Federal Reserve Bulletin, 1950-10

F E D E R AL E S E BULLETIN OCTOBER 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 Monetary and Credit Developments. . 1275-1281 Federal Reserve Action under the Defense Production Act of 1950. . 1281-1286 Our Common Problem—Maintenance of a Sound Banking System. . 1287-1290 Special Offering of Series F and G Savings Bonds. . 1291-1292 Economic Development and Central Bank Policies in Western Germany. . 1293-1300 Law Department . 1301-1339 United States Government Organization Manual. . 1339 Current Events and Announcements. . 1340 National Summary of Business Conditions. . 1341-1342 Financial, Industrial, Commercial Statistics, U. S. (See p. 1343 for list of tables) . 1343-1401 International Financial Statistics (See p. 1403 for list of tables) 1403-1421 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1422 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 1423 Federal Reserve Publications.. 1424-1425 Map of Federal Reserve Districts. . 1426 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, nvfoundland (1 ,nd Venezuela annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per cop} scriptions in the Unit $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE BULLETIN VOLUME 36 October 1950 NUMBER 10 RECENT MONETARY AND CREDIT DEVELOPMENTS When Southern Korea was invaded late in rials. The more prompt and vigorous we June, output and employment in the United are with these general measures, the less States were close to peacetime record levels, need there will be for all of the comprecredit had been expanding, and prices had hensive direct controls which involve the been rising for some weeks. Prospective consideration of thousands of individual increases in Government expenditures for situations and thus involve infinitely military purposes, it was evident, would greater administrative difficulties and impose serious strains on both produc- much greater interference with individual tion and prices. The impact of the new choice and initiative." defense program would be greater in mag- On the fiscal side, an increase in taxes nitude and earlier in timing than was sughas been enacted and other tax increases are gested by the need for adding some 10 bilbeing considered. The Treasury has raised lion dollars of defense expenditures to the Federal budget during the fiscal year 1951 the limits for purchases of Series F and G and somewhat more later. The greater and savings bonds by certain classes of institumore immediate impact arose from the rapid tional investors and banks in the early part increase in expenditures of businesses and of October, November, and December 1950. consumers in anticipation of shortages of Further details concerning the special offercivilian goods and of advances in prices. ing appear on pages 1291-92 of this BULLETIN. The needs of the situation were indicated A new campaign is also being inaugurated by the President in his Midyear Economic to promote sales of Series E bonds, especially Report, dated July 26, 1950, in the following through payroll savings plans. Additional statement: sales of savings bonds will help to absorb funds that might otherwise be available for "First of all, for the immediate situation, civilian spending. we should rely in major degree upon fiscal and credit measures. These general meas- MEASURES ADOPTED BY THE FEDERAL RESERVE ures can be helpful not only in restraining inflationary pressures, but also in reduc- On the monetary and credit side, the auing the civilian demand for some specific thorities of the Federal Reserve System—the products, such as automobiles and hous- Board of Governors and the Federal Open ing, thus making available for necessary Market Committee—on August 18, 1950, military use a larger proportion of an al- agreed upon a policy to place curbs on overready short supply of some critical mate- all inflationary credit expansion. In line with 1275 OCTOBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT MONETARY AND CREDIT DEVELOPMENTS this decision, the following actions have been stalment credit by increasing the minimum taken by the Federal Reserve: down payments and reducing the maximum maturities on certain instalment credits, and (1) Discoiint rates have been raised from by lowering the price below which down V/ to 1% per cent at all Federal Reserve 2 payments are not required. The Board's Banks in order to discourage borrowing by statement appears on pages 1281-83, and the member banks of additional reserves to supamendment to Regulation W on pages port further credit expansion. (2) Open market operations have been 1308-09, of this BULLETIN. directed toward the aim of discouraging sales BANK CREDIT EXPANSION to the Federal Reserve of short-term United States Government securities, including sales Expansion of bank credit, which had beby banks to obtain funds for extending gun to accelerate in May, continued at a very other types of credit. rapid rate after June. Commercial banks (3) Early in August the Board of Gov- increased their total loans by an estimated ernors joined with other Federal and State 4 billion dollars in the third quarter and bank supervisory agencies, including the their holdings of State and local government Home Loan Bank Board, in a statement re- and corporate securities by about 800 milquesting the voluntary cooperation of banks lion dollars. The expansion since June in and other lenders in restricting their lending credit to private borrowers and to State and and investment activities. local governments, which has been in part (4) Effective September 18, under author- seasonal, has exceeded that in any peacetime ity of the Defense Production Act, the Board period of similar length. Much of the recent of Governors again placed consumer instal- sharp expansion in loans reflects commitment credit under regulation. ments made before restrictive credit policies (5) Effective October 12, the Board of began to be imposed. Some of the expan- Governors, under authority of the Defense sion may have reflected anticipation of future Production Act and with the concurrence of needs. the Housing and Home Finance Adminis- Businesses, as the chart shows, have been trator, placed under regulation credit not especially heavy borrowers in recent months, extended, insured, or guaranteed by the Fed- as they have anticipated shortages of mateeral Government for constructing, pur- rials and increases in prices as well as prochasing, and financing new houses. At the vided for seasonal needs. Bank loans to busisame time, the Federal Housing Adminis- ness have accounted for more than half of tration and the Veterans Administration the over-all loan expansion in the past three issued new regulations designed to produce months. The increase in business loans has a similar tightening of credit under Fed- been substantially greater than in the same eral programs. Regulation X of the Board period of 1946, the previous record year. appears on pages 1314-21, and the joint state- Credit extended by banks and other lendment of the Board and the Housing and ers to purchasers of houses has been a large Home Finance Administrator on pages 1284- factor in the recent expansion of private 86, of this BULLETIN. credit. New loans on small residential prop- (6) Effective October 16, the Board stiff- erties during the first nine months of 1950 ened the regulatory limits on consumer in- are estimated at slightly less than 11 billion 1276 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT MONETARY AND CREDIT DEVELOPMENTS ment credit increased more sharply. The BANK LOANS AND INVESTMENTS OTHER THAN U. S. GOVERNMENT SECURITIES expansion of about 1,200 million dollars in INSURED COMMERCIAL BANKS the third quarter compared with 800 million 20 LOANS - PRINCIPAL TYPES / in the same period of 1949, and the amount —^^ x outstanding at the end of September ex- J BUSINESS N^^-^- ceeded 13 billion dollars, about one-third 15 15 / above the level 12 months earlier. Consumer loans by commercial banks increased : / REAL ESTATE 10 L ^ ^ ** 10 about 900 million dollars in the third quarter, thus matching the growth during the SEPT. 30 —^ . *-^*"*^ CONSUMER entire last half of 1949. 5 5 Banks have also added substantially to their investment in corporate and State and local government securities in the past three 0 0 months. Commercial bank portfolios of CORPORATE AND MUNICIPAL SECURITIES • * ] these securities increased by an estimated 10 10 SEPT. 30 800 million dollars, which was equal to the increase in the first half of this year. The 5 5 bulk of the purchases were State and local obligations. All insured commercial banks in the United States. Figures for June 30 and Sept. 30, 1950, are partly estimated. Business loans include commercial and industrial loans, open-market commercial paper, and acceptances. Agricultural loans and MONEY SUPPLY loans for purchasing or carrying securities are not shown. Municipal securities include State and local government obliga- Recent growth in bank credit has added tions. considerably to the money supply. During dollars, or an annual rate of almost 14.5 bil- the third quarter of 1950 the total of curlion compared with roughly 11 billion in rency and bank deposits held by individuals each of the past three years. Reflecting a and businesses increased more than 2 billion more rapid expansion in new debt than in dollars to a new peak level of about 172 repayment of previously contracted loans, billion. As shown in the chart on the next mortgage debt outstanding on 1-4 family page, this rapid rate of increase almost houses increased nearly 2 billion dollars in equaled that of the third quarter of 1947— the third quarter compared with an increase a period of substantial inflation. The inof less than 4 billion during the entire year crease would have been much more rapid 1949. Loans of commercial banks on homes had not nonbank investors, particularly busiand other real estate increased during this ness corporations, drawn upon growing cash three-month period by about 900 million balances to purchase a large volume of Govdollars, which was about as much as in the ernment securities from the banking system preceding six months. during this period. Even before the Korean crisis banks and Increased spending in the economy since other lenders were financing a marked ex- midyear has been financed in part by more pansion in consumer buying, especially of active use or turnover of money. After durable goods through the extension of in- rising almost steadily during the first half of stalment credit. After June consumer instal- the year, the turnover of demand deposits at 1277 OCTOBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT MONETARY AND CREDIT DEVELOPMENTS INCREASE IN BANK LOANS AND INVESTMENTS by approximately one-half billion dollars, BILLIONS OTHER THAN U. S. GOVERNMENT SECURITIES BILLIONS TS OF DOLLARS redemptions of savings bonds exceeded purchases by about one-third billion, and shareholding at savings and loan associations were also drawn down. In the same period of last year savings deposits showed little change, while purchases of savings bonds exceeded redemptions, and shareholdings at savings and loan associations showed a substantial increase. In recent weeks, however, there has been some slackening in the reduction of total liquid asset holdings by individuals. SHIFTS IN HOLDINGS OF GOVERNMENT SECURITIES Commercial banks acquired large aggregate amounts of United States Government securities during the war period, and the proportion of short-term securities to total Loans and investments other than XL S. Government securi- bank holdings has expanded in recent years. ties include figures for all commercial banks in the United States; third quarter of 1950 is partly estimated. Private money- As shown in the accompanying table, which supply data include total deposits adjusted at all banks and currency outside banks. Adjusted deposits are total deposits less gives the principal types of assets held by interbank and U. S. Government deposits and cash items reported as in process of collection; third quarter of 1950 is partly the various classes of member banks, these estimated. Deposit turnover data are averages of monthly figures for July, August, and September of the ratio of debits to the level of demand deposits, excluding interbank and U. S. banks on June 30,1950, held liquid secondary Government deposits, at weekly reporting member banks in leading cities outside New York. September 1950 is partly reserves amounting to about 47 per cent of estimated. total deposits, compared with ratios of about banks in leading cities outside New York 34 per cent in 1947 and 1948. This increase accelerated during the third quarter. In that has resulted primarily from a shift in period, as the chart shows, deposits were the maturity distribution of bank holdings more active than in the corresponding quar- of Government securities. The outstanding ters of any postwar year. The rate of use of amount of all marketable Government secudeposits is now higher than at any time in rities maturing within five years was 58 per more than a decade but is still low relative to cent of the total marketable debt on June 30, the 1920's. The existing volume of deposits 1950, compared with about 40 per cent in could be the basis for a considerable further June of both 1947 and 1948. increase in spending without the creation of The large proportion of short-term securiadditional money. ties held in excess of customary liquidity One factor in the recent increase in spend- needs, the relatively low yields on shorting has been the reduction in certain types term securities, and the increased availof liquid asset holdings by individuals. Dur- ability of other loans and investments ing the third quarter time deposits at com- together have resulted in recent months in mercial and mutual savings banks declined intensifying a tendency by banks to sell short- 1278 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT MONETARY AND CREDIT DEVELOPMENTS LIQUIDITY POSITION OF MEMBER BANKS seven months of this year. During August and September, for which complete figures Central reserve Balance sheet item m A em ll - city banks in— Re- Coun- are not yet available, commercial banks conor date ba b n e k r s New Chi- s c e i r t v y e b t a r n y ks tinued to sell Government securities in sub- York cago banks stantial amounts in order to obtain funds to increase loans and other investments. There A. Balance sheet items as of June 30, 1950 (in billions of dollars) was also some net retirement of securities Assets Cash assets other than required reserves 1144..00 11..99 00..55 55..66 5.9 by the Treasury. The Federal Reserve bought U. S. Government securities a large portion of the securities sold by com- Short-term1 4433..77 88..00 22..33 1166..11 17.3 Long-term 1122..11 22..33 00..99 44..44 4.5 mercial banks. Corporations apparently con- Loans and other securities. 4477..00 99..33 22,.11 1188..22 17.4 tinued to increase their holdings of savings Liabilities Deposits. 122.7 23.2 6.4 47.2 45.9 notes and Treasury bills. Capital. 9.5 2.3 0.5 3.3 3.4 B. Liquidity position2 as a percentage of deposits CHANGES IN HOLDINGS OF UNITED STATES GOVERNMENT June 30, 1950. . 47 43 44 46 51 Dec. 31, 1949.. 48 46 45 47 52 SECURITIES, BY TYPE OF INVESTOR June 30, 1948.. 34 26 28 34 39 June 30, 1947.. 34 27 30 33 39 DECEMBER 31, 1949—JULY 31, 1950 June 30, 1941. . 38 42 39 37 37 [In billions of dollars] 1 Securities maturing within five years. Most of these issues e c w r lu e n 2 r d m L e e e i d q n r u u e t e q id u s o i e i t r r y c e c u d a p r i l o t l r i a s e e i b s t s i l e o e r ( n v w m e i i s a n t . t h c u i l r n u i d n t e g w s o w a l o i l t r h c i t a n h s r h e 5 e a s y y s e e e a t a s r r s s p ) . , l u b s u s t h o d r o t- e t s e rm no t G o in v - - Type of security s T o t i o a n u n t g t a - d l - a t F e a c r g e r i n u e e a d d s n s l - t - B s F e R e a e r r e d n a v - k l - e s b C m c a o i n e a m r k l - s - N b v t i a o e n o n s r - n - s k term Government securities, particularly funds Treasury certificates and short-term notes, Marketable public issues: and to shift to loans and corporate and B C i e l r l t s ificates and notes.... + + 1 0. . 7 3 + -0 2 . . 7 1 - - 0 0 . . 5 8 + -0 2 . . 5 5 Bonds: municipal securities. Bank eligible () -0.2 -0.7 -1.0 Bank restricted +0.1 +0.1 +1.9 To some extent during this year corpora- Nonmarketable public issues: tions and other nonbank investors have Savings bonds +0.9 -0.1 +0.9 Savings notes +1.0 (0 +1.0 purchased short-term Government securities, All other -0.2 -0.1 -0.1 especially bills and savings notes. In the Special issues. -1.4 2-1.4 first seven months large amounts of long- Total +0.4 -0.9 -2.1 +4.8 term bonds were also purchased by a broad 1 Less than 50 million dollars. 2 Reflects redemption of 2.8 billion dollars of issues to meet the group of nonbank investment institutions, National Service Life Insurance dividend and increase in other special issues. including particularly numerous pension and NOTE.—Figures may not add to totals because of rounding. trust funds. Most of these securities were FEDERAL RESERVE OPERATIONS supplied from the Federal Reserve portfolio, although life insurance companies sold some Bank reserves, which provide the basis for bonds. Individuals added to their holdings expansion in deposits and the volume of of savings bonds. These net additions to money, have been supplied principally by holdings of Government securities were Federal Reserve purchases of Government made while nonbank investors generally securities in the open market. Since the first were placing large amounts of funds in mort- quarter of the year, when there was a seagages and in other securities. The following sonal contraction in deposits and consetable shows estimates of changes in holdings quently in required reserves of banks, both of various types of Government securities by reserves and Federal Reserve holdings of the principal investor groups during the first securities have increased. OCTOBER 1950 1279 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT MONETARY AND CREDIT DEVELOPMENTS The Federal Reserve has generally pur- MONEY RATES chased certificates and other issues approach- Short-term money rates have tended to ing redemption. At the same time, the stiffen during most of this year, reflecting System has sold substantial amounts of long- growing credit demands. This trend was term bonds to supply investment demands moderated by Federal Reserve purchases of and has also sold some shorter term issues short-term securities, but some rise occurred for which there were market demands. in rates on bills and certificates. Rates on During the second quarter of this year net three-month bills, which were about 1.10 purchases supplied funds for a 300 million per cent at the end of 1949, rose to about dollar increase in the required reserves of 1.17 per cent by June, while the one-year member banks. rate rose from 1.10 to 1.23 per cent. In the latter part of August and in September yields on short-term securities increased by about MAJOR FACTORS AFFECTING MEMBER BANK RESERVES l/ of 1 per cent. Yields on new Treasury 8 [In billions of dollars] bills were at 1.32 per cent by the end of September and on securities with one year 1950 Changes in to maturity about 1.35 per cent. In October First Second Third quarter quarter quarter these yields rose further. Factors affecting bank reserves: MONEY RATES Federal Reserve holdings of U. S. Government securities: Bills -0.9 -0.1 -2.4 Certificates and notes +0.4 +1.6 +5.4 Bonds -0.8 -0.8 -1.8 Total -1.3 +0.7 +1.2 Gold stock -0.2 C1) -0.7 Money in circulation +0.6 -0.1 C1) Treasury deposits at Reserve Banks -0.2 +0.1 -0.2 +0.2 -0.4 +0.4 Member bank reserves, total -0.9 +0.3 +0.8 Required reserves -0.4 +0.3 +0.4 Excess reserves .. .. -0.5 -0.1 +0.4 1 Less than 50 million dollars. NOTE.—Signs before figures indicate effect on bank reserves. Detailed figures may not add to totals because of rounding. The net result during the third quarter of Federal Reserve operations and of other fac- 1947 1948 1949 1950 tors in the demand for Federal Reserve credit Corporate bond yields, Moody's Investors Service. For Treasury bills, rate is average discount on new issues during week. was an increase of 1.2 billion dollars in total Beginning in June 1950, Treasury certificate series is based on 9-1.2 month note issues. Latest figures are for week ending Oct. 14. Federal Reserve holdings of Government securities. Additions to reserves from these Long-term Treasury and high-grade corpurchases were offset in part by a 700 million porate bonds have followed somewhat difdollar outflow of gold, and there were other ferent courses. Yields on long-term Treasury factors affecting reserves, largely of a tem- bonds, which were at extremely low levels at porary nature. On a net basis bank reserves the end of 1949, increased in the first half of were increased about 800 million dollars. 1950 by about % of 1 per cent with the 1280 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT MONETARY AND CREDIT DEVELOPMENTS adoption by the Federal Reserve of a pro- they were slightly above the June level. gram for selling Government bonds to Average rates on business loans made by meet the strong investor demand for these banks in leading cities in the first half of securities. In this period corporate bond September were somewhat lower than in the yields rose only slightly. Since June yields same period of June. Since mid-September, on both high-grade corporate and long-term however, a number of large city banks have Treasury bonds have fluctuated moderately, announced increases in their rates on busibut in late September and early October ness loans of about % of 1 per cent. FEDERAL RESERVE ACTION UNDER THE DEFENSE PRODUCTION ACT OF 1950 REGULATION OF CONSUMER INSTALMENT CREDIT (Regulation W, effective September 18, 1950) ISSUANCE OF REGULATION W1 months maximum maturity for furniture and rugs. Down payments of at least 10 per cent, and 30 Under the authority of the Defense Production months maximum maturity for home repairs, Act of 1950, the Board of Governors today realterations or improvements. instituted regulation of consumer instalment credit Following the past policy of placing fewer rethrough Regulation W effective at the opening of strictions on small credits, the new Regulation does business September 18, 1950. not contain down payment requirements for articles The Regulation covers automobile instalment costing less than $100 although, unlike the former credits of $5,000 and less and other instalment Regulation, maturities are limited. credits of $2,500 and less. Except that home im- Instalment loans for the purchase of any listed provement credits are now covered and terms are article carry the same limitations that apply to the generally tightened, the Regulation is in much the instalment sale of the article; other instalment loans same form as the Regulation which expired June 30, are limited to a maximum maturity of 18 months. 1949. In establishing the initial terms the Board took The limitations initially established are: into account the prevailing practices and terms in Down payments of at least one-third, and maxithe trades affected. There has been a material remum maturities of 21 months for automobiles. laxation of instalment credit terms during the past Down payments of at least 15 per cent, and maxiyear or more, and the requirements of the Regulamum maturities of 18 months for appliances: retion are substantially tighter than the terms now frigerators, food freezers, radio or television sets, widely offered. phonographs, cooking stoves, ranges, dishwashers, In the automobile field the great majority of ironers, washing machines, clothes driers, sewing recent instalment sales of new cars and late model machines, suction cleaners, air conditioners and used cars are reported as having been financed on dehumidifiers. substantially easier terms, either as to down pay- Down payments of at least 10 per cent, and 18 ments or maturities or both, than permitted by the 1 Statement to the Press on Sept. 8, 1950, for release on new Regulation. the following day. For complete text of the Regulation, Similarly, many instalment sales of appliances see the Federal Reserve BULLETIN for September 1950, pp. 1177-85. and furniture are reported as having been made OCTOBER 1950 1281 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE ACTION UNDER THE DEFENSE PRODUCTION ACT OF 1950 with down payments of 10 per cent or less; in AMENDMENT NO. 1 TO REGULATION W 2 many cases only token or no down payments have The Board of Governors announced today been required. Maturities of 24 months on instalamendment No. 1 to Regulation W, effective Monment sales of such articles have been reported as day, October 16, reducing the maximum maturity widely prevalent with longer maturities offered in on instalment credits from 21 to 15 months for some cases. automobiles and from 18 to 15 months for ap- Consumer credit has undergone an unprecepliances and furniture. dented expansion, particularly in recent months. The minimum down payment on automobiles Under present conditions continued excessive remains at one-third; the down payments on apgrowth of consumer instalment credit adds mapliances are increased from 15 per cent to 25 per terially to inflationary pressures. cent and on furniture from 10 per cent to 15 per The regulation of consumer credit is one of the cent. The maximum maturity on home improvefiscal, monetary and credit measures designed to ment credits remains at 30 months and the minirestrain the inflationary pressures that result in mum down payment at 10 per cent. Down payhigher prices and to facilitate diversion of critical ments will now be required on all articles costing material and manpower to production of defense $50 or more instead of $100 or more. needs as such diversion is required. The terms which will be required under Regula- As the Board has frequently emphasized, the tion W are as follows: Regulation is a useful supplementary instrument to combat inflation. It applies to an important Down payment Maturity part, but only to one part, of the credit structure Automobiles 33% per cent 15 months and therefore cannot by itself effectively control Television sets, radios inflationary forces. and other major The Regulation is being published in the Fed- durables 25 per cent 15 months eral Register and copies of the Regulation will be Furniture 15 per cent 15 months made available through all Federal Reserve Banks Home improvements. 10 per cent 30 months and branches as soon as possible. The Regulation Unclassified loans. . 15 months will be administered in the field by the 12 Federal Reserve Banks and their 24 branches located con- In commenting on today's revision of the Regulaveniently throughout the country. Inquiries should tion, Chairman McCabe said: be addressed to the nearest Federal Reserve Bank "The Board's action was based upon consideraor branch. tion of reports from Federal Reserve Banks and Regulation W was first put into effect under other sources in the field in all parts of the country Executive Order September 1, 1941. It expired which reflect continued upward pressures on prices November 1, 1947. It was reinstated September in the Rve weeks since the reissuance of the Regu- 20, 1948 under statutory authority which expired lation was announced on September 8, 1950. While June 30, 1949. The business community and the the intensity of these pressures on the market varies buying public, the Board and the Federal Reserve somewhat from time to time the fact remains that Banks have thus had extensive experience with the underlying inflationary forces are unabated and this type of credit regulation. have been augmented by the continuing growth Through the 12 Federal Reserve Banks and their of bank credit as well as credit in specific areas, 24 branches, and the more than 250 directors of the Reserve Banks and branches, the Board has including instalment credit. More vigorous apthe advantage of immediate and close contact with plication of regulation of instalment credit, coall segments of commerce, trade and industry, incident with the imposition of the real estate credit and with the consumers affected by the Regulation. controls, is therefore in order so that these and Because of this advantage, a regulation of this other credit measures may most effectively serve in kind can be promptly adapted in the future, as the effort to hold the line until further fiscal it has in the past, to changing conditions as rer 2 Statement to the Press on Oct. 13, 1950, for release on ported on the basis of experience in all parts of the following day. For complete text of this amendment to the Nation. Regulation W, see pp. 1308-09 of this BULLETIN. 1282 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE ACTION UNDER THE DEFENSE PRODUCTION ACT OF 1950 measures, as nearly as possible on a pay-as-you-go "Prospective pressures on productive capacity, basis, and such additional credit measures as may manpower supplies, and the price structure arising be necessary can be brought into play. This is out of expanded defense and military aid programs in accordance with the President's Mid-Year Eco- will be increasingly heavy. Today's action was nomic Report of July 26 in which he stated that taken in the light of the System's statutory refirst reliance should be placed upon fiscal and credit sponsibilities, both under the Federal Reserve Act measures and that this would make less necessary and under the Defense Production Act, to reduce resort to direct controls. Likewise, the action is inflationary forces particularly in various credit pursuant to the statement of August 18 in which areas; to help maintain the purchasing power of the the Reserve System declared its purpose to use dollar; and to assist other agencies in assuring that all the means at its command to restrain further the needs of the defense program are adequately expansion of bank credit. met." PROGRAM OF LOAN GUARANTEES FOR DEFENSE PRODUCTION3 (Regulation V, effective September 27, 1950) In order to facilitate the defense effort, a pro- Order authorizes the Board of Governors, after congram of guaranteed loans patterned after the so- sultation with the guaranteeing agencies, to precalled V-loan program of World War II has been scribe regulations governing the operations of the inaugurated under authority of the Defense Produc- Federal Reserve Banks as such agents, rates and tion Act of 1950 and the President's Executive fees to be charged with respect to guaranteed loans, Order No. 10161 of September 9, 1950. and the forms and procedures to be utilized in The guaranteeing agencies of the Government connection with the making of such guarantees. named in the Executive Order are the Department In connection with the establishment of the new of the Army, the Department of the Navy, the Deprogram, the Board of Governors, after consulting partment of the Air Force, the Department of Comthe guaranteeing agencies, has revised its Regulamerce, the Department of the Interior, the Departtion V, effective September 27, 1950, to govern the ment of Agriculture, and the General Services Adgeneral operation of the program. A standard form ministration. The program, adopted after consultaof guarantee agreement has been prescribed. Extions among the various guaranteeing agencies and the Board of Governors of the Federal Reserve Sys- cept for a few minor changes it is identical with tem, will again be administered through the agency the form of the 1944 V-Loan Guarantee Agreement of the Federal Reserve Banks. which was in use at the close of World War II. Under the Defense Production Act, each of the Likewise, the procedures for the handling of guarguaranteeing agencies is authorized to guarantee antees will follow generally and to the extent aploans made by banks and other lending institutions plicable those which were in effect when the warto individuals and private corporations for the pur- time V-loan program terminated in 1945. pose of financing contracts and other operations The following schedule of guarantee fees has which the guaranteeing agency considers necessary been established: for the procurement of materials and the perform- Percentage of Guarantee fee ance of services for the national defense. In the loan guaranteed (Per cent of interest administration of this program, special attention payable by borrower will be given to the financing requirements of small on guaranteed porbusiness enterprises engaged in operations relating tion of loan) to the defense effort. 70 or less 10 The 12 Federal Reserve Banks are designated 75 15 in the Executive Order as fiscal agents of the United 80 20 States to act on behalf of the guaranteeing agencies 85 25 in the making of guarantees; and the Executive 90 30 3 Statement to the Press dated Sept. 26, 1950, for release 95 35 on the following day. For complete text of this Regulation, Over 95 40-50 see pp. 1307-08 of this BULLETIN. OCTOBER 1950 1283 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE ACTION UNDER THE DEFENSE PRODUCTION ACT OF 1950 The maximum rate of interest which may be tractors—especially the smaller manufacturers and charged with respect to a guaranteed loan has been business concerns—is expected to play an imporset at 5 per cent. tant part in carrying out the purposes of the Defense These actions make it possible for the several Production Act of 1950. guaranteeing agencies immediately to provide such In any case in which there is need for a guaranguarantees as may be necessary to facilitate the teed loan to finance a contractor or subcontractor financing of defense contracts. The form of guar- engaged in operations relating to defense producantee agreement, the schedule of rates and fees, tion, the contractor should contact his local bank and the various procedures are subject to change or other financing institution. If the financing infrom time to time as experience under the renewed stitution is in agreement, it should in turn contact program may make desirable. the Federal Reserve Bank or branch of its district In the formulation of policies and procedures and file with the Reserve Bank or branch an applithere will be frequent consultations between the cation for a guarantee of the loan by the approguaranteeing agencies and the Board of Governors priate guaranteeing agency. Financing institutions for the purpose of achieving uniformity and coordi- should direct all inquiries with respect to the pronation to the greatest extent practicable. The pro- gram to the Federal Reserve Bank or branch of gram for assisting in the financing of defense con- the appropriate Federal Reserve district. RESTRICTIONS ON RESIDENTIAL REAL ESTATE CONSTRUCTION CREDIT4 (Regulation X, effective October 12, 1950) Restrictions on residential real estate construction help reduce the currently high inflationary pressures credit, under authority of the Defense Production by restricting the flow of funds into the mortgage Act of 1950 and the President's Executive Order market and through the reduction of new home No. 10161 of September 9, 1950, were announced construction activity next year, to assure that matoday on nongovernment-aided private credit, gov- terials and labor required for the defense program ernment-aided loans, and direct government veteran will be available when needed. and farm loans on one- and two-family houses. The regulations apply to virtually all future loans Credit restrictions on housing loans not insured, on new construction of one- and two-family houses. guaranteed, or extended by Government agencies The restrictions agreed upon, according to Thomas are covered under Regulation X issued by the Board B. McCabe, Chairman of the Board, and Raymond of Governors of the Federal Reserve System, with M. Foley, HHFA Administrator, are based on an the concurrence of the Administrator of the Hous- estimate that, to curb serious inflation in the housing ing and Home Finance Agency. Companion re- market and to meet presently estimated defense strictions on government-aided housing finance, on requirements, housing production in 1951 should a basis conforming to those applied to other types be reduced about one-third below the current record of private credit, were announced by the Housing level of home building, or not more than 800,000 and Home Finance Administrator. units. They are intended, however, to continue, The new regulations will call for down payments as far as possible through control of credit, the relaranging from 10 per cent in the $5,000 and under tive preferences for veterans and the price distribuprice range to 50 per cent at $25,000 and over, with tion of housing sought by Congress in its legislative preference for veterans amounting in most cases to enactments. The situation will be kept under close 10 percentage points. The regulations are geared review to determine whether defense or inflationary to the marketing of housing production of not more ^evelppments require later modifications. than 800,000 to 850,000 new housing units next The regulations specify maximum amounts which year. can be borrowed, maximum maturities, and mini- The regulations on both types become effective mum amortization requirements for extensions of Thursday, October 12, 1950. They are designed to credit on residential construction, including the financing of major additions and improvements 4 Statement to the Press by the Board of Governors of the where the loan amount is more than $2,500. They Federal Reserve System and the Office of the Administrator of the Housing and Home Finance Agency, dated Oct. 10, do not apply to nongovernment-aided loans on con- 1950, for release on the following day. For complete text struction begun before noon on August 3, 1950, of this Regulation, see pp. 1314-21 of this BULLETIN. 1284 FEDERAL RESERVE BULLETIN^ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE ACTION UNDER THE DEFENSE PRODUCTION ACT OF 1950 nor to loan commitments made prior to the effective To carry out the requirement that the relative date. Credits secured by new construction as well credit preferences for veterans be maintained, down as credits extended to finance the purchase of homes payment requirements on loans guaranteed or made are subject to the regulations. by the Veterans Administration are 10 per cent For those purchasing homes in the lower price lower than on FHA and nongovernment-aided brackets, the percentage down payments required loans in the price range between $6,000 and $12,000, are lower than for higher priced structures, and for with the preference narrowing to 5 per cent in veterans using Gl loans the down payment require- both the higher and lower price levels. The down ments are lower at each price level than on other payments on VA-guaranteed loans, also based on loans. Also, a longer period for repayment is per- transaction price, are computed as follows: mitted for those buying homes costing $7,000 or less. In determining the amount that can be loaned, Value Minimum down the lender must take into account all credit previ- (Transaction price) payment ously extended in connection with the property and $5,000 or less 5 per cent of value still outstanding, as well as the amount of additional More than $5,000 but $250 credit being extended. This provision brings supplementary borrowing, as well as first mortgage not more than $6,000 loans, within the scope of the regulation. In other More than $6,000 but $250 plus 25 per cent of words, minimum down payments must be made not more than $9,000 excess of value over from the borrower's own funds in connection with $6,000 extensions of credit on new residential construction More than $9,000 but $1,000 plus 30 per cent of and not from the proceeds of supplemental mort- not more than $12,000 excess of value over gages or personal loans in excess of the permissible $9,000 loan value. More than $12,000 but $1,900 plus 55 per cent of Down payments and maximum permissible loans not more than $15,000 excess of value over for nongovernment loans and FHA-insured financ- $12,000 ing are identical and are calculated on the trans- More than $15,000 but $3,550 plus 75 per cent of action price which is defined by the regulation as not more than $20,000 excess of value over the amount paid or to be paid by the purchaser, $15,000 exclusive of prepaid items of expense, such as taxes More than $20,000 but $7,300 plus 85 per cent of or insurance. Under the regulation, maximum pernot more than $24,250 excess of value over missible loan amounts, maximum maturities, and minimum amortization provisions are specified. $20,000 Over $24,250 45 per cent of value Properties having a May have outstanding All real estate construction loans are limited to value of: credit of: a maximum term of 20 years, except those made More than $2,500 but 90 per cent of the value on properties valued at $7,000 or less under a connot more than $5,000 tract which calls for complete amortization of the $4,500 plus 65 per cent More than $5,000 but loan in 25 years by equal monthly, quarterly, semiof excess of value over riot more than $9,000 $5,000 annual or annual payments to principal or to principal and interest. However, a loan may be amor- More than $9,000 but $7,100 plus 60 per cent tized on a basis that provides for annual reduction not more than $15,000 of excess of value over $9,000 of principal at a minimum rate of 5 per cent per year of the original amount of the balance, and More than $15,000 but $10,700 plus 20 per cent such loans are exempt from further amortization not more than $20,000 of excess of value over when the outstanding balance has been reduced to $15,000 not more than 50 per cent of the value of the Over $20,000 $11,700 plus 10 per cent property as of the time the credit was extended. of excess of value over $20,000 but not less than Although the regulation provides that a person 50 per cent of value must be registered to engage in the business of 1285 OCTOBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE ACTION UNDER THE DEFENSE PRODUCTION ACT OF 1950 extending real estate construction credit, all per- dealers, and others interested in construction and sons engaged in the business will automatically mortgage finance. be deemed to be registered for present purposes The new regulations apply only to residential and no action on their part to secure registration real estate credit on one- and two-family houses. is now required. However, the regulation provides However, consideration is being given to the early that the Board may later, by public announcement, issuance of regulations applying to construction require registration statements to be filed by per- credit relating to rental-type projects, nonresidential sons affected. properties, and other real estate credit. During the formulation of Regulation X, and Inquiries in regard to Regulation X should be the regulations on government-aided housing directed to one of the 12 Federal Reserve Banks credit, consultations and meetings were held with and their 24 branches, through which the regularepresentatives of various groups affected. This tion will be administered. includes manufacturers of and dealers in building Instructions to field offices for processing governsupplies and materials, labor and veterans' and ment-aided housing loans under the new regulations other consumer organizations, banks and trust will be issued shortly by the Federal Housing companies, savings banks, savings and loan asso- Administration, the Veterans Administration, and ciations, and building associations, mortgage the Department of Agriculture in their respective bankers, insurance companies, builders, real estate fields. 1286 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUR COMMON PROBLEM MAINTENANCE OF A SOUND BANKING SYSTEM* Your very cordial invitation to come here today the regular inspection and physical examination of and to join with so many of my good friends was the records and books of State-chartered banks. gratefully accepted because I was most anxious to It was all too common practice in the early days share your thoughts and to enjoy the warmth of for banks to be organized for the private benefit your friendship. of a few business and professional men, and for During the two and a half years that I have been the officers and directors to be the largest borrowers. in my present position you have always accorded All too frequently, there was inadequate recognime the most courteous and satisfying relationship. tion of the credit needs of the community or of I want to pay particular tribute before the entire the people who lived in that vicinity. Today, I membership of your Association to the splendid am glad to say that the vast majority of our bankers work which has been done by Maury Sparling, are men of vision. They pride themselves on the and the members of your executive and legislative fact that they have been able to develop an honored committees. Many times during the past year they profession. There is less response today to the have contacted me and largely through their efforts age-old jokes about the glass-eyed bankers and the really cordial relations have been established be- Shylocks that evoked hilarity when I was a boy. tween the Federal Reserve System and the Super- Gur bankers recognize that the basic premise of visors of State Banks. their operations must be "service to the commu- I think it is fair to say that in our discussions nity." As a result, the banking community today we reached a basis of fine understanding and frank- stands in higher respect throughout the body ness. We now have a mutual appreciation of each politic than ever before. other's problems and a healthy respect for each Ours is still a country predominantly of indeother's point of view. This is a source of great pendent local banks. We are coming to think of satisfaction to me. Not only have we found many the banker as an active participant in local affairs, grounds for common agreement, but I find that generous with his time for the welfare of the comwe share the same basic philosophy regarding the munity. To fulfill his new role, he is inspiring value of the dual banking system. the confidence of his customers to greater extent All of us represented here today share a responsi- than ever before, and they are confiding in him the bility for the maintenance of a sound banking sys- most intimate details of their financial affairs. More tem in the United States. That is our common and more he is making credit services available problem. In the past 50 years there have been tre- to meet the legitimate needs of all classes and conmendous forward strides to make our banking ditions. We have seen a distinct trend in recent system more efficient. At the turn of the century, years away from the cold marble halls that typified State banking departments were relatively un- banking accommodations a generation ago. With developed in sharp contrast to their present-day the inauguration of personal loan departments, organizations. There was no Federal Reserve Sys- sales finance departments, and, more recently, tem to provide flexibility in the provision of credit. specialized departments to facilitate small business There was no Federal Deposit Insurance Corpora- financing, our banks are becoming more and more tion to maintain confidence of depositors. The to be regarded as genuine "community centers" whole philosophy of banking has undergone a for financial affairs. substantial overhaul. Today, the banking system—indeed the existence When I was a boy, we had just been through of our republic—is threatened by the international the, money panic of 1907-08 and Congressional crisis. War and preparations for war inevitably investigations in the field of money and banking raise credit problems that go to the foundation were the order of the day. In Delaware my father of our credit structure—specifically the threat of was the Banking Commissioner who inaugurated inflation. I welcome this opportunity to counsel together on how we may mutually prepare our- * An address by Thomas B. McCabe, Chairman, Board ofselves to meet that threat. Governors of the Federal Reserve System, before the Na- For the second time in a decade—the third time tional Association of Supervisors of State Banks, Boston, Mass., Sept. 21, 1950. in a generation—this country faces the grim pros- OCTOBER 1950 1287 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUR COMMON PROBLEM MAINTENANCE OF A SOUND BANKING SYSTEM pect of adjusting to a program of preparedness. At every turn in the economic road there are It is clear that the defense programs thus far alarming symptoms of the forces of inflation which announced are only a beginning. There is no are already at work. Let me go over with you escaping the need for huge defense expenditures. quickly a few facts which highlight the seriousness It is now nearly three months since the North Ko- of the problem we face. reans first set foot on the wrong side of the 38th Since Korea the loans of all commercial banks parallel, and still it is impossible to predict what are estimated to have increased 2.5 billion dollars. the ultimate cost in either men or materials will This expansion is phenomenal. It is very much be on the battlefront. It is impossible to foresee larger than in the same months of 1948 when the what sacrifices will be necessary on the home front postwar inflation was sufficiently grave for Conto assure peace and security. Of cardinal impor- gress to meet in special session to take steps to deal tance, however, is the fact that our ultimate objec- with it. tive is now firmly fixed—under the banner of the Consumer indebtedness has been growing at a United Nations we have resolved to resist by force, spectacular rate in the past few months. Credit if necessary, a further corrosion of the foundations extended to consumers, exclusive of the money we have been trying to build for a free world and they owe for the purchase of homes, is now estia peaceful world for all peoples. mated at more than 20 billion dollars. This is a Our leadership in world affairs, our military record volume, but even more significant is its responsibilities, rest fundamentally on the right- recent rate of growth. Adding to this amount the ness of our cause and the strength of our econ- 40 billion dollars of home mortgages brings the omy. We cannot meet these responsibilities total debt of consumers at the present time to more without a strong, dynamic economy. It is no than 60 billion dollars—an increase of roughly 10 overstatement to say that the peace and safety* of billion dollars in the past 12 months. the world are dependent on a strong American Prices had begun to move upward even before economy. the outbreak of hostilities in Korea. The pace has The American dollar and the securities of our quickened measurably since June 25. By mid-Sep- Government have always been symbols of the tember the price index for 28 basic commodities strength and integrity of our country. Our insti- was 25 per cent above the June level and 35 per tutions, the freedoms which we cherish, not for cent higher than in March. The average levels of ourselves alone but for all mankind, rest on the all wholesale commodity prices and of consumer foundations of a strong economy. We must above prices have risen substantially in this same period. all maintain the soundness of our credit institutions You are all well aware of the snowballing tendand our financial structure. encies of inflationary pressures. Here are a few History shows that whenever the forces of infla- additional factors to consider in our present situation have been allowed to run rampant in a coun- tion. For one thing, attitudes of businesses and try, the faith of its citizens has been shaken and individuals are less cautious than earlier in the the strength of their economy and of their govern- postwar period. Experience of a rapidly rising ment itself has been put in jeopardy. We saw how price level is fresh in the memories of most people. a runaway inflation in Germany after World Profits are in record volume and many businesses War I ushered in Hitler and how the astronomical and individuals are in a highly liquid position and Chinese inflation paved the way for communism therefore able to carry out extensive buying plans in China. even without borrowing from banks or other lend- We must fight with all the resources at our ing agencies. command in this country to eradicate the cancerous The threat of still higher prices in the months sore of inflation so that it will not eat into the vitals ahead results not only from the existence of a of the greatest economy the world has ever known. strong demand but in many cases from mounting Gentlemen—this is the most pressing internal costs of labor as well as materials. You are all problem before our country today, and it is ours in familiar with the current pattern of price and wage common. It is riot around the corner. It is here increases. right now. Unless we live up to our responsibilities the out- It is THE common problem not only of those of us look for a serious inflationary spiral is foreboding. in the financial community, but of every American Inflation would diminish incentives. It would miscitizen. direct tremendous amounts of effort into nonpro- 1288 FEDERAL RESERVE BULLETHNF Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUR COMMON PROBLEM MAINTENANCE OF A SOUND BANKING SYSTEM ductive areas. Nothing would be more disruptive United States issued a joint statement outlining to mobilization than a merry-go-round in which a basic policy for the lending operations of finanwages and prices chased each other. Nothing would cial institutions during this period of intensified serve more to increase the total cost of the defense defense efforts. You will recall that this was a program. Clearly, we must use every possible strong appeal for the voluntary cooperation of every means to curb inflation. I do not need to empha- financial institution in the country in restricting size that inflation would cause untold hardship unnecessary credit. throughout our economy, particularly to people This was a forthright recognition by all of us dependent upon fixed incomes and money savings that our common problem throughout the coming and to our great educational and religious institu- months would be the maintenance of a strong and tions. healthy economy backed up by a sound banking It will be no easy task. There is much more to system. It was a clear-cut warning that bank credit the problem than merely imposing a few direct con- for nonessential purposes would have to be curtrols. If we have learned any economic lesson tailed if we were going to avoid a spiraling inflation from our experience in World War II and the post- and to bring our maximum productive potential war period, it is the fact that direct controls will into the defense effort. not prevent inflation. They serve mainly to retard Recently the Federal Reserve System has taken its impact. Once we have a vigorous and effective several specific actions designed to restrict the use program for fiscal, monetary, and credit actions of credit. Open market operations have been the need for direct controls will become less urgent directed toward making bank reserves less readily and their use can be limited to specific situations. available and discount rates have been raised from A well-designed program, in my opinion, should lYz to 1% per cent throughout the country. The have as its keystone a tax system which would put System has stated that it is prepared to use all the the entire defense effort as far as possible on a means at its command to restrain further expansion pay-as-you-go basis. The President correctly em- of bank credit consistent with the policy of mainphasized the necessity for this in his recent broad- taining orderly conditions in the Government secucast and I think it imperative that there be strong rities market. public support for higher taxes all along the line. When the Defense Production Act became law That means we must cut down the spending power on September 8, the Board moved within the hour of all but the lowest income group. "During to reinstate consumer instalment credit controls. World War II," the President said, "we borrowed Starting Monday of this week credit terms on too much and did not tax ourselves enough. We automobiles, refrigerators, television sets, and other must not run our present defense effort on that consumer household goods were again brought unkind of financial basis." der regulation. The initial terms might be con- I sincerely hope we will have the political cour- sidered moderate, but we have the assurance of age to levy adequate taxes across the board and to the most responsible elements in the trade, who> economize on nonmilitary expenditures of govern- should know the most about it, that they are adement and to postpone deferrable projects at every quate to curtail instalment credit expansion. We level—Federal, State, arid local. Of course, it will have already instituted spot checks to observe opertake time for a tax program to be effective. In ations and we will not hesitate to tighten the the meanwhile our main reliance must be on allo- regulation promptly, almost any day, if the facts: cations, control of inventories and measures to curb require. the expansion of private credit. Without these we The Defense Production Act also gave the Presicannot hold the line. dent authority to regulate credit on new real es- Certain concrete anti-inflationary steps have al- tate construction and, by Executive Order, joint ready been taken. By themselves they are inade- responsibility for this control was delegated to the quate, although they are a beginning, and a good Board and to the Administrator of the Housing one. In mid-July, the American Bankers Associa- and Home Finance Agency. Probably in no. tion and other organizations of financial institu- other area has credit expansion had a more intions cautioned their memberships against the use flationary effect recently than the real estate credit of bank credit to stimulate inflationary tendencies. that has been generated by our unprecedented hous- On August 4, the 52 supervisory authorities in the ing boom. This situation will soon be brought OCTOBER 1950 1289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OUR COMMON PROBLEM MAINTENANCE OF A SOUND BANKING SYSTEM under control. Mr. Foley, the Housing Adminis- time, we must recognize that the action of the trator, is giving us his full and active cooperation banker in extending the credit added to the curin carrying out the President's Executive Order rent inflationary picture. I cite this instance because which applies both to conventional loans and to it dramatizes vividly the complexities of the com- Government mortgage programs. petitive problem the banker faces. The top-notch leaders in the private mortgage The area of general credit expansion outside of financing field are working patriotically and con- consumer, real estate, and stock market credit scientiously to help us formulate an effective con- does not lend itself to organized selective controls. trol that our people can live with and that we Yet the expansion that is going on in this area hope will be reasonably simple to operate. I know today is equally dangerous. Perhaps during this it will be full of headaches, yet I am convinced conference you can organize yourselves to exit is vital to the over-all control of credit in this plore further this problem and then to discuss emergency. We are setting up a temporary organ- with us your suggestions of how best to deal with it. ization which can be disbanded as soon as the need passes. During such discussions I would welcome the opportunity to establish a common understanding The regulations of consumer credit and real on the subject of bank reserves. It has long been estate credit are selective types of controls in one of my cherished hopes that the laws of the that they apply to specific credit areas. They are several States would be broadened to give you needed in these areas, but by themselves they cansufficient authority to cope with this question. not be expected to work miracles. They must be There is no doubt in my mind that if you were backed by effective general monetary and fiscal poliempowered to take adequate action concurrently cies and by a general attitude of caution and rewith the Federal Reserve this source of difference straint on the part of lending institutions. To would be largely eliminated. I am confident that make them effective, we will have to lean heavily in facing up to this and other problems which we on the support which the other Federal agencies share in common we can achieve a meeting of and State supervisory authorities can give us. minds and find equitable and effective solutions We will need your aid in helping to administer which will assure the preservation of the dual these selective controls, but above all we need your banking system. initiative in helping to curb the expansion of general I would not want to leave the impression with bank credit outside of these specific areas. you that the common problem which is on my A few moments ago I referred to the joint state- mind today is primarily a matter of bank reserves. ment issued six weeks ago in which we appealed We are faced with general credit expansion and to financial institutions to curtail unnecessary we are the responsible authorities who must find credit extension. Because we live in a democracy, ways to deal with it. all of us would like to accomplish our objec- As indicated to you earlier, I think the moves that tives by reliance on voluntary methods. In this have been made so far, and are now planned, are case, however, I feel we must do something more. good and are in the right direction. I feel, how- We must recognize that in a competitive system ever, that taken alone they are inadequate to meet it is not always possible for an individual institution the problem. What I want to do again, most to respond to an appeal. sincerely, is to ask you what more there is that Let me illustrate. I recall one banker who told we should do—and that you can do—to meet our me recently of a case where an important customer common problem. wanted to borrow a substantial sum for the accumu- I cannot impress upon you deeply enough the lation of an inventory that was about five times his genuine humility with which I seek your aid, your normal supply. The banker talked him out of counsel, and the best of your judgment. I am most of the loan, but nevertheless did advance fully aware that credit restrictions alone will not enough to enable him to double his normal in- prevent inflation. I am equally convinced that we will not control inflation without them. ventory. In this particular case, it took some courage to refuse any part of the loan because This is a time when we—all of us—as supervisory officials have grave responsibilities to take the customer maintained a substantial deposit balthe initiative and to make the critical decisions ance and was actually in a position to transfer to preserve and protect our economy. his account to a competing bank, At the same 1290 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SPECIAL OFFERING OF SERIES F AND G SAVINGS BONDS Given below is the text of an amendment to ber 10, 1950, inclusive; and December 1 through Treasury Department Circular No. 530 governing December 11, 1950, inclusive. Any applications savings bonds, which was released by the Secretary from eligible subscribers received by a Federal Reof the Treasury on September 15, 1950. The Cir- serve Ban\ or Branch, or the Treasury Department, cular describes the special offering of Series F and through the last day of each of the periods stated, G bonds open to certain classes of institutional in- including any mail applications postmarked up to vestors and certain commercial and industrial ban\s midnight of the final day of each of those periods, during the periods from October 2 through October will be accepted and processed under this special 10, 1950, inclusive; November 1 through Novem- offering} REVISED REGULATIONS GOVERNING UNITED STATES SAVINGS BONDS To Owners of United States Savings Bonds and of the combined aggregate of both, except that, in Others Concerned: the case of commercial banks authorized to acquire such bonds in accordance with Section 315.5, the Pursuant to Section 22 (a) of the Second Liberty limitation shall be such as may have been or may Bond Act, as amended (55 Stat. 7, 31 U.S.C. 757c), hereafter be provided specifically in official circulars Subpart C of Department Circular No. 530, Sixth governing the offering of other Treasury securities, Revision, dated February 13, 1945 (31 CFR 315), but in no event in excess of $100,000 (issue price) as amended, is hereby further amended and revised for any calendar year. to read as follows: (d) Special limitation for Series F and G bonds SUBPART C—LIMITATION ON HOLDINGS purchased by institutional investors and commercial Sec. 315.8. Amount which may be held. As pro- ban\sfrom July 1 through July 15,1948. $1,000,000 vided by Section 22 of the Second Liberty Bond Act, (issue price) of either series or of the combined agadded February 4, 1935, as amended (31 U.S.C. gregate of both for institutional investors holding 757c), and by regulations prescribed by the Secre- savings, insurance and pension funds and $100,000 tary of the Treasury pursuant to the authority of (issue price) of either series or of the combined that section, as amended, the amounts of savings aggregate of both for commercial and industrial bonds of the several series issued during any one banks holding savings deposits or issuing time cercalendar year that may be held by any one person tificates of deposit in the names of individuals and at any one time are limited as follows: of corporations, associations, and other organizations not operated for profit, subject to the following (a) Series A, B, C, and D. $10,000 (maturity conditions: value) of each series for each calendar year. (b) Series E. $5,000 (maturity value) for each (1) For the purposes of this subsection the classes calendar year up to and including the calendar year of institutional investors will be limited to: (i) in- 1947, and $10,000 (maturity value) for each cal- surance companies, (ii) savings banks, (iii) savings endar year thereafter. and loan associations and building and loan associations, and cooperative banks, (iv) pension and (c) Series F and G. $50,000 (issue price) for retirement funds, including those of the Federal, the calendar year 1941, and $100,000 (issue price) State and local governments, (v) fraternal benefit for each calendar year thereafter, of either series or associations, (vi) endowment funds, and (vii) ^•The amendment given here is the seventh amendment, credit unions. dated Sept. 12, 1950, to Treasury Department Circular No. 530, sixth revision, dated Feb. 13, 1945. Simultaneously (2) Any bonds of Series F-1948 and Series with the release of this amendment, the Secretary of the G-1948 purchased under this special limitation, in- Treasury also released a revision of Treasury Department cluding any bonds in excess of $100,000 (issue Circular No. 654, which contains a detailed description of all Series F and G bonds. price) purchased by eligible institutional investors, OCTOBER 1950 1291 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SPECIAL OFFERING OF SERIES F AND G SAVINGS BONDS must be purchased during the period from July 1 cooperative banks; (iv) pension and retirement through July 15, 1948. funds constituting separate legal entities, including (e) Special limitation for Series F and G bonds those of the Federal, State and local governments; (v) fraternal benefit associations; (vi) endowment purchased by institutional investors and commercial funds; (vii) trusts for charitable, educational, reban\s during certain periods in the calendar year ligious or other public purposes (whether or not 1950: incorporated), and State and municipal sinking (1) There is hereby provided for certain classes funds; and (viii) credit unions. The aggregate of institutional investors, and for certain commercial purchases of Series F or Series G bonds, or the two and industrial banks, a special limitation on hold- series combined, made by an investor of any such ings for bonds of Series F and of Series G purchased class during the three periods will be limited to one on original subscription from October 2 through million dollars (issue price) for the calendar year October 10, 1950 for bonds dated October 1, 1950; 1950 in excess of the existing limitation. those purchased from November 1 through Novem- (3) Commercial and industrial banks holding ber 10, 1950 for bonds dated November 1, 1950; savings deposits or issuing time certificates of deand for those purchased from December 1 through posit in the names of: (i) individuals; and (ii) cor- December 11, 1950 for bonds dated December 1, porations, associations, and other organizations not 1950. operated for profit, will be permitted to purchase (2) The classes of institutional investors to which bonds of either Series F or Series G, or the two this offering is made are limited to: (i) insurance series combined, up to an aggregate during the companies (including organizations insuring the three periods of $100,000 (issue price). payment of hospital, medical and surgical ex- (f) The regulations set forth in this Part are penses); (ii) savings banks; (iii) savings and loan hereby modified to accord with the provisions of associations and building and loan associations, and subsections (d) and (e) of this section. 1292 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC DEVELOPMENT AND CENTRAL BANK POLICIES IN WESTERN GERMANY The first Annual Report of the Ban\ of the Ger- A liberal translation of Chapter I of the first man States (Ban\ deutscher Laender) covering the part of the Report is given below. This chapyears 1948 and 1949 was published on May 16, ter describes Western Germany's progress toward 1950. The text of the Report is divided into three financial stability in relation to the currency parts dealing respectively with general problems, reform, the European Recovery Program, and the German currency reform in 1948, and the ac- the liberalization of foreign and international tivities of the Ban\. trade. THE NATIONAL ECONOMY AND THE CENTRAL BANK The opening of the Bank deutscher Laender took SUCCESS OF THE CURRENCY REFORM TO DATE place only a short time before the currency reform There had been much debate about the economic in Western Germany on June 20, 1948, which preeffects of a currency reform, and in some quarters sented the Bank with some difficult tasks. Alits chances of success had been viewed with definite though the currency reform was based on Allied skepticism. The major question was whether, in laws and regulations, with general over-all control an economy with scant supplies and a low level being exercised by the Allied Banking Commission, of production, any type of. monetary reform would, the details of the issuance of the new currency and succeed in equalizing supply and demand. Today the control over its circulation became the responthere can be no doubt concerning the success of the sibility of the Bank deutscher Laender. The Bank undertaking. The sharp rise in prices following was handicapped by the fact that selection of its the currency reform—which was partly a result of administrative personnel had not been completed, the removal of price controls on all but a few and by the fact that former Reichsbank personnel basic commodities—has been checked. There have could be utilized only to a small extent. been some upward and downward adjustments of prices, signifying more normal price relationships, CURRENCY REFORM but the general price level has declined slightly The currency reform re-established the basis for since the beginning of 1949. Price controls have an effective central bank policy. Prior to the rebeen progressively relaxed as supply and demand form the period of repressed inflation, marked by have come closer to balance, and black markets an excessive supply of money and the maintenance have almost entirely disappeared. Where they still of strict wage and price controls, had negated the exist they deal mostly in smuggled goods, such as most important function of a central bank, namely, cigarettes and coflee, at prices which are sometimes the regulation of the money supply in accordance lower than the official price, which includes excise with economic requirements. In large areas of the taxes. economy direct controls had replaced money and As the gap between demand and supply has prices as factors regulating production and distribunarrowed, money has regained its rightful place tion. It had long been apparent that a currency in the economy. Prior to the currency reform, and reform was prerequisite to the recovery of the even during the post-reform "boom," goods had •German economy; since all efforts to institute a reform for all Germany had failed, the Western replaced money as a store of value; at the present zones finally cooperated in such a reform. The time, almost no hoarding of goods is noticeable. currene-y reform legislation, together with the estab- On the contrary, when given the choice, businesslishment of the Bank deutscher Laender in March men are more likely to prefer monetary reserves 1948, were the first important financial measures to large inventories. The public, too, has to a great taken on a tripartite basis since the end of the war. extent regained confidence in money, even though 1293 OCTOBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC DEVELOPMENT IN WESTERN GERMANY their liquid assets had been wiped out twice in one too large, in view of the distribution of the initial generation by inflation* Savings are increasing at issue of currency. A large part of this issue had a steadily expanding rate. Other countries are re- gone directly to consumers. Moreover, the tax regarding the value of the mark with growing con- form instituted at the time of the currency reform, fidence, as is indicated by the strengthening of mark together with some technical difficulties in collectquotations on several free markets. ing taxes under the new system, caused most pub- The most important effect of the currency reform lic budgets to run deficits during the first few was upon German industrial output. In the first months; therefore, the amounts initially paid to six months following the reform industrial pro- public authorities also soon found their way into duction in Western Germany increased by approx- the spending stream. imately 50 per cent, and in 1949 it increased further Consumers, impelled by their long pent-up deby 25 per cent. At the same time agricultural mands, spent wildly on goods which had suddenly production and the volume of agricultural products become available. Producers and merchants, whose passing through legal markets increased consider- initial allocations of funds had purposely been kept ably. Nevertheless, the devastation wrought by relatively small, were forced to dispose of current the war, together with an influx of some 8 million production and commodities previously hoarded in refugees within the past two or three years, keeps order to regain a certain amount of liquidity. the level of consumption and the degree of economic Money therefore circulated very rapidly and this recovery in Western Germany far below that at- high velocity of circulation offset the difficulties tained in other countries of Western Europe. This which might otherwise have been expected from situation creates difficult problems for the economy; an insufficient supply of money. Psychologically, however, the indispensable foundation has been laid confidence in the new money was quickly estabfor the solution of these problems through the lished by the realization of its effective purchasing correct monetary policy. power. Temporary disequilibrium between supply and THE FIRST PHASE OF THE NEW CURRENCY demand. In a short time it became clear that Supply of money and rise in demand. When the the demand for consumers' goods would continue currency reform laws were first announced, there to exceed the supply. One reason was that, because was some fear that the reform would leave the of years of shortages, virtually the entire amount economy with too little money. The supply of of money supplied by the initial issues was conmoney available at the beginning of the period centrated on the available supply of goods. The did, in fact, appear exceptionally small when comfirst per capita payments made on the day of pared with the circulation before the war. By the the currency reform totaled 1.9 billion Deutsche end of June 1948, 10 days after the currency reform, marks. During August and September 1948, as the money supply, including free bank deposits, provided by the currency laws, the second per capita amounted to approximately 6 billion Deutsche quota was distributed, amounting to nearly 1 bilmarks, created principally by the initial payments lion Deutsche marks. More important than the to individuals, corporations, and the public au- per capita quotas, however, the gradual conversion thorities. Even by the end of July, when the con- of Reichsmark balances into Deutsche marks conversion of Reichsmark accounts frozen at the time stantly swelled the available money supply. It of the reform had assumed greater proportions and may be estimated that from the time of the curthe banks had resumed granting credit, the total rency reform until the end of 1948 approximately of cash in circulation and free bank deposits (in- 600 million Deutsche marks were withdrawn from cluding savings) barely reached 10 billion Deutsche converted savings accounts and spent. The somarks. This amount had to finance the production called "blocked account decisions" of the Military and distribution of a national product estimated at Governors on October 1, 1948, which reduced the 45 billion marks annually, whereas before the war original conversion ratio from 10 per cent to 6.5 the volume of money in circulation had been equal per cent, intensified this trend because it was into at least two-thirds of the national product. terpreted by many as being the forerunner of other It soon became apparent, however, that this changes. amount of money was sufficient and, if anything, It became apparent soon after the currency 1294 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC DEVELOPMENT IN WESTERN GERMANY reform that supplies were inelastic. Producers and amounted to only 1.3 billion Deutsche marks; by the merchants, due to high demand for their goods, end of October they had reached 3.8 billion. The had regained liquidity and were no longer under lapsing on August 8 of the ban on granting oversuch strong compulsion to reduce their inventories. draft credit had greatly facilitated this increase. Production had increased, but not sufficiently to At the time of the currency reform commercial satisfy the inflated demand. In addition, imports banks received relatively high initial liquid assets did not increase as much as had been expected, in the form of central bank balances; these assets since up to the end of 1949 the Joint Export- were increased by the gradual spending of the bal- Import Agency had released only a relatively small ances of public authorities. Many of the commeramount of foreign exchange earned by exports and cial banks were independent of the central banksince, for technical reasons, Marshall Plan deliveries ing system, since they had large excess reserves were slow in getting under way. Thus the gap from which they could expand their credit volume between supply and demand, which had been tem- without calling upon the central banking system porarily narrowed, once again widened and prices for funds. began to rise, particularly in the industrial field Considering the increasing volume of economic where price controls had been abandoned at the activity, considerable expansion of credit was intime of the currency reform. Price rises in some evitable. Even the fact that part of the credit was fields where controls still existed, primarily in used by borrowers as a substitute for long-term foodstuffs, gave new impetus to black market ac- capital could be disregarded at first, since no other tivities, which had declined after the reform. source of capital was available. The longer this Some price increases were unavoidable when expansion continued, however, the more it added to controls were abandoned. Price control regulations the inflationary pressure. Rising prices fed by had held both prices and wages at the prewar expanding bank credit increased the tendency to level. However, the sharp decline in labor produc- hoard, which in turn brought about further price tivity as a result of the war made it necessary increases from the supply side. In the end the only either to adjust nominal wages to the reduced pro- important barrier to the inflationary trend was ductivity or to allow a corresponding increase in wages, which rose comparatively little because of prices. Since it had been decided at the time of the stability of prices of the more important comthe currency reform to maintain the wage level, ponents of the cost of living (still under control), the adjustment had to be made through price in- and particularly because of the understanding and creases. It is true that in many sectors of the discipline showed by the labor unions. It was clear, economy the price adjustments went beyond those however, that if prices continued to rise this final necessary to meet production costs, and some con- barrier would also give way. siderable profits were made. Even these profits Intervention of the central banking system. In the were important to the economy, since they made fall of 1948 the central banking authorities decided possible a volume of investment which could not to make every effort to control the indiscriminate have been achieved through voluntary savings. expansion of the money supply. This was a diffi- Such "self-investment" did, however, represent cult task, particularly because the issue of money some misdirection of available resources. under the currency reform provisions was entirely Threat of an "inflationary spiral." As time went on, exempt from control. This left only the control the inflationary pressures became more and more of credit, for which a drastic general restriction was serious. Not only was the available supply of considered inopportune since for many industries money constantly being increased by the continued credits were the only source of outside financing. issue of money and conversion of balances under Use of the discount rate as a lever would have been the provisions of the currency reform regulations, ineffective since, as previously mentioned, most but also credit granted by commercial banks began commercial banks had no need to call upon the to assume an increasing importance. The central central bank for funds and, in view of the price banking authorities had no control over the first boom, higher credit costs would have had little source of money, and only limited influence over or no effect in discouraging the demand for credit. the extension of credit. At the end of July 1948 As a general restrictive measure the Bank ordered short-term credits to nonbank borrowers had an increase in the minimum reserves for demand OCTOBER 1950 1295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC DEVELOPMENT IN WESTERN GERMANY deposits from 10 per cent to 15 per cent, effective THE SECOND PHASE December 1, 1948, which tended to reduce the From a sellers' to a buyers* market. In early 1949 credit potential of the banks. In the field of selecthe business cycle entered a new phase. Whereas tive credit controls, the Bank confined bank acceptdemand had obviously been excessive before, indusances eligible for rediscount to those serving to trial enterprises and private consumers now began finance foreign trade or for officially ordered to restrict their purchases, waiting for more favorstockpiling of goods. In addition, the banks were able prices. The sellers' markets were replaced urged not to increase their total credit volume above more and more by buyers' markets, and in many the level of October 31, 1948, except for undertakinstances this was a painful process. Competition ings that were essential to the national economy, and increased and many lines which had found a ready then only after giving the Land Central Bank an market during the upswing either went out of opportunity to influence the use to which the business or adjusted themselves to new market credit was to be put. conditions. Therefore it was not surprising that Turning point. By the end of December 1948 the increase in the volume of production slowed the rate of credit expansion had decreased noticein the first months of 1949 as compared to the ably. At the same time the increase in prices came upswing immediately following the currency reto a halt and some prices began to decline. It is form. At no stage, however, did the development certainly safe to assume that there was a definite take on the aspects of a deflation. Industrial proconnection between these developments and cenduction during the first half of 1949 continued to tral bank action. Nevertheless, other factors doubtrise; by June 1949 it was approximately 12 per cent less contributed to the price decline, which was to higher than at the beginning of the year. have an extremely important effect on over-all busi- Unemployment increased considerably during ness development during the following months. this same period. There had been a small increase For one thing, the expansion of the money supply in the number of unemployed immediately folunder the currency reform provisions decreased lowing the currency reform, but this number had considerably after the payment of the second per declined toward the end of 1948. By the end o£ capita quota; by the end of 1948 the conversion June 1949, however, there were almost 1.3 million of Reichsmark accounts into Deutsche marks was unemployed, as compared with 760,000 at the end from 80 to 90 per cent complete. Moreover the of 1948 and 450,000 shortly after the currency republic budgets, due to high tax receipts in the form. This serious development, which became fourth quarter of 1948, began to show surpluses the main concern of West German economic policy rather than deficits, thus reducing rather than innext to foreign trade, was explained by the influx: creasing the amount of money in circulation. of new workers. The expansion of the labor force These contractive forces, which are independent resulted mainly from the steady arrival of refugees of credit policy and cannot be influenced by it, from the East and the enrollment of persons who* have persisted up to the present time; they have had not previously looked for employment. This been, however, more than offset by the continued influx could not be fully absorbed since increasing credit expansion. Other factors were the intercompetition forced industries to rationalize producnational price developments, characterized toward tive processes which, in spite of increased producthe end of 1948 by declining raw material prices tion, resulted in some instances in a considerable and increased imports under the Marshall Plan, reduction in working force. The structural difficulboth of which overcame bottlenecks caused by ties in the German economy, therefore, became apshort supplies of raw materials and discouraged parent as soon as excessive inflationary demand1 a growing tendency to hoard such materials. ceased. Of great importance was a natural corrective It was the complete failure to recognize the measure on the part of the markets themselves. Since it had been possible to hold wage increases dual character of this development which caused within narrow limits during the price rise, many some people to refer to the phenomena of the "strucprices proved to be too high in relation to the tural crisis" as a "deflation." The credit policypurchasing power as soon as current demand ceased pursued never deserved this label, as is proved by to be inflated by the issue of new money. the fact that even during the period of the sa- 1296 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC DEVELOPMENT IN WESTERN GERMANY called "credit rationing" from the end of October of Marshall Plan imports during the year were for 1948 to the end of March 1949 the volume of credit the larger part not released for investment purextended by commercial banks increased by almost poses, thus depriving the economy of the capital 1.8 billion Deutsche marks. Outstanding central relief which might otherwise have been provided bank credit expanded by about 839 million Deutsche by these generous imports. The supply of capital marks during the same period. remained unsatisfactory, although in fact "savings" Credit relaxation. As soon as it was certain that had increased. a revival of the inflationary trend need not be The sale of securities was especially disappointfeared and that the process of economic consolida- ing throughout 1949. Even large loans issued tion would not be interrupted, the Bank began to at attractive terms by public corporations had relax credit policy. At the end of March 1949 the meager success notwithstanding the release for indirective which had in principle bound the banks vestment purposes (beginning with the Federal to their credit status as of October 1948 was re- Railway loan of May-June 1949) of 400 million scinded. Effective June 1, 1949, reserve require- Deutsche marks held in blocked bank accounts. ments for demand deposits were reduced from 15 per cent to 12 per cent in major cities and from CENTRAL BANK AID FOR FINANCING INVESTMENTS 10 per cent to 9 per cent in the rest of the area. The Bank deutscher Laender could not, of course, The discount rate of Land Central Banks was make any great change in this situation since reduced by /4 percentage point in May and again a central bank has little power to reduce liquidity in July 1949, the total reduction being from 5 per preference and cannot replace needed investment cent to 4 per cent. The expansion of credit was funds with credit. To a certain extent, however, further facilitated by the fact that until the middle the Bank's easy money policy served to combat of 1949 central bank money was pumped into the the tendency toward excessive liquidity, since such commercial banks through the foreign trade ac- a policy normally promotes the shifting of funds counts of the Bank deutscher Laender. This was from the money market to the capital market. The due in part to the net purchase of foreign curren- same purpose was served by the granting of species, made possible by the balance of commercial cial rediscount and collateral loan facilities by trade being favorable until the middle of the year, which the Bank attempted to promote the willingand partly to the utilization of "counterpart funds" ness of certain large credit institutions to make for purposes other than investments. long-term investments. Early in the summer of 1949 a number of public THE GROWING IMPORTANCE OF THE "PROBLEM OF administrations, especially the state governments, CAPITAL SHORTAGE" decided to invest a large part of their liquid re- Since the end of the boom following the currency serves. The purpose of this program was to inreform, industry had complained vigorously about crease public investment in the third quarter of the shortage of investment capital. This shortage 1949 to approximately 1 billion Deutsche marks. was due in part to the low level of real income as It is impossible to determine at this time whether compared to investment need, as is always the case this objective was achieved and whether the funds when large-scale reconstruction has to be carried provided in the budgets for investment purposes out. In part, however, it could be explained by dis- were actually fully utilized in the fall of 1949; ruptions in the normal flow of money. Confidence there can be little doubt, however, that this proin the currency had been restored by the ending gram reduced liquidity preference in some areas, of inflationary trends in 1948 and savings had re- at least, and increased the velocity of circulation. vived remarkably, but enterprises and private in- Large-scale open market operations, such as were dividuals showed a continuing aversion to any urged upon the Bank to counteract the scarcity of long-term commitment of funds. Stringent tax capital, were not undertaken during the year for rates diverted to public authorities a considerable a number of reasons. Quite apart from the fact amount of money which would otherwise have been that a normal market for securities did not exist in available for savings, and intensified the tendency Western Germany during the year, the currency to keep the remainder in liquid form. Deutsche reform laws and the banking laws did not permit mark deposits into the counterpart fund in payment such operations. In addition, by the middle of 1949 OCTOBER 1950 1297 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC DEVELOPMENT IN WESTERN GERMANY it was still far from clear whether production could from 5 to 4 per cent for time or savings deposits. expand to meet increased demand or whether the This change reduced the latter two requirements balance of payments could stand an additional bur- to their legally permissible minimum. den. Another factor to be taken into consideration was that direct creation of large central bank credits THE PROBLEMS OF INTERNATIONAL ECONOMIC would have again rendered the commercial banks RELATIONS relatively independent of the central banking sys- The change in the conversion factor of the Deutsche tem. The international economic situation, in mark. The caution exercised by the Bank with particular, dictated caution, especially since West- reference to the granting of excessive credit was ern Germany was getting less foreign aid in 1949-50 fully justified in the second half of 1949, when than in the previous year and since (in view of Western Germany was faced with a series of diffi- Germany's obligations under the Marshall Plan) cult problems owing to international developments. every effort had to be made to encourage the ex- The first test came in connection with the devaluaport trade. At that time the export industries were tion of the pound sterling in September 1949. It suffering from the preoccupation of industry with was clear that the only alternative to German dethe domestic market. valuation would be an overvaluation of the Ger- In August 1949 the Bank deutscher Laender de- man currency which would force a disastrous decided to use existing legal provisions to enable flationary policy in order to adjust prices. On the financial institutions to grant long-term production other hand, Western Germany's dependence upon and investment credits against the future formation imports meant that any great deterioration in the of capital. As a means of such "pre-financing" the real terms of trade would lead to difficulties, espurchase of compensation claims by the central pecially in connection with internal price policies. banking system was provided for, the financial At the suggestion of the Central Bank Council and institutions being obligated to repurchase such with the approval of the Allied High Commission, claims out of future receipts.1 One hundred mil- the German Federal Government decided upon a lion Deutsche marks were set aside for the devaluation of 20.6 per cent (from $0.30 for 1 financing of larger export orders, and an additional Deutsche mark to $0,238), while Great Britain sum of 200 million Deutsche marks was allocated and most of the other countries which changed for granting investment credits. Distribution of their rate of exchange against the dollar undertook these amounts among the various banking groups a devaluation of 30.5 per cent. was left to the Land Central Banks. Despite the great sensitivity of the German pub- Contrary to expectation, these funds were used lic on currency questions, this measure had survery slowly. By the end of 1949 financial institu- prisingly little eflect on the attitude of the public tions had sold to the Land Central Banks only 65 toward the market. The policy announced by the million Deutsche marks worth of compensation government of preventing a rise in the price of claims, approximately 60 million of this sum befoodstuffs by increased subsidies may have had ing used for financing investments and the remuch to do with this. It was also important, mainder for financing exports. This may be exhowever, that the volume of money was not explained in part by the fact that after 1949, for cessively inflated; and that the central bank left reasons which will be discussed later, the liquidity no doubt that it was willing and able to counter position of most banks deteriorated considerably any recurrence of inflationary price trends. There and many banks therefore hesitated to convert was a slight wave of buying, which passed quickly, liquid assets, such as compensation claims, into although the slightly increased spending trend more or less nonliquid investment credits or longnoticeable prior to the change in the rate for the term export credits. The attitude of the banks Deutsche mark may have been somewhat intensified was not changed to any appreciable extent by a by the currency developments. At any rate, the reduction in reserve requirements, effective Sepwithdrawals of savings which began immediately tember 1, 1949, from 12 to 10 per cent for demand after the devaluation lasted for a very short time, deposits in major cities and from 9 to 8 per cent and as early as October the surplus of deposits over for demand deposits in the rest of the area, and withdrawals on saving accounts again began to 1 Translator's note: Compensation claims are claims against increase. If the effects of the devaluation had the government arising under the currency reform laws. 1298 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC DEVELOPMENT IN WESTERN GERMANY coincided with those of a far-reaching expansion duce these deficits within the agreed period. The program, the situation would probably have been problem is magnified by the fact that so far it has more difficult to control. been hardly possible to reduce the "dollar gap," The situation with respect to foreign trade was although there are increased opportunities in this similar. The relatively low rate of devaluation at respect as a result of the liberalization of intrafirst put Western Germany at a disadvantage and European trade. the export industries, in some instances, had to Effects of the liberalization of the domestic economy. make considerable price concessions. More im- Trade liberalization also had its effects on the portant, the difference between the domestic domestic economy. The sharp increase in imprices and those in other countries became even ports during the second half of 1949 led to a congreater in some fields, thus causing a strong tend- siderable expansion in credit requirements and ency to increase imports. the volume of credit outstanding increased greatly, Liberalization of trade. The tendency to increase especially in the fall months of 1949. The greater imports was intensified by the liberalization of portion of funds thus created, however, found its European trade, which began about the same time way into the foreign trade accounts of the central as the currency devaluation. The government of banking system which, from the middle of 1949, the Federal Republic of Germany complied most showed a growing unfavorable balance instead of willingly with a request of the Organization for a surplus. This occurred because exports expanded European Economic Cooperation to remove exist- at a much slower rate than did imports, resulting ing barriers to intra-European trade, and in some in smaller outpayments to exporters than in payinstances liberalized imports to a far greater de- ments from importers, and because of the low gree than other participants in the Marshall Plan. level of counterpart release during the second half Removal of import barriers resulted in a sudden of 1949. This situation, together with a net inflow increase in imports, since it became possible to of funds into the central banking system from the purchase many goods which had been unavailable public budgets, resulted in a considerable loss of for a long time and prices were at first not pro- funds to the banking system and served to reduce hibitive. Exports were much less affected by the liquidity of the credit institutions. In the the liberalization at first. This was partly be- middle of 1949 credit institutions had a net credit cause other countries did not liberalize to the balance with the central banking system of approxisame extent as did Germany, partly because Ger- mately. 58 million Deutsche marks; by the end of man exports were largely manufactured only on the year this had changed to a debit of almost order, and partly simply because Germany was at 2 billion Deutsche marks which, of course, cona disadvantage with many other countries because siderably reduced their credit potential. of the exchange rate differential. International developments also exerted some in- Foreign trade and the balance of payments. The fluence upon the business situation. In the late unfavorable balance of trade resulting from the de- fall a further reduction in prices took place, partly valuation and the "trade liberalization created for because of the necessity to adjust to foreign prices, Western Germany an additional balance-of-pay- the low level of which had diverted a portion of ments problem, although probably one of shorter domestic demand to foreign products. This diverduration than the dollar deficit problem. Up to sion was to some degree responsible for the fact the present, it has been possible to keep at a mini- that industrial production, after rising from 86 mum the payment of "hard" currencies to cover per cent of the 1936 level in July 1949 to 98 per import surpluses, since the Federal Republic has cent in November, declined toward the end of been able to draw upon old foreign accounts and 1949 and the beginning of 1950. At the same unused credits and since the trading partners have, time the number of unemployed increased to alin some instances, agreed to a temporary suspen- most 2 million by the end of January 1950, although sion of the "dollar clause" contained in most of this increase was mainly seasonal in nature. Western Germany's bilateral treaties. In some cases, however, the deficits of Western Germany THE CURRENCY SITUATION AT THE END OF 1949 vis-a-vis other European countries increased con- The situation confronting the Bank deutscher siderably and great effort will be required to re- Laender at the end of the business year was char- OCTOBER 1950 1299 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC DEVELOPMENT IN WESTERN GERMANY acterized by two factors which are to some extent future, has extended its financial aid in the form of contradictory and which do not make it easy to interim advances; it will therefore be able, should formulate an appropriate credit policy: on the one the currency situation so require, to reverse the exhand there is a restricted domestic economy which pansion in the volume of money which will at first does not fully use its factors of production, and result from the financing of the work creation proon the other there is a strained balance-of-payments gram. situation. The domestic situation doubtless re- Under these circumstances the policy of the Bank quires a most liberal credit policy although the seems to be fully compatible with the requirements effectiveness of central bank action on the business of the international situation, which demands above situation is limited unless it is supported by an all an increase in exports. As a matter of fact, at appropriate general economic policy on the part the beginning of 1950 an improvement in the balof the government. However, the promotion of ance of payments of Western Germany vis-a-vis production and employment by means of credit other OEEC countries is becoming apparent, probpolicy must not go too far because it must not be ably reflecting primarily the gradual liberalization allowed to threaten the equilibrium of the balance of import regulations in other countries. When of payments. Viability, which may be defined discrimination against Western Germany ends, the as the re-establishment of equilibrium in the bal- Federal Republic should be able to sell in Europe ance of payments without autarkistic methods, is as at least as much as it buys from European counmuch an inescapable obligation for each country tries. Even then, however, the problem of the participating in the Marshall Plan as is the greatest "dollar gap" will remain. In order to narrow this possible utilization of economic resources. gap, in spite of high tariff barriers in the dollar countries, certain special measures have already been DOMESTIC AND INTERNATIONAL DEMANDS initiated. Moreover, the increase in intra-European ON CREDIT POLICY trade may be helpful in reducing the dollar deficit, The Bank was fully aware of these possible first because it permits the shifting of certain imconflicts when, under the impact of growing un- ports from the dollar area to Europe, and second employment during the first quarter of 1950, it because it may be expected to lead to a better inpromised financial aid under the program of work ternational division of labor and to further efforts creation drawn up by the Government of the Fed- at rationalization. The Bank therefore heartily weleral Republic. Fortunately the necessary condi- comes the plan of the European Payments Union, tions for an expansion of production in Western and hopes that it will become possible to extend Germany have improved to such an extent that a membership in this Union over the widest possible properly administered expansion of credit can be area. The larger its framework, the more will such encouraged by the central banking system without a union be able to help all countries eliminate the endangering the stability of domestic prices. This is international limitations upon their domestic ecoprimarily because of an increased elasticity of supply nomic development. caused by the elimination of production bottlenecks It must always be remembered, however, that the and a greatly increased agricultural production. In solution of Western Germany's problem of inteaddition, because of the changes in the liquidity grating her unemployed into the economic process situation of the commercial banks indicated above, without worsening the balance-of-payments posithey have become so dependent upon the central tion cannot be solved in the short run by means of banking system that there is no need to fear an credit expansion, to say nothing of the domestic uncontrollable overexpansion. Without an inflow difficulties which would arise from such a shortof central bank credit there might even be a pos- term solution. We are dealing here with a strucsibility of too severe credit restrictions by com- tural problem created by tremendous shifts in popumercial banks, although increased releases of Euro- lation growing out of the war. In a country as pean Recovery Program counterpart funds begin- densely populated and as dependent upon imports ning in December have eliminated one factor which as Western Germany has become, this problem can previously interfered with the liquidity of banks. only be solved gradually, as it becomes possible to Moreover, the central banking system, in full agree- reincorporate Western Germany into the world ment with the German Federal Government and in economy to a degree commensurate with the counanticipation of an inflow of funds in the foreseeable try's requirements and its desired standard of living. 1300 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 Delegation of Functions under Defense delegated to him by such section, (a) receive from Production Act appropriate agencies of the Government information relating to the direct and indirect military, Executive Order No. 10161 other governmental, civilian, and foreign require- The President on September 9, 1950, issued Exec- ments for materials and facilities, (b) review and utive Order No. 10161 delegating to various Fed- evaluate such requirements in the light of availeral agencies certain functions which had been able materials and facilities, and (c) exercise his vested in him by the Defense Production Act of priorities and allocations powers in such manner as 1950. The text of the Executive Order reads as will in his judgment promote adequate supplies and follows: their proper distribution. EXECUTIVE ORDER 10161 Section 103. (a) Each delegate referred to in section 101 of this Executive order shall be a claim- DELEGATING CERTAIN FUNCTIONS OF THE PRESIDENT ant before the other such delegates, respectively, in UNDER THE DEFENSE PRODUCTION ACT OF 1950 the case of materials and additional facilities By virtue of the authority vested in me by the deemed by the claimant delegate to be necessary Constitution and statutes, including the Defense for the provision of an adequate supply of the ma- Production Act of 1950, and as President of the terials and facilities with respect to which delegation United States and Commander in Chief of the is made to the claimant delegate by the said secarmed forces, it is hereby ordered as follows: tion 101. (b) Each delegate under section 101 of this PART I. PRIORITIES AND ALLOCATIONS Executive order may, with the approval of the Section 101. The functions conferred upon the Chairman of the National Security Resources President by Title I of the Defense Production Act Board, designate agencies and officers of the Govof 1950 are hereby delegated as follows: ernment, additional to the claimants referred to in (a) To the Secretary of the Interior with respect section 103(a) of this Executive order, to be claimto petroleum, gas, solid fuels, and electric power. ants before such delegate with respect to stated materials and facilities. (b) To the Secretary of Agriculture with respect to food, and with respect to the domestic distribu- PART II. REQUISITIONING tion of farm equipment and commercial fertilizer. Section 201. (a) Except as provided in section (c) To that commissioner of the Interstate Com- 201 (b) of this Executive order, the functions conmerce Commission who is responsible for the superferred upon the President by Title II of the Defense vision of the Bureau of Service of the Commission, Production Act of 1950 are hereby delegated to the with respect to domestic transportation, storage, and officers to whom functions are delegated by section port facilities, or the use thereof, but excluding air 101 of this Executive order, respectively, according transport, coastwise, intercoastal, and overseas shipto the designations of materials and facilities set ping. forth in paragraphs (a), (b), (c), and (d) of the (d) To the Secretary of Commerce with respect said section 101. to all materials and facilities except as provided in (b) The functions conferred upon the President paragraphs (a), (b), and (c) of this section 101. by sections 201 (b) and 201 (c) of the Defense Pro- Section 102. Each delegate referred to in section duction Act of 1950, exclusive of determinations 101 of this Executive order shall, in connection with with respect to the termination of the need for the carrying out the priorities and allocations functions national defense of any property requisitioned un- OCTOBER 1950 1301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT der Title II of the said Act, are hereby delegated to Governors of the Federal Reserve System. Said the Administrator of General Services. Board is hereby authorized, after consultation with the heads of the guaranteeing agencies, (1) to pre- PART III. EXPANSION OF PRODUCTIVE CAPACITY scribe such regulations governing the actions and AND SUPPLY operations of fiscal agents hereunder as it may deem Section 301. The Department of the Army, the necessary, (2) to prescribe, either specifically or by Department of the Navy, the Department of the maximum limits or otherwise, rates of interest, Air Force, the Department of Commerce, the De- guarantee and commitment fees, and other charges partment of the Interior, the Department of Agri- which may be made in connection with loans, disculture, and the General Services Administration, in counts, advances, or commitments, guaranteed by this Part referred to as guaranteeing agencies, and the guaranteeing agencies through such fiscal each delegate under section 101 of this Executive agents, and (3) to prescribe regulations governing order shall develop and promote measures for the the forms and procedures (which shall be uniform expansion of productive capacity and of production to the extent practicable) to be utilized in connecand supply of materials and facilities necessary for tion with such guarantees. the national defense. Section 303. Within such amounts of funds as Section 302. (a) Each guaranteeing agency is the President shall have made available, and upon hereby authorized, in accordance with section 301 the certificate by the Secretary of the Interior in reof the Defense Production Act of 1950, subject to spect of metals and minerals (except as to parathe provisions of this section, in order to expedite graph (c) of this section), or by the Secretary of production and deliveries or services under Govern- Agriculture in respect of lumber, or by the apment contracts, and without regard to provisions propriate delegate referred to in section 101 of this of law relating to the making, performance, amend- Executive order in respect of other materials and ment, or modification of contracts, to guarantee in facilities, or by such other officer or officers of the whole or in part any public or private financing Government as the President may designate, as to institution (including any Federal Reserve Bank), the necessity for loans, purchases, or commitments, by commitment to purchase, agreement to share as the case may be: losses, or otherwise, against loss of principal or interest on any loan, discount, or advance, or on any (a) The Reconstruction Finance Corporation is commitment in connection therewith, which may be hereby authorized and directed to make loans (inmade by such financing institution for the purpose cluding participations in, or guarantees of, loans) of financing any contractor, subcontractor, or other to private business enterprises (including research person in connection with the performance, or in corporations not organized for profit) for the expanconnection with or in contemplation of the termi- sion of capacity, the development of technological nation, of any contract or other operation deemed processes, and the production of essential materials, by the guaranteeing agency to be necessary to expe- including the exploration, development, and mindite production and deliveries or services under ing of strategic and critical metals and minerals, as Government contracts for the procurement of ma- authorized by and subject to section 302 of the Deterials or the performance of services for the na- fense Production Act of 1950. tional defense. (b) The Administrator of General Services is (b) Each Federal Reserve Bank is hereby desig- hereby authorized and directed to purchase and nated and authorized to act, on behalf of any guar- make commitments to purchase metals, minerals, anteeing agency, as fiscal agent of the United and other raw materials, including liquid fuels, for States in the making of such contracts of guarantee Government use or resale, as authorized by and suband in otherwise carrying out the purposes of the ject to section 303 of the said Act: Provided, That said section 301, in respect of private financing in- the Secretary of Agriculture is also authorized to stitutions. exercise the functions under section 303 with respect (c) All actions and operations of Federal Reserve to agricultural commodities. Banks, under authority of or pursuant to the said (c) The Secretary of the Interior is hereby ausection 301 of the Defense Production Act of 1950, thorized and directed to encourage the exploration, shall be subject to the supervision of the Board of development, and mining of critical and strategic 1302 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT minerals and metals, as authorized by and subject functions with respect to price stabilization as may to the provisions of the said section 303. be determined by the Administrator. Section 304. The functions conferred upon the Section 403. (a) There shall be in the Agency President by section 303(d) of the Defense Produc- a Wage Stabilization Board composed of nine memtion Act of 1950 with respect to the installation of bers who shall be appointed by the President. Three additional equipment, facilities, processes, or im- of the members so appointed shall be representative provements to plants, factories, and other industrial of the public, three shall be representative of labor, facilities owned by the United States Government, and three shall be representative of business and and with respect to the installation of Government- industry. One of the members representing the owned equipment in plants, factories, and other in- public, to be designated by the President, shall be dustrial facilities owned by private persons, are chairman of the Board. hereby delegated to the Administrator of General (b) The Wage Stabilization Board shall make Services. recommendations to the Administrator regarding the planning and development of wage stabilization PART IV. ECONOMIC STABILIZATION policies and shall perform such further functions Section 401. (a) There is hereby created a new with respect to wage stabilization as may be deterand independent agency to be known as the Eco- mined by the Administrator after consultation with nomic Stabilization Agency, hereafter in this Part the Board. referred to as the Agency. There shall be at the Section 404. The Administrator is hereby desighead of the Agency an Economic Stabilization Ad- nated to initiate such consultations and conferences ministrator, hereafter in this Part referred to as the with management, labor, and representatives of the Administrator, who shall be appointed by the Presi- Government and public as he deems appropriate dent by and with the advice and consent of the and to advise the President of such action as may Senate. be called for in carrying out the provisions of Title (b) The Administrator shall seek to preserve and V of the Defense Production Act of 1950. maintain the stabilization of the economy. To this PART V. REAL ESTATE CREDIT end he shall: Section 501. (a) Subject to the provisions of sec- (1) Plan and develop both short and long-range tion 501 (b) of this Executive order, the functions price and wage stabilization policies and measures conferred upon the President by section 602 of the and create the necessary organization for their ad- Defense Production Act of 1950 are hereby deleministration. gated to the Board of Governors of the Federal Re- (2) Inform the public, agriculture, industry and serve System. labor concerning the need for stabilization and en- (b) The said Board shall obtain the concurrence courage and promote voluntary action to this end. of the Housing and Home Finance Administrator (3) Consult and advise with the Government offi- with respect to provisions relating to real estate concials responsible for procurement, production, man- struction credit involving residential property bepower, and rent control, and for fiscal, credit and fore prescribing, changing, or suspending any real monetary policies, concerning measures within their estate construction credit regulation pursuant to the jurisdiction which will assist stabilization. authority of section 602 of the Defense Production (4) Establish price ceilings and stabilize wages Act of 1950. and salaries where necessary. Section 502. (a) The functions conferred upon (c) The functions conferred upon the President the President by section 605 of the Defense Producby Title IV of the Defense Production Act of 1950 tion Act of 1950, to the extent that such functions are hereby delegated to the Administrator. relate to loans on real estate involving residential Section 402. There shall be in the Agency a Di- property, are hereby delegated to the Housing and rector of Price Stabilization, who shall be appointed Home Finance Administrator. by the President by and with the advice and con- (b) In carrying out the functions delegated by sent of the Senate, and who shall perform such section 502(a) of this Executive order, and under OCTOBER 1950 1303 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT the authority so delegated or under authority vested ian activities and with the Secretary of Defense, the in him by any applicable law, the Administrator Director of Selective Service, and such other pershall from time to time issue such regulations and sons as the President may designate develop policies take such other action as may be necessary to insure applicable to the induction and deferment of per- (1) that the restrictions imposed on real estate con- sonnel for the armed services, except for civilian struction credit by the provisions of the regulations personnel in the reserves. issued from time to time by the Board of Governors of the Federal Reserve System (with the concurrence PART VII. VOLUNTARY AGREEMENTS of the Housing and Home Finance Administrator Section 701. (a) The functions conferred upon in the provisions of such regulations relating to the President by section 708(a) of the Defense Procredit involving residential property) under the au- duction Act of 1950 are hereby delegated as folthority delegated by section 501 of this Executive lows: order shall be applicable to the fullest extent prac- (1) To the Secretaries of the Interior, Agriculticable with respect to loans on real estate (of the ture, and Commerce, and to the commissioner of types referred to in section 605 of the Defense Prothe Interstate Commerce Commission referred to duction Act of 1950) involving residential propin section 101 of this Executive order, respectively, erty, and (2) that the relative credit preferences acaccording to the designations of materials and corded to veterans under existing law are preserved facilities set forth in paragraphs (a), (b), (c), and in accordance with the provisions of section 605 (d) of such section 101. of the Defense Production Act of 1950. (2) To the Board of Governors of the Federal Reserve System with respect to financing. PART VI. LABOR SUPPLY Section 601. The Secretary of Labor shall utilize (3) To the Economic Stabilization Administrator the functions vested in him so as to meet most ef- with respect to stabilization. fectively the labor needs of defense industry and (b) The functions conferred upon the President essential civilian employment, and to this end he by section 708(b) of the Defense Production Act shall: of 1950 are hereby delegated as follows: (a) Assemble and analyze information on labor (1) To the Secretary of Commerce in respect requirements for defense and other activities and of Title I of the Defense Production Act of 1950. on the supply of workers. (2) In other respects to the delegates referred to (b) Consult with and advise each delegate in section 701 (a) of this Executive order, respecreferred to in section 101 of this Executive order tively, according to the provisions of paragraphs (1), and each official exercising guarantee or loan func- (2), and (3). thereof. tions under Part III of this Executive order con- (c) The delegation of authority made by section cerning (1) the effect of contemplated actions on 701 (b) of this Executive order is subject to the labor supply and utilization, (2) the relation of conditions (1) that each delegate concerned shall labor supply to materials and facilities requirements, consult with the Attorney General and the Chair- (3) such other matters as will assist in making the man of the Federal Trade Commission not less exercise of priority and allocations functions con- 1 than ten days before making any request or finding sistent with effective utilization and distribution of under section 708(b) of the Defense Production labor. Act of 1950, (2) that each delegate concerned shall (c) Formulate plans, programs, and policies for obtain the approval of the Attorney General to any meeting defense and essential civilian labor requirerequest under said section 708(b) before making ments. the request, and (3) that the authority delegated (d) Utilize the public employment service sys- may not be redelegated. tem, and enlist the cooperation and assistance of management and labor to carry out these plans and PART VIII. COORDINATION programs and accomplish their objectives. Section 801. In the interest of consistent and co- (e) Determine the occupations critical to meeting ordinated administration of functions delegated by the labor requirements of defense and essential civil- this Executive order, each officer to whom func- 1304 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT tions are delegated shall be guided by such policies (e) The term "solid fuels" shall mean all forms and program directives as the President may from of anthracite, bituminous, sub-bituminous, and ligtime to time prescribe. nitic coals, and coke and its byproducts. Section 802. The Chairman of the National Se- (f) The term "electric power" shall mean all curity Resources Board shall, in the interest of forms of electric power and energy, including the assisting the President to coordinate the functions generation, transmission, distribution, and utilizadelegated by this Executive order, and on behalf tion thereof. of the President: (g) The term "metals and minerals" shall mean (a) Resolve interagency issues which otherwise all raw materials of mineral origin, including their would require the attention of the President. refining and processing but excluding their fabri- (b) Prescribe policy and program directives hav- cation. ing the approval of the President. (h) The term "food" shall mean all commodities (c) Obtain reports and information on the status and products, simple, mixed, or compound, or comof work in the various agencies designated in this plements to such commodities or products, that Executive order. are capable of being eaten or drunk by either hu- (d) Take such measures to obtain coordination man beings or animals, irrespective of other uses of related policies and activities among the various to which such commodities or products may be agencies as he may determine. put, at all stages of processing from the raw com- (e) Advise the President on the progress of the modity to the products thereof in vendible form defense production program and make such recom- for immediate human or animal consumption. mendations as he may deem proper. For the purposes of this Executive order the term "food" shall also include all starches, sugars, vege- Section 803. The Council of Economic Advisers table and animal fats and oils, cotton, tobacco, wool, shall adapt its continuing studies of employment, mohair, hemp, flax fiber, and naval stores, but shall production and purchasing power needs and objecnot include any such material after it loses its identives so as to furnish guides to the agencies under tity as an agricultural commodity or agricultural this Executive order in promoting balance between product. defense and civilian needs and in avoiding inflation in a stable and growing economy. In the perform- (i) The term "farm equipment" shall mean ance of this function, the Council shall obtain neces- equipment manufactured for use on farms in consary information from the agencies concerned and nection with the production or processing of food. engage in regular consultation with them. (j) The term "fertilizer" shall mean fertilizer in form for distribution to the users thereof. PART IX. GENERAL PROVISIONS (k) The term "domestic transportation, storage, Section 901. As used in this Executive order: and port facilities" shall include locomotives, cars, (a) The term "functions" includes powers, motor vehicles, watercraft used on inland waterduties, authority, responsibilities, and discretion. ways, in harbors, and on the Great Lakes, and other (b) The term "materials" includes raw materials, vehicles, vessels, and all instrumentalities of shiparticles, commodities, products, supplies, compo- ment or carriage, irrespective of ownership, and all nents, technical information, and processes, but ex- services in or in connection with the carriage of cludes fissionable materials as defined in the Atomic persons or property in intrastate, interstate, or for- Energy Act of 1946. eign commerce within the United States, except (c) The term "petroleum" shall mean crude oil movement of petroleum and gas by pipeline; and and synthetic liquid fuel, their products, and asso- warehouses, piers, docks, wharves, loading and unciated hydrocarbons, including pipelines for the loading equipment, and all other structures and movement thereof. facilities used in connection with the transshipment (d) The term "gas" shall mean natural gas and of persons and property between domestic carriers manufactured gas, including pipelines for the move- and carriers engaged in coastwise, intercoastal, and ment thereof. overseas transportation. 1305 OCTOBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Section 902. (a) Except as otherwise provided duties of the position are essential and appropriate in section 902 (c) of this Executive order, each offi- for the administration of the said Act. cer or agency having functions under the Defense (2) Each requested position shall be placed in the Production Act of 1950 delegated or assigned thereto appropriate grade of the General Schedule in acby this Executive order may exercise and perform, cordance with the standards and procedures of the with respect to such functions, the functions vested Classification Act of 1949. No person shall be emin the President by Title VII of the said Act. ployed in a position of grade 16, 17, or 18 under (b) The functions which may be exercised and authority of section 710(a) of the Defense Producperformed pursuant to the authority of section tion Act of 1950 except pursuant to notice of the 902(a) of this Executive order shall include, but Chairman of the United States Civil Service Comnot by way of limitation, (1) except as otherwise mission of the classification of the position. provided in section 701 (c) of this Executive order, Section 903. All agencies of the Government and except as otherwise required by section 403 of (including departments, establishments, and corpothe Defense Production Act of 1950, the power to rations) shall furnish to each officer to whom funcredelegate functions, and to authorize the succestions are delegated or assigned by this Executive sive redelegation of functions, to agencies, officers, order such information relating to defense producand employees of the Government, (2) the power tion or procurement, or otherwise relating to the to create an agency or agencies, under the jurisdicfunctions delegated or assigned to such officer by tion of the officer concerned, to administer functhis Executive order, as he may deem necessary. tions delegated by this Executive order, and (3) in respect of Parts I, II, IV, and V of this Executive Section 904. Each delegate referred to in secorder, the power of subpoena: Provided, That the tion 101 of this Executive order shall, when and if subpoena power shall be utilized only after the he shall deem it necessary and appropriate, appoint scope and purpose of the investigation, inspection, a committee composed of representatives of such or inquiry to which the subpoena relates have been agencies of the Government as he may determine. defined either by the appropriate officer referred to Any committee so appointed shall advise and conin section 902(a) of this Executive order or by such sult with the delegate concerned, as he may request, other person or persons as he shall designate. in connection with the carrying out of the functions delegated to him by sections 101, 201, and 302 of (c) There are excluded from the functions delethis Executive order, and shall advise the delegate gated by section 902(a) of this Executive order (1) concerned regarding requirements of materials and the functions delegated by Part VII of this Execufacilities. tive order, (2) the functions of the President under HARRY S. TRUMAN. sections 703(b) and 710(a) of the Defense Pro- The White House, duction Act of 1950, (3) the functions of the Presi- September 9, 1950. dent with respect to regulations under sections 710(b), 710(c), and 710(d) of the said Act, and Loan Guarantees for Defense Production (4) the functions of the President with respect to fixing compensation under section 703(a) of the Regulation V said Act. On September 27, 1950, announcement was made (d) The functions conferred upon the President of the inauguration of a program under the Defense by section 710(a) of the Defense Production Act Production Act of 1950 and the President's Execuof 1950 are hereby delegated as follows: tive Order No. 10161 of September 9, 1950, for the (1) Each officer or agency having functions guaranteeing of loans by private financial instituunder the said Act delegated or assigned to such tions to finance contractors and subcontractors enofficer or agency by this Executive order shall sub- gaged in defense production. In this connection, mit to the Chairman of the United States Civil the Board of Governors, after consulting the guar- Service Commission such requests for classification anteeing agencies, revised its Regulation V, effecof positions in grades 16, 17, and 18 of the General tive September 27, 1950, and prescribed a schedule Schedule as may be necessary, and shall accompany of rates and fees and a form of guarantee agreeany such request with a certificate stating that the ment. A statement for the press which sets forth 1306 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT the schedule of rates and fees appears on pages Board may prescribe after consultation with the 1283-84 of this BULLETIN and the text of Regulation guaranteeing agencies. V is as follows: (£) Eligibility of Borrower. No loan shall be guaranteed unless it shall first be determined that REGULATION V the contract or other operation of the prospective borrower to be financed by such loan is one which Revised Effective September .27, 1950 is deemed by the guaranteeing agency involved to LOAN GUARANTEES FOR DEFENSE be necessary to expedite production and deliveries PRODUCTION or services under a Government contract for the SECTION 1. AUTHORITY procurement of materials or the performance of This regulation is based upon and issued pur- services for the national defense. Such determinasuant to the Defense Production Act of 1950 (herein tion will be made in each case by a duly authorized referred to as the "Act"), and Executive Order No. certifying officer of the appropriate guaranteeing 10161, dated September 9, 1950 (herein referred agency or in such other manner as the guaranteeing to as the "Order"), and after consultation with the agency may prescribe. The determination will be heads of the guaranteeing agencies designated in the made upon the basis of information contained in the application and accompanying papers filed by Act and the Order, namely, the Department of the the applicant financing institution, unless in the cir- Army, the Department of the Navy, the Departcumstances of a particular case it appears that furment of the Air Force, the Department of Comther information is necessary. merce, the Department of the Interior, the Department of Agriculture, and the General Services Ad- (c) Approval of Guarantees. Each application by ministration. Pertinent portions of the Act and a financing institution for a loan guarantee will be the Order are set forth in the appendix to this regu- subject to approval by the appropriate guaranteelation. ing agency in Washington or, to such extent as the guaranteeing agency may prescribe, by the Federal SECTION 2. OBJECTIVES OF FEDERAL RESERVE SYSTEM Reserve Bank to which the application is submitted. In carrying out its functions under the Act and In any case in which an application is required to the Order, it will be the objective of the Federal be submitted to Washington for approval, the Fed- Reserve System to facilitate and expedite to the eral Reserve Bank will transmit the application, togreatest extent possible the financing of contractors, gether with all necessary supporting information subcontractors, and other persons having contracts and the recommendation of the Federal Reserve or engaged in operations deemed by the guarantee- Bank, through the Board of Governors to the guaring agencies to be necessary to expedite production anteeing agency involved. Subject to determina-* and deliveries or services under Government con- tion of the borrower's eligibility, if the application tracts for the procurement of materials or the per- is approved by a duly authorized contracting officer formance of services for the national defense. The of the guaranteeing agency, such contracting officer Board of Governors of the Federal Reserve System will authorize the Federal Reserve Bank to execute (herein referred to as the "Board") and the Federal and deliver the guarantee on behalf of the guaran- Reserve Banks will cooperate fully with the guar- teeing agency. Such authorization will be transmitanteeing agencies in order to achieve this objective ted to the Federal Reserve Bank through the Board and will follow in general and to the extent appli- of Governors; and, thereupon, the Federal Reserve cable procedures developed from experience ob- Bank, acting as fiscal agent of the United States, tained in the administration of the V-loan and T- will execute and deliver the guarantee on behalf loan programs during World War II. of the guaranteeing agency in accordance with the terms of the authorization. In any case in which SECTION 3. PROCEDURES the Federal Reserve Bank is authorized by a guar- (a) Applications. Any private financing institu- anteeing agency to approve applications for guartion may submit to the Federal Reserve Bank of antees, the Reserve Bank, if it approves the appliits district an application for a guarantee of a loan cation and subject to determination of the borrowto an eligible borrower. Such application shall be er's eligibility, will execute and deliver the guarin such form and contain such information as the antee without submission of the application for prior OCTOBER 1950 1307 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT approval by any officer of the guaranteeing agency; National Bank Loan Limitations but the Reserve Bank will promptly notify the guar- In response to a request by the Board of Govanteeing agency of the execution of such guarantee. ernors for the opinion of the Comptroller of the (d) Other Forms and Procedures. The Board will Currency as to whether the form of guarantee prescribe from time to time, after consultation with agreement dated September 27, 1950, complies with the guaranteeing agencies, forms to be followed in the requirements of the Comptroller's definition of the execution of guarantees pursuant to this regula- the term "unconditional" as used in Exception 10 tion and such other forms as may be necessary. to Section 5200 of the Revised Statutes relating to The Board will also prescribe, after consultation the loan limitations applicable to national banks, with the guaranteeing agencies, procedures with re- the Office of the Comptroller, under date of Ocspect to such matters as the purchase of guaranteed tober 6, 1950, addressed the following letter to the loans by the Federal Reserve Banks as fiscal agents, Board: the handling and disposition by the Federal Reserve "This is in reply to your letter of October 3, Banks of guarantee fees and other fees collected, with which was enclosed a copy of the 'V-Loan and such other procedures as may be found neces- Guarantee Agreement (Form of September 27, sary. 1950)'. This form is identical with the draft form enclosed with your letter to us dated Sep- SECTION 4. RESPONSIBILITY OF FEDERAL RESERVE BANKS tember 20, 1950, except for three minor changes. A Federal Reserve Bank in arranging for or mak- You inquire whether such changes are sufficient ing any guarantee on behalf of any guaranteeing to modify the opinion expressed in our letter of agency will be expected to make reasonable efforts September 21 to the effect that loans covered by to afford such guaranteeing agency the best avail- Agreements in this form would come within able protection against possible financial loss con- exception 10 to section 5200 of the Revised sistent with the obtaining of national defense pro- Statutes (12 U.S.C. 84). duction expeditiously. No Federal Reserve Bank, "The changes which you point out are not of however, shall have any responsibility or account- a nature which would change the status of loans ability except as agent in taking any action pursuant guaranteed in this manner, for the purposes of to or under authority of the Act, the Order, or this exception 10. Accordingly, it is our opinion that regulation. Each Federal Reserve Bank will be the V-Loan Guarantee Agreement (Form of Sepreimbursed by each guaranteeing agency in the tember 27, 1950) meets the requirements of exusual manner for all expenses and losses incurred ception 10 to section 5200 and the definition of by the Reserve Bank in acting as agent on behalf of the term 'unconditional' issued by the Comptrolsuch guaranteeing agency, including among such ler of the Currency on June 18, 1942." expenses, notwithstanding any other provision of law, attorneys' fees and expenses of litigation. Consumer Credit Amendment to Regulation W SECTION 5. RATES AND FEES The Board of Governors of the Federal Reserve Rates of interest, guarantee fees, commitment System, effective October 16, 1950, issued Amendfees, and other charges which may be made with ment No. 1 to Regulation W, entitled "Consumer respect to guaranteed loans and guarantees executed Credit." A press statement announcing this amendthrough the agency of any Federal Reserve Bank ment appears on pages 1282-83 of this issue of the hereunder will from time to time be prescribed, BULLETIN, and the text of the amendment is as either specifically or by maximum limits or other- follows: wise, by the Board of Governors after consultation AMENDMENT NO. 1 TO REGULATION W with the guaranteeing agencies. Issued by the Board of Governors of the Federal SECTION 6. REPORTS Reserve System Each Federal Reserve Bank shall make such re- Regulation W is hereby amended in the followports as the Board of Governors shall require with ing respects, effective October 16, 1950: respect to its operations pursuant to the terms of 1. By changing "$100" in Part 1 of the Supplethe Act, the Order, and this regulation. ment to read "$50". 1308 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 2. By changing "25 per cent" and "85 per cent" (b) There must be considerably more than genin Part 1, Group B of the Supplement to read, re- eral negotiations or indefinite "understandings" that spectively, "25 per cent" and "75 per cent". credit would be extended. There must have been 3. By changing "10 per cent" and "90 per cent" an agreement to extend the credit and a reasonably in Part 1, Group C of the Supplement to read, exact agreement as to terms and amount. respectively, "15 per cent" and "85 per cent". (c) While not always essential, the case is much 4. By changing the maximum maturity stated clearer if there is written evidence of the commitin Part 2 of the Supplement for articles listed in ment. The time as of which the credit itself is Group A from "21 months" to "15 months". dated is not important, the significant date being 5. By changing the maximum maturity stated that of the prior commitment. in Part 2 of the Supplement for articles listed in 3. Substance and good faith rather than techni- Group B, Group C and for Unclassified Instalment calities and formalities control in determining Loans, respectively, from "18 months" to "15 whether there is a valid pre-September 18 contract. months". The most elaborate written documents do not con- 6. By changing the figure "24" to "18" in Part 3 stitute such a contract unless they represent a bona of the Supplement. fide commitment made as a part of a regular business transaction and not as a means of evading the 7. By striking out that portion of section 6(a)(l) regulation. between the words "flow of income" and "; or". Calculation of Maturity for Improvement Credit Pre-effective Date Transactions Certain questions have been received regarding A question has been received concerning the calthe status under Regulation W of contracts or com- culation of the maximum maturity in the case of mitments made prior to September 18, 1950, to ex- an instalment sale of an article listed in Group D tend credit after that date. Section S(h) of the of the Supplement to Regulation W. regulation exempts "any valid contract or obliga- Under section 6 (b) of the regulation the maxition entered into prior to" September 18. In order mum maturity in the case of an instalment sale to clarify the application of this provision certain must be calculated from "the actual date of the general principles are set out below: * * # delivery of the article sold." However, where there is a bona fide delay in the completed 1. The exemption in section 8(^) for "any valid delivery of a Group D article because of the time contract or obligation" entered into before Septemrequired for installation or construction, "the acber 18 applies not only to credit actually extended tual date of the * * * delivery of the listed before that date, but also to any valid contract or article sold" for the purposes of this provision is any obligation to make a contract. The exemption, date no later than the date of completion of installatherefore, includes a valid commitment made in tion or construction. It is to be noted that the foregood faith before September 18 to extend credit going does not apply with respect to the time for after September 18, and includes also the credit exobtaining the down payment required for an article tended pursuant to such a commitment. listed in Group D. Under section 3(<r) "in the case 2. In order for the exemption to apply there must of an article listed in Group D, the down payment have been a valid contract or obligation. The genshall be obtained at or before the time of begineral test is that the party seeking the credit should, ning the agreed upon repairs, alterations, or imaside from the regulation, have been able to mainprovements." tain a suit for damages if the credit had not been granted pursuant to the contract or commitment to Construction of or Repairs to Detached Structures extend the credit. Some of the requirements for Questions have been received as to whether insuch a contract may be briefly summarized: stalment credit (1) for the construction of a de- (a) A contract to sell or even a contract of sale tached garage on a lot already occupied by a house, for future delivery is not necessarily an agreement or (2) for repairs or alterations to such a garage to extend credit for the article involved. There previously built, is subject to Regulation W. must have been a valid contract relating to the credit A garage so constructed would be in connection for the purchase of the article. with an existing structure and would not be a struc- OCTOBER 1950 1309 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT ture "designed exclusively for nonresidential use" In answer to other inquiries the Board is of the within the meaning of Group D of the Supplement. view that Group D does not include the following: However, the Board's view is that such a garage Space heaters (heat generating units designed to would be an "other entire structure" within the heat directly the space in which they are located meaning of the exemption in section 7(h)(l). and not designed to transmit heat to other Consequently, instalment credit for the construction spaces by means of pipes or ducts) of the garage would not be subject to the regulation. Portable window fans On the other hand, instalment credit for repairs or alterations to such a garage previously built Purchase or Discount of Credits Extended Pursuant to Pre-effective Date Commitment would not be affected by section 7(h)(l) and, therefore, in the Board's view would be subject to the Section S(h) permits the performance of any terms applicable in the case of a Group D article. valid contract or obligation entered into prior to Whether or not a garage is "detached" must de- September 18, 1950 even though such performance pend upon the facts and circumstances of the partic- may result in an extension of instalment credit subsequent to that date on terms which do not conform ular case. For example, the mere fact that a conwith the regulation. The Board's ruling entitled crete sidewalk or fence may connect the house with "Pre-effective Date Transactions," which appears the garage normally would not prevent the garage above, set out certain general principles regarding from being a detached garage and, therefore, an the application of section 8(A). The question now "other entire structure" within the meaning of secasked relates to what evidence a Registrant shall tion 7(7?)(1). A rigid structural connection, howhold in its files to establish the fact that a nonconever, such as an enclosed passageway or breezeway forming contract it has purchased from an originatwould prevent the garage from being an "other ing Registrant was the result of a pre-effective date entire structure." contract between that Registrant and the obligor. Home Improvement "Materials and Articles" Section 8{<?) provides that the prohibitions of the Certain questions have been received concerning regulation (including the prohibitions of section the application of Group D of the Supplement to 2(a)) shall not apply to a Registrant with respect Regulation W. The Board is of the view that to any failure to comply with Regulation W in Group D includes, but is not limited to, the fol- connection with an obligation purchased, discounted lowing: or acquired as collateral from another Registrant Air conditioning systems if when so purchased, discounted or acquired the Attic ventilating fans obligation did not show on its face any failure to Garbage disposal units and garbage incinerators comply. Section S(a) provides that every Regis- Water heaters trant shall preserve for the life of the obligation to Entire heating systems and heating units for fur- which they relate such records as are relevant to naces (including oil burners, gas conversion establishing whether or not a credit is in conformity burners, and stokers) with the requirements of the regulation. Lighting fixtures Application of the sections mentioned above places Electric generating plants on a Registrant holding paper which on its face Electric wiring does not conform with Regulation W the burden of Gas or water piping proof that the paper does in fact conform. Accord- Butane, propane, or similar automatic gas sys- ingly, the Board feels that it is not practicable to tems or containers lay down specific rules as to the evidence to be Water pumps and pumping systems obtained in such cases. In that connection, state- Plumbing and sanitary fixtures ments from the originating Registrant that the non- Fencing conforming obligation resulted from a pre-Septem- Landscaping ber 18, 1950 commitment or the furnishing of dealer Sidewalks and driveways lists of pre-September 18, 1950 orders for listed Awnings, marquees, storm doors and windows, articles may not in themselves be sufficient to satisfy screens, Venetian blinds and shades the responsibility of the Registrant to have in its Septic tanks files evidence to show that the paper it holds subject 1310 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT to Regulation W is in conformity with the terms The automobile models for which designations of the regulation. will initially apply are limited to used cars of model years 1941 to 1950, inclusive. In the case of these Automobile Appraisal Guides cars, the maximum credit value on and after Sep- Under Regulation W as recently issued effective tember 18, 1950, will be the specified percentage September 18, 1950, the credit value of any auto- (now 66% per cent) of whichever is the lower of mobile is based on the lower of either (1) the cash (1) the cash purchase price or (2) the "appraisal price or (2) the average retail value stated in one guide value" (as determined from any designated of the appraisal guides designated by the Board of guide). For those automobiles which do not have Governors of the Federal Reserve System. an "appraisal guide value" (new automobiles, used For the purposes of this rule, the Board has desig- 1951 models, and used cars of 1940 and older modnated certain editions and issues of the appraisal els) the maximum credit value will be the specified guides shown on the list attached. Detailed inforpercentage of the cash purchase price. mation as to the designations may be obtained from any Federal Reserve Bank or branch. A dealer is The "appraisal guide value" to be used for the not required to use any particular automobile ap- purposes of Regulation W does not include any praisal guide but, for purposes of complying with added value for cars equipped with a radio or Regulation W, may use quotations from any of the heater, but it may include the added value specified appraisal guides that are designated for use in his in the appraisal guide for cars having an overdrive territory. or automatic transmission as extra equipment. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM AUTOMOBILE APPRAISAL GUIDES DESIGNATED FOR PURPOSES OF REGULATION W AND TERRITORIES FOR WHICH GUIDE IS DESIGNATED Name of guide, publisher, Issues designated Territory for which guide and address is designated AMERICAN AUTO APPRAISAL September-October, 1950 Region A published by American Auto Ap- November-December, 1950 (Note 1) praisal January-February, 1951 194 Grove Avenue March-April, 1951 Detroit 3, Michigan May-June, 1951 BLUE BOOK-EXECUTIVES EDITION August 15-September 30, 1950 Regions A, B, and C published by National Used Car October 1-November 14, 1950 (Note 1) Market Report, Inc. November 15-December 31, 1950 900 South Wabash Avenue January 1-February 14, 1951 Chicago 5, Illinois February 15-March 31, 1951 April 1-May 14, 1951 May 15-June 30, 1951 KELLEY BLUE BOOK GUIDE September-October, 1950 Region C published by Les Kelley November-December, 1950 (Note 1) 1221 South Figueroa Street January-February, 1951 Los Angeles 15, California March-April, 1951 May-June, 1951 MARKET ANALYSIS REPORT September-October, 1950 The six New England States, published by Used Car Statistical November-December, 1950 New Jersey, New York, and Bureau, Inc. January-February, 1951 Pennsylvania 93 Massachusetts Avenue March-April, 1951 Boston 15, Massachusetts May-June, 1951 OCTOBER 1950 1311 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Name of guide, publisher, Issues designated Territory for which guide and address is designated N. A. D. A. OFFICIAL USED CAR September, 1950 5 Regions GUIDE October, 1950 (Note 2) published by National Automobile November, 1950 Dealers Used Car Guide Co. December, 1950 1026 17th Street, N. W. January, 1951 Washington 6, D. C. February, 1951 March, 1951 April, 1951 May, 1951 June, 1951 NORTHWEST USED CAR VALUES September, 1950 Washington, Oregon, Idaho, published by Northwest Publish- October, 1950 and Montana ing Company November, 1950 90 University Street December, 1950 Seattle 1, Washington January, 1951 February, 1951 March, 1951 April, 1951 May, 1951 June, 1951 OFFICIAL AUTOMOBILE GUIDE, PRICE September-October, 1950 Regions A, B, and C EDITION November-December, 1950 (Note 1) published by Recording and Sta- January-March, 1951 tistical Corporation April-June, 1951 222 West Adams Street Chicago 5, Illinois OFFICIAL AUTOMOBILE GUIDE, PRICE September-October, 1950 Regions A, B, and C EDITION November-December, 1950 (Note 1) published by the National Re- January-March, 1951 search Bureau, Inc. April-June, 1951 415 Dearborn Street Chicago 10, Illinois OFFICIAL USED CAR SURVEY September-October, 1950 Nebraska published by Motor Vehicle Deal- November-December, 1950 ers Administration, Nebraska January-March, 1951 State House April-June, 1951 Lincoln, Nebraska OFFICIAL WISCONSIN AUTOMOBILE August 15-September 30, 1950 Wisconsin VALUATION GUIDE October 1-November 14, 1950 published by Wisconsin Automo- November 15-December 31, 1950 tive Trades Association January 1-February 14, 1951 119 Monona Avenue February 15-March 31, 1951 Madison 3, Wisconsin April 1-May 14, 1951 May 15-June 30, 1951 1312 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Name of guide, publisher, Issues designated Territory for which guide and address is designated RED BOOK NATIONAL USED CAR August 15-September 30, 1950 Regions A, B, and C MARKET REPORT October 1-November 14, 1950 (Note 1) published by National Used Car November 15-December 31, 1950 Market Report, Inc. January 1-February 14, 1951 900 South Wabash Avenue February 15-March 31, 1951 Chicago 5, Illinois April 1-May 14, 1951 May 15-June 30, 1951 NOTE 1.—The regions for which publication is designated comprise the following States: Region A Alabama Indiana North Carolina Connecticut Kentucky Ohio Delaware Maine Pennsylvania District of Columbia Maryland Rhode Island Florida Massachusetts South Carolina Georgia Michigari Tennessee Illinois—Except Madison, St. Clair Mississippi Vermont and Rock Island Counties New Hampshire Virginia New Jersey West Virginia New York Wisconsin—Except Dougla County Region B Arkansas Kansas North Dakota Colorado Louisiana Oklahoma Illinois—Madison, St. Clair and Minnesota South Dakota and Rock Island Counties Missouri Texas Iowa Montana Wisconsin—Douglas County Nebraska Wyoming New Mexico Region C Arizona Idaho Oregon California Nevada Utah Washington NOTE 2.—The regions for which each of the five territorial editions of N.A.D.A. Official Used Car Guide is designated are as follows: Region "A" Connecticut Maryland Pennsylvania Delaware Massachusetts Rhode Island District of Columbia New Hampshire Tennessee—Sullivan County Maine New Jersey only New York Vermont Virginia OCTOBER 1950 1313 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Name of guide, publisher, Issues designated Territory for which guide and address is designated Region "B" Arkansas—Miller County only Montana Oklahoma Colorado New Mexico South Dakota Louisiana North Dakota Texas Wyoming Region "C" Arizona Idaho Oregon California Nevada Utah Washington Region "D" Alabama Iowa Nebraska Arkansas—Except Miller County Kansas North Carolina Florida Minnesota Tennessee—Except Sullivan Georgia Mississippi County Illinois—Madison, Rock Island, St. Missouri South Carolina Clair Counties only Wisconsin—Douglas County only Region "E" Illinois—Except Madison, Rock Is- Indiana Ohio land, St. Clair Counties Kentucky West Virginia Michigan Wisconsin—Except Douglas County Residential Real Estate Credit REGULATION X Regulation X Effective October 12, 1950 On October 10, 1950, the Board of Governors of RESIDENTIAL REAL ESTATE CREDIT the Federal Reserve System and the Housing and Home Finance Agency., under authority of the De- SECTION 1. SCOPE AND APPLICATION OF REGULATION fense Production Act of 1950 and the President's This regulation is issued by the Board of Gov- Executive Order No. 10161 of September 9, 1950, ernors of the Federal Reserve System (hereinafter announced restrictions on residential real estate con- called the "Board"), with the concurrence of the struction credit. The statement for the press ap- Housing and Home Finance Administrator, under pears on pages 1284-86 of this issue of the BULLETIN. authority of the "Defense Production Act of 1950", In this connection the Board of Governors, with approved September 8, 1950 (hereinafter called the concurrence of the Administrator of the Hous- the "Act"), and Executive Order No. 10161, dated ing and Home Finance Agency, issued Regulation September 9, 1950. X, effective October 12, 1950, prescribing restric- This regulation applies to any person who is tions on credit not insured, guaranteed, or extended engaged in the business of extending real estate by Government agencies. The text of Regulation X credit, including any person who acts as agent in is as follows: arranging for such credit. For the purposes of this 1314 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT regulation, a person shall be deemed to be engaged maintaining any credit, or renewing, revising, conin the business of extending real estate credit if, solidating, refinancing, purchasing, selling, disduring the current calendar year or during the counting, or lending or borrowing on, any obligapreceding calendar year, he extends or has extended tion arising out of any credit, or arranging as agent real estate credit more than three different times for any of the foregoing, and also shall include a and such extensions of credit, during the current sale of, or other transfer of title to, real property calendar year or during the preceding calendar year, if the vendee or transferee assumes, or takes such aggregate more than $25,000. For the purpose of property subject to, indebtedness secured by a mortdetermining whether a person is engaged in extend- gage or other lien upon such property. ing real estate credit, real estate credit shall be (e) "Real estate construction credit" means any deemed to include not only "real estate construction credit, hereafter extended, which credit", as hereinafter defined, but also credit with (1) is wholly or partly secured by, or respect to any real property whether or not there (2) is for the purpose of purchasing or carryis any new construction thereon, and whether or ing, or not such credit is extended, insured, or guaranteed (3) is for the purpose of financing, or by the United States or any agency thereof, and (4) involves a right to acquire or use, whether or not such credit is exempt from this regulation. new construction on real property or real property SECTION 2. DEFINITIONS on which there is new construction, if such new For the purposes of this regulation, unless the construction is a residence or a major addition or context otherwise requires: major improvement to a residence, whether such credit is extended before or after such new con- (a) "Person" has the meaning given it in section 702(a) of the Act.1 struction is begun; but the term "real estate construction credit" shall not include any loan or loans (b) "Registrant" means a person who is regismade, insured, or guaranteed, in whole or in part, tered pursuant to section 3 of this regulation. by any department, independent establishment or (c) "Credit" has the meaning given it in section agency in the executive branch of the United States, 602(d)(2) of the Act.2 or by any wholly owned Government corporation, (d) "Extending credit", "extension of credit" or by any mixed-ownership Government corporaand "extends credit" shall include extending or tion as defined in the Government Corporation Control Act, as amended (including any loan evi- 1 Section 702(a) of the Act provides: "The word 'person' includes an individual, corporation, partnership, association, denced by obligations of any local public agency or any other organized group of persons, or legal successor or public housing agency which national banks or representative of the foregoing, and includes the United may purchase pursuant to the provisions of sec- States or any agency thereof, or any other government, or any of its political subdivisions, or any agency of any of the tion 602(a) of the Housing Act of 1949). foregoing: Provided, That no punishment provided by this (/) "New construction" means any structure, or Act shall apply to the United States, or to any such government, political subdivision, or government agency." any major addition or major improvement to a 2Section 602(d)(2) of the Act provides: "''Credit' means structure, which is or has been begun after 12 any loan, mortgage, deed of trust, advance, or discount; any conditional sale contract; any contract to sell or sale or con- o'clock meridian, August 3, 1950. Construction tract of sale, of property or services, either for present or will be deemed to have been "begun" when essenfuture delivery, under which part or all of the price is paytial materials which are to be an integral part of able subsequent to the making of such sale or contract; any rental-purchase contract, or any contract for the bailment, the structure have been affixed to or incorporated on leasing, or other use of property under which the bailee, the site in a permanent form. lessee, or user has the option of becoming the owner thereof, obligates himself to pay as compensation a sum substantially (g) "Major addition" or "major improvement" equivalent to or in excess of the value thereof, or has the means an enlargement, reconstruction, or other alterright to have all or part of the payments required by such contract applied to the purchase price of such property or ation to an existing structure, or any other addisimilar property; any option, demand, lien, pledge, or similar tion or improvement which becomes or is to become claim against, or for the delivery of property or money; any purchase, discount, or other acquisition of, or any credit physically attached to and a part of the structure, under the security of, any obligation or claim arising out of if the cost or estimated cost of such addition or any of the foregoing; and any transaction or series of transactions having a similar purpose or effect." improvement exceeds $2,500. OCTOBER 1950 1315 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (h) "Real property" includes leaseholds and unpaid principal amount of any indebtedness inother interests in such property. curred or assumed by the vendee or to which the (/) The "maximum loan value" of any prop- property remains subject, (3) the amount of any erty shall be the amount which is computed in the liens for taxes or special assessments which are in manner prescribed in the Supplement to this regu- default or currently due and payable, (4) the lation. In making such computations: amount of any mechanics' liens or other liens which the vendee is required to discharge, (5) the amount (1) For a major addition or major imwhich the vendee agrees to pay for any alteration provement to a residence, "value" shall be the or other modification made or to be made to the cost or estimated cost of such major addition or property as an incident to the sale thereof, and major improvement; (6) any amounts paid by the vendee for closing (2) For residential property, other than major costs which are customary under local practices. additions or major improvements: It does not include any prepaid charges, or any (A) In the case of an extension of credit in accrued rents which will be paid to the vendee. connection with a bona fide sale of residential (}() "Residence" means any structure at least oneproperty, "value" shall be the bona fide sale half of the floor space of which is used, serving or price; designed for dwelling purposes, if such structure (B) In the case of any other extension of does not include more than two family units. credit with respect to residential property: Houses connected by common walls and commonly (i) If the entire cost of the property to known as "row houses" or "semidetached houses" the borrower has been incurred by him not shall be considered separate structures. more than 12 months prior to the extension (/) "Residential property" means any real propof credit or is to be incurred by him after erty, other than farm property, on which there is or such extension of credit, "value" shall be the is to be a residence or residences. bona fide cost of the property to the borrower, (m) "Farm property" means any real property, including a bona fide estimate of the cost of located outside of urban areas, which is principally completing new construction on such propused for the production of crops, livestock or other erty when the extension of credit is for the agricultural commodities. purpose of financing such new construction; (ii) If any part of the cost of the property SECTION 3. GENERAL REQUIREMENTS AND REGISTRATION to the borrower has been incurred prior to (a) General Requirements. No person engaged such 12-month period, or if any part of such in the business of extending real estate credit shall property has been acquired by gift, exchange, extend real estate construction credit unless (1) he or inheritance, "value" shall be the appraised is registered pursuant to this section, and (2) he value as determined in good faith by the has no knowledge of, and has no reason to know, Registrant; any fact by reason of which such credit fails to (3) For an extension of credit which is for comply with any applicable provision of this reguthe purpose of financing the construction of a lation. residence on farm property, "value" shall be the (b) Registration. Every person engaged in the total of (A) the cost or estimated cost of such business of extending real estate credit shall be new construction, and (B) 5 per cent of such deemed to be registered pursuant to this regulation cost or estimated cost.3 from the effective date hereof until such time as the Board, by public announcement, may require (;) "Bona fide sale price" means the amount paid registration statements to be filed by all, or any or to be paid by the vendee in money or its equivaspecified classes of, such persons. Should the Board lent. It includes, in addition to cash, (1) the value require such registration statements, a person shall of any property accepted in part payment, (2) the continue to be registered after the time such state- 3 The 5 per cent is added when the extension of credit isments are required only if he shall have complied for the purpose of financing the construction of a residence with the requirements of the Board's announcement. on farm property in order to take account of the value of the land upon which the residence is to be constructed. Every person who is registered in accordance with 1316 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT the provisions of this subsection is referred to in of such extension of credit would exceed, the this regulation as a "Registrant." applicable maximum loan value of such residence; (V) Suspension of Registration. Any Registrant (4) Extend real estate construction credit if may, after reasonable notice and opportunity for a such credit would have a maturity which exceeds hearing, be suspended by the Board, as to all or as the applicable maximum maturity provisions, or to particular activities or particular offices and for would be repaid in any manner which does not specified or indefinite periods, because of any willful conform with the applicable amortization provisions set forth in the Supplement to this reguor negligent failure to comply with any provision lation; of this regulation. A suspension for a specified period will termi- (5) Purchase, discount or lend on any credit instrument evidencing real estate construction nate upon the expiration of such period. A suscredit which is subject to and not exempt from pension for an indefinite period may be terminated this regulation, unless the terms of such credit by the Board, in its discretion, if the Board is satisconformed with the provisions of the Supplement fied that its action would not lead to further violato this regulation when such credit was originally tions of this regulation by the suspended Registrant extended or conform with the provisions of the and would not be otherwise incompatible with the Supplement at the time of such purchase, discount public interest. or loan; but for the purposes of this paragraph SECTION 4. EXTENSION OF CREDIT credit shall be considered to be subject to the (a) Amount; Maturity; Amortization. Except as regulation even though extended by a person other than a Registrant; otherwise permitted by this regulation, no Registrant shall, either in connection with a sale or other- (6) If the Registrant is acting as principalsell, or transfer title to, residential property on wise: which there is new construction (which is a resi- (1) Extend real estate construction credit with dence or a major addition or major improvement respect to residential property (other than major to a residence) and with respect to which the additions or major improvements) if the amount vendee or transferee assumes, or takes such propof credit outstanding with respect to the prop- erty subject to, indebtedness secured by a morterty (including any credit exempt from, or not gage or other lien upon such property, if the subject to the prohibitions of, this regulation) amount of outstanding credit (including any exceeds, or as a result of such extention of credit credit exempt from, or not subject to the prohibiwould exceed, the applicable maximum loan tions of, this regulation) which was extended value of such property; after the effective date of the regulation with (2) Extend real estate construction credit for respect to the property exceeds, or as a result the purpose of financing a major addition or of such sale or transfer would exceed, the apmajor improvement to a residence if the amount plicable maximum loan value of such property, of credit outstanding for the purpose of financ- or if any outstanding real estate construction ing the major addition or major improvements credit (subject to and not exempt from this regu- (including any credit exempt from, or not subject lation) with respect to such property does not to the prohibitions of, this regulation) exceeds, conform with the provisions of this regulation or as a result of such extension of credit would and the Supplement thereto. exceed, the applicable maximum loan value of (£) Secondary Borrowing. Except as otherwise such major addition or major improvement; permitted by this regulation, no Registrant shall (3) Extend real estate construction credit for extend real estate construction credit if he knows the purpose of financing the construction of a or has reason to know that there is, or that there is residence on farm property if the amount of to be, any other credit extended with respect to the credit outstanding for the purpose of financing property (1) which, when added to the credit the construction of the residence (including any proposed to be extended by the Registrant, would credit exempt from, or not subject to the prohibi- cause the total amount of credit outstanding with tions of, this regulation) exceeds, or as a result respect to the property (including any credit exempt OCTOBER 1950 1317 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT from, or not subject to the prohibitions of, this fully disclosed to the Registrant. The amount of regulation) to exceed the applicable maximum loan any such financial interest of the vendor retained value of such property, or (2) which, if it is real in the property or any proceeds of the disposition estate construction credit subject to and not exempt thereof shall be deemed to be real estate construcfrom this regulation, does not or would not comply tion credit extended with respect to such property. with the applicable maximum maturity and amorti- The Statement of the Borrower may be made, if zation provisions set forth in the Supplement to desired, on a form obtainable at any Federal Rethis regulation. serve Bank or branch. (V) Statement of the Borrower. No Registrant shall extend any credit unless he is satisfied, and SECTION 5. EXEMPTIONS AND EXCEPTIONS maintains records which reasonably demonstrate (a) Minimum Amount. The prohibitions of this on their face, whether such credit is or is not real regulation shall not apply to any extension of credit estate construction credit. If the Registrant accepts if the total amount thereof, including all outstandin good faith a signed Statement of the Borrower ing credit which was granted after the effective stating that the credit is not wholly or partly se- date of this regulation with respect to the same cured by, or for the purpose of purchasing or carry- property, is not in excess of $2,500. ing, or for the purpose of financing, or one which (b) Short-Term Construction Credits. The prohiinvolves the right to acquire or use, new construc- bitions of this regulation shall not apply to any tion on real property or real property on which credit which is for the purpose of financing the there is new construction (or that such new con- construction of a residence or residences or a major struction, if any, is not a residence or a major addi- addition or major improvement, if the maturity of tion or major improvement to a residence), such such credit is not more than 18 months; provided Statement shall be deemed to be compliance with that this exemption shall not be construed to perthe requirements of this paragraph. mit any renewal, revision, consolidation, or refinanc- No Registrant shall extend real estate construc- ing of such credit except on terms which conform tion credit unless he has accepted in good faith with the provisions of this regulation and the a signed Statement of the Borrower (1) stating Supplement thereto. If (1) the initial purpose of whether the credit is with respect to (A) residential an extension of credit having a maturity exceeding property, (B) a residence on farm property, or 18 months is the financing of the construction of (C) a major addition or a major improvement to a residence or residences or a major addition or a residence; and (2) stating, if the Registrant claims major improvement and (2) an agreement with that such credit is exempt from this regulation, the respect to the credit requires that upon (A) the reason for such exemption; and, if the credit is not completion of such construction or (B) the expiraexempt, (3) stating the amount of credit previously tion of a period of not more than 18 months after extended and outstanding, and the amount of any the extension of the credit, whichever shall first other credit to be extended, with respect to the resi- occur, such action must be taken by the parties as dential property, the residence on farm property, or may be necessary to make the terms of the credit the major addition or major improvement to a resi- conform thereafter with the applicable maximum dence, (4) stating, if the Registrant in computing loan value and the applicable maturity and amorti- "value" relies upon cost or estimated cost to the zation provisions set forth in the Supplement to borrower (where such cost or estimated cost may this regulation, then in such event the prohibitions be used for this purpose), the bona fide amount of of this regulation shall not apply to such credit such cost or estimated cost to the borrower, and until the occurrence of one of the events specified (5) stating, if the extension of credit is in connection in (A) or (B) above; but if at any time after the with a sale, the sale price, that the sale price was date of the extension of such credit, a Registrant bona fide, and the value and a brief description of sells or transfers title to the property with respect any property accepted in part payment. If the to which the credit is extended, such sale or transextension of credit is in connection with a sale, such fer of title must conform to the provisions of this Statement shall state that the vendor of the prop- regulation and the Supplement thereto. erty has or will have no financial interest in such (c) Disaster Credits. The prohibitions of this property or in the proceeds of any subsequent dis- regulation shall not apply to any extension of real position thereof, except such interest as may be estate construction credit with respect to real prop- 1318 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT erty in any area in which the Federal Reserve Bank construction, showing all the facts and submitting of the district may declare that an emergency exists all necessary supporting documents with respect to because of a flood, fire or other disaster affecting his commitments or undertakings and why coma substantial number of the inhabitants of the pliance with the regulation would cause him substricken area. This exemption with respect to any stantial hardship. If such Federal Reserve Bank area so designated shall apply only to extensions of after consideration of the application and supporting credit of such character and during such period as documents determines that substantial committhe Federal Reserve Bank may prescribe. ments were made prior to August 3, 1950, and that (J) Medical Expenses, Etc. The prohibitions of substantial hardship would result from the applithis regulation shall not apply to any extension of cation of this regulation in such case, it may issue real estate construction credit as to which the Regis- to such builder or other person a certificate approvtrant accepts in good faith a signed Statement of ing such application and thereupon any extension the Borrower certifying that the proceeds thereof of credit to such builder or other person by any are to be used for bona fide medical, hospital, dental, Registrant with respect to the new construction or funeral expenses, or to pay debts incurred for that may be specified in such certificate shall be such expenses, and that the proceeds of the exten- exempt from the prohibitions of this regulation. sion are to be paid over in amounts specified in such (h) Labor and Material. No person shall be re- Statement to persons whose names, addresses and quired to register pursuant to section 3 of this occupations are stated therein. regulation because of the fact that he performs (<?) Casualties. The prohibitions of this regula- labor or furnishes material for new construction on tion shall not apply to any extension of real estate an open account, unless he shall be otherwise construction credit as to which the Registrant ac- engaged in the business of extending real estate cepts in good faith a signed Statement of the Bor- credit. rower certifying that the proceeds thereof are to (/) Credits Secured by Life Insurance Policies. be used solely for the replacement, reconstruction The prohibitions of this regulation shall not apply or repair of a residence destroyed or substantially to any extension of real estate construction credit damaged by flood, fire or other similar casualty. which is fully secured by the loan value or cash (/) Contracts to Sell. The prohibitions of this surrender value of a life insurance policy; and, regulation shall not apply to any contract to sell notwithstanding any other provisions of this regureal property (1) which does not provide for the lation, a Registrant in determining the amount of payment of any part of the purchase price, or of any credit which he may extend under the provisions amount to be subsequently applied to such price, of section 4 of the regulation need not take into except a deposit of earnest money, before the trans- account any credit which is secured in the manner fer of title to such property, (2) which is to be specified in this paragraph. performed by a transfer of title to such property (;) Farm Property. The prohibitions of this reguwithin six months after the date on which the con- lation shall not apply to any extension of real estate tract was entered into, and (3) which provides for construction credit with respect to farm property the subsequent transfer of title to such property on unless the extension of credit is for the purpose of terms which conform to the provisions of this financing the construction of a residence on farm regulation and the Supplement thereto in effect property or a major addition or major improveon the date the contract was entered into. ment to a residence on farm property. (g-) Contemplated Construction. Any builder or SECTION 6. MISCELLANEOUS PROVISIONS other person who had made substantial commitments or undertakings before August 3, 1950, with (a) Evasions. No extension of real estate cona view to the building of new construction and who struction credit complies with the requirements of asserts that his inability to obtain credit to finance this regulation if at the time it is made there is such new construction on the basis contemplated any agreement, arrangement, or understanding, of by him and by the Registrant prior to August 3, which the Registrant knows or has reason to know, 1950, would cause him substantial hardship, may by which credit is or is to be extended in violation apply to the Federal Reserve Bank of the district of this regulation, even though such extension of in which the new construction is contemplated for credit is or is to be made indirectly, or which an exemption from this regulation for such new would otherwise evade or circumvent, or conceal OCTOBER 1950 1319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT any evasion or circumvention of, 'any provision major improvement to a residence; and whether of this regulation or the Supplement thereto. No each extension of real estate construction credit Registrant extending credit subject to this regula- conformed with the provisions of this regulation tion shall divide such credit into two or more parts, and the Supplement thereto. Every such person or enter into any agreement or understanding with shall permit the. Board or a Federal Reserve Bank, any other person as a result of which two or more by its duly authorized representatives, to inspect credits are extended, when the purpose or effect of such records and business operations as the Board such action is to circumvent or avoid the amortiza- or a Federal Reserve Bank may deem necessary or tion or maturity provisions of this regulation or appropriate; and when ordered to do so, shall furthe Supplement thereto, nish, under oath or otherwise, such reports, infor- (£) Outstanding Contracts and Obligations. The mation, or records relevant to extensions of credit provisions of this regulation shall not apply to or as the Board or a Federal Reserve Bank may deem affect any credit extended prior to the effective necessary or appropriate for the enforcement and date of this regulation, or pursuant to any firm administration of this regulation.4 commitment to extend credit made prior to such (V) Default and Foreclosure; Servicemen's Preindate. For this purpose, a firm commitment means duction Debt. Nothing in this regulation shall be either (1) a written agreement under which the construed to prevent any Registrant from taking Registrant is required without option or discretion such action as he shall deem necessary in good on his part to extends credit upon demand by the faith (1) with respect to any extension of credit to borrower or upon compliance by the borrower any member or former member of the armed with one or more conditions referred to in such forces of the United States which was made to agreement; or (2) any other agreement to extend him prior to his induction into such service and credit which has been entered into in good faith assignment to active duty, or (2) for the Regisby the parties and in reliance upon which the pros- trant's own protection in connection with any pective borrower has taken specific action prior to credit which is in default and is the subject of a the effective date of the regulation, if the Registrant bona fide collection effort by the Registrant. The within 30 days after the effective date of this regu- prohibitions of this regulation shall not apply to lation shall have sent to the Federal Reserve Bank an extension of credit by a Registrant in connecof the district in which he does business a letter or tion with a sale of property acquired by him other statement reciting the facts with respect to through foreclosure proceedings if such credit does such agreement and the specific action taken by not exceed the unpaid principal amount of the the prospective borrower prior to the effective date foreclosed credit and the costs of acquisition of the regulation. through foreclosure. (c) Real Property Outside the United States. The (^) Right of Registrant to Impose Stricter Requireprohibitions of this regulation shall not apply to ments. Any Registrant, if he desires, may refuse any extension of real estate construction credit with to extend credit, extend less credit than the amount respect to real property in Alaska, the Panama permitted by this regulation, or require that repay- Canal Zone, or any territory or possession outside ment be made within a shorter period or in larger the continental United States. instalments than prescribed in the Supplement to (d) Preservation of Records; Inspections; Admin- this regulation. istrative Reports. For the purpose of determining (g-) Reliance upon Statement of the Borrower. whether or not there has been compliance with the The facts set forth in any signed Statement of the provisions of this regulation, every person extend- Borrower which a Registrant accepts and relies ing real estate credit shall preserve for a period of upon in good faith shall be deemed to be correct three years after each extension of credit such ac- for the purposes of the Registrant. counts, correspondence, memoranda, papers, books, (^) False Statements. The making or submission and other records, or photostats thereof, as are by any person of any false, fictitious or fraudulent relevant to establishing whether such person is en- statement or representation pursuant to, or which gaged in the business of extending real estate credit; is intended to conform to, or show compliance with, whether each credit extended is or is not real estate 4 The reporting and record-keeping requirements of this construction credit with respect to residential propregulation have been approved by the Bureau of the Budget erty, a farm residence, or a major addition or in accordance with the Federal Reports Act of 1942. 1320 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT any requirement or provision of this regulation, provided in section 2(if) of the regulation) of $7,000 shall he a violation of this regulation. or less may have a maturity of not more than 25 (/)• Statutory Penalties. The Act provides that years if it is to be fully repaid at or before the date of "Any person who willfully violates any provision maturity through amortization on the basis preof section * # * 602 (relating to real estate con- scribed in clause (2) of the following paragraph struction credit) or any regulation or order issued relating to amortization: thereunder, upon conviction thereof, shall be fined Amortization. For the purposes of Regulation X, not more than $5,000 or imprisoned not more than the following amortization requirements are preone year, or both." scribed: with respect to every credit subject to the (y) Enforceability of Contracts. Nothing in this regulation, amortization payments shall be reregulation shall affect the enforceability of any con- quired which either (1) will annually reduce the tract. original principal amount of such credit by not less than 5 per .cent until the outstanding balance SUPPLEMENT TO REGULATION X of such credit has been reduced to an amount equal Maximum Loan Value. For the purposes of Regu- to or less than 50 per cent of the value of the proplation X, maximum loan values for all residential erty with respect to which such credit was extended property, farm residences, and major additions and or (2) will fully liquidate the original principal major improvements are prescribed as set forth in amount of such credit not later than the date of the the following table. In the case of credit extended maturity of the credit through substantially equal with respect to residential property or farm resi- monthly, quarterly, semiannual, or annual paydences involving more than one structure, the ments covering principal and interest or through maximum loan value may be applied separately substantially equal monthly, quarterly, semiannual, with respect to each such structure or with respect or annual payments of principal. The value reto the entire property or all such residences, at the ferred to in the preceding sentence shall be deterelection of the Registrant. mined as of the date the credit was extended in the If the value (determined manner provided in section 2(z) of the regulation. as provided in sec- If the amount of the credit when extended is not tion 2 (/) of the The maximum loan more than 50 per cent of such value, such credit regulation) is value is shall not be subject to the amortization provisions of this paragraph. More than $2,500 but 90% of the value not more than $5,000 Federal Deposit Insurance Act More than $5,000 but $4,500 plus 65% of exnot more than $9,000 cess of value over By Act of Congress approved September 21, 1950 $5,000 (Public Law 797, 81st Congress), section 12B of More than $9,000 but $7,100 plus 60% of ex- the Federal Reserve Act was withdrawn as a part not more than $15,000 cess of value over of that Act and, with amendments, was made $9,000 a separate Act to be known as the "Federal Deposit More than $15,000 but $10,700 plus 20% of Insurance Act." The text of the Act reads as not more than $20,000 excess of value over follows: $15,000 Over $20,000 $11,700 plus 10% of ex- [PUBLIC LAW 797—81ST CONGRESS] cess of value over [CHAPTER 967—2D SESSION] $20,000 but not less than 50% of value [S. 2822] AN ACT Maturity. For the purposes of Regulation X the following maturity requirements are prescribed: To amend the Federal Deposit Insurance Act (U. S. C, title 12, sec. 264). No credit subject to the regulation shall have a maturity of more than 20 years from the date such Be it enacted by the Senate and House of Reprecredit is extended except that a credit extended with sentatives of the United States of America in Conrespect to property having a value (determined as gress assembled, That section 12B of the Federal 1321 OCTOBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Reserve Act, as amended, is hereby withdrawn as "SEC. 3. As used in this Act— a part of that Act and is made a separate Act to be "(a) The term 'State bank5 means any bank, known as the "Federal Deposit Insurance Act". banking association, trust company, savings bank, SEC. 2. The Federal Deposit Insurance Act is or other banking institution which is engaged in amended to read as follows: the business of receiving deposits, other than trust funds as herein defined, and which is incorporated "SEC. 1. There is hereby created a Federal Deunder the laws of any State, any Territory of the posit Insurance Corporation (hereinafter referred United States, Puerto Rico, or the Virgin Islands, to as the 'Corporation') which shall insure, as or which is operating under the Code of Law for hereinafter provided, the deposits of all banks the District of Columbia (except a national bank), which are entitled to the benefits of insurance under and includes any unincorporated bank the deposits this Act, and which shall have the powers hereof which are insured on the effective date of this inafter granted. amendment. "SEC. 2. The management of the Corporation "(b) The term 'State member bank' means any shall be, vested in a Board of Directors consisting State bank which is a member of the Federal Reof three members, one of whom shall be the Comp- serve System, and the term 'State nonmember bank' troller of the Currency, and two of whom shall be means any State bank which is not a member of citizens of the United States to be appointed by the the Federal Reserve System. President, by and with the advice and consent of "(c) The term 'District bank' means any State the Senate. One of the appointive members shall bank operating under the Code of Law for the be the Chairman of the Board of Directors of the District of Columbia. Corporation and not more than two of the mem- "(d) The term 'national member bank' means bers of such Board of Directors shall be members any national bank located in any of the States of of the same political party. Each such appointive the United States, the District of Columbia, any member shall hold office for a term of six years. Territory of the United States, Puerto Rico, or the In the event of a vacancy in the office of the Comp- Virgin Islands which is a member of the Federal troller of the Currency, and pending the appoint- Reserve System. ment of his successor, or during the absence of "(e) The term 'national nonmember bank' the Comptroller from Washington, the Acting means any national bank located in any Territory Comptroller of the Currency shall be a member of the United States, Puerto Rico, or the Virgin of the Board of Directors in the place and stead Islands which is not a member of the Federal of the Comptroller. In the event of a vacancy in Reserve System. the office of the Chairman of the Board of Directors, "(f) The term 'mutual savings bank' means a and pending the appointment of his successor, the bank without capital stock transacting a savings Comptroller of the Currency shall act as Chairman. bank business, the net earnings of which inure The members of the Board of Directors shall be wholly to the benefit of its depositors after payment ineligible during the time they are in office and of obligations for any advances by its organizers. for two years thereafter to hold any office, position, "(g) The term 'savings bank' means a bank or employment in any insured bank, except that (other than a mutual savings bank) which transacts its ordinary banking business strictly as a savings this restriction shall not apply to any member who bank under State laws imposing special requirehas served the full term for which he was appointed. ments on such banks governing the manner of No member of the Board of Directors shall be an investing their funds and of conducting their busiofficer or director of any insured bank or Federal ness: Provided, That the bank maintains, until Reserve bank or hold stock in any insured bank; maturity date or until withdrawn, all deposits made and before entering upon his duties as a member with it (other than funds held by it in a fiduciary of the Board of Directors he shall certify under capacity) as time savings deposits of the specific oath that he has complied with this requirement term type or of the type where the right is reserved and such certification shall be filed with the secreto the bank to require written notice before pertary of the Board of Directors. mitting withdrawal: Provided further, That such 1322 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT bank to be considered a savings bank must elect its deposit obligations which are payable only at to become subject to regulations of the Corporation such branch, and upon so electing the insured bank with respect to the redeposit of maturing deposits with respect to such branch shall comply with the and prohibiting withdrawal of deposits by checking provisions of this Act applicable to the termination except in cases where such withdrawal was per- of insurance by nonmember banks: Provided furmitted by law on August 23, 1935, from specifically ther, That the bank may elect to restore the indesignated deposit accounts totaling not more than surance to such deposits at any time its capital 15 per centum of the bank's total deposits. stock is unimpaired. "(h) The term 'insured bank' means any bank "(m) The term 'insured deposit' means the net the deposits of which are insured in accordance amount due to any depositor for deposits in an with the provisions of this Act; and the term 'non- insured bank (after deducting offsets) less any part insured bank' means any bank the deposits of which thereof which is in excess of $10,000. Such net are not so insured. amount shall be determined according to such regu- "(i) The term 'new bank' means a new national lations as the Board of Directors may prescribe, banking association organized by the Corporation and in determining the amount due to any depositor to assume the insured deposits of an insured bank there shall be added together all deposits in the closed on account of inability to meet the demands bank maintained in the same capacity and the of its depositors and otherwise to perform tempo- same right for his benefit either in his own name rarily the functions prescribed in this Act. or in the names of others except trust funds which "(j) The term 'receiver' includes a receiver, liqui- shall be insured as provided in subsection (i) of dating agent, conservator, commission, person, or section 7. Each officer, employee, or agent of other agency charged by law with the duty of the United States, of any State of the United States, winding up the affairs of a bank. of the District of Columbia, of any Territory of "(k) The term 'Board of Directors' means the the United States, of Puerto Rico, of the Virgin Board of Directors of the Corporation. Islands, of any county, of any municipality, or of "(1) The term 'deposit' means the unpaid bal- any political subdivision thereof, herein called 'pubance of money or its equivalent received by a bank lic unit', having official custody of public funds in the usual course of business and for which it has and lawfully depositing the same in an insured given or is obligated to give credit to a commercial, bank shall, for the purpose of determining the checking, savings, time, or thrift account, or which amount of the insured deposits, be deemed a deis evidenced by its certificate of deposit, and trust positor in such custodial capacity separate and disfunds held by such bank whether retained or de- tinct from any other officer, employee, or agent of posited in any department of such bank or de- the same or any public unit having official custody posited in another bank, together with such other of public funds and lawfully depositing the same obligations of a bank as the Board of Directors in the same insured bank in custodial capacity. shall find and shall prescribe by its regulations "(n) The term 'transferred deposit' means a to be deposit liabilities by general usage: Provided, deposit in a new bank or other insured bank made That any obligation of a bank which is payable available to a depositor by the Corporation as payonly at an office of the bank located outside the ment of the insured deposit of such depositor in a States of the United States, the District of Colum- closed bank, and assumed by such new bank or bia, any Territory of the United States, Puerto Rico, other insured bank. and the Virgin Islands, shall not be a deposit for "(o) The term 'branch' includes any branch any of the purposes of this Act or be included as a bank, branch office, branch agency, additional office, part of total deposits or of an insured deposit: Pro- or any branch place of business located in any State vided further, That any insured bank having its of the United States or in any Territory of the principal place of business in any of the States of United States, Puerto Rico, or the Virgin Islands the United States or in the District of Columbia at which deposits are received or checks paid or which maintains a branch in any Territory of the money lent. United States, Puerto Rico, or the Virgin Islands "(p) The term 'trust funds' means funds held may elect to exclude from insurance under this Act by an insured bank in a fiduciary capacity and OCTOBER 1950 1323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT includes, without being limited to, funds held as (b) of section 4 and any State nonmember bank, trustee, executor, administrator, guardian, or agent. upon application to and examination by the Corpo- "SEC. 4. (a) Every bank, which is an insured ration and approval by the Board of Directors, bank on the effective date of this amendment, shall may become an insured bank. Before approving be and continue to be, without application or ap- the application of any such State nonmember bank, proval, an insured bank and shall be subject to the Board of Directors shall give consideration to the provisions of this Act. the factors enumerated in section 6 and shall determine, upon the basis of a thorough examination "(b) Every national member bank which is of such bank, that its assets in excess of its capital authorized to commence or resume the business requirements are adequate to enable it to meet of banking, and which is engaged in the business all of its liabilities to depositors and other creditors of receiving deposits other than trust funds as as shown by the books of the bank. herein defined, and every such national nonmember "SEC. 6. The factors to be enumerated in the bank which becomes a member of the Federal Recertificate required under section 4 and to be conserve System, and every State bank which is considered by the Board of Directors under section 5 verted into a national member bank or which shall be the following: The financial history and becomes a member of the Federal Reserve System, condition of the bank, the adequacy of its capital and which is engaged in the business of receiving structure, its future earnings prospects, the general deposits, other than trust funds as herein defined, character of its management, the convenience and shall be an insured bank from the time it is authorneeds of the community to be served by the bank, ized to commence or resume business or becomes a and whether or not its corporate powers are conmember of the Federal Reserve System. The certifisistent with the purposes of this Act. cate herein prescribed shall be issued to the Corpo- "SEC. 7. (a) The assessment rate shall be oneration by the Comptroller of the Currency in the twelfth of 1 per centum per annum. The semicase of such national member bank, or by the Board annual assessment for each insured bank shall be of Governors of the Federal Reserve System in the in the amount of the product of one-half the ancase of such State member bank: Provided, That in nual assessment rate multiplied by the assessment the case of an insured bank which is admitted to base. The assessment base shall be the amount membership in the Federal Reserve System or an of the liability of the bank for deposits, according insured State bank which is converted into a nato the definition of the term 'deposit' in and purtional member bank, such certificate shall not be suant to subsection (1) of section 3, without any required, and the bank shall continue as an insured deduction for indebtedness of depositors: Provided, bank. Such certificate shall state that the bank That the bank— is authorized to transact the business of banking "(1) may deduct (i) from the deposit balance in the case of a national member bank, or is a due to an insured bank the deposit balance due member of the Federal Reserve System in the case of from such insured bank (other than trust funds a State member bank, and that consideration has deposited by it in such bank) which is subject to been given to the factors enumerated in section 6. immediate withdrawal; (ii) trust funds held by A State bank, resulting from the conversion of an the bank in a fiduciary capacity and which are insured national bank, shall continue as an indeposited in another insured bank; and (iii) cash sured bank. A State bank, resulting from the items as determined by either of the following merger or consolidation of insured banks, or from methods, at the option of the bank: (aa) By multhe merger or consolidation of a noninsured bank tiplying by 2 the total of the cash items forwarded or institution with an insured State bank, shall for collection on the assessment base days (being continue as an insured bank. the days on which the average deposits are com- "SEC. 5. Subject to the provisions of this Act, puted) and cash items held for clearings at the any national nonmember bank which is engaged close of business on said days, which are in the in the business of receiving deposits, other than process of collection and which the bank has paid trust funds as herein defined, upon application by in the regular course of business or credited to the bank and certification by the Comptroller of deposit accounts; or (bb) by deducting the total of the Currency in the manner prescribed in subsection cash items forwarded for collection on the assess- 1324 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT ment base days and cash items held for clearings "(b) On or before the 15th day of July of each at the close of business on said days, which are year, each insured bank shall file with the Corporain the process of collection and which the bank tion a certified statement showing for the six months has paid in the regular course of business or ending on the preceding June 30 the amount of credited to deposit accounts, plus such uncollected the assessment base and the amount of the semiitems paid or credited on preceding days which annual assessment due to the Corporation for the are in the process of collection: Provided, That period ending on the following December 31, dethe Board of Directors may define the terms termined in accordance with subsection (a) of this 'cash items', 'process of collection', and 'un- section, which shall contain or be verified by a collected items' and shall fix the maximum period written declaration that it is made under the penfor which any such item may be deducted; and alties of perjury. Each insured bank shall pay to "(2) may exclude from its assessment base (i) the Corporation the amount of the semiannual drafts drawn by it on deposit accounts in other assessment it is required to certify. On or before banks which are issued in the regular course of the 15th day of January of each year, each insured business; and the amount of any advices or au- bank shall file with the Corporation a similar thorizations, issued by it for cash letters received, certified statement for the six months ending on directing that its deposit account in the sending the preceding December 31 and shall pay to the bank be charged with the amount thereof; and Corporation the amount of the semiannual assess- (ii) cash funds which are received and held solely ment for the period ending on the following June 30 for the purpose of securing a liability to the bank which it is required to certify. but not in an amount in excess of such liability, "(c) Each bank which becomes an insured bank and which are not subject to withdrawal by the shall not be required to file any certified statement obligor and are carried in a special non-interest- or pay any assessment for the semiannual period bearing account designated to properly show their in which it becomes an insured bank. On the expurpose. piration of such period, each such bank shall comply with the provisions of subsection (b) of Each insured bank, as a condition to the right to this section except that the semiannual assessment make any such deduction or exclusion in debase for its first certified statement shall be the termining its assessment base, shall maintain such assessment base of the bank as of the close of records as will readily permit verification of the corbusiness on the preceding June 30 or December 31, rectness thereof. The semiannual assessment base whichever is applicable, determined in accordance for one semiannual period shall be the average of with subsection (a) of this section. If such bank the assessment base of the bank as of the close of has assumed the liabilities for deposits of another business on March 31 and June 30, and the semibank or banks, it shall include such liabilities in annual assessment base for the other semiannual its assessment base. The first certified statement period shall be the average of the assessment base shall show as the amount of the first semiannual of the bank as of the close of business on September assessment due to the Corporation, an amount equal 30 and December 31: Provided, That when any of to the product of one-half of the annual assessment said days is a nonbusiness day or a legal holiday* rate multiplied by such assessment base. either National or State, the preceding business day "(d) As of December 31, 1950, and as of Deshall be used. The certified statements required to cember 31, of each calendar year thereafter, the be filed with the Corporation under subsections (b) Corporation shall transfer 40 per centum of its and (c) of this section shall be in such form and set forth such supporting information as the Board of net assessment income to its capital account and the Directors shall prescribe. The assessment payments balance of the net assessment income shall be required from insured banks under subsections (b) credited pro rata to the insured banks based upon and (c) of this section shall be made in such man- the assessments of each bank becoming due during ner and at such time or times as the Board of Direc- said calendar year. Each year such credit shall be tors shall prescribe, provided the time or times so applied by the Corporation toward the payment prescribed shall not be later than sixty days after of the total assessment becoming due for the semifiling the certified statement setting forth the annual assessment period beginning the next enamount of assessment. suing July 1 and any excess credit shall be applied OCTOBER 1950 1325 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT upon the assessment next becoming due. The certified statement with the intent to evade, in whole term 'net assessment income' as used herein means or in part, the payment of assessment, in which the total assessments which become due during the case the claim shall not be deemed to have accrued calendar year less (1) the operating costs and until the discovery by the Corporation that the expenses of the Corporation for the calendar year; certified statement is false or fraudulent: Pro- (2) additions to reserve to provide for insur- vided] however, That where a cause of action has ance losses during the calendar year, except that already accrued, and the period herein prescribed any adjustments to reserve which result in a re- within which an action may be brought has exduction of such reserve shall be added; and (3) the pired, or will expire within one year from the insurance losses sustained in said calendar year date this amendment becomes effective, an action plus losses from any preceding years in excess of may be brought on such cause of action within such reserves. If the above deductions exceed in one year from the effective date of this amendment: amount the total assessments which become due And provided further, That no action or proceedduring the calendar year, the amount of such excess ing shall be brought for the recovery of any assessshall be restored by deduction from total assess- ment on deposits alleged to have been omitted from ments becoming due in subsequent years. the assessment base of any insured bank for any "(e) The Corporation (1) may refund to an year prior to 1945 except that any claim of the insured bank any payment of assessment in excess Corporation for the payment of any assessment of the amount due to the Corporation or (2) may may be offset by it against any claim of the bank credit such excess toward the payment of the for the overpayment of any assessment. assessment next becoming due from such bank and "(h) Should any national member bank or any upon succeeding assessments until the credit is insured national nonmember bank fail to file any exhausted. certified statement required to be filed by such "(£) Any insured bank which fails to file any bank under any provision of this section, or fail certified statement required to be filed by it in to pay any assessment required to be paid by such connection with determining the amount of any bank under any provision of this Act, and should assessment payable by the bank to the Corporation the bank not correct such failure within thirty may be compelled to file such statement by manda- days after written notice has been given by the tory injunction or other appropriate remedy in a Corporation to an officer of the bank, citing this suit brought for such purpose by the Corporation subsection, and stating that the bank has failed to against the bank and any officer or officers thereof file or pay as required by law, all the rights, priviin any court of the United States of competent leges, and franchises of the bank granted to it jurisdiction in the District or Territory in which under the National Bank Act, as amended, the such bank is located. Federal Reserve Act, as amended, or this Act, shall "(g) The Corporation, in a suit brought at law be thereby forfeited. Whether or not the penalty or in equity in any court of competent jurisdiction, provided in this subsection has been incurred shall shall be entitled to recover from any insured bank be determined and adjudged in the manner prothe amount of any unpaid assessment lawfully pay- vided in the sixth paragraph of section 2 of the able by such insured bank to the Corporation, Federal Reserve Act, as amended. The remedies whether or not such bank shall have filed any provided in this subsection and in the two preceding such certified statement and whether or not suit subsections shall not be construed as limiting any shall have been brought to compel the bank to other remedies against any insured bank, but shall file any such statement. No action or proceeding be in addition thereto. shall be brought for the recovery of any assess- "(i) Trust funds held by an insured bank in a ment due to the Corporation, or for the recovery fiduciary capacity whether held in its trust or of any .amount paid to the Corporation in excess deposited in any other department or in another of the amount due to it, unless such action or pro- bank shall be insured in an amount not to exceed ceeding shall have been brought within five years $10,000 for each trust estate, and when deposited after the right accrued for which the claim is by the fiduciary bank in another insured bank such made, except where the insured bank has made or trust funds shall be similarly insured to the fiduciary filed with the Corporation a false or fraudulent bank according to the trust estates represented. 1326 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Notwithstanding any other provision of this Act, upon such evidence the Board of Directors shall such insurance shall be separate from and additional make written findings which shall be conclusive. to that covering other deposits of the owners of Unless the bank shall appear at the hearing by a such trust funds or the beneficiaries of such trust duly authorized representative, it shall be deemed estates: Provided, That where the fiduciary bank to have consented to the termination of its status deposits any of such trust funds in other insured as an insured bank. If the Board of Directors banks, the amount so held by other insured banks shall find that any unsafe or unsound practice or on deposit shall not for the purpose of any certified violation specified in such notice has been estabstatement required under subsections (b) and (c) lished and has not been corrected within the time of this section be considered to be a deposit liability above prescribed in which to make such correcof the fiduciary bank, but shall be considered to tions, the Board of Directors may order that the be a deposit liability of the bank in which such insured status of the bank be terminated on a date funds are so deposited by such fiduciary bank. subsequent to such finding and to the expiration The Board of Directors shall have power by regu- of the time specified in such notice of intention. lation to prescribe the manner of reporting and of The Corporation may publish notice of such termidepositing such triist funds. nation and the bank shall give notice of such termi- "SEC. 8. (a) Any insured bank (except a national nation to each of its depositors at his last address member bank or State member bank) may, upon of record on the books of the bank, in such manner not less than ninety days' written notice to the and at such time as the Board of Directors may Corporation, and to the Reconstruction Finance find to be necessary and may order for the protec- Corporation if it owns or holds as pledgee any tion of depositors. After the termination of the preferred stock, capital notes, or debentures of such insured status of any bank under the provisions of bank, terminate its status as an insured bank. this subsection, the insured deposits of each de- Whenever the Board of Directors shall find that positor in the bank on the date of such termination, an insured bank or its directors or trustees have less all subsequent withdrawals from any deposits continued unsafe or unsound practices in conduct- of such depositor, shall continue for a period of ing the business of such bank, or have knowingly two years to be insured, and the bank shall conor negligently permitted any of its officers or agents tinue to pay to the Corporation assessments as in to violate any provision of any law or regulation the case of an insured bank during such period. No to which the insured bank is subject, the Board of additions to any such deposits and no new deposits Directors shall first give to the Comptroller of the in such bank made after the date of such termina- Currency in the case of a national bank or a Dis- tion shall be insured by the Corporation, and the trict bank, to the authority having supervision of bank shall not advertise or hold itself out as having the bank in the case of a State bank, or to the Board insured deposits unless in the same connection it of Governors of the Federal Reserve System in the shall also state with equal prominence that such case of a State member bank, a statement with re- additions to deposits and new deposits made after spect to such practices or violations for the purpose such date are not so insured. Such bank shall, in of securing the correction thereof and shall give a all other respects, be subject to the duties and oblicopy thereof to the bank. Unless such correction gations of an insured bank for the period of two shall be made within one hundred and twenty days years from the date of such termination, and in the or such shorter period of time as the Comptroller of event that such bank shall be closed on account of the Currency, the State authority, or Board of inability to meet the demands of its depositors Governors of the Federal Reserve System, as the within such period of two years, the Corporation case may be, shall require, the Board of Directors, shall have the same powers and rights with respect if it shall determine to proceed further, shall give to such bank as in case of an insured bank. to the bank not less than thirty days' written notice "(b) Whenever the insured status of a State of intention to terminate the status of the bank member bank shall be terminated by action of the as an insured bank, and shall fix a time and place Board of Directors, the Board of Governors of the for a hearing before the Board of Directors or be- Federal Reserve System shall terminate its memberfore a person designated by it to conduct such ship in the Federal Reserve System in accordance hearing, at which evidence may be produced, and with the provisions of section 9 of the Federal Re- OCTOBER 1950 1327 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT serve Act, and whenever the insured status of a duties and obligations of an insured bank for the national member bank shall be so terminated the period its deposits are insured: Provided, That if the Comptroller of the Currency shall appoint a re- deposits are assumed by a newly insured bank, the ceiver for the bank, which shall be the Corporation. bank whose deposits are assumed shall not be re- Except as provided in subsection (b) of section 4, quired to pay any assessment upon the deposits whenever a member bank shall cease to be a mem- which have been so assumed after the semiannual ber of the Federal Reserve System, its status as an period in which the assumption takes effect. insured bank shall, without notice or other action by "SEC. 9. Upon the date of enactment of the Bankthe board of directors, terminate on the date the ing Act of 1933, the Corporation shall become a bank shall cease to be a member of the Federal body corporate and as such shall have power— Reserve System, with like effect as if its insured "First. To adopt and use a corporate seal. status had been terminated on said date by the "Second. To have succession until dissolved by an board of directors after proceedings under subsec- Act of Congress. tion (a) of this section. "Third. To make contracts. "(c) Notwithstanding any other provision of "Fourth. To sue and be; sued, complain and delaw, whenever the Board of Directors shall deter- fend, in any court of law or equity, State or Federal. mine that an insured banking institution is not en- All suits of a civil nature at common law or in gaged in the business of receiving deposits, other equity to which the Corporation shall be a party than trust funds as herein defined, the Corporation shall be deemed to arise under the laws of the shall notify the banking institution that its insured United States: Provided, That any such suit to status will terminate at the expiration of the first which the Corporation is a party in its capacity as full semiannual assessment period following such receiver of a State bank and which involves only the notice. A finding by the Board of Directors that a rights or obligations of depositors, creditors, stockbanking institution is not engaged in the business holders, and such State bank under State law shall of receiving deposits, other than such trust funds, not be deemed to arise under the laws of the shall be conclusive. The Board of Directors shall United States. No attachment or execution shall be prescribe the notice to be given by the banking insti- issued against the Corporation or its property before tution of such termination and the Corporation may final judgment in any suit, action, or proceeding in publish notice thereof. Upon the termination of the any State, county, municipal, or United States court. insured status of any such banking institution, its The Board of Directors shall designate an agent deposits shall thereupon cease to be insured and the upon whom service of process may be made in any banking institution shall thereafter be relieved of all State, Territory, or jurisdiction in which any infuture obligations to the Corporation, including the sured bank is located. obligation to pay future assessments. "Fifth. To appoint by its Board of Directors such "(d) Whenever the liabilities of an insured bank officers and employees as are not otherwise provided for deposits shall have been assumed by another in- for in this Act, to define their duties, fix their comsured bank or banks, the insured status of the bank pensation, require bonds of them and fix the penalty whose liabilities are so assumed shall terminate on thereof, and to dismiss at pleasure such officers or the date of receipt by the Corporation of satisfactory employees. Nothing in this or any other Act shall evidence of such assumption with like effect as if its be construed to prevent the appointment and cominsured status had been terminated on said date by pensation as an officer or employee of the Corporathe Board of Directors after proceedings under sub- tion of any officer or employee of the United States section (a) of this section: Provided, That if the in any board, commission, independent establishbank whose liabilities are so assumed gives to its ment, or executive department thereof. depositors notice of such assumption within thirty "Sixth. To prescribe, by its Board of Directors, days after such assumption takes effect, by publica- bylaws not inconsistent with law, regulating the tion or by any reasonable means, in accordance with manner in which its general business may be conregulations to be prescribed by the Board of Direc- ducted, and the privileges granted to it by law may tors, the insurance of its deposits shall terminate at be exercised and enjoyed. the end of six months from the date such assump- "Seventh. To exercise by its Board of Directors, tion takes effect. Such bank shall be subject to the or duly authorized officers or agents, all powers spe- 1328 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT cifically granted by the provisions of this Act, and Each claim agent shall have power to administer such incidental powers as shall be necessary to carry oaths and to examine under oath and take and preout the powers so granted. serve the testimony of any persons relating to such "Eighth. To make examinations of and to require claims. information and reports from banks, as provided in "(c) For the purpose of any hearing under this this Act. Act, the Board of Directors, any member thereof or "Ninth. To act as receiver. any person designated by the Board of Directors to "Tenth. To prescribe by its Board of Directors conduct any such hearing, is empowered to adminsuch rules and regulations as it may deem necessary ister oaths and affirmations, subpena any officer or to carry out the provisions of this Act. employee of the insured bank, compel his attend- "SEC. 10. (a) The Board of Directors shall ad- ance, take evidence, take depositions and require the minister the affairs of the Corporation fairly and production of any books, records, or other papers of impartially and without discrimination. The Board the insured bank which are relevant or material to of Directors of the Corporation shall determine and the inquiry. For the purpose of any hearing, examprescribe the manner in which its obligations shall ination, or investigation under this Act, the Board of be incurred and its expenses allowed and paid. The Directors may apply to any judge or clerk of any Corporation shall be entitled to the free use of the court of the United States within the jurisdiction of United States mails in the same manner as the which such hearing, examination, or investigation is executive departments of the Government. The carried on, or where such person resides or carries Corporation with the consent of any Federal Reserve on business, to issue a subpena commanding each bank or of any board, commission, independent person to whom it is directed to attend and give establishment, or executive department of the Gov- testimony or for the taking of his deposition and to ernment, including any field service thereof, may produce books, records, or other papers relevant or avail itself of the use of information, services, and material to such hearing, examination, or investigafacilities thereof in carrying out the provisions of tion at a time and place and before a person therein this Act. specified. Such attendance of witnesses and the "(b) The Board of Directors shall appoint exam- production of any such papers may be required iners who shall have power, on behalf of the Cor- from any place in any State or in any Territory or poration, to examine any insured State nonmember other place subject to the jurisdiction of the United bank (except a District bank), any State nonmem- States at any designated place where such a hearing ber bank making application to become an insured is being held or such examination or investigation is bank, and any closed insured bank, whenever in the being made: Provided, however, That the producjudgment of the Board of Directors an examination tion of a person's documents at any place other of the bank is necessary. In addition to the exami- than his place of business shall not be required in nations provided for in the preceding sentence, such any case in which, prior to the return date specified examiners shall have like power to make special in the subpena with respect thereto, such person examination of any State member bank and any either has furnished as directed a copy of such docunational bank or District bank, whenever in the ments (certified by such person under oath to be a judgment of the Board of Directors such special true and correct copy) or has entered into a stipuexamination is necessary to determine the condition lation with any authorized representative of the of any such bank for insurance purposes. Each Corporation as to the information contained in such such examiner shall have power to make a thorough documents. Witnesses subpenaed under this secexamination of all the affairs of the bank and in tion shall be paid the same fees and mileage that are doing so he shall have power to administer oaths paid witnesses in the district courts of the United and to examine and take and preserve the testimony States. of any of the officers and agents thereof, and shall "(d) In cases of refusal to obey a subpena issued make a full and detailed report of the condition of to, or contumacy by, any person, the Board of Directhe bank to the Corporation. The Board of Direc- tors may invoke the aid of any court of the United tors in like manner shall appoint claim agents who States within the jurisdiction of which such hearing, shall have power to investigate and examine all examination or investigation is carried on, or where claims for insured deposits and transferred deposits. such person resides or carries on business, in requir- OCTOBER 1950 1329 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT ing the attendance and testimony of witnesses and "(g) The Corporation may cause any and all the production of books, records, or other papers. records, papers, or documents kept by it or in its And such court may issue an order requiring such possession or custody to be photographed or microperson to appear before the Board of Directors or photographed or otherwise reproduced upon film, member or person designated by the Board of which photographic film shall comply with the Directors, there to produce records, if so ordered, or minimum standards of quality approved for permato give testimony touching the matter in question; nent photographic records by the National Bureau and any failure to obey such order of the court may of Standards. Such photographs, microphotobe punished by such court as a contempt thereof. graphs, or photographic film or copies thereof shall All process in any such case may be served in the be deemed to be an original record for all purposes, judicial district whereof such person is an inhabi- including introduction in evidence in all State and tant or carries on business or wherever he may be Federal courts or administrative agencies and shall found. No person shall be excused from attending be admissible to prove any act, transaction, occurand testifying or from producing books, records, or rence, or event therein recorded. Such photographs, other papers in obedience to a subpena issued under microphotographs, or reproduction shall be prethe authority of this Act on the ground that the tes- served in such manner as the Board of Directors timony or evidence, documentary or otherwise, re- of the Corporation shall prescribe and the original quired of him may tend to incriminate him or records, papers, or documents may be destroyed or subject him to penalty or forfeiture; but no indi- otherwise disposed of as the Board shall direct. vidual shall be prosecuted or subject to any penalty "SEC. 11. (a) The Temporary Federal Deposit or forfeiture for or on account of any transaction, Insurance Fund and the Fund For Mutuals heretomatter, or thing concerning which he is compelled fore created pursuant to the provisions of section to testify or produce evidence, documentary or other- 12B of the Federal Reserve Act, as amended, are wise, after having claimed his privilege against self- hereby consolidated into a Permanent Insurance incrimination, except that such individual so testi- Fund for insuring deposits, and the assets therein fying shall not be exempt from prosecution and shall be held by the Corporation for the uses and punishment for perjury committed in so testifying. purposes of the Corporation: Provided, That the "(e) Each insured State nonmember bank (ex- obligations to and rights of the Corporation, deposicept a District bank) shall make to the Corporation tors, banks, and other persons arising out of any reports of condition in such form and at such times event or transaction prior to the effective date of this as the Board of Directors may require. The Board amendment shall remain unimpaired. On and of Directors may require such reports to be pub- after August 23, 1935, the Corporation shall insure lished in such manner, not inconsistent with any the deposits of all insured banks as provided in this applicable law, as it may direct. Every such bank Act: Provided further, That the insurance shall which fails to make or publish any such report apply only to deposits of insured banks which within such time, not less than five days, as the have been made available since March 10, 1933, for Board of Directors may require, shall be subject to withdrawal in the usual course of the banking a penalty of not more than $100 for each day of business: Provided further, That if any insured such failure recoverable by the Corporation for its bank shall, without the consent of the Corporation, use. release or modify restrictions on or deferments of "(f) The Corporation shall have access to reports deposits which had not been made available for of examination made by, and reports of condition withdrawal in the usual course of the banking busimade to, the Comptroller of the Currency or any ness on or before August 23, 1935, such deposits Federal Reserve bank, may accept any report made shall not be insured. The maximum amount of the by or to any commission, board, or authority having insured deposit of any depositor shall be $10,000: supervision of a State nonmember bank (except a And provided further, That in the case of banks District bank), and may furnish to the Comptroller closing prior to the effective date of this-amendof the Currency, to any Federal Reserve bank, and ment, the maximum amount of the insured deposit to any such commission, board, or authority, reports of any depositor shall be $5,000. of examinations made on behalf of, and reports of "(b) For the purposes of this Act an insured condition made to, the Corporation. bank shall be deemed to have been closed on ac- 1330 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT count of inability to meet the demands of its board of directors or by the authority having superdepositors in any case in which it has been closed for vision of such bank, as the case may be, on account the purpose of liquidation without adequate provi- of inability to meet the demands of its depositors, sion being made for payment of its depositors. the Corporation shall accept appointment as receiver "(c) Notwithstanding any other provision of law, thereof, if such appointment is tendered by the whenever the Comptroller of the Currency shall authority having supervision of such bank and is appoint a receiver other than a conservator of any authorized or permitted by State law. With respect insured national bank or insured District bank, or to any such insured State bank, the Corporation as of any noninsured national bank or District bank such receiver shall possess all the rights, powers and hereafter closed, he shall appoint the Corporation privileges granted by State law to a receiver of a receiver for such closed bank. State bank. "(d) Notwithstanding any other provision of "(f) Whenever an insured bank shall have been law, it shall be the duty of the Corporation as such closed on account of inability to meet the demands receiver to cause notice to be given, by advertise- of its depositors, payment of the insured deposits in ment in such newspapers as it may direct, to all such bank shall be made by the Corporation as soon persons having claims against such closed bank pur- as possible, subject to the provisions of subsection suant to section 5235 of the Revised Statutes (g) of this section either (1) by cash or (2) by (U. S. C, title 12, sec. 193); to realize upon the making available to each depositor a transferred deassets of such closed bank, having due regard to the posit in a new bank in the same community or in condition of credit in the locality; to enforce the another insured bank in an amount equal to the individual liability of the stockholders and directors insured deposit of such depositor: Provided, That thereof; and to wind up the affairs of such closed the Corporation, in its discretion, may require proof bank in conformity with the provisions of law of claims to be filed before paying the insured derelating to the liquidation of closed national banks, posits, and that in any case where the Corporation is except as herein otherwise provided. The Corpo- not satisfied as to the validity of a claim for an inration as such receiver shall pay to itself for its own sured deposit, it may require the final determinaaccount such portion of the amounts realized from tion of a court of competent jurisdiction before such liquidation as it shall be entitled to receive on paying such claim. account of its subrogation to the claims of deposi- "(g) In the case of a closed national bank or Distors, and it shall pay to depositors and other credi- trict bank, the Corporation, upon the payment to tors the net amounts available for distribution to any depositor as provided in subsection (f) of this them. The Corporation as such receiver, however, section, shall be subrogated to all rights of the demay, in its discretion, pay dividends on proved positor against the closed bank to the extent of such claims at any time after the expiration of the period payment. In the case of any other closed insured of advertisement made pursuant to the aforesaid bank, the Corporation shall not make any payment section of the Revised Statutes, and no liability shall to any depositor until the right of the Corporation attach to the Corporation itself or as such receiver to be subrogated to the rights of such depositor on by reason of any such payment for failure to pay the same basis as provided in the case of a closed dividends to a claimant whose claim is not proved national bank under this Act shall have been recogat the time of any such payment. With respect to nized either by express provision of State law, by any such closed bank, the Corporation as such re- allowance of claims by the authority having superceiver shall have all the rights, powers, and privi- vision of such bank, by assignment of claims by deleges now possessed by or hereafter granted by law positors, or by any other effective method. In the to a receiver of a national bank or District bank and case of any closed insured bank, such subrogation notwithstanding any other provision of law in the shall include the right on the part of the Corporaexercise of such rights, powers, and privileges the tion to receive the same dividends from the proceeds Corporation shall not be subject to the direction or of the assets of such closed bank and recoveries on supervision of the Secretary of the Treasury or the account of stockholders' liability as would have Comptroller of the Currency. been payable to the depositor on a claim for the in- "(e) Whenever any insured State bank (except a sured deposit, but such depositor shall retain his District bank) shall have been closed by action of its claim for any uninsured portion of his deposit: OCTOBER 1950 1331 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Provided, That, with respect to any bank which serve bank, or, to the extent of the insurance closes after May 25, 1938, the Corporation shall coverage thereon, with an insured bank. The new waive, in favor only of any person against whom bank, unless otherwise authorized by the Compstockholders' individual liability may be asserted, troller of the Currency, shall transact no business any claim on account of such liability in excess of except that authorized by this Act and as may be the liability, if any, to the bank or its creditors, for incidental to its organization. Notwithstanding the amount unpaid upon his stock in such bank; any other provision of law the new bank, its franbut any such waiver shall be effected in such man- chise, property, and income shall be exempt from ner and on such terms and conditions as will not all taxation now or hereafter imposed by the United increase recoveries or dividends on account of States, by any Territory, dependency, or possession claims to which the Corporation is not subrogated: thereof, or by any State, county, municipality, or Provided further, That the rights of depositors and local taxing authority. other creditors of any State bank shall be deter- "(j) Upon the organization of a new bank, the mined in accordance with the applicable provisions Corporation shall promptly make available to it an of State law. amount equal to the estimated insured deposits of "(h) As soon as possible after the closing of an such closed bank plus the estimated amount of the insured bank, the Corporation, if it finds that it is expenses of operating the new bank, and shall deteradvisable and in the interest of the depositors of mine as soon as possible the amount due each dethe closed bank or the public, shall organize a new positor for his insured deposit in the closed bank, national bank to assume the insured deposits of and the total expenses of operation of the new such closed bank and otherwise to perform tem- bank. Upon such determination, the amounts so porarily the functions hereinafter provided for. estimated and made available shall be adjusted to The new bank shall have its place of business in conform to the amounts so determined. Earnings the same community as the closed bank. of the new bank shall be paid over or credited to the "(i) The articles of association and the organiza- Corporation in such adjustment. If any new bank, tion certificate of the new bank shall be executed by during the period it continues its status as such, representatives designated by the Corporation. No sustains any losses with respect to which it is not capital stock need be paid in by the Corporation. effectively protected except by reason of being an The new bank shall not have a board of directors, insured bank, the Corporation shall furnish to it but shall be managed by an executive officer ap- additional funds in the amount of such losses. The pointed by the Board of Directors of the Corpora- new bank shall assume as transferred deposits the tion who shall be subject to its directions. In all payment of the insured deposits of such closed bank other respects the new bank shall be organized in to each of its depositors. Of the amounts so made accordance with the then existing provisions of law available, the Corporation shall transfer to the new relating to the organization of national banking bank, in cash, such sums as may be necessary to associations. The new bank may, with the approval enable it to meet its expenses of operation and of the Corporation, accept new deposits which shall immediate cash demands on such transferred debe subject to withdrawal on demand and which, posits, and the remainder of such amounts shall be except where the new bank is the only bank in the subject to withdrawal by the new bank on demand. community, shall not exceed $10,000 from any de- "(k) Whenever in the judgment of the Board of positor. The new bank, without application to or Directors it is desirable to do so, the Corporation approval by the Corporation, shall be an insured shall cause capital stock of the new bank to be bank and shall maintain on deposit with the Federal offered for sale on such terms and conditions as the Reserve bank of its district reserves in the amount Board of Directors shall deem advisable in an required by law for member banks, but it shall not amount sufficient, in the opinion of the Board of be required to subscribe for stock of the Federal Directors, to make possible the conduct of the busi- Reserve bank. Funds of the new bank shall be ness of the new bank on a sound basis, but in no kept on hand in cash, invested in obligations of the event less than that required by section 5138 of the United States, or in obligations guaranteed as to Revised Statutes, as amended (U. S. C, title 12, principal and interest by the United States, or de- sec. 51), for the organization of a national bank in posited with the Corporation, with a Federal Re- the place where such new bank is located. The 1332 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT stockholders of the closed insured bank shall be an agent or agents to assist it in its duties as such given the first opportunity to purchase any shares receiver, and all fees, compensation, and expenses of of common stock so offered. Upon proof that an liquidation and administration thereof shall be adequate amount of capital stock in the new bank fixed by the Corporation, and may be paid by it out has been subscribed and paid for in cash, the Comp- of funds coming into its possession as such retroller of the Currency shall require the articles of ceiver. association and the organization certificate to be "(b) Payment of an insured deposit to any person amended to conform to the requirements for the by the Corporation shall discharge the Corporation, organization of a national bank, and thereafter, and payment of a transferred deposit to any person when the requirements of law with respect to the by the new bank or by an insured bank in which a organization of a national bank have been complied transferred deposit has been made available shall with, he shall issue to the bank a certificate of discharge the Corporation and such new bank or authority to commence business, and thereupon the other insured bank, to the same extent that payment bank shall cease to have the status of a new bank, to such person by the closed bank would have disshall be managed by directors elected by its own charged it from liability for the insured deposit. shareholders and may exercise all the powers "(c) Except as otherwise prescribed by the Board granted by law, and it shall be subject to all of Directors, neither the Corporation nor such new the provisions of law relating to national banks. bank or other insured bank shall be required to Such bank shall thereafter be an insured national recognize as the owner of any portion of a deposit bank, without certification to or approval by the appearing on the records of the closed bank under a Corporation. name other than that of the claimant, any person "(1) If the capital stock of the new bank is not whose name or interest as such owner is not disoffered for sale, or if an adequate amount of capital closed on the records of such closed bank as part for such new bank is not subscribed and paid for, owner of said deposit, if such recognition would the Board of Directors may offer to transfer its increase the aggregate amount of the insured debusiness to any insured bank in the same com- posits in such closed bank. munity which will take over its assets, assume its "(d) The Corporation may withhold payment of liabilities, and pay to the Corporation for such busi- such portion of the insured deposit of any depositor ness such amount as the Board of Directors may in a closed bank as may be required to provide for deem adequate; or the Board of Directors in its the payment of any liability of such depositor as a discretion may change the location of the new bank stockholder of the closed bank, or of any liability to the office of the Corporation or to some other of such depositor to the closed bank or its receiver, place or may at any time wind up its affairs as which is not offset against a claim due from such herein provided. Unless the capital stock of the bank, pending the determination and payment of new bank is sold or its assets are taken over and its such liability by such depositor or any other person liabilities are assumed by an insured bank as above liable therefor. provided within two years from the date of its or- "(e) If, after the Corporation shall have given ganization, the Corporation shall wind up the at least three months' notice to the depositor by affairs of such bank, after giving such notice, if any, mailing a copy thereof to his last-known address as the Comptroller of the Currency may require, appearing on the records of the closed bank, any and shall certify to the Comptroller of the Currency depositor in the closed bank shall fail to claim the termination of the new bank. Thereafter the his insured deposit from the Corporation within Corporation shall be liable for the obligations of eighteen months after the appointment of the resuch bank and shall be the owner of its assets. The ceiver for the closed bank, or shall fail within such provisions of sections 5220 and 5221 of the Revised period to claim or arrange to continue the trans- Statutes (U. S. C, title 12, sees. 181 and 182) shall ferred deposit with the new bank or with the other not apply to such new banks. insured bank which assumes liability therefor, all "SEC. 12. (a) Notwithstanding any other pro- rights of the depositor against the Corporation with vision of law, the Corporation as receiver of a closed respect to the insured deposit, and against the new national bank or District bank shall not be required bank and such other insured bank with respect to to furnish bond and shall have the right to appoint the transferred desposit, shall be barred, and all OCTOBER 1950 1333 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT rights of the depositor against the closed bank and prevent such closing, the Corporation, in the disits shareholders, or the receivership estate to which cretion of its Board of Directors, is authorized to the Corporation may have become subrogated, shall make loans to, or purchase the assets of, or make thereupon revert to the depositor. The amount of deposits in, such insured bank, upon such terms and any transferred deposits not claimed within such conditions as the Board of Directors may prescribe, eighteen months' period, shall be refunded to the when in the opinion of the Board of Directors the Corporation. continued operation of such bank is essential to pro- "SEC 13. (a) Money of the Corporation not vide adequate banking service in the community. otherwise employed shall be invested in obligations Such loans and deposits may be in subordination to of the United States or in obligations guaranteed the rights of depositors and other creditors. as to principal and interest by the United States: "(d) Receivers or liquidators of insured banks Provided, That the Corporation shall not sell or closed on account of inability to meet the demands purchase any such obligations for its own account of their depositors shall be entitled to ofler the asand in its own right and interest, at any one time sets of such banks for sale to the Corporation or as aggregating in excess of $100,000, without the ap- security for loans from the Corporation, upon reproval of the Secretary of the Treasury: And pro- ceiving permission from the appropriate State au vided further, That the Secretary of the Treasury thority in accordance with express provisions of may waive the requirement of his approval with State law in the case of insured State banks. The respect to any transaction or classes of transactions proceeds of every such sale or loan shall be utilized subject to the provisions of this subsection for such for the same purposes and in the same manner as period of time and under such conditions as he may other funds realized from the liquidation of the determine. assets of such banks. In any case where prior to the "(b) The banking or checking accounts of the effective date of this amendment, the Comptroller Corporation shall be kept with the Treasurer of the of the Currency has appointed a receiver of a closed United States, or, with the approval of the Secretary national bank other than the Corporation, he may, of the Treasury, with a Federal Reserve bank, or in his discretion, pay dividends on proved claims with a bank designated as a depositary or fiscal at any time after the expiration of the period of agent of the United States: Provided, That the advertisement made pursuant to section 5235 of the Secretary of the Treasury may waive the require- Revised Statutes (U. S. C, title 12, sec. 193), and ments of this subsection under such conditions as no liability shall attach to the Comptroller of the he may determine: And provided further, That this Currency or to the receiver of any such national subsection shall not apply to the establishment and bank by reason of any such payment for failure to maintenance in any bank for temporary purposes pay dividends to a claimant whose claim is not of banking and checking accounts not in excess of proved at the time of any such payment. The Cor- $50,000 in any one bank, or to the establishment poration, in its discretion, may make loans on the and maintenance in any bank of any banking and security of or may purchase and liquidate or sell any checking accounts to facilitate the payment of in- part of the assets of an insured bank which is now sured deposits, or the making of loans to, or the or may hereafter be closed on account of inability to purchase of assets of, insured banks* When desig- meet the demands of its depositors, but in any case nated for that purpose by the Secretary of the in which the Corporation is acting as receiver of a Treasury, the Corporation shall be a depositary of closed insured bank, no such loan or purchase shall public moneys, except receipts from customs, under be made without the approval of a court of comsuch regulations as may be prescribed by the said petent jurisdiction. Secretary, and may also be employed as a financial "(e) Whenever in the judgment of the Board agent of the Government. It shall perform all such of Directors such action will reduce the risk or reasonable duties as depositary of public moneys and avert a threatened loss to the Corporation and will financial agent of the Government as may be re- facilitate a merger or consolidation of an insured quired of it. bank with another insured bank, or will facilitate "(c) In order to reopen a closed insured bank or, the sale of the assets of an open or closed insured when the Corporation has determined that an in- bank to and assumption of its liabilities by another sured bank is in danger of closing, in order to insured bank, the Corporation may, upon such 1334 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT terms and conditions as it may determine, make standing marketable and nonmarketable obligaloans secured in whole or in part by assets of an tions of the United States as of the last day of the open or closed insured bank, which loans may be month preceding the making of such loan. For in subordination to the rights of depositors and such purpose the Secretary of the Treasury is auother creditors, or the Corporation may purchase thorized to use as a public-debt transaction the any such assets or may guarantee any other insured proceeds of the sale of any securities hereafter issued bank against loss by reason of its assuming the lia- under the Second Liberty Bond Act, as amended, bilities and purchasing the assets of an open or and the purposes for which securities may be closed insured bank. Any insured national bank or issued under the Second Liberty Bond Act, as District bank, or the Corporation as receiver amended, are extended to include such loans. Any thereof, is authorized to contract for such sales or such loan shall be used by the Corporation solely in loans and to pledge any assets of the bank to secure carrying out its functions with respect to such insursuch loans. ance. All loans and repayments under this section "No agreement which tends to diminish or de- shall be treated as public-debt transactions of the feat the right, title or interest of the Corporation in United States. any asset acquired by it under this section, either "SEC. 15. All notes, debentures, bonds, or other as security for a loan or by purchase, shall be valid such obligations issued by the Corporation shall be against the Corporation unless such agreement (1.) exempt, both as to principal and interest, from all shall be in writing, (2) shall have been executed by taxation (except estate and inheritance taxes) now the bank and the person or persons claiming an or hereafter imposed by the United States, by any adverse interest thereunder, including the obligor, Territory, dependency, or possession thereof, or by contemporaneously with the acquisition of the asset any State, county, municipality, or local taxing by the bank, (3) shall have been approved by the authority: Provided, That interest upon or any inboard of directors of the bank or its loan committee, come from any such obligations and gain from which approval shall be reflected in the minutes of the sale or other disposition of such obligations shall said board or committee, and (4) shall have been, not have any exemption, as such, and loss from the continuously, from the time of its execution, an sale or other disposition of such obligations shall official record of the bank. not have any special treatment, as such, under the "(£) Prior to July 1, 1951, the Corporation shall Internal Revenue Code, or laws amendatory or pay out of its capital account to the Secretary of the supplementary thereto. The Corporation, including Treasury an amount equal to 2 per centum simple its franchise, its capital, reserves, and surplus, and interest per annum on amounts advanced to the its income, shall be exempt from all taxation now Corporation on stock subscriptions by the Secre- or hereafter imposed by the United States, by any tary of the Treasury and the Federal Reserve banks, Territory, dependency, or possession thereof, or by from the time of such advances until the amounts any State, county, municipality, or local taxing thereof were repaid. The amount payable here- authority, except that any real property of the Corunder shall be paid in two equal installments, the poration shall be subject to State, Territorial, first installment to be paid prior to December 31, county, municipal, or local taxation to the same 1950. extent according to its value as other real property "SEC. 14. The Corporation is authorized to bor- is taxed. row from the Treasury, and the Secretary of the "SEC. 16. In order that the Corporation may be Treasury is authorized and directed to loan to the supplied with such forms of notes, debentures, Corporation on such terms as may be fixed by the bonds, or other such obligations as it may need for Corporation and the Secretary, such funds as in the issuance under this Act, the Secretary of the Treasjudgment of the Board of Directors of the Corpo- ury is authorized to prepare such forms as shall be ration are from time to time required for insurance suitable and approved by the Corporation, to be purposes, not exceeding in the aggregate $3,000,- held in the Treasury subject to delivery, upon 000,000 outstanding at any one time: Provided, order of the Corporation. The engraved plates, That the rate of interest to be charged in connection dies, bed pieces, and other material executed in conwith any loan made pursuant to this section shall nection therewith shall remain in the custody of the not be less than the current average rate on out- Secretary of the Treasury. The Corporation shall OCTOBER 1950 1335 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT reimburse the Secretary of the Treasury for any of the audit, which, in the opinion of the Compexpenses incurred in the preparation, custody, and troller General, has been carried on or made withdelivery of such notes, debentures, bonds, or other out authority of law. A copy of each report shall such obligations. be furnished to the President, to the Secretary of "SEC. 17. (a) The Corporation shall annually the Treasury, and to the Corporation at the time make a report of its operations to the Congress as submitted to the Congress. soon as practicable after the 1st day of January in "(d) For the purpose of conducting such audit each year. the Comptroller General is authorized in his discre- "(b) The financial transactions of the Corpora- tion to employ by contract, without regard to section tion shall be audited by the General Accounting 3709 of the Revised Statutes, professional services Office in accordance with the principles and pro- of firms and organizations of certified public accedures applicable to commercial corporate trans- countants, with the concurrence of the Corporation, actions and under such rules and regulations as may for temporary periods or for special purposes. The be prescribed by the Comptroller General of the Corporation shall reimburse the General Account- United States. The audit shall be conducted at the ing Office for the cost of any such audit as billed place or places where accounts of the Corporation therefor by the Comptroller General, and the Genare normally kept. The representatives of the General Accounting Office shall deposit the sums so reeral Accounting Office shall have access to all books, imbursed into the Treasury as miscellaneous accounts, records, reports, files, and all other papers, receipts. things, or property belonging to or in use by the "SEC. 18. (a) Every insured bank shall display Corporation pertaining to its financial transactions at each place of business maintained by it a sign and necessary to facilitate the audit, and they shall or signs, and shall include a statement to the effect be afforded full facilities for verifying transactions that its deposits are insured by the Corporation in with the balances or securities held by depositaries, all of its advertisements: Provided, That the Board fiscal agents, and custodians. All such books, acof Directors may exempt from this requirement counts, records, reports, files, papers, and property advertisements which do not relate to deposits or of the Corporation shall remain in possession and when it is impractical to include such statement custody of the Corporation. The audit shall begin therein. The Board of Directors shall prescribe by with financial transactions occurring on and after regulation the forms of such signs and the manner August 31, 1948. of display and the substance of such statements and "(c) A report of the audit for each fiscal year the manner of use. For each day an insured bank ending on June 30 shall be made by the Comptroller continues to violate any provisions of this sub- General to the Congress not later than January 15 section or any lawful provisions of said regulations, following the close of such fiscal year. On or beit shall be subject to a penalty of not more than fore December 15 following such fiscal year the f 100, which the Corporation may recover for its use. Comptroller General shall furnish the Corporation "(b) No insured bank shall pay any dividends a short form report showing the financial position on its capital stock or interest on its capital notes or of the Corporation at the close of the fiscal year. debentures (if such interest is required to be paid The report to the Congress shall set forth the scope only out of net profits) or distribute any of its of the audit and shall include a statement of assets capital assets while it remains in default in the payand liabilities and surplus or deficit; a statement of ment of any assessment due to the Corporation; and surplus or deficit analysis; a statement of income any director or officer of any insured bank who parand expenses; a statement of sources and applicaticipates in the declaration or payment of any such tion of funds and such comments and information dividend or interest or in any such distribution as may be deemed necessary to inform Congress of shall, upon conviction, be fined not more than the financial operations and condition of the Cor- $1,000 or imprisoned not more than one year, or poration, together with such recommendations with respect thereto as the Comptroller General may both: Provided, That, if such default is due to a deem advisable. The report shall also show specifi- dispute between the insured bank and the Corporacally any program, expenditure, or other financial tion over the amount of such assessment, this subtransaction or undertaking observed in the course section shall not apply, if such bank shall deposit 1336 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT security satisfactory to the Corporation for payment "(d) No State nonmember insured bank (except upon final determination of the issue. a District bank) shall establish and operate any "(c) Without prior written consent by the Cor- new branch unless it shall have the prior written poration, no insured bank shall (1) merge or con- consent of the Corporation, and no State nonsolidate with any noninsured bank or institution or member insured bank (except a District bank) convert into a noninsured bank or institution or shall move its main office or any branch from one (2) assume liability to pay any deposits made in, location to another without such consent. The facor similar liabilities of, any noninsured bank or tors to be considered in granting or withholding the institution or (3) transfer assets to any noninsured consent of the Corporation under this subsection bank or institution in consideration of the assump- shall be those enumerated in section 6 of this Act. tion of liabilities for any portion of the deposits "(e) The Corporation may require any insured made in such insured bank. No insured bank shall bank to provide protection and indemnity against convert into an insured State bank if its capital burglary, defalcation, and other similar insurable stock, or its surplus will be less than the capital losses. Whenever any insured bank refuses to stock or surplus, respectively, of the converting comply with any such requirement the Corporation bank at the time of the shareholders' meeting ap- may contract for such protection and indemnity proving such conversion, without prior written con- and add the cost thereof to the assessment otherwise sent by the Comptroller of the Currency if the re- payable by such bank. sulting bank is to be a District bank, or by the "(f) Whenever any insured bank (except a na- Board of Governors of the Federal Reserve System tional bank or a District bank), after written notice if the resulting bank is to be a State member bank of the recommendations of the Corporation based (except a District bank), or by the Corporation if on a report of examination of such bank by an the resulting bank is to be a State nonmember in- examiner of the Corporation, shall fail to comply sured bank (except a District bank). No insured with such recommendations within one hundred bank shall (i) merge or consolidate with an and twenty days after such notice, the Corporation insured State bank under the charter of a State shall have the power, and is hereby authorized, to bank or (ii) assume liability to pay any deposits publish only such part of such report of examinamade in another insured bank, if the capital tion as relates to any recommendation not complied stock or surplus of the resulting or assuming with: Provided, That notice of intention to make bank will be less than the aggregate capital stock or such publication shall be given to the bank at least aggregate surplus, respectively, of all the merging ninety days before such publication is made. or consolidating banks or of all the parties to the "(g) The Board of Directors shall by regulation assumption of liabilities, at the time of the share- prohibit the payment of interest on demand deholders' meetings which authorized the merger or posits in insured nonmember banks and for such consolidation or at the time of the assumption of purpose it may define the term 'demand deposits'; liabilities, unless the Comptroller of the Currency but such exceptions from this prohibition shall be shall give prior written consent if the assuming made as are now or may hereafter be prescribed bank is to be a national bank or the assuming or with respect to deposits payable on demand in memresulting bank is to be a District bank; or unless ber banks by section 19 of the Federal Reserve Act, the Board of Governors of the Federal Reserve as amended, or by regulation of the Board of Gov- System gives prior written consent if the assuming ernors of the Federal Reserve System. The Board or resulting bank is to be a State member bank of Directors shall from time to time limit by regula- (except a District bank); or unless the Corporation tion the rates of interest or dividends which may be gives prior written consent if the assuming or paid by insured nonmember banks on time and savresulting bank is to be a nonmember insured bank ings deposits, but such regulations shall be con- (except a District bank). No insured State non- sistent with the contractual obligations of such member bank (except a District bank) shall, with- banks to their depositors. For the purpose of fixing out the prior consent of the Corporation, reduce the such rates of interest or dividends, the Board of amount or retire any part of its common or pre- Directors shall by regulation prescribe different rates ferred capital stock, or retire any part of its capital for such payment on time and savings deposits havnotes or debentures. ing different maturities, or subject to different con- OCTOBER 1950 1337 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT ditions respecting withdrawal or repayment, or imum less than the full amount shall be independsubject to different conditions by reason of different ent and separable from each and all of the provisions locations, or according to the varying discount rates of this Act." of member banks in the several Federal Reserve SEC. 3. (a) The third paragraph of section 709, districts. The Board of Directors shall by regula- title 18, United States Code, is amended to read as tion define what constitutes time and savings de- follows: posits in an insured nonmember bank. Such "Whoever, except as expressly authorized by regulations shall prohibit any insured nonmember Federal law, uses the words 'Federal Deposit', 'Fedbank from paying any time deposit before its ma- eral Deposit Insurance', of 'Federal Deposit Insurturity except upon such conditions and in accord- ance Corporation' or a combination of any three ance with such rules and regulations as may be of these words, as the name or a part thereof prescribed by the Board of Directors, and from under which he or it does business, or advertises or waiving any requirement of notice before payment otherwise represents falsely by any device whatsoof any savings deposit except as to all savings de- ever that his or its deposit liabilities, obligations, posits having the same requirement. For each certificates, or shares are insured or guaranteed by violation of any provision of this subsection or any the Federal Deposit Insurance Corporation, or by lawful provision of such regulations relating to the the United States or by any instrumentality thereof, payment of interest or dividends on deposits or to or whoever advertises that his or its deposits, withdrawal of deposits, the offending bank shall be shares, or accounts are federally insured, or falsely subject to a penalty of not more than $100, which advertises or otherwise represents by any device the Corporation may recover for its use. whatsoever the extent to which or the manner in "(h) Any insured bank which willfully fails or which the deposit liabilities of an insured bank or refuses to file any certified statement or pay any banks are insured by the Federal Deposit Insurassessment required under this Act shall be sub- ance Corporation; or". ject to a penalty of not more than $100 for each (b) The amendment made by subsection (a) of day that such violations continue, which penalty the this section shall become effective on January 1, Corporation may recover for its use: Provided, That 1951. this subsection shall not be applicable under the SEC. 4. Section 220, title 18, United States Code, circumstances stated in the proviso of subsection is amended to read as follows: (b) of this section. "Whoever, being an officer, director, employee, "SEC. 19. Except with the written consent of the agent, or attorney of any bank, the deposits of which Corporation, no person shall serve as a director, are insured by the Federal Deposit Insurance Corpoofficer, or employee of an insured bank who has ration, of a Federal intermediate credit bank, or of been convicted, or who is hereafter convicted, of any a National Agricultural Credit Corporation, except criminal offense involving dishonesty or a breach as provided by law, stipulates for or receives or of trust. For each willful violation of this prohibi- consents or agrees to receive any fee, commission, tion, the bank involved shall be subject to a penalty gift, or thing of value, from any person, firm, or of not more than $100 for each day this prohibition corporation, for procuring or endeavoring to prois violated, which the Corporation may recover for cure for such person, firm, or corporation, or for its use. any other person, firm, or corporation, from any "SEC. 20. It is not the purpose of this Act to such bank or corporation, any loan or extension or discriminate in any manner against State nonmem- renewal of loan or substitution of security, or the ber banks and in favor of national or member purchase or discount or acceptance of any paper, banks; but the purpose is to provide all banks with note, draft, check, or bill of exchange by any such the same opportunity to obtain and enjoy the bene- bank or corporation, shall be fined not more than fits of this Act. No bank shall be discriminated $5,000 or imprisoned not more than one year or against because its capital stock is less than the both." amount required for eligibility for admission into SEC. 5. Subsection (b) of section 405 of Title IV the Federal Reserve System. of the National Housing Act, as amended, is "SEC. 21. The provisions of this Act limiting the amended to read as follows: insurance of the deposits of any depositor to a max- "(b) In the event of a default by any insured 1338 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT institution, payment of each insured account in tion, in its discretion, may require proof of claims such insured institution which is surrendered and to be filed before paying the insured accounts, and transferred to the Corporation shall be made by the that in any case where the Corporation is not satis- Corporation as soon as possible either (1) by cash fied as to the validity of a claim for an insured acor (2) by making available to each insured member count, it may require the final determination of a a transferred account in a new insured institution court of competent jurisdiction before paying such in the same community or in another insured insti- claim." tution in an amount equal to the insured account of Approved, September 21, 1950. such insured member: Provided, That the Corpora- UNITED STATES GOVERNMENT ORGANIZATION MANUAL Following is an announcement regarding the ments, United States Government Printing Office, United States Government Organization Manual Washington 25, D. C. The Manual, an official which is printed in the BULLETIN by request: handbook edited by the Division of the Federal The 1950-51 Edition of the United States Gov- Register, describes the organization and functions ernment Organization Manual is now on sale at of the legislative, executive, and judicial branches one dollar per copy by the Superintendent of Docu- of the Government. OCTOBER 1950 1339 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings 'tional Bank of Detroit, who had been serving as a The Conference of Presidents of the Federal Re- special consultant to the Board in connection with serve Banks met in Boston on September 20-22, financial and credit matters, was designated by the 1950, and on September 27 the Conference met in Board as Administrator of the newly created Office. Washington with the Board of Governors of the Mr. Guy E. Noyes, Assistant Director of the Board's Federal Reserve System. Division of Research and Statistics, was designated Meetings of the Federal Open Market Commit- as Assistant Administrator. tee were held in Washington on September 28 and Further in accordance with the Defense Produc- October 11, 1950. tion Act of 1950, the Board of Governors on Sep- The Federal Advisory Council held a meeting in tember 27 reimposed Regulation V which relates Washington on October 1-3, 1950, and met with to the guaranteeing of loans made to contractors, the Board of Governors of the Federal Reserve Sys- subcontractors, and other persons having Governtem on October 3, 1950. ment contracts for production and deliveries or services deemed to be necessary for the national Death of Director defense. Mr. Charles E. Reed, President of Williams and In addition to their other duties, Mr. Charles T. Reed, Inc., Richmond, Virginia, who had served Fisher, Jr., will serve as Administrator of the as a Class B director of the Federal Reserve Bank Board's activities relating to this regulation, Mr. of Richmond since November 17, 1932, died on Gardner L. Boothe, II, Assistant Director of the October 15, 1950. Board's Division of Administrative Services, will serve as Deputy Administrator and Mr. George B. Changes in Board's* Organization Vest, the Board's General Counsel, will serve as The Board of Governors on September 13 an- Counsel in connection with this function. Mr. J. J. nounced the establishment of an Office of Real Connell, Technical Assistant in the Division of Estate Credit pursuant to the Executive Order of Bank Operations, will serve also as assistant to Mr. the President issued under the Defense Production Boothe and Mr. Howard H. Hackley, Assistant Act of 1950. This Office is charged with the re- Counsel in the Legal Division, will serve also as sponsibility for the administration of regulations assistant to Mr. Vest and as his alternate when which the Board, with the concurrence of the necessary. Administrator of the Housing and Home Finance Mr. Kenneth B. Williams, Chief of the National Agency, is authorized by the Executive Order to Income, Moneyflows, and Labor Section of the issue with respect to credit for new construction Board's Division of Research and Statistics, was in the real estate field. designated as Acting Assistant Director of that Divi- Mr. Charles T. Fisher, Jr., President of the Na- sion to replace Mr. Noyes during his absence. 1340 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled September 26 and released for publication September* 28] Industrial output has shown a further marked half of this year. The sharpest increases in producincrease in August and September above the record tion were at textile mills, where cotton consumption peacetime level reached in June. Business and con- rose one-sixth above the June rate, and at paper and sumer demands, however, have continued to be in paperboard mills. Rubber consumption continued excess of output and additional sharp rises have at a record level in August, but was apparently reoccurred in prices. Numerous industrial materials duced in September by a Federal order establishing have risen by about as much since March as during, maximum limits for use in civilian output during the six-month period following the elimination of the last four months of this year. wartime price controls in 1946. A very rapid expan- Production of durable goods showed a considersion in private credit and some drawing on liquid able increase in August, reflecting mainly marked assets have been important factors, along with in- increases in output in the furniture, machinery, creased incomes, in financing the expanded rate of and iron and steel fabricating industries. Activity buying. Consumer credit controls became effective at aircraft plants and shipyards also expanded rapon September 18 under authority of the Defense idly. Production of primary metals, bricks, cement, Production Act, enacted September 8, which also and lumber continued to show little change from authorized additional restrictions on real estate the advanced levels reached in the spring of the credit. year. Demand for these materials—especially metals —has remained far in excess of market supplies. INDUSTRIAL PRODUCTION In mid-September the National Production Authority instituted regulations aimed at limiting inven- The Board's index of industrial production tory buying of most metals and various other indusshowed a marked rise in August to 207 and a trial materials. further rise of about 5 points is likely in September. Output in August increased substantially in CONSTRUCTION all major groups of industries except primary metals, automobiles, and foods. Contract awards for new construction expanded Nondurable manufactures rose to a new all-time further in August to a new peak about one-tenth high of 191 per cent of the 1935-39 average, which above the previous record reached in July and almost was 6 per cent above the level prevailing in the first three-fourths higher than in August 1949. This INDUSTRIAL PRODUCTION WHOLESALE COMMODITY PRICES u ilCAL VOLUME. SEASONALLY ADJUSTED. 1935 - 39 • 100 PER CENT 1926-100 PER CENT 260 » 240 MANUFACTURES \ \ 240 220 220 j 200 TOTAL / 1 200 fi 180 V 180 160 V 160 {r\f^lMNERALS V 140 140 120 i \ 120 1943 1944 1945 1946 1947 1948 1949 1950 Federal Reserve indexes. Monthly figures, latest shown are Bureau of Labor Statistics' indexes. Weekly figures, latest for August. shown are for week ending Sept. 26. OCTOBER 1950 1341 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS expansion reflected large increases in the value of BANK CREDIT awards for most types of private construction which Since midyear, credit to private borrowers and more than offset a small decrease in awards for State and local governments has expanded by over publicly financed construction. The number of 2!/4 billion dollars at banks in leading cities, which housing units started in August was close to earlier is an exceptionally large amount for this season of record levels and two-fifths greater than in August the year. From mid-August to mid-September, 1949. business loan expansion accelerated and loans to DISTRIBUTION real estate owners and consumers continued to show large increases. Buying at department stores in the four-week period ending September 9, although below the Following mid-August the Federal Reserve Sysseasonally adjusted peak reached in July, was about tem purchased from banks and other investors a one-tenth above year-ago levels. Sales of durable substantial volume of the bonds and certificates goods spurted again in mid-September reflecting in involved in the Treasury's current refunding propart buying in anticipation of the instalment credit gram. Reserves supplied through these purchases controls. August sales at all retail stores were only were offset by System sales of other types of Govslightly less than in July, on a seasonally adjusted ernment securities, by cash redemptions of Systembasis, and 17 per cent greater than in August 1949. held maturing Treasury bills, and by currency and gold outflows. As a result, member bank reserve balances were unchanged over the five-week period, COMMODITY PRICES August 17—September 20. Because of the credit The rise in the average level of wholesale prices expansion, required reserves increased somewhat has continued through the first three weeks in further, while excess reserves declined. September, reflecting further sharp increases in Following an increase in the Federal Reserve prices of commodities other than farm products and discount rate and a rise in short-term money rates foods. These commodities, as a group, are about in August, interest rates to bank customers inone-tenth higher than in March and prices of numer- creased somewhat. ous materials are up 20 to 60 per cent. Since mid- September buying of these materials has been less SECURITY MARKETS urgent and prices have shown some decline. Common stock prices rose moderately during the Retail food prices have been maintained at the first three weeks of September. Railroad shares advanced levels reached in July and prices of a continued to show pronounced strength, while pubnumber of other consumer goods have been raised lic utilities issues recovered slowly. Yields on longsince that time. term Treasury bonds and high-grade corporate obligations increased slightly. EMPLOYMENT IN NONAGR1CULTURAL ESTABLISHMENTS MILLIONS OF PERSONS SEASONALLY ADJUSTED MILLIONS OF PERSONS -\ TOT t T=> M ANUFA " CTURINS MEMBER BANKS IN LEADING CITIES AND FINING * ^ f\S\ \Vv/*'>f^ : TRADE ——.—>- 1 4NCE A ND SERV CE MFNT FIN TRANSPORTATION AND UTILITIES CONSTRJCTION Bureau of Labor Statistics' data adjusted for seasonal variation by Federal Reserve. Proprietors and domestic servants 1943 1944 1945 1946 1947 1948 1949 1950 are not included. Midmonth figures, latest shown are for August. Wednesday figures, latest shown are for Sept. 27. 1342 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 1345-1346 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements. . 1346-1347 Federal Reserve Bank statistics .... 1348-1352 Deposits and reserves of member banks; bank suspensions 1352-1353 Money in circulation. . 1354-1355 Bank debits and deposit turnover; Postal Savings System. . 1355 All banks and the money supply. . 1356 All banks in the United States, by classes 1357-1359 All insured commercial banks in the United States, by classes. . 1360-1361 Weekly reporting member banks ... 1362-1365 Number of banking offices on Federal Reserve par list and not on par list 1366 Commercial paper, bankers' acceptances, and brokers' balances. 1367 Money rates; bank rates on business loans; bond yields. . 1368 Security prices and new issues 1369-1370 Corporate sales, profits, and dividends. . 1371-1372 Treasury finance 1373-1375 Government corporations and credit agencies. 1376 Business indexes 1377-1386 Department store statistics. 1387-1390 Cost of living.. 1390 Wholesale prices ... 1391 Gross national product, national income, and personal income. 1392-1393 Consumer credit statistics 1394-1396 Current statistics for Federal Reserve chart books. . 1397-1401 September crop report, by Federal Reserve districts. 1401 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. OCTOBER 1950 1343 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITfeMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLAR MONEY IN CIRCULATION RESERVE BANK I CREDIT MEMBER BANK RESERVE BALANCES TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS 1942 1943 1944 1945 1946 1947 1948 949 1950 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES 10 10 NOTES AND CERTIFICATES 0 _ 1942 1943 1944 1945 1946 1947 1948 1949 1950 Wednesday figures, latest shown are for Sept. 27. See page 1345. 1344 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 v co D a a a n u n d is c n d - - e ts s To U ta . l S s . e B G cu o o n r v i d t e i s r e n s m c c B e a e r i t t n l e i l f t s s i , , - ot A he ll r1 Total s G to o c ld k T s r t o c e u r i a n u n e u r n a g r c y t d - - s y - - M i c n t u i o o c l n a n i e r - y - T h c i u r o n a e r l g s a y d h s s - - F u T B p s e w r e R o r d y a e r i s n e e t v a i d r - k h t s e a e s s - - l b p m N e o r e o s m n d it e - s - - c O s F o e R e a t e r u r c h e a d v n - - e l - e t r s Total qu R ir e e - d2 Exand notes Wednesday figures: 1949—Aug. 3. 29818,693 7,780 10,913 222 19,21324,562 4,593 27,419 1,312 411 918 68917,619 16,490 1,129 Aug. 10. 13718,606 7,775 10,831 18118,92424,568 4,592 27,409 1,314 370 956 69117,347 16,513 834 Aug. 17. 24018,226 7,775 10,451 228 18,69424,608 4,592 27,383 1,313 444 970 68817,096 15,799 1,297 Aug. 24. 11517,803 7,775 10,028 16318,08124,610 4,591 27,328 1,321 485 948 69116,509 15,596 913 Aug. 31. 53117,524 7,775 9,749 17118,22524,607 4,593 27,389 1,310 610 914 69016,512 15,337 1,175 Sept. 7. 11517,413 7,775 9,638 251 17,780 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 18,40624,604 4,593 27,476 ,321 612 1,075 73416,384 15,242 1,142 Oct. 12. 10917,779 7,538 10,241 41418,30124,604 4,592 27,546 ,296 554 1,247 73416,119 15,211 908 Oct. 19. 12217,666 7,538 10,128 369 18,15724,585 4,591 27,427 ,310 317 1,142 73216,405 15,330 1,075 Oct. 26. 13817,403 7,538 9,865 292 17,83324,584 4,591 27,328 1,313 374 1,163 73216,098 15,314 784 Nov. 2. 61117,533 7,536 9,997 272 18,41624,583 4,591 27,382 1,318 545 1,219 69016,437 15,319 1,118 Nov. 9. 31917,706 7,535 10,171 16018,18524,532 4,592 27,528 1,312 415 1,220 69016,145 15,262 883 Nov. 16. 12417,789 7,532 10,257 438 18,35124,530 4,592 27,397 1,323 408 1,224 69016,432 15,346 1,086 Nov. 23. 13317,669 7,513 10,156 289 18,09124,530 4,596 27,508 1,315 410 1,306 69115,987 15,361 626 Nov. 30. 32117,682 7,513 10,169 263 18,26724,479 4,596 27,543 1,317 517 1,238 68916,038 15,367 671 Dec. 7. 40717,931 7,512 10,419 289 18,62824,477 4,596 27,699 1,309 441 1,271 69016,291 15,395 896 Dec. 14. 10718,169 7,512 10,657 455 18,73124,476 4,596 27,701 1,314 393 1,273 69016,433 15,561 872 Dec. 21. 12818,538 7,237 11,301 842 19,50824,427 4,595 27,833 1,309 1,027 1,267 75616,337 15,523 814 Dec. 28. 14218,789 7,231 11,558 448 19,37924,427 4,598 27,765 1,314 987 1,281 75816,299 15,462 837 1950—Jan. 4. 9518,829 7,212 11,617 547 19,47124,427 4,597 27,551 1,319 547 1,304 71917,055 15,597 1,458 Jan. 11. 9918,230 7,165 11,065 315 18,64424,426 4,596 27,311 1,313 255 1,382 71916,686 15,593 1,093 Jan. 18. 9717,872 7,134 10,738 41418,38324,426 4,596 27,121 1,315 381 1,380 71916,487 15,630 857 Jan. 25. 12117,764 7,130 10,634 416 18,30024,425 4,596 26,913 1,321 539 1,408 72116,419 15,617 802 Feb. 1. 45617,855 7,103 10,752 309 18,62024,395 4,599 26,928 1,318 637 1,478 72116,532 15,534 998 Feb. 8. 22317,656 6,969 10,687 267 18,14624,345 4,598 26,985 1,313 366 1,432 72716,265 15,456 809 Feb. 15. 26717,781 6,920 10,861 533 18,58124,343 4,598 26,993 1,313 671 1,419 72816,400 15,383 1,017 Feb. 21. 9417,625 6,887 10,738 373 18,09224,345 4,598 27,019 1,311 380 1,419 73116,176 15,428 748 Mar. 1. 31417,757 6,840 10,917 383 18,45424,345 4,600 27,060 1,316 555 1,444 73616,288 15,347 941 Mar. 8. 8717,846 6,804 11,042 431 18,36324,345 4,601 27,105 1,322 433 1,454 73916,258 15,261 997 Mar. 15. 7117,791 6,6rs 11,176 402 18,26424,320 4,601 27,023 1,307 9 1,315 75916,771 15,405 1,366 Mar. 22. 18617,573 11,044 277 18,03624,271 4,600 26,972 1,308 759 1,139 76115,969 15,324 645 Mar. 29. 36517,516 6,529 11,101 18,14424,246 4,599 26,969 1,321 997 1,155 76615,782 15,268 514 6,415 Apr. 5. 16817,572 6,357 11,215 392 18,13224,246 4,601 27,133 1,317 622 1,167 76915,971 15,209 762 Apr. 12. 16017,597 6,327 11,270 311 18,06824,247 4,600 27,072 1,313 587 1,177 76915,996 15,248 748 Apr. 19. 13717,410 6,220 11,190 381 17,92824,247 4,600 26,992 1,319 647 1,261 77115,786 15,265 521 Apr. 26. 17,640 6,204 11,436 18,14124,247 4,600 26,962 1,316 833 1,208 77215,898 15,243 655 May 3. 12117,711 6,098 11,613 359 18,19224,247 4,602 27,051 1,326 678 1,287 71315,986 15,224 762 May 10. 9017,591 5,976 11,615 297 17,97824,249 4,602 27,041 1,318 533 1,314 71715,907 15,147 760 May 17. 7917,401 5,911 11,490 18,00124,230 4,601 26,980 1,294 426 1,293 71616,123 15,275 848 May 24. 10617,290 5,854 11,436 17,68324,230 4,601 26,908 1,292 428 1,246 71815,922 15,305 617 May 31. 30617,389 5,802 11,587 239 17,93524,231 4,606 27,090 1,309 588 1,254. 71815,814 15,288 526 June 7. 9417,672 5,726 11,946 377 18,14324,232 4,605 27,079 1,309 472 1,321 73316,067 15,350 717 June 14. 7917,693 5,681 12,012 498 18,27024,232 4,604 26,993 1,304 319 1,447 73516,309 15,433 876 June 21. 7417,679 5,650 12,029 508 18,26124,231 4,604 26,926 1,294 529 1,395 78416,169 15,522 647 June 28. 6918,217 5,644 12,573 281 18,56724,230 4,608 27,026 1,306 866 1,441 77815,988 15,462 526 July 5. 8318,586 5,555 13,031 281 18,950 24,231 4,607 27,315 ,302 645 1,470 80216,254 15,463 791 July 12. 6518,294 5,411 12,883 399 ^ 24,207 4,606 27,169 ,309 383 1,457 80416,448 15,544 904 July 19. 19917,869 5,286 12,583 407 24,207 4,606 27,029 ,310 525 1,462 80416,157 15,527 630 July 26. 350 17,964 4,997 12,967 322 18,636 24,157 4,605 26,915 ,315 504 1,439 80916,415 15,585 830 Aug. 2. 30118,143 4,860 13,283 318 18,762 24,136 4,609 27,000 ,304 564 1,487 75716,395 15,553 842 Aug. 9. 26318,349 4,791 13,558 292 18,904 24,035 4,608 27,015 ,309 667 1,431 75916,366 15,535 831 Aug. 16. 10618,334 13,643 449 18,88923,954 4,608 26,976 ,309 717 1,392 75916,298 15,613 685 Aug. 23. 11518,577 13,137 191 18,88323,803 4,609 26,963 ,308 562 1,272 74816,442 15,686 756 Aug. 30. 10718,584 6,551 12,033 288 18,979 23,752 4,611 27,042 ,308 676 1,304 72816,285 15,767 518 Sept. 6. 9918,942 7,284 11,658 396 19,438 23,577 4,613 27,259 ,311 511 1,220 71616,611 15,747 864 Sept. 13. 7119,064 8,233 10,831 529 19,665 23,576 4,613 27,151 ,305 648 1,182 70316,865 15,934 931 Sept. 20. 5118,526 3,731 14,795 591 19,169 23,525 4,613 27,081 ,301 654 1,204 76816,299P15,913 P386 Sept. 27. 120 19,353 3,773 15,580 60120,075 23,474 4,614 27,060 ,307 1,144 1,190 76216,699P15,843 *>856 P Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. • 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. OCTOBER 1950 1345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period c v o a D a a n u n d i c n s d - - e ts s T U ot . a S l . s e G B cu o o n r v i d e ti s r e n s m c c B e a e r i t n t l e i l t f s s i , , - ot A h l e l r1 Total s G to o c ld k T s r o c e t u i r a u n n u e r n y g r c t a - - d y s - - M in c t u o io l c n a n i e r - y - T h c i u r o n a e r l g s a y d h s s - - F u T B p e s w r R r e o d y a e r i s e n e t v a d i r h - k t s e a e s s - - l b m p N e o r e o s m d n it e - s - - c O s F o e R e a t e r u r h c e a d v n - e - l - e t r s Total qu R ir e e - d2 c E es x s - 2 and notes End of period: 1929—June 29.. 1,037 216 71 145 147 1,400 4,037 2,019 4,459 204 36 28 374 2,356 2,333 23 1933—June 30.. 164 1,998 441 1,557 58 2,220 4,031 2,286 5,434 264 35 166 346 2,292 1,817 475 1939—Dec. 30.. 7 2,484 1,351 1,133 102 2,593 17,644 2,963 7,598 2,409 634 653 25111,653 6,4445,209 1941—Dec. 31.. 3 2,254 1,467 787 104 2,361 22,737 3,247 11,160 2,215 867 1,360 29112,450 9,3653,085 1945—June 30.. 46 21,792 1,11320,679 466 22,304 20,213 4,145 26,746 2,279 599 1,668 45014,920 13,3351,585 Dec. 31.. 249 24,262 94723,315 58025,091 20,065 4,339 28,515 2,287 977 1,308 49515,915 14,4571,458 1946—June 29.. 15723,783 75523,028 51624,456 20,270 4,539 28,245 2,251 833 1,250 56116,123 15,0111,112 Dec. 31.. 16323,350 75322,597 581 24,093 20,529 4,562 28,952 2,272 393 822 60716,139 15,577 562 1947—June 30.. 70 21,872 72721,145 22822,170 21,266 4,552 28,297 1,314 756 881 62916,112 15,374 738 Dec. 31. . 8522,559 2,85319,706 53623,181 22,754 4,562 28,868 1,336 870 961 56317,899 16,4001,499 1948—June 30.. 26521,366 6,20615,160 26821,900 23,532 4,565 27,903 1,327 1,928 859 59217,389 16,647 742 Dec. 31... 22323,333 10,97712,356 542 24,097 24,244 4,589 28,224 1,325 1,123 1,189 590 20,479 19,2771,202 1949—Aug 53117,524 7,775 9,749 171 18,225 24,608 4,593 27,393 1,308 610 914 69016,512 15,3371,175 Sept 10918,010 7,538 10,472 297 18,415 24,602 4,593 27,412 1,311 1,176 1,051 71315,947 15,176 771 Oct 28317,316 7,536 9,780 261 17,860 24,584 4,592 27,407 1,307 595 1,187 69015,850 15,261 589 Nov 32117,682 7,513 10,169 263 18,267 24,479 4,596 27,543 1,317 517 1,238 68916,038 15,367 671 Dec 7818,885 7,218 11,667 536 19,499 24,427 4,598 27,600 1,312 821 1,517 70616,568 15,5501,018 1950—Jan 14517,827 7,112 10,715 354 18,326 24,395 599 26,941 1,311 677 1,460 72016,211 15,513 698 Feb 13117,746 6,857 10,889 349 18,226 24,345 602 27,068 1,310 666 1,426 73015,973 15,390 583 Mar 22517,592 6,397 11,195 253 18,070 24,246 602 27,042 1,315 1,006 1,132 76615,657 15,150 507 Apr 11317,796 6,155 11,641 392 18,301 24,247 603 27,048 1,308 858 1,347 71215,878 15.202 676 May 30617,389 5,802 11,587 239 17,935 ,231 606 27,090 1,309 588 1,254 71815,814 15,288 526 June 4318,331 5,618 12,713 329 18,703 231 607 27,156 1,298 950 1,431 77115,934 15,498 436 July 22017,969 4,888 13,081 277 18,466 ,136 609 27,010 1,304 566 1,443 75916,129 15,534 595 Aug 8318,356 6,768 11,588 381 18,820 ,627 613 27,120 1,304 733 1,190 72415,989 15,770 219 Sept. 19,572 3,793 15,779 69520,340?23,482 617P27,159 Pl.323 1,114 1,374 76016,709 P15.853 P856 Averages of daily figures: 1949—Aug 190 18,147 7,777 10,370 245 18,583 24,588 4,592 27,397 1,312 521 970 69016,873 15,918 955 Sept 16417,441 7,649 9,792 352 17,957 24,637 4,592 27,451 1,310 649 990 70316,083 15,161 922 Oct 13617,643 7,538 10,105 361 18,139 24,596 4,592 27,456 1,305 555 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 81! 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 SOI 1950—Jan 10118,082 7,157 10,925 466 18,649 24,420 4,597 27,220 1,314 472 1,420 71916,520 15,585 936 Feb 17817,705 6,948 10,757 427 18,310 24,346 4,598 27,008 1,310 585 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 140 17,608 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 71 15,941 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 15,426 767 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 17218,328 5,171 13,157 377 18,876 23,927 4,609 27,009 1,307 668 1,404 75216,273 15,626 647 Sept 18,946 5,546 13,400 568 19,610 23,560 4,613 27,154 1,303 749 1,235 16,602 For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS * [Per cent per annum] [Per cent of market value] Jan. 21, Feb. 1, Effec- Nov. 1, 1933-Feb. 1, 1935- Effective Prescribed in accordance with 1946- 1947- tive Jan. 31, 1935 Dec. 31, 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 In 90 days to 6 months. . . For short sales 100 75 50 In less than 90 days Regulation U: For loans by banks on stocks 100 75 50 NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regula- 1 Regulations T and U limit the amount of credit that may be extion Q. Under this Regulation the rate payable by a member bank tended on a security by prescribing a maximum loan value, which is a may not in any event exceed the maximum rate payable by State specified percentage of its market value at the time of the extension; the banks or trust companies on like deposits under the laws of the State "margin requirements" shown in this table are the difference between in which the member bank is located. Maximum rates that may be the market value (100%) and the maximum loan value. paid by insured nonmember banks as established by the F.D.I.C., Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, effective Feb. 1, 1936, are the same as those in effect for member banks. and BULLETIN for March 1946, p. 295. 1346 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Federal Reserve Bank a A d o d v b v 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 d o el u G i 1 n g o 3 i t b s v a ) l e e * o r f n p m a a n e p d n e t r Other [ s S e e c c u . r e 1 d 0 (b a ) d ] vances ti b o o a b n n l s ( i k l g a s o a s t t s t h i e o e p c n r a u s r r t . e h o d S a f n e b t c h y . m e 1 d e U 3 i m ) r . e b S c e t . r Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Sept. 30 beginning— rate Sept. 30 beginnings— rate Sept. 30 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 2 Cleveland Aug. 25, 1950 Aug. 25,1950 Aug. 25,1950 234 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 2 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 2 San Francisco Aug. 24, 1950 Aug. 24,1950 2 Oct. 28,1942 4 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 2 Certain special rates to nonmember banks were in effect during the wartime period. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK 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 l Maturity Sept. 30 ginning— rate Time Effective date deposits 1 9 2 1 1 1 - - - 1 1 2 9 8 0 0 0 d d d a a a y y y s s s m IK 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 i of change C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m b e a ( 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. 1934 15 10}* Back figures.—See Banking and Monetary Statistics, Table 117, pp. 1937—Mar. 1. . 22^ 17^ 12}: 443-445. May 1. 26 20 14 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1938—Apr. 16. 22M 1734 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 September 30. Per cent per annum] Oct. 3. 20 To industrial or 1948—Feb. 27. 22 commercial To financing institutions June 11. 24 businesses Sept. 16. 16 Sept. 24. 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 8 2 7 7 Bank lo O an n s1 co m m O e m n n t i s t- fo P in r o s w r t t i i h t o u i n c - h ma R in e- ing co m m O e m n n t i s t- A J Ju u u l n g y e . 30 1 1 . . . 20 1 1 4 3 3 2 6 6 tion is portion Aug. 11. 35 obligated Aug. 16. 12 25 Aug. 18. 23 19 Boston Aug. 25. 22 18 New York... . Sept. 1. 22 . 18 Philadelphia. ... Cleveland In effect Oct. 1, 1950 22 18 Richmond Atlanta Chicago 1 Demand deposits subject to reserve requirements, which beginning St. Louis Aug. 23, 1935, have been total demand deposits minus cash items M Ka i n n s n a e s a p C o i l t i y s . .. . . . . . (3) i ( n a l p so r oc m e i s n s u o s f w co ar l le l c o t a io n n a a n n d d s d e e ri m es a n E d b b a o l n a d n c a e c s c d o u u e n t f s r o d m u r d in o g m e t s h t e i c p b e a ri n o k d s Dallas 8 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 (i)nstitutions. 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. 6 Charge of % per cent is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. OCTOBER 1950 1347 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 Sept. 27 Sept. 20 Sept. 13 Sept. 6 Aug. 30 Aug. 23 Aug. 16 Sept. Aug. Sept. Assets Gold certificates 21,710,430 21,762,43121,808,43121,821,42921,996,433 22050,429 222,190,429 21710,429 21,871,430 22,799,432 Redemption fund for F. R. notes 524,625 524,771 526,190 517,945 518,111 519,421 519,420 524,625 518,036 550,559 Total gold certificate reserves.... 22,235,055 22,287,202 22,334,62122,339,374 22,514,544 22,569,850 22,709,84922,235,05422,389,466 23,349,991 Other cash 235,548 241,445 239,896 214,775 249,424 252,792 255,943 228,676 240,188 273,193 Discounts and advances: For member banks... 120,491 51,274 71,154 98,856 106,720 115,190 103,648 71,704 82,390 17,075 For nonmember banks, etc 2,000 92,000 Total discounts and advances 120,491 51,274 71,154 98,856 115,190 105,648 71,704 82,390 109,075 Industrial loans 2,173 2,181 2,175 2,265 2,256 2,251 2,214 2,249 898 U. S. Govt. securities: Bills 1,379,254 1,017,296 1,581,416 2,298,807 3,735,667 4,271,167 1,512,854 2,301,507 4,341,504 Certificates: Special Other 4,953,470 4,481,474 5,185,468 5,081,886 4,776,236 3,630,636 3,033,550 4,974,970 4,847,536 5,831,900 Notes 9,246,998 9,296,212 4,063,628 4,277,000 4,518,950 5,770,600 6,338,000 9,290,998 4,438,800 298,100 Bonds 3,773,375 3,731,075 8,233,863 7,284,612 6,550,886 5,439,630 4,690,900 3,793,375 6,767,828 7,538,200 Total U. S. Govt. securities 19,353,097 18,526,057 19,064,375 18,942,305 18,583,797 18,576,533 18,333,617 19,572,197 18,355,671 18,009,704 Other Reserve Bank credit outstanding. . . 598,858 589,433 527,341 394,264 286,450 189,369 447,023 693,486 379,341 295,506 Total Reserve Bank credit outstanding 20,074,619 19,168,945 19,665,045 19,437,690 18,979,210 18,883,348 18,888,539 20,339,601 18,819,651 18,415,183 Liabilities Federal Reserve notes. . 22,901,759 22,924,014 22,983,018 23,054,38122,877,73522,810,170 22,819,95822,996,650 22,947,030 23,278,372 Deposits: Member bank — reserve account 16,699,093 16,298,51116,865,15216,610,70016,284,70916,442,43616,297,89016,709,29815,988,56215,947,080 U. S. Treasurer—general account 1,144,277 654,178 647,615 511,368 675,809 562,439 717,231 1,114,433 732,654 1,175,608 Foreign 909,767 892,049 872,264 928,318 1,006,345 992,896 1,105,046 897,824 915,899 533,373 Other 279,972 312,268 309,315 291,821 297,796 279,026 286,766 475,801 274,433 517,127 Total deposits 19,033,10918,157,00618,694,34618,342,20718,264,65918,276,79718,406,93319,197,35617,911,54818,173,188 Ratio of gold certificate reserves to deposit andF. R. note liabilities combined (per cent)... 53.0 54.3 53.6 54.0 54.7 54.9 55.1 54.8 56.3 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 s to2 5 y y e e a a r r s s to 5 O y v e e a r rs Discounts and advances: Aug. 30 106, 82,822 13,872 2,592 7,423 Sept. 6 98, 81,148 9,998 2,241 5,463 Sept. 13 71, 62,360 1,715 1,668 5,410 Sept. 20 51'. 47,640 1,524 1,740 370 Sept. 27 120i 109,367 8,966 1,348 810 Industrial loans: Aug. 30 2 214 40 176 163 389 193 306 762 Sept. 6 2 74 165 178 25 383 406 308 726 Sept. 13 2, 82 63 186 27 374 391 306 746 Sept. 20 2, 92 9 185 26 387 445 289 748 Sept. 27 2, 77 9 186 24 381 467 289 740 U. S. Government securities: Aug. 30 18,583, 906,454 4,079,615 4,208,253 493,375 566,200 4,134,900 73,900 1,690,200 2,430,900 Sept. 6 * 18,942, 5,376,943 4,150,554 687,973 361,210 409,750 3,987,000 1,567, ,401,500 Sept. 13 19,064! 6,155,786 4,297,841 410,187 219,508 215,300 3,792,428 1,474,125 2,499,200 Sept. 20 18,526, 4,870,462 193,963 241,462 129,483 63,4003,714,078 5,318,384 1,434,225 2,560,600 Sept. 27 19,353 5,134,031 347,758 418,525 378,660 53,750 3,797,278 5 190,970 1,409,225 2,622,900 1348 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F S ra an ncisco Assets Gold certificates: Aug. 30 21,996,433 857,800 6,856,9991,232,5231,618,517 998,073 942,6714,435,935 609,364 405,829 797,758 610,4302,630,534 Sept. 6 21,821,429 794,639 6,800,1931,206,9021,570,7201,004,310 947,0344,434,619 593,166 421,439 819,172 618,8572,610,378 Sept. 13 21,808,431 825,661 6,843,2481,190,7481,573,7881,001,033 949,4694,420,734 581,382 417,342 800,802 581,0722,623,152 Sept. 20 21,762,431 839,135 6,647,4231,228,2621,593,1001,014,602 968,9204,408,762 594,388 416,239 803,224 619,8982,628,478 Sept. 27.. 21,710,430 800,208 6,706,8851,188,4211,642,2291,036,932 966,1124,477,551 563,682 384,416 785,081 580,6132,578,300 XvcU.tIIll-Jl.lOIl 1 U.11U. for F. R. notes: Aug. 30 518,111 51,768 32,748 45,889 60,688 48,223 36,253 79,895 41,493 21,777 33,647 26,052 39,678 Sept. 6 517,945 51,750 32,682 45,889 60,664 48,223 36,230 79,895 41,475 21,771 33,636 26,052 39,678 Sept. 13 526,190 51,529 31,837 46,449 60,337 50,352 36,009 87,573 41,383 21,728 33,570 25,970 39,453 Sept. 20. 524,771 51,417 31,315 46,232 61,178 49,633 35,870 87,328 41,314 21,703 33,482 25,937 39,362 Sept. 27 524,625 51,317 30,949 46,042 61,037 50,736 35,769 87,177 41,266 21,686 33,445 25,903 39,298 Total gold certificate reserves: Aug. 30 22,514,544 909,568 6,889,7471,278,4121,679,2051,046,296 978,9244,515,830 650,857 427,606 831,405 636,4822,670,212 Sept. 6 22,339,374 846,389 6,832,8751,252,7911,631,3841,052,533 983,2644,514,514 634,641 443,210 852,808 644,9092,650,056 Sept. 13 22,334,621 877,190 6,875,0851,237,1971,634,1251,051,385 985,4784,508,307 622,765 439,070 834,372 607,0422,662,605 Sept. 20 22,287,202 890,552 6,678,7381,274,4941,654,2781,064,2351,004,7904,496,090 635,702 437,942 836,706 645,8352,667,840 Sept. 27 22,235,055 851,525 6,737,8341,234,4631,703,2661,087,6681,001,8814,564,728 604,948 406,102 818,526 606,5162,617,598 Aug. 30 249,424 26,209 48,731 13,499 21,361 16,655 18,729 37,667 11,934 7,723 10,343 11,292 25,281 Sept. 6...... 214,775 24,488 40,903 12,242 17,108 14,784 15,773 32,769 9,544 7,106 9,337 9,877 20,844 Sept. 13 239,896 26,388 50,453 13,191 19,952 15,109 17,755 32,233 11,902 7,102 9,911 10,443 25,457 Sept. 20 241,445 24,807 46,190 14,940 17,488 16,844 20,180 31,867 11,128 7,902 11,581 11,034 27,484 Sept. 27 235,548 24,809 46,651 12,701 18,432 16,118 16,632 31,900 10,519 6,499 13,154 10,691 27,442 TJL)yi lcoifCWU1 UT.n 1i1" LQo ROrt .C ckLfU\.w"m vances: a Secured by U. S. Govt. securities: Aug. 30.. 106,355 11,780 35,940 2,215 4,075 7,135 3,530 3,300 17,872 6,295 10,209 600 3,404 Sept. 6. . 98,502 375 33,810 1,875 10,262 2,665 3,940 12,800 12,325 15,855 3,345 700 550 Sept. 13. . 70,975 3,600 20,455 2,035 6,970 3,540 2,920 4,100 17,045 980 8,430 700 200 Sept. 20. . 51,095 2,500 9,185 1,160 5,970 2,890 2,405 1,250 5,150 12,605 6,230 1,600 150 Sept. 27.. 119,897 3,600 25,920 1,250 17,270 3,655 8,835 11,150 12,432 15,055 19,930 600 200 Other* Aug. 30. . 365 50 75 16 224 Sept. 6.. 354 50 75 16 213 Sept. 13.. 179 50 114 15 Sept. 20. . 179 50 114 15 Sept. 27. . 594 350 25 204 15 Industrial loans: Aug. 30 2,243 29 1,910 1 97 5 201 Sept. 6...... 2,265 29 1,923 I 107 5 200 Sept. 13 2*175 29 1^825 1 117 5 198 Sept. 20 2,181 28 1837 1 108 5 202 Sept. 27 2,173 28 1^820 1 119 200 U. S. Govt. securities: Bills: Aug. 30 2,737,725 188,739 638,142 182,061 253,776 176,873 146,643 415,171 151,016 84,702 127,039 124,279 249,284 Sept. 6 2,298,807 158,480 535,834 152,873 213,090 148,517 123,133 348,609 126,804 71,123 106,672 104,354 209,318 Sept. 13.... 1,581,416 109,023 368,615 105,166 146,591 102,169 84,707 239,819 87,233 48,927 73,382 71,788 143,996 Sept. 20 1,017,296 70,132 237,124 67,651 94,299 65,723 54,491 154,271 56,115 31,474 47,206 46,180 92,630 Sept. 27.... 1,379,254 94,258 330,696 90,924 126,739 88,333 73,236 207,341 75,419 42,301 63,445 62,067 124,495 V-'t A -I u l g l . ll Cd 3 L 0 e . o . * .. 4,776,236 329,274 1,113,302 317,625 442,739 308,574 255,834 724,306 263,462 147,772 221,631 216,817 434,900 Sept. 6.... 5,081,886 350,345 1,184,547 337,950 471,071 328,319 272,207 770,658 280,322 157,228 235,814 230,693 462,732 Sept. 13 5,185,468 357,486 1,208,692 344,839 480,672 335,012 277,754 786,365 286,035 160,434 240,621 235,395 472,163 Sept. 20 4,481,474 308,953 1,044,595 298,023 415,414 289,530 240,046 679,607 247,203 138,653 207,954 203,436 408,060 Sept. 27 4,953,470 341,493 1,154,614 329,410 459,166 320,023 265,328 751,184 273,238 153,256 229,856 224,863 451,039 Aug. 30 4,518,950 311,536 1,053,331 300,515 418,888 291,951 242,053 685,290 249,270 139,812 209,693 205,138 411,473 Sept. 6 4,277,000 294,856 996,934 284,425 396,461 276,320 229,093 648,599 235,924 132,326 198,466 194,154 389,442 Sept. 13 4,063,628 280,146 947,199 270,235 376,682 262,535 217,664 616,241 224,154 125,725 188,565 184,468 370,014 Sept. 20 9,296,212 640,881 2,166,873 618,207 861,722 600,591 497,942 1,409,752 512,788 287,615 431,372 422,002 846,467 Sept. 27 9,246,998 637,488 2,155,401 614,935 857,160 597,412 495,3061,402,289 510,074 286,093 429,088 419,767 841,985 Bonds: Aug. 30 6,550,886 451,618 1,526,959 435,640 607,241 423,227 350,892 993,429 361,353 202,678 303,981 297,377 596,491 Sept. 6 7,284,612 502,201 1,697,985 484,434 675,254 470,630 390,193 1,104,697 401,826 225,379 338,028 330,685 663,300 Sept. 13 8,233,863 567,643 1,919,248 547,560 763,246 531,957 441,0391,248,649 454,188 254,747 382,076 373,776 749,734 Sept. 20 3,731,075 257,220 869,684 248,120 345,856 241,050 199,851 565,810 205,810 115,436 173,133 169,372 339,733 Sept. 27 3,773,375 260,136 879,544 250,933 349,777 243,783 202,117 572,225 208,143 116,744 175,096 171,292 343,585 Total U. S. Govt. securities: Aug. 30 18,583,797 1,281,167 4,331,7341,235,8411,722,6441,200,625 995,4222,818,1961,025,101 574,964 862,344 843,611 1,692,148 Sept. 6 18,942,305 1,305,882 4,415,3001,259,6821,755,8761,223,7861,014,6262,872,5631,044,876 586,056 878,980 859,8861,724,792 Sept. 13 19,064,375 1,314,298 4,443,7541,267,8001,767,1911,231,6731,021,1642,891,0741,051,610 589,833 884,644 865,4271,735,907 Sept. 20 18,526,057 1,277,186 4,318,2761,232,0011,717,2911,196,894 992,3302,809,4401,021,916 573,178 859,665 840,9901,686,890 Sept. 27 19,353,097 1,333,375 4,520,2551,286,2021,792,8421,249,5511,035,9872,933,0391,066,874 598,394 897,485 877,9891,761,104 OCTOBER 1950 1349 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Assets (cont.) Total loans and securities: Aug. 30. . , 18,692,760 1,292,947 4,367,7031,239,9661,726,7201,207,857 998,9572,821,5461,043,048 581,460 872,553 844,2271,695,776 Sept. 6 19,043,426 1,306,257 4,449,139 1,263,4801,766,1391,226,5581,018,5712,885,4131,057,276 602,111 882,325 860,602 1,725,555 Sept. 13 19,137,704 1,317,898 4,464,238 1,271,6601,774,1621,235,3301,024,0892,895,224 1,068,769 591,011 893,074 866,142 1,736,107 Sept. 20...... 18,579,512 1,279,686 4,327,489 1,234,9981,723,2621,199,892 994,7402,810,740 1,027^80 585,985 865,895 842,6051,687,040 Sept. 27 19,475,761 1,336,975 4,546,2031,289,2721,810,1131,253,3251,045,1772,944,2141,079,510 613,649 917,415 878,6041,761,304 Due from foreign banks: Aug. 30 24 2 17 2 2 1 3 1 1 1 1 2 Sept. 6 24 2 17 2 2 1 3 1 1 1 1 2 Sept. 13 24 2 I 7 2 2 1 3 1 1 1 1 2 Sept. 20 24 2 17 2 2 1 3 1 1 1 1 2 Sept. 27 24 2 17 2 2 1 3 1 1 1 1 2 Federal Reserve notes of other Banks: Aug. 30, 126,907 7,636 20,740 5,300 6,622 17,519 10,622 16,417 6,713 8,824 8,510 5,098 12,906 Sept. 6 120,704 7,856 15,497 4,463 5,481 20,110 8,935 16,019 6,471 9,639 7,675 4,978 13,580 Sept. 13 140,959 8,017 21,959 6,492 5,857 22,091 10,772 17,658 8,178 8,594 8,785 5,644 16,912 Sept. 20 151,124 5,305 24,732 6,503 7,290 27,646 12,513 17,825 8,988 8,101 8,384 5,567 18,270 Sept. 27 152,144 8,198 24,007 5,595 7,866 27,097 9,712 18,315 9,385 7,601 9,891 5,642 18,835 Uncollected items: Aug. 30 2,715,404 197,297 492,518 180,486 249,167 228,660 170,112 465,353 145,293 87,682 143,714 139,283 215,839 Sept. 6 2,740,443 211,036 481,216 190,550 231,723 250,552 172,750 461,174 155,492 81,659 164,656 122,656 216,979 Sept. 13 3,571,496 266,679 601,944 227,753 334,464 315,022 219,476 596,159 191,757 118,593 202,413 162,686 334,550 Sept. 20. 3,871,744s 279,542 705,815 256,131 360,863 362,567 233,107 635,357 196,703 115,342 201,748 167,399 357,170 Sept. 27 3,270,754 242,210 675,482 209,173 308,172 249,966 194,704 544,222 162,558 89,966 157,744 141,936 294,621 Bank premises: Aug. 30 35,934 1,092 7,744 2,942 4,833 2,600 1,505 4,006 2,015 1,125 2,269 694 5,109 Sept. 6. 35,923 1,092 7,726 2,942 4,833 2,600 1,505 4,005 2,016 1,125 2,263 692 5,124 Sept. 13 36,087 1,092 7,726 2,942 4,833 2,600 1,505 4,064 2,015 1,125 2,263 692 5,230 Sept. 20 36,094 1,092 7,726 2,942 4,830 2,606 1,505 4,068 2,015 1,125 2,263 692 5,230 Sept. 27 36,195 1,087 7,726 2,937 4,822 2,598 1,502 4,068 2,014 1,125 2,263 692 5,361 Other assets: Aug. 30 139,837 9,422 31,599 8,956 12,825 9,156 7,485 21,200 9,010 4,235 7,024 6,288 12,637 Sept. 6 154,111 10,386 34,759 9,998 14,368 9,929 8,289 23,414 9,794 4,693 7,640 6,881 13,960 Sept. 13 170,430 11,687 38,874 11,054 15,577 11,100 9,155 25,827 10,633 5,114 8,485 7,611 15,313 Sept. 20 107,677 7,208 24,171 6,891 9,965 7,019 5,836 16,137 7,182 3,207 5,564 4,872 9,625 Sept. 27 119,073 8,113 26,958 7,454 10,991 7,934 6,341 17,908 7,786 3,556 6,118 5,360 10,554 Total assets: Aug. 30 44,474,834 2,444,17311,858,7892,729,5633,700,7352,528,7442,186,3357,882,0221,868,8711,118,6561,875,8191,643,3654,637,762 Sept. 6 44,648,780 2,407,506 11,862,1222,736,4683,671,0382,577,0672,209,0887,937,3111,875,2351,149,5441,926,7051,650,5964,646,100 Sept. 13 45,631,217 2,508,953 12,060,2862,770,2913,788,9722,652,6382,268,2318,079,4751,916,0201,170,6101,959,3041,660,2614,796,176 Sept. 20 45,274,822 2,488,19411,814,8682,796,9013,777,9782,680,8102,272,6728,012,0871,888,8991,159,6051,932,1421,678,0054,772,661 Sept. 27 45,524,554 2,472,919 12,064,8682,761,5973,863,6642,644,7072,275,9508,125,3581,876,7211,128,4991,925,1121,649,4424,735,717 Liabilities Federal Reserve notes: Aug. 30 22,877,735 1,392,235 5,150,4921,601,2272,048,3141,532,1451,238,2674,460,8631,039,763 590,352 900,460 614,8802,308,737 Sept. 6 23,054,381 1,395,046 5,184,3951,613,1052,059,524 1,556,8351,248,8864,483,975 1,046,346 596,380 908,080 621,0402,340,769 Sept. 13 22,983,018 1.385,133 5,158,0681,609,9902,061,7641,563,3591,239,7714,476,5491,041,419 594,871 901,643 615,4282,335,023 Sept. 20 22,924,014 1,379,688 5,154,7661,606,0222,054,140 1,563,5011,236,2294,470,479 1,039,354 595,068 897,992 612,1872,314,588 Sept. 27 22,901,759 1,381,422 5,146,7231,606,9212,054,019 1,562,6901,238,1984,462,0501,034,589 593,632 898,999 609,1252,313,391 Deposits: Member bank —reserve account: Aug. 30. . 16,284,709 688,111 5,313,211 763,3981,199,861 647,546 660,5772,658,480 567,260 374,367 749,570 773,8891,888,439 Sept. 6. . 16,610,700 671,781 5,402,060 769,5201,212,941 664,273 676,4492,771,647 569,150 402,130 778,372 814,202 1,878,175 Sept. 13.. 16,865,152 733,117 5,548,893 780,0241,234,681 681,291 680,7352,727,551 574,626 383,217 776,505 788,9621,955,550 Sept. 20. . 16,298,511 698,366 5,217,551 782,4131,204,651 679,345 671,0002,580,235 565,460 394,415 769,701 808,4991,926,875 Sept. 27.. 16,699,093 693,502 5,510,751 772,9851,221,634 664,544 663,2452,717,889 581,723 380,534 778,957 786,4671,926,862 TV TJ . ^o» . Tri ArQe Qasurer-general account: Aug. 30. . 675,809 47,159 135,087 60,110 53,406 40,386 55,089 103,057 46,002 30,352 23,996 39,655 41,510 Sept. 6.. 511,368 31,061 80,715 41,011 28,247 34,473 60,344 75,577 45,392 33,728 22,099 31,178 27,543 Sept. 13. . 647,615 34,100 62,645 50,554 55,405 45,435 67,015 137,431 51,684 43,715 34,608 32,926 32,097 Sept. 20.. 654,178 28,786 93,900 51,221 53,976 32,660 72,128 182,566 32,142 25,035 15,550 25,566 40,648 Sept. 27.. 1,144,277 59,085 144,760 61,660 181,405 98,081 121,824 254,738 41,442 30,669 43,290 53,706 53,617 Foreign: Aug. 30.. 1,006,345 62,156 2329,517 78,928 89,780 49,330 41,437 136,151 35,518 24,665 36,504 34,531 87,828 Sept. 6. . 928,318 58,244 2294,089 73,960 84,129 46,225 38,829 127,581 33,282 23,113 34,207 32,358 82,301 Sept. 13.. 872,264 53,972 2284,547 68,536 77,959 42,835 35,981 118,225 30,841 21,418 31,698 29,985 76,267 Sept. 20.. 892,049 55,585 2286,770 70,584 80,289 44,115 37,057 121,757 31,763 22,058 32,645 30,881 78,545 Sept. 27.. 909,767 56,492 2294,610 71,736 81,600 44,835 37,661 123,745 32,281 22,418 33,178 31,384 79,827 Other: Aug. 30.. 297,796 3,688 223,549 1,827 4,624 3,026 2,448 2,783 12,604 1,324 2,347 6,458 33,118 Sept. 6.. 291,821 2,834 218,938 2,829 5,508 3,282 841 5,047 10,074 1,742 1,409 1,802 37,515 Sept. 13.. 309,315 3,470 245,338 2,158 5,561 4,408 678 2,328 4,958 1,554 522 1,128 37,212 Sept. 20.. 312,268 4,158 248,289 1,747 5,145 3,922 1,151 3,896 5,836 749 659 628 36,088 Sept. 27.. 279,972 3,977 219,485 2,262 4,757 2,820 512 3,180 5,716 1,266 223 563 35,211 1 After deducting $17,000 participations of other Federal Reserve Banks on Aug. 30; Sept. 6; Sept. 13; Sept. 20; and Sept. 27. 2 After deducting $676,808,000 participations of other Federal Reserve Banks on Aug. 30; $634,207,000 on Sept. 6; $587,696,000 on Sept. 13; $605,258,000 on Sept. 20; and $615,136,000 on Sept. 27. 1350 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 S ra an ncisco Liabilities (cont.): Total deposits: Aug. 30 18,264,659 801,114 6,001,364 904,2631,347,671 740,288 759,5512,900,471 661,384 430,708 812,417 854,5332,050,895 Sept. 6 18,342,207 763,920 5,995,802 887,3201,330,825 748,253 776,4632,979,852 657,898 460,713 836,087 879,5402,025,534 Sept. 13 18,694,346 824,659 6,141,423 901,2721,373,606 773,969 784,4092,985,535 662,109 449,904 843,333 853,0012,101,126 Sept. 20 18,157,006 786,895 5,846,510 905,9651,344,061 760,042 781,3362,888,454 635,201 442,257 818,555 865,5742,082,156 Sept. 27.... 19,033,109 813,056 6,169,606 908,6431,489,396 810,280 823,2423,099,552 661,162 434,887 .855,648 872,1202,095,517 bility items: Aug. 30 2,428,978 193,061 441,027 153,942 221,743 208,521 148,345 395,830 131,629 73,003 127,552 139,168 195,157 Sept. 6 2,346,203 190,527 415,609 165,702 197,319 224,048 143,436 348,076 134,809 67,678 147,098 115,216 196,685 Sept. 13 3,044,179 240,914 492,896 188,440 270,257 267,130 203,561 491,790 176,081 101,040 178,653 156,881 276,536 Sept. 20 3,282,335 263,343 546,059 214,215 296,045 308,993 214,505 526,874 177,855 97,284 179,867 165,124 292,171 Sept. 27.... 2,671,920 219,934 478,803 174,963 236,002 223,115 173,594 436,831 144,157 74,748 134,474 132,812 242,487 Other liabilities including accrued dividends: Aug. 30.... 9,753 813 2,738 470 1,097 458 449 1,409 393 309 342 453 822 Sept. 6 8,400 747 2,195 412 1,085 389 340 1,339 326 386 276 318 587 Sept. 13 8,8131 756 3,010 425 738 405 342 1,215 333 299 229 315 746 Sept. 20.... 7,379 513 2,112 323 819 301 284 1,188 249 403 222 344 621 Sept. 27 10,396 615 3,582 475 1,038 421 410 1,328 392 532 287 466 850 Total liabilities: Aug. 30 43,581,125 2,387,22311,595,6212,659,9023,618,8252,481,4122,146,6127,758,5731,833,1691,094,3721,840,7711,609.0344,555,611 Sept. 6 43,751,191 2,350,24011,598,0012,666,5393,588,7532,529,5252,169,1257,813,2421,839,3791,125,1571,891,5411,616,1144,563,575 Sept. 13 44,730,356 2,451,46211,795,3972,700,1273,706,3652,604,8632,228,0837,955,0891,879,9421,146,1141,923,8581,625,6254,713,431 Sept. 20.... 44,370,734 2,430,43911,549,4472,726,5253,695,0652,632,8372,232,3547,886,9951,852,6591,135,0121,896,6361,643,2294,689,536 Sept. 27 44,617,184 2,415,02711,798,7142,691,0023,780,4552,596,5062,235,4447,999,7611,840,3001,103,7991,889,4081,614,5234,652,245 Capital Accts.: Capital paid in: Aug. 30 220,567 12,180 73,158 15,540 20,392 9,674 8,759 28,197 7,228 4,937 7,908 9,461 23,133 Sept. 6 220,606 12,183 73,158 15,540 20,393 9,675 8,768 28,197 7,240 4,942 7,911 9,465 23,134 Sept. 13 220,643 12,186 73,161 15,542 20,392 9,690 8,769 28,205 7,240 4,942 7,917 9,468 23,131 Sept. 20 220,635 12,186 72,999 15,543 20,394 9,690 8,769 28,208 7,249 4,947 7,932 9,468 23,250 Sept. 27 220,781 12,203 73,002 15,543 20,396 9,713 8,779 28,215 7,249 4,949 7,936 9,468 23,328 Surplus: (section 7): Aug. 30.... 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 Sept. 6 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,552 Sept. 13 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,552 Sept. 20.... 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 Sept. 27.... 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,552 (section 13 b): Aug. 30 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Sept. 6 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Sept. 13 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Sept. 20 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Sept. 27 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.: Aug. 30.... 157,426 10,981 34,542 11,427 14,555 10,530 9,008 21,794 8,835 5,780 7,958 7,690 14,326 Sept. 6 161,267 11,294 35,495 11,695 14,929 10,739 9,239 22,414 8,977 5,878 8,071 7,837 14,699 Sept. 13 164,502 11,516 36,260 11,928 15,252 10,957 9,423 22,723 9,199 5,987 8,347 7,988 14,922 Sept. 20 167,737 11,780 36,954 12,139 15,556 11,155 9,593 23,426 9,352 6,079 8,392 8,128 15,183 Sept. 27 170,873 11,900 37,684 12,358 15,850 11,360 9,771 23,924 9,533 6,184 8,586 8,271 15,452 TL nQtL^cLl l liipl<hxiUiiltlilpLQlco and cap. accts.: Aug. 30 44,474,834 2,444,17311,858,7892,729,5633,700,7352,528,7442,186,3357,882,022 1,868,8711,118,6561,875,8191,643,3654,637,762 Sept. 6.... 44,648,780 2,407,50611,862,1222,736,4683,671,0382,577,0672,209,0887,937,3111,875,2351,149,5441,926,7051,650,5964,646,100 Sept. 13 45,631,217 2,508,95312,060,2862,770,2913,788,9722,652,6382,268,2318,079,4751,916,0201,170,6101,959,3041,660,2614,796,176 Sept. 20 45,274,822 2,488,19411,814,8682,796,9013,777,9782,680,8102,272,6728,012,0871,888,8991,159,6051,932,1421,678,0054,772,661 Sept. 27 45,524,554 2,472,91912,064,8682,761,5973,863,6642,644,7072,275,9508,125,3581,876,7211,128,4991,925,1121,649,4424,735,717 Contingent liability on acceptances purchased for foreign correspondents: Aug. 30 15,495 976 14,865 1,240 1,410 775 651 2,138 558 388 573 542 1,379 Sept. 6 18,158 1,144 15,702 1,453 1,652 908 762 2,506 654 454 672 635 1,616 Sept. 13.... 20,165 1,270 !6,332 1,613 1,835 1,008 847 2,783 726 504 746 707 1,794 Sept. 20 21,964 1,384 16,897 1,757 1,999 1,098 922 3,031 791 549 812 769 1,955 Sept. 27.... 23,448 1,484 17,287 1,885 2,144 1,178 989 3,251 848 589 872 824 2,097 Commitments to make industrial loans: Aug. 30 2 492 1,057 486 60 270 500 119 Sept. 6.... 2,468 1,038 486 60 268 500 116 Sept. 13 2,564 1,134 486 60 268 500 116 Sept. 20.... 2,540 1,117 485 54 268 500 116 Sept. 27 2,558 1,135 485 54 268 500 116 1 After deducting $10,630,000 participations of other Federal Reserve Banks on Aug. 30; $12,456,000 on Sept. 6; $13,833,000 on Sept. 13; $15,067,- 000 on Sept. 20; and $16,161,000 on Sept. 27. OCTOBER 1950 1351 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 NOTESr-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 - la A n t t - a Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F S ra an n- F.R.notes outstanding (issued to Bank); Aug. 30 23,637,173 1,452,730 5,278,5471,645,6112,120,250 1,573,7441,301,177 4,551 1,087,480 604,064 929,382 643,779 2,448,961 Sept. 6 23,732,634 1,454,1025,318,790 1,647,855 2,120,6261,598,1111,307,505 4,5594441,084,033 605,662 934,368 648,460 2,453,978 Sept. 13 23,766,246 1,448,7225,305,864 1,659,310 2,131,2951,600,6371,313,101 1,088,122 607,581 935,223 664477,,441177 2,467,772 Sept. 20 23,726,864 1,450,983 51293,550 11,650,5792,126,0691,611,3481,305,887 4,559,5741,085,408 606,024 931,302643,556 2,462,584 Sept. 27 23,698,359 1,448,4825,293,341 1,650,3042,122,222 1,602,6931,306,514 4,553,4521,084,073 605,017 930,201648,688 2,453,372 Collateral held against notes outstanding: Gold certificates: Aug. 30 14,154,000 440,000 4,770,000 750,000 925,000 670,000 675,000 2,980,000 350,000 210,000 280,000 204,000 1,900,000 Sept. 6 14,154,000 440,000 4,770,000 750,000 925,000 670,000 675,000 2,980,000 350,000 210,000 280,000 204,0001,900,000 Sept. 13 14,054,000 440,000 4,770,000 750,000 925,000 670,000 675,000 2,880,000 350,000 210,000 280,000 204,0001,900,000 Sept. 20 14,004,000 440,000 4,770,000 750,000 925,000 670,000 625,000 2,880,000 350,000 210,000 280,000 204,0001,900,000 Sept. 27 14,004,000 440,000 4,770,000 750,000 925,000 670,000 625,000 2,880,000 350,000 210,000 280,000 204,0001,900,000 Eligible paper: Aug. 30 85,174 11,780 27,965 2,215 7,135 17,947 6,295 10,209 1,628 Sept. 6 70,788 375 33,510 1,875 2,665 12,400 15,855 3,345 763 Siept. 13 55,499 3,600 19,555 2,035 3,540 17,159 980 8,430 200 Sept. 20. 39,684 2,500 8,885 1,160 2,890 5,264 12,605 6,230 150 Sept. 27 72,096 3,600 15,870 1,250 3,655 12,536 15,055 19,930 200 U. S. Govt. sec: Aug. 30 10,550,000 1,100,000 700,000 1,000,0001,250,000 950,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 Sept. 6 10,550,000 1,100,000 700,0001,000,0001,250,000 950,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 Sept. 13 10,665,000 1,100,000 700,000 1,000,000 1,250,000 965,000 700,0001,700,000 800,000 450,000 700,000 500,000 800,000 Sept. 20 10,665,000 1,100,000 700,000 1,000,000 1,250,000 965,000 700,0001,700,000 800,000 450,000 700,000 500,000 800,000 Sept. 27 10,665,000 1,100,000 700,0001,000,0001,250,000 965,000 700,0001,700,000 800,000 450,000 700,000 500,000 800,000 Total collateral: Aug. 30 24,789,174 1,551,780 5,497,9651,752,2152,175,0001,627,1351,375,000 4,580,0001,167,947 666,295 990,209 704,000 2,701,628 Sept. 6 24,774,788 1,540,375 5,503,5101,751,8752,175,0001,622,6651,375,000 4,580,000 1U,62I400 675I855 983,345 704,000 2,700,763 Sept. 13 24,774,499 1,543,600 5,,448899,,5555551,752,0352,175,0001,638,5401,375,000 4,580,0001,167,159 660,980 988,430 704,000 2,700,200 Sept. 20 24,708,684 1,542,5005,478,8851,751,160 2,175,0001,637,8901,325,000 4,580,000 1,155,264 672,605 986,230 704,000 2,700,150 Sept. 27 24,741,096 1,543,600 5,485,8701,751,250 2,,175,0001,638,6551,325,000 4,580,000 1,162,536 675,055 999,930 704,000 2,700,200 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS MEMBER BANK RESERVES AND BORROWINGS [Amounts in thousands of dollars] [Averages of daily figures. In millions of dollars] Partici- Central reserve W o D r e a l d t a e n s t e ( s l d 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 u g a f t t i i i o i n o n n a n s n s t s c i- - week en M di o n n g t h W , o e r dnesday b m a b A n e e k 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 o n u k n s - 1 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—August 16,873 4,709 •L.164 6,361 4,639 1940 2,908 212,510 13 954 9 152 5,226 6 386 1950—July 16,253 4,346 1,114 6,301 4,492 1941 3,202 279,860 8,294 10,337 14,597 19,600 August 16,273 4,362 1,139 6,275 4,496 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 Aug. 16 16,276 4,311 L.134 6,280 4,551 1944...... 3,489 525,532 1,295 3,894 4,165 2,705 Aug. 23 16,319 4,402 1,142 6,302 4,473 1945 3,511 544,961 320 1,995 1,644 1,086 Aug. 30 16,283 4,427 1,134 6,275 4,447 1946 3,542 565,913 4,577 554 8,309 2,670 Sept. 6 16,274 4,359 L ,158 6,294 4,462 1947 3,574 586,726 945 1,387 7,434 4,869 Sept. 13 16,666 4,564 :L.163 6,370 4,570 1948...... 3,607 615,653 335 995 1,643 1,990 Sept. 20 16,904 4,559 L.166 6,444 4,734 1949 Excess reserves: Feb. 28... 3,608 616,340 45 907 1,624 2,042 1949—August 955 24 4 178 749 Mar. 31... 3,610 620,192 45 906 3,270 3,677 1950—July 746 14 2 171 562 Apr. 30... 3,613 620,595 152 819 2,399 2,811 August 647 17 -8 105 534 May 31... 3,614 620,984 245 753 2,349 2,737 June 30... 3,615 621,297 205 614 2,278 2,619 Aug. 16 698 -4 -3 112 593 July 30... 3,617 621,601 220 660 2,263 2,563 Aug. 23 653 45 -8 117 499 Aug. 31... 3,623 622,327 545 662 2,072 1,926 Aug. 30 547 24 -31 76 478 Sept. 30... 3,630 625,301 912 1,016 1,958 2,023 Sept. 6 544 -34 -7 104 481 Oct. 31... 3,637 626,273 1,514 1,075 1,820 1,965 Sept. 13 839 126 -1 139 575 Nov. 30... 3,644 628,523 1,277 1,954 1,818 2,848 Sept. 20 940 47 -1 171 723 Dec. 31... 3,649 629,326 539 2,178 2,288 2,947 1950 Borrowings at Federal Reserve Banks: Jan. 31.... 3,652 629,764 544 2,223 1,941 2,649 1949—August 94 58 5 14 17 Feb. 28. .. 3,655 630,209 223 2,505 1,197 2,628 1950—July 123 45 11 42 24 Mar. 31.... 3,663 632,049 1,225 2,673 1,272 2,651 August 159 54 5 65 35 Apr. 29... 3,667 632,573 1,172 2,665 1,288 2,652 J M J 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 3 4 6 0 1 2 6 6 2 2 2 , , , 4 6 7 7 7 7 9 5 9 1 1 1 , , , 7 2 3 2 5 8 9 2 6 2 2 2 , , , 7 6 7 5 4 3 3 1 1 A A A u u u g g g . . . 3 2 1 0 3 6 1 1 9 5 5 3 5 0 3 2 5 6 1 9 5 7 3 3 5 4 3 4 5 0 0 Aug. 31... 3,684 644,464 6,985 2,333 2,481 3,273 Sept. 6 134 20 1 90 23 Sept. 13 66 43 23 1 Includes applications approved conditionally by the Federal Re- Sept. 20 51 1 36 14 serve Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of con- 1 Weekly figures of excess reserves of all member banks and of dition of Federal Reserve Banks. country banks are estimates. Weekly figures of borrowings of all mem- NOTE.—The difference between amount of applications approved and ber banks and of country banks may include small amounts of Federal the sum of the following four columns represents repayments of ad- Reserve Bank discounts and advances for nonmember banks, etc. vances, and applications for loans and commitments withdrawn or Back figures.—See Banking and Monetary Statistics, pp. 396-399. expired. 1352 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i n r e t v y - k e s C ba t o r n u y k n s - b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i r n e t v y - k e s C ba t o r n u y k n s York cago York cago First half of August 1950 Second half of August 1950 Gross demand deposits: Total 93,073 20,822 5,430 35,566 31,256 93,971 21,356 5,549 35,888 31,178 Interbank 10,822 3,628 1,134 5,191 869 10,544 3,610 1,100 4,993 841 Other 82,251 17,194 4,296 30,375 30,387 83,428 17,746 4,449 30,895 30,338 Net demand deposits 2 81,695 19,187 4,924 30,901 26,683 82,536 19,497 5,014 31,160 26,865 Demand deposits adjusted 3.... 73,700 74,050 Time deposits 4 29,542 1,777 1,086 11,696 14,984 29,512 1,791 1,079 11,678 14,964 Demand balances due from domestic banks... 5,458 32 121 1,686 3,620 5,280 34 118 1,719 3,410 Reserves with Federal Reserve Banks: Total 16,263 4,323 1,139 6,269 4,532 16,282 4,399 1,139 6,281 4,462 Required 15,546 4,310 1,137 6,147 3,951 15,701 4,379 1,157 6,193 3,972 Excess 718 13 2 122 581 581 20 -18 89 490 Borrowings at Federal Reserve Banks 213 99 9 70 36 108 12 62 34 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other items, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection) are estimated for all member banks, but not by class of bank. 4 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND BANK SUSPENSIONS * SMALL CENTERS * [Averages of daily figures. In millions of dollars] Member Nonmember Total, banks banks In places of 15,000 In places of under banks and over population 15,000 population ti N on a- al State su I r n e - d in N s o u n re - d Demand Demand d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s r p i - t ts de T p i o m s e its Num 1 b 9 er 3 4 o - f 4 b 2 a .. n . ks suspended: 330 20 6 216 88 bank bank 1943 4 2 2 1944 1 1 1945 . . 0 1949 1946 0 June 16,271 8,817 11,591 6,060 1947 1 1 July 16,149 8,818 11,639 6,070 1948 o August 16,306 8,816 11,728 6,075 1949 4 4 1950—Jan.-Sept 1 1 1950 J J u u l n y e 1 1 7 7 , , 8 6 3 2 2 9 8 8, , 9 9 1 3 0 4 1 12 2 , , 3 1 0 6 0 4 6 6 , , 1 1 2 2 0 4 De ( p in o s t i h ts o u o s f a n su d s s p o e f n d d e o d l la b r a s) n : k 2 s August 17,943 8,869 12,419 6,105 1934-42 137,362 18,01626,54851,567 41,231 By district, 1943 6,223 4,982 1,241 August 1950 1944 405 405 1945 0 Boston 2,154 834 368 231 1946 0 New York 3,304 2,230 1,176 ,162 1947 167 167 Philadelphia 1,349 832 988 907 1948 0 Cleveland 1,469 911 1,056 806 1949 2,443 2,443 1950—Jan -Sept Richmond 1,151 412 846 481 A Ch tl i a c n ag ta o 2 1 , ,6 5 5 2 3 0 1, 4 63 5 0 9 1,7 7 6 0 4 0 2 97 2 1 5 1 Represents banks which, during the periods shown, closed tem- St. Louis 706 348 982 291 porarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks Minneapolis 634 298 751 442 at the time of closing (in some instances with the aid of Federal Deposit D K a a l n l s a a s s . City 1,1 6 1 1 5 9 1 10 6 9 4 1 1, , 6 6 6 1 1 3 2 8 1 1 1 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 1,268 640 514 297 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. 1 Includes any banks in outlying sections of reserve cities that have 3 Deposit figures not available. been given permission to carry the same reserve as country banks. Back figures.—See Banking and Monetary Statistics, pp. 283-292; for description, see pp. 281-282 in the same publication. OCTOBER 1950 1353 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 2 Large denomination currency 2 End of year or in cir- Unasmonth cula- sorted tion i 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—May 27,507 18,993 1,456 1,011 61 1,986 5,934 8,544 8,515 2,422 4,980 388 712 5 9 1 June 27 493 18 982 1,459 1 008 61 1,971 5 931 8 551 8 513 2,426 4,974 387 712 5 9 2 July 27,394 18,908 1,457 1,001 60 1,959 5,901 8,529 8,488 2,410 4,964 385 717 4 9 2 August 27,393 18.901 1,462 1,003 61 1,958 5,900 8,517 8,494 2,406 4,980 383 712 4 9 2 September... 27,412 18,917 1,468 1,018 60 1,970 5,905 8,496 8,498 2,401 4,996 382 705 4 9 2 October 27,407 18,915 1,474 1,031 60 1,973 5,891 8,486 8,494 2,392 5,007 381 701 4 9 2 November.... 27,543 19,040 1,484 1,046 61 1,994 5,935 8,520 8,506 2,398 5,021 382 692 4 8 2 December. .. 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 3 1950—January 26,941 18,475 1,457 1,008 60 1,926 5,715 8,309 8,469 2,401 5,010 380 666 4 8 3 February. ... 27,068 18,645 1,459 1,011 60 1,949 5,817 8,348 8,426 2,385 4,988 378 661 5 9 3 March 27,042 18,651 1,468 1,013 59 1,949 5,834 8,327 8,393 2,375 4,968 384 654 5 8 1 April 27,048 18,661 1,478 1,016 60 1,945 5,830 8,333 8,389 2,380 4,961 382 650 4 11 1 I^tay 27 090 18 730 1,490 1 033 60 1,963 5,851 8 333 8 361 2,380 4,949 380 639 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 August 27,120 18,795 1,506 1,037 61 1,955 5,881 8,355 8,328 2,374 4,950 372 617 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 Au 1 g 9 . 5 0 31, g a o s g l i d a lv in e a r s n t d Tr c e a a s s h ury B 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 Au 1 g 9 . 5 3 0 1, Ju 1 ly 9 5 3 0 1, Au 1 g 9 . 4 3 9 1, certificates agents Gold 23,627 22,430 21,197 Gold certificates 22,430 19,574 2,816 41 41 42 Federal Reserve notes. . . . 23,649 46 836 22,768 22,664 23,106 Treasury currency—total. 4,613 32,305 61 240 4,312 4,305 4,244 Standard silver dollars 493 276 172 171 166 Silver bullion 2,030 2,030 Silver certificates and Treasury notes of 1890.. 32,305 173 2,132 2,135 2,072 Subsidiary silver coin 1,007 10 28 969 964 938 Minor coin 379 5 9 365 362 357 United States notes 347 3 24 320 316 317 Federal Reserve Bank notes 272 1 3 268 271 302 National Bank notes 86 1 85 86 91 Total—Aug. 31, 1950... 24,735 1,304 19,574 3,892 27,120 July 31, 1950... 25,242 1,304 20,070 3,995 27,010 Aug. 31, 1949. .. 25,688 1,308 20,547 3,927 27,393 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. 1345 and seasonally adjusted figures in table on p. 1355. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 8 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 6 Less than $500,000. NOTE.—-There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. 1354 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 d l * y 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 v i . e e u e n s S r r t i n . - - r f e C u e s n t a e c d s r . h v s 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—April 3,314 3,435 7 3,239 188 1949 27,600 -624 May 3,294 3,418 7 3,212 198 June 3,277 3,403 7 3,188 209 Averages of daily figures: July 3,266 3,393 6 3,187 199 August...... 3,248 3,375 6 3,172 196 1949—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 3,097 3,218 10 3,038 171 June 27,026 27,162 -50 July P3,067 July 27,117 27,171 +9 August P3,024 August 27,009 27,145 -26 September 27,154 27,208 +63 P Preliminary. 1 Outstanding principal, represented by certificates of deposit. 1 For end-of-year figures, represents change computed on absolute 2 Includes working cash with postmasters, 5 per cent reserve fund amounts in first column. and miscellaneous working funds with Treasurer of United States, ac- NOTE.—For discussion of seasonal adjustment factors and for back crued interest on bond investments, and accounts due from late postfigures on comparable basis see BULLETIN for September 1943, pp. masters. 822-826. Because of an apparent change in the seasonal pattern Back figures.—See Banking and Monetary Statistics, p. 519; for around the year-end, adjustment factors have been revised somewhat description, see p. 508 in the 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 centers1 centers 2 City centers City s 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,a602 412,800 24.2 16.1 1 1 9 9 4 4 6 6 — — n o e ld w s s e e ri r e ie s s 4 i |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 1 6 6 . . 9 5 1947 1,125,074 405,929 599,639 119,506 21,0 11.9 400,468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 23.6 12.9 445,221 660,155 27.2 19.2 1949 1,230,982 452,897 648,905 129,179 24.1 12.4 447,150 639,772 28.2 18.7 1949—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 August 128,373 50,067 65,453 12,852 29.2 13.2 48,320 64,015 33.8 19.9 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. OCTOBER 1950 1355 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS * [Figures partly estimated except on call dates. In millions of dollar3 Assets Liabilities and Capital Total Bank credit assets, Total Date Treat- U. S. Government obligations liabil- Total Ca a p n i d tal Gold re c n u c r- y Total Lo n a e n t s, Total m C e a o r n c m d ia - l R Fe e d se e r r v a e l Other O r g i e t t h c ie u e i - r ca a n p n e i d t t al, c d u e a r p r n o e d s n i c ts y c m o n a u i c e s n - t c t . s, 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—-June30...... 4,031 2,286 42,148 957 10 328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30 17,644 2,963 54,564 22, 157 23 105 19,417 2,484 1.204 9,302 75,171 68,359 6,812 1941—Dec. 31 737 3,247 64,653 605 ?Q 049 25,511 2,254 284 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. 31 065 4,339 167,381 HO387 417 101,288 24,262 867 8,577 191,785 180,806 10,979 1946—June 29 90 270 4,539 163,485 570 1?9 740 95,911 23,783 046 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 30 266 4,552 156,297 373 107 873 82,679 21,872 322 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 30 532 4,565 157,958 299 101 451 76,774 21,366 311 11,208 186,055 172,857 13,200 Dec. 31 94 244 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—Sept.28 600 4,600 159,800 47 900 QQ 300 78,300 17,900 200 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. 30 500 4,600 160,700 4Q 000 QQ 100 78,300 17,700 100 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. 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 21P 300 4,600 161,900 4Q 700 QQ 300 78|600 17,600 100 12,900 190,800 176,200 14 600 Mar. 29P 24 200 4,600 161,700 50 400 Q8 000 77,400 17,500 100 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 200 4,600 162,600 51 ,000 200 77,700 17,400 100 13,500 191,500 176,900 14,500 June28P 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 26P 200 4,600 164,500 100 Q7 500 76,500 18,000 000 13,900 193,300 178 300 14 900 Aug. 30P . . 23,800 4,600 166,100 54,500 97,300 75,700 18,600 3, 000 14,300 194,400 179,300 15,100 Deposits and Currency U. S. Government balances Deposits adjusted and currency r)ate Total d F e o b p n r a o e e n s i t k g it n s, T c r u a e r s a y h s- A m s b a t a e a v c r n n i c n o 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 c m k i e a s - l dep M s b o a a v s u n i i t t n k u s g s a 3 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 98 611 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 97 059 15,258 10,523 1,278 6,401 1941—Dec. 31 8? 811 1,498 2,215 1,895 867 76,336 38,992 97 729 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 94,608 977 150,793 75,851 48,452 30,135 15,385 2,932 26,490 1946—June 29 ...... 176 215 1..894 2,251 13,416 833 157,821 79,476 51,829 32,429 16,281 3,119 26,516 Dec. 31 171 657 1,885 2,272 3,103 393 164,004 83,314 53,960 33,808 16,869 3,283 26,730 1947—June 30 169 234 1,657 1,314 1,367 756 164,140 82,186 55,655 34,835 17,428 3,392 26,299 Dec. 31 175 348 1,682 1,336 1,452 870 170,008 87,121 56,411 35,249 17,746 3,416 26,476 1948—June 30. 172 857 1,727 1,327 2,180 1,928 165,695 82,697 57,360 35,788 18,194 3,378 25,638 Dec. 31 176,121 2,103 1,325 9S451 1,123 169,119 85,520 ,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—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 ,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. 25P 177,100 2,200 1,300 3,300 500 169,700 86,400 58,700 36,100 19,400 3,200 24,500 Feb. 2\P.. . 176,200 2,200 1^300 4,200 400 168,200 84,500 5Q,000 36,300 19,500 3,200 24,700 Mar. 176,000 2,300 1,300 4,300 1,000 167,100 83,300 5Q,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 ,200 600 169,500 85,300 5Q,500 36,600 19,800 3,100 24,700 June 28P 178,200 2,500 1,300 3,800 900 169,700 85,400 59,700 36,700 19,900 3,100 24,600 July 26? 178,300 2,500 1,300 3,600 500 170,400 86,600 59,400 36,400 19,900 3,100 24,400 Aug. 179,300 2,400 1,300 3,800 700 171,100 87,500 59,100 36,200 19,800 3,000 24,500 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits, other than interbank and U. S. Government, less cash items reported as in process of collection. • Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. \ 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. 1356 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a t b e ank Total Loans Total Go U m v . e e n r t S n . - O s t e h cu e - r as C s a e s t h s * Total 1 b I a n n te k r - 1 m D a e n - d Time a c c T a c o p o t i u t a n a l t l s N b u a i 0 t T i f i k b s er obliga- rities tions AH banks: 1939—Dec. 30 50,884 77,165 78719 19 417 9,302 73 292 68 242 9 874 37,516 75857 8 194 1 s,035 1941—Dec. 31 61,176 7,6,615 34,511 75511 8,999 77344 81 816 10,987 44,355 76479 8 414 148?6 1942—Dec. 31...... 78,147 23,916 54 231 45 951 8,280 28 701 99,803 11,308 61,437 27058 8,566 14,682 1943—Dec. 31. . . . ..96,966 73 601 73365 65 932 7,433 78 475 117 661 11003 75,577 .31081 8 996 14579 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 I945—Dec. 31...... 140?77 30 362 109 865 101 288 8,577 35 415 165 612 14065 105,935 45 61.3 10 542 14553 1946—Dec. 31 131,698 35 648 96 050 86 558 9,491 .35041 155902 17656 97,462 50 784 11360 14,585 1947—Dec. 312 1349?4 43 002 91 923 81 199 10,723 38388 161 ,865 13033 95,727 53 105 11948 1-1714 1948—Dec. 31 133693 48 174 85 519 74097 11,422 39 474 161248 1?269 94,671 54308 1? 479 14,703 I949—june 30 133868 47076 86 792 74877 11,915 34 966 1.56470 109.38 90,145 55386 17845 14,680 Dec 31 140598 49 544 91 054 78433 17,621 36 522 164467 1? 710 96,156 55601 13088 14687 1950—Mar. 29P 141?10 50570 90 690 77370 13,320 3? 320 160020 11230 97,500 56290 13 270 14,68? Apr. 26? 141390 50770 90 67,0 77140 13,480 37 770 160 710 11240 97,990 56 480 13 270 14,684 May 31* 142,360 51180 91 180 77710 13,470 ,33450 16? 090 11130 94,410 56 5 50 13 450 14674 June 28? 143380 57160 91 220 77590 13,630 33 300 16? 940 11300 94,880 56 760 13600 14 j675 July 26*> 143730 53340 90 390 76500 1.3,890 34190 163 950 11780 96,200 56470 1.3660 14665 Aug. 30* 144780 54820 89 960 75 710 14,250 33 960 164 880 11 330 97,310 56 240 13690 14,656 All commercial banks: 1939—Dec. 30 40668 17738 73 430 16316 7,114 7? 474 57 718 9 874 37,513 153.31 6885 1-1A84 1941—Dec. 31 50746 21 714 29 037, 71808 7,225 76 551 71283 10982 44,349 15957 717,3 14,?78 1942—Dec 31 67393 19221 48 172 41379 ,793 ?8 039 89 135 11308 61,431 16 395 7330 14136 1943—Dec. 31 85095! 19 117 65 978 59 842 f,136 77677 105 923 11003 75,569 19 350 7719 14034 I944—Dec. 30. ..... 105530 71 644 83 886 77557 e,329 .30706 178077 177.35 91,653 74184 8 265 13,00? 1945—Dec. 31 124019 26 083 97 936 90 606 1,331 34 806 150 227 14065 105,921 30 241 8950 14,011 1 1 9 9 4 4 6 7 — — D D e e c c . . 3 31 1 2 . 1 1 1 1 3 6 9 7, 9 8 3 4 . 3 3 8 1 0 17 5 7, 7 8 7 7 8 8 7, 7 2 1 6 6 7 9 4 7 77 80 1 q ?, , 0 0 9 0 1 6 . 3 3 7 42 5 2 0 3 7 1 1 3 4 9 4 0 1 3 0 3 3 1 13 7 0 6 , 5 3 6 7 9 9 7 5 , ,7 4 1 4 1 6 3 3 . 5 3 3 93 6 0 0 1 9 00 5 5 7 9 7 1 14 4 , ,0 1 4 8 4 1 1948—Dec. 31. . 114798 47488 71811 67 622 q,189 ,38596 14? 843 1?269 94,654 35 921 10480 14,171 1949—J D U e n c e 3 3 1 0 1 1 1 2 3 0 7 1 7 97 3 4 4? 10 9 7 6 , 5 5 7 7 7 7 , 2 7 3 4 2 S 6 6. 7 3 0 7, 0 7, 5 0 i q r , ,2 5 2 2 7 8 3 3 4 56 1 5 66 0 1 1 3 4 7 5 5 1 2 7 0 4 1 1 0 ? 9 7 3 0 8 9 9 9 6 0, ,1 1 3 2 6 8 . 3 3 6 6 3 45 2 5 8 1 1 0 09 7 6 8 7 0 1 1 4 4 ,1 15 5 6 0 1950—Mar. 29*>. . 120370 43 650 76670 65 820 if,850 31 460 140340 11230 97,480 .36630 11080 14,151 Apr. 26P 120380 43800 76580 65 570 11,010 31 970 140960 11240 97,,970 .36750 11090 14153 May 31* 121770 44080 77140 66 140 11,000 3? 680 14?280 11130 94,390 36 760 11250 14143 June 28* 122 140 44950 77190 66 030 11,160 ,37470 143 000 11300 94,860 36 840 11380 14145 July 26? 1??.450 46000 76450 65 030 11,420 3.3440 144 050 11780 96,180 36,590 11440 14135 Aug. 30P 17,3470 4737,0 76150 64340 11,810 33 730 145 070 113.30 97,290 36 400 11460 141?7 All member banks: 1939—Dec. 30 33941 13962 19979 14378 ;,651 19 782 49 340 9 410 78,231 11699 5522 6 36? 1941—Dec. 31 4357.1 1807,1 75500 19539 c,961 73 173 61 717 10575 38,846 17347 5886 61Q 1942—Dec. 31 59?6,3 16088 43 175 37546 c,629 94 280 78277 11000 54,523 17754 6 101 6 679 1943—Dec. 31 74758 16 788 57970 57948 c.022 7.3790 97 262 10555 66,438 15268 6 475 6 738 1944—Dec. 30 91 569 18 676 72 893 67 685 5,208 25,860 110917 11884 79,774 19,259 6968 6 814 1945—Dec. 31 107 183 22 775 84,408 78,338 6,070 29,845 129 670 13640 91,820 24,210 7589 6884 1946—Dec 31 96 36? ?6 696 69,666 63 042 6.625 79,587 118 170 1?060 78,920 ?7,190 8095 6 000 I947—Dec. 31 97846 37 628 65,218 57,914 r.3Q4 37,845 177 528 1?403 81,785 78 340 8 464 6 0?3 1948—Dec. 31 95 616 36 060 59 557 57154 7.403 .34703 171 367 11641 80,881 28,840 8 801 6 018 I949—june 30 95.315 ,34456 60 859 S3,132 r ,727 30,423 116980 10374 77,342 79,264 9 022 003 Dec. 31 10157,8 36 230 65 797 56 88.3 fJ.414 31 .317 1?.3885 1?097 87,628 7,9,160 Q 174 6 89? 1950—Mar 29? 101400 36 732 64,668 55,669 t?.999 ?7,533 119 264 • 10664 79,230 79 ,370 9 260 6 88« 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 31* 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 28 P 103 044 37,813 65,231 55,968 9,263 78,527 1?1 776 10,751 81,451 79 574 9521 6 885 July 26* 103,290 38,760 64,530 55,026 9,504 29,435 122 710 10,737 82,606 29,367 9568 6 886 Aug. 30P 104,289 39,977 64,312 54,434 9,878 29,261 123 694 10,796 83,658 29,240 9602 6888 All mutual savings banks: 1939 Dec 30 10 ?16 4 977 5289 3 101 7 1RR 818 10 524 3 10,521 1309 551 1941—Dec 31 10 379 4,901 5,478 3,704 .,774 793 10533 6 10,527 1,241 548 1942—Dec. 31...... 10,754 4,695 6,059 4,572 L,487 663 10,668 6 10,662 1,236 546 1943—Dec 31 11 871 4,484 7,387 6,090 1,297 797 11,738 8 11,730 1,276 545 1944—Dec. 30 13,931 4,370 9,560 8,328 L,232 584 13 376 10 13,366 1,378 543 1945—Dec 31 16908 4,279 11,928 10,682 L,246 609 15,385 14 15,371 1,592 54? 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—Mar. 29? 20,890 6,870 14,020 11,550 2,470 860 19,680 20 19,660 2,190 531 Apr 26* 21 010 6,970 14,040 11,570 2,470 800 19,750 20 19,730 ?,180 531 May 31* 21,140 7,100 14,040 11,570 2,470 770 19,810 20 19,790 2,200 531 June 28*.... 21,240 7,210 14,030 11,560 2,470 830 19,940 20 19,920 2,220 530 July 26P 21 980 7,340 13,940 11,470 2,470 750 10,900 20 19,880 ?,220 530 Aug. 3QP 21,310 7,500 13,810 11,370 <1,440 730 19,860 20 19,840 2,230 529 * Preliminary. ^ * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. OCTOBER 1950 1357 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 1 Inter- a c c T a c o p o i t u t a a n l l ts N b u a o m n f k b s er Total Loans Govern- Other Total bank i Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions Central reserve city member banks: New York City: 1939—Dec. 30 339 3,296 6,043 4,772 1,272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31 ,896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 12,917 807 1,648 36 1942—Dec. 31 ,957 4,116 13,841 12,547 1,294 5,864 22,078 3,945 17,399 734 1,727 37 1943—Dec. 31 ,994 4,428 15,565 14,563 1,002 5,197 23,256 3,680 18,729 847 1,862 37 1944—Dec. 30 ,003 5,760 18,243 17,179 1,066 4,921 26,773 4,041 21,730 1,002 1,966 37 1945—Dec. 31 ,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1,236 ,120 37 1946—Dec. 31 ,834 6,368 14,465 13,308 1,158 6,238 24,723 4,246 19,028 1,449 2,205 37 1947—Dec. 31 ,393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 1,445 2,259 37 1948—Dec. 31 ,759 8,048 10,712 9,649 1,063 7,758 24,024 4,213 18,131 1,680 2,306 35 1949—June 30 ,103 7,689 11,413 10,278 1,135 7,109 23,619 3,920 18,004 1,695 2,340 35 Dec. 31 ,583 7,550 12,033 10,746 1,287 6,985 23,983 4,192 18,139 1,651 2,312 25 1950—Mar. 29 P ,135 7,534 11,601 10,004 1,597 6,021 22,211 3,704 16,895 1,612 2,311 25 Apr. 26P ,206 7,645 11,561 9,963 1,598 6,060 22,380 3,818 16,956 1,606 2,320 25 May 31P ,243 7,607 11,636 10,153 1,483 6,382 22,702 3,826 17,230 1,646 2,344 25 June 28P ,770 7,924 11,846 10,334 1,512 6,072 23,011 3,941 17,420 1,650 2,336 25 July 26P ,406 8,129 11,277 9,618 1,659 6,418 22,776 3,786 17,392 1,598 2,351 25 Aug. 30P ,764 8,368 11,396 9,587 1,809 6,478 23,417 3,856 17,936 1,625 2,356 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 2,888 415 1,702 6,087 1,008 4,020 1,059 462 13 Dec. 31 ,424 1,618 3,806 3,324 482 1,850 6,810 1,191 535 1,083 470 13 1950—Mar. 29*> ,063 1,554 3,509 2,980 529 1,486 6,003 1,086 861 1,056 470 13 Apr. 26P ,103 1,548 3,555 2,992 563 1,642 6,243 1,026 130 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 26P ,299 1,654 3,645 3,082 563 1,743 6,509 1,067 4,354 1,088 478 13 Aug. 30P ,447 1,726 3,721 3,146 575 1,755 6,703 1,099 4,527 1,077 483 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—Mar. 29? 38,340 14,547 23,793 20,680 3,113 10,576 45,845 4,974 29,174 11,697 3,116 338 Apr. 26P 38,201 14,470 23,731 20,546 3,185 10,894 45,987 4,968 29,292 11,727 3,123 338 May 31 P 38,556 14,653 23,903 20,672 3,231 11,107 46,462 4,860 29,888 11,714 3,146 337 June 28P 38,760 14,838 23,922 20,609 3,313 11,297 46,768 4,924 30,057 11,787 3,256 336 July 26P 39,167 15,256 23,911 20,549 3,362 11,580 47,495 5,034 30,779 11,682 3,267 336 Aug. 30*> 39,376 15,845 23,531 20,030 3,501 11,422 47,448 4,996 30,848 11,604 3,287 336 Country member banks: 1939—Dec. 3.0 10,224 4,768 5,456 3,159 2,297 4,848 13,762 598 7,312 5,852 1,851 5,966 1941—Dec. 31 12,518 5,890 6,628 4,377 2,250 6,402 17,415 822 10,335 6,258 1,982 6,219 1942—Dec. 31 16,419 5,038 11,380 9,172 2,208 7,638 22,459 980 14,909 6,569 2,042 6,275 1943—Dec. 31 22,188 4,654 17,534 15,465 2,069 7,983 28,414 1,015 19,594 7,804 2,153 6,331 1944—Dec. 30 28,520 4,910 23,610 21,552 2,058 9,323 35,871 1,171 24,818 9,882 2,321 6,408 1945—Dec. 31 35,002 5,596 29,407 26,999 2,408 10,632 43,418 1,223 29,700 12,494 2,525 6,476 1946—Dec. 31 35,412 8,004 27,408 24,572 2,836 10,151 43,066 1,091 27,921 14,053 2,757 6,494 1947—Dec. 31 36,324 10,199 26,125 22,857 3,268 10,778 44,443 1,073 28,810 14,560 2,934 6,519 1948—Dec. 31 36,726 11,945 24,782 21,278 3,504 11,196 45,102 964 29,370 14,768 3,123 6,535 1949—June 30 36,338 11.968 24,370 20,889 3,481 9,994 43,422 781 27,758 14,883 3,215 6,519 Dec. 31.' 38,219 12,692 25,527 21,862 3,665 10,314 45,534 1,001 29,771 14,762 3,305 6,513 1950—Mar. 29? 38,862 13,097 25,765 22,005 3,760 9,450 45,205 900 29,300 15,005 3,363 6,513 Apr. 26P 38,918 13,179 25,739 21,940 3,799 9,443 45,241 871 29,326 15,044 3,358 6,515 May 31P 39,163 13,274 25,889 22,044 3,845 9,545 45,520 857 29,621 15,042 3,431 6.512 June 28P 39,245 13,501 25,744 21,867 3,877 9,494 45,552 848 29,664 15,040 3,449 6,511 July 26P. 39,418 13,721 25,697 21,777 3,920 9,694 45,930 850 30,081 14,999 3,472 6,512 Aug. 30P 39,702 14,038 25,664 21,671 3,993 9,606 46,126 845 30,347 14,934 3,476 6,514 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. 1358 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—Con tinned [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 1 Total b I a n n te k r - i a c c a c p o i u ta n l t! ba o n f ks Total o m bl e ig n a t - s ri e t c ie u s - m D a e n - d Time tions All insured commercial banks: 1941—Dec. 31 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1946—Dec. 31 112,178 30,733 81,445 73,554 7,891 33,694 136,990 12,320 91,144 33,526 9,286 13,354 1947—Dec. 31 114,274 37,583 76,691 67,941 8,750 36,926 141,851 12,670 94,300 34,882 9,734 13,398 1948—Dec. 31 112,286 41,968 70,318 61,388 8,929 38,087 140,642 11,900 93,300 35,441 10,158 13,413 1949—June 30. . .... 111,746 40,524 71,222 61,970 9,252 33,720 135,375 10,578 88,830 35,966 10,452 13,417 Dec. 31 118,278 42,485 75,793 65,820 9,974 35,207 143,138 12,368 94,914 35,856 10,645 13,429 National member banks: 1941—Dec. 31 27,571 11,725 15,845 12,039 3,806 14,977 39,458 6,786 24,350 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 55,387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4,644 5,017 1946—Dec. 31 63,723 17,272 46,451 41,658 4,793 20,012 78,775 8,169 52,194 18,412 5,138 5,007 1947—Dec. 31 65,280 21,428 43,852 38,674 5,178 22,024 82,023 8,410 54,335 19,278 5,409 5,005 1948—Dec. 31 63,845 23,752 40,093 34,852 5,241 22,974 81,407 7,842 54,020 19,545 5,657 4,991 1949—June 30 63,517 22,505 41,012 35,487 5,525 20,324 78,219 6,945 51,420 19,854 5,814 4,987 Dec. 31...... 67,943 23,853 44,090 38,161 5,930 20,995 83,113 8,278 55,034 19,801 5,920 4,975 State member banks: 1941—Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1946—Dec. 31 32,639 9,424 23,216 21,384 1,832 9,575 39,395 3,890 26,726 8,779 2,957 1,893 1947—Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 1,918 1948—Dec. 31 31,771 12,308 19,463 17,301 2,161 11,228 39,955 3,799 26,862 9,295 3,144 1,927 1949—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 1,266 3,431 9,574 457 5,504 3,613 ,288 7,662 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 ,362 7,130 1946—Dec. 31 17,646 4,429 13,217 11,749 1,468 4,639 20,879 597 13,526 6,756 ,483 7,147 1947—Dec. 31 2 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 ,596 7,261 1948—Dec. 31 18,698 6,431 12,267 10,479 1,788 4,396 21,497 628 13,772 7,097 ,680 7,256 1949—June 30 18,474 6,573 11,901 10,098 1,803 3,745 20,556 563 12,786 7,207 ,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 1,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 11,415 1,173 191 1947—Dec. 31 .. 12,683 3,560 9,123 8,165 958 675 12,207 12,192 1,252 194 1948—Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 12,757 1,334 193 1949—June 30 13,880 4,397 9,484 7,940 1,544 629 13,241 13,226 1,381 191 Dec. 31 14,209 4,814 9,394 7,832 1,562 682 13,592 13,575 1,420 192 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 4,428 3,075 1,353 642 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 4,163 3,522 641 180 5,022 5,020 558 350 1946—Dec. 31 5,813 1,275 4,538 3,833 705 206 5,442 5,439 611 350 1947—Dec. 31 2 5,957 1,384 4,573 3,813 760 211 5,556 5,553 637 339 1948—Dec. 31 6,083 1,577 4,506 3,680 826 194 5,633 5,631 665 339 1949—June 30 6,214 1,654 4,560 3,718 843 171 5,709 5,705 §83 339 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. OCTOBER 1950 1359 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 1 Investments Cla c s a s l a l o n d f d a b te ank i m T n lo a v o e a n e t n n d a s t s t l s - Total1 o C c m m c p i k p p l i o i n u n e a a e e e a m g d - r l r n t r - , - - - - - A t c g u u a r r l l i - - - b o p d a L s T e e r r u e n e o r r o o r a c s c d s k c a l a u - h n - r r a s r i y t s o i T f e i i e t o n n r h o s s r g g - l R t o a e a t n a e l s O lo th an er s Total Total U. B S i . l ls Go C o d v c n e e f a e e e r d t r b t s i e n i - n t D s f s - m i - - ir e e N n c t o t t o e b s lig B a o ti n o d n s s t a e n e - d S p d s O s t a i t g i o u c i i o a n o o b v a a l b t f d n i n - l e i l - t i - s s s - - O s ri e t t h c ie e u s r - All insured commercial banks: 1941—Dec. 31.. 49,29021,259 9,2141,450 614 4,773 4,545 28,031 1,046 988 3,15912,7974,1023,6513,333 1946—Dec. 31. 112,17830,733 14,0161,358 1,517 1,609 ,1034,031 1,09881,445 3,554 ,271 ,288 6,780 ;3,200 15 4,2983,592 1947—Dec. 31. .114,27437,583 8,0121,610 8231,190 9,2665,6541,028 6,691 .7,941 2,124 ,552 5 91852,334 14 55,,112299 3,621 1948—Dec. 31.. 112,28641,968 8,7612,7751,336 93910,6666,8041,095 0,318 .1,388 2,821 ,065 394 45,100 5,5093,420 1949—June 30. . 111,746 0,52416,2922,7341,972 90110,887 ,170 1,02271,222 11,9702,846 ,437 2,04546,636 5,7633,489 Dec. 31.. 118,27842,485 16,9352,96, 1,749 85511,4058,0051,12175,793 .5,820 3,692 ,479 5,810 43,833 6,400 3,574 1950—June 30.. 119,80844,304 16,8142,819 1,856 12,2709,0361,18675,50464,546 3,847 ,10211,59143,000 7,237 3,721 Member banks, total: 1941—Dec. 31. 43,521 18,021 8,671 972 594 5983,494 3,692 25,500 19,539 971 3,00711,729 3,8323,0902,871 1946—Dec. 31. 96,362 26,696 13,154 8841,5061,4675,3583,3081,02069,66663,042 1,167 10,043 5,60246,219 113,5483,077 1947—Dec. 31. 97,84632,628 16,96: 1,046 8111,06 7,1304,662 95265,21857,914 1,987 5,816 4,81545,286 104,1993,105 1948—Dec. 31. 95,61636,060 17,6311,8001,324 8348,2445,5851,00659,55652,1542,588 7,999 2,80038,761 54,4802,922 1949—June 30. 95,31534,456 15,2131,7041,958 8038,3835,859 93560,85953,1322,651 8,469 1,639 40,369 4 4,710 3,016 Dec. 31. 101,52836,230 15,8571,9451,737 7588,834 6,5511,03465,297 3,38910,409 5,085 37,996 ,274 3,140 1950— J A u p n r e . 3 2 0 4 . . 1 1 0 0 1 2 , , 5 7 2 4 1 53 3 7 6 , ,7 6 8 5 5 8 15^708 '8079,5477,401 i ^ios6 6 4 5 , , 7 0 3 8 6 7 5 5 5 5 ' , , 7 5 5 7 9 5 3^539 41821 9,990 37,404 5,9 0 5 4 4 0 3 3 , , 2 2 0 8 7 9 New York City:' 1941—Dec. 31. 12,896 4,07: 2,807 412 169 123 554 7,265 311 1,623 3,6521,679 729 830 1946—Dec. 31. 20,834 6,368 4,078 ,096 389 99 455 25014,465 13,308 387 1,725 99210,202 1 557 601 1947—Dec. 31. 20,393 7,179 5,361 545 267 111 564 33013,215 11,972 1,002 640 558 9,771 638 604 1948—Dec. 31. 18,759 8,048 5,642 1,10: 225 224 643 30610,71 9,649 589 1,183 365 7,512 563 500 1949—June 30. 19,103 7,689 4,710 1,701 248 209 650 26811,413 10,278 777 1,472 132 7,897 611 525 Dec. 313 19,583 7,550 4,792 1,410 21 256 689 30912,033 10,746 720 1,785 835 7,405 752 535 1950—Apr. 24. 19,216 7,616 11,599 9,98 1,030 582 June 30. 19,548 7,723 4,656 1,49' 242 339 756 35611,825 10,281 900 458 1,594 7,328 959 585 Chicago:2 1941—Dec. 31. 2,760 95 732 48 52 96 1,806 1,430 256 153 903 119 182 193 1946—Dec. 31. 4,765 1,499 l,09< 117 10 105 3,266 2,91 60 498 146 2,207 167 187 1947—Dec. 31. 5,088 1,801 1,418 73 8' 149 3,287 2,890 132 235 248 2,274 213 185 1948—Dec. 31. 4,799 1,783 1,412 71 63 176 3,016 2,633 183 275 217 1,958 210 174 1949—June 30. 4,84 1,53 1,17; 83 60 156 3,303 2,888 369 343 12J 2,051 235 180 Dec. 31. 5,424 1,618 1,21 109 56 172 3,806 3,32 331 690 358 1,945 290 192 1950—Apr. 24. 5,09 1,52^ 3,56; 3,01: 340 213 June 30. 5,256 1,55 1,116 109 64 54 180 36 3,699 3,138 352 276 555 1,954 340 221 Reserve city banks. 1941—Dec. 31. 15,34 7,105 3,456 300 11 1,527 1,512 8,243 6,467 295 751 4,2481,173 956 820 1946—Dec. 31. 35,35 10,825 5,548 201 264 704 ,2371,436 43524,52722,250 441 3,799 1,99316,013 41,2721,004 1947—Dec. 31. 36,040 13,44 7,088 225 170 484 ,1471,969 36622,59120,196 373 2,358 1,90115,560 1,3421,053 1948—Dec. 31. 35,332 14,285 7,282 437 130 361 2,315 41: 21,04 18,5941,056 3,201 1,09013,247 1,4211,032 1949—June 30. 35 ,03' 13,26 6,22 378 150 32 2,408 38.21,772 19,076 875 3,367 60314,230 1,5591,137 Dec. 31 3 38,30 14,370 6,704 45 183 305 2,745 43223,931 20,951 1,189 4,180 2,12413,457 1,7271,254 1950—Apr. 24. 38,287 14,493 23,79' 10,61 1,9181,263 June 30. 38,697 14,868 6,596 201 4,0293,118 44723,82920,510 1,179 1,954 4,00513,372 1,9881,331 Country banks: 1941—Dec. 31. 12,51 5,890 1,676 659 1,823 1,530 6,628 4,377 110 481 2,926 8611,2221,028 1946—Dec. 31. 35,412 8,004 2,433 681 2732,9701,312 30627,40824,572 279 4,020 2,47017,797 61,5511,285 1947—Dec. 31. 36,32 10,199 3,096 818 22 3,8271,979 22926,12522,857 480 2,583 2,10817,681 62,0061,262 1948—Dec. 31. 36,72 11,945 3,2961,356 18 4,4672,451 26124,78121,278 760 3,340 1,12816,046 ,2861,217 1949—June 30. 36,338 11,968 3,0981,319 1754,5672,644 25624,37020,889 630 3,286 77816,192 ,3061,174 Dec. 31. 38,21' 12,692 3,15' 1,480 1734,78- 2,945 25925,52 21,862 1,148 3,753 1,76815,189 2,5051,160 1950—Apr. 24. 38,92 13,148 25,77' 21,964 2,6661,148 June 30. 39,24= 13,51 3,33< 1,379 17 5,1253,346 26625,734 21,8301,10 2,133 3,83514,750 2,7531,151 Insured nonmember commercial banks: 1941—Dec. 31. 5,776 3,24 543 478 1,282 854 2,535 1,509 17 15 1,069 271 563 462 1946—Dec. 31. 15,83 4,04C 862 474 1,748 723 11,79 10,52 104 2,24 1,179 6,991 752 516 1947—Dec. 31. 16,444 4,95 l,04< 563 2,139 992 11,486 10,039 136 1,736 1,104 7,058 931 517 1948—Dec. 31. 16,68. 5,91 1,13 975 2,4261,220 10,774 9,246 234 2,066 594 6,349 1,030 498 1949—June 30. 16,44' 6,07 1,07! l,03< 2,5081,311 10,37. 8,849 196 1,968 406 6,277 1,054 473 Dec. 31. 16,76e 6,25? 1,07* 1,015 2,575 1,453 10,508 8,94' 303 2,071 72 5,846 1,127 434 1950—June 30. 17,07 6,65' l,04< 2,72 1,635 10,429 8,795 308 1,281 1,601 5,606 1,198 432 * 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. J360 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Re- Cla c s a s l a l o n d f d a b te arik f s B e s w e R e d a r r i e n v e t v r h - e k e a s s l v C a i a n u s l h t b m a w a B n d e n i c o a s t k e l t - h - i s s c 4 j p m u D o d a s a t d s e e n e i - - - t d d s 6 m D e I s d n o t e i - t c e p 4 r o b s a i F e t n i s o g k r n - U m G er . o e n v n S - - t . p v s S o i u a t l s i a b n i t o t d i d e c n i s a - s l c C h c o f a e e e e i f n t e c f r r c i d t s d k . - i ' s - , p a v n s a p i t I h d d i r n o o t i u d r n p n c a a i e s o s - l - , r s r - - , I b n a t n e k r- P U m G S i e a o n r a . n o e g s n v d n v S t s - - a t - . l v s S p i a i u s o t c n i a b l a o i d t d l t n e - i s s - p a v n s a p i t I h d i d r n o o t i u d r n p n c a a i e s o s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p n l - i t - s All insured com- .. mercial 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 1946—Dec. 31.. 16,013 2,012 9,481 82,08510,888 1,364 2,930 5,967 2,361 79,887 68 119 664 32,742 39 9,286 1947^-Dec. 31. . 17,796 2,145 9,736 85,75111,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33, 946 61 9,734 1948—Dec. 31.. 20,404 1,939 8,947 84,21110,344 1,488 2,323 7,182 2,113 81,682 69 117 1,080 34,244 54 10,158 1949—June 30.. 17,807 2,036 7,777 80,613 9,058 1,374 2,135 7,337 2,352 77,005 146 163 1,243 34,560 27 10,452 Dec. 31.. 16,428 1,984 9,466 84,57610,885 1,315 3,050 7,419 2,338 82,106 169 182 1,232 34,442 14 10,645 1950—June 30.. 15,863 1,801 8,358 83,916 9,577 1,281 3,590 7,924 2,145 80,639 209 188 1,321 34,925 36 11,061 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 1946—Dec. 31.. 16,015 1,576 5,936 70,24310,644 1,353 2,672 4,915 2,207 69,127 62 114 551 26 525 30 8,095 1947—Dec. 31.. 17,797 1,672 6,270 73,52810,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1948—Dec. 31.. 20,406 1,486 5,674 72,15210,098 1,480 2,122 5,850 1,962 70,947 63 111 927 27 801 45 8,801 1949—June 30.. 17,808 1,568 5,065 69,397 8,864 1,369 1,980 5,983 2,222 67,157 141 157 1,069 28 038 21 9,022 Dec. 31.. 16,429 1,521 6,194 72,65810,623 1,310 2,838 6,017 2,185 71,589 164 175 1,051 27 934 11 9,174 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 June30. . 15,864 1,358 5,478 72,263 9,368 1,278 3,340 6,428 2,001 70,463 204 182 1,115 28 328 30 9,523 New York City:* 1941—Dec. 31.. 5,105 93 141 10,761 3,595 607 866 319 450 11.282 6 29 778 1,648 1946—Dec. 31. 4,046 131 87 16,429 3,031 1,195 651 218 942 17 216 20 * * 15 39 395 2,205 1947—Dec. 31. . 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1 418 30 2,259 1948—Dec. 31. . 5,643 117 67 15,773 2,904 1,278 445 241 750 16,695 31 14 20 1 646 25 2,306 1949—June 30. . 4,726 130 56 15,254 2,680 1,150 562 254 1,201 15,986 90 25 33 637 2,340 Dec. 31 3. 4,462 112 68 15,182 2,996 1,084 640 196 895 16,408 113 38 24 590 2,312 1950—Apr. 24.. 4,297 131 33 14,913 2,621 1,112 518 270 625 15,559 98 35 20 1 535 152 2,330 June30. . 4,235 92 38 15,053 2,692 1,051 684 279 809 15 896 151 37 19 1 594 2,341 Chicago:2 1941—Dec. 31. . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 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 June30.. 1,080 26 114 3,676 977 37 211 325 53 3 716 4 9 1 086 482 Reserve city banks: 1941—Dec. 31.. 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11 127 104 20 243 4 542 1,967 1946—Dec. 31.. 6,337 532 1,923 24,221 5,417 127 991 2,077 693 24 288 25 43 235 10 580 4 2,729 1947—Dec. 31.. 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26 003 22 45 332 11 045 1 2,844 1948—Dec. 31.. 7,701 483 1,845 25,072 5,213 168 801 2,401 649 25 302 19 46 547 10 798 8 2,928 1949—June 30.. 6,781 500 1,744 24,271 4,460 166 701 2,413 518 23 928 39 62 642 10 923 1 3,005 Dec. 31 3. 6,413 482 1,965 25,744 5 498 176 1,142 2,478 650 25 912 38 60 617 10 987 3,087 1950—Apr. 24. 5,988 520 1,686 25,637 4,730 180 1,124 2,444 561 25 230 38 56 614 11 062 65 3,131 June30.. 6,206 428 1,747 25,655 4,848 181 1,408 2,579 590 25 729 40 65 653 11 093 14 3,268 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 1946—Dec. 31. . 4,703 883 3,753 26,237 1,067 8 877 2,391 524 24 128 17 55 272 13 727 26 2,757 1947—Dec. 31.. 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25 203 17 45 337 14 177 23 2,934 1948—Dec. 31.. 5,736 858 3,619 27,703 943 8 688 2,925 510 25 248 13 49 350 14 369 12 3,123 1949—June 30.. •5,127 913 3,117 26,402 762 8 520 3,009 462 23 767 12 67 383 14 433 21 3,215 Dec. 31. . 4,371 901 4,002 27,935 979 9 797 3,058 579 25 337 13 73 400 14 289 11 3,305 1950—Apr. 24.. 4,266 973 3,448 27,717 844 8 866 3,136 493 24 949 13 74 429 14 544 35 3,416 June30 . 4,343 813 3,579 27,879 850 9 1,036 3,246 549 25 122 12 75 434 14 555 15 3,433 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 1946—Dec. 31 437 3,547 11,842 244 11 258 1,052 154 10,761 6 c 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 1,271 1948—Dec. 31 453 3,273 12,059 246 £ 201 ,332 151 10,736 6 6 153 6,459 8 1,358 1949—June 30 468 2,713 11,216 194 4 155 i ,354 130 9,848 6 6 174 6,539 c 1,431 31 463 3,273 11,918 261 213 ],402 10,517 c 6 182 6,524 <; 1,473 1950—June 30 442 2,880 11,653 209 250 1,496 U4 10,176 c 6 206 6,613 7 1,539 3 Figures not entirely comparable with prior dates due to reclassification of 9 central reserve city banks in New York City as reserve city -banks. 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 5 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113, OCTOBER 1950 1361 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANK£—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans * Investments For purchasing or carrying securities U. S. Government obligations Com- Total mer- Date or month i m n lo a v e n a e n n d s t s t s - Totali i t n c a r d i i n a a u d l l s , , - a T n o d b d r e o a k l e e r r s s To others e R l s o t e a a a n t l e s L b o a t a n o n k s s O lo t a h n e s r Total c C t a i e f t i e r - - s O s ri e t t h c i e e u r s t a c u g u r r l a - i- l G U o o . b v - S t . . O s t e h - er G U o o . b S v - . t. Other Total Bills o d f e e d b i - n t- - Notes Bonds2 liga- curi- liga- ness tions ties tions ties Total— Leading Cities 1949—August 64,719 23,229 12,915 825 627 220 445 4,167 278 4,058 41,490 36,565 2,865 6,129 1,092 26,479 4,925 1950—June 67,531 25,261 13,497 419 1,266 138 505 4,651 309 4,86142,270 36,565 2,355 3,112 6,746 24,3525,705 July 67,785 25,817 13,772 6351,115 151 498 4,759 291 4,985 41,96836,087 2,362 2,228 7,032 24,465 5,881 August.... 68,131 26,882 14,364 767 978 190 518 4,879 325 5,251 41,249 35,141 1,798 1,866 7,232 24,245 6,108 1950—July 12... 67,586 25,469 13,725 441 1,091 146 498 4,755 254 4,948 42,11736,248 2,522 2,231 7,040 24,4555,869 July 19... 67,875 25,695 13,791 614 1,040 150 4914,776 240 42,180 36,222 2,496 2,217 7,03324,4765,958 July 26... 68,028 26,371 13,911 9441,064 164 5014,794 304 5,079 41,65735,727 2,025 2,200 7,019 24,4835,930 Aug. 2... 67,847 26,381 14,022 943 991 168 508 4,815 214 5,111 41,46635,496 1,831 2,134 7,018 24,513 5,970 Aug. 9... 67,933 26,750 14,187 8831,027 184 510 4,843 336 5,170 41,183 35,154 1,599 2,063 6,96324,,529 6,029 Aug. 16. .. 68,116 26,905 14,359 903 976 195 512 4,877 328 146 41,211 35,078 1,502 2,072 6,95724,547 6,133 Aug. 23... 68,176 27,106 14,512 602 974 203 5174,910 388 389 41,07034,894 1,761 1,702 7,336 24,0956,176 Aug. 30... 68,583 27,266 14,739 505 922 199 544 4,951 358 439 41,317 35,082 2,297 1,359 7,88723,5396,235 Sept. 6... 68,469 27,528 14,932 461 946 196 523 4,969 390 5,503 40,941 34,698 2,301 1,288 7,916 23,193 6,243 Sept. 13... 68,85. 27,748 15,330 374 941 189 546 5,005 255 5,500 41,107 34,840 2,889 1,318 7,940 22,693 6 267 Sept. 20. . . 69,534 28,282 15,517 342 1,042 181 530 5,027 484 5,550 41,252 34,869 3,091 1,358 7,98722,4336,383 Sept. 27. .. 68,779 28,514 15,725 981 184 534 5,047 339 5,590 40,265 33,845 2,391 1,156 7,87222,426 6,420 New York City 1949—August 18,946 7,132 4,531 761 496 183 210 166 80411,814 10,524 808 1,778 194 7,7441,290 1950—June 19,411 7,747 4,655 370 1,016 214 327 261 1,01011,664 10,170 677 582 1,730 7,181 1,494 J A u u ly gust.... 1 19 9 , , 4 3 0 4 3 0 8 7 , ,8 2 8 9 4 8 5 68 7 1 2 8 7 7 5 5 8 2 2 0 2 2 4 3 3 5 7 3 3 2 1 2 8 9 9 1 1 , , 0 0 2 8 0 4 1 1 1 1 , , 4 1 5 0 6 5 9 9, , 3 8 7 4 7 4 6 3 5 5 1 1 3 2 2 5 5 9 1 1 , , 6 6 5 0 2 1 7 7 , , 2 1 1 6 6 6 1 1 , , 6 7 1 2 2 8 1950—July 12 . . . 19,286 7,692 4,760 387 851 201 355 226 ,01411,594 9,971 767 316 1,656 7,232 1,623 July 19... 19,316 7,766 4,772 556 810 197 357 155 ,01711,550 9,892 724 322 1,643 7,203 1,658 July 26... 19,347 8,153 4,825 851 823 203 359 146 ,03011,194 9,546 393 342 1,630 7,181 1,648 Aug. 2... 19,338 8,175 4,897 842 752 212 360 153 ,04211,163 9,510 360 369 1,574 7,207 1,653 Aug. 9... 19,331 8,301 4,956 793 804 217 366 190 ,05211,030 9,338 243 314 1,555 7,226 1,692 Aug. 16... 19,289 8,288 815 751 217 369 194 997 11,001 9,258 195 291 ,528 7,244 1,743 Aug. 23... 19,394 8,345 518 769 223 375 301 1,15411,049 9,293 377 134 ,634 7,148 1,756 Aug. 30. .. 19,665 8,380 438 715 251 395 305 1,17711,285 9,487 579 188 ,717 7,003 1,798 Sept. 6... 19,470 8,423 403 728 225 394 272 1,191 11,047 9,247 594 173 ,711 6,769 1,800 Sept. 13... 19,722 8,492 332 724 247 407 233 1,179 11,230 9,435 1,018 218 ,729 6,470 1,795 Sept. 20. . . 20,202 8,813 300 825 226 410 412 1,190 11,389 9,527 1,123 243 1,707 6,454 1,862 Sept. 27. . . 19,749 8,818 5,605 766 226 408 260 1,191 10,931 9,058 779 165 1,635 6,479 1,873 Outside New York City 1949—August 45,773 16,097 8,384 143 2623,957 112 3,25429,676 26,041 2,057 4,351 18,735 3,635 1950—June 48,120 17,514 8,842 49 250 119 2914,324 48 3,851 30,606 26,395 1,678 2,530 5,016 17,1714,211 July. 48,445 17,933 9,002 63 240 122 296 4,406 102 3,96530,512 26,243 1,711 1,903 5,380 17,249 ,269 August.... 48,728 18,584 9,342 86 220 138 294 4,506 96 4,167 30,144 25,764 1,447 1,607 5,631 17,079 4,380 1950—July 12 . . . 48,300 17,777 8,965 54 240 122 2974,400 28 3,934 30,523 26,277 1,755 1,915 5,384 17,223 4,246 July 19. . . 48,559 17,929 9,019 58 230 122 294 4,419 85 30,630 26,330 1,772 1,895 5,390 17,273 4,300 July 26... 48,681 18,218 9,086 93 241 122 2984,435 158 4,049 30,463 26,181 1,632 1,858 5,389 17^02 4,282 Aug. 2... 48,509 18,206 9,125 101 239 125 296 4,455 61 4,069 30,303 25,986 1,471 1,765 5,44417,306 4,317 Aug. 9... 48,602 18,449 9,231 90 223 136 2934,477 146 4,118 30,153 25,816 1,356 1,749 5,408 17,303 4,337 Aug. 16... 48,827 18,617 9,341 88 225 143 295 4,508 134 4,149 30,21025,820 1,307 1,781 5,429 17,303 4,390 Aug. 23. .. 48,782 18,761 9,442 84 205 143 294 4,535 87 4,235 30,021 25,601 1,384 1,568 5,702 16,9474,420 Aug. 30... 48,918 18,886 9,570 67 207 144 2934,556 53 4,262 30,032 25,595 1,718 1,171 6,170 16,,536 4,437 Sept. 6... 48,999 19,105 9,645 58 218 148 298 4,575 118 4,312 29,894 25,451 1,707 1,115 6,205 16,424 4,443 Sept. 13... 49,133 19,256 9,878 42 217 146 299 4,598 22 4,321 29,877 25,405 1,871 1,100 6,211 16,223 4,472 Sept. 20. .. 49,332 19,469 9,978 42 217 145 304 4,617 72 4,360 29,863 25,342 1,968 1,115 6,280 15,979 4,521 Sept. 27. . . 49,030 19,696 10,120 55 215 148 308 4,639 79 4,399 29,334 24,787 1,612 991 6,237 15,947 4,547 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. 1362 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE- -Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r r i e a n d t v h - l k - e s v C a i a u n s lt h m b a w a n d e n i c o s t e k - h ti s s c j p m u o d a s a d t s e n e i - - t d d s 3 p p u v n c a o a a o i e n d r r l r r d s a t - - - - , - S p s d s a i i o t u c i o n a v l b a n i d t i t l - e - s - s c C c O h f a e e e i e n t f e r r c f c d t i s d . k i - ' - s, U m G er . o e n n v S - t - . s p p u v n c h a o a a o i e n i d r r l p r r d s a t - - - s - , - , S p s d s a i i p t u c i o n a v l a b n i d t i l t - e - s - s P U m G S e i a o n r . a n o e n s g v v d n S t - s - a - t . l m D t D i e o c s e - - man F e d i o g r n - Time B ro o w r- - c C o i a t a u c a p n - l - ts B d it e a s b n * - k tions tions Total— Leading Cities 1949—August. . . 12,683 741 2,129 46,334 46,056 3,317 1,190 2,07414,505 644 120 8,6851,358 136 362 6,173 86,361 1950—June 11,996 806 2,270 47,868 48,146 3,556 1,289 2,029 14,748 653 126 8,9081,279 193 243 6,372 103,901 July 12,107 805 2,277 47,784 48,431 3,370 1,370 2,305 14,692 647 135 9,0701,237 201 339 6,448 100,360 August. . . 12,170 793 2,182 48,453 49,015 3,317 1,588 2,204 14,571 653 135 8,8381,264 217 371 6,466 112,335 1950—July 12... 12,088 854 2,458 47,547 48,615 3,351 1,275 2,319 14,712 648 137 9,4671,235 198 142 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 8,9611,237 205 345 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 8,6441,229 204 529 6,459 23,296 Aug. 2... 12,153 757 2,180 48,26448,555 3,443 1,458 1,946 14,613 638 136 8,8841,256 205 437 6,472 25,086 Aug. 9... 12,120 808 2,099 48,35148,597 3,342 1,587 1,812 14,583 645 135 8,9491,259 211 444 6,458 21,820 Aug. 16... 12,056 767 2,29248,09849,479 3,263 1,463 2,327 14,574 658 133 9,1181,253 219 307 6,456 24,825 Aug. 23... 12,395 801 2,156 48,56149,078 3,219 1,847 2,546 14,550 662 133 8,6141,275 224 370 6,468 25,838 Aug. 30... 12,126 830 2,184 48,99549,368 3,321 1,585 2,390 14,535 663 133 8,6241,276 225 296 6,476 27,156 Sept. 6... 12,370 804 2,16248,58149,186 3,244 1,363 2,357 14,512 661 133 9,059 1,304 226 380 6,492 21,668 Sept. 13...12,544 857 2,408 49,26951,134 3,146 1,482 2,424 14,518 649 130 9,368 1,313 226 190 6,480 25,132 Sept. 20...11,899 825 2,278 49,03050,623 3,150 1,448 2,236 14,516 654 131 9,319 1,280 226 410 6,484 30,086 Sept. 27...12,472 855 2,139 49,23850,198 3,245 1,395 2,338 14,537 662 130 8,7371,323 22. 329 6,492 25,509 New York City 1949—August. . . 4,806 14,76815,267 210 614 951 1,463 2,6481,143 90 274 2,293 34,940 1950—June 4,386 128 15,18115,863 236 616 527 1,542 2,746 1,057 146 96 2,298 42,294 July...... 4,415 128 14,99515,711 245 656 613 1,517 2,752 1,017 153 200 2,308 40,657 August. . . 4,425 119 15,14615,859 229 890 622 1,502 2,649 1,024 163 196 2,314 48,320 1950—July 12... 4,317 136 14,84815,656 255 584 618 1,523 2,8901,017 150 54 2,308 9,048 July 19... 4,305 122 14,99715,698 238 603 618 1,512 2,659 1,016 158 143 2,308 9,450 July 26... 4,581 126 15,18115,837 251 719 586 1,500 2,617 1,007 155 364 2,308 9,635 Aug. 2... 4,427 116 15,12615,732 259 741 512 1,504 2,651 1,026 156 266 2,317 10,472 Aug. 9... 4,396 123 15,16415,759 228 926 478 1,497 2,620 1,01 159 272 2,313 8,773 Aug. 16... 4,346 115 14,92315,797 220 748 664 1,508 2,691 1,009 16. 147 2,314 9,671 Aug. 23... 4,578 117 15,15915,917 202 1,168 760 1,500 2,644 1,030 168 168 2,315 11,305 Aug. 30... 4,378 126 15,35716,091 234 867 696 1,504 2,641 1,04: 168 125 2,311 13,218 Sept. 6... 4,484 127 15,17015,853 217 654 68 1,484 2,695 1,06: 168 185 2,318 9,312 Sept. 13... 4,589 131 15,51316,397 197 729 703 1,498 2,789 1,069 168 77 2,311 10,556 Sept. 20... 4,168 127 15,45116,434 237 681 614 1,501 2,844 1,037 168 195 2,30. 12,353 Sept. 27... 4,619 134 15,54216,320 270 692 665 1,530 2,68' 1,073 168 174 2,300 10,344 Outside New York City 1949—August. . . 7,877 62' 2,098 31,56630,789 3,107 576 1,12313,04: 6,03 3,880 51,421 1950—June 7,610 678 2,23632,68732,283 3,320 673 1,50213,206 633 6,16: 22: 147 4,074 61,607 July 7,692 67 2,24532,789 32,720 3,12 714 1,69213,175 628 98 6,318 220 139 4,140 59,703 August. . 7,745 674 2,15033,30733,156 3,088 698 1,58213,069 629 98 6,189 240 175 4,152 64,015 1950—July 12. 7,771 718 2,42732,699 32,959 3,096 691 1,70113,189 629 100 6,57! 218 4,145 13,645 July 19. 7,667 675 2,16532,73132,854 2,999 72 1,72. 13,16 632 99 6,30: 221 202 4,128 14,798 July 26. 7,669 690 2,12633,28533,075 3,123 696 1,61913,12 618 97 6,02: 222 165 4,151 13,661 Aug. 2. 7,726 641 2,14833,13832,823 3,184 71 1,434 13,109 61 99 6,233 230 171 4,15. 14,614 Aug. 9. 7,724 685 2,07033,18732,838 3,114 661 1,334 13,086 624 98 6,329 247 172 4,145 13,047 Aug. 16. 7,710 652 2,26033,17533,682 3,043 715 1,663 13,066 637 96 6,427 244 160 4,14: 15,154 Aug. 23. 7,817 684 2,12333,40233,161 3,017 679 1,786 13,050 634 96 5,970 245 202 4,153 14,533 Aug. 30. 7,748 704 2,14933,63833,277 3,087 718 1,694 13,031 635 96 5,983 234 171 4,165 13,938 Sept. 6. 7,886 677 2,13333,41133,333 3,027 709 1,670 13,028 633 96 6,364 242 195 4,174 12,356 Sept. 13. 7,955 726 2,37333,75634,737 2,949 753 1,721 13,020 620 93 6,579 24' 113 4,169 14,576 Sept. 20. 7,731 698 2,24033,57934,189 2,913 767 1,622 13,015 625 9' 6,475 243 21 4,179 17,733 Sept. 27. 7,853 721 2,104 33,69633,878 2,975 703 1,673 13,007 634 93 6,050 250 155 4,19: 15,165 8 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. OCTOBER 1950 1363 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] Loansl Investments For purchasing U. £>. Government obligations or carrying securities Com- Total merd F i e s d tr e i r c a t l a R nd e se d r a v t e e m n lo a v e n a e n n d s t s t s - Total1 i t a t c n c a u r g i u d n i r a r a l u d a l i - l , - l s , - G a U t T l i o i n o o o g . b d v n a S - - s b t . . d r e o O a k c t l s u e t i e e h e r r r - s s i e s - rG t l U T i o i o o g . o b v n a - S - s t. o . t O h c t s u e t i e h e r r - s s i e - r e R o s a t e a n a t s l e L ?a o to n a k n s sO lo t a h n e s r Total Total Bills o d c n C t f e a e i e d f e t b s i i e r - - t s n - s - - Notes Bonds2 s r O i e t t c i h e u e s - r Boston Aug. 30 3,051 1,231 730 12 10 13 18 198 4 269 1,820 1,572 64 48 277 1,183 248 Sept. 6 3,086 1,272 736 12 10 14 18 199 35 271 1,814 1,565 70 40 277 1,178 249 Sept. 13 3,082 1,256 749 10 11 13 18 199 2 277 1,826 1,571 80 44 275 1,172 255 Sept. 20 3,125 1,272 758 10 11 13 18 201 5 279 1,853 1,600 130 38 279 1,153 253 Sept. 27 3,119 1,308 781 10 11 13 19 201 14 282 1,811 1,559 100 38 274 1,147 252 New York* Aug. 30 22,033 9,234 5,513 443 719 59 269 662 305 1,409 12,799 10,757 663 208 1,940 7,9462,042 Sept. 6 21,862 9,292 5,629 413 731 53 243 664 279 1,425 12,570 10,524 685 190 1,933 7,716 2,046 Sept. 13 22,106 9,361 5,803 337 729 48 264 678 233 1,414 12,745 10,703 1,109 235 1,946 7,413 2,042 Sept. 20 22,591 9,688 5,890 305 832 41 244 683 412 1,426 12,903 10,794 1,228 260 1,901 7,4052,109 Sept. 27 22,152 9,700 5,962 455 772 41 244 680 262 1,429 12,452 10,330 883 184 1,829 7,4342,122 Philadelphia Aug. 30 2,819 1,080 557 1 36 4 7 128 6 358 1,739 1,374 75 38 323 938 365 Sept. 6 2,815 1,097 562 1 35 4 7 130 14 361 1,718 1,354 67 36 320 931 364 Sept. 13 2 ,824 1,105 578 1 34 4 7 130 2 366 1,719 1,355 71 36 320 928 364 Sept. 20 2,856 1,123 583 1 37 4 7 132 6 370 1,733 1,371 83 35 325 928 362 Sept. 27 2,861 1,139 590 1 38 4 7 132 12 372 1,722 1,362 85 35 320 922 360 Cleveland Aug. 30 4,820 1,621 868 13 27 35 53 331 1 315 3,199 2,773 132 69 627 1,945 426 Sept. 6 4,825 1,632 866 11 29 37 53 331 9 319 3,193 2,768 133 65 627 1,943 425 Sept. 13 4,812 1,630 876 9 30 36 53 333 1 315 3,182 2,753 175 58 629 1,891 429 Sept. 20. .... 4,833 1,642 881 9 32 36 54 334 1 318 3,191 2,735 191 52 640 1,852 456 Sept. 27 4,818 1,663 888 8 31 36 55 337 11 320 3,155 2,697 155 45 645 1,852 458 Richmond Aug. 30 2,722 1,009 453 2 6 11 20 235 7 287 1,713 1,550 85 48 330 1,087 163 Sept. 6 2,774 1,019 462 2 5 11 21 235 5 290 1,755 1,590 120 39 341 1,090 165 Sept. 13 2,803 1,039 476 2 6 11 23 236 5 292 1,764 1,598 145 43 342 1,068 166 Sept. 20 2,787 1,051 484 2 6 11 25 236 5 294 1,736 1,568 138 34 342 1,054 168 Sept. 27 2,778 1,063 491 2 5 11 26 237 5 298 1,715 1,545 122 31 345 1,047 170 Atlanta Aug. 30..... 2,460 970 550 11 13 23 88 6 293 1,490 1,271 48 92 425 706 219 Sept. 6..... 2,484 981 555 11 13 23 88 5 300 1,503 1,284 58 91 434 701 219 Sept. 13 2 493 988 564 11 12 23 89 5 298 1,505 1,283 70 87 444 682 222 Sept. 20 2,476 1,000 574 11 12 23 89 5 300 1,476 1,253 59 80 443 671 223 Sept. 27 2,455 1,013 582 12 12 24 90 5 302 1,442 1,218 54 59 439 666 224 Chicago* Aug. 30 9,879 2,917 1,785 26 77 24 54 407 24 564 6,962 6,035 622 348 1,326 3,739 927 Sept. 6 9,775 2,924 1,796 15 89 24 58 409 11 566 6,851 5,926 553 352 1,322 3,699 925 Sept. 13 9,785 2,943 1,836 10 84 25 58 413 561 6,842 5,917 565 349 1,327 3,676 925 Sept. 20 9,884 2,977 1,839 8 79 24 57 416 ' " '29 569 6,907 5,994 595 413 1,344 3,642 913 Sept. 27 9,685 3,003 1,865 24 73 24 56 420 13 572 6,682 5,760 431 336 1,346 3,647 922 St. Louis Aug. 30 2,250 1,033 531 2 4 11 14 221 4 258 1,217 1,021 54 38 310 619 196 Sept. 6 2,258 1,048 533 2 4 11 13 222 16 259 1,210 1,014 54 38 307 615 196 Sept. 13 2,266 1,060 546 1 4 11 14 225 5 266 1,206 1,011 56 36 309 610 195 Sept. 20 2,264 1,087 566 2 4 11 15 225 11 265 1,177 983 42 37 295 609 194 Sept. 27 2,259 1,110 585 1 ^ 11 15 227 12 266 1,149 959 40 30 280 609 190 Minneapolis Aug. 30 1,233 487 232 2 3 5 91 161 746 613 19 34 143 417 133 Sept. 6 1,244 494 237 2 3 5 92 162 750 616 26 34 144 412 134 Sept. 13 1,257 512 254 3 3 5 92 162 745 609 30 34 146 399 136 Sept. 20 1,251 518 259 2 3 5 93 163 733 589 22 36 147 384 144 Sept. 27 1,233 520 258 4 5 94 163 713 573 19 31 144 379 140 Kansas City Aug. 30 2,692 1,012 630 c 5 12 157 1 209 1,680 1,412 174 104 347 787 268 Sept. 6 2,677 1,015 632 c c 12 158 2 208 1,662 1,395 168 94 350 783 267 Sept. 13 2,691 1,029 642 q c 12 160 2 210 1,662 1,392 196 97 368 731 270 Sept. 20 2,694 1,040 649 ij Cj 12 161 4 211 1,654 1,381 212 98 372 699 273 Sept. 27 2,690 1,053 659 i 6 c 12 162 2 213 1,637 1,360 196 96 378 690 277 Dallas Aug. 30 2,604 1,276 872 6 12 44 107 249 1,328 1,180 98 95 323 664 148 Sept. 6 2,608 1,291 884 7 12 45 108 249 1,317 1,169 103 79 335 652 148 Sept. 13 2,629 1,310 902 6 12 45 110 249 1,319 1,168 100 76 337 655 151 Sept. 20 2,611 1,320 909 6 12 45 110 • * j 250 1,291 1,138 98 64 338 638 153 Sept. 27 2,629 1,328 913 6 14 45 112 1 251 1,301 1,148 112 6C 338 638 153 San Francisco Aug. 30 12,020 5,396 2,018 6 19 9 25 2,326 1,067 6,624 5,524 263 237 1,516 3,508 1,100 Sept. 6 12,061 5,463 2,040 c 18 9 25 2,333 ""l4 1,093 6,598 5,493 264 230 1,526 3,473 1,105 Sept. 13 12,107 5,515 2,104 4 18 9 24 2,340 1,090 6,592 5,480 292 223 1,497 3,468 1,112 Sept. 20 12,162 5,564 2,125 5 17 9 25 2,347 c 1,105 6,598 5,463 293 211 1,561 3,398 1,135 Sept. 27.. . ... 12,100 5,614 2,151 4 19 9 26 2,355 21,122 6,486 5,334 194 211 1,534 3,395 1,152 City of Chicago* Aug. 30 6,037 1,846 1,320 26 67 19 46 86 13 297 4,191 3,573 403 215 777 2,178 618 Sept. 6 5,980 1,857 1,332 15 77 19 50 88 4 301 4,123 3,509 393 221 768 2,127 614 Sept. 13 5,991 1,868 1,361 10 73 19 50 89 295 4,123 3,509 406 222 774 2,107 614 Sept. 20 6,074 1,883 1,368 8 68 19 49 89 "*i3 298 4,191 3,586 427 297 787 2,075 605 Sept. 27 5,891 1,910 1,389 24 62 19 48 90 7 300 3,981 3,372 269 209 791 2,103 609 * 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. 1364 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 n e d s e d r a v t e e B s F w e R e a e r r n i e a d t v k h - l - e s C va a i u n s l h t m b a w a n d e n i c o s t t e k - h i s c s jm m p u o d s a a t e s n e d i - t d d - s 3 s p p u v n h c a o a a o n i e i r d l p r r r d s a t - - - s - , - , S p s d s t a i i o a u c i o n v t l b a n d i e i l t - s - s - c C h c O e a f e e e i t n c f e c r r f k d d i s t . s - i ' , - u m G er . o e n n v s - t - . u p s p v n c a h o a o n a e id l i r r r r d s p a - - - t , - s - S p s d s a i t i o u c i o a n v l a b t n i d i e l t - - s - s P U m G S e i o a n r a n . s o e g n v t v n d S a s - - - t l . Do- F ei o g r n - Time r B i o n o w g r s - - c C o i a t u a c a p n - l t - s B d it e a s b n * - k tions tions Boston Aug. 30 478 66 85 2,465 2,423 178 41 101 481 254 34 333 828 Sept. 6 450 59 101 2,485 2,459 173 45 99 480 266 34 333 717 Sept. 13 487 57 94 2,486 2,506 169 44 104 480 283 34 333 908 Sept. 20 463 57 99 2,505 2,533 164 42 96 485 289 32 335 1,141 Sept. 27 478 58 87 2,520 2,494 176 58 100 485 264 34 335 1,010 New York* Aug. 30 ,647 176 12316,93817,499 481 912 769 2,353 2,7111,046 170 131 2,51513,785 Sept. 6 ,753 178 11116,74717,251 463 708 760 2,338 2,7671,067 169 208 2,522 9,809 Sept. 13 ,875 185 13617,11417,876 437 773 782 2,350 2,8621,074 170 102 2,51411,177 Sept. 20 ,482 178 13317,05617,889 467 739 692 2,352 2,9211,041 169 234 2,50913,176 Sept. 27 ,866 188 11717,12517,763 494 741 746 2,379 2,7571,077 169 177 2,50411,002 Philadelphia Aug. 30 457 44 99 2,146 2,221 95 29 137 414 335 16 1 26 319 836 Sept. 6 460 44 98 2,137 2,223 95 30 134 414 367 15 1 3 321 742 Sept. 13 465 46 113 2,150 2,274 97 32 138 413 379 16 1 6 * 320 857 Sept. 20 463 45 118 2,182 2,311 102 32 123 413 396 16 1 320 1,054 Sept. 27 459 47 112 2,191 2,301 101 29 125 413 369 14 1 321 944 Cleveland Aug. 30 756 83 158 3,358 3,390 213 76 178 1,308 448 2 494 1,395 Sept. 6 744 76 150 3,309 3,340 205 58 179 1,308 461 2 495 1,150 Sept. 13 775 86 160 3,340 3,499 208 62 188 1,306 478 2 494 1,333 Sept. 20 745 82 165 3,345 3,446 204 67 176 1,306 474 2 495 1,640 Ric S h e m pt o . n 2 d 7. : 764 86 148 3,349 3,430 221 61 181 1,306 441 2 495 1,471 Aug. 30 436 67 155 2,094 139 45 83 565 372 5 2 238 814 Sept. 6 445 70 172 125 131 43 84 564 427 6 2 239 735 Sept. 13 451 73 205 2,166 2,273 134 50 88 564 446 5 2 239 906 Sept. 20 451 70 161 2,123 2,199 136 55 86 564 425 6 2 241 1,062 Sept. 27 442 73 164 2,138 2,201 144 44 87 564 400 6 1 241 915 Atlanta Aug. 30 395 42 189 ,851 1,743 284 28 62 522 440 10 2 204 707 Sept. 6 406 40 174 ,824 1,758 271 24 61 522 488 8 2 206 716 Sept. 13 406 45 187 ,835 1,814 268 29 65 521 498 10 2 205 850 Sept. 20 403 41 170 ,813 1,794 251 27 61 521 477 10 2 205 938 Sept. 27 391 43 164 ,796 1,740 269 24 64 520 452 13 2 206 803 Chicago* Aug. 30 ,850 111 320 6,779 6,701 663 115 508 2,575 1,449 47 1 760 3,489 Sept. 6 ,937 108 316 6,660 6,582 651 107 497 2,571 1,521 48 1 762 2,964 Sept. 13 ,893 114 337 6,689 6,841 644 118 493 2,571 1,547 48 1 759 3,357 Sept. 20 ,735 112 318 6,552 6,630 642 119 483 2,571 1,523 48 1 759 4,138 Sept. 27 ,898 113 317 6,671 6,700 635 114 493 2,566 1,403 48 1 761 3,396 St. Louis Aug. 30 364 31 117 1,486 1,553 102 31 68 475 497 2 189 689 Sept. 6 354 30 124 1,465 1,556 101 34 67 474 532 2 189 590 Sept. 13 366 32 123 1,473 1,637 93 24 72 473 539 2 189 695 Sept. 20 355 31 118 1,461 1,604 93 23 67 471 549 2 190 852 Sept. 27. 367 31 107 1,473 1,600 21 72 471 516 2 191 725 Minneapolis Aug. 30 196 13 94 829 839 112 17 65 244 272 2 105 430 Sept. 6 223 12 83 810 828 116 22 63 244 301 4 105 413 Sept. 13 202 14 99 819 882 108 21 64 243 323 3 106 505 Sept. 20 207 13 93 809 849 107 16 57 243 307 4 106 589 Sept. 27 202 14 84 820 834 109 17 56 243 283 3 106 460 Kansas City Aug. 30 475 34 274 1,987 1,965 241 28 89 388 1 792 1 220 804 Sept. 6 499 32 271 1,954 1,979 240 28 83 386 5 836 1 221 730 Sept. 13 495 35 307 2,008 2,072 238 30 88 386 4 825 1 221 873 Sept. 20. . 473 32 310 2,001 2,048 241 31 83 386 4 809 1 223 1,131 Sept. 27 492 36 269 2,009 2,016 242 32 84 386 4 769 1 223 928 Dallas Aug. 30 461 36 311 2,101 2,073 212 47 62 360 82 605 10 226 747 Sept. 6 491 36 301 2,106 2,075 212 39 62 360 80 625 10 227 652 Sept. 13 463 38 354 2,137 2,170 205 50 64 358 78 644 10 227 789 Sept. 20. ......... 482 37 320 2,096 2,150 187 50 61 359 80 640 10 228 995 Sept. 27. 462 40 313 2,128 2,116 201 37 63 358 81 608 9 228 855 San Francisco Aug. 30 611 127 259 6,961 6,827 601 216 268 4,850 381 449 95 873 2,632 Sept. 6 608 119 261 6,959 6,939 586 225 268 4,851 378 468 98 872 2,450 Sept. 13 666 132 293 7,052 7,290 545 249 278 4,853 370 544 100 873 2,882 Sept. 20 ; 640 127 273 7,087 7,170 556 247 251 4,845 376 509 103 873 3,370 Sept. 27 ,651 126 257 7,018 7,003 565 217 267 4,846 382 475 108 881 3,000 City of Chicago* Aug. 30 ,261 40 141 4,238 4,294 334 58 239 1,356 20 1,059 41 511 2,074 Sept. 6 ,350 40 143 4,195 4,215 351 55 236 1,355 20 1,106 43 512 1,866 Sept. 13 ,277 42 144 4,160 4,326 352 53 243 1,356 20 1,125 42 510 2,097 Sept. 20 ,180 41 137 4,098 4,208 344 55 222 1,357 20 1,111 41 510 2,497 Sept. 27 ,303 41 131 4,150 4,248 345 52 238 1,353 20 1,018 41 511 2,046 For footnotes see opposite page and preceding table. OCTOBER 1950 1365 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 J Total Member Nonmember district or State Banks a B nd ra n o c ff h ic e e s s2 Banks a B nd ra n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s United States total: Dec. 31, 1946 14,043 3,981 11,957 3,654 6,894 2,913 5,063 741 2,086 327 Dec. 31, 1947 14,078 4,148 12,037 3,823 6,917 3,051 5,120 772 2,041 325 Dec. 31, 1948 14,072 4,333 12,061 4,015 6,912 3,197 5,149 818 2,011 318 Dec. 31, 1949 14,051 4,562 12,178 4,289 6,887 3,387 5,291 902 1,873 273 Aug. 31, 1950*> 14,022 4,720 12,170 4,438 6,883 3,515 5,287 923 1,852 282 By districts and by States Aug. 31, 1950? District Boston 481 326 481 326 329 256 152 70 New York 884 920 884 920 762 850 122 70 Philadelphia 836 158 836 158 640 122 196 36 Cleveland 1,118 305 1,118 305 697 263 421 42 Richmond . 1,007 529 805 395 477 255 328 140 202 134 Atlanta 1,191 214 590 175 352 152 238 23 601 39 Chicago 2,485 610 2,485 610 1,002 252 1,483 358 St. Louis 1,471 141 1,135 82 496 44 639 38 336 59 Minneapolis 1,276 111 678 70 478 27 200 43 598 41 Kansas City 1,756 11 1,747 11 755 7 992 4 9 Dallas 1,024 56 918 47 630 31 288 16 106 9 San Francisctf* 493 1,339 493 1,339 265 1,256 228 83 State Alabama 225 25 129 25 93 25 36 96 Arizona 9 52 9 52 5 39 4 13 Arkansas 232 19 109 5 68 1 41 4 123 14 California 193 965 193 965 118 918 75 47 Colorado 147 2 147 2 92 2 55 Connecticut 108 42 108 42 63 37 45 5 Delaware 38 18 38 18 17 8 21 10 District of Columbia.. . 19 45 19 45 15 35 4 10 Florida 188 4 127 4 74 4 53 61 Georgia 397 42 112 38 66 35 46 3 285 4 Idaho 43 54 43 54 24 49 19 5 Illinois 885 2 883 2 505 2 378 2 Indiana 487 106 487 106 237 50 250 56 Iowa 661 165 661 , 165 161 500 165 Kansas 610 608 215 393 2 Kentucky 383 41 383 41 112 25 271 16 Louisiana 162 76 59 53 46 46 13 7 103 23 M;aine 63 69 63 69 38 37 25 32 M^aryland 164 120 164 120 77 79 87 41 Massachusetts 178 170 178 170 142 154 36 16 jMichigan . . 438 236 438 236 231 181 207 55 Minnesota 679 6 266 6 207 6 59 413 Mississippi 201 67 40 14 31 7 9 7 161 53 Missouri 595 530 180 350 65 M^ontana 110 110 84 26 Nebraska 412 2 412 2 141 2 271 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 M!exico 51 13 51 13 35 2 16 11 New York 633 772 633 772 554 716 79 56 North Carolina 208 206 96 78 54 45 42 33 112 128 North Dakota 150 22 63 6 43 20 6 87 16 Ohio 657 224 657 224 424 195 233 29 Oklahoma 384 1 376 1 224 1 152 8 Oregon 69 100 69 100 30 88 39 12 Pennsylvania 969 188 969 188 739 161 230 27 Rhode Island 16 46 16 46 10 34 6 12 South Carolina 148 47 64 41 32 35 32 6 84 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 11 847 11 578 11 269 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 118 141 118 141 52 132 66 9 ^Vest Virginia 180 179 108 71 1 Wisconsin 551 isi 551 151 164 21 387 130 Wyoming 53 53 39 14 v 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. 1366 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 n t n p a i t o t t o e e r s d ts E U S f x n r t p a o i o t t m e e r s d ts c D h e o a x l n l - g ar e G U s o h n o i i d p te s p p d o e s d i t n o t b r s e e F d i t o n w r i e e n e i g n o n r States countries 1949—July 211 194 90 57 33 104 117 44 (2) 19 13 August 230 189 85 53 32 104 117 37 1 18 16 September 265 207 94 54 40 113 133 37 1 21 14 October 278 215 104 57 47 110 140 39 1 23 12 November 278 251 118 60 58 133 173 44 25 9 December 257 272 128 58 70 144 184 49 30 9 1950—January 258 280 134 67 68 146 190 49 8 32 9 February 257 256 120 69 51 136 175 45 ( 2 ) 25 11 March. ........ 258 245 100 63 37 145 165 45 23 12 April 257 237 93 62 31 144 157 47 18 15 May 250 231 93 59 34 138 142 58 15 17 June 240 279 126 82 44 154 170 66 (1 21 21 July 259 335 155 87 68 180 211 80 1 22 22 August 286 374 174 103 71 200 238 87 1 26 21 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 Customers' Debit Debit credit balances 1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )i es a in n a v d c e c t s o r t u a m n d e t i s n n g t a in n a v d c e c t s o r t u a m d n e i ts n n g t a b n a d n k i s n borrowed2 Free O (n th e e t) r a i I n n n v d p e t a s r t r a m t d n e i e n n r g t s' a in n v d In e t s r f t a i m r d m e in n g t I a n c c c o a u p n it t a s l accounts accounts (net) 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 789 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 314 December... 540 5 312 456 218 694 120 30 10 290 1947—June 552 6 333 395 223 650 162 24 9 271 December... 578 7 315 393 240 612 176 23 15 273 1948—June 619 7 326 332 283 576 145 20 11 291 December... 550 10 312 349 257 586 112 28 5 278 1949—September. . 3 740 3 418 3 580 October 3 783 3 416 3 586 November. . 3813 3 445 3 596 December... 881 5 400 306 523 633 159 26 15 271 1950—January. ... 3 901 3 493 3 669 February. . . 3 953 3 522 3 669 March 31,018 3 579 3 666 April 3 1,084 3 619 3 678 May s1,175 3 750 3 657 June....... 1,256 12 386 314 827 673 166 25 11 312 July 31,208 3 755 3 712 August 3 1,231 3 752 3 780 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): June, 75; July, 103; August, 126. 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. OCTOBER 1950 1367 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 Year, P b e a r r i n s m ' k e - c S h c t e a o a x n c - ll g k e s U ec . u S r . i t G ie o s v ( e ta rn x m ab e l n e) t [Per cent per annum] Size of loan mo w n e th ek , or a a c n c c e e p s, t- lo re a - n 3- 9- to 12- 3- to 5- Area and period lo A a l n l s $1,000- $10,000- $100,000- $200,000 da 9 y 0 s * n a e ls w 2 - m bi o ll n s t h 3 i m ss o u n e t s h 4 is y su ea e r s 5 $10,000 $100,000 $200,000 and over Annual averages: 1947 average .87 1.38 .594 .88 1.32 19 cities: 1948 average 1.11 1.55 1.040 1.14 1.62 1940 2.1 4.3 3.0 2.0 1.8 1949 average 1.12 1.63 1.102 1.14 1.43 1941 2.0 4.3 3.0 1.9 1.8 1942 2.2 4.4 3.2 2.2 2.0 1949—September. 1.06 1.63 .061 1.34 1943 2.6 4.4 3.4 2.5 2.4 October. . . 1.06 1.63 .043 .09 1.38 1944 2.4 4.3 3.3 2.6 2.2 November. 1.06 1.63 .061 .09 1.37 1945 2.2 4.3 3.2 2.3 2.0 December.. 1.06 1.63 .102 .10 1.37 1946 2.1 4.2 3.1 2.2 1.7 1947 2.1 4.2 3.1 2.5 1.8 1950—January.., 1.06 1.63 .090 .12 1.39 1948 2.5 4.4 3.5 2.8 2.2 February. . 1.06 1.63 .125 .15 1.44 1949 2.7 4.6 3.7 3.0 2.4 March 1.06 1.63 .138 .16 1.45 Quarterly: April 1.06 1.63 .159 .17 1.45 19 cities: May 1.06 1.63 .166 .18 1.45 1949—Dec 4,53 3.61 2.35 June. ...... 1.06 1.63 .174 1.23 1.47 1950—Mar 4.45 3.54 2.31 July 1.06 1.63 .172 1.23 1.45 June 4.50 3.65 2.94 2.39 A Se u p g t u e s m t ber. 1 1 . . 1 3 9 1 1 1 . . 6 6 3 3 1 1 . . 2 3 1 1 1 5 1 1 . . 2 3 6 3 1 1. . 5 4 5 5 Sept 2.63 4.51 3.63 2.95 2.34 New York City: Week ending: 1949—Dec 2.38 4.14 3.35 2.73 2.21 S S S e e e p p p t t t . . . 1 9 2 6 . . . . . . , , l l l 5 5 5 / / / l l l 6 6 6 1 1 1 . . . 3 2 3 0 8 1 8 5 1 1 1 1 . . . 3 3 3 2 3 3 1 1 1 . . . 5 5 4 1 4 8 1950— J S M u e n a p e r t . 2 2 2. . . 3 3 2 2 4 9 3 3 4 . . . 9 8 0 4 5 6 3 3 3 . . . 2 3 3 2 5 3 2 2 2. . . 7 6 7 2 4 3 2 2 2 . . . 1 1 1 5 6 3 Sept. 23 . . . lVie 1.317 1.33 1.55 7 Northern and East- Sept. 30. . , l5/l6 1.324 1.34 1.59 19 e 4 r 9 n — c D iti e e c s: 2.67 4.63 3.65 3.00 2.41 1950—Mar 2.55 4.64 3.60 2.91 2.28 1 Monthly figures are averages of weekly prevailing rates. June...... 2.67 4.58 3.62 2.82 2.45 2 The average rate on 90-day Stock Exchange time loans was 1.50 Sept 2.63 4.56 3.59 2.87 2.39 per cent, Aug. 2, 1946-Aug. 16, 1948; and 1.63 per cent beginning 11 Southern and Au 3 4 5 g S R S . e e a 1 r r t i i 7 e e e , s s o 1 i i n n 9 n c 4 c n l l 8 u u e . d w d e e s s i s c s n e u o r e t t i s e f i s c w a a i t n t e h d s i n o s e f p le i e n c r d i t o e e d d b . te b d o n n e d s s i s a s n u d es . selected note issues. 1 1 9 9 W 4 5 9 0 e — — st J D M e u r e n n a c e r cities: 3 3 3 . . . 1 2 0 2 2 3 4 4 4 . . . 6 6 7 6 4 0 3 3 3 . . . 7 7 8 4 1 3 3 3 3 . . . 1 1 1 2 7 5 2 2 2 . . . 7 8 5 4 2 6 Back figures.—See Banking and Monetary Statistics, Tables 120-121, Sept 3.13 4.71 3.83 3.15 2.67 pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND YIELDS 1 [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 Aaa Aa Baa In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c Number of issues. 1-5 15 30 30 30 40 40 40 1947 average 1.59 2.25 2.01 2.57 2.86 2.61 2.70 2.87 3.24 2.67 3.11 2.78 1948 average 2.00 2.44 2.40 2.81 3.08 2.82 2.90 3.12 3.47 2.87 3.34 3.03 1949 average 1.71 2.31 2.21 2.65 2.96 2.66 2.75 3.00 3.42 2.74 3.24 2.90 1949—September. 1.65 2.22 2.22 2.59 2.90 2.60 2.69 2.95 3.37 2.68 3.19 2.84 October. . . 1.72 2.22 2.21 2.59 2.90 2.61 2.70 2.94 3.36 2.68 3.20 2.83 November. 1.70 2.20 2.17 2.56 2.89 2.60 2.68 2.93 3.35 2.67 3.20 2.81 December. 1.68 2.19 2.13 2.55 2.86 2.58 2.67 2.89 3.31 2.65 3.14 2.79 1950—January.. . 1.70 2.20 2.08 2.54 2.83 2.57 2.65 2.85 3.24 2.63 3.07 2.79 February.. 1.75 2.24 2.06 2.54 2.58 2.65 2.86 3.24 2.63 3.08 2.78 March 1.78 2.27 2.07 2.55 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 86 2.61 2.69 2.88 3.25 2.65 3.12 2.81 June 1.83 2.33 2.09 2.59 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 September 1.89 2.36 1.88 2.62 2.86 2.64 2.71 2.88 3.21 2.68 3.07 2.84 Week ending: Sept. 2... 1.84 2.33 1.87 2.58 2.84 2.61 2.67 2.87 3.22 2.65 3.07 2.81 Sept. 9... 1.87 2.35 1.88 2.59 2.85 2.62 2.68 2.87 3.21 2.66 3.06 2.82 Sept. 16.. , 1.89 2.37 1.88 2.62 2.85 2.64 2.70 2.88 3.20 2.67 3.06 2.84 Sept. 23.. , 1.89 2.37 1.88 2.64 2.88 2.67 2.72 2.89 3.22 2.70 3.07 2.85 Sept. 30.. 1.90 2.37 1.88 2.64 2.88 2.66 2.72 2.90 3.22 2.70 3.08 2.85 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. 1368 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices « Corporate * Common (index, 1935-39=100) Volume of trad- Year, month, or week U. S. Munic- ing7 (in Gov- ipal Medium-grade Pre- thoum e e r n n t - * g ( r h a i d g e h ) - 8 H gr i a g d h e - Indus- Rail- Public ferred6 Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c s s a h n a d r s e s o ) f Total trial road utility Number of issues. 1-8 15 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 ,144 1949 average. 102.73 128.9 101.9 92.6 98.6 82.3 97.0 176.4 121 128 97 98 ,037 1949—September. 103.86 128.6 103.1 93.3 99.0 82.1 98.8 182.1 124 130 95 100 ,135 October.. . 103.90 128.8 102.8 93.7 99.9 82.0 99.2 180.3 127 134 98 101 ,313 November. 104.22 129.6 103.2 93.5 100.3 80.8 99.5 179.8 129 137 96 103 ,323 December. 104.36 130.3 103.7 94.5 101.0 82.2 100.1 180.6 133 140 101 104 ,739 1950—January... 104.16 131.4 104.0 96.3 101.8 86.4 100.6 182.8 135 143 108 106 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 September. 101.90 135.2 181.8 152 163 125 105 1,930 Week ending: Sept. 2. . 102.31 135.4 182.5 148 159 120 105 1,340 Sept. 9.. 102.06 135.2 182.7 148 159 120 105 1,464 Sept. 16.. 101 135.2 182.3 152 164 128 105 2,178 Sept. 23.. 101.84 135.2 181.7 152 164 127 105 1,980 Sept. 30.. 101.77 135.2 180.3 154 166 126 105 2,132 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. * Prices derived from average yields, as computed by Standard and Poor's Corporation. • 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 r n n n e g d - d ) - m T e ( a f 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 t i l - - e a F c e g i e r e e a d s n l - 1 - Total Co B n r a o o p n n t o d e d r s s ate Stocks e F i o g r n - 2 m T e ( a f e i o d o g n s r o t n d t - a - i ) l c Total S n m a p t i n a c a u d i t l - - e a F c e g i e r e e a d s n l * - - Total Co B n r a o p o n n o t d e d r s s ate Stocks e F i o gn r- 2 1941 . 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 . . . 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1946 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2,352 601 105 1947 39,691 37,566 7,255 2,228 239 4,787 3,567 1,219 68 2,125 1,948 44 422 1,482 1,199 283 177 1948 10,214 9,079 9,070 2,604 294 46,172 45,264 908 10 1,135 1,135 82 768 284 257 28 1949 9,475 7,909 7,880 2,803 233 4,844 3,890 954 29 1,566 1,466 104 943 418 366 52 101 1949—August. . . 616 311 293 174 119 66 54 18 304 204 1 195 8 8 1 101 September 749 521 511 314 69 128 84 44 10 228 228 4 181 43 38 5 October. . 787 639 639 234 405 323 82 148 148 4 53 91 69 22 November 521 412 412 229 183 124 59 109 109 22 52 35 35 December. 731 513 513 198 315 169 146 218 218 57 56 105 101 4 1950—January.. 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 14 March. . . 1,059 768 746 363 21 361 280 82 22 292 229 3 58 168 165 4 63 April 685 525 520 170 23 327 147 180 5 160 160 6 65 89 80 9 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 August... 787 547 519 265 254 211 43 28 240 190 8 48 134 128 5 50 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 of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. OCTOBER 1950 1369 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES 1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month E pr s o t g i c r m e o e s a d s t s e d 2 E pr s o ti c n m e e e t a d t s e d 3 New money Retirement of securities Repa o y f ment pu O r t p h o e s r es Plant and Working Bonds and Preferred other debt 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—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 August . . 352 347 186 165 21 129 123 6 11 20 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS * [In millions of dollars] Manufacturing 8 C m o i m sc m e e ll r a c n ia e l o u a s n 6 d Railroad Public utility7 Communication 8 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—August 44 22 26 19 20 13 7 107 103 1 11 1 10 6 6 September 26 20 4 55 27 8 16 16 109 76 27 4 2 58 23 October . . 83 41 16 38 30 41 41 222 130 45 13 11 11 6 November .... 36 24 25 6 10 10 149 125 4 16 14 92 90 December 63 49 5 36 23 2 31 27 4 346 159 96 4 4 85 70 6 1950—January 31 27 2 31 25 3 93 27 31 225 165 14 205 202 2 20 6 February 63 47 4 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 August 48 29 4 18 4 6 35 35 210 98 106 3 3 33 17 1.Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 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. 5 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. 1370 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 88 1943 28,240 3,683 1,260 777 24,160 3,111 1,097 688 4,080 571 164 88 1944 30,348 3,531 1,255 848 25,851 2,982 1,091 755 4,497 549 164 93 1945 26,531 2,421 1,129 861 22,278 1,976 964 764 4,253 445 165 98 1946 21,562 2,033 1,202 943 17,651 1,573 932 804 3,912 460 271 139 1947 31,144 4,099 2,521 1,167 26,015 3,423 2,105 1,000 5,129 676 416 167 1948 37,182 5,315 3,310 1,403 31,465 4,593 2,860 1,210 5,717 721 450 192 1949 , 36,942 5,035 3,099 1,657 31,816 4,506 2,768 1,474 5,124 529 * 330 183 Quarterly 194g—i 8,660 1,218 751 285 7,270 1,050 649 247 1,390 168 102 38 2 9,003 1,242 770 311 7,559 1,058 657 269 1,445 184 113 42 3 9,314 1,331 832 307 7,877 1,146 717 265 1,437 186 115 43 4 10,204 1,523 958 499 8,759 1,339 838 429 1,445 184 120 70 1949—i 9,392 1,326 808 343 8,085 1,187 723 303 1,307 139 84 40 2 9,446 1,196 726 354 8,192 1,077 653 312 1,254 119 73 42 3 9,485 1,312 799 331 8,213 • 1,183 717 292 1,273 129 82 39 4 8,617 1,201 766 629 7,326 1,059 675 567 1,291 142 91 62 1950—1 9,214 1,400 850 387 7,893 1,254 759 347 1,322 146 91 40 2 10,754 1,813 1,102 394 r9,281 1,625 988 347 1,472 189 115 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 e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s r O e p v in e e r g n a u t e - P b t e r a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s r O e p v in e e r g n a u t e - P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 1,537 374 180 168 1944 9,437 1,972 667 246 3,615 902 507 398 1,641 399 174 168 1945 8,902 756 450 246 3,681 905 534 407 1,803 396 177 174 1946 7,628 271 287 235 3,815 964 638 458 1,992 277 200 171 1947 8,685 777 479 236 4,291 954 643 494 2,149 193 131 134 1948 9,672 1,148 699 289 4,830 983 657 493 2,541 269 183 181 1949 8,580 700 438 252 5.047 1,129 753 558 2,817 332 220 216 Quarterly 1948—1 2,243 146 73 57 1,233 282 184 124 607 65 44 39 2 2,363 286 186 57 1,152 231 154 115 627 71 48 44 3 2 555 393 244 53 1,178 211 143 121 641 64 44 47 4 2,510 317 191 122 1,267 254 174 133 667 69 47 50 1949—1 2,147 119 58 69 1,312 316 206 124 670 62 42 50 2 2,226 183 115 55 .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). OCTOBER 1950 1371 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 1 2 Nondurable goods industries Total (94 corps.)1 Sales 11 J313 13 364 1? 700 ,?80 3,324 3 3 943 3,051 3,163 3 333 3 9S1 3 453 Profits before taxes 1,787 2 208 1 843 553 543 565 496 397 446 503 504 577 Profits after taxes 1 167 1 474 1 36? 362 304 391 256 292 349 323 371 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 3 861 846 904 805 792 822 835 757 811 Profits before taxes 491 410 377 104 99 111 85 89 101 109 83 100 Profits after taxes 933 64 60 71 5? 54 63 64 51 59 Dividends . . 128 135 134 32 32 42 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 547 655 673 155 166 183 170 140 174 180 90S ?44 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 9 006 3 04S 3 865 942 978 1,077 903 934 942 006 960 089 Profits before taxes 456 721 525 182 171 173 161 119 114 131 121 133 Profits after taxes 350 548 406 133 132 141 119 92 86 109 91 102 Dividends 197 179 17? 45 29 66 31 47 31 63 42 4? Durable goods industries Total (106 corps.)2 Sales 19 831 93 818 94 159 5,714 5,991 6,673 6,149 6,397 6,322 5,984 5,063 7 301 Profits before taxes 9 319 3 107 3 109 688 788 058 830 799 866 607 806 1 ?,37 Profits after taxes . . 1 355 1,836 1,888 408 470 564 487 470 508 424 527 732 Dividends 61S 746 040 154 166 ?74 197 188 184 380 220 Selected industries: Primary metals and products (39 corps.) Sales 7,545 9,066 8,197 2,100 2,306 2,601 2,430 2,175 2,050 1,542 2,200 2,578 Profits before taxes .. . .. 891 1,174 993 237 304 385 353 252 228 160 299 398 Profits after taxes 545 790 578 14S 185 ?40 204 144 130 100 175 ?36 ?47 ?70 ?85 60 60 90 71 64 61 80 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 443 560 590 144 118 177 133 120 119 148 145 167 Profits after taxes 270 334 321 83 71 105 79 77 75 91 85 98 Dividends 113 126 136 28 28 42 33 32 31 41 49 37 Automobiles and equipment (15 corps.) Sales 609 8,003 0,577 1,951 2,056 ,151 2,601 2,707 9,118 9,283 9 975 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 1 Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products (15); and miscellaneous (1). 2 Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). CORPORATE PROFITS, TAXES, AND DIVIDENDS (Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates) [In billions of dollars] Year P b t 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 Quarter P b t r e a o f x o f e i r t s e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d fi t i t e s s - d 1939 6.5 1.5 5.0 3.8 1.2 1948—3 35 3 13 4 21 9 7 5 14 4 1940 .... 9.3 2.9 6.4 4.0 2.4 4 33.1 12.9 20.3 7.9 12.4 1 19 9 4 4 2 1 2117..21 171..87 9 9. . 4 4 44. 35 4 5 . . 9 1 1949—i 28.3 10.9 17.4 7.9 9.5 1943 25.1 14.4 10.6 4.5 6.2 2 26.4 10.0 16.4 7.7 8.7 1944 24.3 13.5 10.8 4.7 6 1 3 28 2 10 8 17 3 7 4 9 9 1945 19 7 11 2 8 5 4 7 3 8 4 27 6 10 6 16 9 8 2 8 7 1946 . 23.5 9.6 13.9 5.8 8.1 1947 30 5 11 9 18 5 6 6 11 9 1950—l 29 2 11 4 17 8 8 1 9 7 1948 33.9 13.0 20.9 7.5 13.4 21 35.0 14.7 '20.3 8.1 12.2 1949 . . 27.6 10.6 17.0 7.8 9.2 3x .... 40.0 16.8 23.2 9.1 14.1 r Revised. 1 Estimates of Council of Economic Advisers, based on preliminary data. Source.—Same as for national income series. 1372 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Direct debt Total gross Marketable public issues l Nonmarketable public issues debt Fully End of month n ( a s i g e n n t i c c t e g e u l s u u e r ) d i a d - r - - Total Total 2 Tr b ea il s l u s ry c i C e n a d e t d n e r e t s e i b f s o t i s - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total2 s b a U o v . n i n S d g s . s T t s a r a n e x v o a i t a s n e u n g s r d s y S is p s e u c e ia s l i b n N e d t a e e o r r b n i e n t - s g t- s g e u c t u e a e r r a i d t n ie - s 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—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 Sept 257,236 257,216 153,774 13,637 11,620 31,688 96,670 67,798 57,396 8,895 33,396 2,247 20 1 Including amounts held by Government agencies and trust funds, which aggregated 5,306 million dollars on Aug. 31, 1950. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service depositary bonds, Armed Forces Leave bonds, and 2)4 per cent Treasury investment bonds, series A-1965, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING SEPTEMBER 30, 1950 [In millions of Dollars] [On basis of daily statements of United States Treasury. In millions Redempof dollars] Am ou o t u - nt Funds receive p d e r fr io o d m sales during m tio a n tu s r a it n ie d s Month standing Issue and coupon rate Amount Issue and couponrate Amount at end of month All Series Series Series All Treasury bills 1 Treasury bonds—Cont. series E F G series Oct. 5, 1950 1,003 Sept. 15,1951-552.. . .3 755 Fiscal year Oct. 13, 1950 1,006 Dec. 15,1951-532..2)4 1,118 ending: Oct. 19, 1950 1,004 Dec. 15,1951-55. ...2 510 June—1943.. 21,256 11,789 8,271 758 2,759 848 Oct. 26 1950 ... . 1,001 Mar. 15,1952-54. .2)4 1,024 1944.. 34,606 15,498 11,820 802 2,876 2,371 Nov •2, 1950 1,104 June 15,1952-54. . ..2 5,825 1945.. 45,586 14,891 11,553 679 2,658 4,298 Nov 9, 1950 1,102 June 15,1952-55. .2)4 1,501 1946.. 49,035 9,612 6,739 407 2,465 6,717 Nov 16, 1950 1,101 Dec. 15,1952-54. . . .2 8,662 1947.. 51,367 7,208 4,287 360 2,561 5,545 Nov 24 1950 1,104 June 15,1953-552.. . .2 725 1948.. 53,274 6,235 4,026 301 1,907 5,113 Nov 30, 1950 1,100 June 15,1954-562..2)4 681 1949.. 56,260 7,141 4,278 473 2,390 5,067 Dec. 7, 1950 1,105 Mar. 15,1955-602. 2,611 1950.. 57,536 5,673 3,993 231 1,449 5,422 Dec. 14 1950 1,005 Mar. 15,1956-58. ' 2)4 1,449 D D e e c c . . 2 28 1, , 1 1 9 9 5 5 0 0 1 1 , , 0 0 0 0 2 1 S S e e p p t t . . 1 1 5 5 , , 1 1 9 9 5 5 6 6 - - 5 5 9 9 2 . . .2<X 3,8 9 2 82 3 1949— O Se c p t. t . . . . . . 5 5 6 6 , , 6 6 7 0 0 0 3 3 9 8 8 8 2 2 9 8 9 9 1 1 3 3 8 8 6 6 3 4 9 1 6 1 J J u u n n e e 1 1 5 5 , ,1 19 9 5 5 9 8 - - 6 6 2 3 3 2. .. • 2X 2% 5,2 9 8 19 4 N D o e v c . . . . . . . 5 5 6 6 , , 7 7 1 0 7 7 3 4 8 9 3 5 2 37 86 7 1 1 4 6 1 8 0 4 3 4 4 6 1 6 5 D D e e c c . . 1 1 5 5 , , 1 1 9 9 5 6 9 0 - - 6 6 2 5 3 2. . .2% 3 1 , ,4 4 8 7 5 0 1950—Jan 56,958 707 402 38 267 618 Cert.of indebtedness June 15,1962-673. 2% 2,118 Feb.... 57,217 581 361 31 189 418 Oct. 1, 1950 iy8 6,248 J D u e n c e . 1 1 5 5 , ,1 1 9 9 6 6 3 4 - - 6 6 8 9 3 3 . . .2)4 3 2 , , 7 8 6 3 1 1 A M p a r r... 5 57 7 , , 4 3 2 3 7 1 4 5 2 2 3 4 3 3 0 6 5 4 2 1 7 5 1 10 3 2 4 5 41 1 3 0 Jan. 1,1951 1H 5,373 D M e a c r . . 1 1 5 5 , , 1 1 9 9 6 6 5 4 - -6 7 9 0 3 3 . . .2)4 3 5, , 1 8 9 3 7 8 J M u a n y e . . . . . . 5 5 7 7 , , 4 5 7 3 7 6 4 3 1 9 6 8 3 2 0 9 7 7 1 1 6 4 9 8 2 6 4 4 5 5 6 4 Mar. 15,1966-713. 2)4 3,481 July... 57,568 417 318 13 87 505 June 15,1967-723..2)4 7,967 Aug 57,470 350 270 11 70 537 Sept. 15,1967-72. .2)4 2,716 Sept... 57,396 310 244 8 58 475 Treasury notes Dec. 15,1967-723..2y2 11,689 Maturities and amounts outstanding September 30, 1950 July 1, 1951-B 1)4 2,741 July 1, 1951-C....1M 886 July 1, 1951-D. . .1)4 4,818 Postal Savings Year of All Series Series Series Series Aug 1 1951 ..1)4 5,351 bonds 2)4 109 maturity series D E F G Oct. 1,1951 1)4 1,918 O M M c a a t r r . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 1 4 5 1 1 \ ) % y 4 2 5 4 5 , , , 9 6 3 3 7 6 5 4 5 Panama Canal Loan. 3 50 1 1 19 9 9 5 5 5 2 1 0 . . 3 1 , ,5 9 3 4 0 1 8 6 8 3 4 1 4 6 3 3 1 , ,1 9 0 0 5 8 Total direct issues 153,774 1 1 9 9 5 5 3 4 6 8 , , 6 4 6 6 0 8 5 6, , 0 4 1 2 0 8 4 1 9 9 7 7*' 1 1 , , 0 9 3 6 5 0 1955 7,319 4,780 525 2,015 Treasury bonds 1956 5,406 2,465 603 2,338 1957 5,195 2,588 480 2,127 Dec. 15,1950 1)4 2,635 Guaranteed securities 1958 . . 5,413 2,892 261 2,260 June 15, 1951-54 2 .2% 1,627 Federal rlousing Admin. 1959 5,359 3,113 282 1,964 Sept. 15, 1951-53...2 7,986 Various 18 1960 5,157 2,300 460 2,397 1961 1,597 224 1,372 1962 1,153 160 993 1 Sold on discount basis. See table on Open-Market!;Money Rates, Unclassified. . -104 p. 1368. 2 Partially tax exempt. 3 Restricted. Total.... 57,396 759 34,591 3,689 18,461 OCTOBER 1950 1373 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S. Government debt agencies and, End of month in (i g n c g lu u d ar - - trust funds 1 Federal Com- Mutual Insur- Other S a t n a d te Individuals 3 Miscellaneous a se n c te u e ri d - Special Public Total R B e a s n er k v s e m ba e n r k c s ia 2 l s b a a v n in k g s s c a o n m ce - ra c t o i r o p n o s - 3 go lo v c e a r l n- Savings Other investies) issues issues panies ments bonds securities tors3 1940—June 48,496 4,775 2,305 41,416 2,466 16,100 3,100 6,500 2,100 400 2,600 7,500 700 1941—June 55,332 6,120 2,375 46,837 2,184 19,700 3,400 7,100 2,000 600 3,600 7,600 700 1942—June 76,991 7,885 2,737 66,369 2,645 26,000 3,900 9,200 4,900 900 9,100 8,700 1,100 1943—June 140,796 10,871 3,451 126,474 7,202 52,200 5,300 13,100 12,900 1,500 19,200 11,700 3,400 1944—June 202,626 14,287 4,810 183,529 14,901 68,400 7,300 17,300 20,000 3,200 31,200 14,800 6,400 1945—June 259,115 18,812 6,128 234,175 21,792 84,200 9,600 22,700 22,900 5,300 40,700 18,300 8,900 1946—June 269,898 22,332 6,798 240,768 23,783 84,400 11,500 '25,100 17,700 6,500 43,500 19,500 8,800 Dec 259,487 24,585 6,338 228,564 23,350 74,500 11,800 '25,200 15,300 6,300 44,200 19,700 8,300 1947—June 258,376 27,366 5,445 225,565 21,872 70,000 12,100 '24,800 13,900 7,100 45,500 20,500 9,800 Dec 256,981 28,955 '5,404 '222,622 22,559 68,700 12,000 '24,100 14,100 7,300 46,200 19,100 8,600 1948—June 252,366 30,211 '5,549 '216,606 21,366 64,600 12,000 '23,100 13,500 7,800 47,100 18,100 9,100 Dec 252,854 31,714 '5,614 '215,526 23,333 62,500 11,500 21,500 14,300 7,900 47,800 17,500 9,300 1949—June 252,798 32,776 '5,512 '214,510 19,343 63,000 11,600 '20,800 15,100 8,000 48,800 17,800 10,000 Dec 257,160 33,896 '5,464 '217,800 18,885 66,800 11,400 '20,500 16,300 '8,000 49,300 16,900 9,800 1950—Apr 255,740 31,802 5,506 218,432 17,796 65,300 11,600 20,500 17,700 '8,400 49,800 16,900 10,500 May 256,370 31,868 5,487 219,015 17,389 65,800 11,600 '20,300 18,100 '8,300 49,800 17,100 10,600 June 257,377 32,356 5,474 219,547 18.331 65,700 11,600 '20,100 18,400 '8,200 49,900 17,100 10,200 July 257,557 32,518 5,465 219,574 17,969 64,700 11,500 20,100 18,900 8,200 50,000 17,300 10,900 ' Revised. * Including the Postal Savings System. 2 Including holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1949. 3 "Miscellaneous investors" includes savings and loan associations, dealers and brokers, and foreign accounts, formerly included in "Other corporations and associations"; and corporate pension funds and nonprofit institutions, formerly classified with "Individuals." Partnerships and personal trust accounts are still classified with "Individuals." NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Interest-bearing public marketable securities. In millions of dollars] U. S. U. S. End of month s T t o a o u n t t a d - l - G a c g o i e e v n s t - . F e R e r e a d - l - C m c o i e a m r l - - M s tu av a u l - - I c a n o n s m c u e - r- Other End of month s T t o a o u n t t a d - l - G a c g o i e e v n s t - . F e R e r e a d - l - C m c o i e a m r l - - M s tu av u al - - I c a n o n s m c u e - r- Other ing and serve banks1 ings panies ing and serve banks1 ings panies trust Banks banks trust Banks banks funds funds Type of Treasury bonds security: and notes, due or callable: Total:2 Within 1 year: 1 1 1 9 9 9 4 4 4 8 9 7 — — — D D J J u D e e u n c c n e e e c . . . . . . . 1 1 1 1 1 6 5 6 5 5 5 7 0 5 5 , , , , , 7 4 3 1 1 9 9 7 6 3 1 6 3 0 8 5 5 5 5 5 , , , , . 2 4 4 3 3 6 0 7 2 7 1 2 7 7 4 2 2 2 1 1 1 2 3 9 8 , , , , , 3 5 3 3 8 6 5 3 4 8 6 9 3 3 5 6 5 5 5 5 1 6 7 9 5 , , , , , 2 3 5 8 3 3 9 7 5 5 7 9 0 6 3 1 1 1 1 1 1 1 0 0 1 , , , , , 5 5 7 8 0 5 2 7 7 2 2 2 2 7 9 2 2 1 1 1 2 1 9 8 9 , , , , , 8 7 8 5 0 9 0 1 3 9 5 5 9 5 0 4 4 4 4 4 2 2 4 2 1 , , , , , 6 0 1 7 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 u e e u e n c c n e c e . . . . . .. 1 1 1 1 1 4 3 0 1 4 , , , , , 2 4 2 2 3 1 6 1 2 1 1 3 6 6 9 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 8 5 5 9 7 , , , , , 5 0 9 0 2 7 2 1 2 4 1 1 4 2 4 2 2 2 2 1 3 6 3 3 7 2 6 6 8 1 3 3 3 4 2 2 8 1 6 7 9 5 6 8 3 3 3 4 2 3 , , , , , 6 1 6 9 5 2 7 8 5 5 5 5 5 6 3 1950—June... . 155,325 5,350 18,33158,972 10,877 18,132 43,663 July.... 155,181 5,341 17,96958,000 10,797 18,12644,948 1950—June 10,387 70 505 7,001 151 360 2,300 Treasury bills: July. . . . 18,832 74 3,169 9,559 162 488 5,380 1947—Dec 15,136 18 11,433 2,052 25 154 1,454 1948—June.... 13,757 15 8,577 2,345 58 112 2,650 1-5 years: Dec 12,224 69 5,487 2,794 50 84 3,740 1947—Dec 49,948 344 1,377 33,415 1,876 3,046 9,890 1949—June.... 11,536 63 4,346 2,817 13 60 4,237 1948—June.... 46,124 318 2,63630,580 1,829 2,790 7,971 Dec 12,319 11 4,829 3,514 15 70 3,880 Dec... 44,053 226 3,25828,045 1,769 2,501 8,254 1950— J Ju u n l e y.... 1 13 3 , , 6 5 4 3 2 3 3 6 3 4 , , 8 14 5 5 6 3 3, , 9 7 9 0 2 3 3 1 5 5 9 8 0 7 5 6, , 3 8 9 4 7 6 1949— D Ju e n c e 3 3 9 5 , , 1 0 7 6 5 7 2 1 1 8 2 6 2 1 , ,9 1 2 2 2 1 2 2 6 4 , ,9 3 0 0 7 4 1 1 , , 2 1 7 2 9 1 2 1 , ,6 1 4 2 1 4 5 7 , ,1 2 3 9 5 0 Ce 1 1 rt 9 9 i 4 f 4 i 7 8 c — a — te D J s e u : c ne.... 2 22 1 , , 5 2 8 2 8 0 3 1 0 4 6 4 , , 7 6 9 1 7 6 6 8, , 5 5 5 3 2 8 3 2 1 0 7 0 2 47 6 9 9 8 7 , , 6 3 1 8 0 6 1950— J J u u l n y e . . . . . . . . 4 5 8 1 , , 7 80 0 2 8 3 3 0 2 5 7 5 5, , 1 0 1 9 6 73 3 1 3 , ,1 5 2 9 7 5 1,0 9 5 5 8 1 1 1 , , 6 7 3 3 9 1 1 9 0 , , 1 4 2 4 1 3 Dec 26,525 24 6,078 9,072 256 672 10,423 1949—J D u 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 10 2 , , 9 1 9 7 1 4 o— 1 1 9 9 l 4 4 u 7 8 — — ye D J a e r u s c n : e.... 1 1 0 0 , , 2 4 7 6 0 4 3 3 7 1 0 4 4 5 2 4 6 6 6 6, , 2 0 5 9 1 0 5 5 7 0 6 6 9 8 1 8 1 0 1 1 , , 9 9 2 3 8 6 1950—June 18,418 7 5,357 5,354 64 382 7,254 Dec 10,464 314 434 6,314 520 997 1,885 July. . . . 12,817 6 2,791 3,986 49 292 5,693 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—June.... 15,926 423 1,148 5,675 2,439 2,055 4,186 Dec... 7,131 7 791 3,099 84 166 2,984 July... . 15,926 422 1,019 5,750 2,382 2,027 4,326 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: Tre 1 1 1 a 9 9 9 s 4 5 4 u 7 0 8 r — — — y J D J J b u u u e o l c n n y n . e e d . . . s . . . : . . . . . 1 1 2 2 1 1 0 5 2 7 , , , , 4 7 4 8 0 6 5 6 4 2 5 3 5 5 , , 1 3 7 3 2 1 3 6 9 5 3 6 6 2 , , , , 1 2 5 8 4 0 0 5 6 6 0 34 4 1 1 2 7 1 2 , , , , 1 4 2 2 4 2 0 8 6 4 4 3 1 1 1 1 , , 0 2 1 1 4 2 4 5 7 6 2 4 2 2 0 2 , , 8 2 4 4 1 8 0 8 3 0 3 0 2 2 6 6 5 8 , , , , 8 1 6 9 4 1 8 7 7 4 4 9 1 1 1 9 9 9 4 4 4 8 9 7 — — — D D J J D e e u u c c n n e e e c . . . . . . . . . . . 4 4 5 5 5 5 8 4 3 3 , , , , , 7 0 8 8 5 5 8 3 3 5 7 4 8 8 4 4 4 4 4 4 , , , , , 4 4 6 7 3 4 1 8 5 9 1 0 5 5 3 3 4 2 7 , , , , 5 9 4 2 8 9 2 1 5 3 1 5 3 2 4 3 3 3 3 5 , , , , , 8 5 9 9 0 8 4 2 3 0 1 7 2 3 3 6 8 8 8 7 , , , , , 5 6 6 0 2 8 3 0 4 9 8 9 6 8 3 1 1 1 1 1 3 8 7 4 5 , , , , , 4 2 1 1 2 8 1 2 7 3 5 1 9 9 0 1 1 1 1 1 4 7 3 6 5 , , , , , 5 2 7 0 0 4 4 1 9 9 2 2 0 0 4 1949— D D Ju e e n c c e.... 1 1 1 1 1 0 1 0 4 , , , 4 4 7 4 2 5 0 6 8 5 5 5, , , 2 2 3 1 0 4 7 1 0 1 7 7 0 , , , 2 7 9 1 7 8 8 7 0 3 4 4 9 2 0 , , , 0 2 3 4 3 7 2 5 1 1 1 1 0 0 0 , , , 4 7 4 8 6 8 6 8 0 1 1 1 8 8 7 , , , 3 8 5 9 1 7 1 5 9 2 2 2 5 5 6 , , , 3 0 3 7 2 2 5 9 0 1950— J J u u l n y e . . . . . . . . 4 4 5 5 , , 0 0 8 8 4 4 4 4 , , 4 4 8 9 2 2 2 1 , ,7 3 4 4 8 9 4 4 , , 0 10 9 2 2 7 7 , , 1 2 3 3 0 8 1 1 3 3 , , 5 5 0 8 7 7 1 1 3 3 , , 9 5 1 2 7 4 1950—June 102,795 5,273 5,618 38,691 10,624 17,24925,340 July.... 102,795 5,278 4,88838,723 10,590 17,26126,055 * 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. 1374 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] On basis of daily statements of United States Treasury Cash operating income and outgo 3 Increase (+) or General fund of the Treasury (end of period) decrease (—) during period Assets y m F e i o a s r n c t a o h l r c N e r i e e p - t ts B p t e u u e n x r d d e - g s i e - t s B ( d u + e u r f ) d p i g c l o u i e t r s t c T o e a r u t u c c n - s 1 t t s c C o i a l n u c e g - a n r t - 1 G de ro b s t s G ba f e u l n a n e n d r c a e l f a g B e u n i e r a n n a c n l d l e - - Total s F D e R e e r r e e a d v - p l - e osi d t S s e c p p i i a e n o l - s- O as t s h e e t r s T b t l o i i i e a l t i s - a - l c C o i a n m s - h e o C u a t s g h o i ( E n o + x c u c o ) tg e m o s o s e r 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 43845,400 36,,496 +8,903 1949 38,246 40,057 -1,811 -495 +366 +478 -1,462 3,470 3,862 438 1,771 1,653 39241,628 40,,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 40,970 43,155 -2,185 1949—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 O N c o t v .. . 2 1 , , 3 8 4 8 4 1 3 3 , , 1 12 1 7 1 -1 - ,2 7 3 8 0 3 + + 2 1 9 0 9 + - 1 3 6 6 0 + + 2 9 0 8 4 - - 9 3 6 1 2 5 4 4 , , 7 4 3 2 7 2 5 4, , 7 0 8 8 9 0 5 5 9 1 5 7 2 2 , , 8 63 3 2 1 1 1 , , 6 6 5 4 4 1 3 3 4 6 3 7 2 2 , , 0 9 4 6 6 5 3 3 , , 2 4 6 2 6 6 -1 - ,2 4 2 61 0 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— M J F A J M J u u e a p a l a n b n r y r y e . . . . . . . . . . . 3 4 2 2 4 1 1 , , , , , , , 3 9 3 8 4 8 4 7 6 8 0 2 2 8 2 4 0 6 0 1 8 3 3 3 2 2 2 4 , , , , , , , 0 9 3 8 2 4 2 6 1 4 9 2 6 9 2 3 7 6 6 3 9 + - - 1 1 1 + + - , , , 1 6 3 + 5 4 1 3 4 5 5 4 7 0 2 2 8 1 4 6 8 + + - - - - 1 1 + 9 7 9 5 4 7 9 9 3 3 2 7 0 + + -3 + + - 1 5 1 7 3 2 2 8 1 6 2 5 9 1Q +1 + + - - - , 2 4 6 0 1 6 - 6 9 4 0 3 8 6 5 7 5 7 2 3 + - - 1 1 1 + + + - , ,0 4 2 , 1 3 9 0 1 1 3 3 7 3 5 7 9 8 7 0 5 3 5 4 6 4 4 5 , , , , , , 1 0 7 5 5 4 1 1 2 0 0 4 6 8 7 1 2 0 4 9 6 5 6 4 5 5 4 5 , , , , , , , 4 8 7 4 4 0 9 2 6 5 8 3 2 7 1 4 7 9 8 7 4 1, 6 5 6 8 9 0 5 6 7 7 0 6 5 8 6 7 5 6 0 8 6 3 2 3 2 3 2 2 , , , , , , , 1 6 8 6 2 5 5 4 9 1 6 6 4 6 6 8 8 0 5 3 8 1 1 1 1 1 1 1 , , , , , , , 8 7 6 6 6 6 7 4 6 8 0 7 5 0 7 6 0 9 7 7 9 3 3 3 3 3 2 4 6 7 7 1 0 1 9 4 3 2 7 3 0 4 2 4 3 3 2 5 1 , , , , , , , 1 6 9 1 5 4 6 1 6 8 3 9 8 8 0 2 7 9 5 5 3 3 3 3 3 3 4 4 , , , , , , , 0 1 1 5 7 3 0 6 4 7 3 0 4 4 1 3 7 7 0 4 6 + - -1 1 1 + + - , , , 0 6 7 + 1 6 3 3 6 6 1 5 2 0 2 2 1 6 8 6 8 Aug.. 2,860 2,515 +344 +147 -140 ,,+333 +685 5,185 5,501 733 3,115 1,654 316 3,524 3,009 +514 Sept. 4,605 3,520 + 1,084 -27 -80 -658 +319 5,505 5,932 1,116 3,065 1,751 428 DETAILS OF TREASURY RECEIPTS On basis of daily statements of UnitedStates Treasury Onbas>is of reports by collectors of internal revenue Incometaxes Deduct Individual Corporation income F o i r s c m al o y n e th ar b p W y l h o e i e y t l m e d h r - s - Other i r n e n c M v t e e e e o l i r l n s u n a - u - s a e l S S ta r o e i x c c ty e i u a s - l c O e r i t p e h - t e s r 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 s o r a t i y 5 l t - y c N e r i e e p - t ts W i h n e c it l o d h m - e O ta t x h e e s r N s a u o a n r r n d t m d a p x a r l ofits E p o t r a x a t o n h c x f d e e e it s r s s s t t a a g E a n x i s t f d e e - t s m l E a o t a a n x i t s n x h c e c d e e i o e s s r u l e - s Fiscal year: 1948 11,436 19,735 8,301 2,396 4,231 46,099 2,272 1,61642,211 11,534 9,464 9,852 323 899 7,412 1949 9,842 19,641 8,348 2,487 2,456 42,774 2,838 1,69038,246 10,056 7,996 11,343 211 797 7,585 1950 10,073 18,189 8,303 2,892 1,853 41,311 2,160 2,106 37,045 9,889 7,264 10,760 95 706 7,599 1949—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 1,790 98 205 7 67 894 Sept... . 819 2,816 775 315 117 4,842 52 185 4,605 DETAILS OF BUDGET ]EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Trust accounts, etc. Social Security Other accounts F o i r s c m al o y n e th ar Total N d a e t f i e o n n s a e l e I d n s e t t e b o r t n - f t I i i n n a n a o a n t i a n e n d d - a r c - l e t e r m V A r a a i t e d n i n t o - i - s s n ' - a t c A u g t u o i r r l d e i - - T c t o f r r a e t a u u c o r n n s - s t s ts - Other c N e r i e e p - t ts m v I e e n s n - t- ts p tu E e r n x e d - s i- ce R i e p - ts m v I e e n s n - t- ts 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—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 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 1,024 271 '273 448 424 31 543 262 146 189 65 6 85 Aug 2,515 1,160 134 243 464 -113 28 598 630 277 186 96 4 112 Sept 3,520 2>1,164 646 P284 400 P-219 464 P781 544 424 164 413 302 94 p Preliminary. r Revised. 1 Excess of receipts (+) or expenditures (—). 2 Excluding items in process of collection beginning with July 1947. 8 For description, see Treasury Bulletin for September 1947 and subsequent issues. * Including 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. 6 These are appropriated directly to the Federal old-age and survivors insurance trust fund. OCTOBER 1950 1375 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 Liabilities, other than interagency items Bonds, notes, u. s. m Co o r d n i* - I m nv e e n s ts t- Land, tu a r n e d s d p e a b y e a n b - le Gov- v P a r t i e - ly Corporation or agency Total Cash L c a r e o b e i a l - v e n - s m p s r t a i l i u a n i e a p e t s d l e - s s , , - G U s ri e o t . c i v S e u t s - . . O r s i e t t i c h e u e s - r 2 s t e m u t a q r r n e u u e d n i c s p t - , - O s a t e h s t - e s r a F g n u u b t a e l y l r e y - d Other l O i i a t t i b h e i e s l r - i m n e e r t e s e n n t r - t - o in w e t s e n t r e - d U. S. All agencies: June 30 1949 22,232 514 11,770 1,140 2,004 3,508 2,946 351 26 865 1,487 19,682 172 Sept. 30, 1949 22,594 379 11,720 1,596 2,069 3,501 2,933 396 28 856 1,074 20,460 177 Dec. 31, 1949 23,733 441 12,733 1,549 2,047 3,492 2,962 509 28 772 1,720 21,030 183 Mar. 31 1950 24,360 38713,350 1,567 2,221 3,488 2,932 414 21 708 2,072 21,368 191 Classification by agency, Mar. 31, 1950 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 324 18 258 43 5 72 1 233 18 Federal intermediate credit banks .. 559 13 493 47 5 463 4 91 Production credit corporations 63 2 38 22 63 Agricultural Marketing Act Revolving Fund 2 1 1 (3) 2 Federal Farm Mortgage Corp 53 4 48 1 1 52 Rural Electrification Administration 1,400 18 1,357 25 1,400 Commodity Credit Corporation 3,575 14 1,988 1,414 68 92 4 1,326 2,245 Farmers' Home Administration4 490 50 421 1 18 2 487 Federal Crop Insurance Corp.. 35 30 5 7 28 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 740 22 320 395 2 172 320 75 173 Federal Savings and Loan Insurance Corp. 223 1 217 5 6 217 Home Owners' Loan Corp 176 22 147 5 1 1 2 (3) 9 165 Public Housing Administration * 1,662 12 309 1,310 31 20 1,642 Federal Housing Administration 294 31 19 209 1 33 15 137 141 Federal National Mortgage Association 991 986 5 11 981 Reconstruction Finance Corporation: Assets held for U S Treasury 6 786 2 125 3 605 51 786 Other7 1,043 17 902 77 1 45 63 980 Export-Import Bank 2,214 2,200 14 101 2,113 Federal Deposit Insurance Corp 1,277 3 (3) 1,264 10 36 1,242 Federal Works Agency 164 89 66 9 159 Tennessee Valley Authority 877 18 13 838 7 13 864 All other8 . . 7,410 112 3,809 14 (3) 3,385 42 49 10 7,400 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Mar. 31, 1950 Purpose of loan M F C F a o e o r r d m r p . t. . b c m i F n r a a e e t e 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 m c n c a a - l . - F A H e a d o r r s m m m ' . e - H O C L e o o o w rs m 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 o n 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: Railroads 110 3 113 114 Other 1 462 33 496 462 To aid financial institutions: Banks (3) 3 3 4 Other 320 U 8 328 442 Foreign loans 144 2,207 3,750 6,101 6,090 Other . ... 307 85 100 492 484 Less: Reserve for losses 8 (3) 3 130 1 133 1 2 67 7 4 358 476 Total loans receivable (net)... 48 493 258 1,988 1,357 421 147 309 320 904 2,200 4,905 13,350 12,733 1 Assets are shown on a net basis, i. e., after reserve for losses. 2 Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction and Development and its subscription of 2,750 million to the International Monetary Fund. 3 Less than $500,000. * Includes assets and liabilities of the Regional Agricultural Credit Corporation, which have been reported as "Disaster Loans, etc., Revolving Fund," since the dissolution of that Corporation pursuant to Public Law 38, 81st Congress. 6 Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing program, and Public Housing Administration activities under the United States Housing Act, as amended. 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. 1376 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 u 1 y 9 s s t 3 i r c 5 ia a - D 3 l l a 9 b u v f p l M a r o e r - = c l o u a t d u n m 1 u r u 0 N e d c e - 0 s ) t u o i * r n o - * - n M er i a n l - s T a o w t 1 a C 9 a l r 2 o c d 3 n o e - s n R d d 2 t t t 5 e r i e r a u n s a ( l i c - c = v - t t a i s o l 1 u n o 0 e A t 0 h ) l 2 e l r N t a c u g o u r r l n a E i - - l - 1 m 9 p 3 l 9 o y F = m a c 1 e t 0 n o 0 t r 3 y 1 r 9 F p t o 1 3 o a a l 0 9 l c r y s y 0 - - a = c 1 F a 9 i = r n r 3 e l g 5 1 o i s g 0 - a * 3 h 0 d 9 t - 1 D u 9 m s = s ( e 3 e t a v o p e ) 5 1 l a e r n a 0 - * l e s - 3 r t 0 < t 9 - 1 s p 9 u C = r 3 i m o c 5 1 n e e - 0 - s r 3 0 s 9 3 ' W p m c = r 1 s i h o o 9 a c 1 o m d 2 l e e 0 l 6 i s - e 0 t y 3 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 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 !Mav 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 Tulv 161 163 185 154 123 209 200 217 141.0 138.9 136.9 312.8 110 281 168 5 153 6 August 170 174 193 165 129 229 228 230 141.5 139.6 141.1 323.0 117 ••284 168.8 152.9 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 January 183 179 209 179 130 242 245 239 140.5 140 2 139 8 329.2 117 282 166 9 151 5 February 180 177 207 180 118 263 260 266 139.5 140.2 139.9 330.0 104 280 166 5 152.7 jMarch .. 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 ••348.0 122 290 168 6 155 9 199 200 237 184 151 291 325 262 '145.3 148.9 »147.3 '361.9 127 298 170.2 157.3 July 196 198 236 181 144 325 369 289 146.0 150.5 148.2 367.2 126 362 172.5 162.9 August P20S P211 *246 2>193 P158 P332 ?362 ?308P148.1P154.6 P155.4 «392.1 135 335 173.0 166.3 September e213 *216 *254 «195 e163 134 *320 * Average per working day. « Estimated. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 1378-1381. For points in total index, by major groups, see p. 1400. 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. 1385. 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. *For indexes by Federal Reserve districts and other department store data, see pp. 1387-1390. 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. OCTOBER 1950 1377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average =100] 1949 1950 Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Industrial Production—Total. . . 170 174 166 173 179 183 180 187 190 195 199 196 P208 Manufac tures— Tot a I 178 184 176 179 188 192 192 194 199 204 208 205 P217 Durable Manufactures 193 199 175 181 203 209 207 211 222 231 237 236 P246 Iron and Steel1 178 179 102 145 201 203 201 205 222 226 231 228 v235 Pig iron 170 171 23 107 198 201 175 175 219 222 221 223 219 Steel 191 193 38 137 239 244 238 243 270 273 271 264 265 Open hearth 165 168 21 105 194 192 181 180 204 206 202 201 198 Electric 376 373 162 359 557 612 639 691 739 755 763 710 744 Machinery 216 224 226 217 227 229 236 243 251 258 262 265 P281 Transportation Equipment 246 252 238 206 211 242 210 214 226 262 277 274 P282 Automobiles (including parts) 225 231 216 175 181 224 182 189 204 249 r269 264 P269 (Aircraft; Railroad Equipment; Shipbuilding — Private Nonferrous Metals and Products . 141 157 164 163 166 180 190 200 198 197 207 203 P205 Smelting and refining 174 175 167 169 174 191 202 208 207 208 219 208 P210 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)? Fabricating 128 150 162 161 163 176 184 197 194 192 202 200 P202 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 126 132 133 147 159 144 150 156 159 158 155 151 P165 Lumber.. 115 119 116 139 153 132 138 145 150 149 144 140 ?152 Furniture 148 158 165 163 170 166 173 176 175 175 177 174 P190 Stone Clay and Glass Products 183 183 184 183 187 190 192 188 200 203 210 211 P213 Glass products 192 184 193 184 182 194 195 191 209 211 220 224 P20G Glass containers 204 195 204 193 190 206 207 201 222 223 234 244 215 Cement 183 189 182 191 206 207 211 192 218 210 214 208 214 Clay products 145 146 146 147 150 158 157 158 158 r160 161 160 P166 Other stone and clay products 2 Nondurable Manufactures 165 172 177 177 176 179 180 181 180 181 184 181 P193 Textiles and Products 140 155 169 175 173 178 179 173 174 175 173 165 P187 Textile fabrics 127 140 153 157 154 160 162 156 157 158 156 146 P169 Cotton consumption 111 127 134 138 134 144 144 138 139 140 132 123 155 N Ra y y lo o n n a d n e d li v s e il r k ie c s onsumption 2 259 294 318 340 350 355 357 350 348 347 348 360 363 Wool textiles 134 139 161 158 151 154 159 152 154 157 161 135 Carpet wool consumption 141 148 178 186 193 215 215 210 222 216 205 135 Apparel wool consumption 134 138 158 140 136 147 163 153 143 149 152 139 Wool and worsted yarn . . . ... 129 135 154 144 133 131 140 134 134 140 147 127 Woolen yarn 132 128 141 135 119 119 122 116 119 127 134 118 Worsted yarn 126 145 174 158 153 148 165 161 156 158 165 140 Woolen and worsted cloth 136 140 163 166 159 156 156 146 149 153 162 143 Leather and Products 110 115 108 97 101 108 115 116 110 101 105 101 Leather tanning 91 100 98 92 99 95 102 98 101 95 102 91 Cattle hide leathers 104 112 106 100 111 103 112 108 112 104 115 106 Calf and kip leathers . 69 77 81 77 88 86 85 77 83 75 79 56 Goat and kid leathers 72 84 85 80 78 85 89 91 83 88 89 80 Sheep and lamb leathers. . . 78 87 93 86 76 80 91 82 97 81 86 76 Shoes 123 125 115 101 103 116 124 128 115 106 ••107 107 Manufactured Food Products 166 167 165 160 160 161 161 165 164 164 164 166 P165 Wheat flour 109 110 111 110 105 114 112 111 105 107 106 113 117 Cane sugar meltings 2 152 151 146 147 148 148 149 154 153 150 153 152 151 Butter 82 86 83 86 85 85 86 94 91 85 87 85 80 Cheese 171 167 162 176 183 185 181 191 195 175 184 178 170 Canned and dried milk 172 158 140 135 142 135 144 158 155 155 165 167 169 Ice cream 2 P Preliminary. r Revised. 1 Methods used in compiling the iron and steel group index have been revised beginning October 1949. A description of the new methods may be obtained from the Division of Research and Statistics. 2 Series included in total and group indexes but not available for publication separately. 1378 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May une July Aug. Manufactured Food Products—Continued Meat packing 153 158 155 154 157 154 151 160 157 144 147 151 155 Pork and lard 168 181 184 183 185 174 168 184 182 161 165 169 175 Beef 148 146 133 132 137 146 146 150 144 142 141 146 145 Veal ... 139 134 129 133 125 108 105 108 104 98 108 114 121 Lamb and mutton 80 83 85 81 86 85 77 76 74 71 79 78 78 Other manufactured foods 174 176 175 168 167 169 169 173 171 173 173 P173 P1.72 Processed fruits and vegetables 151 137 149 134 132 142 136 152 148 150 156 146 P\3\ Confectionery 134 142 132 127 140 139 139 136 131 131 133 Other food products 187 191 189 183 181 181 183 184 184 186 184 187 P189 Alcoholic Beverages 172 174 167 187 173 169 159 175 169 172 184 206 248 Malt liquor 169 166 143 171 172 170 159 172 159 157 163 171 168 Whiskey 44 69 72 77 83 88 84 81 97 93 95 84 111 Other distilled spirits . 292 182 194 149 228 259 214 214 280 363 417 611 934 Rectified liquors 257 314 369 390 240 205 204 268 242 235 269 315 464 Tobacco Products .. . . 178 175 165 169 149 162 162 176 161 168 170 154 197 Cigars 111 125 123 120 88 97 102 97 91 93 106 96 126 Cigarettes 242 231 217 226 205 224 222 248 224 237 233 212 269 Other tobacco products 78 76 72 67 66 69 67 72 67 63 68 59 80 Paper and Paper Products 155 169 176 177 167 179 178 179 181 180 185 173 191 Paper and pulp 148 160 168 168 160 171 171 172 174 173 177 166 181 Pulp ... 171 179 192 191 180 198 201 198 204 199 205 202 211 Groundwood pulp 99 104 104 91 98 93 98 94 97 99 109 119 124 Soda pulp 99 102 112 113 107 118 117 113 121 119 120 110 115 Sulphate pulp 302 315 340 336 312 354 360 350 365 363 373 '372 381 Sulphite pulp 124 133 144 145 138 148 149 152 153 145 146 140 152 Paper . . 144 157 164 165 157 167 167 169 170 168 173 161 177 Paperboard 184 203 206 210 193 209 205 203 207 211 213 198 228 Printing paper ... 150 161 168 167 166 167 167 175 171 167 172 156 173 Tissue and absorbent paper .. . 144 157 170 168 161 175 170 173 185 166 171 182 183 123 136 150 150 145 155 162 163 160 158 167 151 154 Newsprint 101 96 96 94 94 98 98 102 111 112 115 117 116 Paperboard containers (same as Paperboard) 151 159 165 160 159 163 168 169 169 166 170 162 169 Printing and Publishing Newsprint consumption 151 156 162 153 152 159 169 163 168 165 168 167 165 Printing paper (same as shown under Paper) 203 208 198 205 219 211 205 207 206 216 222 228 P235 Petroleum and Coal Products Gasoline 177 179 180 177 180 176 174 173 171 181 188 194 P200 Fuel oil 168 180 182 182 190 192 187 178 172 175 179 187 L K u e b ro ri s c e a n t e i ng oil ". 1 14 3 2 1 1 1 4 6 2 0 1 1 5 7 2 7 1 1 5 7 2 7 1 1 5 9 3 8 2 1 0 4 7 9 1 1 4 9 8 0 1 1 5 8 2 8 1 1 3 7 3 0 1 1 4 8 3 4 1 1 5 7 2 7 1 1 8 5 6 4 Coke 146 145 49 102 158 154 124 146 174 175 177 176 176 By-product coke 150 149 50 104 161 156 127 145 170 171 170 170 167 Beehive coke . . . .. 33 23 7 23 58 76 21 181 320 328 428 r368 471 Chemical Products 229 236 240 243 245 248 247 247 252 256 261 261 P269 Paints 137 139 143 143 141 144 147 147 147 147 154 161 p\61 Rayon 257 276 294 316 335 349 355 352 349 350 350 359 P361 Industrial chemicals 388 405 414 417 422 419 424 428 434 '443 451 449 Rubber Products 178 174 192 187 193 194 195 197 203 213 220 221 P236 Minerals— Total 129 119 112 141 132 130 118 144 140 145 151 144 P158 Fuels 134 122 120 152 136 133 118 148 147 148 155 148 P162 Coal .. . 102 58 49 130 95 91 43 141 131 124 128 101 133 Bituminous coal 108 60 31 133 103 96 38 149 143 131 136 109 142 Anthracite . . 82 50 118 117 63 69 65 108 83 97 96 68 97 Crude petroleum 149 154 156 163 157 154 155 152 155 160 168 171 Metals 102 98 59 76 106 117 118 119 98 125 130 124 P136 Metals other than gold and silver 140 133 63 91 141 160 161 159 121 166 177 P167 H88 Iron ore (Copper; Lead; Zinc)2 Gold 48 50 52 54 55 57 58 62 62 66 63 Silver 52 54 57 63 64 60 63 72 81 76 77 73 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. OCTOBER 1950 1379 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Industrial Production—Total 174 178 169 174 178 179 177 183 188 195 200 198 P211 IMonufactiirefs—Total 181 188 179 180 186 189 188 191 197 203 208 207 P220 Durable Manufactures 194 200 176 181 201 206 204 210 221 232 238 237 P248 Iron and Steel * 178 179 102 145 201 203 201 205 222 226 231 228 P235 Pig iron 170 171 23 107 198 201 175 175 219 222 221 223 219 Steel 191 193 38 137 239 244 238 243 270 273 271 264 265 Open hearth 165 168 21 105 194 192 181 180 204 206 202 201 198 Electric 376 373 162 359 557 612 639 691 739 755 763 710 744 Machinery . 216 224 226 217 227 229 236 243 251 258 262 265 9281 Transportation Equipment .. . 246 252 238 206 211 242 210 214 226 262 277 274 P282 Automobiles (including parts) 225 231 216 175 181 224 182 189 204 249 269 264 P269 (Aircraft; Railroad equipment; Shipbuilding—Private Nonferrous Metals and Products 141 157 164 164 167 180 190 201 198 197 207 202 P205 Smelting and refining . . 174 175 167 170 175 191 202 208 207 208 218 207 P211 (Copper smelting; Lead refining; Zinc smelting; 128 150 162 161 163 176 184 197 194 192 202 200 P202 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 134 141 138 144 145 130 138 147 158 162 166 161 P177 Lumber 126 132 125 134 132 111 119 133 150 155 160 155 J>170 Furniture 148 158 165 163 170 166 173 176 175 175 177 174 Stone Clay and Glass Products . . .. 190 191 193 188 181 179 179 180 197 r209 212 213 P221 Glass products 197 188 197 186 172 191 191 191 209 222 218 in P212 Glass containers 212 199 210 195 177 202 201 201 222 238 232 234 223 Cement . . 207 219 211 206 187 168 160 157 207 221 229 229 242 Clay products 149 151 154 153 154 147 150 151 154 160 161 161 P171 Nondurable IVIanufactures . . 170 178 181 178 175 175 176 177 178 180 184 182 P197 Textiles and Products 140 155 169 175 173 178 179 173 174 175 173 165 P187 Textile fabrics 127 140 153 157 154 160 162 156 157 158 156 146 P169 Cotton consumption 111 127 134 138 134 144 144 138 139 140 132 123 155 Rayon deliveries . . 259 294 318 340 350 355 357 350 348 347 348 360 363 Nylon and silk consumption 2 Wool textiles 134 i39 161 158 151 154 159 152 154 157 161 135 Carpet wool consumption 141 148 178 186 193 215 215 210 222 216 205 135 Apparel wool consumption 134 138 158 140 . 136 147 163 153 143 149 152 139 Woolen and worsted yarn 129 135 154 144 133 131 140 134 134 140 147 127 VVoolen yarn . .. 132 128 141 135 119 119 122 116 119 127 134 118 Worsted yarn 126 145 174 158 153 148 165 161 156 158 165 140 Woolen and worsted cloth. . 136 140 163 166 159 156 156 146 149 153 162 143 Leather and Products no 114 108 98 101 108 118 115 110 101 r104 99 Leather tanning 90 98 99 95 99 96 109 97 101 94 100 87 Cattle hide leathers 101 110 107 105 111 105 120 108 112 104 111 100 Calf and kip leathers . ... 72 76 83 78 86 84 89 75 80 72 80 56 Goat and kid leathers 70 84 85 77 79 85 92 90 86 86 90 79 Sheep and lamb leathers 81 86 93 91 72 74 100 79 95 88 86 71 Shoes 123 125 115 101 103 116 124 128 115 106 107 107 Manufactured Food Products . 189 190 177 162 156 149 146 148 150 157 164 177 P188 Wheat flour 108 120 118 111 104 114 113 109 101 103 102 112 Manufactured dairy products. 197 159 121 97 96 95 107 128 159 199 226 223 217 Butter 90 83 72 65 67 71 76 85 93 109 120 104 87 Cheese . . . .. 191 171 146 132 132 137 149 172 203 235 261 219 190 177 146 113 97 109 109 129 155 175 215 228 193 174 P Preliminary. «• 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. 1380 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average=100] 1949 1950 Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Manufactured Food Products—Continued iMeat packing . ... 134 145 155 172 186 183 144 148 145 144 146 141 134 Pork and lard 129 143 173 214 244 229 165 171 166 161 165 148 135 Beef 149 158 145 137 137 149 135 137 136 142 138 147 147 Veal 136 148 147 142 118 100 92 101 102 102 108 114 119 Lamb and mutton 78 89 88 81 84 90 78 74 72 73 73 75 76 Other manufactured foods 203 207 194 175 165 155 154 154 153 157 164 P197 Processed fruits and vegetables 287 267 193 123 103 92 86 83 90 98 120 190 Confectionery 144 184 172 150 141 143 140 126 108 101 99 Other food products 191 195 198 193 184 173 174 177 177 182 186 191 P193 Alcoholic Beverases 179 179 180 171 151 143 143 162 168 177 202 219 237 192 168 133 132 138 139 144 160 167 179 205 214 191 Whiskey 44 69 72 77 83 88 84 81 97 93 95 84 111 Other distilled spirits 158 249 503 312 250 168 128 139 168 218 258 354 504 Rectified liouors 257 314 369 390 240 205 204 268 242 235 269 315 464 Tobacco Products 184 185 171 172 138 162 154 167 152 168 176 160 204 Cigars •. \ 111 125 123 120 88 97 102 97 91 93 106 96 126 Cigarettes 254 247 225 231 188 224 209 230 209 237 245 223 283 Other tobacco products 75 81 77 69 58 68 65 72 67 64 69 59 78 Paper and Paper Products 155 169 176 177 167 178 179 179 182 181 185 172 190 148 160 168 168 160 171 172 173 175 173 178 r166 181 Pulp / 169 177 191 191 180 198 201 199 205 201 205 200 209 Groundwood pulp . 87 93 97 97 99 97 102 101 107 106 110 r105 110 Soda pulp 99 102 112 113 107 118 117 113 121 119 120 110 115 Sulphate pulp 302 315 340 336 312 354 360 350 365 363 373 r372 381 Sulphite pulp . .. 124 133 144 145 138 148 149 152 153 145 146 140 152 Paper / 144 157 164 165 157 166 168 169 170 168 173 160 177 P^per board 184 203 206 210 193 209 205 203 207 211 213 198 228 Printing paper 150 161 168 167 166 167 167 175 171 167 172 156 {113 Tissue and absorbent paper .. 144 157 172 168 156 173 177 173 187 166 174 174 183 Wrapping paper 123 136 150 150 145 155 162 163 160 158 167 151 154 Newsprint 100 96 96 95 92 98 98 102 113 113 116 115 115 Paperboard containers (same as Paperboard). Printing and Publishing 143 159 169 167 162 157 166 172 174 169 169 150 161 Newsprint consumption 136 157 171 167 159 147 166 170 178 172 166 144 148 Petroleum and Coal Products 203 208 198 205 219 211 205 207 206 216 222 228 P235 Gasoline 177 179 180 177 180 176 174 173 171 181 188 194 P200 Fuel oil 168 180 182 182 190 192 187 178 172 175 179 187 P\93 Lubricating oil 129 142 152 152 151 145 146 150 139 149 152 153 Kerosene 136 159 177 182 204 212 199 192 174 186 166 173 Other petroleum products 2 Coke 146 145 49 102 158 154 124 146 174 175 177 176 176 By-product coke . . 150 149 50 104 161 156 127 145 170 171 170 170 167 Beehive coke 33 23 7 23 58 76 21 181 320 328 428 r368 471 Chemical Products 226 238 245 247 249 249 250 250 253 255 258 257 P266 Paints. 135 138 143 141 141 141 146 147 149 151 ••158 159 Rayon . 257 276 294 316 335 349 355 352 349 350 350 359 P361 Industrial chemicals 388 405 414 417 422 419 424 428 434 r443 451 449 ^461 Rubber Products 178 174 192 187 193 194 195 197 203 213 220 221 P236 Minerals—Total 134 123 112 141 128 125 113 139 138 147 153 149 P163 Fuels 134 122 120 152 136 133 118 148 147 148 155 148 P162 Coal . 102 58 49 130 95 91 43 141 131 124 128 101 133 Bituminous coal.. 108 60 31 133 103 96 38 149 143 131 136 109 142 Anthracite. 82 50 118 117 63 69 65 108 83 97 96 68 97 Crude petroleum 149 154 156 163 157 154 155 152 155 160 168 171 pin Metals 135 128 63 76 81 80 81 83 87 140 155 158 P170 M!etals other than gold and silver 196 179 64 87 98 98 100 101 105 197 224 P227 ?244 I (C ro o n n n o e r r e * Lead* Zinc^2 305 267 18 54 72 71 64 63 79 273 325 343 368 Gold 53 57 61 62 57 54 52 55 55 57 59 Silver . . 51 55 57 64 64 61 65 74 82 75 74 72 For other footnotes see preceding page. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. OCTOBER 1950 1381 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total .... 11,439 11,578 11,188 11,180 11,390 11,482 11,482 11,570 11,723 -12,056 -12,195 12,330 12,662 Durable goods 5,985 6,046 5,620 5,690 5,906 5,988 5,968 6,046 6,194 '6,494 6,620 6,690 6,930 Primary metal industries 937 938 556 739 946 958 973 977 1,007 -1,036 -1,056 1,071 1,094 Fabricated metal products 698 708 674 663 678 686 691 702 718 749 777 790 822 Machinery except electrical 936 940 927 913 924 932 955 976 998 1,017 1,029 1,042 1,075 Electrical machinery 517 534 543 538 551 555 567 574 595 -612 -618 642 679 Transportation equipment 1,012 1,010 983 898 890 978 872 879 896 1,049 -1,081 1,068 1,121 Lumber and wood products 669 677 686 692 685 652 665 684 699 723 -735 740 759 Furniture and fixtures 266 276 280 279 285 286 294 298 305 -309 -308 311 319 Stone, clay, and glass products.. 410 412 409 409 410 405 410 410 419 '434 439 446 457 Instruments and related products . 170 171 172 172 170 172 170 171 174 177 -182 187 187 Miscellaneous manufacturing industries 352 362 372 370 350 347 354 357 365 ••369 376 374 398 Ordnance and accessories 18 18 18 17 17 17 17 18 18 19 19 19 19 Nondurable goods . 5,454 5,532 5,568 5,490 5,484 5,494 5,514 5,524 5,529 -5,562 -5,575 5,640 5,732 Textile-mill products 1,114 1,143 1,168 1,172 1,169 1,165 1,166 1,166 1,166 -1,168 -1,173 1,201 1,238 Apparel and other finished textiles 1,030 1,061 1,051 1,023 1,020 1,022 1,034 1,027 1,023 -1,022 -1,016 1,028 1,063 Leather and leather products. . . 354 352 347 330 340 345 350 350 341 347 352 358 371 Food and kindred products 1,165 1,173 1,180 1,149 1,145 1,160 1,157 1,167 1,171 1,182 1,172 1,180 1,161 Tobacco manufactures 88 87 84 84 85 85 81 80 80 82 80 81 77 Paper and allied products .... 375 386 390 389 384 381 382 385 391 396 404 407 415 Printing, publishing and allied industries ... 491 497 495 495 494 491 493 496 499 501 504 508 506 Chemicals and allied products. . 470 480 483 478 477 473 478 480 488 490 493 494 505 Products of petroleum and coal. 185 186 185 188 187 187 186 185 179 177 179 178 184 Rubber products 182 167 185 182 183 185 187 188 191 197 202 205 212 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 11,561 11,775 11,368 11,289 11,504 11,449 11,460 11,549 11,597 -11,841 -12,070 12,140 12,733 5,947 6,060 5,651 5,719 5,961 6,000 5,982 6,070 6,195 '6,456 6,598 6,592 6,884 Primary Metal Industries 932 938 559 743 955 963 978 982 1,007 '1,026 rl,051 1,055 1,089 Blast furnaces, steel works and rolling mills 498 499 131 325 507 511 512 507 523 529 538 542 Nonferrous smelting and refining, primary 41 42 39 38 41 43 45 45 45 46 46 45 Nonferrous rolling, drawing and alloying 64 67 70 63 73 74 75 77 77 79 80 80 Fabricated Metal Products 688 708 677 666 688 693 698 709 722 742 769 770 810 Cutlery, hand tools and hardware 111 114 116 116 119 121 124 128 129 131 133 129 Heating apparatus and plumbers' supplies........ 100 110 116 113 111 108 112 114 118 119 122 120 Fabricated structural metal oroducts 155 156 129 134 142 141 141 143 146 -149 -155 159 Machinery except Electrical 927 935 922 908 929 937 960 981 1,003 1,022 1,034 1,032 1,064 Agricultural machinery and tractors 140 140 128 125 131 133 137 140 142 -142 141 141 Metalworking machinery... 147 149 148 146 146 147 149 152 155 158 163 162 Special-industry machinery 123 122 119 117 117 117 118 119 121 123 124 124 Service-industry and household machines 98 102 108 109 119 124 133 138 143 149 148 146 Electrical Machinery 507 531 548 546 559 561 573 580 595 r606 r615 623 665 Electrical apparatus (generatinsf etc ") 197 201 203 202 208 208 211 213 217 222 222 227 Communication equipment. 173 182 193 200 201 203 207 212 217 -220 -227 229 Transportation Equipment 998 1,017 986 898 896 978 872 879 899 '1,045 -1,077 1,068 1,106 Motor vehicles and equipment 678 686 666 582 585 675 567 576 595 736 -763 754 Aircraft and parts 185 191 188 184 184 184 184 184 185 -185 187 189 Ship and boat building and reoairinsr 80 74 69 71 69 66 68 67 67 67 69 68 Lumber and Wood Products 686 684 689 692 682 642 652 677 692 723 *742 747 778 Sawmills and planing mills.. 415 416 414 413 404 381 386 399 410 430 *441 444 Millwork, plywood, etc 95 95 98 101 102 102 101 102 104 106 108 109 Furniture and Fixtures . 263 277 284 283 289 289 297 301 303 r303 r303 302 316 Household furniture 187 199 206 207 211 212 218 221 222 221 222 221 Stone, Clay, and Glass Products.. 412 414 411 411 412 403 408 410 419 r432 441 439 459 Glass and glass products. .. 107 107 108 108 107 106 108 109 113 116 118 114 Structural clay products 72 72 71 70 71 69 68 69 69 73 76 76 Instruments and Related Products. 169 172 174 174 173 172 171 172 174 176 r180 180 186 Miscellaneous Manufacturing Industries 347 366 383 381 361 345 356 361 363 r362 367 357 392 Ordnance and Accessories 18 18 18 17 17 17 17 18 18 19 19 19 19 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 August 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. 1382 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Nondurable goods 5,614 5,715 5,717 5,570 5,543 5,449 5,478 5,479 5,402 '5,385 '5,472 5,548 5,849 Textile-mill Products 1,092 1,132 1,168 1,184 1,187 1,177 1 183 1,172 r 1,162 r1,173 1,159 1,213 Yarn and thread mills 133 140 144 147 149 149 149 149 145 143 146 146 Broad-woven fabric mills 530 547 565 572 574 568 571 574 573 573 581 573 Knitting mills 211 227 223 221 218 213 211 209 Apparel and Other Finished Textiles ... . 1,040 1,082 1,083 1,028 1,040 1,032 1,065 1,058 r976 r975 977 1,074 Men's and boys' suits, coats and overcoats 131 129 118 130 136 132 129 135 127 Men's and boys' furnishings 246 252 247 244 245 241 r239 237 230 Women's and misses' outerwear 306 319 308 280 296 302 315 305 272 254 246 263 Leather and Leather Products 356 354 349 332 343 348 357 357 341 335 343 351 373 Footwear (except rubber) 234 230 224 208 224 231 235 235 222 218 224 230 Food and Kindred Products 1,350 1,340 1,273 1,185 1,139 1,078 1,055 1,060 1,065 1,090 1,142 1,229 1,307 IVIeat products 229 230 236 244 228 223 227 '233 235 Dairy products 116 110 104 99 96 95 97 99 103 108 114 116 Canning and preserving 339 322 232 160 136 117 110 109 120 127 150 221 Bakery products . . .. 194 196 199 195 190 186 188 190 191 193 191 194 Beverage industries 165 157 149 146 141 135 134 139 141 •"146 157 163 Tobacco Manufactures 91 94 92 89 87 85 81 78 76 76 75 75 79 Paper and Allied Products 371 384 392 393 390 385 386 389 391 392 400 397 411 Pulp, paper and paperboard mills 191 197 200 201 200 199 200 200 201 202 205 204 Printing, Publishing and Allied Industries.... 486 495 500 500 501 493 495 496 497 498 501 500 501 Newspapers 141 144 144 145 145 142 145 146 148 149 150 150 Commercial printing 161 162 166 165 168 167 165 165 165 164 166 165 Chemicals and Allied Products 458 478 488 485 484 480 485 487 485 483 479 492 Industrial inorganic chemicals 50 50 52 51 51 50 52 52 53 ••53 ••54 51 Industrial organic chemicals 140 141 144 144 144 146 148 150 151 Drugs and medicines 60 61 62 62 62 62 59 58 61 61 62 63 Products of Petroleum and Coal 190 189 185 188 184 183 182 176 177 181 182 189 Petroleum refining 150 149 148 148 146 145 144 143 136 136 138 139 Rubber Products . . 180 167 187 186 187 187 188 191 194 199 199 zm Tires and inner tubes 81 64 81 81 82 83 83 83 84 86 88 87 For footnotes see preceding page. HOURS AND EARNINGS OF FACTORY EMPLOYEES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1949 1950 1949 1950 1949 1950 Aug. June July Aug. Aug. June July Aug. Aug. June July Aug. Manufacturing—Total 54.70 '58.70 59.21 60.28 39.1 40.4 40.5 41.2 1.399 1.453 1.462 1.463 Durable goods 57.89 62.90 63.05 64.09 39.3 41.3 41.1 41.7 1.473 1.523 1.534 1.537 Primary metal industries 59.45 '66.50 66.99 67.73 37.6 40.8 40.7 41.2 1.581 1.630 1.646 1.644 Fabricated metal products 58.13 62.68 62.71 63.83 39.6 41.4 41.2 41.8 1.468 1.51.4 1.522 1.527 Machinery except electrical 59.86 65.69 66.31 67.01 39.1 41.5 41.6 41.8 1.531 1.583 1.594 1.603 Electrical machinery 56.73 '58.58 59.64 61.65 39.1 40.4 40.6 41.6 1.451 1.450 1.469 1.482 Transportation equipment 65.90 '72.37 72.24 72.24 39.7 '•42.0 41.9 41.9 1.660 1.723 1.724 1.724 Lumber and wood products 52.87 '56.63 56.49 58.13 40.7 41.7 41.2 42.0 1.299 1.358 1.371 1.384 Furniture and fixtures 49.69 '52.46 52.28 55.08 40.4 41.7 41.0 42.8 1.230 1.258 1.275 1.287 Stone, clay, and glass products 54.17 '58.16 58.45 59.96 39.6 ^41.1 40.7 41.7 1.368 1.415 1.436 1.438 Instruments and related products 54.25 '59.41 59.25 59.25 39.0 41.0 41.0 41.0 1.391 1.449 1.445 1.445 Miscellaneous manufacturing industries. 48.51 '52.48 52.72 54.74 38.9 40.4 40.4 41.5 1.247 1.299 1.305 1.319 Ordnance and accessories 58.44 '61.90 64.52 66.13 39.7 40.7 42.2 43.0 1.472 1.521 1.529 1.538 Nondurable goods 51.31 '53.74 54.65 55.78 38.9 '39.4 39.8 40.6 1.319 1.364 1.373 1.374 Textile-mill products 44.37 '46.71 47.19 49.45 37.6 '38.7 39.0 40.6 1.180 1.207 1.210 1.218 Apparel and other finished products... . 41.95 41.81 43.31 46.40 35.7 35.8 36.3 38.0 1.175 1.168 1.193 1.221 Leather and leather products 42.00 43.87 44.69 46.96 37.2 37.4 38.1 39.4 1.129 1.173 1.173 1.192 Food and kindred products 53.00 '56.10 56.94 56.51 41 41.8 42.3 42.3 1.271 1.342 1.346 1.336 Tobacco manufactures 38.58 41.63 42.01 44.25 38.7 38.3 38.4 39.9 .997 1.087 1.094 1.109 Paper and allied products 56.26 60.08 61.32 62.61 41.8 43.1 43.4 44.0 1.346 1.394 1.413 1.423 Printing, publishing and allied industries 70.69 '72.72 72.45 73.14 38.5 38.7 38.6 38.7 1.836 1.879 1.877 1.890 Chemicals and allied products 58.77 '62.24 62.84 63.97 40.5 41.3 41.1 41.7 1.451 1.507 1.529 1.534 Products of petroleum and coal 72.38 74.42 76.31 74.94 40.3 41.0 41.7 41.2 1.796 1.815 1.830 1.819 Rubber products 57.72 '64.35 65.46 66.39 38.3 41.2 41.3 41.6 1.507 1.562 1.585 1.596 r Revised. NOTE.—Data are for production and related workers. Figures for August 1950 are preliminary. Back data are available from the Bureau of Labor Statistics. OCTOBER 1950 1383 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted,Board of Governors] [Thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1941 36,164 12,974 947 1,790 3,248 '7,416 1,462 '3,705 4,622 1942 39,697 15,051 983 2,170 3,433 '7,333 1,440 '3,857 5,431 1943 42,042 17,381 917 1,567 3,619 '7,189 1,401 '•3,919 6,049 1944 41 480 17,111 883 1 094 3,798 '7,260 1,374 '3,934 6,026 1945 40,069 15,302 826 1,132 3,872 '7,522 1,394 ••4,055 5,967 1946 41,412 14,461 852 1,661 4,023 '8,602 1,586 '4,621 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 '4,782 '5,811 SEASONALLY ADJUSTED 1949—August 42,864 13,979 949 2,167 3,947 9,420 1,762 4,788 5,852 September 43,068 14,108 943 2,188 3,939 9,453 1,780 4,785 5,872 October. 42,163 13,706 591 2,203 3,877 9,386 1,785 4,770 5,845 November 42,385 13,695 917 2,200 3,895 9,306 1,784 4,768 5,820 December 42,710 13,922 940 2,131 3,930 9,426 1,788 4,762 5,811 1950—January 42,544 14,016 867 2,109 3,902 9,337 1,781 4,748 5,784 February 42,246 14,021 604 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 43,272 14,297 942 2,163 3,948 9,432 1,794 4,781 5,915 May '43 607 '14 634 '941 '2,223 '3,888 '9,459 1,803 4,790 5,869 June '44,007 14,794 '943 '2,301 3,995 '9,535 1,808 1-4,779 5,852 July 44,208 14,945 915 2,359 4,018 9,539 1,805 4,776 5,851 August 44,848 15,304 954 2,397 4,053 9,638 1,819 4,795 5,888 UNADJUSTED 1949—August 42,994 14,114 956 2,340 3,992 9,213 1,780 4,836 5,763 September 43,466 14,312 948 2,341 3,959 9,409 1,771 4,833 5,893 October 42,601 13,892 593 2,313 3,871 9,505 1,767 4,794 5,866 N D o ec v e e m m b b e e r r 4 4 2 3 , , 7 6 8 9 4 4 1 1 3 4 , , 8 0 0 3 7 1 9 9 1 4 7 0 2 2, , 0 2 8 4 8 4 3 3 , , 8 9 9 3 2 0 1 9 0 , , 6 1 0 5 7 6 1 J , . 7 7 6 7 6 0 4 4 , , 7 7 6 3 8 8 5 6, , 0 7 4 8 1 3 1950—January 42,125 13,980 861 1,919 3,869 9,246 L,772 4,701 5,777 February 41 661 13,997 595 1,861 3,841 9,152 L ,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 14,162 939 2,076 3,928 9,346 1,803 4,757 5,915 May '43,311 '14,413 '940 r2,245 '3,885 '9,326 L ,812 4,790 5,900 June '43,952 '14,667 r947 '2,416 4,023 '9,414 L,826 '4,827 5,832 July 44,062 14,763 922 2,524 4,058 9,374 L,832 4,848 5,741 August 44,939 15,385 962 2,589 4,099 9,426 L ,837 4,843 5,798 ' Revised. 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. August 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 p T s o o t p t i a t u u l l t a n i t o o io n n n a - l T l f a o o b r t c o a e r l Total Employed 1 Unem- l N ab o o t r i n fo t r h ce e Total t I u n r a n l o i n n a d g u r s ic tr u i l e - s agric I u n lture ployed 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—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 August 110,924 66,204 64,867 62,367 54,207 8,160 2,500 44,718 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. 1384 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 1949 1950 January 483.0 730.9 159.1 343.5 43.6 37.7 62.6 60.6 38.1 63.5 77.6 73.5 102.0 152.1 February 568.5 779.5 193.1 361.5 37.8 27.9 58.8 58.3 44.7 58.0 80.6 121.4 153.5 152.5 March.... . 747.6 ,300.2 251.8 574.7 66.2 161.5 88.4 88.6 60.4 96.3 112.4 154.3 168.4 224.9 April 845.9 ,350.5 307.2 674.8 43.8 119.2 92.0 106.8 68.4 97.0 112.2 125.6 222.4 227.0 May.. 885.4 ,347.6 351.3 674.6 51.5 83.7 68.5 96.4 76.0 100.2 124.6 128.3 213.5 264.5 June 949.9 ,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 947.8 ,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 911.0 398.7 41.1 64.4 72.9 99.6 234.3 September. 1,071.7 503.5 38.0 103.9 78.6 124.5 223.1 October 1,061.8 500.7 48.9 82.8 83.6 1418 204.0 November 957.8 435.2 35.9 58.6 62.3 109.3 256.4 December 929.0 419.1 64.8 60.7 66.9 110.8 206.8 Year 10,359.3 4,239.4 558.6 885.0 824.4 1,375.9 2,476.0 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership Month 1948 1949 1950 1948 1949 1950 1948 1949 1950 1950 1949 Federal Reserve district January... 615 483 731 197 160 201 419 323 530 February. . 682 568 780 248 252 285 434 317 495 Aug. July Aug. 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 94,199 109,039 52,414 June 935 9501,345 338 375 428 597 574 917 New York 222,384 242,960 135,132 July 963 9481,420 335 410 460 628 537 960 Philadelphia 126,741 82,691 55,245 August.... 854 9111,549 276 316 438 579 5951,111 Cleveland 176,195 172,740 87,734 September. 762 1,072 259 289 503 783 Richmond. 165,383 130,675 108,709 October 779 1,062 262 332 517 730 Atlanta 143,192 138,069 85,765 November. 611 958 199 316 413 642 Chicago 261,984 238,009 155,092 December.. 694 929 278 299 416 630 St.. Louis 103,337 93,712 87,751 Minneapolis 60,406 49,765 30,983 Year 9,430 10,359 3,107 3,718 6,3236,641 Kansas City 63,701 57,061 44,296 Dallas 131,354 105,460 67,877 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Total (11 districts) 1,548,876 1,420,181 910,998 [In millions of dollars] Title Iloans Mortgages on Year or month Total m p P e r i r e o m r o n t v y p - t e - x - s S h c t t o m r i o o u m n a n c - l e - l 1 f h ( a - o T m I u t D i o s t i l l e e 4 y s - h R g ( o T a e r I u o n n D i s t u d t i l a n p e l g W h e ( o V V a T r u a r e I i s n a t ) t i l 2 - n s n e ' d g INSURED P O F R H T A FO H L O IO M , [ E In B M m Y i O l C li R L o T n A s G S o A S f G O d E o F S ll a I r ( N s T ] S IT T L IT E U I T I I ) O H N ELD IN Sav- 1941 1,172 249 21 877 13 13 Com- Mu- ings Insur- Fed- 1 1 1 1 9 9 9 9 4 4 4 4 2 3 4 5 1,1 9 8 6 3 3 6 75 7 5 6 1 1 1 8 4 1 7 4 7 1 1 1 1 5 6 2 2 2 4 1 1 9 6 5 9 1 (8) 6 4 7 2 6 5 2 8 7 0 37 4 2 3 End of month Total b m c a i n e a r k l - s b s t i a n u a n g v a k s l - s a a l s a o t s i n a o o d n c n i s - p c a a o n n m c i e e - s a c e g ie r e a s n l i - Other2 1946 . 755 321 (9) 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— S O A e u c p t g o t u e b s m e t r b e . . r . . . . . . 3 3 3 0 5 8 6 9 3 5 6 6 5 0 5 3 2 2 1 1 1 7 6 8 2 3 8 <•> 1 1 8 2 2 6 4 8 1 1 1 1 9 9 9 9 3 3 4 4 9 8 0 1 — — — — D D D D e e e e c c c c 2 3 1 1 , , , , 1 4 7 1 0 0 9 9 7 9 3 9 1 1 , , 1 4 6 9 6 6 0 3 2 2 4 5 1 1 3 7 3 8 8 1 0 6 2 2 1 1 2 5 9 4 4 4 2 9 3 2 5 7 4 1 4 8 2 2 2 9 2 2 1 3 0 5 7 4 1 3 7 1 1 1 9 3 5 7 0 3 0 9 November.. 4 323 58 189 67 1942—Dec 3,620 1,669 236 276 1,032 245 163 December. . 4371 71 206 90 1943—Dec 3,626 1,705 256 292 1,134 79 159 1950—January 4337 57 228 51 1944—Dec 3,399 1,590 260 269 1,072 68 140 February... 4 329 44 203 73 March 4 353 44 209 («) 88 1945—June 3,324 1,570 265 264 1,047 43 134 April 4 329 27 171 122 Dec 3,156 1,506 263 253 1,000 13 122 May *351 48 176 1 110 June 4376 78 181 1 113 1946—June 3,102 1,488 260 247 974 11 122 July 4 369 61 183 8 111 Dec 2,946 1,429 252 233 917 9 106 August r414 69 217 122 1947—June 2,860 1,386 245 229 889 8 102 1 Net proceeds to borrowers. 2 Mortgages insured under War Dec 2,871 1,379 244 232 899 7 110 Housing Title VI through April 1946; figures thereafter represent mainly mortgages insured under the Veterans' Housing Title VI 1948—June 2,988 1,402 251 245 973 7 110 (approved May 22, 1946) but include a few refinanced mortgages Dec 3,237 1,429 265 269 1,113 9 152 originally written under the War Housing Title VI. Beginning with December 1947, figures include mortgages insured in connection with 1949—June 3,894 1,587 305 323 1,431 21 227 sale of Government owned war housing, and beginning with February Dec 4,751 1,771 378 416 1,828 52 305 1948 include insured loans to finance the manufacture of housing. 3 Less than $500,000, 4 Includes mortgages insured on new rental housing at or near mili- 1 The RFC Mortgage Company, the Federal National Mortgage tary installations under Title VIII, enacted Aug. 8, 1949. Association, the Federal Deposit Insurance Corporation, and the an N d O d T o E n .— ot F ta ig k u e r e a s c c re o p u r n e t s e o n f t p g ri r n o c ss ip i a n l s r u e r p a a n y ce m w en r t i s t te o n n p d r u e r v in io g u s t l h y e i p n e su ri r o e d d Un 2 i I te n d c lu S d ta in te g s m H o o r u tg s a in g g e c C o o m rp p o a r n a i t e i s o , n f . inance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. 1385 OCTOBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports * Merchandise imports 2 Exceiss of exports Month 1946 1947 1948 1949 1950 1946 1947 1948 1949 1950 1946 1947 1948 1949 1950 January 798 L.114 L,092 1,104 P744 394 531 547 590 P623 405 583 545 515 P120 February . . 670 ,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 L.294 1,121 1,172 P808 406 512 532 535 P583 351 782 590 638 P225 May 851 1,414 1,103 1,095 P828 393 474 554 541 P659 457 940 549 554 *170 June 878 L ,235 L.014 L.107 P877 382 463 625 526 P685 496 772 389 581 P191 July . . 826 L,155 1,019 900 p3 774 431 450 564 457 P709 395 705 456 443 P66 August 883 L.145 992 883 P761 422 400 606 491 P819 461 745 386 393 P-59 September.... 643 1,112 926 P909 377 473 560 *530 266 639 365 P379 October 537 1,235 1,023 P853 394 492 600 »557 142 743 423 ^296 November .. 986 1L.141 823 P841 478 455 554 P593 508 687 269 P248 December 1 097 .114. 1,318 P944 529 603 720 P605 567 511 598 J»339 Jan.-Aug. . 6,477 9,829 8,564 8,494 P6,430 3,130 3,711 4,689 4,337 P5,343 3,348 6,117 3,875 4,157 pl.087 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 T a v e i e o l r w n t a a u t a l i e y n s g e r x T a p i o l e w t n a a s l e y s o r i p n a e N c il r o w e a m t t a i e 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 1942. 138 135 181 120 104 155 206 146 69 1939 3,995 3,406 589 93 1943 137 138 186 146 117 141 192 145 63 1940 4,297 3,614 682 189 1944. . 140 143 185 139 124 143 180 147 67 1941 5,347 4,348 998 500 1945 135 134 172 151 125 129 169 142 69 1942 7,466 5,982 1,485 902 1946 132 130 146 138 129 143 136 139 78 1943 9,055 7,695 1,360 873 1947 143 147 182 150 107 153 181 148 75 1944 9,437 8,331 1,106 667 1948 138 141 184 136 88 149 184 146 68 1945 8,902 8,047 852 450 1949. 116 100 145 142 77 123 151 127 57 1946 7,628 7,009 620 287 1947 8,685 7,904 781 479. SEASONALLY 1948 9,672 8,670 1,002 699, ADJUSTED 1949..... P8.580 P7,893 P687 P438; 1949—July 110 79 118 177 70 117 177 120 55 August 117 103 123 138 77 125 160 127 57 SEASONALLY September... 105 60 130 125 79 121 145 125 52 ADJUSTED October 92 42 54 153 85 124 28 111 54 November... 117 131 96 152 75 137 42 119 54 1949—July 701 650 51 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 August 135 126 194 139 60 155 190 147 56 April 730 667 63 32 May , 715 661 54 20 UNADJUSTED June 791 691 100 70 1949—July 115 79 115 212 60 117 284 121 55 July 772 686 86 P56 August 120 103 119 149 73 131 240 128 57 September... 114 60 128 140 104 130 218 135 55 UNADJUSTED October 99 42 53 153 131 131 35 121 56 November... 120 131 96 149 95 135 51 124 55 1949—July 701 650 50 27 December. . . 107 97 155 123 69 119 45 120 50 August 743 677 66 39 September.. 695 631 64 38 1950—January 107 97 158 119 68 106 42 122 49 October 649 602 47 24 February.... 96 46 130 111 52 115 39 122 51 November.. 705 629 76 54 March 120 139 144 116 53 123 39 127 54 December.. 711 642 69 82 April 122 123 177 115 61 129 63 135 54 May. 125 119 179 112 59 139 217 135 51 1950—January..., 657 624 33 11 June 131 116 188 133 51 150 277 142 52 February.. 585 570 15 -9 July 130 105 190 162 48 149 298 141 51 March 743 668 76 49 August 140 126 186 150 57 163 285 149 56 April 714 652 62 38 May 745 678 67 45 June 779 689 90 72 NOTE.—For description and back data, see BULLETIN for June 1941, pp. July 772 688 84 59 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce P Preliminary. Commission. NOTE.—Descriptive material and back figures may be ob* tained from the Division of Research and Statistics. Basicdata compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. 1386 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 te e s d 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 nt - a c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - 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—August '284 234 »-238 268 269 »-3O5 360 '276 326 269 299 374 333 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 June 298 240 242 285 299 332 392 278 326 283 322 410 342 July . .. 362 268 274 "-331 364 393 494 330 418 342 414 537 454 August . ?335 P266 277 319 334 359 415 335 370 *>319 P355 449 373 UNADJUSTED 1949—August r239 173 ••174 201 234 r244 324 '229 280 242 275 333 '314 September 299 248 243 280 282 328 381 297 335 307 328 404 331 October 293 234 243 279 274 314 395 271 331 314 325 414 339 November 339 292 293 355 332 378 426 324 378 310 347 442 358 December 481 418 401 472 465 541 642 438 504 438 505 662 565 1950—January 216 185 183 197 215 218 285 205 232 188 228 313 251 February 224 177 183 207 217 234 322 204 252 210 244 327 273 March 257 207 208 255 256 283 359 241 285 228 277 362 291 April 285 241 225 276 290 313 389 269 316 278 304 393 321 May . . 286 228 221 275 296 315 378 280 323 273 306 391 319 June 281 230 230 271 281 306 345 278 293 272 296 353 321 July 283 185 192 239 284 285 386 271 326 276 340 429 387 August P281 202 239 290 287 373 278 318 P2S6 P326 399 352 STOCKSi 1945 . . 166 153 160 150 156 198 188 159 166 165 158 190 183 1946 , 213 182 195 191 205 248 258 205 225 212 209 251 238 1947 255 202 225 220 243 289 306 246 274 266 259 320 300 1948 291 223 241 252 277 322 362 281 314 326 301 389 346 1949 270 210 221 233 256 301 339 260 296 299 276 362 323 SEASONALLY ADJUSTED 1949—August r254 183 r206 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 j 950—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 268 198 218 ••241 252 329 339 252 283 286 270 374 322 August.... , .... ^284 213 226 259 265 334 405 267 295 302 P286 406 334 UNADJUSTED 1949—August 254 192 »-206 212 242 298 316 242 287 287 259 346 308 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 259 192 194 r217 251 308 360 232 295 292 265 351 332 August P285 223 226 254 280 337 401 259 322 299 P2S1 402 333 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. 1387 OCTOBER 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 [ndex numbers frorrI a yearago stocks to without seasonal adjustment (value) sales i 1941 average monthly sales =100 8 Number of Sales during Stocks Sales during Stocks at end Department stores period (end of July period of month report- month) ing Seven 1950 1949 1950 1949 1 Ju 9 l 5 y 0 m 1 o 9 n 5 t 0 hs 1 Ju 9 l 5 y 0 1950 1949 July June July July June July GRAND TOTAL—entire store 3 349 +24 0 +4 2.9 3.4 MAIN STORE—total 349 +27 +1 +4 3.0 3.7 178 195 141 541 579 522 Piece goods and household textiles 311 +58 -3 -2 2.4 3.8 224 169 142 534 619 547 Piece goods 287 9 -20 +1 4.4 4.3 145 169 147 644 635 634 Silks, velvets and synthetics 192 -6 -25 +4 4.8 4.3 120 120 128 574 488 550 Woolen yard goods 170 +20 -21 +1 9.1 10.9 111 51 93 1,018 842 947 Cotton yard goods 183 —3 -14 +2 2.6 2.5 212 284 218 559 621 539 Household textiles 304 +90 +9 1.8 3.5 271 169 143 477 604 507 Linens and towels 275 +52 +7 -1 2.8 4.2 197 163 130 547 663 553 Domestics—muslin s, sheetitngs 247 +153 +14 -20 0.8 2.4 453 180 179 345 590 436 Blankets, comforters, and spreads 239 +51 +6 +1 2.9 4.3 172 166 114 492 529 494 Small wares 339 +9 -2 +5 4.1 4.3 134 168 124 556 596 535 Laces, trimmings, embroideries, and ribbons.. 203 +7 -3 +1 3.8 4.1 154 223 143 588 674 578 Notions 239 +2 -3 +4 3.4 3.4 197 265 193 674 717 656 Toilet articles, drug sundries 322 +16 +3 +2 3.4 3.8 134 146 115 454 490 442 Silverware and jewelry 311 +8 -7 +7 5.5 5.6 129 191 119 714 759 676 Silverware and clocks * 210 +10 —3 +3 6.2 6.6 Costume jewelry 4 275 +5 —6 +7 3.7 3.6 Fine jewelry and watches 4 74 +5 — 12 +10 9 3 8 9 Art needlework 237 +8 -6 +2 5.2 5.5 110 108 102 576 625 571 Books and stationery 270 +1 +1 +8 4.6 4.3 114 145 113 526 542 488 Books and magazines 137 -8 A +2 3.9 3.5 99 121 108 390 439 376 Stationery 236 +6 +3 +11 4.9 4.7 108 149 103 529 562 486 Women's and misses' apparel and accessories 346 +15 _ 5 +5 2.7 2.9 152 183 133 409 422 390 Women's and misses' ready-to-wear accessories. 346 +29 0 +5 2.9 3.5 164 181 127 469 506 449 Neckwear and scarfs 307 +9 +2 +6 2.7 2.8 136 186 126 367 400 352 Handkerchiefs 284 +1 -7 +3 4.6 4.5 91 108 91 423 420 403 Millinery 165 +20 -2 -3 1.7 2.1 71 115 59 120 119 127 Women's and children's gloves 322 +27 -2 +5 7.8 9.5 59 94 46 460 469 444 Corsets and brassieres 332 +23 0 +5 2.6 3.0 244 282 198 631 688 603 Women's and children's hosiery 339 +122 +11 -13 1.0 2.5 205 136 92 199 255 231 Underwear, slips, and negligees 338 +14 y +3 2.2 2.4 205 209 179 460 538 443 Knit underwear 252 +33 +2 +7 1.9 2.3 288 253 217 538 661 492 Silk and muslin underwear, and slips 284 +9 -10 0 2.4 2.7 185 201 170 456 531 452 Negligees, robes, and lounging apparel 245 -4 -10 0 2.3 2.2 137 162 142 313 373 314 Infants' wear 322 +10 -1 +9 3.5 3.6 182 205 165 645 645 593 Handbags and small leather goods 329 +14 -2 +4 2.9 3.2 110 171 97 325 360 313 Women's and children's shoes 240 +23 +2 +9 5.3 5.9 155 210 126 817 835 746 Children's shoes4 206 +9 _2 +10 5.9 5.8 Women's shoes 4. 218 +26 +3 +9 5!2 6.0 Women's and misses' ready-to-wear apparel... 346 0 -10 +6 2.4 2.3 139 186 139 345 335 327 Women's and misses' coats and suits 334 +20 -10 -7 3.2 4.2 95 77 79 306 206 336 Coats 4 206 +16 — 15 — 12 3.6 4.7 Suits* 200 +25 —2 +1 2 9 3 6 Juniors' and girls' wear 308 0 -10 +8 2.7 2.5 147 210 147 404 373 373 Juniors' coats, suits, and dresses 283 -5 -13 +3 2.0 1.8 155 227 163 305 284 297 Girls' wear 307 +7 -6 +12 3.7 3.6 141 199 132 527 497 471 Women's and misses' dresses 337 -5 -11 +8 1.4 1.3 147 238 155 211 286 197 Inexpensive dresses4 252 -10 — 13 +1 1.1 1.0 Better dresses 4 263 +2 —8 +14 1.9 1.7 Blouses, skirts, and sportswear 336 -2 -6 +15 2.3 2.0 208 283 212 477 503 423 Aprons, housedresses, and uniforms 285 -12 -12 + 12 1.7 1.4 180 275 206 311 387 278 Furs 262 +39 -9 +4 8.6 11.4 56 13 40 475 331 473 Men's and boys' wear •. 326 +9 0 +6 4.3 4.4 144 229 132 620 663 581 Men's clothing 252 +8 +1 +4 4.9 5.1 139 218 128 679 695 650 Men's furnishings and hats 309 +7 -2 +7 3.4 3.4 158 255 148 539 605 501 Boys' wear 298 +10 2 +8 6.1 6.3 107 164 ,97 655 656 611 Men's and boy's shoes and slippers 189 +29 +8 +11 5.1 6.0 153 221 119 785 838 712 Housef urnishings 313 +54 +15 +4 3.0 4.4 255 223 166 758 831 727 Furniture and bedding 241 +49 + 16 +5 3.1 4.4 226 208 152 706 779 681 Mattresses, springs and studio beds 4 163 +55 +18 +8 1.2 1.7 Upholstered and other furniture4 171 +45 +14 +5 3.9 5.4 Domestic floor coverings 272 +49 +5 +4 4.3 6.1 186 181 125 796 825 757 Rugs and carpets 4 157 +50 +5 -j-5 4.4 6.4 Linoleum 4 100 +7 — 11 —9 4^2 4.9 Draperies, curtains, and upholstery 292 +20 +2 +6 4.2 4.8 165 211 138 698 751 656 Lamps and shades 247 +20 +4 +5 4.2 4.8 141 174 118 600 658 568 China and glassware 246 +16 +6 0 8.4 9.7 126 165 108 1,055 1,097 1,055 Major household appliances 242 +127 +31 -17 0.8 2.1 688 296 303 523 664 634 Housewares (including small appliances) 257 +16 +3 +11 3.2 3.4 262 296 226 853 927 767 Gift shop 4 168 +19 +8 +8 5.6 6.2 Radios, phonographs, television, records, etc.4. 224 +146 +76 +11 1.8 4.0 Radios, phonographs, television 4 175 +177 +104 +19 1.4 3.4 Records, sheet music, and instruments4 126 +3 —6 +3 5.5 5.6 Miscellaneous merchandise departments 311 +16 +1 +4 2.9 3.2 170 185 147 487 473 460 Toys, games, sporting goods, and cameras.... 285 +13 +3 +7 4.4 4.7 162 182 143 722 683 672 Toys and games 229 +13 +6 +11 4.9 5.0 117 131 103 577 564 515 Sporting goods and cameras 144 +13 -1 +2 4.0 4.4 178 200 158 713 663 671 Luggage 263 +7 -3 +1 3.0 3.1 229 293 214 682 727 669 Candy 4 188 +10 i 0 1.3 1.4 For footnotes see following page. 1388 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 r e o rt s f - Sale p s e ri d o u d ring m ( S e t n o o d n c t k h o s f ) July Sale p s e r d io u d ring Sto o c f k m s o a n t t e h nd ing J 1 u 95 ly 0 m S 1 e o 9 v n 5 e t 0 n hs J 1 u 95 ly 0 1950 1949 July 1950 June J 1 u 94 ly 9 July 1950 June J 1 u 94 ly 9 BASEMENT STORE—total 199 +12 -5 +1 2.1 2.4 167 210 149 355 389 355 Domestics and blankets 4 135 +69 +4 -8 1.3 2.4 Women's and misses' ready-to-wear 194 +4 -9 -1 1.8 1.9 158 204 151 279 304 283 Intimate apparel4 166 +24 -3 -4 1.6 2.1 Coats and suits 4 182 +15 -15 -4 3.3 4.0 Dresses4 ... 174 -11 -14 -3 1.0 0.9 Blouses, skirts, and sportswear 4 158 -2 -7 +7 1.7 1.6 Girls' wear4 126 +5 -6 +5 2.7 2.7 Infants' wear 4 120 +10 -3 +8 3.0 3.1 Men's and boys' wear 158 +4 2 +6 2.6 2.6 174 277 167 460 501 434 Men's wear 4 135 +3 -2 +6 2.4 2.4 Men's clothing4 93 +1 -2 +4 2.8 2.7 Men's furnishings 4 115 +4 -3 +7 2.2 2.1 Boys' wear 4 118 +11 -2 +3 3.4 3.7 HousefurnishinjJs .... 103 +22 +2 +3 2.9 3.4 146 186 119 418 464 408 Shoes 126 +14 -1 +1 3.4 3.9 126 178 111 439 484 444 NONMERGHANDISE—total 4 171 +7 0 (5) (5) (5) Barber and beauty shop 4 71 +2 +2 (5) (5) (6) 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. 1387. 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 st O a u n t di - ng 1948 1949 1949 1950 mo fo n r th) m ( o en n d t h o ) f ( o e r n d d e r o s f Nov. 6.. .. .320Nov. 5.... .315 May 7.... .334May 6.. .. .301 month) 13... ..346 12 .318 14.... .285 13 .308 20... ..371 19.... .342 21 .280 20 .275 1939 average.... . . 128 344 27... ..347 26.... .330 28 .275 27 .282 1940 average 136 353 108 Dec. 4... ..485 Dec. 3 .449 June 4 .259June 3 .261 1941 average 156 419 194 11.. ...564 10.... .542 11 .288 10 .302 1942 average 179 599 263 18... ..576 17.... .584 18.... .285 17 .302 1943 average 204 509 530 25... . .473 24.... .541 25.... .247 24 .250 1944 average 227 535 560 31.... .197 July 2.... .238July 1 .263 1 1 9 9 4 4 5 6 a a v v e e r r a a g g e e 2 3 5 1 5 8 5 7 6 1 3 5 9 7 0 2 9 9 1949 1950 1 9 6 . . 2 2 0 1 1 3 1 8 5 .... . . 2 2 1 6 8 5 1947 average 337 826 552 Jan. 1... ..204 23 .207 22.... .303 1948 average 352 912 465 8... . .272Jan. 7.... .205 30 .209 29 .295 1949 average 333 859 350 15... ..244 14 .233 Aug. 6.. . ..228Aug. 5.... .296 1949— S O N D A e c u o e p t c g v o t e u e e b m s m m e t r b b b e e e r r r . . . . . . 2 3 3 3 5 8 3 4 9 8 3 4 3 7 3 ' 8 9 9 7 8 6 5 9 8 0 1 2 0 8 1 ' 5 4 3 2 4 0 9 4 5 1 1 6 4 0 1 Feb. 2 2 2 1 1 5 2 9 6 2 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 3 3 3 2 2 1 0 2 8 9 7 8 Feb. 2 2 2 1 1 4 1 8 5 1 8 . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 3 2 3 2 3 2 0 6 1 1 8 Sept 2 2 1 1 1 3 0 0 7 3 7 . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 3 2 2 5 5 1 1 9 7 2 2 8 5 5 3 Sept. 2 1 1 1 2 9 2 6 9 6 . . . . . . . . . . . . . . . . . . . . . . 2 2 3 3 2 2 9 7 1 6 8 8 5 3 0 8 1 8 1950—January 256 787 390 Mar. 5... ..244 Mar. 4.... .244 24 .292 23 .322 February... 247 854 393 12.. .. .256 11.... .253 Oct. 1.... .302 30 .320 March 320 920 326 19... ..261 18.... .264 8.... .297Oct. 7 .326 April...... 319 926 271 26.. .. .277 25 .279 15 .290 14 May 330 906 248 Apr. 2.. .. .301Apr. 1 .301 22 .296 21 June 317 833 369 9.. .. .320 8 ....320 29 .298 28 July 292 789 693 16... ..314 15.'... .254 August..... P330 P919 P756 23... . .266 22.... .279 30. .. . .286 29 .285 P Preliminary. ' Revised. 1 These figures are not estimates for all department stores in the NOTE.—For description of series and for back figures, see BULLETIN for September 1944, pp. 874-875. United States. Back figures.—Division of Research and Statistics. OCTOBER 1950 1389 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] Aug. Tulv Eight Aug. Tulv Eight Aug. Tulv Eight Aug. Tulv E m ig os h . t 1950 1950 1950 1950 1950 1950 1950 1950 1950 1950 1950 1950 United States.. P+18 +30 +5 Cleveland-cont. Chicago P+22 +28 +5 Kansas City— B N P B o o e o s r w s t t t o l o a n H n n a d A ve r n e . a . . . . . . . + + + + 1 1 1 2 6 9 4 + + + + 2 1 1 2 8 8 8 + + - - 1 2 3 2 R W P E i i r c t h i h t e e s m e l b l u i o n r n g g d h i i + + + + 2 2 2 1 5 4 8 7 + + + + 3 3 3 1 4 1 3 7 + + + + 3 4 5 5 F P C In e o h d o r i i t c r a i a W a n g a l o a p y o l. l n is e 1 l . . , , p P + + + + 1 2 2 2 8 4 5 0 + + + +2 1 2 2 2 3 4 0 + + + + 4 3 3 6 O O T c u k m o l l s a a n a h h t a . oma City. + + + 1 2 2 7 1 0 + + + 3 2 4 7 9 9 + + + 1 9 8 1 Downtown Washington 1.. . +16 + 10 +2 Terre Haute 1. +9 +20 +1 Dallas +24 +43 +13 Boston +16 +21 +2 Baltimore +16 +21 +1 Des Moines. . , p+16 +25 +6 Shreveport +18 +41 +9 Springfield +11 +12 — 1 Hagerstown. . . . +21 +23 +6 Detroit1 +25 +37 +6 Corpus Christ!.. +32 +33 +13 Worcester +18 +18 j Asheville, N. C. +7 +3 -2 Flint i +27 +57 +15 Dallas1 +26 +42 +43 Providence +20 +19 +1 Raleigh +13 +26 +5 Grand Rapids. +38 +62 + 12 Fort Worth +24 +42 +13 N A N N N E B B B e l u l i e i e r w m b n a f w i w f g a g d i a a n a r h Y Y g l a r o y r a e o k a o m p r i r l k F k t o o a r C i t l i 1 l i . s t . y . . . . 1 . , + + + + + + + + + 1 1 2 1 3 1 1 1 1 6 7 9 8 0 6 9 7 5 + + + + + + + + + 2 3 1 2 3 2 2 2 2 2 9 9 7 5 5 3 1 2 + + + + + + -1 1 5 7 3 9 1 0 0 W L N H C G R C C y o i h o h r u i c e n l r a n ' n h l u e f c r s s o m n t m l h t ' e i l t o v k b n o o b s i n t u n l i n g o - l a r d . e S t n g W o , a , n S l S . e V . . . m . C C a .. . . . . + + + + + + + + + 1 3 2 1 1 1 1 2 6 6 2 2 9 4 7 6 1 + + + + + + + + - 1 3 1 1 2 5 2 6 4 7 1 1 7 0 0 + + + + + + + - - 1 1 2 2 3 2 3 5 5 1 7 S L L L F M G M E t. o o a i v r i a t n e u r a l t L d t w e l s i n e s i n i o s s a S n v v u o R u g i B m i l n i k l o l s e a l e i c e t y e l k h . . . . 1 1 i . . . . . . . . , . . , , P P + + + + + + + + 1 1 + 2 2 2 2 1 1 5 5 9 9 8 0 1 3 6 + + + + + + + + + 3 5 3 2 3 1 4 2 2 3 6 7 4 1 8 3 4 9 + + + + + + + + 1 1 3 6 4 5 8 4 3 2 0 S S T F P L L H B a a r h o u o a o n e n o s c n k u s s e g e n A A s o n r F t o s n n n B o i f r x g l n t i e a o e e x a n l * n l c d e c i h o s i s l 1 i . c . . . . . o . . . . . p P + + + + + + + + + 1 2 1 2 2 1 9 6 5 4 2 9 6 6 4 ' r • + + + + + + + + + 1 4 4 5 4 4 4 3 4 9 3 2 5 6 8 0 8 4 + + - + + + + + + 1 1 1 2 8 5 8 4 3 4 6 3 Poughkeepsie.. . +12 + 13 0 Atlanta +16 +3/ +8 Quincy +20 + 18 +3 Oakland and Rochester l +18 +21 +3 Birmingham 1. . +24 +29 +5 East St. Louis +2 +23 +5 Berkeley l +14 +41 +6 Schenectady. . . +19 +19 -1 Mobile.... ; .. . +8 +39 +7 St. Louis i. . . , +13 +27 +3 Riverside and Syracuse * +15 +30 +4 Montgomery l. . +13 +25 +5 vSt. Louis Area, +12 +27 +3 San Bernardino + 17 +47 +11 Utica +18 +16 +4 Jacksonville *... +15 +23 +4 Springfield +18 +31 +7 Sacramento x. . . +12 +43 +9 P W T Y R L P h h r a e o i i e n i a l l r l n k a d c a k e t d a i d i o n s s e e n - g t l B l e p p x 1 r a h h r 1 i i r a a e ' , . 1 . . * . . . . . . . . + + + + + + + 2 2 1 2 2 1 9 2 2 1 1 9 9 + + + + + + + 1 2 2 1 3 2 2 0 7 6 8 9 0 7 + + + + + + — 1 5 5 5 8 3 0 1 A A O T M C M R a o o u r t a i l l m l m a g a a c u m u n o n p e m s n d t a i a t b o a l x x u 1 s + + + + + + + + 2 1 2 1 2 2 2 2 7 7 7 8 2 0 8 1 + + + + + + + + 4 4 3 2 3 3 1 4 2 9 2 7 7 9 3 1 + + + + + + + + 1 1 1 1 2 2 4 4 0 0 1 8 3 M K S M D M a S t i u . e i n n u n l m P n p s u n a e a t e p e h r u s a h a i - l o p p i s C r o i o x l i l * . i t i s . y s . . . . 1 . . . , . . , P P + + + + + + 1 1 1 2 2 3 8 9 4 1 6 8 + + + + + + 2 3 2 3 3 3 6 6 6 1 3 6 + + + + + + 5 9 8 3 7 4\ S S V S S S V N a a a t a a o o n n n n l i a c l s t e p e F J k a D j a o t o r a i o R s a e n i e a n n g o d n c o * s i d a s 1 . c * o . . * . . . . . P P+ + + + 1 + + 2 2 1 6 1 2 5 8 7 + + + + + ( 3 4 4 3 2 2) 0 1 5 5 0 + + + + + - 1 5 6 7 1 1 2 Cleveland +24 +33 +6 Savannah +17 +28 + 11 Denver +11 +31 +4 Nampa....... P+5 +21 -2 Akron 1 +24 +33 +4 Baton Rouge 1.. +21 -3 Pueblo (2), C2) 3 -2 Portland +11 +37 +4 Canton 1 +26 +35 +7 New Orleans x.. +4 +31 +3 Hutchinson. . +18 +49 +4 Salt Lake City i. +17 +28 +6 Cincinnatix. . . . +23 +29 +6 Jackson 1 +13 +29 +9 Topeka +19 +35 +5 Bellingham x. . . +34 +76 +28 Cleveland i..... . +21 +29 +4 Meridian +6 +15 -1 Wichita +24 +37 +4 Everett1 +21 +36 Columbus ! +17 +24 +1 Bristol +2 +17 +1 Kansas City.. +28 +38 +7 Seattle *• +13 +35 Springfield x.... +18 +13 +3 Chattanooga 1. . +25 +30 + 16 Joplin +30 +68 + 16 Spokane x +14 +36 +7 Toledo! +14 +25 +1 Knoxville x +13 +10 +4 St. Joseph. . . +13 +29 +1 Tacoma x +16 +43 +11 Youngstown *. . +18 +40 +1 Nashville l +19 +26 +8 Lincoln...... (2) (2) 3 -3 Yakima1 P+3 +41 P Preliminary. r Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. 3 Five 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] Year or month All items Food Apparel Rent r t e F r f i u r c i e i g t l y , e r , e a l a e t n i c 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—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 August 173.0 209.0 185.9 124.8 140.9 189.3 158.1 Back figures.—Bureau of Labor Statistics, Department of Labor. 1390 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 =100] Other commodities All Manu- Year, month, or week m c t o o ie m d s i - - F p u r a c o r t 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 d l 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 l h l r s l c e o i t m e a d s d n - i d - H g n f o o i i u n s u o r g h 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 7? 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 81.5 69 7 68 6 78 2 1935 80 0 78 8 83 7 77.9 89 6 70.9 73.5 86.4 85.3 79 0 80.6 68.3 77.1 82.2 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78 7 81.7 70.5 79.9 82.0 1937 86 3 86 4 85 5 85.3 104 6 76.3 77.6 95 7 95.2 82 89 7 77 8 84 8 87 2 1938 78 6 68 5 73 6 81.7 9? 8 66.7 76.5 95.7 90.3 77 0 86.8 73.3 72.0 82.2 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76 0 86.3 74.8 70.2 80.4 1940 78 6 67 7 71 3 83.0 100 8 73.8 71 7 95 8 94.8 77 0 88 5 77 3 71 9 81 6 1941 87 3 82 4 82 7 89.0 108 84.8 76.2 99 A 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 95 102» 4 89.7 100.6 98.6 1943 103 1 122 6 106 6 96 9 117 S 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 95 104.3 93.6 113.2 100.8 1945 105.8 128.2 106.2 99.7 118.1 100.1 84.0 104.7 117.8 95 2 104.5 94.7 116.8 101.8 1946 121 1 148 9 130 7 109.5 1S7 1163 90.1 115.5 132.6 101 4 111.6 100 3 134.7 116.1 1947 152 1 181.2 168.7 135.2 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—August 152 9 162 3 160 6 145.0 178 9 138.1 129 6 168 2 188.3 119 6 142 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 14" 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 152.7 159.1 156.7 145.9 179.0 138.2 131.3 168.6 192.8 115 2 145.2 110.0 162 A 149.1 March 152.7 159.4 155.5 146.1 179.6 137.3 131.5 168.5 194.2 116 3 145.5 110.7 162.8 148.9 April 152.9 159.3 155.3 146.4 179.4 136.4 131.2 168.7 194.8 117 1 145.8 112.6 162.5 149.4 May 155.9 164.7 159.9 147.6 181.0 136.1 132.1 169.7 198.1 116 4 146.6 114.7 166.3 152.2 Tune . 157 3 165 9 162 1 148.8 18? 6 136 8 132 7 171 9 202 1 114 146 9 114 7 167 7 153.5 July 162 9 176.0 171.4 151.5 187 1 6 133.4 172.4 207.3 118 1 M4F 7 119.0 175.8 158.0 August 166.3 177.5 174.6 155.3 195.2 14S.4 134.4 173.8 213.5 122 3 153.9 124.0 179.0 161.0 Week ending:1 1950—Juiy 18 163.3 176.9 175.4 150.6 135.6 133.5 173.3 204.1 117 7 July 25 163 7 177 0 173 8 151.7 14f 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 5 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 Aug. 29 167.2 179.5 176.5 155.4 149.6 134.5 174.8 216.1 124 0 Sept. 5 167 7 179 5 177 2 156.5 1S? 8 134 7 174 7 218 2 125 o Sept. 12 169.1 182.0 178.9 157.8 156.0 134.9 176.0 220.7 127 4 Sept 19 169 8 181 3 179 0 159 2 161 1 134 9 176 0 221 8 128 6 Sept. 26 169.4 180.2 177.4 159.4 161.9 134.9 176.4 221.3 129.2 1949 1950 1949 1950 Subgroups Subgroups Aug. May June July Aug. Aug. May June July Aug. Farm Products: Metals and Metal Products: Grains 150.4 172.3 169.3 173.5 167.7 Agricultural rnach. & ecmin... 143.9 143.7 143 7 143.9 145.3 Livestock and poult rv 186 3 194.6 197.5 215.8 217.3 Farm machinery . 146 4 146.0 146 0 146.2 147.5 Other farm product 150 1 143 7 145 0 151 S 155 2 Iron and steel 163 8 168 5 169 169 3 170 4 Motor vehicles 177 2 175 1 175 1 175 1 175.3 Dairy products 152.7 138.0 135.9 141.8 148.0 Nonferrous metals 135.9 136.3 148 4 150.6 156.3 Cereal products. . . 142.8 146.0 145.6 151.2 154.9 Plumbing and heating. 154.7 156.4 156 3 156.4 163.7 Fruits and vegetables 130 3 139.2 140.5 137.0 132 0 Buildine Materials: Meats 210 7 217 1 223 7 240 7 240 2 Brick and tile 161 5 163 9 164 '"167 4 167 8 Other foods 136 5 130.9 133.1 145.1 154.1 Cement 133 0 134.9 134 0 135.3 135.5 Hides and Leather Products: Lumbef 277.4 310.8 322.6 '•338. G 356.6 Shoes 183.8 185.0 184.8 185.6 191.3 Paint anrl naint. materials... . 144 0 136.8 137.7 138.6 142.1 Hides and skins 194.5 194.4 202.1 219.3 237.7 Plumbing and heating 154.7 156.4 156.3 156.4 163.7 Leather 173 7 179 3 180.6 185.3 192 3 Structural steel 178 8 191 6 191 6 191 6 191.6 Other leather products 141.1 143.1 143.1 143.1 148.5 Other building materials 167.3 172.7 175 0 177.2 178.4 Textile Products: Chemicals and Allied Products: Clothing 144 8 143.8 143.8 144.3 145.0 Chemirals 117 8 1165 117 119.3 121.9 Cotton goods 170.2 172.0 173.8 191.9 206.8 Drugs and Pharmaceuticals. . 125.0 122> S 122 7 129.1 135.0 Hosiery and underwear 98.4 97.7 97.7 99.2 101.2 Fertilizer materials 121.8 116.8 108 4 110.C 112.0 Silk 49 2 49 3 49.3 60 ^ 65.6 Mixed fertilizer3 107 9 103 3 103 103.0 103.0 Rayon and nylon.. 39.6 39.9 39.9 40 7 41.3 Oils and fats. . . 130.3 122.2 111 Q 125.7 141.7 Woolen and worsted goods.. 152.6 146.2 148.3 150.3 157.5 Housefurnishing Goods: Other textile products.. 180 9 164 6 164.5 168.5 181.5 Furnishings 149 1 154.1 154 156.1 163.1 Fuel and Lighting Materials: Furniture 136 6 138.9 139 4 141.C 144.3 Anthracite 135.9 139.2 140.1 141.0 142.1 Miscellaneous: Bituminous coal . 188 8 192 6 192.1 191.9 192.5 Anto tires and tubes. . . 60 6 65.8 67 0 *68.1 73.9 Coke 222.0 225.6 225.6 225.6 225.6 Cattle feed 197.9 235.5 213 2 240.5 205.6 Electricity 68.5 66.6 67.0 Paper imd pulp 156.8 155.4 155 6 159.9 163.9 Gas 88 9 87 2 '87.3 *88.3 Rubber. rrnHe 35 6 58.4 63 4 78.4 106.1 Petroleum products 109.7 112.6 113.9 115.5 116.8 Other miscellanSOUS 121.1 120.5 120 7 121.7 125.4 r Revised. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures.—Bureau of Labor Statistics, Department of Labor. OCTOBER 1950 1391 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 1946 1947 1948 1949 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 8.8 7.2 8.1 9.3 12.2 14.8 17 A 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 .5 ,1 .9 .0 .1 .3 .0 .0 .2 .5 Equals: National income 87.4 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 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: Goyernment 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 14.2 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 4.7 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 1949 1950 1929 1933 1939 1941 1946 1947 1948 1949 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. 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 salaries2 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 16.5 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 valua 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 liability 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 ij -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. 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. 1392 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Seasonally adjusted annual rates Annual totals by quarters 1949 1950 1929 1933 1939 1941 1946 1947 1948 1949 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 .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 »22.6 22.6 W No a n r war 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 Less: Government sales2 () () (3) (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 c o e o n r m a - l e re T c o e t i a p l ts4 b m T u d o e 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 m n r i u i i n d t e c - y - s - sal D a i u n r t i r y s t d i i t e u v r s d i s e b - is - bu 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 a n o l o s f o t n s n c o s i y u c o i t r a r e e e r n i - l e m - s - in O l c a t o b h m o e r r e6 i p n r r e c P a i o n r e n o m t t d a o - e l rs 6 ' i i n d n s p a t c e o e n e 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 a n u l - e l- 8 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .1 .5 19.7 13.3 1.5 76.8 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .2 .4 7.2 8.2 2.1 43.0 1937 74.0 45.4 45.9 18.4 13.1 6.9 7.5 .6 .5 15.4 10.3 2.4 66.5 1938 68.3 42.3 42.8 15.3 12.6 6.7 8.2 .6 .5 14.0 8.7 2.8 62.1 1939 72.6 45.1 45.7 17.4 13.3 6.9 8.2 6 .5 14.7 9.2 3.0 66.3 1940 . . . 78.3 48.9 49.6 19.7 14.2 7.3 8.5 .7 .6 16.3 9.4 3.1 71.5 1941 95.3 60.9 61.7 27.5 16.3 7 8 10.2 8 6 20.8 9.9 3.1 86.1 1942 122.7 80.7 81.9 39.1 18.0 8.6 16.1 1.2 .7 28.4 9.7 3.2 109.4 1943 150.3 103.6 105.4 49.0 20.1 9.5 26.8 1.8 .9 32.8 10.0 3.0 135.2 1944 165.9 114.9 117.1 50.4 22.7 10.5 33.5 2.2 1.3 35.5 10.6 3.6 150.5 1945 171.9 115.3 117.7 45.9 24.7 11.5 35.6 2.3 1.5 37.5 11.4 6.2 155.7 1946 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—July 203.5 131.4 133.5 56.0 39.4 17.4 20.7 2.1 2.9 40.2 16.6 12.4 186.8 August 204.3 131.3 133.5 56 3 39 4 17 3 20 5 2 2 2 9 40.7 16.8 12.6 187.3 September. . . . 203.4 131.6 133.8 56.4 39.4 17.4 20.6 2.2 3.0 39.2 17.0 12.6 187.8 October 202.4 130.3 132.5 54 8 39.0 17.8 20.9 2 2 3.0 39.8 17.2 12.1 186.0 November. . . . 205.7 131.3 133.4 55.5 39.0 17.8 21.1 2.1 3.1 41.7 17.2 12.4 187.6 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 July? 219.0 140.5 143.3 62.9 40.7 18.4 21.3 2.8 3.4 45.0 17.8 12.3 201.6 P Preliminary. c Corrected. 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. OCTOBER 1950 1393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GONSUMER 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 Sa u l t e o m cr o e b d i i l t e Other Loansi no c T n m r i o e e n t d n s a i t t l t al- p S l a o i y n a m g n l s e e 2 n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1929 7,628 3,158 2,515 1,318 1,197 643 4,470 2,125 1,749 596 1933 3,912 1,588 1,122 459 663 466 2,324 776 1,081 467 1939. 7,969 4,424 2,792 1,267 1,525 1,632 3,545 1,468 1,544 533 1940 9,115 5,417 3,450 1,729 1,721 1,967 3,698 1,488 1,650 560 1941 9,862 5,887 3,744 1,942 1,802 2,143 3,975 1,601 1,764 610 1942 6,578 3,048 1,617 482 1,135 1,431 3,530 1,369 1,513 648 1943 ; 5,378 2,001 882 175 707 1,119 3,377 1,192 1,498 687 1944 .. 5,803 2,061 891 200 691 1,170 3,742 1,255 1,758 729 1945 6,637 2,364 942 227 715 1,422 4,273 1,520 1,981 772 1946 10,191 4,000 1,648 544 1,104 2,352 6,191 2,263 3,054 874 1947.; 13,673 6,434 3,086 1,151 1,935 3,348 7,239 2,707 3,612 920 1948 16,319 8,600 4,528 1,961 2,567 4,072 7,719 2,902 3,854 963 1949... . . 18,779 10,890 6,240 3,144 3,096 4,650 7,889 2,988 3,909 992 1949—juiy 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 June 19,682 12,105 6,995 3,790 3,205 5,110 7,577 3,147 3,392 1,038 July? 20,365 12,604 .7,341 3,994 3,347 5,263 7,761 3,197 3,527 1,037 Augusts 20,979 13,015 7,600 4,095 3,505 5,415 7,964 3,266 3,654 1,044 ^Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Total m b C a e n o r k c m i s a - 1 l p S c l a o m o n a m i a n e l - s l b I a n tr n d i k u al s s 2 - p I a c n t l n o r o d i i a m u a e n l s s - - 2 u C n r i e o d n i s t l l M a e n n is e d c o e e u r l s s - I m i l r n z o e a o s a a p n u d t n i a d r e s o i e r r n 3 d n- m b C a e n o r k c m s ia - x 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 1,435 701 166 134 225 119 568 2,636 1,432 310 282 428 1948 4,072 1,709 817 204 160 312 131 739 3,069 1,534 375 318 577 1949 4,650 1,951 929 250 175 402 142 801 3,282 1,737 418 334 712 1949—July 4,325 1,866 843 225 169 357 133 732 282 155 35 28 59 August 4,399 1,897 851 230 171 369 134 747 294 143 37 29 66 September. . 4,461 1,922 855 235 172 379 135 763 278 128 34 27 65 October 4,505 1,936 858 239 172 385 135 780 272 134 34 26 59 November... 4,561 1,944 875 244 173 394 137 794 269 161 36 28 64 December... 4,650 1,951 929 250 175 402 142 801 280 232 41 31 69 1950—January. ... 4,662 1,957 931 251 175 404 142 802 269 131 37 27 59 February 4,671 1,973 928 254 174 408 142 792 268 126 34 25 61 March 4,743 2,026 936 258 176 421 143 783 336 163 43 31 78 April 4,811 2,066 945 262 178 431 144 785 307 154 37 28 70 May 4,934 2,134 959 267 182 450 145 797 348 168 43 32 83 June 5,110 2,233 978 275 187 474 147 816 379 175 46 34 93 July? 5,263 2,316 995 282 192 495 149 834 381 166 45 32 84 August? 5,415 2,397 1,009 290 197 514 150 858 387 166 46 33 89 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 August amounted to 100 million dollars, and other loans made during August were 14 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 3 Includes only loans insured by Federal Housing Administration. 1394 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 o a d r n t o 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 r t - s F s t t u u o r r r n e e i s - H s a a h t p o o n o p u r c l l s e d e i e s - - J s e t w o e re lr s y s r o t e A t o t h r a l e e l i r l s Year or month Total c P ha u s r e r - e d ta D i l l o i a r n ec s t c r d h e p a i t a r u n a e s r d i c e - l t d , e lo m r t a n a i n o o i n z d d n s a - 1 - 2 i s l m n c o o s a a e n t s n n a a h s l t l houses Outstanding at end of period: 1929 1,197 160 583 265 56 133 1947 2,701 346 536 523 500 796 1933 663 119 299 119 29 97 1 1 9 9 4 4 8 9 3 4, , 4 5 1 6 6 3 5 85 7 4 0 9 7 1 3 5 6 9 7 2 5 2 1 6 7 3 8 6 1 9 8 4 7 4 0 1939 1,525 377 536 273 93 246 1949—July 3,933 718 869 761 684 901 1940 721 439 599 302 110 271 August 4,044 754 890 778 711 911 1941 802 466 619 313 120 284 September.. . 4,140 780 905 803 730 922 1942 ,135 252 440 188 76 179 October 4,247 811 915 839 755 927 1943 707 172 289 78 57 111 November.. . 4,326 835 922 868 772 929 1944 691 183 293 50 56 109 December. . . 4,416 854 915 922 781 944 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 5 8 9 7 6 3, , , 0 5 7 9 1 9 1 6 3 0 5 7 6 5 4 1, 3 6 8 0 1 3 1 5 7 9 7 0 0 4 8 3 2 9 5 7 3 8 9 8 5 5 6 6 7 0 3 2 5 1 8 4 5 0 1 7 9 1 0 8 1 1 1 5 8 6 5 4 7 9 3 2 4 4 3 4 1 1 8 0 0 1 7 8 5 4 3 4 1950— A F M M Ja e p a a n b r r y u i c r l . a u h r a y ry.... 4 4 4 4 4 , , , , , 5 8 6 4 4 6 9 8 6 9 2 5 8 5 4 9 9 9 8 8 5 2 9 6 8 3 2 2 6 8 1, 9 0 9 9 9 3 9 2 3 6 5 2 2 5 4 1,0 9 9 9 9 2 8 6 5 4 8 3 6 3 1 7 7 8 7 7 7 8 8 0 7 9 3 0 4 4 1, 9 9 9 9 00 4 6 8 4 3 5 9 0 7 1949 J Ju u l n y e ? 5 5 , , 2 0 9 8 1 4 1 1, , 1 0 1 5 0 0 1 1 , , 1 0 5 9 8 6 1 1 , , 1 0 1 6 2 4 8 85 3 1 4 1 1 , , 0 0 4 6 0 0 July 2,400 766 730 405 121 378 August*3 5,490 1,143 1,215 1,178 872 1,082 A S O N D e o c e u p c t v g t o e e e u b m m m s e b t b b r . . e e e . . r r r .. 2 2 3 2 2 , , , , , 6 7 5 0 4 6 7 9 6 9 2 5 5 2 6 1, 9 8 8 0 7 0 1 5 8 1 6 0 5 1 8 9 8 8 7 7 3 2 5 5 8 5 2 8 5 4 4 4 4 4 5 3 1 5 6 0 5 7 4 4 0 1 1 1 1 1 6 2 2 2 2 3 1 1 3 7 4 3 4 4 4 2 8 4 8 0 1 8 0 8 4 Vo i 1 l n u 9 g m 4 9 m e — o e A S J n x u e t u t h l e p g y : n t u e d s m e t d b e d r. u . r . - 5 5 5 4 9 6 1 8 8 1 1 1 1 2 1 2 7 7 1 1 1 2 2 3 9 3 4 1 1 1 0 1 2 9 4 1 5 6 7 0 2 5 1 1 1 4 4 4 1 5 8 1950 October 593 125 123 136 70 139 November.. . 576 118 115 131 67 145 January. . 2,995 975 902 491 627 December 593 113 105 154 57 164 A A J F J M M u u e u p a l a n b r g y y r e i r u c ? l u h s a t r ? y . . . 3 2 2 3 3 3 3 , , , , , , , 1 0 3 9 2 5 9 3 4 4 5 0 0 7 3 1 7 7 5 5 9 . 1 1 1 1 , , , , 9 0 1 0 9 9 0 8 2 3 5 7 6 1 1 5 2 8 9 0 1 9 9 8 9 9 9 8 1 3 9 9 9 4 7 3 5 7 9 1 7 6 4 5 5 5 5 6 5 0 3 5 9 9 6 1 2 7 6 2 6 1 8 6 6 6 6 6 6 7 3 6 1 1 5 9 2 1 5 8 6 0 4 7 1950— F A J J M M J u u a e p a a n l n b r y r y e u i c r ? l a u h r a y ry.... 5 5 6 6 7 7 7 4 4 8 5 0 2 6 2 6 9 4 7 1 8 1 1 1 1 1 1 1 4 1 6 1 4 7 3 2 1 5 7 8 4 0 1 1 1 1 1 1 1 5 9 1 4 2 8 6 1 1 6 1 4 4 4 1 1 1 1 1 1 1 6 3 5 6 2 1 3 3 9 4 7 9 8 7 4 4 4 5 8 8 7 2 7 9 2 2 0 4 1 1 1 1 1 1 1 8 7 7 7 5 4 3 3 2 2 7 5 3 4 August? 799 157 190 187 82 183 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- Retail instal- Repair Personal Year or month Total m A o u b to il - e Other l m i o z a o a n d ti s e o r * n n - 2 l m c o a a e s n n h s t Year or month Total A m ut e o n - t pa f p ) e .h r 2 m iz a o a n d ti d e o r n n - in m c s a e t s a n h l t - If Outstanding at end mobile utner ioans I 2 ioans of period; Outstanding at end 1947 233.5 50.0 30.2 43.3 110.0 of period: 1 19 9 4 4 9 8 3 2 4 8 3 6 . . 2 2 6 93 6 . . 6 6 4 6 3 3 . . 4 1 5 5 5 1 . . 4 7 1 1 2 3 4 1 . . 5 1 1 1 9 9 4 4 7 8 1 14 7 8 7 . . 2 1 3 2 8 7 . . 3 1 2 1 3 7 . . 7 1 5 4 . . 0 2 1 9 1 9 0 . . 8 1 1949—July 309.4 78.8 50.3 51.4 128.9 1949 194.7 43.5 31.4 6.5 113.3 August. . . 317.4 82.9 52.3 52.9 129.3 1949—July 187.9 41.6 28.5 5.3 112.5 September. 323.7 85.3 54.6 53.9 129.9 August 190.1 42.3 29.6 5.8 112.4 October... 329.6 88.7 56.6 55.0 129.3 September.. 190.9 43.0 30.0 5.7 112.2 November. 336.3 91.7 59.2 55.5 129.9 October.... 191.2 44.2 30.2 6.0 110.8 December. 343.2 93.6 63.1 55.4 131.1 November.. 192.5 44.1 30.5 6.3 111.6 December.. 194.7 43.5 31.4 6.5 113.3 1950— F M J e a a b n r r u c u a h a r . r y . y . . . . . . . 3 3 3 5 4 4 0 7 4 . . . 5 4 6 1 9 9 0 8 6 0 . . . 6 1 4 6 6 6 5 6 3 . . . 2 9 9 5 5 5 4 4 3 . . . 2 7 0 1 1 1 2 3 2 9 0 9 . . 2 A 9 1950— F Ja e n b u r a u r a y r y... 1 1 9 9 3 4 . . 7 8 4 4 4 4 . . 6 3 3 3 0 1 . . 8 1 6 6 . . 6 6 1 1 1 1 1 2 . . 7 8 April 355.0 102.6 68.9 52.8 130.7 March 196.2 46.1 31.0 6.5 112.6 J J A M u u u l n a g y y e u ? st ? . . 3 3 3 3 8 6 7 8 0 1 1 9 . . . . 4 8 8 0 1 1 1 1 0 1 1 1 5 5 1 9 . . . . 6 8 9 4 7 7 7 76 0 1 3 . . . . 2 7 9 4 5 5 5 5 4 4 3 5 . . . . 2 9 5 5 1 1 1 1 3 3 3 3 8 6 2 3 . . . . 7 3 0 0 A J J A M u u p u l n a r y g y e i ? l u st?.... 2 2 2 2 1 1 0 1 0 9 9 8 4 2 8 . . . . . 8 7 3 8 7 4 5 5 5 4 9 5 4 2 7 . . . . . 9 5 8 3 5 3 3 3 3 3 9 2 5 4 1 . . . . . 1 7 9 3 6 6 6 7 7 6 . . . . . 7 9 3 2 4 1 1 1 1 1 1 1 1 1 1 5 7 3 3 6 . . . . . 2 5 9 2 4 Volume extended during month: Volume extended during month: 1949— S A O D N J e u u e o c p l c y t v g t o e e e u m b m m s e t b b b . r e e e . . r . r r . . . . . 4 4 4 4 4 4 5 3 7 1 7 5 . . . . . . 6 7 5 9 0 8 1 1 1 1 1 1 3 2 4 3 1 1 . . . . . . 7 5 7 1 9 3 1 8 8 8 7 7 0 . . . . . . 2 5 8 8 5 3 3 4 4 4 4 3. . . . . . 3 2 3 2 7 8 2 2 1 1 1 1 0 1 8 8 9 9 . . . . . . 7 5 9 6 9 1 1949— S A O N D Ju e u o e c l p g y c v t t o e u e e m b s m m t e b b b r e e e . r r r .. . . . . . . . 3 2 3 2 2 3 8 1 8 1 7 0 . . . . . . 3 3 7 9 1 8 5 6 6 7 6 5 . . . . . . 4 6 1 7 7 1 3 3 4 4 5 4 . . . . . . 9 9 2 4 7 0 0 0 0 0 0 0 . . . . . . 5 5 4 8 5 5 2 1 1 1 1 1 1 6 7 8 9 8 . . . . . . 1 8 4 5 0 4 1950—January... 41.9 12.3 7.8 2.7 19.1 1950—January.... 27.7 6.5 3.3 0.3 17.6 February.. 40.3 12.6 7.6 2.7 17.4 February... 25.4 5.6 3.5 0.3 16.0 March. 47.3 13.5 9.7 2.5 21.6 March 31.2 7.3 4.0 0.3 19.6 April 43.1 12.7 8.8 3.0 18.6 April 29.2 6.9 3.9 0.4 18.0 May 48.9 13.9 9.6 4.2 21.2 May 33.1 7.9 4.8 0.5 19.9 June 51,1 15.7 8.9 4.3 22.2 June 35.4 8.9 5.3 0.5 20.7 July? 50.5 16.2 8.9 3.9 21.5 July? 34.8 9.1 5.7 0.5 19.5 August P. . . 52.6 15.3 11.0 4.1 22.2 August?... 35.4 8.1 7.3 0.4 19.6 ? Preliminary. x Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. OCTOBER 1950 1395 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Percentage change f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C c h co ar u g n e ts from preceding month of preceding month year 1 A 9 u 5 g 0 . ? J 1 u 9 l 5 y 0 J 1 u 9 n 5 e 0 1 A 9 u 5 g 0 . ? 1 Ju 95 ly 0 J 1 u 9 n 5 e 0 Year or month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h H p s o l t o l i o d a u r n s e a c e s p e - - J s e t w o e re lr s y • D s m e to p e r a n e r s t t- Net sales: 1949 Total +10 +12 r_4 +25 +32 +8 July 19 12 13 13 49 Cash sales +15 +8 -7 +24 +25 -2 August 21 12 14 14 51 Credit sales: September... 20 11 12 13 52 Instalment +8 +13 -4 +18 +31 +8 October 20 11 12 14 53 Charge account +19 +15 -3 +45 +44 +8 N De o c v e e m m b b e e r r . .. . . . 2 2 0 0 1 1 1 0 1 1 2 2 1 1 3 6 5 5 4 2 Accounts receivable, end of month: 1950 Total +4 +3 +1 +30 +30 +27 January 18 10 12 49 Instalment +2 +1 +28 +28 +28 February 17 10 11 47 March 19 11 12 53 Collections during +2 April 17 10 11 50 month: May 18 10 12 52 Total +7 +1 +23 +16 +9 June 17 10 10 51 Instalment +7 +3 +1 +16 +14 +10 A Ju u ly gust? 1 1 7 8 1 1 1 1 1 1 1 1 4 5 9 1 Inventories, end of month, at retail value. +8 -3 +20 +10 +9 ? Preliminary. 1 Collections during month as percentage of accounts outstanding at P Preliminary. r Revised. -3 beginning of month. 2 Collection of these data for jewelery stores was discontinued after December 1949. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average=100 Percentage of total sales Year or month Sales during month A a c t c o e u n n d t s o r f e c m ei o v n a t b h le Collec m tio o n n s t h during Instal- Charge Cash ment account Instal- Charge Instal- Charge Instal- Charge sales sales sales Total Cash ment account ment account ment account Averages of monthly data: 1941 100 100 100 100 100 100 100 100 48 9 43 1942 114 131 82 102 78 91 103 110 56 6 38 1943 130 165 71 103 46 79 80 107 61 5 34 1944 145 188 66 112 38 84 70 112 64 4 32 1945 162 211 67 125 37 94 69 127 64 4 32 1946 202 242 101 176 50 138 91 168 59 4 37 1947..... 214 237 154 200 88 174 133 198 55 6 39 1948 225 236 192 219 142 198 181 222 52 7 41 1949 213 216 198 213 165 196 200 224 50 8 42 1949—July 149 157 147 141 151 163 179 202 52 9 39 August 179 181 194 173 155 161 188 184 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 July 184 173 257 182 230 184 229 216 47 12 41 August? 210 196 287 210 243 192 251 213 46 12 42 ? 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. 1387. 1396 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 Aug. Sept. Sept. Sept. Sept. page Aug. Sept. Sept. Sept. Sept. 30 13 20 27i 30 WEEKLY FIGURES2 In billions of dollars In unit indicated RESERVE BANK CREDIT, ETC. WEEKLY FIGURES «—Cont. Reserve Bank credit, total.... 2 18.98 19.44 19.67 19.17 08 U. S. Govt. securities, total.. 3 18.58 18.94 19.06 18.53 .35 BUSINESS CONDITIONS G M T M R Ex r o e o e N N C C C C R e R c q l m n d a e h h e o o e e u e N e B s B s w w s i i s b u i u s s u y c c r e e i o o e n n t l e a a r r r o l r r n t y Y Y t t d i g v g v s e e c r n r d o e o e b y y s s o o k s c r e a c r r e a c c a r k k b b n i s s i v i r n k a a t t h e c e y d y C C n n , r u s . r v a k i k , l i e b b c t n a e s t y s s a t e a t d s y e e o i n n r . o r t . t k k v d a n i . s s l f e e . . i s e p c , o a t t s o e i t t s a s . . l . . . . . . . . . . 2, 5 2 4 4 3 5 3 5 2 5 2 5 5 4 5 5 3 2 2 1 1 - 2 9 6 4 6 4 3 7 1 1 5 6 . . . . . . . . . . . . . 0 . . . . 5 9 3 1 2 7 4 4 7 0 7 2 5 0 4 0 3 5 8 0 3 8 4 3 5 5 2 2 4 7 8 9 8 2 2 1 1 - - 2 9 4 6 7 4 3 7 1 1 5 6 . . . . . . . . . . . . 0 . . 0 . . . 8 3 1 2 3 3 2 4 5 2 7 6 8 1 4 3 1 2 6 6 9 0 6 8 6 8 6 6 5 1 0 8 2 2 1 1 9 8 4 6 4 3 7 1 1 1 ( 6 5 3 . . . . . . . . . . . . ) . . . . 2 5 1 2 9 3 5 5 5 1 8 9 1 9 1 5 5 8 6 3 5 7 6 7 8 5 7 3 3 3 4 8 P 2 2 1 1 1 3 4 6 4 3 7 1 P 3 1 1 ( 6 p 5 3 . . . . . . . . . . . . . . . . ) 0 7 9 1 4 5 5 0 7 7 3 9 0 3 1 7 2 3 6 7 4 6 3 8 8 3 0 1 5 9 7 2 P ( - P 3 . . . ) . . . . . . . . . . . . . 0 7 4 4 5 8 2 8 7 0 3 5 4 0 1 3 6 2 . : . 7 7 4 0 0 6 8 4 9 3 1 Wh S I B n o e a d l T F O F W l F T C C S I s e e n e o i t o a o o o o s t c c x e d h p h ( o r o a t t t r t e e A m u e e a o a n t l d e d c r s e o d l l a s r u s s s u o n t t ( t n g p m p ( r u c c f d . i 1 a r ( ( r o e f ( a m o d c s i f r c 9 n m 1 l c s m ) e o d e 2 t o e 9 n s m l n m u 6 d s l 3 t t c a : p p s = i o s a 9 r t t e r d t s s 1 i = p p e o r e i 0 e e r 1 t s d b p i r i 0 r : 0 e u a u e ) s 0 p b l c r : s s t u ) o h s : s u 1 : e h 0 n l e 0 ) d l . ) ) . . . . 6 6 6 6 6 6 6 6 6 6 6 8 8 8 7 5 5 7 5 8 7 5 3 3 2 2 3 1 1 1 1 1 3 2 2 0 7 9 5 6 7 7 5 9 0 0 . 0 8 7 4 9 6 5 1 . . . . . . . . . . 1 1 6 3 2 1 1 3 5 5 4 2 3 3 3 2 1 1 1 1 1 4 0 2 9 2 7 5 6 7 7 5 0 9 . 0 2 0 5 7 7 9 6 1 . . . . . . . . . . 5 2 2 4 0 9 6 7 2 5 5 3 2 3 3 3 1 1 1 1 1 4 1 0 0 2 6 5 6 8 5 7 0 8 . 9 9 9 5 9 2 7 8 3 . . . . . . . . . . 8 1 2 9 8 6 0 8 1 0 9 3 2 3 3 3 1 1 1 1 1 4 3 0 1 6 1 5 5 8 6 7 1 0 . 9 3 1 9 2 1 9 9 2 . . . . . . . . . . 0 8 9 3 2 4 8 3 3 8 0 3 3 2 3 3 1 1 1 1 1 1 0 4 2 1 5 5 8 6 5 7 7 0 . 3 0 5 4 0 9 9 7 . . . 2 . . . . . . . 2 2 8 2 4 4 4 6 8 5 0 MEMBER BANKS IN LEADING CITIES Cows (dollars per 100 All reporting banks: pounds) 68 20.20 20.07 20.38 20.50 20.10 Loans and investments 14 68.58 68.47 68.86 69.53 Hogs (dollars per 100 U. S. Govt. securities, total. 14 35.08 34.70 34.84 34.87 pounds) 68 24.67 23.47 22.47 21.66 20.97 Bonds 16 23.54 23.19 22.69 22.43 Butter (cents per pound). 68 60.9 61.6 62.5 63.4 63.4 Notes and certificates.... 16 9.25 9.20 9.26 9.35 Eggs (cents per dozen)... 68 32.7 33.0 35.6 38.0 36.4 Bills. 16 2.30 2.30 2.89 3.09 Production: Other securities 18 6.24 6.24 6.27 6.38 Steel (% of capacity) 71 97.1 98.0 99.6 100.4 100.7 Demand deposits adjusted.. 14 49.00 48.58 49.27 49.03 Automobile (thous. cars)... 71 178 144 176 179 178 U. S. Govt. deposits ... 14 2.52 2.49 2.55 2.37 Crude petroleum (thous. Loans, total 14 27.27 27.53 27.75 28.28 bbls.) 72 5,690 5,839 5,869 5,826 C Re o a m l m es e t r a c t i e a l 1 1 8 8 1 4 4 . . 9 7 5 4 1 4 4 . . 9 9 7 3 1 5 5 . . 0 3 1 3 1 5 5 . . 0 5 3 2 P B a it p u e m rb in o o ar u d s c ( o th al o u (m s. il t l o , n to s n ) s .. ) . . 7 7 3 2 1 2 .8 2 4 9 2. 1 0 8 1 0 1 2 .8 3 8 1 1 2 .9 3 0 0 2 1 3 9 6 1 For purchasing securities: Meat (mill, pounds) 73 295 262 311 328 330 Total 18 2.17 2.13 2.05 2.10 2.21 Electric power (mill. kw. hrs.) 75 6,459 6,029 6,449 6,457 6,503 U. S. Govt. securities. . 18 .70 .66 .56 .52 Freight carloadings (thous. cars): Other securities 18 1.47 1.47 1.49 1.57 .52 Total 74 852 751 866 870 Other 18 5.44 5.50 5.50 5.55 .59 Miscellaneous 74 398 344 406 403 412 New York City banks: Department store sales Loans and investments 15 19.67 19.47 19.72 20.20 .75 (1935-39=100) 75 310 295 368 322 320 U. S. Govt. securities, total. 15 9.49 9.25 9.44 9.53 .06 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 1 1 7 7 5 7 . . 3 0 9 0 6 5 . . 7 1 7 5 4 6. . 4 8 7 4 6 4 . . 4 8 5 1 . . 8 4 3 8 1950 Notes and certificates.... 17 1.91 1.88 1.95 1.95 .80 De B m il a ls n d deposits adjusted.. 1 1 5 7 15. . 3 5 6 8 15. . 1 5 7 9 1 1 5 . . 0 5 2 1 1 1 5 . . 1 4 2 5 . . 7 5 8 4 . | June July Aug. i U. S. Govt. deposits 15 .73 .72 .74 .65 .70 Interbank deposits 15 3.85 3.93 4.03 4-. 05 .93 MONTHLY FIGURES Time deposits 15 1.53 1.51 1.53 1.53 .56 In billions of dollars Loans, total 15 8.38 8.42 8.49 8.81 .82 DEPOSITS AND CURRENCY C Fo o r m p m u e r r c c h i a a s l ing securities: 19 5.17 5.29 5.45 5.54 .61 Deposits and currency« To brokers: Total deposits and currency. 6 P174.40 P174.50 P175.60 On U. S. Govts 19 .44 .40 .33 .30 .4. Total deposits adjusted and On other securities... 19 .72 .73 .72 .83 .77 currency 6 P169.70 P170.40 P171.10 To others 19 .31 .27 .29 .26 .26 Demand deposits adjusted.. 6 P85A0 P86.60 P87.50 Real estate and other 19 1.57 1.59 1.41 1.60 1.60 Time deposits adjusted..... 6 ?59.7O P59.40 P59.10 Banks outside New York City: Currency outside banks.... 6 P24.60 P24.40 P24.50 Loans and investments 15 48.92 49.00 49.13 49.33 03 U. S. Govt. deposits 6 P4.70 P4.10 P4.50 U. S. Govt. securities, total.. 15 25.60 25.45 25.41 25.34 .79 Money in circulation, total... 7 27.16 27.01 27.12 Bonds... 17 16.54 16.42 16.22 15.98 .95 Bills of $50 and over 7 8.34 8.32 8.33 Notes and certificates 17 7.34 7.32 7.31 7.40 .23 $10 and $20 bills 7 14.25 14.16 14.24 Bills 17 1.72 1.71 1.87 1.97 .61 Coins, $1, $2, and $5 bills... 7 4.56 4.53 4.56 Demand deposits adjusted.. 15 33.64 33.41 33.76 33.58 .70 U In . te S r . b G an o k v t. d e d p e o p s o i s ts it s 1 1 5 5 6 1 . .7 2 9 7 6 1 . .7 6 6 6 6 1 . .8 8 1 8 6 1 . .7 7 1 8 . . 7 3 6 6 Annual rate T L i o m C R an e o e s a m , d l m e t e o p s e o t t r a a s c l i t i t e a s l , 1 1 1 1 5 9 5 9 1 1 9 4 8 3 . . . . 5 5 6 8 7 6 7 9 1 1 4 9 9 3 . . . . 6 5 1 6 5 8 1 6 1 1 9 4 9 3 . . . . 8 6 2 6 8 0 6 4 1 1 9 4 9 3 . . . . 6 9 4 6 2 8 7 4 . . . . 1 6 6 7 2 4 4 0 Tu O N rn t e h o w e v r e Y r l o e o a rk f d i d n C e g i m ty c a i n ti d e s deposits:4 2 2 9 0 . . 2 0 3 20 1 . . 7 3 4 2 0 1 . . 2 9 For purchasing securities. 19 .71 .72 .70 .71 .73 Other 19 4.26 4.31 4.32 4.36 .40 COMMERCIAL BANKS In billions of dollars MONEY RATES, ETC, Per cent per annum U. 3 B C 7 1 S - 5 - i e 5 9 . l r l y t s G i y y e f a e e o ( i n c r a a v s e a r r t s w s t . o e s s r i e s m c s u u o e r r i s e t ) i es: .30, 3 3 3 3 3 2 0 0 0 0 1 2 1 . 1 1 2 . . . . 3 8 3 8 4 2 4 3 5 8 1 2 1 1 1 3 . . . . 3 3 8 5 0 3 5 7 1 8 1 2 1 1 1 . . 3 . . . 1 3 3 5 8 7 3 1 4 9 1 2 1 1 1 3 . . . . 5 3 3 8 1 5 3 7 9 7 1 2 . 1 1 1 3 . . . . 3 5 2 9 3 7 9 4 0 4 C Lo a O U L s a h o n . t h s a S a e n . a s r s n s G e s e d e o t c s i v 6 u n t . r v i e s ti s e e t c m s u e e ri n t t i s e , s e t otale. , 9 9 9 9 9 P * P P * 1 > l 4 2 2 6 l 5 6 2 6 . . . . . 2 7 1 0 0 0 0 0 0 0 P P ? P P 1 2 4 6 l 2 7 6 5 l 2 . . . . . 3 0 0 4 5 0 0 0 0 0 » P P ^ P 1 2 6 l 2 4 7 4 l 3 7 . . . . . 1 3 8 5 3 0 0 0 0 0 Corporate bonds: Holdings of U. S. Govt. se- Aaa 32 2.61 2.62 2.64 2.67 2.66 curities : Hi B gh a - a g rade municipal bonds. . 3 3 2 2 3 1 . .8 2 7 2 3 1 . . 2 8 1 8 3 1 . . 2 8 2 8 3 1. .2 8 2 8 3 1 . . 22 Wi T B th o il i t l n a s l 1 year: . 1 1 0 0 1 3 6 . . 7 0 0 8 1 2 6 . . 9 5 9 5 P P 1 3 6 . . 6 2 0 0 Stock prices (1935-39=100): In unit indicated N Ce o r t t e i s f ic a a n t d e s b onds 1 1 0 0 5 7 . .0 3 2 5 3 9 . . 9 5 9 7 P P 9 2. . 9 7 0 0 Vo T P R I l n u u o a d m b i t l u a l e r i l s o c t o a r f u d i a t t l i r l a it d y i ng (mill, shares) 3 3 3 3 3 4 4 4 4 4 1. 1 1 1 1 3 0 5 2 4 4 5 9 0 8 1 1 1 . 1 1 4 0 4 5 2 6 5 8 9 0 2. 1 1 1 1 1 5 0 6 2 .8 2 5 4 8 1 1 . 1 1 1 9 0 5 2 6 8 5 2 7 4 2. 1 1 1 1 1 0 2 5 6 3 5 6 4 6 Ov T N B B e o r o o o t n n t 1 a e d d l s s s y a e ( ( n a 5 o d r - v : 1 e b 0 r o y n 1 r 0 d s s . y ) r (1 s. - ) 5 yrs.) 1 1 1 1 0 0 0 0 3 4 3 5 4 2 . . . . 0 6 1 9 9 8 3 0 3 4 5 4 1 1 . . . . 7 1 6 4 5 0 0 5 P M P P 3 S l 1 4 . .9 . . 2 1 2 0 0 0 0 For footnotes see p. 1400. OCTOBER 1950 1397 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 June July Aug.1 page June July Aug.i In billions of dollars In billions of dollars MONTHLY FIGURE'S—Cont. MONTHLY FIGURES—Cont. MEMBER BANKS GOVERNMENT FINANCE—Cont. All member banks: Ownership of U. S. Govt. securities—Cont. Loans and investments, total 12 103.04 103.29 104.29 Marketable public issues—Cont. Loans 12 37.81 38.76 39.98 By class of security—Cont. U. S. Govt._securities. 12 55.97 55.03 54.43 Bonds—Total outstanding.... 24 102.95 102.95 102.95 Other securities 12 9.26 9.50 9.88 Nonbank (unrestricted issues Demand deposits adjustede 12 72.44 73.45 74.31 only), commercial bank, Time deposits 12 29.78 29.58 29.48 and F. R. Bank 24 57.73 57.05 P56.70 Balances due to banks 12 10.70 10.80 10.68 Commercial bank and F. R. Balances due from banks 12 5.36 5.47 5.37 Bank 24 44.32 43.62 P44.20 Reserves 12 16.19 16.25 16.27 F. R. Bank 24 5.62 4.89 6.77 Central reserve city banks: By earliest callable or due date: Loans and investments, total 12 25.04 24.71 25.21 Within 1 year-Total outstanding 25 42.45 45.40 50.75 Loans 12 9.47 9.78 10.09 Commercial bank and F. R. U. S. Govt. securities 12 13.49 12.70 12.73 Bank 25 25.79 26.65 P30.50 Other securities..._ 12 2.07 2.22 2.38 F. R. Bank 25 9.72 10.11 14.31 Demand deposits adjusted e 12 18.82 18.83 19.20 1-5 years—Total outstanding. 25 51.80 48.7J 43.36 Time deposits 12 2.90 2.84 2.87 Commercial bank and F. R. Balances due to banks 12 4.81 4.78 4.73 Bank 25 38.24 36.69 P32.80 Reserves 12 5.54 5.46 5.50 F. R. Bank 25 5.12 5.10 1.64 Reserve city banks: 5-10 years—Total outstanding 25 15.93 15.93 15.93 Loans and investments, total. 13 38.76 39.17 39.38 Nonbank (unrestricted issues Loans 13 14.84 15.26 15.85 only), commercial bank, U. S. Govt. securities 13 20.61 20.55 20.03 andF. R. Bank 25 8.58 8.46 P8.40 Other securities 13 3.31 3.36 3.50 Commercial Bank and F. R. Demand deposits adjusted e 13 25.71 26.22 26.50 Bank 25 6.82 6.77 P6. 80 Time deposits < 13 11.83 11.73 11.66 F. R. Bank 25 1.15 1.02 .91 Balances due to banks 13 5.02 5.15 5.09 Over 10 years—Total outstand- Balances due from banks 13 1.73 1.75 1.70 ing 25 45.13 45.13 45.13 Reserves 13 6.22 6.30 6.28 Nonbank (unrestricted issues Country banks: only), commercial bank, Loans and investments, total 13 39.25 39.42 39.70 andF. R. Bank 25 7.26 6.70 P6. 40 Loans 13 13.50 13.72 14.04 Commercial bank and F. R. U. S. Govt. securities 13 21.87 21.78 21.67 Bank 25 6.44 5.85 P5. 70 Other securities 13 3.88 3.92 3.99 F. R. Bank 25 2.35 1.75 1.50 Demand deposits adjusted e 13 27.91 28.39 28.61 Cash income and outgo: Time deposits 13 15.05 15.01 14.95 Cash income 26 4.69 2.11 3.52 Balances due from banks 13 3.48 3.57 3.51 Cash outgo 26 4.06 3.14 3.01 Reserves 13 4.44 4.49 4.50 Excess of cash income or outgo.... 26 + .63 -1.03 + .51 MONEY RATES, ETC. Per cent Treasury bills (new issues) 29 1.175 1.172 1.211 Corporate bonds: CONSUMER CREDIT « Aaa 29 2.62 2.65 2.61 Baa 29 3.28 3.32 3.23 Consumer credit, total 20 19.68 P2O.37 P20.98 F. R. Bank discount rate 29. 1.50 1.50 6 1.75 Single-payment loans 20 3.15 P3.20 P3.27 lommercial paper 29 1.31 1.31 1.50 Charge accounts 20 3.39 P3.53 P3.65 Stock yields: Service credit 20 1.04 Pi. 04 Pl.04 Dividends/price ratio: Instalment credit, total 20, 21 12.11 P12.60 P13.02 Common stock 33 6.35 6.36 6.66 Instalment loans 21 5.11 P5.26 J>5.42 Preferred stock 33 3.85 3.92 3.85 Instalment sale credit, total 21 7.00 P7.34 P7.60 Automobile 21 3.79 P3.99 P4.10 In unit indicated Other 21 3.21 P3.35 P3.51 Margin requirements (per cent) 35 50 50 50 Stock prices (1935-39 =100), total... 35 148 138 147 Stock market credit (mill, dollars): Bank loans 35 506 498 518 Customers' debit balances 35, 36 1,256 1,208 1,231 GOVERNMENT FINANCE Money borrowed 36 827 755 752 Customers' free credit balances. ... 36 673 712 780 Gross debt of the U, S. Government: Volume of trading (mill, shares) 35 2.08 2.23 1.67 Total (direct and guaranteed) 22 257.38 257.56 257.89 Bonds (marketable issues) 22 102.95 102.95 102.9. BUSINESS CONDITIONS Notes, certificates, and bills 22 52.35 52.21 52.21 Savings bonds, savings notes.... 22 66.01 66.20 66.38 Personal income (annual rates, bill, Special issues 22 32.36 32.52 32.71 dollars): • 4 Guaranteed, noninterest-bearing Total 48 217.1 ••220,7 223.4 debt, etc 22 3.70 3.67 3.77 Wage and salary receipts 48 140.2 141.7 144.3 Ownership of U. S. Govt. securities: Proprietors' income, dividends, and Total i5 interest 48 60.1 '63.3 63.8 Commercial bankse 23 65.70 64.70 P64.00 All other 48 16.8 15.7 15.3 Fed. agencies and trust funds... 23 37.83 37.98 38.14 Labor force (mill, persons):« F. R. Banks . 23 18.33 17.97 18.36 Total 49 66.2 65.7 Individualse 23 70.50 70.70 P7O.9O Civilian 49 64.9 64.4 64.9 Cofporations and associations e. . 23 ••25.10 26.40 P26.80 Unemployment 49 3.4 3.2 2.5 Insurance companiese 23 '20.10 20.10 P19.90 Employment 49 61.5 61.2 62.4 Mutual savings banks e 23 11.60 11.50 Pll.40 Nonagricultural . 49 52.4 52.8 54.2 State and local govts.e 23 '8.20 8.20 P8.30 Employment in nonagricultural estab- Marketable public issues: lishments (mill, persons): e * Byjclass of security: Total. 50 44.01 44.21 P44.85 Bills—Total outstanding 24 13.53 13.64 13.64 Manufacturing and mining 50 15.74 15.86 P16.26 Commercial bank and F. R. Construction 50 2.30 2.36 P2.40 Bank 24 7.56 7.14 P5.90 Transportation and utilities 50 4.00 4.02 P4.05 F. R. Bank 24 3.86 4.15 2.30 Trade 50 9.54 9.54 P9.64 Notes and certificates—Total Government 50 5.85 5,85 P5.89 outstanding 24 38.82 38.57 38.5' Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) 51 58.70 59.21 P60.28 Bank 24 25.42 25.21 P25.70 Hourly earnings (dollars) 51 1.453 1.462 Pl.463 F. R. Bank 24 8.86 8.94 9.29 Hours worked (per week) 51 40.4 40.5 P41.2 For footnotes see p. 1400. 1398 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 June July Aug.1 page June July Aug.i In unit indicated In unit indicated MONTHLY FIGURES—Gont. MONTHLY FIGURES—Gont. BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS Cont. Industrial production:4 Consumers' prices (1935-39=100): Total (1935-39 =100) 52 199 196 P208 All items 64 170.2 172.5 173.0 Groups (points in total index): Food 64 204.6 210.0 209.0 Durable manufactures. 52 89.9 89.4 P93.3 Apparel 64 185.0 184.7 185.9 Nondurable manufactures 52 r86.2 84.8 P90.5 Rent 64 123.9 124.4 124.8 Minerals 52 23.0 22.0 P24.1 Miscellaneous 64 155.3 156.2 158.1 Manufacturing production Wholesale prices (1926 =100): (1935-39 =100), total 53 208 205 P217 Total 65 157.3 162.9 166.3 Durable 53 237 236 P246 Farm products 65 165.9 176.0 177.5 Nondurable 53 184 181 P193 Food , 65 162.1 171.4 174.6 Selected durable manufactures Other commodities 65 148.8 151.5 155.3 (1935-39=100): Textile products 66 136.8 142.6 149.4 Nonferrous metals 54 219 208 P210 Hides and leather products 66 182.6 187.1 195.2 Steel 54 271 264 P265 Chemicals and allied products... 66 114.5 118.1 122.3 Cement 54 214 208 214 Fuel and lighting materials 67 132.7 133.4 134.4 Lumber. 54 144 140 P152 Building materials 67 202.1 '207.3 213.5 Transportation equipment 54 277 274 P282 Metals and metal products 67 171.9 172.4 173.8 Machinery 54 262 265 P281 Miscellaneous 66 114.7 119.0 124.0 Selected nondurable manufactures 'rices paid and received by farmers (1935-39=100): (1910-14=100): Apparel wool consumption 55 152 139 Paid, etc 69 255 256 258 Cotton consumption 55 132 123 155 Received 69 247 263 267 Shoes 55 107 107 'ash farm income (mill, dollars): Paperboard 55 213 198 '228' Total 70 1,859 2,356 Newsprint consumption 55 168 167 165 Livestock and products 70 1,268 1,285 n,36i Manufactured food products.... 55 164 166 P165 Crops 70 ••557 1,058 ^1,182 Fuel oil 55 179 187 P193 Govt. payments 70 34 13 8 Gasoline 55 188 194 P200 Industrial chemicals 55 451 449 P461 Rayon 55 350 359 P361 INTERNATIONAL TRADE AND FINANCE Sales, inventories, and orders: Sales (bill, dollars):* Exports and imports (mill, dollars): Manufacturing, total 56 21.3 21.7 24.3 Exports 76 P877 P774 P76\ Durable 56 9.6 9.2 10.5 Imports 76 P686 P709 *>819 Nondurable 56 11.9 12.5 13.8 Excess of exports or imports . . . \ . . 76 P\91 P66 P-59 Wholesale, total 57 8.4 9.0 9.7 Short-term liabilities to and claims on Durable 57 2. 2.6 2.9 foreigners reported by banks (bill, Nondurable 57 6.1 6.4 6.8 dollars): Retail, total 57 11.7 12.7 12.7 Total liabilities 77 P6.53 P6.57 Durable....* 57 4.2 4.6 4.6 Official 77 P3.23 P3.30 Nondurable 57 7. 8.0 8.0 Invested in U. S. Treasury bills Inventories (bill, dollars):4 and certificates. 77 P. 84 P.91 Manufacturing, total 56 32.0 31.8 31.6 Private 77 P3.30 P22.7 Durable 56 14.4 14.2 14.2 Claims on foreigners 77 P. 66 P.68 Nondurable 56 17.6 17. = 17.3 Foreign exchange rates: Wholesale 57 9.5 9.Z 9.6 See p. 1419 of this BULLETIN 78, 79 Retail 57 14 14.1 14.8 New orders (bill, dollars): Durable 56 10.5 11.5 13.6 1950 Nondurable 56 11.6 12.5 14. Construction contracts (3 mo. moving avg., mill, dollars) :4 Jan.- Apr.- July- Total 58 1,193 1,333 Mar. June Sept. Residential 58 599 679 , QUARTERLY FIGURES Other. . . 58 593 654 P666 Residential construction: P696 GOVERNMENT FINANCE In b illions of dollars Contracts awarded (mill, dollars): Total 59 556 632 732 Budget receipts and expenditures of 1- and 2-family dwellings 59 445 461 570 U. S. Treasury: Other 59 111 170 163 Expenditures, total 27 9.09 10.10 9.05 Dwellings started (thous. units)... 59 144 144 141 National defense 27, 28 3.03 2.97 P3.35 Value of construction activity (mill, Veterans' Administration 28 1.58 1.46 1.31 dollars): International aid 28 1.02 1 .18 P. 80 Totale 60 2,675 ^2,771 Interest on debt 28 1.26 1.93 1.05 Nonresidential:e All other 28 r2A3 ?2.47 Public 60 624 654 P694 Receipts: Private 60 712 744 Net receipts. 27 11.16 8.21 9.34 Residential:6 Individual income taxes 28 6.63 4.23 Public 60 28 P27 Corporate income, etc 28 2.68 2.28 Private 60 1,171 1,253 Pi,286 Miscellaneous internal revenue. . 28 1.95 2.05 "l '.46 Freight carloadings :4 All other 28 .78 .62 Total (1935-39 =100) 61 127 126 135 Tax refunds (deduct) 28 .88 .97 ' ". 18 Groups (points in total index): Miscellaneous 61 75.6 76.6 80.i Coal 61 24.8 22. 26.' MONEY RATES Per cent per annum All other 61 26.3 28.i Department stores: 26.9 Bank rates on loans to business: Indexes (1935-39 =100) :4 All loans: Sales 62 298 362 335 19 cities 31 2.60 2.68 2.63 Stocks 62 276 268 284 New York City 31 2.29 2.34 2.32 296 stores: 7 Northern and Eastern cities. .. 31 2.55 2.67 2.63 Sales (mill, dollars) 63 317 292 330 11 Southern and Western cities. . 31 3.12 3.22 3.13 Stocks (mill, dollars) 63 833 >789 919 Loans of $l,000-$10,000: Outstanding orders (mill, dollars) 63 369 756 19 cities . 31 4.45 4.50 4.51 Ratios to sales (months' supply): New York City 31 3.85 3.94 4.06 Total commitments. 63 3.8 5.1 5, 7 Northern and Eastern cities... 31 4.64 4.58 4.56 Stocks 63 2.6 2. 2, 11 Southern and Western cities.. 31 4.64 4.70 4.71 For footnotes see p. 1400. 1399 OCTOBER 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 1950 Chart Chart book book page Jan.- Apr.- July- page Tan. Apr.- July- Mar. June Sept. Mar. June Sept. Per cent per annum In unit indicated QUARTERLY FIGURES—Cont. QUARTERLY FIGURES—Cont. MONEY RATES Cont. BUSINESS FINANCE Cont. Bank rates on loans to business—Cont. Plant and equipment expenditures Loans of $10,000-$100,000: (bill, dollars): * » 19 cities 31 3.54 3.65 3.63 All business 42 3.7 4.3 5.1 New York City 31 3.22 3.35 3.33 Manufacturing and mining; rail- 7 Northern and Eastern cities... 31 3.60 3.62 3.59 roads and utilities 42 2.6 3A 3.7 11 Southern and Western cities. . 31 3.71 3.83 3.83 Manufacturing and mining 42 1.7 2.0 2.5 Loans of $100,000-$200,000: 19 cities 31 2.94 2.94 New York City 31 2.64 2.73 In billions of dollars 7 Northern and Eastern cities... 31 2.91 2.82 11 Southern and Western cities.. 31 3.15 3.17 3.15 Individual savings:e Loans of $200,000 and over: Gross savings 43 +8.6 4-10.0 19 cities 31 2.31 2.39 2.34 Liquid savings 43 +0.4 +0.6 New York City 31 2.13 2.16 2.15 Cash 43 -0.2 +0.8 7 Northern and Eastern cities... 31 2.28 2.45 2.39 U. S. Govt. securities 43 +o.5 +0.2 11 Southern and Western cities.. 31 2.74 2.82 2.67 Other securities 43 +0.8 +0.8 Stock yields: Insurance 43 -0.3 +1.3 Earnings /price ratio, common Debt liquidation 43 -0.5 -2.6 stocks 33 12.28 P15.30 Annual rates in billions of dollars BUSINESS FINANCE In unit indicated GROSS NATIONAL PRODUCT, ETC. 8 Corporate assets and liabilities (bill, -ross national product 4 44 262.5 269.9 dollars):e Govt. purchases of goods and serv- Current assets, total. . .. 37 129.3 134.2 ices 44 41.4 41.4 Cash 37 25.9 Personal consumption expenditures 44 182.4 184.5 U. S. Goyt. securities 37 17^4 18.3 Durable goods 46 26.9 26.7 Inventories 37 '44.9 45.3 Nondurable goods 46 97.5 99.0 Receivables 37 43.0 Services 46 58.0 58.8 Current liabilities, total 37 '"57^8 60.4 Private domestic and foreign invest- Notes and accounts payable 37 r34.7 36.2 ment 44 38.6 43.9 Federal income tax liabilities..... 37 r9.8 10.3 Gross private domestic invest- Net working capital. 37 '71.5 73.8 ment: Corporate security issues: Producers' durable equipment. 45 19.3 21.6 Total (bill, dollars) • 38 1.40 2.19 New construction 45 19.9 20.9 New money, total (bill, dollars) e. . . 38 1.01 1.27 Change in business inventories. 45 1.3 3.4 Type of security (bill, dollars): Net foreign investment 45 -1.9 -2.0 Bonds 38 .83 .76 Personal income, consumption, and Preferred stock 38 .09 .20 saving: 4 Common stock -. 38 .10 .32 Personal income 47 216.4 214.7 Use of proceeds (mill, dollars): Disposable income 47 197.7 195.5 Plant and equipment: Consumption expenditures...... 47 182.4 184.5 All issuers 39 777 958 Net personal saving 47 15.3 11.0 Public utility 7. 39 567 774 Railroad 39 106 81 Industrial7 39 73 103 1949 1950 Working capital: All issuers 39 237 317 P R In u a d b il u l r i s o c t a r u d i t a i l l 7 i ty 7 3 3 3 9 9 9 9 1 4 1 8 6 SEMIANNUAL FIGURES J 3 u 0 ne De 3 c 1 . Ju 3 n 0 e Bonds (bill, dollars):e P P u ri b v l a ic te 3 3 8 8 . .4 6 6 9 . . 9 6 8 5 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 4 40 29.2 835.0 840.0 A Co g m ric m u e lt r u c r ia a l l 1 1 1 1 1 2 6 . . 7 2 3 9 16 2 .9 9 4 6 1 2 6 . . 8 8 2 1 U Pr n o u d f n i i t d 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) iv idends and 4 4 0 0 1 9 7. . 8 7 8 8 2 1 0 2 . . 3 2 8 81 2 4 3 .1 .2 F R C o o e r a n l s p u e u m s r t c e a h r t a e s ing securities: 1 1 1 1 1 7 0 . . 1 8 7 9 11 8 . . 4 0 1 0 1 9 2 . . 0 2 4 7 Corporate profits after taxes (quar- To brokers and dealers 11 1.97 1.75 1.86 All t e c r o ly r p t o o r t a a t l i s o ) n : s (bill, dollars) e. . . . 41 4.5 State T a o n d o t l h o e c r a s l government securities. 1 1 1 1 0 5. . 7 9 6 0 6 0 .4 8 0 6 0 7 . . 9 2 1 4 Large corporations, total (bill, dol- Other securities. . 11 3.49 3.57 3.72 lars) 41 1.2 1.6 Manufacturing (mill, dollars): Durable 41 527 731 Nondurable 41 323 371 Electric power and telephone (mill, dollars) 41 304 298 Railroads (mill, dollars) 41 51 159 8 Estimated. v Preliminan/. 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. 3 Deficiency of less than 5 million dollars. 4 Adjusted for seasonal variation. 6 Figures for certain series for July and August have been estimated by Federal Reserve on the basis of old Treasury Department classifications. 6 Effective Aug. 21. 7 Beginning with the second quarter of 1950 data are not strictly comparable with those for earlier quarters because of changes in components. 8 Estimates of Council of Economic Advisers, based on preliminary data. 9 Expenditures anticipated by business during the fourth quarter of 1950 are (in billions of dollars): All business, 4.8; manufacturing and mining, railroads and utilities, 3.4; manufacturing and mining, 2.3. * Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $6.00; individual copies of monthly ssues at 60 cents each. 1400 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 page June July? Aug.? June July? In millions of dollars In millions of dollars Consumer credit outstanding, total... 3 19,682 20,365 20,979 Consumer instalment sale credit Instalment credit, total 3, 5 12,105 12,604 13,015 granted, cumulative totals: * Instalment loans 5 5,110 5,263 5,415 By all other retailers. 1,014 1,121 1,110 Instalment sale credit 5 6,995 7,341 7,600 By department stores and mail- Charge accounts 3 3,392 3,527 3,654 order houses 897 987 975 Single-payment loans 3 3,147 3,197 3,266 By furniture and household appli- Service credit 3 1,038 1,037 1,044 ance stores 743 801 786 Consumer credit outstanding, cumu- By automobile dealers 557 576 537 lative totals:1 Consumer instalment loan credit out- Instalment credit 4 19,682 20,365 20,979 standing, cumulative totals:x Charge accounts 4 7,577 7,761 7,964 Commercial and industrial banks. 5,110 5,263 5,415 Single-payment loans 4 4,185 4,234 4,310 Small loan companies 2,602 2,665 2,728 Service credit 4 1,038 1,037 1,044 Credit unions 1,624 1,670 1,719 Consumer instalment sale credit out- Miscellaneous lenders 1,150 1,175 1,205 standing, cumulative totals:1 Insured repair and modernization All other retailers 6 6,995 7,341 7,600 loans 816 834 858 Department stores and mail-order houses 6 6,330 6,647 6,873 Furniture and household appliance stores 6 5,298 5,566 5,748 Automobile dealers 6 3,790 3,994 4,095 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. SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF SEPTEMBER 1, 1950 [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1949 Sept. 1, 1950 1949 Sept. 1, 1950 1949 Sept. 1, 1950 1949 Sept. 1, 1950 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 6,904 7,660 New York 33,917 36,156 13,Oil 12,661 84 84 Philadelphia 56,510 54,157 18,961 17,178 Cleveland 251,347 223,290 65,586 50,883 Richmond 1,040 669 190,015 191,596 24,677 23,609 Atlanta 2,086 1,623 204,395 221,383 6,372 5,465 Chicago 1,351,980 1,161,623 90,920 67,065 2,642 1,355 St. Louis 13,765 22,879 430,953 432,337 73,488 50,192 21 17 Minneapolis 378,335 344,747 29,356 28,762 201,043 228,942 Kansas City .... 506 166 396,589 402,729 367,761 347,403 6,846 3,781 Dallas 6,974 3,304 69,650 79,430 104,507 21,801 125 103 San Francisco 1,757 1,241 7,195 7,530 107,029 115,518 34,034 36,825 Total 16,128 9,882 3,377,790 3,162,638 901,668 740,537 244,795 271,107 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1949 Sept. 1, 1950 1949 Sept. 1, 1950 1949 Sept. 1, 1950 1949 Sept. 1, 1950 Bushels Bushels. Tons Tons Pounds Pounds Bushels Bushels Boston 5,831 6,059 3,613 3,605 39,457 39,862 75,541 71,129 New York 23,959 35,035 5,222 6,163 915 975 35,154 42,810 Philadelphia 15,601 18,295 2,471 2,599 58,709 58,668 19,861 22,009 Cleveland 58,869 53,209 5,719 6,175 150,699 129,792 12,405 12,899 Richmond 35,103 37,688 5,292 4,940 1,076,513 1,142,328 22,032 24,045 Atlanta 28,126 30,553 4,055 3,674 247,627 230,343 13,667 14,519 Chicago 591,639 636,322 16,876 20,543 32,460 32,241 30,392 30,088 St. Louis 64,738 78,816 9,829 9,916 357,353 310,296 7,496 7,122 ^Minneapolis 322,573 386,568 9,174 10,907 2,431 2,312 42,612 43,300 Kansas City 106,002 129,437 10,220 10,300 4,212 3,908 31,407 30,470 Dallas 37,499 33,655 1,786 1,875 4,123 3,197 San Francisco 32,984 36,227 12,752 13,464 107,272 118,698 Total 1,322,924 1,481,864 87,009 94,161 1,970,376 1,950,725 401,962 420,286 1 Includes 15,000 bales grown in miscellaneous territory. 8 Includes 10,000 bales grown in miscellaneous territory. 1401 OCTOBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States. 1404-1409 Gold production . 1409 Reported gold reserves of central banks and governments. 1410 Gold movements; gold stock of the United States. 1411 International Monetary Fund and Bank. 1412 Central Banks 1412-1416 Money rates in foreign countries. 1417 Commercial banks. 1418 Foreign exchange rates 1419 Price movements: Wholesale prices 1420 Retail food prices and cost of living. 1421 Security prices 1421 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. OCTOBER 1950 1403 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES From th r J o a u n g . h 2 — , 1935, Total To I t n a c l reas f e u n in O d s f f f o i i c n r i e a i U l g 1 n . S b . ank O in t g her f i t I n u e n b i n s r c n n a t d r i n a e s t U u a k t i o s t . i o i n e f o n S g i n i a . n n s l - D b i a n f a e b u n c r U n r k o e d . i a a n s 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 g r 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 i i e g t s s i n t e 2 o i s c f : b I b n r a o f l l k o a e n w r c a e g i s n e 1935—Dec. (Jan 1,1936). 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30 2,667.4 989.5 140.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 . 3,501.1 1,259.3 334.7 924 6 449 1 583 2 1,162.0 47.5 1938—Dec. (Jan.4, 1939). 3,933.0 1,513.9 327.0 1 186.9 510.1 641.8 1,219.7 47.6 1939—Dec. (Jan.3,1940). 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 1,133.7 80.6 1940—Dec. (Jan 1.1941). 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Dec. 31 . 5,354.1 2,979.6 1,177.1 1,802.6 791.3 855.5 626.7 100.9 1942—Dec. 31 «. 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 ?,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 1 1 9 9 4 4 7 6 — — D D eecc, . 3 3 1 1 # 8 8 , , 3 0 4 0 3 9. . 5 7 4 5 , , 1 27 2 2 0 . . 3 3 2 1 , ,1 3 2 3 1 3 .6 8 2 2 , , 9 9 9 3 8 8 .7 5 9,2 4 4 5 2 3 .8 0 4 18 2 6 7 .2 5 1 1 , , 2 2 7 3 6 7 .9 9 3 4 7 6 5 4. . 5 5 1 1 4 5 2 3 . . 4 7 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 I949—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 1637 8 307 6 1,209 9 258 5 123.7 1950—Jan. 31.. 8,864.0 5,245.9 2,153.6 3,092.4 1,723.0 404.5 1,103.7 263.8 123.0 Feb. 28. 9,092.5 5,283.8 2,189.7 3,094.1 1,707.1 458.7 1,210.0 310.1 122.8 Mar. 31 : 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 9,582.3 5,614.5 2,298.5 3,316.0 1,662.7 522.1 1,198.3 459.6 125.2 Tune 30P. 9,809.7 5.794.5 2.516.4 3,278.1 1,635.5 468.6 1,242.5 545.6 123.0 July 31 P. 9,908.5 5,837.8 2,593.1 3,244.6 1,623.4 451.5 1,241.2 632.9 121.7 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, s ti t I o i n t n u te a t l r i o n i n n a- s - Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - 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 ,784.1 247.5 1946—Dec. 31. 453.8 7,555.7 563.1 384.8 326.4 766.1 287.5 ,246.3 3,574.2 979.7 1,474.0 1,258.3 269.6 1947—Dec. 31. 2,067.3 6,276.4 43.7.0 234.3 213.8 839.3 150.1 ,100.6 2,975.1 688.6 1,383.4 984.3 244.9 1948—Dec. 31. 1,677.1 6,891.9 659.7 74.2 103.0 846.0 335.9 ,122.2 3,141.1 947.3 1,503.6 1,065.2 234.9 1949—Aug. 31 1,630.6 6,904.1 479.2 78.4 128.7 898.5 400.6 ,097.0 3,082.2 903.9 1,715.1 964.0 239.0 Sept. 30 1,623.7 6,868.6 525.5 95.2 174.0 910.0 291.4 ,089.6 3,085.7 893.5 1,677.0 955.1 257.2 Oct. 31 1,594.9 7,065.3 587.3 110.9 189.6 933.8 291.6 ,093.9 3,207.1 928.7 1,756.7 908.1 264.7 Nov. 30 1,558.9 7,100.0 644.5 125.3 165.3 925.1 297.1 ,089.4 3,246.8 952.8 1,768.5 875.2 256.7 Dec. 31 1,541.7 7,221.8 682.4 113.2 171.6 951.2 301.4 ,135.8 3,355.5 984.7 1,780.2 852.0 249.4 1950—Jan. 31 1,526.8 7,337.2 728.9 93.8 175.3 890.1 295.1 ,186.3 3,369.6 1,022.2 1,792.3 882.9 270.2 Feb. 28 1,611.3 7,481.2 764.4 115.1 162.0 890.0 298.2 1,217.8 3,447.5 1,024.2 1,833.5 933.2 242.8 Mar. 31. 1,615.3 7,552.9 797.7 112.0 171.7 952.6 259.4 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 31 1,627.9 7,954.4 943.0 156.2 210.6 989.0 267.6 1,243.9 3,810.3 1,036.3 1,855.7 1,023.7 228.4 June 30P 1,616.2 8,193.4 ,054.4 188.3 212.0 ,006.8 277.5 1,270.7 4,009.6 1,083.3 1,835.3 1,033.1 232.2 July 3\P 1,605.0 8,303.4 ,044.1 163.4 237.4 ,017.5 268.3 1,289.2 4,020.0 1,111.9 1,911.3 1,019.3 240.9 P Preliminary. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and special deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also special deposit accounts held with the U. S. Treasury. 2 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 5 and 6. Securities of such institutions are included in foreign securities. 3 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation see BULLETIN for January 1943, p. 98. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637 in the same publication, and for those subsequent to 1941 see BULLETIN for February 1950, pp. 246-251. For revision of earlier figures to include movement in official Philippine accounts held with U. S. Treasury, see BULLETIN for July 1946, pp. 815-819. Certain of the figures in tables "Short-term Liabilities to and Claims on Foreigners Reported by Banks in the United States, by Countries" are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-591, and BULLETIN for March 1947, pp. 338-339, and September 1945, pp. 967-971. 1404 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From th J ro a u n g . h 2 — , 1935, n t I a u i n n t t i i t s o o e t n i r n - - a s l Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1944—Dec. 31. 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—Aug. 31.. 1,778.8 4,873.6 291.1 70.3 102.0 538.2 381.0 516.4 1,899.0 635.01 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 1,925.1 719.61 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 76.9 162.0 560.5 239.7 593.0 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.. 1,662.7 5,614.5 740.0 106.1 202.9 583.0 253.2 606.2 2,491.4 739.6 1,254.5 926.3 202.7 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 July 31P. 1,623.4 5,837.8 848.4 113.0 232.3 593.1 255.5 638.6 2,680.9 688.2 1,332.2 912.4 224.1 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia ot A h 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—Aug. 31 338.0 277.1 9.8 12.7 1 9 5.5 227.6 534.5 58.5 -242.3 -7.5 —5.2 Sept 30 316 0 235 2 10 9 11 8 4 5 11 2 224 9 498 5 57.5 —235.9 2.4 —6 5 Oct 31 . .... 285.0 225.6 11.0 12 6 4 1 10 5 221.1 484 9 61.1 -250.2 -4.4 —6.4 Nov. 30 288.8 237.2 26.9 12.3 3 5 7.7 211.6 499.2 59.9 -257.9 -6.1 —6.2 Dec 31 307 6 254.8 27.2 13 4 4 3 4 0 211 3 515 0 55.3 —243.1 -10.6 —9.0 1950—Jan. 31 404.5 259.4 27.6 16.0 2 5 5.8 238.6 549.8 52.7 -179.3 .1 —18.7 Feb 28 458.7 267.7 43.1 14.2 2.6 3.2 239.2 570.0 50.4 -143.4 5.1 -23.4 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 31 522 1 264 8 58 1 14 2 8 2 0 245 5 585 3 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 July 31 P 451.5 255.3 58.8 14.1 -1.6 .2 241.0 567.9 46.8 -162.4 42.9 -43.7 TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) Inter- From t h J r a o n u . g h 2 — , 1935, n t a u in t t i i s o o t n i n - a s l Total U K d n i o i n m t g 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 1944—Dec. 31 1 019 4 126.5 51.0 33 6 44 5 27.6 246.9 530.1 104.9 302.0 61.3 21.0 1945—Dec 31 O77 8 117 7 51 2 33 0 45 2 27 5 249.2 523.8 49.1 317.1 60.8 22.0 1945—Dec. 31 L 237 9 96.8 50.2 26.0 31.2 26.7 260.2 491.2 236.6 448.4 61.1 .7 1947—Dec. 31 —249.3 L 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 L 431 3 84.9 42.9 -9.1 — 19.0 26.5 287.2 413.3 339.7 578.3 63.2 36.9 1949—Auff 31 —265 3 L 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 L 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 I 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 I 475 1 71.4 43.2 -9.3 .1 27.0 311.7 444.1 329.1 598.5 63.9 39.5 1950—Tan 31 —365 8 I 469 5 71 3 44 0 — 15 1 2 4 27.0 313.4 443.0 320.9 601.9 64.0 39.8 Feb. 28 -269.1 I 479 0 70.9 43.9 -16.9 4.5 27.0 314.4 443.8 326.9 604.1 64.1 40.1 Mar. 31, -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 L 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 31 -266.5 ,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 1 509 6 67 1 44.1 — 14 2 16 8 27.4 319.2 460.3 322.5 613.6 64.2 49.0 July 31P -266.9 ,508.1 66.4 43.8 -13.6 15.1 27.4 319.6 458.7 319.6 616.2 64.2 49.4 p Preliminary. OCTOBER 1950 1405 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 SINGE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From th J ro a u n g . h 2 — , 1935, n t a I u i n n t t i i t s o o e t n i r n - - a s l Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1944—Dec. 31 911.8 -125.4 77.3 239.0 368.5 1.9 72.4 633.7 -28.1 54.9 240.5 10.7 1 19 9 4 4 6 5 — — D D e ec c . 3 3 1 1 .... 4 79 6 8 4 .5 7 - - 1 1 9 5 4 7 . . 9 9 8 7 1 4 . . 7 9 2 2 3 0 3 7 . . 5 0 3 3 5 3 5 7 . . 4 9 2 2 . . 2 1 6 5 8 7 . . 0 3 4 58 8 2 4 .3 9 — -1 4 12 3 6 .0 6 8 8 1 7 . . 3 6 2 2 5 6 1 . . 8 3 9 8 . . 9 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 194g—Dec 31 82.1 101 2 -194.7 -58.1 29.5 311.0 -15.0 45.7 118.4 — 132 3 94.4 13.6 7.2 1949—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 31 231.8 227.8 -146.5 -68.6 -3.0 364.0 -15.5 65.7 196.1 -74 8 101.6 -3.5 8.5 June 30P 247.8 297.8 -144.7 -69.0 -4.5 377.8 -15.3 72.3 216.7 -38.8 116.2 -5.2 8.9 July 31P 248.6 384.4 -143.5 -68.7 -6.0 382.5 -15.2 79.7 228.7 37.0 114.8 -5.5 9.4 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 1947—Dec. 31 142.4 18.2 19.1 12.7 38.2 .3 14.2 102 7 19 6 12 9 6 6 7 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 1949—Aug. 31 121.2 17.1 16.1 9.3 22.8 .6 11.7 77.5 20 9 14 9 7.2 .6 Sept 30 127.0 17.7 16.0 9.6 24.4 .6 11.4 79.7 21.0 18.8 6.8 .7 Oct. 31 126.8 17.5 16.2 10.3 27.0 .5 11.4 83 0 19 9 16 4 6 9 7 Nov. 30 121.3 17.1 16.2 10.6 25.3 .6 11.4 81.2 18.3 14.5 6.6 .7 Dec. 31 . 123.7 17.1 16.2 9.6 28.4 .6 11.1 82 9 20 5 12 7 6 8 8 1950—Jan. 31 123.0 16.3 15.8 11.0 27,8 .6 11.1 82.5 21 8 11 2 6.7 .8 Feb. 28 122.8 17.1 15 5 11.1 26.8 .6 10 7 81 8 17 7 15 7 6 9 8 Mar. 31 130.0 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 31 125.2 16.7 16.1 11.6 27.0 .5 10.3 82 2 21 6 12 3 8 4 8 June 3QP 123 0 16 9 16 3 10 9 26 6 5 10 1 81 2 19 9 11 6 9 3 1 0 July 31? 1 121.7 17.5 16.5 10.6 28.4 .5 10.3 83.8 20.3 10.5 5.4 1.7 SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS Total foreign In- countries 2 terna- United Neth- Switz- Date t i i n o s n t a i- l Official 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 - 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 J 04-fi 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 1L.104.8 1,316.4 232.8 1947—Dec. 31... >,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 \L.216.6 1,057.9 193.7 1948—Dec. 31... L.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—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... L,742.1 5,671.2 2,587.9 438.9 166.9 165.7 558.7 285.9 664.2 2,280.3 827.5 L,319.3 1,059.5 184.5 Oct. 31... t,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 L,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 L,439.0 984.5 184.6 Dec. 31... 1,657.8 5,960.2 2,908.1 574.4 171.6 170.5 576.9 303.6 717.0 2,513.9 869.1 1,436.7 961.0 179.5 1950—Jan. 31... L.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 L.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 6,042.9 2,823.2 662.1 157.0 178.7 574.1 260.0 756; 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 •1,405.1 1,090.7 163.9 May 31... 1,682.6 6,348.7 3,008.8 801.4 186.2 219.5 596.6 273.5 769.5 2,846.6 847.5 1,376.1 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 July 31P.. 1,643.3 6,571.9 3,303.4 909.8 193.1 248.9 606.7 275.8 801.9 3,036.1 796.2 L,453.7 1,093.0 192.9 v Preliminary. 1 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 70.7; U. S. brokerage balances abroad, 25.9. 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. 1406 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- C v o z a s e k l c o i h a - - m De a n rk - l F a i n n d - m G a e n r- y1Greece N w o a r y - l P a o n - d t P u o g r a - l m R a u n - ia Spain S d w en e- USSR Y sl u av g i o a - ot A h l e l r2 1944—Dec. 31.. 774.5 124.3 •14 8 7.1 6.8 48.7 220.8 54.5 9.5 43.4 152.1 16.1 5.7 70.7 1945—Dec. 31. . Q09 1 185.0 ?S 9 5.5 7.0 70.8 216.1 47 9 9 3 31 7 210 1 28 0 5 7 66 0 1946—Dec. 31.. 850.5 159.5 66 5 22.2 7.1 49.3 123.5 39.0 8.9 16.4 172.6 60.5 12.4 112.5 1947—Dec. 31. . 739 8 124.9 52 8 30 5 89 5 34 7 56 2 47 1 8 7 12 8 5g g 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—-Aug. 31.. 670 6 142.2 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 5 120 9 Nov. 30. . 675 117.7 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—Jan. 31. . 739.0 44.3 123.9 17.7 •35 2 23.8 149.7 30.3 76.4 6.0 40.0 6.5 14.0 96.1 9.4 7.1 58.5 Feb. 28,. 767.2 44.0 133.3 17.3 33 2 20.6 164.6 31.6 82.2 6.7 39.2 6.4 •11.3 101.9 11.1 5.8 57.9 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. . 769.5 38.7 108.2 13.4 32 0 18.2 199.7 36.9 76.7 4.9 36.9 6.2 10.1 109.2 15.1 6.2 57.0 Tune 30*>. 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 July 31*. 801.9 35.5 106.1 11.3 31 9 15.8 245.0 40.6 69.5 4.7 32.6 6.2 10.4 116.5 15.2 5.0 55.7 Latin America Neth- 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 D R c l u i i a e o b c n - n - - - G m u a a l t a e- M ic e o x- I l W S n a a e u d n n r e r i d d - s i e - s t s Peru l p P a i R c u m a e b n o - a - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i m c a th a t e i e 3 r n r nam 1944-—Dec 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 8112 6 14 0 174 0 50 7 57 8 153 5 152 2 16 1 40 9 77 2 74 0 181 8 1947—Dec. 31 1,216 6 236 2 17.8 104.7 46.3 46.1 234.7 139.2 14.9 41.8 70.3 78 0 186 5 1948—Dec. 31. 1,287.0 215.8 17.1 123.7 55.6 54.0 219.4 146.7 24.3 52.6 71.8 121.7 184.1 1949—Aug. 31. 1,367.9 228.6 14.4 128.0 57.9 49.0 187.7 175.5 29.1 58.3 64.6 161.2 213.6 Sept 30 1 319 3221 7 16 2 145 0 58 1 51 0 179 6 184.2 27 8 59.4 69 1 99 4 207 9 Oct. 31 1,416 5 227 7 15.7 165.0 59.5 57.6 181.7 185.7 30.5 61.4 72.7 160 4 198 6 Nov. 30. 1,439.0 233.7 13.2 216.9 54.9 70.1 178.4 195.0 23.5 53.3 74.2 129.2 196.6 Dec. 31 1 436 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. 1,376.1 233.5 13.9 99.4 68.6 53.1 227.2 40.9 26.6 160.2 28.4 46.3 80.8 36.9 67.0 124.4 68.9 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 July 31P 1,453.7 239.0 13.3 150.3 69.0 70.7 245.8 45.6 23.5 174.9 30.1 49.7 69.5 28.6 73.3 104.9 65.6 Asia and All Other Date Asia C M c a h h n a i u d n n - - a H K o o n n g g India I n n e d s o ia - Iran IsraelJapan p ip P u R p h b e i i l n - l i - c e T la h n a d i- T k u ey r- O A t s h ia e 4 r o A th l e l r t A ra u l s i - a C g B o i e a n l n g - o A E E t a n i g g n a g y y d n l p p o t - - A U So f n o r u i i f c o th a n Other5 Sudan 1944—Dec 31 1069 2 427 3 22 9 22 1110 5 4.0 365 8 23.7 92.9 174.0 52.9 7 3 8 105 4 1945—Dec 31 1549 7 582 3 27 4 33 4113 7 4 1 629 1 52.5 107.2 181.8 28 9 18 9 6 4 127 7 1945—Dec 31 316 4 431 9 44 9 43 5127 1 16.6 446 6 54.7 151.0 232.8 45.5 20 8 47 ? 119 1947—Dec 31 n057 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—Aug 31 1077 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 ? Sept.30 1059 5 124 1 82 3 59 9 27 2 161 5 348 A 15 1 241 0 184 5 31 7 58 7 5 ^ 88 4 Oct 31 1016 5 116 3 81 5 52 6 20*5 189.5 334 1 12.1 209.9 192.1 44.0 60 2 5 7 82 ? Nov. 30 984.5 113.4 83.3 56.4 17.8 204.8 306 3 10.0 192.4 184.6 39.4 58.3 6.9 79.9 Dec. 31. 961.0 110.6 83.9 63.3 15.7 214.6 297 3 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 21.0238.8 286 1 24.3 12.0 101.5 209.8 29.8 27.2 72.8 22.9 57.1 Feb. ?S 1,027.3 112.3 90.6 69.5 29.2 16A 27.3252.2 289 4 22.6 14.4 103.5 186.6 25.1 28.3 58,4 21.3 53.6 Mar. 31 . 1,027.9 104.5 88.8 61.8 27.6 17.5 25.0275.2 289 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 21.8332.9 294 6 27.4 10.2 99.2 163.9 17.5 31.8 56.2 6.6 51.8 May 31 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 July 31P 1,093.0 91.3 93.6 42.1 47.7 17.3 15.7353.1 290 4 29.4 12.4 100.1 192.9 19.5 40.5 52.3 19.3 61.4 P Preliminary. 1 Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes. 2 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. 3 Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 4 Beginning January 1948,. includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 5 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. OCTOBER 1950 1407 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] CLAIMS ON FOREIGNERS Date Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r it - d z- Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1944—Dec. 31 329.7 25.9 1.4 .3 1.3 .3 78.3 107.5 28.1 131.0 51.4 11.7 1945—Dec. 31 392.8 25 4 1.1 36 3 2.9 .3 74.6 140.7 53.3 158.9 29.9 9 9 1946—Dec. 31 708.3 47.7 5.7 151.0 9.8 16.0 82.8 312.9 52.2 226.8 99.2 17.2 1947—Dec. 31 948.9 29.2 23.4 49.1 7.0 21.1 118.9 248.6 27.5 514.3 127.0 31.5 194g—Dec 31 1,018.7 24.5 119.0 51,4 6.9 15.8 106.3 323.8 39.8 516.6 118.8 19.7 1949—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 7 165.0 !178.2 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 May 31 607.3 27.2 21.0 4.5 7.3 24.5 58.2 142.7 32.7 290.5 100.7 40 7 June 30P 660.8 28.1 20.7 4.2 9.1 28.7 62.0 152.8 35.1 323.6 87.8 61.4 July 31 P . 677.9 36.7 20.3 4.5 9.7 26.4 62.6 160.1 46.1 330.4 86.2 55.1 CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Other Europe Czech- Date E O u t r h o e p r e A tr u i s a - g B iu e m l- v o a s k lo ia - m D a en rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o- d t P u o g r a - l m R a u n - ia Spain S d w e e n - USSR s Y la u v g i o a - ot A h l e l r2 1944—Dec. 31.. 78.3 7 (8) (3) 33.9 .6 35.1 .8 (8) 1.8 .2 (8) 8 5.2 1 1 9 9 4 4 5 6 — — D D e e c c . . 3 3 1 1 . . . . 8 7 2 4 . . 8 6 7. . 5 6 <% 6 (3 . ) 2 3 30 3 . . 4 9 12. . 4 7 3 3 1 . . 3 6 1. . 0 5 .1 7 1. . 6 2 4. . 9 9 (3) 8 9 4 . . 5 8 1 19 9 4 4 g 7 — — D D e e c c . . 3 31 1.. 1 1 0 1 6 8 .9 3 2 1 1 5 .0 4 2. . 2 6 3 8 .0 4 3 30 0 .5 5 1 1 0 .6 2 9 8. . 4 2 1. . 1 7 (3) 2. . 9 9 5 1. . 4 4 (8) 2 3 9 5 . . 8 9 (S) (3) 1949—Aug. 31 82 2 13 6 1 0 5 5 29 7 .7 7.9 .4 8.2 2.5 1.4 (3) 6.0 11.1 Sept. 30.. 84.9 14.1 .7 6.6 30.3 .8 8.0 .4 7.1 3.8 1.8 11.2 1950— F A D O N M J e a e p c o a b n c t r v r . . . . . . 3 3 2 3 3 3 3 1 0 1 1 1 8 0 . . . . . . . . . . ! 9 6 8 9 6 6 6 8 8 8 3 4 4 5 . . . . . 5 1 0 4 0 2 7 " i. . . . 2 7 2 2 1 1 1 1 1 1 1 7 6 5 6 7 9 6 . . . . . . 7 6 2 6 3 3 1 "{% ( . ) 3 1 " ) . . . . . . . 7 7 4 5 5 5 6 8 4 2 8 9 3 2 . . . . . . 2 2 9 4 5 1 6 1 3 3 3 2 2 2 2 0 0 5 5 5 0 5 . . . . . 6 5 3 0 3 0 5 . . . . . . 7 7 2 1 2 2 8 7 7 7 1 1 1 1 . . . . . . 5 0 2 4 3 1 3 '"'.s . . A 1 1 ' . . . . . . . 5 5 7 7 8 6 8 7 7 7 ( ( * 3 . . . ) ) 0 0 0 3 6 6 6 7 7 7 . . . . . . . 8 7 6 1 7 9 0 2 2 2 3 3 2 2 . . . . . . . 4 1 1 3 4 1 4 ( 8 ( ( ( ( ( 3 3 3 s 3 3 ) ) ) ) ) ) "" (3 .2 . ) 1 1 1 1 4 4 4 5 5 6 1 . . . . . . . 4 4 8 2 6 7 5 M Tu a n y e 3 3Q 1 P .. . 6 5 2 8. . 2 0 . . 3 1 1 12 1 . . 2 7 . . 3 1 2 1 . . 5 1 3 2 . . 4 4 2 2 5 5 . . 2 1 . . 3 1 1 1 . . 2 2 ( . 3 1 ) . . 9 5 8 4 6. . 2 4 3 2 . . 1 8 CO 2. . 5 7 4 4 . . 7 6 July 31V. 62.6 (3) 12.1 (s) 3.2 1.6 25.1 .1 1.3 .1 .5 7.2 3.8 (3) 3.2 4.5 ( 3 ) (3) 3 2 . . 0 4 Latin America Neth- Date A L i a m c t a i e n r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a o e b c n n - - - - G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d d - i s i e s - t s Peru l P p a i R c u m a e b n o - a - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L ic m a th a t e i 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. 31.. 158.9 21.0 1.3 24.7 6.6 16.8 33 3 11 0 5 1 9 1 1 6.1 34.7 1946—Dec. 31 226 8 41 8 2 3 49 8 14 6 26 4 25 7 25 5 .8 3.7 1.3 8 7 26^2 1947—Dec. 31.. 514.3 65.2 2.0 165.8 27.8 32.6 108.6 52.2 1.1 4.3 4.7 15 3 34 5 1948—Dec. 31. . 516.6 72.4 2.7 165.4 15.2 32.6 83.1 73.8 1.5 4.4 4.6 26.0 34.7 1949—Aug. 31.. 410.3 56.1 2.2 160.5 11.8 24.4 17.6 68.0 1.1 6.9 4.6 22.4 34.5 Sept. 30.. 403.9 54.4 2.3 162.2 11.4 22.6 17.5 64.1 1.1 6.4 4.6 22.3 34.9 Oct. 31 418 2 55 3 2.5 165.1 12.0 22.6 20.0 66.4 3.0 6.3 5.4 23 0 36.8 Nov. 30.. 425.9 54.1 1.9 161.9 11.7 22.3 26.4 72.0 1.2 5.8 5.3 -23.6 39.6 Dec. 31.. 411.1 53.6 2.3 136.9 15.5 21.1 27.5 73.0 1.3 5.8 5.3 25.6 43.1 1950—Jan. 31.. 347.3 51.3 5.2 99.2 14.1 19.9 27.1 i.k 2 A 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.S 4.8 3.8 10.5 26.5 22.0 May 31.. 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 30P. 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 July 31 P. 330.4 37.9 7.7 74.0 3.5 58.4 27.7 1.4 1.9 50.5 1.2 9.5 4.5 2.6 6.7 25.4 17.4 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. 8 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. 1408 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 Phil- Bel- and Union Date Asia M ch a u n - - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan ip R p e i - ne T la h n a d i- T k u ey r- O A t s h ia e 1 r o A th l e l r t A ra u l s ia - C g o ia n n go A E n g g y l p o - - So o u f th Others ria public tian Africa Sudan 1944—Dec. 31.. 51.4 1.5 .9 22.3 1.5 .5 13 8 1 8 8 9 11 7 .6 .2 9.7 1-.2 1945—£)ec# 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—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 S.S Nov. 30. . 135.2 16.3 4.2 17.0 .2 9 5 25 9 15 7 46 S 17 6 5 4 6 3 6 8 0 Dec. 31.. 139.7 16.6 3.7 17.4 .2 14 1 23 2 14 3 50 3 20 4 7 9 2 4 5 7.7 1950—Jan. 31.. 129.0 17,0 4.1 16.6 .2 1.3.6 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 (3) 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 3QP 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 July 31*. 86.2 20.1 4.1 18.7 .1 11.5 11.2 1.1 9.6 1.2 .9 7.7 55.1 36.2 3 9 .1 9.5 5.3 P Preliminary. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. » Less than $50,000. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated Year or pro w d o u r c ld tion Total Africa North and South America Other month U o . u S t . s S i . d R e .i r m e o p n or th te l d y A So fr u ic th a R de h s o ia - A W fr e ic s a t 2 C B o el n g g i o an 3 U St n a i t t e e s d * 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 l s ia tra- India* $1 =156/2i grains of gold 9/io fine: i. e., an ounce of fine gold =$35. 1941. 1,265.6 s110.4 504.3 27.8 32.4 19.6 209.2 187.1 28.0 23.0 9.3 7.5 52.4 10.0 1942. 1,125.7 982.1 494.4 26.6 29.2 18.0 131.0 169.4 28.0 20.9 6,4 8.6 40.4 9.1 1943. 871.5 774.1 448.2 23.0 19.7 15.8 48.8 127.8 22.1 19.8 6.1 7.7 26.3 8.8 1944. 784.0 701.5 429.8 20.7 18.4 12.7 35.8 102.3 17.8 19.4 7.1 7.9 23.0 6.6 1945. 738.5 683.0 427.9 19.9 18.9 12.1 32.5 94.4 17.5 17.7 6.3 7.0 23.0 5.9 1946. 752.5 697.0 417.6 19.1 20.5 11.6 51.2 99.1 14.7 15.3 8.1 6.4 28.9 4.6 1947. 766.5 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 7,4 32.8 6.1 1948. 791.0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949. 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—July. 62.9 35.5 1.6 1.8 1.1 5.5 11.4 1.0 1.1 .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 .2 .7 2.3 .5 Mar.. 35.1 1.5 1.9 1.1 6.1 13.4 1.2 .6 .7 2.3 .5 Apr.. 33.3 1.5 1 9 1 0 6.7 12.9 1.1 .8 .7 2 1 .6 May. 35.5 1^5 2.0 1.0 6.8 13.1 9 .6 2.3 .5 June. 34 6 1.9 1 0 6.6 12.9 1 0 .7 3.3 .6 July. 34.6 1.0 7.1 .7 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. OCTOBER 1950 1409 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] United States End of month Treas- Total i t g i A n e r n a - - 2 g B iu el m - Brazil Canada3 Chile lo C m o b - ia 4 Cuba C v z S a e l k c o h i - a o- m D a e r n k - 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—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 '521 40 68 31 53 523 July. 24,136 24,239 651 317 40 69 31 523 Aug.. 23,627 23,745 P643 31 523 End of month H g u a n r - y India Iran « Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Peru P g o a r l t u e - 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 20 193 762 Hi 1948—Dec. 35 256 140 96 166 23 52 20 158 183 111 1949—Sept.. 38 247 140 252 178 161 26 51 20 121 85 Oct... 40 247 140 252 178 161 26 51 20 119 85 Nov.. 40 247 140 252 178 195 27 51 28 120 85 Dec. 41 247 140 252 178 195 27 51 28 128 85 1950—Jan... 41 247 140 252 178 229 27 51 28 132 80 Feb.. 41 247 140 252 178 229 27 51 28 146 80 Mar.. 247 140 252 178 229 27 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. 247 252 178 229 28 50 28 179 Aug.. 178 229 180 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 r d e - a - l f S t m t o B e i e o r r e a t n n t n n I l a a t e n k 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 o r i n t e u g e s s - d e r f v i e g s u F re r n a s o n t c e inclu B d e e l d g iu i m n dom 1945—Dec 482 1,342 241 195 202 192 39 1946—Dec 381 1,430 237 200 215 193 15 32 1945—Dec 12,476 2 457 2 17 1947—Dec 105 1,356 170 175 215 195 1,356 30 1946—Dec 12,696 1948—Dec 81 1,387 162 164 323 220 1,436 36 1947—Mar 12,380 1949—Sept 70 1,485 159 177 373 239 1,450 52 June.... 12,410 Oct 70 1,486 154 178 373 304 1,450 47 Sept. 12,383 Nov 70 1,495 154 178 373 304 1,451 64 Dec 12,079 Dec 70 1,504 154 178 373 330 1,451 68 1950—Jan 70 1,508 154 183 373 332 1,459 68 1948—Mar 12,241 Feb. 70 1,503 154 187 373 334 1,460 69 June.... il,920 Mar 69 1,527 154 190 373 333 1,460 87 Sept 11,777 Apr 71 1,534 154 184 373 333 1,460 93 Dec 11,856 May 71 1,552 154 184 373 337 1,460 100 June 71 1,559 149 189 373 P336 1,460 108 1949—Mar 11,912 July 71 1,550 138 196 373 P336 1,464 128 June.... 11,651 Aug 71 146 373 P336 125 Sept il,425 Dec.... 11,688 P Preliminary. c Corrected. 1950—Mar 11,984 1 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is June.... 12,422 not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve Sept..... 12,756 (statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 2 Estimated dollar values derived by converting gold at home in amounts up to 1,224.4 1 Exchange Equalization Account holdings of million pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of gold, U. S. and Canadian dollars, as reported by 3.5447 pesos per U. S. dollar. British Government. (Gold reserves of Bank of 3 Figures as reported by Foreign Exchange Control Board and Minister of Finance. England have remained unchanged at $1 million 4 Beginning December 1948 figures taken from last weekly statement of month. since 1939, when Bank's holdings were trans- 6 Beginning December 1947 includes gold holdings of issue and banking departments of ferred to Exchange Equalization Account). Bank Melli Iran; prior to that represents holdings of issue department only. 2 France—Exchange Stabilization Fund; Bel- 6 Total gold holdings are not available. Beginning April 1946, the series is new and repre- giu m—Treasury. sen 7 t F s ig go u l r d e s h e a l r d e a fo s r r e f s o e l r lo v w e in (2 g 5 d p a e t r e c s: e n 1 t 9 m 46 i — nim M u a m r. ) 3 l 1 es , s a g n o d l d 1 9 in 4 7 f — ore M ig a n r . c 3 u 1 rr . ency liabilities. gol N d O t T r E an .— sfe F r o s r a d f e fe ta c i t l i s n g r e t g h a e r d B in r g i tis s h p ec a ia n l d i F nt r e e r n n c a h l 8 For list of countries included, see BULLETIN for January 1950, p. 114, footnote 8. institutions, see p. 1412, footnote 1, and p. 1413, NOTE.—For description of figures, including details regarding special internal gold trans- footnote 8. For available back figures, see fers affecting the reported data, see Banking and Monetary Statistics, pp. 524-535; for back Banking and Monetary Statistics, p. 526, and figures through 1941, see Table 160, pp. 544-555, in the same publication and for those sub- BULLETIN for November 1947, p. 1433, and Febsequent to 1941, see BULLETIN for February 1950, p. 252. For revised back figures for Argen- ruary 1945, p. 190. tina and Canada, see BULLETIN for January 1949, p. 86, and February 1949, p. 196, respectively. 1410 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD IMPORTS TO UNITED STATES, BY COUNTRIES [Net gold exports from United States (—). In millions of dollars] Gold valued at approximately $35 a fine ounce m Y o o e n r a t r h Total U K d n i o i n m t g e - d g B iu el m - France N la e e n r t d - h s - S d w e e n - U.S.S.R. Canada A t r i g n e a n- Co b l i o a m- Mexico r N a i g c u a a - V zu e e n l e a - 1942. 315.7 2.0 11.3 208.9 10.6 40.0 8.7 4.0 1943. 68.9 .1 66.9 -10.8 -3.3 7.5 2.2 1944. -845.4 -695.5 46.2 -50.3 -109.7 7.7 -55.3 1945. -106.3 .2 53.1 15.1 7.4 -56.1 1946. 311.5 .5 33.7 344.1 -134.0 3.6 7.3 .2 1947. 1,866.3 488.4 162.9 28.0 27.9 445.4 335.5 21.0 -7.1 7.6 -.8 1948. 1,680.4 1,095.4 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—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 -.1 .3 .5 1950—Jan... 39.0 .4 .4 Feb. . .2 .2 .5 Mar.. — 1.6 .3 .5 -.1 Apr... 53.3 31.7 .4 .2 .5 May. 13.1 .4 .3 .3 -.2 June. 10.0 -.1 .5 .3 .3 July. -1.5 .6 .2 .3 Aug.. -42.2 -44.2 .3 .3 NET GOLD IMPORTS TO UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued UNITED STATES [In millions of dollars] [Net gold exports from United States (—). In millions of dollars] Gold valued at approximately $35 a fine ounce Gold stock at Ear- Y m e o a n r t o h r Am O L e a t r h t i i e c n r an t A ra u l s i - a China P p h R i i e n l - i e p- A So fr u ic th a c o o A th u l e n l r - Period T e u r n e r d a y s o - f p T e o ri t o a d l1 I i n n s g c to o r to e l c d a t k a s l e g p e o x o N ld p r e t o i t o m rt r -g m o c c o l r r a r d e e r : a a i k n s s e d e e - d e- p P ti t r c o i o m o d g n u o e 2 l c s d - - Republics public tries 1942 16.3 .5 ,3 4.1 8.9 1942. 22,726 22,739 -23.0 315.7 -458.4 125.4 1943 14.6 .2 -9.5 .3 .8 1943 21,938 21,981 -757.9 68.9 -803.6 48.3 1944........ -10 8 .2 — 11.9 3.6 30.2 1944. 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 1945 .... 7.0 .1 -134.0 .1 .4 .5 1945 , 20,065 20,083 -547.8 -106.3 -356.7 32.0 1946 —8 0 -55.8 -.2 118.6 1.3 1946 ... 20,529 20,706 623.1 311.5 465.4 51.2 1947.... -17.1 .1 -14.0 -3.5 410.7 -18.6 1947....... 22,754 22,868 3 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 1,530.4 1,680.4 -159.2 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—Aug.. . .6 -7 0 22.3 -3.9 1949—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 .2 337.1 Feb... 24,345 24,456 -51.2 .2 -50.4 5.5 Feb. . . .5 .1 -.2 -1.3 Mar ... 24,246 24,360 -96.2 -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 -.5 118 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 — i -3.1 Aug. . . 23,627 23,745 -494.4 -42.2 -431.4 Aug.. . .6 .1 -.1 .8 Sept. . .^23,482 ^23,591 P—154.4 • (4) 5 -65.9 1 Includes net exports of 39.2 million dollars to Switzerland, 10.7 v Preliminary. * See footnote 1 on opposite page. million to Greece, 8.3 million to French Indo-China, and 5.3 million 2 Yearly figures are estimates of United States Mint. For explanato other countries. tion of monthly figures see p. 1409, 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 5,206.3 million dollars on Sept. 30, 1950. Gold NOTE.—For back figures see Banking and Monetary Statistics, under earmark is not included in the gold stock of the United States. Table 158, pp. 539-541, and for description of statistics, see p. 524 NOTE.—For back figures and description of statistics, see Banking in the same publication. and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. OCTOBER 1950 1411 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [End-of-month figures. In millions of dollars] 1950 1949 1950 1949 International Fund International Bank July Apr. 1 Jan. July June Mar, Dec. June Gold.... 1,460 1,459 1,448 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States 1,306 1,299 1,300 1,340 United States 5 18 38 59 Other 4,25714:,266 4,266 4,185 Other 924 925 923 928 Unpaid balance of member subscriptions. 989 893 1,018 1,070 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 449 446 448 453 Member subscriptions 8,022 7,922 8,047 8,047 Calls on subscriptions to capital stock3. . 5 5 5 5 Accumulated net income I -4 -3 -3 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 738 723 727 650 1950 1949 Other assets 8 7 6 6 Net currency purchased 2 Bonds outstanding 261 261 254 254 (Cumulative—millions of dollars) Liability on obligations sold under guar- Aug. July June Aug. antee 26 26 27 27 Loans—undisbursed 126 130 162 124 Other liabilities 5 2 4 4 A Be u l s g t i r a a n li a f n ra n p c o s unds 2 1 0 1 . . 0 4 2 1 0 1 . . 0 4 2 1 0 1 . . 0 4 32.1 S C p a e p c i i t a a l l3 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 Ch o e st c a 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 D Eg a y n p is t h ia n k ro p n o e u r nds - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 1 3 0 . . 0 2 1 3 0 . . 0 2 res 2 u A lti s n o g f f A ro u m g . t 3 h 1 e , d 1 e 9 v 5 a 0 l , u t a h t e io F ns u n i d n S h e a p d t e s m ol b d e 7 r 5 1 9 9 . 4 8 9 m . illion U. S. dollars; Ethiopian dollars....... .6 .6 .6 .3 in addition, the Fund sold to the Netherlands 1.5 million pounds French francs 125.0 125,0 125.0 125.0 sterling in May 1947 and 300 million Belgian francs in May 1948, and Indian rupees 100.0 100.0 100.0 100.0 sold to Norway 200 million Belgian francs in June and July 1948. N M e e t x h i e c r a l n a n p d e s s o g s uilders.... 2 7 2 5 . . 5 4 2 7 2 5 . . 5 4 2 7 2 5 . . 5 4 2 7 2 5 . . 5 4 Re 3 p E u x rc c h lu a d se e s s a u m nc o a u ll n e t d e d p t o o r t 3 io 2 n .7 s m of i ll c io ap n i t d a o l ll s a u r b s s . criptions, amounting to Nicaraguan cordobas.... .5 6,679 million dollars as of June 30, 1950, of which 2,540 million repre- Norwegian kroner 9.6 9.6 9.6 9.6 sents the subscription of the United States. South African pounds. . . 10.0 10.0 10.0 10.0 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... 744.6 744.6 753.1 723.7 CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fig p u o r u e n s d i s n s m ter il l l i i n o g n ) s of Goldi a O ss t e h t e s r 2 N c a o o n t i d e n s a v c n o a D d n u i s c n - a e t d s s - Se t c ie u s ri- ci t r i c o u n l * 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 - d l 1941—Dec. 31 .2 780.0 28.8 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950.0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 L,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 L,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29 .2 L,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—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 L,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 1L,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 L,300.0 57.9 14.7 477.4 1,247.7 291.7 12.5 117.4 110.2 18.3 Feb. 22 .4 L,300.0 58.4 22.0 486.7 1,247.2 285.2 14.0 136.0 113.5 18.4 Mar. 29 .4 4 J,300.0 38.5 12.3 507.2 1,267.3 283.5 12.1 160.0 83.9 18.5 Apr. 26 .4 ,300.0 28.4 22.0 529.4 1,277.7 288.8 13.9 169.8 89.5 17.8 May 31 .4 ,300.0 19.9 19.1 554.9 1,286.6 281.3 12.0 188.4 94.2 18.0 June 28 .4 ,350.0 63.0 15.4 549.3 1,293.9 292.1 11.9 209.0 96.5 18.2 July 26 .4 ,350.0 37.4 18.0 599.2 1,319.7 286.8 14.5 237.1 97.9 18.3 Aug. 30 .4 4 ; ,350.0 53.8 23.4 575.0 1,302.0 278.8 12.8 246.5 95.7 18.5 : 1 On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and three pence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 Fiduciary issue decreased by 50 million pounds on Jan. 11 and increased 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. 1412 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (Figures in millions of Sterling securities Other Canadian dollars) Gold and S t U at n e i s ted O as t s h e e ts r circ N ul o a t t e ion2 liab a i n li d ties dollars S te h r o m rt 1 - Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other capital3 1938—Dec. 31. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30, 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940 —Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33,5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51,6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 1,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 1,022.0 858.5 43.7 1,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 1,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 1949—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 Tune 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 1.204.2 552.8 19.6 228.9 129.0 Aug. 31. 161.4 1,420.4 569.2 113.9 1,303.8 568.2 16.7 233.1 143.1 Assets Liabilities Batik of France mill ( io F n ig s u o r f e s f r i a n ncs) Gold Fo e r x ei - gn Domestic bills G A o d v v e a r n n c m es e n t t o s Other ci N rc o u t l e a- Deposits6 O li i a t t i b h e i e s l r change m O a p rk e e n t6 Special Other Current Other assets * tion G m ov e e n r t n- ECA Other ca a p n i d tal 1938—Dec. 29. 87,265 821 1,892 1,797 880 30,627 14,028 110,935 5,061 25,595 2,718 1939—Dec. 28. 97,267 112 5,818 2,345 149 14,200 30,473 15,549 151,322 1,914 14,751 2,925 1940—Dec. 26. 84,616 42 7,802 661 646 63,900 112,317 18,571 218,383 984 27,202 44,986 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 68,474 1942—Dec. 31.. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 21,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 15,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26, 94,817 7 37,618 3,135 76,254 480,447 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—Sept. 29. 62,274 51,504 138,787 15,092 298,005 164,200 560,990 76,261 1,210,606 201 140,548 15,757 Oct. 27. 62,274 53,002 140,936 23,486 305,454 152,700 560,990 81,425 1,218,697 202 142,845 18,522 Nov. 24. 62,274 58,174 143,794 28,164 306,397 152,500 560,990 85,587 1,203,768 153 173,396 20,563 Dec. 29. 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 1,278,211 1,168 158,973 19,377 1950—Jan. 26. 62,274 59,719 132,447 31,410 335,845 159,900 560,990 94,504 1,256,758 42 22,910 133,526 23,853 Feb. 23. 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. 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. 62,274 83,526 117,039 29,297 367,740 167,100 560,990 113,338 1,332,148 21 34,284 114,103 20,747 May 25. 62,274 98,539 115,978 27,090 341,340 167,700 560,990 107,521 1,324,533 17 21,927 110,321 24,634 June 29. 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. 62,274 146,146 144,523 12,709 373,930 161,600 560,990 128,695 1,413,718 80 22,806 129,954 24,309 Aug. 31. 8182,785 144,242 149,702 3,590 362,358 163,600 481,039 9137,978 1,455,008 75 12,778 134,709 22,722 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. 6 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 7 Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400; 1941, 64,580; 1942, 16,857; 1943, 10,724. 8 On Aug. 16, 1950, gold reserve revalued on the basis of 393,396.50 francs per kilogram of fine gold compared with the former rate of 134,027.90 francs, which had been in effect since Dec. 26, 1945. For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1950, pp. 1132 and 1261; 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 43.0 billion francs on Aug. 31. 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. OCTOBER 1950 1413 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) Aug. July June Aug. date of month) Aug. July June Aug. Central Bank of the Argentine Central Bank of Costa Rica 4 Republic (millions of pesos): (thousands of colones): Gold reported separately 656 656 507 Gold 11,511 11, 11,511 11,545 Other gold and foreign exchange. 508 1,538 1,593 Foreign exchange 36,552 39, 43,089 18,019 Government securities. ,858 1,860 1,714 Net claim on Intl. Fund3 7,019 7, 7,019 30,321 Rediscounts and loans to banks.. ,645 30,313 26,253 Loans and discounts 78,643 81, 85,930 84,750 Other assets. 278 240 190 Securities 20;401 20. 21,327 21,187 Currency circulation ,845 10,592 8,405 Other assets 18,076 16. 16,595 10,936 Deposits—Nationalized ,592 21,561 19,619 Note circulation 98,165102! 102,080 101,344 Other sight obligations 477 484 650 Demand deposits 64,235 66. 74,506 68,697 Other liabilities and capital ,032 1,970 1,582 Other liabilities and capital 9,802 9 8,885 6,716 Commonwealth Bank of Aus- National Bank of Cuba 5 tralia (thousands of pounds): (thousands of pesos): Gold and foreign exchange 538, 518,799 381,915 Gold and foreign exchange (net). 405,047419,192 Checks and bills of other banks.. 4. 6,826 3,209 Silver 79,998 79,998 Securities (incl. Government and Net claim on Intl. Fund 12,507 12,507 Treasury bills) 312,277341,213 325,592 Loans and discounts 1,003 1,005 Other assets 56,131 66,172 47,777 Credits to Government 51,033 34,964 Note circulation 233,020 231,313 213,313 Other assets 7,305 1,896 Deposits of Trading Banks: Note circulation 375,033375,405 Special 431 670 441,970 320,670 Deposits 172,080116,257 Other.. 28 319 32,938 28,532 Other liabilities 9,780 57,900 Other liabilities and capital 217 936226,790 195,977National Bank of Czechoslovakia 6 Austrian National Bank (millions National Bank of Denmark of schillings): (millions of kroner): Gold 50 50 50 50 Gold 69 69 69 70 Foreign exchange 318 188 158 165 Foreign exchange 307 357 349 328 Loans and discounts 2,561 ,436 2,346 1,476 Contributions to Intl. Fund and Claim against Government 6,050 ,133 6,122 7,134 to Intl. Bank 6 6 6 65 Other assets 35 36 37 11 Loans and discounts 38 38 33 32 Note circulation 5,877 ,857 5,783 5,957 Securities 137 122 123 92 Deposits—Banks 282 237 204 335 Govt. compensation account. . . . 4,019 4,022 4,638 4,802 Other 932 993 1,111 888 Other assets 195 273 226 128 Blocked 1,923 ,757 1,615 1,655 Note circulation 1,508 1,529 1,580 1,432 National Bank of Belgium Deposits—Government 1,247 1,304 1,864 1,737 (millions of francs): Other 1,863 1,904 1,851 2,199 Gold* , 32,132 506 29,058 31,449 Other liabilities and capital 153 152 150 149 Foreign claims and balances (net) 5,801 795 7,879 13,375Central Bank of the Dominican Loans and discounts 7,206 280 4,396 2,273 Republic (thousands of dollars): Consolidated Government debt.. 34,939 939 34,939 34,991 Gold 4,045 4,045 4,045 4,012 Government securities 7,290 247 7,825 6,264 Foreign exchange (net) 14,590 13,927 14,210 11,581 Other assets 5,126 727 6,437 2,338 Net claim on Intl. Fund 3 1,250 1,250 1,250 1,250 Note circulation 88,189 542 86,132 85,830 Paid-in capital—Intl. Bank 40 40 40 40 Deposits—Demand 1,800 641 2,158 2,228 Loans and discounts. 148 103 153 209 EGA.. 33 41 109 398 Government securities 5,383 5,383 5,383 4,974 Other liabilities and capital 2,472 ,271 2,135 2,233 Other assets 972 1,556 946 792 Central Bank of Bolivia—Mone- Note circulation 20,669 20,658 20,260 18,327 tary dept. (millions of bolivianos): (May)2 Demand deposits 5,449 5,348 5,482 4,296 Gold at home and abroad. 956 956 Other liabilities and capital 309 298 285 235 Foreign exchange 287 20 Central Bank of Ecuador Loans and discounts 1,377 82. (thousands of sucres): (May)2 Government securities 740 749 Gold..... 266,849 278,415 Other assets 109 68 Foreign exchange (net) -15,025 -68,594 Note circulation 2,700 2,330 Net claim on Intl. Fund 3 16,881 16,881 Deposits 424 221 Credits—Government 263,102 278,330 Other liabilities and capital 346 254 Other 122,380 114,518 Central Bank of Chile (millions Other assets 124,382 116,535 of pesos): Note circulation 380,394 371,992 Gold 1,241 ,240 1,228 1,374 Demand deposits—Private banks 113,884 113,725 Foreign exchange (net) 167 112 72 278 Other 129,138 91,327 Net claim on Intl. Fund 3 1 1 1 1 Other liabilities and capital 155,152 159,041 Discounts for member banks.... 1,900 ,938 1,779 1,183National Bank of Egypt (thou- Loans to Government 686 686 686 692 sands of pounds): Other loans and discounts 3,003 ,644 2,952 2,220 Gold 6,376 6,376 Other assets 1,725 ,745 1,714 1,452 Foreign exchange 9,288 15,323 Note circulation 6,124 ,729 5,783 5,152 Loans and discounts 5,049 2,655 Deposits—Bank 1,248 ,347 1,301 1,321 British, Egyptian, and other Other 250 232 338 226 Government securities 302,988 312,083 Other liabilities and capital 1,101 ,058 1,010 502 Other assets 48,889 30,698 Bank of the Republic of Colombia Note circulation 150,455 135,799 (thousands of pesos): Deposits—Government 68,836 82,507 Gold and foreign exchange 224 139188,113 144,318 Other 144,222 139,203 Net claim on Intl. Fund 3 24 368 24,368 24,367 Other liabilities and capital. 9,077 9,626 Paid-in capital—Intl. Bank 1 372 1,371 1,370Central Reserve Bank of El Salva- Loans and discounts 228 700253,058 196,396 dor (thousands of colones): Government loans and securities. 146 131146,660 134,701 Gold 50,289 50,329 50,383 41,390 Other assets 58,362 52,408 57,382 Foreign exchange (net) 61,496 64,115 62,759 45,620 Note circulation 458, 746 437,066 346,916 Net claim on Intl. Fund 3 1,565 1,56 1,565 1,564 Deposits 177! 172,662 164,700 Loans and discounts 1,523 1,548 811 507 Other liabilities and capital 46, 56,251 46,918 Government debt and securities.. 4,988 5,000 5,041 5,240 Other assets 1,492 1,462 1,724 1,643 Note circulation 63,103 64,45 65,031 54,646 Deposits 51,746 53,221 51,155 35,330 Other liabilities and capital 6,505 6,343 6,097 5,989 1 On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc. 2 Latest month available. 3 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 4 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. 5 The National Bank of Cuba began operation on Apr. 27, 1950. 6 For last available report (March 1950), see BULLETIN for September 1950, p. 1262. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 118. 1414 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) date of month) Aug. July June Aug. Aug. July June Aug. State Bank of Ethiopia—Issue Bank of Italy (billions of lire): dept. (thousands of dollars): Gold 4 4 2 Gold , 8,171 7,371 Foreign exchange 27 25 15 Silver 13,384 12,391 Advances to Treasury 590 654 656 Foreign exchange 11,307 14,743 Loans and discounts 190 190 200 Treasury bills 5,832 9,247 Government securities 188 189 209 Other assets 41,390 36,332 Other assets 600 572 441 Circulation—Notes 49,860 49,860 Bank of Italy notes 1,025 979 905 Coin 29,879 29,879 Allied military notes 3 5 37 Other liabilities and capital 345 344 Deposits—Government 117 180 163 Bank of Finland (millions of mark- Demand 142 161 128 kaa): Other 256 253 244 Gold 2,230 2,230 2,230 269 Other liabilities and capital 55 57 45 Foreign assets (net) -85 -806 -2,266 -831 Bank of Japan (millions of yen): Clearings (net) -151 120 -9 -2,058 Cash and bullion 1,475 1,213 Loans and discounts 41,386 40,795 39,157 39,904 Advances to Government 70,226 99,655 Securities 1,062 1,089 868 Loans and discounts 130,150 79,936 Other assets 1,294 1,259 1,959 1,045 Government securities 136,008 121,585 Note circulation 34,014 32,734 31,328 28,677 Reconversion Fin. Bk. bonds.. .. 55,611 Deposits 2,162 2,533 1,384 2,040 Other assets 31,479 30,622 Other liabilities and capital 9,561 9,420 9,446 8,480 Note circulation 311,185 295,580 Bank of German States * Deposits—Government 28,211 63,297 (millions of German marks): Other 17,032 17,390 Foreign exchange . 1,377 1,372 1,217 1,127 Other liabilities 12,910 12,354 Loans and discounts 3,079 3,197 3,524 1,878Tee Java Bank (millions of guilders): Loans to Government 9,262 9,083 8,845 8,209 Gold* 677 677 675 471 Other assets 1,118 1,092 1,175 2,009 Foreign bills 75 75 50 90 N D o ep te o s c i i t r s c — ul G at o io v n ernment2 8 2 , , 0 5 2 8 6 3 2 8 , , 5 1 0 0 2 1 2 8 , , 8 0 5 2 5 8 7 1 , , 1 31 5 3 7 A Lo d a v n a s n c a e n s d t o di G sc o o v u e n r t n s ment 2,0 1 3 5 4 9 1,9 1 3 4 1 1 1,85 9 4 7 1,00 6 9 4 Banks 1,052 1,036 1,014 1,199 Other assets 102 85 93 69 Other .. 401 538 380 238 Note circulation 1,931 1,827 1,713 887 Bank O t o h f e r G li r a e b e i c li e t ie ( s b i a ll n io d n c s a p o i f t a d l rach- 2,773 2,566 2,484 3,316 O D t e h p e o r s i l t i s abilities and capital5. . .. 6 4 9 2 2 3 6 4 6 1 6 5 6 40 5 3 4 7 6 5 5 1 mae): Bank of Mexico (millions of pesos): Gold and foreign exchange (net). 369 349 152 Monetary reserve 6 909 821 765 680 Loans and discounts 170 151 88 "Authorized" holdings of secu- Advances—Government 4,425 5,006 3,224 rities, etc 2,739 2,544 2,366 2,569 Other 2,387 2,246 1,729 Bills and discounts 138 184 181 178 Other assets 915 883 794 Other assets 342 345 364 184 Note circulation . 1,676 1,653 1,356 Note circulation 2,365 2,317 2,212 2,015 Deposits—Government 814 841 492 Demand liabilities 1,272 968 848 707 Reconstruction and Other liabilities and capital 491 609 616 890 relief accts 2,234 502 1,068Netherlands Bank (millions of Other 892 070 691 guilders): Other liabilities and capital 2,651 2,569 2,381 Gold 7. 871 871 871 426 Bank of Guatemala (thousands of Silver (including subsidiary coin). 15 14 13 9 quetzales): Foreign assets (net) 1,213 1,197 ,071 462 Gold 27,229 27,229 27,229 Loans and discounts 54 202 144 163 Foreign exchange 6,928 7,609 12,528 Govt. debt and securities 2,850 2,850 ,850 3,300 Gold contribution to Int'l. Fund. 1,250 1,250 1,250 Other assets 883 894 858 542 Rediscounts and advances 4,629 4,993 3,433 Note circulation—Old 60 61 62 75 Other assets 18,079 17,651 14,902 New 2,847 2,904 ,818 3,029 Circulation—Notes 34,252 34,058 33,294 Deposits—Government 281 414 415 435 Coin 3,137 3,139 3,064 Blocked 2 2 2 o2 Deposits—Government 1,887 1,736 3,545 EGA 1,210 914 873 297 Banks 9,514 10,135 9,398 Other 895 1,143 ,086 *783 Other liabilities and capital 9,325 9,663 10,040 Other liabilities and capital 592 589 552 280 National Bank of Hungary 8 Reserve Bank of New Zealand Reserve Bank of India (millions of (thousands of pounds): rupees): Gold 4,323 4,259 3,438 Issue department: Sterling exchange reserve 57,882 58,652 50,938 Gold at home and abroad 400 400 400 Advances to State or State un- Sterling securities 5,982 6,382 6,103 dertakings 56,483 58,094 35,259 Indian Govt. securities 4,666 4,717 4,188 Investments 22,658 27,658 48,094 Rupee coin. 575 553 516 Other assets 9,786 11,486 6,083 Note circulation 11,324 11,685 10,854 Note circulation 54,722 54,148 51,031 Banking department: Demand deposits 90,322 99,966 87,590 Notes of issue department.... 299 366 353 Other liabilities and capital 6,089 6,034 5,190 Balances abroad 2,199 1,892 1,691 Bank of Norway (millions of kroner): Bills discounted 24 18 8 Gold 244 244 244 232 Loans to Government 23 9 1 Foreign assets (net) -8 -10 72 101 Other assets 661 693 993 Clearing accounts (net) An -49 -88 -93 Deposits 2,918 2,719 2,873 Loans and discounts 32 34 38 40 Other liabilities and capital. . . 289 259 173 Securities 47 47 47 48 Central Bank of Ireland (thousands Occupation account (net) 7,112 ,112 7,112 7,713 of pounds): Other assets 78 84 66 83 Gold 2,646 2,646 2,646 2,646 Note circulation 2,294 ,295 2,263 2,198 Sterling funds 47,131 47,326 46,988 43,171 Deposits—Government 2,770 ,729 2,744 3,294 Note circulation 49,777 49,972 49,635 45,817 Banks 1,377 ,406 1,422 1 303 Blocked 538 543 550 611 Other 45 44 43 181 Other liabilities and capital 439 446 469 537 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 For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 4 Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per guilder. 6 Pending negotiations with the Netherlands and the EC A, counterpart funds are included in "Other liabilities and capital," beginning February, 1950. 6 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 7 Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. OCTOBER 1950 1415 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) Aug. July June Aug. date of month) Aug. July June Aug. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees): (May)i Other assets , 4,384 3,932 Issue department: Note circulation ... .... 27,523 25,339 Gold at home and abroad. . . 44 44 Deposits—Government 882 1,011 Sterling securities 795 831 Other 3,045 2,668 Pakistan Govt. securities,.. . 361 8 Other liabilities and capital . 533 573 Govt. of India securities.... 154 332 Bank of Sweden (millions of kronor): 432 431 Gold 156 157 1*57 156 Rupee coin 58 59 Foreign assets (net) 1 046 1 080 1 043 S33 Notes in circulation 1,763 1,644 Swedish Govt. securities and ad- Banking department: vances to National Debt Office 6 2,936 2,675 2,833 3,324 Notes of issue department... 82 60 Other domestic bills and advances 150 136 131 82 Balances abroad 284 699 Other assets , 316 318 366 355 Bills discounted . . 102 106 Note circulation 3 163 3 10S 3 178 7,980 Loans to Government 1 Demand deposits—Government. 330 437 533 S63 Other assets . 376 132 Other 4S8 183 147 380 Deposits 760 913 Other liabilities and capital 6S4 64S 671 S77 Other liabilities and capital. . 83 85 Swiss National Bank (millions of Bank of Paraguay—Monetary dept. francs): (thousands of guaranies): Gold 6,144 6,200 6,252 6,237 Gold 600 600 600 600 Foreign exchange 3S1 308 783 327 9 K36 7 532 5,028 —662 Loans and discounts 108 104 97 108 Net claim on Int'l. Fund 2 2,710 2,710 2,710 2,710 Other assets . 72 72 72 72 Paid-in capital—Int'l. Bank..... -228 -195 -195 -92 Note circulation 4,290 4,282 4,283 4,313 Loans and discounts 127.941 124,682 124,059 96,464 Other sight liabilities 2 187 7 703 7 703 1 041 Government loans and securities. 4,653 5,870 6,512 3,464 Other liabilities and capital 199 199 218 490 Other assets 78,183 26,131 22,243 8,946 Central Bank of the Republic of Note and coin issue ,083 122,673 119,313 83,188 Turkey (millions of pounds): Demand deposits 41 492 37,710 36,124 22,771 Gold 408 387 418 447 Other liabilities and capital 7,120 6,946 5,521 5,470 Foreign exchange and foreign Central Reserve Bank of Peru clearings 99 106 106 65 (thousands of soles) * 1 133 1 170 1,025 808 Gold and foreign exchange 3 .. . 337,480320,837 275,511 Securities 28 27 32 79 Net claim on Int'l Fund 2 20 495 20,495 20,495 Other assets 100 114 77 72 Contribution to Int'l Bank 2,238 2,238 2,238 Note circulation 870 877 878 864 Loans and discounts to banks. . 193,021 175,489 167,706 Deposits—Gold 153 153 153 153 Loans to Government 704,943 713,801 715,982 Other S83 S77 460 290 Other assets 258,177 251,448 60,259 Other liabilities and capital. . . . 1S3 1S7 166 169 Note circulation ... 986,083948,322 839,414 Bank of the Republic of Uruguay Deposits 155,402 170,380 316,251 (thousands of pesos): 374 869365 606 86,525 Gold :.. 707,365 787 415 244 276 Central Bank of the Philippines Silver 11,608 11,703 12,142 (thousands of pesos): Paid-in capital—Int'l. Bank 313 312 313 Gold S,427 5,108 4,809 2,721 Advances to State and govern- Foreign exchansre -141331 434 221436,441 567,088 ment bodies 14S 788 1 S7733 141,515 Net claim on Int'l. Fund 2 7,502 7,502 7,502 7,501 Other loans and discounts 264,811266,787 254,601 Loans S3 160 68,624 63,918 10,000 Other assets 7,73 858774 646 7S3 436 Domestic securities 250 132,337 125,779 18,287 Note circulation 301 S34707 34S 77S,128 Other assets 1S0 040 147,862 146,817 149,965 Deposits—Government 07 076 03 307 78 411 SS6 911 545 125531 477 502,949 Other ,408 707,862 288,648 Demand deposits—U S dollars ^ 11,700 Other liabilities and capital. . . 313 300 S88 764,096 Pesos 125,234 140,123 139,282 145,049 Central Bank of Venezuela (mil- Other liabilities and capital 112,573 110,406 114,508 95,865 lions of bolivares): Bank of Portugal (millions of Gold 1 041 1,041 1,041 889 escudos): Foreign exchange (net) -46 16 72 224 Gold 3,139 3,143 3,105 Other assets S3 73 64 42 Foreign exchange (net) 8,931 8,983 7,606 Note circulation—Central Bank 733 7?Q 744 77Q Loans and discounts 512 501 501 National banks 1 1 1 241 1 747 1,248 Deposits 175 172 149 200 Other assets 528 476 517 Other liabilities and capital.... 141 778 787 225 Note circulation ... 7,659 7,665 8,249 Bank for International Settle- Demand deposits—Government.. 362 233 203 ments (thousands of Swiss gold EGA . . 349 107 francs): Other 3,604 4,000 3,480 Gold in bars 387 608 301 061 370 080 147,742 Other liabilities and capital. . 2,376 2.345 1,045 Cash on hand and with banks. . 55 073 78 833 71,470 45 864 South African Reserve Bank Sight funds at interest 2 902 2,902 2,908 3,836 (thousands of pounds): Rediscountable bills and accept- Gold 5 63 776 63 576 62 820 33,058 ances (at cost) 10S 253 1S0 S43183 OSO 70,820 Foreign bills ... 71,307 75,378 83,310 6,576 Time funds at interest SO173 37 010 76 770 37 708 Other bills and loans S 676 5,984 7,928 73,723 Sundry bills and investments.. 781 693 783 027 769 7,15 7,16 474 Other assets 33 682 31,257 36 869 15,845 Funds invested in Germany. .. 707 701 707 701 707 701 707 701 Note circulation 69,993 69,776 68,924 65,071 Other assets 1 497 1 416 1 S14 1 SS4 Deposits 00 700 90,902 107,368 55,947 Demand deposits (gold) 777 798 750 533 188 480 17 873 Other liabilities and capital 14,099 15,518 14,636 8,182 Short-term deposits: Bank of Spain (millions of pesetas): Central banks—Own account. 393 581434,092434,253 261,556 Gold 668 934 Other 10 736 70 614 71 608 1 318 Silver 446 497 Long-term deposits: Special. . .. 778 000 778 909 778 000 778 900 Government loans and securities 15,681 15,761 Other liabilities and capital...... 761 771 750 644 7S8 835 7 56(103 Other loans and discounts 10,804 8,467 cy liability to the Fund. Until such time -inn Account of National Treasury. On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. Includes small amount of non-Government bonds. COTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120. 1416 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 fe a ct t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S l w a e n r i - d tz- ba C n e k n t o r f a — l A R 3 a u 1 t g e . eff D ec a t t i e ve ba C n e k n t o r f a — l R A 3 a u 1 t g e . eff D ec a t t i e ve In effect Dec. 31, Albania SX Mar. 21, 1940 Ireland lH Nov. 23, 1943 Jan 1 . 9 38 4 .. , . 1939 .. 2 2 2 X 4 2V2 2 2H A Au rg s e tr n ia ti na. . A M u a g r . . 3 1 , , 1 1 9 9 4 3 5 6 J It a a p l a y n 5.11 J A u p ly r. 5 6 , , 1 1 9 9 4 5 8 0 A M p a r y . 1 1 1 7 3 4 B Bo e l l iv g i i a um...... 5 4 O Fe c b t . . 4 6 , , 1 1 9 9 4 4 8 9 J L a a v t a via...... 3 5 F Ja e n b. . 1 14 7 , , 1 1 9 9 4 3 0 7 July 6 . 2% Aug. 24 4 Aug. 29 3 Sept. 28....... 3 Canada IX Feb. 8, 1944 Lithuania. . . 6 July 15, 1939 Oct. 26 2 Chile Dec. 16, 1936 Mexico June 4, 1942 Dec. 15 3 Colombia 4 July 18, 1933 Netherlands , June 27, 1941 Jan. 25, 1940. . 2 Costa Rica.... 4 Feb. 1, 1950 New Zealand July 26, 1941 Apr. 9 's'x Norway..... Jan. 9, 1946 May 17. .. . 3}£ Mar. 17, 1941 1M May 29 3 June 27 2% Denmark..... July 4, 1950 Peru 6 Nov. 13, 1947 Jan 16 1945 in Ecuador 10 May 13, 1948 Portugal.... 2H Jan. 12, 1944 Jan. 20 ... t% El Salvador... 3 Mar. 2, 1950 South Africa. Oct. 13, 1949 Feb. 9....... 2H Estonia....... Oct. 1, 1935 Spain Mar. 18, 1949 Nov. 7 1946 Finland ... July 1, 1949 Sweden. .... Feb. 9, 1945 Dec. 19 ..... 3 Jan. 10, 1947 1M &2M O A c u t g . . 2 9 7. ...... 2y m Germany 11-4 2V2 J Ju u l n y e 1 8 4 , , 1 1 9 9 5 4 0 9 S T w ur i k tz e e y rland.. IK J N u o l v y . 26 1 , , 1 1 9 9 3 3 6 8 June 28, 1948. . 2 il_5 Greece........ 12 July 12, 1948 United King- 4 Sept. 6 3^&4 India 3 Nov. 28, 1935 dom ...... 2 Oct. 26, 1939 Oct. 1 3 U.S.S.R.... 4 July 1, 1936 May 27, 1949.. 11-4^ July 14 1 1-4 Oct. 6 1 The lower rate applies to the Bank Deutscher Laender, and the higher June 8, 1950 2H rate applies to the Land Central banks. In effect Aug. 31, NOTE.—Changes since Aug. 31: Belgium—Sept. 11, from 334 to 3^ per cent; 1950 2 2H 11-4 2X 2Y2 IY2 Netherlands—Sept. 26, from iy2 to 3 per cent. OPEN-MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Netherlands Sweden land Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1942—July .54 1.03 1.00 1.00 1.62 1.25 1943—July .50 1.03 1.00 1.04 1.64 1.25 1944—July .38 1.03 1.00 1.13 1.49 1.25 1945—July .36 1.03 1.00 1.13 1.25 1.25 1946—July .40 .53 .51 .63 1.30 1.52 1.31 1.25 1947—July .41 .53 .51 .63 1.51 1.52 1.09 1.25 1948—July .41 .56 .51 .63 2.04 1.56 1.35 1.63 1949—July .51 .63 .52 .63 P2.34 1.43 .83 1,50 1949—Aug .51 .67 .52 .63 P2.06 1.25 .91 1.50 Sept.......... .51 .69 .52 .63 P2.03 1.15 1.01 1.50 Oct .51 .69 .52 ,63 P2.25 .07 .78 1.50 Nov .51 .69 .52 .63 P2.55 ,16 .93 1.50 Dec .51 .69 .52 .63 P2.55 .32 1.03 1.50 1950—Jan .51 .69 .52 .63 2.18 .31 1.22 1.50 Feb .51 .69 .52 .63 .40 .54 1.50 .50 Mar.. .. .51 .69 .52 .63 .70 .45 13 ,50 Apr... .51 .69 .51 .63 .64 .44 1.25 ,50 May .51 .69 .51 .63 .68 1.45 1.03 50 June .51 .69 .51 .63 ,52 1.44 .81 ,50 July .51 .69 .51 .63 2.59 1.57 1.10 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. OCTOBER 1950 1417 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities ( b 1 m 1 a i n l L l k io s o s . n n t e s d r o F l o i n f i n g g p u c ) o l r e e u a s n r i d i n n s g re C se a r s v h es M c n a s o o l h l n t o i e a c r y n t e d at B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i s r t y 2 Securities c L u o s a to n m s e to rs O as t s h e e t r s Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i i d t e t a i r e l s 1943—December .... 422 151 133 1,307 1,154 761 349 4,032 2,712 1,319 245 1944—December 500 199 147 1,667 1,165 772 347 4,545 3,045 1,500 250 1945—-December 536 252 369 1,523 1,234 827 374 4,850 3,262 1,588 265 1945—December . . 499 432 610 1,560 1,427 994 505 5,685 3,823 1,862 342 1947—December 502 480 793 1,288 1,483 1,219 567 5,935 3,962 1,972 396 194g—December 502 485 741 1,397 1,478 1,396 621 6,200 4,159 2,041 420 1949—August 492 498 797 1,088 1,511 1,438 510 5,922 3,896 2,026 412 September 490 518 971 903 1,516 1,477 548 6,009 3,959 2,049 413 October 499 556 1,162 744 1,517 1,476 511 6,050 3,997 2,053 414 November...... 497 548 1,216 688 1,517 1,483 539 6,066 3,977 2,089 422 December 532 571 1,109 793 1,512 1,534 579 6,202 4,161 2,041 427 1950—January 502 571 1,229 627 1,513 1,526 542 6,085 4,058 2,027 423 February 476 539 1,169 471 1,503 1,574 541 5,841 3,844 1,997 432 March 485 534 1,106 444 1,503 1,602 553 5,783 3,812 1,971 443 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 July . . 501 557 1,400 321 1,496 1,591 529 5,956 3,935 2,021 440 Assets Liabilities Canada E (1 n C 0 d a i c n n o h a f a m d m r i t i a l e o n l r i n e o d t d n h o s l b f l o a i a g f r n u s k ) re s. s Cash Entire S ly e c i u n r i C ty ana lo d O a a n t s h e a r nd d S a f a u e o n l b e o c r d r e a u o f i n r n r g a o i s e d n t m y t Securities O as t s h e e t r s ci N t r i c o o u t n l e a- e D T x e o c p l t u o a d l s i i n ts g p D i a n y e te a m r b b a le n a d n i k n d C e a T p n o im a s d i e t a s li c a O a b a p t i n h l i d i t e t a i r e l s reserves loans discounts banks 1943—December 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—December ... 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 1,289 1945—December 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1946—December 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 1,525 1947—December . 731 105 1,999 106 3,874 1,159 18 6,412 2,671 3,740 1,544 1948—December 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4,057 1,537 1949—August . .... . 789 78 2,174 132 4,527 1,035 14 7,298 2,926 4,372 1,407 September 789 103 2,304 190 4,463 1,129 14 7,474 3,062 4,412 1,490 October 830 137 2,336 170 4,327 1,142 14 7,441 2,988 4,453 1,488 November 758 119 2,356 161 4,395 1,084 14 7,388 2,941 4,447 1.471 December....... 765 133 2,271 146 4,345 1,058 14 7,227 2,794 4,433 1,477 1950—January 745 100 2,263 158 4,365 1,033 1 7,197 2,703 4,494 1,467 February 749 84 2,299 149 4,391 1,046 (3) 7,277 2,741 4,537 1,439 March 731 83 2,344 146 4,453 1,081 (3) 7,400 2,828 4,573 1,438 730 103 2,349 175 4,398 1,015 (3) 7,301 2,741 4,561 1,468 IVfay 759 105 2,352 198 4,408 1,091 7,417 2,860 4,557 1,495 June 712 145 2,408 227 4,276 1,182 7,447 2,909 4,538 1,503 July 767 94 2,385 222 4,240 1,089 7,288 2,759 4,529 1,508 Assets Liabilities France (4 large banks. End Deposits Other o m f il m li o on n s th o f f i g f u r r a e n s c s i ) n re C se a r s v h es Du b e a n f k ro s m B c i o ll u s n t d e i d s- Loans O as t s h e e t r s Total Demand Time a O n w ce n s li c a a b a p i n l i d i t t a ie l s 1943—December 8,541 4,086 90,908 14,245 1,216 112,843 111,302 1,541 428 5,725 1944—December...... 10,365 4,948 99,782 18,651 1,521 128,734 126,555 2,179 557 5,977 1945—December 14,733 14,128 155,472 36,621 4,783 215,615 213,592 2,023 2,904 7,218 1946—December 18,007 18,940 195,22C5 65,170 17,445 291,945 290,055 1,890 15,694 7,145 1947—December .... 22,590 19,378 219,386 86,875 27,409 341,547 338,090 3,457 25,175 8,916 1948—December 45,397 35.633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949—July 46,205 38,626 407,822 124,098 43,852 601,745 595,063 6,682 29,700 29,157 August 41,276 36,888 395,351 128,804 45,310 587,137 580,010 7,127 29,105 31,387 S O e c p to te b m er ber 4 41 2 , , 5 3 3 5 4 8 3 3 8 9 , , 3 3 9 0 2 1 4 40 5 2 1 , , 7 5 5 9 4 'r 1 12 2 0 8 , , 3 3 5 4 3 3 4 4 2 3 , , 7 0 2 7 4 4 6 5 3 9 3 5 , , 0 3 9 5 2 3 6 5 2 8 6 8, , 6 2 8 1 7 1 6 6 S ,8 6 8 6 1 6 2 2 3 5 , , 5 6 3 4 7 5 3 3 8 3 , ,9 8 2 8 2 1 November 38,343 43,810 400,043 134,779 46,063 597,316 589,900 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 33,866 630,113 622,110 8,003 27,958 19,824 February 36,419 45,579 424,838 137,143 36,056 632,035 623,031 9,005 29,747 18,252 March 38,741 42,539 415,58= 134,771 39,298 619,146 609,776 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 June . . 41,283 43,618 442,411 133,848 48,126 648,191 633,952 14,240 32,030 29,065 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements give end-of-month data. 2 Represent six-month loans to the Treasury at 1H Per cent through Oct. 20, 1945, and at % per cent thereafter. 3 Less than $500,000. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 1418 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 1 Australia Brazil Canada (peso) (pound) (cruzeiro) (dollar) Year or Belgium 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 °*32i'.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 "26! 666' 321.22 2.2816 5.4406 100.000 91.691 1949 29.774 "20!695* 23.355 18.591 293.80 2 2.2009 5.4406 97.491 92.881 1949—Oct... 29.778 20.695 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 3 11.100 223.16 1.9835 5.4406 90.909 90.766 Aug.. . 4 29.778 4 20.695 417.456 413.896 411.100 223.16 1.9837 5.4406 90.909 90.844 Sept... 20.000 13333 7.205 223.16 1.9838 5.4406 90.909 90.844 France Y m e o a n r t o h r C (r e u y p l e o e n ) C ( o p b l e i o s a o m ) - C s ( l k z o o e v r c u a h n k o a ia ) - ( m D kr e a o n r n k - e) (franc) G (d e m e r u a m t r s k a c ) h n e y I ( n ru d p i e a e 5 ) M (p e e x s i o c ) o ( e g N r u l e a il t n d h e d - r s ) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) Official Free 1944 . . 57.272 30.122 20.581 324.42 1945 57.014 1.9711 30.122 20.581 "37]933' 323.46 1946 57.020 2.0060 20.876 .8409 30.155 20.581 37.813 322.63 20.176 1947 57.001 2.0060 20.864 .8407 30.164 20.577 37.760 322.29 20.160 1948 57.006 2.0060 20.857 .4929 .3240 30.169 18.860 37.668 350.48 20.159 1949 27.839 2.0060 19.117 .4671 .3017 27.706 12.620 34.528 365.07 18.481 1949—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 623.838 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 Sept... 20.850 2.0060 14.494 .2855 23.838 20.870 11.572 26.237 277.29 14.015 United Y m e o a n r t o h r R P e ( p h p p i i e u n l s i b o e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S po o fr u u i n c th d a ) ( S pe p s a e i t n a) S S ( m d e t o e r t l a t n l l a i t e t r s s - ) (k S d r w o en e 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—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 %950—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 :Sept... 49.625 3.4842 278.38 32.825 19.331 22.959 280.07 65.833 56.180 42.553 !l On Aug. 29, 1950, the Argentine Finance Ministry announced a simplified exchange rate system. A rate designated "Preferential" replaced tthe ''Preferential A" and "Preferential B" rates, and the "Special" rate was discontinued. 2 An additional rate for "Bank notes" account was certified from Mar. 22 through Nov. 10, 1949. The average for this period was 2.1407 iU. S. cents. 3 Based on quotations beginning July 13. 4 Based on quotations through Aug. 28. 5 Excludes Pakistan, beginning April 1948. 6 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 ipublication, 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. OCTOBER 1950 1419 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 1 1 n 9 ta 0 2 i 0 t t 6 e e ) d s = C (1 a 9 1 2 n 0 6 0 a ) d = a M (19 1 e 3 0 x 9 0 i ) c = o K U ( i 1 n 9 1 n 3 g 0 i 0 0 t d e ) o d = m F (1 r 9 1 3 a 0 8 n 0 c ) e = (1 I 9 1 t 3 0 a 8 0 l y ) = ( a 1 J v 9 a e 3 p r 4 a a - g n 3 e 6 ( J J N u u l = n l e a y e 1 t n h 0 1 1 d 0 e 9 9 s ) r 3 3 - 8 9 - S (1 w 1 9 0 e 3 0 d 5 ) e = n (A S = u w l g a i 1 . n t 0 z 1 d 0 e 9 ) r 3 i - 9 1926 100 100 2 124 106 150 2 126 1135 1937 ... 86 85 109 89 94 1 108 114 1104 1938 79 79 101 100 100 1 102 111 i 100 1939 77 75 103 105 104 2 105 115 104 1940 79 83 137 139 121 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—August 153 155 288 230 1,918 4,889 208 293 214 205 154 155 294 231 1,958 4,910 211 295 216 203 October 152 157 296 237 2,002 4,841 214 297 218 200 152 157 294 240 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 2,098 4,693 221 313 221 194 May .... 156 162 307 255 2,082 4,695 221 315 221 197 June 157 165 304 '257 2,035 4,668 221 317 223 196 July 163 167 307 r260 v2,093 317 199 August 166 169 312 • 264 P2.206 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) {1926=100) (1930=100) (July 1938-June 1939=100) Year or month Raw and Fully and pr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p g c a o a t r u o n t r d l u e y s - d fa c m g c h o a t i u e o n f r d u l e y s - d Foods p I r n o tr d d i u u al s c - ts Foods p tr I r i n o a d d l u u r s c a - w ts p f I r in n o tr i d d s i u a h u l e s c - d ts 1926 100 100 100 100 100 100 1937 86 86 85 87 84 81 102 112 1938 69 74 82 74 73 78 97 104 1939 65 70 81 64 67 75 97 106 103 112 104 1940. 68 71 83 68 75 82 133 138 121 163 126 1941 82 83 89 73 82 89 146 156 140 177 148 1942 106 100 96 85 90 92 158 160 157 175 154 1943 123 107 97 98 99 93 160 164 157 174 159 1944 123 105 99 107 104 94 158 170 159 179 163 1945 128 106 100 115 106 94 158 175 172 193 184 1946 149 131 110 124 110 99 158 184 200 282 261 1947 ; 181 169 135 133 131 117 165 207 214 328 276 1948 188 179 151 150 156 140 181 242 231 342 283 1949 166 161 147 147 16? 142 197 249 243 370 297 1949—August 162 161 145 147 159 142 202 244 230 364 295 September 163 162 145 146 159 142 201 248 235 366 298 October 160 160 145 146 161 143 210 252 244 376 297 November . 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 March *, 159 156 146 147 164 144 215 262 279 385 310 April 159 155 146 148 165 144 r220 266 272 385 311 May 165 160 148 150 168 144 225 271 276 386 312 166 162 149 152 172 145 '223 '275 285 388 312 July- 176 171 152 154 175 146 r222 r281 AugUSt 178 175 155 142 175 150 218 291 * Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1420 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- Y m e o a n r t o h r ( U S 1 = 9 n t a 3 1 i 0 5 t te e 0 - d 3 s ) 9 (1 = C 9 a 3 1 a d 5 0 n a 0 - - 3 ) 9 1 K 7 ( d , J i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 9 1 n 3 0 8 c 0 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 3 1 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 9 1 n 3 0 8 c 0 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 e a 3 r n u 9 - d g = . = 100) 100)i = 100) 100)i 1941 106 116 168 149 134 1941 105 112 199 150 127 1942 124 127 161 174 153 1942 117 117 200 175 141 1943 138 131 166 224 161 1943 124 118 199 224 148 1944 136 131 168 275 164 1944 126 119 201 285 151 1945 139 133 170 377 164 1945 128 119 203 393 153 1946 160 140 169 645 193 160 1946 139 124 204 645 192 152 1947 194 160 2 101 1,043 211 170 1947 159 136 2 101 1,030 199 158 1948 210 196 108 1,662 228 176 1948 171 155 108 1,632 206 163 1949 202 203 114 1,814 249 174 1949 169 161 111 1,818 219 162 1949-August 203 209 116 1,744 246 174 1949-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 M^ay 169 164 114 1,906 237 158 June 205 209 123 1,858 284 175 June 170 165 114 1.845 241 158 July 210 214 122 1,839 278 175 July 173 168 114 1,825 240 158 August.... 209 217 275 August.. . . 173 169 239 !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 n 0 8 c ) = e N la e n th ds e r 3 - ( U 1 S = 9 n t 3 a 1 i 5 0 t t e e - 0 3 d s ) 9 C (1 a = 9 n 3 1 a 5 0 d - 0 3 a ) 9 4 ( K 1 U 9 in 2 n g 6 i = d te 1 o d 0 m 0) 1 (D F 93 r e a 8 c n e = m c 1 e 0 b 0 5 er ) (1 N 9 l e a 3 t n 8 h = d e s 1 r 0 6 - 0) Number of issues. . . 12 (2) 87 50 14 416 106 278 5 295 27 1942 118.3 100.7 127.3 146.4 69.4 64.2 75.3 1943 120 3 102 6 127 8 146 6 91 9 83 5 84 5 1944 . 120.9 103.0 127.5 150.5 99.8 83.8 88,6 1945 122.1 105.2 128.3 152.1 121.5 99.6 92,4 1946 123 3 117 2 132 1 144 6 109 0 139 9 US 7 96.2 875 1947 1103.2 118.5 130.8 132.0 105.6 123.0 106.0 94.6 ,149 202.2 1948 98.7 105.0 129.9 117.0 107.1 124.4 112.5 92,0 ,262 211.2 1949 101.9 107.6 126.5 109.4 106.8 121.4 109.4 87.6 ,129 195.3 1949—September.,. 103.1 108.9 122.7 109.3 106.9 123.8 109.6 85.6 ,148 209.6 October 102.8 112.2 121.7 110.5 108.0 127.3 114.3 88.2 UHG 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 L,085 204.6 1950—January 104.0 111.0 119.8 109.5 110.1 135.1 119.0 87.7 1,107 204.2 February.... 104.0 110.7 119.9 110.9 110.4 136.7 118.3 87.9 L,036 202.5 March 104.1 110 9 119.4 111 5 109 0 138 8 118.7 88.4 1,045 197.0 April (7) 110.3 119.9 112.3 108.7 141.8 125.9 89.1 L.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 .056 190.8 July 109.9 120.7 *>98.5 106.3 138.2 124.3 88.7 J>961 170.0 August 110.5 105.0 147.2 135.7 Pi,020 188.0 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. 3 This index represents the reciprocals of average yields for 14 issues, including government, provincial, municipal, mortgage, and industrial bonds. The average yield in the base period (January-March 1937) was 3.39 per cent. 4 This index is based on 95 common stocks through 1944; on 100 stocks, 1945-1948; and on 106 stocks beginning 1949. 5 In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424. 6 This index is based on 27 Netherlands industrial shares and represents an unweighted monthly average of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS. 7 Series discontinued beginning Apr. 1, 1950. Sources.—See BULLETIN for June 1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. OCTOBER 1950 1421 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 EXAMINATIONS S. R. CARPENTER, Secretary EDWIN R. MILLARD, Director MERRITT SHERMAN, Assistant Secretary GEORGE S. SLOAN, Assistant Director KENNETH A. KENYON, Assistant Secretary C. C. HOSTRUP, Assistant Director LEGAL DIVISION DIVISION OF BANK OPERATIONS GEORGE B. VEST, General Counsel ROBERT F. LEONARD, Director FREDERIC SOLOMON, Assistant General Counsel J. E. HORBETT, Assistant Director JOHN C. BAUMANN, Assistant General Counsel LOWELL MYRICK, Assistant Director OFFICE OF THE SOLICITOR J. LEONARD TOWNSEND, Solicitor DIVISION OF PERSONNEL ADMINISTRATION G. HOWLAND CHASE, Assistant Solicitor FRED A. NELSON, Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF ADMINISTRATIVE SERVICES RALPH A. YOUNG, Director FRANK R. GARFIELD, Adviser on Economic Research LISTON P. BETHEA, Director KENNETH B. WILLIAMS, Acting Assistant Director GARDNER L. BOOTHE, II, Assistant Director DIVISION OF INTERNATIONAL FINANCE OFFICE OF REAL ESTATE CREDIT ARTHUR W. MARGET, Director CHARLES T. FISHER, JR., Administrator LEWIS N. DEMBITZ, Assistant Director GUY E. NOYES, Assistant Administrator 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 1422 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman x President Bank of Deputy Chairman First Vice President Vice Jr residents 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. Black2 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 CM. 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. Sandy 2 D. W. Woolley Dallas. . J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. Pondrom 3 W. E. Eagle C. M. Rowland Mac C. Smyth San Francisco.. . Brayton Wilbur C. E. Earhart J. M. Leisner H. F. Slade Harry R. Wellman H. N. Mangels S. A. MacEachron Ronald T. Symms 3 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. OCTOBER 1950 1423 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS 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 f 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 stafl. 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. 1424 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS 1950 SURVEY OF CONSUMER FINANCES— (From Federal Reserve Bulletin unless preceded by an asterisk) Preliminary summary. April 1950. 2 pages. # THE EQUITY CAPITAL SITUATION. A personal PART I. GENERAL FINANCIAL POSITION AND ECOstatement by Thomas B. McCabe, Chairman of NOMIC OUTLOOK OF CONSUMERS. June 1950. 12 the Board of Governors of the Federal Reserve pages. PART II. PURCHASES OF HOUSES AND System, prepared at the request of a Subcommit- DURABLE GOODS IN 1949 and BUYING PLANS FOR tee of the Committee on Banking and Currency 1950. July 1950. 15 pages. PART III. DISTRIof the United States Senate. Submitted August BUTION OF CONSUMER INCOME IN 1949. August 5, 1949. 7 pages. 1950. 18 pages. METHODS OF THE SURVEY OF CONSUMER FINANCES. July 1950. 15 pages. FINANCIAL POSITION AND BUYING PLANS OF CON- (Other articles on the 1950 Survey will ap- SUMERS, July 1949. October 1949. 10 pages. pear in subsequent issues of the BULLETIN.) MEASUREMENTS OF SAVINGS, by Daniel H. Brill. INDUSTRIAL DIFFERENCES IN LARGE CORPORATION November 1949. 8 pages. FINANCING IN 1949, by Eleanor J. StockwelL NOTES ON FOREIGN CURRENCY ADJUSTMENTS. No- June 1950. 6 pages. (Also, similar survey by vember 1949. 14 pages. Charles H. Schmidt. June 1949. 8 pages.) # REPLY OF THE CHAIRMAN OF THE BOARD OF GOV- RETAIL CREDIT SURVEY—1949. From June 1950 ERNORS OF THE FEDERAL RESERVE SYSTEM (TO the BULLETIN with supplementary information for Questionnaire of the Joint Congressional Com- nine separate trades. 37 pages. mittee on the Economic Report). November STATEMENT ON PROPOSED SMALL BUSINESS LEGISLA- 1949. 112 pages. TION. Presented by Thomas B. McCabe, Chairman, Board of Governors of the Federal Reserve # STATEMENT OF THOMAS B. MCCABE, CHAIRMAN OF System, before the Senate Committee on Bank- THE BOARD OF GOVERNORS OF THE FEDERAL REing and Currency, June 27, 1950. July 1950. 8 SERVE SYSTEM, BEFORE THE SUBCOMMITTEE ON pages. MONETARY, CREDIT AND FISCAL POLICIES OF THE JOINT COMMITTEE ON THE ECONOMIC REPORT. BRANCH BANKING IN THE UNITED STATES, 1939 and Presented December 3, 1949. 10 pages. 1949. July 1950. 16 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS A STUDY OF INSTALMENT CREDIT TERMS, by Milton AND BUSINESSES. August 1950. 2 pages. Moss. December 1949. 8 pages. STATEMENT ON THE DEFENSE PRODUCTION ACT OF FRENCH EXCHANGE STABILIZATION FUND, by Robert 1950. Presented by the Board of Governors of Solomon. January 1950. 5 pages. the Federal Reserve System to the Committee INSURANCE OF COMMERCIAL BANK DEPOSITS. Feb- on Banking and Currency of the Senate, and ruary 1950. 5 pages. read by Governor R. M. Evans to the Committee on Banking and Currency of the House of Rep- STATEMENT BY THOMAS B. MCCABE, CHAIRMAN, resentatives, July 25, 1950. August 1950. 4 BOARD OF GOVERNORS OF THE FEDERAL RESERVE pages. SYSTEM ON S. 2822, A BILL "TO AMEND THE FED- ERAL DEPOSIT INSURANCE ACT." February 1950. DEFENSE LOAN POLICY. An announcement adopted 5 pages. jointly by National and State Supervisors of banks and other lending institutions. August 4, 1950. STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR August 1950. 1 page. DEPOSIT INSURANCE. February 1950. 15 pages. THE BALANCE SHEET, OF AGRICULTURE, 1950. Sep- FEDERAL RECEIPTS AND EXPENDITURES FOR FISCAL tember 1950. 14 pages. Year 1951. February 1950. 10 pages. OUR COMMON PROBLEM—MAINTENANCE OF A SOUND # THE CHALLENGE OF OPPORTUNITY VERSUS SECU- BANKING SYSTEM. Address by Thomas B. Mc- RITY. Address by Thomas B. McCabe, Chairman, Cabe, Chairman, Board of Governors of the Fed- Board of Governors of the Federal Reserve Sys- eral Reserve System, before the National Associatem before a seminar group of Life Insurance tion of Supervisors of State Banks, Boston, Mass., Executives. Presented April 13, 1950. 7 pages. September 21, 1950. October 1950. 4 pages. OCTOBER 1950 1425 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 = BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES 1^- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES d Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis