Federal Reserve Bulletin, 1950-11

F E D E R AL R E S E R VE BULLETIN NOVEMBER 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 THURSTOI* WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Recent Developments in Instalment Credit. . 1427-1436 Consumer Credit Regulation in a Garrison Economy.. 1437-1440 1950 Survey of Consumer Finances: Part IV. The Distribution of Consumer Saving in 1949. . 1441-1455 Measurement of Consumer Credit. . 1456-1464 Revised Estimates of Consumer Credit.. 1465-1466 Member Bank Earnings, First Half of 1950. .. 1467-1469 Federal Reserve Notes—1950 Series., 1470 Law Department . 1471-1475 Current Events and Announcements. . 1476 National Summary of Business Conditions. . 1477-1478 Financial, Industrial, Commercial Statistics, U. S. (See p. 1479 for list of tables) . 1479-1540 International Financial Statistics (See p. 1541 for list of tables) . 1541-1559 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council . 1560 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 1561 Federal Reserve Publications.. 1562-1563 Map of Federal Reserve Districts. . 1564 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BULLETIN VOLUME 36 November 1950 NUMBER 11 RECENT DEVELOPMENTS IN INSTALMENT CREDIT Regulation of consumer instalment credit 7 per cent from the second to the third under authority of the Defense Production quarter,* the largest quarter-to-quarter rise in Act of 1950 was announced by the Board of the past decade, and consumer expenditures Governors of the Federal Reserve System on for durable goods increased by about 25 per September 8, the day on which the Act was cent, reflecting greatly expanded purchasing signed. The action was part of the Gov- of automobiles, housefurnishings, and appliernment's program in the emergency situa- ances. The larger volume of consumer tion which followed the outbreak of hostili- buying contributed to increased demand all ties in Korea. The unprecedented increase along the line. Distributors' orders mounted in consumer spending after June made it as they attempted to maintain or build up urgent to reduce demand. To limit the stocks. Manufacturers' orders for raw and availability of consumer credit, Regulation W semifinished materials also rose substantially. was reissued establishing minimum down The increased demands for goods occurred payments and maximum maturities on in- at a time when many industries were already stalment credit extended in the sale of cer- operating near peak levels and prices were tain major durable goods. The initial ac- rising. The expansion in buying after Juiic tion of the Board was preceded by extensive resulted in rapid widespread advances in discussion with trade groups as to current prices at all levels. As compared with practices in instalment sales financing and March, when this year's advances in prices prevailing credit terms. It was realized at actually started, basic commodity prices in the time that tighter restrictions might be- October were up 34 per cent, all commodities come necessary. On October 13, after the 11 per cent, and consumer prices 4 per cent. extent of the inflationary pressures grow- The tighter sectors in the economy were ing out of the defense program had become generally those using plants and materials more evident, regulatory limits substantially which might be needed for defense producmore restrictive were announced. tion. This was especially the case for the After South Korea was invaded in June, automobile industry, which was producing buying by consumers and businesses ex- passenger cars in record volume to meet an panded sharply in anticipation of future exceptionally large consumer demand. shortages and price advances. Consumer The severity and long-run character of the buying of durable goods was a major factor inflationary pressures growing out of the dein these developments. Personal consump- fense program became increasingly evident tion expenditures rose by 2n estimated during September and early October. EX- NOVEMBER 1950 1427 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGENT DEVELOPMENTS IN INSTALMENT CREDIT penditures o£ businesses on plant, equipment, in accordance with available supplies through and inventories were expanding in response taxes and credit restraints rather than by both to civilian demand and to prospective rationing such supplies at Governmentally Government buying. It became evident that fixed prices. direct and indirect requirements of the ex- RECENT GROWTH IN INSTALMENT CREDIT panded defense program would absorb an increasing volume of materials and man- The rate of extension of new instalment power. As a result, income would be ex- credit has risen rapidly since the end of panded without corresponding increases in the war, as shown in the accompanying over-all supplies for civilian consumption, chart. In early 1946, when production of durable consumer goods was at a very low while supplies of consumer durable goods level, new credit was granted at a rate apwould be reduced. After the buying rush proximating 500 million dollars a month. of July and August consumer expenditures By late 1947 monthly extensions exceeded an declined, but were still large as compared estimated 1 billion dollars and in late 1949, with the preceding year. Wage increases 1.5 billion. During the third quarter of 1950 granted in the automobile industry in the instalment credit extensions reached a record late summer tended to establish a pattern rate of nearly 1.9 billion dollars a month. that spread rapidly and widely throughout Repayments of instalment credit have grown industry. Personal income continued to insteadily, but the increase has been less than crease as a result of expanding levels of emthat for credit granted. The excess of credit ployment, longer hours, and rising wage granted over repayments has been reflected rates. in a sharp rise in outstanding instalment Increased consumer buying was financed credit. in part from growing incomes, in part from The rapid growth in consumer instalment use of accumulated savings, and in part from consumer credit. The buying wave for dur- CONSUMER INSTALMENT CREDIT able goods was facilitated by easy availability MONTHLY RATES MONTHLY RATES BILLIONS OF DOLLARS 8ILLI0NS OF DOLLARS 2.0 2.0 of instalment credit. The amount of such credit outstanding expanded rapidly during the summer, the increase for the four months June-September totaling nearly 1.7 billion dollars. The problem faced by the Government was two-fold: first, to bring a halt to the scare buying which had been pushing up prices during the summer, and second, in the longer run to prevent price advances which otherwise would result from the shortages of civilian goods as operations under the defense program gathered momentum. Consumer credit regulation is an essential part of the Government's anti-inflation program designed to limit civilian purchasing power 1946 1948 (950 Estimates. Latest figures shown are for the third quarter. 1428 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGENT DEVELOPMENTS IN INSTALMENT CREDIT credit outstanding in the postwar period is been smaller than during the same period summarized in the table. Instalment credit of last year. The recent slowing-up in the for the purchase of automobiles, including growth of instalment credit outstanding reboth credit originated by dealers and cash flects in part a smaller volume of new credit loans, accounts for a large proportion of extensions and in part a continuing large total instalment credit. Automobile credit volume of repayments on outstanding credit. has risen rapidly since the war, paralleling Two-thirds of the growth in total instalthe growth in automobile production, which ment credit thus far in 1950 occurred during the four months June-September. In each INCREASE IN CONSUMER INSTALMENT CREDIT OUTSTANDING of these months the gain was substantially [Estimates, iri millions of dollars] larger than for the same month of 1949. The Other rise in August was less than that in July Retail retail Other Year and automobile instal- instal- largely because of a slower increase in retail month Total instalment ment ment creditl sale loans 2 automobile instalment credit. For other durcredit able goods the expansion in sale credit in Year August exceeded that in July. The gain of 1946 1,636 495 389 752 1947 . 2,434 855 831 748 322 million dollars in total instalment credit 1948 2,166 1,024 632 510 1949 2,290 1,372 529 389 in September, while not so large as in any 1950 (9 mos.)... 2,439 1,427 542 470 of the three preceding months, was substan- Month 1949—June 235 142 39 54 tially larger than the increase in September July 212 138 29 45 A Se u p g t 2 2 7 8 7 7 1 1 7 3 4 1 1 6 0 2 0 5 4 1 6 1948 or 1949. 1950—June 438 256 72 110 The easing of prevailing credit terms that July 493 269 144 80 Aug 409 176 157 76 followed the relaxation of consumer credit Sept 322 141 132 49 regulation in March and April 1949 and Amount outstanding, end of month: termination of the regulation in June 1949 December 1946 4,000 878 1,104 2,018 September 1950 13,329 5,556 3,638 4,135 was one of the factors contributing to the 1 Includes sale credit and loans for purchase of automobiles. subsequent growth of instalment credit out- 2 Other than those made to finance automobile purchases. standing. For example, average maturities took longer to reach peak output than was on loans for the purchase of new automobiles the case for other consumer durable goods. rose from a little above 15 months in the Sep- The largest increase in other retail sale credit tember 1948-February 1949 period to nearly occurred in 1947, reflecting the fact that soon 171/ months in the March-April 1949 period 2 after the end of the war it was possible to and to nearly 20 months in the May-June expand production of most household ap- 1949 period, according to a study of the terms pliances speedily. prevailing during the first half of 1949.1 The In 1950 the expansion of consumer instal- average down payment on new automobiles ment credit outstanding accelerated. The showed little change, remaining at approxiincrease of 2.4 billion dollars in the first nine mately 45 per cent in all three periods. months was larger than that for any full Trade-ins typically account for more than postwar year. Incomplete data from trade one-third down payment and tend to raise sources and from banks indicate that fur- the average down payment for automobiles. ther expansion of instalment credit occurred Changes in credit terms for major houseduring October and the early part of Novem- 1 "A Study of Instalment Credit Terms," by Milton Moss, ber, although this increase appears to have Federal Reserve BULLETIN, December 1949, pp. 1442-49. 1429 NOVEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN INSTALMENT CREDIT hold appliances were similar, except that in Congress. The initial terms, effective Sepaddition to a lengthening in the average tember 18, provided minimum down paymaturity there was a steady decline in the ments and maximum maturities on consumer average down payment. instalment credit for the purchase of major A similar survey of terms prevailing dur- durable goods and maximum maturities on ing the period April 1-September 17 of this consumer instalment loans. These limitayear and also after Regulation W became tions were moderately more restrictive than effective is now in progress. Preliminary the terms generally prevailing. tabulations indicate that terms were generally Analysis of recent economic developments easier in mid-1950 than a year earlier. For and of the needs for reducing civilian deexample, in mid-1950 terms on new car in- mand continued in the following weeks. stalment contracts averaged 42 per cent down On October 13 the regulation was amended, payment and 21 months maturity, compared effective October 16, to establish terms with 45 per cent and nearly 20 months in more consistent with developing inflationthe May-June 1949 period. In some instances down payments in mid-1950 were less MINIMUM DOWN PAYMENTS AND MAXIMUM MATURITIES than one-third and maturities as long as 36 UNDER REGULATION W months. Terms on major household appli- Minimum Maximum ances appear to have been relaxed even more down payment1 maturity . than those for automobiles. Down payments Listed articles (per cent) (months) and loans on major appliances averaged 14 per cent in S O ep c t t . . 1 1 8 .5 - Oct. 16- S O ep c t t . . 1 1 8 5 - Oct. 16mid-1950 compared with an average of ap- Listed articles: proximately 18 per cent during the May- Passenger automobiles. 33 j^ 33 X 21 15 june 1949 period, while maturities averaged Major appliances 2... . 15 25 18 15 Furniture and floor about 18 months compared with an average coverings 10' 15 18 15 Home improvement maturity of about 16 months in the earlier a m n a d t e s r e ia rv ls ic , es a r 3 ticles, 10 10 30 30 period. Loans: To purchase listed During the period September 18-October articles (4) Unclassified 18 15 15, when the initial terms set under the re- ^Exemptions: Sept. 18-Oct. 15, listed articles costing less than established Regulation W were in effect, the $100; beginning Oct. 16, those costing less than $50. 2 Includes radios, television, refrigerators, food freezers, phonoterms on new automobile instalment con- graphs, cooking stoves, ranges, dishwashers, ironers, washing machines, clothes driers, sewing machines, suction cleaners, room-unit tracts averaged 46 per cent down payment air conditioners, and dehumidifiers. 3 Includes heating, plumbing, and other household fixtures. and 18 months maturity while for major 4 Requirements same as on instalment sales of the respective articles. household appliances the average down payment increased to 21 per cent and the aver- ary pressures and the needs of the deage maturity dropped to 14% months. The fense program for materials and manpower. relatively few reports received on terms after The initial and the amended terms are sum- October 15 indicate further increases in down marized in the accompanying table. The payments and reductions in maturities. stricter terms for consumer instalment credit served to complement the restrictive terms PRESENT INSTALMENT CREDIT REGULATION for home mortgage credit imposed by the Regulation W was reissued by the Board Board's Regulation X and the accompanying on September 8, as soon as authority to regulation of the Federal Housing Adminregulate consumer credit was granted by istration. 1430 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN INSTALMENT CREDIT The terms now in effect provide a mini- verted to defense production. Curtailing mum down payment of 33 Yz per cent on credit for the purchase of major durable new and used passenger automobiles and a goods helps directly to bring demand in maximum maturity on automobile instal- closer balance with supplies and thus to rement credit of 15 months. A minimum down strain price advances. At the same time repayment of 25 per cent on television sets, strictions on such credit tend to limit expanradios, and other major consumer durable sion in the total money supply in the econgoods and 15 per cent on furniture is re- omy and thus to exert an anti-inflationary quired, while the maximum maturity on in- influence. stalment credit extended for purchasing such items is 15 months. For home improvements EFFECTS OF REGULATION W the minimum down payment is 10 per cent The restrictions on instalment credit beand the maximum maturity 30 months. ginning September 18 appear to have had Credit for the purchase of listed items sellsome restraining effect on consumer demand. ing for less than $50 is not subject to the The stricter terms effective October 16 have down payment requirement. had more substantial results. Demand for Consumer instalment loans made by a lendmany types of consumer durable goods, ing institution and used for the purchase of which in the summer was far in excess of listed items are subject to the same restricsupply, has declined and can now be satistions as instalment credit extended by retail fied in more competitive markets. Prices of dealers for financing such purchases. Cer- used automobiles, which were very high in tain instalment credits, including loans for the summer, have fallen to levels more nearly business or agricultural purposes not involv- normal in relation to list prices of new cars. ing the purchase of listed articles, and loans Tentative estimates indicate that the volume to meet medical, educational, or funeral ex- of instalment credit extended in October and penses, are exempt from the regulation. thus far in November was smaller, and that Other instalment loans not specifically ex- credit outstanding increased less, than in the empted are subject only to the maximum preceding months or in the same period of maturity requirement. Any instalment 1949. It appears, however, that instalment credit over $2,500, unless it is used for the credit outstanding has continued to increase purchase of an automobile, is exempt from and to this extent has added to total conboth down payment and maturity require- sumer purchasing power. ments. Other factors operating in the economy The articles covered by the regulation during the recent period make it difficult comprise the major durable consumer goods to determine the extent to which moderaand were selected on the basis of two primary tion of inflationary pressures can be attributed considerations. First, they account for the directly to Regulation W. For example, the bulk of instalment credit extensions. It is recent decline in demand for automobiles estimated that the present provisions of Reg- from the extraordinary levels reached in the ulation W cover about three-fourths of total summer can be attributed in part to a reacinstalment sales to consumers. Second, the tion from the advance buying of the summer listed articles are among the products in short months, the favorable turn of the Korean supply, or likely to be, as resources are di- hostilities in September, the end of the sea- NoVEMBER 1950 1431 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN INSTALMENT CREDIT son of peak travel, and the imminence of which consumer goods are bought on credit. model changes. The accompanying table shows the relative Consumer credit regulation restricts de- importance of credit transactions, primarily mand in two ways. First, the stiffer terms instalment credit deals, in the purchase tend to reduce instalment purchases of the of automobiles and other major durable articles covered, thus bringing about a direct consumer goods in 1949. These data indiand immediate decline in demand for these cate that over one-half of the new cars costarticles. Second, the increase in outstanding ing $2,050 or less and nearly two-fifths of instalment credit is checked, thereby limit- the more expensive automobiles were puring the expansion of purchasing power and RELATIVE IMPORTANCE OF CREDIT IN PURCHASE OF SELECTED thus the demand for goods in general. DURABLE GOODS IN 1949 X Since a large part of instalment credit is Percentage of number purchased through— extended by banks either directly through Type of goods Number of purloans to consumers or indirectly through and price chases Credit Total arrange- Cash 3 loans to retail establishments or finance com- ments 2 panies, any expansion adds to the money Radios. 268 MOO 38 58 supply. In a period like the present, when Television sets 221 MOO 46 53 Refrigerators 450 * 100 54 42 total production in the economy is close to New automobiles: $2,050 or under 157 100 51 49 peak levels, credit expansion feeds inflation Over $2,050 191 100 38 62 because more money in the form of bank Used automobiles: $550 or under 204 100 43 57 deposits comes into existence to bid for the Over $550 223 100 65 35 same amount of goods. 1 From the 1950 Survey of Consumer Finances, which covered about 3,500 individual spending units. For article on purchases The regulation curtails the expansion of of durable goods see pp. 780-794 of BULLETIN for July 1950. 2 Includes instalment and other credit arrangements, but those instalment credit outstanding through its on an instalment basis predominate. 3 Trade-in allowances are treated as cash. effect on new credit extensions and on repay- 4 Includes small percentage not shown separately for which method of payment was not determined. ments. The volume of credit extended is chased on credit. Credit was generally used reduced in part because there are fewer inmore frequently in the purchase of used autostalment purchases of listed articles and in mobiles. For used cars selling for $550 or part because the higher down payment reless, credit was involved in more than twoquirements oblige consumers to use more fifths of the sales, and for the higher-priced cash and less credit in their instalment purused cars in nearly two-thirds of the sales. chases. The volume of repayments, however, Among major household appliances shown declines more slowly than credit extended, in the table, credit appears to have been used since the rate of retirement of old credit is most frequently for purchases of refrigerators not affected by the regulation and the new and least frequently for radio purchases. credit is retired at a faster rate because of The effects of maximum maturities and shorter maturity requirements^ As a result, minimum down payments depend upon curcredit extensions are reduced relative to rerent trade practices. Higher down payments payments and credit outstanding increases are required for automobiles than for other more slowly, or may even decline if the regudurable goods because a traded-in car cuslation is sufficiently strict. tomarily accounts for a substantial down The effectiveness of consumer credit regu- payment on the new car. Indeed the trade-in lation depends of course upon the extent to allowance quite commonly has equaled or 1432 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN INSTALMENT CREDIT exceeded the required down payment, so credit terms, will draw on accumulated savthat the minimum down payment require- ing in order to buy. Others will not buy ment has had no restrictive effect in such and will increase saving. Some may save cases. In 1949 about three-fourths of all new for a while and then buy when they can cars purchased were paid for in part by the meet the requirements. Here again the net sale or trade-in of a car and in about one- effect is uncertain. The effectiveness of half of these cases the value of the traded-in stricter credit terms in limiting consumer car was at least one-third of the purchase demand will be reduced to the extent that price of the new car. Because of the fre- the stricter terms are accompanied by a dequency of trade-ins, most credit purchases cline in saving, especially liquid saving. of new cars are affected primarily by the maturity limits set by the regulation. HISTORY OF REGULATION W Credit purchases of used cars, however, are Regulation of consumer credit was inaumore affected by the down payment requiregurated September 1,1941, in order to reduce ment than is the case for new cars. Custhe demand for consumer durable goods as tomarily, trade-ins for used cars are less frethe supply became limited by mounting proquent and down payments are somewhat duction for national defense, and to restrain more lenient than those for new cars. Instalthe expansion of consumer credit in general. ment purchases of used cars are less affected It was made effective through Regulation W than those of new cars by given maturity of the Board of Governors of the Federal requirements, however, because for reasons Reserve System issued under authority of an of credit risk it has been customary to finance Executive Order of the President. The prinused cars, particularly the older ones, on cipal provisions of Regulation W since its shorter maturities than those applied to new inception in 1941 are shown in the table on cars. the next page. Restrictions on consumer instalment credit The initial minimum down payments and may also affect the demand for nondurable maximum maturities were set with a view consumer goods. Persons who meet the to the more conservative trade practices then stricter credit terms will have less cash initiprevailing and applied to a limited number ally to spend on other goods. On the other of articles. On March 23, 1942, the terms hand, to the extent that potential purchasers were tightened and the coverage extended. are discouraged from buying durable goods, The provisions were strengthened further their demand for nondurable goods may exon May 6, 1942. Down payments were pand. Whether in the short run stricter 33 Yz per cent for nearly all consumer durcredit terms on balance will increase or deable and semidurable goods except furnicrease total demand for nondurable goods ture, on which a 20 per cent down payment is uncertain. To the extent, however, that was required. Maximum maturities were 12 stricter terms dampen the expansion of total months except for automobiles, on which consumer purchasing power, there is likely the maturity was set at 15 months. Coverto be a dampening of consumer demand age was extended to charge accounts and for nondurable goods as well as for durable single-payment loans. These provisions congoods. tinued essentially unchanged from May 1942 Some consumers, as a result of stricter until more than a year after the end of the NOVEMBER 1950 1433 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN INSTALMENT CREDIT war. Beginning December 1,1946, the scope lation W was reissued as a peacetime antiof the regulation was narrowed by eliminat- inflationary measure effective September 20, ing all noninstalment credit and some instal- 1948 under temporary authority granted by ment credit items formerly covered, and Congress. The provisions applied to a limdown payment and maturity limits were re- ited group of important durable goods, with laxed in several cases. On November 1,1947, down payments from 20 to 33^ per cent the regulation was terminated by Congres- and maturities from 15 to 18 months. As sional resolution. This was in line with production caught up with demand, the prothe general policy of eliminating wartime visions were relaxed, first on March 7 and measures. still further on April 27, 1949. On June As inflationary pressures continued, Regu- 30, 1949, authority for the regulation lapsed. MINIMUM DOWN PAYMENTS AND MAXIMUM MATURITIES ON CONSUMER CREDIT SUBJECT TO REGULATION W Sept. 1, Mar. 23, May 6, June 11, Dec. 1, Sept* 20, Mar. 7, Apr. 27, Sept. 18, Oct. 16, Type of credit 1941- 1942- 1942- 1945- 1946- 1948- 1949- 1949- 1950- 1950 Mar. 22, May 5, June 10,Nov. 30, Nov. 1, Mar. 6, Apr. 26, June 30, Oct. 15, to 1942 1942 1945 1946 1947 1949 1949 1949 1950 date Minimum down payment (in per cent of sale price) 1 Instalment sales:2 Automobiles 33H 33 H 33 H 33 V3 33 H 33 % 333^ 33 H 33 H Radio, television, and other major appliances 20 33 H 33 H 33 H 20 15 10 15 25 Furniture ... 10 10 20 20 20 20 15 10 10 15 Home improvement^ He m at a in te g r , i al p s l u a m nd bi n s g e , r v a ic n e d s. 0 0 0 3 0 10 10 other household fix- Mi t s u c r e e l s laneous (includ- 15 20 33 H ing other appliances, auto accessories, clothing) 4 33 H 33V3 Maximum maturity (in months) Automobiles........... 18 15 15 15 21 15 Radio, television, and other major appliances 18 15 12 12 15 515 21 24 18 15 Furniture 18 15 12 12 15 5 15 21 24 18 15 Home improvement He m at a in te g r , i a p ls l u a m nd bi n s g er , v a ic n e d s. 18 18 12 3 18 30 30 other household fixtures 18 18 12 Miscellaneous (including other appliances, auto accessories, clothing)4 12 12 Instalment loans: To purchase listed articles () () () () (6) () () () Unclassified * ., 18 15 12 15 M5 21 24 18 15 Single-payment loans 3 Charge accounts ) 1 Down payments determined after deduction of any trade-in, except in case of automobiles. 2 Terms shown are for selected articles. 3 Deleted effective Oct. 15, 1945. 4 Auto accessories when sold separately deleted effective July 5, 1946. 5 Maturity of 18 months for credit over $1,000. 6 Where credit is to purchase listed articles, down, payment (loan value) and maturity requirements same as on instalment sales of the respective articles. 7 Instalment loans not otherwise covered by or exempted from regulation. s Maturity of 18 months from Oct. 15, 1945, through Sept. 2, 1946; maturity of 15 months thereafter. 9 Account to be paid by 10th day of second month after sale. NOTE.—The above provisions are not exhaustive and are subject to various exceptions. For additional details, the regulation should txe consulted. Where no figure is shown, there was no limitation imposed by Regulation W. 1434 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN INSTALMENT CREDIT TRENDS IN CONSUMER INSTALMENT CREDIT level. As automobiles and other durable consumer goods became available again, be- The course of consumer instalment credit ginning in 1946, total instalment credit outoutstanding during the periods of previous standing rose, although the wartime credit regulation reflects not only the effect of regrestrictions remained unchanged until Deulation but also other factors influencing the cember 1946. By November 1947, when use of instalment credit. From a prewar Regulation W was terminated, instalment peak of 63 billion dollars on August 30,1941, credit had reached a total of 5.7 billion doltotal consumer instalment credit, as estilars. In the following 11 months there was mated, declined to 2.0 billion by mid-1943, a further substantial rise to over 8 billion. as shown in the chart. Regulation undoubt- During the period following reimposition edly was a factor in the decline during this of the regulation on September 20, 1948, in period, but much of the decline is attributable an attempt to stem the tide of inflation, the to the sharp reduction in the available supply regulation appears to have been effective. of consumer durable goods which resulted In the six months October 1948-March 1949, from limitations placed on nonessential prototal instalment credit did not exceed 8.6 duction. Another factor was the substantial billion dollars. In the 12 months following growth in incomes and liquid assets during the lapse of the regulation on June 30, 1949, this period, which enabled consumers to pay instalment credit increased sharply to 12 biloff debts and to make more purchases on a lion dollars. cash basis. From mid-1943 to the end of the war the CONCLUSION supply of civilian goods for consumer use Regulation of short- and intermediate-term was limited, and total consumer instalment consumer credit is consistent with the essencredit remained close to the 2.0 billion dollar tial role which consumer credit plays as an expansionary force in the economy and is CONSUMER INSTALMENT CREDIT OUTSTANDING particularly needed in a time of inflationary BILLIONS OF DOLLARS END OF MONTH BILLIONS OF DOLLARS 14 14 I pressures like the present. Instalment credit has permitted the economic system to sup- J 12 12 ply consumers with expensive durable goods 1 in a volume which otherwise might not J 10 10 have been bought. Some who would never have accumulated in advance the capital 8 > to buy these goods outright have been enabled to enjoy them while meeting r I/ monthly payments convenient for their in- 6 come and expenditure budgets. Others by J / / using consumer credit have been able to 4 / y J 4 avoid disturbing their capital investments and their planned saving programs. Over 2 2 long periods, extension of credit to purchasers of goods has facilitated the growth 0 O of current purchasing power and has resulted 1940 1942 1944 1946 1948 I95O in increased production and employment. Estimates. Latest figures shown are for September. NOVEMBER 1950 1435 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN INSTALMENT CREDIT Over short periods of rising economic ac- can be flexible since the items covered and tivity, increases in consumer purchasing the terms imposed can be adjusted promptly power through credit extension serve a use- as economic conditions change. The role of ful purpose only so long as the terms on consumer credit regulation in the present which the credit is extended are prudently emergency is discussed more fully in "Conlimited, growth in consumer credit does not sumer Credit Regulation in a Garrison contribute excessively to monetary expan- Economy," a recent address, reprinted on sion, and the newly created purchasing pages 1437-40 of this BULLETIN, by Govpower is matched by an increase in the sup- ernor R. M. Evans of the Board of Governply of goods at relatively stable prices. In ors of the Federal Reserve System. present circumstances of capacity output and While regulation of consumer instalment growing defense requirements, liberal con- credit is essential in the current situation, sumer credit terms can stimulate demand but it is only one part of the Government's without a compensating increase in the sup- program for preventing price advances and ply of goods. Further monetary expan- assuring manpower and materials for desion at this time can provide the financial fense. Civilian demand must be reduced not base for supporting higher price levels and only in the consumer durable goods area but encouraging additional price advances; it also in other nondefense segments of the cannot, however, foster additional supplies economy where demand is large and is exof goods. panding. The broad anti-inflationary objec- Consumer instalment credit is one source tive of the Government requires a well inteof purchasing power which can be effectively grated fiscal and monetary program designed limited by selective credit regulation. Ad- to keep civilian demand in balance with the ministration of the regulation, moreover, available supply of goods and services. 1436 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT REGULATION =IN A GARRISON ECONOMY* The phenomenal development of the automobile than his pocketbook can get bogged down in a industry in the past 30 years has been closely asso- state of intolerable indebtedness via the so-called ciated with the remarkable development of con- easy payment plan. It is well to rerbember there sumer instalment credit. It is fair to say that the is no such thing as easy credit. The cheapest way automobile industry could not have risen to its to purchase anything is to pay cash. present position without instalment selling. Con- For you dealers I assume that the principal merit versely, it is fair to say that instalment selling would of instalment selling is that it enables you to sell not have developed as it has without the automobile. more cars than you otherwise could. And, properly To be sure, instalment selling had been known managed, the extension of instalment credit itself for at least a quarter of a century before the rise of can be a lucrative form of investment. On the the automobile, and the techniques and institu- other hand, as some of your trade publications fretions of consumer instalment financing were well quently point out, instalment selling can get a dealer developed by the time the automobile came along. in plenty of trouble if it encourages him to sell But it was the successful instalment financing of terms rather than cars. millions of motorcars that was largely responsible for making the instalment plan generally respectable NEED FOR CONSUMER CREDIT CONTROL and highly popular. Partly because of its successful From the standpoint of the individual instalment role in the automobile business, instalment selling buver or seller, the principal consideration is has played an important part in the development whether the credit is sound. That is, can it be of other industries, particularly in durable goods, repaid when due? such as vacuum cleaners, radios, washing machines, Whether the individual credit is sound or not is refrigerators, television, furniture, and still others. generally best left to the judgment of the individuals or businesses involved. If they become FUNCTIONS OF CONSUMER INSTALMENT CREDIT overextended in buying or selling on instalment, The instalment plan could not have caught on they will soon learn better the hard way, or fall by as it did if it had not offered important advantages. the wayside. For the consumer, probably the chief advantage But we must realize that the soundness of indiis that it enables him to obtain the goods he wants vidual credit extensions is not the main problem immediately and to use them while he is paying facing us today. It is sometimes said that everyfor them out of his income. He doesn't have to thing will be all right so long as instalment credit wait until he has saved up the full cash price before is extended only to reasonably sound risks. This, getting the goods. And he might not have the it is said, is properly left to the discretion of busiperseverance to hang on to his money until he had nessmen, free of Government interference. Theresaved up the full cash price. fore, the argument runs, there is no justification for The instalment plan commits the consumer to Government restrictions on consumer credit. the discipline of regular payments. If the terms are This reasoning, it seems to me, ignores the oversufficiently conservative so that the article is paid all impact of consumer credit upon the economic for more rapidly than it wears out and if the con- system as a whole. Credit extension is more than sumer does not buy more than he can pay for, the a transaction between the purchaser and seller, and instalment plan encourages him to accumulate an the soundness of the credit is not the only imporequity in durable goods. In other words, properly tant aspect of the matter. An extension of credit used, the instalment plan is a form of thrift. On immediately puts more purchasing power in the the other hand, a person whose eyes are bigger hands of the purchaser than he would otherwise have had. Once he has spent this on, say, an * An address by R. M. Evans, Member, Board of Govautomobile, it is passed on to others, and much or ernors of the Federal Reserve System, at a meeting of the Tri-State Convention, Atlantic City, N. J., Oct. 13, 1950. all of it remains to swell the demand for goods in NOVEMBER 1950 1437 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT REGULATION IN A GARRISON ECONOMY general until the credit is paid off. The result must to make to maintain security and freedom in the be a more or less general rise in prices or production democratic world. This spring, before we were or both. aware of imminent crisis, much of our industry Part of the purchasing power put into circulation was operating close to capacity to meet record peaceby consumer credit extensions is provided by savings time demand for automobiles and other goods. and part of it comes, directly or indirectly, from There were already some indications that purchasbank credit. Extensions of bank credit are of special ing power was outstripping production and that interest to the Federal Reserve because when total some inflation was coming. bank credit expands, bank deposits also expand. Invasion of Southern Korea settled the question Bank deposits, at least demand deposits, are money of what this country's international responsibilities in a very real sense and an excess of money creation are as one of the United Nations in combating comby the banking system in relation to the output of munist imperialism. To carry these responsibilities commodities and services can spell only one thing— is going to require a garrison economy for the inflation. The immediate connection between the time being. For this to be possible, we will need volume of consumer credit and the economy's total to make substantial cutbacks in the supplies of money supply is one very good reason, and probably many civilian goods, particularly durable goods. the major reason, why responsibility for regulating The post-Korea demand for goods, however, has the terms of consumer credit invariably falls to the not only continued unabated, but in many lines has lot of the Federal Reserve System. increased, in anticipation of future shortages or price At a time like this, when we must all enlist in the increases. This has aggravated the situation by home-front battle against inflationary forces, it does leading to current shortages and price increases. no good to tax spendable dollars out of our pockets From June 20 to September 12, consumer prices if we can replace them with borrowed dollars. rose an average of 2 per cent, wholesale commodi- In relatively normal times, when production can ties by 8 per cent, and basic commodities by 25 be expanded to meet increased demand, an expan- per cent. And wage rates in the automobile indussion of credit may result primarily in an expansion try have already yielded to the inflationary pressures. of production rather than prices. Thus, the volume Although some of the hysterical buying has subof production in general will depend to a consider- sided, demand, as you well know, continues in able extent on the volume of sales of durable goods excess of supply in many lines. Unless demand is which account for most of the credit extended. adequately restricted, the situation can become much From past experience, we have reason to believe worse if shortages actually develop. Even if all the that the demand for durable goods is rather un- slack is taken out of unemployment, there may well stable. When times are hard, the replacement of be a sharp drop in the labor and materials available old automobiles, refrigerators, and the like, can be for civilian goods as men are taken into the armed put off for a long time, resulting in an abnormally forces or diverted to defense production. And, at high demand when good times come. This can the same time, the national income will be increased result in a vicious circle, with the fluctuations in by defense expenditures. Effective action must be sales of durable goods resulting in fluctuations in taken, and now, if we are to head off a serious instalment credit, which in turn bring about fluc- inflationary spiral. tuations in total purchasing power and thus in the demand for goods in general. FUNCTIONS OF CONSUMER CREDIT REGULATION The foregoing considerations underlie the argu- The measures which our Government is institutment for regulating consumer credit in normal ing at this time are designed to reduce excess purtimes in order to moderate ordinary business booms chasing power in an attempt to reduce the gap beby moderating fluctuations in instalment purchases tween demand and supply and thereby dampen of durable goods. However, this question is not upward pressures on prices. The principal measbefore us at this time. The Congress provided the ures are tax increases and credit restrictions. Credit present regulatory powers to meet our rearmament is being regulated in two ways. First, it is being emergency only. tightened at the source, namely, the banking system. The current emergency is a result of national Second, it is being tightened at the customer end by commitments which our country has been obliged the regulation of consumer instalment credit and 1438 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT REGULATION IN A GARRISON ECONOMY residential real estate mortgage credit. If possible, it lation, this purchasing power contributes to total would be desirable to adjust taxes and credit terms demand. Credit restrictions on the listed articles, so that the demand for goods would be on the which account for the bulk of instalment credit, average about equal to the supply. Then there should act to check total credit extensions. This would be no inflationary pressure on the price level. will tend to limit total purchasing power and thus How does consumer credit regulation work? In limit the demand for goods and services in general. its present form, as you all know, the regulation Thus consumer credit regulation can help in headspecifies minimum down payments and maximum ing off general inflation. maturities for instalment sales of certain listed articles. The terms are set to be stiff er than those ADMINISTRATION OF THE REGULATION which would ordinarily prevail in the absence of The administration of consumer credit regulation regulation. The object is to make instalment pur- has been made as flexible as possible, for two chases of these goods more difficult than they would reasons. In the first place, we can't predict exactly otherwise be. The listed articles cover the major what conditions we are going to face in the future. durable goods. These goods are chosen for two That will depend on the outcome of the Korean reasons: conflict, among other things. So we need to be First, they require the types of labor and materials able to adjust the regulation to meet changing most likely to be diverted to defense production. conditions. They are thus the goods most likely to be in short In the second place, we know from past experisupply. ence that it is hard to predict the precise effects Second, they account directly or indirectly for the of consumer credit regulation on the demand for bulk of instalment credit extensions and outstand- particular goods or for goods in general. One diffiings. Governmental regulation which is wisely culty is that the effects of credit restrictions on one conceived will only affect those elements of a busi- article can be shifted to some extent to other articles. ness that are essential to accomplish a public Some individuals, for example, may keep up their purpose. automobile purchases, in the face of tighter auto- We hope that the restrictions imposed on con- mobile credit, by spending more cash on cars and sumer instalment credit will help to achieve two less on other goods. Thus, restrictions on automajor objectives. As a first aim, we hope that mobile credit may bring about a reduction in the tightening credit on the listed articles will reduce demand for goods other than automobiles. Another demands for these specific goods to levels more difficulty is that purchases of the other goods may be nearly in line with supplies. This will relieve some kept up by using more credit than usual in these of the upward pressure on the prices of these goods lines, particularly in lines with relatively easy terms. and on the prices of the labor and material used, If this practice should become widespread, our conwhich can then be more readily released for defense sumer credit regulation might have to be both production. broadened in scope and tightened considerably in A second major objective is to curtail in some order to be effective. Another possibility is that degree the demand for unlisted articles, as well as consumers may try to maintain their purchases in for listed articles. For if the output of durable the face of credit restrictions by drawing on reserves goods is curtailed, there will probably be an increase of cash or other liquid assets. in demand for other goods and services. Even Because of these uncertainties the regulation has though these may be relatively abundant, the in- been set up so that the terms and the items covered tensified demand, if unchecked, is likely to drive can be adjusted in the light of experience. We are up prices. Thus, if we are to minimize the infla- feeling our way along, starting out with what seem tionary pressure, we need to limit the demand for to be moderate restrictions. If these restrictions are goods and services in general. found to be inadequate, they will be strengthened Consumer credit regulation can help to limit total accordingly. If, later on, they are found to be demand by checking the expansion of credit bal- more restrictive than is necessary, they will be ances, or, if carried far enough, by causing a con- relaxed. Our object is to maintain the flow of traction of such balances. An extension of credit available goods at stable prices, if possible, without is an extension of purchasing power. Once in circu- price fixing or Government rationing. NOVEMBER 1950 1439 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT REGULATION IN A GARRISON ECONOMY EFFECTS ON YOUR BUSINESS AND ON CONSUMERS CONCLUDING REMARKS GENERALLY Consumer credit regulation alone cannot stop How will control of consumer instalment credit inflation. It is only part of a general anti-inflationary affect you and your business? It is not likely to program for the present rearmament emergency. prevent you from selling all the products you can This program is intended to help plug the various get. By helping to limit the demand for goods in gaps through which excess purchasing power might accordance with supply, thus reducing the infla- otherwise seep into the economy. Some of these tionary pressure, consumer credit regulation can gaps can be plugged by heavier taxation. Others can be plugged by other credit measures. All must help to maintain orderly markets and stability of be plugged if the total program is to be successful. costs and prices. We are, I think, in general agreement on the Most important of all, there will be less likeliobjectives of the anti-inflation program. Your inhood of setting off another inflationary spiral, with dustry and others have cooperated generously in wages and prices chasing each other in a futile helping us to reinstate consumer credit regulation. race like a man chasing his shadow. If we have Your continuing cooperation and advice can be of learned anything at all, we have learned that in great help in administering the regulation equitably such a race almost everybody loses. and effectively. The administration is carried out How will credit regulation affect consumers? by the various regional Federal Reserve Banks and It is not likely to prevent consumers from buying is therefore on a grassroots basis. We have 12 all the goods that can be made available under Federal Reserve Banks and 24 branches located in emergency conditions. And they can't buy more strategic centers of the country so if you have any than that, in any case. If they try, the only result problem or suggestions it is not necessary for you will be higher prices. Our object is to cut down to come to Washington. You can take them on credit, to discourage consumers from trying to directly to your regional Federal Reserve Bank buy more goods than are available. Consumers or branch—-its officers are in the best position to should be encouraged to save up their credit for advise you and enable the System to benefit by the day when supplies of goods are again plentiful your suggestions. With your help we should be and buying stimulation is needed. Now is an ex- able to weather the present crisis in the best interests cellent time to pay debts and accumulate savings. of your business and also of the general public. 1440 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES PART IV. The Distribution of Consumer Savins: in 19491 During 1949 a majority of consumers in the for by several occupational groups also varied from United States continued to save a part of their in- 1948 to 1949. The most striking change was comes, but the total amount saved was somewhat in the clerical and sales group, which accounted less and the relative frequency of consumer spend- for about 14 per cent of the total in 1949 as coming units that saved was smaller than in other pared with only about 3 per cent in 1948. Farmpostwar years. It is estimated, as shown in Table ers accounted for only about 7 per cent in 1949 as 1, that net saving of all consumer spending units compared with 18 per cent in 1948 (see Table 3). aggregated about 9 billion dollars in 1949 as com- A basic reason for the decline in the current rate pared with 1.1 billion in 1948.2 The Survey of of saving in 1949 was the decrease in personal in- Consumer Finances indicates that about 60 per comes from late 1948 until the latter part of 1949. cent of the 52 million spending units saved in 1949 Nothwithstanding declines in incomes, consumers compared with 63 per cent of 51 million units in maintained their expenditures at a high level and 1948. The proportion that dissaved, i.e., spent purchased durable goods at a record pace. As a more than their incomes, increased from 31 per consequence, the amount of saving declined and cent to 34 per cent. dissaving became more frequent. Consumer ex- The amount of net saving accounted for by the penditures were financed in part by a considerable tenth of the spending units receiving the largest expansion of consumer indebtedness for the purincomes exceeded total saving by all spending units chase of durable goods and by continued drawing —showing a sharp increase from three-fourths of down of past accumulations of liquid assets. Thus the total in 1948. The lowest decile dissaved an the use of large wartime savings and the availamount equal to about one-third of total net savability of consumer credit moderated the economic ing in 1949 as compared with about one-sixth in adjustment that occurred in 1949 by helping to 1948 (see Table 2). maintain consumer buying. Consumers as a group, The proportions of total net saving accounted nevertheless, continued to save, i.e., to spend less 1 This is the fourth in a series of articles presenting the results of the 1950 Survey of Consumer Finances sponsored by the Board of Governors of the Federal Reserve System and TABLE 1 conducted by the Survey Research Center of the University of Michigan. The first article in the series appeared in the SAVERS AND DISSAVERS; AGGREGATE AND MEAN SAVING, June BULLETIN and covered the general financial position and 1947-49 economic outlook of consumers. The second article, devoted to durable goods expenditures in 1949 and buying plans for Item 1949 1948 1947 1950, appeared in the July BULLETIN, as did a special article on the methods of the surveys. A subsequent issue of the Spending units (millions): BULLETIN will contain an article analyzing changes in hold- All units 49 ings of liquid and nonliquid assets and in consumer and mortgage debt. Positive savers 31 32 32 Zero savers 3 3 4 The present article was prepared by John A. Frechtling and Negative savers 18 16 14 James H. Lorie of the Consumer Credit and Finances Section Aggregate saving (billions of dollars): of the Board's Division of Research and Statistics. The Positive savers. 24 authors have necessarily maintained a close working relation- Negative savers. -14 -12 -10 ship with the staff of the Survey Research Center at all stages Net saving of all spending units (billions of of their work and in their analysis of survey tabulations have dollars) had the benefit of many suggestions from the Center's staff, Mean saving (dollars per spending unit): particularly John B. Lansing, James K. Dent, and E. Scott Positive savers 750 790 Maynes. Negative savers -790 -800 -760 2 Although the change from 11 billion in 1948 to 9 billion Mean net saving of all spending units in 1949 is not statistically significant, the sequence of de- (dollars) 180 220 290 clines from 1947 through 1949 suggests that a steady decline in saving has taken place. NOTE.—-Details may not add to totals because of rounding. NOVEMBER 1950 1441 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES than their incomes, and to increase their assets is the difference between current income and exmore than their liabilities. penditures for current consumption. The Survey As defined for purposes of the survey, saving of Consumer Finances estimates saving or dissav- TABLE 2 PROPORTION OF TOTAL MONEY INCOME, POSITIVE SAVING, NEGATIVE SAVING, AND NET SAVING ACCOUNTED FOR BY EACH TENTH OF THE NATION'S SPENDING UNITS WHEN RANKED BY SIZE OF INCOME 1 Percentage of total accounted for by each tenth Spending units ranked according Money ncome2 Positive saving3 Negative saving4 Net saving 5 to income 1949 1948 1947 1946 1949 1948 1947 1946 1949 1948 1947 1946 1949 1948 1947 1946 Highest tenth... 30 '31 33 32 47 45 52 44 9 14 19 6 105 '78 77 63 Second 15 15 15 15 15 15 14 15 9 11 11 12 26 19 16 16 Third . 12 12 12 12 10 11 8 12 8 9 10 7 13 15 6 14 Fourth 11 10 10 10 8 8 7 8 8 9 10 11 8 6 6 7 Fifth 9 9 9 9 7 7 6 6 10 7 11 11 1 6 3 4 Sixth 8 7 : 7 5 5 5 5 8 9 6 13 2 4 1 Seventh 6 6 6 6 4 4 4 4 9 8 5 8 —4 — 1 2 2 Eighth 5 5 4 5 2 2 2 3 9 7 7 7 Q -3 1 Ninth 3 3 3 3 2 2 1 2 7 6 12 -6 '-5 -2 -3 Lowest tenth. 1 1 1 1 1 1 1 23 17 15 13 -35 -17 -11 -5 All units 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 T Revised from data presented in the Federal Reserve BULLETIN, January 1950, Table 10, p. 23. 1 Income and saving data for the postwar years are based on interviews in January-March of each succeeding year. The figures in this table cannot be used to measure precisely changes in income and saving because of the limited size of the sample. However, it is believed that the data show with reasonable, accuracy the nature of certain broad changes which occurred in the pattern of income and saving during these years. The surveys for 1946 through 1949 also differ somewhat in their definitions of saving, as discussed in Appendix IJLO this article. 2 Annual money income before taxes. 3 Positive saving comprises the saying of all spending units with money incomes in excess of expenditures. 4 Negative saving comprises the dissaving of all spending units with expenditures in excess of money income. 5 Net saving (plus or minus) is positive saving less negative saving for the combination of all units in each income decile. 6 Less than one-half of 1 per cent. TABLE 3 PROPORTION OF POSITIVE, NEGATIVE, AND NET SAVING ACCOUNTED FOR BY AGE AND OCCUPATIONAL GROUPS, 1949 AND 1948 t P io ro n p i o n r t s i p o e n c if o i f e d p o g p r u o l u a p - Positive saving Negative saving Net saving Characteristic of spending unit 1949 1948 1949 1948 1949 1948 1949 1948 Age of head of unit: 18-24 10 - 11 3 4 8 10 -4 ^ 25-34 23 21 18 19 23 27 9 12 35_44 22 22 27 28 29 24 25 32 45-54 18 20 24 27 18 16 33 38 55-64 14 15 19 16 11 13 31 18 12 11 8 6 10 10 2 Not ascertained. 1 C1) 1 (*) 1 (9 2 1 All ages 100 100 100 100 100 100 100 100 Occupation of head of unit: Professional and semiprofessional 7 7 12 10 12 6 12 15 M^anasferial and self-emoloved 12 12 31 31 16 17 54 45 Clerical and sales 13 14 10 10 8 17 14 3 Skilled and semiskilled 27 27 19 21 17 21 21 21 Unskilled and service ^ . . .. 12 14 5 6 6 7 3 5 Farm operator 9 9 15 15 20 12 7 18 All others 3 20 17 8 7 21 20 -11 -7 All occupations 100 100 100 100 100 100 100 100 Aggregate amount all groups (in billions). . . .. $23 $23 $14 $12 $9 $11 1 Less than one-half of 1 per cent. 2 In the 1949 Survey, farm laborers were classed as unskilled workers; in the 1950 Survey, they were placed in the "others" category. 3 Includes farm laborers (for 1949 only), students, housewives, protective workers, retired, and unemployed persons and those for whom occupation was not ascertained. 1442 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195 0 SURVEY OF CONSUMER FINANCES ing for the individual units by ascertaining year- groups. Farm operators and unskilled and service to-year changes in specific forms of assets and workers showed the greatest decrease in the freliabilities. Saving, as thus defined, does not in- quency of saving among the occupational groups. clude increases in ownership of consumption goods Saving and dissaving are reflected in changes —not even those of a durable character such as in various types of assets and liabilities. The prinautomobiles or furniture—although an increase in cipal types of changes are shown in Table 5. Over indebtedness for the purchase of such goods is three-fourths of all spending units engage in some counted as negative saving, which is deducted from sort of contractual saving—such as insurance prempositive saving to obtain the figure of net sav- iums, provision for retirement, and payments on ing.3 mortgages—which require substantial amounts of In almost all the major groups of spending units regular saving. Another important form of sav- —classified by income, occupation, or age—a major- ing is an increase in liquid assets—bank deposits ity saved in 1949. Only in those groups having or Government securities. During both 1949 and incomes of less than $2,000 did less than 50 per 1948 the proportion of spending units reporting cent save. The only group in which there were reductions in liquid assets (nearly a third) exceeded more dissavers than savers consisted of those with the proportion reporting increases (about a fourth), incomes of less than $1,000, and this group continued to have a large proportion of zero savers TABLE 5 (see Table 4). In 1949 as compared with 1948, this income group contained a larger proportion of PERCENTAGE OF SPENDING UNITS REPORTING VARIOUS TYPES OF ADDITIONS TO AND WITHDRAWALS FROM spending units having negative incomes as a result SAVING, 1949 AND 1948 of business losses. The relative frequency of positive savers decreased, as compared with 1948, in Additions Withdrawals income groups below $3,000 but appears to have to saving from saving Type increased somewhat in the two highest income 1949 1948 1949 1948 3 A more detailed discussion of the survey's methods and Consumer indebtedness: definitions is presented in Appendix I to this article. Increases 30 24 Decreases 10 12 TABLE 4 Life insurance: Payment of premiums 74 74 COMPARISON OF POSITIVE AND NEGATIVE SAVERS WITHIN Full cash payment received INCOME AND OCCUPATIONAL GROUPS, 1949 AND 1948 from policy 3 r3 [Percentage distribution, of spending units within group] Liquid asset holdings: Increases 26 27 Decreases 31 33 Positive Zero Negative savers l savers savers 2 Real estate: Groups of spending units Purchases of homes for own use (nonfarm) 3 5 1949 1948 1949 1948 Purchases of other real estate (including farms) 2 3 Mortgages taken out for home All spending units 60 63 34 31 purchases 2 3 Mortgages on other real estate. . 1 1 By income: Sales of houses, farms, and lots.. 3 *-3 Under $1,000. . . 31 45 38 Payments on home mortgages $l,000-$l,999 49 41 34 (including full payments).... 17 18 $2,000-$2,999.. 59 39 30 Home improvements 14 16 $3,000-$3,999 70 29 29 $4,000-$4,999 71 29 30 Retirement funds: $5,000-$7,499 76 24 29 Payments to such funds 12 14 — _ $7,500 and over 85 15 20 Securities transactions (excluding By occupation of head of Federal): unit: Increases in holdings 2 2 Professional and semi- Decreases in holdings 1 1 professional 70 29 Managerial and self-em- Unincorporated business (excluding ployed 72 26 farmers): Clerical and sales 65 32 Profits left in business 2 3 Skilled and semiskilled. . . 65 32 Business loss 1 1 Unskilled and service.... 64 29 Personal investment in business. 3 3 F R a e r t m ire d operator 4 6 6 1 3 3 0 3 Wi m th e d n r t awals of business invest- 1 1 Farm equipment purchases 4 4 1 Spending units with money incomes in excess of expenditures. 2 Spending units with expenditures in excess of money incomes. 3 Less than one-half of 1 per cent. r Revised. NOVEMBER 1950 1443 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES but the total dollar volume of liquid assets held Income change. Change in income is one of the by consumer spending units showed little change.4 basic influences on the proportion of savers and dissavers. About 25 per cent of all spending units AMOUNT OF SAVING received smaller incomes in 1949 than in 1948. Estimates of aggregate current saving by house- In 1948 about 20 per cent obtained less than their holds have shown a steady drift downward in the 1947 incomes.6 postwar years.5 While the differences between any Of the spending units having reduced incomes two successive years have not been statistically in 1949 about as many were savers as were dissignificant, the change in net saving from 14 bilsavers (see Tables 6-8), but the frequency of lion dollars in 1947 to 9 billion dollars*in 1949 savers in this group was appreciably less than in indicates a substantial decline in total consumer 1948. Of spending units showing increases or no saving (see Table 1). This change probably prochange in income, over 60 per cent were savers ceeded steadily throughout the period. and 30 per cent were dissavers. Apparently the The relative importance of the top income decile fact that income reductions were more frequent in contributing to total consumer saving increased in 1949 than in 1948 accounts in part for the lesser sharply in 1949. This decile accounted for somefrequency of saving in 1949. what more than the total amount of net saving in 1949 as compared with about three-fourths of the TABLE 6 total in 1948 (see Table 2). In 1949, positive PERCENTAGE OF SPENDING UNITS WITH SPECIFIED CHANGES saving exceeded negative saving in the top five IN INCOME HAVING POSITIVE, ZERO, AND income deciles, a smaller number than had been NEGATIVE SAVING, 1949 AND 1948 shown by any previous survey. The lowest income decile dissaved on balance in 1949. The dissaving Positive saving Zero saving Negative saving Change in of this group, equivalent to about one-third of total income 1949 1948 1949 1948 1949 1948 consumer saving in 1949, was much larger than in other postwar years. The increased dissaving of Large increase. . 62 63 2 5 31 32 Small increase. . 66 67 4 5 30 28 this decile is accounted for in part by the rise in No change 61 64 12 9 27 27 Decline 48 56 8 4 44 40 frequency of negative incomes from a negligible proportion to about 1 per cent of the population. Another point of interest is that the group having The proportion of net saving accounted for by reduced incomes saved less frequently in 1949 than farm operators was half as great in 1949 as in 1948 in 1948. A possible explanation is that a reduc- (see Table 3), due to an increase in dissaving. Both tion in income was more often unexpected in 1949 the managerial and self-employed and the clerical than in 1948, and that as a consequence spendand sales groups accounted for much larger pering units more frequently maintained consumption centages of total net saving in 1949 than in 1948. when their incomes fell in 1949 than in 1948. CAUSES OF SAVING AND DISSAVING Income reductions of many sorts are often antici- Information provided by the Survey of Con- pated and discounted. Voluntary retirement, sumer Finances facilitates the analysis of saving superannuation, reduced rates of work for older by isolating the individual spending units in which professional workers, etc., probably account for decisions are made and by indicating to some ex- many reductions of this kind regardless of general tent the factors determining those decisions and economic conditions. Income reductions because their consequences. of economic readjustments of the kind widely experienced in 1949 are probably less often anticipated 4 A forthcoming article in the Federal Reserve BULLETIN will deal primarily with changes in the amount and distribu- and discounted, and may account for the relatively tion of various kinds of assets and liabilities. heavy impact of income reduction on saving in 1949 5 Survey estimates of means and aggregates are subject to as compared to 1948. greater sampling error than estimates of medians and frequencies. See "Methods of the Survey of Consumer Finances," Purchases of durable goods. Purchases of automo- Federal Reserve BULLETIN, July 1950, pp. 802rL Comparibiles and other durable goods are the least stable sons of the survey's estimate of aggregate saving with outside data should be made with caution, for differences in defini- of consumer expenditures. Increased purchases of tions may afTect not only the magnitude but also the direction of change of various saving estimates. See Appendix I 6 "The Distribution of Consumer Income in 1949," Federal to this article. Reserve BULLETIN, August 1949, Table 3, p. 952. 1444 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 7 TABLE 8 POSITIVE SAVERS AS A PERCENTAGE OF ALL SPENDING UNITS NEGATIVE SAVERS AS A PERCENTAGE OF ALL SPENDING UNITS HAVING SPECIFIED CHARACTERISTIC AND SPECIFIED HAVING SPECIFIED CHARACTERISTIC AND SPECIFIED CHANGE IN INCOME, 1949 AND 1948 x CHANGE IN INCOME, 1949 AND 1948 * Change in income from 1948 to 1949, Change in income from 1948 to 1949, and 1947 to 1948 and 1947 to 1948 C s h p a e r n a d ct i e n r g i st u i n c it of Decline2 ch N an o ge3 in S c m re a a l s l e4 in L cr a e r a g s e e5 C s h p a e r n ac d t i e n r g i st u i n c it of Decline2 cha N n o ge3 in S c m re a a l s l e4 in L cr a e r a g s e e5 19491948 19481949194819491948 1949 19481949 19481949 1948 All spending units. . 48 56 64 67 62 63 All spending units. . 40 27 27 30 28 31 32 Income: Income: Under $1,000 34 Under $1,000 32 $l,000-$l,999 61 $1,000-$l,999 29 $2,000-42,999. • ...... 61 $2,000-$2,999 35 $S,000-$3,999 72 $3,000-$3,999 26 $4,000-44,999 61 $4,000-14,999 39 $5,000 and over 75 $5,000 and over 25 Occupation of head of Occupation of head of unit: unit: Professional and semi- Professional and semiprofessional professional Managerial and self- Managerial and selfemployed 70 employed 30 Clerical and sales 63 Clerical and sales 30 Skilled and semiskilled 63 Skilled and semiskilled 33 Unskilled and service. 62 Unskilled and service. 29 Farm operator. ...... 69 Farm operator 21 Retired , Retired Age of head of unit: Age of head of unit: 18-24 57 18-24 33 25-34..? 61 25-34 37 35-44.. 68 35-44 29 45-54., 64 45-54 31 55-64.... 55-64 65 and over.;. 65 and over 1 information is furnished only for groups of 65 jorrnore having 1 Information is furnished only for groups of 65 or more having given change in income and specified characteristic. given change in income and specified characteristic. 2 Decline of 5 per cent or more. 2 Decline of 5 per cent or more. 8 Less than 5 per cent of change. 3 Less than 5 per cent of change. 4 Increase of 5 to 24 per cent. 4 Increase of 5 to 24 per cent. 5 Increase of 25 per cent or more. 5 Increase of 25 per cent or more. 6 Not shown since number of cases is less than ,65. 6 Not shown since number of cases is less than 65. these items, unless offset by reduction of other ex- which are considered to be dissaving.8 In 1949, penditures and/or increases of income, may re- adding to consumer indebtedness became more duce the numbers of savers. In 1949, although a important as a form of dissaving. About 29 per year of some downward economic readjustments, cent of all spending units increased their consumer purchases of automobiles and other durable goods indebtedness in 1949 as compared to 24 per cent reached record levels.7 These increased purchases, in 1948 (see Table 10). About one-half of the although apparent among both savers and dissav- dissavers increased their consumer indebtedness; ers, were more numerous in the latter group only about one-fifth of the savers reported such (see Table 9). Almost two-thirds of all dissavers changes (see Table 11). purchased some type of durable good, while less Spending units headed by persons under 44 years than one-half of all positive savers made such of age purchased durable goods more frequently than spending units headed by older persons.9 This purchases. These purchases apparently moved is easily explained by the greater rate of housemany spending units into the dissaving category. hold formation in the younger groups. As would Funds for the purchase of durable goods often be expected, the greater frequency of durable goods come from a reduction in liquid assets and/or the assumption of consumer indebtedness—both of 8 In survey data, consumer indebtedness includes all forms of spending-unit debt other than charge accounts and debt 7 See "Purchases of Houses and Durable Goods in 1949 and incurred in financing real estate transactions. Buying Plans for 1950," Federal Reserve BULLETIN, July 9 "Purchases of Houses and Durable Goods in 1949 and 1950, pp. 780ff.. and "Distribution of Consumer Income in Buying Plans for 1950," Federal Reserve BULLETIN, July 1949," Federal Reserve BULLETIN, August 1950, pp. 948fT. 1950, pp. 780fT., especially Tables 10, 12, and 13. NOVEMBER 1950 1445 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES purchases in the younger group was accompanied Reduction of liquid assets lost some of its earlier by a greater frequency of increased consumer in- importance as a form of dissaving in 1949, apdebtedness. About 4 in 10 of the younger group parently because of the prior exhaustion of holdincreased their obligations in 1949 as compared ings and also the easing of credit terms. In the to little more than 2 in 10 in the older group (see immediate postwar period, use of liquid assets, Table 12). which had increased so tremendously during the TABLE 9 EXPENDITURES FOR AUTOMOBILES AND OTHER SELECTED DURABLE GOODS WITHIN SAVING GROUPS, 1949 AND 1948 * Expenditures for Positive savers2 Negative savers3 automobiles and Zero o du th r e a r b l s e e l g e o c o te d d s All $50 o 0 v e a r nd $100-1499 $l-$99 savers AH $l-$99 $100-$499 $50 o 0 v e a r nd 1949 No expenditures 53 47 54 63 86 33 43 34 27 Expenditures 46 53 45 36 14 66 56 66 72 $l-$99 7 5 8 9 9 7 14 6 3 $100-$499 24 25 24 20 4 24 30 34 12 $500 and over 15 23 13 7 1 35 12 26 57; Not ascertained. 1 (4) 1 1 1 1 1 •(*) All units 100 100 100 100 100 100 100 100 100 1948 No expenditures 57 47 59 68 81 40 55 41 31 Expenditures 43 53 40 32 19 59 45 59 68 Not ascertained (4) (4) 1 (4) 1 (4) (4) 1 All units 100 100 100 100 100 100 100 100 100 Number of cases, 1949 2,010 878 699 433 184 1,147 222 442 483 Number of cases, 1948 2,110 872 765 473 196 1,018 206 370 442 1 Expenditures for automobiles are net of trade-in allowances, in both years. Expenditures for other durable goods are net of trade-in allowances in 1949 but gross in 1948. This discrepancy does not affect the comparability of the frequency of purchases in the two years, although there is no basis for comparison of amounts expended. 2 Spending units with money income in excess of expenditures. 3 Spending units with expenditures in excess of money incomes. 4 Less than one-half of 1 per cent. TABLE 10 CHANGE IN CONSUMER INDEBTEDNESS OF SPENDING UNITS WITHIN INCOME GROUPS, 1949 AND 1948 x [Percentage distribution of all spending units within income groups] * Total Decrease No change Increase Not ascertained Income Number of cases Per cent grouping 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 AH spending units 3,512 3,510 100 100 10 12 60 63 29 24 1 1 Under $1 000 479 416 100 100 5 5 74 81 20 14 I (2) $l,000-$l,999 604 571 100 100 10 11 62 68 27 21 1 (2) $2,000-$2,999 672 722 100 100 11 13 54 61 34 25 1 $3,000-$3,999 615 686 100 100 11 13 55 56 33 30 1 1 $4,000-$4,999 . 397 416 100 100 15 14 46 55 38 30 1 1 $5,OOO-$7,499 -437 408 100 100 10 16 56 56 33 26 1 2 $7,500 and over. . . 269 262 100 100 6 12 74 67 19 20 1 1 1 Includes debt arising from instalment purchases of consumer goods and from instalment and single payment loans granted by banks, small loan companies, and other lending agencies. 2 Less than one-half of 1 per cent. 1446 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 11 war, was quite prevalent when purchasing automobiles and other durable goods. This tendency was CHANGE IN CONSUMER INDEBTEDNESS OF SPENDING UNITS still strong in 1949 as about two-thirds of the dis- WITHIN SAVING GROUPS, 1949 * savers of $500 or more reduced their liquid asset [Percentage distribution of spending units, within saving groups] holdings (see Table 13). However, in 1948 about Positive Negative three-fourths of this group of dissavers reduced savers savers such holdings. Change in Zero indebtedness $ o a 5 v n 0 e d 0 r $ $ 1 4 0 9 0 9 - $ $9 1- 9 savers $ $ 4 1 9 - 9 $ o a 5 v n 0 e d 0 r TABLE 13 CHANGE IN LIQUID ASSET HOLDINGS OF SPENDING UNITS WITHIN SAVING GROUPS, 1949 1 Decrease 19 15 8 1 5 2 [Percentage distribution of spending units within saving groups] $1,000 and over... 4 1 $500-$999 5 1 $200-$499 6 4 1 1 Positive Negative $1-$199 .... 4 11 1 3 1 savers savers 7 Change in Zero N In o c r c e h a a s n e ge 6 1 4 6 6 2 2 3 6 2 9 2 97 2 3 5 9 6 4 5 6 2 liquid assets $ o a 5 v n 0 e d 0 r $ $ 1 4 0 9 0 9 - $ $9 1- 9 savers $ $ 4 1 9 - 9 $ o a 5 v n 0 e d 0 r $1-$199 9 15 15 1 30 6 $ $ 2 5 0 0 0 0 - - $ $ 4 9 9 9 9 9. ... 3 2 2 5 5 1 1 20 5 1 1 1 8 Increase., 59 47 28 2 13 18 $1,000 and over,.. 2 1 1 1 17 $1,000 and over. .. 14 1 (2) 1 5 Not ascertained 1 1 $ $ 5 2 0 0 0 0 - - $ $ 9 4 9 9 9 9 1 1 1 6 1 2 4 1 (2 2 ) 3 2 All units 100 too 100 100 100 100 $1-$199 18 30 26 2 10 8 Number of cases.... 878 699 433 184 664 483 No change.. 18 33 57 94 36 15 Decrease 22 20 15 3 51 67 1 Includes debt arising from instalment sales of consumer goods and from instalment and single payment loans granted by banks, $1-$199 8 9 8 1 17 5 small loan companies, and other lending agencies. For com- $200-$499 4 5 3 2 23 12 parable 1948 data, see Table 12, Federal Reserve BULLETIN. $500-$999 3 2 2 6 20 January 1950, p. 26. $1,000 and over... 7 4 2 5 30 2 Less than one-half of 1 per cent. Not ascertained 1 (2) (2) 1 (2) All units 100 100 100 100 100 100 TABLE 12 Number of cases.... 878 699 439 184 664 483 CHANGE IN CONSUMER INDEBTEDNESS OF SPENDING UNITS WITHIN AGE GROUPS, 1949 1 1 Liquid assets include all types of U. S. Government bonds, savings accounts, and checking accounts. For comparable 1948 data, see Table 13, Federal Reserve BULLETIN, January 1950, p. 26. [Percentage distribution of spending units within age groups] 2 Less than one-half of 1 per cent. Age of head of spending unit Contractual saving. In analyzing the determinants All Change in spend- of saving, sources of stability are as important as indebtedness u i n n i g ts 18-2425-3435-4445-5455-64 a 6 n 5 d sources of change. Many consumers have longover term contractual arrangements for saving that limit yearly fluctuations in the amount they save. Decrease 10 7 14 10 9 9 4 ( Insurance premiums, payments to retirement funds, $1,000 and over.. 1 1 1 1 1 2 i $500-$999 1 1 2 1 1 1 and payments on mortgages are the contractual $200-$499 3 2 4 2 2 2 $1-$199 5 3 7 6 5 4 arrangements which are included as "additions to" No change 59 55 45 50 64 72 2 saving in the survey's computation. Contractual Increase 30 37 40 39 26 18 88 arrangements of shorter duration, such as instal- $1-$199 14 20 19 17 11 10 7 ment contracts for the purchase of automobiles, $ $ 5 2 0 0 0 0 - - $ $ 9 4 9 9 9 9 4 8 1 4 0 9 7 1 6 1 3 8 4 3 4 1 may not, because of their brevity, have the same $1,000 and over.. 4 3 5 5 4 1 1 1 stabilizing effect on saving. Not ascertained.. 1 1 1 1 1 1 1 Nearly three-fourths of all spending units had All units 100 100 100 100 100 100 100 some contractual saving in 1949. This was about Number of cases... 3,512 342 779 777 670 495 419 the same proportion as in 1948 and, as in that year, contractual saving was somewhat more frequent 1 Includes debt arising from instalment purchases of consumer among spending units which saved on balance goods and from instalment and single payment loans granted by banks, small loan companies, and other lending agencies. than among those which dissaved on balance. Less than one-half of 1 per cent. NOVEMBER 1950 1447 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES About 7 in every 10 dissavers and more than 8 CHARACTERISTICS OF SAVERS AND DISSAVERS in 10 savers had some long-term contractual sav- One of the principal contributions of the Survey ing in 1949 (see Table 14). of Consumer Finances is information about the TABLE 14 distribution of income, expenditures, and saving among various groups of spending units. Changes CONTRACTUAL SAVING OF SPENDING UNITS WITHIN SAVING GROUPS, 1949 X in the frequency of saving and dissaving within occupational groups are shown in Table 4, and [Percentage distribution of spending units within saving groups] Positive Negative TABLE 16 savers savers Contractual Zero POSITIVE AND NEGATIVE SAVERS WITHIN INCOME1 QUINTILES * saving savers $ o a 5 v n 0 e d 0 r $ $ 1 4 0 9 0 9 - $ $ 9 1- 9 $ $ 4 1 9 - 9 $ o a 5 v n 0 e d 0 r [Percentage distribution of spending units within quintiles] Spending units ranked All Positive Zero Negative according to income units savers 2 savers savers 3 No contractual saving 10 12 17 95 30 28 All units: Contractual saving. 90 88 83 5 70 72 1949 ... 100 60 6 34 1948 100 63 6 31 $ $ 1 2 - 0 $ 0 1 -$ 9 4 9 99 3 2 3 5 3 4 3 7 72 7 3 1 5 1 3 4 4 1 2 8 1 1 9 9 4 4 7 6 1 10 0 0 0 6 6 5 4 8 8 2 98 7 $ $ 5 l, 0 0 0 0 - 0 $ - 9 $ 9 l 9 ,999 20 7 5 1 2 1 (2) (2 2 ) 2 7 1941 100 62 5 33 $2,000 and over. . . 3 (2) 1 Highest quintile: Am as o c u e n rt t a n in o e t d 2 : 2 1 1 1 2 1 1 9 9 4 4 9 8 . 1 1 0 0 0 0 7 7 8 4 C (4) 4) 2 2 2 6 1947 100 77 23 Not ascertained (2) (2) 1946 100 85 15 All units 100 100 100 100 100 100 1941 100 80 (4) 20 Second: Number of cases 878 699 433 184 664 483 1949 100 70 1 29 1948 100 69 1 30 anc 1 e C o p n ol t i r c a i c e t s u , al m s o a r v tg in a g g e in p c a lu y d m es e n p ts r em on iu m re si p d a e y n m ce e s nt a s n o d n o l t i h fe e r in r s e u a r l - 1 1 1 9 9 9 4 4 4 7 1 6 . 1 1 10 0 0 0 0 0 6 6 7 7 9 5 2 3 1 3 3 2 1 0 2 estate, and payments to retirement funds. For comparable 1948 dat 2 a L , e s s e s e t T h a a b n l e o n 1 e 4 - , h F a e lf d e o r f a l 1 R p e e s r e r c v e e n t B . ULLETIN, January 1950, p. 26. Th 1 i 9 rd 4 : 9 100 64 1 35 1948 100 66 3 31 Contractual savers constitute a larger proportion 1 1 9 9 4 4 7 6 1 1 0 0 0 0 6 6 1 8 3 3 3 2 6 9 of the upper income quintiles than of the lower 1941 100 66 1 33 ones. Over 90 per cent of the uppermost quintile Fourth: 1949 100 50 7 43 had contractual saving arrangements in 1949 in 1948 100 61 7 32 1947 100 61 9 30 contrast to about 50 per cent of the consumers in 1946 . 100 61 10 29 1941 100 57 5 38 the lowest quintile (see Table 15). Lowest quintile: 1949 100 37 21 42 TABLE 15 1948 100 44 20 36 1947 100 47 24 29 CONTRACTUAL SAVING WITHIN 1949 INCOME QUINTILES 1 1 9 9 4 4 1 6 1 10 0 0 0 3 4 8 3 2 1 3 9 3 4 4 3 [Percentage distribution of spending units within quintiles] 1 Income and saving data for the postwar years are based on the Highest Second Third Fourth Lowest annual Surveys of Consumer Finances which are made in the first Contractual savings quin- quin- quin- quin- quin- quarter of the year succeeding that for which data is given. The tile tile tile tile tile 1941 data are estimated from information obtained in Family Spending and Saving in Wartime (Bureau of Labor Statistics, Bulletin No. 822), April 1945. No i n c g ontractual sav- 6 9 15 31 52 4 3 2 L S S e p p s e e s n n d d th i i n n a g g n u u o n n n i i e t t - s s h a w w lf i i t t h h o f e m x 1 o p n p e e e n y r d i c i t n e u c n r o e t. s m e in s e in xc e e x s c s e o ss f m of o n ex ey p e i n n d c i o t m ur e e s s . . Contractual saving. . 93 91 85 69 47 NOTE.—The figures in this table cannot be used to measure $1-$199 28 43 58 54 41 precise changes in the relation of saving to income. However, $200-$499 31 32 19 9 3 it is believed that the data show with reasonable accuracy the nature $500-$999 19 11 4 3 1 of certain broad changes which occurred in the pattern of income $ A 1 m ,0 o 0 u 0 n a t nd n o o t ve a r scer- 12 3 1 0) C1) and T h s e a v 1 in 9 g 4 1 d d u a ri t n a g w th er e e s e o b y t e a a i r n s e . d by a process of freehand graphic tained 3 2 3 3 interpolation of cumulative frequency distributions based on data 2 for various income size groups. Not ascertained 1 C1) 0) 1 The survey covering 1941 and the surveys covering 1946 through 1949 differed somewhat in their definitions of money income, All units 100 100 100 100 100 saving, and the spending unit, in the universe covered, as well as in sampling methods. The surveys for 1946 through 1949 also differed somewhat in their definitions of saving, as discussed in 1 Less than one-half of 1 per cent. Appendix I to this article. 1448 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES additional data are given in supplementary tables having incomes less than $3,000 (see Table 4). at the end of this article.10 The marked rise in These same groups expanded their purchases of the proportion of farm operators who dissaved automobiles in 1949. Declines in income also in 1949 as compared with 1948 followed from were more frequent in these groups than in the increased frequency of declining incomes in 1949 higher income groups. and from maintenance of a high rate of purchas- For comparisons over more extended periods of ing durable goods. The unskilled and service time, distributions of savers and dissavers within workers also were more frequently dissavers in income quintiles are preferable to those within 1949 than in 1948, probably as a result of un- income groups in order to avoid the effects of favorable movements of their incomes and also general changes in the price level. With each postbecause of durable goods purchases. The sample war year, the proportion of dissavers in the popudata fail to indicate statistically significant move- lation has increased, but the movements within ments for other occupational groups between 1948 individual income quintiles have not always conand 1949. formed to this general movement. In general, Changes between 1948 and 1949 in the frequency the increased tendency to dissave appears to have of saving and dissaving within various income begun in the upper income quintiles and spread groups conform to expectations based on move- in succeeding years to lower ones (see Table 16). ments of incomes and activity in the markets for Thus, between 1946 and 1947, the data indicate durable goods, especially for automobiles. In that dissaving became more prevalent among spendgeneral, statistically significant increases occurred ing units in the upper two income quintiles. Howin the frequency of dissaving within the groups ever, between 1948 and 1949 significant increases 10 Data relating to the income changes and durable goods of dissavers are found only in the lower two quinexpenditures of various occupational and income groups in tiles. 1949 are found in "Purchases of Houses and Durable Goods in 1949 and Buying Plans for 1950," Federal Reserve BULLE- While the data for 1941 are based on a study TIN, July 1950, pp. 780fif., and in "Distribution of Con- varying somewhat from the Survey of Consumer sumer Income in 1949," Federal Reserve BULLETIN, August Finances in its methods and definitions, they fur- 1950, pp. 948ff. TABLE 17 DISTRIBUTION OF POSITIVE AND NEGATIVE SAVERS ACCORDING TO RELATION OF SAVING TO INCOME BY INCOME GROUPS OF FAMILY UNITS, 1949 [Percentage distribution of family units within income groups] Family income groups 1 Positive and negative savers All Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 groups $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over Positive savers—total . . 60 26 47 58 69 69 72 81 Percentage of income saved: 50 and over • ... 3 3 3 3 2 4 2 11 30-49 7 3 6 5 7 8 9 15 20-29 8 3 3 8 8 9 14 14 10-19 15 4 6 13 20 21 18 23 1-9 27 13 29 29 32 27 29 18 Zero savers—total 6 34 9 2 1 (2) 1 Negative savers—total3 34 40 44 40 30 31 27 19 Dissaving as a percentage of income: 1-9 13 5 16 17 14 16 12 11 10-24 9 7 10 11 9 8 9 4 25 and over 12 28 18 12 7 7 6 4 All family units 100 100 100 100 100 100 100 100 Number of cases 3,069 376 417 513 549 378 503 333 1 Based on 1949 money income before taxes. 2 Less than one-half of 1 per cent. 3 Family units with expenditures in excess of money income. NOVEMBER 1950 1449 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES nish the best available indication of the prewar differ appreciably between the 1941 and 1949 data relation of income to saving.11 The relative fre- .which relate to the entire population. Differquencies of savers, zero savers, and dissavers do not ences within income deciles are somewhat more marked. Because of differences in the techniques 11 The 1941 data are from Family Spending and Savings of the two surveys, however, the criteria used in in Wartime (Bureau of Labor Statistics, Bulletin No. 822), evaluating differences of various data obtained by April 1945. These data resulted from a survey conducted the Survey of Consumer Finances cannot be apjointly by the Bureau of Labor Statistics and the Bureau of plied to differences between the 1941 and 1949 Human Nutrition and Home Economics, Department of Agriculture. This survey and the Survey of Consumer data. However, the 1949 data conform more Finances differ slightly in their definitions of saving, income, closely to the prewar data than do the data oband the spending unit, in the population sampled, and in tained in the immediate postwar years. sampling methods. TABLE 18 PERCENTAGE OF INCOME SAVED OR DISSAVED BY SPENDING UNITS WITHIN SPECIFIED GROUPS, 1949 [Percentage distribution of spending units within groups] All cases Percentage of income saved Percentage of income dissaved Posi- Neg- Groups of spending units N b u e m r - Per sa t v iv e e rs1 a 5 n 0 d 30-49 20-29 10-19 1-9 s Z a e v r e o rs s a av ti e v r e s1 1-9 10-24 a 2 n 5 d over over All spending units. 3,512 100 60 15 27 34 13 13 By income before taxes:2 Under $1,000 479 100 31 3 4 4 5 15 24 45 5 8 32 $l,000-$l,999 604 100 49 2 6 4 7 30 10 41 16 8 17 $2,000-$2,999 672 100 59 3 5 9 14 29 2 39 17 10 12 $3,000-$3,999 615 100 70 2 6 9 20 33 1 29 13 9 7 $4,000-$4,999 397 100 71 3 10 9 23 26 29 13 9 7 $5,000-17,499.... 437 100 76 3 13 14 20 26 24 10 9 5 $7,500 and over 269 100 85 16 17 16 19 17 15 7 3 5 By occupation of head of unit:4 Professional and semi professional.. 287 100 69 3 10 12 19 25 2 29 10 11 Managerial and self-employed.... 466 100 71 7 14 12 18 20 1 27 8 12 Clerical and sales 486 100 65 2 6 8 18 31 4 31 15 Skilled and semiskilled 895 100 64 1 4 9 18 32 2 34 16 10 Unskilled and service 344 100 55 2 5 6 11 31 9 36 17 11 Farm operator 410 100 55 13 14 9 8 11 3 42 28 Retired 180 100 50 2 7 6 6 29 24 26 18 By type of community: Metropolitan 5. 1,157 100 62 6 16 30 35 15 11 City, 50,000 and over 494 100 62 8 16 29 30 11 12 Town, 2,500-50,000 759 100 62 7 15 27 32 13 10 Town, under 2,500. 493 100 55 5 13 26 38 14 15 Open country 609 100 54 10 9 19 38 7 23 By age of head of unit:6 18-24 342 100 49 7 11 26 9 42 17 10 15 25-34 779 100 59 8 16 26 3 38 17 9 12 35-44 777 100 62 7 15 28 2 36 14 10 12 45-54 670 100 66 9 17 28 4 30 10 7 13 55-64 495 100 64 11 14 27 6 30 8 14 65 and over 419 100 53 9 9 24 19 28 4 19 By type of spending unit:7 Primary 2,939 100 61 15 26 5 34 12 14 Related secondary. 442 100 58 14 28 9 33 13 7 13 Unrelated secondary 131 100 44 28 17 39 14 12 13 1 Positive savers are spending units with money incomes in excess of expenditures and negative savers (dissavers) are spending units with expenditures in excess of money incomes. 2 Excludes spending units for which saving was not ascertained and thus adds to less than 3,512 cases. 3 Less than one-half of 1 per cent. 4 Excludes spending units for which occupation of head was not ascertained and also spending units headed by housewives, students, unemployed persons, and farm laborers; totals less than 3,512 cases. 5 The 12 largest cities in the United States and their suburbs. 5 Excludes cases where age of head of spending unit was not ascertained and thus adds to less than 3,512 cases. 7 "Primary" describes every spending unit that is the sole or chief component of a dwelling unit; "related secondary" describes any spending unit related by blood, marriage, or adoption to a primary unit and forming part of the same dwelling unit; "unrelated secondary" describes spending units such as roomers and domestic help that are unrelated to a primary spending unit but are part of the same dwelling unit. 1450 FEDERAL RESERVE BUIXETEN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 19 TABLE 20 DISTRIBUTION OF MONEY INCOME, TAXES, DISPOSABLE INCOME, MEDIAN INCOME, SAVING, AND PERCENTAGE OF INCOME EXPENDITURES FOR SELECTED DURABLE GOODS AND FOR SAVED BY SPENDING UNITS WITHIN INCOME QUINTILES, 1949 1 OTHER CONSUMER GOODS, AND NET SAVING BY INCOME QUINTILES, 1949 Spending units ranked Median Median Median per- [Percent] according to income income saving inc c o e m nt e a g s e a v o e f d Total Highest quintile $5,800 $706 11 i S r n a p g n e k n t e o d d i n i n a g c c c o u o m n r i d e t - s x i m b n T t e a c o o f x o n o t e m a e r s l e y e in T s t F p c o a o e e o x n t d r m a a - - 2 l l e c T p o d b i o o m i n l s s t e - a - e a - l 3 p l g e d a e o e s c b u n e o x t l r d - e - d e - d i s - ;i t p T o s u c u e e t o o r h n m x e t n e d - a s - e r l i r 5 - T s n i o a n e v t g t a - l S T F L o o e h w c u ir o r e d A t n s h . t l d l . q u .. n u .. i i ts n . . tile......... $ 3 2 2 1 , , , , 7 7 8 7 7 1 0 6 0 1 0 0 0 0 0 2 $5 1 9 9 7 4 5 1 1 tures 4 *For comparable 1948 data, see Table 3, Federal Reserve BULLETIN, January 1950, p. 17. Highest quintile. 45 68 43 41 38 131 2 For each income quintile and for all units as a group, the Second 23 17 24 23 24 21 median percentage of income saved was obtained by ranking Third 17 9 17 18 18 1 spending units from the highest percentage of income dissaved in Fourth 11 5 12 12 13 -12 descending order to zero and then in ascending order to the highest Lowest quintile. 4 1 4 6 7 -41 percentage of income saved. The median percentage sayed was that of the middlemost unit in this ranking. All quintiles. . 100 100 100 100 100 100 Footnotes to Table 19 cont. 1 Annual money income before taxes in 1949. 5 Covers expenditures for all goods and services not included 2 Estimated Federal personal income tax liability, apart from in selected durable goods (see footnote 4). Includes food, housing, capital gains and losses. clothing, medical care, transportation, recreation, education, and 3 Disposable income is defined as money income less estimated State and local taxes, as well as expenditures for durable goods such Federal personal income tax liability. as floor coverings, jewelry, fur coats, and other miscellaneous 4 Includes automobiles, furniture, radios, television sets, and durable items. Since these estimates are residual items, they should household appliances such as refrigerators, ranges, washing ma- not be regarded as being as reliable as the other, directly estichines, and other miscellaneous appliances. Expenditures for mated items. automobiles are net of trade-in allowances. NOTE.—For comparable 1948 data, see Federal Reserve BULLE- TIN, January 1950, Table 17, p. 29. TABLE 21 OTHER CONSUMER EXPENDITURES AS A PERCENTAGE OF DISPOSABLE INCOME OF DIFFERENT INCOME GROUPS, 1949 AND 1948 {Percentage distribution of spending units within disposable income groups] Disposable income group All spending Expenditures as a percentage units Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 of disposable income * $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 Under 50 9 8 13 6 6 4 6 6 6 7 9 12 14 16 25 21 50-59 4 5 1 3 3 3 4 4 5 5 7 6 7 8 12 7 60-69 7 6 3 3 5 4 7 7 8 9 7 8 14 9 9 8 70-79 12 11 6 4 7 8 15 12 14 13 17 16 18 14 17 12 80-89 17 14 7 7 14 14 20 15 25 17 23 20 18 11 8 14 90-99 24 26 17 22 30 31 27 31 27 28 23 22 12 18 9 9 100 and over .....* 22 23 49 48 31 33 17 19 12 17 10 10 9 15 7 12 5 7 4 7 4 3 4 6 3 4 4 6 8 9 13 17 Total ... 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases ......... 3,512 3,510 489 424 672 656 750 800 619 672 413 401 326 328 196 197 1 Other consumer expenditures were estimated by deducting from the money income reported by each spending unit in the survey the total of its selected durable goods expenditures, net saving and Federal income tax liability. The residual thus includes expenditures for food, housing, clothing, medical care, other living costs, State and local taxes, recreation, and education, as well as expenditures for durable goods such as floor coverings, jewelry, fur coats, and other miscellaneous durable goods; it excludes expenditures for automobiles, furniture, radios, television sets, and household appliances such as refrigerators, ranges, washing machines, and other miscellaneous appliances. 2 Disposable income is defined as money income less estimated Federal personal income tax liability. Details of its derivation for this survey are given in the Federal Reserve BULLETIN, August 1950, pp. 961-62. NOTE.—Details may not add to 100 because of rounding. NOVEMBER 1950 1451 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 22 PROPORTION OF MONEY INCOME ALLOCATED TO TAXES, EXPENDITURES FOR SELECTED DURABLE GOODS AND FOR OTHER CONSUMER GOODS, AND SAVING, BY SPENDING UNITS WITHIN INCOME QUINTILES, 1949 AND 1948 Expenditure as a percentage of aggregate income of each quintile All spending units Type of expenditure or saving Lowest quintile Second quintile Third quintile Fourth quintile Highest quintile 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 Federal income tax * 8 9 2 1 4 4 5 5 6 6 12 13 Automobiles and other selected durable goods ^ 11 9 16 8 11 8 11 9 10 10 9 8 Other consumer expenditures 3... 76 •75 139 122 91 90 84 83 79 r79 63 65 Net saving 5 7 -57 -31 -6 -2 (4) 3 5 «"5 16 14 Total... 100 100 100 100 100 100 100 100 100 100 100 100 r Revised. 1 Estimated Federal personal income tax liability on income, apart from capital gains and losses. 2 Includes automobiles, furniture, radios, television sets, and household appliances such as refrigerators, ranges, washing machines, vacuum cleaners, home freezers, and other miscellaneous appliances. Expenditures for automobiles are net of trade-in allowances m both years; expenditures for other durable goods are net of trade-in allowances in 1949 but gross in 1948. 3 Covers expenditures for all goods and services not included in selected durable goods (see footnote 2). Includes food, housing, clothing, medical care, other living costs, State and local taxes, recreation, transportation and education, as well as expenditures for durable goods such as floor coverings, jewelry, fur coats, and other miscellaneous items. 4 Less than one-half of 1 per cent. APPENDIX I COMPUTATION OF SAVING IN THE SURVEY OF CONSUMER FINANCES The Survey of Consumer Finances derives its farm and nonfarm houses, changes in the assets of estimate of the net saving of individual spending private trust funds, changes in farm inventories, units by summing directly estimated components. and changes in personal currency holdings. Some estimates of total saving, for example that In addition to the differences in definition listed of the National Income Division of the Office of above, the universe of the survey is somewhat nar- Business Economics, United States Department of rower than that of the Commerce saving aggre- Commerce, are computed as residuals from national gate. The survey excludes nonprofit institutions, aggregates. In these cases, estimates of consumer persons living outside the continental United expenditures are deducted from estimates of dis- States, members of the armed forces living on posable income to obtain saving. However, the military reservations, residents in hospitals and survey's emphasis on the various types of asset other institutions, and the floating population holdings and on changes in these holdings makes (residents of hotels, tourist camps, large boarding possible a direct, rather than a residual, estimate. houses). The definition of saving used in the Survey of The classification of spending units by the sur- Consumer Finances also diflers in various respects vey as positive, negative, or zero savers in the from the definition of personal saving in the Na- survey depends on the relative magnitudes of "adtional Income series of the United States Depart- ditions to" and "withdrawals from" saving, as ment of Commerce. Among the chief differences shown in the accompanying table.1 Survey tabuare the inclusion, by the survey, of payments in lations deal primarily with the net saving of indiconnection with government life insurance and vidual units. Distributions and aggregates of gross retirement funds, excluding social security pay- saving and dissaving are not made, although cerments, and all payments made in connection with tain specific items are at times treated in this private life insurance and retirement systems. The manner—i.e., changes in consumer indebtedness. Department of Commerce includes only the increase in the reserves of life insurance and retire- 1 For list of these "additions to" and "withdrawals from" saving, see the appendix to "Distribution of Consumer Savment funds. The saving concept of the National ing in 1948," Federal Reserve BULLETIN, January 1950, p. 33. Income series also includes the following items The only change made in the 1950 survey is the reintroducnot entering the determination of saving in the tion of changes in amounts deposited in credit unions. These changes were omitted in the 1949 survey. This change has Survey of Consumer Finances: depreciation on little effect. 1452 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES Aggregates entitled positive or negative saving are ILLUSTRATION OF METHOD OF DETERMINING SAVING BY aggregates relating to positive and negative savers, INDIVIDUAL SPENDING UNITS * rather than to all positive and negative saving items. Spending units Difficulties inherent in remolding diverse types Additions to (-f) and withdrawals from ( —) saving of accounting and budgeting practices into a uniform series of entries complicate the survey. The Liquid asset holdings: presence of farm operators and self-employ€d per- Increase (+) +$600 sons in the sample leads to the inclusion of certain Decrease ( —) -$200 -$400 items which arise in the producers* rather than the Co D ns e u c m rea e s r e d e (+ bt ) outstanding: +$200 consumers' sector of the economy. If a farmer Increase ( —) -$100 -$400 undergoes a loss on his operations during the year, Payments on mortgage principal (+). +$200 +$300 Life insurance premiums paid (4-) +$100 +$200 and if this loss is reflected, as is usually the case, Total. +$800 -$300 0 in his personal accounts, dissaving calculated from changes in assets held will reflect business losses 1 Only a few of the many factors which determine saving and dissaving by survey definition are included in this illustration. as well as consumption expenditures. trative and current insurance expense will be im- Other limitations in obtaining basic data may properly included in saving, and yet the diffidistort saving figures by including certain consumpculties of breaking down the premium payment tion expenditures among items entering into the into these various elements make it necessary for the saving calculation. Some respondents do not or survey to record the total premium as saving. cannot break down mortgage payments into re- In reality, the only saving has been the increase payment of principal (a saving item) and interest in cash reserves. and tax payments (items properly considered as Certain biases in estimating saving may arise in current expenditures).2 Therefore, it is necessary the reporting process. Memory errors may have to apply a correction factor in these cases when such an effect, especially when the differences of computing saving. end-of-year and beginning-of-year figures are in- Difficulties also arise in distinguishing between volved. Because of the unwillingness of respondcurrent expense and saving aspects of life insurents to disclose any large holdings of currency, the ance premiums. When all the insurance premium survey does not attempt to obtain information on is considered as an addition to saving, administhis point. Saving or dissaving through changes 2 In the 1950 survey, 14 per cent of 650 respondents mak- in currency holdings is not reflected in the survey ing mortgage payments did not segregate the amount of payestimate. ment on the principal. APPENDIX II AN ALTERNATIVE DEFINITION OF SAVING The definition of saving which has been the basis tures for automobiles and other durable goods of the survey computations represents, to some represent reductions in saving which are not extent, a compromise between the most useful defi- offset by considering the acquired asset to be an nition and one for which the required information addition to saving. This procedure is not logical can be secured at reasonable cost and with adequate for some purposes, since both a house and an autoaccuracy. In an attempt to move closer to the mobile, for example, furnish services (income) over most useful definition an alternative definition has extended periods of time. At least part of expendibeen formulated. Computations based upon this tures yielding such services should be considered to alternative definition have been made for com- be saving in the year of the transaction. parison with computations based on the "standard" The alternative definition of saving attempts to definition, which has been used in survey computa- remove, in part, this inconsistency in the standard tions in this and previous years. definition by treating the price of a new car (minus In the standard definition, any funds used for any trade-in or sale of a used car) as a saving item. purchasing real estate (representing reductions in When a car is sold, an amount equal to its selling saving) are offset by the acquisition of the real price is considered to be a dissaving item. estate (representing additions to saving). Expendi- The standard definition has another inconsist- NOVEMBER 1950 1453 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES APPENDIX TABLE 1 PERCENTAGE DISTRIBUTION OF SAVERS UNDER STANDARD AND ALTERNATIVE DEFINITIONS OF SAVING BY INCOME AND OCCUPATION, 1949 Amounts saved All positive savers Groups of spending units $1,000 and over $500-$999 $200-$499 $1-$199 Stand- Alter- Stand- Alter- Stand- Alter- Stand- Alter- Stand- Alterard native ard native ard native ard native ard native All spending units. 60 61 12 13 12 14 22 22 By income groups before taxes:x Under $1,000 31 29 (2) 2 2 4 3 25 24 $l,000~$l,999. . . 49 47 1 5 6 10 10 33 30 $2,000-$2,999 59 63 4 6 12 12 18 18 25 27 $3,000-$3,999 70 73 8 9 18 17 22 24 22 23 $4,000-$4,999 71 75 18 21 23 19 18 21 12 14 $5,000-$7,499. . 76 80 35 38 16 21 14 14 11 7 $7,500 and over 85 85 71 69 7 10 4 4 3 2 By occupation of head of unit: 3 Professional and semiprofessional. 69 71 23 24 17 19 15 17 14 11 Managerial and self-employed 71 71 33 35 13 14 14 12 11 10 Clerical and sales 65 70 9 11 12 13 22 21 22 25 Skilled and semiskilled. 64 67 8 8 14 14 17 19 25 26 Unskilled and service. ...... 55 57 4 4 11 7 10 13 30 33 Farm operator 55 60 19 21 14 15 10 9 12 13 Retired 50 40 7 7 6 6 7 7 30 20 1 Excludes spending units for which saving was not ascertained. 2 Less than one-half of 1 per cent. 3 Excludes spending units for which occupation of head was not ascertained and also spending units headed by housewives, students, unemployed persons, and farm laborers. ency. In the years following the purchase of a cent as compared to 60 per cent under the standard house (or of a durable good), dissaving occurs to definition. A decline from 6 to 5 per cent was regthe extent that the services furnished by the asset istered for zero savers. No change is registered in diminish in value. The standard definition takes the over-all frequency of dissaving but the freno account of the depreciation of houses. The quency of dissaving of $500 or more was reduced alternative definition considers an amount equal to from 14 per cent to 11 per cent (see Appendix 1.5 per cent of respondent's valuation of his house Table 2). to be a dissaving item. Furthermore, depreciation About three-fourths of the spending units falling of new cars is taken into account.1 within any specified saving bracket under the The alternative definition, although it involves standard definition were in the same saving more arbitrary assumptions than does the standard bracket under the alternative definition (see Apdefinition, is probably preferable in dealing with pendix Table 3). certain problems. The impact of housing depreciation expense prob- Computations based on these adjustments to the ably accounts for the movement of savers of small standard definition are summarized in Appendix amounts by the standard definition into dissaving Tables 1 and 2. The frequency of saving is 61 per categories by the alternative definition. Entry of an automobile purchase as a saving item accounts 1The actual purchase price is ascertained in the survey interview, along with the manufacturer and model year. For for the general movement to a smaller dissaving used-car purchases, the assumed depreciation expense is one- or even positive saving bracket of units classed half the difference between the retail sale value at the beas dissavers by the standard definition. ginning and at the end of the year of a four-door sedan of the next to lowest price line of the manufacturer. For new- For income groups under $2,000, computations car purchases, the depreciation expense is the difference be- based on the alternative definition result in more tween the manufacturer's list price plus accessory and average freight allowances to eastern centers of population and the frequent dissaving than do computations based on end-of-year retail sale value. The computations for new cars the standard definition (see Appendix Table 3). are also based on a four-door sedan of the next to lowest The contrary holds for incomes of $2,000 or more. price line. The staffs of the Survey Research Center and of the Con- The alternative definition results in equal or higher sumer Credit and Finances Section wish to acknowledge the frequency of saving in all occupational groups exassistance of Everett W. Lawrence of the National Automobile cept the retired. In this latter group, the depre- Dealers Association in formulating the problem and in furnishing data relevant to the computation of depreciation. ciation expense on housing probably dominated. 1454 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES This alternative definition of saving is explora- Entries similar to those made for housing should tory. An obvious shortcoming is the failure to in- logically be made for all types of durable goods. clude depreciation on all automobiles as a dissaving The formulation of the alternative definition is item. However, there did not seem to be any only one attempt to produce more useful saving satisfactory guide to the choice of market or origi- data. Many problems of definition and collection nal price as a basis for computing depreciation. of data remain for further investigation. APPENDIX TABLE 2 PERCENTAGE DISTRIBUTION OF ZERO SAVERS AND DISSAVERS UNDER STANDARD AND ALTERNATIVE DEFINITIONS OF SAVING, BY INCOME AND OCCUPATION, 1949 Amounts dissaved All zero All savers dissavers Groups of spending units $l-$99 $100-$499 $500 and over Stand- Alter- Stand- Alter- Stand- Alter- Stand- Alter- Stand- Alterard native ard native ard native ard native ard native All spending units. 34 34 13 14 14 11 By income groups before taxes:l Under $1,000... 24 19 45 52 14 17 19 19 19 $l,000-$l,999 10 8 41 44 12 18 15 16 14 10 $2,000-$2,999 2 1 39 36 10 10 15 16 14 10 $3,000-$3,999 1 1 29 26 5 5 13 15 11 6 $4,000-$4,999 29 25 4 7 10 9 15 9 $5,000-$7,499 24 19 1 2 15 10 $7,500 and over 15 13 ( 11 10 By occupation of head of unit:3 Professional and semiprofessional. 2 29 25 4 9 12 16 9 Managerial and self-employed.... 1 28 28 6 9 9 16 13 Clerical and sales 4 31 27 8 10 12 13 7 Skilled and semiskilled 2 34 30 9 15 15 11 6 Unskilled and service............ 9 36 35 12 12 15 16 9 7 Farm operator 3 3 42 37 6 6 13 12 23 19 Retired 24 17 26 43 3 14 15 15 14 1 Excludes spending units for which saving was not ascertained. 2 Less than one-half of 1 per cent. 3 Excludes spending units for which occupation of head was not ascertained and also spending units headed by housewives, students, unemployed persons, and farm laborers. APPENDIX TABLE 3 SHIFT OF SPENDING UNITS AMONG SAVING GROUPS WITH CHANGE FROM STANDARD DEFINITION OF SAVING TO ALTERNATIVE DEFINITION, 1949 % [Percentage distribution of spending units saving specified amount under alternative definition within, saving groups under standard definition] Amount dissaved under A al m te o rn u a n t t i v s e a v d e e d f i u n n it d io e n r s u p i A n e n n i g l t l d s - an $ d 2 ,0 o 0 v 0 e A r m $ o $ 1 u 1 , , n 0 9 t 0 9 0 9 s - aved $ $ 5 u 9 0 n 9 0 d 9 - er sta $ $ n 2 4 d 0 9 a 0 9 r - d de $ f $ i 1 n 1 0 i 9 t 0 9 io - n $l-$99 d s e t s u a f a Z i n n v n e d d i i r n t e a o i r g r o d n $l-$ s 9 t 9 andar $ $ d 1 4 0 9 d 0 9 e - finit a i n o $ d n 5 0 o 0 ver Positive savers 61 99 100 100 98 92 80 2 14 14 16 $2,000 and over 5 90 9 1 $l,000-$l,999 8 9 77 6 1 1 1 2 $500-$999 12 13 75 4 4 1 1 1 2 4 $200-$499 15 17 71 7 4 4 4 6 $100-$199. 8 i 1 14 61 3 1 4 2 3 $l-$99 13 5 19 71 4 4 3 Zero savers 5 1 76 Negative savers 34 2 7 20 21 86 86 S3 $l-$99 9 2 5 14 15 70 3 3 $100-$499 14 2 5 6 15 77 11 $500 and over 11 1 6 69 Not ascertained 1 I 1 1 All cases 100 100 100 100 100 100 100 100 100 100 100 Number of cases 3,512 191 281 406 459 240 433 184 222 442 483 1 See text for difference between standard and alternative definition of saving. Italicized figures in columns indicate the percentage of spending units having specified amount of saving under standard definition that had same amount of saving under alternative definition. 2 Less than one-half of 1 per cent. NOVEMBER 1950 1455 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEASUREMENT OF CONSUMER CREDIT* Not so many decades ago, consumer credit as formation on consumer credit along with other such was little known and seldom distinguished significant credit indicators for judging effectively from credits granted for business and related pur- the financial side of changing situations. In evaluposes. Today it is recognized to be a special type ating business prospects, consumer credit trends of financing that greatly influences the rate of must not be overly emphasized, but they must not expansion or contraction of consumer demand and be left out of account. The problem is to gain hence the level of business activity. Changes in the perspective that gives appropriate weight to each volume of consumer credit, depending on their tim- strategic economic series. There are no standarding in relation to other economic changes, can ized rules to serve the economic analyst. The conaccentuate or moderate tendencies toward over- clusions he draws must be the product of the expansion or recession and thus contribute to eco- breadth and depth of his economic knowledge and nomic instability or stability. It is therefore im- experience. The statistical image which he may portant that we learn as much as possible about use in arriving at his judgments can at best serve the level and movement of this particular type of as no more than a general guide. credit. Quantitative information on consumer credit Today, businessmen closely concerned with con- trends is of particular interest to those who have a sumer markets need to know the trend of consumer regulative and supervisory interest in the monecredit in order to make sensible operating decisions. tary and credit field. Today, consumer credit paper About half of the new automobile purchases are held by banks probably approximates nearly onefinanced by credit. A major share of the home seventh of their loan portfolios. Another sizable, appliance market is normally dependent upon con- but unknown, percentage of bank loans and dissumer credit, as is a large part of the market for counts represents advances to finance companies less expensive consumer goods. For this reason, and retailers for the purpose of carrying consumer dealers, lenders, and even manufacturers should receivables. Altogether, consumer credit paper repknow the facts concerning consumer credit volume resents important backing for our most common in order to appraise their markets properly. This money-—bank deposits. Changes in consumer information, although more important to some types credit volume, therefore, are among the key factors of dealers and lenders than to others, is significant influencing the economy's total supply of money. to all in assessing their own problems. For intelligent management of our monetary and Businessmen, economic observers, and public credit system, monetary authorities need to have officials seeking to obtain a balanced view of cur- as full knowledge as possible of the essential facts rent economic developments and trends need in- concerning consumer credit trends. CONCEPTS OF CONSUMER CREDIT FOR PURPOSES OF MEASUREMENT Preliminary to the discussion of the Federal Re- we are constantly seeking to improve them. serve series on consumer credit, in which you are The problem of definition. No precise definition particularly interested, it is well to pause briefly of consumer credit has ever been agreed upon. for a consideration of concepts. It will help toward One of the pioneers in the field, the late Rolf understanding why our current figures are less Nugent, defined consumer credit as credit extended definitive than we would like them to be, and why to individuals to finance the purchase of consumer commodities and services or to refinance debts * Paper presented by Ralph A. Young, Director, Division which had their origin in such purchases.1 This of Research and Statistics of the Board of Governors, and definition can be precise only to the extent that Homer Jones, Chief, Consumer Finances Section of the Division of Research and Statistics, before the University of the words "individuals" and "consumer commodi- Illinois Consumer Credit Conference, Chicago, 111., Oct.- 5, 1950. The paper was prepared with the assistance of Tynan 1 Consumer Credit and Economic Stability (Russell Sage Smith and Donald Fort of the Board's staff. Foundation, 1939), p. 31. 1456 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEASUREMENT OF CONSUMER CREDIT ties and services" have precise meaning. Further- production or consumption. more, the measurement of consumer credit can be A farmer may use a radio purchased on credit precise only to the extent that available data make to get weather reports needed to carry on his farmit possible to separate consumption items from ing operations and also as a source of personal production items. pleasure. In general, this problem has been resolved Distinction between credit used to finance con- on the assumption that the primary purpose of such sumption and credit used to finance production is goods is personal use and the credit involved in desirable in appraising economic developments. their purchases has been regarded as consumer The impact of the two types of credit on the econ- credit.2 It is possible that an effort might be made omy can be very different. Consequently we are in to prorate such credit in accordance with the progeneral trying to make a useful distinction by con- portion of business and personal use of certain types sidering consumption in broad terms and exclud- of articles but this would require collection of much ing from consumer credit any credit used directly more detailed data than are now available. for the productive process. Exclusion of credit transactions between individuals. It is only as a result of our present state of in- Consumer credit is extended through personal dustrial development that any attempt can be made channels—i.e., relatives and friends—as well as to separate consumer and producer credit. In a through established business and financial channels. predominantly agricultural or handicraft society, Should measurement undertake to embrace the personal and business activities are so intertwined combined channels or only one of the two? Here that it would be hopeless to try to segregate strictly the availability of records, again a matter of the consumer financial matters. But when most of the organization of economic activities in an advanced productive activity is carried on by separate legal industrial society, determines the answer. There entities and most of the workers are wage earners, are no available data for credit transactions between the measurement of consumer credit and the study individuals. Hence, estimation as a practical matter of consumer finances becomes feasible and signifi- is confined to consumer credit extended through cant. business channels. This general observation is not to be interpreted For purposes of understanding business and as meaning that the measurement of consumer financial processes, this procedure covers the really credit as distinguished from producer credit can important phase of consumer financing. But the now be accomplished without some "fuzzy" edges. omission of loans made through personal channels No productive process can be carried on unless the makes it difficult to interpret changes in consumer workers have food, clothing, shelter, and even trans- credit volume over a relatively long period. As our portation. Are these strictly consumer items? In industrial society becomes more complex and more the great farm sector and the large area of small personal, a part of the growth shown by conindividual enterprise in the trade and service in- sumer credit series based on loans by businesses dustries, the demarcation between consumer and and financial institutions probably reflects some conproducer finance is not a line at all but a broad sumer financing that has been transferred from pershadowy area. sonal channels. Hence we must discount to some Fortunately, the institution of finance itself is of extent the growth shown by figures that include some help here. Traditionally, it has liked to think of a distinction between credit for production and 2 Loans made by commercial banks to farmers are one exception to this treatment. All such loans, under present credit for consumption; whether a credit applicacall report instructions, are included in bank loans to farmers tion is to be considered or not and the kinds of risk and are excluded from our consumer credit series. In 1940, protections to be provided in the credit contract when the commercial banks began to report their consumer loans in a separate call report category, it did not seem dedepend in considerable degree on this distinction. sirable to change the long-standing "loans to farmers" group- One must admit, however, that this institutional ing ("agricultural loan" grouping as it was then called) by putting loans to farmers for consumption purposes in the effort at distinction is helpful only in part. Credit consumer loan category. Nor was it feasible to introduce a in the borderline areas may have a multiple purpose further breakdown in the farm loan grouping to permit the and, in any case, if flows into a consumer pool of segregation of consumer loans. However, consumer credit extended to farmers by retailers or financial institutions other purchasing power from which dollars flow out for than commercial banks is included in the present consumer expenditures that cannot be tagged as strictly for credit series. NOVEMBER 1950 1457 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEASUREMENT OF CONSUMER CREDIT only the formally organized channels of credit. It means of obtaining credit. is possible that we are now developing a technique, Even though the convenience aspect may be of rough though it may be, that may be useful in prime importance to the majority of charge account measuring trends in consumer credit extensions be- customers there can be no question that charge tween individuals. This technique is the Consumer accounts are a form of credit extension. When Finances Survey sponsored by the Federal Reserve goods are not paid for at the time of purchase or Board and conducted for the Board on an annual delivery, credit must be extended and the buyer basis by the Survey Research Center of the Univer- incurs a liability. Thus, it seems reasonable to sity of Michigan. classify charge accounts as consumer credit even Loans on life insurance or savings shares and de- though they are generally of much shorter duration posits. The present necessity of restricting consumer than instalment credits. The difference is one of degree rather than one of kind. credit measurement to transactions through business channels raises a special problem. What about Exclusion of long-term loans. Another general consumer credit extensions by insurance companies concept that needs to be reconsidered is the matter on policy loans, by savings and loan associations on of time. Credit is either the deferred payment of share accounts, and by savings banks on passbooks ? cash or the exchange of cash in the future for cash These have been excluded from consumer credit in the present. The expiration of time before cash estimates on grounds that the borrower is in effect payment is made or final loan maturity is reached borrowing his own funds. Whether this is an ap- cannot be ignored, and yet the statistics commonly labeled consumer credit estimates relate only to propriate determination of a complicated matter is credits extended for short and intermediate periods. still an open question that must be further explored. Whether this is a proper restriction of consumer The argument that the borrower is merely borcredit is most certainly open to challenge. About rowing his own funds could be extended to bank all that one can say to excuse the usage is that it loans made to borrowers who had deposits in the somehow or other got started and became convenbank. However, a considerable* proportion of all tionalized. credit is secured by assets of some sort. It does not seem logical to raise the question of offsets only It makes a big difference whether, in seeking a when the asset used as collateral for a loan is held measure for total consumer debt, one stops with conventional consumer credit magnitudes. Longin the lending institution. Is it reasonable to exterm debt of consumers, secured by mortgages on clude loans secured by the cash value of life inone- to four-family dwellings, is currently estimated surance policies when made by life insurance comat some 41 billion dollars.3 Adding this sum to panies but include them when made by banks? A the total of conventional consumer credit as cursimilar situation exists in the case of loans secured rently estimated, one gets a grand total of consumer by savings and loan shares or by savings bank passdebt in the neighborhood of 61 billion dollars. books. Future progress in the understanding of consumer Charge account balances. Another major concepcredit levels and trends may well include a termitual problem is the question of inclusion of charge nology more descriptive of what the measurements account balances as part of consumer credit. It is purport to be. sometimes argued that a charge account is primarily a matter of convenience rather than of credit. 3 Were estimated mortgages outstanding on one- to four- It is probably true that most people regularly pay family dwellings used as a measure of long-term consumer debt, another conceptual difficulty would be encountered. the amount owed shortly after receiving their bill Strictly, a mortgage on a multiple dwelling with only one each month. These people do not usually think of unit occupied by the owner is in smaller part consumer debt their charge accounts as an opportunity to obtain and in greater part producer debt. And obviously, a mortgage on a multiple dwelling of which no part is occupied credit, although from time to time, when their by the owner is entirely producer credit. In the present purchases have been unusually large or other com- state of the statistical arts in mortgage credit, it is not possible to say precisely what proportion of the mortgages on mitments heavy, they take advantage of the privione- to four-unit dwellings relates to properties of more lege of delaying part or all of the payments for than one unit, although informed statisticians believe it to be two or three months. Many people, however, do relatively small. Furthermore, it is not possible to state what proportion of this proportion would be represented by not make a practice of settling their charge acstructures without owner occupancy, although again the counts each month and habitually use them as a informed guess is that the proportion is small. 1458 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEASUREMENT OF CONSUMER CREDIT BASIS OF FEDERAL RESERVE ESTIMATES OF CONSUMER CREDIT From the preceding discussion of concepts it is estimates of the outstanding volume of consumer probably clear what the Federal Reserve estimates instalment credit. In early 1941, the Department of consumer credit purport to cover. To recapitu- began to extend the scope of its estimates to cover late: they relate to short- and intermediate-term con- "all" short- and intermediate-term consumer credit, sumer credit and to consumer credit extended only basing its estimating procedures for noninstalment through organized business and financial channels. credit pretty largely on the methods and primary Their specific coverage is as follows: data compiled earlier by the Russell Sage Foundation. The Commerce estimates for total consumer 1. Instalment sale credit extended for the purcredit were first published in the fall of 1942, and chase of and secured by automobiles and other covered the entire period including 1929 through consumer durable goods. mid-1942. Shortly after the completion of these 2. Instalment loans made to individuals for comprehensive consumer credit series, responsibility the purpose of purchasing consumer goods, confor maintaining consumer credit statistics was transsolidating debts, financing residential repair and ferred from the Department of Commerce to the modernization, financing education, or for similar Federal Reserve Board. Since that time, the task purposes. of keeping the statistics up-to-date has been lodged 3. Charge account credit arising from retail in the Board's Division of Research and Statistics. sales to individuals. In carrying out this assignment, the Division has 4. Single-payment loans made by banks and thus far largely adhered to established procedures pawnbrokers to individuals for consumption and patterns, but with such revisions and refinepurposes. ments from time to time as it has been feasible to 5. Service credit to individuals, which includes make with the information and staff available. balances due for public utility services, medical services, laundry, cleaning, and repair services, GENERAL ESTIMATION PROCEDURE and other miscellaneous personal services. In general, our estimating procedure for the con- BACKGROUND OF THE SERIES sumer credit series is as follows. We secure data from monthly reporting samples of retail dealers The present consumer credit series had its origin and financial businesses. The percentage changes in pioneering studies conducted in the late thirties in the monthly sample data are applied to benchby the Russell Sage Foundation and the National mark estimates of national totals in order to give Bureau of Economic Research. The Russell Sage monthly estimates of national totals. Foundation undertook to compile basic annual We naturally aspire to have accurate reporting data for all short- and intermediate-term consumer by as representative samples as possible. Also, we credit extended through organized business and need accurate benchmarks at not too long intervals financial channels. The National Bureau confined its studies to the consumer instalment credit field. so that proper adjustments for the changing rela- At an advanced stage of these latter studies, the tionships between the samples and the universe Russell Sage Foundation and the National Bureau can be effected. joined forces and elicited the cooperation of the In practice, businesses report to us on a volun- Department of Commerce in developing a mutually tary basis and we desire to continue on this basis. satisfactory procedure for estimating the monthly This imposes certain statistical limitations, both as volume of new credits granted and of credits out- to coverage and representativeness of the reportstanding in the instalment area. On the basis of ing samples. this cooperative endeavor, these three agencies to- Instalment credit—general. Consumer instalment gether prepared what was considered to be a rea- credit, as treated in our series, consists of two sonably comprehensive monthly time series for the major components. One is instalment sale credit, period 1929-38. that is, credit arising from instalment sales of re- With the completion of this cooperative research, tail dealers. This is classified according to the the Department of Commerce undertook the task type of dealer originating the sale credit. The of maintaining and publishing current monthly other component is instalment loan credit, which 1459 NOVEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEASUREMENT OF CONSUMER CREDIT is credit arising from loans extended directly to on receivables held. The monthly estimates are consumers by banks, loan companies, and other adjusted to be consistent with relations derived financial businesses. Loan credit is classified ac- from the 1939 Census of Business, annual Retail cording to the type of financial business holding Credit Survey sample data, and Commerce Departthe credit. ment estimates of annual sales. Our consumer credit estimates are based on data We also estimate the volume of instalment sale obtained from various classes of retail dealers and credit granted. For the period 1929-40 these estifinancial businesses. The classification of these mates were obtained in the course of deriving the estimates by originator or holder of the credit is estimates for credit outstanding mentioned earlier. largely determined by the availability of source For the period since 1940 a different procedure has data. been used. Automobile sale credit granted for the Instalment sale credit. Instalment sale credit out- period 1941-47 has been projected on the basis of standing is intended to measure the unpaid balance the movement of automobile paper acquired by a of all instalment credit which has arisen from in- sample of sales finance companies. For the period stalment sales. It is classified according to the type since 1947, automobile paper acquired by commerof dealer originating the credit, rather than accord- cial banks has also been taken into account. Sale ing to the type of dealer or financial business hold- credit granted by other types of retailers from 1941 ing the credit. on has been estimated by adding the monthly net Instalment sale credit outstanding for the period changes in credit outstanding to estimated monthly 1929-40 was estimated indirectly on the basis of repayments. Repayments are obtained by multiplysales and collections data. This procedure was ing credit outstanding by the estimated collection indicated by the type of data available at the time ratio. the estimates were first made. Monthly instalment Instalment loans. Instalment loan credit outstandsales were estimated in order to obtain the volume ing is classified for the most part according to the of sale credit granted by each type of business. type of financial business holding the credit. It is Estimates of average duration of credit were made intended to measure direct instalment loans to confrom data on collection ratios. From these esti- sumers, i.e., retail instalment loans and personal mates of credit granted and duration, repayments instalment loans. It excludes purchases of paper were estimated. From the resulting series of credit arising from instalment sales, which belong in the granted and repayments, figures for outstanding sale credit category. balances of instalment sale credit were built up. Our estimates of instalment loans held by com- The estimates for 1939 thus prepared were found mercial banks from 1929 through 1938 are based to check closely with estimates of sale credit hold- on the National Bureau-Russell Sage Foundationings based on the 1939 Census of Business. Department of Commerce estimates. From 1939 Estimates of automobile sale credit outstanding to date there have been benchmarks provided by from 1941 to 1947 are projected from 1940 esti- semiannual call reports issued by the bank supermated levels on the basis of the monthly movement visory agencies. The procedure has been to estiof retail automobile receivables held by sales finance mate the level of outstandings between call dates companies. For the period since 1947 we have by the movement of outstandings reported by a used the combined movement of automobile re- sample. From 1939 through 1941 the American ceivables held by sales finance companies and com- Bankers Association had a quarterly reporting mercial banks. We have no monthly sample data sample, and from 1942 we have had a monthly on receivables held by automobile dealers, although reporting sample. we do get some annual data from the Retail Credit Instalment loans of other financial institutions Survey. have been estimated in a similar manner from For department, mail order, furniture, and house- monthly sample data, adjusted to benchmark levels. hold appliance stores, we have monthly sample For credit unions and small loan companies andata on instalment receivables held by the stores. nual benchmarks are provided by State or Federal Estimates of sale credit originated by these dealers reports. For industrial banks and industrial loan since 1941 are projected from 1941 levels on the companies, the only benchmark is a special survey basis of the monthly movement of the sample data giving data for 1941-44 for industrial banks, and 1460 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEASUREMENT OF CONSUMER CREDIT data for 1944 for industrial loan companies. Credit We have no direct monthly sample data on singleof miscellaneous lenders is estimated on the basis payment loans. Our monthly commercial bank of the movement of the small loan company series, sample reports instalment loans but not singletied to earlier estimates by Russell Sage Founda- payment loans. Weekly reporting member banks, tion for the period 1929-39. however, report a residual item "all other loans," Insured repair and modernization instalment which consists largely of consumer instalment loans loans outstanding are estimated on the basis of and single-payment loans, together with loans to data obtained from the Federal Housing Adminis- State and local governments, churches, and the tration. Monthly data on credit granted, adjusted like. We estimate the monthly movement of singleto exclude nonconsumer paper, together with av- payment loans from the movement of "all other erage duration figures, are used to estimate repay- loans" after deducting estimated instalment loans. ments and hence changes in outstandings. The This estimated movement is used to give monthly level of outstandings is adjusted to the annual estimates of single-payment loans outstanding be- FHA call data. Noninsured repair and moderni- tween benchmark dates and back to 1939, with a zation credit is not included in our present estimates somewhat arbitrary projection to 1938. Estimates of total consumer instalment credit. prior to 1938 are projected back on the basis of the Noninstalment Consumer Credit. This segment of movement of the Russell Sage Foundation estimates the Board's consumer credit series covers short- of single-payment loans of commercial banks. term consumer credit which is not repaid in reg- Pawnbrokers' loans have been projected from the ular instalments. Included in this general group Russell Sage Foundation estimates for 1929-37 on are charge accounts, single-payment loans, and the basis of the reports of a sample of pawnbrokers. service credit. As you know, the single-payment loan series is Charge accounts. A benchmark figure for charge being revised. The single-payment loan item in the accounts was provided by the 1939 Census of Busi- call report, from which the series is estimated, is ness, and reasonably adequate sample data for our somewhat of a catch-all. It apparently includes not charge account series were available for the period only single-payment consumer loans, but many 1935-41. During that period there was a com- other noninstalment loans to individuals, where the merce sample of 12 trade lines reporting monthly purpose is not specified, including many very large charge accounts receivable. For the period before loans. Over two-thirds of the amount reported for 1935 estimates were projected back on the basis of this item consists at present of loans of $3,000 or various data on accounts receivable and sales ob- more. This question of the revision of the singletained from the Retail Credit Survey and other payment loan series will be discussed later. sources. For the period since 1941 total charge Service credit. Service credit is intended to measaccount estimates are based on the movement of ure the upaid balances due for services rendered charge accounts in only one trade line—department by public utilities, doctors, hospitals, laundries, stores. cleaning and pressing establishments, funeral par- Single-payment consumer loans. This series is in- lors, and correspondence schools. tended to measure single-payment consumer loans The estimates of the Russell Sage Foundation to individuals. It includes estimates of such loans are used for the years 1929-40. From then on, by commercial banks and pawnbrokers. estimates have been projected on the basis of income Since 1942 the semiannual commercial bank call payments in service industries, using the relationreport has included an item which has been assumed ship between income payments and the service to measure single-payment consumer loans to in- credit estimates for the 1929-40 period. No adedividuals. This has been used as a semiannual quate benchmark has ever been available for this benchmark beginning with 1943. series. PROGRAM FOR IMPROVING EXISTING CONSUMER CREDIT STATISTICS We have been aware for some time of many relatively minor; still others are open to question shortcomings in our consumer credit statistics, as to whether or not they are really defects or Some of these defects are rather serious; others are merely matters of judgment which at this stage of NOVEMBER 1950 1461 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEASUREMENT OF CONSUMER CREDIT our consumer credit knowledge can be resolved as revision result in a substantial change in the level. reasonably one way as another. Most of them seem Taking the body of the statistics as a whole, howto apply more to the level than to the direction or ever, we do not know what the outcome as to general movement of our component and combined level may be. It may be a lower level but it may series. also be the same or a higher level. We don't know all the different uses people make In order to produce better statistics, we will need of these statistics. But we believe that, for most better reporting, better estimating techniques, and practical purposes, the focal point of interest is in perhaps a different form of presentation of the direction of change in consumer credit, rather than statistics. We have made some progress along these in the absolute levels of credit balances. For the lines, but much remains to be done. kinds of judgments most of us have to make, what We need better benchmark data and better really matters is whether consumer credit is going sample data. The 1948 Census of Business will up or down, and whether it is changing at the provide us with valuable benchmarks for our retail monthly rate of 50 million dollars or 500 million credit series. We have also provided for the redollars, and whether these changes are measured porting of detailed credit data by retailers and from one month to another by a consistent method. financial businesses in the new Registration State- Our guess is that the present series measure these ment for Regulation W. And, if practical, we may directional changes with sufficient consistency, and undertake some supplementary surveys to cover hence reliability, for most purposes. areas missed by the Regulation W registration. Al- All of this is not to imply that as accurate esti- together, these materials will provide us with a mation as possible of the level of consumer credit more comprehensive set of benchmark data than is not a desirable objective. Obviously, we need we have ever had before. as close an approximation to the actual level of We are hoping to improve our samples. Memcredit granted and outstanding as can be realized bers of the various samples report on a voluntary for comparisons with other measures of financial basis and maintenance of membership in samples and business activity. Such comparisons provide is a grass roots responsibility. The Federal Reus with essential perspective and we cannot arrive serve Banks bear much of the brunt of this work. at trustworthy impressions of the changing role of Various trade associations are active collaborators. consumer credit in economic processes without It is for all of us to keep on the job to maintain the making them. At the same time, it is easy to membership of the voluntary samples, and to keep exaggerate the increase in understanding that we the members reporting regularly. All of us have would have if we knew more certainly that the true to keep constantly at it, or it will not be long before current level of total consumer credit closely apthe samples deteriorate. As in "Alice in Wonderproximated 21 billion dollars rather than perhaps land," we have to run as hard as we can just to 19 billion or possibly even 23 billion. Admittedly, stay in the same place. But in this case it is not we would be some better off if we had an exact enough to stay in the same place. For some trade figure, and we would be still better off if we knew groups, we need larger and more representative that both the current level and the level for some samples, and more careful reporting. The Federal earlier period had the same degree of accuracy. Reserve now has a System Technical Committee Those who have the responsibility for carrying on working on this problem, but the System also needs the work of preparing current estimates have also the continued active cooperation of the various a responsibility for seeking to attain as close an trade groups if the samples are to be improved. approximation to the true level as the state of the There are certain areas in the instalment credit measurement arts permits. Altogether, we think the present consumer credit field which are not adequately covered by the statistics, imperfect as they are, may be pretty good present series. This in part reflects the dynamic for the major uses to which they are put. Never- character of the consumer credit business and the theless, there is plenty of room for improvement. development of new lending and selling techniques. And so we are in the process of organizing a pro- For example, instalment loans for repair and gram for a comprehensive revision of the consumer modernization of homes as first made by lending credit statistics. We are quite prepared to see the institutions were almost 100 per cent insured by the 1462 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEASUREMENT OF CONSUMER CREDIT Federal Housing Administration and therefore the noninstalment credit items, namely, charge acconsumer credit series originally developed included counts, service credit, and single-payment loans, only insured repair and modernization loans. Since also present special difficulties. that time, many lending institutions have made re- The principal defect in our charge account series pair and modernization loans without the protec- is that it has been carried forward during most of tion of FHA guarantees, and these loans, which the years since the 1939 Census on the basis of the presently amount to several hundred million dollars, movement of charge accounts in only one trade are excluded from our present total instalment loans line, namely department stores. The forthcoming series. We hope to include these loans in the re- benchmark data from the 1948 Census of Business vised consumer credit series. will provide a basis for adjusting the level of our Another example is the development by retail es- charge account estimates. Also, we are hoping it tablishments of so-called budget plans, coupon plans, will be possible to build up our samples in the and revolving credit plans. This type of credit in various trade lines so that charge account estimates some instances has many of the earmarks of con- can be carried forward on the basis of something venience or charge account credit and is in fact more than department store figures. so considered and reported by some retail stores. Our service credit series has been projected from By definition, these various accounts are instalment Russell Sage Foundation estimates a decade ago, accounts since they are repayable in two or more on the basis of income payments in service indusequal payments, but unquestionably they are not tries. The 1948 Census of Business will provide fully reflected in the instalment sale credit series. no data on service credit. We need a benchmark Correction here might not afreet the level of the for this series. In addition we need current sample total consumer credit series. It might cut down the data to project the series. The prospects of obtaincharge account total but add to the instalment sale ing either benchmark or current sample data are credit total. not good. This is one field in which we especially We hope to improve our estimating techniques, need the aid and cooperation of business, univerto take full advantage of the better data we are sity, and Government people interested in conexpecting. To this end, we are considering re- sumer credit. It would be desirable to have spevision of the general form of presentation of our cial surveys of particular areas of the service credit series. As mentioned before, our instalment credit fields on a national, regional, or even a local basis. statistics are partly on an originator basis, and partly The shortcomings of the single-payment loan on a holder basis. The question is whether this series have received more attention than those for arrangement should be continued, or whether, for any other item. As mentioned before, there is good example, we should convert entirely to a holder reason to believe that the preponderance of rebasis. ported single-payment loan balances consists of This choice between holder and originator series nonconsumer loans. If we are to eliminate the depends, first, upon the data available. When the nonconsumer items it would be desirable to have series were originally established, a complete holder a breakdown of the various types of loans reported series could not be obtained from the available as single-payment loans in the call report. Such a data. Since that time we have obtained, or will breakdown has never been available, however, and soon obtain, sample data and benchmark data for it is not likely to be in the near future. At the various classes of credit institutions which were not same time we must be alert to any opportunities covered originally. With these data it may be for getting such a breakdown. feasible to make a complete set of estimates on a We do know that many large loans are reported holder basis. The estimation procedure would be under single-payment loans. It seems reasonable more straightforward than that for the present to assume that these are mostly nonconsumer loans series, and based on fewer assumptions. We realize, which should be excluded from the consumer credit however, that the holder-series approach presents series and so we have recently drawn the line at special problems of its own which need to be ex- $3,000. Only single-payment loans smaller than plored. this amount are to be considered as consumer loans What we have been saying about the holder and in our current series. Larger loans are to be thrown originator series applies to instalment credit. The into nonconsumer categories. Since June 1949 the NOVEMBER 1950 1463 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEASUREMENT OF CONSUMER CREDIT call report has contained the information necessary and better reporting in our samples. It may be for this division. We do not claim that the $3,000 necessary to organize some special surveys to cover break is perfect, but we think it is a step in the gaps in our data. It is going to take a lot of right direction. If necessary, it can be changed thought to work out the estimating procedures in the future. that make the most efficient use of our data. We haven't decided yet how to revise the figures We believe you will agree that the improvement for earlier years when this division was not avail- of the consumer credit series is not just our probable. Our single-payment loan figures for current lem, but it is the problem of everybody who is dates are going to be revised downward to about interested in these statistics. The statistics can be one-third of the present level. If it is believed that no better than the data we get. Our data come the series for earlier years has the same proportion directly or indirectly from retail dealers and finanof nonconsumer items as our current estimates, we cial businesses. All of the sample data are on a might make a flat reduction of about two-thirds in voluntary basis. Any improvement that we or you the level of the entire series. If, however, it is be- can bring about in the collection or reporting of lieved that the proportion of nonconsumer items the data will bring a corresponding improvement has varied over the years, we may vary the adjust- in the statistics. We also need to know what items ment accordingly. Whatever decision is finally and what forms of presentation are of the greatest reached will have to be somewhat arbitrary, as value to those who use the consumer credit stathere is little factual information available. It is tistics. To the extent that Government credit not likely that there will be any solid basis for policy is based on our statistics, any improvement making a radical adjustment in the general move- that can be made in these figures will pay diviment of the single-payment loan series over the dends, by providing the Government with a better years.4 basis for carrying out policies in the best interests of all concerned. * # # * # We very much appreciate the active interest you Planning and carrying out a comprehensive prohave shown in improving these consumer credit gram for improving these complicated statistics statistics. We also appreciate the valuable criticisms brings up many difficult and time-consuming proband suggestions you have offered us. They have lems. There are questions of what items to inbeen of great help and we hope you will continue clude and exclude, and how to define them. There to help us in this way. With everybody working are problems of how to promote wider coverage together, we believe we can reach our common * Editor's note. A provisional revision of the single-pay- objective of a better understanding of this imment loan series was completed after this address had been portant area of finance. delivered. See pp. 1465-66 of this BULLETIN. 1464 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED ESTIMATES OF CONSUMER CREDIT Provisional revision of the single-payment loan outstanding. component of the Board's estimates of consumer This new method of estimating single-paycredit, which is defined to include only short- and ment consumer loans outstanding at commercial intermediate-term credit, has been made for the banks may be considered arbitrary in various repurpose of excluding the bulk of commercial bank spects. However, taking into account only singlesingle-payment loans that cannot be reasonably payment bank loans to individuals of under $3,000 identified as consumer loans.1 The Board's esti- for purposes of the consumer credit statistics asmates of total short- and intermediate-term con- sures that loans in this category will be generally sumer credit outstanding have been adjusted down- consistent as to typical size with loans covered by ward to take account of these adjustments in the the other components of the consumer credit series. single-payment loan series. While some nonconsumer loans may still be classi- The principal effect of the revision is to reduce fied in the under $3,000 level, this bias will find estimates of total consumer credit currently out- offset in that some single-payment loans of $3,000 standing by about 2.2 billion dollars or 10 per cent or more are primarily for consumption purposes. and to lower the increase in the total during the In the absence of any better method of adjusting past year by about 300 million or 7 per cent. Con- this series prior to June 30, 1949 it was decided to sequently, the rise in total consumer credit from use the proportion of single-payment loans below September 1949 to September 1950 is now 29 per $3,000 to the total. This percentage on June 30, cent rather than 28 per cent. The estimates for 1949, 31.4 per cent, was applied uniformly to the instalment credit, the principal component of the previous estimates of monthly single-payment loan total, have not been changed by this revision. balances of commercial banks from January 1929 Previously the estimates of single-payment loans through May 1949 to get the revised estimates. of commercial banks have been based upon this This is not regarded as an ideal solution to the item of the semiannual call report data for all in- problem but is the only practicable solution pressured commercial banks. Since the call report in- ently available. Further study will be given to this cludes a separate classification of business, agricul- matter in an effort to secure a better basis for the tural, and financial loans, it was assumed that the estimates on this class of consumer loans. item "single-payment loans to individuals" repre- Revised estimates of single-payment loans outsented loans primarily for consumption purposes. standing, together with corresponding revisions in However, special surveys in recent years have shown estimates of total noninstalment credit and total that this category of commercial bank loans is not consumer credit are shown on the following page. restricted to loans for consumer purposes. Since it The effect of the revision has been to reduce tne was not possible to have all single-payment loans level of the single-payment loan series by approxiof commercial banks classified according to pur- mately two-thirds. For September 1950 total singlepose, it was decided after investigation to treat all payment loans have been lowered from 3,342 milsingle-payment loans of less than $3,000 as con- lion dollars to 1,182 million dollars; total noninsumer loans and to regard those of $3,000 or more stalment credit, from 8,124 million to 5,964 milas being used primarily for nonconsumer purposes. lion; and total consumer credit, from 21,453 mil- Consequently, arrangements were made with the lion to 19,293 million. three Federal bank supervisory agencies to obtain As is brought out in another article in this a breakdown of the single-payment loans of in- BULLETIN dealing with the measurement of consured commercial banks between those of less than sumer credit, the consumer credit estimates pub- $3,000 and those of $3,000 or more beginning with lished by the Board are in process of restudy and the call report of June 30, 1949. The outstanding revision. As modifications are made in methods balances of the loans below $3,000 are assumed of estimate and in the resulting series, including largely to represent single-payment consumer loans the present single-payment loan series, further statistical revisions will be published in the BUL- 1 Also includes, for the period 1946 to date, revised esti- LETIN. A comprehensive reworking of the estimates of pawnbrokers' pledge loans outstanding. This revimates back to 1929 must await further progress sion reflects additional published information from pawnbrokers' annual reports. on this work. NOVEMBER 1950 1465 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED ESTIMATES OF CONSUMER CREDIT [Amounts outstanding, in millions of dollars] Total Total Single- Total Total Single- Total Total Single- Total Total Single- E m n o d n t o h f su co m n e - r in n s o t n a - l- m pa e y n - t E m n o d n t o h f s c u o m n e - r instal- m pa e y n - t E m n o d n t o h f s c u o m n e - r in n s o t n a - l- m pa e y n - t E m n o d n t o h f s c u o m n e - r in n s o t n a - l- m pa e y n - t creditl ment loans credit i ment loans credit * ment loans credit i ment loans creditl credit i credit i credit * 1929 1935 1941 1947 Jan 5 ,389 2,788 686 Jan 3,721 1,880 335 Jan 7,963 2,584 536 Jan 8,501 4,412 773 Feb. 5,303 2,746 696 Feb 3,689 1,846 339 Feb 7,931 2,518 534 Feb.. 8,485 4,267 787 Mar 5,412 2,799 707 Mar 3,799 1,890 344 Mar 8,036 2,550 533 Mar 8,847 4,'441 794 Apr 5,570 2,833 718 Apr 3,958 1,939 348 Apr 8,329 2,603 538 Apr 9,107 4,474 802 May.... 5,737 2,857 728 May. . . . 4,048 1,924 352 May,. . . 8,631 2,656 549 May... . 9,399 4^550 815 June.... 5,869 2,861 736 June. . . . 4,168 1,946 356 June. . . . 8,859 2,717 553 June. . . . 9,699 4,634 831 July.... 5,892 2,793 743 July.... 4,211 1,900 361 July.... 8,912 2,680 551 July. ... 9,764 4,553 844 Aug 5,957 2,796 748 Aug 4,277 1,888 365 Aug 9,064 2,731 550 Aug 9,896 4,530 855 Sept.. . . 6,042 2,877 751 Sept 4,368 1,937 371 Sept 9,076 2,861 551 Sept 10,149 4,649 864 Oct 6,120 2,934 752 Oct 4,458 1,989 377 Oct 8,952 2,859 556 Oct 10,523 4,823 876 Nov.. . . 6,084 2,934 750 Nov 4,560 2,039 382 Nov 8,783 2,828 562 Nov 11,108 5,113 887 Dec 6,252 3,094 749 Dec 4,773 2,151 387 Dec 8,826 2,939 565 Dec 11,862 5,428 896 1930 1936 1942 1948 Jan 5,943 2,925 746 Jan 4,667 2,058 394 Jan 8,491 2,893 557 Jan 11,540 5 ,072 908 Feb. 5,745 2 ,842 742 Feb. 4,643 2,036 401 Feb 8,145 2,794 552 Feb. 11,453 4,905 916 Mar.'.'.'.' 5,727 2,863 738 Mar 4,774 2 ,6€ 2 409 Mar..... 7,994 2,853 547 Mar.'.'.'.'. 11',945 5^124 923 Apr. 5,750 2,860 734 Apr 4,957 2,094 416 Apr 7,775 2,848 541 Apr..... 12,192 5,098 928 May 5,731 2,852 731 May. . . . 5,172 2,149 424 May.. . . 7,386 2,721 531 May. . . .12,431 5,113 936 June.... 5,714 2,823 727 June. . . . 5,284 2,130 432 June.. . . 6,974 2,582 521 June. .. . 12,773 5,240 943 July.... 5,602 2,729 724 July.... 5,343 2,089 439 July.... 6,489 2,371 512 July.... 12,823 5,085 940 Aug 5,546 2,706 719 Aug 5,417 2,098 447 Aug 6,213 2,375 506 Aug.. :. . 13,009 5,037 940 Sept.. . . 5,552 2,755 716 Sept 5,540 2,179 455 Sept 6,067 2,458 500 Sept 13,314 5,124 938 Oct..... 5,542 2,779 709 Oct 5,655 2,269 463 Oct 5,929 2,555 495 Oct 13,589 5,356 940 Nov.. . . 5,477 2,783 704 Nov 5,712 2,312 470 Nov 5,695 2,521 491 Nov 13,790 5,468 943 Dec 5,570 2 ,882 698 Dec 5,933 2 ,415 476 Dec 5,692 2,644 483 Dec 14 366 5,766 949 1931 1937 1943 1949 Jan 5,281 2.705 688 Jan 5,761 2,290 484 Jan 5,244 2,459 474 Jan 13,796 5,372 952 Feb 5,093 2 J611 677 Feb. 5,705 2,263 492 Feb 5,041 2,451 463 Feb. 13,409 5 070 949 Mar.. . .' 5,035 2,607 663 Mar 5,847 2,310 499 Mar 4,904 2,457 458 Mar.'.'.'. '.13^460 5', 031 941 Apr 5,021 2,588 649 Apr 5,986 2,319 507 Apr 4,796 2,445 456 Apr 13,764 5,134 933 May.... 5,004 2,560 634 May.. . . 6,153 2,346 514 May.. . . 4,630 2,389 452 May. .. . 14,037 5,149 933 June 4,959 2,515 617 June.. . . 6,284 2,348 522 June.. . . 4,620 2,449 443 June.. . .14,313 5,190 941 July.... 4,831 2,409 599 July.... 6,302 2,305 529 July. ... 4,402 2,324 428 July 14,379 5,044 949 Aug 4,744 2,362 583 Aug 6,376 2,331 535 Aug 4,320 2,297 422 Aug 14,611 4,989 957 Sept.. . . 4,724 2,388 567 Sept 6,456 2,405 539 Sept 4,375 2,386 432 Sept 14,957 5,058 962 Oct 4,684 2,390 551 Oct 6,497 2,466 540 Oct..... 4,449 2,486 440 Oct 15,336 5,170 979 Nov.. . . 4,574 2,350 536 Nov 6,470 2,495 538 Nov 4,535 2,586 438 Nov 15,884 5,443 996 Dec 4,636 2,432 520 Dec 6,513 2,553 537 Dec 4,600 2,599 414 Dec 16,809 5,919 1,018 1932 1938 1944 1950 Jan 4.347 2,250 508 Jan 6,193 2,381 535 Jan*.... 4,278 2,384 398 Tan 16,368 5,532 1,027 Feb 4,145 2,147 496 Feb 5,981 2,299 532 Feb 4,143 2,303 388 Feb..... 16,159 5,275 1,034 Mar 4,047 2,126 482 Mar 5,935 2,306 529 Mar 4,320 2,466 388 Mar 16,338 5,261 1,045 Apr 3,957 • 2,087 469 Apr 5,921 2,314 526 Apr 4,287 2,449 398 Apr.. . . 16,639 5,317 1,067 May.... 3,877 2,047 458 May. . . . 5,883 2,297 523 May.. . . 4,364 2,513 413 May. . 17,077 5,410 1,092 June . . . 3,796 2,002 445 June. . . . 5,863 2,296 522 June. . . . 4,390 2,518 432 June. . . . 17,651 5,546 1,116 July.... 3,635 1,913 432 July.... 5,752 2,234 520 July.... 4,312 2,441 432 July.... 18,295 5,697 1,133 Aug 3,552 1,879 420 Aug 5,749 2,239 520 Aug 4,364 2,487 430 Aug.P. . . 18,843 5,836 1,157 Sept.. . . 3,533 1,904 408 Sept..... 5,799 2,312 520 Sept 4,447 2,554 425 Sept. P.. . 19,293 5,964 1,182 Oct 3,499 1,912 395 Oct 5,820 2,346 521 Oct. 4,589 2,672 428 Nov.. . . 3,436 1,893 383 Nov 5,896 2,405 522 Nov 4,774 2,819 428 Dec... 3,493 1,975 370 Dec 6,128 2,533 523 Dec 4,976 2,915 428 1933 1939 1945 Jan. 3,314 1 850 358 Jan.. 5,926 2,371 524 Jan. . . . 4,683 2,693 425 Feb 3,199 1,784 347 Feb 5,851 2,322 525 Feb 4,542 2,599 423 Mar 3,158 1,781 337 Mar 5,929 2,332 525 Mar 4,797 2,832 422 Apr 3,149 1,766 328 Apr 6,027 2 ,336 526 Apr 4,642 2 ,684 436 May 3,171 1,752 319 May. . . . 6,178 2,349 526 May. . . . 4,656 2,687 455 June.... 3,191 1,730 312 June. . . . 6,286 2,337 527 June. . . . 4,760 2,766 476 July.. . . 3,156 1,671 307 July.... 6,282 2,269 527 July. ... 4,684 2,690 480 Aug 3,195 1,661 303 Aug 6,364 2,282 528 Aug 4,660 2,672 477 Sept.. . . 3,269 1,706 302 Sept 6,529 2,399 529 Sept 4,708 2,696 470 Oct 3,325 1,741 302 Oct 6,661 2,444 529 Oct..... 4,984 2 ,897 473 Nov.. . . 3,322 1,745 303 Nov 6,738 2,457 530 Nov 5,279 3,086 488 Dec 3,439 1,851 303 Dec 7,031 2,607 530 Dec.. . 5,627 3,263 510 1934 1940 1946 Jan 3,307 1,761 306 Jan. 6,859 2,468 525 Jan 5,379 3 ,013 530 Feb 3,254 1,727 307 Feb.'. 6,774 2,394 521 Feb. 5,442 3,035 550 Mar 3,306 1,756 309 Mar 6,884 2,424 518 Mar 5,852 3,347 571 Apr 3,386 1,778 311 Apr. 7,013 2,427 516 Apr 6,197 3,544 591 May 3,469 1,791 313 May 7,190 2,442 517 May.. .. 6,398 3,616 606 June.... 3,529 1,795 315 June. .. . 7,345 2,464 518 June... . 6,680 3,774 617 July. ... 3,519 1,750 317 July.... 7,337 2,369 517 July.... 6,783 3,754 630 Aug 3,554 1,754 320 Aug 7,415 2,377 520 Aug 7,096 3,918 647 Sept.. . . 3,618 1,813 323 Sept 7,534 2,473 524 Sept 7,331 4,023 668 Oct 3,689 1,857 326 Oct 7,677 2,535 528 Oct 7,661 4,174 692 Nov.. . . 3,698 1,866 329 Nov 7,800 2,581 532 Nov 8,127 4,449 719 Dec 3,846 1,986 332 Dec 8,163 2,746 536 Dec 8,677 4,677 749 Preliminary. 1 Revised to incorporate changes in single-payment loan component. 1466 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

[EMBER BANK EARNINGS, FIRST HALF OF 1950 Net current earnings before income taxes of all sales of securities were unusually large. The anmember banks continued their upward trend in the nual ratio of net profits to capital accounts was 8.5 first half of 1950 and amounted to 593 million dol- per cent as compared with 8.1 per cent in the first lars. This compares with 546 million dollars in the half of 1949. first half of 1949 and 551 million in the second Current earnings were 97 million dollars higher half.1 On an annual basis the ratio of net current than in the first half of 1949 and current expenses earnings to total capital accounts was 12.8 per cent, were 51 million higher. Expenses, however, folcompared with 12.3 per cent in the first half of lowed the pattern of 1949 and declined slightly 1949. from the second half of the preceding year. Earn- Higher current earnings and a decline in addi- ings continued to increase. The shift in importance tions to valuation reserves more than offset in- from earnings on United States Government securicreased accruals for income taxes and resulted in ties to earnings on loans continued, but otherwise net profits of 397 million dollars, the largest dollar the distribution of earnings and expenses remained amount since the first half of 1946 when profits on practically unchanged. The pattern of dividend payments was similar 1 Normal differences in some items do not invalidate com- to that of previous years. Payments of 155 million parisons of earnings in the first and second halves of a year, dollars were slightly higher than in the correspondbut they are sufficiently important to warrant care in interpreting the results for any first half. For example, bonuses ing period of 1949 but lower than in the last half paid to officers and employees and losses and charge-offs are of 1949. usually reported in larger volume in the second half of a year than in the first. Details of earnings, expenses, etc., for the first MEMBER BANK EARNINGS [Amounts in millions of dollars] 1946 1947 1948 1949 1950 Item First Second First Second First Second First Second First half half half half half half half half half Earnings 1,175 1,228 1,250 1,328 1,379 1,450 1,460 1,525 1,557 On U. S. Government securities 546 508 465 456 436 419 423 436 435 On other securities 75 73 73 76 78 80 81 87 91 On loans 348 425 487 557 620 688 698 729 760 Service charges on deposit accounts 47 53 57 62 69 72 78 80 84 Other earnings 159 170 168 177 176 191 180 193 187 Expenses 694 775 790 860 866 930 914 975 965 Salaries and wages 325 374 375 422 414 462 441 485 465 Interest on time deposits 103 109 117 119 125 126 130 131 135 Taxes other than on net income 40 42 43 45 44 46 46 50 54 Other expenses 226 249 255 274 283 296 297 308 310 Net current earnings before income taxes... 482 452 460 469 513 520 546 551 593 Recoveries and profits l 216 140 117 115 118 72 59 97 82 Losses and charge-offs l 110 137 85 166 96 100 70 96 67 Net additions to valuation reserves 1 116 57 32 94 41 Profits before income taxes 588 455 492 418 419 435 503 458 566 159 126 142 115 Taxes on net income 127 107 143 132 169 429 329 350 303 Net profits. 292 329 360 326 397 124 143 132 149 Cash dividends declared 3 140 154 146 167 155 6,887 6,900 6,928 6,923 6,925 6,918 6,903 6,892 6,885 Number of banks at end of period NOVEMBER 1950 1467 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, FIRST HALF OF 1950 half of 1950 and the two halves of 1949 are shown than in the first half of 1949 and 10 million less on page 1540 of this BULLETIN. than in the second half. The distribution among Earnings. As shown in the table on page 1467, various items remained practically unchanged. All all important items of earnings were higher in the items showed increases over the first half of the first half of 1950 than in the first half of 1949 and previous year, but salaries and wages were down most items were higher than in the second half. 20 million dollars from the second half. The largest increases were in earnings on loans, Salaries and wages of 465 million dollars acwhich were 61 million dollars above the level for counted for 48 per cent of total expenses. Salaries of officers and of other employees were 10 and 15 the first half of the preceding year and 31 million million dollars, respectively, above the same period above the level for the second half. Earnings from of last year and 8 and 12 million below the second United States Government securities and from trust half. The decline from the second half was seadepartments were slightly lower than in the precedsonal in nature and followed the pattern of 1948 ing six months. and 1949 and of prewar years. Except for the continuation of the shift from Profits, recoveries, losses, and transfers to reserves. earnings on United States Government securities to Profits on securities sold amounted to 33 million earnings on loans, the distribution of earnings redollars at all member banks during the first half mained practically unchanged in the first half of of 1950. This was about 12 million more than in 1950. Earnings on loans accounted for 49 per cent the corresponding period of 1949, and about the of total earnings as compared with 48 per cent in same amount less than in the second half. Net the two preceding semiannual periods, and earnlosses and charge-offs on all securities amounted to ings from United States Government securities de- 8 million dollars, somewhat less than in either of clined from 29 per cent to 28 per cent. the two preceding half-year periods. About 7 mil- Increases in earnings on loans reflected primarily lion dollars was added to valuation reserves to prolarger average holdings. The average volume of vide for future losses on securities. loan holdings was 1.4 billion dollars larger in the Net losses on loans were 10 million dollars first half of 1950 than in the first half of 1949 and less than in the first half of 1949 and 14 million 1.7 billion larger than in the second half. An less than in the second half. These losses amounted average annual rate of return on loans of 4.14 per to 11 million dollars, less than 1.5 per cent of cent was higher than the rate of 3.95 per cent in earnings on loans. Provisions for future losses conthe first half of last year, but was slightly below tinued at a high rate and net additions to valuathe rate of 4.16 per cent in the second half. The increase in the average rate of return on loans over FACTORS IN HIGHER NET PROFITS the same period of last year was largely the result [In millions of dollars] of continuing growth in the proportion of loan First half of 1950 portfolios held in higher-yielding consumer and compared with— real estate loans. Factor Earnings on Government securities in the first First Second half 1949 half 1949 half of 1950 were 12 million dollars more than in the first half of 1949, but they were about 1 million Increase in net profits +37 +70 less than in the second half. This decline, which Factors increasing net profits, total.. . +72 +119 occurred notwithstanding a small increase in aver- Increase in net current earnings 46 42 Increase in profits on securities sold. . . . 12 age holdings, resulted from a slight decline in Decrease in net losses on securities *.... 1 4 Decrease in net losses on loans * 10 14 average annual rate of return. The lower rate Increase in net "other recoveries" 3 7 Decrease in net additions to valuation (1.55 as compared with 1.62 in the first half of reserves * 52 1949 and 1.56 in the second half) reflected larger Factors decreasing net profits, total. . -35 -48 holdings of short-term securities and the decline in Increase in accruals for income taxes. . . 26 37 yields during 1949. The effects of this decline were Decrease in profits on securities sold. 11 Increase in net additions to valuation offset somewhat by increased yields during 1950. reserves1 9 Expenses. Current expenses of all member banks 1 For description of composition of these items, see footnote 1 to amounted to 965 million dollars, 51 million more table on p. 1469. 1468 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, FIRST HALF OF 1950 tion reserves amounted to 35 million dollars, prac- half of 1950 than in either the first or the second tically unchanged from the first half of 1949. half of 1949 at all classes of member banks. The Net profits. Net profits of member banks after decline in expenses from the second half of 1949, all expenses, charges, recoveries, profits, and pro- which was reflected in all member bank figures, visions for future losses and taxes were 397 million occurred only at country banks. dollars in the first half of 1950. This was 37 mil- Despite larger accruals for income taxes, net lion dollars more than in the corresponding period profits exceeded the amounts reported for each half of 1949 and 70 million more than in the preceding of 1949 at all classes of member banks, except at six months. Higher net current earnings were the Chicago banks. Recoveries and losses followed the primary factors in these increases. Smaller addisame general pattern at all classes of member banks tions to valuation reserves also played an important and, with a minor exception again in Chicago, part in the increase from the second half. Larger cash dividend payments were up from the first accruals for income taxes offset somewhat the effects of higher net current earnings. Changes ex- half of 1949. plaining the increase in net profits are shown in Earnings data by class of bank for the first half the table on page 1468. of 1950 and the two halves of 1949 are shown in Earnings by class of bank. Total earnings and net the accompanying table and in the table on page current earnings were generally higher in the first 1540. MEMBER BANK EARNINGS BY CLASS OF BANK, FIRST AND SECOND HALVES OF 1949 AND FIRST HALF OF 1950 [Amounts in millions of dollars] Central reserve city banks Reserve Country city banks banks New York Chicago First Second First First Second First First Second First First Second First half half half half half half half half half half half half 1949 1949 1950 1949 1949 1950 1949 1949 1950 1949 1949 1950 Earnings 239 237 242 60 63 63 549 587 600 612 639 653 On U. S. Government securities 72 76 74 22 24 24 147 158 157 182 178 180 On other securities 12 14 14 5 5 6 28 31 32 37 37 38 On loans 98 91 97 23 22 22 278 293 307 299 323 334 Service charges on deposit accounts 8 7 8 1 1 1 29 32 33 39 41 43 Other earnings 50 49 48 9 10 10 67 73 71 54 61 58 Expenses 142 140 142 39 39 40 352 375 377 381 421 406 Salaries and wages 81 S3 80 18 18 18 169 184 180 173 200 187 Interest on time deposits 4 4 5 5 5 6 53 54 56 67 68 69 Taxes other than on net income 5 5 6 2 2 3 20 21 23 20 22 22 Other expenses 53 48 52 13 13 13 110 116 118 122 131 128 Net current earnings before income taxes. 97 97 21 23 23 197 212 223 231 218 247 Recoveries and profits * 9 19 7 9 9 18 33 30 26 36 29 Losses and charge-offsx 9 14 4 4 4 23 35 25 34 42 30 Net additions to valuation reserves (or deductions)1 30 15 33 19 22 24 Profits before income taxes 94 72 105 25 177 177 208 200 188 227 Taxes on net income 31 24 35 6 51 53 63 56 49 66 63 48 26 15 19 145 161 Net profits 126 124 144 139 Cash dividends declared 2 40 42 8 56 62 61 42 55 45 35 13 13 13 336 341 336 6,519 6,513 6,511 Number of banks at end of period 1 Data for these items and corresponding items in the preceding tables were obtained by combining earnings data on p. 1540 of this BULLETIN as described below: (a) Recoveries on securities and loans are a combination of recoveries credited to profits (shown in the body of the detailed table) with recoveries credited to valuation reserves (shown under memoranda items in the detailed table). The combined figures represent gross recoveries of member banks during the year regardless of the accounting methods of the individual banks. (b) Losses on securities and loans are a combination of losses charged against profits with losses charged to valuation reserves. These totals represent gross losses of member banks during the year regardless of the accounting methods of the individual banks. (c) Net additions to valuation reserves on securities and loans represent the combination of four amounts given in the detailed table: the sum of the two items that increase valuation reserves (transfers to reserves reported in the body of the detailed table plus recoveries credited to reserves reported as memoranda items) less the sum of the two items that decrease valuation reserves (transfers from reserves reported in the body of the detailed table plus losses charged to reserves reported as memoranda items). 2 Includes interest on capital notes and debentures. NOVEMBER 1950 1469 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTES—1950 SERIES1 The Treasury Department announced today that changed in design from those issued heretofore. the first delivery of Federal Reserve notes desig- The notes in the first delivery are for the use of nated Series of 1950 had been made by the Bureau the Federal Reserve Bank of Richmond. The new of Engraving and Printing to the Federal Reserve notes are in denominations of $5, $10, and $20. System. The new series of notes have the signa- Several economies will result from the new protures of the Secretary of the Treasury and the duction method. It will not be necessary to keep Treasurer of the United States, the series designa- on hand large stocks of notes of each denomination tion, and the identification of the issuing Federal for each of the twelve banks of the Federal Reserve Reserve Bank overprinted in the same manner as System. Stocks of notes for each denomination, the serial numbers and the seal, instead of en- complete except for the data to be overprinted, will graved as heretofore. suffice. Also, it will not be necessary to engrave The serial numbers of the notes are slightly re- new plates when there is a change in either of the duced from their former size, and are now identical signatures appearing on the notes. in style with the serial numbers which appear on Elimination of the necessity for stocking new one dollar silver certificates. The identification of notes of each denomination for each of the Federal the issuing bank and the Treasury Seal have also Reserve Banks will reduce the number of required been reduced in size. combinations for stocking purposes from 108 to 9. Except for these details the new notes are un- The Bureau of Engraving and Printing will be able to make certain further savings from the more 1 Statement to the press issued by the Treasury Department on Nov. 9, 1950. expeditious scheduling of production. 1470 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 Consumer Credit In the case described above, if the new Refrigerators and Food Freezers credit were for the purchase of a Group B or C listed article, the entire $2,600 would have to be The substitution of "designed for household use" scheduled in accordance with the regulation. Howfor the previous cubic foot capacity demarcation in ever, the $1,700 arising from the automobile and the listing of refrigerators and food freezers has resubject to 21 months maximum maturity would, of sulted in questions relating to the applicability of course, be larger than the $900 arising from the Regulation W. In one case certain food freezers Group B or C article and subject to 18 months have been designated by the manufacturer as "commaximum maturity. Therefore, under the option mercial models." They are similar in appearance in section 6(d) relating to the major part of the and function to the freezers manufactured by the credit, the Registrant, if he desired, could give the same company and designated by that company as entire $2,600 credit the 21 months maximum ma- "home freezers," although the home model uses turity applicable to the listed article giving rise to a smaller horsepower compressor and at least one the major part of the credit. of the commercial models is equipped with a sliding glass lid. Revision by Original or Other Registrant The Board believes, however, that because the Section 5 of Regulation W relates to renewals, food freezers in question are of a type readily revisions, and additions. Subsection (a) of section adaptable to household use, and are not designed 5 states the general requirements that apply in such exclusively for commercial use, they are listed cases, and other subsections of section 5 relate to articles under Regulation W. certain special situations. In connection with sev- Revisions of and Additions to Pre-effective Date eral cases that do not qualify under any of those Credit other subsections, questions have been received re- Section $(h) of Regulation W permits the per- garding the possible application of section 5(a). formance of valid contract or obligations entered Question—-If Registrant A extends credit for the into prior to the effective date of the regulation purchase of an automobile and the customer later but provides that when any such credit is combined asks to revise the credit, what is the maximum with new credit extended after the effective date it maturity permissible for the revised obligation? shall be treated as if it were extended on the date Answer—Twenty-one months, because that is the of consolidation. If a pre-effective date obligation maximum maturity applicable to a new automoto purchase an automobile has been paid down to bile credit. $1,700 and after the effective date the Registrant de- Question—What would be the maximum masires to combine it with an additional $900 loaned turity in the above case if the Registrant who was for an exempt purpose, section 8(A) would require asked to revise the credit was not A, who had the remainder of the automobile credit to be sched- originally extended it, but B, a bank or finance uled for repayment within the maximum maturity company that had purchased the paper from A? applicable to automobiles. Since the example in- Answer—Twenty-one months, because it would volves a mixed credit, section 6(d) would apply still be the revision of an instalment credit "already and under the present provisions of the regulation outstanding." the Registrant could schedule the consolidated obli- Question—What would be the maximum magation so that at least $1,700 would be repaid within turity if the customer went to C, a bank or loan 21 months from the date of consolidation; the company that did not hold the original paper, and $900 new credit could be scheduled for payment asked to obtain a loan to pay off the obligation without regard to Regulation W. referred to above? Answer—Eighteen months, NOVEMBER 1950 1471 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT the maximum maturity for an unclassified loan, ample, section 7(^) exempts certain credits that are because section 5(a) applies merely to the "re- fully secured by withdrawable shares issued by or newal or revision of # # * credit already outstand- savings accounts held with the lender but such ing" and C could not be said to be renewing or credits, like single-payment credits, must nevertherevising a credit which he already has outstanding. less be taken into account under section 6(7) by This contrasts with the broader language of sec- any Registrant extending any credit subject to the tion 5(b) which applies to credit that "refinances" regulation for the purpose of purchasing a listed an outstanding obligation "whether or not such article. obligation is held by the Registrant," but which Loans for Business Purposes requires that certain conditions exist which were A loan to a doctor or dentist to purchase medical not present here. or dental equipment is a "loan for business pur- Tape or Wire Recorders poses to a business enterprise" within the meaning Tape or wire recorders not designed exclusively of section 7(b) of Regulation W if the doctor or for commercial use are listed articles under item 8 dentist is engaged in performing services for variof Group B of the Supplement. ous patients for individual fees. However, a doctor or dentist performing services only on a regular Side Loans Prohibited salary basis cannot be considered a "business enter- Section 6(z) of Regulation W states that "a prise" under section Registrant shall not extend any credit for financing Home Improvement "Materials and Articles" the purchase of a listed article" if he knows or has reason to know of any other credit that would Draperies or curtains are not listed articles under cause the total credit in connection with the pur- Group D of the Supplement to Regulation W. chase to exceed the amount of instalment credit permitted by the regulation. "Used" Automobiles The requirements of the section apply to a An automobile becomes a "used" car for the Registrant only in a case in which he is extending purposes of Regulation W when it is (1) first sold instalment credit. This is because section 2(a) of to any person not engaged in the business of sellthe present regulation limits the application of the ing automobiles, or (2) used and driven as a entire regulation to cases in which the Registrant "demonstrator" by an automobile dealer or salesis extending instalment credit. man even though the automobile has not been In any case in which the Registrant is extending previously sold. instalment credit subject to the regulation for the purchase of a listed article, he must take into ac- Residential Real Estate Credit count under section 6(7) all credit, of which he Amendment to Regulation X knows or has reason to know, in connection with the purchase of the article. He must take into The Board of Governors of the Federal Reserve account not merely other credit that would be sub- System, with the concurrence of the Housing and ject to the regulation, but also "other credit of any Home Finance Administrator, effective November kind" in connection with the purchase of the 14, 1950, issued Amendment No. 1 to Regulation X, article, including credit that is not itself subject covering residential real estate credit, so as to to the regulation. exempt from the prohibitions of the regulation real Single-payment credit is one example of credit estate construction credit extended prior to May 1, that is not itself subject to the present provisions 1951, on new construction begun prior to October of the regulation but that must be taken into ac- 12, 1950, the effective date of the regulation, and count under section 6(7) when the Registrant ex- to extend until December 31, 1950, the time pertends instalment credit subject to the regulation mitted for filing with the Federal Reserve Banks for the purchase of a listed article. statements of facts with respect to unwritten agree- Similarly, credits exempted by section 7 of the ments to extend credit which were entered into regulation are also among the credits that must be prior to October 12, 1950. The text of the amendtaken into account under section 6(7). For ex- ment is asr follows: 1472 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT AMENDMENT NO. 1 TO REGULATION X which is subject to Regulation X conforms with Issued by the Board of Governors of the Federal the regulation, the Registrant may rely upon the Reserve System with the Concurrence of the facts stated in a copy of the Statement of the Borrower signed by the mortgagor and which the Housing and Home Finance Administrator Registrant accepts in good faith. Regulation X is hereby amended in the following respects, effective November 14, 1950: Necessity for Statement of Borrower for 1. By striking out "within 30 days after the Nonregulated Credit effective date of this regulation" in the last sentence A Registrant makes an unsecured loan to a of section 6(1?) and inserting in lieu thereof "prior mortgage company, the proceeds of which are to to January 1, 1951." be used by the mortgage company to make real 2. By adding the following subsection (^) to estate loans, including some subject to Regulation section 5: X. Must the Registrant obtain any Statement of "(/^) New Construction Begun Before October the Borrower? 12, 1950. The prohibitions of this regulation As described, the loan by the Registrant to the shall not apply to any real estate construction mortgage company is not an extension of real estate credit extended prior to May 1, 1951 with re- construction credit or a loan on credit instruments spect to new construction begun prior to Oc- evidencing real estate construction credit. The tober 12, 1950." Registrant is required only to be satisfied, and main- Statement of Borrower Where Credit Secured by tain records which reasonably demonstrate on their Mortgage Collateral face, that the loan to the mortgage company is not real estate construction credit. This requirement A Registrant makes a loan to a mortgage commay be met by the execution by the mortgage company on a note secured by a pledge of collateral pany of a Statement of the Borrower of the kind consisting of real estate mortgages, including some described in the first paragraph of section 4(c) of subject to Regulation X. May the Registrant rely Regulation X and the acceptance of the Statement upon a statement by the mortgage company that by the Registrant in good faith. all of the pledged mortgages which are subject to Regulation X conform with the requirements of Instruments Evidencing Exempt Credit the regulation? Must the Registrant procure a The prohibitions of section 4(#)(5) of Regulacopy of the Statement of the Borrower which the tion X with respect to a Registrant purchasing, dismortgagor signed, pursuant to section 4(<r) of Regucounting, or lending on credit instruments evidenclation X, with respect to each pledged mortgage ing real estate construction credit apply only to which is subject to Regulation X? credit instruments evidencing credit which is sub- Section 4(#)(5) of Regulation X provides that ject to and not exempt from Regulation X. Under no Registrant shall lend on any credit instrument section 6(b) of the regulation, credit extended purevidencing real estate construction credit which is suant to firm commitments made prior to the effecsubject to and not exempt from the regulation, un- tive date of the regulation is exempt. Accordingly, less the terms of such credit conformed with the there is no prohibition with respect to purchasing, provisions of the Supplement to the regulation discounting, or lending on credit instruments eviwhen such credit was originally extended, or con- dencing such credit. form at the time of such loan. In the case de- Registrant's Records of Nonregulated Credit scribed, the Registrant may not rely upon the statement by the mortgage company to establish that The first sentence of section 4(<r) of Regulation the pledged mortgages which are subject to Regu- X provides that no Registrant shall extend any lation X conform with the requirements of the credit unless he is satisfied, and maintains records regulation. The Registrant, however, may rely which reasonably demonstrate on their face, upon a signed statement accepted in good faith in whether such credit is or is not real estate conwhich the mortgage company states which of the struction credit. If the Registrant is satisfied that pledged mortgages do, and which do not, evidence the credit is not real estate construction credit, the real estate construction credit subject to Regula- provisions of this sentence may be met by the retion X; and in determining whether a mortgage tention by the bank of any of the following: NOVEMBER 1950 1473 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (1) A Statement of the Borrower, on the form the regulation." now available at the Federal Reserve Banks or con- If an agreement of the kind described above is tained in a loan application or any letter or other in writing, it constitutes a firm commitment within writing, which is signed by the borrower and the meaning of clause (1) of the definition of that states the facts indicated in the second sentence of term and the fact that the borrower (purchaser) section 4(<r); (2) any correspondence, memoranda, must have a credit standing satisfactory to the loan applications or other documents of any kind, Registrant is merely one of the conditions with whether or not originating in connection with the which the borrower must comply. If such an agreecredit in question, which on the basis of a reason- ment is not in writing, it constitutes a firm comable interpretation show that the credit is not real mitment within the meaning of clause (2) of the estate construction credit; or (3) a written endorse- definition if the builder has taken specific action ment or rubber stamp legend, placed upon the in reliance upon the agreement prior to the effective credit instrument or upon other papers in connec- date of the regulation and the Registrant furnishes tion with the credit and signed by the Registrant the required information to the appropriate Fedor a responsible officer of the Registrant, stating eral Reserve Bank within 30 days after the effecthat he is satisfied that the credit in question is tive date of the regulation. For this purpose, the not real estate construction credit. term "prospective borrower" in clause (2) of the definition is deemed to include the builder to whom Firm Commitment Prior to Effective Date the commitment was made. Section 6(£) of Regulation X provides that the Painting, Reroofing and Repairs as "Major provisions of the regulation shall not apply to or Improvement" affect any credit extended pursuant to any firm commitment to extend credit made prior to the Painting, reroofing, and repairs constitute a effective date of the regulation. Inquiries have "major improvement," within the meaning of secbeen received concerning the application of this tion 2(g) of Regulation X, if their cost exceeds section to agreements entered into by a Registrant $2,500. and a builder prior to the effective date of the regu- Sale of New Residence Subject to Pre-effective Date lation under which the Registrant agreed to lend a Indebtedness stated amount on stated terms to any purchaser of particular residences built or to be built by the Inquiries have been received regarding the applibuilder if the purchaser has a credit standing satis- cation of Regulation X to a sale of residential propfactory to the Registrant and if the residence has erty on which there is new construction, where the been constructed according to prescribed plans and vendee assumes, or takes the property subject to, specifications. indebtedness secured by a mortgage on the prop- Section 6(£) defines a firm commitment as erty and such indebtedness exceeds the maximum "either (1) a written agreement under which the loan value of the property but evidences credit ex- Registrant is required without option or discretion tended prior to October 12, 1950, the effective date on his part to extend credit upon demand by the of the regulation. borrower or upon compliance by the borrower with Regulation X does not prohibit such a sale or one or more conditions referred to in such agree- require that the indebtedness be reduced to the ment; or (2) any other agreement to extend credit maximum loan value of the property. Under the which has been entered into in good faith by the definition contained in section 2(d) of Regulation parties and in reliance upon which the prospective X, such a sale constitutes an extension of credit by borrower has taken specific action prior to the effec- the vendor of the property; but, even though the tive date of the regulation, if the Registrant within vendor may be a Registrant, the sale is not pro- 30 days after the effective date of this regulation hibited by Regulation X because the provisions of shall have sent to the Federal Reserve Bank of the section 4(#)(6) of the regulation, which deal spedistrict in which he does business a letter or other cifically with such transactions, prohibit a sale only statement reciting the facts with respect to such "if the amount of outstanding credit (including agreement and the specific action taken by the any credit exempt from, or not subject to the proprospective borrower prior to the effective date of hibitions of, this regulation) which was extended 1474 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT after the effective date of the regulation with re- If the lot has been purchasedor any other part spect to the property exceeds, or as a result of such of the cost of the property hasbeen incurred by sale or transfer would exceed, the applicable maxi- the prospective borrower more than 12 months mum loan value of such property, or if any out- prior to the extension of credit,or if any part of standing real estate construction credit {subject to such property has been acquiredby gift, exchange, and not exempt from this regulation) with respect or inheritance, the "value" shall be the appraised to such property does not conform with the pro- value as determined in good faithby the Registrant. visions of this regulation and the Supplement thereto." However, any additional extension of Mixed Purpose Loans credit by a Registrant (including the vendor if he Inquiries have been received regarding the appliis a Registrant) in connection with such a sale cation of Regulation X to extensions of credit for would be prohibited by section 4(#)(1) of Regu- mixed purposes. For example, a prospective borlation X. rower applies to a Registrant for a loan to be se- For example, in a sale of residential property on cured by a mortgage on residential property on which there is new construction where the bona which there is no new construction. A part of the fide sale price is $12,000, and the vendee pays loan is for the purpose of financing a major addi- $2,000 for the equity of redemption and assumes, tion to the residence which will cost $8,000, and or takes such property subject to, a $10,000 mort- $2,000 of the loan will be used (a) to retire an gage which evidences credit extended prior to Oc- existing mortgage on the property, or (b) to retire tober 12, it is not necessary that the $10,000 mort- outstanding indebtedness not secured by a mortgage be rewritten to conform with Regulation X. gage on the property, or (c) for some other purpose However, no part of the $2,000 paid by the vendee which would not make the loan subject to Regulafor the equity of redemption may be borrowed tion X. The question is: How much credit can from a Registrant because the amount of credit the Registrant extend and on what terms? outstanding with respect to the property already It is the view of the Board that in such cases exceeds the maximum loan value of the property. Regulation X requires that the amount and terms of the loan shall be such as would result if the Allowance for Labor loan were divided into two or more parts on the Inquiries have been received under section basis of the purposes of the loan and each part 2(7)(2)(B) of Regulation X where the facts are were treated as if it stood alone; and the amount these: A prospective borrower owns a vacant lot and terms of the loan would comply with Regulaon which he, with the help of his family and tion X if they satisfied the requirements of the friends, will perform the necessary labor to build regulation applicable to that part which is subject a residence. He applies to a Registrant for credit to Regulation X. to be secured by a mortgage upon the residential By way of illustration, in each of the examples property, the proceeds of the loan to be used to set forth above, the maximum amount of credit pay for materials used in the new construction. permitted by Regulation X would be $8,450, that The question is: How does a Registrant determine is, $6,450 (the maximum loan value of the $8,000 the "value" of the residential property? major addition) plus $2,000. The maturity and If the entire cost of the property has been in- amortization of that part ($6,450) which is subcurred by the prospective borrower not more than ject to Regulation X would have to conform with 12 months prior to the extension of credit or is to the provisions of the Supplement; or, in other be incurred by him after such extension of credit, words, the payments on the loan would have to the "value" is the bona fide cost of the property to be such as to repay $6,450 of the loan within the the borrower, including a bona fide estimate of the time and at the rate required by the Supplement. cost of completing the new construction. It is the The same principles apply in the case of a loan view of the Board that a reasonable bona fide esti- secured by a mortgage on farm property where mate of the value of the labor to be performed by part of the loan is for the purpose of financing the the prospective borrower, his family, and friends construction of a residence on such property and may be included in the "bona fide estimate of the the remainder of the loan is for purposes which cost of completing new construction." would not make the loan subject to Regulation X. NOVEMBER 1950 1475 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meeting Banks, under the general direction of the Board of Governors (through Regulation V), acted as fiscal A meeting of the Federal Open Market Comagents for the War and Navy Departments and mittee was held in Washington on October 30, 1950. the Maritime Commission in guaranteeing war Election of Glass A Director production and contract termination loans made The Federal Reserve Bank of Minneapolis, on by commercial banks and other financing agen- November 7, 1950, announced the election of Mr. cies. This arrangement was an innovation in war Arthur H. Quay, President, First National Bank of finance that enabled the commercial banking sys- Minneapolis, Minnesota, as a Class A director of tem to act promptly in providing war producers the Bank to fill the unexpired portion of the term with working capital and thus lessened the need ending December 31, 1952. Mr. Quay succeeds for direct Government financing. Mr. Henry E. Atwood, deceased. The present study presents more detailed statistics of Regulation V loans than could be currently Change in Board's Staff released while the program was in operation. The Mr. Millard, Director of the Board's Division of data are grouped to show the main characteris- Examinations, has resigned to become a Vice Presi- tics of the lending program, such as the volume of dent of the Federal Reserve Bank of San Francisco, credit made available, sizes of business and types effective December 1, 1950. To fill temporarily of war production financed, the terms of loans, the vacancy caused by Mr. Millard's leaving, the and the private financial institutions that partici- Federal Reserve Bank of Richmond, at the Board's pated. The purpose is to record for future use an request, has made available for a period of about experience gained under emergency pressure. six months the services of Mr. Edward A. Wayne, This study of Regulation V loans is a by-product Vice President, as Acting Director of the Division. of the research program of the Federal Reserve During that period a permanent Director of the System. This program includes the development Division will be selected. and maintenance of statistical tools and materials Effective October 30, 1950, Mr. Fred A. Nelson that contribute to an understanding of banking returned to the Division of Examinations as an and monetary developments. Publication of any Assistant Director. Mr. Nelson served as an ex- findings resulting from the research program does aminer in that Division for a number of years and not indicate official endorsement of the views or subsequently as Assistant Secretary of the Board conclusions expressed. and as Assistant Director of the Division of Ad- The pamphlet may be purchased for 25 cents or ministrative Services. for 15 cents in group purchases of 10 or more for To fill temporarily the vacancy caused by Mr. single shipment. Orders should be sent to the Nelson's transfer, the Federal Reserve Bank of Division of Administrative Services, Board of Gov- Philadelphia, at the request of the Board, has made ernors of the Federal Reserve System, Washington available the services of Mr. Robert N. Hilkert, 25, D. C. Vice President, for a period of about six months Admissions of State Banks to Membership in the as Acting Director of the Board's Division of Per- Federal Reserve System 6onnel Administration. He will give his entire time to the assignment and during the six months The following State banks were admitted to period a permanent Director of the Division will membership in the Federal Reserve System during be selected. the period September 16, 1950 to October 15, 1950: Publication of Technical Study California A Statistical Study of Regulation V Loans, by Laguna Beach—Bank of Laguna Beach Susan S. Burr and Elizabeth B. Sette, is now ready for distribution at the offices of the Board of Gover- Colorado nors. During World War II the Federal Reserve Pueblo—Arkansas Valley Bank 1476 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled October 25 and released for publication October 27] Industrial activity, employment, and payrolls important plants. Automobile production continued increased somewhat further in September and early close to the high level of recent months. In view October. Business and consumer demands for of the growing volume of defense production and goods were less active after mid-September and the limited supply of metals and certain other inwholesale commodity prices showed little change. dustrial materials, the National Production Author- Retail prices continued upward, reflecting in part ity has established a priority system for defense earlier advances in wholesale markets. Credit to orders. business, consumers, and real estate owners ex- Output of textile, paper, rubber, and petroleum panded considerably further. Consumer credit products in September was maintained at the exregulations, which became effective on September ceptionally high levels reached in August. Meat 18, were tightened on October 16 and housing production rose much more than seasonally. In credit restrictions were put into effect October 12. mid-October, the National Production Authority announced more stringent measures to curtail con- INDUSTRIAL PRODUCTION sumption of rubber in civilian products. Industrial production showed a small further in- Output of crude petroleum advanced further to a crease in September and early October, following new record rate in mid-September but subsequently the sharp advance in August. Reflecting mainly levelled off. Coal output showed little change and continued gains in output of iron and steel and production of iron ore was maintained in record their products, machinery, and. crude petroleum, volume over this period. the Board's seasonally adjusted index rose from 209 in August to 211 in September. In October, a fur- CONSTRUCTION ther small increase is likely as a result chiefly of expanded output of steel and of producers durable Contracts awarded in September for most types of private and public construction declined more goods and military equipment. than seasonally from the record summer level. The Steel production increased in September to a level number of housing units started in September was slightly above the June rate, and in October has estimated to be 115,000. This was 28,000 fewer advanced about 3 per cent further to a new record. units than the average number started during the The gain in activity in machinery industries in Sepsummer months but 12,000 more than in Septemtember was much smaller than in August, mainly ber 1949. because labor disputes curtailed operations in some DEPARTMENT STORE SALES AND STOCKS INDUSTRIAL PRODUCTION P 2 ER 6 C 0 ENT PHYS1CAL VOLUME, SEASONALLY ADJUSTED. 1935 -39-1 0 PER P 3 ER 5 C 0 ENT OLLAR VOLUME, SEAS rA 240 300 SALES K 4i 220 \ 220 J V 200 / \ 200 250 r I STOCKS / 1/ I V 180 V 160 V A :/ \ 140 140 150'by \/ 120 120 100 100 100 100 1942 1943 1944 1945 1946 1947 1948 1949 1950 1942 1943 1944 1945 1946 1947 1948 1949 1950 Federal Reserve index. Monthly figures, latest shown are Federal Reserve indexes. Monthly figures, latest shown are for September. for September. NOVEMBER 1950 1477 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY Of BUSINESS CONDITIONS EMPLOYMENT BANK CREDIT The total number employed in nonagricultural Total loans and corporate and municipal security industries was at an all-time high of about 45 investments of commercial banks showed further million in September, 2 million more than in Sep- sharp increases during September and the first half tember 1949. Unemployment declined moderately of October. The expansion at banks in leading further to 2.3 million and was at the lowest level cities totalled 1.8 billion dollars and brought the since late 1948. total rise at these banks since June to almost 4 DISTRIBUTION billion. Business loans increased much more than Consumer buying showed less than the usual sea- seasonally while loans to real estate owners and sonal increase in September and early October from consumers continued to rise substantially. the peak rates reached during the summer. Value Treasury deposits at Federal Reserve Banks, of purchases, however, remained substantially above which were large in late September owing to tax year-ago levels, reflecting in part higher prices. collections, were drawn down in the first three Purchases of durable goods continued above the weeks of October, thus supplying a substantial volhigh levels reached during the first half of this year. ume of reserve funds. Outflows of currency into Distributor stocks of most goods have increased fur- circulation and of gold and cash redemption of part ther in this period following a reduction in July. of the maturing Treasury bills held by the Reserve At department stores, value of stocks by the end of Banks absorbed some of these funds. Commercial September was about one-fifth above the relatively banks, however, continued to sell Government low level reached a year ago, securities, in part to the Federal Reserve System, and built up their excess reserve balances. COMMODITY PRICES An increase in interest rates to bank customers, The average level of wholesale prices changed initiated in New York City in late September, belittle from mid-September to the third week of came more widespread in early October. October, as livestock and meat prices showed seasonal declines and increases in prices of nonfood SECURITY MARKETS commodities slowed down. Prices of industrial materials levelled off as buying became less urgent, Common stock prices, after rising somewhat furand increases in finished goods were less numerous. ther in the first two weeks of October to the highest levels since September 1930, showed little change The consumers price index rose .5 per cent from during the following 10 days. Yields on most bank mid-August to mid-September reflecting mainly eligible Treasury securities increased further in the marked increases in retail prices of apparel and first three weeks of October, while yields on Treashousefurnishings. Since that time additional adury bills declined somewhat. There was little vances in these and other goods have been anchange in yields on long-term Treasury and highnounced. grade corporate bonds. CONSUMERS' PRICES PER CENT 1335 -39-100 PER CENT LOANS AND INVESTMENTS AT MEMBER BANKS IN LEADING CITIES OTHER THAN U. S. GOVERNMENT SECURITIES 220 220 IILLIONS OF DOLLARS BILLIONS OF DOLLARS -A / 200 200 F ^APPARELX_ 180 t 1 ^ / 180 160 ALL ITEMS' 160 '- 140 MISCELLANEOUS 140 120 RENT ^y~^—~~~ 120 100 100 ^A 80 1942 1943 1944 1945 1946 1947 1948 1949 1950 Bureau of Labor Statistics' indexes. "All items" includes fuel and housefurnishings groups not shown separately. Mid- 1947 1948 1949 1950 1947 1948 1949 month figures, latest shown are for September. Wednesday figures, latest shown are for Oct. 25. 1478 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. . 1481-1482 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements. . 1482-1483 Federal Reserve Bank statistics 1484-1488 Deposits and reserves of member banks; bank suspensions. . 1488-1489 Money in circulation 1490-1491 Bank debits and deposit turnover; Postal Savings System. . 1491 All banks and the money supply 1492 All banks in the United States, by classes 1493-1495 All banks in the United States and possessions, by States, June 30, 1950. 1496-1497 All insured commercial banks in the United States, by classes. . 1498-1499 Weekly reporting member banks .... ... .... 1500-1503 Number of banking offices on Federal Reserve par list and not on par list 1504 Commercial paper, bankers' acceptances, and brokers' balances. 1505 Money rates; bank rates on business loans; bond yields. . 1506 Security prices and new issues 1507-1508 Corporate sales, profits, and dividends. . 1509-1510 Treasury finance 1511-1513 Government corporations and credit agencies. . 1514 Business indexes 1515-1524 Department store statistics. 1525-1528 Cost of living.. 1528 Wholesale prices 1529 Gross national product, national income, and personal income. 1530-1531 Consumer credit statistics. . . .... 1532-1534 Current statistics for Federal Reserve chart books. . 1535-1539 October crop report, by Federal Reserve districts. . 1539 Member bank earnings. 1540 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. 1479 NOVEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS JONS OF DOLLARS WEDNESDAY FIGURES / TREASURY CASH AND DEPOSITS A j" \ i I I Ft 1943 1944 1945 1946 1947 1948 1949 1950 TOTAL RESERVE BANK HOLDINGS 0F U. S. GOVERNMENT SECURITIES I 15 10 10 BONDS 0 — ^ I "-* 1942 1943 1944 1945 1948 1947 1948 1949 1950 Wednesday figures, latest shown are for Oct. 2'5. See page 1481. 1480 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 co D a a u n d is n d - - ts U. S s . e G cu o r v it e i r e n s m c B e e r i n t l i l t f s i , - ot A he ll r Total s G to o c ld k T s r t o c e u r i a u n n e u r n a r c y g t d - - s y - - M i c n t u o i o l c n a n i e r - y - T h c i u r n o a e r g l s a y d h s s - - F u T p e s r w R r e o d y e r i s e e t v a i d r - h t s e a e 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 c E es x s - * vances Total Bonds cates, Banks and notes Wednesday figures: 1949—Sept. 7. 11517,413 7,775 9,638 251 17,78024,647 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. 11 17,961 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 10,241 414 18,30124,604 4,592 27,546 ,296 554 1,247 73416,119 15,211 908 Oct. 19. 12 17,666 7,538 10,128 369 18,157 24,585 4,591 27,427 ,310 317 1,142 73216,405 15,330 1,075 Oct. 26. 13817,403 7,538 9,865 292 17,833 24,584 4,591 27,328 ,313 374 1,163 73216,098 15,314 784 Nov, 17,533 7,536 9,997 272 18,41624,583 4,591 27,382 ,318 545 1,219 69016,437 15,319 1,118 Nov. 31917,706 7,535 10,171 160 18,18524,532 4,592 27,528 ,312 415 1,220 69016,145 15,262 883 Nov, 12417,789 7,532 10,257 438 18,35124,530 4,592 27,397 ,323 408 1,224 69016,432 15,346 1,086 Nov, 13317,669 7,513 10,156 289 18,09124,530 4,596 27,508 ,315 410 1,306 69115,987 15,361 626 Nov, 32117,682 7,513 10,169 263 18,26724,479 4,596 27,543 ,317 517 1,238 68916,038 15,367 671 Dec. 7. 40' 17,931 7,512 10,419 289 18,62824,477 4,596 27,699 ,309 441 ,271 69016,291 15,395 896 Dec. 14. 10' 18,169 7,512 10,657 455 18,73124,476 4,596 27,701 ,314 393 ,273 69016,433 15,561 872 Dec. 21. 12818,538 7,237 11,301 842 19,50824,427 4,595 27,833 ,309 1,027 ,267 75616,337 15,523 814 Dec. 28. 14: 18,789 7,231 11,558 448 19,379 24,427 4,598 27,765 ,314 987 ,281 75816,299 15,462 837 1950—Jan. 4. 9518,829 7,212 11,617 547 19,47124,427 4,597 27,551 ,319 547 ,304 17,055 15,597 1,458 Jan. 11. 18,230 7,165 11,065 315 18,64424,426 4,596 27,311 ,313 255 ,382 71916,686 15,593 1,093 Jan. 18. 17,87: 7,134 10,738 414 18,38324,426 4,596 27,121 ,315 381 ,380 71916,487 15,630 857 Jan. 25. 12117,764 7,130 10,634 18,30024,425 4,596 26,913 ,321 539 ,408 16,419 15,617 802 Feb. 1. 45617,855 7,103 10,752 309 18,62024,395 4,599 26,928 ,318 637 ,478 16,532 15,534 998 Feb. 8. 22: 17,656 6,969 10,687 267 18,14624,345 4,598 26,985 ,313 366 ,432 72716,265 15,456 809 Feb. 15. 26: 17,781 6,920 10,861 533 18,58124,343 4,598 26,993 ,313 671 ,419 72816,400 15,383 1,017 Feb. 21. 17,625 6,887 10,738 373 18,09224,345 4,598 27,019 ,311 380 ,419 73116,176 15,428 748 94 Mar. 1. 17,757 6,840 10,917 383 18,454 24,345 4,600 27,060 ,316 555 ,444 73616,288 15,347 941 Mar. 8. 31417,846 6,804 11,042 431 24,345 4,601 27,105 ,322 433 ,454 73916,258 15,261 997 Mar. 15. 17,791 6,61 11,176 402 24,320 4,601 27.023 ,307 9 ,315 75916,771 15,405 1,366 Mar. 22. 18617,573 6,529 11,044 277 18,036 24,271 4,600 26,972 ,308 759 ,139 76115,969 15,324 645 Mar. 29. 365 17,516 6,41 11,101 263 18,14424,246 4,599 26,969 ,321 997 ,155 76615,782 15,268 514 Apr. 5. 16817,57: 6,357 11,215 392 18,13224,246 4,601 27,133 ,317 622 ,167 76915,971 15,209 762 Apr. 12. 16017,597 6,327 11,270 311 18,06824,247 4,600 27,072 ,313 587 ,177 76915,996 15,248 748 Apr. 19. 13717,410 6,220 11,190 381 17,92824,247 4,600 26,992 ,319 647 ,261 77115,786 15,265 521 Apr. 26. 17,640 6,204 11,436 282 18,14124,247 4,600 26,962 ,316 833 ,208 77215,898 15,243 655 May 3. 12117,711 6,098 11,613 359 18,19224,247 4,602 27,051 ,326 678 ,287 71315,986 15,224 762 May 10. 9017,591 5,976 11,615 297 17,97824,249 4,602 27,041 ,318 533 ,314 71715,907 15,147 760 May 17. 7917,401 5,911 11,490 521 18,00124,230 4,601 26,980 ,294 426 ,293 71616,123 15,275 848 May 24. 10617,290 5,854 11,436 288 17,683 24,230 4,601 26,908 ,292 428 ,246 71815,922 15,305 617 May 31. 30617,389 5,802 11,587 239 17,935 24,231 4,606 27,090 ,309 588 ,254 71815,814 15,288 526 June 7. 17,672 5,726 11,946 377 18,14324,232 4,605 27,079 ,309 472 ,321 73316,067 15,350 717 June 14. 7917,693 5,681 12,012 498 18,270 24,232 4,604 26,993 ,304 319 ,447 73516,309 15,433 876 June 21. 7417,679 5,650 12,029 508 ~ 24,231 4,604 26,926 ,294 529 ,395 78416,169 15,522 647 June 28. 6918,217 5,644 12,573 281 18,567 24,230 4,608 27,026 ,306 866 ,441 77815,988 15,462 526 July 5. 8318,586 5,555 13,031 281 18,95024,231 4.607 27,315 ,302 645 ,470 80216,254 15,463 791 July 12. 6518,294 5,411 12,883 399 18,75724,207 4,606 27,169 ,309 383 ,457 80416,448 15,544 904 July 19. 19917,869 5,286 12,583 407 18,47524,207 4,606 27,029 ,310 525 ,462 80416,157 15,527 630 July 26. 17,964 4,997 12,967 18,63624,157 4,605 26,915 ,315 504 ,439 80916,415 15,585 830 Aug. 2. 30118,143 4,860 13,283 318 18,76224,136 4,609 27,000 ,304 564 ,487 75716,395 15,553 842 Aug. 9. 26318,349 4,791 13,558 292 18,90424,035 4,608 27,015 ,309 667 ,431 75916,366 15,535 831 Aug. 16. 10618,334 4,691 13,643 449 18,88923,954 4,608 26,976 ,309 717 ,392 75916,298 15,613 685 Aug. 23. 11518,577 5,440 13,137 191 18,88323,803 4,609 26,963 ,308 562 ,272 74816,442 15,686 756 Aug. 30. 10718,584 6,551 12,033 288 18,97923,752 4,611 27,042 ,308 676 ,304 72816,285 15,767 518 Sept. 6. 9918,942 7,284 11,658 396 19,43823,577 4,613 27,259 ,311 511 ,220 71616,611 15,747 864 Sept. 13. 7119,064 8,233 10,831 529 19,66523,576 4,613 27,151 ,305 648 ,182 70316,865 15,934 931 Sept. 20. 5118,526 3,731 14,795 591 19,16923,525 4,613 27,081 ,301 654 ,204 76816,299 15,946 353 Sept. 27. 12019,353 3,773 15,580 601 20,07523,474 4,614 27,060 1,307 1,144 ,190 76216,699 15,837 862 Oct. 4. 4519,375 3,824 15,551 552 19,97223,482 4,617 27,188 1,308 848 ,288 81316,626 15,848 778 Oct. 11. 6819,507 3,923 15,584 47020,04423,432 4,618 27,339 1,316 508 ,332 81016,789 15,829 960 Oct. 18. 39 9,506 3,979 15,527 881 20,42623,291 4,617 27,228 1,313 449 1,292 80717,245 15,913 i,332 Oct. 25. 5019,229 4,058 15,171 473 19,75323,290 4,618 27,121 1,300 420 1,367 80516,649 15,914 P Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 2 Wednesday figures and end-of-month figures (shown on next page) are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 1481 NOVEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Treas- Treas- Other U. S. Government ury Treas- ury de- Fedsecurities Money posits Non- Date or period co D u is n - ts s G to o c ld k rency in c u c la ir - - cash F w ed i e th ral D m e e r m de - - Rea a n d d - c B er i t l i ls fi , - ot A A h l 1 e l 1 r1 Total s o ta u n t- d- tion h i o n l g d s - s R er e v - e posits se a r c v - e Total qu R ir e e - d2 c E es x s - 3 vances Total Bonds cates, ing Banks counts 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 2,409 634 653 251 11,653 6,4445,209 1941—Dec. 31... 3 2,254 1,467 787 104 2.361 22.737 3,247 11,160 2,215 867 1,360 291 12,450 9,3653,085 1945—Dec. 31... 249 24,262 947 23,315 580 25,091 20,065 4,339 28.515 2,287 977 1,308 495 15,915 14,457 1,458 1946—Dec. 31... 163 23,350 753 22,597 581 24,093 20,529 4,562 28,952 2,272 393 822 607 16,139 15,577 562 1947—June 30... 70 21,872 727 21,145 228 22,170 21,266 4,552 28,297 1,314 756 881 629 16,112 15,374 738 Dec. 31... 85 22,559 2,853 19,706 536 23,181 22,754 4,562 28,868 1,336 870 961 563 17,899 16,400 1,499 1948—June 30... 265 21,366 6,206 15,160 268 21,900 23,532 4,565 27,903 1,327 1,928 859 592 17,389 16,647 742 Dec. 31... 223 23.333 10,977 12.356 542 24,097 24,244 4,589 28,224 1,325 1,123 1,189 590 20,479 19,277 1,202 1949—June 30. . . 103 19,343 7,780 11,563 250 19,696 24,466 4,597 27,493 1,307 438 941 713 17,867 16,919 948 1949—Sept 109 18,010 7,538 10,472 297 18,415 24,602 4,593 27,412 ,311 1,176 L.051 713 15,947 15,176 771 Oct 283 17,316 7,536 9,780 261 17,860 24,584 4,592 27,407 ,307 595 L,187 690 15,850 15,261 589 Nov 321 17,682 7,513 10,169 263 18,267 24,479 4,596 27,543 ,317 517 L.238 689 16,038 15,367 671 Dec.. 78 18,885 7,218 11.667 536 19,499 24,427 4,598 27,600 ,312 821 1,517 706 16,568 15.550 1,018 1950—jan# 145 17,827 7,112 10,715 354 18,326 24,395 4,599 26,941 ,311 677 L460 720 16,211 15,513 698 Feb 131 17,746 6,857 10,889 349 18,226 24,345 4,602 27,068 ,310 666 ,426 730 15,973 15,390 583 Mar 225 17,592 6,397 11,195 253 18,070 24,246 4,602 27,042 ,315 1,006 L.132 766 15,657 15,150 507 Apr 113 17,796 6,155 11,641 392 18,301 24,247 4,603 27,048 ,308 858 :1,347 712 15,878 15.202 676 May 306 17,389 5,802 11,587 239 17,935 24,231 4,606 27,090 1,309 588 L.254 718 15,814 15,288 526 June 43 18,331 5,618 12,713 329 18,703 24,231 4,607 27,156 1,298 950 ,431 771 15,934 15,498 436 July 220 17,969 4,888 13,081 277 18,466 24,136 4,609 27,010 ,304 566 1,443 759 16,129 15,534 595 Aug 83 18,356 6,768 11,588 381 18,820 23,627 4,613 27,120 L,304 733 1,190 724 15,989 15,770 219 Sept 7219,572 3,793 15,779 695 20,340 23,483 4,618 27,161 L.322 1,114 1 .374 760 16,709 15,821 888 Oct 116 19,252 4,180 15,072 431 19,798 • 622P27 ,225 pL ,298 569 1,315 749 16,514 ,901 P613 Averages of dally figures: 1949—Aug.. 190 18,147 7,777 10,370 245 18,583 24,588 4,592 27,397 L ,312 521 970 690 16,873 15,918 955 Sept . 164 17,441 7,649 9,792 352 17,957 24,637 4,592 27,451 L.310 649 990 703 16,083 15,161 922 Oct 136 17,643 7,538 10,105 361 18,139 24,596 4,592 27,456 L,305 555 1,171 727 16,113 15,251 862 1950—Aue 172 18,328 5,171 13,157 377 18,876 23,927 4,609 27,009 :1,307 668 1,404 752 16,273 15,626 647 Sept. 96 18,946 5,546 13,400 568 19,610 23,560 4,613 27,154 ,303 749 1,235 740 16 602 15^837 765 Oct 6719,365 3,968 15,397 613 20,044 23,366 4,618 27,233 1,305 590 1,367 803 16,731 For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Nov. 1, 1933- Feb. 1, 1935- Effective Net demand deposits 1 Jan. 31, 1935 Dec. 31, 1935 Jan. 1,1936 Time Effective date deposits P S O a o t v h s i t e n a r l g d s S e a d p v e o i p s n o i g t s s s i ts d p e a p y o a s b i l t e s : 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 In 6 months or more In 90 days to 6 months. . . In less than 90 days 1917—June 21 13 10 1936—Aug. 16 19^ 15 NOTE.-—Maximum rates that may be paid by member banks as 1937—Mar. 1 22 % established by the Board of Governors under provisions of Regula- May 1 26 20 14 t m io a n y Q n . o t U in n d a e n r y th e i v s e n R t eg e u xc la e t e i d o n th t e h e m r a a x te i m p u a m ya b r l a e t e b y p a a y a m b e le m b by er S b t a a n te k 1938—Apr. 16 22 H 17X 12 banks or trust companies on like deposits under the laws of the State 1941—Nov. 1 26 20 14 in which the member bank is located. Maximum rates that may be 1942—Aug. 20 24 paid by insured _ nonmember banks as established by the F.D.I.C, Sept. 14 22 effective Feb. 1, 1936, are the same as those in effect for member banks. Oct. 3. 20 1948—Feb. 27 22 MARGIN REQUIREMENTS ' J S u e n p e t. 1 1 1 6 24 16 [Per cent of market value) Sept. 24 26 22 1949—May 1 15 Jan. 21, Feb. 1, Effec- May 5 24 21 Prescribed in accordance with 1946- 1947- tive June 30 20 Securities Exchange Act of 1934 Jan. 31, Mar. 29, Mar. 30, July 1 14 1947 1949 1949 Aug. 1 13 Aug. 11 35 Re F g o u a r l n a d t e i x o d t n e e n a T s le i : o rs n s o n o f l is c te re d d s it e c b u y r iti b e r s okers 1 1 0 0 0 0 7 7 5 5 5 5 0 0 A A A Se u u u p g g g t . . . . 2 1 1 5 6 8 1 2 2 2 3 2 2> 1 1 1 . 9 8 83* 12 25 Regulation U: In effect Nov. 1, 1950 22 18 12 For loans by banks on stocks 100 75 50 1 Demand deposits subject to reserve requirements, which beginning 1 Regulations T and U limit the amount of credit that may be ex- Aug. 23, 1935, have been total demand deposits minus cash items tended on a security by prescribing a maximum loan value, which is a in process of collection and demand balances due from domestic banks specified percentage of its market value at the time of the extension; the (also minus war loan and series E bond accounts during the period "margin requirements" shown in this table are the difference between Apr. 13, 1943-June 30, 1947). the market value (100%) and the maximum loan value. 2 Requirement became effective at country banks. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, * Requirement became effective at central reserve and reserve city and BULLETIN for March 1946, p. 295. banks. 1482 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Advances secured by Government banks secured by direct obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Oct. 31 beginning-— rate Oct. 31 beginning— rate Oct. 31 beginning— rate Boston....... Aug. 21,1950 Aug. 21,1950 Jan.14, 1948 2 New York.. .. Aug. 21,1950 Aug. 21,1950 2 Oct.30, 1942 Philadelphia.. Aug. 25,1950 Aug. 25,1950 Aug.23, 1948 Cleveland Aug. 25,1950 Aug. 25,1950 Aug.25, 1950 Richmond Aug. 25,1950 Aug. 25,1950 2 Oct.28, 1942 ti 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 3 Minneapolis. . Aug. 22,1950 Aug. 22,1950 Aug.23, 1948 Kansas City.. , Aug. 25,1950 Aug. 25,1950 Jan. 19, 1948 2 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 lO(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 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS ACCEPTANCES [Per cent per annum] AND COMMITMENTS UNDER SECTION 13B OF THE FEDERAL RESERVE ACT Rate on In effect be- Previous Maturity Oct. 31 ginning— rate Maturities not exceeding five years 1- 90 days. 1M Aug. 21, 1950 1H [In effect October 31. Per cent per annum] 91-120 days Aug. 21, 1950 121-180 days Aug. 21, 1950 To industrial or commercial To financing institutions NOTE.—Minimum buying rates at the Federal Reserve Bank of businesses New York on prime bankers' acceptances payable in dollars. The same rates generally apply to any purchases made by the other Fed- On discounts or eral Reserve Banks. Federal purchases F 44 E B 3 E - a S 4 c 4 k 5 A . fi N g D ur es R .— AT S E ee S B E a S nk T in A g B L a I n S d H M E o D n e U ta N ry D S E t R at is R tic E s G , U T L ab A le T I 1 O 1 N 7, p V p. R B es a e n r k ve lo O an n s* co m m O en m 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 en m n t i s t- ON LOANS GUARANTEED PURSUANT TO DEFENSE tion is portion PRODUCTION ACT OF 1950 AND EXECUTIVE obligated ORDER NO. 10161 [In effect October 31] Boston Fees Payable to Guaranteeing Agency by Financing Institution on New York... . Guaranteed Portion of Loan Philadelphia.. Cleveland Richmond.. . . Guarantee fee Percentage of Atlanta...... Percentage of (percentage of any commitment Chicago loan guaranteed interest payable fee charged St. Louis. by borrower) borrower Minneapolis. . Kansas City. . Dallas 70 or less 10 10 San Francisco. 75. . 15 15 80 20 20 1 Including loans made in participation with financing institutions. 85. 25 25 2 Rate charged borrower less commitment rate. 90 30 30 3 Rate charged borrower. 95. 35 35 * Rate charged borrower but not to exceed 1 per cent above the dis- Over 95 .... . . 40-50 40-50 count rate. 5 Charge of % per cent is made on undisbursed portion of loan. Maximum Rates Financing Institutions May Charge Borrowers Back figures.—See Banking and Monetary Statistics, Table 118, [Per cent per annum] pp. 446-447. Interest rate Commitment rate. , . NOVEMBER 1950 1483 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 Oct. 25 Oct. 18 Oct. 11 Oct. 4 Sept. 27 Sept. 20 Sept. 13 Oct. Sept. Oct. Assets Gold certificates 21,553,43121,553,431 21,687,42921,739,42821,710,430 1,762,431 21,808,431 21,510,430 21,710,429 22,772,430 Redemption fund for F. R. notes 533,167 525,413 524,138 525,530 524,625 524,771 526,190 534,417 524,625 547,888 Total gold certificate reserves 22,086,598 22,078,84422,211,56722,264,958 22,235,05522,287,202 22,334,621 22,044,84722,235,054 23,320,318 Other cash 238,650 216,886 198,074 213,983 235,548 241,445 239,896 236,259 228,676 270,594 Discounts and advances: For member banks.. . 50,242 38,378 67,425 44,282 120,491 51,274 71,154 115,884 71,704 196,839 For nonmember banks, etc 86,000 Total discounts and advances 50,242 38,378 67,425 44,282 120,491 51,274 71,154 115,884 71,704 282,839 Industrial loans 2,166 2,247 2,235 2,227 2,173 2,181 2,175 2,228 2,214 960 U. S. Govt. securities: Bills 815,609 1,188,309 1,347,309 1,356,354 1,379,254 1,017,296 1,581,416 762,664 1,512,854 3,710,196 Certificates: Special. ......... Other. 69,950 72,950 72,950 70,250 4,953,470 4,481,474 5,185,468 69,950 4,974,970 5,771,900 Notes 14,285,518 14,266,118 14,164,018 14,123,818 9,246,998 9,296,212 4,063,628 14,239,218 9,290,998 298,100 Bonds 4,057,975 3,978,475 3,922,475 3,824,475 3,773,375 3,731,075 8,233,863 4,179,675 3,793,375 7,536,200 Total U. S. Govt. securities 19,229,052 19,505,852 19,506,752 19,374,897 19,353,097 18,526,057 19,064,375 19,251,507 19,572,197 17,316,396 Other Reserve Bank credit outstanding. . . 471,396 879,361 467,532 550,127 598,858 589,433 527,341 428,633 693,486 260,216 Total Reserve Bank credit outstanding 19,752,85620,425,838 20,043,94419,971,533 20,074,619 19,168,945 19,665,045 19,798,25220,339,601 17,860,411 Liabilities Federal Reserve notes. . 22,990,540 23,069,94323,142,099 23,011,69222,901,759 22,924,014 22,983,018 23,074,71222,996,650 23,246,586 Deposits: Member bank — reserve account. 16,648,683 17,245,373 16,789,228 16,625,82416,699,093 16,298,511 16,865,152 16,514,04416,709,298 15,850,238 U. S. Treasurer—general account 420,333 448,537 507,792 848,429 1,144,277 654,178 647,615 568,858 1,114,433 595,151 Foreign 1,071,745 1,015,762 1,045,193 987,259 909,767 892,049 872,264 1,007,934 897,824 643,838 Other 295,344 276,366 287,269 301,104 279,972 312,268 309,315 306,896 475,801 543,221 Total deposits 18,436,105 18,986,038 18,629,482 18,762,616 19,033,109 18,157,006 18,694,346 18,397,732 19,197,356 17,632,448 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 53.3 52.5 53.2 53.3 53.0 54.3 53.6 53.2 52.7 57.0 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 th ar s 1 2 y y e e a a r r t s o 2 5 y y ea e r a s r s to 5 O y v e e a r rs Discounts and advances: Sept. 27 120,491 109,367 8,966 1,348 810 Oct. 4 44,282 34,472 8,173 1,157 480 Oct. 11. .. 67,425 64,392 1,44' 1,110 476 Oct. 18 38,378 36,181 902 870 425 Oct. 25 50,242 46,905 2,207 755 375 Industrial loans: Sept. 27... 2,173 77 9 186 24 381 467 289 740 Oct. 4 2,227 25 66 119 183 252 566 287 729 Oct. 11 2,235 31 165 26 278 215 519 291 710 Oct. 18 2,247 41 150 19 297 225 517 291 707 Oct. 25 2,166 73 9 16 255 1901 518 403 702 U. S. Government securities: Sept. 27 19,353,097 5,134,031 347,758 418,525 378,660 53,750 3,797,,278 5,190,970 1,409,2252,622,900 Oct. 4 19,374,897 444,865 179,510 364,160 438,069 3,833,27810,031,7901,409,2252,674,000 Oct. 11 19,506,752 417,258 192,892 .367,308 442,801 3,892,27810,012,9901,409,2252,772,000 Oct. 18 19,505,852 313,510 175,652 307,483 464,614 ....... 9,181,748 4,825,6201,409,2252,828,000 Oct. 25 19,229,052 199,537 134,633 235,560 315,829 . 9,207,5484,819,220 1,409,2252,907,500 1484 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates: 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 Oct. 4 21,739,428 811,789 6,711,9571,220,1611,605,7961,042,923 960,5564,302,184 600,045 420,212 825,021 583,3692,655,415 Oct. 11 21,687,429 831,400 6,662,6581,207,2321,567,3651,058,004 965,5854,275,946 607,019 429,198 816,406 597,9012,668,715 Oct. 18 21,553,431 843,433 6,922,4351,177,5181,531,326 992,090 896,7684,216,114 593,135 405,854 788,536 590,9312,595,291 Oct. 25 21,553,431 824,323 6,737,6881,209,4891,549,6561,026,704 926,1134,304,751 626,740 399,738 803,869 558,7122,585,648 Redemption fund for F. R. notes: Sept. 27 .... 524,625 51,317 30,949 46,042 61,037 50,736 35,769 87477 41,266 21,686 33,445 25,903 39,298 Oct. 4 525,530 51,314 30,933 47,037 61,030 50,726 35,760 87,165 41,261 21,683 33,440 25,895 39,286 Oct. 11 524,138 51,162 30,332 46,706 60,801 51,456 35,586 86,877 41,189 21,656 33,380 25,840 39,153 Oct. 18,. . . 525,413 53,013 29,773 46,436 60,609 52,460 35,462 86,684 41,135 21,637 33,341 25,801 39,062 Oct. 25 533,167 52,883 34,309 46,211 65,441 51,511 35,339 86,682 41,085 21,617 33,305 25,801 38,983 Total gold certificate reserves: 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 Oct. 4 22,264,958 863,103 6,742,8901,267,1981,666,8261,093,649 996,3164,389,349 641,306 441,895 858,461 609,2642,694,701 Oct. 11 22,211,567 882,562 6,692,9901,253,9381,628,1661,109,4601,001,1714,362,823 648,208 450,854 849,786 623,7412,707,868 Oct. 18 22,078,844 896,446 6,952,2081,223,9541,591,9351,044,550 932,2304.302,798 634,270 427,491 821,877 616,7322,634,353 Oct. 25 22,086,598 877,206 6,771,9971,255,7001,615,0971,078,215 961,4524,391,433 667,825 421,355 837,174 584,5132,624,631 Other cash: 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 Oct. 4 213,983 24,030 44,302 12,515 14,872 13,558 15,911 30,731 8,867 6,447 9,532 10,391 22,827 Oct. 11 198,074 22,594 44,849 9,363 14,602 13,113 13,187 27,060 10,075 5,833 8,754 8,301 20,343 Oct. 18 216,886 24,361 49,576 11,914 12,820 13,881 16 587 29,088 10,096 6,605 8,857 9,683 23,418 Oct. 25...... 238,650 25,430 57,705 14,124 17,335 14,723 16,002 31,092 10,320 6,107 11,154 9,296 25,362 X.-'lot-OU.Iltb Oc all vances: Secured by U. S. Govt. securities: 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 Oct. 4. . 43,695 2,750 16,000 1,315 1,975 2,030 4 465 1,400 6,430 1,455 3,675 500 1,700 Oct. 11. 66 865 4,700 23,940 2 775 3,350 1,430 3,315 7,600 6 350 3 180 10 025 200 Oct. 18.. 37^965 300 8^000 2'485 2425 l'93O 950 700 3',050 4,'975 10i550 1,200 1,700 Oct. 25.. 49,892 2,300 6,025 2,185 6,875 3,780 5,100 4,000 5,025 6,922 6,880 100 700 Other: Sept. 27. . 594 350 25 204 15 Oct. 4. . 587 350 25 197 15 Oct. 11.. 560 350 25 170 15 Oct. 18.. 413 350 50 13 Oct. 25. . 350 350 Industrial loans: Sept 27 2 173 28 1,820 119 200 Oct. 4 2,227 27 1,873 124 5 197 Oct 11 2,235 27 1,882 122 7 196 Oct. 18.. 2^247 27 1^906 107 7 199 Oct. 25 2,166 27 1,832 106 7 193 U. S. Govt. securities: Bills: 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 Oct. 4.... 1,356,354 93,507 316,155 90,199 125,728 87,629 72,652 205,688 74,818 41,964 62,939 61,572 123,503 Oct. 11.... 1,347,309 92,884 314,047 89,598 124,890 87,044 72,167 204,317 74,319 41,684 62,519 61,161 122,679 Oct. 18.... 1,188,309 81,922 276,985 79,024 110,152 76,772 63,651 180,205 65,548 36,765 55,141 53,943 108,201 Oct. 25.... 815,609 56,228 190,112 54,239 75,604 52,693 43,687 123,685 44,990 25,234 37,847 37,025 74,265 Certificates: 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 Oct. 4.... 70,250 4,842 16,375 4,671 6,512 4,538 3,763 10,654 3,875 2,174 3,260 3,189 6,397 Oct. 11.... 72,950 5,029 17,004 4,852 6,762 4,714 3,907 11,063 4,023 2,256 3,385 3,312 6,643 Oct. 18..'.. 72,950 5,029 17,004 4,852 6,762 4,714 3,907 11,063 4,023 2,256 3,385 3,312 6,643 Oct. 25 69,950 4,822 16,305 4,652 6,484 4,519 3,747 10,607 3,858 2,164 3,246 3,176 6,370 Notes: Sept. 27 9,246,998 637,488 2,155,401 614,935 857,160 597,412 495,306 1,402,289 510 074 286 093 429,088 419,767 841,985 Oct. 4.... 14,123,818 973,696 3,292,149 939,248 1,309,221 912,483 756^528244l!849 779,084 436,977 655,388 641,151 1,286,044 Oct. 11.... 14,164,018 976,467 3,301,519 941,921 1,312,948 915,081 758,6812,147,945 781,301 438,221 657,253 642,976 1,289,705 Oct. 18.... 14,266,118 983,506 3,325,318 948,711 1,322,412 921,677 764,1502,163,428 786,933 441,380 661,991 647,611 1,299,001 Oct. 25 14,285,518 984,844 3,329,840 950,001 1,324,210 922,930 765,1902,166,370 788,003 441,980 662,891 648,4911,300,768 JDO S H e Q p S t . * 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 Oct. 4.... 3,824,475 263,660 891,455 254,332 354,515 247,085 204,854 579,973 210,962 118,325 177,466 173,611 348,237 Oct. 11.... 3,922,475 270,415 914,298 260,848 363,598 253,414 210,105 594,835 216,369 121,358 182,015 178,060 357,160 Oct. 18.... 3,978,475 274,276 927,351 264,572 368,789 257,032 213,104 603,327 219,458 123,091 184,613 180,602 362,260 Oct. 25.... 4,057,975 279,757 945,881 269,859 376,158 262,170 217,361 615,385 223,843 125,550 -188,302 184,211 369,498 Total U. S. Govt. securities: Sept. 27 19,353,097 1,333,375 4,520,255 1,286,2021,792,8421,249,5511,035,9872,933,0391,066,874 598,394 897,485 877,989 1,761,104 Oct. 4 19,374,897 1,335,705 4,516,134 1,288,4501,795,9761,251,7351,037,7972,938,1641,068,739 599,440 899,053 879,5231,764,181 Oct. 11 19,506,752 1,344,795 4,546,868 1,297,2191,808,1981,260,2531,044,8602,958,1601,076,012 603,519 905,172 885,5091,776,187 Oct. 18 19,505,852 1,344,733 4,546,658 1,297,1591,808,1151,260,1951,044,8122,958,0231,075,962 603,492 905,130 885.4681,776,105 Oct. 25 19,229,052 1,325,651 4,482,138 1,278,7511,782,4561,242,3121,029,9852,916,0471,060,694 594,928 892,286 872,9031,750,901 NOVEMBER 1950 1485 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F ci r s a c n o - Assets (cont.) Total loans and securities: Sept. 27. ..... 19,475,761 1,336,975 4,546,203 1,289,2721,810,1131,253,3251,045,1772,944,2141,079,510 613,649 917,415 878,6041,761,304 Oct. 4 19,421,406 1,338,455 4,532,161 1,291,6381,797,9521,253,8891,042,6172,939,589 1,075,366 601,092 902,728 880,0381,765,881 Oct. 11 19,576,412 1,349,495 4,570,835 1,301,8761,811,5491,261,8051,048,5322,965,785 1,082,532 606,895 915,197 885,7241,776,187 Oct. 18 19,546,477 1,345,033 4,554,685 1,301,5501,810,2411,262,2321,046.1192,958,7231,079,062 608,666 915,680 886,6811,777,805 Oct. 25 19,281,460 1,327,951 4,488,190 1,282,7681,789,3321,246,1981,035,4422,920,047 1,065,719 602,043 899,166 873,0031,751,601 Due from foreign banks- Sept. 27 24 2 17 2 2 1 1 3 1 1 1 1 2 Oct. 4 24 2 17 2 2 1 1 3 1 1 1 1 2 Oct. 11 24 2 1 7 2 2 1 1 3 1 1 1 1 2 Oct. 18 24 2 17 2 2 1 1 3 1 1 1 1 2 Oct. 25...... 24 2 17 2 2 1 1 3 1 1 1 1 2 Federal Reserve notes of other Banks: 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 Oct. 4 136,406 6,029 24,728 5,578 6,366 26,088 8,186 17,666 6,565 7,313 7,440 5,783 14,664 Oct. 11 127,334 5,447 20,695 3,760 6,520 26,298 10,027 14,080 7,888 5,156 7,337 5,547 14,579 Oct. 18 141,262 5,829 24,995 6,392 6,927 24,629 10,100 17,323 8,356 5,598 6,921 6,530 17,662 Oct. 25 153,461 7,749 28,281 6,904 7;5O3 29,554 10,279 18,837 8,121 7,100 7,505 5,813 15,815 u nconec tea items:. 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 Oct. 4...... 3,110,408 256,966 592 116 213,877 287,808 275,897 191,862 508,904 134,334 97,142 168,711 121,973 260,818 Oct. 11 3,023,518 232,045 545^050 195,399 266,807 270,078 205,882 508,214 144,990 95,943 167,317 131,520 260,273 Oct. 18 4,021,933 334,482 725,163 267,025 376,505 351,472 261,677 674,049 173,025 119,185 196,694 182,788 359,868 Oct. 25 3,192,277 247,605 573,009 198,349 315,993 280,463 197,610 513,305 148,101 99,803 182,069 158,709 277,261 Bank premises: 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 Oct. 4 36,144 1,087 7,707 2,937 4,820 2,598 1,502 4,055 2,011 1,122 2,257 687 5,361 Oct. 11. 36,494 1,087 7,707 2,937 4,820 2,802 1,502 4,056 2,011 1,122 2,257 687 5,506 Oct. 18 36,585 1,087 7,707 2,937 4,816 2,809 1,502 4,123 2,011 1,122 2,257 687 5,527 Oct. 25...... 36,884 1,087 7,712 2,931 4,816 2,799 1,726 4,123 2,011 1,122 2,257 687 5,613 V-/l S .Il e C p r t. d b 2 o 7 "Lo. 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 Oct. 4 70,239 4,643 15,866 4,255 6,591 4,569 3,732 10,491 5,121 2,034 3,832 3,075 6,030 Oct. 11 77,876 5,397 17,745 4,730 7,018 4,899 4,126 11,685 5,556 2,272 4,254 3,358 6,836 Oct. 18 84,257 5,602 19,110 5,125 7,809 5,234 4,509 12,653 5,922 2,511 4,524 3,857 7,401 Oct. 25 90,782 6,164 20,168 5,658 8,387 5,703 4,646 13,940 6,331 2,716 4,864 4,096 8,109 x OZB.1 assets. 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 Oct. 4 45,253,568 2,494,31511,959,7772,798,0003,785,2372,670,2492,260,1277,900,7881,873,5711,157,0461,952,9621,631,2124,770,284 Oct. 11 45,251,299 2,498,62911,899,8782,772,0053,739,4842,688,4562,284,4287,893,7061,901,2611,168,0761,954,9031,658,8794,791,594 Oct. 18 46,126,268 2,612,842 12,333,4512,818,8993,811,0552,704,8082,272,7257,998,7601,912,7431,171,1791,956,8111,706,9594,826,036 Oct. 25 45,080,136 2,493,194 11,947,0692,766,4363,758,4652,657,6562,227,1587,892,7801,908,4291,140,2471,944,1901,636,1184,708,394 Liabilities Federal Reserve notes: Sept. 27 22,901,759 1,381,422 5,146,7231,606,9212,054,0191,562,6901,238,1984,462,0501,034,589 593,632 898,999 609,1252,313,391 Oct. 4...... 23,011,692 1,383,408 5,159,3681,609,5642,051,9431,584,3121,256,5684,468,1561,045,504 598,967 905,574 620,4802,327,848 Oct. 11 23,142,099 1,392,281 5,197,6271,619,6292,065,5101,600,6061,261,1544,481,9811,050,253 598,896 904,410 622,0482,347,704 Oct. 18 23,069,943 1,389,546 5,160,8611,613,9422,059,567 1,601,0631,258,2284,476,614 1,053,204 599,137 903,305 621,8122,332,664 Oct. 25 22,990,540 1,384,109 5,132,6461,614,4992,056,672 1,595,3531,250,8074,464,797 1,054,055 598,322 901,037 619,1712,319,072 Deposits: Member bank —reserve account: 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 Oct. 4. . 16,625,824 717,734 5,391,718 801,6661,234,524 701,405 664,3102,608,711 589,738 382,221 788,983 785,7301,959,084 Oct. 11.. 16,789,228 729,950 5,354,218 795,6721,238,162 702,349 706,2522,669,271 603,384 404,295 792,323 808,9281,984,424 Oct. 18.. 17,245,373 784,443 5,781,557 812,4791,272,191 693,644 671,7712,639,564 598,547 390,804 777,449 830,9371,991,987 Oct. 25. . 16,648,683 719,412 5,449,519 791,2731,233,758 677,064 676,1902,651,566 604,610 375,322 781,015 775,6581,913,296 U. S. Treas-' urer—general account: 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 Oct. 4.. 848,429 49,152 141,288 61,936 89,453 53,715 86,494 141,830 40,886 45,435 37,616 36,466 64,158 Oct. 11.. 507,792 41,361 82,885 40,930 38,553 37,564 48,685 51,284 37,736 30,766 39,746 31,339 26,943 Oct. 18.. 448,537 35,138 49,302 37,085 39,139 23,144 35,920 82,545 29,092 32,511 33,298 24,319 27,044 Oct. 25. . 420,333 33,268 47,969 36,040 38,568 27,016 35,091 53,202 40,073 30,285 27,471 24,420 26,930 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 Oct. 4.. 987,259 60,997 2323,053 77,456 88,106 48,410 40,665 133,612 34,855 24,205 35,823 33,887 86,190 Oct. 11.. 1,045,193 65,495 2332,017 83,168 94,603 51,980 43,663 143,465 37,426 25,990 38,465 36,386 92,535 Oct. 18. . 1,015,762 63,706 2322,069 80,896 92,019 50,560 42,470 139,546 36,403 25,280 37,414 35,392 90,007 Oct. 25. . 1,071,745 67,171 2340,322 85,296 97,024 53,310 44,780 147,136 38,383 26,655 39,449 37,317 94,902 Other: 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 Oct. 4. . 301,104 4,080 231,986 1,877 5,523 5,433 775 2,599 7,533 2,050 2,806 1,530 34,912 Oct. 11.. 287,269 4,430 220,349 1,158 4,779 4,807 590 1,886 7,943 1,401 2,212 667 37,047 Oct. 18.. 276,366 3,016 217,258 1,070 4,392 3,021 518 2,675 5,307 1,026 305 574 37,204 Oct. 25.. 295,344 4,086 230,001 2,205 5,632 3,296 926 3,562 5,229 1,495 215 1,516 37,181 1 After deducting $17,000 participations of other Federal Reserve Banks on Sept. 27; Oct. 4; Oct. 11; Oct. 18; and Oct. 25. 2 After deducting $615,136,000 participations of other Federal Reserve Banks on Sept. 27; $664,185,000 on Oct. 4; $713,166,000 on Oct. 11; $693,- 684,000 on Oct. 18; and $731,413,000 on Oct. 25. 1486 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Liabilities (cont.) Total deposits: 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 Oct. 4.... 18,762,616 831,963 6,088,045 942,9351,417,606 808,963 792,2442,886,752 673,012 453,911 865,228 857,6132,144,344 Oct. 11.... 18,629,482 841,236 5,989,469 920,9281,376,097 796,700 799,1902,865,906 686,489 462,452 872,746 877,3202,140,949 Oct. 18.... 18,986,038 886,303 6,370,186 931,5301,407,741 770,369 750,6792,864,330 669,349 449,621 848,466 891,2222,146,242 Oct. 25.... 18,436,105 823,937 6,067,811 914,8141,374,982 760,686 756,9872,855,466 688,295 433,757 848,150 838,9112,072,309 bility items: 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 Oct. 4.... 2,560,305 220,239 443,055 174,225 231,073 228,209 170,291 418,428 118,177 79,062 146,104 117,776 213,666 Oct. 11.... 2,556,010 206,080 442,110 159,822 213,155 242,069 182,856 417,800 127,321 81,446 141,428 123,961 217,962 Oct. 18.... 3,142,596 277,367 531,062 201,590 258,521 284,124 222,385 529,023 152,857 97,104 168,527 158,137 261,899 Oct. 25.... 2,720,905 225,670 473,060 165,026 241,154 252,101 177,710 443,280 128,492 82,720 158,272 142,047 231,373 including accrued dividends: Sept. 27.... 10,396 615 3,582 475 1,038 421 410 1,328 392 532 287 466 850 Oct. 4.... 8,344 569 2,373 431 1,078 370 333 1,356 289 307 296 278 664 Oct. 11.... 9,271 680 2,915 501 846 464 347 1,347 346 356 286 316 867 Oct. 18.... 9,631 970 2,725 459 1,007 462 340 1,540 321 278 311 388 830 Oct. 25.... 10,843 640 4,115 469 1,103 492 356 1,386 330 302 298 418 934 Total liabilities: 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 Oct. 4.... 44,342,957 2,436,17911,692,8412,727,1553,701,7002,621,8542,219,4367,774,6921,836,9821,132,2471,917,2021,596,1474,686,522 Oct. 11.... 44,336,862 2,440,27711,632,1212,700,8803,655,6082,639,8392,243,5477,767,0341,864,4091,143,1501,918,8701,623,6454,707,482 Oct. 18.... 45,208,208 2,554,18612,064,8342,747,5213,726,8362,656,0182,231,6327,871,5071,875,7311,146,1401,920,6091,671,5594,741,635 Oct. 25 44,158,393 2,434,35611,677,6322,694,8083,673,9112,608,632 7,764,9291,871,1721 115 1011,907,757i 600 5474,623,688 Capital Accts. Capital paid in: 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 Oct. 4.... 220,790 12,185 72,988 15,544 20,402 9,722 8,780 28,218 7,252 4,949 7,937 9,470 23,343 Oct. 11.... 220,884 12,194 72,993 15,577 20,402 9,722 8,780 28,236 7,267 4,957 7,940 9,473 23,343 Oct. 18.... 221,032 12,198 73,016 15,577 20,410 9,726 8,787 28,247 7,269 4,953 8,032 9,474 23,343 Oct. 25.... 221,132 12,198 73,019 15,577 20,414 9,729 8,794 28,282 7,287 4,955 8,042 9,480 23,355 (section 7): 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 Oct. 4.... 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 Oct. 11.... 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 Oct. 18.... 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 Oct. 25.... 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,552 (section 13b): 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 Oct. 4.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Oct. 11.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Oct. 18... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Oct. 25.... 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.: 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 Oct. 4.... 174,105 12,162 38,480 12,607 16,172 11,545 9,955 24,420 9,698 6,283 8,641 8,415 15,727 Oct. 11.... 177,837 12,369 39,296 12,854 16,511 11,767 10,145 24,978 9,946 6,402 8,911 8,581 16,077 Oct. 18.... 181,312 12,669 40,133 13,107 16,846 11,936 10,350 25,548 10,104 6,519 8,988 8,746 16,366 Oct. 25.... 184,895 12,851 40,950 13,357 17,177 12,167 10,548 26,111 10,331 6,624 9,209 8,911 16,659 Total liabilities and cap. accts. • 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 Oct. 4. . . .45,253,568 2,494,31511,959,7772,798,0003,785,2372,670,2492,260,1277,900,7881,873,5711,157,0461,952,9621,631,2124,770,284 Oct. 11 45,251,299 2,498,62911,899,8782,772,0053,739,4842,688,4562,284,4287,893,7061,901,2611,168,0761,954,9031,658,8794,791,594 Oct. 18.... 46,126,268 2,612,84212,333,4512,818,8993,811,0552,704,8082,272,7257,998,7601,912,7431,171,1791,956,8111,706,9594,826,036 Oct. 25.... 45,080,136 2,493,19411,947,0692,766,4363,758,4652,657,6562,227,1587,892,7801,908,4291,140,2471,944,1901,636,1184,708,394 Contingent liability on acceptances purchased for foreign correspondents: Sept. 27 23,448 1,484 17,287 1,885 2,144 1,178 989 3,251 848 589 872 824 2,097 Oct. 4.... 22,583 1,423 17,091 1,805 2,055 1,129 949 3,117 813 565 836 790 2,010 Oct. 11.... 24,369 1,535 17,652 1,950 2,218 1,218 1,023 3,363 877 609 902 853 2,169 Oct. 18.... 23,085 1,454 17,249 1,847 2,101 1,154 970 3,186 831 577 854 808 2,054 Oct. 25.... 23,172 1,464 17,228 1,859 2,115 1,162 976 3,207 837 581 860 814 2,069 Commitments to make industrial loans: Sept. 27. .. . 2,558 1,135 485 54 268 500 116 Oct. 4 1,540 127 484 54 259 500 116 Oct. 11.. 1,504 116 475 54 246 500 113 Oct. 18. .. . 1,470 83 474 54 246 500 113 Oct. 25 3,090 254 473 54 246 500 1,563 1 After deducting $16,161,000 participations of other Federal Reserve Banks on Sept. 27; $15,492,000 on Oct. 4; $16,717,000 on Oct. 11; $15,836,000 on Oct. 18; and $15,944,000 on Oct. 25. NOVEMBER 1950 1487 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] San Total Boston 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 in o n li e s - K C an it s y as Dallas F c r is a c n o - F. R. notes outstanding (issued to Bank): Sept. 27 23,698,359 1,448,4825,293,341 1,650,3042,122,2221,602,693 1,306,514 4,553,4521,084,073 605,017 930,201648,688 2,453,372 Oct. 4 23,728,162 1,448,208 5,299',,1521,659,2522,120,5171,616,448 1,313,070 4,546,2551,092,506 606,947 993300,,886666 645,513 2,449,428 Oct. 11 23,839,862 1,447,5535,332,6801,662,296 2,130,6451,637,8601,322,544 1,098,284 610,141 993322,,776699 652,978 2,449,820 Oct. 18 23,844,861 1,450,6715,330,629 1,657,4112,127,901 1,643,463 1,329,491 1,094,555 609,024 931,414 651,888 2,456,880 Oct. 25 23,837,142 1,449,7885,317,099 1,664,456 2,126,8101,637,855 1,326,714 4,555,4561,102,189 609,913 930,650 651,0612,465,151 Collateral held against notes outstanding: Gold certificates: 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 Oct. 4 14,004,000 440,0004,770,000 750,000 925.000 670,000 625,000 2,880,000 350,000 210,000 280,000 204,0001,900,000 Oct. 11 14,029,000 440,000 4,770,000 750,000 925,000 670,000 650,0002,880,000 350,000 210,000 280,000 204,0001,900,000 Oct. 18 14,029,000 440,000 4.770,000 750,000 925,000 670,000 650,000 22,,888800,,000000 350,000 210,000 280,000 204,0001,900,000 Oct. 25 13,929,000 440,000 4770,000 750,000 825,000 670,000 650,000 2,880,000 350,000 210,000 280,000 204,000 1,900,000 Eligible paper: Sept. 27 72,096 3,600 15,870 1,250 3,655 12,536 15,055 19,930 200 Oct. 4 35,002 2,750 15,650 1,315 1,930 6,527 1,455 3,675 1,700 Oct. 11 48,370 4,700 19,940 2,775 1,330 6,420 3,180 10,025 Oct. 18 32,890 300 8,000 2,485 1,830 3,050 4,975 10,550 1,700 Oct. 25 32,817 2,300 5,225 2,085 3,680 5,025 6,922 6,880 700 U. S. Govt. sec.: 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 Oct. 4... 10,665,000 1,100,000 700,0001,000,0001,250,000 965,000 700,000 1,700,000 800,000 450,000 700,000 500,000 800,000 Oct. 11 10,700,000 1,100,000 700,0001,000,0001,250,0001,000,000 700,0001,700,000 800,000 450,000 700,000 500,000 800,000 Oct. 18 10,700,000 1,100,000 700,0001,000,0001,250,0001,000,000 700,0001,700,000 800,000 450,000 700,000 500,000 800,000 Oct. 25 10,800,000 1,100,000 700,00p1,000,0001,350,0001,000,000 700,000 1,700,000 800,000 450,000 700,000 500,000 800,000 Total collateral: Sept. 27 24,741,096 543,600 5,485,8701,751,250 2,175,0001,638,6551,325,000 4,580,0001,162,536 675,055 999,930 704,000 2,700,200 Oct. 4 24,704,002 1,542,750 5,485,6501,751,3152,175,0001,636,9301,325,000 4,580,000 1,156,527 661,455 983,675 704,000 2,701,700 Oct. 11 24,777,370 1,544,700 ,489,9401,752,7752,175,000 1,671,3301,350,000 4,580,0001,156,420 663,180 990,025 704,000 2,700,000 Oct. 18 24,761,890 1,540,3005,478,000 1,752,4852,175,0001,671,8301,350,000 4,580,0001,153,050 664,975 990,550 704,000 2,701,700 Oct. 25 24,761,817 1,542,300 5", 4"7\5S,2251,752,0852,175,0001,673,6801,350,000 4,580,0001,155,025 666,922 986,880 704,000 2,700,700 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS MEMBER BANK RESERVES AND BORROWINGS [Amounts in thousands of dollars] [Averages of daily figures. In millions of dollars] W o D r e a l d t a e n s 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 o t p m v - n e - o d t st L a o n o u d a t i n - n s g2 C m o o m e u n t m - ts it- o in P p t f u g a a f t t r i i i i n t o o n i a c n n s n i t s s - c i- - week en M di o n n g t h W , o ed r nesday b m a b A n e e k m l r l s - x C N e c e n i w t t r y a l b r a e n C s k e h s i r - ve 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) pleted1 (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: 1949—September 16,083 4,508 1,122 6,026 4,428 1 1 9 9 3 4 9 0 2 2 , , 7 9 8 0 1 8 2 1 1 8 2 8 , ,2 5 2 1 2 0 1 2 3 , , 6 9 5 5 9 4 13 9 , ,1 6 5 8 2 3 9 5 , ,2 2 2 2 6 0 1 6 0 , , 3 9 8 8 6 1 1950— S A e u p g t u e s m t be . r ... 1 16 6 , , 6 2 0 7 2 3 4 4 , , 3 5 6 0 2 7 1 1, , 1 1 5 3 8 9 6 6 , , 2 3 7 6 5 3 4 4 , , 4 5 9 7 6 3 1941 3,202 279,860 8,294 10,337 14,597 19,600 1942 3,423 408,737 4,248 14,126 10,661 17,305 Sept. 20! 16,904 4,559 1,166 6,444 4,734 1943 3,471 491,342 926 10,532 9,270 17,930 Sept. 27 16,412 4,445 1,130 6,314 4,523 1944 3,489 525,532 1,295 3,894 4,165 2,705 Oct. 4 16,700 4,560 1,169 6,399 4,571 1945 3,511 544,961 320 1,995 1,644 1,086 Oct. 11 16,546 4,397 1,133 6,398 4,618 1946 3 ,542 565,913 4,577 554 8,309 2,670 Oct. 18 16,940 4,562 1,150 6,507 4,721 1947 3,574 586,726 945 1,387 7,434 4,869 Oct. 25 16,974 4,669 1,157 6,519 4,629 1948 3,607 615,653 335 995 1,643 1,990 1949 Excess reserves: A M Tu p a n r y . e 3 3 3 0 0 1 . . . . . . . . . 3 3 3, , , 6 6 6 1 1 1 5 4 3 6 6 62 2 2 1 0 0 , , , 2 5 9 9 9 8 7 5 4 2 2 1 4 0 5 5 5 2 8 6 7 1 1 5 9 4 3 2 2 2 , , , 3 3 2 9 4 7 9 9 8 2 2 2 , , , 7 6 8 3 1 1 7 9 1 1 1 9 9 5 4 0 9 — — S A S e e u p p g t t u e e s m m t b b e e r r 9 6 7 2 4 6 2 7 5 5 4 1 5 2 7 - - 2 8 2 1 1 1 0 8 3 5 4 2 6 5 5 9 3 7 4 4 9 July 30... 3,617 621,601 220 660 2,263 2,563 Sept. 20 940 47 171 723 A O N S D e e u c o c p t g v . . t . . . 3 3 3 3 3 0 0 1 1 1 . . . . . . . . . . . . . . . 3 3 3 3 3 , , , , , 6 6 6 6 6 3 4 2 3 4 7 4 3 0 9 6 6 6 6 62 2 2 2 2 9 2 6 8 5 , , , , 3 2 5 3 3 2 7 2 0 2 7 3 3 1 6 1 1, , 2 5 9 5 5 7 1 1 3 4 7 4 2 9 5 2 1 1 1 , , , , 0 9 0 1 6 7 5 1 7 62 5 4 6 8 2 2 1 1 1 , , , , , 8 0 8 9 2 1 2 5 7 8 8 0 8 2 8 2 2 2 1 1 , , , , , 9 8 9 0 9 6 2 4 4 2 5 6 7 8 3 S O O O O e c c c c p t t t t . . . . t . 2 1 2 1 1 4 7 8 5 ... ... P H, l 0 . 1 0 6 8 7 6 7 5 0 6 5 7 3 1 1 1 - - 9 5 7 4 1 1 4 9 - -1 1 2 2 8 0 6 2 2 2 1 1 1 9 1 6 6 8 1 0 3 8 ^ 5 5 6 61 1 7 3 7 1 8 4 1950 J F a eb n . . 3 2 1 8 . . . . . . 3 3 , , 6 65 5 2 5 6 63 2 0 9 , , 2 7 0 6 9 4 2 5 2 4 3 4 2 2 , , 2 5 2 0 3 5 1 1, , 1 9 9 4 7 1 2 2 , , 6 6 4 2 9 8 Bo R rr es o e w r i v n e g s B a a t n k F s e : deral Mar. 31. . . 3,663 632,049 1,225 2,673 1,272 2,651 1949—September 75 35 6 22 12 Apr. 29. .. 3,667 632,573 1,172 2,665 1,288 2,652 1950—August 159 54 5 65 35 May 31. .. 3,670 633,124 1,306 2,675 L.286 2,641 September..... . .. 96 14 3 58 22 June 30. .. 3,677 638,015 ,4,416 2,779 1,352 2,731 July 31. .. 3,680 639,158 4,362 2,479 1,729 2,753 Sept. 20 51 1 36 14 Aug. 31. .. 3,684 644,464 6,985 2,333 2,481 3,273 Sept. 27 140 37 9 71 23 Sept.30. .. 3,690 646,276 8,030 2,293 2,509 3,224 Oct. 4 64 1 45 18 Oct. 11. ... 90 23 1 50 16 Oct. 18 56 1 34 21 1 Includes applications approved conditionally by the Federal Re- Oct. 25 45 2 32 11 serve Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of con- P Preliminary. dition of Federal Reserve Banks. 1 Weekly figures of excess reserves of all member banks and of NOTE.—The difference between amount of applications approved and country banks are estimates. Weekly figures of borrowings of all memthe sum of the following four columns represents repayments of ad- ber banks and of country banks may include small amounts of Federal vances, and applications for loans and commitments withdrawn or Reserve Bank discounts and advances for nonmember banks, etc.* expired. Back figures.—See Banking and Monetary Statistics, pp. 396-399. 1488 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 r n 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 a R e i r n t e v y k - e s C ba t o r n u y k n s - York cago York cago First half of September 1950 Second half of September 1950 Gross demand deposits: Total 94,991 21,554 5,587 36,201 31,649 95,781 21,945 5,578 36,621 31,637 Interbank 10,882 3,724 1,107 5,178 872 11,018 3,837 1,101 5,208 872 Other 84,109 17,830 4,480 31,023 30,776 84,763 18,108 4,477 31,413 30,765 Net demand deposits 2 83,140 19,723 5,051 31,329 27,037 83,455 19,932 5,001 31,447 27,075 Demand deposits adjusted 3 74,700 75,000 Time deposits 4. 29,462 1,789 1,078 11,648 14,948 29,450 1,806 1,077 11,631 14,937 Demand balances due from domestic banks. 5,469 34 116 1,709 3,611 5,432 40 109 1,749 3,534 Reserves with Federal Reserve Banks: Total 16,576 4,500 1,167 6,359 4,550 16,628 4,515 1,149 6,368 4,597 Required 15,807 4,429 1,165 6,222 3,992 15,867 4,475 1,154 6,242 3 ,996 Excess 769 71 2 138 558 760 39 -5 126 601 Borrowings at Federal Reserve Banks 96 9 1 63 22 96 18 52 21 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 SUSPENSIONSi SMALL CENTERS * [Averages of daily figures. In millions of dollars] Member Nonmember Total, banks banks all In places of 15,000 In places of under banks and over population 15,000 population Na- State In- Nontional sured insured Demand Demand d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s r p i - t ts de T p i o m s e its Num 1 b 9 e 3 r 4 o - f 4 2 banks suspended: 330 20 6 216 88 bank bank 1943 . 4 2 2 1944 1 1 1945 0 1949 1946 0 July 16,149 8,818 11,639 6,070 1947... 1 1 August 16,306 8,816 11,728 6,075 1948 o September 16,651 8,809 11,932 6,072 1949 .. .. . . 4 4 1950—Jan.-Oct 1 1 1950 J A u u ly gust. 1 17 7 , , 9 8 4 3 3 2 8 8 , , 9 8 1 6 0 9 1 12 2 , , 4 3 1 0 9 0 6 6 , , 1 1 2 0 4 5 De ( p in o s t i h ts o u o s f a n su d s s p o en f d d e o d l la b r a s) n k :2 s September 18,231 8,847 12,540 6,095 1934-42 137,362 18,01626,54851,567 41,231 By district, 1943 6,223 4,982 1,241 September 1950 1944 405 405 1945.. 0 Boston 2,210 834 376 230 1946 0 New York 3,360 2,226 1,191 1,163 1947... . 167 167 Philadelphia 1,375 830 1,002 906 1948 0 Cleveland 1,496 909 1,061 803 1949 2,443 2,443 1950—Jan.-Oct.. Richmond 1,184 411 881 480 A S C t h t . l i a c L n a o g t u a o is. . . 2 1 , ,6 5 7 5 6 1 0 2 5 1, 3 6 4 2 4 5 5 8 6 1,7 6 9 7 9 8 3 7 0 9 2 2 6 2 9 8 4 0 i p n o c 1 r l a u R r d i e l e p y r b e o a s r n e n k p s t e s r w m b h a a o n n s e k e n s t d l w y ep h o o ic s n h i t , a c l d i c a u o b r u i i l n n it g t i e o s t f h w e f i e n p r a e e n ri c a o i s a d s l s u m d s i e h f d f o i w c b u n y l , t ie o c s t l ; h o s e d e r o d e b s a t e n n m k o s - t D S M K a a a i n l n n l n s a F a e s r s a a p n C o c i l i t i s y s co 1 1 , , 1 2 6 6 2 9 3 2 1 9 5 2 2 6 1 1 9 3 6 0 6 9 6 7 1 1 , , 6 6 5 7 7 1 6 3 3 0 1 6 4 2 2 8 9 4 1 3 8 0 0 p a m In t e e s 2 n t m u h d D r e e b a e d e t n p i r c m o a e b r s e e i a t C o s n a o f k s r o s c p o f l f o o a s r r m d e i a n a . t e g i t b m o e a s n ( b s i n e e o l d r o f s a o s o b n m u n a s s e n ) p t . k e h in s n e s s t a i l a o a n n t n d e c s s e , t s i a n w d n s a d u it t r h a e d d e t a p h v e o n a s o i a i l n i t a d s m b o l e o e f m f n a F b t o e e n r d t h i e n e b r s a a u t l n i r m D e k d s e e p n s t o o u h s n s e i - t 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. NOVEMBER 1950 1489 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency 2 Large denomination currency 2 End of year or in cir- Unasmonth cula- sorted tion l Total <Doin 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 s 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 s,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 «,>147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 M 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 3S5 2,731 2,545 3,044 724 1,433 261 556 ?4 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 70,683 1 774 1,039 73 7,313 6,782 9,201 7,834 7,327 4,220 454 801 7 74 2 1946 28,952 ?0,437 1,361 1,029 67 ?,173 6,497 9,310 8,518 ?,492 4,771 438 783 8 ?6 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 1464 1,049 64 7,047 6,060 8,846 8,698 7,494 5,074 400 707 5 17 3 1949—june 27,493 18,982 1 45Q 1,008 61 1 971 5,931 8,551 8,513 7,426 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—Tannarv 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 5,8i7 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 May 27,090 18,730 1,490 1,033 60 1,963 5,851 8,333 8,361 7,380 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 ?,374 4,950 372 617 4 9 2 September.. . 27,161 18,834 1,515 1,054 61 1,964 5,885 8,357 8,331 2,369 4,964 370 613 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 l Money Total out- held by standing, As security For Federal Se 1 p 9 t. 5 0 30, g a o s g l i d a lv in e a r s n t d Tre c a as 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 Se 1 p 9 t 5 . 0 30, Au 1 g 9 . 5 0 31, Se 1 p 9 t. 4 9 30, certificates agents Gold 23,483 22,275 21,207 Gold certificates 22,275 19,419 2,816 40 41 42 Federal Reserve notes 23,727 45 881 22,801 22,768 23,101 Treasury currency—total 4,618 *2,295 70 229 4,320 4,312 4,269 Standard silver dollars 493 263 54 173 172 166 Silver bullion 2,033 2,033 Silver certificates and Treasury notes of 1890. . *2,295 158 2,137 2,132 2,096 Subsidiary silver coin 1,011 28 975 969 943 Minor coin 379 9 367 365 358 United States notes 347 26 318 320 315 Federal Reserve Bank notes 269 4 265 268 299 National Bank notes 86 1 85 85 91 Total—Sept. 30, 1950 24,571 1,322 19,419 3,925 27,161 Aug. 31, 1950 24,735 1,304 19,574 3,892 27,120 Sept. 30, 1949 25,684 1,311 20,535 3,910 27,412 * 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 are shown in table above, totals by weeks in table on p. 1481, and seasonally adjusted figures in table on p. 1491. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. * 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. 1490 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 Date f u o v n r a a s r 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 ly End of month D i b t e o a p l r o - s s ' - C i a n sh G U ov . e S rn . - Cash ances * Total deposi- ment reserve End of period: b t a o n ry ks se t c ie u s ri- fu e n tc d . s 2 , 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—May. 3,294 3,418 7 3,212 198 1949 27,600 -624 June 3,277 3,403 7 3,188 209 July 3,266 3,393 6 3,187 199 Averages of daily figures: August 3,248 3,375 6 3,172 196 September. . . 3,230 3,350 6 3,152 191 1949—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 3,061 3,181 9 3,027 145 July 27,117 27,171 +9 August *>3,024 August 27,009 27,145 -26 September. . P2.985 September 27,154 27,208 +63 October 27,233 27,233 +25 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 City1 centersx centers 2 City centers City* cities 8 City» cities 8 1944 . .... 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1945 974,102 404,543 479,760 89,799 18.2 9.7 351,602 412,800 24.2 16.1 1 1 9 9 4 4 6 6 — — o n l e d w s s e e r r ie ie s s * 4 jl,050,021 417,475 527,336 105,210 18.9 10.0 I 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 2 5 5. . 2 5 1 16 6 . . 5 9 1947 1,125,074 405,929 599,639 119,506 21.0 11.9 400,468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 23.6 12.9 445,221 660,155 27.2 19.2 1949 '1,231,053 452,897 '648,976 129,179 24.1 12.4 447,150 639,772 28.2 18.7 1949—June ^109,078 42,890 '55,396 10,792 26.9 12.5 40,617 53,769 29.8 18.7 July '98,509 36,467 '51,895 10,147 23.7 12.2 37,129 51,276 28.7 18.5 August '99,064 36,070 '52,476 10,518 21.9 11.4 34,940 51,421 25.5 17.1 September 101,081 37,191 '53,075 10,814 24.1 12.4 36,130 52,364 28.0 18.6 October 101,846 36,334 '54,425 11,087 22.4 12.1 36,683 54,488 27.3 18.5 November '99,502 35,249 '53,350 10,903 23.4 12.7 34,105 52,336 27.2 19.1 December 118,207 45,781 '60,503 11,923 27.7 13.1 45,434 60,428 32.5 20.0 1950—January 106,665 38,962 '56,397 11,306 24.5 12.6 38,133 55,090 28.6 18.9 February '96,254 35,727 '50,565 9,962 24.9 12.3 35,205 49,855 29.3 18.9 March 115,746 43,112 '60,923 11,712 25.7 12.8 41,164 59,113 29.4 19.3 April 102,547 37,025 '54,657 10,865 24.1 12.5 38,480 54,929 29.7 19.4 May 112,095 41,463 '58,838 • 11,793 25.9 12.7 40,037 57,382 29.7 19.2 June 119,399 43,781 '63,332 12,286 27.0 13.4 42,294 61,607 30.7 20.2 July 110,573 38,757 '59,752 12,064 24.6 13.2 40,657 59,703 31.0 20.3 August 128,383 50,067 '65,464 12,852 29.2 13.2 48,320 64,015 33.8 19.9 September 123,262 44,910 65,236 13,116 27.9 14.2 46,400 65,330 34.2 21.5 r Revised. 1 National series for which bank debit figures are available beginning with 1919. 2 Number of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another city. 3 Weekly reporting member bank series. 4 Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June 1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947 and for 333 beginning December 1947; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935. NOVEMBER 1950 1491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net— Date Gold T re c u re n u r a y c r- s y - T©tal Lo n a e n t s, U. S. G m o C e v o r e m c r i n a - m l en F t e d o e b r l a i l gations O se t c h u e - r c l T a i a a p t o n i b i e t d t i a s a l l - l, c d u e T a r p o r n o e t d s a n i l c ts y j C c m o a a a u p n i c s n i d - c t t a s . l , Total and Reserve Other rities net net savings Banks banks 1929—June 29.. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. . 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. . 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. . 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—June 30. . 20,213 4,145 153,992 27,948 118,041 93,655 21,792 2,594 8,003 178,350 168,040 10,310 Dec. 31. . 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1946—June 29. . 20,270 4,539 163,485 31,570 122,740 95,911 23,783 3,046 9,175 188,294 176,215 12,079 Dec. 31. . 20,529 4,562 158,366 35,765 113,110 86,558 23,350 3,202 9,491 183,457 171,657 11,800 1947—June 30. . 21,266 4,552 156,297 38,373 107,873 82,679 21,872 3,322 10,051 182,115 169,234 12,882 Dec. 31. . 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1948—June 30. . 23,532 4,565 157,958 45,299 101,451 76,774 21,366 3,311 11,208 186,055 172,857 13,200 Dec. 31. . 24,244 4.589 160,457 48.341 100,694 74,097 23,333 3,264 11,422 189,290 176,121 13,168 1949—June 30.. 24,466 4,597 156,491 47,148 97,428 74,877 19,343 3,208 11,915 185,554 171,602 13,952 1949—Oct. 26.. 24,600 4,600 160,300 48,100 99,600 79,100 17,400 3,100 12,600 189,500 174,900 14,600 Nov. 30. . 24,500 4,600 160,700 49,000 99,100 78,300 17,700 3,100 12,600 189,800 175,300 14,500 Dec. 31. . 24,427 4,598 162,681 49,604 100,456 78,433 18,885 3,138 12,621 191,706 177,313 14,392 1950—Jan. 25.. 24,400 ,600 162,500 49,400 100,400 79,500 17,800 3,100 12,700 191,600 177,100 14,400 Feb. 21. . 24,300 ,600 161,900 49,700 99,300 78,600 17,600 3,100 12,900 190,800 176,200 14,600 Mar. 29. . 24,200 ,600 161,700 50,400 98,000 77,400 17,500 3,100 13,300 190,500 176,000 14,600 Apr. 26.. 24,200 ,600 162,000 50,600 97,900 77,100 17,600 3,100 13,500 190,800 176,100 14,600 May 31.. 24,200 ,600 162,600 51,000 98,100 77,700 17,400 3,100 13,500 191,400 176,700 14,700 June 30. . 24,231 ,607 164,348 51,999 98,709 77,320 18,331 3,058 13,640 193,186 178,568 14,618 July 26?' 24,200 ,600 164,300 53,100 97,500 76,400 18,000 3,000 13,800 193,100 178,200 14,900 Aug. 30?" 23,800 4,600 165,800 54,500 97,200 75,600 18,600 3,000 14,200 194,200 179,200 15,000 Sept. 27?. 23,500 4,600 166,900 56,400 96,000 73,800 19,400 2,900 14,500 195,000 180,000 14,900 Deposits and Currency U. S. Government balances Deposits adjusted and currency Date F b or a e n i k gn At com- Time deposits 3 Total dep n o e s t its, T c u r a e r s a y h s- m sa a e v n r i c n d i g a s l R Fe e A d se e t r r v a e l Total d D e e p m os a i n ts d ' Total m C e o r m cia - l M sav u i t n u g a s l S P a o v s in ta g l s o r u C e t n u s c i r d y - e banks Banks banks banks * System banks 1929—June 29 55,776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1933—June 30 42,029 50 264 852 35 40,828 14,411 21,656 10,849 9,621 1,186 4,761 1939—Dec. 30. 68,359 1,217 2,409 846 634 63,253 29,793 27,059 15.258 10,523 1,278 6,401 1941—Dec. 31 82,811 1,498 2,215 1,895 867 76,336 38,992 27,729 15,884 10,532 1,313 9,615 1945—June 30 168,040 2,378 2,279 24,381 599 138,403 69,053 44,253 27,170 14,426 2,657 25,097 Dec. 31 180,806 2,141 2,287 24,608 977 150,793 75,851 48,452 30,135 15,385 2,932 26,490 1946—June 29 176,215 1,894 2,251 13,416 833 157,821 79,476 51,829 32,429 16,281 3,119 26,516 Dec. 31 171,657 1,885 2,272 3,103 393 164,004 83,314 53,960 33,808 16,869 3,283 26,730 1947—June 30. . . 169,234 1,657 ,314 1,367 756 164,140 82,186 55,655 34,835 17,428 3,392 26,299 Dec. 31 175,348 1,682 ,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 ,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 ,325 2,451 1,123 169,119 85,520 57,520 35,804 18,387 3,329 26,079 1949—June 30 171,602 1,927 ,307 2,304 438 165,626 81,877 58,483 36,292 18,932 3,259 25,266 1949—Oct. 26 174,900 2,000 ,300 3,600 400 167,700 84,300 58,400 36,100 19,100 3,200 24,900 Nov. 30 175,300 2,100 ,300 3,200 500 168,100 85,000 58,000 35,800 19,100 3,200 25,100 Dec. 31 177,313 2,150 ,312 3,249 821 169,781 85,750 58,616 36,146 19,273 3,197 25,415 1950—Jan. 25 177,100 2,200 1,300 3,300 500 169,700 86,400 58,700 36,100 19,400 3,200 24,500 Feb. 21 176,200 2,200 1,300 4,200 400 168,200 84,500 59,000 36,300 19,500 3,200 24,700 Mar. 29 176,000 2,300 1,300 4,300 1,000 167,100 83,200 59,300 36,500 19,700 3,200 24,600 Apr. 26 176,100 2,400 1,300 3,200 800 168,400 84,300 59,500 36,600 19,700 3,200 24,600 May 31 176,700 2,400 1,300 3,200 600 169,200 85,000 59,500 36,600 19,800 3,100 24,700 June 30 178,568 2,555 1,298 ,801 950 169,964 85,040 59,739 36,719 19,923 3,097 25,185 July 26?r 178,200 2,500 1,300 3,600 500 170,200 86,500 59,400 36,400 19,900 3,100 24,400 Aug. 30*"- 179,200 2,400 1,300 3,800 700 171,000 87,400 59,100 36,200 19,800 3,000 24,500 Sept. 21 v 180,000 2,300 1,300 3,600 1,100 171,700 88,100 59,000 36,200 19,900 3,000 24,500 P Preliminary. r Revised. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits other than interbank and U. S, Government, less cash items reported as in process of collection. 8 Excludes interbank time deposits; United States Treasurer's time deposits, open account: and deposits of Postal Savings System in banks <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. 1492 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY GLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans U. S. as C s a e s ts h * Total i 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 G m ov e e n r t n- O se t c h u e - r bank i m D a e n - d Time obliga- rities tions AI! banks: 1 1 1 9 9 9 3 4 4 9 2 1 — — — D D D e e e c c c . . 3 3 3 i 0 1 5 6 7 0 1 8 , , , 1 8 1 2 8 4 6 4 7 2 2 2 2 6 3 , , , 1 6 9 6 1 1 5 5 6 2 3 5 8 4 4 , , , 7 5 2 1 1 3 9 1 1 2 4 1 5 5 9, , , 4 5 9 1 1 5 7 1 1 9 8 8 , , , 3 2 9 0 9 8 2 9 0 2 2 2 8 7 3 , , , 3 2 7 9 4 0 2 4 1 6 8 9 8 1 9 , , , 2 8 8 4 1 0 2 6 3 1 1 9 0 1 , , , 8 9 3 7 8 0 4 2 8 3 4 6 2 4 1 , , , 5 3 4 1 5 3 6 5 7 2 2 2 5 7 6 , , , 8 4 0 5 7 5 2 9 8 8 8 8 , , , 1 4 5 9 1 6 4 4 6 1 1 1 5 4 4 , , , 0 6 8 8 3 2 2 5 6 1943—Dec. 31 96 966 93,601 73,365 65,932 7,433 98 475 117,661 11,003 75,577 31 081 8 996 11 579 1944—Dec 30 119,461 26,015 93,446 85,885 7,561 30,790 141,448 12,235 91,663 37,551 9,643 14,535 1945—Dec 31 140 ??7 30,362 109,865 101,288 8,577 35 415 165,612 14,065 105,935 45 613 10 542 11 553 1 19 9 4 4 7 6 — — D D e e c c . 3 3 1 1 2 1 1 3 3 1 4 , , 6 9 9 9 8 4 3 4 5 3 , , 6 0 4 0 8 2 9 9 6 1 , , 0 9 5 2 0 3 8 8 6 1 , , 5 1 5 9 8 9 1 9 0 , , 4 7 9 2 1 3 3 3 5 8 ,0 3 4 8 1 8 1 16 5 1 5, , 9 8 0 6 2 5 1 1 2 3 , , 6 0 5 3 6 3 9 9 2 5 , , 4 7 6 2 2 7 5 53 0 ,7 1 8 0 4 5 1 11 1 ,3 9 6 4 0 8 1 1 4 4 ,5 7 8 1 5 4 1948—Dec 31 133 693 48,174 85,519 74,097 11,422 39 474 \6\ ,248 12,269 94,671 54 308 12 479 11 703 1949—June 30 133,868 47,076 86,792 74,877 11,915 34,966 156,470 10,938 90,145 55,386 12,845 14,680 Dec 31 140 598 49,544 91,054 78,433 1?,621 ,36522 164,467 12,710 96,156 55 601 13 088 11 687 1950—Apr. 26 141,340 50,770 90,570 77,110 13,460 32,680 160,570 11,240 92,830 56,500 13,270 14,684 May 31 147 300 S1,180 91,120 77,670 13,450 33 310 161,880 11,130 94,170 56 580 13 450 14 674 Tune 30 142,959 51,999 90,960 77,320 13,640 34,099 163,770 11,435 95,505 56,830 13,576 14,674 July 26*" 143,570 53,320 90,250 76,440 13,810 34,210 163,840 11,310 96,060 56,470 13,610 14,665 Aug. 3QPr. . . . 144,560 54,760 89,800 75,610 14,190 34,060 164,810 11,370 97,200 56,240 13,670 14,656 Sept. 27P 144,880 56,670 88,210 73,750 14,460 35,070 165,830 11,540 98,060 56,230 13,720 14,658 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec 31 50,746 91,714 99,032 91,808 7,225 96 551 71,283 10,982 44,349 15 952 7 173 14 278 1942—Dec 31 67 393 19,221 48,172 41,379 6,793 98 039 89,135 11,308 61,431 16,395 7,330 11 136 1943—Dec 31 85,095 19417 65,978 59,842 6,136 27,677 105,923 11,003 75,569 19,350 7,719 14,034 1944—Dec 30 10s;,530 91,644 83,886 77,557 6,329 30 206 198,072 12,235 91,653 24 184 8 265 13 992 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec 31 in ,993 31,122 89,871 74,780 8,091 34 223 139,033 12,656 92,446 33 930 9 577 11 044 1947—Dec. 31 2. . ... 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1948—Dec. 31 114 ?98 47,488 71,811 69,,622 9,189 38,596 149,843 12,269 94,654 35,921 10,480 14 171 1949—June 30 in 773 41,025 79,748 63,220 9,528 34 166 137,520 10,938 90,128 36 455 10 780 11 150 Dec. 31 1?0 197 49,965 77,232 67,005 10,227 35 650 145,174 12,709 96,136 36,328 10,967 11 156 1950—Apr. 26 120,330 43,800 76,530 65,540 10,990 31, 880 140,820 11,240 92,810 36,770 11,090 14,153 May 31 1?1 160 44,080 77,080 66,100 10,980 39 540 149,070 11,130 94,150 36,790 11 250 11 143 June 30 121,767 44,796 76,972 65,751 11,221 33,268 143,827 11,435 95,485 36,907 11,387 14,144 July 26* •• 122,320 45,980 76,340 64,950 11,390 33,460 143,940 11,310 96,040 36,590 11,420 14,135 Aug. 30P »•.... 123,300 47,270 76,030 64,230 11,800 33,330 144,950 11,3.70 97,180 36,400 11,470 14,127 Sept. 27P 123,660 49,030 74,630 62,540 12,090 34,270 145,940 11,540 98,040 36,360 11,500 14,129 All member banks: 1939—Dec 30. 33,941 13,962 19,979 14,328 5,651 10 782 49,340 9,410 28,231 11,699 5,522 6 362 1941—Dec. 31 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 5,886 6,619 1942—Dec 31 59,963 16,088 43,175 37,546 5,629 94 280 78,277 11,000 54,523 12,754 6 101 6 679 1943—Dec. 31 74,258 16,288 57,970 52,948 5,022 23,790 92,262 10,555 66,438 15,268 6,475 6,738 1944—Dec 30 91,569 18,676 79,893 67,685 s,208 9S 860 110,917 11,884 79,774 19,259 6 968 6 814 1945—Dec. 31 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,589 6,884 1946—Dec 31 96,369 96,696 69,666 63,042 6,625 99 587 118,170 12,060 78,920 27 190 8 095 6 900 1947—Dec. 31 97 846 39,628 65,218 57,914 7,304 39 845 199 ,528 12,403 81,785 28,340 8,464 6 923 1948—Dec, 31 95 616 36,060 59,557 5?,154 7,403 34 903 191,362 11,641 80,881 28,840 8,801 6 918 1949—June 30 9S,31S 34,456 60,859 53,132 7,727 30 423 116,980 10,374 77,342 29,264 9 022 6 903 Dec. 31 101 598 36,230 65,297 S6,883 8,414 31 317 193,885 12,097 82,628 29,160 9,174 6 892 1950—Apr. 26. ... 101,428 36,842 64,586 55,441 9,145 28 039 119,851 10,683 79,704 29,464 9,272 6,891 M Tu a n y e 3 3 0 1 1 1 0 0 2 2,7 1 4 7 5 9 . 3 3 7 7, , 0 6 7 5 0 8 6 6 5 5 , , 1 0 0 8 9 7 5 5 5 5 , , 9 7 8 5 8 9 o 9 , , 1 3 2 2 1 8 9 2 8 9 6 3 9 8 2 0 1 1 7 2 1 2 , , 0 7 7 0 6 7 1 1 0 0 , , 5 8 8 5 7 0 8 8 0 2 , , 9 23 9 2 5 2 2 9 9 , , 4 6 9 2 4 5 9 9 , , 3 5 9 2 9 3 6 6,8 8 8 8 5 7 July 26pr . . . . 103,290 38,760 64,530 55,026 9,504 29 435 122,710 10,736 82,606 29,368 9,550 6,886 Aug. 30P»\ . . . 104,289 39,977 64,312 54,434 9,878 29 261 123,694 10,795 83,658 29,241 9,602 6,888 Sent. 27P 104 554 41,542 63,012 5?,882 10,130 30 144 1?,4,572 10,968 84,386 29,218 9,628 6,887 All mutual savings banks: 1939—Dec 30 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 J 3fiQ 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 1,241 548 1942—Dec 31 10,754 4,695 6,059 4,572 1,487 663 10,668 6 10,662 [,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 1,232 584 13,376 10 13,366 L ,378 543 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 1 16 16,853 1,784 541 1947—Dec. 31 * 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 9,233 878 18,405 1 17 18,387 L.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 ?,394 873 19,293 20 19,273 2,122 531 1950—Apr. 26 . . 21,010 6,970 14,040 11,570 2,470 800 19,750 20 19,730 2,180 531 May 31 21,140 7,100 14,040 11,570 2,470 770 19,810 20 19,790 2,200 531 June 30 21,192 7,203 13,989 11,569 2,420 831 19,943 20 19,923 2,189 530 Tuly 26Pr. . . . 21,250 7,340 13,910 11,490 2,420 750 19,900 20 19,880 2,190 530 Aug. 30P >\... 21,260 7,490 13,770 11,380 2,390 730 19,860 20 19,840 2,200 529 Sept. 27? 21,220 7,640 13,580 11,210 2,370 800 19,890 20 19,870 2,220 529 P Preliminary. r Revised. * "All banks" comprise "all commercial banks" and "all mutual savings banks/' "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. NOVEMBER 1950 1493 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 invesi,ments Deposits Investment Other Class of bank Cash Total Number and date Total Loans G U ov . e S r . n- Other assets l Total i b I a n n te k r - i a c c a c p o i u ta n l ts ba o n f ks 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 bainks: New York Gilty: 1939—Dec. 30 9,339 3,296 6 043 4 772 1,272 6,703 14,509 4,238 9,533 736 1,592 36 1941—Dec. 31 1? 896 4,072 8 823 7,265 1.559 6,637 17,932 4,207 917 807 1,648 36 1942—Dec. 31 17,957 4,116 13841 12 547 1,294 5,864 22,078 3,945 17,399 734 1,727 37 1943—Dec. 31 19,994 4,428 15,565 14,563 L,002 5,197 23,256 3,680 18,729 847 1,862 37 1944—Dec. 30 003 5,760 18243 17,179 ,066 4 921 26,773 4,041 730 1,002 1,966 37 1945—Dec. 31 26,143 7,334 18,809 17,574 L,235 6 439 30,121 4,657 24,227 1,236 2,120 37 1946—Dec. 31 90 834 6,368 14,465 13,308 L ,158 6 238 24,723 4,246 19028 1,449 2,205 37 1947—Dec. 31 20,393 7,179 13,214 11,972 1,242 7 261 25,216 4,464 19,307 1,445 2,259 37 194g—Dec. 31 18759 8,048 10,712 9,649 1,063 7 758 24,024 4,213 18 131 1,680 2,306 35 1949—june 30 19 103 7,689 11,413 10,278 L.135 7 109 23,619 3,920 18 004 1.695 2,340 35 Dec. 31 19583 7,550 12,033 10,746 1,287 6 985 23,983 4,192 18 139 1,651 2,312 25 1950—Apr. 26 .... to 206 7,645 11,561 9,963 1,598 6 060 22,380 3,818 16 956 1,606 2,320 25 May 31 19243 7,607 11,636 10,153 1,483 6 382 22,702 3,826 17230 L,646 2,344 25 June 30 19548 7,723 11,825 10,281 1,544 6 329 23,213 3,894 17 668 L.650 2,341 25 July 26P 19406 8,129 11,277 9,618 1,659 6 418 22,776 3,786 17392 1,598 2,351 25 Aug. 10764 8,368 11,396 Q,587 1,809 6 478 23,417 3,856 17 936 L.625 2,356 25 Sept.27? 19860 8,814 11,046 9,167 .879 6 635 23,585 3,956 17 982 .647 2,343 24 Chicago: 1939—Dec. 30 9 105 569 1,536 1,203 333 1446 3,330 888 1947 495 250 14 1941—Dec. 31 2 760 954 1,806 1,430 376 566 4,057 1,035 2 546 476 288 13 1942—Dec. 31 3 973 832 3,141 9,789 352 352 5,040 1,117 3468 455 304 13 1943—Dec. 31 4 554 1,004 3,550 3,238 312 283 5,523 985 4 029 508 326 13 1944—Dec. 30 S443 1,184 4,258 3,913 345 378 6,468 1,148 4 700 620 354 13 1945—Dec. 31 931 1,333 4,598 4,213 385 489 7,046 J .312 S015 719 377 12 1946—Dec. 31 4 765 1,499 3,266 2,912 355 • 545 5,905 1,153 3 922 829 404 14 1947__Dec. 31 S088 1,801 3,287 9,890 397 739 6,402 1,217 4 273 913 426 14 1948—Dec. 31 4 799 1,783 3,016 2,633 383 1932 6,293 L,064 4 227 1,001 444 13 1949—June 30...... 4 841 1,537 3,303 ,888 415 1 702 6,087 L,008 020 1,059 462 13 Dec. 31 5 424 1,618 3,806 3,324 482 1 850 6,810 L,191 4 535 1,083 470 13 1950—Apr. 26. . s 103 1,548 3,555 9,992 563 1642 6,243 1,026 4 130 1,087 471 13 May 31 5 217 1,536 3,681 3,119 562 1658 6,392 .044 4 256 1,092 478 13 June30 S256 1,557 3,700 .3,138 562 1640 6,419 1,014 4 305 1,099 481 13 July 5 299 1,654 3,645 3,082 563 1 743 6,509 1,067 4 354 1,088 478 13 Aug. 30P 5 447 1,726 3,721 3,146 575 1 755 6,703 1,099 4 527 1,077 483 13 Sept.27P . 5 302 1,786 3,516 2,950 566 1841 6,621 1,058 4 488 1,075 483 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 I5?347 7,105 8,243 6,467 1,776 8 518 22,313 4,460 13047 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 97 521 6,201 91 321 19,682 1,639 Q 327 35,070 4,874 ?4 086 6,109 2,135 357 1944—Dec.30 .... 33 603 6,822 96,781 9S,042 1,739 10 238 41,804 5,524 98 525 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 3S 351 10,825 94,527 9?,250 2,276 11654 44,477 5,570 ?8 049 10,858 2,728 355 1947—Dec. 31 ... 36 040 13,449 22,591 20,196 2,396 13066 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 3S 034 13,261 91,772 19,076 2,696 11,618 43,852 4,665 97 560 11,627 3,005 336 1950— D A e p c r. . 3 2 1 6 38 2 3 0 0 1 1 1 1 4 4 , , 3 4 7 7 0 0 2 9 3 3 , , 9 7 3 3 1 1 2 9 0 0 , ,5 9 4 5 6 1 3 2s , 9 1 8 8 0 5 1 1 2 0 , ,8 1 9 6 4 8 4 4 7 5 , , 5 9 5 8 9 7 5 4 , , 7 9 1 6 3 8 3 9 0 9 , ,2 1 9 8 2 2 1 11 1 , , 7 6 2 6 7 4 3 3 , ,1 0 2 8 3 7 3 3 4 3 1 8 May 31 38 556 14,653 23,903 20,672 3,231 11,107 46,462 4,860 29,888 11,714 3,146 337 June 30...... 38 697 14,868 23,829 20,510 3,319 11,639 47,187 5,069 30,306 11,812 3,268 336 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. 30 376 15,845 93,531 90,030 3,501 11,422 47,448 4,996 30,848 11,604 3,287 336 Sept.27P . 39 536 16,525 23,011 19,404 3,607 11,858 47,978 5,100 31,300 11,578 3,305 337 Country mem!)er banks: 1939—Dec. 30 10,224 4,768 S,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 ,188 4,654 17,534 IS,465 2,069 7,983 28,414 1,015 ,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 ,412 8,004 97,408 ?4,572 2,836 10,151 43,066 1,091 97,921 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—Apr. 26. . 38,918 13,179 25,739 21,940 3,799 9,443 45,241 871 29,326 15,044 3,358 6,515 May 31 39,163 13,274 25,889 22,044 3,845 9,545 45,520 857 29,621 15,042 3,431 6.512 June 30 39,245 13,510 25,734 21,830 3,904 9,773 45,888 871 29,953 15,064 3,433 6,511 July 39,418 13,721 25,697 21,777 3,920 9,694 45,930 849 30,081 15,000 3,454 6,512 Aug. 3Qpr'.'/.'. 39,702 14,038 25,664 21,671 3,993 9,606 46,126 844 30,347 14,935 3,476 6,514 Sept 39,856 14,417 25,439 21,361 4,078 9,810 46,388 854 30,616 14,918 3,497 6,513 2 December 31, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947 by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite page. 1494 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 x Total b I a n n te k r - i a c c a c p o i u ta n l ts ba o n f ks 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 04,015 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—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 1950—June 30 119,808 44,304 75,504 64,546 10,957 32,865 141,798 11,066 94,298 36,433 11,061 13,435 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—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 1950—June 30 68,723 24,590 44,132 37,548 6,584 19,914 82,430 7,362 54,964 20,104 6,180 4,971 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—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 1950—June 30 34,023 13,068 20,955 18,211 2,744 9,466 40,277 3,488 27,268 9,522 3,343 1,914 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—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 1950—June 30 17,079 6,650 10,429 8,799 1,630 3,487 19,108 217 12,066 6,825 1,539 6,553 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—Dec. 31 1,919 481 1,438 1,185 253 442 2,036 341 1,223 472 321 727 1950—June 30 . . 1,959 491 1,468 1,204 263 403 2,029 369 1,186 474 326 709 All nonmember commercial banks: 1941—Dec. 31 , 7,233 3,696 3,536 2,270 1,266 3,431 9,574 457 5,504 3,613 1,288 7,662 1945—Dec. 31 , 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 7,130 1 1 9 9 4 4 6 7 — — D D e e c c . . 3 3 1 1 2 1 1 7 8 , , 6 4 4 5 6 4 4 5 , ,4 4 3 2 2 9 1 1 3 3 , , 2 0 1 2 7 1 1 1 1 1, 87 3 4 1 9 8 1 1 , , 4 7 6 0 8 3 4 4 , , 6 6 3 5 9 9 2 2 0 1 , ,5 8 9 7 1 9 5 6 9 2 7 9 1 1 3 3 , , 5 9 2 2 6 6 6 7 , , 7 0 5 3 6 6 1 1 , , 4 5 8 9 3 6 7 7 , , 1 2 4 6 7 1 1948—Dec. 31 18,698 6,431 12,267 10,479 1,788 4,396 21,497 628 13,772 7,097 1,680 7,256 1949—Dec. 31 18,686 6,739 11,947 10,132 1,814 4,334 21,305 613 13,508 7,184 1,794 7,267 1950—June 30 19,038 7,141 11,896 10,003 1,893 3,890 21,137 586 13,253 7,299 1,865 7,262 Insured mutual saving! banks: 1941—Dec. 31 , 1,693 642 1,050 629 421 151 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 10,351 1,034 192 1946—Dec. 31 , 11,891 3,250 8,641 7,946 695 612 11,428 11,415 1,173 191 1947—Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 12,192 1,252 194 1948—Dec. 31 , 13,312 4,109 9,202 7,795 1.407 684 12,772 12,757 1,334 193 1949—Dec. 31 14,209 4,814 9,394 7,832 i;562 682 13,592 13,575 1,420 192 1950—June 30 14,827 5,288 9,539 7,945 1,594 659 14,128 14,109 1,467 192 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 5,957 384 4,573 3,813 760 211 5,556 5,553 637 339 1948—Dec. 31..... 6,083 577 4,506 3,680 826 194 5,633 5,631 665 339 1949—Dec. 31..... 6,192 764 4,428 3,596 832 191 5,702 5,699 702 339 1950—June 30 6,365 1,915 4,450 3,625 826 172 5,815 5,813 722 338 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. NOVEMBER 1950 1495 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES AND POSSESSIONS, BY STATES, JUNE 30, 1950 ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in thousands of dollars] Loans1 Investments Cash, Total Total loans Commercial, Obligations reserves, Real Other assets— inve a s n tm d ents Total i op in e p c n l a u m p d e a i r n rk g et Rea lo l a e n s s tate O lo t a h n e s r Total U ob . l S ig . a G tio o n v s 't o s f u p b S o d t l a i i v t t e i i c s s a i o a l n n s d se O cu th ri e ti r es b c d a a s u n h e k s f i , r t o e a m m nd s e a s s t s a e t t e s assets an li d a t o b c t i a l a i p l t i i t e a s l United States and possessions 143,626,075 52,310,789 17,108,800 19,847,088 16,192,873 91,315,286 77,609,287 7,516,412 6,189,587 34,254,197 1,331,610 825,028 180,036,910 United States 142,959,185 51,998,510 16,987,805 19,739,886 16,108,065 90,960,675 77,320,219 7,477,196 6,163,260 34,099,411 1,321,503 779,381 179,159,480 Possessions 666,890 312,279 120,995 107,202 84,808 354,611 289,068 39,216 26,327 154,786 10,107 45,647 877,430 State Alabama 955,278 399,100 111,277 108,843 184,644 556,178 439,041 96,362 20,775 293,644 9,819 4,174 1,262,915 Arizona 367,731 171,429 47,722 57,909 66,403 196,302 163,314 20,544 12,444 79,190 6,316 2,277 455,514 Arkansas 591,390 198,555 44,023 48,700 107,026 392,835 324,505 57,890 10,440 214,995 4,468 948 811,801 California 11,614,624 5,027,774 1,341,226 2,583,633 1,179,979 6,586,850 5,610,189 691,846 284,815 2,534,060 132,244 60,871 14,341,799 Colorado 880,467 306,564 86,003 66,726 156,031 573,903 527,392 29,468 17,043 309,772 3,811 3,501 1,197,551 Connecticut 2,769,727 875,327 147,398 577,552 163,025 1,894,400 1,531,596 116,385 246,419 345,803 26,494 15,888 3,157,912 Delaware 548,179 172,235 50,955 76,874 44,930 375,944 273,359 24,528 78,057 96,302 4,885 1,815 651,181 District of Columbia 877,584 314,768 102,401 112,316 102,268 562,816 515,218 8,638 38,960 268,591 17,676 2,349 1,166,200 Florida 1,515,140 408,092 155,611 101,063 155,241 1,107,048 993,067 97,135 16,846 487,141 20,187 5,748 2,028,216 Georgia 1,285,403 674,823 238,631 153,872 288,414 610,580 516,625 69,553 24,402 424,712 17,058 4,239 1,731,412 Idaho 348,407 147,410 32,390 54,421 62,229 200,997 189,798 9,349 1,850 75,391 3,478 311 427,587 Illinois 10,096,973 2,771,489 1,395,303 479,339 938,011 7,325,484 6,281,225 671,579 372,680 2,783,334 52,685 40,071 12,973,063 Indiana 2,631,644 795,782 192,541 338,317 273,752 1,835,862 1,644,638 128,342 62,882 683,324 19,243 6,193 3,340,404 Iowa 1,927,609 760,292 130,250 224,084 412,117 1,167,317 969,397 162,003 35,917 459,385 11,788 2,661 2,401,443 Kansas 1,275,967 438,201 107,007 87,977 245,604 837,766 690,667 120,870 26,229 433,698 6,963 1,810 1,718,438 Kentucky 1,239,639 476,778 127,114 157,361 198,163 762,861 692,967 39,397 30,497 333,861 9,296 2,358 1,585,154 Louisiana 1,332,508 417,345 173,629 92,529 156,645 915,163 754,714 147,672 12,777 445,277 14,012 9,390 1,801,187 Maine 670,567 218,393 54,986 113,101 52,390 452,174 368,063 19,174 64,937 92,751 4,772 1,595 769,685 Maryland 1,760,070 479,335 115,587 202,936 164,414 1,280,735 1,148,334 39,074 93,327 363,874 16,623 15,989 2,156,556 Massachusetts 7,192,525 2,531,989 696,590 1,456,418 417,402 4,660,536 3,995,761 179,102 485,673 955,732 54,678 43,836 8,246,771 Michigan 4,713,362 1,479,350 316,532 681,515 496,272 3,234,012 2,806,079 280,034 147,899 1,141,677 36,586 14,686 5,906,311 Minnesota 2,547,910 965,123 239,754 329,448 406,015 1,582,787 1,296,039 146,993 139,755 622,077 16,714 9,206 3,195,907 Mississippi 587,369 200,486 56,916 52,974 92,992 386,883 269,729 111,682 5,472 183,908 6,598 789 778,664 Missouri 3,356,602 1,400,417 460,473 443,693 507,166 1,956,185 1,651,086 194,827 110,272 1,054,367 26,335 11,459 4,448,763 Montana . 434,981 119,587 24,480 31,035 66,254 315,394 289,017 16,299 10,078 124,081 2,967 1,220 563,249 Nebraska 992,107 349,320 82,849 41,345 229,372 642,787 555,644 62,969 24,174 317,614 6,331 2,314 1,318,366 Nevada 146,315 54,239 7,394 28,276 18,782 92,076 83,290 7,409 1,377 30,544 1,611 735" 179,205 New Hampshire 545,180 223,772 35,571 157,411 31,296 321,408 255,900 11,158 54,350 60,428 4,033 311 609,952 New Jersey 4,747,154 1,432,111 277,744 794,047 382,558 3,315,043 2,705,786 331,090 278,167 755,162 57,033 21,443 5,580,792 New Mexico 248,896 113,587 32,914 31,085 51,021 135,309 124,073 9,915 1,321 99,262 2,702 388 351,248 New York 37,941,751 14,617,064 5,431,009 5,866,138 3,692,123 23,324,687 20,232,394 ,387,841 1,704,452 8,155,268 298,003 357,853 46,752,875 North Carolina 1,334,492 618,076 217,683 141,339 267,474 716,416 561,757 114,557 40,102 411,979 13,960 7,668 1,768,099 t? North Dakota 479,244 94,028 17,692 20,241 57,330 385,216 350,120 25,014 10,082 96,807 1,862 1,126 579,039 Ohio 6,428,188 2,178,582 610,684 864,011 736,009 4,249,606 3,633,732 372,924 242,950 1,488,686 64,871 19,541 8,001,286 W Oklahoma 1,235,003 456,871 197,476 61,866 200,670 778,132 656,948 101,260 19,924 509,127 10,430 2,941 1,757,501 P* f O Pe re n g n o s n ylvania. , 1 1 0 , , 0 2 9 7 7 3 , , 7 4 6 2 6 4 3,1 41 9 8 7 , , 6 5 6 3 3 6 1,2 1 3 3 7 9, , 7 6 7 3 5 7 1, 1 0 2 8 7 0, , 4 4 3 90 0 9 1 2 5 8 3 , , 9 6 9 2 2 2 7, 6 0 7 7 9 5 , , 1 8 0 8 3 8 5,5 5 1 5 3 9 , , 4 0 9 5 3 1 5 1 4 0 3 8 , ,9 7 4 4 3 0 1,01 1 8 1 , , 6 1 5 09 5 2, 2 2 8 0 0 0, , 2 9 0 4 6 0 1 1 2 5 3 , , 7 7 4 8 8 0 4 5 7 , , 6 7 6 4 1 8 1 1 2 , , 4 6 0 4 0 5 , , 1 1 1 5 5 8 Rhode Island , 986,231 336,334 94,320 192,175 53,677 649,897 548,520 17,847 83,530 120,101 12,794 4,341 1,123,467 South Carolina 504,137 180,261 54,363 49,386 78,489 323,876 270,222 39,515 14,139 164,752 4,710 1,072 674,671 South Dakota 405,305 139,889 19,899 30,966 91,445 265,416 235,375 20,821 9,220 100,023 2,451 1,341 509,120 Tennessee 1,526,714 672,215 255,648 139,790 285,445 854,499 708,734 122,512 23,253 482,502 19,967 3,959 2,033,142 Texas 4,904,128 2,204,978 1,031,691 246,345 948,207 2,699,150 2,350,191 282,589 66,370 2,139,225 78,735 15,323 7,137,411 Utah 459,434 211,193 50,427 86,257 76,606 248,241 224,860 19,143 4,238 118,914 4,374 591 583,313 Vermont 323,427 195,419 18,959 133,002 44,626 128,008 100,594 14,813 12,601 41,896 3,669 446 369,438 Virginia 1,543,966 707,610 177,915 250,999 285,186 836,356 743,484 60,976 31,896 422,112 23,084 4,293 1,993,455 Washington 1,757,307 679,698 245,603 245,736 195,559 1,077,609 865,089 159,232 53,288 440,917 15,963 5,201 2,219,388 West Virginia 791,324 283,756 55,445 131,244 100,326 507,568 461,442 30,614 15,512 222,445 9,133 2,166 1,025,068 Wisconsin 2,574,284 808,871 230,278 365,069 226,133 1,765,413 1,530,871 144,719 89,823 572,164 18,917 9,274 3,174,639 Wyoming 191,752 73,793 16,030 22,602 35,730 117,959 106,829 8,849 2,281 61,390 1,646 261 255,049 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES AND POSSESSIONS, BY STATES, JUNE 30, 1950— Continued ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in thousands of dollars] Deposits w Total Interbank Gov U er . n S m . ent St p a o t l e i s ti c a a n l d an C d e r o ti f f f i i e ce d rs' Indiv a i n d d u a c l o s, r p p o a r r a t t n i e o r n s s hips, de T m ot a a n l d T ti o m ta e l B a l o i n a r d b ro i o l w i t t h i i n e e g s r s a c c T a c o p o t i u t a n a l l ts N ba u n o m k f b s2 er Savings subdivisions checks, etc. Demand Time deposits deposits T Inited States and Dossessions 164,554,941 11,448,894 3,884,279 9,579,825 2,176,864 81,924,036 55,541,043 106,962,038 57,592,903 1,828,703 13,653,266 14,717 United States 163,770,402 11,435,447 3,809,998 9,437,230 2,164,672 81,661,111 55,261,944 106,544,389 57,226,013 1,813,401 13,575,677 14,674 784,539 13,447 74,281 142,595 12,192 262,925 279,099 417,649 366,890 15,302 77,589 43 State 1,163,815 55,804 22,677 106,537 6,141 712,668 259,988 900,698 263,117 7,557 91,543 225 425,930 3,744 8,553 48,552 6,027 259,623 99,431 325,900 100,030 4,398 25,186 10 752,134 48,532 8,329 80,708 3,721 510,791 100,053 650,652 101,482 2,075 57,592 232 13,235,516 468,195 270,082 999,234 220,050 5,845,338 5,432,617 7,314,851 5,920,665 227,360 878,923 203 1,117,182 73,309 23,249 71,383 10,409 715,005 223,827 892,192 224,990 5,159 75,210 152 2,840,340 35,818 48,779 72,539 29,722 898,155 1,755,327 1,082,929 1,757,411 20,528 297 044 190 580,306 3,882 56,940 42,740 9,067 306,764 160,913 400,299 180,007 3,541 67,334 40 l")i<5trirt of Columbici ••••»•••- 1,086,802 50,278 34,624 129 17,242 771,627 212,902 865,670 221,132 6 315 73 083 19 1,895,069 134,536 30,073 185,258 19,357 1,178,955 346,890 1,539,050 356,019 8,863 124,284 196 1,586,325 144,853 37,987 119,991 9,243 956,598 317,653 1,262,522 323,803 17,566 127,521 397 Idaho 402,645 4,509 6,811 52,501 3,445 231,508 103,871 IJ 298,033 104,612 1,970 22,972 43 12,075,834 1,103,139 340,079 750,637 106,447 6,731,155 3,044,377 8,882,882 3,192,952 79,157 818,072 890 3,124,250 97,946 68,753 337,966 36,726 1,648,892 933,967 2,185,544 938,706 13,484 202,670 491 2,242,692 99,541 49,201 228,387 17,034 1,313,337 535,192 1,704,381 538,311 3,079 155 672 662 1,606,978 87,872 26,579 262,163 11,283 1,050,338 168,743 1,435,303 171,675 4,150 107,310 610 1,456,749 104,170 27,566 103,597 12,793 978,251 230,372 1,222,714 234,035 7,583 120,822 386 1,689,989 165,229 25,698 270,355 14,227 930,327 284,153 1,398,030 291,959 12,114 99 084 162 687,437 7,591 9,619 21,018 3,959 210,890 434,360 250,921 436,516 3,574 78,674 96 1,965,298 89,579 43,009 117,021 9,036 883,011 823,642 1,133,629 831,669 15 812 175 446 173 IVFassachusetts • 7,353,393 307,497 115,692 217,375 63,080 2,567,990 4,081,759 3,261,673 4,091,720 99,941 793,437 373 5,540,370 175,580 323,923 293,400 57,962 2,494,223 2,195,282 3,321,696 2,218,674 39,919 326,022 444 2,964,689 273,189 64,116 252,044 29,190 1,310,583 1,035,567 1,917,853 1,046,836 20,937 210 281 683 723,463 41,276 10,252 106,966 2,857 428,811 133,301 588,596 134,867 1,869 53,332 201 4,138,087 655,235 90,353 240,766 29,129 2,416,180 706,424 3,422,918 715,169 22 310 288 366 599 535,805 21,913 27,104 47,463 6,451 335,046 97,828 437,216 98,589 1,780 25,664 111 1,231,393 126,482 30,783 69,389 8,636 854,548 141,555 1,089,607 141,786 3,811 83,162 418 167,425 962 4,255 18,811 2,419 83,628 57,350 106,341 61 084 1,406 10 374 8 539,623 6,462 6,375 12,106 6,577 116,392 391,711 146,617 393,006 2,145 68,184 110 5,138,857 47,471 105,434 303,632 66,604 2,031,183 2,584,533 2,504,947 2,633 910 36,500 405 435 352 332,126 9,038 10,172 62,737 3,631 202,660 43,888 285,360 46,766 826 18,296 51 New York 41,728,781 4,326,993 891,568 916,930 909,898 19,183,815 15,499,577 25,761,770 15,967,011 845,074 4,179 020 768 North Carolina. 1,612,171 161,371 50,812 155,264 22,776 878,994 342,954 1,218,035 394 136 24 761 131 167 226 T^Torth T^akota . • . 543,171 11,200 6,156 110,014 2,610 297,986 115,205 379,966 163,205 1,565 34,303 150 Ohio '. 7,439,596 262,242 213,582 520,353 82,206 3,639,154 2,722,059 4,557,113 2,882,483 48,857 512,833 661 Oklahoma 1,627,494 164,571 29,567 187,019 19,923 1,102,506 123,908 1,498,853 128,641 8,139 121,868 386 Oregon • • • • 1,303,517 34,096 25,439 80,474 22,058 757,113 384,337 912,507 391,010 9,685 86 913 71 11,328,539 601,861 259,454 436,550 91,167 5,838,076 4,101,431 7,059,469 4,269 070 89 605 1 227 014 982 Rhode Island 1,007,427 12,945 35,694 41,443 7,841 340,047 569,457 437,134 570,293 15,842 100 198 27 South Carolina • • 627,622 16,408 13,978 65,838 6,341 437,783 87,274 538,187 89 435 2 963 44 086 151 South Dakota 477,772 9,484 9,173 53,378 4,141 314,748 86,848 387,362 90,410 1 562 29 786 169 Tennessee 1,887,131 201,633 28,145 197,173 14,724 996,612 448,844 1,419,844 467,287 11,520 134 491 296 Texas 6,673,000 802,128 100,606 607,138 64,929 4,544,194 554,005 5 ,994,492 678,508 32,671 431 740 904 Utah 543,292 34,727 7,073 42,129 4,793 272,242 182,328 359,065 184,227 3,373 36 648 55 Vermont 329,121 1,618 2,641 8,505 2,383 78,460 235,514 91,590 237,531 2,305 38,012 77 1,824,852 112,271 48,574 128,564 20,565 935,560 579,318 1,195,512 629,340 14,135 154,468 314 2,075,337 73,668 52,362 134,810 18,195 1,067,281 729,021 1,340,148 735,189 10,652 133 399 121 West Virsdnia 936,780 35,707 22,692 76,944 9,637 527,016 264,784 668,765 268 015 5 466 82 822 180 ^Wisconsin 2,965,580 120,860 81,351 152,477 34,730 1,324,427 1,251,735 1,703,255 1,262,325 8,593 200 466 556 Wyoming 238,697 8,032 4,064 26,822 3,290 150,620 45,869 192,298 46,399 904 15,448 53 Digitized for FRAS 1 EFRig ures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the totals, which are shown net. 2 Includes 28 banks for which asset and liability data are not available. 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] Loansl 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 n a e t n n d a s t s l t s - Total1 C o c m m c k p i p p l i o i n u n e a a e e e a m g d - r l r t n r - , - - - - - A t c g u a u r r l l i - - - b o p d a L s T e e r r u e n e o r o r o r c a s c d s k c a l a u - h n - r r s a r i y t s o f i T e i i o t e n n r h o s r s g g - i R t o a e a t n a e l s loans O lo th an er s Total Total U. B S i . l l G s o C v o d c e e f e a e r d r t b t i n e i - n t D f s m - i - - i e re n N c t o t o te b s lig B a o ti n o d n s s g t a e u n e a d - r- S p d O s s t a i g t i o u i i c o a n o b o v a l a b t f d n i - l n i e l - t i - s s s - - O s ri e t t h c ie u e s r - All insured commercial banks; 1941—Dec. 31.. 49,29021,259 9,2141,450 614 662 4,773 4, 45 28,031 21,046 988 15912,7974,1023,6513,333 1946—Dec. 31..112,17830,733 14,016 ,3581,5171,6097,103 4,031 1,09881,445 73,554 ,27112,288 78053,200 1155 4,2983,592 1947—Dec. 31..114,27437,583 18,012 ,610 8231,1909,266 5,654 1,028 6,691 57,941 ,124 7,552 91852,334 145,1293,621 1948—Dec. 31. .112,28641,96818,761 ,7751,336 93910,6666,804 1,095 0,318 51,388 ,82110,065 394 45,100 5,5093,420 1949—June 30. .111,74640,52416,292 ,7341,972 90110,8877,170 1,02271,222 51,970 ,84610,437 045 46,636 5,7633,489 Dec. 31.. 118,27842,485 16,935 ,9631,749 85511,4058,005 1,12175,793 65,820 ,69212,479 810 43,833 6,400 3,574 1950—June 30..119,80844,30416,~81 "4 2,8191,856 12,270 9,0361,186 '5,504 64,546 ,847 6,10211,59143,000 7,2373,721 Member banks, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 5983,494 3,692 25,50019,539 971 3,007 11,7293,8323,0902,871 1946—Dec. 31.. 96,36226,696 13,154 8841,5061,4675,3583,308 1,02069,66663,042 1,16710,043 5,602 46,219 113,5483,077 1947—Dec. 31. . 97,84632,628 16,96: 1,046 8111,0657.130 4,662 95265,21857,9141,987 5,816 4,815 45,286 104, ,105 1948—Dec. 31.. 95,61636,06017,6311,8001,324 8348| 2445,585 1,00659,55652,1542,588 7,999 2,800 38,761 5 4,4802,922 1949—June 30.. 95,31534,456 15,2131,7041,958 8038,383 5,859 93560,85953,1322,651 8,469 1,639 40,369 44,7103,016 Dec. 31.. 101,52836,230 15,8571,94.1,737 7588,834 6,5511,034 65,29756,8833,38910,409 5,085 37,996 5,2743,140 1950—Apr. 24.. 101,52136,785 64,73655,575 5,954 3,207 June 30.. 102,74537,658 ^840 '807 9,547 7,4011,10565,08755,7593^539 4^821 9,99037,404 6,040 3,289 New York City:* 1941—Dec. 31.. 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,6521,679 729 830 1946—Dec. 31.. 20,834 6,368 4,078 1,096 389 99 455 25014,46513,308 387 1,725 99210,202 1 557 601 1947—Dec. 31.. 20,393 7,17r 5,361 545 267 111 564 33013,21511,9721,002 640 558 9,771 638 604 1948—Dec. 31. 18,75r 8,048 5,64: 1,102 22 224 643 30610,712 9,649 589 1,183 365 7,512 563 500 1949—June 30. 19,103 7,689 4,710 1,701 248 209 650 26811,41310,278 777 1,472 132 7,897 611 525 Dec. 31». 19,583 7,550 4,79: 1,410 21' 256 689 30912,03310,746 720 1,785 835 7,405 752 535 1950—Apr. 24. . 19,216 7,616 11,599 9,987 1,030 582 June 30.. 19,548 7,723 4,656 1,497 242 339 756 35611,82510,281 900 458 1,594 7,328 959 585 Chicago:* 1941—Dec. 31.. 2,760 954 732 48 52 96 1,806 1,430 256 153 903 119 182 193 1946—Dec. 31. . 4,765 1,499 1,094 11 101 105 3,266 2,912 60 498 146 2,207 167 187 1947—Dec. 31.. 5,088 1,801 1,418 73 87 149 3,287 2,890 132 235 248 2,274 213 185 1948—Dec. 31. . 4,799 1,783 1,41 71 63 176 3,016 2,633 183 275 217 1,958 210 174 1949—June 30. . 4,841 1,537 1,178 83 60 156 3,303 2,888 369 343 125 2,051 235 180 Dec. 31.. 5,42' 1,618 1,21 109 56 172 3,806 3,324 331 690 358 1,945 290 192 1950—Apr. 24.. 5,09 1,527 3,56. 3,012 340 213 June 30. . 5,256 1,557 1,116 24 109 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 3,456 300 114 1,52' 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 2,2371,436 43524,527 22,250 441 3,799 1,99316,013 4 ,272 1,004 1947—Dec. 31. . 36,04013,445 7,088 225 170 484 3,14' 1,969 36622,591 20,196 373 2,358 1,90115,560 3 ,342 1,053 1948—Dec. 31., 35,332 14,285 7,282 437 130 36C3,5032,315 41 21,047 18,5941,056 3,201 1,09013,247 1 ,4211,032 1949—June 30. . 35,03 13,261 6,227 378 150 3213,5592,408 38521,772 19,076 875 3,367 60314,230 ,5591,137 Dec. 313. 38,301 14,37C 6,704 457 183 3093,7422,745 43 23,931 20,9511,189 4,180 2,12413,457 ,7271,254 1950—Apr. 24. . 38,287 14,493 23,79< 20,612 ,9181,263 June 30.. 38,69' 14,868 6,596 367 201 32 4,0293,118 44 23,82920,5101,179 1,954 4,00513,372 ,988 1,331 Country banks: 1941—Dec. 31.. 12,518 5.89C 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. .36,32410,195 3,096 818 22'3,8271,979 22926,12522,857 480 2,583 17,681 62 ,006 1,262 1948—Dec. 31.. 36,726 11,945 3,29< 1,356 18'4,46 2,451 26124,78121,278 760 3,340 16,046 42 ,286 1,217 1949—June 30.. 36,33811,968 3,098 1,31 1754,56 2,644 25624,37020,889 630 3,286 16,192 42 ,306 1,174 Dec. 31., 38,21912,692 3,150 1,48C 1734,7842,945 25925,52721,862 1,148 3,753 15,189 ,505 1,160 1950—Apr. 24.. 38,92713,148 25,77921,964 2,666 1,148 June 30.. 39,24, 13.51C 3,3391,379 33 1775,1253,346 26625,73- 21.83C 1,10' 2,133 3,83514,750 2,753 1,151 Insured nonmember commercial banks: 1941—Dec. 31. . 5,77. 3,24 54, 478 641,28: 854 2,535 1,509 1 152 1,069 271 563 462 1946—Dec. 31. 15,83 4.04C 862 47- 1421,748 723 11,791 10,52- 104 2,247 1,17' 6,991 752 516 1947—Dec. 31. 16,444 4,958 1,04" 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 1052,426 1,220 10,77' 9,246 234 2,066 594 6,349 1,030 498 1949—June 30., 16,44 6,07 1,07!1,030 2,508 1,311 10,376 8,849 196 1,968 406 6,277 1,054 473 Dec. 31. 16,766 6,258 1,0781,018 2,575 1,453 10,508 8,947 303 2,071 725 5,846 1,12 434 1950—June 30., 17,079 6.65C 1,1061,049 1052,727 1,635 10,425 8,799 308 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. 1498 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d d f a b te ank F s B e s w e R R e d a r i r e v n e e t v h r - 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 l e - t h - i s s c 4 j p m u D o d a s a d t s e e n e i - - t d d s 5 m D es 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 - m U G er . o e n v n S - - t . p v S s o i u a t l s a i b n i t o t d i d e c n i s a - s l c C h c o a e f e e e i f n t e c f r r c i d d t s k - . i ' s - , p a v n s a p i I t h d d r i n o o t i u d r n p c n a a i e s o s - l - , r s r - - , I b n a t n e k r- P m U G S e i a o n r a . n o e s n g v n d v t S - s - a t - . l v s S p i a u i s o t c n i b a l a o i d t d l t n e - i s s - p a v n s a p i t I h d d i r n o o t i u d r n p c n a a i e o s s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p n l - i t - s All insured commercial banks: 1941—Dec 31.. 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1946—Dec. 31.. 16,013 2,012 9,481 82,085 10,888 1,364 2,930 5,967 2 361 79,887 68 119 664 32 742 39 9,286 1947—Dec. 31.. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1948—Dec. 31.. 20,404 1,939 8,947 84,211 10,344 1,488 2,323 7,182 2,113 81,682 69 117 1,080 34,244 54 10,158 1949—June 30.. 17,807 2,036 7,777 80,613 9,058 1,374 2,135 7,337 2,352 77,005 146 163 1,243 34,560 27 10,452 Dec. 31.. 16,428 1,984 9.466 84,576 10,885 1,315 3.050 7.419 2,338 82.106 169 182 1.232 34 442 14 10,645 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 70,243 10,644 L.353 2,672 4,915 2,207 69, 127 62 114 551 26 525 30 8,095 1947—Dec. 31.. 17,797 1,672 6,270 73,528 10,978 ,375 1,176 5,504 2,401 72,704 50 105 693 27 542 54 8,464 1948—Dec. 31.. 20,406 1,486 5,674 72,152 10,098 ,480 2,122 5,850 1,962 70,947 63 111 927 27 801 45 8,801 1949—June 30.. 17,808 1,568 5,065 69,397 8,864 L.369 1,980 5,983 2,222 67,157 141 157 1,069 28 038 21 9,022 Dec. 31.. 16,429 1,521 6,194 72,658 10,623 L,310 2,838 6,017 2,185 71,589 164 175 1,051 27 934 11 9,174 1950—Apr. 24.. 15.643 1,653 5.288 71,869 9,150 L.343 2,687 6.100 1.718 69.365 150 170 1,074 28 213 252 9,347 June 30.. 15,864 1,358 5,478 72,263 9,368 L ,2783,340 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 1 1 9 94 4 7 6 — — D D eecc<. 3 3 i 1.. 4 4 , , 0 6 4 3 6 9 1 1 3 5 1 1 8 7 7 0 1 1 6 6 , , 4 6 2 5 9 3 3 3 , ,2 0 3 3 6 1 1 1, , 2 1 1 9 7 5 6 2 5 6 1 7 2 2 1 9 8 0 1,1 9 0 42 5 1 1 7 7 , , 2 6 1 4 6 6 2 1 0 2 "' " 1 is 2 3 1 9 4 1 3 4 9 1 5 8 30 2 2 , , 2 2 0 5 5 9 1948—Dec. 31.. 5,643 117 67 15,773 2,904 1,278 445 241 750 16,695 31 14 20 1 646 25 2,306 1949— D juence. 3 3 0 13 . 4 4, , 4 7 6 2 2 6 1 11 3 2 0 6 5 8 6 1 15 5 , , 1 2 8 5 2 4 2 2 , , 6 9 8 9 0 6 1 L , , 1 0 5 8 0 4 6 56 4 2 0 2 1 5 9 4 6 1,2 8 0 95 1 1 1 5 6 , , 9 4 8 0 6 8 1 9 1 0 3 3 2 8 5 3 2 3 4 1 6 5 3 9 7 0 2 2, , 3 3 1 4 2 0 1950—Apr. 24.. 4,297 131 33 14,913 2,621 1,112 518 270 625 15,559 98 35 20 I 535 ' 152 2,330 June 30.. 4,235 92 38 15,053 2,692 684 279 809 15,896 151 37 19 594 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 June 30.. 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 s. 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 June 30.. 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 June 30 . 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 5 113 6,232 9 1,193 1947—Dec. 31. 473 3,466 12,223 258 4 149 1,188 158 11 019 4 6 132 6,420 7 1,271 1948—Dec. 31.. 453 3,273 12,059 246 8 201 1,332 151 10 736 6 6 153 6,459 8 1,358 1949—June 30.. 468 2,713 11,216 194 4 155 1,354 130 9 848 6 6 174 6,539 5 1,431 Dec. 31. 463 3,273 11,918 261 6 213 1.402 153 10 517 s; 6 182 6.524 3 1,473 1950—June 30 442 2,880 11,653 209 3 250 1,496 144 10 176 c 6 206 6,613 7 1,539 * Figures not entirely comparable with prior dates due to ^classification of 9 central reserve city banks in New York City as reserve city banks. * Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 3.1, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks • Demand deposits other than interbank and U. 8. 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. NOVEMBER 1950 1499 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loansl Investments For purchasing U. S. Government obligations or carrying securities Total Comloans mer- Date or month i m n a v e n e n d s t t s - Total i t c n a r i i d 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 l R o st a e a n a t l s e L ba o t n o a k n s s O lo t a h n e s r Total c C t a if e t i e r - - s O s ri e t t h c ie e u s r agri- U. S. Other U.S. Other Total Bills of in- Notes Bonds2 cul- Govt. Govt. se- debttural ob- curi- ob- curi- edliga- ties liga- ties ness tions tions Total- Leading Cities 1949—September. 66,127 23,632 13,213 856 664 206 454 4,202 205 4,140 42,495 37,463 3,114 6,879 1,12726,3435,032 1950—July 67,785 25,817 13,772 6351,115 151 498 4,759 291 4,985 41,968 36,087 2,362 2,228 7,03224,4655,881 August. . . . -•68,122 '26,87314,364 767 978 190 518 '4,870 325 41,249 35,141 1,798 1,866 7,23224,2456,108 September. 68,897 28,006 15,376 421 977 187 5,000 5,536 40,891 34,563 2,668 1,280 7,929 22,6866,328 1950—Aug. 9. . . '67,923 "26,74014,187 8831,027 184 510 '4,833 336 5,170 41,183 35,154 1,599 2,063 6,96324,529 6,029 A A u u g g . . 2 1 3 6 . . . . . . ' ' 6 6 8 8 , , 1 1 0 6 7 4 ' ' 2 2 6 7 , , 8 0 9 9 6 4 1 1 4 4 , , 3 5 5 1 9 2 9 6 0 0 3 2 9 9 7 7 6 4 2 1 0 9 3 5 5 5 1 1 2 7 ' '4 4 , , 8 868 3 3 2 8 8 8 5 5 , , , , 1 3 1 3 4 8 6 9 4 4 1 1 , , 2 0 1 7 1 0 3 3 5 4 , , 0 8 7 9 8 4 1 1 , , 5 7 0 6 2 1 2 1 , ,7 0 0 7 2 2 6 7 , ,3 9 3 5 6 7 2 2 4 4 , , 5 0 4 9 7 5 6 6 , , 1 1 3 7 3 6 Aug. 30. . . '68,570 '27,25314,739 505 922 199 544 '4,938 358 5,439>41,317 35,082 2,297 1,359 7,88723,539 6,235 Sept. 6. . .'68,456 '27,51514,932 946 196 523 '4,956 390 5,503 40,94134,698 2,301 1,288 7,916 23,1936,243 Sept. 13 . . '.68,842 '27,73515,330 374 941 189 546 '4,992 255 5,500 41,10734,840 2,889 1,318 7,940 22,693 6,267 Sept. 20. . .'69,522 '28,27015,517 3421,042 181 530 '5,015 484 5,550 41,25234,869 3,091 1,358 7,98722,4336,383 Sept. 27 . . '.68,767 '28,50215,725 506 981 184 534 '5,035 339 5,590 40,26533,845 2,391 1,156 7,87222,426 6,420 Oct. 4. . .68,662 28,577 15,915 371 986 189 543 5,050 299 5,618 40,08533,694 2,397 1,046 7,826 22,4256,391 Oct. 11... 68,663 28,877 16,142 387 971 188 547 5,086 291 5,65739,78633,358 2,159 1,023 7,782 22,3946,428 Oct. 18 . . .68,841 28,822 16,149 368 958 184 553 5,102 222 5,,680 40,01933,580 2,437 1,029 7,751 22,3636,439 69,230 29,138 16,322 461 946 186 543 5,119 246 5,709 40,09233,729 2,551 1,040 7,772 22,366 6,363 Oct. 25 . . . New York City 19,334 7,346 4,681 786 533 192 149 82011,988 10,641 782 1,976 7,651 1,347 1949—September. 19,340 4,770 572 875 202 353 189 1,02011,456 9,844 651 325 1,652 7,216 1,612 1950—July 19,403 8,298 5,022 681 758 224 373 229 1,08411,105 9,377 351 259 1,601 7,166 1,728 August. . . . 19,786 8,637 5,471 372 761 231 404 294 1,18811,149 9,316 878 200 1,695 6,543 1,833 September. 1950—Aug. 9 . . . 19,331 8,301 4,956 793 804 217 366 190 1,05211,030 9,338 243 314 ,555 7,226 1,692 Aug. 16. .. 19,289 8,288 5,018 815 751 217 369 194 99711,001 9,258 195 291 ,528 7,244 1,743 Aug. 23 . . . 19,394 8,345 5,070 518 769 223 375 301 1,15411,049 9,293 377 134 ,634 7,148 1,756 Aug. 30. . . 19,665 8,380 5,169 438 715 251 305 1,17711,285 9,487 579 188 ,717 7,0031,798 Sept. 6. . .19,470 8,423 5,287 403 728 225 394 272 1,19111,047 9,247 594 173 ,711 6,7691,800 Sept. 13 . . .19,722 8,492 5,452 332 724 247 407 233 1,179 11,230 9,435 1,018 218 ,729 6,470 1,795 Sept. 20. . .20,202 8,813 5,539 300 825 226 410 412 1,190 11,389 9,527 1,123 243 ,707 6,4541,862 Sept. 27 . . .19,749 8,818 5,605 451 766 226 408 260 1,19110,931 9,058 779 165 1,635 6,4791,873 Oct. 4. . .19,704 8,827 5,713 335 761 233 407 266 1,196 10,877 9,015 759 159 1,639 6,4581,862 Oct. 11. .. 19,447 8,834 5,779 333 752 232 417 194 1,213 10,613 8,734 582 147 1,597 6,4081,879 Oct. 18 . . ,19,505 8,786 5,733 326 741 236 423 197 1,218 10,719 8,838 744 146 1,566 6,3821,881 Oct. 25 . . .19,769 8,927 5,765 420 738 231 421 206 1,233 10,842 9,024 900 156 1,588 6,3801,818 Outside New York City 1949—September. 46,793 16,286 8,532 131 138 262 3,987 56 3,320 30,507 2,332 4,903 89518,6923,685 1950—July 48,445 17,933 9,002 240 122 296 4,406 102 3,965 30,51226,243 1,711 903 5,380 17,249 4,269 August. . . . '48,719 '18,575 9,342 220 138 294 '4,497 96 30,14425,764 1,447 607 5,631 17,079 4,380 September, 49,111 19,369 9,905 217 147 302 4,595 73 4,348 29,74225,247 1,790 080 6,234 16,1434,495 1950—Aug. 9. . . '48,592 '18,439 9,231 223 136 293 '4,467 146 4,118 30,15325,816 1,356 1,749 5,408 17,303 4,337 Aug. 16. .. '48,818 '18,608 9,341 225 143 295 '4,499 134 4,149 30,21025,820 1,307 1,781 5,429 17,3034,390 Aug. 23 . . . '48,770 '18,749 9,442 205 143 294 '4,523 87 4,235 30,02125,601 1,384 1,568 5,702 16,9474,420 Aug. 30. . . '48,905 '18,873 9,570 207 144 293 '4,543 4,26230,03225,595 1,718 1,171 6,170 16,,536 4,437 Sept. 6. '48,986 '19,092 9,645 218 148 298 '4,562 118 4,312 29,89425,451 1,707 1,115 6,205 16,424 4,443 Sept. 13. '49,120 '19,243 9,878 217 146 299 '4,585 22 29,87725,405 1,871 1,100 6,211 16,2234,472 Sept. 20. '49,320 '19,457 9,978 217 145 304 '4,605 72 4,360 29,86325,342 1,968 1,115 6,28015,979 4,521 Sept. 27. '49,018 19,684 10,120 215 148 308 '4,627 79 4,39929,33424,787 1,612 991 6,237 15,9474,547 Oct. 4. 48,958 19,750 10,202 225 148 310 4,643 33 4,42229,20824,679 1,638 887 6,187 15,9674,529 Oct. 11. 49,216 20,043 10,363 219 149 315 4,669 97 4,44429,17324,624 1,577 876 6,185 15,986 4,549 Oct. 18. 49,336 20,036 10,416 217 147 317 4,679 25 4, ,30024,742 1,693 883 6,185 15,9814,558 Oct. 25. 49,461 20,211 10,557 208 148 312 4,698 40 4,47629,25024,705 1,651 884 6,184 15,986 4,545 r Revised. 1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. 2 Including guaranteed obligations. 1500 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—Con tinned 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 n a t d v h - l k - e s v C a i u a n s lt h b m a w a d n e n i o c s t e k - h ti s s c j p m u o a s d a t d s e e n i - - d t d s 5 p p u n v c a o a a o e i n d r r l r r d s a t - - - - , - p S s d s a i i o t u c i o n a v l a b n i d t i l t - e - s - s c C c O h a e f e e i e t n f e c r r f c d i s t . d k - i ' - s, U m G er . o e n v n S - - t . p p u v n c a o a a o e i n d r r l r r d s a t - - - - , - p S d s a i o t u c i n a v l a b i d t i l t - e - - s P U m G S e i a o n r a n o . e n s g v v n d S t - s - a - t . l m D t D i e o c s e - - ma F n ei d o g r n - Time i r B n o o g w r s - - c C o i a t u a c a p n - l - ts B d it e a s b n * - k tions tions Total- Leading Cities 1949—September . 11,888 792 2,194 46,558 46,869 3,163 1,210 2,320 14,495 637 124 9,1101,318 145 191 6,185 88,494 1950—July 12,107 805 2,277 47,784 48,431 3,370 1,370 2,30514,692 647 135 9,0701,237 201 339 6,448100,360 August. . . 12,170 793 2,182 49,015 3,317 1,588 2,20414,571 653 135 8,8381,264 217 371 6.466112,335 September 12,321 835 2,247 49,029 50,285 3,196 1,422 2,339 14,521 656 131 9,1211,305 226 327 6,487111,730 1950—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 9,118 1,253 219 307 6,456 24,825 Aug. 23... 12,395 801 2,156 48,56149,078 3,219 1,847 2,54614,550 662 133 8,614 1,275 224 370 6,468 25,838 Aug. 30... 12,126 830 2,184 48,995 49,368 3,321 1,585 2,390 14,535 663 133 8,624 1,276 225 296 6,476 27,156 Sept. 6... 12,370 804 2,16248,58149,186 3,244 1,363 2,357 14,512 661 133 9,0591,304 226 380 6,492 21,668 Sept. 13...12,544 857 2 ,4 0'8" "49,269 51,134 3,146 1,482 2,42414,518 649 130 9,3681,313 226 190 6,480 25,132 Sept. 20... 11,899 825 2,278 49,030 50,623 3,150 1,448 2,23614,516 654 131 9,319 1,280 226 410 6,484 30,086 Sept. 27...12,472 855 2,139 49,238 50,198 3,245 1,395 2,33814,537 662 130 8,7371,323 225 329 6,492 25,509 Oct. 4... 12,294 792 2,31148,98549,615 3,351 1,296 1,804 14,537 655 129 9,436 1,367 229 205 6,507 27,338 Oct. 11... 12,433 860 2,24748,83950,299 3,163 1,314 2,01814,539 655 126 9,4551,378 226 282 6,506 23,461 Oct. 18... 12,755 839 2,46149,339 51,261 3,136 1,373 1,851 14,543 653 126 9,9111,392 227 170 6,497 24,829 12,379 844 2,31549,89150,875 3,191 1,372 1,712 14,520 652 126 9,319 1,415 229 194 6,512 25,154 Oct. 25... New York City 4,434 123 33 14,91815,526 220 598 932 1,474 2,717 1,118 100 94 2,284 36,130 1949—September 1950—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 September . 4,465 129 34 15,419 16,251 230 689 667 1,503 2,7531,060 168 158 2,309 46,400 1950—Aug. 9.... 4,396 123 15,16415,759 228 926 478 1,497 2,620 1,012 159 272 2,313 8,773 Aug. 16.... 4,346 115 14,92315,797 220 748 664 1,508 2,691 1,009 165 147 2,314 9,671 Aug. 23.... 4,5.78 117 15,15915,917 202 1,168 760 1,500 2,644 ,030 168 168 2,315 11,305 Aug. 30 4,378 126 15,35716,091 234 867 696 1,504 2,641 ,042 168 125 2,311 13,218 Sept. 6 4,484 127 15,17015,853 217 654 687 1,484 2,695 ,062 168 185 2,318 9,312 Sept. 13.... 4,589 131 15,51316,397 197 729 703 1,498 2,789 ,069 168 77 2,311 10,556 Sept. 20.... 4,168 127 15,45116,434 237 681 614 1,501 2,844 ,037 168 195 2,305 12,353 Sept. 27.... 4,619 134 15,54216,320 270 692 665 1,530 2,687 ,073 168 174 2,300 10,344 Oct. 4 4,387 125 36 15,27515,957 268 557 513 1,510 2,8911,111 172 73 2,311 11,394 Oct. 11.... 4,440 150 15,09015,945 290 626 581 1,511 2,787 1,116 170 145 2,308 9,259 Oct. 18 4,701 128 50 15,40916,384 290 618 530 1,511 2,9231,137 170 36 2,300 8,957 Oct. 25.... 4,507 131 15,61616,297 329 691 492 1,489 2,7961,152 173 52 2,302 9,984 Outside New York City 1949—September . 7,454 2,16131,640 31,343 2,943 1,38813,021 605 6,393 200 97 3,901 52,364 1950—July...... 7,692 677 2,24532,789 32,720 3,125 714 1,692 13,175 628 6,318 220 139 4,140 59,703 August 7,745 674 2,15033,30733,156 3,088 698 1,582 13,069 629 6,189 240 175 4,152 64,015 September 7,856 706 2,21333,610 34,034 2,966 733 1,672 13,018 627 6,368 245 169 4,178 65,330 1950—Aug. 9... ,724 685 2,07033,18732,838 3,114 661 1,334 13,086 624 6,329 247 172 4,145 13,047 Aug. 16... ,710 652 2,26033,17533,682 3,043 715 1,663 13,066 637 6,427 244 160 4,142 15,154 Aug. 23... 7,817 684 2,123 3'3",40233,161 3,017 679 1,786 13,050 634 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: 5,983 234 171 4,165 13,938 Sept. 6. 677 2,13333,41133,333 3,027 709 1,670 13,028 633! 6,364 242 195 4,174 12,356 Sept. 13. 7,955 726 2,,373 33,75634,737 2,949 753 1,72113,020 620 6,579 244 113 4,169 14,576 Sept. 20. 7,731 698 2,24033,579 34,189 2,913 767 1,62213,015 625! 6,475 243 215 4,179 17,733 Sept. 27. 7,853 721 2,104 33,696 33,878 2,975 703 1,67313,007 634; 6,050 250 155 4,192 15,165 Oct. 4., 7,907 667 2,275 33,710 33,658 3,083 739 1,291 13,027 627; 6,545 256 132 4,196 15,944 Oct. 11. 7,993 710 2,21533,749 34,354 2,873 688 1,437 13,028 626J 6,668 262 137 4,198 14,202 Oct, 18., 8,054 711 2,41133,930 34,877 2,846 755 1,321 13,032 624 6,988 255 134 4,197 15,872 Oct. 25. 7,872 713 2,27834,27534,578 2,862 681 1,220 13,031 625 6,523 263 142 4,210 15,170 * 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. NOVEMBER 1950 1501 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans x Investments For purchasing U. S. Government obligations or carrying securities Com- Total merd F i e s d tr e i r c a t l a R nd e se d r a v t e e i m n lo a v e n a e n n d s t s t s - Total* i t a t c n a c u r g i u d n i r a r a l u d a l i - l , - l s , - G U a T l o i n o o . g b d v a S - - t b . . d r e o O a k c t l s u t e i e e h e r r r - s i s e s - r G l U T o i o g . b o v a - S - t. . ot O c h t s u t i e e h e r r - s i e s - r e l R o s a t e a n a t s l e L ba o t n o a k n s sO lo t a h n e s r Total Total Bills o d c C n t f e a e i e f e d t b s i i e r - - t n s - s - - Notes Bonds2 s O ri e t t c i h e u e s - r tions tions Boston Sept. 27 '3,107 n,296 781 10 11 13 19 »189 14 282 1,811 1,559 100 38 274 1,147 252 Oct. 4 3,124 1,282 781 5 11 13 19 192 3 282 1,842 1,592 130 35 277 1,150 250 Oct. 11 3,139 1,306 798 5 11 13 19 193 7 283 1,833 1,582 123 34 274 1 ,151 251 Oct. 18 3,113 1,304 800 5 11 13 19 194 1 285 1,809 1,558 119 35 284 1,120 251 Oct. 25 3,155 1,317 805 7 11 13 19 196 2 288 1,838 1,587 144 40 287 1,116 251 New York* 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 Oct. 4 22,112 9,719 6,075 340 768 46 251 679 268 1,437 12,393 10,281 853 172 1,833 7,4232,112 Oct. 11 21,849 9,742 6,147 344 759 44 250 693 1951,455 12,107 9,978 658 160 1,787 7,3732,129 Oct. 18 21,873 9,681 6,091 335 747 42 254 701 1971,459 12,192 10,061 798 159 1,757 7,347 2 131 Oct 25 22,166 9,823 6,127 425 744 44 248 700 2061,474 12,343 10,276 972 169 1,780 7,3552,067 Philadelphia Sept. 27 2,861 1,139 590 1 38 4 7 132 12 372 1,722 1,362 85 35 320 922 360 Oct. 4 . 2,868 1,128 590 1 38 4 7 133 2 370 1,740 1,384 119 33 311 921 356 Oct. 11 2,865 1,141 597 1 31 4 7 135 12 371 1,724 1,370 102 35 313 920 354 Oct. 18 2,854 1,134 594 1 35 4 7 133 2 375 1,720 1,368 100 35 309 924 352 Oct. 25 2,839 1,132 595 1 31 4 7 135 376 1,707 1,360 84 35 307 934 347 Cleveland- Sept. 27 4,818 1,663 888 8 31 36 55 337 11 320 3,155 2,697 155 45 645 1,852 458 Oct. 4 4,791 1,653 885 8 32 36 55 337 2 321 3,138 2,683 152 44 638 1,849 455 Oct. 11 4,789 1,672 892 9 29 37 55 340 10 323 3,117 2,661 132 45 636 1,848 456 Oct. 18 . 4,822 1,670 891 9 29 37 55 342 2 328 3,152 2,696 155 52 636 1,853 456 Oct. 25 4,835 1,673 891 12 28 37 53 344 2 329 3,162 2,707 178 48 637 1,844 455 Richmond Sept. 27 2,778 1,063 491 2 5 11 26 237 5 298 1,715 1,545 122 31 345 1,047 170 Oct. 4 2,777 1,074 501 2 5 11 27 236 3 301 1,703 1,531 113 25 343 1,050 172 Oct. 11 . 2 815 1,091 509 2 6 11 28 241 8 298 1,724 1,553 131 24 340 1,058 171 Oct. 18 2,820 1,090 511 2 6 11 28 237 5 302 1,730 1,560 133 24 340 1,063 170 Oct. 25 2,792 1,088 513 1 5 10 28 239 2 302 1,704 1,533 111 24 335 1,063 171 Atlanta Sept. 27 2,455 1,013 582 12 12 24 90 5 302 1,442 1,218 54 59 439 666 224 Oct. 4.... 2,458 1,027 597 12 12 24 89 5 302 1,431 1,210 63 49 431 667 221 Oct. 11 2,499 1,047 613 14 12 24 90 5 303 1,452 1,229 82 46 441 660 223 Oct. 18 .. 2 507 1 055 627 11 12 24 90 4 301 1,452 1,229 80 47 441 661 223 Oct. 25 2,519 1,067 635 12 12 24 90 5 303 1,452 1,229 74 46 441 668 223 Chicago* 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 Oct. 4 . 9,644 2,989 1,854 10 82 23 57 425 583 6,655 5,739 417 315 1,339 3,668 916 Oct. 11 9,691 3,058 1,885 21 84 24 59 428 15 587 6,633 5,716 377 322 1,340 3,677 917 Oct. 18 9,676 3 034 1,885 9 84 22 60 429 3 587 " 6,642 5,721 392 313 1,342 3,674 921 Oct. 25 9,735 3,086 1,921 10 79 23 59 431 19 589 6,649 5,736 410 320 1,337 3,669 913 St. Louis Sept. 27 .. 2,259 1,110 585 1 5 11 15 227 12 266 1,149 959 40 30 280 609 190 Oct. 4 2,246 1,116 590 1 4 12 14 228 10 269 1,130 945 42 27 268 608 185 Oct. 11 2,298 1,149 614 1 5 11 14 230 20 266 1,149 963 49 25 270 619 186 Oct. 18 2,309 1,156 633 1 5 11 15 231 4 268 1,153 968 65 27 258 618 185 Oct. 25 2,321 1,181 659 1 5 11 14 231 3 269 1,140 958 52 27 259 620 182 Minneapolis Sept. 27 1,233 520 258 3 4 5 94 163 713 573 19 31 144 379 140 Oct. 4 1,234 524 262 3 3 5 95 163 710 571 20 31 142 378 139 Oct. 11 1,245 530 265 2 4 5 96 165 715 575 23 29 144 379 140 Oct. 18 1,251 532 267 2 4 5 96 165 719 579 25 29 146 379 140 Oct. 25 1,254 532 267 2 4 5 96 165 722 581 25 30 146 380 141 Kansas City Sept. 27. 2,690 1,053 659 1 6 5 12 162 2 213 1,637 1,360 196 96 378 690 277 Oct. 4 2,669 1,065 670 6 5 12 163 2 214 1,604 1,329 199 62 378 690 275 Oct. 11 2,699 1,081 676 6 5 13 163 7 218 1,618 1,341 207 60 381 693 277 Oct. 18 . 2,738 1,079 680 5 5 13 164 2 217 1,659 1,381 245 62 379 695 278 Oct. 25 2,722 1,095 695 6 5 13 165 2 216 1,627 1,347 218 59 378 692 280 Dallas Sept. 27 2,629 1,328 913 6 14 45 112 1 251 1,301 1,148 112 60 338 638 153 Oct. 4 2,618 1,334 916 6 15 45 112 1 253 1,284 1,131 105 57 331 638 153 Oct. 11 2,635 1,356 932 6 15 45 113 1 257 1,279 1,125 115 57 320 633 154 O Oc c t t . . 2 1 5 8 2 2 , , 6 6 4 7 7 9 1 1, , 3 3 9 7 9 3 9 9 4 6 4 6 6 7 1 1 5 5 4 4 6 6 1 11 1 4 4 j 2 2 6 6 4 1 1 1, , 2 2 8 7 0 4 1 1, , 1 1 2 1 7 9 1 1 1 0 7 9 5 5 7 7 3 3 1 1 9 9 6 6 3 3 4 4 1 1 5 5 3 5 San Francisco Sept. 27. 12,100 5,614 2,151 4 19 9 262,355 21,122 6,486 5,334 194 211 1 534 3 3951 152 Oct. 4 12,121 5,666 2,194 4 19 9 272,361 31,123 6,455 5,298 184 196 1,535 3,383 1,157 Oct. 11 12,139 5,704 2,214 4 18 8 282.364 111,131 6,435 5,265 160 186 1,536 3,383 1,170 Oct. 18 12,231 5,714 2,226 6 16 8 272,371 21,132 6,517 5,340 216 189 1 540 3 3951,177 Oct. 25 12,213 5,745 2,248 4 17 8 272,378 41,134 6,468 5,288 166 185 1,546 3,391 1,180 City of Chicago* 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 Oct. 4 5,895 1,901 1,381 10 71 19 49 91 309 3,994 3,391 291 196 794 2,110 603 Oct. 11 5,947 1,945 1,405 21 72 19 51 91 ""s 310 4,002 3,399 280 202 799 2,118 603 Oct. 18.... . 5,928 1,930 1,410 6 72 18 52 92 1 308 3,998 3,392 284 194 794 2,120 606 Oct. 25 5,983 1,981 1,448 7 67 19 51 92 19 308 4,002 3,405 299 194 791 2,121 597 * 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. 1502 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R nd es e d r a v t e e B s F w e R a e e r n r i e a d v t k - h l - e s v C a a i u n s l h t m b a w a d n e n o s i c t t - k e h i s c s j p u m o a s d a t d s e e n i - - d t d s 3 s p p u n h v c a o a a o e n i i r d r p l r r d a s t - - - s - , - , S p s d s t a i i o a u c i o n v l t b a n i d e i - l t - s s - c C h c o a e f e e e i f t n e c f c r r i d k s d t . - i ' s - , U m G er e . o n m v S - - . p u p s n v c a o h a o a e n i r d l i r r r d a s p - - - t , - - s S p s d s a i t i o u c i o a n v l b a t n i d i - e l t - s - s P m U G S i e o a n r a n . s e o g n v t n d v S a s - - t - l . m D t e i o c s - - F ei o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p n - l - ts B d it e a s b n * - k tions tions Boston Sept. 27 47. 58 2,520 2,494 17. 58 100 485 264 34 33. 1,010 Oct. 4 48* 56 104 2,55- 2,528 184 48 80 485 29- 3 335 1,114 Oct. 11 48^ 53 108 2,552 2,543 192 49 96 483 29- 33 335 980 Oct. 18 533 6 99 2,568 2,57 199 48 88 483 307 32 335 1,005 Oct. 25 492 60 100 2,612 2,569 215 49 79 481 280 33 336 991 New York* Sept. 27 4,86i 188 11717,12517,763 49- 741 746 2,379 34 46 2,7571,07 169 17 2,50411,002 Oct. 4.... 175 11916,89417,404 505 613 574 2,359 34 2,9691,115 174 120 2,51612,073 Oct. 11 1,685 202 11916,67617,415 503 676 647 2,359 35 2,8631,121 171 159 2,513 9,925 Oct. 18 5,035 182 14517,01717,871 507 674 591 2,358 3 3,0101,141 172 88 2,504 9,617 Oct. 25 t,79C 184 12817,23017,75 560 742 551 2,336 33 2,8791,155 174 75 2,50610,601 Philadelphia Sept. 27 45' 4 112 2,191 2,301 101 29 125 413 50 369 14 1 13 321 944 Oct. 4 479 43 111 2,206 2,299 112 26 123 416 45 390 1 1 6 321 1,201 Oct. 11 47 44 101 2,189 2,296 105 31 12 41 48 389 15 1 2 321 877 Oct. 18 490 46 124 2,174 2,320 109 27 114 413 4 426 15 1 11 321 926 Oct. 25 480 47 123 2,220 2,311 104 29 105 413 44 374 1 1 6 321 912 Cleveland Sept. 27 764 86 148 3,349 3,430 221 61 181 1,306 41 441 8 2 17 495 1,471 Oct. 4 775 79 161 3,363 3,364 230 65 132 1,306 40 474 8 1 11 496 1,269 Oct. 11 759 164 3,336 3,41 233 49 141 1,306 39 47 8 1 18 496 1,287 Oct. 18 785 17 3,404 3,507 216 59 132 1,307 39 500 7 1 497 1,443 Oct. 25 768 171 3,450 3 ,506 219 55 123 1,307 39 451 8 1 497 1,402 Richmond Sept. 27 442 73 164 2,138 2,201 144 44 564 25 400 6 1 241 915 Oct. 4 464 68 175 2,136 2,197 151 49 69 568 25 443 6 1 240 1,028 Oct. 11 470 7 170 2,16. 2,251 143 50 77 568 25 453 6 1 240 935 Oct. 18 462 70 18: 2,151 2,240 145 55 71 568 25 476 6 1 240 981 Oct. 25 453 71 158 2,136 2,201 144 47 66 567 25 435 6 1 241 919 Atlanta Sept. 27 391 43 164 1,740 269 24 64 520 6 452 13 2 206 803 Oct. 4 389 39 185 1,743 26. 28 50 520 5 497 10 2 207 877 Oct. 11 42 45 184 1,808 263 25 55 520 5 536 11 2 207 781 Oct. 18 391 4: 188 1,815 240 27 50 520 5 552 11 2 207 967 Oct. 25 400 43 175 1,841 1,79, 259 28 46 520 6 513 11 2 207 817 Chicago* Sept. 27 ,898 11 317 6,671 6,700 635 114 493 2,566 25 1,403 48 1 761 3,396 Oct. 4 ,789 105 351 6,602 6,585 605 117 358 2,567 25 1,505 51 1 763 3,686 Oct. 11 ,836 113 303 6,587 6,710 570 105 402 2,569 25 1,493 48 1 763 3,084 Oct. 18 ,798 109 368 6,605 6,785 562 118 367 2,571 25 1,574 46 1 763 3,532 Oct. 25 ,844 109 338 6,792 6,850 583 102 334 2,571 25 1,461 49 1 764 3,355 St. Louis Sept. 27 36 31 107 1,473 1,600 88 21 72 471 14 516 2 191 725 Oct. 4 381 29 123 1,451 1,586 88 22 54 472 14 577 2 191 824 Oct. 11 386 33 117 1,467 1,630 87 21 65 473 14 607 2 191 711 Oct. 18 37 31 119 1,462 1,647 85 19 59 474 15 622 2 191 801 9ct. 25 384 31 114 1,488 1,641 22 54 474 14 614 2 192 767 Minneapolis Sept. 27 202 14 84 820 834 109 17 56 243 283 3 106 460 Oct. 4 196 12 99 803 837 107 17 48 243 325 3 106 506 Oct. 11 214 14 98 825 874 100 15 56 243 324 4 106 431 Oct. 18 202 14 93 816 873 93 16 51 242 319 3 107 482 Oct. 25 195 14 92 832 866 99 17 48 242 302 3 107 457 Kansas City Sept. 27 492 36 269 2,009 2,016 242 32 84 386 4 769 1 223 928 Oct. 4. . 490 32 277 1,959 1,981 240 32 76 386 4 819 2 223 945 Oct. 11 510 34 276 1,977 2,035 221 31 92 385 4 836 1 224 854 Oct. 18 477 33 321 2,002 2,096 216 33 84 386 4 864 1 225 1,017 Oct. 25 492 34 282 2,003 2,043 225 30 78 385 4 834 1 225 974 Dallas Sept. 27 462 40 313 2,128 2,116 201 37 63 358 81 608 9 228 855 Oct. 4 461 37 331 2,101 2,073 213 40 45 358 81 656 9 228 870 Oct. 11 487 38 333 2,116 2,142 194 38 51 358 81 681 9 229 753 Oct. 18 495 38 351 2,122 169 187 48 49 358 80 711 10 229 Oct. 25 . 442 40 353 2,142 2,150 189 44 45 358 80 680 11 230 San Francisco Sept. 27 651 126 257 7,018 7,003 565 217 267 4,846 382 475 108 881 3,000 Oct. 4 684 117 275 7,018 651 239 195 4,857 382 487 116 881 2,945 Oct. 11 698 127 274 7,183 552 224 209 4,862 379 502 120 881 2,843 Oct. 18 707 129 294 7,361 577 249 195 4,863 378 550 118 878 3,160 Oct. 25 639 126 281 7,191 506 207 183 4,866 382 496 121 886 3,073 City of Chicago* Sept. 27 303 41 131 ,150 4,248 345 52 238 1,353 20 1,018 41 511 2,046 Oct. 4. . 238 37 161 ,131 4,184 337 59 181 1,352 20 1,099 43 513 2,278 Oct. 11 256 41 132 4,111 4,245 317 51 198 1,353 20 1,093 41 513 1,944 Oct. 18 235 38 178 4,129 4,315 311 52 179 1,353 20 1,154 40 513 2,174 Oct. 25 237 38 155 4,240 4,346 318 48 169 1,352 20 1,067 43 513 2,026 For footnotes see opposite page and preceding table. NOVEMBER 1950 1503 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve branches and offices * Total Member Nonmember district or State Banks a B n r d a n o c ff h ic e e s s2 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 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 Sept. 30, 1950P. ..... 14,022 4,738 12,169 4,455 6,881 3,527 5,288 928 1,853 283 By districts and by States Sept. 30, 1950? District Boston . 479 329 479 329 329 259 150 70 New York 881 925 881 925 759 853 122 72 Philadelphia . 836 159 836 159 640 122 196 37 Cleveland 1,117 306 1,117 306 695 264 422 42 Richmond . 1,007 532 805 397 477 256 328 141 202 135 Atlanta 1,192 215 590 176 352 153 238 23 602 39 Chicago 2,486 610 2,486 610 1,003 252 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 1,757 11 1,748 11 756 7 992 4 9 Dallas 1,025 56 919 47 630 31 289 16 106 9 San Francisco 495 1,343 495 1,343 266 1,259 229 84 State Alabama • 225 25 129 25 93 25 36 96 Arizona 10 52 10 52 5 39 5 13 232 19 109 •5 68 1 41 4 123 14 California 194 968 194 968 119 920 75 48 148 2 148 2 93 2 55 Connecticut..., 105 46 105 46 62 39 43 7 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 886 2 884 2 506 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 164 77 60 54 46 47 14 7 104 23 Maine 63 69 63 69 38 37 25 32 Miaryland . . . 164 120 164 120 77 79 87 41 Massachusetts. ...'.*.. 178 170 178 170 142 154 36 16 Michigan 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 Montana. 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 323 162 323 162 278 146 45 16 New Mexico 51 13 51 13 35 2 16 11 New York... 632 774 632 774 553 718 79 56 North Carolina . 208 208 96 79 54 46 42 33 112 129 North Dakota 150 22 63 6 43 20 6 87 16 Ohio 657 224 657 224 423 195 234 29 Oklahoma 384 1 376 1 224 1 152 8 Oregon 69 101 69 101 30 89 39 12 Pennsylvania 968 189 968 189 738 162 230 27 Rhode Island 16 47 16 47 10 35 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. 313 112 308 112 203 61 105 51 5 Washington 118 141 118 141 52 132 66 9 West Virginia 180 179 108 71 1 Wisconsin 551 151 551 151 164 21 387 130 1Wyoming 53 53 39 14 P Preliminary. * 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. 1504 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month paper Total Accepting banks Goods stored in of sta o n u d t i - ng1 sta o n u d t i - ng Total O bi w ll n s 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 t r p a o i o t t m e e r s d ts < c D h e o a x l n l - g ar e U sh n i i p te p p d o ed in t b s e F i t o n w r e e e ig n n States countries 1949—August..., 230 189 85 53 32 104 117 37 18 16 September, 265 207 94 54 40 113 133 37 21 14 October. . . 278 215 104 57 47 110 140 39 23 12 November, 278 251 118 60 58 133 173 44 25 9 December. 257 272 128 58 70 144 184 49 30 9 1950—January... 258 280 134 67 6B 146 190 49 32 9 February. 257 256 120 69 51 136 175 45 25 11 March 258 245 100 63 37 145 165 45 23 12 April..... 257 237 93 62 31 144 157 47 18 15 May 250 231 93 59 34 138 142 58 15 17 June 240 279 126 82 44 154 170 66 21 21 July..... 259 335 155 87 68 180 211 80 22 22 August... 286 374 174 103 71 200 238 87 26 21 September 308 397 187 103 84 211 264 79 29 23 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Debit Debit cre C di u t s t b o a m la e n r c s e ' s * Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )i es a in n a v d c e c t s o r t a u m d n e i t n s n g t a in n a v d c e c t s o r t u a m d n e i t n s n g t a b n a d n k in s borrowed2 Free O (n th e e t) r a I in n n a v d c p e c t a s o r t r u a m t d n n e t i e s n n r g t s' a in n a v I d c n e c t s o r t f a u m i d r n m e i t n s n g t I a n c ( c c n o a e u p t n ) it t a s l 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 789 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 314 December... 540 5 312 456 218 694 120 30 10 290 1947—June 552 6 333 395 223 650 162 24 9 271 December... 578 7 315 393 240 612 176 23 15 273 1948—June 619 7 326 332 283 576 145 20 11 291 December. 550 10 312 349 257 586 112 28 5 278 1949—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 8 493 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 31,175 3 750 3 657 June 1,256 12 386 314 827 673 166 25 11 312 July 3 1,208 3 755 3 712 August..... 3 1,231 3 752 3 780 September.. 8 1,284 8 751 8 738 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). 8 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): July, 103; August, 126; September, 122. 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. NOVEMBER 1950 1505 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 Stock U. S. Government [Per cent per annum] mo Y w n e e th a e r , k , or m 4 m p P - c o a r o e t i p n r m o m e c t h i r - e 6 a , s - l 1 a P b a d c n e a r a 9 c r i c n y s m 0 e e ' k s p s e - l , t- ch n l a c e o r a e l a e x a n w s - l ^ n l 2 g - e m bi o 3 l s l n - e s t c h 3 uri 9 t i r i - s n e s t s o u o n e ( s t 1 t h a 2 * x - a 3 i b s - y s le t u e o ) a e r s 5 5 - Area and period lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 S 0 ,0 i , z 0 0 e 0 0 0 - of $ $ 1 l 2 o 0 0 a 0 0 n ,0 ,0 0 0 0 0 - $ a 2 n 0 d 0 o ,0 v 0 e 0 r Annual averages: 1947 average .87 1.38 .594 1.32 19 cities: 1948 average 1.11 1.55 .040 1.14 1.62 1940 2.1 4.3 3.0 2.0 1.8 1949 average 1.12 1.63 .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—October. . . 1.06 1.63 .043 1.09 1.38 1943 2 6 4.4 3.4 2.5 2.4 November. 1.06 1.63 .061 1.09 1.37 1944 2.4 4.3 3.3 2.6 2.2 December.. 1.06 1.63 .102 1.10 1.37 1945 2 2 4 3 3.2 2 3 2.0 1946 2.1 4.2 3.1 2.2 1.7 1950—January. . . 1.06 1.63 1.090 1.12 1.39 1947 2.1 4.2 3.1 2.5 1.8 February. . 1.06 1.63 1.125 1.15 1.44 1948 2 5 4 4 3.5 2.8 2.2 March 1.06 1.63 1.138 1.16 1.45 1949 2.7 4.6 3.7 3.0 2.4 April 1.06 1.63 1.159 1.17 1.45 Quarterly: May 1.06 1.63 1.166 1.18 1.45 19 cities: June 1.06 1.63 1.174 1.23 1.47 1949—Dec 2.65 4.53 3.61 2.98 2.35 July 1.06 1.63 1.172 1.23 1.45 1950—Mar. 2.60 4.45 3.54 2.94 2.31 August '1.16 1.63 1.211 1.26 1.45 June 2.68 4.50 3.65 2.94 2.39 September. 1.31 1.63 1.315 1.33 1.55 Sept 2.63 4.51 3.63 2.95 2.34 October. . . 1.31 1.63 1.329 1.40 1.65 New York City: Week ending: 1949—Dec 2 38 4 14 3 35 2 73 2.21 Sept. 30. . . 1.324 1.34 1.59 1950—Mar 2.29 3.85 3.22 2.64 2.13 O O c c t t . . 14 7 . .. . . . l 1 5 5 / AA l6 1 1. . 3 3 3 2 7 4 1 1 . . 3 3 5 5 1 1. . 6 6 4 0 J S u e n p e t. 2 2. . 3 3 2 4 3 4 . . 9 0 4 6 3 3 . . 3 3 3 5 2 2. . 7 7 2 3 2 2. . 1 1 5 6 O O c c t t . . 2 21 8 . . . . . . l 1 5 5 / / l 1 6 6 1 1 . . 3 3 3 1 7 6 1 1. . 4 4 0 5 1 1 . . 6 6 8 6 7 N 19 o e 4 r r t 9 n h — e c r D i n t i e a e c n s: d East- 2 67 4 63 3.65 3.00 2.41 1950—Mar 2.55 4.64 3.60 2.91 2.28 r Revised. June 2.67 4.58 3.62 2.82 2.45 1 Monthly figures are averages of weekly prevailing rates. Sept. 2.63 4.56 3.59 2.87 2.39 2 The average rate on 90-day Stock Exchange time loans was 1.50 11 Southern and per cent, Aug. 2, 1946-Aug. 16, 1948; and 1.63 per cent beginning Western cities: Au 4 5 8 g S S R . e e a 1 r r t i i 7 e e e , s s 1 o i i 9 n n n 4 c c 8 n l l 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 s i w c a a i t t n e h d s i n o s e f p le e in c ri d t o e e d d b . te b d o n n e d s s i s a su n e d s . selected note issues. 1 1 9 9 4 5 9 0 — — J S D M u e e n a p c r e t 3 3 3 3 . . . 1 0 1 2 2 3 3 2 4 4 4 4 . . . 6 6 7 7 6 4 1 0 3 3 3 3 . . . . 8 8 7 7 3 3 4 1 3 3 3 3 . . . 1 1 1 1 2 5 5 7 2 2 2 2 . . . . 5 8 6 7 6 2 7 4 Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND YIELDS * [Per cent per annum] U. S. Government Corporate (Moody's)4 (taxable) Munic- Corpoipal rate By ratings By groups Year, month, or week 15 (high- (high- 7 to 9 years grade)2 grade)3 Total years m o o r re Aaa Aa Baa 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 Number of issues.. 1-5 1-8 15 120 30 30 30 30 40 40 40 1947 average 1.59 2.25 2.01 2.57 2.86 2.61 2.87 3.24 2.67 3.11 2.78 1948 average 2.00 2.44 2.40 2.81 3.08 2.82 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—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 .07 2.79 February... 1.75 2.24 2.06 2.54 2.83 2.58 2.65 2 3.24 2.63 .08 2.78 March 1.78 2.27 2.55 2.84 2.58 2.66 2 3.24 2.64 .08 2.78 April 1.80 2.30 2.57 2.84 2.60 2.66 2 3.23 2.64 .08 2.79 May 1.80 2.31 2.07 2.57 2.86 2.61 2.69 2 3.25 2.65 3.12 2.81 June 1.83 2.33 09 2.59 2.87 2.62 2.69 2.90 3.28 2.66 3.15 2.81 July 1.83 2.34 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 October 1.94 2.38 1.82 2.65 2.88 2.67 2.72 2.91 3.22 2.70 3.09 2.85 Week ending: 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 Oct. 7. ... 1.91 2.37 1.87 2.63 2.87 2.66 2.71 2.90 3.22 2.70 3.08 2.84 Oct. 14 1.94 2.38 1.83 2.64 2.87 2.66 2.71 2.90 3.22 2.70 3.08 2.84 Oct. 21 1.96 2.39 1.80 2.65 2.88 2.67 2.72 2.91 3.22 2.70 3.09 2.85 Oct. 28.... 1.96 2.38 1.79 2.67 2.89 2.68 2.73 2.92 3.23 2.70 3,10 2.86 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. * 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. 1506 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 m G e e r o n n v t - - 2 g ( r h i a p i d g a e h l ) - 3 H gr i a g d h e - M Ind ed u i s u - m-g R r a a i d l- e Public fe P rr r e e- d6 Total In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c s s a t h h n a d o r s e u s - o ) f Total trial road utility Number of issues 15 12 14 15 416 365 20 31 1947 average 103.76 132.8 103.2 97.5 102.6 88.2 102.8 184.7 123 128 105 103 953 1948 average. 100.84 125.3 98.7 92.1 96.3 85.4 95.2 168.7 124 131 115 96 1,144 1949 average 102.73 128.9 101.9 92.6 98.6 82.3 97.0 176.4 121 128 97 98 1,037 1949—October. . 103.90 128.8 102.8 93.7 99.9 82.0 99.2 180.3 127 134 98 .101 1,313 November 104.22 129.6 103.2 93.5 100.3 80.8 99.5 179.8 129 137 96 103 1,323 December. 104.36 130.3 103.7 94.5 101.0 82.2 100.1 180.6 133 140 101 104 1,739 1950—January. . 104.16 131.4 104.0 96.3 101.8 86.4 100.6 182.8 135 143 108 106 1,884 February., 103.62 131.7 104.0 96.4 102.0 86.5 100.9 182.4 137 144 107 107 1,704 March. .. 103.24 131.5 104.1 96.6 102.3 86.7 100.8 183.8 139 147 109 110 1,643 April 102.87 131.3 ) 183.5 142 150 110 111 2,297 May 102.73 131.5 183.1 147 156 110 113 1,763 June 102.42 131.1 182.0 148 158 107 112 2,075 July 102.24 131.1 178.5 138 147 110 103 2,227 August 102.28 134.8 181.9 147 158 121 104 1,673 September 101.90 135.2 181.8 152 163 125 105 1,930 October. . 101.64 136.4 180.5 158 171 129 106 2,141 Week ending: Sept. 30.... 101.77 135.2 180.3 154 166 126 105 2,132 Oct. 7.... 101.76 135.4 180.9 158 170 130 106 2,486 Oct. 14 101.71 136.2 180.1 157 170 129 106 2,104 Oct. 21.... 101.59 136.8 180.8 158 171 131 106 2,015 Oct. 28 101.56 137.0 180.3 158 171 128 107 2,040 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years or more. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation, 6 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] ]"or newcapital For refunding Total Domestic Domestic Year or month f ( i u a n r n n n e e g d - d w ) - m T e ( a f i e o d o g n s o t r n d t a - - 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 * - - Total Co B n r a o p o n n o t d e d r s s ate Stocks e F i o g r n - 2 m T e ( a f e i o d o g n s o t r 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 g r n - 2 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 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 1 1 9 9 4 4 7 8 1 39 0 , , 6 2 9 1 1 4 3 9 7 , , 0 5 7 6 9 6 9 7 , , 0 2 7 5 0 5 2 2, , 6 2 0 2 4 8 2 2 9 3 4 9 44 6 , ,1 7 7 8 2 7 4 3 5 , , 5 2 6 64 7 1,2 9 1 08 9 6 10 8 2 1 , , 1 1 2 3 5 5 1 1 , , 1 9 3 4 5 8 4 82 4 4 7 2 68 2 1,4 2 8 84 2 1,1 2 9 57 9 2 2 8 8 3 177 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—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 8 369 269 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 ••551 519 265 254 211 43 »-31 ••236 190 8 48 134 128 5 '46 September 924 705 687 272 '"l45 270 220 50 18 219 219 6 193 20 20 »• Revised. 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury, 2 Includes issues of noncontiguous U. S. Territories and Possessions. 8 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. NOVEMBER 1950 1507 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES * PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Year or month E pr s o t g i c r m e o e s a d s te s d * E pr s o ti n c m e et a e t d e s d 8 New money Retirement of securities Repa o y f ment Other Plant and Working Bonds and Preferred other debt purposes Total equipment capital Total notes stock 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—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 September..... 360 351 266 220 46 32 27 5 20 33 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS * [In millions of dollars] Manufacturing * C m o i m sc m e e ll r a c n ia e l o a u n s d ' RailroacI Public utility» 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 ceeds* 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 1,180 245 155 42 9 1941 828 244 463 361 253 108 1 340 317 993 94 55 18 1942 527 293 89 47 on 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 1848 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—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 13 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 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 B5 35 210 98 106 3 3 33 17 14 September 33 21 10 58 11 8 11 11 215 197 11 7 5 27 21 3 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. *Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Classifications for years 1934-47 are not precisely comparable with those beginning 1948, but they are believed to be sufficiently similar for broad comparisons. See also footnotes 5 through 8. *Priorto 1948 this group corresponds to that designated "Industrial" in the old classification. f 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. 1508 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 oi 10 million dollars and over Assets of 50 million dollars and over Assets of 10-50 million dollars (200 corporations) (82 corporations) (118 corporations) Year or quarter Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r 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 Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s 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 1948—1 8,660 1,218 751 285 7,270 1,050 649 247 1,390 168 102 38 2 9,003 1,242 770 311 7,559 1,058 657 269 1,445 184 113 42 3 9,314 1,331 832 307 7,877 1,146 717 265 1,437 186 115 43 4 10,204 1,523 958 499 8,759 1,339 838 429 1,445 184 120 70 1949—i 9,392 1,326 808 343 8,085 1,187 723 303 1,307 139 84 40 2 9,446 1,196 726 354 8,192 1,077 653 312 1,254 119 73 42 3 9,485 1,312 799 331 8,213 1,183 717 292 1,273 129 82 39 4 8,617 1,201 766 629 7,326 1,059 675 567 1,291 142 91 62 1950—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 9,281 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 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 r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 1,537 374 180 168 1944 9,437 1,972 667 246 3,615 902 507 398 1,641 399 174 168 1945 8,902 756 450 246 3.681 905 534 407 1,803 396 177 174 1946 7,628 271 287 235 3,815 964 638 458 1,992 277 200 171 1947 8,685 777 479 236 4,291 954 643 494 2,149 193 131 134 1948. . . . 9,672 1,148 699 289 4,830 983 657 493 2,541 269 183 181 1949 . 8,580 700 438 252 5,047 1,129 753 558 2,817 332 220 216 Quarterly 1948—1 2,243 146 73 57 1,233 282 184 124 607 65 44 39 2 2,363 286 186 57 1,152 231 154 115 627 71 48 44 3 2,555 393 244 53 1,178 211 143 121 641 64 44 47 4 . . 2,510 317 191 122 1,267 254 174 133 667 69 47 50 1949—1 2,147 119 58 69 1,312 316 206 124 670 62 42 50 2 2,226 183 115 55 1,223 272 180 136 695 75 50 51 3 2,140 174 104 50 1,223 259 173 142 711 84 55 54 4 2,066 224 161 78 1,289 281 195 157 741 111 72 61 1950—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 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). NOVEMBER 1950 1509 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY [In millions of dollars] Annual Quarterly Industry 1948 1949 1950 1947 1948 1949 2 3 4 1 2 3 4 1 2 Nondurable goods industries Total (94 corps.) :l Sales 11,31313,36412,790 3 ?89 3 3?4 3 53? 3 ?43 0S1 3 163 3 333 3 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 1,211 36? 36? 394 292 342 323 371 Dividends 551 656 708 157 141 775 146 166 147 166 175 Selected industries: Foods and kindred products (28 corps.) Sales 3,231 3,447 3,254 861 846 904 805 79? 83S 757 811 Profits before taxes 421 410 377 104 99 111 85 89 101 10? 83 100 Profits after taxes 259 257 233 64 60 71 52 54 63 64 51 59 Dividends 128 13S 134 3? 4? 30 31 29 44 31 Chemicals and allied products (26 corps.) Sales 3,108 3 563 3,562 R7S 904 936 896 860 896 910 959 1 OSO Profits before taxes 547 6SS 673 1S5 166 170 140 174 189 205 944 Profits after taxes 337 408 403 95 104 119 100 83 105 115 121 149 Dividends 215 254 311 58 59 85 64 66 68 113 72 79 Petroleum refining (14 corps.) Sales 2,906 3,945 3,865 94? 978 1 077 993 934 942 996 960 989 Profits before taxes 456 525 18? 171 173 161 119 114 131 121 133 350 548 406 133 13? 141 119 0? 86 109 91 10? Dividends 127 17? 172 45 ?9 66 31 47 31 63 42 /\7 Durable goods industries Total (106 corps.):2 Sales 19,83193 818 24,152 5 714 5 991 6 673 6 149 6 397 6 399 s,284 s,963 7,301 Profits before taxes 2,312 3,107 3,192 688 788 958 830 799 866 697 896 1,237 Profits after taxes . . . . 1,355 1 1,888 408 470 564 487 470 508 424 527 732 Dividends 615 *746 949 154 166 ?74 197 188 184 380 220 91Q Selected industries: Primary metals and products (39 corps.) Sales 7,545 9,066 8,197 ,100 9 306 ,601 9,430 9,175 9,050 1,542 9 200 9 578 Profits before taxes 891 1 174 993 ?37 304 38S 3S3 228 160 299 398 Profits after taxes 545 720 578 145 185 240 204 144 130 100 175 236 Dividends . . ... 247 270 285 60 60 90 71 64 61 89 66 73 Machinery (27 corps.) Sales . 3,963 4,781 4,610 1,198 1,140 1,351 1,135 1,187 1,120 1,168 1,064 1,254 Profits before taxes . . 443 569 520 144 118 177 133 120 119 148 145 167 Profits after taxes 270 334 321 83 71 10S 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 6,692 8,093 9,577 1,951 2,056 2,221 2,151 2,601 2,707 2,118 2,283 2,975 Profits before taxes 809 1,131 1,473 251 305 327 298 376 462 337 398 596 Profits after taxes 445 639 861 146 175 176 177 218 267 200 234 352 195 282 451 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 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 i d h - s tr U p i r b n o u d fi i t t s e s - d Quarter P b t r e a o f x o f e i r s t e s In ta c x o e m s e P t a r a f o x t f e e i r 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 1941 17.2 7.8 9.4 4.5 4.9 1942 21.1 11.7 9.4 4.3 5.1 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—i 29.2 12.0 17 2 8 1 r9 1 1948 33 9 13 0 20.9 7.5 13.4 2 '37.4 15.1 ''22 2 8 1 14 1 1949 27.6 10.6 17.0 7.8 9.2 31 '42.0 17.0 '25.0 9.1 15.9 r Revised. 1 Estimates of Council of Economic Advisers, based on preliminary data. Source.—Same as for national income series. 1510 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury, In millions of dollars] Total Direct debt g d r e o b s t s Marketable public issues 1 Nonmarketable public issues Fully End of month in ( a s i g e n n t i c c t e g e u l s u u e r ) i d d a - r - - Total Total 2 Tr b ea il s ls ury c i C e n a d e d t 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 s a n e u n g s r d s y S i p ss 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 i a 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— D ju e rl c e . . . . . 2 23 0 2 2 , , 1 6 4 2 4 6 2 2 0 3 1 0 , , 0 6 0 3 3 0 1 1 4 6 0 1 , , 4 6 0 4 1 8 1 1 4 6 , , 7 4 3 2 4 8 2 3 8 0 , , 8 4 2 0 2 1 2 1 3 7 , , 0 40 3 5 9 9 7 1 9 , , 5 2 8 4 5 4 4 5 4 0 , ,9 8 1 5 7 5 3 4 4 0 , , 6 3 0 6 6 1 9 9 , , 5 8 5 4 7 3 1 1 4 6 , , 2 3 8 2 7 6 1 1, , 7 4 3 6 9 0 1 1, , 5 6 1 2 4 3 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—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 Oct... 256,959 256,937 152,779 13,629 5,373 36,948 96,670 68,413 57,954 8,999 33,539 2,206 22 1 Including amounts held by Government agencies and trust funds, which aggregated 5,365 million dollars on Sept. 30, 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 2H 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 1JNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING OCTOBER 31, 1950 [In millions of dollars] [On basis of daily statements o o f f d U o n ll i a te rs d ] States Treasury. In millions Amount Funds receive p d e r fr io o d m sales during t R io e n d s e m an p d out- maturities Month standing Issue and coupon rate Amount Issue and coupon rate Amount at end of month All Series Series Series All series E F G series Treasury bills * Treasury bonds—Cont. Nov. 2,1950 1,104 Sept. 15, 1951-552 3 755 Fiscal year Nov. 9,1950 1,102 Dec. 15, 1951-532 1,118 ending: Nov. 16,1950 1,101 Dec. 15, 1951-55 510 June—1943.. 21,256 11,789 8 271 758 2 759 848 Nov. 24,1950 1,104 Mar. 15, 1952-54. 1,024 1944.. 34,606 15,498 11 820 802 2 876 2,371 Nov. 30,1950 1,100 June 15, 1952-54. 5,825 1945.. 45,586 14,891 11 553 679 2 658 4,298 Dec. 7,1950 1,105 June 15, 1952-55. 1,501 1946.. 49,035 9,612 6 739 407 2 465 6,717 Dec 14,1950 1,005 Dec. 15, 1952-54. 8,662 1947.. 51,367 7,208 4 287 360 2 561 5,545 Dec. 21,1950 1,002 June 15, 1953-552 725 1948.. 53,274 6,235 4 026 301 1 907 5,113 Dec. 28,1950 1,001 June 15, 1954-562 681 1949.. 56,260 7,141 4 278 473 2 390 5,067 Jan. 4,1951 1,003 Mar. 15, 1955-602, 2,611 1950.. 57,536 5,673 3 993 231 1 449 5,422 Jan. 111,951 1,002 MM ar. 1155, 11995566-5588. . 24 1,449 Jan. 181,951 1,000 Sept. 15, 1956-592 . 2% 982 1949—Oct 56,670 388 289 13 86 396 Jan. 25,1951 1,001 Sept. 15, 1956-59. 3,823 Nov. . . 56,717 383 286 14 84 415 June 15, 1958-632 919 Dec.... 56,707 495 377 16 103 466 June 15, 1959-623 5,284 Dec. 15, 1959-623 3,470 1950—Jan.... 56,958 707 402 38 267 618 Dec. 15, 1960-652 1,485 Feb.... 57,217 581 361 31 189 418 Cert, of indebtedness J D u e n c e . 1 1 5 5 , , 1 1 9 96 6 3 2 - - 6 6 8 7 3 3 2 2 , , 1 8 1 3 8 1 A M p a r r . . . . . . . 5 5 7 7 , ,4 3 2 3 7 1 5 42 2 3 4 3 3 6 0 4 5 2 1 7 5 1 10 3 2 4 5 41 1 3 0 Jan. 1, 1951 IK 5,373 June 15, 1964-693 3,761 May... 57,477 416 307 16 92 454 Dec. 15, 1964-693 3,838 June... 57,536 398 297 14 86 456 Mar. 15, 1965-703 5,197 July... 57,568 417 318 13 87 505 Mar. 15, 1966-713 3,481 Aug 57,470 350 270 11 70 537 June 15, 1967-723 7,967 Sept... 57,396 310 244 8 58 475 Treasury notes Sept. 15, 1967-72. 2,716 Oct.... 57,954 971 271 145 555 496 Dec 15, 1967-723 11,689 July 1, 1951-B....1M 2,741 July 1, 1951-C....1K 886 Maturities and amounts outstanding October 31, 1950 July 1, 1951-D...1M 4,818 Aug. 1,1951 1M 5,351 Postal Savings Year of All Series Series Series Series Oct. 1, 1951 \\i 1,918 bonds 109 maturity series D E F G Oct. 15, 1951 1U 5,940 Nov. 1,1951 1M 5,253 Mar. 15, 1954 1% 4,675 1950 268 268 Mar. 15, 1955 \y2 5,365 Panama Canal Loan. 3 50 1 1 9 95 5 2 1 3 1 , ,5 8 4 9 2 2 441 3 1 , ,1 8 0 9 1 2 1953 6,637 5,408 197 1,032 Total direct issues 152,779 1954 8,416 5,966 495 1,955 1955 7,274 4,744 524 2,007 1956 5,377 2,446 600 2,332 Treasury bonds 1957 5,165 2,565 478 2,121 Dec. 15, 1950 1> 2,635 Guaranteed securities 1958 5,370 2,859 260 2,251 J Se u p n t e . 1 1 5 5 , , 1 1 9 95 5 1 1 - - 5 5 3 4 . 2 . > . 2 ^ 2 7 1, , 6 9 2 8 7 6 F V ed a e ri r o a u l s Housing Admin. 18 1 19 9 6 5 0 9 . . . . .. 5 5 , , 3 3 0 3 0 9 3 2 , , 0 49 6 1 4 2 4 8 5 0 9 2 1 , ,9 3 5 9 6 0 1961 1,589 223 1,366 1962 1,779 294 1,485 * Sold on discount basis. See table on Open-Market Money Rates, Unclassified. . 4 p. 1506. 2 Partially tax exempt. 8 Restricted. Total.... 57,954 710 34,536 3,809 18,896 NOVEMBER 1950 1511 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 l Federal Com- Mutual Insur- Other S a t n a d te Individuals Miscellaneous anteed Total Reserve mercial savings corpo- local securi- Special Public Banks banks 2 banks panies rations govern- Savings Other tors8 ties) issues issues ments bonds securities 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—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 »18,300 8,200 49,900 "17,200 10,200 July 257,557 32,518 5,465 219,574 17,969 64,700 11,500 20,100 rl8,800 8,200 50,000 17,400 10,900 Aug 257,891 32,705 5,430 219,756 18,356 64,100 11,400 20,000 19,500 8,200 49,900 17,500 10,800 1 Includes the Postal Savings System. 2 Includes holdings by banks in territories and insular possessions, which amounted to 300 million dollars on Dec. 31, 1949. 8 Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. 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. Total G ag o e v n t - . F e e ra d l - Com- M tu u al - Insur- Total G ag o e v n t - . F e e ra d l - Com- M tua u l - Insur- End of month out- cies Re- mer- sav- ance Other End of month out- cies Re- mer- sav- ance Other st i a n n g d- and serve b c a i n a k l s1 ings p c a o n m ie - s st i a n n g d- and serve ba ci n a k l s1 ings p c a o n m ie - s f t u r n u d st s Banks banks fturnudsts Banks banks Type of Treasury bonds security: ' and notes, due or callable; Total:' Within 1 year: 1 1 1 9 9 9 4 4 5 8 9 0 — — — D D J J J u u e e u n n c c n e e e.... 1 1 1 1 15 6 5 5 5 5 0 7 5 5 , . , , , 3 3 4 1 1 2 7 9 3 6 5 3 6 8 0 5 5 5 5 5 , , , , , 4 3 4 3 3 0 2 5 7 7 2 7 0 7 4 2 2 1 1 1 1 3 9 8 8 , , , , , 3 3 3 8 3 6 3 4 8 3 6 3 3 5 1 5 5 5 5 5 7 8 6 9 5 , , , , , 9 5 2 8 3 7 9 3 5 5 2 9 7 6 3 1 1 1 1 1 1 0 0 1 0 , , , , , 5 7 8 0 8 2 7 7 2 7 2 2 7 9 7 2 1 1 1 1 1 8 8 9 9 , , , , , 7 1 5 8 0 3 0 3 1 9 2 5 5 9 0 4 4 4 4 4 4 2 3 2 1 , , . , , 0 7 6 6 7 8 7 6 3 6 7 9 3 7 3 1 1 19 9 9 5 4 4 0 8 9 — — — D D J J J e u u u e c n n n c e e e . . . . . . . . . . . . . . . 1 1 1 1 1 0 3 0 1 4 , , , , , 3 2 2 3 4 8 1 2 1 1 7 6 6 9 1 9 4 3 7 1 8 9 6 0 9 2,0 9 8 5 8 7 8 0 6 7 0 2 5 1 8 9 5 5 7 7 , , , , , 0 5 0 9 0 1 7 0 2 2 4 1 1 1 2 2 2 2 1 1 3 3 3 5 7 2 6 8 1 1 3 3 3 2 4 6 2 8 6 7 0 9 5 8 3 3 3 2 4 2 , , , , , 1 6 3 9 5 2 8 0 5 5 5 5 0 6 3 July 155,181 5,341 17.96958,000 10,797 18,12644,948 Aug. 155,177 5,306 18,35657,454 10,697 17,94845,416 July.... 18,832 74 3,169 9,559 162 488 5,380 Treasury bills: Aug 24,183 74 7,116 9,645 130 477 6,741 1948—June.... 13,757 15 8,577 2,345 58 112 2,650 Dec 12,224 69 5,487 2,794 50 84 3,740 1-5 years: 1949—June 11,536 63 4,346 2,817 13 60 4,237 1948—June 46,124 318 2,636 30,580 1,829 2,790 7,971 Dec 12,319 11 4,829 3,514 15 70 3,880 Dec 44.053 226 3,258 28,045 1,769 2,501 8,254 1950—June.... 13,533 3 3,856 3,703 35 90 5,846 1949—June.... 39,175 212 2,121 26,304 1,279 2,124 7,135 A Ju u l g y.... 1 1 3 3 , , 6 6 4 3 2 7 3 6 2 4 , , 3 1 0 4 2 5 3 3 , , 9 6 9 4 2 1 2 1 5 5 1 8 2 7 0 6 7 . ; 3 5 9 4 7 6 1950— D J e u c ne.... 3 5 5 1 , ,8 0 0 6 2 7 3 1 2 8 7 6 5 1 , ,9 1 2 1 2 6 3 2 3 4 , , 1 9 2 0 7 7 1 1 , , 1 0 2 5 1 8 1 1 , , 6 73 4 1 1 1 5 0 , , 2 4 9 4 0 3 Ce 1 r 9 ti 4 fi 8 c — at D e J s u e : n c e ... 2 26 2 , , 5 5 2 8 5 8 2 1 4 4 4 6, , 0 6 7 1 8 6 9 8 , , 0 5 7 5 2 2 3 2 1 5 7 6 4 67 7 2 9 1 8 0 , , 6 4 1 2 0 3 A Ju u l g y.... 4 4 8 3 , , 7 3 0 5 8 7 3 2 0 8 5 7 5 1 , ,6 0 8 9 1 7 3 3 1 1 , , 1 5 3 9 6 5 9 8 5 8 1 4 1 1 , , 6 5 3 4 9 9 9 7 , , 1 8 2 2 1 0 1949—June.... 29,427 26 6,857 9,561 207 602 12,174 1950— D Ju e n c e . . . . . .. 2 1 9 8 , , 6 4 3 1 6 8 48 7 6 5 , , 2 3 7 5 5 7 1 5 1 , , 3 5 5 2 4 0 1 6 6 4 9 3 6 8 3 2 31 7 0 , , 2 9 5 9 4 1 5— 19 1 4 0 8 — ye D a Ju r e s n : c e ... 1 1 0 0 , , 4 4 6 6 4 4 3 3 1 1 4 4 5 4 4 3 6 4 6 6 , , 2 3 5 1 1 4 5 5 0 2 6 0 9 9 1 9 1 7 i 1 , , 9 8 3 8 6 5 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 Aug. 12,817 6 4,848 2,937 47 256 4,723 Dec 18,537 568 1,388 6,995 2,640 2,230 4,716 Treasury notes: 1950—June.... 15,926 423 1,148 5,675 2,439 2,055 4,186 1948—June 11,375 1,968 4,531 98 223 4,555 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 Aug 15,926 400 911 5,924 2,304 1,995 4,392 Dec 8,249 15 562 5,569 107 244 1,752 1950—June.... 20,404 29 3,500 11,204 154 403 5,114 After 10 years: Treasury A J b u u o l g n y d . s . : .. 2 2 5 5 , , 7 7 5 5 5 5 1 8 5 4 6 , ,1 4 4 3 6 9 1 13 2 , , 4 2 7 8 9 3 1 1 4 5 2 1 5 4 1 8 9 0 6 7 , , 6 1 8 5 9 9 1 1 9 9 4 4 9 8 — — D J J e u u c n n e e . . . . . . . . 5 4 5 8 3 3 , , , 5 8 8 5 3 3 4 8 8 4 4 4 , , , 6 4 7 8 5 1 5 5 0 4 2 7 , , , 4 2 9 5 1 2 2 5 1 3 3 3 , , , 9 9 5 2 3 4 2 3 1 8 8 7, , , 2 0 6 9 4 3 3 8 9 1 1 1 7 4 5 , , , 1 1 2 2 7 3 9 9 0 1 1 1 6 4 5 , , , 5 2 0 4 4 9 2 2 4 1948— D J e u c ne.... 1 1 1 1 2 1 , , 4 4 6 4 2 0 5 5 , , 3 3 4 3 0 6 1 6 0 , , 2 9 0 7 6 74 4 0 2 , , 3 1 7 4 1 6 1 1 0 1 , , 4 0 8 4 6 72 1 0 8 , , 8 89 8 1 02 2 6 5 , . 8 37 4 5 7 1950— D J e u c ne.... 4 4 5 5 , , 0 0 8 8 4 4 4 4 , , 4 4 8 4 2 1 3 2 , , 5 3 9 4 3 9 3 4, , 0 8 9 8 2 7 6 7 , , 5 13 8 0 8 1 1 3 3 , , 5 4 0 8 7 5 1 13 3 , , 5 0 2 9 4 0 1 1 9 9 5 4 0 9 — — D J J e u u c n n e e . . . . . . . . 1 1 1 1 0 0 0 2 4 , , , 4 7 7 2 9 5 6 5 8 5 5 5 , , , 2 2 2 1 0 7 7 1 3 5 7 7 , , , 6 2 7 1 1 8 8 8 0 3 4 3 8 2 9 , . . 0 6 2 4 9 3 2 1 5 1 1 1 0 0 0 , , , 6 4 7 2 8 6 4 0 8 1 1 1 7 7 8 , , , 5 2 3 7 4 1 9 9 5 2 2 2 5 5 6 , . , 3 0 3 2 4 2 9 0 0 A Ju u l g y.... 4 4 5 5 . , 0 0 8 8 4 4 4 4 , .4 5 9 0 2 0 1 1 , , 4 7 9 4 9 8 4 4, , 1 1 0 5 2 3 7 7 , , 3 2 0 3 6 8 1 1 3 3. , 5 5 8 4 7 3 1 1 4 3, , 9 0 1 8 7 3 July.... 102,795 5,278 4,88838,723 10,590 17,261 26,055 Aug 102,795 5,253 6,76837,379 10,473 17,04625,876 * 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 Includes stock savings banks, a Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 1512 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS 1 [In millions of dollars] On basis of daily statements of United States Treasury Cash operating » Increase (+) or General fund of the Treasury (end of period) during period Assets y m T e T o a io r n / v t o 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 ( d u + e r ) f p o ic l r u it s c T o e a r u t u c c n - . s t 1 t s, c C o i a l n u c e g - a n r t - 1 G de ro b s t s G ba f e u l n a n e n d r c a e l f a g B e u n i e r a n n a c n l d l e - - Total F D e R e r e e a d - p l - osi d t S s e c p i p i a e o n l - s- O as t s h e e t r s T b t l o i i i a e 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 t o g e m r s o s e Banks2 itaries Fiscal year: 1948 42,211 33,791 +8,419 —294 -507 —5,994 +1,624 4 932 5,370 1 928 1 773 1 670 438 45 40036 496 +8 903 1949 38,246 40,057 — 1,811 —495 +366 +478 -1,462 3,470 3,862 438 1,771 1,653 392 41 62840 576 +1 051 1950 37 045 40 167 —3,122 +99 +483 +4,587 +2,047 5 517 5 927 950 3 268 1 709 410 40 97043 155 —2 185 1949—Oct... 1,881 3,111 -1,230 +10 +160 +98 -962 4,737 5,080 595 2,831 1,654 343 2,046 3,266 -1,220 Nov.. 2,344 3,127 -783 +299 -36 +204 -315 4,422 4,789 517 2,632 1,641 367 2,965 3,426 -461 Dec... 4,191 3,722 +469 -272 -88 +148 +257 4,679 5,033 841 2,557 1,635 354 4,263 4,070 + 193 1950—Jan... 3,366 3,323 +44 +2 +589 -265 +370 5,049 5,421 677 2,898 1,847 372 3,485 3,177 +308 Feb... 2,972 2,496 +476 +170 -11 -497 +137 5,186 5,489 666 3,146 1,677 303 3,595 3,537 +58 Mar... 4,820 3,269 +1,551 -93 +122 -645 +935 6,121 6,438 1,006 3,665 1,766 317 5,162 4,046 +1,116 Apr... 1,488 2,847 -1,358 -79 +25 -6 -1,419 4,702 5,074 875 2,543 1,657 373 1,683 3,344 -1,661 May.. 2,320 2,962 -642 +147 -376 +632 -238 4,464 4,757 588 2,560 1,609 294 2,939 3,700 -762 June.. 4,404 4,296 +108 -53 o +1,007 +1,053 5,517 5,927 950 3,268 1,709 410 4,687 4,061 +626 July.. 1,881 3,013 -1,132 -99 +31 +183 -1,017 4,500 4,864 566 2,618 1,680 364 2,110 3,143 -1,032 Aug... 2,860 2,515 +344 +147 -140 •i-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 4,865 3,199 +1,666 Oct... 2,056 3,170 -1,114 -17 +49 -279 -1,359 4,145 4,537 569 2,317 1,651 392 DETAILS OF TREASURY RECEIPTS On basis of daily statements of United States Treasury On basis of reports by collectors of internal revenue Income taxes Deduct Individual Corporation income Excise F o i r s c m al o y n e th ar b p W y l h o e i y e t l e d h m r - s - Other i r n e n c v t e e e e o l r l n u a n 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 t l s 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 l 5 t - y c N e r i e e p - t ts W he it ld h- Other N su o a r r n t m d ax al E p o r x a t o n h c f e d e it s r s s t t a a g E a x n i s f t d e e - t s m la o t a a i n t s n x h e c d e e o e s r u l- s Fiscal year: 1948....... 11,436 19,735 8,301 2,396 4,231 46,099 2,272 1,616 42,211 11,534 9,464 9,852 323 899 7,412 1949 9,842 19,641 8,348 2,487 2,456 42,774 2,838 1,690 38,246 10,056 7,996 11,343 211 797 7,585 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—Qct 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 81 1,012 1,820 3 50 697 Oct.... 514 591 808 186 202 2,300 62 181 2,056 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 I t i i n n a n a o a t n i a n e n d d - a r c - l e t e m r V A r a a i t e d n i n t o - i - s s n ' - a t c A u g t u o i r r l d e i - - T c t o f r r a e t a u u c o r n n s - s t s ts - Other c N e r i e e p - t ts m v I e e n s n - t- ts p tu E en r x e d - s i- ce R i e p - ts m v I e e n s n - t- ts 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—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 3,323 1,046 463 294 509 314 45 652 291 -29 295 121 -424 56S 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 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 4,296 998 1,611 405 459 150 8 665 493 309 225 451 279 184 JUly 3 2 , , 0 5 1 1 3 5 1 1 , , 1 0 4 2 9 4 2 1 7 3 1 4 '2 2 5 73 4 4 4 6 4 4 8 -1 4 1 2 3 4 3 2 1 8 5 5 4 9 3 8 2 6 6 3 2 0 2 1 7 4 7 6 1 18 8 6 9 6 9 5 6 6 4 1 8 1 5 2 Sept 3,520 Pl.054 646 P282 400 -220 646 544 424 164 413 302 94 Oct..... . 3,170 Pi,282 229 457 p-48 84 P826 300 157 214 192 11 127 P Preliminary. r Revised. i 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. NOVEMBER 1950 1513 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items 1 Liabilities, other than interagency items Corporation or agency Total Cash L c a r e o b e i a l - v e n - s m m C p s r t a l i i u o a o n i a e p e m t d d l s e - s s , i , - - - G U se o . c v I u S m n t - . . v e e n O s r s t i s t e t - t i c h e u e s - r 2 L s t e m u t a q a r r n e u n u e d n i c d s p t - , , - O s a t e h s t - e s r a t B F g u n a u u b o r t n a l e y e n d l r e s y d - d s d p , e a n O b y o e a t t h n b e e - l s e r , O li i a t t i b h e i e s l r - i m U G n e e r . t o e s e n n v t S r - t - - . o v in P w a e t r t s e n i e t - r e l - y d rities U. S. All agencies: Sept. 30, 1949 22,594 379 11,720 1,596 2,069 3,501 2,933 396 856 1,074 20,460 177 Dec. 31, 1949 23,733 441 12,733 1,549 2,047 3,492 2,962 509 772 1,720 21,030 183 Mar. 31, 1950 24,360 387 13,350 1,567 2,221 3,488 2,932 414 708 2,07221,368 191 June 30, 1950 24,118 474 12,502 2,186 2,101 3,483 2,924 450 774 1,44621,679 201 Classification by agency, June 30, 1950 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 312 242 5 49 244 18 Federal intermediate credit banks 638 574 6 552 82 Production credit corporations 59 18 (*) 59 Agricultural Marketing Act Revolving Fund 2 (3) 1 1 (3) 2 Federal Farm Mortgage Corp 51 46 1 50 Rural Electrification Administration 1,467 1,411 ) 28 1,467 Commodity Credit Corporation. 3,159 840 2,060 92 140 724 2,435 Farmers' Home Administration4 515 423 34 2 512 Federal Crop Insurance Corp 35 3 6 28 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 756 23 443 288 172 324 76 183 Federal Savings and Loan Insurance Corp. 195 190 7 188 Home Owners' Loan Corp 95 84 2 (3) (3) 6 87 Public Housing Administration 5 1,647 320 1,268 31 1,616 Federal Housing Administration 314 20 '215 1 150 148 Federal National Mortgage Association 1,062 1,056 8 1,053 Reconstruction Finance Corporation: Assets held for U. S. Treasury « 763 2 99 605 763 Other7 1,053 17 912 1 997 Export-Import Bank 2,251 4 2,226 83 2,168 Federal Deposit Insurance Corp 1,282 1 1,276 1,277 Federal Works Agency 160 89 60 153 Tennessee Valley Authority 888 15 (3) 855 871 All other 7,415 144 3,812 3,385 42 7,402 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY June 30, 1950 Mar. 31, Purpose of loan M F C F a o e o r r d m r p . t . . b c m i F n r a a e e e t n t e d d e d k r i i . - s t - B f o t o a i p r v n e e k r c s a o s - - m C C C r o o o e d r m d p i i - t . t y t R A r E t i i f u d l o i e r m c n c a a - l . - F A H e a d o r r s m m m ' . e - H C O L e o o o w r m s r a n ' p n e - . P H A u i o d n b u m g l s i . c - b h F l a o o e n m a d k n . e s R s n C t t e a F i r o c n o u i r o - c n 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 - ag 1 e 9 a n 5 l c l 0 i , es To aid agriculture 53 574 245 923 1,413 556 (3) 10 3,773 4,851 To aid home owners 84 3 146 1,082 1,316 1,324 To aid industry: Railroads 110 3 113 113 Other (•) 481 33 515 496 To aid financial institutions: Banks (3) 2 3 3 Other 443 8 451 328 Foreign loans 133 2,233 3,750 6,116 6,101 Other. 317 67 101 485 492 Less: Reserve for losses 6, (3) 3 82 1 133 (3) 1 32 7 4 270 358 Total loans receivable (net)... 46 574 242 840 1,411 423 84 320 443 914 2,226 4,977 12,502 13,350 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. 5 Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing program, and Public Housing Administration activities under the United States Housing Act, as amended. 6 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 7 Includes figures for Smaller War Plants Corp. which is being liquidated by the Reconstruction Finance Corp. 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. 1514 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Year or month Tota I ( n l p d h u 1 y 9 s s t 3 i r c 5 i a a - l l 3 D 9 v u p f M o r a r = - c l o u a t d 1 u m n u 0 r u N e c e d 0 - ) t s u o i * o r n - x n - M era in ls - T a o w t 1 a C a 9 l r 2 o c d 3 n o e - s R n d d 2 t t t e 5 e r i r a u n s a ( l - i c c = - v t t a i s 1 o lu n 0 o e A 0 th ) l 2 e l r N t a c u g u o r r l n a E i - - l - 1 m 9 p 3 l 9 o y F = m a 1 c e t 0 n o 0 t r 3 y 1 r 9 F p t o 1 o 3 a a l 0 9 l r c y s y 0 - - = s c 1 F a 9 i = r n r 3 e » l g 5 o 1 i s g - 0 a * 3 h d 0 9 t - 1 D 9 u m s = s ( e 3 e t a v p o e ) 5 l 1 a * a e n r - 0 l e s r - t 3 * 0 t 9 - 1 s p 9 u C = r 3 i m o c 5 1 e n e 0 - s - r 3 0 s 3 9 ' W p m c = r 1 s i o h o 9 a c 1 m o 2 d l e e 0 l 6 i s - e 0 t 3 y able able Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unad justed 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 S 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 October 195 199 231 179 158 184 157 206 146.7 155.0 157.6 366.7 140 310 173 6 165 4 November 195 195 229 178 161 189 154 217 146.8 154.4 155.9 362.8 137 291 172 2 164 0 December 192 190 231 173 156 180 145 209 146.4 152.4 153.5 360.7 137 302 171.4 162.4 1949 January . . 191 187 227 175 149 174 133 207 145.2 149.7 148.9 345.9 131 295 170 9 160 7 February 189 185 225 173 149 169 123 207 144.3 147.6 147.4 340.4 126 284 169 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 . .. 179 177 212 162 148 177 141 206 142.7 143.4 141.8 319.2 127 293 169 7 157 1 May 174 174 201 161 145 181 159 199 142.0 140 7 138.2 312.8 124 291 169 2 155 8 June 169 170 194 161 133 195 176 210 141.7 140.0 138.4 315.7 114 285 169 6 154 5 July 161 163 185 154 123 209 200 217 141.1 139.1 136.9 312.8 110 281 168 5 153 6 August 170 174 193 165 129 229 228 230 141.3 139.4 141.1 323.0 117 284 168 8 152 9 September 174 178 199 172 119 246 254 240 142.0 141.1 143.7 335.1 105 289 169.6 153 5 October . . 166 169 175 177 112 263 269 259 139.1 136.3 138.8 320.9 92 276 168 5 152 2 November 173 174 181 177 141 265 256 273 140.1 136.3 137.8 313.9 117 277 168.6 151 6 December 179 178 203 176 132 262 255 268 141.2 139.3 140.4 329.3 115 293 167 5 151 2 1950 January 183 179 209 179 130 242 245 239 140.7 140.5 139.8 329.2 117 282 166 9 151 5 February 180 177 207 180 118 263 260 266 139.6 140 2 139.9 330.0 104 280 166 5 152 7 ]M[arch . ...... 187 183 211 181 144 275 278 274 141.2 141.3 141.0 333.5 127 274 167 0 152 7 April . 190 188 222 180 140 284 298 273 142.7 143 2 141.6 337.2 126 292 167 3 152 9 May . ...... 195 195 231 181 145 274 303 250 143.9 147.1 144.5 348.0 122 290 168.6 155 9 June 199 200 237 184 151 291 325 262 145.3 148.9 147.3 '362.7 127 298 170.2 157.3 July 196 198 »-235 181 144 325 369 289 146.0 150.8 148.3 '367 A 126 362 172 5 162 9 August .... 209 212 247 195 158 334 362 311 148.1 154.7 156.1 394.0 135 335 173.0 166 4 September ^210 P215 ^250 P193 P\63 2>331 *>341 P324 *>148.7 *155.4P158.0 <*400.2 134 320 173.8 169.5 October «212 «216 «254 194 •164 "294 * Average per working day. « Estimated. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 1516-1519. For points in total index, by major groups, see p. 1538. 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. 1523. 3 The unadjusted indexes of employment and payrolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 4 For indexes by Federal Reserve districts and other department store data, see pp. 1525-1528. 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. NOVEMBER 1950 1515 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Industrial Production—Total .. 174 166 173 179 183 180 187 190 195 199 196 209 P210 Manufactures—Total . ........ 184 176 179 188 192 192 194 199 204 208 205 218 P219 Durable Manufactures 199 175 181 203 209 207 211 222 231 237 '235 247 Iron and Steel * . 179 102 145 201 203 201 205 222 226 231 228 236 244 Pig iron 171 23 107 198 201 175 175 219 222 221 223 219 223 Steel 193 38 137 239 244 238 243 270 273 271 264 265 275 Open hearth . 168 21 105 194 192 181 180 204 206 202 201 198 203 Electric 373 162 359 557 612 639 691 739 755 763 710 744 792 224 226 217 227 229 236 243 251 258 262 265 279 P284 Transportation Eouiptnent . 252 238 206 211 242 210 214 226 262 277 287 P285 231 216 175 181 224 182 189 204 249 '268 r262 273 P267 (Aircraft; Railroad Equipment; Shipbuilding — Private Nonferrous Metals and Products 157 164 163 166 180 190 200 198 197 207 '202 212 P215 Smelting and refining 175 167 169 174 191 202 208 207 208 219 208 211 2>208 (Copper smelting; Lead refining; Zinc smelting; Fabricating . . 150 162 161 163 176 184 197 194 192 202 200 212 *>218 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 132 133 147 159 144 150 156 159 158 155 151 165 P165 119 116 139 153 132 138 145 150 149 144 140 151 J>150 158 165 163 170 166 173 176 175 175 178 174 192 *>193 Stone Clay and Glass Products 183 184 183 187 190 192 188 200 203 210 211 212 P211 Glass products i.. 184 193 184 182 194 195 191 209 211 220 «"225 206 210 195 204 193 190 206 207 201 222 1.23 234 244 215 225 Cement .. . .. 189 182 191 206 207 211 192 218 210 214 208 214 206 146 146 147 150 158 157 158 158 160 161 161 164 Nondurable Manufactures , 172 177 177 176 179 180 181 ISO 181 184 181 195 Textiles and Products 155 169 175 173 178 179 173 174 175 173 165 189 P191 Textile fabrics 140 153 157 154 160 162 156 157 158 156 146 111 »173 Cotton consumption .. . 127 134 138 134 144 144 138 139 140 132 123 155 152 Rayon deliveries. 294 318 340 350 355 357 350 348 347 348 360 r365 379 Wool textiles 139 161 158 151 154 159 152 154 157 161 134 172 Carpet wool consumption 148 178 186 193 215 215 210 222 216 205 135 210 Apparel wool consumption . . 138 158 140 136 147 163 153 143 149 152 139 178 Wool and worsted yarn 135 154 144 133 131 140 134 134 140 147 127 158 Woolen yarn 128 141 135 119 119 122 116 119 127 134 117 144 Worsted yarn 145 174 158 153 148 165 161 156 158 165 140 179 Woolen and worsted cloth 140 163 166 159 156 156 146 149 153 162 143 169 Leather and Products .. 115 108 97 101 108 115 116 110 101 105 122 Leather tanning 100 98 92 99 95 102 98 101 95 102 91 108 Cattle hide leathers 112 106 100 111 103 112 108 112 104 115 106 121 Calf and kip leathers 77 81 77 88 86 85 77 83 75 79 56 83 Goat and kid leathers 84 85 80 78 85 89 91 83 88 89 80 86 Sheep and lamb leathers 87 93 86 76 80 91 82 97 81 86 76 101 Shoes 125 115 101 103 116 124 128 115 106 107 107 P131 M anufactured Food Products 167 165 160 160 161 161 165 164 164 164 rl67 167 P165 Wheat flour.. 110 111 110 105 114 112 111 105 107 106 113 116 Cane sugar meltings 8 . . .. .; .. Manufactured dairy products 151 146 147 148 148 149 154 153 150 153 152 150 148 Butter 86 83 86 85 85 86 94 91 85 87 85 80 78 Cheese 167 162 176 183 185 181 191 195 175 184 178 169 160 158 140 135 142 135 144 158 155 155 165 167 169 158 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. 1516 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Tune July Aug. Sept. Manufactured Food Products—Continued ,., Meat packing 158 155 154 157 154 151 160 157 144 147 151 155 168 Pork and lard 181 184 183 185 174 168 184 182 161 165 169 175 196 Beef. , . 146 133 132 137 146 146 150 144 142 141 146 145 153 Veal . , 134 129 133 125 108 105 108 104 98 108 114 121 120 Lamb and mutton. 83 85 81 86 85 77 76 74 71 79 78 78 78 Other manufactured foods 176 175 168 167 169 169 173 171 173 173 175 P174 P171 Processed fruits and vegetables 137 149 134 132 142 136 152 148 ISO r158 '147 134 P122 Confectionery 142 132 127 140 139 139 136 131 131 133 146 Other food products 191 189 183 181 181 183 184 184 186 184 187 190 P188 Alcoholic Beverages 174 167 187 173 169 159 175 169 172 184 206 248 203 Malt liquor. 166 143 171 172 170 159 172 159 157 163 171 '167 155 Whiskey 69 72 77 83 88 84 81 97 93 95 84 111 146 Other distilled spirits 182 194 149 228 259 214 214 280 363 417 611 934 549 Rectified liquors 314 369 390 240 205 204 268 242 235 269 315 464 340 Tobacco Products 175 165 169 149 162 162 176 161 168 170 154 197 172 Cigars 125 123 120 88 97 102 97 91 93 106 96 126 120 Cigarettes 231 217 226 205 224 222 248 224 237 233 212 269 229 Other tobacco products 76 72 67 66 69 67 72 67 63 68 59 80 71 Paper and Paper Products 169 176 177 167 179 178 179 181 180 185 173 191 194 Paper and pulp 160 168 168 160 171 171 172 174 173 177 166 181 184 Pulp 179 192 191 180 198 201 198 204 199 205 202 211 212 Groundwood pulp 104 104 91 98 93 98 94 97 99 109 119 124 132 Soda pulp. 102 112 113 107 118 117 1.13 121 119 120 110 115 114 Sulphate pulp 315 340 336 312 354 360 350 365 363 373 372 381 381 Sulphite pulp 133 144 145 138 148 149 152 153 145 146 140 152 151 Paper 157 164 165 157 167 167 169 170 168 173 161 177 180 Paperboard 203 206 210 193 209 205 203 207 211 213 198 228 232 Fine paper 2 Printing paper 161 168 167 166 167 167 175 171 167 172 156 '174 180 Tissue and absorbent paper 157 170 168 161 175 170 173 185 166 171 182 183 186 Wrapping paper 136 150 150 145 155 162 163 160 158 167 151 r155 154 Newsprint 96 96 94 94 98 98 102 111 112 115 117 116 116 Paperboard containers (same as Paperboard) Printing and Publishing 159 165 160 159 163 168 169 169 166 170 162 169 172 Newsprint consumption. 156 162 153 152 159 169 163 168 165 168 167 165 163 Printing paper (same as shown under Paper) Petroleum and Coal Products 208 198 205 219 211 205 207 206 216 222 r229 238 P237 Petroleum refining 2 Gasoline 179 180 177 180 176 174 173 171 181 188 194 200 P193 Fuel oil 180 182 182 190 192 187 178 172 175 179 18? 190 *198 Lubricating oil . 142 152 152 153 149 148 152 133 143 1E52 154 174 Kerosene 160 177 177 198 207 190 188 170 184 177 186 194 Other petroleum products2 Coke 145 49 102 158 154 124 146 174 175 177 176 176 178 By-product coke 149 50 104 161 156 127 145 170 171 170 170 167 170 Beehive coke 23 7 23 58 76 21 181 320 328 428 368 r470 439 Chemical Products 236 240 243 245 248 247 247 252 256 261 261 266 v267 Paints 139 143 143 141 144 147 147 147 147 154 161 168 P166 276 294 316 335 349 355 352 349 350 350 359 362 P376 Industrial chemicals 405 414 417 422 419 424 428 434 443 451 r448 451 P457 Other chemical products 2 Rubber Products 174 192 187 193 194 195 197 203 213 r221 r223 240 P245 Minerals—Total 119 112 141 132 130 118 144 140 145 151 144 158 P163 Fuels 122 120 152 136 133 118 "148 147 148 155 148 162 P167 Coal 58 49 130 95 91 43 141 131 124 128 101 133 133 Bituminous coal 60 31 133 103 96 38 149 143 131 136 109 142 144 Anthracite 50 118 117 63 69 65 108 83 97 96 68 97 92 154 156 163 157 154 155 152 155 160 168 171 177 *»183 Metals 98 59 76 106 117 118 119 98 125 130 124 136 P141 Metals other than gold and silver 133 63 91 141 160 161 159 121 166 177 167 P188 P197 Iron ore (Copper; Lead; Zinc)2 . Gold 50 52 54 55 57 58 62 62 66 63 62 Silver 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. NOVEMBER 1950 1517 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Industrial Production—Total ... 178 169 174 178 179 177 183 188 195 200 198 212 P215 Manufacturers—Total 188 179 180 186 189 188 191 197 203 208 207 221 P223 Durable IVEanufactures 200 176 181 201 206 204 210 221 232 238 237 249 P253 Iron and Steel * 179 102 145 201 203 201 205 222 226 231 228 236 244 Pig iron 171 23 107 198 201 175 175 219 222 221 223 219 223 Steel 193 38 137 239 244 238 243 270 273 271 264 265 275 Open hearth 168 21 105 194 192 181 180 204 206 202 201 198 203 Electric 373 162 359 557 612 639 691 739 755 763 710 744 792 M.achinery 224 226 217 227 229 236 243 251 258 262 265 279 P284 Transportation Eouipynent 252 238 206 211 242 210 214 226 262 277 '272 287 P285 Automobiles (including parts) 231 216 175 181 224 182 189 204 249 '268 273 P267 (Aircraft; Railroad equipment; Shipbuilding—Private Nonferrous Metals and Products 157 164 164 167 180 190 201 198 197 207 202 212 P216 Smelting and refining 175 167 170 175 191 202 208 207 208 218 207 211 P209 (Copper smelting; Lead refining; Zinc smelting; Aluminum* Magnesium; Tin)2 Fabricating .. 150 162 161 163 176 184 197 194 192 202 200 212 P218 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 141 138 144 145 130 138 147 158 162 166 161 177 P178 Lumber 132 125 134 132 111 119 133 150 155 160 155 170 P171 Furniture 158 165 163 170 166 173 176 175 175 178 174 192 Stone Clay and Glass Products 191 193 188 181 179 179 180 197 209 212 213 220 P220 Glass products 188 197 186 172 191 191 191 209 222 218 217 212 213 Glass containers 199 210 195 177 202 201 201 222 238 232 234 223 229 Cement 219 211 206 187 168 160 157 207 221 229 229 242 ?39 Clay products 151 154 153 154 147 150 151 154 160 160 161 169 2>170 Other stone and clay products 2 Nondurable Manufactures 178 181 178 175 175 176 177 178 180 184 182 198 Textiles and Products 155 169 175 173 178 179 173 174 175 173 165 189 P191 Textile fabrics . 140 153 157 154 160 162 156 157 158 156 146 171 P173 Cotton consumption 127 134 138 134 144 144 138 139 140 132 123 155 152 Rayon deliveries 294 318 340 350 355 357 350 348 347 348 360 '365 379 Nylon and silk consumption 2. .. . .. Wool textiles 139 161 158 151 154 159 152 154 157 161 134 172 Carpet wool consumption 148 178 193 215 215 210 222 216 205 135 210 Apparel wool consumption .... 138 158 140 136 147 163 153 143 149 152 139 178 Woolen and worsted yarn 135 154 144 133 131 140 134 134 140 147 127 158 Woolen yarn. 128 141 135 119 119 122 116 119 127 134 117 144 Worsted yarn ... 145 174 158 153 148 165 161 156 158 165 140 179 Wbolen and worsted cloth 140 163 166 159 156 156 146 149 153 162 143 169 Leather and Products 114 108 98 101 108 118 115 110 101 104 99 121 leather tanning 98 99 95 99 96 109 97 101 94 100 87 106 Cattle hide leathers 110 107 105 111 105 120 108 112 104 111 100 117 Calf and kip leathers 76 83 78 86 84 89 75 80 72 80 56 88 Goat and kid leathers 84 85 77 79 85 92 90 86 86 90 79 84 Sheep and lamb leathers 86 93 91 72 74 100 79 95 88 86 71 104 Shoes 125 115 101 103 116 124 128 115 106 107 107 Manufactured Food Products 190 177 162 156 149 146 148 150 157 164 '178 190 P187 Wheat flour 120 118 111 104 114 113 109 101 103 102 112 114 P\\3 Cane sugar meltings 2 Manufactured dairy products 159 121 97 96 95 107 128 159 199 226 223 217 173 Butter . .. 83 72 65 67 71 76 85 93 109 120 104 87 75 Cheese 171 146 132 132 137 149 172 203 235 261 219 189 163 Canned and dried milk 146 113 97 109 109 129 155 175 215 228 193 174 145 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. 1518 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) flndex numbers of the Board of Governors. 1935-39 average=100] 1949 1950 Industry Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Manufactured Food Products—Continued Meat packing 145 155 172 186 183 144 148 145 144 146 141 134 152 Pork and lard 143 173 214 244 229 165 171 166 161 165 148 135 155 Beef 158 145 137 137 149 135 137 136 142 138 147 147 16"5 Veal 148 147 142 118 100 92 101 102 102 108 114 119 132 Lamb and mutton 89 88 81 84 90 78 74 72 73 73 76 84 75 Other manufactured foods 207 194 175 165 155 154 154 153 157 163 P200 P200 Processed fruits and vegetables 267 193 123 103 92 86 83 90 98 ••122 182 254 P239 Confectionery 184 172 150 141 143 140 126 108 101 99 Other food products 195 198 193 184 173 174 177 177 182 185 119200 193 P192 Alcoholic Beverages .. 179 180 171 151 143 143 162 168 177 202 219 237 217 Ivfalt Jicjuor 168 133 132 138 139 144 160 167 179 205 214 192 156 Whiskey . . . . .. 69 72 77 83 88 84 81 97 93 95 84 111 146 Other distilled spirits 249 503 312 250 168 128 139 168 218 258 354 504 753 Rectified liquors 314 369 390 240 205 204 268 242 235 269 315 464 340 Tobacco Products 185 171 172 138 162 154 167 152 168 176 160 204 181 Cigars 125 123 120 88 97 102 97 91 93 106 96 126 120 Cigarettes 247 225 231 188 224 209 230 209 237 245 223 283 245 Other tobacco products . 81 77 69 58 68 65 72 67 64 69 59 78 76 Paper and Paper Products 169 176 177 167 178 179 179 182 181 185 172 rl91 194 Paper and pulp 160 168 168 160 171 172 173 175 173 178 166 181 184 Pulp . 177 191 191 180 198 201 199 205 201 205 200 209 210 Groundwood pulp 93 97 97 99 97 102 101 107 106 110 105 110 118 Soda pulp . . . .. 102 112 113 107 118 117 113 121 119 120 110 115 114 Sulphate pulp 315 340 336 312 354 360 350 365 363 373 372 381 381 Sulphite pulp 133 144 145 138 148 149 152 153 145 146 140 152 151 Paper 157 164 165 157 166 168 169 170 168 173 160 177 180 Paper board 203 206 210 193 209 205 203 207 211 213 198 228 232 Fine paper2 Printing paper 161 168 167 166 167 167 175 171 167 172 156 174 180 Tissue and absorbent paper 157 172 168 156 173 177 173 187 166 174 174 183 186 Wrapping paper . ... 136 150 150 145 155 162 163 160 158 167 151 155 154 Newsprint . . 96 96 95 92 98 98 102 113 113 116 115 115 116 Printing and Publishing 159 169 167 162 157 166 172 174 169 169 150 161 173 Newsprint consumption 157 171 167 159 147 166 170 178 172 166 144 148 165 Petroleum and Coal Products 208 198 205 219 211 205 207 206 216 222 r229 238 P237 Gasoline 179 180 177 180 176 174 173 in 181 188 194 200 Fuel oil 180 182 182 190 192 187 178 172 175 179 187 190 Lubricating oil . 142 152 152 151 145 146 150 139 149 152 153 173 Kerosene 159 177 182 204 212 199 192 174 186 166 173 187 Coke 145 49 102 158 154 124 146 174 175 177 176 176 178 By-product coke 149 50 104 161 156 127 145 170 171 170 170 167 170 Beehive coke 23 7 23 58 76 21 181 320 328 428 368 r470 439 Chemical Products 238 245 247 249 249 250 250 253 255 258 257 263 P269 Paints. 138 143 141 141 141 146 147 149 151 158 159 165 Rayon 276 294 316 335 349 355 352 349 350 350 359 362 $376 Industrial chemicals 405 414 417 422 419 424 428 434 443 451 r448 451 *>457 Other chemical products 2 Rubber Products 174 192 187 193 194 195 197 203 213 r221 r223 240 P245 Minerals—To ta I 123 111 141 128 125 113 139 138 147 1S5 149 163 P167 Fuels 122 120 152 136 133 118 148 147 148 155 148 162 P167 Coal .. . . 58 49 130 95 91 43 141 131 124 128 101 133 133 Bituminous coal. . 60 31 133 103 96 38 149 143 131 136 109 142 144 Anthracite 50 118 117 63 69 65 108 83 97 96 68 97 92 Crude petroleum . 154 156 163 157 154 155 152 155 160 168 171 177 P183 Metals . ... 128 63 76 81 80 81 83 87 140 155 158 169 P171 Metals other than gold and silver 179 64 87 98 98 100 101 105 497 224 227 P243 P243 Iron ore 267 18 54 72 71 64 63 79 273 325 343 368 P365 Gold 57 61 62 57 54 52 55 55 57 60 Silver .. .. 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. 1519 NOVEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] 1949 1950 Industry group or industry Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total 11,557 11,164 11,167 11,413 11,506 11,484 11,574 11,731 12,048 12,200 12,356 12,677 12,731 Durable goods 6,047 5,610 5,674 5,910 5,994 5,966 6,042 6,200 6,493 6,624 6,714 6,931 6,963 Primary metal industries 9^8 556 739 946 958 973 977 1,007 1,036 1,055 1,069 1,089 1,103 Fabricated metal products 708 674 663 678 686 691 702 718 749 777 792 825 831 Machinery except electrical 940 927 913 924 937 955 971 998 1,017 1,028 1,041 1,068 1,062 Electrical machinery 5,34 543 538 548 s.ss 567 574 595 612 618 642 675 656 Transportation equipment 1017 986 898 896 978 877. 879 899 1,045 1,078 1,075 1,122 1 140 Lumber and wood products 671 679 685 685 655 669 687 703 723 734 745 753 760 Furniture and fixtures ?76 278 276 283 ?85 791 798 305 311 312 315 323 373 Stone, clay, and glass products.. 412 409 409 408 407 410 410 419 432 441 447 457 453 Instruments and related products 17? 173 173 171 171 170 170 173 176 180 187 193 704 Miscellaneous manufacturing industries 367 363 354 ,345 351 356 365 373 382 382 406 410 Ordnance and accessories 18 18 17 17 17 17 18 18 19 19 19 20 71 Nondurable goods 5,510 5,554 5,493 5,503 5,512 5,518 5,532 5,531 5,555 5,576 5,642 5,746 5,768 Textile-mill products 1,143 1,168 1,172 1,169 1,165 1 166 1,171 1,172 1,168 1,174 1,196 1,245 1,?68 Apparel and other finished textiles 1,050 1,046 1,018 1,025 1,03? 1 034 1,0^7 1,018 1,022 1,022 1,041 1,068 1,061 Leather and leather products. .. 347 346 334 345 348 350 348 344 349 350 356 363 363 Food and kindred products 1,173 1,177 1,158 1,155 1,160 1,157 1,167 1,166 1,172 1,171 1,174 1,169 1,164 Tobacco manufactures .... 87 84 83 85 85 8? 81 82 82 79 80 79 83 Paper and allied products ,386 390 389 386 384 ,387 391 394 401 405 413 Printing, publishing and allied industries 495 495 495 494 493 495 498 499 501 500 505 509 508 Chemicals and allied products. . 476 478 475 475 475 478 480 490 492 497 499 501 503 Products of petroleum and coal. 186 185 187 186 186 185 185 178 178 180 180 188 185 Rubber products 167 185 182 183 185 187 188 191 197 202 206 211 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 11,775 11,368 11,289 11,504 11,449 11,460 11,549 11,597 11,841 -12,066 12,148 12,789 12,943 Durable goods 6,060 5,651 5,719 5,961 6,00© 5,982 6,070 6,195 6,456 '6,596 ^6,597 6,892 6,980 Primary Metal Industries . « 938 559 743 955 963 978 982 1,007 1,026 '1,050 '1,053 1,084 1,103 Blast furnaces, steel works and rolling mills 499 131 325 507 511 512 507 523 529 538 542 549 Nonferrous smelting and refining, primary 4? 39 38 41 43 45 45 45 46 46 45 46 Nonferrous rolling, drawing and alloying 67 70 63 73 74 75 77 77 79 80 •79 83 Fabricated Metal Products 708 677 666 688 693 698 709 722 742 769 '772 813 831 Cutlery, hand tools and hardware 114 116 116 119 174 129 131 133 129 132 Heating apparatus and plumbers' supplies 110 116 113 111 108 11? 114 118 119 122 120 132 Fabricated structural metal products 156 129 134 142 141 141 143 146 149 154 158 165 Machinery except Electrical 935 922 908 929 937 960 981 1,003 1,022 '1,033 '1,031 1,057 1,057 Agricultural machinery and tractors 140 128 125 131 133 137 140 142 142 141 141 141 Metalworking machinery... 149 148 146 146 147 149 152 155 158 163 161 170 Special-industry machinery 1?? 119 117 117 117 118 119 121 123 ••125 124 127 Service-industry and household machines 10? 108 109 119 133 1,38 143 149 148 146 145 Electrical Machinery 531 548 546 559 561 573 580 595 606 615 623 658 653 Electrical apparatus (generating, etc.) .... . 201 203 202 208 ?08 217 222 222 227 238 Communication equipment. 182 193 200 201 203 207 212 217 220 227 229 250 Transportation Equipment. . 1,017 986 898 896 978 872 879 899 1,045 '1,078 '1,075 1,122 1,140 Motor vehicles and equipment 686 666 582 585 675 567 576 595 736 r762 784 191 188 184 184 184 184. 184 185 185 187 188 201 Ship and boat building and repairing 74 69 71 69 66 67 67 67 >"68 68 78 Lumber and Wood Products 684 689 692 682 642 652 677 692 723 '745 772 775 Sawmills and planing mills.. 416 414 413 404 381 ,"386 ,399 410 430 '437 -440 456 Millwork, plywood, etc 95 98 101 102 107 101 107 104 106 ••109 109 113 Furniture and Fixtures 777 284 283 289 797 Wf 303 303 303 302 318 325 Household furniture 199 206 207 211 212 222 221 222 r222 234 Stone, Clay, and Glass Products.. 414 411 411 412 403 408 410 419 432 441 '440 459 455 Glass and glass products. .. 107 108 108 107 106 108 109 113 116 118 114 122 Structural clay products.... n 71 70 71 69 68 69 69 73 76 r77 78 Instruments and Related Products. 172 174 174 173 172 171 172 174 176 180 180 191 204 Miscellaneous Manufacturing In- 366 383 381 361 345 356 361 363 362 367 357 398 416 18 18 17 17 17 17 18 18 19 19 19 20 21 ' 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 September 1950 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonal factors currently used in compiling the adjusted series for groups and the total have been revised somewhat; revised back data, seasonally adjusted, may be obtained from the Division of Research and Statistics. 1520 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. 5,715 5,717 5,570 5,543 5,449 5,478 5,479 5,402 5,385 '5,470 '5,551 5,897 5,963 Textile-mill Products 1,132 1,168 1,184 1,187 1,177 1,183 1,172 1,162 'i, 174 rl, 160 1,226 1,255 Yarn and thread mills 140 144 147 149 149 149 149 145 143 146 '147 155 Broad-woven fabric mills.... 547 565 572 574 568 571 574 573 '580 '571 595 219 227 230 227 223 223 213 '212 209 227 Apparel and Other Finished Textiles 1,082 1,083 1,028 1,040 1,032 1,065 1,058 1,003 976 *976 TQ7Q 1,084 1,093 Men's and boys' suits, coats and overcoats 133 129 118 127 130 135 129 135 127 138 Ivf en's and boys' furnishings 246 252 247 241 244 245 241 239 '238 '231 251 Women's and misses' outerwear 319 308 280 296 302 315 272 254 '248 '267 306 Leather and Leather Products . . . . . . .. 354 349 332 343 348 357 357 341 335 343 351 370 370 Footwear (except rubber) 230 224 208 .224 231 235 235 222 218 224 230 237 Food and Kindred Products 1,340 1,273 1,185 1,139 1,078 1,055 1,060 1,065 / 0P0 rl, 141 rl 228 1 328 1 322 Meat products 230 236 242 251 244 232 228 227 '232 r234 236 Dairy products 110 104 99 96 95 97 99 103 108 114 116 114 Canning and preserving. 322 232 160 136 117 110 109 120 127 '151 301 196 199 195 190 186 188 190 191 193 191 194 192 Beverage industries 157 149 146 141 135 134 139 141 146 157 '162 168 Tobacco Manufaciures . 94 92 89 87 85 81 78 76 76 75 75 82 90 P&Per and Allied Products . . 384 392 393 390 385 386 389 391 392 *399 397 411 419 197 200 201 200 199 200 200 201 202 205 204 208 Printing, Publishing and Allied Industries 495 500 500 501 493 495 496 497 498 '500 500 504 508 144 144 145 145 142 145 146 148 149 150 150 149 Commercial printing . 162 166 165 168 167 165 165 165 164 166 '164 165 Chemicals and A Hied Products 478 488 485 484 480 485 490 485 *482 479 491 506 Industrial inorganic chemicals 50 52 51 51 50 52 52 53 53 54 51 49 140 141 143 144 144 144 145 146 148 150 151 153 61 62 62 62 62 59 58 61 61 62 63 64 189 185 188 185 184 183 177 181 182 192 188 Petroleum refining 149 148 148 146 145 144 143 136 136 138 '138 147 167 187 186 187 187 189 191 194 199 r200 209 212 Tires and inner tubes 64 81 81 82 83 83 83 84 86 88 '88 90 For footnotes see preceding page. HOURS AND EARNINGS OF FACTORY EMPLOYEES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours work Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1949 1950 1949 1950 1949 1950 Sept. July Aug. Sept. Sept. July Aug. Sept. Sept. July Aug. Sept. Manufacturing—Total. 55.72 59.21 60.32 60.53 39.6 40.5 41.2 40.9 1.407 1.462 1.464 1.480 Durable goods 58.69 '62.85 64.33 64.90 39.6 '41.0 41.8 41.6 1.482 '1.533 1.539 1.560 Primary metal industries 60.42 '66.83 67.73 69.64 37.6 '40.6 41.3 41.6 1.607 1.646 1.640 1.674 Fabricated metal products , 59.25 62.71 64.73 65.95 40.2 41.2 42.2 42.3 1.474 1.522 1.534 1.559 Machinery except electrical , 60.44 '66.27 67.65 69.15 39.3 41.6 42.2 42.5 1.538 '1.593 1.603 627 Electrical machinery 57.88 '59.79 60.46 61.49 40.0 '40.7 41.1 41.1 1.447 1.469 1.471 496 Transportation equipment 67.13 '71.41 72.65 70.65 40.1 '41.3 41.8 40.3 1.674 '1.729 1.738 1.753 Lumber and wood products 52.83 '56.28 58.46 57.44 40.7 41.2 42.3 41.5 1.298 '1.366 1.382 384 Furniture and fixtures. . , 50.72 '52.15 55.00 54.73 41.0 41.0 42.8 42.2 1.237 '1.272 1.285 1.297 Stone, clay, and glass products , 54.73 '58.55 59.39 59.86 39.6 '40.8 41.5 41.0 1.382 '1.435 1.431 1.460 Instruments and related products. 55.26 '58.96 60.19 63.44 39.5 '40.8 41.0 41.9 1.399 1.445 1.468 1.514 Miscellaneous manufacturing industries 50.57 '52.93 54.91 56.33 40.2 '40.5 41.6 42.1 1.258 '1.307 1.320 1.338 Ordnance and accessories , 59.76 64.52 64.80 66.87 40.3 42.2 41.7 42.7 1.483 1.529 1.554 1.566 Nondurable goods 52.59 '54.69 55.65 55.42 39.6 39.8 40.5 40.1 1.328 '1.374 1.374 1.382 Textile-mill products 45.82 '47.23 49.53 50.18 38.6 39.0 40.6 40.8 1.187 '1.211 1.220 1.230 Apparel and other finished products 44.01 '43.30 46.18 43.68 36.8 '36.2 37.7 36.1 1.196 '1.196 .1.225 1.210 Leather and leather products 41.99 '44.73 46.45 45.47 36.8 38.1 39.2 37.7 1.141 '1.174 1.185 1.206 Food and kindred products 53.63 '56.85 56.41 56.32 41.8 42.3 42.0 41.5 1.283 '1.344 1.343 1.357 Tobacco manufactures 38.39 '42.05 43.44 41,25 38.9 38.4 39.6 39.4 .987 '1.095 1.097 1.047 Paper and allied products 57.64 '61.45 62.80 62.59 42.6 43.4 44.1 43.8 1.353 '1.416 1.424 1.429 Printing, publishing and allied products 72.02 '72.41 73.09 74.37 39.1 38.6 38.9 39.1 1.842 '1.876 1.879 1.902 Chemicals and allied products , 59.66 62.84 63.14 63.45 41.4 41.1 41.4 41.5 1.441 1.529 1.525 1.529 Products of petroleum and coal , 74.47 76.31 74.22 76.03 41.1 41.7 40.8 41.3 1.812 1.830 1.819 1.841 Rubber products 61.01 '66.19 67.61 n.a. 40.3 '41.5 42.6 n.a. 1.514 '1.595 1.587 n.a. * Revised. n.a. Not available. NOTE.—Data are for production and related workers, Figures for September 1950 are preliminary. Back data are available from the Bureau of Labor Statistics, NOVEMBER 1950 1521 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—September '43,014 14 088 943 2,188 3,939 ••9,419 1,780 4,785 5,872 October '42,135 13,678 591 2,203 3,877 9,386 1,785 4,770 5,845 November '42,431 13,684 917 2,200 3,895 ••9,339 1,784 '4,792 5,820 December ••42,758 13,946 940 2,131 3,930 9,426 1,788 '4,786 5,811 1950—January . .. »*42,627 14 040 867 2,109 3,902 ••9,371 1,781 '4,773 5,784 February '42,283 14,023 604 2,091 3,874 ••9,358 1,786 4,768 5,779 March '42,752 14 135 944 2,096 3,906 »-9,348 1,791 '4,756 5,776 April '43,212 14 302 942 2,163 3,948 ••9,391 1,794 '4,757 5,915 May '43,578 14,629 941 2,223 3,888 9,459 1,803 '4,766 5,869 June '44 010 14 802 943 ••2,299 3,995 »-9,532 1,809 '4,778 5,852 July '44,222 14 971 '914 •"2,356 ••4,020 ••9,535 1,805 '4,770 5,851 August '44,859 15,320 945 2,418 4,069 ••9,619 1,820 '4,780 5,888 September 45,037 15,397 947 2,404 4,096 9,595 1,837 4,768 5,993 UNADJUSTED 1949—September 43,466 14,312 948 2,341 3,959 9,409 1,771 4,833 5,893 October .. 42,601 13 892 593 2,313 3,871 9,505 1,767 4,794 5,866 November....... 42,784 13,807 917 2,244 3,892 9,607 1,766 4,768 5,783 December 43,694 14,031 940 2,088 3,930 10,156 1,770 4,738 6,041 1950—January 42,125 13,980 861 1,919 3,869 9,246 1,772 4,701 5,777 February 41,661 13,997 595 1,861 3,841 9,152 1,777 4,696 5,742 March 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 2,245 3,885 9,326 1,812 4,790 5,900 June »"43,945 14,666 ••946 '2,414 4,023 '9,411 1,827 '4,826 5,832 July '44,058 14 771 r921 '2,521 ••4,060 '9,370 1,832 '4,842 5,741 August 45,031 15,444 953 2,611 4,116 9,443 1,838 4,828 5,798 September 45,500 15,616 951 2,572 4,116 9,586 1,828 4,816 6,015 ' 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, unpaid family workers, and members of the armed forces are excluded. September 1950 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Year or month in T s o ti t t a u l t n io o n n a - l T la o b t o a r l Employed 1 Not in the population force Total Unem- labor force Total In nonagricul- In ployed tural industries agriculture 1942 102,460 60,230 56,410 53,750 44,500 9,250 2,660 42,230 1943 103,510 64,410 55,540 54,470 45,390 9,080 1,070 39,100 1944 104,480 65,890 54,630 53,960 45,010 8,950 670 38,590 1945 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40,230 1946 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1947 107,458 61,608 60,168 58.027 49,761 8,266 2,142 45,850 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1949—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 September 111,030 65,020 63,567 61,226 53,415 7,811 2,341 46,010 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. 1522 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 utilities Month Factories Commercial Educational Other 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 January. 483.0 730.9 159.1 343.5 43.6 37.7 62.6 60.6 38.1 63.5 77.6 73.5 102.0 152.1 February 568.5 779.5 193.1 361.5 37.8 27.9 58.8 58.3 44.7 58.0 80.6 121.4 153.5 152.5 March 747.6 1 300.2 251.8 574.7 66.2 161.5 88.4 88.6 60.4 96.3 112.4 154.3 168.4 224.9 April 845.9 1 350.5 307.2 674.8 43.8 119.2 92.0i 106.8 68.4 97.0 112.2 125.6 222.4 227.0 May 885.4 1347.6 351.3 674.6 51.5 83.7 68.5 96.4 76.0 100.2 124.6 128.3 213.5 264.5 June 949.9 1345.5 375.0 628.1 45.4 69.3 70.9| 97.7 81.4 128.3 138.3 148.7 239.0 273.4 July 947.8 1420.2 344.8 675.1 41.5 79.8 73.4 117.4 91.2 121.2 144.2 168.8 252.7 258.0 August.. 911;0 1 548.9 398.7 754.1 41.1 128.8 64.4 137.9 72.9 113.1 99.6 162.2 234.3 253.8 September 1,071.7 286.5 503.5 549.6 38.0 90.8 103.9 137.2 78.6 119.4 124.5 151.4 223.1 238.2 October 1,061.8 500.7 48.9 82.8 83.6 141-8 204.0 November 957.8 435.2 35.9 58.6 62.3 109.3 256.4 December 929.0 419.1 64.8 60.7 66.9 110.8 206.8 Year .. 10,359.3 . 4,239.4 558.6 885.0 824.4 1,375.9 2,476.0 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership Month 1948 1949 1950 1948 1949 1950 1948 1949 1950 1950 1949 Federal Reserve district January. . . 615 483 731 197 160 201 419 323 530 February. . 682 568 780 248 252 285 434 317 495 Sept. Aug. Sept. 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 64,450 94,199 74,620 June 935 9501,345 338 375 428 597 574 917 New York 191,949 222,384 181,790 July 963 9481,420 335 410 460 628 537 960 Philadelphia 72,716 126,741 100,301 August.... 854 9111,549 276 316 438 579 5951,111 Cleveland 141,878 176,195 106,814 September. 762 1,072 259 289 503 783 Richmond 147,266 165,383 150,067 October 779 1,062 262 332 517 730 Atlanta 139,206 143,192 87,684 November.. 611 958 199 316 413 642 Chicago 208,821 261,984 171,597 December.. 694 929 278 299 416 630 St. Louis 88,438 103,337 64,121 Minneapolis 59,658 60,406 32,952 Year.... 9,430 10,359 3,107 3,718 6,3236,641 Kansas City 57,075 63,701 39,640 Dallas 115,084 131,354 62,088 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Total (11 districts) 1,286,541 1,548,876 1,071,674 [In millions of dollars] Title I loans 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 y e 4 s - h R g ( o T a e r I u o n n i D s t d u t i l a p n e l g W h e ( o V V a T r u a r I e i s n t a ) t i l 2 - s n n e ' d g INSURED PO F R H T A FO H L O IO M [ , I E n B m Y M i l O C lio R L n T A s G S o S A f G d O o E l F l S a r I s N ( ] T S I T T I L T E U T II I ) O N HELD IN Sav- 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 2 3 5 1 4 .• 1 1 , , 1 1 9 6 8 7 3 6 3 7 2 7 6 5 5 2 1 1 1 4 8 1 4 7 9 7 4 1 1 2 1 1 5 1 8 6 2 2 2 7 9 4 1 1 7 1 5 6 9 (3 1 ) 6 4 3 2 6 5 2 8 7 3 0 1 4 2 7 3 3 End of month Total b C m c a o i n e a m r k l - s - b M s t i a n u a n g v a u k s l - - s a a l i s a o t n s i n a g o o d n s c n i s - p I c a n a o n n s m c u i e e - r s - a c F e g i e e r e a d s n l - 1 - Others 1946 755 321 347 3 85 1947 1,787 534 446 808 1948 3,338 614 7 880 1,836 1936—Dec 365 228 8 56 41 5 27 1949 43,821 594 13 1,855 7 1,339 1937—Dec 771 430 27 110 118 32 53 1949— O N D S c e e o t p c v o e t e b e m m m er b b b e e e r r r . . . . . . 4 4 3 3 3 3 7 0 8 2 1 9 3 3 6 6 5 7 5 0 8 1 I I 2 1 1 1 0 6 8 8 6 3 9 8 1 8 6 9 2 4 7 0 8 1 1 1 1 1 9 9 9 9 9 3 3 4 4 4 8 9 0 1 2 — — — — — D D D D D e e e e e c c c c c 3 3 2 1 1 , , , , , 1 6 1 7 4 0 9 9 2 0 7 9 3 9 0 1 1 1 , , , 1 4 6 6 9 6 6 6 0 3 2 5 9 2 4 2 1 1 3 3 8 3 7 8 6 6 0 1 2 2 2 1 1 2 7 5 9 4 4 6 4 2 9 1,0 2 3 5 7 3 1 4 4 8 2 2 2 2 9 2 2 2 1 3 0 4 5 7 4 1 5 3 7 1 1 1 1 9 5 7 3 6 0 0 9 3 3 1950—January 4337 57 228 51 1943—Dec 3,626 1,705 256 292 1,134 79 159 February.. . 4329 44 203 73 1944—Dec 3,399 1,590 260 269 1,072 68 140 March. 4 353 44 209 88 April 4 329 27' 171 122 1945—June 3,324 1,570 265 264 1,047 43 134 May <351 48 176 1 110 Dec 3,156 1,506 263 253 1,000 13 122 June 4 376 78 181 1 113 July 4 369 61 183 8 HI 1946—June 3,102 1,488 260 247 974 11 122 August 4414 69 217 122 Dec 2,946 1,429 252 233 917 9 106 September.. 4 373 55 216 88 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 . o — t F ta ig k u e r e a s c c r o ep u r n e t s o e f n t p r g i r n o c s i s p a in l s r u e r p a a n y c m e e w n r t i s t t o e n n p d r u e r v i i n o g u s t l h y e in p s e u ri r o e d d Un 2 i I te n d c lu S d ta in te g s m H o o r u tg s a in g g e c C o o m rp p o a r n a ie ti s o , n f . inance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. NOVEMBER 1950 1523 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 s Excess of exports Month 1946 1947 1948 1949 1950 1946 1947 1948 1949 1950 1946 1947 1948 1949 1950 January. 798 1,114 1L,092 1,105 P743 394 531 547 590 P623 405 583 545 515 P120 February . « 670 1,146 1,085 1,043 P77O 318 437 589 567 P600 352 709 496 477 P170 March 815 1,326 1L139 1,189 P864 385 445 675 633 P664 431 882 464 557 P200 April . ..... 757 1,294 1,121 1,172 P806 406 512 532 535 P583 351 782 590 638 P223 May 851 1,414 1,103 1,095 P828 393 474 554 541 P659 457 940 549 554 »169 Tune .. 878 1,235 L.014 1,107 . P876 382 463 625 526 P685 496 772 389 581 P191 July 826 1,155 1,019 900 P3 774 431 450 564 457 P709 395 705 456 '444 P65 August 883 1,145 992 '884 P761 422 400 606 491 P819 461 745 386 393 p-58 September.... 643 1,112 926 '910 P910 377 473 560 530 P858 266 639 365 379 P53 October 537 1,235 1.023 *>853 394 492 600 *»557 142 743 423 »296 986 1 141 823 P841 478 455 554 P593 508 687 269 P248 December 1 097 1,114 1,318 P944 529 603 720 P605 567 511 598 »339 Jan.-Sept 7,120 10,940 9,489 9,404 P7,333 3,507 4,184 5,249 4,868 P6.201 3,613 6,756 4,240 4,537 P1,132 p Preliminary. r Revised. 1 Includes 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. * 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 ucts ous l.c.1. Total Total Net railway railway railway Net operating expenses operating income Annual revenues income 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 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 4 4 4 4 7 5 6 4 8 9 3 . 1 1 1 1 1 1 1 3 3 4 4 3 3 1 7 5 0 3 2 8 6 1 1 1 1 1 1 1 4 3 3 4 4 0 3 3 8 4 7 1 0 0 1 1 1 1 1 1 1 7 8 8 8 4 4 8 2 2 6 5 6 5 4 1 1 1 1 1 1 1 3 4 4 3 3 5 5 9 6 2 6 8 1 0 1 1 1 1 1 1 0 2 2 8 2 7 7 7 5 4 8 9 7 1 1 1 1 1 1 1 4 4 2 5 4 2 4 1 3 9 3 9 3 3 1 1 1 1 1 1 1 9 8 6 8 8 3 5 2 4 9 0 1 6 1 1 1 1 1 1 1 1 4 4 4 4 4 3 2 7 5 2 8 6 9 7 6 6 6 6 5 7 7 3 7 9 8 7 8 5 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 1 3 5 6 2 7 0 4 . ..... . , , . , 4 5 9 8 9 8 7 7 , , , , , , , , 0 4 2 9 3 4 6 6 3 5 9 0 6 4 2 8 7 5 7 6 2 8 7 5 3 4 8 8 5 7 7 7 , , , , , , , , 6 3 3 0 9 9 0 6 1 3 4 0 0 4 9 8 4 1 8 4 9 5 7 2 1 1 1 , , , 3 1 4 6 9 8 6 7 0 6 8 8 5 9 2 8 6 0 5 2 2 8 0 1 5 9 8 6 4 2 4 1 0 0 6 8 7 5 7 8 2 0 7 7 3 0 9 9 SEASONALLY 1948 ., 9,672 8,670 1,002 699 ADJUSTED 1949 P8.580 P7.893 *>687 P438 1949—August 117 103 123 138 77 125 160 127 57 September... 105 60 130 125 79 121 145 125 52 SEASONALLY October 92 42 54 153 85 124 28 111 54 ADJUSTED November... 117 131 96 152 75 137 42 119 54 December. . . 115 97 148 131 72 134 146 127 52 1949—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 September... 134 135 201 128 72 148 198 142 55 May 715 661 54 20 June 791 691 100 70 UNADJUSTED July 772 686 86 54 1949—August 120 103 119 149 73 131 240 128 57 August 833 744 56 September. 114 60 128 140 104 130 218 135 55 October 99 42 53 153 131 131 35 121 56 UNADJUSTED November... 120 131 96 149 95 135 51 124 . 55 December. . . 107 97 155 123 69 119 45 120 50 1949—August 743 677 '65 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 September... 145 135 198 143 95 160 298 154 57 May 745 678 67 45 June , 779 689 90 72 July 772 688 84 59 NOTE.—For description and back data, see BULLETIN for June 1941, pp. August. . . , 890 768 122 96 529-533. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce v Preliminary. ' Revised. Commission. NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic data compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. 1524 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS (Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average = 100] Federal Reserve district Year or month U S n t i a t t e e d s Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t n - ta c C a h g i- 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 s n c n o - SALESi 1945 207 176 169 184 201 235 275 193 227 185 229 275 248 1946 264 221 220 235 257 292 344 250 292 247 287 352 311 1947 286 234 239 261 281 304 360 275 314 273 311 374 337 1948 302 239 249 284 303 321 386 290 335 288 325 404 353 1949 286 234 233 271 281 307 374 271 317 275 309 385 332 SEASONALLY ADJUSTED 1949—September 289 241 '242 277 279 '308 367 '282 332 276 312 '375 326 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 274 216 217 262 270 288 374 265 297 249 298 389 321 292 244 235 281 299 323 397 269 319 277 307 401 333 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. . 335 268 277 319 334 359 415 335 370 321 355 449 '374 September *>320 P253 262 310 333 331 305 360 420 369 UNADJUSTED 1949—September. ...... '300 248 '247 280 282 '330 381 '296 335 307 328 '405 331 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 281 198 202 239 290 287 373 278 318 287 326 399 352 September P331 P261 267 313 337 355 P426 320 363 P321 P363 454 374 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—September '264 195 '215 232 242 295 337 252 280 296 '260 356 334 October 270 206 216 231 252 305 347 265 298 298 278 366 325 November 273 219 221 231 258 295 352 261 308 305 284 365 329 December 271 228 227 232 262 295 352 253 309 292 276 351 321 1950—Tanuary 272 223 227 234 256 291 357 264 288 304 283 353 322 279 222 224 234 269 307 350 262 321 308 283 364 343 March 285 233 231 239 276 324 '359 264 326 307 294 362 355 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 '269 198 218 241 252 329 '360 252 283 286 270 374 322 August 284 213 226 259 265 334 405 267 295 302 286 406 334 September 227 243 275 296 345 438 288 325 323 *>306 427 389 UNADJUSTED 1949—September '275 210 '227 241 264 309 347 259 311 301 '265 367 334 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 '377 274 317 319 300 384 348 294 227 237 259 287 344 378 273 329 321 305 393 347 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 '258 192 194 217 251 308 '339 232 295 292 265 351 332 August. . . 285 223 226 254 280 337 401 259 322 299 281 402 333 September P322 245 256 286 324 362 451 297 361 328 P312 440 389 9 Preliminary. ' Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average, NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. NOVEMBER 1950 1525 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Per cent change Ratio of Index numbers from a year ago stocks to without seasonal adjustment (value) sales x 1941 average monthly sales =100 2 Num- Department r b s e t e p o r o r r e t o s - f Sale p s er i d o u d ring m S ( t o e o n n c d t k h s o ) f August Sale pe s r i d o u d ring Sto o c f k m s o a n t t e h nd ing 1950 1949 1950 1949 Eight JA\iliclrg. months Aug. 1950 1949 1950 1950 1950 Aug. July Aug. Aug. July Aug. GRAND TOTAL—entire store 3 351 +17 +2 +15 2.9 3.0 MAIN STORE—total 351 +18 +3 +15 3.1 3.2 204 178 173 625 541 550 Piece goods and household textiles 311 +19 0 +9 2.6 2.8 231 224 194 605 534 557 Piece goods 288 -6 -19 +11 4.4 3.7 173 145 184 759 644 690 Silks, velvets, and synthetics 192 -8 -24 +15 4.5 3\6 165 120 180 751 574 648 Woolen yard goods 168 3 -18 +7 4.1 3.7 304 111 313 1,255 1,018 1,191 Cotton yard goods 184 -6 -13 + 16 4.0 3.2 160 212 171 634 559 547 Household textiles 304 +31 +13 +8 2.0 2.4 266 271 202 523 477 489 Linens and towels 275 +23 +10 +12 2.8 3.0 204 197 166 562 547 504 Domestics—muslin s, sheeti#ngs 248 +46 +19 -6 1.0 1.5 375 453 257 368 345 393 Blankets, comforters, and spreads. 239 +18 +8 + 13 2.8 2.9 204 172 173 562 492 509 Small wares 341 +3 -1 +12 4.0 3.7 151 134 146 607 556 548 Laces, trimmings, embroideries, and ribbons.. 206 - +8 _2 +11 4.3 4.2 151 154 140 646 588 589 Notions 241 -3 —3 +13 4.0 3.4 185 197 190 742 674 666 Toilet articles, drug sundries 326 +9 +4 + 10 3.5 3.4 135 134 125 477 454 434 Silverware and jewelry 315 +6 + 13 4.7 4.4 162 129 154 768 714 697 Silverware and clocks 4. . 210 +7 -2 +11 4.9 4.7 Costume jewelry 4 279 +1 -5 +9 3.4 3.2 Fine jewelry and watches 4 74 + 19 Q +14 7 7 8.0 Art needlework 237 +3 -5 +13 4.4 4.0 149 110 145 655 576 584 Books and stationery 270 -4 0 +11 3.9 3.4 145 114 151 571 526 515 Books and magazines 138 -11 -4 +4 3.4 2.9 120 99 135 406 390 389 Stationery 236 0 +3 +14 4.3 3.7 144 108 144 613 529 541 Women's and misses' apparel and accessories 348 +11 -3 +16 2.7 2.5 193 152 175 513 409 447 Women's and misses' ready-to-wear accessories. 348 +11 + 1 + 18 3.3 3.1 176 164 157 584 469 499 Neckwear and scarfs 308 +11 +3 +25 2.7 2.4 175 136 157 478 367 388 Handkerchiefs 287 -6 -7 +13 4.3 3.5 112 91 119 475 423 422 Millinery 168 +14 0 +8 1.3 1.3 158 71 139 199 120 188 Women's and children's gloves 324 +17 -1 +9 7.7 8.3 74 59 64 574 460 537 Corsets and brassieres . 334 +14 +2 +18 3.1 3.0 237 244 207 729 631 628 Women's and children's hosiery 341 +28 +13 +34 2.4 2.3 140 205 109 342 199 258 Underwear, slips, and negligees 340 +2 -6 +21 3.1 2.6 179 205 175 554 460 465 S K il n k it a u n n d d m er u w s e li a n r . u nderwear, and sleips 2 2 5 8 6 8 + - 1 2 0 +3 Q + + 2 1 3 8 3 2 . . 4 6 2 2. . 9 4 2 1 3 5 8 6 2 1 8 8 8 5 2 1 1 6 6 0 6 54 2 1 6 5 45 3 6 8 4 51 6 1 2 Negligees, robes, and lounging apparel 249 -1 -9 +18 2.8 2.4 139 137 141 393 313 335 Infants' wear 322 +8 0 +20 3.1 2.8 254 182 236 796 645 674 Handbags and small leather goods 330 +9 -1 +13 2.8 2.7 141 110 129 395 325 350 Women's and children's shoes 240 +15 +3 +16 4.8 4.8 200 155 174 968 817 843 Children's shoes 4 203 +8 0 +19 4.0 3.6 Women's shoes 4 217 +17 +4 + 15 5 1 5 2 Women's and misses' ready-to-wear apparel.. . 348 +10 7 + 13 2.1 2.0 212 139 193 436 345 389 Women's and misses' coats and suits 337 +12 -8 +2 2.2 2.4 213 95 189 466 306 463 Coats 4 208 +11 — 12 —2 2.1 2.3 Suits ^ 202 +18 0 +9 2.3 2.4 Juniors' and girls' wear 313 +7 -8 +14 1.8 279 147 261 511 404 452 Juniors' coats, suits, and dresses 287 + 1 -11 +12 1.6 \A 258 155 256 423 305 379 Girls' wear.* 311 +13 —3 + 16 2.0 2.0 308 141 273 617 527 540 Women's and misses' dresses 339 +4 -9 + 18 1.7 1.4 164 147 157 275 211 236 Inexpensive dresses 4 252 — 1 — 12 +17 1.4 1.1 Better dresses 4 264 +10 —6 +19 2 0 18 Blouses, skirts, and sportswear 337 +8 -5 +27 2.2 1.8 257 208 239 564 477 459 Aprons, housedresses, and uniforms 287 0 -11 +19 2.1 1.7 152 180 152 313 311 263 Furs 267 +43 +4 +6 2.7 3.6 207 56 145 557 475 527 Men's and boys' wear 327 +14 +1 +15 5.0 5.0 149 144 130 739 620 652 Men's clothing 252 +22 +3 +11 6.1 6.6 138 139 113 836 679 760 Men's furnishings and hats 311 +10 -1 +18 4.6 4.3 136 158 124 630 539 534 Boys' wear 298 +14 +1 +14 4.0 4.0 200 107 175 804 655 727 Men's and boy's shoes and slippers 191 +18 +9 +13 5.4 5.6 167 153 141 901 785 811 Housefurnishings 314 +37 +18 +16 2.8 3.4 287 255 209 814 758 701 Furniture and bedding 241 +33 + 18 +9 2.3 2.8 295 226 222 683 706 624 Mattresses, springs, and studio beds 4 164 +35 +21 +30 1.0 1.1 Upholstered and other furniture4 170 +32 +J7 +7 2.8 3.4 Domestic floor coverings 273 +46 +10 +19 3.5 263 186 180 932 796 777 Rugs and carpets4 155 +46 +10 +20 3.6 4 A Linoleum 4 95 +7 —8 +6 3.9 3 9 Draperies, curtains, and upholstery , 294 + 16 +4 +15 4.2 4^3 183 165 158 780 698 677 Lamps and shades 247 + 10 +5 + 14 3.6 3.5 181 141 164 656 600 580 China and glassware 247 +19 +8 + 1 6.2 7.3 167 126 141 1,039 1,055 1,035 Major household appliances 245 +55 +35 +11 1.3 1.8 463 688 299 606 523 539 Housewares (including small appliances) 258 +14 +4 +28 3.6 3.2 275 262 241 976 853 765 Gift shop 4 168 +17 +9 +11 4.2 4.4 Radios, phonographs, television, records, etc.4. , 221 +133 +85 +55 1.6 2^4 Radios, phonographs, television4 174 + 167 +114 +81 1.4 2.0 Records, sheet music, and instruments 4 125 - +9 —4 +6 4.4 4.6 Miscellaneous merchandise departments 313 +8 +2 +17 3.4 3.2 171 170 159 591 487 505 Toys, games, sporting goods, and cameras. . . ., 290 +8 +3 +21 5.8 5.2 150 162 140 867 722 723 Toys and games 234 +5 +6 +25 6.3 5.3 119 117 113 753 577 617 Sporting goods and cameras 146 +10 0 +16 5.1 4.8 162 178 148 825 713 702 Luggage 262 +6 -1 +13 3.1 2.9 234 229 221 730 682 642 Candy4 198 +8 0 +10 1.2 1.2 For footnotes see following page. 1526 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Per cent change Ratio of Index numbers from a year ago stocks to without seasonal adjustment (value) sales i 1941 average monthly sales=100 2 Num- Department r b s e t e p o r o r e o r s t f - Sale p s e r d io u d ring m ( S e t n o o d n c t k o h s f ) August Sal p es e r d io u d ring Sto o c f ks m o at n t e h nd ing A 19 u 5 g 0 . m E 1 o i 9 g n 5 h t 0 h t s A 19 u 5 g 0 . 1950 1949 Aug. 1950 July A 19 u 4 g 9 . Aug 1 . 950 July A 19 u 4 g 9 . BASEMENT STORE—total 199 +9 -4 +16 2.4 2.3 183 167 168 444 355 384 Domestics and blankets * 135 +27 +7 +19 1.8 1.9 Women's and misses' ready-to-wear 192 +5 -8 +17 2.1 1.9 176 158 168 363 279 313 Intimate apparel ^ 169 +10 -1 +24 2.4 2.2 Coats and. suits * 180 +2 -13 +10 2.3 2.1 Dresses ^ 175 -12 +7 1.3 1.2 Blouses skirts and sportswear ^ 158 +6 -6 +27 2.0 1.6 Girls' wear ^ 124 +14 -3 + 15 1.7 1.7 Infants' wear * 119 +5 -2 +20 2.7 2.4 Men's and boys' wear 158 +10 -1 +15 3.0 2.9 184 174 167 557 460 487 Men's wear i 135 +7 -1 + 16 3.2 2.9 Aden's clothing ^ 91 +4 2 +14 3.6 3.3 Mien's furnishings ^ 117 +9 -1 +18 2.9 2.7 Bovs' wear ^ 118 +17 +1 +9 2.5 2.7 Housefurnishings ... 102 +16 +3 +22 2.8 2.7 180 146 155 504 418 413 Shoes 124 +13 +8 3.6 3.8 147 126 131 530 439 506 0 NONMERGHANDISE—total * 167 +11 +1 (5) (6) (B) Barber and beautv shoo ^ 70 +1 +2 (5) (5) (5) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 1525. 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, ORDERS, AND RECEIPTS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES * [Weeks ending on dates shown. 1935-39 average —100] [In millions of dollars] Without seasonal adjustment Reported data Derived data * Year or month m ( S o t f a o o n l t r e t a h s l ) m ( S e t o n o n d c t k h o s ) f s m ( t o a e O r o n n d n u d d e t t i r - h o n s ) f g R m ( e o t c f o o n e t r i t a p h l t ) s m o ( N o r t f o d o n e t e r w t a r h l s ) Dec. 1 1 4 1 9 . . 4 . . . . 8 . . . .4 5 8 6 5 4 Dec. 1 1 3 0 9 . 4 . . . 9 . . . . . . 4 54 4 2 9 June 1 1 4 1 9 . . 4 . . . 9 . . . . . 2 2 5 8 9 8 June 1 1 3 0 9 . 5 .. . 0 . . . .. . 3 2 0 6 2 1 18.. .. .576 17.... .584 18... ..285 17... ..302 1 1 1 1 9 9 9 9 4 4 4 4 2 5 4 3 a a a a v v v v e e e e r r r r a a a a g g g g e e e e . . . . . . . . . . . . 2 2 2 1 5 2 0 7 5 7 4 9 5 5 5 5 9 3 6 0 9 5 3 9 2 5 5 7 6 3 6 2 3 0 0 9 2 2 2 1 2 0 5 8 6 3 6 2 2 2 2 1 2 3 6 9 3 6 9 2 2 1 5 9 . 4 .. 9 ..473 3 2 1 4 1 9 . 5 . 0 .. . .1 5 9 4 7 1 July 2 1 2 9 5 6 . . . . . . . . . . . . . . . . . . . 2 2 . 2 2 3 4 0 1 8 7 1 3 July 2 1 4 8 1 5 . . . . . . . . . . . . . . . . . . . 2 . 2 2 2 1 6 6 5 8 3 5 0 1 1 9 9 4 4 7 6 a a v v e e r r a a g g e e . . . . . . 3 33 1 7 8 8 7 2 1 6 5 9 55 0 2 9 3 33 4 8 4 3 3 2 3 7 6 Jan. 8 1. . . . . . . . . . 2 2 0 7 4 2Jan. 7.... .205 3 2 0 3 . . . . . . . . . . 2 2 0 0 7 9 2 2 2 9 . . . . . . . . . . 3 29 0 5 3 1948 average... 352 912 465 366 345 15... . .244 14.... .233 Aug. 6... ..228 Aug. 5... . .296 1949 average... 333 859 350 330 331 22... ..230 21 .230 13... ..218 12... ..273 29.. .. .218 28 .222 20... ..252 19... ..281 1949—Sept 334 r862 501 393 481 Feb. 5... ..229 Feb. 4 .226 27... ..252 26... . .288 Oct 343 952 444 433 376 12.. .. .238 11 .238 Sept. 3.. .. .295Sept. 2. . ...310 Nov 397 990 350 435 341 19.. .. .227 18 .231 10... ..273 9... ..295 Dec 583 788 296 381 327 26... ..232 25.... .221 17... ..315 16... ..368 Mar. 5... ..244 Mar. 4 .244 24... . .292 23... ..322 1950— F Ja e n b 2 2 4 5 7 6 8 7 5 8 4 7 3 39 9 3 0 2 31 5 4 5 3 31 4 7 9 1 19 2 . . . . . . . . . . 2 2 6 5 1 6 1 1 1 8.... . . 2 2 5 6 3 4 Oct. 8 1 . . . . . . . . . . 3 2 0 9 2 7 Oct. 3 7 0 . . .. .. . .. . 3 3 2 2 5 0 A M p a r r 3 3 1 2 9 0 9 92 2 6 0 3 2 2 7 6 1 3 3 8 2 6 5 3 2 1 7 9 0 Apr. 26 2 . . . . . . . . . . 2 3 7 0 7 1Apr. 25 1 .3 2 0 79 1 2 15 2... ..2 2 9 9 6 0 2 14 1... ..3 3 0 2 4 2 S J J A M u u e u p a n l g t y y e . . . . . . . . . . . . . . . . . P 3 3 3 2 3 9 1 3 3 6 2 7 1 0 9 Pi,0 9 9 8 7 2 1 0 3 8 8 8 6 3 9 P 2 3 6 7 7 0 9 4 6 5 1 3 8 9 5 P 4 3 2 2 4 6 1 4 4 7 0 0 8 4 9 ?4 3 5 2 5 2 2 7 8 6 5 2 2 7 5 May 3 2 1 0 7 9 3 6 . . . . . . . . . . . . . . . . . . . 2 3 3 . 3 2 6 1 2 3 8 6 4 4 0 6 May 2 2 1 9 6 8 5 2 . . . . . . . . . . . . . 2 2 3 3 2 5 7 2 0 8 4 9 0 1 5 Nov. 2 2 1 1 5 9 6 2 9 . . . . . . . . . . . . . . . . . . . . . 2 . 3 . 3 3 3 9 1 4 1 3 8 8 2 5 0 Nov. 2 1 1 2 8 4 5 1 8 . . . .. . . . . . .. . . . 3 3 1 1 3 5 1 P T P h re e l s i e m i f n ig a u r r y e . s are n r o R t e e v st is im ed a . tes for all department stores in the 2 2 1 8 1 4 . . .. . . . . . . . . . . . 2 2 2 8 8 7 5 0 5 2 2 1 0 7 3 . . . . . .. . . . . 2 3 2 7 0 8 5 8 2 United States. Figures for sales, stocks, and outstanding orders are based on actual reports from the 296 stores. Receipts of goods are derived from the reported figures on sales and stocks. New orders NOTE.—For description of series and for back figures, see BULLETIN are derived from estimates of receipts and reported figures on out- for September 1944, pp. 874-875. standing orders. Back figures.—Division of Research and Statistics. NOVEMBER 1950 1527 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] S 19 e 5 p 0 t.A 19 u 5 g 0 . m 1 N 9 o i 5 n s 0 . e S 19 e 5 p 0 t.A 19 u 5 g 0 . m 1 N 9 o i 5 n s 0 . e S 19 e 5 p 0 t.A 19 u 5 g 0 . m 1 N 9 o i 5 n s 0 . e S 19 e 5 p 0 t.A 19 u 5 g 0 . m 1 N 9 o i 5 n s 0 . e United States. P+11 +18 +6Cleveland- cont. Chicago P+10 +22 +6 Kansas City— B N P D B o o e o o s r w t s w t o t l o n n a H n t n o d a A w v n r e e n a . . . . . . . + + + 8 6 0 7 + + + $ 1 1 6 4 + + -2 4 3 0 R W W E P i i c r t a h i h t e s e s m * h b e i u l o n i r n n g g d g t h o 1 n i 1... + + + + + 1 2 1 1 1 7 1 1 0 0 + + + + + 2 2 2 1 1 6 5 8 4 7 + + + + + 7 5 5 3 4 F P T C In e o e h d o r r i i r c t r a e i a W n a g H a o i a p a y * o u n l t i e e s » 1 K . . , p P + + + + + 1 1 1 3 6 4 6 2 + + + + + 2 2 2 1 9 4 5 0 8 a n +2 D O O T a c u m k l o l l l a s n a a a h h s t. . o a ma City. + + + + 1 1 » 7 2 0 + + + + 2 1 2 2 0 7 1 4 + + + + 1 1 8 9 1 3 Boston. +6 +16 +3 Baltimore +5 +16 +2 Des Moines.., +5 +16 +5 Shreveport..... +18 +9 S W p o r r i c n e g s f t i e e r ld.... •+ + 1 3 3 + + 1 1 1 8 +1 0 A H s a h g e e v r i s ll t e o , w N n . .. C .. . + + 2 1 5 + + 2 7 1 + -1 8 F D l e in tr t o i it * + +2 1 8 3 + +2 2 7 5 + + 1 7 7 D Co al r l p a u s s * ChristL. +1155 + + 3 2 2 6 + + 1 1 2 3 N A P N E N N B B B e r l l u r e i i e w m o b a i n w f w d a g v f g i g a n r Y a a i h Y a e l d y r r o o a p a o k e r ! m o r l n k F k r t c t a o C e l n l . 1 i s . . . t . . . , y . . . . + + + + + + + + + + 1 1 1 2 1 8 7 8 5 0 2 4 1 3 8 + + + + + + + + + + 1 1 2 1 1 2 3 1 1 1 6 6 9 7 9 0 0 5 8 7 44 + + + + + 3 2 8 3 2 0 W L N C C G C H R R y o h i h o r a u i c e n l a r n ' l n h l u e f c r e s s o m n m t l h t ' i e i l t o v k b g o n o s b n i t u n n l i h 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 1 1 3 1 1 6 4 8 2 5 1 0 6 1 1 + + + + + + + + + + 1 2 1 1 1 3 1 1 2 6 7 2 9 4 3 2 6 6 1 + + + + + + + + - - 1 1 1 2 5 9 6 8 3 5 7 0 S L F L L G M G M E t. o o a i v r r i a t e n a u r a l t L d w t e l n s i n e s i o n i d s S s a n v u v o u R m i g B R i i l n k s l l o i a e l e a t c e y h e p k i i * J . d . * . . . s . . . . . . . , , P P + + + + + + + + + + 2 3 1 1 1 1 1 9 3 2 8 6 2 4 4 9 0 + + + + + + + + + + 1 1 2 3 1 2 2 2 1 9 5 5 0 8 6 8 9 1 3 + + + + + + + + + 1 1 1 6 4 6 4 5 9 5 6 0 0S F S T F L H P L B a a r h o o u o a n o e n o n r c k s u s t s e e g n s A A o n r W t F o s n o B i n n f x r n g i o e t a e e o a i r l l n l t d c n e h c h s i 1 i 1 . o s 1 .. c . . . l . . . o . . , . . . . . . P p P P + + + + + + + + + + 1 1 2 1 1 1 2 1 1 6 9 6 2 7 5 4 1 3 5 '+ + + + + + + + + + 1 2 2 2 2 1 1 3 9 6 8 4 6 4 6 5 2 + + + - + + + + 1 n 1 1 0 9 7 9 4 7 3 Poughkeepsie.. +6 +12 +1Atlanta p+12 •+15 +8 Quincy , +7 +20 +4 Oakland and +5 S R c o h c e h n e e st c e t r a d * y. » + + 1 2 0 + + 1 1 8 9 + + 1 4 M Bi o rm bi i l n e gham 1. . + + 1 3 5 + + 2 8 4 + + 7 7 S E t a . s L t o S u t. i s L i o . u . i . s , + - 1 2 0 + + 1 2 3 + + 4 4 R B iv e e r r k si e d l e e y a 1 n . d .... +18 +14 +7 S U y ti r c a a cuse * + + 1 1 2 6 + + 1 1 5 8 + + 6 5 J M ac o k n s t o g n o v m il e l r e y 1 . 1. . . . + + 1 8 9 + + 1 1 3 5 + + 7 4 S Sp t. r i L n o g u fi i e s l d Area, + +6 9 + + 1 1 2 8 + + 4 7 S S a a c n r a B m er e n n a t r o d 1 i . n .. o + + 2 1 4 7 + +1 1 . 7 2 + + 1 1 3 0 P T W Y L R P h r a h e o i i e n l a i l r a n l k k d c a d t e a i o d n e s s i n e - l g t . p B e l . l p r h * . a h i . r a r i . 1 e a . . , . . 1 . * . . . . . + + + + + + + 1 1 1 1 1 1 6 7 3 1 0 1 2 + + + + + + + 2 2 1 2 2 1 9 2 2 1 9 1 9 + + + + + + + 1 9 3 6 6 1 6 0 A O T A M R M C a o o r t u a i l l m m l a a a c g u n m o n p m e u d n t a a i s b o 1 1 i t u 1 a s ....... P + + + + + + + + 2 2 1 1 1 1 4 5 0 6 9 5 8 1 + + + + + + + + 2 2 2 2 2 1 2 1 7 7 2 0 8 7 1 8 + + + + + + + + 2 1 1 1 1 8 6 3 2 5 1 1 1 M K S M M D a S t i u . n n i e u n l m n s P p u n a e e t a p e s h a r u a h i - p o p i l s o 1 r o l C l l . i i s s i l , t . . y K . . . , . , . . P + + + + + + 1 1 12 9 6 1 1 4 + + + + + + 2 3 1 2 1 1 6 8 4 1 9 9 + + + + + + 8 4 5 8 4 7 S S S V S S B N a t a a a a o o n n n n l i a c l s t e p k J e a F D j o a t o r i a o R s * a e n e n n a g o d n c o * s d i a • l s . c * . o . . * . . . . P p + + + + + + 1 1 1 1 7 3 2 6 4 + + + + + + 2 1 2 1 8 7 2 5 0 8 + + + + + 1 7 8 2 3 2 Cleveland.... +20 +24 +7 Savannah. P+13 +17 +11 Denver +11 +11 +5 Nampa P+8 +5 0 T A S C C C C Y p o k l o a i o e r n l r l n u i v u e o n c n t e m d n g o i g l n o f a n b s i » 1 n n e t 1 u , o l d . a s d w . t J * . i . x n 1 . . . . . . . * . . . . . . . + + + + + + + + 1 1 1 1 2 1 1 9 2 9 9 4 0 7 1 + + + + + + + + 2 2 1 2 1 2 1 1 4 6 7 3 8 1 8 4 + + t + 6 6 1 l J N N M C B B K a e a r h n a c e i w t o k a s s r o t i x s t h n o d t o O v v a l i n i a R r n i l n l l l o o e e * l u a o e . n g 1 g . . s e a . . l . . . 1 * . . . l . . . . . . . . , . . + + + + + - 1 8 6 3 2 9 6 + + + + + + + 2 1 1 1 4 2 6 5 3 9 3 + + + + + + - 1 4 2 4 9 4 8 8 0 W T J S L P H K o t u o i u a . p i n e p n c t l J c b c e h i s o n o l h k a i o s t l s i a e a n n p C . s . h o . i n t . y . . . . . , . , . , , , + + ( + + + + + ) 2 1 9 5 8 3 6 8 8 + + + + + + 1 1 2 2 3 1 9 8 4 8 0 3 + + + + + i 1 2 7 4 5 l 4 S S S T P Y E B a o p e a v e a l a r c o l e t k l t t o r i k l L i t n e a m a l m g t a n e n t h k a d 1 a e . * x a e 1 l m . . C l i . . t , y . . . * . . + + + + + + + 1 2 1 2 2 1 u 7 6 6 0 0 4 + + + + + + + + 3 1 1 2 1 1 1 3 4 7 6 1 3 1 4 + + + + + + - 1 K K 3 5 9 5 8 2 +3 P+8 p Preliminary. «" +R3evised. s -3 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. '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] Fuel, elec- Year or month All items Food Apparel Rent r t e r f i r c i i g ty er , at a i n o d n fur H ni o s u h s in e gs Miscellaneous 1929 122.5 132.5 115.3 141.4 112 5 111 7 104 6 1933 92.4 84.1 87.9 100.7 100.0 84.2 98.4 1940. 100.2 96.6 101.7 104.6 99 7 100 5 101 1 1941 105.2 105.5 106.3 106.2 102.2 107 3 104 0 1942 116.5 123.9 124.2 108.5 105.4 122.2 110.9 1943 123.6 138.0 129.7 108.0 107 7 125 6 115 8 1944 125.5 136.1 138.8 108.2 109.8 136.4 121.3 1945 128.4 139.1 145.9 108.3 110.3 145.8 124.1 1946 139.3 159.6 160.2 108.6 112.4 159 2 128 8 1947. . . . . . .. 159.2 193.8 185.8 111.2 121.2 184.4 139.9 1948 171.2 210.2 198.0 117.4 133.9 195.8 149.9 1949 169.1 201.9 190.1 120.8 137.5 189 0 154 7 1949—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 168.5 200.6 186.8 121.5 138.4 185.2 155.2 168.6 200.8 186.3 122.0 139 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. 166.5 194.8 184.8 122.8 140.3 185.3 155.1 167.0 196.0 185.0 122.9 140 9 185 4 155 0 April y 167.3 v* 196.6 185.1 123.1 141.4 185 6 154 8 May 168.6 200.3 185.1 123.5 138.8 185 4 155.3 170.2 204.6 185.0 123.9 138.9 185 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 September 173.8 208.5 190.5 124.8 141.8 195.4 158.8 Back figures.—Bureau of Labor Statistics, Department of Labor. 1528 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 = 100] Other commodities All Manu- Year, month, or week m c t o i o e m d s i - - F p u r a c o r t m d s - Foods Total le H p u a a r i c n o t d h t d d e s e - s r T p u e r x c o t t d s il - e li m g F r a h i a u n a t t e l d i e s n l - g M m p u a r e e c n o t t t d d a a s l - l s B m r i u i a n a i t g l l e d s - - c C a a p u h l l r s l c e o i a t m e d s n d - i d - H g n f o o i i u n s u o r g h d s - - e s - n c M e e o l i l s u a - - s m R ri a a a t w l e s - t p u u f r a c r o c e t d - s d - 1929 95 3 104.9 99.9 91.6 109 1 90.4 83.0 100.5 95.4 94 0 94.3 82 6 97 5 94 5 1930 86.4 88.3 90.5 85.2 100 0 80.3 78.5 92.1 89.9 88.7 92.7 77.7 84.3 88 0 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 65.6 77.0 1932. .... . 64 8 48.2 61.0 70.2 72 9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 55 1 70 3 1933 65.9 51.4 60.5 71.2 80 Q 64.8 66.3 79.8 77.0 72.1 75.8 62.5 56.5 70.5 1934 74 9 65 3 70.5 78.4 86 6 72.9 73.3 86.9 86.2 75 3 81.5 69 7 68 6 78 2 1935 80 0 78.8 83.7 77.9 89 6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 77.1 82 2 1936 80.8 80.9 82.1 79.6 95 4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 79.9 82.0 1937 86 3 86 4 85.5 85.3 104 6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 84.8 87 2 1938 78 6 68.5 73.6 81.7 92 8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 72.0 82.2 1939. 77.1 65.3 70.4 81.3 9.5 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 3 84.8 76.2 99.4 103.2 84.4 94.3 82.0 83.5 89.1 1942 98 8 105 9 99.6 95.5 117 7 96.9 78.5 103.8 110.2 95.5 102.4 89.7 100.6 98.6 1943 103 1 122.6 106.6 96.9 117 .5 97.4 80.8 103.8 111.4 94.9 102.7 92.2 112.1 100.1 1944 ... 104.0 123.3 104.9 98.5 116 7 98.4 83.0 103.8 115.5 95.2 104.3 93.6 113.2 100.8 1945 105 8 128.2 106.2 99.7 118 r 100.1 84.0 104.7 117.8 95.2 104.5 94.7 116.8 101.8 1946 121 1 148.9 130.7 109.5 137 7 116.3 90.1 115.5 132.6 101.4 111.6 100.3 134.7 116.1 1947 152.1 181.2 168.7 135.2 18?.4 141.7 108.7 145.0 179.7 127.3 131.1 115.5 165.6 146.0 1948 165.1 188.3 179.1 151.0 188,8 149.8 134.2 163.6 199.1 135.7 144.5 120.5 178.4 159.4 1949 155.0 165.5 161.4 147.3 180 4 140.4 131.7 170.2 193.4 118.6 145.3 112.3 163.9 151.2 1949—September 153.5 163.1 162.0 145.3 181 1 139.0 129.9 168.2 189.4 117.6 142.9 109.6 162.0 150.1 October 152.2 159.6 159.6 145.0 181 3 138.0 130.6 167.3 189.3 115.9 143.0 109.0 160.4 149.1 November 151 6 156.8 158.9 145.0 180 8 138.0 130.2 167.3 189.6 115.8 143.4 109.7 160.4 148.2 December 151.2 154.9 155.7 145.4 179 9 138.4 130.4 167.8 190.4 115.2 144.2 110.7 159.5 147.9 1950—January 151.5 154.7 154.8 145.8 179 3 138.5 131.4 168.4 191.6 115.7 144.7 110.0 159.8 148.2 February 152.7 159.1 156.7 145.9 179.0 138.2 131.3 168.6 192.8 115.2 145.2 110.0 162.4 149.1 March . . 152 7 159.4 155.5 146.1 170 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 June 157 3 165.9 162.1 148.8 182 6 136.8 132.7 171.9 202.1 114.5 146.9 114.7 167.7 153.5 July 162 9 176.0 171.4 151.5 187 9 142.6 133.4 172.4 207 3 118.1 148.7 119.0 175.8 158.0 August 166 4 177.6 174.6 155.5 195 6 149.5 134.4 174.3 r214.0 122.5 154.1 124.3 179.1 161.2 September . 169 5 180.4 177.2 159.2 202 8 158.2 135.1 176.7 219.6 128.5 159.2 127.4 181.7 164.0 Week ending^ 1950—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 7 179.5 177.2 156.5 152.8 134.7 174.7 218 2 125.2 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 Oct 3 168 8 179.1 175.3 160.0 161.7 134.9 177 1 222 0 129.9 Oct 10 168 4 177 9 172 6 160 8 162 2 135 0 177 5 222 0 130 6 Oct 17 168 7 177 9 173.9 160.8 162 2 135 4 177 8 221 4 131 6 Oct 24 168.9 178.7 174.0 160.8 162.0 135.5 178.1 220.1 132.3 1949 1950 1949 1950 Subgroups Subgroups Sept. June July Aug. Sept. Sept. June July Aug. Sept. Farm Products: Metals and Metal Products: Grains . 156.4 169.3 173.5 167.7 166.5 Agricultural mach. & enmn... 143.8 143.7 14S 0 145.^ 150.2 Livestock and poult i*v 186.6 197.5 215.8 217.3 211.3 Farm machinerv 146 4 146.0 146 147./ 152.7 Other farm products 149.8 145.0 151.8 155.3 164.3 Iron and steel.. 164.0 169.4 169 8 171.C) 172.1 Motor vehicles. 177.1 175.1 175 1176.1 176.5 Dairy products ... 153 5 135.9 141.8 148.0 154.7 Nrmferrons metals . . 135 7 148.4 150 6 156.3 166.1 Cereal products. .. 143.7 145.6 151.2 154.9 155.5 Plumbing and hteating.. 154.6 156.3 156.5 164. t> 166.9 Fruits and vegetables 126.9 140.5 137.0 132.0 131.0 Buildine Materials: Meats 215 1 223.7 240.7 240.2 241.0 Brick and tile 161 8 164.3 167 4 167.8I 168.7 Other foods 137 8 133.1 145.1 154 1 158 6 Cement 133 0 134 9 135 135 5 136 2 Hides and Leather Produ<~t*- Lumber 279 8 322.6 0 > 371.0 Shoes 183.8 184.8 185.8 191.4 194.8 Paint and paint materials.... 144.1 137.7 138 6 rU2.4t 146.0 Hides and skins 204.8 202.1 r219.8 r238.2 264.0 Plumbing and rLeating . 154 6 156.3 156 S164. £> 166.9 Leather 175 5 180.6 185.3 192.3 196.8 Structural steel 178 8 191 6 191 6 191. t> 191.6 Other leather products 141.1 143.1 143.1 151.3 151.3 Other buildiner materials 168.9 175.0 ••177 4 178.S> 182.8 Textile Products: Chemicals and Allied Products: Clothing 144.8 143.8 144.3 145.2 146.7 Chemicals 117.2 117.3 119 122.1 125.6 Cotton goods 174.8 173.8 190.7 206.8 221.6 Drugs and pharmacentinala. . 125.0 122.7 1 135.() 153.4 Hosiery and undervpear 98.4 97.7 99.2 101.2 104.8 Fertilizer materials 120.4 108.4 110 .1 112.1 111.4 Silk 49 2 49.3 60.3 65.6 64.9 Mixed fertilizer3 108.2 103.3 0 103. () 103.0 Rayon and nylon.. 39.6 39.9 40.7 41.3 41.7 Oils and fats.. . 118.4 111.9 125 7 141/" 161.6 Woolen and worsted goods.. 150.4 148.3 150.9 157.7 178.2 Housefurnishing Goods: Other textile products * 181 5 164.5 168.5 181.5 191.3 149.1 154.2 156 i 163.;I 168.2 Fuel and Lighting Materials: Furniture. 136.6 139.4 141 0 144. (> 149.8 Anthracite 138.6 140.1 141.0 142.1 142.8 Bituminous coal 190 5 192 1 191 9 192 5 193 1 Auto tires and 1ubes 60 6 67.0 68 7 r75 () 77.4 Coke 222 2 225 6 225 6 225.6 225 6 Cattle feed 190 3 213 2 240 5 205. () 203.8 Electricity . . 68 9 67.0 67.0 Paper and pulp 156.5 155.6 159.9 163. i) 167.1 Gas 89.3 87.3 88.3 88.1 Rubber, crude 37.2 63.4 78.4 106.1L 114.7 Petroleum products 109.1 113.9 115.5 116.8 * i i 7 *. 8 Other miscellaneous . 121.2 120.7 121.7 125.^t 127.7 r Revised. * Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures,—Bureau of Labor Statistics, Department of Labor. NOVEMBER 1950 1529 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1949 1950 1929 1933 1939 1941 1946 1947 1948 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 17.4 18.8 18.7 18.9 19.3 19.7 20.4 Indirect business tax and related liabilities. 7.0 7.1 9.4 11.3 17.3 18.7 20.4 21.3 21.2 21.7 21.5 21.7 22.7 Business transfer payments .6 .7 .5 .5 .6 .7 .7 .7 • .7 .7 .7 .7 .7 Statistical discrepancy -.1 1.2 1.4 1.6 1.7 .3 -2.9 -1.9 -2.9 -3.6 -1.9 3.4 1-2.4 Plus: Subsidies less current surplus of government enterprises — .1 0) .5 .1 .9 — .1 .0 .1 .3 .0 .0 .2 .5 Equals: National income 87.4 39.6 72.5 103.8 180.3 198.7 223.5 216.8 217.8 216.7 214.2 217.2 229.0 Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 18.3 24.7 31.8 29.9 30.4 31.8 28.4 28.4 35.0 Contributions for social insurance .2 .3 2.1 2.8 6.0 5.7 5.2 5.7 5.6 5.6 5.7 6.7 6.9 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 -.3 .0 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.5 2.6 10.9 11.1 10.6 11.6 11.7 11.9 11.8 20.9 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 72.5 103.8 180.3 198.7 223.5 216.8 217.8 216.7 214.2 217.2 229.0 Compensation of employees 50.8 29.3 47.8 64.3 117.1 128.0 140.2 140.6 140.5 140.0 140.2 142.3 147.6 Wages and salaries 2 50.2 28.8 45.7 61 111.2 122.1 134.4 134.2 134.2 133.6 133.6 135.2 140.2 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 M Go il v i e ta rn ry m . e . n -. t . cvivilian 4. . 6 3 4. . 9 3 7. . 8 4 8 1 . . 3 9 1 8 2 . . 0 7 1 4 3 . . 1 2 1 4 4 . . 0 7 1 4 6 . . 3 1 1 4 6 . . 2 1 1 4 6 . . 3 3 1 4 6 . . 6 4 1 4 6 . . 5 4 1 4 6 . . 5 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 income3 19.7 7.2 14.7 20.8 42.0 42.4 47.3 4.1.7 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 35.0 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 37.4 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 12.0 15.1 Corporate profits after tax 8.4 -.4 5.0 9.4 13.9 18.5 20.9 17.0 16.4 17.3 16.9 '17.2 22.2 Inventory valuation adjustment , .5 -2.1 -.7 —2.6 —5.2 -5.8 -2.0 2.2 3.9 3.7 .8 -.7 -2.3 Net interest 6.5 5.0 4.2 4.1 2.9 3.5 4.1 4.7 4.7 4.8 4.8 5.0 5.0 r Revised. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 8 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. 1530 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 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 l 7.8 1.1 4.9 6.8 10.3 13.9 17.7 17.3 16.8 16.9 18.2 19.9 20.9 Producers' durable equipment 6.4 1.8 4.6 •7.7 12.3 17.1 19.9 19.5 19.8 19.4 18.7 19.3 21.6 Change in business inventories 1.6 -1.6 .4 3.9 6.1 -.8 5.5 -3.7 -5.3 —4.2 -5.7 1.3 3.4 Net foreign investment .8 .2 .9 1.1 4.6 8.9 1.9 .4 1.3 .1 -.7 -1.9 -2.0 Government purchases of goods and services 8.5 8.0 13.1 24.7 30.9 28.6 36.6 43.3 44.3 43.2 42.8 41.4 41.4 Federal 1.3 2.0 5.2 16.9 20.9 15.8 21.0 25.3 26.6 25.1 24.3 22.6 22.6 W No a n r war f 1.3 2.0 3 1 . . 9 3 1 3 3 . . 2 8 2 2 1 . . 5 2 17.1 21.5 25.7 26.8 25.8 24.6 22.8 22.8 Less: Government sales 2 () 00 (8) (3) 2.7 1.3 .5 .4 .2 .7 .3 .3 .2 State and local. 7.2 5.9 7.9 7.8 10.0 12.8 15.6 18.0 17.7 18.2 18.5 18.9 18.8 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Year or month in s P 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 C u r o o g s o a d t d m n r u i i i d n 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 i d s e b - i - sbu S i r n e t s r r d e i v m u e i s s c e - e nts m G er o e n v n - - t L b c p s i e u n a o o l s f o t n n s c o s i y u c o t i r e a r e e r n i m l - e - 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 e r n o m t t d a o - e l rs 6 ' i i n n d s p a t c o e 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 n a 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—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 A 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 A 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 220.7 141.7 144.5 63.3 40.9 18.7 21.6 2.8 3.4 45.5 17.8 12.3 202.7 August P 223.4 144.3 147.2 65.2 41.2 18.8 22.0 2.9 3.4 45.9 17.9 11.9 205.3 p Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance- Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Same as preceding page. 1531 NOVEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit Notiinstalment credit Total E o n r d m of o n y t e h ar co c n re su d m it1 er i c T m n r o s 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 Loans 2 no c T n m re i o n e d t n s i a t t t l a * l- p S l a o i y n a m g n l e s e n 3 - 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 6,252 3,158 2,515 1,318 1,197 643 3,094 749 1,749 596 1933 3,439 1,588 1,122 459 663 466 1,851 303 1,081 467 1939 . 7,031 4,424 2,792 1,267 1,525 1.632 2,607 530 1,544 533 1940 8,163 5,417 3,450 1,729 1,721 11,967 2,746 536 1,650 560 1941 8,826 5,887 3,744 1,942 1,802 2,143 2,939 565 1,764 610 1942 5,692 3,048 1,617 482 1,135 L.431 2,644 483 1,513 648 1943 4,600 2,001 882 175 707 1L,119 2,599 414 1,498 687 1944 4,976 2,061 891 200 691 L.170 2,915 428 1,758 729 1945 5,627 2,364 942 227 715 L.422 3,263 510 1,981 772 1946 8,677 4,000 1,648 544 1,104 2,352 4,677 749 3,054 874 1947 11,862 6,434 3,086 1,151 1,935 3,348 5,428 896 3,612 920 1948 14,366 8,600 4,528 1,961 2,567 4,072 5,766 949 3,854 963 1949 .. 16,809 10,890 6,240 3,144 3,096 4,650 5,919 1,018 3,909 992 1949—August 14,611 9,622 5,223 2,761 2,462 4,399 4,989 957 3,064 968 September 14,957 9,899 5,438 2,876 2,562 4,461 5,058 962 3,123 973 October 15,336 10,166 5,661 2,986 2,675 4,505 5,170 979 3,197 994 November 15,884 10,441 5,880 3,085 2,795 4,561 5,443 996 3,454 993 December 16,809 10,890 6,240 3,144 3,096 4,650 5,919 1,018 3,909 992 1950—January 16 368 10,836 6,174 3,179 2,995 4,662 5 532 1,027 3,506 999 February 16,159 10,884 6,213 3,256 2,957 4,671 5,275 1,034 3,233 1,008 March 16,338 11,077 6,334 3,355 2,979 4,743 5,261 1,045 3,211 1,005 April 16,639 11,322 6,511 3,470 3,041 4,811 5,317 1,067 3,241 1,009 May 17,077 11,667 6,733 3,600 3,133 4,934 5,410 1,092 3,290 1,028 June 17 651 12,105 6,995 3,790 3,205 5,110 5,546 1,116 3,392 1,038 July 18,295 12,598 7,343 3,994 3,349 5,255 5,697 1,133 3,527 1,037 August? 18 843 13,007 7,613 4,107 3,506 5,394 5,836 1,157 3,636 1,043 September? 19,293 13,329 7,848 4,210 3,638 5,481 5,964 1,182 3,737 1,045 ? Preliminary. i Revised beginning January 1929 to incorporate changes in single-payment loan component. 2 Includes repair and modernization loans insured by Federal Housing Administration. 3 Noninstalment loans (single-payment loans of commercial banks and pawnbrokers). Revised beginning January 1929 to exclude nonconsumer loans. For description and back figures see pp. 1466 of this BULLETIN. 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] lAmounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Total m b C a e o n rc m k i s a - i l p S c l a m o o n a m i a n e l - l s b In a tr n d i k u al s s - 2 p I a c n t l n o o r d i i m a u a e n l s s - - 8 u C n r i e o d n it s. 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 i s a - » l p S c l a m o o n a m i a n e l - s l b In a tr n d i k u a s l s - 2 p I a c n t l n o o r d i i m a u a e n l s s - - 2 u C n r i e o d n i s t 1929 643 43 263 219 23 95 463 413 38 1933 466 29 246 121 20 50 322 202 32 1939 , . 1,632 523 448 131 99 135 96 200 680 827 261 194 237 1940. . 1,967 692 498 132 104 174 99 268 1,017 912 255 198 297 1941 2,143 784 531 134 107 200 102 285 1,198 975 255 203 344 1942...... 1,431 426 417 89 72 130 91 206 792 784 182 146 236 1943 1,119 316 364 67 59 104 86 123 639 800 151 128 201 1944 1,170 357 384 68 60 100 88 113 749 869 155 139 198 1945 1,422 477 439 76 70 103 93 164 942 956 166 151 199 1946 2,352 956 597 117 98 153 109 322 1,793 1,231 231 210 286 1947 3,348 1,435 701 166 134 225 119 568 2,636 1,432 310 282 428 1948.. . 4,072 1,709 817 204 160 312 131 739 3,069 1,534 375 318 577 1949 4,650 1,951 929 250 175 402 142 801 3,282 1,737 418 334 712 1949—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 S3 June.. .... 5,110 2,233 978 275 187 474 147 816 379 175 46 34 93 July 5,255 2,316 995 282 192 495 149 826 381 166 45 32 84 August?.... 5,394 2,400 1,009 290 197 514 150 834 387 166 46 33 88 September?. 5,481 2,466 1,010 295 201 523 150 836 358 150 40 32 77 ^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 September amounted to 103 million dollars, and other loans made during September were 13 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 8 Includes only loans insured by Federal Housing Administration. 1532 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 b l t u a u il d l t e , o - - s o m m t a r o n e a d r i d n e e l t r - s F s t t u u o r r r n e e i s - H 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 o r t e A t o h t r a l e e l i r s l Year or month Total c&E r d etail c re h p t a u a s r i e - l d , e m r a n n o iz d d a - - i s m n o s e n t n a a 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 1948 3,563 570 736 751 636 870 1933 663 119 299 119 29 97 1949 4,416 854 915 922 781 944 1939 1,525 377 536 273 93 246 1949—August 4,044 754 890 778 711 911 1940 1,721 439 599 302 110 271 September 4,140 780 905 803 730 922 1941 1,802 466 619 313 120 284 October 4,247 811 915 839 755 927 1942 1,135 252 440 188 76 179 November 4,326 835 922 868 772 929 1943 707 172 289 78 57 111 December.... 4,416 854 915 922 781 944 1944 691 183 293 50 56 109 1950-i-January 4,465 866 922 953 779 945 1945 715 198 296 51 57 113 February 4,494 888 935 941 783 947 1946 1,104 337 386 118 89 174 March 4,595 922 964 966 774 969 1947 1,935 650 587 249 144 305 April 4,688 953 992 983 780 980 1948 2,567 874 750 387 152 404 May 4,862 992 1,035 1,028 804 1,003 1949 3,096 1,010 935 500 163 488 June 5,084 1,050 1,096 1,064 834 1,040 July 5,291 1,110 1,158 1,112 851 1,060 1949 August? 5,493 1,143 1,217 1,178 872 1,083 August.... 2,462 781 755 417 121 388 September?... 5,681 1,175 1,254 1,251 892 1,109 S O N D e o c e p v c t t o e e e b m m m e b b b r e e e . r . r r . . . . 2 2 3 2 , , , , 0 6 7 5 9 6 7 9 6 2 5 5 1, 9 8 8 0 0 1 5 1 6 5 0 8 8 8 9 7 3 2 5 8 5 2 8 4 4 4 4 5 3 5 0 6 5 4 0 4 1 1 1 1 2 6 2 2 3 3 1 7 4 4 4 4 2 8 4 0 1 8 0 4 Vo i 1 l n u 9 g m 4 9 m e — o e S A n x e t t u h e p g : n t u d e s e m t d b e d r u . r . - .. 5 5 9 6 8 8 1 1 2 1 7 7 1 12 3 3 4 1 1 2 1 1 4 6 7 2 5 1 14 4 5 8 October 593 125 123 136 70 139 1950 November.... 576 118 115 131 67 145 January... 2,995 975 902 491 627 December.... 593 113 105 154 57 164 F J A A J M M S u u e e u p l a n a p b y r g y e t i r r u e l c u s m h a t b P r . y e . .. . r . . . ? . 2 2 3 3 3 3 3 3 , , , , , , , , 1 0 9 6 3 9 5 2 3 4 5 0 3 4 7 0 3 1 7 6 9 8 9 5 1 1 1 1 1 , , , , , 0 9 9 9 0 1 1 0 1 8 2 5 3 7 5 6 . 1 3 9 2 9 8 0 1 1, 9 9 8 9 9 9 0 8 2 3 9 9 1 7 4 9 7 5 1 8 3 6 7 9 4 5 5 6 6 5 5 5 9 9 0 9 6 1 5 3 2 7 2 7 1 8 8 7 6 6 6 6 6 6 7 7 3 9 6 1 1 5 2 5 1 5 5 6 8 0 7 5 1950— A J J A F M M J u u a e p u l a n a n b y r g r e y u i c u r l . a h u s r t a y ? ry..... 5 5 6 6 7 7 7 7 4 4 5 0 8 9 6 2 2 6 4 7 9 9 8 1 1 1 1 1 1 1 1 1 5 6 7 4 4 1 3 1 7 5 4 2 8 7 0 1 1 1 1 1 1 1 1 1 8 9 6 9 1 2 5 4 4 0 4 1 6 4 1 1 1 1 1 1 1 1 1 1 6 8 5 6 3 1 3 2 7 7 4 3 7 8 9 9 8 4 4 4 8 8 5 7 0 7 9 2 2 2 2 4 1 1 1 1 1 1 1 1 7 8 8 7 5 7 4 3 7 3 3 2 5 2 3 4 September?.. . 778 153 175 204 76 170 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT CONSUMER INSTALMENT CREDITS OF INDUSTRIAL [Estimates. In millions of dollars] LOAN COMPANIES, BY TYPE OF CREDIT Retail instal- Repair Personal [Estimates. In millions of dollars] ment paper 2 and instal- Year or month Total m A o u b to il - e Other l m i o z a o a n d ti s e o r J n n 2 - l m c o a a e s n n h s t Year or month Total R m e e t n a t i l p i a n p s e ta r l 2 - m R a o e n d p d e a r ir n- P i m e n r s e s t o a n n l t - al Auto- ization cash mobile Other loans 1 2 loans Outstanding at end of period: Outstanding at end 1947 233.5 50.0 30.2 43.3 110.0 of period: 1 1 9 9 4 4 8 9 3 2 4 8 3 6 . . 2 2 9 6 3 6 . . 6 6 4 6 3 3 . . 4 1 5 5 1 5 . . 7 4 1 1 2 3 4 1 . . 5 1 1 1 9 9 4 4 7 8 1 1 4 7 8 7 . . 2 1 3 2 8 7 . . 3 1 2 1 3 7 . . 7 1 4 5 . . 2 0 1 9 1 9 0. . 1 8 1949—August 317.4 82.9 52.3 52.9 129.3 1949.... 194.7 43.5 31.4 6.5 113.3 September.. 323.7 85.3 54.6 53.9 129.9 1949—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—January 344.6 96.1 63.9 54.7 129.9 S J J A A F M M u u e e u p p l n a a b y g r t y e i e r r u l m c u s h a t b ? r . e y . . r . * . . . . * , . . 3 3 3 3 3 3 3 3 9 8 8 7 6 5 4 5 6 0 9 1 1 0 7 5 . . . . . . . . 3 4 8 0 8 5 4 0 1 1 1 1 1 1 1 9 2 1 1 0 0 1 0 8 1 9 5 2 5 1 0 . . . . . . . . 6 8 4 8 6 6 9 4 6 6 6 7 7 7 7 7 5 6 9 6 8 3 0 1 . . . . . . . . 2 2 2 4 9 9 7 9 5 5 5 5 5 5 5 5 4 4 4 3 5 6 2 3 . . . . . . . . 2 2 9 5 5 0 8 0 1 1 1 1 1 1 1 1 3 3 2 3 3 3 3 3 8 9 0 9 0 6 3 2 . . . . . . . . 7 2 7 3 4 3 0 0 1950— S J A J F A M M J u u e e a p u l n a p a b n y r g y e t r i r u e l u u c m a s a h r t r b . y ? y . e . . . . . r . . . . ? .. 2 2 2 2 2 1 1 1 1 1 0 1 2 0 9 9 9 9 9 8 4 3 2 6 3 8 4 . . . . . . . . . 9 7 3 6 8 2 7 7 8 4 4 4 5 5 5 4 4 5 5 4 4 7 9 2 4 7 6 . . . . . . . . . 9 6 8 5 5 3 3 1 1 3 3 3 3 3 3 3 3 4 9 1 5 2 4 1 0 1 1 . . . . . . . . . 2 6 9 7 3 0 8 1 1 6 6 6 6 6 6 7 7 7 . . . . . . . . . 9 7 6 4 5 6 2 3 4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 5 3 1 7 2 2 6 8 . . . . . . . . . 2 2 9 7 5 6 8 4 0 Volume extended during month: Volume extended during month: 1949— S D O N A e c e o p t u c v o t e g e e b m m m u e s r b b b t e e e .. r r r . . . . . . . . 4 4 4 4 4 7 7 3 5 5 . . . . . 7 5 0 6 8 1 1 1 1 1 1 3 3 2 4 . . . . . 9 7 7 5 1 1 8 8 8 7 0 . . . . . 2 8 5 8 3 3 4 4 4 4 . . . . . 3 3 7 8 2 2 2 1 1 1 1 0 8 8 9 . . . . . 5 7 9 6 1 1949— S O N D A e c o u 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 . . . . . . 3 3 2 2 2 1 1 8 8 7 . . . . . 1 7 3 3 9 6 5 6 5 7 . . . . . 6 4 7 1 1 3 4 4 3 4 . . . . . 9 4 7 9 0 0 0 0 0 0 . . . . . 4 5 5 8 5 2 1 1 1 1 1 8 7 9 6 . . . . . 1 5 4 0 8 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?. . . 52.7 15.4 11.0 4.1 22.2 August?. . . 35.5 8.1 7.3 0.5 19.6 September? 46.9 13.6 10.4 3.8 19.1 September? 32.7 7.4 6.0 0.4 18.9 P Preliminary. x Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. NOVEMBER 1950 1533 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE! Pe f r ro ce m n t p ag re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C c h co ar u g n e ts month month of preceding year Item 1 S 9 e 5 p 0P t. A 19 u 5 g 0 . J 1 u 95 ly 0 1 S 9 e 5 p 0 t ? . A 19 u 5 g 0 . J 1 u 95 ly 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 p H s o l t o l i o d a u r n s e a c e s p e - - J s e t w or e e lr s y D s m e to p e r a n e r t s t- Net sales: 1949 Total 0 +10 +12 +29 +26 +32 August 21 12 14 14 51 C C a re s d h i t s a s l a e l s e s: . .. -8 +14 +8 +21 +24 +25 S O e c p to te b m er b er .... 2 2 0 0 1 1 1 1 1 1 2 2 1 1 3 4 5 5 2 3 Instalment +6 +7 +13 +25 +18 +31 November 20 11 12 13 54 Charge account -12 +19 +15 +38 +47 +44 December 20 10 12 16 52 Accounts receivable, end 1950 of month: January .. 18 10 12 2} 49 Total +4 +4 +3 +31 +31 +30 February 17 10 11 2) 47 Instalment +3 +2 +2 +28 +28 +28 Mi arch 19 11 12 2) 53 April 17 10 11 50 Collections during May 18 10 12 (2) 52 To m ta o l nth: +3 +7 +3 +29 +23 +16 J J u u n ly e 1 1 7 7 1 1 0 1 1 1 0 1 ( ( 2 2 ) ) 4 5 9 1 Instalment?, +3 +7 -1 +23 +16 +14 A Se u p g t u e s m t ber? 1 1 8 8 1 1 1 1 1 1 1 1 ( ( 2 2 ) ) 5 5 0 1 Inventories, end of month, at retail value. +7 +8 +25 +20 + 10 P Preliminary. 1 Collections during month as percentage of accounts outstanding at Preliminary. 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 Accounts receivable Collections during Year or month Sales during month at end of month month Cash I m ns e t n al t - a C c h c a o r u g n e t sales sales sales Total Cash I m ns e t n al t - a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n al t - a C c h c a o r u g n e t 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. 213 216 199 213 165 196 200 224 50 8 42 1949—August 179 182 198 172 155 161 188 184 50 10 40 September ••213 209 '227 '215 165 182 191 185 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 164 162 177 164 209 222 233 319 49 10 '41 February. 156 152 186 154 207 191 222 241 48 11 '41 March 203 199 '233 '202 209 185 250 230 '49 10 '41 April 204 202 '218 '204 212 190 226 210 49 9 42 May 212 205 226 217 217 194 231 222 48 9 43 June 203 199 '207 208 219 194 230 226 48 9 43 July ... 184 173 '259 181 230 184 229 216 47 12 41 August 210 196 292 209 * 241 191 250 212 46 12 42 September P 234 217 307 238 257 209 271 222 46 12 42 P Preliminary. ' Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1525. 1534 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 Sept. Oct. Oct. Oct. Oct. page Sept. Oct. Oct. Oct. Oct. 18 18 WEEKLY FIGURES 2 In billions of dollars In unit indicated RESERVE BANK CREDIT, ETC. WEEKLY FIGURES 2—Cont. Reserve Bank credit, total.... 2008 1997 20.04 2043 19.75 U. S. Govt. securities, total.. 1935 1938 19.51 1951 19.23 BUSINESS CONDITIONS N Bi o ll t s es and certificates 1 1 4 3 2 8 0 1 1 4 3 1 6 9 14 1 . .3 2 5 4 1 1 43 1 4 9 14. . 3 8 6 2 Wholesale prices: G M T M R r o e o e N C C e R q l m n a d h e o u e s e B w i s b u i u s y c r e o e n t e a r r n r o y Y t i d g v n r d c b o e y o c s r k a c r e a c b . n k i s s . i r a k . e t h c y C n r u v r a k i l e b e t n a s s y a s t d e , i n r o k v d n s e e . s p , o to si t t a s l . . .. .2, 2 4 2 3 2 2 1 1 3 2 4 6 4 1 7 3 6 5 . 0 4 7 4 3 4 7 5 8 1 4 6 7 7 5 1 0 2 4 3 2 2 1 1 3 2 4 6 4 6 1 7 3 5 . 8 4 6 5 4 1 5 8 1 1 3 2 8 6 0 9 7 5 6 7 2 2 1 1 7 3 3 4 6 4 1 1 6 5 . . . . 3 9 4 8 4 4 7 6 8 1 4 2 3 2 0 0 9 2 3 3 2> 2 2 1 1 3 4 4 6 1 1 7 3 7 5 9 2 2 2 5 9 7 5 7 1 8 3 9 5 6 1 6 1 2 5 2 2 1 P 1 4 4 7 6 3 1 1 6 5 4 . . . . . . . . . . 7 0 1 5 6 1 2 6 9 6 2 6 6 2 7 2 9 1 3 I B n a d T F F O T F I s e n o a i o o o t x c d h ( r o o t t e A m a a u e d d c s l l r s s s u o t t p g m ( u c r 1 i . r o f a m o 9 f m 1 l s d 2 o 9 m u m 6 d 3 c = i o 9 a t t 1 d s i = t e i 0 e 1 t s 0 i r : 0 e i ) s 0 a : ) l : s...... 6 6 6 6 6 6 6 7 5 5 5 7 5 7 1 1 3 3 3 1 1 8 7 1 5 2 6 5 0 7 0 4 5 9 9 . . , . . . . 2 4 2 4 4 2 8 3 3 3 1 1 1 1 2 1 5 7 7 6 6 9 5 2 1 5 8 0 . . . . . . . 1 3 6 9 8 7 0 3 3 3 1 1 1 1 2 4 1 7 7 6 6 7 8 2 7 7 0 8 . . . . . . . 6 9 9 6 8 6 4 3 3 3 1 1 1 1 1 2 7 7 6 5 6 3 7 7 8 0 8 0 . . . . . . . 9 9 6 8 7 2 0 3 3 3 1 1 1 1 5 3 1 7 7 6 6 1 8 4 1 9 8 0 . . . . . . . 7 0 7 5 9 7 8 Ex N C C R ce h o e e s s w i u s c e n a r r Y t g v e r o e y s o e r c r b k v i a t e y C n s k i , b t s y a t e o nk ta s l«....-... , — (3) . 8 0 0 5 6 2 9 3 0 0 5 7 1 9 2 8 8 7 (3 9 0 6 1 6 1 1 6 Pl V .3 0 2 1 7 3 1 1 5 1 P P . . . . 6 7 1 2 2 4 8 2 Se W C S l C e t o c o e h p t r t e e o e n t r o d a u s n t ( n f c d a ( ( e ( d c r s c n m e ) o e t n s l n l t t a p p s s r r e s p p o r e e d b p r r u e u b p c r s t u o h s s 1 u : e h 0 n l e 0 ) d l . ) ) . . . . 6 6 6 6 8 8 8 8 2 3 1 1 4 0 5 7 0 3 . . . . 2 8 6 5 0 2 2 1 1 4 9 5 8 0 . 4 . . . 9 3 8 0 8 2 2 1 1 3 9 5 9 4 3 . . . . 8 2 9 5 4 2 3 1 0 1 3 5 . 1 9 4 3 . . . 1 9 2 0 2 1 1 3 5 7 9 3 . . . 8 9 4 MEMBER BANKS IN LEADING CITIES Cows (dollars per 100 30.20 All reporting banks: pounds) 68 20.10 19.58 19.28 19.53 Loans and investments 14 68.77 6866 6866 6884 69.23 Hogs (dollars per 100 20.03 U. S. Govt. securities, total. 14 33.85 33.69 3336 3358 33.73 pounds) 68 20.97 19.56 19.78 20.26 19.52 Bonds......... 16 22.43 22.43 22.39 2236 22.3 Butter (cents per pound). 68 63.4 63.4 63.4 63.4 63.1 Notes and certificates.... 16 9.03 8.87 881 878 8.81 Eggs (cents per dozen)... 68 36.4 35.5 38.6 39.3 40.4 Bills... 16 2.39 2.40 2 16 244 2.55 Production: Other securities 18 6.42 6.39 643 644 6.36 Steel (% of capacity) 71 100.7 101.2 101.6 102.0 102.6 Demand deposits adjusted.. 14 49.24 48.99 4884 4934 49.89 Automobile (thous. cars)... 71 178 170 166 181 179 U. S. Govt. deposits 14 2.47 1.93 2 14 198 1.84 Crude petroleum (thous. Loans, total 1 28.50 28.58 2888 2882 29.14 bbls.) 72 5,835 5,803 5,791 5,831 5,823 Commercial 18 15.73 15.92 1614 16.15 16.32 Bituminous coal (mill, tons). 72 1.92 1.90 1.92 1.96 1.93 Real estate 18 '5.04 5.05 5.09 5 10 5.1 Paperboard (thous. tons)... 73 236 232 238 235 240 For purchasing securities: Meat (mill, pounds) 73 330 326 304 320 326 Total 18 2.21 2.09 209 2.06 2.14 Electric power (mill. kw. hrs.) 75 6,503 6,514 6,509 6,503 6,563 U. S. Govt. securities.. 18 .69 .56 58 .55 .65 Freight carloadings (thous. cars): Other securities 18 1.52 1.53 152 1.51 1.49 Total.... 74 880 864 889 891 Other 18 5.59 5.62 566 5.68 5.71 Miscellaneous 74 412 404 421 425 423 New York City banks: Department store sales Loans and investments 19.75 19.70 1945 19.51 19.77 (1935-39=100) 75 320 325 325 304 314 U. S. Govt. securities, total. 15 9.06 9.02 873 8.84 9.02 Bonds, total holdings 1 6.48 6.46 641 6.38 6.38 Due or callable—5 years 1 4.83 4.82 4 76 4.72 4.70 1950 Notes and certificates.... 1 1.80 1.80 174 1.71 1.7 Bills 1 .78 .76 58 .74 .90 Demand deposits adjusted.. 15 15.54 15.28 1509 15.41 15.62 July Aug. Sept. U. S. Govt. deposits 15 .70 .55 .62 .57 .53 Interbank deposits 15 3.93 4.17 4.07 4.23 4.12 MONTHLY FIGURES Time deposits 15 1.56 1.54 1.54 1.54 1.52 In billions of dollars Loans, total 15 8.82 8.83 8.83 8.79 8.93 DEPOSITS AND CURRENCY Commercial 1 5.61 5.71 5.78 5.73 5.77 For purchasing securities: Deposits and currency« To brokers: Total deposits and currency. P174.40 P175.5O P176.5O On U. S. Govts 1 .45 .34 .33 .33 .42 Total deposits adjusted and Bank R s e T a o o l u O e t o n s s t t i h a o d e t t e e r h s e N a r n e s d w e o c Y t u h o r e i r r t k i e . C s . . . i . . t . y V 1 1 : . 9 1 . . . 2 7 6 6 7 0 1 . . . 2 7 6 7 6 0 1 . . . 7 6 2 5 3 7 1 . ' . 7 . 6 2 4 4 1 1. . . 6 7 2 5 4 7 T D C i u e m c m r u r e r e a r n n d e c d e n y p c d o y o e s u p it t o s s s i a d it d e s j u b a s d a t j e n u d k s t s e . d .. . . . 6 6 6 6 P P P P 1 8 7 5 2 6 0 9 4 . . . . 3 5 4 4 0 0 0 0 P P P P 1 8 5 2 7 7 9 4 1. . . . 0 4 1 5 0 0 0 0 P P P P 17 8 2 5 1 8 4 9 . . . . 7 1 5 1 O 0 0 0 U Lo . N B B a S n i o o . l s n l t G s e d a s o s n v a d t n . i d s n e v c c e e u s r r t t i m t i i f e e i s c n , a t t s t o e t s a .. l . . . . 1 1 1 1 1 . 5 ' 2 1 4 7 1 4 5 9 . . . . . 6 9 2 7 0 1 5 3 9 24 2 1 7 1 8 4 5 . . . . . 6 9 0 6 9 8 7 7 4 6 2 4 1 7 1 4 9 5 . . . . . 6 0 2 9 5 2 6 2 9 8 4 2 1 7 1 9 4 5. . . . . 9 6 0 3 7 8 9 7 4 4 4 2 1 9 7 5 4 1 . . . . . 9 4 6 0 7 S i = M $ o U C B 1 n o i . l 0 e i l S y n s a . s o n i , G n f d $ o $ c 1 $ v 5 i , 2 r t 0 $ c . 0 2 u a d , b l n e a a i d p l t n l i o s o d o s n v i $ , t e 5 s t r . o b t i a ll l s . . . . . . 7 * 6 " 2 P 1 8 4 7 4 4 . . . . . 3 5 0 1 1 2 3 1 6 0 2 P 1 8 4 7 4 4 . . . . . 3 1 5 2 5 3 2 6 4 0 2 P 1 8 4 7 4 4 . . . . . 3 5 1 2 8 3 9 6 4 0 Demand deposits adjusted... 1 33.7033.71 33.75 33.9334.28 U In . t e 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 6 1. . 7 3 6 6 6 1. .8 3 6 8 6 1 . . 9 5 9 2 7 1. . 4 3 1 0 6 1 . . 8 3 4 Annual rate T L i o m C R an o e e s a m d , l m e t e o p s e t o t r a a s c l i t i t e a s l 1 1 1 1 ( ' 1 1 1 r 9 \ 3 0. : . . 1 6 6 6 2 3 8 4 1 1 1 4 9 3 0 . . . . 7 2 6 6 5 0 4 6 2 1 1 4 0 3 0 . . . . 3 6 6 0 6 6 7 4 2 1 1 4 0 3 0 . . . . 0 4 6 6 4 2 8 6 2 1 1 4 3 0 0 . . . . 7 6 5 2 i i i Tu N O rn e th o w e v r e Y r l e o o a r f k d i d n C e g i m ty c a it n i d es d eposits:6 8 3 2 1 0. . 7 3 4 2 0 1 . . 2 9 3 2 6 1. . 9 0 For purchasing securities. 1' .73 .72 .74 .72 .7 Other 1( 4.40 4.42 4.44 4.46 COMMERCIAL BANKS In billions of dollars MONEY RATES, ETC. Per cent per annum U. S. Govt. securities: Co 3 B C 7 1 r - - 5 p i e 5 9 l o r l y t s r i y y e a f ( e e a i t n c a a e r e a s r r w t s s b e o o s r i n s m d su s o : e r s e ) 30, 3 3 3 3 3 C i 0 i 2 1 2 1 1 1 .3 . . . . 9 3 5 3 2 0 7 9 4 4 1 2 1 1 . 1 . . . . 3 9 3 3 6 2 1 7 5 0 4 1 2 1 1 1 . . . . . 3 3 3 6 9 3 8 5 4 4 7 1 2 1 1 1 . . . . . 3 3 9 6 4 3 9 6 8 0 7 1 2 1 l .3 ! . . 9 4 1 3 6 5 6 8 H L C o a o U O L a s ld h n o . t h i s a S n a e n a g . s r s s n s G 6 s e d e t o o s c i v f n u • t . v . r i U e s t s i e . e t c m s u S e r e . i n ti t G e s s , o • v to t. t al s e •. - P P P P P 1 6 2 4 l 2 5 7 6 l 2 . . . . . 0 4 3 3 0 0 0 0 0 0 P P P 1 P P 2 4 2 6 i 7 7 3 4 1 . . . . . 2 3 3 2 8 O 0 0 0 0 P P 1 P P P 2 2 4 6 1 7 3 9 2 2 . . . . . 8 7 0 5 1 0 0 0 0 0 Hi A B gh a a - a a g rade municipal bonds.. 3 3 3 2 2 2 3 2 1 . . . 2 8 6 2 8 6 3 2 1 . . . 2 8 6 2 7 6 3 2 1 . . . 2 6 8 2 6 3 3 2 1 . . . 2 6 8 2 7 0 3 2 1 . . . 6 2 7 S 3 W T i c B t u h o il r i t l i n a s t l i e 1 s y : ear: 1 1 0 0 1 2 6 . . 9 5 9 5 1 3 6 . . 6 2 4 4 P1 P3 9 . . 8 5 0 0 Certificates 10 3.99 2.94 P2.40 Stock prices (1935-39 = 100): In unit indicated Notes and bonds 10 9.57 9.66 P13.30 Vo T P R I l n u u o a d m b i t u l a l r e i l s o c t o a r u f i d a t t i l r l a it d y i ng (mill, shares) 3 3 3 3 3 ' 4 - 2. 1 1 1 1 1 0 2 6 5 3 5 6 6 4 2. 1 1 1 1 4 0 5 7 3 9 6 8 0 0 2. 1 1 1 1 1 0 2 5 7 6 9 7 0 0 2. 1 1 1 1 0 7 0 3 5 2 1 6 1 8 2. 1 1 1 0 0 2 7 4 7 8 Ov T N B B e o o o r o t n n t 1 a e d d l s s s y a e ( ( n a 5 o d r - v : 1 e b 0 r o y n 1 r d 0 s s . y ) ( r 1 s -5 .) y .. r . s . . . ) 1 1 1 1 0 0 0 0 3 4 1 5 4 1 . . . . 7 6 4 1 5 0 5 0 3 4 4 1 1 5 . . . . 9 2 1 1 2 2 6 4 P P P P 3 2 6 4 6 5 . . . . 1 2 1 9 0 0 0 0 For footnotes see p. 1538. NOVEMBER 1950 1535 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 July Aug. Sept.1 page July Aug. Sept.1 MONTHLY FIGURES—Cont. In billions of dollars MONTHLY FIGURES—Cont. In billions of dollars MEMBER BANKS GOVERNMENT FINANCE—Cont. All member banks: Ownership of U. S. Govt. securities—Cont. Loans and investments, total 12 103.29 104.29 104.55 Marketable public issues—Cont. Loans 12 38.76 39.98 41.54 By class of security—Cont. U. S. Govt. securities 12 55.03 54.43 52.88 Bonds—Total outstanding 24 102.95 102.95 96.83 Other securities 12 9.50 9.88 10.13 Nonbank (unrestricted issues Demand deposits adjusted«........ 12 73.45 74.31 74.86 only), commercial bank, Time deposits 12 29.58 29.48 29.46 and F. R. Bank 24 57.05 56.69 P50.80 Balances due to banks 12 10.80 10.68 10.9. Commercial bank and F. R. Balances due from banks 12 5.47 5.37 5.45 Bank 24 43.62 44.16 P39.30 Reserves 12 16.25 16.27 16.60 F. R. Bank 24 4.89 6.77 3.79 Central reserve city banks: By earliest callable or due date: Loans and investments, total 12 24.71 25.21 25.16 Within 1 year-Total outstanding 25 45.40 50.75 54.08 Loans 12 9.78 10.09 10.60 Commercial bank and F. R. U. S. Govt. securities 12 12.70 12.73 12.12 Bank 25 26.65 30.54 P30.40 Other securities 12 2.22 2.38 2.45 F. R. Bank 25 10.11 14.31 10.84 Demand deposits adjustede 12 18.83 19.20 19.31 1-5 years—Total outstanding. 25 48.71 43.36 38.63 Time deposits 12 2.84 2.87 2.89 Commercial bank and F. R. Balances due to banks 12 4.78 4.73 4.88 Bank. 25 36.69 32.77 P32.00 Reserves 12 5.46 5.50 5.67 F. R. Bank 25 5.10 1.64 6.10 Reserve city banks: 5-10 years—Total outstanding 25 15.93 15.93 15.93 Loans and investments, total 13 39.17 39.38 39.54 Nonbank (unrestricted issues Loans 13 15.26 15.85 16.53 only), commercial bank, U. S. Govt. securities 13 20.55 20.03 19.40 and F. R. Bank 25 8.46 8.37 P8.50 Other securities 13 3.36 3.50 3.61 Commercial Bank and F. R. Demand deposits adjusted • 13 26.22 26.50 26.74 Bank 25 6.77 6.84 P7.00 Time deposits... 13 11.73 11.66 11.63 F. R. Bank 25 1.02 .91 P.98 Balances due to banks 13 5.15 5.09 5.19 Over 10 years—Total outstand- Balances due from banks 13 1.75 1.70 1.73 ing 25 45.13 45.13 45.13 Reserves 13 6.30 6.28 6.36 Nonbank (unrestricted issues Country banks: only), commercial bank, Loans and investments, total 13 39.42 39.70 39.86 andF. R. Bank 25 6.70 6.42 P6.60 Loans 13 13.72 14.04 14.42 Commercial bank and F. R. U. S. Govt. securities 13 21.78 21.67 21.36 Bank 25 5.85 5.65 P5.80 Other securities 13 3.92 3.99 4.08 F. R. Bank 25 1.75 1.50 1.66 Demand deposits adjusted • 13 28.39 28.61 28.81 Cash income and outgo: Time deposits 13 15.01 14.95 14.93 Cash income 26 2.11 3.52 4.87 Balances due from banks *. . 13 3.57 3.51 3.57 Cash outgo 26 3.14 3.01 3.20 Reserves 13 4.49 4.50 4.57 Excess of cash income or outgo.... 26 -1.03 + .51 + 1.67 MONEY RATES, ETC. Per cent Treasury bills (new issues) 29 1.172 1.211 1.315 Corporate bonds: CONSUMER CREDIT e Aaa 29 2.65 2.61 2.64 Baa 29 3.32 3.23 3.21 Consumer credit, total6 20 18.30 P18.84 P19.29 F. R. Bank discount rate•. 29 1.50 81.75 1.75 Single-payment loans6 20 1.13 Pl.16 Pl.18 Commercial paper 29 1.31 1.50 1.69 Charge accounts. 20 3.53 P3.64 P3.74 Stock yields: Service credit. , 20 1.04 Pl.04 PI.05 Dividends/price ratio: Instalment credit, total 20, 21 12.60 P13.01 P13.33 Common stock 33 6.36 6.66 6.45 Instalment loans 21 5.26 P5.39 P5.48 Preferred stock 33 3.92 3-85! 3.85 Instalment sale credit, total 21 7.34 P7.61 P7.85 Automobile 21 3.99 P4.11 P4.21 In unit indicated Other 21 3.35 P3.51 P3.64 Margin requirements (per cent) 35 50 50 50 Stock prices (1935-39 =100), total... 35 138 147 152 Stock market credit (mill, dollars): Bank loans 35 498 518 533 GOVERNMENT FINANCE Customers' debit balances 35, 36 1,208 1,231 1,284 Money borrowed 36 755 752 751 Gross debt of the U. S. Government: Customers' free credit balances.... 36 712 780 738 Total (direct and guaranteed) 22 257.56 257.89 257.24 Volume of trading (mill, shares) 35 2.23 1.67 1.93 Bonds (marketable issues) 22 102.95 102.95 96.83 Notes, certificates, and bills..... 22 52.21 52.21 56.95 BUSINESS CONDITIONS Savings bonds, savings notes.... 22 66.20 66.38) 66.29 Special issues 22 32.52 32.71 33.40 Personal income (annual rates, bill, Guaranteed, noninterest-bearing dollars) :• « debt, etc 22 3.67 "3.64 3.77 Total 48 '220.7 '225.4 228.3 Ownership of U. S. Govt. securities: Wage and salary receipts 48 141.7 145.5 147.5 Total: Proprietors' income, dividends, and Commercial banks • 23 64.70 64.10 i>62.10 interest 48 63.3 '64.5 66.0 Fed. agencies and trust funds... 23 37.98 38.14 38.89 Allother 48 15.7 15.4 14.8 F. R. Banks 23 17.97 18.36 19.57 Labor force (mill, persons):e Individuals e 7 23 67.40 67.40 P67.50 Total 49 65.7 66.2 65.0 Corporations • 7 23 18.80 19.50 P19.30 Civilian 49 64.4 64.9 63.6 Insurance companies e 23 20.10 20.00 P19.80 Unemployment 49 3.2 2.5 2.3 Mutual savings bankse 23 11.50 11.40 Pll.20 Employment 49 61.2 62.4 61.2 State and local govts.e 23 8.20 8.20 P8.20 Nonagricultural 49 52.8 54.2 53.4 Miscellaneous e7 23 10.90 10.80 P10.70 Employment in nonagricultural estab- Marketable public issues: lishments (mill, persons): • 6 By class of security: Total 50 '44.22 44.86 P45 .04 Bills—Total outstanding 24 13.64 13.64 13.64 Manufacturing and mining 50 15.89 16.27 P16.34 Commercial bank and F, R. Construction 50 2.36 2.42 P2.40 Bank 24 7.14 5.94 P5.30 Transportation and utilities 50 4.02 4.07 P4.10 F. R. Bank 24 4.15 2.30 1.51 Trade 50 9.54 9.62 P9.60 Notes and certificates—Total Government 50 5.85 5.89 P5.99 outstanding 24 38.57 38.57 43.3: Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) .51 59.21 60.32 P60.53 Bank 24 25.21 25.70 P30.70 Hourly earnings (dollars) 51 1.462 1.464 PI.480 F. R. Bank 24 8.94 9.29 14.2 Hours worked (per week) 51 40.5 41.2 P40.9 For footnotes see p. 1538. 1536 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 July Aug. Sept.1 page July Aug. Sept.* In unit indicated In unit indicated MONTHLY FIGURES—Gont. MONTHLY FIGURES—Cont. BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS Cont. Industrial production:5 :onsumers' prices (1935-39=100): Total (1935-39 =100) 52 196 209 P210 All items 64 172.5 173.0 173.8 Groups (points in total index): Food.. 64 210.0 209.0 208.5 Durable manufactures . 52 ''89.3 93.6 Apparel 64 184.7 185.9 190.5 Nondurable manufactures 52 '84.9 91.2 P90.5 Rent 64 124.4 124.8 124.8 Minerals 52 '21.9 24.1 P24.7 Miscellaneous 64 156.2 158.1 158.8 Manufacturing production Wholesale prices (1926 =100): (1935-39 =100), total 53 205 218 Total 65 162.9 '166.4 169.5 Durable 53 '235 247 P250 Farm products 65 176.0 177.6 180.4 Nondurable 53 181 195 P193 Food 65 171.4 174.6 177.2 Selected durable manufactures Other commodities. 65 151.5 155.5 159.2 (1935-39=100): Textile products 66 142.6 149.5 158.2 Nonferrous metals 54 208 211 P208 Hides and,leather products 66 '187.2 195.6 202.8 Steel 54 264 265 275 Chemicals and allied products... 66 118.1 122.5 128.5 Cement 54 208 214 206 Fuel and lighting materials 67 133.4 134.4 135.1 Lumber 54 140 152 P150 Building materials 67 207.3 »"214.0 219.6 Transportation equipment 54 '272 287 P285 Metals and metal products 67 172.4 174.3 176.7 Machinery 54 265 279 P284: Miscellaneous 66 119.0 124.3 127.4 Selected nondurable manufactures Prices paid and received by farmers (1935-39=100): (1910-14=100): Apparel wool consumption 55 139 178 Paid, etc 69 256 258 261 Cotton consumption 55 123 155 152 Received 69 263 267 272 Shoes 55 107 H31 Cash farm income (mill, dollars): Paperboard 55 198 228 '232* Total . 70 2,356 2,551 P2,913 Newsprint consumption 55 167 165 163 Livestock and products 70 1,285 1,361 *1,454 Manufactured food products.... 55 '167 167 P165 Crops 70 1,058 1,182 P1A52 Fuel oil ,... 55 187 190 P19S Govt. payments 70 13 8 P7 Gasoline 55 194 200 P193 Industrial chemicals 55 '448 451 H57 Rayon 55 359 362 INTERNATIONAL TRADE AND FINANCE Sales, inventories, and orders:9 Sales (bill, dollars):5 Exports and imports (mill, dollars): Manufacturing, total 56 20.1 22.8 P21.1 Exports 76 P774 P761 P910 Durable , 56 8.7 10.1 Imports. . 76 P7O9 P819 P858 Nondurable 56 11.4 12.7 Excess of exports or imports 76 P66 P-59 P53 Wholesale, total 57 9.0 9.7 Short-term liabilities to and claims on Durable 57 2.6 2.9 foreigners reported by banks (bill, Re N ta o i n l, d t u o r t a a b l le 5 5 7 7 1 6 2 . . 4 7 1 6 2 . .7 8 P P 1 6 2 .3 .1 To d ta o l l l l a i r a s b ) i : lities 77 P6.57 P6.S3 Durable 57 4.7 4.7 Official 77 P3.30 P3.24 Nondurable 57 8.0 8.0 Invested in U. S. Treasury bills Inventories (bill, dollars) :5 and certificates 77 P.91 *1.05 Manufacturing, total 56 29.7 29.7 P3O.7 Private 77 P22.70 2*3.58 Durable 56 13.8 13.7 »13.9 Claims on foreigners 77 P.68 P. 69 Nondurable 56 15.9 16.0 P16.7 Foreign exchange rates: Wholesale 57 9.3 9.6 P9.8 See p. 1557 of this BULLETIN 78, 79 Retail. .. 57 14.1 15.1 P15.7 New orders (bill, dollars): Durable 56 10.6 13.9 Pll.6 1950 Nondurable 56 11.5 13.3 P12.1 Construction contracts (3 mo. moving avg., mill, dollars):5 Jan.- Apr.- July- Total 58 1,333 1,369 v1,359 Mar. June Sept. Residential 58 679 666 J>628 QUARTERLY FIGURES Other 58 654 703 P732 Residential construction: GOVERNMENT FINANCE In billions of dollars Contracts awarded (mill, dollars): Total 59 632 732 560 Budget receipts and expenditures of 1- and 2-family dwellings 59 461 570 427 U. S. Treasury: Other 59 170 163 133 Expenditures, total 27 9.09 10.10 9.05 Dwellings started (thous. units)... 59 144 141 115 National defense 27, 28 3.03 2.97 P3.23 Value of construction activity (mill, Veterans' Administration 28 1.58 1.46 1.31 dollars): International aid 28 1.02 1.18 P.81 Totale 60 2,675 2,790 2,806 Interest on debt 28 1.26 1.93 1.05 Nonresidential:e All other 28 2.13 2.47 Pl.94 Public 60 654 692 707 Receipts: Private 60 744 762 765 Net receipts 27 11.16 8.21 9.34 Residential:e Individual income taxes 28 6.63 4.23 3.98 Public 60 24 27 28 Corporate income, etc 28 2.68 2.28 2.45 Private 60 1 ,253 1,309 1,306 Miscellaneous internal revenue. . 28 1.95 2.05 2.46 Freight carloadings:3 All other 28 .78 .62 .63 Total (1935-39 =100) 61 126 135 Tax refunds (deduct) 28 .88 .97 .18 Groups (points in total index): Miscellaneous 61 76.6 80.6 78.0 Coal 61 22.2 26.9 28.7 MONEY RATES Per cent per annum All other 61 26.9 28.0 27.3 Department stores: Bank rates on loans to business: Indexes (1935-39 =100):« All loans: Sales 62 362 335 320 19 cities 31 2.60 2.68 2.63 Stocks 62 '269 284 309 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) 63 292 '331 369 11 Southern and Western cities.. 31 3.12 3.22 3.13 Stocks (mill, dollars) 63 789 '918 1,028 Loans of $l,000-$10,000: Outstanding orders (mill, dollars) 63 693 '755 701 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 5.1 5.1 4.7 7 Northern and Eastern cities... 31 4.64 4.58 4.56 Stocks 63 2.7 2.8 2.8 11 Southern and Western cities.. 31 4.64 4.70 4.71 For footnotes see p. 1538. 1537 NOVEMBER 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 Jan. 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): •12 19 cities 31 3.54 3.65 3.63 All business 42 3.7 4.3 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 3.1 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 2.95 New York City 31 2.64 2.73 2.72 In billions of dollars 7 Northern and Eastern cities... 31 2.91 2.82 2.87 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 +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 +0.5 +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. « Corporate assets and liabilities (bill, Gross national product 5 , 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 24.7 25.9 Personal consumption expenditures 44 182.4 184.5 U. S. Govt. 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 40.7 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 34.7 36.2 ment.. . 44 38.6 43.9 Federal income tax liabilities.... 37 9.8 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)e 38 1.40 2.19 1.03 New construction 45 19.9 20.9 New money, total (bill, dollars)«... 38 1.01 1.27 .69 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 .61 Personal income, consumption, and Preferred stock 38 .09 .20 .07 saving: 5 Common stock. 38 .10 .32 .07 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 39 777 958 563 Net personal saving 47 15.3 11.0 Public utility 1(> 39 567 774 446 Railroad 39 106 81 56 Industrial10 39 73 103 57 Working capital: All issuers 39 237 317 128 Public utility10 39 1 6 6 June Dec. June Railroad 39 18 30 31 30 Industrial10 39 94 171 64 SEMIANNUAL FIGURES Bonds (bill, dollars): • Public. 38 .69 .98 .37 INSURED COMMERCIAL BANKS In billions of dollars Private , 38 .46 .65 .56 Corporate profits, taxes, and dividends Loans: Pro (a fi n ts n u b a e l f o r r a e t e t s a , x b e i s l l, dollars): •5 40 29.2 '37.4 'U42.0 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 1 2 6 . . 9 9 6 4 1 2 6 . . 8 8 2 1 Pro u f n i d ts i st a r f i t b e u r te t d a x p e r s o fi ( t d s i ) v idends and 40 17.2 '22.2 R Co ea n l s u e m st e a r te 1 1 1 1 10 7. . 1 8 7 9 1 8 1 . . 0 4 0 1 1 9 2 . . 0 2 4 7 Undistributed profits 40 »-9.1 14.1 For purchasing securities: 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) *. . .. 41 '4.3 5.6 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 . . 9 7 0 6 0 6 . . 8 4 6 0 0 7 . . 9 2 1 4 Large la r c s o ) rporations, total (bill, dol- 41 1.2 1.6 Other securities 11 3.49 3.57 3.72 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 • Estimated. * Preliminary. r Revised. c Corrected. 1 For charts on pp. 22, 29, and 35, figures for a more recent period are available in the regular BULLETIN tables that show those series. Because the Chart Book is usually released for publication some time after the BULLETIN has gone to press, most weekly charts and several monthly charts include figures for a more recent date than are shown in this table. 2 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 3 Deficiency of less than 5 million dollars 4 Less than 5 million dollars. 5 Adjusted for seasonal variation. 6 Revised. See pp. 1465-1466 of this BULLETIN. 7 New Treasury Department classification. 8 Effective Aug. 21. 9 Manufacturers' series have been revised beginning 1946. Revisions are shown beginning 1949 only; those for 1946-48 will be incorporated in an early issue of the Chart Book. 10 Beginning with the second quarter of 1950 data are not strictly comparable with those for earlier quarters because of changes in components. 11 Estimates of Council of Economic Advisers, based on preliminary data. 12 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 issues at 60 cents each. 1538 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 July Aug.? Sept.P page July Aug.p Sept.** In millions of dollars In millions of dollars Consumer credit outstanding, totalx.. 3 18,295 18,843 19,293 Consumer instalment sale credit Instalment credit, total 3, 5 12,598 13,007 13,329 granted, cumulative totals:2 Instalment loans 5 5,255 5,394 5,481 By all other retailers 7 1,121 1,093 1,067 Instalment sale credit 5 7,343 7,613 7,848 By department stores and mail- Charge accounts 3 3,527 3,636 3,737 order houses 7 987 962 932 Single-payment loans1. 3 1,133 1,157 1,182 By furniture and household appli- Service credit 3 1,037 1,043 1,045 ance stores 7 801 776 745 Consumer credit outstanding, cumu- By automobile dealers. 7 576 525 498 lative totals:12 Consumer instalment loan credit out- 4 18,295 18,843 19,293 standing, cumulative totals:2 Charge accounts. 4 5,697 5,836 5,964 Commercial and industrial banks. 8 5,255 5,394 5,481 Single-payment loans * 4 2,170 2,200 2,227 8 2,704 2,720 Service credit 4 1,037 1,043 1,045 Credit unions . . .. 8 1 662 1,695 1,710 Consumer instalment sale credit out- Miscellaneous lenders g 1,167 1,181 1,187 standing, cumulative totals:2 Insured repair and modernization All other retailers 6 7,343 7,613 7,848 loans ... 8 834 836 Department stores and mail-order houses .. 6 6 648 6 886 7,093 Furniture and household appliance stores 6 5,567 5,763 5,934 Automobile dealers 6 3,994 4,107 4,210 P Preliminary. 1 Revised. For description of revision see pp. 1465-1466 of this BULLETIN. 2 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. OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS DISTRICT FIGURES DERIVED FROM ESTIMATES OF THE DEPARTMENT OF AGRICULTURE BY STATES, AS OF OCTOBER 1, 1950 [In thousancIs of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1949 Oct. 1, 1950 1949 Oct. 1, 1950 1949 Oct. 1, 1950 1949 Oct. 1, 1950 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 6 904 7 534 New York 33,917 36,325 13,011 12,661 84 88 Philadelphia 56,510 54,338 18,961 17,178 Cleveland 251,347 218,671 65,586 50,883 Richmond 1,040 639 190,015 192,991 24,677 23,609 Atlanta. . . 2,086 1,699 204,395 219,896 6,372 5,465 Chicago 1,351,980 1,119,326 90,920 67,065 2,642 1,355 St. Louis 1 3,765 22,815 430,953 431,181 73,488 50,192 21 17 Minneapolis 378,335 340,402 29,356 28,762 201,043 226,858 Kansas City 506 158 396,589 411,564 367,761 347,403 6,846 3,931 Dallas 6,974 3,327 69,650 78,095 104,507 21,801 125 111 San Francisco 1,757 1,231 7,195 7,644 107,029 115,518 34,034 37,172 Total 16,128 9,869 3,377,790 3,117,967 901,668 740,537 244,795 269,532 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1949 Oct. 1, 1950 1949 Oct. 1, 1950 1949 Oct. 1, 1950 1949 Oct. 1, 1950 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 5,831 6,490 3,613 3,714 39,457 40,019 75,541 71,092 New York 23,959 35,035 5,222 6,327 915 975 35,154 43,116 Philadelphia .. . 15,601 18,295 2,471 2,606 58,709 59,450 19,861 22,341 Cleveland 58,869 53,209 5,719 6,268 150,699 122,722 12,405 13,274 Richmond 35,103 37,688 5,292 4,986 1,076,513 1,169,960 22,032 24,065 Atlanta . 28,126 30,553 4,055 3,731 247,627 223,448 13,667 14,552 Chicago 591,639 636,322 16,876 20,730 32,460 31,965 30,392 30,563 St Louis 64,738 78,816 9,829 10,163 357,353 295,393 7,496 7,096 Minneapolis . . . 322,573 388,540 9,174 10,848 2,431 2,294 42,612 45,893 Kansas City 106,002 129,465 10,220 10,329 4,212 3,898 31,407 31,406 Dallas 37,499 33,668 1,786 1*855 4,123 3,206 San Francisco 32,984 35,894 12,752 13,656 107,272 120,178 Total 1,322,924 1,483,975 87,009 95,213 1,970,376 1,950,124 401,962 426,782 1 Includes 15,000 bales grown in miscellaneous territory. 2 Includes 9,000 bales grown in miscellaneous territory. NOVEMBER 1950 1539 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS ALL MEMBER BANKS BY CLASSES, FIRST HALF OF THE YEAR, 1950 [Amounts in thousands of dollars] Central reserve All member banks city member banks Reserve Country city member member banks New York Chicago banks First half Second half First half of 1949 of 1949 of 1950 First half 1950 Earnings 1,460,286 1,525,353 1,557,262 241,506 62,912 600,217 652,627 Interest on U. S. Government securities... 422,896 436,322 435,338 74,190 24,023 157,157 179,968 Interest and dividends on other securities. 81,406 87,096 90,748 14,283 6,143 32,475 37,847 Interest and discount on loans 687,998 717,638 747,693 95,227 21,466 299,920 331,080 Service charges and fees on loans.. 10,274 11,160 11,906 1,5,22 479 6,762 3,143 Service charges on deposit accounts 77,713 80,244 84,350 8,073 921 32,750 42,606 Other charges, commissions, fees, etc 30,876 33,621 33,122 4,633 433 12,580 15,476 Trust department 71,216 80,168 76,900 27,360 6,161 28,916 14,463 Other current earnings 77,907 79,105 77,205 16,218 3,286 29,657 28,044 Expenses 914,186 974,729 964,692 142,237 39,519 376,856 406,080 Salaries—officers 150,308 167,881 160,203 20,894 5,606 53,382 80,321 Salaries and wages—others 290,430 317,497 305,067 59,251 12,654 126,649 106,513 Directors' and committee members' fees. . 7,486 8,578 8,097 707 82 1,556 5,752 Interest on time deposits 129,745 131,357 135,070 4,600 5,527 56,080 68,863 Interest on borrowed money 1,790 1,546 1,628 797 131 415 285 Taxes other than on net income 46,278 50,007 53,900 5,902 2,679 23,200 22,119 Recurring depreciation . 19,858 24,043 21,531 1,705 441 8,075 11,310 Other current expenses. 268,291 273,820 279,196 48,381 12,399 107,499 110,917 Net current earnings before income taxes. 546,100 550,624 592,570 99,269 23,393 223,361 246,547 Recoveries, profits, etc On securities: 70,107 112,369 86,159 14,755 10,682 29,710 31,012 ~ T R r e a c n o s v f e e r r i s e s from valuation reserves.... 1 6 1 , , 9 5 5 26 9 1 6 0 , ,7 4 6 8 3 8 6,353 1,181 392 2,114 2,666 Profits on securities sold or redeemed. 20,688 43,255 5,631 485 454 2,124 2,568 On loans: 32,654 7,391 2,461 11,600 11,202 All T R o r e a t c h n o e s v f r e e r r i s e s from valuation reserves. . . . 1 8 6 5 , , , 8 4 6 8 5 0 2 2 0 2 1 9 4 8 , , , 3 2 3 0 4 1 1 3 8 2 1 1 8 1 , , , 7 1 5 9 6 6 2 1 8 2 1 1 , , , 9 5 2 1 5 2 5 4 9 4 2 , , 0 6 7 2 3 1 3 5 7 9 2 2 , , , 3 4 0 3 4 9 5 2 5 5 6 2 , , , 1 8 5 2 6 8 8 8 0 Losses, charge-oils, etc 113,283 204,592 112,988 8,648 8,973 44,831 50,536 On securities: Losses-and charge-offs. 14,004 16,853 13,568 829 553 5,488 6,698 Transfers to valuation reserves. . 8,716 19,288 12,933 843 209 8,636 3,245 On loans: Losses and charge-qffs 7,785 11,367 6,532 99 56 980 5,397 Transfers to valuation reserves.. 64,887 126,367 59,126 3,831 6,106 22,147 27,042 All other 17,891 30,716 20,829 3,046 2,049 7,580 8,154 Profits before income taxes. . 502,924 458,401 565,741 105,376 25,102 208,240 227,023 Taxes on net income. 143,078 131,988 169,059 34,541 5,846 62,820 65,852 Federal 133,534 123,535 158,037 30,391 5,846 59,124 62,676 State 9,544 8,453 11,022 4,150 3,696 3,176 Net profits 359,846 326,413 396,682 70,835 19,256 145,420 161,171 Cash dividends declared. . . 145,510 167,156 155,066 41,468 7,680 60,531 45,387 On preferred stock x. 1,659 1,829 1,422 27 34 288 1,073 On common stock 143,851 165,327 153,644 41,441 7,646 60,243 44,314 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 634 1,765 1,462 609 12 672 169 On loans 6,007 11,505 8,752 1,007 1,040 3,671 3,034 Losses charged to reserves (not included in losses above): On securities 2,171 2,973 1,991 344 4 1,391 252 On loans 27,979 33,878 24,500 3,759 878 9,986 9,877 Number of officers at end of period 47,315 47,454 48,552 3,232 829 12,881 31,610 Number of employees at end of period 251,360 250,367 257,571 42,468 8,680 102,031 104,392 Number of banks at end of period 6,903 6,892 6,885 25 13 336 6,511 Ratios: Percentage of total capital accounts:2 Net current earnings before income taxes 12.3 12.1 12.8 8.5 9.9 14.3 14.6 Net profits 8.1 7.2 8.5 6.1 8.2 9.3 9.6 Cash dividends declared x 3.3 3.7 3.3 3.6 3.3 3.9 2.7 Percentage of total assets:2 Total earnings 2.29 2.35 2.35 1.85 1.81 2.38 2.66 Net current earnings before income taxes .86 .85 .90 .76 .67 .89 1.01 Net profits .56 .50 .60 .54 .55 .58 .66 Percentage of earnings to related assets:2 Earnings on loans , 4.0 4.2 4.1 2.6 4.2 5.1 Interest on U. S. Government securities 1.6 1.6 1.5 1.4 1.5 1.5 1.6 Interest and dividends on total securities 1.7 1.6 1.6 1.5 1.6 1.6 1.7 Total capital accounts to: Total assets 7.0 7.0 8.9 6.8 6.2 6.9 Total assets less Govt. securities and cash assets 20.0 20.3 19.7 24.6 22.1 17.1 19.4 Total deposits , 7.6 7.6 7.6 10.1 6.7 7.4 Time deposits to total deposits , 24.8 24.6 24.3 7.6 16.9 25.2 32.9 Interest on time deposits to time deposits 2 .9 .9 .9 .5 1.0 1.0 .9 NOTE.—The figures of assets, deposits, and capital accounts used in computing ratios are averages of the amounts reported for the call dates at the beginning and end of each period plus the last-Wednesday-of-the-month figures for the intervening months. 1 Includes interest on capital notes and debentures. 2 Annual basis. 1540 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States. . 1542-1547 Gold production . 1547 Reported gold reserves of central banks and governments. . 1548 Gold movements; gold stock of the United States.. 1549 International Monetary Fund and Bank. . 1550 Central Banks . 1550-1554 Money rates in foreign countries. 1555 Commercial banks.. 1556 Foreign exchange rates . 1557 Price movements: Wholesale prices 1558 Retail food prices and cost of living. 1559 Security prices . 1559 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. NOVEMBER 1950 1541 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking In b c a r n e k as in e g in Decrease Foreign Domestic From th J ro a u n g . h 2 — , 1935, Total Total fun O ds f f i i n ci a U l! . S. Other f i t n u e i n s r n n t d i a s t U u t i o . t o i f S o n i . n a n s l - b i a n f a b u n U r n k o d . i a n s S d g . se o R f c f u u e n U t r d u i . s t r i n S e 2 s . : s I e n f f c o u f u l r n o e r d w i i g s ti n e 2 o s f : b I b r n a o f l l k a o e n w r c a e g i s n e 1935—Dec. (Jan. 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 2,240.3 805.8 1,019.4 911.8 126.3 1945—Dec. 31 8,802.8 6,144.5 3,469.0 2,675.5 742.7 972.8 798.7 144.1 1946—Dec. 31 8,009.5 5,272.3 2,333.6 2,938.7 453.8 427.2 1,237.9 464.5 153.7 1947—Dec. 31. 8,343.7 4,120.3 1,121.8 2,998.5 2,242.0 186.5 1,276.9 375.5 142.4 1948—Dec. 31 8,569.1 5,119.5 2,126.0 2,993.6 1,844.3 116.8 1,182.1 183.3 123.1 1949—Sept. 30. . ...• 8,492.4 4,937.0 1,877.6 3,059.5 1,722.1 316.0 1,123.5 266.8 127.0 Oct. 31. 8,660.2 5,115.3 2,025.6 3,089.7 1,692.4 285.0 1,176.4 264.4 126.8 Nov. 30. 8,658.9 5,140.2 2,111.1 3,029.1 1,655.1 288.8 1,196.4 257.1 121.3 Dec. 31-. . 8,763.5 5,226.0 2,197.8 3,028.2 1,637.8 307.6 1,209.9 258.5 123.7 1950—Jan. 31 8,864.0 5,245.9 2,153.6 3,092.4 1,723.0 404.5 1,103.7 263.8 123.0 Feb. 28... 9,092.5 5,283.8 2,189.7 3,094.1 1,707.1 458.7 1,210.0 310.1 122.8 Mar. 31. . . 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 30. 9,794.8 5,784.7 2,530.3 3,254.5 1,636.4 465.3 1,246.7 538.4 123.2 July 31* 9,902.0 5,837.8 2,593.1 3,244.6 1,623.4 448.0 1,245.4 625.8 121.7 Aug. 31* 10,214.5 6,090.3 2,531.7 3,558.7 1,611.2 438.4 1,192.0 761.1 121.4 TABLE 2.—TOTAL CAPITAL MOVEMENTBY COUNTRIES From th J ro a u n g . h 2 — , 1935, s ti t I o i n t n u te a ti r l o n i n n a s - - Total U K d n o in i m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C 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. 3i 8,802.8 892.5 464.2 539.7 722.3 106.5 1,311.8 4,037.0 1,395.7 1 .338 4-1,784.1 247.5 1946—Dec. 31... . 453.8 7,555.7 563.1 384.8 326.4 766.1 287.5 1,246.3 3,574.2 979.7 1,474.0 1,258.3 269.6 1947—Dec. 31 2,067.3 6,276.4 437.0 234.3 213.8 839.3 150.1 1,100.6 2,975.1 688.6 1,383.4 984.3 244.9 1948—Dec. 31 1,677.1 6,891.9 659.7 74.2 103.0 846.0 335.9 1,122.2 3,141.1 947.3 1,503.6 1,065.2 234.9 1949—Sept. 30 1,623.7 6,868.6 525.5 95.2 174.0 910.0 291.4 1,089.6 3,085.7 893.5 •1,677.0 955.1 257.2 Oct. 31 1,594.9 7,065.3 587.3 110.9 189.6 933.8 291.6 1,093.9 3,207.1 928.7 1,756.7 908.1 264.7 Nov. 30 1,558.9 7,100.0 644.5 125.3 165.3 925.1 297.1 1,089.4 3,246.8 952.8 1,768.5 875.2 256.7 Dec. 31 1,541.7 7,221.8 682.4 113.2 171.6 951.2 301.4 1,135.8 3,355.5 984.7 1,780.2 852.0 249.4 1950—Jan. 31 1,526.8 7,337.2 728.9 93.8 175.3 890.1 295.1 1,186.3 3,369.6 1,022.2 :[,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 L.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 L,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 L.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 A June 30 1,617.2 8,177.6 1,055.5 188.6 212.1 1,004.4 270.6 1,264.8 3,992.1 1,084.1 :1,842.4 1,030.7 228.3 July 31*....... 1,605.1 8,296.9 1,044.0 163.4 233.91,016.4 268.3 1,284.6 4,010.8 1,112.7 L.913.3 1,019.3 240.9 Aug. 31* 1,599.4 8,615.1 940.4 337.0 242.51,043.9 271.7 1,310.4 4,145.9 1,191.7 L.944.4 1,073.7 259.4 * 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. 8 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation see BULLETIN for January 1943, p. 98. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637 in the same publication, and for those subsequent to 1941 see BULLETIN for February 1950, pp. 246-251. For revision of earlier figures to include movement in official Philippine accounts held with U. S. Treasury, see BULLETIN for July 1946, pp. 815-819. Certain of the figures in tables "Short-term Liabilities to and Claims on Foreigners Reported by Banks in the United States, by Countries" are not strictly comparable with the corresponding figures for preceding months owing to changes 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. 1542 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 Can- A L m a e t r i i n ca Asia o A th l e l r 1944—Dec. 31. 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31. 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 1,414.2 924.9 1,369.1 212.9 1946—Dec. 31. 453.8 5,272.3 397.6 165.8 208.2 359.0 247.6 687.2 2,065.5 823.9 983.3 1,135.7 263.9 1947—Dec. 31. 2,242.0 4,120.3 264.9 87.6 126.7 432.8 132.8 576.6 1,621.4 301.6 1,095.0 877.3 224.9 1948—Dec. 31. 1,844.3 5,119.5 485.0 112.6 106.1 525.3 313.2 574.8 2,117.1 667.2 1,165.4 971.2 198.6 1949—Sept. 30.. 1,722.1 4,937.0 377.6 86.8 149.1 545.1 265.5 501.0 1,925.1 719.6 1,197.8 878.9 215.7 Oct. 31.. 1,692.4 5,115.3 451.3 103.8 166.3 563.2 266.3 507.4 2,058.3 702.8 1,294.9 835.9 223.3 Nov. 30.. 1,655.1 5,140.2 495.3 103.0 146.3 554.0 275.4 512.0 2,086.0 717.0 1,317.5 803.9 215.8 Dec. 31.. 1,637.8 5,226.0 513.0 91.4 153.9 563.3 283.3 553.7 2,158.7 761.1 1,315.1 780.4 210.7 1950—Jan. 31.. 1,723.0 5,245.9 548.1 72.2 160.7 493.8 276.4 575.8 2,127.1 811.4 1,264.9 801.5 241.0 Feb. 28.. 1,707.1 5,283.8 571.9 79.3 152.5 497.0 282.3 603.9 2,186.8 765.2 1,267.2 846.7 217.8 Mar. 31.. 1,690.9 5,308.8 600.8 76.9 162.0 560.5 239.7 593.0 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 30. . 1,636.4 5,784.7 852.5 138.9 209.0 581.3 260.1 625.8 2,667.5 722.0 1,254.7 921.2 219.4 July 31 P. 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 Aug. 31P. 1,611.2 6,090.3 746.2 193.3 240.5 621.9 253.5 663.0 2,718.4 819.7 1,348.1 966.6 237.5 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES 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. 31 805.8 266.1 77.7 18 3 6 8 26 2 231 5 626 6 64.8 37.0 77 7 — 3 1945-—Dec. 3i 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 I949—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 30 465.3 263.9 58.4 10.9 -1.0 -2.1 242.0 572.1 57.8 -155.7 41.2 -50.0 July 31P.... .... 448.0 255.3 58.8 10.6 -1.6 .2 241.0 564.4 46.8 -162.4 42.9 -43.7 Aug 31P 438.4 253.5 53.8 12.8 — 5 5.5 236.8 562.0 22.6 -148.9 41.8 -39.1 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 ug . 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 a a n- A L m a e t r i i n ca Asia o A th H er 1944—Dec. 31 1 019 4 126.5 51.0 33.6 44.5 27.6 246.9 530.1 104.9 302.0 61.3 21 0 1945—Dec. 31 .. ... 972.8 117.7 51.2 33.0 45.2 27.5 249.2 523.8 49.1 317.1 60.8 22.0 1946—Dec. 31 1,237 9 96.8 50.2 26.0 31.2 26.7 260.2 491.2 236.6 448.4 61.1 .7 1947—Dec. 31 —249.3 1 526 2 94.9 47.1 —3.9 16.3 26.5 275.8 456.7 441.8 537.6 61 6 28 4 1948—Dec 31 -249.3 1,431.3 84.9 42.9 -9.1 -19.0 26.5 287.2 413.3 339.7 578.3 63.2 36.9 I949—Sept. 30. -265.3 1,388.8 77.1 43.2 -9.6 -12.0 26.9 306.1 431.7 260.5 593.5 63.9 39.1 Oct 31 -265.3 1,441.7 72.8 42.9 -9.7 -9.2 26.9 307.4 431.1 312.9 594.6 63.9 39.2 Nov. 30 -265.3 1 461 7 71.4 43.0 -9.7 —6.6 26.9 308.1 433.2 330.0 595.4 64.0 39 2 Dec 31. -265.3 1,475.1 71.4 43.2 -9.3 .1 27.0 311.7 444.1 329.1 598.5 63.9 39.5 1950—Jan. 31 —365.8 1,469 5 71.3 44.0 -15.1 2.4 27.0 313.4 443.0 320.9 601.9 64.0 39.8 Feb. 28 -269.1 1 479 0 70.9 43 9 — 16 9 4.5 27.0 314.4 443.8 326.9 604.1 64.1 40 1 Mar. 31 -267.7 1 446 3 70.4 45.1 -16.9 8.2 27.1 314.9 448.9 286.5 606.5 64.1 40.3 Apr 30 —266.6 1 440 3 69.3 45.0 -14 5 11 0 27.1 315.5 453.3 270.6 606.9 64.1 45 4 May 31 -266.5 1 464 8 68.0 44.6 -15.0 14.2 27.4 316.1 455.3 289.8 609.8 64.2 45.7 June 30 -267.1 1 513 8 67.1 44.1 -14.2 16.8 27.4 316.1 457.2 322.5 620.8 64.2 49.0 July 31 P -266.9 1,512.3 66.4 43.8 -13.6 15.1 27.4 316.5 455.7 319.6 623.5 64.2 49.4 Aug. 31 P -266.9 1,458.9 66.2 43.6 -13.6 14.8 27.4 317.0 455.4 264.4 625.3 64.2 49.6 v Preliminary. NOVEMBER 1950 1543 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From th r J o a u n g . h 2 — , 1935, na I i n n ti t s o e t n i r - - al Total U K d n o in it m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r tutions 1944—Dec. 31.. 911.8 -125.4 77.3 239.0 368.5 1.9 72.4 633.7 -28.1 54.9 240.5 10.7 1945—Dec. 31.. 798.7 -157.9 81.7 233.5 355.4 2.2 68.0 582.9 -126.6 81.3 251.3 9.9 1946—Dec. 31.. 464.5 -194.9 74.9 207.0 337.9 2.1 57.3 484.3 -143.0 87.6 26.8 8.8 1947—Dec. 31.. 74.5 300.9 -203.8 24.7 108.7 350.9 -15.0 43.1 308.7 -139.8 84.2 36.8 11.0 1948—Dec. 31.. 82.1 101.2 -194.7 -58.1 29.5 311.0 -15.0 45.7 118.4 -132.3 94.4 13.6 7.2 1949—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 13.6.8 -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 30. . 247.8 290.6 -144.8 -69.0 -4.5 376.7 -15.3 70.8 214.0 -38.0 110.9 -5.2 8.9 July 31*. 248.6 377.2 -143.6 -68.7 -6.0 381.4 -15:2 78.2 226.0 37.7 109.6 -5.5 9.4 Aug. 31 P. 255.1 506.1 -142.5 30.4 -7.9 380.6 -15.1 83.5 328.9 65.3 107.9 -5.6 9.5 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through— 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 - A L m a e t r i i n ca Asia o A th l e l r 1944—Dec 3i 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. 3i 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—DeCt 31 142.4 18.2 19.1 12.7 38.2 .3 14.2 102.7 19 6 12 9 6 6 .7 194g—Dec# 31 123.1 17.0 16.7 9.3 27.5 .4 11.0 81.9 19.6 14.0 7.0 .6 I949—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 g 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 g June 30 123.2 16.9 16.3 10.9 26.6 .5 10.1 81.2 19.9 11 7 9 3 1 0 July 31 P 121.7 17.5 16.5 10.6 28.4 .5 10.3 83.8 20.3 10.5 5.4 1.7 Aug. 31P 1121A 16.9 15.8 10.7 27.1 .5 10.1 81.1 19.7 12.0 6.7 1.8 SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS Total foreign In- countries 2 Date t t i e i n o r s n n t a a i- - l Official U K d n i o i n m t g ed - France N la e e n r t d - h s - S la w e n r i - 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 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 2,583.01,522.2 1,046.4 1,549.7 181.8 1946—Dec.31... 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 931.8 1,104.8 1,316.4 232.8 1947—Dec. 31... 2 262.0 4,854.4 1,832.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.6 1,057.9 193.7 1948—Dec.31... 1 864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 1,287.0 1,151.8 167.4 1949—Sept.30... 1,742.1 5,671.2 2,587.9 438.9 166.9 165.7 558.7 285.9 664.2 2,280.3 827.5 1,319.3 1,059.5 184.5 Oct. 31... 1,712.3 5,849.4 2,735.9 512.6 183.9 182.9 576.8 286.6 670.7 2,413.6 810.8 1,416.5 1,016.5 192.1 Nov. 30... 1,675.0 5,874.3 2,821.4 556.7 183.1 162.9 567.6 295.7 675.3 2,441.3 824.9 1,439.0 984.5 184.6 Dec. 31... I,657.8 5,960.2 2,908.1 574.4 171.6 170.5 576.9 303.6 717.0 2,513.9 869.1 1,436.7 961.0 179.5 1950—Jan. 31.,. 1,742.9 5,980.1 2,863.8 609.5 152.3 177.3 507.4 296.7 739.0 2,482.3 919.4 1,386.4 982.2 209.8 Feb. 28... 1,727.0 6,017.9 2,900.0 633.2 159.4 169.1 510.6 302.6 767.2 2,542.1 873.2 1,388.7 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 30... 1,656 4 6,518.9 3,240.6 913.8 219.0 225.6 594.9 280.4 789.1 3,022.8 829.9 1,376.2 1,101.8 188.2 July 31P.. 1,6433 6,571.9 3,303.4 909.8 193.1 248.9 606.7 275.8 801.9 3,036.1 796.2 1,453.7 1,093.0 192.9 Aug.31P. . 1,631 2 46 ,824.5 3,242.0 4807.5 273.4 257.2 635.6 273.8 826.2 43,073.7 927.6 1,469.6 1,147.2 206.4 P Preliminary. 1 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 71.5; U. S. brokerage balances abroad, 26.9. 2 Country breakdown is for "Official and private." 8 Beginning January 1950, excludes Bank for International Settlements, included in "International institutions" as of that date. 4 Data for August include, for the first time, certain deposit balances and other items which have been held in specific trust accounts, but which have been excluded in the past from reported liabilities. 1544 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Coj»*ffiif«i SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS—SUPPLEMENTARY DATA Other Europe Czech- Date E O u t r h o e p r e A tr u i s a - g B iu e m l- v o a s k lo ia - m De a n rk - l F a i n n d - m G a e n r- y1Greece N w o a r y - l P an o- d t P u o g r a - l m R a u n - ia Spain S d w en e- USSR Y sla u v g i o a - ot A he ll 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 1 1 9 94 4 6 5 — — D £) eecC.i 3 3 1 1 .. 9 8 0 5 9 0 .5 1 1 1 8 5 5 9. . 5 0 2 66 5 . . 5 9 2 5 2 . . 5 2 7 7. . 1 0 4 7 9 0. . 8 3 2 1 1 2 6 3 . . 1 5 4 3 7 9 .0 9 9 8 .9 3 3 1 1 6 .4 7 2 1 1 7 0 2 .6 1 2 6 8 0 .5 0 1 5 2 .4 7 1 6 1 6 2 .5 0 1947—Dec. 31.. 739.8 124.9 52.8 30.5 89.5 34.7 56.2 47.1 8.7 12.8 58.6 73.7 12.1 138.2 1943—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—Sept 30 664 2 126.7 31.8 17.1 147.8 24.7 60.8 31 3 7 1 9 6 62 0 11 3 9 1 125 1 Oct. 31.. 670.7 125.3 31.8 15.5 145.2 23.3 62.6 33.9 6.7 10.8 69.2 11.9 13.6 120.9 Nov. 30. . 675.3 117.7 35.4 24.0 141.6 23.7 66.4 33.9 6.7 10.7 78.6 8.2 10.4 118.0 Dec 31 717 0 119 9 38.0 25.1 149.4 29 6 69.4 38 1 6 7 15 7 90 1 10 2 7 6 117 4 1950—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 June 30. . 789.1 34 6 105.5 12.9 35.9 16.0 227.7 38.6 66.8 5 4 31.6 6.2 9.2 112.7 19.0 6.1 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 Aug. 31*. 826.2 32.0 107.8 7.0 31.6 16.2 262.9 51.6 71.2 , 35 35.7 6.1 13.0 117.0 11.8 5.3 53.5 Latin America Neth- Do- er- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i R c u i a e b n - n - - G m u a a l t a e- M ic e o x- I l W n a a d n n e i d d s e s t s Peru l P p i R c u a e b n o - - - f v S a E d a 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 8 r n r lic Suri- ama nam 1944—Dec. 31. 909.3 93.9 17.7 140.8 55.0 83.6 139.3 83.1 36.0 27.7 69.1 31.5 131.6 1945—Dec. 31. 1,046.4 77.3 14.5 195.1 66.3 79.2 128.3 116.4 28.2 43.9 88.7 49.7 158.8 1946—Dec. 31. 1,104.8 112.6 14.0 174.0 50.7 57.8 153.5 152.2 16.1 40.9 77.2 74.0 181.8 1947—Dec. 31. 1,216.6 236.2 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—Sept. 30. 1,319.3 221.7 16.2 145.0 58.1 51.0 179.6 184.2 27.8 59.4 69.1 99.4 207.9 Oct. 31. 1,416.5 227 7 15.7 165.0 59.5 57.6 181.7 185.7 30.5 61.4 72.7 160.4 198.6 Nov. 30. 1,439.0 233.7 13.2 216.9 54.9 70.1 178.4 195.0 23.5 53.3 74.2 129.2 196.6 Dec. 31. 1,436.7 201.1 13.5 192.8 60.9 85.9 164.2 214.6 25.9 52.8 74.3 143.2 207.4 1950—Jan. 31. 1,3.86.4210.2 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. 1,391.1221.2 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. 1,405.1227.0 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. 1,376.1233.5 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 30 1,376.2 737 6 13.8 124.9 62.3 53.5 237.1 42.6 25.0 152.6 29.7 50.3 73.9 27.4 66.4 116.7 62.4 July 31 v1,453.7 239.0 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 Aug. 31P 1,469.6249.8 20.2 153.2 70.3 76.1 259.5 44.8 22.3 163.0 29.4 50.9 64.7 26.4 78.4 93.2 67.4 Asia and All Other Date Asia C M c a r h h n i a i u a d n n - - a H K o o n n g g India I n n e d s o ia - Iran IsraelJapan p 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 * r o A th l e l r t A ra u l s i - a C g B o i e a n l n g - o A S E E t a n u i g g n a g d y y d n l a p p o n - t - A S U o f n o r u i i f o c th a n Others 1944—Dec. 31. 1,069.2 427.3 22.9 22 1110.5 4.0 365.8 23.7 92.9 174.0 52.9 7.3 8.3 105.4 1945—Dec. •31. 1,549.7 582.3 27.4 33 4 113.7 4.1 629 1 52.5 107.2 181.8 . 28.9 18.9 6.4 127.7 1946—Dec. 31. 1,316.4 431.9 44.9 43 5 127.1 16.6 446.6 54.7 151.0 232.8 45.5 20.8 47.2 119.3 1947—Dec. 31. 1,057.9 229 9 39 8 62 4 69.3 31.3 488 6 37.6 99.0 193.7 30 6 25 0 46 4 91.8 1948—Dec. 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—Sept.30 1,059.5 124.1 82.3 59 9 27.2 161.5 348 4 15.1 241.0 184.5 31 7 58.7 5 8 88 4 Oct. 31'. 1,016.5 116.3 81.5 52 6 20.5 189.5 334 1 12.1 209.9 192.1 44.0 60.2 5.7 82.2 Nov. 30. 984.5 113.4 83.3 56 4 17.8 204.8 306 3 10.0 192.4 184.6 39.4 58.3 6.9 79.9 Dec. 31. 961.0 110.6 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 If:.8 ii'.o238.8 286 1 "24.3 12.0 101.5 209.8 29.8 "27'.2 72.8 22.9 57.1 Feb. 2S. 1,027.3 112.3 90.6 69.5 29.2 16.4 27.3252.2 289 4 22.6 14.4 103.5 186.6 25.1 28.3 58.4 21.3 53.6 Mar. 31. 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 30. 1,101.8 95.8 107.4 50 7 41.8 15.4 15.1338.9 291 3 29.7 12.8 102.7 188.2 18.6 35.6 57.7 14.7 61.6 July 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 Aug. 31P 1,147.2 94.3 90.1 51.3 50.7 18.1 15.2372.9 299 8 30.5 12.1 112.4 206.4 16.0 36.3 63.4 29.5 61.2 v 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. 6 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. NOVEMBER 1950 1545 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 t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u th ro e p r e E T u o r t o a p l e C a a d n a - A L i m a c t a e in r- Asia o A th l e l r 1944—Dec. 31 329.7 25.9 1.4 .3 1.3 .3 78.3 107.5 28.1 131.0 51.4 11.7 1945—Dec. 31 392.8 25.4 1.1 36.3 2.9 .3 74.6 140.7 53.3 158.9 29.9 9.9 1946—Dec. 31 708.3 47.7 5.7 151.0 9.8 16.0 82.8 312.9 52.2 226 8 99 2 17.2 1947—Dec. 31 948.9 29.2 23.4 49.1 7.0 21.1 118.9 248.6 27.5 514.3 127 0 31.5 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—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 1724.8 32.6 51.5 2.7 5.7 20.7 165.0 1178.2 40.2 347 3 129.0 30 1 Feb 28 670.6 24.3 36.0 4.4 5.5 23.3 64.4 158.0 42.4 311.4 124.0 34.8 Mar. 31 648.7 23.7 35.4 4 3 7.8 19.6 63.1 153.9 37 5 303 5 115 7 38 1 Apr. 30 ,, 634.8 22.4 35.9 3.7 6.2 20.2 64.0 152.4 35.5 295.7 111.6 39.6 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 30 .„ 664.0 28.1 20.7 7 7 9.1 28.7 61.7 156 0 35 1 323 7 87 8 61 4 July 31 P 681.4 36.7 20.3 8.0 9.7 26.4 62.6 163.6 46.1 330.4 86.2 55.1 Aug 31P 691.0 38.5 25.2 5.8 8.6 21.1 66.8 166.0 70.3 316.9 87.3 50.5 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 De a n rk - l F a i n n d - m G a e n r- y Greece N w o a r y - l P an o- d t P u o g r a - l m R a u n - ia Spain S d w en e- USSR s Y la u v g i o a - ot A he ll r2 1944—Dec. 31 78.3 .7 00 (3) 33.9 6 35.1 .8 (») 1 8 2 S8 5 2 1945—Dec. 31 74.6 .6 (8) (3) 33.9 .7 31.6 .5 .1 1.6 9 () 4 8 1946—Dec. 31.. 82.8 7.5 6.2 30.4 12.4 3.3 1.0 .1 7.2 4.9 (*) 9.5 1947—Dec. 31.. 118.9 15.0 2.2 8.0 30.5 10.6 9.2 1.1 (3) .9 5.4 .1 35.9 1948—Dec. 31.. 106.3 21.4 .6 3.4 30.5 1.2 8.4 .7 (8) 2.9 1.4 (8) 6.0 29.8 1949—Sept 30 84.9 14.1 .7 6.6 30.3 .8 8.0 .4 7.1 3 8 1 8 (8) 2 11 2 Oct. 31.. 88.7 16.1 .7 8.6 30.3 .8 7.3 .5 7.0 3.8 2.1 11 5 Nov. 30.. 98.2 17.6 .7 9.2 30.0 .7 7.5 .7 7.0 6.1 2.1 (8) 16.7 Dec. 31.. 98.5 19.3 .4 8.2 30.0 .7 7.4 .5 7.0 7.0 2.3 s(8) (*) 15.6 1950—Jan. 31.. 165.0 1.2 15.6 8 .5 4.9 125.5 .2 1.0 .5 .7 6.7 3.4 (3) 4.8 Feb. 28.. 64.4 .2 16.3 .5 3.5 25.6 .2 1.1 .1 .6 •8 7.9 3.1 .1 5.2 Mar. 31.. 63.1 .7 17.7 .1 .5 2.4 25.3 .2 1.2 .1 .8 (3) 6.6 2.4 .7 4.4 Apr. 30.. 64.0 .2 16.2 .1 .6 2.1 25.5 .1 1.3 .1 .8 (*) 7.7 2.4 s3 2.5 4.4 May 31.. 58.2 .1 11.7 .3 1.1 2.4 25.2 .3 1.2 .1 .9 (8) 4.4 2.8 (3) 3.2 4.6 June 30.. 61.7 .2 12.2 .1 1.5 3.4 25.1 .1 1.2 (8) .5 (*) 7.0 3.1 () 2.4 4.7 July 3\P. 62.6 (3) 12.1 (3) 3.2 1.6 25.1 .1 1.3 .1 .5 (3) 7.2 3.8 3.0 4.5 Aug. 3\P . 66.8 ,2 14.6 (3) 1.8 1.9 25.3 .1 1.1 .1 .4 (3) 6.8 3.1 6.7 4.4 Latin America Neth- Do- er- Date A L i a m c t a i e n r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i R c u i a e b n n - - - G m u a a l t a e- M ic e o x- l I W a a n n n d e d d i s e s t s Peru l P p i R c u a e b n - o - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L ic a m th a ti e e * n r r lic Suri- ama 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—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!l 1950—Jan. 31.. 347.3 51.3 5.2 99.2 14.1 19.9 27.1 "i!8* "lA 50.3 1.1 6.5 4.3 "i'.h' "9.0' 25.3 23.3 Feb. 28.. 311.4 47.8 5.7 81.3 9.3 21.0 21.5 1.7 2.7 46.3 1.1 6.6 4.6 5.3 8.1 26.0 22.3 Mar. 31.. 303.5 44.7 6.3 75.2 7.9 24.1 17.6 1.7 2.1 48.1 1.0 6.2 4.9 4.2 13.2 24.6 21.6 Apr. 30. . 295.7 46.5 6.5 67.4 5.6 26.8 17.1 1.7 2.2 46.4 1.1 6.8 4.8 3.8 10.5 26.5 22.0 May 31... 290.5 43.1 7.7 58.8 5.2 31.8 21.4 1.6 2.2 44.9 1.1 8.5 5.0 3.8 8.0 26.3 21.0 June 30. . 323.7 42.8 7.6 67.0 4.7 53.5 29.7 1.2 1.8 45.8 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 Aug. 31P. 316.9 40.6 6.3 59.9 4.6 54.2 26.5 1.5 2.3 43.8 1.2 9.0 3.9 2.5 7.7 36.2 16.8 v Preliminary. 1 Figure not strictly comparable with the corresponding figures for preceding months due to write-off of claim on Germany amounting to $6,121,000. The cumulative figures in Tables 1, 2, and 4 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movement introduced by this change. 2 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date, s Less than $50,000. * Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date. 1546 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Asia and All Other China Egypt Date Asia M c a h n a u d n - - H K o o n n g g India I n n e d s o ia - Iran IsraelJapan i P p R h p e i i - l n - e T la h n a d i- T k u e r y - O A t s h ia e 1 r o A th l e l r t A ra u l s ia - C g B o i e a n l n g - o A E a n g n g y d l p o - - S U o o n u f i t o h n Others ria public S t u ia d n an Africa 1944—Dec. 31.. 51.4 1.5 .9 22.3 1.5 .5 13 8 1 8 8 9 11 7 6 .2 9.7 1.2 1945—Dec. 31.. 29.9 1.0 .8 7.5 1.4 .5 13.8 2.0 2 8 9.9 1.7 .3 4.7 3.3 1 1 9 9 4 4 7 6 — — D D e e c c . . 3 3 1 i # . > . 1 9 2 9 7 . . 2 0 4 5 0 3 . . 8 9 2 5. . 9 6 2 1 9 2 . . 6 0 1. . 0 5 .9 2 2 20 7 .4 2 1 1 7 .7 4 4 7 .5 6 3 1 1 7 . 5 2 3 9 .0 4 . . 1 4 1 1 0 4. . 4 1 3 8 . . 3 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—Sept. 30 . 126 7 18.0 3.4 16.8 4 9.6 24.6 19.4 34.4 17.9 4.6 .4 4.0 8.9 Oct. 31.. 133.5 16.5 3.8 18.8 .4 10.1 25.5 14.3 44.1 17.8 4.8 .5 3.8 8.8 Nov. 30.. 135.2 16.3 4.2 17.0 .2 9.5 25.9 15.7 46.5 17.6 5.4 .6 3.6 8.0 Dec. 31.. 139.7 16.6 3.7 17.4 .2 14.1 23.2 14.3 50.3 20.4 7.9 .2 4.5 7.7 1950—Jan. 31.. 129.0 17.0 4.1 16.6 .2 * ii!s18.1 22.8 "lA 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 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 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 30.. 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 P . 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 Aug. 31 P. 87.3 22.4 5.1 15.6 .1 10.4 14.5 1.4 8.0 1.5 .8 7.6 50.5 34.8 4.0 .1 6.8 4.8 P Preliminary. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Iran, Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date, s Less than $50,000. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reportedmonthly Estimated world Africa North and South America Other Year or production Total month U o . u S t . s S i . d R e .i r m ep o o n r th te l d y A So fr u ic th a R de h s o ia - A W fri e c s a t * B Co el n g g i o an 3 U St n a i t t e e s d 4 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 5 Au li s a tra- India3 $1=15*1^21 grainsof gold 9/w fine: i. e., an ounce of fine gold =$35. 1941... •.. 1,265.6 1,110.4 504.3 27.8 32.4 19.6 209.2 187.1 28.0 23.0 9.3 7.5 52.4 10.0 1942 1,125.7 982.1 494.4 26.6 29.2 18.0 131.0 169.4 28.0 20.9 6.4 8.6 40.4 9.1 1943 871 5 774.1 448 2 23.0 19.7 15.8 48.8 127.8 22.1 19.8 6.1 7.7 26.3 8 8 1944 784.0 701.5 429.8 20.7 18.4 12.7 35.8 102.3 17.8 19.4 7.1 7.9 23.0 6.6 1945 .. 738.5 683.0 427.9 19.9 18.9 12.1 32.5 94.4 17.5 17.7 6.3 7.0 23.0 5.9 1946 .. 752.5 697.0 417.6 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 , '753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5 7 1949—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 12.8 1.6 1.0 .6 .7 2.6 5 Oct....... »-65.3 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 13.0 .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. 60.1 32.0 1.4 2.0 1.0 5.5 12 .2 1.0 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 0 8 7 2 1 6 M!ay 35 5 1.5 2.0 1.0 6.8 13.1 .9 .9 6 2 3 5 June...... 34.6 1.5 1.9 1.0 6.6 12.9 1.0 .6 .7 3.3 .6 July 34 6 1.5 1.9 1.0 7.1 12.9 1.1 7 .6 Aug 34.9 1.9 1.1 7.9 .7% .6 *" Revised. Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 8 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. B Gold exports reported by the Banco National 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. NOVEMBER 1950 1547 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] United States End of month Treas- Total i t g i A e n r n a - - 2 g B iu el m - Brazil Canada3 Chile lo C m o b - ia 4 Cuba C v z s a e l k o c - h ia o- m D a en rk - Egypt France 1945—Dec. 20,065 20,083 1,197 716 354 361 82 127 191 61 38 52 1,090 1946—Dec. 20,529 20,706 1,072 735 354 543 65 145 226 61 38 53 796 1947—Dec. 22,754 22,868 322 597 354 294 45 83 279 32 53 548 1948—Dec. 24,244 24.399 624 317 408 43 51 289 32 53 548 1949—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 24,239 651 317 531 40 69 31 53 523 Aug.. 23,627 23,745 643 545 40 70 31 523 Sept. 23,483 23,591 599 554 31 523 Hun- Nether- New Nor- Portu- Ruma- South End of month gary India Iran* Italy Java Mexico lands Zealand way Peru gal* nia Africa 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 M80 100 231 23 72 20 193 »215 762 111 1948—Dec.. 35 256 140 96 166 23 52 20 158 183 111 1949—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.. 247 252 178 229 28 50 28 180 Sept.. 188 29 2>179 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 B o e e i e t r a r o n t n n n l t I a a k e n s - l - - E G nd o v o e f r n m m o e n n t t h g p o r l e U d K v n i i r o i n e t u g e s s - d e rv fi e g s u F r n e ra s o n t ce inclu B de e d lg iu in m dom 1945—Dec 482 ,342 241 195 202 192 39 1946—Dec 381 ,430 237 200 215 193 15 32 1945—Dec 12,476 2 457 2 17 1947—Dec 105 ,356 170 175 215 195 ,356 30 1946—Dec 12,696 1948—Dec 81 ,387 162 164 323 220 ,436 36 1947—Mar 12,380 1949—Oct 70 ,486 154 178 373 304 ,450 47 June.... 12,410 Nov 70 ,495 154 178 373 304 ,451 64 Sept 12,383 Dec 70 ,504 154 178 373 330 ,451 68 Dec 12,079 1950—Jan 70 ,508 154 183 373 332 ,459 68 Feb 70 1,503 154 187 373 334 ,460 69 1948—Mar 12,241 Mar 69 1,527 154 190 373 333 ,460 87 June.... 11,920 Apr 71 1,534 154 184 373 333 ,460 93 Sept 11,777 May 71 1,552 154 184 373 337 ,460 100 Dec 11,856 June 71 1,559 149 189 373 336 ,460 108 July 71 1,550 138 196 373 P336 ,464 128 1949—Mar 11,912 Aug 71 1,537 146 208 373 P336 125 June.... 11,651 Sept 87 146 373 P336 145 Sept 11,425 Dec 11,688 P Preliminary. 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 , i 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 * 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- gium—Treasury. sen 7 8 t F F s i o g g r o u l l r d i e s s t h e a o l r f d e c a f o s o u r r n e f t s o r e i l e r lo v s w e i n i ( n c 2 g l 5 u d d p e a e d r t e , c s s e : e n 1 e t 9 m B 4 U 6 in — L i L m M E u T a m I r N . ) 3 f l o e 1 r s , s a J g n a o d n l u d 1 a i 9 r n y 4 7 f 1 o — 9 re 5 M i 0 g , a n r p . c . 3 u 1 r 1 1 r . e 4 n , c f y o o li t a n b o i t l e i ti 8 e . s. i g n o s N l t d i O tu t T r t E a io n .— n sf s F e , r o s s r e e a d f p e f . e t a c 1 i t 5 l i s n 5 g 0 r , e f t g h o a e o r t d n B i o n r t g i e t i s s 1 h p , e a c a n ia n d l d p i F n . t 1 r e e 5 r n 5 n c 1 a h , 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. 1548 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD IMPORTS TO UNITED STATES, BY COUNTRIES [Net gold exports from United States (-). In millions of dollars] Gold valued at approximately $35 a fine ounce m Y o o e n r a t r h Total U K d n i o i n m t g ed - g B iu el m - France N la e e n r t d - h s - S d w en e- U.S.S.R. Canada A t r i g n e a n- Co b l i o a m- Mexico r N ag ic u a a - V zu e e n l e a - 1942 315.7 2.0 11.3 208.9 .1 10.6 40.0 8.7 4.0 1943 68.9 .1 66 9 — 10 8 3 3 7 5 2 2 1944.. -845.4 -695.5 46.2 -50.3 -109.7 7.7 —55.3 1945 — 106.3 .2 53 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 M3515' 34^4 -4.5 -29.7 103.3 25.1 15.8 7.9 -136.1 1949 686.5 527.9 .1 — 1 5 8 14 2 4 4 6 9 —4 5 1949—Sept 98.1 101.5 7 —8 3 6 Oct 56.1 40.7 6 2.1 4 .5 — 2 7.6 5 5 1 4 4 Dec — 1.4 .2 — .1 3 3 5 — l 1950—Jan 39.0 .1 7 4 .4 — 4 Feb .2 5 2 5 — 1 Mar -1.6 — .1 5 3 5 — 1 Apr 53.3 31.7 4 2 5 May 13.1 .1 4 3 3 — 2 June 10.0 — l 5 3 3 July — 1.5 6 2 3 — 1 Aug -42.2 44 2 3 .3 -.1 Sept -96.5 — .1 95 3 .4 .3 __ 2 NET GOLD IMPORTS TO UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES BY COUNTRIES—Continued [In millions of dollars] [Net gold exports from United States (—). In millions of dollars] Gold stock at Ear- Y m e o a n r t o h r Go A ld m O L v e a t a r h l t i u i e c n e r a d n at t A r a a u p l s p i - a roxi C m h a i t n e a ly $3 P 5 p h R i a i n e l i - e f p i - ne o A S u o n fr u c ic e th a c o o A th u l e n l r - period T e u r n e r d a y s o - f p T e o ri t o a d l i I i n n s g c t r o o t e o l c a d t k s a e l g p e o o x N ld r p e t o i t o m rt r -g m o c c o l r a r ( r d e e - r : a a i k ) n s d s e e e - d e- p D ti t r c o i o o m d g n o u e 2 l c s d - - Republics public tries 1942. 22 ,n& 22,739 -23. 0 315.7 -458.4 125.4 1942 16.3 .5 .3 4.1 8.9 1943 21,938 21,981 —757.9 68.9 -803.6 48.3 1943 14.6 .2 —9.5 .3 .8 1944. 20,619 20,631 —1,349.8 —845.4 —459.8 35.8 1944 ...... -10.8 .2 -11.9 3.6 30.2 1945. 20,065 20,083 -547.8 -106.3 -356.7 32.0 1945 7.0 .1 -134.0 .1 .4 .5 1946. 20,529 20,706 623.1 311.5 465.4 51.2 1946. —8.0 —55.8 — .2 118.6 1.3 1947. 22,754 22,868 32,162.11,866.3 210.0 75.8 1947 -17.1 .1 -14.0 -3.5 410.7 -18.6 1948 24,244 24,399 1,530.4 1,680.4 — 159.2 70.9 1948 7.3 .6 —2.5 491.5 i-63.5 1949 24,427 24,563 164.6 686.4 -495.7 67.3 1949 6.4 .3 — 19.1 — .1 190.7 2-37.6 1949—Oct.... 24,584 24,688 -39.8 56.1 -89.1 7.1 1949—Sept... .5 —1 6 9.5 -4.8 Nov... 24,479 24,626 -61. 7 7.6 -63.9 7.2 Oct... . .5 — .1 12.7 — 1.1 Dec... 24,427 24,563 -63. 2 —1.4 -59.4 6.4 Nov... .3 3.3 —2.4 1950—Jan.... 24,395 24,507 -56.3 39.0 -93.2 5.9 Dec... A -.3 5.8 -8.5 Feb.... 24,345 24,456 -51. 2 .2 -50.4 5.5 1950—Jan.... A .2 837.1 Mar... 24,246 24,360 -96.2 -1.6 -95.4 6.1 Feb. .. .5 .1 — .2 —1.3 Apr.... 24,247 24,350 -9.2 53.3 —59.2 6.7 Mar... .4 .3 -3.5 May... 24,231 24,340 -10. 7 13.1 -29.9 6.8 Apr. . . 5 .1 — .5 16.8 3.7 June.. 24,231 24,331 -9 0 10.0 -17.6 6.6 May.. .3 1.8 10.5 July... 24,136 24,239 -91 1 -1.5 -90.0 7.1 June. . .7 .2 3.5 4.7 Aug. . . 23,627 23,745 -494 4 -42.2 -431.4 7.9 July . . .6 .1 — i -3.1 Sept.. . 23,483 23,591 -153 9 -96.5 -65.9 7.8 Aug.. . .6 .1 — l 8 Oct.... P23 ,250^23,349 P-242 1 (4) 5-146.2 (4) Sept... .6 -2.1 p Preliminary. x See footnote 1 on opposite page. 1 Includes net exports of 39.2 million dollars to Switzerland, 10.7 2 Yearly figures are estimates of United States Mint. For explanamillion to Greece, 8.3 million to French Indo-China, and 5.3 million tion of monthly figures see p. 1547, footnote 4. to other countries. 3 Change includes transfer of 687.5 million dollars gold subscrip- 2 Includes net exports of 18.3 million dollars to Poland, 8.6 million tion to International Monetary Fund. to French Indo-China, 6.6 million to Portuguese Asia, and 4.1 million 4 Not yet available. to other countries. 5 Gold held under earmark at the Federal Reserve Banks for foreign 3 Includes imports of 43.1 million dollars of Thailand gold from account, including gold held for the account of international institu- Japan and net exports of 3.0 million dollars to Poland and 3.0 million tions, amounted to 5,352.5 million dollars on Oct. 31, 1950. Gold to other countries. under earmark is not included in the gold stock of the United States. NOTE.—For back figures see Banking and Monetary Statistics, NOTE.—For back figures and description of statistics, see Banking Table 158, pp. 539-541, and for description of statistics, see p. 524 and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. in the same publication. NOVEMBER 1950 1549 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 1949 International Fund International Bank July Apr. Jan, July Sept. June Mar, Sept. Gold 1,464 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 10 5 18 44 Other 4,257*4,266 4,266 4,185 Other 921 924 925 926 Unpaid balance of member subscriptions. 989 893 1,018 1,070 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 439 449 446 454 Member subscriptions 8,022 7,922 8,047 8,047 Calls on subscriptions to capital stock3. . 4 5 5 5 Accumulated net income -4 -4 -3 -3 Loans (incl. undisbursed portions and inch obligations sold under Bank's guarantee) ^ 762 738 723 676 1950 1949 Other assets 8 8 7 11 Net currency purchased 2 Bonds outstanding 261 261 261 254 (Cumulative—millions of dollars) Liability on obligations sold under guar- Sept. Aug. July Sept. antee 26 26 26 27 Loans—undisbursed 140 126 130 136 Other liabilities 3 5 2 3 Australian pounds. 20.0 20.0 20.0 General reserve 4 31 27 23 17 B B r e a lg z i i a li n a n f r c a r n u c z s eiros 3 1 7 1 . . 5 4 3 1 7 1 . . 5 4 3 1 7 1 . . 5 4 3 1 2 5 . . 1 0 S C p a e p c i i t a a l l3 reserve 1,66 1 8 5 1,67 1 0 4 1,67 1 0 2 1,670 9 Chilean pesos 8.8 8.8 8.8 8.8 C C o ze s c ta h o R s i lo ca v n a k c i o an lo n k e o s runy. - 6 .9 .0 - 6 .9 .0 - 6 .9 .0 6. . 0 4 1 Includes 16 million dollars receivable for currency adjustments D Eg an y i p s t h ia k n r o p n o e u r nds - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 - 1 5 0 . . 5 2 1 3 0 . . 0 2 res 2 u A lt s in o g f f S ro e m pt . t 3 h 0 e , d 1 e 9 v 5 a 0 lu , a th ti e o n F s u n in d S h e a p d t e s m ol b d e r 7 5 1 9 9 . 4 8 9 m . illion U. S. dollars; Ethiopian dollars. .3 .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. M Ne 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 ti 3 o 3 n .0 s m of i ll c i a o p n i t d a o l ll s a u r b s s . criptions, amounting to Norwegian kroner....... 9.6 9.6 9.6 9.6 6,671 million dollars as of Sept. 30, 1950, of which 2,540 million repre- S T o u u rk th is h A f l r i i r c a a s n pounds. . . 1 5 0 . . 0 0 1 5 0 . . 0 0 1 5 0 . . 0 0 1 5 0 . . 0 0 sen 4 t F s o t r h m e e s r u ly b s s c h r o ip w ti n o n a s o " f A th cc e u U m n u i l t a e t d e d S t n a e te t s i . ncome". Pounds sterling 300.0 300.0 300.0 300.0 Yugoslav dinars 9.0 9.0 9.0 3.0 Total. 744.3 744.6 744.6 726.2 CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note circula- (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Gold* a O ss t e h t e s r 2 N c a o o n t i d 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- tion3 Bankers' Pub D li e c posit E s CA Other t c l i O i e a a s p t b h i a i t e l n a i r - d l 1941—Dec. 31.. .2 780.0 28.8 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950.0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 1,100.0 12.5 2.5 307.9 L.088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 1,250.0 13.5 5.1 317.4 U238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 1,400.0 20.7 8.4 327.0 1L,379.9 274.5 5.3 58.5 17.8 1 1 9 9 4 4 6 7 — — D D e e c c . . 3 2 1 5 . . 2 2 1 ls, 4 4 5 5 0 0 . . 0 0 1 2 0 3 0 . , 4 8 1 15 3 . . 2 6 3 3 2 3 7 1 . . 6 3 U L. 4 3 2 4 8 9 . . 2 7 2 3 7 1 8 5 . . 9 1 1 1 8 0 . . 6 3 9 5 5 7 . . 5 3 1 1 8 8 . . 1 1 1948—Dec. 29 • 2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—Oct. 26 .4 1,300.0 47.3 23.3 429.7 1,258.7 298.5 14.0 62.8 107.3 17.8 Nov. 30 .4 1,300.0 39.9 15.3 437.8 L,265.8 295.9 8.9 58.6 111.5 18.0 Dec. 28 .4 1,350.0 33.7 14.8 489.6 L.321.9 299.2 11.6 97.9 111.2 18.1 1950—Jan. 25 .4 4 1,300.0 57.9 14.7 477.4 U247.7 291,7 12.5 117.4 110.2 18.3 Feb. 22 A 1,300.0 58.4 22.0 486.7 1,247.2 285.2 14.0 136.0 113.5 18.4 Mar. 29 A 1,300.0 38.5 12.3 507.2 :1,267.3 283.5 12.1 160.0 83.9 18.5 Apr. 26 A 1,300.0 28.4 22.0 529.4 L.277.7 288.8 13.9 169.8 89.5 17.8 May 31 A 1,300.0 19.9 19.1 554.9 L.286.6 281.3 12.0 188.4 94.2 18.0 June 28 A M,350.0 63.0 15.4 549.3 L,293.9 292.1 11.9 209.0 96.5 18.2 July 26 A 1,350.0 37.4 18.0 599.2 L,319.7 286.8 14.5 237.1 97.9 18.3 Aug. 30 A 1,350.0 53.8 23.4 575.0 ,302.0 278.8 12.8 246.5 95.7 18.5 Sept. 27 A 1,350.0 70.2 21.0 583.0 :L.283.3 291.8 14.8 254.8 94.3 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; #nd 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. 1550 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of Canada Dominion and provincial government Deposits (F C ig a u n re a s d i i a n n m d i o ll l i l o ar n s s ) of Gold an S d S t e t U a rl t i n e n i s g ted securities O as t s h e e ts r circ N ul o a t t e ion2 lia O b a t i n h li d e ti r es dollars S te h r o m 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 ment 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 ,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 ,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 ,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—Dec. 31. .4 ,233.7. 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Oct. 31. 64.9 ,710.6 335.9 80.3 ,293.5 626.0 66.1 77.4 128.8 Nov. 30. 66.1 ,713.9 221.5 54.4 ,283.0 544.7 27.2 84.1 116.8 Dec. 31. 74.1 ,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Jan. 31. 73.1 1,769.1 235.4 73.1 ,259.2 530.7 94.3 145.8 120.7 Feb. 28. 76.7 1,786.2 191.1 56.2 ,250.6 554.8 24.3 176.4 104.2 Mar. 31. 73.7 1,655.9 358.9 75.2 ,258.5 567.3 71.2 150.7 116.1 Apr. 29. 86.0 1,668.3 371.0 56.5 ,269.8 551.6 41.3 199,8 119.4 May 31. 73.3 1,685.7 372.6 60.1 ,275.9 534.3 68.9 202.7 109.9 June 30. 84.1 1,436.7 622.0 58.8 ,275.8 544.5 35.3 215.8 130.1 July 31. 89.1 1,431.0 638.7 65.7 1,294.2 552.8 19.6 228.9 129,0 Aug. 31. 161.4 1,420.4 569.2 113.9 1.303.8 568.2 16.7 233.1 143.1 Sept. 30. 212.2 1,406.1 444.6 219.7 1,318.4 555.8 22.0 258.2 128.2 Assets Liabilities Bank of France Advances to (Figures in Foreign Domestic bills Government 5 Other Note Depositsi O lia t b h i e l r millions of francs) Gold ch e a x n - ge Open assets 5 cir ti c o u n la- Govern- i a ti n e d s market5 Special Other Current Other ment EGA Other capital 1938—Dec. 29., 87,265 821 1,892 1,797 7,880 30,627 14,028 110 s,061 75,595 2,718 1939—Dec. 28. 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 151,322 1,914 14,751 2,925 1940—Dec. 26.. 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 ?7,202 44,986 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 75,272 68,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 7Q 935 21,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 si ,137 15,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 M,855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570 006 17 048 57 755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 6S,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,8^1 733 8?,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987 671 806 171,783 16,206 1949—Oct. 27. 62,274 53,002 140,936 23,486 305,454 152,700 560,990 81,425 1,218,697 202 117 845 18,522 Nov. 24. 62,274 58,174 143,794 28,164 306,397 152,500 560,990 85,587 1,203,768 153 m ,396 20,563 Dec. 29. 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 1,278,711 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 3,590 362,358 163,600 481,039 137,978 1,455,008 75 12,778 134,709 22,722 Sept. 28. 182,785 173,725 119,556 14,572 377,531 163,900 481,039 '132,972 1,467,425 94 11,928 144,909 21,725 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves, s 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 12.61; 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 67.1 billion francs on Sept. 28. 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. 1551 NOVEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1950 Central Bank 1950 1949 (Figures as of last report (Figures as of last report date of month) Sept. Aug. July- Sept. date of month) Sept. Aug. July Sept. Central Bank of the Argentine Central Bank of Costa Rica 5 Republic (millions of pesos): (thousands of colones): Gold reported separately 656 656 507 Gold 11,511 11,511 11,545 Other gold and foreign exchange. ,561 1,508 1,593 Foreign exchange 36,552 39,659 17,063 Government securities ,917 1,858 1,730 Net claim on Int'l. Fund 4 7,019 7,019 Rediscounts and loans to banks.. ,906 30,645 26,418 Loans and discounts 78,643 81,804 88,257 Other assets 305 278 185 Securities 20,401 20,726 22,575 Currency circulation 060 10,845 8,540 Other assets 18,076 16,874 Deposits—Nationalized 710 21,592 19,594 Note circulation 98,165 102,081101,113 Other sight obligations 488 477 664 Demand deposits 64,235 66,241 72,697 Other liabilities and capital ,086 2,032 1,635 Other liabilities and capital 9,802 9,271 Commonwealth Bank of Aus- National Bank of Cuba 6 tralia (thousands of pounds): (thousands of pesos): Gold and foreign exchange 533,435530,978538,423 378,375 Gold and foreign exchange (net). 348,016 r359,351 Checks and bills of other banks.. 6,013 3,939 4,115 3,127 - Silver 75,178 79,998 Securities (incl. Government and Net claim on Int'l. Fund 4 12,507 12,507 Treasury bills) 350,647 ,923312,277 361,741 Loans and discounts 979 1,003 Other assets 64,612 ,769 56,131 32,025 Credits to Government. 66,171 51,033 Note circulation 236,770 235,270 233,020 215,063 Other assets 10,032 7,305 Deposits of Trading Banks: Note circulation 343,531 375,033 Special 453,170 455,170 431,670 308,670 Deposits 155,604 '126,384 Other 38,415 30, 2,8,319 34,318 Other liabilities 13,748 9,780 Other liabilities and capital 226,352208, 217,936 217,216National Bank of Czechoslovakia 7 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 356 318 188 155 Foreign exchange 328 307 357 363 Loans and discounts 2,837 ,561 2,436 1,471 Contributions to Int'l. Fund and Claim against Government 5,435 ,050 6,133 6,804 to Int'l. Bank 6 6 6 65 Other assets. 44 35 36 9 Loans and discounts 33 38 38 31 Note circulation 5,863 ,877 5,857 5,817 Securities 134 137 122 101 Deposits—Banks 316 282 237 318 Govt. compensation account.... 4,012 4,019 4,022 4,784 Other 1,284 932 993 926 Other assets 262 195 273 213 Blocked 1,259 ,923 1,757 1,430 Note circulation 1,534 1,508 1,529 1,470 National Bank of Belgium Deposits—Government 1,207 1,247 1,304 1,769 (millions of francs): Other 1,945 1,863 1,904 2,214 Gold1 29,930 28,506 31,346 Other liabilities and capital 159 153 152 175 Foreign claims and balances (net). 7,265 7,795 10,419Central Bank of the Dominican Loans and discounts 6,330 5,280 2,076 Republic (thousands of dollars): Consolidated Government debt. . 34,939 34,939 34,991 Gold 4,045 4,045 4,045 4,030 Government securities 7,265 9,247 6,622 Foreign exchange (net) 14,104 14,590 13,927 10,812 Other assets 4,305 5,727 6,459 Net claim on Int'l. Fund 4 1,250 1,250 1,250 1,250 Note circulation 85,327 87,542 86,570 Paid-in capital—Int'l. Bank..... 40 40 40 40 Deposits—Demand 2,171 1,641 2,142 Loans and discounts 252 148 103 262 ECA 35 41 528 Government securities 5,383 5,383 5,383 4,974 Other liabilities and capital 2,501 2,271 2,672 Other assets 984 972 1,556 834 Central Bank of Bolivia—Mone- Note circulation 20,652 20,669 20,658 18,013 tary dept. (millions of bolivianos): (June)* Demand deposits 5,100 5,449 5,348 3,944 Gold at home and abroad 3 1,370 956 Other liabilities and capital 307 309 298 246 Foreign exchange. ., 293 187 Central Bank of Ecuador Loans and discounts 1,463 884 (thousands of sucres): (June> Government securities 738 748 Gold. 261,048 278,479 Other assets 111 70 Foreign exchange (net) 1,280-57,234 Note circulation 2,762 2,362 Net claim on Int'l. Fund 4 16,881 16,881 Deposits. 445 239 Credits—Government 251,262254,476 Other liabilities and capital 769 244 Other 133,277115,321 Central Bank of Chile (millions Other assets 167,584122,452 of pesos): Note circulation 396,220 371,699 Gold ,241 1,240 1,367 Demand deposits—Private banks 130,097120,272 Foreign exchange (net) 167 112 259 Other 111,283 95,544 Net claim on Int'l. Fund 4 1 1 1 Other liabilities and capital 193,733142,860 Discounts for member banks.... ,900 1,938 1,311National Bank of Egypt (thou- Loans to Government 686 686 692 sands of pounds): Other loans and discounts ,003 2,644 2,158 Gold 6,376 6,376 6,376 6,376 Other assets ,725 1,745 1,486 Foreign exchange 6,899 7,728 9,775 14,202 Note circulation ,124 5,729 5,210 Loans and discounts 6,906 3,637 5,470 3,833 Deposits—Bank ,248 1,347 1,347 British, Egyptian, and other Other 250 232 217 Government securities 304,436 291,484 295,857317,079 Other liabilities and capital ,101 1,058 501 Other assets , 50,999 54,688 47,205 30,303 Bank of the Republic of Colombia Note circulation 159,293140,578 144,580143,671 (thousands of pesos): Deposits—Government 85,418 73,859 69,467 91,318 Gold and foreign exchange 215,830 235,432 224,139 153,429 Other 118,424139,682 140,325125,694 Net claim on Int'l. Fund 4 24,368 24. 24,368 24,366 Other liabilities and capital 12,482 9,794 10,310 11,110 Paid-in capital—Int'l. Bank 1,372 1 1,372 1,370Central Reserve Bank of El Salva- Loans and discounts 235,837215 228,700 202,564 dor (thousands of colones): Government loans and securities. 136,083136 146,131 135,973 Gold 50,236 50,289 50,329 43,346 Other assets 60,816 56 58,362 57,610 Foreign exchange (net) 57,300 61,496 64,115 42,476 Note circulation 428,858 439,540 458,746 365,425 Net claim on Int'l. Fund 4 1,565 1,565 1,565 1,564 Deposits 193,483178 880177,626 164,492 Loans and discounts 3,812 1,523 1,548 1,125 Other liabilities and capital 51,963 51 256 46,698 45,397 Government debt and securities.. 4,994 4,988 5,000 5,251 Other assets 1,295 1,492 1,462 1,512 Note circulation 63,062 63,103 64,455 54,110 Deposits 49,644 51,746 53,221 35,184 Other liabilities and capital 6,496 6,505 6,343 5,979 r Revised. 1 On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc. 2 Latest month available. 3 It is understood that/ beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar. 4 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. 5 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. 6 The National Bank of Cuba began operations on Apr. 27, 1950. 7 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. 1552 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) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. State Bank of Ethiopia—Issue Bank of Italy (billions of lire): dept. (thousands of dollars): Gold 4 4 4 Gold 8,171 Foreign exchange 29 27 16 Silver . .. 13,384 Advances to Treasury 590 590 668 Foreign exchange 11,307 Loans and discounts 213 190 200 Treasury bills 5,832 Government securities 178 188 231 Other assets 41,390 Other assets 610 600 431 Circulation—Notes 49,860 Bank of Italy notes ... 1 022 1 025 924 Coin 29,879 Allied military notes 3 3 31 Other liabilities and capital..... 345 Deposits—Government 127 117 170 Bank of Finland (millions of mark- Demand 140 142 120 kaa): Other 258 256 249 Gold 2,230 2,230 2,230 269 Other liabilities and capital 75 55 55 Foreign assets (net) . . . 519 -85 -806 -1,898 Bank of Japan (millions of yen): Clearings (net) 62 -151 120 —2,897 Cash and bullion 1,153 1,450 1,171 Loans and discounts 42,493 41,386 40,795 39 725 Advances to Government 83 181108 226 98 655 Securities » 1,041 1,062 1,089 859 Loans and discounts 146,353118 292 90 580 Other assets 1,359 1,294 1 259 1 766 Government securities 120 648121 450 91 966 Note circulation 34,004 34,014 32,734 28,389 Reconversion Fin. Bk. bonds.... 46,757 Deposits 3,715 2,162 2,533 2,503 Other assets 31,526 32 952 26 311 Other liabilities and capital 9,985 9,561 9,420 6,931 Note circulation 324,618319,809 298,202 Bank of German States 1 Deposits—Government 25,239 30,911 27,973 (millions of German marks): Other 18,215 18,601 19 658 Foreign exchange 1,519 1,377 1,372 995 Other liabilities. 14,787 13,048 8,989 Loans and discounts 3,845 3,079 3,197 2,166 The Java Bank (millions of guilders): Loans to Government .. 9,112 9 262 9 083 8 146 Gold 4 715 677 677 471 Other assets 1,254 1,118 1,092 1,647 Foreign bills 91 75 75 97 Note circulation 8,213 8,026 8,101 7,382 Loans and discounts 210 159 141 64 Deposits—Government2 2,380 2,583 2,502 1,091 Advances to Government 2,125 2,034 1,931 1,019 Banks 1,055 1,052 1 036 1 016 Other assets 110 102 85 71 Other 637 401 538 303 Note circulation. 2 016 1,931 1 827 894 Other liabilities and capital 3,445 2,773 2,566 3,162 Deposits 813 692 666 761 Bank of Greece (billions of drach- Other liabilities and capital5. . . . 422 423 415 67 mae): Bank of Mexico (millions of pesos): Gold and foreign exchange (net). 328 369 218 Monetary reserve 6 909 909 821 711 Loans and discounts 193 170 84 "Authorized" holdings of secu- 5,000 4,425 2,980 rities, etc 2,721 2,739 2,544 2,681 Other 2,481 2 387 1 776 Bills and discounts 119 138 184 167 Other assets 955 915 742 Other assets . . 374 342 345 181 Note circulation 1 739 1 676 1 404 Note circulation 2 415 2 365 2 317 2 002 Deposits—Government 808 814 354 Demand liabilities 1,223 1,272 968 841 Reconstruction and Other liabilities and capital..... 487 491 609 897 relief accts .. 2,653 2,234 1,108 Netherlands Bank (millions of Other 988 892 746 guilders): Other liabilities and capital 2,770 2,651 2,187 Gold7 871 871 612 Bank of Guatemala (thousands of Silver (including subsidiary coin). 15 14 9 quetzales): Foreign assets (net) ... 1,213 1,197 519 Gold 27,229 27,229 27,229 27,229 Loans and discounts 54 202 143 Foreign exchange 6,098 6,793 6,928 10,525 Govt. debt and securities 2,850 2,850 3,300 Gold contribution to Int'l. Fund. 1,250 1,250 1,250 1,250 Other assets 883 894 582 4,230 4,040 4,629 4,662 60 61 74 Other assets 18,683 18,535 18,079 15 182 New 2,847 2,904 2,966 Circulation—Notes 34,113 34,046 34,252 33,641 Deposits—Government 281 414 381 Coin 3,157 3,124 3,137 3,068 Blocked 2 2 °2 Deposits—Government 1,374 1,413 1,887 3,132 ECA 1,210 914 351 Banks 9,356 9,719 9,514 9,238 Other 895 1,143 cl,019 Other liabilities and capital 9,491 9,545 9,325 9,769 Other liabilities and capital.... 592 589 372 National Bank of Hungary8 Reserve Bank of New Zealand Reserve Bank of India (millions of (thousands of pounds): rupees): Gold . 4,426 4,397 4,323 3,502 Issue department: Foreign exchange reserve 52,562 57,293 57,882 47,571 Gold at home and abroad 400 400 400 Advances to State or State un- Sterling securities 5,832 5,982 6,003 dertakings 55,789 56,097 56,483 37,940 4,516 4,666 4,153 Investments 21,974 17,658 22,658 48,094 Rupee coin . . 591 575 529 Other assets 9,310 9,343 9,786 5,733 Note circulation 11,096 11,324 10,799 Note circulation 54,307 54,550 54,722 50,891 Banking department: Demand deposits 83,455 83,961 90,322 86,622 Notes of issue department 244 299 287 Other liabilities and capital 6,300 6,277 6,089 5,326 Balances abroad . 2,233 2,199 1,891 Bank of Norway (millions of kroner): Bills discounted 30 24 17 Gold 244 244 244 253 Loans to Government 23 2 Foreign assets (net) 1 -8 -10 115 Other assets 788 661 1,056 Clearing accounts (net) -37 -42 -49 -89 Deposits 2,987 2,918 3,048 32 32 34 39 Other liabilities and capital. . . 309 289 204 Securities 47 47 47 48 Central Bank of Ireland (thousands Occupation account (net) 7,112 7,112 7,112 7,114 of pounds): Other assets 75 78 84 113 Gold 2 646 2 646 2,646 2 646 Note circulation 2,264 2,294 2,295 2,201 Sterling funds 47,932 47,131 47,326 44,721 Deposits—Government 2,936 2,770 2,729 2,907 Note circulation. 50,578 49,777 49,972 47,367 Banks 1,268 1,377 1,406 1,375 Blocked 528 538 543 603 Other 42 45 44 42 Other liabilities and capital 436 439 446 465 « 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. * Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per guilder. 6 Pending negotiations with the Netherlands and the ECA, counterpart funds are included in "Other liabilities and capital," beginning February, 19500.. 6 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. » Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. NOVEMBER 1950 1553 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) Sept. Aug. July Sept. date of month) Sept. Aug. July Sept. State Bank of Pakistan (millions of Bank of Spain—Cont. (June) rupees): Other assets.... 4,384 4,263 Issue department: Note circulation 27,523 26,062 Gold at home and abroad.. . 44 44 44 44 Deposits—Government 882 1,010 Sterling securities 622 652 652 624 Other.. 3,045 2,780 Pakistan Goyt. securities 519 519 519 265 Other liabilities and capital..... 533 588 Govt. of India securities.... 141 141 141 332 Bank of Sweden (millions of kronor): India currency 300 300 300 432 Gold 191 156 157 155 Rupee coin 56 57 58 61 Foreign assets (net) 970 1,046 1,080 670 Notes in circulation 1,642 ,660 1,680 1,700 Swedish Govt. securities and ad- Banking department: vances to National Debt Office 6 ,745 2,936 2,675 2,994 Notes of issue department... 40 53 34 57 Other domestic bills and advances 184 150 136 97 Balances abroad 331 318 325 584 Other assets 369 316 318 467 Bills discounted 102 102 102 105 Note circulation ,197 3,163 3,105 3,028 Loans to Government 1 Demand deposits—Government- 394 330 432 600 Other assets 448 '423 400 292 Other 197 458 183 108 Deposits 821 804 763 946 Other liabilities and capital.... 670 654 645 648 Other liabilities and capital. . 100 92 99 94 Swiss National Bank (millions of Bank of Paraguay-—Monetary dept. francs): (thousands of guarariies): Gold ,110 ,144 6,200 6,158 Gold 600 600 600 600 Foreign exchange 359 351 308 188 Foreign exchange (net). 12,457 ,836 7,532 -874 Loans and discounts 139 108 104 114 Net claim on Int'l. Fund *• 2,710 ,710 2,710 2,710 Other assets 74 72 72 72 Paid-in capital—Int'l. Bank -228 -228 -195 -92 Note circulation ,351 ,290 4,282 4,371 Loans and discounts , 129,550 ,941124,682 100,338 Other sight liabilities ,130 ,187 2,203 1,671 Government loans and securities. 4,425 ,653 5,870 9,924 Other liabilities and capital.... 200 199 199 489 Other assets. 31,208 ,183 26,131 1,720Central Bank of the Republic of Note and coin issue 130,463 ,083122,673 81,323 Turkey (millions of pounds): Demand deposits 41,112 ,492 37,710 28,048 Gold 408 408 387 446 Other liabilities and capital 9,148 ,120 6,946 4,995 Foreign exchange and foreign Central Reserve Bank of Peru clearings 124 99 106 89 (thousands of soles): Loans and discounts ,235 ,133 1,120 848 Gold and foreign exchange 2. .., 336 468 337,480 268,096 Securities 28 28 27 78 Net claim on Int'l. Fund * 20 20,495 20,495 Other assets 112 100 114 64 Contribution to Int'l. Bank.... 2. 2,238 2,238 Note circulation 965 879 877 878 Loans and discounts to banks. . 190 193,021 153,328 Deposits—Gold 153 153 153 153 Loans to Government 704 704,943 715,285 Other 621 583 572 296 Other assets 270 258,177 66,447 Other liabilities and capital.... 166 153 152 198 Note circulation 971, 986,083 840,366 Bank of the Republic of Uruguay Deposits 166 155,402 292,931 (thousands of pesos): Other liabilities and capital 387 374,869 92,593 Gold 315 548 297,365 269,278 Central Bank of the Philippines Silver 11562 11,608 12,116 (thousands of pesos): Paid-in capital—Int'l. Bank 313 313 316 Gold 5,829 ,427 5,108 2,721 Advances to State and govern- Foreign exchange 485,347 ,331434,221 555,414 ment bodies 144,932145,788 133,855 Net claim on Int'l. Fund 1 7,502 ,502 7,502 7,501 Other loans and discounts 263,332264,811 252,901 Loans 66,253 ,169 68,624 50,569 Other assets. 284,559273,858 234,995 Domestic securities 148,851 ,250132,337 20,033 Note circulation 291,026301,534 278,133 Other assets 151,549 ,040147,862 133,627 Deposits—Government 96,644 97,076 77,428 Note circulation 569,764 ,911545,125 533,957 Other 299,020 281,408 293,523 Demand deposits—U. S. dollars 3 148 Other liabilities and capital.... 333,557313,726 254,377 Pesos 180,141125,234140,123 139,132 Central Bank of Venezuela (mil- Other liabilities and capital 115,426112,573110,406 96,628 lions of bolivares): Bank of Portugal (millions of Gold ,041 ,041 1,041 ,041 escudos): Foreign exchange (net) 31 -46 16 27 Gold ,214 3,139 3,180 Other assets 60 53 73 45 Foreign exchange (net) ,243 8,931 9,052 Note circulation—Central Bank 715 733 729 712 Loans and discounts 525 512 517 National banks.. 1 Advances to Government ,242 1,241 1,247 Deposits 258 175 172 202 Other assets 662 528 534 Other liabilities and capital. . . . 159 141 228 197 Note circulation ,924 7,659 8,140Bank for International Settle- Demand deposits—Government.. 448 362 210 ments (thousands of Swiss gold EGA. 349 349 francs): Other ,600 3,604 3,759 Gold in bars 442,523 382,608 391,061 160,486 Other liabilities and capital ,565 2,376 2,421 Cash on hand and with banks!. . 19,766 55; 28,833 49,788 South African Reserve Bank Sight funds at interest 2, 2,902 3,385 (thousands of pounds): Rediscountable bills and accept- Gold 4 ,776 63,576 29,747 ances (at cost) 120, 105, 150,543 19,077 Foreign bills ,307 75,378 22,900 Time funds at interest 47,574 50 37,910! 26,060 Other bills and loans ,626 5,984 58,781 Sundry bills and investments... 287,577281 283,927 170,574 Other assets ,682 31,257 17,137 Funds invested in Germany.... 297,201297 297,201 297,201 Note circulation ,993 69,776 65,420 Other assets 1,507 1 1,416 2,636 Deposits ,299 90,902 54,984 Demand deposits (gold) 302,479 272,798 250,533 13,879 Other liabilities and capital...... ,099 15,518 8,161 Short-term deposits: Bank of Spain (millions of pesetas): (June) Central banks—Own account.. 408,,213393.581434,092 229,999 Gold 668 934 Other.. 19,,328 19 736 20,614 1,239 Silver 446 497 Long-term deposits: Special 228,909 228909 228,909 228,909 Government loans and securities. 15,681 15,766 Other liabilities and capital..... 260,346 261271 259,644 255,181 Other loans and discounts 10,804 8,980 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 3 Account of National Treasury. 4 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 5 Latest month available. 6 Includes small amount of non-Government bonds. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120. 1554 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— eff D ec a t t i e ve U K d n i o i n t m 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 S R 3 e a p 0 te t. ef D fec a t t i e ve ba C n e k n t o r f a — l S R 3 e a p 0 te t. eff D ec a t t i e ve In effect Dec. 31, Albania Mar. 21, 1940 Ireland 2Y2 Nov. 23, 1943 1938 2 V 4 2Y% 2 2H l» Argentina..... Mar. 1, 1936 Italy ... 4 Apr. 6, 1950 Jan. 4, 1939. , Austria Aug. 3, 1945 Japan 5.11 July 5, 1948 Apr* 17....... 4 Belgium 3M Sept. 11, 1950 Java........ 3 Jan. 14, 1937 May 11 , 3 Feb. 4, 1948 Latvia...... 5 Feb. 17, 1940 July 6 ...... Aug. 24... 4 Aug. 29... 3 Sept. 28 3 Canada....... Feb. 8, 1944 Lithuania... 6 July 15, 1939 Oct. 26....... 2 Chile Dec. 16, 1936 Mexico June 4, 1942 Dec. 15 .. 3 Colombia 4 July 18, 1933 Netherlands . 3 3 Sept. 26, 1950 Jan 25 1940 2 Costa Rica.... 4 Feb. 1,1950 New Zealand. July 26, 1941 Apr. 9 3 V Norway 2*1 Jan. 9, 1946 May 17 31/ Mar. 17, 1941, 1M May 29 3 June 27 2 j>r Denmark..... July 4, 1950 Peru 6 Nov. 13, 1947 Jan. 16 1945 Ecuador...... May 13, 1948 Portugal.... Jan. 12, 1944 Jan 20 i% El Salvador... 3 Mar. 2, 1950 South Africa. Oct. 13, 1949 Feb. 9....... 2% Estonia ... Qct. 1, 1935 Spain 4 2 Mar. 18, 1949 Nov. 7 1946 2Y2 Finland July 1, 1949 Sweden..... 2Y2 Feb. 9, 1945 Dec. 19 .. 3 Jan. 10, 1947 &.2H Aug. 27. ...... June 8, 1950 Switzerland.. Nov. 26, 1936 Oct. 9 2^&3 Germany..... il lH July 14, 1949 Turkey 4 July 1, 1938 June 28, 1948 12 July 12, 1948 United King- Sept. 6....... 3 Nov. 28, 1935 dom 2 Oct. 26, 1939 Oct. 1 3 U.S.S.R.... 4 July 1, 1936 May 27, 1949.. 11-4M July 14 U-4 Oct. 6 1 The lower rate applies to the Bank Deutscher Laender, and the higher June 8, 1950 2Y* rate applies to the Land Central banks. Sept. 11 NOTE.—Changes since Sept. 30: Canada—Oct. 17, from \¥i to 2 per cent; Sept 26 , 3 Germany—Oct. 27,[from^l-4 to 1-6 per cent. In effect Sept.30, 1950......... 2 2Y 2 11-4 3H 3 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—Aug.. .53 1.03 1.00 .00 1.66 1.25 1943—Aug.. .50 1.03 1.00 .11 1.62 1.25 1944—Aug.. .38 1.03 1.00 .13 1.68 1.25 1945—Aug.. .36 1.03 1.00 .13 1.50 1.25 1946—Aug.. .40 .53 .51 .63 1.32 1.41 1.18 1.25 1947—Aug.. .41 .53 .51 .63 1.46 1.30 1.00 1.25 1948-—Aug.. .41 .56 .51 .63 1.88 1.35 1.06 1.63 1949—Aug.. .51 .67 .52 .63 P2.06 1.25 .91 1.50 1949—Sept.. .51 .69 .52 .63 P2.03 1.15 1.01 Oct... .51 .69 .52 .63 P2.25 1.07 .78 Nov.. .51 .69 .52 .63 P2.55 1.16 .93 Dec. .51 .69 .52 .63 P2.55 1.32 1.03 1950—Jan... .51 .69 .52 .63 2.18 1.31 1.22 1.50 Feb.., .51 .69 .52 .63 2.40 1.54 1.50 1.50 Mar.. .51 .69 .52 .63 2.70 1.45 1.13 1.50 Apr. .51 .69 .51 .63 2.64 1.44 1.25 May. .51 .69 .51 .63 2.68 1.45 1.03 June. .51 .69 .51 .63 2.52 1.44 .81 July.. .51 .69 .51 .63 2.59 1.57 1.10 Aug.. .69 .51 .63 2.35 1.44 .95 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 172f . 656-661, and for description of statistics see pp. 571-572 in same publication. NOVEMBER 1950 1555 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 o s s . n n t e s d r o F l o i n f i n g g p u c ) o l r e e u a s n r i d i n n s g re C se a r s v h es M c n a s o o l h l n t o a i e c r y n t e d at B co il u ls n d te i d s- T re d r c e e e p a i o s p u s t i s r t y 2 Securities c L u o s a to n m s e to rs O as t s h e e ts r Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i d i t e t a i r e l s 1943—December 422 151 133 1,307 ,154 761 349 4,032 2,712 1,319 245 1944—December 500 199 147 1,667 ,165 772 347 4,545 3,045 1,500 250 1945—December 536 252 369 1,523 ,234 8?7 374 4,850 3,262 1,588 265 1946—December 499 432 610 1,560 ,427 994 505 5,685 3,823 1,862 342 1947—December 502 480 793 1,288 ,483 1 219 567 5,935 3,962 1,972 396 1948—December .. . 502 485 741 1,397 - ,478 1,396 621 6,200 4,159 2,041 420 1949—September 490 518 971 903 ,516 1,477 548 6,009 3,959 2,049 413 October 499 556 1,162 744 ,517 1,476 511 6,050 3,997 2,053 414 November ..... 497 548 1,216 688 ,517 1,483 539 6,066 3,977 2,089 422 532 571 1,109 793 ,512 1,534 579 6,202 4,161 2,041 427 1950—January 502 571 1,229 627 ,513 1 526 542 6,085 4,058 2,027 423 February 476 539 1,169 471 ,503 1,574 541 5,841 3,844 1,997 432 485 534 1,106 444 ,503 1,602 553 5,783 3,812 1,971 443 April 493 530 1,177 402 ,502 1 630 552 5,843 3,876 1,968 444 May 482 538 1,197 364 ,503 1,648 554 5,847 3,870 1,976 439 June 482 544 1,338 297 ,498 1,665 611 6,000 3,965 2,035 434 Tuly ... 501 557 1,400 321 1,496 1-591 529 5,956 3,935 2,021 440 August 504 544 1,336 368 1,499 1,610 554 5,968 3,941 2,027 447 Assets Liabilities Canada Entirely in Canada Security Deposits payable in Canada E (1 n C 0 d a i c n n o h a f a m d m r i i t a l e o n l r i n o e d t d n h o s l b f l o a i a f g r n u s k ) re s. s re C se a r s v h es Se lo c a u n ri s ty l d o i O a sc n t o s h u e a n r n t d s d a a f u b n o l b e o a d r r e a n o f i n n k r g a o s s e d n m t Securities O as t s h e e t r s ci N r t c i o u o l t n a e - e T x o cl t u a d l ing D in e te m rb an a d nk de T po im si e ts 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 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 ,172 1944—December ... 550 92 1,211 214 ,611 782 34 5,137 2,714 2,423 ,289 1945—December 694 251 1,274 227 4,038 369 26 5,941 3,076 2,865 ,386 1946—December 753 136 1,507 132 4,232 1 ,339 21 6,252 2,783 3,469 ,525 1947—December 731 105 1,999 106 3,874 1,159 18 6,412 2,671 3,740 ,544 1948—December . . 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4,057 ,537 1949—September 789 103 2,304 190 4,463 1,129 14 7,474 3,062 4,412 ,490 October 830 137 2,336 170 4,327 1,142 14 7,441 2,988 4,453 L.488 November 758 119 2,356 161 4,395 1 384 14 7,388 2,941 4,447 1,471 765 133 2,271 146 4,345 1,358 14 7,227 2,794 4,433 1,477 1950—January 745 100 2,263 158 4,365 1 ,133 1 7,197 2,703 4,494 1,467 February 749 84 2,299 149 4,391 1,346 (8) 7,277 2,741 4,537 11,439 March . 731 83 2,344 146 4,453 1 381 (3) 7,400 2,828 4,573 [,438 April 730 103 2,349 175 4,398 1 ,315 (3) 7,301 2,741 4,561 L,468 May 759 105 2,352 198 4,408 1, 391 (3) 7,417 2,860 4,557 .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 1 389 (3) 7,288 2,759 4,529 1,508 August 802 99 2,393 218 4,478 1,113 (3) 7,573 3,030 4,543 1,529 Assets Liabilities France (4 large banks. End Deposits Other of month figures in Cash Due frorr Bills di Other Own liabilities millions of francs) reserves banks counted assets Total Demand Time ances ca a p n i d tal 1943—December 8,541 4,086 90,908 14,245 1,216 112,843 111,302 1,541 428 5,725 1944—December 10,365 4,948 99,782 18,651 1,521 128,734 \2£ ,555 2,179 557 5,977 1945—December 14,733 14,128 155,472 36,621 4,783 215,615 ,592 2,023 2,904 7,218 1946—December. . .<7. 18,007 18,940 195,223 65,170 17,445 291,945 ?9f ,055 1,890 15,694 7,145 1947—December 22,590 19,378 219,386 86,875 27,409 341,547 338,090 3,457 25,175 8,916 1948—December 45,397 35,633 354,245 126,246 34,030 552,221 S4S,538 6,683 30,638 12,691 1949—August 41,276 36,888 395,351 128,804 45,310 587,137 58C,010 7,127 29,105 31,387 September 42,358 38,392 402,754 128,343 43,074 595,353 S8f,687 6,666 25,645 33,922 October 41,534 39,301 451,597 120,353 42,724 633,092 626,211 6,881 23,537 38,881 November .. 38,343 43,810 400,043 134,779 46,063 597,316 589,900 7,416 25,032 40,690 December . 40,937 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 6^1,031 9,005 29,747 18,252 IVtarch 38,741 42,539 415,585 134,771 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 6?f ,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 July 47,231 43,599 433,118 141,239 46,610 647,507 63t ,010 11,497 31,492 32,798 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements give end-of-month data. 2 Represent six-month loans to the Treasury at 1 % 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. 1556 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] ArgentinaL Australia Belgium Brazil Canada (peso) (pound) (franc) (cruzeiro) (dollar) Year or Ceylon month Prefer- "Bank (rupee) Basic ential Free Official Free notes" Official Free Official Free account 1944 29.773 322.80 6.0594 5.1469 90.909 89.853 1945 29.773 322.80 "321.17 "2 [2860' 6.0602 5.1802 90.909 90.485 1946 29.773 321.34 2 2829 6 0602 95 198 93.288 1947 29.773 321.00 2.2817 5.4403 100.000 91.999 1948 29.773 321.22 2.2816 5.4406 100.000 91.691 1949 29.774 ••••••• 293.80 2.2009 2.1407 5.4406 97.491 92.881 27.839 1949—Nov... 29.778 223-16 1 9980 1 9969 5 4406 90 909 89.864 20.850 Dec... 29.778 22:$.16 1.9998 5.4406 90.909 88.407 20.850 1950—Jan.. . 29.778 22;5.16 2.0003 5.4406 90.909 89.205 20.850 Feb... 29.778 22:5.16 1.9993 5.4406 90.909 89.820 20.850 Mar... 29.778 22C5.16 1 9966 5 4406 90 909 90.254 20.850 Apr. . . 29.778 22:5.16 1.9912 5.4406 90.909 90.205 20.850 May. 29 778 22:5.16 1.9921 5.4406 90.909 90.110 20.850 June.. 29.778 22:5.16 1.9866 5 4406 90.909 90.456 20.850 July... 29.778 211.100 22:5.16 1.9835 5.4406 90.909 90.766 20.851 Aug.. 3 29 778 311.100 22C5.16 1.9837 5.4406 90.909 90.844 20.850 Sept... 20.000 13.333 7.205 22:5.16 1.9838 5.4406 90.909 90.844 20.850 Oct.... 20.000 13.333 7.291 22:5.16 1.9876 '4 i! 9762" 5.4406 (5) 6 94.854 20.850 France Year or month 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 c a h ) n e y I (r n u d p i e a e 7 ) M (p e e x s i o c ) o ( e g N r u l e a il t d n 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 2 0060 19 117 4671 3017 27 706 12 620 34 528 365 07 18.481 1949—Nov.. 2.0060 14.494 2862 20.870 11.571 26.295 277.30 14.015 Dec 2 0060 14 494 2862 20 870 11 572 26 289 277 29 14.015 1950—Jan.. . 2.0060 14.494 .2863 20.870 11.572 26.278 277.29 14.015 Feb.. . 2.0060 14.494 .2863 20.870 11.572 26.257 277.29 14.015 Mar. 2.0060 14 494 2863 20 870 11 571 26.267 277.29 14.015 Apr.. . 2.0060 14.494 .2860 20.870 11.564 26.262 277.29 14.015 May 2.0060 14.494 2859 20.870 11.564 26.264 277.29 14.015 June 2:0060 14.494 .2856 8 23.838 20.870 11.563 26.265 277.29 14.015 July. 2.0060 14.494 .2856 23.838 20.871 11.571 26.252 277.29 14.015 Aug 2.0060 14.494 .2854 23.838 20.870 11.573 26.236 277.29 14.015 Sept. 2.0060 14.494 .2855 23.838 20.870 11.572 26.237 277.29 14.015 Oct.. . . 2.0060 14.494 .2856 23.838 20.870 11.571 26.235 277.29 14.015 United Y m e o a n r t o h r R P e ( p h p p i e i u n l s i o b e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S p o o fr u u i n c th d a ) ( S pe p s a e i t n a) S S ( m d t e o r e t l a t n la l i t e r t s s - ) (k S d r w o e n n e a - ) e S (f r w r l a a i n t n c z d ) - K ( i p n o g u d n o d m ) Ur (p u e g s u o a ) y Official Free 1944 398.00 403.50 65.830 53.506 1945 399.05 403 50 403 05 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—Nov... 49.738 3.4810 278.38 32.547 19.333 23.176 280.08 Dec... 49.687 3.4817 278.38 32.692 19.333 23.289 280.07 65.833 56.180 42.553 1950—-Jan. . . 49.617 3.4856 278.38 32.717 19.333 23.281 280.07 65.833 56.180 42.553 Feb... 49.615 3.4673 278.38 32.713 19.333 23.264 280.07 65.833 56.180 42.553 Mar... 49.613 3.4587 278.38 32.722 19.333 23.269 280.07 65.833 56.180 42.553 Apr... 49.613 3.4595 278.38 32.734 19.333 23.286 280.07 65.833 56.180 42.553 May. 49 616 3 4577 278.38 32 761 19 333 23 291 280.07 65.833 56.180 42.553 June.. 49.625 3.4788 278.38 32.807 19.333 23.138 280.07 65.833 56.180 42.553 July... 49.625 3.4539 278.38 32.818 19.333 23.047 280.07 65.833 56.180 42.553 Aug.. 49.625 3 4498 278.38 32.825 19 332 23.012 280.07 65.833 56.180 42.553 Sept.. 49.625 3.4842 278.38 32.825 19.331 22.959 280.07 65.833 56.180 42.553 Oct.... 49.625 3.4898 278.38 32.838 19.332 22.942 280.07 65.833 56.180 42.553 1 On Aug. 29, 1950, the Argentine Finance Ministry announced a simplified exchange rate system. A rate designated "Preferential" replaced the "Preferential A" and "Preferential B" rates, and the "Special" rate was discontinued. For quotations on the discontinued rates, see BULLETIN for October 1950, p. 1419. 2 Based on quotations beginning July 13. s Based on quotations through Aug. 28. 4 Based on quotations beginning Oct. 11. 5 After Sept. 30, quotations for official rate abolished. 6 Based on quotations beginning Oct. 4. 7 Excludes Pakistan, beginning April 1948. 8 Based on quotations beginning June 22. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics,, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for October 1950, p. 1419; January 1950, p. 123; October 1949, p. 1291; January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209. NOVEMBER 1950 1557 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 1 1 9 n ta 0 2 i 0 t t 6 e e ) s d = C (1 a 1 9 n 0 2 0 a 6 ) d = a M (1 1 9 e 0 3 x 0 9 i ) c = o K U ( i 1 n 1 n 9 g 0 3 i 0 t d 0 e ) o d = m F (1 r 1 9 a 0 3 n 0 8 ) c = e (1 I 1 9 t 0 a 3 0 l 8 y ) - ( a 1 J v 9 a = e 3 p r 1 4 a a ) - g n 3 e 6 ( J J N u u l = n l e a y e t 1 n h 1 0 1 d e 9 0 9 s r 3 3 ) - 8 9 - S (1 w 1 9 0 e 3 0 d 5 ) e = n (A Sw u = l g a i 1 . t n 0 z 1 d 0 e 9 ) r 3 - 9 1926 100 100 U24 106 150 1126 2 135 1937 86 85 109 89 94 1 108 114 2 104 1938 79 79 101 100 100 1 102 111 MOO 1939 77 75 103 105 104 2 105 115 104 1940. . . .. 79 83 103 137 139 121 2 131 146 133 1941 87 90 110 153 171 136 2 150 172 171 1942 99 96 121 159 201 153 2 157 189 195 1943 103 100 146 163 234 2 160 196 203 1944 104 103 179 166 265 2 164 196 207 1945 106 104 199 169 375 4 181 194 205 1946 121 109 229 175 648 16 251 186 200 1947 152 129 242 192 989 5,159 48 271 199 208 1948 165 153 260 219 1,712 5,443 128 281 214 217 1949 155 157 285 230 1,917 5,170 '209 296 216 206 1949—September 154 155 294 231 1,958 4,910 '217 295 216 203 October 152 157 296 237 2,002 4,841 '219 297 218 200 November 152 157 294 240 2,005 4,826 '219 306 218 200 December 151 157 293 241 2,002 4,747 '219 306 219 199 1950—January 152 157 288 245 2,063 4,732 '228 310 219 197 February 153 158 291 245 2,057 4,759 '226 313 220 195 March. 153 159 304 245 2,102 4,732 '227 315 220 195 April 153 160 307 250 2,098 4,693 '227 313 221 194 May. 156 162 307 255 2,082 4,695 '228 315 221 197 June 157 165 304 257 2,035 '4,671 '229 317 223 196 July 163 167 307 260 2,123 4,694 '242 317 224 199 August 166 169 312 264 P2.206 ?4,915 P253 225 205 September 170 174 321 272 2>2,238 209 P Preliminary. r Revised. 1 Approximate figure, derived from old index (1913 =100). 2 Approximate figure, derived from old index (July 1914 = 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 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 R fa m p a g c w a o a t r u o n t r d a l u e y s n - d d F f u a c m g l c h l o a y t ie u o n f r d a u l e y s n - d d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d d l u u ra s c w - ts p f I r in n o tr i d d i s u a u h l s c e - t d s 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 166 161 147 147 161 142 197 249 243 370 297 1949—September 163 162 145 146 159 142 201 248 235 366 298 October 160 160 145 146 161 143 210 252 244 376 297 157 159 145 146 161 143 213 255 265 378 303 December 155 156 145 145 160 143 212 257 270 372 304 1950—January 155 155 146 144 160 143 214 261 275 384 305 159 157 146 145 162 143 215 262 282 383 309 March 159 156 146 147 164 144 215 262 279 385 310 April. .. ... 159 155 146 148 165 144 220 266 272 385 311 165 160 148 150 168 144 225 271 276 386 312 166 162 149 152 172 145 223 275 285 388 312 July 176 171 152 154 175 146 222 281 August 178 175 r156 142 175 150 '217 291 SeDtember 180 177 159 143 178 156 220 302 * Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1558 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 c:X)ST 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 5 t t 0 e e - 0 3 s d ) 9(1 = C 9 a 3 a 1 d 5 0 n a - 0 - 3 ) 9 1 K 7 ( d J , i o u n 1 m n g 9 e 4 - 7 F = ( r 1 a 9 1 n 0 3 c 0 8 e ) ( N 1 = l 9 a e 1 3 n th 0 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 5 t t 0 e e - 0 3 d s ) 9 (1 = C 9 a 3 1 a d 0 5 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 c 0 8 e ) ( N 1 = l 9 a e 1 3 n t 0 h 8 d 0 e - s 3 ) r- 9 1 ( l 9 A a e 3 n r u 9 - d g = . = 100) 100) = 100) 100) 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 UOl 1,043 211 170 1947 159 136 i 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-September. 204 207 117 1,835 244 175 1949-September. 170 162 112 1,827 216 162 October... 201 205 119 1,901 244 175 October... 169 162 112 1,885 217 162 November. 201 203 119 1,930 251 174 November. 169 162 112 1,912 221 161 December. 197 202 120 1,937 257 173 December. 168 162 113 1,920 226 161 1950-January... 196 199 120 1,921 262 171 1950-January... 167 161 113 1,910 230 159 February.. 195 201 121 1,929 270 170 February.. 167 162 113 1,920 234 159 March.... 196 204 121 1,920 274 172 March.... 167 164 113 1,906 237 158 April. . ... 197 205 122 1,942 273 172 April 167 164 114 1,922 237 158 May 200 205 125 1,925 276 174 May 169 164 114 1,906 237 158 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.... 209 217 121 1,938 275 178 August.... 173 169 113 1,925 239 159 September. 209 219 p.2,009 276 179 September. 174 170 ni4 P2,007 P243 160 P Preliminary. 1 This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17, are 166 for retail food prices and 203 for cost of living. Sources.—See BULLETIN for October 1950, p. 1421; 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 ( n r h a a i i t d g t e e e h s d ) 1 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 d 0 m e 0 r ) F (1 r 1 9 a 0 3 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 te e - 0 3 d s ) 9 C (1 a = 9 n 3 1 a 5 0 d - 0 3 a ) 9 4 ( K 1 U 9 in 2 n 6 g i = d te 1 o d 0 m 0) 1 (D F 9 r 3 e a 8 c n e = m c 1 e 0 b 0 5 e ) r (1 N 9 l e a 3 t 8 n h = d e 1 s r 6 0 - 0) Number of issuei... 12 (2) 87 50 14 416 106 278 « 295 27 1942 118 3 100 7 127 3 146.4 69 4 64.2 75 3 1943 120.3 102.6 127.8 146.6 91.9 83.5 84.5 1944 120 9 103 0 127 5 150 5 99 8 83 8 88 6 1945 122.1 105.2 128.3 152.1 121.5 99.6 92.4 1946 123.3 117.2 132.1 144.6 109.0 139.9 115.7 96.2 875 1947 1103.2 118.5 130.8 132.0 105.6 123.0 106.0 94.6 1,149 202.2 1948 98.7 105.0 129.9 117.0 107.1 124.4 112.5 92.0 1,262 211.2 1949 101.9 107.6 126.5 109.4 106.8 121.4 109.4 87.6 1,129 195.3 1949—October 102.8 112.2 121.7 110.5 108.0 127.3 114.3 88.2 1,110 207.5 November. . . 103.2 112.1 118.9 110.2 108.7 129.1 118.2 86.5 1,042 203.6 December.... 103.7 110.7 121.1 109.9 109.4 132.7 117.9 87.8 1,085 204.6 1950—January 104.0 111.0 119.8 109.5 110.1 135.1 119.0 87.7 1,107 204.2 February. . .. 104.0 110.7 119.9 110.9 110.4 136.7 118.3 87.9 1,036 202.5 IVLarch 104.1 110.9 119.4 111.5 109.0 138.8 118.7 88.4 1,045 197.0 April (V) 110.3 119.9 112.3 108.7 141.8 125.9 89.1 1,024 191.0 May . 110 9 119.8 111.7 108.3 146.9 128 7 89 6 1,019 189.6 110.9 121.6 110.4 108.0 147.7 130.9 90.9 1,056 190.8 July . . . 109.9 120 7 P108.8 106.3 138.2 124 3 88 7 961 170.0 August 110.5 120.8 P109.7 105,0 147.2 135.7 89.0 1,020 188.0 September 111.4 122.7 P110.7 103.7 151.7 141.5 91.3 194.9 P Preliminary. 1 New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average for the old series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States, see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly figures are averages of monthly quotations on the capitalized yield as calculated on the 15th of every month. 8 This index represents the reciprocals of average yields for 14 issues, including government, provincial, municipal, mortgage, and industrial bonds. The average yield in the base period (January-March 1937) was 3.39 per cent. 4 This index is based on 95 common stocks through 1944; on 100 stocks 1945-1948; and on 106 stocks beginning 1949. 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 Gfine'rale," 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. NOVEMBER 1950 1559 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 WIN FIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary EDWIN R. MILLARD, Director MERRITT SHERMAN, Assistant Secretary GEORGE S. SLOAN, Assistant Director KENNETH A. KENYON, Assistant Secretary C. C. HOSTRUP, Assistant Director FRED A. NELSON, Assistant Director LEGAL DIVISION GEORGE B. VEST, General Counsel DIVISION OF BANK OPERATIONS FREDERIC SOLOMON, Assistant General Counsel ROBERT F. LEONARD, Director JOHN C. BAUMANN, Assistant General Counsel J. E. HORBETT, Assistant Director OFFICE OF THE SOLICITOR LOWELL MYRICK, Assistant Director J. LEONARD TOWNSEND, Solicitor DIVISION OF PERSONNEL ADMINISTRATION G. HOWLAND CHASE, Assistant Solicitor ROBERT N. HILKERT, Acting 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 1560 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 1 President Bank of Deputy Chairman First Vice President Vice Jrresiueiiis Boston Albert M. Creighton Joseph A. Erickson John J. Fogg Alfred C. Neal Harold D. Hodgkinson William Willett Robert B. Harvey2 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. Mercer3 Edw. A. Wayne W. R. Milford Chas. W. Williams Atlanta Frank H. Neely W. S. McLarin, Jr. P. L. T. Beavers Joel B. Fort, Jr. Rufus C. Harris L. M. Clark V. K. Bowman T. A. Lanford J. E. Denmark E. P. Paris S. P. Schuessler Chicago F. J. Lunding C. S. Young Allan M. Black 2 John K. Langum John S. Coleman E. C. Harris H. J. Chalfont A. L. Olson Neil B. Dawes Alfred T. Sihler W. R. Diercks W. W. Turner St. Louis Russell L. Dearmont Chester C. Davis 0. M. Attebery Paul E. Schroeder Wm. H. Bryce F. Guy Hitt Wm. E. Peterson William H. Stead C. A. Schacht C. M. Stewart Minneapolis. . . . Roger B. Shepard J. N. Peyton H. C. Core H. G. McConnell W. D. Cochran A. W. Mills C. W. Groth Otis R. Preston E. B. Larson Sigurd Ueland Kansas City.... Robert B. Caldwell H. G. Leedy L. H. Earhart John Phillips, Jr. Robert L. Mehornay Henry 0. Koppang Delos C. Johns G. H. Pipkin R. L. Mathes C. E. Sandy2 D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G/Pondrom3 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. Schroedeir Seattle J. M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 1 General Manager. NOVEMBER 1950 1561 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS The material listed below may be obtained from ports, and introduction reviewing the monetary the Division of Administrative Services, Board of history of Paraguay. July 1946. 170 pages. Governors of the Federal Reserve System, Wash- $1.00 per copy. ington 25, D. C. Remittance should be made RULES OF ORGANIZATION AND RULES OF PROCEDURE payable to the order of the Board of Governors (Board of Governors of the Federal Reserve Sysof the Federal Reserve System. tem). September 1946. 31 pages. FEDERAL RESERVE BULLETIN. Issued monthly. Subscription price in the United States and its pos- THE FEDERAL RESERVE ACT, as amended to November 1, 1946, with an Appendix containing prosessions, Bolivia, Canada, Chile, Colombia, Costa visions of certain other statutes affecting the Rica, Cuba, Dominican Republic, Ecuador, Federal Reserve System. 372 pages. 50 cents per Guatemala, Haiti, Republic of Honduras, Mexico, paper-bound copy; $1.00 per cloth-bound copy. Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, POSTWAR ECONOMIC STUDIES. (8 pamphlets) and Venezuela is $2.00 per annum or 20 cents No. 1. Jobs, Production, and Living Standards. per copy; elsewhere $2.60 per annum or 25 cents No. 2. Agricultural Adjustment and Income. per copy. Group subscriptions in the United No. 3. Public Finance and Full Employment. States for 10 or more copies to one address, 15 No. 4. Prices, Wages, and Employment. cents per copy per month, or $1.50 for 12 months. No. 5. Private Capital Requirements. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY No. 6. Housing, Social Security, and Public RATES, AND BUSINESS. Issued monthly. $6.00 Works. per annum including historical supplement No. 7. International Monetary Policies. listed below, or 60 cents per copy. In quantities No. 8. Federal Reserve Policy. of 10 or more copies of a particular issue for The price for the set of eight pamphlets is $1.25; single shipment, 50 cents each. (Domestic rates) 25 cents per pamphlet, or, in quantities of 10 or HISTORICAL SUPPLEMENT TO FEDERAL RESERVE more for single shipment, 15 cents per pamphlet. CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. 113 charts. March 1950 edition. THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND Annual subscription to monthly chart book in- FUNCTIONS. November 1947. 125 pages. 75 cludes supplement; single copies, 60 cents each. cents per cloth-bound copy; in quantities of 10 In quantities of 10 or more copies for single ship- or more copies for single shipment, 50 cents each. ment, 50 cents each. (Domestic rates) Paper-bound copies available without charge. BANKING STUDIES. Comprising 17 papers on bank- DEBITS AND CLEARINGS STATISTICS, THEIR BACKing and monetary subjects by members of the GROUND AND INTERPRETATION. October 1947. 50 Board's staff. August 1941; reprinted March pages. 25 cents per copy; in quantities of 10 or 1949. 496 pages. Paper cover. $1.00 per copy; more copies for single shipment, 15 cents each. in quantities of 10 or more copies for single ship- DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, as of ment, 75 cents each. December 31, 1947. July 1948. 122 pages. As BANKING AND MONETARY STATISTICS. Statistics of of June 30, 1949. December 1949. 122 pages. banking, monetary, and other financial develop- A STATISTICAL STUDY OF REGULATION V LOANS. ments. November 1943. 979 pages. $1.50 per September 1950. 74 pages. 25 cents per copy; copy. No charge for individual sections (unin quantities of 10 or more copies for single shipbound). ment, 15 cents each, MONETARY AND BANKING REFORM IN PARAGUAY. Includes translation of laws, accompanying re- REGULATIONS OF THE BOARD OF GOVERNORS OF THE 1 A 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. 1562 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS OF CONSUMER SAVING IN 1949. November 1950. (From Federal Reserve Bulletin unless preceded by an asterisk) 15 pages. METHODS OF THE SURVEY OF CON- * THE EQUITY CAPITAL SITUATION. A personal SUMER FINANCES. July 1950. 15 pages. (Other statement by Thomas B. McCabe, Chairman of articles on the 1950 Survey will appear in subthe Board of Governors of the Federal Reserve sequent issues of the BULLETIN.) System, prepared at the request of a Subcommit- INDUSTRIAL DIFFERENCES IN LARGE CORPORATION tee of the Committee on Banking and Currency FINANCING IN 1949, by Eleanor J. Stockwell. of the United States Senate. Submitted August June 1950. 6 pages. (Also, similar survey by 5, 1949. 7 pages. Charles H. Schmidt. June 1949. 8 pages.) NOTES ON FOREIGN CURRENCY ADJUSTMENTS. No- RETAIL CREDIT SURVEY—1949. From June 1950 vember 1949. 14 pages. BULLETIN with supplementary information for * REPLY OF THE CHAIRMAN OF THE BOARD OF GOV- nine separate trades. 37 pages. ERNORS OF THE FEDERAL RESERVE SYSTEM (TO the STATEMENT ON PROPOSED SMALL BUSINESS LEGISLA- Questionnaire of the Joint Congressional Com- TION. Presented by Thomas B. McCabe, Chairmittee on the Economic Report). November man, Board of Governors of the Federal Reserve 1949. 112 pages. System, before the Senate Committee on Bank- * STATEMENT OF THOMAS B. MCCABE, CHAIRMAN OF ing and Currency, June 27, 1950. July 1950. 8 THE BOARD OF GOVERNORS OF THE FEDERAL RE- pages. SERVE SYSTEM, BEFORE THE SUBCOMMITTEE ON BRANCH BANKING IN THE UNITED STATES, 1939 and MONETARY, CREDIT AND FISCAL POLICIES OF THE 1949. July 1950. 16 pages. JOINT COMMITTEE ON THE ECONOMIC REPORT. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS Presented December 3, 1949. 10 pages. AND BUSINESSES. August 1950. 2 pages. A STUDY OF INSTALMENT CREDIT TERMS, by Milton STATEMENT ON THE DEFENSE PRODUCTION ACT OF Moss. December 1949. 8 pages. 1950. Presented by the Board of Governors of FRENCH EXCHANGE STABILIZATION FUND, by Robert the Federal Reserve System to the Committee Solomon. January 1950. 5 pages. on Banking and Currency of the Senate, and INSURANCE OF COMMERCIAL BANK DEPOSITS. Feb- read by Governor R. M. Evans to the Committee ruary 1950. 5 pages. on Banking and Currency of the House of Representatives, July 25, 1950. August 1950. 4 STATEMENT BY THOMAS B. MCCABE, CHAIRMAN, pages. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ON S. 2822, A BILL "TO AMEND THE FED- DEFENSE LOAN POLICY. An announcement adopted jointly by National and State Supervisors of banks ERAL DEPOSIT INSURANCE ACT." February 1950. 5 pages. and other lending institutions. August 4, 1950. August 1950. 1 page. STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR DEPOSIT INSURANCE. February 1950. 15 pages. THE BALANCE SHEET OF AGRICULTURE, 1950. September 1950. 14 pages. * THE CHALLENGE OF OPPORTUNITY VERSUS SECU- RITY. Address by Thomas B. McCabe, Chairman, OUR COMMON PROBLEM—MAINTENANCE OF A SOUND Board of Governors of the Federal Reserve Sys- BANKING SYSTEM. Address by Thomas B. Mctem before a seminar group of Life Insurance Cabe, Chairman, Board of Governors of the Fed- Executives. Presented April 13, 1950. 7 pages. eral Reserve System, before the National Association of Supervisors of State Banks, Boston, Mass., 1950 SURVEY OF CONSUMER FINANCES— September 21, 1950. October 1950: 4 pages. Preliminary summary. April 1950. 2 pages. PART I. GENERAL FINANCIAL POSITION AND ECO- REVISED ESTIMATES OF CONSUMER CREDIT. November 1950. 2 pages. NOMIC OUTLOOK OF CONSUMERS. June 1950. 12 pages. PART II. PURCHASES OF HOUSES AND MEASUREMENT OF CONSUMER CREDIT. Address by DURABLE GOODS IN 1949 and BUYING PLANS FOR Ralph A. Young and Homer Jones before the 1950. July 1950. 15 pages. PART III. DISTRI- University of Illinois Consumer Credit Confer- BUTION OF CONSUMER INCOME IN 1949. August ence, Chicago, Illinois, October 5, 1950. Novem- 1950. 18 pages. PART IV. THE DISTRIBUTION ber 1950. 9 pages. NOVEMBER 1950 1563 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

2 FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES 5? BOUNDARIES OF FEDERAL RESERVE DISTRICTS t-1 BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis