bulletin · August 31, 1950

Federal Reserve Bulletin, 1950-09

F E D E R AL E S E R VE BULLETIN SEPTEMBER 1950 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Recent Developments in Agriculture. 1099-1109 Federal Reserve Statement of Policy, August 18, 1950 1110 Monetary Policy in a Free Economy. 1111-1117 The Balance Sheet of Agriculture, 1950. 1118-1131 Current Events and Announcements. 113.1 Revaluation of the French Gold Reserve. 1132 Establishment of Central Bank of Ceylon. 1133-1154 Law Department 1155-1185 Membership of the Board of Governors of the Federal Reserve System, 1913-1950 1186-1187 National Summary of Business Conditions. 1188-1189 Financial, Industrial, Commercial Statistics, U. S. (See p. 1191 for list of tables) 1191-1250 International Financial Statistics (See p. 1251 for list of tables). 1251-1269 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1270 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 1271 Federal Reserve Publications 1272-1273 Map of Federal Reserve Districts. 1274 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BULLETIN VOLUME 36 September 1950 NUMBER 9 RECENT DEVELOPMENTS IN AGRICULTURE Outbreak of hostilities in Korea on June 25 The strengthening of prices of farm prodresulted in a further strengthening of the ucts in the first half of 1950 had reflected agricultural demand and price situation in expansion in domestic demand and prosthe United States. Reflecting anticipations pects for moderately reduced harvests. Inof a return to wartime shortages, the general creased demand, supported by credit expaneconomic situation was featured by a sharp sion, had been especially strong in the marincrease in buying, a further and more kets for durable goods. marked advance in prices, and additional Advances in retail food prices, which in expansion in activity and nonfarm employ- earlier months had been limited largely to ment from the peacetime record levels meats, became widespread in July. Inreached in June. creases were reported also in prices of cotton During the first half of July prices of farm and wool textiles as well as in prices of variproducts rose 7 per cent. From mid-July ous goods not of agricultural origin. The to the latter part of August buying interest average level of consumer prices by August in domestic foodstuffs receded, mainly be- had risen probably 3 to 4 per cent since cause of large and increasing market sup- March and this rise was one of several implies and indications of legislative action to portant influences exerting upward prescurb inflation. During the last week of sure on wage rates. August prospects for immediate direct con- Total supplies of agricultural commodities trols diminished and wholesale prices of in this country, including carryovers and foods and farm products advanced again. At current output, are close to record levels this the end of August prices of farm products season and supplies abroad are larger than in were 8 per cent above June and 16 per cent any other postwar year. Domestic crop proabove the low at the beginning of this year duction is expected to be 5 to 10 per cent less but still 10 per cent below the postwar peak than during the past two years, reflecting reached at the beginning of 1948. largely Federal action to limit plantings, but Prices of a number of industrial materials increased carryovers from earlier years will and finished products continued to advance nearly offset this reduction. Production of in August as buying of these goods remained livestock and products has continued to exat high levels. Wholesale prices of all com- pand moderately this year. The recent modities at the end of August were 6 per sharp advance in livestock prices relative to cent higher than in June, 10 per cent higher prices of feedstuffs has enhanced production than in March, and only 2 per cent below the incentives and increased prospects of larger 1948 peak. marketings later this year and in 1951. Also, SEPTEMBER 1950 1099 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN AGRICULTURE it is possible that Federal acreage controls years. A more intensive utilization of these may be eased considerably in the season resources and of .available crop acreages ahead. under continued favorable weather condi- The farm price support program has had tions could provide a considerable expansion diverse effects on prices in recent months. in farm production. While purchases of some products, particu- INCREASES IN DEMAND AND PRICES larly eggs and dairy products, have been a factor in maintaining prices, releases of Prices received by farmers, as shown in other products have limited price advances. the chart, are now at the highest level since These developments have been accom- the latter part of 1948, when prices were panied by an important change in Govern- declining because of the expansion in world supplies of agricultural commodities and the ment expenditures under the support prodecline in domestic demand. The moderate gram. Increased receipts from sales and the recovery in demand during the second half of reduced volume of purchase and loan opera- 1949 was not sufficient to prevent some furtions, because of smaller crops and increased ther price declines in response to continued demand, have resulted in a sharp curtailment expansion in supplies of some major farm in net Government outlays for these activities as compared with the high level of the past PRICES RECEIVED BY FARMERS two years. 1935-39= 100 MID-MONTHLY The greatly improved financial position of farmers, compared with their position in the twenties and thirties, has generally been maintained. In 1949 net incomes were reduced by the decline in prices received relative to prices paid, and some reduction in rural buying became apparent. In recent months, however, income prospects have improved and farmers have again expanded their purchases of machinery and other goods. Farm land values have been tending upward again since last November and are still below earlier long-term relationships with prices of farm products. Total indebtedness of farmers continues at a low level although their short-term debts 1948 1949 1947 1948 1949 Department of Agriculture data regrouped in part by Federal have increased further this year. Expansion Reserve. "Grains" are a combination of food and feed grains. "Other Crops" are a combination of fruit, truck crops and other in farm debt for the postwar period as a vegetables, tobacco, oil-bearing crops, and hay. "Dairy and Poultry" group includes eggs. Latest figures shown are for whole has been small, in contrast to large mid-August, 1950. increases in nonfarm instalment credit and products. Prices of most farm products in home mortgage debt. subject to Federal support were close to or Farmers have added greatly to their stock below support levels. Federal acreage conof productive equipment and their knowl- trols to reduce 1950 output of cotton, wheat, edge of production techniques in recent and corn were announced and the hog price 1100 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN AGRICULTURE support program was extended through support hog prices were not required. Cash March 1950. In December 1949 the average corn prices from February to May rose 20 level of prices received by farmers was about cents to about $1.50 per bushel, or nearly to one-fifth below the exceptionally high level the Federal support level. Wheat prices prevailing in the first half of 1948. showed only small advances. Reports indi- Developments in the first half of ig$o. cated that the winter wheat crop would be By the beginning of June wholesale prices of reduced by one-fifth or more from the 1949 farm products were 8 per cent higher than harvest, but export deiiiands were declining, last December and at about the same level and the carryover in prospect was large. as in the corresponding period a year earlier. Cotton prices, which in March were close While some of this recovery reflected pros- to the previous year's level, rose 2 cents by pects of reduced crop production and seasonal the beginning of June to about 34 cents per decreases in livestock marketings, it was pound. Domestic wool prices began to adevident that consumption and inventory de- vance in late 1949 and by early June were mands had expanded further since the begin- up about one-fourth. Devaluations of forning of the year. eign currencies in September 1949 had re- The payment of veterans Federal insur- sulted in only a temporary lowering of prices ance dividends raised consumer incomes by for imported wools. an average annual rate of 10 billion dollars Developments since June 25. Following in February and March. Continued ex- active intervention by the United Nations pansion in industrial activity was also in- in Korea, consumer and business buying, creasing incomes. Buying of automobiles especially of goods which were in short supand other consumer durable goods was ex- ply during the past war, showed a sharp upceptionally active. Industrial disputes affect- surge. Wholesale prices of farm products ing major industries increased concern over and foods rose about 7 per cent in the first prospective supplies and stimulated inventory half of July, and there were marked increases buying generally. Housing units started in in prices of most other groups of commodithe spring were reaching new peak levels ties except metals, which were already at financed by extension of mortgage credit on advanced levels. easy terms. Also, business orders for new During this period the first official report equipment were rising and programs for on this year's cotton crop was issued, and the plant expansion were being revised upward. indicated acreage was about one-tenth be- International unsettlement was adding to low private estimates. Subsequently prices upward pressures on prices, particularly of of cotton advanced 4 cents per pound to imports from the Far East. Advances in around 38 cents, one-fourth above the Federal wholesale prices for building materials, non- loan level in prospect for the new crop and ferrous metals, steel scrap, and rubber be- about the same amount above the market came sharp in April and May. price at the beginning of the year. The These developments were accompanied by rise in cotton prices was influenced not only a marked strengthening in demand and by the reduction in crop prospects but also prices for farm products—especially meat ani- by the limited quantity of stocks outside mals and feed grains. Contrary to earlier Federal control and by marked increases in expectations, Federal purchases of pork to demand for cotton textiles. SEPTEMBER 1950 1101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN AGRICULTURE Prices of most other crops showed little rise Also, further expansion in employment and in July, mainly because of the large volume consumer incomes was evidently stimulating of supplies. Likewise, advances in prices demand for foods. of dairy and poultry products were relatively Demand for nonfood agricultural matesmall in comparison with the further marked rials like cotton and wool continued to exrise in livestock prices that accompanied pand during August, owing largely to sharp increases in wholesale and retail prices marked actual and prospective increases in of meats. purchases for civilian and military uses. In From mid-July to the latter part of August the case of wool, moreover, it was indicated average wholesale prices of farm products that the Government was considering plans and foods showed little change, as is indi- to build up a strategic reserve. By August 30 cated in the table. Most of the sharp expan- prices of wool tops were 45 per cent higher sion in food purchases in the first half of than in June and 75 per cent higher than a July, especially of such items as frozen meats, year ago. Demands for tobacco, flaxseed, and coffee, and sugar, was of a temporary nature. soybeans were also strengthened by the outlook for a further expansion in economic activity and incomes. RECENT CHANGES IN WHOLESALE PRICES OF FARM, FOOD, AND OTHER PRODUCTS In the main, however, changes in the general economic situation have continued to af- Percentage change to August 22 from: fect farm prices and incomes through the Item July 18 June 20 March 14 markets for foods, as discussed below. Changes in food prices. Wholesale prices All commodities.. of foods in August were 12 per cent higher Farm products 6 10 Corn. 2 12 than in March, as shown in the preceding Wheat 1 -5 Hogs 23 46 table, and about as high as in any other pe- Steers 3 riod except the summer of 1948. They had Cotton. ...... 13 19 Wool 7 24 declined less than prices of domestic farm Foods 7 12 products during the latter part of 1949, ow- Lard. . . . 32 35 Meats. . . 7 21 ing partly to the sustained level of processing Butter. 1 1 charges and to a 75 per cent rise in coffee Eggs. . 13 -1 Flour 3 prices. The rise this spring in wholesale Sugar, raw. . 13 prices of foods reflected mainly increased Cocoa beans. 36 76 Coffee 18 20 consumer demand and some expansion in Other commodities 5 6 business inventory demand. Intensification Textile products 10 9 Building materials 7 11 of these developments in July was mainly Metals and metal products. 1 4 responsible for the further substantial ad- NOTE.—Figures for groups based on Bureau of Labor Statistics indexes. Only selected commodities and commodity groups are vances in wholesale prices of foods and farm shown here. products. From August 22 to the end of the month The rise in retail prices of foods was more prices of farm products increased about 2 per rapid from April to July than at any other cent. Inflationary sentiment was heightened time in the postwar period except when warby indications that direct controls would not time price controls were removed in 1946. soon be imposed on prices and wage rates. By far the sharpest rise was in meat prices, 1102 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN AGRICULTURE CONSUMERS FdOD PRICES on wage rates. In the period since June these pressures have been accentuated by widespread advances in prices and profits, marked increases in demand for manpower, and a further reduction in unemployment. Advances in wage rates, in addition to rising employment, are contributing in turn to further increases in demand for food and farm products. Average prices of foods other than meats were unchanged from February to May. Their lower level as compared with last December reflected mainly further declines in prices of dairy products and eggs which were partly offset by moderate advances in some other items. In June seasonal reductions in fresh milk prices ended and there was a rise of 6 per cent in prices of fresh Bureau of Labor Statistics data. Group for "Other Foods" derived by Federal Reserve. "Meats" include poultry and fish. fruits and vegetables. In July the average Latest figures shown are for mid-July, 1950. level of prices for foods other than meats which were already much higher relative showed the first marked increase since the to the 1935-39 period than prices of most latter part of 1947. This increase evidently other food products, as shown in the pre- CONSUMERS PRICES ceding chart. Owing to the importance of MONTHLY, 1935 - 39 = 100 meats in consumer food expenditures— now about a third of the total—the marked changes in meat prices that have occurred in OODS recent years have accounted to a considerable extent for the changes in the average level 1 * APPAREL £ of all food prices. / Since foods are the most important group ALL ITEMS 1 in the consumers price index—recently about Ar 40 per cent of the total—the marked rise in ^^.-/MISCEi-LANEOUS food prices resulted in substantial increases in this index, as shown in the following chart. As a direct result of the rise in the ^~~—~~ RENT consumers price index from 167.3 per cent of the 1935-39 average in April to 172.5 per cent in July, wage rates of a major corpora- /W ' w^ tion were increased by 5 cents per hour or Bureau of Labor Statistics data. Groups for housefurnish- 3 per cent on September 1. Even where such ings and fuel, electricity, and refrigeration, are included in "All Items" but are not shown separately. The miscellaneous group agreements are not in effect, rising food comprises transportation (including new automobiles), medical care, household operation, recreation, and personal care. Latest prices have contributed to upward pressures figures shown are for mid-July, 1950. 1103 SEPTEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN AGRICULTURE reflected partly an expansion in margins of With average prices of agricultural exports food distributors and processors. There were also at lower levels, the value of these exnumerous reports that prices of goods on ports, as shown in the chart, was about onehand were marked up. Also, average prices fifth below the high rate in 1948-49. of such items as cereal products were raised The volume of agricultural exports is although little change occurred in prices of currently about two-thirds larger than it grains. Retail prices of major foods showed was in 1935-39. The increase in population little change from mid-July to mid-August, abroad, the restricted volume of agricultural according to a special survey by the Bureau shipments from Eastern European countries, of Labor Statistics. and various other factors are contributing to the maintenance of these large exports. As SHIFTS IN AGRICULTURAL EXPORTS in earlier postwar years, exports are being Exports of cotton and some other farm facilitated by dollars provided under the products increased further in the first half of ECA program and the Army programs for 1950, but shipments of grains continued to occupied areas. Current increases in dollar decline. The total quantity of agricultural earnings and in holdings of gold and dollar exports showed little change from the aver- assets by foreign countries may lead to exage prevailing in the second half of 1949. panding export demands in coming months. This was about one-tenth less than the record Cotton exports during the past season volume in the 12 months ending June 1949, reached 5.9 million bales, 1 million more than but as large as in any other postwar year. in the previous year and 4 million more than the small 1947-48 volume. Since that AGRICULTURAL EXPORTS time foreign cotton mill activity has increased and stocks of raw cotton abroad have been drawn down. Foreign cotton plantings have I 1000 shown little expansion since the end of the war because demands for food crops have been more urgent. Exports of wheat and flour decreased to 300 million bushels in the past season, as compared with about 500 million in the two preceding seasons, and are expected to decrease further this year. The Canadian wheat harvest, an important factor affecting United States exports, was estimated in August to be considerably above the 370 million bushels of last year. United States exports last season under the International Wheat Agreement TOBACCO 1945 1946 1947 1948 1949 were 73 million bushels less than the 236 mil- Department of Commerce data regrouped by the Department of Agriculture. "Miscellaneous" includes oilseed*, inedible oils, lion quota. Wheat was not made available hides and skins, and numerous other products. "Grains and Products" include bread grains, wheat flour and other cereal by the United States and other exporting preparations, and feed grains. Figures shown include the value of shipments to civilians in occupied areas. Before 1947 the countries at the minimum prices at which value of such shipments is based on estimates of the Department of Agriculture. consuming countries had agreed to buy their 1104 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN AGRICULTURE full quotas, and some additional consuming per acre. Prospective changes in output of countries became participants in the Agree- individual crops are unusually diverse. Proment late in the year, thus affecting perform- duction of two major crops—cotton and ance under the Agreement. Federal pay- wheat—will be down sharply, while output ments to bring the price of United States ex- of oats and hay will be up, and sharp inports within the range set under the Agree- creases are indicated in harvests of soybeans ment have averaged about 55 cents per bushel and sugar beets, as shown in the table. during the past year. The lower level of these and of some AGRICULTURAL PRODUCTION' IS 1950 other food exports reflects the continued im- Percentage change from: provement in food production in many for- Commodity eign areas. European grain crops are expected to be slightly larger this year than Total last. Crops, total LARGE SUPPLIES OF FARM PRODUCTS Cotton Flaxseed Wheat Total agricultural production this year is Rice likely to be within 4 per cent of the record Corn.... Tobacco. level of the past two years. Crop production Potatoes. Hay is indicated to be 5 per cent less than last Oats Soybeans year and 9 per cent less than 1948, on the Sugar beets basis of August 1 conditions. Output of live- Livestock and products, tota stock and products, however, has continued Kggs Milk to expand moderately and for the year as a Meat animals. Wool whole may be 3 per cent larger than last year XOTE.—Compiled largely from Department of Agriculture estiand 9 per cent larger than 1948. mates based on Aug. 1 conditions. Totals shown for all products and livestock are based on indexes that exclude work animals. Harvests this year are being supplemented The index for all products that includes these animals shows an increase of 25 per cent rather than 35 per cent since 1935-39, owing by the large carryovers built up in 1948 and to a sharp reduction in the number of horses and mules on farms. A number of products are not shown separately. 1949 and total supplies of crops will be almost as large as in those years. Moreover, These divergent changes in output of inpresent productive capacity with favorable dividual crops, as well as the decline in the weather conditions would allow a marked total, reflect mainly the general imposition, increase in crop output next season. Live- for the first year in the postwar period, of stock numbers have also increased since 1947, Federal acreage control measures for the and with continued ample feed supplies the major crops. These general controls were capacity to produce livestock and products designed to prevent a further growth in carryis larger. overs and to reduce Treasury outlays for The prospective decline in crop harvests price support. this year as compared with the past two years Cotton. The most important change in reflects a 3 per cent reduction in planted the agricultural supply situation since last acreage and somewhat lower yields. Also, season has been in cotton. Supplies are now there has been some shift to planting of indicated to be about 17 million bales, 4.5 crops that produce relatively lower yields million less than a year ago. SEPTEMBER 1950 1105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN AGRICULTURE Carryover on August 1, 1949 was about planted to hay and to feed grains other than 5.3 million bales and the harvest amounted corn. Moreover, corn acreage was curtailed to 16 million, 3.5 million in excess of domestic only 4 per cent rather than the 13 per cent consumption and exports in the previous called for by the Federal allotments, as a season. Last October it was thought the number of farmers elected to forego price carryover on August 1, 1950 would be 8.5 support for their crop. Feed grain carrymillion bales. A Federal acreage quota was overs, which had increased sharply in 1948announced which was expected to result in 49 when livestock numbers were smaller, a harvest of about 12 million bales. show only moderate increases in 1949-50. Domestic cotton consumption turned out In the coming year disappearance may exto be 1 million bales larger in 1949-50 than ceed production slightly. in the previous year and reached 8.9 million. Wheat production this year has shown a This level reflected expanding industrial ac- marked decline. With exports already tivity, some rebuilding of inventories of cot- greatly reduced, the harvest is likely to be ton manufactures, and, toward the end of closer to the total of domestic consumption the period, increased consumer demand and and exports than during each of the past enlarged military requirements for textiles. three years when the carryover increased Altogether these influences much more than about 100 million bushels. The acreage allotoffset a decline in exports of cotton manufac- ment for plantings in the season now starting tures. Meanwhile, exports of raw cotton in- is the same as last season, when there was creased by 1 million bales to 5.9 million. substantial abandonment of acreage because Total disappearance was 14.8 million bales. of adverse weather conditions. As a consequence the carryover on August Total oilseed output is expected to be about 1 this year was 6.5 rather than the 8.5 million the same this year as last, with cottonseed anticipated. Also, this year's harvest is prov- greatly reduced and soybeans considerably ing to be considerably below earlier expecta- expanded. Production of fruit crops and tions—the August 1 official estimate barely of truck and vegetable crops is indicated to exceeded 10 million bales. Nearly one- be about the same as in 1949. eighth of the allotted acreage was not planted Livestoc\ and products. Total output of to cotton and yields are below earlier antici- livestock and products this year is expected pations. Disappearance at last season's high to be 3 per cent larger than in 1949 and rate of nearly 15 million bales would reduce 9 per cent larger than in 1948, a relatively the carryover from 6.5 million to about 2 modest increase considering the abundant million. supply of feeds. The largest gains have been Grains and other crops. Production of feed in poultry and the smallest in wool, which grains this year, if the crop matures favor- continues at a level far below the prewar ably, will be almost as large as last year and, average. Expansion in market supplies of with increased carryovers, total supplies will all livestock and products has exceeded the equal the record level of last year. One growth in population during the past two effect of the Federal restrictions on acreages years, but not greatly. Also, output and marof corn, cotton, and wheat was to increase ketings of particular products have not the acreage planted to other crops. About matched changes in demands. While prices one-third of the restricted acreage was of meats have been unusually high most of 1106 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN AGRICULTURE the time, prices of eggs and dairy products above last year and consumption has been have been maintained at support levels only little changed. Federal purchases of eggs by large Federal purchases. in the first half of 1950 have continued large Only part of the increase in livestock pro- —about 8 per cent of output. The increase duction during the past two years has been in milk output this year led to enlarged reflected in increased marketings; some of Federal purchases to maintain prices. Purthe additional livestock have been kept on chases of butter, cheese, and other dairy farms. Beef cattle numbers increased 1.8 products in the first half of 1950 were equal million in 1949 to 55.7 million, as shown in to about 4 per cent of total output. the table. They are expected to increase Operations of the Commodity Credit Corporation. The major portion of the current NUMBER OF LIVESTOCK ON FARMS, JANUARY 1 large carryovers of crops are under the con- [In millions] trol of the Commodity Credit Corporation, 1950 1949 1948 1 av 9 e 4 r 3 a - g 4 e 6 1 av 9 e 3 r 5 a - g 3 e 9 t s h u e p p a o g r e t n p c r y o g th ra a m t . a dm In i n a i d st d e i r t s i o t n h e to f a c r r m op s p , r t i h c e e Cattle: Corporation has acquired sizable quantities Milk cows 24.6 24.4 25.0 27.3 25.0 Other cattle 55.7 53.9 53.1 56.3 41.8 of some livestock products, as is shown in Hogs 60.4 57.1 55.0 69.6 43.9 Sheep 30.8 31.7 34.8 48.7 51.2 the table. These products are generally Chickens 481.2 448.7 461.6 542.7 405.1 SOURCE.—U. S. Department of Agriculture. STOCKS OF COMMODITIES UNDER FEDERAL PRICE SUPPORT [End of June] again this year. The number of cattle on Value feed in the summer, a seasonally low period, ( o in f d m o i l l l l a io rs n ) s (in Q u m a i n ll t i i o ty ns) was 34 per cent greater this year than last, 1950 1949 Unit 1950 1949 reflecting in part a delay in marketings. Total beef output this autumn may be some- Total 3,538 2,373 what larger than last year while earlier in Cr C o o p r s n , total 3 1 , ,0 2 6 7 4 0 2,2 4 0 8 1 7 bu. 746' ' 35l' the year it was slightly smaller than in the W Co h t e to a n t . . . 8 7 2 0 6 1 5 6 7 0 0 9 b b u al . e 3 4 6 .2 1 3 24 .9 8 Oilseeds 228 219 ton 1.4 1.2 corresponding period of 1949. Tobacco 126 136 lb. 314 351 Grain sorghums 112 38 cwt. 45 14 The number of hogs marketed through Dry edible beans 86 41 cwt. 10.6 5.0 Other 127 102 midyear was 10 per cent larger in 1950 than Livestock, products, in 1949 and 1948. The average weight of total 268 171 Eggs, dried 103 81 lb. 94 63 Butter 99 4 lb. 162 6 hogs marketed declined, however, and the Other dairy products... 65 10 Wool 0) 76 lb. .5 96 total weight of hog slaughter increased about 7 per cent. Current high prices of livestock 1 Less than 1 million dollars in value. SOURCE.—Commodity Credit Corporation, U. S. Department of increase incentives to expand production of Agriculture. Figures shown refer to the commodities owned by the CCC or commodities on which price support loans have been hogs and other meat animals. made by the CCC or other lending agency. Oilseeds include cottonseed and cottonseed oil, soybeans, fiaxseed, and linseed oil. Egg output began to show marked expansion in the autumn of 1949, reflecting in part available for sale at prices equal to or a little the earlier high Federal support levels for above current market prices. egg prices. Support prices were lowered one- Current price support operations are based fourth in December 1949, and retail prices on the Agricultural Act of 1949, which conthis year have also been one-fifth below tinued most of the major features of the pro- 1949. Nonetheless production has continued gram inaugurated in the early war years. SEPTEMBER 1950 1107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN AGRICULTURE The most important of these features is that earlier, for example, have now been sold. support is mandatory for the major crops. Wool sales were made at prices that returned Among livestock items, only dairy products most of the funds the CCC had invested in and wool have mandatory support. Other acquiring and storing the commodity. On commodities may be supported at the dis- the other hand, potato purchases amounting cretion of the Secretary of Agriculture; eggs, to 81 million dollars during the year were flaxseed, and oats are commodities in this disposed of soon afterward, largely for livegroup now being supported. Most changes stock feed, at a return of only 9 million in support operations introduced by the Act dollars. Legislation was enacted this spring are scheduled to become effective at varying that would make price support for potatoes dates in the future. The most important of grown in 1951 contingent upon acreage these changes permit flexible levels of sup- quotas; implementing legislation for these port for crops, and provide a new method of quotas has not been passed. The CCC is computing parity prices. still holding a large part of the livestock Net Treasury outlays for price support products acquired in the last 12 months and were 1.7 billion dollars in the fiscal year the Secretary of Agriculture has asked Conending in June 1950 and 1.6 billion dollars gress for funds to aid in their disposal in the previous year. Outlays in the cur- through noncommercial channels. rent fiscal year will be greatly reduced since FINANCIAL POSITION OF AGRICULTURE purchases and loans will be smaller, and sales are likely to be considerably larger. Cash farm income in 1950 will probably be The extent of the reduction in outlays will similar in amount to the 28.3 billion dollars depend upon crop and livestock production, received last year. This was 2.5 billion doleconomic developments, and sales policies of lars or 8 per cent below the exceptionally the CCC. high level reached in 1948, but about 325 Price support outlays in the past two years per cent of the average in 1935-39 when have been in large part for commodities prices generally were at a much lower level. which were still held by the CCC at the Net income of farm operators will probend of June, At that time the Corporation ably be close to the 14.1 billion dollars realheld or had guaranteed loans for about 3.3 ized in 1949, as compared with 4.8 billion in billion dollars of crops—mainly corn, wheat, 1935-39. Total agricultural personal income, and cotton. These supplies constituted one- including wages of farm workers and rents, half or more of the total supplies of these was at a seasonally adjusted annual rate of three major crops. Since June there have about 17 billion dollars during the first half been further sales and loan redemptions, of this year, according to Department of especially in cotton. Cotton stocks at the end Commerce estimates. A marked rise is inof August were 2.3 million bales, 2 million dicated during the third quarter. Nonfarm less than at the end of June. incomes in the third quarter will also be up Products have been disposed of by the CCC substantially. Quarterly indexes for agriwhen sales could be made without impairing cultural and nonagricultural personal inthe support levels, or when the products comes, with 1935-39 as 100, are shown on could not be stored for very long. Almost the following chart, along with monthly inall the substantial wool holdings of a year dexes of prices received and paid by farmers. 1108 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN AGRICULTURE POSITION OF AGRICULTURE lation is much larger than in the thirties. It PER CE 1935-39 » 100 should be noted that in the 1935-39 period 360 PERSONAL 1Y LY G OME • A. FARM prices were generally at a much lower level i and there was a considerable amount of ^* — \ urban unemployment. These over-all in- •JFARM come figures do not indicate the variation in 240 PRICES RECEIVED AND extent of improvement among different 280 PAID B MO Y NT FARMERS ,\ groups within agriculture or elsewhere. v RECEIVED f The increased net incomes of farmers dur- 240 ing and since World War II, together with I 200 J*s PAID ' . the rising valuations placed on farm property, have made possible a very considerable 160 and generally continuous improvement in , their over-all financial position. This year, POPULATION 1 120 Mm YFAR | L—. 1 , „, • NON . F — ARM and particularly this summer, farmers are again expanding their holdings of machin- • 100 ery and equipment. Farm land values, which declined in most of 1949, have been increas- 80 1946 1947 1948 1949 1950 ing since last November. Total indebtedness Personal income data are based on Department of Commerce estimates adjusted for seasonal variation. Figures for farm of farmers has shown only a relatively moderincome derived by subtracting nonagricultural income from the total and the figures for farm and nonfarm incomes were ate further increase and their holdings of converted to index numbers by Federal Reserve. Preliminary figures for July are shown by dots. Prices paid and received financial assets have been largely maintained. by farmers are Department of Agriculture indexes. Latest figures shown are for mid-August. Population figures are joint estimates of the Department of Commerce and the Department At midyear farmers' short-term debt was of Agriculture. Only total population figures are available for mid-1950. The indexes shown are based on the assumption that three-fourths larger than a decade ago but the farm population was the same as in 1949. their mortgage debt was one-sixth smaller, Any appraisal of changes in the position of and their asset holdings were more than agriculture relative to the rest of the economy twice what they were in 1940. Developments should take account of changes in the num- in the whole financial situation of agriculture ber of people receiving farm and nonfarm in 1949 are discussed in the Balance Sheet incomes. As shown in the chart, the farm of Agriculture on pages 1118-1131 of this population is smaller and the nonfarm popu- BULLETIN. SEPTEMBER 1950 1109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE STATEMENT OF POLICY, AUGUST 18, 1950 At meetings of the Board of Governors and the Governors of the Federal Reserve System and the Federal Open Market Committee on August 18, Federal Open Market Committee are prepared to 1950, the following statement was approved: use all the means at their command to restrain "The Board of Governors of the Federal Reserve further expansion of bank credit consistent with the System today approved an increase in the discount policy of maintaining orderly conditions in the rate of the Federal Reserve Bank of New York from Government securities market. 154. per cent to 1 % per cent effective at the opening "The Board is also prepared to request the Conof business Monday, August 21. gress for additional authority should that prove "Within the past six weeks loans and holdings necessary. of corporate and municipal securities have expanded "Effective restraint of inflation must depend ultiby 1.5 billion dollars at banks in leading cities mately on the willingness of the American people alone. Such an expansion under present conditions to tax themselves adequately to meet the Governis clearly excessive. In view of this development ment's needs on a pay-as-you-go basis. Taxation and to support the Government's decision to rely alone, however, will not do the job. Parallel and in major degree for the immediate future upon fiscal prompt restraint in the area of monetary and credit and credit measures to curb inflation, the Board of policy is essential." 1110 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY POLICY IN A FREE ECONOMY3 Today I shall address my remarks to the basic checking accounts against deposits as the prinissues of current monetary policy. Any discussion cipal money form used in the country; of this subject must take into account certain basic 3. To assist private enterprise and individuals principles that underlie monetary policy at any to find appropriate development opportunities; time, whether it be a period of national emergency, 4. To expand the community's bank deposits the course of a business cycle, or a long-run peace- on the basis of borrowing to realize such opportime period of economic growth. I would go so far tunities. as to say that thinking and rethinking of funda- As Government has grown to provide essential mentals are of maximum importance right now, for police, health, educational, and other public servmonetary policy, intelligently and flexibly adminices, or to meet great national emergencies such as istered, can and should play an important role in war, commercial banking has helped in financing helping our economy to meet our defense emergovernmental needs. Our private banking mechgency. My remarks today, therefore, begin with anism has been a propelling force in our country's consideration of basic principles. Then I shall go dramatic economic growth. on to consider their application to the current situ- Central banks are socially devised institutions, ation. often quasi-public in character, for re-enforcing pri- For purposes of present discussion, the basic vate commercial banking. They have important problems of monetary policy can be divided into supplementary functions to perform. Their task is: two parts, (1) the long-range and (2) the short- 1. To help safeguard the general liquidity and range. The long-range problem can be put very soundness of private commercial banks; simply. It concerns having enough credit and 2. To facilitate exchange of the national curmoney to keep pace with the needs of economic rency into other national currencies; growth and a steadily rising standard of living for 3. To provide elasticity to the currency and all the people. Thus the total money supply, deposit mechanism; and mainly bank deposits, has increased substantially 4. To maintain supply conditions for credit during the last fifty years largely to accommodate and money in accordance with the over-all needs the increased need. of the economy at high levels of activity. LONG-RANGE MONETARY PROBLEM Efficient performance of these related functions Economic growth and a steadily rising standard means encouraging enough expansion of credit and of living are basic features of our free-enterprise money to foster full utilization of expanding economy. No other society in the world's history physical resources, technical skills, and manpower. has accomplished so much in so brief a span of "Enough" credit and monetary expansion means years. One of the main reasons why this has not so much as to foster inflationary pressures, and been possible has been the inventiveness of our not so little as to induce deflationary trends. Maincommunity in expanding its financial assets as tenance of the right amount of credit and money is its resources and productive power have increased. the heart of the monetary problem. It is what In this development our private commercial monetary policy, carried out through central bankbanking mechanism has played a vital role. This ing operations, is designed to accomplish. role has been—and continues to be: Central banks have grown up because of a need manifested by recurring monetary and banking 1. To mobilize and safeguard the community's problems. Our own Federal Reserve System was currency and bank deposits; established in 1913 after a very extensive Con- 2. To provide its own money in the form of gressional study of American banking and mone- 1An address by M. S. Szymczak, Member of the Board tary experience, as well as of that of other counof Governors of the Federal Reserve System, before the tries. As experience since the Reserve System's School of Banking, University of Wisconsin, Madison, Wisfounding has brought shortcomings to light, the consin, Aug. 29, 1950. SEPTEMBER 1950 1111 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY POLICY IN A FREE ECONOMY Congress has authorized some modifications in the creases) the amount that individuals, businesses, System's authorities and organization. and financial institutions would receive for their assets; that is, it makes them feel more (or less) SHORT-RANGE MONETARY PROBLEM disposed to sell assets in order to obtain cash. These From these remarks on the long-range mone- changes necessarily alter the willingness of those tary problem, I should like to turn to what I think affected to spend. is the short-range monetary problem. By short- A third avenue of influence is through the regurange problem, I do not necessarily mean today's lation of terms on which borrowers obtain credit. problem, but rather the short-range problem at any This method of influence is, of course, limited to given point of time, regardless of the prevailing types of credit which are customarily extended on over-all economic and financial conditions. a standardized pattern, which, accordingly, can be To express it in the fewest possible words, the singled out by statute for regulation, and are of short-run monetary problem is how to adjust credit sufficient current importance to the economy to and monetary conditions to current changes in the warrant special regulative treatment. Loans on economic situation. In part, this means adjusting stock exchange collateral are an example that imcredit and monetary conditions in such a way that mediately comes to mind. Consumer credit and monetary policies do not in themselves contribute real estate credit also lend themselves well to speto economic instability. More particularly, it cial regulative treatment. means that credit and monetary policy should seek A fourth avenue of influence on spending is to counteract or compensate for unstabilizing forces. through the effect of credit policy on the total vol- An essential consideration in credit and mone- ume of money and other liquid assets. In other tary adjustment is the avoidance of any weakening words, as a result of credit policy changes, the of the financial structure which would gradually economy as a whole has somewhat more or someundermine the soundness of the general credit sit- what less than otherwise to spend. This effect is uation. Avoidance of an unbalanced development in addition to the one previously mentioned of of particular categories of credit is also crucial. supplying the original borrower with new buying power. It relates to the secondary and other uses How MONETARY POLICY FUNCTIONS IN GENERAL of money as it is spent and respent. This effect Timely and appropriate monetary policy can may continue for some time. greatly assist in leveling of? booms and recessions. Monetary policy, lastly, is a potent factor for Thus it can help to keep the economy on a stable affecting the financial climate of the economy. and smooth functioning basis. A case in point is When the financial climate is favorable, that is, the action of the monetary authorities in easing when, in the language of the market place, credit credit in early 1949, when downward trends in and money are "easy," the effect is to invite busibusiness activity, employment, and prices appeared. ness, investor, and consumer expenditures. When Monetary action that is taken before isolated un- the financial climate is-unfavorable, that is, when settling economic changes set in will often avert credit and money are "tight," a degree of caution such developments. It does this by influencing the contes to certain sensitive business areas and then volume of spending. spreads to others. By having this kind of an in- In part this influence is exerted by pressure on fluence, monetary policy further helps to buoy up the volume of spending which is financed through (or dampen down) the total level of spending. credit extension. For the most part, the available THE MEANING OF A FLEXIBLE MONETARY POLICY policy instruments do not directly influence credit spending; rather, their effect is general and in- Flexibility in monetary and credit policy means direct. Their immediate impact is on the cost and readiness to move quickly in response to changes in availability of short-term credit. In other words, economic conditions. The main advantage of they make it easier and cheaper (or more difficult monetary policy over some other policies to influand more costly) to borrow for the short term. ence economic conditions is that it can be promptly Monetary influence is also exerted by moderate enacted and can take effect quickly. No other inupward or downward pressure on the value of mar- strument approaches its capacity for prompt and ketable assets. Such pressure increases (or de- timely action. 1112 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY POLICY IN A FREE ECONOMY As business begins to slacken off, action to ease year as the monetary authorities have attempted to credit is usually indicated. As the economy returns restrain credit expansion. Expanding demand for to higher levels of activity, measures that permit credit will naturally result in higher interest rates credit to tighten are usually in order. Monetary and unless additional supplies of funds are made availcredit medicine is something to be taken promptly able. Putting limitations on credit availability as various symptoms develop—that is, taken in tends to be reflected in a firming of short-term moderate, timely doses. As such, it can temper interest rates; an easing of credit tends to soften inflation and deflation. In an inflation, for ex- short-term interest rates. ample, it can help to restrain price increases before Certainly it is true that if changes in interest they become embedded in cost structures and be- levels are prevented from occurring in response to fore they give rise to an inflationary spiral that changes in credit demands, monetary policy diinevitably leads to deflation and losses. rected towards greater economic stability is very Drastic monetary measures naturally catch pub- difficult, if not impossible, to manage. lic attention. Unfortunately, drastic measures ap- WHAT A FLEXIBLE MONETARY POLICY CAN DO plied in the past are what the public associates with credit and monetary policy. But they are not the In the 1930's it was apparent that monetary and monetary measures that make the greatest con- credit ease was not adequate to lift us out of a tribution to the smooth functioning of a free enter- major depression. It was an easy step for some to prise economy. For normal conditions, monetary reach the conclusion that monetary measures had policy is best thought of as a snubbing operation, little or no influence at any time, either on exdragging somewhat against rapid upward move- pansion or contraction of credit. It was asserted, ments in activity and cushioning rapid downward and in many quarters accepted as a fact, for exmovements. ample, that somehow borrowers would borrow just Over the years, the slight monetary and credit so much and only so much, virtually irrespective action taken from time to time to moderate ex- of whatever action might be taken either to ease cessively sharp movements of contraction or ex- or to restrain the availability of credit. The level pansion in the economy makes major contributions and the movement of short-term interest rates to our well-being. An illustration of how it works came to be rather widely regarded as having little with particular effectiveness, unnoticed by most or no economic significance. people, is its role in relieving seasonal tensions in In the present era, when the world is so divided the money market. Before the Federal Reserve between those who would control every individual System we had abrupt and disruptive seasonal decision and those of us who would maximize the changes in the supply conditions for credit, due in area of individual choice and initiative, I believe part to large geographical shifts in funds. Today, it is appropriate to take another look at the virtues we are scarcely aware of the existence of seasonal of monetary policy. We should ask ourselves what tautness or slackness of credit, so smoothly does monetary action can do to help us keep our free our financial mechanism absorb these "road enterprise economy functioning fully. In what shocks." specific ways can monetary action serve to promote Another noteworthy feature of well implemented economic progress and stability? monetary policy is its quick reversibility. It is To throw light on these questions, I should like susceptible to rapid changes in tempo. For exam- to consider with you some principal areas where ple, early in 1949 the monetary authorities eased monetary measures do influence individual spendcredit as business slackened off. Later in the year, ing, but only indirectly and without direct govthey shifted their policy from credit ease to restraint ernmental control of individual decisions. as inflationary forces strengthened again. Before I do this, it may be worth while to stress In a free economy, flexible credit and monetary a point that is frequently forgotten. It is that credit policy to prevent "booms and busts" is bound to and monetary action primarily influences decisions be reflected in some change in interest rates, par- with respect to credit spending—and influences ticularly short-term rates, which are the market's only a relatively small margin of these decisions. It expression of the cost of credit. Thus, short-term is just those marginal decisions, however, that are rates have been firming since the last half of last taken quickly in times of economic change and SEPTEMBER 1950 1113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY POLICY IN A FREE ECONOMY that have a disproportionate effect on prices. It is credit control are called for when over-all economic not necessary to touch all points in order to con- and financial conditions require restrictions on tribute to the maintenance of a stable economy. It specific types of credit. The regulation of loan may well be sufficient for monetary measures to margins against stock market collateral, and of influence only a fringe of 5 per cent, or 10 per cent, such credit terms as down-payment and maturity or 15 per cent of credit spending decisions to be requirements in the case of consumer borrowing, a very effective stabilizing factor, particularly if has been found to be very effective in regulating that influence is properly timed. the volume of credit extended. One of the areas where monetary measures can But what about the businesman? His business have a marginal influence is in connection with de- expectations are certainly affected by changes in cisions not to spend but to save. It is true that a monetary policy, if for no other reason than that large part of our saving today is made through these changes signal changes in the availability of contractual arrangements such as by the payment credit. The fact that the money he needs is harder of premiums on life insurance, the regular repay- (or easier) to borrow, and perhaps dearer (or ment of mortgage and consumer instalment debt, cheaper) is a concrete fact—a change in the busiand the "bond-a-month" savings plans of banks and ness climate. He proceeds more cautiously in his business enterprises. On this saving, monetary working capital commitments. From the monepolicy has little effect. On other types of indi- tary standpoint he uses less credit and does less vidual saving, tighter supply conditions for credit credit spending. and higher rates of return may stimulate more This is particularly true in the case of commerce, saving. On the other hand, easier credit condi- where the cost of carrying inventories is an imtions and lower rates of return may lead to less portant element in the total cost of merchandise, saving. ! and in the public utility industry, where the cost Business saving may also be significantly in- of amortizing a huge plant and equipment is creased in total when monetary policy becomes greatly influenced by the rate at which money can restrictive, since some businesses may tighten divi- be borrowed. dend and profit withdrawal policies. Companies Underwriters of new securities are particularly that have begun an expansion program will tend conscious of the influence of credit and monetary to retain more of their earnings and to use these policies on the market for new issues. When credit funds rather than credit, as money from the capital policies are restrictive, for example, these middlemarkets or from banks becomes harder to get and men between borrowers and lenders encounter difmore costly. Stockholders and owners will not ficulties in distributing new issues. They become have a chance to spend this money themselves; it reluctant to commit themselves on proposed new will be saved for them by their businesses. Thus, offerings. They are likely to discourage inquiries while the effect of monetary policy on the total about security flotations and cause some issues volume of saving is admittedly not general, it which may be ready for sale to be withdrawn should not be neglected entirely. pending a more favorable market situation. These Can monetary and credit action have any sig- actions cause postponement of some capital expennificant effect on borrowing? Do restrictive mone- ditures by businesses and even local governments, tary policies, for example, influence any significant which is exactly what is needed when existing denumber of persons or businesses to postpone or re- mand for goods is pressing on our capacity to produce the spending of borrowed money? It prob- duce. ably can be agreed that the decisions of a large bloc Finally, monetary action has an important inof borrowers may be little affected. Consumers, fluence on lenders themselves. Total lending for example, borrow at retail and the retail credit power of Federal Reserve member banks can, of market is not particularly responsive to restrictive course, be very closely circumscribed if the Federal monetary policies. We found in the twenties that Reserve is disposed to take such action. Bankers stock market speculation is likewise insensitive to are aware of this and even moderate credit tightmoderate restraint exercised through traditional ening action is carefully watched and has its impact monetary measures. on the amount of lending banks are willing to do. It is in such areas that instruments of selective What happens is that if bankers see restraining 1114 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY POLICY IN A FREE ECONOMY monetary measures underway, they tend to cut credit market at a time when price inflation was back the credit lines available to their customers occurring. During some of this period, however, and they may even refuse some marginal credit the Treasury had the benefit of a budgetary surapplications altogether. plus which was used to retire bank-held public All of the effects of restraining monetary action debt and thus affect the inflationary impact* of in particular financing areas that I have outlined Federal Reserve open market operations. here, taken together, can add up to important It stands to reason, in the kind of financial sitdimensions. If monetary measures are vigorously uation we have had since World War II, that and appropriately applied they can be positive monetary policy and fiscal and debt management stabilizing forces, operating to influence the vol- policy must maintain a close liaison. Both moneume of spending and saving and thus to moderate tary policy and fiscal and debt management policy sharp changes in economic activity. To all who have a primary responsibility to make a maximum prize a high degree of freedom in economic and contribution to economic stability. Consistency political life, it is most desirable that this be done with the objectives of the Employment Act of 1946 without direct Government intervention in a single means that these respective policies should be coindividual decision. Results effected through credit ordinated and tailored to the economic situation. and monetary policy come about through general For example, at high levels of employment and influences on the market place, where millions of production, when inflationary dangers are greatest, judgments can still be freely made and tested every fiscal policy should aim to produce a budgetary day. Such results continue to be the composite ex- surplus so that monetary policy may operate freely, pression of the individual decisions and wishes of if necessary, to restrain excessive credit and moneall of us who buy and sell. tary expansion. Debt management policy, in these circumstances, needs to play either a neutral role or RELATIONSHIP BETWEEN MONETARY POLICY AND a role of supporting monetary policy by empha- FISCAL AND DEBT MANAGEMENT POLICY sizing borrowing from nonbank investors. Monetary and credit policy has always been When economic activity recedes from high levels, closely related to fiscal and debt management another arrangement of policy may be appropriate. policy, but this relationship has been much closer Fiscal policy at such times may permit a Governand more important as a result of the huge expan- ment deficit and debt management policy may sion of the public debt during World War II. The need to stress financing through the banks. Mone- Treasury has always had such monetary powers as tary policy, while adapted to discouraging credit the issuance of currency against silver, the minting contraction and encouraging the expansion of of coin, and the ability to make changes in its cash credit, may at that time favor deficit financing balances with the Federal Reserve System. More through the banks. recently, however, the magnitude of its public debt MONETARY POLICY IN THE CURRENT SITUATION operations and the rate of interest paid on refundings have come to have a much more important On the basis of this broad background of the role effect than formerly upon Federal Reserve policies of monetary policy in a free economy, what can to influence the supply, cost, and availability of be said regarding the role such policy can and money to private as well as public borrowers. should play in helping to solve the economic and The greater influence of fiscal policy on mone- financial problems that have arisen as a result of tary policy comes about as a result of the respon- the invasion of South Korea? Prior to that insibility of the Federal Reserve System to maintain vasion, inflationary pressures had already gained orderly conditions in the market for Government considerable momentum as a result largely of heavy securities. At times that responsibility involves peacetime consumer and business buying. This some sacrifice of positive influence over the supply buying was financed by a substantial expansion of of bank credit. During much of the postwar credit and by an increased use of our very large period, for example, the Federal Reserve System supply of currency and bank deposits, as well as purchased a large volume of United States Govern- by high levels of current income. Following the ment securities. This action operated to create bank Government announcement of a larger military reserves which in turn tended to ease the private program, the tempo of private spending accelerated SEPTEMBER 1950 1115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY POLICY IN A FREE ECONOMY greatly, credit demands increased substantially, and monetary expansion, abetted by current Government commodity prices rose sharply. From the end of deficits which threaten to grow larger and larger. June to the middle of August, the prices of basic Some people look upon direct controls as a praccommodities rose 17 per cent and the loans and tically painless way of meeting the emergency holdings of corporate and municipal securities at financial problem. No more serious error could be member banks in leading cities alone expanded by made. There is no painless way of controlling in- 1.7 billion dollars. Inflationary forces have become flationary pressures. Either we meet them head on so strong that the public has clamored for effective and overcome them or we wage a losing rear guard action to stop them. action against them. If the fuel of inflation is pro- In recognition of the inflationary situation into vided, all that direct controls can do is to drive the which the Korean developments have catapulted inflationary pressures underground and to postpone the country, President Truman on July 18 directed some of their effect. the Federal agencies concerned with real estate Therefore, even if direct controls eventually becredit operations to tighten the terms on which come necessary, broad, basic monetary and fiscal Federally aided credit is available. A day later he measures will be essential to make them effective. requested the Congress to authorize emergency Price and wage fixing and rationing are much powers to limit the use of essential materials; to more difficult to administer in a protracted period regulate consumer, real estate, and commodity of partial mobilization than they are in a limited trading credit; and to assure adequate financing for period of all-out war effort. Civilian goods will defense production and productive facilities. Still still be available in large amounts but the total delater in the month he presented to the Congress a mand for such goods will far exceed their supply. tax program to increase Federal revenues by ap- The job that direct controls can do, which is to proximately 5 billion dollars. When this lecture cushion the pressure of military demands on supwas being written, the Congress was considering plies of goods and services and distribute available in conference the Defense Production Act of 1950. civilian goods at equitable, administered prices, can This bill was intended to provide the President not only be accomplished if some of the civilian deonly with the powers he requested, but in addition mand is drained off by higher taxation and if new standby controls over price and wage stabilization private credit creation is prevented. and rationing. Legislation to raise taxes was also It is my belief that the proper method of dealing receiving consideration by the appropriate Com- with our immediate inflationary situation is to mittees of the Congress at that time. Indications adopt a coordinated program of monetary policy, are that the added revenue will come mainly from fiscal and debt management policies, and a system higher levies on personal and corporate incomes. of selective priorities and allocations of strategic The two principal means that were advocated for materials. The cornerstone of our anti-inflation preventing indefinite and cumulative price in- program must be bold fiscal measures including creases were (1) imposing a comprehensive harness across-the-board increases in personal and corporof direct controls, including price and wage fixing ate income tax rates, selective excise taxes, and and rationing, and (2) undertaking a vigorous taxes on war profits and speculation. Financing the credit and fiscal program to limit the total demand expanded military budget cannot be limited to the for goods. It is outside the scope of my talk today taxation of wealthy individuals and business enterto discuss the problems involved in imposing an prises if it is to be useful as an effective antiinclusive set of direct controls. inflationary measure. It must restrict spending, It is relevant to note, however, that an adequate and most spending is done by the vast number of mechanism for administering such a set of con- individuals and families with low and middle trols does not now exist. Even if the establishment bracket incomes. In an emergency situation like of an adequate mechanism could be accomplished the present, our tax changes must be designed within a reasonable period of time, I do not believe primarily to meet the danger of inflation. direct controls are the present answer to our imme- In addition to higher taxes, the Government diate inflation problem. They deal only with effects should make every attempt in its debt management and not with basic causes. The basic cause of our policies to tap as large a volume of available private inflationary problem is continuing rapid credit and investment funds as possible. Concerted efforts 1116 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONETARY POLICY IN A FREE ECONOMY should be made to sell nonmarketable bonds and to 1% per cent, and within a few days approved tax savings notes to individuals, businesses, and a similar increase at other Reserve Banks. Also, nonbank financial institutions, thus absorbing on August 18, the Board and the System's Open money that would otherwise be spent on current Market Committee issued a joint statement indicatconsumption or on new private investment. Such ing that both bodies were prepared to use all the a program would not only absorb redundant funds means at their command to restrain further exbut would also make it possible to reduce the vol- pansion of bank credit consistent with the policy ume of Government financing through banks, of maintaining orderly conditions in the Governwhich is highly inflationary. ment securities market. On the same day, the Monetary and credit controls to deal with our Treasury announced that it had temporarily inimmediate inflationary situation can and should creased the volume of Series "F" and "G" savings be broad in scope, restrictive in character, and bonds available to nonbank financial institutions. vigorously administered. They involve, for one It is to be hoped that all these efforts may prove thing, the application of effective curbs on con- effective in curbing loans to businesses and indisumer and real estate credit. There is no doubt viduals which might be used for speculation or that the recent large increases in consumer and other purposes that would have adverse effects on mortgage credit have added fuel to the inflationary our defense effort. If they are not, monetary policy fires. Since the end of 1945, consumer credit has will need to resort to even more restrictive use of been increasing by about 3 billion dollars a year. one or more of the general instruments of credit The increase in May and June of this year was control at its disposal, namely, open market operaabout a billion dollars, the largest on record for tions, changes in the discount rate, and changes in those two months. Home mortgages made by all bank reserve requirements. In case these measures lenders in the first half of 1950 exceeded 6.5 billion prove inadequate, the Congress might very well dollars. By the end of June, total home mortgage need to consider the desirability of authorizing debt outstanding exceeded 40 billion dollars, a new additional powers over bank credit expansion in peak and more than double the volume outstand- some form of supplementary reserve requirements. ing at the end of the war. Such powers might include a secondary or special In addition to effective consumer and real estate reserve requirement similar to that the Federal credit regulations, general measures to curb the Reserve requested in 1947, or some ceiling or dual availability of credit to other types of borrowers reserve plan about which I have spoken to this are called for. On August 4 a joint statement was group on previous occasions. made by the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, SUMMARY the Federal Deposit Insurance Corporation, the My remarks today reflect a sincere belief that Home Loan Bank Board, and the National Asso- monetary and credit measures, taken together with ciation of Supervisors of State Banks urging that appropriate fiscal measures, are invaluable weapons banks and all other institutions engaged in extend- in our economic and financial arsenal for use in ing credit exercise special care in their lending and the battle to maintain economic stability within the investment activities. Somewhat earlier the Ameri- framework of a free enterprise system. This is can Bankers Association had issued a similar state- true not only over the long run when we look ment, and more recently President Peterson of forward to normal peacetime activity again, but that Association has further urged bankers to co- also in the short run when military and inflationary operate in restricting nonessential credit. I should pressures seem almost overwhelming. Fiscal like to underscore the importance of your own measures, particularly higher taxes, must be our support of these efforts to encourage voluntary main line of defense, but monetary and credit restraint in bank and other lending. action is also necessary to restrict private credit On August 18, the Federal Reserve System took expansion and, moreover, can be applied more further restraining action in the area of monetary promptly to hold the line until fiscal measures and credit policy. The Board of Governors then take effect. Financial instruments therefore must approved an increase in the discount rate of the be among our major weapons against economic Federal Reserve Bank of New York from 1% instability as long as we value our freedom. 1117 SEPTEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1950 * The major factual portions of the sixth in a series H. C. Larsen, H. T. Lingard, L A. Jones, and of annual reports on the financial condition of agri- M. E. Wallace, culture, issued by the United States Department Data relating to the inventories of real estate, of Agriculture, are given below.2 The full report, livestoc\, crops, machinery, and household equipment were prepared under the direction of the folincluding analysis of current financial trends in lowing persons: Real estate—M. M. Regan, W. H. agriculture, will be published later as a Miscellane- Scofield; livestock—A. V. Nordquist; crops—C. E. ous Publication of the Department of Agriculture. Bur\head, T. J. Kuzel\a, J. /. Morgan, John F. The study was prepared under the direction of March; machinery—E. W. Grove, Margaret F. Can- Norman J. Wall, Head, Division of Agricultural non; household equipment—M. Orshans\y. Finance, Bureau of Agricultural Economics, by Data relating to farm income and expenditures F. L. Garloc\, A. S. Tostlebe, R. J. Burroughs, were compiled under the direction of E. W. Grove. The aggregate assets of agriculture in the United ening in demand and prices of farm products that States—both physical and financial—totaled 127 bil- occurred this spring and summer. lion dollars on January 1, 1950. This was about Real estate constituted 50 per cent of all assets of agriculture on January 1, 1950. Other physical 1 per cent less than a year earlier, as shown in Table assets—livestock, machinery and motor vehicles, 1 and the chart. This small decline is the first since stored crops, and household equipment—constituted 1940, the first year for which balance sheet data are 33 per cent of all assets. Financial assets—deposits available. Also it is probably the first decline since and currency, United States savings bonds, and the middle 1930's. It should be noted that asset investments in cooperatives—were 17 per cent of values had not yet been influenced by the strength- all assets. BALANCE SHEET CHANGES DURING 1949 Physical and financial assets each declined by bonds and cooperatives. The total of all financial about 1 per cent during 1949. The decline in items on January 1, 1950, was nearly 22 bilvalues of physical assets reflected decreases in farm lion dollars. The decline of farmers' deposits was real estate (3 per cent), livestock (10 per cent), associated with a drift of deposits away from banks and stored crops (7 per cent), which were largely in agricultural areas toward those in major trading offset by increases in machinery and motor vehicles centers. (22 per cent), and household equipment (8 per Equities of proprietors in the assets of agriculcent). Physical assets were valued at 105 billion dollars on January 1, 1950. The decline in financial assets was the result of THE BALANCE SHEET decreases in deposits and currency offset in part OF AGRICULTURE by increased investment in United States savings ASSETS CLAIMS 1 This is not a balance sheet of farm operators, nor of BIL. DOLLARS people living on farms, nor of landlords. Rather it is a bal- ^Financial gg|] Other physical ance sheet of the industry viewed as one large enterprise. Hi Farm real estate Unavoidably it includes certain items, such as some of the financial assets of farm people, that are not needed in farming operations. On the other hand, however, financial assets of some landlords who do not live on farms may be included. Numerous investments of farmers, such as corporate securities and urban real estate for which no data are available, are necessarily excluded. 2 For earlier reports in this series, see the Federal Reserve 1940 1945 1950 1940 1945 1950 BULLETIN for September 1946, pp. 974-94, November 1947, pp. 1357-72, September 1948, pp. 1067-82, and September 1949, pp. 1053-63. 1118 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1950 TABLE 1 COMPARATIVE BALANCE SHEET OF AGRICULTURE, UNITED STATES, JANUARY 1, 1940, 1945, 1946, 1949, AND 1950 x [Dollar amounts in millions] Net change (per cent) Item 1940 1945 1946 1949 1950 1940-50 1949-50 ASSETS Physical assets: Real estate $33,642 $46,389 $52,114 $65,168 $63,527 +89 -3 Non-real-estate: Livestock 5,133 9,012 9,742 214,657 13,211 +157 -10 Machinery and motor vehicles 3,118 6,114 2 6,073 2 11,683 14,280 +358 +22 Crops, stored on and off farms 3 . 2 645 6,396 6,030 28,417 7,823 +196 —7 Household furnishings and equipment4 4,275 4,232 4,415 6,000 6,500 +52 +8 Financial assets: Deposits and currency 3,900 10,800 2 13,500 14,800 14,300 +267 -3 United States savings bonds 249 3,714 2 4,498 2 5,025 5,250 +2,008 +4 Investments in cooperatives 826 1,264 2 1,437 2 2,041 2,205 +167 +8 Total $53,788 $87,921 2$97,809 2$127,791 $127,096 +136 -1 CLAIMS Liabilities: Real estate debt $6 586 $4,933 $4,682 $5,108 $5,413 -18 +6 Non-real-estate debt: To principal institutions: Excluding loans held or guaranteed by Commodity Credit Corporation 1,504 1,622 2 1,671 2,714 2,838 +89 +5 Loans held or guaranteed by Commodity Credit Corporation 445 683 277 1,152 1,719 +286 +49 To others 6 1,500 1,100 2 1,200 2,200 2,400 +60 +9 Total $10,035 $8,338 2$7,830 $11,174 $12,370 +23 +11 Proprietors' equities.... $43,753 $79,583 2$89,979 2$116,617 $114,726 +162 -2 Total •. . $53,788 $87,921 2$97,809 2$127,791 $127,096 +136 1 1 The margin of error of the estimates varies with the items. 2 Revised. 3 Includes all crops held on farms and crops held in bonded warehouses as security for Commodity Credit Corporation loans. The latter on Jan. I,11950 totaled 1,023.4 million dollars. 4 Estimated valuation for 1940 plus purchases minus depreciation. 5 Tentative. Includes individuals, merchants, dealers, and other miscellaneous lenders. ture amounted to 115 billion dollars in January II, asset values were high at the beginning of 1950 1950. They declined by approximately 2 per cent not only for agriculture but for other sectors of during 1949, because of an 11 per cent increase in the economy. The higher values resulted both debt and a 1 per cent decrease in assets. Much from an enlargement of physical resources and of the increase in debt consisted of loans under the from an inflation of prices. Balance sheet data comprogram of the Commodity Credit Corporation, parable to those for agriculture are not available which increased 49 per cent. Real estate mortgage for other sectors of the economy, but some comparidebt increased about 6 per cent. Non-real-estate sons between agriculture and other sectors can be debt owed to principal financial institutions (exclud- made by reference to data on incomes. World War ing CCC loans) increased about 5 per cent and I, like World War II, resulted in a greater perthat owed to other lenders is believed to have in- centage increase of farm income than of income creased about 9 per cent.- Despite the increase in in the economy as a whole; and farm income debt, the equities of proprietors constituted 90 per declined more rapidly than did national income cent of the claims to the assets of agriculture as in the recession of 1920-21. In 1949, net farm compared with only 10 per cent for creditors. income again declined much more than did income In comparison with a decade ago, in January in the remainder of the economy. 1950 real estate was a smaller portion of assets of BALANCE SHEET IN 1940 PRICES agriculture, while other physical assets and financial assets respectively were a larger part of the Most of the increases in the values of physical total. The value of real estate was 89 per cent more assets over the last decade were due to price changes. than in 1940; the value of other physical assets was This fact is clearly illustrated in Table 2, where 176 per cent more and of financial assets, 337 per the items of the balance sheet are expressed in cent more. terms of 1940 prices. Higher real estate prices Compared with the period before World War were mainly responsible for an increase in the value SEPTEMBER 1950 1119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1950 of farm real estate from 34 billion dollars in 1940 to have exceeded depreciation by an average of to 64 billion in 1950. Other physical assets were about 1.5 billion dollars a year. valued at 42 billion dollars in 1950 as compared The financial assets are 17 billion dollars more than they were in 1940. Considering the higher with 15 billion in 1940. About 21 billion dollars prices farmers now pay, this is not so large a gain of this latter difference is attributable to higher in purchasing power as the increase may suggest. prices. This means that 6 billion dollars of the For example, the 14 billion dollars of deposits and higher valuation of 1950 was the result of enlarged currency available in January 1950 was 3l/ times physical inventories, especially of machinery and 2 the 4 billion of 1940; yet, because of the higher motor vehicles and household equipment. Since prices of 1950, the 14 billion dollars would buy the end of active hostilities in 1945, outlays for only 1% times as much as the 4 billion of Janu- . capital improvements and equipment are believed ary 1940.3 TABLE 2 BALANCE SHEET OF AGRICULTURE WITH PHYSICAL ASSETS VALUED AT 1940 PRICES, JANUARY 1, 1940, 1945, 1946, 1949, AND 1950 [Dollar amounts in millions] Net change (per cent) Item 1940 1945 1946 1949 1950 1940-50 1949-50 ASSETS Physical assets (1940 prices): Real estate $33,642 i $33,642 i $33,642 i$33,642 i $33,642 0 0 Non-real-estate: Livestock 5,133 5,606 5,402 2 4,835 4,888 -5 +1 Machinery and motor vehicles 3,118 4,101 24,182 25,926 6,660 +114 +12 Crops, stored on and off farms 2,645 2 3,144 22,910 23,436 3,340 +26 -3 Household furnishings and equipment3 4,275 4,232 4,415 6,000 6,500 +52 +8 Financial assets (actual value): Deposits and currency 3,900 10,800 2 13,500 14,800 14,300 +267 -3 United States savings bonds. . 249 3,714 2 4,498 2 5,025 5,250 +2,008 +4 Investments in cooperatives. , 826 1,264 2 1,437 2 2,041 2,205 +167 +8 Total ... ,. $53,788 2$66,503 2$69,986 2$75,705 $76,785 +43 +1 CLAIMS Liabilities (outstanding amount): Real estate debt $6,586 $4,933 $4,682 $5,108 $5,413 Non-real-estate debt: To principal institutions: Excluding loans held or guaranteed by Commodity Credit Corporation 1,504 1,622 21,671 2,714 2,838 +89 +5 Loans held or guaranteed by Commodity Credit Corporation 445 683 277 1,152 1,719 +286 +49 To others 1,500 1,100 2l,2OO 2,200 2,400 +60 +9 Equities (residual balance) 43,753 258,165 62,156 264,531 64,415 +47 () Total $53,788 2 $66,503 2$69,986 2$75,705 $76,785 +43 +1 11940 valuation of farm land and buildings. This figure does not reflect net physical improvements in farm buildings, or net depletion of productivity of agricultural lands. 2 Revised. 3 Not deflated. Estimated valuation for 1940 plus purchases minus depreciation. 4 Less than one-half of 1 per cent. AGRICULTURAL INCOME Farm income directly affects the balance sheet net income was distributed to operators, landlords, to the extent that it is retained in the assets of hired labor, and mortgage creditors. Returns to agriculture or that it is used to reduce debts. It operators declined 19 per cent from 1948 to 1949. indirectly affects the balance sheet by influencing Net rent and Government payments to landlords the values of the earning assets. not living on farms declined 27 per cent, while According to data shown in Table 3 on page payments of cash wages and perquisites (such as 1121, total net income from agriculture and Govern- shelter, food, and fuel) to hired labor decreased ment payments dropped sharply from an all-time only 4 per cent. On the other hand, mortgage interhigh of 22 billion dollars in 1948 to 18 billion in 1949. This was a decrease of 17 per cent. This 3 Computed from index of prices paid, interest, and taxes. 1120 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1950 TABLE 3 income on account of inventory changes of 258 million dollars in 1949 as contrasted with an addi- COMPARATIVE INCOME STATEMENT FOR AGRICULTURE, UNITED tion of 496 million in 1948. STATES, 1940, 1945, 1948, AND 1949 In physical terms, agricultural production for [In millions of dollars] sale and for consumption in farm homes averaged slightly higher in 1949 than in 1948 and thus estab- Item 1940 1945 1948 1949 lished an all-time record. The output of crops was HOW NET INCOME WAS about 4 per cent lower but the output of livestock OBTAINED and products was almost 5 per cent higher than Gross income from agricul- in the previous year. Prices of both crops and liveture: Cash receipts from farm stock declined sharply—the former by 12 per cent marketings 8,364 21,520 130,544 28,127 and the latter by 13 per cent. It was the price Value of products retained on farms for home con- decline, therefore, that caused the reduction in sumption 1,254 2,256 2,936 2,504 Rental value of farm homes. 625 874 i 1,334 1,351 receipts from marketings and in the value of home products consumed on the farm. Total 10,243 24,650 134,814 31,982 The decline in farm income and the moderate Nonlabor production costs2 -4,738 -9,024 i-13,811 -13,801 Adjustment for changes in reductions in the values of assets and net worth inventory 3 +96 -439 I -f-496 -258 which occurred in 1949 and are reported in this Total net income from 1950 Balance Sheet of Agriculture were part of agriculture 5,601 15,187 121,499 17,923 a general downward drift in prices, output, and Government payments +766 +769 +257 + 185 incomes throughout the national economy. This Total net income from decline, if measured in comprehensive terms like agriculture and Government payments. 6,367 15,956 121,756 18,108 gross national product or national income, began in the first quarter and culminated in the fourth HOW NET INCOME WAS quarter of 1949. DISTRIBUTED The prices of farm products, influenced in part Wages to hired labor (cash and perquisites) 1,023 2,312 3,062 2,940 by a shrinkage in foreign demand, began to decline Net rent and Government early in 1948 and, by the end of that year, under payments to landlords not living on farms 4 430 1,073 i1,443 1,055 the pressure of mounting supplies, had declined Interest to holders of farm mortgages 293 220 229 242 more than 13 per cent. However, the index of Returns to operators 5 4,621 12,351 117,022 13,871 the wholesale prices of other commodities did not Total net income from turn definitely downward until the first quarter agriculture and Government payments. 6,367 15,956 121,756 18,108 of 1949. Meanwhile, late in 1948, the physical volume of industrial production and nonagricul- 1 Revised. tural employment had begun to decline moderately. 2 Feed, livestock, fertilizer and lime purchased, operation of Thus in 1949, for the first time since 1946, farm motor vehicles, miscellaneous current operating expenses, depreciation of buildings and machinery, and property taxes. income and asset values were under pressure of 3 Market value, in terms of prices at the end of the year, of the increase or decrease in the physical quantities of crops on farms forces released by a moderately contracting domesfor sale or of numbers of livestock whether or not for sale. tic economy. The mild decline in domestic de- 4 After subtraction of estimated payment for taxes, mortgage interest, and other expenses paid by such landlords. Includes mand for farm products which resulted from this Government payments to nonoperating landlords. 5 Realized net income adjusted for change in inventory. moderate recession, combined after the middle of 1949 with a further decline in foreign demand, est payments to holders of farm mortgages increased contributed to the downward movement of prices 6 per cent. which continued throughout the year. That prices The 17 per cent decline in total net income to did not decline more sharply as domestic demand agriculture as a whole came mainly from an 8 per lessened was due to the fact that although foreign cent decline in gross income, as farm operating demand was off sharply in the second half of costs changed little. Cash receipts from farm 1949 it was temporarily higher in the first half, marketings declined 8 per cent and the value of and to the further fact that record quantities home-produced food, fuel, and the like retained of farm products were removed from the market on farms for personal consumption declined 15 per in late 1948 and in 1949 under price support procent. The rental value of farm homes increased grams. As it was, prices of farm products conslightly. The physical inventory of crops stored tinued downward throughout the year so that the on farms and awaiting sale (excluding feed stuff index of prices received by farmers declined from and excluding commodities under CCC loans) 265 (1910-14=100) in January to 233 in Decemdecreased. This resulted in a deduction from ber 1949, a drop of about 12 per cent for the year. SEPTEMBER 1950 1121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1950 The upward trend in industrial activity and non- in stronger domestic demand for farm products farm prices which began in the latter part of 1949 and, despite lower foreign demand, in higher prices. had, by the middle of 1950, more than recovered The index of prices received by farmers rose from the ground lost the year before. This increase in 233 (1910-14=100) in December 1949—the lowest activity in the nonfarm sectors has been reflected point since June 1946—to 247 in June 1950. THE BALANCE SHEET IN DETAIL The foregoing pages have provided a summary 1950 were mainly responsible for these increases. analysis of the balance sheet in general terms and Land market activity in 1949 declined for the an account of the income position of agriculture. third consecutive year. During the year ended In what follows, each item that appears in the bal- March 1950, voluntary farm transfers were at the ance sheet is treated in detail. rate of 37 in every 1,000 farms compared with 41 in the year ended March 1949. The peak in activity was reached during the year ended March 1947, ASSETS when 58 farms per 1,000 changed hands voluntarily. The assets fall into two general classes: (1) The doubling of farm real estate values during physical assets, both real estate and tangible per- 1940-48 and the downward movement in 1949 sonalty; and (2) financial assets, which include were brought about primarily by changes in prices cash, bank deposits, United States savings bonds, rather than by changes in the physical amount and farmers' investments in cooperative associations. and condition of land and buildings. Nevertheless, Farm real estate. For the United States as a there have been significant physical changes in whole, during 1949 there was a net decrease in farm our farm plant over the last decade. real estate values of 1.6 billion dollars, or 2.5 per The greatest change in the physical condition of cent. This was the first annual decrease of the farm real estate has taken place in farm buildings. recent war and postwar period. Nevertheless, land From 1941 through 1945, when labor and building values in several States were steady or rising for materials were scarce, expenditures on buildings part of the year and in a few of the States new were roughly estimated at about 3 billion dollars, peaks were reached. On January 1, 1950, farm or 300 million less than estimated building depreciareal estate had an estimated value of 63.5 billion tion. From 1946 through 1949, however, expendidollars. This represented about 50 per cent of the tures to improve old buildings and to provide new total value of all assets listed in the Balance Sheet buildings have been estimated at more than 7 bilof Agriculture. lion dollars. This exceeded depreciation during The peak in land values following World War this period by almost 3 billion dollars and may be II appears to have been reached in late 1948 when considered to be a net addition to the nation's farm the index of average value per acre was 177 plant. (1912-14=100). By March 1, 1950, this index Relatively little new land has been added to had declined about 5 per cent to 169. As net farm farms since the geographic expansion of agriculincome in 1949 was 17 per cent below 1948 and ture was virtually completed several decades ago. as the prospects early in 1950 were for a further But development or improvement of land already decrease, this decline in land values seems moder- in farms—by drainage, clearing, and irrigation— ate. During the war and early postwar periods goes on more or less continuously. During the when prices of farm land were increasing, the period 1940-45, probably not more than 4 million rise probably was retarded by the expectation that acres, or less than 1 per cent of the total cropland, income eventually would be lower. The conserva- was developed. In the postwar years it has been tive rate at which farm earnings apparently were possible to develop as much as 1.5 million acres capitalized tended to cushion the decline in land of new cropland annually. All of this new acrevalues during the recent drop in net farm income. age is not a net gain, however, as some of it replaces Although land values were lower on March 1, land which has gone into home and industrial 1950, than a year earlier, they were 1 per cent building sites, roads, airports, flood control projects, above the November 1949 level. A further increase power and water supply reservoirs, parks, and other of nearly 2 per cent in land values occurred between nonfarm uses. Some of the land developed for March 1 and July 1, 1950. The strengthening of more productive uses replaces land which, because agricultural prices and the improvement in gen- of roughness, erosion, or loss of fertility, has been eral business conditions during the first half of converted to pasture or forest. 1122 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1950 Few data are available concerning additions to cattle, 29 per cent for hogs, 13 per cent for horses, or depletion of soil fertility. The plow-up of sec- 15 per cent for mules, 18 per cent for chickens, and tions of the Plains and Mountain States that in the 28 per cent for turkeys. Although prices received long run are best adapted for grazing has caused by farmers for meat animals averaged lower in a considerable loss of fertility. Also it is probable 1949 than in 1948, prices of feed grains declined that in the Corn Belt and adjoining regions the even more. The ratios of prices of meat animals wartime increase in acreage of intertilled crops to prices of feed were therefore generally more may have resulted in some drain on our soil favorable to continued production of meat, particuresources. These soil losses have been partly offset larly in the first half of 1949. In the first half of by a substantial increase in the number of acres 1950, prices of livestock generally increased. under various soil conservation practices such as Machinery and motor vehicles on farms. Record contour tillage, terracing, and strip cropping. In purchases of farm machinery and motor vehicles other regions, such as in parts of the Pacific and by farmers in 1949 brought their total investment Southeastern States where the acreage of sod crops in these assets to 14.3 billion dollars on January has increased, the soil resources may have been 1, 1950. During the year, farmers bought machinmaintained or even increased. ery and motor vehicles valued at more than 3.9 Livestock on farms. The value of livestock on billion dollars, compared with purchases of 3.4 farms declined from the all-time high of 14.7 billion billion dollars in 1948. The quantity acquired dollars on January 1, 1949, to 13.2 billion dollars was smaller in 1949, as prices paid by farmers for on January 1, 1950, although the number of live- new machinery were in general about 12 per cent stock was 2 per cent higher. The farm value per higher than in 1948. After meeting allowances head was lower for each class of livestock except for depreciation, the net increase in value over a sheep, as shown in Table 4. year earlier was about 2.6 billion dollars compared A significant feature of the upturn during 1949 with a net increase of 2.8 billion during 1948. in numbers of livestock on farms was a 3 per cent In terms of 1940 prices, the 1950 inventory of increase in cattle numbers, including the first machinery and motor vehicles would be valued increase in milk cows since their numbers started at 6.7 billion dollars, showing an increase of 734 to decline in 1945. Hog numbers were up for million dollars over January 1, 1949. This increase the second consecutive year, increasing by 6 per is about 9 per cent larger than that which occurred cent, and poultry was up also—chickens by 7 per during 1947 and only about 2 per cent smaller cent and turkeys by 10 per cent. Sheep numbers than the increase in 1948. In terms of 1940 prices, continued the decline that started in 1942, but farmers have more than doubled their investment the decline of 3 per cent in 1949 was at a much in machinery and motor vehicles since 1940; their lower rate than in previous years. As was to be investment in tractors and other farm machinery expected, the number of horses and mules con- has trebled while their investment in automobiles tinued downward. and trucks is up about 35 per cent. Even though The value per head of livestock on farms Janu- these figures indicate that the quantity of machinery ary 1, 1950, was significantly lower than at the on farms has increased less sharply than the current beginning of 1949. It was down 9 per cent for value would indicate, there has been substantial TABLE 4 NUMBER AND VALUE OF LIVESTOCK ON FARMS, UNITED STATES, JANUARY 1, 1940, 1945, 1946, 1949, AND 1950 a [Number in thousands and value in millions of dollars] 1940 1945 1946 1949 1950 Class Number Value Number Value Number Value Number Value Number Value Cattle 68,309 $2,770 85,573 $5,722 82,434 $6,280 78,298 $10,552 80,277 $9,874 Milk cows, 24,940 1,428 27,770 2,761 26,695 2,994 24,416 4,716 24,625 4,351 Hogs 61,165 476 59.331 1,224 61,301 1,468 57,128 2,184 60,424 1,639 Horses 10,444 808 8,715 565 8,053 462 5,898 309 5,310 243 Mules 4,034 467 3,235 434 3,010 401 2,348 274 2,153 214 All sheep 2 52,107 329 46,520 399 42,436 411 31,654 544 30,797 548 Stock sheep 46,266 294 39,609 335 35,599 341 27,651 470 27.064 481 Chickens 438,288 265 516,497 626 530,203 671 448,676 746 481,190 655 Turkeys 8,569 18 7,203 42 8,493 49 5,540 48 6,120 38 Total $5,133 $9,012 $9,742 $14,657 $13,211 1 Revised. 2 Includes sheep and lambs on feed for market. SEPTEMBER 1950 1123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1950 improvement in the usefulness and adaptability of Farmers owned about 2.2 million motor trucks machinery. on January 1, 1950, valued at 1.3 billion dollars. The value of tractors on farms at the beginning The value of trucks purchased during 1949 was of 1950 is estimated at 3 billion dollars—about 340 million dollars. 582 million dollars more than at the beginning of A combination of circumstances helps to explain 1949, as shown in Table 5. Tractors are still one the record mechanization of farms since the end of the main items of equipment demanded by of World War II. Excellent prospects for profitable farmers. Their purchases during 1949 amounted to operation, accumulated deficiencies during the around 957 million dollars. In the last four years war, a scarcity of labor and resultant high wages, farmers have bought nearly 1.5 million units or high costs of feed for horses and mules, as well as nearly as many as were on farms in 1940. Approxi- technical improvements in the machinery itself, mately 460,000 new wheel tractors were sold on combined to foster an unprecedented demand. the domestic market in 1949, of which about 98 Farmers were in a financial position to purchase per cent were sold to farmers. The net addition, machinery, and it was available because the present including track-laying tractors but excluding garden production capacity of the farm-equipment industractors, brought the total number of tractors on try is more than double that of prewar years. farms to 3.6 million units on January 1, 1950. Crop inventory. The value of all crops owned by farmers stored on and off farms on January 1, 1950, TABLE 5 was 7.8 billion dollars, 7 per cent lower than a year earlier and 11 per cent under the record value of VALUE OF FARM MACHINERY AND MOTOR VEHICLES 8.8 billion dollars on January 1, 1948. The crops UNITED STATES, JANUARY 1, 1940-50 sealed on farms under the price support loan pro- [In millions of dollars] gram of the Commodity Credit Corporation were included. These crops were not available to farm- Other Year T t r o a r c s - m A o u b t i o le - s M tru o c t k o s r f m ar a m - Total i ers for feed or for sale unless redeemed from the chinery Corporation by the repayment of the loans. The value of all crops stored on farms on January 1, 1940 501 900 301 1,358 3,118 1950, was 6.8 billion dollars. Crops stored off 1941 557 967 340 1,447 3,369 1942 720 1,125 426 1,656 3,988 farms under CCC loans were valued at about a 1943... 880 1,126 581 2,013 4,669 billion dollars. Although crops in storage on and 1944 . 871 1,055 672 2,173 4,846 off farms declined in value by nearly 600 million 1945... 1,014 887 701 3,432 6,114 1946....... . . 1,070 718 644 3,562 6,073 dollars during 1949, less than 100 million dollars 1 1 9 9 4 48 7 2 . 1 1 , , 2 7 3 7 4 4 1,2 8 8 8 3 0 8 6 8 8 6 3 3 4 , , 8 8 3 3 1 8 8 6 , , 8 7 6 0 3 6 of this decline can be ascribed to reductions in 19492 2,387 1,763 1,118 6,334 11,683 physical quantities 1950 2,969 2,387 1,311 7,541 14,280 The lower value of crops on farms January 1, 1 Includes harness and saddlery. 1950, reflects both smaller quantities and lower 2 Revised. prices. The aggregate quantities of all crops on The increase in tractors during 1949 was accom- farms were about 6 per cent lower on January panied by a substantial increase in other farm ma- 1, 1950, than a year earlier.4 The most significant chinery, particularly supplementary equipment. The reductions occurred in wheat (16 per cent), corn value of farm machinery other than motor vehicles (6 per cent), and other grains, such as oats, barley, increased over a billion dollars. Purchases totaled and rye (13 per cent). There was an average more than 1.6 billion dollars. This was a little decline of 6 per cent in oil crops on farms. Stocks higher than in 1948, but the quantity of machinery of hay and other forage crops, however, were obtained was less. larger than a year earlier. The value of automobiles on farms is estimated Lower prices contributed substantially to the at 2.4 billion dollars as of January 1, 1950, com-reduced value of crops as of January 1, 1950. pared with 1.8 billion at the beginning of 1949. Prices for corn were 9 per cent lower than a year During the year farmers bought cars valued at 941 earlier; for wheat, 5 per cent; for oats, 9 per cent; million dollars, bringing the total number of cars and for barley, 3 per cent. The price of all hay on farms to 5.8 million on January 1, 1950. These crops averaged 15 per cent higher, but prices estimates are preliminary and subject to revision of other forage crops, such as corn and sorghum when the 1950 census data become available, but silage, averaged substantially lower. A major it is probable that the number of cars averages * A measure of change in aggregate quantities was obtained about one per farm. Farmers also have about 2 by multiplying the quantity of each crop at the beginning million trailers which are used for hauling. of 1949 and 1950 by the price at the beginning of 1949. 1124 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1950 reduction occurred iri the price of oil crops. Soy- bonds owned by farmers increased somewhat durbeans, the most important oil crop from the stand- ing both 1948 and 1949. About half of the increase point of value, declined 11 per cent in price. Flax- resulted from interest accruals. seed and cottonseed both dropped about 38 per Data compiled by the Federal Reserve System cent. Prices were also lower for most vegetables on ownership of demand deposits show a decrease and for tobacco and cotton. Some of the hay-in farmer-owned demand deposits during the year seeds, however, showed higher prices. ended January 31, 1950, in the United States as In addition to crops stored of! farms in public a whole and in all Federal Reserve districts except warehouses and elevators that are pledged as col- Philadelphia, Atlanta, and Dallas (Table 7). For lateral for loans from the CCC, farmers own this same year the data show increases in the deconsiderable quantities of crops stored off farms posits of nonfinancial business concerns and indibut not under CCC loans. Data for such crops viduals other than farmers, for the country as a are not available. whole and for most of the Federal Reserve dis- Household furnishings and equipment. The value tricts. It has been pointed out that the year of household furnishings and equipment on farms ended January 31, 1950, brought the "first divergent was estimated at 6.5 billion dollars on January 1, movements since 1941 in the deposits held by 1950.5 Although prices declined somewhat during farm and nonfarm individuals/5 6 Farmer-owned 1949, purchases were sufficient to increase this in- demand deposits declined most, according to these ventory item by 8 per cent. data, in the Boston and New York Districts. Bank deposits, currency, and United States savings bonds. Another net decrease in the combined amount of bank deposits, currency, and United TABLE 7 States savings bonds owned by farmers took place PERCENTAGE CHANGE IN DEMAND DEPOSITS OF FARMERS, in 1949, as shown in Table 6. The decrease was OTHER INDIVIDUALS, AND NONFINANCIAL BUSINESSES, BY approximately the same in 1949 as in 1948—about FEDERAL RESERVE DISTRICTS, YEAR ENDED JANUARY 31, 1950 x 300 million dollars. During these two years, the [Per cent] amount of these liquid financial assets owned by farmers dropped about 3 per cent below the peak Individuals Nonamount owned on January 1, 1948. The declines in District financial businesses both years occurred in currency and demand Farmers Others deposits. Time or savings deposits owned by Boston -17.6 +1.6 +2.0 farmers remained at the January 1, 1948 level. New York .. — 14.6 +1.1 + 1.8 The redemption value of the United States savings P C h le il v a e d la e n lp d hia + -4 1 . . 8 4 + -1 2 . . 6 9 + +1 3 . . 2 9 Richmond -9 3 -1.6 -2.6 Atlanta +0.7 +1.9 -0.3 Chicago -3.9 +3.1 +6.0 TABLE 6 St Louis -3.8 +8.2 -6.6 Minneapolis -9.4 -3.6 +8.3 Kansas City -3.6 (2) +5.9 LIQUID FINANCIAL ASSETS OWNED BY FARMERS Dallas +4.1 +3.6 +5.2 UNITED STATES, JANUARY 1, 1940-50 San Francisco. -2.6 -1.3 +0.4 [In billions of dollars] All districts -3.9 + 1.3 +2.2 Deposits United 1 Figures for all commercial banks as shown in Federal Reserve Year r C en u c r- y s S a t v a i t n e g s s Total BU 2 L L L e E s T s I N th , a M n a 0 y .0 5 1 9 p 5 e 0 r , c T e a n b t. le 3, p. 524. Demand1 Time bonds The decline of farmer-owned deposits was partly, 1940... 1.0 1.5 1.4 0.2 4.1 1941... 1.1 1.7 1.5 0.4 4.7 and perhaps mainly, responsible for a decline in 1942... 1.5 2.2 1.6 0.5 5.8 the deposits of all individuals, partnerships, and 1943... 2.0 3.2 1.8 1.1 8.1 1944... 2.7 4.0 2.0 2.3 11.0 corporations in insured commercial banks located 1945... 3.3 5.0 2.5 3.7 14.5 in selected agricultural counties. This decline was 1946... 4.0 6.2 3.3 4.5 18.0 at variance with the movement of deposits in 1947... 4.0 7.3 3.6 4.5 19.4 1948... 3.9 7.6 3.8 4.8 20.1 counties that contain the major and secondary trade 1949... 3.8 7.2 3.8 5.0 19.8 1950... 3.7 6.8 3.8 5.2 19.5 and financial centers. For the country as a whole, total deposits increased during 1949 about 3 per cent 1 Federal Reserve estimates, adjusted to a Jan. 1 basis, are in the counties that contain major trade and finanused for the period 1944-50. cial centers and more than 2 per cent in counties that contain secondary trade and financial centers. 5 This figure is only a rough estimate, based on fragmentary data. However, in the absence of detailed household inventories no other estimate can be had. 8 Federal Reserve BULLETIN, May 1950, p. 524. SEPTEMBER 1950 1125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1950 This contrasts with declines of nearly 1 per cent TABLE 8 in the remaining counties—-those that contain only INCOME AND LIQUID FINANCIAL ASSETS OF FARMERS COMsmall trading centers—and nearly 4 per cent in PARED WITH TOTAL NATIONAL INCOME AND LIQUID ASSET the selected agricultural counties. HOLDINGS OF ALL BUSINESSES AND INDIVIDUALS, UNITED This movement of deposits from small to large STATES, 1940-49 population centers is evidenced by the data for [Dollar amounts in billions] nearly all regions. It contrasts strongly with the tendencies shown by deposits during the period Income Liquid financial assets at during yecir end of year l 1940-48. In that period, during most of which deposits increased rapidly, the percentage increase Farmers 3 All Farmers of deposits was much greater in small than in large Year busic p o la u c n e t s i , e s a . nd it was greatest of all in the agricultural ti N on a a - l2 Amount A c o e s f n p t n a e a g r - - e a n d u n e i a d v s l s i s d e i 4 n - s - Amount A ne o s s f s p e a e s l r l c a e n b n d u t s a i i g n - e - The redemption value of United States savings tional dividuals bonds owned by farmers is estimated to have in- 1940... $78.1 $4.5 5.8 $75.8 $4.7 6.2 creased about 200 million dollars during 1949. 1941... 95.2 6.4 6.7 87.2 5.8 6.7 Slightly more than half of this increase resulted 1942... 123.2 9.1 7.4 119.2 8.1 6.8 1943... 152.5 12.1 7.9 159.8 11.0 6.9 from interest that accrued during the year. Only 1944... 164.4 12.5 7.6 197.7 14.5 7.3 in the Corn Belt, Great Plains, and Mountain 1945... 164.1 12.8 7.8 230.4 18.0 7.8 regions did purchases substantially exceed redemp- 1946... 168.3 15.0 8.9 235.2 19.4 8.2 1947... 185.8 17.8 9.6 241.6 20.1 8.3 tions. Purchases were approximately equal to 1948... 207.5 16.5 8.0 240.5 19.8 8.2 1949... 204.1 14.1 6.9 243.8 19.5 8.0 redemptions in the Lake, Delta, and Texas-Oklahoma areas but elsewhere redemptions were con- 1 Currency, demand and time bank deposits, and U. S. securities. siderably greater than purchases. 2 BAE series; based on Department of Commerce data with adjustments to improve comparability with farmers' income. Important reasons for the decline of farmer- 3 Net realized income of farm operators, including Government owned liquid financial assets during 1948 and 1949 pa 4 y m Ex e c n l t u s d . es holdings of banks, insurance companies, savings and appear to be: (1) a substantial decline in the net loan associations, nonprofit associations, foreigners, and governmental bodies and agencies. Data from Board of Governors of realized income of farm operators; (2) an increase the Federal Reserve System. Demand deposits included in total in family living costs; (3) continued large expendi- are figured on a bank-record basis to make them comparable with estimates of farmer-owned deposits. tures (though not as large as in 1946 and 1947) investments made to improve their farms or to for the purchase of farms; and (4) a record volume increase their ownership in farms. These are of expenditures for farm and home improvements. purposes for which many farmers had accumulated From 1945 to 1947, when the net realized income financial reserves. of farm operators rose from 12.8 to 17.8 billion What holds for farmers as a group, as indicated dollars, farmers as a group increased their liquid by the Balance Sheet of Agriculture, does not hold financial reserves despite increased living costs for all individual farmers. It is probable that and increased expenditures for farms and for farm some farmers used their financial reserves because and home improvements (Table 8). But with they did not live within their incomes. Many indiincome declining in the following two years to 14.1 vidual farmers may never have accumulated subbillion in 1949, the liquid financial reserves of stantial financial reserves.7 farmers were reduced by even larger expenditures Net worth of farmers' cooperatives. The net worth for living and for farm and home improvements of farmers' cooperative associations increased about than in the two preceding years, despite a decline in 160 million dollars during 1949, to a total of 2,205 expenditures for the purchase of farms. million on January 1, 1950. This compares with This does not mean that farmers as a group earlier totals of 1,264 million on January 1, 1945, were living beyond their incomes. Expenditures and 826 million on January 1, 1940. All but a totaling about 5 billion dollars per year were made by farmers during 1948 and 1949 for building 7 Few data are available on these points but some informamaterials, motor vehicles, and farm machinery. tion can be obtained from studies of consumer finances made These expenditures are most accurately described by the Federal Reserve Board and from a study of the financial condition of farm operators recently made in Viras investments for the improvement of farms. ginia. To these capital investments should be added a Results of the Virginia study are being prepared for pubsubstantial net expenditure by farmers for the lication. The study covered about 1,500 farm operators and purchase of farm land. Thus the cash deficit it was made cooperatively by the Virginia Bankers Association, the Federal Reserve Bank of Richmond, the Virginia incurred by farmers as a group during 1948 and Polytechnic Institute, and the Bureau of Agricultural Eco- 1949 may be considered to have resulted from 1126 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1950 small part of the net worth of the associations is mortgage recordings has decreased only 5 per cent. owned by the farmer members, and is not immedi- The continued high level of recordings, while farm ately withdrawable. It represents a continuing transfers were dropping sharply, would indicate investment by farmers in service facilities. that farmers were using mortgage credit increasingly to finance farm improvements and purchases CLAIMS of machinery and motor vehicles and to some extent to refinance non-real-estate loans. The claims on the agricultural assets are of two Farm real estate values declined somewhat durgeneral classes: (1) liabilities, which are divided ing 1949 but they were still at a high level. Any into real estate and non-real-estate debt; and (2) influence that this change may have had on total equities, which represent the value of the residual debt,j as the result of smaller purchase-money loans, rights in agricultural assets belonging to the prowas t>frset, partly at least, by the fact that a someprietors—owner-operators, tenants, and landlords. what larger percentage of farm sales was financed Included among these proprietors are individuals, through credit. However, the proportion of the financial institutions and other corporations, and sale price financed by credit apparently has not Federal, State, and local government agencies. changed appreciably. Farm real estate debt. The farm-mortgage debt for the country as a whole increased again during Increases in farm-mortgage debt during 1949 1949, rising from 5.1 to 5.4 billion dollars. This were| sharpest in the Mountain and three Southern increase of 6 per cent is the largest for any year regiojns, where they exceeded 9 per cent. They of the postwar period. In 1946, the farm-mortgage werej moderate in the Appalachian States, the Lake debt increased for the first time in more than Statejs, and the Great Plains; they were smallest two decades. Since then it has been expanding in trje Corn Belt and the Northeast. at an increasing rate. Debts secured by farm real Since farm-mortgage debt in the United States estate at the beginning of 1950 were about 16 per begab to increase again in 1946, it has gone up more cent above the total on January 1, 1946, but they than! 50 per cent in two regions—Mountain and were still 18 per cent below the total on January Southeastern—but it has declined in the Great 1, 1940. Plains and Corn Belt. Compared with 1940, total debt! m tne Great Plains and Corn Belt is, respec- The dollar volume of farm-mortgage recordings tively, about one-half and one-third lower. Half continued at a high level during 1949, although of the regions, on the other hand, have increased during each of the years since 1946 it has declined their] outstanding farm-mortgage loans since 1940 slightly. Since recordings have not increased, it withj the Delta and Southeastern groups showing appears that the sustained rise in outstanding loans a rise of as much as a fourth. in recent years stems largely from a decline in principal repayments rather than from any increase of The changes in outstanding farm-mortgage loans new borrowing. Information on principal repay- during 1949 varied considerably by lenders, as ments available from the Federally sponsored agen- shown in Table 9. Life insurance companies recies and certain private lenders confirms the con- ported the largest increase—13 per cent. In recent clusion that repayments have declined. Part of years they have made both more and larger loans. this drop in repayments can be attributed to a In 1949, they were the only lender group to increase decline in farmers' income and part to the exten- the kverage size of their new loans. The amount sive use of available income for making improve- of fkrm mortgages held by these companies has ments and for buying machinery and other equip- beeri expanding at an increasing rate since 1946, ment. The decline in principal repayments in and | on January 1, 1950, such holdings were nearly recent years apparently has come about mainly one-fifth larger than at the beginning of 1940. because of the slower rate at which advance pay- Available data indicate that the expansion is conments on unmatured principal have been made. tinuing in 1950 as insurance companies seek invest- Delinquencies of matured principal and foreclosures ment outlets for their funds—in some instances, have increased only slightly. they! are refinancing loans made originally by others The continuing large dollar volume of farm- on a short-term basis. mortgage recordings in 1949 is significant in view The Federal Land Banks, insured commercial of the further decline in voluntary farm transfers. banks, and "individuals and miscellaneous lenders" The decline in such transfers in 1949 was consider- all showed moderate increases in their outstanding ably less than in the two previous years, but it was loans during 1949. In the case of the Land Banks, substantial—9 per cent. Since 1946, when farm it was the first increase in outstanding loans experitransfers were at an all-time peak, they have de- enced since 1936, even though since 1943 they have clined 36 per cent, whereas the dollar volume of made an increasing volume of new loans. However, SEPTEMBER 1950 1127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1950 TABLE 9 FARM-MORTGAGE DEBT HELD BY PRINCIPAL LENDER GROUPS, UNITED STATES, JANUARY 1, 1940-50 WITH PERCENTAGE CHANGE 1940-50 AND 1949-50 [Dollar amounts in thousands] Year o T u o ts ta ta l n d d e in b g t F B L e a d a n e n k r d a s l l Co M r F p F o e o a r d r t r e g a m r t a a i g o l e n1 is F A t H a r d r a o m m t m io i e n e n r - s 3 co in m s L u p r i a f a n e n i c e e s x co I m b n a s m u n e r k e r s c d ial a In n l d d a i n v m e i o d is u u c s a e l l s - 1940.. $6,586,399 $2,009,820 $713,290 $31,927 $984,290 $534,170 $2,312,902 1941.. 6,491,435 1,957,184 685,149 65,294 1,016,479 543,408 2,223,921 1942.. 6,372,277 1,880,784 634,885 114,533 1,063,166 535,212 2,143,697 1943,. 5,950,975 1,718,240 543,895 157,463 1,042,939 476,676 2,011,762 1944.. 5,389,080 1,452,886 429,751 171,763 986,661 448,433 1,899,586 1945.. 4,932,942 1,209,676 347,307 193,377 933,723 449,582 1,799,277 1946.. 4,681,720 1,078,952 239,365 181,861 884,312 507,298 1,789,932 1947.. 4,777,355 976,748 146,621 189,300 890,161 683,229 1,891,296 1948.. 4,881,744 888,933 107,066 195,069 936,730 793,476 1,960,470 1949.. 5,108,183 868,156 77,920 188,893 1,035,719 847,841 2,089,654 1950.. 5,413,385 906,077 58,650 188,855 1,172,157 885,491 2,202,155 Percentage change 1940-50 -17.8 -54.9 -91.8 491.5 19.1 65.8 -4.8 1949-50 6.0 4.4 -24.7 (4) 13.2 4.4 5.4 1 Includes regular mortgages, purchase-money mortgages, and sales contracts. 2 Loans held by Corporation were made on its behalf by Land Bank Commissioner. Authority to make new loans expired July 1, 1947. 3 Data for 1940-41 include tenant-purchase loans. Thereafter, data include farm-development (special real estate) loans beginning 1942; farm-enlargement loans beginning 1944; and project-liquidation loans beginning 1945. Data also include similar loans from State Corporation trust funds. 4 Decrease of less than 0.5 per cent. they still hold less than half the amount of loans 1949 authorized the Farmers Home Administration held in 1940. Outstanding farm-mortgage loans to make loans to farm owners for construction, imof insured commercial banks increased again al- provements, alterations, repairs, and replacements. though at a somewhat lower rate. New loans made Only a few of these loans were made in 1949. by this group declined for the third consecutive year, Outstanding loans of the Federal Farm Mortgage partly because of a reduction in the average size of Corporation registered another sharp drop in 1949, their loans. Yet at the beginning of 1950, their chiefly because of repayments by farmers. Other holdings of farm mortgages were two-thirds larger reasons are that the Corporation can no longer than in 1940. Individuals and miscellaneous lend- make new loans and that the Federal Land Banks ers maintained the volume of their recordings fairly have been taking over a few loans which meet well during 1949 and further increased their out- the Land Bank standards. This rapid liquidation standing loans to about the amount held in 1941. is expected to continue in 1950. The Farmers Home Administration had the Interest charges payable on outstanding farmsmallest change in mortgage holdings of any lender mortgage loans increased during 1949 as a result during 1949. Its outstanding loans declined almost of the continued rise in debt, totaling 242 million imperceptibly. This agency has made fewer real dollars compared with 229 million in 1948. The estate loans each year since 1946 because of limited index of interest charges per acre, which enters appropriations for the purpose of assisting farm into the determination of parity prices, rose from operators to become owners or to enlarge their 72 (1910-14 = 100) for 1948 to 76 for 1949. But farms. For each of the fiscal years 1948-50, 15 mil- the level is still low compared with an index of 98 lion dollars were appropriated, and the amount for 1940 and 261 at the peak in 1923. Changes in for 1951 is expected to be at least as large. In interest rates have not been an important factor addition to the loans it makes directly to farmers, in the growth of interest charges in recent years. this agency also insures farm-mortgage loans of a The all-lender average for the United States was similar type made by other lenders. The amount 4.6 per cent on January 1, 1950, the same as for of outstanding insured loans on January 1, 1950, the preceding four years. was 16.8 million dollars compared with 4.6 million Non-real-estate debt. Farmers increased their total a year earlier. These insured loans are included non-real-estate or "short-term" debt about 890 milin the outstanding loans of the respective lender lion dollars during 1949, bringing the amount outgroups that made the loans. The Housing Act or standing on January 1, 1950, to almost 7 billion 1128 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1950 dollars (Table 10). However, the nonrecourse its 1921 level, was higher on January 1, 1950, than price-support loans made directly or guaranteed by it had been for the preceding 19 years. the Commodity Credit Corporation accounted for the major part of the increase. Excluding these NON-REAL-ESTATE LOANS HELD BY ACTIVE COMMERCIAL BANKS, FEDERAL AND FEDERALLY SPONSORED AGENCIES. loans—which are not obligations in the usual sense UNITED STATES, JAN 1 AND JULY 1, 1910-50 and which are treated as income by many farmers— (EXCLUDES NONRECOURSE COMMODITY LOANS HELD OR GUARANTEED BY CCC) non-real-estate farm debt rose approximately 320 million dollars during the year, from 4.9 billion to more than 5.2 billion. These amounts include credit from commercial banks, Federally sponsored agencies, and miscellaneous lenders such as dealers, merchants, finance companies, and individuals. TABLE 10 FARMERS' NON-REAL-ESTATE DEBT, UNITED STATES JANUARY 1, 1940-50 [In billions of dollars] Price-support Other loans loans made or by commer- Loans and guaranteed cial banks book credits Year by Commod- and Federally by mis- Total ity Credit sponsored c l e e l n la d n e e r o s u l s This postwar expansion of non-real-estate farm Corporation agencies debt has resulted mainly from a greatly increased volume of expenditures by farmers for farm work- 1940.... 0.4 1.5 1.5 3.4 1941.. 0.6 1.6 1.7 3.9 ing capital assets and for consumer durable goods. 1942.. 0.6 1.8 1.7 4.1 1943.. 0.8 1.7 1.5 4.0 It is estimated that between January 1, 1946, and 1944.. 0.6 1.7 1.2 3.5 January 1, 1950, farmers spent a total of 22.7 billion 1945.. 0.7 1.6 1.1 3.4 dollars for such items as farm machinery and equip- 1946.. 0.3 1.7 1.2 3.2 1947.. 0.1 2.0 1.5 3.6 ment, motor vehicles, building materials, and live- 1948.. 0.1 2.3 1.8 4.2 stock—as compared with a total of only 9.7 billion 1949.. 1.2 2.7 2.2 6.1 1950.. 1.7 2.8 2.4 6.9 dollars during the preceding four years.8 Farmers also increased their purchases of home equipment 1 Estimated on basis of fragmentary data. and home furnishings after the war. Although For other than price-support loans, the pro- many, of these transactions were made with cash, nounced postwar growth in non-real-estate debt the credit financing of farm capital assets and conslowed considerably in 1949. Loans outstanding sumer durable goods is regarded as the principal from commercial banks and Federally sponsored cause of the postwar upsurge in non-real-estate debt. agencies approximated 2.8 billion dollars on Janu- Along with the purchase of these items, farmers ary 1, 1950, as shown in the chart. This was the spent considerable sums for farm real estate, parhighest January level since 1924, but it represented ticularly during 1946 and 1947. In some instances, an increase of only 5 per cent over the January 1949 purchases of land are financed in whole or in part figure of 2.7 billion dollars. Annual increases dur- with short-term credit, although this practice is not ing the three preceding years were about 18 per cent widespread. Probably more important, cash payeach year. The much smaller percentage increase ments connected with land purchases reduce the for 1949 in the loans of these lenders suggests that buyer's financial reserves and often cause him to significant changes were taking place generally in borrow for operating expenses, or for needed imthe conditions affecting non-real-estate farm lending. provements, livestock, or equipment. The dollar volume of non-CCC loans is esti- In addition to the direct and indirect effects of inmated to have increased more than 80 per cent creased capital expenditures by farmers, rising cost during the period 1946-49; the loans held by com- levels have stimulated the postwar expansion of mercial banks and Federally sponsored agencies non-real-estate debt. Many farmers customarily rose by 70 per cent. In the Northeast, South, and use credit to meet current operating and living ex- West, the amount of loans outstanding from the penses, particularly in areas where pronounced seabanks and Federally sponsored agencies exceeded, sonal variations in income are common, and others at one time or another between 1946 and 1950,. the 8 Since 1945, only 40 per cent of the cost of automobiles previous record peaks of the 1920's, and the Midhas been included in these figures. During the war, 50 per western volume, although less than 60 per cent of cent was included. SEPTEMBER 1950 1129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1950 borrow for this purpose occasionally when their NON-REAL-ESTATE LOANS TO FARMERS HELD BY financial reserves are temporarily inadequate. With COMMERCIAL BANKS*, FEDERAL AND FEDERALLY costs rising throughout most of the postwar period, SPONSORED AGENCIES, BY REGIONS, JAN. I AND JULY I, 1910-50 the average size of non-real-estate loans has in- (EXCLUDES NONRECOURSE COMMODITY LOANS HELD OR GUARANTEED BYCCC) creased, and the number of such loans has also DOLLARS MIDWESTERN increased somewhat. 2.2 I11 Some leveling off of capital expenditures by 2.0 farmers was evident in 1949. It is estimated that I farmers spent 6.6 billion dollars in 1949 for the 1.8 principal items of farm capital other than land 1.6 piL• (for machinery, equipment, motor vehicles for farm use, building materials, and livestock) but 1.4 1I this only matched the 1948 total and thus marked 1.2 mI m the first year of the postwar period in which such 1.6 •M 8 & m 88 8 S 8L™^ u AG F E E N DE C R IE A S L ~l> V . expenditures did not show a large increase. Disregarding seasonal fluctuations, there was a net 0.8 Illl5188888 0.6 decrease in the West during 1949 in non-real-estate loans outstanding from principal lenders; in all 0.4 •888 HSaSSImaSX m SSI 888%9m8 other regions, as shown in the chart, there were 0.2 70000 \ mmml §§88888 net gains. In the past it has not been uncommon Ml a mM O - s for regional differences in movements of non-real- 1910 1920 1930 1940 1950 1910 1920 1930 m1940 1950 estate debt to appear. Since 1935, however, major regional differences have been less frequent. The main difference has been that farmers in the Mid- lars—an increase of 5 per cent over the January west have not expanded their non-real-estate debt 1949 total and approximately double the January nearly so much, relative to 1921 levels, as have 1946 amount. farmers in other areas. Possibly the 1949 downturn Since July 1948, production credit associations of short-term debt in the West will develop into have had, among the major institutional lenders, the second largest volume of non-CCC short-term another unique regional movement, but it may be farm loans outstanding; before that date they merely a forerunner of a general leveling off in all ranked next below the banks and the Farmers regions. Home Administration. On January 1, 1950, the Measured by dollar volume of loans, the most associations accounted for $13.65 of each $100 of important of the regular institutional lenders of non-real-estate debt outstanding from the principal short-term farm credit are the commercial banks. institutional lenders. On January 1, 1950, they had more than 2 billion The outstanding volume of Federal Intermediate dollars outstanding in non-real-estate loans to farm- Credit Bank discounts for private financing instiers (excluding price-support loans). This marked tutions declined during 1949 by about 9 per cent.9 a billion dollar increase during the past four years. Between January 1946 and January 1949, the out- However, the rate of increase declined during 1949; standing amount of these discounts rose from 26.5 the January 1950 total was about 100 million dollars million dollars to 55.8 million; on January 1, 1950, greater than the amount outstanding in January it was down to a 50.8 million. 1949, representing a rise of only 5 per cent. During Loans outstanding from the Farmers Home Ad- 1948, the expansion was approximately 350 million ministration increased slightly during 1949, from dollars—an increase of about 22 per cent over 345.6 to 351.1 million dollars. For several years, the January 1948 figure. this agency had had a declining loan volume—1949 Most banks in rural areas have strong reserves was the first year of increase since 1942. The loan of cash and short-term Government securities and programs administered by the FHA are in general are in good position to maintain their farm loan designed to meet emergency and hardship situaportfolios at current levels. The extent to which tions in which farmers cannot qualify for credit they maintain those levels probably will depend on from customary lending agencies. the volume and quality of the applications for loans. 9 This statement excludes loans discounted for the produc- Production credit associations have increased tion credit associations, which are already reported in the preceding paragraph. It includes loans and discounts to pritheir outstanding loans in about the same proporvately capitalized institutions such as agricultural credit cortion as the commercial banks. The amount out- porations and livestock loan companies, which lend directly standing on January 1, 1950, was 387 million dol- to farmers but which make no public reports on their loans. 1130 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1950 Agriculture has improved the physical base for years to a low point in 1946 and then increased in its productivity over the last decade. Machinery the subsequent four years to a level 1.2 times that and motor vehicles are more plentiful and of better of 1940. The equities of proprietors, including quality than ever before. Many new scientific dis- landlords who do no farming as well as operating coveries are being applied. Farm buildings have proprietors, increased by 2.6 times in the decade in been repaired, remodeled, and built new at a very response to the physical gains in the basic farm high rate in the last half of the decade. Soil im- plant, the higher prices at which the plant was provements have offset soil depletion at least in valued, and the greatly expanded holdings of part. On January 1, 1950, this physical basis for financial assets by people living on farms. production, that is, physical assets, was valued in As the uncertain international situation is faced, 1940 prices at 1.1 times what it had been 10 years agriculture is equipped physically and financially earlier. In current prices, it was twice as much for heavy production. The high degree of mechaas in 1940. nization which represents a large capital investment Besides these tangible assets of agriculture, farm minimizes the use of manpower. Yet this mechapeople had increased their financial assets by 4.4 nization has made the farmer more dependent on times in the decade. replacement parts and motor fuel than in other In the meantime, debts declined during the war periods. CURRENT EVENTS AND ANNOUNCEMENTS New Members of the Board of Governors Appointment of First Vice President at the Federal Assume Their Duties Reserve Bank of Minneapolis Mr. Edward L. Norton and Mr. Oliver S. Powell, Effective September 15,1950, Mr. Albert W. Mills who were confirmed by the Senate as members of was elected First Vice President of the Federal Rethe Board of Governors on June 2 and August 9, serve Bank of Minneapolis for the unexpired porrespectively, took the oath of office and assumed tion of the five-year term which ends February 28, their duties on September 1. 1951. Mr. Mills joined the staff of the Minneapolis Bank Complete List of All Members of the Board of as an examiner in 1933 after approximately thirteen Governors of the Federal Reserve System years of commercial banking experience. He has On pages 1186-87 of this BULLETIN is a table been an officer of the Bank since 1938 when he which lists all members of the Board from the was elected Assistant Auditor and since January 1, beginning of the Federal Reserve System, with 1947, has served as Vice President and Cashier. information regarding the Federal Reserve districts Mr. Mills succeeds Mr. Oliver S. Powell who was from which they were appointed and their terms recently appointed a member of the Board of Govof office. ernors. Federal Reserve Meetings Admissions of State Banks to Membership in the A meeting of the Federal Open Market Com- Federal Reserve System mittee was held in Washington on August 18, 1950. The following State banks were admitted to A meeting of the Chairmen of the Federal Remembership in the Federal Reserve System during serve Banks, which was also attended by members the period July 16, 1950 to August 15, 1950: of the Board of Governors, was held on September Alabama 18-19, 1950. Death of Director Monroeville—Monroe County Bank Illinois Mr. H. E. Atwood, President, First National Bank, Minneapolis, Minnesota, who had served as Silvis—Bank of Silvis a Class A director at the Federal Reserve Bank of Ohio Minneapolis since January 1, 1950, died on August Ottoville—The Ottoville Bank Company 27, 1950. During the years 1947 through 1949 Mr. Atwood served on the Federal Advisory Coun- Texas cil as the member representing the Ninth Federal Austin—Texas State Bank Reserve District. Victoria—Victoria Bank and Trust Company SEPTEMBER 1950 1131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVALUATION OF THE FRENCH GOLD RESERVE A convention of August 2, 1950 between the equivalent of 393,396.50 francs per \ilogram of Governor of the Ban\ of France and the Minister fine gold. This is the basis for the present revaluof Finance concerning the revaluation of the gold ation of the gold reserve. reserve of the Ban\ of France was approved by The French Government is planning to use the law on August 4, 1950. A translation of the conrevaluation profit of 126 billion francs to reduce vention is given below. its internal indebtedness and to facilitate the repay- The gold reserve, including the portion pledged ment of a dollar loan. About 77 billion francs is for a loan from a group of New Yor\ ban\s, has allocated to repayment of debts to the Ban\ of been carried on the boo\s of the Ban\ of France France and about 23 billion to redemption of Treassince December 26, 1945, at the rate of 134,027.90 ury bills and other obligations held by a number of francs per \ilogram of fine gold, equivalent to European central ban\s. The remainder, 26 bilthe exchange rate of 119JO francs per dollar. lion francs, will be used to purchase 75 million Since that date the exchange rate has been sucdollars from the French Exchange Stabilization cessively depreciated and for a time a system of multiple and variable exchange rates was Fund in order to repay before maturity a 75 milin effect. Since September 20, 1949, however, a lion dollar loan on gold made in October 1949 by single and virtually constant exchange rate based a group of commercial ban\s in New Yor\. The on the "free mar\et'f rate for the dollar has pre- Stabilization Fund has been accumulating dollars vailed in France. During the past six months this in recent months as a result of the improvement rate has averaged 349.6 francs per dollar or the in the French balance of payments. CONVENTION Between the undersigned: from this operation the amounts necessary: M. Maurice-Petsche, Minister of Finance and 1. To cover the Exchange Stabilization Fund for Economic Affairs, the equivalent in francs of the foreign exchange And M. Wilfrid Baumgartner, Governor of the reserved for the repayment of loans contracted Bank of France, duly authorized by decision of abroad and secured, under the terms of the conthe General Council under date of August 2, 1950, vention of November 17, 1947, by the gold of the It has been agreed as follows: Bank of France; Art. 1. On August 16, 1950, the Bank of France 2. To redeem the negotiable Treasury bonds shall proceed to the revaluation, on the basis of delivered to the Bank of France under the terms of 393,396.50 francs per kilogram of fine gold: the conventions of April 11, 1946,2 February 20, Of its gold reserves: 1947, June 24, 1947, and August 28, 1947. Of the gold earmarked as security under the The balance of the increment arising from the terms of the convention of November 17, 1947; revaluation shall be put into a special account Of the gold received from the State in repayment opened on the books of the Bank of France, in of the Treasury bond delivered to the Bank of the name of the Caisse Autonome d'Amortissement, France on May 23, 1949, in accordance with article to enable the latter to ensure the successive redemp- 4 of the convention of November 17, 1947. tion of holdings invested in Treasury bonds or Art. 2. Notwithstanding the provisions of article placed in a current account with the Treasury for 12 of the convention of February 29, 1940/ of account of the central banks of those countries article 4 of the convention of June 9, 1940, and with which France has bilateral payments agreeof article 4 of the convention of June 8, 1944, there ments and especially the member countries of the shall be deducted from the increment resulting Organization for European Economic Cooperation. Art. 3. The present convention shall be exempt ['See Federal Reserve BULLETIN, May 1940, pp. 406-07.] [2 See Federal Reserve BULLETIN, August 1946, p. 872.] from stamp and registration taxes. 1132 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF CENTRAL BANK OF" CEYLON The Central Ban\ of Ceylon opened for business flexible international reserve requirements. The on August 28, 1950. Its establishment was pro- Central Ban\ is a banker's ban\, with broad powers vided for in the Monetary Law Act, No. 58 of 1949, to administer the monetary system and to regulate which came into force on December 16, 1949. The banking and credit. text of this Act has been received by the Board of The Act places responsibility for central ban\ Governors and is given below. policy and administration in a Monetary Board com- Prior to the establishment of the Central Ban\, posed of three members. The Board assumed office Ceylon s currency system was administered by a on July 1, 1950. Its Chairman, who is also Gov- Board of Currency Commissioners, and the rupee ernor of the Central Ban\, is Mr. John Exter,1 and note issue was fully backed by a sterling reserve. its other two members are Mr. J. Tyagaraja, a The new Monetary Law Act defines the value of banker by profession, and Mr. T. D. Per era, acting the Ceylon rupee in terms of gold and provides for Permanent Secretary of the Ministry of Finance. MONETARY LAW ACT, NO. 58 OF 1949 AN ACT TO ESTABLISH THE MONETARY SYSTEM OF Majesty, by and with the advice and consent of CEYLON AND THE CENTRAL BANK TO ADMINISTER the Senate and the House of Representatives of AND REGULATE THE SYSTEM AND TO CONFER AND Ceylon in this present Parliament assembled, and IMPOSE UPON THE MONETARY BOARD OF THE CENTRAL by the authority of the same, as follows: BANK POWERS, FUNCTIONS, AND RESPONSIBILITIES 1. (1) This Act may be cited as the Monetary NECESSARY FOR THE PURPOSES OF SUCH ADMINISTRA- Law Act, No. 58 of 1949. TION AND REGULATION, AND TO PROVIDE FOR CON- (2) The provisions of this Act, other than the NECTED MATTERS. provisions of Chapter II thereof, shall not come [Date of Assent: December 16, 1949.] into operation until such date as may be appointed by the Governor-General by order published in BE it enacted by the King's Most Excellent the Gazette. CHAPTER I. ESTABLISHMENT OF THE MONETARY UNIT 2. (1) The standard unit of monetary value in every transaction, dealing, matter, and thing what- Ceylon shall be the Ceylon rupee, which shall be soever relating to money, or involving the payrepresented by the signs "Re." and "Rs." ment of money or the liability to pay any money, (2) The Ceylon rupee shall be divided into 100 shall, in the absence of an express agreement to units each of which shall be called a "cent". the contrary which is not rendered invalid or unlawful by any other written law, be held to be made, 3. The par value of the Ceylon rupee shall be executed, entered into, done, and had in Ceylon two grains and eighty-eight hundredths (2.88) of according to the Ceylon rupee. a grain of fine gold. (2) In any case where any such obligation which 4. (1) Every obligation of the following descrip^ is by agreement expressed in any monetary unit tion, that is to say, every contract, sale, payment, other than the Ceylon rupee has, by reason that bill, note, instrument, and security for money, and such agreement is rendered invalid or unlawful by any other written law, to be executed or liqui- *At the request of the Government, of Ceylon, Mr. Exter, dated in Ceylon rupees, the necessary conversions formerly a member of the staff of the Board of Governors of the Federal Reserve System, served as Adviser on the estab- shall be effected on the basis of the legal parities lishment of a reserve bank in Ceylon. In June 1950, Mr. ruling at the time when such obligation falls to be Exter resigned his position with the Board of Governors in executed or liquidated, or at such other time as order to accept appointment as Governor of the Central may be specified in that behalf in the agreement. Bank. 1133 SEPTEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF CENTRAL BANK OF CEYLON CHAPTER II. ESTABLISHMENT OF THE CENTRAL BANK TO ADMINISTER AND REGULATE THE MONETARY SYSTEM General on the recommendation of the Prime PART L THE CENTRAL BANK, ITS POWERS Minister. AND PURPOSES (3) In the absence of the Governor from any 5. An institution, which shall be called and meeting of the Monetary Board, the Deputy Govknown as the Central Bank of Ceylon (hereinafter ernor designated as Senior by the Board shall act referred to as "the Central Bank"), is hereby as his alternate and shall preside at the meeting established as the authority responsible for the and have the right to vote thereat. administration and regulation of the monetary and (4) In the absence of the member of the Monebanking system of Ceylon; and, without prejudice tary Board mentioned in paragraph (b) of subto the other provisions of this Act, the Central section (2) from any meeting of the Board, the Bank is hereby charged with the duty of so reguperson holding office for the time being as Deputy lating the supply, availability, cost, and interna- Secretary to the Treasury shall act as that member's tional exchange of money as to secure, so far as alternate at that meeting and have the right to vote possible by action authorised by this Act, the followthereat. ing objects, that is to say: (a) the stabilization of domestic monetary 9. (1) The Monetary Board of the Central Bank values; shall in that name be a body corporate with per- (b) the preservation of the par value of the petual succession and a common seal and may sue Ceylon rupee and the free use of the rupee for cur- or be sued in its corporate name. rent international transactions; (2) The Monetary Board shall have the power, (c) the promotion and maintenance of a high in the name of the Central Bank, to hold property, level of production, employment, and real income both movable and immovable, and to sell and disin Ceylon; and pose of the same, to enter into contracts and other- (d) the encouragement and promotion of the wise to do and perform all such acts or things as full development of the productive resources of may be necessary for the purpose of carrying out Ceylon. the principles and provisions of this Act. (3) The Monetary Board may, in the name of 6. The capital of the Central Bank shall be 15 the Central Bank, acquire and hold such assets million rupees, which sum is hereby appropriated and incur such liabilities as result directly from to the Bank from the surplus assets of the Board operations authorised by this Act or as are essenof Commissioners of Currency as provided in sectial for the proper conduct of such operations. tion 128. 10. For the purposes of the exercise of its powers, 7. The Central Bank shall have its principal duties, functions, and responsibilities under this place of business in Colombo, and may have such Act, the Monetary Board branches, agencies, and correspondents in other (a) may, subject to the provisions of section 22 places, in Ceylon or abroad, as may be necessary and section 23, appoint such officers and servants for the proper conduct of the business of the Bank. as the Board may consider necessary and remove PART 2. THE MONETARY BOARD them from office or dismiss them, and may fix the salaries or wages, or other remuneration, of such 8. (1) The Monetary Board of the Central Bank officers and servants, and may prescribe their conshall, in addition to determining the policies or ditions of service; measures authorised to be adopted or taken under (b) may establish and regulate pensions or provithis Act, be vested with the powers, duties, and dent funds or schemes for the benefit of officers functions of the Central Bank under this Act, and servants and their dependants and nominees, and be generally responsible for the management, and may make contributions to any such fund or operations, and administration of the Bank. scheme; (2) The Monetary Board shall consist of (c) may make such rules and regulations as the (a) the Governor of the Central Bank who shall Board may consider necessary in relation to any be the Chairman of the Board; matter affecting or connected with or incidental to (b) the person holding office for the time being the exercise, discharge, or performance of the as Permanent Secretary to the Ministry of Finance; powers, functions, and duties of the Central Bank; and and (c) a third member appointed by the Governor- (d) may utilise the funds of the Central Bank 1134 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF CENTRAL BANK OF CEYLON for the purpose of meeting all expenditure incurred first appointed member holding office under this by the Board in the management, administration, Act shall be the period of three years from the and operation of the Bank and in the exercise, per- date of his appointment. formance, and discharge of powers, functions, and (2) In the event of the vacation of office by the responsibilities of the Bank under this Act. Governor or by the appointed member before the expiration of his term of office, another person 11. A person shall be disqualified for appointshall be appointed in his place to hold office during ment as the Governor of the Central Bank, or as the unexpired part of the term of office of the a member of the Monetary Board under paragraph Governor or member so vacating office. (c) of section 8 (2), if (3) Any person vacating office as Governor or (a) he is a Senator or a Member of Parliament as appointed member by effluxion of time shall be or a member of any local authority; or eligible for reappointment. (b) he is a public officer or a judicial officer within the meaning of the Ceylon (Constitution) 14. (1) The appointed member shall receive an Order in Council, 1946, or holds any office or posi- allowance for each day on which he attends a meettion (other than an academic position), either by ing of the Monetary Board. election or appointment, for which salary or other (2) The amount of such allowance shall be fixed remuneration is payable out of public funds or by the Governor-General on the recommendation the funds of any local authority; or of the Prime Minister. (c) he is a director, officer, employee, or shareholder of any banking institution (other than the 15. (1) Where the appointed member is, through Central Bank). illness, absence from Ceylon, or for any other reason, temporarily unable to perform the functions 12. (1) The Governor of the Central Bank shall of his office, the Governor-General may, on the be a person appointed for the purpose by the recommendation of the Prime Minister, appoint Governor-General on the recommendation of the some other person to act in his place for such Prime Minister. period as may be specified by the Governor-General. (2) The Governor shall devote his full profes- (2) The provisions of section 11 shall apply in sional time to the business of the Bank; and accord- relation to any such appointment. ingly the Governor shall not accept or hold any (3) The person appointed to act as a member other office or employment whatsoever, whether of the Board under this section shall during the public or private, and whether remunerated or not: period of his appointment be deemed for the pur- Provided, however, that nothing in the preceding poses of this Act to be the appointed member. provisions of this sub-section shall be deemed to prevent the Governor from accepting or holding 16. The Governor-General may, on the recomany academic office or position, or from being mendation of the Prime Minister, remove the appointed to be or acting as a member of any com- Governor or the appointed member from office mission constituted under the Commissions of (a)- if he becomes subject to any disqualification Inquiry Act, No. 17 of 1948, for the purposes of mentioned in section 11; or any inquiry relating to monetary, banking, finan- (b) if he becomes permanently incapable of percial, or general economic matters or questions forming his duties; or affecting the national welfare of Ceylon, or of any (c) if he has done any act or thing which, in council, committee, or other body investigating or the opinion of the Prime Minister, is of a frauduexamining, or advising upon, any such matters or lent or illegal character or is manifestly opposed questions. to the objects and interests of the Central Bank; or (3) The Governor shall receive such salary as (d) in the case of the Governor, if he acts in may be fixed by the Governor-General on the rec- contravention of sub-section (2) of section 12. ommendation of the Prime Minister. 17. (1) Meetings of the Monetary Board shall 13. (1) The term of office of the Governor, and be held at least once in every two weeks and, in of the person appointed under paragraph (c) of addition, as frequently as is necessary for the pursection 8 (2) (hereinafter referred to as the "ap- pose of the discharge of its responsibilities under pointed member"), shall, subject to the provisions this Act. of sub-section (2) of this section, be the period of (2) Meetings of the Board shall be convened by six years commencing on the date of his appoint- the Governor. ment: (3) At any meeting of the Board two members Provided, however, that the term of office of the shall constitute a quorum. SEPTEMBER 1950 1135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF CENTRAL BANK OF CEYLON (4) No decision taken at any meeting of the 21. Subject to and in accordance with such rules, Board shall be deemed to be a decision of the if any, as may be made by the Monetary Board Board unless it has the concurrence of at least two in that behalf, the Governor may delegate to any members, or, in any case where any other provision other officer of the Bank his authority to represent of this Act requires a unanimous decision, the the Bank for any purpose mentioned in section 20, concurrence of all three members. so however that the Governor shall remain and continue to be responsible to the Board for and in 18. The Deputy Governor designated as Senior respect of any act or thing done or omitted to be by the Monetary Board and the Director of Ecodone by any such delegate. nomic Research may attend meetings of the Monetary Board, but shall not have the right to vote 22. The Monetary Board shall, with the conon any question. currence of the Minister of Finance, appoint one or more Deputy Governors who shall perform such PART 3. THE GOVERNOR AND DEPUTY GOVERNORS duties and exercise such powers as may be assigned 19. (1) The Governor shall be the chief executive to them by the Board. officer of the Central Bank and shall accordingly 23. (1) A person shall be disqualified for appointbe charged with the following powers, duties, and ment as a Deputy Governor if functions: (#) he is a Senator or a Member of Parliament (a) the execution of policies and measures apor a member of any local authority; proved by the Monetary Board and, subject to any (b) he is a public officer or a judicial officer such policies and measures as may be applicable, within the meaning of the Ceylon (Constitution) the direction, supervision, and control of the oper- Order in Council, 1946, or holds any office or posiations of the Central Bank and its internal mantion (other than an academic position), either by agement and administration; election or appointment, for which salary or other (b) the preparation of the agenda for meetings remuneration is payable out of public funds or of the Monetary Board and the submission for the the funds of any local authority; or consideration of the Board of policies and measures (c) he is a director, officer, employee, or shareconsidered by him to be necessary for the purpose holder of any banking institution (other than the of carrying out the principles and provisions of Central Bank). this Act; and (2) The Monetary Board may, with the con- (c) the exercise or performance of such other currence of the Minister of Finance, remove any powers or duties as may be conferred or imposed Deputy Governor from office upon him by the Monetary Board. (a) if he becomes subject to any disqualification (2) Every instrument of the following descripmentioned in sub-section (1); or tion, that is to say, every contract, promissory note, (b) if he becomes permanently incapable of persecurity, report, balance sheet, statement, or other forming his duties; or document, and every rule, regulation, order, direc- (c) if he has done any act or thing which, in tion, notice, or requirement which bears the signathe opinion of the Board, is of a fraudulent or ture of the Governor or such other officer as may illegal character or is manifestly opposed to the be authorised in that behalf by the Monetary Board, objects and interests of the Central Bank; or shall be deemed for all purposes to be an instru- (d) if, in the opinion of the Board, he has failed ment executed, made, or issued by the Central to carry out his duties. Bank or by the Monetary Board, as the case may be. 24. In the event of the temporary absence from 20. The Governor of the Central Bank shall be duty of the Governor or of the temporary inability the principal representative of the Bank and of of the Governor to perform his functions and the Monetary Board and shall in that capacity, duties, the Deputy Governor designated as Senior but in accordance with policies or rules approved by the Board shall act as the chief executive officer or made by the Board, have authority of the Central Bank and shall have authority to (a) to represent the Central Bank and the Board exercise the powers and perform the functions and in all relations with other persons, including the duties of the Governor under this Act. Government and any body of persons, corporate or unincorporate, whether public or private, do- PART 4. DEPARTMENTS OF THE CENTRAL BANK mestic, foreign, or international; and A. The Department of Economic Research (b) to represent the Central Bank and the Board in any legal proceedings either personally 25. (1) The Central Bank shall establish and or through proctor or counsel. maintain a Department of Economic Research 1136 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF CENTRAL BANK OF CEYLON which shall prepare data and conduct economic to examine, the books and accounts of every comresearch, for the guidance of the Monetary Board mercial bank in Ceylon at least once in each examand the Governor in formulating, implementing, ination period, and shall make such further examand executing policies and measures and for the inations in respect of any specified bank whenever information of the public, in the subjects of money required so to do by the Governor. and banking and other economic subjects of gen- (2) Examination of the books and accounts of eral interest. banking institutions other than commercial banks, (2) The head of the department established or of any specified banking institution, shall be under subjection (1) shall be called the Director made if directions in that behalf are given by the of Economic Research. Monetary Board. (3) A report on the results of each examination 26. (1) The Director of Economic Research or under this section shall be furnished by the Director any officer of the Department of Economic Research of Bank Supervision to the Governor. authorised for the purpose by the Director may in (4) It shall be lawful for the Director of Bank such manner as may be prescribed by rules made Supervision or for any Examiner of his Department under section 10 (a) to administer oaths or affirmations, in ac- (a) require any person to furnish to him such cordance with the Oaths Ordinance, to any director, information as he may consider it necessary to officer, or employee of any banking institution; obtain for the purposes of the proper discharge of (£) to require any such director, officer, or the functions and responsibilities of the Central employee to furnish such information as the Di- Bank; or rector or Examiner may consider it necessary to (b) require any person to produce for inspecobtain for the purpose of enabling the true condition any books or records in his possession contion of the affairs of the institution to be ascertaining or likely to contain any such information. tained; or (2) Any person who without reasonable cause (c) to require any such director, officer, or emfails or refuses to comply with any requirement ployee to produce for inspection any books, records, made under sub-section (1) shall be guilty of an or other documents in his possession containing or offence. likely to contain any such information. (3) In this section "person" includes any officer (5) It shall be the duty of every director, officer, of any Department of Government, and any body or employee of any banking institution to afford of persons, corporate or unincorporate, whether to the Director of Bank Supervision or to any established or constituted under any written law or Examiner of his Department full opportunity to otherwise. examine books and records and its cash, available assets, full liabilities and general condition, when- 27. The Central Bank shall promote and spon- ever so requested by the Director. sor the training of technical personnel in the sub- (6) In this section "examination period" means jects of money, banking, statistics, finance, and each period of such duration as may be fixed for other economic subjects, and for this purpose, the the purpose by the Monetary Board. Central Bank is hereby authorised to defray the costs of study, in Ceylon or abroad, of employees 30. (1) In any case where the Director of Bank of the Bank who are of proved merit, or of any Supervision is satisfied, after examination by himother qualified persons selected by the Monetary self or any Examiner of the affairs of any banking Board. institution, or upon information received from the institution, that the institution is insolvent or is B. The Department of Bank Supervision likely to become unable to meet the demands of 28. (1) For the purposes of the continuous super- its depositors, or that its continuance in business vision and periodical examination of all banking is likely to involve loss to its depositors or creditors, institutions in Ceylon, the Central Bank shall the Director shall make a report accordingly to the establish and maintain a Department of Bank Governor for submission to the Monetary Board; Supervision. and if the Board, upon review of the facts and circumstances, is of opinion that action should be (2) The head of the department established under taken as hereinafter provided, the Board may make sub-section (1) shall be called the Director of order directing the institution forthwith to sus- Bank Supervision. pend business in Ceylon and directing the Director 29. (1) The Director of Bank Supervision shall to take charge of all books, records and assets of examine, or cause an Examiner of his Department the institution and to take such measures as may SEPTEMBER 1950 1137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF CENTRAL BANK OF CEYLON be necessary to prevent the continuance of business unconditionally or subject to such conditions as by the institution. the court may consider necessary in the public (2) Notwithstanding anything in any written or interest or in the interests of the depositors and other law, no action or proceeding may be insti- other creditors of the institution. tuted in any court for the purpose of securing the (6) Every order made by a competent court review or revocation of any order made under sub- under this section shall be subject to an appeal section (1) or in respect of any loss or damage to the Supreme Court and the provisions of the incurred, or likely to be or alleged to be incurred, Civil Procedure Code relating to appeals in civil by reason of such order. actions shall apply mutatis mutandis in the case of any such appeal: (3) An order made by the Monetary Board under sub-section (1) in respect of any banking institution Provided that an order under paragraph (a) of shall cease to have effect upon the expiration of a sub-section (5) shall be final and shall not be period of 30 days from the date on which it is subject to appeal. made; and it shall be the duty of the Board, as (7) Every application to a competent court under soon as practicable and in any event before the this section shall be deemed to be an action of expiration of the said period the value of 5,000 rupees. (a) to make order permitting the institution to (8) In this section, "competent court", in relaresume business, either unconditionally or subject tion to any banking institution, means the District to such conditions as the Board may consider neces- Court of Colombo or of the district in which the sary in the public interest or in the interests of the principal office in Ceylon of the institution is maindepositors and other creditors of the institution; or tained. (b) to cause the Director of Bank Supervision (9) Nothing in this section shall apply to or in to make application to the competent court under relation to any banking institution unless it is an such written law as may be applicable in that behalf institution that is subject to or governed by any for the winding-up of the institution. other written law which confers power to order (4) Where an order has been made by the Mone- winding-up or liquidation. tary Board under sub-section (3) permitting the resumption of business by any banking institution 31. In any case where an order is made, whether subject to such conditions as may be specified in in pursuance of an application under section 30 the order, the competent court may, on application or otherwise, for the winding-up of any banking made to it in that behalf by the banking institution institution, then, notwithstanding anything in any at any time while the order is in force, make a other written law, the Director of Bank Supervision declaration permitting the institution to resume shall be appointed to be the liquidator for the business unconditionally, or varying or altering, purposes of such winding-up. in such manner as the court may determine, any or all of the conditions specified by the Board; 32. (1) Any owner, agent, director, officer, or and any such declaration shall have effect notwith- employee of any banking institution, who fails to standing anything in the order made by the Board furnish any information or to produce any book, under sub-section (3). record, or other document when required so to do The Director of Bank Supervision shall be named by the Director of Bank Supervision or any Examrespondent to any such application and shall be iner under the preceding provisions of this Part entitled on behalf of the Board to be heard and or who obstructs or fails to permit the Director or to adduce evidence at the hearing thereof. any Examiner to make any examination authorised to be made under any such provision, shall be guilty (5) In any case where application is made by the of an offence. Director as provided in sub-section (3) for the winding-up of any banking institution. (2) Any person who in any report or information furnished to the Director of Bank Supervision, (a) the institution shall not carry on business or to any Examiner, makes any statement which he during the pendency of the application unless it knows to be false shall be guilty of an offence. is authorised so to do by the court and except in accordance with such conditions, if any, as may C. Other Departments be specified by the court; and (b) the court, if it is of opinion after such 33. The Monetary Board may establish and maininquiry as it may consider necessary, that the insti- tain such other departments as it may consider tution is not insolvent, may make a declaration necessary for the proper and efficient conduct of permitting the institution to resume business either the business of the Central Bank. 1138 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF CENTRAL BANK OF CEYLON PART 5. REPORTS AND PUBLICATIONS PART 6. PROFITS, LOSSES, AND SPECIAL ACCOUNTS 34. The Central Bank shall, before the eighth 37. The financial year of the Central Bank shall day of each month, publish a general balance sheet be the calendar year. showing the volume and composition of its assets 38. Before the expiration of 30 days after the and liabilities as on the last working day of the end of each financial year, the Central Bank shall preceding month. determine its net profits or losses, and in the calcu- 35. (1) Within three months after the end of lation of net profits the Bank shall make adequate each financial year, the Monetary Board shall sub- allowance or establish adequate reserves for such mit to the Minister of Finance and shall publish purposes as the Monetary Board may deem fit. an Annual Report on the condition of the Central 39. Before the expiration of 60 days after the Bank and a review of the policies and measures end of each financial year, the Monetary Board adopted by the Monetary Board during the financial shall carry out the distribution of the net profits year and an analysis of the economic and financial in accordance with the following provisions: circumstances which prompted those policies and measures. (a) Firstly, all the net profits of the Central Bank shall be used to reduce the Monetary Adjust- (2) The Annual Report shall include a statement Account, defined in the following section, ment of the financial condition of the Central Bank, whenever such Account exists, until the Account and shall present as a minimum the following data: has been completely liquidated. (a) the monthly movements of the money sup- (by Secondly, any net profits remaining after ply, distinguishing between currency and demand liquidation of the Monetary Adjustment Account, deposits; if any, shall be carried to surplus until such time (b) the monthly movements of purchases and as the total capital accounts of the Bank reach a sales of exchange and of the International Reserve sum equal to at least 15 per centum of the differof the Bank; ence between the total assets of the Bank and its (r) the annual balance of payments of Ceylon; assets in gold and in foreign currencies. (d) the monthly indices of wages, of the cost (c) Thirdly, any net profits remaining after t>f living, and of import and export prices; compliance with the preceding provisions shall, (e) the monthly movement, in summary form, after consultation with the Minister of Finance, of exports and imports, by volume and value; either be applied in liquidation of any outstanding (/) the monthly movement of the accounts of Government obligations to the Central Bank or the Central Bank and, in consolidated form, of the be paid and credited to the Consolidated Fund. commercial banks; 40. The Monetary Board may, whenever it deems (g) the principal data on Government receipts it advisable, exclude from the computation of the and expenditures and on the state of the public annual profits and losses of any particular financial debt, both domestic and foreign; and year all or any part of any extraordinary expenses (h) the texts of the major legal enactments and of the following description which may have been administrative measures adopted by the Govern- incurred during that year: ment and the Monetary Board during the year, (a) The costs of any extraordinary coin or note which relate to the functions or operations of the issue. Central Bank or of banking institutions operating (by Expenditures incurred in the issue and placin Ceylon. ing of, and the payment of interest on, the securi- (3) The Annual Report shall be laid before ties to which reference is made in section 90. Parliament within 14 days after the receipt thereof (c) Interest paid on bank reserves in accordance by the Minister of Finance, if Parliament is then with section 94. in session, or, if Parliament is not in session, within The amounts so excluded from the computation 14 days after the commencement of the next en- of profits and losses shall be entered in a suspense suing session. account which shall be called the "Monetary Adjustment Account". The expenses charged to such 36. The balance sheets and other financial state- Account shall in every case be amortized not later ments of the Central Bank (including the statement than five years after they are so charged. -of financial condition referred to in section 35 (2)) shall be signed by the Governor and the Chief 41. (1) Profits or losses arising from any re- Accountant of the Bank, and shall be certified by valuation of the Central Bank's net assets or liabilithe Auditor-GeneraL ties in gold or foreign currencies as a result of ^SEPTEMBER 1950 1139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF CENTRAL BANK OF CEYLON changes in the par value of the Ceylon rupee or of is a director, officer, or employee, or a shareholder, changes in the parities or exchange rates of foreign of any banking institution. currencies with respect to the Ceylon rupee, or 45. (1) Except in the performance of his duties profits or losses assumed by the Central Bank in under this Act, every officer or servant of the accordance with the provisions of section 78, shall Central Bank shall preserve and aid in preserving hot be included in the computation of the annual secrecy with regard to all matters relating to the profits and losses of the Central Bank. affairs of any banking institution, or of any client (2) All such profits or losses shall be carried in of any such institution, that may come to his a special account, which shall be named "Inter- knowledge in the performance of his duties; and national Reserve Revaluation Account", and the net any such officer or servant who communicates balance of which shall appear either among the any such matter to any person other than the liabilities or among the assets of the Central Bank, Monetary Board or an officer of the Central Bank according as the revaluations have produced net authorised in that behalf by the Governor, or profits or net losses. suffers or permits any unauthorised person to have (3) The International Reserve Revaluation Ac- access to any books, papers, or other records recount shall be neither credited nor debited for any lating to any banking institution, shall be guilty purposes other than those specifically mentioned of an offence. in this section. (2) No officer or servant of the Central Bank PART 7. AUDIT shall be required to produce in any court any book 42. (1) The accounts of the Central Bank shall or document or to divulge or communicate to any court any matter or thing coming under his notice be audited by the Auditor-General and the cost of in the performance of his duties under this Act, audit shall be paid by the Bank. except as may be necessary for the purpose of (2) The Auditor-General shall submit an annual carrying into effect the provisions of this Act. report on the accounts of the Central Bank to the Minister of Finance who shall lay such report be- 46. Any member of the Monetary Board or any fore Parliament. officer or auditor of the Central Bank who certifies or verifies any statement, account, or list required 43. (1) The Auditor-General and any officer of to be furnished to the Minister of Finance in purhis Department authorised by him in that behalf suance of this Act, knowing the same to be false shall at all times have the right of access to, and in any material particular, shall be guilty of an examination of, the accounts of the Central Bank offence. and of all books and documents containing informa- 47. (1) No member of the Monetary Board or tion with respect to matters connected with such officer or servant of the Central Bank shall be liable accounts. for any damage or loss suffered by the Bank un- (2) The Auditor-General shall at such intervals less such damage or loss was caused by his misas may be fixed by the Minister of Finance furnish conduct or wilful default. to him reports setting out the results of the examina- (2) Every member of the Monetary Board and tion of the accounts of the Central Bank. every officer or servant of the Central Bank shall be indemnified by the Bank from all losses and ex- PART 8. RESTRICTIONS RELATING TO CENTRAL BANK penses incurred by him in or about the discharge OFFICERS AND SERVANTS of his duties, other than such losses and expenses 44. No person shall be eligible for employment as the Board may deem to have been occasioned as an officer or servant of the Central Bank, if he by his misconduct or wilful default. CHAPTER III. THE CENTRAL BANK AND THE MEANS OF PAYMENT PART 1. ISSUE OF MEANS OF PAYMENT shall draw, accept, make, or issue any bill of ex- A. Currency change, promissory note, or engagement for the payment of money payable to bearer on demand, 48. In this Act, "currency" means all currency or borrow, owe, or take up any sum or sums of notes and coins issued or circulating in accordance money on the bills or notes payable to bearer on with the provisions of this Act. demand of any such person: 49. The Central Bank shall have the sole right Provided that cheques or drafts payable to bearer and authority to issue currency in Ceylon. on demand may be drawn on commercial banks 50. (1) No person other than the Central Bank or agents by their customers or constituents in 1140 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF CENTRAL BANK OF CEYLON respect of moneys in the hands of such banks or them by the delivery in exchange of fit notes and agents held by them at the disposal of the person coins. drawing such cheques or drafts. 57. (1) The Monetary Board may in its discre- (2) Every person who contravenes any provision tion, by notice published in the Gazette, call in of this section shall be guilty of an offence. for replacement currency notes or coins of any 51. Currency notes and coins issued by the issue or denomination. Central Bank shall be liabilities of the Bank. The (2) Notes and coins called in for replacement Bank's holdings of its own notes and coins shall in accordance with this section shall remain legal not be considered as part of its currency issue and, tender for such period not exceeding one year accordingly, shall not be taken into account in de- from the date of call as may be prescribed by the termining the assets or liabilities of the Bank. Monetary Board and shall thereafter cease to be legal tender. 52. All currency notes and coins issued by the (3) During the period of five years succeeding Central Bank shall be legal tender in Ceylon for the date of call, or such longer period as the the payment of any amount. Monetary Board may determine, the Central Bank 53. (1) The Monetary Board shall, with the or any agent authorised by the Board for the purapproval of the Minister of Finance, prescribe the pose, shall, upon surrender of any currency notes denominations, dimensions, designs, inscriptions, or coins so called in for replacement, replace such and other characteristics of currency notes issued notes or coins, at par and without charge, by the by the Central Bank. delivery in exchange of fit notes or coins. (2) Every currency note shall bear the signatures (4) All currency notes and coins called in for in facsimile of the Minister of Finance and of the replacement and not surrendered as provided in Governor of the Central Bank and shall be stated sub-section (3) shall cease to be a liability of the on the face thereof to be issued on behalf of the Central Bank and the bearer of any such notes or Government of Ceylon. coins shall not be entitled to any compensation. (3) The Monetary Board shall, with the approval 58. Any person who without the authority of of the Minister of Finance, prescribe the metals, the Monetary Board fineness, weight, size, designs, denominations, and (a) cuts, perforates, or in any other way whatsoother characteristics of the coins issued by the ever mutilates any currency note, Central Bank. (b) prints, stamps, or draws anything upon any 54. The Central Bank shall have the authority currency note, or affixes any seal or stamp to or to enter into contracts with other persons in Ceylon upon any currency note, or or abroad for the printing of currency notes and (c) attaches or affixes to or upon any currency the minting of coins. note anything in the nature or form of an advertisement, 55. Upon surrender by any person to the Censhall be guilty of an offence. tral Bank of any Ceylon currency, the Bank shall deliver to that person in exchange, on demand B. Demand Deposits and without charge, Ceylon coins and currency 59. For the purposes of this Act, "demand denotes of equivalent value in such denominations posits" means all those liabilities of the Central as may be required by that person: Bank and of commercial banks which are denomi- Provided that if the Bank is temporarily unable nated in Ceylon currency and are subject to payto deliver currency notes or coins of any required ment in legal tender upon demand by cheque, draft, denomination, the Bank shall be deemed to comply or order. with its obligation if it delivers notes or coins of 60. The acceptance or creation of demand dethe next higher or next lower available denomiposits shall be subject to the control of the Monenation, tary Board in accordance with the powers granted 56. The Central Bank shall withdraw from to the Board under this Act. circulation and shall cancel all currency notes and coins which for any reason whatsoever are PART 2. THE MONEY SUPPLY unfit for circulation, and shall, as soon as practicable 61. For the purposes of this Act, "the money and subject to such rules and regulations as may supply" means all currency and demand deposits be made in that behalf by the Monetary Board with owned by persons other than commercial banks or the approval of the Minister of Finance replace the Government. SEPTEMBER 1950 1141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF CENTRAL BANK OF CEYLON CHAPTER IV. THE CENTRAL BANK AND NATIONAL MONETARY POLICY PART 1. DOMESTIC MONETARY STABILIZATION mit further reports periodically so long as the circumstances which occasioned the submission of the 62. (1) The Monetary Board shall endeavour so first report constitute a threat to domestic monetary to regulate the supply, availability, and cost of stability. money as to secure, so far as possible by action authorised by this Act, the objects mentioned in PART 2. INTERNATIONAL MONETARY STABILIZATION section 5; and shall for such purpose have regard 64. In determining its international monetary to the monetary needs of particular sectors of the policies the Monetary Board shall endeavour to economy as well as of the economy as a whole. maintain the par value of the Ceylon rupee and so (2) In determining its domestic monetary policies to regulate its exchange with other currencies as the Monetary Board shall especially consider their to assure its free use for current international transeffects on Ceylon's international financial position actions. as evidenced by the relation of domestic to world 65. (1) In order to maintain the international prices and costs, by the level and composition of stability of the Ceylon rupee and to assure the exports and imports, by the international balance greatest possible freedom of its use for current inof payments, and, ultimately, by the ability of the ternational transactions, the Monetary Board shall Central Bank to maintain the international stability endeavour to maintain among the assets of the of the Ceylon rupee and its free convertibility for Central Bank an International Reserve adequate current international transactions. to meet any foreseeable deficits in the international 63. (I) Whenever the Monetary Board antici- balance of payments. pates economic disturbances that are likely to (2) In judging the adequacy of the International threaten domestic monetary stability in Ceylon or Reserve, the Monetary Board shall be guided by whenever abnormal movements in the money sup- estimates of the prospective receipts and payments ply or in the price level are actually endangering of foreign exchange by Ceylon; and by the volume such stability, it shall be the duty of the Board and maturity of the Central Bank's own liabilities (a) to adopt such policies, and to cause such in foreign currencies; and, in so far as they are remedial measures to be taken, as are appropriate known or can be estimated, by the volume and in the circumstances and authorised by this Act; maturity of the foreign exchange assets and liaand bilities of the Government and of banking institu- (b) to submit to the Minister of Finance, and, tions and other persons in Ceylon. So long as any if not prejudicial to the public interest, make part of the foreign currency assets of Ceylon are public, a detailed report which shall include, as a held in currencies which are not freely convertible minimum, an analysis of by the Central Bank, whether directly or indirectly, (1) the causes of the anticipated economic dis- into gold, or are frozen, the Monetary Board shall turbances, or of the actual abnormal movements also take this factor into account in judging the of the money supply or the price level; adequacy of the Central Bank's International Re- (ii) the probable effects of such disturbances or serve. movements on the level of production, employment, and real income in Ceylon; and 66. (1) The International Reserve of the Central (iii) the measures which the Monetary Board has Bank may include the following assets: already taken, and the further monetary, fiscal, or (1) gold; and administrative measures which it proposes to take (ii) assets in foreign currencies in the form of or recommends for adoption by the Government. (a) documents and instruments of types custo- (2) Without prejudice to the generality of the marily employed for the international transfer of provisions of sub-section (1), it shall be the duty of funds; or the Monetary Board to submit a report in terms of (b) demand and time deposits in Central Banks, paragraph (b) of that sub-section if at the end Treasuries, and commercial banks abroad; or of any month the Board finds that the amount (c) securities of foreign governments; or of the money supply has increased or decreased by (d) foreign notes and coins. more than 15 per centum, or the cost of living (2) The Monetary Board shall endeavour to hold index has increased by more than 10 per centum, at least a nuclear reserve in gold or currencies freely of its level at the end of the corresponding month convertible by the Central Bank, whether directly in the preceding year. or indirectly, into gold. The Board shall partic- (3) The Monetary Board shall continue to sub- ularly consider the prospects of stability and con- 1142 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF CENTRAL BANK OF CEYLON vertibility of all of the currencies in the Interna- or in other utilizable external assets of Ceylon, tional Reserve as well as the anticipated demand or if such a decline cannot be prevented except for such currencies. by (1) a large-scale increase in the external liabilities 67. (1) Whenever the Monetary Board anticiof Ceylon; or pates that there may develop a deficit in the in- (ii) the persistent use of restrictions on the conternational balance of payments of such magnitude vertibility of the rupee into foreign currencies in as to cause a serious decline in the International settlement of current transactions; or Reserve, or whenever there is an imminent threat (iii) undue or sustained Government assistance of a serious decline in the International Reserve, to one or more of the major export industries; or or whenever the International Reserve actually falls (iv) prolonged use of measures designed to reto a level which the Board considers to be a threat strict the volume of imports of essential commodito the international stability of the Ceylon rupee, ties; or or whenever international payments or remittances (b) if the maintenance of the existing par value are being made which in the opinion of the Board is producing, or is likely to produce, a persisting constitute an actual or a potential threat to such surplus in the balance of payments on current acstability or are prejudicial to the national welfare, count and a monetary disequilibrium which cannot it shall be the duty of the Board be adequately corrected by other Government ac- (a) to adopt such policies, and to cause such re- tion or by any Central Bank action authorised by medial measures to be taken, as are appropriate to this Act; or the circumstances and authorised by this Act, and (c) if uniform proportionate changes m the par (b) to submit to the Minister of Finance a de- values of the currencies of its members are made by tailed report which shall include, as a minimum, the International Monetary Fund. an analysis of (2) Subject as hereinafter provided, no altera- (1) the nature, causes, and magnitude of the tion of the par value of the Ceylon rupee shall be actual or potential threat to the international stamade except by Act of Parliament: bility of the Ceylon rupee; and Provided, however, that, in the event of an emer- (ii) the measures which the Board has already gency so grave or of circumstances so urgent as to taken, and the further monetary, fiscal, or adminisrequire immediate action, the Governor-General trative measures which it proposes to take or recmay, if the Minister of Finance so advises after ommends for adoption by the Government. consultation with the Monetary Board, by order (2) The Monetary Board shall submit further published in the Gazette modify the par value of periodical reports to the Minister of Finance until the rupee. the threat to the international stability of the rupee has disappeared. (3) An order made by the Governor-General under sub-section (2) shall have effect for a period 68. (1) The Monetary Board may by unanimous of 10 days from the date of the publication thereof decision recommend to the Minister of Finance the in the Gazette and shall then expire: alteration of the par value of the Ceylon rupee, Provided, however, that if Parliament has been if the Board is of opinion that such alteration is dissolved prior to the date of the publication of the rendered necessary in any of the following cir- order, the order shall have effect until the expiracumstances, that is to say: tion of a period of 10 days after the first meeting of (a) if the continuance of the existing par value the new Parliament, and shall then expire. hinders, or is likely to hinder, unduly the achieve- (4) Forthwith upon the expiration of an order ment and maintenance of a high level of produc- made under sub-section (2), the par value of the tion, employment, and real income and the full Ceylon rupee shall revert to the value obtaining development of the productive resources of Ceylon, immediately prior to the date of the publication of or results, or is likely to result, in a serious decline the order in the Gazette, unless provision to the in the International Reserve of the Central Bank contrary is made by Act of Parliament. CHAPTER V. INSTRUMENTS OF CENTRAL BANK ACTION PART 1. OPERATIONS IN GOLD AND FOREIGN 70. (1) The Central Bank may engage in spot EXCHANGE or other foreign exchange operations, that is to say, 69. The Central Bank may import, export, buy, it may effect transfers of funds by telegram, letter, sell, hold, or otherwise deal in gold in any form. or other method of communication, and may buy SEPTEMBER 1950 1143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF CENTRAL BANK OF CEYLON and sell foreign notes and coins and any documents (3) The legal parities of foreign currencies with or instruments of types customarily employed for respect to the Ceylon rupee shall be determined by the international transfer of funds. the Governor, in accordance with the following (2) Foreign exchange operations may be trans- provisions: acted by the Central Bank only with (a) The currency of a country which is a member (a) commercial banks operating in Ceylon; of the International Monetary Fund shall have (b) the Government and agencies or institutions its parity with respect to the rupee established on acting on behalf of the Government (whether estab- the basis of its par value as agreed with the Fund lished by any written law or otherwise); in every case where the country is permitting ex- (c) foreign commercial or central banks; change transactions between its currency and the (d) international financial institutions; and currencies of other members only within the maxi- (e) foreign governments and agencies or institu- mum and the minimum rates prescribed in the tions acting on behalf of foreign governments. International Monetary Fund Agreement for such transactions. In any other case, or if the par value 71. (1) In order to ensure the free use of the of the currency of a member country has not been Ceylon rupee for current international transactions, agreed with the Fund, the parity of such currency the Central Bank shall buy any quantity of foreign with respect to the rupee may be calculated on the exchange offered, or sell any quantity of foreign basis of the exchange rates for that currency in exchange demanded, by any commercial bank in the international markets; and if there is divergence Ceylon: among the rates quoted in the international mar- Provided that nothing in the preceding provisions kets, the Governor may determine which rates to of this sub-section shall require the Central Bank use for the determination of parity. to purchase foreign exchange in any currency which (b) The currency of a country which is not a is not freely convertible by the Bank, whether member of the International Monetary Fund shall directly or indirectly, into gold, unless, in the opin- have its parity with the rupee established on the ion of the Monetary Board, there is an adequate basis of its gold equivalent, if the currency is freely demand, actual or anticipated, for such currency convertible, whether directly or indirectly, into for the purpose of making payments for current gold. If the currency is not so convertible, its international transactions, or unless the Monetary parity shall be calculated on the basis of exchange Board, with the concurrence of the Minister of rates for that currency in the international markets; Finance, makes a determination that the acquisi- and if there is divergence among the rates quoted in tion of such currency is in the national interest. the international markets, the Governor may de- (2) Notwithstanding anything in sub-section (1), termine which rates shall be used for the determithe Monetary Board may by unanimous decision nation of parity. and with the approval of the Minister of Finance 73. (1) The Monetary Board shall from time to temporarily suspend or restrict sales of foreign extime determine the rates at which the Central Bank change by the Central Bank in any case where will buy and sell foreign exchange. such action is considered necessary in order to (2) The rates determined under sub-section (1) conserve the International Reserve of the Central I)ank during any period of crisis affecting ex- for spot transactions shall not differ by more than • hange. one-half of one per centum from the legal parities determined under section 72, except in the case of 72. (1) The Governor shall determine and cer- the rates for purchases and sales of foreign notes tify the parities with respect to the Ceylon rupee and coins, in which case the Board may have reof foreign currencies ordinarily required for the gard to the additional costs of, or incidental to, such international transactions of Ceylon. Parities so de- transactions. termined and certified shall be published in the (3) The rates determined under sub-section (1) Gazette, and shall be recognized as the legal parities for transactions other than spot transactions shall for all purposes. The Governor may in addition not differ from the corresponding rates for spot certify the parity of any foreign currency not in- transactions, except in so far as is necessary to cluded in the published list of parities. reimburse the Bank for the additional costs, ex- (2) The Governor may at any time desist from penses, or risks of each type of transaction. certifying or publishing the parity of any foreign (4) The Central Bank shall not accept any comcurrency if the exchange rates for that currency in mission or impose any charge of any description international markets are unstable or widely di- in respect of the purchase or sale of foreign exvergent. change, except telegraphic or other costs actually 1144 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF CENTRAL BANK OF CEYLON incurred in connection with such purchase or sale. use and disposition of the foreign exchange re- (5) The provisions of sub-sections (2) and (3) sources of Ceylon or in order to promote the shall not apply at any time during which the sales domestic investment of the resources of commerof foreign exchange by the Central Bank are re- cial banks, the Monetary Board may from time to stricted under section 71. time fix, or prescribe the manner of determination of, the maximum amount of the working balances 74. (1) The Central Bank may grant loans to, which commercial banks may hold in foreign curor take loans from, any institution of any descrip- rencies generally or in any specified foreign curtion referred to in paragraphs (c), (d) and (e) of rency or currencies, and may from time to time sub-section (2) of section 70 and may engage in require such banks to sell to the Central Bank all such other transactions with such institutions as or any specified part of the surpluses in excess of are expedient or desirable in the public interest and such maximum amount. are appropriate having regard to the character of (2) The Monetary Board may, having regard the Bank as a Central Bank. to the special needs of any particular commercial The Central Bank may act as agent or corre- bank, permit that bank to hold working balances spondent of any such institution other than a in any specified foreign currency in excess of the foreign commercial bank. maximum amount fixed or determined for such (2) Any loan taken as provided in sub-section currency under sub-section (1). (1) may be secured by gold or other assets held by (3) In ascertaining whether the working balthe Central Bank. ances of any commercial bank in any foreign currency are in excess of the maximum amount fixed PART 2. REGULATION OF FOREIGN EXCHANGE or determined as hereinbefore provided, there may OPERATIONS OF COMMERCIAL BANKS be deducted from such balances the net liabilities 75. (1) The Monetary Board shall determine of that bank in currencies into which the firstthe minimum rate at which commercial banks may mentioned currency is freely convertible. buy spot exchange and the maximum rate at which 77. (1) The Monetary Board may direct that they may sell spot exchange. Where the Monetary the proportion which the assets in Ceylon rupees Board has certified the legal parity of a currency of commercial banks in Ceylon bear to the liabilities in accordance with section 72, the maximum and in Ceylon rupees of such banks shall not be less minimum exchange rates established for such curthan such proportion as the Monetary Board may rency shall not difler from such parity by more prescribe, or may direct such banks to maintain than one per centum. a balanced position between their assets and lia- (2) No commercial bank shall buy spot exchange bilities in any currency or currencies in which they at any rate below the minimum rate determined operate. The Board shall allow to such banks a under sub-section (1) or sell spot exchange at any reasonable period of time in which to comply with rate exceeding the maximum rate so determined; any such direction. and no commercial bank shall in respect of any (2) Any direction under sub-section (1) shall be purchase or sale of such exchange accept any commade applicable to all commercial banks without mission or impose any charge of any description discrimination: except telegraphic or other costs actually incurred Provided, however, that the Monetary Board may in connection with such purchase or sale. give such a direction to any particular commercial (3) No commercial bank shall carry out any bank in any case where, in the opinion of the transaction in exchange, not being a spot transac- Board, such action is necessary in order to protect tion, at any rate which diflers from the rate deteragainst possible loss depositors and other creditors mined under sub-section (1) for a spot transaction of the bank who are citizens of Ceylon or com- (a) by a margin greater than is reasonable havpanies or associations controlled by citizens of ing regard to the additional costs, expenses or risks Ceylon. of the transaction; or {b) by such margin, if any, as may be prescribed 78. (1) Any revaluation profits realised or any in that behalf by the Monetary Board. revaluation losses incurred by banking institutions on their net assets or liabilities in gold or in foreign (4) The preceding provisions of this section shall currencies freely convertible by the Central Bank, not apply at any time during which the sales of whether directly or indirectly, into gold, and arising foreign exchange by the Central Bank are susfrom changes in the par value oi; the Ceylon rupee pended or restricted under section 71. or in the legal parities, or in the Central Bank's 76. (1) In order more effectively to control the exchange rates, of such currencies with respect to SEPTEMBER 1950 1145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF CENTRAL BANK OF CEYLON the Ceylon rupee, shall be assumed in their entirety the duty of the Board to take such action as is by the Central Bank and shall be debited or credited appropriate under section 63 or section 67. accordingly. PART 3. CREDIT OPERATIONS WITH BANKING (2) (a) If the Monetary Board so declares, the INSTITUTIONS provisions of sub-section (1) shall apply in relation to revaluation profits realised or revaluation losses 81. (1) The Central Bank shall exercise the incurred by banking institutions on their net assets authority conferred by this Part of this Act to or liabilities in any specified foreign currency which carry out the national monetary policy by regulatis not freely convertible by the Central Bank, ing the supply, availability, cost, and character of whether directly or indirectly, into gold. credit and by providing the banking system with (b) Any such declaration shall have effect until liquid funds in times of need. it is revoked by the Board. Notice of the date on (2) If the Monetary Board determines that it is which any such declaration will be revoked shall necessary so to do by reason that, in the opinion be given to banking institutions not less than eight of the Board, there is in progress, or has occurred, days before the proposed date of revocation. an expansion of the money supply that represents a (c) During the period commencing on the date threat to the domestic or international monetary of the notice referred to in paragraph (b) and end- stability of Ceylon, the Board shall direct the susing on the date of revocation of the declaration to pension of the grant of credit by the Central Bank which it relates, every banking institution shall to banking institutions, except when the Board, comply with such directions, if any, as may be having regard to the special circumstances, by given by the Monetary Board for the purpose of unanimous decision approves the grant of credit. preventing banking institutions from increasing 82. (1) Subject to the principles stated in the their holdings of the currency to which the declarapreceding section of this Act, the Central Bank tion relates. may ordinarily transact with commercial banks 79. (1) Every commercial bank shall, as soon and the Cooperative Federal Bank of Ceylon, as may be after the close of business at the end of Limited, credit operations of any description set out hereunder: such period as may be prescribed by the Monetary Board, make a report to the Central Bank setting (a) Commercial credits. The Central Bank out the volume and composition of its purchases may discount, rediscount, buy, and sell bills, acceptand sales of foreign exchange during that period, ances, promissory notes, and other credit instruand shall furnish such additional information as ments with maturities of not more than 180 days the Central Bank may require with reference to from the date of their discount, rediscount, or such purchases and sales and to the movements of acquisition by the Central Bank and resulting from its accounts in foreign currencies. transactions related to (2) The Monetary Board may also require any (i) the importation^ exportation, purchase, or other person to make reports to the Central Bank sale of readily saleable goods and products, or their at specified times or intervals as to all transactions transportation within Ceylon; or or operations in gold, in any shape or form, and in (ii) the storage of nonperishable goods and prodforeign exchange. ucts which are duly insured and deposited under (3) Every report under this section shall be in conditions assuring their preservation, in authorised such of the appropriate forms as the Monetary bonded warehouses or in other places approved by Board may prescribe for the purpose. the Monetary Board. (b) Production credits. The Central Bank may (4) The Director of Bank Supervision may make discount, rediscount, buy, and sell bills, acceptances, such inspection or examination of the books and promissory notes, and other credit instruments havaccounts kept by any commercial bank or other ing maturities of not more than 270 days from the person as he may deem necessary for the purpose of date of their discount, rediscount, or acquisition verifying the accuracy of any statement set out in by the Central Bank and resulting from transacany report made by such commercial bank or tions related to the production, manufacture, or person. processing of agricultural, animal, mineral, or 80. Whenever there is in progress an inward or industrial products. outward movement of capital which in the opinion (c) Advances. The Central Bank may grant of the Monetary Board is actually endangering, or loans or advances for any fixed period not exceedthreatening to endanger, the domestic or inter- ing 180 days upon promissory notes secured by national stability of the Ceylon rupee, it shall be the pledge with the Bank of 1146 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF CENTRAL BANK OF CEYLON (1) gold coins or bullion; or (1) of debts falling due for payment within the (ii) negotiable Treasury bills, promissory notes, same period to the institution by its borrowers, and debentures, bonds, or other negotiable securities (ii) of the mortgages given as security for the of the Government; or payment of such debts to the institution; (iii) securities issued by the Central Bank itself (c) that the borrowers from whom such debts or other credit instruments of banking institutions are due to the institution are not in default or operating in Ceylon and approved by the Monetary arrears; and Board; or (d) that the total amount of the loan or advance (iv) credit instruments referred to in paragraph by the Central Bank must not exceed 50 per centum (a) of this sub-section; or of the total amount of the debts which are so (v) credit instruments referred to in paragraph assigned to it. (b) of this sub-section. (2) The Central Bank may make advances to Notwithstanding anything in the preceding pro- any institution referred to in sub-section (1) upon visions of this paragraph, a loan or advance secured the terms and conditions mentioned in section by the pledge of any credit instrument referred 82(1). to in paragraph (b) of this sub-section may be for (3) Loans or advances shall not be made under a period not exceeding 270 days. sub-section (1) by the Central Bank at any time (2) Except in such circumstances and subject when the Board is of opinion that the grant thereof to such conditions as the Monetary Board may would cause or aggravate inflationary tendencies. determine, the Central Bank shall not grant to any commercial bank or to the Cooperative Federal 85. (1) In periods of emergency or of imminent Bank of Ceylon, Limited, any loan or advance financial panic which directly threaten monetary upon the security of the pledge of any instrument and banking stability, the Central Bank may grant referred to in paragraph (c) of sub-section (1) in to banking institutions, and may renew, extraorany case where such instrument is held by such dinary loans or advances secured by any assets commercial bank or the Cooperative Federal Bank which are defined as acceptable for the purpose by of Ceylon, Limited, as security for the repayment the Monetary Board by unanimous decision. to it of the amount due upon any overdraft account. (2) A banking institution to which an extraordinary loan or advance is granted under sub- 83. Whenever, in the opinion of the Monetary section (1) shall not, while the loan or advance Board, a deflationary situation exists which requires is outstanding, expand the total volume of its special relaxation of normal maturities applying to loans and investments except with the prior ap- Central Bank credit operations, the Board may proval of the Monetary Board. determine that credits may be granted by the Bank on instruments referred to in paragraph (a) or 86. The Monetary Board shall fix the interest paragraph (b) of section 82(1) having a maturity and discount rates to be charged by the Central of a period longer than the period specified in Bank on its credit operations in accordance with those paragraphs but not exceeding one year, and the character and term of each such operation; and may authorise loans or advances to be granted the Board shall, in so doing, have regard to the under paragraph (c) of that section for any period soundness of credit conditions, the needs of the not exceeding one year. market, and the general requirements of the national monetary policy. 84. (1) In special circumstances in which the Monetary Board considers it necessary to promote 87. The Monetary Board may prescribe the conor facilitate lending operations or particular classes ditions subject to which credit facilities of the of such operations by banking institutions which Central Bank will be available to banking institumake loans upon mortgages, whether of movable tions, including conditions relating to the rates of or of immovable property, the Central Bank may interest charged by such institutions, to the purgrant loans or advances to any such institution poses for which their loans in general are destined, against promissory notes given by such institution and to any other matter affecting or connected subject to and in accordance with the following with the credit policy of such institutions. conditions: (a) that the loan or advance is repayable within PART 4. CREDIT OPERATIONS WITH a period not exceeding one year; THE GOVERNMENT (b) that the repayment to the Central Bank of 88. The Central Bank may make direct provithe loan or advance is secured by the assignment sional advances to the Government to finance to the Bank by way of pledge expenditures authorised to be incurred out of the SEPTEMBER 1950 1147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF CENTRAL BANK OF CEYLON Consolidated Fund: deemed to include the power to purchase and sell Provided that every such advance shall be repay- Government securities which are denominated in able within a period not exceeding six months, foreign currencies. and the total amount of such advances outstanding 91. (1) Securities issued by the Central Bank at any time shall not exceed 10 per centum of the shall be on such terms and conditions and in such estimated revenue of the Government for the finanform as may be determined by the Monetary Board. cial year in which they are made. (2) Any security issued by the Central Bank PART 5. OPEN MARKET OPERATIONS which is purchased or redeemed by the Bank shall not be included among its assets and shall be im- 89. (1) The Central Bank shall so exercise the mediately retired and cancelled. authority conferred by this Part of this Act to conduct open market operations as to secure any PART 6. REGULATION OF THE RESERVES OF of the following purposes, that is to say: COMMERCIAL BANKS (a) to increase the liquidity or stabilise the 92. (1) The Monetary Board shall, in order to values of the securities referred to in section 90 in limit the volume of money created by the credit order thereby to promote private investment in operations of the banking system, require commersuch securities; and to prevent or moderate sharp cial banks operating in Cevlon to maintain reserves fluctuations in the quotations of such securities, against their deposit liabilities, and shall for such so, however, as not to alter fundamentally movepurpose define the classes of deposit liabilities ments in the market resulting from basic changes against which reserves shall be held. in the pattern or level of interest rates; (2) The reserves required to be held by any (b) to increase or decrease the supply, availcommercial bank shall be proportional to the volability, and cost of money in accordance with the ume of its deposit liabilities and shall ordinarily national monetary policy as determined by the take the form of rupee deposits in the Central Bank: Monetary Board. Provided that the Monetary Board may in its (2) In conducting open market operations in discretion permit the maintenance of any part of Government securities, the Central Bank shall have the required reserves in the form of assets other regard to the need for maintaining adequate holdthan rupee deposits in the Central Bank. ings of short-term securities in order to enable the Bank more readily to contract its credit if such 93. (1) The Monetary Board shall prescribe, and contraction becomes necessary. may from time to time modify, the reserve ratios (3) If the Monetary Board determines that it is applicable to each class of deposit liabilities. The necessary so to do by reason that, in the opinion ratios so prescribed shall not be less than 5 per of the Board, there is in progress, or has occurred, centum or more than 20 per centum in the case an expansion of the money supply or of bank of time and savings deposits, and shall not be less reserves that represents a threat to the domestic or than 10 per centum or more than 40 per centum international monetary stability of Ceylon, the in the case of demand deposits and unused balances Board shall take action to secure of overdrafts allowed. (a) that purchases of rupee securities in the (2) Any increase of the reserve ratio which is open market by the Central Bank are suspended, to be applicable in respect of any existing liability except in special circumstances where the Board shall be made by the Board in a gradual manner by unanimous decision determines that such pur- and shall not exceed four percentage points in any chases are necessary in the public interest; and one period of 30 days. The Board shall, except (b) that sales of rupee securities are transacted in extraordinary circumstances, endeavour to give in the open market by the Bank to such extent the commercial banks at least 14 days' notice of as market conditions permit. the date on which any such increase is: to become effective. 90. (1) In order to carry out the purposes of this Part the Central Bank is hereby authorised 94. (!) Notwithstanding anything in section 93, (a) to purchase and sell in the open market the Monetary Board may, during periods of inflasecurities issued by the Government or securities tion or when inflation is anticipated, prescribe fully guaranteed by the Government; and reserve ratios not exceeding 100 per centum in (b) to issue, place, buy, and sell freely negotiable respect of the amount by which any commercial securities of the Bank itself. bank's deposit liabilities of any class may, after the (2) The power conferred on the Central Bank by date on which notice is given to that bank of the the preceding provisions of this section shall be fixing of the new reserve ratio, exceed the amount 1148 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF CENTRAL BANK OF CEYLON of such deposit liabilities of that bank on that date. acter of bank credit in accordance with the national (2) In any case where any commercial bank is monetary policy as determined by the Board, and required, by reason of the exercise of the powers to ensure that bank credit is not granted for specuconferred on the Monetary Board by sub-section lative purposes, or other purposes, prejudicial to (1), to maintain a minimum reserve against any the public interest. class of deposit liabilities of an amount exceeding 99. The Monetary Board may from time to time the maximum amount specified in section 93(1) by order prescribe the maximum permissible matufor that class of deposit liabilities, the Central Bank rities for loans and investments made by commershall pay to that bank interest on the amount in cial banks after the order comes into force and the excess at a rate not higher than the Central Bank's nature and amount of the security to be permitted lowest discount rate for the time being in operation. or required for various types of credit operations. 95. The required reserves of each commercial 100. (1) The Monetary Board may from time to bank shall be calculated weekly on the basis of the time by order -amount, at the close of business on such day of (a) prohibit commercial banks from increasing each week as may be prescribed by the Monetary the amount of their loans and investments; or Board, of its deposit liabilities against which re- (b) fix limits to the rate at which the amount serves are required to be maintained. of loans and investments may be increased within In the computation of the required reserves of a specified periods: .commercial bank, its principal office in Ceylon Provided, however, that nothing in any such ;and all its branches and agencies in Ceylon shall order shall be deemed to require any commercial l)e considered together as one unit. bank to reduce the amount of its loans and invest- 96. (1) Whenever the reserves of any commer- ments below the amount outstanding at the date tfcial bank are below the required reserves computed of the order. in the manner provided in section 95, the bank (2) An order under sub-section (1) may be -shall, within such time as may be prescribed by the made applicable to all the loans and investments Monetary Board, pay to the Central Bank interest of each commercial bank or any specified class or «on the amount of the deficiency at such rate not classes of such loans and investments, so, however, .exceeding one-thirtieth of one per centum per day that every such order shall be applicable to all .as may be so prescribed. banks uniformly and without discrimination. (2) In any case where any bank fails more or 101. The Monetary Board may from time to "less continuously to maintain the required reserves, time by order prescribe the minimum ratios which the Monetary Board may make order the capital and surplus of commercial banks shall (a) prohibiting or restricting the making of bear to the total volume of their assets or to any dew loans or investments by that bank; and specified categories of such assets. (b) prohibiting the application of the whole or .any specified part of the net profits of that bank 102. The Monetary Board may by order direct for the purpose of the payment of a dividend to that letters of credit shall not be opened by comits shareholders. mercial banks unless such letters are covered by minimum margins of such kind, amount, or pro- 97. (1) The Central Bank shall provide facilities portion as may be prescribed by the Board; different for clearance transactions among commercial banks margins may be so prescribed for different classes •.operating in Ceylon. of transactions to be financed by means of letters (2) The deposit reserves maintained by com- of credit. mercial banks in the Central Bank under the pre- 103. (1) The Monetary Board may from time ceding provisions of this Part shall serve as a basis to time make order for the clearance of cheques and the settlement of 'balances among such banks in accordance with (a) fixing the maximum rates of interest which -such rules as may be made in that behalf by the commercial banks may pay upon various classes .Monetary Board. of deposits; or (b) fixing the maximum rates of interest which PART 7. ADDITIONAL REGULATION OF CREDIT commercial banks may charge for different types OPERATIONS OF BANKING INSTITUTIONS of loans or other credit operations. 98. The powers conferred on the Monetary Board (2) Subject as hereinafter provided, the maxiby this Part of this Act shall be so exercised as mum rate of interest fixed by order under subito regulate the supply, availability, cost and char- section (1) shall apply in relation to any deposit, 1149 ^SEPTEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF CENTRAL BANK OF CEYLON or to any loan or credit operation, as the case may tary Board may from time to time prescribe the be, completed before the date on which the order maximum rates which may be paid to or charged comes into force: by commercial banks in the form of commissions, Provided, however, that nothing in any such discounts, fees or other payments whatsoever. order 104. The Monetary Board may declare that (a) shall apply in relation to any interest accrued credit instruments held by banking institutions will before that date; or not be accepted for discount or rediscount by, or (b) shall require or be deemed to require the advances from, the Central Bank, if the interest reduction of the rate of interest payable upon any rates charged by such institutions in respect of deposit completed before that date if such reduc- the loans or other credit operations to which such tion would constitute a breach of the contract or instruments relate exceed the interest or rediscount agreement relating to such deposit. rates of the Central Bank by more than such per- (3) For the purposes of preventing evasion of centage or margin as may from time to time be any order made under sub-section (1), the Mone- prescribed by the Board. CHAPTER VI. THE CENTRAL BANK AS FISCAL AGENT, BANKER, AND FINANCIAL ADVISER OF THE GOVERNMENT 105. (1) The Central Bank shall act as the fiscal or institutions referred to in sub-section (1) of agent and banker of the Government and of section 105. agencies or institutions acting on behalf of the 108. In the performance of its functions as fiscal Government, whether established by any written agent and banker of the Government, the Central law or otherwise. Bank may engage the services of banks or other (2) The Central Bank may, in addition to exerinstitutions in places, whether in Ceylon or abroad, cising the functions mentioned in sub-section (1), where the Central Bank does not have offices or act as agent of the Government for the purposes agencies adequately equipped to perform such of any matter or transaction if it is authorised so functions. to do by the Minister of Finance after consultation with the Monetary Board. 109. The, Central Bank shall not ordinarily collect any commissions, fees, or other charges for 106. (1) The Central Bank shall be the official services which it renders to the Government or depository of the Government and of agencies or to any agencies or institutions referred to in subinstitutions referred to in sub-section (1) of secsection (1) of section 105: tion 105: Provided, however, that the Monetary Board Provided, however, that the Monetary Board may, in special cases, conclude an agreement with may authorise one or more commercial banks operthe Minister of Finance providing for reimburseating in Ceylon to accept Government deposits, ment for services the cost of which the Bank is subject to such rules and regulations as the Board unable to bear. may prescribe. (2) The Monetary Board shall advise the Gov- 110. The Central Bank may represent the Government regarding the distribution of official de- ernment of Ceylon in any dealings, negotiations, posits between the Central Bank and commercial or transactions with the International Monetary banks and the effects of such distribution on mone- Fund and shall carry such accounts as may result tary conditions in Ceylon. from Ceylon's membership in, or operations with, (3) The Bank shall not pay interest on deposits the Fund. The Central Bank may also be authorof the Government or of agencies or institutions ised by the Government to represent it in dealings, referred to in sub-section (1). negotiations, and transactions with foreign governments, institutions, or agencies, or with the Inter- 107. (1) The Central Bank may act as agent, national Bank for Reconstruction and Developor for the account, of the Government or of any ment, or other international financial institutions of the agencies or institutions referred to in suband agencies. section (1) of section 105, in guaranteeing, insuring, or participating in the loans, or any category 111. The issue of securities of the Government thereof, of banking institutions operating in Ceylon. or of any of the agencies or institutions referred to (2) The Central Bank may give guarantees in in sub-section (1) of section 105 shall be made favour of the Government or of any of the agencies through the Central Bank, which shall act as agent, 1150 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF CENTRAL BANK OF CEYLON and for the account, of the Government or of such ten law as may be applicable, make or issue such agency or institution: orders or directions or take such other action as Provided, however, that except in the case of may be necessary for the purpose of giving eflect Treasury bills, for which the Central Bank may to such recommendations. make direct tenders, the Bank shall not subscribe 115. (1) On or before the 15th day of May in to any issue of such securities or agree to purchase the unsubscribed portion of any such issue. each year the Monetary Board shall submit to the Minister of Finance for use in preparation of the 112. The Central Bank shall, as agent of the Budget speech a confidential report describing and Government, be responsible for the management analysing the monetary situation in Ceylon and the of the public debt. current monetary policy of the Board, and exam- 113. No new loan shall be raised and no new ining the effect of the current fiscal policy of the issue of stock or debentures shall be made by the Government upon the ability of the Central Bank Government or by any agency or institution re- to achieve the objects specified in section 5. ferred to in sub-section (1) of section 105, whether (2) In the event of any difference of opinion in pursuance of authority conferred by any written between the Minister of Finance and the Monetary law or otherwise, unless the advice of the Mone- Board as to whether the monetary policy of the tary Board has first been obtained upon the mone- Board is directed to the greatest advantage of the tary implications of the proposed loan or issue. people of Ceylon, the Minister of Finance and 114. The Monetary Board may from time to time the Board shall endeavour to reach agreement. If make recommendations to the Minister of Finance the Minister of Finance and the Board are unable to or to any agency or institution referred to in sub- reach agreement, the Minister of Finance may section (1) of section 105, as to the measures and inform the Board that the Government accepts policies which should be adopted by such agency responsibility for the adoption by the Board of a or institution for the purposes of coordinating its policy in accordance with the opinion of the Govpolicy with the policies of the Board; and where ernment and direct that such a policy be adopted any such recommendations are made to the Min- by the Board. Where a direction is so given ister, the Minister or any other authority or person by the Minister of Finance, the Board shall carry may, if empowered so to do by any such other writ- out that direction. CHAPTER VII. GENERAL 116. Save as otherwise expressly provided in this (c) the Monetary Board shall be exempt from Act, the Central Bank shall not the payment of stamp duty on any instrument (a) engage in trade or otherwise have a direct executed by, or on behalf of, or in favour of the interest in any commercial, industrial, or other Monetary Board or the Central Bank in cases undertaking except such interest as it may in any where, but for this exemption, the Monetary Board way acquire in the course of the satisfaction of any would be liable to pay the duty chargeable in of its claims: Provided that all such interests shall respect of such instrument. be disposed of at the earliest possible opportunity; or 118. All acts done at any meeting of the Mone- (b) purchase the shares of any other banking tary Board shall, notwithstanding that it shall afterinstitution or of any company, or grant loans or wards be discovered that there was some defect in advances upon the security of any such shares; or the appointment of any member thereof or that (c) grant loans or advances on the mortgage of, any such member was disqualified, be as valid as or otherwise on the security of, immovable property if every such member had been duly appointed or documents of title relating thereto. and duly qualified. 117. Notwithstanding anything in any other 119. Every member of the Monetary Board and written law every officer or servant of the Central Bank shall (a) the Monetary Board shall be exempt from be deemed to be a public servant within the meanthe payment of income tax and profits tax upon ing and for the purposes of Chapter IX of the the income or profits of the Central Bank; Penal Code. (b) all goods of any description imported or purchased out of bond by the Board for the pur- 120. Notwithstanding anything in any written poses of the Central Bank shall be exempt from or other law, no banking institution shall be liable customs duty; and or subject to any action or proceedings in any court SEPTEMBER 1950 1151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF CENTRAL BANK OF CEYLON in respect of any loss or damage suffered or incurred visions of any other written law by or under which or alleged to have been suffered or incurred by any banking institution is constituted or established, any person by reason of any act or thing done or the provisions of this Act shall prevail. omitted to be done by such institution for the pur- 125. The provisions of this Act shall be in addipose of carrying out or complying with any protion to, and not in substitution or derogation of, vision of this Act or any rule, regulation, order, the provisions of the Defence (Finance) Reguladirection or requirement made or given under this tions, Defence (Finance No. 2) Regulations, De- Act. fence (Finance No. 3) Regulations and Defence 121. (1) Any person who contravenes or fails (Securities) Regulations. to comply with any provisions of this Act or any 126. (1) In this Act, unless the context otherrule, regulation, order, direction or requirement wise requires made or given thereunder shall be guilty of an offence under this Act. "appointed date" means the date appointed by (2) Every person who is guilty of an offence by order under section 1; reason of the contravention of or failure to comply "banking institution" means with section 30, or section 32 (2), or section 45 or (a) any commercial bank; section 46 or section 50 or any rule, regulation, (I?) any agency or institution acting on behalf order, direction, or requirement made or given of the Government (whether established by any under section 30, or section 78 (2) (c), or section written law or otherwise) which makes loans, ad- 100 or section 101 shall be liable vances or investments or accepts deposits of money from the public; (a) on conviction after summary trial before a (c) the Cooperative Federal Bank of Ceylon, Magistrate to imprisonment of either description Limited; and for a term not exceeding six months or to a fine not (d) any other person or body of persons declared exceeding 2,500 rupees, or to both such imprisonby the Minister of Finance, by order published in ment and such fine; or the Gazette, to be a banking institution for the (i?) on conviction before a District Court to purposes of this Act; imprisonment of either description for a term not "commercial bank" means any person or body of exceeding three years or to a fine not exceeding persons, corporate or unincorporate, which carries 10,000 rupees, or to both such imprisonment and on in Ceylon the business of accepting from the such fine. public, or of creating, demand deposits, but does (3) Every person who is guilty of an offence for not include the Central Bank; which no punishment is prescribed by sub-section "current international transactions" means trans- (2) shall be liable on conviction after summary trial actions which are not for the purpose of transferring before a Magistrate to a fine not exceeding 500 capital, and includes, without limitation rupees or to imprisonment of either description for (1) all payments due in connection with foreign a term not exceeding one month, or to both such trade* other current business, including services,, fine and such imprisonment. and normal short-term banking and credit facilities; (4) Any person who attempts to commit, or (ii) payments due as interest on loans and as does any act preparatory to the commission of, any net income from other investments; offence under this Act shall be deemed to be guilty (iii) payments, of amounts not exceeding such of such offence. maxima as may be fixed by the Monetary Board, 122. Where the person convicted of an offence for amortisation of loans or for depreciation of under this Act is a body corporate, every person direct investments; and who at the time of the commission of the offence (iv) remittances, of amounts not exceeding such was a director or an officer of the body corporate maxima as may be fixed by the Monetary Board,, shall be deemed to be guilty of that offence unless for family living expenses; he proves that the offence was committed without "currency", "demand deposits" and "money suphis knowledge, or that he exercised all due diligence ply" have the meanings assigned to those expresto avoid the commission of such offence. sions by sections 48, 59 and 61 respectively. (2) For the purposes of this Act, any question 123. Nothing in the Companies Ordinance, No. which may arise as to whether any agency or 51 of 1938, shall apply to or in relation to the institution is an agency or institution acting on Central Bank or the Monetary Board. behalf of the Government shall be referred to the 124. In the event of any conflict or inconsistency Prime Minister for decision; and such decision^ between the provisions of this Act and the pro- shall be final. 1152 FEDERAL RESERVE BULLETIN; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF CENTRAL BANK OF CEYLON CHAPTER VIII. REPEALS AND TRANSITIONAL PROVISIONS 127, The Currency Ordinance, No. 21 of 1941, is 129. (1) The Central Bank is hereby empowhereby repealed with effect from the appointed ered to issue any currency notes or Ceylon coins date: printed or minted under the authority of the Board Provided, however, that the Board of Commis- of Commissioners of Currency and remaining unsioners of Currency constituted under that Ordi- issued on the appointed date. nance and holding office immediately prior to the (2) All currency notes and Ceylon coins issued appointed date shall continue to hold office as such or deemed to have been issued under the Currency for the purpose only of carrying out the duties im- Ordinance, No. 21 of 1941, prior to the appointed posed upon the Board by the succeeding provisions date and in circulation on that date (including of this Chapter, and shall thereafter be dissolved any such notes or coins which have ceased to be upon an order made by the Minister in that behalf legal tender and have not been surrendered to the and published in the Gazette. Board of Commissioners of Currency), and all currency notes and coins issued by the Central 128. On the appointed date, or as soon as may Bank under sub-section (1) shall be deemed for be thereafter, the Board of Commissioners of Cur- all purposes to be currency notes and coins issued rency by the Central Bank under this Act and to be (a) shall transfer to the Monetary Board for and liabilities of the Central Bank; and the provisions of this Act shall apply accordingly to and in relaon behalf of the Central Bank such part of the tion to such currency notes and coins in like manmoneys and investments of the Currency Security ner as they apply to and in relation to currency Fund maintained under the Currency Ordinance, notes and coins issued under this Act. No. 21 of 1941, of a market value (as estimated by the Board of Commissioners of Currency) 130. (1) Sections 339 and 341 of the Companies equivalent to the total face value of all currency Ordinance, No. 51 of 1938, are hereby repealed. notes issued or deemed to have been issued under (2) Section 340A of the Companies Ordinance, that Ordinance which are in circulation on the No. 51 of 1938, (inserted by Ordinance No. 19 of appointed date, and of all Ceylon coins issued or 1942) is hereby amended as follows: deemed to have been issued under that Ordinance which are estimated by the Board of Commission- (a) by the omission of the word and figure "secers of Currency to be in circulation on that date; tion 339"; and (b) shall in addition transfer to the Monetary (b) by the substitution, for all the words from Board for and on behalf of the Central Bank, out "shall be liable" to "any other case," of the words of the balance of the moneys and investments of "shall be liable". the Currency Security Fund, and of the balance (3) Section 342 of the Companies Ordinance, No. in the Currency Income Account remaining after 51 of 1938, is hereby amended as follows: meeting outstanding liabilities of the Board of (a) in sub-section (2), by the substitution, for Commissioners of Currency (other than liabilities the word "registrar", of the words "Director of declared by section 129 of this Act to be liabilities of Bank Supervision of the Central Bank of Ceylon"; the Central Bank), moneys and investments of a and total market value (as estimated by the Board of (b) by the repeal of sub-section (3) of that Commissioners of Currency) of 25 million rupees, section. of which value (i) 15 million rupees shall constitute the capital 131. The Registered Stock and Securities Ordiof the Central Bank as provided in section 6 of this nance is hereby amended by the substitution, for Act, and section 48 thereof, of the following section: (ii) 10 million rupees shall be appropriated to "48. For the purposes of this Ordinance surplus of the Central Bank; and (a) the Monetary Board of the Central Bank shall (c) shall transfer the balance, if any, of the appoint a person to be or to act as the Registrar, and moneys and investments of the Currency Security (b) such Monetary Board shall be the trustees Fund and in the Currency Income Account remain- of the sinking fund established for each loan." ing after the transfers referred to in paragraphs (a) and (£), to such sinking fund or funds established 132. (1) Where any person in the service of the under the Registered StotSk and Securities Ordi- Government of Ceylon and holding a post declared nance as may be specified by the Minister of Fi- to be pensionable under the Minutes on Pensions nance, (hereinafter referred to as a "pensionable public SEPTEMBER 1950 1153 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTABLISHMENT OF CENTRAL BANK OF CEYLON officer") is appointed to be a temporary officer of of this section, for the grant of a pension in acthe Central Bank, he shall be deemed to have cordance with the Minutes on Pensions, he shall, been seconded to an office to which pension rights notwithstanding anything in the Widows' and are not attached and accordingly section 24 of those Orphans' Pension Fund Ordinance, be deemed, so Minutes shall apply to him. long as he remains in such employ, to be a public (2) Where a pensionable public officer is ap- officer within the meaning, and for the purposes pointed to be a permanent officer of the Central of the application, of that Ordinance. Bank on or before the appointed date, he shall be 133. (1) In respect of every such officer in the deemed, for the purposes of the Minutes on Pen- employ of the Central Bank as is eligible, under sions, to continue to hold a post declared to be sub-section (2) or sub-section (3) of section 132, pensionable under those Minutes so long as he is for the grant of a pension in accordance with the in the employ of the Bank, and shall be eligible Minutes on Pensions and is deemed, under subfor the grant of a pension as though his service section (4) of that section, to be a public officer under the Bank were service under the Governwithin the meaning, and for the purposes of the ment, and the Minister of Finance may grant application, of the Widows' and Orphans' Pension such pension in accordance with those Minutes. Fund Ordinance, the Bank shall contribute out of (3) Where a pensionable public officer, whether the funds of the Bank to the Consolidated Fund, or not he is an officer to whom sub-section (1) in respect of every complete month during which applies, is appointed to be a permanent officer that officer is in the employ of the Bank: of the Central Bank after the appointed date, the (a) such sum not exceeding 22 per centum of Minister of Finance may, by notification published the highest monthly salary received by that officer in the Gazette, declare that the post in the service of in his substantive post in the service of the Governthe Bank to which such officer is appointed shall, ment or the Bank as the Minister of Finance may while it is held by such officer, be deemed, for the from time to time determine, and purposes of the Minutes on Pensions, to be a pen- (b) a sum equivalent to 3 per centum of the sionable post in the service of the Government; salary of that officer for that month. and upon the publication of any such notification, (2) In sub-section (1) "salary" means the emoluthe officer referred to therein shall be eligible for ments of the pensionable appointment held by the the grant of a pension as though his service under officer exclusive of allowances other than personal the Bank were service under the Government, and allowances. the Minister of Finance may grant such pension (3) The Central Bank shall pay the contributions in accordance with the Minutes on Pensions. under sub-section (1) annually to the Treasury (4) Where a person in the employ of the Central on or before such date as may be fixed by the Bank is eligible, under the preceding provisions Deputy Secretary to the Treasury. 1154 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 sociation, and their respective presidents, Sam H. Husbands and L. M. Giannini, having, on July 13, Order Purging Respondents of Contempt in Transamerica Case 1950, been adjudged in civil contempt of this court, and they having been ordered to purge themselves In the Federal Reserve BULLETIN for July 1950, thereof within thirty days by taking certain affirmabeginning at page 823, there were published two tive steps specified in the order; and affidavits on opinions and an Order of the United States Court their behalf having now been filed and submitted of Appeals for the Ninth Circuit relating to the indicating full compliance with the court's requirepetition of the Board of Governors for an injuncments; and an affidavit having been submitted by tion and to the subsequent contempt proceedings. J. Leonard Townsend, counsel for the petitioner, Subsequently, on August 18, 1950, the Court Board of Governors of the Federal Reserve System, entered its Order, which is printed below: indicating that the petitioner has no objection to the showing; and it appearing to the court that UNITED STATES COURT OF APPEALS FOR THE NINTH upon consideration of the aforesaid affidavits that CIRCUIT the respondents and their presidents have in good No. 12,587 faith taken all action required of them by the said order of July 13, 1950, and have fully complied PROCEEDING FOR TEMPORARY RESTRAINING ORDER therewith, now, therefore, AND INJUNCTION AND OTHER RELIEF IT IS HEREBY ORDERED that the respondents, BOARD OF GOVERNORS OF THE FEDERAL RESERVE Transamerica Corporation and Bank of America SYSTEM, Petitioner, National Trust and Savings Association, and their vs. respective presidents, Sam H. Husbands and L. M. Giannini, and each of them, be and they are hereby TRANSAMERICA CORPORATION, and BANK OF AMERICA purged of the civil contempt of this court adjudged NATIONAL TRUST AND SAVINGS ASSOCIATION, by its order aforesaid. Respondents. Dated this 18th day of August, 1950. WILLIAM HEALY WILLIAM E. ORR No. 12,587 WALTER L. POPE PROCEEDING TO ADJUDGE IN CIVIL CONTEMPT AND United States Circuit Judges FOR OTHER RELIEF Legislation BOARD OF GOVERNORS OF THE FEDERAL RESERVE Conversion of National Banks SYSTEM, Petitioner, vs. By Act of Congress approved August 17, 1950 (Public Law 706, 81st Congress), national banking TRANSAMERICA CORPORATION, and BANK OF AMERICA associations were authorized to convert into and to NATIONAL TRUST AND SAVINGS ASSOCIATION, merge or consolidate with State banks. Among Respondents. other things, the law also provides that when an insured bank converts into or consolidates or merges with an insured State bank, the prior written con- ORDER PURGING RESPONDENTS OF CONTEMPT sent of the appropriate Federal banking agency The respondents, Transamerica Corporation and must be obtained if the capital stock or surplus of Bank of America National Trust and Savings As- the resulting bank will be less than that of the SEPTEMBER 1950 1155 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT converting bank or less than the aggregate capital least once a week for four consecutive weeks: Prostock or surplus, respectively, of the consolidating vided, That newspaper publication may be disor merging banks. In addition, certain technical pensed with entirely if waived by all the shareamendments were made to sections 9 and 12B of holders and in the case of a merger or consolidation the Federal Reserve Act. The text of the Act one publication at least ten days before the meeting reads as follows: shall be sufficient if publication for four weeks is waived by holders of at least two-thirds of each class [PUBLIC LAW 706—81ST CONGRESS] of capital stock and prior written consent of the Comptroller of the Currency is obtained. The [CHAPTER 729—2D SESSION] national banking association shall send such notice [H. R. 1161] to each shareholder of record by registered mail at AN ACT least ten days prior to the meeting, which notice may be waived specifically by any shareholder. To provide for the conversion of national banking associations into and their merger or consolidation with State (b) A shareholder of a national banking assobanks, and for other purposes. ciation who votes against the conversion, merger, Be it enacted by the Senate and House of Repre- or consolidation, or who has given notice in writing sentatives of the United States of America in Con- to the bank at or prior to such meeting that he gress assembled, dissents from the plan, shall be entitled to receive in cash the value of the shares held by him, if and DEFINITIONS when the conversion, merger, or consolidation is SECTION 1. (a) As used in this Act the term consummated, upon written request made to the "State bank" means any bank, banking association, resulting State bank at any time before thirty days trust company, savings bank (other than a mutual after the date of consummation of such conversion, savings bank), or other banking institution which merger, or consolidation, accompanied by the suris engaged in the business of receiving deposits and render of his stock certificates. The value of such which is incorporated under the laws of any State, shares shall be determined as of the date on which any Territory of the United States, Puerto Rico, the shareholders' meeting was held authorizing or the Virgin Islands, or which is operating under the conversion, merger, or consolidation, by a comthe Code of Law for the District of Columbia mittee of three persons, one to be selected by (except a national banking association). unanimous vote of the dissenting shareholders (b) For purposes of merger or consolidation entitled to receive the value of their shares, one by under this Act the term "national banking assothe directors of the resulting State bank, and the ciation" means one or more national banking assothird by the two so chosen. The valuation agreed ciations, and the term 'State bank" means one or upon by any two of three appraisers thus chosen more State banks. shall govern; but if the value so fixed shall not be CONVERSION OF NATIONAL BANK INTO AND satisfactory to any dissenting shareholder who has MERGER OR CONSOLIDATION WITH STATE BANK; PROCEDURE requested payment as provided herein, such share- SEC. 2. A national banking association may, by holder may within five days after being notified vote of the holders of at least two-thirds of each of the appraised value of his shares appeal to the class of its capital stock, convert into, or merge or Comptroller of the Currency, who shall cause a consolidate with, a State bank in the same State in reappraisal to be made, which shall be final and which the national banking association is located, binding as to the value of the shares of the apunder a State charter, in the following manner: pellant. If, within ninety days from the date of (a) The plan of conversion, merger, or consolida- consummation of the conversion, merger, or contion must be approved by a majority of the entire solidation, for any reason one or more of the board of directors of the national banking associa- appraisers is not selected as herein provided, or the tion. The bank shall publish notice of the time, appraisers fail to determine the value of such shares, place, and object of the shareholders' meeting to the Comptroller shall upon written request of any act upon the plan, in some newspaper with general interested party, cause an appraisal to be made, circulation in the place where the principal office which shall be final and binding on all parties. The of the national banking association is located, at expenses of the Comptroller in making the re- 1156 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT appraisal, or the appraisal as the case may be, shall bank if its capital stock, or its surplus will be be paid by the resulting State bank. The plan of less than the capital stock or surplus, respectively, conversion, merger, or consolidation shall provide of the converting bank at the time of the sharethe manner of disposing of the shares of the re- holders' meeting approving such conversion, sulting State bank not taken by the dissenting without prior written consent by the Comptroller shareholders of the national banking association. of the Currency if the resulting bank is to be a District bank, or by the Board of Governors of SAME ENTITY the Federal Reserve System if the resulting bank SEC. 3. The franchise of a national banking assois to be a State member bank (except a District ciation as a national banking association shall bank), or by the Corporation if the resulting automatically terminate when its conversion into bank is to be a State nonmember insured bank or its merger or consolidation with a State bank (except a District bank). No insured bank shall under a State charter is consummated and the re- (a) merge or consolidate with an insured State sulting State bank shall be considered the same bank under the charter of a State bank or (b) business and corporate entity as the national bankassume liability to pay any deposits made in aning association, although as to rights, powers, and other insured bank, if the capital stock or surplus duties the resulting bank is a State bank. Any of the resulting or assuming bank will be less reference to such national banking association in than the aggregate capital stock or aggregate any contract, will, or document shall be considered surplus, respectively, of all the merging or cona reference to the State bank if not inconsistent with solidating banks or of all the parties to the asthe provisions of the contract, will, or document or sumption of liabilities, at the time of the shareapplicable law. holders' meetings which authorized the merger or consolidation or at the time of the assumption CONTRAVENTION WITH STATE LAW of liabilities, unless the Comptroller of the Cur- SEC. 4. No conversion of a national banking assorency shall give prior written consent if the ciation into a State bank or its merger or consolidaassuming bank is to be a national bank or the tion with a State bank shall take place under this assuming or resulting bank is to be a District Act in contravention of the law of the State, in bank; or unless the Board of Governors of the which the national banking association is located; Federal Reserve System gives prior written and no such conversion, merger, or consolidation consent if the assuming or resulting bank is to shall take place under this Act unless under the be a State member bank (except a District bank); law of the State in which such national banking or unless the Corporation gives prior written association is located State banks may without apconsent if the assuming or resulting bank is to proval by any State authority convert into and be a nonmember insured bank (except a District merge or consolidate with national banking asbank). No insured State nonmember bank (exsociations as provided by Federal law. cept a District bank) shall, without the prior CONSENT OF FEDERAL AGENCIES consent of the Corporation, reduce the amount SEC. 5. Section 12B (v) (4) of the Federal Re- or retire any part of its common or preferred serve Act (title 12, U.S.C., sec. 264 (v) (4)), is capital stock, or retire any part of its capital notes amended to read as follows: or debentures." "(4) Without prior written consent by the CONTINUED DEPOSIT INSURANCE Corporation, no insured bank shall (a) merge or SEC. 6. Section 12B (e) (2) of the Federal Reconsolidate with any noninsured bank or institu- serve Act (title 12, U.S.C., sec. 264 (e) (2)), is tion or convert into a noninsured bank or insti- amended by adding at the end thereof the following tution or (b) assume liability to pay any deposits sentences: "A State bank, resulting from the conmade in, or similar liabilities of, any noninsured version of an insured national bank, shall continue bank or institution or (c) transfer assets to any as an insured bank. A State bank, resulting from noninsured bank or institution in consideration the merger or consolidation of insured banks, or of the assumption of liabilities for any portion of from the merger or consolidation of a noninsured the deposits made in such insured bank. No bank or institution with an insured State bank, insured bank shall convert into an insured State shall continue as an insured bank." SEPTEMBER 1950 1157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT EFFECT OF TERMINATION OF INSURANCE OF [PUBLIC LAW 774—81ST CONGRESS] MEMBER BANKS [CHAPTER 932—2D SESSION] SEC. 7. The last sentence of section 12B (i) (2) [H. R. 9176] of the Federal Reserve Act (12 U. S. C, sec. 264 (1) (2)), is amended to read as follows: "Except as AN ACT provided in paragraph (2) of subsection (e) of To establish a system of priorities and allocations for mathis section, whenever a member bank shall cease terials and facilities, authorize the requisitioning thereof, to be a member of the Federal Reserve System, its provide financial assistance for expansion of productive capacity and supply, provide for price and wage stabilizastatus as an insured bank shall, without notice or tion, provide for the settlement of labor disputes, strengthen other action by the board of directors, terminate on controls over credit, and by these measures facilitate the the date the bank shall cease to be a member of the production of goods and services necessary for the national security, and for other purposes. Federal Reserve System, with like effect as if its insured status had been terminated on said date Be it enacted by the Senate and House of Repreby the board of directors after proceedings under . sentatives of the United States of America in Conparagraph (1) of this subsection." gress assembled, That this Act, divided into titles, may be cited as "the Defense Production Act of CONTINUED MEMBERSHIP IN THE FEDERAL 1950". RESERVE SYSTEM SEC. 8. Section 9 of the Federal Reserve Act TABLE OF CONTENTS (title 12, U. S. C, sec. 321), as amended, is amended Title I. Priorities and allocations. Title II. Authority to requisition. by inserting after the first paragraph thereof the Title III. Expansion of productive capacity and supply. following new paragraph: Title IV. Price and wage stabilization. "Upon the conversion of a national bank into Title V. Settlement of labor disputes. Title VI. Control of consumer and real estate credit. a State bank, or the merger or consolidation of a Title VII. General provisions. national bank with a State bank which is not a DECLARATION OF POLICY member of the Federal Reserve System, the result- SEC. 2. It is the policy of the United States to ing or continuing State bank may be admitted to oppose acts of aggression and to promote peace by membership in the Federal Reserve System by the insuring respect for world law and the peaceful Board of Governors of the Federal Reserve System settlement of differences among nations. To that in accordance with the provisions of this section, end this Government is pledged to support collective but, otherwise, the Federal Reserve bank stock action through the United Nations and through owned by the national bank shall be canceled and regional arrangements for mutual defense in conpaid for as provided in section 5 of this Act. Upon formity with the Charter of the United Nations. the merger or consolidation of a national bank with The United States is determined to develop and a State member bank under a State charter, the maintain whatever military and economic strength membership of the State bank in the Federal Reis found to be necessary to carry out this purpose. serve System shall continue." Under present circumstances, this task requires SEPARABILITY CLAUSE diversion of certain materials and facilities from SEC. 9. If any provision of this Act, or the applica- civilian use to military and related purposes. It tion thereof to any person or circumstance, is held requires expansion of productive facilities beyond invalid, the remainder of the Act and the applica- the levels needed to meet the civilian demand. In tion of such provision to other persons or circum- order that this diversion and expansion may proceed stances shall not be affected thereby. at once, and that the national economy may be Approved August 17, 1950. maintained with the maximum effectiveness and the least hardship, normal civilian production and pur- Defense Production Act of 1950 chases must be curtailed and redirected. The "Defense Production Act of 1950," approved It is the objective of this Act to provide the September 8, 1950 (Public Law 774, 81st Con- President with authority to accomplish these adjustgress), provides, among other things, for the guar- ments in the operation of the economy. It is the antee of defense production loans, the control of intention of the Congress that the President shall consumer credit, and the regulation of real estate use the powers conferred by this Act to promote credit. The text of the Act reads as follows: the national defense, by meeting, promptly and 1158 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT effectively, the requirements of military programs such need is immediate and impending and such in support of our national security and foreign as will not admit of delay or resort to any other policy objectives, and by preventing undue strains source of supply, and (3) that all other means of and dislocations upon wages, prices, and produc- obtaining the use of such property for the defense of tion or distribution of materials for civilian use, the United States upon fair and reasonable terms within the framework, as far as practicable, of the have been exhausted, he is authorized to requisition American system of competitive enterprise. such property or the use thereof for the defense of the United States upon the payment of just com- TITLE I—PRIORITIES AND ALLOCATIONS pensation for such property or the use thereof to be SEC. 101. The President is hereby authorized (1) determined as hereinafter provided. The President to require that performance under contracts or shall promptly determine the amount of the comorders (other than contracts of employment) which pensation to be paid for any property or the use he deems necessary or appropriate to promote the thereof requisitioned pursuant to this title but each national defense shall take priority over performance such determination shall be made as of the time it under any other contract or order, and, for the is requisitioned in accordance with the provision for purpose of assuring such priority, to require accept- just compensation in the fifth amendment to the ance and performance of such contracts or orders Constitution of the United States. If the person in preference to other contracts or orders by any entitled to receive the amount so determined by person he finds to be capable of their performance, the President as just compensation is unwilling to and (2) to allocate materials and facilities in such accept the same as full and complete compensation manner, upon such conditions, and to such extent for such property or the use thereof, he shall be as he shall deem necessary or appropriate to pro- paid promptly 75 per centum of such amount and mote the national defense. shall be entitled to recover from the United States, SEC. 102. In order to prevent hoarding, no person in an action brought in the Court of Claims or, shall accumulate (1) in excess of the reasonable without regard to whether the amount involved demands of business, personal, or home consump- exceeds $10,000, in any district court of the United tion, or (2) for the purpose of resale at prices in States, within three years after the date of the Presiexcess of prevailing market prices, materials which dent's award, an additional amount which, when have been designated by the President as scarce added to the amount so paid to him, shall be just materials or materials the supply of which would be compensation. threatened by such accumulation. The President (b) Whenever the President determines that any shall order published in the Federal Register, and real property acquired under this title and retained in such other manner as he may deem appropriate, is no longer needed for the defense of the United every designation of materials the accumulation of States, he shall, if the original owner desires the which is unlawful and any withdrawal of such property and pays the fair value thereof, return designation. This section shall not be construed to such property to the owner. In the event the limit the authority contained in section 101 of this President and the original owner do not agree as Act. to the fair value of the property, the fair value shall SEC. 103. Any person who willfully performs any be determined by three appraisers, one of whom act prohibited, or willfully fails to perform any act shall be chosen by the President, one by the original required, by the provisions of this title or any rule, owner, and the third by the first two appraisers; regulation, or order thereunder, shall, upon convicthe expenses of such determination shall be paid in tion, be fined not more than $10,000 or imprisoned equal shares by the Government and the original for not more than one year, or both. owner. TITLE II—AUTHORITY TO REQUISITION (c) Whenever the need for the national defense SEC. 20L (a) Whenever the President deter- of any personal property requisitioned under this mines (1) that the use of any equipment, supplies, titles shall terminate, the President may dispose of or component parts thereof, or materials or facilities such property on such terms and conditions as he necessary for the manufacture, servicing, or opera- shall deem appropriate, but to the extent feasible tion of such equipment, supplies, or component and practicable he shall give the former owner of parts, is needed for the national defense, (2) that any property so disposed of an opportunity to re- SEPTEMBER 1950 1159 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT acquire it (1) at its then fair value as determined by authority of the provisions of this section. Each the President, or (2) if it is to be disposed of (other- such fiscal agent shall be reimbursed by each guarwise than at a public sale of which he is given anteeing agency for all expenses and losses incurred reasonable notice) at less than such value, at the by such fiscal agent in acting as agent on behalf highest price any other person is willing to pay of such guaranteeing agency, including among such therefor: Provided, That this opportunity to re- expenses, notwithstanding any other provision of acquire need not be given in the case of fungibles or law, attorneys' fees and expenses of litigation. items having a fair value of less than $1,000. (c) All actions and operations of such fiscal agents under authority of or pursuant to this section TITLE III—EXPANSION OF PRODUCTIVE CAPACITY shall be subject to the supervision of the President, AND SUPPLY and to such regulations as he may prescribe; and SEC. 301. (a) In order to expedite production and the President is authorized to prescribe, either spedeliveries or services under Government contracts, cifically or by maximum limits or otherwise, rates the President may authorize, subject to such regulaof interest, guarantee and commitment fees, and tions as he may prescribe, the Department of the other charges which may be made in connection Army, the Department of the Navy, the Departwith loans, discounts, advances, or commitments ment of the Air Force, the Department of Comguaranteed by the guaranteeing agencies through merce, and such other agencies of the United States such fiscal agents, and to prescribe regulations govengaged in procurement for the national defense erning the forms and procedures (which shall be as he may designate (hereinafter referred to as uniform to the extent practicable) to be utilized "guaranteeing agencies"), without regard to proviin connection with such guarantees. sions of law relating to the making, performance, (d) Each guaranteeing agency is hereby authoramendment, or modification of contracts, to guarized to use for the purposes of this section any funds antee in whole or in part any public or private fiwhich have heretofore been appropriated or allonancing institution (including any Federal Reserve cated or which hereafter may be appropriated or bank), by commitment to purchase, agreement to allocated to it, or which are or may become availshare losses, or otherwise, against loss of principal able to it, for such purposes or for the purpose of or interest on any loan, discount, or advance, or on meeting the necessities of the national defense. any commitment in connection therewith, which SEC. 302. To expedite production and deliveries may be made by such financing institution for the or services to aid in carrying out Government conpurpose of financing any contractor, subcontractor, tracts for the procurement of materials or the or other person in connection with the performance, performance of services for the national defense, the or in connection with or in contemplation of the President may make provision for loans (including termination, of any contract or other operation participations in, or guarantees of, loans) to private deemed by the guaranteeing agency to be necessary business enterprises (including research corporato expedite production and deliveries or services tions not organized for profit) for the expansion under Government contracts for the procurement of of capacity, the development of technological procmaterials or the performance of services for the esses, or the production of essential materials, innational defense. cluding the exploration, development, and mining (b) Any Federal agency or any Federal Reserve of strategic and critical metals and minerals. Such bank, when designated by the President, is hereby loans may be made without regard to the limitaauthorized to act, on behalf of any guaranteeing agency, as fiscal agent of the United States in the tions of existing law and on such terms and condimaking of such contracts of guarantee and in other- tions as the President deems necessary, except that wise carrying out the purposes of this section. All financial assistance may be extended only to the such funds as may be necessary to enable any such extent that it is not otherwise available on reasonfiscal agent to carry out any guarantee made by it able terms. on behalf of any guaranteeing agency shall be sup- SEC. 303. (a) To assist in carrying out the objecplied and disbursed by or under authority from tives of this Act, the President may make provision such guaranteeing agency. No such fiscal agent (1) for purchases of or commitments to purchase shall have any responsibility or accountability except metals, minerals, and other raw materials, including as agent in taking any action pursuant to or under liquid fuels, for Government use or for resale; and 1160 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (2) for the encouragement of exploration, develop- the Treasury of the United States, such sums of ment, and mining of critical and strategic minerals money as may be necessary to carry out its functions and metals: Provided, however, That purchases for under sections 302 and 303: Provided, That the total resale under this subsection shall not include agri- amount borrowed under the provisions of this seccultural commodities except insofar as such com- tion by all such borrowers shall not exceed an modities may be purchased for resale for industrial aggregate of $600,000,000 outstanding at any one uses or stockpiling, and no agricultural commodity time. For the purpose of borrowing as authorized shall be sold for such purposes at less than the by this subsection, the borrower may issue to the higher of the following: (i) the current market Secretary of the Treasury its notes, debentures, price for such commodity, or (ii) the minimum sale bonds, or other obligations to be redeemable at its price established for agricultural commodities owned option before maturity in such manner as may be or controlled by the Commodity Credit Corporation stipulated in such obligations. Such obligations as provided in section 407 of Public Law 439, shall bear interest at a rate determined by the Sec- Eighty-first Congress. retary of the Treasury, taking into consideration the (b) Subject to the limitations in subsection (a), current average rate on outstanding marketable purchases and commitments to purchase and sales obligations of the United States as of the last day under such subsection may be made without regard of the month preceding the issuance of the obligato the limitations of existing law, for such quan- tions. The Secretary of the Treasury is authorized tities, and on such terms and conditions, including and directed to purchase such obligations and for advance payments, and for such periods, as the such purpose the Secretary of the Treasury is au- President deems necessary, except that purchases or thorized to use as a public-debt transaction the procommitments to purchase involving higher than ceeds from the sale of any securities issued under currently prevailing market prices or anticipated the Second Liberty Bond Act, as amended, and loss on resale shall not be made unless it is deter- the purposes for which securities may be issued mined that supply of the materials could not be under the Second Liberty Bond Act, as amended, effectively increased at lower prices or on terms are extended to include any purchases of obligations more favorable to the Government, or that such hereunder. purchases are necessary to assure the availability to (c) In addition to the sums authorized to be the United States of overseas supplies. borrowed under subsection (b), there is hereby (c) The procurement power granted to the authorized to be appropriated to carry out the pur- President by this section shall include the power poses of sections 302 and 303, such sums, not in to transport and store, and have processed and re- excess of $1,400,000,000, as may be necessary therefined, any materials procured under this section. for. (d) When in his judgment it will aid the na- TITLE IV—PRICE AND WAGE STABILIZATION tional defense, the President is authorized to install SEC. 401. It is the intent of Congress to provide additional equipment, facilities, processes, or imauthority necessary to achieve the following purprovements to plants, factories, and other industrial poses in order to promote the national defense: To facilities owned by the United States Government, prevent inflation and preserve the value of the naand to install Government-owned equipment in tional currency; to assure that defense appropriaplants, factories, and other industrial facilities owned tions are not dissipated by excessive costs and prices; by private persons. to stabilize the cost of living for workers and SEC. 304. (a) For the purposes of sections 302 and other consumers and the costs of production for 303, the President is hereby authorized to utilize farmers and businessmen; to eliminate and prevent such existing departments, agencies, officials, or cor- profiteering, hoarding, manipulation, speculation, porations of the Government as he may deem ap- and other disruptive practices resulting from abnorpropriate, or to create new agencies (other than mal market conditions or scarcities; to protect concorporations). sumers, wage earners, investors, and persons with (b) Any agency created under this section, and relatively fixed or limited incomes from undue imany department, agency, official, or corporation uti- pairment of their living standards; to prevent ecolized pursuant to this section is authorized, subject nomic disturbances, labor disputes, interferences to the approval of the President, to borrow from with the effective mobilization of national resources, SEPTEMBER 1950 1161 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT and impairment of national unity and morale; to unreasonably above the price prevailing during the assist in maintaining a reasonable balance between period from May 24, 1950 to June 24, 1950, (ii) purchasing power and the supply of consumer goods such price increase will materially affect the cost of and services; to protect the national economy against living or the national defense, (iii) the imposition future loss of needed purchasing power by the of such ceiling is necessary to effectuate the purpresent dissipation of individual savings; and to poses of this Act, (iv) it is practicable and feasible prevent a future collapse of values. It is the intent to impose such ceiling, and (v) such ceiling will be of Congress that the authority conferred by this generally fair and equitable to sellers and buyers title shall be exercised in accordance with the poli- of such material or service and to sellers and buyers cies set forth in section 2 of this Act, and in particu- of related or competitive materials and services. lar with full consideration and emphasis, so far as (3) Whenever a ceiling has been imposed with practicable, on the maintenance and furtherance of respect to a particular material or service, the Presithe American system of competitive enterprise, in- dent shall stabilize wages, salaries, and other comcluding independent small-business enterprises, the pensation in the industry or business producing the maintenance and furtherance of a sound agricul- material or performing the service. tural industry, the maintenance and furtherance of (4) Whenever ceilings on prices have been estabsound working relations, including collective bar- lished on materials and services comprising a subgaining, and the maintenance and furtherance of stantial part of all sales at retail and materially the American way of life. Whenever the authority affecting the cost of living, the President (i) shall granted by this title is exercised, all agencies of the impose ceilings on prices and services generally, and Government dealing with the subject matter of (ii) shall stabilize wages, salaries, and other comthis title, within the limits of their authority and pensation generally. jurisdiction, shall cooperate in carrying out these (5) In stabilizing wages under paragraph (3) of purposes. this subsection, the President shall issue regulations SEC. 402. (a) In order to carry out the objectives prohibiting increases in wages, salaries, and other of this title, the President may encourage and pro- compensation which he deems would require an mote voluntary action by business, agriculture, labor increase in the price ceiling or impose hardships or and consumers. In proceeding under this subsec- inequities on sellers operating under the price tion the President may exercise the authority to ceiling. approve voluntary programs and agreements con- (c) So far as practicable, in exercising the auferred on him under section 708, and may utilize thority conferred in this section, the President shall the services of persons and agencies as provided in ascertain and give due consideration to comparable section 710. prices, rentals, commissions, margins, rates, fees, (b) (1) To the extent that the objectives of this charges, and allowances, and to comparable salaries, title cannot be attained by action under subsection wages, or other compensation, which he finds to be (a), the President may issue regulations and orders representative of those prevailing during the period establishing a ceiling or ceilings on the price, rental, from May 24, 1950, to June 24, 1950, inclusive, or, commission, margin, rate, fee, charge, or allowance in case none prevailed during this period or if those paid or received on the sale or delivery, or the pur- prevailing during this period were not generally chase or receipt, by or to any person, of any mate- representative because of abnormal or seasonal marrial or service, and at the same time shall issue ket conditions or other cause, then those prevailing regulations and orders stabilizing wages, salaries, on the nearest date on which, in the judgment of the and other compensation in accordance with the pro- President, they are generally representative. The visions of this subsection. President shall also give due consideration to the (2) Action under this subsection may be taken national effort to achieve maximum production in either with respect to individual materials and serv- furtherance of the objectives of this Act. In deterices and to individual types of employment, or with mining and adjusting ceilings on prices with respect respect to materials, services, and types of employ- to materials and services, he shall give due considment generally. A ceiling may be established with eration to such relevant factors as he may determine respect to an individual material or service only to be of general applicability in respect of such when the President finds that (i) the price of the material or service, including the following: Specumaterial or service has risen or threatens to rise lative fluctuations, general increases or decreases in 1162 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT cost of production, distribution, and transportation, Secretary of Agriculture for grade, location, and and general increases or decreases in profits earned seasonal differentials, or (iii) in the case of any by sellers of the material or by persons performing commodity for which the market was not active the service, subsequent to June 24, 1950. In stabiliz- during the period May 24 to June 24, 1950, the ing and adjusting wages, salaries, or other compen- average price received by producers during the most sation, the President shall give due consideration recent representative period prior to May 24, 1950, to such relevant factors as he may determine to be in which the market for such commodity was active of general applicability in respect of such wages, as determined and adjusted by the Secretary of salaries, or other compensation. Any regulation or Agriculture to a level in line with the level of prices order under this title shall be such as in the judg- received by producers for agricultural commodities ment of the President will be generally fair and generally during the period May 24 to June 24, equitable and will effectuate the purposes of this 1950, and adjusted by the Secretary for grade, locatitle, and shall be accompanied by a statement of tion, and seasonal differentials, or (iv) in the case considerations involved in the issuance of such regu- of fire-cured tobacco a price (as determined by the lation or order. The President, in establishing and Secretary of Agriculture and adjusted for grade difadjusting ceilings with respect to materials and serv- ferentials) equal to 75 per centum of the parity ices, and in stabilizing and adjusting wages, sal- price of Burley tobacco of the corresponding crop, aries, and other compensation, shall make such and in the case of dark air-cured tobacco and Viradjustments as he deems necessary to prevent or ginia sun-cured tobacco, respectively, a price (as correct hardships or inequities. determined by the Secretary of Agriculture and ad- (d) (1) Regulations and orders issued under this justed for grade differentials) equal to 66% per title shall apply regardless of any obligation hereto- centum of the parity price of Burley tobacco of the fore or hereafter incurred, except as provided in this corresponding crop. No ceilings shall be established subsection; but the President shall make appropriate or maintained hereunder for any commodity procprovision to prevent hardships and inequities to essed or manufactured in whole or substantial part sellers who have bona fide contracts in effect on the from any agricultural commodity below a price date of issuance of any such regulation or order for which will reflect to producers of such agricultural future delivery of materials in which seasonal de- commodity a price for such agricultural commodity mands or normal business practices require contracts equal to the highest price therefor specified in this for future delivery. subsection: Provided, That in establishing and main- (2) No wage, salary, or other compensation shall taining ceilings on products resulting from the be stabilized at less than that paid during the period processing of agricultural commodities, including from May 24, 1950, to June 24, 1950, inclusive. No livestock, a generally fair and equitable margin action shall be taken under authority of this title shall be allowed for such processing. Whenever a with respect to wages, salaries, or other compensa- ceiling has been established under this title with tion which is inconsistent with the provisions of the respect to any agricultural commodity, or any com- Fair Labor Standards Act of 1938, as amended, or modity processed or manufactured in whole or in the Labor Management Relations Act, 1947, or any substantial part therefrom, the President from time other law of the United States, or of any State, the to time shall adjust such ceiling in order to make District of Columbia, or any Territory or posses- appropriate allowances for substantial reduction in sion of the United States. merchantable crop yields, unusual increases in costs (3) No ceiling shall be established or maintained of production, and other factors which result from for any agricultural commodity below the highest hazards occurring in connection with the producof the following prices: (i) The parity price for tion and marketing of such agricultural commodity; such commodity, as determined by the Secretary of and in establishing the ceiling (1) for any agricul- Agriculture in accordance with the Agricultural Ad- tural commodity for which the 1950 marketing seajustment Act of 1938, as amended, and adjusted by son commenced prior to the enactment of this Act the Secretary of Agriculture for grade, location, and and for which different areas have different periods seasonal differentials, or (ii) the highest price re- of marketing during such season or (2) for any ceived by producers during the period from May 24, agricultural commodity produced for the same gen- 1950, to June 24, 1950, inclusive, as determined by eral use as a commodity described in (1), the Presithe Secretary of Agriculture and adjusted by the dent shall give due consideration to affording equit- SEPTEMBER 1950 1163 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT able treatment to all producers of the commodity carrier or other public utility shall at any time after for which the ceiling is being established. Nothing the President shall have issued any stabilization contained in this Act shall be construed to modify, regulations and orders under subsection (b) make repeal, supersede, or affect the provisions of the any increase in'its charges for property or services Agricultural Marketing Agreement Act of 1937, as sold by it for resale to the public, for which appliamended, or to invalidate any marketing agree- cation is filed after the date of issuance of such ment, license, or order, or any provision thereof or stabilization regulations and orders, before the Fedamendment thereto, heretofore or hereafter made eral, State or Municipal authority having jurisor issued under the provisions of such Act. Ceiling diction to consider such increase, unless it first prices to producers for milk used for distribution gives 30 days' notice to the President, or such as fluid milk in any marketing area not under a agency as he may designate, and consents to the marketing agreement, license, or order issued under timely intervention by such agency before the the Agricultural Marketing Agreement Act of 1937, Federal, State or Municipal authority having as amended, shall not be less than (1) parity prices jurisdiction to consider such increase; for such milk, or (2) prices which in such market- (vi) Margin requirements on any commodity ing areas will bear the same ratio to the average exchange. farm price of milk sold wholesale in the United (f) The President, in or by any regulation or States as the prices for such fluid milk in such marorder, may provide exemptions for any materials keting areas bore to such average farm price during or services, or transactions therein, or types of emthe base period, as determined by the Secretary of ployment, with respect to which he finds that (1) Agriculture, whichever is higher: Provided, howsuch exemption is necessary to promote the national ever, That whenever the Secretary of Agriculture defense; or (2) it is unnecessary that ceilings be finds that the prices so fixed are not reasonable in applicable to such materials or services, or transview of the price of feeds, the available supplies of actions therein, or that compensation for such types feeds, and other economic conditions which affect of employment be stabilized, in order to effectuate market supply and demand for milk and its prodthe purposes of this title. ucts in any such marketing area, he shall fix such (g) The powers granted in this title shall not prices as he finds will reflect such factors, insure a be used or made to operate to compel changes in sufficient quantity of pure and wholesome milk, the business practices, cost practices or methods, and be in the public interest, which prices when so or means or aids to distribution, established in any determined shall be used as the ceiling prices to industry, except where such action is affirmatively producers for fluid milk in such marketing areas. found by the President to be necessary to prevent (e) The authority conferred by this title shall circumvention or evasion of any regulation, order, not be exercised with respect to the following: or requirement under this title. (i) Prices or rentals for real property; (h) Nothing in this title shall be construed (1) (ii) Rates or fees charged for professional servas authorizing the elimination or any restriction ices; of the use of trade and brand names; (2) as (iii) Prices or rentals for (a) materials furnished authorizing the President to require the grade for publication by any press association or feature labeling of any materials; (3) as authorizing the service, or (b) books, magazines, motion pictures, President to standardize any materials or services, periodicals, or newspapers, other than as waste or unless the President shall determine, with respect scrap; or rates charged by any person in the busi- to such standardization, that no practicable alterness of operating or publishing a newspaper, native exists for securing effective price control periodical, or magazine, or operating a radio-broad- with respect to such materials or services; or (4) casting or television station, a motion-picture or as authorizing any order of the President estabother theater enterprise, or outdoor advertising facil- lishing price ceilings for different kinds, classes, ities; or types of material or service, which are described (iv) Rates charged by any person in the busi- in terms of specifications or standards, unless such ness of selling or underwriting insurance; specifications or standards were, prior to such order, (v) Rates charged by any common carrier or in general use in the trade or industry affected, or other public utility: Provided, That no common have previously been promulgated and their use 1164 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT lawfully required by another Government agency. relating to price controls under this title, or, in (i) No rule, regulation, or order issued under the case of new grounds arising after the effective this title shall require any seller of materials at date of any such regulation or order relating to retail to limit his sales with reference to any price controls, within six months after such new highest price line offered for sale by him at any grounds arise, any person subject to any provision prior time. of such regulation or order may, in accordance with SEC. 403, At such time as the President deter- regulations to be prescribed by the President, file a mines that it is necessary to impose price and protest specifically setting forth objections to any wage controls generally over a substantial portion such provision and affidavits or other written eviof the national economy, he shall administer such dence in support of such objections. Statements controls, and rationing at the retail level of con- in support of any such regulation or order may be sumer goods for household and personal use under received and incorporated in the transcript of the authority of Title I of this Act (when and to the proceedings at such times and in accordance with extent that he exercises such authority), through such regulations as may be prescribed by the Presia new independent agency created for such pur- dent. Within a reasonable time after the filing of pose. Such agency may utilize the services, infor- any protest under this section, but in no event mation, and facilities of other agencies and depart- more than thirty days after such filing, the Presiments of the Government, but such agency shall dent shall either grant or deny such protest in not delegate enforcement of any of the controls to whole or in part, notice such protest for hearing, be administered by it under this section to any or provide an opportunity to present further eviother agency or department. dence in connection therewith. In the event that the President denies any such protest in whole or SEC. 404. In carrying out the provisions of this in part, he shall inform the protestant of the title, the President shall, so far as practicable, adgrounds upon which such decision is based, and of vise and consult with, and establish and utilize comany economic data and other facts of which the mittees of, representatives of persons substantially President has taken official notice. affected by regulations or orders issued hereunder. SEC. 405. (a) It shall be unlawful, regardless of (b) In the administration of this title the Presiany obligation heretofore or hereafter entered into, dent may take official notice of economic data and for any person to sell or deliver, or in the regular other facts, including facts found by him as a course of business or trade to buy or receive, any result of action taken under section 705 of this material or service, or otherwise to do or omit to Act. do any act, in violation of this title or of any regu- (c) Any proceedings under this section may be lation, order, or requirement issued thereunder, or limited by the President to the filing of affidavits, to offer, solicit, attempt or agree to do any of the or other written evidence, and the filing of briefs: foregoing. Provided, however, That upon the request of the (b) No employer shall pay, and no employee protestant, any protest filed in accordance with shall receive, any wage, salary, or other compen- subsection (a) of this section shall, before denial sation in contravention of any regulation or order in whole or in part, be considered by a board of promulgated by the President under this title. The review consisting of one or more officers or em- President shall also prescribe the extent to which ployees of the United States designated by the any wage, salary, or compensation payment made President in accordance with regulations to be in contravention of any such regulation or order promulgated by him. Such regulations shall proshall be disregarded by the executive departments vide that the board of review may conduct hearings and other governmental agencies in determining and hold sessions in the District of Columbia or the costs or expenses of any employer for the pur- any other place, as a board, or by subcommittees poses of any other law or regulation. thereof, and shall provide that, upon the request SEC. 406. Nothing in this title shall be construed of the protestants and upon a showing that mateto require any person to sell any material or service, rial facts would be adduced thereby, subpenas or to perform personal services. shall issue to procure the evidence of persons, or SEC. 407. (a) At any time within six months the production of documents, or both. The Presiafter the effective date of any regulation or order dent shall cause to be presented to the board such SEPTEMBER 1950 1165 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT evidence, including economic data, in the form of plainant in the protest or such evidence shall be affidavits or otherwise, as he deems appropriate contained in the transcript. If application is made in support of the provision against which the pro- to the court by either party for leave to introduce test is filed. The protestant shall be accorded an additional evidence which was either offered to opportunity to present rebuttal evidence in writing the President and not admitted, or which could and oral argument before the board and the board not reasonably have been offered to the President shall make written recommendations to the Presi- or included by the President in such proceedings, dent. The protestant shall be informed of the and the court determines that such evidence should recommendations of the board and, in the event be admitted, the court shall order the evidence to that the President rejects such recommendations in be presented to the President. The President shall whole or in part, shall be informed of the reasons promptly receive the same, and such other evidence for such rejection. as he deems necessary or proper, and thereupon he (d) Any protest filed under this section shall be shall certify and file with the court a transcript granted or denied by the President, or granted in thereof and any modification made in the regulation part and the remainder of it denied within a or order as a result thereof; except that on request reasonable time after it is filed. Any protestant by the President, any such evidence shall be prewho is aggrieved by undue delay on the part of sented directly to the court. the President in disposing of his protest may pe- (b) No such regulation or order shall be enjoined tition the Emergency Court of Appeals for relief; or set aside, in whole or in part, unless the comand such court shall have jurisdiction by appro- plainant establishes to the satisfaction of the court priate order to require the President to dispose of that the regulation or order is not in accordance such protest within such time as may be fixed by with law, or is arbitrary or capricious. The effecthe court. If the President does not act finally tiveness of a judgment of the court enjoining or within the time fixed by the court, the protest setting aside, in whole or in part, any such regulashall be deemed to be denied at the expiration of tion or order shall be postponed until the expirathat period. tion of thirty days from the entry thereof, except SEC. 408. (a) Any person who is aggrieved by that if a petition for a writ of certiorari is filed with the denial or partial denial of his protest may, the Supreme Court under subsection (d) within within thirty days after such denial, file a com- such thirty days, the effectiveness of such judgplaint with the Emergency Court of Appeals speci- ment shall be postponed until an order of the fying his objections and praying that the regula- Supreme Court denying such petition becomes tion or order protested be enjoined or set aside in final, or until other final disposition of the case by whole or in part. A copy of such complaint shall the Supreme Court. forthwith be served on the President, who shall (c) The Emergency Court of Appeals is hereby certify and file with such court a transcript of continued for the purpose of the exercise of the such portions of the proceedings in connection jurisdiction granted by this title, with the powers with the protest as are material under the com- herein specified, together with the powers heretoplaint. Such transcript shall include a statement fore granted by law to such court which are not setting forth, so far as practicable, the economic inconsistent with the provisions of this title. The data and other facts of which the President has court shall have the powers of a district court with taken official notice. Upon the filing of such com- respect to the jurisdiction conferred on it by this plaint the court shall have exclusive jurisdiction to title; except that the court shall not have power to set aside such regulation or order, in whole or in issue any temporary restraining order or interpart, to dismiss the complaint, or to remand the locutory decree staying or restraining, in whole or proceeding: Provided, That the regulation or order in part, the effectiveness of any regulation or order may be modified or rescinded by the President at relating to price controls issued under this title. any time notwithstanding the pendency of such The court shall exercise its powers and prescribe complaint. No objection to such regulation or rules governing its procedure in such manner as order, and no evidence in support of any objection to expedite the determination of cases of which it thereto, shall be considered by the court, unless has jurisdiction under this title. such objection shall have been set forth by the com- (d) Within thirty days after entry of a judgment 1166 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT or order, interlocutory or final, by the Emergency whole or in part the provision of the regulation Court of Appeals, a petition for a writ of certiorari or order complained of or to dismiss the complaint. may be filed in the Supreme Court of the United The court may authorize the introduction of evi- States, and thereupon the judgment or order shall dence, either to the President or directly to the be subject to review by the Supreme Court in the court, in accordance with subsection (a) of this same manner as a judgment of a United States section. The provisions of subsections (b), (c), court of appeals as provided in section 1254 of and (d) of this section shall be applicable with title 28, United States Code. The Supreme Court respect to any proceeding instituted in accordance shall advance on the docket and expedite the dis- with this subsection. position of all causes filed therein pursuant to this (2) In any proceeding brought pursuant to secsubsection. The Emergency Court of Appeals, tion 409 or 706 of this Act or section 371 of title and the Supreme Court upon review of judgments 18, United States Code, involving an alleged violaand orders of the Emergency Court of Appeals, tion of any provision of any such regulation or shall have exclusive jurisdiction to determine the order, the court shall stay the proceeding— validity of any regulation or order relating to (i) during the period within which a comprice controls issued under this title, and of any plaint may be filed in the Emergency Court of provision of any such regulation or order. Except Appeals pursuant to leave granted under paraas provided in this section, no court, Federal, State, graph (1) of this subsection with respect to such or Territorial, shall have jurisdiction or power to provision; consider the validity of any such regulation or (ii) during the pendency of any protest proporder relating to price controls, or to stay, restrain, erly filed by the defendant under section 407 enjoin, or set aside, in whole or in part, any proof this title prior to the institution of the provision of this title authorizing the issuance of such ceeding under section 409 or 706 of this Act or regulations or orders, or any provision of any such section 371 of title 18, United States Code, setregulation or order, or to restrain or enjoin the ting forth objections to the validity of such enforcement of any such provision. provision which the court finds to have been (e) (1) Within thirty days after arraignment, made in good faith; and or such additional time as the court may allow for (iii) during the pendency of any judicial progood cause shown, in any criminal proceeding, and ceeding instituted by the defendant under this within five days after judgment in any civil or section with respect to such protest or instituted criminal proceeding, brought pursuant to section by the defendant under paragraph (1) of this 409 or 706 of this Act or section 371 of title 18, subsection with respect to such provision, and United States Code, involving alleged violation until the expiration of the time allowed in this of any provision of any regulation or order relating section for the taking of further proceedings to price controls issued under this title, the dewith respect thereto. fendant may apply to the court in which the proceeding is pending for leave to file in the Emer- Notwithstanding the provisions of this paragraph, gency Court of Appeals a complaint against the stays shall be granted thereunder in civil proceed- President setting forth objections to the validity ings only after judgment and upon application of any provision which the defendant is alleged made within five days after judgment. Notwithto have violated or conspired to violate. The court standing the provisions of this paragraph, in the in which the proceeding is pending shall grant such case of a proceeding under section 409 (a) or leave with respect to any objection which it finds 706 (a) of this Act the court granting a stay under is made in good faith and with respect to which this paragraph shall issue a temporary injunction it finds there is reasonable and substantial excuse or restraining order enjoining or restraining, durfor the defendant's failure to present such objection ing the period of the stay, violations by the dein a protest filed in accordance with section 407 fendant of any provision of the regulation or order of this title. Upon the filing of a complaint pur- involved in the proceeding. If any provision of suant to and within thirty days from the granting a regulation or order is determined to be invalid of such leave, the Emergency Court of Appeals by judgment of the Emergency Court of Appeals shall have jurisdiction to enjoin or set aside in which has become effective in accordance with SEPTEMBER 1950 1167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT section 408 (b) of this title, any proceeding pend- mine, but in no event shall such amount exceed ing in any court shall be dismissed, and any the amount of the overcharge, or the overcharges, judgment in such proceeding vacated, to the extent plus $10,000, or (2) an amount not less than $25 that such proceeding or judgment is based upon nor more than $50 as the court in its discretion violation of such provision. Except as provided may determine: Provided, however. That such in this subsection, the pendency of any protest amount shall be the amount of the overcharge or under section 407 of this title, or judicial proceed- overcharges if the defendant proves that the violaing under this section, shall not be grounds for tion of the regulation or order in question was staying any proceeding brought pursuant to section neither willful nor the result of failure to take 409 or 706 of this Act or section 371 of title 18, practicable precautions against the occurrence of United States Code; nor, except as provided in this the violation. For the purposes of this section the subsection, shall any retroactive effect be given word "overcharge" shall mean the amount by to any judgment setting aside a provision of a which the consideration exceeds the applicable ceilregulation or order issued under this title. ing. If any person selling any material or service violates a regulation or order prescribing a ceiling SEC. 409. (a) Whenever in the judgment of the or ceilings and the buyer either fails to institute President any person has engaged or is about to an action under this subsection within thirty days engage in any acts or practices which constitute from the date of the occurrence of the violation or or will constitute a violation of any provision of is not entitled for any reason to bring the action, section 405 of this title, he may make application the President may institute such action on behalf to the appropriate court for an order enjoining such of the United States within such one-year period, acts or practices, or for an order enforcing comor compromise with the seller the liability which pliance with such provision, and upon a showing might be assessed against the seller in such an by the President that such person has engaged or action. If such action is instituted, or such liability is about to engage in any such acts or practices is compromised by the President, the buyer shall a permanent or temporary injunction, restraining thereafter be barred from bringing an action for order, or other order shall be granted without bond. the same violation or violations. Any action under (b) Any person who willfully violates any prothis subsection by either the buyer or the President, vision of section 405 of this title shall be guilty as the case may be, may be brought in any court of a misdemeanor and shall, upon conviction of competent jurisdiction. A judgment in an thereof, be subject to a fine of not more than action for damages, or a compromise, under this $10,000, or to imprisonment for not more than one subsection shall be a bar to the recovery under this year, or both. Whenever the President has reason subsection of any damages in any other action to believe that any person is liable to punishment against the same seller on account df sales made under this subsection, he may certify the facts to to the same purchaser prior to the institution of the Attorney General, who may, in his discretion, the action in which such judgment was rendered, cause appropriate proceedings to be brought. or prior to such compromise. The President may (c) If any person selling any material or service not institute any action under this subsection on violates a regulation or order prescribing a ceiling behalf of the United States— or ceilings, the person who buys such material or service for use or consumption other than in the (1) if the violation arose because the person course of trade or business may, within one year selling the material or service acted upon and in from the date of the occurrence of the violation, accordance with the written advice and instrucexcept as hereinafter provided, bring an action tions of the President or any official authorized against the seller on account of the overcharge. to act for him; In any action under this subsection, the seller (2) if the violation arose out of the sale of shall be liable for reasonable attorney's fees and any material or service to any agency of the costs as determined by the court, plus whichever Government, and such sale was made pursuant of the following sums is greater: (1) such amount to the lowest bid made in response to an innot more than three times the amount of the overvitation for competitive bids. charge, or the overcharges, upon which the action is based as the court in its discretion may deter- SEC. 410. Each contract providing for the pur- 1168 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT chase of processed chickens or turkeys by any de- Federal labor standards statutes, the Labor Managepartment or agency of the United States from any ment Relations Act, 1947, or with other applicable contractor, entered into at any time when ceiling laws shall be taken under this title. prices are in effect under this Act for whichever TITLE VI—CONTROL OF CONSUMER AND REAL of such fowl is covered by such contract, shall con- ESTATE CREDIT tain the following provision (with such change as THIS TITLE AUTHORIZES THE REGULATION OF CONSUMER CREDIT AND REAL ESTATE may be necessary to describe the fowl covered by CONSTRUCTION CREDIT ONLY the contract): SEC. 601. To assist in carrying out the objectives "The contractor represents that the contract price of this Act, the Board of Governors of the Federal is based upon an estimated price paid to the pro- Reserve System is authorized, notwithstanding the ducers for live chickens or live turkeys to be provisions of Public Law 386, Eightieth Congress processed hereunder. In the event and to the (61 Stat. 921), to exercise consumer credit conextent that the actual price paid to the producers trols in accordance with and to carry out the proof live chickens or live turkeys purchased for the visions of Executive Order Numbered 8843 (August performance of this contract is less than such 9, 1941) until such time as the President deterestimated price, the contract price shall be reduced mines that the exercise of such controls is no by the same number of cents or fraction thereof, longer necessary, but in no event beyond the per pound." date on which this section terminates. SEC. 602. (a) To assist in carrying out the pur- TITLE V poses of this Act, the President is authorized from SETTLEMENT OF LABOR DISPUTES time to time to prescribe regulations with respect SEC. 501. It is the intent of Congress, in order to such kind or kinds of real estate construction to provide for effective price and wage stabiliza- credit which thereafter may be extended as, in his tion pursuant to title IV of this Act and to maintain judgment, it is necessary to regulate in order to uninterrupted production, that there be effective prevent or reduce excessive or untimely use of or procedures for the settlement of labor disputes fluctuations in such credit. Such regulations may, affecting national defense. among other things, prescribe maximum loan or SEC. 502. The national policy shall be to place credit values, minimum down payments in cash primary reliance upon the parties to any labor dis- or property, trade-in or exchange values, maximum pute to make every effort through negotiation and maturities, maximum amounts of credit, rules recollective bargaining and the full use of mediation garding the amount, form, and time of various and conciliation facilities to effect a settlement in payments, rules against any credit in specified cirthe national interest. To this end, the President cumstances, rules regarding consolidations, reis authorized (1) to initiate voluntary conferences newals, revisions, transfers, or assignments of between management, labor, and such persons as the credit, and rules regarding other similar or re- President may designate to represent government lated matters. Such regulations may classify perand the public, and (2) subject to the provisions sons and transactions and may apply different reof section 503, to take such action as may be agreed quirements thereto, and may include such adminupon in any such conference and appropriate to istrative provisions as in the judgment of the carry out the provisions of this title. The President President are reasonably necessary in order to may designate such persons or agencies as he may effectuate the purposes of this section or to prevent deem appropriate to carry out the provisions of this evasions thereof. title. In prescribing and suspending such regulations, SEC. 503. In any such conference, due regard including changes from time to time to take acshall be given to terms and conditions of employ- count of changing conditions, the President shall ment established by prevailing collective bargain- consider, among other factors, (1) the level and ing practice which will be fair to labor and man- trend of real estate construction credit and the agement alike, and will be consistent with stabili- various kinds thereof, (2) the effect of the use of zation policies established under this Act. No such credit upon (i) purchasing power and (ii) action inconsistent with the provisions of the Fair demand for real property and improvements Labor Standards Act of 1938, as amended, other thereon and for other goods and services, (3) the SEPTEMBER 1950 1169 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT need in the national economy for the maintenance dent may in his regulations further define such of sound credit conditions, and (4) the needs for terms and, in addition, may define technical, trade, increased defense production. accounting, and other terms, insofar as any such (b) No person shall extend or maintain any definitions are not inconsistent with the provisions real estate construction credit, or renew, revise, of this section: consolidate, refinance, purchase, sell, discount, or (1) "Real estate construction credit" means any lend or borrow on, any obligation arising out of any credit which (i) is wholly or partly secured by, (ii) such credit, or arrange for any of the foregoing, in is for the purpose of purchasing or carrying, (iii) contravention of any regulation prescribed by the is for the purpose of financing, or (iv) involves a President pursuant to this section. Any person who right to acquire or use, new construction on real extends or maintains any such credit, or renews, property or real property on which there is new revises, consolidates, refinances, purchases, sells, construction. As used in this paragraph the term discounts, or lends or borrows on, any obligation "new construction" means any structure, or any arising out of any such credit, or arranges for any major addition or major improvement to a strucof the foregoing, shall make, keep, and preserve ture, which has not been begun before 12 o'clock for such periods, such accounts, correspondence, meridian, August 3, 1950. As used in this paramemoranda, papers, books, and other records, and graph the term "real property" includes leasehold make such reports, under oath or otherwise, as and other interests therein. Notwithstanding the the President may by regulation require as neces- foregoing provisions of this paragraph, the term sary or appropriate in order to effectuate the pur- "real estate construction credit" shall not include poses of this section; and such accounts, corre- any loan or loans made, insured, or guaranteed by spondence, memoranda, papers, books, and other any department, independent establishment or records shall be subject at any time to such reason- agency in the executive branch of the United able periodic, special, or other examinations by States, or by any wholly owned Government corexaminers or other representatives of the Presi- poration, or by any mixed-ownership Government dent as the President may deem necessary or ap- corporatiton as defined in the Government Corporapropriate. The requirements of this section apply tion Control Act, as amended. whether a person is acting as principal, agent, (2) "Credit" means any loan, mortgage, deed broker, vendor, or otherwise. of trust, advance, or discount; any conditional sale (c) To assist in carrying out the purposes of this contract; any contract to sell or sale or contract of section, the President by regulation may require sale, of property or services, either for present or transactions or persons or classes thereof subject future delivery, under which part or all of the to this section to be registered; and, after notice price is payable subsequent to the making of such and opportunity for hearing, the President by sale or contract; any rental-purchase contract, or order may suspend any such registration for viola- any contract for the bailment, leasing, or other use tion of this section or any regulation prescribed by of property under which the bailee, lessee, or user the President pursuant to this section. The pro- has the option of becoming the owner thereof, visions of section 25 of the Securities Exchange Act obligates himself to pay as compensation a sum of 1934, as amended, shall apply in the case of any substantially equivalent to or in excess of the value such order of the President in the same manner thereof, or has the right to have all or part of the that such provisions apply in the case of orders of payments required by such contract applied to the the Securities and Exchange Commission under purchase price of such property or similar propthat Act. In carrying out this section, the Presi- erty; any option, demand, lien, pledge or similar dent may act through and may utilize the services claim against, or for the delivery of property or of the Board of Governors of the Federal Re- money; any purchase, discount, or other acquiserve System, the Federal Reserve banks, and any sition of, or any credit under the security of, any other agencies, Federal or State, which are avail- obligation or claim arising out of any of the foreable and appropriate. going; and any transaction or series of transactions (d) For the purposes of this section, unless the having a similar purpose or effect. context otherwise requires, the following terms SEC. 603. Any person who willfully violates any shall have the following meanings, but the Presi- provision of section 601 or 602 or any regulation 1170 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT or order issued thereunder, upon conviction thereof, the various departments and agencies under this shall be fined not more than $5,000 or imprisoned Act: not more than one year, or both. (ii) such business advisory committees shall SEC. 604. All the present provisions of sections be appointed as shall be appropriate for purposes 21 and 27 of the Securities Exchange Act of 1934, of consultation in the formulation of rules, reguas amended (relating to investigations, injunctions, lations, or orders, or amendments thereto isjurisdictions, and other matters), shall be as fully sued under authority of this Act, and in their applicable with respect to the exercise by the Board formation there shall be fair representation for of Governors of the Federal Reserve System of independent small, for medium, and for large credit controls under section 601 as they are now business enterprises, for different geographical applicable with respect to the exercise by the Seareas, for trade association members and noncurities and Exchange Commission of its functions members, and for different segments of the inunder that Act, and the Board shall have the same dustry; powers in the exercise of such credit controls as the (iii) in administering this Act, such exemp- Commission now has under the said sections 21 tions shall be provided for small-business enterand 27. prises as may be feasible without impeding the SEC. 605. To assist in carrying out the objectives acomplishment of the objectives of this Act; and of this Act the President may at any time or times, (iv) in administering this Act, special pronotwithstanding any other provision of law, revision shall be made for the expeditious handuce for such period as he shall specify, the maxidling of all requests, applications, or appeals from mum authorized principal amounts, ratios of loan small-business enterprises. to value or cost, or maximum maturities of any type or types of loans on real estate which there- (c) Whenever the President invokes the powers after may be made, insured, or guaranteed by any given him in this Act to allocate, or approve agreedepartment, independent establishment, or agency ments allocating, any material, to an extent which in the executive branch of the United States Gov- the President finds will result in a significant disernment, or by any wholly owned Government location of the normal distribution in the civilian corporation or by any mixed-ownership Govern- market, he shall do so in such a manner as to ment corporation as defined in the Government make available, so far as practicable, for business Corporation Control Act, as amended, or reduce and various segments thereof in the normal chanor suspend any such authorized loan program, nel of distribution of such material, a fair share of upon a determination, after taking into considera- the available civilian supply based, so far as praction the effect thereof upon conditions in the ticable, on the share received by such business building industry and upon the national economy under normal conditions during a representative and the needs for increased defense production, that period preceding June 24, 1950 and having due such action is necessary in the public interest: regard to the needs of new businesses. Provided, That in the exercise of these powers, SEC. 702. As used in this Act— the President shall preserve the relative credit (a) The word "person" includes an individual, preferences accorded to veterans under existing corporation, partnership, association, or any other law. organized group of persons, or legal successor or TITLE VII—GENERAL PROVISIONS representative of the foregoing, and includes the United States or any agency thereof, or any other SEC. 701. (a) It is the sense of the Congress government, or any of its political subdivisions, or that small-business enterprises be encouraged to any agency of any of the foregoing: Provided, That make the greatest possible contribution toward no punishment provided by this Act shall apply achieving the objectives of this Act. to the United States, or to any such government, (b) In order to carry out this policy— political subdivision, or government agency. (i) the President shall provide small-business (b) The word "materials" shall include raw enterprises with full information concerning the materials, articles, commodities, products, supplies, provisions of this Act relating to, or of benefit to, components, technical information, and processes, such enterprises and concerning the activities of (c) The word "facilities" shall not include farms* SEPTEMBER 1950 1171 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT churches or other places of worship, or private Any regulation or order under this Act may be dwelling houses. established in such form and manner, may contain (d) The term "national defense" means the such classifications and differentiations, and may operations and activities of the armed forces, the provide for such adjustments and reasonable ex- Atomic Energy Commission, or any other Govern- ceptions as in the judgment of the President are ment department or agency directly or indirectly necessary or proper to effectuate the purposes of and substantially concerned with the national de- this Act, or to prevent circumvention or evasion, fense, or operations or activities in connection with or to facilitate enforcement of this Act, or any the Mutual Defense Assistance Act of 1949, as rule, regulation, or order issued under this Act. amended. SEC. 705. (a) The President shall be entitled, (e) The words "wages, salaries, and other com- while this Act is in effect and for a period of two pensation" shall include all forms of remuneration years thereafter, by regulation, subpena, or otherto employees by their employers for personal wise, to obtain such information from, require such services, including, but not limited to, vacation reports and the keeping of such records by, make and holiday payments, night shift and other such inspection of the books, records, and other bonuses, incentive payments, year-end bonuses, em- writings, premises or property of, and take the ployer contributions to or payments of insurance sworn testimony of, any person as may be necesor welfare benefits, employer contributions to a sary or appropriate, in his discretion, to the enpension fund or annuity, payments in kind, and forcement or the administration of this Act and premium overtime payments. the regulations or orders issued thereunder. The SEC. 703. (a) Except as otherwise specifically President shall issue regulations insuring that the provided, the President may delegate any power authority of this subsection will be utilized only or authority conferred upon him by this Act to after the scope and purpose of the investigation, any officer or agency of the Government, includ- inspection, or inquiry to be made have been defined ing any new agency or agencies (and the Presi- by competent authority, and it is assured that dent is hereby authorized to create such new agen- no adequate and authoritative data are available cies, other than corporate agencies, as he deems from any Federal or other responsible agency. In necessary), and he may authorize such redelega- case of contumacy by, or refusal to obey a subpena tions by that officer or agency as the President served upon, any person referred to in this submay deem appropriate. The President is author- section, the district court of the United States for ized to appoint heads and assistant heads of any any district in which such person is found or such new agencies, and other officials therein of resides or transacts business, upon application by comparable status, and to fix their compensation, the President, shall have jurisdiction to issue an without regard to the Classification Act of 1949, order requiring such person to appear and give as amended, at rates comparable to the compen- testimony or to appear and produce documents, sation paid to the heads and assistant heads of or both; and any failure to obey such order of the independent agencies of the Government. Any court may be punished by such court as a contempt officer or agency may employ civilian personnel thereof. for duty in the United States, including the Dis- (b) No person shall be excused from complying trict of Columbia, or elsewhere, without regard with any requirement under this section or from to section 14 of the Federal Employees Pay Act of attending and testifying or from producing books, 1946 (60 Stat. 219), as the President deems neces- papers, documents, and other evidence in obedience sary to carry out the provisions of this Act. to a subpena before any grand jury or in any court (b) The head and assistant heads of any inde- or administrative proceeding based upon or growpendent agency created to administer the authority ing out of any alleged violation of this Act on the conferred by title IV of this Act shall be appointed ground that the testimony or evidence, documentary by the President, by and with the advice and con- or otherwise, required of him may tend to insent of the Senate. criminate him or subject him to penalty or for- SEC. 704. The President may make such rules, feiture; but no natural person shall be prosecuted regulations, and orders as he deems necessary or or subjected to any penalty or forfeiture in any appropriate to carry out the provisions of this Act. court, for or on account of any transaction, matter, 1172 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT or thing concerning which he is so compelled, priate court for an order enjoining such acts or after having claimed his privilege against self- practices, or for an order enforcing compliance with incrimination, to testify or produce evidence, docu- such provision, and upon a showing by the Presimentary or otherwise, except that such natural dent that such person has engaged or is about to person so testifying shall not be exempt from engage in any such acts or practices a permanent prosecution and punishment for perjury committed or temporary injunction, restraining order; or other in so testifying: Provided, That the immunity order shall be granted without bond. granted herein from prosecution and punishment (b) The district courts of the United States and and from any penalty or forfeiture shall not be the United States courts of any Territory or other construed to vest in any individual any right to place subject to the jurisdiction of the United priorities assistance, to the allocation of materials, States shall have jurisdiction of violations of this or to any other benefit which is within the power Act or any rule, regulation, order, or subpena thereof the President to grant under any provision of under, and of all civil actions under this Act to this Act. enforce any liability or duty created by, or to enjoin (c) The production of a person's books, records, any violation of, this Act or any rule, regulation, or other documentary evidence shall not be re- order, or subpena thereunder. Any criminal proquired at any place other than the place where such ceeding on account of any such violation may be person usually keeps them, if, prior to the return brought in any district in which any act, failure to date specified in the regulations, subpena, or other act, or transaction constituting the violation ocdocument issued with respect thereto, such person curred. Any such civil action may be brought furnishes the President with a true copy of such in any such district or in the district in which the books, records, or other documentary evidence defendant resides or transacts business. Process in (certified by such person under oath to be a true such cases, criminal or civil, may be served in any and correct copy) or enters into a stipulation with district wherein the defendant resides or transacts the President as to the information contained in business or wherever the defendant may be found; such books, records, or other documentary evidence. the subpena for witnesses who are required to Witnesses shall be paid the same fees and mileage attend a court in any district in such case may run that are paid witnesses in the courts of the United into any other district. The termination of the States. authority granted in any title or section of this Act, (d) Any person who willfully performs any or of any rule, regulation, or order issued thereact prohibited or willfully fails to perform any act under, shall not operate to defeat any suit, action, required by the above provisions of this section, or prosecution, whether theretofore or thereafter or any rule, regulation, or order thereunder, shall commenced, with respect to any right, liability, or upon conviction be fined not more than $1,000 or offense incurred or committed prior to the terminaimprisoned for not more than one year or both. tion date of such title or of such rule, regulation, (e) Information obtained under this section or order. No costs shall be assessed against the which the President deems confidential or with United States in any proceeding under this Act. reference to which a request for confidential treat- All litigation arising under this Act or the regulament is made by the person furnishing such in- tions promulgated thereunder shall be under the formation shall not be published or disclosed unless supervision and control of the Attorney General. the President determines that the withholding SEC. 707. No person shall be held liable for damthereof is contrary to the interest of the national ages or penalties for any act or failure to act resultdefense, and any person willfully violating this ing directly or indirectly from his compliance with provision shall, upon conviction, be fined not more a rule, regulation, or order issued pursuant to this than $10,000, or imprisoned for not more than one Act, notwithstanding that any such rule, regulayear, or both. tion, or order shall thereafter be declared by judicial SEC. 706. (a) Whenever in the judgment of the or other competent authority to be invalid. No President any person has engaged or is about to person shall discriminate against orders or conengage in any acts or practices which constitute tracts to which priority is assigned or for which or will constitute a violation of any provision of materials or facilities are allocated under title I this Act, he may make application to the appro- of this Act or under any rule, regulation, or order SEPTEMBER 1950 1173 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT issued thereunder, by charging higher prices or or request the Federal Trade Commission to make by imposing different terms and conditions for for him, surveys for the purpose of determining such orders or contracts than for other generally any factors which may tend to eliminate comcomparable orders or contracts, or in any other petition, create or strengthen monopolies, injure manner. small business, or otherwise promote undue con- SEC. 708. (a) The President is authorized to centration of economic power in the course of the consult with representatives of industry, business, administration of this Act. The Attorney General financing, agriculture, labor, and other interests, shall submit to the Congress and the President with a view to encouraging the making by such within ninety days after the approval of this Act, persons with the approval by the President of and at such times thereafter as he deems desirable, voluntary agreements and programs to further the reports setting forth the results of such surveys objectives of this Act. and including such recommendations as he may (b) No act or omission to act pursuant to this deem desirable. Act which occurs while this Act is in effect, if re- SEC. 709. The functions exercised under this Act quested by the President pursuant to a voluntary shall be excluded from the operation of the Adagreement or program approved under subsection ministrative Procedure Act (60 Stat. 237) except (a) and found by the President to be in the public as to the requirements of section 3 thereof. Any interest as contributing to the national defense shall rule, regulation, or order, or amendment thereto, be construed to be within the prohibitions of the issued under authority of this Act shall be acantitrust laws or the Federal Trade Commission companied by a statement that in the formulation Act of the United States. A copy of each such thereof there has been consultation with industry request intended to be within the coverage of this representatives, including trade association represection, and any modification or withdrawal thereof, sentatives, and that consideration has been given shall be furnished to the Attorney General and the to their recommendations, or that special circum- Chairman of the Federal Trade Commission when stances have rendered such consultation impracmade, and it shall be published in the Federal ticable or contrary to the interest of the national Register unless publication thereof would, in the defense, but no such rule, regulation, or order opinion of the President, endanger the national shall be invalid by reason of any subsequent findsecurity. ing by judicial or other authority that such a state- (c) The authority granted in subsection (b) shall ment is inaccurate. be delegated only (1) to officials who shall for the SEC. 710. (a) The President, to the extent he purpose of such delegation be required to be deems it necessary and appropriate in order to carry appointed by the President by and with the advice out the provisions of this Act, is authorized to and consent of the Senate, unless otherwise re- place positions and employ persons temporarily in quired to be so appointed, and (2) upon the con- grades 16, 17, and 18 of the General Schedule estabdition that such officials consult with the Attorney lished by the Classification Act of 1949, and such General and with the Chairman of the Federal positions shall be additional to the number author- Trade Commission not less than ten days before ized by section 505 of that Act. making any request or finding thereunder, and (b) The President is further authorized, to the (3) upon the condition that such officials obtain extent he deems it necessary and appropriate in the approval of the Attorney General to any request order to carry out the provisions of this Act, and thereunder before making the request. For the subject to such regulations as he may issue, to purpose of carrying out the objectives of title I of employ persons of outstanding experience and this Act, the authority granted in subsection (b) ability without compensation; and he is authorized of this section shall not be delegated except to a to provide by regulation for the exemption of single official of the Government. such persons from the operation of sections 281, (d) Upon withdrawal of any request or finding 283, 284, 434, and 1914 of title 18 of the United made hereunder the provisions of this section shall States Code and section 190 of the Revised Statutes not apply to any subsequent act or omission to (5 U.S.C. 99). Persons appointed under the auact by reason of such finding or request. thority of this subsection may be allowed trans- (e) The Attorney General is directed to make, portation and not to exceed $15 per diem in lieu 1174 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT of subsistence while away from their homes or of this Act, with the approval of the Bureau of the regular places of business pursuant to such ap- Budget, to any agency designated to assist in carrypointment. ing out this Act. Funds so allocated or transferred (c) The President is authorized, to the extent shall remain available for such period as may be he deems it necessary and appropriate in order to specified in the Acts making such funds available. carry out the provisions of this Act to employ SEC. 712. (a) There is hereby established a joint experts and consultants or organizations thereof, congressional committee to be known as the Joint as authorized by section 55a of title 5 of the United Committee on Defense Production (hereinafter States Code. Individuals so employed may be referred to as the committee), to be composed of compensated at rates not in excess of $50 per diem ten members as follows: and while away from their homes or regular places (1) Five members who are members of the of business they may be allowed transportation Committee on Banking and Currency of the and not to exceed $15 per diem in lieu of subsistence Senate, three from the majority and two from the and other expenses while so employed. The Presi- minority party, to be appointed by the chairman dent is authorized to provide by regulation for the of the committee; and exemption of such persons from the operation of (2) Five members who are members of the sections 281, 283, 284, 434, and 1914 of title 18 Committee on Banking and Currency of the of the United States Code and section 190 of the House of Representatives, three from the ma- Revised Statutes (5 U.S.C. 99). jority and two from the minority party, to be (d) The President may utilize the services of appointed by the chairman of the committee. Federal, State, and local agencies and may utilize A vacancy in the membership of the committee and establish such regional, local, or other agen- shall be filled in the same manner as the original cies, and utilize such voluntary and uncompensated selection. The committee shall elect a chairman services, as may from time to time be needed; and and a vice chairman from among its members, one he is authorized to provide by regulation for the of whom shall be a member of the Senate and the exemption of persons whose services are utilized other a member of the House of Representatives. under this subsection from the operation of sec- (b) It shall be the function of the committee to tions 281, 283, 284, 434, and 1914 of title 18 of the make a continuous study of the programs author- United States Code and section 190 of the Revised ized by this Act, and to review the progress Statutes (5 U. S. C. 99). achieved in the execution and administration of (e) Whoever, being an officer or employee of the such programs. Upon request, the committee shall United States or any department or agency thereof aid the standing committees of the Congress (including any Member of the Senate or House of having legislative jurisdiction over any part of the Representatives), receives, by virtue of his office programs authorized by this Act; and it shall make or employment, confidential information, and (1) a report to the Senate and the House of Repreuses such information in speculating directly or in- sentatives, from time to time, concerning the results directly on any commodity exchange, or (2) dis- of its studies, together with such recommendations closes such information for the purpose of aiding as it may deem desirable. Any department, official, any other person so to speculate, shall be fined not or agency administering any of such programs more than $10,000 or imprisoned not more than shall, at the request of the committee, consult with one year, or both. As used in this section, the term the committee, from time to time, with respect to "speculate" shall not include a legitimate hedging their activities under this Act. transaction, or a purchase or sale which is accom- (c) The committee, or any duly authorized subpanied by actual delivery of the commodity. committee thereof, is authorized to hold such hear- SEC. 711. There are hereby authorized to be ings, to sit and act at such times and places, to reappropriated such sums as may be necessary and quire by subpena (to be issued under the signature appropriate for the carrying out of the provisions of the chairman or vice chairman of the commitand purposes of this Act by the President and such tee) or otherwise the attendance of such witnesses agencies as he may designate or create. Funds and the production of such books, papers, and made available for the purposes of this Act may documents, to administer such oaths, to take such be allocated or transferred for any of the purposes testimony, to procure such printing and binding, SEPTEMBER 1950 1175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT and to make such expenditures as it deems ad- an organization of Government employees that visable. The cost of stenographic services to report asserts the right to strike against the Government such hearings shall not be in excess of 25 cents per of the United States or that such person does not hundred words. The provisions of sections 102 advocate, and is not a member of an organization to 104, inclusive, of the Revised Statutes shall that advocates, the overthrow of the Government apply in case of any failure of any witness to com- of the United States by force or violence: Provided ply with any subpena or to testify when summoned further, That any person who engages in a strike under authority of this subsection. against the Government of the United States or (d) The committee is authorized to appoint and, who is a member of an organization of Governwithout regard to the Classification Act of 1949, ment employees that asserts the right to strike against the Government of the United States, or as amended, fix the compensation of such experts, who advocates, or who is a member of an organiconsultants, technicians, and organizations thereof, zation that advocates, the overthrow of the Governand clerical and stenographic assistants as it deems ment of the United States by force or violence and necessary and advisable. accepts employment the salary or wages for which (e) The expenses of the committe under this are paid from any appropriation or fund contained section, which shall not exceed $50,000 in any fiscal in this Act shall be guilty of a felony and, upon year, shall be paid one-half from the contingent conviction, shall be fined not more than $1,000 or fund of the Senate and one-half from the continimprisoned for not more than one year, or both: gent fund of the House of Representatives upon Provided further, That the above penalty clause vouchers signed by the chairman or vice chairshall be in addition to, and not in substitution for, man. Disbursements to pay such expenses shall be any other provisions of existing law. made by the Clerk of the House of Representatives SEC. 716. (a) Titles I, II, III, and VII of this out of the contingent fund of the House of Repre- Act and all authority conferred thereunder shall sentatives, such contingent fund to be reimbursed terminate at the close of June 30, 1952, but such from the contingent fund of the Senate in the titles shall be effective after June 30, 1951 only to amount of one-half of disbursements so made withthe extent necesary to aid in carrying out contracts out regard to any other provision of law. relating to the national defense entered into by the SEC. 713. The provisions of this Act shall be ap- Government prior to July 1, 1951. plicable to the United States, its Territories and (b) Titles IV, V, and VI of this Act and all possessions, and the District of Columbia. authority conferred thereunder shall terminate at SEC. 714. If any provision of this Act or the apthe close of June 30, 1951. plication of such provision to any person or cir- (c) Notwithstanding the foregoing— cumstances shall be held invalid, the remainder of (1) The Congress by concurrent resolution the Act, and the application of such provision to or the President by proclamation may termipersons or circumstances other than those as to nate this Act prior to the termination otherwhich it is held invalid, shall not be affected wise provided therefor. thereby. (2) The Congress may also provide by con- SEC. 715. That no person may be employed uncurrent resolution that any section of this Act der this Act who engages in a strike against the and all authority conferred thereunder shall Government of the United States or who is a terminate prior to the termination otherwise member of an organization of Government emprovided therefor. ployees that asserts the right to strike against the (3) Any agency created under this Act may Government of the United States, or who advobe continued in existence for purposes of cates, or who is a member of an organization that liquidation for not to exceed six months after advocates, the overthrow of the Government of the the termination of the provision authorizing United States by force or violence: Provided, That the creation of such agency. for the purposes hereof an affidavit shall be considered prima facie evidence that the person making (d) The termination of any section of this Act, the affidavit has not contrary to the provisions of or of any agency or corporation utilized under this this section engaged in a strike against the Gov- Act, shall not affect the disbursement of funds unernment of the United States, is not a member of der, or the carrying out of, any contract, guarantee, 1176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT commitment or other obligation entered into pur- instalment loans,2 or engaged in the business of suant to this Act prior to the date of such termi- lending on the security of or discounting or purnation, or the taking of any action necessary to chasing obligations arising out of such credit, is preserve or protect the interest of the United States referred to in this regulation as a "Registrant"; in any amounts advanced or paid out in carrying and no Registrant shall make or receive any payon operations under this Act. ment which constitutes or arises directly or indirectly out of any. such credit extended by him or Approved September 8, 1950. out of any such obligation lent on or discounted or purchased by him, except on the following con- Consumer Credit ditions: Regulation W (1) He must have a license, and each Regis- There is set forth below the text of Regulation trant is hereby granted such a license, but such W entitled "Consumer Credit" which was adopted license of a Registrant may be suspended in the by the Board of Governors of the Federal Reserve manner and on the grounds stated in section System, effective September 18, 1950, after consul- 8(£); and tation with industry representatives, including trade (2) The credit extended, renewed, revised, or association representatives, and after consideration consolidated by him, or giving rise to the obligahad been given to their recommendations. tion discounted or purchased by him or acquired by him as collateral, must comply with the REGULATION W applicable requirements of this regulation. Effective September 18, 1950 (b) Registration—Within 60 days after the effec- CONSUMER CREDIT tive date of this regulation, or 60 days after he SECTION 1. SCOPE AND APPLICATION OF becomes subject to section 2(a), whichever is later, REGULATION each Registrant shall file, with the Federal Reserve This regulation is issued by the Board of Gov- Bank or any branch thereof in the district in which ernors of the Federal Reserve System (hereinafter the main office of the Registrant is located, a regiscalled the "Board"), under authority of section tration statement on a form obtainable from any 5{b) of the Act of October 6, 1917, as amended, U.S.C., title 50, App., section 5(£); Executive Order Federal Reserve Bank or branch. Such statement No. 8843, dated August 9, 1941 (hereinafter called shall be filed regardless of whether or not the Registhe "Executive Order"); and the "Defense Pro- trant had filed such a statement under Regulation duction Act of 1950," particularly section 601 W as in effect at any time prior to the effective date thereof. of this regulation, The regulation applies, in general, to any person SECTION 3. INSTALMENT SALES: GENERAL RULES who is engaged in the business of extending in- Except as otherwise provided by this regulation, stalment credit in amounts of $5,000 or less, or each instalment sale shall comply with the followdiscounting, purchasing, or lending on, obligations ing requirements:3 arising out of, such credit. It applies whether the (a) Down Payment and Maturity There shall be person is a bank, loan company, or finance coma down payment not less than that specified for the pany, or a person who is so engaged in connection listed article in the Supplement, such down paywith any other business, such as by extending such ment to be calculated as therein specified; and the credit as a dealer, retailer, or other person in contime balance specified in section 6(c) shall have nection with the selling of consumers' durable a maturity not exceeding the maximum maturity goods. specified for the listed article in the Supplement. SECTION 2. GENERAL REQUIREMENTS AND REGISTRATION * Both "instalment sale" and "instalment loan" are defined to exclude credits in a principal amount exceeding $5,000. (a) General Requirements—Each person engaged Certain instalment sales and instalment loans, including some in the business of making instalment sales1 or that are in a principal amount exceeding $2,500, are exempted from the regulation by section 7. 1 "Instalment sale" is defined to include only instalment 3 Certain instalment sales, including some that are in a credit arising out of the sale of an article listed in the Supple- principal amount exceeding $2,500, are exempted from the ment, hereinafter called a "listed article." regulation bv section 7. SEPTEMBER 1950 1177 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (b) Amounts and Intervals of Instalments; Record. —Whether subject to section 4(a) or section —Except as permitted by section 6(a) for seasonal the instalment credit, except as permitted by section incomes, etc*, the time balance shall be payable in 6(#) for seasonal incomes, etc., shall be payable in instalments which shall be (1) substantially equal instalments which shall be (1) substantially equal in amount or so arranged that no instalment is in amount or so arranged that no instalment is substantially greater than any preceding instalment, substantially greater in amount than any preceding (2) payable at approximately equal intervals not instalment, (2) payable at approximately equal exceeding one month, and (3) not less than $5 per intervals not exceeding one month, and (3) not month or $1.25 per week on the aggregate instal- less than $5 per month or $1.25 per week on the ment indebtedness of one debtor to the same aggregate instalment indebtedness of one debtor to creditor. The information specified in section 6(V) the same creditor. The terms of payment shall be shall be set forth in a bona fide record of any trans- set forth in a bona fide record of any instalment action subject to this section. credit subject to this section. (c) Time of Down Payment—The down payment (d) Statement of the Borrower.—No Registrant shall be obtained at or before the time of delivery shall make any instalment loan subject to section of the listed article; except that in the case of an 4(<z) or A(b) unless he shall have accepted in good article listed in Group D, the down payment shall faith a signed Statement of the Borrower as to the be obtained at or before the time of beginning the purposes of the loan. Such Statement shall state agreed upon repairs, alterations, or improvements. whether or not any of the proceeds of the loan are to be used to make a down payment on the SECTION 4. INSTALMENT LOANS:, GENERAL RULES purchase of a listed article or to be used to purchase Except as otherwise provided by this regulation, any listed article, and if any of the proceeds of each instalment loan shall comply with the followthe loan are to be used for the latter purpose such ing requirements:4 Statement shall identify such listed article and shall (a) Instalment Loans to Purchase Listed Articles.— state the cash price5 thereof and the value of any If the Registrant knows or has reason to know trade-in. If a Registrant relies in good faith on that the proceeds of an instalment loan are to be the facts set out by the obligor in such Statement, used to purchase any listed article: it shall be deemed to be correct for the purposes (1) The principal amount lent (excluding any of the Registrant. interest or finance charges and the amount of (e) Loans to Make Down Payments Prohibited any insurance premium) shall not exceed the A Registrant shall not make any instalment loan maximum loan value specified for the article in if he knows or has reason to know that any part the Supplement, such loan value to be calculated of the proceeds thereof is to be used to make a as therein specified; and down payment in connection with the purchase of (2) The maturity of the instalment credit any listed article. (including any interest or finance charges, and SECTION 5. RENEWALS, REVISIONS, AND ADDITIONS the amount of any insurance premium and of (a) General Requirements—In the case of an inany items included in the cash price of the article) stalment sale or instalment loan which results shall not exceed the maximum maturity specified from a renewal or revision of any instalment credit for the listed article in the Supplement. already outstanding, or which results from the (b) Unclassified Instalment Loans—In the case of combination of any such outstanding credit with an instalment loan which is not subject to section an additional instalment credit, the renewed, re- 4(0), the maturity of the instalment credit (invised, or consolidated obligation shall (regardless cluding any interest or finance charges and the of when the outstanding credit originated) comply amount of any insurance premium) shall not exwith all the requirements of this regulation as if ceed the maximum maturity specified for unclassiit were a new credit except that: fied instalment loans in the Supplement. (c) Amounts and Intervals of Instalments; Record. (1) The requirements as to Statement of the Borrower and down payment or maximum loan 4 Certain instalment loans, including some that are in a principal amount exceeding $2,500, are exempted from the 5 Part 5 of the Supplement permits the use of a bona fide regulation by section 7. estimated cash price in certain cases. 1178 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT value, if any, shall not apply to the outstanding (2) with respect to any obligation of any member credit already held by the Registrant; and or former member of the armed forces of the (2) The renewed, revised, or consolidated United States incurred prior to his induction into obligation may, in so far as the maturity and such service and assignment to active duty: Proinstalment requirements are concerned, be treated vided, that the instalment sale of any repossessed as if it were a new credit with the maximum article must comply with the applicable requirematurity calculated from the date of the renewal, ments of this regulation. revision, or consolidation. The payments on SECTION 6. CERTAIN TECHNICAL PROVISIONS such renewed, revised, or consolidated obliga- (a) Payment Schedules for Seasonal Incomes, etc tion shall not be less than $5 per month or $1.25 The schedule of instalment payments otherwise per week on the aggregate instalment indebtedspecified by this regulation may be modified, within ness of one debtor to the same creditor. the applicable maximum maturity, as follows: (b) Statement of Changed Conditions Notwith- (1) If the income received by the obligor standing any other provision of this regulation, if from the main sources of his income customarily a Registrant accepts in good faith a Statement of fluctuates materially from month to month or Changed Conditions as provided in the following from season to season and the Registrant has a paragraph, an instalment credit that refinances any record of the facts relied upon by him in good outstanding obligation (whether or not such obliga- faith in that connection, such schedule may be tion is held by the Registrant or is itself payable adapted to such customary flow of income proin instalments) may have a maturity not exceeding vided (i) at least half of the credit is to be the maximum maturity specified in the Supplement repaid within the first half of the applicable for refinancing pursuant to such Statements, but maximum maturity or at least two-thirds of the such maximum maturity shall be applicable only credit is to be repaid within the first two-thirds to the credit refinanced. The payments on the of the applicable maximum maturity, or (ii) credit refinanced need not be as large as $5 per payments are reduced or omitted in not more month or $1.25 per week. than 4 months of any calendar year but are otherwise in equal monthly amounts; or The requirements of a Statement of Changed (2) The Registrant may require terms of pay- Conditions will be complied with only if the Regisment which (i) provide a final or other instaltrant accepts in good faith a written statement ment payment which, as a result of rounding signed by the obligor that the contemplated reoff preceding instalments by amounts less than financing is necessary in order to avoid undue hard- $1, is not more than 50 per cent greater in amount ship upon the obligor or his dependents resulting than the amount of any preceding instalment, or from contingencies that were unforeseen by him (ii) provide during the first 4 months of the at the time of obtaining the original credit or which maturity of the obligation additional instalment were beyond his control, which statement also payments which are in substantially equal sets forth briefly the principal facts and circumamounts and at approximately equal intervals stances (1) with respect to the original credit and if, as a result, no instalment is more than twice (2) with respect to such contingencies, and speas large as any preceding instalment. cifically states in addition that the contemplated (b) Calculating Date of First Instalment and Maxirefinancing is not pursuant to a preconceived plan mum Maturity—In calculating the maximum maor an intention to evade or circumvent the returity of an instalment obligation, a Registrant may, quirements of this regulation. at his option, use any date not more than 15 days (c) Bona Fide Collection Effort; Serviceman's Presubsequent to the actual date of the loan or delivery induction Debt.—Nothing in this regulation shall be of the listed article sold; and except as permitted by construed to prevent any Registrant from making section 6(a), the first instalment shall be scheduled any renewal or revision, or taking any action that for payment not later than one month or, in ache shall deem necessary in good faith (1) for the cordance with such option, one month and 15 days Registrant's own protection in connection with any subsequent to the actual date of the loan or delivery obligation which is in default and is the subject of the listed article sold. of bona fide collection effort by the Registrant, or SEPTEMBER 1950 1179 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (c) Record of Instalment Sale—The record of an maximum maturity specified by the regulation) instalment credit arising from the sale of a listed and partly not subject to the regulation, the amount article and required by section 3(b) shall set forth and terms of such credit will comply with the re- (in any order) the following information: quirements of this regulation if they satisfy the requirements of this regulation applicable to the (1) A brief description identifying the article regulated portion. purchased; (e) Mail Orders—An instalment sale shall not be (2) The cash price of the article; deemed to be in violation of the down payment (3) The amount of the purchaser's down payrequirement of section 3(a) if the sale is made ment (i) in cash and (ii) in goods accepted in upon the receipt of a mail order for one or more trade, together with a brief description identifyarticles and the cash deposit received with the order ing such goods and stating the monetary value fails by no more than f 1 to equal the sum of the assigned thereto in good faith; down payments required by this regulation for all (4) The amount of any insurance premium of the articles included in the order. for which credit is extended and of any finance (f) Delivery in Anticipation of Instalment Sale— charges or interest by way of discount included Except as provided in the following paragraph, in in the principal amount of the obligation, or the case any listed article is delivered in anticipation of, sum of these amounts; or under any arrangement whereby delivery of a (5) The time balance owed by the purchaser, listed article precedes, an instalment sale of that which is the sum of items (2) and (4) minus article or a similar article (such as, but not limited item (3); and to, a delivery "on approval," "on trial," or as a (6) The terms of payment. "demonstrator"), the Registrant shall require, at or before the time of such delivery, a deposit equal The record need not include a description of the to the down payment that would be required on article if it is purchased by means of a coupon boo\ such an instalment sale. or similar medium of instalment credit upon which In order to qualify as an exception to the prethere has been made a cash down payment at least ceding paragraph, the article must be an article as great as the highest down payment required by listed in Group B or in Group C, the delivery this regulation on any article sold by the Registrant. must be exclusively for the purpose of a bona fide The record need not include the information called trial, approval, or demonstration, and the Registrant for by items (2) and (4) if the Registrant is one must, within 10 days after such delivery, obtain who, with respect to the article, customarily quotes the down payment referred to in the preceding to the public a time price only which includes the paragraph or the return of the article. Every such finance or other charges if any, provided he sets case shall be evidenced by a written agreement forth such time price in such record, and provided signed by the respective parties, of which a copy he obtains a cash down payment which is at least shall be given the prospective purchaser at the as large as would be required if the percentage time of or before the delivery of the article, and specified for the article in the Supplement were such written agreement shall state clearly and applicable to the time price. prominently that (1) the delivery is exclusively (d) Credit for Mixed Purposes—In case a credit is for the purpose of a bona fide trial, approval, or partly subject to one section of this regulation and demonstration, and (2) the prospective purchaser partly subject to another section, the amount and will make the required down payment (the amount terms of such credit shall be such as would result of which shall be stated in the agreement) within if the credit were divided into two or more parts 10 days after delivery of the article for trial, apand each part were treated as if it stood alone; proval, or demonstration or will return or release except that the maturity of any such credit may be the article within such 10-day period. the maximum maturity applicable to the listed (g) Sets and Groups of Articles—In determining article giving rise to the major part of the credit. whether the down payment and maximum loan In case a credit is partly subject to this regulation value requirements of this regulation are applicable, (whether for a listed article or because otherwise any set, group, or assembly commonly considered, required to be scheduled for payment within any sold or used as a single unit shall be deemed to be 1180 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT a single listed article if the component parts thereof the proceeds of which are to be used to purchase are sold or delivered at substantially the same time. an article listed in Group A. (h) Evasive Side Agreements—No credit complies (b) Business or Agricultural Loans.—Any loan for with the requirements of this regulation if at the business purposes to a business enterprise or for time the obligation arises there is any agreement, agricultural purposes to a person engaged in agriarrangement, or understanding (1) by which the culture, provided the loan is not for the purpose obligation is to be renewed or revised on terms of purchasing a listed article. which would permit final payment to be deferred (c) Credit to Dealers and Certain Salesmen.—Any beyond the date permitted by this regulation for credit extended to a wholesaler or retailer to finance such credit at its inception, or (2) by which the the purchase of any article for resale, or any credit obligor is to be enabled to make repayment on extended to a bona fide salesman of automobiles conditions inconsistent in any other respect with in order to finance the purchase of a new automothose required by this regulation, or (3) by which bile to be used by him principally as a demonstrator. there is to be any evasion or circumvention, or any (d) Credit to Governmental Agencies, Religious Inconcealment of any evasion or circumvention, of stitutions, etc.—Any credit extended to the Federal any requirement of this regulation. Government, any State government, any political (i) Side Loan to Make Down Payment.—A Regis- subdivision, or any department, agency, or estabtrant shall not extend any credit for financing the lishment thereof, or to any church, hospital, clinic, purchase of any listed article if he knows or has sanitarium, school, college, or other religious, edureason to know that there is, or that there is to be, cational, charitable, or eleemosynary institution. any other credit of any kind extended in connection (e) Credits under Government Rehabilitation and with the purchase of the listed article which would Readjustment Programs.^-Any credit (1) extended bring the total amount of credit extended in connec- by the Land Bank Commissioner on behalf of the tion with such purchase beyond the amount of in- Federal Farm Mortgage Corporation or by any stalment credit permitted by this regulation; but, if Federal land bank and found, pursuant to reguthe Registrant accepts in good faith a written state- lations issued by the Commissioner, to be necessary ment signed by the obligor that no such other credit to maintain or increase production of essential exists or is to be extended, such statement shall be agricultural commodities, (2) extended or insured deemed to be correct for the purposes of the Regis- by the Farmers' Home Administration, (3) extrant. tended in accordance with the regulations of the (j) Purchase of Article in Lieu of Trade-in.—Any- Secretary of the Interior for the economic developthing which the seller of a listed article buys, or ment or rehabilitation of Indians, (4) extended arranges to have bought, from the purchaser at or under section 4(#)(4) of the Reconstruction Fiabout the time of the purchase of the listed article nance Corporation Act, as amended, because of shall be regarded as a trade-in for the purposes of floods or other catastrophes, or (5) extended, this regulation. guaranteed, or insured in whole or in part by the (k) Misuse of Coupon Plans.—No coupon, ticket, Administrator of Veterans' Affairs pursuant to or similar medium of credit, whether paid for in the provisions of Title III of the Servicemen's Reinstalments or otherwise, shall be accepted by any adjustment Act of 1944, as amended, or by any Registrant in payment, in whole or in part, for State agency pursuant to similar State legislation. any listed article if such acceptance, in effect, would (f) Loans to Pay Fire and Casualty Insurance permit the article to be sold on terms not complying Premiums—-Any loan to finance a premium in with the requirements of this regulation. excess of one year on a fire or casualty insurance policy if the loan is fully secured by the unearned SECTION 7. EXEMPT CREDITS portion of such premium and the policy is not re- The provisions of this regulation, other than lated to any listed article sold to the borrower, or section 8(# ), do not apply to any of the following: financed for him, by the Registrant. (a) Credits over $2,500 Not Involving Automobiles. (g) Credit for Purchasing Securities.-—Any credit —Any credit in a principal amount exceeding which is subjected to the Board's regulations issued $2,500, unless it is (1) an instalment sale of an under the Securities Exchange Act of 1934, as article listed in Group A, or (2) an instalment loan amended, or which is otherwise for the purpose SEPTEMBER 1950 1181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT of purchasing or carrying stocks, bonds, or other in conformity with the requirements of this regulainvestment securities. tion, provided, however, that the Registrant may (h) Real Estate Credit,—Any credit extended for preserve photographic reproductions in lieu of the purpose of financing or refinancing (1) the con- such books of account, records, or other papers. struction or purchase of an entire residential build- For the purpose of determining whether or not ing or other entire structure, (2) the construction there has been compliance with the requirements or purchase of any other entire unit designed for of this regulation, every Registrant shall permit residential occupancy if such unit does not result the Board or any Federal Reserve Bank by its duly from repairs, alterations, or improvements upon an authorized representatives, to make such inspections existing structure, or (3) any credit subjected to of his business operations as the Board or Federal regulations issued under the Defense Production Reserve Bank may deem necessary or appropriate, Act of 1950 concerning real estate construction including inspections of books of account, contracts, credit. letters, or other relevant papers wherever located, (i) Loans to Meet Medical Expenses, etc—Any and, for such purpose, shall furnish such reports as loan as to which the Registrant accepts in good the Board or the Federal Reserve Bank may require. faith a written statement signed by the borrower When ordered to do so by the Board, every Regiscertifying that the proceeds are to be used for trant shall furnish, under oath or otherwise, such bona fide educational, medical, hospital, dental, or information relative to any transaction within the funeral expenses, or to pay debts incurred for such scope of the authority cited in section 1 as the expenses, and that such proceeds (unless they are Board may deem necessary or appropriate for such to be used exclusively for educational expenses) purpose, including the production of books of are to be paid over in amounts specified in such account, contracts, letters, or other papers in the statement to persons whose names, addresses, and custody or control of such person. occupations are stated therein. (b) Suspension of License.6—The license of any (j) Disaster Credits—Any credit extended to Registrant may, after reasonable notice and opporfinance the repair or replacement of property tunity for hearing, be suspended by the Board, in damaged or lost as a result of a flood or other its entirety or as to particular activities or particular similar disaster which the Federal Reserve Bank offices or for specified periods, because of any willful of the district in which the disaster occurred finds or negligent failure*to comply with any provision has created an emergency arTecting a substantial of this regulation or any requirement of the Board number of the inhabitants of the stricken area, pursuant thereto. provided such credit is extended prior to the end A license which is suspended for a specified of the sixth calendar month following the month period will again become effective upon the exin which the disaster occurred and the Registrant piration of such period. A license which is sushas a record of the facts relied upon by him in good pended indefinitely may be restored by the Board, faith describing the damage or loss. in its discretion, if the Board is satisfied that its (k) Certain Loans on Savings Shares or Accounts.— restoration would not lead to further violations of Any loan which is made by a bank, savings and this regulation and would not be otherwise inloan association, or similar institution, and is fully compatible with the public interest. secured by withdrawable shares issued by or sav- (c) Enforceability of Contracts—Except as may ings accounts held with the lender. subsequently be otherwise provided, all provisions of this regulation are designated, pursuant to sec- SECTION 8. MISCELLANEOUS PROVISIONS; DEFINITIONS tion 2(d) of the Executive Order, as being "for (a) Preservation of Records; Inspections.—Every administrative purposes" within the meaning of Registrant shall preserve, for the life of the obliga- 6 In addition, section 604 of the Defense Production Act of tion to which they relate, such books of account, 1950 authorizes the Board to institute court proceedings to records, and other papers (including any statements restrain violations and to compel compliance with the regulation or any order of the Board made in pursuance thereof. or agreements required by or obtained pursuant to Furthermore, section 603 of such Act provides that "Any this regulation) as are relevant to establishing person who willfully violates any provision of section 601 [of the Act] ... or any regulation or order issued thereunder, whether or not a credit qualifies for exemption upon conviction thereof, shall be fined not more than . under section 7, or whether or not it is otherwise or imprisoned not more than one year or both." 1182 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT said section 2(d), which provides that noncom- of this regulation; but, when any obligation arising pliance with provisions of the regulation so desig- out of any credit extended prior to such date is nated shall not affect the right to enforce contracts. combined with any credit extended on or after such (d) Clerical Errors—Any failure to comply with date or is the subject of any renewal or revision this regulation resulting from a mistake in de- made on or after such date, such credit shall be termining, calculating, or recording any price, down treated for the purposes of this regulation as having payment, or credit, or other similar matter, shall been extended on the date of such consolidation, not be construed to be a violation of this regulation renewal, or revision. if the Registrant establishes that such failure to (i) Transactions Subjected to Regulation by Amendcomply was the result of excusable error and was ment.—Whenever this regulation is amended to add not occasioned by a regular course of dealing. any article to the list of articles in the Supplement (e) Noncompliance Due to Facts Outside Regis- or so as to apply to any additional class of transact trant's Knowledge—The prohibitions of this regu- tions, the amendment shall not prevent the perlation shall not apply to a Registrant with respect formance of any valid contract made prior to the to any failure to comply with this regulation in effective date of the amendment; but any renewal, connection with (1) a credit extended by him if, revision, or consolidation of any obligation arising at the time thereof, he did not know or have reason from a credit covering such newly added article or to know any fact by reason of which such credit class of transactions shall be subject to the applifailed to comply; (2) an obligation purchased, dis- cable requirements of this regulation. counted, or acquired as collateral by him if, when (j) Definitions—For the purposes of this regulahe purchased or discounted the obligation or tion, unless the context otherwise requires: acquired it as collateral, the obligation did not (1) "Person" has the meaning given it in subshow on its face any failure to comply and he did section (a) of section 702 of the Defense Producnot know any fact by reason of which the credit tion Act of 1950.7 giving rise to the obligation failed to comply; or (2) "Registrant" has the meaning given it in (3) an obligation renewed, revised, or consolidated section 2(a), by him if, at the time when he renewed, revised, or (3) "Credit" means "Extension of credit" as consolidated it, he did not know or have reason defined in the Executive Order.8 to know any fact by reason of which such renewal, (4) "Instalment Credit" means a credit which revision, or consolidation failed to comply. With the obligor undertakes to repay in two or more respect to any loan on the security of an obligation scheduled payments or as to which the obligor which arises out of a credit subject to this regulaundertakes to make two or more scheduled paytion, the prohibitions of this regulation shall be deemed to apply only to payments arising out of 7 Such Act provides that "The word 'person' includes an individual, corporation, partnership, association, or any other the obligation rather than to payments arising out organized group of persons, or legal successor or representaof the loan. tive of the foregoing, and includes the United States or any (f) Transactions Outside United States Nothing agency thereof, or any other government, or any of its political subdivisions, or any agency of the foregoing: Provided, in this regulation shall apply with respect to any That no punishment provided by this Act shall apply to the credit extended in Alaska, the Panama Canal Zone, United States, or to any such government, political subdivision, or government agency." or any territory or possession outside the continental 8 The pertinent part of the Executive Order reads as fol- United States. lows: "Extension of credit" means any loan or mortgage; any (g) Right of Registrant to Impose Stricter Require- instalment purchase contract, any conditional sales contract, or any sale or contract of sale under which part or all of the ments.—Any Registrant has the right to refuse to price is payable subsequent to the making of such sale or conextend credit, or to extend less credit than the tract; any rental-purchase contract, or any contract for the bailment or leasing of property under which the bailee or amount permitted by this regulation, or to require lessee either has the option of becoming the owner thereof or that repayment be made within a shorter period obligates himself to pay as compensation a sum substantially equivalent to or in excess of the value thereof; any contract than the maximum permitted by this regulation. creating any lien or similar claim or property to be discharged (h) Contracts Outstanding on Effective Date of by the payment of money; any purchase, discount, or other Regulation—Nothing in this regulation shall pre- acquisition of, or any extension of credit upon the security of, any obligation or claim arising out of any of the foregovent the performance of any valid contract or ing; and any transaction or series of transactions having a obligation entered into prior to the effective date similar purpose or efTect. SEPTEMBER 1950 1183 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT ments or deposits usable to liquidate the credit, purpose of transporting less than 10 pasor which has a similar purpose or effect. sengers, including taxicabs). (5) "Instalment Sale" means an instalment credit in a principal amount of $5,000 or less 9 Group B—15 per cent minimum down payment, which is made as principal, agent, or broker, by 85 per cent maximum loan value: any seller of any article listed in the Supplement 1. Cooking stoves and ranges, designed for to this regulation (herein called a "listed article") household use. and which arises out of a sale of such listed 2. Dishwashers, mechanical, designed for housearticle. For this purpose, "sale" includes a lease, hold use. bailment, or other arrangement for the use of 3. Ironers designed for household use. property, or any other transaction, which is simi- 4. Refrigerators and food freezers, mechanical, lar in purpose or effect to a sale. designed for household use. (6) "Instalment Loan" means an instalment 5. Washing machines or clothes drying macredit, other than an instalment sale, in the form chines designed for household use. of a loan which is in a principal amount of $5,000 6. Combination units incorporating any listed or less;9 but the definition does not include any article in the foregoing classifications of loan upon the security of any obligation which this Group B. arises out of any instalment sale or instalment 7. Air conditioners, room unit; dehumidifiers, loan. mechanical. (7) "Cask Price" means the hona fide cash 8. Radio or television receiving sets, phonopurchase price of an article (net of any rebate or graphs, or combinations. sales discount), including the bona fide cash pur- 9. Sewing machines designed for household use. chase price of any accessories, the bona fide 10. Suction cleaners designed for household use* charge for any services sold or financed in connection with the article, any bona fide charges Group C—10 per cent minimum down payment, for delivery or installation, and any applicable 90 per cent maximum loan value: sales taxes, but excluding any charges for inter- 1. Furniture, household (including ice refrigest, finance, or insurance. erators, bed springs, mattresses, and lamps); and floor coverings, soft surface. SUPPLEMENT TO REGULATION W Group D—10 per cent minimum down payment, Part 1. Listed Articles, Down Payments, Loan Values—For the purposes of Regulation W, the 90 per cent maximum loan value: following articles, whether new or used, are "listed Residential repairs, alterations, or improvements. articles," and the following required down pay- —Materials, articles, and services (other than ments and maximum loan values are prescribed articles listed elsewhere in the Supplement) in (such down payments and loan values to be cal- connection with repairs, alterations, or imculated as specified in Parts 4 and 5 of this Sup- provements upon urban, suburban, or rural plement); but such down payment and loan value real property in connection with existing strucrequirements shall not apply in the case of a listed tures. This does not relate to structures, or disarticle having a cash price of less than $100, ex- tinct parts thereof, which as so repaired, clusive of any applicable sales tax: 10 altered, or improved are designed exclusively Group A—331/3 per cent minimum down pay- for nonresidential use. ment, 66% per cent maximum loan value: Part 2. Maturities.—The maximum maturities for listed articles and for unclassified instalment loans 1. Automobiles (passenger cars designed for the are: 9 Certain instalment sales and instalment loans, including Group A .21 months some that are in a principal amount exceeding $2,500, are exempted from the regulation by section 7. Group B . 18 months 10 The exclusion of sales taxes in this part of the Supple- Group C . 18 months ment does not afreet the use of the term "Cash Price" else- Group D 30 months where in the regulation. "Cash Price" as defined in section 8(/)(7) generally includes applicable sales taxes. Unclassified Instalment Loans . 18 months 1184 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Part 3. Refinancing Pursuant to Statement of thereof, designated for any given territory may be Changed Conditions.—The maximum maturity of obtained from any Federal Reserve Bank or branch. any refinancing pursuant to a Statement of Part 5. Calculation of Down Payments for Articles Changed Conditions as specified in section 5(£) in Groups B, C, and D—In the case of any article is 24 months. listed in Group B, Group C, or Group D, the re- Part 4. Calculation of Down Payments for Auto- quired down payment and the maximum loan mobiles.—The maximum loan value of any auto- value shall be (1) the specified percentage of the mobile shall be the specified percentage of the cash price of the article, or (2), in the event of a cash price or of the "appraisal guide value" which- trade-in by the purchaser, the specified percentage ever is lower, and the required down payment shall of the net price of the listed article after deducting be the difference between the cash price and the from the cash price of that article the amount maximum loan value as so calculated. Such re- allowed for the trade-in. Such down payment shall quired down payment in the case of an automobile be obtained in cash in addition to any trade-in. may be obtained in the form of cash, trade-in, or If the cash price of an article listed in Group D both. cannot be determined at the time the required "Appraisal guide value," for any given period, down payment must be obtained or at the time means the estimated average retail value as stated of the loan, (1) the Registrant may substitute for in the edition and issue designated by the Board the cash price in calculating such down payment for that period of any regularly published auto- a bona fide estimated cash price, or (2) the bormobile appraisal guide designated by the Board rower may substitute for the cash price, and in calfor this purpose, as to guide, edition, and issue, culating the maximum loan value the Registrant for use in the territory in which such automobile is may rely in good faith on, a bona fide estimated sold, plus any applicable sales taxes. Information cash price as so stated in the Statement of the as to the guide or guides, and editions and issues Borrower. SEPTEMBER 1950 1185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBERSHIP OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM/ 1913-1950 APPOINTIVE MEMBERS Federal Effective Reserve date of District appointment Charles S, Hamlin Boston... Aug. 10, 1914 Reappointed 1916 and 1926. Served until Feb. 3, 1936, on which date his successor took office. Paul M. Warburg New York.... .do. Term expired Aug. 9, 1918. Frederic A. Delano Chicago .do. Resigned July 21, 1918, W. P. G. Harding Atlanta .do. Term expired Aug. 9, 1922. AdolphC. Miller San Francisco. .do. Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936, on which date his successor took office. Albert Strauss New York..... Oct. 26,1918 Resigned Mar. 15, 1920. Henry A. Moehlenpah Chicago. Nov. 10, 1919 Term expired Aug. 9, 1920. Edmund Platt..... New York June 8, 1920 Reappointed in 1928. Resigned Sept. 14, 1930. David C.Wills.. Cleveland Sept. 29, 1920 Term expired Mar. 4, 1921. John R. Mitchell ..... Minneapolis. . . May 12, 1921 Resigned May 12, 1923. Milo D. Campbell Chicago Mar. 14, 1923 Died Mar. 22, 1923. Daniel R. Crissinger Cleveland May 1, 1923 Resigned Sept. 15, 1927. George R. James St. Louis. ..... May 14, 1923 Reappointed in 1931. Served until Feb. 3, 1936, on which date his successor took office. Edward H. Cunningham... Chicago .do. Died Nov. 28, 1930. Roy A. Young Minneapolis. . Oct. 4, 1927 Resigned Aug. 31, 1930. Eugene Meyer New York... Sept. 16, 1930 Resigned May 10, 1933. Wayland W. Magee , Kansas City. . May 18, 1931 Term expired Jan. 24, 1933. Eugene R. Black Atlanta...... May 19, 1933 Resigned Aug. 15, 1934. M. S. Szymczak Chicago June 14, 1933 Reappointed effective Feb. 3, 1936, and Feb. 1, 1948. J. J. Thomas Kansas City.... do Served until Feb. 10, 1936, on which date his successor took office. Marriner S. Eccles San Francisco.. . Nov. 15, 1934 Reappointed effective Feb. 3, 1936, Mar. 8, 1940, and Feb. 1, 1944. Joseph A. Broderick...... New York. Feb. 3, 1936 Resigned effective Sept. 30, 1937. Cleveland. do Served until Apr. 4, 1946, on which date his JohnK. McKee successor took office. Atlanta. .do. Reappointed effective Feb. 1, 1942. Died Ronald Ransom... Dec. 2, 1947. Dallas Feb. 10, 1936 Resigned effective July 9, 1936. Ralph W. Morrison Richmond. June 25, 1936 Resigned effective Mar. 7, 1940, to accept reappointment effective Mar. 8, 1940, for Chester C. Davis term of fourteen years from Feb. 1, 1940. Resigned effective Apr. 15, 1941. Ernest G. Draper New York. Mar. 30, 1938 Served until Sept. 1, 1950, on which date his successor took office. Rudolph M. Evans Richmond.... Mar. 14, 1942 James K. Vardaman, Jr.... St. Louis Apr. 4, 1946 Lawrence Clayton Boston Feb. 14, 1947 Died Dec. 4, 1949. Thomas B. McCabe... Philadelphia.... Apr. 15, 1948 Edward L. Norton Atlanta. Sept. 1, 1950 Oliver S. Powell ...... Minneapolis. . . . ..do 1 Under the provisions of the original Federal Reserve Act the Federal Reserve Board was composed of seven members, including five appointive members, the Secretary of the Treasury, who was ex-officio chairman of the Board, and the Comptroller of the Currency. The original term of office was 10 years, and the five original appointive members had terms of 2, 4, 6, 8, and 10 years, respectively. In 1922 the number of appointive members was increased to six, and in 1933 the term of office was increased to 12 years. The Banking Act of 1935, approved August 23, 1935, changed the name of the Federal Reserve Board to the Board of Governors of the Federal Reserve System.and provided that the Board should be composed of seven appointive members; that the Secretary of the Treasury and the Comptroller of the Currency should continue to serve as members until February 1, 1936; that the appointive members in office on the date of that Act should continue to serve until February 1, 1936, or until their successors were appointed and had qualified and that thereafter the terms of members should be 14 years and that the designation of Chairman and Vice Chairman of the Board should be for a term of four years. 1186 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBERSHIP OF BOARD 1913-1950 CHAIRMEN 2 VICE CHAIRMEN2 Charles S. Hamlin Aug. 10, 1914-Aug. 9, 1916. F. A. Delano Aug. 10, 1914-Aug. 9, 1916. W. P. G. Harding Aug. 10, 1916-Aug. 9, 1922. Paul M. Warburg Aug. 10, 1916-Aug. 9, 1918. D. R. Crissinger May 1, 1923-Sept. 15, 1927. Albert Strauss Oct. 26, 1918-Mar. 15, 1920. Roy A. Young Oct. 4, 1927-Aug. 31, 1930. Edmund Platt. July 23, 1920-Sept. 14, 1930. Eugene Meyer Sept. 16, 1930-May 10, 1933. J. J. Thomas Aug. 21, 1934-Feb. 10, 1936. Eugene R. Black May 19, 1933-Aug. 15, 1934. Ronald Ransom Aug. 6, 1936-Dec. 2, 1947. Marriner S. Eccles Nov. 15, 1934-Jan. 31, 1948. Thomas B. McCabe Apr. 15, 1948— EX-OFFICIO MEMBERS3 SECRETARIES OF THE TREASURY COMPTROLLERS OF THE CURRENCY W. G. McAdoo Dec. 23, 1913-Dec. 15, 1918. John Skelton Williams. .Feb. 2, 1914-Mar. 2, 1921. Carter Glass Dec. 16, 1918-Feb. 1, 1920. D. R. Crissinger Mar. 17, 1921-Apr. 30, 1923. David F. Houston Feb. 2, 1920-Mar. 3, 1921. Henry M. Dawes May 1, 1923-Dec. 17, 1924. Andrew W. Mellon Mar. 4, 1921-Feb. 12, 1932. Joseph W. Mclntosh... .Dec. 20, 1924-Nov. 20, 1928. Ogden L. Mills Feb. 12, 1932-Mar. 4, 1933. J. W. Pole Nov. 21, 1928-Sept. 20, 1932. William H. Woodin Mar. 4, 1933-Dec. 31, 1933. J. F. T. O'Connor May 11, 1933-Feb. 1, 1936. Henry Morgenthau, Jr... Jan. 1, 1934-Feb. 1, 1936. 1 For footnote see preceding page. 2 Prior to August 23, 1935, the Chairman and Vice Chairman of the Board were known as Governor and Vice Governor, respectively SEPTEMBER 1950 1187 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled August 23 and released for publication August 25] Under the stimulus of heavy consumer and busi- erally maintained in July. There were marked ness buying after the invasion of Southern Korea, gains in output of aircraft and various types of conprices, activity, and incomes have increased con- struction and industrial machinery. While little siderably beyond the advanced levels reached in change in output of railroad equipment was noted, June. Consumer purchases of goods, although re- new orders for freight cars were the largest in many duced from the July peak, are still at a high level. years. Motor truck production declined in July but Prices of agricultural commodities, after a marked in August was close to record levels. Passenger rise in the early part of July, have shown little net car assemblies were reduced somewhat in July and change, while prices of industrial products have ad- early August from the peak June level by holiday vanced further. Common stock prices have re- influences, some model changeovers, and labor discovered most of the declines from June to mid- putes. July. Bank credit to private borrowers and State Nondurable goods output was only slightly lower and local governments has expanded rapidly. in July as declines in production of textiles and some other goods, as a result of vacations, were less INDUSTRIAL PRODUCTION marked than in other recent years. Production of The Board's industrial production index in Au- paper and paperboard in mid-August was about gust is expected to be about 204 per cent of the 5 per cent above the record June level. Output 1935-39 average, as compared with 199 in June, of rubber products and petroleum refining activity and 197 in July when vacations and plant closings continued to rise in July. Crude petroleum output not adequately allowed for lowered the index. increased 3 per cent and was 12 per cent above the Steel production declined slightly in July but re- average level of the past 15 months. turned to capacity levels in the first three weeks EMPLOYMENT of August. Scheduled output in the fourth week was reduced by about one-tenth as a result of a rail- Employment in nonagricultural establishments way labor dispute in steel-producing districts. In rose by about 150,000 persons in July, after allowing July production of nonferrous metals and lumber for seasonal changes. Most of this expansion was in declined somewhat. industries manufacturing durable goods and in con- Production of finished durable goods was gen- struction and retail trade activities. tNDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS PER CENT PHYSICAL VOLUME, SEASONALLY ADJUSTED, 1935 - 39 • 100 PER C:NT DOLLAR VOLUME, SEASONALLY ADJUSTED, 1935-39 = 100 PER /^, I 3.00 7r 1 STOCKS 250 / A/ y 1/ /\ 150 100 1943 1944 1945 1946 1947 1948 1949 1950 1942 1943 1944 1945 1946 1947 1948 1949 1950 Federal Reserve index. Monthly figures, latest shown are Federal Reserve indexes. Monthly figures, latest shown are for July. for July. 1188 FEDERAI RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS CONSTRUCTION COMMODITY PRICES Construction activity continued to increase in The average level of wholesale prices, which July and contract awards were maintained at ad- advanced 5 per cent during July, has shown little vanced levels. The number of dwelling units change in the first three weeks of August. Prices started was estimated to be 144,000 as compared of farm products and foods have declined slightly but prices of industrial commodities have advanced with 142,000 in June and 96,000 a year ago. further. The most marked increases have been in AGRICULTURE prices of imported materials. Prices of scrap metal and copper and lead products have also advanced The official cotton estimate released August 8 inconsiderably. dicated a crop of 10.3 million bales as compared In retail markets average food prices have apwith a harvest of 16.1 million last year; including parently shown little change following marked the increased carryover, however, supplies this seaincreases in July. Prices of a number of other son will be about 4.5 million bales less than last consumer goods, including fuels, textile furnishings, season but about as large as in most other recent tires, and used automobiles, have advanced further. years. Other crops developed favorably in July and the total harvest of feed and food crops is ex- BANK CREDIT pected to be about as large as last year. Total loans and holdings of corporate and municipal securities at banks in leading cities showed DISTRIBUTION an exceptionally large increase of \x/ billion dollars 2 The Board's seasonally adjusted index of depart- during July and early August. Real estate and conment store sales rose by one-fifth in July to 362 sumer loans continued their rapid rise and business per cent of the 1935-39 average as anticipatory pur- loans also expanded sharply during this period. Banks sold a large volume of short-term Governchases of some items like major household appliment securities to the Federal Reserve and to nonances more than doubled the already high volume bank investors and purchased a small volume of of sales prevailing in June. Demand for passenger Government bonds. automobiles was very heavy. Also, purchases of An outflow of gold and large sales of long-term various nondurable goods which were in short Treasury bonds by the Federal Reserve System to supply during the past war expanded considerably nonbank investors also tended to drain reserve in July. Anticipatory buying has decreased in Aufunds from banks during July and the first half gust from the July peak. of August. Banks met this drain and accumulated additional reserves more than enough to support the expansion in private credit mainly by their LOANS AND INVESTMENTS AT MEMBER BANKS IN LEADING CITIES OTHER THAN U. S. GOVERNMENT SECURITIES sales of short-term securities. SILLIONS OF DOLLARS SECURITY MARKETS Yields on Government securities showed little change during the first three weeks of August. On August 18, the Federal Reserve announced a rise in the discount rate to 1% per cent at New York and a change in open market policies and the same day the Treasury announced new refunding offerings. Following these announcements, shortterm market rates rose while yields on longer issues remained firm. Yields on high-grade corporate bonds declined in the first three weeks of August 1947 1948 1949 1950 1947 1948 1949 1950 and common stock prices increased gradually to a Wednesday figures, latest shown are for Aug. 23. level about 4 per cent below the June peak. SEPTEMBER 1950 1189 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 1193-1194 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements 1194-1195 Federal Reserve Bank statistics. 1196-1200 Deposits and reserves of member banks; bank suspensions. ... 1200-1201 Money in circulation 1202-1203 Bank debits and deposit turnover; Postal Savings System... . 1203 All banks and the money supply 1204 All banks in the United States, by classes -.. , 1205-1207 All insured commercial banks in the United States, by classes. . 1208-1209 Weekly reporting member banks ... 1210-1213 Number of banking offices on Federal Reserve par list and not on par list 1214 Commercial paper, bankers' acceptances, and brokers' balances. . . 1215 Money rates; bank rates on business loans; bond yields.. . 1216 Security prices and new issues 1217-1218 Corporate sales, profits, and dividends... 1219-1220 Treasury finance 1221-1223 Government corporations and credit agencies. ... 1224 Business indexes 1225-1234 Department store statistics.. 1235-1238 Cost of living... . 1238 Wholesale prices. 1239 Gross national product, national income, and personal income. . 1240-1241 Consumer credit statistics 1242-1244 Current statistics for Federal Reserve chart books. . 1245-1249 August crop report, by Federal Reserve districts 1249 Changes in number of banking offices in the United States 1250 Tables on the following pages include the principal available statistics o£ 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. SEPTEMBER 1950 1191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS WEDNESDAY FIGURES BILLIONS OF DOLLARS MONEY IN CIRCULATION RESERVE BANK I CREDIT MEMBER BANK RESERVE BALANCES TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS 1942 1943 1944 1945 1946 1947 1948 1949 1950 TOTAL RESERVE BANK HOLDINGS OF U S. GOVERNMENT SECURITIES NOTES AND CERTIFICATES 1942 1943 1944 1945 1946 1947 1948 1949 1950 Wednesday figures, latest shown are for August 30. See page 1193. 1192 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period c v o D a a a u n n d is c n d - - e ts s To U t . a l S. s e G B cu o o r n v i d e ti s r e n s m c c B e e a r i t n t l e i l t f s s i , , - ot A h l e l r1 Total s G to o c ld k T s r t o c e u r i a u n e n u r n a g r y c t d - - s y - - M in c t u o i c o l n a i n e r - y - T h c i u r o n a e r l g s a y d h s s - - F u T B p e s w r R r e o d y a e r i s e n e t a v i d - r h k t s e a 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 E e x ss - 2 and notes Wednesday figures: 1949—July 6. 11419,343 7,780 11,563 321 19,779 24,471 4,597 27,659 ,306 262 898 741 17,980 16,518 1,462 July 13. 14018,842 7,780 11,062 297 24,513 4,596 27,480 ,317 371 973 741 17,506 16,493 1,013 July 20. 36018,474 7,780 10,694 262 19,096 24,518 4,595 27,366 ,310 449 930 740 17,415 16,522 893 July 27. 41718,490 7,780 10,710 169 1-9-, 0-7•5 • 24,520 4,594 27,333 ,307 447 877 740 17,486 16,586 900 Aug. 3. 29818,693 7,780 10,913 222 19,213 24,562 4,593 27,419 ,312 411 918 68917,619 16,490 1,129 Aug. 10. 13718,606 7,775 10,831 181 24,568 4,592 27,409 ,314 370 956 69117,347 16,513 834 Aug. 17. 240 18,226 7,775 10,451 228 18,694 24,608 4,592 27,383 ,313 444 970 68817,096 15,799 1,297 Aug. 24. 11517,803 7,775 10,028 163 24,610 4,591 27,328 ,321 485 948 69116,509 15,596 913 Aug. 31. 53117,524 7,775 9,749 171 18,225 24,607 4,593 27,389 ,310 610 914 690 16,512 15,337 1,175 Sept. 7. 11517,413 7,775 9,638 251 17,780 24,647 4,592 27,589 ,317 472 955 69115,995 15,064 931 Sept. 14. 12317,250 7,775 9,475 431 17,80424,649 4,592 27,454 ,312 334 931 69116,322 15,207 1,115 Sept. 21. 14617,154 7,538 9,616 333 17,63324,691 4,591 27,365 ,314 801 962 71315,760 15,244 516 Sept. 28. 30017,852 7,538 10,314 245 18,39724,602 4,590 27,348 ,311 1,170 1,029 71516,016 15,139 877 Oct. 5. 11217,961 7,538 10,423 332 18,406 24,604 4,593 27,476 ,321 612 1,075 73416,384 15,242 1,142 Oct. 12. 10917,779 7,538 10,241 414 24,604 4,592 27,546 ,296 554 1,247 73416,119 15,211 908 Oct. 19. 12217,666 7,538 10,128 369 18,157 24,585 4,591 27,427 ,310 317 1,142 73216,405 15,330 1,075 Oct. 26. 13817,403 7,538 9,865 292 17,83324,584 4,591 27,328 ,313 374 1,163 73216,098 15,314 784 Nov. 2. 61117,533 7,536 9,997 272 18,416 24,583 4,591 27,382 ,318 545 1,219 69016,437 15,319 1,118 Nov. 9. 31917,706 7,535 10,171 160 18,18524,532 4,592 27,528 ,312 415 1,220 69016,145 15,262 883 Nov. 16. 12417,789 7,532 10,257 438 18,35124,530 4,592 27,397 ,323 408 1,224 69016,432 15,346 1,086 Nov. 23. 13317,669 7,513 10,156 289 18,09124,530 4,596 27,508 ,315 410 1,306 69115,98.7 15,361 626 Nov. 30. 32117,682 7,513 10,169 263 18,267 24,479 4,596 27,543 ,317 517 1,238 68916,038 15,367 671 Dec. 7. 40717,931 7,512 10,419 289 18,628 24,477 4,596 27,699 ,309 441 1,271 69016,291 15,395 896 Dec. 14. 10718,169 7,512 10,657 455 18,731 24,476 4,596 27,701 ,314 393 1,273 69016,433 15,561 872 Dec. 21. 12818,538 7,237 11,301 842 19,508 24,427 4,595 27,833 ,309 1,027 1,267 75616,337 15,523 814 Dec. 28. 14218,789 7,231 11,558 448 19,379 24,427 4,598 27,765 ,314 987 1,281 75816,299 15,462 837 1950—Jan. 4. 9518,829 11,617 547 19,47124,427 4,597 27,551 ,319 547 1,304 71917,055 15,597 1,458 Jan. 11. 9918,230 11,065 315 18,64424,426 4,596 27,311 ,313 255 1,382 71916,686 15,593 1,093 Jan. 18. 9717,872 10,738 414 18,38324,426 4,596 27,121 ,315 381 1,380 71916,487 15,630 857 Jan. 25. 12117,764 10,634 416 18,300 24,425 4,596 26,913 1,321 539 1,408 72116,419 15,617 802 Feb. 1. 45617,855 7,103 10,752 309 18,620 24,395 4,599 26,928 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 ,313 671 1,419 72816,400 15,383 1,017 Feb. 21. 17,625 6,887 10,738 373 18,09224,345 4,598 27,019 ,311 380 1,419 73116,176 15,428 748 Mar. 1. 31417,757 6,840 10,917 383 18,45424,345 4,600 27,060 ,316 555 1,444 73616,288 15,347 941 Mar. 8. 8717,846 6,804 11,042 431 18,363 24,345 4,601 27,105 ,322 433 1,454 73916,258 15,261 997 Mar. 15. 7117,791 6,615 11,176 402 18,26424,320 4,601 27,023 ,307 9 1,315 75916,771 15,405 1,366 Mar. 22. 18617,573 6,529 11,044 277 18,03624,271 4,600 26,972 ,308 759 1,139 76115,969 15,324 645 Mar. 29. 36517,516 6,415 11,101 18,14424,246 4,599 26,969 ,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 ,317 622 1,167 76915,971 15,209 762 Apr. 12. 16017,597 6,327 11,270 311 18,06824,247 4,600 27,072 ,313 587 1,177 76915,996 15,248 748 Apr. 19. 13717,410 6,220 11,190 381 17,92824,247 4,600 26,992 ,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 ,316 833 1,208 15,898 15,243 655 May 3. 17,711 6,098 11,613 359 18,19224,247 4,602 27,051 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,294 529 1,395 78416,169 15,522 647 June 28. 6918,217 5,644 12,573 281 18,56724,230 4,608 27,026 ,306 866 1,441 77815,988 15,462 '526 July 5. 8318,586 5,555 13,031 281 18,95024,231 4,607 27,315 1,302 645 1,470 80216,254 15,463 July 12. 6518,294 5,411 12,883 399 18,75724,207 4,606 27,169 1,309 383 1,457 80416,448 15,544 rC>04 July 19. 19917,869 5,286 12,583 407 18,47524,207 4,606 27,029 1,310 525 1,462 80416,157 15,527 630 July 26. 35017,964 4,997 12,967 322 18,63624,157 4,605 26,915 1,315 504 1,439 80916,415 15,585 830 Aug. 2. 30118,143 4,860 13,283 318 18,76224,136 4,609 27,000 1,304 564 1,487 75716,395 15,553 842 Aug. 9. 26318,349 4,791 13,558 292 18,904 :4,035 4,608 27,015 1,309 667 1,431 75916,366 15,535 831 Aug. 16. 10618,334 4,691 13,643 449 18,88923,954 4,608 26,976 1,309 717 1,392 75916,298 •15,559 Aug. 23. 11518,577 5,440 13,137 191 18,88323,803 4,609 26,963 1,308 562 1,272 74816,442 '15,640 P802 Aug. 30. 10718,584 6,551 12,033 288 18,97923,752 4,611 27,042 1,308 676 1,304 72816,285 '15,745 J>540 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. 1193 SEPTEMBER 1950 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 Treas- Treas- Other 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 B G c o u o n r v i d t e i s r e n s m c c B e a e r i t n t l e i l t f s s i , , - ot A h l e l r1 Total s G to o c ld k s r o c e t u i a n u n u r n g y r c t- - d 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 - - F u B p s e w r e R o d y a r i s n e e t v i d - r h k t e a e s s l - b p m N e o r e o s m d n it e - s - - c F s o e R e a e u r r c a e d n v - l - - t e s Total qu R ir e e - d2 c E es x s - 2 and notes End of period: 1929—June 29. . ,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 2,409 634 653 251 11,653 6,444 5,209 1941—Dec. 31.. 3 2,254 1,467 787 104 2,361 22,737 3,247 11,160 2,215 867 1,360 291 12,450 9,365 3,085 1945—June 30.. 46 21,792 1,11320,679 466 22,304 20,213 4,145 26,746 2,279 599 1,668 45014,92013,335 585 Dec. 31.. 249 24,262 94723,315 580 25,091 20,065 4,339 28,515 2,287 977 1,308 495 15,915 14,457 458 1946—June 29.. l 23,783 75523,028 516 24,456 20,270 4,539 28,245 2,251 S33 1,250 561 16,123 15,011 1,112 Dec. 31. . 163 23,350 75322,597 581 24,093 20,529 4,562 28,952 2,272 393 822 60716,139 15,577 562 1947—June 30.. 70 21,872 72721,145 228 22,170 21,266 4,552 28,297 1,314 756 881 62916,112 15,374 738 Dec. 31.. 85 22,559 2,853 19,706 536 23,181 22,754 4,562 28,868 1,336 870 961 563 17,899 16,400 1,499 1948—June 30.. 265 21,366 6,206 15,160 268 21,900 23,532 4,565 27,903 1,327 1,928 859 59217,389 16,647 742 Dec. 31.. 223 23,333 10,977 12,356 542 24,097 24,244 4,589 28,224 1,325 1,123 1,189 590 20,479 19,277 1,202 1949—July 31618,529 7,780 10,749 393 19,238 24,520 27,394 1,298 514 1,018 69017,437 16,685 752 Aug 53117,524 7,775 9,749 171 18,225 24,608 27,393 ,308 610 914 69016,512 15,337 1,175 Sept 10918,010 7,538 10,472 297 18,415 24,602 27,412 ,311 1,176 1,051 71315,94715,176 771 Oct 28317,316 7,536 9,780 261 17,860 24,584 27,407 ,307 595 1,187 69015,85015,261 589 Nov 32117,682 7,513 10,169 263 18,267 24,479 27,543 ,317 517 1,238 68916,038 15,367 671 Dec 7818,885 7,218 11,667 536 19,499 24,427 4,598 27,600 ,312 821 1,517 70616,568 15,550 1,018 1950—Jan 14517,827 7,112 10,715 354 18,326 24,2 4,599 26,941 ,311 677 1,460 72016,211 15,513 698 Feb 13117,746 6,857 10,889 349 18,226 24,2 4,602 27,068 ,310 666 1,426 73015,973 15,390 583 Mar 22517,592 6,397 11,195 253 18,070 24,246 4,602 27,042 ,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 ,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 ,309 588 1,254 71815,81415,288 526 June 4318,331 5,618 12,713 329 18,703 24,231 4,607 27,156 ,298 950 1,431 77115,934 15,498 '436 July 22017,969 4,888 13,081 277 18,466 24,136 4,609 27,010 1,304 566 1,443 75916,129 15,534 595 Aug 8318,356 6,768 11,588 381 18,8202*23,627P4,611 ^27,116 Pl,306 733 1,190 72415,989 15743 Averages of daily figures: 1949—July 20218,797 7,780 11,017 344 19,342 24,502 4,595 27,472 1,306 391 977 736 17,55816,539 1,019 Aug. 19018,147 7,777 10,370 245 18,583 24,588 4,592 27,397 1,312 521 970 690 16,873 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 1,171 72716,113 15,251 862 Nov 21517,664 7,528 10,136 347 18,226 24,533 4,593 27,477 1,311 457 1,296 69116,119 15,308 811 Dec. 18918,287 7,360 10,927 536 19,012 24,451 4,596 27,734 1,307 687 1,315 72416,291 15,488 803 1950—Jan 101.18,082 7,157 10,925 466 18,649 24,420 4,597 27,220 1,314 472 1,420 71916,52015,585 936 Feb 17817,705 6,948 10,757 427 18,310 24,346 4,598 27,008 1,310 585 1,478 72816,146 15,409 737 Mar 17017,682 6,640 11,042 389 18,242 24,311 4,600 27,043 1,307 638 1,331 75216,081 15,298 783 Apr...... 14017,608 6,274 11,334 388 18,136 24,247 4,601 27,062 1,313 695 1,250 76415,898 15,204 694 May 11617,486 5,937 11,549 403 18,005 24,236 4,602 27,022 1,302 563 1,299 71715,941 15,237 704 June 8417,800 5,683 12,117 440 18,325 24,231 4,605 27,026 1,299 512 1,372 75916,194 15,426 r767 July 14018,129 5,297 12,832 434 18,703 24,192 4,606 27,117 1,305 549 1,481 79616,253 15,507 746 Aug 18,328 5,171 13,157 377 18,876 23,927 4,609 27,009 1,307 668 1,404 75216,273 For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS1 [Per cent per annum] [Per cent of market value] Jan. 21, Feb. 1, Effec- Nov. 1, 1933-Feb. 1, 1935- Effective Prescribed in accordance with 1946- 1947- tive Jan. 31, 1935Dec. 31, 1935Jan. 1, 1936 Securities Exchange Act of 1934 Jan. 31, Mar. 29, Mar, 30, 1947 1949 1949 Savings deposits Postal Savings deposits Regulation T: Other deposits payable: For extensions of credit by brokers In 6 months or more and dealers on listed securities 100 75 50 I I n n l 9 e 0 ss d t a h y a s n t o 9 0 6 d m ay o s nths Re F g o u r l a s t h io o n r t U sa : les .... 100 75 50 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. 1194 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Federal Reserve Bank a A d o d v b v a li 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 y n c o d e G u l i 1 n g o 3 t i v b s a e l ) o e r i n f p m a a n e p d n e t r Other [ s S e e c c u . re 1 d 0 (b a ) d ] vances b o a b n l ( i k l g a s a s t s t i e o p c n a u s r r . e o d S f e b t c h y . e 1 d 3 U i ) r . e S ct . Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Aug. 31 beginning— rate Aug. 31 beginning— rate Aug. 31 beginning— rate Boston Aug. 21, 1950 Aug. 21,1950 Jan. 14,1948 New York.. . , Aug. 21, 1950 Aug. 21,1950 2 Oct. 30,1942 Philadelphia. . Aug. 25, 1950 Aug. 25,1950 Aug. 23,1948 Cleveland Aug. 25,1950 Aug. 25,1950 Aug. 25,1950 Richmond Aug. 25,1950 Aug. 25,1950 2 Oct. 28,1942 Atlanta , Aug. 24,1950 Aug. 24,1950 Aug. 24,1950 Chicago , Aug. 25, 1950 Aug. 25,1950 Aug. 13,1948 St. Louis Aug. 23, 1950 Aug. 23,1950 Jan. 12, 1948 Minneapolis. , Aug. 22,1950 Aug. 22,1950 Aug. 23,1948 Kansas City. , Aug. 25, 1950 Aug. 25,1950 Jan. 19,1948 Dallas Aug. 25,1950 Aug. 25,1950 Feb. 14, 1948 San Francisco Aug. 24,1950 Aug. 24,1950 2 Oct. 28,1942 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 2 Certain special rates to nonmember banks were in effect during the wartime period. NOTE.—Maximum maturities for discounts and 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. Backf igures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON MEMBER BANK RESERVE REQUIREMENTS ACCEPTANCES [Per cent per annum] [Per cent of deposits] Rate on In effect be- Previous Net demand deposits J Maturity Aug. 31 ginning— rate Time Effective date deposits 1 9 2 1 1 1 - - - 1 1 2 8 9 0 0 0 d d d a a a y y y s s s \ 1 % M A A A u u u g g g . . . 2 2 2 1 1 1 , , , 1 1 1 9 9 9 5 5 5 0 0 0 \ lM y 2 of change C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m ba e ( m n a k l b l s e ) r NOTE.—Minimum buying rates at the Federal Reserve Bank of New York on prime bankers' acceptances payable in dollars. The 1917—June 21. 13 10 same rates generally apply to any purchases made by the other Federal Reserve Banks. 1936—Aug. 16. 19H 15 Back figures.—See Banking and Monetary Statistics, Table 117, pp« 1937—Mar. 1. . 22% 17 12M 443-445. May 1. 26 20 14 1938—Apr. 16. 22M 17 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 12 AND COMMITMENTS UNDER SECTION 13b 1941—Nov. 1. 26 20 OF THE FEDERAL RESERVE ACT 1942—Aug. 20. 24 Maturities not exceeding five years Sept. 14. 22 [In effect August 31. Per cent per annum] Oct. 3. 20 To industrial or 1948—Feb. 27. 22 commercial To financing institutions June 11. 24 businesses Sept. 16. 16 Sept. 24. 26 22 R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or 1949— M M a a y y 5 1 . . 24 21 15 2 3 7 7 Bank lo O an n sl co m m O e m n n t i s t- fo P in r o s w r t t i i h t o u ic n - h ma R in e- ing co m m O e m n n t i s t- J A J u u u l n g y e . 30 1 1 . . . 20 1 1 4 3 3 26 6 tion is portion Aug. 11. 35 obligated Aug. 16. 12 25 Aug. 18. 23 19 Boston Aug. 25. 22 New York 2^-5 Sept. 1. 22 18 Philadelphia. .. . 23^-5 Cleveland 2^-5 In effect Sept. 1, 1950. .. 22 18 12 Richmond 2H~5 A Ch tl i a c n ag ta o 2 2 * % 4 - - S 5 1 Demand deposits subject to reserve requirements, which beginning St. Louis 3 -5 Aug. 23, 1935, have been total demand deposits minus cash items Minneapolis in process of collection and demand balances due' from domestic banks Kansas City.... (also minus war loan and series E bond accounts during the period Dallas Apr. 13, 1943-June 30, 1947). San Francisco... 2 Requirement became effective at country banks. 3 Requirement became effective at central reserve and reserve city 1 Including loans made in participation with financing institutions. banks. 2 Rate charged borrower less commitment rate. 3 Rate charged borrower. 4 Rate charged borrower but not to exceed 1 per cent above the discount rate. 5 Charge of % per cent is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. SEPTEMBER 1950 1195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1950 1950 1949 Aug. 30 Aug. 23 Aug. 16 Aug. 9 Aug. 2 July 26 July 19 Aug. July Aug. Assets Gold certificates 21,996,43322,050,429 22,190,42922,263,43122,363,43122,373,43022,428,43121,871,430 22,363,43122,797,430 Redemption fund for F. R. notes 518,111 519,421 519,420 522,256 522,312 522,533 522,345 518,036 522,532 564,567 Total gold certificate reserves 22,514,544 22,569,850 22,709,849 22,785,687 22,885,743 22,895,963 22,950,776 22,389,466 22,885,963 23,361,997 Other cash 249,424 252,792 255,943 255,111 260,740 264,579 250,317 240,188 253,960 292,153 Discounts and advances: For member banks... 106,720 115,190 103,648 245,645 283,628 333,336 182,533 82,390 202,383 445,685 For nonmember banks, etc 2,000 17,000 17,000 17,000 17,000 17,000 85,300 Total discounts and advances 106,720 115,190 105,648 262,645 300,628 350,336 199,533 82,390 219,383 530,985 Industrial loans. 2,243 2,256 2,251 2,406 2,395 2,676 2,679 2,249 2,394 537 U. S. Govt. securities: Bills 2,737,725 3,735,667 4,271,167 4,287,047 4,213,247 4,057,547 3,629,247 2,301,507 ,145,247 3,485,312 Certificates: Special Other 4,776,236 3,630,636 3,033,550 2,998,050 2,882,550 2,778,550 2,778,550 4,847,536 2,790,550 5,958,400 Notes. 4,518,950 5,770,600 6,338,000 6,272,500 6,187,400 6,131,000 6,175,700 4,438,800 6,145,600 304,600 Bonds 6,550,886 5,439,630 4,690,900 4,791,200 4,859,900 4,997,100 5,286,000 6,767,828 4,887,500 7,775,200 Total U. S. Govt. securities 18,583,79718,576,53318,333,61718,348,79718,143,09717,964,19717,869,49718,355,67117,968,89717,523,512 Other Reserve Bank credit outstanding. . . 286,450 189,369 447,023 290,178 315,862 318,903 403,588 379,341 275,009 170,324 Total Reserve Bank credit outstanding 18,979,21018,883,34818,888,53918,904,02618,761,98218,636,11218,475,29718,819,65118,465,68318,225,358 Liabilities Federal Reserve notes. . 22,877,73522,810,170 22,819,95822,858,96522,836,179 22,768,730 22,868,40522,947,03022,841,19823,272,661 Deposits: Member bank — reserve account 16,284,70916,442,43616,297,89016,366,11916,394,80416,415,03216,157,30915,988,56216,129,22316,511,619 U. S. Treasurer—general account 675,809 562,439 717,231 667,405 563,837 503,995 525,474 732,654 565,960 610,345 Foreign 1,006,345 992,896 1,105,046 1,140,853 1,208,702 1,174,069 1,201,647 915,899 1,168,614 439,165 Other 297,796 279,026 286,766 290,420 278,446 264,963 260,696 274,433 274,827 475,203 Total deposits 18,264,659 18,276,797 18,406,933 18,464,797 18,445,789 18,358,059 18,145,126 17,911,548 18,138,624 18,036,332 Ratio of gold certificate reserves to deposit and E R. note liabilities combined (per cent)... 54.9 55.1 55.4 55.7 56.0 54.8 55.8 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 it d h a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m da o y n s t h t s o 6 to m 1 o y n e t a h r s 1 2 y y e e a a r r t s o 2 5 y y e e a a r r s s to 5 O y v e e a r rs Discounts and advances: August 2 300,628 277,564 19,820 1,470 1,714 60 August 9 262,645 252,526 7,320 1,165 1,618 16 August 16 105,648 100,480 2,019 1,543 1,590 16 August 23 115,190 98,525 6,361 2,626 7,664 14 August 30 106,720 82,822 13,872 2,592 7,423 11 Industrial loans: August 2 2,395 37 199 448 150 292 179 323 767 August 9 2,406 33 209 471 137 290 173 327 766 August 16 2,251 210 29 303 143 300 177 324 765 August 23 2,256 234 46 258 160 285 204 305 764 August 30 2,243 214 40 176 163 389 193 306 762 U. S. Government securities: August 2 18,143,097 ,183,067 757,818 3,497,302 1,065,7601,067,050 5,381,200 243,300 2,187,3002,760,300 August 9 18,348,797 ,251,452 713,134 3,476,038 1,256,1231,091,050 5,469,200 244,300 2,174,900 2,672,600 August 16 18,333,617 ,313,0931,267,686 2,772,801 1,359,7871,091,050 5,536,700 246,300 2,172,900 2,573,300 August 23 18,576,533 ,017,134 2,498,870 3,077,567 1,150,9621,018,050 5,123,900 251,300 1,960,650 2,478,100 August 30 18,583,797 906,454 4,079,6154,208,253 493,375 566,200 4,134,900 73,900 1,690,200 2,430,900 1196 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h 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 Gold certificates: July 26 22,373,430 884,839 6,935,4331,274,9011,663,2831,015,605 970,6874,431,648 649,380 422,869 848,728 628,6802,647,377 Aug. 2 22,363,431 857,765 6,787,4771,248,5371,642,7781,007,941 975,3034,521,092 652,042 459,919 878,284 658,4592,673,834 Aug. 9 22,263,431 873,569 6,725,8271,257,1301,652,576 990,922 968,8794,506,693 642,914 444,823 881,441 649,7182,668,939 Aug. 16 22,190,429 858,856 6,769,2781,251,6681,653,9271,003,814 976,2924,479,790 624,914 427,179 890,079 633,2382,621,394 Aug. 23 22,050,429 857,166 6,950,5501,223,4951,597,657 987,845 958,4364,423,910 589,199 419,716 820,015 609,4112,613,029 Redemption fund for F. R. notes: July 26 522,533 52,289 34,842 46,939 60,419 46,969 36,777 80,679 41,706 21,848 33,791 26,205 40,069 Aug. 2 522,312 52,267 34,777 46,934 60,399 46,940 36,754 80,679 41,698 21,843 33,787 26,205 40,029 Aug. 9 522,256 52,267 34,777 46,934 60,400 46,940 36,754 80,628 41,698 21,843 33,787 26,200 40,028 Aug. 16 519,420 52,003 33,681 46,384 60,015 47,546 36,488 80,235 41,586 21,808 33,715 26,120 39,839 Aug. 23 519,421 52,003 33,681 46,384 60,015 47,546 36,488 80,235 41,586 21,808 33,715 26,120 39,840 Total gold certificate reserves: July 26 22,895,963 937,128 6,970,2751,321,8401,723,7021,062,5741,007,4644,512,327 691,086 444,717 882,519 654,8852,687,446 Aug. 2 22,885,743 910,032 6,822,2541,295,4711,703,1771,054,8811,012,0574,601,771 693,740 481,762 912,071 684,6642,713,863 Aug. 9 22,785,687 925,836 6,760,6041,304,0641,712,9761,037,8621,005,6334,587,321 684,612 466,666 915,228 675,9182,708,967 Aug. 16 22,709,849 910,859 6,802,9591,298,0521,713,9421,051,3601,012,7804,560,025 666,500 448,987 923,794 659,3582,661,233 Aug. 23 22,569,850 909,169 6,984,2311,269,8791,657,6721,035,391 994,9244,504,145 630,785 441,524 853,730 635,5312,652,869 Other cash: July 26 264,579 25,402 53,039 15,589 18,842 15,415 21,135 40,844 13,097 7,734 9,913 10,836 32,733 Aug. 2 260,740 25,160 52,979 17,376 22,629 15,676 18,071 40,147 10,767 6,813 9,451 12,091 29,580 Aug. 9 255,111 25,859 50,297 16,859 19,114 15,357 19,682 38,607 10,921 7,251 8,960 10,584 31,620 Aug. 16 255,943 28,675 51,842 13,472 22,096 14,416 18,618 37,487 10,676 6,940 9,846 11,658 30,217 Aug. 23 252,792 26,933 48,967 14,260 19,165 15,544 20,917 38,630 11,721 7,881 9,744 10,642 28,388 vances: Secured by U. S. Govt. securities: July 26. . 333,093 5,060 198,515 2,145 14,200 9,120 6,069 46,860 6,687 18,025 8,012 400 18,000 Aug. 2. . 283,272 10,910 140,670 2,290 11,565 3,085 6,269 54,630 23,430 5,890 14,929 500 9,104 Aug. 9. . 245,245 17,885 100,225 5,630 52,940 9,315 6,520 19,700 12,221 5,130 4,725 300 10,654 Aug. 16. . 103,219 10,310 28,540 1,960 7,935 13,415 5,735 900 7,175 7,850 9,745 500 9,154 Aug. 23. . 114,789 2,790 21,680 2,815 13,300 14,665 12,725 1,800 23,075 5,250 12,795 500 3,394 Other: July 26.. 17,243 1,071 5,338 1,360 1,547 850 741 2,396 612 425 629 595 1,679 Aug. 2. . 17,356 1,071 5,338 1,360 1,547 850 741 2,396 612 425 629 612 1,775 Aug. 9. . 17,400 1,071 5,338 1,360 1,547 850 741 2,396 687 425 629 612 1,744 Aug. 16. . 2,429 126 628 160 182 100 111 326 147 50 74 87 438 Aug. 23. . 401 50 75 16 260 Industrial loans: July 26 2,676 30 2,335 1 112 198 Aug. 2 2,395 29 2,033 1 119 5 208 Aug. 9 2,406 29 2,038 1 128 5 205 Aug 16 2,251 29 1,906 1 111 5 199 Aug. 23 2,256 29 1,909 1 104 5 208 U. S. GovL securities: Bills: July 26.... 4,057,547 279,727 945,782 269,831 376,118 262,142 217,339 615,319 223,818 125,537 188,282 184,192 369,460 Aug. 2.... 4,213,247 290,461 982,074 280,185 390,551 272,201 225,679 638,931 232,407 130,354 195,507 191,260 383,637 Aug. 9.... 4,287,047 295,549 999,276 285,093 397,392 276,969 229,631 650,122 236,478 132,637 198,932 194,611 390,357 Aug. 16. ... 4,271,167 294,454 995,575 284,037 395,920 275,943 228,781 647,714 235,602 132,146 198,195 193,889 388,911 Aug. 23.... 3,735,667 257,537 870,754 248,426 346,281 241,347 200,097 566,506 206,063 115,578 173,346 169,581 340,151 Certificates: July 26.... 2,778,550 191,554 647,658 184,776 257,561 179,510 148,831 421,362 153,267 85,966 128,933 126,132 253,000 Aug. 2.... 2,882,550 198,171 678,034 191,161 266,460 185,713 153,972 435,919 158,563 88,935 133,388 130,491 261,743 Aug. 9 2,998,050 204,204 726,430 196,979 274,571 191,366 158,660 449,189 163,389 91,643 137,448 134,462 269,709 Aug. 16 3,033,550 206,652 734,706 199,340 277,861 193,659 160,561 454,573 165,348 92,741 139,095 136,073 272,941 Aug. 23.... 3,630,636 250,296 846,272 241,440 336,545 234,561 194,473 550,579 200,270 112,327 168,473 164,813 330,587 Notes: July 26.... 6,131,000 422,671 1,429,087 407,718 568,319 396,099 328,401 929,754 338,192 189,687 284,497 278,317 558,258 Aug. 2.... 6,187,400 425,732 1,451,437 410,670 572,435 398,968 330,779 936,487 340,641 191,061 286,557 280,332 562,301 Aug. 9 6,272,500 431,013 1,477,791 415,764 579,535 403,917 334,882 948,103 344,867 193,431 290,112 283,809 569,276 Aug. 16. ... 6,338,000 435,666 1,491,525 420,253 585,792 408,278 338,498 958,339 348,590 195,519 293,244 286,874 575,422 Aug. 23 5,770,600 397,825 1,345,081 383,751 534,912 372,815 309,096 875,100 318,312 178,537 267,773 261,956 525,442 Bonds: July 26.... 4,997,100 344,500 1,164,784 332,312 463,211 322,844 267,663 757,799 275,646 154,604 231,881 226,844 455,012 Aug. 2.... 4,859,900 335,042 1,132,804 323,188 450,493 313,979 260,316 736,994 268,077 150,360 225,514 220,615 442,518 Aug. 9.... 4,791,200 328,995 1,131,362 317,356 442,364 308,313 255,618 723,695 263,239 147,647 221,444 216,634 434,533 Aug. 16. ... 4,690,900 322,149 1,107,214 310,753 433,160 301,898 250,298 708,636 257,761 144,575 216,837 212,127 425,492 Aug. 23.... 5,439,630 375,008 1,267,934 361,741 504,232 351,433 291,368 824,909 300,055 168,297 252,415 246,932 495,306 Total U. S. Govt. securities: July 26 17,964,197 1,238,452 4,187,3111,194,6371,665,2091,160,595 962,2342,724,234 990,923 555,794 833,593 815,4851,635,730 Aug. 2 18,143,097 1,249,406 4,244,3491,205,2041,679,9391,170,861 970,7462,748,331 999,688 560,710 840,966 822,6981,650,199 Aug. 9 18,348,797 1,259,761 4,334,8591,215,1921,693,8621,180,565 978,7912,771,1091,007,973 565,358 847,936 829,5161,663,875 Aug. 16 18,333,617 1,258,921 4,329,0201,214,3831,692,7331,179,778 978,1382.769,2621,007,301 564,981 847,371 828,9631,662,766 Aug. 23 18,576,533 1,280,666 4,330,0411,235,3581,721,9701,200,156 995,0342,817,0941,024,700 574,739 862,007 843,2821,691,486 SEPTEMBER 1950 1197 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets (cont.) Total loans and securities: July 26 18,317,209 1,244,583 4,391,194 1,200,4771,680,9571,170,677 969,0442,773,490 998,222 574,442 842,234 816,4801,655,409 Aug. 2 18,446,120 1,261,387 4,390,386 1,210,8871,693,0521,174,915 977,7612,805,357 1,023,730 567,233 856,524 823,8101,661,078 Aug. 9 18,613,848 1,278,717 4,440,4511,224,2201,748,3501,190,858 986,0572,793,205 1,020,881 571,118 853,290 830,4281,676,273 Aug. 16 18,441,516 1,269,357 4,358,2171,218,4091,700,8511,193,404 983,9892,770,488 1,014,623 573,080 857,190 829,5501,672,358 Aug. 23 18,693,979 1,283,456 4,351,750 1,240,0821,735,2711,214,9251,007,7642,818,944 1,047,850 580,197 874,802 843,7981,695,140 Due from foreign banks: July 26 24 2 1 7 1 1 1 1 1 1 2 Aug. 2 24 1 1 1 1 1 1 1 2 Aug. 9 24 2 1 1 1 1 1 1 2 Aug. 16 24 2 1 1 1 1 1 1 2 Aug. 23 24 1 1 3 1 1 1 1 2 Federal Reserve notes of other Banks: July 26 139,400 6,933 22,419 6,771 6,764 17,450 12,839 19,323 8,173 6,655 8,617 4,795 18,661 Aug. 2 130,537 8,313 23,369 7,712 6,642 15,252 12,450 16,351 6,694 8,258 7,040 5,345 13,111 Aug. 9 137,542 9,659 23,263 6,993 5,586 18,126 13,819 15,983 7,722 8,094 8,615 5,736 13,946 Aug. 16 131,414 7,273 22,423 6,316 6,218 16,839 9,406 16,536 7,089 9,296 8,327 6,297 15,394 Aug. 23 128,557 9,149 21,459 4,470 6,331 16,055 10,247 15,793 6,986 7,999 8,509 6,551 15,008 Uncollected items: July 26 2,795,695 216,671 500,727 176,434 253,826 226,664 174,927 447,574 150,497 85,884 154,217 172,158 236,116 Aug. 2 2,833,496 215,335 515,353 196,430 256,303 242,026 174,058 489,388 152,207 81,931 133,376 135,209 241,880 Aug. 9 2,709,348 212,327 469,556 171,399 226,083 236,998 188,372 445,447 157,884 85,730 151,837 130,009 233,706 Aug. 16 3,522,829 277,427 638,679 231,491 334,816 298,219 227,414 583,312 195,373 102,513 170,442 155,811 307,332 Aug. 23 2,674,638 184,397 511,311 187,726 249,469 229,428 177,390 390,873 145,945 84,747 144,156 125,487 243,709 Bank premises: July 26 35,546 1,097 7,762 2,948 4,848 2,567 1,509 3,929 2,023 1,130 2,275 697 4,761 Aug. 2 35,584 1,097 7,744 2,948 4,846 2,578 1,509 3,928 2,019 1,127 2,269 694 4,825 Aug. 9 35,591 1,097 7,744 2,948 4,846 2,580 1,509 3,929 2,020 1,127 2,269 694 4,828 Aug. 16 35,827 1,097 7,744 2,948 4,842 2,580 1,509 4,014 2,020 1,127 2,269 694 4,983 Aug. 23. 35,957 1,097 7,744 2,942 4,842 2,580 1,508 4,027 2,020 1,127 2,269 694 5,107 Other assets: July 26 88,927 5,953 19,614 5,538 7,992 5,880 4,689 13,866 6,127 2,595 4,686 3,951 8,036 Aug. 2 93,361 6,237 20,195 5,890 8,748 6,108 4,991 14,570 6,390 2,774 4,812 4,078 8,568 Aug. 9 97,444 6,488 21,531 6,177 8,899 6,244 5,197 15,171 6,688 2,926 5,085 4,248 8,790 Aug. 16 101,460 6,794 22,585 6,384 9,368 6,601 5,436 15,479 6,907 3,040 5,199 4,534 9,133 Aug. 23 117,164 7,898 25,899 7,410 10,978 7,625 6,308 17,899 7,808 3,526 5,937 5,258 10,618 Total assets: t July 26. 44,537,343 2,437,769 11,965,0372,729,5993,696,9332,501,2282,191,6087,811,3561,869,2261,123,1581,904,4621,663,8034,643,164 Aug. 2 44,685,605 2,427,563 11,832,2872,736,7163,695,3992,511,4372,200,8987,971,5151,895,5481,149,8991,925,5441,665,8924,672,907 Aug. 9. . 44,634,595 2,459,985 11,773,4532,732,6623,725,8562,508,0262,220,2707,899,6661,890,7291,142,9131,945,2851,657,6184,678,132 Aug. 16 45,198,862 2,501,484 11,904,4562,777,0743,792,1352,583,4202,259,1537,987,3441,903,1891,144,9841,977,0681,667,9034,700,652 Aug. 23 44,472,961 2,422,10111,951,3682,726,7713,683,7302,521,5492,219,0597,790,3141,853,1161,127,0021,899,1481,627,9624,650,841 Liabilities Federal Reserve notes: July 26 22,768,730 1,384,513 5,125,4691,602,6252,041,835 1,496,8711,241,3334,447,1131,039,327 593,860 898,853 608,3762,288,555 Aug. 2 22,836,179 1,383,143 5,141,1881,603,0282,038,647 1,506,1661,253,2064,454,3231,043,902 593,574 905,185 614,3862,299,431 Aug. 9 22,858,965 1,385,987 5,139,2271,605,4002,046,930 1,503,1031,248,5364,459,553 1,043,059 594,473 904,600 615,5002,312,597 Aug. 16 22,819,958 1,385,395 5,133,9981,599,7082,044,094 1,503,8621,239,7624,461,925 1,040,753 592,941 901,639 609,7272,306,154 Aug. 23... . ?? 810,170 1,385,503 5,134,4131,598,0092,045,335 1,516,5711,231,3824,461,885 1,037,163 590,851 899,018 609,1192,300,921 Deposits: Member bank —reserve account: July 26.. 16,415,032 681,020 5,461,644 761,7871,202,081 659,476 663,8592,627,760 568,249 373,577 758,073 774,4731,883,033 Aug. 2. . 16,394,804 678,818 5,318,219 762,8951,191,345 661,938 656,5932,695,232 558,320 389,995 768,368 818,5491,894,532 Aug. 9. . 16,366,119 693,921 5,286,647 768,7931,197,701 661,738 675,6422,640,099 579,154 385,300 768,851 811,9651,896,308 Aug. 16.. 16,297,890 679,330 5,234,431 770,4641,208,368 666,910 660,5442,663,440 567,039 381,309 797,277 798,3601,870,418 Aug. 23. . 16,442,436 650,299 5,484,064 760,5041,207,700 650,734 685,6682,614,064 571,303 381,472 764,487 787,492 1,884,649 U. S. Treasurer-general account: July 26.. 503,995 35,320 103,501 46,543 37,597 32,449 35,667 42,359 38,708 25,793 30,389 42,093 33,576 Aug. 2. . 563,837 33,556 82,049 38,638 49,379 22,346 40,542 99,241 51,931 41,216 32,036 28,934 43,969 Aug. 9. . 667,405 52,713 87,717 46,960 87,517 25,788 38,308 125,445 42,048 33,337 57,651 33,050 36,871 Aug. 16.. 717,231 53,465 139,241 53,274 80,404 44,387 62,331 82,837 39,624 31,830 48,825 33,880 47,133 Aug. 23. . 562,439 52,463 82,740 57,422 43,935 40,760 54,833 58,515 35,094 33,033 22,219 35,320 46,105 Foreign: July 26.. 1,174,069 73,452 2374,240 93,272 106,097 58,295 48,968 160,894 41,972 29,148 43,138 40,807 103,786 Aug. 2. . 1,208,702 75,795 2383,354 96,248 109,482 60,155 50,530 166,028 43,312 30,078 44,515 42,108 107,097 Aug. 9. . 1,140,853 71,423 2363,114 90,696 103,166 56,685 47,615 156,451 40,813 28,343 41,947 39,680 100,920 Aug. 16. . 1,105,046 69,275 2350,699 87,968 100,064 54,980 46,183 151,745 39,586 27,490 40,685 38,486 97,885 Aug. 23. . 992,896 61,589 2322,241 78,208 88,962 48,880 41,059 134,909 35,194 24,440 36,171 34,216 87,027 Other: July 26.. 264,963 4,506 208,903 1,838 3,333 2,243 647 4,416 5,565 1,415 606 1,147 30,344 Aug. 2. . 278,446 4,215 216,141 2,340 5,018 3,020 405 6,782 4,701 2,243 2,223 587 30,771 Aug. 9. . 290,420 3,907 228,289 3,901 4,311 2,538 519 4,603 5,708 1,259 2,623 438 32,324 Aug. 16. . 286,766 4,365 215,618 2,839 4,584 2,494 1,664 4,332 5,488 1,429 3,414 1,430 39.1Q9 Aug. 23.. 279,026 3,935 215,441 2,502 3,933 2,216 2,737 3,071 6,128 1,552 2,805 910 33,796 1 After deducting $17,000 participations of other Federal Reserve Banks on July 26; Aug. 2; Aug. 9; Aug. 16; and Aug. 23. 2 After deducting $799,808,000 participations of other Federal Reserve Banks on July 26; $825,327,000 on Aug. 2; $777,718,000 on Aug. 9; $754,- 326,000 on Aug. 16; and $670,634,000 on Aug. 23. 1198 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Liabilities (cont.): Total deposits: July 26 18,358,059 794,298 6,148,288 903,4401,349,108 752,463 749,1412,835,429 654,494 429,933 832,206 858,5202,050,739 Aug. 2.... 18,445,789 792,384 5,999,763 900,1211,355,224 747,459 748,0702,967,283 658,264 463,532 847,142 890,1782,076,369 Aug. 9.... 18,464,797 821,964 5,965,767 910,3501,392,695 746,749 762,0842,926,598 667,723 448,239 871,072 885,1332,066,423 Aug. 16 18,406,933 806,435 5,939,989 914,5451,393,420 768,771 770,7222,902,354 651,737 442,058 890 201 872 1562 054 545 Aug. 23.... 18,276,797 768,286 6,104,486 898,6361,344,530 742,590 784,2971,810,559 647,719 440,497 825^682 857',9382',O5l!577 Deferred availability items: July 26.... 2,476,816 199,146 417,817 151,344 220,262 202,113 159,425 399,418 137,724 73,847 136,700 160,822 218,198 Aug. 2 2,517,658 195,354 429,942 164,568 220,031 211,093 160,373 427,388 158,241 68,743 138,690 127,530 215,705 Aug. 9 2,419,194 194,951 405,642 147,548 204,548 211,094 170,113 390,155 144,485 75,816 134,752 122,864 217,226 Aug. 16 3,075,830 252,297 566,164 193,215 272,408 263,481 208,935 499,216 175,072 85,452 150,233 151,643 257,714 Aug. 23.... 2,485,293 210,607 447,470 160,194 211,155 214,752 163,351 393,212 132,282 71,150 139,215 126,265 215,640 Other liabilities including accrued dividends: July 26.... 11,619 852 3,907 513 1,125 550 480 1,688 435 351 377 512 829 Aug. 2 9,575 865 2,188 498 1,192 495 436 1,642 446 320 408 361 724 Aug. 9 10,570 875 2,622 575 1,000 586 505 1,803 466 502 419 390 827 Aug. 16.... 11,071 942 3,094 537 1,121 540 476 1,652 447 534 435 441 852 Aug. 23 10,759 893 2,703 533 1,162 561 515 1,794 463 345 407 485 898 Total liabilities: July 26.... 43,615,224 2,378,80911,695,4812,657,9223,612,3302,451,9972,150,3797,683,6481,831,9801,097,9911,868,1361,628,2304,558,321 Aug. 2.... 43,809,201 2,371,74611,573,0812,668,2153,615,0942,465,2132,162,0857,850,6361,860,8531,126,1691,891,4251,632,4554,592,229 Aug. 9.... 43,753,526 2,403,77711,513,2582,663,8733,645,1732,461,5322,181,2387,778,1091,855,7331,119,0301,910,8431,623,8874,597,073 Aug. 16.... 44,313,792 2,445,06911,643,2452,708,0053,711,0432,536,6542,219,8957,865,1471,868,0091,120,9851,942,5081,633,9674,619,265 Aug. 23.... 43,583,019 2,365,28911,689,0722,657,3723,602,1822,474,4742,179,5457,667,4501,817,6271,102,8431,864,3221,593,8074,569,036 Capital Accts.: Capital paid in: July 26 220,149 12,178 73,164 15,521 20,332 9,642 8,748 28,098 7,219 4,928 7,840 9,350 23,129 Aug. 2 220,179 12,183 73,133 15,528 20,364 9,638 8,748 28,112 7,222 4,928 7,842 9,350 23,131 Aug. 9 220,374 12,183 73,140 15,535 20,371 9,640 8,750 28,172 7,222 4,933 7,872 9,425 23,131 Aug. 16 220,436 12,183 73,148 15,539 20,375 9,661 8,750 28,173 7,225 4,936 7,873 9,440 23,133 Aug. 23.... 220,484 12,180 73,158 15,539 20,378 9,662 8,757 28,180 7,228 4,937 7,878 9,454 23,133 Surplus: (section 7): July 26 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,552 Aug. 2.... 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,552 Aug. 9 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,552 Aug. 16 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,552 Aug. 23.... 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,552 (section 13b): July 26 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Aug. 2.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Aug. 9 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Aug. 16.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Aug. 23 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other cap. accts.: July 26.... 186,254 12,993 40,924 13,462 17,308 12,461 10,525 26,152 10,388 6,672 9,304 9,043 17,022 Aug. 2 140,509 9,845 30,605 10,279 12,978 9,458 8,109 19,309 7,834 5,235 7,095 6,907 12,855 Aug. 9 144,979 10,236 31,587 10,560 13,349 9,726 8,326 19,927 8,135 5,383 7,388 7,126 13,236 Aug. 16.... 148,918 10,443 32,595 10,836 13,754 9,977 8,552 20,566 8,316 5,496 7,505 7,316 13,562 Aug. 23.... 153,742 10,843 33,670 11,166 14,207 10,285 8,801 21,226 8,622 5,655 7,766 7,521 13,980 Total liabilities and cap. accts.: July 26 44,537,343 2,437,76911,965,0372,729,5993,696,9332,501,2282,191,6087,811,3561,869,2261,123,1581,904,4621,663,8034,643,164 Aug. 2.... 44,685,605 2,427,56311,832,2872,736,7163,695,3992,511,4372,200,8987,971,5151,895,5481,149,8991,925,5441,665,8924,672,907 Aug. 9. ... 44,634,595 2,459,98511,773,4532,732,6623,725,8562,508,0262,220,2707,899,6661,890,7291,142,9131,945,2851,657,6184,678,132 Aug. 16 45,198,862 2,501,48411,904,4562,777,0743,792,1352,583,4202,259,1537,987,3441,903,1891,144,9841,977,0681,667,9034,700,652 Aug. 23 44,472,961 2,422,10111,951,3682,726,7713,683,7302,521,5492,219,0597,790,3141,853,1161,127,0021,899,1481,627,9624,650,841 Contingent liability on acceptances purchased for foreign correspondents: July 26.... 7,919 499 12,487 633 721 396 332 1,093 285 198 293 277 705 Aug. 2.... 7,751 488 12,434 620 705 388 325 1,070 279 194 287 271 690 Aug. 9 9,518 600 12,989 761 866 476 400 1,313 343 238 352 333 847 Aug. 16.... 15,479 975 14,860 1,238 1,409 774 650 2,136 557 387 573 542 1,378 Aug. 23. . , . 15,445 973 14,850 1,236 1,405 772 649 2,131 556 386 571 541 1,375 Commitments to make industrial loans: July 26 1 426 521 451 60 272 122 Aug. 2.... 1,724 820 450 60 272 122 Aug! 9 1^714 816 449 60 270 119 Aug. 16 2^352 954 449 60 270 500 119 Aug. 23 2,346 948 449 60 270 500 119 1 After deducting $5,432,000 participations of other Federal Reserve Banks on July 26; $5,317,000 on Aug. 2; $6,529,000 on Aug. 9; $10,619,000 on Aug. 16; and $10,595,000 on Aug. 23. SEPTEMBER 1950 1199 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 NQTESr-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - l A a t n - ta Chicago Lo S u t. 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): July 26 23,632,205 1,438,0375,293,081 1,662,5342,123,8581,558,3291,310,6064,539,1321,088,355610,889 930,404646,8632,430,117 Aug. 2 23,619,964 1,439,3055,280,076 1,657,3762,117,6011,564,8291,313,6094,534,2671,085,603 609,099 933,137649,3712,435,691 Aug. 9 23,634,424 1,441,6275,286,737 1,655,8672,120,9561,563,2731,308,2744,539,1801,092,227608,046 931,944 647,3562,438,937 Aug. 16 23,623,366 1,447,0475,280,588 1,652,9962,119,7371,558,4071,305,1884,546,5831,086,215606,718 930,016644,1762,445,695 Aug. 23 23,587,663 1,447,016 5J278.4241,647,6492,112,6991,563,2451,302,5054,536,2241,087,372605,618 930,613641,4052,434,893 Collateral held against notes outstanding: Gold certificates: July 26 14,304,000 440,000 4,770,000 750,000 925,000 670,000 675,0002,980,000 400,000 210,000 280,000 204,000 2,000,000 Aug. 2 14,304,000 440,000 4,770,000 750,000 925,000 670,000 675,0002,980,000 400,000210,000 280,000204,000 2,000,000 Aug. 9 14,304,000 440,000 4,770,000 750,000 925,000 670,000 675,0002,980,000 400,000210,000 280,000204,0002,000,000 Aug. 16 14,304,000 440,000 4,770,000 750,000 925,000 670,000 675,0002,980,000 400,000210,000 280,000 204,000 22,,000000,,000000 Aug. 23 14,154,000 440,000 4,770,000 750,000 925,000 670,000 675,0002,980,000 350,000210,000 280,000 204,000 1,900,000 Eligible paper: July 26 260,555 5,060 196,140 2,145 8,320 6,687 18,025 8,012 16,166 Aug. 2 208,245 10,910 140,645 2,290 2,785 23,430 5,890 14,929 7,366 Aug. 9 161,951 17,885 98,085 5,630 9,315 12,296 5,130 4,725 8,885 Aug. 16 82,984 10,310 25,040 1,960 13,415 7,250 7,850 9,745 7,414 Aug. 23 77,249 2,790 14,430 2,815 14,365 23,150 5,250 12,795 1,654 U. S. Govt. sec: July 26 10,550,000 1,100,000 700,000 1,000,0001,250,000 950,000 700,0001,600,000 800,000 450,000 700,000500,000 800,000 Aug. 2......... 10,550,000 1,100,000 700,000 1,000,0001,250,000 950,000 700,0001,600,000 800,000450,000 700,000 500,000 800,000 Aug. 9 10,550,000 1,100,000 700,000 1,000,0001,250,000 950,000 700,0001,600,000 800,000450,000 700,000 500,000 800,000 Aug. 16 10,550,000 1,100,000 700,000 1,000,0001,250,000 950,000 700,0001,600,000 800,000 450,000 700,000500,000 800,000 Aug. 23 10,550,000 1,100,000 700,000 1,000,0001,250,000 950,000 700,0001,600,000 800,000 450,000 700,000500,000 800,000 Total collateral: July 26 25,114,555 1,545,0605,666,140 1,752,1452,175,000 1,628,3201,375,000 4,580,0001,206,687678,025 988,012704,000 2,816,166 Aug. 2 25,062,245 1,550,910 55,,661100,,6644551,752,290 2,175,0001,622,7851,375,000 4,580,0001,223,430 665,,889900 994,929704,000 2,807,366 Aug. 9 25,015,951 1,557,8855,568,085 1,755,630 2,175,0001,629,3151,375,000 4,580,0001,212,296 665,,130 984,725704,000 2,808,885 Aug. 16 24,936,984 1,550,310 5,495,0401,751,960 2,175,0001,633,4151,375,000 4,580,0001,207,250 667,850 989,745704,000 2,807,414 Aug. 23 24,781,249 1,542,790 5,484,4301,752,8152,175,000 1,634,3651,375,000 4,580,0001,173,150 665,250 992,795704,000 2,701,654 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS MEMBER BANK RESERVES AND BORROWINGS [Amounts in thousands of dollars] [Averages of daily figures. In millions of dollars] Partici- Centralreserve W o D r e a l d t a e n s t e ( s l d d a a s a y t y A a p p t p o p l i r c d o a a v t t i e e o d ns b p u c r A o t o p m v n - e - o d t st L a o n o u d a t i n - n s g2 C m o o m e u n m t- ts it- o in p t f g u a f t t i i i i n o o n a n n s n s t 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 N c e i w ty ban C k h s i- b s c R a e i n r e t v y - k e s b C a t o n r u y k n s - x of period) pleted i (amount) standing out- York cago N b u e m r - Amount (amount) (amount) ( s a t m an o d u i n n t g ) Total reserves held: 1939 2,781 188,222 2,659 13,683 9,220 10,981 1949—July 17,558 4,822 1,192 6,564 4,980 1940 2,908 212,510 13,954 9,152 5,226 6,386 1950—June 16,194 4,425 1,113 6,215 4,440 1941 3,202 279,860 8,294 10,337 14,597 19,600 July 16,253 4,346 1,114 6,301 4,492 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 July 19 16,177 4,303 1,100 6,283 4,491 1944 3,489 525,532 1,295 3,894 4,165 2,705 July 26 16,219 4,337 1,119 6,285 4,478 1945 3,511 544,961 320 1,995 1,644 1,086 Aug. 2 16,176 4,315 1,127 6,274 4,460 1946 3,542 565,913 4,577 554 8,309 2,670 Aug. 9 16,243 4,324 1,134 6,266 4,520 1947 3,574 586,726 945 1,387 7,434 4,869 Aug. 16 16,276 4,311 1,134 6,280 4,551 1948 3,607 615,653 335 995 1,643 1,990 Aug. 23 16,319 4,402 1,142 6,302 4,473 1949 Excess reserves: Feb. 28... 3,608 616,340 45 907 1,624 2,042 1949—July 1,019 72 31 253 663 Mar. 31... 3,610 620,192 45 906 3,270 3,677 1950—June *767 68 3 160 ^•53 7 Apr. 30... 3,613 620,595 152 819 2,399 2,811 July 746 14 -2 111 562 May 31... 3,614 620,984 245 753 2,349 2,737 June 30... 3,615 621,297 205 614 2,278 2,619 July 19 663 -18 -13 136 558 July 30... 3,617 621,601 220 660 2,263 2,563 July 26 700 25 4 r133 538 Aug. 31... 3,623 622,327 545 662 2,072 1,926 Aug. 2 623 -14 -6 120 523 Sept. 30... 3,630 625,301 912 1,016 1,958 2,023 Aug. 9 721 24 -2 130 569 Oct. 31... 3,637 626,273 1,514 1,075 1,820 1,965 Aug. 16 2>7O1 -4 -3 112 P596 Nov. 30... 3,644 628,523 1,277 1,954 1,818 2,848 Aug. 23.. . . . . , z>680 45 -8 117 P526 Dec. 31... 3,649 629,326 539 2,178 2,288 2,947 1950 Borrowings at Federa Reserve Banks: J F M A a e p n a b r . r . . . 3 2 3 2 8 1 1 9 . . . .. . . . . . . . . 3 3 3 3 , , , , 6 6 6 6 5 6 6 5 2 3 7 5 6 6 6 6 3 2 3 3 2 9 2 0 , , , , 0 7 5 2 4 6 7 0 9 4 3 9 1 1 , , 2 1 5 2 2 7 4 2 5 2 4 3 2 2 2 2 , , , , 6 6 2 5 6 7 2 0 5 3 3 5 1 1 1 1 , , , , 2 2 9 1 7 8 9 4 2 8 7 1 2 2 2 2 , , , , 6 6 6 6 5 4 5 2 2 9 1 8 1 1 9 9 5 4 0 9 — — J J J u u u l n l y y e 1 1 6 2 0 8 3 9 4 5 1 5 9 0 1 1 0 1 3 2 4 1 9 2 8 2 2 22 6 4 J J M u u a l n y y e 3 3 3 1 1 0 . . . . . . . . . 3 3 3 , , , 6 6 6 8 7 7 0 7 0 6 6 6 3 3 3 9 3 8 , , , 1 1 0 5 2 1 8 4 5 4 4 1 , , , 3 4 3 6 0 1 2 6 6 2 2 2 , , , 4 6 7 7 7 7 9 5 9 1 1 1 , , , 7 3 2 2 5 8 9 2 6 2 2 2 , , , 7 6 7 5 4 3 3 1 1 J A J u u u l l y g y . 2 1 6 2 9 2 1 1 2 0 7 6 9 3 1 4 5 0 1 1 1 3 1 1 3 1 3 4 6 6 0 6 7 2 4 1 6 2 7 Aug. 9 255 156 8 62 29 1 Includes applications approved conditionally by the Federal Re- Aug. 16 155 35 75 45 serve Banks and under consideration by applicant. Aug. 23 150 26 i" 93 30 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. p Preliminary. r Revised. NOTE.—The difference between amount of applications approved and i Weekly figures of excess reserves of all member banks and of the sum of the following four columns represents repayments of ad- country banks are estimates. Weekly figures of borrowings of all memvances, and applications for loans and commitments withdrawn or ber banks and of country banks may include small amounts of Federal expired. Reserve Bank discounts and advances for nonmember banks, etc. Back figures.—See Banking and Monetary Statistics, pp. 396-399. 1200 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c 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 it - y ban C ks hi- b s c R e 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 July 1950 Second half of July 1950 Gross demand deposits: Total 92,964 21,110 5,335 35,455 31,064 92,942 20,948 5,354 35,672 30,968 Interbank 11,017 3,780 1,099 5,229 909 10,603 3,611 1,067 5,068 857 Other 81,946 17,330 4,236 30,226 30,155 82,339 17,338 4,287 30,603 30,111 Net demand deposits 2 81,196 19,350 4,813 30,630 26,404 81,544 19,230 4,833 30,923 26,558 Demand deposits adjusted 3 72,600 73,300 Time deposits 4 29,747 1,785 1,094 11,815 15,053 29,624 1,770 1,088 11,749 15,016 Demand balances due from domestic banks.. 5,612 37 123 1,786 3,666 5,339 34 113 1,711 3,482 Reserves with Federal Reserve Banks: Total 16,339 4,375 1,120 6,325 4,519 16,172 4,319 1,108 6,278 4,467 Required 15,485 4,346 1,113 6,104 3,921 15,528 4,319 1,118 6,154 3,938 Excess 854 29 6 221 598 644 -9 125 529 Borrowings at Federal Reserve Banks 63 19 2 24 18 179 70 19 59 30 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. NOTE.—Data for second half of June (p. 1025 of BULLETIN for August) have been revised; revised data will be made available on request. DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND BANK SUSPENSIONSl SMALL CENTERS1 [Averages of daily figures. In millions of dollars] Member Nonmember Total, banks banks all In places of 15,000 In places of under banks and over population 15,000 population ti N on a- al State su In re - d in N s o u n r - ed Demand Demand deposits deposits Number of banks suspended: except Time except Time 1934-42 330 20 6 216 88 inter- deposits inter- deposits bank bank 1943 4 2 2 1944 1 1 1945 0 1949 1946 0 May 16,209 8,830 11,622 6,062 1947 1 1 June 16,271 8,817 11,591 6,060 1948 0 July 16,149 8,818 11,639 6,070 1949 4 4 1950—Jan.-Aug 1 1 1950 May 17,412 8,941 12,117 6,119 Deposits of suspended banks June *-17,629 r8,934 12,164 ^•6,120 (in thousands of dollars) :2 July 17,832 8,910 12,300 6,124 1934-42 137,362 18,01626,548 51,567 41,231 By district, 1943... . . . 6,223 4,982 1,241 July 1950 1944 405 405 1945 0 Boston 2,153 834 359 230 1946 0 New York 3,291 2,242 1,151 1,161 1947 167 167 Philadelphia 1,360 835 974 910 1948 0 Cleveland 1,439 917 1,049 809 1949 2,443 2 443 1950—Jan.-Aug Richmond 1,135 414 839 484 A Ch tl i a c n ag ta o 2 1 , , 4 64 7 9 5 1, 4 6 6 3 4 6 1, 7 7 0 3 9 8 9 2 7 2 4 6 1 Represents banks which, during the periods shown, closed tem- St. Louis.. 703 349 982 293 porarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks Minneapolis 627 301 750 446 at the time of closing (in some instances with the aid of Federal Deposit K Da a l n l s a a s s City 1,1 6 1 2 1 1 1 1 0 6 9 4 1 1 , ,6 6 3 0 9 4 21 8 2 0 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 sus- San Francisco 1,266 645 506 300 pended are as of dates of suspensions, and deposits of noninsured nonmember banks are based on the latest data available at the time the suspensions were reported. r Revised. 3 Deposit figures not available. 1 Includes any banks in outlying sections of reserve cities that have Back figures.—See Banking and Monetary Statistics, pp. 283-292; been given permission to carry the same reserve as country banks. for description, see pp. 281-282 in the same publication. SEPTEMBER 1950 1201 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 andsmall denomination currency Large denomination currency 2 End of year or in cir- Unasmonth cula- sorted tion 1 Total Coin 3$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 . . .. 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 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—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 19,0-40 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 Miarch 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 June 27,156 18,813 1,496 1,037 61 1,966 5,891 8,363 8,344 2,386 4,940 378 628 4 9 2 July 27,010 18,696 1,498 1,029 60 1,946 5,836 8,328 8,316 2,374 4,934 375 620 4 9 2 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation * Money Total out- held by standing, As security For Federal Ju 1 ly 9 5 3 0 1, g a o s g l i d a lv in e a r s n t d Tre ca a s s h ury B R F an e e d k se s e r r a v a n e l d B R a a n e g k s e e s n r t v a s e nd Ju 1 ly 9 5 3 0 1, Ju 1 n 9 e 5 0 30, Ju 1 ly 9 4 3 9 1, certificates agents Gold 24,136 22,927 21,210 Gold certificates .. . .. 22,927 20,070 2,816 41 41 43 Federal Reserve notes 23,634 45 925 22,664 22,760 23,130 Treasury currency—total 4,609 3 2,315 50 254 4,305 4,355 4,222 Standard silver dollars 493 288 30 3 171 170 165 Silver bullion 2,027 2,027 Silver certificates and Treasury notes of 1890.. a 2,315 180 2,135 2,1.78 2,052 Subsidiary silver coin . 1,002 8 30 964 965 937 Minor coin 378 7 9 362 361 356 United States notes 347 4 27 316 321 316 Federal Reserve Bank notes 275 (5) 4 271 274 306 National Bank notes 87 (5) 1 86 86 92 Total—July 31, 1950 (4) 25,242 1,304 20,070 3,995 27,010 June 30 1950 25,349 1,298 20,167 3 820 27 156 July 31, 1949 w 25,609 1,298 20,469 3,977 • • 27,394 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. 1193 and seasonally adjusted figures in table on p. 1203. 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. 1202 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR POSTAL SAVINGS SYSTEM SEASONAL VARIATION [In millions of dollars] [Outside Treasury and Federal Reserve Banks. In millions of dollars] Assets Amount—• Amount— Change in End of peri D od a : te f u o v n r a a r s d i e j a a u t s s i o o te n n d al ad v s j a e u r a s i s t a e o t d n io a n l for s a e s d a e s j r u o i s e n t s a e l l d ly End of month D a i n b t e o c a p e r l o s s - s ' 1 - Total d b C e t a o p i a n n r o s k y s h s i- G s U m e o t c i v . e e u e n s S r r t i n . - - r f e C u e s n t a e c d s r . v h s 2 , e 1939 7,598 +742 1940 8,732 +1,134 1941 11,160 +2,428 1943—December 1,788 1,843 10 1,716 118 1942 15,410 +4,250 1944—December 2,342 2,411 8 2,252 152 1943 20,449 +5,039 1945—December 2,933 3,022 6 2,837 179 1944 25,307 +4,858 1946—December 3,284 3,387 6 3,182 200 1945 28,515 +3,208 1947—December 3,417 3,525 6 3,308 212 1946 28,952 +437 1948—December 3,330 3,449 7 3,244 198 1947 28,868 -84 1948 ,...' 28,224 —644 1949—March 3,327 3,447 7 3,254 186 1949 27,600 -624 April 3,314 3,435 7 3,239 188 May 3,294 3,418 7 3,212 198 Averages of daily figures: June 3,277 3,403 7 3,188 209 July 3,266 3,393 6 3,187 199 1949—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 3,151 3,276 8 3,092 176 April 27,062 27,280 +156 May 3,125 3,250 8 3,068 175 May 27,022 27,212 -68 June P3,097 June 27,026 27,162 -50 July P3,O67 July 27,117 27,171 +9 August 27,009 27,145 -26 P Preliminary. 1 Outstanding principal, represented by certificates of deposit. *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 same publication. for dates affected, beginning with December 1942. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government Year or month Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers Cityi centers * centers 2 City centers City 3 cities 3 City 3 cities 3 1944 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1945 974,102 404,543 479,760 89,799 18.2 9.7 351,602 412,800 24.2 16.1 1 1 9 9 4 4 6 6 — — o n l e d w s s e e r r ie ie s s * 4 }l,050,021 417,475 527,336 105,210 18.9 10.0 ( 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 2 5 5 . . 2 5 1 16 6 . . 5 9 1947 1,125,074 405,929 599,639 119,506 21.0 11.9 400,468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 23.6 12.9 445,221 660,155 27.2 19.2 1949 1,230,982 452,897 648,905 129,179 24.1 12.4 447,150 639,772 28.2 18.7 1949—July 98,500 36,467 51,886 10,147 23.7 12.2 37,129 51,276 28.7 18.5 August. 99,055 36,070 52,466 10,518 21.9 11.4 34,940 51,421 25.5 17.1 September 101,072 37,191 53,066 10,814 24.1 12.4 36,130 52,364 28.0 18.6 October 101,834 36,334 54,413 11,087 22.4 12.1 36,683 54,488 27.3 18.5 November 99,491 35,249 53,339 10,903 23.4 12.7 34,105 52,336 27.2 19.1 December 118,197 45,781 60,493 11,923 27.7 13.1 45,434 60,428 32.5 20.0 1950—January 106,655 38,962 56,387 11,306 24.5 12.6 38,133 55,090 28.6 18.9 February 96,246 35,727 50,556 9,962 24.9 12.3 35,205 49,855 29.3 18.9 March 115,736 43,112 60,913 11,712 25.7 12.8 41,164 59,113 29.4 19.3 April 102,538 37,025 54,649 10,865 24.1 12.5 38,480 54,929 29.7 19.4 May 112,085 41,463 58,828 11,793 25.9 12.7 40,037 57,382 29.7 19.2 June 119,389 43,781 63,321 12,286 27.0 13.4 42,294 61,607 30.7 20.2 July 110,564 38,757 59,743 12,064 24.6 13.2 40,657 59,703 31.0 20.3 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. SEPTEMBER 1950 1203 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Bank credit a T s o se ta ts l , Date Treas- U. S. Government obligations l T ia o b t i a l l - Total Ca a p n i d tal Gold re c n u c r- y Total Lo n a e n t s, Total m C a e o 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 n e it d t al, c d u e a r p r n o e d s n i c ts y c m o n a u i c e s n - t c ts . , savings Banks banks 1929—June 29 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—june 30 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31 ... 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—June 30 20,213 4,145 153,992 27,948 118,041 93,655 21,792 2,594 8,003 178,350 168,040 10,310 Dec. 31 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1946—June 29 20,270 4,539 163,485 31,570 122,740 95,911 23,783 3,046 9,175 188,294 176,215 12,079 Dec. 31 20,529 4,562 158,366 35,765 113,110 86,558 23,350 3,202 9,491 183,457 171,657 11,800 1947—June 30 21,266 4,552 156,297 38,373 107,873 82,679 21,872 3,322 10,051 182,115 169,234 12,882 Dec. 31 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1948—June 30 23,532 4,565 157,958 45,299 101,451 76,774 21,366 3,311 11,208 186,055 172,857 13,200 Dec. 31 24,244 4.589 160,457 48,341 100,694 74,097 23,333 3,264 11,422 189,290 176,121 13,168 1949—June 30 24,466 4,597 156,491 47,148 97,428 74,877 19,343 3,208 11,915 185,554 171,602 13,952 1949—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 24,600 4,600 159,800 47,900 99,300 78,300 17,900 3,200 12,600 189,000 174,400 14,500 Oct. 26 24,600 4,600 160,300 48,100 99,600 79,100 17,400 3,100 12,600 189,500 174,900 14,600 Nov. 30 . 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 24,427 4,598 162,681 49,604 100,456 78,433 18,885 3,138 12,621 191,706 177,313 14,392 1950—Jan. 25P 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. 21* 24,300 4,600 161,900 49,700 99,300 78,600 17,600 3,100 12,900 190,800 176,200 14,600 Mar. 29P 24,200 4,600 161,700 50,400 98,000 77,400 17,500 3,100 13,300 190,600 176,000 14,500 Apr. 26* 24,200 4,600 162,000 50,600 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 June 2SP 24,200 4,600 164,300 51,800 98,900 77,600 18,200 3,100 13,600 193,200 178,200 15,000 July 26? 24,200 4,600 164,500 53,100 97,500 76,500 18,000 3,000 13,900 193,300 178,300 14,900 Deposits and Currency U. S. Government balances Deposits adjusted and currency Date Total d F e b o p n r a o e e n i s t k g it n s, T c u r a e r s a y h s- A m s b a t a e a v c n r n i c o n d k i m g a s s l - R F B e e a d A s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m b C T e a o i r n m m c k i e a s - l dep M s b o a a s v u n i i t t k n s u s g 3 a 4 s l S S P a y o v s s i t n t e a m g l s o b r u C e a t n u n s c i r k d y - s e 1929—June 29 . 55,776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1933—June 30 42,029 50 264 852 35 40,828 14,411 21,656 10,849 9,621 1,186 4,761 1939—Dec. 30. . 68,359 1,217 2,409 846 634 63,253 29,793 27,059 15,258 10,523 1,278 6,401 1941—Dec. 31 82,811 1,498 2,215 1,895 867 76,336 38,992 27,729 15,884 10,532 1,313 9,615 1945—June 30 168,040 2,378 2,279 24,381 599 138,403 69,053 44,253 27,170 14,426 2,657 25,097 Dec. 31 180,806 2,141 2,287 24,608 977 150,793 75,851 48,452 30,135 15,385 2,932 26 490 1946—june 29 176,215 1,894 2,251 13,416 833 157,821 79,476 51,829 32,429 16,281 3,119 26,516 Dec. 31 171,657 1,885 2,272 3,103 393 164,004 83,314 53,960 33,808 16,869 3,283 26,730 1947— D j e u c n . e 3 3 0 1 ... 1 1 6 7 9 5 , , 2 3 3 4 4 8 1 1, , 6 6 8 5 2 7 1 1 , , 3 3 1 3 4 6 1 1, , 4 3 5 6 2 7 8 7 7 5 0 6 1 1 7 6 0 4 , ,1 0 4 0 0 8 8 8 7 2 , ,1 1 8 2 6 1 5 5 5 6 , , 6 4 5 1 5 1 3 3 4 5 , , 8 2 3 4 5 9 1 17 7 , , 7 4 4 2 6 8 3 3 , , 4 3 1 9 6 2 2 2 6 6 , , 4 2 7 9 6 9 194g—June 30 172,857 1,727 1,327 2,180 1,928 165,695 82,697 57,360 35,788 18,194 3,378 25,638 Dec. 31 176,121 2,103 1,325 2,451 1,123 169,119 85,520 57,520 35,804 18,387 3,329 26,079 1949—june 30 171,602 1,927 1,307 2,304 438 165,626 81,877 58,483 36,292 18,932 3,259 25,266 1949—Aug. 31. .. 173,800 1,900 1,300 3,100 600 166,900 83,400 58,400 36,100 19,000 3,200 25,100 Sept. 28 174,400 1,900 1,300 3,700 1,200 166,300 83,100 58,400 36,100 19,100 3,200 24 900 Oct. 26 174,900 2,000 1,300 3,600 400 167,700 84,300 58,400 36,100 19,100 3,200 24,900 Nov. 30 175,300 2,100 1,300 3,200 500 168,100 85,000 58,000 35,800 19,100 3 200 25 100 Dec. 31 177,313 2,150 1,312 3,249 821 169,781 85,750 58,616 36,146 19,273 3,197 25,415 1950—Jan. 25? 177,100 2,200 1,300 3,300 500 169,700 86,400 58,700 36,100 19,400 3,200 24,500 Feb. 21* 176,200 2,200 1,300 4,200 400 168,200 84,500 59,000 36,300 19,500 3,200 24,700 Mar. 29P 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 31P 176,900 2,400 1,300 3,200 600 169,500 85,300 59,500 36,600 19,800 3,100 24,700 June 28* 178,200 2,500 1,300 3,800 900 169,700 85,400 59,700 36,700 19,900 3,100 24,600 July 26P 178,300 2,500 1,300 3 ,600 500 170,400 86,600 59,400 36,400 19,900 3,100 24,400 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. 1204 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY GLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S rn . - Other assets x Total i b I a n n te k r - i a c c a c p o i u ta n l ts ba o n f ks 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 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31. 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—Dec. 312 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1948—Dec. 31 133,693 48,174 85,519 74,097 11,422 39,474 161,248 12,269 94,671 54,308 12,479 14,703 1949—June 30 133,868 47,076 86,792 74,877 11,915 34,966 156,470 10,938 90,145 55,386 12,845 14,680 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—Feb. 21 P 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. 29P 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 June 28P 143,380 52,160 91,220 77,590 13,630 33,300 162,940 11,300 94,880 56,760 13,600 14,675 July 26? 143,730 53,340 90,390 76,500 13,890 34,190 163,950 11,280 96,200 56,470 13,660 14,665 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1942—Dec. 31 67,393 19,221 48,172 41,379 6,793 28,039 89,135 11,308 61,431 16,395 7,330 14,136 1943—Dec. 31 85,095 19,117 65,978 59,842 6,136 27,677 105,923 11,003 75,569 19,350 7,719 14,034 1944—Dec. 30 105,530 21,644 83,886 77,557 6,329 30,206 128,072 12,235 91,653 24,184 8,265 13,992 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec. 31 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—Dec. 31 2 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1948—Dec. 31 114,298 42,488 71,811 62,622 9,189 38,596 142,843 12,269 94,654 35,921 10,480 14,171 1949—June 30 113,773 41,025 72,748 63,220 9,528 34,166 137,520 10,938 90,128 36,455 10,780 14,150 Dec. 31 120,197 42,965 77,232 67,005 10,227 35,650 145,174 12,709 96,136 36,328 10,967 14,156 1950—Feb. 21 P . 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 June 28P 122,140 44,950 77,190 66,030 11,160 32,470 143,000 11,300 94,860 36,840 11,380 14,145 July 26P 122,450 46,000 76,450 65,030 11,420 33,440 144,050 11,280 96,180 36,590 11,440 14,135 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—Dee. 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 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—Feb. 21 P 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 SIP 102,179 37,070 65,109 55,988 9,121 28,692 121,076 10,587 80,995 29,494 9,399 6,887 June 28pr.. .. 103,044 37,813 65,231 55,968 9,263 21,527 121,776 10,751 81,451 29,574 9,521 6,885 July 26? 103,290 38,760 64,530 55,026 9,504 29,435 122,710 10,737 82,606 29,367 9,568 6,886 All mutual savings banks: 1939—Dec. 30 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 1,241 548 1942—Dec. 31 10,754 4,695 6,059 4,572 1,487 663 10,668 6 10,662 1,236 546 1 19 9 4 4 4 3 — — D D eecc . 3 3 1 0 1 13 1 , , 9 8 3 7 1 1 4 4 , , 3 4 7 8 0 4 9 7 , , 5 3 6 8 0 7 6 8 , , 0 3 9 2 0 8 1 1, , 2 2 3 9 2 7 5 7 8 9 4 7 1 13 1 , , 3 7 7 3 6 8 10 8 1 1 1 3 , , 7 3 3 6 0 6 1 1 , , 2 3 7 7 6 8 5 5 4 4 5 3 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 1 16 16,853 1,784 541 1947—Dec. 31 2 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 1 17 18,387 1,999 532 1949—June 30 20,094 6,050 14,044 11,657 2,387 800 18,949 1 17 18,932 2,065 530 Dec. 31 20,400 6,578 13,822 11,428 2,394 873 19,293 20 19,273 2,122 531 1950—Feb. 21 P 20,720 6,760 13,960 11,500 2,460 840 19,530 20 19,510 2,170 531 Mar. 29P 20,890 6,870 14,020 11,550 2,470 860 19,680 20 19,660 2,190 531 Apr. 26P 21,010 6,970 14,040 11,570 2,470 800 19,750 20 19,730 2,180 531 May 31 P. . ... 21,140 7,100 14,040 11,570 2,470 770 19,810 20 19,790 2,200 531 June 2SP 21,240 7,210 14,030 11,560 2,470 830 19,940 20 19,920 2,220 530 July 26P 21,280 7,340 13,940 11,470 2,470 750 19,900 20 19,880 2,220 530 P Preliminary. r Revised. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. SEPTEMBER 1950 1205 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank U. S. as C s a e s ts h l 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 Total G m ov e e n r t n- O se t c h u e - r Total bank i m D a e n - d Time obliga- rities tions Central reserve city member banks: New York City: 1939—Dec. 30 ,339 3,296 6,043 4,772 ,272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31 ,896 4,072 8,823 7,265 ,559 6,637 17,932 4,207 12,917 807 1,648 36 1942—Dec. 31 ,957 4,116 13,841 12,547 ,294 5,864 22,078 3,945 17,399 734 1,727 37 1943—Dec. 31 ,994 4,428 15,565 14,563 ,002 5,197 23,256 3,680 18,729 847 1,862 37 1944—Dec. 30 ,003 5,760 18,243 17,179 ,066 4,921 26,773 4,041 21,730 1,002 1,966 37 1945—Dec. 31 ,143 7,334 18,809 17,574 ,235 6,439 30,121 4,657 24,227 1,236 2,120 37 1946—Dec. 31 ,834 6,368 14,465 13,308 ,158 6,238 24,723 4,246 19,028 1,449 2,205 37 1947—Dec. 31 ,393 7,179 13,214 11,972 ,242 7,261 25,216 4,464 19,307 1,445 2,259 37 1948—Dec. 31 ,759 8,048 10,712 9,649 ,063 7,758 24,024 4,213 18,131 1,680 2,306 35 1949—June 30 ,103 7,689 11,413 10,278 ,135 7,109 23,619 3,920 18,004 1,695 2,340 35 Dec. 31 ,583 7,550 12,033 10,746 ,287 6,985 23,983 4,192 18,139 1,651 2,312 25 1950—Feb. 21 v 246 7,495 11,751 10,357 ,394 6,373 22,868 3,881 17,412 1,575 2,318 25 Mar. 29P ,135 7,534 11,601 10,004 ,597 6,021 22,211 3,704 16,895 1,612 2,311 25 Apr. 26P ,206 7,645 11,561 9,963 ,598 6,060 22,380 3,818 16,956 1,606 2,320 25 May 3\P . . . .. ,243 7,607 11,636 10,153 ,483 6,382 22,702 3,826 17,230 1,646 2,344 25 June 28P ,770 7,924 11,846 10,334 ,512 6,072 23,011 3,941 17,420 1,650 2,336 25 July 26P ,406 8,129 11,277 9,618 ,659 6,418 22,776 3,786 17,392 1,598 2,351 25 Chicago: 1939—Dec. 30 ,105 569 1,536 1,203 333 1,446 3,330 1,947 495 250 14 1941—Dec. 31 ,760 954 1,806 1,430 376 1,566 4,057 1,035 2,546 476 288 13 1942—Dec. 31 ,973 832 3,141 2,789 352 1,352 5,040 1,117 3,468 455 304 13 1943—Dec. 31 ,554 1,004 3,550 3,238 312 1,283 5,523 985 4,029 508 326 13 1944—Dec. 30 ,443 1,184 4,258 3,913 345 1,378 6,468 1,148 4,700 620 354 13 1945—Dec. 31 ,931 1,333 4,598 4,213 385 1,489 7,046 1,312 5,015 719 377 12 1946—Dec. 31 ,765 1,499 3,266 2,912 355 1,545 5,905 1,153 3,922 829 404 14 1947—Dec. 31 ,088 1,801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 1948—Dec. 31 ,799 1,783 3,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—June 30 ,841 1,537 3,303 ,888 415 1,702 6,087 1,008 4,020 1,059 462 13 Dec. 31 ,424 1,618 3,806 ,324 482 1,850 6,810 1,191 4,535 1,083 470 13 1950—Feb. 21 P ,282 1,554 3,728 ,223 505 1,624 6,438 1,077 4,270 1,091 467 13 Mar. 29P. ,063 1,554 3,509 ,980 529 1,486 6,003 1,086 3,861 1,056 470 13 Apr. 26P ,103 1,548 3,555 2,992 563 1,642 6,243 1,026 4,130 1,087 471 13 May 31P ,217 1,536 3,681 3,119 562 1,658 6,392 1,044 4,256 1,092 478 13 June 28P ,269 1,550 3,719 3,158 561 1,664 6,445 1,038 4,310 1,097 480 13 July 26? ,299 1,654 3,645 3,082 563 1,743 6,509 1,067 4,354 1,088 478 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 6,944 5,194 1,749 6,785 17,741 3,686 9,439 4,616 1,828 346 1941—Dec. 31 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13,047 4,806 1,967 351 1942—Dec. 31 20,915 6,102 14,813 13,038 1,775 9,426 28,700 4,957 18,747 4,995 2,028 354 1943—Dec. 31 27,521 6,201 21,321 19,682 1,639 9,327 35,070 4,874 24,086 6,109 2,135 357 1944—Dec. 30 33,603 6,822 26,781 25,042 1,739 10,238 41,804 5,524 28,525 7,755 2,327 356 1945—Dec. 31 40,108 8,514 31,594 29,552 2,042 11,286 49,085 6,448 32,877 9,760 2,566 359 1946—Dec. 31 35,351 10,825 24,527 22,250 2,276 11,654 44,477 5,570 28,049 10,858 2,728 355 1947—Dec. 31 36,040 13,449 22,591 20,196 2,396 13,066 46,467 5,649 29,395 11,423 2,844 353 1948—Dec. 31 35,332 14,285 21,047 18,594 2,453 13,317 45,943 5,400 29,153 11,391 2,928 335 1949—June 30 35,034 13,261 21,772 19,076 2,696 11,618 43,852 4,665 27,560 11,627 3,005 336 Dec. 31 38,301 14,370 23,931 20,951 2,980 12,168 47,559 5,713 30,182 11,664 3,087 341 1950—Feb. 21? 38,406 14,302 24,104 21,082 3,022 11,119 46,510 5,206 29,632 11,672 3,079 338 A J M M u p a n a r y r e . . 3 2 2 2 6 9 8 1 P P P ? r.... 3 3 3 3 8 8 8 8 , , , , 3 7 5 2 4 5 6 0 0 6 0 1 1 1 1 1 4 4 4 4 , , , , 6 5 8 4 5 4 3 7 3 7 8 0 2 2 2 2 3 3 3 3 , , , , 7 7 9 9 3 9 2 0 1 3 2 3 2 2 2 2 0 0 0 0 , , , , 6 5 6 6 7 4 0 8 2 6 9 0 3 3 3 3 , , , , 1 1 3 2 1 8 1 3 3 5 3 1 1 1 1 1 0 1 1 0 , , , , 5 2 1 8 7 9 0 9 6 7 7 4 4 4 4 4 6 5 5 6 , , , , 8 4 9 7 4 6 8 6 5 2 7 8 4 4 4 4 , , , , 9 9 9 8 7 2 6 6 4 4 8 0 2 2 2 3 9 9 0 9 , , , , 2 8 0 1 9 8 5 7 2 8 7 4 1 1 1 1 1 1 1 1 , , , , 6 7 7 7 9 2 8 1 7 7 7 4 3 3 3 3 , , , , 1 1 1 2 1 4 2 5 6 6 3 6 3 3 3 3 3 3 3 3 8 8 6 7 July 26* 39,167 15,256 23,911 20,549 3,362 11,580 47,495 5,034 30,779 11,682 3,267 336 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 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—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 31P ,163 13,274 25,889 22,044 3,845 9,545 45,520 857 29,621 15,042 3,431 6.512 June 28? r.. . . ,245 13,501 25,744 21,867 3,877 9,494 45,552 848 29,664 15,040 3,449 6,511 July 26P ,418 13,721 25,697 21,777 3,920 9,694 45,930 850 30,081 14,999 3,472 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. For other footnotes see preceding and opposite page. 1206 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans Total G o U m o b v l . e i e g n S r a t n . - - O s ri e t t c h ie u e s - r as C s a e s ts h * Total b I a n n te k r - i m D a e n - d Time a c c T a c o p o t i u t a a n l l ts N b u a o m n f k b s er tions All insured commercial banks: 1941—Dec. 31 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1946—Dec. 31 112,178 30,733 81,445 73,554 7,891 33,694 136,990 12,320 91,144 33,526 9,286 13,354 1947—Dec. 31 114,274 37,583 76,691 67,941 8,750 36,926 141,851 12,670 94,300 34,882 9,734 13,398 1948—Dec. 31 112,286 41,968 70,318 61,388 8,929 38,087 140,642 11,900 93,300 35,441 10,158 13,413 1949—June 30 111,746 40,524 71,222 61,970 9,252 33,720 135,375 10,578 88,830 35,966 10,452 13,417 Dec. 31 118,278 42,485 75,793 65,820 9,974 35,207 143,138 12,368 94,914 35,856 10,645 13,429 National member banks: 1941—Dec. 31 27,571 11,725 15,845 12,039 3,806 14,977 39,458 6,786 24,350 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 55,387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4,644 5,017 1946—Dec. 31 63,723 17,272 46,451 41,658 4,793 20,012 78,775 8,169 52,194 18,412 5,138 5,007 1947—Dec. 31 65,280 21,428 43,852 38,674 5,178 22,024 82,023 8,410 54,335 19,278 5,409 5,005 1948—Dec, 31 63,845 23,752 40,093 34,852 5,241 22,974 81,407 7,842 54,020 19,545 5,657 4,991 1949—June 30 63,517 22,505 41,012 35,487 5,525 20,324 78,219 6,945 51,420 19,854 5,814 4,987 Dec. 31 67,943 23,853 44,090 38,161 5,930 20,995 83,113 8,278 55,034 19,801 5,920 4,975 State member banks: 1941—Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1946—Dec. 31 32,639 9,424 23,216 21,384 1,832 9,575 39,395 3,890 26,726 8,779 2,957 1,893 1947—Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 1,918 1948—Dec. 31 31,771 12,308 19,463 17,301 2,161 11,228 39,955 3,799 26,862 9,295 3,144 1,927 1949—June 30 31,798 11,951 19,847 17,645 2,202 10,099 38,761 3,429 25,922 9,410 3,208 1,916 Dec, 31 33,585 12,378 21,207 18,722 2,484 10,322 40,772 3,819 27,594 9,359 3,254 1,917 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 6,810 1945—Dec. 31 14,639 2,992 11,647 10,584 1,063 4,448 18,119 244 12,196 5,680 1,083 6,416 1946—Dec. 31 15,831 4,040 11,791 10,524 1,268 4,109 18,836 260 12,225 6,351 1,193 6,457 1947—Dec. 31 16,444 4,958 11,486 10,039 1,448 4,083 19,340 266 12,515 6,558 1,271 6,478 1948—Dec. 31 16,685 5,911 10,774 9,246 1,528 3,887 19,296 259 12,419 6,618 1,358 6,498 1949—June 30 16,447 6,071 10,376 8,849 1,527 3,299 18,410 204 11,488 6,718 1,431 6,517 Dec. 31 16,766 6,258 10,508 8,947 1,561 3,892 19,269 272 12,285 6,712 1,473 6,540 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 1,002 761 241 763 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1946—Dec. 31 1,815 389 1,426 1,226 200 530 2,043 336 1,302 404 290 690 1947—Dec. 31 2 2,009 474 1,535 1,280 255 576 2,251 363 1,411 478 325 783 1948—Dec. 31 2,013 520 1,493 1,234 259 509 2,201 368 1,353 479 322 758 1949—June 30 2,027 502 1,526 1,250 276 446 2,146 359 1,298 488 329 733 Dec. 31 1,919 481 1,438 1,185 253 442 2,036 341 1,223 472 321 727 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 3,536 2,270 266 3,431 9,574 457 5,504 3,613 ,288 662 1945—Dec. 31 16,849 3,310 13,539 12,277 262 4,962 20,571 425 14,101 6,045 ,362 130 1946—Dec. 31 17,646 4,429 13,217 11,749 468 4,639 20,879 597 13,526 6,756 ,483 147 1947—Dec. 31 2 18,454 5,432 13,021 11,318 703 4,659 21,591 629 13,926 7,036 ,596 261 1948—Dec. 31.' 18,698 6,431 12,267 10,479 788 4,396 21,497 628 13,772 7,097 ,680 7,256 1949—June 30 18,474 6,573 11,901 10,098 803 3,745 20,556 563 12,786 7,207 ,760 7,250 Dec. 31 18,686 6,739 11,947 10,132 1,814 4,334 21,305 613 13,508 7,184 ,794 7,267 Insured mutual savings banks: 1941—Dec. 31 1,693 642 1,050 629 421 151 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 10,351 ,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 11,415 ,173 191 1947—Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 12,192 ,252 194 1948—Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 12,757 ,334 193 1949—June 30 13,880 4,397 9,484 7,940 1,544 629 13,241 13,226 ,381 191 Dec. 31 14,209 4,814 9,394 7,832 1,562 682 13,592 13,575 ,420 192 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 ,428 3,075 1,353 642 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 ,163 3,522 641 180 5,022 5,020 558 350 1946—Dec. 31 5,813 1,275 ,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 1,577 506 3,680 826 194 5,633 5,631 665 339 1949—June 30 6,214 1,654 560 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. SEPTEMBER 1950 1207 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES LOANS AND INVESTMENTS [In millions of dollars] Loans * Investments 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 c p i l i n u n e g d - n - - A t c g u a u r r l l i - - - b T ro o k- l R t o e a a e s t n a - e l s s C l u o o m a n n e - s r O 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 a o 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 1,314 3,164 3,6064,677 2,361 1,181 96,043 88,912 2,455 19 07116,04551,321 22 3,8733,258 1946—Dec. 31.. 112,178 30,733 14,016 1,358 1,517 1,609 7,1034,031 1,098 81,445 73,554 1,271 12[288 6,78053,200 154,2983,592 1947—Dec. 31. .114,274 37,583 18,012 1,610 823 1,190 9,2665,654 1,028 76,691 67,941 2,124 7,552 5,918 52,334 145,129 3,621 1948—Dec. 31. .112,286 41,968 18,7612,775 1,336 939 10,6666,804 1,095 70,318 61,388 2,821 10,065 3,39445,100 85,5093,420 1949—June 30. . 111,746 40,524 16,2922,734 1,972 901 10,8877,170 1,022 71,222 61,970 2,846 10,437 2,045 46,636 65,7633,489 Dec. 31.. 118,278 42,485 16,9352,963 1,749 855 11,4058,0051,121 75,793 65,820 3,692 12,479 5,810 43,833 66,4003,574 Member banks, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 3,494 3, )92 25,500 19,539 971 3,007 11,7293,8323,0902,871 1945—Dec. 31.. 107,183 22,775 8,949 855 3,1333,3783,455 1,900 1,104 84,408 78,338 2,275 16,985 14,27144,792 163,2542,815 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 7,1304,662 952 65,218 57,914 1,987 5,816 4,815 45,286 104,1993,105 1948—Dec. 31.. 95,616 36,060 17,631 1,800 1,324 834 8,2445,585 1,006 59,556 52,154 2,588 7,999 2,800 38,761 54,4802,922 1949—June 30. . 95,315 34,456 15,213 1,704 1,958 803 8,3835,859 935 60,859 53,132 2,651 8,469 1,639 40,369 44,7103,016 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. 313. 19,583 7,550 4,792 1,410 219 256 689 309 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 95 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1946—Dec. 31.. 4,765 1 499 1,094 3 117 101 51 105 29 3,266 2,912 60 498 146 2,207 167 187 1947—Dec. 31.. 5,088 l!801 1 [418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1948—Dec. 31.. 4,799 1,783 1,412 4 71 63 51 176 27 3,016 2,633 183 275 217 1,958 210 174 1949—June 30. . 4^841 1,537 1 [ 178 6 83 60 48 156 26 3,303 2,888 369 343 125 2,051 235 180 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: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 1,527 1, 512 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31. . 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,594 29,552 1,034 6,982 5,653 15,878 5 1,126 916 1946—Dec. 31. . 35,351 10,825 5,548 201 264 704 2,237 1,436 435 24,527 22,250 441 3,799 1,993 16,013 4 1,272 1,004 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 1948—Dec. 31. . 35,332 14,285 7,282 437 130 360 3,5032,315 412 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 3,7422,745 432 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 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5',102 4,544 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 62,006 1,262 1948—Dec. 31. . 36,726 11,945 3,296 1,356 21 1874,467 2,451 261 24,781 21,278 760 3,340 1,128 16,046 42,286 1,217 1949—June 30.. 36,338 11,968 3,098 1,319 23 1754,567 2,644 256 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 1,148 [nsured nonmember commercial banks: 1 19 9 4 4 5 1 — — D D eecc#. 3 3i 1 m. .# 1 5 4 , , 7 6 7 3 6 9 3 2 , ,9 2 9 4 2 1 5 51 4 2 3 4 4 5 7 9 8 2 3 0 1 22 6 8 4 1 1 , , 2 2 8 2 2 4 460 854 77 1 2 1 , , 5 6 3 4 5 7 1 1 0 , , 5 5 0 8 9 4 18 1 0 7 2,087 1,7 1 7 5 4 2 6 1 , ,0 5 6 3 9 8 271 6 5 6 6 1 3 9 4 4 6 4 2 3 1946—Dec. 31. . 15,831 4,040 862 474 12 142 1,748 723 79 11,791 10,524 104 2,247 1,179 6,991 3 752 516 1947—Dec. 31.. 16,444 4,958 1,049 563 13 1252,139 992 76 11,486 10,039 136 1,736 1,104 7,058 4 931 517 1948—Dec. 31.. 16,685 5,911 1,131 975 12 105 2,426 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 2,575 1,453 87 10,508 8,947 303 2,071 725 5,846 2 1,127 434 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. 2 Central reserve city banks. For other footnotes see opposite page. 1208 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 mllions of dollars] Demand deposits Time deposits Cla c s a s l a l n o d d f a b te ank F s B s e w e R R e a d r r i n v e e e t v h - - e k r 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 a o c s t k l e t - h - i s s c 4 j p m u D o d a s a t d s e e e n i - - - t d d s 6 m D e I s n d o t e i t - c e p 4 r o b s a i F e t n i s o g k r n - U m G e . r o e n S v n - - t . p v s S o i u a t l s i b a n i t o t d i d e c n i s a - s l c C h c o a f e e e e i f n t e c f r r c i d d t k s . - i ' s - , p a v n s a p i t I h d d i r n o o t i u d r n p c n a a i e s o s - l - , r r s - - , I b n a t n e k r- P U m G S e i a o n r a . n o e s g n v S d n v t s - - a t - . l v s p S i a u i s o t c n i b a l a o d i t d l t n e - i s s - p a v n s a p i t I h d d i r n o o t i u d r n p c n a a i e o s 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 l n - 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 L,939 8,947 84,211 10,344 L,488 2,323 7,182 2,113 81,682 69 117 1,080 34,244 54 10,158 1949—June 30.. 17,807 2,036 7,777 80,613 9,058 1,374 2,135 7,337 2,352 77,005 146 163 1,243 34,560 27 10,452 Dec. 31.. 16,428 1,984 9,466 84,576 10,885 1,315 3,050 7,419 2,338 82,106 169 182 1,232 34,442 14 10,645 Member banks, total: 1941—Dec. 31.. 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.. 15,811 L.438 7,117 64,184 12,333 L,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1946—Dec. 31.. 16,015 1,576 5,936 70,243 10,644 L.353 2,672 4,915 2,207 69,127 62 114 551 26,525 30 8,095 1947—Dec. 31.. 17,797 L,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1948—Dec. 31.. 20,406 1,486 5,674 72,152 10,098 L.480 2,122 5,850 1,962 70,947 63 111 927 27,801 45 8,801 1949—June 30.. 17,808 L.568 5,065 69,397 8,864 L.369 1,980 5,983 2,222 67,157 141 157 1,069 28,038 21 9,022 Dec. 31.. 16,429 1,521 6,194 72,658 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:2 1 19 9 4 4 5 1 — — D D eecc>. 3 3i 1 #.. 5 4 , , 1 0 0 1 5 5 1 9 1 3 1 14 7 1 8 1 15 0 , , 0 7 6 6 5 1 3 3 , , 5 5 9 3 5 5 L.1 60 0 7 5 6,9 8 4 66 0 3 2 1 3 9 7 1,3 4 3 5 8 0 1 1 1 5 , , 2 7 8 1 2 2 17 6 10 2 2 9 0 1,2 7 0 7 6 8 195 2 1 , ,6 1 4 2 8 0 1946—Dec. 31 4,046 131 87 16,429 3,031 1,195 651 218 942 17,216 20 15 39 1,395 2,205 1947—Dec. 31.. 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1948—Dec. 31.. 5,643 117 67 15,773 2,904 1,278 445 241 750 16,695 31 14 20 1,646 25 2,306 1949_ D juenec . 3 3 0 1 . . 3. 4 4, , 4 7 6 2 2 6 1 11 3 2 0 6 5 8 6 1 15 5 , , 1 2 8 5 2 4 2 2 , , 6 99 8 6 0 L L, . 0 1 8 5 4 0 5 6 6 4 2 0 2 1 5 9 4 6 1,2 8 0 9 1 5 1 1 5 6 , , 9 4 8 0 6 8 1 9 1 0 3 3 2 8 5 3 2 3 4 1 1 , , 6 5 3 9 7 0 2 2 , ,3 3 1 4 2 0 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_june 30.. 1,174 25 149 3,470 962 46 197 307 41 3,475 3 12 1,044 462 Dec. 31.. 1,183 27 159 3,797 1,151 40 258 286 60 3,932 4 10 1,069 470 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 45,542 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«. 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 ,009 462 23,767 12 67 383 14,433 21 3,215 Dec. 31.. 4,371 901 4,002 27,935 979 9 797 5,058 579 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 ,188 158 11,019 4 6 132 6,420 7 1,271 1948—Dec 31 453 3,273 12,059 246 8 201 ,332 151 10,736 6 6 153 6,459 8 1,358 1949—june 30 468 2,713 11,216 194 4 155 ,354 130 9^848 6 6 174 6,539 q 1,431 Dec. 31, , 463 3,273 11,918 261 6 213 L.402 153 10,517 5 6 182 6,524 3 1,473 3 Figures not entirely comparable with prior dates due to ^classification of 9 central reserve city banks in New York City as reserve city*banks. 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 6 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back Mures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. SEPTEMBER 1950 1209 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 merloans cial, To brokers Date or month i m n a v e n e n d s t t s - Total* i t n a r d i n a u d l s , - and dealers To others e 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 a c g u r l i - - G U o . v S t . . OtherG U o .S vt . .Other Total Bills o d f e b in t- - Notes Bonds2 tural t l i o i o g b n a - - s c t u ie r s i- l t o i i g o b a n - - s c t u ie r s i- n e e d s - s Total- Leading Cities 1949—July 63,033 23,021 12,929 646 713 229 430 4,129 4,028 40,01235,272 2,462 5,539 986 26,2854,740 1950—May 66,735 24,957 13,376 6431,098 139 4914,559 319 4,716 41,77836,176 1,924 4,372 5,74524,1355,602 June 67,531 25,261 13,497 4191,266 138 5054,651 309 4,86142,27036,565 2,355 3,112 6,74624,3525,705 July 67,785 25,817 13,772 6351,115 151 498 4,759 291 4,98541,96836,087 2,362 2,228 7,03224,4655,881 1950—June 7. .. 66,960 25,092 13,394 5301,190 139 506 4,612 297 4,810 41,86836,183 2,005 3,141 6,786 24,2515,685 June 14.... 67,299 25,105 13,459 4481,207 133 504 4,644 250 4,84542,19436,505 2,250 3,173 6,76524,3175,689 June 21 67,905 25,261 13,532 3301,317 137 505 4,664 284 4,87742,64436,935 2,523 3,220 6,78424,4085,709 June 28 67,960 25,584 13,602 3681,349 144 508 4,682 405 4,91242,37636,638 2,641 2,916 6,64824,4335,738 July 5.... 67,652 25,733 13,660 5401,267 144 5004,712 366 4,93241,919 36,152 2,405 2,264 7,03624,4475,767 July 12 67,586 25,469 13,725 4411,091 146 498 4,755 254 4,94842,117 36,248 2,522 2,231 7,04024,4555,869 July 19 67,875 25,695 13,791 6141,040 150 4914,776 240 4,982 42,180 36,222 2,496 2,217 7,03324,4765,958 July 26 68,028 6,371 13,911 9441,064 164 5014,794 304 '5,079 •41,65735,727 2,025 2,200 7,01924,483 •5,930 Aug. 2.... 67,847 26,381 14,022 943 991 168 508 4,815 5,11141,466 35,496 1,831 2,134 7,01824,5135,970 Aug. 9. 67,933 26,750 14,187 8831,027 184 510 4,843 336 5,170 41,18335,154 1,599 2,063 6,96324,5296,029 Aug. 16. ... 68,116 26,905 14,359 903 976 195 5124,877 328 5,146 41,21135,078 1,502 2,072 6,95724,5476,133 Aug. 23 68,176 27,106 14,512 602 974 203 5174,910 388 5,38941,070 34,894 1,761 1,702 7,336 24,0956,176 New York City 1949—July 18,503 7,036 4,541 594 565 175 204 169 80611,467 10,253 916 1,468 137 7,7321,214 1950—May 19,061 7,686 4,612 579 209 306 218 98111,375 9,906 445 899 ,489 7,0731,469 June 19,411 7,747 4,655 3701,016 214 327 261 1,010 11,66410,170 677 582 ,730 7,181 1,494 19,340 7,884 4,770 572 875 202 353 189 1,020 11,456 9,844 651 325 ,652 7,216 1,612 July 1950—June 7 19,147 7,675 4,583 468 966 219 317 220 1,008 11,472 9,987 497 598 ,759 7,133 1,485 June 14 19,280 7,670 4,637 396 972 214 326 225 1,010 11,61010,122 620 631 ,729 7,142 1,488 June 21 19,502 7,695 4,686 2851,036 212 331 244 1,007 11,807 10,303 714 633 ,752 7,2041,504 June 28 19,716 7,947 4,712 3321,089 213 336 355 1,013 11,769 10,269 877 469 ,679 7,2441,500 July 5. . . .• 19,412 7,924 4,722 1,017 204 342 228 1,01911,488 9,967 720 321 ,679 7,2471,521 July 12 19,286 7,692 4,760 387 851 201 355 226 1,01411,594 9,971 767 316 ,656 7,2321,623 July 19 19,316 7,766 4,772 556 810 197 357 155 1,01711,550 9,892 724 322 ,643 7,2031,658 July 26 19,347 8,153 4,825 851 823 203 359 146 1,030 11,194 9,546 393 342 ,630 7,181 1,648 Aug. 2.... 19,338 8,175 4,897 842 752 212 360 153 1,04211,163 9,510 360 369 ,574 7,2071,653 Aug. 9.... 19,331 8,301 4,956 793 804 217 366 190 1,05211,030 9,338 243 314 ,555 7,2261,692 Aug. 16.... 19,289 8,288 5,018 815 751 217 369 194 99711,001 9,258 195 291 1,528 7,2441,743 Aug. 23 19,394 8,345 5,070 518 769 223 375 301 1,15411,049 9,293 377 134 1,634 7,148 1,756 Outside New York City 1949—July 44,530 15,985 8,388 52 148 152 2553,925 53 3,222 28,54525,019 1,546 4,071 84918,553 3,526 1950—May 47,674 17,271 8,764 64 213 118 282 4,253 101 3,735 30,40326,270 1,479 3,473 4,256 17,0624,133 June 48,120 17,514 8,842 49 250 119 2914,324 48 3,851 30,60626,395 1,678 2,530 5,016 17,1714,211 July .. 48,445 17,933 9,002 63 240 122 296 4,406 102 3,965 30,51226,243 1,711 1,903 5,38017,2494,269 1950—June 7 47,813 17,417 8,811 62 224 120 2874,295 77 3,802I 30,39626,196 1,508 2,543 5,02717,1184,200 June 14.... 48,019 17,435 8,822 52 235 118 290 4,318 25 ,835 30,58426,383 1,630 2,542 5,03617,1754,201 June 21 48,403 17,566 8,846 45 281 118 293 4,333 40 ,870 30,83726,632 1,809 2,587 5,03217,2044,205 June 28.... 48,244 17,637 8,890 36 260 122 295 4,346 50 3,899 30,60726,369 1,764 2,447 4,969 17,1894,238 July 5.... 48,240 17,809 8,938 46 250 121 296 4,370 138 3,913 30,,-43126,185 1,685 1,943 5,35717,200 4,'246 July 12 48,300 17,777 8,965 54 240 122 2974,400 28 3,934 30,,5.2326,277 1,755 1,915 5,38417,2234,246 July 19 48,559 17,929 9,019 58 230 122 2944,419 85 3,965 30,63026,330 1,772 1,895 5,3"9"'0 17,2734,300 July 26.... 48,681 18,218 9,086 93 241 122 298 4,435 158 '4,049'30,46326,181 1,632 1,858 5,38917,302 •4,282 Aug. 2 48,509 18,206 9,125 101 239 125 296 4,455 61 4,069 30,30325,986 1,471 1,765 5,44417,3064,317 Aug. 9 48,602 18,449 9,231 90 223 136 2934,477 146 4,118 30,15325,816 1,356 1,749 5,40817,3034,337 Aug. 16 48,827 18,617 9,341 88 225 143 295 4,508 134 4,149 30,21025,820 1,307 1,781 5,42917,3034,390 Aug. 23 48,782 18,761 9,442 84 205 143 294 4,535 87 4,235 30,02125,601 1,384 1,568 5,70216,9474,420 »• Revised. 1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. 2 Including guaranteed obligations. 1210 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s F w e R e a e r r i e n a d t v - h l k - e s v C a i u a n s lt h b m a w a n d e o n i c s t - e k h ti s s c j m p u o s a d a t e d s e n - i - d t d s * s p p u v n c h a o a a o i e i n r d r l p r r d s a t - - - s - , - , S p s d s a i i o u t c i o n a v b l a d n i t - i l t e - s - s c C c O h a e f e e i t e n f e c r r f d c . t i d s k - i ' - s u m G e . r o e n v n s - - t . p p u v n c a o a a o e i n r d r l r r d s a t - - - - , - S p s d s a i i o u t i c o n a v b l a n d i t - i l t e - s - s P U m G S e i a o n r . a o n e s n g v n v d S t - s - a t - . l m D t D e i o s c - e - man F e d i o g r n - Time r i B o n o w g r s - - c C o i a a t u c a p - n l - ts B d i e t a b s n - 4 k tions tions Total-— ^ Leading Cities 1949—July 12,958 783 2,25346,25846,288 3,313 1,364 14,553 117 8,717 1,353 137 284 6,142 88,405 1950—May 11,816 771 2,183 47,131 47,224 3,485 1,357 1,906 14,722 636 122 8,805 1,258 156 328 6,310 97,419 June 11,996 806 2,270 4477,,886688 48,146 3,556 1,289 2,029 14,748 653 126 8,908 1,279 193 243 6,372 103,901 July 12,107 805 2,27747,78448,431 3,370 1,370 2,305 14,692 647 135 9,070 1,237 201 339 6,448 100,360 1950—June 7... 11,940 781 2,146 47,519 47,448 3,537 1,205 1,672 14,740 655 122 8,900 1,271 188 256 6,337 22,788 June 14... 12,139 831 2,391 49,010 3,462 1,276 1,854 14,746 652 122 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 8,935 1,285 196 213 6,406 25,296 June 28... 11,884 818 2,198 47 47,925 3,611 1,312 2,35014,768 652 132 8,618 1,283 197 309 6,422 24,034 July 5... 12,118 754 2 ,294 47,396 47,647 3,516 1,466 2,355 14,749 650 134 9,207 1,246 198 338 6,446 22,332 July 12... 12,088 854 2,458 47,54748,615 3,351 1,275 2,319 14,712 648 137 9,467 1,235 198 142 6,453 22,693 July 19... 11,972 797 2,198 47,728 48,552 3,237 1,325 2,340 14,679 650 136 8,961 1,237 205 345 6,436 24,248 July 26... 12,250 816 2,156 48,466 48,912 3,374 1,415 2,205 14,627 638 134 8,644 1,229 204 529 6,459 23,296 Aug. 2... 12,153 757 2,180 48,264 48,555 3,443 1,458 1,946 14,613 638 136 8,884 1,256 205 437 6,472 25,086 Aug. 9... 12,120 808 2,099 48,35148,597 3,342 1,587 1,812 14,583 645 135 8,949 1,259 211 444 6,458 21,820 Aug. 16... 12,056 767 2,29248,098 49,479 3,263 1,463 2,327 14,574 658 133 9,118 1,253 219 307 6,456 24,825 12,395 801 2,156 48,56149,078 3,219 1,847 2,546 14,550 662 133 8,614 1,275 224 370 6,468 25,838 Aug. 23... New York City 4,859 124 14,973 15,552 227 767 312 1,496 2,758 1,139 90 2,283 37,129 1949—July 4,328 121 14,881 15,571 218 698 481 ,524 2,658 1,041 112 184 2,302 40,037 1950—May 4,386 128 15,181 15,863 236 616 527 ,542 2,746 1,057 146 96 2,298 42,294 June 4,415 128 14,995 15,711 245 656 613 ,517 2,752 1,017 153 200 2,308 40,657 1950— J J J J J u u u u u n n n n l e e e e y . 2 2 1 . 1 . 8 7 4 . . . . . . . . . . . . . . . 4 4 4 4 , , , , 4 3 4 2 6 6 5 6 2 5 0 8 1 1 1 1 3 2 3 2 1 1 3 5 1 1 1 1 5 5 5 5 , , , , 0 1 3 2 5 1 4 0 5 5 9 3 1 1 1 1 6 5 5 5 , , , , 9 0 9 6 0 0 1 2 1 6 9 4 3 2 2 1 0 4 0 9 5 2 4 3 6 6 5 5 7 4 8 5 7 6 3 6 4 4 5 6 1 3 8 7 2 9 7 0 , , , , 5 5 5 5 3 5 3 4 5 2 8 4 2 2 2 2 , , , , 7 6 7 7 9 8 2 8 2 6 7 1 1 1 1 1 , , , , 0 0 0 0 5 5 6 5 3 5 2 9 1 1 1 1 4 4 4 4 5 2 9 9 1 1 8 6 2 6 8 8 4 2 2 2 2 , , , , 2 3 2 2 9 9 0 9 7 8 3 4 1 9 9 9 0 , , , , 7 1 2 3 2 9 8 9 1 6 5 6 July 5... 4,458 127 14,954 15,651 238 719 628 1,532 2,840 1,029 150 238 2,308 9,239 July 12... 4,317 136 14,848 15,656 255 584 618 1,523 2,890 1,017 150 54 2,308 9,048 July 19... 4,305 122 14,997 15,698 238 603 618 1,512 2,659 1,016 158 143 2,308 9,450 July 26... 4,581 126 15.181 15,837 251 719 586 1,5.00 2,617 1,007 155 364 2,308 9,635 Aug. 2... 4,427 116 15,126 15,732 259 741 512 1,504 2,651 1,026 156 266 2,317 10,472 Aug. 9... 4,396 123 15,164 15,759 228 926 478 1,497 2,620 1,012 159 272 2,313 8,773 Aug. 16... 4,346 115 14,923 15,797 220 748 664 1,508 2,691 1,009 165 147 2,314 9,671 Aug. 23... 4,578 117 15,159 15,917 202 1,168 760 1,500 2,644 1,030 168 168 2,315 11,305 Outside New York City 1949—July 8,099 659 2,22131,285 30,736 3,086 58613,057 5,959 214 100 3,859 51,276 1950—May 7,488 650 2,152 32,250 31,653 3,267 659 1,425 13,198 616 6,147 217 144 4,008 57,382 June 7,610 678 2,236 ,68732,283 3,320 673 1,502 13,206 633 6,162 222 147 4,074 61,607 July 7,692 677 2,245 32,78932,720 3,125 714 1,692 13,175 628 6,318 220 139 4,140 59,703 1950—June 7... 7,575 656 2,116 32,464 31,824 3,344 649 1,260 13,205 635 6,214 218 132 4,034 13,392 June 14... 7,689 700 2,358 32,827 33,004 3,257 693 1,367 13,202 632 6,386 224 106 4,027 13,565 June 21... 7,559 671 2,305 32,691 32,282 3,310 688 1,668 13,201 635 6,154 223 205 4,108 15,575 June 28... 7,616 685 2,163 32,769 32,024 3,369 666 1,711 13,216 633 5,891 224 141 4,128 13,838 July 5... 7,660 627 2,259 32,442 31,996 3,278 747 1,727 13,217 631 97 6,367 217 100 4,138 13,093 July 12... 7,771 718 2,42732,699 32,959 3,096 691 1,701 13,189 629 100 6,577 218 88 4,145 13,645 July 19... 7,667 675 2,165 32,731 32,854 2,999 722 1,722 13,167 632 6,302 221 202 4,128 14,798 July 26... 7,669 690 2,126 33,28533,075 3,123 696 1,619 13,127 618 6,027 222 165 4,151 13,661 Aug. 2... ,726 641 2,148 33,13832,823 3,184 717 1,434 13,109 617 6,233 230 171 4,155 14,614 Aug. 9... ,724 685 2,070 33,18732,838 3,114 661 1,334 13,086 624 6,329 247 172 4,145 13,047 Aug. 16... ,710 652 2,260 33,17533,682 3,043 715 1,663 13,066 637 6,427 244 160 4,142 15,154 Aug. 23... 7,817 684 2,123 33,40233,161 3,017 679 1,786 13,050 634 5,970 245 202 4,153 14,533 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. SEPTEMBER 1950 1211 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] Loans1 Investments For purchasing U. S. Government obligations or carrying securities Com- Total merd F i e s d tr e i r c a t l a R nd es e d r a v t e e i m n lo a v e n a e n d n s t s t s - Total1 i t a t c n a c u r g i d u n i r a r a d l u a l i - l , - l s- G U a T l o i n o o . g b d v a - S - t b . . d r e o O a c k l s u t e e e h r r r - s i e s - r G l U T i o g o b . o a v S - - t . o . t O h c e u th r n e s - r e l R s o t e a a a n t l e s L ba o t n o a k ns s O lo t a h n e s r Total Total Bills o d c n C t f e a e i e e f d t b i s i e r - - n t s - s - - Notes Bonds2 s O ri e t t c i h e u e s - r tions ties tions ties Boston July 26 064 1,159 682 11 15 16 176 257 1,905 1,665 61 65 241 1,298 240 Aug. 2 ,056 1,175 693 18 10 17 182 259 1,881 1,638 48 61 235 1,294 243 Aug. 9 026 1,186 706 15 10 17 183 262 1,840 1,586 28 62 218 1,278 254 Aug. 16. . 046 1,224 721 16 10 17 186 264 1,822 1,576 30 63 225 1,258 246 Aug. 23 ,048 1,224 726 14 10 17 193 271 1,824 1,576 '45 52 276 1,203 248 New York* July 26 709 8,984 5,150 865 830 220 618 1,254 12,725 10,835 445 388 1,812 8,190 1,890 Aug. 2 ,717 9,017 5,229 856 758 229 621 1551,268 12,700 10,805 417 412 1,758 8,218 1,895 Aug. 9 ,730 9,152 5,292 807 811 234 629 1901,281 12,578 10,644 309 361 1,735 8,239 1,934 Aug. 16 ,669 9,142 5,357 826 759 234 634 1941,227 12,527 10,539 241 334 1,717 8,247 1,988 Aug. 23 ,753 9,204 5,412 530 776 240 641 301 1,384 12,549 10,548 411 166 1,848 8,123 2,001 Philadelphia July 26 ,805 1,023 522 2 32 7 122 15 338 1,428 80 100 248 1,000 354 Aug. 2 ,810 1,032 525 2 42 7 123 4 343 1,421 83 90 249 999 357 Aug. 9 ,811 1,047 534 2 32 7 125 13 348 1,402 73 85 245 999 362 Aug. 16 ,826 1,061 548 2 32 7 125 11 350 1,406 68 90 246 1,002 359 Aug. 23 ,833 1,070 555 1 34 7 127 1 358 1,763 1,399 76 68 280 975 364 Cleveland July 26 ,798 ,568 815 10 41 54 321 26 303 3,230 2,831 186 122 523 2,000 399 Aug. 2 ,758 ,555 823 11 32 52 323 8 307 3,203 2,793 151 116 521 2,005 410 Aug. 9 ,756 ,581 831 10 38 51 323 13 305 3,175 2,761 129 111 515 2,006 414 Aug. 16 ,783 ,595 837 14 36 51 328 9 303 3,188 2,771 135 109 520 2,007 417 Aug. 23 ,818 ,608 855 17 28 51 329 1 313 3,210 2,787 144 101 535 2,007 423 Richmond July 26 ,736 971 431 1 6 18 234 5 277 1,607 105 71 326 1,105 158 Aug. 2 ,741 436 2 6 18 232 10 281 1,597 97 75 322 1,103 160 Aug. 9 ,771 993 440 1 6 18 232 15 282 1,617 111 85 317 1,104 161 Aug. 16 ,746 994 442 2 5 18 234 286 1,591 86 82 321 1,102 161 Aug. 23 ,727 1,005 449 3 6 19 232 288 1,722 1,560 76 65 317 1,102 162 Atlanta July 26 ,472 949 531 13 23 283 1,523 1,304 78 129 341 756 219 Aug. 2 ,466 937 524 12 23 283 1,529 1,312 83 131 341 757 217 Aug. 9 ,481 946 531 11 23 89 287 1,535 1,317 88 124 357 748 218 Aug. 16 ,498 957 543 11 23 89 287 1,541 1,324 79 132 358 755 217 Aug. 23 ,478 962 547 10 23 90 287 1,516 1,298 61 128 363 746 218 Chicago* July 26 ,732 1,691 83 60 394 '537 '6,884 6,001 508 456 1,248 ••883 Aug. 2 ,700 2,803 1,688 89 59 396 538 6,897 5,995 495 464 1,246 902 Aug. 9 ,659 2,873 1,708 81 58 399 542 6,786 5,896 395 471 1,238 890 Aug. 16 ,758 2,896 1,736 86 58 403 548 6,862 5,936 418 492 1,239 926 Aug. 23 ,749 2,912 1,752 76 58 406 560 6,837 5,916 455 403 1,272 3,786 921 St. Louis July 26 ,231 966 482 5 14 215 243 1,076 70 67 255 684 189 Aug. 2 ,221 982 492 5 14 215 252 1,049 52 62 256 679 190 Aug. 9 ,230 1,004 507 5 14 218 248 1,226 1,036 46 61 250 679 190 Aug. 16 ,251 1,022 512 5 14 220 253 1,229 1,037 46 60 249 682 192 Aug. 23 , ,250 1,018 516 4 14 221 256 1,232 1,037 49 52 280 656 195 Minneapolis July 26 ,253 495 233 3 5 164 758 627 5 35 150 437 131 Aug. 2 ,240 482 223 3 5 161 758 628 10 37 147 434 130 Aug. 9 ,245 478 224 3 5 161 767 636 16 38 148 434 131 Aug. 16 ,236 480 226 2 7 158 756 624 10 38 142 434 132 Aug. 23 ,225 479 225 2 5 160 746 613 36 144 425 133 Kansas City July 26 ,692 996 617 6 12 155 201 1,696 1,440 207 133 322 778 256 Aug. 2 ,658 979 603 5 12 156 204 1,679 1,422 188 128 322 784 257 Aug. 9 ,685 986 606 5 12 157 206 1,699 1,441 188 132 327 794 258 Aug. 16 ,700 993 609 5 12 158 208 1,707 1,443 185 135 327 796 264 Aug. 23 ,689 1,002 619 5 12 158 210 1,687 1,420 179 122 325 794 267 Dallas July 26 ,587 1,228 837 7 47 103 239 1,359 1,217 128 121 294 674 142 Aug. 2 ,581 1,238 845 6 47 105 237 1,343 1,201 108 125 292 676 142 Aug. 9 ,607 1,253 854 6 46 106 243 1,354 1,210 108 129 293 680 144 Aug. 16 ,602 1,262 861 7 46 107 244 1,340 1,196 94 122 295 685 144 Aug. 23 ,603 1,267 863 5 46 108 246 1,336 1,190 93 107 304 686 146 San Francisco July 26 ,949 5,184 1,920 23 252,280 983 6,765 5,696 152 513 1,259 3,772 1,069 Aug. 2 ,899 5,197 1,941 23 252,285 978 6,702 5,635 99 433 1,329 3,774 1,067 Aug. 9 ,932 5,251 1,954 19 252,293 1,005 6,681 5,608 108 404 1,320 3,776 1,073 Aug. 16 ,001 5,279 1,967 18 ,305 1,018 6,722 5,635 110 415 1,318 3,792 1,087 Aug. 23 ...... ,003 5,355 1,993 18 25 2,314 1,056 6,648 5,550 164 402 1,392 3,592 1,098 City of Chicago* July 26 ,895 1,790 1,256 72 52 ••282'4,105 3,521 309 279 752 2,181 •"584 Aug. 2 ,928 1,785 1,248 78 51 281 4,143 3,540 321 287 745 2,187 603 Aug. 9 ,897 1,806 1,261 69 51 283 4,091 3,501 275 290 743 2,193 590 Aug. 16 ,951 1,815 1,282 75 50 286 4,136 3,515 274 305 743 2,193 621 Aug. 23 ,942 1,829 1,292 65 50 297 4,113 3,500 327 244 739 2,190 613 r Revised. * 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. 1212 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 a R e e r n i r e a t d v k - h l - e s v C a a i u n sh lt m b a w a n d e n i s o c t t - e k h i s c s j p m u o a s d a t d s e e n i - - d t d s 1 s p p u v n h c a o a a o i e i n r d r p l r r d s a t - - - s - , - , S p s d s t a i i o a u i c o n v l t b a d n i e i - l t - s s - c C h c O e a f e e e i t n f e c c r r f d i d t s k . - i ' s - u m G er . o e n n v - s . . p u s p v n c a h o a o a e i n d l i r r r r d s p a - - - t , - s - S p s d s a i t i o u i c o a n v l b a t n d i i - e l t - s - s P U m G S i o e a n r a . s n o e g n v t d n v S a s - - t - l . m D t e i o c s - - F ei o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p n - l - ts B d it e a s b n 4 - k tions tions Boston July 26 455 60 84 2,461 2,395 198 52 100 485 264 36 330 852 Aug. 2 450 57 2,448 2,395 19 4- 8 485 263 35 15 331 92 7 Aug. 9 469 63 2 ,438 2,388 186 40 78 483 261 36 21 332 82 5 Aug. 16 450 61 2 ,427 2,426 186 47 99 483 269 36 t 332 916 Aug. 23 469 63 2,453 2,416 171 43 108 482 258 36 6 332 876 New York* July 26 1,837 176 16,73817,239 482 767 2,350 2,68; 1,011 157 373 2,510 10,181 Aug. 2 t,688 162 11816,71117,133 502 798 577 2,354 2,72: 1,030 157 274 2,519 11,096 Aug. 9 t,638 17 12016,76317,162 494 973 538 2,345 2,6921,016 161 280 2,516 9,330 Aug. 16 1,594 162 16,50017,230 465 797 739 2,359 2,7631,013 167 15. 2,516 10,354 Aug. 23 1,846 165 16,72117,315 431 1,218 838 2,350 2,7101,034 170 174 2,518 11,928 Philadelphia July 26 460 97 2,146 2,228 102 29 138 417 350 11 1 9 318 822 Aug. 2 457 40 104 2,146 2,21 112 27 124 416 358 13 1 16 319 938 Aug. 9 461 43 99 2,151 2,22 97 27 116 416 359 13 1 15 319 801 Aug. 16 464 40 110 2,129 2,254 103 29 138 415 389 12 1 13 320 947 Aug. 23 458 42 96 2,144 2,220 98 34 149 41 336 14 1 2 320 848 Cleveland July 26 753 83 148 3,343 3,372 226 63 165 1,318 438 2 13 492 1,300 Aug. 2 73 75 14: 3,289 3,265 230 69 140 1,316 451 2 10 492 1,405 Aug. 9 753 78 138 3,275 3,231 244 6: 131 1,313 448 2 51 493 1,137 Aug. 16 746 75 160 3,274 3,351 23. 66 164 1,31 486 1 21 493 1,367 Aug. 23 75, 78 143 3,343 3,346 220 61 181 1,310 432 1 19 494 1,382 Richmond July 26 447 69 2,142 2,147 161 568 345 2 10 236 822 Aug. 2 446 63 160 2,144 2,156 16' 50 56 367 2 2 237 909 Aug. 9 445 6 156 2,162 2,17.c 154 46 567 379 2 8 237 802 Aug. 16 449 64 2,110 2,183 131 54 566 379 1 17 237 919 Aug. 23 438 68 2,093 2,13 139 4 565 355 2 23 238 840 Atlanta July 26 38, 44 168 1,833 1,737 279 30 58 528 443 2 5 202 734 Aug. 2 387 39 176 1,821 1,729 295 27 50 527 464 2 4 203 786 Aug. 9 393 43 181 1,834 1,750 285 26 48 526 483 2 5 204 744 Aug. 16 388 40 188 1,839 1,794 290 26 59 525 483 2 5 204 823 Aug. 23 419 42 163 1,841 1,749 283 24 66 524 454 2 14 204 825 Chicago* July 26 ,820 103 339 6,607 6,603 623 109 494 2,599 1,403 1 62 753 3,193 Aug. 2 ,843 100 336 6,537 6,491 630 121 434 2,596 1,523 1 63 756 3,596 Aug. 9 ,812 106 316 6,532 6,461 627 102 399 2,591 1,515 1 29 757 2,860 Aug. 16 ,835 103 340 6,518 6,631 645 113 509 2,585 1,562 1 41 757 3,505 Aug. 23 ,863 108 319 6,644 6,571 646 102 2,582 1,438 1 12 757 3,336 St. Louis July 26 362 31 107 1,462 1,555 95 20 61 475 526 187 646 Aug. 2 354 30 120 1,432 1,561 99 24 53 474 542 187 661 Aug. 9 367 31 111 1,448 1,552 96 18 50 474 554 188 638 Aug. 16 361 28 118 1,459 1,595 95 22 65 474 548 188 699 Aug. 23 362 31 111 1,481 1,571 98 20 72 473 500 188 667 Minneapolis July 26 193 14 79 837 814 147 14 51 246 271 105 398 Aug. 2 206 13 87 828 818 135 16 65 246 290 104 435 Aug. 9 197 13 82 818 822 118 15 61 245 295 105 399 Aug. 16 196 13 91 814 841 113 16 68 24. 286 105 432 Aug. 23 202 13 813 821 109 16 71 244 267 105 421 Kansas City July 26 477 33 276 1,973 1,976 244 28 76 390 1 824 217 894 Aug. 2 479 30 283 1,932 1,972 247 28 69 390 1 834 217 833 Aug. 9 480 33 279 1,953 1,952 239 29 66 389 1 857 218 848 Aug. 16 510 31 287 2,006 2,046 229 28 84 389 1 833 218 929 Aug. 23 495 33 280 1,991 1,988 235 28 88 388 1 806 220 936 Dallas July 26 446 37 329 2,066 2,077 200 46 63 363 71 637 225 805 Aug. 2 476 33 309 2,078 2,049 207 39 54 363 70 634 9 225 781 Aug. 9 481 36 285 2,082 2,058 203 38 50 362 70 642 9 225 688 Aug. 16 468 34 340 2,095 2,146 180 39 63 361 82 641 10 225 862 Aug. 23 469 36 340 2,135 2,124 192 37 67 360 82 603 9 226 859 San Francisco July 26 611 121 259 6,858 6,769 617 212 259 4,8 381 456 89 2,649 Aug. 2 630 115 258 6,898 6,768 622 215 224 4,879 381 436 94 2,719 Aug. 9 624 121 250 6,895 6,822 599 211 209 4,872 380 464 111 864 2,748 Aug. 16 595 116 278 6,927 6,982 594 226 255 4,860 379 479 102 861 3,072 Aug. 23 619 122 262 6,902 6,820 597 217 280 4,857 380 455 107 866 2,920 City of Chicago* July 26 230 36 147 4,077 4,180 301 53 205 1,371 25 1,028 40 506 1,934 Aug. 2 275 35 159 4,099 4,153 317 61 190 1,370 25 1,118 38 509 2,156 Aug. 9 229 38 148 4,069 4,118 308 46 181 1,366 25 1,105 40 509 1,764 Aug. 16 247 38 158 4,058 4,229 305 51 232 1,362 25 1,138 43 508 2,089 Aug. 23 266 39 147 4,159 4,213 317 49 256 1,35.9 20 1,042 42 509 1,941 For footnotes see opposite page and preceding table. SEPTEMBER 1950 1213 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 1 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 July 31, 1950P 14,031 4,695 12,177 4,415 6,881 3,496 5,296 919 1,854 280 By districts and by States July 31, 1950P District Boston 482 324 482 324 330 254 152 70 886 918 886 918 762 849 124 69 Philadelphia 836 158 836 158 640 122 196 36 Cleveland 1,118 303 1,118 303 696 261 422 42 Richmond. 1,010 524 806 391 477 251 329 140 204 133 Atlanta 1,190 214 590 175 352 152 238 23 600 39 Chicago 2,487 608 2,487 608 1,002 250 1,485 358 St. Louis 1,472 139 1,136 81 496 43 640 38 336 58 Minneapolis 1,278 111 679 70 478 27 201 43 599 41 Kansas City 1,755 • 11 1,746 11 755 7 991 4 9 Dallas 1,024 50 918 41 628 26 290 15 106 9 San Francisco 493 1,335 493 1,335 265 1,254 228 81 State Alabama 225 25 129 25 93 25 36 96 Arizona 9 52 9 52 5 39 4 13 Arkansas 232 18 109 5 68 1 41 4 123 13 California 193 964 193 964 118 918 75 46 Colorado 147 2 147 2 92 2 55 Connecticut. . 109 40 109 40 64 35 45 5 Delaware 38 18 38 18 17 8 21 10 District of Columbia.. . 19 44 19 44 15 34 4 10 Florida 188 4 127 4 74 4 53 61 Georgia 396 42 112 38 66 35 46 3 284 4 43 54 43 54 24 49 19 5 Illinois 886 2 884 2 505 2 379 2 Indiana 488 105 488 105 237 49 251 56 Iowa 661 165 661 165 161 500 165 Kansas.. 610 608 215 393 7 Kentucky 383 41 383 41 112 25 271 16 Louisiana 162 76 59 53 46 46 13 7 103 23 Maine 63 69 63 69 38 37 25 32 J^J ary land 164 120 164 120 77 79 87 41 Massachusetts 178 170 178 170 142 154 36 16 Michigan 439 234 439 ?34 231 179 208 55 Minnesota 680 6 266 6 207 6 59 414 Mississippi. . 201 67 40 14 31 7 9 • Y • 161 53 " Missouri 595 530 180 350 65 Montana 111 111 84 27 Nebraska 411 2 411 2 141 2 270 Nevada 8 19 8 19 6 18 2 1 New Hampshire 74 2 74 2 52 1 22 1 New Jersey.... 324 160 324 160 279 145 45 15 New Mexico 51 12 51 12 35 2 16 10 New York 635 770 635 770 554 715 81 55 North Carolina 208 205 96 78 54 45 42 33 112 127 North Dakota. . 150 22 63 6 43 20 6 87 16 Ohio . 657 223 657 223 423 194 234 29 Oklahoma . . 384 1 376 1 224 1 152 8 Oregon 69 99 69 99 30 87 39 12 Pennsylvania 969 187 969 187 739 160 230 27 Rhode Island 16 46 16 46 10 34 6 12 South Carolina 151 44 65 38 32 32 33 6 86" 6 South Dakota 169 49 71 24 62 21 9 3 98 25 Tennessee.. 294 94 203 81 82 62 121 19 91 13 Texas 902 6 847 6 576 6 271 55 Utah 55 24 55 24 31 22 24 2 Vermont 69 11 69 11 40 2 29 9 Virginia 313 111 308 111 203 61 105 50 5 Washington. . 118 139 118 139 52 131 66 8 West Virginia 180 179 108 71 1 Wisconsin 551 151 551 151 164 21 387 130 Wyoming 53 53 39 14 P Preliminary. l 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. 1214 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u d p t i e - n r g1 st T a o n o u d t t a i - n l g Total Accept O b in i w l g l n s banks bo B u il g ls ht Others I U m S i t n n p a i t o t t o e e r s d ts E U S f x r t n p a o i o t m t e e r s d ts c D h o e a x l n l - g ar e G U s o h n o i i p d te p p s d o e s d i t n o t b r s e e F i t d o w n r e i e n e ig n o n r States countries 1949—June 199 198 87 54 33 111 121 47 (2) 17 13 July.... 211 194 90 57 33 104 117 44 (2) 19 13 August 230 189 85 53 32 104 117 37 18 16 September. . . . 265 207 94 54 40 113 133 37 1 21 14 October. ...... 278 215 104 57 47 110 140 39 1 23 12 November 278 251 118 60 58 133 173 44 25 9 December. . . . 257 272 128 58 70 144 184 49 30 9 1950—January 258 280 134 67 68 146 190 49 (8) 32 9 A M M F p e a a b r r y i r c l u h ary 2 2 2 2 5 5 5 5 7 8 7 0 2 2 2 2 3 4 3 5 1 5 7 6 1 1 9 9 0 2 3 3 0 0 6 6 5 6 3 2 9 9 3 3 3 5 7 4 1 1 1 1 1 1 3 3 4 4 6 8 5 4 1 1 1 1 4 7 6 5 2 5 5 7 4 4 5 4 7 5 8 5 ( 8 ( 8 2) ) 2 2 1 1 5 3 8 5 1 1 1 1 1 2 5 7 June 240 279 126 82 44 154 170 66 21 21 July 259 335 155 87 68 180 211 80 22 22 l 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 t b o 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 a u m d n e i t n s n g t a in n a v d c e c t s o r t a u m d n e i t n s n g t a b n a d n k i s n borrowed2 Free O (n th e e t) r a i I n n n a v d c p e c t s a o r t r a u m t d n n e i t e n n s r g t s' a in a n I c v d n c e t o s f r i t u a m r n d m e t i s n n g t I a n c ( c c n o a e u p t n ) it t a s l 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June....... 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 789 11 188 181 557 354 65 14 5 198 1944—June....... 887 S 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 399 370 498 651 120 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—August. . 3 699 3 404 8 548 September. 8 740 3418 3 580 October. . «783 3 416 8 586 November 3813 3 445 »596 December. 881 5 400 306 523 633 159 26 15 271 1950—January. . . . 8 901 8493 8 669 February. . . 3 953 8 522 »669 March 3 1,018 8 579 § 666 April 31,084 8 619 *678 May 31,175 3 750 3 657 June 1,256 12 386 314 827 673 166 25 11 312 July 3 1,208 3755 3 712 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): May, 64; June, 75; July, 103. 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. SEPTEMBER 1950 1215 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 th a e r , k , or m 4 m p - c o a o e t n p r o m t e c h i r - 6 a , s - l 1 a b a d c n e a a 9 c r c n y s 0 e e ' s k p s - x , t- ch n l a c o r a e l a e a w n s - l n 2 l g - e m bi o 3 ll n - s t h 3 9 d m c o - c e e t f a o b r o t t n t i i e e n f 1 t s i h d 2 - - - - 3 t i - a s y x s t e u o a a e b r 5 s l - e Ann A ua re l a a v a e n r d a g p e e s r : iod lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 0 ,0 ,0 0 0 0 0 -$ $ 1 2 0 0 0 0 ,0 ,0 0 0 0 0 -$ a 2 n 0 d 0 o ,0 v 0 e 0 r ness 4 19 cities: 1940 2 1 4 3 3 0 2 0 1.8 1941. .. . 2.0 4.3 3.0 1.9 1.8 1947 average .87 1.38 .594 1.32 1942 2.2 4.4 3.2 2.2 2.0 1948 average 1.11 1.55 1.040 1.14 1.62 1943 2 6 4.4 3 4 2 5 2 4 1949 average. 1.12 1.63 1.102 1.14 1.43 1944 2.4 4.3 3.3 2.6 2.2 1945 2.2 4.3 3.2 2.3 2.0 1949—August 1.63 1.022 1.07 1.26 1946 2 1 4 2 3 1 2.2 1 7 September. 1.63 1.061 1.08 1.34 1947 2 1 4.2 3 1 2.5 1.8 October. . . 1.63 1.043 1.09 1.38 1948 2.5 4.4 •~ 3.5 2.8 2.2 November. 1.63 .061 1.09 1.37 1949 2.7 4.6 3.7 3.0 2.4 December.. 1.06 1.63 .102 1.10 1.37 Quarterly: 19 cities: 1950—January.., 1.06 1.63 .090 1.12 1.39 1949—Sept 2.63 4.62 3.64 2.98 2.31 February. . 1.06 1.63 125 1.15 1.44 Dec.... 2 65 4.53 3 61 2.98 2.35 March 1.63 138 1.16 1.45 1950—Mar 2.60 4.45 3.54 2.94 2.31 April 1.63 159 1.17 1.45 June 2.68 4.50 3.65 2.94 2.39 May 1.63 1.166 1.18 1.45 June 1.63 1.174 1.23 1.47 New York City: July 1.63 1.172 1.23 1.45 1949—Sept 2.32 4.23 3.41 2.74 2.13 August 1.63 1.211 1.26 1.45 Dec 2.38 4.14 3.35 2.73 2.21 1950—Mar 2.29 3.85 3.22 2.64 2.13 Week ending: June 2.34 3.94 3.35 2.73 2.16 July 29... 1.174 1.23 1.44 7 Northern and East- Aug. 5.... 1.174 1.23 1.45 ern cities: Aug. 12..., 1.174 1.22 1.44 1949—Sept 2.64 4.71 3.63 2.93 2.39 Aug. 19.... 1.173 1.23 1.45 Dec 2 67 4.63 3 65 3 00 2 41 Aug. 26..., l5/l6 1.247 1.30 1.44 1950—Mar 2.55 4.64 3.60 2.91 2.28 June 2.67 4.58 3.62 2.82 2.45 1 Monthly figures are averages of weekly prevailing rates. 11 Southern and 2 The average rate on 90-day Stock Exchange time loans was 1.50 Western cities: per cent, Aug. 2, 1946-Aug. 16, 1948; and 1.63 per cent beginning 1949—Sept 3.07 4.74 3.79 3.18 2.58 Aug. 17, 1948. Dec... 3 03 4.66 3.74 3.12 2.56 3 Revised series, based on new bills issued within period rather than 1950—Mar 3.12 4.64 3.71 3.15 2.74 issues announced within period. June 3.22 4.70 3.83 3.17 2.82 4 Beginning June 1, 1950, series includes 9- to 12-month notes. Back figures.—See Banking and Monetary Statistics, Tables 120-121, NOTE.—For description of series see BULLETIN for March 1949, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October pp. 228-237. 1947, pp. 1251-1253. BOND YIELDS * [Per cent per annum] U. S. Government Corporate (Moody's)4 (taxable) Munic- Corpoipal rate By ratings By groups Year, month, or week 15 (high- (high- 7 to 9 years grade)2 grade)3 Total years Indus- Rail- Public Aaa Aa Baa trial road utility Number of issues. 1-5 1-8 15 120 30 30 30 30 40 40 40 1947 average 1.59 2.25 2.01 2.57 2.61 2.70 2.87 3.24 2.67 3.11 2.78 1948 average 2.00 2.44 2.40 2.81 2.82 2.90 3.12 3.47 2.87 3.34 3.03 1949 average 1.71 2.31 2.21 2.65 2.66 2.75 3.00 3.42 2.74 3.24 2.90 1949—August 1.49 2.24 2.20 2.60 2.62 2.71 2.96 3.40 2.70 3.21 2.86 September 1.65 2.22 2.22 2.59 2.60 2.69 2.95 3.37 2.68 3.19 2.84 October 1.72 2.22 2.21 2.59 2.61 2.70 2.94 3.36 2.68 3.20 2.83 November 1.70 2.20 2.17 2.56 2.60 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 1.80 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 July 1.83 2.34 2.09 2.61 2.90 2.65 2.72 2.92 3.32 2.69 3.19 2.83 August 1.82 2.33 1.90 2.58 2.85 2.61 2.67 2.87 3.23 2.66 3.08 2.80 Week ending: July 29 1.82 2.34 2.00 2.60 2.89 2.65 2.71 2.91 3.28 2.70 3.14 2.83 Aug. 5 1.82 2.34 1.92 2.59 2.87 2.62 2.69 2.90 3.27 2.68 3.11 2.81 Aug. 12 1.83 2.34 1.92 2.58 2.85 2.61 2.68 2.88 3.24 2.67 3.09 2.80 Aug. 19 1.82 2.34 1.92 2.56 2.85 2.61 2.67 2.87 3.23 2.66 3.08 2.80 Aug. 26 1.80 2.32 1.88 2.57 2.84 2.61 2.67 2.87 3.23 2.66 3.07 2.80 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 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. 1216 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETSi Bond prices Stock prices 5 Corporate« Common (index, 1935-39=100) Volume of trad- Year, month, or week U. S. Munic- ing7 (in Gov- ipal Medium-grade Pre- thoum e e r n n t - 2 g ( r h a i d g e h ) - 3 H gr i a g d h e - Indus- Rail- Public ferred6 Total In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c s s a h n a d r s e s o ) f Total trial road utility Number of issues 1-8 15 12 14 15 416 365 20 31 1947 average 103.76 132.8 103.2 97.5 102.6 88.2 102.8 184.7 123 128 105 103 953 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—August 103.63 129.1 103.0 92.6 98.2 81.9 97.7 179.5 122 128 94 99 947 September 103.86 128.6 103.1 93.3 99.0 82.1 98.8 182.1 124 130 95 100 1,135 October 103.90 128.8 102.8 93.7 99.9 82.0 99.2 180.3 127 134 98 101 1,313 November.. . 104.22 129.6 103.2 93.5 100.3 80.8 99.5 179.8 129 137 96 103 1,323 December 104.36 130.3 103.7 94.5 101.0 82.2 100.1 180.6 133 140 101 104 1,739 1950—January 104.16 131.4 104.0 96.3 101.8 86.4 100.6 182.8 135 143 108 106 1,884 February 103.62 131.7 104.0 96.4 102.0 86.5 100.9 182.4 137 144 107 107 1,704 March 103.24 131.5 104.1 96.6 102.3 86.7 100.8 183.8 139 147 109 110 1,643 April 102.87 131.3 ) 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 July 102.24 131.1 •178.5 138 147 110 103 2,227 August 102.28 134.8 181.9 147 158 121 104 1,673 Week ending: July 29 102.28 132.8 179.4 139 148 120 101 2,375 Aug. 5 102.22 134.4 180.3 144 154 119 103 1,761 Aug. 12 102.19 134.4 181.4 147 158 121 104 1,867 Aug. 19 102.21 134.4 182.3 147 158 121 104 1,665 Aug. 26 102.49 135.2 183.0 150 162 122 105 1,640 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 Year or month f i u a n r n n e g d d - ) - m T e f ( a i o e o d g n s t r o n d a - t - i ) l c Total S n m a p t i n a c a u d i l t - - e a F c e g i e r e e a d s n l - 1 - Total Co B n r a o o p n n t o d e d r s s ate Stocks e F i o g r n - 2 m T e ( f a e i o o d g n s r t o n d t a - i - ) c l Total S n m a p t i n a c a u d i t l - - e a F c e g i e r e e a d n s l - 1 - Total Co B n r a o p o n n t o d e d r s s ate Stocks e F i o g r n - 2 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 1 1 9 9 4 4 7 6 . . 39 8 ,6 6 4 9 5 1 3 4 7 , , 6 56 4 6 5 4 7 , , 6 2 3 5 5 5 2,2 9 2 5 8 2 2 1 3 2 9 7 3 4 ,5 7 5 8 6 7 3 2 , , 5 0 6 8 7 4 1 1 , , 2 47 1 2 9 6 1 8 0 4 2, , 1 0 2 0 5 0 3 1 , ,9 8 4 9 8 5 20 44 8 4 7 2 3 2 4 2 1 , ,4 9 8 5 2 3 2 1 , , 3 19 5 9 2 2 6 8 0 3 1 1 1 0 7 5 7 1948 10,214 9,079 9,070 2,604 294 46,172 45,264 908 10 1,135 1,135 82 768 284 257 28 1949 9,475 7,909 7,880 2,803 233 4,844 3,890 954 29 1,566 1,466 104 943 418 366 52 101 1949—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 ' ioi 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 "ik 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 1,052 771 769 304 39 426 307 119 2 281 281 14 31 236 231 6 June 1,285 954 949 334 18 598 429 169 5 330 330 20 35 276 276 July 579 505 505 204 8 292 216 77 75 75 1 53 21 21 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 issues of the International Bank for Reconstruction and Development, which are not shown separately. 4 Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department qf Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. SEPTEMBER 1950 1217 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES * PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses (?f 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 Repayment Other Plant and Working Bonds and Preferred other o f debt purposes Total equipment capital Total notes stock 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—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 490 480 344 295 49 50 36 14 76 9 May 669 658 306 212 94 204 164 40 137 11 June 1,069 1,055 625 451 174 317 311 5 65 49 July 332 328 238 178 60 18 17 14 58 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS 4 [In millions of dollars] Manufacturing 6 C m o i m sc m e e ll r a c n ia e l o u a s n 5 d Railroad Public utility7 Communication8 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 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—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 "io 6 6 September 26 20 4' 55 27 8" 16 16 109 76 27 4 2 58 23 October 83 41 38 30 41 41 222 130 45 13 11 11 6 D N e o c v e e m m b b e e r r 3 6 6 3 2 4 4 9 16 2 3 5 6 23 6 2 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 5 1950—January 31 27 31 25 3 93 27 31 225 165 14 205 202 2 20 6 February 63 47 42 25 21 13 13 130 98 29 23 11 March 49 38 10 16 15 107 85 22 217 141 58 18 18 132 75 50 April .. 34 24 1 33 21 6 31 27 273 228 40 23 22 86 22 2 May 186 80 7 29 19 1 69 39 30 331 129 165 13 13 31 27 June 169 109 36 45 20 11 74 15 40 575 385 161 64 3 ""60 127 92 8 July 56 43 3 60 14 1 10 10 153 130 10 21 18 3 28 23 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. * Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Classifications for years 1934-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently similar for broad comparisons. See also footnotes 5 through 8. 6 Prior to 1948 this group corresponds to that designated "Industrial" in the old classification. 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. 1218 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS MANUFACTURING CORPORATIONS [In millions of dollars] Assets of 10 million dollars and over Assets of 50 million dollars and over Assets of 10-50 million dollars (200 corporations) (82 corporations) (118 corporations) Year or quarter Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Annual 1939 10.591 1,209 997 722 9,008 1,071 883 656 1,583 139 114 67 1940 13,006 1,844 1,273 856 11,138 1,638 1,127 772 1,869 206 146 83 1941 18,291 3,156 1,519 947 15,691 2,778 1,329 854 2,600 378 190 93 1942 21,771 3,395 1,220 760 18,544 2,876 1,056 672 3,227 519 164 1943 . 28.240 3,683 1,260 777 24,160 3,111 1,097 688 4,080 571 164 1944 30,348 3,531 1,255 848 25,851 2,982 1,091 755 4,497 549 164 93 1945 26,531 2,421 1,129 861 22,278 1,976 964 764 4,253 445 165 98 1946 21,562 2,033 1,202 943 17,651 1,573 932 804 3,912 460 271 139 1947 31,144 4,099 2,521 1,167 26,015 3,423 2,105 1,000 5,129 676 416 167 1948 37,182 5,315 3,310 1,403 31,465 4,593 2,860 1,210 5,717 721 450 192 1949 36,942 5,035 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 ,058 657 269 1,445 184 113 42 3 . 9,314 1,331 832 307 7,877 ,146 717 265 1,437 186 115 43 4 10,204 1,523 958 499 8,759 ,339 838 429 1,445 184 120 70 1949—1 9,392 1,326 808 343 8,085 ,187 723 303 1,307 139 84 40 2 9,446 1,196 726 354 8,192 ,077 653 312 254 119 73 42 3 9,485 1,312 799 331 8,213 ,183 717 292 273 129 82 39 4 8,617 1,201 766 629 7,326 ,059 675 567 291 142 91 62 1950—-1.... r9,214 1,400 r850 387 7,893 1,254 759 347 1,322 146 40 2 10,754 1,813 1,102 394 9,284 1,625 347 1,472 189 47 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 a e 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 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 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 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 8,685 111 479 236 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 4.8 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—1.... 1,985 109 51 61 1,378 351 230 146 749 114 74 63 2 .... . 2,238 247 155 53 1,315 321 212 153 780 135 86 68 r Revised. NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets as of the end of 1946. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Figures are for 30 large companies (which account for about 85 per cent of all telephone operations) and exclude American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. Data are obtained from the Federal Communications Commission, except for dividends, which are from published company reports. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); p. 1126 of the BULLETIN for November 1942 (telephone); and p. 908 of the BULLETIN for September 1944 (electric power). SEPTEMBER 1950 1219 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 2 3 4 1 2 3 4 1 2 Nondurable goods industries Total (94 corps.)1 Sales 11,313 13,364 12,790 3 3 3?4 3 53? 3 943 3 0S1 3 163 3 333 3,251 3,453 Profits before taxes 1,787 2,208 1,843 553 543 56S 496 307 446 503 577 Profits after taxes • 1,167 1,474 1,211 36? 394 292 342 323 371 Dividends 551 656 708 157 141 146 166 147 940 166 175 Selected industries: Foods and kindred products (28 corps.) Sales 3,231 3,447 3,254 861 846 904 805 799 822 83S 811 Profits before taxes. 421 410 377 104 99 111 85 89 101 102 83 100 Profits after taxes . 259 257 233 64 60 71 S9 54 63 64 59 Dividends 128 135 134 3? 3? 4? 30 31 29 44 31 33 Chemicals and allied products (26 corps.) Sales 3,108 3,563 3,562 875 904 936 896 860 896 910 952 1,050 Profits before taxes 547 655 673 166 183 170 140 174 189 '205 244 Profits after taxes 337 408 403 95 104 119 100 83 105 115 121 149 Dividends 215 254 311 58 59 85 64 66 68 113 72 79 Petroleum refining (14 corps.) Sales 2,906 3,945 3,865 949 978 1,077 993 934 942 996 960 989 Profits before taxes 456 721 525 18? 171 173 161 119 114 131 121 133 Profits after taxes 350 548 406 133 13? 141 119 99 86 109 91 102 Dividends . 127 172 172 45 29 66 31 47 31 63 42 42 Durable goods Industries Total (106 corps.)2 Sales 19,83123,81824,152 5,714 S 991 6,673 6,149 6,397 ,322 5,284 r5,963 7,301 Profits before taxes 2,312 3,107 3,192 688 788 958 830 799 866 697 r896 1,237 Profits after taxes 1,355 1,836 1,888 408 470 564 487 470 508 424 ••527 732 Dividends . 615 746 949 154 166 274 197 188 184 380 220 219 Selected industries: Primary metals and products (39 corps.) Sales 7,545 9,066 8,197 9,100 9,306 9 601 9,430 9,175 9,050 1,542 r2,200 2,578 Profits before taxes .. 891 1,174 993 ?37 ,304 385 3S3 9 59 228 160 299 398 Profits after taxes 545 720 578 145 185 ?40 ?04 144 130 100 175 236 Dividends . . 247 270 285 60 60 90 71 64 61 89 66 73 Machinery (27 corps.) Sales 3,963 4,781 4,610 1,198 1,140 1,351 1,135 1,187 1,120 1,168 1,064 1,254 Profits before taxes 443 569 520 144 118 177 133 120 119 148 145 167 Profits after taxes 270 334 321 83 71 105 79 77 7S 91 r85 98 Dividends 113 126 136 28 28 42 33 32 31 41 49 37 Automobiles and equipment (15 corps.) Sales . 6,692 8,093 9,577 1 951 9 056 9 151 9,601 9,707 9,118 2,283 2,975 Profits before taxes 809 1,131 1,473 251 305 327 298 376 462 337 398 596 Profits after taxes 445 639 861 146 175 176 177 218 267 200 234 352 Dividends . .... 195 282 451 51 65 112 79 76 80 216 90 91 r Revised. 1 Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products (15); and miscellaneous (1). * Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment ether 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 e s s - d Quarter P b t e r 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 1943—2 34.6 13.2 21.4 7.3 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 1 194^ 25.1 14.4 10.6 4.5 6.2 1949—i 28.3 10.9 17 A 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 7 4 9 9 1946 23.5 9.6 13.9 5.8 8.1 4 27.6 10.6 16.9 8.2 8.7 1947 30.5 11.9 18.5 6.6 11.9 1948 33 9 13 0 20 9 7.5 13 4 1950—1 29.2 11.4 17 8 8 1 9 7 1949 27.6 10.6 17.0 7.8 9.2 2 i '35.0 13.6 '21.4 8.1 r Revised. 1 Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data. Source.—Same as for national income series. 1220 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 c c t g u e lu u e ri d a d - r - - Total Total2 Tre b a il s ls ury c i C n a e t d e r e t s i b f o t i - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total2 sa U v . i n S g . s T t s a r a e x v a i s a n u n g r d s y S i p ss e u c e ia s l i b n 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 ties) edness bonds notes 1943—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—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 255,747 255,724 154,479 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 July..... 257,557 257,541 155,168 13,642 12,817 25,755 102,795 67,717 57,568 8,629 32,518 2,138 16 Aug.. ... 257,891 257,874 155,162 13,637 12,817 25,755 102,795 67,897 57,470 8,912 32,705 2,110 18 1 Including amounts held by Government agencies and trust funds, which aggregated 5,341 million dollars on July 31, 1950. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted ; depositary bonds, Armed Forces Leave bonds, and 2*^t 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 SECURITIES OUTSTANDING AUGUST 31, 1950 [On basis of daily statements of United States Treasury, In millions of dollars] Issue and couponrate Amount Issue and coupon rate Treasury bills 1 Treasury bonds—Cont. Sept. 7, 1950.. . . 1,102 Sept. 15, 1951-552....3 Sept. 14, 1950 1,004 Dec. 15, 1951-532.• 2M Sept. 21, 1950 . . . 1,003 Dec. 15, 1951-55.....2 Sept 28 1950 1,003 Mar. 15, 1952-54...2H Oct 5 1950 1,003 June 15, 1952-54.... .2 Oct. 13, 1950 . . . 1,006 June 15, 1952-55...2H Oct 19 1950 1,004 Dec. 15, 1952-54.....2 Oct 26, 1950 1,001 June 15, 1953-552....2 Nov. 2, 1950 1,104 June 15, 1954-562. Nov. 9 1950 1,102 Mar. 15, 1955-602..2% Nov. 16, 1950.. . . 1,101 Mar. 15, 1956-58.. Nov. 24, 1950 1,104 Sept.15, 1956-592.• 2 /^ Nov. 30, 1950 1,100 Sept.15, 1956-59...2% June 15, 1958-632..2% June 15, 1959-623..2% Dec. 15, 1959-623.• 2M Dec. 15, 1960-652. Cert, of indebtedness June 15, 1962-673. Sept. 15, 1950 1}/% 1,197 Dec. 15, 1963-68*. Oct. 1, 1950 • • 1M 6,248 June 15, 1964-69'. Dec. 15, 1964-693. Jan. 1, 1951.. .. • Ay8 5,373 • M M a a r r . . 1 1 5 5 , , 1 1 9 9 6 6 6 5 - - 7 7 1 0 3 3 . . June 15, 1967-723. Sept.15, 1967-72.. Treasury notes Dec. 15, 1967-723. July 1, 1951-B....1M 2,741 July 1, 1951-C. 1M 886 July 1, 1951-D.• "AH 4,818 Postal Savings Aug 1 1951 1M 5,351 bonds Oct. 1, 1951.. . . 1M 1,918 Mar. 15, 1954 • AH 4,675 Mar. 15, 1955....• AV2 5,365 Treasury bonds Sept. 15, 1950-5224-2H 1,186 Sept. 15, 1950-52...2 4,939 Dec. 15, 1950 2,635 June 15, 1951-542-.2% 1,627 Sept. 15, 1951-53...2 7,986 CM CM UNITED STATES SAVINGS BONDS [In millions of dolars] Am ou o t u - nt Funds receive p d e r f i r o o d m sales3 during m t R io a e n t d u s e r m i a t n i p e d - s Amount Month a s t t a e n n d d i o n f g month All Series Series Series All series E F G series 755 Fiscal year 1,118 ending: 510 June—1943.. 21,256 11,789 8,271 758 2,759 848 1,024 1944.. 34,606 15,498 11,820 802 2,876 2,371 5,825 1945.. 45,586 14,891 11,553 679 2,658 4,298 1,501 1946. . 49,035 9,612 6,739 407 2,465 6,717 8,662 1947.. 51,367 7,208 4,287 360 2,561 5,545 725 1948.. 53,274 6,235 4,026 301 1,907 5,113 681 1949.. 56,260 7,141 4,278 473 2,390 5,067 2,611 1950.. 57,536 5,673 3,993 231 1,449 5,422 1,449 982 1949—Aug 56,537 449 329 16 104 439 3,823 Sept.... 56,600 398 299 13 86 411 919 Oct.... 56,670 388 289 13 86 396 5,284 Nov.... 56,717 383 286 14 84 415 3,470 Dec... . 56,707 495 377 16 103 466 1,485 2,118 1950—Jan.. . . 56,958 707 402 38 267 618 .2% 2,831 Feb.. . . 57,217 581 361 31 189 418 • 2}4 3,761 Mar.... 57,331 524 364 27 134 510 • 2H 3,838 Apr.. . . 57,427 423 305 15 102 413 • 2K 5,197 May. . . 57,477 416 307 16 92 454 • 2H 3,481 June. . . 57,536 398 297 14 86 456 .23^ 7,967 July. .. 57,568 417 318 13 87 505 .2*4 2,716 Aug.., . 57,470 350 270 11 70 537 • 2XA 11,689 Maturities and amounts outstanding August 31, 1950 Year of All Series Series Series Series 2H 109 maturity series D E F G 1950 352 352 Panama Canal Loan. 3 50 1 19 9 5 5 2 1 3 1 , , 9 55 2 3 1 444 3 1 , ,1 9 0 2 9 1 Total direct issues 155,162 1953 6,667 5,432 197 1,038 1954 8,512 6,047 498 1,967 1955.. 7,360 4,812 526 2,023 1956 5,432 2,482 605 2,345 Guaranteed securities 1957 5,223 2,608 2 133 1958 5,454 2,922 263 2,269 Federal Housing Admin. 1959 . 5,415 3,158 284 1 973 Various 15 I960 4,996 2,131 2 404 1961 1,605 226 1,379 1962 . . 1,095 153 943 1 Sold on discount basis. See table on Open-Market Money Rates, Unclassified. . -114 p. 1216. 2 Partially tax exempt. 3 Restricted. Total 57,470 796 34,620 3,695 18,473 1 Called for redemption on Sept. 15, 1950. SEPTEMBER 1950 1221 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S. Government debt agencies and End of month in ( a s i g t n e n i c c e t g e u l s u u ) e r d i a d - r - - S i p ss e t u r c e u ia s s l t fun P d is s u s b u * l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e n o r k m ci s a - 2 l M s b a a v u n i t n u k g s a s l p I c n a o s n m u ie r - - s a c n r i c O a a d o t t t i r i h a o p o s e n o n s r s - s o 3 - g m S o l a o v t e n c a e n d a t r t e l n s - v I id n u d a i- ls 1940—June 48 496 4,775 2,305 41,416 2,466 16,100 3,100 6,500 2,500 400 10,300 1941—june 55,332 6,120 2,375 46,837 2,184 19,700 3,400 7,100 2,400 600 11,500 1942—June 76,991 7,885 2,737 66,369 2,645 26,000 3,900 9,200 5,400 900 18,400 1943—June 140,796 10,871 3,451 126,474 7,202 52,200 5,300 13,100 15,500 1,500 31,700 1944—June 202,626 14,287 4,810 183,529 14,901 68,400 7,300 17,300 25,900 3,200 46,500 1945—June 259,115 18,812 6,128 234,175 21,792 84,200 9,600 22,700 30,900 5,300 59,800 1946—June .... 269,898 22,332 6,798 240,768 23,783 84,400 11,500 25,300 25,300 6,500 64,100 Dec 259,487 24,585 6,338 228,564 23,350 74,500 11,800 25,300 22,400 6,300 64,900 1947—June 258,376 27.366 5,445 225,565 21,872 70,000 12,100 25,000 22,300 7,100 67,100 Dec 256,981 28,955 5,397 222,629 22,559 68,700 12,000 24,300 21,200 7,300 66,600 1948— D ju e n c e 2 2 5 5 2 2 , , 3 8 6 5 6 4 3 3 1 0 , , 7 2 1 1 4 1 5 5 , , 6 5 0 3 3 8 2 2 1 1 5 6 , , 5 6 3 1 7 7 2 23 1 , , 3 3 3 6 3 6 6 6 2 4 , , 5 60 0 0 0 1 1 2 1 , , 0 5 0 0 0 0 2 2 1 3 , , 5 20 0 0 0 2 2 1 0 , , 4 7 0 0 0 0 7 7 , , 8 9 0 0 0 0 6 6 7 7 , , 0 6 0 0 0 0 1949— D ju e n c e 2 2 5 5 2 7 , , 7 1 9 6 8 0 3 3 2 3 , , 7 8 7 9 6 6 5 5 , , 4 4 9 5 8 0 2 2 1 1 4 7 , , 5 8 2 1 4 4 1 1 9 8 , , 3 8 4 8 3 5 6 6 3 6 , , 0 8 0 0 0 0 1 1 1 1 , , 6 4 0 0 0 0 2 2 0 0 , , 5 90 0 0 0 2 2 2 2 , , 7 6 0 0 0 0 8 8, , 1 0 0 0 0 0 6 6 8 9 , , 9 5 0 0 0 0 1950—Mar 255,747 32,098 5,510 218,139 17,592 64,900 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 May 256,370 31,868 5,487 219,015 17,389 65,800 11,600 20,400 24,700 8,700 70,500 June 257,377 32,356 5,474 219,547 18,331 65,700 11,600 20,200 24,700 8,600 70,500 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. 8 Including savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country. NOTE.—Holdings of Federal Reserve Banks and U S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Interest-bearing public marketable securities. In millions of dollars] U. S. U. S. End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u i n e e v d s n s t t - . s B F e R e a e r r e a n d v - l k - e s b C m c a o i n e a m k r l - s - 1 b M s t i a n u a n g v a u k s l - - s p I c a n a o n s n m c u i e e - r s - Other End of month s T t o i a o u n n t g t a d - l - G a t a c r g o i u n e e v d s n s t t - . s B F e R e a e r r e a n d v - l k - e s b C m c a o i n e a m r k l - s - 1 b M s t i a n u a n g v a u k s l - - s p I c a n a o n s n m c u i e e - r- s Other funds funds Type of Treasury bonds security: and notes, due or callable: Total:2 Within 1 year: 1 1 1 9 9 9 4 4 4 7 9 8 — — — D D D J J u u e e e n n c c c e e 1 1 1 1 1 5 5 5 6 6 7 5 5 5 0 , , , , , 4 1 1 7 3 9 3 6 9 7 6 8 0 1 3 5 5 5 5 5 4 2 4 3 3 7 0 2 7 6 7 2 7 4 12 2 2 1 1 1 2 3 9 8 , , , , , 3 5 3 3 8 6 5 3 4 8 6 9 3 3 5 6 5 5 5 5 5 1 6 9 7 , , , , , 2 3 3 8 5 3 5 5 9 7 7 6 3 9 0 1 1 1 1 1 0 1 1 1 0 , , , , , 8 5 5 7 0 7 5 2 7 2 7 2 2 2 9 2 2 1 1 1 2 1 9 9 8 , , , , , 8 7 8 5 0 1 0 9 3 9 9 5 5 5 0 4 4 4 4 4 2 4 2 2 1 , , , , , 6 0 7 1 7 3 8 7 5 6 7 7 9 4 3 1 1 1 9 9 9 4 4 4 7 8 9 — — — D D D J J e e e u u c c c n n e e . . . . . . . . 1 1 1 1 1 0 1 4 4 3 , , , , , 2 2 3 2 4 1 2 1 6 1 6 6 9 3 1 6 9 3 4 1 9 8 6 9 9 2 1 , ,6 0 9 8 8 9 7 8 6 7 3 0 2 1 8 5 5 9 8 7 , , , , , 5 0 9 0 2 7 1 2 2 4 1 4 1 2 4 2 2 2 2 1 3 3 3 6 7 2 6 8 6 1 3 3 2 3 4 2 1 8 6 7 9 6 5 8 3 3 3 4 2 3 , , , , , 1 9 6 5 6 2 5 5 7 8 5 6 3 5 5 1950—May.... 155,016 5 362 17,38959,118 10,881 18,30743,959 June... . 155,325 5 350 18,33158,972 10,877 18,13243,663 1950—May.... 8,761 21 463 5,646 134 306 2,191 Treasury bills: June... . 10,387 70 505 7,001 151 360 2,300 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 2,636 30,580 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— J M un a e y . . . . . .. . 1 1 3 3 , , 0 5 2 3 3 3 .15 3 3 4 , ,0 8 6 5 9 6 3 3 , , 1 7 7 0 4 3 3 2 5 1 6 9 7 0 5 5 , , 6 8 7 4 7 6 1949— D Ju e ne c... 3 35 9 , , 0 1 6 7 7 5 2 1 1 8 2 6 2 1 , ,9 1 2 2 2 1 2 2 6 4 , ,9 3 0 0 7 4 1 1, ,1 2 2 7 1 9 2 1 , , 1 6 2 4 4 1 5 7 , , 2 13 9 5 0 Ce 1 1 r 9 t 9 i 4 4 fi 7 8 c — — ate D J s u e : n c e 2 2 1 2 , , 2 5 2 8 0 8 3 1 0 4 6 4, , 6 7 1 9 6 7 6 8 , , 5 55 3 2 8 2 31 0 7 0 2 47 6 9 9 8 7 , , 6 3 1 8 0 6 1950— Ju M n a e y .. . . . . . . 4 5 8 1 , ,8 6 0 1 2 1 3 3 7 2 9 7 3 5 , , 3 1 0 1 1 6 3 3 2 3 , , 9 1 3 2 8 7 1 1 , , 0 0 5 5 2 8 1 1 , , 7 7 7 3 5 11 9 0 , , 1 4 6 4 6 3 Dec 26,525 24 6,078 9,072 256 672 10,423 1949— D ju e n c e 2 2 9 9 , , 4 6 2 3 7 6 2 4 6 8 6 6 , , 8 2 5 7 7 5 1 9 1 , , 5 5 6 2 1 0 2 1 0 6 7 9 6 6 0 3 2 3 1 1 2 0 , , 1 9 7 9 4 1 o— 1 1 9 9 i 4 4 u 7 8 y — — ea D J r e s u : c ne.... 1 10 0 , , 4 2 6 7 4 0 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 8 9 8 1 0 1 1 1, , 9 9 3 2 6 8 1950—May.... 23,437 13 5,875 7,723 124 506 9,196 Dec 10,464 314 434 6,314 520 997 1,885 June 18,418 7 5,357 5,354 64 382 7,254 1949—June.... 15,067 532 584 6,587 2,002 1,732 3,630 Treasury notes: Dec... 18,537 568 1,388 6,995 2,640 2,230 4,716 1947—Dec 11,375 4 1,477 5,327 98 245 4,224 1948—June.... 11,375 1,968 4,531 98 223 4,555 1950—May.... 15,926 423 1,152 5,536 2,524 2,128 4,163 Dec 7,131 "h 791 3,099 84 166 2 ,984 June 15,926 423 1,148 5,675 2,439 2,055 4,186 1949—June.... 3,596 47 359 1,801 41 104 1,244 Dec 8,249 15 562 5,569 107 244 1,752 After 10 years: 1950— J M un a e y . . . . . . . . 2 1 0 5 , , 4 5 0 8 4 6 3 2 1 9 3 1 , ,6 5 4 0 4 0 1 9 1 , , 7 2 3 0 6 4 1 1 3 5 0 4 3 4 2 0 6 3 3 5 , , 7 1 1 1 9 4 1 1 9 9 4 4 8 7 — — D J D e u c n e e c . . . . . . . 5 5 5 3 4 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 3 5 , , , 9 5 0 2 4 0 1 2 3 8 8 8 , , , 6 0 6 3 4 0 9 8 61 1 1 8 7 5 , , , 1 2 2 2 1 3 9 1 0 1 1 1 6 5 7 , , , 5 0 7 4 9 1 2 4 0 Tre 1 1 a 9 9 s 4 4 u 7 8 r — y — D b J e u o c n n d e. s . : .. 1 11 1 2 7 , , 4 8 6 6 2 3 5 5 , ,3 1 3 7 6 3 2 6 , , 8 2 5 0 3 6 4 4 7 2 , , 4 14 2 6 4 1 1 1 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 Ju e n c e 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, , 2 5 9 8 3 8 1 1 4 3 , ,4 1 8 7 5 91 1 4 3 , , 2 0 4 9 2 0 1949— D D Ju e e n c c e 1 1 1 1 0 1 0 4 1 , , , 4 7 4 2 5 4 6 8 0 5 5 5 , , , 3 2 21 4 0 7 0 1 1 7 7 0 , , , 2 7 9 1 7 8 8 7 04 4 3 2 9 0 , , , 0 2 3 4 3 7 2 5 1 1 1 1 0 0 0 , , , 4 4 7 8 8 6 0 6 81 1 1 8 7 8 , , , 5 3 8 7 1 9 9 5 12 2 2 5 6 5 , , , 3 3 0 7 2 2 5 0 9 1950— Ju M n a e y . . . . . . . . 4 4 5 5 , , 0 0 8 8 4 4 4 4 , , 4 4 8 7 2 6 2 2 , , 5 3 2 4 9 9 4 4, , 0 0 9 7 2 7 7 7 , , 0 1 2 3 4 0 1 1 3 3 , , 5 5 1 0 7 7 1 1 3 3 , , 4 5 6 2 1 4 1950—May 102,795 5,267 5,80238,461 10,60417,40125,260 June.... 102,795 5,273 5,618 38,691 10,62417,24925,340 * 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. 1222 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 e d - g s i e - t s B ( d u + e u r f ) d p i c g l o u i e t r s t c T o e a r t u c u c n - . s 1 t t s c C o i a l n u c e g - a n r t - 1 G de ro b s t s G ba f e u l n a n e n d r c a e l a g B e n i e r a n a c n l l e - - Total F D e R e r e e a d - p l - osit S c s p ia i e n l - O as t s h e e ts r T b t l o i i i e a l t i s - a - l c C o i a n m s - h e o C u a t s g h o i ( E n o + x c u ) o c t g e m o s o r e s fund serve depos- Banks2 itaries Fiscal year: 1948 42,211 33,791 +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 40,057 — 1 811 —495 +366 +478 — 1 462 3,470 3,862 438 1,771 1 653 392 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 40 97043 155 —2 185 1949—Aug... 2,479 3,585 -1,106 +345 -133 +1,975 +1,081 4,418 4,767 610 2,513 1,644 349 3,150 3,715 -566 Sept.. 4,832 3,995 +837 -404 +20 +828 +1,281 5,699 6,080 1,176 3,226 1,679 381 4,915 3,847 +1,068 Oct... 1,881 3,111 -1,230 +10 +160 +98 -962 4,737 5,080 595 2,831 1,654 343 2,046 3,266 -1,220 Nov.. 2,344 3,127 -783 +299 -36 +204 -315 4,422 4,789 517 2,632 1,641 367 2,965 3,426 -461 Dec... 4,191 3,722 +469 -272 -88 +148 +257 4,679 5,033 841 2,557 1,635 354 4,263 4,070 +193 1950—Jan... 3,366 3,323 +44 +2 +589 -265 +370 5,049 5,421 677 2,898 1,847 372 3,485 3,177 +308 Feb... 2,972 2,496 +476 +170 -11 -497 +137 5,186 5,489 666 3,146 1,677 303 3,595 3,537 +58 Mar... 4,820 3,269 +1,551 -93 +122 -645 +935 6,121 6,438 1,006 3,665 1,766 317 5,162 4,046 +1,116 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 1,609 294 2,939 3,700 -762 June.. 4,404 4,296 + 108 -53 -8 +1,007 +1,053 5,517 5,927 950 «3,268 1,709 410 4,687 4,061 +626 July. . 1,881 3,013 -1,132 -99 +31 + 183 -1,017 4,500 4,864 566 2,618 1,680 364 2,110 3,143 -1,032 Aug... 2,860 2,515 +344 +147 -140 +333 +685 5,185 5,501 733 3,115 1,654 316 DETAILS OF TREASURY RECEIPTS On basis of daily statements ofUnited States Treasury On basis of reports by collectors of internal revenue Income taxes Deduct Individual Corporation income Excise F o i r s c m al o y n e th ar b p W y l h o e i y e t l e h d m r - s - Other i r n e n c M v t e e e e o l r i l n s u n a u - - s a e l S S ta r o e i x c c t e y i u a s - l c O e r i t p e h - t e s r 4 c T e r o i e p t - a ts l R t e a f o x u f e n s ds e S t m S a m e o x c p e c e u l n i o s r a t i y l 5 t - y c N e r i e e p - t ts W i h n e c it l o d h m - e O ta t x h e e s r N s a u o a n r r n d t m d a p x a r l ofits E p o t r a x a t o n h c x f e d e i e t s r s s s t t a a g E a x n i s t f e d e t - s m la o ta a n i t s x h n e c d e e o e s r u l- s Fiscal year: 1948 11,43619,735 8,301 2,396 4,231 46,099 2,272 1,616 42,211 11,534 9,464 9,852 323 899 7,412 1949 . 9,842 19,641 8,348 2,487 2,456 42,774 2,838 1,69038,246 10,056 7,996 11,343 211 797 7,585 1950 10,07318,189 8,303 2,892 1,853 41,311 2,160 2,10637,045 9,889 7,264 10,760 95 706 7,599 1949—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 4,404 188 917 1,773 7 54 670 July.... 434 594 737 204 179 2,148 66 201 1,881 689 228 402 12 45 718 Aug.. . . 1,423 345 948 340 181 3,238 62 316 2,860 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 a n t i a n e d n d - a r c - l e t e r m V A a ra i t e d n i n t o - i - s s n ' - a t c A u g t u o i r r l d e i - - T c t o f r r a e t u a u c o r n n s - s t s ts - Other c N e r i e e p - t ts ac m c v o I e e n u s n - t n - t t s s p tu E e r n x e d - s i- ce R i e p - ts m v I e e n s n - t- ts p tu E e r n x e d - s i 4 - Fiscal year: 1948 33,791 11,500 5,211 4,143 6,317 782 1,178 4,661 3,918 2,210 1,640 5,598 850 2,109 1949 40,057 12.158 5,339 '6,016 6,791 '2,656 916 6,181 3,722 1,479 2,252 1,992 832 1,646 1950 40,167 12,378 5,750 '4,657 6,044 '2,984 1,383 6,970 4,293 1,028 3,114 2,376 -1,430 3,857 1949—Aug 3,585 1,165 125 421 518 327 330 698 637 46 262 395 265 114 Sept 3,995 1,024 544 455 440 495 419 618 37 151 265 513 425 113 Oct 3,111 1,002 255 394 504 242 85 628 172 -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 45 652 291 -29' 295 121 -424 568 Feb 2,496 936 161 '326 494 '123 8 448 568 85 267 116 -746 909 Mar 3,269 1,051 636 '404 578 '98 11 491 262 47 311 158 -844 999 Apr. 2,847 964 184 '359 499 '202 69 570 178 52 238 127 -327 421 !May .. 2,962 1,007 136 '420 498 '446 16 439 556 169 243 117 -73 186 June 4,296 998 1,611 '405 459 '150 8 665 493 309 225 451 279 184 July 3,013 1,028 271 269 448 424 31 543 262 146 189 65 6 85 Aug 2,515 134 464 P-112 2>28 630 277 186 96 4 112 « Corrected. *» Preliminary. ' Revised. 1 Excess of receipts (+) or expenditures (—). 2 Excluding items in process of collection beginning with July 1947. 3 For description, see Treasury Bulletin for September 1947 and subsequent issues. 4 Including surplus property receipts amounting to 1,929 and 589 million dollars in 1948 and 1949, respectively, and receipts from renegotiation of war contracts amounting to 164 and 57 million in 1948 and 1949, respectively. 5 These are appropriated directly to the Federal old-age and survivors insurance trust fund. SEPTEMBER 1950 1223 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 l 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 m C p r s t a l i i u o o a n i a e p e m t d l d s e - s s , i , - - - G U s ri e o t . c i v e I u S m n t s - . . v e e n r O s t s i s t e t - t i c h e u e s - r 2 L s e t m u t a q a r r n e u u n e d n i c d s p t - , , - O s a t e h s t - e s r a t B F g u n a u u b o r t n a e y l e n d l r e s y d - d s d p , e a n O b y o e a t t h n b e e - l s e r , 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 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 1,074 20,460 177 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 C a o r m m m er o s d ' i H ty o m Cr e e d A i d t m C i o n r i p s o tr r a a t t i i o o n n 4 3,5 4 7 90 5 1, 4 9 2 8 1 8 1,414 68 1,32 2 6 2,2 48 4 7 5 Federal Crop Insurance Corp 35 7 28 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 740 320 395 172 320 75 173 Federal Savings and Loan Insurance Corp. 223 217 6 217 Pu H bl o ic m e H o O u w si n n e g r s A ' L dm oa i n n is C t o ra rp tion 5 1,6 1 6 76 2 3 1 0 4 9 7 5 1,310 (•) 2 9 0 1,6 1 4 65 2 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 Other7. . 1,043 17 902 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 other * 7,410 112 3,809 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 r m p . t . . b c m i F n r a a e e e t n t e d d e d k r i i . - s - t B f o t o a i p r v n e e k r c s a o s - - m C C C r o o o e d m r d p i i - t . t y t R A r E t i i f u l d o i e r c m n c a a - l . - F A H e a d o r r s m m m ' . e - H C O L e o o o w r m s r a n ' p n e - . P H A u i o d n b u m g l s i . c - b h F l a o o e n m a d k n . e s R s n C t t e a F i r o c n o u i r o - n c c p n e - . - B p p I E o a m o x r n r - t - t k - o A th l e l r a c g A i e e l n l s - a D g 1 e e 9 c 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: 110 3 113 114 Other 1 462 33 496 462 To aid financial institutions: (3) 3 3 4 Other 320 8 328 442 Foreifirn 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. 3 Less than $500,000. 4 Includes assets and liabilities of the Regional Agricultural Credit Corporation, which have been reported as "Disaster Loans, etc., Revolving Fund," since the dissolution of that Corporation pursuant to Public Law 38, 81st Congress. 5 Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing program, and Public Housing Administration activities under the United States Housing Act, as amended. 6 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 7 Includes figures for Smaller War Plants Corp. which is being liquidated by the Reconstruction Finance Corp. 8 Figures for one small agency are for a date other than 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. 1224 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 Tot I a ( 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 o r r = - c l o u a t d 1 u m n u 0 r u N d e c e 0 - ) s t u o i * r n o - 2 - n M era in ls - T a o w 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 i e e r 5 r a u n s a ( l i c - = c v - t t a i s 1 o lu 0 o n e A t 0 h ) l 2 e l r N t a c u g u o r r l n a E i - - l - 1 m 9 p 39 lo F y = m a c 1 e t 0 o n 0 r t y 3 1 r F p 9 t o 1 o a 3 a l 0 l c r 9 y s 0 y - - 3 = c 1 F a 9 i = r n r 3 e l g 1 5 o i s 0 g - a * 3 0 h d 9 t - 1 D u 9 m s = s ( e e 3 v t a p o e ) a 1 5 l a e l n r 0 - * - e s r 3 t 0 * t 9 - 1 s p 9 u = C r 3 i m c o 1 5 e n 0 e - s - 3 0 r 3 s 9 ' W p m c = r 1 s i o h o 9 a c 1 m o d 2 l e 0 e l 6 i s - 0 e t 3 y able able Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 88.6 103.7 103 9 120 83 123 8 138 6 1920 75 93 60 83 63 30 90 89.4 104.1 124 2 129 99 143 3 154 4 1921 58 53 57 66 56 44 65 79.7 79.7 80.2 110 92 127.7 97 6 1922 73 81 67 71 79 68 88 84.4 88.2 86 0 121 93 119 7 96 7 1923 88 103 72 98 84 81 86 92.9 100.9 109.1 142 104 121 9 100 6 1924 82 95 69 89 94 95 94 91.7 93.7 101.8 139 104 122.2 98 1 1925 90 107 76 92 122 124 120 94.1 97.0 107.3 146 109 125.4 103.5 1926 96 114 79 100 129 121 135 97.5 98.9 110 5 152 112 126 4 100 0 1927 95 107 83 100 129 117 139 98.0 96.7 108 5 147 113 124 0 95 4 1928 99 117 85 99 135 126 142 98.1 96.9 109.8 148 114 122 6 96 7 1929 110 132 93 107 117 87 142 102.5 103.1 117 1 152 116 122 5 95 3 1930 91 98 84 93 92 50 125 96.2 89.8 94.8 131 108 119 4 86 4 1931 75 67 79 80 63 37 84 87.1 75.8 71.8 105 96 108 7 73 0 1932 58 41 70 67 28 13 40 77.2 64.4 49.5 78 75 97.6 64 8 1933 69 54 79 76 25 11 37 77.5 71.3 53 1 82 73 92 4 65 9 1934 75 65 81 80 32 12 48 84.9 83.2 68.3 89 82 95 7 74 9 1935 87 83 90 86 37 21 50 88.5 88.7 78.6 92 88 98.1 80 0 1936 103 108 100 99 55 37 70 95.1 96.4 91.1 107 100 99.1 80 8 1937 113 122 106 112 59 41 74 101.4 105.8 108.9 111 107 102 7 86 3 1938 89 78 95 97 64 45 80 95.4 90.0 84.7 89 99 100.8 78 6 1939 109 109 109 106 72 60 81 100.0 100.0 100 0 101 106 99 4 77 1 1940 125 139 115 117 81 72 89 105.8 107.5 113.6 109 114 100 2 78 6 1941 162 201 142 125 122 89 149 119.4 132.8 164 9 130 133 105 2 87 3 1942 199 279 158 129 166 82 235 131.1 156.9 241.5 138 150 116 5 98 8 1943 239 360 176 132 68 40 92 138.8 183.3 331 1 137 168 123 6 103 1 1944 235 353 171 140 41 16 61 137.0 178.3 343 7 140 187 125 5 104 0 1945 203 274 166 137 68 26 102 132.3 157 0 293 5 135 207 128 4 105 8 1946 170 192 165 134 153 143 161 136.7 147 8 271 1 132 264 139 3 121 1 1947 187 220 172 149 157 142 169 143.2 156.2 326 9 143 286 159 2 152 1 1948 192 225 177 155 190 162 214 145.9 155.2 351.4 138 302 171.2 165 1 1949 176 202 168 135 211 192 226 142.0 141.6 325 3 116 286 169 1 155 0 1948 August 191 194 223 177 159 201 177 220 146.7 155.6 156.3 360.1 142 308 174.5 169.8 September 192 197 225 178 156 193 165 216 146.8 155.6 158.9 366.8 139 308 174.5 168 9 October 195 199 231 179 158 184 157 206 146.8 155.3 157.6 366.7 140 310 173.6 165.4 November 195 195 229 178 161 189 154 217 146.6 154.5 155.9 362.8 137 291 172.2 164 0 December 192 190 231 173 156 180 145 209 146.2 152.1 153.5 360.7 137 302 171.4 162.4 1949 January 191 187 227 175 149 174 133 207 144.9 149.3 148.9 345.9 131 295 170.9 160.7 February 189 185 225 173 149 169 123 207 144.1 147.6 147.4 340.4 126 284 169.0 158 4 March 184 181 223 168 136 175 130 212 143.4 145.6 145.3 332.8 120 279 169.5 158.6 April . 179 177 212 162 148 177 141 206 142.8 143.4 141.8 319.2 127 293 169.7 157.1 May 174 174 201 161 145 181 159 199 142.1 140.8 138.2 312.8 124 291 169.2 155 8 June 169 170 194 161 133 195 176 210 141.6 139.9 138.4 315.7 114 285 169.6 154.5 July 161 163 185 154 123 209 200 217 141.0 138.9 136.9 312.8 110 r281 168.5 153.6 August 170 174 193 165 129 229 228 230 141.5 139.6 141.1 323.0 117 283 168.8 152 9 September 174 178 199 172 119 246 254 240 142.2 141.3 143.7 335.1 105 289 169.6 153.5 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 Ta.nii3.rv 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 M^arch 187 183 211 181 144 275 278 274 141.2 141.2 141.0 333.5 127 274 167.0 152 7 April 190 188 222 180 140 284 298 273 142.9 143.1 141.6 337.2 126 292 167.3 152.9 May 195 195 231 181 145 274 303 250 144.0 147.2 144.5 '348.8 122 290 168.6 155.9 June . .. 199 200 237 184 151 291 325 262 145.4 148.9 147.4 362.2 127 298 170.2 157.3 July P197 P198 ?235 P181 P146 P323 *>365 P289P145.8P150.1P147.8 e365.0 126 362 172.5 162.9 August «205 *209 •241 "190 161 135 e335 * Average per working day. « Estimated. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 1226-1229. For points in total index, by major groups, see p. 1248. 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. 1233. 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. 1235-1238. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for department store sales, June 1944, pp. 549-561. SEPTEMBER 1950 1225 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 Industry July Aug. Sept. Oct. Nov. Industrial Production—Total ... 161 170 174 166 173 Manufactures—Total 168 178 184 176 179 Durable Manufactures 185 193 199 175 181 156 178 179 102 Pig iron 158 170 171 23 107 Steel .... 162 191 193 38 137 Open hearth 148 165 168 21 105 Electric 259 376 373 162 359 M achinery - 217 216 224 226 217 Transportation Equipment 249 246 252 238 206 Automobiles (including parts) 225 225 231 216 175 (Aircraft; Railroad Equipment; Shipbuilding — Private t$ onferrous M.etals and Products 127 141 157 164 163 Smelting and refining 180 174 175 167 169 (Copper smelting; Lead refining; Zinc smelting; Fabricating .. 105 128 150 162 161 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 115 126 132 133 147 Lumber 104 115 119 116 139 Furniture . . . .. 136 148 158 165 163 Stone Clay and Glass Products 185 183 183 184 183 Glass products 202 192 184 193 184 Glass containers 223 204 195 204 193 Cement 190 183 189 182 191 Clay products 140 145 146 146 147 Nondurable Manufactures 154 165 172 177, 177 Textiles and Products 120 140 155 169 175 Textile fabrics 107 127 140 153 157 Cotton consumption 87 111 127 134 138 Rayon deliveries . . . 238 259 294 318 340 Nylon and silk consumption ^ Wool textiles 109 134 139 161 158 Carpet wool consumption 91 141 148 178 186 Apparel wool consumption 109 134 138 158 140 Wool and worsted yarn 108 129 135 154 144 ^Voolen yarn 113 132 128 141 135 Worsted yarn 102 126 145 174 158 Woolen and worsted cloth 118 136 140 163 166 Leather and Products . . 96 110 115 108 97 Leather tanning 84 91 100 98 92 Cattle hide leathers . . 98 104 112 106 100 Calf and kip leathers 55 69 77 81 77 Goat and kid leathers ... 71 72 84 85 80 Sheep and lamb leathers 70 78 87 93 Shoes . 104 123 125 115 Manufactured Food Products... 161 166 167 165 Wheat flour 112 109 110 111 Cane sugar meltings ^ Manufactured dairy products . ... 151 152 151 146 Butter 78 82 86 83 Cheese 171 171 167 162 Canned and dried milk... 173 172 158 140 Ice cream 2 OOO 1950 Dec. Jan. Feb. Mar. Apr. May June July 179 183 180 187 190 195 199 P197 188 192 192 194 199 204 208 P206 203 209 207 211 222 231 237 201 203 201 205 222 226 231 P227 198 201 175 175 219 222 221 223 239 244 238 243 270 273 271 264 194 192 181 180 204 206 202 201 557 612 639 691 739 755 763 710 227 229 236 243 251 *258 262 P264 211 242 210 214 226 r262 277 P275 181 224 182 189 '204 '249 268 P265 166 180 190 200 198 197 207 P203 174 191 202 208 207 208 219 P208 163 176 184 197 194 192 202 P200 159 144 150 156 159 158 155 P152 153 132 138 145 150 149 144 140 170 166 173 176 175 175 177 187 190 192 188 '200 203 210 P210 182 194 195 191 209 211 220 P224 190 206 207 201 222 '223 234 244 206 207 211 192 218 210 214 208 150 158 157 158 •"161 162 176 179 180 181 180 181 184 P181 173 178 179 173 174 175 173 P168 154 160 162 156 157 158 156 P\5\ 134 144 144 138 139 140 132 123 350 355 357 350 348 347 r348 359 151 154 159 i52 154 157 161 193 215 215 210 222 216 204 136 147 163 153 143 149 152 133 131 140 134 134 140 147 119 119 122 116 119 127 134 153 148 165 161 156 158 165 159 156 156 146 149 153 162 101 108 115 116 110 101 105 99 95 102 98 101 95 102 111 103 112 108 112 104 115 88 86 85 77 83 75 79 78 85 89 91 83 88 89 76 80 91 82 97 81 86 103 116 124 128 115 106 108 P108 160 160 161 161 165 164 164 164 P161 110 105 114 112 111 105 107 106 147 148 148 149 154 153 150 " 153' 152 86 85 85 86 94 91 85 87 85 176 183 185 181 191 195 175 184 178 135 142 135 144 158 155 155 165 167 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. 1226 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average ==100] 1949 1950 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Manufactured Food Products—Continued Meat packing 150 153 158 155 154 157 154 151 160 157 144 147 151 Pork and lard 164 168 181 184 183 185 174 168 184 182 161 165 169 Beef 147 148 146 133 132 137 146 146 150 144 142 141 146 Veal 127 139 134 129 133 125 108 105 108 104 98 108 114 Lamb and mutton 77 80 83 85 81 86 85 77 76 74 71 79 78 Other manufactured foods 168 174 176 175 168 167 169 169 173 171 173 P\13 166 Processed fruits and vegetables 139 151 137 149 134 132 142 136 152 148 '150 156 P122 Confectionery ... .... 108 134 142 132 127 140 139 139 136 131 131 Other food products 185 187 191 189 183 181 181 183 184 184 186 184 P184 Alcoholic Beverages. . 165 172 174 167 187 173 169 159 175 169 172 184 206 Malt liquor 171 169 166 143 171 172 170 159 172 159 157 163 171 Whiskey 42 44 69 72 77 83 88 84 81 97 93 95 84 Other distilled spirits 200 292 182 194 149 228 259 214 214 280 363 417 611 Rectified liquors . . . 246 257 314 369 390 240 205 204 268 242 235 269 314 Tobacco Products. . , 146 178 175 165 169 149 162 162 176 161 168 170 154 Cigars 101 111 125 123 120 88 97 102 97 91 93 106 96 Cigarettes 196 242 231 217 226 205 224 222 248 224 237 233 212 Other tobacco products 61 78 76 72 67 66 69 67 72 67 63 68 59 Pafier and Paper Products 129 155 169 176 177 167 179 178 179 181 180 rl85 173 Paper and pulp 126 148 160 168 168 160 171 171 172 174 173 177 166 Pulp 147 171 179 192 191 180 198 201 198 204 199 205 202 Groundwood pulp 99 99 104 104 91 98 93 98 94 97 99 109 119 Soda pulp .... 87 99 102 112 113 107 118 117 113 121 119 120 110 Sulphate pulp , 256 302 315 340 336 312 354 360 350 365 363 373 371 Sulphite pulp 104 124 133 144 145 138 148 149 152 153 145 146 141 Paper 122 144 157 164 165 157 167 167 169 170 168 173 161 Paperboard 142 184 203 206 210 193 209 205 203 207 211 213 198 Fine paper ^ Printing paper 133 150 161 168 167 166 167 167 175 171 167 172 156 Tissue and absorbent paper 141 144 157 170 168 161 175 170 173 185 166 171 181 Wrapping paper 109 123 136 150 150 145 155 162 163 160 158 167 151 Newsprint 106 101 96 96 94 94 98 98 102 111 112 115 117 Paperboard containers (same as Paperboard) Printing and Publishing . . . . 144 151 159 165 160 159 163 168 169 169 166 170 162 Newsprint consumption . .... 156 151 156 162 153 152 159 169 163 168 165 168 167 Petroleum and Coal Products... 198 203 208 198 205 219 211 205 207 206 216 222 P228 Petroleum refining ^ Gasoline 178 177 179 180 177 180 176 174 173 171 181 188 US? Fuel oil. 159 168 180 182 182 190 192 187 178 172 175 179 Lubricating oil 132 131 142 152 152 153 149 148 152 133 143 152 Kerosene . 142 142 160 177 177 198 207 190 188 170 184 177 Coke . . . 139 146 145 49 102 158 154 124 146 174 175 r177 176 By-product coke 143 150 149 50 104 161 156 127 145 170 171 170 170 Beehive coke 18 33 23 7 23 58 76 21 181 320 328 371 Chemical Products... ...228 229 236 240 243 245 248 247 247 252 256 261 P260 Paints 133 137 139 143 143 141 144 147 147 147 147 156 Rayon.., 252 257 276 294 316 335 349 355 352 349 350 350 P359 Industrial chemicals . . . . . . .. 392 388 405 414 417 422 419 424 428 434 444 451 Rubber Products 175 178 174 192 187 193 194 195 197 r203 213 220 P230 Minerals—Total... 123 129 119 141 132 130 118 144 140 145 151 P146 Fuels 126 134 122 120 152 136 133 118 148 147 148 155 P149 Coal 83 102 58 49 130 95 91 43 141 131 124 128 101 Bituminous coal . . . . 80 108 60 31 133 103 96 38 149 143 131 136 109 Anthracite 93 82 50 118 117 63 69 65 108 83 97 ^96 68 Crude petroleum 147 149 154 156 163 157 154 155 152 155 160 168 Metals 105 102 98 59 76 106 117 118 119 98 130 P124 Metals other than gold and silver 144 140 133 63 91 141 160 161 159 121 166 Pill (Conner* Lead* Zinc^2 Gold 51 48 50 52 54 55 57 58 62 62 66 63 Silver 56 52 54 57 63 64 60 63 72 81 16 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. 1227 SEPTEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average=100] 1949 1950 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Industrial Production—Total. 163 174 178 169 174 178 179 177 183 188 195 200 P198 Manufacturers—Total 169 181 188 179 180 186 189 188 191 197 203 208 P206 Durable Manufactures.... 186 194 200 176 181 201 206 204 210 221 232 238 mi Iron and Steelx ... ... 156 178 179 102 145 201 203 201 205 222 226 231 P227 Pig iron 158 170 171 23 107 198 201 175 175 219 222 221 223 Steel 162 191 193 38 137 239 244 238 243 270 273 271 264 Open hearth 148 165 168 21 105 194 192 181 180 204 206 202 201 Klectric 259 376 373 162 359 557 612 639 691 739 755 763 710 Machinery . 217 216 224 226 227 229 236 243 251 r258 262 P264 Transportation Equipment . . .. ... 249 246 252 238 206 211 242 210 214 226 '262 277 P275 Automobiles (including parts) . . . . 225 225 231 216 175 181 224 182 189 r204 r249 268 P265 (Aircraft; Railroad equipment; Shipbuilding—Private and Government)2 Nonferrous Metals and Products 127 141 157 164 164 167 180 190 201 198 197 207 P202 Smelting and refining 179 174 175 167 170 175 191 202 208 207 208 218 P2Q7 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 105 128 150 162 161 163 176 184 197 i94 192 202 P200 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products ... 121 134 141 138 144 145 130 138 147 158 162 166 P161 Lumber 113 126 132 125 134 132 111 119 133 150 155 160 155 Furniture 136 148 158 165 163 170 166 173 176 175 177 ^174 175 Stone, Clay, and Glass Products ... 187 190 191 193 188 181 179 179 180 212 '197 Glass products 196 197 188 197 186 172 191 191 191 222 218 P217 Glass containers . 214 212 199 210 195 177 202 201 201 222029 238 232 234 Cement 209 207 219 211 206 187 168 160 157 207 221 229 229 Clay products 140 149 151 154 153 154 147 150 151 154 160 P162 Other stone and clay products 2 Nondurable Manufactures. 156 170 178 181 178 175 175 176 177 178 180 184 Textiles and Products 120 140 155 169 175 173 178 179 173 174 175 173 P168 Textile fabrics . 107 127 140 153 157 154 160 162 156 157 158 156 Cotton consumption 87 111 127 134 138 134 144 144 138 139 140 132 123 Rayon deliveries 238 259 294 318 340 350 355 357 350 348 347 359 Nylon and silk consumption 2 Wool textiles 109 134 139 161 158 151 154 159 152 154 157 161 Carpet wool consumption 91 141 148 178 186 193 215 215 210 222 216 204 Apparel wool consumption 109 134 138 158 140 136 147 163 153 143 149 152 Woolen and worsted yarn 108 129 135 154 144 133 131 140 134 134 140 147 Woolen yarn 113 132 128 141 135 119 119 122 116 119 127 134 Worsted yarn 102 126 145 174 158 153 148 165 161 156 158 165 Woolen and worsted cloth 118 136 140 163 166 159 156 156 146 149 153 162 Leather and Products . ... 94 110 114 108 98 101 108 118 115 110 noi 105 Leather tanning .• 80 90 98 99 95 99 96 109 97 101 94 100 Cattle hide leathers . .. 92 101 110 107 105 111 105 120 108 112 104 111 Calf and kip leathers 55 72 76 83 78 86 84 89 75 80 72 80 Goat and kid leathers 70 70 84 85 77 79 85 92 90 86 86 90 Sheep and lamb leathers 65 81 86 93 91 72 74 100 79 95 86 Shoes ... .... 104 123 125 115 101 103 116 124 128 115 106 108 P108 Manufactured Food Products 172 189 190 177 162 156 149 146 148 150 157 164 P172 Wheat flour . . .. . . . .. 111 108 120 118 111 104 114 113 109 101 103 102 Cane sugar meltings 2 Manufactured dairy products 222 197 159 121 97 96 95 107 128 159 199 226 223 Butter 96 90 83 72 65 67 71 76 85 93 109 120 104 Cheese 210 191 171 146 132 132 137 149 172 203 235 ^261 219 I C c a e n c n r e e d a m a n 2 d dried milk 201 177 146 113 97 109 109 129 155 175 215 228 193 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. Series included in total and group indexes but not available for publication separately. 1228 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 Industry July Aug. Sept. Oct Nov. Dec. Jan. Feb. Mar Apr. May June July Manufactured Food Products—Continued Meat packing 140 134 145 155 172 186 183 144 148 145 144 146 141 Pork and lard 144 129 143 173 214 244 229 165 171 166 161 165 148 Beef 149 149 158 145 137 137 149 135 137 136 142 138 147 Veal 127 136 148 147 142 118 100 92 101 102 102 108 114 Lamb and mutton.. 74 78 89 88 81 84 90 78 74 72 73 73 75 Other manufactured foods 176 203 207 194 175 165 155 154 154 153 157 P163 P173 Processed fruits and vegetables. . 181 287 267 193 123 103 92 86 83 '90 98 120 P158 Confectionery 89 144 184 172 150 141 143 140 126 108 101 Other food products 189 191 195 198 193 184 173 174 177 177 182 i86 Alcoholic Beverages. 188 179 179 180 171 151 143 143 162 168 177 202 219 Malt liquor 213 192 168 133 132 138 139 144 160 167 179 205 214 Whiskey 42 44 69 72 77 83 88 84 81 97 93 95 84 Other distilled spirits. 116 158 249 503 312 250 168 128 139 168 218 258 354 Rectified liquors 246 257 314 369 390 240 205 204 268 242 235 269 314 Tobacco Products. 152 184 185 171 172 138 162 154 167 152 168 176 160 Cigars 101 111 125 123 120 88 97 102 97 91 93 106 96 Cigarettes 206 254 247 225 231 188 224 209 230 209 237 245 223 Other tobacco products. 61 75 81 77 69 58 68 65 72 67 64 69 59 Paper and Paper Products. 128 155 169 176 177 167 178 179 179 182 181 185 172 Paper and pulp 125 148 160 168 168 160 171 172 173 175 173 178 165 Pulp 145 169 177 191 191 180 198 201 199 205 201 205 200 Groundwood pulp 88 87 93 97 97 99 97 102 101 107 106 110 106 Soda pulp 87 99 102 112 113 107 118 117 113 121 119 120 110 Sulphate pulp 256 302 315 340 336 312 354 360 350 365 363 373 371 Sulphite pulp 104 124 133 144 145 138 148 149 152 153 145 146 141 Paper 122 144 157 164 165 157 166 168 169 170 168 173 160 Paper board 142 184 203 206 210 193 209 205 203 207 211 213 198 Fine paper 2 Printing paper 133 150 161 168 167 166 167 167 175 171 167 172 Tissue and absorbent paper 136 144 157 172 168 156 173 177 173 187 166 174 174 Wrapping paper 109 123 136 150 150 145 155 162 163 160 158 167 151 Newsprint 104 100 96 96 95 92 98 98 102 113 113 116 115 Paperboard containers (same as Paperboard). Printing and Publishing. 133 143 159 169 167 162 157 166 172 174 169 169 150 Newsprint consumption 134 136 157 171 167 159 147 166 170 178 172 144 Printing paper (same as shown under Paper). Petroleum and Coal Products. 198 203 208 198 205 219 205 207 206 216 222 P228 Petroleum refining 2 Gasoline. 178 177 179 180 177 180 176 174 173 171 181 Fuel oil 159 168 180 182 182 190 192 187 178 172 175 179 P187 Lubricating oil. 131 129 142 152 152 151 145 146 150 139 149 152 Kerosene 132 136 159 177 182 204 212 199 192 174 186 166 Other petroleum products 2. Coke 139 146 145 49 102 158 154 124 146 174 175 •177 176 By-product coke 143 150 149 50 104 161 156 127 145 170 171 170 170 Beehive coke 18 33 23 7 23 58 76 21 181 320 328 •428 371 Chemical Products. 225 226 238 245 247 249 250 250 255 258 P256 Paints 132 135 138 143 141 141 141 146 147 '149 151 160 Rayon 252 257 276 294 316 335 349 355 352 349 350 350 P358 Industrial chemicals 392 388 405 414 417 422 419 424 428 434 444 451 P449 Other chemical products 2. . . . Rubber Products 175 178 174 187 193 194 195 197 213 220 P230 Minerals—Total 128 134 123 112 141 128 125 113 139 138 147 155 P151 Fuels 126 134 122 120 152 136 133 148 147 148 155 P149 Coal 83 102 58 49 130 95 91 43 141 131 124 128 101 Bituminous coal. 80 108 60 31 133 103 96 38 149 143 131 136 109 Anthracite , 93 82 50 118 117 63 69 65 108 83 97 68 Crude petroleum 147 149 154 156 163 157 154 155 152 155 160 168 P174 Metals. . 140 135 128 63 76 81 80 81 83 87 r140 155 P158 Metals other than gold and silver 204 196 179 64 87 98 98 100 101 105 197 '224 P221 Iron ore 324 305 267 18 54 72 71 64 63 79 273 325 '343 (Copper; Lead; Zinc)2 Gold 50 59 Silver 55 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. 1229 SEPTEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] 1949 1950 Industry group or industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total 11,378 11,439 11,578 11,188 11,180 11,390 11,482 11,482 11,570 11,723 12 ,055 12,197 12,299 Durable goods 5,978 5,985 6,046 5,620 5,690 5,906 5,988 5,968 6,046 '6,194 '6,490 6,620 6,711 Primary metal industries 948 937 938 556 739 946 958 973 977 1,007 1,035 1,055 1,069 Fabricated metal products 688 698 708 674 663 678 686 691 702 r7l8 r749 777 787 Machinery except electrical 948 936 940 927 913 924 932 955 976 998 1 ,017 1,029 1,043 Klectrical machinery 521 517 534 543 538 551 555 567 574 '595 >-611 617 645 Transportation equipment 1,014 1,012 1,010 983 898 890 978 872 879 '896 1 ,050 1,082 1,077 Lumber and wood products 669 669 677 686 692 685 652 665 684 r699 '723 736 756 Furniture and fixtures 261 266 276 280 279 285 286 294 298 305 '308 307 311 Stone, clay, and glass products. . 406 410 412 409 409 410 405 410 410 419 '433 439 445 Instruments and related products 176 170 171 172 172 170 172 170 171 174 177 183 189 Miscellaneous manufacturing industries . . . 328 352 362 372 370 350 347 354 357 ••365 368 376 370 Ordnance and accessories 19 18 18 18 17 17 17 17 18 18 19 19 19 Nondurable goods 5,40© 5,454 5,532 5,568 5,490 5,484 5,494 5,514 5,524 '5,529 '5,565 5,577 5,588 Textile-mill products 1,096 1,114 1,143 1,168 1,172 1,169 1,165 1,166 1,166 1,166 1,169 1,174 1,185 Apparel and other finished textiles 992 1,030 1,061 1,051 1,023 1,020 1,022 1,034 1,027 1,023 1 ,024 1 ,017 1,024 Leather and leather products. . . 349 354 352 347 330 340 345 350 350 341 »-347 352 360 Food and kindred products. .... 1,175 1,165 1,173 1,180 1,149 1,145 1,160 1,157 1,167 1 ,171 1,182 1,172 1,152 Tobacco manufactures 88 88 87 84 84 85 85 81 80 80 82 80 78 Paper and allied products 374 375 386 390 389 384 381 382 385 391 396 404 407 Pr i i n n d ti u n s g t , r ie p s u blish . ing and allied 492 491 497 495 495 494 491 493 496 r499 r501 504 506 Chemicals and allied products. . 467 470 480 483 478 477 473 478 480 488 490 493 492 Products of petroleum and coal. 185 185 186 185 188 187 187 186 185 179 177 179 178 Rubber products. 182 182 167 185 182 183 185 187 188 191 197 202 206 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total. 11,211 11,561 11,775 11,368 11,289 11,504 11,449 11,460 11,549 11 ,597 11 ,840 12, 072 12,106 Durable goods 5,894 5,947 6,060 5,651 5,719 5,961 6,000 5,982 6,070 ,195 '6,452 6, 6,614 Primary Metal Industries 934 932 938 559 743 955 963 978 982 1,007 1 /, 0^0 /,053 Blast furnaces, steel works and rolling mills 506 498 499 131 325 507 511 512 507 523 538 Nonferrous smelting and refining, primary 42 41 42 39 38 41 43 45 45 45 46 46 Nonferrous rolling, drawing and alloying 62 64 67 70 63 73 74 75 77 77 79 80 Fabricated Metal Products 671 688 708 677 666 688 693 698 709 '722 '74?, 769 767 Cutlery, hand tools and hardware 109 111 114 116 116 119 121 124 128 129 131 133 Heating apparatus and plumbers' supplies. 92 100 110 116 113 111 108 112 114 118 119 122 Fabricated structural metal products 155 155 156 129 134 142 141 141 143 146 148 154 Machinery except Electrical 939 927 935 922 908 929 937 960 981 1,003 ,022 1 034 1,033 Agricultural machinery and tractors 140 140 140 128 125 131 133 137 140 142 141 141 Metalworking machinery.. . 150 147 149 148 146 146 147 149 152 155 158 163 Special-industry machinery 124 123 122 119 117 117 117 118 119 121 123 124 Service-industry and household machines 99 98 102 108 109 1J9 124 133 138 143 149 148 Electrical Machinery. 507 548 546 559 561 573 580 '595 '60S 614 6?,6 Electrical apparatus (generating etc ) 196 197 ?01 203 ?m 208 208 211 213 217 222 ??? Communication equipment. 176 173 182 193 200 201 203 207 212 ••217 »-219 226 Transportation Equipment 1,014 998 1,017 986 898 896 978 872 879 '899 '1,046 1 078 1,077 Motor vehicles and equipment 670 678 686 666 582 585 675 567 576 ••595 '736 764 Aircraft and parts 192 185 191 188 184 184 184 184 184 185 186 187 Ship and boat building and repairing 86 80 74 69 71 69 66 68 67 67 67 69 Lumber and Wood Products 676 686 684 689 692 682 642 652 677 '692 '723 743 764 Sawmills and planing mills.. 407 415 416 414 413 404 381 386 399 '410 '430 442 Millwork, plywood, etc..... 92 95 95 98 101 102 102 101 102 104 106 108 Furniture and Fixtures 253 263 277 284 283 280 289 297 301 303 '302 W? 30? Household furniture 179 187 199 206 207 211 212 218 221 222 r221 222 Stone, Clay, and Glass Products.. 400 412 414 411 411 412 403 408 410 419 '431 441 438 Glass and glass products. . . 101 107 107 108 108 107 106 108 109 113 116 118 Structural clay products 72 72 72 71 70 71 69 68 69 69 '73 76 Instruments and Related Products. 170 169 172 174 174 173 172 171 172 174 176 181 182 Miscellaneous Manufacturing Industries 313 347 366 383 381 361 345 356 36 f r363 361 167 Ordnance and Accessories . ... 19 18 18 18 17 17 17 17 18 18 19 19 10 r Revised. NOTE.—Factory employment covers production and related workers only; data shown include all full- and part-time production and related workers who worked during, or received pay for, the pay period ending nearest the 15th of the month. Figures for July 1950 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Back data, seasonally adjusted, for groups and the total may be obtained from the Division of Research and Statistics. 1230 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES—Continued [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] 1949 1950 Industry group or industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Nondurable goods. . . 5,317 5,614 5,715 5,717 5,570 5,543 5,449 5,478 5,479 '5,402'5,388 5,474 5,492 Textile-mill Products 1,058 1,092 1,132 1,168 1,184 1,187 1,177 1,183 1,183 1,172 1,163 1,174 1,144 Yarn and thread mills 127 133 140 144 147 149 149 149 149 145 143 146 Broad-woven fabric mills.. 518 530 547 565 572 574 568 571 574 573 573 581 Knitting mills 200 211 219 227 230 227 223 223 221 218 213 211 Apparel and Other Finished Textiles 942 1,040 1,082 1,083 1,028 1,040 1,032 1,065 1,058 1,003 '978 976 973 Men's and boys' suits, coats and overcoats 116 131 133 129 118 127 130 135 136 132 129 135 Men's and boys' furnishings 221 235 246 252 251 247 241 244 245 241 238 237 Women's and misses' outerwear 263 306 319 308 280 296 302 315 305 '272 254 246 Leather and Leather Products. .. 342 356 354 349 332 343 348 357 357 341 '335 343 Footwear (except rubber). 226 234 230 224 208 224 231 235 235 222 218 224 Food and Kindred Products. . 1,224 1,350 1,340 1,273 1,185 1,139 1,078 1,055 1,060 1,065 1,090 1,142 1,195 Meat products 227 229 230 236 242 251 244 232 228 223 227 232 Dairy products 122 116 110 104 99 96 95 97 99 103 108 115 Canning and preserving. 220 339 322 232 160 136 117 110 109 120 126 149 Bakery products 191 194 196 199 195 190 186 188 190 191 193 191 Beverage industries 169 165 157 149 146 141 135 134 139 141 ••147 158 Tobacco Manufactures.. 82 91 94 92 89 87 85 81 78 76 76 75 73 Paper and Allied Products 365 371 384 392 393 390 385 386 389 391 392 400 397 Pulp, paper and paperboard mills. 188 191 197 200 201 200 199 200 200 201 202 205 Printing, Publishing and Allied Industries. 485 486 495 500 500 501 493 495 496 '497 '498 501 498 Newspapers 141 141 144 144 145 145 142 145 146 '148 149 150 Commercial printing 162 161 162 166 165 168 167 165 165 165 164 166 Chemicals and Allied Products 453 458 478 488 485 484 480 485 487 490 485 483 477 Industrial inorganic chemicals. 51 50 50 52 51 51 50 52 52 53 54 55 Industrial organic chemicals. . . 136 135 140 141 143 144 144 144 145 146 148 150 Drugs and medicines 59 60 61 62 62 62 62 59 58 61 61 62 Products of Petroleum and Coal 189 190 189 185 188 185 184 183 182 176 177 181 182 Petroleum refining 150 150 149 148 148 146 145 144 143 136 136 138 Rubber Products 177 180 167 187 186 187 187 188 189 rl91 194 199 200 Tires and inner tubes. 82 81 64 81 81 83 83 83 86 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 earning (dollars per week) (per week) (dollars per hour) Industry group 1949 1950 1949 1950 1950 July May June July July May June July July May June July Manufacturing—Total. 54.63 ^57.68 58.74 59.02 38.8 40.0 40.4 40.4 1.408 1.442 1.454 1.461 Durable goods 57.31 61.72 62.94 62.50 38.8 40.9 41.3 40.9 1.477 1.509 1.524 1.528 Primary metal industries 58.63 '65.57 66.75 64.84 36.9 40.5 40.8 39.9 1.589 ••1.619 1.636 1.625 Fabricated metal products 57.61 '60.85 62.68 62.69 39.3 40.7 41.4 41.3 1.466 '1.495 1.514 1.518 Machinery except electrical 59.67 '65.09 65.69 65.94 39.0 41.3 41.5 41.5 1.530 '•1.576 1.583 1.589 Electrical machinery 56.00 '59.28 58.62 58.43 38.7 '40.8 40.4 40.1 1.447 1.453 1.451 1.457 Transportation equipment 66.27 '69.62 72.49 71.80 39.9 ••41.0 41.9 41.5 661 1.698 1.730 1.730 Lumber and wood products 50.75 '54.60 56.50 56.07 39.4 '40.9 41.7 40.9 288 1.335 1.355 1.371 Furniture and fixtures 47.86 51.42 52.29 52.16 38.6 41.2 41.7 41.2 240 1.248 1.254 1.266 Stone, clay, and glass products 52.94 57.32 58.02 58.47 38.7 40.8 41.0 40.8 368 1.405 1.415 1.433 Instruments and related products 54.37 '58.44 59.33 59.72 39.0 '40.5 41.0 41.1 394 1.443 1.447 1.453 Miscellaneous manufacturing industries. 48.75 '52.72 52.68 52.01 39.0 40.4 40.4 40.1 250 1.305 1.304 1.29.7 Ordnance and accessories 59.64 61.54 61.70 64.32 40.3 40.7 40.7 42.4 1.480 1.512 1.516 1.517 Nondurable goods. 51.55 '52.83 53.92 54.84 38.7 38.9 39.5 39.8 1.332 1.358 1.365 1.378 Textile-mill products 43.26 '45.59 46.79 47.24 36.6 37.9 38.8 39.2 1.182 1.203 1.206 1.205 Apparel and other finished products 41.03 '41.27 41.81 43.06 35.4 35.7 35.8 36.0 1.159 1.156 1.168 1.196 Leather and leather products , 41.74 '41.71 43.87 45.36 37.0 35.5 37.4 38.6 1.128 1.175 1.173 1.175 Food and kindred products 54.69 "54.90 56.14 57.27 42.2 41.0 41.8 42.2 1.296 1.339 1.343 1.357 Tobacco manufactures , 38.19 39.56 41.63 42.84 37.4 36.6 38.3 38.8 1.021 1.081 1.087 1.104 Paper and allied products 55.57 58.08 60.08 60.77 41.1 42.3 43.1 43.1 1.352 1.373 1.394 1.410 Printing, publishing and allied industries, 70.45 "72.72 72.83 72.68 38.6 38.7 38.7 38.6 1.825. 1.879 1.882 1.883 Chemicals and allied products 59.44 61.22 62.32 62.61 40.6 41.2 41.3 41.0 1.464 1.486 1.509 1.527 Products of petroleum and coal 73.59 73.32 74.42 76.09 40.7 40.6 41.0 41.4 1.808 1.806 1.815 1.838 Rubber products 53.37 -64.36 64.31 n.a. 38.4 41.1 41.2 n.a. 1.520 1.566 1.561 n.a. ' Revised. n.a. Not available. NOTE.—Data are for production and related workers. Figures for July 1950 are preliminary, Back data are available from the Bureau of Labor Statistics. 1231 SEPTEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in 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 a li n c d Trade i Finance Service * Sta l t o e c , a a l nd utilities government 1941 36 164 12 974 947 1,790 3,248 7,567 1.462 3,554 4,622 1942 39,697 15,051 983 2,170 3,433 7,481 1,440 3,708 5,431 1943 42,042 17,381 917 1,567 3,619 7,322 1,401 3,786 6,049 1944 41,480 17,111 883 1,094 3,798 7,399 1,374 3,795 6,026 1945 40,069 15,302 826 1,132 3,872 7,685 1,394 3,891 5,967 1946 41,412 14,461 852 1,661 4,023 8,815 1,586 4,408 5,607 1947 43,371 15,247 943 1,982 4,122 9,196 1,641 4,786 5,454 1948 44,201 15,286 981 2,165 4,151 9,491 1,716 4,799 5,613 1949 43,006 14,146 932 2,156 3,977 9,438 1,763 4,781 5,813 SEASONALLY ADJUSTED 1949—July 42,711 13,917 936 2,128 3,968 9,383 L,754 4,779 5,846 August 42,864 13,979 949 2,167 3,947 9,420 1L,762 4,788 5,852 September 43,068 14,108 943 2,188 3,939 9,453 1,780 4,785 5,872 October 42,163 13,706 591 2,203 3,877 9,386 L,785 4,770 5,845 November 42,385 13,695 917 2,200 3,895 9,306 L.784 4,768 5,820 December 42,710 13,922 940 2,131 3,930 9,426 L.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 14,02J 604 2,091 3,874 9,323 1,786 4,768 5,779 March 42,764 14,130 944 2,096 3,906 9,341 1,791 4,780 5,776 April T-43,272 rl4,297 '942 n, 163 T-3 ,948 T-9,432 1,794 4,781 5,915 J M un a e y... .... » 4 "4 4 3 ,0 ,6 2 2 3 6 '1 1 4 4 , , 6 8 4 0 3 7 9 9 3 4 9 0 T 2 -2 ,2 ,2 9 2 8 0 T 3 -3 ,9 ,8 9 9 5 1 T 9 -9 ,5 ,4 4 7 5 1 1 1 , , 8 8 0 0 3 8 T 4 -4 , 7 ,7 7 9 8 0 5 5, , 8 8 5 6 2 9 July 44,169 14,924 903 2,338 3,999 9,583 1,801 4,770 5,851 UNADJUSTED 1949—July 42,573 13,757 943 2,277 4,007 9,220 1.780 4,851 5,738 August 42,994 14,114 956 2,340 3,992 9,213 1,780 4,836 5,763 September.... 43,466 14,312 948 2,341 3,959 9,409 1,771 4,833 5,893 October 42,601 13,892 593 2,313 3,871 9,505 L.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 L.77O 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 42,295 14,103 938 1,907 3,873 9,206 1,791 4,708 5,769 April ^42,926 »14,162 r939 T-2,076 T-3,928 T-9,346 1,803 4,757 5,915 May f-43,330 rl4,421 T-939 T-2,242 T-3 ,888 T-9,338 1,812 T-4,790 5,900 June... 43,969 14,681 944 2,413 4,023 9,424 1,826 4,826 5,832 July 44,017 14,739 909 2,502 4,039 ' 9,417 1,828 4,842 5,741 r 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. July 1950 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Year or month in T p s o o t p t it a u u l l t a n i t o o io n n n a - l T l f a o o b r t c o a e r l Total Employed l Unem- l N ab o o t r i n fo t rc h e e Total In nonagricul- In ployed tural industries agriculture 1942 102,460 60,230 56,410 53,750 44,500 9,250 2,660 42,230 1943 103,510 64,410 55,540 54,470 45,390 9,080 1,070 39,100 1944 104,480 65,890 54,630 53,960 45,010 8,950 670 38,590 1945 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40,230 1946 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1949—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 June 110,703 66,177 64,866 61,482 52,436 9,046 3,384 44,526 July 110,806 65,742 64,427 61,214 52,774 8,440 3,213 45,064 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. 1232 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Residential Public works Total building and public Month Factories Commercial Educational Other utilities 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 January 483 730.9 159.1 343.5 43.6 37.7 62.6 60.6 38.1 63.5 77.6 73.5 102.0 152.1 February 568 779.5 193.1 361.5 37.8 27.9 58.8 58.3 44.7 58.0 80.6 121.4 153.5 152.5 March 747 ,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 ,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 ,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 ,345.5 375.0 628.1 45.4 69.3 70.9 97.7 81.4 128.3 138.3 148.7 239.0 273.4 July 947 ,420.2 344.8 675.1 41.5 79.8 73.4 117.4 91.2 121.2 144.2 168.8 252.7 258.0 August 911 398.7 41.1 64.4 72.9 99.6 234.3 September 1,071 503.5 38.0 103.9 78.6 124.5 223.1 October 1,061 500.7 48.9 82.8 83.6 141 8 204.0 November 957 435.2 35.9 58.6 62.3 109.3 256.4 December 929 419.1 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 J F a e n b u ru ar a y r . y . .. . 6 68 1 2 5 4 56 8 8 3 7 78 3 0 1 2 1 4 9 8 7 2 1 5 6 2 0 2 28 0 5 1 4 4 1 3 9 4 3 31 2 7 3 5 49 3 5 0 July June July March 690 7481,300 181 282 481 509 466 819 April 874 8461,350 236 319 354 638 527 996 May 971 8851,348 298 369 389 673 517 959 Boston 109,039 95,543 55,814 June 935 9501,345 338 375 428 597 574 917 New York 242,960 205,642 183,171 July 963 948 335 410 628 537 Philadelphia 82,691 67,448 58,983 August.... 854 911 276 316 579 595 Cleveland 172,740 147,611 80,101 September. 762 1,072 259 289 503 783 Richmond 130,675 119,058 88,742 October.... 779 1,062 262 332 517 730 Atlanta 138,069 139,339 85,332 November. 611 958 199 316 413 642 Chicago 238,009 264,888 166,114 December.. 694 929 278 299 416 630 St. Louis 93,712 80,299 62,647 Minneapolis 49,765 72,999 32,564 Year 9,43010,359 3,107 3,718 6,3236,641 Kansas City 57,061 59,219 38,512 Dallas 105,460 93,417 95,780 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Total (11 districts) 1,420,181 1,345,463 947,760 [In millions of dollars] Title I loans Mortgages on Prop- Small 1- to 4- Rental War and INSURED FHA HOME MORTGAGES (TITLE II) HELD IN Year or month Total m p e r i e o m r n t v y - t e - l s h c t t o i r o o u m n n c - e - h f ( a o T m I u D i s t i l l e e y s h g ( o T a r I u o n D i s t d u i l p n e g h e ( o V T r u a e i s n t t i l - s n e ' g PORTFOLIO, [ In B Y m il C li L on A s S o S f O do F l la I rs N ] STITUTION Sav- 1 1 1 1 1 9 9 9 9 94 4 4 4 4 2 3 1 5 4 1 1 , , 1 1 9 8 6 7 3 3 7 6 2 7 5 5 6 2 1 1 1 4 8 1 4 7 9 7 4 1 1 2 1 1 5 1 8 6 2 2 2 7 1 1 4 9 7 6 9 5 1 1 6 4 3 2 6 5 27 3 8 0 13 2 7 4 3 End of month Total b C m c a o i n e a m r k l - s - b M s t i a n u a n g v u a k s l - - s a a l i s a 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 r e e a d s n l - 1 - Other* 1946 755 321 347 3 85 1947 . 1,787 534 (8) 446 808 1948 . 3,338 614 7 880 1,836 1936—Dec 365 228 8 56 41 5 27 1949 43,821 594 13 1,855 7 1,339 1937—Dec 771 430 27 110 118 32 53 1949— A O S N ju e c u o iy p t g v o t u e e b s m m e t r b b e e r r . . . . 4 3 3 3 3 3 1 8 5 0 2 7 3 6 9 3 4 6 5 6 5 0 5 5 0 8 3 2 2 1 1 1 1 1 1 1 7 4 8 6 8 2 3 9 3 8 (•) 1 1 1 8 6 3 2 2 4 7 4 6 8 1 1 1 1 1 1 9 9 9 9 9 9 3 4 3 4 4 4 9 0 8 3 1 2 — — — — — — D D D D D D e e e e e e c c c c c c 3 3 3 2 1 1 , , , , , , 1 7 1 6 6 4 9 9 0 2 2 0 3 9 7 6 0 9 1 1 1 1 , , , , 1 6 4 7 6 9 6 6 6 0 0 3 2 9 5 5 2 4 2 2 1 1 3 3 5 8 3 7 8 6 6 6 0 1 2 2 2 2 1 1 7 2 9 5 9 4 6 4 2 4 2 9 1 1 , , 0 1 3 2 5 7 3 3 4 1 4 8 2 4 2 2 2 9 2 2 2 1 4 3 0 7 5 7 5 4 1 9 3 7 1 1 1 1 1 6 9 7 5 3 5 3 0 9 9 3 0 December. . 4371 71 1 206 90 1944—Dec 3,399 1,590 260 269 1,072 68 140 1950—January.... 4337 57 1 228 51 February... 4329 44 1 203 73 1945—June 3,324 1,570 265 264 1,047 43 134 March 4 353 44 1 209 (») 88 Dec 3,156 1,506 263 253 1,000 13 122 April 4 329 27 171 122 May *351 48 176 1 110 1946—June 3,102 1,488 260 247 974 11 122 June 78 181 1 113 Dec 2,946 1,429 252 233 917 9 106 July 4 369 61 183 8 111 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. s Less than $500,000. 4 Includes mortgages insured on new rental housing at or near mili- 1 The RFC Mortgage Company, the Federal National Mortgage tary installations under Title VIII, enacted Aug. 8, 1949. Association, the Federal Deposit Insurance Corporation, and the NOTE.—Figures represent gross insurance written during the period United States Housing Corporation. and do not take account of principal repayments on previously insured 2 Including mortgage companies, finance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. SEPTEMBER 1950 1233 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars] Merchandise exports 1 Merchandise imports 2 Excess of exports Month 1946 1947 1948 1949 1950 1946 1947 1948 1949 1950 1946 1947 1948 1949 1950 January 798 1,114 1,092 1,104 P744 394 531 547 590 P623 405 583 545 515 P120 February 670 1,146 1,085 L,043 P772 318 437 589 567 P600 352 709 496 477 P172 March 815 1,326 1,139 1,189 P866 385 445 675 633 P664 431 882 464 557 P202 April . 757 1,294 1,121 1,172 P808 406 512 532 535 P583 351 782 590 638 P225 May 851 1,414 1,103 L.095 P828 $93 474 554 541 P659 457 940 549 554 P169 June 878 1,235 1,014 .107 P877 382 463 625 526 P686 496 772 389 581 P191 July 826 1,155 1,019 900 P3774 431 450 564 457 P711 395 705 456 443 P63 August 883 1,145 992 P883 422 400 606 *>491 461 745 386 P393 September.... 643 1,112 926 P909 377 473 560 P530 266 639 365 *3<9 October 537 1,235 1,023 P853 394 492 600 *»557 142 743 423 *296 November 986 1,141 823 P841 478 455 554 P593 508 687 269 P248 December 1 097 1,114 1,318 P944 529 603 720 P605 567 511 598 *»339 Jan.-July 5,594 8,684 7,572 7,611 P5,669 2,707 3,311 4,084 3,847 *>4,527 2,887 5,373 3,488 3,764 P1,142 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. 3 Includes 47.0 million dollars of Mutual Defense Assistance Program shipments which were excluded from the export statistics for April, May, and June. 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 l o r w n a ta u t a i l e y n s g e r x a T p il o e w t n a a s l e y s o r p ai N e l r w e a t t a i y ng in N co e m t e 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 1941 130 123 168 112 91 139 183 136 100 Annual 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 7 6 2 9 8 5 3 4 . 1 1 1 1 1 1 1 1 3 1 4 3 3 3 4 3 2 6 3 5 8 7 0 8 1 1 1 1 1 1 1 1 3 4 3 4 3 3 4 0 4 1 5 7 0 8 3 0 1 1 1 1 1 1 1 1 7 8 4 8 8 8 8 4 2 2 5 4 6 1 5 6 1 1 1 1 1 1 1 1 4 3 3 3 4 2 5 5 2 6 9 8 6 0 0 1 1 1 1 1 1 1 8 1 0 2 7 2 0 2 8 7 7 5 7 9 4 4 1 1 1 1 1 1 1 1 5 5 4 4 2 4 4 2 3 5 1 3 9 3 9 3 2 1 1 1 1 1 1 1 0 9 3 5 6 8 8 8 6 2 6 1 9 4 0 1 1 1 1 1 1 1 1 1 4 4 4 3 4 4 2 4 6 2 8 9 6 7 7 5 6 6 6 6 6 5 7 7 9 3 7 9 8 5 8 7 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 3 4 4 4 4 4 4 4 4 9 1 3 5 2 6 7 4 0 . 5 9 9 8 3 4 8 7 7 , , , , , , , , , 4 0 9 9 2 3 6 6 4 3 5 0 9 9 2 6 4 8 7 5 5 7 8 2 6 7 5 3 3 4 5 8 8 7 7 7 , , , , , , , , , 3 6 4 9 3 0 0 9 6 3 1 0 0 8 0 9 4 4 1 4 6 9 4 5 8 2 7 1 1 1, , , 1 4 3 6 9 6 8 5 7 0 8 6 8 5 9 2 8 8 6 5 0 2 2 8 9 1 0 9 8 6 5 4 2 4 1 0 6 7 7 8 0 5 9 8 2 7 3 9 7 0 0 3 9 SEASONALLY 1948 9,672 8,670 1,002 699 ADJUSTED 1949 P8.580 P7,893 »687 P438 1949—June 114 98 150 156 70 122 182 122 58 July 110 79 118 177 70 117 177 120 55 SEASONALLY August 117 103 123 138 77 125 160 127 57 ADJUSTED September... 105 60 130 125 79 121 145 125 52 October . 92 42 54 153 85 124 28 111 54 1949—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 May 122 119 181 127 66 134 121 133 51 1950—January... 689 629 60 29 June .... 127 116 192 130 61 144 179 138 52 February.. 638 606 32 1 July 126 105 195 135 61 148 186 140 51 March. . . . 723 655 67 36 April 730 667 63 32 UNADJUSTED May 715 661 54 20 1949—June 119 98 147 159 54 127 282 126 57 June...... 791 691 100 P66 July 115 79 115 212 60 117 284 121 55 August 120 103 119 149 73 131 240 128 57 UNADJUSTED September... 114 60 128 140 104 130 218 135 55 October 99 42 53 153 131 131 35 121 56 1949—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—•.JanuLaary... 657 624 33 11 June 131 116 188 133 51 150 277 142 52 Feibbrruuary.. 585 570 15 -9 July 130 105 190 162 48 149 298 141 51 March.... 743 668 76 49 April 714 652 62 38 May 745 678 67 45 NOTE.—For description and back data, see BULLETIN for June 1941, pp. June 779 689 90 P72 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 v 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. 1234 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 U S n t i a t t e e d s Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t n - ta c C a hi g - o Lo S u t 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 - SALES* 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—juiy r281 227 mi 261 274 r32S 377 258 325 261 304 r384 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 290 231 226 270 299 320 390 277 330 268 309 403 336 Tune 298 240 242 285 299 332 392 278 326 r283 322 410 r342 July... P362 ^268 274 332 364 393 494 330 418 342 P414 537 454 UNADJUSTED 1949—juiy 218 rt56 f-159 188 214 •"23 7 294 212 254 211" 249 r308 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 56S 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 286 228 221 275 296 315 378 280 323 273 306 391 319 Tune 281 230 230 271 281 306 345 278 293 ••272 296 353 321 July P283 P1S5 192 239 284 285 *>386 271 326 276 P339 429 387 STOCKS i 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 22S 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—July 256 193 ••216 224 228 302 319 253 267 283 263 354 302 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 . 286 231 230 249 283 329 360 265 329 316 296 375 341 May 285 228 228 244 280 331 370 265 313 322 295 380 338 June 276 215 222 244 265 338 359 258 299 304 288 375 324 July P268 198 218 240 252 329 339 252 283 286 P27O 374 322 UNADJUSTED 1949—July ^246 188 ••192 202 228 282 300 233 278 290 257 333 311 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 289 226 231 249 283 337 366 268 313 323 301 380 350 June 267 206 209 229 261 305 345 248 299 294 288 353 326 July P259 192 194 216 251 308 360 232 295 292 ?265 351 332 p Preliminary. r Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. 1235 SEPTEMBER 1950 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 yearago stocks to without seasonal adju3tment (value) sales l 1941 average monthly saes=1002 Number of Sales during Stocks Sales during Stocks at end Department r s e t p o o r r e t s - period m ( o en n d t h o ) f June period of month ing 1950 1949 1950 1949 J 1 u 9 n 5 e 0 m 1 o S 9 n i 5 t x 0 hs J 1 u 9 n 5 e 0 1950 1949 June May June June May June GRAND TOTAL—entire store K . . 351 +1 _3 +4 2.8 2.7 MAIN STORE—total 351 +2 -2 +4 3.0 2.9 195 203 192 579 635 558 Piece goods and household textiles 312 -6 -10 +6 3.7 3.3 169 185 179 619 656 586 Piece goods 288 -18 -22 -4 3.7 3.2 169 208 205 635 694 661 Silks, velvets and synthetics 190 -23 -27 -3 4.1 3.2 120 165 155 488 549 511 Woolen yard goods 169 -12 -23 -2 16.4 14.8 51 65 58 842 716 805 Cotton yard goods 181 -13 -15 -2 2.2 1.9 284 325 326 621 735 645 Household textiles 306 +2 -2 + 12 3.6 3.3 169 175 165 604 638 541 Linens and towels 277 0 + 1 +7 4.1 3.8 163 160 163 663 659 617 Domestics—muslins, sheetings 246 +2 -5 +26 3.3 2.6 180 199 177 590 649 469 Blankets, comforters, and spreads 244 +7 0 +6 3.2 3.2 166 165 156 529 562 506 Small wares 341 -1 -3 +4 3.5 3.4 168 170 169 596 626 574 Laces, trimmings, embroideries, and ribbons.. 203 0 -5 +1 3.0 3.0 223 246 222 674 721 665 Notions 241 0 -4 +5 2.7 2.6 265 271 265 717 752 692 Toilet articles, drug sundries 324 +3 +1 +3 3.4 3.4 146 144 141 490 516 475 Silverware and jewelry 314 -4 -8 +5 4.0 3.6 191 188 198 759 795 725 Silverware and clocks 4 212 — 1 _5 +2 4 3 4.2 Costume jewelry4 277 +1 —7 +6 2^8 2^6 Fine jewelry and watches4 75 — 15 — 14 +8 6.3 5 0 Art needlework 238 -4 -8 +1 5!8 5'A 108 117 112 625 655 618 Books and stationery 272 -3 +1 +7 • 3.7 3.4 145 148 149 542 582 510 Books and magazines 137 -5 -3 +2 3.6 3.4 121 122 128 439 462 425 Stationery 238 -1 +3 +9 3.8 3.4 149 147 151 562 586 520 Women's and misses' apparel and accessories 348 -2 -7 +2 2.3 2.2 183 205 188 422 484 415 Women's and misses' ready-to-wear accessories. 348 + 1 -4 +5 2.8 2.7 181 200 178 506 562 482 Neckwear and scarfs 307 + 10 +1 2.2 2.4 186 234 169 400 482 417 Handkerchiefs 284 -8 -8 + 1 3.9 3.5 108 124 118 420 468 414 Millinery 167 +5 -3 +3 1.0 1.1 115 151 109 119 154 119 Women's and children's gloves 323 +3 -4 +5 5.0 4.9 94 133 92 469 504 453 Corsets and brassieres . 335 +3 -3 +6 2.4 2.4 282 272 273 688 738 649 Women's and children's hosiery 342 +5 -2 +3 1.9 1.9 136 157 130 255 284 249 Underwear, slips, and negligees 340 -6 -10 +7 2.6 2.3 209 230 222 538 594 501 Knit underwear 252 -3 -4 + 16 2.6 2.2 253 273 262 661 736 566 Silk and muslin underwear, and slips 288 -7 -13 +4 2.6 2.4 201 226 216 531 592 510 Negligees, robes, and lounging apparel 248 C) — 11 -1 2.3 2.1 162 204 178 373 443 371 Infants' wear 322 +3 -3 +4 3.1 3.1 205 217 199 645 703 627 Handbags and small leather goods 331 0 -3 +2 2.1 2.1 171 192 171 360 418 351 Women's and children's shoes 241 +5 0 +8 4.0 3.9 210 224 200 835 939 778 Children's shoes 4 208 +4 —3 +8 4.3 4.2 Women's shoes 4 220 +6 . 0 +8 3 9 3.8 Women's and misses' ready-to-wear apparel. . . 348 -6 -11 l!8 1.7 186 210 197 335 399 ' '343' Women's and misses' coats and suits 337 +4 -12 -16 2.7 3.3 77 149 74 206 244 245 Coats4 208 +2 -17 -23 2.7 3.6 Suits 4.. 201 +6 -4 -6 2.6 2.9 Juniors' and girls' wear .'.... 314 -8 -11 2 1.8 1.7 ' 210' 232' "228' ' '373'''456' "380* Juniors' coats, suits, and dresses 287 -12 -14 -10 1.2 1.2 227 254 257 284 364 314 Girls' wear 312 -2 -8 +4 2.5 2.3 199 213 203 497 582 479 Women's and misses' dresses 339 -10 -11 -2 1.2 1.1 238 264 263 286 359 292 Inexpensive dresses 4 254 — 12 — 14 — 8 0.9 0.9 Better dresses 4 265 —6 9 +2 1 6 1 5 Blouses, skirts, and sportswear 338 i -7 + 1 l'.8 1.7 283 "262' 287 503 626 502 Aprons, housedresses, and uniforms 286 -8 -12 +7 1.4 1.2 275 280 300 387 456 363 Furs 266 +6 -14 +3 25.3 25.9 13 25 12 331 323 320 Men's and boys' wear 327 +2 -1 +3 2.9 2.9 229 177 224 663 758 646 Men's clothing 252 +3 0 -2 3.2 3.3 218 198 212 695 809 712 Men's furnishings and hats 312 + 1 3 +6 2.4 2.3 255 162 253 605 700 572 Boys' wear 299 +4 -3 +5 4.0 4.0 164 170 158 656 736 636 Men's and boy's shoes and slippers 190 + 10 +5 +8 3.8 3.9 221 172 201 838 913 790 Housefurnishings 315 +10 +9 +6 3.7 3.9 223 241 203 831 869 785 Furniture and bedding 243 + 14 + 11 +6 3.7 4.0 208 217 182 779 787 735 Mattresses, springs and studio beds 4........ 165 + 14 + 12 + 12 1.8 1.8 Upholstered and other furniture 4 174 + 14 + 10 +7 4 4 4 7 Domestic floor coverings 270 + 11 0 0 4.'5 5^0 '* isi" *212' ' 164'"825' "853" 819 Rugs and carpets4 155 +9 o + 1 4.7 5.1 Linoleum 4 100 0 -13 -13 3.5 4.0 Draperies, curtains, and upholstery 295 +9 0 +4 3.6 3.7 ' '21l'"'245' " 194'"751' "809' ' '718* Lamps and shades 250 + 7 +3 +4 3.8 3.9 174 197 162 658 718 640 China and glassware 248 +5 +5 + 1 6.7 6.9 165 155 157 1,097 1,040 1,084 Major household appliances 245 + 11 + 12 +9 2.2 2.3 296 299 268 664 775 607 Housewares (including minor appliances) 259 +6 + 1 +7 3.1 3.1 296 312 280 927 979 863 Gift shop 4 166 +6 +7 +6 4.6 4.6 Radios, phonographs, television, records, etc.4. . 228 +20 +67 +23 4^0 3^9 Radios, phonographs, television 4 , 177 +31 +93 +30 3!6 3.7 Records, sheet music, and instruments4 126 -23 — 7 +4 6.6 4.9 Miscellaneous merchandise departments. 315 +4 -1 0 2.5 2.6 185 190 179 473 567 470 Toys, games, sporting goods, and cameras 288 +4 + 1 +2 3.8 3.8 182 141 174 683 687 664 Toys and games 231 +10 +4 +5 4.3 4.4 131 115 119 564 570 526 Sporting goods and cameras 144 0 -4 -1 3.3 3.4 200 144 200 663 693 671 Luggage 262 0 -4 -1 2.4 2.5 293 235 293 727' 783 740 Candy 4 188 +4 2 -2 1.3 1.3 For footnotes see following page. 1236 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 l 1941 average monthly sales=100 2 Num- Department r b s e t e p o r o re o rt s f - Sale p s e ri d o u d ring m ( S e t o n o d n c t k o h s f ) June Sale p s e r d io u d ring Sto o c f ks m o at n t e h nd ing 1950 1949 1950 1949 J 1 u 9 n 5 e 0 mo S n ix ths J 1 u 9 n 5 e 0 1950 1949 1950 June May June June May June BASEMENT STORE—total . . . 201 -2 -8 +1 1.9 1.8 210 210 216 389 433 388 Domestics and blankets 4 140 +3 +5 2.4 2.4 Women's and misses1 ready-to-wear 196 -5 -11 -2 1.4 1.4 204 215 215 304 340 312 Intimate apparel4 . . .. 171 -2 -6 +2 1.8 1.8 Coats and suits 4 183 -3 -17 -18 2.2 2.6 Dresses 4 180 -10 -14 -3 0.9 0.8 Blouses, skirts, and sportswear 4 161 -1 -8 -1 1.4 1.4 Girls' wear 4 125 -3 -7 -2 1.8 1.7 Infants' wear 4 121 +2 -4 + 1 2.4 2.4 Men's and boys' wear 158 0 CJ +6 1.8 1.7 277 218 277 501 581 474 Men's wear 4 134 -1 -3 +6 1.7 1.6 Men's clothing4 93 -4 -3 +4 2.0 1.8 Men's furnishings 4 116 + 1 -4 +8 1.4 1.4 Boys' wear4 . ... 120 +2 -3 +3 2.6 2.6 Housefurnishlngs 104 +7 -1 +1 2.4 2.6 186 217 175 464 477 459 Shoes 125 +2 -3 +1 2.7 2.8 178 165 175 484 548 498 NONMERGHANDISE—total 4. . 170 +1 -1 (5) (5) (5) Barber and beauty shop 4 78 +4 +2 (5) (5) (5) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 1235. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included in group and total indexes. 5 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1949, sales and stocks at these stores accounted for almost 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES * [Weeks ending on dates shown. 1935-39 average = 100] Amount (in millions of dollars) Without seasonal adjustment Year or month ( S t a o l t e a s l Stocks sta O n u d t i - ng 1948 1949 1949 1950 mo fo n r th) m (e o n n d th o ) f m ( o e r o n d n d e t r h o s ) f Oct. 9 2. . . .. .. . . . 3 3 3 2 6 7Oct. 8 1 . . 3 2 0 9 2 7 Apr. 9 2. .. . . .. . . . 3 3 0 2 1 0 Apr. 8 1 . . . . . . . . . . 3 3 0 2 1 0 16... ..331 15 .290 16... ..314 15... ..254 1939 average 128 344 23... . .344 22.... .296 23.. .. .266 22... ..279 1940 average 136 353 108 30... ..319 29 .298 30... . .286 29.. .. .285 1941 average..... 156 419 194 Nov. 6.. .. .320Nov. 5.... .315 May 7... ..334 May 6. .. ..301 1942 average 179 599 263 13... . .346 12.... .318 14.. .. .285 13.. ...308 1943 average 204 509 530 20... ..371 19 .342 21... . .280 20... . .275 1944 average..... 227 535 560 27... . .347 26.... .330 28.. .. .275 27... . .282 1945 average..... 255 563 729 Dec. 4... ..485 Dec. 3 .449 June 4.. ...259 June 3... . .261 1946 average 318 715 909 11.. .. .564 10 .542 11... . .288 10... ..302 1947 average 337 826 552 18... . .576 17.... .584 18... ..285 17. . .. .302 1948 average 352 912 465 25.. .. .473 24 .541 25. ....247 24... ..250 1949 average 333 859 350 31.... .197 July 2. . .. .238July 1... ..263 9.. .. .201 8... . .218 1949—July 234 ••759 390 1949 1950 16.. ...213 15... ..265 A Se u p g te u m st b . e .. r . . 2 3 8 3 3 4 8 7 6 9 1 9 4 5 1 0 0 1 Jan. 8 1. . . . . . . . . . 2 2 7 0 2 4 Jan. 7.... .205 2 30 3 . . . . . . . . . . 2 2 0 0 9 7 2 2 2 9 . . . . . . . . . . 2 3 9 0 5 3 O N D c o e t c v o e e b m m e b b r. e e r . r . . . 3 3 5 4 9 8 3 7 3 9 9 7 5 9 8 2 0 8 4 3 2 4 5 9 4 0 6 2 2 1 2 9 5 . . . . . . . . . . . . . . . 2 2 2 4 1 3 4 8 0 2 2 1 8 1 4.... . . . 2 2 2 2 3 3 2 3 0 Aug. 2 1 6 0 3 . . . . . . . . . . . . . . . 2 2 2 5 2 1 2 8 8 Aug. 1 1 5 2 9 . . . . . . . . . . . . . . . 2 2 2 9 7 8 6 3 1 1950—January... , 256 ••787 390 Feb. 5... ..229 Feb. 4.... .226 27... ..252 26... . .288 February.. 247 '854 393 12.. .. .238 11.... .238 Sept. 3.. .. .295Sept. 2.. ...310 March.... 320 920 326 19... . .227 18 .231 10... ..273 9. . . April 319 926 '271 26... . .232 25.... .221 17.. ...315 16... May , 330 906 248 Mar. 5.. .. .244Mar. 4 .244 24.. .. .292 23... June 317 833 369 12... ..256 11.... .253 July P292 19... ..261 18.... .264 26. . . 277 25 279 p Preliminary. r Revised. 1 These figures are not estimates for all department stores in the NOTE.—For description of series and for back figures, see BULLETIN United States. for September 1944, pp. 874-875. Back figures.—Division of Research and Statistics. SEPTEMBER 1950 1237 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] 1 Ju 95 ly 0 J 1 u 9 n 5 e 0 S m 1 e 9 o v 5 s e 0 . n J 1 u 95 ly 0 J 1 u 95 n 0 eS m 1 e 9 o v 5 s e . 0 n J 1 u 95 ly 0 J 1 u 9 n 5 e 0 1950 J 1 u 95 ly 0 1 Ju 95 n 0 e United States,.P+30 +4 +3 Cleveland-cont. Chicago P+29 +6 +3 Kansas City— B N P D S B o B p o e o o s r w o s r w i t t t s n o o n l t g o H n n a t f o n n i A a w e d l v . r d n . . e e . . „ a . n . . . . . . . . .. + + + + + + 2 2 1 1 1 8 2 1 8 8 2 + - - - -2 1 6 1 2 0 + + + - - -2 3 3 1 1 1R P W E W B H i i r a a c t a h i l t g h s e t e s e i h m b i e m r i l u s n i o o n t r g o r g n g t e w h o d * n n i . *... + + + + + + + 3 3 2 2 3 1 1 1 4 1 3 3 7 0 + + + + + + + 1 1 7 1 4 0 4 2 3 + + + + + 2 2 2 3 0 1 i F T C P D D In e o e h e e d o r r s i t i t r r r c a e i o M a W a n i g a H t i o » o a p a i y 1 o n u n li e t e s e s * \ 1 . . . . . . . . . . . . + + + + + + + 2 1 2 2 3 2 2 2 3 0 5 7 0 4 + + + + + + 1 1 6 4 5 5 0 0 + + + + + 4 3 3 0 2 1 1 D O O T S C a c h u m k o l o r l l r l s e a a a n p a v h h s u t. e a o s p m o C a r h t r C is i t t i y . . . + + + + + + 4 3 2 4 3 4 1 7 9 9 3 3 + + + + + + 1 5 5 8 7 8 2 + + + + + + 1 1 6 8 7 9 1 1 N P C W P A N S N N P R T L A E U W Y S B B P R B e h l r y o h c l a r o u l e e k i r e o t i w e o m o i i b e a i r n h i n i u f w w c r a l r l v c a l v d f r n a g k o a k e c g h g a i d a e a c c a i n g r t a e n n a d d l e Y h h d l i u e o a r i Y o y r s e a s n s e e e k k a e s s a n - 1 o p t t o c l n g l e t n B e m e e i p r . p 1 o e i t r 1 F d e c r k r a a h r J h k r t * p e . a r . d 1 t o i . i C . . . r J a s l . a y n e . l i i . . e s . . * t * . . y . . . . . . . . . . . . . . . . . + + + + + + + + + + + + + + + + + + + + + + + + + 2 2 3 3 2 2 3 2 2 2 3 2 3 3 2 2 2 1 1 1 1 1 1 1 1 2 7 9 0 7 5 9 0 3 1 5 6 3 3 7 2 1 9 9 8 8 9 3 0 6 + + + + + + + + + + + + + + + + + + + + - - 1 1 3 1 1 3 6 4 6 4 7 6 3 2 2 6 5 3 2 1 3 1 0 1 5 3 + + + + + + + + + + + + + + + - - - - - - - — - 3 2 1 2 4 3 1 1 2 3 8 6 3 3 4 3 3 2 6 1 5 1 2 1 A O A S W L N T A G M M J R C C R H B C M R M B A C a t a y a a o o o i h r u a r t o s l i u h o a o c i r i v l l e a l n c h t m l m l a g n a m r a a c ' e n k n b o u u e a l c e r n h f u s n m o n i s t n s m m n i e n t l p i o v h g t g s l ' d t m e n t i n o o v t n e i a i a h b a t l n o b b o s o R g l x a n i n k . 1 a 1 l u t o l m u i n g 1 h e o h - v o l . a r s n e . . S , t a n u g e i W . o , m l d . a N , r g l n y S l . e e . S e . V . . . 1 1 1 m . * . C . . . . C C . a . . . . . . . . . . . . . . P P + + + + + + + + + + + + + + + + + + + + + + 3 + + + 3 2 4 3 2 4 3 3 2 2 4 5 2 - 2 2 2 3 2 1 1 1 1 9 1 7 2 2 1 9 7 8 1 9 0 5 9 6 4 0 3 1 3 6 7 3 7 1 + + + + + + + + + + - + + + + + + + + + 1 1 3 - - - 1 1 2 - - 1 2 3 3 1 1 4 9 1 1 2 0 7 9 2 4 4 2 0 0 0 2 3 3 4 7 0 2 7 4 6 + + + + + + + + + + + + + + + + + + + + - - 1 - - 2 1 4 3 4 1 4 1 1 1 7 7 9 3 6 3 4 2 8 3 1 2 3 1 4 1 0 0 5 0 0 S M K L L Q F F S S D M L E E S S B P G G M M M t a S p t u t t o a o . l i v a i u e u r r . . . i a e n i t i n u r n e e a s r a u n l i n t l n L i d m L L w t n n P t e p b s l s n n n u i v n e i t i s c a n o o e e l o d a g s S s p 1 a e S t e n o v y r v a u s o u h u f u u r h a m g i t R B i i i i R n l p - i o . p k e i i l l s s s i l s l l r a o o o i e L a t e e d i A y h C e l * 1 l c p 1 o i i % s 1 k s r i i u t d . e 1 1 y i K . . a s s . . . . . . . . . . . . . . . . . . P+ + + + + + + + + + + + + + + + + + + + + + + ( 2 3 5 3 2 2 2 5 6 3 4 3 3 2 2 1 3 2 2 2 3 3 3 1 ) 6 1 7 7 7 7 4 6 2 3 6 1 4 3 8 1 6 6 9 1 3 3 8 + + + + + + r + + + + + + + + + + + + + + 2 1 1 1 + 1 1 6 4 4 5 7 4 2 5 7 5 2 6 4 1 8 6 2 7 1 0 0 5 1 3 + + + + + + + + + + + + + + + + + + + + + - 1 1 3 9 2 8 3 2 3 1 4 6 6 2 2 6 4 6 3 5 1 1 0 3 S T L F S V P L O S R S S S S P F D H S B B a S N N B a a t a a r o h o a u o a n o i o a a a o a o a e v n n n n n n s c r o l c k i e a a k r u l n s c l s t e s t g l r r e e m l p t n e s A A k e F J a F D r a k o a a l j W n t a o B r o s t o n s r e n a B o p r n a n m i o s i i R s a 1 e l x d a e d n a g x n n t f * o n e e e a n g o o r e i e n e 1 d a y d r n x n c e x a o n s l n t c c e a i d . l a n h a x i h s i 1 t d . o s n r d s . o c . l d 1 . * d c . o 1 . . 1 i . . . o . n . . . . . . x . . . . . . . . o . . . . P P P P + + + + + + + + + + + + + + + + + + + ( 2 4 4 4 4 3 4 3 1 2 4 5 4 3 4 4 4 2 4 3 ) 1 6 9 2 6 7 2 0 7 5 1 2 5 8 3 1 1 0 5 + + + r+ + + + + + + + + + - - — - - 1 9 5 3 1 1 6 1 4 2 9 2 3 7 4 0 1 1 0 3 3 5 4 + + + + + - + + + + + + + + + + + + 1 - 1 1 1 1 1 3 4 6 4 5 2 3 5 6 3 9 4 3 4 6 0 1 1 1 Canton * +35 + 12 +4 New Orleans 1.. +31 -1 +3 Hutchinson.... +49 +9 +2 Salt Lake City KP+28 +9 +4 C C S C T Y p o o l i o e r n l l u i v u e c n n e m d i g g n l o f a b s i n 1 n t e u o a l d s d w t * i * 1 n * . l . . . + + + + + + 2 2 4 2 2 1 9 4 0 5 9 3 + + + + + + 4 2 6 4 1 1 + + + - - 2 1 4 2 1 0 J M N B C K a r h n a e c i a s o s r k h t t i x s o t d v v a o l i i n i a n l l n o l l 1 e e o 1 g i a 1.. + + + + + + 2 2 3 1 1 1 9 6 0 7 5 0 + + + + + 1 1 2 1 8 2 9 0 + + + + + - 1 2 8 1 6 2 4 W T J L S K o t i o a . n p i p c n c l J e h i s o o n k a i l s t n s a a e p C h ity,... + + + + + ( 3 3 3 6 2 2) 7 5 8 8 9 + + + + 2 2 2 5 3 3 + + + + - 1 3 4 4 0 1 4 S S Y E T B p e a v e a c a l o e k l o t i k r i t n m m e a l g e t n a h a t 1 1 e 1 a 1 l m J. . . P + + + + + + 3 3 7 3 4 4 6 5 6 6 1 4 + + -1 + + - 3 5 1 0 3 8 5 1 + + + + - 2 1 6 6 6 7 0 0 P Preliminary. r Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 2Data not available. 'Five months 1950. 4 Six 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 ic ri i g ty er , a a ti n o d n fur H ni o s u h s in e gs Miscellaneous 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1933 .... . 92.4 84.1 87.9 100.7 100.0 84.2 98.4 1940 100.2 96.6 101.7 104.6 99.7 100 5 101 1 1941 105.2 105.5 106.3 106.2 102.2 107.3 104.0 1942 116.5 123.9 124.2 108.5 105.4 122.2 110.9 1943 123.6 138.0 129.7 108.0 107.7 125.6 115 8 1944 125.5 136.1 138.8 108.2 109.8 136.4 121.3 1945 128.4 139.1 145.9 108.3 110.3 145.8 124.1 1946 139.3 159.6 160.2 108.6 112.4 159.2 128 8 1947 159.2 193.8 185.8 111.2 121.2 184.4 139.9 1948 171.2 210.2 198.0 117.4 133.9 195.8 149.9 1949 . 169.1 201.9 190.1 120.8 137.5 189.0 154.7 1949—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 June 170.2 204.6 185.0 123.9 138.9 185.2 155.3 July 172.5 210.0 184.7 124.4 139.5 186.4 156.2 Back figures.—Bureau of Labor Statistics, Department of Labor. 1238 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All Manu- Year, month, or week m c t o o i m e d s - i- F p u r a c o r t d m s - Foods Total l H e p u a a r i c n o t d h t d d e s e - s r T p u e r x c o t t d s il - e li m g F r a h i a u n a t t e l d i e s n l - g M m p u a r e e c n o t t t d d a a s l - l s B m r i u i a n a i t g l l e d s - - c C a p a u h l l r s l c e o i m t e a d s d n - i d - H g n f o o i i u n s u o r g h s d - - e s - n c M e e o l i l s u a - s - m R ri a a a t w l e s - t p u u f r a c r o c e t - d s d - 1929 95 3 104 9 99.9 91.6 109 1 90.4 83.0 100 5 95 4 94 0 94.3 82 6 97 5 94 5 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88 7 92.7 77.7 84.3 88.0 1931. 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79 3 84.9 69.8 65.6 77.0 1932 64 8 48 2 61.0 70.2 72 9 54.9 70.3 80 2 71 4 73 9 75.1 64 4 55 1 70 3 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72 1 75.8 62.5 56.5 70.5 1934.. 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75 3 81.5 69.7 68.6 78.2 1935 .... 80 0 78 8 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 6 89.7 77.8 84.8 87.2 1938... . 78 6 68 5 73.6 81.7 99 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 9S 6 69.7 73.1 94.4 90.5 76 0 86.3 74.8 70 2 80.4 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77 0 88.5 77.3 71.9 81.6 1941.... 87 3 82 4 82.7 89.0 108 V 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 s 102.4 89.7 100 6 98.6 1943. . . 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94 9 102.7 92.2 112.1 100.1 1944 ... 104 0 123 3 104.9 98.5 116 7 98.4 83.0 103 8 115.5 95 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 95 104.5 94.7 116.8 101.8 1946 . 121.1 148.9 130.7 109.5 137.2 116.3 90.1 115.5 132.6 1014 111L.6 100.3 134.7 116.1 1947 152 1 181 2 168.7 135.2 18? 4 141.7 108.7 145 0 179.7 127 131 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 6 145.3 112.3 163.9 151.2 1949—July 153.6 166.2 161.3 145.1 177 8 138.0 130.1 167.9 189.0 118 0 143.0 110.3 163.2 149.8 August 152 9 162 3 160.6 145.0 178 9 138.1 129 6 168 2 188 3 119 142 9 109 8 161 3 149 4 September 153 5 163.1 162.0 145.3 181 1 139.0 129.9 168.2 189 4 117.6 142.9 109.6 162.0 150.1 October 152.2 , 159.6 159.6 145.0 181.3 138.0 130.6 167.3 189.3 115.9 143.0 109.0 160.4 149.1 November..... 151.6 156.8 158.9 145.0 180.8 138.0 130.2 167.3 189.6 115.8 143.4 109.7 160.4 148.2 December 151 2 154.9 155.7 145.4 179 9 138.4 130.4 167.8 190.4 115.2 144.2 110.7 159 5 147.9 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 13? 131.3 168.6 192.8 115 9 145.2 110.0 162 A 149.1 March. 152.7 159.4 155.5 146.1 179 6 137 3 131.5 168.5 194.2 116. 14s 110.7 162.8 148.9 April ... 152 9 159 3 155.3 146.4 179 4 13f 4 131 .2 168 7 194 8 117 11 14* 8 112 6 162 5 149 4 May 155.9 164.7 159.9 147.6 181 0 13<< 1 132.1 169 7 198.1 116 4 146.6 114.7 166.3 152.2 Tune 157.3 165.9 162.1 148.8 18? 6 \M 8 132.7 171.7 '202.1 114 S 146.9 114.8 167.7 153.5 July . 162 9 176 0 171.4 151.5 187 0 14? 8 133.4 172 2 207 2 118 1 149 0 119 0 175 8 158 0 Week ending:1 1950—Tune 20 157 1 166.2 162.5 148.3 ns 9 133 1 173 0 201 1 113 9 June 27. ... 157.1 165.0 162.7 148.7 .7 133.1 173.1 201.4 114 3 July 4 159 0 171 3 165 2 149.0 137 4 133 4 173 0 202 1 114 9 July 11 161 9 176.3 171.9 149.9 7 133.2 173 1 203 8 115. 7 Tuly 18 163 3 176 9 175 4 150 6 13Q 133 5 173 3 204 1 117 7 July 25 163.7 177.0 173.8 151.7 140.7 133.8 173.5 207.3 118.6 Aug. 1 165 3 179 2 175.2 153.4 146 4 134 0 173 9 210 7 120 s Aug. 8 165.6 177.5 174.7 154.5 147.9 134.1 173.9 212.7 120.8 Aug. 15 164.9 175.4 174.2 154.1 147.6 134.0 174.2 214.3 121.7 Aug. 22 166.0 176.4 174.4 155.1 149.2 134.4 174.9 215.1 121.6 1949 1950 1949 L950 Subgroups Subgroups July Apr. May June July July Apr. May June July Farm Products: Metals and Metal Products: Grains ..... 154.1 169.6 172.3 169.3 173.5 Agricultural fnach. Rr emiin. 144.0 143.4 143 7 143.8 143.9 Livestock and poultry 188.5 178.0 194.6 197.5 215.8 Farm machinery 146.5 145.8 146 0 146.1 146.2 Other farm products 155.0 144.2 143.7 145.0 151.8 Iron and steel 164.2 168 s169.1 169.3 Miotor vehicles 177 2 175 1 175 1 175 1 175.1 Dairy products.... 149.2 141.1 138.0 135.9 141.8 Nonferrous metals .... 132.1 128.9 136 148.4 150.6 Cereal products. . 146.1 145.9 146.0 145.6 151.2 Pliimbinp- anH heatinc 154 7 154.7 156 4 156.3 156.3 Fruits and vegetables 145.4 137.6 139.2 140.5 137.0 Building Materials: Meats 212.2 200.6 217 A 223.7 240.7 Brick and tile. . 161.5 16" 4 163 0 164.3 166.9 Other foods 130.5 129.3 130.9 133 .1 145 1 Cement 133 1 134I 0 134 Q 134 9 135.3 Hides and Leather Products;: Lumber 277.4 299.4 310 8 r322.6 337.9 Shoes 183.8 184.3 185.0 184.8 185.6 Paint and paint materials 145 4 136 7 136 8 137 7 138.6 Hides and skins. . . 184.7 187.2 194.4 202.1 219.3 Plumbing and heatine.. 154.7 154.7 156 4 156.3 156.3 Leather 175.4 179.1 179.3 180.6 185.3 Structural steel 178.8 191.6 191 6 191.6 191.6 Other leather products 142.4 143.1 143.1 143.1 143.1 Other bniiHinff materials 168 8 172 0 172 7 175 C 177.2 Textile Products: Chemicals and Allied Products: Clothing 144.8 144.2 143.8 143.8 144.3 Chemicals 117 9 116 4 116.5 117.3 119.3 Cotton goods 167.3 172.8 172.0 173.8 191.9 Drugs and Pharmaceuticals. . 124.7 19' 0 122 3 122.7 129 A Hosiery and underwear 98.4 97.7 97.7 °7 7 99.2 Fertilizer materials.... 120.7 ir? 4 116 8 108.4 1.0.3 Silk . 49.2 49.1 49.3 49.3 60.3 Mixed fertilizers 108 3 103 5 103 3 103 3 102.9 Rayon 39.6 39.9 39.9 39 9 40.7 Oils and fats 118 5 1?*f ^ 122 9 111.9 125.7 Woolen and worsted goods.. 157.6 146.1 146.2 148.3 150.3 Housefurnishing Goods: Other textile products. 178 8 165.8 164.6 164 5 168 5 Fiirnishinfrs 149 1 152> 6 154 1 154.2 156.6 Fuel and Lighting Materials: FurnitLire 136.8 138.8 138 9 139.4 141,1 Anthracite 135 4 142 6 139 2 140 1 141 0 /?• Bituminous coal . 188.9 193.4 192.6 192.1 191.9 Auto tires and tubes 60 6 65.0 65 8 67.C 68.2 Coke 222.0 225.6 225.6 225.6 225.6 Cattle feed . . . 204.7 215.6 235 S 213.2 240.5 Electricity 70 0 67 8 66.6 Paper and pulp 156.8 155.4 155 4 155. £ 159.9 Gas 89.5 86.8 87.2 87 9 Rubber crude 35.1 48.7 58 4 63.4 78.4 Petroleum products 110.2 109.5 112.6 113.9 115.5 Other miscellaneous 121.6 120.3 120 5 121. C 122.0 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. 1239 SEPTEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1950 1929 1933 1939 1941 1947 1948 Gross national product 103.8 55.8 91.3 126.4 211.1 233.3 259.1 255.6 255.2 254.4 253.8 262.5 269.9 Less: Capital consumption allowances 7.2 8.1 9.3 12.2 14.8 17.4 18.8 18.7 18.9 19.3 19.7 20.4 Indirect business tax and related liabilities. 7.0 7.1 9.4 11.3 17.3 18.7 20.4 21.3 21.2 21.7 21.5 21.7 22.7 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 -2.9 -3.6 -1.9 3.4 n.a. Plus: Subsidies less current surplus of government enterprises -.1 C1) .5 .1 .9 -.1 .0 .1 .3 .0 .0 .2 .5 Equals: National income 87.4 39.6 72.5 103.8 180.3 198.7 223.5 216.8 217.8 216.7 214.2 217.2 n.a. Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 18.3 24.7 31.8 29.9 30.4 31.8 28.4 28.4 n.a. Contributions for social insurance .2 .3 2.1 2.8 6.0 5.7 5.2 5.7 5.6 5.6 5.7 6.7 6.9 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 -.3 .0 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.5 2.6 10.9 11.1 10.6 11.6 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 4.7 4.7| 4.7 4> Dividends 5.8 2.1 3.8 4.5 5.8 6.6 7.5 7.8 7.7 7.4 8.2 8.1 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 95.3 177.7 191.0 209.5 206.1 206.8 203.8 205.4 216.4 214.7 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 19.2 Federal 1.3 .5 1.2 2.0 17.2 19.6 19.0 16.2 16.2 16.2 16.1 16.1 16.6 State and local 1.4 1.0 1.2 1.3 1.6 1.9 2.2 2.5 2.5 2.5 2.5 2.6 2.6 Equals: Disposable personal income 82.5 45.2 70.2 92.0 158.9 169.5 188.4 187.4 188.2 185.1 186.8 197.7 195.5 Less: Personal consumption expenditures 78.8 46.3 67.5 82.3 146.9 165.6 177.4 178.8 178.4 179.0 180.6 182.4 184.5 Equals: Personal saving 3.7 -1.2 2.7 9.8 12.0 3.9 10.9 8.6 9.8 6.2 6.2 15.3 11.0 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1950 1939 1947 National income 87.4 39.6 72.5 103.8 180.3 198.7 223.5 216.8 217.8 216.7 214.2 217.2 Compensation of employees 50.8 29.3 47.8 64.3 117.1 128.0 140.2 140.6 140.5 140.0 140.2 142.3 147.6 Wages and salaries 2 50.2 28.8 45.7 61.7 111.2 122.1 134.4 134.2 134.2 133.6 133.6 135.2 140.2 Private 45.2 23.7 37.5 51.5 90.6 104.8 115.7 113.7 114.0 113.0 112.7 114.3 119.2 Military .3 .3 .4 1.9 8.0 4.1 4.0 4.3 4.2 4.3 4.6 4.5 4.5 Government civilian 4.6 4.9 7.8 8.3 12.7 13.2 14.7 16.1 16.1 16.3 16.4 16.4 16. Supplements to wages and salaries .6 .5 2.1 2.6 5.9 5.9 5.8 6.4 6.3 6.4 6.6 7.1 7.4 Proprietors' and rental income 3 19.7 7.2 14.7 20.8 42 0 42.4 47.3 41.7 42.2 40.1 40.7 41.5 41.3 Business and professional 8.3 2.9 6.8 9.6 20.6 19.8 22.1 21.0 21.1 20.7 20.6 21.4 22.3 Farm 5.7 2.3 4.5 6.9 14.8 15.6 17.7 13.4 13.7 12.2 12.8 12.8 11.8 Rental income of persons 5.8 2.0 3.5 4.3 6.6 7.1 7.5 7.3 7.4 7.2 7.3 7.3 7.2 Corporate profits and inventory valu: tion adjustment 10.3 -2.0 5.8 14.6 18.3 24.7 31.8 <29.9 30.4 31.8 28.4 28.4 n.a. Corporate profits before tax 9.8 .2 6.5 17.2 23.5 30.5 33.9 27.6 26.4 28.2 27.6 29.2 n.a. Corporate profits tax liabliity 1.4 .5 1.5 7.8 9.6 11.9 13.0 10.6 10.0 10.8 10.6 11.4 n.a. Corporate profits after tax 8.4 -.4 5.0 9.4 18.5 20.9 17.0 16.4 17.3 16.9 17.8 n.a. Inventory valuation adjustment .5 -2.1 -.7 -2.6 -5.8 -2.0 2.2 3.9 3.7 .8 -.7 -2.3 Net interest 6.5 5.0 4.2 4.1 2.9 3.5 4.1 4.7 4.7 4.8 4.8 5.0 5.0 n.a. Not available. c Corrected. 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. 1240 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 AnnuaI totals Seasonally adjusted annual rates by quarters 1949 1950 1929 1933 1939 1941 1946 1947 1948 1949 2 3 4 1 2 Gross national product 103.8 55.8 91.3 126.4 211.1 233.3 259.1 255.6 255.2 254.4 253.8 262.5 269.9 Personal consumption expenditures 78.8 46.3 67.5 82.3 146.9 165.6 177.4 178.8 178.4 179.0 180.6 182.4 184.5 Durable goods 9 4 3 5 6 7 9 8 16 6 21 4 22 9 23 8 23 0 24 7 25 3 26 9 26 7 Nondurable goods 37.7 22.3 35.3 44.0 85.8 95.1 100.9 98.5 99.2 97.6 97.9 97.5 99.0 Services 31.7 20.6 25.5 28.5 44.5 49.1 53.7 56.4 56.2 56.6 57.4 58.0 58.8 Gross private domestic investment 15.8 1.3 9.9 18.3 28.7 30.2 43.1 33.0 31.3 32.1 31.2 40.5 45.9 New construction 1 7 8 1.1 4.9 6 8 10.3 13 9 17 7 17 3 16 8 16 9 18 2 19 9 20.9 Producers' durable equipment 6 4 1 8 4 6 7 7 12 3 17 1 19 9 19 5 19 8 19 4 18 7 19.3 21.6 Change in business inventories 1.6 -1.6 .4 3.9 6.1 — 8 5.5 -3.7 -5.3 -4.2 -5.7 1.3 3.4 Net foreign investment .8 .2 .9 1.1 4.6 8 9 1.9 .4 1 3 .1 -.7 -1 9 -2.0 Government purchases of goods and services 8.5 8.0 13.1 24.7 30.9 28.6 36.6 43.3 44.3 43.2 42.8 41.4 41.4 Federal 1 3 2 0 5 2 16 9 20 9 15 8 21 0 25 3 26 6 25 1 24 3 22.5 22.6 W No a n r war } 1.3 2.0 3 1 . . 9 3 1 3 3 . . 2 8 2 2 1 . . 5 2 }17.1 21.5 25.7 26.8 25.8 24.6 22.8 22.8 Less'. Government sales ^ <*> (3) (8) (3) 2.7 1.3 .5 .4 .2 .7 .3 .3 .2 State and local 7.2 5.9 7.9 7.8 10.0 12.8 15.6 18.0 17.7 18.2 18.5 18.9 18.8 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Year or month in s P o c e o n r m a - l e re T c o e t i a p l ts4 b m T u d o e i r s n t s - a e t l s - Wag d p m i e n u C r o o g s o a d t d n m r u i i i d n t e c - y - s - sal D a i u n r t i y r s t d i i t e u v r s i d s e b - i - sbu S i r n e t s r r d e i v m u e i s s c e - e nts m G er o e n v n - - t L b c p s i e u o n a o l s f o t n s n c o s i y u c o i t r a r e e r e n i m - l e - s - in O l c a t o b h m o e r r e5 p r r e P a i n e r n o t t d o a - l rs' i i n d n s p t a c e o e e n o n n r r d m d a e - l s s e t m T p r e f a a e n y n r t - s s - 7 i a n g N t c u r o o i r c m n a u l - e l- 8 1929 -. 85.1 50.0 50.2 21.5 15.5 8.2 5.0 19.7 13.3 76.8 1933 46.6 28.7 28.8 9.8 5.1 5.2 .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 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 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 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—June 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, 131.4 133.5 56.0 39.4 17.4 20.7 2.1 2.9 40.2 16.6 12.4 186.8 August. . . . 204. 131.3 133.5 56.3 39.4 17.3 20.5 2.2 2.9 40.7 16.8 12.6 187.3 September. 203, 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.... 202 130.3 132.5 54.8 39.0 17.8 20.9 2.2 3.0 39.8 17.2 12.1 186.0 November. 205 131.3 133.4 55.5 39.0 17.8 21.1 2.1 3.1 41.7 17.2 12.4 187.6 December. . 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 February. . 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 March 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 May 214.5 137.7 140.5 60.9 40.1 18.5 21.0 2.8 3.4 41.5 17.8 14.1 198.4 June 217.1 140.2 143.2 62.7 40.7 18.6 21.2 3.0 3.4 42.3 17.8 13.4 200.7 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. 6 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. 1241 SEPTEMBER 1950 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 Total E o n r d m of o n y t e h ar co c n r s e u d m it er i c T m n r s o e e t t d a n a i l t l t - Total A S u al t e o m cr o e b d i i l t e Other Loans x no c T n m r i o e e n t d n s a i t t l t al- p S l a o i y n a m g n l e s e 2 n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1929 7,628 3,158 2,515 1,318 1,197 643 4,470 2,125 1,749 596 1933 3,912 1,588 1,122 459 663 466 2,324 776 1,081 467 1939 7,969 4,424 2,792 1,267 1,525 1.632 3,545 1,468 1,544 533 1940 9,115 5,417 3,450 1,729 1,721 L.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 L ,431 3,530 1,369 1,513 648 1943 5,378 2,001 882 175 707 L ,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 .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—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 18,620 11,322 6,511 3,470 3,041 4,811 7,298 3,048 3,241 1,009 May 19,085 11,667 6,733 3,600 3,133 4,934 7,418 3,100 3,290 1,028 TuneP 19,680 12,108 6,995 3,790 3,205 5,113 7,572 3,147 3,392 1,033 Julyp 20,340 12,608 7,344 3,994 3,350 5,264 7,732 3,193 3,520 1,019 pPreliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Total m b C a e n o r k c m i s a - l l p S c l a o m o n a m i a n e l - s l b I a n tr n d i k u al s s 2 - p I a c n t l n o r o d i i a m a u e n l s s - - 2 u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s s - I m i l r n z o e o a a s a p n u d t n i a d r e o s i e r r n 3 d n- m b C a e n o r k c m i s a - 1 l p S c l a m o o n a m a i n e l - l s b I a n tr n d i k u a s l s - 2 p I a c n l t n o o r d i i a m u a e n l s s - - 2 u C n r i e o d n i s t 1929 . . 643 43 263 21Q 23 95 463 413 38 1933 466 29 246 121 20 50 322 202 32 1939 1,632 523 448 131 99 135* 96 200 680 827 261 194 237 1940.. . 1,967 692 498 132 104 174 99 268 1,017 912 255 198 297 1941 2,143 784 531 134 107 200 102 285 1,198 975 255 203 344 1942 1,431 426 417 89 72 130 91 206 792 784 182 146 236 1943 1,119 316 364 67 59 104 86 123 639 800 151 128 201 1944 1,170 357 384 68 60 100 88 113 749 869 155 139 198 1945 1,422 477 439 76 70 103 93 164 942 956 166 151 199 1946 2,352 956 597 117 98 153 109 322 1,793 1,231 231 210 286 1947 . . 3,348 L.435 701 166 134 225 119 568 2,636 1,432 310 282 428 1948 4,072 L.709 817 204 160 312 131 739 3,069 1,534 375 318 577 1949 4,650 1,951 929 250 175 402 142 801 3,282 1,737 418 334 712 1949—June 4,253 L,836 827 219 167 346 132 726 303 140 38 28 68 July 4,325 1,866 843 225 169 357 133 732 282 155 35 28 59 August 4,399 1,897 851 230 171 369 134 747 294 143 37 29 66 September. . 4,461 1,922 855 235 172 379 135 763 278 128 34 27 65 October . 4,505 L.936 858 239 172 385 135 780 272 134 34 26 59 November... 4,561 1,944 875 244 173 394 137 794 269 161 36 28 64 December... 4,650 1,951 929 250 175 402 142 801 280 232 41 31 69 1950—January. . .. 4,662 L,957 931 251 175 404 142 802 269 131 37 27 59 February.... 4,671 L,973 928 254 174 408 142 792 268 126 34 25 61 March 4,743 1,026 936 258 176 421 143 783 336 163 43 31 78 April 4,811 1,066 945 262 178 431 144 785 307 154 37 28 70 May 4,934 M34 959 267 182 450 145 797 348 168 43 32 83 June? 5,113 1,233 978 275 187 474 147 819 379 175 46 34 93 Julyp 5,264 2,315 995 282 192 495 149 836 380 165 45 32 84 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 July amounted to 98 million dollars, and other loans made during July were 13 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. 8 Includes only loans insured by Federal Housing Administration. 1242 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 o t o h f r in e m T g x o o c a l b t u u a i d l l t e , o - - s o m m t a r o n a 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 o p o n o u p 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 t A o h t r a l e l e i r l s Year or month Total c P ha u s r r e - e d ta D i l l o i a re n c s t c d r h p e a ir a u t n e a s r d c i e - l t d , l e o m r t a a n i o n o n iz d d n s a - 12 - s i l n m o c o s n a a e t s a n a n h l l s t houses Outstanding at end of 1929 1,197 160 583 265 56 133 p 19 e 4 ri 7 od: 2,701 346 536 523 500 796 1933.. .. 663 119 299 119 29 97 1 1 9 9 4 4 9 8.. 3 4, , 4 5 1 6 6 3 5 8 7 5 0 4 9 7 1 3 5 6 9 75 2 1 2 6 7 3 8 6 1 8 9 7 4 0 4 1939 1,525 377 536 273 93 246 1949—June 3,852 688 843 750 676 895 1940, 1,721 439 599 302 110 271 July 3,933 718 869 761 684 901 1941 1,802 466 619 313 120 284 August 4,044 754 890 778 711 911 1942.... 1,135 252 440 188 76 179 September 4,140 780 905 803 730 922 1943 707 172 289 78 57 111 October 4,247 811 915 839 755 927 1944 . . 691 183 293 50 56 109 November 4,326 835 922 868 772 929 1945. 715 198 296 51 57 •113 December 4,416 854 915 922 781 944 1 1 1 19 9 9 9 4 4 4 4 9 7 6 8 . ... 3 2 1 1 , , , , 0 1 9 5 0 3 9 6 4 5 6 7 1,0 6 8 3 1 7 5 3 0 4 0 7 9 3 5 7 3 8 8 5 5 7 6 0 2 3 5 1 0 8 4 1 0 7 9 8 1 1 1 8 6 5 4 3 9 2 4 3 4 4 1 0 8 0 7 8 4 5 4 1950— F A M J e a p a n b r r i u r c l u a h a ry ry 4 4 4 4 , , , , 5 6 4 4 9 8 9 6 5 8 4 5 9 9 8 8 5 2 8 6 3 2 8 6 9 9 9 9 9 3 6 2 2 5 4 2 9 9 9 9 4 8 6 5 1 3 6 3 7 7 7 7 8 7 8 7 3 4 0 9 9 9 9 9 4 6 8 4 5 9 0 7 1949 J M u a n y e? . 4 5 , , 8 0 6 8 2 4 1, 9 0 9 5 2 0 1 1 , , 0 0 3 9 5 6 1 1 , , 0 0 2 6 8 4 8 8 0 3 4 4 1 1 , , 0 0 0 4 3 0 June 2,371 774 718 382 124 373 July? 5,290 1,111 1,157 1,112 850 1,060 S N O D J A u e o e c u l p c y v t g t o e e e u m b m m s e b t b b r . e e e . . r . . r r . . . . . 2 2 2 2 3 2 , , , , , , 5 4 4 6 0 7 6 6 0 7 9 9 2 2 0 5 5 6 1,0 8 8 9 7 7 1 5 0 1 6 8 0 5 6 8 6 1 8 8 9 7 7 7 2 5 3 5 8 3 2 8 5 5 4 0 4 4 4 4 4 5 3 1 0 5 6 0 5 7 5 4 4 0 1 1 1 1 1 1 2 2 2 2 2 6 7 1 1 3 1 3 3 3 4 4 4 4 0 7 8 8 2 4 4 8 8 8 1 0 Vo i 1 l n u 9 g m 4 9 m e — o J S e A n J u x u e t u l h t n p y g e : e t n u e d s m t e b d e r dur- 5 5 5 5 6 4 9 9 8 1 2 8 1 1 1 1 1 1 2 0 2 7 7 9 1 1 1 1 3 2 2 3 5 3 9 4 1 1 1 1 2 0 2 1 1 9 4 4 6 6 5 7 2 0 7 5 1 1 1 1 4 4 5 4 1 5 7 8 1950 October 593 125 123 136 70 139 November 576 118 115 131 67 145 January... 2,995 975 902 491 62I December. . .. 593 113 105 154 57 164 J J F A M M u u e p n a l a b e r y y r i * r ? c l u * h . a . . r . . y . . . . 3 3 3 2 3 2 , , , , , , 3 2 1 0 9 9 5 3 0 4 7 5 0 3 1 5 9 7 1 1 1 , , , 0 0 0 9 9 9 3 8 1 7 6 5 2 1 1 9 0 8 9 8 8 9 9 9 1 7 9 3 9 4 3 6 9 5 1 7 5 4 5 5 5 5 0 9 1 3 9 6 2 2 8 7 8 1 6 6 6 6 6 6 1 1 3 5 9 6 * < 5 5 I L 1950— F A J M M J u a e p n a a n b r y r e i u r c l P u a h a ry ry 5 6 5 6 7 7 4 0 5 4 2 6 2 7 4 6 1 8 1 1 1 1 1 1 1 1 4 6 4 3 7 1 8 5 2 0 1 1 1 1 1 1 5 4 1 2 6 8 1 1 6 4 4 4 1 1 1 1 1 1 2 1 6 3 3 5 9 8 3 7 9 4 4 4 5 4 7 8 9 7 2 2 2 4 1 1 1 1 1 1 4 5 8 7 3 7 3 5 3 2 4 2 July? 787 174 190 166 80 177 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT CONSUMER INSTALMENT CREDITS OF INDUSTRIAL [Estimates. In millions of dollars] LOAN COMPANIES, BY TYPE OF CREDIT Retail instal- Repair Personal [Estimates. In millions of dollars] ment paper 2 and instal- Year or month Total modern- ment Retail instal- Repair Personal m A o u b to il - e Other i l z o a a t n io s n * lo ca a s n h s Year or month Total ment paper 2 m a o n d d ern- i m ns e ta n l t - Auto- ization cash Outstanding at end mobile Other loans x 2 loans of period: 1 19 9 4 4 8 7 2 2 3 86 3 . . 2 5 6 5 6 0 . . 6 0 3 4 0 3 . . 2 4 4 51 3 . . 7 3 1 1 1 2 0 4 . . 0 5 Ou o t f s t p a e n r d i i o n d g : at end 1949 343.2 93.6 63.1 55.4 131.1 1947 148.2 27.1 17 4 2 99.8 1948 177.1 38.3 23. 5 0 110.1 1949—June 303.4 76.1 48.7 51.2 127.4 1949 194.7 43.5 31. 6.5 113.3 O D N S J A u e e c o u l p c t y v g t o e e e u m b m m s e b b b t r e . e e . . r . r . r . . . 3 3 3 3 3 3 3 4 2 2 0 1 3 6 9 3 9 7 . . . . . . 2 3 6 7 4 4 9 8 9 8 8 7 3 1 8 5 2 8 . . . . . . 7 6 7 3 9 8 5 6 5 5 5 5 9 3 6 4 0 2 . . . . . . 2 6 6 1 3 3 5 5 5 5 5 5 5 5 3 1 5 2 . . . . . . 0 5 9 4 4 9 1 1 1 1 1 1 2 2 3 2 2 2 9 9 1 9 8 9 . . . . . . 9 9 3 1 9 3 1949— O J A S N J u u e o u c l n p y t v g e t o e u e b m m s e t b . b r e e . . . r r . . 1 1 1 1 1 1 9 9 9 8 8 9 1 2 0 5 7 0 . . . . . . 2 5 7 9 9 1 4 4 4 4 4 4 1 4 4 3 2 1 . . . . . . 2 2 1 0 3 6 3 3 2 2 3 2 0 0 6 8 0 9 . . . . . . 2 7 5 5 0 6 5 6 6 5 5 5 . . . . . . 3 0 3 7 3 8 1 1 1 1 1 1 1 1 1 1 1 1 2 2 1 2 2 0 . . . . . . 2 5 6 4 5 8 December. 194.7 43.5 31.4 6.5 113.3 1950—January... 344.6 96.1 63.9 54.7 129.9 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 June? 371.0 111.9 71.9 54.2 133.0 May 202.8 49.5 32.7 6.7 113.9 July P . . . . 380.2 115.8 73.4 54.8 136.2 June? 208.7 52.3 34.3 6.9 115.2 July P . . .. 214.6 54.7 36.5 7.2 116.2 Volume extended Volume extended during month: during month: 1949— D N J A S O J u u e e o u c l n p c v g y t e t o e u e e m b m s m t e b b b r e e . e r . r r . . . . . , . 4 4 4 4 4 4 4 5 5 7 3 1 7 7 . . . . . . . 6 8 5 0 9 7 0 1 1 1 1 1 1 1 2 3 3 4 1 2 1 . . . . . . . 5 7 7 9 1 3 3 1 8 8 8 8 7 7 0 . . . . . . . 2 5 8 8 5 3 2 3 3 4 4 4 4 4 . . . . . . . 3 2 2 3 8 4 7 2 2 2 1 1 1 1 1 0 2 8 8 9 9 . . . . . . . 5 7 6 9 1 9 1 1949— D A J O S N J u u e e u o c l n p c g y t v e t o e u e e m b s m m t e b b b r e e . e . r r r . . 3 3 3 3 2 2 2 0 1 8 1 7 1 8 . . . . . . . 7 8 3 9 1 1 3 6 6 6 6 5 5 7 . . . . . . . 6 7 7 7 1 4 1 4 3 4 5 3 4 4 . . . . . . . 2 9 7 9 0 8 4 0 0 0 0 0 0 0 . . . . . . . 5 8 6 5 4 5 5 . 1 1 1 1 1 1 2 8 9 9 7 8 6 1 . . . . . . . 4 0 0 4 5 8 1 1950—January.... 41.9 12.3 7.8 2.7 19.1 1950—January... 27.7 6.5 3.3 0.3 17.6 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. 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 33.1 7.9 4.8 0.5 19.9 JJune 51.1 15.7 8.9 4.3 22.2 JuneP..... 35.4 8.9 5.3 0.5 20.7 July P 50.5 16.2 8.9 3.8 21.6 July P . . . . 34.6 8.9 5.8 0.5 19.4 P Preliminary. l Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. SEPTEMBER 1950 1243 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe fr r o c m en m t p a o g r n e e t c h e c d h i a n n g ge m f P ro e o m r n c t e h c n o o t y a r f e r g e a p e s r r p e c o c h n e a d d n i i g n n e g g Instalment accounts a C c h co ar u g n e ts 1 J 9 u 5 l 0 y P J 1 u 9 n 5 e 0 M 19 a 5 y 0 1 J 9 u 5 l 0 y P J 1 u 9 n 5 e 0 M 19 a 5 y 0 Year or month D s m e to p e r a n e r t s t- F s t t u o u r r r n e e i s - h p H s o l t o l i o d a u r n s e a c e s p e - - J s e t w or e e lr s y D s m e to p e r a n e r t s t- Net sales: 1949 Total + 12 -5 + 13 +33 +8 +7 June 21 12 14 14 53 Cash sales +8 -7 + 18 +26 +3 July 19 12 13 13 49 Credit sales: August 21 12 14 14 51 Instalment + 13 -4 + 10 +33 +8 +8 September 20 11 12 13 52 Charge account + 14 -3 + 11 +42 +8 +8 O N c o t v o e b m er ber 2 2 0 0 1 1 1 1 1 1 2 2 1 1 4 3 5 5 3 4 Accounts receivable, end December 20 10 12 16 52 of month: Total +3 +1 +2 +30 +27 +27 1950 Instalment +2 + 1' + 1 +28 +28 +28 J F a e n b u ru ar a y ry 1 1 8 7 1 1 0 0 1 1 1 2 4 4 7 9 Collections during March 19 11 12 53 month: April 17 10 11 50 Total +4 + 1 +4 + 16 +9 +7 May 18 10 12 52 Instalment . . -1 + 1 +4 + 14 + 10 +8 June 17 10 10 51 July? 17 11 11 49 Inventories, end of month, at retail value. -3 -1 + 10 +9 +5 P Preliminary. 1 Collections during month as percentage of accounts outstanding at * Preliminary. beginning of month. 2 Collection of these data for jewelry stores was discontinued after December 1949. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average = 100 Percentage of total sales Year or month Sales during month A a c t c o e u n n d t s o r f e c m e o iv n a t b h le Collec m tio o n n s t h during Instal- Charge Cash ment account Total Cash Instal- Charge Instal- a C c h c a o r u g n e t I m ns e t n al t - a C c h co ar u g n e t sales sales sales Averages of monthly data: 1941 100 100 100 100 100 100 100 100 48 43 1942 114 131 82 102 78 91 103 110 56 38 1943 130 165 71 103 46 79 80 107 61 34 1944 145 188 66 112 38 84 70 112 64 32 1945 162 211 67 125 37 94 69 127 64 32 1946 202 242 101 176 50 138 91 168 59 37 1947 . . .. 214 237 154 200 88 174 133 198 55 39 1948 225 236 192 219 142 198 181 222 52 41 1949 213 216 198 213 165 196 200 224 50 42 1949—June 200 206 172 200 152 187 194 222 51 41 July 149 157 147 141 151 163 179 202 52 9 39 August 179 181 195 173 155 161 188 184 50 10 40 September. . . 214 209 224 217 165 182 191 185 49 9 42 October 220 214 242 221 175 191 202 214 48 10 42 November.. . 254 247 259 260 189 213 211 232 48 9 43 December 372 380 325 373 214 285 227 245 50 8 42 1950—January 164 162 174 164 209 222 233 319 49 9 42 February 156 152 183 155 207 191 222 241 48 10 42 March 203 199 230 203 209 185 250 230 48 10 42 April 204 202 214 205 212 190 226 210 49 9 42 May 212 205 226 217 217 194 231 222 48 9 43 June 203 199 208 208 219 194 230 226 48 9 43 Jl 184 173 256 182 230 184 229 216 47 12 41 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. 1235. 1244 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 July Aug. Aug. Aug. Aug. page July Aug. Aug. Aug. Aug. 26 16 23 i 26 16 23i WEEKLY FIGURES 2 In billions of dollars In unit indicated RESERVE BANK CREDIT, ETC. WEEKLY FIGURES 2—Gont. Re U se . r S v . e G B o a v n t. k s c e r c e u d r i i t t , i e t s o , t t o a t l a .. l . . . . 1 17 8 . . 9 6 6 4 1 1 8 8. . 7 1 6 4 1 1 8 8. . 3 9 5 0 1 1 8 8 . . 3 8 3 9 18. BUSINESS CONDITIONS Bills 4.06 4.21 4.29 4.27 3 Wholesale prices: Notes and certificates 8 '91 9.07 9.27 9.37 9 Indexes (1926=100): Bonds 3 5.00 4.86 4.79 4.69 5 Total 65 163.7 165.3 165.6 164.9 166.0 Gold stock 2 24.16 24.14 24.04 23.95 23. Farm products 65 177.0 179.2 177.5 175.4 176.4 Money in circulation. 2 26'92 27.00 27.02 26.98 26 Foods 65 173.8 175.2 174.7 174.2 174.4 T M R Ex r e e N C C e R c q m a e o h u e e s s w u s i b i u s c r e n e e a r r t r r Y y d g v r e y b o e s o c r - e a r e a c r k n b s s i v k a e h t e y C n r s r v a k i , e b e t n s s y t a s d e o n r t k d v a s e e l s e p , o t s o i t t a s l . . .. . 2, 2 4 4 5 5 5 4 5 1 1 4 4 6 6 1 5 1 ^ . * . . . . . 2 4 8 1 4 5 3 8 9 8 2 2 2 9 4 3 1 1 4 6 4 1 6 5 1 . . . . . . . . 2 3 4 8 1 5 4 8 7 2 6 7 3 5 0 4 1 1 4 4 6 6 1 5 1 . . . . . . . . 5 3 2 1 9 3 5 8 2 2 7 3 8 7 4 3 P 1 1 2 4 4 6 6 5 PP 1 . . . . . . . . ) 2 3 5 0 1 3 5 7 8 1 5 3 3 0 6 4 P 1 1 4 4 6 1 1 5 6 . S B e a O T F W l I s e n o i o t c c d h h o ( t t A u a e e d e c l d a s r u s o t t t g m c u r f . i a ( f o m a c r f 1 m l m s e o 9 n m m d 3 t p s i a 9 t o r t i = p o e d e 1 e r d s i i : r t 0 u a i 0 b c l e s t u ) s s : s . : h .. e . l . ) .. . 6 6 6 6 6 5 8 7 7 7 3 2 3 2 1 2 7 6 0 5 5 7 1 0 1 . . . . . 3 5 4 7 0 3 2 2 3 1 6 2 7 0 5 5 0 3 3 2 . . . . . 1 5 9 8 .4 3 3 2 2 1 6 1 0 8 5 4 9 7 2 4 . . . . . 1 1 5 7 6 3 2 3 2 1 1 6 8 0 5 8 5 4 8 4. . . . . 1 4 8 0 7 3 3 2 2 1 1 6 1 9 5 7 4 3 4 5 . . . . . 2 9 9 4 1 N C C R o h e ew s i u c e n a r Y t g v r o e y o r c k b i a ty C n k i b t s y a e n ks. 5 5 5 5 (\r S ! . )) 0 5 1 2 4 3 - - . . . . 0 0 1 5 1 1 2 2 . . . 5 1 0 7 3 2 p. . 1 60 1 C S C t o o e p r t e o n t r o u s n ( n c d ( e ( d s c n ) o e t s l n l t a p s r e s p r e b p r u e p s r o h 1 u e 0 n l 0 ) d . ) . . . 6 6 6 8 8 8 3 1 0 3 5 . 8 5 7 . . 8 7 8 3 1 0 3 5 . 7 4 4 . . 9 3 8 3 1 0 3 5 . 8 4 0 . . 3 8 0 2 1 9 3 5 . 7 4 3 . . 3 7 7 2 1 3 9 5 8 . 2 9 . . 0 8 1 MEMBER BANKS IN LEADING CITIES Cows (dollars per 100 All reporting banks: pounds) 68 20.18 20.00 19.88 20.05 20.40 L U O L D U o o . . t e N B C R F B h a a m S S e o n n i o o e o l . . r a r s s a m n l t , s n G G e l d s p a m s d t e s e o o u n o c s e a v v r d d t u t r c n a t t a e c . . r h i l d p t i i n a e d s a t o v i e c s l e e s i e c e p i n s s u t r o . g s t t r s m i i i a t f s t i e i e d s e c n c j s a u t u , s t s r t e i t o t s e i t . e d a . s . . l . . : . 1 1 1 1 1 1 1 1 1 1 1 6 4 4 4 4 8 8 4 8 6 6 3 6 4 2 2 1 5 8 6 2 2 8 9 5 4 4 3 . . . . . . . . . > 2 0 7 9 0 3 3 4 4 9 9 2 3 3 3 5 5 7 4 8 1 3 2 2 4 6 1 6 4 5 9 5 2 8 7 4 4 1 . . . . . . . . . . . 1 5 8 9 0 8 0 8 3 2 5 5 1 2 2 7 8 5 3 8 6 0 3 4 2 6 2 1 5 8 6 7 4 6 9 4 4 1 1 . . . . . . . . . . . 0 0 1 3 7 9 5 8 1 9 6 5 3 3 5 5 3 3 9 4 4 0 3 4 2 6 2 1 6 8 5 8 6 2 4 4 9 4 1 . . . . . . . . . . . 9 1 0 1 8 4 1 5 0 3 5 1 2 3 3 0 6 5 8 8 6 0 3 6 4 8 . . 8 18 Pr A S P o C B M t d a i u r e e b H B t E p u u t e u a b o d e c g u o l m t p l m r e t g g t s i ( b o t i s ( . s o % o e ) n m o u n r b ( o n p a i : c i u r l d e o ( ( l e l d d e s t c s , f n r o ) e c o p t c ( ( n l s o t l t l a o t e h h a a s p p u r u l o o a s e m p u u ( n c r m e s s i d d . . t r p i y s o l t c e p l ( ) o z ) , a r t o e . h n t r u . n o o s 1 s . n ) n u ) . 0 ) d s . . . s . 0 ) ) . . . . . . . . . . . 6 7 7 7 6 7 6 7 7 8 3 3 1 8 2 8 2 1 2 5 6 9 4 3 , 1 0 8 6 2 2 4 . . 1 . . 7 . 4 1 8 3 8 1 1 7 9 6 9 4 6 8 2 5 4 6 3 9 , 1. . 9 0 5 2 5 2 1 7 2 . . . 2 6 8 7 . 1 5 5 3 4 7 8 8 6 2 5 3 6 3 9 , 1 3 9 0 2 2 6 . . 1 . 8 . . 2 7 0 8 8 1 9 8 9 8 1 3 0 0 2 5 1 4 6 3 , 0 1 . 0 2 2 6 2 0 . 1 0 . . 6 2 3 8 . 8 9 1 5 9 8 4 7 8 4 2 6 3 9 4 2 0 . 3 1 0 9 8 7 . . . 2 7 3 6 2 1 New O Y t T U O o h o r . e t k h t r S a e . C l . r . . G i s t e y o c v u b t. r a it s n i e e k c s u s: rities. . 1 1 1 1 8 8 8 8 2 5 1 1 . . 0 6 1 5 6 7 1 7 2 5 1 1 . . . . 1 6 1 5 1 1 1 0 5 2 1 1 . . . . 1 0 6 5 7 7 0 4 5 2 1 1 . . . . 1 5 4 1 5 9 9 0 F D r e e T E M p i o l g a i e t s h r c a c t t t l m e c r l i a l c e r a n l p n o t o e a o s w d t u i o e s n r r g e ( s m s ( a t i l l h e l o . s u k s w . . c h a r r s s . ) ) : 7 7 7 5 4 4 6, 3 1 8 9 8 4 7 0 5 6, 3 2 8 9 3 4 3 7 7 6, 3 2 8 9 5 4 1 7 3 6, 3 8 3 9 5 7 7 1 0 6,3 3 8 4 9 3 6 1 7 Loans and investments 15 19.35 19.34 19.33 19.29 (1935-39=100) 75 295 296 273 281 288 U. S. Govt. securities, total. 15 9.55 9.51 9.34 9.26 Bo D nd u s e , o t r o c ta a l l la h b o l l e d — ing 5 s y ears 17 5 7. 1 6 8 9 5 7 . . 7 2 1 1 5 7 . . 7 2 2 3 5 7 . . 7 2 0 4 1950 Notes and certificates.... 17 1.97 1.94 1.87 1.82 De B m il a ls n d deposits adjusted.. 1 1 5 7 15. . 1 3 8 9 15. . 1 3 3 6 15. . 1 2 6 4 14. . 9 2 2 0 May June July U T I L n i o . t m a e S n e r . b s G , d a e n t o o p k v t o t a s d . l i e d ts p e o p s o it s s i ts. 1 1 1 1 5 5 5 5 3 8 1 . . . . 7 1 5 6 8 5 2 2 3 8 1 . . . . 8 1 5 5 3 8 3 5 3 8 1 . . . . 7 3 5 5 9 0 2 2 3 8 1 . . . . 8 2 5 7 7 9 3 0 D M E O PO N SI T T H S L A Y N D F C IG UR U R R EN E C S Y In billions of dollars C Fo o r m p m u e r r c c h i a a s l ing securities: 19 4.83 4.90 4.96 5.02 Deposits and currency e To brokers: Total deposits and currency. 6 *>173.30 P174.40 P174.50 Re T a o l O O e o n n s t t h a o U e t t e r h . s e S a r . n s d G e o o c t v u h t r s e i r t ie . s . . . . . . . . 1 1 1 1 9 9 9 9 1. . . . 3 8 8 2 9 2 5 5 1. . . . 4 7 8 2 0 5 4 6 1. . . . 4 8 7 2 2 0 9 7 1. . . . 3 7 8 2 7 5 2 7 . . . . 5 7 5 2 2 7 3 8 T D T C o i u e c m t m r u a r e l r e a r n n d e d c d e n e y p c p d o y o o e s s u p i i t t t o s s s s i a d i a t d e s d j j u b a u s d a s t j t e n e u d d k s t s e a . d n . . . d . . 6 6 6 6 P P P P 1 8 6 5 2 5 9 9 4 . . . . 3 5 5 7 0 0 0 0 P P P P 1 8 5 6 2 5 9 9 4 . . . . 4 7 7 6 0 0 0 0 P P ? 1 5 8 7 9 6 0 . . . 6 4 4 0 0 0 Ba L U n o . k N B B S a s . n i o o l s o l n G t s e d u a o s s t n v s a d t i . n d i s d e n e v c c N e u e s e r r t w i t m t i i f e Y e i s c n , o a t t s r t o k e t s a C . l . . . i . . t y 1 1 1 1 : 1 5 7 5 7 7 4 2 1 6 8 7 7 1 . . . . . 6 2 1 6 3 3 5 8 8 0 4 2 1 8 5 7 7 1 . . . . . 5 2 3 4 9 1 1 1 9 7 4 2 1 8 5 7 1 7 . . . . . 1 3 8 6 3 6 6 2 0 0 4 2 1 5 8 7 7 1 . . . . . 3 2 8 8 3 1 1 2 3 0 48. . . . , 7 2 3 9 6 8 7 8 5 0 Mo $ U C B 1 n o i . 0 l e i l S y n s a . s o i n , G n f d $ o $ c 1 $ v i 5 , 2 r t 0 $ c . 0 2 u a d , b l e n a i a p l t d n l i o s o d o s n v i $ , t e s 5 t r o b t i a ll l s . . . . . . 7 7 7 6 7 2 * 1 4 > 7 8 4 3 . . . . 3 5 0 1 .8 6 5 9 8 0 2 P 1 4 8 7 4 4 . . . . . 3 5 1 2 7 4 6 6 5 0 2 1 4 8 7 4 . . . . 3 5 0 1 2 3 1 6 Demand deposits adjusted.. 15 33.29 33.14 33.19 33.18 .40 U. S. Govt. deposits 15 1.71 1.53 1.43 1.76 Annual rate Interbank deposits 15 6.30 6.51 6.63 6.73 Time deposits. 15 13.75 13.73 13.71 13.71 Turnover of demand deposits:7 Loans, total 15 18.20 18.21 18.45 18.62 New York City. . . 30.9 29.2 31.3 Commercial 19 9.09 9.13 9 23 9.34 Other leading cities 19.8 20.0 20.7 Real estate 19 4.44 4.46 4.48 4.51 For purchasing securities. 19 .75 .76 .74 .7.5 Other 19 4.03 4.07 4.12 4.15 COMMERCIAL BANKS In billions of dollars MONEY. RATES, ETC. Per cent per annum U. C B S i e l . r l t s G i f o ( i n c v e a t w t . e s s i e s 6 c s u u r e i s ti ) e 5 s: , 3 3 0 0 1. 1 1 .2 7 3 4 1 1 . . 1 2 7 3 4 1 1 . . 1 2 7 3 4 1. 1. 1 2 7 3 3 1 1 .2 .3 4 0 7 L C o a L a sh n o s a a n a s s s n e e d t s i e n vestments, total «„ 9 9 9 P P 1 P 4 2 2 4 6 1 . . . 1 6 2 0 0 0 P P 1 ^ 4 2 2 5 2 6 . . . 0 1 7 0 0 0 P P P 1 4 2 2 6 7 2 . . . 0 3 5 0 0 O 3 7 1 - - 5 5 9 y y y e e e a a a rs r r s s o r more .30, 3 3 3 0 0 2 2 1 1 . . . 8 4 3 2 4 4 2 1 1 . . . 8 4 3 2 5 4 2 1 1 . . . 8 3 4 3 4 4 2 1 1 . . . 8 4 3 2 5 4 2 1 1 . . . 8 3 4 0 2 4 Ho U O ld . t h i S n e g . r s G s e o o c v f u t . r i U s ti e . e c s S 6 u . r i G ti o e v se t . . .. s . e . - 9 9 P P 6 l 6 l . .0 1 0 0 P Pl 6 l 6 . . 2 0 0 0 P P 6 l 5 l . . 0 4 0 0 Co A rp aa o rate bonds: 32 2.65 2.62 2.61 2.61 2.61 Wi c t u h r i i n t ie 1 s y : ear: Baa 32 3.28J 3.27 3.24 3.23 3.23 Total 10 16.57 16.08 P16.60 High-grade municipal bonds. . 32 2.00! 1.92 1.92 1.92 1.88 Bills 10 3.17 3.70 P3. 00 Certificates 10 7.72 5.35 *4.0.0 In unit indicated Notes and bonds 10 5.67 7.02 P9.60 V St o o T R P I l c n u u o a k d m b t i u l a l p r e l i s o c r t o i a r c u f d i e a t t s i l r l a i ( t d 1 y i 9 n 3 g 5 ( - m 39 il = l, 1 s 0 h 0 ar ) e : s) 3 3 3 3 3 4 4 4 4 4 2. 1 1 1 1 0 3 2 3 4 8 1 0 9 8 1. 1 1 1 1 7 0 1 4 5 6 3 9 4 4 1. 1 1 1 1 8 2 5 0 4 7 1 8 4 7 1. 1 1 1 1 6 2 4 5 0 7 1 7 8 4 1. 1 1 1 1 6 2 0 6 5 4 2 5 2 0 Ov N T 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 5 o r d - v : 1 e b 0 r o y n 1 r d 0 s s . y ) ( r 1 s. - ) 5 yrs.) 1 1 1 1 0 0 0 0 4 3 5 4 2 2 . . . . 5 0 9 5 4 8 4 5 4 33 4 2 5 . . . . 1 0 6 9 3 9 8 0 P P P P 4 3 4 5 1 1 . . . . 1 4 6 8 0 0 0 0 For footnotes see p. 1248. 1245 SEPTEMBER 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 Chart 1950 Chart 1950 book book page page May June May June Julyi In billions of dollars In billions of dollars MONTHLY FIGURES—Gont. MONTHLY FIGURES—Cont. MEMBER BANKS GOVERNMENT FINANCE Cont. All member banks: Ownership of U. S. Govt. securities—Cont. Loans and investments, total 12 102.18 103.04 103.29 Marketable public issues—Cont. Loans 12 37.07 '37.81 38.76 By class of security—Cont. U. S. Govt. securities 12 55.99 r55.97 55.03 Bonds—Total outstanding.... 24 102.95 102.95 102.95 Other securities 12 9.12 r9.26 9.50 Nonbank (unrestricted issues D Ti e m m e a n d d e p d o e s p it o s sits adjusted« 1 1 2 2 2 7 9 2 . . 6 2 9 1 r r 2792. . 4 7 4 8 2 7 9 3 . . 5 4 8 5 a o n n d ly ) F , . R c . o m B m an e k r cial bank, 24 57.89 57.73 P57.1O Balances due to banks 12 10.62 10.70 10.80 Commercial bank and F. R. Balances due from banks 12 5.33 5.36 5.47 Bank 24 44.28 44.32 P43.60 Reserves 12 15.94 16.19 16.25 F. R. Bank 24 5.80 5.62 4.89 Central reserve city banks: By earliest callable or due date: Loans and investments, total 12 24.46 25.04 24.71 Within 1 year-Total outstanding 25 45.33 42.45 45.40 Loans 12 9.14 9.47 9.78 Commercial bank and F. R. U. S. Govt. securities 12 ,13.27 13.49 12.70 Bank 25 26.97 25.79 P26.70 Other securities 12 2.05 2.07 2.22 F. R. Bank 25 10.41 9.72 10.11 Demand deposits adjustede 12 18.58 18.82 18.83 1-5 years—Total outstanding. 25 48.61 51.80 48.71 Time deposits . 12 2.88 2.90 2.84 Commercial bank and F. R. Balances due to banks 12 4.71 4.81 4.77 Bank 25 36.24 38.24 P36.70 Reserves 12 5.36 5.54 5.46 F. R. Bank 25 3.30 5.12 5.10 Reserve city banks: 5-10 years—Total outstanding 25 15.93 15.93 15.93 Loans and investments, total 13 38.56 '•38.76 39.17 Nonbank (unrestricted issues Loans 13 14.65 14.84 15.26 only), commercial bank, U. S. Govt. securities - 13 20.67 T-20. 61 20.55 and F. R. Bank. 25 8.58 8.58 P8.50 Other securities 13 3.23 r3.31 3.36 Commercial Bank and F. R. Demand deposits adjustede 13 25.65 >-25.7l 26.22 Bank 25 6.69 6.82 P6. 80 Time deposits 13 11.76 11.83 11.73 F. R. Bank 25 1.15 1.15 1.02 Balances due to banks. 13 5.03 5.02 5.15 Over 10 years—Total outstand- Balances due from banks 13 1.70 1.73 1.75 ing 25 45.13 45.13 45.13 Reserves. 13 6.14 6.22 6.30 Nonbank (unrestricted issues Country banks: only), commercial bank, Loans and investments, total 13 39.16 ••39.25 39.42 and F. R. Bank 25 7.42 7.26 P6.70 Loans 13 13.27 13.50 13.72 Commercial bank and F. R. U. S. Govt. securities 13 22.04 '21.87 21.78 Bank 25 6.61 6.44 P5.90 Other securities 13 3.85 f-3.88 3.92 F. R. Bank 25 2.53 2.35 1.75 Demand deposits adjustede 13 27.98 7-27.91 28.39 Cash income and outgo: Time deposits 13 15.06 T-15.05 15.01 Cash income 26 2.94 4.69 2.11 Balances due from banks 13 3.48 3.48 3.57 Cash outgo 26 3.70 4.06 3.14 Reserves 13 4.44 4.44 4.49 Excess of cash income or outgo. ... 26 -.76 + .63 -1.03 MONEY RATES, ETC. Per cent Treasury bills (new issues) 5 29 1.166 1.174 1.172 Corporate bonds: CONSUMER CREDIT e Aaa 29 2.61 2.62 2.65 Baa 29 3.25 3.28 3.32 Consumer credit, total 20 19.09 P19.68 P20.34F. R. Bank discount rate 29 1.50 1.50 1.50 Single-payment loans. 20 3.10 *3.15 P3.19 Commercial paper 29 1.31 1.31 1.31 Charge accounts. 20 3.29 P3.39 P3. 52 Stock yields: Service credit 20 1.03 PI.03 Pl.02 Dividends/price ratio: Instalment credit, total... 20, 21 11.67 P12.11 P12.61 Common stock 33 5.97 6.35 6.36 Instalment loans 21 4.93 P5.11 P5.26 Preferred stock 33 3.82 3.85 3.92 Instalment sale credit, total 21 6.73 P7.00 Pi .34: O A t u h to er m obile 2 2 1 1 3 3 . . 1 6 3 0 P P 3 3 . . 7 2 9 1 P P 3 3 . . 9 3 9 5 In unit indicated Margin requirements (per cent) 35 50 50 50 Stock prices (1935-39 =100), total... 35 147 148 138 Stock market credit (mill, dollars): Bank loans. 35 491 506 498 Customers' debit balances 35, 36 1,175 1,256 1,208 GOVERNMENT FINANCE Money borrowed 36 750 827 755 Customers' free credit balances.... 36 657 673 712 Gross debt of the U. S. Government: Volume of trading (mill, shares) 35 1.76 2.08 2.23 Total (direct and guaranteed) 22 256.37 257.38 257.56 Bonds (marketable issues) 22 102.95 102.95 102.95 BUSINESS CONDITIONS Notes, certificates, and bills 22 52.05 52.35 52.21 Savings bonds, savings notes. ... 22 65.77 66.01 66.20 Personal income (annual rates, bill, Special issues 22 31.87 32.36 32.52 dollars): • 7 Guaranteed, noninterest-bearing Total 48 214.5 217.1 219.0 debt, etc 22 3.73 3.70 3.67 Wage and salary receipts 48 137.7 140.2 140.5 Ownership of U. S. Govt. securities: Proprietors' income, dividends, and Total: interest 48 59.3 60.1 62.8 Commercial banks « 23 65.80 65.70 P64.60 All other 48 17.5 16.8 15.7 Fed. agencies and trust funds... 23 37.35 37.83 37.98 Labor force (mill, persons):6 F. R. Banks 23 17.39 18.33 17.97 Total... 49 64.1 66.2 65.7 Individuals •. - 23 70.50 70.50 ^70.70 Civilian 49 62.8 64.9 64.4 Corporations and associations*. . 23 24.70 24.70 P26A0 Unemployment 49 3.1 3.4 3.2 Insurance companies e 23 20.40 20.20 P20. 20 Employment 49 59.7 61.5 61.2 Mutual savings banks • 23 11.60 11.60 »11.50 Nonagricultural 49 51.7 52.4 52.8 State and local govts.e 23 8.70 8.60 *>8.50Employment in nonagricultural estab- Marketable public issues: lishments (mill, persons): e 7 By class of security: Total 50 43.63 44.02 PU.17 Bills—Total outstanding 24 13.02 13.53 13.64 Manufacturing and mining 50 15.58 15.75 P15.83 Commercial bank and F. R. Construction 50 T-2.22 2.30 P2.34: Bank 24 7.24 7.56 P7.10 Transportation and utilities 50 3.89 4.00 ^4.00 F. R. Bank 24 4.07 3.86 4.15 Trade 50 9.47 9.55 P9.58 Notes and certificates—Total Government 50 5.87 5.85 P5.85 outstanding 24 39.02 38.82 38.57 Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) 51 57.68 58.74 ^59.02 Bank 24 24.98 25.42 P25.20 Hourly earnings (dollars) 51 1.442 1.454 Pl.461 F. R. Bank 24 7.52 8.86 8.94 Hours worked (per week) 51 40.0 40.4 M0.4 For footnotes see p. 1248. 1246 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 May June Julyi page May June Julyl In unit indicated In unit indicated MONTHLY FIGURES—Cont. MONTHLY FIGURES—Cont. BUSINESS CONDITIONS Cont. BUSINESS CONDITIONS—Cont. Industrial production:7 Consumers' prices (1935-39=100): Total (1935-39 =100) 52 195 199 P197 All items 64 168.6 170.2 172.5 Groups (points in total index): Food 64 200.3 204.6 210.0 Durable manufactures 52 87.6 89.9 P89.3 Apparel 64 185.1 185.0 184.7 Nondurable manufactures 52 85.0 86.1 P84.8 Rent 64 123.5 123.9 124.4 Minerals 52 22.0 23.0 P22.2 Miscellaneous 64 155.3 155.3 156.2 Manufacturing production Wholesale prices (1926=100): (1935-39 = 100), total 53 204 208 P206 Total 65 155.9 157.3 162.9 Durable 53 231 237 P235 Farm products 65 164.7 165.9 176.0 Nondurable 53 181 184 P181 Food 65 159.9 162.1 171.4 Selected durable manufactures Other commodities 65 147.6 148.8 151.5 (1935-39=100): Textile products 66 136.1 136.8 142.8 Nonferrous metals 54 208 219 P208 Hides and leather products 66 181.0 182.6 187.0 Steel 54 273 271 264 Chemicals and allied products.,. 66 116.4 114.5 118.1 Cement 54 210 214 208 Fuel and lighting materials 67 132.1 132.7 133.4 Lumber 54 149 144 140 Building materials 67 198.1 '202 .1 207.2 Transportation equipment 54 ••262 277 P275 Metals and metal products 67 169.8 '171.7 172.2 Machinery 54 '258 262 P264 Miscellaneous 66 114.7 114.8 119.0 Selected nondurable manufactures Prices paid and received by farmers (1935-39=100): (1910-14=100): Apparel wool consumption 55 149 152 Paid, etc 69 254 255 256 Cotton consumption 55 140 132 Received 69 247 247 263 Shoes ,. 55 106 108 Cash farm income (mill, dollars): Paperboard 55 211 213 Total 70 1,809 1,851 P2,276 Newsprint consumption 55 165 168 167 Livestock and products 70 1,334 1,268 P\,262 Manufactured food products.... 55 164 164 P161 Crops 70 434 549 Pi,014 Fuel oil 55 175 179 P187 Govt. payments 70 41 34 Gasoline 55 181 188 P193 Industrial chemicals 55 444 '451 P449 Rayon 55 350 350 P358 INTERNATIONAL TRADE AND FINANC Sales, inventories, and orders: Sales (bill, dollars):7 Exports and imports (mill, dollars): Manufacturing, total 56 20.7 21.3 P21.6 Exports 76 P828 P877 Durable. . 56 9.1 9.6 P9A Imports 76 P659 P686 P711 Nondurable 56 11.6 11.8 P12.2 Excess of exports or imports...... 76 P169 P191 Wholesale, total 57 8.0 8.4 P9.0 Short-term liabilities to and claims on Durable 57 2.1 2.3 P2.6 foreigners reported by banks (bill, Nondurable 57 5.9 6.1 P6A dollars): Retail, total 57 11.3 11.7 P12.6 Total liabilities 77 P6.35 P6.53 Durable 57 3.9 4.2 P4.6 Official 77 P3.00 P3.23 Nondurable 57 7.4 7.5 Pi .9 Invested in U. S. Treasury bills Inventories (bill, dollars):7 and certificates 77 P.81 P. 84 Manufacturing, total 56 31.5 32.0 P32.0 Private 77 P3.35 P3.30 Durable 56 14.1 14.4 P.14.4 Claims on foreigners 77 P. 61 P. 66 Nondurable 56 17.4 17.7 PIT .6Foreign exchange rates: Wholesale. 57 9.5 9.5 P9.3 See p. 1267 of this BULLETIN 78, 79 Retail 57 14.4 14.7 P14.3 New orders (bill, dollars) Durable 56 8.9 10.5 P10.7 1949 1950 Nondurable 56 11.4 11.6 P12.1 Construction contracts (3 mo. moving avg., mill. dollars) *.7 Oct.- Jan.- Apr.- Total 58 1,123 1,193 '1,326 Dec. Mar. June Residential 58 559 599 P673 QUARTERLY FIGURES Other 58 565 593 P653 Residential construction: GOVERNMENT FINANCE In billions of dollars Contracts awarded (mill, dollars): Total 59 565 556 632 Budget receipts and expenditures of 1- and 2-family dwellings 59 447 445 461 U. S. Treasury: Other 59 118 111 170 Expenditures, total 27 9.96 9.09 10.10 Dwellings started (thous. units). . . 59 140 142 144 National defense 27,28 3.15 3.03 2.97 Value of construction activity (mill, Veterans' Administration 28 1.56 1.58 1.46 dollars): International aid 28 1.09 r1.02 1.18 Totale 60 2,250 2,515 2,650 Interest on debt 28 1.57 1.26 1.93 Nonresidential:e Allother 28 2.52 '2.47 Public 60 557 626 656 Receipts: Private , 60 655 712 745 Net receipts 27 8.42 11.16 8.21 Residential:e Individual income taxes 28 2.91 6.63 4.23 Public •. 60 28 28 24 Corporate income, etc 28 2.85 2.68 2.28 Private 60 1,010 1,149 1,225 Miscellaneous internal revenue.. 28 2.20 1.95 2.05 Freight carloadings:6 Allother 28 .61 .78 .62 Total (1935-39 =100). 61 126 Tax refunds (deduct) 28 .15 .97 Groups (points in total index): Miscellaneous 61 73.0 75.6 76.6 Coal 61 25.2 24. 22.2 MONEY RATES Per cent per annum All other 61 24.1 '26.3 26.9 Department stores: Bank rates on loans to business: Indexes (1935-39= 100) :7 All loans: Sales 62 290 298 362 19 cities 3.1 2.65 2.60 2.68 Stocks. 62 285 276 268 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) 63 330 '317 292 11 Southern and Western cities.. 31 3.03 3.12 3.22 Stocks (mill, dollars) 63 906 '833 788 Loans of $l,000-$10,000: Outstanding orders (mill, dollars) 63 248 '369 697 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 3.4 3.8 5.1 7 Northern and Eastern cities... 31 4.63 4.64 4.58 Stocks. 63 2.7 2.6 2.7 11 Southern and Western cities.. 31 4.66 4.64 4.70 For footnotes see p. 1248. SEPTEMBER 1950 1247 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS—Continued 1949 1950 1949 1950 Chart Chart book book page 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—Gont. 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): •10 19 cities 31 3.61 3.54 3.65 All business 42 4.6 3.7 ••4.3 N 7 e N w o r Y th o e r r k n C a i n ty d Eastern cities... 3 3 1 1 3 3 . . 3 6 5 5 3 3 . . 2 6 2 0 3 3 . . 6 3 2 M r a o n a u d f s a c a t n u d ri n u g t ilit a i n e d s mining; rail- 42 3.2 2.6 r3A 11 Southern and Western cities. . 31 3.74 3.71 3.83 Manufacturing and mining 42 2.0 1.7 r2.0 Loans of $100,000-$200,000: 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 .+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 +0.4 +0.8 Stock yields: Insurance .' 43 +1.8 -0.3 Earnings/price ratio, common Debt liquidation 43 -3.0 -0.5 stocks 33 13.49 12.28 P14.85 Annual rates in billions of dollars BUSINESS FINANCE In unit indicated GROSS NATIONAL PRODUCT, ETC. • Corporate assets and liabilities (bill, •ross national product7 44 253.8 262.5 269.9 dollars):e Govt. purchases of goods and serv- Current assets, total 37 124.1 124.8 ices 44 42.8 41.4 41.4 Cash 37 24.9 23.7 Personal consumption expenditures 44 180.6 182.4 184.5 U. S. Goyt. securities 37 15.7 16.7 Durable goods... 46 25.3 26.9 26.7 Inventories 37 43.8 44.2 Nondurable goods 46 97.9 97.5 99.0 Receivables 37 38.3 38.7 Services 46' 57.4 58.0 58.8 Current liabilities, total 37 56.4 55.8 Private domestic and foreign invest- Notes and accounts payable 37 33.7 32.8 ment 44 30.5 38.6 43.9 Federal income tax liabilities.... 37 9.7 9.7 Gross private domestic invest- Net working capital 37 67.7 69.0 ment: Corporate security issues: Producers' durable equipment. 45 18.7 19.3 21.6 Total (bill, dollars) • 38 1.30 1.40 2.19 New construction. 45 18.2 19.9 20.9 New money, total (bill, dollars)«... 38 .86 1.01 1.27 Change in business inventories. 45 -5.7 1.3 3.4 Type of security (bill, dollars): Net foreign investment 45 -.7 —1.9 -2.0 Bonds * . . . . 38 .64 .83 .76 Personal income, consumption, and Preferred stock. . . .. 38 .11 .09 .20 saving: 7 Common stock 38 .11 .10 .32 Personal income. 47 205.4 216.4 214.7 Use of proceeds (mill, dollars): Disposable income. 47 186.8 197.7 195.5 Plant and equipment: Consumption expenditures 47 180.6 182.4 184.5 All issuers 39 597 777 958 Net personal saving 47 6.2 15.3 11.0 Public utility 8 39 396 567 774 Railroad 39 77 106 81 Industrial8 39 112 73 103 1948 1949 Working capital: All issuers 39 265 237 317 Public utility 8 39 5 1 6 Dec. June Dec. R In a d i u lr s o tr a ia d l . . 8 . . 3 3 9 9 106 9 1 4 8 SEMIANNUAL FIGURES 31 30 31 Bonds (bill, dollars): • P P u ri b v l a ic te 3 3 8 8 . . 3 6 1 7 . .4 6 6 9 . . 6 9 5 8 INSURED COMMERCIAL BANKS In billions of dollars Corporate profits, taxes, and dividends Loans: Pro (a fi n ts n u b a e l f o r r a e te t s a , x b e i s l l, dollars):e 7 40 27.6 29.2 ^35.0 A Co g m ric m u e lt r u c r i a 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 U Pr n o u d f n i i d t s s t i r s i t a b r f i u t b e t u e r d te t d a p x r p o e r f s o i t f s i ( t d s i ) v idends and 4 4 0 0 16 8 . . 9 7 17 9 . . 8 7 - -• • 9 92 1 1 3 . . 3 2 F R C o e o r a n l s p u e u m s r t c e a h r t a e s ing sec < u rities: 1 1 1 1 1 6 0 . . 8 6 0 7 1 7 0 . . 1 8 7 9 1 8 1 . . 0 4 0 1 Corporate profits after taxes (quar- To brokers and dealers 11 1.34 1.97 1.75 Al t l e c r o ly rp t o o r t a a t l i s o ) n : s (bill, dollars)e. . .. 41 4.2 4.5 State T a o n o d t h lo e c r a s l government securities. 1 1 1 1 0 5 . . 9 5 4 1 0 5 . . 9 7 0 6 0 6 . . 8 4 6 0 Larg l e a r c s o ) rporations, total (bill, dol- 41 1.2 1.2 1.6 Other securities 11 3.42 3.49 3.57 Manufacturing (mill, dollars): Durable 41 424 '527 731 Nondurable.. 41 342 323 371 Electric power and telephone (mill, dollars) 41 267 304 298 Railroads (mill, dollars) 41 161 51 159 • Estimated. P Preliminary. r 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 publication 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. 8 Less than 5 million dollars. 4 Deficiency of less than 5 million dollars. 5 Revised series, based on new bills issued within period rather than issues announced within period. Chart will be revised in the October Chart Book to show new series. 6 Beginning June 1, 1950, series includes 9- to 12-month notes. 7 Adjusted for seasonal variation. 8 Beginning with the second quarter of 1950 data are not strictly comparable with those for earlier quarters because of changes in components. 9 Estimates of Council of Economic Advisers, based on preliminary data. 10 Expenditures anticipated by business during the third and fourth quarters of 1950 are (in billions of dollars): third quarter—All business, 5.1; manufacturing and mining, railroads and utilities, 3.7; manufacturing and mining, 2.5; fourth quarter—4.8, 3.4, and 2.3, respectively. * Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $6,00; individual copies of monthly issues at 60 cents each. 1248 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 May Juried July? page May June** July? In millions of dollars In millions of dollars Consumer credit outstanding, total... 3 19,085 19,680 20,340 Consumer instalment sale credit Instalment credit, total 3, 5 11,667 12,108 12,608 granted, cumulative totals: * Instalment loans 5 4,934 5,113 5,264 By all other retailers 7 986 1,014 1,131 Instalment sale credit 5 6,733 6,995 7,344 By department stores and mail- Charge accounts 3 3,290 3,392 3,520 order houses 7 864 897 996 Single-payment loans 3 3,100 3,147 3,193 By furniture and household appli- Service credit 3 1,028 1,033 1,019 ance stores 7 698 743 810 Consumer credit outstanding, cumu- By automobile dealers 7 501 557 581 lative totals:i Consumer instalment loan credit out- Instalment credit 4 19,085 19,680 20,340 standing, cumulative totals: i Charge accounts 4 7,418 7,572 7,732 Commercial and industrial banks. 8 4,934 5,113 5,264 Single-payment loans 4 4,128 4,180 4,212 Small loan companies 8 2,533 2,605 2,667 Service credit 4 1,028 1,033 1,019 Credit unions 8 1,574 1,627 1,672 Consumer instalment sale credit out- Miscellaneous lenders 8 1,124 1,153 1,177 standing, cumulative totals:1 Insured repair and modernization All other retailers 6 6,733 6,995 7,344 loans 8 797 819 836 Department stores and mail-order houses 6 6,083 6,330 6,649 Furniture and household appliance stores , 6 5,072 5,298 5,568 Automobile dealers 6 3,600 3,790 3,994 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. AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF AUGUST 1, 1950 [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1949 Aug. 1, 1950 1949 Aug. 1, 1950 1949 Aug. 1, 1950 1949 Aug. 1, 1950 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 6,904 7,733 New York 33,917 36,156 13,011 12,661 84 84 Philadelphia 56,510 55,676 18,961 17,178 Cleveland ... 251 347 230,488 65,586 50,883 Richmond i,040 700 190,015 191,583 24,677 23,609 Atlanta . . .. . . 2 ,086 1,638 204,395 212,240 6,372 5,465 Chicago 1,351,980 1,170,450 90,920 67,065 2,642 1,343 St. Louis . .. . 13,765 22,925 430,953 421,964 73,488 50,192 21 15 JVlinneapolis 378,335 376,504 29,356 28,762 201,043 214,501 Kansas City 506 232 396,589 379,454 367,761 347,403 6,846 3,736 Dallas 6,974 3,583 69 650 77,786 104,507 21,801 125 107 San Francisco 1,757 1,230 7,195 7,573 107,029 115,518 34,034 36,167 Total 16,128 10,308 3,377,790 3,167,607 901,668 740,537 244,795 255,953 Oats Tame Hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1949 Aug. 1, 1950 1949 Aug. 1, 1950 1949 Aug. 1, 1950 1949 Aug. 1, 1950 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels \ Boston 5,831 5,924 3,613 3 590 39,457 40,701 75,541 66,696 New York 23,959 32,628 5,222 5,959 915 980 35,154 41,712 Philadelphia 15,601 17,798 2,471 2,595 58,709 61,405 19,861 20,977 Cleveland 58,869 52,927 5,719 6,124 150,699 131,574 12,405 12,595 Richmond. . . 35,103 37,732 5,292 5,029 1,076,513 1,115,875 22,032 23,925 Atlanta 28,126 30,553 4,055 3,648 247,627 231,798 13,667 14,472 Chicago 591,639 629,614 16,876 19,870 32,460 32,728 30,392 28,849 St. Louis 64,738 77,189 9,829 9,791 357,353 311,304 7,496 7,034 Minneapolis 322,573 370,687 9,174 10,890 2,431 2,343 42,612 42,793 Kansas City 106,002 131,845 10,220 9,647 4,212 3,903 31,407 29,938 Dallas 37,499 33,674 1,786 1,871 4,123 3,196 San Francisco 32,984 35,559 12,752 13,434 107,272 115,155 Total 1,322,924 1,456,130 87,009 92,448 1,970,376 1,932,611 401,962 407,342 1 Includes 15,000 bales grown in miscellaneous territory. 2 Includes 10,000 bales grown in miscellaneous territory. NOTE.—1949 figures for cotton are as revised in August 1950. 1249 SEPTEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for last date shown are preliminary] Commercial and stock savings banks and nondeposit trust companies Mutual savings banks All banks Member banks Nonmember banks Total Total i ti N on a- al m S e t m a b te er1 Total su I r n e - d 2 in N su o r n e - d 2 sured * 2 in N s o u n re - d2 Banks (head offices) Dec. 31, 1933. 15,029 14,450 6,011 5,154 857 8,439 579 Dec. 31, 1934. 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec. 31, 1941. 14,825 14,277 6,619 5,117 1,502 7,661 6,810 851 52 496 Dec. 31, 1945. 14,553 14,011 6,884 5,017 1,867 7,130 6,416 714 192 350 Dec. 31, 1946. 14,585 14,044 6,900 5,007 1,893 7,147 6,457 690 191 350 Dec. 31, 1947 s 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 Dec. 31, 1948. 14,703 14,171 6,918 4,991 1,927 7,256 6,498 758 193 339 Dec. 31, 1949. 14,687 14,156 6,892 4,975 1,917 7,267 6,540 727 192 339 June 30, 1950. 14,674 14,144 6,885 4,971 1,914 7,262 6,553 709 192 338 Branches and additional offices Dec. 31, 1933 2,911 2,786 2,081 1,121 960 705 705 125 Dec. 31, 1934 3,133 3,007 2,224 1,243 981 783 i 783 t 126 Dec. 31, 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 Dec. 31, 1945 4,090 3,947 2,909 1,811 1,098 1,038 981 57 101 42 Dec. 31, 1946.. . 4,138 3,981 2,913 1,781 1,132 1,068 1,006 62 115 42 Dec. 31, 1947 3 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec. 31, 1948 4,531 4,349 3,197 1,965 1,232 1,152 1,084 68 132 50 Dec. 31, 1949 4,778 4,579 3,387 2,085 1,302 1,192 1,139 53 141 58 June 30, 1950.. 4,894 4,687 3,475 2,150 1,325 1,212 1,159 53 145 62 Changes, Jan. 1-June 30, 1950 Banks New banks 5. +34 +34 +5 +3 +2 +29 +24 +5 Consolidations and absorptions: V O o th lu e O B r n t t a c a h n h r e k y a r s n l g i c e q o s u n i 7 v d e a r t t i e o d n s i n 6 to branches - - - + 2 1 1 6 1 1 1 - - - + 1 1 2 0 1 6 1 - - 3 1 Q - - - 6 3 1 -3 -1 -8 7 Q - + 1 - - 7 5 7 1 - - 1 4 Interclass changes: Conversions— Fede S ra t l a t R e e i s n e t r o v e n a m ti e o m na b l ership:8 + 1 +3 -1 Admissions of State banks +2 +2 -2 -1 — 1 Fede W ral i t d h e d p r o aw sit a l i s n s o u f r S an ta c t e e : 9 banks -2 -2 +2 +2 Admissions of State banks...... -16 + 16 Net increase or decrease -13 -12 -7 -4 -3 -5 -18 -1 +13 Number of banks, June 30, 1950 14,674 14,144 6,885 4,971 1,914 7,262 6,553 709 192 338 Branches and additional offices 10 De novo branches +90 +82 +65 +42 +23 + 17 +17 +4 +4 Banks converted into branches +26 +26 +20 +16 +4 +6 +6 Discontinued -6 -6 -4 -2 -2 Interclass branch changes: State member to national +3 -3 Nonmember to national +2 +2 -2 -2 Net increase or decrease + 110 + 102 +83 +61 +22 +19 + 19 +4 +4 Number of branches and additional offices June 30, 1950 4,794 4,587 3,383 2,073 1,310 1,204 145 62 Banking facilities n Established + 10 + 10 +9 +8 + 1 + 1 + 1 Discontinued -4 -4 -4 -4 Net increase +6 +6 +5 +4 '+1 '+1 Number of banking facilities, June 30, 1950 100 100 92 15 1 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks that became members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only once in "all banks." 2 Federal deposit insurance did not become operative until Jan. 1, 1934. 3 As of June 30, 1947, the series was revised to conform (except that it excludes possessions) with the number of banks in the revised all bank series announced in Novemjber 1947 by the Federal bank supervisory authorities. The revision resulted in a net addition of 115 banks and 9 branches. 4 Separate figures not available for branches of insured and noninsured banks. 5 Exclusive of new banks organized to succeed operating banks. v,v.iVJ, Wi .^^ , ^iVJU.. ^^nges do not affect Federal Reserve membership; they are included under "conversions." 9 Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "interclass bank changes." 10 Covers all branches and other additional offices (excluding banking facilities) at which deposits are received, checks paid, or money lent. 11 Banking facilities are provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government at military and other Government establishments. Two of these banking facilities are, in each case, operated by two national banks, each bank having separate teller windows; each of these facilities is counted as one office only. These figures do not include branches that have also been designated by the Treasury Department as banking facilities. Back figures.See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. 1250 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States. . 1252-1257 Gold production . 1257 Reported gold reserves of central banks and governments. . 1258 Gold movements; gold stock of the United States. . 1259 International Monetary Fund and Bank. . 1260 Central Banks 1260-1264 Money rates in foreign countries. 1265 Commercial banks. . 1266 Foreign exchange rates 1267 Price movements: Wholesale prices . 1268 Retail food prices and cost of living. . 1269 Security prices . 1269 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. SEPTEMBER 1950 1251 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES From th J ro a u n g . h 2 — , 1935, Total To I t n a c l reas f e u n in O d s f f f o i i c n r i e a i U l g * n . S b . ank O in th g er f i t I u n e n b i n s r c n n a t d r i n a e s t U u k t a i o t s . i o i n e f o S n g i n a i . n n s l - D b i a n f a e b u n c U r n r k o e d . i a a n s d S s g e . se o F R f c f u o u e n r U t r e d u i . i t s r g i n S e 2 n s . : s D I e n f f c o o u f u l m r n o e r d w e i i t g s s i n t o e 2 i s f c : b I b r n a o f l l k a o e n w r c a e i g n s e 1935—Dec. (Jan. 1, 1936). 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30 2,667 4 989.5 140 1 849 4 431 5 316 2 917.4 12.9 1937—Dec. 29 3,501.1 1,259.3 334.7 924.6 449.1 583.2 1,162.0 47.5 1938—Dec. (Jan. 4, 1939). 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 1.219.7 47.6 1939—Dec. (Jan. 3, 1940) 5,112.8 2,522.4 634.1 1,888.3 650 4 725.7 1,133.7 80.6 1940—Dec. (Jan. 1, 1941). 5,807.9 3,239.3 1,281.1 1,958.3 775 1 803.8 888.7 100.9 1941—Dec. 31 5,354.1 2,979.6 1,177.1 1,802.6 791.3 855.5 626.7 100.9 1942—Dec. 31 3 5,980 2 3,465.5 1,557.2 1,908.3 888 8 848.2 673.3 104.4 1943—Dec. 31. 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Dec. 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Dec. 31 8,802 8 6,144.5 3,469 0 2,675 5 742 7 972 8 798.7 144.1 1946—Dec. 31 8,009.5 5,272.3 2,333.6 2,938.7 453.8 427.2 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—July 3i 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> 3i 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 '•9,168.2 '5,308.8 '2,112.9 *-3,195.9 1,690.9 480.6 1,178.6 379.3 130.0 Apr. 30 9,390 9 5,504.2 2,168 3 3 336 0 1 663 4 494 6 1 173 7 424.4 130.6 May 31 P 9,572.2 5,614.9 2,285.7 3,329.1 1,663.4 517.4 1,198.3 453.1 125.2 June 3QP 9,803.2 5,794.5 2,516.4 3,278.1 1,635.5 468.6 1,242.5 539.1 123.0 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th J ro a u n g . h 2 — , 1935, s ti t I o i n t n u te a t l r io n i n n a s - - Total U K d n i o i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - Am La e t r i i n ca Asia o A th l e l r 1944—Dec. 31 7,728.4 1,090.0 585.7 506.2 664.3 63.1 1,172.5 4,081.8 976.4 1,193.7 1,273.6 203.0 1945—Dec. 31... 8,802.8 892.5 464.2 539.7 722.3 106.5 1,311.8 4,037.0 1,395.7 1,338.4 1,784.1 247.5 1946—Dec. 31 453.8 7,555.7 563.1 384.8 326.4 766.1 287.5 1,246.3 3,574.2 979.7 1,474.0 1,258.3 269.6 1947—Dec. 31 ',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 1L,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—July 31 :L,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 ,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 L623.7 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 L.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 L.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 ,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 L.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 ,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. 31 rL,615.3 '•7,552.9 r797.7 112.0 171.7 '"952.6 '259.4 1,219.3 ••3,512.7 1,010.8 1,854.1 »"943.1 232.2 Apr. 30 1[,616.0 7,774.9 888.4 114.2 188.4 983.7 255.5 1,240.0 3,670.2 1,009.9 1,875.9 997.2 221.7 May 31P ]L.628.7 7,943.6 942.0 156.2 210.6 992.5 262.6 1,240.0 3,803.9 1,036.3 1,851.2 1,023.7 228.4 June 30P....... J,616.2 8,187.0 1,053.1 188.3 212.01,007.2 272.5 1,269.1 4,002.1 1,083.3 1,836.3 1,033.1 232.2 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. 8 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 inreporting 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. 1252 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 r a o n u . g h 2 — , 1935, n t a u in t t i i s o o t n i n - a s l Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1944—Dec. 31.. 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31.. 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 1,414*2 924.9 1,369.1 212.9 1946—Dec. 31.. 453.8 5,272.3 397.6 165.8 208.2 359.0 247.6 687.2 2,065.5 823.9 983.3 1,135.7 263.9 1947—Dec. 31. . 2,242.0 4,120.3 264.9 87.6 126.7 432.8 132.8 576.6 1,621.4 301.6 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—July 31.. 1,859.5 4,868.7 290.2 84.0 113.6 531.1 367.0 514.2 1,900.1 640.7 1,230.8 888.3 208.8 Aug. 31.. 1,778.8 4,873.6 291.1 70.3 1.02.0 538.2 381.0 516.4 1,899.0 635.0 1,246.4 897.0 196.2 Sept. 30.. 1,722.1 4,937.0 377.6 86.8 149.1 545.1 265.5 501.0 1,925.1 719.6 1,197.8 878.9 215.7 Oct. 31.. 1,692.4 5,115.3 451.3 103.8 166.3 563.2 266.3 507.4 2,058.3 702.8 1,294.9 835.9 223.3 Nov. 30.. 1,655.1 5,140.2 495.3 103.0 146.3 554.0 275.4 512.0 2,086.0 717.0 1,317.5 803.9 215.8 Dec. 31.. 1,637.8 5,226.0 513.0 91.4 153.9 563.3 283.3 553.7 2,158.7 761.1 1,315.1 780.4 210.7 1950—Jan. 31.. 1,723.0 5,245.9 548.1 72.2 160.7 493.8 276.4 575.8 2,127.1 811.4 1,264.9 801.5 241.0 Feb. 28.. 1,707.1 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., 1,690.9 '5,308.8 •600.8 76.9 162.0 r560.5 r239.7 r593.0 '2,232.8 749.5 1,269.5 '847.3 209.6 Apr. 30.. 1,663.4 5,504.2 690.5 80.0 178.4 584.1 236.5 609.0 2,378.6 737.0 1,283.5 910.1 195.1 May 31*. 1,663.4 5,614.9 740.4 106.1 202.9 586.1 253.2 608.6 2,497.2 739.6 1,249.0 926.3 202.7 June 30P. 1,635.5 5,794.5 851.2 138.6 205.4 586.6 267.0 627.4 2,676.2 722.0 1,249.5 923.6 223.3 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1944—Dec. 31. 805.8 266.1 77.7 18.3 6.8 26.2 231.5 626.6 64.8 37.0 77.7 -.3 1945—Dec. 31. 742.7 266.6 78.0 -17.7 5.2 26.2 235.1 593.4 39.5 9.1 99.2 1.5 1946—Dec. 31. 427.2 244.3 73.4 -132.3 -1.7 10.6 226.9 421.3 40.7 -58.8 29.9 -5.8 1947—Dec. 31. 186.5 262.8 55.7 -30.5 1.1 5.5 190.9 485.5 65.4 -346.3 2.0 -20.1 1948—Dec. 31. 116.8 267.5 -39.9 -32.7 1.2 10.8 203.5 410.3 53.0 -348.6 10.3 -8.3 1949—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 13.41 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. 480.6 268.3 43.7 14.3 .3 7.0 240.5 574.1 55.4 -135.5 13.3 -26.7 Apr. 30. 494.6 269.6 43.2 14.9 1.9 6.4 239.7 575.6 57.3 -127.8 17.5 -28.2 May 31 v 517.4 264.7 58.1 14.2 .8 2.0 240.8 580.6 60.2 -122.5 28.4 -29.3 June 30P 468.6 263.9 58.3 14.4 -1.0 -2.1 241.7 575.2 57.8 -155.6 41.2 -50.0 TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) Inter- From t h J r a o n u . g h 2 — , 1935, n t a u in t t i i s o o t n i n - a s l Total U K d n i o n i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m a e t r i i n ca Asia o A th l e l r I944—Dec. 31 1 019 4 126.5 51.0 33.6 44.5 27.6 246.9 530.1 104.9 302.0 61.3 21.0 1945—Dec. 31 972 8 117.7 51.2 33 0 45.2 27.5 249.2 523.8 49.1 317.1 60.8 22.0 1946—Dec 31 . . 1,237.9 96.8 50.2 26.0 31.2 26.7 260.2 491.2 236.6 448.4 61.1 .7 I947—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—juiy 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— F j e an b . . 3 2 1 8 — — 2 3 6 6 9 5 . . 1 8 1 1 , 4 4 7 6 9 9 0 5 7 7 1 0 . . 3 9 4 4 4 3 .9 0 - - 1 1 5 6 . . 1 9 4 2 . . 5 4 2 2 7 7 . . 0 0 3 3 1 1 4 3. . 4 4 4 4 4 4 3 3 . . 8 0 3 3 2 2 6 0 . . 9 9 6 6 0 0 1 4 . . 9 1 6 6 4 4 . . 0 1 3 4 9 0 . . 8 1 Mar. 31, -267.7 1,446 3 70.4 45.1 -16.9 8.2 27.1 314.9 448.9 286.5 606.5 64.1 40.3 Apr. 30 —266 6 1 440 3 69.3 45.0 -14.5 11.0 27.1 315.5 453.3 270.6 606.9 64.1 45.4 May 31p -266.5 1 464 8 68.0 44.6 -15.0 14.2 27.4 316.1 455.3 289.8 609.8 64.2 45.7 June 30P . -267.1 1,509.6 67.1 44.1 -14.2 16.8 27.4 319.2 460.3 322.5 613.6 64.2 49.0 p Preliminary. r Revised. SEPTEMBER 1950 1253 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 t h J ro a u n g . h 2 — , 1935, n t a I u i n n t t i i t s o o e t n i r n - - a s l Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o r t o a 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 I949—juiy 31 .... 21.7 101.5 -186.5 -58.8 15.2 346.0 -13.5 45.2 147.6 — 162 5 104 9 3.2 8.3 Aug. 31 117.0 102.5 -185.2 -60.7 14.2 349.5 -13.5 45.1 149.5 -163.0 104.2 3.4 8.4 Sept. 30 166 9 99.9 -182.1 -61.7 13.2 348.1 — 12.9 46.2 150.8 — 165 0 102 8 3 2 8.1 Oct. 31 167.9 96.5 -179.9 -63.0 10.1 348.7 -12.7 46.5 149.7 -168.1 101.0 5.8 8.0 Nov. 30 169 1 88 0 -176.6 —63.8 5.7 348.9 -13.5 46 3 147.2 — 172 3 99 1 6 8 7.2 Dec. 31 169.1 89.3 -173.9 -64.9 4.0 355.2 -13.4 47.9 154.9 -181.3 96.9 11.5 7.4 1950—jan> 31 169 6 94.1 — 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. 31 192.1 187.2 -158.8 -69.1 .9 355.9 -14.8 60.4 174.5 -101.9 95.1 11.2 8.3 Apr. 30 .... 219.2 205.2 -158.2 —69.4 — 1.4 357.8 — 15 1 65 4 179.1 — 76 6 96 9 —2.8 8.7 May 31P 231.8 221.3 -147.8 -68.6 -3.0 364.4 -20.5 64.1 188.6 -74 8 102 6 —3.5 8.5 June 30P 247.8 291.3 -146.0 -69.0 -4.5 378.2 -20.3 70.7 209.2 -38.8 117.2 -5.2 8.9 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 194g—Dec. 31 123.1 17.0 16.7 9.3 27.5 .4 11.0 81.9 19.6 14.0 7.0 .6 I949—juiy 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— F j e a b n . 3 2 1 8 1 1 2 2 3 2 . . 0 8 1 1 6 7 . . 3 1 1 1 5 5 . . 8 5 1 1 1 1 . . 0 1 2 2 7 6 . . 8 8 . . 6 6 1 10 1 . . 7 1 8 8 2 1 . . 5 8 2 1 1 7 . 8 7 1 1 1 5 . 2 7 6 6 .7 9 . . 8 8 Mar. 31 130.0 17.0 15.3 11.3 27.8 .6 10.4 82.4 21.2 18.5 7.2 .8 Apr. 30 130.6 17.3 15.5 11.1 29.0 .5 10.4 83 7 21 5 16 3 8 3 7 May 31P 125.2 16.7 16.1 11.6 27.0 .5 10.3 82.2 21.6 12.3 8.4 .8 June 30P 1123.0 16.9 16.3 10.9 26.6 .5 10.1 81.2 19.9 11.6 9.3 1.0 SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS Total foreign In- countries 2 Date t t i e i n o r s n n t a i a - - l Official 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 la w e n r i d - tz a - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - Am La e t r i i n ca Asia o A th l e l r tutions and Official private 1944—Dec. 31 5,596.8 3,335.2 865.7 401.2 209.7 239.3 27.3 774.5 2,517.8 926 5 909 3 1 069 2 174 0 1945—Dec. 31 . 6,883.1 4,179.3 707.7 310.0 281.6 304.2 70.4 909.1 2,583.0 1,522 2 1.046 4 1,549 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 L.104.8 1,316.4 232.8 1947—Dec. 31... 2,262.0 4,854.4 1,832.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.6 1,057.9 193.7 1948—Dec. 31... 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 1,287.0 1,151.8 167.4 1949—July 31... 1,879.5 5,602.9 2,574.9 351.6 164.1 130.2 544.7 387.3 677.4 2,255.3 748.7 1,352.3 1,068.9 177.6 Aug. 31... 1,798.7 5,607.7 2,576.6 352.4 150.4 118.7 551.9 401.3 679.6 2,254.3 742.9 1,367.9 1,077.6 165.0 Sept. 30... 1,742.1 5,671.2 2,587.9 438.9 166.9 165.7 558.7 285.9 664.2 2,280.3 827.5 1,319.3 1,059.5 184.5 Oct. 31... 1,712.3 5,849.4 2,735.9 512.6 183.9 182.9 576.8 286.6 670.7 2,413.6 810.8 1,416.5 1,016.5 192.1 Nov. 30... 1,675.0 5,874.3 2,821.4 556.7 183.1 162.9 567.6 295.7 675.3 2,441.3 824.9 1,439.0 984.5 184.6 Dec. 31... 1,657.8 5,960.2 2,908.1 574.4 171.6 170.5 576.9 303.6 717.0 2,513.9 869.1 L.436.7 961.0 179.5 1950—Jan. 31... 1,742.9 5,980.1 2,863.8 609.5 152.3 177.3 507.4 296.7 739.0 2,482.3 919.4 1,386.4 982.2 209.8 Feb. 28... 1,727.0 6,017.9 2,900.0 633.2 159.4 169.1 510.6 302.6 767.2 2,542.1 873.2 L,388.7 1,027.3 186.6 Mar. 31... '1,710.8 r6,042.9 r2 ,823.2 r662.1 157.0 178. 7 '•574.1 r260.0 r756.3 ^2,588.1 857.4 1,391.1 1,027.9 178.4 Apr 30 1,683 4 6/238.4 2,878.6 751.8 160 1 195.0 597.8 256.8 772.3 2,733.8 844 9 4.05 1 1 090 7 163 9 May 31*-.. 1,683.3 6,349.0 2,996.0 801.7 186.2 219.5 599.8 273.5 771.8 2,852.5 847.5 1,370.6 1,106.9 171.5 June 30P. . 1,655.4 6,528.7 3,226.7 912.6 218.7 222.0 600.2 287.3 790.6 3,031.5 829.9 1,371.0 1,104.2 192.1 P Preliminary. r Revised. 1 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 73.5; U. S. brokerage balances abroad, 27.4. 2 Country breakdown is for "Official and private." 3 Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date. 1254 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 ia s- g B iu e m l- C v o z a s e k l c o i h a - - m D a en rk - l F a i n n d - m G a e n r- y1Greece N w o a r y - l P an o d - t P u o g r a - l m R a u n - ia Spain S d w e e n - USSR Y sl u av go ia - ot A h l e l r2 1944—Dec. 31 774 5 124.3 14.8 7.1 6.8 48.7 220.8 54.5 9.5 43.4 152.1 16.1 5.7 70.7 1945—Dec. 31. . 909.1 185.0 25.9 5.5 7.0 70.8 216.1 47.9 9.3 31.7 210.1 28.0 5.7 66.0 1946—Dec 31 850 5 159 5 66 5 22 2 7.1 49 3 123 5 39.0 8.9 16.4 172.6 60.5 12.4 112.5 1947—Dec. 3i 739 8 124.9 52.8 30.5 89.5 34.7 56.2 47.1 8.7 12.8 58.6 73.7 12.1 138.2 1948—Dec. 31. . 738.1 128.7 44.7 19.1 178.9 21.1 77.7 37.7 7.0 13.6 49.0 21.3 19.9 119.3 1949—July 31.. 677 A 117.5 33.7 17.4 169.6 27.0 65.9 33.8 6.8 11.3 57.9 8.7 5.3 122.5 Aug 31 679 6 142 2 32 0 17.7 150.2 25 0 62 4 30.3 6.8 8.2 61.0 10.5 6.4 126.9 Sept. 30 664 2 126.7 31.8 17.1 147.8 24.7 60.8 31.3 7.1 9.6 62.0 11.3 9.1 125.1 Oct. 31.. 670.7 125.3 31.8 15.5 145.2 23.3 62.6 33.9 6.7 10.8 69.2 11.9 13.6 120.9 Nov. 30 675 3 117.7 35.4 24.0 141.6 23.7 66.4 33.9 6.7 10.7 78.6 8.2 10.4 118.0 Dec. 31.. 717.0 119.9 38.0 25.1 149.4 29.6 69.4 38.1 6.7 15.7 90.1 10.2 7.6 117.4 1950—J F a e n b . . 3 2 1 8 .. .. 7 7 3 6 9 7. . 2 0 '4 4 4 4 '. . 3 0 * 1 1 2 3 3 3 . . 9 3 'i 1 7 7 . . 7 3 ' 3 3 5 3 . . 2 2 2 20 3 . . 6 8 1 1 4 6 9 4 . . 7 6 3 3 0 1 . . 3 6 8 7 2 6 . . 2 4 ** 6 6 . ! 7 6" 4 39 0 . . 2 0 6 6 . . 5 4 1 1 4 1 . 0 3 1 9 0 6 1 . 1 9 1 9 1 . 4 1 5 7 .1 8 5 5 7 8 . . 9 5 Mar. 31. . »756.3 42.9 118.5 12.3 29.3 19.0 180.2 32.4 79.3 6.1 35.8 6.1 11.5 106.1 13.9 6.6 '56.4 Apr. 30.. 772.3 39.3 120.8 13.3 33.0 20.4 184.9 35.1 82.4 6.3 35.0 6.1 10.5 107.6 15.7 7.0 54.9 May 31 P. 771.8 39.2 107.7 13.4 32.0 18.2 199.7 36.9 76.7 4.9 36.9 6.2 10.1 109.2 16.0 6.2 58.5 June 30P. 790.6 34.6 105.5 12.9 35.9 16.5 227.5 39.6 66.7 5.5 29.8 6.2 9.2 112.7 19.0 8.3 60.9 Latin America Neth- Do- er- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o 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 r n - r lic Suri- ama nam 1944—Dec. 31 , 909.3 93.9 17.7 140.8 55.0 83.6 139.3 83.1 36.0 27.7 69.1 31.5 131.6 1945—Dec. 31 .1,046.4 77.3 14.5 195.1 66.3 79.2 128.3 116.4 28.2 43.9 88.7 49.7 158.8 1946—Dec 31 1,104 8 112.6 14.0 174.0 50.7 57.8 153.5 152.2 16 1 40.9 77 2 74 0 181 8 1947—Dec 31 1 216 6236 2 17 8 104 7 46 3 46.1 234.7 139 2 14 9 41 8 70 3 78 0 186 5 194g—Dec 31 1 287 0215 8 17 1 123.7 55.6 54.0 219.4 146.7 24 3 52.6 71 8 121 7 184 1 I949—July 31 1 352 3229 4 14 9 118 1 65.1 59.8 174.8 163.3 24 3 55.9 63 1 162 0 221 6 Aug 31 1 367 9228.6 14.4 128.0 57.9 49.0 187.7 175.5 29.1 58.3 64 6 161 2 213 6 Sept 30 1 319 3221 7 16 2 145.0 58.1 51.0 179.6 184.2 27 8 59 4 69 1 99 4 207 9 Oct. 31 1,416.5 227.7 15.7 165.0 59.5 57.6 181.7 185.7 30.5 61.4 72.7 160.4 198.6 Nov 30 1 439 0233 7 13 2 216 9 54 9 70 1 178.4 195 0 23 5 53 3 74 2 129 2 196 6 Dec 31 1 436 7201 1 13 5 192.8 60.9 85.9 164.2 214.6 25 9 52.8 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 1,391.1 221.2 13.1 141.1 70.4 80.0 185.4 38.8 27.6 175.7 26.5 51.6 81.4 42.6 58.0 110.1 67.5 Apr. 30 1,405.1 227.0 12.7 121.6 73.2 70.1 209.7 39.6 27.8 168.8 26.7 47.1 81.3 40.1 59.0 132.2 68.2 May 31 P1,370.6 233.5 14.1 99.2 68.6 53.1 224.2 40.9 26.6 160.2 28.4 46.3 80.8 36.9 67.0 123.4 67.4 June 30P 1,371.0 237.6 15.1 123.7 62.3 53.5 237.1 42.6 26.0 151.5 29.7 50.3 68.9 27.4 66.4 112.7 66.3 Asia and All Other Date Asia C M c a r h h n a i i u a d n n - - a H K o o n n g g India I n n e d s o ia - Iran IsraelJapan p i P p u p h b 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 S E E t a n u i g g n a g d y y d n l a p p o n - t - A S U o f n o r u i i f o c th a n Other* 1944—Dec. 31. 1,069.2 427.3 22.9 22.1 110.5 4.0 365 8 23.7 92 9 174.0 52 9 7.3 8.3 105.4 1945—Dec. 31. 1,549.7 582.3 27.4 33.4 113.7 4.1 629.1 52.5 107.2 181.8 28.9 18.9 6.4 127.7 1946—Dec. 31. 1,316.4 431.9 44.9 43.5 127.1 16.6 446.6 54.7 151.0 232.8 45.5 20.8 47.2 119.3 1947—Dec. 31. 1,057.9 229.9 39.8 62.4 69.3 31.3 488.6 37.6 99.0 193.7 30.6 25.0 46.4 91.8 1948—Dec. 31. 1,151.8 216.2 51.1 51.8 41.5 81.4 488.3 17.5 204.0 167.4 22.2 27.7 15.8 101.6 1949—July 31. 1,068.9 125.3 78.9 54.2 27.1 144.2 367.3 18.2 253.6 177.6 22.3 49.6 7.3 98.4 Aug. 31. 1,077.6 123.7 80.9 69.1 29.0 152.8 363.7 13.6 244.8 165.0 20.2 49.9 6.7 88.2 Sept. 30. 1,059.5 124.1 82.3 59.9 27.2 161.5 348 4 15.1 241.0 184.5 31.7 58.7 5.8 88.4 Oct. 31. 1,016.5 116.3 81.5 52.6 20.5 189.5 334.1 12.1 209.9 192.1 44.0 60.2 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 % 79.9 Dec. 31. 961.0 110.6 83.9 63.3 15.7 214.6 297.3 9.8 165.7 179.5 32.4 61.6 6.0 79.5 1950—Jan. 31. 982.2 110.1 89.9 69.5 12.2 16.8 21.0 238.8 286.1 24.3 12.0 101.5 209.8 29.8 27.2 72.8 22.9 57.1 Feb. 25. 1,027.3 112.3 90.6 69.5 29.2 16.4 27.3 252.2 289.4 22.6 14.4 103.5 186.6 25.1 28.3 58.4 21.3 53.6 Mar. 31. i, 027.9 104.5 88.8 61.8 27.6 17.5 25.0 ^275.2'"289.4 23.5 10.4 104.2 178.4 20.5 30.0 57.3 15.8 54.7 Apr. 30. 1,090.7 98.5 96.4 61.7 31.4 16.5 21.8 332.9 294.6 27.4 10.2 99.2 163.9 17.5 31.8 56.2 6.6 51.8 May 31 P 1,106.9 99.1 102.0 59.5 35.9 14.8 19.7330.7 299.5 29.0 10.6 106.0 171.5 18.4 33.6 57.0 9.6 53.0 June 30P 1,104.2 95.8 107.4 50.7 41.8 15.4 15.1338.9 291.3 29.7 12.8 105.1 192.1 18.6 35.6 57.7 14.7 65.4 P Preliminary. r Revised. 1 Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes. 2 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 3 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 4 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, exc:ludes Iran, Israel, and Thailand, reported separately as of that date. s Beginning January 1950, excludes Belgian Congo, reported separately as of that date. SEPTEMBER 1950 1255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] CLAIMS ON FOREIGNERS Date Total U K d n i o n i m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1944—Dec. 31 329.7 25.9 1.4 .3 1.3 .3 78.3 107.5 28.1 131.0 51.4 11.7 1945—Dec 31 392.8 25.4 1.1 36.3 2.9 .3 74.6 140.7 53.3 158.9 29.9 9.9 1946—Dec. 31 708.3 47.7 5.7 151.0 9.8 16.0 82.8 312.9 52.2 226.8 99 2 17 2 1947—Dec. 31 948.9 29.2 23.4 49.1 7.0 21.1 118.9 248.6 27.5 514.3 127.0 31.5 1948—Dec. 31 1,018.7 24.5 119.0 51.4 6.9 15.8 106.3 323.8 39.8 516.6 118.8 19.7 1949—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 1178.2 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. 31. ... 648.7 23.7 35.4 4.3 7.8 19.6 63.1 153.9 37.5 303.5 115.7 38 1 Apr. 30 ,, 634.8 22.4 35.9 3.7 6.2 20.2 64.0 152.4 35.5 295.7 111.6 39.6 M!ay 31 P . ... 612.0 27.3 21.0 4.5 7.3 24.5 62.8 147.4 32.7 290.5 100 7 40 7 660.8 28.1 20.7 4.2 9.1 28.7 62.0 152.8 35.1 323.6 87.8 61.4 CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu el m - C v o z a s e k l c o i h - a - m De a n rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P 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 (8) (3) 33.9 .6 35.1 .8 CO 1.8 .2 (8) CO 5.2 1945—Dec. 31.. 74.6 .6 (3) (3) 33.9 .7 31.6 .5 1.6 .9 CO (3) 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 (3) CO 9.5 1947—Dec. 31.. 118.9 15.0 2.2 8.0 30.5 10.6 9.2 1.1 (8) .9 5.4 CO 35.9 1948—Dec 31 106 3 21 4 .6 3.4 30.5 1.2 8.4 .7 (8) 2.9 1.4 CO 6.0 29.8 1949—juiy 31 91 9 17 9 .9 4.9 29.9 1.0 8.1 .5 10.7 3.3 1.5 CO CO 13.2 Aug. 31.. 82.2 13.6 1.0 5.5 29.7 .7 7.9 .4 8.2 2.5 1.4 8 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 CO 11.5 Nov. 30.. 98.2 17.6 .7 9.2 30.0 .7 7.5 .7 7.0 6.1 2.1 (3) 16.7 Dec 31 98 5 19 3 .4 8.2 30.0 .7 7.4 .5 7.0 7.0 2.3 CO 15.6 1950—Jan. 31. .165.0 1.2 15.6 ? .5 4.9 !25.5 .2 1.0 .5 .7 (3) 6.7 3.4 (3) <?1 4.8 F M e a b r . . 3 28 1 . .. . 6 6 4 3 . . 4 1 . . 7 2 1 17 6 . . 7 3 . . 5 5 3 2 . . 5 4 2 2 5 5 . . 6 3 . . 2 2 1 1. . 2 1 . . 1 1 . . 6 8 ( ( 3 3 ) ) 6 7 . . 6 9 3 2 . . 1 4 C C O O .1 4 5. . 2 4 A M Ju p a n r y e . 3 3 3 0 1 0 P P . . . . 6 6 6 2 2 4 . . . 8 0 0 . . . 2 3 1 1 1 12 6 6 . . . 2 2 3 ° . . 3 1 A 2 1. . . 1 5 6 2 2 3. . . 4 1 4 2 2 2 5 5 5 . . . 2 5 1 . . . 1 3 1 1 1 1 . . . 2 2 3 C . . 1 1 O . . . 9 5 8 8 (3) 4 6 7 . . . 2 4 7 2 2 3. . . 1 8 4 C ( C 3 O ) O 3 2 2 . . . . 2 5 4 7 4 4 4 . . . 6 7 4 Latin America m Neth- Do- er- Date A L i a m c t a i e n r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i R c l u i i a e b c n n - - - G m u a a l t a e- M ic e o x- l W I S a a n u n n d e r d d i s i e - s t s Peru l P a i R e m a e 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 c m th a ti e e n * r r nam 1944—Dec. 31.. 131.0 3.1 1.8 25.3 9.0 15.5 47.4 8.6 .3 1.2 .8 5.1 12.9 1945—Dec. 3i,. 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 I949—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 1.8 2.4 50.3 1.1 6.5 4.3 6.5 9.0 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.. 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. 30. . 295.7 46.5 6.5 67.4 5.6 26.8 17.1 1.7 2.2 46.4 1.1 6.8 4.8 3.8 10.5 26.5 22.0 May 31 P. 290.5 43.1 7.7 58.8 5.2 31.8 21.4 1.6 2.2 44.9 1.1 8.5 5.0 3.8 8.0 26.3 21.0 June 30*>. 323.6 42.8 7.6 67.0 4.7 53.5 29.7 1.2 1.8 45.7 1.0 9.9 4.7 3.3 6.9 25.8 18.1 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, s Less than $50,000. 4 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 1256 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 and Phil- Bel- and Union Date Asia M c r h i a u a n - - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i p p R u p b e i - l n i e c T la h n a d i- T k u e r y - O A t s h ia e * r o A th l e l r t A ra u l s i - a C g o ia n n go A E t n i g a g y n l p o - - S A o f o u r f i t c h a Other2 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—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—Jan. 31.. 129.0 17.0 4.L 16.6 .2 13.6 11.8 18.1 22.8 2.4 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.. 115.7 19.4 4.3 18.9 .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. . 111.6 23.4 4.1 19.7 (8) 13.5 12.0 1.9 19.7 .9 4.8 11.7 39.6 20.1 3.7 .3 12.1 3.5 May 31*. 100.7 19.2 4.1 24.0 .1 12.5 13.3 .9 14.4 .7 .7 10.9 40.7 20.8 3.6 .1 12.3 3.9 June 30P . 87.8 17.6 3.3 20.5 .2 13.0 7.8 .9 12.5 .6 .7 10.7 61.4 40.7 3.8 .1 11.7 5.0 P Preliminary. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date, s Less than $50,000. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Productionreportedmonthly Estimated Year or pro w d o u r c ld tion Total 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 fr e ic s a t 2 B Co el n g g ia o n 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 - 6 Au li s a tra- India3 $1 =15'*i'n. grainsof gold 9/xo fine: i. e.f an ounce of fine gold =$35. 1941 1,265.6 1,110.4 504.3 27.8 32 A 19.6 209.2 187.1 28.0 23.0 9.3 7.5 52.4 10.0 1942 .. . 1,125.7 982 1 494 4 26 6 29 2 18 0 131.0 169.4 28.0 20.9 6.4 8.6 40.4 9.1 1943 871.5 774.1 448.2 23.0 19.7 15.8 48.8 127.8 22.1 19.8 6.1 7.7 26.3 8.8 1944 784.0 701 5 429 8 20 7 18 4 12.7 35.8 102.3 17.8 19.4 7.1 7.9 23.0 6.6 1945 738.5 683.0 427.9 19.9 18.9 12.1 32.5 94.4 17.5 17.7 6.3 7.0 23.0 5.9 1946 752 5 697 0 417 6 19 1 20 5 11 6 51.2 99.1 14.7 15 3 8.1 6.4 28.9 4.6 1947 766.5 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 7.4 32.8 6.1 1948 . 791 0 728 1 405 5 18 0 23 4 11 1 70.9 123.5 12.9 11 7 5.7 7.8 31.2 6.5 1949 753.0 409.7 18.5 23.1 12.9 67.3 143.9 14.2 12.6 6.3 7.7 31.3 5.7 1949—June. . .. 64 6 34 8 1.5 1.9 1.1 5.3 12.0 1.6 1.0 .4 .6 3.7 .6 July 62 9 35 5 1 6 1 8 1 1 5 5 11 4 1 0 1 l .5 .6 2.3 .6 Aug 66.0 35.7 1.6 1.9 1.2 6.3 12.6 1.4 1.0 .6 .7 2.5 .6 Sept.. 65 2 34.8 1.5 1.9 1.1 6.0 12.7 1.6 1.0 .6 .7 2.6 .5 Oct 65 2 34 7 1 5 1 9 1 0 7 1 12 8 .9 1 0 .5 .6 2.7 .5 Nov 65.9 34.0 1.5 2.0 1.1 7.2 12.7 1.9 1.1 .6 .7 2.9 .4 Dec. 63 5 34 0 1 5 2 0 1.1 6 4 13 1 .8 .6 .5 .6 2.6 .4 1950—Jan 64.0 34.2 1.5 2.0 1.1 5.9 12.4 1.5 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 1.5 1.9 1.1 6.1 13.4 " 1 2 .7 2.3 .5 Apr 33 3 1 5 1 9 10 6 7 12 9 1 1 7 2 1 6 Mi ay 35 5 1 5 2 0 1 0 6 8 13 1 .6 .5 June 34 6 1.9 1.0 6.6 12.9 7 .6 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 3 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics, those for 1949 having been revised by subtracting from each monthly figure $217,251 so that the aggregate for the year is equal to the yearly estimate compiled by the United States Mint. 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. SEPTEMBER 1950 1257 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] United States End of month T u re r a y s- Total i t g i A e n r n a - - 8 g B iu el m - Brazil Canada3 Chile lo C m o b - ia 4 Cuba C v z s a e l k o c - h ia o- m D a en rk - Egypt France 1945—Dec 20,065 20,083 1,197 716 354 361 82 127 191 61 38 52 1,090 1946—Dec 20,529 20,706 1,072 735 354 543 65 145 226 61 38 53 796 1947—Dec 22,754 22,868 322 597 354 294 45 83 279 32 53 548 1948—Dec 24,244 24.399 624 317 408 43 51 289 32 53 548 1949—Aug 24,608 24,771 718 317 448 44 48 289 32 53 523 Sept 24,602 24,728 715 317 460 43 49 299 32 53 523 Oct 24,584 24,688 720 317 470 43 50 299 32 53 523 Nov 24,479 24,626 709 317 484 43 51 299 32 53 523 Dec 24,427 24,563 698 317 496 40 52 299 32 53 523 1950—Jan 24,395 24,507 679 317 507 40 53 299 32 53 523 Feb 24,345 24,456 679 317 509 40 64 299 32 53 523 Mar 24,246 24,360 682 317 511 40 65 299 32 53 523 Apr 24,247 24,350 679 317 513 40 66 299 32 53 523 May 24,231 24,340 678 317 515 40 67 299 31 53 523 June 24,231 24,331 663 317 519 40 68 31 53 523 July 24,136 24,239 651 40 69 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 e u- Ru n m ia a- A So fr u ic th a Spain 1945—Dec.. 274 131 24 294 270 23 80 28 269 914 110 1946—Dec.. 24 274 127 28 7 201 181 265 23 91 24 245 939 111 1947—Dec.. 34 274 142 58 7 180 100 231 23 72 20 193 P215 762 111 1948—Dec.. 35 256 140 96 166 23 52 20 158 183 111 1949—Aug.. 37 247 140 133 178 161 52 20 135 85 Sept.. 38 247 140 252 178 161 ••26 51 20 121 85 Oct... 40 247 140 252 178 161 51 20 119 85 Nov.. 40 247 140 252 178 195 51 28 120 85 Dec. 41 247 140 252 178 195 51 28 128 85 1950—Jan... 41 247 140 252 178 229 51 28 132 80 Feb.. , 41 247 140 252 178 229 '27* '51 28 146 80 Mar.. 247 140 252 178 229 r27 50 28 166 80 Apr.. , 247 140 252 178 229 »-27 48 28 173 61 May. 247 140 252 178 229 28 50 28 178 61 June. 247 140 252 178 229 28 50 28 177 61 July.. 178 229 28 End of month S d w e e n - S l w a e n r i - t d z- T k u ey r- g U u r a u y - V zu e e n l e a - t c o r o t i 1 h e u 6 s e n r - 8 n M a I F t n t a u o i t o r n e n y n d r e - a - l f S t m t o B e i e r o r e a t n n t n n I l a a t k e n s - l - - E G nd o v o e f r n m m o e n n t t h g p o r l e U d K v n i i r o i n e t u g e s s - d e rv fi e g s u F r r n e a s o n t ce inclu B d e ed lg iu in m dom 1945—Dec 482 1,342 241 195 202 192 39 1946—Dec 381 1,430 237 200 215 193 15 32 1945—Dec l2,476 2 457 2 17 1947—Dec 105 1,356 170 175 215 195 1,356 30 1946—Dec l2,696 1948—Dec.. . . 81 1,387 162 164 323 220 1,436 36 1947—Mar ^2,380 1949—Aug 71 1,503 160 161 323 238 1,450 47 Jiine.... L2,410 Sept 70 1,485 159 177 373 239 1,450 52 Sept L2.383 Oct 70 1,486 154 178 373 304 1,450 47 Dec 12,079 Nov... . 70 1,495 154 178 373 304 1,451 64 Dec 70 1,504 154 178 373 330 1,451 68 1948—Mar 12,241 1950—Jan 70 1,508 154 183 373 332 1,459 68 11,920 Feb.. . . 70 1,503 154 187 373 334 1,460 69 Sept U,777 Mar 69 l.,527 154 190 373 333 1,460 87 Dec 1,856 Apr 71 1,534 154 184 373 333 1,460 93 May 71 1,552 154 184 373 337 1,460 100 1949—Mar 1,912 June 71 1,559 149 373 P336 1,460 108 June.... 1,651 July 71 138 1,464 128 Sept 1,425 Dec 1,688 P Preliminary. r Revised. 1950—Mar 1,984 1 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is June.... 2,422 not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 1 Exchange Equalization Account holdings of 2 Estimated dollar values derived by converting gold at home in amounts up to 1,224.4 gold, U. S. and Canadian dollars, as reported by million pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of British Government. (Gold reserves of Bank of 3.5447 pesos per U. S. dollar. England have remained unchanged at $1 million 3 Figures as reported by Foreign Exchange Control Board and Minister of Finance. since 1939, when Bank's holdings were trans- 4 Beginning December 1948 figures taken from last weekly statement of month. ferred to Exchange Equalization Account). 6 Beginning December 1947 includes gold holdings of issue and banking departments of 2 France—Exchange Stabilization Fund; Bel- Bank Melli Iran; prior to that represents holdings of issue department only. gium—Treasury. 6 Total gold holdings are not available. Beginning April 1946, the series is new and repre- NOTE.—For details regarding special internal sen 7 8 t F F s i o g g r o u l r l d i e s s t h e a o l r f d e c a f o s o u r r n e f t s o r e i l e r lo v s w e i i n ( n c 2 g l 5 u d d p e a e d r t e , c s e s : e n 1 e t 9 m B 4 U 6 in — L i L m M E u T a m I r N . ) 3 f l o e 1 r s , s a J g n a o d n l u d 1 a i 9 r n y 4 7 fo 1 — r 9 e 5 M i 0 g , a n r p . c . 3 u 1 r 1 r 1 . e 4 n , c f y o o li t a n b o i t l e i ti 8 e . s. f i g n o o s o l t d t i n tu o tr t t a e io n n sf 8 s e , . r s s e F e a o f p r f . e c 1 a t 2 i v n 6 a g 0 i , l a t f b h o l e o e t n B o b r t i a e t c is k 1 h , a f a i n g n d u d r e p F s . , r 1 e 2 n 6 s c e 1 h e „ NOTE.—For description of figures, including details regarding special internal gold trans- Banking and Monetary Statistics, p. 526, and fers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back BULLETIN for November 1947, p. 1433, and Febfigures through 1941 see Table 160, pp. 544-555, in the same publication and for those sub- ruary 1945, p. 190. sequent 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. 1258 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD IMPORTS TO UNITED STATES, BY COUNTRIES [Net gold exports from United States (—). In millions of dollars] Gold valued at approximately $35 a fine ounce m Y o o e n r a t r h Total U K d n i o i n m t g e - d g B iu el m - France N la e e n r t d - h s - S d w e e n - U.S.S.R. Canada A t r i g n e a n- Co b l i o a m- Mexico r N a i g c u a a - V zu e e n l e a - 1942. 315.7 2.0 11.3 208.9 .1 10.6 40.0 8.7 4.0 1943. 68.9 .1 66.9 -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. 15.1 7.4 -56.1 1946. 311.5 .5 33.7 344.1 -134.0 3.6 7.3 .2 1947. 1,866.3 488.4 162.9 28.0 27.9 445.4 335.5 21.0 -7.1 7.6 -.8 1948. 1.680.4 1,095.4 34.4 -4.5 -29.7 103.3 25.1 15.8 7.9 -136.1 1949. 686.5 527.9 -.1 5.8 14.2 -4.4 6.9 -4.5 1949—July.. 131.1 121.8 .2 .7 -.1 Aug.. 257.4 243.6 .5 .7 Sept.. 98.1 101.5 -8.3 .6 Oct... 56.1 40.7 2.1 .4 .5 -.2 Nov.. 7.6 5.1 .4 .4 Dec, -1.4 .2 -.1 .3 .5 1950—Jan... 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 June. 10.0 .3 .3 July. -1.5 .2 .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 Earend of period I i n n c r to ea ta s l e go N ld e i t m-g m ol a d r : k e d d e- D tic o m go e l s d - Other Philip- All Period gold port or crease produc- Y m e o a n r t o h r Am L e a r t i i c n an t A ra u l s i - a China p R i e n - e A So fr u ic th a c o o th u e n r - T u re r a y s- Total i stock ex (- p ) ort c o r r e a in se - tion2 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 1 1 9 9 4 4 5 4 ., -10 7 . . 8 0 . . 2 1 -1 -1 3 1 4 . . 9 0 !i* 3. . 6 4 30. . 2 5 1 19 9 4 4 5 4 2 2 0 0 , , 6 0 1 6 9 5 2 20 0 , , 0 6 8 3 3 1 -1 - ,3 5 4 4 9 7 . . 8 8 - - 8 1 4 0 5 6 . . 4 3 - -3 4 5 5 6 9 . . 7 8 3 3 5 2 ! . 0 8 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 8 2,162.11,866.3 210.0 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 67.3 1949—July... .6 -3.5 -.2 12.7 -2.1 1949—Aug.. . 24,608 24,771 66.5 257.4 -208.5 6.3 Aug.. . .6 -7.0 22.3 -3.9 Sept... 24,602 24,728 -43.1 98.1 -154.8 6.0 Sept... .5 — 1.6 9.5 -4.8 Oct.... 24,584 24,688 —39.8 56.1 -89.1 7.1 Oct... . .5 -.1 12.7 -1.1 Nov... 24,479 24,626 -61.7 7.6 —63.9 7.2 Nov.., .3 3.3 -2.4 Dec... 24,427 24,563 -63.2 -1.4 -59.4 6.4 Dec... .4 -.3 5.8 -8.5 1950—Jan.... 24,395 24,507 -56.3 39.0 -93.2 5.9 1950—Jan.... .4 2 837.1 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 -.5 16.8 3.7 May... 24,231 24,340 -10.7 13.1 -29.9 6.8 May. . .3 e 1.8 10.5 June.. 24,231 24,331 -9.0 10.0 -17.6 6.6 June. . .7 .2 3.5 4.7 July... 24,136 24,239 -91.1 -1.5 -90.0 7.1 July . . .6 .1 — 1 -3.1 Aug. . .P23.627^23,745 P -494.4 (4) s-431.4 (4) 1 Includes net exports of 39.2 million dollars to Switzerland, 10.7 P Preliminary. 1 See footnote 1 on opposite page. million to Greece, 8.3 million to French Indo-China, and 5.3 million 2 Yearly figures through 1948 are estimates of United States Mint. to other countries. For explanation of monthly figures see p. 1257, footnote 4. 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 5,140.4 million dollars on Aug. 31, 1950. Gold NOTE.—For back figures see Banking and Monetary Statistics, under earmark is not included in the gold stock of the United States. Table 158, pp. 539-541, and for description of statistics, see p. 524 NOTE.—For back figures and description of statistics, see Banking in the same publication. and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. SEPTEMBER 1950 1259 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [Millions of dollars] 1950 1949 1950 1949 International Fund International Bank Apr. Jan, Oct. Apr. June Mar. Dec. June Gold 1,460 1,459 1,450 1,436 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States 1,299 1,300 1,311 1,341 United States 5 18 38 59 Other 4,266 4,265 4,186 Other 924 925 923 928 Unpaid balance of member subscriptions. '893 1,018 1,018 1,069 Investment securities (U. S. Govt. obli- Other assets 1 1 1 (2) gations) 449 446 448 453 M Ac e c m um be u r la s t u e b d s c n r e ip t t i i n o c n o s m e , 7,9 - 2 4 2 8,0 - 4 3 7 ; 8,0 - 4 3 7 8,034 2 L C o a a ll n s s o n ( in su ch b sc u r n ip d t i i s o b n u s r s t e o d ca p p o i r t t a i l o n st s o c a k n 4 d . . 5 5 5 5 incl. obligations sold under Bank's guarantee) 738 723 727 650 1950 1949 Other assets 8 7 6 6 Net currency purchased 8 Bonds outstanding 261 261 254 254 (Cumulative—millions of dollars) Liability on obligations sold under guar- July June May July Lo a a n n t s e — e undisbursed 1 2 2 6 6 1 2 3 6 0 1 2 6 7 2 1 2 2 7 4 Other liabilities 5 2 4 4 B A e u l s g t i r a a n li a f n ra n p c o s unds 2 1 0 1 . . 0 4 2 1 0 1 . . 0 4 2 1 0 1 . . 0 4 33.0 S C p a e p c i i t a a l l4 reserve 1,67 1 0 4 1,67 1 0 2 1,67 1 0 1 1,670 8 Brazilian cruzeiros 37.5 37.5 37.5 15.0 Accumulated net income 27 23 20 14 Chilean pesos 8.8 8.8 8.8 8.8 C Cz o e s c ta h o R sl i o ca v n a k c ia o n lo n k e o s runy. - 6 .9 .0 - 6 .9 .0 - 6 .9 .0 6. . 0 4 1 Includes 16 million dollars receivable for currency adjustments Danish kroner 10.2 10.2 10.2 10.2 resulting from the devaluations in September 1949. Egyptian pounds -5.5 3.0 3.0 3.0 2 Less than $500,000. Ethiopian dollars .6 .6 .6 .3 s As of July 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 Ni e c t a h r e a r g la u n a d n s c g o u r i d ld o e b rs a . s . . . . . . . 75.4 75.4 75.4 75. . 4 5 Re 4 p E u x rc c h lu a d se e s s a u m nc o a u ll n e t d e d p o to r ti 3 o 2 n .7 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 June 30, 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. 744.6 753.1 753.1 724.6 CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Gold1 a O ss t e h t e s r 2 N c a o o n t i d e n s a v c n o a D d n u i s c n - a e t d s s - Se t c ie u s ri- ci t r io cu n l 8 a- Bankers' Pub D li e c posit E s GA 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 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 1,325.0 } 36.1 " 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—Aug. 31 .2 1,350.0 80.4 10.4 354.1 1,275.0 277.6 15.9 41.7 91.2 18.5 Sept. 28. ., .4 1,300.0 41.4 23.6 368.7 1,264.5 295.7 9.1 16.4 93.9 18.5 Oct. 26 .4 1,300.0 47.3 23.3 429.7 1,258.7 298.5 14.0 62.8 107.3 17.8 Nov. 30. .4 1,300.0 39.9 15.3 437.8 1,265.8 295.9 8.9 58.6 111.5 18.0 Dec. 28 .4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Jan. 25 .4 U,300.0 57.9 14.7 477.4 1,247.7 291.7 12.5 117.4 110.2 18.3 Feb. 22 .4 1,300.0 58.4 22.0 486.7 1,247.2 285.2 14.0 136.0 113.5 18.4 Mar. 29 .4 1,300.0 38.5 12.3 507.2 1,267.3 283.5 12.1 160.0 83.9 18.5 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 June 28 .4 41,350.0 63.0 15.4 549.3 1,293.9 292.1 11.9 209.0 96.5 18.2 July 26 .4 1,350.0 37.4 18.0 599.2 1,319.7 286.8 14.5 237.1 97.9 18.3 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. 8 Notes issued less amounts held in banking department. 4 Fiduciary issue decreased by 50 million pounds on Jan. 11 and inc>2ased by 50 million on June 28, 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. 1260 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets :Liabilities Bank of Canada Dominion and provincial 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 t r s circ N ul o a t t e ion2 liab a i n li d ties dollars S te h r o m rt x - 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 1939—Dec 30 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31 (4) 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 I949—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 June 30 84 1 1 436 7 622 0 58 8 1,275 8 544 5 35 3 215 8 130.1 July 31 89.1 1,431.0 638.7 65.7 1,294.2 552.8 19.6 228.9 129.0 Assets Liabilities Bank of France mill ( io F n ig s u o r f e s f r i a n ncs) Gold F c o h e r a e x n i - g g e n m O a p rk e e n t D 8 om S e p s e t c i i c a l bills Other Cu G A r o r d e v v n e a t r n n c m e O s e n t t h t o e s r a O ss t e h t e s r s ci N t r i c o o u t n l e a- G m ov e e n r t n- De E p G o A sits8 Other c O l a i i a t a p t i n b h e i d t i e s a l r - l 1938—Dec. 29... 87,265 821 1,892 1,797 7,880 30,627 14,028 110,935 5,061 25,595 2,718 1939—Dec. 28... 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 ,151,322 1,914 14,751 2,925 1940—Dec. 26... 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27,202 M4,986 1941—Dec. 31... 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 7 68,474 1942—Dec. 31... 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 721,318 1943—Dec. 30... 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 7 15,596 1944—Dec. 28... 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27... 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26... 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31... 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30... 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Aug. 25... 8 62,274 36,675 134,031 4,144 255,099 165,000 560,990 67,738 1,133,129 292 136,331 16,199 Sept. 29... 8 62,274 51,504 138,787 15,092 298,005 164,200 560,990 76,261 1,210,606 201 140,548 15,757 Oct. 27... 8 62,274 53,002 140,936 23,486 305,454 152,700 560,990 81,425 1,218,697 202 142,845 18,522 Nov. 24... 8 62,274 58,174 143,794 28,164 306,397 152,500 560,990 85,587 1,203,768 153 173,396 20,563 Dec. 29... 8 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 1,278,211 1,168 158,973 19,377 1950—Jan. 26... 8 62,274 59,719 132,447 31,410 335,845 159,900 560,990 94,504 1,256,758 42 22,910 133,526 23,853 Feb. 23... «62,274 58,658 123,912 31,467 333,358 165,200 560,990 91,046 1,271,387 79 14,155 120,858 20,426 Mar. 30... 8 62,274 63,987 123,013 29,279 359,671 166,000 560,990 112,552 1,321,855 24 22,432 115,627 17,828 Apr. 27... 8 62,274 83,526 117,039 29,297 367,740 167,100 560,990 113,338 1,332,148 21 34,284 114,103 20,747 May 25... 8 62,274 98,539 115,978 27,090 341,340 167,700 560,990 107,521 1,324,533 17 21,927 110,321 24,634 June 29... 8 62,274 116,652 128,939 18,507 368,694 166,600 560,990 116,833 1,382,479 62 8,496 126,978 21,475 July 27... 8 62,274 146,146 144,523 12,709 373,930 161,600 560,990 9128,695 1,413.718 80 22,806 129,954 24,309 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. » Beginning November 1944, includes a certain amount of sterling and United States dollars. * On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 5 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. • Beginning January 1950, when the Ejink 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 43.8 billion francs on July 27. 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. SEPTEMBER 1950 1261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1950 1949 Central Bank 1950 1949 (Figures as of last report (Figures as of last report date of month) July June May July date of month) July June May July Central Bank of the Argentine Central Bank of Costa Rica 3 Republic (millions of pesos): (thousands of colones): Gold reported separately 656 656 507 Gold 11,511 11511 11,542 11,547 Other gold and foreign exchange. ,538 1,538 1,561 Foreign exchange 39,659 43 089 25,332 16,985 Government securities ,860 1,853 1,745 Net claim on Intl. Fund2 7,019 7 019 7,019 Rediscounts and loans to banks.. ,313 29,964 25,547 Loans and discounts 81,804 85 930 89,665 85,171 Other assets 240 230 177 Securities 20,726 21 327 22,023 21,502 Currency circulation ,592 10,555 8,284 Other assets. 16,874 16 595 18,088 Deposits—Nationalized ,561 21,303 18,969 Note circulation 102,081102 080103,705 103,073 Other sight obligations 484 496 636 Demand deposits 66,241 74.506 59,369 66,780 Other liabilities and capital...... ,970 1,887 1,647 Other liabilities and capital..... 9,271 885 10,595 Commonwealth Bank of Aus- National Bank of Czechoslovakia tralia (thousands of pounds): (millions of koruny): (Mar.) Gold and foreign exchange 538,423 518,799488,933 383,492 Gold and foreign exchange...... 3,349 3,084 Checks and bills of other banks.. 4,115 6,826 5,803 2,728 Loans and discounts 24,716 24,522 Securities (incl. Government and Other assets 48,433 48,383 Treasury bills) 312,277341 354,985 321,543 Note circulation 68,447 65,171 Other assets 56,131 66 86,452 56,255 Deposits 702 474 Note circulation 233,020 231 229,063 212,813 Other liabilities and capital 7,348 10,344 Deposits of Trading Banks: National Bank of Denmark Special 431,670 441,970 462,470 340,520 (millions of kroner): Other 28,319 26,538 22,119 Gold ,. 69 69 69 70 Other liabilities and capital 217,936 226,790 218,101 188,565 Foreign exchange 357 349 37 231 Austrian National Bank (millions Contributions to Intl. Fund and of schillings): to Intl. Bank 6 6 6 65 Gold 50 50 50 50 Loans and discounts 38 33 26 29 Foreign exchange. . 188 158 155 151 Securities 122 123 124 94 Loans and discounts 2,436 346 2,210 1,319 Govt. compensation account. . . . 4,022 ,638 4,650 4,813 Claim against Government 6,133 ,122 6,002 7,034 Other assets 273 226 218 140 Other assets 36 37 38 11 Note circulation 1,529 ,580 1,544 1,450 Note circulation 5,857 ,783 5,684 5,996 Deposits—Government 1,304 ,864 1,809 1,762 Deposits—Banks 237 204 194 243 Other 1,904 ,851 1,970 2,083 Other 993 ,111 1,071 773 Other liabilities and capital...... 152 150 148 148 Blocked 1,757 615 1,505 1,553Central Bank of the Dominican National Bank of Belgium Republic (thousands of dollars): (millions of francs): Gold. 4,045 045 4,045 4,009 Gold 28,506 058 29,716 31,551 Foreign exchange (net) 13,927 210 13,292 11,252 Foreign claims and balances (net) 7,795 879 7,316 12,339 Net claim on Intl. Fund 2 1,250 250 1,250 1,250 Loans and discounts 5,280 396 4,840 3,175 Paid-in capital—Intl. Bank 40 40 40 40 Consolidated Government debt.. 34,939 939 34,939 34,991 Loans and discounts 103 153 211 210 Government securities 9,247 825 7,001 6,058 Government securities 5,383 383 5,377 4,974 Other assets 5,727 437 4,924 2,171 Other assets 1,556 946 667 771 Note circulation. .-.. 87,542 132 84,794 85,794 Note circulation 20,658 20260 19,984 18,010 Deposits—Demand 1,641 158 1,712 2,189 Demand deposits 5,348 482 4,617 4,274 EGA 41 109 173 561 Other liabilities and capital 298 285 281 222 Other liabilities and capital 2,271 135 2,057 2,340Central Bank of Ecuador Central Bank of Bolivia—Mone- (thousands of sucres): tary dept. (millions of bolivianos): (Apr.)1 Gold 266,849 278,390 Gold at home and abroad... 956 956 Foreign exchange (net) -15,025 -56,814 Foreign exchange 226 206 Net claim on Intl. Fund 2 16,881 16,881 Loans and discounts 1,045 820 Credits—Government 263,102 263,388 Government securities 740 751 Other 122,380 111,453 Other assets 376 67 Other assets 124,382 112,542 Note circulation 2,635 2,301 Note circulation 380,394 366,094 Deposits 362 248 Demand deposits—Private banks 113,884 112,504 Other liabilities and capital 346 250 Other 129,138 92,658 Central Bank of Chile (millions Other liabilities and capital 155,152 143,907 of pesos): National Bank of Egypt (thou- Gold 1,242 ,228 1,240 1,318 sands of pounds): Foreign exchange (net) 151 72 110 186 Gold 6,,376 6,376 6,376 Net claim on Intl. Fund 2. ...... 1 1 1 1 Foreign exchange 9,288 15,479 14,397 Discounts for member banks. . .. 1,770 ,779 2,002 1,146 Loans and discounts 5;,049 5,325 2,541 Loans to Government 686 686 688 732 British, Egyptian, and other Other loans and discounts 2>661 ,952 2,756 2,260 Government securities 302. 314,211 312,893 Other assets 1,715 ,714 1,758 1,448 Other assets 48. 46,115 32,350 Note circulation 5,573 ,783 5,762 5,066 Note circulation 150. 155,737 140,956 Deposits—Bank 1,311 ,301 1,328 1,411 Deposits—Government 68. 88,873 83,905 Other 285 338 354 195 Other 144. 134,446 133,124 Other liabilities and capital 1,057 ,010 1,112 419 Other liabilities and capital 9 8,450 10,574 Bank of the Republic of Colombia Central Reserve Bank of El Salva- (thousands of pesos): dor (thousands of colones): Gold and foreign exchange. 224,139 113180,135 169,860 Gold , 50,329 50,431 35,933 Net claim on Intl. Fund £ 24,368 368 24,368 24,367 Foreign exchange (net) 64,115 64,114 52,178 Paid-in capital—Intl. Bank 1,372 371 1,371 1,370 Net claim on Intl. Fund 2 1,565 1,565 1,564 Loans and discounts 228,700 253 058225,175 170,231 Loans and discounts 1,548 562 299 Government loans and securities. 146,131 660141,854 135,057 Government debt and securities.. 5,000 5,054 5,239 Other assets 58,362 408 57,140 57,707 Other assets 1,462 1,058 1,489 Note circulation 458,746 437,066 406,215 343,871 Note circulation 64,455 66,142 55,754 Deposits 177,626172 172,925 171,004 Deposits 53,221 51,277 34,786 Other liabilities and capital 46,698 56 50,903 43,718 Other liabilities and capital 6,343 5,965 6,164 1 Latest month available. 2 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 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 the National Bank. NOTE.—For details relating to individual items in certain bank statements,^.BULLETIN for January|1950, p. 118. 1262 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1950 1949 Central Bank 1950 1949 (Figures as of last report (Figures as of last report date of month) July June May July date of month) July June May July State Bank of Ethiopia—Issue Central Bank of Ireland (thousands dept. (thousands of dollars): of pounds): 7,371 4,393 Gold 2,646 2,646 ,646 2 ,646 silver"."!!'.".!!!!!!'.'.!!.".'!!!!!! 12,191 6,907 Sterling funds 47,326 46,988 ,380 44,073 Foreign exchange 17,745 27,949 Note circulation 49,972 49,635 ,026 46,719 Treasury bills 9,247 9,247Bank of Italy (billions of lire): Other assets 33,140 30,999 Gold 4 4 4 2 Circulation—Notes 49,660 48,435 Foreign exchange 27 25 24 20 Coin 29,849 29,363 Advances to Treasury 590 654 654 667 Other liabilities and capital 185 1,698 Loans and discounts 190 190 180 183 Bank of Finland (millions of mark- Government securities 188 189 200 209 kaa): Other assets. 600 572 536 395 Gold 2,230 2,230 1,787 269 Bank of Italy notes 1,025 979 968 896 Foreign assets (net) -806 -2,266 -2,300 -392 Allied military notes 3 5 6 41 Clearings (net) 120 -9 -134 -2,047 Deposits—Government 117 180 174 136 Loans and discounts 40,795 39,157 39,663 39,766 Demand 142 161 132 133 Securities 1,089 1,088 1,080 880 Other 256 253 271 226 Other assets . 1,259 1,959 1,191 1,594 Other liabilities and capital 55 57 48 44 Note circulation 32,734 31,328 30,326 28,252 Bank of Japan (millions of yen): Deposits 2,533 1,384 1,799 3,368 Cash and bullion. 1,475 1465 1,268 Other liabilities and capital 9,420 9,446 9,163 8,451 Advances to Government 70,226 70226 102,655 Bank of German States * Loans and discounts 130,150131874 63,887 (millions of German marks): Government securities 136,008 138, 772 124,983 Foreign exchange 1,372 1,217 912 1,224 Reconversion Fin. Bk. bonds 54,883 Loans and discounts 3,197 3,524 3,492 1,487 Other assets 31,479 30 150 38,567 Loans to Government 9,083 8,845 8,717 8,367 Note circulation 311,185310 405 295,493 Other assets 1,092 1,175 1,137 1,880 Deposits—Government 28,211 35 493 55,468 Note circulation 8,101 8,02 7,793 7,046 Other 17,032 17 032 18,964 Deposits—Government2. 2,502 2,855 1,169 1,369 Other liabilities 12,910 9 558 16,318 Banks 1,036 1,014 1,087 1,141 The Java Bank (millions of guilders): Other 538 380 463 337 Gold* 677 675 675 471 Other liabilities and capital 2,566 2,484 3,746 3,065 Foreign bills 75 50 60 100 Bank of Greece (billions of drach- Loans and discounts 141 97 171 69 mae) : Advances to Government 1,931 1,854 ,674 1,001 Gold and foreign exchange (net). 349 405 147 Other assets 85 93 89 69 Loans and discounts 151 147 85 Note circulation 1,827 1,713 ,647 869 Advances—Government 5,006 3,967 2,645 Deposits 666 654 656 771 Other 2,246 2,122 1,709 Other liabilities and capita] s. . . . 415 403 366 70 Other assets 883 780 865 Bank of Mexico (millions of pesos): Note circulation 1,653 1,651 1,292 Monetary reserve 6 821 765 772 656 Deposits—Government 841 467 474 "Authorized" holdings of secu- Reconstruction and rities, etc 2,544 2,366 ,421 2,477 relief accts 2,502 2,036 753 Bills and discounts 184 181 182 199 Other 1,070 860 563 Other assets 345 364 329 179 Other liabilities and capital 2,569 2,408 2,369 Note circulation 2,317 2,212 ,194 1,959 Bank of Guatemala (thousands of Demand liabilities 968 848 893 667 quetzales): Other liabilities and capital 609 616 617 886 Gold 27,229 27,229 27,229 27,230Netherlands Bank (millions of Foreign exchange 6,928 7,609 8,861 14,451 guilders): Gold contribution to Int'l. Fund. 1,250 1,250 1,250 1,250 Gold 7. 871 871 871 439 Rediscounts and advances 4,629 4,993 5,524 3,393 Silver (including subsidiary coin). 14 13 13 8 Other assets 18,079 17,651 18,478 13,098 Foreign assets (net) ,197 1,071 ,015 435 Circulation—Notes 34,252 34,058 34,465 33,373 Loans and discounts 202 144 147 164 Coin 3,137 3,139 3,145 3,060 Govt. debt and securities ,850 2,850 ,850 3,300 Deposits—Government 1,887 1,736 1,857 3,009 Other assets 894 858 854 534 Banks 9,514 10,135 11,323 9,939 Note circulation—Old 61 62 64 76 Other liabilities and capital 9,325 9,663 10,552 10,040 New ,904 2,818 ,917 2,976 National Bank of Hungary (mil- Deposits—Government 414 415 409 488 lions of forint): (Feb.) Blocked 2 C2 °2 C3 Gold 482 426 EGA 914 873 795 203 Foreign exchange 13 175 Other ,143 el,086 ,035 ^862 Discounts 3 Other liabilities and capital 589 552 529 271 Loans—Treasury 287 309 Reserve Bank of New Zealand Other 9,204 7,331 (thousands of pounds): Other assets 211 157 Gold 4,323 4,, 259 ,224 3,379 Note circulation 2,673 3,094 Sterling exchange reserve 57,882 5«rf652 ,309 55,337 Demand deposits—Government. 12 1 Advances to State or State un- Other 6,913 4,717 dertakings 56,483 58,094 ,254 33,727 Other liabilities and capital 599 588 Investments. . . 22,658 27,658 ,658 48,094 Reserve Bank of India (millions of Other assets 9,786 11,486 ,762 6,169 rupees): Note circulation 54,722 54,148 ,893 50,605 Issue department: Demand deposits 90,322 99,966 ,605 90,961 Gold at home and abroad 400 400 400 Other liabilities and capital. .... 6,089 6,034 ,710 5,140 Sterling securities 6,382 6,382 6,353Bank of Norway (millions of kroner): Indian Govt. securities 4,717 4,717 4,187 Gold 244 244 232 Rupee coin. 553 550 496 Foreign assets (net) 72 155 124 Note circulation 11,685 11,817 11,090 Clearing accounts (net) -88 100 -74 Banking department: Loans and discounts 38 40 71 Notes of issue department.... 366 231 346 Securities -. 47 47 48 Balances abroad 1,892 1,937 1,598 Occupation account (net) 7,112 ,112 7,713 Bills discounted 18 32 47 Other assets 66 67 86 Loans to Government 9 14 100 Note circulation 2,263 ,187 2,190 Other assets 693 742 1,035 Deposits—Government 2,744 ,903 3,651 Deposits. 2,719 2,652 2,875 Banks 1,422 ,444 1,014 Other liabilities and capital. . . 259 303 251 Blocked 550 555 621 Other 43 38 181 Other liabilities and capital 469 437 542 c Corrected. 1 This statement represents combined figures for the Bank of the German States and the eleven Land Central Banks. 2 Beginning June 30, 1950, includes counterpart funds formerly shown under "Other liabilities." 3 Latest month available. 4 Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per guilder. s Pending negotiations with the Netherlands and the EC A, counterpart funds are included in "Other liabilities and capital," beginning February, 1950. Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. 1263 SEPTEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1950 1949 Central Bank 1949 (Figures as of last report (Figures as of last report date of month) July June May July date of month) July June May July State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): Other assets. 4,384 4,129 4,079 Issue department: Note circulation 27,523 27,302 25,460 Gold at home and abroad... 44 44 Deposits—Government 882 629 1,251 Sterling securities 795 831 Other 3,045 2,737 2,791 Pakistan Goyt. securities..... 361 Other liabilities and capital. ... 533 531 593 Govt. of India securities 154 '339Bank of Sweden (millions of kronor): India currency 432 431 Gold 157 157 158 156 Rupee coin 58 55 Foreign assets (net) ,080 1,043 997 465 Notes in circulation 1,763 ,660 Swedish Govt. securities and ad- Banking department: vances to National Debt Office 8 ,675 2,833 2,789 3,208 Notes of issue department... 82 41 Other domestic bills and advances 136 131 170 82 Balances abroad 284 735 Other assets 318 366 325 370 Bills discounted 102 111 Note circulation ,105 3,178 3,092 2,928 Loans to Government 1 Demand deposits—Government.. 432 533 442 608 Other assets 376 142 Other 183 147 303 244 Deposits 760 945 Other liabilities and capital 645 671 601 502 Other liabilities and capital. . 83 85 Swiss National Bank (millions of Bank of Paraguay—Monetary dept. francs): (thousands of guaranies): Gold ,200 6,252 6,239 6,160 Gold 600 600 600 602 Foreign exchange 308 283 298 362 Foreign exchange (net) 7,532 ,028. 4,845 904 Loans and discounts 104 97 90 112 Net claim on Int'l. Fund * 2,710 ,710 2,710 2,710 Other assets. 72 72 74 70 Paid-in capital—Int'l. Bank -195 -195 -195 -92 Note circulation ,282 4,283 4,423 4,323 Loans and discounts 124,682 ,059120,593 94,478 Other sight liabilities ,203 2,203 2,062 1,892 Government loans and securities. 5,870 ,512 8,282 3,906 Other liabilities and capital 199 218 397 489 Other assets 26,131 ,243 19,853 7,461 Central Bank of the Republic of Note and coin issue 122,673 ,313115,338 82,643 Turkey (millions of pounds): Demand deposits 37,710 ,124 35,254 23,516 Gold 387 418 432 448 Other liabilities and capital. .-, . . 6,946 ,521 6,095 3,810 Foreign exchange and foreign Central Reserve Bank of Peru clearings 106 106 93 113 (thousands of soles): Loans kad discounts ,120 1,025 921 810 Gold and foreign exchange 2 320 272,621 267,747 Securities 27 32 38 79 Net claim on Int'l. Fund x 20 20,495 20,495 Other assets .*.. 114 77 76 85 Contribution to Int'l. Bank..... 2 2,238 2,238 Note circulation 877 878 879 892 Loans and discounts to banks. . . 175 182,292 148,423 Deposits—Gold 153 153 153 153 Loans to Government 713 706,474 718,835 Other 572 460 362 328 Other assets 251 448 209,863 68,279 Other liabilities and capital 152 166 166 161 Note circulation 948 925,850 853,049 Bank of the Republic of Uruguay Deposits 170 380 142,265 278,339 (thousands of pesos): Other liabilities and capital 365 606 325,867 94,630 Gold 279,839 244,276 Central Bank of the Philippines Silver 11,723 12,130 (thousands of pesos): Paid-in capital—Int'l. Bank 312 313 Gold..; 5,108 ,809 4,449 2,721 Advances to State and govern- Foreign exchange 434,221 ,441445,983 570,310 ment bodies 152,557 145,665 Net claim on Int'l. Fund J 7,502 ,502 7,502 7,501 Other loans and discounts 266,227 255,302 Loans 68,624! ,918 48,017 Other assets 279,959 249,080 Domestic securities 132,337, ,779123,817 10,354 Note circulation 290,475 274,952 Other assets 147,8621 817152,384 136,933 Deposits—Government 95,889 79,607 Note circulation 545,125! ,477'534,567 505,180 Other 284,469 283,353 Demand deposits—U. S. dollars3 11,637 Other liabilities and capital 319,785 268,854 Pesos 140,123139,282134,546 116,269 Central Bank of Venezuela (mil- Other liabilities and capital. 110,406114,508113,040 94,734 lions of bolivares): Bank of Portugal (millions of Gold ,041 1,041 1,041 escudos): Foreign exchange (net) 16 72 55 253 Gold ,143 3,138 3,110 Other assets 73 64 66 52 Foreign exchange (net) . ,983 8,992 7,567 Note circulation—Central Bank. 729 744 758 748 Loans and discounts 501 497 454 National banks.. 1 1 1 Advances to Government ,247 1,247 1,245 Deposits 172 149 152 331 Other assets 476 467 511 Other liabilities and capital 228 282 251 113 Note circulation ,665 7,749 8,106 Bank for International Settle- Demand deposits—Government.. 233 245 253 ments (thousands of Swiss gold ECA 107 107 francs): Other liabilities and O c t a h p e i r tal , ,3 0 4 0 5 0 3 2 , ,3 8 4 9 6 4 3, 9 58 37 9 C G a o s ld h i o n n b h a a r n s d and with banks. . . 39 28 1 . , , 0 8 6 3 1 3 3 2 2 1 9, , 9 4 8 2 9 9 3 4 0 7 5 , , 9 0 7 1 5 8 1 2 8 6 2 , , 1 8 5 2 9 8 South African Reserve Bank Sight funds at interest 2.,902 2,908 2,930 4,024 (th F O G o o u t o h r s l e e d a i r * n g d n b s il b l o i s l f l a s p n o d u l n o d a s n ) s : , , , 8 3 9 2 1 2 0 0 8 6 8 2 4 8 , , , 9 5 3 9 0 8 1 5 8 3 7 6 2 2 , , , 5 6 3 1 5 9 8 6 0 S T R u i e m a n d n d i e c s r c e y f o u s n u b ( d n i a l s t l t a s b c a a o l t e n s i d t n ) b t i i e l n l r s v e e s a t s n t d m e ac n c ts e . p . t- .. 2 1 8 3 5 3 7 0 . , , , , 5 9 9 4 2 1 3 7 0 2 1 2 6 8 9 6 3 , , , 2 7 0 1 5 7 5 9 0 2 1 3 2 8 7 3 1 , , , 5 7 2 4 8 8 9 6 8 1 2 3 6 0 0 4 , , , 0 8 9 2 6 6 3 8 8 Other assets. ,869 36t339 15,054 Funds invested in Germany 297,201297,201297,201 297,201 Note circulation ,924 68,140 66,101 Other assets 1,416 1,514 1,500 1,968 Deposits ,368103,021 52,723 Demand deposits (gold) 250,533188,480150,231 13,373 Other liabilities and capital ,636 21,064 7,794 Short-term deposits: Bank of Spain (millions of pesetas): Central banks—Own account.. 434.092 434,253437,195 229,710 Gold 668 668 934 Other 20 21,608 22,065 1,329 Silver 446 446 497 Long-term deposits: Special 228,909 228,909228,909 228,909 Government loans and securities. ,681 15,737 15,970 Other liabilities and capital 259 644 258,835258,847 254,717 Other loans and discounts ... ,804 10,218 8,617 Until such time • Account of National Treasury. 4 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine oun 6 Includes small amount of non-Government bonds. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950r p. 120. 1264 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fec a t t i e ve U K d n i o i n m t g e - d 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 e e n - S la w e n r i - d tz- ba C n e k n tr o a f— l R Ju 3 a l 1 t y e ef D fec a t t i e ve ba C n e k n tr o a f— l R Ju 3 a l 1 t y e eff D ec a t t i e ve In effect Dec. 31, Albania Mar. 21, 1940 2^ Nov. 23, 1943 1938 2 4 2H 2 2Y% Argentina Mar. 1, 1936 Italy Apr. 6, 1950 Jan. 4, 1939 Austria Aug. 3, 1945 Japan 5.11 July 5, 1948 Apr. 17 4 Belgium 3M Oct. 6, 1949 Java 3 Jan. 14, 1937 May 11 3 Bolivia . 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)| Dec. 16, 1936 Mexico...... 4M June 4, 1942 Dec. 15 3 Colombia 4 July 18, 1933 Netherlands . 2H June 27, 1941 Jan. 25, 1940. . 2 Costa Rica 4 Feb. 1, 1950 New Zealand. July 26, 1941 Apr. 9. . 3M Czechoslovakia 2Y2 Oct. 28, 1945 Norway Jan. 9, 1946 May 17 3M Mar. 17, 1941 1M May 29 3 June 27. 2% Denmark..... ^A July 4, 1950 Peru 6 Nov. 13, 1947 Jan. 16 1945. 13^ Ecuador 10 May 13, 1948 Portugal. . . . Jan. 12, 1944 Jan 20 1% El Salvador... 3 Mar. 2, 1950 South Africa. Oct. 13, 1949 Feb. 9 2%, Estonia Oct. 1, 1935 Spain 4 Mar. 18, 1949 Nov. 7, 1946 23^ Finland July 1, 1949 Sweden 2H Feb. 9, 1945 Dec. 19 3 Jan. 10, 1947 iM &2M O A c u t g . 2 9 7 . . 2H&3 3% F G r e a r n m ce a ny . .. il-4 2y2 J J u u n ly e 1 8 4 , , 1 19 9 4 5 9 0 S T w ur i k tz e e y rland.. 4 J N u o ly v . 2 1 6, , 1 1 9 9 3 3 6 8 June 28, 1948.. i i-5 Greece 12 July 12, 1948 United King- Sept. 6 3J^&4 Hungary 5 Nov. 1, 1947 dom ...... 2 Oct. 26, 1939 Oct. 1 India . 3 Nov. 28, 1935 U.S.S.R.... 4 July 1, 1936 May 27, 1949.. 11-4^ July 14 . 11-4 Oct. 6 3M 1 The lower rate applies to the Bank Deutscher Laender, and the higher J In u n 1 e e 9 ff 5 e 0 c 8 t , Ju 19 ly 5 0 31, 2 2 1 Y Y 2 2 11-4 2H 2H rat N e O a T pp E l . i — es C t h o a n th g e e s L s a i n n d c e C J e u n l t y r al 3 1 b : a n N k o s n . e. OPEN-MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Netherlands Sweden land Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1942—June. .54 •1.03 1.00 1.00 1.58 1.25 1943—June. .50 1.03 1.00 1.06 1.67 1.25 1944—June. .39 1.03 1.00 1.13 1.58 1.25 1945—June. .36 1.03 1.00 1.13 .74 1.25 1946—June. .39 .53 .50 .63 1.32 1.42 1.00 1.25 1947—June. .41 .53 .51 .63 1.45 1.46 .86 1.25 1948—June. .41 .56 .51 .63 2.02 1.36 .84 1.50 1949—June. .51 .63 .52 .63 J>2.46 1.32 .83 1.52 1949—July.. .51 .63 .52 .63 P2.34 .83 1.50 Aug.. .51 .67 .52 .63 P2.06 .91 1.50 Sept.. .51 .69 .52 .63 P2.03 1.01 1.50 Oct... .51 .69 .52 .63 P2.25 .78 1.50 Nov.. .51 .69 .52 .63 P2.55 .93 1.50 Dec. .51 .69 .52 .63 P2.55 1.32 1.03 1.50 1950—Jan... .51 .69 .52 .63 2.18 1.31 1.22 1.50 Feb... .51 .69 .52 .63 2.40 1.54 1.50 1.50 Mar.. .51 .69 .52 .63 2.70 1.45 1.13 1.50 Apr... .51 .69 .51 .63 2.64 1.44 1.25 1.50 May. .51 .69 .51 .63 2.68 1.45 1.03 1.50 June. .51 .69 .51 .63 2.52 1.44 .81 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. SEPTEMBER 1950 1265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom * ( b 1 m 1 a i n l L l k io o s s . n n te s d r o F o l n i f i n g g p u c ) o l r e e u a s n r i i d n n s g re C se a r s v h es M c n a s o l o h l n t o a e ic r y n t e 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 ns m t e o rs a O s t s h e e t r s Total D D e e p m o a s n it d s Time Ih c O i : b a a t p i n h l i i d e t t a i r e l a 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 194g—December 502 485 741 1,397 ,478 1,396 621 6,200 4,159 2,041 420 1949—juiy 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 2,026 412 490 518 971 903 ,516 1,477 548 6,009 3,959 2,049 413 October 499 556 1,162 744 ,517 1,476 511 6,050 3,997 2,053 414 November 497 548 1,216 688 ,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 485 534 1,106 444 1,503 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 ]May 482 538 1,197 364 1,503 1,648 554 5,847 3,870 1,976 439 June 482 544 1,338 297 1,498 1,665 611 6,000 3,965 2,035 434 Assets Liabilities Canada E (1 n 0 d i c n o h f a m r m t i e l o l r i n o e n t d h s b o f a i f n g k u s re . s Entirely in Canada S a a e n l b o c d r a u o n r n a i s e d ty t Securities Other ci N rc o u t l e a- e D x e c p lu o d si in 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 lia O b t i h li e t r ies 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 a e n r n t d s d f u b o e a r e n f i k r g o s n m assets tion Total Demand Time ca a p n i d tal 1943—December 471 48 1,156 250 ?,940 744 42 4,395 2,447 1,948 L ,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 L.386 1946—December 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 L.525 1947—December 731 105 1,999 106 ,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—j u iy 751 77 2,188 143 4,460 952 15 7,130 2,789 4,341 L,425 August 789 78 2,174 132 4,527 1,035 14 7,298 2,926 4,372 L.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 L.142 14 7,441 2,988 4,453 L,488 No vember 758 119 2,356 161 4,395 L,084 14 7,388 2,941 4,447 1,471 December 765 133 2,271 146 4,345 L.058 14 7,227 2,794 4,433 1,477 1950—January 745 100 2,263 158 4,365 L,033 1 7,197 2,703 4,494 1,467 February 749 84 2,299 149 4,391 L,046 (8) 7,277 2,741 4,537 L.439 March 731 83 2,344 146 4,453 L ,081 (3) 7,400 2,828 4,573 1L,438 A M p ay ril 7 7 5 3 9 0 1 10 0 5 3 2 2, , 3 3 5 4 2 9 1 19 7 8 5 4 4, , 3 4 9 0 8 8 1, . 0 0 9 1 1 5 ( ( 3 3 ) ) 7 7 , , 4 3 1 0 7 1 2 2 , , 7 8 4 6 1 0 4 4 , , 5 56 5 1 7 1 1, , 4 4 9 6 5 8 June 712 145 2,408 227 4,276 1,182 (3) 7,447 2,909 4,538 L,503 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 >,725 1944—December 10,365 4,948 99,782 18,651 1,521 128,734 ,555 2,179 557 c,977 1945—December 14,733 14,128 155,472 36,621 4,783 215,615 ?n ,592 2,023 2,904 r,218 1946—December 18,007 18,940 195,223 65,170 17,445 291,945 290,055 1,890 15,694 M45 1947—December 22,590 19,378 219,386 86,875 27,409 341,547 ,090 3,457 25,175 5,916 1948—December 45,397 35,633 354,245 126,246 34,030 552,221 S4S,538 6,683 30,638 12.691 1949—June 39,514 36,995 363,168 134,226 41,466 562,038 sss,184 6,854 28,384 24,948 July 46,205 38,626 407,822 124,098 43,852 601,745 595,063 6,682 29,700 29,157 August 41,276 36,888 395,351 128,804 45,310 587,137 S80,010 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 V<,922 October 41,534 39,301 451,597 120,353 42,724 633,092 626,211 6,881 23,537 3£5.881 November .. 38,343 43,810 400,043 134,779 46,063 597,316 S8Q,900 7,416 25,032 40 - 690 December 40,937 42,311 426,690 129,501 29,843 627,266 619,204 8,062 26,355 15.662 1950—January 39,317 43,107 423,329 138,276 33,866 630,113 6?? ,110 8,003 27,958 19-824 February 36,419 45,579 424,838 137,143 36,056 632,035 6?S,031 9,005 29,747 IF,252 !March 38,741 42,539 415,585 134,771 39,298 619,146 600,776 9.371 30 629 21.158 April 44,808 43,843 452,864 126,752 40,506 652,570 639,878 12^692 31,449 24,752 May 43,584 44,346 433,079 134,195 44,993 640,351 626,925 13,427 32,992 26,853 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements give end-of-month data. 2 Represent six-month loans to the Treasury at 1H per cent through Oct. 20, 1945, and at «HJ per cent thereafter. 3 Less than $500,000. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 1266 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 Brazil Canada (peso) (pound) (cruzeiro) (dollar) Belgium Year or month Prefer- Prefer- (franc) Basic ential ential Special Free Official Free Official Free Official Free "A" "B" 1944. , 29.773 25.125 322.80 6.0594 5.1469 90.909 89.853 1945 29.773 25.125 322.80 * *32l!i7""2]2860" 6.0602 5.1802 90.909 90.485 1946 29.773 25.125 321.34 2.2829 6.0602 95.198 93.288 1947 29.773 25.125 321.00 2.2817 5.4403 100.000 91.999 1948 29.773 25.125 20.666 321.22 2.2816 5 4406 100.000 91.691 1949 29.774 20.695 23.355 18.591 293.80 12.2009 5.4406 97.491 92.881 1949—Sept... 29.773 25.125 20.000 274.39 2.1684 5.4406 95.909 92.724 Oct. .. 29.778 "26! 695' 17.456 13.896 223.16 1.9960 5.4406 90.909 90.431 Nov... 29.778 20.695 17.456 13.896 223.16 1.9980 5.4406 90.909 89.864 Dec... 29.778 20.695 17.456 13.896 223.16 1.9998 5.4406 90.909 88.407 1950—Jan. . . 29.778 20.695 17.456 13.896 223.16 2.0003 5.4406 90.909 89.205 Feb... 29.778 20.695 17.456 13.896 223.16 1.9993 5.4406 90.909 89.820 Mar... 29.778 20.695 17.456 13.896 223.16 1.9966 5.4406 90.909 90.254 Apr. . . 29.778 20.695 17.456 13.896 223.16 1.9912 5.4406 90.909 90.205 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 July... 29.778 20.695 17.456 13.896 211.100 223.16 1.9835 5.4406 90.909 90.766 Aug.. . 329.778 3 20.695 317.456 313.896 311.100 223.16 1.9837 5.4406 90.909 90.844 France Year or Ceylon Co b l i o a m- C sl z o e v c a h k o ia - m D a en rk - (franc) ( 3 d e e r u m tsc a h n e y India 4 Mexico e N rl e a t n h d - s Ze N a e la w nd Norway month (rupee) (peso) (koruna) (krone) mark) (rupee) (peso) (guilder) (pound) (krone) Official Free 1944 57.272 30.122 20.581 324.42 1945 57.014 1.9711 30.122 20.581 "37!933# 323.46 1946 57.020 2.0060 20.876 .8409 30.155 20.581 37.813 322.63 20.176 1947 57.001 2.0060 20.864 84-07 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—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 523.838 20.870 11.563 26.265 277.29 14.015 July... 20.851 2.0060 14.494 .2856 23.838 20.871 11.571 26.252 277.29 14.015 Aug. 20 850 2.0060 14.494 .2854 23.838 20.870 11.573 26.236 277.29 14.015 United Y m e o a n r t o h r R P e ( p h p p i i e u n l s i b e o p ) l - ic ( P e o s g c r a u tu d l - o) ( A S po o fr u u i n c th d a ) ( S pe p s a e i t n a) S S ( m d e t o e r t l a t n l l a i t e t r s s - ) (k S d r w o e e n n - a) e S (f r w r l a a i n t n c z d ) - K ( i p n o g u d n o d m ) Ur (p u e g s u o a ) y Official Free 1944 398 00 403.50 65.830 53.506 1945. 399.05 403.50 403.02 65.830 55.159 1946 4.0501 400.50 9.132 25.859 23.363 403.28 65.830 56.280 1947 4.0273 400.74 9.132 27.824 23.363 402.86 65.830 56.239 1948. 4.0183 400.75 9.132 27.824 23.363 403.13 65.830 56.182 1949 49.723 3.8800 366.62 42.973 25.480 23.314 368.72 65.830 56.180 42.553 1949—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 July... 49.625 3.4539 278.38 32.818 19.333 23.047 280.07 65.833 56.180 42.553 Aug.. . 49.625 3.4498 278.38 32.825 19.332 23.012 280.07 65.833 56.180 42.553 1 An additional rate for "Bank notes" account was certified from Mar. 22 through Nov. 10, 1949. The average for this period was 2.1407 U. S. cents. 2 Based on quotations beginning July 13. 3 Based on quotations through Aug. 28. 4 Excludes Pakistan, beginning April 1948. 5 Based on quotations beginning June 22. NOTE.'—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for January 1950, p. 123; October 1949, p. 1291; January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209. SEPTEMBER 1950 1267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 1 1 n t 9 a 0 2 i 0 t t 6 e e ) s d = 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 n 9 g 0 3 i 0 t d 0 e ) o d = m F (1 r 1 9 a 0 3 n 0 8 c ) = e (1 I 1 9 t 0 a 3 0 8 ly ) = ( a 1 J v 9 a = e 3 p r 1 4 a a ) - g n 3 e 6 ( J J N u u l = n l e a y e t 1 n h 1 0 1 d e 0 9 9 s r ) 3 3 - 8 9 - S (1 w 1 9 0 e 3 0 d 5 ) e = n (A S = w u l g a 1 i . n t 0 z d 1 0 e 9 ) r i 3 - 9 1926 100 100 2124 106 150 2 126 M35 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—juiy 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 2,102 4,732 223 315 220 195 April 153 160 307 250 r2,098 P4,694 221 313 221 194 May 156 162 307 255 2,082 221 315 221 197 June . 157 165 304 256 P2.035 P221 317 223 196 July 163 167 259 P2.093 P199 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 included in total index above] United States Canada United Kingdom Netherlands (1926=100) :i926=100, (1930=100) (July 1938-June 1939=100) Year or month Raw and Fully and pr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p c a a t r u n t r l u e y - d fa c m c h a t ie u n f r u l e y - d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d d l u u ra s c - w ts f I in n tr i d s i h a u l e s- d goods goods products 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 i64 1940 68 71 83 68 75 82 133 138 121 163 126 1941 82 83 89 73 82 89 146 156 140 177 148 1942 106 100 96 85 90 92 158 160 157 175 154 1943 123 107 97 98 99 93 160 164 157 174 159 1944 123 105 99 107 104 94 158 170 159 179 163 1945 128 106 100 115 106 94 158 175 172 193 184 1946 149 131 110 124 110 99 158 184 200 282 261 1947 181 169 135 133 131 117 165 207 214 328 276 1948 188 179 151 150 156 140 181 242 231 342 283 1949 166 161 147 147 161 142 197 249 243 370 297 1949—juiy 166 161 145 151 161 142 202 245 233 364 295 162 161 145 147 159 142 202 244 230 364 295 September 163 162 145 146 159 142 201 248 235 366 298 October 160 160 145 146 161 143 210 252 244 376 297 157 159 145 146 161 143 213 255 265 378 303 December 155 156 145 145 160 143 212 257 270 372 304 1950—January 155 155 146 144 160 143 214 261 275 384 305 February 159 157 146 145 162 143 215 262 282 •-383 309 M!arch . 159 156 146 147 164 144 215 262 279 385 310 April. . ... 159 155 146 148 165 144 221 266 272 385 311 May. 165 160 148 150 168 144 225 271 276 386 312 166 162 149 152 172 145 224 274 285 388 312 July 176 171 152 154 175 146 223 279 «• Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1268 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- Y m e o a n r t o h r ( U S 1 = 9 n t a 1 3 i 0 5 t t e e 0 - s d 3 ) 9 (1 = C 9 a 3 1 a d 5 0 n a 0 - - 3 ) 9 1 K 7 ( d , J i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 e ) ( N 1 = l e 9 a 1 3 t n 0 h 8 d 0 e - s ) 3 r- 9 1 ( l 9 A a e 3 n r u 9 - d g = . Y m e o a n r t o h r ( U 1 S = 9 n t 3 a 1 i 0 5 t te e 0 - d s 3 ) 9 (1 = C 9 a 1 3 a d 0 5 n a 0 - - 3 ) 9 1 K 7 ( d J , i o 1 u n m 9 n g 4 e - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 e ) N (1 = l e a 9 1 t 3 n 0 h 8 d 0 e - s ) 3 r- 9 1 ( l 9 A a e 3 n r u 9 - d g = . = 100) 100)1 = 100) 100)1 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 i36 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-July 202 207 116 1,704 251 174 1949-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 200 205 125 1,925 276 174 May 169 164 114 1,906 237 158 t June 205 209 123 1,858 284 175 June 170 165 114 1,845 241 158 July 210 214 ?122 PI.839 ?175 July 173 168 P114 *1,825 P240 P158 P Preliminary. \New index beginning March 1950. Figures shown prior to that month are calculated from old index (June 1914=100). For a detailed description 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 t d g t e e e h s d ) i C (1 a = 9 n 3 1 a 5 0 d - 0 3 a ) 9 2 ( 1 K D 9 U i e 2 n c n 1 g e i = m t d 1 e o b 0 d m e 0 r ) F (1 r 9 1 a 3 0 8 0 n ) c = e = N la e n th ds e r 8 - ( U 1 S = 9 n t 3 a 1 i 5 0 t t e e - 0 3 s d ) 9 C (1 a = 9 n 3 1 a 5 0 d - 0 3 a ) 9 4 ( K 1 U 9 in 2 n 6 g i = d te 1 o d 0 m 0) 1 (D F 9 r 3 e a 8 c n e = m c 1 e 0 b 6 0 er ) (1 N 9 l e 3 a t 8 n h = d e 1 s r " 0 - 0) Number of issues. .. 12 (2) 87 50 14 416 106 278 « 295 27 1942 118 3 100 7 127 3 146.4 69 4 64.2 75 3 1943 . .... 120.3 102 6 127.8 146.6 91.9 83.5 84.5 1944 120 9 103 0 127 5 150 5 99 8 83.8 88 6 1945 122 1 105 2 128 3 152.1 121.5 99.6 92 o 4 1946 123.3 117.2 132.1 144.6 109.0 139.9 115.7 96.2 875 1947 1 103 2 118 5 130 8 132.0 105.6 123.0 106.0 94.6 1,149 202.2 1948 98.7 105.0 129.9 117.0 107.1 124.4 112.S 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—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 110.9 119.8 111.7 108.3 146.9 128.7 89.6 1,019 189.6 June 110 9 121.6 110.4 108.0 147.7 130.9 90.9 1,056 190.8 July 109.9 120.7 ^98.5 106.3 138.2 124.3 88.7 P961 170.0 P Preliminary. 1 New series beginning 1947, derived from average yields of 12 bonds on basis of a 2M per cent 30-year bond. Annual average for the old series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocki in the United States, see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly figures are averages of monthly quotations on the capitalized yield as calculated on the 15th of every month. 8 This index represents the reciprocals of average yields for 14 issues, including government, provincial, municipal, mortgage, and industrial bonds. The average yield in the base period (January-March 1937) was 3.39 per cent. 4 This index is based on 95 common stocks through 1944; on 100 stocks, 1945-1948; and on 106 stocks beginning 1949. 6 In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique 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 figure* 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. 1269 SEPTEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM THOMAS B. MCCABE, Chairman MARRINER S. ECCLES JAMES K. VARDAMAN, JR. M. S. SZYMCZAK EDWARD L. NORTON R. M. EVANS OLIVER S. POWELL ELLIOTT THURSTON, Assistant to the Board CHESTER MORRILL, Special Adviser to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board OFFICE OF THE SECRETARY DIVISION OF 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 EDWIN R. MILLARD, Director LEGAL DIVISION GEORGE S. SLOAN, Assistant Director GEORGE B. VEST, General Counsel C. C. HOSTRUP, Assistant Director FREDERIC SOLOMON, Assistant General Counsel 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 FRED A. NELSON, Director DIVISION OF RESEARCH AND STATISTICS 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 CHESTER C. DAVIS N. BAXTER JACKSON, NEW YORK DISTRICT MARRINER S. ECCLES FREDERIC A. POTTS, PHILADELPHIA DISTRICT JOSEPH A. ERICKSON R. M. EVANS SIDNEY B. CONGDON, CLEVELAND DISTRICT EDWARD L. NORTON ROBERT V. FLEMING, RICHMOND DISTRICT J. N. PEYTON Vice President OLIVER S. POWELL M. S. SZYMCZAK J. T. BROWN, ATLANTA DISTRICT JAMES K. VARDAMAN, JR. EDWARD E. BROWN, CHICAGO DISTRICT C. S. YOUNG President CHESTER MORRILL, Secretary W. L. HEMINGWAY, ST. LOUIS DISTRICT S. R. CARPENTER, Assistant Secretary GEORGE B. VEST, General Counsel JOSEPH F. RINGLAND, MINNEAPOLIS DISTRICT WOODLIEF THOMAS, Economist JOHN K. LANGUM, Associate Economist DAVID T. BEALS, KANSAS CITY DISTRICT ALFRED C. NEAL, Associate Economist J. MARVIN PETERSON, Associate Economist J. E. WOODS, DALLAS DISTRICT WILLIAM H. STEAD, Associate Economist JOHN H. WILLIAMS, Associate Economist JAMES K. LOCHEAD, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open HERBERT V. PROCHNOW, Secretary Market Account 1270 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman x President \ 7* D Bank of Deputy Chairman First Vice President Vice rresidents 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. Poor man 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 Tohn K. Langum John S. Coleman E. C. Harris H. J. Chalfont A. L. Olson Neil B. Dawes Alfred T. Sihler W. R. Diercks 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 A. W. Mills C. W. Groth Otis R. Preston E. B. Larson Sigurd Ueland Kansas City.... Robert B. Caldwell H. G. Leedy L. H. Earhart John Phillips, Jr. Robert L. Mehornay Henry 0. Koppang Delos C. Johns G. H. Pipkin R. L. Mathes C.E.Sandy2 D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. Pondrom 3 W. E. Eagle C. M. Rowland Mac C. Smyth San Francisco.. . Brayton Wilbur C. E. Earhart J. M. Leisner H. F. Slade Harry R. Wellman H. N. Mangels S. A. MacEachron Ronald T. Symms » W. L. Partner W. F. Volberg 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. 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. 4 General Manager. SEPTEMBER 1950 1271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS 1 The material listed below may be 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 its 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. 1272 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS NOMIC OUTLOOK OF CONSUMERS. June 1950. 12 (From Federal Reserve Bulletin wniess preceded by an asterisk) pages. PART II. PURCHASES OF HOUSES AND * THE EQUITY CAPITAL SITUATION. A personal DURABLE GOODS IN 1949 and BUYING PLANS FOR statement by Thomas B. McCabe, Chairman of 1950. July 1950. 15 pages. PART III. DISTRIthe Board of Governors of the Federal Reserve BUTION OF CONSUMER INCOME IN 1949. August System, prepared at the request of a Subcommit- 1950. 18 pages. METHODS OF THE SURVEY OF tee of the Committee on Banking and Currency CONSUMER FINANCES. July 1950. 15 pages. of the United States Senate. Submitted August (Other articles on the 1950 Survey will ap- 5, 1949. 7 pages. pear in subsequent issues of the BULLETIN. Also, similar survey for 1946 from June-Septem- FINANCIAL POSITION AND BUYING PLANS OF CON- SUMERS, July 1949. October 1949. 10 pages. ber 1946 BULLETINS, 28 pages; for 1947 from June-August and October 1947 BULLETINS, 48 MEASUREMENTS OF SAVINGS, by Daniel H. Brill. pages; for 1948 from June-September and No- November 1949. 8 pages. vember 1948 BULLETINS, 70 pages; for 1949 from NOTES ON FOREIGN CURRENCY ADJUSTMENTS. No- June-November 1949 and January 1950 BULvember 1949. 14 pages. LETINS, 124 pages.) * REPLY OF THE CHAIRMAN OF THE BOARD OF GOV- INDUSTRIAL DIFFERENCES IN LARGE CORPORATION ERNORS OF THE FEDERAL RESERVE SYSTEM (TO the FINANCING IN 1949, by Eleanor J. Stockwell. Questionnaire of the Joint Congressional Com- June 1950. 6 pages. (Also, similar survey by mittee on the Economic Report). November Charles H. Schmidt. June 1949. 8 pages.) 1949. 112 pages. RETAIL CREDIT SURVEY—1949. From June 1950 * STATEMENT OF THOMAS B. MCCABE, CHAIRMAN OF BULLETIN with supplementary information for THE BOARD OF GOVERNORS OF THE FEDERAL RE- nine separate trades. 37 pages. (Also, RETAIL SERVE SYSTEM, BEFORE THE SUBCOMMITTEE ON CREDIT SURVEY—1943, 1944, 1945, 1946, 1947, MONETARY, CREDIT AND FISCAL POLICIES OF THE 1948 from the June 1944, May 1945, June 1946, JOINT COMMITTEE ON THE ECONOMIC REPORT. July 1947, July 1948, and June 1949 BULLETINS Presented December 3, 1949. 10 pages. with supplementary information.) A STUDY OF INSTALMENT CREDIT TERMS, by Milton STATEMENT ON PROPOSED SMALL BUSINESS LEGISLA- Moss. December 1949. 8 pages. TION. Presented by Thomas B. McCabe, Chairman, Board of Governors of the Federal Reserve FRENCH EXCHANGE STABILIZATION FUND, by Robert System, before the Senate Committee on Bank- Solomon. January 1950. 5 pages. ing and Currency, June 27, 1950. July 1950. 8 INSURANCE OF COMMERCIAL BANK DEPOSITS. Feb- pages. ruary 1950. 5 pages. BRANCH BANKING IN THE UNITED STATES, 1939 and STATEMENT BY THOMAS B. MCCABE, CHAIRMAN, 1949. July 1950. 16 pages. BOARD OF GOVERNORS OF THE FEDERAL RESERVE ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS SYSTEM ON S. 2822, A BILL "TO AMEND THE FED- AND BUSINESSES. August 1950. 2 pages. ERAL DEPOSIT INSURANCE ACT." February 1950. 5 pages. STATEMENT ON THE DEFENSE PRODUCTION ACT OF 1950. Presented by the Board of Governors of STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR the Federal Reserve System to the Committee DEPOSIT INSURANCE. February 1950. 15 pages. on Banking and Currency of the Senate, and FEDERAL RECEIPTS AND EXPENDITURES FOR FISCAL read by Governor R. M. Evans to the Committee Year 1951. February 1950. 10 pages. on Banking and Currency of the House of Representatives, July 25, 1950. August 1950. 4 * THE CHALLENGE OF OPPORTUNITY VERSUS SECUpages. RITY. Address by Thomas B. McCabe, Chairman, Board of Governors of the Federal Reserve Sys- DEFENSE LOAN POLICY. An announcement adopted tem before a seminar group of Life Insurance jointly by National and State Supervisors of banks Executives. Presented April 13, 1950. 7 pages, and other lending institutions. August 4, 1950. August 1950. 1 page. 1950 SURVEY OF CONSUMER FINANCES— Preliminary summary. April 1950. 2 pages. THE BALANCE SHEET OF AGRICULTURE, 1950. Sep- PART I. GENERAL FINANCIAL POSITION AND ECO- tember 1950. 14 pages. SEPTEMBER 1950 1273 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES w I BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1 FEDERAL RESERVE BANK CITIES FEDERAL RESERVE 8RAM0M CfTKS OCTOBER 1.194$ BOARD OF GOVERNORS OF THE FEDERAL RESER s Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Cite this document

APA

Federal Reserve (1950, August 31). Federal Reserve Bulletin, 1950-09. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_195009

BibTeX

@misc{wtfs_bulletin_195009,
  author = {Federal Reserve},
  title = {Federal Reserve Bulletin, 1950-09},
  year = {1950},
  month = {Aug},
  howpublished = {Bulletin, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/bulletin_195009},
  note = {Retrieved via When the Fed Speaks corpus}
}