLETIN discusses the technical aspects of the survey and the statistical limitations of its results. The first SUMMARY article in the series appeared in the June BULLETIN and covered the general financial position and economic outlook of The total number of nonfarm houses purchased consumers. Subsequent issues of the BULLETIN will contain articles analyzing changes in the distribution of incomes,- in for owner occupancy was smaller in 1949 than consumer saving patterns, and in holdings of liquid and in earlier postwar years, primarily because fewer nonliquid assets. existing houses changed hands. Although data The present article was prepared by Irving Schweiger of the Consumer Credit and Finances Section of the Board's on construction activity indicate that more new Division of Research and Statistics. The author has neces- houses were started in 1949 than in 1948, the sarily maintained a close working relationship with the number completed and sold within the year appears staff of the Survey Research Center at all stages of his work and his analysis of survey tabulations has had the to have declined in 1949. The aggregate value benefit of many suggestions from the Center's staff, par- of new and existing houses bought for owner ticularly John B. Lansing, James K. Dent, and Marian H. Walsh. occupancy was considerably less than in 1948 be- Data are based on the results of about 3,500 interviews cause of a decline in both the number of units taken in 66 sampling areas throughout the nation. The bought and the average purchase price paid. sample is representative of the entire population of the United States residing in private households. The follow- Plans to buy houses (new and existing) during ing groups are omitted: (1) members of the armed forces the next 12 months were at least as numerous at the and civilians living at military reservations; (2) residents in beginning of 1950 as they had been a year earlier. hospitals and in religious, educational, and penal institutions; and (3) the floating population, that is, people Intentions to buy newly built houses appeared to be living in hotels, large boarding houses, and tourist camps. somewhat more frequent than in early 1949 and The interview unit of the survey is the spending unit, defined as all persons living in the same dwelling and survey data justify an estimate of well over 1 milbelonging to the same family who pool their incomes to lion consumers having "definite" plans to buy new meet their major expenses. houses in 1950. The number of consumers who ex- The limitations of survey data outlined in the June 1950 BULLETIN and in the technical discussion beginning on page pressed some intention to buy a new house was 795 are applicable to the information presented in this about as large for 1951 as for 1950, but intentions article. Survey findings approximate the true order of magwere less definite for the more remote period. Vetnitude of data but do not represent exact values. Variations from the true values may be introduced by chance fluctuations erans appeared to constitute a larger part of the in the particular sample of interviews, by errors in reporting prospective market for new and existing homes in " on the part of those interviewed, by differences in interpretation by either respondents or interviewers, and by methods both 1950 and 1951 than they did in 1949. The used in processing data. Only the first of these—sampling prices that prospective buyers were expecting to error—can be measured statistically. It should be kept in pay in the two later years were similar to those mind that the other sources of error may be of equal importance to the accuracy of survey results. that had been anticipated for 1949. 780 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

19SO SURVEY OF CONSUMER FINANCES Survey data indicate that about half the spending were responsible for at least half of the increase units in the population bought an automobile or in number of new-car purchases while sharply other major durable good in 1949. Approximately expanded purchases by units with incomes of less 11 million units purchased automobiles and more than $5,000 accounted for most of the spectacular than 20 million bought other major durable goods. rise in television sales. Further broadening of the Nearly 5 million of these units bought both a car market for durable goods in 1949 was accompanied and one or more of the other goods. The aggregate by an increase in the use of instalment credit. value of these purchases is estimated at 22 billion Plans to buy new cars within the year were at dollars, compared with an estimate of 19 billion in least as frequent in 1950 as in 1949, a year of 1948. Consumers with incomes of less than $3,000 record sales. Intentions to purchase furniture, TABLE 1 CONSUMER INTENTIONS TO BUY AND ACTUAL PURCHASES OF HOUSES AND DURABLE GOODS 1 s P p e e r n c d e i n n t g a g u e n o it f s E of s ti ( s m i p n a e n t m e d d i i l n li g n o n u s m u ) n b i e ts r exp M en e d d i i t a u n re 2 exp A e v n e d r i a t g u e re 2 E e s ( t x i i n p m e b a n i t l d e li d i o t u n t r s o e ) t s a 2 l Type of purchase Planned Actual Planned Actual Planned Actual Planned Actual Planned Actual pur- pur- pur- pur- pur- pur- pur- pur- pur- purchases chases chases chases3 chases chases chases chases chases chases Houses:4 1950 New 54.0 1.9 $7,500 $7,900 $21 3 Existing 5 1.7 0.8 1949 E N x e i w sting 2 2 .9 1 2 1 . 2 3 1 1. 3 0 0 1 . 6 0 7,000 $5,920 8,200 $7,040 18,5 $11.2 1948 E N x e i w sting 2 2 . . 6 0 3 1 . . 5 7 0 1 . . 9 1 0 1 . . 8 6 6,600 7,800 7,400 9,000 15.0 21.3 1947 E N x e i w sting . 3 2 . . 3 6 3 1 . . 6 4 1 1 . . 4 1 0 1. . 6 6 5,100 6,000 6,300 7,100 15.8 15.5 Automobiles:6 1950 «714 6 7 6 10 9 1949 13.0 21.6 6.6 11.4 1,400 1,330 10 5 15 1 1948 10.7 17.0 5.2 '8.8 1,310 i 1,330 8.0 11.5 1947 11 7 14.9 5 5 7.3 (8) 1,210 1,250 7 1 9 2 1946 10.7 10.7 4.9 5.0 830 920 5.4 4.6 New automobiles: 1950 e78.7 4.5 1,920 1,990 8.9 1949 8.5 8.6 4.3 4.5 1,990 2,090 2,060 2,190 8.8 9.9 1 19 9 4 4 7 8 8 7 . . 5 6 5 6 . . 8 1 34 .07 2.8 1 1 , , 8 5 0 0 0 0 2 1 , ,8 0 3 9 0 0 1 1 , , 8 5 6 4 0 0 2 1 , , 1 95 3 0 0 6 6. 1 9 6 5 .7 6 1946 8 3 3.3 3.8 1.5 1,500 1,620 2 3 Used automobiles: 1950 . . .. «75 9 3 1 540 650 2 0 1949 4.5 13.0 2.3 6.9 630 600 710 760 1.7 5.2 1948 3 1 10 9 1.5 5.6 '600 770 710 880 1 l 4 9 1947 3.2 9.1 1.5 4.5 '530 710 650 780 1.0 3 5 1946 2.4 7.4 1.1 3.5 540 630 2.3 Other selected durable goods: 1950 24.4 12.7 290 390 5 0 1949 23.3 39.5 11.8 20.5 250 250 340 350 4.0 7.1 1948 21.8 39.2 10.7 19.8 240 250 340 370 3.6 7.3 1947 21.1 35.1 9.8 17.2 200 200 310 310 3 0 5 3 1946 28.0 28.3 12.9 13.2 200 180 320 310 4.1 4.1 r Revised. e Estimated. 1 Planned purchases for the year 1950 and actual purchases during 1949 were ascertained from interviews made during the period Jan. 3-Mar. 5, 1950. Similar information for previous years was obtained by surveys made early in 1949, 1948, 1947, and 1946. Planned purchases for a given year are based on reports of spending units that said they definitely or probably would buy during the year and on a few reports that purchases had been made in the given year prior to the interview. For automobiles and houses, the reports generally indicated whether a new or used model would be purchased; cases where the consumer was undecided on this point are distributed equally between the two categories. The distribution of spending units by intention to buy in each of the years 1946-50 is shown in Table 14, p. 790. 2 Refers to total expenditure before deduction of value of trade-ins or existing assets sold. 3 In the case of automobiles, figures in this column represent the number of cars bought by spending units during the given year and still in their possession at the time of the interview. Data for actual purchases are limited to these cars. Cars which may have been bought or sold more than once during the year are reported only once. The survey figure, therefore, does not represent the total number of automobile transactions during each year. 4 Refers to nonfarm houses only. Farm operators are excluded from the housing figures inasmuch as their purchases of housing are usually incidental to their purchases of farm land. 6 Data concerning plans to buy houses in 1950 are not completely comparable with earlier data because of changes in coding procedures which tended to reduce somewhat the proportions of prospective buyers in 1950 relative to earlier years. Neverthel ss, a larger proportion of spending units appear to be prospective buyers in 1950 than in 1949. 6 Includes both new and used automobiles. 7 Although coding procedures regarding plans to buy automobiles were revised in the 1950 survey, the figure given here has been adjusted to a basis comparable with earlier years. 8 Data not available. JULY 1950 781 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES refrigerators, and washing machines were also at and equipment of the houses purchased in 1949, least as numerous as in the previous year. Con- and it should be noted that the data reported insiderably more than twice as many consumers cluded purchases in large cities, small towns, and intended to buy television sets in 1950 as reported rural areas in widely different geographic regions. similar intentions in 1949, but there was a decline Consumers with incomes of less than $3,000 in the number planning to purchase radios. For typically paid less than $5,000 for houses in 1949; durable goods as a whole, consumers were plan- those with incomes of $5,000 or more usually paid ning on buying in greater volume than in 1949. at least $7,500, This year, for the first time, the survey obtained CONSUMER PURCHASES IN 1949 information regarding the age of houses bought Houses. Survey data indicate that approximately for owner occupancy. It appears that nearly 4 1.6 million new and existing nonfarm homes were in every 10 purchased in 1949 were newly built bought during 1949 compared with more than 2 and another 2 in 10 were less than 10 years old million in each of the earlier postwar years (see (see Table 2). The remaining 4 in 10 were divided Table 1). Total expenditures for such purchases almost equally between dwellings built after 1920 were considerably smaller in 1949 than in 1948, but before 1940 and those built before 1920. More both because fewer units were purchased and be- detailed information with respect to the age of all cause the average purchase price was lower. owner-occupied houses will be presented in a later Sources other than the survey indicate that the issue of the BULLETIN. increase in mortgage debt on residential properties was 3.7 billion dollars during 1949, about one bil- TABLE 2 lion less than in the preceding year. TIME OF CONSTRUCTION OF HOUSES PURCHASED, 1949x [Percentage distribution] Survey estimates indicate that over 600,000 newly constructed houses were purchased for owner oc- Time of construction Buyers of nonfarm houses cupancy in 1949, a somewhat smaller number than in 1948. This figure is lower than, but well within Before 1920 18 1920-29 14 the range of sampling error of ? an independent 1930-39 8 1940-48 20 estimate of new houses completed after allowance 1949 36 for units awaiting sale and for newly built rental Not ascertained 4 units. Although construction data show that more All cases . . . 100 nonfarm houses were started in 1949 than in 1948, Number of cases2 ., 107 the number sold appears to have been somewhat 1 Includes new and existing nonfarm houses. smaller in 1949 than in the previous year. This 2 Far discussion of sampling error of data based on this number of cases, see pages 795-809 of this BULLETIN. was chiefly due to the fact that in 1949 many houses were started too late to be ready for sale As in previous years, spending units with inby the end of the year whereas in 1948 many houses comes of $3,000 or more, although constituting only on which construction had begun in 1947 were sold about one-half of all nonfarm consumer units, acas well as an unusually large proportion of the counted for nearly three-fourths of all purchases houses started in 1948. Turnover of existing houses of nonfarm houses. Actual purchases were roughly declined considerably in 1949, with approximately in accordance with plans to buy expressed by the 1 million units changing hands as compared with various income groups at the beginning of 1949 about 1.6 million in the two previous years and (see Table 3). more than 2 million in 1946. The age groups having the largest proportions Prices paid for both new and existing houses of home purchasers in 1949 were those between appear to have been somewhat lower in 1949 than 35 and 54 years (see Tables 4 and 15). These in 1948. Declines in the prices of new houses re- age groups accounted for nearly 6 in every 10 purflected to some extent a reduction in building costs chases although they contained only 4 in every 10 and to some extent the increased emphasis of the units. Residents of metropolitan areas bought construction industry on "economy" models- homes relatively less frequently than did persons smaller dwelling units or houses of simpler design. living in other types of communities. This tended The survey did not ascertain the size, characteristics, to maintain the customary pattern of less extensive 782 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 3 TABLE 4 INCOME GROUPING OF ACTUAL AND PROSPECTIVE BUYERS OF PERCENTAGE DISTRIBUTION OF ACTUAL AND PROSPECTIVE NONFARM HOUSES BUYERS OF NONFARM HOUSES, BY AGE, VETERAN STATUS, AND TYPE OF COMMUNITY1 [Percentage distribution] Income group 1950 1949 1948 1947 A s ll p e n n o d n i f n a g rm Actual sp P ec ro ti - ve Group units buyers buyers characteristic Actual buyers: Under $1,000. . . 5 4 1949 1948 1949 1948 1950 1949 $l,000-$l,999. .. 6 13 $2,000-$2,999... 15 21 22 $3,000-$3,999. . . 28 25 24 Age of head of spending $4,000-$4,999... 16 18 19 unit: $5,000 and over. 29 25 18 18-24 11 11 9 8 12 8 25-34 24 22 26 30 39 37 All income groups. 100 100 100 35-44 22 22 31 30 23 22 45-54 18 19 26 22 12 21 Number of cases 107 162 172 55 or over 25 26 7 10 13 11 Prospective buyers: Not ascertained (2) (2) 1 1 1 Under $1,000. . . 1 3 All cases 100 100 100 100 100 100 $l,000-$l,999. . . 6 11 10 23 $2,000~$2,999... 21 19 22 24 Veteran status: $3,000-$3,999. . . 25 29 24 25 Veteran of World War $4,000-$4,999... 18 14 15 10 II in unit 27 25 40 34 50 37 $5,000 and over. 22 28 15 No veteran of World War II in unit 73 74 58 66 50 63 All income groups. 100 100 100 Not ascertained (2) 1 2 Number of cases 176 159 135 170 All cases 100 100 100 100 100 100 All nonfarm spending units: Type of community: Under $1,000 12 9 12 Metropolitan area 33 35 27 25 26 27 $l,000-$l,999 19 17 22 Other city, 50,000 or $2,000-$2,999. 22 24 23 over . . 17 16 20 12 24 30 $3,000-$3,999 19 22 18 Small city or rural area. 50 49 53 63 50 43 $4,000-14,999 12 12 10 $5,000 and over 16 16 15 All cases 100 100 100 100 100 100 All income groups. 100 100 100 Number of cases 3,102 3,080 107 162 176 159 Number of cases 3,102 3,080 3,174 1 Includes new and existing nonfarm houses* r Revised. 2 Less than one-half of 1 per cent. NOTE.—Distributions of prospective buyers in 1950 and actual buyers in 1949 are related to the distribution of income in 1949. taking out a mortgage on the property, but a Data for earlier years are similarly related. The table, therefore, reflects shifts in the distribution of both buyers and income. It is considerable number of purchasers obtained other necessary to keep in mind, as indicated in the lower part of the table, that from 1947 to 1948 there was some shift from lower to credit as well. Apart from borrowing, the chief higher income brackets; in 1949, however, the proportion of spending units with less than $2,000 money income (before taxes) increased. sources of funds for house purchases were ac- Purchasers of new and existing nonfarm houses are included in the distribution. cumulated liquid assets and the sale of previously owned houses or other nonliquid assets. home ownership in very large cities. Spending Down payments on houses bought in 1949 and units containing at least one veteran of World War repayments on accompanying mortgages were sub- II bought homes in 1949 with almost twice the stantial. Although approximately 5 in every 20 relative frequency of nonveteran units and ac- of the houses purchased cost $10,000 or more, only counted for about 40 per cent of all nonfarm 1 in 20 was encumbered to the extent of $10,000 house purchases. This may have been due in part or more at the end of the year. About 8 in every to the concentration of veterans in age groups that 20 buyers had an equity of at least $2,500 in their are relatively active home buyers and to the fact that properties by the end of 1949 and nearly 1 in 20 veterans less than 45 years of age appeared to own reported that all debt incurred in connection with their own homes somewhat less frequently early in the house purchase had been paid in full by the 1949 than nonveterans of the same age. Veteran end of the year. and nonveteran groups carried out their intentions Automobiles. According to survey findings, durto buy houses in 1949 to about the same extent. ing 1949 consumer spending units bought more Some use of borrowed funds was reported by than 11 million new and used automobiles having roughly 4 in every 5 house buyers, about the same a total value of approximately 15 billion dollars. proportion as in previous postwar years (see Table This was a substantial increase from 1948 in both 5). In almost every case, the borrower reported number and value, as may be seen in Table 1. A JULY 1950 783 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 5 ACTUAL AND PLANNED METHODS OF FINANCING SPENDING-UNIT PURCHASES OF HOUSES AND CONSUMER DURABLE GOODS Percentage distribution of buyers Type of purchase and method of financing Actual financing ] 1949 1948 1947 1950 Houses:2 Full cash 18 22 16 IVlortgage ^ . . 82 74 84 Method not ascertained , , 4 All cases 100 100 100 Number of cases 107 163 171 Automobiles:5 Full cash (including trade-in allowances) 50 59 65 Instalment credit and other borrowing (together with down payments in form of cash and trade-in allowances) ** 48 39 35 Method not ascertained 2 2 All cases 100 100 100 Number of cases •* 784 628 571 New automobiles: Full cash (including trade-in allowances) 56 66 71 Instalment credit and other borrowing (together with down payments in forms of cash and trade-in allowances)8 . . 43 33 29 Method not ascertained 1 1 (7) All cases 100 100 100 Number of cases 351 256 264 Used automobiles: Full cash (including trade-in allowances) 47 55 63 Instalment credit and other borrowing (together with down payments in form of cash and trade-in allowances)" 52 42 37 Method not ascertained 1 3 All cases 100 100 100 Number of cases 433 372 307 Other selected durable goods: Full cash (including trade-in allowances) 46 51 57 Instalment credit and other borrowing (together with down payments in form of cash and trade-in allowances)8 54 48 42 Method not ascertained. 1 1 All cases 100 100 100 Number of cases 1,407 1,384 1,286 333 Plans for financing 1 1949 1948 1947 17 20 13 61 67 74 22 13 13 (3) 100 100 100 (3) 159 135 170 43 52 54 54 52 41 37 37 5 7 9 9 100 100 100 100 444 476 438 390 50 58 46 37 ;:; 4 5 (3) 100 100 (3) (3) 284 325 (3) 00 32 40 62 50 ((? 6 10 100 100 (3) (3) 160 151 (3) (3) 00 45 49 56 39 42 38 16 9 6 (3) 100 100 100 840 797 644 1 Includes those who had bought in the given year prior to being interviewed, those who said they definitely would buy, and those who said they probably would buy. * Includes both new and existing nonfarm houses. * Data not available. * Data for 1949 and 1948 are not completely comparable with data for 1947 because nonmortgage type borrowing was not included in 1947. 5 Includes both new and used automobiles. 6 In the 1950 survey, the question asked included a reference to "other borrowing." In earlier surveys these words were not included. 7 Less than one-half of 1 per cent. record number of new cars was produced during The prices of new automobiles were somewhat 1949 and consumers bought them about as quickly higher than anticipated by prospective buyers early as they became available. A total of 4.5 million in the year and slightly higher than those paid in new cars, having a total value of 9.9 billion dollars, 1948. At the beginning of 1949, more than 2 is estimated to have been purchased by consumer in every 10 prospective buyers had planned to pay spending units. In 1948, 3.2 million cars having less than $1,750 for their new automobiles (see an aggregate value of 6.6 billion had been bought.2 Table 6). As it turned out, only a little more than 2 These figures on numbers of cars bought check closely 1 in 10 obtained new cars below this price, comwith domestic registrations of new cars as reported by pared with more than 2 in 10 in 1948. The pro- R. L. Polk and Company after allowance for new cars sold portion of consumers that paid $2,250 or more was to Government, nonprofit, and business organizations. 784 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 6 TABLE 7 PRICE CLASS OF ACTUAL AND PROSPECTIVE PURCHASES SPENDING UNITS ARRANGED BY PRICE OF AUTOMOBILE. OF HOUSES AND DURABLE GOODS PURCHASED AND NET OUTLAY ON PURCHASE, 1949 [Percentage distribution of spendingunits] Spending units [percentage distribution] Actual Prospective Price and net outlay grouping Price class and purchases purchases 1 type of purchase Price Net outlay l 1949 1948 1947 1950 1949 1948 1947 New automobiles: Under $1,250 1 33 Houses:2 1 $l,250-$l,749 11 32 Under $5,000.... 36 '30 37 22 21 24 s $l,750-$2,249 48 25 $5,000-$7,499. .. 21 15 21 23 26 23 ( ) $2,250-$2,749 30 6 $7,500-$9,999. . . 18 '18 18 21 17 16 3 $2,750 and over 10 3 $10,000 and over. 24 33 23 28 30 24 ( ) Not ascertained (2) 1 Uncertain 1 1 6 6 13 All cases 100 100 All cases 100 100 100 100 100 100 Median amount $2,090 $1,510 Number of cases. 107 163 171 176 159 135 Mean amount $2,190 $1,480 New automobiles: Number of cases. 351 351 Under $1,250.... 1 1 1 1 4 4 21 $l,250-$l,749. .. 11 22 43 27 21 36 50 Used automobiles: $l,750-$2,249... 48 37 35 44 47 36 16 Under $450 38 48 $2,250-$2,749. . . 30 30 13 18 15 9 1 $450-$849 25 24 $2,750 and over.. 10 10 8 5 9 4 2 $850-$l,249 12 15 Uncertain 5 4 11 10 $1,250 and over 23 12 Not ascertained. 2 1 All cases 100 100 100 100 100 100 100 All cases 100 100 Number of cases. 351 256 264 284 325 316 288 Median amount $600 $470 Other selected durable Mean amount $760 $580 goods:6 Under $100 18 20 24 8 13 15 12 Number of cases 436 436 $100-$199 19 19 22 16 15 18 21 $200-$299 21 17 18 24 17 19 26 $300-$499 22 22 17 24 21 20 14 1 Price minus amount received, if any, for car traded in or sold. $ $ 5 1, 0 0 0 0 - 0 $ 9 a 9 n 9 d over.. 1 5 4 1 6 3 1 5 1 1 7 2 1 4 2 1 5 0 1 5 1 2 Less than one-half of 1 per cent. Uncertain 1 3 3 9 18 13 11 part because of the larger number of new cars All cases.... 100 100 100 100 100 100 100 purchased. About half of the purchasers of used Number of cases. 1,407 1,384 1,286 885 840 797 644 cars traded in or sold older cars (see Table 8). r Revised. Reflecting the gradual return to more normal 1 Includes those who purchased in the given year prior to being interviewed, those who said they definitely would buy, and those market conditions, buyers of new and used cars who said they probably would buy. 2 Includes both new and existing nonfarm houses. showed a greater tendency in 1949 than previously 4 * L C e o s m s p th a a ra n b o le n e d - a h t a a l f n o o f t 1 av p a e i r l a c b e le n . t. in the postwar period to trade in old cars rather 5 Prices refer to total value of such goods bought by a spending than to sell them in separate transactions. unit, before allowance for trade-ins. It is estimated that approximately 6.9 million no larger than in 1948 but was nearly twice as large as the proportion that had expected to pay TABLE 8 this much at the beginning of 1949. Net outlays for new automobiles were sub- PERCENTAGE OF AUTOMOBILE BUYERS WHO TRADED IN OR SOLD AUTOMOBILES, 1949 AND 1948 1 stantially smaller than the prices quoted since nearly 8 in every 10 buyers either traded in or sold a car Buyers of Buyers Buyers new and used of of during 1949 (see Table 7). The median outlay Type of cars—total new cars used cars transaction for a new car was about $1,500, nearly $600 less than the median price before trade-in. About 1 1949 1948 1949 1948 1949 1948 in every 6 new-car purchases required an outlay Traded in a car 49 40 60 52 41 34 of less than $750 and 4 in every 6 required less than Sold a car 14 21 17 26 12 18 Neither 37 39 22 21 47 48 $1,750. Not ascertained (2) (2) 1 1 (2) (a) The proportion of buyers of new cars that either All cases 100 100 100 100 100 100 traded in or sold previously owned cars was about Number of cases 787 628 351 256 436 372 the same in 1949 as in the previous year. The volume of used-car sales increased in 1949, in 1 Buyers referred to are spending units. ? Less than one-half of 1 per cent. JULY 1950 785 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES used cars were purchased by consumers during 1949 Although consumer spending units at higher and still owned by them early in 1950. These cars levels of income bought relatively more automobiles had a total value of 5.2 billion dollars. Comparable in 1949 than did those at lower income levels data for 1948 are 5.6 million purchases aggregating (see Table 17 at the end of this article), the differ- 4.9 billion dollars. ence was not as great as in earlier postwar years. In contrast with the prices of new cars, the Consumers with incomes of less than $3,000 inprices of used cars were somewhat lower in 1949 creased their automobile buying, especially of than in 1948. The median price reported for used new cars, to a greater extent than did those with cars was about $600 in 1949 as compared with close higher incomes. As a result, lower income units to $800 in 1948. As in the case of new cars, trade- constituted a somewhat larger part of the automoins and sales of older cars brought actual outlays bile market in 1949 than in 1948 (see Table 9). for used-car purchases substantially under the prices Low income consumers purchased considerably quoted. With allowance for these factors, the more than twice as many new cars in 1949 as in median outlay for used cars was less than $500 in the previous year. At least half of the sales expan- 1949. sion of more than 1 million units was due to in- TABLE 9 INCOME GROUPING OF ACTUAL AND PROSPECTIVE BUYERS OF DURABLE GOODS [Percentage distribution] Actual buyers Type of purchase Num- All Under $1,000- b c e a r s e o s f buyers $1,000 $1,999 Automobiles:2 1950 1949 787 100 3 13 1948 628 100 3 8 1947 571 100 3 12 New automobiles: 1950 1949 351 100 2 8 1948 256 100 1 1 Used automobiles: 1950 1949 436 100 4 15 1948 . ... 372 100 5 12 Other selected durable goods.4 1950 1949 1,407 100 6 14 1948 1,408 100 5 14 1947 1,289 100 5 19 Television sets: 1950 1949 221 100 2 2 1948 53 100 3 Distribution of Number All spending spending units of cases units 1949 3 515 100 1948 3,51C 1947 3,562 1946 3,057 HI Prospective buyers * $ $ 2 2 , , 0 9 0 9 0 9 - $ $ 3 3 , , 0 9 0 9 0 9 - $ $ 4 4 , , 0 9 0 9 0 9 - $5 o a , v n 0 e d 0 r 0 b N c e a u r s m e o s - f bu A y l e l rs $ U 1 n ,0 d 0 e 0 r $ $ 1 1 , , 0 9 0 9 0 9 -$ $ 2 2 , , 0 9 0 99 0-$ $ 3 3 , , 0 9 0 9 0 9 -$ $ 4 4 , , 0 9 0 9 0 9 - $ o 5 a v , n 0 e d 0 r 0 444 100 4 11 16 20 16 33 22 21 14 27 476 100 9 16 '23 16 20 24 17 28 438 100 3 7 19 20 17 34 23 20 13 29 390 100 5 12 25 25 14 19 284 100 3 8 12 14 17 46 14 16 13 47 325 100 1 5 8 22 19 45 9 18 17 54 160 100 6 17 22 28 15 12 28 25 15 13 151 100 7 17 30 23 11 12 26 27 17 13 (3) (*) • 885 100 5 12 19 25 15 24 22 22 14 22 840 100 6 11 21 25 15 22 22 23 15 21 797 100 4 15 23 22 14 22 25 19 13 19 644 100 7 20 29 22 11 11 250 100 3 6 10 26 20 35 16 26 14 40 124 100 2 6 21 23 48 21 17 59 (3) Under $1,000 $l,000-$l,999 $2,000-$2,999 $3,000-$3,999 $4,000-14,999 $5,000and over 14 2 19 11 16 12 Ii 23 20 12 15 14 25 23 17 10 14 17 23 25 17 8 10 r Revised. 1 Includes those who had purchased in the given year prior, to interview, those who said they definitely would buy, and those who said they probably would buy. 2 Includes both new and used automobiles. 3 Data not available. * Includes television sets. NOTE.—The distribution of prospective buyers in 1950 and actual buyers in 1949 is related to the distribution of income in 1949. Data for earlier years are similarly related. The table, therefore, reflects shifts in the distribution of both buyers and income. It is necessary to keep in mind, as indicated in the lower part of the table, that from 1946 to 1948 there was a steady shift from lower to higher income brackets; in 1949, however, the proportion of spending units with less than $2,000 money income (before taxes) increased. 786 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES creased buying by consumers with incomes of less TABLE 10 than $3,000. In 1949 these income groups pur- ACTUAL BUYERS OF CONSUMER DURABLE GOODS AS chased 1 in every 4 new cars sold during the year PERCENTAGE OF SPENDING UNITS WITHIN AGE AND compared with only 1 in 8 in the previous year. OCCUPATIONAL GROUPS, 1949 AND 1948 This substantial increase indicates a significant Automobiles Other alteration in the character of the market for new selected durable cars, with the half of the population in the lower Type of group Ne u w se d and New Used goods income ranges becoming a more important factor in this market. Plans of low income consumers 1949194819491948 1948 to buy new cars at the same high rate this year indicate that their purchases may continue in large Age of head of spending unit: volume. 18-24 35 25-34 53 These findings are generally consistent with the 35-44. 48 45-54 38 conclusions reached in an analysis of the automobile 55-64 29 65 or over 18 market published in the November 1949 BULLETIN. At that time it was indicated that, with respect to All cases 39 income, liquid assets, and availability of credit, Occupation of head of spending unit: consumers were in a better position to own cars Professional 44 Managerial and selfthan before the war. It was further indicated that employed 47 Clerical and sales.. 38 the greatest relative improvement in income and Skilled and semiskilled 47 probably liquid assets was among spending units in Unskilled... 57 the lower half of the income scale. Farm operator.... 40 All others 20 Spending units headed by farm operators in- All cases 17 39 creased their purchases of new cars more in 1949 than did any other occupational group. Greater TABLE 11 OCCUPATIONAL AND AGE GROUPING OF ACTUAL BUYERS OF CONSUMER DURABLE GOODS, 1949 AND 1948 [Percentage distribution] Automobiles All spending Other selected units durable goods Type of group New and used New Used 1949 i 1948 2 1949 1948 1949 1948 1949 1948 1949 1948 Age of head of spending unit: 18-24 .. . . . . 10 11 14 14 8 6 17 18 9 10 25-34 23 21 29 31 26 25 32 34 31 29 35-44 22 22 26 27 27 26 25 27 27 26 45-54 18 20 18 17 20 26 16 12 18 19 55-64 14 15 9 8 12 12 7 6 9 11 65 or over 12 11 3 3 6 5 2 3 5 5 Not ascertained 1 1 1 1 1 All cases 100 100 100 100 100 100 100 100 100 100 Occupation of head of spending unit:. Professional 7 7 8 8 12 13 6 5 8 8 Managerial and self-employed.... 12 12 15 15 26 26 8 10 13 14 Clerical and sales 13 14 12 14 15 16 11 12 12 14 Skilled and semiskilled 27 . 27 36 33 21 26 45 37 33 33 Unskilled 12 14 7 12 4 2 9 17 11 14 Farm operator 9 9 11 11 15 11 8 11 10 9 All others 20 17 11 7 7 6 13 8 13 8 All cases 100 100 100 100 100 100 100 100 100 100 Number of cases. . 3,512 3,510 787 625 351 254 436 371 1,407 1,408 1 Distribution of spending units at time of interview in early 1950. 2 Distribution of spending units at time of interview in early 1949. 3 Less than one-half of 1 per cent. JULY 1950 787 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES availability of new cars in farm areas may have establishment of a household initiates a stream of contributed to this. Farmers were the third expenditures which, though it flows most strongly largest market for this commodity among the at the outset, continues in substantial but diminishmajor occupational groups and accounted for ing volume for a long period. Thus, the high about 1 in every 7 new-car purchases in 1949. marriage rate in recent years will exert a con- Professionals and managerial and self-employed siderable stimulative effect upon the economy for persons also stepped up their purchases of new several years. cars to a considerable extent. Skilled and semi- Couples married no longer than two years were skilled workers showed little change in fre- found to have bought more heavily than other quency of new-car buying but a very sharp rise in consumers. As indicated in Table 12, about 7 in the frequency with which they purchased used cars. every 10 of this group bought at least one major Members of this occupational group accounted for household item. Approximately 5 in every 10 of nearly half of all used-car purchases by consumer the buyers spent at least $300 and more than 1 spending units in 1949 (see Tables 10 and 11). in every 10 spent $1,000 or more. In comparison, Purchasers of both new and used automobiles only about half of the couples married between reported buying on credit somewhat more fre- 10 and 20 years bought durable goods in 1949, and quently than in earlier postwar years. In 1949, of those buying, roughly 4 in 10 spent $300 or more new cars were bought on time in more than 4 in and only a small proportion (considerably less every 10 cases compared with more than 3 in 10 than 1 in 10) spent as much as $1,000. Single or in 1948. Also in 1949, and for the first time in the otherwise unattached persons bought major housepostwar period, credit was utilized in connection hold items less frequently than any other group with more than half of all used-car purchases. and spent less for them. Purchasers on time tended to borrow a larger part of the purchase price than in 1948. A sharp in- TABLE 12 crease was found in the number that borrowed EXPENDITURES ON DURABLE GOODS WITHIN MARITAL STATUS 50 per cent or more of the purchase price. GROUPS, 1949 Other selected durable goods. Each of more than [Percentage distribution of spending units] 20 million spending units purchased at least one Married major consumer durable good other than an auto- Total amount m rec o o b r i d le f i o n r 1 n 9 u 4 m 9 b . er W o h f i l p e u r th ch is a s w er a s, s t p h r e ob t a o b ta ly l v a o lu n m ew e dura s s p b e e l le e n c t g t e o o d o n d s 1 1 gr A ou ll ps m r U i a e n d r - - ye o 2 a r rs y 3 e - a 4 rs y 5 e - a 9 rs 1 y 0 e - a 2 r 0 s y O e 2 v a 0 e rs r less of estimated expenditures for these goods (7 billion dollars) was no larger than in 1948. Purchases of None 61 79 31 39 46 50 66 furniture, refrigerators, radios, washing machines, $l-$99 7 7 12 11 6 9 5 $100-$199 7 4 12 11 11 9 6 and other large appliances were no more frequent, $200-&299 .... 8 3 11 11 12 10 10 $300-$499 9 4 16 14 13 11 7 or less so, than in 1948; purchases of television $500-$999. 6 2 10 8 9 7 5 $1,000 and over 2 1 8 5 3 3 1 sets, however, were several times as frequent as Not ascertained (2) (2) (2) 1 (2). 1 (2) in 1948. The median amount spent by consumers All units 100 100 100 100 100 100 100 on selected durable goods was found to be $250, Number of cases... . 3,512 996 205 250 377 693 972 the same as in 1948. Actual purchases of selected durable goods in 1 Before allowances for trade-ins. Excludes automobiles. 2 Less than one-half of 1 per cent. 1949 considerably exceeded buying plans at the beginning of the year, as was anticipated when The types of household items purchased varied the 1949 survey data were analyzed early last with the number of years of marriage, as shown in year. Some of the reasons why consumers usually Table 13. Recently married couples bought a underestimate their future purchases of household great deal of basic equipment such as furniture, items are given in a later section of this article. refrigerators, and stoves. After three or more As might be expected, recently married persons years of marriage, the emphasis on basic equipment bought durable goods with greater frequency and diminished somewhat, although such purchases in larger volume than did unmarried persons or remained the most frequent, and greater attention those who had been married for some time. The was paid to items such as washing machines and 788 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES television sets. The presence of small children in largest market for this commodity. They also apthe household accounts in major part for the fact pear to have maintained their rate of buying other that these items were purchased most frequently consumer durable goods, notwithstanding declining by couples married from 3 to 9 years. farm prices and incomes. This may have been due in part to the relatively recent extension of rural TABLE 13 electrification to large groups of farmers and to the fact that farm incomes, although they have declined ACTUAL BUYERS OF DURABLE GOODS AS A PERCENTAGE OF SPENDING UNITS WITHIN MARITAL STATUS GROUPS, 1949 from the all-time peak, are still high in relation to prewar years. Married The great increase in purchases of television sets p T u y r p ch e a o s f e gr A ou ll ps m r U ie a n d r - - y l e e o 2 a s r s rs y 3 e - a 4 rs y 5 e - a 9 rs 1 y 0 e - a 2 r 0 s y O 2 e v a 0 e rs r a c d l c u i c n r e i e n p s t g a i n n 1 c 9 p e 4 r i 9 c o e f r s e . f a le R c n t e e e d d w u c i p e n d r o l a p d r r u g i c c e t e s p a a a n r p t d p r a a s r u p en b id t s l t y a c n o b t n i r a s o u l u m g d h e e r t large numbers of middle and low income con- No purchase 61 79 31 39 46 50 66 At least one item. . . 39 21 69 61 54 50 34 sumers into the market. Sharply expanded buying More than two items 4 1 10 11 9 4 3 by spending units with incomes of less than $5,000 Furniture 14 6 38 25 21 16 9 Radio 6 5 11 9 7 8 4 accounted for most of the spectacular increase in Television set 5 2 5 6 8 7 5 Refrigerator 11 6 15 15 15 14 11 buying during 1949. The expansion was par- W Sto a v sh e ing machine.. . 4 5 2 1 5 9 9 8 6 5 4 7 3 5 ticularly marked for consumers with incomes of Other electrical less than $3,000. The participation of this group appliance 4 3 5 9 6 6 2 jumped from a negligible proportion of all pur- NOTE.—Percentages for individual items add to more than 100 chases in 1948 to 20 per cent of a much larger because some spending units bought more than one item. number of purchases in 1949 (see Table 9). The frequency and magnitude of purchases of Use of credit to finance major household items consumer durable goods were also found to be was greater in 1949 than in the previous year, as it related to the acquisition of a house and to the has been in each successive postwar year. However, period of home ownership. Nearly 7 in every buying on time was still less prevalent than it was 10 house purchasers in 1949 also bought at least before the war. In 1949, for the first time in one major household item. The outlay for equip- the postwar period, more than half (54 per cent) ment amounted to $300 or more in 6 of every of the consumers who bought durable household 10 cases, and to at least $1,000 in 2 of every 10. goods reported that they had made use of credit. Purchases of selected durable goods were A year earlier, the proportion had been 48 per cent similarly distributed among the different income (see Table 5). As in previous years, consumers groups in 1949 and in 1948 (see Table 9). As in with incomes between $1,000 and $4,000 were the earlier years, spending units headed by persons most frequent users of instalment credit. between 25 and 44 years of age bought proportionately more selected durable goods and spent CONSUMER BUYING ATTITUDES more on the average than did units in other age Information about consumer intentions to buy groups. This was undoubtedly related to the high specific durable goods and houses within the year rate of family formation and growth in this group. of the survey has attracted considerable interest Approximately 1 in every 2 consumer units within in preceding surveys. It cannot be too strongly this younger age group purchased at least one emphasized that in this particular area, more permajor durable good other than an automobile haps than in any other in the survey program, the compared with about 1 in every 6 for units within reported estimates are exploratory and experimental the age group 65 or older. in character and must be interpreted with caution. The relative frequency with which members of Consumer purchasing intentions at a given point various occupational groups purchased major house- in time are significant insofar as they represent hold items differed in 1949 but not substantially, the disposition of consumers to purchase at that as can be seen in Table 10. As has already been time, and consumer attitudes expressed at successtated, farm operators expanded their purchases of sive points in time can provide a measure of new cars in 1949 to the point of becoming the third change in the inclination of consumers to buy JULY 1950 789 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES specific products. However, information provided CONSUMER BUYING PLANS by consumers concerning their plans should not The number of people planning to buy homes, be regarded as a forecast of their actual purchases automobiles, and other durable goods within the or as an indication of total demand. year was at least as large at the beginning of 1950 Definite consumer buying plans are not always as in early 1949. Also, intentions to buy appeared made as much as a year in advance, especially when to be more definitely formulated this year than the item under consideration is in good supply last. and relatively inexpensive. Also, purchases are Houses. Demand for newly built structures was frequently induced by a sudden need arising from a greater part of the total prospective demand for the breakdown of a presently owned good or houses in 1950 than in 1949, as may be seen in from some unforeseen change in personal affairs Table 14. Survey estimates show that well over which would not be reflected in intentions expressed 1 million spending units had "definite" plans to earlier in the year. Similarly, definite plans to purchase new houses in 1950. Consumers who purchase specific goods within a given period are affected by unforeseen developments. Changing TABLE 14 economic conditions affect consumer purchases and various consumption groups and their buying plans CONSUMER ATTITUDES TOWARD PURCHASES OF HOUSES AND CONSUMER DURABLE GOODS in different ways. These are important limitat b i u o y n i s n g t o i n b t e e a n r t io i n n s m ex in p d re ss i e n d in i t n er p th re e ti n ea g r ly c o p n a su rt m o e f r Ty a p n e d o a f t t p it r u o d d e uct Percent s a p g e e n d d i i s n t g r ib u u n t i i t o s n of all toward purchase this year. 1950 1949 1948 1947 1946 The total volume of consumer purchases clearly Houses:1 cannot be obtained by interviews with consumers Will buy 2.. 4.3 3.1 3.4 3.8 (3) Will probably buy or a year in advance. Apart from the question of are undecided 4.1 3.9 4.1 4.9 (8) Will not buy. 90.7 91.9 92.2 89.5 (3) total future demand, however, it has been found Not ascertained 0.9 1.1 0.3 1.8 (3) in earlier surveys that changes in the frequency All cases 100.0 100.0 100.0 100.0 (3) of intention to buy tend to indicate the direction New houses 4 s 3.5 2.6 2.1 2.7 (3) Old houses 4 5 1.5 1.9 1.6 2.3 (3) of change in total demand and to provide some Uncertain new or old.... *0.7 0.5 0.9 0.9 (3) rough measure of the magnitude of this change. Automobiles: Will buy 2 10.1 9.0 7.3 8.0 8 Evaluation of consumers' intentions to buy depends Will probably buy or are undecided 7.4 9.6 8.9 6.8 5 in no small measure on their comparison with Will not buy 82.4 81.2 83.6 84.3 84 consumers' incomes, price expectations, financial Not ascertained. 0.1 0.2 0.2 0.9 3 status, and other information provided by the All cases 100.0 100.0 100.0 100.0 100 New cars 4 »*8.4 8.2 7.4 8.2 8 survey, as well as with supplementary data available Used cars 4 **5.7 4.3 3.0 3.1 2 from other sources. Uncertainy new or used. . °*0.5 0.5 0.3 0.4 1 Former surveys have indicated that plans are Othe W r s i e ll l e b c u te y d 2 durable goods: 19.4 17.2 16.3 14.5 22 most frequently made well in advance to purchase Will probably buy or are undecided 9.0 13.7 11.1 11.3 11 relatively expensive items such as new automobiles Will not buy 71.6 69.1 72.3 72.5 63 Not ascertained (7) (7) 0.3 1.7 4 and houses, and higher priced models of house- All cases 100.0 100.0 100.0 100.0 100 hold equipment. These surveys have also indicated that the length of the period within which pur- e Estimated. 1 Includes plans for both new and existing nonfarm houses chases are planned varies with the product to be reported by nonfarm spending units only. bought, its price, the acuteness of the need for it, 2 Includes those who had purchased in the given year prior to being interviewed. its supply conditions, and other factors of which 3 Data not available. 4 Includes those who will buy and will probably buy. even less is known. Much additional information 5 The distinction between "will probably buy" and "undecided" in the 1950 housing data is not completely comparable with that must be obtained, under varying economic condi- of earlier years because of changes in coding procedures which tended to reduce the proportion of units in the "will probably tions, before we can know what factors enter buy" category and to increase the proportion in the "undecided" category. Nevertheless, it appears that the proportions of spendinto a decision to buy a given product within a ing units in the "will buy" and "will probably buy" new home given period. Survey methods are still in a develop- categories are considerably larger in 1950 than they were in earlier years. mental stage and additional experience and experi- 6 Although coding procedures for plans to buy automobiles were revised in the 1950 survey, the figure given here has been mentation are necessary to increase their reliability. adjusted to a basis comparable with earlier years. 7 Less than one-half of 1 per cent. 790 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES reported that they would probably buy brought TABLE 15 the total number of prospective purchasers of new ACTUAL AND PROSPECTIVE BUYERS OF NONFARM HOUSES houses to nearly 2 million, a substantial increase WITHIN DIFFERENT GROUPS from the combined total of nearly 1.5 million who Buyers as a percentage planned to buy in 1949. Whether plans for 1950 will of all nonfarm spending be realizable will depend in part on the quantity, units within group quality, and price of the construction industry's Type of group Actual Prospective 1 output as well as on the availability and terms of credit. Plans to buy close to 1 million existing 1949 1948 1950 1949 houses were substantially the same as in 1949. Age of head of spending unit: Survey data throw light on several aspects of the 18-24 ... 3 4 7 6 25-34 4 7 9 10 potential demand for houses in 1950. The median 35-44 5 7 6 7 price that prospective purchasers expected to pay for 4 5 5 5 - - 5 6 4 4 . 5 1 3 6 4 5 3 5 new houses was the same as had been anticipated 65 or over .. (2) 1 1 2 for 1949 or slightly higher. It was slightly lower for Veteran status: Veteran of World War II in unit. 5 7 11 : 7 existing houses. There was no appreciable differ- No veteran of World War II in 3 5 4 4 ence in the income levels of spending units plan- Type of community: ning to buy houses in the two years. About two- Metropolitan area 3 4 5 4 thirds of the prospective buyers in both 1950 and Other city, 50,000 and over 4 4 8 4 Small city or rural area.......... 4 7 6 7 1949 had incomes of $3,000 or more (see Table 3). Similar to the pattern of actual purchases in 1 Includes those who had bought in the given year prior to being interviewed, those who said they definitely would buy, and those 1949, the proportion of spending units planning who said they probably would buy. Data for 1950 are not completely comparable with earlier data because of changes in coding to buy houses in 1950 was twice as large in the procedures which reduced somewhat the proportions of prospective buyers in 1950 relative to 1949. Nevertheless, a larger proveteran as in the nonveteran group. This prob- portion of spending units appear to be prospective buyers in 1950 than in 1949. ably reflected the age level and growing family 2 Less than one-half of 1 per cent. obligations of the veteran group as well as their easier access to financing and lower fre- as many consumers expressed intentions to buy quency of home ownership. The veteran group new homes in 1951 as in 1950. Plans for 1951 comprised about half of those planning to buy were naturally more uncertain than those for homes in 1950, which was a somewhat larger 1950 because of the remoteness of the time period. proportion than in 1949. Spending units con- The prices people expected to pay in the two years taining veterans appeared to constitute an even were quite comparable. This would tend to inlarger part of the market for new homes than for dicate that consumers who planned to defer purexisting homes. chases until 1951 were not doing so because of an Persons in younger age groups, especially those expected price decline. The importance of the between the ages of 25 and 34, continued to express veteran group in the market for new houses the greatest interest in buying a house. In 1949, promises to be as great in 1951 as in 1950. It however, the spending units that actually bought should be noted that, subsequent to the survey houses with the greatest relative frequency were early in 1950, there was a liberalization of the those headed by persons between 35 and 54 years terms of housing credit available to veterans and of age. As a group, these spending units ap- also to a lesser extent to nonveterans. peared to carry out their buying intentions some- Automobiles. The number of spending units what more fully than did younger persons (see that said they would or would probably buy auto- Table 15). mobiles in the coming year was somewhat larger Residents of cities having from 50,000 to 500,000 early in 1950 than early in 1949. Although the population accounted for most of the potential in- bulk of the increase was in plans to buy used cars, crease in the demand for houses in 1950. There at least as many consumers intended to buy new was a greater extension of buying plans in these cars in 1950 as had expressed similar plans for cities than in any other type of community. 1949, a year of record-breaking sales. Moreover, The underlying strength of the market for new spending units expressed greater certainty with . homes is further revealed by the fact that about respect to purchases of new cars than in the pre- JULY 1950 791 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES ceding year, relatively more saying they would cars, as compared with 1949, but still accounted definitely buy and relatively fewer saying they for nearly 4 in every 10 of this group; almost 2 would probably buy. While experience to date does in 10 prospective buyers did not own an autonot reveal the full import of this increase in cer- mobile when interviewed in early 1950. tainty, it seems plausible to expect that the number A further increase in the use of credit to finance of new cars purchased may exceed the number sug- new automobiles may be expected on the basis of gested solely by a numerical comparison of inten- survey findings. The proportion planning to tions to purchase in 1949 and in 1950. finance a new car by borrowing rose to 5 in 10 at New cars. When prospective buyers of new the beginning of this year from 4 in 10 a year automobiles were asked in which half of 1950 they earlier (see Table 5). It is believed, however, that would make their purchases, a slight majority in- credit is still used less frequently than in the prewar dicated that it would be in the first half. This period when, according to fragmentary evidence, group expressed more certain intentions to buy from 6 to 7 in every 10 purchases of new cars than the other group, as might be expected. It involved the use of credit. is possible that intentions to purchase at a more Used cars. The number of consumer spending remote time may reflect hopes and desires rather units planning to buy a used car before the end of than fairly definite plans. Also, plans for the the year slightly exceeded the number planning more distant future are more subject to change such a purchase in any previous survey. Past than plans for the immediate future. Notwith- experience has been that used-car purchases have standing these qualifications, it is significant that always substantially exceeded reported buying plans, expressed purchase plans for new cars were not indicating that many people purchase used cars drastically less for the second half of 1950 than without having made definite plans three, six, or for the first half. twelve months earlier. Thus, it is probable that The prices consumers expected to pay for new considerably more used cars will be purchased in automobiles in 1950 were much the same as those 1950 than even the record number planned. This reported for 1949, and there was little difference is an important development because, with the in price expectations for the first and second halves present organization of the automobile industry, a of the year. It would seem that few consumers high volume of used-car purchases is an essential who were deferring their purchases to the latter condition for a sustained high level of new-car sales. part of the year were doing so in the hope of A somewhat larger proportion of prospective significant price declines. used-car buyers than of new-car buyers were plan- Survey data indicate that there has been some ning to purchase in the first half of 1950. This may change in the type of spending unit planning partly reflect the fact that less forward planning is to buy a new car. Spending units with incomes done in the case of used cars and therefore purchases of less than $3,000 accounted for a somewhat larger planned for the immediate future tend to have proportion of prospective buyers of new cars in greater weight. One factor that may contribute to 1950 than in 1949. If these plans are carried even this large a proportion in the second half through, they may continue the pattern of 1949, is the fact that the prices which prospective purwhen the accelerated rate of buying of these lower chasers in the second half of the year were exincome groups accounted for a larger share of pecting to pay were somewhat lower than those innew-car purchases than in the previous year. In dicated by prospective purchasers in the first early 1950, more than 4 spending units in every half. This implies that some consumers were 10 intending to buy a new car within the year deferring their purchases of used cars in the exowned a postwar model automobile, while in the pectation of price declines, which to some extent two previous years the ratio had been about 3 occur in most years following Labor Day. in 10. This change indicates that there has been For the year as a whole, consumers were plansome return to the prewar importance of consumers ning to pay somewhat less for used cars in 1950 than who made a practice of trading in a comparatively in the previous year. In view of the decline in new car for the latest model. Owners of prewar used-car prices during 1949, these expectations model automobiles declined somewhat in relative appear to be realistic. Prospective buyers of used importance among those planning to purchase new cars were planning to buy on time to a greater 792 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES extent than in 1949, with more than 6 in 10 intend- large as in 1949 but was also greater than the ing to utilize credit in 1950 compared with about number that actually purchased last year. A larger 5 in 10 the year before. A large part (roughly proportion of consumers at each income level 4 in every 10) of the group planning to buy used expected to buy sets this year than last, with the cars did not own automobiles when interviewed lower income groups showing the largest increases. early in 1950 and almost all of those who did owned The substantial decline that has taken place in the prewar models. prices of these goods has undoubtedly been an im- Other selected durable goods. Intentions to buy portant factor in this development. Consumers apselected durable goods other than automobiles pear to anticipate that this decline will continue, appeared to be at least as frequent at the outset of as evidenced by the fact that the median ex- 1950 as a year earlier. A decline in demand was pected price in 1950 was {260, compared with evident only in the case of radios; prospects for expected and actual median payments of $340 and television sets, furniture, washing machines, and $330 respectively in 1949 (see Table 16). refrigerators were as bright as in 1949, or brighter. In early 1950, the proportion of spending units A substantial increase was noted in the number planning to buy at least one selected durable good of people who expected to buy television sets. In was equal to or greater than the comparable fig- 1949, the size of the television market was sub- ure a year earlier for each level of income. As in stantially underreported, signifying that many previous years, it was found that the higher the people bought sets in 1949 who had not made income level, the larger the proportion that inup their minds to do so at the beginning of the tended to buy. Similar to plans for automobiles, inyear. The number of consumers planning to buy tended reliance on credit to buy selected durable sets during 1950 was not only more than twice as goods was greater than last year. TABLE 16 ACTUAL AND PLANNED PURCHASES OF SELECTED CONSUMER DURABLE GOODS1 Actual purchases 2 Planned purchases Type of durable good 1949 1948 1947 1946 1950 1949 1948 1947 Furniture: Percentage of spending units.................. 14.1 15.3 14.0 13.5 9.6 8.4 7.7 Estimated number of spending units (in millions) 7.3 7.7 6.8 6.3 5.0 4.2 3.7 Median expenditure $210 $215 $200 $200 $250 $240 $200 Radios :3 Percentage of spending units 7.7 9.6 10.3 6.6 2.2 3.7 3.6 Estimated number of spending units (in millions) 4.0 4.8 5.0 3.1 1.1 1.9 1.7 Median expenditure $ 55 $ 70 $ 60 $ 50 $100 $ 90 $100 Television sets: Percentage of spending units 5.6 1.3 (4) 6.6 2.8 Estimated number of spending units (in millions) 2.9 0.7 () (4) 3.4 1.4 Median expenditure $330 $465 (4) $260 $340 Refrigerators:5 Percentage of spending units 13.1 10.8 9.7 5.2 6.0 5.7 6.2 6.8 Estimated number of spending units (in millions) 6.8 5.4 4.7 2.4 3.1 2.9 3.0 3.3 Median expenditure $260 $260 $240 $190 $245 $240 $240 $200 Washing machines: Percentage of spending units 5.1 6.0 5.1 2.8 3.0 2.7 3.0 2.8 Estimated number of spending units (in millions) 2.7 3.0 2.5 1.3 1.6 1.4 1.5 1.4 Median expenditure. . $145 $120 $165 () $120 1 Planned purchases in 1950 and actual purchases in 1949 were ascertained from interviews made during the period Jan. 3-Mar. 5, 1950. Similar information for previous years was obtained by surveys made early in 1949, 1948, and 1947. In each case, the percentage of spending units expecting to buy includes those who had purchased in the given year prior to being interviewed, those who said they definitely would buy, and those who said they probably would buy. 2 The fact that the number of spending units who reported buying refrigerators in 1949, 1948, and 1947 exceeded the number of refrigerators produced in those years is indicative of the active market for used refrigerators. In the case of washing machines and radios, indicated purchases by spending units were less than production figures. This may be because a large number of purchases were made by buyers other than consumer spending units. It is also possible that some purchases of small washing machines and portable and table radios were not reported. 3 Radio purchases in 1949 and 1948 and prospective purchases in 1950 and 1949 are not completely comparable with earlier data covering radios. The most recent data show television sets separately from radios whereas the two are combined in the earlier figures. 4 Data not available. 5 Actual refrigerator purchases in 1949 and prospective purchases in 1950 are not completely comparable with earlier data covering refrigerators. The most recent data include deep-freeze units with refrigerators, whereas the earlier data do not. JULY 1950 793 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

19SO SURVEY OF CONSUMER FINANCES As might be expected, survey data show a rela- TABLE 17 tion between intention to purchase durable goods PRICE PAID FOR DURABLE GOODS BY BUYERS IN DIFFERENT and change in personal financial situation. The pro- INCOME GROUPS, 1949 portion of prospective buyers was much larger Buyers asa percentage of all spending among those who believed that they were better units within income group of! than a year ago and among those whose in- Price and comes had increased than among those who felt type of purchase All $5,000 in- Under $1,000- $2,000-$3,000that they were worse off or whose incomes had come $1,000 1,999 2,999 4,999 ana groups over decreased. Consumers' buying plans reflect not only their Automobiles:l Under $1,000. . 9 2 7 13 12 5 expected needs but also their expectations concern- $1,000-$ 1,499.. 2 1 2 3 3 2 $l,500-$l,999. . 4 2 2 3 5 10 ing the future—jobs,- incomes, prices, supply condi- $2,000 and over. 6 1 3 3 6 20 Price not astions, etc. As has been indicated in the first article certained .... (2) (2) 1 1 (2) in this series, consumers were generally optimistic All cases.... 22 5 14 23 26 36 about their own personal income prospects and Other selected durabout future business conditions. The expecta- able goods:3 Under $100. 7 7 10 7 7 5 tion of price declines had diminished. These be- $100-$199.. 7 2 5 10 10 7 $200-$299.. 8 5 6 9 10 9 liefs concerning the future were important ele- $300-$499.. 9 2 5 10 10 14 $500-$749.. 4 (2) 1 3 6 8 ments in consumers' plans to continue buying $750-$999.. 2 (2) (2) 1 2 4 houses and durable goods at least as extensively as $ N 1 o , t 0 0 a 0 s c a e n r d ta i o n v e e d r. (2 2 ) (2 1 ) ( ( 2 2 ) ) (2 1 ) 2 1 (2 7 ) in 1949. It is not possible to say how consumers All cases.... 39 18 28 41 48 54 may change their buying plans if their expectations Number of cases. .3,512 479 604 672 1,012 706 are not realized. However, it is encouraging to find that the financial position of consumers was 1 Includes both new and used automobiles. 2 Less than one-half of 1 per cent. still strong at the beginning of 1950 and that con- 3 Prices refer to the total value of such goods bought by a spending unit. sumer demand for houses and durable goods con- NOTE.—Percentages may not add to totals because of rounding; tinued at very high levels. details for number of cases do not add to total because income was not ascertained in 39 interviews. 794 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

METHODS OF THE SURVEY OF CONSUMER FINANCES1 The Survey of Consumer Finances seeks to ex- Methods of approaching respondents, of intend our knowledge of the economic position and ducing them to give information freely concernattitudes of consumers in the United States. It ing even personal matters, and of reducing errors gathers information about their current financial in reporting have also been developed or improved status, their recent spending and saving behavior, within recent years. When respondents are first their attitudes toward their own financial situation asked to express their opinions and feelings and to and prospects as well as those of the country as a talk freely about matters they like to discuss, it whole, and their spending and saving plans for the becomes easier to collect data on financial assets and liabilities. Also, the discussion of diverse near future. These are important factors in the aspects of the respondents' financial situation perebb and flow of economic activity and information mits the analyst to check on the consistency of the concerning them should be collected periodically information received. One disadvantage of seekif it is to make its greatest contribution to our ing information about numerous subjects in one knowledge of economic change. survey is that they cannot all be treated in detail. It would be prohibitively expensive and wasteful Annual Surveys of Consumer Finances have been to ask every consumer about his financial position conducted in January and February of each of the and economic outlook. Fortunately, methods deyears 1946-50. In addition, an interim survey has veloped within the past few decades make such a been made in July of a number of these years and procedure unnecessary. Advances in sampling an extensive pilot study was conducted in 1945. techniques make, it possible, by collecting informa- For the purpose of deriving time trends from sevtion from a few thousand cases, to determine values eral consecutive surveys, changes in survey methods representative of millions of cases within practiand subject matter need to be kept to a minimum. cable margins of error that are established in ad- On the other hand, considering the newness of the vance. Reliance on sampling has several advansurvey techniques and the desirability of advancing tages. In addition to making consumer surveys knowledge concerning their potentialities and limifinancially feasible, it yields results more quickly tations, it is essential that any freezing of survey than a complete survey and permits the use of designs be avoided. Survey methods have been more uniform methods and a higher average qualcontinuously, although not fundamentally, revised ity of personnel. On the other hand, sampling on the basis of past experience so that, in some has definite limitations, and the smaller the sample instances, exact comparability of data obtained from the greater some of these limitations become. For consecutive surveys is not maintained. The most example, small samples limit the possibilities of important innovations in the 1950 survey concern obtaining reliable information about small sub- the content of the questionnaire (inquiries into groups, such as consumers living in particular certain forms of assets and liabilities were exareas. panded) and the methods of coding. STEPS IN MAKING THE SURVEYS Survey of Consumer Finances. The staff is set up INTERVIEWING on the basis of county units, each with a local super- The interviewing staff. The Survey Research Cenvisor. In addition to the county staffs, who are ter maintains a national staff of trained interviewers employed on a part-time basis at an hourly rate, who work on many projects in addition to the the Center has a number of permanent field 1 Prepared by the stall of the Survey Research Center, Uni- supervisors. Their functions include the trainversity of Michigan. Responsibility for the article was carried primarily by George Katona, Program Director, Leslie ing of interviewers and hiring when necessary. Kish, Acting Head of Sampling Section, and John B. Lan- For a major project such as the Survey of Consing and James K. Dent, Study Directors. They wish to sumer Finances these traveling supervisors atthank the Board's Division o£ Research and Statistics for valuable suggestions. tend conferences in Ann Arbor where the study JULY 1950 795 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

METHODS OF THE SURVEY OF CONSUMER FINANCES Is discussed in detail. They then visit the counties accepted. This occurred in 15 per cent of the interand train the interviewers. Although many of the views for the 1950 survey. local interviewers have been with the Center for The questionnaire attempts to serve the dual several years, it is always necessary to replace part purposes of specifying the questions which the of the staff for each study. About two-thirds of interviewer is to ask and of enlisting the interest the interviewers are women; over 80 per cent have and participation of the respondent. The intercollege training; and 75 per cent fall in the age viewer must adhere strictly to the sequence and wording of each question in order to obtain comgroup 30-60 years. The occupational groups most parable answers from different respondents. The frequently represented among the interviewers are sequence and wording of the questions are designed housewives, school teachers, and college students. to make them understandable to the respondents A typical interviewer, if there were one, would and to lead from one topic to the next. Introducbe a housewife between 30 and 45 years of age tions to the entire interview and to some of its with college training who wants part-time work. larger parts are likewise prepared, but the inter- Training interviewers. Careful selection and inviewer can, and usually does, adapt the introducdividual training of personnel are necessitated by tions to the specific situations he encounters. The the interview methods used. Interviewing is not a interview form used in the 1950 survey contained routine operation of reading questions prepared in 180 questions or entries. Many of these questions, the central office and recording the answers. The however, did not apply to each respondent. For interviewer must "sell" himself to the respondent by instance, if a respondent did not buy an automoexplaining the importance of the interview and the bile in 1949, the questions about price and method method- by which the respondent was selected. of financing were not asked. On the average, He must convince the respondent that no data conan interview lasted one hour. In simple cases cerning individuals will be revealed. He must it was finished more rapidly, and in other instances establish rapport with the respondent and have the in which the financial situation was complex, or ability to encourage him to talk freely and to give the respondent rather talkative, it took longer. complete and truthful answers. In addition, of In addition to the questions printed in the course, he must keep careful and reliable records of questionnaire, the interviewer customarily uses what the respondent says. other techniques for eliciting additional informa- During training, practice interviews are recorded tion from the respondents. In the training, conand played back to the interviewers. By listening siderable emphasis is placed on the use of so-called to their own and their colleagues' procedures, in- "nondirective" probing methods. These methods terviewers notice what they did well and what they are designed to draw out the respondent and failed to do. Further training is conducted in the clarify the meaning of his answers, "Why do you field as the supervisor observes the interviewer in say so?" or "Would you tell me more about this?" an actual interview situation. are examples of probing questions. Interview methods. In most instances, letters are Types of questions. Different kinds of interview written to the respondents announcing in somewhat questions are used in the Surveys of Consumer general terms that a representative of the Survey Finances. "Direct questions," to which replies in Research Center will call on them in connection terms of "Yes" or "No" are possible, are satisfacwith a consumer survey. This letter helps the in- tory if the inquiry is directed toward a simple, terviewer in his first contact with a household. generally understood fact (e.g., "Do you own a car?"). "Multiple choice questions" presenting Interviewers are instructed to interview the head alternatives to the respondent are often satisfactory of each spending unit. The head is defined as the as an introduction to a topic. For example, the husband or, if there is not a husband, the main surveys contain the question "Would you say you earner. In most cases, only the head of the spendpeople are better off or worse off financially now ing unit can be relied upon to know all financial than you were a year ago?" This question is, howdetails about income, mortgages, bank deposits, ever, followed by another one, namely, "Why do etc. Yet in certain instances it is not possible to you say so?" Even to the first type of question, interview the head. Then the wife's responses are most respondents reply in detail—and not simply by 796 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

METHODS OF THE SURVEY OF CONSUMER FINANCES saying "better" or "worse"—and their answers are Only after these questions does the inquiry turn taken down by the interviewer as nearly verbatim toward the amounts held. as possible. The second question and other non- CHOOSING A CROSS-SECTION OF CONSUMERS directive probes serve to clarify the meaning of General principles of choosing a sample. Sampling the first answer. Questions of the form "Why do is used widely in many phases of human activity, you say so?" and other questions that need to be scientific, governmental, business, manufacturing, answered in the respondent's own words are called recreational. Our safety often depends on sampling "open-ended questions." Questions such as "What processes as evidenced, for instance, by sample tests do you think will happen to the prices of things of electrical fuses, or sample bacterial counts of a you buy during 1950?" are examples of what is city's water supply. called "fixed question-free answer" interviewing. Estimates derived from small samples, such as This form of question is used frequently. the 3,500 consumer unit sample used in these sur- Both the wording and sequence of questions are veys, will vary from the results that would be ob- "pre-tested." A preliminary version of the questained if the entire population were interviewed. tionnaire is tried out on a limited number of re- However, the expected range of this variation can spondents who are not in the final sample to find be measured and controlled if the sample is selected out if the questions are generally understandable by methods consistent with "probability sampling"; and whether they induce respondents to answer that is, methods by which the probability of selecin the terms needed. Among the many welltion is known for every member of the population. established principles which are used as guides, The procedure provides a method by which the the following may be mentioned here. The meandifferent sections of the population may be properly ing of each word should be clear and simple. represented in the sample. Whereas the use of Each question should be directed to a single judgment properly enters into definitions and other objective. One direct question is not sufficient preliminary procedures of the sampling operation, to cover an important and difficult problem which the actual selection of the sample is free of personal often needs to be approached in several ways. The judgment and in accord with the laws of proba- "funnel arrangement" of starting with a general bility. question and following with more specific ques- The probability procedure may be illustrated by tions is useful. the mechanism used by the Selective Service; slips It follows from these principles that if data reof paper bearing numbers are thoroughly mixed lating to some standard definition of saving are in a bowl and then selected one at a time. Each desired, it would be poor technique to ask a reof the numbers selected designates the drafting of spondent how much he saved last year. The term the individuals holding the specified registration "saved" would be understood in different ways by numbers. different respondents and answers to the same ques- The process of selecting a sample of employees tion would be directed toward a number of differfrom the payroll list of a factory is a simple matter. ent activities (for example, to saving through put- On a list of employees, which represents the "poputing money in a bank, through repaying a debt, lation," each employee can be designated by a difetc.). Even a more specific inquiry, such as that ferent number. The equivalent of mixing in a about savings accounts and their changes during bowl is accomplished by means of a table of ranthe past year, must be approached gradually. The dom numbers. Each number drawn from the respondent is first told that many people have table clearly designates one person on the list to be savings accounts and that there are different kinds included in the sample. The required quantity of savings accounts. Then he is asked whether he of random numbers can be drawn from the table has a savings account in a bank; whether other and the sample is clearly specified. members of his spending unit have such an account; How the sample is chosen. The sampling prowhether he has more than one such account. The cedures of the Surveys of Consumer Finances are same questions are repeated regarding money on based on the principles of probability sampling deposit with savings or building and loan associillustrated above. They are, however, more comations, credit unions, or postal savings accounts. plex because of the nature of the sampling prob- JULY 1950 797 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

METHODS OF THE SURVEY OF CONSUMER FINANCES lems, as described below; there are also slight One of these is stratification. The other is selection departures from the ideal as will be discussed in the with "probabilities proportional to size." paragraph relating to the listing of dwelling units. Stratification. By this device, the population to There is no list of all the families or spending be sampled is first sorted into several groups units in the United States from which a sample (strata) on the basis of relevant social and economic could be selected and designated. The establish- variables. Subsequently units within each of these ment of such a list would not be a practical strata are selected for the sample, thus insuring that undertaking. Furthermore, even if a list were avail- it will more accurately reflect the diversity of the able, the individuals selected from it would be so population in regard to those variables. Insofar as the variables used in stratification are related to widely dispersed geographically that the cost of inthe variables being measured by the survey, the terviewing would be very high. precision of findings is increased. The 12 largest The Surveys of Consumer Finances are designed metropolitan areas, each of which contained a milon the basis of a work load of about 40 to 50 interlion or more inhabitants in 1940, are considered views within each primary area selected (usually separately from the rest of the country for survey a county), and two interviews to a sample block purposes. These 12 areas contain 48 counties and within towns. This procedure, known as "clusterabout 30 per cent of the nation's population. The ing" the sample, reduces the costs of travel and largest is the New York area with about a tenth interviewer time in reaching designated respondents. of the population in 15 counties and the smallest is The clustering is intended to achieve the most acthe Cleveland area in Cuyahoga County, Ohio. ceptable compromise between two factors which Each of the central cities of the 12 metropolitan have opposite effects on the efficiency of sample areas is included in the sample. A sample from a design: the greater the spread of a sample of given list of the cities, towns, and rural districts in the size, the more precisely will it represent the diverse suburban areas surrounding these central cities is elements of the population; the smaller the spread of drawn. The sampling of blocks and dwelling units the sample, the less the cost per interview. within these cities and towns is similar to that The sampling procedure used in the Surveys described below for cities and towns outside the of Consumer Finances is known as multi-stage metropolitan areas. area sampling. The process of selection has several Outside the 12 metropolitan areas there are about stages; at each stage the area to be sampled is 3,000 counties, each of which (or sometimes an divided into several parts with clearly designated adjacent group of two or three counties) is a boundaries, and some of the parts are then selected potential primary sampling area. Originally, these into the sample according to specified probabilities. counties were sorted into 54 groups (strata) on the First counties are selected; then cities, towns, or basis of the following variables: percentage of 1940 townships within the counties; then city blocks in population living in urban places; average per cities and small geographical areas in other places; capita bond sales in 1943; degree of industrializafinally dwelling units within the blocks or areas. tion as indicated by the proportion of the 1940 Thus by successive selections of areas, individual working population employed in manufacturing dwellings are selected and the spending units living industries; percentages of the 1940 population in these dwellings are designated for the sample. which were native white; and average size of farm Despite these complexities the essential qualities of according to the 1940 Census of Agriculture. One probability sampling are maintained. That is to primary area per stratum was selected in a random say, the equivalent of a list representing the popumanner from the list of areas for each stratum. lation covered by the survey is used at each stage Work has been under way for some time to in the process of selecting the sample, and thereby make it possible to change to a new set of each member drawn into the sample is randomly 54 primary areas. In this, new grouping, more designated. emphasis is being given to such factors as popu- Techniques for increasing sample precision. Two lation concentration and geographic location and, major devices are used for increasing sample pre- in some instances, primary sampling areas larger cision or the likelihood that the sample will have than single counties have been established. Morethe same characteristics as the total population. over, a new technique for controlling the selection 798 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

METHODS OF THE SURVEY OF CONSUMER FINANCES of primary areas has been devised, which on tests accordance with predetermined probabilities, with o£ several important items has yielded increased the use of tables of random numbers. precision of results.2 The shift from the old to the Selection with "probabilities proportional to size." new set of primary areas is being made gradually Another step in increasing sample precision is to and to date only 17 of the original 54 primary give each primary area a probability of being chosen areas have been replaced by new ones. (The 54 proportional to a measure of the number of selections and the 12 large metropolitan areas com- people it contains. The sampling rates within priprise the 66 primary sampling areas of the survey.) mary areas are controlled so that each dwelling unit Each of the 54 primary areas is divided into two has the desired probability of being selected, reparts: (1) cities, towns, villages, and unincorporated gardless of where it is located. This technique, in congested areas, and (2) open country. The areas addition to increasing the sampling precision, conincluded in (1) are divided into several subgroups tributes to easier administration by making for a (substrata) and from each subgroup one place is relatively stable number of interviews from each selected for the sample. The entire area of each type of sampling unit (county, city, or block). place selected is divided into blocks (small areas Although the measure is usually based on the 1940 with definite boundaries, usually streets), the blocks population, there is no fixed "quota" of interviews are listed and numbered consecutively, and a set of to be taken in any one area. Insofar as some sample blocks scattered through the various parts sample counties, towns, or blocks have increased in population since 1940, this increase will be reof the town is selected from the list. A map of the flected, within limits of sampling variability, in a town showing the sample blocks, and a separate larger sample from those places. For cities with "listing sheet" for each sample block, with a sketch over 50,000 population, the number of dwellings in of the boundaries, are given to the interviewer, who each block shown in the 1940 Census Block Stais instructed to enter on separate lines the complete tistics is used, supplemented by an additional selecaddress (with description where necessary) of every tion from blocks which had no dwellings in 1940.3 dwelling unit located within its boundaries. From In smaller places aerial photographs are utilized to these lists a sample of dwelling units is selected and obtain a rough count of the dwellings in the blocks. the interviewer is directed to take interviews at the The "Master Sample," from which the listing of selected addresses. the towns and rural congested areas in the sample The sparsely populated "open country" portions counties is obtained, also provides the material for of the primary area are sampled in a slightly differselection of segments in the open country areas.* ent but analogous manner: the entire area is Oversampling of high-income groups. Another imdivided into small segments bounded by roads, railportant device used for improving the precision of roads, streams, township lines, etc. These subdisome of the survey results is the procedure for invisions are numbered consecutively, and random creasing the number of interviews with people at selection from this listing yields several segments higher economic levels. This group represents the scattered through the various parts of the county. far end of the highly skewed distributions of in- The interviewer is given a county map showing come, of amounts saved, and of assets. Because these segments and told to take interviews at each of the concentration of income and saving among dwelling located inside their boundaries. a relatively small proportion of the population, in- In all the different stages of molding the sample, formation received from a relatively few responthe selections are made in the Ann Arbor office in dents weighs heavily in the means, aggregates, and distributions of aggregates collected in the survey. 2 Briefly, this technique makes sure that the primary areas There is great variation in the amounts received, selected from the various strata will be better distributed with respect to geographical location and other variables than they would ordinarily be by stratification alone. It in- 3 When 1950 Census Block Statistics become available, volves a coordination of the selection of primary areas within these data rather than the 1940 data will be used. the various strata at the same time adhering rigorously to 4 The Master Sample comprises maps and other materials principles of probability sampling. For further details, see for the entire country which greatly facilitate the selection the forthcoming article "Controlled Selection—A Technique procedures involved in area sampling. Developed jointly by in Probability Sampling," by Roe Goodman and Leslie Kish Iowa State College, the U. S. Bureau of Agricultural Ecoin the September 1950 Journal of the American Statistical nomics, and the U. S. Bureau of the Census, the material can Association. now be obtained from the Bureau of the Census. JULY 1950. 799 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

METHODS OF THE SURVEY OF CONSUMER FINANCES held, invested, and spent by the members of this relatively simple instructions with respect to progroup. By increasing the number of "wealthy" cedure. At each dwelling assigned to him, he is respondents in the sample, a more reliable repre- instructed to list the occupants, to identify the famsentation of this important group is obtained. In ily units and the spending units, and to interview the tabulation of results the interviews from the the head of every spending unit. Substitutions for oversampled dwellings receive a proportionately non-responses are not allowed because they would smaller weight so that they appear in their proper not be true substitutes, and because their effect on proportions in the final results. the over-all procedure might be to render the sample The procedure for oversampling must rely on in- results less accurate. direct means, because direct identification of dwell- A high enough sampling rate is taken to obtain ings with high-income occupants is not usually approximately the desired number after allowing possible. In the Surveys of Consumer Finances for losses due to non-response. various indirect procedures are used. For cities with Inaccuracies in listing. I the carrying out of field n populations over 50,000, Census figures give the operations there are some departures from specifiaverage rent paid per block; dwellings in high- cations. Occasionally some dwellings are overrent blocks, and also dwellings in high-rent looked at the time of the listing. A number of suburbs, are oversampled in the Surveys of Con- these omissions are later discovered and included sumer Finances. Also, at the time of listing during the interviewing period. The interdwellings in these blocks the interviewers are in- viewer may also make a mistake in identifying structed to indicate whether they think the dwell- the boundaries of a sample block or segment. ings are occupied by high-, medium-, or low-income Finally, there is the difficulty of including in families. Dwellings rated "medium" are sampled the listings all the newly constructed dwellings as at twice the rate of "low" dwellings. Dwellings they become occupied. Some listings are from rated "high" at six times this rate. (In the three one to four months old, at the time interviewing surveys prior to 1950, the "high" dwellings were begins. These listings, however, include dwellings sampled at four times the rate of the "low" and under construction, and such dwellings are inthat experience indicated the advisability of greater cluded in the addresses in the samples. For block oversampling.) In other cities and towns the dwell- listings which are older than that a procedure is ings rated high as well as those rated medium are used to bring into the sample newer dwellings in sampled at twice the rate of the lows; in these these blocks in their proper proportion. This is smaller places the highest rate of oversampling is done by selecting a sample of these blocks for innot applied because it is believed that the addi- spection by the interviewer, who locates any new tional cost of this procedure is not justified in view and unlisted dwelling while he is interviewing of the relatively small proportion of potential high- in the block. income respondents. Survey definitions. A spending unit is a group of It should be noted, of course, that this device of persons living in the same dwelling and related oversampling on the basis of subjective ratings does by blood, marriage, or adoption, who pool their not affect the representativeness of the original incomes for their major items of expense. In sampling procedures. The weight assigned to each some instances a spending unit consists of only interview takes into account the rate of sampling. one person. If some dwellings rated high prove to contain Each dwelling unit contains at least one family low-income families, this merely increases the num- unit and at least one spending unit. The spending ber of interviews from low-income families, with- unit containing the head of the household is the out adding to their weighted proportion in the primary spending unit regardless of the number of final sample, and fails to add interviews from high- spending units in the dwelling. income families. Hence, inaccuracies in the sub- A family unit consists of all persons living in the jective ratings reduce the gains in over-all precision same dwelling and related by blood, marriage, or accruing from the oversampling procedure; but adoption. Some family units consist of more than they do not bias the sample results. one spending unit because adult children, parents, No substitutions in sample. After the dwelling or other relatives, even though they live in the same units have been selected each interviewer is given dwelling, do not necessarily pool their incomes 800 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

METHODS OF THE SURVEY OF CONSUMER FINANCES with that of the head of the family. Such spending (In millions) units are called related secondary spending units. Type of unit A family unit may consist of only one person. 1950 1949 1948 Some dwelling units contain more than one Primary spending units (equal to occupied family unit; for example, roomers, boarders, serv- dwelling units) i 42.9 41.8 40 4 ants, or other occupants unrelated to the head of Unrelated secondary spending units 2.3 2.2 2 2 Family units 45.2 44.0 42 6 the household constitute separate family units. Related secondary spending units 6.8 6.6 6 4 Total spending units 52.0 50.6 49 0 These are classified as unrelated secondary spending units. Of the spending units in the 1950 survey (3,512 Altogether 3,512 interviews were taken in 1950 in about 3,000 dwellings in 66 primary sampling in number) 82.5 per cent were primary spending areas. They were located in about 1,500 blocks in units, 13.1 per cent were related secondary spend- 44 cities with over 50,000 population and 150 ing units, and 4.4 per cent were unrelated secondsmaller cities, towns, and villages, and in 167 open ary spending units. These proportions correspond country segments. In the 1949 survey a portion to those obtained from the 3,510 spending units of the sample was drawn from respondents previin the 1949 survey and the 3,562 in the 1948 surously interviewed, while the entire sample of other vey within one-tenth of one per cent. surveys consisted of respondents not previously Exclusions from the survey universe. The sample interviewed. is designed to represent the consumers living in private households in the continental United States ANALYSIS and does not include members of the armed forces Editing. The interviews are carefully reviewed or other persons living on military reservations, in the central office as they arrive so that errors residents in hospitals or other institutions (penal, in content or technique may be spotted and coreducational, religious, etc.), or residents in hotels, rected. This review is the first of the two stages large boarding houses, and tourist camps. It is of "editing." Each interview is studied to estimated that about 3 per cent of the population discover if the data which it contains are comof 150 million was thereby excluded from the uniplete and internally consistent. Sometimes the verse from which the sample was drawn. answer to one question in an interview can be Independence of survey estimates. Survey findings clarified or corrected in the light of answers to regarding the percentage distribution of spending other questions. Sometimes the information in the units or families are reported without adjustment interview is not clear or is incomplete. Where or correction on the basis of outside information. the information in question is important, the pro- Findings presented in terms of millions of units cedure is to send the interview back to the interor billions of dollars are calculated by multiplying viewer so that he may revisit the respondent and survey averages by a factor (either the number of ask whatever additional questions may be needed. spending units or family units) which depends In 1950, about 5 per cent of the respondents were upon the estimated number of dwelling units in interviewed a second time. the nation. These estimates of the number of In the second stage of editing, a series of comdwelling units are made on the basis of Census putations are made for each interview. Amount estimates which are prepared for April of each saved, total indebtedness, expenditures for durable year. Figures shown for earlier years represent goods, estimated income taxes, and the relation of minor revisions of those published in previous these amounts to income are computed for each issues of the BULLETIN. According to currently spending unit from answers received to several available information, the number of dwelling questions. units occupied as private households is estimated Coding. Coders classify the edited data in a series at 42.9 million for February 1, 1950, at 41.8 million of code numbers which can be punched on cards for February 1, 1949, and at 40.4 million for Febru- for tabulating. In the 1950 survey a typical interary 1, 1948. From these figures, on the basis of view required numerical entries by a coder in survey findings, the following estimates of the num- each of 465 columns. Some of these classifications bers of spending units and family units are derived: require no judgment, as in the case of age; others JULY 1950 801 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

METHODS OF THE SURVEY OF CONSUMER FINANCES require the exercise of judgment in the application stratum in which relatively many respondents were of general principles to individual responses. not at home or refused to be interviewed ob- To the extent that judgment is required in tains a correspondingly higher weight than one coding, differences of opinion can arise. To from a stratum which was almost completely prevent individual coders from diverging from enumerated. The proportions shown in the pubthe general practice, a sample of the interviews lished tables thus represent weighted proportions coded by each coder is independently recoded. of the sample. Any differences found are discussed and re- "Family cards" are prepared in addition to solved. The frequency of double coding is great- "spending unit cards." Some information is preest in the early stages of the coding of a study sented only for spending units. For instance, it and is reduced as the coders become more familiar would be difficult, and not very useful, to express with the problems involved. In the 1950 survey attitudes and expectations obtained separately from the rate of double coding in the later stages was father and financially independent son in terms of one interview in ten. the family unit. Some information, however, is Comparability of coding between surveys must clearly additive and calculations are made to deteralso be maintained. Ordinarily, careful super- mine the income, the assets, and the amounts saved vision by experienced personnel is adequate to for both spending units and family units. In those maintain this type of comparability but instances few cases in which one spending unit belonging have arisen in which it has been necessary to have to a family consisting of several units fails to give one group of coders code the data for the current the required information, assignments are made survey and also recode data of the preceding survey. for the missing unit on the basis of average data The coded information is punched on machine derived from similar units. Because of this protabulation cards. In addition, weights are punched cedure, spending unit data are somewhat more in for each interview. The weights are determined reliable than family unit data. first by the sampling ratio used: an interview The analysis process is based on the principle obtained from a stratum of the sample that was that information derived from a single question sampled with the ratio of 16,000 to 1 obtains, for needs to be supplemented by information concernexample, twice as large a weight as an interview ing its relation to other data obtained from the from a stratum with a sampling ratio of 8,000 to 1. same respondent. Great emphasis is put, therefore, Secondly, the response rate is taken into account in on tabulations concerning the relation of two or determining the weights. An interview from a more variables. RELIABILITY OF SURVEY DATA Sample interview surveys, if properly conducted, somewhat larger or somewhat smaller than the proyield valuable information and useful estimates, portion which would have been obtained if the total but they do not yield exact values. The estimates population instead of a sample had been designated are subject to errors arising from diverse sources to be interviewed. The value which would have which may be classified into three major, types: been obtained if the entire population had been sampling errors, non-response errors, and reporting designated to be interviewed by the same survey errors. procedure will be called briefly the central value; it might differ from the true value because of SAMPLING ERRORS errors of reporting and of non-reporting. If dif- Sampling variations occur because a sample ferent samples were used under the same survey rather than the total population referred to in survey conditions some of the estimates would be larger findings was designated to be interviewed. Because than the central value and some would be of chance fluctuations the distribution of individ- smaller. The sampling error is a measure of uals selected for the sample will differ from that of this chance fluctuation due to sampling variation. the population from which they were selected; that While it does not measure the actual error of a is, the proportion of people in the sample having a particular sample estimate, the sampling error does given attitude, income, or savings will usually be indicate the range on either side of the sample 802 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

METHODS OF THE SURVEY OF CONSUMER FINANCES estimate within which the central value can An estimate based on a subgroup has a larger be expected to lie 95 chances in 100. In about sampling error than a corresponding estimate based five of every hundred cases, the central value on the entire sample. For example, an estimate can be expected by chance to lie outside this of the proportion of one occupational group that range; if one requires a greater degree of confi- earns more than $3,000. has a larger error than an dence than this, a wider range than the sampling estimate of the proportion of the entire population error should be used. On the other hand, most that earns over $3,000, because the former is based of the time the actual error of sampling will be on fewer interviews. less than the sampling error defined above; in In general, the sampling error of each estimate about 68 cases of every 100 the central value can is different from all others. However, there is be expected to lie within a range of one-half the enough similarity among them to warrant the pressampling error of the sample estimates. entation of a table giving rough estimates of the For example, the survey estimate that 22 per cent sampling error for various percentages and for difof the spending units purchased automobiles in ferent approximate numbers of interviews. In 1949 is subject to a sampling error of about 2 most tables, the number of cases in each subgroup percentage points. Thus the statement that the is published in the BULLETIN articles covering the central value is within the range 20-24 per cent 1950 survey. Where the figure is not published, it has 95 in 100 chances of being correct. The can be approximated by multiplying 3,500 by the chances are 5 in 100 that it lies outside that range, percentage shown in the tables. However, the chances are 68 in 100 that it lies Within the range 21-23 per cent. APPROXIMATE SAMPLING ERRORS OF SURVEY FINDINGS The Size of the sampling error is influenced by [Expressed in percentages] a variety of factors. The larger the number of in- .(The chances are 95 in 100 that the central value lies i ii i • a i» / i i within a range equal to the reported percentage plus or terviews and the larger their spread (that is, the J ^1 percentage points shown below.) minus the mhf o{ number of segments, blocks, towns, and counties Number of interviews from which the interviews were selected), the smaller the sampling error. Reported percentage Entire sample 1,000 700 500 300 200 Within the same survey, different items have of 3,500 different sampling errors. Among the more variable are the estimates of mean income, mean sav- 5 3 0 5 or 65 2 2 .4 6 4 4 4 5 5 5 6 7 8 7 ing, mean holding of liquid assets, and the aggre- 20 or 80 2.1 3 4 4 5 6 10 or 90. . 1.6 2 3 3 4 5 gates based on these means. The distributions of 5 or 95 1.1 2 2 2 3 3 these items are highly skewed because there are some very large individual returns, and the sampling errors of these estimates are relatively Sampling errors are important in evaluating large. The medians of these items have somewhat changes found for comparable items in two sucsmaller sampling errors because they are not affected cessive surveys or in two different subgroups of the by the size of the large extreme values (for example, same survey. It is necessary to establish the degree the sampling error of the survey estimate of median of confidence the analyst may have that the differincome of $2,840 in 1948 is approximately $150 ences noted indicate real changes in the universe while that of the mean of $3,490 is $180). The rather than random variations in the samples. If the mean price of automobiles, an item which has a difference between the percentages shown for a given distribution with a smaller range, has a much item in two separate surveys is as great as or greater smaller sampling error. than the value shown in the table of "Sampling The sampling errors of a percentage vary with Errors of Differences," the chances are at least 95 its size. In the neighborhood of 50 per cent the in 100 that the differences are not due to sampling error is comparatively large (2.6 per cent) and it variation. For example, it was found in the 1948 does not change much between 30 and 70 per cent, survey that about 17 per cent of all spending units The sampling error declines from 2.1 to 1.1 per received incomes of between $3,000 and $3,999 in cent, however, as the percentage being estimated 1947, and in the 1949 survey that about 20 per cent moves from 20 toward 5 (or from 80 to 95). of all units had incomes in this bracket in 1948. JULY 1950 803 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

METHODS OF THE SURVEY OF CONSUMER FINANCES Since both of these estimates are based on the entire the design and nature of the surveys this effect is sample of approximately 3,500 spending units, it generally slight. can be seen from the table that a difference of 2.2 What conclusions can be justified if the differpercentage points or more is statistically significant. ence between two reported percentages is smaller The chances are less than 5 in 100 that the increase than the sampling error? In this situation the surin the proportion of units in this income bracket vey results themselves do not establish the existence resulted from chance fluctuations in the samples. of a difference with a high degree of confidence. It The sampling errors of differences between two does not, however, follow from the finding that estimates are usually somewhat greater than those there is no difference between the two results. for the estimates themselves. However, because of What can be said on the basis of the survey data is that the two proportions are not greatly different SAMPLING ERRORS OF DIFFERENCES1 but the chances are somewhat greater of a small shift in the direction of the observed difference than (Differences required for significance [95 per cent probof a shift in the opposite direction. ability] in comparisons of percentages derived from successive Surveys of Consumer Finances and from two different sub- There are numerous instances in which differgroups of the same survey.) ences that are not statistically significant shed light on the validity of hypotheses. Two examples may Size of sample or group serve to illustrate what is meant. Let us assume Size of sample or group that a student of the economic developments of 200 300 500 700 1,000 3,500 2 1949, a year in which production showed a sharp decline, sets forth the hypothesis that at the end of For percentages from about 30 per cent to 70 per cent the year a substantially larger proportion of businessmen would evaluate their financial position as 200........ 11 300 11 9 having deteriorated than as having improved. The 500,., 10 8 7 survey findings—see Table 2, page 648, of the June 700 10 8 6 6 1,000 9 7 6 5 5 1950 Federal Reserve BULLETIN—show that 35 per 3,500 8 7 5 5 4 2.9 cent of the businessmen said that they were better For percentages from around 20 per cent ofl and 32 per cent that they were worse off. The and 80 per cent difference is not statistically significant. Neverthe- 200 9 less, the finding establishes with a high degree of 300. 8 7 confidence that the hypothesis set forth above is not 500. 8 7 6 700 7 6 5 5 correct. It is not true that the proportion of busi- 1.000. 7 6 5 5 4 3,500... 6 5 4 4 3 2.2 nessmen who considered their financial position as worse was substantially larger than the proportion For percentages around 10 per cent and 90 per cent who considered it as better. Sometimes results that are not significant in- 200 7 300.. 7 6 dividually can be combined; the combination may 500. 6 6 5 700 .... 6 5 4 4 enable the analyst to test important hypotheses. We 1,000 6 4 3 3 3,500 5 4 3 3 2 1.6 may refer to Table 8, page 21, of the January 1950 Federal Reserve BULLETIN. The table shows the fre- For percentages around 5 per cent quency of negative saving among groups with difand 95 per cent ferent income changes and different income levels. 200 5 Since such groups are relatively small, most differ- 300 4 4 500. .. . 4 3 3 ences shown are below the level of significance. 1,0 7 0 0 0 0 . . 4 4 3 3 3 3 3 2 2 We find, for instance, that among spending units 3,500. 3 3 2 2 2 1.2 with a large increase in income and less than $1,000 income 32 per cent dissaved in 1948, while among 1 The sampling error does not measure the actual error that is involved in specific survey measurements. It shows that—except spending units with no change in income and less for nonsampling errors, errors in. reporting, in interpretation, etc.— differences larger than those found in the table will arise by chance than $1,000 income 29 per cent dissaved. If that in only 5 cases in 100. Values given in the table are rough estimates and hence are expressed as whole percentages except where would be all the surveys found, the analyst could the 2 T co h m e p e a n r t i i s r o e n s s am ar p e l e b e o tw f e e e a n c h e n s t u ir r e v e s y a . mples of 3,500. not draw any reliable conclusions. But the same 804 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

METHODS OF THE SURVEY OF CONSUMER FINANCES relationship, a slightly larger proportion of dissavers in high-rental areas in large cities are treated difamong those with large income increases than ferently from the non-response cases in Southern among those with stable income, was found in four rural areas. of the other five income groups and had also In a few cases interviews that are not entirely been found for the years 1946 and 1947. That this complete are accepted. This is done, for instance, should occur by chance alone is, of course, very im- if all relevant information is obtained except inprobable (and the probability can be calculated). come (this occurred in 1.1 per cent of the cases in It follows that we can (a) contradict the hypothesis 1950), or if all relevant information (including inthat dissaving is more frequent among spending come) is obtained except for certain types of units with stable incomes than among units with liquid asset holdings (information about liquid substantial income increases and (b) conclude with assets was partly or wholly missing in 2.9 per cent some degree of confidence that dissaving is some- of the interviews in 1950). The proportion of acwhat more frequent among spending units with cepted interviews which are lacking specific items substantial income increases than among those with of information is usually shown in the tables restable incomes. The analyst should view each sur- porting the survey findings in the "not ascertained'1 vey finding within the context of other evidence category. If this principle were to be carried out from the survey, as well as from other sources, and without exception, however, a somewhat misleadnot in isolation. ing impression might be conveyed. The student of the findings would have to conclude, lacking NON-RESPONSE ERRORS further information, that the "not ascertained" Survey data are subject to errors due to non- cases are distributed in proportion to the other response. Ideally, it is required in probability sam- cases. In some instances, among which the displing that complete information be obtained from tribution of income and of amounts saved are of all spending units located in every one of the dwell- greatest importance, such an interpretation would ing units designated in the sample. This aim be erroneous. For example, from a study of the rarely, if ever, has been fully achieved. Some relation between income and occupation, type of designated respondents are not at home and some community, housing status, and liquid asset holdrefuse to be interviewed or to give complete in- ings, it appears that respondents whose income is formation; not ascertained fall with relatively greater frequency in the low- and the high-income groups. Attempts are made in the Surveys of Consumer Therefore, a few of the important financial dis- Finances to minimize the extent of non-response. tributions derived from the survey are presented Four calls, and in some cases even more, are made after, as well as before, assignment of unascertained at different times of the day and week at dwelling cases. The assignments are made by dividing the units in which no one has been found at home. sample into relatively homogeneous strata and at- Nevertheless, in the 1950 survey the frequency of tributing to each unascertained case the average "not-at-home units" was 4.5 per cent of all identified value of the stratum to which it belongs, taking into spending units in the sample. account partial information when it is available. If a designated respondent refuses to be interviewed or refuses to give relevant information, a REPORTING ERRORS letter is sent from the central office urging him to reconsider his position. The letter is followed by a Survey data are also known to be subject to resecond visit. Nevertheless, in 6.8 per cent of the porting errors. The most important source of cases in the 1950 survey a complete interview could these errors is thought to be incorrect recall. Both not be obtained. psychological studies and special investigations con- Errors from non-response due to "not-at-home ducted with repeated financial surveys indicate that cases" or refusals to be interviewed can be some- frequency and size of memory errors increase with what reduced by determining the rate of response the period of time between an event and its recall. for a considerable number of strata of the sample Thus information obtained at the beginning of and modifying the weights of the complete inter- 1950 on income received in 1948 is subject to views in each stratum according to the response greater memory errors than information on income rate. Thus, for example, the non-response cases received in 1949. Furthermore, the memory errors JULY 1950 805 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

METHODS OF THE SURVEY OF CONSUMER FINANCES are greater with respect to subjectively unimportant stantially between 1946 and 1948" is subject to a events than to important events. Small amounts smaller error from these sources. of income received from odd sources, or small ex- Data relating to one year only as well as yearpenditures made several months before the inter- to-year comparisons are, of course, subject to samview, are more often forgotten and not mentioned pling errors. Regarding year-to-year comparisons than large transactions. of surveys employing substantially similar proce- To reduce memory errors, the interviewers fre- dures, sampling errors appear to be relatively more quently call attention to the fact that it is hard to important as a source of error than either reporting remember some of the information requested. In or non-response errors. some cases they may suggest that the respondent EFFECT OF SIZE OF SAMPLE ON RELIABILITY consult his notes or records concerning, for instance, the amounts paid on mortgage debts or the amount The size of the sample of the Surveys of Conof deposits held with banks a year earlier. Even sumer Finances has been determined by considerif these suggestions are not followed, they tend to ing the degree of exactitude required in data reimpress the respondents with the need for exact ferring to all spending units and to certain large information and tend to be helpful during the groups of spending units such as occupational, interview. Thus, although interviewers are in- income, and age groups. For certain important structed not to bring up the subject of income tax economic problems, however, it would be useful to returns, a substantial number of the respondents obtain information relating to smaller subgroups, do consult tax returns or other records such as pay- for instance, to the group of people with high inroll slips in connection with answering questions comes, high assets, and high savings. Frequently about their income. the number of cases in such subgroups is so small Reporting errors may also result from intentional that information pertaining to them is not reliable falsification of responses. Methodological studies (i.e., the differences obtained in the values of two making use of repeated questioning of the same re- such subgroups are smaller than the sampling errors spondents concerning the same problems indicate of these differences). While complex statistical that the frequency of such action is not great. The methods may help to provide information in such readiness with which information is provided and cases, the most obvious remedial measure is to inthe consistency of information on expenditures, sav- crease the size of the sample. ings, and income are evidence that in most instances There are, however, objections to a substantial the respondents did not falsify substantially the in- increase of the sample size, in addition to the formation they gave. Nevertheless, intentional un- obvious limitations of survey costs. The errors of derstatement of income and assets undoubtedly oc- reporting and non-response, while not readily meascurs in some cases. urable, may equal or exceed the sampling errors. If consecutive surveys are conducted by means of Unlike sampling errors, errors of these types the same methods, it is probable that they are sub- cannot be diminished through increasing the size ject to similar reporting errors. There is some of the sample. On the contrary, because of the evidence of similarity in non-response errors in suc- greater problems in hiring and training personnel cessive surveys: the rates of response in different and checking and handling data, these errors may strata of the sample have been found to be consistent be greater in larger samples and in a complete in the annual Surveys of Consumer Finances. This census than in a well-designed but smaller sample indicates that year-to-year comparisons may be less survey. Hence the total errors may be smaller on subject to reporting and non-response errors than many items for a relatively small survey than for information relating to one year only and derived a larger one. The best way to control errors is from one survey only, To be specific: understate- through maintenance of high quality in all relevant ments of income or refusal to be interviewed on the aspects of the survey technique. part of high-income people may introduce some OTHER LIMITATIONS OF THE SURVEYS error in a survey finding such as "15 per cent of the spending units had an income of over $5,000 in In evaluating the use that can be made of the 1948"; but a survey finding such as "the proportion survey method for economic-statistical research, it of spending units with over $5,000 income rose sub- must be kept in mind that there are limitations 806 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

METHODS OF THE SURVEY OF CONSUMER FINANCES concerning the kind of information that can be TABLE 1 obtained through surveys. First of all, no questions OCCUPATION OF HEAD OF SPENDING UNIT can be asked about financial data about which individual consumers do not have any information. Percentage distribution of all spending units This self-evident limitation applies, for instance, to Occupation amounts saved. For example, if saving were de- 1950 1949 1948 1947 fined to include not the total premium payment but only the increase of life insurance reserves which Professional 7 7 7 6 Managerial and self-employed 12 12 12 11 accrues to a policyholder in a given year, policy- Clerical and sales . 13 14 15 15 Skilled and semi-skilled 27 28 27 30 holders usually would not have this information. Unskilled and service workers 12 14 12 14 Consequently, in the Surveys of Consumer Finances Protective service 2 1 1 1 Unemployed.. 7 4 5 3 the entire life insurance premium is considered Farm operator 9 9 10 9 saving. Similar difficulties arise in connection with Retired 5 6 4 4 monthly payments on mortgages which are not Student 2 1 1 2 Housewife. . . . 4 3 4 3 broken down into principal, interest, and taxes. Not ascertained C1) 1 2 2 Difficulties such as these may not be insuperable in All spending units 100 100 100 100 some instances, although sufficiently great to make a solution impracticable. Information about in- 1 Less than one-half of 1 per cent. come in kind—food grown on one's farm or value TABLE 2 of rent-free apartment—may serve as an example of useful economic information which is not ob- AGE OF HEAD OF SPENDING UNIT tained in the surveys because of the great difficul- Percentage distribution of ties involved in its determination. all spending units Age Information of some types can be obtained by 1950 1949 1948 1947 surveys only with great difficulty, if at all, although it is probably available to respondents. Thus cur- 18-24 10 11 11 9 25-34 23 21 22 22 rency is omitted from liquid asset holdings as de- 35-44 22 22 23 24 fined in the surveys because repeated experimenta- 45-54 18 20 18 }32 55-64 14 15 15 tion has indicated that holders of large amounts of 65 and over . . 12 11 11 11 Not ascertained 1 0) C1) 2 currency are reluctant to give information on cur- All spending units 100 100 100 100 rency in their possession. 1 Less than one-half of 1 per cent. CHECKS ON RELIABILITY OF DATA TABLE 3 Checks on the reliability of survey techniques EDUCATION OF HEAD OF SPENDING UNIT are derived from the internal consistency of data collected in a single survey, from re- Percentage distribution of all spending units peated surveys, and from comparison with outside Education data. While no outside information is available 1950 1949 1948 1947 about the distribution of heads of spending units by occupation or age, such data obtained in five None . 3 2 4 2 Grammar school; junior high 41 40 40 41 annual Surveys of Consumer Finances were found High school .... 39 40 39 39 College 17 17 16 15 to be consistent. Tables 1, 2, and 3 show the oc- Not ascertained C1) 1 1 3 cupation, age, and education of the heads of spend- All spending units 100 100 100 100 ing units interviewed in the years 1947 through 1 Less than one-half of 1 per cent. 1950. The differences from year to year are within the range of sampling errors with the exception In studying relationships that might be assumed of changes in occupation. Here the data show an not to change from year to year, consistent informaincrease in the proportion of unemployed at the tion is obtained: for example, the relation between expense of other groups, a finding which is in income changes and purchases of durable goods accord with other information. has remained substantially the same in several con- JULY 1950 807 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

METHODS OF THE SURVEY OF CONSUMER FINANCES secutive surveys. Finally, it may be reported that kind and changes in farm inventories and differ attitudinal information obtained from the same also in other respects from the survey definition respondents in successive interviews has been found of income. Adding the probable income of the to be consistent; most respondents either reported excluded strata of the population raises the survey similar opinions or motives in two successive sur- aggregates to 180 billion dollars in 1948 and to 165 veys or explained that they had changed their billion in 1947, while excluding types of income minds. not included in the surveys reduces the Commerce Some information about the joint effect of Department income data to 195 billion dollars in sampling errors, reporting errors, and non-response 1948 and 183 billion in 1947. It then appears that errors can be derived from comparing information in both years the survey data on income received that is available both from the surveys and from accounted for approximately 90 per cent of the outside data. Only a few examples of such infor- Commerce Department calculations of income paid mation can be presented because the surveys are not out. The extent of the difference is probably acintended to duplicate data that can be or usually counted for in part by reporting errors in the are obtained by other methods. Moreover, all these surveys. examples refer to aggregate data and not to distribu- For another example of the degree of correspondtions of aggregates. The errors involved in aggre- ence between survey data and outside data, refergate data calculated from surveys usually are con- ence may be made to the total amount of United siderably greater than the errors involved in States Government Series E savings bonds outfrequency distributions of the same data. This state- standing—bonds which can be purchased only by ment may be explained by referring to the errors the consumer sector of the economy. In surveys involved in computing aggregate personal income conducted in 1946 and 1947, aggregates of E-bonds from the surveys. The number of cases with over outstanding estimated from the surveys differed $100,000 income in any one survey is subject to large by only a few percentage points from aggregates variation. If nothing but the size distribution of in- derived from Treasury statistics. In 1948 and 1949 come is published and the top bracket is that of the the difference increased and in February 1949 the proportion of units with over $10,000 income, it survey total was 13 per cent under the aggredoes not matter whether by chance one, two, or gate derived from the Treasury data. The increase three respondents with over $100,000 income fall in the difference is accounted for in part by sevinto the sample. The frequency of respondents eral factors. First, in 1946 a relatively short with very high incomes has, however, a substan- period had elapsed between most purchases of war tial effect on the errors of estimating aggregates. bonds and the time of interview; in 1949, how- Furthermore, reporting errors often affect survey ever, some people may have forgotten about bonds aggregates to a greater extent than frequency dis- that were purchased years earlier and failed to tributions derived from surveys: for example, a report them. Secondly, a substantial volume of tendency of high-income people to underestimate bonds may now be tied up in trusts or included their incomes would influence the former much in the estates of deceased holders. more than the latter. Survey estimates of aggregate consumer bank By multiplying the mean income obtained from deposits amount to somewhat over 60 per cent of the sample of the Surveys of Consumer Finances outside estimates. The difference is much larger by the best available estimate of the number than it is in the case of income and Government of spending units in private households in the bonds. One possible reason is a greater reporting nation, an aggregate income of 176 billion dollars error (understatement due to memory error or willwas obtained for 1948 (161 billion for 1947). ful concealment) in the case of bank deposits than These estimates differ from total personal income for income or holdings of E-bonds. Other posas published by the Commerce Department (212 sible reasons for the larger difference are that there billion dollars for 1948 and 194 billion for 1947) may be differences in definition and that the surboth in coverage and in the definition of income. veys may thus far be more successful than other As discussed before, the surveys exclude the insti- methods of estimate in excluding deposits owned tutional and the transient population; the Com- by individuals but considered by them to be busimerce Department income data include income in ness deposits. 808 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

METHODS OF THE SURVEY OF CONSUMER FINANCES Both sampling and reporting errors are larger unreasonable and provides an estimate not prein an estimate of amounts saved than in an esti- viously available of the total number of passenger mate of income or liquid assets. Amounts saved cars owned by business firms, by Government and are computed in the surveys from a large num- nonprofit agencies, by the transient population, and ber of items of information, some of which are by owners of taxicabs. The errors involved in this supplied by a small proportion of respondents. estimate are smaller than the errors involved in Because of the relatively infrequent occurrence estimating aggregate income or assets because (a) of large purchases and sales of stocks or bonds, memory errors in recalling automobile ownership the errors in these estimates are substantial and are negligible and (b) the range of automobile may influence the savings total. The computation ownership (0, 1, 2, or 3 per spending unit) is much of saving for self-employed businessmen and farm- smaller than the range of income received. ers is especially complex and may reflect consider- Substantial progress has been made during the able reporting error. At present, totals of saving past few years in developing survey methods in computed from the survey can be utilized to check general, and survey methods as applied to economic on changes in the direction of personal saving by questions. But the time to be content with achievecomparing yearly aggregates obtained by surveys ment is still far off. Not so long ago it was thought conducted with the same methods. Comparisons impracticable to collect information by interviewing with outside estimates of saving are very difficult on such personal matters as the amount of bank and imprecise at present, although potentially very deposits held, or the frequency of different kinds useful. Differences in concepts and universes pre- of sickness in the family. Today, it is known that sent much greater problems in comparing saving such information can be obtained by applying cerstatistics than in comparing income or liquid asset tain kinds of survey methods. But considerable holdings. practice and experimentation is still needed to improve these methods. Great efforts in these respects In some cases, the aggregates computed from are justified because important economic and social survey data not only agree with outside data to data concerning the distribution of relevant magnia reasonable degree but provide some insight tudes among people having different characteristics into magnitudes which are not available from other probably cannot be obtained except by the sample sources. For example, the 1949 survey indicated interview survey. that about 27 million cars were owned by private consumer spending units on January 1, 1949. Out- 5R. L. Polk and Company report 1949 passenger car regisside estimates adjusted to the same date indicate trations as of July 1 to be 32.73 millions. They further report 2.16 million new cars registered during the period that somewhat over 30 million cars were registered January through June. The difference of 30.57 can be taken at that time.5 The difference of 3 million is not as an estimate of cars in operation on January 1. JULY 1950 809 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT ON PROPOSED SMALL BUSINESS LEGISLATION* On behalf of the Federal Reserve Board I wish to mate knowledge of the financing problems of small express our appreciation of this opportunity to pre- business. sent to your Committee our views regarding pend- During the latter stages of the great depression, ing legislation proposed to aid small business. I the System participated actively in providing finanam here to testify particularly with respect to those cial assistance to small- and medium-sized businesses features of the legislation which relate to the Fed- under authority of section 13b of the Federal Reeral Reserve. serve Act. That section of the law authorizes the At the outset, I should like to make clear that Federal Reserve Banks to guarantee loans made by the Federal Reserve, as the agent of Congress financing institutions to industrial and commercharged with responsibility for regulating the sup- cial businesses and also, in exceptional circumply, availability, and cost of money, is keenly aware stances, to make direct loans to such businesses. of the importance of small business to the com- The law requires that any such loan guaranteed or mercial banking system and to the economy. The made directly by a Reserve Bank must be for the commercial banking system is composed mainly purpose of providing working capital and must of small banks which depend heavily for their have a maturity of not more than five years; loans livelihood upon loans to, and deposits of, small may be made only to established businesses; and business concerns. Small businesses, in turn, are guarantees are limited to not more than 80 per dependent upon banks in their communities to cent of the loss on any loan. finance a large part of their short- and intermediate- The 13b program, as you are aware, never interm credit requirements. Mutual interdependence volved any large volume of Federal Reserve credit. of the small business and the commercial bank For one thing, the System made every effort to over a long period of time has resulted in estab- have the loan cases handled through normal credit lishment of close working relationships—small channels. For another, the Reconstruction Finance businessmen know their bankers, and the bankers Corporation's activities in small business financknow the small businessmen, their problems, and ing were continually being broadened and its activtheir aspirations. ities naturally limited those of the Federal Reserve. Apart from its interest as a banking organization A third inhibiting factor was the nature of the in the problems of small business, the Federal Re- statutory limitations on the kinds and maturities serve System, in discharging its responsibilities for of loans which the System could make or guarantee. contributing to economic stability, is vitally con- During the war period, the System gained extencerned with the prosperity of all business—both sive experience in business financing, both large small and large. Small business accounts for a and small, by acting as agent for the Armed Servsubstantial proportion of total business employ- ices in guaranteeing 10.5 billion dollars of bank ment and sales in the economy; 35 per cent of the loans to war contractors. Over 90 per cent of the total volume of business and 45 per cent of business number and one-third of the amount of these employment, according to a report of the Com- guarantees were on loans to small- and mediummittee for Economic Development. Should small sized businesses; that is, businesses with total assets business languish for whatever reason, large busi- of less than 5 million dollars. I might add that ness, in fact the economy as a whole, would suffer the guarantee program was conducted with no severely and the problem of maintaining high level cost to the taxpayers. On the contrary, Treasury employment and a rising standard of living would receipts from this program totaled 23 million dolbe far more difficult. lars by the end of 1949. Through its various activities the Federal Re- Since the Reserve System's inception, its officials serve System has acquired from experience an inti- and staff members have been called upon from time to time to consult with commercial bankers * Presented by Thomas B. McCabe, Chairman of the or businessmen who felt that the financing needs Board of Governors of the Federal Reserve System, before of small business presented a special credit probthe Senate Committee on Banking and Currency, June 27, lem. Last fall, when business activity was much 1950. 810 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT ON PROPOSED SMALL BUSINESS LEGISLATION below earlier or current levels, the calls for advice today, requires a broad training in the fundamenand help on the small business problem became tals of business management. He must be familiar particularly numerous and we were visited fre- with the theory and practice of marketing, accountquently by representatives of small business groups. ing for purposes of management and financial At that point, I got in touch with Secretary Sawyer control, personnel management, production engiwho felt, as I did, that the time had come for the neering, credit practices, and law and Government Secretary of Commerce to undertake a conference regulations. He must be able to solve problems, in of interested groups to explore needs and remedies. many cases without the aid of specialized profes- Numerous conferences and discussions have been sional assistance, in all of these fields. Frequently, held since, both inside and outside of Government. the small businessman is a one-talent man—an ex- The Federal Reserve's role has been to hear all cellent salesman, an inventive genius, or a producsides of the problem and to make available without tion specialist. Often he has a limited knowledge reservation such technical information and judg- of the other aspects of his business and is unment as we were capable of supplying. Almost acquainted with, does not fully appreciate the daily, members of our staff who are experienced need for, or cannot afford specialized services or in this field, were asked to consult with individuals aids. This in large measure accounts for the high and groups both inside and outside the Govern- mortality rate of small businesses. On the other ment who sought our advice on various proposals. hand, we are all familiar with conspicuous examples of ingenious businessmen who, in spite of NEED FOR SPECIAL FINANCING FACILITIES all handicaps, have developed their small concerns The legislation before you will be strongly op- into large enterprises in a comparatively short posed by those who believe that small business time. already obtains as much credit and capital as it The acknowledged existence of management can efficiently use. These opponents will say that: problems among our millions of small business concerns does not disprove their need for special and ad- (1) The problems which confront most ditional financing facilities. It does, however, emsmall business concerns are primarily manphasize that, in addition to the provision of financial agerial and competitive, not financial; facilities, greater efforts should be made to remedy (2) The commercial banking system is the deficiencies of small business management and meeting all of the legitimate requirements of to provide needed aids and specialized management small business for short- and intermediatecounsel. This has been recognized in the legisterm credit; and lation which is before you. (3) Such financial difficulties as small busi- Several financing institutions have been organness encounters could be overcome more effecized within the past six years, such as the Industrial tively by revision of present income, estate, Development Bank of Canada, the Industrial and and inheritance taxes than by the provision of Commercial Finance Corporation of England, and additional financial institutions or facilities. the American Research and Development Corpo- Each of these points merits careful examination. ration of Boston, to provide predominantly small Managerial problems. Concerning the considera- business concerns with equity capital and longtion that most small business financing problems are term credit. From experience, each one has found of managerial character, one does not have to look that the financing need of the enterprises with very far for supporting evidence. Various studies which it has dealt is closely associated with the of individual small business enterprises which have need for managerial and technical assistance. In failed or have gotten into serious financial difficulty other words, one without the other does not, in reveal that the majority of such situations arose the majority of instances, constitute an adequate because of inexperience, or inadequacy in one or solution of the financing problem of the concerns more of the wide range of managerial skills re- which come to the attention of these institutions. quired for successful operations. Commercial bank lending. The commercial bank- It is evident that a large number of small busi- ing system, by and large, has been doing an outnessmen have not had sufficient training for the standing job of meeting the short- and intermediateincreasingly complex task of managing an ex- term credit needs of small business. No one who is panding business. A businessman, to be successful acquainted with the facts would deny this. The JULY 1950 811 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT ON PROPOSED SMALL BUSINESS LEGISLATION National Bureau of Economic Research, a private, business was defined on the basis of total assets nonprofit research organization, undertook during as follows: manufacturing and mining concerns, the late Thirties an exhaustive study of business total assets of less than $750,000; wholesale trade, financing practices and the major sources of busi- less than $250,000; retail trade, utilities and transness funds. The study was financed in part by a portation, service, construction, less than $50,000. grant of funds from the Association of Reserve This survey further revealed that approximately City Bankers. I should like to quote one of the one-fifth of these small business loans were what major findings of that study: -1 bankers call term loans—loans repayable on an instalment basis with maturities at time of making . . . the "typical" short-term borrower [from of more than one year. Large, as well as small, commercial banks] around 1940 could be debanks were found to be actively engaged in lendscribed as a small- or medium-sized manuing money to small business on a term as well as facturing or trading concern, of somewhat less a commercial credit basis. than average profitability. Of the total amount In view of the greater risks involved in lending of bank credit used by business around 1940, money to small business and the relatively higher some 70-80 per cent is estimated to have been costs of analyzing credit applications and servicused by companies with assets of less than 5 ing loans of small amount, the findings of the surmillion dollars. vey would indicate that the banking system has Commenting on changes in bank lending prac- been active in cultivating small business customers. tices over the period preceding World War II, the These findings relate to a time now nearly three National Bureau's report goes on to say: and a half years ago when large companies were borrowing heavily for reconversion needs. Since Banks showed increasing responsiveness to that time many of the larger loans have been paid the credit needs of small- and medium-sized off from retained earnings or have been refinanced, businesses, which provided the bulk of their in some cases with new credits, through other demand for credit at all times. Because enterfinancial sources such as insurance companies or prises of these sizes fared badly during the the capital markets. In the past few years, an Thirties, the extension of credit to them called increasing number of banks have set up special increasingly for methods designed to provide small business loan departments, and recently sevgreater security for the lending agency and to eral of our very large city banks have instituted minimize risks of default and loss. The adnew programs to expand their specialized services justments which commercial banks made to to small business. I have no doubt that a survey meet these credit needs more effectively were today of bank lending to business would show that marked by a willingness to write loans on the commercial banks are now doing a more effecterms more attractive to such borrowers (for tive job of providing credit to small business than example, term loans with instalment amortiwas revealed by the System's 1946 survey. zation and revolving credits supplying a rea- While we commend the commercial banking sonable guarantee of working capital facilities system for its financing of the short- and intermediover periods longer than customary), and by ate-term credit requirements of small- and mediumthe use of a wider range of security devices sized business, we must recognize the fact that (such as the assignment of receivables, liens on while banks make a great many loans to small busiincome-producing equipment, the trust receipt, and the field warehouse receipt). ness, they are not able to accommodate all small business needs. There are many financial needs The findings of a comprehensive survey of com- of businesses, both large and small, that are not mercial and industrial loans to business, outstanding bankable, namely, equity capital and long-term at Federal Reserve member banks on November credit needs. Commercial banks have a primary 20, 1946, are also of special interest. This survey responsibility to their depositors for maintaining revealed that 76 per cent of the number, and 22 loan and investment portfolios in a sound condition. per cent of the dollar volume, of all business loans They cannot undertake business financing which of member banks were to small business. Small involves undue elements of risk, undue investigational or administrative expense, or the freezing of ^•See N. H. Jacoby and R. J. Saulnier, Business Finance and Banking, (1947). their funds for relatively long periods of time. In 812 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT ON PROPOSED SMALL BUSINESS LEGISLATION the case of larger businesses, financial requirements tal and long-term credit needed for expanding prowhich are not bankable may be met from other ductive facilities, broadening the market for their sources, such as insurance companies and the capital products and services, and launching new projects. markets; in the case of small business, nonbank The evidence also suggests that very small consources of funds are less accessible. cerns sometimes meet with difficulties in financing Taxation. There is no denying the fact that the their short-term working capital requirements* problem of small business financing has been com- While the financing need of small business is plicated by the structure and rates of Federal and often referred to broadly as a need for easier avail- State taxes. As I said last August in a statement ability of bank credit, I am inclined to think that on the equity capital situation, prepared at the it is primarily a need for equity capital and longrequest of a Subcommittee of this Committee, there term credit, either singly or in some combination. never seems to be a convenient time for a funda- In many of the cases that have come to the System's mental review of the tax structure. In 1948 when attention where small business concerns have comwe had a substantial surplus, the Congress elected plained of credit shortages, close inspection of these to reduce taxes without revamping the tax struc- businesses has revealed that where there was an ture. Now, faced with deficit financing, the Con- actual financial need it usually was for additional gress naturally does not want to do anything that equity capital. will cause even a temporary loss of Treasury rev- The small business financing problem is, howenue. Therefore, a fundamental study that would ever, too complex to be characterized simply as lead to a reform of the tax system tends to be one of insufficient equity capital or long-term credit. neglected and postponed. There are many small business concerns whose While some of the difficulties which small busi- requirements for short-term credit are so small ness concerns face in attempting to obtain equity that the commercial banker cannot afford the excapital would be alleviated in part by a basic revi- pense of processing and servicing them in the same sion of the present tax structure, I would not want manner as larger business loans. Such small busito leave the impression that tax revision alone ness loans, if granted at all, may often be handled would eliminate the occasion for the measures that in the personal loan department, in which case the are now before this Committee. small businessman frequently does not obtain needed financial counsel and advice which would AFFIRMATIVE VIEW OF SMALL BUSINESS accompany a more complete analysis of his busi- FINANCING NEEDS ness. During the past two decades commercial Those who feel that there is a real need for banks have introduced a number of innovations some additional facilities or institutions to provide in lending techniques, including the instalment more effectively for the financing needs of small-, loan for the purchase of equipment and the loan and medium-sized business are usually the first to secured by accounts receivable or by inventory held admit that they do not have satisfactory statistical under field warehouse receipts. The response of proof of the extent of this need. To obtain such business concerns to these innovations suggests proof would require a specific financial analysis that efforts by banks themselves to broaden their of small- and medium-sized business concerns lending activities can go a long way toward widenthroughout the country. However, we do have ing the circle of bank-eligible credit risks. such qualitative evidence as the policy statement Within the past year, several large banks have on small business of the Committee for Economic launched special programs which supplement their Development (1947), the report of the Tulsa Cham- regular business lending activities and are designed ber of Commerce (1948) on the number and func- for small business. The response to these programs, tioning of the so-called industrial foundations to as evidenced by inquiries, loan applications, and help small business, and the testimony presented loans granted by the bank, indicates an unsatisfied to the Subcommittee of the Joint Committee on demand for credit on the part of small business the Economic Report (1949) pointing to the exist- which, while it may not be large in terms of total ence of unsolved financing problems in the small dollar volume, is none the less real. While the business area. This evidence indicates that small- loan terms under these special programs have varied and medium-sized business concerns encounter from one bank to another, they generally include serious difficulties in obtaining outside equity capi- (.1) maturities up to 24 months on miscellaneous JULY 1950 813 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT ON PROPOSED SMALL BUSINESS LEGISLATION loans, and up to 5 years on loans for equipment or another, existing financing facilities do not fully and other longer-term needs; (2) repayment of meet the needs of small business. principal and interest in regular instalments; and 2. Short- and medium-term financing generally (3) flexibility as to security depending on the cir- presents no great problem, except perhaps in some cumstances of the particular case. The loans have localities and for very small, and often new, conbeen granted for a variety of purposes, including cerns. Commercial banks generally have demonfinancing of working capital requirements, payment strated their willingness to provide such credit for of taxes and trade indebtedness, purchase of ma- the latter group. However, many banks, particuchinery and equipment, construction of buildings, larly the smaller banks, have not developed the and acquisition of partnership interests. The num- necessary facilities to assure adequate coverage. ber of different types of business represented by 3. Easy availability of short- or medium-term borrowers is surprisingly large—one bank sent me credit may encourage businessmen to rely on it a listing which showed loans outstanding to small too heavily, even using it to finance long-term needs. businesses in 38 different industrial and trade Should profits decline or credit conditions become groups, ranging from advertising, drugs, and furni- tighter, they may then find themselves in serious ture to radio supplies, stove manufacturing, and financial difficulties. What these small businesses wholesale plumbing. Among the borrowers were really need is financing that will not be too burdenqandy jobbers, hardware stores, jewelers, used car some when the going gets temporarily rough—in dealers, electrical contractors, truckers, surgical sup- other words, equity capital and long-term credit. ply dealers, and ice manufacturers, to mention just Moreover, they often need more equity capital in a few among many. order to qualify for short- and intermediate-term Inquiries elicited by these programs revealed that loans from banks. in a number of cases those engaged in small busi- 4. Small business concerns do not have access ness were unfamiliar with the various services that to equity and long-term borrowed capital in the commercial banks can offer, or with the different way that large companies do. For one thing, the types of credit available to meet business needs. costs of preparing and marketing a small equity In some instances, the banks found that small busi- or long-term debt issue are prohibitive. For annesses were seeking managerial advice as much as other, there is frequently neither a new issue market they were additional funds, while in others it was nor a secondary market for the equity or longdetermined that bank credit was not adaptable to term debt instruments of small businesses, either the particular situation. At the same time banks in the community where they are known or on the were able to place funds at the disposal of many outside. concerns which had previously been unable to ob- 5. Neither stock nor bond financing in the forms tain financing. generally available is what the small businessman is looking for. The sale of bonds and preferred stock APPRAISAL OF CONFLICTING VIEWS is generally impractical, except to relatives and close It is difficult to give a satisfactory answer to the friends. Frequently, the small businessman does question: "How great is the need of small- and not want to sell common stock. The sale of commedium-sized business for special and additional mon stock to outsiders, unless to institutions especifinancing facilities?" I do not subscribe to extrem- ally authorized to participate on a limited basis, ists' views on either side of the question. Many means that the small businessman will have to of the so-called statistical facts cited in support of share the control of his business with others, or one viewpoint or another are merely opinions. Des- perhaps relinquish control. Most small businesspite opinions that all legitimate needs for bank men value their independence highly—that is one credit are adequately served, banks that have re- of the primary reasons why they go into business cently undertaken to explore the field have dis- for themselves. Debt may prove to be a financial covered an eligible group of borrowers. At this "strait jacket" in times of economic adversity. stage, however, there is no way of saying how big 6. The traditional suppliers of equity and longthat group is. term credit funds to small business—the friend-ofthe-family or the local financier—are becoming less I would sum up the situation this way: and less important in the local financial picture. 1, There are pockets in which, for one reason The growing difficulty of finding a partner, silent 814 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT ON PROPOSED SMALL BUSINESS LEGISLATION or otherwise, is due in part to tax considerations. of the investment companies advanced as outlined Also, it is due in part to a change in investment in the bills before you. The experience of similar preferences of individuals. There have been indi- institutions has made it abundantly clear that subcations in recent years of a trend away from equity stantial capital is necessary if the newly formed investment to life insurance, tax-exempt securities, investment companies are to avoid deficits during and other highly liquid assets. their first years of operation. 7. There are very few institutions in existence There are two reasons why institutions newly equipped to supply small business with both long- established to provide equity capital and long-term term credit and equity capital. There are, un- credit to small business may incur operating deficits. doubtedly, many cases in which some combination In the first place, maintenance of an adequate techof equity capital and long-term credit would prove nical and administrative staff to review applications, more suitable than either one by itself. To meet grant and service equity capital or long-term loans, such needs, financing must be tailored to the re- and to provide customers with such managerial quirements of each individual business, and not and technical advice and assistance as they may offered in exactly the same form on a take-it-or- require will mean substantial payroll and overhead leave-it basis to all comers. expense. In the second place, it will take time for a newly established institution of the type en- SOME PROBLEMS IN ESTABLISHING SPECIAL visioned to invest any sizable proportion of its FINANCING INSTITUTIONS resources in small private businesses. Therefore, If this summary poses the problem fairly, as I if deficits are to be avoided, the initial capital should think it does, the question which Congress will be large enough to permit coverage of operating want to weigh is what kind of solution will prove expenses through income from temporary investmost constructive. I am sure that Congress will ment in Government securities. want the private banking system to continue to I think it is essential that definite provision be provide short- and intermediate-term credit to com- made for transfer of the ownership of the new mercial and industrial borrowers. The main ques- institutions to private hands as quickly as possible. tion before you is what kind of supplementary fa- This is important because the new type of institucilities are needed. tion, if it is to become a permanent part of our Facilitating the flow of equity capital into small private economy, should compete for its funds in business channels is undoubtedly the most difficult the market place. The judgment of the market problem. In seeking a sound and workable solu- place may not always be acceptable to the individual tion to this problem, the Congress will want to business concern, but it is much sounder than the explore all possibilities, for it is important to the use of public funds for risk financing of private maintenance of our system of competitive free enterprise. Continued public financing of private enterprise that small business make its maximum concerns in competition with other private concerns contribution to sustained high levels of production is unsound in principle and inconsistent with the and employment. There is a great deal to be said precepts of a free enterprise economy. in favor of testing experimentally the feasibility of The provisions of S. 3625 and S. 2975 stipulate any proposed solution that appears to be sound. that the proposed new investment companies may As a believer in a private free enterprise economy, be organized by the Federal Reserve Banks, who I feel very strongly that any new institution especi- in turn may also provide part or all of the initial ally established for the purpose of making equity capital when necessary. With the Federal Reserve capital and long-term credit more readily avail- System providing the initial capital, sufficient operable to small business should eventually be privately ating funds would be assured to launch these instiowned. Such a new institution, however, would tutions and to determine whether they could operhave to be experimental because its operations ate profitably. We heartily approve the provisions would involve a substantial element of risk. Under in these bills which stipulate that commercial banks these circumstances, I think it very doubtful that and other private institutions and individuals may capital in sufficient amounts for an effective trial at any time purchase stock of these investment would be subscribed initially by usual private institutions from the Federal Reserve Banks. We sources. Therefore, I have concluded that the most see no reason why, if these institutions prove their practicable solution is to have the initial capital profitability, ownership will not pass to private JULY 1950 815 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT ON PROPOSED SMALL BUSINESS LEGISLATION hands. Given time to develop a useful pattern of ings for the new type of investment institution in operations and to grow, there are some grounds view of the costs and risks of financing small busifor believing that this new type of institution may ness. The riskiness of the business in which the play an important supplementary role in our private proposed institutions would engage cannot be too financial organization. strongly emphasized. If the institutions are to From the beginning, we have thought that the perform a useful public service, they must be preapproach through these new institutions should be pared to incur losses. The interest rate on loans experimental. No one can predict with confidence may be prohibitive if it is set high enough to rein what financial areas they will prove successful. imburse costs of investigating an application, serv- We would favor starting off with enough of them icing a small long-term loan, providing such manto gain experience and to test their potentiality. agerial or technical assistance as may be required, The sound approach is to feel one's way and to and assuming the attendant risks. Participation learn how to meet the over-all problem most effec- through equity financing in the gains of successful tively. ventures will be an essential to offset the high costs In view of the difficult operating problems that of operation as well as losses. the proposed new institutions will be up against, Various critics of the proposed legislation have it is desirable that their managements be given expressed apprehension that the suggested new ample latitude to meet effectively and flexibly the type of investment institution would constitute varied financing needs of small business. They a competitive threat, on the one hand, to the existshould have authority to purchase preferred or ing commercial banking system and, on the other, common stock in small business, to extend longto our existing investment banking facilities. I do term credit on such terms and conditions as indinot share this apprehension. vidual circumstances may warrant, including par- The new type institution would have to suppleticipation with banks, or to undertake package ment its capital funds by borrowing from banks or financing in which both equity and long-term credit in the capital market at market rates of interest. are combined. They should also have authority On the basis of this feature alone, it could not comto supply technical assistance on a reasonable fee pete in its charges with rates of interest which basis where lack of technical skill in some phase banks, using depositors' funds, can charge their of an applicant's operations seems to be critically customers. In addition, both the credit appraisal related to his financing problems. In other words, and risk costs of an institution specializing in the proposed institutions must be in a position to long-term capital and credit would run much tailor the assistance which they supply in accordhigher on the average than in the case of commerance with the type of problem which is presented cial banks which make shorter-term and betterby the individual small business approaching them secured loans. The success of this new type instifor help. tution would depend largely on its effectiveness From the advice which various bankers have in working through commercial banks and in given us, an important part of the business of supplementing the facilities which they are able the proposed investment institutions would repreto offer small business customers. sent package financing. Such financing avoids the I should like to stress particularly the point just pledge of all of a borrower's assets as security for made that the success of the new type investment a loan, thus leaving him in a position to obtain institution will depend largely on its effectiveness short-term financing from commercial banks if in working through commercial banks. The local necessary. One banker told me that he knew of a bank is in a unique position to discover and evalunumber of small business financing cases which ate investment opportunities for such institutions, could be made bankable if some additional equity even if the bank itself is not in a position alone to or equity and long-term debt could be provided. He indicated that his bank, and he thought other extend direct long-term aid to the business. Morebanks, would want to cooperate closely with the over, the local banker is in a strategic position to new investment institutions in working out con- handle the servicing and supervision of longer-term structive financing programs for promising small investments of the new institution, if such assistenterprises. ance is deemed helpful. The credit analysis and administration which the local banker is in a posi- Finally, there is the problem of adequate earn- 816 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT ON PROPOSED SMALL BUSINESS LEGISLATION tion to provide cannot be duplicated elsewhere paid balance, 90 per cent under one bill and 95 under existing financial mechanisms. per cent under the other. As for competition with established investment Reasons for the loan insurance program can be banking facilities, these facilities are not now summarized about as follows: Because of the exadapted to meet the equity and long-term credit pense of credit and risk appraisal, loans to many needs of small business. This fact, which is gen- small and to most very small business concerns erally admitted and fully substantiated by objec- must ordinarily be made on a banker's personal tive evidence, constitutes the principal case for knowledge of the applicant's abilities, character, providing for new, specialized investment facili- and financial worth, without the benefit of costly ties for small business. investigations. Where the businessman's banking The two bills differ in the tax relief that would contact is impersonal or casual, information of the be specially available to the proposed investment type needed for negotiating a loan may be inadeinstitutions. We feel that some special provisions quate and the work and expense of getting the adapted to the peculiar needs of this type of insti- information may be too great. tution are desirable, in view of its experimental No one can say how large a volume of insured nature and the high risk exposure to be incurred. small business loans would be generated by the The Committee will, of course, give great weight banking system under the proposed program. We to the advice of the Treasury Department in de- have noted an expansion of specialized plans for termining what tax provisions may be practicable. loans to small business by insurance companies and I have emphasized the need for combining man- by banks in some areas of the country. Consideragerial and technical assistance with any financial ing the favorable experience of these institutions, aid to small business. Therefore, we heartily en- it is anticipated that other new plans will be dedorse those sections of the proposed legislation veloped, particularly since there is considerable that would provide for the collection and dissemi- interest on the part of private financial institutions nation of information of benefit to small business. to cultivate the demand in this field. In view of this rapidly changing situation, I would prefer INSURANCE OF COMMERCIAL BANK LOANS to see this program of insuring loans placed in the As a means of assuring greater availability of hands of the proposed investment companies where credit to small, and particularly very small, busi- it could be flexibly adapted to the needs of varinesses, the proposed legislation would authorize ous areas of the country. an insurance program for small business loans. In conclusion, I would like to say that the pro- The program would be administered by the Sec- posal for the investment companies contained in retary of Commerce under S. 3625; it would be this legislation was originally conceived not by the handled by the investment companies under S. Federal Reserve but by private finance. The role 2975. projected for us was first suggested in the Fen- Loans would be insured without any prelimi- nelly Report of the Investment Bankers Associanary review of individual loans. However, because tion in 1945 and later by the Committee for Ecoof this automatic feature of the plan, the insurance nomic Development after an exhaustive study of would be limited to very small loans with matur- small business problems. After full hearings by ities of not more than five years—loans which his Subcommittee of the Joint Committee on the would not justify the expense and work of rein- Economic Report, Senator O'Mahoney undertook vestigation by the insuring agency on an individual to give the suggestion concrete legislative form. basis. The principal amount of an insured loan Recently, in his message to the Congress, the could not exceed $25,000 under one bill, or $10,- President endorsed this same proposal. 000 under the other. The total insurance protec- We would like to have it distinctly understood tion afforded to any financing institution would be that we do not wish to be placed in the role of limited to 10 per cent of the aggregate amount of asking that Congress increase our powers. Howits total insured business loans. Also, in order ever, if the Congress elects to place these responto make certain that the financing institutions sibilities in our hands, let me assure you that the would carry a reasonable share of the risk, the in- wishes of the Congress will be carried out as surance coverage on any one specific loan would vigorously, soundly, and expeditiously as we know not be more than a certain percentage of the un- how. JULY 1950 817 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRANCH BANKING IN THE UNITED STATES, 1939 AND 19491 The purpose of this article and related tabula- 25 per cent in 1939. The percentage growth since tions is to make available for public use information 1939 reflected a decline in the number of commerobtained from branch bank reports of condition cial banks, an increase of 223 in the number of submitted to the banking supervisory agencies as banks operating branches, and an increase of 889 of June 30, 1949. This is the first time such re- branches. The growth in branches was fairly evenly ports have been collected since before the war. distributed between head-office cities and other Branch banking in the United States has been localities, although it was larger outside these cities shaped to a large extent by Federal and State laws.2 than within. This distribution was a change from Establishment of branches is prohibited altogether the growth pattern of 1933 through 1939, when a in some States, and in a number of States branches slight decline of branches within head-office cities are operated in limited areas or under restricted was more than offset by an increase outside these conditions. These legal restrictions have resulted cities. in wide variations in the characteristics of branch The growth in the numerical importance of banking among the various States and in a pre- branch banking was accompanied by an increase dominance of a limited or modified form of branch in the proportion of commercial bank deposits held banking. Over 70 per cent of the commercial banks by branch banking systems in nearly ail of the that operate branches have only one or two branches, States that permit branch banking. For the counand 94 per cent of these banks operate branches try as a whole, the proportion of commercial bank only within the head-office county or counties con- deposits held by branch banking systems declined tiguous to it. A few large State-wide branch sys- slightly from 1939, reflecting a somewhat larger tems, however, play a prominent part in commer- relative growth of deposits of commercial banks in, cial banking within their respective areas. States where all or the greater portion of deposits About one-tenth of the commercial banks (i.e., all are held by single-office banks. banks other than mutual savings banks) in the United States operated branches on June 30, 1949.3 Geographic distribution of commercial branch These 1,162 banks, together with their 4,386 banking. The geographic distribution of branch branches, accounted for about 30 per cent of all com- banking has changed relatively little since 1939. mercial banking offices on that date, compared to The increase in both the number of banks operating branches and the number of branches from 1939 to 1 This article was prepared by Paul F. Smith of the Board's 1949 was widely distributed among the States per- Division of Bank Operations under the direction of J. E. mitting branch banking. New York and Pennsyl- Horbett, Assistant Director of the Division. It is based largely on branch reports of condition obtained as of June vania had the largest increases (19 and 16 respec- 30, 1949 by the Comptroller of the Currency, the Federal tively) in the number of banks operating branches. Deposit Insurance Corporation, and the Board of Governors of the Federal Reserve System. Tabulations by State, class These two States also led the increases (91 and 71 of bank, and other classifications, prepared at the Board's respectively) in the number of branches. offices, are included in the statistical section of this BULLETIN, In nearly all States that permit branch bankpp. 896-906. For additional branch banking statistics other than those periodically published in the BULLETIN, see ing there was an increase in the proportion of BULLETINS for September 1941, pp. 882-85; May 1948, pp. commercial bank deposits held by branch sys- 505-15; and Banking and Monetary Statistics, pp. 294-311. 2 The Board's latest digest of State laws pertaining to tems. Five States (Arizona, Mississippi, New branch banking appears in the Federal Reserve BULLETIN Mexico, North Carolina, and Tennessee) showed for October 1939, pp. 851-70. increases of more than 20 percentage points in 3 Banking facilities operated at the request of the Treasury at military reservations and other Government establish- the proportion of deposits held by branch sysments were not included as branches in this study. This tems. In three of these States (Arizona, North study, however, covers all other branches or additional offices Carolina, and Tennessee) banks operating branches within the meaning of Section 5155 U.S.R.S., which defines the term "branch" as "any branch bank, branch office, held a substantial proportion of the deposits of combranch agency, additional office, or any branch place of busi- mercial banks in 1939. In New Mexico and Missisness . .. at which deposits are received, or checks paid, sippi only 8 and 14 per cent of commercial bank or money lent." 818 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRANCH BANKING IN THE UNITED STATES, 1939 AND 1949 deposits were held by branch systems in 1939 as had 9 or more of such branches. However, in most compared to 32 and 35 per cent in 1949. The largest of these 11 States, as shown in the lower map on proportion of the growth in Arizona and North page 821, this type of branch system held a substan- Carolina was due to the expansion of branch sys- tial proportion of the commercial bank deposits of tems that were in existence in 1939, while in Missis- the State. sippi, New Mexico, and Tennessee the growth was Characteristics of commercial branch banking. primarily the result of the establishment of branches The average branch banking system, described as by unit banks. Georgia, with a decrease of 9 pera composite of various medians, had its head office centage points, showed the largest decline. The in a city of 10,000-50,000 population, operated only proportion of all commercial bank deposits held by one branch, and had deposits of 5-10 million dollars branch systems in individual States on June 30, in 1949, most of which were held at the head office. 1949, is shown in the map at the top of page 821 and in the table on page 900. About 55 per cent or 645 of the commercial banks operating branches had only one branch each; an Area of operation of individual branch systems. additional 18 per cent or 209 banks had only two Largely as the result of Federal and State regula- branches. In contrast, eight banks operated more tions governing the establishment of branches, the than 50 branches each, including one with 519 area covered by individual branch systems is typi- branches. Four of these large systems were located cally small. On June 30, 1949, 73 per cent of the in New York City and one operated branches only commercial banks operating branches had branches in Cleveland and contiguous counties. The other outside of the head-office city, but only 6 per cent three (two in San Francisco and one in Los Anhad branches outside counties contiguous to the geles) were so-called State-wide systems. The comhead-office county. All branches were located in bined deposits of these eight branch banking systhe same State as the head office with the excep- tems exceeded the combined deposits of the 854 tion of six branches that were established long be- banks operating only one or two branches. fore the enactment of the present laws. Eighty- The median branch system (the middlemost systhree per cent of all commercial branch systems tem when all systems were arranged by size of deoperated branches in only one^ county; of the reposits), with deposits of 5-10 million dollars, fell mainder, one system operated in 56 counties and between the extremes of 22 branch systems with dethe others operated in from 2 to 25 counties. The posits of less than a million dollars and 16 branch distribution of commercial banks according to the systems with deposits of nearly a billion dollars or number of counties in which they operated branches more. Nine of these large systems were located is as follows: in New York City, two in San Francisco, and one Banks operating Banks operating each in Boston, Cleveland, Detroit, Los Angeles, branches branches and Pittsburgh. The branch operations of all but 1 county 969 11 counties 5 2 counties 111 12 counties 1 five of these 16 large systems were confined pri- 3 counties 26 13 counties 2 marily to the head-office city, and five of them had 4 counties 16 14 counties 1 5 counties 9 less than 10 branches. The size of some of these 6 counties 9 20 counties 2 large banks was to a large extent dependent on 21 counties 1 7 counties 2 22 counties 1 factors other than branch operation. 8 counties 1 25 counties 1 In most branch systems the head office carried 9 counties 2 10 counties 2 56 counties 1 the largest share of the system's deposits. However, Although the distribution of branch systems 147 branch systems had a larger proportion of their according to the area in which they operate has total deposits at branches than at the head office, changed little in the past 10 years, there has been and 86 systems had more than half of their dea slight increase in the proportion of branches out- posits at branches outside the head-office city. side head-office cities. These branches increased The size of branches varied widely when classifrom 54 per cent of all branches in 1939 to 57 per fied by amount of deposits held. The range excent in 1949. tended from 90 branches with deposits of less than Of the 23 States that had branches in counties $250,000 each to 18 branches with deposits of more not contiguous to the head-office county, only 11 than 100 million dollars each. Nine of these large JULY 1950 819 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRANCH BANKING IN THE UNITED STATES, 1939 AND 1949 branches were in New York City and the others and real-estate loans to total loans are shown in the were distributed among five other large cities. The accompanying table for unit banks, branch banking median branch, excluding those not reporting sepa- systems, and out-of-town branches.4 These ratios for rate deposits, had deposits of 2-5 million dollars. branch systems and branches are not equally repre- The head offices of branch systems were located sentative of all regions, due to the wide variations in in cities of all sizes, ranging from less than 500 in the kind and extent of development of branch bankpopulation (99 head offices) to more than 500,000 ing. However, State-by-State comparisons covering population (134 head offices). Most of the branches branch systems and all insured commercial banks outside head-office cities were located in small places; indicate that the ratios, by size of bank or branch, more than half or 1,300 were in places of less than are fairly comparable, particularly for the intermedi- 2,500 population, and only 97 were in cities of more ate size groups which comprehend most banks and than 500,000 population (nearly all of these were branches. in Los Angeles). On June 30, 1949, as the table indicates, (1) the ratio of loans to deposits was higher for banks Approximately three-fifths of all commercial bank operating branches than for unit banks in all size branches in existence on June 30, 1949 had been groups; (2) the ratio of real-estate loans to total established de novo (by the present or a predecessor loans was higher for banks operating branches than parent bank). The remainder were established by for unit banks in all but one size group, although conversion of a bank into a branch following its the differences were small in most cases; and (3) consolidation or absorption. About 67 per cent of the ratio of cash assets to total deposits was lower the branches in the head-office county and counties for banks operating branches than for unit banks contiguous to it were established de novo. In nonin all size groups. contiguous counties, on the other hand, about 57 Differences in accounting practices limit someper cent of the branches were established by conwhat the comparability and value of asset and version of banks. liability data reported by branches. Many branch Loans and cash assets of branch banking systems. * These ratios relate to insured commercial banks only, Ratios of loans to deposits, cash assets to deposits, since some data are not available for noninsured banks. COMPARISON OF SELECTED RATIOS FOR BANKS WITHOUT BRANCHES AND BANKS OPERATING BRANCHES, JUNE 30, 1949 ALL INSURED COMMERCIAL BANKS Ratio of loans to total Ratio of real-estate loans to Ratio of Gash assets to « deposits (per cent) total loans (per cent) total deposits 1 (per cent) (de S p i o ze si t g s r , o i u n p t o h f o u b s a a n n k d s o r o f b r d a o n l c la h rs) Banks Banks B o r u a t n s c id h e es Banks Banks B o r u a t n s c id h e es Banks Banks without operating head- without operating head- without operating branches branches 2 office branches branches 2 office branches branches 2 city 3 city3 500 and under 41 0 25.4 25 4 26 6 27 0 500-1 000 35.6 45.9 30.0 29.8 35.8 33.7 22.3 17.9 1 000-2 000 33.0 36.2 36.0 34.6 35.3 46.7 21.9 18.5 2,000-5,000 30.1 34.9 35.7 40.4 40 1 51 2 22 0 18 3 5,000-10,000 28.6 35.5 40.5 42.0 45.2 61.2 21.7 18.3 10,000-25 000 . . ... 25 5 33 4 41.0 39.6 40 0 60 2 22 6 21 0 25,000-50,000 23.9 29.3 34.6 31.2 34.7 42.4 25 3 21 3 50 000-100 000 22.7 29.0 35.3 20.8 29.3 33.1 28.1 23.0 Over 100,000. 28.1 31.9 (4) 58.1 5 20.5 (4) 31.4 26.0 1 Ratio for branches omitted because of lack of comparability with cash assets of unit banks. 2 Ratio for head office and all branches. 3 Each branch was classified separately according to the size of its own deposits. 4 Omitted because classification included only four branches. 5 The ratio 8.1 reflects the relatively small proportion of real-estate loans held by big city banks without branches. The ratio 20.5 includes both city and State-wide branch systems; the corresponding ratio for head-office-city branch systems is 5.9, and for branch systems operating outside head-office cities 34.8. NOTE.—The ratios for the small and the large size groups of branch-operating banks and branches are based on relatively small numbers of banks and branches; consequently, they do not provide as reliable comparisons as do the ratios for the intermediate groups. 820 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRANCH BANKING IN THE UNITED STATES, 1939 AND 1949 PERCENTAGE OF TOTAL DEPOSITS OF ALL COMMERCIAL BANKS HELD BY ALL COMMERCIAL BRANCH SYSTEMS JUNE 30, 1949 HELD BY BANKS WITH BRANCHES IN NONCONTIGUOUS COUNTIES JUNE 30, 1949 JULY 1950 821 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BRANCH BANKING IN THE UNITED STATES, 1939 AND 1949 systems use completely centralized accounting and cent in 1939 to 60 per cent in 1949 for the country keep no separate books at the branches; some sys- as a whole. The relatively large proportion of tems centralize checking deposits at the head office mutual savings deposits held by branch systems but carry other accounts at the branches; and all reflects to a large extent the fact that most mutual but a relatively small amount of investments are savings banks are located in States that permit centralized. As a result of these variations, the branch banking. ratios for branches are not entirely comparable to As in the case of many of the commercial bank those of unit banks or to the branch system totals. branch systems, the mutual savings branch systems However, allowing for these factors, the ratio of operated in restricted areas. All of the branches loans to deposits was higher at branches outside of mutual savings banks were located in the headhead-office cities than at banks without branches office county or counties contiguous to it, and only for all but the smaller size groups, and the ratio of 16 per cent of the branches were located outside real-estate loans to total loans was higher at such head-office cities. branches in all size groups. Additional data on branches of mutual savings banks appears in the statistical tables on pages Branches of mutual savings banks. Mutual savings 896 and 906. banks that operated branches on June 30, 1949 held a substantial proportion of the deposits of such Offices at military reservations. At the request of banks in nearly all of the 12 States in which they the United States Treasury, a number of banks operated. However, only New York and Massa- operate offices at military reservations and certain chusetts, the leading mutual savings bank States, other Government establishments. These offices had more than four branch systems. New York serve primarily as paying and deposit stations, as had 54 branch-operating mutual savings banks with do many ordinary branches. They have not, how- 90 branches and Massachusetts had 31 such banks ever, been included in the tabulation of branches, with 40 branches. because of their different legal status and the nature All but three of the States with mutual savings of their origin. On June 30, 1949, there were 66 branch systems showed an increase since 1939 in the banks operating 88 offices at various Government proportion of deposits held by branch systems. establishments; half of these banks operated no These changes resulted in an increase from 47 per branches. 822 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Clayton Antitrust Act tion containing our findings upon the issues Injunction Restraining Transamerica Corporation, and herein, was filed on Saturday, June 24, 1950. We Bank of America N. T. & S. A. now proceed to state, more in detail, the facts dis- While the Board of Governors was in the closed in this proceeding, and the considerations process of holding hearings upon a complaint filed which prompted our decision. under Section 7 of the Clayton Antitrust Act seek- While the Board of Governors of the Federal ing to require Transamerica Corporation to divest Reserve System was in the process of holding itself of the stock of certain banks alleged to have hearings upon a complaint, filed under Section 7 been acquired by it contrary to the provisions of of the Clayton Act (15 U. S. C. A. 18) charging that Act, Bank of America N. T. & S. A. entered Transamerica Corporation with a violation of that into arrangements with certain of those banks Act and seeking to require that corporation to whereby it proposed to acquire their assets. The cease and desist from such violations, and to divest Board of Governors obtained in the United States itself of the stock of certain banks alleged to have Court of Appeals for the Ninth Circuit an injunc- been acquired contrary to the interdiction of the tion restraining these acquisitions. Thereafter the Act, the respondent Bank of America, which was banks were taken over and opened as branches also one of the banks listed in said proceedings, of Bank of America, and that bank and Trans- entered into arrangements with certain of the america Corporation and the presidents of the two banks whereby the Bank of America proposed to institutions were ordered to show cause why they acquire the assets of such banks. should not be adjudged to be in civil and criminal Steps looking to the acquisition of these bank contempt of the Court. After receiving evidence, assets, although clearly planned for a considerable the Court held them to be in civil contempt, and period, were commenced on June 20, 1950, three dismissed the proceedings relative to criminal days prior to the institution of this proceeding, contempt. when the Comptroller of the Currency executed The two opinions of the Court of Appeals are his consent to Bank of America to open branches printed below: at the locations of these several banks. Although the Comptroller's certificates of consent were, strictly No. 12,587 speaking, limited to authorization to open branches, IN THE UNITED STATES COURT OF APPEALS FOR it is apparent, from the record, that he knew that THE NINTH CIRCUIT acquisition of the banks' assets was contemplated, for the approved location in each case was that of BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, Petitioner, the bank proposed to be acquired, and in his letter of transmittal of the certificates approving the vs. branches, dated June 20, 1950, he listed opposite TRANSAMERICA CORPORATION, AND BANK OF AMERICA the name of each branch, the name of the bank NATIONAL TRUST AND SAVINGS ASSOCIATION, "to be taken over". Respondents. At some date or dates subsequent to the 20th day of June written contracts were executed be- UPON PETITION FOR TEMPORARY RESTRAINING tween the several banks and Bank of America ORDER, PERMANENT INJUNCTIONS AND OTHER RELIEF providing for the acquisition of the former's assets by Bank of America, which in each case assumed Before HEALY, ORR, and POPE, Circuit Judges. the deposit and other liabilities. On the hearing PER CURIAM. An order denying a motion to dis- before us some argument ensued as to whether solve a restraining order and granting an injunc- these contracts were executed or executory. They JULY 1950 823 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT fall into two categories. Those relating to state Bank of America listing the banks in question, anbanks required the approval of the State Super- nouncing the proposed acquisition, and stating "It intendent of Banks, who gave his approval on is expected that these offices will become part of June 22, 1950 "effective at 3 o'clock p.m. Cali- the Bank of America as of the close of business oni fornia daylight savings time, June 24, 1950." * June 24". The contracts relating to National Banks are On June 23, 1950 the petitioner Board of Govshown to have been in the form of that made by ernors of the Federal Reserve System filed herein the First National Bank of Santa Ana. It recites its petition disclosing the pendency of the prothat it is entered into "as of the 20th day of June, ceedings before it, alleging that further hearings 1950". Its date of actual final execution is not therein are set for July 17, 1950, and that the indicated otherwise than by the fact that the conclusion of such proceedings will probably resignatures on behalf of Bank of America were quire 30 days thereafter. It appears that such hearacknowledged before a notary on June 23, 1950. ings have proceeded intermittently since Febru- This contract, presented as a sample of the other ary 2, 1949. The petition discloses, and it is concontracts with the National Banks, shows on its ceded here, that the complaint in that proceedings face that it was wholly executory. It provided for charged that respondent Transamerica Corporaactual transfer at a future date. It referred to a tion had acquired the stocks of certain banks in list of assets to be transferred, subject to such violation of Section 7 of the Clayton Act, and that changes as may occur therein to and including "the the effect of such acquisition has been and is to subdate of actual transfer thereof". In like manner stantially lessen competition, to restrain commerce,, the liabilities to be assumed were "subject to such and to tend to create a monopoly. The petition changes as may occur therein to and including the was directed against Transamerica Corporation, redate of actual transfer thereof." Another clause spondent in those proceedings, and also Bank of requires the seller to indemnify the purchaser America. It alleged the imminent acquisition of against any action or cause of action "that may the assets of the banks, and prayed that such be now existing or pending and not shown by the transfer be enjoined until the Board's proceedings aforesaid records of seller, or which may here- could be concluded. after be commenced, based upon any transaction, The Board's Memorandum of Points and Aumatter or thing happening or occurring prior to thorities filed with its Petition, and based on apthe actual transfer of the business and assets herein propriate allegations in the petition, discloses that referred to." The price to be paid is not fixed. our jurisdiction herein is asserted to exist by virtue It is to be based on a valuation of assets which of Title 28 U. S. C. Section 1651, which provides: "shall be arrived at by the officers of the respective "The Supreme Court and all courts established parties". It is to include such premium on loans by Act of Congress may issue all writs necessary and such good will premiums "as may be agreed or appropriate in aid of their respective jurisdicupon". Seller agrees to cease business and liquidate tions and agreeable to the usages and principles of "after completion of the transfers provided for in law." this agreement." It is pointed out that the Board is without statu- It was admitted at the hearing that the banks tory authority to protect its own jurisdiction. Its referred to, and their officers, would continue to orders may only be enforced in this court, whose function throughout the week in which these trans- jurisdiction, under Section 11 of the Clayton Act actions were initiated and through June 24, 1950. (15 U. S. C. A. 21) is exclusive. And, although Further indicating that the agreements remained the Board has not yet entered an order, or petiexecutory, and that the actual transfers had not tioned this court to enforce an order, yet it is been made when the restraining order hereinafter argued that the jurisdiction of this court to issue referred to was served, is a press release of the an extraordinary writ in aid of its own jurisdiction is not delayed until the jurisdiction of this 1 Although the exhibits furnished by respondent indi- court is actually invoked. The writ may be issued cate that all certificates of the Superintendent of Banks to prevent frustration of the ultimate exercise of were in the same form, it was stated at the hearing, and its jurisdiction even before an appealable or renot controverted, that in some certificates the approval was made effective as of 12 noon on June 24, 1950. viewable order has been entered in the tribunal 824 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT below. Attention is called to the application of threatened destruction or removal of a res in custodia this principle in many cases following Barber legis? Here the threatened frustration is through Asphalt Paving Co. v. Morris (8 Cir.), 132 F. concert between the respondents. 945, where the court said: (953-954) "It is obvious Fed. Power Comm'n v. Edison Co., 304 U. S. that the primary reason for the grant to the fed- 375, cited by respondents was a case in which the eral appellate courts of the dominant power to Circuit Court of Appeals issued an order relating to issue their writ of mandamus to the inferior courts proceedings before the Power Commission which in the exercise of and in aid of their appellate juris- the Supreme Court held to amount to a mere diction was to enable them to protect that juris- effort to exercise supervisory control over purely diction against possible evasions of it. It is not procedural steps taken by the commission, and less evident *hat the grant must in many, nay, in which, under no circumstances, would be reviewmost, cases, fail to accomplish its chief end if able by the court. It was therefore held that secthe power to issue the writ can be exercised only tion 262 of the Judicial Code, similar to the present after the appellate jurisdiction has been actually section 1651, was inapplicable. We think that invoked by an appeal or by a writ of error. Under decision not in point here. the acts of Congress the proceedings in every suit To demonstrate the threatened divestiture of in the Circuit Court of the United States are now the Board's jurisdiction, and hence of ours, and reviewable either in the Supreme Court or in the the irreparable damage that may result, petitioner Circuit Court of Appeals. The moment such a calls our attention to Federal Trade Commission suit is commenced, the appellate jurisdiction over v. Western Meat Co., 272 U. S. 554, and Arrowit exists, the power and the right to ultimately re- Hart & Hegeman Electric Company v. Federal view the proceedings in it are vested in one of the Trade Commission, 291 U. S. 587. In the first appellate courts. ... case it was held that in a proceeding under Section 11 of the Clayton Act the Federal Trade * •*• # # # "The reasons and decisions to which we have Commission could supplement an order requiring now adverted have impelled our minds with irre- the respondent to divest itself of stock acquired in sistible force to the conclusion that the true test of violation of Section 7 by further directing that the the appellate jurisdiction in the exercise or in the assets underlying the stock also be divested in a aid of which the Circuit Courts of Appeals may manner consistent with the purposes of the Act. In issue the writ of mandamus is the existence of that the Arrow-Hart case, it appears that during a projurisdiction, and not its prior invocation; that it ceeding before the Federal Trade Commission deis the existence of a right to review by a chal- signed to compel a holding company to divest itself lenge of the final decisions, or otherwise, of the of stocks acquired by it in competing corporations, cases or proceedings to which the applications for the several corporations involved completed an arthe writs relate, and not the prior exercise of that rangement by which all of the assets formerly beright by appeal or by writ of error; . . ." To longing to both original companies were translike effect is Whittel v. Roche, 88 F. 2d 366, ferred to a new corporation. It was held that the decided by this court. jurisdiction of the commission had been thereby The cases just cited deal with writs issued in aid ousted. The court said: (p. 599) "Where shares of our appellate jurisdiction. We think a like acquired in violation of the Act are still held by jurisdiction is granted, under Section 1651, in aid the offending corporation an order of divestiture of our original jurisdiction to enforce the orders may be supplemented by a provision that in the of this Board, and that it may be exercised at any process the offender shall not acquire the property stage at which it may appear reasonably necessary represented by the shares. Federal Trade Comm'n to preserve that jurisdiction. Indeed, in this situa- v. Western Meat Co., 272 U. S. 554. In the tion, in which this court has been made the sole present case the stock which had been acquired court vested with enforcement of this Act, our contrary to the Act was no longer owned by the power to protect that jurisdiction is comparable to holding company when the Commission made that of a district court which is confronted with a its order." threat by litigants, or by third persons, to destroy 2C£. Continental Bank v. Rock Island Ry., 294 U. S. its jurisdiction, as for example, in the case of a 648, 675. JULY 1950 825 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT It is therefore said that what the respondents Initially it is contended that our restraining order are about to accomplish here will serve to circum- is void for failure to recite the matters specified vent the possibility of the Board, in case it finds in Rule 65(b), F. R. C. P. What counsel have the same warranted, making an order of the kind overlooked is Rule 1, which provides that the upheld in the Western Meat Co. case, supra, and rule cited has application only to proceedings in thus defeat the jurisdiction of the Board, and the district courts. They have also failed to note of this court. the character of the order which we have here We think the position thus stated is well taken. issued. What is sought, and we have granted, is The question which we think poses the most a writ of injunction, serving the same general purdifficulty here is whether it is our jurisdiction, or pose of the coordinate writs of mandamus and that of some other court, which is threatened. The prohibition, and designed, not as an injunction in pertinent portion of Title 15 U. S. C. A. Sec. 21, equity, however much equitable principles must is as follows: "If such person fails or neglects to be applied, but solely as a writ in aid of the jurisobey such order of the commission or board while diction of this court. The restraining order, which the same is in effect, the commission or board was served with the order to show cause, the petimay apply to the circuit court of appeals of the tion, and the memorandum of points and authori- United States, within any circuit where the viola- ties, left the respondents in no uncertainty as to tion complained of was or is being committed or what they were commanded to do, or as to the where such person resides or carries on business reasons therefor. for the enforcement of its order." Although the order to show cause was made re- The Respondent Transamerica Corporation is a turnable June 27, and set for hearing June 28, the Delaware corporation. The acts complained of respondents appeared by motion to dissolve the occurred in California, where the corporation does restraining order and at the request of both its business. But under the rule that a corporation parties the hearing on the petition, and the mois deemed to reside where it is organized, it would tion to dissolve the restraining order was held appear that two of the three bases for selection of at 10 a.m. Saturday, June 24. Upon this hearing an enforcing court would bring the parties here, it was urged that the proposed transfer of assets while the third would point to the Third Circuit. had already been completed before this court's It is argued that until the order is entered and order issued; that we were confronted with a enforcement sought in some court, jurisdiction re- fait accompli, about which we could do nothing, sides nowhere, and therefore we have none to aid. at any rate with the type of injunction here sought. It is to be noted that the Board, which is given We think this is not so. We have previously noted the ultimate option to choose the enforcing court, the executory character of the agreements and the has made its application here. To say that under press release statements that the transfer was to the circumstances no court could do anything be effected as of the close of business on June 24, would lead to complete frustration. We cannot 1950, until which time the individual banks and believe that Congress, in providing for alternate their officers were continuing to transact business places of enforcement, thereby intended to with- at their respective locations. No delivery of possesdraw in such circumstances any of the broad sion had taken place when the court's order issued, power granted by section 1651 of Title 28. We or when the hearing was begun. Possession was think the power granted by this section was in- then still in the several banks. Our restraining tended to be adequate for all practical purposes order calls for no more than that respondent sought to be served thereby. It is our opinion that Bank of America refrain from taking such possesthis problem must be resolved in favor of our sion. jurisdiction here. Upon the commencement of It is said that the respondent Bank had then comthe proceeding here we issued, ex parte, our order mitted itself, by contract, to complete the transto show cause, returnable June 27, 1950, and our action. Even if the contracts had been arrived at temporary restraining order enjoining the threatened by parties dealing at arms length, it requires no acquisitions pending hearing on the order to show demonstration that an act which otherwise might cause. These orders were served on respondents, be enjoined, does not become immune to injunction it appears, on the afternoon of June 23, 1950. because a party defendant has made a contract to do 826 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT the thing forbidden. The claim that these execu- would be issued. The institution of this proceeding tory contracts, signed by one of the respondents on three days later disclosed all possible diligence. the one side, and by banks controlled by the re- It is asserted that substantial sums have been maining respondent of the other—engagements on expended in preparation for the acquisition of these which the ink was hardly dry—have put this banks; that wide publicity has been given by lettransaction beyond injunction is of a stripe with ters to depositors, press releases and the like. It is the argument that the injunction may not issue shown that the directors of the several banks have because the respondents have made public an- surrendered their qualifying shares in those banks nouncement of their intentions. to the respondent corporation. We find here no One of the grounds stated in the motion to dis- insuperable difficulties. Respondent corporation miss the restraining order was that the Comp- may easily return the stock, which no doubt, must, troller, in issuing the certificates consenting to the to satisfy the law, be retained in ownership by the openings of branches, had thereby adjudicated the directors until possession is passed. validity of the proposed transfers, including all As for the expenditures and other inconveniences questions relating to Clayton Act violation. At mentioned, it appears to us that for the situation first it was sought to lend color to this claim by in which respondents now find themselves they quoting testimony of a deputy comptroller before have to thank not the institution of this proceeda Congressional committee. But as the hearing ing, but their own unseemly haste. Notwithstandprogressed this claim was apparently abandoned, ing the many months during which the substantial as necessarily it must be, for the Comptroller issues raised in the proceedings before the Board clearly neither has such authority, nor purported were being considered, and knowing that the to exercise it. The facts do show an unfortunate validity of Transamerica's ownership of the very working at cross purposes of two government stock that had to be voted to bring about this preagencies. What we say is not to be taken as a cipitate transaction was in issue in those proceedcriticism of the Comptroller for thus apparently ings, the arrangements were rushed through in a lending aid to an attempted evasion of the order manner which would appear to us hardly comof the Board of Governors. Apparently the Comp- patible with the sure and dignified procedure tratroller felt obliged to issue these certificates in ditional in the banking business. We cannot hold return for an agreement of the respondent bank the Board at fault for not anticipating such proto increase its capitalization to a figure which he cedures. With it all, whether there be any truth thought necessary in the public interest. Doubtless in it or not, the respondents laid themselves open the Comptroller deplored a state of law which to being suspected of contriving an adroit design reduced him to this expedient. But in making his to circumvent the proceedings before the Board. decision he neither considered, nor was charged On the other side of the shield is the public inwith determining, any of the issues committed to terest, the protection of which Congress has comthe Board of Governors. manded by the enactment of the Clayton Act which Matters have been called to our attention which is designed to prevent monopoly and other rebear upon a balancing of convenience as between straints upon trade and commerce. This interest the parties. We find no such inconvenience to re- is paramount. The public convenience in a matter spondents as would lead us, in our discretion, to of this kind is such as to outweigh any other constay our hand. It is claimed that the Board unduly siderations which have here been presented to us. delayed in instituting this proceeding. The corre- The facts with which the Board is dealing are not spondence between the Board of Governors and before us. Nor do we assume that the Board will the Comptroller, through which admittedly knowl- ultimately find that the stock acquisitions of which edge first came to the Board of Governors, was complaint has been made are such as will substanproduced at the hearing, and both parties read tially lessen competition, or tend to monopoly. But therefrom. From this it appears that the Board of we cannot assume that such results could not Governors was advised by letter dated June 14, appear. Indeed, in making these sections applicable 1950, that issuance of the certificates for branches to banks, and in vesting jurisdiction in the Board was under consideration, but it was not until June of Governors of the Federal Reserve System, Con- 20, 1950, that the Board was advised that they gress must have recognized the possibility that there JULY 1950 827 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT could be detrimental monopolization and restraints The order of June 23 restrained Transamerica of trade in the banking field. We think that to and Bank of America "from consummating or prevent the appropriate agency o£ government effectuating any arrangement or undertaking which from protecting the public interest in this respect will result in Bank of America . . . acquiring the would cause irreparable damage. assets or banking business of any or all of" the The conclusions here developed were all clearly banks named in the order, "until further order indicated in our injunctive order of June 24, en- of this Court." x tered subsequent to the hearing. Time was lack- On June 27 upon application of the petitioner ing, however, to enlarge upon the reasons for them; alleging a violation by the two corporations, and and the purpose of this opinion is to state those Husbands and Giannini, their Presidents, of these reasons fully and to cite the authorities which we two orders, we issued a rule ordering that the corconsider as supporting them. porations and Husbands and Giannini (hereafter referred to as respondents) answer the Board's petition and show cause why they should not be UNITED STATES COURT OF APPEALS FOR THE NINTH adjudged to be in civil and criminal contempt of CIRCUIT this court. Bank of America and Giannini filed No. 12,587 an answer, as did Transamerica and Husbands. Upon direction of the court, evidence in support PROCEEDING TO ADJUDGE IN CRIMINAL CONTEMPT of the petition and of the answers was presented IN THE MATTER OF TRANSAMERICA CORPORATION, A by the parties by affidavits. CORPORATION, BANK OF AMERICA NATIONAL TRUST The showing made by the respondents them- AND SAVINGS ASSOCIATION, A NATIONAL BANKING selves discloses that Bank of America did, as ASSOCIATION, SAM H. HUSBANDS, AN INDIVIDUAL, charged by petitioner, open branches on June 26, AND L. MARIO GIANNINI, AN INDIVIDUAL 1950, at all the business locations of the several banks described in the injunctive orders, and what we consider to be more significant, Bank of America did so with the assets and the banking busi- No. 12,587 nesses previously owned by the individual banks PROCEEDING TO ADJUDGE IN CIVIL CONTEMPT AND which it acquired at the close of business on Satur- FOR OTHER RELIEF day, June 24, 1950. The affidavits furnished by respondents sub- BOARD OF GOVERNORS OF THE FEDERAL RESERVE stantially add to the evidence mentioned in our SYSTEM, Petitioner, former opinion, that the arrangement was that vs. the assets and businesses were to be acquired, as they were in fact taken over, precisely at the close TRANSAMERICA CORPORATION, AND BANK OF AMERICA of business on June 24. Thus the affidavit of the NATIONAL TRUST AND SAVINGS ASSOCIATION, assistant to the President of Bank of America, who Respondents. actively handled the arrangements made by the Before: HEALY, ORR, and POPE, Circuit Judges. bank, relates a conversation had with the State Superintendent of Banks at which preliminary PER CURIAM. This is a proceeding seeking to drafts of documents relating to the proposed acquihave the respondents Transamerica Corporation sition were submitted to him. "During this conand Bank of America, and their respective chief ference," the affidavit states, "the bank officer executive officers, Husbands and Giannini, adinformed the chief deputy that June 24, 1950 was judged in both criminal and civil contempt for programmed as the effective date of the agreements failure to comply with our temporary restraining of sale and purchase of the business and assets of order of June 23, 1950, and our injunction order both state banks and national banks." Other of June 24, 1950, issued in the proceeding described affidavits produced by respondents disclose that in our opinion dated June 27, 1950, in Board of this program for an actual acquisition June 24 was Governors vs. Transamerica Corporation, F. 1The order of June 24, made after hearing, contained 2d . The facts forming the background of like restraints "until after final determination by said Board the present proceeding are stated in that opinion. of the aforesaid proceedings." 828 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT in fact carried out. Thus it was at noon, June 24, But respondents now answer that a fair conthat the employees of the individual banks were struction of the restraining order was that it was to become employees of Bank of America. The intended only to prohibit future affirmative action, senior executives of each of the selling banks were that it did not require any act theretofore done to informed "that their staffs, intact, would become be undone, and that after service of the order they employees of Bank of America, effective at noon, did no affirmative act whatever, and hence can not June 24, 1950." be held in contempt. In support of this plea they In the light of this record, and of the findings have disclosed in great detail the plans made and made by us in granting the injunction, confirmed the procedures adopted to bring about the proas those findings are by the further evidence now posed acquisition of these banks. Negotiations rebefore us, it is plain that in the face of this court's specting terms of sale were carried on, not beorder of June 23 the respondents did precisely what tween the individual banks and Bank of America, they had been enjoined from doing. The con- but between Transamerica and Bank of America. summation, the "take-over," as it is called, oc- Transamerica worked out a program of necessary curred when possession of the assets and businesses steps and procedure to be followed, called in ofwas taken by Bank of America at the close of ficers of the selling banks, told them what would business on June 24. have to be done, and delivered to them forms to But by their answers and arguments respondents be executed and resolutions to be adopted. In assert that this apparent contempt of the court's each case the required resolution was adopted and order was in truth not such. They contend that Transamerica's consent, as stockholder, was prethe acts we sought to enjoin had been accomplished pared and sent to each bank. Contracts, in the and completed when our restraining order was form described in our previous opinion, were preserved about 4 p.m. on the afternoon of June 23. pared and signed. Also in anticipation of the What we have said both here and in our former planned acquisitions, the inspectors or auditors of opinion sufficiently demonstrates the contrary. Bank of America, previously mentioned, were sent The answers allege that possession of these assets into the individual banks to make schedules classiand banking businesses had, prior to the issuance of fying and segregating the assets, and prepare enthe order of June 23, passed to Bank of America tries to be put upon the books on June 24. "by virtue of the presence in each of the acquired Letters were mailed to depositors of some of the banking premises from and after June 19, 1950 banks advising them of the contemplated opening of a Bank of America assistant branch supervisor of a branch of Bank of America, and that services and inspector for the purpose of taking over such previously rendered by the selling bank would be assets and banking businesses." The affidavits furnished at this branch. Advertisements to the do disclose that such inspectors were at the banks, same effect were published. Supplies, stationery but they fail to establish that they were there for and forms, printed for use in the contemplated any other purpose than that of listing the assets new branch were requisitioned and stored in the on hand and briefing the bank personnel as to banks for use when the branch should open. The procedures and operations to be followed after staff of employees had been notified, as indicated the take-over occurred. We find no evidence above, that as of noon June 24 they would be that their presence was for any other purpose, employees and on the payroll of Bank of America. or that it accomplished or was intended to accom- With all these advance preparations it is quite plish any change of possession. No assertion of apparent that so far as these officer respondents are possession through such inspectors was made at the hearing on the motion to vacate the order, and inspected and classified. Closing entries, accruals, and the contention is plainly an afterthought.2 similar work was done to record on the books of First National Bank of Fairfield the transfer which was to occur. Substantially all of that work was done prior to June 24, 2 The most detailed account of what the inspectors did 1950, at which latter time the actual writing was put was given by the Cashier of one of the banks, who stated onto the books. Also during that week, the inspector set in his affidavit: up files and prepared the necessary papers to transfer cer- "Beginning with Monday, June 19, 1950, two inspectors tain loans into what Bank of America N. T. & S. A. confrom the Inspection Department of Bank of America siders its instalment credit loan, FHA and GI categories." N. T. & S. A. came into the office of the then First National It will be observed that the appearance of the inspectors Bank of Fairfleld. Schedules classifying and segregating was made prior even to the granting by the Comptroller assets were prepared. The bond and security accounts were of permits to open the branches. JULY 1950 829 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT concerned, they were like field generals, who, hav- an independent contractor acting under prior coning made all necessary dispositions of forces, and tract. Walden v. Siebert, 102 Conn. 753, 128 A. given all required commands, could simply sit and 702. It has been extended to the case of one who, wait for the arrival of "D Day", knowing that enjoined from selling attached property, silently their orders would be executed on time without stood by while the levying officer made the sale. further command or word from them. But to say Blood v. Martin, 21 Ga. 127. Failure of a princithat under these circumstances, when the scheduled pal to stop acts of subordinates, which if done by take-over occurred on June 24, 1950, it was ac- him would violate an injunction, is itself a violacomplished without any "affirmative act" on the tion on his part. Widener v. Sharp, 109 Neb. 766, part of the respondent corporations, is to disregard 192 N. W. 726. entirely the very nature of all corporate action, That respondents were aware of their duty to which is necessarily vicarious. countermand prior arrangements is apparent from A corporate party or the officer of a corporation other steps taken by them after service of the who acts through agents is not less amenable to order, as they say "out of respect for this court's an injunction than is a natural person acting in- orders." It appears from their answers and affidividually. When such an individual, prepared davits that upon the service they halted a number and ready to accomplish an act, is ordered not of procedures and steps which were it not for to do that act, as for example, not to take posses- such directions would have been completed in sion of bank assets, he falls into contempt if he regular course. Instructions were given to the proceeds to do so. A corporate defendant is no Bank of America inspectors at each of the banking less amenable though it has previously given com- locations and to Bank of America subsidiary real plete directions to its agents to take possession. estate corporation, not to accept deeds to banking The prohibition runs against the corporation and premises, or if they had already done so, to withits agents, or rather against the corporation acting hold them from recordation. Action looking toby its agents. And obedience to such an injunction wards substitution of trustees on deeds of trust necessarily requires that the prior orders be counter- on property securing loans was ordered stopped. manded—'that the agents be instructed not to do Previous instructions to transfer title certificates held that which they had previously been told to do. by the banks on mortgaged vehicle were cancelled. Such a countermand, or reversal of instructions, is Previous arrangements to obtain new loss payable in no true sense the taking of affirmative action endorsements on insurance policies covering secuto undo action previously taken. It is no more rity held for loan were countermanded. Previously than an essential step in the process of obedience. prepared FHA forms for transfer of insurance in At the close of business on Saturday, June 24, connection with purchase and sale of mutual mort- 1950, certain human beings then had actual physi- gage insurance loans were ordered held without cal possession of the assets and businesses here in execution; and the same procedure was adopted question. The possession was at that moment with respect to transfer of insurance reserve on characterized by two things. At that time the FHA loans and veterans' insured loans. Previous actual book entries evidencing the passing of title arrangements for cancellation of employees' fidelity and possession were made. At the same moment bonds, workmen's compensation insurance, public these persons took on their character as agents liability, fire and other insurance policies, covering of the Bank of America. At that moment Bank the several banks, were halted. The sending of of America took title and possession through these letters of notification to depositaries of securities held agents. That the agents had been previously by the several banks was ordered withheld. Siminamed and notified is without significance. Obedi- larly, transfers of balances carried by the several ence to the injunction required that their previous banks with correspondent banks were not made. instructions be countermanded. Payment of net balances payable to the banks as That this is true with respect to one who is purchase prices for their assets was stopped. Diacting through another is self-evident. The duty rections for processing assets acquired from the to countermand directions or arrangements previ- several banks through Bank of America accounts ously made, in order to comply with an injunction were countermanded. All prospective meetings for not to do something, has been applied even in voting liquidation of the banks were called off. the case where the act enjoined is being done by It is noted that all of these countermanding 830 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT directions relating to incidental details of the vantage through acquisition of a sufficient pretake-over involved considerable effort and entailed ponderance of the ownership of stock in these substantial activity on the part of the respondents. banks to permit consolidated tax returns. We are We are unable to understand why respondents, had told that because all of these directors had thus they been intent on real obedience, found it neces- disposed of their qualifying shares those banks sary to take all of these steps and chose at the could no longer function. This, it is said, would same time to stop short of giving the one simple make it necessary, if Bank of America did not take countermanding order which both the letter and the over these locations when it did, for all these banks spirit of our restraint required, namely, a direction to close their doors. Our attention is called to that the take-over, originally planned for the close R. S. §5146, now Title 12, §72, which provides that of business, June 24, 1950, was in consequence of "Any director who ceases to be the owner of the a restraining order of this court, required to be required number of shares of the stock, or who indefinitely postponed. Had respondents for any becomes in any other manner disqualified, shall reason advantageous to themselves, deemed it de- thereby vacate his place." It is said therefore sirable to postpone for a week, a month, or indefi- that the respondents when confronted with our nitely, the effective date of this transaction, they restraining order were required to determine either could by mutual agreement readily have effected to go ahead with the proposed take-over so that that result. They could with equal facility and the new branches might be opened, or to obey in the same way have postponed the effective date our order and force the closing of all these banks in compliance with our compulsive order. on the following Monday morning. By way of justification, or perhaps of mitigation, Whatever technical plausibility this argument respondents plead that they were compelled by may have, it is completely unrealistic. For a period law or through fear of serious consequences to of some ten days prior to the restraining order innocent parties, to proceed as they did when they numerous of these banks had been going along did. In other words, they plead that it was im- conducting business with all their directors in this possible for them to comply, or impossible to com- same situation. ply except by risking great loss to the depositors None of the directors had resigned or quit his of the banks in question. post. Nor is it the law that a director ceasing First it is said the certificates of authorization to own the necessary qualifying shares "thereby" to open branches issued by the Comptroller of the automatically vacates his place. Michelsen v. Currency required them to open the new branches Penney, 2 Cir., 135 F. 2d 409. Certainly, the rein places of business of the respective banks at spondent Transamerica in thus taking up these the time when they did so on June 26. This is stock certificates from directors had no similar not so. They were permissive, not mandatory. apprehension that the banks could not lawfully With respect to the state banks, as we pointed continue to do business for the ten days preceding out in our earlier opinion, the consent to transfers the date of the take-over; and if the banks could issued by the Superintendent of Banks did fix an lawfully open on Saturday, June 24, they could likehour for the taking effect of the transfer; but we wise lawfully open on Monday, June 26. Nor did can not assume that informed of this court's order Transamerica, which planned the liquidation of and presented with a request for the fixing of a these national banks, appear to have any concern later date, the Superintendent would not have about its ability to accomplish that liquidation amended his approval and his certificates accord- which under §181 of Title 12 must be conducted ingly. under the supervision of the board of directors. We find no impossibility either in law or in fact We see, in short, nothing in this circumstance of arising out of the certificates either of the Comp- the transfer of qualifying shares which would optroller or of the Bank Superintendent. erate to'bring the corporate enterprise or the busi- The affidavits show that on dates ranging from ness of the bank to an end. June 12, 1950 through June 22, 1950 Transamerica Pursuing their contention along this line repurchased from the directors of the various banks spondents assert that it would have been impossible all of their qualifying shares and paid for the to reconstitute a new board of directors for any of same. The purpose of this purchase appears to the banks which were members of the Federal Rehave been to obtain for Transamerica a tax ad- serve System for the reason that Transamerica as JULY 1950 831 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT a holding company affiliate could not vote its shares consent to the transfer. It was asserted by counsel in these banks in the election of new directors for Transamerica that once its consent had been without obtaining a permit under §61 of Title 12, executed and filed with the banks it was irrevocable. a process which might well require a long time. We perceive no reason why this should be true or Assuming that a reconstitution of the directorates why such a consent would not be comparable in was necessary, an examination of §61, supra, dis- respect to revocation to an authorization to an closes that that statute does not contemplate that agent. We think that Transamerica can not in such a permit must be obtained anew for each these circumstances hide behind its plea of doing election. All that is required is that voting be nothing but that both the letter and the spirit pursuant to a permit "which permit is in force of the restraining order required Transamerica to at the time such shares are voted." The permit use all means within its power including its right is described as one granted by the Board of Gov- to revoke that consent in order to see to it that ernors of the Federal Reserve System "entitling it the enjoined transfer was not consummated or to vote the stock controlled by it at any or all effectuated. meetings of shareholders of such bank." Stated The answers and affidavits filed by respondents conditions of the permit are that the holding com- pursuant to our rule to show cause contain other pany affiliate shall have certain assets "during the matters not relevant to the contempt charge but life of such permit." Among the agreements ex- which relate rather to the question whether the acted of such company as a condition of securing injunction previously issued by us should be perthe permit is that it shall "agree that during the mitted to remain in force. Our order denying period that the permit remains in force" it will respondents' motion to dissolve the restraining ornot acquire certain securities. The same require- der and ordering the issuance of an injunction ments are extended to state bank members of the provided in the final paragraph thereof "It is System by Title 12, §337. further ordered that respondents may at any time We are justified in assuming that in the preced- hereafter make further showing, if any they have, ing January these bank directors were elected as why this injunction should not be continued in provided by Title 12, §71. There is no showing force." We do not undertake to consider the before us that the §)51 permit under which Trans- question of whether a respondent who has failed america must have voted its shares in January had to obey the court's order is entitled to take advanexpired in June. Nor do we assume that had tage of the privilege extended by the paragraph such a permit expired the petitioner Board would quoted. Since we are of opinion that we must in have denied or not promptly granted any permit this case reach the question of what sanction should necessary to reconstitute these boards. We think here be applied because of a civil contempt, we must it absurd to assert that the banks would be unable of necessity consider whether in view of the addito function on Monday morning, June 26, with tional facts now presented we should by the applithe same boards with which they had been getting cation of sanctions compel the compliance which along well enough for the preceding ten days. respondents have thus far refused. On behalf of Transamerica and Husbands it is We have therefore given serious consideration said that they also failed to take any affirmative to everything here presented going not merely action in that our order did not require them to to the question of contempt, but also to those reverse any action previously taken and that there- matters considered by us upon the original hearing fore in doing nothing they can not have been in of the application for an injunction. contempt. Among the matters thus presented is the affidavit We think this plea is without substance for the of the Comptroller of the Currency stating in reasons heretofore expressed by us when dealing substance that the petitioner Board had knowledge with a similar plea on behalf of Bank of America. as early as April 14, 1950, that the Comptroller The transfer of assets by the banks was not only contemplated the issuance at some future date carried through by them as tools of Transamerica of the certificates authorizing the branches. We are which arranged all of the terms which it then also pressed by argument and brief for reconsideradictated to the banks but Transamerica as the tion of the question of our jurisdiction to issue the owner of substantially more than two-thirds of orders. It is our opinion that nothing contained the stock of these banks was obliged to give its in the showing now made requires or suggests a '832 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT withdrawal or a modification of the injunction. of America and L. M. Giannini shall require that Taking as true and uncontradicted the Comptroller's within said period of thirty days they shall restore statement, we still think that this matter goes only said premises, assets and businesses to the said to a balancing of conveniences and is insufficient banks. to change the result heretofore reached. As for Said order shall provide that if the respondents the jurisdictional argument, attention has been shall fail within the time aforesaid to comply with drawn to West India Fruit & Steamship Co. v. said order the individual respondents shall be Seatrain Lines, (2 cir.) 170 F. 2d 775. That case imprisoned until compliance is had, and each coraffords strong support to the reasoning by which porate respondent shall pay a fine of $2,500 per we have arrived at our jurisdictional conclusion.3 day for each day such failure to comply shall At the hearing demand was made on the part continue. of various respondents that they be given an op- Counsel for the petitioner Board shall prepare portunity to cross-examine the persons who had and submit forthwith an appropriate form of order. executed affidavits which were offered on behalf of the petitioner. We denied those motions. In After the entry of the order described in the last reaching the findings and conclusions here indipart of the preceding opinion, respondents applied cated we have based our determination as to the to the Court of Appeals for a stay until such time facts solely and exclusively upon the answers and as the United States Supreme Court should have affidavits presented by the respondents. acted upon a petition for certiorari which they pro- Upon the showing thus made by respondents and posed to file. The Court denied the application for the reasons stated herein we find the respondfor a stay. Its opinion is printed below: ents Transamerica Corporation, Bank of America N. T. & S. A., Sam Husbands and L. M. Giannini, No. 12,587 and each of them, guilty of civil contempt of the UNITED STATES COURT OF APPEALS FOR THE NINTH court's orders aforesaid. The proceedings relative CIRCUIT to criminal contempt are dismissed. It is directed that an order be entered herein BOARD OF GOVERNORS OF THE FEDERAL RESERVE adjudging the said respondents and each of them SYSTEM, Petitioner, guilty of civil contempt and that they be required vs. within 30 days of this date to purge themselves TRANSAMERICA CORPORATION, AND BANK OF AMERthereof by returning and restoring to the said banks ICA NATIONAL TRUST AND SAVINGS ASSOCIATION, the premises, assets and banking businesses re- Respondents. ferred to herein and in said orders of this court of June 23 and June 24, 1950, and by taking all ORDER DENYING STAY steps necessary and appropriate to effect such re- The application for stay is denied. Had the turn and restoration. respondents, after service of our order and injunc- Compliance with this order shall require that tion, obeyed the same, and then sought a stay the said Transamerica Corporation and said Sam pending petition for review, the situation would Husbands shall place the said banks in a position have been quite different; for then in granting to resume the transaction of business as of the a stay the court would have inherent power to date of the service of the restraining order herein, attach such conditions as would assure the preservaand that they be freed from any obstacle to their tion of the status quo. See Rule 62(g) F.R.C.P. carrying on that business. But the respondents did no such thing. They Compliance with said order on the part of Bank flouted this court's injunctive orders; took action destructive of the conditions which those orders 3 Overruling an earlier case that court said: "In any event, the rationale of the Long Island case lacks pertinence here; were designed to preserve, and now seek a stay for there the majority rested its conclusion on a holding which, instead of preserving that which the orders that the S. E. C. unmistakably lacked any possible jurissought to keep intact, would preserve to responddiction; on the facts now before us, we are unable so to hold as to the Commission here." The complaint of the ents the fruits of their contempt. See cases cited, Board of Governors in the Clayton Act proceeding pending Jones v. Securities Commission, 298 U.S. 1, 16. before it, a copy of which is a part of the record here, A restoration of the status quo ante should be indicates the existence of probable cause for that proceeding and discloses a case within the jurisdiction of the Board. a condition precedent to the granting of any stay. JULY 1950 833 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Subsequent Application for Stay otherwise have expired on June 30, 1950, was ex- Thereafter, respondents made a similar applica- tended until June 30, 1952. The text of the Act is tion for a stay to Mr. Justice Burton of the United as follows: States Supreme Court, and, after a hearing, he [PUBLIC LAW 589—81ST CONGRESS] denied the application on July 17, 1950.* [CHAPTER 425—2D SESSION] [S. 3527] Purchase of Government Obligations by Federal Reserve Banks AN ACT To amend section 14 (b) of the Federal Reserve Act, Amendment to Section 14(b) as amended. By Act of Congress approved June 30, 1950, the Be it enacted by the Senate and House of Repauthority of the Federal Reserve Banks under sec- resentatives of the United States of America in tion 14(b) of the Federal Reserve Act to purchase Congress assembled, That section 14 (b) of the Feddirect and guaranteed obligations of the United eral Reserve, Act, as amended (U. S. C, 1946 States directly from the United States, which would edition, title 12, sec. 355), is amended by striking out "July 1? 1950" and inserting in lieu thereof # Various statistical data published by the Board "July 1, 1952" and by striking out "June 30, 1950" of Governors are subject to the outcome of this and inserting in lieu thereof "June 30, 1952." litigation. Approved June 30, 1950. CURRENT EVENTS AND ANNOUNCEMENTS Change in Board's Organization which he held the rank of Lieutenant Colonel, The Board of Governors established a new Divi- Mr. Marget was Professor of Economics and Fision of International Finance effective July 1, 1950, nance at the University of Minnesota. in recognition of the importance of its work in this Mr. Dembitz' previous position with the Board field. Formerly, the work pertaining to interna- was Chief of the International Financial Operations tional finance was performed in the international and Policy Section. He has been a member of unit of the Board's Division of Research and Statis- the Board's staff since 1934, except for the period tics, and this unit now constitutes the new Division. 1943-45 when he served in England as an adviser Mr. Arthur W. Marget was appointed Director of on strategic bombing problems on the staff of the the new Division, and Mr. Lewis N. Dembitz Board of Economic Warfare and Foreign Ecowas appointed Assistant Director. nomic Administration. Mr. Marget, whose previous position with the Resignation of Branch Director Board was Adviser on International Finance in the Division of Research and Statistics, was Director Effective July 1, 1950, the Board of Governors of the Finance Division, Office of the Special Rep- accepted the resignation of Mr. James A. McCain, resentative (ECA), in Paris from May 1948 to President, Montana State University, Missoula, December 1949. Prior thereto, he had been Chief Montana, as a director of the Helena Branch of of the Economics and Finance Division, U. S. Ele- the Federal Reserve Bank of Minneapolis. ment, Allied Commission for Austria, from 1945 Mr. McCain had served the Branch as a director to 1948. Before entering the Army in 1943, in since January 1, 1949. 834 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled June 26 and released for publication ]une 28] Industrial output rose further in May and June. 200,000 units per week and nearly 45 per cent Production of passenger cars and residential con- greater than in April. Machinery production rose struction activity far exceeded earlier record levels. in May for the sixth successive month with increases Retail sales were maintained at advanced levels indicated for both consumer and producer equipwith increases in the dollar volume in some cases ment. For certain types of machinery, however, reflecting higher prices. Consumer incomes were there were indications of some seasonal slackening somewhat below peak levels reached earlier when in activity. In response to strong demands from heavy veterans' insurance payments were being the construction industry, output of cement, clay, made. On June 26, following news of war in glass, and lumber products was close to current Korea, prices of common stocks dropped sharply capacity levels. Demand for nonferrous metals and commodities rose. from the construction and machinery industries was augmented by large Government purchases INDUSTRIAL PRODUCTION for stockpiling purposes. The Board's production index rose 3 points in Following a small decline in textile production May to 193 per cent of the 1935-1939 average in the early part of the year, output increased reflecting chiefly further increases in output of slightly in May owing in part to continued expandurable goods. Preliminary indications are that sion in demands for industrial uses. Output of the index for June will equal or slightly exceed rubber and petroleum products reached the highest the former postwar record level of 195. levels of the year. Production of most paper and Steel production was at a new high in May and chemical products was maintained at capacity has been scheduled at about the same rate in June levels. —101 per cent of this year's larger capacity. Bituminous coal output declined further in May Activity in most steel consuming industries conbut stabilized in June, while crude oil production tinued to advance in May. Automobile assemblies increased steadily in May and June. Iron ore increased considerably, following settlement of a output rose considerably following the latest open- 100-day industrial dispute at the plants of a major ing of the Great Lakes shipping season in many producer. In mid-June assemblies were close to years. INDUSTRIAL PRODUCTION CONSTRUCTION CONTRACTS AWARDED LUME. SEASONALLY ADJUSTED, 1935 - 39 • 100 7* A 7 \ / 200 200 180 I / V V •Vv^\ t 180 600 \-H 1942 1943 1944 1945 1946 1947 1948 1949 1950 Federal Reserve index. Monthly figures, latest shown are F. W. Dodge Corporation data for 37 Eastern States. for May. Monthly figures, latest shown are for April and May. 835 JULY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS EMPLOYMENT part a marked rise in prices. Automotive sales Nonagricultural employment, seasonally ad- showed a somewhat more than seasonal expansion justed, expanded further by 300,000 in May, re- from the record levels prevailing earlier this year. flecting substantial increases in durable goods COMMODITY PRICES manufacturing and in construction; the total—43.5 The general level of wholesale prices was higher million—was the highest figure in 15 months. in the latter part of June than in mid-May despite Unemployment declined further to 3.1 million persome decline in the second week. Increases in sons in early May which was about one-quarter prices of farm products and foods largely reflected million less than in the same period a year ago. advances in livestock, meats, and imported foods. Prices of some other foodstuffs declined moderately, CONSTRUCTION influenced by seasonal increases in supplies. Value of construction contracts awarded in May Prices of industrial materials generally advanced continued at the very high April total. The number further by the fourth week of June and prices of of new houses and apartment units started rose some finished industrial products were raised, while considerably further to 140,000 in May, as comtelevision sets were reduced substantially. pared with 126,000 in April and 95,000 in May The consumers' price index rose .8 per cent in 1949. Most other types of construction activity also May and some further increase is indicated in June expanded. owing chiefly to the higher level of retail meat DISTRIBUTION prices. Department store sales in May and the first half BANK CREDIT of June have been at advanced levels reflecting Real estate and consumer loans showed their some recovery in apparel sales. Sales of house- most substantial increases of the year at banks in furnishings have increased less than seasonally leading cities during May and the first half of from the exceptionally high level reached in the June. Strong demands for business credit were first quarter. Stocks of these goods have apparently reflected in increased borrowings during early risen further, although April figures indicated that June. Bank holdings of U. S. Government securithey were still not as large relative to sales as dur- ties expanded during May and the first half of ing the first half of last year. June. Holdings of corporate and municipal securi- Sales of most other retail outlets showed little ties also increased in June. change in May except for a sharp further increase A reduction in Treasury balances at the Reserve in sales by building material dealers, reflecting in Banks and an inflow of currency from circulation supplied reserve funds during the first half of June. Member banks reduced borrowings at the LOANS AND INVESTMENTS AT MEMBER BANKS IN LEADING CITIES OTHER THAN U S. GOVERNMENT SECURITIES Reserve Banks and increased reserve balances. BILLIONS OF DOLLARS BILLIONS OF DOLLARS Subsequently, banks lost reserve funds as Treasury deposits at the Reserve Banks were built up through quarterly income tax collections. The Federal Reserve continued to sell Treasury bonds in response to market demand, but purchased a larger amount of short-term issues. SECURITY MARKETS Common stock prices declined sharply in the latter part of June, after a marked further rise in the first two weeks, and on June 26 closed at the level of early April. Prices of long-term Treasury bonds declined moderately in June and a lesser 1947 1948 1949 1950 1947 1948 1949 i960 Wednesday figures, latest shown are for June 28. decline occurred in prices of corporate bonds. 836 FEDERAL RESERVE BULLETIN 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. 839-840 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements. . 840-841 Federal Reserve Bank statistics 842-846 Deposits and reserves of member banks; bank suspensions. . 846-847 Money in circulation. . . 848-849 Bank debits and deposit turnover; Postal Savings System. 849 All banks and the money supply 850 All banks in the United States, by classes 851-853 All insured commercial banks in the United States, by classes. . 854-855 Weekly reporting member banks .... 856-859 Number of banking offices on Federal Reserve par list and not on par list 860 Commercial paper, bankers' acceptances, and brokers' balances. . 861 Money rates; bank rates on business loans; bond yields. 862 Security prices and new issues 863-864 Corporate sales, profits, and dividends. . 865-866 Treasury finance 867-869 Government corporations and credit agencies. . 870 Business indexes . . .,. 871-880 Department store statistics. . 881-884 Cost of living. . 884 Wholesale prices 885 Gross national product, national income, and personal income. . 886-887 Consumer credit statistics 888-890 Current statistics for Federal Reserve chart books. 891-895 Branch banking in the United States, 1939 and 1949. 896-906 Member bank operating ratios 907-909 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. JULY 1950 837 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS MONEY IN CIRCULATION >^J^f\^J^ 1942 1943 1944 1945 1946 1947 1948 1949 1950 TOTAL RESERVE BANK HOLDINGS OF U S. GOVERNMENT SECURITIES I 10 10 o IZ^S 1942 1943 1944 1945 1946 1947 1948 1949 1950 Wednesday figures, latest shown are for June 28. See page 839. 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] Rsserve Bank credit outstanding Member bank reserve 3alances Date or period c v o D a a a u n n d i c n s d - - e ts s To U ta .S l . £e G B cu o o r v n i e d ti r s e n s m c c B e e a r i n t 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 t o c e u r i a u e n n u r n a r y g c t d - - s y - - M in c 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 - - b u T B p e s r w d r R o e y a e e i r s n e t a v d r i h - k t a s e e 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 c I e and notes Wednesday figures: 1949—May 4. . 48020,839 8,671 12 168 258 21 57624 334 4,592 27,447 1,324 990 1045 62319,073 18,161 912 May 11.. 20220,130 8,581 11 549 226 20 55924 335 4,592 27,452 1,314 913 1 017 62518,164 17,285 879 May 18.. 77319,706 8 440 11 266 256 20,73524 338 4,591 27,392 1,313 1,026 1005 62718,302 17,248 1,054 May 25. . 17119,691 8,371 11,320 18620,04824 339 4,591 27,367 1,312 668 978 62718,027 17,305 722 June 1. . 15819,767 8,274 11,493 220 20,14524 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 19,87524,466 4 597 27,426 1,324 497 959 71918,013 17,334 679 July 6.. 11419,343 7,780 11,563 321 19,77924,471 4 597 27 659 1,306 262 898 74117,980 16,518 1,462 July 13.. 14018,842 7,780 11,062 297 19,27924,513 4 596 27 480 1,317 371 973 74117,506 16,493 1,013 July 20. . 36018,474 7,780 10,694 262 19,09624,518 4 595 27 366 1,310 449 930 74017,415 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 7,780 10,913 222 19,21324,562 4 593 27 419 1,312 411 918 68917,619 16,490 1,129 Aug. 10. . 13718,606 7,775 10,831 181 18,92424,568 4 592 27 409 1,314 370 956 69117347 16,513 834 Aug. 17.. 24018,226 7,775 10,451 228 18,69424,608 4 592 27 383 1,313 444 970 68817 096 15,799 1,297 Aug. 24. . 11517,803 7,775 10,028 163 18,08124,610 4 591 27 328 1,321 485 948 69116 509 15,596 913 Aug. 31.. 53117,524 7,775 9,749 171 18,22524,607 4 593 27 389 1,310 610 914 69016 512 15,337 1,175 Sept. 7. . 11517,413 7,775 9,638 251 17,78024,647 4 592 27 589 1,317 472 955 69115995 15,064 931 Sept. 14. . 12317,250 7,775 9,475 431 17,80424,649 4 592 27 454 1,312 334 931 69116322 15,207 i,115 Sept. 21. . 14617,154 7,538 9,616 333 17,63324,691 4 591 27 365 1,314 801 962 71315 760 15,244 516 Sept. 28.. 30017,852 7,538 10,314 245 18,39724,602 4 590 27 348 1,311 1,170 1,029 71516 016 15,139 877 Oct. 5. . 11217,961 7,538 10,423 332 18,40624,604 4 593 27 476 1,321 612 1,075 73416384 15,242 l,142 Oct. 12.. 10917,779 7,538 10,241 414 18,30124,604 4 592 27 546 1,296 554 1,247 73416 119 15,211 908 Oct. 19.. 12217,666 7,538 10,128 369 18,15724,585 4 591 27 427 1,310 317 1,142 73216405 15,330 l,075 Oct. 26.. 13817,403 7,538 9,865 292 17,83324,584 4 591 27 328 1,313 374 1,163 73216098 15,314 784 Nov. 2.. 61117,533 7,536 9,997 272 18,41624,583 4 591 27 382 1,318 545 1,219 69016437 15,319 l,118 Nov. 9.. 31917,706 7,535 10,171 160 18,18524,532 4 592 27 528 1,312 415 1,220 69016 145 15,262 883 Nov. 16.. 12417,789 7,532 10,257 438 18,35124,530 4 592 27 397 1,323 408 1,224 69016432 15,346 l,086 Nov. 23. . 13317,669 7,513 10,156 289 18,09124,530 4 596 27 508 1,315 410 1,306 69115987 15,361 626 Nov. 30. . 32117,682 7,513 10,169 263 18,26724,479 4 596 27 543 1,317 517 1,238 68916 038 15,367 671 Dec. 7.. 40717,931 7,512 10,419 289 18,62824,477 4 596 27 699 1,309 441 1,271 69016291 15,395 896 Dec. 14.. 10718,169 7,512 10,657 455 18,73124,476 4 596 27 701 1,314 393 1,273 69016433 15,561 872 Dec. 21. . 12818,538 7,237 11,301 842 19,50824,427 4 595 27 833 1,309 1,027 1,267 75616337 15,523 814 Dec. 28. . 14218,789 7,231 11,558 448 19,37924,427 4 598 27 765 1,314 987 1,281 75816299 15,462 837 1950—Jan. 4.. 9518,829 7,212 11,617 547 19,47124,427 4 597 27 551 1,319 547 1,304 71917 055 15,597 l,458 Jan. 11.. 9918,230 7,165 11,065 315 18,64424,426 4 596 27 311 1,313 255 1,382 71916 686 15,593 l,093 Jan. 18.. 9717,872 7,134 10,738 414 18,38324,426 4 596 27 121 1,315 381 1,380 71916487 15,630 857 Jan. 25. . 12117,764 7,130 10,634 416 18,30024,425 4 596 26 913 1,321 539 1,408 72116419 15,617 802 Feb. 1.. 45617,855 7,103 10,752 309 18,62024,395 4 599 26 928 1,318 637 1,478 72116 532 15,534 998 Feb. 8.. 22317,656 6,969 10,687 267 18,14624,345 4 598 26 985 1,313 366 1,432 72716 265 15,456 809 Feb. 15.. 26717,781 6,920 10,861 533 18,58124,343 4 598 26 993 1,313 671 1,419 72816400 15,383 l,017 Feb. 21.. 9417,625 6,887 10,738 373 18,09224,345 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 73616288 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. . 7117,791 6,615 11,176 402 18,26424,320 4,601 27 023 1,307 9 1,315 75916,771 15,405 I,366 Mar. 22. . 18617,573 6,529 11,044 277 18,03624,271 4,600 26,972 1,308 759 1,139 761IS 969 15,324 645 Mar. 29.. 36517,516 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 76915971 15,209 762 Apr. 12. . 16017,597 6,327 11,270 311 18,06824,247 4,600 27,072 1,313 587 1,177 76915996 15,248 748 Apr. 19.. 13717,410 6,220 11,190 ' 381 17,92824,247 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. . 9017,591 5,976 11,615 297 17,97824,249 4,602 27,041 1,318 533 1,314 71715,907 15,147 760 May 17. . 7917,401 5,911 11,490 521 18,00124,230 4,601 26,980 1,294 426 1,293 71616,123 15,275 848 May 24. . 10617,290 5,854 11,436 288 17,68324,230 4,601 26,908 1,292 428 1,246 71815,922 15,305 617 May 31.. 30617,389 5,802 11,587 239 17,93524,231 4,606 27,090 1,309 588 1,254 71815,814 15,288 526 June 7. . 9417,672 5,726 11,946 377 18,14324,232 4,605 27,079 1,309 472 1,321 73316,067 15,350 717 June 14. . 7917,693 5,681 12,012 498 18,27024,232 4,604 26,993 1,304 319 1,447 73516,309 15,433 876 June 21.. 7417,679 5,650 12,029 508 18,26124,231 4,604 26,926 1,294 529 1,395 78416,169 ,495 June 28. . 6918,217 5,644 12,573 281 18,56724,230 4,608 27,026 1,306 866 1,441 77815,988 ,473 P515 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. JULY 1950 839 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 s f s i , , - ot A h l e l r1 Total s G to o c ld k T s r o e c t u i r a n n u u e r n g y r c t a - - d y s - - M in c t u o io c l n a n i e r - y - T h c i u r o n a e r l g s y a d h s s - - F u T B p e s w r R e r o d y a e r i s e n e t v a i d - r h k t e s a e s s - l - b m N er e o m d n e - - - c O s F o e R e a t e r u r c h e a d v - n - e l - e t r s Total qu R ir e e - d2 Exand notes End of period: 1929—June 29.. 1,037 216 71 145 147 1,400 4,037 2,019 4,459 204 36 28 374 2,356 2,333 23 1933—June 30.. 164 1,998 441 1,557 58 2,220 4,031 2,286 5,434 264 35 166 346 2,292 1,817 475 1939—Dec. 30.. 7 2,484 1,351 1,133 102 2,593 17,644 2,963 7,598 2,409 634 653 25111,653 6,444 5,209 1941—Dec. 31.. 3 2,254 1,467 787 104 2,361 22,737 3,247 11,160 2,215 867 1,360 29112,450 9,365 3,085 1945—June 30.. 46 21,792 1,11320,679 466 22,304 20,213 4,145 26,746 2,219 599 1,668 45014,920 13,335 1,585 Dec. 31.. 249 24,262 947 23,315 58025,091 20,065 4,339 28,515 2,287 977 1,308 49515,915 14,457 1,458 1946—June 29.. 15723,783 755 23,028 516 24,456 20,270 4,539 28,245 2,251 833 1,250 56116,123 15,011 1,112 Dec. 31.. 16323,350 75322,597 581 24,093 20,529 4,562 28,952 2,272 393 822 60716,139 15,577 562 1947—June 30.. 70 21,872 772277 21,145 22822,170 21,266 4,552 28,297 1,314 756 881 62916,112 15,374 738 Dec. 31.. 22,559 2,85319,706 53623,181 22,754 4,562 28,868 1,336 870 961 56317,899 16,400 1,499 1948—June 30. . 265 21,366 6,2"06 15,160 26821,900 23,532 4,565 27,903 1,327 1,928 859 59217,389 16,647 742 Dec. 31.. 22323,333 10,97712,356 54224,097 24,244 4,589 28,224 1,325 1,123 1,189 590 20,479 19,277 1,202 1949—May 24719,704 8,356 11,348 14120,092 24,342 4,596 27,507 1,315 628 930 62818,024 17,230 794 June. 10319,343 7,780 11,563 250 19,696 24,466 4,597 27,493 1,307 438 941 71317,867 16,919 948 July 31618,529 7,780 10,749 393 19,238 24,520 4,593 27,394 1,298 514 1,018 69017,437 16,685 752 Aug 53117,524 7,775 9,749 171 18,225 24,608 4,593 27,393 1,308 610 914 69016,512 15,337 1,175 Sept 10918,010 7,538 10,472 297 18,415 24,602 4,593 27,412 1,311 1,176 1,051 71315,947 15,176 771 Oct 28317,316 7,536 9,780 261 17,860 24,584 4,592 27,407 1,307 595 1,187 69015,850 15,261 589 Nov 32117,682 7,513 10,169 263 18,267 24,479 4,596 27,543 1,317 517 1,238 68916,038 15,367 671 Dec 7818,885 7,218 11,667 536 19,499 24,427 4,598 27,600 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 1,426 730 15,973 15,390 583 Mar...... 22517,592 6,397 11,195 253 18,070 24,246 4,602 27,042 1,315 1,006 1,132 76615,657 15,150 507 Apr 11317,796 6,155 11,641 392 18,301 24,247 4,603 27,048 1,308 858 1,347 71215,878 15,202 676 May 30617,389 5,802 11,587 239 17,935 24,231 4,606 27,090 1,309 588 1,254 71815,814 15,288 526 June. 4318,331 5,618 12,713 329 18,703 '24,231 4,607P27.154 1,300 950 1,431 77115,934 15,507 P427 Averages of daily figures: 1949—May. 30319,974 8,511 11,463 298 20,575 24,304 4,592 27,438 1,312 914 1,067 593 18,146 17,369 777 June 19119,377 8,046 11,331 328 19,896 24,404 4,596 27,432 1,311 421 984 680 18,068 17,310 758 July 20218,797 7,780 11,017 344 19,342 24,502 4,595 27,472 1,306 391 977 73617,558 16,539 1,019 Aug 19018,147 7,777 10,370 245 18,583 24,588 4,592 27,397 1,312 521 970 69016,873 15,918 955 Sept 16417,441 7,649 9,792 352 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 ,171 72716,113 15,251 862 Nov 21517,664 7,528 10,136 347 18,226 24,533 4,593 27,477 1,311 457 ,296 69116,119 15,308 811 Dec 18918,287 7,36010,927 536 19,012 24,451 4,596 27,734 1,307 687 ,315 72416,291 15,488 803 1950—Jan 10118,082 7,157 10,925 466 18,649 24,420 4,597 27,220 1,314 472 ,420 71916,520 15,585 936 Feb...... 17817,705 6,948 10,757 427 18,310 24,346 4,598 27,008 1,310 585 ,478 72816,146 15,409 737 Mar 17017,682 6,640 11,042 18,242 24,311 4,600 27,043 1,307 638 ,331 75216,081 15,298 783 Apr 140 17,608 6,274 11,334 18,136 24,247 4,601 27,062 1,313 695 ,250 76415,898 15,204 694 May . 11617,486 5,937 11,549 403 18,005 24,236 4,602 27,022 1,302 563 ,299 71715,941 15,237 704 June 8417,800 5,683 12,117 440 18,325 24,231 4,605 27,026 1,299 512 ,372 75916,194 For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS * [Per cent per annum] [Per cent of market value] Jan. 21, Feb. 1, Effec- Nov. 1, 1933-Feb. 1, 1935- Effective Prescribed in accordance with 1946- 1947- tive Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Securities Exchange Act of 1934 Jan. 31, Mar. 29,Mar. 30, 1947 1949 1949 Savings deposits. Postal Savings deposits Regulation T: Other deposits payable: For extensions of credit by brokers In 6 months or more....... and dealers on listed securities 100 75 50 In 90 days to 6 months. . . For short sales 100 75 50 In less than 90 days Regulation U: 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. 840 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- Federal Reserve Bank a A d o d v b v l a i a n g n c a c e t e i s o s ( n s S s e s e e c e c a u s u n r . r e d e 1 d d 3 d b i b a s y n y c d o e l u G i 1 n g o 3 i t b s v a l e ) e o i r f n p m a a n e p d n e t r Other [ s S e e c c u . r e 1 d 0 (b a ) d ] vances ti b o o a b n n l s ( i k l g a s o a s t t s t h i e o e p c n r a u s r r t . e h o d S a f n e b t c h y . m e 1 d e U 3 i m ) r . e b c S e t . r Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous June 30 beginning— rate June 30 beginning— rate June 30 beginning— rate Boston Aug.13, 1948 Aug.13, 1948 Jan, 14, 1948 New York Aug.13, 1948 Aug.13, 1948 2 Oct.30, 1942 Philadelphia Aug.23, 1948 Aug.23, 1948 Aug.23, 1948 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 St. Louis Aug.19, 1948 Aug.19, 1948 Jan. 12, 1948 2 Minneapolis Aug.13, 1948 Aug.13, 1948 Aug.23, 1948 Kansas City Aug.16, 1948 Aug.16, 1948 Jan. 19, 1948 2 Dallas......... Aug.13, 1948 Aug.13, 1948 Feb. 14, 1948 2 San Francisco.. . Aug.13, 1948 Aug.13, 1948 2 Oct. 28, 1942 4 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 2 Certain special rates to nonmember banks were in effect during the wartime period. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING MEMBER BANK RESERVE REQUIREMENTS RATES ON BANKERS' ACCEPTANCES [Per cent per annum] [Per cent of deposits] Maturity R Ju a n te e o 3 n 0 In g i e n f n fe in ct g — be- Pre ra v t i e ous Net demand deposits 1 Time Effective date deposits 1 9 2 1 1 1 - - - 1 1 9 2 8 0 0 0 d d d a a a y y y s s s I I 1 X H M * l l A A A u u u g g g . . . 1 1 1 3 3 3 , , , 1 1 1 9 9 9 4 4 4 8 8 8 IX of change 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 t k r y v s e C b o a u n n k t s ry m ba e ( n m a k l b l s e ) r 1 Date on which rate became effective at the Federal Reserve Bank of New York. The same rates generally apply to any purchases made 1917—June 21. 13 10 by the other Federal Reserve Banks. 1936—Aug. 16. 15 10* f Back figures.—See Banking and Monetary Statistics, Table 117, pp. 1937—Mar. 1. 12* 443-445. May 1. 26 20 14 1938—Apr. 16. 12 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13b 1941—Nov. 1. 26 OF THE FEDERAL RESERVE ACT 1942—Aug. 20. 24 Maturities not exceeding five years Sept. 14. 22 Oct. 3. 20 [In effect June 30. 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 S e e p p t t . . 2 1 4 6 . .. . 26 16 2 7* Federal On discounts or 1949—May 1. . 15 27 Reserve purchases May 5. . 21 37 Bank lo O an n s ! co m m O e m n n t i s t- fo P i t n r i o o s w r t n t i i h t o u i i s n c - h m po a R r i t n e i - i o n n g c m om O en m n ts it- J A A J A u u u u u l n g y g g e . . . 3 1 1 1 0 1 6 1 . . . . . . . . . . 2 1 0 9** 1 1 12 4 3 3 " 2 5 6 5 obligated Aug. 18. . 23 19 Aug. 25. . 18** N Bo ew st o Y n ork 8 Sept. 1. . 18 P C h le il v a e d la e n lp d hia. .. . ( 4 ) In effect July 1, 1950 22 18 12 Richmond Atlanta 1 Demand deposits subject to reserve requirements, which beginning Chicago August 23, 1935, have been total demand deposits minus cash items St. Louis in process of collection and demand balances due from domestic banks Minneapolis.... (also minus war loan and series E bond accounts during the period Kansas City Apr. 13, 1943-June30, 1947). Dallas. 2 Requirement became effective at country banks. San Francisco... 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. * Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Charge of 34 per cent is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. JULY 1950 841 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1950 1950 June 28 June 21 June 14 June 7 May 31 May 24 May 17 June May June Assets 22,460,43122,471,43022,471,42922,473,42922,477,42822,499,43122,513,43222,459,43022,477,42822,656,431 Gold certificates Redemption fund for 521,650 520,648 523,141 524,630 520,630 521,590 524,645 522,648 520,630 588,722 F. R. notes Total gold certificate reserves.... 22,982,08122,992,07822,994,57022,998,05922,998,05823,021,02123,038,07722,982,07822,998,05823,245,153 Other cash 212,516 213,299 199,288 179,498 182,184 211,172 204,853 213,642 182,184 283,293 Discounts and advances: For member banks... 52,363 •57,755 59,904 74,884! 286,999 81,290 39,670 26,138 286,999 15,095 For nonmember banks, etc 17,000 17,000 19,400 19,400 19,400 24,800 39,800 17,000 19,400 87,000 Total discounts and advances 69,363 74,755 79,304 94,284 306,399 106,090 79,470 43,138 306,399 102,095 Industrial loans 2,667 2,627 2,676 2,607 2,585 2,585 2,541 2 ,693 2,585 480 U. S. Govt. securities: Bills 3,8.36,875 3,982,875 4,100,875 4,121,875 4,068,875 3,995,875 4,099,275 3,856,375 4,068,875 4,346,460 Certificates: Special Other 5,357,250 4,897,150 4,844,150 4,827,150 5,874,850 5,814,650 5,771,150 5,357,250 5,874,850 6,857,100 Notes 3,379,100 3,148,700 3,067,200 2,997,700 1,643,700 1,625,200 1,619,400 3,499,700 1,643,700 359,100 Bonds 5,643,800 5,649,800 5,680,600 5,725,600 5,801,900 5,854,300 5,910,700 5,617,900 5,801,900 7,780,200 Total U. S. Govt. securities 18,217 17,678,52517,692,82517,672,325 ,389,32517,290,02517,400,52518,331,22517,389,32519,342,860 Other Reserve Bank credit outstanding. . . 277 825 505,367 494,834 374,266 236,297 284,535 518,092 325,570 236,297 249,831 Total Reserve Bank credit outstanding 18,566,88018,261,27418,269,63918,143,48217,934,60617,683,23518,000,625 18,702,62617,934,60619,695,866 Liabilities Federal Reserve notes. . 22,800,803 22,706,04722,767 ,870 22 ,830,848 22,835, 733 22, 712,50322,795,63722,920,93322,835,73323,372,547 Deposits: Member bank — reserve account 15,988,45116,169,12216,309,02616,066,98215,813,83215,922,11016,123,35115,934,07915,813,83217,867,131 U. S. Treasurer—general account 866 069 529,254 318,837 471,618 587,526 428,221 425,835 949,936 587,526 438,442 Foreign 1,140 308 1,123,786 ,072,730 1,050,808 987,980 969,258 1,022,177 1,158,461 987,980 487,518 Other 300 337 271,033 374,381 270,002 266,103 276,310 270,891 273,025 266,103 453,155 Total deposits 18,295,165 18,093,195 18,074,974 17,859,410 17,655,441 17,595,899 17,842,254 18,315,501 17,655,441 19,246,246 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 55.9 56.4 56.3 56.5 56.8 57.1 56.7 56.8 54.5 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Within 16 to 30 31 to 60 61 to 90 91 days to 6 months 1 year to2 years to Over Total 15 days days days days 6 months to 1 year 2 years 5 years 5 years Discounts and advances: May 31 306, 399 281,020 6,946 4,892 13,541 June 7 94,284 72,694 3,345 3,291 14,954 June 14 79,304 59,164 2,095 3,191 14,854 June 21 74,755 55,535 1,470 700 17,050 June 28 69,363 49,938 1,625 15,784 2,016 Industrial loans: May 31 2,585 47 36 11 49 1,067 381 276 718 June 7 2,607 51 39 51 185 921 370 276 714 June 14 2,676 46 38 51 189 960 374 291 727 June 21 2 627 142 5 54 190 849 377 284 726 June 28 2,667 70 5 54 260 893 376 284 725 U. S. Government securities: May 31 17,389,325 2,092,854 669,016 2,939,9881,381,817 2,199,2001,124,050 962, ,208,000 3,812,400 June 7 17,672,325 938,143 ,462,2611,187,6511,500,920 2,199,2001,124,050 2,316,000 2,208,000 3,736,100 June 14 17,692,825 883,236 ,419,7931,291,6871,497,759 2,191,7001,124,0502,385,5002,208,000 3,691,100 June 21 17,678,525 2,894,018 533,3411,384,4121,925,9041,481,5001,124, ,467,000 2,318,100 3,550,200 June 28 18,217,025 3,204,652 582,5951,339,3171,925,2111,481,5001,124,050 2,697,400 2,318,100 3,544,200 842 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] San Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n o n li e s - Ka C n it s y as Dallas F c r i a sc n o - Assets Gold certificates: May 31 22,477,428 870,845 6,930,6631,278,1181,647,2421,030,0981,016,3184,491,120 665,873 454,066 846,173 648,3202,598,59 June 7 !22,473,429 881,442 6,934,6201,238,1141,649,2441,046,9421,019,3124,413,147 668,089 470,048 863,124 629,5292,659,81 June 14 22,471,429' 866,207, 6,972,9581,266,7261,628,4601,044,103 992,9834,433,516 662,119 456,320 851,125 624,7852,672,12 June 21 22,471,430 914,071' 7,018,1531,278,9771,628,4661,036,545 988,0374,394,134 662,153 462,720 829,906 626,4622,631,8C June 28...... 122,460,431 907,314 6,930,3091,251,3461,726,6241,049,541 980,1484,416,556 640,268 453,048 819,533 626,5752,659,16 Redemption fund forF. R. notes: May 31 520,630 51,058 37,933 45,478 56,380 47,989 37,596 78,826 42,039 21,979 34,021 26,465 40,86 June 7 524,630 51,058 37,933 46,478 56,380 47,989 37,596 81,826 42,039 21,979 34,021 26,465 40,86 June 14 523,141 50,893 37,289 46,161 56,187 48,432 37,455 81,627 41,981 21,958 33,969 26,422 40,76 June 21 520,648! 50,777 36,830 45,936 56,042 47,469 37,311 81,450 41,929 21,929 33,937 26,370 40,66 June 28 521,650^ 50,777 36,830 46,936 56,042 47,470 37,311 81,450 41,929 21,929 33,937 26,370 40,66 Total gold certificate reserves: May 31 22,998,058 921,903 6,968,5961,323,5961,703,6221,078,0871,053,9144,569,946 707,912 476,045 880,194 674,7852,639,4! June 7 22,998,059 932,500 6,972,5531,284,5921,705,6241,094,9311,056,9084,494,973 710,128 492,027 897,145 655,9942,700,6* June 14 22,994,570 917,100 7,010,2471,312,8871,684,6471,092,5351,030,4384,515,143 704,100 478,278 885,094 651,2072,712,8? June 21 22,992,078 964,848 7,054,9831,324,9131,684,5081,084,0141,025,3484,475,584 704,082 484,649 863,843 652,8322,672,4- Jwne 28 22,982,081 958,091 6,967,1391,298,2821,782,6661,097,0111,017,4594,498,006 682,197 474,977 853,470 652,9452,699,8- Other cash: May 31 182,184 14,852 30,709 12,746 13,080 11,328 17,821 19,983 12,021 4,878 10,862 9,717 24,1* June 7 179,498 15,006 33,457 13,327 15,371 11,661 16,166 23,173 11,117 3,267 7,242 9,133 20,5: June 14 199,288 16,464 37,439 11,960 13,589 12,399 20,813 26,266 13,343 5,127 8,111 9,193 24,5* June 21 213,299 17,041 40,746 17,353 18,585 12,868 19,095 24,628 14,413 4,135 9,278 9,860 25,2< June 28 212,516 15,920 40,593 15,749 15,845 11,762 20,814 26,091 14,809 5,391 9,025 11,369 25, U vances: Secured by U. S. Govt. securities: May 31. . 286,999 26,410 148,505 7,170 9,450 18,235 8,750 19,575 8,059 20,000 17,545 300 3,0( June 7. . 74,884 13,260 18,000 1,660 18,550 4,260 220 9,475 914 400 6,845 300 l,0( June 14. . 59,904 10,825 16,885 1,535 4,000 3,120 2,770 9,325 2,199 4,300 4,145 100 '7( June 21. . 57,755 5,535 8,605 1,210 10,900 5,205 1,820 8,050 5,430 4,750 5,775 300 \\ June 28. . 52,363 8,268 13,985 1,115 3,500 4,805 770 5,900 2,100 1,250 6,850 270 3,5! Other: May 31. . 19,400 1,222 6,092 1,552 1,765 970 815 2,677 699 485 718 679 1,72 June 7. . 19,400 1,222 6,092 1,552 1,765 970 815 2,677 699 485 718 679 1,72 June 14. . 19,400 1,222 6,092 1,552 1,765 970 815 2,677 699 485 718 679 1,72 June 21. . 17,000 1,071 5,338 1,360 1,547 850 714 2,346 612 425 629 595 1,51 June 28. . 17,000 1,071 5,338 1,360 1,547 850 714 2,346 612 425 629 595 1,51 Industrial loans: May 31 2,585 2,272 117 195 June 7. . . 2,607 2,284 119 203 June 14...... 2,676 30 2,315 129 201 June 21...... 2,627 30 2,266 130 200 June 28 2,667 30 2,308 130 198 U. S. Govt. securities: Bills: May 31 4,068,875 280,508 948,422 270,584 377,169 262,874 217,945 617,037 224,443 125,887 188,808 184,707 370,4< June 7 4,121,875 284,162 960,776 274,109 382,081 266,298 220,784 625,074 227,367 127,527 191,267 187,113 375,31 June 14 4,100,875 282,714 955,881 272,712 380,135 264,941 219,659 621,890 226,209 126,877 190,293 186,159 373,4( June 21 3,982,875 274,579 928,376 264,865 369,197 257,318 213,339 603,995 219,699 123,226 184,817 180,803 362,6( June 28 3,836,875 264,514 894,345 255,156 355,663 247,885 205,518 581,854 211,646 118,709 178,043 174,175 349,3( Certificates: May 31 5,874,850 405,012 1,369,380 390,683 544,575 379,551 314,680 890,909 324,063 181,762 272,611 266,689 534,9^ June 7.... 4,827,150 332,783 1,125,170 321,010 447,457 311,863 258,562 732,027 266,270 149,348 223,995 219,129 439,5^ June 14 4,844,150 333,956 1,129,133 322,141 449,033 312,962 259,472 734,605 267,208 149,873 224,783 219,900 441,0* June 21 4,897,150 337,610 1,141,487 325,666 453,945 316,385 262,310 742,643 270,132 151,513 227,243 222,306 445,91 June 28.... 5,357,250 369,329 1,248,732 356,262 496,596 346,110 286,956 812,417 295,512 165,748 248,593 243,192 487,8C Notes: May 31 1,643,700 113,317 383,133 109,308 152,364 106,193 88,043 249,264 90,668 50,854 76,273 74,616 149,66 June 7.... 2,997,700 206,661 698,740 199,350 277,875 193,669 160,569 454,595 165,356 92,746 139,102 136,081 272,9! June 14.... 3,067,200 211,453 714,940 203,972 284,317 198,159 164,291 465,135 169,190 94,896 142,327 139,236 279,2* June 21 3,148,700 217,071 733,937 209,392 291,872 203,425 168,657 477,494 173,685 97,418 146,109 142,935 286,7( June 28 3,379,100 232,956 787,641 224,713 313,229 218,310 180,999 512,434 186,394 104,547 156,800 153,394 307,6* Bonds: May 31. .. .5,801,900 399,983 1,352,378 385,832 537,813 374,837 310,774 879,846 320,039 179,505 269,225 263,376 528,2$ June 7.... 5,725,600 394,724 1,334,592 380,758 530,741 369,908 306,685 868,277 315,830 177,143 265,685 259,912 521,34 June 14.... 5,680,600 391,620 1,324,102 377,766 526,569 367,001 304,276 861,452 313,347 175,752 263,597 257,871 517,24 June 21 5,649,800 389,497 1,316,923 375,717 523,714 365,011 302,626 856,781 311,649 174,799 262,168 256,473 514,44 June 28 5,643,800 389,083 1,315,525 375,319 523,157 364,624 302,304 855,870 311,317 174,613 261,889 256,201 513,89 Total U. S. Govt. securities: May 31. .....17,389,325 1,198,820 4,053,3131,156,4071,611,9211,123,455 931,4422,637,056 959,213 538,008 806,917 789,3881,583,3* June 7 17,672,325 1,218,330 4,119,2781,175,2271,638,1541,141,738 946,6002,679,973 974,823 546,764 820,049 802,2351,609,1! June 14 17,692,825 1,219,743 4,124,0561,176,5911,640,0541,143,063 947,6982,683,082 975,954 547,398 821,000 803,1661,611,02 June 21 17,678,525 1,218,757 4,120,7231,175,6401,638,7281,142,139 946,9322,680,913 975,165 546,956 820,337 802,5171,609,71 June 28 18,217,025 1,255,882 4,246,2431,211,4501,688,6451,176,929 975,7772,762,5751,004,869 563,617 845,325 826,9621,658,7! JULY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Assets (cont.) Total loans and securities: May 31 17,698,309 1,226,452 4,207,910 1,167,4011,623,1371,142,777 941,0072,659,308 967,971 558,688 825,180 790,367 1,588,1: June 7 17,769,216 1,232,812 4,143,370 1,180,7231,658,4701,147,087 947,635 2,692,125 976,436 547,852 827,612 803,214 1,611,8* June 14 17,774,805 1,231,790 4,147,063 1,181,9931,645,8201,147,282 951,2832,695,084 978,852 552,384 825,863 803,945 1,613,4' June 21. ...... 17,755,907 1,225,363 4.134,696 1,180,4761,651,1761,148,324 949,4662,691,309 981,207 552,331 826,741 803,412 1,611,41 June 28 18,289,055 1,265,221 4,265,596 1,216,2331,693,6931,182,714 977,2612,770,8211,007,581 565,490 852,804 827,827 1,663,8: Due from foreign banks: May 31 33 2 i 10 3 3 2 1 5 1 1 1 1 June 7 33 2 110 3 3 2 1 5 1 1 1 1 June 14 28 2 15 3 3 2 1 5 1 1 1 1 June 21 28 2 15 3 3 2 1 5 1 1 1 1 June 28 28 2 15 3 3 2 1 5 1 1 1 1 Federal Reserve notes of other Banks: May 31 94,027 3,701 14,583 4,404 6,320 9,986 9,978 16,083 6,304 3,274 5,288 3,954 10,1. June 7...... 102,310 4,770 18,479 6,621 5,436 9,094 10,267 16,643 8,456 3,183 5,052 4,030 10,2' June 14 113,761 6,419 19,824 5,341 6,587 11,207 10,459 16,024 9,001 4,227 6,861 4,942 12,8< June 21 116,496 6,074 20,282 7,022 6,777 10,800 9,427 16,315 8,921 3,805 7,270 4,589 15,2 June 28 112,582 5,077 17,777 5,587 5,696 10,956 12,360 16,053 8,503 3,628 8,222 5,179 13,5< Uncollected items: May 31 2,373,203 197,981 479,113 174,468 225,594 192,745 144,269 370,790 143,322 62,702 118,137 95,174 168,9( June 7...... 2,597,120 197,035 460,295 181,280 238,162 225,395 179,537 437,978 143,689 77,717 131,671 124,770 199,5< June 14 3,338,605 261,057 658,032 183,307 331,111 286,983 221,259 558,317 179,709 90,589 162,503 136,480 269,2. June 21 3,220,567 231,867 594,477 214,640 350,208 265,094 204,482 518,890 166,132 88,975 172,508 139,121 274,1' June 28 2,631,685 211,119 499,078 176,532 243,152 207,717 160,654 432,405 137,532 78,992 138,138 115,382 230,9* Bank premises: May 31 34,804 1,106 7,781 2,959 4,871 2,479 1,505 3,730 2,026 1,133 2,286 700 4,2: June 7 34,953 1,106 7,781 2,959 4,871 2,479 1,505 3,868 2,026 1,133 2,280 700 4,2' June 14 35,084 1,106 7,791 2,959 4,868 2,479 1,515 3,868 2,026 1,133 2,280 700 4,3. June 21 35,277 1,106 7,791 2,953 4,868 2,531 1,514 3,868 2,026 1,133 2,280 700 4,5( June 28 35,225 1,101 7,791 2,953 4,860 2,525 1,512 3,846 2,026 1,130 2,280 700 4,5( Other assets: May 31 144,342 9,720 32,695 9,311 13,637 9,494 7,687 22,025 9,079 4,357 6,798 6,419 13,1: June 7 133,902 8,975 30,283 8,603 12,559 8,791 7,129 20,554 8,470 4,021 6,367 5,922 12,2: June 14 137,789 9,336 31,301 8,828 12,743 9,148 7,265 21,118 8,785 4,138 6,607 6,075 12,4' June 21 94,683 6,359 21,037 5,991 8,904 6,318 5,012 14,595 6,377 2,779 4,547 4,267 8,4< June 28 104,426 6,924 23,479 6,690 9,830 7,051 5,553 15,843 6,927 3,106 5,082 4,625 9,3 Total assets: May 31 43,524,960 2,375,717 11,741,3972,694,8883,590,2642,446,8982,176,182 7,661,8701,848,6361,111,0781,848,7461,581,1174,448,1( June 7 43,815,091 2,392,206 11,666,2282,678,1083,640,4962,499,4402,219,1487,689,319 1,860,3231,129,2011,877,3701,603,7644,559,4* June 14. 44,593,930 2,443,274 11,911,702 2,707,2783,699,3682,562,0352,243,0337,835,8251,895,8171,135,8771,897,3201,612,5434,649,8i June 21 44,428,335 2,452,660 11,874,0172,753,3513,725,0292,529,9512,214,3457,745,1941,883,1591,137,8081,886,4681,614,7824,611,5' June 28 44,367,598 2,463,45511,821,4582,722,0293,755,7452,519,7382,195,6147,763,070 1,859,5761,132,7151,869,022 1,618,0284,647,1' Liabilities Federal Reserve notes: May 31 22,835,733 1,380,719 5,152,5731,606,9432,028,7211,507,257 1,258,1114,441,428 1,048,678 602,948 904,706 613,776 2,289,8' June 7...... 22,830,848 1,379,509 5,140,059 1,605,6512,030,7641,504,7101,257,5244,440,504 1,046,503 603,544 905,766 613,5392,302,7' June 14 22,767,870 1,375,023 5,123,1541,610,1342,031,1431,501,1001,251,6284,431,817 1,043,182 600,905 901,361 607,9892,290,4: June 21 22,706,047 1,373,956 5,115,799 1,599,5042,028,222 1,495,3401,246,1804,426,189 1,039,583 599,428 897,383 605,845 2,278,61 June 28 22,800,803 1,392,266 5,136,892 1,609,5852,042,122 1,508,2361,249,6614,428,625 1,039,112 598,696 898,623 611,157 2,285,8; Deposits: Member bank —reserve account: May 31. . 15,813,832 645,716 5,297,722 728,425 1,133,451 632,264 665,3532,515,048 544,287 368,689 727,035 754,090 1,801,71 June 7. .16,066,982 668,600 5,276,372 736,112 1,174,111 656,200 682,3072,561,096 574,137 380,782 752,641 763,842 1,840,7* June 14. .16,309,026 673,165 5,365,966 757,571 1,181,323 676,798 671,8582,615,325 580,043 380,046 753,442 771,917 1,881,5' June 21. . 16,169,122 701,158 5,390,035 770,675 1,191,953 641,283 667,1672,505,119 579,249 376,310 729,495 771,144 1,845,5: June 28. .15,988,451 664,191 5,181,136 759,397 1,177,358 636,360 664,5132,557,534 568,021 375,961 743,832 778,353 1,881,7< U. S. Treasurer-general account: May 31. . 587,526 37,766 82,179 48,432 50,762 22,593 43,506 122,397 46,739 30,813 32,812 47,947 21,5* June 7. . 471,618 36,030 64,279 30,654 47,586 36,988 37,134 55,450 30,719 25,854 26,420 39,803 40,7( June 14.. 318,837 19,059 62,362 20,497 30,931 20,136 28,510 21,755 24,900 23,038 18,098 24,667 24,8* June 21.. 529,254 39,268 57,383 43,214 53,174 57,335 28,218 103,367 35,015 32,172 24,391 27,485 28,2: June 28.. 866,069 73,190 181,331 34,259 133,604 73,754 47,172 120,482 43,689 38,884 30,014 42,523 47.K Foreign: May 31. . 987,980 61,085 2322,816 77,568 88,233 48,480 40,723 133,805 34,906 24,240 35,875 33,936 86,31 June 7.. 1,050,808 65,860 2333,645 83,632 95,131 52,270 43,907 144,265 37,634 26,135 38,680 36,589 93,0( June 14. . 1,072,730 67,252 2342,173 83,632 97,143 53,375 44,835 147,315 38,430 26,688 39,497 37,363 95,0; June 21.. 1,123,786 70,415 2357,023 89,416 101,711 55,885 46,944 154,243 40,237 27,943 41,355 39,120 99,4< June 28.. 1,140,308 70,995 2367,235 90,152 102,548 56,345 47,330 155,512 40,568 28,173 41,695 39,442 100,31 Other* May 31. . 266,103 2,597 205,056 1,194 3,929 4,058 447 6,077 4,796 1,539 4,918 602 30.8S June 7.. 270,002 3,071 208,818 1,713 4,169 3,660 300 4,835 5,168 1,152 4,490 563 32,0( June 14. . 374,381 8,730 256,997 1,279 11,142 13,259 4,923 20,530 8,890 3,060 6,794 3,072 35,7( June 21.. 271,033 4,148 212,973 1,408 4,585 2,671 477 4,391 5,193 1,490 2,266 526 30,9( June 28.. 300,337 4,307 239,334 1,874 3,384 2,263 383 2,341 5,294 1,237 3,146 495 36,2^ 1 After deducting $23,000 participations of other Federal Reserve Banks on May 31; June 7; June 14; June 21; and June 28. 2 After deducting $665,145,000 participations of other Federal Reserve Banks on May 31; $717,145,000 on June 7; $730,538,000 on June 1- $766,742,000 on June 21; and $773,053,000 on June 28. 844 FEDERAL RESERVE BULLETI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o ew rk - d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Liabilities (cont.): Total deposits: May 31 17,655,441 747,164 5,907,773 855,6191,276,375 707,395 750,0292,777,327 630,728 425,281 800,640 836,5751,940,53 June 7.... 17,859,410 773,561 5,883,114 852,1111,320,997 749,118 763,6482,765,646 647,658 433,923 822,231 840,7972,006,6C June 14 18,074,974 768,206 6,027,498 862,9791,320,539 763,568 750,1262,804,925 652,263 432,832 817,831 837,0192,O37,1S June 21.... 18,093,195 814,989 6,017,414 904,7131,351,423 757,174 742,8062,767,120 659,694 437,915 797,507 838,2752,004,U June 28 18,295,165 812,683 5,969,036 885,6821,416,894 768,722 759,3982,835,869 657,572 444,255 818,687 860,8132,065,5 = Deferred availability items: May 31 2,136,939 190,302 415,939 162,389 202,541 184,812 128,161 318,654 133,383 58,429 108,433 96,580 137,31 June 7.... 2,222,887 181,323 376,526 150,016 205,795 197,805 157,839 358,209 130,025 67,123 114,149 115,008 169,0e June 14.... 2,843,799 241,889 493,220 163,521 264,462 249,222 200,863 473,191 163,967 77,371 142,602 132,889 240.6C June 21 2,715,228 205,373 471,371 178,287 261,370 229,119 184,772 425,508 147,346 75,615 155,938 135,781 244,74 June 28.... 2,353,888 199,830 445,931 155,590 212,331 194,176 145,715 371,549 126,094 64,760 115,839 110,752 211,32 Other liabilities including accrued dividends: May 31 14,264 1,061 3,673 836 1,637 670 650 2,393 622 422 583 549 l.ie June 7.... 14,733 1,096 4,073 869 1,579 760 675 2,246 616 471 565 593 1.1S June 14 15,816 1,055 4,477 948 1,495 840 735 2,443 673 499 578 635 1,43 June 21 16,311 1,067 5,234 861 1,644 757 702 2,353 607 460 567 686 1,3? June 28 16,377 1,094 4,620 948 1,720 818 771 2,478 673 500 549 743 1.4C Total liabilities: May 31... . 42,642,377 2,319,24611,479,9582,625,7873,509,2742,400,1342,136,9517,539,8021,813,4111,087,0801,814,3621,547,4804,368,85 June 7.... 42,927,878 2,335,48911,403,7722,608,6473,559,1352,452,3932,179,6867,566,6051,824,8021,105,0611,842,7111,569,9374,479,64 June 14.... 43,702,459 2,386,17311,648,3492,637,5823,617,6392,514,7302,203,3527,712,3761,860,0851,111,6071,862,3721,578,5324,569,6£ June 21.... 43,530,781 2,395,38511,609,8182,683,3653,642,6592,482,3902,174,4607,621,1701,847,2301,113,4181,851,3951,580,5874,528,9C June 28 43,466,233 2,405,87311,556,4792,651,8053,673,0672,471,9522,155,5457,638,5211,823,4511,108,2111,833,6981,583,4654,564,1( Capital Accts.: Capital paid in: May 31.... 215,857 12,099 73,047 15,379 19,950 9,485 8,658 27,741 7,163 4,883 7,682 9,008 2O,7<: June 7.... 216,039 12,099 73,047 15,440 19,905 9,485 8,661 27,744 7,163 4,883 7,685 9,006 20,92 June 14 216,265 12,102 73,054 15,442 19,910 9,486 8,679 27,897 7,163 4,884 7,719 9,008 20,92 June 21 218,818 12,103 73,065 15,443 20,230 9,496 8,688 27,922 7,164 4,892 7,742 9,022 23,0 = June 28.... 219,074 12,132 73,068 15,443 20,220 9,498 8,692 27,930 7,166 4,897 7,749 9,228 23,0 = Surplus: (section 7): May 31. ... 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,5 = June 7 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,5^ June 14.... 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,5 = June 21... . 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,5 = June 28.... 488,173 30,778 148,149 38,205 45,947 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,5 = (section 13 b): May 31 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,14 June 7.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,14 June 14.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,14 June 21 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,14 June 28 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,14 Other cap. accts.: May 31.... 151,010 10,583 32,924 11,028 14,077 10,151 8,617 20,869 8,423 5,548 7,520 7,449 13,82 June 7.... 155,458 10,829 33,941 11,327 14,493 10,434 8,845 21,512 8,719 5,690 7,792 7,641 14,23 June 14.... 159,490 11,210 34,831 11,560 14,856 10,691 9,046 22,094 8,930 5,819 8,047 7,823 14,5? June 21.... 163,020 11,383 35,666 11,849 15,177 10,937 9,241 22,644 9,126 5,931 8,149 7,993 14,92 June 28 166,575 11,661 36,443 12,087 15,495 11,160 9,421 23,161 9,320 6,040 8,393 8,155 15,23 Total liabilities and cap. accts.: May 31 43,524,960 2,375,71711,741,3972,694,8883,590,2642,446,8982,176,1827,661,8701,848,6361,111,0781,848,7461,581,1174,448, It June 7.... 43,815,091 2,392,20611,666,2282,678,1083,640,4962,499,4402,219,1487,689,3191,860,3231,129,2011,877,3701,603,7644,559,46 June 14.... 44,593,930 2,443,27411,911,7022,707,2783,699,3682,562,0352,243,0337,835,8251,895,8171,135,8771,897,3201,612,5434,649,8 = June 21.... 44,428,335 2,452,66011,874,0172,753,3513,725,0292,529,9512,214,3457,745,1941,883,1591,137,8081,886,4681,614,7824,611,5i June 28.... 44,367,598 2,463,45511,821,4582,722,0293,755,7452,519,7382,195,6147,763,0701,859,5761,132,7151,869,0221,618,0284,647,14 Contingent liability on acceptances purchased for foreign correspondents: May 31.... 5,218 329 11,638 418 475 261 219 720 188 130 193 183 4( June 7 5,213 328 H,645 416 473 260 219 718 187 130 192 182 4( June 14.... 5,585 354 !1,765 416 511 281 236 775 202 140 208 197 5( June 21 5,463 344 il.716 437 497 273 229 754 197 137 202 191 4J June 28 5,511 347 U,731 441 502 276 231 761 198 137 204 193 4S Commitments to make industrial loans: May 31 1 286 402 440 60 256 12 June 7.... 1,225 351 440 60 249 12 June 14.... 1,206 317 455 60 249 12 June 21.... 1^253 360 454 60 254 12 June 28. .. '. 1,208 315 454 60 254 12 1 After deducting $3,580,000 participations of other Federal Reserve Banks on May 31, $3,568,000 on June 7; $3,820,000 on June 14; $3,747,0( on June 21; and $3,780,000 on June 28. JULY 1950 84 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n ve d - m Ri o c n h d - la A n t t - a Chicago Lo S u t. is M a i p n ol n i e s - Ka C n i s ty as Dallas F S r a a n ncisco F. R. notes outstanding (issued to Bank): May 31 23,521,063 1,411,4485,287,3691,647,936 2,095,2671,560,7091,315,918 4,526,6141,092,019 613,699 927,394 641,018 2,401,67 June 7 23,504,8561,411,2165,285,5781,653,300 2,092,2921,555,5091,309,985 4,"5 161,,2255661,090,598 614,280 928,703 642,1"0 4 22,,440055,,0033 June 14 23,499,2041,411,8335,271,9041,651,203 2,091,2411,560,9871,316,263 4,516i,1281,085,014 613,301 926,770 642,7552,411,8C June 21 23,477,6281,418,3545,261,8631,656,189 2,103,4281,554,1261,310,315 4,504:,,7766331,084,939 612,358 924,952641,748 2,404,55 June 28 23,538,8761,424,259 5,276,2221,655,5012,107,916 1,560,950 1,310,2274,514,666 ,084,657 611,636 928,908 650,598 2,413,33 Collateral held against notes outstanding: Gold certificates: May 31 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 2,000,0C June 7 14,249,000 440,000 4,670,000 750,0001,000,000 670,000 675,0002,950,000 400,000 210,000 280,000 204,000 2,000,0C June 14 14,249,000 440,000 4,670,000 750,0001,000,000 670,000 675,0002,950,000 400,000 210,000 280 000 204,000 2,000,0C June 21 14,249,000 440,000 4,670,000 750,0001,000,000 670,000 675,000 2,950,000 400,000 210,000 280,000 204,000 2,000,0C June 28 14,249,000 440,000 4,670,000 750,0001,000,000 670,000 675,0002,950,000 400,000 210,000 280,000 204,000 2.000.0C Eligible paper: May 31 237,430 26,410 138,310 7,170 17,935 8,060 20,006 17,545 2,0C June 7 45,040 13,260 17,000 1,660 3,960 915 400 6,845 l,0C June 14 35,385 10,825 8,560 1,535 3,120 2,200 4,300 4,145 7C June 21 35,985 5,535 8,405 1,210 4,705 5,430 4,750 5,775 13 June 28 38,223 8,268 11,285 1,115 3,805 2,100 1,250 6,850 3,5* U. S. Govt. sec: May 31 10,450,0001,100,000 700,0001,000,0001,150,000 950,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,0C June 7 10,450,0001,100,000 700,0001,000,0001,150,000 950,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,0( June 14 10,450,0001,100,000 700,0001,000,000 1,150,000 950,000 700,0001,600,000 800,000 450,000 700,000 500,000 800.0C June 21 10,450,0001,100,000 700,0001,000,0001,150,000 950,000 700,0001,600,000 800,000 450,000 700,000 500,000 800.0C June 28 10,450,0001,100,000 700,0001,000,0001,150,000 950,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,0( Total collateral: May 31 24,936,4301,566,410 5,508,310 1,757,170 2,150,0001,637,9351,375,000 4,550,0001,208,060 680,000 997,545704,000 2,802,0( June 7 24,744,040 553,260 5,387,000 1,751,660 2,150,0001,623,9601,375,000 4,550,0001,200,915 660,400 986,845704,000 2,801,0( June 14 24,734,3851,550,8255,378,560 1,751,535 2,150,0001,623,1201,375,000 4,550,0001,202,200 664,300 984,145 ,8OO,7( June 21 24,734,9851,545,5355,378,405 1,751,210 2,150,0001,624,7051,375,000 4,550,0001,205,430 664,750 985,775 704,000 2,,880000,,11/ June 28 24,737,2231,548,2685,381,285 1,751, ,150,0001,623,8051,375,000 4,550,0001,202,100 661,250 986,850 704,000 2,803,5! INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS MEMBER BANK RESERVES AND BORROWINGS [Amounts in thousands of dollars] [Averages of daily figures. In millions of dollars] W o D r e a l d t a e n s e t ( s l d a d a s a y t y A a p p t p o p l i r c d o a a v t t i e e o d ns b p u c r A o o t p m v n - e - o d t st L a o n o u d a t i n - n s g2 C m o o m e u n t m - ts it-o in P p t f g u a a f t t r i i i i n t o o n i a c n n s n i t s s - c i- - week en M di o n n g t h W , o ed r nesday b m a b A n e e k m l r l s - x C N e c e n i w t t r y a l b r a e n C s k e h s r i- ve -b s c R e a i r n t e v y k - e s b C a t o n r u y k n s of period) pleted 1 (amount) standing out- York cago Num- Amount (amount) (amount) standing ber (amount) Total reserves held: 1939. 2,781 188 222 2 659 13,683 9,220 10 981 1949—May 18,146 4,798 1,160 6,881 5,30* 1940 2,908 212 510 13 954 9,152 5,226 6 386 1950—April 15,898 4,285 1,060 6,131 4,42c 1941 3,202 279 860 8 294 10.337 14,597 19 600 May 15,941 4,273 1,088 6,144 4,43- 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 May 17 16,042 4,269 1,087 6,193 4,49: 1944 3,489 525 532 I 295 3,894 4,165 2 705 May 24 15,907 4,273 1,090 6,138 4,40( 1945 3,511 544 961 320 1,995 1,644 1 086 May 31 15,852 4,281 1,099 6,128 4,34^ 1946. 3,542 565 913 4 577 554 8,309 2 670 June 7 16,051 4,348 1,116 6,164 4,42: 1947 3,574 586 726 945 1,387 7,434 4 869 June 14 16,162 4,370 1,111 6,223 4.45S 1948 June 21 16,522 4,618 1,119 6,261 4,52^ Dec. 31... 3,607 615 653 335 995 1,643 1 990 Excess reserves: 1949 1949—May 777 44 8 174 55' 1950—April 694 6 1 137 55 Jan. 31... 3,607 615 893 85 1,005 1,677 2 077 May 704 14 -3 137 55' Feb. 28... 3,608 616 340 45 907 1,624 2 042 Mar. 31... 3,610 620 192 45 906 3,270 3 677 May 17 832 40 -1 178 61. Apr. 30... 3,613 620 595 152 819 2,399 2 811 May 24 638 10 -6 118 51< May 31... 3,614 620 984 245 753 2,349 2,737 May 31 540 -15 -9 101 46, June 30... 3,615 621,297 205 614 2,278 2,619 June 7 735 41 13 143 53< July 30... 3,617 621,601 220 660 2,263 2,563 June 14 802 50 4 181 56 Aug. 31... 3,623 622,327 545 662 2,072 1,926 June 21 Pl.OOO 204 3 178 P61 Sept.30... 3,630 625 301 912 1,016 1,958 2,023 Oct. 31... 3,637 626 273 1,514 1,075 1,820 1,965 Borrowings at Federal Nov. 30.. . 3,644 628,523 1,277 1,954 1,818 2,848 Reserve Banks: Dec. 31... 3,649 629,326 539 2,178 2,288 2,947 1949—May 176 81 18 39 3 1950 1950—April 101 25 13 42 2 Jan. 31. .. 3,652 629,764 544 2,223 1,941 2,649 May 80 11 1 37 3 Feb. 28. .. 3,655 630.209 223 2,505 1,197 2,628 May 17 43 1 1 17 2 Mar. 31.... 3,663 632,049 1,225 2,673 1,272 2,651 May 24 61 1 2 36 2 Apr. 29.. . 3,667 632,573 1,172 2,665 1,288 2,652 May 31 152 34 2 61 5 May 31... 3,670 633,124 1,306 2,675 1,286 2,641 June 7 93 18 3 46 2 June 14 56 2 25 2 1 Includes applications approved conditionally by the Federal Re- June 21 40 2 17 2 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 NOTE.—The difference between amount of applications approved and country banks are estimates. Weekly figures of borrowings of all mei the sum of the following four columns represents repayments of ad- ber banks and of country banks may include small amounts of Feder 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. 846 FEDERAL RESERVE BULLETI 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 a R 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 e R a i r n t e v y k - e s C ba t o r n u y k n s - York cago York cago First half of May 1950 Second half of May 1950 Gross demand deposits: Total 90,302 20,462 5,132 34,297 30,411 90,929 20,646 5,260 34,631 30,393 Interbank 10,723 3,678 1,060 5,097 10,516 3,640 1,053 4,964 858 Other '.. 79,579 16,784 4,072 29,200 29,523 80,413 17,005 4,206 29,667 29,535 Net demand deposits 2 79,530 18,895 4,661 29,993 25,982 80,112 19,035 4,759 30,197 26,122 Demand deposits adjusted 3 71,800 72,100 Time deposits * 29,657 1,711 1,088 11,795 15,064 29,680 1,750 1,087 11,787 15,055 Demand balances due from domestic banks... 5,385 30 116 1,682 3,557 5,276 33 118 1,708 3,417 Reserves with Federal Reserve Banks: Total 15,968 4,261 1,082 6,144 4,481 15,916 4,285 1,093 6,143 4,395 Required 15,182 4,242 1,080 5,988 3,871 15,289 4,275 1,101 6,025 3,887 Excess 786 18 2 156 610 628 9 118 508 Borrowings at Federal Reserve Banks 61 7 27 26 98 15 46 35 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection) are estimated for all member banks, but not by class of bank. 4 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND BANK SUSPENSIONS * SMALL CENTERS* [Averages of daily figures. In millions of dollars] Member Nonmember Total, banks banks In places of 15,000 In places of under all and over population 15,000 population banks ti N on a- al State su In re - d in N s o u n re - d Demand Demand d e e i x n p c t o e e s r p i - t ts 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 A M M p a a r r y i c l h 1 1 1 6 6 6 , , , 2 4 2 8 4 0 9 3 9 8 8 8 , , , 8 7 8 2 9 3 9 0 0 1 1 1 1 1 1, , , 6 9 7 2 4 5 2 4 3 6 6 6 , , , 0 0 06 6 6 2 3 5 1 1 1 9 9 9 4 4 4 7 8 9 0 4 1 4 1 1950 1950—Jan.-June 0 [March 17,335 8,877 12,222 6,091 Deposits of suspended banks April 17,366 8,923 12,145 6,116 (in thousands of dollars) :2 May. 17,412 8,941 12,117 6,119 1934-42 137,362 18,01626,548 51,567 41,231 By district, 1943 6,223 4,982 1,241 May 1950 1944 405 405 1945 0 Boston 2,076 833 336 230 1946 0 New York 3,247 2,251 1,103 1,154 1947 167 167 Philadelphia 1,320 832 944 907 1948 0 Cleveland 1,392 919 1,033 810 1949 2,443 2,443 1950—Jan.-June 6 Richmond 1,121 417 840 483 Atlanta 1,658 467 716 226 S C t h . ic L a o g u o is 2,3 6 9 8 3 2 1,6 3 3 5 8 1 1,7 9 0 7 0 9 2 97 9 2 3 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not Minneapolis 605 304 742 452 include banks whose deposit liabilities were assumed by other banks Kansas City 590 110 1,593 213 at the time of closing (in some instances with the aid of Federal Deposit D Sa a n ll a F s r ancisco . . . 1 1 , , 0 2 8 4 9 0 6 1 4 6 9 8 1,6 4 3 9 7 3 30 7 1 9 Ins 2 u D ra e n p c o e s it C s or o p f or m at e i m on b e l r o a b n a s) n . ks and insured nonmember banks suspended are as of dates of suspensions, and deposits of noninsured nonmember banks are based on the latest data available at the time the 1 Includes any banks in outlying sections of reserve cities that have suspensions were reported. been given permission to carry the same reserve as country banks. Back figures.—See Banking and Monetary Statistics, pp. 283-292; for description, see pp. 281-282 in the same publication. JULY 1950 847 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 3$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1933 . 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936... 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 g 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—February 27,557 19,029 1,441 996 63 1,976 5,929 8,625 8,531 2,444 5,000 394 679 5 10 3 March 27,439 18,930 1,445 992 61 1,965 5,913 8,555 8,510 2,428 4,980 392 696 5 10 1 April .. 27,417 18,925 1,450 994 60 1,967 5,913 8,541 8,493 2,421 4,970 390 700 5 9 1 May 27,507 18,993 1,456 1,011 61 1,986 5,934 8,544 8,515 2,422 4,980 388 712 5 9 1 June 27,493 18,982 1,459 1,008 61 1,971 5,931 8,551 8,513 2,426 4,974 387 712 5 9 2 July- 27,394 18,908 1,457 1,001 60 1,959 5,901 8,529 8,488 2,410 4,964 385 717 4 9 2 August .... 27,393 18,901 1,462 1,003 61 1,958 5,900 8,517 8,494 2,406 4,980 383 712 4 9 2 September... 27,412 18,917 1,468 1,018 60 1,970 5,905 8,496 8,498 2,401 4,996 382 705 4 9 2 October 27,407 18,915 1,474 1,031 60 1,973 5,891 8,486 8,494 2,392 5,007 381 701 4 9 2 November... 27,543 19,040 1,484 1,046 61 1,994 5,935 8,520 8,506 2,398 5,021 382 692 4 8 2 December. .. 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 3 1950—January 26,941 18,475 1,457 1,008 60 1,926 5,715 8,309 8,469 2,401 5,010 380 666 4 8 3 February.... 27,068 18,645 1,459 1,011 60 1,949 5,817 8,348 8,426 2,385 4,988 378 661 5 9 3 M!arch 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 May .... 27,090 18,730 1,490 1,033 60 1,963 5,851 8,333 8,361 2,380 4,949 381 639 4 9 1 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 'Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money 1leld in the Treasury Money in circulation l Money Total out- held by standing, As security For Federal May 31, against Federal Reserve 1950 go s l i d lv e a r nd Tre c a as s h ury B R an es k e s r v a e nd Ba a n g k e s n t a s nd M 1 a 9 y 5 0 31, Ap 1 r 9 . 5 3 0 0, M 1 a 9 y 4 9 31, certificates agents Gold 24,231 23,039 21,192 Gold certificates 23,039 20,183 2,816 41 41 43 Federal Reserve notes 23,521 48 779 22,694 22,723 23,205 Treasury currency—total 4,606 32,299 69 182 4,355 4,285 4,259 Standard silver dollars 493 280 40 3 169 168 163 Silver bullion . . . 2,019 2,019 Silver certificates and Treasury notes of 1890.. 3 2,299 120 2,180 2,122 2 079 Subsidiary silver coin 1,001 15 26 961 951 938 ]Vtinor coin 379 9 10 360 358 355 United States notes 347 4 21 322 319 318 Federal Reserve Bank notes 280 1 3 276 279 312 National Bank notes 88 (5) 1 87 87 93 Total—Mav 31 19 SO (4) 25 338 1 309 20 183 3 777 27 090 Apr 30 1950 (4) 25,349 1,308 20,220 3,814 27,048 May 31 1949 (4) 25,416 1,315 20,301 3,819 27,507 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. 839 and seasonally adjusted figures in table on p. 849. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. 848 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 f n l or s a e s d a e s j r u o i s e n 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 t i n . - - r f e C u e s n t a e c d s r . 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 1948—December 3,330 3,449 7 3,244 198 1947 28,868 -84 1948 28,224 -644 1949—January 3,334 3,454 7 3,244 203 1949. . 27,600 -624 February. . . . 3,333 3,454 7 3,244 202 March....... 3,327 3,447 7 3,254 186 Averages of daily figures: April 3,314 3,435 7 3,239 188 May 3,294 3,418 7 3,212 198 1949—May 27,438 27,631 -52 June 3,277 3,403 7 3,188 209 June. 27,432 27,570 -61 July 3,266 3,393 6 3,187 199 July 27,472 27,527 -43 August 3,248 3,375 6 3,172 196 August 27,397 27,535 +8 September. . . 3,230 3,350 6 3,152 191 September 27,451 27,506 -29 October 3,215 3,336 7 3,127 202 October 27,456 27,456 -50 November. . . 3,199 3,322 7 3,118 197 November 27,477 27,395 -61 December.... 3,188 3,312 7 3,118 187 December 27,734 27,459 +64 1950—January 3,183 3,307 7 3,117 182 1950—January 27,220 27,139 -320 February.... 3,177 3,301 7 3,107 186 February 27,008 27,008 — 131 March 3,168 3,293 8 3,107 178 March 27,043 27,124 +116 April P3.153 April 27,062 27,280 +156 May 2>3,127 May 27,022 27,212 -68 June 27,026 27,162 -50 P Preliminary. 1 Outstanding principal, represented by certificates of deposit. 1 For end-of-year figures, represents change computed on absolute 2 Includes working cash with postmasters, 5 per cent reserve fund amounts in first column. and miscellaneous working funds with Treasurer of United States, ac- NOTE.—For discussion of seasonal adjustment factors and for back crued interest on bond investments, and accounts due from late postfigures on comparable basis see BULLETIN for September 1943, pp. masters. 822-826. Because of an apparent change in the seasonal pattern Back figures.—See Banking and Monetary Statistics, p. 519; for around the year-end, adjustment factors have been revised somewhat description, see p. 508 in the sam£. publication. for dates affected, beginning with December 1942. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government Year or month Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers City1 centers1 centers 2 City centers City* cities 3 City s cities3 1944 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1945 974,102 404,543 479,760 89,799 18.2 9.7 351,602 412,800 24.2 16.1 1 1 9 9 4 4 6 6 — — o n l e d w s s e e ri r e ie s s * 4 }l,050,021 417,475 527,336 105,210 18.9 10.0 | 3 4 7 0 4 7 , , 3 94 6 6 5 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 2 5 5 . . 2 5 1 1 6 6 . . 5 9 1947 1,125,074 405,929 599,639 119,506 21.0 11.9 400,468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 23.6 12.9 445,221 660,155 27.2 19.2 1949 1,230,982 452,897 648,905 129,179 24.1 12.4 447,150 639,772 28.2 18.7 1949—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 17.1 101,072 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 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 60,903 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 May 112,075 41,463 58,818 11,793 25.9 12.7 40,037 57,382 29O7 19.2 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. JULY 1950 849 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENTS FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Bank credit Total assets, Total Date Treas- ]U. S. Government obligations liabil- 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 e a o r n c m d ia - l R Fe e d se e r r v a e l Other O r s i e t t c h ie u e s - r ca . a n ' p L n e i i d t t ., al, c d u e a r p r n o e d s n i c ts y c m o n a u i c e n s - t c ts . , savings Banks banks 1929—June29 4 037 2,019 58,642 41 082 5 741 5,499 216 26 11,819 64, 698 55,776 8,922 1933—june 30 4 031 2,286 42,148 71 957 10 328 8,199 1,998 131 9,863 48 465 42,029 6,436 1939^-Dec. 30 17 644 2,963 54,564 157 ?3 105 19,417 2,484 1 204 9,302 7S 171 68,359 6,812 1941—Dec 31 9? 737 3,247 64,653 26 605 99 049 25,511 2,254 1 284 8,999 90 637 82,811 7,826 1945—June 30 ?0 213 4,145 153,992 ?7 948 118 041 93,655 21,792 594 8,003 178 350 168,040 10,310 Dec. 31 20 065 4,339 167,381 30 387 128 417 101,288 24,262 2,867 8,577 191, 785 180,806 10,979 1946—June29 ?0 270 4,539 163,485 570 740 95,911 23,783 3 046 9,175 188 294 176,215 12,079 Dec. 31 ?0 529 4,562 158,366 35 765 113 110 86,558 23,350 3 202 9,491 183 457 171,657 11,800 1947—June30 21 266 4,552 156,297 38 373 107 873 82,679 21,872 3, 322 10,051 182, 115 169,234 12,882 Dec. 31 754 4,562 160,832 43 023 107 086 81,199 22,559 328 10,723 188 148 175,348 12,800 1948—June 30 ?3 532 4,565 157,958 4S 299 101,451 76,774 21,366 3 311 11,208 186 OSS 172,857 13,200 Dec. 31 ?4 244 4,589 160,457 48 341 100 694 74,097 23,333 3 264 11,422 189 290 176,121 13,168 1949—May 25 ?4 300 4,600 156,200 46 700 97 800 74,800 19,700 3 200 11,700 18S 100 171,300 13,800 June 30 466 4,597 156,491 47 148 97 428 74,877 19,343 3 208 11,915 18S, 554 171,602 13,952 July 27 ?4 500 4,600 156,500 46 500 97 800 76,100 18,500 3 200 12,300 18S 700 171,500 14,200 Aug.31 24 600 4,600 158,700 47.200 99 100 78,300 17,500 3,200 12,500 187, 900 173,800 14,200 Sept.28 600 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 24 500 4,600 160,700 49 000 99 100 78,300 17,700 3, 100 12,600 189, 800 175,300 14,500 Dec. 31 ?A427 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* 24 400 4,600 162,500 49, 400 100 400 79,500 17,800 3, 100' 12,700 191, 600 177,100 14,400 Feb. 300 4,600 161,900 49 700 99 300 78,600 17,600 3 100 12,900 190 800 176,200 14,600 Mar. 29? . 24, 200 4,600 161,700 50, 400 98 000 77,400 17,500 3, 100 13,300 190, 600 176,000 14,500 Apr. 26P ?4 ?00 4,600 162,000 SO600 97 900 77,100 17,600 3 100 13,500 190 800 176,300 14,500 May 31P. 24, 200 4,600 162,600 51, 000 98 200 77,700 17,400 3, 100 13,500 191, 500 176,900 14,500 Deposits and Currency U. S. Government balances Deposits adjusted and currency I)ate Total d F e b o p n r a o e e n i s t k g it n s, T c r u a e r s a y h s- A m s b a t a e v a c r n n i c o n d k i m g a s s l - R F B e e a d A se n e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m b C T e a o i r n m c m k i e a s - l dep M s b o a a s v u n i i t t k n u s s g 3 a s * l S S P a y o v s s i t n t e a m g l s o b r u C e a t n u n s c i r k d - y s e 1929—June 29 SS 776 365 204 381 36 54,790 22,540 ?8 611 19,557 8 905 149 3,639 1 19 9 3 3 9 3 — — D ju e n c e . 3 3 0 0 4 6 ? 8,3 0 5 29 9 1,21 5 7 0 2,4 2 0 6 9 4 8 8 5 4 2 6 6 3 3 5 4 4 6 0 3 , , 8 2 2 5 8 3 2 1 9 4 , , 7 4 9 1 3 1 ?7 6 0 5 5 6 9 1 1 0 5 , , 8 2 4 5 9 8 1 9 0,5 6 2 21 3 1 1 , , 1 2 8 7 6 8 4 6 , , 7 40 6 1 1 1941—Dec. 31. . 8? 811 1,498 2,215 1,895 867 76,336 38,992 ?7 729 15,884 10,532 1,313 9,615 1945—June 30 168 040 2,378 2,279 ,381 599 138,403 69,053 44 253 27,170 14 426 2,657 25,097 Dec. 31 180 806 2,141 2,287 ?4,608 977 150,793 75,851 48 452 30,135 15 385 2,932 26,490 1946—June 29 176 215 1,894 2,251 13,416 833 157,821 79,476 SI 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 SS,655 34,835 17,428 3,392 26,299 Dec 31 ,348 1,682 1,336 1,452 870 170,008 87,121 S6,411 35,249 17,746 3,416 26,476 1948—June 30 17?,857 1.727 1,327 ,180 1,928 165,695 82,697 57,360 35,788 18,194 3,378 25,638 Dec. 31 176,121 2,103 1,325 2,451 1,123 169,119 85,520 57 s?o 35,804 18,387 3,329 26,079 1949—May 25 171,300 1,800 1,300 1,900 700 165,600 82,500 S8,200 36,100 18,800 3,300 25,000 June 30 171,602 1,927 1,307 ,304 438 165,626 81,877 S8,483 36,292 18,932 3,259 25,266 July 27. 171,500 1,900 1,300 1,500 400 166,300 83,100 S8,400 36,200 19,000 3,300 24,900 Aug. 31 173,800 1,900 1,300 ,100 600 166,900 83,400 58,400 36,100 19,000 3,200 25,100 Sept 28 174,400 1,900 1,300 3,700 1,200 166,300 83,100 58 ,400 36,100 19,100 3,200 24,900 Oct 26 174,900 2,000 1,300 3,600 400 167,700 84,300 S8,400 36,100 19,100 3,200 24,900 Nov. 30 175,300 2,100 1,300 3,200 500 168,100 85,000 58 ,000 35,800 19,100 3,200 25,100 Dec. 31.. ........ 177,313 2,150 1,312 3,249 821 169,781 85,750 58 ,616 36,146 19,273 3,197 25,415 1950—Jan. 25? 177,100 2,200 1,300 3,300 500 169,700 86,400 SR,700 36,100 19,400 3,200 24,500 Feb. 176,200 2,200 1,300 4,200 400 168,200 84,500 S9,000 36,300 19,500 3,200 24,700 Mar 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. 26P......... 176,300 2,400 1,300 3,200 800 168,500 84,500 59 ,500 36,600 19,700 3,200 24,600 May 176,900 2,400 1,300 3,200 600 169,500 85,300 59 ,500 36,600 19,800 3,100 24,700 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits, other than interbank and U. S. Government, less cash items reported as in process of collection. 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. 850 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 U. S. as C s a e s ts h 1 Inter- a c c T a c o p o t i u t a a n l l ts N b u a o m n f k b s er Total Loans Govern- Other Total bank i De- Total ment secu- mand Time obliga- rities tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1942—Dec. 31. . . . . 78,147 23,916 54,231 45,951 8,280 28,701 99,803 11,308 61,437 27,058 8,566 14,682 1943—Dec. 31 96,966 23,601 73,365 65,932 7,433 28,475 117,661 11,003 75,577 31,081 8,996 14,579 1944—Dec. 30 119,461 26,015 93,446 85,885 7,561 30,790 141,448 12,235 91,663 37,551 9,643 14,535 1945—Dec. 31 140,227 30,362 109,865 01,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31.... 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—Dec. 312 ... 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1948—Dec. 31 133,693 48,174 85,519 74,097 11,422 39,474 161,248 12,269 94,671 54,308 12,479 14,703 1949—June 30.... 133,868 47,076 86,792 74,877 11,915 34,966 156,470 10,938 90,145 55,386 12,845 14,680 Nov. 30 140,010 49,130 90,880 78,310 12,570 33,440 160,400 11,600 93,830 54,970 13,180 14,685 Dec. 31 140,598 49,544 91,054 78,433 12,621 36,522 164,467 12,710 96,156 55,601 13,088 14,687 1950—Jan. 25 v 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 13,270 14,684 May 31 P. . . 142,360 51,180 91,180 77,710 13,470 33,450 162,090 11,130 94,410 56,550 13,450 14,674 All commercial banks 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22.474 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31. . . . 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1942—Dec. 31 67,393 19,221 48,172 41,379 6,793 28,039 89,135 11,308 61,431 16,395 7,330 14,136 1943—Dec. 31.... 85,09.r 19,117 65,978 59,842 6,136 27,677 105,923 11,003 75,569 19,350 7,719 14,034 1944—Dec. 30.... 105,530 21,644 83,886 77,557 6,329 30,206 128,072 12,235 91,653 24,184 8,265 13,992 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec. 31. . . . 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—Dec. 31 2. . . 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,18L 1948—Dec. 31 114,298 42,488 71,811 62,622 9,189 38,596 142,843 12,269 94,654 35,921 10,480 14»17f 1949—June 30. . . . 113,773 41,025 72,748 63,220 9,528 34,166 137,520 10,938 90,128 36,455 10,780 14,150 Nov. 30 119,700 42,660 77,040 66,910 10,130 32,680 141,330 11,600 93,810 35,920 11,050 14,154 Dec. 31 120,19' 42,965 77,232 67,005 10,227 35,650 145,174 12,709 96,136 36,328 10,967 14,156 1950—Jan. 25P.. . 121,230 42,940 78,290 67,980 10,310 32,750 143,080 12,050 94,740 36,290 10,980 14,158 Feb. 2W. . . 120,600 43,130 77,470 67,070 10,400 32,870 142,440 11,690 94,300 36,450 11,020 14,152 Mar. 29*>. . . 120,320 43,650 76,670 65,820 10,850 31,460 140,340 11,230 92,480 36,630 11,080 14,151 Apr. 26P. . . 120,380 43,800 76,580 65,570 11,010 31,970 140,960 11,240 92,970 36,750 11,090 14,153 May 31P. . . 121,220 44,080 77,140 66,140 11,000 32,680 142,280 11,130 94,390 36,760 11,250 14,143 All member banks: 1939—Dec. 30.... 33,941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 5,886 6,619 1942—Dec. 31. . . . 59,263 16,088 43,175 37,546 5,629 24,280 78,277 11,000 54,523 12,754 6,101 6,679 1943—Dec. 31 74,258 16,288 57,970 52,948 5,022 23,790 92,262 10,555 66,438 15,268 6,475 6,738 1944—Dec. 30 91,569 18,676 72,893 67,685 5,208 25,860 110,917 11,884 79,774 19,259 6,968 6,814 1945—Dec. 31. . . . 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,589 6,884 1946—Dec. 31 96,362 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8,095 6,900 1947—Dec. 31. . . . 97,846 32,628 65,218 57,914 7,304 32,845 122,528 12,403 81,785 28,340 8,464 6,923 1948—Dec. 31 95,616 36,060 59,557 52,154 7,403 34,203 121,362 11,641 80,881 28,840 8,801 6,918 1949—June 30 95,315 34,456 60,859 53,132 7,727 30,423 116,980 10,374 77,342 29,264 9,022 6,903 Nov. 30.... 101,003 35,973 65,030 56,729 8,301 28,722 120,418 10,987 80,608 28,823 9,224 6,893 Dec. 31 101,528 36,230 65,297 56,883 8,414 31,317 123,885 12,097 82,628 29,160 9,174 6,892 1950—Jan. 25*... 102,418 36,158 66,260 57,754 8,506 28,675 121,908 11,435 81,363 29,110 9,179 6,892 Feb. 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 Mar. 29?. . . 101,400 36,732 64,668 55,669 8,999 27,533 119,264 10,664 79,230 29,370 9,260 6,889 Apr. 26P. . . 101,428 36,842 64,586 55,441 9,145 28,039 119,851 10,683 79,704 29,464 9,272 6,891 May 31P... 102,179 37,070 65,109 55,988 9,121 28,692 121,076 10,587 80,995 29,494 9,399 6,887 All mutual savings banks: 1 1 9 9 3 4 9 1 — — D D e e c c . . 3 3 0 1 1 10 0 , , 3 2 7 1 9 6 4 4, , 9 9 0 2 1 7 5 5 , , 2 4 8 7 9 8 3 3 , , 1 7 0 0 1 4 2 1 , ,7 1 7 8 4 8 8 7 1 9 8 3 1 10 0 , , 5 5 3 2 3 4 1 1 0 0 , , 5 5 2 2 1 7 1 1 , , 3 2 0 4 9 1 5 5 5 4 1 8 1942—Dec. 31. . . . 10,75' 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 Nov. 30 20,310 6,470 13,840 11,400 2,440 760 19,070 19,050 531 Dec. 31 20,400 6,578 13,822 11,428 2,394 873 19,293 19,273 531 1950—Jan. 25P. . . 20,590 6,670 13,920 11,510 2,410 830 19,430 19,410 531 Feb. 21*... 20,720 6,760 13,960 11,500 2,460 840 19,530 19,510 531 A M M p a a r r y . . S 2 2 \ 9 6 P P P . . . . . . . . . 2 2 2 0 1 1 , , , 8 0 1 9 1 4 0 0 0 6 6 7 , , , 1 8 9 0 7 7 0 0 0 1 1 1 4 4 4 , , , 0 0 0 2 4 4 0 0 0 1 1 1 1 1 1 , , , 5 5 5 5 7 7 0 0 0 2 2 2 , , , 4 4 4 7 7 7 0 0 0 8 8 7 6 0 7 0 0 0 1 1 1 9 9 9 , , , 6 8 7 8 1 5 0 0 0 1 1 1 9 9 9 , , , 6 7 7 6 9 3 0 0 0 2,200 5 5 5 3 3 3 1 1 1 P Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember com-^ mercial 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. JULY 1950 851 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 Total Number Class of bank Cash capital of and date U. S. assets x Inter- accounts banks Total Loans Govern- Other Total i bank i De- Total o m bl e ig n a t - s ri e t c ie u s - mand Time tions Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 6,043 4,772 1,272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31 12,896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 12,917 807 1,648 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 1,002 966 37 1945—Dec. 31 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1,236 120 37 1946—Dec. 31 20,834 6,368 14,465 13,308 1,158 6,238 24,723 4,246 19,028 1,449 205 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 19,103 689 11,413 10,278 1,135 7,109 23,619 3,920 18,004 1,695 2,340 35 Nov. 30 s 19,484 584 11,900 10,692 1,208 6,352 23,032 3,853 17,606 1,573 2,333 25 Dec. 31 19,583 550 12,033 10,746 1,287 6,985 23,983 4,192 18,139 1,651 2,312 25 1950—Jan. 25? 19,672 485 12,187 10,797 1,390 6,004 22,995 3,898 17,510 1,587 2,312 25 Feb. 21? \ 19,246 495 11,751 10,357 1,394 6,373 22,868 3,881 17,412 1,575 2,318 25 Mar. 29P. . 19,135 7,534 11,601 10,004 1,597 6,021 22,211 3,704 16,895 1,612 2,311 25 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 May 31? 19,243 7,607 11,636 10,153 1,483 6,382 22,702 3,826 17,230 1,646 2,344 25 Chicago: 1939—Dec. 30 2,105 569 536 1,203 333 1,446 3,330 1,947 495 250 14 1941—Dec. 31 2,760 954 806 1,430 376 1,566 4,057 1,035 2,546 476 288 13 1942—Dec. 31 3,973 832 141 2,789 352 1,352 5,040 1,117 3,468 455 304 13 1943—Dec. 31 4,554 1,004 550 3,238 312 1,283 5,523 985 4,029 508 326 13 1944—Dec. 30 5,443 1,184 258 3,913 345 1,378 6,468 1,148 4,700 620 354 13 1945—Dec. 31 5,931 1,333 598 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 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. 21? 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. 26? 5,103 1,548 3,555 2,992 563 1,642 6,243 1,026 4,130 1,087 471 13 May 31? 5,217 1,536 3,681 3,119 562 1,658 6,392 1,044 4,256 1,092 478 13 Reserve city member banks: 1939—Dec. 30 ,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. ,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 ,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 ,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 , ,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 ,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 ,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 ,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 ,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 ,034 13,261 21,772 19,076 2,696 11,618 43,852 4,665 27,560 11,627 3,005 336 Nov. 30 3 ,067 14,218 23,849 20,857 2,992 11,009 46,119 5,160 29,468 11,491 3,085 341 Dec. 31 ,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? ,802 14,310 24,492 21,500 2,992 11,141 46,974 5,430 29,882 11,662 3,074 341 Feb. 21? ,406 14,302 24,104 21,082 3,022 11,119 46,510 5,206 29,632 11,672 3,079 338 Mar. 29? ,340 14,547 23,793 20,680 3,113 10,576 45,845 4,974 29,174 11,697 3,116 338 Apr. 26? ,201 14,470 23,731 20,546 3,185 10,894 45,987 4,968 29,292 11,727 3,123 338 May 31? ,556 14,653 23,903 20,672 3,231 11,107 46,462 4,860 29,888 11,714 3,146 337 Country member banks: 1939—Dec. 30. . . •. . . ,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 ,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 ,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. • ,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 ,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. . ,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. ...... ,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 ,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 ,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 ,338 11.968 24,370 20,889 3,481 9,994 43,422 781 27,758 14,883 3,215 6,519 Nov. 30 206 12,606 25,600 21,962 3,638 9,667 44,843 893 29,246 14,704 3,338 6,514 Dec. 31 ,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?. .. . . ,532 12,784 25,748 22,112 3,636 9,835 45,339 980 29,580 14,779 3,327 6,513 Feb. 21? ,775 12,935 25,840 22,176 3,664 9,727 45,437 932 29,603 14,902 3,346 6,515 Mar. 29? ,862 13,097 25,765 22,005 3,760 9,450 45,205 900 29,300 15,005 3,363 6,513 Apr. 26? ,918 13,179 25,739 21,940 3,799 9,443 45,241 871 29,326 15,044 3,358 6,515 May 31? ,163 13,274 25,889 22,044 3,845 9,545 45,520 857 29,621 15,042 3,431 6,512 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. 852 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY GLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [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 * Inter- a c c T a c o p o i t u t a a n l l ts N b u a o m n f k b s er Total Loans Govern- Other Total bank i Total ment secu- m D a e n - d Time obliga- rities 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 67.9411 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— D ju e n c e . 3 3 1 0 . . . . . . . . . . . . 1 1 1 1 1 8 , , 7 2 4 7 6 8 4 4 0 2, , 4 5 8 2 5 4 7 75 1 , , 7 2 9 2 3 2 6 6 1 5 , , 9 8 7 2 0 0 9 9 , , 2 9 5 7 2 4 3 3 3 5 , , 7 20 2 7 0 1 1 3 4 5 3 , , 3 1 7 3 5 8 1 1 0 2 , , 5 3 7 6 8 8 8 9 8 4 , , 8 9 3 1 0 4 3 3 5 5 , , 9 8 6 5 6 6 1 10 0 , , 6 4 4 5 5 2 1 1 3 3 , , 4 4 1 2 7 9 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 ,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 ,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 ,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 ,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 tionmember 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— D j e un c e . 3 3 0 1...... 1 1 8 8, , 6 4 8 7 6 4 6 6, , 7 5 3 7 9 3 1 1 1 1 , , 9 9 0 4 1 7 1 10 0 , , 1 0 3 9 2 8 1 1 , , 8 8 0 1 3 4 3 4 , , 7 3 4 3 5 4 2 2 1 0 , , 3 5 0 5 5 6 5 6 6 1 3 3 1 1 2 3 , , 7 5 8 0 6 8 7 7 , , 2 1 0 8 7 4 1 1 , , 7 7 6 9 0 4 7 7 , , 2 2 6 5 7 0 Insured mutual savings banks: 1941—Dec. 31. ..... 1,693 642 1,050 629 421 151 1,789 1,789 164 52 1945—Dec. 31 .. 10,846 3,081 7,765 7,160 606 429 10,363 10,351 1,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 11,415 1,173 191 1947—Dec. 31...... 12,683 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 ,407 684 12,772 12,757 1,334 193 1949—June 30 13,880 4,397 9,484 7,940 ,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 3,522 641 180 5,022 5,020 558 350 1946—Dec. 31 5,813 1,275 4,538 3,833 705 206 5,442 5,439 611 350 1947—Dec. 31 2. . .. . 5,957 1,384 4,573 3,813 760 211 5,556 5,553 637 339 1948—Dec. 31 6,083 1,577 4,506 3,680 826 194 5,633 5,631 665 339 1949—June 30 6,214 1,654 4,560 3,718 843 171 5,709 5,705 683 339 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. JULY 1950 853 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] Loansi Investments Com- p L u o rc a h ns a s f i o n r g U S. Government obligations Obli- Total mer- or carrying ga- Class of bank loans cial, securities Direct tions cal a l n d d ate i m n a v e n e n d s t t s - Total1 o e p i l i n u n e g d - n - - A t c g u u a r r l l - i - - b T ro o k- l R t o e a a e s t n a - e s l s C l u o o m a n n e - s rO lo th an er s Total Total C c e a r t t e if s i- G a u n a - r- S p a t o o a n l t f d i e t s - O s ri e t t h c ie e u s r mar- ers To 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 3,159 12,7974,102 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,3143,164 3,6064,677 2,361 181 96,043 88,912 2,455 19,071 16,045 51,321 22 3,8733,258 1946—Dec. 31. .112,178 30,733 14,016 1,358 1,517 1,609 7,103 4,031 1 098 81,445 73,554 ,271 12,288 6,78053,200 154,2983,592 1947—Dec. 31. .114,274 37,583 18,012 1,610 823 1,190 9,2665,654 028 76,691 67,941 2,124 7,552 5,918 52,334 14 5,129 3,621 1948—Dec. 31.. 112,286 41,968 18,761 2,775 1,336 939 10,6666,804 095 70,318 61,388 2,821 10,065 3,39445,100 85,509 3,420 1949—June 30. . 111,746 40,524 16,292 2,7341,972 901 10,8877,170 022 71,222 61,970 2,846 10,437 2,04546,636 65,7633,489 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 66,4003,574 Member banks, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 3,494 3, 592 25,500 19,539 971 3,007 11,7293,832 3,0902,871 1945—Dec. 31. . 107,183 22,775 8,949 855 3,133 3,3783,455 1,900 1 104 84,408 78,338 2,275 16,985 14,27144,792 16 3,2542,815 1946—Dec. 31.. 96,362 26,696 13,154 884 1,506 1,467 5,3583,308 1 020 69,666 63,042 1,167 10,043 5,60246,219 113,5483,077 1947—Dec. 31. . 97,846 32,628 16,962 1,046 811 1,065 7,130 4,662 952 65,218 57,914 1,987 5,816 4,815 45,286 104,199 3,105 1948—Dec. 31.. 95,616 36,060 17,631 1,8001,324 834 8,2445,585 1 006 59,556 52,154 2,588 7,999 2,80038,761 54,4802,922 1949—June 30.. 95,315 34,456 15,213 1,704 1,958 803 8,3835,859 935 60,859 53,132 7,651 8,469 1,639 40,369 44,710 3,016 Dec. 31. . 101,528 36,230 15,857 1,945 1,737 758 8,8346,551 1 034 65,297 56.883 3,389 10,409 5,08537,996 45,2743,140 1950—Apr. 24.. 101,521 36,785 64,736 55,575 5,9543,207 New York City:2 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 10,278 777 1,472 132 7,897 611 525 Dec. 31 3. 19,583 7^550 4^792 I ]410 219 256 689 309 12,033 10,746 720 1,785 835 7,405 752 535 1950—Apr. 24. . 19,216 7,616 11,599 9,987 1,030 582 Chicago:2 1941—Dec. 31. . 2,760 954 732 6 48 52 22 9> 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 i,467 749 1,864 181 204 1946—Dec. 31. . 4,765 1,499 1,094 3 117 101 51 105 29 3,266 2,912 60 498 146 2,207 167 187 1947—Dec. 31 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1948—Dec. 31.! 4,799 1', 783 4 71 63 51 176 27 3,016 2,633 183 275 217 1,958 210 174 1949—June 30. . 4,841 1,537 l!l78 6 83 60 48 156 26 3,303 2,888 369 343 125 2,051 235 180 Dec. 31. . 5,424 1,618 1,211 7 109 56 51 172 34 3.806 3.324 331 690 358 1,945 290 192 1950—Apr. 24. . 5,091 1,527 3,565 3,012 340 213 Reserve city banks: 1 19 9 4 4 5 1 — -— D D eecc! 3 3 i 1.'! 4 1 0 5 \ 1 3 0 4 8 7 8 7 ^ , 5 1 1 0 4 5 3 3^ 4 6 5 61 6 3 20 0 5 0 4 1 2 1 7 4 1,5 1 0 9 3 4 1 1 , *4 5 5 2 9 7 85 1 5 ,512 404 3 8 1 ,5 2 9 4 4 3 2 6 9 , ,5 4 5 6 2 7 I,0 2 3 95 4 6,982 5,6 7 5 5 3 1 1 4 5 , , 2 8 4 7 8 8 1,173 5 1,1 9 2 5 6 6 8 9 2 1 G 6 1946—Dec. 31. . 35,351 10,825 5,548 201 264 704 2,237 1,436 435 24,527 22,250 441 3,799 1,993 16,013 4 1,272 1,004 1947—Dec. 31. . 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 1948—Dec. 31. . 35,332 14,285 7,282 437 130 360 3,5032,315 412 21,047 18,594 1,056 3,201 1,090 13,247 11,421 1,032 1949—June 30. . 35,034 13,261 6,227 378 150 321 3,5592,408 385 21,772 19,076 875 3,367 603 14,230 1,559 1,137 Dec. 31 3. 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 1950—Apr. 24. . 38,287 14,493 23,794 20,612 1,918 1,263 Country banks: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 1,823 1, 530 6,628 4,37.7 110 481 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•,ioi 4,544 16,713 9 1,342 1,067 1946—Dec. 31. . 35,412 8,004 2,433 681 29 273 2,970 1,312 306 27,408 24,572 279 4,020 2,470 17,797 6 1,551 1,285 1947—Dec. 31. . 36,324 10,199 3--, 096 818 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,108 17,681 6 2,006 1,262 1948—Dec. 31. . 36,726 11,945 3,296 1,356 21 187 4,467 2,451 261 24,781 21,278 760 3,340 1,128 16,046 4 2,286 1,217 1949—June 30. . 36,338 11,968 3,098 1,319 23 175 4,5672,644 256 24,370 20,889 630 3,286 778 16,192 42,306 1,174 Dec. 31. . 38,219 12,692 3,150 1,480 36 1734,7842,945 259 25.527 21,862 1,148 3,753 1,768 15.189 42,505 1 160* 1950—Apr. 24.. 38,927 13,148 25,779 21,964 2,666 1!l48 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 14? 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 2,426 1,220 89 10,774 9,246 234 2,066 594 6,349 3 1,030 498, 1949—June 30. . 16,447 6,071 1,079 1,030 14 97 2,508 1,311 87 10,376 8,849 196 1,968 406 6,277 2 1,054 473 Dec. 31.. . 16,766 6,258 1,078 1,018 12 97 2,5751,453 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. 854 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 r i e n v e e t v r h k e - - e a s s l v C a i a n u s l h t b m a w a B n d e n i c a o s t k e l t - h - i s s c 4 j m p u D o a d s a t d s e e e n i - - - t d d s 5 m D e [ s d o n ti e - t c e p 4 r o b s a i F e t n i s o g k r n - U m G er . o e n v n S - - t . p v s S o i u a t l s a i b 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 t s k d - . i ' s - , a v p n s p i a t I h d i d n r o o i u t d r p n c n a a i s o e s - l - , r r s - - , I b n a t n er k - 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 S p i a u i s o t c n i b a l a o i d t d l t n e - i s s -a v p n s p i a t I h d i d n r o o i t u d r p n n c a a i s o e s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p n l - i t - s All insured commercial banks: 1941—Dec. 31. . 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1 077 36,544 158 59 492 15 146 10 6,844 1945—Dec. 31. . 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2 585 72,593 70 103 496 29 277 215 8,671 1946—Dec. 31.. 16,013 2,012 9,481 82,085 10,888 1,364 2,930 5,967 2 361 79,887 68 119 664 32,742 39 9,286 1947—Dec. 31. . 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2 559 83,723 54 111 826 33, 946 61 9,734 1948—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—Tune 30. . 17,807 2,036 7,777 80,613 9,058 1,374 2,135 7,337 2 352 77,005 146 163 1,243 34,560 27 10,452 Dec. 31.. 16,428 1,984 9,466 84,57610,885 1,315 3,050 7,419 2 338 82,106 169 182 1,232 34 442 14 10,645 Member banks, total: 1941—Dec. 31. . 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1 009 33,061 140 50 418 11 878 4 5,886 1945—Dec. 31. . 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2 450 62,950 64 99 399 23 712 208 7,589 1946—Dec. 31. . 16,015 1,576 5,936 70,24310,644 1,353 2,672 4,915 2 207 69,127 62 114 551 26 525 30 8,095 1947—Dec. 31.. 17,797 1,672 6,270 73,52810,978 1,375 1,176 5,504 2 401 72,704 50 105 693 27 542 54 8,464 1948--Dec. 31.. 20,406 1,486 5,674 72,152 10,098 1,480 2,122 5,850 1 962 70,947 63 111 927 27 801 45 8,801 1949—June 30.. 17,808 1,568 5,065 69,397 8,864 1,369 1,980 5,983 2 222 67,157 141 157 1,069 28 038 21 9,022 Dec. 31. . 16.429 1,521 6,194 72.65« 10.623 1.310 2.838 6,017 2 185 71.589 164 175 1,051 27 934 11 9,174 1950—Apr. 24. . 15,643 1,653 5,288 71,869 9,150 1,343 2,687 6,100 1 718 69,365 150 170 1,074 28 213 252 9,347 New York City:* 1941—Dec. 31. . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31. . 4,015 111 78 15.065 3,535 1,105 6,940 237 1 338 15,712 17 ""io 20 1 206 '' 195 2,120 1946—Dec. 31. . 4,046 131 87 16,429 3,031 1,195 651 218 942 17,216 20 15 39 1 395 2,205 1947—Dec. 31.. 4,639 151 70 16.653 3,236 1,217 267 290 1 105 17,646 12 12 14 1 418 '"36 2,259 1948—Dec. 31.. 5,643 117 67 15,773 2,904 1,278 445 241 750 16,695 31 14 20 1 646 25 2,306 1949—June 30. . 4,726 130 56 15,254 2,680 1,150 562 254 1,201 15,986 90 25 33 1 637 2,340 Dec. 313. 4.462 112 68 15.182 2.996 1.084 640 196 895 16.408 in 38 24 1 590 2,312 1950—Apr. 24.. 4,297 131 33 14,913 2,621 1,112 518 270 625 15,559 98 35 20 1 535 152 2,330 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— b j eune e . 3 30 1 . . . . 1 1, . 1 1 7 8 4 3 2 2 7 5 1 1 5 4 9 9 3 3. , 7 4 9 7 7 0 1.1 9 5 62 1 4 4 6 0 2 1 5 9 8 7 3 2 0 8 7 6 4 6 1 0 3 3 , . 4 93 7 2 5 3 4 1 1 2 0 1 1 0 06 4 9 4 4 4 6 7 2 0 1950—Apr. 24. . 1,092 29 121 3,601 956 42 178 250 39 3,626 4 10 1 072 470 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 Dec. 31 3- 6.413 482 1.965 25.744 5.498 176 1.142 2.478 650 25.912 38 60 617 10 987 3,087 1950—Apr. 24. . 5,988 520 1,686 25,637 4,730 180 1,124 2,444 561 25,230 38 56 614 11 062 "65 3,131 Country banks: 1941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6 082 4 1,982 1945—Dec. 31. . 4,527 796 4,665 23,595 1,199 8 5.465 2,004 435 21,797 17 52 219 12 224 11 2,525 1946—Dec. 31. . 4,703 883 3.753 26,237 1,067 8 877 2,391 524 24,128 17 55 272 13 727 26 2,757 1947—Dec. 31. . 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14 177 23 2,934 1948—Dec. 31. . 5,736 858 3,619 27,703 943 8 688 2,925 510 25,248 13 49 350 14 369 12 3,123 1949—June 30. . 5,127 913 3,117 26,402 762 8 520 3.009 462 23,767 12 67 383 14 433 21 3,215 Dec. 31. . 4.371 901 4.002 27.935 979 0 797 3.058 579 25,337 13 73 400 14 289 11 3,305 1950—Apr. 24. . 4,266 973 3,448 27,717 844 8 866 3,136 493 24,949 13 74 429 14 544 35 3,416 Insured nonmember commercial banks: 1941—Dec. 31 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3 276 6 959 1945—Dec. 31. . 391 3,959 10,537 233 5 1,560 858 135 9,643 6 4 97 5,579 7 1,083 1946—Dec. 31 437 3,547 11,842 244 11 258 >,052 154 10,761 6 5 113 6,232 9 1,193 1947—Dec. 31.. 473 3,466 12,223 258 4 149 1,188 158 11,019 4 6 132 6,420 7 1,271 1948—Dec. 31. . 453 3,273 12,059 246 g 201 ,332 151 10,736 6 153 6,459 8 1,358 1949—june 30 468 2,713 11,216 194 4 155 ]354 130 9,' 848 6 174 6,539 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. JULY 1950 855 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans * Investments For purchasing or carrying securities U. S. Government obligations Com- Total mer- Date or month i m n lo a v e a n e n n d s t s t s - Total1 in t c a r d i i n a a u d l l s , , - T an o d b d r e o a k l e e r r s s To others e R l s o t e a a a n t l e s L ba o t n o a k n s s O lo t a h n e s r Total c C t a if e t i e r - - s O s ri e t t h c ie 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 n v a S - - s t . . O c t s u i t e h e r - s e i- rG l U t o i i o g o . b S v a n - . - t s .O c t s u t i e h e r - s i e - r Total Bills o d n e f e e d b s i - n t s - - Notes Bonds2 Total— Leading Cities 1949—May 62,03023,792 13,815 862 597 197 424 4,084 246 3,866 38,23833,848 2,121 4,889 96825,870 4,390 1950—March 66,70824,712 13,831 579 910 141 4414,440 247 4,500 41,996 36,587 2,120 4,851 5,26824,348 5,409 April 66,61124,985 13,624 7271,004 140 4614,494 330 4,586 41,626 35,989 1,709 4,351 5,88324,0465,637 May 66,73524,957 13,376 6431,098 139 4914,559 319 4,71641,778 36,176 1,924 4,372 5,745 24,135 5,602 1950—Apr. 5... 66,62625,124 13,729 747 991 146 4504,472 411 4,559 41,502 35,920 1,616 4,384 5,89924,0215,582 Apr. 12... 66,60825,037 13,716 700 989 138 460 4,491 345 4,580 41,571 35,941 1,633 4,370 5,907 24,0315,630 Apr. 19... 66,69624,861 13,574 6651,013 136 465 4,502 297 4,59141,835 36,177 1,874 4,341 5,89124,0715,658 Apr. 26... 66,51424,916 13,475 7961,025 138 468 4,513 266 4,61541,598 35,922 1,715 4,309 5,83524,0635,676 May 3... 66,53425,009 13,420 7151,098 144 480 4,522 368 ,644 41,52535,916 1,753 4,307! 5,77624,080 5,609 May 10. .. 66,40124,918 13,365 7141,073 137 475 4,541 323 ,674 41,483 35,899 1,744 4,316 5,756 24,083 5,584 May 17... 66,68924,844 13,377 547 1,101 140 488 4,563 305 1 41,84536,251 1,972 4,417: 5,731 5,594 May 24... 66,95124,984 13,359 5381,116 137 523 4,576 364 4,755 41,96736,359 2,025 4,402 5,744 24 5,608 May 31... 67,10325,033 13,359 7001,1011 138 489 4,595 235 4,800 42,07036,456 2,125 4,420 5,718 24,193 5,614 June 7... 66,96025,092 13,394! 5301,190 139 506 4,612 297 4,810 41,86836,183 2,005 3,141 6,78624,2515,685 June 14... 67,29925,105 13,459, 448 1,207 133 504 4,644 250 4,84542,19436,505 2,250 3,173 6,76524,3175,689 June 21... 67,90525,261 13,532! 3301,317 137 505 4,664 284 877 42,64436,935 2,523 3,220 6,784 2" 4,4085,709 June 28... 67,96025,584 13,602 3681,349 144 508 4,682 405 912 42,37636,638 2,641 2,916 6,648 24,4335,738 New York City 1949—May 18,201 7,486 4,932 811 465 166 204 177 77810,715 9,673 802 1,216 100 7,5551,042 1950—March 19,114 7,482 4,842 521 712 171 277 147 91211,632 10,128 512 1,004 1,381 7,231 ,504 April 1 19 9 , , 0 1 6 4 1 3 7 7 , , 6 6 6 8 2 6 4 4, , 6 7 1 3 2 2 6 57 3 9 8 8 7 8 9 5 9 2 1 0 8 9 4 3 2 0 8 6 7 2 1 1 9 8 5 9 9 8 3 1 11 1 1 1 , , 4 3 8 7 1 5 9 9 , , 8 9 9 0 1 6 4 3 4 8 5 9 8 8 6 9 1 9 1 1 , , 5 4 7 8 6 9 7 7 , , 0 0 6 7 5 3 , , 4 5 6 9 9 0 May 1950—Apr. 5... 19,187 7,727 4,790 660 784 177 281 222 92011,460 9,873 318 883 1,614 7,058 ,587 Apr. 12... 19,071 7,654 4,780 605 786 182 288 186 93111,417 9,823 321 847 1,601 7,054 ,594 Apr. 19... 19,153 7,594 4,697 596 803 187 289 193 93311,559 9,966 468 867 1,563 7,068 ,593 Apr. 26... 19,158 7,671 4,660 692 824 189 291 180 93911,487 9,901 450 846 1,524 7,081 ,586 May 3... 19,090 7,785 4,683 642 892 200 294 216 95811,305 9,810 377 850 1,508 7,075 ,495 May 10. .. 18,888 7,704 4,617 649 873 196 301 205 96911,184 9,729 351 844 1,490 7,044 ,455 May 17. .. 18,934 7,^03 4,599 496 890 205 308 228 98111,331 9,874 425. 916 1,472 7,061 ,457 May 24... 19,207 7,718 4,591 490 881 312 315 99711,489 10,024 508 931 1,487 7,098 ,465 May 31. .. 19,184 7,619 4,572 619 890 315 127 99811,565 10,094 563 957 1,487 7,087 1,471 June 7... 19,147 7,675 4,583 468 966 220 1,00.811,472 9,987 497 598 1,759 7,133 1,485 June 14... 19,280 7,670 4,637 396 972 214 326 225 1,01011,610 10,122 620 631 1,729 7,142 1,488 June 21. .. 19,502 7,695 4,686 285 1,036 212 331 244 1,00711,807 10,303 714 633 1,752 7,204 1,504 June 28 . . . 19,716 7,947 4,712 332 1,089 213 336 355 1,01311,769 10,269 877 469 1,679 7,244 1,500 Outside New York City 1949—May 43,82916,306 51 149 258 3,880 69 3,08827,523 24,175 1,319 3,673 18,315 3,348 1950—March 47,59417,230 ,989 58 198 116 270 4,163 100 3,58830,364 26,459 1,608 3,847 3,887 17,117 3,905 April. 47,468 17,323 ,892 89 205 119 2774,207 135 3,65530,145 26,098 1,320 3,490 4,307 16,9814,047 May 47,67417,271 ,764 64 213 118 2824,253 101 3,73530,403 26,270 1,479 3,473 4,256 17,0624,133 1950—Apr. 5. . . 47,439 17,397 ,939 87 207 128 2734,191 189 3,639 30,042 26,047 1,298 3,501 4,285 16,9633,995 Apr. 12 . . . 47,537 17,383 ,936 95 203 116 278 4,203 159 3,64930,154 26,118 1,312 3,523 4,306 16,9774,036 Apr. 19 . . . 47,543 17,267 ,877 69 210 115 278 4,213 104 3,65830,276 26,211 1,406 3,474 4,32817,0034.065 Apr. 26 . . . 47,35617,245 ,815 104 201 117 279 4,222 86 3,67630,111 26,021 1,265 3,463 4,311 16,9824,090 May 3 . . . 47,44417,224 ,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 ,748 65 200 118 279 4,240 118 30,299 26,170 1,393 3,472 4,266 17,0394,129 May ,17. .. 47,75517,241 ,,778 51 211 119 283 4,255 77 3,726 30,514 26,377 1,547 3,501 4,2.5917,070 4,137 May 24. . . 47,74417,266 ,768 48 235 118 285 4,264 49 3,758 30,478 26,335 1,517 3,471 4,257 17,090 4,143 May 31. . . 47,919 17,414 ,,787 81 211 119 285 4,280 108 3,802 30,505 26,362 1,562 3,463 4,23117,106 4,143 June 7. . . 47,813 17,417 1,811 62 224 120 2874,295 77 3,802 30,396 26,196 1,508 2,543 5,02717,1184,200 June 14. . . 48,01917,435 ;,822 52 235 118 290 4,318 25 3,835 30,584 26,383 1,630 2,542 5,03617,1754,201 June 21. .. 48,403 17,566 i ,846 45 281 118 2934,333 40 3,870 30,837 26,632 1,809 2,587 5,03217,2044,205 June 28. . . 48,24417,637 ;,890 36 260 122 295 4,346 50 3,899 30,607 26,369 1,764 2,447 4,969 17,1894,238 1 Figures for various loan items are shown gross (i. e.f before deduction of valuation reserves); they do not add to the total, which is shown net 2 Including guaranteed obligations. 856 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s F w e R e a e r r i e a n d t v h - l k - e s v C a i u a n s lt h b m a w a n d e n i o c s t e k - h ti s s c j p m u o a d s a d t s e n e i - - t d d s 3 s p p u v n h c a o a a o e i n i d r r p l r r d s a t - - - s - , - , S p s d s a i i o t u c i o n a v l b a n i d t i l t - e - s - s c C c O h a e f e e i e n t f e r r c f c d d i t s . k - i ' - s, U m G er . o e n n v S - t - . s p p u v n h c a o a a o e i 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 . n o e g n s v v n d S t s - - a - t . l m D t D i e o c s e - - ma F n ei d o g r n - Time r B i o n o w g r s - - c C o i a t u a c a p n - l - ts B d it e a s b n 4 - k tions tions Total— m Leading Cities 1949—May. . . . . 13,453 768 2,08245,985 45,640 3,599 1,229 1,06014,496 650 99 8,1851,331 101 417 6,097 87,212 1950—March.... 12,028 752 2,16646,70146,848 3,367 1,395 2,39214,668 612 121 9,124 1,267 140 330 6,240100,277 April..... 11,788 773 2,14646,570 46,846 3,362 1,300 2,21114,684 619 121 8,921 1,296 141 369 6,270 93,409 May. 11,816 771 2,18347,13147,224 3,485 1,357 1,90614,722 636 122 8,8051,258 156 328 6,310 97,419 1950—Apr. 5... 11,816 729 2,13145,98145,810 3,377 1,317 2,58714,684 614 121 9,106 1,260 139 470 6,266 24,555 Apr. 12... 11,857 804 2,20446,49247,378 3,263 1,268 2,33214,664 615 121 9,098 1,293 142 336 6,272 19,520 Apr. 19... 11,639 764 2,186 46,656 47,078 3,359 1,336 2,10314,684 616 120 8,9251,318 141 315 6,266 24,082 Apr. 26... 11,841 794 2,06247,149 47,120 3,447 1,279 1,82314,705 633 121 8,5551,312 141 355 6,274 21,514 May 3... 11,776 731 2,17546,928 46,,672 3,601 1,265 1,66814,717 633 122 8,9661,251 139 364 6,304 23,846 May 10... 11,733 787 2,15146,88146,780 3,409 1,395 1,69714,711 637 121 8,8981,253 140 300 6,305 21,265 May 17... 11,891 768 2,34846,933 47,,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 2,120 47,380 47,286 3,443 1,524 2,06114,732 637 123 8,5761,259 180 323 6,313 22,528 May 31... 11,820 783 2,12747,533 47,856 3,571 1,363 1,98214,738 636 122 8,4771,270 183 417 6,326 18,867 June 7... 11,940 781 2,146 47,519 47,448 3,537 1,205 1,67214,740 655 122 8,9001,271 188 256 6,337 22,788 June 14... 12,139 831 2,391 47.,942 49,010 3,462 1,276 1,85414,746 652 122 9,178 1,279 193 192 6,324 22,850 June 21... 12,021 792 2,344 48,040 48,201 3,614 1,365 2,23814,739 654 124 8,9351,285 196 213 6,406 25,296 June 28... 11,884 818 2,198 47972 47,925 3,611 1,312 2,35014,768 652 132 8,618 1,283 197 309 6,422 24,034 New York City 1949—May. 4,897 117 14,92115,448 257 655 296 1,479 2,548 1,131 84 260 2,271 36,444 1950—March..., 4,442 118 14,85915,572 213 734 637 1,504 2,7481,048 96 208 2,283 41,164 April..... 4,359 124 14,84915,520 251 646 586 1,490 2,6781,074 96 237 2,289 38,480 May..... 4,328 121 14,88115,571 218 698 481 1,524 2,6581,041 112 184 2,302 40,037 1950—Apr. 5... 4,385 118 14,82015,383 231 679 689 1,493 2,670 1,040 94 317 2,291 10,622 Apr. 12... 4,382 130 14,78415,595 217 631 622 1,470 2,710 1,070 96 217 2,291 7,797 Apr. 19... 4,283 119 14,77515,506 259 667 554 1,486 2,716 1,092 96 201 2,288 9,828 Apr. 26... 4,388 129 15,01715,596 298 605 479 1,511 2,618 1,094 98 213 2,287 8,677 May 3... 4,323 117 14,90215,440 321 586 430 1,512 2,686 1,033 96 236 2,301 10,193 May 10... 4,278 125 14,74415,352 191 762 431 1,519 2,641 1,034 96 184 2,299 9,219 May 17... 4,337 118 14,74215,554 175 570 541 1,508 2,746 1,043 96 93 2,300 9,067 May 24... 4,268 123 15,02415,701 186 868 520 1,533 2,590 1,041 134 132 2,300 9,234 May 31... 4,436 124 30 14,99315,810 218 703 487 1,549 2,627 1,052 139 274 2,311 7,421 June 7... 4,365 125 30 15,05515,624 193 556 412 1,535 2,686 1,053 142 124 2,303 9,396 June 14.., 4,450 131 15,11516,006 205 583 487 1,544 2,792 1,055 145 86 2,297 9,285 June 21... 4,462 121 15,34915,919 304 677 570 1,538 2,781 1,062 149 8 2,298 9,721 June 28... 4,268 133 15,20315,901 242 646 639 1,552 2,727 1,059 149 168 2,294 10,196 Outside New York City 1949—May....... 8,556 2,050 31,064 30,192 3,342 574 76413,017 619 5,637 200 157 3,826 50,768 1950—March.... 7,586 634 2,13131,84231,276 3,154 661 1,755 13,164 591 6,376 219 122 3,957 59,113 April..... 7,429 649 2,109 31,72131,326 3,111 654 1,625 13,194 599 6,243 222 132 3,981 54,929 May....... 650 2,15232,250 31,653 3,267 659 1,425 13,198 616 6,147 217 144 4,008 57,382 1950—Apr. 5... 7,431 611 2,075 31,16130,427 3,146 638 1,* 13,191 594 6,436 220 153 3,975 13,933 Apr. 12... 7,475 674 2,172 31,708 31,783 3,046 637 1,710 13,194 595 6,388 223 119 3,981 11,723 Apr. 19... 7,356 645 2,153 31,88131,572 3,100 669 1,549 13,198 596 6,209 226 114 3,978 14,254 Apr. 26... 7,453 665 2,033 32,13231,524 3,149 674 1,344 13,194 613 5,937 218 142 3,987 12,837 May 3... 7,453 614 2,146 32,026 31,232 3,280 679 1,238 13,205 614 6,280 218 128 4,003 13,653 May 10... 7,455 662 2 2,13731,428 3,218 633 1,266 13,192 617 86 6,257 219 116 4,006 12,046 May 17... 7,554 650 2,310322,19131,971 3,225 667 1,580 13.205 617 6,361 216 142 4,005 13,769 May 24... 7,576 664 2,090 32,356 31,585 3,257 656 1,54113,199 617 5,986 218 191 4,013 13,294 May 31... 7,384 659 2,09732,54032,046 3,353 660 1,495 13,189 617 85 5,850 218 143 4,015 11,446 June 7... 7,575 656 2,11632,46431,824 3,344 649 1,260 13,205 635 6,214 218 132 4,034 13,392 June 14... 7,689 700 2,,358 32,82733,004 3,257 693 1,367 13,202 632 6,386 224 106 4,027 13,565 June 21... 7,559 671 2,30532,69132,282 3,310 688 1,668 13,201 635 6,154 223 205 4,108 15,575 June 28... 7,616 685 2,16332,76932,024 3,369 666 1,71113,216 633 95 5,891 224 141 4,128 13,838 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. JULY 1950 857 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] Loan 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 e se d r a v t e e i m n lo a v e n a e n n d s t s t s - TotalV i t a t c n a c u r g i u n d i r a r l a d u a - l i l , - l s- G U a t T l i o i n o o o . g b d v n a - S - s t b . . d r e o O a c k t l s u t e i e e h e r r r - s i s e s - r G t U l i T o i o o g b . o v n S a - - . s t. ot O c h t s u t e i e h e r r - s e i s - r e l R o s a t e a n a t s l e L ba o t n o a k n s sO lo t a h n e s r Total Total Bills o d c n C t f e e a i e d f e b t s i i e r - - t n s - s - - Notes Bonds2 s O ri e t t c i h e u e s - r Boston May 31 2,996 1,080 645 11 18 164 6 238 1,916 1,704 26 154 220 1,304 212 June 7 3,016 1,085 656 6 11 17 166 4 235 1,931 1,718 56 103 255 1,304 213 June 14 3,022 1,096 662 6 13 18 168 2 237 1,926 1,706 56 99 247 1,304 220 June 21 3,048 1,105 672 4 13 18 168 1 239 1,943 1,721 67 104 249 1,301 222 June 28 3,065 1,130 684 5 19 18 170 2 243 1,935 1,708 62 92 254 1,300 227 New York* May 31 21,618 8,404 4,880 629 896 220 558 1271,215 13,214 11,512 706 1,081 1,649 8,076 1,702 June 7 21,564 8,470 4,893 479 972 235 563 2201,229 13,094 11,376 647 659 1,952 8,118 1,718 June 14 21,671 8,464 4,947 405 977 231 572 2251,233 13,207 11,486 739 696 1,919 8,132 1,721 June 21 21,943 8,494 5,000 2941,041 228 578 2441,230 13,449 11,711 866 710 1,941 8,194 1,738 June 28 '. 22,122 8,751 5,028 3411,094 230 585 3551,236 13,371 11,635 1,013 526 1,865 8,231 1,736 Philadelphia May 31 2,772 977 504 2 34 114 3 327 ,795 1,443 95 163 203 982 352 June 7 2,792 985 505 2 38 113 6 327 ,807 1,440 92 122 245 981 367 June 14 2,796 998 513 2 38 115 6 330 ,798 1,430 77 124 242 987 368 June 21 2,850 1,015 518 1 40 117 14 331 ,835 1,468 93 148 235 992 367 June 28......... 2,843 1,011 517 1 39 116 9 335 1,832 1,464 92 147 232 993 368 Cleveland , May 31 4,680 1,512 807 14 32 54 312 4 287 3,168 2,781 140 219 417 2,005 387 June 7 4,679 1,515 810 14 32 53 313 1 289 3,164 2,773 148 162 463 2,000 391 June 14 4,715 1,508 799 13 35 54 314 1 289 3,207 2,814 173 155 468 2,018 393 June 21 4,750 1,521 806 14 34 56 315 1 293 3,229 2 ,838 178 161 494 2,005 391 June 28 4,711 1,509 809 33 55 315 1 290 3,202 2,806 153 156 491 2,006 396 Richmond May 31 2,689 938 422 18 227 4 258 1,751 1,596 82 161 237 1,116 155 June 7 2,689 942 421 9 18 227 3 263 1,747 1,591 76 136 268 1,111 156 June 14 2,697 946 422 9 18 230 2 264 1,751 1,595 82 127 274 1,112 156 June 21 2,719 952 424 10 19 231 3 264 1,767 1,611 98 123 281 1,109 156 June 28. 2,695 956 424 10 20 230 3 268 1,739 1,583 84 114 282 1,103 156 Atlanta May 31 2,461 906 516 12 21 80 5 271 1,555 1,347 80 256 263 748 208 June 7 2,442 904 516 12 23 80 10 265 1,538 1,330 70 198 312 750 208 June 14 2,465 908 515 12 23 82 6 272 1,557 1,345 80 196 318 751 212 June 21 2,445 914 519 12 23 82 7 273 1,531 1,319 70 188 310 751 212 June 28 2,421 926 522 13 23 82 7 278 1,495 1,283 56 175 295 757 212 Chicago* May 31 9,510 2,606 1,589 66 57 378 15 482 6,904 6,027 494 785 1,023 3,725 877 June 7 9,420 2,622 1,595 69 57 380 36 485 6,798 5,913 402 590 1,192 3,729 885 June 14 9,492 2,607 1,607 75 55 382 6 489 6,885 6,016 491 605 1,185 3,735 869 June 21 9,605 2,661 1,603 122 57 384 12 498 6,944 6,074 546 617 1,164 3,747 870 June 28. ........ 9,630 2,659 1,609 96 57 386 22 502 6,971 6,092 607 580 1,162 3,743 879 St. Louis May 31 2,234 957 490 6 13 202 15 233 1,277 1,086 61 165 202 658 191 June 7 2,211 928 481 6 13 201 1 227 1,283 1,091 62 111 256 662 192 June 14 2,219 929 478 6 13 203 1 229 1,290 1,100 70 103 255 672 190 June 21 2,218 935 476 5 14 206 1 233 1,283 1,095 65 100 252 678 188 June 28. 2,204 936 470 6 14 207 3 237 1,268 1,079 66 103 233 677 189 Minneapolis May 31 ,219 456 211 3 5 81 157 763 639 16 78 124 421 124 June 7 ,227 466 223 3 5 84 155 761 630 14 59 130 427 131 June 14 ,238 472 225 4 5 85 157 766 635 17 57 133 428 131 June 21 ,238 474 226 3 S 85 158 764 631 21 52 132 426 133 June 28 1,237 474 225 3 5 85 159 763 629 20 52 131 426 134 Kansas City May 31 2,631 939 580 5 12 146 194 1,692 1,438 199 248 220 771 254 June 7 2,605 933 577 5 12 147 194 1,672 1,418 191 180 •277 770 254 June 14 2,612 935 577 4 13 147 196 1,677 1,422 191 180 279 772 255 June 21. 2,617 941 580 5 12 149 197 1,676 1,423 199 177 274 773 253 June 28 2,610 953 589 5 12 150 199 1,657 1,403 186 173 268 776 254 Dallas May 31 2,506 1,191 823 7 41 100 223 1,315 78 258 189 654 136 June 7 2,513 1,192 822 7 41 99 226 1,321 97 176 258 654 136 June 14 2,525 1,191 819 7 42 100 226 1,334 104 179 260 655 136 June 21 2,522 1,193 820 7 41 100 229 1,329 98 177 258 658 138 June 28 2,523 1,201 827 7 42 101 227 1,322 1,184 115 154 255 660 138 San Francisco May 31 11,787 5,067 1,892 21 23 2,233 915 6,720 5,704 148 852 971 3,7331,016 June 7. ........ 11,802 5,050 1,895 26 24 2,239 915 6,752 5,718 150 645 1,178 3,7451,034 June 14. . 11,847 5,051 1,895 27 242,246 923 6,796 5,758 170 652 1,185 3,7511,038 June 21 11,950 5,056 1,888 25 242,249 932 6,894 5,853 222 663 1,194 3,7741,041 June 28 11,899 5,078 1,898 24 24 2,255 938 6,821 5,772 187 644 1,180 3,7611,049 City of Chicago* May 31 5,813 1,646 1,196 56 82 235 4,167 3,567 313 491 610 2,153 600 June 7 5,768 1,667 1,195 59 83 237 4,101 3,494 261 378 701 2,154 607 June 14 5,806 1,645 1,201 65 84 240 4,161 3,569 328 391 694 156 592 June 21.. 5,882 1,692 1,195 111 84 246 4,190 3,598 355 405 673 165 592 June 28 5,860 1,664 1,195 86 84 248 4,196 3,596 379 384 672 2,161 600 * 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. 858 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R nd e se d r a v t e e B s w F e R e a e r i r n e a d t v k h - l - e s 'ault m b a w a n d e i n s c o t t e - k h i s c s p m u o a d s a d s e t n e i - - t d d s : s p p u v n h c a o a a o e i i n d r l r p r r d 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 d i e i l t - - s s - c C h c O f a e e e e i t n f e c r r c f d d t i k s . - i ' s - , U m G er . o e n v n S - - t . u p p s n v c a a h o o a e i n d l i r r r r d s p a - - - t , - s - S p s d s t a i i o a u i c o n v l t b a n d i e i l - t - s s - P U m G S o e i a n r a . s n o e n g v t d n v S a - s - t - l . m D ti e o c s - - F ei o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p n - l - ts B d it e a s b n * - k tions tions Boston May 31 438 55 103 2,415 2,373 193 46 86 479 249 31 18 331 703 June 7 453 53 87 2,425 2,359 193 41 87 478 262 34 11 330 882 June 14 450 56 101 2,418 2,416 183 50 100 478 271 33 14 330 862 June 21 479 54 118 2,451 2,428 183 42 114 477 289 34 13 329 995 June 28 463 55 89 2,432 2,366 209 41 117 476 276 33 18 329 907 New York* May 31 ,684 173 10716,59717,170 563 754 558 2,398 26 2,7011,055 140 289 2,514 7,935 June 7 ,656 174 10216,66816,972 516 606 471 2,386 27 2,7531,057 144 165 2,506 9,981 June 14 •,724 181 12616,73017,410 514 632 554 2,395 27 2,8651,059 147 91 2,499 9,924 June 21 :,757 169 14616,99617,293 642 727 647 2,388 26 2,8521,066 150 55 2,500 10,363 June 28 ,532 182 12216,80117,250 562 695 720 2,401 26 2,7941,062 151 181 2,496 10,961 Philadelphia May 2.1 437 42 100 2,127 2,212 114 30 121 416 21 351 15 1 318 754 June 7 436 43 103 2,149 2,188 130 27 95 419 38 356 13 1 318 929 June 14 462 46 108 2,141 2,247 136 35 96 418 39 383 13 1 317 712 June 21 465 44 111 2,154 2,232 129 27 149 418 38 392 12 1 317 1,120 June 29 457 45 2,160 2,226 122 25 151 418 38 362 12 1 317 892 Cleveland May 21 706 77 141 3,163 3,247 199 67 152 1,327 41 448 7 2 479 1,112 June 7 735 79 128 3,177 3,177 205 55 126 1,327 42 454 6 2 479 1,222 June 14 73 85 17 3,23: 3,352 207 58 140 1,326 41 483 7 2 480 1,214 June 21 74 77 14 3,210 3,253 215 68 172 1,325 44 461 7 2 491 1,560 June 28 742 80 14 3,195 3,244 204 57 180 1,327 43 438 2 491 1,338 Richmond May 21 432 64 151 2,057 2,093 164 42 82 573 26 354 1 234 636 June 7 443 66 16: 2,084 2,099 166 40 68 572 26 377 1 235 790 June 14 463 68 171 2,113 2,156 163 45 76 572 26 385 2 234 810 June 21 430 64 171 2,102 2,107 164 48 89 571 26 349 2 235 891 June 28 433 68 159 2.099 2,092 161 42 90 571 26 332 2 235 785 Atlanta May 21 399 39 181 1,826 1,718 294 24 56 534 6 456 2 203 661 June 7 403 40 185 1,79: 1,697 289 23 47 533 6 493 2 203 714 June 14 388 4: 186 1,812 1,755 29: 29 51 533 6 486 2 202 749 June 21 394 40 160 1,789 1,693 280 26 60 533 6 455 2 194 830 June 28 389 42 165 1,785 1,65' 294 25 62 533 6 436 2 202 698 Chicago* May 31 ,747 104 313 6,402 6,377 61 102 448 2,610 30 1,380 1 751 2,760 June 7 ,760 103 33. 6,346 6,196 646 112 371 2,611 30 1,458 1 752 3,217 June 14 ,81 113 349 6,428 6,52: 633 113 392 2,613 30 1,505 1 752 3,145 June 21 ,694 104 348 6,35 6,318 628 108 484 2,614 30 1,442 1 753 3,547 June 28 :,765 109 313 6,494 6,41 65 105 484 2,617 30 1,368 1 754 3,127 St. Louis May 31 346 30 117 1,448 1,536 111 2: 57 481 14 538 185 526 June 7 362 29 122 1,425 1,510 109 18 50 481 15 571 185 648 June 14 372 31 127 1,441 1,566 106 20 56 480 14 572 185 619 June 21 365 30 11 1,439 1,527 103 1 66 478 14 531 186 703 June 28 361 31 11 1,439 1,517 103 19 69 478 14 523 186 594 Minneapolis May 31 192 13 77 822 787 14. 14 48 244 257 103 293 June 7 196 1 78 820 784 15: 15 39 248 286 104 407 June 14 198 14 98 841 832 141 16 52 248 287 104 402 June 21 13 95 817 773 163 15 58 248 282 104 461 June 28 193 14 93 833 778 16 15 60 248 270 104 361 Kansas City May 31 447 30 262 1,939 1,899 24: 2 70 394 745 214 617 June 7 471 32 264 1,908 1,890 227 28 61 394 797 214 762 June 14 470 33 277 1,926 1,956 22 28 67 393 79 214 767 June 21 447 31 287 1,902 1,916 238 29 77 393 796 215 979 June 28 471 34 270 1,925 1,877 244 33 84 392 767 215 821 Dallas May 31 44 34 31 2,030 1,999 209 37 53 364 576 214 602 June 7 449 35 309 1,988 1,964 202 35 4 366 627 216 728 June 14 446 37 376 2,051 2,065 193 40 50 36. 640 215 870 June 21 453 35 375 2,060 2,064 183 4. 59 365 88 620 216 904 June 28 46' 38 341 2,051 2,014 192 38 61 365 602 224 744 San Francisco May 31 545 122 261 6,707 72: 198 251 4,918 381 422 780 2,268 June 7 576 115 27 6,73 702 205 210 4,925 381 466 795 2,508 June 14. 612 125 300 6,808 6,733 667 210 220 4,925 379 504 79: 2,776 June 21 596 131 273 6,763 6,597 686 213 263 4,929 381 466 866 2,943 June 28 61 120 280 6,758 6,490 696 217 4,942 381 450 869 2,806 City of Chicago* May 31 173 37 14 4,010 4,086 31 57 191 1,378 25 1,005 506 1,668 June 7 19' 36 169 4,007 3,971 359 57 151 1,378 25 1,05 506 2,052 June 14 192 40 16' 4,11 347 53 168 1,382 25 1,093 506 1,980 June 21 126 37 171 4,039 337 48 204 1,383 2 1,052 508 2,041 June 28 188 38 140 4,04' 4,082 344 4. 21. 1,383 99^ 508 1,938 For footnotes see opposite page and preceding table. JULY 1950 859 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve branches and offices * Total Member Nonmember district or State Banks a B nd ra n o c ff h ic e e s s2 Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B 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 May 31, 1950? 14,039 4,644 12,179 4,364 6,882 3,452 5,297 912 1,860 280 By districts and by States May 31, 1950 P District Boston 486 321 486 321 330 250 156 71 New York 889 905 889 905 765 836 124 69 Phiiadelnhia 836 155 836 155 640 119 196 36 Cleveland 1 .120 299 1,120 299 697 257 423 42 L.011 515 804 382 478 245 326 137 207 133 Atlanta L.189 210 587 171 351 148 236 23 602 39 Chicago 2,490 604 2,490 604 1,001 249 1,489 355 St Louis L,470 138 1,133 80 496 42 637 38 337 58 ^Minneapolis L,278 111 679 70 478 27 201 43 599 41 Kansas City L,754 10 1,745 10 755 6 990 4 9 Dallas L.023 48 917 39 626 25 291 14 106 9 San Francisco 493 1,328 493 1,328 265 1,248 228 80 State Alabama 225 25 129 25 92 25 37 96 Arizona 9 52 9 52 5 39 4 13 Arkansas . 232 18 109 5 68 1 41 4 123 13 California 193 959 193 959 118 913 75 46 145 1 145 1 92 1 53 Connecticut 110 38 110 38 64 33 46 5 38 17 38 17 17 7 21 10 District of Columbia... 19 43 19 43 15 34 4 9 Florida 188 4 127 4 74 4 53 61 Georgia 395 39 109 35 66 32 43 3 286 4 Idaho 43 53 43 53 25 48 18 5 887 2 885 2 505 2 380 2 Indiana 487 104 487 104 236 48 251 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 63 69 63 69 38 37 25 32 164 118 164 118 77 78 87 40 ]Vt assachusetts 178 170 178 170 142 154 36 16 440 232 440 232 231 179 209 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 8 19 8 19 6 18 2 1 New HamDshire 75 2 75 2 52 1 23 1 326 154 326 154 281 139 45 15 51 12 51 12 35 2 16 10 636 762 636 762 555 707 81 55 North Carolina 209 201 96 74 54 42 42 32 113 127 North Dakota 150 22 63 6 43 20 6 87 16 Ohio 659 219 659 219 424 is>6 235 29 384 1 376 1 224 1 152 8 Oregon 69 98 69 98 29 87 40 ,11 969 186 969 186 739 159 230 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 93 203 80 82 61 121 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 5 118 139 118 139 52 131 66 8 West Virginia 180 179 108 71 i Wisconsin 551 151 551 151 164 21 387 130 Wyoming 53 53 39 14 P Preliminary. x Excludes mutual savings banks, on a few of which some checks are drawn. 2 Branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military reservations and other Government establishments (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. 860 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a - i l ng Total Accept O b in i w l g l n s banks bo B u il g ls ht Others I U S m i n t n p a i t o t t o e e r s d ts E U S f x n t r p a o i o t t m e e r s d ts c D h e o a x l n l - g ar e G U s o h n o i i d p te s p p d o e s d i t n o t b r s e e F d i t o n w r i e e n e i g n o n r States countries 1949—April 249 204 88 59 28 116 119 46 2 20 17 May 219 195 84 58 27 110 118 44 2 17 12 June 199 198 87 54 33 111 121 47 (2) 17 13 July 211 194 90 57 33 104 117 44 (2) 19 13 August 230 189 85 53 32 104 117 37 1 18 16 September 265 207 94 54 40 113 133 37 1 21 14 October 278 215 104 57 47 110 140 39 1 23 12 November...... 278 251 118 60 58 133 173 44 25 9 December 257 272 128 58 70 144 184 49 30 9 1950—January 258 280 134 67 68 146 190 49 8 32 9 February 257 256 120 69 51 136 175 45 ( 2 ) 25 11 March 258 245 100 63 37 145 165 45 ( 2 ) 23 12 April 257 237 93 62 31 144 157 47 ( 2 ) 18 15 May 250 231 93 59 34 138 142 58 15 17 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 * Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )i es a in n a v d c e c t s o r t u a m d n e t i s n n g t a in n a v d c e c t s o r t u a m d n e t i s n n g t a b n a d n k in s borrowed2 Free O (n th et e ) r a i I n n n a v d c p e c t s a o r t r u a m t d n n e t i e s n n r g t s' a in a n I c d v n c e t o s f r t u i 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 il 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—June... 681 5 419 280 493 528 129 20 9 260 July 3 690 3 399 3 530 August 3 699 3 404 3 548 September. . 3 740 3418 3 580 October 3 783 3 416 3 586 November. . 3 813 3 445 8 596 December. . 881 5 400 306 523 633 159 26 15 271 1950—January. . .. '901 3 493 3 669 February. , . 3953 3 522 3 669 March 31,018 8 579 3 666 April 31,084 3 619 3 678 May 3 1,175 3 750 3 657 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): March, 47; April, 51; May, 64. 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. JULY 1950 861 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESSES BY BANKS IN SELECTED CITIES U. S. Government [Per cent per annum] Stock security yields Prime Prime ex- Size of loan mo Y w n e e t a h e r k , , or m m 4 p - c e o a o r t n p o c m t e i h a r - 6 s , l - 1 a a d b c n e a a 9 c r c y n s e 0 e ' s k p s - * , t- c n h l a c o r e a l e a a s w n - l n l g 2 - e m bi o 3 ll n - s t 3 h 9 c m - o c e t f a o r o t t n i i e n f t 1 s i h - 2 - - 3 t - a y x e to a a b r 5 l - e Ann A ua re l a a v an er d a g p e e s r : iod lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 , 0 0 , 0 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 debted- 19 cities: ness 1940 2.1 4.3 3 0 2 0 1.8 1941 2.0 4.3 3 0 19 1.8 1942 2.2 4.4 3.2 2 2 2.0 1947 average 1.03 .87 1.38 .604 .88 .32 1943 2.6 4.4 3.4 2 5 2.4 1948 average. 1.44 1.11 1.55 .043 1.14 .62 1944 2.4 4.3 3 3 2 6 2.2 1949 average 1.48 1.12 1.63 .104 1.14 .43 1945 2.2 4.3 3 2 2.3 2.0 1946 2.1 4.2 3 1 2.2 1.7 1949—June .56 1.19 1.63 .158 1.20 .42 1947 2.1 4 2 3.1 2.5 1.8 July .56 1.06 1.63 .990 1.04 .26 1948 2.5 44 3 5 2.8 2.2 August.... .44 1.06 1.63 .027 1.07 .26 1949 2.7 4.6 3.7 3.0 2.4 September. .38 1.06 1.63 .062 1.08 .34 October. . . .38 1.06 1.63 .044 1 09 .38 Quarterly: November. .38 1.06 1.63 .073 1.09 .37 19 cities: December .. .31 1.06 1.63 .097 1.10 .37 1949—Sept 2.63 4 62 3 64 2 98 2.31 Dec 2.65 4.53 3 61 2 98 2.35 1950—January .31 1.06 1.63 .100 .39 1950—Mar 2.60 4.45 3.54 2.94 2.31 February .. .31 1.06 1.63 .130 .44 June 2.68 4.50 3.65 2.94 2.39 March .31 1.06 1.63 .140 .45 New York City: April.. .31 1.06 1.63 .164 .45 1949—Sept 2.32 4 23 3 41 2 74 2.13 May .31 1.06 1.63 .167 .45 Dec 2.38 4 14 3.35 2.73 2.21 June .31 1.06 1.63 .175 4 1.23 .47 1950—Mar 2.29 3.85 3.22 2.64 2.13 June 2.34 3.94 3.35 2.73 2.16 Week ending: June 3 1.179 4 1.23 .45 7 Northern and East- June 10 1.177 1.23 .46 ern cities: J J J u u u l n n y e e 2 1 4 7 1 . . . . . . . . . 1 V 7i l e 6 1 1 1 . . . 1 1 1 7 7 7 2 4 4 1 1 1 . . . 2 2 2 3 3 3 . . . 4 4 4 7 9 7 1 1 9 9 4 5 9 0 — — D S M e e a p c r t 2 2 2 . . . 6 6 5 7 4 5 4 4 4 . . . 6 6 7 3 4 1 3 3 3 . . . 6 6 6 3 5 0 2 3 2 . . . 0 9 9 0 3 1 2 2 2 . . . 4 3 2 1 9 8 lV June 2.67 4.58 3.62 2.82 2.45 2 1 T M h o e n a th v l e y r a f g ig e u r r e a s t e a r o e n a v 9 e 0 r - a d g a e y s S o t f o c w k e e E k x ly c h p a r n e g v e a i t li 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 S e r r e n n p t a c n i d ties: 3.07 4.74 3.79 3.18 2.58 per cent, Aug. 2, 1946-Aug. 16, 1948; and 1.63 per cent beginning Dec 3.03 4.66 3.74 3.12 2.56 Au 4 3 g . R B e a 1 g t 7 e i , n o n 1 n i 9 n 4 n g 8 e . J w u n is e s u 1 e s s e o ri f e fe s r e i d s b w as it e h d i n o n p e 3 ri o n d o . te issues maturing July 1, 1950— J M un a e r 3 3 . . 2 1 2 2 4 4 . . 7 6 0 4 3 3 . . 8 7 3 1 3 3 . . 1 1 5 7 2 2. . 8 7 2 4 1951. In period Apr. 1-May 31 series was based on longest certificate NOTE.—For description of series see BULLETIN for March 1949, issue outstanding, with maturity of somewhat less than 9 months. pp. 228-237. Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. BOND YIELDS 1 [Per cent per annum] U. S. Government Corporate (Moody's)4 (taxable) Munic- Corpo- Year, month, or week 15 (h ip ig a h l - (h ra ig te h- By ratings By groups 7 to 9 years grade)2 grade)3 Total years m o o r re Aaa Aa A 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 9 120 30 30 30 30 40 40 40 1947 average 1.59 2.25 2.01 2.57 2.86 2.61 2.70 2.87 3.24 2.67 3.11 2.78 1948 average. 2 00 2.44 2.40 2.81 3.08 2.82 2.90 3 12 3.47 2.87 3 34 3.03 1949 average 1.71 2.31 2.21 2.65 2.96 2.66 2.75 3.00 3.42 2.74 3.24 2.90 1949—june 1 66 2 38 2 28 2.72 3 00 2 71 2.78 3 04 3 47 2 78 3.29 2.93 Tuly 1.55 2.27 2.26 2.66 2.98 2 67 2.75 3.03 3,46 2.75 3.29 2.89 August 1 49 2.24 2.20 2.60 2.92 2.62 2 71 2 96 3 40 2.70 3 21 2.86 September 1.65 2.22 2.22 2.59 2.90 2.60 2.69 2.95 3.37 2.68 3.19 2.84 October 1 72 2 22 2.21 2.59 2 90 2.61 2.70 2 94 3.36 2.68 3 20 2.83 November 1.70 2 20 2.17 2.56 2.89 2.60 2.68 2.93 3.35 2.67 3.20 2.81 December 1.68 2.19 2.13 2.55 2.86 2.58 2.67 2.89 3.31 2.65 3.14 2.79 1950—January 1.70 2.20 2.08 2.54 2.83 2 57 2.65 2.85 3.24 2.63 3.07 2.79 February 1.75 2.24 2,06 2.54 2.83 2.58 2.65 2.86 3.24 2.63 3.08 2.78 March 1 78 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 180 2.31 2.07 2.57 2.86 2.61 2.69 2.88 3.25 2.65 3.12 2.81 June . 1.83 2.33 2.09 2.59 2.87 2.62 2.69 2.90 3.28 2.66 3.15 2.81 Week ending: June 3 - 1.81 2.31 2.07 2.59 2.86 2.62 2.69 2.89 3.26 2.65 3.13 2.81 June 10 1.81 2.32 2.08 2.59 2.87 2.62 2.69 2.89 3.26 2.66 3.13 2.81 June 17 1.82 2.32 2.08 2.59 2.87 2.62 2.69 2.89 3.27 2.66 3.14 2.81 June 24. 1.84 2.34 2.09 2.59 2.87 2.61 2.69 2.89 3.28 2.65 3.15 2.81 July 1 1.86 2.34 2.12 2.60 2.89 2.63 2.70 2.90 3.32 2.67 3.18 2.82 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 a limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 6 and 7 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. 862 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 1 Bond prices Stock prices 5 Corporate 4 Common (index, 1935-39=100) V of o l t u ra m d e ing7 (in Year, month, or week m U G e e r . o n n v S - t - . 2 g M ( r h i a p u i d g a n e h l i ) c - 3 - H gr i a g d h e - I M nd ed u i s u - m-g R r a a i d l e - Public fe P rr r e e d - 6 Total In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c s s a t h n h a d o r s e u s - o ) f Total trial road utility Number of issues. . . 1-8 15 14 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—June 101.72 127.5 100.9 91.7 98.7 80.0 96.3 176.1 112 117 93 808 July 103.29 127.9 102.0 91.8 98.6 79.9 96.9 176.6 118 124 91 95 938 August 103.63 129.1 103.0 92.6 98.2 81.9 97.7 179.5 122 128 94 99 947 September 103.86 128.6 103.1 93.3 99.0 82.1 98.8 182.1 124 130 95 100 1,135 October 103.90 128.8 102.8 93.7 99.9 82,0 99.2 180.3 127 134 98 101 1,313 November. 104.22 129.6 103.2 93.5 100.3 80.8 99.5 179.8 129 137 96 103 1,323 December 104.36 130.3 103.7 94.5 101.0 ,82.2 100.1 180.6 133 140 101 104 1,739 1950—January 104.16 131.4 104.0 96.3 101.8 86.4 100.6 182.8 135 143 108 106 884 February 103.62 131.7 104.0 96.4 102.0 86.5 100.9 182.4 137 144 107 107 704 March 103.24 131.5 104.1 96.6 102.3 86.7 100.8 183.8 139 147 109 110 643 April 102.87 131.3 183.5 142 150 110 111 2,297 May 102.73 131.5 183.1 147 156 110 113 1,763 June 102.42 131.1 182.0 148 158 107 112 2,075 Week ending: June 3 102.67 131.5 183.4 149 158 109 113 1,419 June 10 102.60 131.3 183.0 149 159 107 113 1,908 June 17 102.51 131.3 182.3 149 159 109 113 1,586 June 24 102.29 131.1 181.9 149 160 109 113 1,609 July 1 102.16 130.5 180.7 143 153 104 108 3,420 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years or more. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. 8 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 Total Total Year or month fu i a r n n n e g d d - ) - m e ( a f i e d o g n s r o n d t - - i ) c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a o p o n n o t d e d r s s ate Stocks e F i o g r n - 2 m e f ( a e i o d g n s r o n d t - i - ) c Total S n m a p t i n a c a u d i t 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 ig o n 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 2,352 601 105 1947. 39,691 37,566 7,255 2,228 239 4 787 3,567 1,219 68 2,125 1,948 44 422 1 482 1,199 283 177 1948. 10,214 9,079 9,070 2,604 294 46 172 *5,264 908 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 ioi 1949—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 1 161 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. . 31,185 817 817 233 30 553 463 90 3 369 269 1 159 108 96 12 February. 809 711 708 550 13 146 80 66 ""3" 98 83 6 57 20 19 1 "ii 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 May 1,052 111 769 304 39 426 307 119 2 281 281 14 31 236 231 6 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. 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. JULY 1950 863 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES i PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Estimated Estimated Year or month pro g c r e o e s d s s 2 proc n e e e t ds 3 New money Retirement of securities Repa o y f ment Other Total P eq la u n ip t m an e d nt W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt purposes 1934.... ... 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 ..... ... 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937.... ......... 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939.... ... 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 . . . . 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941.... 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942...... .. 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 . . . . 6,011 5,902 1,080 638 442 4,555 4,117 438 134 133 1946 . . 6,900 6,757 3,279 2,115 1,164 2,868 2,392 476 379 231 1947 6,577 6,466 4,591 3,409 1,182 1,352 1,155 196 356 168 1948 '7,078 '6,959 '5,929 '4,221 '1,708 307 240 67 488 234 1949 . '6,052 '5,959 '4,606 '3,724 '882 '401 '360 '41 '637 '315 1949—May. ......... '453 '444 '347 '284 '63 '22 '17 '6 '67 7 June 1,286 '1,271 '1,087 '971 116 '58 '54 4 '117 '10 July..,. . '533 '526 '461 '427 '35 '19 18 1 '36 '9 August '220 '215 '164 '133 '31 '18 '17 '1 '29 '5 September, .... '272 '268 '163 '109 '54 39 19 20 '22 '43 October. '413 '407 '260 '214 '46 '61 58 '3 '37 '49 November...... '332 '327 '270 '159 '111 '17 '17 '24 '16 December,..... '574 '565 '331 '223 '108 '113 '111 '2 '37 '83 1950—January. '614 '605 '453 '405 '48 52 39 12 53 '48 February. ..... '259 '255 '190 '130 '60 33 30 3 '13 '18 March. 547 538 371 242 129 139 138 1 11 17 April.......... 431 421 300 259 41 45 31 14 70 6 May.......... 587 577 242 168 74 201 161 40 122 11 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS« [In millions of dollars] Manufacturing 5 C m o i m sc m e e ll r a c n ia e l o u a s n 6 d Railroac1 Public utility7 Communications a R n e d a l fi e n s a t n a c te ial Year or month Total Total Total Total Total Total net New Retire- net New Retire- net New Retire- net New Retire- net New Retire- net New Retirepro- money ments10 pro- money ments10 pro- money ments10 pro- money ments10 pro- money ments10 pro- money ments10 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 ceeds9 1934 62 25 34 172 21 120 130 11 77 20 1935 774 74 550 120 57 54 1,250 30 1,190 122 46 72 1936 1,280 439 761 774 139 558 1,987 63 1,897 390 218 152 1937 1,079 616 373 338 228 110 751 89 611 71 57 7 1938 831 469 226 54 24 30 1,208 180 943 16 8 7 1939 584 188 353 182 85 97 1 246 43 1,157 102 9 88 1940 961 167 738 319 115 186 1,180 245 922 155 42 9 1941 828 244 463 361 253 108 1,340 317 993 94 55 18 1942 527 293 89 47 32 15 464 145 292 4 4 1943 497 228 199 160 46 114 469 22 423 21 13 4 1944 1,033 454 504 602 102 500 1,400 40 1,343 107 61 42 1945 1,969 811 1,010 1,436 115 1,320 2,291 69 2,159 206 85 65 1946 3,601 2,201 981 704 129 571 2,129 785 1,252 323 164 64 1947 2,686 1,974 353 283 240 35 3,212 2,188 939 286 189 24 1948 2,180 1,726 54 403 304 21 617 546 56 2,281 1,998 145 891 870 2 587 485 30 1949 1,391 851 44 338 229 28 456 441 11 2,615 2,140 234 567 505 49 '593 '440 '35 1949—May 102 46 6 21 15 49 49 226 201 16 4 4 41 33 June . .. 166 77 1 35 23 4 45 45 549 490 39 386 386 91 67 14 July.......... 202 175 1 11 9 51 51 197 192 2 26 24 ........ 39 10 15 August 44 22 26 19 20 13 7 107 103 1 11 1 6 6 September 26 20 4 55 27 8 16 16 109 76 27 4 2 58 23 October 83 41 16 38 30 41 41 222 130 45 13 11 11 6 D No e v c e e m m b b e e r r..... 3 6 6 3 2 4 4 9 5' 2 3 5 6 23 6 1 2 3 3 1 1 0 2 1 7 0 4' 3 1 4 4 6 9 1 15 2 9 5 9 4 6 1 4 6 1 4 4 9 8 2 5 9 7 0 0 6' 1950—January....... 31 27 2 31 25 93 27 31 225 165 14 205 202 2 20 6 February 63 47 4 25 21 3 13 13 130 98 29 23 11 March........ 49 38 10 16 15 107 85 '"'22' 217 141 58 18 18 132 75 50 A M p a r y il . ...... 15 18 3 6 15 0 7 1 2 1 5 9 1 1 6 4 61 2 6 7 8 2 3 3 8 30 3 2 0 4 9 5 2 1 0 0 5 4 1 3 6 5 4 23 3 22 3 2 84 5 2 2 3 0 2 ' Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 New classification of issues beginning 1948; data for prior years are not precisely comparable, but they are believed to be sufficiently similar for broad comparisons. See also footnotes 5 through 8. 5 Prior to 1948 this group corresponds to the "Industrial" group previously shown. 6 Included in "Manufacturing" prior to 1948. 7 Includes "Other transportation" for which separate figures are available beginning in 1948. 8 Included in "Public utility" prior to 1948. 9 Includes issues for repayment of other debt and for other purposes not shown separately. 10 Retirement of securities only. 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. 864 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 of50 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 s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Annual 1939 10,591 1,209 997 722 9,008 1,071 883 656 1,583 139 114 67 1940 13,006 1,844 1,273 856 11,138 1,638 1,127 772 1,869 206 146 83 1941 18,291 3,156 1,519 947 15,691 2,778 1,329 854 2,600 378 190 93 1942 21,771 3,395 1,220 760 18,544 2,876 1,056 672 3,227 519 164 88 1943 28,240 3,683 1,260 777 24,160 3,111 1,097 688 4,080 571 164 88 1944 30,348 3,531 1,255 848 25,851 2,982 1,091 755 4,497 549 164 93 1945 26,531 2,421 1,129 861 22,278 1,976 964 764 4,253 445 165 98 1946 21,562 2,033 1,202 943 17,651 1,5 73 932 804 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 1949—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—i 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 O re p v in e e r g n a u t e - P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r t s s d D e i n v d i- s r O e p v i e n e r g n a u t e - P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s r O e p v i e n e r n g a u t e - P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Annual 1939 3,995 126 93 126 2 ,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941. 5 347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 1,537 374 180 168 1944. ... . 9,437 1,972 667 246 3,615 902 507 398 1,641 399 174 168 1945 8,902 756 450 246 3,681 905 534 407, 1,803 396 177 174 1946 7,628 271 287 235 3,815 964 638 458 1,992 277 200 171 1947 8,685 777 479 236 4,291 954 643 494 2,149 193 131 134 1948 9,672 1,148 699 289 4,830 983 657 493 2,541 269 183 181 1949 8,580 700 438 252 5,047 1,129 753 558 2,817 332 220 216 Quarterly 1948—i 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—i 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 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). JULY 1950 865 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 Nondurable goods industries Total (94 corps.)1 Sales 11,31313,36412,790 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 19,83123,818 24,152 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 '830 799 866 697 898 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 1 Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products (15); and miscellaneous (1). 2 Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). CORPORATE PROFITS, TAXES, AND DIVIDENDS (Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates) [In billions of dollars] Year P b t r e a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t 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—2 r34 6 13 2 r21 4 r7 3 14 1 1940 9.3 2.9 6.4 4.0 2.4 3 '35 .'3 13.4 '21.9 '7.5 14.4 1941 . 17.2 7.8 9.4 4.5 4.9 4 '33.1 12,9 '20.3 '•7.9 12.4 1942 21.1 11.7 9.4 4.3 5.1 1943 25.1 14.4 10.6 4.5 6.2 1949—i '28.3 10.9 17.4 '7.9 '9.5 1944 24.3 13.5 10.8 4.7 6.1 2 26.4 10.0 16.4 '7.7 '8.7 1945 19.7 11.2 8.5 4.7 3.8 3 '28.2 10 8 17 3 r7 4 r9 9 1946 ''23 5 9 6 13 9 5 8 8 1 4 r27 6 10 6 16 9 r8 2 rS 7 1947 . '30.5 11.9 18.5 '6.6 11.9 1948 r33 9 13 0 r20 9 r7 5 13 4 1950—1 r29.2 11 4 17 8 '8 1 9 7 1949 '27.6 10.6 17.0 r7 .8 '9.2 2 i 31.0 12.1 18.9 8.2 10.7 r Revised. 1 Estimates of Council of Economic Advisers, based on preliminary data. Source.—Same as for national income series. 866 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Total Direct debt g d r e o b s t s Marketable public issues * Nonmarketable public issues Fully End of month 'n ( a s i g e n n t i c c t e g e u l s u u e r ) i a d d - r - - Total Total 2 Tre b a il s l u s ry c i C e n a d e t d n e r e t s e i b f s o t i s - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total2 s b a U o v . n i S n d g . s s T t s a r a n e x v o a i t s a n e u n g s r d s y S i p ss e u c e ia s l b in e N d t a e e o r r b n i e n t - s g t- s g e u c t u e a e r r i a d t n ie - s 1943—June 140,796 136,696 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,100 Dec 170,108 165,877 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,230 1944—June 202,626 201,003 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,623 Dec 232,144 230,630 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 1,514 1945—June.... 259,115 258,682 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 2,326 433 Dec 278,682 278,115 198,778 17,037 38,155 22,967 120,423 56,915 48,183 8,235 20,000 2,421 567 1946—June 269,898 269,422 189,606 17,039 34,804 18,261 119,323 56,173 49,035 6,711 22,332 1,311 476 Dec. , . .259,487 259,149 176,613 17,033 29,987 10,090 119,323 56,451 49,776 5,725 24,585 1,500 339 1947—June 258,376 258,286 168,702 15,775 25,296 8,142 119,323 59,045 51,367 5,560 27,366 3,173 90 Dec , 256,981 256,900 165,758 15,136 21,220 11,375 117,863 59,492 52,053 5,384 28,955 2,695 81 1948—June 252,366 252,292 160,346 13,757 22,588 11,375 112,462 59,506 53,274 4,394 30,211 2,229 73 Dec 252,854 252,800 157,482 12,224 26,525 7,131 111,440 61,383 55,051 4,572 31,714 2,220 55 1949—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 1949—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 67,314 57,477 8,292 31,868 2,167 20 June.... 257,377 257,357 155,310 13,533 18,418 20,404 102,795 67,544 57,536 8,472 32,356 2,148 20 1 Including amounts held by Government agencies and trust funds, which aggregated 5,362 million dollars on May 31, 1950. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted f depositary bonds, Armed Forces Leave bonds, and 2^ per cent Treasury investment bonds, series A-1965, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING JUNE 30, 1950 [In millions of dollars] [On basis of daily statements of United States Treasury, In millions Redempof dollars] Amount Funds receive p d e r f i r o o d m sales during tions and out- maturities Month standing Issue and coupon rate Amount Issue and coupon rate Amount at end of month All Series Series Series All series E F G series Treasury bills 1 Treasury bonds—Cont. July 6, 1950 902 Sept.15, 1951-552....3 755 Fiscal year July 13 1950 1,002 Dec. 15, 1951-532. 1,118 ending: July 20 1950.... 1,002 Dec. 15, 1951-55.. 2 510 June—1943 21,256 11,789 8,271 758 2,759 848 July 27 1950 1,000 Mar. 15, 1952-54.. 1,024 1944 34,606 15,498 11,820 802 2,876 2,371 Aug. 3, 1950.. . . 1,102 June 15, 1952-54.. 5,825 1945 45,586 14,891 11,553 679 2,658 4,298 Aug. 10, 1950.. . . 1,103 June 15, 1952-55...2% 1,501 1946 49,035 9,612 6,739 407 2,465 6,717 A Au u g " . 2 1 4 7 , 1 1 9 9 5 5 0 0 . . . 1 1 , , 1 1 0 0 4 3 J D u e n c e . 1 1 5 5 , , 1 1 9 9 5 5 3 2 - - 5 5 5 4 2 . . . . . . . . . 2 2 8,6 7 6 25 2 1 1 9 9 4 4 7 8 5 5 3 1 , ,3 2 6 7 7 4 6 7 , , 2 2 3 0 5 8 4 4 , . 2 0 8 2 7 6 3 3 0 6 1 0 2 1, , 9 5 0 6 7 1 5 5, , 1 5 1 4 3 5 A Se u p °- t . 3 7 1 , 1 19 9 5 5 0 0.. . . 1 1 , , 1 0 0 0 2 4 J M un ar e . 1 1 5 5 , , 1 1 9 9 5 5 5 4 - -5 6 6 0 2 2 . .' 2 v* 2,6 6 1 81 1 1 19 9 4 5 9 0 .. . 5 5 7 6 , , 5 2 3 6 6 0 5 7, , 1 6 4 7 1 3 3 4 , . 9 2 9 78 3 2 4 3 7 1 3 2 1 , ,4 3 4 9 9 0 5 5 , , 0 42 6 2 7 Sept. 14, 1950 1,004 Mar. 15, 1956-58.. 2}A 1,449 Sept. 21, 1950 . 1,003 Sept.15, 1956-592. 2 M 982 1949—June... 56,260 485 359 20 107 451 Sept. 28, 1950 1,003 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 M % 3,8 9 2 1 3 9 A Ju u l g y . . . . . . . 5 5 6 6, , 5 4 3 5 7 3 4 5 4 1 9 1 3 32 7 9 8 1 1 6 7 1 1 0 1 4 5 4 4 3 2 9 5 June 15, 1959-623.• 2H 5,284 Sept.... 56,600 398 299 13 86 411 Dec. 15, 1959-623.• 2H 3,470 Oct.... 56,670 388 289 13 86 396 C J e u r l t y , of 1 , i n 1 d 95 e 0 btednes 1 s M 5,601 J D D u e e n c c e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 2 3 0 - - - 6 6 6 7 8 5 3 3 2 . . .• . • 2 2 2 y y H 2 2 2 2 1, , , 4 1 8 8 1 3 5 8 1 D No e v c . . . . . . . 5 5 6 6 , , 7 7 1 0 7 7 3 4 8 9 3 5 3 2 7 8 7 6 1 1 4 6 1 8 0 4 3 4 4 6 1 6 5 O Se c p t. t . 1 1 5 , , 1 1 9 9 5 5 0 0,.. , 6 1 , ,1 2 9 4 7 8 J D u e n c e . 1 15 5 , , 1 1 9 9 6 6 4 4 - -6 6 9 9 3 3 . . . • 2 2 y y2 2 3 3, , 8 7 3 6 8 1 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 Jan. 1, 1951,, . 5,373 M Ma a r r . . 1 1 5 5 , , 1 1 9 9 6 6 5 6 - - 7 7 0 1 3 3 . .• • 2 2 % y2 3 5 , , 4 19 8 7 1 A M p a r r .. . . . . . . 5 57 7 , , 4 3 2 3 7 1 5 4 2 2 4 3 3 3 0 6 5 4 2 1 7 5 1 10 3 2 4 4 5 1 1 3 0 June 15, 1967-723.• 2/^ 7,967 May. .. 57,477 416 307 16 92 454 Sept.15, 1967-72..• 2Ms 2,716 June. . . 57,536 398 297 14 86 456 Dec. 15, 1967-723.• 2*4 11,689 Treasury notes Maturities and amounts outstanding June 30, 1950 July 1, 1951-B....1M 2,741 July 1, 1951-C...1M 886 Postal Savings Year of All Series Series Series Series OJ T U u clj l t v . JL 1 j 1 ,A 1 -X1 9 *_9 5 /J5L 1 1 - -1 D —' • • • 1M 4 1 , , 8 91 1 8 7 bonds 2y2 110 maturity series D E F G Mar. 15, 1954 4,675 1950 454 454 Mar. 15, 1955 1V2 5,365 1951 1,558 441 1,117 Panama Canal Loan. 3 50 1952 3,944 3,944 Total direct issues 155,001 1 1 9 9 5 5 2 4... 6 8 , ,5 7 7 2 7 5 5 6 , , 4 0 8 98 3 500 ' 1 i' , , 9 0 7 4 9 3' ' Treasury bonds 1955 7,444 4,880 529 2,035 S S e e p p t t . . 1 15 5 , , 1 1 9 9 5 5 0 0 - - 5 5 2 2 2 . * .. . 2 2y2 4 1 , ,1 9 8 3 6 9 Guaranteed securities 1 19 9 5 5 7 6 5 5 , , 2 48 8 4 0 2 2 , ,5 6 1 4 6 7 4 6 8 0 7 7 2 2 , , 1 3 4 6 6 1 Dec. 15, 1950 2,635 1958 5,535 2,985 265 2,285 June 15, 1951-542..2M 1,627 Federal Housing Admin. 1959 5,540 3,263 288 1,989 Sept. 15, 1951-53...2 7,986 Various 16 1960 4,531 1,65.1 464 2,416 1961 1 622 229 1,393 1962 904 127 777 1 Sold on discount basis. See table on Open-Market Money Rates, Unclassified. . -62 p. 862. 2 Partially tax exempt. 3 Restricted. Total 57,536 895 34,584 3,695 18,425 4 Called for redemption on Sept. 15, 1950. JULY 1950 867 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 (i g n c g lu u d ar - - trust funds * Federal Com- Mutual Insur- c O o t r h p e o r - S a t n a d te India se n c te u e ri d - Special Public Total R B e a s n er k v s e m ba e n r k ci s a 2 l s b a a v n in k g s s com- a r n a d t i a o s n s s o- go lo v c e a r l n- viduals ties) issues issues panies ciations 3 ments 1940—June 48,496 4,775 2 305 41,416 2,466 16,100 3,100 6,500 2 500 400 10,300 1 1 9 9 4 4 2 1 — — J j u u n ne e 5 7 5 6 , , 3 9 3 9 2 1 6 7 , , 1 8 2 8 0 5 2 2, , 7 3 3 7 7 5 4 6 6 6 , , 8 3 3 6 7 9 2 2 , , 1 6 8 4 4 5 2 1 6 9 , , 0 7 0 0 0 0 3 3 , , 4 9 0 0 0 0 9 7 , ,1 2 0 0 0 0 2 5 , , 4 4 0 0 0 0 6 9 0 0 0 0 1 1 1 8 , , 5 4 0 0 0 0 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 1 19 9 4 4 6 5 — — J j u u n ne e 2 2 6 5 9 9 , , 8 11 9 5 8 2 1 2 8 , , 3 8 3 1 2 2 6 6 ,7 1 9 2 8 8 2 2 4 3 0 4 , , 7 17 6 5 8 2 2 1 3 , , 7 7 9 8 2 3 8 8 4 4 , ,2 4 0 0 0 0 1 9 1 , , 6 5 0 0 0 0 2 2 5 2 . , 3 7 0 0 0 0 2 3 5 0 , ,9 3 0 0 0 0 5 6, ,3 5 0 00 0 5 6 9 4 , , 8 1 0 0 0 0 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 194S—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 11,400 20,500 '22,600 8,100 69,500 1950—Jan 256,892 33,502 5,481 217,909 17,827 '67,400 11,500 20,600 ^22,800 8,100 69,700 Feb. 256,395 32,871 5 494 218,030 17,746 r66,400 11,500 20,600 f-23,500 8,200 70,000 Mar 255,747 32,098 5,510 218,139 17,592 11,600 20,600 ^24,600 8,700 70,200 Apr 255,740 31,802 5,506 218,432 17,796 65,300 11,600 20,500 24,200 8,700 70,300 r Revised. 1 Including the Postal Savings System. 2 Including holdings by banks in territories and insular possessions, which amounted to 300 million dollars on December 31, 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 a o u n t t a d - l - G a c g o i e e v n s t - . F e R e r e a d - l - C m c o i e a m r l - - M s tu av a u l - - I c a n o n s m c u e r - - Other End of month s T t o a o u n t t a d - l - G a c g o i e e v n s t - . F e R e r e a d - l - C m c o i e a m r l - - M s tu av a u l - - I c a n o n s m c u e r - - Other ing and serve banks1 ings panies ing and serve banks1 ings panies trust Banks banks trust Banks banks funds funds Type of Treasury bonds security: and notes, due or callable: To 1 1 1 ta 9 9 9 l 4 4 4 : 7 2 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 5 6 6 5 5 7 0 5 5 , , , , , 1 4 3 7 1 3 9 7 9 6 8 6 3 1 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 1 2 3 8 9 , , , , , 3 5 3 8 3 6 5 3 8 4 6 9 3 5 3 6 5 5 5 5 9 7 1 5 6 , , , , , 8 5 3 2 3 5 9 3 7 5 6 9 7 0 3 1 1 1 1 1 0 1 1 0 1 , , , , , 7 5 5 8 0 7 2 5 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 1 2 4 2 2 , , , , , 6 7 0 7 1 3 8 6 7 5 7 7 3 9 4 Wi 1 1 1 t 9 9 9 h 4 4 i 4 n 7 8 9 — — — 1 D D D J y J u e e e u e n c c c a n e r e : .... 1 1 1 1 1 4 1 0 3 4 , , , , , 3 2 2 4 2 1 1 2 1 6 9 6 6 1 3 3 9 6 4 1 6 8 9 9 9 2 1 , ,6 0 9 8 8 9 7 8 7 6 3 0 2 8 1 9 5 8 5 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 8 2 6 6 1 3 3 4 3 2 6 2 8 1 7 8 9 5 6 3 3 3 2 3 4 , , , , , 1 6 9 6 5 2 5 8 7 5 5 6 5 5 3 1950—Mar 154,494 5,38517,59258,19810,87618,53143,912 Apr. . . .154,616 5,381 17,79658,548 10,89118,46543,535 1950—Mar 12,357 30 750 7,859 185 367 3,166 Treasury bills: Apr. . . . 8,761 21 463 5,620 142 300 2,215 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— A M p a r. r .. . . . . . 1 1 2 2 , , 3 6 3 2 4 3 3 3 9 2 3 4 , , 9 3 5 68 2 2 2 , , 4 73 0 2 9 2 3 8 6 1 1 1 0 1 3 5 5, , 3 7 5 9 2 5 1949— D J e u c ne.... 3 3 9 5 , , 1 0 7 6 5 7 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 , ,2 1 7 2 9 1 2 1 , ,6 1 4 2 1 4 5 7 , ,1 2 3 9 5 0 Ce 1 1 rt 9 9 i 4 f 4 i 7 8 c — a — te D J s e u : c ne.... 2 2 1 2 , , 2 5 2 8 0 8 3 1 0 4 6 4, , 6 7 1 9 6 7 6 8 , ,5 5 5 3 2 8 2 31 0 7 0 2 4 6 7 9 9 8 7 , , 6 3 1 8 0 6 1950— A M p a r r . . . . 4 4 4 8 , , 2 6 2 1 0 1 3 3 6 8 4 1 2 3, , 1 7 6 5 4 03 3 0 2 , , 3 9 1 1 2 7 1 1 , , 0 0 7 8 9 7 1 1 , , 8 8 3 8 5 3 9 7 , , 1 8 7 8 9 0 1949— D D ju e e n c c e 2 2 2 9 6 9 , , , 4 5 6 2 2 3 7 5 6 2 2 4 4 6 8 6 6 6 , , , 8 0 2 5 7 7 7 8 51 9 9 1 , , , 5 0 5 6 7 2 1 2 0 2 2 1 5 0 6 6 7 9 6 6 6 7 0 3 2 2 3 1 1 1 0 2 0 , , , 4 1 9 2 7 9 3 4 1 5- 1 1 1 9 9 0 4 4 7 8 y — — ea D r J s e u : c ne.... 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—Mar 24,399 22 5,864 8,128 142 515 9,728 Dec 10,464 314 434 6,314 520 997 1,885 Apr. . . . 23,437 14 5,766 7,712 144 509 9,292 1949—June.... 15,067 532 584 6,587 2,002 1,732 3,630 Treasury notes: Dec 18,537 568 1,388 6,995 2,640 2,230 4,716 1947—Dec 11,375 4 1,477 5,327 98 245 4,224 194g—June 11,375 1,968 4,531 98 223 4,555 1950—Mar 15 ,926 421 1,153 5 ,473 2 681 2 ,129 4,069 Dec..'.'.'! 7,131 7 791 3,099 84 166 2,984 Apr.;'.; 15,926 423 1,152 5,499 2',575 2 436 4]l41 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: Tr 1 ea 9 s 5 u 0 r — y A M b p o a r n r . d . s : . . 1 1 4 5 , ,5 7 8 9 6 1 2 3 4 1 1 1 , , 3 5 7 0 9 7 9 9 , , 4 8 7 0 2 0 1 1 4 3 4 9 3 3 5 5 6 8 3 3 , , 4 7 1 5 6 1 1 1 9 9 4 4 7 8 — — D D J e e u c c ne.... 5 5 5 4 3 3 , , , 7 8 8 5 3 3 7 8 8 4 4 4 , , , 6 7 3 8 1 9 5 0 3 2 7 , , 9 2 8 1 2 3 5 1 4 3 5 3 , , , 9 5 0 4 2 0 1 2 3 8 8 8 , , , 6 0 63 0 4 9 6 8 1 1 1 7 8 5 , , , 1 2 2 2 1 3 9 1 0 1 1 1 6 7 5 , , , 5 7 0 4 1 9 2 0 4 1 1 9 9 4 4 7 8 — — D J e u c ne.... 1 11 1 2 7 , , 4 8 6 6 2 3 5 5 , , 1 3 7 3 3 6 2 6 , , 8 20 53 6 4 4 7 2 , , 4 14 2 6 4 1 11 1 , , 0 2 4 2 7 62 2 2 0 , , 2 8 1 8 3 0 2 26 8 , , 8 9 4 7 7 4 1949— D J e u c ne.... 4 4 8 5 , , 5 0 5 8 4 4 4 4 , , 4 4 5 4 5 1 4 3 , , 4 5 5 9 2 3 3 3, , 8 9 8 3 7 3 6 7 , , 5 2 8 9 8 31 13 4 , , 4 1 8 7 5 91 1 4 3 , , 2 0 4 9 2 0 Dec 111,440 5,34010,97740,371 10,48618,89125,375 1949—June 110,426 5,201 7,78042,042 10,76818,31526,320 1905—Mar. . . . 45,084 4,473 3,124 4,000 6,759 13,567 13,161 Dec 104,758 5,217 7,21839,235 10,480 17,57925,029 Apr. . . . 45,084 4,474 2,882 4,049 6,90613,526 13,247 1950—Mar 102,795 5,265 6,39738,172 10,559 17,54324,859 Apr. . . .102,795 5,268 6,15538,285 10,571 17,48725,029 * 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. 868 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 Increase (+ / ) % or General fund of the Treasury (end of period) during period Assets y m e o ar n t o h r c N e r i e e p - t ts B p t e u u e n r x d d e - g s i e - t s B ( d u + e u r f ) d p i o c g lu r i e t s t c T o e a r t u c c u n . - s * t t s c C o i a l n u c e g - a n r t - 1 G de ro b s t s G ba f e u l n a n e n d r c a e l f a g B e u n i e r a n n a c n l d l e - - Total F e D R e r e e a d - p l - osi d t S s e c p p i i a e o n l - s- O as t s h e e t r s T b t l o i i i e a l t i s - a - l c C o i a n m s - h e o C u a t s g h o i ( E o n + x u c ) c o t o g e m r s o e s B s a e n rv k e s2 itaries Fiscal year: 1948 42,211 4 33,791 4+8,419 —294 -507 —5,994 +1,624 4,932 5,370 1,928 1,773 1,670 438 45 40036,496 +8 903 1949 38,246 4 40,0574—1 811 —495 +366 +478 — 1 462 3 470 3 862 438 1 771 L 653 392 41 62840 576 +1 051 1950 37,045 40,167 -3,122 +99 +483 +4,587 +2,047 5,517 5,927 950 3,268 1,709 410 1949—June.. 4,767 4 4,656 4 +111 -511 -173 +881 +308 3,470 3,862 438 1,771 1,653 392 4,798 4,550 +248 July.. 1,946 3,434 -1,488 +30 +218 +1,107 -133 3,337 3,699 529 1,485 ,684 362 2,081 2,966 -885 Aug... 2,479 3,585 -1,106 +345 -133 +1,975 +1,081 4,418 4,767 610 2,513 ,644 349 3,150 3,715 -566 Sept.. 4,832 3,995 +837 -404 +20 +828 +1,281 5,699 6,080 1,176 3,226 ,679 381 4,915 3,847 +1,068 Oct... 1,881 3,111 -1,230 +10 +160 +98 -962 4,737 5,080 595 2,831 1,654 343 2,046 3,266 — 1,220 Nov.. 2,344 3,127 -783 +299 -36 +204 -315 4,422 4,789 517 2,632 ,641 367 2,965 3,426 -461 Dec... 4,191 3,722 +469 -272 -88 +148 +257 4,679 5,033 841 2,557 1,635 354 4,263 4,070 + 193 1950—Jan... 3,366 3,323 +44 +2 +589 -265 +370 5,049 5,421 677 2,898 L,847 372 3,485 3,177 +308 Feb... 2,972 2,496 +476 +170 -11 -497 +137 5,186 5,489 666 3,146 ,677 303 3,595 3,537 +58 Mar... 4,820 3,269 +1,551 -93 +122 -645 +935 6,121 6,438 1,006 3,665 ,766 317 5,162 4,045 +1,117 Apr... 1,488 2,847 -1,358 -79 +25 -6 -1,419 4,702 5,074 875 2,543 1,657 373 1,683 3,344 — 1,661 May.. 2,320 2,962 -642 +147 -376 +632 -238 4,464 4,757 588 2,560 ,609 294 2,939 3,700 -762 June.. 4,404 4,296 +108 -53 -8 +1,007 +1,053 5,517 5,927 950 3,628 1,709 410 DETAILS OF TREASURY RECEIPTS On basis of daily statements of United States Treasury Onbasis of reports by collectors of internal revenue Income taxes Deduct Individual Corporation income F o i r s c m al o y n e th ar b p W y l h o e i y e t l e d m h r - s - Other i r n e n c M v t e e e e o l i r l n s u a n - u s - a e l S S t r a o e i x c c ty e i u a s - l c O e r i t p e h - t e s r 6 c T e r o i e p t - a ts l R t e a f o x u f e n s ds e S t m S a m e o x c p e c e u l n i o s r a t i y 8 l t - y c N e r i e e p - t ts W i h n e i c t l o d h m - e O ta t x h e e s r N s a u o a n r r n d t m d a p x a r l ofits E p o t r a x a t o n h c x f e d e i e t s r s s s t t a a g E a n x i s t f d e e - t s m l E a o ta a i x n t s n x h c e c d e e i o e s s r u l e - s Fiscal year: 1948 11,436 19,735 8,301 2,396 4,231 46,099 2,272 1,61642,211 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 1.69038,246 10,056 7,996 11,343 211 797 7,585 1950 10 07318 189 8 303 2 892 1,853 41 311 2 160 2,106 37,045 1949—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 1,763 116 201 12 52 660 June.. 817 2,709 714 351 184 4,776 149 222 4,404 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 a n o n t a i a n e d d n - a r c - l e t e r m V A r a a i t e d n i n t o - i - s s n ' - a t c A u g t u o i r r l d i e - - T c t o f r r a e t a u u c o r n n s - s t s ts - Other c N e r i e e p - t ts acc m v o I e e n u s n - t n - t t s s p tu E en r 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 i 4 - Fiscal year: 1948 4 33,791 11,500 5,211 4,143 6,317 782 44,178 4,661 3,918 2,210 1,64045,598 850 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 1950.. 40,167 12,367 5,750 4,646 6,044 3,044 1,383 6,932 4,293 1,028 3,114 2,376 -1,430 3,857 1949—June 4 4 656 1,210 1,570 524 517 161 19 r655 270 392 254 504 385 330 Tulv 3,434 1,033 322 478 489 64 413 '635 489 199 243 100 24 93 Aug. 3,585 1,165 125 421 518 327 330 r698 637 46 262 395 265 114 Sept 3,995 1,024 544 455 440 495 419 37 151 265 513 425 113 Oct 3,111 1,002 255 394 504 242 85 r628 172 -92 232 114 6 129 Nov 3,127 1,056 306 353 540 212 7 »-654 562 13 256 97 9 82 Dec 3,722 1,095 1,008 347 515 311 —26 ''472 48 77 277 68 -25 60 1950—Jan 3,323 1,046 463 294 509 314 45 291 -29 295 121 —424 568 Feb 2,496 r936 161 325 494 124 8 r448 568 85 267 116 -746 909 Mar 3,269 1,051 636 375 578 127 11 r491 262 47 311 158 -844 999 Apr 2,847 r964 184 344 499 217 69 '570 178 52 238 127 -327 421 M^ay 2,962 1,007 136 412 498 454 16 439 556 169 243 117 -73 186 June 4,296 987 1,611 446 459 158 8 627 493 309 225 451 279 184 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. JULY 1950 869 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 x Li i a n b t i e li r t a i g es e , n c o y th e it r e m th s an' Corporation or agency Total Cash L c a r e o b e i a l - v e n - s m C p s t a l i u o o i n e p e m d s d - s , i , - - U. I S m n . v . e e n s O ts t- ther L s t e u t a q a r r n u u n e d i c d s p - , , - O s a t e h s t - s er t B F g u a u u o r n a l e n d l r s d y - s d p , e a n b y o e a t n b e - l s e , l O i 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 t S r - - t - . o v in P w a e t r t s e n i e t - r e l - y d m ri a a t l e s - G s ri e o t c i v e u t s - . r s i e ti c e u s - 2 ment an b t y eed Other U.S. All agencies: June 30, 1949 22,232 51411,770 1,140 2,004 3,508 2,946 351 865 1,48719,682 172 Sept. 30, 1949 22,594 37911,720 1,596 2,069 3,501 2,933 396 856 1,07420,460 177 Dec. 31, 1949 23,733 441 12,733 1,549 2,047 3,492 2,962 509 772 1,720 21,030 183 Mar. 31, 1950 24,360 38713,350 1,567 2,221 3,488 2,932 414 708 2,07221,368 191 Classification by agency, Mar. 31, 1950 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 324 258 72 233 18 Federal intermediate credit banks 559 493 463 91 Production credit corporations 63 63 Agricultural Marketing Act Revolving Fund 2 1 2 Federal Farm Mortgage Corp 53 48 52 Rural Electrification Administration 1,400 1,357 () 1,400 F F C a e o d r m m e m r e a r o l s d ' C i H t r y o o p m C I r e n e s d A u i d t r a m C n i o c n e r i p s C o tr r o a a r t t p i i o o n n4 3,5 4 7 3 9 5 0 5 1, 4 9 2 8 1 8 1,414 68 1,32 2 6 7 2,2 48 4 2 7 8 5 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 740 320 395 320 75 173 Federal Savings and Loan Insurance Corp. 223 217 6 217 Home Owners' Loan Corp. 176 "l47 5 9 165 Public Housing Administration 5 1,662 309 1,310 20 1,642 Federal Housing Administration 294 19 209 1 15 137 141 Federal National Mortgage Association 991 986 11 981 Reconstruction Finance Corporation: Assets held for U. S. Treasury 6 786 2 125 605 786 Other 7 1,043 902 1 63 980 Export-Import Bank 2,214 2,200 101 2,113 Federal Deposit Insurance Corp 1,277 1,264 () 36 1,242 Federal Works Agency 164 () 89 66 5 159 Tennessee Valley Authority 877 18 838 13 864 All other8 7,410 1123,809 3,385 42 10 7,400 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Mar. 31, 1950 Purpose of loan M F C F a o e o r r d m r p . t . . b c m i F n r a a e e e t n t e d d d e k r i i . - s - t B f o t o a i p r v n e e k r c s a o s - -- C m C C r o o o e m r d d p i i - . t t y t R A r E t if i u d l o i e r m c n c a a - . l - A F H e a d o r r s m m m ' . e - H C O L e o o o w r m s r a n ' p n e - . P H A u i o d n b u m g l s i . c - b h F l a o o e n m a d k n . e s R s n C t t e a F i r o c n o u i r o - n c c p n e - . - B p p I E o a m o x r n r t - - t k - o A th l e l r a c g A i e e l n l s - a D g 1 e e c 9 a n . 4 l c l 9 3 i , e 1 s , To aid agriculture 56 493 262 2,118 1,358 554 (3) 10 4,851 4,362 To aid home owners 148 3 161 1,011 1,324 1,251 To aid industry: Railroads 110 3 113 114 Other 1 462 33 496 462 To aid financial institutions: Banks (3) 3 3 4 Other 320 8 328 442 Foreign loans 144 2,207 3,750 6,101 6,090 Other 307 85 100 492 484 Less: Reserve for losses 8 (3) 3 130 1 133 1 2 67 7 4 358 476 Total loans receivable (net).. . 48 493 258 1,988 1,357 421 147 309 320 904 2,200 4,905 13,350 12,733 1 Assets are shown on a net basis, i. e., after reserve for losses. 2 Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction and Development and its subscription of 2,750 million to the International Monetary Fund. 8 Less than $500,000. 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 Mar. 31, 1950. 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. 870 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Year or month Tota I ( n l p d h 1 u y 9 s s t 3 i r c 5 i a a - D 3 l l 9 u v f p M a r o r - = c l o a u t d u n m 1 u r u N 0 d e c e - 0 s ) u t o i * r n o - x - n M era in ls - To aw t 1 a C 9 a l r 2 o c d 3 n o e - s R n d d 2 t t t e i 5 e r r a u n s a ( l i c - c = v - t t a i s o l 1 u n o 0 e A t 0 h ) l 2 e l r N t a c u g u o r r l a n E - i- l - 1 m 9 p 39 lo y F = m a 1 c e t 0 n o 0 r t8 y 1 r F 9 p t o 1 o 3 a a l 0 9 l r c y s 0 y - - * = c 1 F a 9 i = r n r 3 e l g 1 5 o i 0 s g - a * 3 0 h d 9 t - 1 D 9 u m s = s ( e 3 e t v a p o e ) 5 1 l a * a e n r 0 - l e s - r t 3 0 ^ t 9 - 1 s p 9 u = C r 3 i m c o 1 5 e n e 0 - s - r 3 0 s 3 9 ' W p m = c r 1 s i o h o 9 a c 1 m o 2 d l e 0 e l 6 s i - 0 e t y 3 able able Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 88 6 103 7 103 9 120 83 123 8 138 6 1920 75 93 60 83 63 30 90 89.4 104.1 124 2 129 99 143 3 154 4 1921 58 53 57 66 56 44 65 79 7 79 7 80 2 110 92 127 7 97 6 1922 73 81 67 71 79 68 88 84.4 88 2 121 93 119 7 96 7 1923 88 103 72 98 84 81 86 92 9 100 9 109 1 142 104 121 9 100 6 1924 82 95 69 89 94 95 94 91.7 93 7 101 8 139 104 122 2 98 1 1925 90 107 76 92 122 124 120 94.1 97.0 107.3 146 109 125.4 103.5 1926 96 114 79 100 129 121 135 97.5 98 9 110 5 152 112 126 4 100 0 1927 95 107 83 100 129 117 139 98 0 96 7 108 5 147 113 124 0 95 4 1928 99 117 85 99 135 126 142 98 1 96 9 109 8 148 114 122 6 96 7 1929 110 132 93 107 117 87 142 102.5 103,1 117 1 152 116 122 5 95 3 1930 91 98 84 93 92 50 125 96.2 89.8 94.8 131 108 119.4 86.4 1931 75 67 79 80 63 37 84 87 1 75 8 71 8 105 96 108 7 73 o 1932 58 41 70 67 28 13 40 77.2 64 4 49 5 78 75 97 6 64 8 1933 69 54 79 76 25 11 37 77.5 71.3 53 1 82 73 92 4 65 9 1934 75 65 81 80 32 12 48 84 9 83 2 68 3 89 82 95 7 74 9 1935 87 83 90 86 37 21 50 88.5 88 7 78 6 92 88 98 1 80 0 1936 103 108 100 99 55 37 70 95.1 96 4 91 1 107 100 99 1 80 8 1937 113 122 106 112 59 41 74 101.4 105.8 108 9 111 107 102 7 86 3 1938 89 78 95 97 64 45 80 95.4 90 0 84 7 89 99 100 8 78 6 1939 109 109 109 106 72 60 81 100.0 100.0 100 0 101 106 99 4 77 1 1940 125 139 115 117 81 72 89 105 8 107 5 113 6 109 114 100 2 78 6 1941 162 201 142 125 122 89 149 119.4 132 8 164 9 130 133 105 2 87 3 1942 199 279 158 129 166 82 235 131.1 156 9 241 5 138 150 116 5 98 8 1943 239 360 176 132 68 40 92 138.8 183.3 331 1 137 168 123 6 103 1 1944 235 353 171 140 41 16 61 137.0 178.3 343.7 140 187 125.5 104.0 1945 203 274 166 137 68 26 102 132.3 157.0 293.5 135 207 128.4 105.8 1946 . ... 170 192 165 134 153 143 161 136.7 147 8 271 1 132 264 139 < 121 1 1947 187 220 172 149 157 142 169 143 2 156 2 326 9 143 286 159 2 152 1 1948 192 225 177 155 190 162 214 145.9 155.2 351 4 138 302 171 2 165 1 1949 176 202 168 135 211 192 226 142.0 141.6 325.3 116 286 169.1 155.0 1948 June 192 193 222 179 159 201 177 220 145.9 154.9 153.3 345.6 139 306 171.7 166.4 Tulv .... 186 187 219 169 153 205 187 219 146.3 155.8 153 5 346 5 138 312 173 7 168 8 August 191 194 223 177 159 201 177 220 146.7 155.6 156.3 360.1 142 308 174 5 169.8 September 192 197 225 178 156 193 165 216 146.8 155 6 158.9 366 8 139 308 174 5 168 9 October 195 199 231 179 158 184 157 206 146.8 155.3 157,6 366 7 140 310 173 6 165 4 November 195 195 229 178 161 189 154 217 146.6 154 5 155 = 9362 8 137 291 172 2 164 0 December 192 190 231 173 156 180 145 209 146.2 152.1 153.5 360.7 137 302 171.4 162.4 1949 January 191 187 227 175 149 174 133 207 144.9 149.3 148.9 345 9 131 295 170 9 160 6 February 189 185 225 173 149 169 123 207 144.1 147.6 147.4 340.4 126 284 169 0 158.1 March 184 181 223 168 136 175 130 212 143.4 145.6 145.3 332.8 120 279 169.5 158.4 April 179 177 212 162 148 177 141 206 142.8 143.4 141.8 319 2 127 293 169 7 156 9 May 174 174 201 161 145 181 159 199 142.1 140.8 138.2 312.8 124 291 169.2 155.7 June 169 170 194 161 133 195 176 210 141.6 139.9 138.4 315 7 115 285 169 6 154 5 July 161 163 185 154 123 209 200 217 141.0 138.9 136.9 312.8 110 280 168.5 153.5 August 170 174 193 165 129 229 228 230 141.5 139.6 141.1 323.0 117 283 168.8 152.9 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 180 177 207 180 118 263 260 266 139.5 140.2 139.9 '330.0 104 280 166.5 152.7 187 183 1-181 144 275 278 274 141.1 141 3 141 0r333 3 127 274 167 0 152 7 April 190 188 222 180 140 284 298 273 142.6 143.0 141.5 337.1 126 292 167.3 152.9 May J>193 2>193 P227 i>269 P299 P143.6PU6.1 e345.2 122 290 168.6 155.9 June "197 127 «295 * Average per working day. e Estimated. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 872- 875. For points in total index, by major groups, see p. 894. 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. 879. 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. 881-884. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984: or department store sales, June 1944, pp. 549-561. JULY 1950 871 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 May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May Industrial Production—Total. 174 169 161 170 174 166 173 179 183 180 187 190 193 Manufactures—Total 179 175 168 178 184 176 179 188 192 192 194 199 202 Durable Manufactures . .. 201 194 185 193 199 175 181 203 209 207 211 222 '227 Iron and Steel1 204 177 156 178 179 102 145 203 201 205 222 >225 Pig iron 209 189 158 170 171 23 107 198 201 175 175 219 222 Steel 218 182 162 191 193 38 137 239 244 238 243 270 273 Open hearth. 187 167 148 165 168 21 105 194 192 181 180 204 206 Electric 438 293 259 376 373 162 359 557 612 639 691 739 755 Machinery 232 225 217 216 224 226 217 227 229 '236 243 251 P256 Transportation Equipment, 220 240 249 246 252 238 206 211 242 '214 225 P248 Automobiles (including parts) 184 225 225 231 216 175 181 224 "•182 '189 204 P232 (Aircraft; Railroad Equipment; Shipbuilding — Private and Government)2. Nonferrous Metals and Products. 145 133 127 141 157 164 163 166 179 188 199 196 Smelting and refining 200 193 180 174 175 167 169 174 191 202 208 207 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 123 108 105 128 150 162 161 162 174 183 196 192 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products., 126 123 115 126 132 133 147 159 144 150 156 159 vl57 Lumber... 120 114 104 115 116 139 153 132 138 145 150 Furniture. 139 139 136 148 158 165 163 170 '166 173 176 175 P171 Stone, Clay, and Glass Products. 185 186 185 183 183 184 183 187 190 192 188 200 P202 Glass products 181 193 202 192 184 193 184 182 194 195 191 209 Glass containers 189 206 223 204 195 204 193 190 206 207 201 222 223 Cement 196 195 190 183 189 182 191 206 207 211 192 218 210 Clay products 157 152 140 145 146 146 147 150 158 '157 159 160 P158 Other stone and clay products 2. Nondurable Manufactures... 161 161 154 165 172 177 177 176 179 180 181 180 Textiles and Products. 123 126 140 155 169 175 173 178 179 173 174 P175 Textile fabrics 114 116 107 127 140 153 157 154 160 162 156 157 Cotton consumption.. 103 105 87 111 127 134 138 134 144 144 138 139 140 Rayon deliveries 214 217 238 259 294 318 340 350 355 357 350 -•348 343 Nylon and silk consumption 2. . . Wool textiles 118 109 134 139 161 158 151 154 159 152 154 Carpet wool consumption. . 163 127 91 141 148 178 186 193 215 215 210 222 Apparel wool consumption. 99 110 109 134 138 158 140 136 147 163 153 142 Wool and worsted yarn. 106 115 108 129 135 154 144 133 131 140 134 134 Woolen yarn 112 118 113 132 128 141 135 119 119 122 '116 119 Worsted yarn 98 111 102 126 145 174 158 153 148 165 161 156 Woolen and worsted cloth.. 116 126 118 136 140 163 166 159 156 156 146 149 Leather and Products 101 105 96 110 115 108 97 101 108 115 '116 110 vl07 Leather tanning 95 97 84 91 100 98 92 99 95 102 98 101 Cattle hide leathers 109 110 98 104 112 106 100 111 103 112 108 112 Calf and kip leathers 76 75 55 69 77 81 77 88 86 85 77 83 Goat and kid leathers... . 79 80 71 72 84 85 80 78 85 89 91 83 Sheep and lamb leathers. 69 79 70 78 87 93 86 76 80 91 »"82 97 Shoes 104 123 125 101 103 116 '128 P107 105 110 115 124 Manufactured Food Products. 161 166 167 160 160 161 166 164 P164 163 165 165 161 Wheat flour 112 109 110 110 105 111 105 Cane sugar meltings 2 105 120 111 112 Manufactured dairy products. 153 151 151 152 151 146 147 148 148 149 154 153 150 Butter 86 81 78 82 86 83 86 85 85 86 94 9L 85 Cheese 189 176 171 171 167 162 176 183 185 181 191 195 175 Canned and dried milk... 166 167 173 172 158 140 135 142 135 144 158 155 155 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. 872 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasoned Variation) [Index numbers of the Board of Governors. 1935-39 average =100] 1949 1950 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Manufactured Food Products—Continued Meat packing 137 141 150 153 158 155 154 157 154 151 160 157 144 Pork and lard 146 150 164 168 181 184 183 185 174 168 184 182 161 Beef 144 144 147 148 146 133 132 137 146 146 150 144 142 Veal 101 114 127 139 134 129 133 125 108 105 108 104 98 Lamb and mutton 58 68 77 80 83 85 81 86 85 77 76 74 71 Other manufactured foods 173 175 168 174 176 175 168 167 169 169 173 P174 Processed fruits and vegetables 156 173 139 151 137 149 134 132 142 136 152 149 P152 Confectionery 126 116 108 134 142 132 127 140 139 139 136 Other food products 185 185 185 187 191 189 183 181 181 183 184 184 P186 Alcoholic Beverages 174 169 165 172 174 167 187 173 169 158 174 168 171 Malt liquor 163 161 171 169 166 143 171 172 170 159 172 159 157 Whiskey 84 60 42 44 69 72 77 83 88 77 75 88 87 Other distilled spirits 285 277 200 292 182 194 149 228 259 214 214 280 363 Rectified liquors 270 267 246 257 314 369 390 240 205 204 268 242 235 Tobacco Products 170 172 146 178 175 165 169 149 162 162 176 161 168 Cigars 98 117 101 111 125 123 120 88 97 102 97 91 93 Cigarettes 236 233 196 242 231 217 226 205 224 222 248 224 237 Other tobacco products 71 69 61 78 76 72 67 66 69 67 72 67 63 Paper and Paper Products 144 143 129 155 169 176 177 167 179 178 179 181 180 Paper and pulp 139 138 126 148 160 168 168 160 171 171 172 '174 172 Pulp 165 159 147 171 179 192 191 180 198 201 198 204 199 Groundwood pulp 90 94 99 99 104 104 91 98 93 98 94 97 98 Soda pulp 97 80 87 99 102 112 113 107 118 117 113 121 119 Sulphate pulp , 273 275 256 302 315 340 336 312 354 360 350 365 362 Sulphite pulp 135 122 104 124 133 144 145 138 148 149 152 153 145 Paper 135 134 122 144 157 164 165 157 167 167 169 170 168 Paperboard •. 162 164 142 184 203 206 210 193 209 205 203 207 211 Fine paper 2 Printing paper 149 142 133 150 161 168 167 166 167 167 175 171 167 Tissue and absorbent paper.. . . 142 139 141 144 157 170 168 161 175 170 173 185 166 Wrapping paper 115 117 109 123 136 150 150 145 155 162 163 158 Newsprint 104 105 106 101 96 96 94 94 98 98 102 111 112 Paperboard containers (same as Paperboard) . Printing and Publishing 155 149 144 151 159 165 160 159 163 168 169 r169 166 Newsprint consumption.. . . 161 156 156 151 156 162 153 152 159 169 163 168 165 Printing paper (same as shown under Paper) Petroleum and Coal Products 207 202 198 203 208 198 205 219 211 205 r207 206 P213 Petroleum refining 2 Gasoline 177 177 178 177 179 180 177 180 176 174 173 171 P180 Fuel oil 166 154 159 168 180 182 182 190 192 187 178 172 P175 Lubricating oil 128 145 132 131 142 152 152 153 149 148 152 133 Kerosene ... 138 140 142 142 160 177 177 198 207 190 188 170 Other petroleum products 2 Coke 175 159 139 146 145 49 102 158 154 124 146 174 175 By-product coke 169 158 143 150 149 50 104 161 156 127 145 170 171 Beehive coke 385 202 18 33 23 7 23 58 76 21 181 P327 Chemical Products 234 233 228 229 236 240 243 245 248 247 247 252 P255 Paints 135 134 133 137 139 143 143 141 144 147 147 147 P146 Rayon 259 249 252 257 276 294 316 335 349 355 352 349 Industrial chemicals 406 404 392 388 405 414 417 422 419 »-424 »-428 434 P442 Other chemical products 2 . . Rubber Products 178 178 175 178 174 192 187 193 194 rfQt rfQ7 203 P212 Minerals—Total • 145 133 123 129 119 112 141 132 130 118 144 140 P143 Fuels 149 135 126 134 122 120 152 136 133 118 148 147 P147 Coal 136 99 83 102 58 49 130 95 91 43 141 131 125 Bituminous coal 144 104 80 108 60 31 133 103 96 38 149 143 131 Anthracite 105 78 93 82 50 118 117 63 69 65 108 83 99 Crude petroleum 155 153 147 149 154 156 163 157 154 155 152 155 P158 Metals 126 124 105 102 98 59 76 106 117 118 119 v97 P121 Metals other than gold and silver 176 175 144 140 133 63 91 141 160 161 159 v\2\ P162 (Copper; Lead; Zinc)2 Gold 55 52 51 48 50 52 54 55 57 58 62 Silver 68 62 56 52 54 57 63 64 60 63 72 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. JULY 1950 873 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average=100] 1949 1950 Industry May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar Apr. May Industrial Production—Total 174 170 163 174 178 169 174 178 179 177 183 188 P193 Manufacturers—Total *.. 179 176 169 181 188 179 180 186 189 188 191 197 P202 Durable Manufactures 202 195 186 194 200 176 181 201 206 204 210 221 P229 Iron and Steel * 204 177 156 178 179 102 145 201 203 201 205 222 P225 Pig iron 209 189 158 170 111 23 107 198 201 175 175 219 222 Steel 218 182 162 191 193 38 137 239 244 238 243 270 273 Open hearth 187 167 148 165 168 21 105 194 192 181 180 204 206 Electric 438 293 259 376 373 162 359 557 612 639 691 739 755 M achinery . ... 232 225 217 216 224 226 217. 227 229 r236 243 251 P256 Transportation Equipment. , 220 240 249 246 252 238 206 211 242 r210 225 P248 Automobiles (including parts) 184 211 225 225 231 216 175 181 224 182 189 204 P232 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)2 Nonferrous Metals and Products 145 133 127 141 157 164 164 166 179 188 199 196 P191 Smelting and refining 200 192 179 174 175 167 170 175 191 202 208 207 P205 (Copper smelting; Lead refining; Zinc smelting; Fabricating 123 108 105 128 150 162 161 162 174 183 196 192 P186 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products . . . . . .. 129 129 121 134 141 138 144 145 130 r138 147 158 P161 Lumber 124 124 113 126 132 125 134 132 111 119 133 150 P155 Furniture . 139 139 136 148 158 165 163 170 166 173 176 175 Pill Stone Clay and Glass Products 190 188 187 190 191 193 188 181 179 179 r179 197 P207 Glass products . • 190 191 196 197 188 197 186 111 191 191 191 209 P22Q Glass containers 202 204 214 212 199 210 195 171 202 201 201 222 238 Cement 206 209 209 207 219 211 206 187 168 160 157 207 221 Clay products . . .. . . . 156 151 140 149 151 154 153 154 147 150 152 155 P158 Nondurable Manufactures ... 160 161 156 170 178 181 178 175 175 176 177 178 nm Textiles and Products. 123 126 120 140 155 169 175 173 178 179 173 174 P175 Textile fabrics 114 116 107 127 140 153 157 154 160 162 156 157 Cotton consumption 103 105 87 111 127 134 138- 134 144 144 138 139 140 Rayon deliveries . . 214 217 238 259 294 318 340 350 355 357 350 '348 343 Nylon and silk consumption 2 Wool textiles 118 120 109 134 139 161 158 151 154 159 152 154 Carpet wool consumption 163 127 91 141 148 178 186 193 215 215 210 222 Apparel wool consumption 99 110 109 134 138 158 140 136 147 163 153 142 Woolen and worsted yarn 106 115 108 129 135 154 144 133 131 140 134 134 Woolen yarn 112 118 113 132 128 141 135 119 119 122 116 119 Worsted yarn 98 111 102 126 145 174 158 153 148 165 161 156 Woolen and worsted cloth 116 126 118 136 140 163 166 159 156 156 146 149 Leather and Products 101 104 94 110 114 108 98 101 108 118 115 110 P106 Leather tanning . . 95 95 80 90 98 99 95 99 96 109 97 101 Cattle hide leathers 109 105 92 101 110 107 105 111 105 120 108 112 Calf and kip leathers . .. . .. 73 76 55 72 76 83 78 86 84 89 75 80 Goat and kid leathers 78 81 70 70 84 85 77 79 85 92 90 86 Sheep and lamb leathers . . 75 78 65 81 86 93 91 72 74 100 79 95 Shoes 105 110 104 123 125 115 101 103 116 124 128 115 P101 Manufactured Food Products . . .... 156 165 172 189 190 177 162 156 149 r146 148 150 P157 Wheat flour 101 115 111 108 120 118 111 104 114 113 109 101 Cane sugar meltings 2 Manufactured dairy products 203 223 222 197 159 121 97 96 95 107 128 159 199 Butter 111 112 96 90 83 72 65 67 71 76 85 r93 109 Cheese. 253 250 210 191 171 146 132 132 137 149 172 203 235 Canned and dried milk 230 230 201 177 146 113 97 109 109 129 155 175 215 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. 874 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar Apr. May Manufactured Food Products—Continued Meat packing 138 139 140 134 145 155 172 186 183 144 148 145 144 Pork and lard 146 150 144 129 143 173 214 244 229 165 171 166 161 Beef ... 144 142 149 149 158 145 137 137 149 135 137 136 142 Veal 105 114 127 136 148 147 142 118 100 92 101 102 102 Lamb and mutton 59 63 74 78 89 88 81 84 90 78 74 72 73 Other P r m oc a e n s u s f e a d c t f u ru re it d s f a o n o d d s v egetables 4 1 1 0 5 2 7 1 1 3 6 3 5 1 1 8 7 1 6 2 2 8 0 7 3 2 26 0 7 7 1 1 9 9 3 4 1 1 7 2 5 3 1 10 6 3 5 1 9 5 2 5 1 8 5 6 4 154 P1 9 5 1 3 P99 Confectionery 97 86 89 144 184 172 150 141 143 140 126 Other food products 181 187 189 191 195 198 193 184 173 174 177 176 n 82 Alcoholic Beverages. . .... 182 190 188 179 179 180 171 151 143 142 162 166 176 Malt liquor 186 203 213 192 168 133 132 138 139 144 160 167 179 Whiskey 84 60 42 44 69 72 77 83 88 77 75 88 87 Other distilled spirits . ... 171 172 116 158 249 503 312 250 168 128 139 168 218 Rectified liquors 270 267 246 257 314 369 390 240 205 204 268 242 235 Tobacco Products.... 170 179 152 184 185 171 172 138 162 154 167 152 168 Cigars 98 117 101 111 125 123 120 88 97 102 97 91 93 Cigarettes 236 245 206 254 247 225 231 188 224 209 230 209 237 Other tobacco products 71 71 61 75 84 77 69 58 68 65 72 67 64 Paper and Paper Products 144 143 128 155 169 176 177 167 178 179 179 182 181 Paper and pulp 139 138 125 148 160 168 168 160 171 172 173 175 173 pulp . 166 159 145 169 177 191 191 180 198 201 199 205 201 Groundwood pulp ... 98 95 88 87 93 97 97 99 97 102 101 107 106 Soda pulp 97 80 87 99 102 112 113 107 118 117 113 121 119 Sulphate pulp 273 275 256 302 315 340 336 312 354 360 350 365 362 Sulphite pulp 135 122 104 124 133 144 145 138 148 149 152 153 145 Paper 135 135 122 144 157 164 165 157 166 168 169 170 168 Paper board . ... 162 164 142 184 203 206 210 193 209 205 203 207 211 Fine paper 2 Printing paper 149 142 133 150 161 168 167 166 167 167 175 171 167 Tissue and absorbent paper 142 141 136 144 157 172 168 156 173 177 173 187 166 Wrapping paper 115 117 109 123 136 150 150 145 155 162 163 160 158 News print 105 106 104 100 96 96 95 92 98 98 102 113 113 Paperboard containers (same as Paperboard) Printing and Publishing . • 158 148 133 143 159 169 167 162 157 166 172 r!74 169 Newsprint consumption 168 155 134 136 157 171 167 159 147 166 170 178 172 Printing paper (same as shown under Paper) . . . Petroleum and Coal Products . . . . . 207 202 198 203 208 198 205 219 211 205 r-207 206 "» Petroleum refining2 . Gasoline 177 177 178 177 179 180 177 180 176 174 173 171 Fuel oil 166 154 159 168 180 182 182 190 192 187 178 172 P175 Lubricating oil 133 145 131 129 142 152 152 151 145 146 150 139 Kerosene 140 132 132 136 159 177 182 204 212 199 192 174 Other petroleum products 2 Coke 175 159 139 146 145 49 102 158 154 124 146 174 175 By-product coke 169 158 143 150 149 50 104 161 156 127 145 170 171 Beehive coke 385 202 18 33 23 7 23 58 76 21 181 T-320 327 Chemical Products... 233 230 225 226 238 245 247 249 249 250 250 253 P254 Paints . .. 139 138 132 135 138 143 141 141 141 146 147 148 P150 Rayon 259 249 252 257 276 294 316 335 349 355 352 349 ^348 Industrial chemicals ... 406 404 392 388 405 414 417 422 419 '424 434 P442 Other chemical products 2 Rubber Products . ....... 178 178 175 178 174 192 187 193 194 r195 '197 203 V212 Minerals—Total . 148 137 128 134 123 112 141 128 125 113 139 138 Pi 45 Fuels 149 135 126 134 122 120 152 136 133 118 148 147 P147 Coal 136 99 83 102 58 49 130 95 91 43 141 131 M25 Bituminous coal 144 104 80 108 60 31 133 103 96 38 149 143 131 Anthracite . .... ... 105 78 93 82 50 118 117 63 69 65 108 83 99 Crude petroleum 155 153 147 149 154 156 163 157 154 155 152 155 P158 Metals 142 150 140 135 128 63 76 81 80 81 83 P86 P137 Metals other than gold and silver 207 222 204 196 179 64 87 98 98 100 101 P105 P194 Iron ore 302 340 324 305 267 18 54 72 71 64 63 79 P267 (Copper; Lead; Zinc)2. Gold 48 49 50 53 57 61 62 57 54 52 55 Silver . .... 68 60 55 51 55 57 64 64 61 65 74 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. JULY 1950 875 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total 11,535 11,459 11,378 11,439 11,578 11,188 11,180 11,390 11,482 11,482 11,572 11,718 Durable goods 6,092 6,041 5,978 5,985 6,046 5,620 5,690 5,906 5,988 '5,968 '6,047 6,190 6,42] Primary metal industries 1,001 976 948 937 938 556 739 946 958 '973 '977 1,007 1,034 Fabricated metal products 690 686 688 698 708 674 663 678 686 ••691 '70: 717 74: Machinery except electrical. 1,009 972 948 936 940 927 913 924 932 '955 '976 997 l,00< Electrical machinery , 543 521 521 517 534 543 538 551 555 '56 '574 595 612 Transportation equipment 958 998 1,014 1,012 1,010 983 898 890 978 87: '879 89: 1,00c Lumber and wood products 67 679 669 669 67 686 69: 685 65: '665 '684 700 72c Furniture and fixtures 264 261 261 266 276 280 279 285 286 294 298 305 30( Stone, clay, and glass products. , 416 407 406 410 41 409 409 410 405 410 410 420 43( Instruments and related products 178 178 176 170 171 17: 17: 170 172 170 171 174 Miscellaneous manufacturing industries 340 34: 328 352 36. 372 370 350 34 354 358 365 36* Ordnance and accessories 21 21 19 18 18 18 1 1 17 17 18 18 U Nondurable goods 5,443 5,418 5,400 5,45. 5,53: 5,568 5,490 5,484 5,494 '5,514 '5,525 5,528 5,54< T A e p x p t a il r e e - l m a i n ll d p o ro th d e u r c t f s inished tex- 1,092 1,083 1,096 1,114 1,143 1,168 1,172 1,169 1,165 1,166 '1,166 1,166 tiles 1,001 999 992 1,030 1,061 1,051 1,023 1,020 1,02: 1,034 1,027 1,023 1,014 Leather and leather products. . 344 348 349 354 352 34 330 340 345 350 350 341 344 Food and kindred products.... 1,189 1,186 1,175 1,165 1,17. 1,180 1,149 1,145 1,160 1,157 1,167 1,171 1,183 Tobacco manufactures 88 89 88 88 8 84 84 85 85 81 80 80 81 Paper and allied products 376 373 374 375 386 390 389 384 381 382 385 391 39 = Printing, publishing and allied industries 496 496 492 491 49 495 495 494 491 493 497 499 504 Chemicals and allied products. 481 473 467 470 480 483 478 477 473 '478 '480 488 487 Products of petroleum and coal 188 18' 185 18. 186 185 188 18 18' 186 185 179 17S Rubber products 188 184 182 18: 167 185 182 183 185 187 '188 190 195 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 11,324 11,33! 11,211 11,561 11,775 11,368 11,289 11,504 11,449 11,460 11,551 11,59: 11,755 Durable goods 6,057 6,022 5,894 5,947 6,060 5,651 5,719 5,961 6,000 '5,982 '6,071 6,191 6,384 Primary Metal Industries 991 97. 934 93, 938 559 743 955 963 '98, 1,007 1,024 Blast furnaces, steel works and rolling mills 534 523 506 498 499 131 325 507 511 512 '506 522 Nonferrous smelting and refining, primary 45 45 42 41 42 39 38 41 43 45 46 46 Nonferrous rolling, drawing and alloying 67 64 62 64 67 70 63 73 74 75 77 77 Fabricated Metal Products 683 679 671 688 708 677 666 688 693 '698 '709 721 735 Cutlery, hand tools and hardware 117 114 109 111 114 116 116 119 121 124 128 129 Heating apparatus and plumbers' supplies 97 94 92 100 110 116 113 111 108 112 114 118 Fabricated structural metal products 156 156 155 155 156 129 134 142 141 141 143 146 Machinery except Electrical 1,014 977 939 927 935 922 908 929 937 '960 r981 1,002 1,014 Agricultural machinery and tractors 148 145 140 140 140 128 125 131 133 137 139 142 Metalworking machinery.. . 161 156 150 147 149 148 146 146 147 149 152 156 Special-industry machinery 135 129 124 123 122 119 117 117 117 118 121 Service-industry and household machines 108 105 99 98 102 108 109 119 124 133 138 144 Electrical Machinery 538 518 505 507 531 548 546 559 561 '573 '580 595 606 Electrical apparatus (generating, etc.) 209 200 196 197 201 203 202 208 208 211 212 217 Communication equipment. 185 181 176 173 182 193 200 201 203 207 211 217 Transportation Equipment 955 995 1,014 998 1,017 986 898 896 978 872 '879 895 1,000 Motor vehicles and equipment 601 646 670 678 686 666 582 585 675 567 '576 591 Aircraft and parts 187 187 192 185 191 188 184 184 184 184 184 185 Ship and boat building and repairing 92 86 80 74 69 71 69 66 '68 67 67 Lumber and Wood Products 672 686 676 686 684 689 692 682 642 '652 '677 693 723 Sawmills and planing mills.. 399 410 407 415 416 414 413 404 381 '386 '401 413 Millwork, plywood, etc 92 94 92 95 95 98 101 102 102 101 102 105 Furniture and Fixtures 259 257 253 263 277 284 283 289 289 297 301 303 300 Household furniture 183 181 179 187 199 206 207 211 212 218 221 222 Stone, Clay, and Glass Products.. 414 409 400 412 414 411 411 412 403 408 410 420 428 Glass and glass products. . i 106 105 101 107 107 108 108 107 106 108 109 113 Structural clay products.... 73 73 72 72 72 71 70 71 69 68 69 69 Instruments and Related Products. 177 176 170 169 172 174 174 173 172 171 172 174 175 Miscellaneous Manufacturing Industries 333 333 313 347 366 383 381 361 345 356 362 363 361 Ordnance and Accessories. 21 21 19 18 18 18 17 17 17 17 18 18 18 r Revised. NOTE.—Factory employment covers production and related workers only; data shown in elude all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of th e month. > Figures for May 1950 are preliminary. Back data and data for industries not shown, w ithout seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Back data, seasonally adjusted, for groups and the total m ay be obtained from the Division of Research and Statistics. 876 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 May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May Nondurable goods 5,267 5,315 5,317 5,614 5,715 5,717 5,570 5,543 5,449 5,478 -•5,480 5,401 5,371 Textile-mill Products 1,087 1,083 1,058 1,092 1,132 1,168 1,184 1,187 1,177 rl, 183 '1,183 1,172 1,160 Yarn and thread mills 133 132 127 133 140 144 147 149 149 149 149 145 Broad-woven fabric mills 526 525 518 530 547 565 572 574 568 '571 ••574 573 Knitting mills. 202 203 200 211 219 227 230 227 223 223 221 218 Apparel and Other Finished Textiles 956 959 942 1,040 1,082 1,083 1,028 1,040 1,032 1,065 1,058 1,003 968 Men's and boys' suits, coats and overcoats . 118 122 116 131 133 129 118 127 130 135 135 132 Men's and boys' furnishings 239 236 221 235 246 252 251 247 241 244 245 241 Women's and misses' outerwear 257 258 263 306 319 308 280 296 302 '315 305 271 Leather and Leather Products 332 339 342 356 354 349 332 343 348 357 357 341 332 Footwear (except rubber) 216 223 226 234 230 224 208 224 231 235 235 222 Food and Kindred Products 1,095 1,153 1,224 1,350 1,340 1,273 1,185 1,139 1,078 "1,055 1,060 1,065 1,090 Meat products 221 226 227 229 230 236 242 251 244 232 229 224 Dairy products 115 122 122 116 110 104 99 96 95 97 99 103 Canning and preserving 131 169 220 339 322 232 160 136 117 110 110 121 Bakery products 188 192 191 194 196 199 195 190 186 188 189 190 Beverage industries 148 152 169 165 157 149 146 141 135 134 139 141 Tobacco Manufactures 82 84 82 91 94 92 89 87 85 81 78 76 75 Paper and Allied Products 372 369 365 371 384 392 393 390 385 386 389 391 Pulp, paper and paperboard mills 194 192 188 191 197 200 201 200 199 '200 200 201 Printing, Publishing and Allied Industries. . . . 494 494 485 486 495 500 500 501 493 495 497 497 501 Newspapers 141 142 141 141 144 144 145 145 142 '145 147 148 Commercial printing 162 164 162 161 162 166 165 168 167 165 165 165 Chemicals and Allied Products. 476 464 453 458 478 488 485 484 480 r485 *487 490 482 Industrial inorganic chemicals 53 52 51 50 50 52 51 51 50 52 52 53 Industrial organic chemicals 142 139 136 135 140 141 143 144 144 144 145 146 Drugs and medicines 60 60 59 60 61 62 62 62 62 59 58 61 Products of Petroleum and Coal 188 189 189 190 189 185 188 185 184 183 182 176 178 Petroleum refining 149 150 150 150 149 148 148 146 145 144 143 136 Rubber Products 185 181 177 180 167 187 186 187 187 '188 190 194 Tires and inner tubes. 87 86 81 64 81 81 82 83 '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 May Mar. Apr. May May Mar. Apr. May May Mar. Apr. May Manufacturing—Total 54.08 '56.49 56.93 57.50 38.6 39.7 39.7 39.9 1.401 1.423 1.434 1.441 Durable goods 57.21 '59.74 61.12 61.44 39.0 40.2 40.8 40.8 1.467 1.486 1.498 1.506 Primary metal industries 60.08 '62.36 65.04 65.37 38.0 38.9 40.4 40.5 1.581 1.603 1.610 1.614 Fabricated metal products 56.67 '59.60 60.63 60.52 39.0 -•40.3 40.8 40.7 1.453 1.479 1.486 1.487 Machinery except electrical 59.70 63.34 64.33 64.77 39.2 40.6 41.0 41.1 1.523 1.560 1.569 1.576 Electrical machinery 55.99 '•58.75 59.16 59.45 38.8 40.6 40.8 40.8 1.443 1.447 1.450 1.457 Transportation equipment 63.03 '67.38 70.50 68.91 38.2 40.2 41.4 40.8 1.650 1.676 1.703 1.689 Lumber and wood products 52.94 '52.03 53.32 55.24 41.1 40.3 40.7 41.1 1.288 1.291 1.310 1.344 Furniture and fixtures 47.59 '52.42 51.79 50.84 38.5 41.8 41.3 40.8 1.236 1.254 1.254 1.246 Stone, clay, and glass products 53.90 '55.60 56.42 57.31 39.6 >-40.0 40.3 40.7 1.361 1.390 1.400 1.408 Instruments and related products 54.83 '57.24 57.14 57.77 39.5 40.0 39.9 40.2 1.388 1.431 1.432 1.437 Miscellaneous manufacturing industries. 48.83 '51.78 51.82 52.85 39.0 '40.2.- 40.2 40.5 1.252 1.288 1.289 1.305 Ordnance and accessories 59.32 61.31 61.43 62.18 40.3 40.6 40.6 41.1 1.472 1.510 1.513 1.513 Nondurable goods 50.41 '53.04 52.17 52.90 38.1 39.2 38.5 38.9 1.323 1.353 1.355 1.360 Textile-mill products 41.91 '47.43 45.51 45.59 35.4 39.2 37.8 37.9 1.184 1.210 1.204 1.203 Apparel and other finished products.... 39.94 '43.58 40.83 41.64 35.5 36.5 35.2 35.9 1.125 1.194 1.160 1.160 Leather and leather products 40.05 '44.00 41.92 41.62 35.1 '•37.8 35.8 35.3 1.141 1.164 1.171 1.179 Food and kindred products 53.44 '54.38 54.10 55.29 41.3 40.7 40.4 41.2 1.294 1.336 1.339 1.342 Tobacco manufactures 36.27 '39.45 38.70 40.08 35.7 36.6 35.5 36.8 1.016 1.078 1.090 1.089 Paper and allied products 53.73 r58.ll 58.16 57.95 40.4 42.6 42.3 42.3 1.330 1.364 1.375 1.370 Printing, publishing and allied industries 70.40 '72.18 72.22 72.26 38.7 38.6 38.6 38.6 1.819 1.870 1.871 1.872 Chemicals and allied products 58.20 '60.17 60.65 61.39 40.7 41.1 41.2 41.2 1.430 •1.464 1.472 1.490 Products of petroleum and coal 72.12 71.66 73.85 72.30 40.7 39.7 40.8 40.3 1.772 1.805 1.810 1.794 Rubber products 57.08 '59.66 61.76 64.13 37.7 39.3 40.0 40.9 1.514 1.518 1.544 1.568 ' Revised. NOTE.—Data are for production and related workers, Figures for May 1950 are preliminary. Back data are available from the Bureau of Labor Statistics. JULY 1950 877 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 Governorsl [Thousands of persons] Transporta- Federal. Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b f 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 7.322 401 3,786 6.049 1944 41.480 17,111 883 1,094 3,798 7.399 I 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 I 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—May 43,027 14,095 975 2.116 4 024 9 475 I 754 4,804 5 784 June 42.896 14,007 965 2.100 4,003 9 456 I 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 L78Q 4,785 5 872 October 42,163 13,706 591 2,203 3,877 9,386 L',785 4,770 5,845 November 42.38S 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 '42,246 r14,02t '604 '2,091 3,874 '9,323 1,786 4,768 5,779 March r42,729 '14,128 '925 '2,091 3,906 '9,334 1,790 '4,779 5,776 April 43,201 14,289 920. 2,151 3,948 9,418 1,794 4,780 5,901 May 43,482 14,546 914 2,221 3,891 9,450 1,805 4,786 5,869 UNADJUSTED 1949—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 L,78O 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 '•41,661 '13,997 '595 '1,861 3,841 '9,152 1,777 4,696 5,742 March r42,261 '"14,101 T-919 '1,903 3,873 '9,199 L.790 '4,707 5,769 April 42,856 14,153 917 2,065 3,928 9,332 1,803 4,756 5,902 May 43,186 14,324 913 2,243 3,888 9,318 1,814 4,786 5,900 ' 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. May 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 s o t t i a tu l ti n o o n n a - l T la o b t o a r l Employed l Not in t he population force Total Unem- labor force Total In nonagricul- In ployed tural industries agriculture 1942 102,460 60,230 56,410 53,750 44,500 9 250 2 660 42,230 1943 103 510 64,410 55,540 54,470 45 390 9 080 1 070 39 100 1944.. . . 104,480 65,890 54,630 53,960 45,010 8 950 670 38 590 1945 105,370 65,140 53,860 52,820 44,240 8.580 1 040 40,230 1946 106,370 60,820 57,520 55,250 46,930 8 320 2.270 45,550 1947 107,458 61,608 60,168 58,027 49 761 8 266 2 142 45 850 1948 108,482 62,748 61,442 59,378 51,405 7 973 2 064 45,733 1949 109,623 63,571 62,105 58,710 50,684 8.026 3,395 46,051 1949—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 May 110,608 64,108 62,788 59,731 51,669 8,062 3,057 46,500 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Details do not necessarily add to group totals. Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 878 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] Month Total R b es u i i d ld e i n n t g ial Factories Com N m on e r r e c s i i a d l ential E b d u u i c ld a i t n io g nal Other P a u n b u d l t i i c l p i t u w ie b o s l r ic ks 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 1,350.5 307.2 674.8 43.8 119.2 92.0 106.8 68.4 97.0 112.2 125.6 222.4 227.0 May 885.4 1,347.6 351.3 674.6 51.5 83.7 68.5 96.4 76.0 100.2 124.6 128.3 213.5 264.5 June ;. . 949.9 375.0 45.4 70.9 81.4 138.3 239.0 July 947.8 344.8 41.5 73.4 91.2 144.2 252.7 August 911.0 398.7 41.1 64.4 72.9 99.6 234.3 September 1,071.7 503.5 38.0 103 9 78 6 124.5 223.1 October 1,061.8 500.7 48.9 82.8 83.6 141 8 204.0 November 957.8 435.2 35.9 58.6 62.3 109.3 256.4 December 929.0 419.1 64.8 60 7 66 9 110-8 206.8 Year ... 10,359.3 4,239.4 558.6 885.0 824.4 1,375.9 2,476 0 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation Value of contracts in millions of dollars] [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership Month 1948 1949 1950 1948 1949 1950 1948 1949 1950 1950 1949 Federal Reserve district January... 615 483 731 197 160 201 419 323 530 February.. 682 568 780 248 252 285 434 317 495 May Apr. May 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 71,632 87,968 52,468 June 935 950 338 375 597 574 New York 237,676 258,789 173,954 July....... 963 948 335 410 628 537 Philadelphia 57,904 90,450 54,188 August.... 854 911 276 316 579 595 Cleveland 137,553 147,334 95,247 O Se c p to te b m er b . e .. r . . 7 7 6 7 2 9 1 1 , , 0 0 7 6 2 2 2 26 5 2 9 3 2 3 8 2 9 5 51 0 7 3 7 73 8 0 3 A Ri t c la h n m ta ond 1 16 2 3 9 , , 4 8 4 5 5 7 1 10 4 7 9 , , 8 0 0 0 5 9 1 7 0 6 5 , ,2 9 0 3 7 4 N D o ec v e e m m b b e e r r . . . 6 6 1 9 1 4 9 92 5 9 8 2 1 7 9 8 9 3 29 1 9 6 4 4 1 1 3 6 6 6 4 3 2 0 S C M t h . i i n c L n a o e g u a o i p s olis 2 5 5 8 1 4 9 , , , 7 1 8 6 4 1 6 9 6 2 4 3 7 7 6 8 , , , 9 6 3 5 6 8 2 6 4 1 3 5 4 2 1 2 , , , 4 8 1 2 0 4 3 9 0 Year 9,430 10,359 3,107 3,718 6,3236,641 Kansas City . . . 54,001 46,948 47,273 Dallas 99,804 99,191 53,776 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Total (11 districts) 1,347,603 1,350,496 885,419 [In millions of dollars] Title Iloans Mortgages on Year or month Total m p P e r i r e o m r o n t v y p - t e - * - s S h c t t o m r i o o u m n a n c - l e - l 1 h f ( a - o T m I t u D i o s t i l l e e 4 y s - h R g ( o T a r e I u o n D n i s t d u t i l a n p e l g W h e ( o V V a T r u a r I e i s n ) t a t i 2 l - s n e n ' 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 E o 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 Sav- 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 2 3 5 4 1 1 1 , , 1 1 9 8 6 7 3 7 3 6 2 7 5 5 6 2 1 1 1 4 8 1 4 7 9 4 7 1 1 2 1 1 5 1 8 6 2 2 2 7 1 1 4 9 7 6 9 5 1 13 6 4 2 6 5 2 3 7 0 8 1 7 2 3 3 4 End of month Total b C m a c o i n e a m r k l - s - b M s i t a n u a n g v u a k s l - - s a a l i s a t o n s i n a o g o d n c s n i s - p I c a n a o n n s m c u i e e - r s - a c F e g i e e r e a d s n l - x - Other2 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 4 3,821 594 13 1,855 7 1,339 1937—Dec. 771 430 27 110 118 32 53 1949—May 279 35 1 130 113 1938—Dec 1,199 634 38 149 212 77 90 June 382 49 151 181 1939—Dec 1,793 902 71 192 342 153 133 J A O S u e c u l p t y g o t u e b s m e t r ber.. 3 3 3 3 1 8 0 5 7 3 9 6 4 5 6 6 0 5 0 5 3 2 2 1 1 1 1 1 7 4 8 6 2 3 8 3 1 1 1 8 2 3 2 4 6 4 8 1 1 1 1 9 9 9 9 4 4 4 4 0 2 1 3 — — — — D D D D e e e e c c c c . .. 3 2 3 3 , , , , 1 4 6 6 0 0 2 2 7 9 6 0 1 1 1 1 , , , , 1 4 7 6 6 6 0 6 2 5 5 9 2 2 1 1 5 3 3 8 6 6 0 6 2 2 2 2 9 7 2 5 2 6 4 4 1 1 , , 1 0 5 7 3 3 4 8 2 4 2 9 2 2 2 4 3 0 7 5 4 1 9 1 1 1 1 5 7 5 6 0 9 9 3 November. . 4 323 58 189 67 1944—Dec 3,399 1,590 260 269 1,072 68 140 December. . 4 371 71 206 90 1945—June 3,324 1,570 265 264 1,047 43 134 1950—January 4 337 57 228 51 Dec 3,156 1,506 263 253 1,000 13 122 February... 4329 44 203 73 March * 353 44 209 (3) 88 1946—June 3,102 1,488 260 247 974 11 122 April 4 329 27 171 122 2,946 1,429 252 233 917 9 106 May 4351 48 176 1 110 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 connection 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 re a s c c r o e u p n re t s o e f n t p r g i r n o c s i s p a in l s r u e r p a a n y c m e e w n r t i s t t o e n n p d r u e r v i i n o g u s t l h y e in p s e u ri r o e d d Un 2 i t 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 ie ti s o , n f . inance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions , private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. JULY 1950 879 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports * Merchandise imports 2 Excess of exports Month 1946 1947 1948 1949 1950 1946 1947 1948 1949 1950 1946 1947 1948 1949 1950 January 798 L ,114 L,092 1,104 P746 394 531 547 590 P623 405 583 545 515 P123 February 670 ,146 1,085 L,043 318 437 589 567 P600 352 709 496 477 P173 March 815 1,326 1,139 1,177 385 445 675 633 P664 431 882 464 544 P203 757 1,294 L,121 L,166 2>809 406 512 532 535 P583 351 782 590 631 J»226 May 851 1,414 1,103 1,092 ^825 393 474 554 541 457 940 549 552 June 878 1,235 .014 p .105 382 463 625 *>526 496 772 389 P579 July 826 1,155 1*019 P899 431 450 564 *»456 395 705 456 P442 August 883 1,145 992 P880 422 400 606 P491 461 745 386 P389 September.... 643 1,112 926 P906 377 473 560 P531 266 639 365 P375 October 537 L 235 1,023 P853 394 492 600 »557 142 743 423 i»296 November 986 1,141 823 P837 478 455 554 P593 508 687 269 P244 December 1,097 1,114 1,318 P944 529 603 720 P605 567 511 598 P339 Jan.-May 3,891 5,294 5,539 5,583 ^4,021 1,895 2,398 2,895 2,864 P3 ,130 1,996 3,896 2,643 2,718 P891 p Preliminary. 1 Including both domestic and foreign merchandise. Beginning January 1948, recorded exports include shipments under the Army Civilian Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.9 million dollars. 2 General imports including merchandise entered for immediate consumption and that entered for storage, in bonded warehouses. Source.—Department of Commerce. Back figures—See BULLETIN for March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers, 1935-39 average = 100] RAILROADS For- Mis- Mer- [In millions of dollars] Total Coal CokeGrain s L t i o v c e k - p e 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.l. r o r e p a T v i e e o l r w n t a a u t a i l e y n s g e r x a T p i o l e w t n a a s l e y s o r i p a n N i e c l r o w e a m t t a i y e ng i # n N co e m t e 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 1941.... 130 123 168 112 91 139 183 136 100 Annual 1942 138 135 181 120 104 155 206 146 69 1939 3,995 3,406 589 93 1943 . . . 137 138 186 146 117 141 192 145 63 1940 4,297 3,614 682 189 1944 140 143 185 139 124 143 180 147 67 1941 5,347 4,348 998 500 1945 135 134 172 151 125 129 169 142 69 1942 , 7,466 5,982 1,485 902 1946 132 130 146 138 129 143 136 139 78 1943 9,055 7,695 1,360 873 1947 143 147 182 150 107 153 181 148 75 1944 9,437 8,331 1,106 667 1948 138 141 184 136 88 149 184 146 68 1945....... 8,902 8,047 852 450 1949 116 100 145 142 77 123 151 127 57 1946....... 7,628 7,009 620 287 1947 8,685 7,904 781 479 SEASONALLY 1948 9,672 8,670 1,002 699 ADJUSTED 1949 P8,580 P7.893 P687 P438 1949_April 127 129 188 138 76 119 215 132 59 May 124 130 173 150 73 123 215 126 59 SEASONALLY June 115 98 150 156 70 122 182 122 58 ADJUSTED July 110 79 118 177 70 117 177 120 55 August 117 103 123 138 77 125 160 127 57 1949—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 November. .. 117 131 96 152 75 137 42 119 54 July 701 650 51 19 December. . . 115 97 148 131 72 134 146 127 52 August 697 659 38 5 September. 685 633 52 19 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 JVTay . 122 119 181 127 66 134 121 133 51 1950—January.... 689 629 60 29 February.. 638 606 32 1 UNADJUSTED March. 723 655 67 36 1949—April 125 129 184 121 68 119 228 130 60 April , 730 667 63 2>32 May 125 130 171 132 66 128 267 127 59 June . .. 119 98 147 159 54 127 282 126 57 UNADJUSTED July 115 79 115 212 60 117 284 121 55 August 120 103 119 149 73 131 240 128 57 1949—April 747 r683 64 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 May . . 125 119 179 112 59 139 217 135 51 1950—January 657 624 33 11 February.., 585 570 15 -9 March 743 668 76 51 NOTE.—For description and back data, see BULLETIN for June 1941, pp. April 714 652 62 P38 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. 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. 880 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average =100] Federal Reserve district Year or month United States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t n - ta c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - 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—May 291 243 ?236 271 295 ••317 '377 275 335 273 309 '385 '341 June 285 242 236 269 281 311 368 262 314 266 309 385 335 July 280 227 222 261 274 326 377 258 325 261 304 387 329 August .. ... 283 234 234 268 269 304 360 275 326 269 299 374 333 September 289 241 238 277 279 306 367 283 332 276 312 374 326 October 276 211 223 260 259 295 376 258 309 278 301 387 337 November 277 234 227 267 266 305 367 262 300 267 299 371 319 December 293 239 237 276 283 311 382 281 330 293 322 403 339 1950—January 282 244 229 267 290 300 376 274 282 246 300 396 316 February 280 229 220 276 271 299 383 262 300 284 301 409 323 March 274 216 217 '262 270 288 374 265 297 249 298 389 321 April . 292 244 235 281 299 323 397 269 319 277 307 401 333 May P290 227 226 270 299 320 P390 277 330 P268 P309 . 403 337 UNADJUSTED 1949—May ••288 241 .'231 277 292 r312 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 285 241 225 276 290 313 389 269 316 278 304 393 321 May P2S6 225 221 275 296 315 P37S 280 323 P273 P306 391 320 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—May »-274 219 r226 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 1950—January 272 223 227 ••234 256 291 357 264 288 304 283 353 322 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. . 286 231 230 249 283 329 360 265 329 '316 206 375 341 May ?285 228 228 244 280 331 370 265 313 2*323 ^296 380 338 UNADJUSTED 1949—May 277 216 ••229 245 269 309 332 268 296 302 ••282 363 331 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 ^204 224 267 321 238 248 279 257 328 294 February 267 209 217 '230 251 299 354 254 289 296 278 357 323 March .. . 290 226 237 251 273 334 371 274 317 319 300 384 348 April 294 227 237 259 287 344 378 273 329 '321 305 393 347 May P289 226 231 248 283 337 366 268 313 ^324 P302 380 350 p Preliminary. ' Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. I-ULY 1950 881 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Per cent change Ratio of Index numbers from a year ago stocks to without seasonal adjustment (value) sales x 1941 average monthly sales =100 2 Num- Department r b s e t e p o r o r r e o t s - f Sale p s er i d o u d ring m S ( o t e o n n c d t k h o s ) f April Sale pe s r d i u o r d ing Sto o c f k m s o a n t t e h nd ing Four 1950 1949 1950 1949 Apr. months Apr. 1950 1949 1950 1950 1950 Apr. Mar. Apr. Apr. Mar. Apr. GRAND TOTAL—entire store K . . 354 -9 —5 +2 3.1 2.8 MAIN STORE—total 354 -9 -4 +2 3.3 3.0 195 199 213 650 645 640 Piece goods and household textiles 314 -13 -13 +3. 4.4 3.7 154 173 177 687 672 665 Piece goods 289 -24 -24 3.8 3.0 197 253 258 747 774 776 Silks, velvets and synthetics 193 -29 -29 -4 3.7 2.7 172 271 242 634 825 664 Woolen yard goods 169 -35 -25 -2 6.4 4.3 116 288 178 743 818 757 Cotton yard goods. 173 -15 -17 0 3.1 2.7 268 268 315 845 827 845 Household textiles 305 -3 -4 +7 5.0 4.4 132 134 136 654 627 611 Linens and towels 278 -3 0 +2 5.2 5.0 126 135 131 662 642 650 Domestics—muslins, sheetings 248 -6 -8 +19 5.0 4.0 134 145 143 673 660 572 Blankets, comforters, and spreads 242 +1 -3 +5 4.5 4.3 123 120 122 555 567 532 Small wares 344 -6 -4 +2 4.2 3.8 154 158 165 642 636 631 Laces, trimmings, embroideries, and ribbons. . . 206 -6 -8 -1 3.0 2.9 266 241 284 801 804 810 Notions 241 -6 -6 +3 3.4 3.1 232 211 246 784 769 762 Toilet articles, drug sundries 326 -2 -1 +1 3.9 3.8 129 134 132 509 511 506 Silverware and jewelry 317 -12 -9 +2 5.2 4.5 156 152 177 817 822 802 Silverware and clocks 4 212 -7 —8 — 1 6.8 6.4 Costume jewelry4 282 — 14 — 12 +5 3.4 2.8 Fine jewelry and watches 4 76 +2 o +3 9.1 8.9 Art needlework 241 -8 -10 -1 5.7 5.3 iis 155 126 660 643 673 Books and stationery 274 -6 +1 +4 4.1 3.7 145 169 155 594 584 572 Books and magazines 139 -6 -2 +2 3.3 3.0 126 189 134 410 487 404 Stationery 235 -6 +3 +5 4.5 4.1 133 152 142 606 621 575 Women's and misses5 apparel and accessories 351 -15 -10 +3 2.4 2.0 212 218 250 511 534 500 Women's and misses' ready-to-wear accessories. 351 -12 -6 +6 2.8 2.3 209 206 239 588 606 560 Neckwear and scarfs , 309 -6 -3 -2 1.9 1.8 276 265 294 518 599 535 Handkerchiefs 287 -14 -11 +1 4.2 3.6 119 109 138 497 466 494 Millinery 168 -17 -5 +4 0.7 0.6 252 261 304 179 281 176 Women's and children's gloves 327 -15 -7 +6 2.8 2.2 189 159 222 531 575 506 Corsets and brassieres 338 -7 -6 +7 2.9 2.5 258 250 277 748 741 703 Women's and children's hosiery 345 -10 -5 +9 2.0 1.7 154 148 171 309 310 284 Underwear, slips, and negligees 343 -15 -13 +6 3.6 2.9 174 164 204 629 612 595 Knit underwear ' 253 —7 +13 3.6 2.9 213 210 230 766 744 679 Silk and muslin underwear, and slips 288 -19 -18 '+2 3.7 3.0 168 155 207 630 621 617 Negligees, robes, and lounging apparel 252 -15 -15 +4 3.1 2.6 147 142 173 463 465 440 Infants' wear 325 -13 5 +5 2.9 2.4 252 275 288 732 744 709 Handbags and small leather goods 333 -15 -6 +7 2.1 1.7 210 194 248 443 463 414 Women's and children's shoes 242 -12 3 +8 4.0 3.2 244 245 278 966 969 903 Children's shoes 4 208 -20 —6 +13 3.7 2.6 Women's shoes 4 217 -9 — 1 +8 4.0 3.4 Women's and misses' ready-to-wear apparel. . . , 351 -18 -13 — 1 2.0 1.7 215 231 261 429 457 437 Women's and misses' coats and suits 340 -21 -15 -11 1.3 1.1 252 303 321 328 437 369 Coats 4 210 —23 — 20 — 18 1.2 1.1 Suits4 203 -18 —6 0 1 4 1.2 Juniors' and girls' wear 317 -23 -13 +2 1.8 1.4 256 313 334 471 529 465 Juniors' coats, suits, and dresses 289 -23 -15 i 1.4 1.1 265 309 342 386 447 404 Girls' wear 315 -25 -10 +5 2.3 1.7 262 332 347 605 650 572 Women's and misses' dresses 342 -15 -13 0 1.7 1.4 221 203 260 377 372 383 Inexpensive dresses4 255 -18 — 15 — 1 1.4 1.2 Better dresses 4 266 -13 — 10 —2 2 0 1 8 Blouses, skirts, and sportswear 341 -13 -10 -1 2.8 2.4 231 227 266 635 608 648 Aprons, housedresses, and uniforms 289 -14 -12 +9 2.5 2:0 192 172 224 482 434 445 Furs 271 -11 -17 +2 6.6 5.7 44 71 50 290 349 286 Men's and boys' wear 330 -9 -3 +3 4.2 3.7 177 165 194 737 729 722 Men's clothing , 254 -3 -1 -1 4.4 4.3 185 182 192 - 810 797 827 Men's furnishings and hats 314 -8 —5 +5 4.3 3.8 153 136 167 661 636 632 Boys' wear 301 -19 -6 +6 3.3 2.6 222 218 272 740 786 713 Men's and boys shoes and slippers. 190 2 +2 +6 5.0 4.6 180 162 185 908 947 871 Housef urnishings. . . 318 +5 +9 -1 4.1 4.4 208 223 198 863 840 862 Furniture and bedding 243 +7 +10 2 4.3 4.7 185 197 173 805 775 814 Mattresses, springs and studio beds 4 164 +9 +12 +7 2.1 2.2 Upholstered and other furniture 4 173 +6 +9 -1 5.0 S 3 Domestic floor coverings 274 -6 -4 -8 4.9 5.0 177 189 189 868 859 928 Rugs and carpets4 152 -6 —3 —8 5.1 5.2 Linoleum 4 101 -20 -16 — 12 4.2 3.8 Draperies, curtains, and upholstery 297 -5 -3 +8 4.1 3.6 195 200 205 803 821 743 Lamps and shades 252 -1 0 +6 4.1 3.8 184 190 186 761 712 725 China and glassware 251 0 +3 -2 7.4 7.7 142 160 143 1,067 1,037 1,087 Major household appliances 249 +10 +15 -8 3.0 3.6 234 274 213 713 710 766 Housewares (including minor appliances) 262 -3 -1 0 3.7 3.6 264 261 272 987 964 975 Gift shop 4 168 +6 +6 +3 5.4 5.6 Radios, phonographs, television, records, etc.4. . 231 +76 +82 +9 2.5 4.1 Radios, phonographs, television 4. . 191 +103 +115 +15 2.1 3 7 Records, sheet music, and instruments 4 128 +9 -5 —2 5.3 5.9 Miscellaneous merchandise departments 317 -6 -4 -1 3.0 2.9 188 171 200 567 544 579 Toys, games, sporting goods, and cameras 291 -5 -2 -1 5.2 5.0 139 108 146 718 650 728 Toys and games 235 -5 0 +1 4.8 4.4 108 93 114 515 503 514 Sporting goods and cameras 144 -7 -7 -3 5.8 5.5 140 101 151 808 677 826 Luggage 263 -7 —3 -1 4.9 4.6 156 150 168 770 737 780 Candy4 190 -13 -5 -1 0.8 0.7 For footnotes see following page. 882 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 i 1941 average monthly sales—100 2 Department b s N t e o u r r m e o s - f Sale p s e ri d o u d ring m ( S e t o n o d n c t k h o s f ) April Sale p s e r d io u d ring Sto o c f ks m o at n t e h nd reporting 1950 1949 1950 1949 A 19 p 5 r 0 . . m F o o n u t r hs A 19 p 5 r 0 . 1949 1950 Apr. Mar, Apr. Apr. Mar. Apr. BASEMENT STORE—total 202 -14 -10 +3 2.2 1.9 202 197 235 450 456 437 Domestics and blankets 4 137 -4 -7 +4 3.4 3.1 Women's and misses' ready-to-wear. . 197 -19 -14 +1 1.7 1.4 214 211 263 358 372 358 Intimate apparel4 171 -11 -9 +5 2.3 2.0 Coats and suits 4. 184 -28 -20 -16 0.9 0.8 179 -18 -16 +4 1.4 1.1 Blouses, skirts, and sportswear 4. 162 -13 -12 0 2.0 1.8 G In i f r a ls n ' t w s' e w ar e 4 ar 4 » 1 1 2 2 3 3 - - 2 1 2 4 -6 g + + 7 4 2 1 . . 3 7 1 1 . . 2 9 Men's and boys' wear. 158 -5 +10 2.7 2.3 212 195 230 574 579 521 Men's wear 4 134 -5 +10 2.9 Men's clothing 4. . . . 93 -3 -3 +7 2.7 Men's furnishings 4.. 116 -6 +14 3.0 2.5 Boys' wear4 121 -18 -6 +11 2.1 1.5 Housef urnishings 106 -5 -3 +2 2.9 2.7 177 192 186 513 514 501 Shoes 123 -12 -5 +2 3.3 2.8 173 157 197 565 576 566 NONMERGHANDISE—total 4. 172 -5 -3 Barber and beauty shop 4 72 _4 +2 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. 881. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included _ . _i J _J_I • 3 K r\_i- J_ -. . M^.'LI^ SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES 1 [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 Aug. 1 1 7 4 9 . 4 . 8 .. . . 2 2 6 5 1 8 Aug. 1 1 6 3 9 . 4 . 9 .. . .2 2 1 2 8 8 Feb. 1 1 5 2 949 . .2 2 3 2 8 9 Feb. 1 1 4 1 9 . . 5 . . 0 . . . . . . 2 2 2 3 6 8 21 .271 20.... .252 19.... .227 18.. ...231 1939 average 128 344 28.... .255 27.... .252 26.... .232 25.. .. .221 1940 average 136 353 """iO8'" Sept. 4 .308 Sept. 3... .295 Mar. 5.... .244 Mar 4... . .244 1941 average 156 419 194 11.... .285 10.... .273 12 .256 11.. .. .253 1942 average 179 599 263 18.... .337 17 .315 19 .261 18... ..264 1943 average 204 509 530 25 .319 24.... .292 26 277 25... . .279 1944 average 227 535 560 Oct. 2.... .327Oct. 1 302 Apr. 2 301 Apr. 1... ..301 1945 average 255 563 729 9 .336 8.... 297 9 .320 8... . .320 1946 average.... . 318 715 909 16.... .331 15.... 290 16 .314 15... ..254 1947 average 337 826 552 23.... .344 22 ,296 23 .266 22... . .279 1948 average 352 912 465 30 .319 29.... .298 30 .286 29. .. ..285 1949 average 333 859 350 Nov. 6.... .320 Nov. 5 315 May 7 .334 May 6. .. ..301 13.... .346 12 .318 14 .285 13... ..308 1949—May 322 874 207 20.... .371 19.... .342 21 .280 20... . .275 June 313 806 283 27.... .347 26.... .330 28.... .275 27. .. . r282 July...... 234 756 390 Dec. 4.... .485 Dec. 3 .449 June 4.... .259June 3... ..261 August... . 283 799 410 11 .564 10.... .542 11.... .288 10... ..302 September. 334 861 501 18 .576 17.... .584 18.... .285 17.. ...302 October. . . 343 952 444 25.... .473 24 .541 25 .247 24... ..250 November. 397 990 350 31.... .197 July 2 .238 July 1... ..263 December. 583 788 296 1949 1950 9 .201 8... . .216 1950—January... ••256 787 390 16 .213 15. February.. ••247 853 393 Jan. 1 .204 23 .207 22 March. . .. '32O 920 326 8.... .272 Jan. 7 .205 30.... .209 29.. . April 319 926 270 15.... .244 14 .233 May P330 P901 P251 22 .230 21.... .230 29.... .218 28.... .222 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. JULY 1950 883 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] M 19 a 5 y 0 A 19 p 5 r 0 . 1 m F 9 i o 5 v s 0 e . M 19 a 5 y 0 A 19 p 5 r 0 . m F 19 i o v 5 s e 0 . M 19 a 5 y 0 A 19 p 5 r 0 . m F 19 i o v 5 s e 0 , M 19 a 5 y 0 A 19 p 5 r 0 . Five United States. P+4 —7 2 Cteveland-cont. Chicago P+6 -8 -2 Kansas City— B N P B o o o e s r w s t t t l o o a H n n n d a A v r e e n a . . . . . . - — -2 3 • 5 s - - 1 1 - - 9 4 0 4 - - 7 4 _ • 2 <R W E P i i r c t i h t e h s e m b e i u l o i r n n g g h d 1 i + + + + 3 4 4 2 - - - 1 1 1 -5 0 1 1 - - - -2 5 4 5 F C P In e o h d o r i i t c r a i a W a n g a 1 o a p l y o n li e s K K . . + + + + 1 3 5 4 0 - - - - 7 8 8 6 - - - 2 4 3 O O T c u m k o l l s a n a a h h t. o a ma City. + + + 5 9 6 - - 3 2 2 + -1 3 Downtown Washington1... +1 -4 -2 Terre Haute i.. +3 -6 -8 Dallas.. +10 +2 +t Boston -10 2 Baltimore...... -8 Des Moines... P+8 -5 0 Shreveport +9 -7 +2 W Sp o ri r n c g e f s i t e e l r d - - 3 5 -1 -9 4 - - 5 7 H As a h g e e v r i s ll t e o , w N n . . . C .. . +3 Q - - 4 1 -3 0 F D l e in tr t o i it1 + + 1 5 2 -1 -3 2 + -4 3 C D o a r ll p a u s s i Christi.. + + 1 1 3 1 + -1 2 +t N N A N E P P B N B B e o r l u i l i e r e w m n b o a u f i w w f d g a g v g i a n r a h Y g h i l Y a a o y d r a e k o r a o m e p e r k * r n e k F o k t » p c o r a . C e n s t l . 1 i l . . . i e s . . t . . . . . y . . . . + + + + + - - - - - 1 1 2 4 4 6 7 7 3 1 0 - - - + 1 1 - - 1 - - - - - 7 8 9 3 8 9 5 4 0 0 5 + - - - - - - - - - 1 9 6 5 5 4 3 6 4 2 1 A L N W R G R C C H C t y a i o o h r l u h i c e a l n r l a n ' n e h u e f l c r n s o i s m n t m l h g t ' t e i l v o t k b h a n o b s o i n u t n l i g n o - a l r d e . S t n g W o , a , n S l . S e V . . m . .C a . C . . . . . + + + + + + + + - - - 2 2 7 4 5 3 2 4 4 6 0 8 + + - - - - - 5 2 3 5 5 6 3 i + + + + + - - 6 5 1 2 5 8 2 2 0 0 S Q L F L L M E G M G t o o . a i v u r r i a t n e u r a l i t a L d t w n e l s i n n e s i n i o c d S s a v n s y o u u R m g i v B R l n k i l o i i s a e e a l t c y h e l p x k e i * . 1 i d . . . . s . . . . . . . . P P + — + + + + + - - 1 1 8 7 9 7 4 2 3 0 0 0 -1 - - - - - - 9 3 7 8 6 4 9 Q Q -1 - - - - - - - 2 1 2 2 1 2 1 0 0 0 S T S F L L O F H P B a a r o h o u o a a n o e n s n c o k r k u s t g s e e l n A s A F a o r n W t o n s o B n n n r i f d 1 g n x . a t e o i o e 1 e a n a r . i n l l c t c e n d . h i h s i o . d 1 s . c 1 1 . o . . . . . . . . . . P P + + - + + + + + + + 1 1 2 1 3 6 5 5 7 2 6 1 1 - + + + 1 - - - - - 1 6 2 7 9 5 1 9 1 >i + - + + 2 - - - - 1 4 3 1 2 1 4 5 1 C Rochester J +4 -4 -2 Birmingham 1.. +4 -7 -3 East St. Louis. +4 -3 + 1 Berkeley 1 0 -7 -2 Schenectady. . -3 -11 -8 Mobile +9 -7 +1 St. Louis1 0 -3 Riverside and Syracuse *. -1 -7 -2 Montgomery 1.. +8 -6 0 St. Louis Area. 0 -3 San Bernardino +7 -6 +3 Utica +7 -6 0 Jacksonville *... +7 -1 Springfield.... +2 -1 +1 Sacramento x... +7 -1 +2 P T L P R W Y h h r a e o i i e i n l a l r l n a k k c a d t e d d a i o s i n e s e n - . l t l g B p p e . 1 * . a r h h 1 . r i i r a . a e . . » . . * . . . + + + + + + + 1 3 7 1 6 5 8 1 - - - - - - 2 9 7 8 7 7 Q + + - - -1 5 3 2 4 0 j O T A A M C M R a o o r u t a i l l m m l a g a a c u m u n o n p e m s n d t a i a t b o a i x x u 1 s + + + + + + + - 3 1 1 1 3 8 7 1 2 5 1 6 - + + 1 - - - 2 1 3 4 2 7 + + + + + - - 1 3 1 8 4 5 4 3 0 K M S M M D S a t i u . e i n u n n l m P p n u s n e a p a e e t r u h h a a s i l - o p i p s r i o C o 1 l * . i l i s i t . . s y . K . . . . . . . . . + + + + + + 1 4 2 1 5 4 0 -1 - - - - 4 5 6 9 6 y + - - - 1 5 3 2 1 S V S S S S B N t a a a a a o o n n n n l i a c l s t e p e J k a D F j a o t o a r i o R s e x a n a n g e n o d n 1 o s c d a i x s . * c . . o . . 1 . . . P+ ( ( + + - 2 2 1 7 ) 7 1 ) - - - + 1 1 1 - - 5 7 2 6 0 1 3)- + + - 1 2 2 4 1 Cleveland +5 -8 Savannah +8 +2 +6 Denver +3 -6 -2 Nampa 0 -12 -9 Akron1 +5 -10 -5 Baton Rouge1.. 0 -15 Pueblo +4 -1 -2 Portland +4 -9 -3 C Ci a n n c t i o n n n 1 ati * + + 9 3 - - 8 3 -3 0 J N a e c w ks O on r l 1 eans 1. . + + 1 3 4 - + 11 1 +4 -i T H o u p tc e h k i a nson. .. + -4 7 -1 -9 7 - - 4 2 S B a e l l t l i L ng ak h e a m C i 1 t . y . * . .: + + 2 5 2 + -1 2 0 1 + - 1 2 6 C C l o e l v u e m lan b d u s * 1.... +4 0 -1 -9 3 - - 3 6 M Br e is ri to d l ian + + 4 4 -13 7 -2 W Ka i n ch sa it s a City... +5 -1 -9 0 -5 S E e v a e t r t e l t e t r ' . . + -9 7 - -4 7 + -6 1 S T p o r l i e n d g o fi 1 eld 1 + + 4 5 -1 -5 2 - - 2 6 K Ch no at x t v a i n l o le o x ga x.. + + 1 6 8 + -1 3 + + 1 1 1 J S o t. p l J i o n seph + + 1 8 2 - + 12 1 + -5 3 S T p ac o o k m an a e J 1 . . + + 4 8 + -3 1 +4 C Youngstown *.. +1 -14 NashvilleJ +9 +3 Lincoln -3 -10 -3 Yakima1. -10 -12 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. ^ Data not available. 3 Four months 1950. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average =100] Fuel, elec- Year or month All items Food Apparel Rent r t e r f i r c i i g ty er , a a ti n o d n fur H ni o s u h s in e gs Miscellaneous 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1933 92.4 84.1 87.9 100.7 100.0 84 2 98 4 1940 100.2 96.6 101.7 104.6 99.7 100.5 101 1 1941.. 105.2 105.5 106.3 106.2 102.2 107.3 104.0 1942 . 116.5 123.9 124.2 108.5 105.4 122.2 110 9 1943 123.6 138.0 129.7 108.0 107.7 125.6 115.8 1944 125.5 136.1 138.8 108.2 109.8 136.4 121.3 1945 128.4 139.1 145.9 108.3 110.3 145 8 124 1 1946 . .. 139.3 159.6 160.2 108.6 112 A 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—April . . . .. 169.7 202.8 192.5 120.3 137.4 191 9 154 6 May. 169.2 202.4 191.3 120.4 135.4 189.5 154 5 June 169.6 204.3 190.3 120.6 135.6 187.3 154.2 July 168.5 201.7 188.5 120.7 135.6 186 8 154 3 August 168.8 202.6 187.4 120.8 135.8 184 8 154 8 September 169.6 204.2 187.2 121.2 137.0 185.6 155.2 October 168.5 200.6 186.8 121.5 138.4 185.2 155.2 November 168.6 200.8 186.3 122.0 139.1 185 4 154 9 December 167.5 197.3 185.8 122.2 139.7 185.4 155.5 1950—January 166.9 196.0 185.0 122.6 140.0 184.7 155.1 February 166.5 194.8 184.8 122.8 140.3 185.3 155.1 March . 167.0 196.0 185.0 122.9 140.9 185 4 155 0 April 167.3 196.6 185.1 123.1 141.4 185.6 154 8 May 168.6 200.3 185.1 123.5 138.8 185.4 155.3 Back figures.—Bureau of Labor Statistics, Department of Labor. 884 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All Manu- Year, month, or week m c t o i o e m d s i * - - F p u r a c o r t m d s - Foods Total l H e p u a a r i c n o t d h t d d e s e - s r T p u e r x c o t t d i s l - e li m g F r a h i a u n a t t e l i d e n s l - g M m p u a r e e c n o t t t d d a a s l - l s B m r i u i n a a i t g l l e d s - - c C a a p u h l l r s l c e o i a t m 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 u s a - s - m R ri a a a t l w e s - t p u u f r a c r o c e t d - s d - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 97.5 94.5 1930 86 4 88 3 90 5 85 2 100 0 80 3 78 5 92 1 89 9 88 7 92 7 77 7 84 3 88 0 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 65.6 77.0 1932 64.8 48.2 61.0 70.2 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 72.9 73.3 86.9 86 2 7S 3 81.5 69 7 68 6 78 2 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 77.1 82.2 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 79.9 82.0 1937. ... 86 3 86 4 85 5 85 3 104 6 76 3 77.6 95.7 95 2 82 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 10f 8 73 8 71.7 95.8 94 8 77 0 88.5 77 3 71 9 81 6 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.4 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 97 4 80.8 103.8 111.4 94 Q 102.7 92 2 112 1 100 1 1944 104.0 123.3 104.9 98.5 11(17 98.4 83.0 103.8 115.5 9S 9 104.3 93.6 113.2 100.8 1945 105.8 128.2 106.2 99.7 118.1 100.1 84.0 104.7 117.8 95.2 104.5 94.7 116.8 101.8 1946 ... 121 1 148 9 130 7 109 5 137 9 116.3 90.1 115.5 132 6 101 4 111.6 100 3 134 7 116 1 1947 152.1 181.2 168.7 135.2 182 4 141.7 108.7 145.0 179.7 3 131.1 115.5 165.6 146.0 1948 165.1 188.3 179.1 151.0 188.8 149.8 134.2 163.6 199.1 135.7 144.5 120.5 178.4 159.4 1949 155 0 165.5 161 4 147 3 180 4 140 4 131.7 170.2 193 4 118 145.3 112 3 163 9 151 2 1949—May 155.7 171.5 163.8 146.8 179.2 140.4 130.1 168.9 193.9 118 .1 146.3 113.5 165.9 151.5 June 154 5 168 8 162 4 145 6 178 8 139 2 129.9 167.5 191 4 116 8 145.1 111.0 164 5 150 7 July 153.5 166.2 161.3 145.0 177.8 138.0 129.9 167.9 189.0 118.1 143.0 110.3 163.2 149.7 August 152.9 162.3 160.6 145.0 178.9 138.1 129.7 168.2 188.2 119.7 142.9 109.8 161.3 149.4 September 153.6 163.1 162.0 145.3 181.1 139.0 130.0 168.2 189.4 117.7 142.9 109.6 162.0 150.1 October 152.2 159.6 159.6 145.0 181.3 138.0 130.5 167.3 189.2 116.0 143.0 109.0 160.3 149.1 November 151.6 156.8 158.9 144.9 180.8 138.0 129.9 167.3 189.6 115 9 143.4 109.7 160.4 148.1 December 151.2 154.9 155.8 145.5 179.9 138.4 130.5 167.8 190.4 115 3 144.2 110.7 159.5 148.0 1950—January 151.5 154.7 154.8 145.8 179.3 138.5 131.4 168.4 191.6 115.7 144.7 110.0 159.8 148.2 February 152 7 159 1 156 7 145 9 179 0 138 2 131.3 168 6 192 8 115 9 145 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 3 145.5 110.7 162 8 148 9 April 152.9 159.3 155.3 146.4 179.4 136.4 131.2 168.7 194.8 117 1 145.8 112.6 162.5 149.4 May 155.9 164.7 159.9 147.6 181.0 136.1 132.1 169.7 198.1 116 4 146.6 114.7 166.3 152.2 Week ending:1 1950—May 2 154 5 162 7 158 8 146 7 135 4 132 1 169 6 194 5 116 7 May 9 155 1 162 9 158.7 147 2 135 3 132.2 170.1 197 0 116 9 May 16 155.9 164.7 160.5 147.5 135.4 132.6 170.3 198.0 116 s May 23 156 1 165 3 160 7 147 6 135 6 132.8 171.0 198 5 116 9 May 30 156.8 167.5 161.5 147.7 135.6 132.9 171.3 199.6 116.0 June 6 157.4 166.4 163.2 148.2 135.7 132.8 172.9 199.8 114.9 June 13 156 7 164 5 161.0 148 3 135 8 133.0 173 2 200 7 114 1 June 20 157.1 166.2 162.5 148.3 135.9 133.1 173.0 201.1 113 Q June 27. 157.1 165.0 162.7 148.7 136.7 133.1 173.1 201.4 114 3 1949 1950 1949 1950 Subgroups Subgroups May Feb. Mar. Apr. May May Feb. Mar Apr. May Farm Products: Metals and Metal Products: Grains 159.9 161.3 165 4 169 6 172.3 Agricultural mach. & errnin... 144.1 143 1 143.1 143.4 143 5 Livestock and poultry 191.5 179.9 180.3 178.0 194.6 Farm machinery 146.6 145.7 145.6 145.8 145.8 Other farm products3 161.4 144.9 144.2 144.2 143.7 Iron and steel.. 165.1 168 8 169.0168.9 168 6 Motor vehicles. 176 4 17S 6 175 1 175.1 175 2 Dairy products 145.9 147.5 144.8 141.1 138.0 Nonferrous metals 138.2 128.1 127.2 128.9 136.3 Cereal products. . 145.1 144.8 145.6 145.9 146.0 Plumbiner and heating.. 154.8 148 7 151.9154.7 156 4 Fruits and vegetable 167.3 138.2 134.9 137.6 139.2 Building Materials: Meats 215.2 201.6 200.0 200.6 217.1 Brick and tile.. 160.8 163 163.3 163.4 163 8 Other foods 128.5 129.6 129.8 129.3 130.9 Cement 134.3 134.9 134.9 134.9 134.9 Hides and Leather Products: Lumbei 285.2 292.1 295.9 299.4 310.8 Shoes 184.0 184.3 184.3 184.3 185.0 Paint and paint materials 157.7 139.0 138.2 136.7 136.8 Hides and skins. . . 188.2 188.2 190.4 187.2 194.1 Plumbitier and heatiner 154.8 148 7 151.9154.7 156.4 Leather 177.4 176 6 177.9 179 1 179.3 Structural steel. 178 8 101 6 191.6 191 6 191 6 Other leather products 144.6 143.1 143.1 143.1 143.1 Other building materials 170.5 171.1 172.2 172.0 172.7 Textile Products: Chemicals and Allied Producti: Clothing 146.0 143.1 143.5 144.2 143.8 Chemicals 116.7 114 7 115.4 116.4 116.5 Cotton goods 172.1 178.4 176.5 172.9 172.0 Drugs and phannaceuticals. . 123.6 121.4 121.9 122.0 122.3 Hosiery and uaderwear 100.3 98.6 98.0 r97 7 97.7 Fertilizer materials 118.9 116.9 117.3 117.4 116.8 Silk 50.1 50.1 49.1 49.1 49.3 Mixed fertilizers 108.3 103 S 103.S 103.5 103.5 Rayon 40.8 39.9 39.9 39.9 39.9 Oils ancifats 127.0 12C.9 125.6 127.5 122.2 Woolen and worsted goods... 159.7 147.2 146.3 146.1 146.2 Housefurnisking Gooits: Other textile products . ... 179.1 170 3 166 9 165 8 164.6 Furnish 152.2 8 152.9 152.6 154.1 Fuel and Lighting Materials: Furniture 140.3 138.4 138. 6 138.8 138.9 Anthracite 133 7 139 3 141 9 142.6 139.2 Mi Bituminous coal.... 188.9 196.7 198.5 19.3.4 192.6 64.5 64 3 64.3 65.0 65.8 Coke 222 7 223 7 224 7 925 6 225 6 Cattle i 213 8 177 3 193 7 215 6 235 5 Electricity 68.2 69.6 67.9 Paper and pulp 163.3 155.6 155.5 155.4 155.4 Gas 90.9 87.4 88.3 86 8 Rubber, crude.. 37.4 41 1 41.3 48.7 58.4 Petroleum products 110.7 109.4 108.6 109.5 112.6 Other miscellanc"OUS 122.4 12C.4 120.4 120.3 120.5 r Revised. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures.—Bureau of Labor Statistics, Department of Labor. JULY 1950 885 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 r 1929 1933 1939 1941 1946 ' 1947' 1948 ' 1949 r Gross national product 103.8 55.8 91.3 126.4 211.1 233.3 259.1 255.6 258.8 255.2 254.4 253.8 262.5 Less: Capital consumption allowances 8.8 7.2 8.1 9.3 12.2 14.8 17.4 18.8 18.1 18.7 18.9 19.3 19.7 Indirect business tax and related liabilities. 7.0 7.1 9.4 11.3 17.3 18.7 20.4 21.3 20.7 21.2 21.7 21.5 21.7 Business transfer payments .6 .7 .5 .5 .6 .7 .7 .7 .7 .7 .7 .7 .7 Statistical discrepancy -.1 1.2 1.4 1.6 1.7 .3 -2.9 -1.9 .7 -2.9 -3.6 -1.9 3.4 Plus: Subsidies less current surplus of government enterprises -.1 0) .5 .1 .9 -.1 .0 .1 .2 .3 .0 .0 .2 Equals: National income 87.4 39.6 72.5 103.8 180.3 198.7 223.5 216.8 218.8 217.8 216.7 214.2 217.2 Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 18.3 24.7 31.8 29.9 28.8 30.4 31.8 28.4 28.4 Contributions for social insurance .2 .3 2.1 2.8 6.0 5.7 5.2 5.7 5.7 5.6 5.6 5.7 6.7 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 10.9 11.1 10.6 11.6 11.2 11.7 11.9 11.8 20.9 Net interest paid by government 1.0 1.2 1.2 1.3 4.4 4.4 4.5 4.7 4.6 4.6 4.7 4.7 4.7 Dividends 5.8 2.1 3.8 4.5 5.8 6.6 7.5 7.8 7.9 7.7 7,4 8.2 8.1 Business transfer payments .6 .7 .5 .5 .6 . 7 .7 .7 .7 .7 .7 .7 .7 Equals: Personal income 85.1 46.6 72.6 95.3 177.7 191.0 209.5 206.1 208.6 206.8 203.8 205.4 216.4 Less: Personal tax and related payments 2.6 1.5 2.4 3.3 18.8 21.5 21.2 18.7 18.7 18.7 18.7 18.7 Federal 1.3 .5 1.2 2.0 17.2 19.6 19.0 16.2 16.3 16.2 16.2 16.1 16il State and local 1.4 1.0 1.2 1.3 1.6 1.9 2.2 2.5 2.4 2.5 2.5 2.5 2.6 Equals: Disposable personal income 82.5 45.2 70.2 92.0 158.9 169.5 188.4 187.4 189.9 188.2 185.1 186.8 197.7 Less: Personal consumption expenditures 78.8 46.3 67.5 82.3 146.9 165.6 177.4 178.8 177.4 178.4 179.0 180.6 182.4 Equals: Personal saving 3.7 -1.2 2.7 9.8 12.0 3.9 10.9 8.6 12.5 9.8 6.2 6.2 15.3 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1949 r 1950 - 1929 1946' 1947' 1948' 1949' National income 87.4 39.6 72.5 103.8 180.3 198.7 223.5 216.8 218.8 217.8 216.7 214.2 217.2 Compensation of employees 50.8 29.3 47.8 64.3 117.1 128.0 140.2 140.6 141.5 140.5 140.0 140.2 142.3 Wages and salaries 2 50.2 28.8 45.7 61.7 111.2 122.1 134.4 134.2 135.3 134.2 133.6 133.6 135.2 Private 45.2 23.7 37.5 51.5 90.6 104.8 115. 113.7 115.4 114.0 113.0 112.7 114.3 Military .3 .3 .4 1.9 8.0 4.1 4.0 •4.3 4.2 4.2 4.3 4.5 Government civilian 4.6 4.9 7.8 8.3 12.7 13.2 14.7 16.1 15.7 16.1 16.3 16.4 Supplements to wages and salaries .6 .5 2.1 2.6 5.9 5.9 5.8 6.4 6.2 6.3 6.4 7.1 Proprietors' and rental income 3 19.7 7.2 14.7 20.8 42.0 42.4 47.3 41.7 43.8 42.2 40.1 41.5 Business and professional 8.3 2.9 6.8 9.6 20.6 19.8 22.1 21.0 21.5 21.1 20.7 20.6 21.4 Farm 5.7 2.3 4.5 6.9 14.8 15.6 17.7 13.4 14.9 13.7 12.2 12.8 12.8 Rental income of persons 5.8 2.0 3.5 4.3 6.6 7.1 7.5 7,3 7.4 7.4 7.2 7.3 7.3 Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 18.3 24.7 31.8 29.8 28.8 30.4 31.8 28.4 28.4 Corporate profits before tax. . 9.8 .2 6.5 17.2 23.5 30.5 33.9 27.6 28.3 26.4 28.2 27.6 29.2 Corporate profits tax liability 1.4 .5 1.5 7.8 9.6 11.9 13.0 10.6 10.9 10.0 10.8 10.6 11.4 Corporate profits after tax 8.4 -.4 5.0 9.4 18.5 20.9 17.0 17.4 16.4 17.3 16.9 17.8 Inventory valuation adjustment .5 -2.1 -.7 -2.6 -5.8 -2.0 2.2 .5 3.9 3.7 .8 -.7 Net interest 6.5 5.0 4.2 4.1 3.5 4.1 4.7 4.6 4.7 4.8 4.8 5.0 r Revised. 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 1939-49, see Survey of Current Business, July 1950. 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. 886 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally adjusted annual rates by quarters 1949 * 1950 r 1929 1933 1939 1941 1946 * 1947 r 1948 ^ 1949 r 1 2 ' 3 4 1 Gross national product 103.8 55.8 91.3 126.4 211.1 233.3 259.1 255.6 258.8 255.2 254.4 253.8 262.5 Personal consumption expenditures 78.8 46.3 67.5 82.3 146.9 165.6 177.4 178.8 177.4 178.4 179.0 180.6 182.4 Durable goods 9.4 3.5 6.7 9.8 16.6 21.4 22.9 23.8 22.4 23.0 24.7 25.3 26.9 Nondurable goods 37.7 22.3 35.3 44.0 85.8 95.1 100.9 98.5 99.4 99.2 97.6 97.9 97.5 Services . . 31.7 20.6 25.5 28.5 44.5 49.1 53.7 56.4 55.6 56.2 56.6 57.4 58.0 Gross private domestic investment 15.8 1.3 9.9 18.3 28.7 30.2 43.1 33.0 37.5 31.3 32.1 31.2 40.5 New construction 1 7.8 1.1 4.9 6.8 10.3 13.9 17.7 17.3 17.2 16.8 16.9 18.2 19.9 Producers' durable equipment 6.4 1.8 4.6 7.7 12.3 17.1 19.9 19.5 20.1 19.8 19.4 18.7 19.3 Change in business inventories 1.6 -1.6 .4 3.9 6.1 -.8 5.5 -3.7 .3 -5.3 -4.2 -5.7 1.3 Net foreign investment .8 .2 .9 1.1 4.6 8 9 1.9 .4 1.0 1.3 .1 -.7 -1.9 Government purchases of goods and services 8 5 8 0 13 1 24 7 30.9 28 6 36 6 43 3 42 9 44 3 43 2 42.8 41 4 Federal 1.3 2.0 5.2 16.9 20.9 15.8 21.0 25.3 25.5 26.6 25.1 24.3 22.6 W No ar nwar ) ,3 2.0 3 1 . . 9 3 1 3 3 . . 2 8 2 2 1. . 2 5 } 17.. 21.5 25.7 25.8 26.8 25.8 24.6 22.8 Less: Government sales 2 (3) (3) (3) (3) 2.7 1.3 .5 .4 .3 .2 ,7 .3 .3 State and local 7 2 5 9 7 9 7 8 10 0 12 8 15 6 18 0 17 4 17 7 18 2 18.5 18.9 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Wage and s<alary disbursements Less em- Pro- dends Trans- Per- ployee Other prietors' and fir " i\| on- Year or month sonal contri- labor and per- agriculincome re T c o e t i a p l ts4 T d o is t - al m C o o d m it - y Distrib- Service Gov- but o io r ns income5 in re co n m tal e6 in s t o e n r a e l st m p e a n y t - s7 in t c u o r m al e8 burse- produc- indus- indus- ern- social income ments ing in- tries tries ment insurdustries ance 1929.. 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .1 .5 19.7 13.3 1.5 76.8 1933. . 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .2 .4 7.2 8.2 2.1 43.0 1937 74.0 45.4 45.9 18.4 13.1 6.9 7.5 .6 .5 15.4 10.3 2.4 66.5 1938 68 3 42.3 42 8 15 3 12 6 6.7 8 2 .6 . 5 14 0 8 7 2 8 62.1 1939 72.6 45.1 45.7 17.4 13.3 6.9 8.2 .6 .5 14.7 9.2 3.0 66.3 1940 78.3 48.9 49.6 19.7 14.2 7.3 8.5 .7 .6 16.3 9.4 3.1 71.5 1941 95.3 60.9 61.7 27.5 16.3 7.8 10.2 .8 .6 20.8 9.9 3.1 86.1 1942 122.7 80.7 81.9 39.1 18.0 8.6 16.1 1.2 .7 28.4 9.7 3.2 109.4 1943 150 3 103.6 105.4 49.0 20.1 9.5 26.8 1.8 9 32 8 10.0 3.0 135.2 1944 165.9 114.9 117.1 50.4 22.7 10.5 33.5 2 2 1.3 35 5 10.6 3.6 150.5 1945 171.9 115.3 117.7 45.9 24.7 11.5 35.6 .2.3 1.5 37.5 11.4 6.2 155.7 1946 r 177 7 109.2 111.3 46.1 30 9 13 7 20.6 2 0 1 9 42.0 13 2 11.4 158.8 1947 * 191.0 119.9 122.0 54.3 35.1 15.3 17.2 2.1 2.4 42.4 14.5 11.8 170.8 1948 r , 209.5 132.2 134.3 60.2 38.8 16.6 18.7 2 .2 2.8 47.3 16.1 11.2 187.0 1949 r 206.1 132.0 134.2 57.0 39.4 17.4 20.4 2^2 2.9 41.7 17.2 12.3 188.2- 1949—April'' 207.1 132.7 134.8 57.6 39.8 17.3 20.1 2.1 2.8 41.9 17.3 12.4 189.2 Mayr 207.6 132.7 134.9 57.1 40.1 17.6 20.1 2.2 2.9 42.6 17.1 12.3 188.7 Juner 205.9 131.6 133.9 56.4 39.6 17.5 20.4 2.3 2.9 42.2 16.8 12.4 187.4 July 203.5 131.4 133.5 56.0 39.4 17.4 20.7 2.1 2.9 40.2 16.6 12.4 186.8 Augustr 204.3 131.3 133.5 56.3 39.4 17.3 20.5 2.2 2.9 40.7 16.8 12.6 187.3 Septemberr. . . 203.4 131.6 133.8 56.4 39.4 17.4 20.6 2.2 3.0 39.2 17.0 12.6 187.8 October 202 .4 130.3 132.5 54.8 39.0 17.8 20.9 2.2 3.0 39.8 17.2 12.1 186.0 Novemberr. . . 205.7 131.3 133.4 55.5 39.0 17.8 21.1 2.1 3.1 41.7 17.2 12.4 187.6 December7"... . 208.4 132.9 135.1 57.0 39.3 17.8 21.0 2.2 3.1 40.6 18.9 12.9 191.1 1950—January 214.6 132.2 135.0 56.7 39.5 17.9 20.9 2.8 3.0 43.5 17.5 18.4 195.2 Februaryr. . . 215.4 131.5 134.2 55.8 39.3 18.1 21.0 2.7 3.0 41.0 17.7 22.2 199.0 Marchr 219 3 133.6 136.4 57.7 39.6 18.1 21.0 2.8 3.3 40.2 18.0 24.2 203.7 April 213.8 135.3 138.1 59.1 39.7 18.2 21.1 2.8 3.3 39.8 18.2 17.2 198.7 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. JULY 1950 887 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 T ns o t t a a l l - Sale credit Loans 1 no T ni o n t s a t l al- p S a i y n m gl e e n - t Charge Service c m re e d n i t t Total Automobile Other c m re e d n i t t loans 2 accounts credit 1929 . . 7,628 3,158 2,515 1,318 1,197 643 4,470 2,125 1,749 596 1933 3,912 1,588 1,122 459 663 466 2,324 776 1,081 467 1939 7,969 4,424 2,792 1,267 1,525 1,632 3,545 1,468 1,544 533 1940 9,115 5,417 3,450 1,729 1,721 1,967 3,698 1,488 1,650 560 1941 9,862 5,887 3,744 1,942 1,802 2,143 3,975 1,601 1,764 610 1942 6,578 3,048 1,617 482 1,135 1,431 3,530 1,369 1,513 648 1943 5,378 2,001 882 175 707 1,119 3,377 1,192 1,498 687 1944 5,803 2,061 891 200 691 1,170 3,742 1,255 1,758 729 1945 6,637 2,364 942 227 715 1,422 4,273 1,520 1,981 772 1946 10,191 4,000 1,648 544 1,104 2,352 6,191 2,263 3,054 874 1947 13,673 6,434 3,086 1,151 1,935 3,348 7,239 2,707 3,612 920 1948 16,319 8,600 4,528 1,961 2,567 4,072 7,719 2,902 3,854 963 1949 18,779 10,890 6,240 3,144 3,096 4,650 7,889 2,988 3,909 992 1949—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 18,302 11,077 6,334 3,355 2,979 4,743 7,225 3,009 3,211 1,005 April? 18,610 11,315 6,511 3,470 3,041 4,804 7,295 3,048 3,241 1,006 May P. 19,091 11,667 6,751 3,615 3,136 4,916 7,424 3,114 3,296 1,014 ^Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding (end of period) Year or month Total m b C a e o n rc m k i s a - 1 l p S c l a o m o n a m i a n e l - s l b I a n tr n d i k u 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 1929 643 43 263 219 1933 466 29 246 121 1939 1,632 523 448 131 99 1940..... 1,967 692 498 132 104 1941 2,143 784 531 134 107 1942 1,431 426 417 89 72 1943. . 1,119 316 364 67 59 1944 1,170 357 384 68 60 1945 1,422 477 439 76 70 1946 2,352 956 597 117 98 1947 3,348 1,435 701 166 134 1948 4,072 1,709 817 204 160 1949 4,650 1,951 929 250 175 1949—April 4,113 1,749 815 207 163 May 4,170 1,788 818 213 165 June 4,253 1,836 827 219 167 July 4,325 1,866 843 225 169 August 4,399 1,897 851 230 171 September. . 4,461 1,922 855 235 172 October 4,505 1,936 858 239 172 November... 4,561 1,944 875 244 173 December... 4,650 1,951 929 250 175 1950—January. . . . 4,662 1,957 931 251 175 February 4,671 1,973 928 254 174 March. . 4,743 2,026 936 258 176 April? 4,804 2,066 945 262 178 May? 4,916 2,131 959 267 182 ot ot M. MC O n- Loans made by principal lending institutions (during period) Insured l l M 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 n o r k c m i s a - * 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 95 463 413 38 50 322 205! 32 96 200 680 827 261 194 237 174 99 268 1,017 912 255 198 297 200 102 285 1,198 975 255 203 344 130 91 206 792 784 182 146 236 104 86 123 639 800 151 128 201 100 88 113 749 869 155 139 198 103 93 164 942 956 166 151 199 153 109 322 1,793 1,231 231 210 286 225 119 568 2,636 1,432 310 282 428 312 131 739 3,069 1,534 375 318 577 402 142 801 3,282 1,737 418 334 712 323 131 725 278 146 33 29 58 333 131 722 288 135 35 28 60 346 132 726 303 140 38 28 68 357 133 732 282 155 35 28 59 369 134 747 294 143 37 29 66 379 135 763 278 128 34 27 65 385 135 780 272 134 34 26 59 394 137 794 269 161 36 28 64 402 142 801 280 232 41 31 69 404 142 802 269 131 37 27 59 408 142 792 268 126 34 25 61 421 143 783 336 163 43 31 78 431 144 778 307 154 37 28 70 451 145 781 347 168 43 32 83 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 May amounted to 96 million dollars, and other loans made during May 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Other Repair Pery E m e n a o d r n t o o h f r in e m T g x o o c a b t lu a u i l l d t , e o - - s o m m t a r o a n e d r i d n e e l t r - s F s t t u u o r r r n e e i s - H a s a h t p o o n o p u r c l l s d e e i e s - - J s e t w o e re lr s y s o r t e A t o t h r a l e l e i r l s Year or month »otaj — c P ha u s r r e - e d t a D i l ~ l o i a r n ec s t c ^ r h p e a u t s a ,e r i d l - , er ^ f m n a iz o n a~ d d - m i s n e o « n s n 1 t * a t a l lhouses Outstanding at end of period: 1929 1,197 160 583 265 56 133 1947 2,701 346 536 523 500 796 1948 3,563 570 736 751 636 870 1933 663 119 299 119 29 97 1949... 4,416 854 915 922 781 944 1939 . . 1,525 377 536 273 93 246 1949—April 3,629 631 785 712 636 865 1940 1,721 439 599 302 110 271 May 3,740 664 817 736 650 873 1941 1,802 466 619 313 120 284 June 3,852 688 843 750 676 895 1942 1,135 252 440 188 76 179 July 3,933 718 869 761 684 901 1943 707 172 289 78 57 111 August 4,044 754 890 778 711 911 1944 , 691 183 293 50 56 109 September.... 4,140 780 905 803 730 922 1945.... 715 198 296 51 57 113 October 4,247 811 915 839 755 927 1946 1,104 337 386 118 89 174 November 4,326 835 922 868 772 929 1947 1,935 650 587 249 144 305 December 4,416 854 915 922 781 944 1 1 9 9 4 4 8 9 3 2 , , 0 56 9 7 6 1,0 8 1 7 0 4 9 7 3 50 5 3 5 8 0 7 0 1 1 5 6 2 3 4 4 0 88 4 1950— F Ja e n b u ru ar a y r y 4 4 , , 4 4 6 9 5 4 8 8 6 8 6 8 9 9 2 3 2 5 9 9 5 4 3 1 7 7 7 8 9 3 9 9 4 4 7 5 1949 March 4,595 922 964 966 774 969 April? 4,688 953 992 983 780 980 April 2,276 760 683 351 123 359 May? 4,859 993 1,033 1,027 804 1,002 J M J A u u u a n ly g y e ust 2 2 2 2 , , , , 3 3 4 4 7 3 6 0 1 2 2 0 7 7 7 7 7 7 6 8 4 1 1 6 7 7 7 7 0 3 1 5 4 8 5 0 3 3 4 4 8 6 0 1 2 7 7 5 1 1 1 1 2 2 2 2 3 4 1 1 3 3 3 3 6 7 7 8 8 7 3 8 Vo i 1 l n u 9 g m 4 9 m e — o A e n x t p h t r e : i n l ded dur- 527 113 129 99 48 138 September. 2,562 818 784 435 121 404 May 568 112 136 124 54 142 October... 2,675 855 822 454 123 421 June 592 109 135 124 67 157 November. 2,795 906 858 464 127 440 July 541 112 129 109 50 141 December. 3,096 1,010 935 500 163 488 August 598 127 134 114 75 148 September 568 117 123 121 62 145 1950 October 593 125 123 136 70 139 November 576 118 115 131 67 145 January.... 2,995 975 902 491 627 December 593 113 105 154 57 164 F A M M e p a a b r r y i r c l ? u ? h ary.. 3 2 2 3 , , , , 0 1 9 9 3 4 5 7 6 1 7 9 1,0 9 9 9 1 7 6 5 0 9 0 8 9 8 8 9 1 9 9 3 3 9 1 7 5 4 5 5 0 9 1 3 2 2 8 8 6 6 6 6 1 1 3 5 6 8 1 1 1950— A F M Ja e p a n b r r u i r c l u a ? h a r y r y 5 5 6 6 4 5 0 4 2 4 7 6 1 1 1 1 4 1 1 3 2 7 1 0 1 1 1 1 1 4 5 2 6 1 1 4 1 1 1 1 3 2 3 1 7 9 9 8 5 4 4 4 2 9 2 7 1 1 1 1 7 5 3 4 2 5 4 3 May?.... 719 147 163 163 74 172 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 millions of dollars] and instal- Year or month Total modern- ment Retail instal- Repair Personal m A o u b to il - e Other ization lo ca a s n h s Year or month Total ment paper 2 m a o n d d ern- instal- Auto- Other ization cash Outstanding at end mobile loans 12 loans 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 i949—April 287 6 70 7 43 1 49 5 124 3 1949 194.7 43.5 31.4 6 5 113 3 May. 294.7 73.3 45.8 50.0 125.6 1949—April 180.9 39.4 24.1 4.9 112.5 O D S N J J A u u e c e o u l n p t c y v g e o t e e e u b m m m s e t r b . b b e e e . r r r . . . . . . . 3 3 3 3 3 3 3 2 3 2 0 0 4 1 3 6 9 3 3 9 7 . . . . . . . 7 3 6 4 2 4 4 8 8 9 9 7 8 7 8 1 5 3 6 2 8 . . . . . . . 7 7 1 3 6 9 8 4 5 5 5 5 6 5 8 6 9 3 0 4 2 . . . . . . . 7 6 2 1 3 6 3 5 5 5 5 5 5 5 1 5 3 5 1 5 2 . . . . . . . 2 4 9 5 0 9 4 1 1 1 1 1 1 1 2 2 2 2 2 3 2 9 8 9 7 9 1 9 . . . . . . . 3 9 9 9 4 1 3 J A J S O N u u e c o u l n p t y v g e o t e e b u m m e s . r b b t. e e . . r r . . . . 1 1 1 1 1 1 1 8 8 9 9 9 9 8 5 2 3 0 1 0 7 . . . . . . . 7 5 1 2 0 9 9 4 4 4 4 4 4 4 1 4 2 3 0 1 4 . . . . . . . 2 2 3 0 3 6 1 2 2 2 2 3 3 3 6 0 0 5 8 9 0 . . . . . . . 7 5 2 9 5 6 0 5 5 5 5 5 6 6 . . . . . . . 8 7 3 1 3 0 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 2 2 0 2 1 . . . . . . . 2 7 5 5 8 6 4 1950—January 344.6 96.1 63.9 54.7 129.9 December.. 194.7 43.5 31.4 6.5 113.3 February. . 347.4 98.6 65.2 54.2 129.4 1950—January.... 194.8 44.3 31.1 6.6 112.8 March 350.5 100.4 66.9 53.0 130.2 February . . 193.7 44.6 30.8 6.6 111.7 April? 355.0 102.6 68.9 52.8 130.7 March 196.2 46.1 31.0 6.5 112.6 May? 361.8 105.6 70.7 53.5 132.0 April? 198.7 47.5 31.6 6.4 113.2 May? 202.6 49.4 32.6 6.7 113.9 Volume extended Volume extended during month: during month: 1949—April 41.5 12.0 6.8 2.8 19.9 1949—April 31.4 7.1 4.0 0.4 19.9 D N J J S O A M u u e e c o u a l n p t c y v g e y o t e e e . b u m m m e , s r b b t b . e e e . r r r . . . . . . . 4 4 4 4 4 4 4 4 3 5 1 5 3 7 7 7 . . . . . . . . 5 7 6 9 8 7 0 0 1 1 1 1 1 1 1 1 3 3 1 2 1 2 1 4 . . . . . . . . 7 7 9 5 9 1 3 3 1 8 8 8 8 7 7 7 0 . . . . . . . . 8 5 2 2 5 8 8 3 3 3 4 3 4 4 4 4 . . . . . . . . 3 2 2 6 4 8 7 3 2 2 2 2 1 1 1 1 1 2 0 0 9 9 8 8 . . . . . . . . 5 7 1 1 4 9 9 6 D J J O A N S M u u e e c o u a l n p t c y v y g e o t e e e b u m m m e s r b b b t e . e e . r r r . . . . . . 3 3 3 3 2 2 3 2 8 1 1 0 8 1 7 2 . . . . . . . . 7 3 9 3 1 1 8 0 6 6 6 6 5 5 7 7 . . . . . . . . 7 7 6 7 1 4 3 1 3 4 5 4 5 4 3 4 . . . . . . . . 2 9 2 9 0 8 7 4 0 0 0 0 0 0 0 0 . . . . . . . . 6 6 5 5 5 5 8 4 2 1 1 1 1 1 1 1 1 8 9 8 8 6 7 9 . . . . . . . . 1 9 0 5 4 8 4 0 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 May? 48.9 13.9 9.6 4.2 21.2 May?. ..... 32.9 7.8 4.7 0.5 19.9 ? Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. JULY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1 Pe f r ro c m en ta p g re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C c h co ar u g n e ts month month of preceding year Item May April Mar. Mav April Mar. Year or month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h p H o l o l i d a u n a s c e 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 1950? 1950 1950 1950P 1950 1950 stores Net sales: 1949 Total +13 -2 + 18 +7 +3 + 11 April 23 13 14 14 53 C C a re sh d it s a s l a e l s es: + 17 -5 + 11 +1 -7 -3 J M u a n y e 2 2 2 1 1 1 3 2 1 1 4 4 1 1 4 4 5 5 3 3 Instalment +10 -1 +20 +7 +8 + 18 July. 19 12 13 13 49 Charge account +10 + 13 +9 + 1 + 1 A Se u p g t u e s m t ber... 2 2 1 0 1 1 2 1 1 1 4 2 1 1 4 3 5 5 2 1 Accounts receivable, end October 20 11 12 14 53 of month: November... 20 11 12 13 54 Total +2 + 1 0 +27 +27 +26 December. . . 20 10 12 16 52 Instalment +1 + 1 0 +28 +28 +28 1950 Collections during January 18 10 12 49 month: February 17 10 11 47 Total +4 -6 +8 +7 +2 +5 March 19 11 12 53 Instalment +5 -8 +10 +8 +2 +6 April 17 10 11 50 M 18 10 11 52 Inventories, end of month, at retail value. -1 +3 +8 +5 0 -2 P Preliminary. 1 Collections during month as percentage of accounts outstanding at P Preliminary. beginning of month. 2 Collection of these data for jewelry stores was discontinued after December 1949. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average =100 Percentage of total sales Sales during month Accounts receivable Collections during Year or month at end of month month Cash Instalsales ment Total Cash I m ns e t n al 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 c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t sales Averages of monthly data: 1941 100 100 100 100 100 100 100 100 48 9 1942 114 131 82 102 78 91 103 110 56 6 1943 130 165 71 103 46 79 SO 107 61 5 1944 145 188 66 112 38 84 70 112 64 4 1945 162 211 67 125 37 94 69 127 64 4 1946 202 242 101 176 50 138 91 168 59 4 1947 214 237 154 200 88 174 133 198 55 6 1948 225 236 192 219 142 198 181 222 52 7 1949 213 216 197 213 165 196 200 224 50 8 1949—April 223 231 189 222 152 190 196 209 51 8 May »\2O8 210 •189 »-209 153 191 196 220 50 8 June 200 206 168 201 152 187 194 222 51 7 July 149 157 147 141 151 163 179 202 52 9 August 179 181 195 173 155 161 188 184 50 10 September 214 209 '224 217 165 182 191 185 49 9 October 220 214 242 221 175 191 202 214 48 10 November . . 254 247 259 260 189 213 211 232 48 9 December 372 380 325 373 214 285 227 245 50 8 1950—January . ... 164 162 174 164 209 222 233 319 49 9 February 156 152 155 207 191 222 241 48 10 March 203 199 230 203 209 185 '250 230 48 April ... 204 202 214 205 212 190 226 210 49 Mayp 212 205 226 217 217 195 232 222 48 OOO Charge account sales 43 38 34 32 32 37 39 41 42 41 42 42 39 40 42 42 43 42 42 42 42 42 43 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. 881. 890 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 May June June June June Dage May June June June June 31 14 21 28i 31 14 28 i WEEKLY FIGURES2 In billions of dollars In unit indicated RESERVE BANK CREDIT, ETC. WEEKLY FIGURES 2—Cont. Reserve Bank credit, total 17.94 18.14 18.27 18.26 18.57 U. S. Govt. securities, total.. 17.39 17.67 17.69 17.68 18.2: BUSINESS CONDITIONS G M R E T M x r o e o e C C N C N C R e R c q l m n d a e o h h o e u e e e B N e s s B w w s i i s u b u i s s y u c c r e e i o o e n n t e l a a r r r o r l r f n y t t Y Y d i g g v v s e e r r c n d o o e e b y y s s o o k s c r e a c r r e a c c r k k a b b n i s s i v i r n k a a e t t h c e y y C C n d n r u s v r a k k i i , l e b b c e t t a s n s y y s s e a a t t . d e e o i r n n r o t t k k v d i n a f s s e e i l s c e p , a o t t s e o i s t t . s a . . l . . . . . . 2, 2 2 1 1 - - 4 5 4 6 4 7 7 4 1 1 5 5 . . . . . . . . . . 0 . . . 0 . . . . 0 5 8 9 1 1 2 3 0 2 2 8 5 1 4 2 1 7 2 0 0 0 3 8 4 3 0 6 9 3 9 1 2 2 1 1 4 4 6 4 5 7 4 7 1 1 5 6 . . . . . . . . . . . . . . . . . 1 1 1 4 8 3 7 7 2 3 0 0 7 0 0 5 1 2 2 6 2 2 5 3 8 2 4 1 3 4 3 5 7 8 2 2 1 1 4 4 4 6 5 7 4 6 1 1 ( 5 6 3 . . . . . . . . . . . . . ) . . . 2 6 1 4 3 6 1 9 9 2 4 3 1 0 8 5 2 2 1 6 7 8 0 1 8 5 8 6 9 3 3 1 P 2 2 1 1 3 8 4 6 4 5 4 6 1 P P 1 ( 6 5 3 . . . . . . . . . . . . . ) . . . 1 8 0 2 9 6 5 6 2 9 1 5 1 2 6 6 2 2 5 6 8 2 2 5 8 0 3 7 3 0 7 2 P 2 2 1 1 3 4 6 4 8 5 2 7 4 1 P P ( 5 5 s . . . . . . . . . . . . ) . . . . 8 7 6 1 2 1 3 4 0 2 9 4 0 1 4 5 4 4 4 1 1 7 8 0 3 9 3 7 2 8 2 Wh S I B n o e a d l F O T F T F W l S C C I s e e e n o i o a t o o s o t o c c x e d h p h o ( r o a t t t r t e e m A e u e a a o n l d e t d c r s e d o l l a s r u s s s u o n t t t ( n g p m p r ( u c c f d i . 1 a r ( r ( o f e ( a m o d c i f s r 9 c n m l 1 c s m ) e o d e 2 t o e 9 n s m l u n m 6 d s l 3 t t c a : p s p = i o s a 9 t r t e r d s t 1 s i = p p e o e r i 0 e 1 r t e s d b p i 0 i : r r 0 e u a u e ) s 0 p b l c : s r s u ) t o h : s s 1 u e : h 0 n l e ) 0 d l . ) . ) . 6 6 6 6 6 6 6 6 6 6 6 8 8 8 . 7 5 5 7 5 8 2 3 2 2 3 1 1 1 1 1 3 3 6 2 3 0 5 6 5 6 4 3 4 5 2 6 . 1 7 6 1 7 5 . . . . . . . . . . 7 9 7 2 8 4 4 5 8 7 5 • 2 3 3 2 1 1 1 1 1 2 3 7 4 3 0 5 6 4 4 6 1 3 0 4 6 . 3 8 7 8 9 6 1 . . . . . . . . . . 1 2 8 0 8 2 2 7 4 4 4 3 2 2 2 2 1 1 1 1 1 3 2 6 1 4 9 5 4 6 4 6 3 9 5 3 0 . 6 6 4 8 1 9 . . . . . . . . . . 2 7 8 7 4 8 7 5 0 3 0 3 2 2 2 2 1 1 1 1 1 3 2 6 4 1 9 6 5 6 4 4 3 7 3 0 2 . 6 7 2 8 9 6 . . . . . . . . . . 7 4 7 7 3 2 1 0 5 3 4 2 3 2 2 1 1 1 1 1 3 3 6 4 1 6 5 4 5 6 2 3 6 2 5 2 2 8 7 5 . . . . . . . . . . 9 5 8 1 7 9 7 1 0 5 MEMBER BANKS IN LEADING CITIES Cows (dollars per 100 All reporting banks: pounds) 68 19.97 20.08 20.10 19.73 19.43 Loans and investments 1 67.10 66.96 67.30 67.91 67.96 Hogs (dollars per 100 U. S. Govt. securities, total. 14 36.46 36.18 36.51 36.94 36.6 pounds) 68 20.20 20.19 19.86 20.15 20.99 Bonds 16 24.19 24.25 24.32 24.41 24.43 Butter (cents per pound) 68 59.9 59.9 59.9 59.9 59.9 Notes and certificates. ... 16 10.14 9.93 9.94 10.00 9.56 Eggs (cents per dozen)... 68 27.8 28.4 28.1 29.5 30.4 Bills 16 2.13 2.01 2.25 2.52 2.64 Production: Other securities 18 5.61 5.69 5.69 5.71 5.74 Steel (% of capacity) 71 101.5 101.3 101.1 101.2 101.2 Demand deposits adjusted.. 14 47.53 47.52 47.94 48.04 47.97 Automobile (thous. cars)... 71 137 192 196 199 187 U. S. Govt. deposits 14 2.10 1.79 1.98 2,36 2.48 Crude petroleum (thous. Loans, total 14 25.03 25.09 25.11 25.26 25.58 bbls.) 72 5,128 5,228 5,269 5,276 Commercial 18 13.36 13 .39 13.46 13.53 13.60 Bituminous coal (mill, tons) . 72 1.69 rl .77 '1.74 1.77 1.69 Real estate 18 4.60 4.61 4.64 4.66 4.68 Paperboard (thous. tons)... 73 194 214 209 211 211 For purchasing securities: Meat (mill, pounds) 73 258 288 279 284 277 Total 18 2.43 2.37 2.29 2.29 2.37 Electric power (mill. kw. hrs.) 75 5,632 5,921 6,012 6,102 6,115 U. S. Govt. securities. . 18 .84 .67 .58 .47 .51 Freight carloadings (thous. cars): Other securities 18 1.59 1.70 1.71 1.82 1.86 Total 74 710 796 806 810 653 Other 18 4.80 4.81 4.85 4.88 4.91 Miscellaneous 74 337 375 382 382 309 New York City banks: Department store sales Loans and investments 15 19.18 19.15 19.28 19.50 19.72 (1935-39=100) 75 261 302 302 250 U. S. Govt. securities, total. 15 10.09 9.99 10.12 10.30 10.2 Bonds, total holdings 1 7.09 7.13 7.14 7.20 7.24 Due or callable—5 years 17 5.64 5.67 5.67 5.72 5.73 Notes and certificates. ... 17 2.44 2.36 2.36 2.39 2.15 De B m il a ls n d deposits adjusted.. 1 1 5 7 14. . 9 56 9 15. . 0 50 6 15. . 1 62 2 15. . 3 71 5 15. . 2 8 0 8 Mar. Apr. May1 U. S. Govt. deposits 15 .52 .45 .52 .61 .68 Interbank deposits 15 3.82 3.88 3.99 3.99 3.94 MONTHLY FIGURES Time deposits ' 15 1.57 1.56 1.56 1.56 1.5 In billions of dollars Loans, total 15 7.62 7.68 7.67 7.70 7.95 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 4.57 4.58 4.64 4.69 4.71 Deposits and currency e To brokers: Total deposits and currency. P172.40 P172.60 ^173.30 On U. S. Govts 19 .62 .47 .40 .29 .33 Total deposits adjusted and On other securities. . 19 .89 .97 .97 1.04 1.09 currency 6 P167.10 P168.50 P169.50 To others 19 .22 .24 .23 .23 .24 Demand deposits adjusted.. 6 P83.30 P84.50 P85.30 Real estate and other .... 19 1.31 1.33 1.34 1.34 1.35 T C i u m rr e e n d c e y p o o s u it t s s i a d d e ju b s a te n d k s.... 6 6 P P2 5 4 9 . . 6 3 0 0 P P 5 2 9 4 . . 5 6 0 0 ^ P 5 2 9 4 . . 5 7 0 0 Ba U L n o . k N B B a S s n i o o . l s o n l t G s e d u a s o s t n v s a d t i n . d i d s e n e v c c N e u e s e r r t t i w m i t f i i e Y e c s n a o , t t r t s e o k s t a C l. i ty 1 : 1 4 2 1 7 7 6 1 7 . . . . . 5 6 9 3 1 6 9 2 6 1 2 4 1 7 6 7 7 1. . . . . 5 5 1 8 2 1 7 2 1 0 4 2 1 7 8 1 6 7 . . . . . 6 5 0 3 1 3 8 2 8 8 4 2 1 7 1 6 8 7 . . . . . 8 6 6 4 2 1 2 0 3 0 4 2 1 8 7 6 1 7 . . . . . 7 4 3 2 1 6 : 4 9 Mo $ U C B 1 n o i . 0 l e i l S y n s a . s o n i , G n f d $ o 1 $ c $ v i , 5 2 r t $ 0 . c 0 2 u d a b , l n e a i a p l t d n l i o s o d o s n i v $ , t e s 5 r t o bi t l a l l s . .. . . . 7 6 2 P 1 4 8 7 4 5 . . . . . 3 4 0 3 1 9 9 4 0 6 2 P 1 4 8 7 4 4 . . . . . 3 5 0 1 1 9 0 5 6 0 2 1 * 4 8 > 7 4 3 . . . . 3 5 0 1 .8 6 9 5 8 0 Demand deposits adjusted 32.54 32.46 32.83 32.69 32.7 U In . te S r . b G an o k v t. d e d p e o p s o i s ts its 6 1 . .5 1 8 1 6 1 . .3 4 4 8 6 1 . .4 6 5 6 6 1 . . 4 7 2 5 6 1 . . 1 8 6 0 Annual rate T L i o m C R an e o e s a m , d l m e t e o p e s o t t r a a s c l i t i t e a s l ......... 1 1 9 9 1 1 4 8 7 3 . . . . 7 2 4 8 9 8 1 1 1 1 8 4 7 3 . . . . 8 3 4 8 1 0 2 4 1 1 4 8 7 3 . . . . 8 3 4 8 2 2 4 4 1 1 4 8 7 3 . . . . 8 3 5 8 5 3 7 4 1 1 4 8 7 3 . . . . 3 8 6 8 . ( 4 5 Tu O N rn e th o w e v r e Y r l o e o a rk f d i d n C e g i m ty c a i n ti d e s deposits:5 8 8 2 1 8 8 . . 5 9 3 1 0 9 . . 6 6 3 1 0 9 . . 9 8 For purchasing securities 19 .70 .69 .70 .74 .71 Other 10 3.80 3.80 3.84 3.87 3.90 COMMERCIAL BANKS In billions of dollars MONEY RATES, ETC. Per cent per annum C U o . 3 C B 7 1 r S - 5 - p i e 5 9 l . o r l y t s G r i y y e a f e e a o ( i t n c e a a r v s a r r e t s s t . b w o e o s s r i n e s m c d s u u s o : r e r i s e t ) i es: 30, 3 3 3 3 3 0 0 0 0 2 U 1 2 1 1 . . 1 . . . 2 3 8 4 7 3 1 1 5 9 1 2 . 1 1 1 1 . . . . 3 8 4 2 7 2 1 6 3 7 1 2 1 1 1 .1 . . . . 3 8 4 2 7 2 2 7 3 4 1 2 . 1 1 1 1 . . . . 3 8 2 4 7 4 4 3 7 2 1 2 1 1 . 1 1 . . . . 3 7 4 2 4 4 9 3 H L C o a o O U L a s ld h o n . t h i s a S n a e n g a . s r s s s n G e s e d e t o s o c i v f u e n t r . v i U e t s i s e e . t c s m u S e e r . i n t t G - i s e , o s' v t o t. t a s l e e - 9 9 9 9 9 P P P P 1 P 1 4 6 2 2 0 3 5 0 6 . . . . . 9 7 8 4 3 0 0 0 0 0 P P P P ? 1 i 2 4 6 2 1 6 3 5 0 . . . . . 0 5 8 6 4 0 0 0 0 0 P P P P P 1 6 2 4 2 ll 6 6 4 1 . . . . . 0 1 6 1 2 0 0 0 0 0 " Hi A B gh a a - a a g rade municipal bonds 3 3 3 2 2 2 3 2 2 . . . 2 6 0 6 2 7 2 3 2 . . . 6 2 0 2 6 8 2 3 2 . . . 6 2 0 2 7 8 3 2 2 . . . 2 6 0 8 1 9 3 2 2 . . . 3 1 6 2 2 3 Wi T c B t u h o il r i t l n i a s t l i e 1 s : year: 1 1 0 0 1 2 8 . . 4 4 1 1 1 2 6 . . 7 0 3 8 ?1 P 6 3. . 2 6 0 0 Certificates 10 8.13 7.71 P7 .70 Stock prices (1935-39 = 100): In unit indicated Notes and bonds 10 7.87 5.64 P5. 70 Vo T R P I l n u u o a d m b t il u a l e r l i s o c t o a r u f d ia t t l i r l a it d y i ng (mill, shares) 3 3 3 3 3 4 4 4 4 4 1 1 1 1 1 .4 1 0 5 4 2 3 9 8 9 1 1 1 1 1 .9 1 0 4 5 1 3 7 9 9 1 1 1 1 1 .5 1 4 5 0 9 3 9 9 9 1 1 1 1 1 .6 4 1 0 6 1 9 3 9 0 3. 1 1 1 1 4 0 4 0 5 2 8 3 4 3 Ov T N B B er o o o o t n n t 1 a e d d l s s s y a e ( ( n a o 5 r d v - : 1 e b r 0 o y n 1 r d 0 s s . y ) ( . r 1 s - .) 5 yrs.) 1 1 1 1 0 0 0 0 3 3 5 4 9 0 . . . . 4 0 7 3 7 0 9 1 4 3 4 5 2 2 . . . . 5 0 9 4 0 5 2 7 P P P 3 4 5 2 2 . . . 9 5 6 0 0 0 For footnotes see p. 894. 891 JULY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BAN£ CREDIT, MONEY RATES, AND BUSINESS—Continued Chart 1950 Chart 1950 book book page Mar. Apr. Mayl page Mar. Apr. May1 MONTHLY FIGURES—Gont. In billions of dollars MONTHLY FIGURES—Cont. In billions of dollars MEMBER BANKS GOVERNMENT FINANCE—Cont. All member banks: Ownership of U. S. Govt. securities—Cont. Loans and investments, total 12 101.40 101.43 102.1 Marketable public issues—Cont. Loans 12 36.73 36.84 37.0' By class of security—Cont. U. S. Govt. securities 12 55.67 55.44 55.9< Bonds—Total outstanding.... 24 102.95 102.95 102.95 Other securities 12 9.00 9.15 9.1: Nonbank (unrestricted issues Demand deposits adjusted e 12 70.45 71.61 72.2 only), commercial bank, Time deposits 12 29.51 29.62 29.65 andF. R. Bank 24 58.48 58.24 Balances due to banks 12 10.99 10.77 10.6: Commercial bank and F. R. Balances due from banks 12 5.45 5.36 5.33 Bank 24 44.58 44.45 ?44.30 Reserves 12 16.08 15.90 15.94 F. R. Bank 24 6.40 6.16 5.80 Central reserve city banks: By earliest callable or due date: Loans and investments, total 12 24.20 24.31 24.4 Within 1 year-Total outstanding 25 49.20 44.93 45.33 Loans 12 9.09 9.19 9.14 Commercial bank and F. R. U. S. Govt. securities 12 12.98 12.96 13.2 Bank 25 28.97 26.67 P27.00 Other securities 12 2.13 2.16 2.0= F. R. Bank 25 10.57 10.60 10.41 Demand deposits adjusted e. 12 17.87 18.50 18.58 1-5 years—Total outstanding. 25 44.22 48.61 48.61 Time deposits 12 2.76 2.79 2.88 Commercial bank and F. R. Balances due to banks. 12 4.84 4.79 4.7 Bank 25 33.06 36.08 P36.20 Reserves 12 5.43 5.34 5.36 F. R. Bank 25 2.75 3.16 3.30 Reserve city banks: 5-10 years—Total outstanding 25 15.93 15.93 15.93 Loans and investments, total 13 38.34 38.20 38.56 Nonbank (unrestricted issues Loans 13 14.55 14.47 14.65 only), commercial bank, U. S. Govt. securities . 13 20.68 20.55 20.6' and F. R. Bank 25 8.58 8.58 Other securities 13 3.11 3.19 3.2: Commercial Bank and F. R. Demand deposits adjusted e 13 25.04 25.44 25.65 Bank 25 6.63 6.66 P6.7O Time deposits 13 11.74 11.77 11.76 F. R. Bank 25 1.15 1.15 1.15 Balances due to banks 13 5.22 5 08 5.03 Over 10 years—Total outstand- Balances due from banks 13 1 68 1 67 1.70 ing 25 45.13 45.13 Reserves 13 6 18 6 13 6.14 Nonbank (unrestricted issues Country banks: only), commercial bank, Loans and investments, total....... 13 38 86 38 92 39.16 and F. R. Bank 25 8.01 7.77 P7 A0 Loans 13 13 10 13 18 13.27 Commercial bank and F. R. U. S. Govt. securities 13 22.01 21 94 22.04 Bank 25 7.13 6.93 P6. 60 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 3 3 27 3 5 7 4 6 27 3.8 6 0 8 2 3 7 . . 8 9 5 8 Cash inco F m . e R a . n B d a n o k u tgo: 25 3.12 2.88 2.53 Time deposits 13 15 02 15 06 15.06 Cash income 26 5.16 1.68 2.94 Balances due from banks 13 3 63 3 54 3.48 Cash outgo 26 4.05 3.34 3.70 Reserves 13 4 47 4 42 4.44 Excess of cash income or outgo. ... 26 +1 12 -1 .66 -.76 MONEY RATES, ETC. Per cent Treasury bills (new issues) 29 1.140 1.167 Corporate bonds: CONSUMER CREDIT6 Aaa 29 2.58 2.60 2.61 Baa 29 3.24 3.23 3.25 Consumer credit, total 20 18 30 P18 61 *>19.09 i\ R. Bank discount rate 29 1.50 1.50 1.50 Single-payment loans 20 3 01 P3 05 P3.11 Commercial paper 29 1.31 1.31 1.31 Charge accounts 20 3 21 P3 24 P3.30 Itock yields: Service credit 20 1 01 PI 01 Pl.01 Dividends/price ratio: Instalment credit, total 20, 21 11 08 Pll 32 Pll.6 Common stock 33 6.40 6.18 5.97 Instalment loans 21 4 74 P4 80 P4.92 Preferred stock 33 3.81 3.82 3.82 Instalment sale credit, total 21 6 33 P6 51 P6.75 Automobile 21 3 36 P3 47 P3. 62 In unit indicated Other 21 2 98 P3 04 P3 .14 Margin requirements (per cent) 35 50 50 50 "tock prices (1935-39 =100), total... 35 139 142 147 itock market credit (mill, dollars): Bank loans 35 441 461 491 Customers' debit balances 35, 36 1,018 1,084 1,175 GOVERNMENT FINANCE Money borrowed 36 579 619 750 Customers' free credit balances. ... 36 666 678 657 Gross debt of the U. S. Government: Volume of trading (mill, shares) 35 1.64 2.30 1.76 Total (direct and guaranteed) 22 255.75 255.74 256.37 Bonds (marketable issues) 22 102.95 102.95 102.95 BUSINESS CONDITIONS Notes, certificates, and bills 22 51.52 51.65 52.05 Savings bonds, savings notes.... 22 65.37 65.56 65.77 Personal income (annual rates, bill, Special issues 22 32. 10 31. 80 31.87 dollars):«5 Guaranteed, noninterest-bearing Total 48 »-219.3 '213.8 213.3 debt, etc 22 3. 80 3. 78 3.73 Wage and salary receipts 48 133.6 135.3 136.4 Ownership of U. S. Govt. securities: Proprietors' income, dividends, and Total: interest 48 ^58.2 '58.0 59.4 Commercial bankse 23 '64.90 65.30 P65. All other 48 '27.5 '20.5 17.5 Fed. agencies and trust funds... 23 37.61 37.31 37.35 ,abor force (mill, persons):e F. R. Banks 23 17.59 17.80 17.39 Total 49 63.0 63.5 64.1 Individuals e 23 70.20 70.30 P7O.5O Civilian 49 61.7 62.2 62.8 Corporations and associations6. . 23 '24.60 24.20 P24.70 Unemployment 49 4.1 3.5 3.1 Insurance companiese 23 20.60 20.50 P20A0 Employment 49 57.6 58.7 59.7 Mutual savings banks e * 23 11.60 11.60 Pll.60 Nonagricultural 49 50.9 51.5 51.7 State and local govts. e. . 23 8.70 8.70 P8.70 Employment in nonagricultural estab- Marketable public issues: lishments (mill, persons):e 5 By class of security: Total 50 42.73 43.20 ^43.48 Bills—Total outstanding 24 12.33 12.62 13.02 Manufacturing and mining 50 15.05 15.21 P15A6 Commercial bank and F. R. Construction 50 2.09 2.15 P2.22 Bank 24 6.36 7.10 P7.20 Transportation and utilities 50 3.91 3.95 P3.89 F. R. Bank 24 3. 95 4.37 4.07 Trade 50 r9.33 9.42 P9A5 Notes and certificates—Total Government 50 5.78 5.90 P5.87 outstanding 24 39. 19 39.02 39.02 Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) 51 '56.49 56.93 P57.5O Bank 24 24.84 24.78 P25.00 Hourly earnings (dollars). . . 51 1.423 1.434 Pi.441 F. R. Bank 24 7.24 7.27 7.52 Hours worked (per week) 51 39.7 39.7 P39.9 For footnotes see p. 894. 892 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 Mar. Apr. May1 page Mar. Apr. May i In unit indicated In tmit ind icated MONTHLY FIGURES—Cont. MONTHLY FIGURES—Cont. BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS—Cont Industrial production:5 Consumers' prices (1935-39 =100): Total (1935-39 —100) 52 187 190 P193 All items 64 167 0 167 3 168 6 Groups (points in total index): Food... 64 196.0 196.6 200.3 Durable manufactures 52 80.2 84.1 P86.2 64 185.0 185.1 185.1 Nondurable manufactures 52 84.6 84.5 P85.1 Rent 64 122.9 123.1 123.5 Minerals 52 21.9 21.3 P21.8 Miscellaneous 64 155.0 154.8 155 3 Manufacturing production Wholesale prices (1926=100): (1935-39—100) total 53 194 199 P202 Total 65 152.7 152.9 155 9 Durable 53 222 P227 Farm products 65 159.4 159.3 164.7 Nondurable 53 '181 180 P181 Food 65 155 5 155 3 159 9 Selected durable manufactures Other commodities 65 146.1 146.4 147.6 (1935-39 —100): Textile products 66 137.3 136.4 136.1 Nonferrous metals 54 208 207 P2Q5 Hides and leather products 66 179.6 179.4 181.0 Steel 54 243 270 273 Chemicals and allied products... 66 116.3 117.1 116.4 Cement 54 192 218 210 Fuel and lighting materials 67 131.5 '131.2 132.1 Lumber 54 145 150 149 Building materials 67 194.2 194.8 198.1 Transportation equipment 54 225 P248 Metals and metal products 67 168.5 168.7 169.7 Machinery 54 243 251 P256 Miscellaneous 66 110.7 112.6 114.7 Selected nondurable manufactures Prices paid and received by farmers (1935-39=100): (1910-14=100): Apparel wool consumption 55 153 142 Paid, etc 69 250 251 254 138 139 140 Received 69 237 241 247 Shoes . 55 rl28 115 Cash farm income (mill, dollars): Paperboard 55 203 207 211 Total 70 1,674 1,594 Pl,809 Newsprint consumption. . .. 55 163 168 165 Livestock and products 70 1,164 1,108 Pi,334 Manufactured food products.... 55 166 164 P164 Crops ... 70 478 436 P434 Fuel oil 55 178 712 P175 Govt. payments 70 32 50 Gasoline . 55 173 171 P180 Industrial chemicals 55 '428 434 P442 Rayon 55 352 349 INTERNATIONAL TRADE AND FINANCE Sales, inventories, and orders: Sales (bill, dollars):5 Exports and imports (mill, dollars): Manufacturinof total 56 19.1 18.5 20.1 Exports .... ... 76 ,868 P825 Durable 8 1 8.0 8.8 Imports 76 P583 ^660 U.O 10.5 11.3 Excess of exports or imports 76 P204 P226 P165 Wholesale, total 57 7.7 7.3 7.9 Short-term liabilities to and claims on Durable 57 1.9 1.8 2.1 foreigners reported by banks (bill Nondurable 57 5.8 5.5 5.8 dollars): Retail total 57 11 1 11.1 11.3 Total liabilities 77 P6 04 P6 23 Durable 57 3.7 3.7 3.9 Official 77 P2 82 P2.88 Nondurable 57 7.4 7.4 7.4 Invested in U. S. Treasury bills Inventories (bill, dollars):5 and certificates 77 P.83 P.77 ^Manufacturing, total 56 31.1 31.2 31.5 Private 77 P3.22 P3. 36 Durable 56 13.9 14.0 14.2 Claims on foreigners 77 P. 64 P. 63 17.2 17.2 17.3 Foreign exchange rates: Wholesale 57 9 1 9 4 9 5 See p. 927 of this BULLETIN 78,79 Retail 57 14.3 14.1 14.3 New orders (bill, dollars) Durable 56 9.1 8.5 8.5 1949 1950 Nondurable 56 11.2 10.1 11.0 Construction contracts (3 mo. moving avg., mill, dollars)'.8 Oct.- Jan.- Apr.- Total 58 1,130 1,165 Pl.102 Dec. Mar. June Residential 58 511 548 P551 QUARTERLY FIGURES Other 58 619 617 P552 Residential construction: GOVERNMENT FINANCE In billions of dollars Contracts awarded (mill, dollars): Total 59 514 564 565 Budget receipts and expenditures of 1- and 2-family dwellings 59 393 417 447 U. S. Treasury: Other . 59 120 147 118 Expenditures, total 27 9.96 9.09 10.10 Dwellings started (thous. units). ..-. 59 117 P126 27,28 '3.15 '3.03 2.96 Value of construction activity (mill, Veterans' Administration 28 1.56 1.58 1.46 dollars) :6 International aid. . . ... 28 '1.10 '.99 1.20 Total • 60 1 750 1,959 2 220 28 1.57 1.26 1 93 Nonresidential:e Allother. 28 '2.52 '2.16 2.46 Public 60 409 478 557 Receipts: Private . . .. . 60 572 601 655 Net receipts 27 8.42 11.16 8.21 Residential:e Individual income taxes 28 2.91 6.63 Public 60 28 28 28 Corporate income, etc 28 2.85 2.68 Private 60 741 852 980 Miscellaneous internal revenue.. 28 2.20 1.95 2.05 Freight carloadings:5 All other. . 28 .61 .78 Total (1935-39—100) 61 127 126 122 Tax refunds (deduct) 28 .15 .88 .97 Groups (points in total index): Miscellaneous 61 73.4 75.2 73.0 Coal 61 29.5 26.2 25.2 MONEY RATES Per cent i?er annum All other 61 23.7 24.1 Department stores: Bank rates on loans to business: Indexes (1935-39= 100) :5 All loans: Sales 62 274 292 290 19 cities 31 2.65 2.60 2.68 Stocks 62 285 286 285 New York City 31 2.38 2.29 2.34 296 stores: 7 Northern and Eastern cities... 31 2.67 2.55 2.67 Sales (mill, dollars) 63 '320 '319 330 11 Southern and Western cities.. 31 3.03 3.12 3.22 Stocks (mill, dollars) 63 920 '926 901 Loans of $l,000-$10,000: Outstanding orders (mill, dollars) 63 326 270 251 19 cities 31 4.53 4.45 4.50 Ratios to sales (months' supply): New York City 31 4.14 3.85 3.94 Total commitments 63 3.9 '3.7 3.4 7 Northern and Eastern cities... 31 4.63 4.64 4.58 Stocks 63 2.9 2.9 2.7 11 Southern and Western cities.. 31 4.66 4.64 4.70 For footnotes see p. 894. 893 JULY 1950 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 Chart Chart book book page Oct.- Jan.- Apr.- page Oct.- Jan.- Apr.- Dec. Mar. June Dec. Mar. June 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 3.61 3.54 3.65 All business 42 3.7 4.5 New York City 31 3.35 3.22 3.35 Manufacturing and mining; rail- 7 Northern and Eastern cities . . 31 3.65 3.60 3.62 roads and utilities 42 3.2 2.6 3.3 11 Southern and Western cities. . 31 3.74 3.71 3.83 Manufacturing and mining 42 2.0 1.7 2.1 Loans of $100,000-$20Q,000: 19 cities 31 2.98 2.94 2.94 New York City 31 2.73 2.64 2.73 In billions of dollars 7 Northern and Eastern cities. . . 31 3.00 2.91 2.82 11 Southern and Western cities. . 31 3.12 3.15 3.17 Individual savings:e Loans of $200,000 and over: Gross savings 43 + 10.9 +8.8 19 cities 31 2.35 2.31 2.39 Liquid savings 43 r+1.0 +0.6 New York City 31 2.21 2.13 2.16 Cash 43 '+1.7 -0 .3 7 Northern and Eastern cities . . 31 2.41 2.28 2.45 U. S. Govt. securities 43 '-0.1 +0.8 11 Southern and Western cities. . 31 2.56 2.74 2.82 Other securities 43 r+0.4 +0.8 Insurance. 43 + 1.8 -0 .3 Stock yields: Debt liquidation 43 -3.0 -0 .5 Earnings /price ratio, common stocks 33 13.49 12.28 Annual rates in billions of dollars GROSS NATIONAL PRODUCT, ETC. « BUSINESS FINANCE In unit indicated Gross national product 5 ... 44 '253.8 '262.5 Corporate assets and liabilities (bill, Govt. purchases of goods and servdollars):e ices , , . 44 '42.8 '41.4 Current assets, total 37 124.1 124.8 Personal consumption expenditures 44 180.6 182.4 Cash 37 24.9 23 Durable goods 46 '25.3 26.9 U. S. Goyt. securities 37 15.7 16.7 Nondurable goods 46 '97.9 '97.5 Inventories 37 43.8 44.2 Services. 46 '57.4 '58.0 Receivables 37 38.3 38.7 Private domestic and foreign invest- Current liabilities, total 37 56.4 55.8 ment .... 44 '30.5 '38.61 Notes and accounts payable.. , 37 33.7 32.8 Gross private domestic invest- Federal income tax liabilities. ... 37 9.7 9.7 ment: Net working capital 37 67.7 69.0 Producers' durable equipment 45 18.7 19.3 Corporate security issues.7 New construction 45 18.2 19.9 Total (bill, dollars)e 38 1.30 1.40 Change in business inventories 45 '—5.7 1.3 New money, total (bill, dollars) •. . 38 '.86 1.01 Net foreign investment 45 j. 1-7 '-1.9 Type of security (bill, dollars): Personal income, consumption, and Bonds . 38 .64 .83 saving;5 Preferred stock 38 .11 .09 Personal income 47 '205.4 '216.4 Common stock . 38 .11 .10 Disposable income 47 186.8 197.7 Use of proceeds (mill, dollars): Consumption expenditures 47 180.6 182.4 Plant and equipment: Net personal saving 47 '6.2 15.3 All issuers. 39 ••597 Public utility 39 396 567 Railroad 39 77 106 1948 1949 Industrial 39 112 73 Working capital: All issuers 39 r265 »-237 Dec. June Dec. Public utility 39 5 1 31 30 31 Railroad 39 18 SEMIANNUAL FIGURES Industrial 39 106 94 Bonds (bill, dollars):e INSURED COMMERCIAL BANKS In billions of dollars Public 38 .31 .69 Private 38 .67 .46 Loans: Corp ( o a r n a n te u a p l r o r f a i t t e s, s , t a b x il e l s , , d a o n l d la d rs i ) v id e 5 ends A Co g m ric m u e lt r u c r ia a l l 1 1 1 1 1 2 8 . . 7 7 8 6 1 2 6 . . 7 2 3 9 1 2 6 . . 9 9 6 4 Profits before taxes 40 '29.2 ?31.0 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 16.9 17.8 818.9 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 40 810.7 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 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 . g overnment securities 1 1 1 1 3 5 . . 4 5 2 1 3 5 . . 4 7 9 6 3 6 . . 5 4 7 0 Large corporations, total (bill, dollars) 41 1.2 Manufacturing (mill, dollars): Durable 41 424 529 Nondurable 41 342 323 Electric power and telephone (mill, dollars) 41 267 304 Railroads (mill, dollars) 41 161 51 e Estimated. v Preliminary. ' Revised. c Corrected. 1 For charts on pp. 22, 29, and 35, figures for a more recent period are available in the regular BULLETIN tables that show those series. Because the Chart Book is usually released for duplication some time after the BULLETIN has gone to. press, most weekly charts and several monthly charts include figures for a more recent date than are shown in this table. 2 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 Less than 5 million dollars. 4 Beginning June 1, series is based on 3 note issues maturing July 1, 1951. 5 Adjusted for seasonal variation. 6 Series revised to reflect estimates for items not previously included; revised chart will appear at an early date. 7 Figures for all issues include revisions not shown for major industry groups. 8 Estimates of Council of Economic Advisers, based on preliminary data. 9 Expenditures anticipated by business during the third quarter of 1950 are (in billions of dollars): All business, 4.5; manufacturing and mining, railroads and utilities, 3.2; manufacturing and mining, 2.1. * 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. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued CONSUMER CREDIT Chart 1950 Chart 1950 book book page Mar. Apr.p Mayv page Mar. In millions of dollars In millions of dollars Consumer credit outstanding, total... 3 18,302 18,610 19,091 Consumer instalment sale credit Instalment credit, total 3, 5 11,077 11,315 11,667 granted, cumulative totals: 1 Instalment loans . 5 4,743 4,804 4,916 By all other retailers. 7 920 874 985 Instalment sale credit 5 6,334 6,511 6,751 By department stores and mail- Charge accounts 3 3,211 3,241 3,296 order houses. . 7 810 764 863 Single-payment loans 3 3,009 3,048 3,114 By furniture and household appli- Service credit 3 1,005 1,006 1,014 ance stores 7 664 614 697 Co l n at s i u v m e e t r o t c a r l e s d :1 it outstanding, cumu- Cons B um y e a r u t i o n m st o al b m ile e n d t e l a o le a r n s credit out- 7 487 443 498 Instalment credit 4 18,302 18,610 19,091 standing, cumulative totals:1 Charge accounts 4 7,225 7,295 7,424 Commercial and industrial banks. 8 4,743 4,804 4,916 Single-payment loans 4 4,014 4,054 4,128 Small loan companies 8 2,459 2 ,476 2,518 Service credit 4 1,005 1,006 1,014 Credit unions *.... 8 1,523 1,531 1,559 Consumer instalment sale credit out- Miscellaneous lenders 8 1,102 1,100 1,108 standing, cumulative totals:1 Insured repair and modernization All other retailers 6 6,334 6,511 6,751 loans 8 783 778 781 Department stores and mail-order houses , 6 5,716 5,880 6,100 Furniture and household appliance stores 6 4,756 4,901 5,090 Automobile dealers 6 3,355 3,470 3,615 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 JULY 1950 895 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER, PRINCIPAL ASSETS, AND DEPOSITS OF BANKS WITHOUT BRANCHES, OF BANKS OPERATING BRANCHES, AND OF THEIR BRANCHES, JUNE 30, 1949x BY CLASS OF BANK [Assets and deposits in millions of dollars] Branches3 Banks Banks Outside head-office city Class of bank and item without oper- In branches bra a n ti c n h g es 2 Total h o e ff a ic d e - In In In noncity head- contig- contigoffice uous uous county counties counties All commercial banks: Number 12,988 1,162 4,386 1,881 1,122 596 787 Total loans and discounts 18,267 22,758 7,130 2,827 573 892 2,837 Real estate loans 5,634 5,389 2,704 508 306 560 1,330 U. S. Government and other securities 36,219 36,529 691 359 80 43 209 Cash assets 4 16,246 17,920 1,247 731 122 82 313 Demand deposits of individuals, partnerships, and corporations 36,905 41,214 14,777 9,616 1,146 977 3,037 Time deposits of individuals, partnerships, and corporations. . 18,066 16,930 9,960 5,375 1,210 1,022 2,353 Other deposits 10,716 13,689 2,054 812 128 225 888 Total deposits 65,687 71,833 26,791 15,804 2,484 2,225 6,279 All member banks:5 Number 6,410 493 3,216 1,713 458 324 721 Total loans and discounts 13,710 20,746 6,631 2,601 477 776 2,778 Real estate loans 3,817 4,566 2,506 415 268 508 1,315 U. S. Government and other securities 27,570 33,289 598 357 40 2 200 Cash assets 4 13,486 16,937 1,138 708 73 55 302 Demand deposit of individuals, partnerships, and corporations 28,778 38,379 14,090 9,417 918 795 2,961 Time deposits of individuals, partnerships, and corporations. . . 13,353 14,685 9,301 5,042 1,050 906 2,303 Other deposits 8,809 12,977 1,939 792 106 168 873 Total deposits 50,938 66,042 25,330 15,251 2,074 1,869 6,137 National member banks: Number 4,700 287 1,969 844 244 215 666 Total loans and discounts. . . 10,225 12,280 4,879 1,450 250 588 2,591 Real estate loans 2,633 3,044 2,024 280 133 385 1,225 U. S.. Government and other securities 21,123 19,889 558 355 4 1 198 Cash assets 4 10,480 9,844 813 488 35 34 256 Demand deposits of individuals, partnerships, and corporations 22,065 22,334 9,062 5,208 507 582 2,765 Time deposits of individuals, partnerships, and corporations. . . 9,759 9,142 5,975 2,674 543 600 2,158 Other deposits 7,057 7,863 1,527 579 47 135 766 Total deposits 38,880 39,339 16,565 8,462 1,098 1,316 5,689 State member banks:5 Number. . 1,710 266 1,247 869 214 109 55 Total loans and discounts 3,485 8,466 1,752 1,150 227 188 186 Real estate loans 1,184 1,522 482 135 134 123 90 U. S. Government and other securities 6,447 13,400 40 2 35 1 2 Cash assets 4 3,006 7,093 325 221 38 20 46 Demand deposits of individuals, partnerships, and corporations 6,713 16,045 5,028 4,209 411 213 196 Time deposits of individuals, partnerships, and corporations. . . 3,594 5,543 3,325 2,367 507 306 145 Other deposits 1,752 5,114 412 213 59 33 107 Total deposits 12,058 26,703 8,765 6,789 976 553 448 Insured nonmember commercial banks: Number 5,881 636 1,104 148 640 254 62 Total loans and discounts. . 4,255 1,816 461 210 89 103 58 Real estate loans. 1,721 787 191 87 37 52 15 U. S. Government and other securities 7,560 2,816 92 3 40 40 9 Cash assets 4 2,460 839 102 21 46 24 11 Demand deposits of individuals, partnerships, and corporations 7,456 2,392 597 177 202 144 -75 Time deposits of individuals, partnerships, and corporations. . . 4,465 2,074 627 323 153 103 48 Other deposits 1,386 637 113 19 22 57 15 Total deposits 13,307 5,103 1,337 519 376 304 138 Noninsured nonmember commercial banks: Number. 700 33 66 20 24 18 4 Total loans and discounts 306 196 38 16 7 14 1 Real estate loans 99 37 7 6 1 (6) U. S. Government and other securities 1,102 424 1 (6) (6) 1 (6) Cash assets 4 303 143 7 1 3 3 (6) Demand deposits of individuals, partnerships, and corporations 671 443 90 23 26 39 2 Time deposits of individuals, partnerships, and corporations. . . 265 170 32 10 7 13 1 Other deposits 521 75 2 1 (6) 1 Total deposits 1,458 688 123 34 33 53 3 All mutual savings banks:5 Number 424 106 192 161 19 12 Total loans and discounts 2,269 3,781 220 212 2 7 Real estate loans 2,514 3,660 204 196 1 6 U. S. Government and other securities 5,817 8,227 331 330 (6) (6) Cash assets 4 , 300 500 50 50 (6) (6) Demand deposits of individuals, partnerships, and corporations 6 5 4 4 (6) (6) Time deposits of individuals, partnerships, and corporations. . . 7,512 11,418 3,088 3,072 4 12 Other deposits 5 4 1 Total deposits 7,522 11,427 3,093 3,076 5 12 For footnotes see next page. 896 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER, DEPOSITS, AND NUMBER OF BRANCHES OF BANKS OPERATING BRANCHES1 JUNE 30, 1949 BY GEOGRAPHIC EXTENT OF BRANCH BANKING AND BY CLASS OF BANK [Deposits in millions of dollars] Commercial banks Mutual Member banks Nonmember savings banks Total Total National State Insured Noninsured All banks operating branches: Number 1,162 493 287 206 636 33 106 Total deposits of banks and branches... . 71,833 66,042 39,339 26,703 5,103 11,427 Number of branches 4,386 3,216 1,969 1,247 1,104 66 192 Deposits of branches 26,791 25,330 16,565 8,765 1,337 123 3,093 Banks with branches in head-office city only: Number 310 252 142 110 53 5 85 Total deposits of banks and branches 36,453 35,057 18,306 16,751 1,327 69 10,855 Number of branches 1,054 956 444 512 11 148 Deposits of branches1 10,439 10,244 5,492 4,752 194 3,076 Banks with branches outside head-office city but not beyond head-office county:2 Number 563 144 84 60 403 16 15 Total deposits of banks and branches 11,654 9,768 ,149 ,619 1,746 140 405 Number of branches: In head-office city 358 340 181 159 13 5 In head-office county 855 296 150 146 539 20 Deposits of branches:1 In head-office city 1,669 1,637 796 841 32 In head-office county 1,361 1,060 444 616 298 Banks with branches outside head-office county but not beyond counties contiguous to it:2 Number "I 225 55 32 23 161 9 6 Total deposits of banks and branches 8,977 7,391 3,460 ,931 ,453 133 168 Number of branches: In head-office city 216 175 49 126 38 3 13 In head-office county , 165 82 34 48 81 2 4 In contiguous counties 312 102 57 45 199 11 12 Deposits of branches:1 In head-office city , 1,377 1,072 354 718 270 33 () In head-office county 442 373 141 232 54 14 5 In contiguous counties , 556 361 231 130 173 26 12 Banks with branches in counties not contiguous to that of head office:2 Number 64 42 29 13 19 3 Total deposits of banks and branches 14,750 13,826 11,425 ,402 577 346 Number of branches: In head-office city ." 253 242 170 72 10 1 In head-office county 102 80 60 20 20 2 In contiguous counties 284 222 158 64 55 7 In noncontiguous counties 787 721 666 55 62 4 Deposits of branches:1 In head-office city 2,320 2,297 1,820 477 23 1 In head-office county 686 642 514 128 24 19 In contiguous counties 1,665 1,508 1,085 423 130 27 In noncontiguous counties 6,278 6,137 5,689 448 138 3 1 See footnotes 1 and 3 below. 2 Each bank is included in one category only, according to the widest area in which it operates branches. 3 Deposits amounted to less than $500,000 or were not reported separately. Footnotes to table on page 896. 1 Branches exclude banking facilities at military reservations and other Government establishments. Included in the number of banks operating branches and their branches are four small noninsured commercial banks and four branches, for which asset and liability data were not available. Asset and liability data may not add to totals because of rounding. The term "commercial banks" in these tables comprehends all banks and trust companies except mutual savings banks. 2 Assets and liabilities shown are totals for head office and all branches. 3 In a considerable number of cases, some or all of the asset and liability items were not reported separately for branches, since they are carried on the books of the parent bank. For this reason the asset and liability data for branches cannot be related directly to the number of branches. The table on p. 898 shows deposits were not reported for 835 of the 4,386 branches of commercial banks, and loans were not reported by 1,254 of the branches. 4 Cash assets for banks operating branches are totals of the head office and all branches, excluding inter-office "due to and from" accounts. By reason of this exclusion, in this table the total shown for cash assets of all commercial banks operating branches is an estimated 200 million dollars lower than it would be if derived from the consolidated reports, where the net amount of some "due to and from" accounts is included. The figures for banks without branches are also affected inasmuch as they were derived by subtracting the data for banks operating branches from the data for all commercial banks. 5 Banks without branches include three mutual savings banks that are State member banks and which, consequently, are included in both "All member banks" and "All mutual savings banks." 6 Less than $500,000 or not reported separately. JULY 1950 897 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS OPERATING BRANCHES BY RATIO OF BRANCH DEPOSITS TO TOTAL DEPOSITS, JUNE 30, 19491 Banks operating head-office city branches, Banks operating one or more out-of-town branches, or both out-of-town branches Ratio of deposits of Ratio of- deposits of total a ll d e b p ra o n si c t h s e o s f t o bank Number Depos o i f t s d ( o i l n la m rs) illions to o u to t- t o a f l - t d o e w po n sit b s r a o n f c b h a e n s k Number Depos o i f t s d ( o i l n la r m s) illions (per cent) (per cent) Banks Branches B b a r n an ks c h a e n s d Branches Banks Branches B b a r n an ks c h a e n s d Branches Total.... 1,162 4,386 71,833 26,791 Total... 852 2,505 35,380 10,987 Under 10 128 265 8,160 405 Under 10 106 148 8,704 319 10-25 227 551 12,845 2,163 10-25 165 353 6,827 1,148 25-50 243 783 16,943 6,412 25-50 189 618 6,965 2,783 50-75 113 1,049 12,314 7,746 50-75 68 346 2,647 1,585 75 and over 34 1,066 11,459 10,066 75 and over 18 637 6,401 5,151 Unclassified2 417 672 10,111 Unclassified2 306 403 3,836 1 See footnote 1 to table on p. 897. 2 Comprises banks that did not report branch deposits separately and their branches. Does not include banks that reported deposits for some of their branches but not for others. This exclusion accounts for the differences of 163 in the total number of unclassified branches and of 70 in the number of out-of-town branches between this and the following table. BRANCHES OF COMMERCIAL BANKS BY AMOUNT OF DEPOSITS AND BY AMOUNT OF LOANS, JUNE 30, 19491 Number of branches Percentage distribution Classification In Outside In Outside Total head-office head-office Total head-office head-office city city city city Total 4,386 1,881 2,505 100.0 100.0 100.0 By amount of total deposits of branch Under $250,000 90 34 56 2.1 1.8 2.2 250,000-500,000 179 22 157 4.1 1.2 6.3 500.000-1,000,000 322 51 271 7.3 2.7 10.8 1,000,000-2,000,000 493 146 347 11.2 7.8 13.8 2,000,000-5,000,000 998 440 558 22.8 23.4 22.3 5,000,000-10,000,000 813 429 384 18.5 22.8 15.3 10,000,000-25,000,000 493 291 202 11.3 15.5 8.1 25,000,000-50,000,000 101 61 40 2.3 3.2 1.6 50,000,000-100,000,000 44 31 13 1.0 1.7 .5 100,000,000 and over 18 14 4 .4 .7 .2 Unclassified 2 835 362 473 19.0 19.2 18.9 By amount of total loans of branch: Under $50,000 186 121 65 4.2 6.4 2.6 50,000-150,000 319 163 156 7.3 8.7 6.2 150,000-250,000 262 123 139 6.0 6.5 5.5 250,000-500,000 496 207 289 11.3 11.0 11.5 500,000-1,000,000 592 235 357 13.5 12.5 14.3 1,000,000-2,000,000 490 187 303 11.2 10.0 12.1 2,000,000-5,000,000 466 141 325 10.6 7.5 13.0 5,000,000-10,000,000 190 57 133 4.3 3.0 5.3 10,000,000 and over 131 61 70 3.0 3.2 2.8 Unclassified 3 1,254 586 668 28.6 31.2 26.7 1 See footnote 1 to table on p. 896., 2 Branches that did not report deposits. 3 Branches that did not report loans. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS OPERATING BRANCHES AND THEIR BRANCHES, JUNE 30, 19491 SELECTED CLASSIFICATIONS OF NUMBER AND DEPOSITS Banks operating branches Number of branches Classification Outside head-office city Total In Number deposits Total head- (in millions office In head- In con- In nonof dollars) city Total office tiguous contiguous county counties counties Total 1,162 71,833 4,386 1,881 2,505 1,122 596 787 By amount of deposits of bank: $500,000-1,000,000 22 18 23 23 17 6 1,000,000-2,000,000 138 212 160 159 113 45 1 2 000 000-5 000,000 289 944 393 15 378 295 84 2 5.000,000-10,000,000 163 1,161 268 47 221 172 41 8 10,000,000-25,000,000 217 3,695 408 167 241 136 80 25 25,000,000-50,000,000 125 4,535 381 174 207 104 67 36 50,000,000 to 100,000,000 80 5,629 390 224 166 93 39 34 100,000,000 and over 124 55,639 2,359 1,252 1,107 190 236 681 Unclassified 2 4 4 1 3 2 1 By number of branches per bank: 1 645 8,134 645 175 470 363 103 4 2 209 4,990 418 123 295 227 61 7 3 101 7,900 303 125 178 129 46 3 4 53 3,352 212 104 108 73 27 8 5-9 76 8,645 483 256 227 117 65 45 10-14 35 5,177 408 193 215 77 67 71 15-19 13 3,399 219 96 123 32 38 53 20-49 22 13,616 647 373 274 51 70 153 53 2 2,066 106 87 19 16 3 68 1 3,811 68 68 75 1 740 75 75 76 1 2,229 76 76 80 1 914 80 22 58 38 20 127 1 1,539 127 62 65 37" 9 19 519 1 5,322 519 46 473 69 404 By method of establishment of branch:» De novo 2,728 1 ,397 1,331 666 333 332 By conversion of a bank into a branch 1,620 472 1,148 441 259 448 Unknown 38 12 26 15 4 7 1 See footnote 1 to table on p. 896. 2 Noninsured commercial banks for which asset and liability data were not available. 3 Refers to original status, whether established de novo as a branch (by present or predecessor parent bank) or established by conversion of a bank into a branch following consolidation or absorption. COMMERCIAL BANKS OPERATING BRANCHES AND THEIR BRANCHES, JUNE 30, 1949x BY POPULATION (1940 CENSUS) OF PLACES IN WHICH LOCATED Banks operating Number of branches outside of head-office city, by population branches Number of place in which located of Population of place in branches which head office is located Total in head- Number (in d e m po il s l i i t o s ns o c ff i i t c y e U 5 n 0 d 0 er 1 5 , 0 0 0 0 - 0 1 2 , , 0 5 0 0 0 0 - 2 1 , 0 5 ,0 0 0 0 0 - 1 5 0 0 , , 0 0 0 0 0 0 - 5 1 0 0 , 0 0 ,0 0 0 0 0 - 1 5 0 0 0 0 , , 0 0 0 0 0 0 - 5 an 0 d 0 ,0 o 0 v 0 er of dollars) Under 500 99 187 79 32 13 3 500-1 000 96 215 76 38 5 2 1,000-2,500. , 165 576 3 99 65 44 14 1 1 2 500-10 000 196 1,344 21 100 99 89 49 8 2 10,000-50,000 193 4,051 84 42 72 114 136 53 5 12 1 50,000-100,000 108 3,748 129 9 14 37 35 42 20 8 100,000-500,000 171 14,757 505 14 36 64 118 96 17 5 2 ' 500,000 and over 134 46,956 1,139 19 40 100 195 151 67 68 94 Total 1,162 71,833 1,881 438 396 466 552 351 109 96 97 i See footnote 1 to table on p. 896. JULY 1950 899 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER AND DEPOSITS OF ALL COMMERCIAL BANKS AND OF COMMERCIAL BANKS OPERATING BRANCHES, DECEMBER 31, 1939 AND JUNE 30, 19491 BY STATES Number Total deposits (in millions of dollars) Deposits of commercial banks operating branches as a per- Geographic division me A rc l i l a c l o b m an - ks Co o m p b e m a r e n a r t ks c in i g al mer A c ll ial co b m a - nks C o ( o p i m n e m c r l a e u t r d i c i ng i n g al b d r b e a p a n o n c s k h s i e t s s cen a t ll ag c e o o m f m t e o r ta c l i d al ep b os a i n ts k s of and State branches of branches) Change in 1939 1949 1939 1949 1939 1949 1939 1949 1939 1949 percentage 1939 to 1949 United States 14,484 14,150 939 1,162 57,718 137,520 30,915 71,833 53.4 52.2 - 1.22 New England 565 525 89 110 3,430 6,947 2,054 4,560 59.9 65.6 + 5.7 Maine 69 64 20 24 205 446 84 267 41.0 59.9 +18.9 New Hampshire 64 75 2 2 91 251 1 3 1.1 1.2 + .1 Vermont 76 70 8 8 112 237 20 45 17.9 19.0 + 1.1 ]VI assachusetts 197 183 42 51 2,053 3,893 1,431 2,963 69.7 76.1 + 6.4 Rhode Island . . . 26 19 11 12 324 704 276 636 85.2 90.3 + 5.1 Connecticut 133 114 6 13 645 1,416 242 646 37.5 45.6 + 8.1 Middle Atlantic . . 2,212 1,961 182 220 24,899 43,888 18,102 33,113 72.7 75.4 + 2.7 New York 751 648 88 107 17,930 29,856 14,944 25,509 83.3 85.4 + 2.1 New Jersey . 366 334 49 52 1,816 4,354 985 2,450 54.2 56.3 + 2.1 Pennsylvania.... 1,095 979 45 61 5,153 9,678 2,173 5,154 42.2 53.3 +11.1 East North Central 3,082 3,036 207 252 10,789 28,919 3,177 9,644 29.4 33.3 + 3.9 Ohio 701 662 39 46 2,490 6,837 1,368 3,749 54.9 54.8 - .1 Indiana 507 486 40 54 941 2,907 267 1,229 28.4 42.3 +13.9 Illinois 848 891 4 781 11,464 Michigan 452 446 47 61 1,622 4,883 1,142 3,577 70.4 73.2 + 2.8 Wisconsin 574 551 81 91 955 2,828 401 1,089 42.0 38.5 - 3.5 West North Central 3,392 3,292 149 164 4,186 12,658 451 1,280 10.8 10.1 - .7 "M. innesota 680 682 2 2 955 2,721 288 644 30.2 23.7 - 6.5 Iowa 647 665 117 119 673 2,195 108 363 16.0 16.5 + .5 Missouri 633 599 1 617 3 926 North Dakota 169 150 14 15 95 592 3 37 3.2 6.3 + 3.1 South Dakota 165 170 14 26 99 474 34 172 34.3 36.3 + 2.0 Nebraska 423 416 2 2 335 1,197 17 64 5.1 5.3 + .2 Kansas 675 610 412 1,553 South Atlantic 1,574 1,674 143 180 3,817 10,983 1,794 5,219 47.0 47.5 + .5 Delaware 44 39 6 7 205 403 159 306 77.6 75.9 - 1.7 Maryland 177 163 25 26 732 1,501 472 1,019 64.5 67.9 + 3.4 District of Columbia .... 22 19 11 14 362 990 275 831 76.0 83.9 + 7.9 Virginia 315 314 40 50 635 1,735 286 961 45.0 55.4 +10.4 West Virginia 181 179 1 297 953 1 .3 North Carolina 228 226 43 57 507 1,569 235 1,045 46.4 66.6 +20.2 South Carolina 151 150 6 12 164 618 72 304 43.9 49.2 + 5.3 Georgia 285 394 10 13 503 1,517 294 752 58.4 49.6 - 8.8 Florida3 171 190 1 1 412 1,697 1 1 .2 .1 - .1 East South Central 1,134 1,109 59 86 1,606 5,104 513 2,202 31.9 43.1 +11.2 Kentucky. . . . 412 385 13 20 487 1,422 170 486 34.9 34.2 Tennessee... 300 295 19 30 577 1,811 238 1,200 41.2 66.3 +25.1 Alabama 217 226 3 3 332 1,142 76 261 22.9 22.9 Mississippi 205 203 24 33 210 729 29 255 13.8 35.0 +21.2 West South Central 1,595 1,676 42 54 2,824 9,761 363 1,109 12.9 11.4 - 1.5 Arkansas 217 230 14 18 201 729 15 67 7.5 9.2 + 1.7 Louisiana 145 161 28 36 551 1,633 347 1,042 63.0 63.7 + .7 Oklahoma 393 387 461 1 529 Texas . .. 840 898 1,611 5,870 Mountain.... 488 482 21 34 1,027 3,591 215 1,132 20.9 31.5 +10.6 M^ontana 111 111 150 534 Idaho 51 45 6 8 101 407 68 310 67.3 76.1 + 8.8 Wyoming 58 55 70 227 Colorado 145 147 344 1 042 New Mexico 41 50 4 9 66 288 5 91 7.6 31.6 +24.0 Arizona . . 12 11 4 7 91 413 67 394 73.6 95.4 +21.8 Utah 59 55 5 6 164 526 41 201 25.0 38.2 +13.2 Nevada 11 8 2 4 41 154 34 136 82.9 88.3 + 5.4 Pacific 442 395 47 62 5,137 15,665 4,247 13,576 82.7 86.7 + 4.0 Washington 140 122 9 11 506 1,827 355 1,362 70.2 74.5 + 4.3 Oregon 74 69 4 11 318 1,222 249 1,009 78.3 82.6 + 4.3 California 228 204 34 40 4,313 12,616 3,643 11,205 84.5 88.8 + 4.3 1 See footnote 1 to table on p. 896. 2 The slight decline for the United States despite increases in a large number of States reflects the relatively larger increase in deposits in States where all or the greater portion of deposits are held by single-office banks. 3 The bank operating one branch is a noninsured nonmember industrial bank included in the commercial bank category in accordance with established practice. 900 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER AND DEPOSITS OF COMMERCIAL BANKS OPERATING BRANCHES, JUNE 30, 19491 BY STATES AND BY CLASS OF BANK Banks operating branches Geographic division Number Deposits (in millions of dollars) and State Total National m S e t m at b e er m In n e s m o u n r b - e e d r in N su o r n e - d Total National m S e t m at b e er m In n e s m o u n r b - e e d r in N su o r n e - d United States 1,162 287 206 636 33 71,833 39,339 26,703 5,103 688 New England 110 40 26 30 14 4.560 2,722 1,277 291 270 Maine ...... 24 5 4 9 6 267 80 81 72 35 New Hampshire.... 2 1 1 3 1 1 Vermont 8 2 6 45 6 39 Massachusetts 51 23 17 10 1 2,963 2,158 714 91 1 Rhode Island 12 3 2 2 5 636 148 351 28 109 Connecticut 13 6 3 3 1 646 329 131 61 124 Middle Atlantic 220 94 84 37 5 33,113 14,080 17,702 1,140 193 N N e e w w J Y e o rs rk ey 1 5 0 2 7 4 2 2 0 4 2 8 4 1 8 5 2 2 2 5 , , 4 5 5 09 0 9,4 9 9 8 7 0 1 1 5 , , 2 3 1 0 9 1 2 5 5 1 2 9 193 Pennsylvania 61 32 12 14 5,154 3,603 1,182 369 3 East North Central. . 252 39 37 171 9,644 5,098 3,558 893 96 Ohio 46 13 16 17 5 3,749 1,627 1,994 128 Indiana 54 11 3 39 1,229 778 181 265 5 Illinois 1 Michigan 61 11 14 33 3 3,577 2,078 1,180 231 89 Wisconsin 91 4 4 82 1 1,089 615 203 269 2 West North Central.. 164 8 152 4 1,280 826 439 16 Minnesota. 2 2 644 644 Iowa 119 115 4 363 347 16 North Dakota 15 15 37 37 South Dakota 26 4 22 172 118 55 Nebraska 2 2 64 64 South Atlantic 180 46 32 99 3 5,219 2,624 1,546 972 76 Delaware 7 3 4 306 211 95 Maryland 26 4 7 14 1 1,019 393" 390 184 52 District of Columbia. 14 7 5 2 831 517 259 55 Virginia 50 17 9 24 961 592 210 159 West Virginia North Carolina 57 8 4 44 1 1,045 195 398 428 24 South Carolina 12 4 1 7 304 251 13 40 Georgia 13 6 3 3 i 752 676 65 10 Florida 1 1 1 1 East South Central.. 86 16 7 63 2,202 1,516 381 306 Kentucky 20 2 4 14 486 169 246 71 Tennessee 30 11 1 18 1,200 1,027 83 90 Alabama 3 2 1 261 259 2 Mississippi 33 1 1 31 255 61 50 145 West South Central. 54 9 4 41 1,109 846 71 193 Arkansas... 18 1 17 67 24 43 Louisiana 36 8 4" 24 1,042 822 71 150 Texas Mountain 34 13 5 15 l 1,132 897 103 129 1 Idaho 8 5 1 2 310 277 9 24 New Mexico 9 2 7 91 55 35 Arizona 7 2 i 3 I 394 292 47 54 1 Utah 6 2 2 2 201 162 32 7 Nevada 4 2 1 1 136 111 15 9 Pacific 62 22 11 28 i 13,576 10,731 2,064 743 37 Washington 11 7 1 3 1,362 1,305 36 20 Oregon 11 2 1 8 1,009 964 16 29 California 40 13 9 17 I 11,205 8,462 2,012 694 37 1 See footnote 1 to table on p. 896. JULY 1950 901 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BRANCHES OF COMMERCIAL BANKS, JUNE 30, 19491 BY STATES, BY CLASS OF BANK, AND BY LOCATION OF BRANCHES Number of branches Branches in head-office city Branches outside head-office city Geog a ra n p d h i S c t a d t i e vision Total b ti N a o n n a k - a s l m b S e a t m n a k t b e s er m I b n n e a s m o n u n k r b - e s e d r i b n N a s o n u n k re - s d Total t b i N a o n n a k - a s l m b S e a t m n at k b e s er m I b n n e a s m o n u n k r b - e s e d r i b n N a s o n u n k re - s d Total . b t N i a o n a n - k a s l m b S e a t m n at k b e s er m I b n n e a s m o n u n k r b - e s e d r i b n N a s o r t United States 4,386 1,969 1,247 1,104 66 1,881 844 869 148 20 2,505 1,125 378 956 New England 335 123 118 58 36 138 82 36 12 8 197 41 82 46 Maine. 69 8 29 23 9 6 2 2 2 63 6 29 21 New Hampshire. . . 2 1 1 2 1 V M C R o e h a r o n s m d n s e e o a c c n I t h t i s c u la u s n t e d tts2.. . . 1 3 5 7 1 2 1 0 1 8 1 1 9 2 1 2 6 2 5 4 0 1 9 4 7 5 1 1 2 1 3 ' 10 1 1 2 9 1 6 5 8 7 2 3 5 8 2 6 2 5 1 3 6 2 1 2 8 1 1 2 4 1 2 7 3 1 6 2 5 9 9 2 5 Middle Atlantic. . . 1,048 357 592 92 7 798 245 484 65 4 250 112 108 27 New York 731 203 471 54 3 604 164 397 40 3 127 39 74 14 New Jersey 144 49 80 15 92 28 55 9 52 21 25 6 Pennsylvania3 173 105 41 23 4 102 53 32 16 "i" 71 52 9 7 East North Central. 678 175 240 251 12 351 133 197 14 7 327 42 43 237 Ohio 207 57 124 26 142 45 90 7 65 12 34 19 Indiana 99 26 17 55 1 42 21 17 4 57 5 51 Illinois Michigan 221 77 93 41 10 149 53 88 1 7 72 24 5 40 Wisconsin 151 15 6 129 1 18 14 2 2 133 1 4 127 West North Central 241 28 208 5 8 8 233 20 208 Minnesota 6 6 6 6 Iowa 163 158 5* 163 158 Missouri North Dakota 22 22 22 22 South Dakota 48 ' " '26' 28 48 20 28 Nebraska 2, 2 2 2 Kansas South Atlantic 514 135 117 258 4 191 78 78 34 1 323 57 39 224 D M e a l r a y w la a n re d 10 1 8 4 . . . . . _ 5 4 5 3 1 5 0 i' 5 3 5 ii 3 3 2 ii' 1 5 1 3 1 6 23 1 2 1 4 0 Dist. of Columbia. . 39 20 16 3 39 20 16 3 Virginia 97 33 17 47 48 25 13 10 49 8 4 37 West Virginia..... North Carolina. . . . 186 17 18 149 2 24 8 8 8 162 9 10 141 South Carolina.... 39 28 1 10 7 5 1 1 32 23 9 Georgia . . 30 20 6 3 i'_. 15 9 5 1 15 11 i 2 Florida 1 1 1 1 East South Central. 202 83 19 100 78 65 8 5 124 18 95 Kentucky 37 17 5 15 23 17 5 1 14 11 14 Tennessee 83 42 12 29 46 41 3 2 37 1 9 27 Alabama 22 21 1 4 4 18 17 1 Mississippi 60 3 1 56 5 3 2 55 1 54 West South Central 87 34 5 48 29 23 4 2 58 11 1 46 Arkansas. 20 1 19 20 1 19 Louisiana 67 33 5' 29 29 23 4 2 38 10 1 27 Oklahoma. . Texas Mountain 150 107 12 30 1 18 12 3 3 132 95 9 27 JVIontana Idaho 51 44 2 5 4 2 1 1 47 42 1 4 Wyoming Colorado New Mexico 12 2 10 2 1 1 10 1 9 Arizona 48 34 1 12 1 8 6 1 1 40 28 11 Utah 22 15 5 2 3 2 1 19 13 4 2 Nevada 17 12 4 1 1 1 16 11 4 1 Pacific 1,131 927 144 59 1 270 198 59 13 861 729 85 46 Washington4 124 113 4 7 24 21 3 100 92 1 7 Oregon 5 93 83 1 9 16 16 77 67 1 9 California 914 731 139 43 i' 230 161 56 13 684 570 83 30 1 See footnote 1 to table on p. 896. 2 Includes one branch operated by an unincorporated (private) bank in New York. 3 Includes one branch operated by a national bank in New Jersey and one branch operated by an unincorporated (private) bank in New York. 4 Includes two branches operated by a national bank in California. 5 Includes one branch operated by a national bank in California. 902 FEDERAL RESERVE BULLET Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TOTAL DEPOSITS OF BRANCHES OF COMMERCIAL BANKS, JUNE 30, 19491 BY STATES, BY CLASS OF BANK, AND BY LOCATION OF BRANCHES [In millions of dollars] Deposits of branches in head-office city x Deposits of branches outside head-office cityl Geographic division and State Total N b a a ti n o k n s al m b S e a t m a n t k b e s er no I n n b m s a u n e r k m e s d ber in b N s a o u n r n k e - s d Total N b a a ti n o k n s al m b S e a t m n at k b e s er no I n b n m a su n e r k m e s d ber in b N s a u o n r n k e - s d United States 15,804 8,462 6,789 519 34 10,987 8,103 1,977 818 89 New England 254 165 78 11 1 422 53 292 27 49 Maine 5 5 62 9 32 21 New Hampshire Vermont 4 1 2 M R C h o a o n s d n sa e e c c I h t s i u c la s u e n t t . d ts 1 8 4 1 2 8 9' ' " "io 3 2 4 4 7" "1 5 1 2 3 3 ' ' 5 1 i' 1 1 6 2 6 7 5 4 1 1 5 9 9 1 1 0 4 1 6 2 2 3 1 "" 49 Middle Atlantic 9,800 4,961 4,579 260 970 434 477 58 New York 2 7,931 3,634 4,130 167 413 80 302 30 New Jersey 578 159 378 41 260 92 144 24 Pennsylvania 3 1,291 1,168 71 52 297 262 31 4 East North Central 2,015 578 1,373 30 33 693 279 253 138 21 Ohio 1,058 312 730 16 311 54 228 28 Indiana 76 62 14 29 6 22 1 Illinois Michigan 770 103 633 33 304 219 16 48 20 Wisconsin 111 101 10 49 9 40 West North Central 82 82 92 61 31 "ML innesota 82 82 Iowa 20 20 Missouri North Dakota South Dakota 72 61 11 Nebraska Kansas South Atlantic 487 244 166 78 1,024 447 220 339 19 Delaware 36 36 Maryland . . 119 21 42 56 69 7 51 11 District of Columbia 211 133 75 4 Virginia 91 53 28 10 70 12 11 47 West Virginia North Carolina 10 6 4 449 36 158 237 19 South Carolina 4 4 167 160 7 Georgia.. 52 37' " 11 4 233 232 1 Florida East South Central 241 205 35 1 140 44 38 58 Kentucky 79 50 29 Tennessee 139 132 6 1 54 36 18 Alabama 23 23 46 44' ' 2 Mississippi 40 40 West South Central 151 145 4 2 60 26 3 32 Arkansas 2 1 1 Louisiana 151 145 4 2 58 25 3 31 Oklahoma Texas Mountain 72 70 2 508 444 18 47 Montana Idaho 4 4 184 170 1 13 Wyoming Colorado New Mexico 1 1 8 2 6 Arizona 37 35 2 155 131 24 Utah 2 2 98 88 8 3 Nevada 28 28 63 53 9 1 Pacific. . 2,703 2,013 552 138 7,076 6,317 674 85 Washington4 246 230 16 670 660 1 9 Oregon 5 177 177 477 469 1 8 California 2,280 1,606 '536' i38" 5,929 5,188 672 68 1 See footnotes 1 and 3 to table on p. 896. 2 Includes deposits of two branches (one in Massachusetts and one in Pennsylvania) operated by an unincorporated (private) bank that did not report deposits of its branches separately. 3 Includes deposits of one branch operated by a national bank in New Jersey. 4 Includes deposits of two branches operated by a national bank in California. 5 Includes deposits of one branch operated by a national bank in California. JULY 1950 903 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF COMMERCIAL BANKS OPERATING BRANCHES AND OF THEIR BRANCHES1 JUNE 30, 1949 BY STATE AND BY GEOGRAPHIC EXTENT OF BRANCH BANKING Banks with Banks with branches Banks with branches outside branches in outside head-office city head-office county head-office but not beyond but not beyond counties city only head-office county 2 contiguous to it2 Geographic division and State Number of branches Number of branches Num- Num- Num- Number ber ber ber of of of Head- Head- of Headbanks branches banks office office banks office city county city United States 310 1,054 563 358 855 225 216 New England 36 47 54 82 111 17 4 Maine 3 3 11 1 18 10 2 New Hampshire 2 Vermont 5 7 3 Massachusetts3 27 37 23 65 63 1 Rhode Island 3 3 6 10 12 1 2 Connecticut 3 4 9 6 11 Middle Atlantic 116 596 72 72 134 28 93 New York 58 488 24 10 48 21 69 New Jersey 26 42 25 48 51 1 2 Pennsylvania4 32 66 23 14 35 6 East North Central... 47 183 163 117 225 40 Ohio 13 24 29 72 38 4 Indiana 14 38 40 4 57 Illinois Michigan. 15 105 31 39 39 13 Wisconsin .... 5 16 63 2 91 23 West North Central. . 4 8 100 129 56 Minnesota 2 6 83 105 36 Missouri North Dakota .... 4 11 South Dakota 13 18 9 Nebraska . . . 2 2 Kansas South Atlantic 60 110 47 7 72 54 Delaware 2 3 2 3 3 M!aryland 4 10 13 4 23 8 District of Columbia. 14 39 Virginia 21 32 15 3 20 11 West Virginia North Carolina 12 19 15 24 20 South Carolina 3 3 1 1 4 Georgia 4 4 1 1 7 Florida 1 East South Central... 21 60 50 14 61 11 Kentuckv 6 22 12 12 2 Tennessee 12 33 16 10 22 2 4 5 Mississippi 3 5 20 22 9 West South Central. . 11 29 39 45 2 16 17 1 11 29 23 28 1 Oklahoma Texas Mountain 5 5 10 14 7 2 2 1 Wvominff • • • Colorado . . . • • New M^exico • • 2 2 3 6 3 Arizona • • 1 1 1 2 3 Utah 2 2 2 2 2 2 Pacific 10 16 28 66 64 10 Washington5 1 1 4 3 10 1 7 7 2 California 9 15 17 63 47 7 U 2£ 4 57 7 1 •00 1 1 3 3 8 00 Banks with branches in counties not contiguous to that of head office 2 Number of branches Number Head- Con- of Head- Head- Con- Nonconoffice tiguous banks office office tiguous tiguous county counties city county counties counties 165 312 64 253 102 284 787 20 38 3 5 9 12 7 16 29 2 4 3 1 1 1 2 2 4 7 5 5 1 1 2 7 1 41 53 4 37 11 6 5 31 27 4 37 11 6 4 1 9 26 1 44 47 2 1 11 21 6 6 16 2 1 11 17 25 20 64 4 2 7 11 15 43 5 10 4 2 7 11 15 73 19 17 17 54 92 2 6 1 11 1 2 9 7 4 17 3 6 8 8 26 10 4 12 44 48 5 4 4 3 1 22 7 1 3 7 1 12 12 4 3 2 15 22 2 2 3 1 6 8 1 1 4 8 12 10 1 5 6 2 2 3 5 3 1 1 1 1 1 1 '"'3' 4 2 4 10 12 10 11 29 64 2 5 4 1 9 33 3 1 1 4 5 2 4 8 11 10 2 1 1 5 11 2 1 1 4 9 9 13 14 180 47 156 572 1 5 20 5 28 56 1 2 2 16 1 7 59 8 10 7 144 41 121 457 1 See footnote 1 to table on p. 896. 2 Each bank is included in one category only, according to the widest area in which it operates branches. 3 Branches include one operated by an unincorporated (private) bank in New York. * Branches include one operated by a national bank in New Jersey and one operated by an unincorporated (private) bank in New York. 5 Branches include two operated by a national bank in California. 6 Branches include one operated by a national bank in California. 904 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TOTAL DEPOSITS OF COMMERCIAL BANKS OPERATING BRANCHES AND OF THEIR BRANCHES, JUNE 30, 19491 BY STATES AND BY GEOGRAPHIC EXTENT OF BRANCH BANKING [In millions of dollars] Banks with Banks with branches Banks with branches outside branches in outside head-office city of head-office countv Banks with branches in counties head-office but not beyond but not beyond counties not contiguous to that of head office city only head-office county 2 contiguous to it2 Geographic division and State De- De- Deposits of branches1 De- Deposits of branches1 De- Deposits of branches1 posits De- posits posits posits of posits of of of banks of banks Head- Head- banks Head- Head- Con- banks Head- Head- Con- Non and branches1 and office office and office office tiguous and office office tiguous tigu branches branches city county branches city county counties branches city county counties coun United States 36,453 10,439 11,654 1,669 1,361 8,977 1,377 442 556 14,750 2,320 686 1,665 6 New England 1,041 38 2,850 159 178 261 23 25 45 408 34 105 51 M Ne a w in e Hampshire 35 2 88 15 14 3 4 2 19 28 Vermont 25 1 19 3 Massachusetts 916 23 2,036 96 125 12 Rhode Island 34 13 235 16 19 83 " "21 ' " 6 "l4 284 33 86 24 Connecticut 56 466 47 18 124 1 19 27 Middle Atlantic 25,047 8,753 2,898 494 513 4,286 318 171 189 884 234 40 40 New York3 21,658 7,504 556 6 165 2,412 186 89 884 234 40 40 N Pe e n w n s J y e l r v s a ey nia 4 2,4 9 1 7 7 2 1,0 2 4 0 3 6 1,4 9 1 2 8 4 3 1 6 2 4 4 25 8 9 9 1,81 6 3 1 12 8 4 81 1 62 127 East North Central. 4,480 768 3,198 552 272 1,786 693 179 180 O In h d i i o ana 9 6 2 7 7 4 6 8 9 1 1,6 3 3 0 6 3 318 6 9 2 1 9 1,439 658 165 1 5 0 5 6 Illinois Michigan. . . 2,124 507 1,013 228 118 260 35 7 43 180 Wisconsin 755 111 246 34 87 7 8 West North Central. . 708 82 285 25 169 1 6 118 5 20 Minnesota 644 82 Iowa " '247 16 116 1 Missouri North Dakota "•9 28 South Dakota 30 9 25 2 ' " 118 5 20 Nebraska 64 Kansas South Atlantic 1,976 282 438 8 55 1,492 177 26 100 1,312 19 22 153 D M e a l r a y w la a n re d 1 4 6 7 9 12 1 1 7 1 1 1 4 1 5 3 6 8 9 8 3 103 4 2 1 7 4 46 2 17 District of Columbia. 831 211 Virginia 541 39 66 4 15 176 30 3 20 178 17 West Virginia North Carolina 285 8 84 ' '22 96 19 24 579 2 17 133 South Carolina 46 4 4 12 3 242 3 3 Georgia 57 8 2 426 " '" 44 12 267 Florida 1 East South Central... 1,400 212 554 23 37 92 5 8 155 6 2 39 Kentucky 415 79 28 2 43 Tennessee 900 133 209 1? 91 6 1 21 Alabama. 219 23 13 42 1 11 Mississippi 85 98 10 49 5 8 22 7 West South Central. . 818 151 250 44 32 1 49 7 10 Arkansas 39 1 24 1 4 Louisiana 818 151 171 37 8 45 7 10 Oklahoma 40 6 Texas Mountain 152 5 67 14 124 26 12 20 791 41 32 142 Montana. . . Idaho . 21 3 6 4 283 4 3 37 Wyoming Colorado New Mexico 42 1 16 4 26 3 8 U Ar ta iz h ona 4 6 7 3 2 2 8 7 3 1 92 26 8 17 2 1 4 3 8 1 9 "23 2 6 1 8 8 Nevada 15 3 121" "28 4 19 Pacific 833 146 1,115 433 223 738 139 23 82 10,852 1,986 473 1,210 5 W Or a e s g h o i n n 6 gton 5......... 44 4 81 16 15 1 5 2 1 2 2 1,2 9 2 6 6 4 2 1 2 7 7 7 28 8 1 4 7 1 1 California 789 142 1,034 417 208 £721 "139 22 78 8,662 1,582 437 998 4 1 See footnotes 1 and 3 to table on p. 896. 2 Each bank is included in one category only according to the widest area in which it operates branches. 3 Includes deposits of two branches (one in Massachusetts and one in Pennsylvania) operated by an unincorporated (private) bank that did not 1 port deposits of its branches separately. 4 Includes deposits of one branch operated by a national bank in New Jersey. 5 Includes deposits of two branches operated by a national bank in California. 6 Includes deposits of one branch operated by a national bank in California. JULY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER AND DEPOSITS OF MUTUAL SAVINGS BANKS OPERATING BRANCHES AND THEIR BRANCHES, JUNE 30, 1949x BY STATES AND BY LOCATION OF BRANCHES [Deposits in millions of dollars] Branches Banks operating branches In head-office Outside head-office Total city city Total Total Total Total Number deposits Number deposits 1 Number deposits 1 Number deposits l United States 106 11,427 192 3,093 161 3,076 31 17 Connecticut 2 205 2 2 Delaware 1 67 1 1 (2) Maine. 2 49 2 1 (2) 1 Maryland 3 116 16 14 (2) 2 N M e a w ss a H c a h m us p e s t h ts ire 31 1 90 4 6 40 1 () 25 () 1 1 5 New Jersey 4 252 7 65 7 65 New York 54 8,544 90 3,011 90 3,011 Pennsylvania 4 950 18 2) 18 (2) Rhode Island 2 137 3 ) 2 (2) () Vermont 1 24 9 17 Washington 1 174 3 (2) 17 1 See footnote 3 to table on p. 896. 2 Deposits amounted to less than $500,000 or were not reported separately. NUMBER AND DEPOSITS OF ALL MUTUAL SAVINGS BANKS AND OF MUTUAL SAVINGS BANKS OPERATING BRANCHES, DECEMBER 31, 1939 AND JUNE 30, 1949 BY STATES Number Total deposits [in millions of dollars] Deposits of mutual savings banks operating branches as a percentage sa A v l i l n g m s u b tu an al ks b M an u k t s u al o p s e a r v a i t n i g n s g sa A v l i l n g m s u b t a u n al ks b M an u k t s u al o p s e a r v a i t n i g n s g o m f u t t o u t a a l l s d a e v p i o n s g i s t s b o a f n k a s ll branches branches Change in 1939 1949 1939 1949 1939 1949 1939 1949 1939 1949 percentage 1939 to 1949 United States 551 530 80 106 10,524 18,949 4,920 11,427 46.8 60.3 +13.5 Connecticut 72 72 1 2 732 1,325 36 205 4.9 15.5 +10.6 Delaware 2 2 1 1 40 86 31 67 77.5 77.9 + 0.4 M M I M n a a d a i s r i n a y s e a n la c a n h d usetts 1 3 9 1 2 4 2 2 1 3 9 2 4 9 0 25 2 2 ' ' 3 3 1 2 " 2,1 2 1 4 2 2 2 7 6 0 8 3,2 3 2 5 9 3 4 5 8 6 3 41 2 2 6 8 7 9 1 0 4 1 6 9 6 2 1 1 1 9 1 . . . 9 4 9 2 2 2 7 9 0 . . . 8 1 8 + + - 17 8 1 . . . 2 4 1 Minnesota 1 1 67 153 New Hampshire 43 34 1 1 194 276 2 4 1.0 1.4 + 0.4 New Jersey 24 23 3 4 333 542 140 252 42.0 46.5 + 4.5 New York 134 130 39 54 5,599 10,783 3,603 8,544 64.4 79.2 +14.8 Ohio 3 3 122 234 Oregon 1 1 3 15 Pennsylvania 7 7 4 4 603 1,055 550 950 91.2 90.0 - 1.2 Rhode Island 9 9 1 2 178 266 68 137 38.2 51.5 +13.3 Vermont 8 7 1 1 57 86 19 24 33.3 27.9 - 5.4 Washington 3 .2 1 71 186 174 93.5 +93.5 Wisconsin 4 4 5 12 906 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1949 AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS [Expressed in percentages] Federal Reserve district All tr d i i c s t - s B to o n s- Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios Percentage of total capital accounts: Net current earnings before income taxes. . 14.9 10.1 11.5 11 .1 12.5 14.6 16.8 15.1 15.9 16.9 18.8 18.9 17.0 Profits before income taxes. 12.9 8.4 10.5 9.9 11.1 13.0 14.2 13.1 13.9 14.3 16.5 15.2 14.4 Net profits 9.8 6.3 7.9 7.6 8.6 9.5 10.5 10.2 10.9 10.8 12.6 11.6 10.1 Cash dividends declared 2.9 2.6 2.3 2.4 2.4 2.9 3.2 2.8 3.0 3.2 3.7 3.8 3.0 Percentage of total assets: Total earnings 2.72 2.85 2.80 2.79 2.63 2.79 2.88 2.46 2.54 2.71 2.69 2.93 2.93 Net current earnings before income taxes. . 1.02 .91 .91 1.04 .94 1.08 1.12 .89 1.03 .96 1.17 1.20 1.00 Net profits .67 .58 .63 .72 .66 .71 .70 .61 .71 .63 .78 .74 .59 Sources and disposition of earnings Percentage of total earnings: Interest on U. S. Government securities.. . 29.6 27.7 31.6 33.2 32.5 27.4 24.1 34.5 31.1 31.4 26.9 20.8 25.1 Interest and dividends on other securities. . 6.0 5.4 6.5 7.9 7.2 4.9 6.3 5.6 6.5 •5.1 4.7 5.9 3.8 Earnings on loans 51.1 48.6 48.7 49.0 49.0 56.8 54.7 46.0 51.3 44.8 54.3 60.7 55.8 Service charges on deposit accounts 6.3 9.7 7.2 3.9 4.9 4.7 7.0 7.1 4.5 6.8 7.7 6.1 7.3 Other current earnings 7.0 8.6 6.0 6.0 6.4 6.2 7.9 6.8 6.6 11.9 6.4 6.5 8.0 Total earnings.... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages......... 29.5 31.7 30.2 25.3 25.9 27.4 30.0 30.2 29.1 29.4 31.6 32.6 32.6 Interest on time deposits.. . . 10.3 11.0 14.0 15.1 14.3 12.3 7.8 11.6 7.6 12.5 3.6 1.7 12.4 Other current expenses 23.0 25.6 23.5 22.5 24.1 21.8 23.4 22.2 22.7 25.0 20.6 23.3 21.8 Total expenses 62.8 68.3 67.7 62.9 64.3 61.5 61.2 64.0 64.6 59.3 65.6 60.0 57.0 Net current earnings before income taxes 37.2 31.7 32.3 37.1 35.7 38.5 38.8 36.0 35.4 40.7 34.4 40.0 43.0 Net losses including transfers. 4.5 4.8 2.6 3.6 3.7 3.8 5.4 4.3 5.0 7.5 4.8 Taxes on net income. 7.6 6.6 6.9 7.5 6.9 9.1 8.6 6.8 4.7 7.3 4.9 7.6 8.7 Net profits 25.1 20.3 22.8 26.0 25.1 25.6 24.8 24.9 7.4 23.1 8.9 25.6 20.9 Rates of return on securities and loans 27.9 29.2 Return on securities: Interest on U. S. Government securities... 1.8 1.8 1.8 2.0 1.8 1.9 1.7 1.7 1.8 1.7 1.7 1.7 1.6 Interest and dividends on other securities. . 2.7 2.9 2.5 3.0 2.5 2.9 2.8 2.5 -2.7 2.5 2.6 3.0 2.8 Net losses including transfers (or recoveries and profits +) on total securities .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 Return on loans: Earnings on loans. . 5.5 5.0 5.1 5.2 5.1 5.4 5.8 5.0 5.5 5.3 6.0 6.9 5.7 Net losses on loans x .2 .2 .1 .1 .1 .1 .2 .1 .2 .2 .3 .5 .3 Distribution of assets Percentage of total assets: U. S. Government securities 42.3 40.7 45.2 44.4 44.3 38.9 37.1 47.0 42.1 47.4 40.1 33.2 40.6 Other securities 7.1 6.9 7.9 8.4 8.4 5.7 7.2 7.1 7.1 6.6 6.1 6.6 4.8 Loans 26.5 28.5 27.7 27.3 25.9 30.5 28.2 23.6 24.9 23.8 25.6 27.2 30.2 Cash assets. 23.3 22.6 18.2 18.8 20.6 23.8 26.4 21.8 25.2 21.6 27.8 32.3 23.6 Real estate assets .7 1.0 .9 1.0 .7 .9 .9 .5 .6 .5 .4 .7 Other ratios Total capital accounts to: Total assets 7.3 9.6 9.8 7.9 7.7 6.9 6.0 6.6 6.0 6.4 6.7 6.1 Total assets less Government securities and cash assets 23.7 28.4 25.3 29.4 25.4 22.7 21.5 22.6 23.3 21 .2 21.9 21.4 Total deposits........ 8.0 10.9 9.1 11.0 8.4 7.5 6.5 7.2 6.4 6.9 7.3 Time to total deposits 31.7 32.4 47.7 49.8 43.2 34.2 23.2 35.6 21.5 36.6 10.5 5.4 Interest on time deposits 2 .9 .9 .9 .9 .9 1.1 1.0 .8 .9 1.0 1.0 .9 Trust department earnings to total earnings2 3.4 4.7 3.2 3.9 4.4 3.6 2.7 2.8 2.5 2.3 2.3 2.5 Number of banks 3 6,852 326 765 636 700 477 347 997 494 478 754 619 259 1 "Net losses on loans" is the excess of (a) actual losses charged against net profits plus losses charged against valuation reserves over (b) actual recoveries credited to net profits plus recoveries credited to valuation reserves; "net recoveries on loans" is the reverse. Transfers to and from valuation reserves are excluded. 2 Banks with no time deposits, or no trust department earnings, as the case may be, were excluded in computing this average. 3 The ratios for 40 member banks in operation at the end of 1949 were excluded from the compilations because of unavailability of data covering the complete year's operations, certain accounting adjustments, lack of comparability, etc. NOTE.—These ratios, being arithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding ratios computed from aggregate dollar amounts shown in the May 1950 issue of the BULLETIN. Such differences result from the fact that each bank's figures have an equal weight in calculation of the averages" whereas the figures of the many small and medium-sized banks have but little influence on the aggregate dollar amounts. No figures are shown for groups of less than three banks. Ratios of less than .05 are shown as .0. Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1949. Balance sheet figures used in the compilations were obtained by averaging the amounts shown in each bank's official condition reports submitted for Dec. 31, 1948, and June 30 and Nov. 1, 1949, except for a limited number of banks for which all three reports were not available; such reports as were available were used in those instances. Savings deposits are included in the time deposit figures used in these tables. Banks with no time deposits (340 in number) are included with the banks having ratios of time to total deposits of less than 25 per cent. JULY 1950 907 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1949—Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS [Expressed in percentages] Size group—total deposits (in thousands of dollars) Ratio of time deposits to total deposits (per cent) All Item groups u 1 a n ,0 n d 0 d e 0 r 1 2 , , 0 0 0 0 0 0 - 2 5 , , 0 0 0 0 0 0 - 5 1 , 0 0 ,0 0 0 0 0 - 1 2 0 5 , , 0 0 0 0 0 0 -2 5 5 0 , , 0 0 0 0 0 0 -5 1 0 00 ,0 ,0 0 0 0 0 - 10 O 0 v ,0 er 00 U 2 n 5 der 25-50 50-75 o a 7 v n 5 e d r Summary ratios Percentage of total capital accounts: Net current earnings before income taxes 14.9 12.7 15.0 15.4 15.5 14.6 14.4 13.1 12.2 17.0 14.1 12.4 10.9 Profits before income taxes 12.9 11.2 13.1 13.5 13.1 12.5 11.9 10.9 10.7 14.5 12.2 11.1 9.6 Net profits. . 9.8 9.2 10.6 10.4 9.5 8.2 7.6 7.6 11.0 9.2 8.7 7.4 Cash dividends declared 2.9 2.7 2.9 3.0 2.8 2.9 2.9 2.9 3.4 3.4 2.7 2.4 2.6 Percentage of total assets: Total earnings 2.72 3.10 2.90 2.71 2.64 2.58 2.27 2.16 2.64 2.75 2.80 2.76 Net current earnings before income taxes 1.02 1.16 1.13 1.04 .97 .83 .75 .75 1.09 .98 .94 .91 Net profits. . .67 .83 .80 .70 .60 .48 .44 .48 .71 .64 .66 .61 Sources and disposition of earnings Percentage of total earnings: Interest on U. S. Government securities 29.6 25.4 28.3 30.3 31.0 30.8 31.7 31.6 27.5 30.1 32.5 36.5 Interest and dividends on other securities 6.0 4.8 5.2 6.3 6.7 6.1 5.8 5.0 5.4 5.4 5.8 7.0 10.8 Earnings on loans 51.1 58.2 54.8 51.6 49.0 46.6 44.9 44.4 43.7 52.5 50.4 49.9 45.9 Service charges on deposit accounts : 6.3 5.6 5.8 6.1 7.0 7.3 7.1 6.1 4.4 7.1 6.4 4.9 2.6 Other current earnings 7.0 6.0 5.9 5.9 7.0 9.0 11.4 14.9 7.5 7.3 5.7 4.2 12.8 Total earnings.... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 29.5 31.4 29.2 28.7 29.0 30.2 31.4 32.4 31.9 29.1 26.2 22.0 Interest on time deposits 10.3 7.5 9.5 10.8 11.6 11.6 9.9 32.5 6.9 3.4 12.3 19.2 26.5 Other current expenses 23.0 24.1 22.6 22.3 22.8 23.8 25.2 8.4 25.6 23.7 23.2 21.5 19.3 Total expenses 62.8 63:0 61.3 61.8 63.4 65.6 66.5 26.1 64.9 59.0 64.6 66.9 67.8 67.0 Net current earnings before income taxes 37.2 37.0 38.7 38.2 36.6 34.4 33.5 33.0 35.1 41.0 35.4 33.1 32.2 Net losses including transfers . . 4.5 3.9 4.3 4.4 5.1 4.4 5.5 5.0 3.9 5.5 4.3 3.2 3.8 Taxes on net income 7.6 5.9 6.6 7.4 8.5 8.7 8.3 8.4 8.8 8.3 7.5 6.3 6.3 Net profits 25.1 27.2 27.8 26.4 23.0 21.3 19.7 19.6 22.4 27.2 23.6 23.6 22.1 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities 1.8 2.0 1.9 1.8 1.7 1.7 1.6 1.5 1.6 1.7 1.8 1.9 2.0 Interest and dividends on other Ne s t e c l u o r s i s t e ie s s , including transfers, 2.7 3.4 3.0 2.7 2.4 2.3 2.3 2.1 2.5 2.7 2.6 2.6 2.8 (or recoveries and profits +) on total securities . . .0 .0 .0 .0 .0 .0 .0 .0 .0 Return on loans: N Ea e r t n l i o n s g s s e s o o n n l o lo an an s s l 5. . 5 2 6. . 4 3 5. . 9 2 5. . 5 2 5. . 3 2 5. . 0 1 4. . 6 1 4. . 2 1 3. . 6 1 5. . 8 3 5. . 3 1 5. . 2 1 5.1 Distribution of assets Percentage of total assets: U. S. Government securities . . . 42.3 36.9 40.6 42.7 43.6 44.9 44.3 44.4 41.7 39.9 43.3 44.9 46.9 Other securities 7.1 5.6 6.0 7.3 8.4 7.6 7.1 5.6 5.3 6.2 7.1 8.4 12.0 Loans 26.5 29.6 28.3 26.3 25.3 24.6 24.5 24.2 26.2 25.2 27.1 27.9 25.9 Cash assets 23.3 27.2 24.4 22.9 21.8 21.8 22.9 24.5 25.5 28.0 21.5 17.9 14.6 Real estate assets .7 .7 .6 .6 .7 .9 .9 .9 .6 .6 Other ratios Total capital accounts to: Total assets 7.3 9.6 8.0 7.2 6.7 6.5 6.0 6.8 7.4 7.9 9.0 Total assets less Government securities and cash assets.. . . 23.7 30.1 25.7 23.3 21.8 22.0 21.1 20.9 22.0 23.8 23.3 24.0 27.6 Total deposits 8.0 10.8 7.8 7.3 7.1 6.6 6.4 7.1 •7.5- 8.1 8.7 10.1 Time to total deposits 31.7 24.3 29.5 32.4 35.5 36.0 30.5 24.8 10.2 38.1 58.6 79.8 Interest on time deposits 2 .9 1.0 1.0 .9 .9 .8 .8 .8 .9 .9 1.0 1.0 Trust department earnings to total earnings 2 3.4 .6 2.1 2.6 3.5 4.7 5.5 7.2 4.2 3.4 2.2 1.4 Number of banks 3 6,852 513 1,364 2,422 1,228 771 254 133 167 2,829 2,386 1,578 59 For footnotes see p. 907. 908 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1949—Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK [Expressed in percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over All groups Size group—total deposits (in thousands of dollars) u 1 a n ,0 n d 0 d e 0 r 1 5 , , 0 0 0 0 0 0 - 2 5 5 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 u 1 a n ,0 n d 0 d e 0 r 1 5 , , 0 0 0 0 0 0 - 2 5 5 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 u 1 a n ,0 n d 0 d e 0 r 1 5 , , 0 0 0 0 0 0 - 2 5 5 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 Summary ratios Percentage of total capital accounts: Net current earnings before income taxes 14.9 13.9 17.6 18.3 13.5 11.7 14.2 14.5 13.6 10.4 12.6 12.3 12.3 Profits before income taxes 12.9 12.1 15.2 15.0 11.4 10.1 12.5 12.5 11.2 10.1 11.2 11.0 11.0 Net profits 9.8 9.9 12.0 10.6 7.8 8.3 9.7 7.9 8.4 8.9 8.2 8.1 Cash dividends declared 2.9 3.2 3.6 3.2 3.1 2.1 2.6 2.9 3.0 2.2 2.4 2.5 2.8 Percentage of total assets: Total earnings 2.72 3.12 2.69 2.52 3.11 2.83 2.65 2.52 3.01 2.85 2.67 2.53 Net current earnings before income taxes 1.02 1.23 1.15 1.02 .78 1.11 1.04 .93 .80 1.00 .98 .86 .72 Net profits. . .67 .87 .78 .59 .46 .79 .71 .57 .48 .81 .69 .58 .48 Sources and disposition of earnings Percentage of total earnings: Interest on U. S. Government securities 29.6 22.2 27.7 28.0 30.3 26.5 29.9 30.4 31.7 33.9 31.8 33.8 36.0 Interest and dividends on other securities 6.0 4.1 5.4 5.8 5.2 5.6 5.6 6.3 5.7 5.7 6.9 7.7 6.7 Earnings on loans 51.1 60.8 53.4 49.7 45.5 57.5 52.7 47.9 43.5 51.1 51.8 46.5 41.0 Service charges on deposit accounts 6.3 6.7 7.2 8.2 5.2 4.8 5.7 7.3 6.9 3.4 4.4 5.7 7.2 Other current earnings , 7.0 6.2 6.3 8.3 13.8 5.6 6.1 8.1 12.2 5.9 5.1 6.3 9.1 Total earnings.... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 29.5 34.2 31.5 31.6 32.4 28.5 28.2 29.6 31.8 27.1 25.3 26.8 30.0 Interest on time deposits 10.3 2.2 3.1 4.1 4.7 11.4 12.6 12.2 11.9 18.5 19.6 19.4 19.4 Other current expenses 23.0 24.5 23.0 23.9 26.5 24.7 22.7 23.3 24.8 21.7 21.1 22.0 22.9 Total expenses , 62.8 60.9 57.6 59.6 63.6 63.5 65.1 68.5 67.3 66.0 68.2 72.3 Net current earnings before income taxes 37.2 39.1 40.4 36.4 35.4 36.5 31.5 32.7 34.0 31.8 27.7 Net losses including transfers. . . 4.5 4.5 5.3 6.7 5.1 4.6 3.9 4.6 5.0 .8 3.5 3.1 2.7 Taxes on net income 7.6 6.3 7.8 9.9 9.5 5.5 7.0 8.6 7.5 5.3 6.1 7.0 6.4 Net profits , 25.1 28.3 29.3 23.8 21.8 25.3 25.6 21.7 19.0 26.6 24.4 21.7 18.6 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities 1.8 1.9 1.7 1.6 1.5 2.1 1.9 1.7 1.6 2.2 2.0 1.8 1.7. Interest and dividends on other securities 2.7 3.6 2.8 2.3 2.4 3.0 2.8 2.4 2.2 3.2 2.7 2.4 2.1 Net losses including transfers (or recoveries and profits +) on total securities .0 .0 .0 Return on loans: Earnings on loans 5.5 7.0 6.0 5.5 4.0 5.8 5.5 5.1 4.5 5.5 5.3 5.0 4.7 Net losses on loans l .2 .3 .2 .1 .3 .2 .1 .1 .1 .1 .1 .0 Distribution of assets Percentage of total assets: U. S. Government securities . . . 42.3 33.9 40.3 41.4 40.6 38.0 42.6 44.5 46.3 45.0 43.9 46.8 50.4 Other securities 7.1 4.8 6.2 7.2 5.2 6.6 6.6 7.9 7.1 6.7 8.2 9.4 8.3 Loans 26.5 28.6 25.1 23.8 25.4 31.9 28.0 25.6 24.7 29.1 29.0 25.7 23.0 Cash assets 23.3 32.0 27.8 26.9 27.7 22.6 22.0 20.9 20.4 18.5 18.1 17.1 17.1 Real estate assets .7 .6 .5 .7 .9 .9 1.0 .7 .7 .9 Other ratios Total capital accounts to: Total assets 9.4 5.9 6.3 9.9 7.7 6.7 6.2 10.1 8.2 7.4 6.0 Total assets less Government securities and cash assets.... 23.7 30.7 24.1 20.9 21.5 27.9 24.3 21.7 20.7 31.3 24.0 23.3 23.1 Total deposits 8.0 10.6 7.4 6.4 6.8 11.1 8.5 7.3 6.7 11.3 9.0 8.0 6.6 Time to total deposits 31.7 6.6 9.0 13.4 13.7 38.2 38.4 37.9 36.7 59.9 59.7 58.8 56.9 Interest on time deposits 2 .9 1.1 .9 .8 .7 1.0 1.0 .9 .9 1.0 1.0 .9 .9 Trust department earnings to total earnings 2 3.4 .4 2.2 3.1 6.4 1.8 3.3 5.3 1.6 2.4 2.8 Number of banks 3 6,852 288 1,621 621 299 135 1,177 863 211 90 988 515 44 4 No ratios are shown for groups of less than three banks. For other footnotes see p. 907. JULY 1950 909 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States. . 912-917 Gold production.. 917 Reported gold reserves of central banks and governments 918 Gold movements; gold stock of the United States. . 919 International Monetary Fund and Bank. 920 Central banks.. 920-924 Money rates in foreign countries. 925 Commercial banks. . 926 Foreign exchange rates. . 927 Price movements: Wholesale prices. 928 Retail food prices and cost of living: . 929 Security prices. . 929 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 pn 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. JULY 1950 911 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES From th r J o a u n g . h 2 — , 1935, Total To I t n a c l reas f e u n in d O s f f f o i i c n r i e a i U l g i n . S b . ank O in th g er f i t I n u e n b i n s r c n n a t d r i n e a t s U u a k t i o t s . i o i n e f S o n g n i . a in n s l - D b i a n f a e b u n c r U n r k o e d . i a a n s S d s g e . se o F R f c u f o u e n r U t r e d u i i . t s g r i S n e 2 n s . : s D I e n f f c o o u fl u m r n o e r d w i i e g t s s i n e t 2 o i s c f : b I b n r a o f l l k o a e n w r c a e g i s n e 1935—Dec. (Jan. 1, 1936). 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30 2,667.4 989.5 140.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,501.1 1,259.3 334.7 924.6 449.1 583.2 1,162.0 47.5 1938—Dec. (Jan. 4, 1939). 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 1,219.7 47.6 1939—Dec. (Jan. 3, 1940). 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 1,133.7 80.6 1940—Dec. (Jan. 1, 1941). 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Dec. 31 5,354.1 2,979.6 1,177.1 1,802.6 791.3 855.5 626.7 100.9 1942—Dec. 313 5,980.2 3,465.5 1,557.2 1,908.3 888.8 848.2 673.3 104.4 1943—Dec. 31 7,267.1 4,644.8 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—May 31 8,477.2 4,953.8 1,941.6 3,012.2 1,874.3 249.4 1,180.5 104.2 115.1 June 30 8,567.5 5,008.8 2,015.0 2,993.8 1,874.7 275.0 1,190.5 102.1 116.3 July 31 8,457.9 4,868.7 1,864.6 3,004.1 1,859.5 287.5 1,199.6 123.1 119.5 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 4,937.0 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 1,692.4 285.0 1,176.4 264.4 126.8 Nov. 30 8,658.9 5,140.2 2,111.1 3,029.1 1,655.1 288.8 1,196.4 257.1 121.3 Dec. 31 8,763.5 5,226.0 2,197.8 3,028.2 1,637,8 307.6 1,209.9 258.5 123.7 1950—Jan. 31.. '8,864.0 5,245.9 2,153.6 3,092.4 1,723.0 404.5 1,103.7 263.8 123.0 Feb. 28 9,092.5 5,283.8 2,189.7 3,094.1 1,707.1 458.7 1,210.0 310.1 122.8 Mar. 31 v 9,143.9 5,304.2 2,112.3 3,191.9 1,688.9 485.7 1,163.1 372.1 130.0 Apr. 30P 9,367.2 5,500.0 2,167.0 3,333.0 1,662.4 499.0 1,158.7 416.5 130.6 TABLE 2.—TOTAL CAPITAL MOVEMENT BY COUNTRIES From th r J o a u n g . h 2 — , 1935. s ti t I o i n t n u t a e ti r l o n i n n a s - - Total U K d n o in i m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - Am La e t r i i n ca Asia o A th l e l r 1944—Dec. 31 7,728.4 1,090.0 585.7 506.2 664.3 63.1 1,172.5 4,081.8 976.4 1,193.7 1,273.6 203.0 1945—Dec. 31 8,802.8 892.5 464.2 539.7 722.3 106.5 1,311.8 4,037.0 1,395.7 1,338.4 1,784.1 247.5 1946—Dec. 31 453.8 7,555.7 563.1 384.8 326.4 766.1 287.5 1,246.3 3,574.2 979.7 1,474.0 1,258.3 269.6 1947—Dec. 31 2,067.3 6,276.4 437.0 234.3 213.8 839.3 150.1 1,100.6 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 1,122.2 3,141.1 947.3 1,503.6 1,065.2 234.9 1949—May 31 1,616.7 6,860.6 464.6 96.5 121.3 918.0 372.8 1,104.7 3,077.9 942.3 1,621.4 974.9 244.1 June 30 1,619.1 6,948.4 533.5 107.1 134.8 910.5 376.5 1,080.1 3,142.5 925.4 1,660.8 964.0 255.7 July 31 1,615.9 6,842.0 473.7 78.0 143.7 885.6 381.3 1,083.5 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 1,097.0 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 1,089.6 3,085.7 893.5 1,677.0 955.1 257.2 Oct. 31 1,594.9 7,065.3 587.3 110.9 189.6 933.8 291.6 1,093.9 3,207.1 928.7 1,756.7 908.1 264.7 Nov. 30. 1,558.9 7,100.0 644.5 125.3 165.3 925.1 297.1 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 1,135.8 3,355.5 984.7 1,780.2 852.0 249.4 1950—Jan. 31 1,526.8 7,337.2 728.9 93.8 175.3 890.1 295.1 1,186.3 3,369.6 1,022.2 1,792.3 882.9 270.2 Feb. 28 1,611.3 7,481.2 764.4 115.1 162.0 890.0 298.2 1,217.8 3,447.5 1,024.2 1,833.5 933.2 242.8 Mar. 31P 1,617.0 7,526.9 790.7 112.0 169.2 954.5 260.4 1,222.9 3,509.7 993.8 1,847.1 944.3 232.0 Apr. 30P ... 1,618.5 7,748.7 879.5 114.2 188.9 983.7 250.5 1,241.8 3,658.7 989.5 1,873.5 1,005.4 221.7 P Preliminary. r Revised. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and 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. 912 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 it - d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1944—Dec. 31.. 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31.. 6,144 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 ,414.2 924.9 1,369.1 212.9 1946—Dec. 31. . 453.8 5,272.3 397.6 165.8 208.2 359.0 247.6 687.2 2,065.5 823.9 983.3 1,135.7 263.9 1947—Dec. 31. . 2,242.0 4,120.3 264.9 87.6 126.7 432.8 132.8 576.6 1,621.4 301.6 1,095.0 877.3 224.9 1948—Dec. 31. . 1,844.3 5,119.5 485.0 112.6 106.1 525.3 313.2 574.8 2,117.1 667.2 1,165.4 971.2 198.6 1949—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. . ,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.. ,859.5 4,868.7 290.2 84.0 113.6 531.1 367.0 514.2 1,900.1 640.7 1,230.8 888.3 208.8 Aug. 31.. ,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. . ,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.. ,692.4 5,115.3 451.3 103.8 166.3 563.2 266.3 507.4 2,058.3 702.8 1,294.9 835.9 223.3 Nov. 30. . ,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.. ,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. . ,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. . ,707.1 5,283.8 571.9 79.3 152.5 497.0 282.3 603.9 2,186.8 765.2 1,267.2 846.7 217.8 Mar. 31 P. 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 Apr. 30?. 1,662.4 5,500.0 682.5 80.0 178.9 584.1 236.5 609.0 2,371.1 737.0 1,284.0 912.9 195.1 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1944—Dec. 31 805.8 266.1 77.7 18.3 6.8 26.2 231.5 626.6 64.8 37.0 77.7 -.3 1945—Dec. 31 742.7 266 6 78 0 -17 7 5 2 26 2 235 1 593 4 39 5 9.1 99.2 1.5 1946—Dec 31 427.2 244.3 73.4 -132.3 -1.7 10.6 226.9 421.3 40.7 -58.8 29.9 -5.8 I947—Dec. 31 186.5 262.8 55.7 -30.5 1.1 5.5 190.9 485.5 65.4 -346.3 2.0 -20.1 1948—Dec. 31 116.8 267.5 -39.9 -32.7 1.2 10.8 203.5 410.3 53.0 -348.6 10.3 -8.3 I949—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 30 316.0 235.2 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 4.0 211.3 515.0 55.3 -243.1 -10.6 -9.0 1950—Jan. 31 404.5 259.4 27.6 16.0 2.5 5.8 238.6 549.8 52.7 -179.3 .1 -18.7 Feb. 28 458.7 267 7 43 1 14 2 2 6 3 2 239.2 570.0 50.4 -143.4 5.1 -23 A Mar 31 P 485 7 268.3 43.7 14.3 .3 7.0 240,5 574.1 59.3 -135.5 14.5 -26.7 Apr 30P 499.0 268.7 43.2 14.9 1.9 6.4 239.7 574.7 57.3 -127.8 22.8 -28.2 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 ou n g . h 2 — , 1935, na in ti s o t n i- al Total U K n i i n t g e - d France N e e r t - h- Sw er i - tz- Italy E O u t r h o e p r e E T u o ro ta p l e C ad a a n- A L m a e t r i i n ca Asia ot A h l e l r tutions dom lands land 1944—Dec. 31 1,019.4 126 5 51 0 33 6 44 5 27 6 246.9 530.1 104.9 302.0 61.3 21.0 I945—Dec 31 972.8 117.7 51.2 33.0 45.2 27.5 249.2 523.8 49.1 317.1 60.8 22.0 1946—Dec. 31 . 1,237.9 96 8 50 2 26 0 31 2 26.7 260.2 491.2 236.6 448.4 61.1 .7 1947—Dec 31 ... —249 3 1,526 2 94 9 47 1 —3 9 16 3 26 5 275 8 456.7 441.8 537.6 61.6 28.4 1948—Dec 31 -249.3 1,431.3 84.9 42.9 -9.1 -19.0 26.5 287.2 413.3 339.7 578.3 63.2 36.9 I949—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.«S 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 .... r— 365 8 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. 28 —269 1 1,479.0 70 9 43 9 — 16 9 4 5 27.0 314.4 443.8 326.9 604.1 64.1 40.1 Mar. 31 P -267.7 1,430.8 70.4 45.1 -16.9 8.2 27.1 319.8 453.7 266.1 606.5 64.1 40.3 Apr. 30P -266.1 1,424.8 69.3 45.0 -14.5 11.0 27.1 320.3 458.1 250.3 606.9 64.1 45.4 P Preliminary. ••Revised. JULY 1950 913 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From th J ro a u n g . h 2 — , 1935, n t I a u i n n t t i t i s o e o t n i r n - - a s l Total U K d n i o i n m t g 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—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 -166.2 -65.7 2.8 363.7 -14.7 47.4 167.2 — 184 6 93 6 10 6 7 3 Feb 28 173.2 136.8 -163.1 -66.7 1.1 359.1 -14.9 49.5 165.0 -136.1 90.0 10.4 7.5 Mar. 31 v 195 8 176.3 -158.8 —69 1 9 355 9 — 19 8 57.4 166 5 — 101 9 92 2 11 2 8 3 Apr. 30? 222.1 194.3 -158.2 -69.4 -1.4 357.8 -20.1 62.4 171.1 -76.6 94.0 -2.8 8.7 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) United Neth- Switz- From Jan. 2, 1935, through— Total K d i o n m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e . E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1944—Dec 31 126.3 18.5 23.1 22.3 23.0 .3 10.4 97.7 16.2 5.1 5.6 1.8 1945—Dec, 31 144.1 19.8 23 4 26.0 30 3 .4 13.6 113 6 19 5 5 9 3 8 1 3 1946—Dec. 31 153.7 19.2 20.5 17.5 39.6 .4 14.7 112.0 21 5 13 4 4 8 2 0 I947—Dec. 31 142.4 18.2 19.1 12.7 38.2 .3 14.2 102.7 19.6 12.9 6.6 .7 1948—Dec 31 123 .1 17.0 16.7 9.3 27.5 .4 11.0 81.9 19.6 14.0 7.0 .6 1949—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. 28 . 122.8 17.1 15 5 11.1 26.8 .6 10.7 81 8 17 7 15 7 6 9 8 Mar. 31 P 130.0 17.0 15.3 11.3 27.8 .6 10.4 82.4 21 2 18 5 7 2 8 Apr. 30P 1130.6 17.3 15.5 11.1 29.0 .5 10.4 83.7 21.5 16.3 8.3 .7 SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS Total 1'oreign 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 n i m t g e - d France N la e e n r t d - h s - S la w e n r i d - tz 3 - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - Am La e t r i i n ca Asia o A th l e l r tutions and Official private, 1944—Dec 31 5,596 8 3,335.2 865.7 401 2 209.7 239.3 27 3 774 5 2,517.8 926.5 909.31,069.2 174.0 1945—Dec. 31 6,883.1 4,179.3 707.7 310 0 281.6 304.2 70.4 909 1 2,583 01,522.2 1,046 41,549*7 181 8 1946—Dec. 31... 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 931.8 1,104^81,316^4 232^8 1947—Dec. 31... 2,262.0 4,854.4 1,832.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.61,057.9 193.7 1948—Dec. 31... 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 1,287.01,151.8 167.4 1949—May 31... 1,894.2 5,687.9 2,651.9 355.6 184.3 112.0 583.4 376.8 708.1 2,320.2 796.4 1,313.31,084.1 173.9 June 30... 1,894.6 5,743.0 2,725.3 410.5 194.3* 120.9 571.5 384.3 677.6 2,359.1 779.7 1,338.51,081.3 184.4 July 31... 1,879.5 5,602.9 2,574.9 351.6 164.1 130.2 544.7 387.3 677.4 2,255.3 748.7 1,352.31,068.9 177.6 Aug. 31... 1,798.7 5,607.7 2,576.6 352.4 150.4 118.7 551.9 401.3 679.6 2,254.3 742.9 1,367.91,077.6 165.0 Sept. 30... :1,742.1 5,671.2 2,587.9 438.9 166.9 165.7 558.7 285.9 664.2 2,280.3 827.5 1,319.31,059.5 184.5 Oct. 31... [,712.3 5,849.4 2,735.9 512.6 183.9 182.9 576.8 286.6 670.7 2,413.6 810.8 1,416.51,016.5 192.1 Nov. 30... ,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... L,727.0 6,017.9 2,900.0 633.2 159.4 169.1 510.6 302.6 767.2 2,542.1 873.2 1,388.71,027.3 186.6 Mar. 31 P.. 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 1,386.91,028.0 178.2 Apr. 30P. . 1,682.4 6,234.2 2,877.3 743.8 160.1 195.5 597.8 256.8 772.3 2,726.3 844.9 1,405.51,093.6 163.9 P Preliminary. r Re vised. 1 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 78.7; U. S. brokerage balances abroad, 25.0. 2 Country breakdown is for "Official and private." 3 Beginning January 1950, excludes Bank for International Settlements, now included in "International institutions." 914 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu el m - C v o z a s e k lo c i h a - - m De a n rk - l F a i n n d - m G a e n r- y1Greece N w o a r y - l P an o- d t P u o g r a - l m R a u n - ia Spain S d w e e n - USSR Y sl u av g i o a - ot A he ll r5 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 I949—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 3.2.8 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 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.. 739.0 123.9 35.2 23.8 149.7 30.3 76.4 '6!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 57.9 A M p a r r . . 3 3 1 0 P P. . 7 7 7 5 - 8 2 . . 1 3 3 4 9 2 . . 3 9 1 1 2 1 0 8 . . 8 5 1 1 3 2. . 2 3 3 2 3 9 . . 0 3 2 1 0 9 . . 4 0 1 1 8 8 4 0. . 2 9 3 3 2 5 . . 4 1 8 7 2 9 . . 4 3 6 6 A .3 3 3 5 5 . . 0 8 6 6 . . 1 1 1 1 1 0 . . 5 5 1 10 0 7 6 . . 6 1 1 15 3 . . 7 9 6 7 . . 6 0 5 5 8 4 . . 3 9 Latin America Neth- Do- er- Date A L i m a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- I l W n a a d n n e i d d 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 th a t e i e s r n r lic Suri- ama nam 1944—Dec 31 909 3 03 0 17 7 140 8 SS 0 83 6 130 3 83 1 36 0 ?7 7 69 1 31 5 131 6 I945—Dec. 31 1.046.4 77 3 14 S 10S 1 66 3 70 9 3 116.4 28.2 43 0 88 7 49 7 158 8 1946—Dec. 31 1,104.8 11? 6 14 0 174 0 SO7 S7 8 1S3 S 152.2 16.1 40 0 77.2 74.0 181.8 I947—Dec 31 1,216 6 9 17 8 104 7 46 3 46 1 7 139 2 14 9 41 8 70 3 78 0 186 5 1948—Dec. 1.287 0 ?1 S8 17 1 193 7 SS 6 S4 0 219 4 146.7 24 3 S9 6 71.8 121 7 184.1 I949—May 31 1,313 3 4 1S 4 117 9 S4 8 4S 7 167 8 157.5 24 8 S3 0 73 4 171 3 205 0 June 30 1,338.5 990 8 14 8 11S 0 S6 3 S1 0 167 7 162.6 24.1 S? 0 70.0 187 5 204.9 July 31 1 352 3990 4 14 0 118 1 6S 1 SO 8 174 8 163 3 24 3 55 0 63 1 162 0 221 6 Aug 31 1,367 9 99R 6 14 4 0 S7 0 40 0 187 7 175 5 29 1 S8 3 64 6 161 2 213 6 Sept. 30 1,319 3 7 16 9 14S 0 S8 1 S1 0 170 6 184.2 27 8 SO 4 69 1 99 4 207 9 Oct 31 1 416 5 99 7 7 1S 7 165 0 so s S7 6 181 7 185 7 30 5 61 72 7 160 4 198 6 Nov 30 1,439 0 ?33 7 13 9 216 0 S4 0 70 1 178 4 195 0 23 5 53 -? 74 2 129 2 196 6 Dec. 31 1,436.7 901 1 13 s 109 8 60 0 8S 0 164 214.6 25.9 S? 8 74 3- 143 2 207.4 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. 28, 1,388.7 219.3 13.0 143 8 70.1 90 6 176.9 36.3 26.7 179.7 25.4 46.4 77.7 42.6 57 4 115.2 67.8 Mar. 31 P1,386.9 217 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 Apr. 30P 1,405.5 227.0 12.7 121 6 73.2 70.1 212.1 39.6 28.2 166.4 26.7 47.1 81.3 40.1 59 0 132.2 68.2 Asia and All Other Date Asia C M c a h h n a i u d n n - - a H K o on n g g India I n n e d s o ia - Iran IsraelJapan p ip P u R p h b e i i l n - l i - c e 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 E t a n i g g n a g y y d n l p p o - t - A S U o f n o r u i i f c o th a n Other5 Sudan 1944—Dec 31 1 069 2 427 3 22 9 22 1110 s 4 0 365 8 ?3 7 92 9 174 0 52 0 7 3 8 3 105 4 1945—Dec 31 1 549 7 582 3 27 4 33 4113 7 4 1 629 1 S? S 107.2 181 8 28 0 18 9 6 4 127 7 1946—Dec 31 1 316 4 431 9 44 9 43 5127 1 16 6 446 7 151 0 232 8 45 s 20 8 47 2 119 3 1947—Dec 31 1,057 9 229 9 39 8 62 4 69 3 31.3 488 6 37 6 99.0 193.7 30 6 25 0 46 4 91 8 1948—Dec 31 1 151 8 216 2 51 1 51 8 41 S 81 4 488 3 17 s 204 0 167 4 22 9 27 7 15 8 101 6 1949—May 31 1 084 1 147 0 55 7 55 5 31 s 135 2 407 "4 ?0 9 231.7 173 9 21 8 42 5 12 3 97 4 June 30 1,081 3 119 2 67 7 60.9 36 1 141.6 387 6 IS 3 252.9 184.4 19.7 54.1 9.1 101.5 July 31 1 068 9 125 3 78 9 54 2 27 1 144 2 367 3 18 9 253.6 177.6 22 3 49 6 7 3 98 4 Aug. 31 1,077 6 123.7 80.9 69.1 90 0 152.8 363 7 13 6 244.8 165.0 20. 49.9 6.7 88.2 Sept 30 1 0S9 5 124 1 82 3 59 9 27 9 161 5 348 4 1S 1 241 0 184 5 31 7 58 7 5 8 88 4 Oct 31 1 016 5 116 3 81 5 52 6 20 s 189.5 334 1 1? 1 209.9 192 A 44.0 60 2 5 7 82.2 Nov. 30 984 5 113 4 83 3 56 4 17 8 204.8 306 3 10 0 192.4 184.6 39.4 58.3 6.9 79.9 Dec 31 961 0 110 6 83 9 63 3 15 7 214 6 297 3 0 8 165 7 179 5 32 4 61 6 6 0 79 5 1950—Jan. 31 982.2 110.1 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. 78 1.027.3 112.3 90.6 69.5 29.2 16.4 27.3252.2 289.4 22.6 14.4 103.5 186.6 25. 1 28.3 58.4 21.3 53.6 Mar. 31 P1,028.0 103.5 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 Apr. 1,093.6 98.5 96.4 63.3 36. 4 16.5 21.8329.4 294 4 27.4 10.2 99.3 163.9 17.5 31. 8 56.2 6.6 51.8 P Preliminary. 1 Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes. 2 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 3 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 4 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 5 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. JULY 1950 915 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 194g—Dec. 31 1,018.7 24.5 119.0 51.4 6.9 15.8 106.3 323.8 39.8 516.6 118.8 19.7 1949—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 Tune 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 35.4 403 9 126.7 17 9 Oct. 31 850.5 66.4 68.1 6.1 4.0 16.0 88.7 249.2 31.8 418.2 133.5 17.8 Nov. 30 846.7 54.8 52.2 6.3 4.6 18.8 98.2 234.9 33.0 425.9 135.2 17.6 Dec. 31 827.9 37.2 51.8 5.2 3.8 22.6 98.5 219.2 37.6 411.1 139.7 20.4 1950—Jan 31 *724.8 32.6 51.5 2.7 5.7 20.7 !65.0 H78.2 40.2 347.3 129.0 30.1 Feb. 28 670.6 24.3 36.0 4.4 5.5 23.3 64.4 158.0 42.4 311.4 124.0 34.8 Mar 3\P 643 7 23 7 35 4 4 3 7 8 19 6 63 1 153 9 33 6 303 5 114 6 38 1 Apr. 3QP 630.3 23.3 35.9 3.7 6.2 20.2 64.0 153.3 35.5 295.7 106.2 39.6 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 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 .5 6.2 30.4 12.4 3.3 1.0 .1 •7.2 4.9 9.5 1947—Dec 31 118 9 15 0 2 2 8.0 30.5 10 6 9.2 1.1 .9 5.4 .1 35.9 1948—Dec. 31.. 106.3 21.4 .6 3.4 30.5 1.2 8.4 .7 2.9 1.4 (3) 6.0 29.8 1949—May 31 96 1 18.3 .9 4.9 29.8 .8 8.7 .5 12.0 4.8 1.4 14.2 June 30.. 95.6 18.9 1.1 4.8 29.8 1.0 8.6 .5 12.0 4.2 1.5 13.3 July 31 91 9 17 9 9 4 9 29 9 1 0 8.1 .5 10.7 3.3 1.5 13.2 Aug 31 82 2 13.6 1.0 5.5 29.7 .7 7.9 .4 8.2 2.5 1.4 (3) 11.1 Sept. 30.. 84.9 14.1 .7 6.6 30.3 .8 8.0 .4 7.1 3.8 1.8 .2 11.2 Oct. 31.. 88.7 16.1 .7 8.6 30.3 .8 7.3 .5 7.0 3.8 2.1 11.5 Nov 30 98 2 17.6 .7 9.2 30.0 .7 7.5 .7 7.0 6.1 2.1 16.7 Dec. 31.. 98.5 19.3 .4 8.2 30.0 .7 7.4 .5 7.0 7.0 2.3 1 15.6 1950—Jan 31 *65 0 i 2 15 6 ' (*) .5 4.9 .2 1.0 !5 .7 6.7 3.4 .1 4.8 Feb. 28.. 64.4 .2 1.6.3 .5 3.5 25.6 .2 1.1 .1 .6 7.9 3.1 .1 5.2 Mar. 31 P. 63.1 .7 17.7 .1 .5 2.4 25.3 .2 1.2 .1 .8 6.6 2.4 .7 4.4 Apr. 30P. 64.0 2 16.2 1 6 2 1 25 5 1 1 3 .1 .8 (3) 7 7 2 4 (3) 2 5 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 i - a Brazil Chile l C o b m i o a - - Cuba m p i R c l u i i a e c b n n - - - G m u a a l t a e- M ic e o x- l W I S a a n u n n d e r d d i s i e s - t s Peru l p P a i R c u m a e b n o a - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L i a t m c h t a i e e 4 n r rnam 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—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 54.4 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.. 411.1 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 "2A 50.3 1.1 6.5 4.3 "9.6 25.3 23.3 Feb. 28.. 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. 31 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 Apr. 30P. 295.7 46.5 6.5 67.4 5.6 26.8 17 A 1.7 2.2 46.4 1.1 6.8 4.8 3.8 10.5 26.5 22.0 P Preliminary. 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. 916 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 an a d n- H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i P p R h p e i i - l n - e T la h n a d i- T k u e r y - 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 - go 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 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—May 31. . 141.4 18.0 6.4 20.0 1.5 37.4 31.9 2.1 24.2 19.0 5.3 .4 4.6 8.8 June 30. . 147.0 18.4 3.2 21.0 1.1 39.4 30.2 .9 33.0 18.8 5.4 .4 4.6 8.4 July 31.. 143.2 16.8 3.7 20.0 1.2 33.8 25.3 11.7 30.8 19.1 5.0 .6 4.2 9.2 Aug. 31. . 136.6 17.8 3.4 19.7 .5 21.8 27.5 14.5 31.4 16.6 4.5 .2 3.6 8.3 Sept. 30.. 126.7 18.0 3.4 16.8 .4 9.6 24.6 19.4 34.4 17.9 4.6 .4 4.0 8.9 Oct. 31.. 133.5 16.5 3.8 18.8 .4 10.1 25.5 14.3 44.1 17.8 4.8 .5 3.8 8.8 Nov. 30.. 135.2 16.3 4.2 17.0 .2 9.5 25.9 15.7 46.5 17.6 5.4 .6 3.6 8.0 Dec. 31.. 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—Tan. 31.. 129.0 17.0 4.1 16.6 .2 13.6 * ii is18.1 22.8 ' "2 A 10.5 12.0 30.1 10.4 3.6 .2 11.3 4.6 Feb. 28. . 124.0 15.1 4.2 17.7 .1 13.8 12.5 17.9 22.4 1.9 9.9 8.5 34.8 15.5 3.5 .3 11.2 4.3 Mar. 31*. 114.6 19.4 4.3 17.8 .2 13.6 13.3 7.7 22.0 1.2 5.9 9.3 38.1 18.9 3.5 .4 11.3 4.0 Apr. 30*>. 106.2 23.4 4.1 18.1 (3) 13.5 12.0 1.9 19.7 .9 4.8 7.9 39.6 20.1 3.7 .3 12.1 3.5 p Preliminary. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India, Beginning January 1950, excludes Iran, fsrael, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. 3 Less than $50,000. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated Year or pro w d o u r c ld tion Total Africa North and South America Other month U o . u S t . s S i . d R e .i r m ep o o n r th te l d y A So fr u ic th a R de h s o i - a A W fri e c s a t * B Co el n g g i o an 3 U St n a i t t e e s d 4 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 5 Au li s a tra- India3 $1 =155/zi grains of gold 9/wfine: i. e., an ounce of fine gold =$35. 4941. 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 4942. 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 4943. 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 4944. 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 4945. 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 4947. 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 4948. 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 4949. 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 4949—Apr.. . 60.8 33.4 1.7 1.9 1.0 5.7 11.4 .6 1.1 .4 .6 2.5 .5 May.. 63.2 34.3 1.6 1.9 1.1 5.6 11.6 1.8 1.0 .5 .6 2.5 .6 June.. 64.8 34.8 1.5 1.9 1.1 5.5 12.0 1.6 1.0 .4 .6 3.7 .6 July.. 63.1 35.5 1.6 1.8 1.1 5.7 11.4 1.0 1.1 .5 .6 2.3 .6 Aug... 66.2 35.7 1.6 1.9 1.2 6.5 12.6 1.4 1.0 .6 .7 2.5 .6 Sept.. 65.4 34.8 1.5 1.9 1.1 6.2 12.7 1.6 1.0 .6 .7 2.6 .5 Oct.. . 65.4 34.7 1.5 1.9 1.0 7.3 12.8 .9 1.0 .5 .6 2.7 .5 Nov.. '•66.2 34.0 1.5 ~ 2.0 1.1 7.4 12.7 1.9 1.1 .6 .7 2.9 .4 Dec... 63.7 34.0 1.5 2.0 1.1 6.6 13.1 .8 .6 .5 .6 2.6 .4 4950—Jan.. . 34.2 1.5 2.0 1.1 5.9 12.4 1.4 .6 .6 2.3 .5 Feb... 32.0 1.4 2.0 1.0 5.5 12.2 1.2 .7 2.3 .5 Mar.. 35 1 1.9 1 i 6 1 13.4 1.2 7 2.3 .5 Apr.. . 33.3 1.9 1.0 6.7 12.9 1.1 .7 .6 r Revised. Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes -.irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 3 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Yearly figures 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. 917 JULY 1950 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 Ar- Bel- Co- Czecho- Den- End of month Treas- t g i e n n a - 2 gium Brazil Canada^ Chile lombia Cuba v s a l k o- ia mark Egypt France ury Total i 1945—Dec. 20,065 20,083 1,197 716 354 361 82 127 191 61 38 52 1 090 1946—Dec 20,529 20,706 1,072 735 354 543 65 145 226 61 38 53 796 1947—Dec 22,754 22,868 322 597 354 294 45 83 279 32 53 548 1948—Dec 24,244 24,399 624 317 408 43 289 32 53 548 1949—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 40 299 32 53 523 Feb 24,345 24,456 679 317 509 40 299 32 53 523 Mar 24,246 24,360 682 317 511 40 299 32 53 523 Apr 24,247 24,350 679 317 40 299 32 523 May....... 24,231 24,340 678 40 299 31 523 End of month H ga u r n y - India Iran« Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Peru P g o a r l t u « - Ru ma- 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—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.. 247 252 178 229 34 48 28 173 61 May. 252 178 229 50 28 178 61 End of month S d w e e n - S l w a e n r i - t d z- T k u e r y - U d K n i o i n m t g e 7 - d g U u ru a - y V z e u n e e l - 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 a u o i t o r n e n y n r d e - a - l f S t t B o i e e o r a r t n t n n I l a k a n e l - - - Government g p o r l e U d v n io r it e u e s s d e r f v ig e u s re n s ot included ia ments End of month King- France Belgium dom 1945—Dec, 482 1,342 241 195 202 192 39 1946—Dec... 381 1,430 237 200 215 193 15 32 1947—Dec... 105 1,356 170 175 215 195 1,356 30 1945—Dec !2,476 2457 217 1948—Dec... 81 1,387 162 164 323 '220 1,436 36 1946—Dec X2,696 1949—June. 71 1,419 160 161 323 r236 1,440 55 1947—Mar 12,380 July.. 71 1,457 160 161 323 ••236 1,448 60 June 12,410 Aug.. 71 1,503 160 161 323 '238 1,450 47 Sept !2,383 Sept.. 70 1,485 159 177 373 »-239 1,450 52 Dec 12,079 Oct... 70 1,486 154 178 373 '304 1,450 47 Nov.. 70 1,495 154 178 373 '304 1,451 64 1948—Mar i2,241 Dec. 70 1,504 154 178 373 '330 1,451 68 June 11,920 1950—Jan... 70 1,508 154 183 373 332 1,459 68 Sept 11,777 Feb. . 70 1,503 154 187 373 334 1,460 69 Dec 11,856 Mar.. 69 1,527 154 190 373 P333 1,460 87 Apr... 71 1,534 154 373 P333 1,460 93 1949—Mar 11,912 May. 71 1,522 154 373 P335 100 June.... 11,651 Sept 11,425 Dec 11,688 p Preliminary. ' Revised. 1 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is 1950—Mar 11,984 not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve June.... 12,422 statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 2 Estimated dollar values derived by converting gold at home in amounts up to 1,224.4 1 Exchange Equalization Account holdings of million pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of gold, U. S. and Canadian dollars, as reported by 3.5447 pesos per U. S. dollar. British Government. 3 Figures as reported by Foreign Exchange Control Board and Minister of Finance. 2 France—Exchange Stabilization Fund; Bel- 4 Beginning December 1947 includes gold holdings of issue and banking departments of gium—Treasury. 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 ng f 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- gol N d O t T r E an .— sfe F r o s r a d f e fe ta c i t l i s n g r e t g h a e rd B in r g it i s s p h e c a ia n l d i F nt r e e r n n c a h l sen 6 7 t F G s i o g g l o u d l r d e h s o h l e a d l r i d n e g a f s s o o r r e f f s o B e l r l a o v n w e k i ( n o 2 g f 5 E d p n a e g t r e l a c s e n : n d 1 t 9 r m e 4 d 6 i u n — c im e M d u a m t r o . ) n 3 l o e 1 m s , s i a n g n a o d l l d a 1 m i 9 n 4 o 7 f u o — n r t e M i b g y a n r g . c o 3 u l 1 d rr . e tr n a c n y s f l e i r a s b i t l o it i B es ri . tish i f B n o a s o n t t i k n t i u o n t t g e i o n a 8 s n , . d s e F M e o o p r n . e a 9 ta v 2 r a 0 y i , l a f b S o l t o e a t t n is o b t t i a e c c s k , 1 , p f a i . g n u d 5 r 2 e p s 6 , . , a 9 s n 2 e d e 1, Ex 8 c F ha o n r g l e is t E q o u f a c l o iz u a n t t i r o i n e s A i c n c c o lu u d n e t d d , u s r e in e g B 1 U 9 L 3 L 9 E . TIN for January 1950, p. 114, footnote 8. r B u U a L ry L ET 19 IN 4 5 f , o r p . N 1 ov 9 e 0 m . ber 1947, p. 1433, and Feb- 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. 918 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD IMPORTS TO UNITED STATES, BY COUNTRIES [Net gold exports from United States (—). In millions of dollars] Gold valued at approximately $35 a fine ounce m Y o o e n r a t r h Total U K d n i o i n m t g e - d g B iu el m - France N la e e n r t d - h s - S d w e e n - U.S.S.R. Canada A t r i g n e a n- Co b l i o a m- Mexico r N a i g c u a a - V zu e e n l e a - 1942.. 315.7 2.0 11.3 208.9 10.6 40.0 8.7 4.0 1943. . 68.9 .1 66.9 -10.8 -3.3 7.5 2.2 1944. . -845.4 -695.5 46.2 -50.3 -109.7 7.7 —55.3 1945. . -106.3 .2 53.1 15.1 7.4 -56.1 1946. . 311.5 .5 33.7 344.1 -134.0 3.6 7.3 .2 1947. . 1,866.3 488.4 162.9 28.0 27.9 445.4 335.5 21.0 -7.1 7.6 -.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 -4.4 6.9 -4.5 1949—May. . 9.5 2.0 .3 .4 June.. 6.9 -.1 .4 .6 July... 131.1 121.8 .2 .7 Aug... 257.4 243.6, .5 .7 Sept... 98.1 101.5 -8.3 .6 Oct.... 56.1 40.7 2.1 .4 .5 -.2 Nov... 7.6 5.1 .4 .4 Dec... -1.4 .2 -.1 .3 .5 1950—Jan.. .. 39.0 .4 .4 Feb. . . .2 .2 .5 Mar... -1.6 .3 .5 Apr... . 53.3 31.7 .2 .5 May-?*. 13.1 .3 .3 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 n e li - 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 - fp 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 ( l - d r p ) e t o i t o m rt r -g m o c c o l r r a r d e e r : a a k i n s s e d e e - d e- t p D i t r c i o o o m d g n u o e c 2 l 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 1947 ....... — 17.1 .1 — 14 0 -3 5 410 7 -18.6 1947 22,754 22,868 32,162.1 1,866.3 210.0 75.8 1948 7.3 .6 -2.5 491.5 1-63.5 1948. 24,244 24,399 1,530.41,680.4 -159.2 70.9 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—May. . A .3 6.3 -.6 1949—June. . 24,466 24,637 126.1 69 121.6 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 -14 -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 3 37.1 Feb.... 24,345 24,456 -51 .2 .2 -50.4 5.5 Feb . 5 1 2 -1 3 Mar... 24,246 24,360 -96.2 -1.6 -95.4 6.1 Mar... .4 3 -3.5 Apr.... 24,247 24,350 -9 2 53.3 -59.2 6.7 Apr. . . .5 .1 — ..S 16.8 3.7 May... 24,231 24,340 -10.7 P13.1 -29.9 6.8 May**. .3 -.5 1.8 10.5 June. . P24.231^24,330 P-9.2 W 5-17.6 (0 p Preliminary. P Preliminary. l See footnote 1 on opposite page. 1 Includes net exports of 39.2 million dollars to Switzerland, 10.7 2 Yearly figures through 1948 are estimates of United States Mint. million to Greece, 8.3 million to French Indo-China, and 5.3 million Figures for 1949 and 1950 are estimates of American Bureau of Metal to other countries. Statistics. 2 Includes net exports of 18.3 million dollars to Poland, 8.6 million 3 Change includes transfer of 687.5 million dollars gold subscripto French Indo-China, 6.6 million to Portuguese Asia, and 4.1 million tion to International Monetary Fund. to other countries. 4 Not yet available. 3 Includes imports of 43.1 million dollars of Thailand gold from 5 Gold held under earmark at the Federal Reserve Banks for foreign Japan and net exports of 3.0 million dollars to Poland and 3.0 million account, including gold held for the account of international instituto other countries. tions, amounted to 4,619.0 million dollars on June 30, 1950., Gold NOTE.—For back figures see Banking and Monetary Statistics, under earmark is not included in the gold stock of the United States. Table 158, pp. 539-541, and for description of statistics, see p. 524 NOTE.—For back figures and description of statistics, see Banking in the same publication. and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. JULY 1950 919 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 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 4,265 4,185 4,024 Other 925 923 926 929 Unpaid balance of member subscriptions. 1^018 1,018 1,070 1,181 Investment securities (U. S. Govt. obli- Other assets 1 1 1 (2) gations) 446 448 454 444 Member subscriptions 8,047 8,047 8,047 8,034 Calls on subscriptions to capital stock*. . 5 5 5 5 Accumulated net income -3 -3 -2 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 723 727 676 559 1950 1949 Other assets . . 7 6 11 10 Net currency purchased 3 Bonds outstanding 261 254 254 254 (Cumulative—millions of dollars) Liability on obligations sold under guar- May Apr. Mar. May Lo a a n n t s e — e. undisbursed 1 2 3 6 0 16 2 2 7 1 2 3 7 6 5 26 1 Other liabilities 2 4 3 5 Australian pounds 20.0 20.0 20.0 Special reserve. 12 11 9 7 Belgian francs 11.4 11.4 11.4 33.0 Capital*... 1,670 1,670 1,670 1,667 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 D C C E z g o a e n y s c t i p a h s t h o i R a s n k l i o c r a v o p n a n o k e u c i r n a o . n d . lo s n . k e . o s . r u .. n . y . . 1 - 3 6 0 .9 . . . 0 0 2 1 - 3 6 0 .9 . . . 0 0 2 1 - 3 6 0 . . 9 . . 0 0 2 1 3 6 0 . . . 0 . 0 2 4 res 1 2 u L I l n t e i c s n l s g u t d f h e r a o s n m 3 $ 3 t 5 h 0 e m 0 , d i 0 l e l 0 i v o 0 a n . l u d a o ti l o la n r s s in re S ce e i p v t a e b m le b er f o 1 r 94 c 9 u . rrency adjustments Ethiopian dollars .6 .6 .6 .3 3 As of May 31, 1950, the Fund had sold 759.8 million U. S. dollars; French francs 125.0 125.0 125.0 125.0 in addition, the Fund sold to the Netherlands 1.5 million pounds Indian rupees 100.0 100.0 100.0 100.0 sterling in May 1947 and 300 million Belgian francs in May 1948, and Mexican pesos 22.5 22.5 22.5 22.5 sold to Norway 200 million Belgian francs in June and July 1948. N N e ic th ar e a r g la u n a d n s c g o u rd i o ld b e as rs.... 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 t 2 io 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. 753.1 753.1 753.1 724.6 CENTRAL BANKS A d ss e e p ts a r o tm f e i n ss t ue Ass d e e ts p a o r f t m ba e n n k t ing Liabilities of banking department Bank of England Note circula- (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Gold* a O ss t e h t e s r 2 N c a o o n t i d n es 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- tion a Bankers' Pub D li e c posit E s CA Other t c l i 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 1.088.7 234.3 10.3 60.4 17.9 1944—Dec 27 .2 1,250 0 13 5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec 26 2 1,400 0 20 7 8 4 327 0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec 25 . . .. .2 1,450 0 23 4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec 31 2 1,450 0 100 8 15 2 331.3 L.349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 1,325 0 36 1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949— Ju ju l n y e 2 2 9 7 . . 2 2 1 1, , 3 3 5 0 0 0 .0 0 4 2 9 6 .7 9 2 1 7 5 . . 0 3 3 3 8 7 1 2 . . 6 0 1 1 , , 2 3 7 0 7 5 . . 9 1 2 2 9 9 4 4 . . 5 0 1 8 1 . . 6 2 3 1 2 3 . . 4 5 9 9 1 0 . . 0 9 1 1 8 8 . . 2 3 Aug 31 2 1,350 0 80 4 10 4 354.1 1,275.0 277.6 15.9 41.7 91.2 18.5 Sept 28 .4 1,300 0 41.4 23.6 368.7 L.264.5 295.7 9.1 16.4 93.9 18.5 Oct. 26 .4 1,300.0 47.3 23.3 429.7 L.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 1,247.7 291.7 12.5 117.4 110.2 18.3 Feb 22 .4 1,300 0 58 4 22 0 486.7 1,247.2 285.2 14.0 136.0 113.5 18.4 Mar. 29 .4 1,300.0 38 5 12.3 507.2 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 1,-277.7 288.8 13.9 169.8 89.5 17 8 May 31 .4 1,300.0 19.9 19.1 554.9 1,286.6 281.3 12.0 188.4 94.2 18.0 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. 920 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 (Figures in millions of Sterling securities Other Canadian dollars) Gold and S t U at n e i s ted O as t s h e e ts r circ N ul o a t t e ion2 liab a i n li d ties dollars S te h r o m rt - l Other Ch b a a r n te k r s ed D g o m o m v e e i n n r t n io - n Other capitals 1938—Dec. 31. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 i 939—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—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 May 31.. 73.3 1,685.7 372.6 60.1 1,275.9 534.3 68.9 202.7 109.9 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 t t o 6 Note Deposits6 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- EGA Other ca a p n i d tal 1938—Dec. 29., 87,265 821 1,892 1,79.7 7,880 30,627 14,028 110,935 5,061 25,595 2,718 1939—Dec. 28. 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 151,322 1,914 14,751 2,925 1940—Dec. 26. 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27,202 44,986 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 68,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 21,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 15,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 -7 37,618 3,135 76,254 67 ^OO'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—June 30. 862,274 7,775 156,208 894 258,294 166,900 560,990 81,046 1,115,608 286 162,969 15,518 July 28. 62,274 14,380 137,189 4,486 296,228 162,700 560,990 69,764 1,134,440 195 157,714 15,661 Aug. 25. 8 62,274 36,675 134,031 4,144 255,099 165,000 560,990 67,738 1,133,129 292 136,331 16,199 Sept. 29. 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. 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 29,297 367.740 167,100 560,990 113,338 1.332,148 21 34,284 114,103 20,747 May 25. 62,274 98,539 115,978 27,090 341,340 167,700 560,990 9107,521 1,324,533 17 21,927 110,321 24,634 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 43.7 billion francs on May 25. 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. 921 JULY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1949 Central Bank 1950 1949 (Figures as of last report (Figures as of last report date of month) May Mar. May date of month) May Apr. Mar. May Central Bank of the Argentine Central Bank of Costa Rica3 Republic (millions of pesos): (thousands of colones): Gold reported separately 656 656 434 Gold ,542 11,542 11,54 O G t o h v e e r r n g m ol e d n t a n s d e c f u o r r i e t i i g es n exchange. 1 1, , 8 4 3 0 5 8 1 1 , , 3 8 6 4 1 6 1 1, , 7 6 4 8 1 4 F N o e r t e i c g la n i m ex o c n h a I n n g t e l. Fund2 , ,0 7 1 5 9 0 42 7 , ,0 5 1 4 9 1 18,77 Rediscounts and loans to banks.. 29,686 29,312 24,470 Loans and discounts ,196 90,575 82,66 Other assets 216 197 127 Securities ,372 19,404 18,61 Currency circulation 10,344 10,198 8,052 Other assets ,480 14,276 Deposits—Nationalized. 21,073 20,882 .18,007 Note circulation ,268112,445 104,65 Other sight obligations 553 552 626 Demand deposits ,085 63,250 61,12 Other liabilities and capital 1,831 1,741 1,772 Other liabilities and capital. .... ,006 9,663 Commonwealth Bank of Aus- National Bank of Czechoslovakia tralia (thousands of pounds): (millions of koruny)^ Gold and foreign exchange 513,820 502,072 397,785 Gold and foreign exchange 3,349 3,2C Checks and bills of other banks.. 5,671 4,736 3,930 Loans and discounts ' 24,716 22,12 Securities (incl. Government and Other assets 48,433 48,47 Treasury bills) 339,879358,035 346,695 Note circulation 68,447 65,25 Other assets 88,779 90,642 60,148 Deposits 702 4 Note circulation 230,063225,063 209,605 Other liabilities and capital 7,348 8,5C Deposits of Trading Banks: National Bank of Denmark Special 466,220 459,420 390,120 (millions of kroner): Other 30,235 34,681 26,032 Gold ._ 69 69 69 7 Other liabilities and capital 221,631236,322 182,800 Foreign exchange 378 441 423 12 Austrian National Bank (millions Contributions to Intl. Fund and of- schillings): to Intl. Bank 6 6 6 6 Gold 50 50 50 50 Loans and discounts 26 26 24 2 Foreign exchange 155 145 142 144 Securities 124 132 87 1C Loans and discounts ,210 2,029 1,928 1,191 Govt. compensation account.... 4,650 ,658 4,663 4,84 Claim against Government ,002 6,393 6,634 6,780 Other assets 218 209 416 21 Other assets 38 37 37 6 Note circulation 1,544 ,548 1,550 1,4/ Note circulation. ,684 5,618 5,611 5,766 Deposits—Government 1,809 ,760 1,880 1,71 Deposits—Banks 194 180 256 372 Other 1,970 ,071 2,096 2,11 Other ,071 1,089 1,034 799 Other liabilities and capital 148 163 162 14 Blocked. ,505 1,766 1,890 1,234 Central Bank of the Dominican National Bank of Belgium Republic (thousands of dollars): (millions of francs): Gold 4,045 ,030 4,030 4,0C Gold ,716 29,747 29,880 29,120 Foreign exchange (net) 13,292 ,974 11,551 10,02 Foreign claims and balances (net) ,316 8,939 9,473 12,271 Net claim on Intl. Fund 2. 1,250 ,250 1,250 1,25 Loans and discounts ,840 3,407 4,197 4,770 Paid-in capital—Intl. Bank 40 40 40 4 Consolidated Government debt. . ,939 34,939 34,939 34,991 Loans and discounts 211 252 235 1/ Government securities ,001 8,697 8,034 2,571 Government securities 5,377 ,377 5,377 4,97 Other assets ,924 4,859 5,061 3,858 Other assets 667 651 607 77 Note circulation ,794 86,079 86,659 82,853 Note circulation 19,984 ,069 18,925 16,9C Deposits—Demand ,712 2,245 2,692 2,275 Demand deposits 4,617 ,232 3,901 4,14 EGA 173 234 277 288 Other liabilities and capital 281 274 266 2C Other liabilities and capital ,057 2,030 1,957 2,165 Central Bank of Ecuador Central Bank of Bolivia—Mone- (thousands of sucres): tary dept. (millions of bolivianos): (Feb.)i Gold 265 749 265,463 278,41 Gold at home and abroad 956 956 Foreign exchange (net) -41 359-70,300 -9,2C Foreign exchange 208 183 Net claim on Intl. Fund 2 16 881 16,881 16,85 Loans and discounts. 1,125 721 Credits—Government 267 018284,250 194,04 Government securities 744 761 Other 121 369124,874 105,22 Other assets 235 46 Other assets 127 879113,212 115,24 Note circulation ,535 2,232 Note circulation. 378 436 367,,959 345,62 Deposits 411 215 Demand deposits—Private banks 103 436 94,840 110,7( Other liabilities and capital 323 222 Other 124 287124,303 97,5( Central Bank of Chile (millions Other liabilities and capital 151 377147,279 146,66 of pesos): National Bank of Egypt (thou- Gold ,240 1,235 1,2.36 1,324 sands of pounds): Foreign exchange (net) 110 34 177 215 Gold 6 376 6,376 6,37 Net claim on Intl. Fund 2 1 1 1 1 Foreign exchange 16 162 14,309 15,61 Discounts for member banks.... ,002 1,679 1,652 1,294 Loans and discounts 5 816 9,361 3,81 Loans to Government 688 688 688 737 British, Egyptian, and other Other loans and discounts ,756 2,734 2,631 2,120 Government securities 320 061325,487 326,4^ Other assets. ,758 1,569 1,551 1,523 Other assets 50 103 49,604 26,61 Note circulation ,762 5,727 5,607 5,129 Note circulation 160 644162,937 146,1C Deposits—Bank ,328 1,178 1,289 1,357 Deposits—Government 103 252110,623 101,32 Other 354 254 228 219 Other 126 209123,490 122,91 Other liabilities and capital ,112 781 811 509 Other liabilities and capital 411 8,087 8,57 Bank of the Republic of Colombia Central Reserve Bank of El Salva- (thousands of pesos): dor (thousands of colones): Gold and foreign exchange 180 215,988 233,064 139,750 Gold 50,431 ,740 46,788 36,02 Net claim on Intl. Fund 2 24 368 368 24,368 24,367 Foreign exchange (net) 64,114 ,050 73,948 54,41 Paid-in capital—Intl. Bank 1371 371 1,371 1,370 Net claim on Intl. Fund 2 1,565 ,565 1,565 Loans and discounts 225 175 394188,332 186,450 Loans and discounts 562 155 48 Government loans and securities. 141 854 662138,812 135,143 Government debt and securities.. 5,054 ,078 5,121 5,2t Other assets 57 140 488 56,565 56,154 Other assets 1,658 ,543 1,490 1,64 Note circulation 406 215 414,430 422,722 332,554 Note circulation 66,142 ,031 72,099 57,17 Deposits . 172 222171,606 165,012 Deposits 51,277 ,117 50,971 36,0C Other liabilities and capital 50 620 48,183 45,669 Other liabilities and capital 5,965 ,984 5,891 5,92 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 tin as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 3 The Central Bank of Costa Rica began operations on Feb. 1, 1950. Figures shown prior to this date refer to the Issue Department of tl National Bank. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 118. 922 FEDERAL RESERVE BULLETI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1950 1949 1950 1949 (Figures as of last report Central Bank date of month) May Apr. Mar. May (Figu d re a s te a o s f o m f l o a n s t t h r ) eport May Apr. Mar. May State Bank of Ethiopia—Issue Central Bank of Ireland (thousands dept. (thousands of dollars): of pounds): Gold 7,371 7,371 7,371 5,124 Gold 2,646 2,646 2,646 2,64 Silver 12,191 12,191 11,106 6,052 Sterling funds 47,380 48 142 47 962 44 oi Foreign exchange 17,745 20,279 19,866 28,795 Note circulation 50,026 50,788 50,608 46,65 Treasury bills .... 9,247 9,247 9,247 9,247 Bank of Italy (billions of lire): Other assets 33 140 30 559 30 514 30,717 Gold 4 4 4 Circulation—Notes 49,660 49,664 48,179 49,205 Foreign exchange 24 22 21 2 Coin 29,849 29,821 29,776 29,363 Advances to Treasury 654 657 664 65 Other liabilities and capital 185 163 150 1,367 Loans and discounts 180 198 193 18 Bank of Finland (millions of mark- Government securities 200 221 235 20 kaa): Other assets 536 531 524 32 Gold 1,787 1,787 357 269 Bank of Italy notes 968 973 965 84 Foreign assets (net). . . -2,300 -1,939 -2,329 -446 Allied military notes. ... 6 7 7 4 Clearings (net) -134 -28 125 -1,801 Deposits—Government 174 163 173 12 Loans and discounts 39,663 39,493 38,876 37,904 Demand 132 152 148 13 Securities 1,080 1,036 1,026 871 Other . . 271 288 ?94 20 Other assets 1,191 1,585 2,678 851 Other liabilities and capital..... 48 51 52 3 Note circulation 30,326 30,266 29,935. 28,198 Bank of Japan (millions of yen): Deposits . 1,799 2,667 3,388 1,475 Cash and bullion 1 443 1 19 Other liabilities and capital 9,163 9,001 7,410 7,976 Advances to Government. . . 81 811 102 65 Bank of German States * Loans and discounts 108,825 60,10 (millions of German marks): Government securities 163,498 130 92 Foreign exchange 821 674 1,449 Reconversion Fin. Bk. bonds 66 98 Loans and discounts 3,641 3,797 1,372 Other assets 33,976 22,55 Loans to Government 8,352 8,049 8,553 Note circulation ... 311 344 305 93 Other assets 1,163 1,180 2,116 Deposits—Government 42,402 44 43 Note circulation 7,854 7,713 6,753 Other 20,829 21,64 Deposits—Government 1,199 1,141 1,432 Other liabilities 14 977 12 40 Banks 962 867 1,486 The Java Bank (millions of guilders): Other 414 339 369 Gold 3. . 675 •675 675 47 Other liabilities and capital 3,548 3,640 3,450 Foreign bills. 60 43 47 7 Bank of Greece (billions of drach- Loans and discounts . . 171 91 77 7 mae): Advances to Government 1,674 2,262 1,612 93 Gold and foreign exchange (net). 388 367 310 Other assets 89 94 91 g Loans and discounts 141 131 61 Note circulation 1,647 1 627 1,007 81 Advances—Government 4,404 3,938 2,101 Deposits 656 1,190 1,162 71 Other 2,074 2,069 1,506 Other liabilities and capital4. . . . 366 347 333 9 Other assets 809 817 557 Bank of Mexico (millions of pesos) • Note circulation 1,658 1,588 1,219 Monetary reserve 5 772 788 799 63 D eposits—Government 340 301 375 "Authorized" holdings of secu- Reconstruction and rities, etc 2,421 2 440 2,500 1 85 relief accts. . . 2,569 2,202 345 Bills and discounts 182 183 182 69 Other 904 905 508 Other assets 329 357 327 13 Other liabilities and capital 2,346 2,327 2,089 Note circulation . . . 2,194 2 224 2,226 1 90 Bank of Guatemala (thousands of Demand liabilities 893 '928 970 62 quetzales) : Other liabilities and capital 617 616 613 78 Gold 27,229 27,229 27,229 27,230 Netherlands Bank (millions of Foreign exchange . . 8,861 10,613 11,068 17,502 guilders): Gold contribution to Int'l. Fund. 1,250 1,250 1,250 1,250 Gold 6 871 871 871 43 Rediscounts and advances 5,524 5,747 5,661 2,812 Silver (including subsidiary coin). 13 12 12 Other assets 18,478 19,158 19,218 12,090 Foreign assets (net) 1,015 868 820 27 Circulation—Notes 34,465 35,544 36,369 32,844 Loans and discounts 147 158 152 15 Coin 3,145 3,164 3,191 3,092 Govt. debt and securities 2,850 2 850 2.850 3 30 Deposits—Government 1,857 2,097 2,332 3,978 Other assets 854 799 783 46 Banks 11,323 12,887 12,482 11,450 Note circulation—Old 64 65 66 7 Other liabilities and capital 10,552 10,304 10,052 9,519 New 2,917 2,908 2,932 3,00 National Bank of Hungary (mil- Deposits—Government 409 543 544 5 lions of forint): (Feb.)* Blocked 31 30 36 3 Gold 482 412 ECA 795 6.S9 514 29 Foreign exchange 13 227 Other 1 006 833 862 90 Discounts 4 Other liabilities and capital 529 519 534 26 Loans—Treasury 287 311 Reserve Bank of New Zealand Other .... 9,204 6,895 (thousands of pounds): Other assets 211 247 Gold 4 11? 4,027 2,89 Note circulation 2,673 2,917 Sterling exchange reserve 51,955 47,344 58,30 Demand deposits—Government. 12 Advances to State or State un- Other 6,913 4,544 dertakings 61 034 61,598 37 83 Other liabilities and capital 599 635 Investments 31,65* 43,658 34,09 Reserve Bank of India (millions of Other assets 6,537 7,004 6,19 rupees): Note circulation 54,513 53,196 50,34 Issue department: Demand deposits 94,i09 104,090 83,85 Gold at home and abroad 400 400 400 Other liabilities and capital. 6,674 6,345 5,12 Sterling securities 6,503 6,503 7,103 Bank of Norway (millions of kroner): Indian Govt. securities 4,603 4,403 4,137 Gold 244 230 242 23 Rupee coin 557 511 470 Foreign assets (net) 155 209 149 19 Note circulation 11,846 11,635 11,789 Clearing accounts (net) -100 -85 -98 —6 Banking department: Loans and discounts ... 40 37 36 8 Notes of issue department 218 182 323 Securities : 47 47 47 4 Balances abroad .... 1,983 2,084 1,554 Occupation account (net) 7,112 7,112 7,112 7,71 Bills discounted 34 20 98 Other assets 67 73 73 9 Loans to Government 42 2 35 Note circulation 2,187 2,213 2,227 2,05 Other assets 766 924 1,252 Deposits—Government 2,903 2,965 2,881 3,97 Deposits. 2,733 2,914 2,954 Banks 1,444 1,402 1,396 90 Other liabilities and capital 309 298 307 Blocked 555 559 564 66 Other 38 42 39 16 Other liabilities and capital. .... 437 443 455 54 1 This statement represents combined figures for the Bank of the German States and the eleven Land Central Banks. 2 Latest month available. 3 Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per guilder. i Pending negotiations with the Netherlands and the ECA, counterpart funds are included in "Other liabilities and capital," beginning Februar; 1950. 5 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 6 Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. JULY 1950 92 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Centra! Bank 1949 Central Bank 1950 J949 '(Figures as of last report (Figures as of last report date of month) May Apr. Mar. May date of month) May Apr. Mar. May State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets ,129 4,859 4,333 3,81 Issue department: Note circulation ,302 27,561 27,535 24,8^ Gold at home and abroad.. . 44 44 Deposits—Government 629 1,256 1,404 1,4/ Sterling securities 714 929 Other ,737 2,489 2,653 2,6? Pakistan Govt. securities 361 Other liabilities and capital 531 592 519 St Govt. of India securities. ... 235 341 Bank of Sweden (millions of kronor): India currency 432 412 Gold 158 156 153 Rupee coin 55 56 Foreign assets (net) 997 892 971 3t Notes in circulation 1,773 1,688 Swedish Govt. securities and ad- Banking department: vances to National Debt Office5 ,789 2,770 ,18 Notes of issue department... 68 94 Other domestic bills and advances 170 158 151 8 Balances abroad 327 826 Other assets 325 326 328 3t Bills discounted 105 114 Note circulation . ,092 ,207 3,161 ,9C Loans to Government 1 1 Demand deposits—Government.. 442 437 409 51 Other assets 393 164 Other 303 184 122 23 Deposits 809 1,118 Other liabilities and capital 601 603 680 44 Other liabilities and capital. . 85 81 Swiss National Bank (millions of Bank of Paraguay—Monetary dept. francs): (thousands of guaranies): Gold ,239 6,243 6,249 6,03 Gold 600 600 600 621 Foreign exchange 298 296 274 Foreign exchange (net) 4,845 3,263 -258 3,214 Loans and discounts 90 89 93 Net claim on Int'l. Fund * 2,710 2,710 2,710 2,710 Other assets 74 68 69 Paid-in capital—Int'l. Bank -195 -194 -182 -92 Note circulation ,243 4,267 4,299 'Loans and discounts. 120,593 113,416 108,877 87,272 Other sight liabilities ,062 2,033 1,987 Government loans and securities 8,282 9,187 9,944 4,572 Other liabilities and capital 397 396 398 Other assets 19,853 12,794 7,774 4,674 Central Bank of the Republic of Note and coin issue 115,338104,638 95,798 77,788 Turkey (thousands of pounds): Demand deposits 35,254 32,074 28,917 22,375 Gold 431,890 431,709 431,709 449,77 Other liabilities and capital 6,095 5,063 4,749 2,807 Foreign exchange and foreign Central Reserve Bank of Peru clearings 93 112 631148,047 105,2< (thousands of soles): Loans and discounts 920 833849,752 751,3^ Gold and foreign exchange 2. ... 272,621 ,156291,563 194,578 Securities 38 39 803 44,325 185,4( Net claim on Int'l. Fund 1 20,495 ,495 20,495 20,495 Other assets 75 86 671 55,126 47,9^ Contribution to Int'l. Bank 2,238 ,238 2,238 2,238 Note circulation 878 638 897 565898,742 912,5^ Loans and discounts to banks. . . 182,292 ,545187,309 138,500 Deposits—Gold 153 153 040153,040 153,0.- Loans to Government 706,474 707,029707,604 722,250 Other 362 040 327 075313,068 205,31 Other assets 209,863 ,935227,577 60,833 Other liabilities and capital 166 214 161 967164,109 268,7s Note circulation 925,850 ,352901,597 806,467 Bank of the Republic of Uruguay Deposits 142,265 ,409162,238 247,457 (thousands of pesos): Other liabilities and capital 325,867 ,636372,951 84,969 Gold 288,976 248,84 •Central Bank of the Philippines Silver 11,513 12,1 = (thousands of pesos): Paid-in capital—Int'l. Bank 311 31 Gold 4,449 881 3,436 2,721 Advances to State and govern- Foreign exchange 445,983 444 691438,357 679,928 ment bodies 157,331 144,4( Net claim on Int'l. Fund 1 7,502 502 7,502 7,501 Other loans and discounts 261,705 252,32 Loans. 48,017 749 87,198 Other assets 271,387 231,94 Domestic securities 123,817 502106,450 ' '3',685 Note circulation 296,688 279,3= Other assets 152,384 387149,224 135,300 Deposits—Government 85,411 76,61 Note circulation 534,567 948544,296 544,970 Other 276,325 281,08 Demand deposits—U. S. dollars3. 40,554 Other liabilities and capital 332,798 252,92 Pesos 134,546 141,283 139,776 152,153 Central Bank of Venezuela (mil- Other liabilities and capital 113,040 111,481 108,094 91,459 lions of bolivares): Bank of Portugal (millions of Gold ,041 1,041 1,041 88 escudos): Foreign exchange (net) 55 64 39 24 Gold 3,144 3,139 3,185 Other assets 66 59 61 Foreign exchange (net) 9,019 9,030 7,666 Note circulation—Central Bank. 758 780 795 Loans and discounts 496 473 447 National banks.. 1 1 1 Advances to Government 1,248 1,24 1,251 Deposits 152 172 163 2( Other assets 451 450 538 Other liabilities and capital 251 211 181 11 Note circulation 7,659 7,788 8,064 Bank for International Settle- Demand deposits—Government.. 335 344 147 ments (thousands of Swiss gold ECA 107 113 francs): Other 3,925 3,750 3,915 Gold in bars 305 018283,584267,550 169,7( Other liabilities and capital 2,332 2,343 962 Cash on hand and with banks. . . 47,975 27,728 42,650 20,38 South African Reserve Bank Sight funds at interest 2; 930 2,934 1,681 7,3 = (thousands of pounds): Rediscountable bills and accept- Gold 4 62,991 61,223 58,768 40,69' ances (at cost) 181 286139,340 135,181 F O O D O N o t t t e o h h h r p t e e e e e o i r r r g s c n a b l i i i t r s i a s c l b s b l . u e i s . i l t l l l . s a a i s t . t n i i . e o d . s n l a o n an d s capital 1 3 6 2 8 0 8 1 8 6 4 3 , , , , , , 3 3 5 0 1 0 3 8 0 6 4 2 5 4 0 8 1 9 1 3 6 2 8 0 9 6 0 7 4 3 , , , , , , 1 5 4 6 0 5 1 7 6 2 5 9 2 6 5 8 1 3 6 9 2 7 9 6 6 0 6 7 , , , , , , 7 3 7 9 3 9 7 4 9 5 3 7 : 2 5 0 0 6 6 7 1 6 0 6 7 1 3 , , , , , , 6 7 6 4 4 9 4 0 3 0 0 9 6 7 8 6 4 0 T S F O D S u h u i t e m h n o n m e d r d e r t a r s - y n f t a u i e d s n n b r s v m d i d e l e s l e t s s s p d t a e o a e t d s n p i i d o n t i s s n t i e i n ( t r G g s v e : o e e s l t r s d m t ) m a e n n y ts.. . .2 2 3 2 9 7 3 7 \ , , ,2 5 2 5 7 3 0 0 4 8 1 1 0 9 82 2 1 3 5 9 1 3 0 7 1 3 , , , , , 5 9 1 2 9 8 8 5 0 9 5 2 6 1 0 2 2 3 9 0 9 1 6 6 1 7 , , , , , 5 7 1 7 2 5 6 5 5 0 5 7 1 0 1 2 1 9 5 1 1 1 5 7 7 8 , , , , , 9 , 7 2 6 2 4 = S ^ ( Bank of Spain (millions of pesetas): Central banks—Own account.. 437 195409,657 373 534 189,6c Gold 668 668 87 963 Other 22,065 25,704 26,315 1,38 Silver 446 48 48 49' Long-term deposits: Special 228 909228,909 228,909 228,9( Government loans and securities. 15,7.37 15,143 15,800 15,948 Other liabilities and capital 258 847258,,250 258,192 253,71 Other loans and discounts 10,218 10,741 10,613 8,408 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 tirr 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. 5 Includes small amount of non-Government bonds. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120. 924 FEDERAL RESERVE BULLETI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— eff D ec a t t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S l w a e n r i - d tz- ba C n e k n tr o a f l — R Ju 3 a 0 n te e eff D ec a t t i e ve ba C n e k n t o r f a — l R Ju 3 a 0 n te e eff D ec a t t i e ve In 1 e 9 ff 3 e 8 ct Dec. 31, 2 I" 4 2H 2 2H IK A A l r b g a e n n i t a ina sy 2 M M a a r r . . 21 1 , , 1 1 9 9 4 3 0 6 I I t r a e l l y and.. 4 A N p o r v . . 23 6 , , 1 1 9 9 4 5 3 0 Jan. 4, 1939 Austria . Aug. 3, 1945 Japan 5.11 July 5, 1948 Apr. 17 4 Belgium Oct. 6, 1949 Java 3 Jan. 14, 1937 May 11 3 Bolivia 5 4 Feb. 4, 1948 Latvia 5 Feb. 17, 1940 July 6 Aug. 24 4 Aug. 29. . 3 Sept. 28 3 Canada Feb. 8, 1944 Lithuania. .. 6 July 15, 1939 Oct. 26 2 Chile 3-4 y2 Dec. 16, 1936 Mexico June 4, 1942 Dec. 15 3 Colombia 4 July 18, 1933 Netherlands . June 27, 1941 Jan. 25, 1940.. 2 Costa Rica 4 Feb. 1,1950 New Zealand. July 26, 1941 Apr. 9 3^4 Czechoslovakia Oct. 28, 1945 Norway Jan. 9, 1946 May 17. Mar. 17, 1941 i% May 29 3 June 27. .. . 2i/ Denmark Jan. 15, 1946 Peru 6 Nov. 13, 1947 Jan. 16, 1945. . Wo Ecuador 10 2 May 13, 1948 Portugal.... Jan. 12, 1944 Jan. 20 iH El Salvador... 3 Mar. 2, 1950 South Africa. Oct. 13, 1949 Feb. 9. . iy 2 Estonia Oct. 1, 1935 Spain 4 2 Mar. 18, 1949 Nov 7 1946 Finland 5% July 1, 1949 Sweden Feb. 9, 1945 Dec. 19 3 Jan. 10, 1947 &2M Aug. 27 France u fA June 8, 1950 Switzerland.. Nov. 26, 1936 Oct. 9 2^&3 Germany July 14, 1949 Turkey 4 2 July 1, 1938 June 28, 1948 11-5 Greece 12 July 12, 1948 United King- Sept. 6. . 3K&4 Hungary 5 Nov. 1, 1947 dom 2 Oct. 26, 1939 Oct. 1 3 India 3 Nov. 28, 1935 U.S.S.R.... 4 July 1, 1936 J M ul a y y 1 2 4 7, 1949.. z x\ i - ± 1— y 2 4 Oct. 6 3H 1 The lower rate applies to the Bank Deutscher Laender, and the higher June 8, 1950. . rate applies to the Land Central banks. In effect June 30, m NOTE.—Changes since May 31: France—June 8, down from 3 to 2}4 per 1950 2 3M 2H cent. OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount •3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1942—Apr.. .54 1.03 1.01 1.00 1.74 .25 1943—Apr.. .50 1.03 1.01 1.03 1.66 .25 1944—Apr.. .39 1.03 1.01 1.13 1.73 .25 1945—Apr.. .37 1.03 1.01 1.00 1.47 .25 1946—Apr.. .37 .53 .51 .63 1.25 .90 .50 .25 1947—Apr.. .41 .53 .51 .63 1.41 1.59 1.11 .25 1948—Apr.. .41 .56 .51 .63 2.00 1.38 .93 1.50 1949—Apr.. .49 .58 .51 .63 2.12 1.29 1.24 1.63 1949—May. .50 .63 .52 .63 2.43 .28 1.03 1.63 June. .51 .63 .52 .63 P2.46 .32 .83 1.52 July. .51 .63 .52 .63 P2.34 .43 .83 1.50 Aug.. .51 .67 .52 .63 *>2.06 .25 .91 1.50 Sept. .51 .69 .52 .63 P2.03 .15 1.01 1.50 Oct.. .51 .69 .52 .63 P2.25 .07 .78 1.50 Nov. .51 .69 .52 .63 P2.55 .16 .93 1.50 Dec. .51 .69 .52 .63 P2.55 .32 1.03 1.50 H950—Jan.. .51 .69 .52 .63 2.18 .31 1.22 1.50 Feb.. .51 .69 .52 .63 2.40 .54 1.50 1.50 Mar. .51 .69 .52 .63 2.70 .45 1.13 1.50 Apr.. .51 .69 .51 .63 2.64 .44 1.25 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. JULY 1950 925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom » (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 ca s o l h l n o e a r y n t d at B co il u ls n d te i d s- T re d r c e e e p a i o s p u s t i s r t y 2 Securities c L u o s a to n m s e to rs a O s t s h e e ts r Deposits lia O b a t i n h li d e ti r es notice Total Demand Time capital 1943—December 422 151 133 1,307 ,154 761 349 4,032 2,712 1,319 245 1944—December 500 199 147 1,667 ,165 772 347 4,545 3,045 1,500 250 1945—December .... 536 252 369 1,523 ,234 827 374 4,850 3,262 1,588 265 1946—December 499 432 610 1,560 ,427 994 505 5,685 3,823 1,862 342 1947—December 502 480 793 1,288 ,483 1,219 567 5,935 3,962 1,972 396 1948—December 502 485 741 1,397 ,478 1,396 621 6,200 4,159 2,041 420 1949—May 487 498 816 1,037 ,502 t 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 L ,216 688 ,517 1 483 539 6,066 3,977 2,089 422 December .... 532 571 1,109 793 ,512 1 534 579 6,202 4,161 2,041 427 1950—January 502 571 1,229 627 ,513 1,526 542- 6,085 4,058 2,027 423 February 476 539 1,169 471 ,503 1 574 541 5,841 3,844 1,997 432 March 48.5 534 1,106 444 .503 1 602 553 5.783 3.812 1,971 443 April 493 530^ 1,177 402 1,502 1,630 552 5,843 3,876 1,968 444 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 s i i n ts g' p i a n y t a e b 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) re C se a r s v h es Se lo c a u n ri s ty l d o i O a sc n t o s h u e a n r n t d s d f u b o e a r e n f i r k g o s n m assets tion Total Demand Time ca a p n i d tal 1943—December 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—December 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 1,289 1945—December 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1946—December 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 1,525 1947—December 731 105 1,999 106 3,874 1 159 18 6,412 2,671 3,740 1,544 1948—December 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4,057 1,537 1949—May 776 74 2,202 154 4,342 1,056 15 7,131 2,792 4,339 1,459 June 734 72 2,195 141 4,396 1 130 15 7,183 2,853 4,330 1,471 July 751 77 2,188 143 4,460 952 15 7,130 2,789 4,341 1,425 August 789 78 2,174 132 4.527 1,035 14 7,298 2,926 4,372 1,407 September 789 103 2,304 190 4,463 1,129 14 7,474 3,062 4,412 1,490 October 830 137 2,336 170 4,327 1 142 14 7,441 2,988 4,453 1,488 November 758 119 2,356 161 4,395 1 384 14 7,388 2,941 4,447 1,471 December 765 133 2,271 146 4,345 1 ,058 14 7,227 2,794 4,433 1,477 1950—Tanuary 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 1 438 April 730 103 2,349 175 4,398 1,015 (3) 7,301 2,741 4,561 1,468 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 1?f ,555 2,179 557 5,977 1945—December 14,733 14,128 155,472 36,621 4,783 215,615 213,592 2,023 2,904 7,218 1946—December 18,007 18 940 195,223 65,170 17,445 291,945 ?9f ,055 1,890 15,694 7 145 1947—December .... 22,590 19,378 219,386 86,875 27,409 341,547 ,090 3,457 25,175 8,916 1948—December 45,397 35,633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949—April 39,482 36,469 368,937 129,306 40,846 561,787 554,453 7,333 32,208 21,047 May 42,636 36,346 346,974 137,906 44,346 551,958 544,870 7,088 33,376 22,874 June 39 514 36,995 363,168 134,226 41,466 562,038 55S,184 6,854 28,384 24 948 July 46,205 38,626 407,822 124,098 43,852 601,745 SQ^,063 6,682 29,700 29,157 August 41,276 36,888 395,351 128,804 45,310 587,137 580,010 7,127 29,105 31,387 September 42,358 38,392 402,754 128,343 43,074 595,353 588,687 6,666 25,645 33,922 October 41,534 39,301 451,597 120,353 42,724 633,092 62£,211 6,881 23,537 38,881 November . .. 38,343 43,810 400,043 134,779 46,063 597,316 ssq,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 6? 7,110 8,003 27,958 19,824 February 36,419 45,579 424,838 137,143 36,056 632,035 6?1,031 9,005 29,747 18,252 March 38,741 42,539 415,585 134,771 39,298 619,146 605,776 9,371 30,629 21,158 ? 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 1 Y% per cent through Oct. 20, 1945, and at Y% per cent thereafter, s 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. 926 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 '321A7 2i2860' 6.0602 5.1802 90.909 90.485 1946........ 29.773 25.125 321.34 2.2829 6.0602 95.198 93.288 1947 29.773 25.125 321.00 2.2817 5.4403 100.000 91.999 1948 29.773 25.125 20!000 321.22 2.2816 5.4406 100.000 91.691 1949 29.774 20.695 23.355 18.591 293.80 2.2009 ' 2." 1407 5.4406 97.491 92.881 1949—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 2.1509 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—-Tan. . . 29 778 20.695 17 456 13.896 223.16 2.0003 5.4406 90.909 89.205 Feb... 29.778 20.695 17.456 13.896 223.16 1.9993 5.4406 90.909 89.820 Mar.. . 29.778 20.695 17.456 13.896 223.16 1.9966 5.4406 90.909 90.254 Apr. . . 29.778 20.695 17.456 13.896 223.16 1.9912 5.4406 90.909 90.205 May. . 29.778 20.695 17.456 13.896 223.16 1.9921 5.4406 90.909 90.110 June.. 29.778 20.695 17.456 13.896 223.16 1.9866 5.4406 90.909 90.456 France Y m e o a n r t o h r 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) ( j d e m e r u m a t r s a k c ) h n e y 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 .8407 30.164 20.577 37.760 322.29 20.160 1948 57.006 2.0060 20.857 .4929 .3240 30.169 18.860 37 668 350.48 20.159 1949 27.839 2.0060 19.117 .4671 .3017 27.706 12.620 34.528 365.07 18.481 1949—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 June.. 20.850 2.0060 14.494 .2856 's'23! 838' 20.870 11.563 26.265 277.29 14.015 United Y m e o a n r t o h r R P e p h p i i u n li b e p l - ic ( P es o g c r a u t l d u o - ) ( A S p o o fr u u i n c th d a ) ( S pe p s a e i t n a) S S m t e r e t a t n l i t e t s - s (k S d r w o en n e- a) e S (f r w r l a a i n t n c z d ) - K ( i p n o g u d n o d m ) Ur (p u e g s u o) ay (peso) (dollar) Official Free 1944. 398.00 403.50 65.830 53.506 1945 399 05 403 50 403 C\? 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—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 June.. 49.625 3.4788 278.38 32.807 19.333 23.138 280.07 65.833 56.180 42.553 1 Excludes Pakistan, beginning April 1948. 2 Based on quotations beginning June 22. tatistics, see pp. 572-573 in same Lary 1950, p. 123; October 1949 JULY 1950 927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 1 1 9 t n 0 a 2 i 0 6 t t ) e e = d s C (1 a 1 9 n 0 2 0 a 6 ) d = a M (1 1 9 e 0 3 x 0 9 i ) c = o K U ( i 1 n 1 9 n 3 g 0 i 0 0 d t e ) o = d m F (1 r 9 1 a 3 0 8 n 0 ) 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 - 9 8- S (1 w 1 93 0 e 5 0 d ) e = n (A S = w u l g a i 1 . t n 0 z 1 d 0 e 9 ) r 3 i - 9 1926 100 100 2 124 106 150 2 126 1135 1937 86 85 109 89 94 1 108 114 i 104 1938 79 79 101 100 100 1 102 111 i 100 1939 : 77 75 103 105 104 2 105 115 104 1940 79 83 103 137 139 121 2 131 146 133 1941 87 90 110 153 171 136 2 150 172 171 1942 99 96 121 159 201 153 2 157 189 195 1943 103 100 146 163 234 2 160 196 203 1944 104 103 179 166 265 2 164 196 207 1945 106 104 199 169 375 4 181 194 205 1946 121 109 229 175 648 16 251 186 200 1947 152 129 242 192 989 5,159 48 271 199 208 1948 165 153 260 219 1,712 5,443 128 281 214 217 1949 . • 155 157 285 230 1,917 5,170 204 296 216 206 1949—May 156 156 284 231 1,890 5,278 203 294 215 206 June..... 155 156 285 232 1,812 5,215 203 294 216 205 July 154 157 289 229 1,854 5,034 204 293 215 206 August. .. 153 155 288 230 1,918 4,889 208 293 214 205 September 154 155 294 231 1,958 4,910 211 295 216 203 October... 152 157 296 237 2,002 4,841 214 297 218 200 November. 152 157 294 240 2,005 4,826 213 306 218 200 December. 151 157 293 241 2,002 4,747 213 306 219 199 1950—January... 152 157 288 245 2,063 4,732 224 310 219 197 February. 153 158 291 245 2,057 4,759 222 313 220 195 March.... 153 159 304 245 n, 102 P4.734 P223 315 220 195 April 153 160 307 250 P2.095 313 221 194 May 156 162 255 197 P Preliminary. r Revised. 1 Base changed to August 1939 =100. Figures for 1926, 1937, and 1938 are calculated from old index (July 1914 =100). 2 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 iilcluded in total index above] United States Canada United Kingdom Netherlands (1926=100) [1926=100) (1930=100) (July 1938-June 1939=100) Year or month Raw and Fully and pr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p g c a o a t r u o n t r d l u e y s - d fa c m g h c o a t ie u o n f d r u l e y s - d Foods p I r n o tr d d ia u u l s c - ts Foods t p r I r i n o a d l d r u u a s c w - ts p f I r in n o tr i d d s ia u h u l e s c - d ts 1926 . 100 100 100 100 100 100 1937 86 86 85 87 84 81 102 112 1938 69 74 82 74 73 78 97 104 1939 65 70 81 64 67 75 97 106 103 112 104 1940 68 71 83 68 75 82 133 138 121 163 126 1941 82 83 89 73 82 89 146 156 140 177 148 1942 106 100 96 85 90 92 158 160 157 175 154 1943 123 107 97 98 99 93 160 164 157 174 159 1944 123 105 99 107 104 94 158 170 159 179 163 1945 128 106 100 115 106 94 158 175 172 193 184 1946 149 131 110 124 110 99 158 184 200 282 261 1947 181 169 135 133 131 117 165 207 214 328 276 1948 .. . 188 179 151 150 156 140 181 242 231 342 283 1949 .. 166 162 147 147 161 142 197 249 243 370 297 1949—Mav 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 August •. 162 161 145 147 159 142 202 244 230 364 295 September 163 162 145 146 159 142 201 248 235 366 298 October 160 160 145 146 161 143 210 252 244 376 297 157 159 145 146 161 143 213 255 265 378 303 December .... 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 r385 310 April 159 155 146 148 165 144 221 '265 272 385 311 M^ay . . . 165 160 148 150 168 144 225 271 ' Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 928 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- Y m e o a n r t o h r ( U 1 S = 9 n t 1 3 a i 0 5 t t e 0 e -3 ) d s 9 (1 = C 9 a a 3 1 d n 5 0 a - - 0 3 ) 9 1 K 7 ( d , J i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 ) e ( N 1 = la e 9 1 t 3 n 0 h 8 d 0 e - s ) 3 r 9 - 1 ( l 9 A a e 3 r 9 n u - d g = . Y m e o a n r t o h r ( U S 1 = 9 n t 3 a 1 i 0 5 t t e 0 e -3 d ) s 9 (1 = C 9 a a 1 3 d n 0 5 a - 0 -3 ) 9 1 K 7 ( d , J i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 1 9 0 n 3 0 c 8 ) e N (1 = la e 9 1 t n 3 0 h 8 d 0 e - s ) 3 r 9 - 1 ( l 9 a A e 3 r 9 n u - d g = . = 100) 100)i = 100) 100)i 1941 106 116 168 149 134 1941 105 112 199 150 127 1942 124 127 161 174 153 1942 117 117 200 175 141 1943 138 131 166 224 161 1943 124 118 199 224 148 1944 136 131 168 275 164 1944 126 119 201 285 151 1945 139 133 170 377 164 1945 128 119 203 393 153 1946 160 140 169 645 193 160 1946 139 124 204 645 192 152 1947 194 160 2 101 1 043 211 170 1947 159 136 2 101 1 030 199 158 1948 210 196 108 1,662 228 176 1948 171 155 108 1,632 206 163 1949 202 203 114 1,814 249 174 1949 . . 169 161 111 1,818 219 162 1949-May 202 200 114 1,725 256 173 1949-May 169 160 111 1,738 221 162 June 204 203 115 1,715 260 174 June .... 170 161 111 1,726 223 162 July...... 202 207 116 1,704 251 174 July. 169 162 111 1,715 219 162 August.... 203 209 116 1,744 246 174 August 169 163 111 1,753 216 162 September. 204 207 117 1,835 244 175 September. 170 162 112 1,827 216 162 October... 201 205 119 1,901 244 175 October... 169 162 112 1,885 217 162 November. 201 203 119 1,930 251 174 November. 169 162 112 1,912 221 161 December. 197 202 120 1,937 257 173 December. 168 162 113 1,920 226 161 1950-January... 196 199 120 1,921 262 171 1950-January... 167 161 113 1,910 230 159 February.. 195 201 121 1,929 270 170 February.. 167 162 113 1,920 234 159 March.... 196 204 121 1,920 274 172 March.... 167 164 113 1,906 237 158 April 197 205 122 1,942 273 172 April 167 164 114 1,922 237 158 May 200 205 P125 n,925 174 May 169 164 Pl.906 158 P Preliminary. 1 New index beginning March 1950. Figures shown prior to that month are calculated from old index (June 1914=100). For a detailed d—es~cjrriippttion of the new index, which embodies a different composition, method of calculation, and system of weights, see La Vie Economique, January 1950, pp. 2-10, and appendix. 2 This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17, are 166 for retail food prices and 203 for cost of living. Sources.—See BULLETIN for January 1950, p. 125; July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month S U g ( t r n h a a i i d t g t e e e h s d ) i C (1 a = 9 n 3 1 a 5 0 d - 0 3 a ) 9 2 ( 1 K D 9 U 2 i e 1 n c n g e i = m d te 1 o b d 0 m e 0 r ) F (19 r 1 3 a 0 8 n 0 ) c = e N la e n th d e s r 3 - ( U 1 S = 9 n t 3 a 1 i 5 t 0 t e - e 0 3 d s ) 9 C (1 a = 9 n 3 1 a 5 0 d - 0 3 a ) 9 * ( K 1 U 9 in 2 n 6 g i = d te 1 o d 0 m 0) 1 (D F 9 r 3 e a c 8 e n = m c 1 e 0 b 0 e 5 r ) (1 N 9 l e a 3 t n 8 h = d e 1 s r 0 6 - 0) Number of issues. .. 12 (2) 87 50 14 416 106 278 6 295 27 1942 118.3 100.7 127.3 146.4 69.4 64.2 75.3 1943 120.3 102.6 127.8 146.6 91.9 83.5 84.5 1944 120.9 103.0 127.5 150.5 99.8 83.8 88.6 1945 122.1 105.2 128.3 152.1 121.5 99.6 92.4 1946 123.3 117.2 132.1 144.6 109.0 139.9 115.7 96.2 875 1947 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 1,129 195.3 1949—June........ 100.9 105.9 129.3 107.9 107.3 112.0 99.6 85.3 1,042 190.0 July 102.0 106.6 127.1 107.3 107.3 117.8 104.2 84.0 1,122 196.3 August 103.0 107.9 123.6 108.4 107.3 121.8 108.2 84.0 1,168 204.3 September... 103.1 108.9 122.7 109.3 106.9 123.8 109.6 85.6 1,148 209.6 October 102.8 112.2 121.7 110.5 108.0 127.3 114.3 88.2 1,110 207.5 November. . . 103.2 112.1 118.9 110.2 108.7 129.1 118.2 86.5 1,042 203.6 December 103.7 110.7 121.1 109.9 109.4 132.7 117.9 87.8 1,085 204.6 1950—January 104.0 111.0 119.8 109.5 110.1 135.1 119.0 87.7 1,107 204.2 February.... 104.0 110.7 119.9 110.9 110.4 136.7 118.3 87.9 1.036 202.5 March 104.1 110.9 119.4 111.5 109.0 138.8 118.7 88.4 1,045 197.0 April (7) 110.3 119.9 112.3 108.7 141.8 125.9 89.1 1,024 191.0 May 110.9 119.8 pin.7 108.3 146.9 128.7 89.6 Pl.019 189.6 Preliminary. 1 New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average for the old series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States, see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly figures are averages of monthly quotations on the capitalized yield as calculated on the 15th of every month. 3 This index represents the reciprocals of average yields for 14 issues, including government, provincial, municipal, mortgage, and industrial bonds. The average yield in the base period (January-March 1937) was 3.39 per cent. 4 This index is based on 95 common stocks through 1944; on 100 stocks, 1945-1948; and on 106 stocks beginning 1949. 5 In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424. 6 This index is based on 27 Netherlands industrial shares and represents an unweighted monthly average of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS. 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. JULY 1950 929 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 INTERNATIONAL FINANCE S. R. CARPENTER, Secretary ARTHUR W. MARGET, Director MERRITT SHERMAN, Assistant Secretary LEWIS N. DEMBITZ, Assistant Director KENNETH A. KENYON, Assistant Secretary DIVISION OF EXAMINATIONS LEGAL DIVISION EDWIN R. MILLARD, Director GEORGE S. SLOAN, Assistant Director GEORGE B. VEST, General Counsel FREDERIC SOLOMON, Assistant General Counsel C. C. HOSTRUP, Assistant Director JOHN C. BAUMANN, Assistant General Counsel DIVISION OF BANK OPERATIONS ROBERT F. LEONARD, Director OFFICE OF THE SOLICITOR J. E. HORBETT, Assistant Director J. LEONARD TOWNSEND, Solicitor LOWELL MYRICK, Assistant Director G. HOWLAND CHASE, Assistant Solicitor DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS FRED A. NELSON, Director RALPH A. YOUNG, Director DIVISION OF ADMINISTRATIVE SERVICES FRANK R. GARFIELD, Adviser on Economic Research 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 }. 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 Mar\et Account HERBERT V. PROCHNOW, Secretary 930 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman J President \ T D Bank of Deputy Chairman First Vice President Vice Presidents 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 Chas. 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. Sandv - 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.. . Bray ton 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 C. M. Stewart Portland S. A. MacEachron Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis Paul E. Schroeder Seattle J. M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 1 General Manager. JULY 1950 931 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS The material listed below may he obtained from MONETARY AND BANKING REFORM IN PARAGUAY, the Division of Administrative Services, Board of Includes translation of laws, accompanying re- Governors of the Federal Reserve System, Wash- ports, and introduction reviewing the monetary ington 25, D. C. Remittance should be made history of Paraguay. July 1946. 170 pages, payable to the order of the Board of Governors $1.00 per copy. of the Federal Reserve System. RULES OF ORGANIZATION AND RULES OF PROCEDURE FEDERAL RESERVE BULLETIN. Issued monthly. Sub- (Board of Governors of the Federal Reserve Sysscription price in the United States and it's pos- tem). September 1946. 31 pages. sessions, Bolivia, Canada, Chile, Colombia, Costa THE FEDERAL RESERVE ACT, as amended to Novem- Rica, Cuba, Dominican Republic, Ecuador, ber 1, 1946, with an Appendix containing pro- Guatemala, Haiti, Republic of Honduras, Mexico, visions of certain other statutes affecting the Newfoundland (including Labrador), Nicaragua, Federal Reserve System. 372 pages. 50 cents per Panama, Paraguay, Peru, El Salvador, Uruguay, paper-bound copy; $1.00 per cloth-bound copy. and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere $2.60 per annum or 25 cents POSTWAR ECONOMIC STUDIES. (8 pamphlets) per copy. Group subscriptions in the United No. 1. Jobs, Production, and Living Standards. States for 10 or more copies to one address, 15 No. 2. Agricultural Adjustment and Income. cents per copy per month, or $1.50 for 12 months. No. 3. Public Finance and Full Employment. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY No. 4. Prices,-Wages, and Employment. RATES, AND BUSINESS. Issued monthly. $6.00 No. 5. Private Capital Requirements. per annum including historical supplement No. 6. Housing, Social Security, and Public listed below, or 60 cents per copy. In quantities of 10 or more copies of a particular issue for Works. single shipment, 50 cents each. (Domestic rates) No. 7. International Monetary Policies. No. 8. Federal Reserve Policy. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND The price for the set of eight pamphlets is $1.25; BUSINESS. 113 charts. March 1950 edition. 25 cents per pamphlet, or, in quantities of 10 or Annual subscription to monthly chart book in- more for single shipment, 15 cents per pamphlet. cludes supplement; single copies, 60 cents each. THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND In quantities of 10 or more copies for single ship- FUNCTIONS. November 1947. 125 pages. 75 ment, 50 cents each. (Domestic rates) cents per cloth-bound copy; in quantities of 10 BANKING STUDIES. Comprising 17 papers on bank- or more copies for single shipment, 50 cents each. ing and monetary subjects by members of the Paper-bound copies available without charge. Board's staff. August 1941; reprinted March DEBITS AND CLEARINGS STATISTICS, THEIR BACK- 1949. 496 pages. Paper cover. $1.00 per copy; GROUND AND INTERPRETATION. October 1947. 50 in quantities of 10 or more copies for single shippages. 25 cents per copy; in quantities of 10 or ment, 75 cents each. more copies for single shipment, 15 cents each. BANKING AND MONETARY STATISTICS. Statistics of DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, as of banking, monetary, and other financial develop- December 31, 1947. July 1948. 122 pages. As ments. November 1943. 979 pages. $1.50 per of June 30, 1949. December 1949. 122 pages. copy. No charge for individual sections (unbound). REGULATIONS OF THE BOARD OF GOVERNORS OF THE 1A more complete list, including periodical releases and FEDERAL RESERVE SYSTEM. Individual regulations reprints, appeared on pp. 766-69 of the June 1950 BULLETIN. with amendments. 932 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR (From Federal Reserve Bulletin unless preceded by an asterisk) DEPOSIT INSURANCE. February 1950. 15 pages. STATEMENT OF CHAIRMAN THOMAS B. MCCABE OF FEDERAL RECEIPTS AND EXPENDITURES FOR FISCAL THE BOARD OF GOVERNORS OF THE FEDERAL RE- Year 1951. February 1950. 10 pages. SERVE SYSTEM BEFORE THE SENATE BANKING AND PROPOSED LEGISLATION REGARDING BANK HOLDING CURRENCY COMMITTEE, May 11, 1949. 6 pages. COMPANIES. Statements of Thomas B. McCabe y # THE EQUITY CAPITAL SITUATION. A personal Chairman, Board of Governors of the Federal statement by Thomas B. McCabe, Chairman of Reserve System, Before Senate Banking and Curthe Board of Governors of the Federal Reserve rency Committee. System, prepared at the request of a Subcommit- Presented March 1, 1950. March 1950. 16 pages. tee of the Committee on Banking and Currency Presented March 17, 1950. April 1950. 4 pages. of the United States Senate. Submitted August # THE CHALLENGE OF OPPORTUNITY VERSUS SECU- 5, 1949. 7 pages. RITY. Address by Thomas B. McCabe, Chairman y Board of Governors of the Federal Reserve Sys- FINANCIAL POSITION AND BUYING PLANS OF CONtem before a Seminar group of Life Insurance SUMERS, July 1949. October 1949. 10 pages. Executives. Presented April 13, 1950. 7 pages. MEASUREMENTS OF SAVINGS, by Daniel H. Brill. 1950 SURVEY OF CONSUMER FINANCES— November 1949. 8 pages. Preliminary summary. April 1950. 2 pages. NOTES ON FOREIGN CURRENCY ADJUSTMENTS. No- PART I. GENERAL FINANCIAL POSITION AND ECOvember 1949. 14 pages. NOMIC OUTLOOK OF CONSUMERS. June 1950. 12 pages. PART II. PURCHASES OF HOUSES AND # REPLY OF THE CHAIRMAN OF THE BOARD OF GOV- DURABLE GOODS IN 1949 and BUYING PLANS FOR ERNORS OF THE FEDERAL RESERVE SYSTEM (TO the 1950. July 1950. 15 pages. METHODS ON THE Questionnaire of the Joint Congressional Com- SURVEY OF CONSUMER FINANCES. July 1950. 15 mittee on the Economic Report). November pages. (Other articles on the 1950 Survey will 1949. 112 pages. appear in subsequent issues of the BULLETIN. Also, similar survey for 1946 from June-Septem- # STATEMENT OF MARRINER S. ECCLES BEFORE THE ber 1946 BULLETINS, 28 pages; for 1947 from SUBCOMMITTEE ON MONETARY, CREDIT AND FISCAL June-August and October 1947 BULLETINS, 48 POLICIES OF THE JOINT COMMITTEE ON THE ECOpages; for 1948-from June-September and No- NOMIC REPORT AND SUPPLEMENTAL LETTER TO vember 1948 BULLETINS, 70 pages; for 1949 from SENATOR DOUGLAS. Presented November 22 and June-November 1949 and January 1950 BUL- December 1, 1949. 9 pages. LETINS, 124 pages.) # STATEMENT OF THOMAS B. MCCABE, CHAIRMAN OF INDUSTRIAL DIFFERENCES IN LARGE CORPORATION THE BOARD OF GOVERNORS OF THE FEDERAL RE- FINANCING IN 1949, by Eleanor J. Stockwell. SERVE SYSTEM, BEFORE THE SUBCOMMITTEE ON June 1950. 6 pages. (Also, similar survey by MONETARY, CREDIT AND FISCAL POLICIES OF THE Charles H. Schmidt. June 1949. 8 pages.) JOINT COMMITTEE ON THE ECONOMIC REPORT. Presented December 3, 1949. 10 pages. RETAIL CREDIT SURVEY—1949. From June 1950 BULLETIN with supplementary information for A STUDY OF INSTALMENT CREDIT TERMS, by Milton nine separate trades. 38 pages. (Also, RETAIL Moss. December 1949. 8 pages. CREDIT SURVEY—1943, 1944, 1945, 1946, 1947, 1948 from the June 1944, May 1945, June 1946, FRENCH EXCHANGE STABILIZATION FUND, by Robert July 1947, July 1948, and June 1949 BULLETINS Solomon. January 1950. 5 pages. with supplementary information.) INSURANCE OF COMMERCIAL BANK DEPOSITS. Feb- STATEMENT ON PROPOSED BUSINESS LEGISLATION. ruary 1950. 5 pages. Presented by Thomas B. McCabe, Chairman, Board of Governors of the Federal Reserve Sys- STATEMENT BY THOMAS B. MCCABE, CHAIRMAN, tem, before the Senate Committee on Banking BOARD OF GOVERNORS OF THE FEDERAL RESERVE and Currency, June 27, 1950. 8 pages. SYSTEM ON S. 2822, A BILL "TO AMEND THE FED- ERAL DEPOSIT INSURANCE ACT." February 1950. BRANCH BANKING IN THE UNITED STATES, 1939 and 5 pages. 1949. July 1950. 16 pages. 933 JULY 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

.vo. 4^ FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES KANSAS CITYi '<9 ,. u»i«v»i« ST. LOUIS OklahoraaCity \\\^-* J Memphis ... LittU Rock DALLAS I BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRAHOH CTHES BOARD OF 6OVER1 P Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis