Federal Reserve Bulletin, 1950-12

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

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG SUSAN S. BURR The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Expenditures and Incomes in 1950. 1565-1576 Statement on Regulation of Consumer Credit. . 1577-1581 Federal Reserve Statement on Defense Loan Policy. 1582-1583 Current Events and Announcements. 1583 1950 Survey of Consumer Finances: Part V. The Distribution of Assets, Liabilities, and Net Worth of Consumers, Early 1950.. 1584-1611 Law Department. 1612-1623 National Summary of Business Conditions. 1624-1625 Financial, Industrial, Commercial Statistics, U. S. (See p. 1627 for list of tables) . 1627-1685 International Financial Statistics (See p. 1687 for list of tables) 1687-1705 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1706 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 1707 Federal Reserve Publications.. 1708-1711 Map of Federal Reserve Districts. . 1712 Index 1713-1736 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 36 December 1950 NUMBER 12 EXPENDITURES AND INCOMES IN 1950 The year 1950 has been characterized by credit for the purchase of consumer durable sharp expansion in economic activity to near goods and houses and for business purposes. capacity levels and mounting inflationary The requirements of the new defense propressures, particularly after the outbreak of gram and the danger of inflation inherent hostilities in Korea. Output and dollar value in the situation led to the passage of the of goods and services in both physical volume Defense Production Act of 1950 and the iniand dollar value increased during the year, tiation of several anti-inflationary measures with total expenditures and personal income by the Board of Governors and other Fedreaching all-time highs in the fourth quarter. eral agencies. Expansion in economic activity during most During the fourth quarter the rate of exof 1950 resulted from rising private expendi- pansion of output slackened and consumer tures which after June were influenced by purchases of durable goods declined from the grave international situation and the the exceptionally high levels of midsummer. adoption of programs for a greatly expanded Defense outlays, however, increased more national defense effort. rapidly as men were added to the armed Recovery from the moderate recession of services and munitions and supplies were the first half of 1949 accelerated during the delivered in larger quantities. This expanfirst half of 1950, with rising expendi- sion in Federal outlays and an appreciable tures for private investment providing much accumulation of inventories resulted in a of the stimulus. By June the Board's in- further substantial rise in aggregate exdex of industrial production exceeded its penditures and incomes, in part reflecting earlier peacetime high and prices were ad- higher prices. vancing. The record expenditures of late 1950 have In the third quarter private expenditures been accompanied by new high levels of emincreased sharply. Although the defense pro- ployment, output, prices, profits, and wage gram was greatly enlarged, actual outlays rates. The labor market has become about for defense purposes expanded only moder- as tight as at any time since World War II; ately in this period. The rise in private out- unemployment, which was down to 2.2 millays reflected increases in both consumer and lion persons in November, accounted for business demand and was superimposed on only about 3l/ per cent of a labor force of 2 the existing boom, which was already strain- over 65 million. Industrial production in ing capacity in many durable goods indus- November, and probably in December as tries. Expenditures were financed in part well, was about 8 per cent above the earlier through an unprecedented extension of peacetime high in June. In many important DECEMBER 1950 1565 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES AND INCOMES IN 1950 industries, further expansion in output from The impact of the international crisis on current levels will be increasingly difficult our economy requires that scarce resources to attain. be channeled into defense purposes and that Increasing demands for goods and serv- inflation be restrained. Some actions have ices have exerted strong upward pressure on already been taken to achieve these ends, prices despite the recent large increases in out- including increased tax rates on personal and put which so far have been mainly for civilian corporate incomes, restrictions on the use of use. In mid-December both wholesale and consumer and mortgage credit, and general consumer prices were at all-time highs. Price credit restrictions through money market advances in the first half of the year had actions. An Economic Stabilization Agency been moderate and occurred largely in the has been organized with powers to control second quarter. After the invasion of South directly prices and wage rates. The National Korea, prices increased very sharply and Production Authority has taken several steps quite generally, except for some leveling designed to channel materials and producoff from mid-September to the end of Octo- tion to defense purposes and to promote ber. From March to mid-December prices more effective utilization of scarce resources. of basic commodities rose 44 per cent and These steps include a system of priorities wholesale prices almost 14 per cent. Confor defense orders, restrictions on civilian sumer prices advanced 5 per cent to miduse of certain critically short materials, and October, the latest officially reported data, a limitation on holdings of business invenand are estimated to have risen an additional tories. Business is already going ahead with 1 or 2 per cent since then. Corporate profits plans for a considerable expansion in plant reached a new high in the third quarter of capacity urgently needed for the defense 1950, reflecting increases during the year in effort. both sales and prices, and payments of dividends were at record levels. Moderate in- GROSS NATIONAL PRODUCT creases in wage rates, which had been iNNUAL RATES LLARS granted earlier in the year in selected indus- 300 a 300 tries, were followed after August by larger J advances granted in many industries. NATION G A R L O P S R S ODUCT _/">\ j f 250 Economic prospects for the indefinite V future will be dominated by the international 200 \ / situation, the degree of mobilization imposed ERSONAL CONSUMPT f EX=ENDITJRES on the nation, and the reaction of business- / men and consumers to the new situation. 150 / / / Acceleration of the expanded defense pro- / gram will make large additional demands S 100 on limited resources of manpower, industrial OVERNMENT FURCHASES \ CF GOO)S ANDSERVICES capacity, and materials, and at the same time 1I / • \ it will increase private income and private 50 7 ^ ~, ( r demands. In addition, the necessity of en- DOME R S O T S IC S 1 P N R VE IV S A T T !\ E /IENT larging capacity in defense-supporting in- 0 dustries will, for the near future, further Department of Commerce estimates through third quarter curtail the resources available for other uses. 1950; quarterly, adjusted for seasonal variation. Fourth quarter 1950 gross national product estimated by Federal Reserve. 1566 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES AND INCOMES IN 1950 GROSS NATIONAL PRODUCT counted for only 7.5 per cent of the total, the smallest proportion since early in 1948. Gross national product, which measures Outlays for investment purposes have been total current output at prevailing prices, a major factor in the expansion of 1950. Exreached an estimated record total of about cept for the third quarter, such outlays have 277 billion dollars for the year 1950, as shown larger increases in both dollar and compared with 259 billion in 1948, the percentage terms than have consumption previous high. Total expenditures, as shown expenditures. Total expenditures for priin the chart, increased throughout the year, vate domestic investment—including proto an estimated rate of over 290 billion in the ducers' durable equipment, new private confourth quarter, about 15 per cent above the struction, and changes in business inventories reduced level of a year ago. More than half —in the third quarter were about 50 per cent of this increase represents an expansion in above the level of a year ago. A further inphysical output of goods and services and crease in investment outlays is estimated for somewhat less than half represents higher the fourth quarter, with a large rise likely prices. to be shown by business inventories follow- A striking development in 1950 has been ing some net liquidation in the third quarter. the intensity of demand by both businesses The latest Commerce-SEC survey of busiand consumers for durable goods and conness intentions to spend on plant and equipstruction. In the third quarter, expenditures ment also indicates a substantial increase, for private new construction, producers' durafter seasonal adjustment, in such outlays in able equipment, and consumer durable the current quarter and a further rise in the goods, as shown in the table, accounted for first quarter of 1951 to the highest level on more than 29 per cent of total product, an unrecord. precedented proportion. Federal purchases of goods and services, on the other hand, ac- PRODUCERS' DURABLE EQUIPMENT GROSS NATIONAL PRODUCT FOR SELECTED PERIODS Expenditures for producers' durable equipment, which had increased by almost one- [Percentage of total, by types of expenditures] fifth from the recession low of the fourth Type of expenditure 3 1 rd 9 5 Q 0 . 1949 1948 1939 quarter of 1949 to a new high in the second quarter of 1950, advanced by an additional Government purchases of goods and 14.4 16.9 14.1 14.3 one-fifth in the following quarter. At their Federal 7.5 9.9 8.1 5.6 State and local 6.9 7.0 6.0 8.7 third quarter level of 27 billion dollars Gross private domestic investment. . . 17.0 12.9 16.6 10.9 (seasonally adjusted, annual rate), such ex- New construction 8.0 6.8 6.8 5.4 Producers' durable equipment. 9.5 7.6 7.7 5.0 penditures accounted for 9.5 per cent of gross Change in farm and nonfarm inventories.. -.5 -1.5 2.1 .5 national product, by far the largest propor- Nonfarm -.4 -1.2 1.7 .3 tion of the last 20 years. Net foreign investment -1.2 .2 .7 1.0 Personal consumption expenditures. 69.8 70.0 68.5 73.9 As business activity increased during 1950, Durable goods 11.8 9.3 8.8 7.4 Nondurable goods 36.9 38.6 38.9 38.6 business plans for purchase of plant and Services 21.1 22.1 20.7 27.9 equipment were continually being revised Gross national product, total: Per cent 100.0 100.0 100.0 100.0 upward. In the second half of the year, the Billions of dollars 1284.3 255.6 259.1 91.3 Federal Government was urging even fur- 1 Seasonally adjusted quarterly total at annual rate. ther expansion of capacity in industries es- NOTE.—Basic data are from the U. S. Department of Commerce. DECEMBER 1950 1567 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES AND INCOMES IN 1950 sential to the expanded defense program, PRIVATE DOMESTIC INVESTMENT such as steel, electric and gas utilities, aluminum, and the railroads. Arrangements made for direct Government loans and accelerated amortization for tax purposes are designed to encourage such expansion. Orders for equipment have increased sharply, reaching a high in August. After some decline in September, orders rose in October and were higher than in any previous month except August. Unfilled orders continued to advance through October, the latest month for which data are available, despite large increases in recent months in output of machinery and other types of producers' equipment. Department of Commerce quarterly estimates adjusted for seasonal variation. Latest figures shown are for third quarter 1950. Cutbacks in civilian output may reduce incentives for some planned expansion, The boom in construction activity led to while shortages of materials and industrial shortages of some building materials and capacity may prevent realization of others. to considerable pressure on costs and selling These limitations, however, are not likely prices. Prices of building materials advanced to be a deterrent for the considerable pro- one-sixth from the beginning of the year portion of planned plant and equipment to a new high in early October. Since then, expenditures involving defense-supporting prices of many building materials have inindustries which are likely to receive priori- creased further. Lumber prices, however, ties for available supplies of critically short have declined from their very high peak. materials. Steel has already been allocated Most of the increase in private construcfor a greatly expanded freight car produc- tion expenditures resulted from sharp extion program and for new lake ore-carriers. pansion in nonfarm residential construction, which reached an all-time peak in the third CONSTRUCTION quarter (after seasonal adjustment). By November, however, such expenditures had de- Expenditures for new private construction, clined by 8 per cent from the record Septemwhich had begun to rise again in mid-1949, ber level. The number of dwelling units increased rapidly during most of 1950, reachstarted in 1950 will total about 1,375,000, ing a record level during the third quarter of one-third more than in 1949, the previous 22.8 billion dollars (seasonally adjusted, anrecord year. The number of housing units nual rate), more than one-third higher than started exceeded 140,000 in each month from in the same period of the preceding year. May through August, but declined sharply Such expenditures have declined slightly thereafter, in part reflecting seasonal influfrom the peak reached in September, but in ences. The 85,000 units started in Novem- November were still well above those of any ber were one-tenth below the volume of a period prior to the third quarter. year ago, but were above any other Novem- 1568 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES AND INCOMES IN 1950 ber on record. To a large extent, the record quarter of 1950 was accounted for by the postwar volume of residential construction shift from large liquidation of inventories to has been made possible by a liberal extension substantial accumulation. of mortgage credit involving small down Strong efforts were made to build up inpayments and long maturities, and much of ventories following the outbreak of hostiliit under Federal guarantee or insurance. ties. Sales of both consumption and capital Recent actions by the Board of Governors goods increased so rapidly, however, that of the Federal Reserve System (Regulation inventories declined sharply in July, With X, effective October 12) and the Housing production at record levels, inventories inand Home Finance Administrator require creased after July, and a substantial rate of larger down payments on both conventional accumulation is estimated for the fourth mortgage loans and Federally insured or quarter. At the end of October, the latest guaranteed mortgages than had prevailed available data, the physical volume of nonearlier in the year. These measures are farm business inventories was slightly above designed to restrict the expansion of mort- the end of June level. The book value of gage credit and, by reducing substantially total inventories in relation to sales was also the number of dwelling units started, to free slightly higher than in June, though lower scarce resources essential to the defense pro- than a year ago. gram. The substantial number of applica- The book value of retail inventories, partions for loan insurance and other commit- ticularly of nondurables, rose appreciably in ments made prior to the effective date of the the third quarter, and advanced further in new regulations will tend, however, to sus- October, reflecting both higher prices and tain the volume of units to be started for some net increase of physical stocks. The some months ahead. value of retail inventories was higher in re- Private nonresidential construction, which lation to sales than in either June of this year showed little change early in 1950, rose by or in October 1949. The book value of manuone-seventh from April to a new high in facturers' inventories of purchased materials November, with much sharper advances for and goods in process increased throughout industrial and commercial building. Public the third quarter, reflecting both sharp price utility construction has been maintained at advances and the higher scale of operations. a level moderately below the peak of the The value of finished goods inventories, spring of 1949. however, was reduced because of record sales. INVENTORIES GOVERNMENT EXPENDITURES Liquidation of business inventories, in- During the latter part of 1949 and the first duced by earlier easing of sales and prices, half of 1950, Government purchases of goods was a major factor in the decline of employ- and services decreased appreciably. Federal ment and income during 1949. The reversal outlays declined substantially while State and of this development early in 1950 accounted local expenditures continued to increase. for much of the recovery in business activity Government purchases increased slightly in in the first half of the year. Over half of the third quarter as State and local expendithe substantial increase in total national prod- tures advanced further while Federal outlays uct from tlie last quarter of 1949 to the second showed little change. DECEMBER 1950 1569 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES AND INCOMES IN 1950 Federal purchases of goods and services, NET FOREIGN INVESTMENT at 21 billion dollars (seasonally adjusted, United States exports and imports of goods annual rate) in the third quarter of 1950, and services in the third quarter of 1950 were were more than 5 billion below their postin closer balance than at any time since before war peak of the second quarter of 1949. the war, as a result of a sharp rise in imports. Much of the decline was accounted for by In October commodity imports continued to reduced expenditures for the agricultural increase and exceeded exports. In the first price support and the foreign aid programs. half of the year the export surplus (including A substantial increase is estimated for the goods and services) had amounted to almost fourth quarter, however, as both civilian and 3 billion dollars (annual rate) as compared military employment rise and outlays under with only 700 million in the third quarter. the expanded defense program reflect pay- Exports of goods and services were at an ments for goods ordered earlier. annual rate of less than 14 billion dollars dur- Purchases of goods and services for de- ing the first three quarters of 1950, a decline fense purposes declined from a wartime of one-third from the peak of mid-1947. level of about 90 billion dollars a year, This reduction reflected reconstruction of foraccounting for two-fifths of the total na- eign industry, shipping, and agriculture, the tional product, to a postwar low of less partial restoration of intra-European trade, than 11.5 billion (annual rate) in the first foreign restrictions on purchases of dollar goods, and the widespread devaluation of quarter of 1948. During the first half of currencies in the fall of 1949. Commodity 1950, defense expenditures were made at an exports rose sharply in September 1950 and annual rate of about 12 billion. Programs, continued at the advanced level in October, orders, and commitments expanded sharply indicating stronger demands in other counafter the outbreak of war in Korea, but detries. Shipments under the Mutual Defense fense purchases increased only moderately Assistance Program—financed by grants in the third quarter to an annual rate of about from this country—will be a factor of grow- 14 billion, accounting for less than 5 per ing importance in raising exports. cent of the total national product. Imports of goods and services by the Congress since July 1, 1950 has already ap- United States have grown rapidly since the propriated a total of more than 33 billion war, with some interruption during the dollars for defense, foreign military aid, moderate recession of the first half of 1949. stockpiling, and atomic energy. This is By the second quarter of 1950, imports of double the amount included in the origigoods and services had regained their earlier nal appropriation for fiscal year 1951. A postwar high of almost 11 billion dollars further supplemental request for nearly 18 (annual rate). In the third quarter of this billion was transmitted to Congress on De- year, imports rose by almost one-fifth and cember 1. The President recently stated a further advance occurred in October. Conthat the defense program would be acceler- tinued high levels of imports are likely in ated and that the earlier goal of 2.8 million view of expected strong general demand in men in the armed forces by June 30, 1951 this country, shortages of important raw would be raised as a result of the Chinese materials, the desire to accelerate stockpiling intervention in Korea. of strategic and critical materials, and the 1570 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES AND INCOMES IN 1950 sharp rise in prices of many imported goods. PERSONAL INCOME ANNUAL RATES ANNUAL RATES The table summarizes recent changes in BILLIONS OF DOLLAR! tLLIONS OF DOLLARS 250 250 exports, imports, and net foreign investment. The decrease in the export surplus, accompanied by large—though declining— United States aid in the form of grants, has resulted in the past year in an increasing EXPORT SURPLUS AND NET FOREIGN INVESTMENT [In billions of dollars] Item 3 1 r 9 d 5 0 Q 1 . 1949 1948 1947 Exports of goods and services 13.9 16.0 17.1 19.8 Less: Imports of goods and services. 13.2 9.7 10.4 8.3 Equals: Export surplus .7 6.2 6.7 11.5 Less: Net Government grants 2.... 3.6 5.3 4.2 1.9 Net private remittances 2.... .4 .5 .7 .7 Equals: Net foreign investment. -3.3 .4 1.9 8.9 1 Seasonally adjusted quarterly totals at annual rates. 2 In the gross national product accounts these are included in Government and personal consumption expenditures, respectively. Department of Commerce monthly estimates adjusted for seasonal variation. "All other" includes transfer payments NOTE.—Data are from U. S. Department of Commerce. and other labor income. Latest figures shown are for October 1950. amount of net foreign disinvestment by the United States. During the year ended Sep- half of 1950 reflected in large part the paytember 30 gold and dollar balances owned ment of 2.9 billion dollars of National Servby foreign governments and persons in- ice Life Insurance dividends to veterans. creased by about 3 billion dollars as a result This payment was largely concentrated in of transactions with the United States. the first quarter and was virtually completed by June. With such dividends at an annual PERSONAL INCOME rate of 10.6 billion dollars in March, total Personal income—the main source of personal income in that month attained a funds for consumer expenditures—has in- peak of 219 billion dollars which was not creased substantially this year, and most exceeded until July. The spending of some major components have participated in the of these special payments contributed to the advance. Total personal income in October general recovery in economic activity which was at an all-time high of 230 billion dollars was then well under way. With output, (seasonally adjusted, annual rate), one- employment, and prices advancing, that part seventh above the rate of a year ago. A of personal income arising out of current profurther increase has probably occurred since duction (i.e., total personal income less transthen. The increase of 13 billion dollars fer payments) began to increase rapidly in (annual rate) from June to October was one the second quarter of 1950 and by June had of the largest for any comparable period. reattained the earlier peak of October 1948. With the exception of income of farm pro- Wages and salaries. Wage and salary prietors and transfer payments, all forms of receipts reached an all-time high of 150 personal income are at or near record levels. billion dollars (seasonally adjusted, annual Gains in personal income during the first rate) in October, 10 per cent above the high DECEMBER 1950 1571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES AND INCOMES IN 1950 levels of 1948. In the first quarter of 1950 increases have been mainly in the durable total wages and salaries were only slightly goods sectors. In addition, the average above the reduced levels that had prevailed workweek in manufacturing industries, at throughout most of 1949. Beginning with 41.1 hours in November, was about as long May each month has recorded a new high. as at any time in the past five years. Total The total increase of 10 billion dollars, or man-hours in manufacturing increased by 7 7 per cent, from June to October is one of per cent between June and November. the largest on record for any four-month Expansion of employment in nonmanuperiod. facturing industries also has been wide- The bulk of the recent increase in aggre- spread, with employment in finance, trade, gate wages has occurred in manufacturing— construction, and State and local governwhich had shown the sharpest reduction dur- ment near or at all-time peaks. Federal ing the recession of 1949—and in Govern- civilian employment increased sharply after ment activities, including the armed forces. July as workers were hired in defense Payrolls in October were at or near record agencies. levels in all other industries except mining, Although increases in employment and railroads, and agriculture. average hours of work were the major fac- The rise in wages and salaries this year tors in the rise in total employee income, inhas reflected mainly the sharp expansion of creases in wage rates gained in importance employment and hours of work. Demand after August. Average hourly earnings were for labor, which had been increasing since relatively stable throughout 1949, and inthe first quarter, was further stimulated by creases were moderate and fairly selective Korean developments. Between June and between January and August 1950, averag- November nonfarm employment (seasonally ing 3 per cent for wage earners in all nonadjusted) increased by 1.4 million persons agricultural establishments. Following wage to a record total of 45.4 million. A large part advances granted in August and September of this rise occurred between mid-July and by many of the large firms which often act mid-August when nonfarm employment as wage leaders, increases have spread widely experienced one of the largest gains on throughout industry. Typical advances have record. In addition to the expansion in non- amounted to about 10 cents an hour although farm employment, the armed forces in- increases of 10 per cent—generally about 15 creased from I1/? million men in June to cents an hour—have been reported in a num- 2% million at the end of November. By ber of instances. November unemployment had declined to Many recent wage agreements have rep- 2.2 million, 1.2 million less than a year ago. resented voluntary actions on the part of Manufacturing accounted for almost employers, that is, wage adjustments were 800,000, or more than one-half, of the net granted or negotiated without recourse to number of workers added to nonfarm em- the reopening provision of collective barployment between June and November. In gaining contracts. Guarantees of additional November, there were 15.6 million workers increases in 1951 or later (generally called in manufacturing (seasonally adjusted), a productivity or improvement factors) have postwar record and about 260,000 above the been written into an increasing number of high levels of the fall of 1948. The recent agreements. Provision has also been made 1572 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES AND INCOMES IN 1950 MAJOR COMPONENTS OF PERSONAL INCOME provement in retail trade, much of which occurred in the third quarter of 1950. Percentage increase, 3rd Q. or decrease (—), Dividend payments in the first half of 1950 19501 3rd Q. 1950 from: Item (billions remained at about the record rate of the of dollars) 1949 1948 fourth quarter of 1949, but in the third quar- 3rdQ. 4th Q. 1939 ter an exceptionally large volume of special Personal income, total. 225 10 210 payments raised the total to a level one- Wage and salary receipts 2....... 145 10 221 fourth above that of a year earlier. In Oc- Commodity producing indus- Di t s r t i r e i s butive industries „ ... 4 6 1 5 1 5 6 6 5 2 2 1 7 2 4 tober dividends continued at the third quar- Service industries 19 11 172 Government............... 22 14 174 ter level. Corporate profits rose sharply Other labor income 3 3 17 21 580 after the first quarter of 1950. Profits before Proprietors' and rental income. . . 45 13 -4 209 Farm proprietors 13 9 -24 196 tax in the third quarter are estimated by Nonfarm proprietors and rental income of persons 32 15 8 215 Federal Reserve at 45 billion dollars (season- Dividends 9 27 19 147 T In r t a e n r s e f s e t r payments 4 1 1 0 2 -5 4 1 9 2 29 8 7 1 ally adjusted, annual rate), one-fourth above the earlier peak of the third quarter of 1 Seasonally adjusted quarterly totals at annual rates. 2 Employee contributions for social insurance are excluded from 1948. After inventory valuation adjustment, the total but included in the industry figures. 3 Includes mainly employer contributions to private pension and profits increased by 7 billion dollars (annual welfare funds and compensation for injuries. 4 Includes income, such as social security benefits, that is not rate) from the first to the second quarter of related to current production or services currently rendered. NOTE.—Based on data from Department of Commerce. this year and by an estimated additional 2 billion in the third quarter. in many settlements for periodic cost-of- Transfer payments include those forms of living adjustments. personal income, such as social security bene- Other income components. Income of fits, that are not related to current producfarm proprietors since June has averaged tion or services currently rendered. Such about one-eighth higher than in the same payments in October amounted to 12 bilperiod of last year, but about one-fourth belion dollars (seasonally adjusted, annual low the record level for the year 1948. The rate), about the same as a year ago. The recent advance has resulted from increases in most important developments in the past prices of farm products. In mid-November, year have been the payment of the large prices received by farmers were 16 per cent National Service Life Insurance special diviabove those of a year earlier. Prices of farm dend in the first half of the year; the reducproducts are generally at, and in some cases tion—as unemployment declined—in unemconsiderably above, support levels. Total ployment benefits from an annual rate of 2.2 farm production in 1950 is expected to be billion dollars at the beginning of the year about 4 per cent lower than in 1949, mainly to less than 700 million in October; and the because of a reduction of about two-fifths in new provisions of the amended Social Secuthe cotton crop and a somewhat smaller rity Act (passed August 1950) which inwheat crop. Output of meats is slightly creased the Old Age and Survivors' benefit higher than a year ago. payments in October by an annual rate of Income of nonfarm proprietors advanced more than 600 million dollars. sharply in the third quarter to a new high, one-seventh above a year ago, but declined PERSONAL CONSUMPTION EXPENDITURES somewhat after August. A major part of Personal consumption expenditures, which the increase in the past year represents im- had been advancing moderately since the DECEMBER 1950 1573 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES AND INCOMES IN 1950 first quarter of 1949, increased by a record for durable goods had increased throughout amount in the third quarter of 1950, largely 1949 and the first quarter of 1950. They as a result of scare buying. At more than changed little in the second quarter and 198 billion dollars (seasonally adjusted, an- then increased by 25 per cent ih the third nual rate), consumption expenditures were quarter, reaching a peak of 33.5 billion dolat an all-time high, 13 billion, or 7 per cent, lars (seasonally adjusted, annual rate). larger than in the preceding quarter and Expenditures for automobiles also rose by more than 10 per cent larger than a year almost one-fourth in the third quarter, as earlier. A considerable part of the dollar shown in the chart, and dealer inventories were drawn down, despite production at increase in gross national product was acrecord levels. Sales of new automobiles have counted for by the upsurge in consumer declined substantially from the summer's buying. Expenditures were financed not extraordinary peak, but in November were only out of the record volume of personal inapparently above the relatively high levels come, but also by heavy use of consumer of a year ago. Some inventory accumulation credit and by drawing on liquid assets. occurred as automobile production remained The increase in consumer dollar expendiclose to peak rates until November, when tures reflected an expansion to record rates output was reduced mainly because of model in physical volume of purchases as well as changeovers. further advances in prices. The average level Expenditures for furniture and household of consumer prices—which had begun to rise equipment advanced more than one-third in in March after more than a year of moderate the third quarter. In October sales at retail declines—increased by 2 per cent from midhome furnishings stores were still one-fifth June to mid-September. larger than in June, and retail prices of The sharpest increase in expenditures housefurnishings were at an all-time high, (after seasonal adjustment) occurred in July, having risen 8 per cent since mid-June. with retail sales in August maintained at the These strong demands resulted in a further July rate. After August, however, seasonally adjusted sales at both durable and nondurable PERSONAL CONSUMPTION EXPENDITURES goods stores declined and in October were SELECTED GROUPS near the June level. The June volume for durable goods stores was the highest up to that time, but for nondurable goods stores dollar sales were somewhat below the 1948 high. In November department stores sales (seasonally adjusted) were slightly below the October level and 4 per cent larger than a year ago. The reissuance of Regulation W, effective September 18, and the tightening of instalment credit terms on October 16 contributed to the slackening of expenditures for automobiles and some other durable goods in October and November. Department of Commerce quarterly estimates adjusted for Durable goods. Consumer expenditures seasonal variation. Latest figures shown are for third quarter 1950. 1574 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES AND INCOMES IN 1950 large increase in output of household durable ally adjusted, annual rate) in the third quargoods. ter, with rents and prices of other services Nondurable goods and services. After continuing to advance in this period. more than a year of decline, expenditures for nondurable goods advanced moderately in PERSONAL SAVING the second quarter and in the third quarter Over most of the past year changes in disrose almost 6 per cent to a new high of 105 posable income (i.e., personal income less billion dollars (seasonally adjusted, annual personal taxes) have paralleled changes in rate). Expenditures for food and alcoholic personal income. In the fourth quarter of beverages were at record levels, while outlays 1950, however, disposable income is estifor clothing and shoes were only slightly be- mated to have increased much less than perlow the former peak. Much of the recent sonal income, as a result of the higher perincrease reflected higher prices for food and sonal tax rates effective on withholdings clothing, as may be seen from the chart. beginning in October. The new tax rates, Retail prices of foods increased 7 per cent when fully operative, are expected to yield from mid-April to mid-July and then an additional 3 billion dollars at the personal showed little change until November when income level prevailing in the third quarter they advanced again. Retail prices of ap- of 1950. Despite these increased taxes, howparel increased by almost 5 per cent from ever, disposable income in the fourth quarter June to October. In October sales of retail is probably at a new high substantially above food and apparel stores were back to the the pre-Korean levels. June level. Personal saving as defined in the national Expenditures for services increased to a income and product accounts (that is, disnew high of about 60 billion dollars (seasonposable income less consumption expendi- CONSUMERS' PRICES tures) declined appreciably in 1949—both in dollar amounts and as a percentage of disposable income—as consumption expenditures increased moderately despite reductions in income. With disposable income in the first quarter of 1950 swollen by payments of National Service Life Insurance dividends and with consumption expenditures continuing to increase only moderately, personal saving rose very sharply. As payments of dividends to veterans tapered off in the second quarter, disposable income declined slightly; consumption expenditures continued to increase, however, and both the volume and rate of saving declined. In the third quarter disposable income ad- Bureau of Labor Statistics monthly indexes except for rent which is quarterly prior to 1947, and services which is quar- vanced by the near-record amount of 9.1 terly throughout. The index for all items includes miscellaneous which is not shown separately. Latest figures shown billion dollars. Consumption expenditures, are: monthly, October 1950; quarterly, third quarter 1950. DECEMBER 1950 1575 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPENDITURES AND INCOMES IN 1950 PERSONAL INCOME, CONSUMPTION, AND SAVING ratio will probably show an increase in the fourth quarter. The gravity of the international situation has resulted in the proclamation by the President on December 16, 1950 of the existence of a national emergency. The Office of Defense Mobilization has recently been established with broad powers over production, manpower, and stabilization. Available economic resources are now being intensively utilized, but productive power is for the most part still being devoted to meet civilian demands. The task of building up our defenses will require extensive shifts in the use of manpower, materials, and Department of Commerce quarterly estimates adjusted for seasonal variation. Latest figures shown are for third quarter plant capacity, and reductions in output of 1950. many commodities for civilian purposes. In however, Increased by 13.2 billion, and per- the period ahead the nation's economy will sonal saving declined to 6.4 billion (annual be predominantly affected by the scale of rate), or only 3.1 per cent of disposable in- defense needs and the nature of the measures come, the lowest rate since the first quarter adopted to assure adequate defense producof 1948. Personal saving and the savings tion and to combat inflation. 1576 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT ON REGULATION OF CONSUMER CREDIT* The Board of Governors of the Federal Reserve 1. I believe the Congress at that time was System welcomes this opportunity to report to deeply conscious of the concern felt by the your Committee on its regulation of consumer American public over the value of their dollars, credit and particularly automobile instalment and wished to take every practical step to precredit^ as authorized by Title VI of the Defense serve the integrity of our money. Production Act of 1950. 2. I believe also the Congress intended that At the outset, I should like to emphasize that adequate taxes and general and specific credit the Board has viewed its stewardship under the controls should be the first reliance in maintain- Defense Production Act in the light of its responsi- ing the value of the dollar. bilities for monetary and credit policies that will 3. I believe the Congress intended that the help maintain a stable value for the dollar and powers to regulate consumer and real estate preserve a strong economy. In carrying out its credit should be used to the fullest extent pracresponsibilities under the Act, the Board, of course, ticable, as a means of limiting demand to the has also been guided by the observations of the available supply in the affected fields, thus re- House and Senate Banking and Currency Com- straining further price increases. mittees concerning the inflationary role of consumer 4. I believe also that the Congress had in and mortgage credit under current conditions, made mind that the use of these powers, in limiting in their respective reports on the Defense Produc- demand, would help in the transfer of resources tion Act. from the production of civilian goods to the The Federal Reserve has acted to carry out production of military goods without unnecesits assignment in the light of its understanding sary price inflation. of the objectives that Congress had in mind. As During the period when the Defense Production long as you leave the responsibility with the Fed- Act of 1950 was under study by the Congress, the eral Reserve we believe you will expect us to do Board and its staff, in collaboration with officials our duty in accordance with the objectives of the of the twelve Federal Reserve Banks and their Congress. twenty-four branches, carried on intensive studies During the period the Congress was deliberating of the consumer credit business, including numerand acting on the Defense Production Act of 1950 ous consultations with the major segments of the —from July 19 to September 1—business and trade. In all, some 750 trade consultations were consumer markets were being swept by hysterical involved in this pre-regulation exploration. Officers buying, prices in practically all sectors of the econof the twelve Reserve Banks conducted a total of omy were advancing sharply, and inflationary pres- 725 of these regional conferences with trade groups sures were generally rampant. The Congress, the and businessmen prospectively subject to consumer Administration, and the public were very apprecredit regulation. The Board and its staff conhensive about these developments both because they sulted on 25 different occasions with such groups, threatened the very foundations of our free enterincluding the major national trade associations prise society and because of their adverse effects affected. upon our preparedness efforts. I can assure you As evidence of the way in which the Board has that we at the Federal Reserve System were very consulted with the interested public while making deeply concerned. In the light of this background, decisions regarding Regulation W, I should like the intent of Congress with respect to Title VI to quote from the October issue of the official of the Defense Production Act seems to me clear. magazine of the National Automobile Dealers As- Let me here state briefly my beliefs in this respect: sociation. The auto dealers said: * Statement by Chairman Thomas B. McCabe on behalf "N.A.D.A. officials did a great deal of work of the Board of Governors of the Federal Reserve System and cooperated closely with the Federal Reserve before the Joint Committee on Defense Production, Dec. 8, 1950. Board during the period that the new Regula- DECEMBER 1950 1577 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT ON REGULATION OF CONSUMER CREDIT tion W was being drafted. They compiled and Board was prepared to reexamine its regulation and presented data showing that the terms should establish more stringent terms. On October 13, not be so strict that they would work a needless five weeks after the issuance of the original regulahardship on persons who have the greatest need tion, the Board announced Amendment No. 1 for reliable transportation. to Regulation W establishing, effective October 16, "N.A.D.A. is continuing its frequent contacts minimum down payments and maximum maturiwith the Board, which has been working on ties substantially stricter than those which became interpretations necessitated by special problems effective on September 18. This action was taken that have arisen." three days after the Board had issued Regulation X, to be effective October 12, establishing down pay- Against this broad background of study and ment and maturity terms on mortgage credit consultation, a draft of the regulation was prepared to finance newly constructed houses. The following and considered by the Board after submission to all table compares the new terms of Regulation W of the Federal Reserve Banks. Thus, the Board with those provided in the initial regulation. was ready for formal action once authority to regulate consumer credit was enacted into law. MINIMUM DOWN PAYMENTS AND MAXIMUM MATURITIES The Board issued Regulation W on September 8 UNDER REGULATION W within the hour after the President signed the Defense Production Act of 1950. The regulation Minimum Maximum was made effective ten days later on September 18. Listed articles dow [ n P e p r a c y en m t] ent1 [ m M a o tu n r th it s y ] This interval was considered the minimum period and loans for placing the regulation in the hands of regis- S O ep c t t . . 1 1 8 5 - Oct. 16- S O ep c t t . . 1 15 8- Oct. 16trants and enabling them to adjust their operations to it. The Board's decision as to the terms of the Lis P t a ed ss e a n r g ti e c r l e a s u : tomobiles. . \fA 21 15 consumer credit regulation was based on the prac- Major appliances 2 18 15 Furniture and floor covtical consideration that the regulation should re- erings 15 strain consumer demand and credit growth in the Home improvement ma- 10 18 15 terials, articles, and most volatile segment of the field, namely, the services * 10 10 30 30 instalment financing segment. Loans: To purchase listed Taking the field of instalment credit as a whole, articles I4) Unclassified 18 15 however, the initial minimum down payment and maximum maturity requirements under Regula- 1 Exemptions: Sept. 18-Oct. 15, listed articles costing less than $100; beginning Oct. 16, those costing less than $50. tion W were only moderately restrictive in relation 2 Includes radios, television, refrigerators, food freezers, phonographs, cooking stoves, ranges, dishwashers, ironers, washing to practices generally prevailing in the instalment machines, clothes driers, sewing machines, suction cleaners, financing trade. In the used car field, particularly roo 3 m In - c u l n u i d t e a s ir h c e o at n i d n i g t , i o p n l e u r m s, b a in n g d , d a e n h d u m ot i h d e i r f ie h r o s u . sehold fixtures. for older models, and also in some appliance lines, 4 Requirements same as on instalment sales of the respective articles. the regulatory terms were more liberal than those practiced by the conservative trade. Data supplied I should like to make entirely clear three aspects by the trade indicated that the bulk of the trans- of the Board's Amendment No. 1 to Regulation W. actions being written on new and late model auto- First, the Board's amendment action was taken mobiles and on other items of relatively high unit in the light of the total economic and credit situaprice in the months just prior to the regulation tion. It was taken not primarily because of develwere somewhat more liberal as to down payment, opments in the specific fields during this period maturity, or both, than the introductory terms of but because the magnitude of the general inflationthe regulation. Information subsequently obtained ary problem became more clear. It reflected the by the System's own field investigators has con- Board's apprehension over the continuing strong firmed this basic finding. inflationary trends in the economy generally as In announcing the new Regulation W to the well as over the continuing strong consumer depress, the Board expressly stated that, if the terms mands for durable goods and accompanying expanestablished did not provide an adequate restraint sionary trends in instalment credit. Figures now on consumer demand, as well as on further rapid available show that loans of commercial banks exinflationary expansion of instalment credit, the panded 5.7 billion dollars from the end of June 1578 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT ON REGULATION OF CONSUMER CREDIT to October 25 of this year—the largest loan ex- Let us look at the retail automobile market today pansion in such a short period of time in the compared with August. New cars are available country's history. More than 25 per cent of the to the buying public at list prices, without required loan expansion was the direct or indirect result of extras or premiums. On the basis of advertised growth in consumer credit and another fifth was prices, a popular priced 1949 model used car could due to a rise in bank holdings of real estate mort- be purchased in leading cities in November for gages. This loan expansion was accompanied by $1,280, compared with $1,635 in August. The a further increase in bank holdings of corporate buyer of such a model had to pay one-third down and municipal securities. The total expansion of or $427 in November compared with one-third bank holdings of loans and non-Government se- down or $545 in August. The unpaid balance in curities was the immediate cause of a 3 billion dol- August was on the average paid off in 21 months lar increase in the economy's already large supply at the rate of $63 per month. In November the of money. balance was required to be paid off in 15 months Second, the Board was seriously concerned, as or at the rate of $67 per month. were other agencies of Government, over the un- A great proportion of the cars bought by condesirable and hindering effects of inflationary pres- sumers in the United States are used cars. In 1949 sures generally on the rearmament, stockpiling, and it is estimated that 6.9 million used cars were industrial expansion programs. Appropriations bought by consumers as compared with 4.5 million for national defense were able to buy far less this new cars. Old cars predominate in the holdings fall than contemplated when Congress passed them. of the population. It is estimated that 69 per cent Third, the Board took its action only after con- of the passenger cars in operation are more than sultation with other interested agencies of Govern- three years old. The man of average income typiment. cally buys a used car. In helping to keep used cars I should now like to report on what I think the at a reasonable price and to make new cars readily effects of Regulation W have been. To report first available at effective prices at or below the list, in general terms, the regulation has limited the Regulation W has been of great service to the rise in prices in the durable goods field; it has American consumer. It has done a great deal to limited somewhat the further expansion of the combat the price inflation which seemed last summoney supply; because of these two effects, it has mer to be getting completely out of hand. limited the advance of prices generally; and, lastly, At the present time about 20 million out of our it has removed some of the pressure which would 38 million privately owned cars are prewar cars have hampered diversion of materials and man- and when sold as used cars have a price of around power to the military effort. These results have $500 or less. Before imposition of Regulation W, been of great benefit to the American people. if a purchaser bought a $450 car on a basis of one- Let us now examine the effects of the regulation third down, he paid $150 cash and paid off the in the automobile field, with which your hearings balance at a rate of $24 to $28 per month, dependare particularly concerned. At the time the Con- ing on whether the maturity was 15 or 12 months. gress was deliberating the Defense Production Act, Regulation W has not affected the typical terms new cars were not generally available at list prices, of payment for these cheaper cars. One-third i.e., unloaded of extra equipment or special down and 12 or 15 months to pay, if dealers will premiums, to the great bulk of the people who finance on these terms, are still permitted. Good wanted to buy them. With respect to used cars, usable cars for performing a great portion of the average retail prices of a representative popular daily travel of the public continue to be available priced 1949 model car rose from approximately under Regulation W on purchase terms of about $1,430 in June to $1,635 in August. On the aver- $25 a month or less. These are the cars which age, monthly payments to buy the 1949 model used are customarily bought and used by large numbers car had risen from $56 to $63. It is clear that in- of our working population who are looking for flation in the retail automobile markets was im- transportation and not for the latest style and pinging adversely on both those who bought higher gadget. priced cars and those who bought lower priced Supply developments in the retail automobile cars. market following the introduction of Regulation W DECEMBER 1950 1579 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT ON REGULATION OF CONSUMER CREDIT and its subsequent tightening are of course not all men out of work. But to date unemployment has attributable to the regulation. Some buying that been at a low level and employment has reached would otherwise have been done this fall was ac- a new high level. If some unemployment does celerated and done in the summer months. The develop, the principal cause will be the dislocations fall is typically a season of declining automobile that are inevitable in the transition to military travel and softened demand for cars. The industry production, and not Regulation W. has been preparing new models and this fact has It is sometimes claimed that Regulation W has no doubt induced some deferment of new car prevented the American working man from buybuying by purchasers who would otherwise be in ing the automobile that he needs to provide his the market. But the important fact for these hear- transportation. It is said that Regulation W favors ings is that the market with Regulation W is less the rich as against the poor, that it bars from the inflationary and more competitive than it was. market the low income man with his credit and It is more of a buyers5 market and less of a sellers' leaves the high income man free to buy with his market. It is in every respect a more normal cash. The truth is that Regulation W has helped market situation. Despite the role of other in- rather than penalized the person of moderate or fluences, I believe that Regulation W has con- low income. It helps him where he is most in need tributed significantly to this more healthy market of help—in his pocketbook. Cars, new or used, condition. are available at various prices to meet the budgets Inventory of new cars was at an abnormally low of practically all workers who want or need cars. level when consumer credit regulation was in- And these cars cost less than they would have cost augurated. This enabled manufacturers to go in the absence of Regulation W. Furthermore, ahead full tilt at high levels of output despite the prices are lower for other articles listed in the regulation. In recent weeks production has been regulation, and also for articles not listed, than down from earlier peak rates, the lower level re- they would have been without the regulation. flecting primarily model changes, but the current The American consumer is better off as a result rate of output of about 120,000 cars a week is of Regulation W. still, historically speaking, a very high rate. Some We must of course bear in mind that the borinventory accumulation by dealers has recently rower is getting credit, not a gift. This credit must taken place, but new car inventory for the new car be paid back—and with finance charges added, too. dealer trade as a whole is still not above traditional In other words, when the consumer increases his relationships with sales. The latest retail sales expendable income of today by borrowing, he is, reports with respect to new cars indicate that Noat the same time, reducing his expendable income vember sales were probably one-tenth above a year of tomorrow. The thing that limits the man of ago. Sales a year ago were in large volume. The low income is his income. He doesn't get somerise in retail inventory of new cars probably thing for nothing by borrowing to go into the tapered off considerably in November. market to bid against others for a limited supply The foregoing observations relate to the autoof goods. He merely helps to push up the price mobile market as a whole. The situation will of that limited supply of goods and increases the vary for different makes of cars, and among inburden that he must meet out of his same income. dividual dealers. Such differences are matters for To encourage the man of low income to do that competition and not regulation to iron out. Regulaunder present conditions is to encourage him to tion W affects the general terms of sale on credit. engage in a contest where he is at the greatest With respect to the size of the current automobile inventory: trade sources estimate inventory possible disadvantage. The wealthy can always of new cars at about 500,000 on November 1. With meet high prices more easily than can those of output at an annual rate of over 6 million cars lower incomes. Price is exactly the field where now, with dealers generally in the best financial the man of low income is at greatest disadvantage. condition of the automobile industry's history, and Under current conditions, the low-income man will with the use of materials already ordered curtailed, find that the bait of easier credit is carried on a hook it would seem that inventories are not excessive. of higher prices. It has been argued that Regulation W will throw It is of the very essence of regulation of con- 1580 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT ON REGULATION OF CONSUMER CREDIT sumer credit that the business of those financing We must continually remind ourselves, and consumers will be affected. If their business were others, that we cannot get something for nothing. as great under Regulation W as it would be in We can't buy more goods than can be produced. the absence of the regulation, then there would be To weaken or abolish Regulation W will not prono point to having the regulation. Any contraction duce more goods. If we are to succeed in maintainof the business of these financing agencies is not ing stable prices and preserving confidence in the an end to be desired as such. But it is a necessary value of the dollar, we must make a determined consequence of limiting demand by these means. effort to mop up all sources of excess buying power The sacrifices of those called into the armed serv- which tend to make the demand for goods greater ices are not in themselves desirable but they are than available supplies. Otherwise, we know from necessary. past experience what to expect. By and large the consumer finance agencies have In conclusion, I would like to make this point proved themselves extremely adaptable. In time clear: that selective credit controls including Reguof peace they have facilitated demand which has lation W will not of themselves check all of the contributed to our great production and to our inflationary forces. More fundamental than sehigh standard of living. In war they have proved lective credit controls is an adequate program of their capacity to adapt themselves to new conditions fiscal and general controls that restrains all types and stand by till a day when they can again serve of bank credit and thereby curtails the total dollar their basic function. volume of private expenditures. DECEMBER 1950 1581 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE STATEMENT ON DEFENSE LOAN POLICY Letter to All Member Banks of the Federal Reserve System The following is the text of a letter addressed "The purpose of this letter is to request your on November 17 to all member banks of the Fed- utmost cooperation in helping to achieve the oberal Reserve System by Chairman McCabe of the jectives of the foregoing appeal. Every bank has Board of Governors: it within its power to make an important contribu- "The success of the battle against inflationary tion to sound money by limiting loan extensions, dangers depends in large measure upon maintain- and by advising would-be borrowers to hold their ing a reasonable balance between available goods borrowing requirements to the lowest limits conand services and the supply of dollars bidding in sistent with their rock-bottom needs. the market place. Since early summer the per- "We realize that bankers have been exercising sistent and unprecedented rise in bank loans has selection in the kind of credit they are extending. been the major factor in the country's increasing The point we wish to emphasize is that in a period money supply. like this even sound individual credits are infla- "From midyear to mid-November total loans at tionary if, in the aggregate, they add unduly to all commercial banks rose well over five billion dol- a growing supply of money. With full employlars. This was a much greater expansion than oc- ment, high level production, and rising wages and curred in the corresponding period of any previous prices, almost everyone's credit appears to be good. year on record. Continued growth of bank credit, Further expansion in bank credit means more dolnot balanced by increases in production of civilian lars competing for limited supplies of labor and goods, would put additional upward pressure on materials. Unless such expansion of credit is prices, impairing the buying power of the dollar checked it is bound to raise prices. Defense doland adding to the cost of the Nation's defense pro- lars will soon be added to civilian dollars in comgram. petition for available goods. The Nation's defense "The Board of Governors of the Federal Reserve needs must be adequately met without runaway System therefore again wishes to call to the attention prices. of every member bank the loan policy announce- "To meet its statutory responsibilities and to play ment of August 4, 1950, which was unanimously its part in restraining over-expansion of bank credit, approved by the Board of Governors, the Comp- the Federal Reserve System has adopted an antitroller of the Currency, the Federal Deposit In- inflationary program. As integral parts of this surance Corporation, the Home Loan Bank Board, program, the Federal Reserve, under the authorizaand the National Association of Supervisors of State tion of the Defense Production Act of 1950, has Banks. As you will recall, that joint statement instituted consumer credit regulations. With the stressed the importance of sensible and restrained concurrence of the Housing and Home Finance action by businessmen, laborers, farmers and con- Agency, it has also adopted curbs on residential sumers, as well as governmental agencies, national construction credit. and State, to curb excessive credit expansion. The "Commercial banks can also do their part in joint declaration concluded: bringing about restraint of credit by advising borrowers to avoid overstocking of inventories and to " *A continuation of the rapid growth of credit postpone unnecessary business expansion and by resulting from consumer demand for houses and discouraging various types of loans that do not other goods and speculative accumulation of in- make a definite contribution to the defense effort. ventories by business would add to inflationary The sacrifice of some earnings at this time is a pressures and seriously handicap the necessary small price to pay for the defense of the dollar expansion of military production. Therefore, which is of paramount importance. lenders should carefully analyze all loan applica- "The Federal Reserve people are eager to know tions and avoid making loans which would have what the commercial bankers are thinking about these adverse effects.' the trend in bank loans. It would be greatly ap- 1582 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE STATEMENT ON DEFENSE LOAN POLICY predated if you would care to write a letter to is or is not largely seasonal? If not seasonal, can the President of the Federal Reserve Bank of your you identify a principal purpose? Do you expect District so that we may have the benefit of your the large demand for credit to taper off, continue, views with regard to the following questions or any or increase in the next three months? Such other other information that you would care to com- information and views as you would care to express municate: What types or classes of borrowers oc- on our mutual problem of curbing inflation would casioned most of the new loans in your bank since also be most welcome to the Federal Reserve Sysmidyear? Can you say whether their borrowing tern." CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings Continental Oil Company, Ponca City, Oklahoma, The Federal Advisory Council held a meeting who resigned. in Washington on November 19-21, 1950, and met Resignation of Branch Director with the Board of Governors of the Federal Reserve Effective December 15, 1950, the Board of Gov- System on November 21, 1950. ernors accepted the resignation of Mr. John W. A meeting of the Presidents of the Federal Re- Taylor, President, University of Louisville, Louisserve Banks was held in Washington on November ville, Kentucky, as a director of the Louisville 27 and 28, 1950, and on November 29 the Presi- Branch of the Federal Reserve Bank of St. Louis. dents met with the Board of Governors. Mr. Taylor had served the Branch as a director On November 27 a meeting of the Federal Open since January 1, 1949. Market Committee was held. Appointment of Branch Director Admission of State Bank to Membership in the Federal Reserve System On November 18, 1950, the Federal Reserve Bank of Kansas City appointed Mr. F. M. Over- The following State bank was admitted to memstreet, President, First National Bank at Ponca bership in the Federal Reserve System during the City, Ponca City, Oklahoma, as a director of the period October 16, 1950 to November 15, 1950: Oklahoma City Branch for the unexpired portion California of the term ending December 31, 1950, to succeed Mr. Robert L. Bosworth, Financial Vice President, Pico -Pico Citizens Bank DECEMBER 1950 1583 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES PART V. The Distribution of Assets, Liabilities, and Net Worth of Consumers, Early 1950 a During the postwar years the number of consum- ing or dissaving or of analyzing the ownership of ers owning home's, automobiles, and other durable specific types of liquid and nonliquid assets. In goods has risen rapidly and the aggregate value of the 1950 survey, efforts were directed toward such assets has increased substantially. In addition, providing more complete balance sheets of conconsumers as a group have strengthened their finan- sumers by determining the value of major types cial position by increasing their holdings of liquid of assets (both liquid and nonliquid) and of total and nonliquid investments. This accumulation of liabilities. Accordingly, estimates of consumers' wealth has been financed in part through cur- net worth representing the excess of total major rent income and in part through borrowing. In assets over total liabilities can be made for the the case of specific assets, some growth in owner- first time this year.2 ship has reflected conversion of assets from one This article analyzes the 1950 survey data on the form to another, especially by drawing on liquid distribution of net worth by various consumer resources to acquire durable goods. The amount groups and the frequencies with which various net of debt that consumers have incurred, however, has worth groups reported specific assets and liabilities. been very large, especially instalment debt in the It also presents supplementary analyses of other acquisition of automobiles and other durable goods 1950 survey data covering ownership of liquid and home mortgage debt. Nevertheless, in early assets, automobiles, homes, real estate other than 1950 consumers generally possessed a substantial owner-occupied homes and farms, stocks, proprienet equity in personal resources. tary interest in farm or nonfarm business, and con- Knowledge of the over-all financial position of sumer liabilities, thus continuing the analyses preconsumers is important to an understanding of con- sented in earlier surveys.3 sumer behavior. Successive surveys of consumer This study explores an area of consumer finances finances have endeavored to develop more compre- about which very little is known. The survey estihensive information on the major assets and liabil- mates of total assets and net worth, however, canities of consumers. Much of this information has not be considered as precise measures, and it is been intended primarily for the purpose of meas- important in any use of the data that appropriate uring more completely the extent of consumer sav- qualifications be made as to their limitations. The estimates of total assets and net worth of con- 1 This is the fifth and concluding article in a series pre- sumers lack precision, in part because some consenting the results of the 195© Survey of Consumer Finances sumer assets are not included, in part because sponsored by the Board of Governors of the Federal Reserve System and conducted by the Survey Research Center of the information on the value of several types of as- University of Michigan. The first article appeared in the sets was obtained in bracket—rather than specific June BULLETIN, and covered the general financial position and economic outlook of consumers. The second article, —amounts, and in part because of reporting and devoted to durable goods expenditures in 1949 and buying sampling errors. In some cases, there may be plans for 1950, appeared in the July BULLETIN, as did a special article on the methods of the surveys. The third and fourth articles appeared in the August and November BUL- 2 The method of estimating net worth is presented in LETINS and dealt, respectively, with the distributions of con- the appendix. sumer income and saving in 1949. 3 Analyses in the 1949 survey were presented in several The present article was prepared by John A. Frechtling, articles, as follows: "Consumer Ownership and Use of Liquid James H. Lorie, and Irving Schweiger of the Consumer Assets," August 1949 Federal Reserve BULLETIN, pp. 896 Credit and Finances Section of the Board's Division of ff.; "Home Ownership and Expenditures for Housing," Sep- Research and Statistics. The authors have necessarily main- tember 1949 BULLETIN, pp. 1037 ff.; "Ownership of Autotained a close working relationship with the staff of the mobiles, Stocks and Bonds, and Other Nonliquid Assets," Survey Research Center at all stages of their work and in October 1949 BULLETIN, pp. 1182 ff.; "Additional Data on their analysis of survey tabulations have had the benefit of Automobile Ownership, Early 1949," November 1949 BULmany suggestions from the Center's staff, particularly John LETIN, pp. 1318 if; and "Distribution of Consumer Saving B. Lansing and E. Scott Maynes. in 1948," January 1950 BULLETIN, pp. 14 ff. 1584 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES difficulty in determining the value of a particular ings of other types of assets covered is probably less asset, e.g., of a business; in others, the respondent than in the case of liquid assets. Coverage of total may furnish incorrect data through memory error liabilities is relatively complete, except for charge or may even intentionally falsify answers. The account credit, and, on the basis of comparisons sampling errors of the survey can be determined with independent estimates, understatement of agand have been discussed in an earlier report.4 gregate liabilities appears to be relatively slight. It should be emphasized that the figures on total The incomplete coverage of assets and the underassets and net worth in this exploratory study are statement of reported asset items probably results understated in two important respects. First, infor- in an understatement of the actual net worth of mation is not included for such major assets as spending units at all net worth levels.6 the reserve value of life insurance policies, hold- Because the sampling errors of frequency distribuings of currency and of bonds other than those of tions (proportions) are much less than those for the United States Government, and all household aggregate amounts, the information in this article possessions. Second, the value of assets covered is presented primarily in terms of frequencies. is understated. From other data on ownership of Aggregate values of asset and liability items are liquid assets, it is known that survey information presently available only for liquid assets and for understates considerably the aggregate value of total debt. It is possible, therefore, to present total consumer holdings of liquid assets.5 Available evi- assets and net worth data only in frequency disdence indicates that understatement in reported hold- tributions of bracket amounts. NET WORTH One measure of the financial resources of the 10 were worth at least $5,000 in early 1950. consumer is his net worth—the excess of his assets The survey estimates of net worth, which should over his liabilities. Net worth reflects the net ac- be considered as minimum figures for reasons discumulation of savings over a period of years—both cussed earlier, indicate that most consumers owned the low incomes and other financial reverses of assets in amounts that substantially exceeded some years and the high incomes and saving of their liabilities. Approximately 4 consumer spendother years. Information on the net worth of con- ing units in every 10 had a net worth of $5,000 or sumers, therefore, provides additional insight into more; for nearly 1 in 10 the figure was at least the operation of our economy over a period of time. $25,000. These estimates of net worth reflect the The pattern obtained with this more comprehensive inflation of capital values and the huge volume measure varies considerably from that obtained of personal saving in the war and postwar periods. when the saving of a single year is considered. Assets, and the debts which were frequently asso- It was found that although one-third of all conciated with them, were broadly distributed among sumer spending units dissaved (spent more than all groups of the population. At every income their incomes) in 1949, relatively few units had a level, at least one-fourth of the consumer spending negative net worth (liabilities greater than asunits had assets that exceeded liabilities by $5,000 sets) in early 1950. Approximately 6 in every 10 or more. Older consumers, those in the age groups spending units that dissaved in 1949 had a net above 44 years, had the largest proportion of worth of at least f 1,000; between 3 and 4 in every high net worth valuations; more than half of the 4 "Methods o£ the Survey of Consumer Finances," Federal Reserve BULLETIN, July 1950, pp. 795 ,£F. 6 The interview unit of the survey is the spending unit, 5 The survey's estimate of consumers' holdings in early defined as all persons living in the same dwelling and belong- 1950 was about 92 billion dollars. An estimate of holdings ing to the same family who pool their incomes to meet their of these types of liquid assets—U. S. Government bonds, major expenses. Some families contain more than one checking accounts, savings accounts, and shares in savings spending unit, and it is estimated that at the beginning of and loan associations—by individuals at the end of 1949 on 1950 there were approximately 45.2 million family units and the basis of over-all banking and Treasury statistics indicates 52.0 million spending units residing in private households. approximately 128 billion dollars, after deduction of 5 billion Since the same total amount of net worth is distributed representing holdings of persons not included in the Survey among the smaller number of family units, it is to be exof Consumer Finances. For additional discussion of this pected that families have somewhat higher net worth than point, see Federal Reserve BULLETIN, July 1950, p. 808. spending units. DECEMBER 1950 1585 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES spending units headed by persons in these age would not be included as an asset. This procedure groups had a net worth, as computed in the survey, was necessitated by the difficulties involved in getof $5,000 or more, compared with about one-fourth ting respondents to provide accurate information of the units headed by persons less than 45 years concerning the current values of their policies, alof age. though they were able to furnish accurate informa- Approximately half of all consumer spending tion on their debts, including policy loans. Simiunits were found to be completely free of debt; con- lar understatement occurred if durable household sumers without debt were relatively most numergoods were purchased on credit. The debt was ous among lower income groups. The survey findcounted as a liability, but the value of the durable ings indicate that a large amount of debt was fregood was not included in the calculation of net quently associated with substantial holdings of worth. assets. Income and indebtedness were also directly The survey information on consumer assets,, related; the tenth of the population with the highliabilities, and net worth is summarized in Tables est incomes owed about one-fourth of the approxi- 1 and 5. The most frequently owned of the major mately 65 billion dollars of total long- and shorttypes of assets included in the survey were liquid term consumer debt estimated on the basis of survey data. assets, automobiles, and owner-occupied homes. Relatively few spending units had investments in Nearly 1 spending unit in 10 reported a negacorporate stock, in farms, or in nonfarm businesses. tive net worth (debts greater than assets), but this result reflected in part the restricted definition of NET WORTH OF VARIOUS GROUPS net worth used in the survey. For example, a spending unit with a loan on a life insurance policy, Saving groups. The relationship between net: and no other assets or liabilities, would be classified worth and current saving is not simple. It is afas having a negative net worth, because the loan fected by many factors such as income, age, mariwould be included as a liability while the policy tal status, and investment opportunities. Sev- TABLE 1 DISTRIBUTION OF SPENDING UNITS BY SIZE OF NET WORTH AND OF VARIOUS NET WORTH COMPONENTS, EARLY 1950 [Percentage distribution of spending units within specified net worth component groups] Assets Amount of asset, debt, Total Net or net worth a L s i s q e u ts id i m A o u b to il - e o O c h c w o u n m p e i e e r- d o O c fa c w r u m n p e i e r 2 - d e O s r t t e a h a t e l e r 3 i B n u te si r n e e s s t s 4 s C t r o o a r c t p k e o s - Total 8 debt 7 worth 8~ None 31 47 61 91 84 91 93 49 «8 $ U 1 n 0 d 0 er 0 - $ $ 1 4 ,0 ,9 0 9 0 9. .. . 3 2 7 1 2 2 8 4 \ 10 9 10 1 / 4 5 2 2 3 2 3 2 1 1 2 1 7 5 2 2 7 3 $ $ A 5 2 m , 5 0 , o 0 0 u 0 0 n 0 - t $ a 2 o n 4 r d , 9 o o 9 w v 9 n er ership not 7 1 (n) 1 1 2 4 26 2 1 1 2 4 2 3 5 2 3 1 (u) 1 37 9 1 1 5 3 2 6 32 8 ascertained 3 1 2 3 7 1 1 2 1 2 All units 100 100 100 100 100 100 100 100 100 100 1 Includes all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in savingsand loan associations and credit unions. Excludes currency. 2 Includes farm machinery. 3 Real estate other than home or farm on which owner is living. Includes lots, one- or two- family houses, apartment houses, summer or week-end homes, commercial or rental property, farms owned by nonfarmers and additional farms and land owned by farmers,. and other types. * Represents full or part interest in a privately held corporation or in a nonfarm unincorporated business. 5 Includes common and preferred stock of corporations open to investment by the general public. Excludes stock of privately held! corporations, U. S. Government securities, and bonds of corporations and State, local, and foreign governments. 6 Represents total of liquid assets, automobiles, owner-occupied home or farm, other real estate, business interest, corporate stocky and livestock and crops on farms. 7 Total reported debt of the spending unit. 8 Difference between total selected reported assets and total reported debt. 9 Negative net worth. Zero amounts of net worth are entered in the under $1,000 group. 10 $l-$4,999. 11 Less than one-half of 1 per cent. 12 $5,000-$19,999. 13 $5,000-$9,949. i* $20,000 and over. 15 $9,950 and over. 1586 FEDERAL RESERVE BULLETINS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES eral points can be made, however, in this area.7 In general, the proportion of positive savers in It is significant that nearly all consumer spending 1949 (consumers who spent less than income) was units have a positive net worth (assets greater than greater at each higher net worth level, as was the liabilities). This indicates that, even though a sub- average amount saved. As has already been sugstantial proportion of all spending units have dis- gested, the converse was not true; the average saved in each postwar year (between 27 and 34 per amount of dissaving was not greatest at the lower cent annually in the 1946-50 period), different con- end of the net worth scale, although the relative sumers have dissaved for the most part in each frequency of dissaving was somewhat greater at of these years. The data also indicate that most con- low net worth levels. sumers who dissave in a particular year are not Income groups. There is a marked direct relacompletely without resources. Approximately 6 in tionship between current income and net worth every 10 consumer spending units who dissaved in of consumers. More than half of the spending 1949 had a minimum net worth in early 1950 of units with incomes of $7,500 or more were worth $1,000; between 3 and 4 in 10 units had a net at least $25,000, while this was the case for only worth of $5,000 or more. Large amounts of dis- 1 spending unit or less in every 20 at each income saving ($500 and over) were relatively more frelevel below $5,000 (see Table 3). quent among consumers with large net worth Within each income group, however, there was ($5,000 or more) than among those with small considerable variation in net worth, as computed. net worth (see Table 2). While half of the spending units in the "Under $1,000" income group were worth less than $1,000, 7 The survey definitions of net worth and saving are not one-fourth were worth $5,000 or more, and a small identical in coverage of items but they are sufficiently simiproportion (3 per cent) had net worth of $25,000 lar to permit general comparisons. The relationship of saving to net worth is discussed in detail in the appendix to this or more. Substantial variations in net worth were article, p. 1611. also reported at other income levels. This was due largely to the fact that net worth reflects past TABLE 2 income and saving, inheritances, changes in capital SIZE OF SAVING OR DISSAVING WITHIN NET WORTH GROUPS, values, and possibly other factors over a period of EARLY 1950 X time and to the great variation in proportion of [Percentage distribution of spending units within net worth groups] income saved by spending units at each income level. Amount of net worth 4 Age and marital status groups. Spending units All Amount of sav- spend- headed by persons in older age groups, which have ing or in d g i 2 ssav- un in i g ts3 a N t e iv g e - $ $ 9 1 9 - 9 $ $ 1 4 , , 0 9 0 9 0 9 -$ $2 5 4 ,0 ,9 0 9 0 9 -$2 a 5 n ,0 d 00 had the opportunity to save for the longest period over and to gain the greatest appreciation of their capi- Positive savers.. 60 37 52 62 67 74 tal assets, had a high net worth more frequently $ $2 l, , 0 0 0 00 0 - a $ n l d ,9 o 9 v 9 e . r . 5 7 (5) (5) 7 1 1 5 3 3 1 3 5 than other groups. More than half of all con- $500-$999 12 3 4 16 18 10 sumer spending units headed by persons 45 years $200-$499 14 9 10 19 15 10 $100-$199 8 9 11 8 7 2 of age and over were worth at least $5,000 (see $l-$99 14 15 26 11 9 4 Table 3). This proportion compares with about Zero savers 6 5 14 3 3 1 one-fourth for the units headed by persons less Negative savers. 34 58 34 35 30 25 $l-$99 7 21 10 6 4 (5) than 45 years of age. Conversely, net worth at the $100-$499 13 23 16 13 10 6 $500 and over. . 14 14 8 16 16 19 low end of the scale (less than $1,000) was reported All units 100 100 100 100 100 100 with greater relative frequency by consumers under Number of cases.. 3,512 238 833 788 1,203 360 45 years of age. It should be noted that negative net worth, as computed, was most frequent among 1 Saving from 1949 income related to net worth of the consumer the young consumer spending units, those headed Spending unit in early 1950. 2 The survey's definition of saving is presented in Appendix I, by persons under 35 years of age. This group, "The Distribution of Consumer Saving in 1949," Federal Reserve BULLETIN, November 1950, pp. 1452-53. which constituted about one-third of the population, * Includes spending units for which net worth was not ascertained. accounted for somewhat over half of all units hav- 4 Difference between total selected reported assets and total reported debt. ing a negative net worth. 8 Less than one-half of 1 per cent. DECEMBER 1950 1587 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 3 DISTRIBUTION OP SPENDING UNITS HAVING SPECIFIED CHARACTERISTICS, BY AMOUNT OF NET WORTH, EARLY 1950 All cases Amount of net worth * Characteristic of spending unit Num- Per Nega- $1,000- $5,000- $25,000 Not ber cent tive $4,999 $24,999 and t a a s i c n e e r d - All units 23,512 100 27 23 32 1949 money income before taxes: Under $1,000 479 100 8 43 20 24 3 $l,000-$l,999 . 604 100 12 42 18 23 2 $2,000-$2,999 ....... ,. 672 100 10 30 28 26 4 $3,000-$3,999. 615 100 8 21 29 36 5 $4,000-$4,999 397 100 6 16 28 43 5 $5,000-$7,499. . 437 100 3 5 23 51 14 $7,500 and over. 269 100 1 6 35 55 Occupation of head of unit: Professional and semiprofessional 287 100 7 17 31 34 10 Managerial and self-employed... 466 100 2 5 15 48 22 Clerical and sales 486 100 6 33 28 28 4 Skilled and semiskilled 895 100 10 31 28 29 1 Unskilled and service 344 100 17 37 26 19 Farm operators 410 100 3 12 19 40 22 Unemployed 187 100 11 43 20 23 1 Retired... , 180 100 1 27 9 44 19 Place of residence of unit: Metropolitan area 1,157 100 9 27 23 32 7 City, 50,000 to 600,000. 494 100 10 32 23 28 5 Town, 2,500 to 50,000 759 100 7 28 22 33 7 Town, under 2,500 493 100 8 27 26 31 6 Open country 302 100 6 18 23 36 14 Age of head of unit: 18-24. ..., ....'.... 342 100 14 59 19 5 1 25-34 779 100 13 31 33 19 2 35-44. 777 100 8 23 25 34 7 45-54 670 100 5 16 23 43 11 55-64. 495 100 5 17 16 46 13 65 and over 419 100 1 26 15 42 14 Years married: Not married 4. 996 100 7 42 24 20 5 Less than 3 205 100 17 36 25 16 4 3-4 250 100 13 29 30 22 4 5-9 377 100 10 21 31 30 5 10-19. 693 100 9 20 22 38 8 20 and over.. - 972 100 4 14 18 48 13 1 Difference between total selected reported assets and total reported debt. 2 Total includes spending units headed by students, housewives, etc., which are not included in the occupational classification. 8 Less than one-half of 1 per cent. * Includes those divorced, separated, or widowed. The general pattern of net worth for the different —spending units headed by self-employed or manaage groups of consumers, results partly from the gerial persons or by farm operators—fell into the large outlays for basic household equipment—furni- higher net worth categories with the greatest relative ture, appliances, etc.—that are made by recently frequency (see Table 3), This was partly due to married couples, most of whom are less than 35 (1) the fact that a considerable investment in a years of age. Such goods were not included in. business or farm is often a prerequisite to entry the survey computation of assets, but debts in- - into these occupations, and (2) the relatively high curred in their purchase were treated as liabilities. proportion of large incomes and the high ratio of As can be seen in Table 3, the highest frequency saving to income over the years for persons in these of negative net worth, as computed, occurs among occupations. couples married less than three years,8 Retired persons also reported large net worth Occupational groups. The entrepreneurial groups with relatively high frequency. Two in every 10 spending units in this group reported a net worth 8 For a discussion of this point, see "Purchases of Houses of $25,000 or more, and 6 in 10 had $5,000 or and Durable Goods in 1949 and Buying Plans for 1950," Federal Reserve BULLETIN, July 1950, pp. 788-89. more. Even among those persons who were un- 1588 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 4 DISTRIBUTION OF SPENDING UNITS HOLDING SPECIFIED TYPES OF ASSETS, BY NET WORTH, EARLY 1950 [Per cent] Amount of net worth l Amount of net worth 1 Type and amount Type and amount of asset $25,000 of asset or debt $25,000 Neg- $1- $1,000-$5,000- and Neg- $1- $1,000- $5,000- and ative $999 $4,999 $24,999 over ative $999 $4,999 $24,999 Amount of total assets:2 Value of other real es- Under $1,000 91 89 tate:6 $l,000-$4,999 7 10 78 None. 98 98 90 80 52 $5,000-$24,999 2 1 22 97 Under $1,000.. 2 4 4 1 $25,000 and over 3 100 $l,000-$4,999 5 7 $5,000-$24,999.. 1 22 All units 100 100 100 100 100 $25,000 and over 17 Not ascertained7 Amount of total liquid All units. 100 100 100 100 100 assets:3 None 73 54 24 13 1 Value of business interest:' $1-$199 23 21 17 11 3 None. . ...:.. 99 99 95 66 $200-$499 3 14 14 12 6 Under $1,000.. 1 1 2 2 $500-$999. 1 10 12 11 6 $l,000-$4,999 3 2 $l,000-$l,999 (4) 1 18 15 11 $5,000-$24,999 12 $ $ $ 2 5 1 , , 0 0 0 , 0 0 0 0 0 0 - - 0 $ $ - 4 9 $ , , 2 9 9 4 9 9 , 9 9 999.. (4). 15 2 1 3 3 2 2 2 2 2 0 3 $ $ N 2 1 o 0 5 t 0 , 0 , a 0 0 s 0 0 c 0 - e $ r a 9 ta 9 n i , d n 9 e 9 o d 9 v e 7 r 1 (* 4 4 ) $25,000 and over 8 All units 100 100 100 100 All units 100 100 100 100 100 Amount of stock held: 9 None. . 99 99 96 90 68 Va $ $ N U N lu 1 5 o n o e a , 5 t 5 n d u 0 e 5 e a t - r 0 o o s $ f m c $ a l e , 5 n o 5 r a 5 d b t 4 u a 0 i 9 t i o l . o n e . v m e s e d : r 5 obile or 7 1 6 5 8 1 6 2 1 2 6 0 1 1 4 2 1 1 6 1 6 7 3 2 2 1 5 1 6 8 2 5 1 1 2 0 1 7 0 $ $ $ $ $ U N 5 2 5 1 l n o , , 0 5 0 0 0 t d 0 , 0 0 0 0 e , a - 0 r 0 0 0 $ s - 0 - 0 c 9 $ $ $ 0 - e 9 5 4 2 $ r 9 0 , a 4 9 t 9 a 0 , 9 n 9 9 i , d n 9 9 9 e 9 9 o d 9 v 7 er... . (4) 1 2 1 1 3 5 1 1 3 5 5 2 1 All units 100 100 100 100 100 All units. 100 100 100 100 Amount of debt:10 Es $ $ $ $ $ $ N U ti 5 1 1 7 1 2 n m o , o 0 2 , 5 , 0 d n 5 5 f , , , a e 0 0 5 0 0 e 0 t n r 0 0 0 0 0 e 0 o d - 0 0 - 0 - $ $ $ n $ - - - 2 $ 7 $ 9 $ f 4 , p a 1 , 1 , 1 5 , 4 9 r r 9 2 4 9 0 m 9 9 e , , 9 , 0 9 9 4 s 9 9 9 e 9 9 9 h . n 9 9 9 . o t m v e a : lue 93 4 1 1 1 91 6 1 1 1 5 1 1 3 9 2 5 9 1 2 1 1 1 1 7 5 9 8 5 6 1 1 1 1 5 4 7 9 4 5 5 2 $ $ $ $ $ $ $ $ N N 2 3 9 l 7 4 9 l o o , - , , , , , 5 9 t 9 $ 9 9 n 4 9 0 5 e 5 5 5 5 5 9 a - 0 0 0 0 0 0 4 s $ - - - 9 - - c l $ a $ $ $ $ e , n 2 9 3 4 9 7 r d , t 4 , , , , 9 a 9 9 9 4 9 i 4 4 4 4 4 o n 9 9 9 9 9 v e e d r 7 . . . . , , 80 3 2 8 2 2 1 1 1 3 6 ( (4 4 4 1 2 1 1 ) ) 4 2 5 3 9 5 3 3 4 7 1 5 1 8 3 3 2 0 6 2 5 7 4 6 1 4 2 3 4 4 4 4 4 0 1 $ $ 2 3 0 0 , , Q 00 0 0 0 - a $ n 2 d 9 , o 9 v 99 er (4 1 ) 1 1 4 0 All units 100 100 100 100 100 Not ascertained 7 5 Number of cases: Nonfarm homes. 187 549 595 1,004 268 All units. 100 >; her 238 833 788 1,203 360 1 Difference between total selected reported assets and total reported debt. 2 Represents total of liquid assets, automobiles, owner-occupied home or farm, other real estate, business interest, corporate stock, and livestock and crops on farms. 3 Includes all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions. Excludes currency. 4 Less than one-half of 1 per cent. 5 See appendix for description of method of valuing automobiles. 6 Real estate other than home or farm on which owner is living. Includes lots, one- or two-family houses, apartment houses, houses, summer or week-end homes, commercial or rental property, farms owned by nonfarmers and additional farms and land owned by farmers, and other types. 7 Amount or existence of asset holding or of debt not ascertained. 8 Represents full or part interest in a privately held corporation or in a nonfarm unincorporated business. 9 Includes common and preferred stock of corporations open to investment by the general public. Excludes stock of privately held corporations, U. S. Government securities, and bonds of corporations and State, local, and foreign governments. 10 Total reported debt of the spending unit. employed at the time of the survey, it was found though this often would have necessitated the sale that nearly half were worth at least $1,000 and of homes or automobiles. that one-fourth were worth at least $5,000, This COMPONENTS OF NET WORTH indicates that many who were unemployed in early How is the amount of net worth related to the 1950 had some resources on which to fall back, al- pattern of asset holdings and to the allocation of 1589 DECEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES investible funds? This is an important question spending units. As shown in Table 5, the most on which data from the 1950 survey shed some light. widely held type of asset included in the net worth Much further work remains to be done both in calculation was liquid assets—United States Govdeveloping survey material and in analyzing the ernment bonds and savings and checking accounts— results before a full answer can be given. Con- which were reported by 7 of every 10 spending units. Ownership of an automobile or a home was sumers with small net worth valuations (less than also frequent, while investment in a farm, a busi- $5,000) invested most frequently in liquid assets, ness, or corporate stock was reported by less than automobiles, homes, and other real estate (see 1 in 10 spending units. Table 4). The largest amounts invested by this The size of individual types of asset holdings group were in homes, liquid assets, and other real varied considerably, but reports indicated that estate. Investment in business or corporate stock large investments ($5,000 or more) were most frein more than nominal amounts was frequent only quently made in homes for owner occupancy, in for consumers with net worths of $5,000 or more. other real estate, and in liquid assets. Their greater resources permitted a greater diversi- Among consumers having some net worth in fication of investment and enabled them to inearly 1950, approximately one-half had some debt. vest in assets which usually require a substantial Debt was most frequent among spending units havamount of capital. ing a net worth valuation of $l,000-$4,999. Al- As in previous years, marked differences were though the frequency of debt fell off at higher net found in the frequency with which ownership of worth levels, the frequency of large amounts of various types of assets was reported by consumer debt rose fairly sharply (see Table 4). TABLE 5 SPENDING UNITS OWNING VARIOUS TYPES OF ASSETS AS PERCENTAGE OF ALL SPENDING UNITS WITHIN SPECIFIED INCOME GROUPS, EARLY 1950 AND 1949 Previous year's money N of u m ca b s e e r s a L s i s q e u ts id l Automobile H f o a m rm e 2 or O e th st e a r te r e 3 al i B n u te s r in e e s s t4 s Co s r t p o o ck ra 5 te income before taxes 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 Under $1,000... 479 416 44 44 24 23 50 46 9 10 3 3 2 3 $l,000-$l,999. . 604 571 54 59 37 31 32 30 11 12 5 5 2 3 $2,000-$2,999. . 672 722 68 65 54 43 40 36 12 11 5 5 5 •5 $3,000-$3,999. . 615 686 74 78 63 59 46 46 16 14 6 6 7 6 $4,000-$4,999. . 397 416 86 87 74 69 55 54 18 17 10 9 10 9 $5,000-$7,499. . 437 408 94 94 82 77 62 59 26 28 15 23 10 15 $7,500 and over 269 262 99 99 89 87 66 70 44 44 36 43 30 36 All cases... 3,512 3,510 71 55 51 1 Includes all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in saving and loan associations and credit unions. Excludes currency. 2 Owner-occupied home or farm. 3 Real estate other than home or farm on which owner is living. Includes lots, one- or two-family houses, apartment houses, summer or week-end homes, commercial or rental property, farms owned by nonfarmers and additional farms and land owned by farmers, and other types. 4 Full or part interest in a nonfarm unincorporated business or privately held corporation. 5 Common and preferred stock of corporations open to investment by the general public. Excludes stock of privately held corporations, U. S. Government securities, and bonds of corporations and State, local, and foreign governments. ASSETS About half of all spending units had total assets, case for higher income groups, while spending units as covered by the survey, valued at $5,000 or more, having incomes of $3,000 or more reported assets and about one-third reported assets of less than of $5,000 or more with greater relative frequency $1,000 (see Table 6). As would be expected, varia- than did lower income groups. tions in total assets were closely associated with This relationship between income and assets variations in income. Spending units with incomes explains in large measure the survey findings of of less than $3,000 reported total assets of less than differences in total assets among different occupa- $1,000 with greater relative frequency than was the tional groups (see Table 6). The clerical and sales 1590 FEDERAL RESERVE BULLETIN- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 6 DISTRIBUTION OF SPENDING UNITS HAVING SPECIFIED CHARACTERISTICS, BY SIZE OF TOTAL ASSETS, EARLY 1950 [Per cent] Total assets 1 Characteristic of spending unit N of u m ca b s e e r s u A ni l t l s $ U 1 n ,0 d 0 e 0 r $ $ 1 4 , , 0 9 0 9 0 9 - $ $2 5 4 ,0 ,9 0 9 0 9 - $2 a 5 n ,0 d 00 t a a N s i c n o e e t r d - All units 3,512 100 31 22 37 1949 annual money income before taxes: Under $1,000 479 100 49 19 27 4 $l,000-$l,999 604 100 51 19 26 2 $2,000-$2,999 672 100 36 28 31 4 $3,000-$3,999 615 100 24 26 43 5 $4,000-$4,999. 397 100 16 23 53 7 $5,000-$7,499 437 100 6 17 56 17 $7,500 and over 269 100 1 4 32 60 Occupation of head of unit: Professional and semiprofessional... 287 100 18 31 38 12 Managerial and self-employed 466 100 6 11 50 25 Clerical and sales 486 100 35 27 32 5 Skilled and semiskilled 895 100 34 26 38 1 Unskilled and service 325 100 51 23 25 (2) Farm operators 410 100 10 19 43 24 Retired 180 100 28 7 46 19 Age of head of unit: 18-24 342 100 68 24 7 1 25-34 779 100 38 29 29 2 35-44 ;.. 777 100 27 22 40 9 45-54 670 100 19 20 47 13 55-64 495 100 20 16 48 13 65 and over 419 100 26 13 44 15 1 Represents total liquid assets, automobiles, owner-occupied home or farm, other real estate, business interest, corporate stockjand livestock and crops on farms. 2 Less than one-half of 1 per cent. NOTE.—Details may not add to totals because of rounding. and the wage-earning groups reported total assets of savings and checking accounts in banks, of of less than $1,000 with greater relative frequency, postal savings, or of shares in savings and loan assoand holdings of over $25,000 with lesser relative ciations or in credit unions. The number of units frequency, than other occupational groups. These owning liquid assets—roughly 36 million—was as were occupational groups for which incomes of large as a year earlier and approximately 1.5 million less than $3,000 were predominant.9 units more than in early 1946. Since there has been The following paragraphs give additional details an increase in the total number of spending units in concerning the major classes of consumer asset the period 1946-50, it has been possible for the holdings. Livestock and crops are included in total number of units having no liquid assets to increase assets but are not shown or discussed separately. also. Over the four years, this group has grown LIQUID ASSETS from approximately 11 to 16 million spending units. As indicated in Table 7, nearly one-third of all Frequency and size of liquid asset holdings. Liquid consumer spending units had no liquid assets in assets are still broadly distributed among consumers early 1950; a little more than one-third owned despite the fact that the proportion of spending liquid assets of less than $1,000; and about oneunits having no liquid assets increased somewhat third had $1,000 or more. It should be noted that during 1949 (from 29 to 31 per cent). In early holdings of currency are not included in any liquid 1950 approximately 7 of every 10 spending units are estimated to have had some type of liquid asset asset tabulations from the survey. in the form of United States Government bonds, For all spending units, including nonholders as well as holders, the median amount of liquid assets 9 "Distribution of Consumer Income in 1949," Federal held early this year was $250 compared with $300 Reserve BULLETIN, August 1950, Table 15, p. 963. 1591 DECEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 7 TABLE 8 DISTRIBUTION OF SPENDING UNITS, BY SIZE OF LIQUID ASSET PROPORTION OF LIQUID ASSETS HELD BY EACH TENTH OF HOLDINGS, EARLY 1950, 1949, 1948, AND 1947 X THE NATION'S SPENDING UNITS, WHEN RANKED BY SIZE OF INCOME, EARLY 1950, 1949, [Per cent 1948, 1947, AND 1946 x Am a o s u s n e t t s o h f e l l d iq 2 uid 1950 1949 1948 1947 Spending Percentage of liquid assets units ranked $ N 1 o - n $ e 1 99 . . 3 1 1 6 2 1 9 6 2 1 7 5 2 1 4 4 a a n c n c u o a r l d i m ng o n t e o y By each tenth Cumulative $200-$499 11 13 13 12 income before $ $ 5 l, 0 0 0 0 - 0 S - 9 $ 9 l 9 ,999 1 1 0 0 1 1 1 1 1 1 2 2 1 1 4 4 taxes 19501949 1948 1947 1946 1950 194919481947 1946 $2,000-$4>999 13 12 12 14 $5,000-$9,999 6 5 5 5 $10,000 and over . 3 3 4 3 Highest tenth. 35 44 43 39 40 35 44 43 39 40 Second 13 11 14 15 13 48 54 57 54 53 All units 100 100 100 100 Third . 10 9 8 9 10 58 64 65 63 63 Fourth 8 8 7 7 7 66 71 72 70 70 Median holdings of all Fifth 8 6 5 7 8 73 77 77 77 78 units . $250 $300 $350 $470 Sixth 6 6 6 7 6 79 83 8^ 84 84 Median holdings of those Seventh 7 6 4 5 5 86 89 87 89 89 with assets $810 $790 $820 $890 Eighth 5 3 4 4 4 92 92 91 93 93 Ninth 4 4 4 4 3 96 97 95 97 96 Lowest tenth. 4 3 5 3 4 100 100 100 100 100 1 Liquid asset data represent holdings early in the years indicated a M nd a rc a h r . e based on interviews during January, February» and early 1 Spending units are ranked in order of their incomes in the 2 Includes all types of U. S. Government bonds, checking ac- calendar year preceding that for which the division of liquid counts, savings accounts in banks, postal sayings, and shares in assets is given. savings and loan associations and credit unions. Excludes cur- NOTE.—-Detailed figures may not add to cumulative figures berency. Data for 1949 do not include shares in credit unions, but cause of rounding. these are relatively small in the aggregate and not likely to affect totals significantly. at the beginning of 1949 and $400 early in 1946.10 asset holdings ($2,000 or more) by the $5,000 and For the 36 million spending units having some over income group and the increased frequency of liquid assets at the beginning of this year, the such holdings by spending units with incomes of median amount held was $810. This median was less than $3,000 (see Table 9).11 It is possible that about the same as a year earlier but was about 5 readjustments in the economy during 1949 may per cent above the median in early 1946. have influenced many persons to retire, especially Distribution of total liquid assets. A significant those who were on the verge of taking this step and decline took place during 1949 in the proportion who were in relatively good financial circumstances. of total liquid assets that were owned by the tenth The readjustments of 1949 may also have brought of the population with the highest money incomes. into lower income groups, possibly temporarily, This decline more than oflset the slight increase in many businessmen and farmers with substantial the share of the highest tenth that had taken place amounts of liquid assets. during the preceding years of the postwar period. There appears to have been little change in the In early 1950, the highest tenth held about 35 per distribution of liquid assets when only size of this cent of the total compared with 44 and 40 per cent item is considered. The highest tenth of spending for the comparable tenths in early 1949 and 1946, units, when ranked according to amount of liquid respectively (see Table 8). Changes between 1949 asset holdings in early 1950, held about two-thirds and 1950 in the shares of each of the other nine of total liquid assets of consumers. This proporincome deciles were not large enough to be statisti- tion is not significantly different from that in early cally significant. 1949 or 1948. The next highest decile held about a This shift in holdings of liquid assets is also ap- fifth of the total, and the six highest deciles held parent in the lessened frequency of large liquid practically all of the liquid assets in the consumer sector of the economy (see Table 10). 10 Figures for 1946 appear in the Federal Reserve BULLETIN In trying to evaluate the potential economic for July 1948, Table 1, p. 767. It is important to keep in mind in interpreting these figures on liquid asset holdings that there is a serious understatement of liquid asset 11 See "Methods of the Survey of Consumer Finances," Fedholdings for the reasons mentioned in the introduction to eral Reserve BULLETIN, July 1950, pp. 795 ff., for discussion the article. of the differences required for statistical significance. 1592 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 9 TYPE AND SIZE OF LIQUID ASSET HOLDINGS WITHIN VARIOUS INCOME GROUPS, EARLY 1950, 1949, 1948, AND 1947 Percentage distribution of spending units within income groups Type and amount of liquid assets held Under $1,000 $l,000-$2,999 $3,000-$4,999 $5,000 and over 1950 1949 1948 1947 1950 1949 1948 1947 1950 1949 1948 1947 1950 1949 1948 1947 Total liquid assets:2 None 56 56 56 51 39 38 34 27 21 19 14 10 4 5 2 $l-$499 ;». . 23 24 21 27 29 29 32 31 32 35 31 24 22 17 13 10 $500-$l 999 11 12 14 15 18 21 23 30 25 25 30 34 25 23 24 22 $2,000-$4,999 . . 6 5 6 5 9 8 7 9 15 14 18 24 23 25 27 27 $5,000 and over 4 3 3 2 5 4 4 3 7 7 7 8 26 30 34 41 All units 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 U. S. savings bonds (Series A-F):« None 83 80 79 75 68 63 60 47 54 49 43 28 37 34 25 13 $l-$499 11 11 17 19 22 25 28 37 26 29 32 36 25 25 20 21 $500-$l,999 4 6 2 4 6 9 9 13 14 16 19 30 21 21 30 34 $2,000 and over 2 3 2 •2 4 3 3 3 6 6 6 6 17 20 25 32 All units . . 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Savings accounts:4 None... 76 75 77 74 64 62 62 56 51 49 44 39 41 39 31 31 $l-$499 10 12 9 15 17 19 20 21 22 24 24 20 18 14 15 15 $500-$1,999 7 9 8 8 12 12 13 17 16 15 19 '25 17 22 23 18 $2,000 and over 7 4 6 3 7 7 5 6 11 12 13 16 24 25 31 36 All units 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Checking accounts: None 79 81 77 79 70 72 72 70 54 59 56 56 25 22 25 21 $l-$499. 13 11 13 14 19 19 19 19 31 28 30 26 34 36 28 26 $500-$l,999 6 7 8 6 8 7 7 9 11 10 10 14 20 25 29 30 $2,000 and over 2 1 2 1 3 2 2 2 4 3 4 4 21 17 18 23 All units.. 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 479 416 w <•> 1,276 1,294 w 1,012 1,101 « <•> 706 670 « « «• 1 Liquid asset data are based on interviews in January, February, and early March of the years indicated. Income groups are based on annual money income before taxes of year previous to interview. 2 Includes all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions. Excludes currency. 3 Amounts for 1950, 1949, and 1948 are shown at 81 per cent, 80 per cent, and 79 per cent, respectively, of maturity value, except for recent purchases, which are shown at purchase price. Amounts for 1947 are shown at purchase price. 4 Includes savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions. In 1949 shares in Credit unions were omitted. 5 Data not available. effects of these consumer reserve funds, it is helpful TABLE 10 to know the total dollar amount of liquid assets DISTRIBUTION OF LIQUID ASSETS AMONG SPENDING UNITS held by broad income groups. Survey estimates of WHEN RANKED BY SIZE OF LIQUID ASSET HOLDINGS total liquid asset holdings are of limited value for EARLY 1950, 1949, AND 1948 this purpose, inasmuch as faulty memory or unwill- Percentage of liquid assets ingness to furnish information about such hold- Spending units ranked according to ings resulted in a substantial amount of under- amount of liquid assets held Early Early Early 1950 1949 1948 reporting. However, Treasury and banking statistics—indicating that individual holdings of liquid Highest tenth 64 66 66 Second 19 17 17 assets of the types covered by the survey aggregated Third 9 9 8 Fourth 5 5 5 about 133 billion dollars at the end of 1949—can be Fifth 2 2 3 roughly adjusted and distributed according to sur- Sixth 1 1 1 Seventh 0) i1) C1) vey findings on the percentage distribution of hold- Eighth (l) C1) Ninth ings by income groups. It is assumed that hold- Lowest tenth ings based on Treasury and banking sources are All tenths 100 100 100 distributed percentagewise among the income tenths 1 Less than one-half of 1 per cent. DECEMBER 1950 1593 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES in about the same way as data derived from the TABLE 11 survey. In such a calculation, it must be noted TYPE AND SIZE OF LIQUID ASSET HOLDINGS that the estimates based on Treasury and banking EARLY 1950, 1949, 1948, 1947, AND 1946 X statistics relate to the entire population, while sur- [Percentage distribution of all spending units] vey estimates include only those persons living in private households. Further, the two sets of data may difler in their classification of individual liquid Ty li p q e u i a d n d a ss a e m ts o u h n e t l d of 1950 1949 1948 1947 1946 asset holdings as personal or nonpersonal. From these data it is estimated that the 5 million Total liquid assets:2 None 31 29 27 24 24 spending units making up the top 10 per cent of $l-$499- 27 28 27 26 29 $500-$l,999 20 22 24 28 29 the income receivers (with annual incomes of $5,800 $2,000-$4,999 13 12 13 14 12 $5,000 and over 9 9 9 8 6 or more) held roughly 45 billion dollars in the form All units 100 100 100 100 100 of United States Government bonds and savings U. S. savings bonds: (Series A-F)3 and checking accounts at the beginning of 1950. None ... . 61 56 53 44 37 The next 21 million spending units, which make up $l-$499 23 25 26 32 37 $500-$ 1,999 10 13 14 18 20 the remainder of the top half of the income receivers $2,000 and over 6 6 7 6 6 (incomes of $2,700-$5,800) accounted for approxi- All units 100 100 100 100 100 mately 49 billion dollars; and the 26 million con- Savings accounts:4 None 58 56 55 53 61 sumer units in the lower half of the income distri- $l-$499 18 19 19 18 16 bution (incomes of less than $2,700) held about 35 $ $2 5 , 0 0 0 0 - 0 $ l a , n 9 d 9 9 over 1 1 3 1 1 1 4 1 1 1 5 1 1 1 8 1 1 7 6 billion dollars. The remaining 5 billion dollars All units.... 100 100 100 100 100 represents the approximate holdings of institutions Checking accounts: and floating groups not covered by the survey. None 59 61 61 63 66 $l-$499 24 23 23 21 18 Typea of liquid assets. Survey findings on reported $500-$l,999 11 11 11 12 14 $2,000 and over 6 5 5 4 2 holdings of the different types of liquid assets indi- All units 100 100 100 100 100 cated that the increase from early 1947 to early 1950 in the proportion of spending units with no 1 Liquid asset data are based on interviews in January, February, liquid assets has resulted largely from a sharp and 2 I e n a c r l l u y d e M s a a r l c l h tj o ^ f p e t s h e o f y e U ar . i S n . d i G ca o t v e e d r . nment bonds, checking acincrease in the proportion with no holdings of counts, savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions. Excludes currency. United States savings bonds and a slight increase 3 Amounts for 1950, 1949, and 1948 are shown at 81 per cent, 80 per cent, and 79 per cent, respectively, of maturity value, in the proportion without savings accounts. Since except for recent purchases, which are shown at purchase price. Amounts for 1947 and 1946 are shown at purchase price. 1947, the proportion of units with no holdings of 4 Includes savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions. In 1949 bonds has increased from 44 to 61 per cent and the shares in credit unions were omitted. TABLE 12 RELATION OF LIQUID ASSET HOLDINGS TO HOLDINGS OF UNITED STATES GOVERNMENT BONDS, EARLY 1950 Percentage distribution of spending units within bond holding groups Amount of liquid assets held x All bond Holdings of U. S. Government bonds 2 holding groups None $ $ 1 1 9 - 9 $ $ 2 4 0 9 0 9 - $ $ 5 9 0 9 0 9 - $ $ 1 1 , , 0 9 0 9 0 9 - $ $ 2 4 , , 0 9 0 9 0 9 - a $ n 5 d ,0 o 0 v 0 er None 31 51 $1-$199 16 19 35 $200-$499....... 11 10 24 26 $500-$999 10 6 17 26 22 $l,000-$l,999... 10 6 13 20 36 28 $2,000-$4,999... 13 6 8 20 31 48 54 $5,000-$9,999... 6 2 2 7 10 16 36 27 $10,000 and over 3 1 1 1 10 73 All units 100 100 100 100 100 100 100 100 Number of cases. 3,512 1,975 439 352 256 1 Includes all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions. Excludes currency. 2 Includes both savings bonds (Series A-F) and bonds paying interest currently; savings bonds are valued at 81 per cent of maturity except for recent purchases, which were valued at purchase price. 3 Less than one-half of 1 per cent. 1594 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 13 CHANGE IN LIQUID ASSET HOLDINGS OF SPENDING UNITS WITHIN DIFFERENT INCOME GROUPS, 1949 AND 1948 * [Percentage distribution of all spending units within income groups] Annual money income before taxes All spendli C q h h u o a i l d n d i g n a e s g s s i e n t ing units $ U 1 n ,0 d 0 e 0 r $ $ 1 1 , , 0 9 0 9 0 9 - $ $ 2 2 , , 0 9 0 9 0 9 - $ $ 3 3 , , 0 9 0 9 0 9 - $ $ 4 4 , , 0 9 0 9 0 9 - $ $ 5 7 , , 0 4 0 9 0 9 - an $ d 7 ,5 o 0 v 0 er 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 Increase 26 26 9 7 17 19 27 24 28 31 37 33 35 38 47 38 No change 2 16 15 11 14 15 16 15 16 15 13 17 17 20 16 23 19 Decrease 31 32 28 26 27 28 30 30 35 36 34 37 38 37 26 34 No liquid assets at beginning or end of period.. 26 23 51 50 40 34 27 27 20 15 11 10 4 3 1 1 Not ascertained. 1 4 1 3 1 3 1 3 2 5 1 3 3 6 3 8 All units 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 33,512 33,510 479 416 604 571 672 722 615 686 397 416 437 408 269 262 1 Changes for 1949 based on holdings of liquid assets in early 1950 and a year earlier as reported by spending units during January- March 1950; changes for 1948 based on holdings of liquid assets in early 1949 and a year earlier as reported by spending units during January-March 1949. 2 Includes change in assets due to accrual of interest on U. S. savings bonds (Series A-F). 8 Total includes units for which income was not ascertained and thus exceeds sum of income groups. proportion without savings accounts has increased TABLE 14 from about 53 to 58 per cent (see Table 11). Al- MAJOR TYPES OF EXPENDITURES OF SPENDING UNITS REthough little change took place over this period in PORTING REDUCTION IN LIQUID ASSETS DURING 1949 the size of checking accounts at banks, there has ACCORDING TO INCOME GROUPS1 been a statistically significant increase, from 37 per As percentage of spending units reducing liquid assets in cent in 1947 to 41 per cent in 1950, in the propor- specified groups] tion of units who have such accounts. It is of interest that approximately half of the All 1949 income of spending spending units reducing liquid assets consumer spending units having no savings bonds Type of units expenditure reducing do hold other types of liquid assets. About one- liquid Under $2,000- $5,000 assets $2,000 $4,999 and over fourth of the group without any bonds did have at least $1,000 in savings and checking accounts Medical 43 41 46 38 Food, clothing, and non- (see Table 12). durable goods 2 34 49 31 17 Automobiles and other Purposes for which liquid assets were used. Dur- durable goods 26 13 30 35 Investments and reducing 1949, as in 1948, one-fourth of all spending tion of debt3 .. 18 16 16 25 units reported an increase in the amount of their Other large outlays4... . 41 35 38 57 liquid asset holdings and about one-third reported 1 Data are not comparable to the 1949 survey findings on reduca decrease (see Table 13). Those spending units tion of liquid assets because of changes in the wording of the questionnaire. This table is based on answers to two questions with reductions in liquid assets were asked to indi- asked of spending units reporting reductions in liquid assets: "What sort of things did you use this money for?" and "Did you cate the uses to which the funds were put. Medical have any large expenses we did not talk about, for instance, doctor and hospital bills, expenses for moving or trips or the like?" expenses and other large outlays, such as repairs 2 Reported as reasons for reduction of liquid assets. 3 Investments include purchases of securities and real estate and additions to homes, travel, education, and car and investment in privately owned business. 4 Includes repairs and additions to houses, travel, amusement, repairs, were reported with greater relative fre- education, taxes, car repairs, moving, and farm operating expenses. quency than any other major use of funds (see Table 14). For consumers reporting reductions of used funds much more frequently to purchase durless than $500, medical expenses was the most fre- able goods and to make investments or reduce debt quently mentioned use of funds. Spending units than was the case for units reporting small reducreporting relatively large reductions in liquid assets tions in liquid assets. DECEMBER 1950 1595 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES HOMES 4 per cent (see Table 16).12 Much the same relationship that existed between A major item in the financial position of many income and the frequency of ownership of liquid a consumer is his home. It represents a substantial assets of different amounts existed between income proportion of his total assets, and the debt incurred and the ownership of homes of different values. in connection with purchasing a home accounts for About half of the spending units having incomes of a large part of his total indebtedness. Roughly 21 less than $1,000 value their homes at less than million nonfarm family units owned their homes in $5,000, and only about a tenth of this income group early 1950, an increase of about three quarters of value their homes at $10,000 or more (see Table a million since the beginning of 1949. The propor- 18). About three-fourths of the spending units tion of nonfarm families owning their own homes with incomes of $7,500 or more value their homes was the same in early 1950 (about one-half) as a at $10,000 or more. Over a fourth of this higher year earlier. Nearly half of these home-owning income group value their homes at $20,000 or more. families had some obligation related to the home The distribution of primary spending units within in early 1950, either a mortgage, a land contract, occupational groups by the valuation of homes reor other type of house debt. flects the basic influence of income. Those occu- In early 1950, as at the beginning of 1949, the pational groups in which higher incomes are most proportion of consumers who owned their homes frequent—primarily the self-employed and manarose as the level of income increased. Beginning gerial and the professional and semiprofessional with the group having incomes of $1,000-$ 1,999, groups—reported owning homes of high value with there was a steady increase in the proportion of greater relative frequency and homes of low value home owners at each higher income level (see Table with lesser relative frequency than the other occu- 15). About one-third of the group having incomes pational groups (see Table 18). As was the case of $l,000-$l,999 owned homes in early 1950 com- with liquid assets, retired persons reported owning pared with more than two-thirds of those having in- homes of high value more often than would be excomes of $7,500 and over. The proportion of home pected from a consideration of current income owners within the group having incomes less than alone. $1,000 was greater than would be expected from As might be expected, the size distribution of the consideration of income alone. A relatively owners' equities within income groups exhibited large proportion of this income group was comthe same relationship as that found between house posed of retired persons, who own homes with value and income (see Table 19). Thus, in the relatively greater frequency than any other occupauppermost income groups almost 50 per cent of tional group. As would be expected, the proporspending units had equities in their homes of tion of spending units headed by older persons who $12,500 or more, while less than 10 per cent of each owned homes was larger than that for spending income group below $4,000 had such large equities. units headed by younger persons. The size of the owners' equities also increased The proportion of nonfarm home owners valusteadily with each older age group because of the ing their homes at $10,000 or more declined signilonger periods during which payments have been ficantly in 1949, from 36 per cent in the early part of that year to 30 per cent in early 1950. Significant 12 Through the cooperation of the American Institute of changes were not apparent within any of the sub- Real Estate Appraisers, the Federal Housing Administration, and the Society of Residential Appraisers, professional apclassifications of home values. Of all nonfarm praisals were obtained for about 550 of the owner-occupied owner-occupied homes, a little more than 2 in every homes included in the survey. Preliminary analysis indicates 10 were valued at less than $5,000 and another 4 that owners' estimates are fairly reliable guides to the value of their homes. The owner's estimate was within 20 per cent in 10 were valued at between $5,000 and $9,999. of the professional appraisal in about 60 per cent of the cases. The proportion of home owners who placed a value The percentage of home owners valuing their homes at more y than the professional appraisal was approximately equal to of $20,000 or more on their homes was very small, the percentage undervaluing their homes. 1596 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES made on mortgages. This influence is also evident quency of equities of $10,000 or more was found in the relation of the equity to the time at which among homes purchased in the inter-war decades. the home was purchased; the greatest relative fre- The frequency of equities of this size dropped ofl TABLE 15 SIGNIFICANT CHARACTERISTICS OF HOME-OWNING AND RENT-PAYING NONFARM FAMILIES, EARLY 1950 AND 1949 x [Percentage distribution of nonfarm family units Within specified groups] Number of Home- Rent- Neither cases owning paying Family characteristic 1950 1949 1950 1949 1950 1949 1950 1949 All nonfarm families 2,670 2,678 51 51 44 44 5 5 Family income in preceding year (before taxes): Under $1,000 ... 268 199 43 46 41 37 16 17 $l,000-$l,999 372 329 35 34 56 57 9 9 $2,000-$2,999 .. 472 467 47 43 49 51 4 6 $3,000-$3,999 i 538 558 50 49 48 49 2 2 $4,000-$4,999 363 365 55 58 43 40 2 2 $5,000-$7,499 ... 392 414 65 63 33 35 2 2 $7,500 and over 233 293 71 73 27 25 2 2 Occupation of head of family: Professional and semiprofessional .. 254 254 41 49 52 43 7 8 Managerial and self-employed 441 444 66 65 31 30 3 5 Clerical and sales 349 365 44 46 54 53 2 1 Skilled and semiskilled . . . .. 765 788 55 52 43 47 2 1 Unskilled and service 294 372 36 40 49 46 15 14 Retired 176 180 69 60 25 33 6 7 Age of head of family: 18-24 120 136 18 22 76 64 6 14 25-34 585 548 33 35 62 61 5 4 35-44 626 638 51 53 45 43 4 4 45-54 555 620 60 59 35 37 5 4 55-64 . 402 424 65 61 28 35 7 4 65 and over 354 304 65 60 30 31 5 9 Place of residence of family: Metropolitan area 959 874 45 43 52 54 3 3 Other city, 50,000 and over 433 439 43 45 54 52 3 3 Small city or rural area 1.2.78 1,365 57 58 36 35 7 7 Veteran status: No veteran in family 1,957 2,009 54 54 41 41 5 5 One or more veterans in family 694 638 42 41 54 56 4 3 1 In this and subsequent tables, families include single-person units. Comparable data for 1948 are given in Table 1, Federal Reserve BULLETIN, September 1949, p. 1040. TABLE 16 TABLE 17 OWNERS' ESTIMATES OF CURRENT VALUE OF HOMES EQUITY OF HOME-OWNING NONFARM FAMILIES EARLY 1950 AND 1949a EARLY 1950 AND 1949 Percentage of families Percentage of families Value Equity * 1950 1949 1950 1949 Under $5,000 24 23 Under $2,500 17 14 $5,000-$7,499 21 19 $2,500-$4,999 21 21 $7,500-$9,999 18 16 $5,000-$7,499 21 20 $10,000-$ 12,499 15 17 $7,500-$9,999 14 12 $12,500-$19,999. 11 13 $10,000-$ 12,499 . . 10 12 $20,000 and over 4 6 $12,500-$14,999. . 3 3 Not ascertained 7 6 $15,000-$19,999. . 4 5 $20,000 and over. 3 4 All families 100 100 Not ascertained. . 7 9 Number of cases 1,417 1,413 All families.. 100 100 Number of cases.. 1,417 1,413 1 For houses bought in 1949-50, the purchase price, rather than the owner's estimate of current value, was used. 1 Owner's estimate of current value of home, less any mortgage or other debt on home. DECEMBER 1950 1597 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 18 SPENDING UNITS HAVING SPECIFIED CHARACTERISTICS, BY SIZE OF OWNER'S ESTIMATE OF CURRENT VALUE OF HOME, EARLY 1950 [Percentage distribution of home-owning nonfarm primary spending units within specified groups] Owner's estimate of home value Num- Characteristic of spending unit b c e a r s e o s f c A as l e l s $ U 5 n ,0 d 0 er 0 $ $ 5 7 , , 0 4 0 9 0 9 - $ $ 7 9 , , 5 9 0 9 0 9 - $ $ 1 1 0 2 , , 0 4 0 9 0 9 -$ $ 1 1 2 9 , , 5 9 0 9 0 9 - $ an 2 d 0 , o 0 v 0 e 0 r t a a N s i c n o e e t r d - All home-owning nonfarm primary spending units 100 24 21 18 15 11 1949 income of primary spending unit:2 Under $1,000 126 100 47 18 12 8 3 1 11 $l,000-$l,999 154 100 33 24 17 12 3 1 10 $2,000-$2,999. 233 100 36 25 15 11 6 2 5 $3,000-$3,999 271 100 22 26 21 14 10 1 6 $4,000-$4,999 204 100 12 22 22 19 15 4 6 $5,000-$7,499 246 100 8 17 20 27 18 5 5 $7,500 and over. ; 166 100 3 4 13 13 33 28 6 Occupation of head of unit: Professional and semiprofessional 100 5 9 16 17 31 17 5 Managerial and self-employed 100 15 16 18 17 18 10 6 Clerical and sales 100 13 19 22 22 15 4 5 Skilled and semiskilled 100 29 26 19 14 7 1 4 Unskilled and service 100 39 21 16 11 4 9 Retired 100 19 17 16 19 11 14 Place of residence of unit: Metropolitan area., 452 100 11 23 24 23 Other city, 50,000 and over 206 100 16 21 26 17 10 Small city or rural area 759 100 34 26 13 11 6 1 Total cases for different characteristics may be less because of cases for which characteristics were not ascertained. 2 The primary spending unit includes the person considered as head of the family in those homes containing several related spending units. 3 Data not available. TABLE 19 SPENDING UNITS HAVING SPECIFIED CHARACTERISTICS, BY SIZE OF EQUITY IN HOME, EARLY 1950 [Percentage distribution of home-owning nonfarm primary spending units within specified groups] Equity in home l Num- Characteristic of spending unit b c e a r s e o s f c A as l e l s $ U 2 n ,5 d 0 er 0 $ $ 2 4 , , 5 9 0 9 0 9 - $ $ 5 7 , , 0 4 0 9 0 9 - $ $ 7 9 , , 5 9 0 9 0 9 - $ $ 1 1 0 2 , , 0 4 0 9 0 9 -$ $ 1 1 2 9 , , 5 9 0 9 0 9 - $ an 2 d 0 , o 0 v 0 e 0 r t a a N s i c n o e e t r d - All home-Owning nonfarm primary spending units 2 31,417 100 17 21 21 14 10 1949 income of primary spending unit: Under $1,000 126 100 23 25 21 11 6 2 1 11 $l,000-$l,999 154 100 19 20 19 15 12 3 1 11 $2,000-$2,999 233 100 23 27 19 12 9 4 1 5 $3,000-$3,999 271 100 20 21 24 14 9 5 1 6 $4,000-$4,999 204 100 12 25 18 16 11 9 3 6 $5,000-$7.499 246 100 11 16 29 16 11 9 4 4 $7,500 and over 166 100 4 5 12 10 13 27 22 7 Age of head of spending unit: 18-34. 229 100 33 28 20 9 6 1 3 45 5 - - 5 4 4 4 . ; . , •.. 3 3 3 3 8 8 1 1 0 0 0 0 2 1 3 3 2 2 5 0 2 1 2 8 1 1 6 2 10 7 6 7 55-64... 267 100 7 14 25 19 13 8 65 and over, < 228 100 9 16 22 13 15 12 Year of purchase of home: 1949-50 108 100 57 20 7 5 1 1 1948 158 100 30 26 16 10 7 4 5 1946-47..\ 248 100 24 28 19 10 6 8 4 1940-45. ,.. 375 100 10 22 28 16 9 8 3 1930-39 203 100 4 18 20 18 15 8 11 1920-29 147 100 8 16 17 18 18 9 10 Before 1920. 105 100 10 11 32 14 12 10 9 1 Owner's estimate of current value of home, less any mortgage or other debt on home. 1 The primary spending unit includes the person considered as head of the family in those homes containing several related spending units. « Total cases for different characteristics may be less because of cases for which characteristics were not ascertained. 1598 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES somewhat among homes purchased before 1920, operated farms was generally larger than the inprobably because of the smaller valuation of older vestment in owner-occupied homes. About 17 per homes. cent of all farm operators had investments in farms Survey information on mortgage indebtedness and farm machinery valued at $20,000 or more. of home owners is presented in a later section of Thus about one-fourth of the group that owned this article. their farms valued them at $20,000 or more in contrast to 4 per cent of home owners who valued FARMS their homes at such amounts (see Table 16). Estimates of the value of owner-occupied farms Higher values for owner-occupied farms than for were obtained for the first time in the 1950 survey. homes reflect the fact that the farm represents a About 64 per cent of primary spending units headed major business asset of the owner as well as his by farm operators owned their farms (see Table home. 20). The amount of the investment in owner- OTHER REAL ESTATE TABLE 20 About one-sixth of all spending units owned real OWNER'S ESTIMATES OF CURRENT VALUE OF FARMS AND estate other than owner-occupied home or farm EQUITIES IN FARMS, EARLY 1950 x (see Table 21). As with other assets, the frequency [Percentage distribution of farm operating families] of ownership of such real estate rose with increases in the level of income—from approximately 9 per Value of or amount of equity in farm Value Equity cent in the lowest income group to about 44 per Nonowner operator. 36 36 cent in the highest. The value of other real estate Owner operator 64 64 owned in the higher income groups also tended to Value or equity: Under $2,500 7 be much higher than among lower income groups. $ $ 2 5 , , 5 0 0 0 0 0 - - $ $ 4 7 , , 9 4 9 9 9 9. . /« 1 6 1 7 0 Farms or farm land, one- or two-family houses, $7,500-$9,999 7 5 $10,000-$12,499. . 3 6 and lots were the most frequently reported types of $ $2 1 0 2 , , 0 5 0 0 0 0 - a $ n 1 d 9 ,9 o 9 v 9 e . r . . 1 1 2 7 1 9 7 other real estate (see Table 22). The more valuable Not ascertained. . 3 3 types of real estate-—apartment houses and commer- All families. . 100 100 cial or rental property—appeared to a noticeable Number of cases 410 410 extent only in the groups with incomes of $5,000 or more. Summer and week-end homes also occurred 1 Farm value includes farm machinery and buildings but excludes crops and livestock. Equity is the owner's estimate of current with significant frequency only in these groups. value of the farm less any mortgage or other debt on the farm. TABLE 21 SIZE OF OTHER REAL ESTATE HOLDINGS WITHIN INCOME AND LIQUID ASSET GROUPS, EARLY 1950 [Percentage distribution of spending units within specified groups] 1949 money income before taxes Amount of liquid assets held l Value of other All real estate groups $ U 1 n ,0 d 0 e 0 r $ $ 1 1 , , 0 9 0 9 0 9 -$ $ 2 2 , , 0 9 0 9 0 9 -$ $ 3 3 , , 0 9 0 9 0 9 -$ $ 4 4 , , 0 9 0 9 0 9 -$ $ 5 7 , , 0 4 0 9 0 9 - $ o 7 a v , n 5 e d 0 r 0 None $1-$199 $ $ 2 4 0 9 0 9 - $ $ 5 9 0 9 0 9 - $ $ 1 1 , , 0 9 0 9 0 9 -$ $ 2 4 , , 0 9 0 9 0 9 -$ $ 5 9 , , 0 9 0 9 0 9 -$1 o a 0 v n , e 0 d r 00 None2 84 91 88 89 84 82 75 56 93 95 88 86 80 82 74 59 $l-$999 4 3 3 3 6 4 3 3 , -2 3 2 4 5 4, 2 3 $l,000-$4,999 5 3 5 4 4 6 9 9 3 2 5 5 6 4 9 9 $5,000-$24,999.... 5 3 3 3 5 7 10 19 2 2 4 4 7 7 10 19 $25,000 and over.. 2 CO (3) 1 1 1 3 12 1 1 1 2 3 5 9 Not ascertained... (3) (3) (3) 00 1 (3) (3) (3) (3) 1 All units 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases.. 3,512 479 604 672 615 397 437 269 922 532 412 367 378 501 248 152 1 Includes all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions. Excludes currency. 2 Includes a few cases in which ownership of other real estate was not ascertained. s Less than one-half of 1 per cent. DECEMBER 1950 1599 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 22 SPENDING UNITS OWNING REAL ESTATE OTHER THAN HOMES AS PERCENTAGE OF ALL SPENDING UNITS WITHIN SPECIFIED GROUPS, EARLY 1950 1949 money income before taxes Value of other real estate All spend- Type of real estate u i n n i g ts $ U 1 n ,0 d 0 e 0 r $ $ 1 1 , , 0 9 0 9 0 9 - $ $ 2 2 , , 0 9 0 9 0 9 - $ $ 3 3 , , 0 9 0 9 0 9 - $ $ 4 4 , , 0 9 0 9 0 9 - $ $ 5 7 , , 0 4 0 9 0 9 - $7 o a , v n 5 e d 0 r 0 $ U 1 n ,0 d 0 e 0 r $ $ 1 4 , , 0 9 0 9 0 9 - $5 o a , v n 0 e d 0 r 0 Nonei 84 91 88 89 84 82 74 56 One- or two-family house (other than 4 3 3 3 5 6 6 12 7 30 38 Apartment house 1 1 3 7 Summer or week-end home 1 1 1 1 4 3 6 14 2 Commercial or rental property 2 1 1 1 4 6 2 4 18 Farm or farm land (other than owneroccupied) 4 4 4 3 3 4 5 12 13 20 32 Lot 4 2 3 4 5 5 5 7 70 29 1 Other. . .. (2) 1 2 2 1 Several types Type not specified (2) — — (2) — — (2) 1 — 1 1 All units . 100 100 100 100 100 100 100 100 100 100 100 Number of cases . . 3,512 479 604 672 615 397 437 269 126 189 273 1 Includes a few spending units for which no information concerning ownership was obtained. 2 Less than one-half of 1 per cent. NOTE.—Details may not add to totals because of rounding. AUTOMOBILES $1,000 reported owning automobiles, while about 90 per cent of the spending units having incomes Slightly more than half of all spending units of $7,500 or more owned automobiles. As would reported owning automobiles, and approximately 4 be expected, cars with the highest values were per cent owned more than one automobile. As with owned most frequently by spending units in the other major assets, there was a close association higher income groups. between size of income and the frequency of owner- Survey findings give some indication of the ownship of automobiles (see Table 23). Only about 20 ership distribution of the higher priced cars of per cent of spending units having incomes of under the postwar period. About one-third of all cars TABLE 23 VALUE OF AUTOMOBILES OWNED BY SPENDING UNITS WITHIN INCOME AND OCCUPATIONAL GROUPS, EARLY 1950 [Per cent] 1949 money income before taxes Occupation of head of spending unit All Value of automobilel s u p i n e n i n g t d s - $ U 1 n ,0 d 0 e 0 r $ $ 1 1 , , 0 9 0 9 0 9 -$ $ 2 2 , , 0 9 0 9 0 9 -$ $ 3 3 , , 0 9 0 9 0 9 -$ $ 4 4 , , 0 9 0 9 0 9 -$ $ 5 7 , , 0 4 0 9 0 9 - $7 o a , v n 5 e d 0 r 0 P p s s r r i a e o o o m n f f n d e e a i s s - l - - a M g a s e e e n m a l r d f n i - - a - l C s a i a c l n l e a e d r l s - S s s k k a e i i n m l l l l d e e i d - d s s e k U a r i n v l n l d i e - c d e F o a p a t r e o m r r - t R ire e d sional ployed No automobile owned 47 81 67 50 38 27 19 11 29 30 52 40 67 36 67 Automobile owned. 53 19 33 50 62 73 81 89 71 70 48 60 33 64 33 Value of automobile: Under $550 18 11 14 22 24 20 13 9 16 16 12 24 16 20 12 $550-81,549 17 4 11 18 22 30 23 17 20 19 16 23 11 19 11 $1,550 and over 17 4 7 9 15 23 44 62 33 35 20 13 6 24 10 Not ascertained 1 (2) 1 1 (2) (2) 1 1 2 (2) (2) (2) (2) 1 All units • 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 3,512 479 604 672 615 397 437 269 287 466 486 895 344 410 180 1 In the interviews, the makes and model years of automobiles owned by spending units were obtained. These data were the basis for assigning values. A few 1950 models were entered at their purchase price. 2 Less than one-half of 1 per cent. 1600 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 24 SIZE OF STOCKHOLDINGS OF SPENDING UNITS WITHIN VARIOUS INCOME GROUPS, EARLY 1950 Percentage distribution of spending units within income groups Amount of stock held 2 1949 inoney income of spending unit before taxes All income groups Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over No stock3 93 98 98 95 93 90 90 70 Some stock 7 2 2 5 7 10 10 30 Amount of stock: Under $500 2 1 1 1 2 3 3 3 $500-$999 1 (4) (4) 1 2 1 2 1 $1 000-$4 999 2 2 2 4 3 8 $5 000-$24 999 1 (4) 1 1 1 1 10 $25 000 and over (4) (4) (4) (4) (4) 1 8 Not ascertained (4) (4) (4) (4) All units 100 100 100 100 100 100 100 100 Number of cases 3,512 479 604 672 615 397 437 269 1 For comparable 1949 data, see Table 10, Federal Reserve BULLETIN, October 1949, p. 1192. 2 Includes common and preferred stock of corporations open to investment by the general public. Excludes stock of privately held corporations, U. S. Government securities, and bonds of corporations and State, local, and foreign governments. 3 Includes about one-half of 1 per cent of all spending units for whom stock ownership was not ascertained. 4 Less than one-half of 1 per cent. NOTE.—Details may not add to totals because of rounding. owned by consumer spending units were valued at group holding $5,000 or more of liquid assets $1,550 or more. Only about one^fifth of the auto- reported owning stocks (see Table 25). mobiles owned in the lowest income group were worth this much, but at the other end of the TABLE 25 income distribution (incomes of $7,500 and over) RELATION OF STOCK HELD TO TOTAL LIQUID ASSET HOLDINGS more than two-thirds were valued at $1,550 or more. EARLY 1950x However, as in previous years, it was found that a [Percentage distribution of spending units within liquid asset groups] substantial proportion of the low-value prewar model cars were owned by high income consumers. Amount of liquid assets held 3 Amount of stock held2 None $1- $500- $2,000- $5,000 STOCKS $499 $1,999 $4,999 and over About 7 per cent of all spending units reported No stock 99 97 92 86 68 Ownership not ascerownership of common or preferred stock in corpora- So t m ai e n s e t d ock 1 (4 3 ) (4 8 ) 13 1 30 2 tions open to investment by the general public. Amount of stock: H m o o l n d in o g nl s y o a f m c o o n r g po r s a p t e e n d st i o n c g k s u n w it e s r e h a re v l i a n ti g v e i l n y c o c m om es - $ $ $ U 5 5 l n , , 0 0 0 d 0 0 0 e - 0 0 r $ - 9 $ a $ 9 5 n 4 9 0 d ,9 0 9 o 9 ver 8 (4) ( ( 4 4 1 ) ) 3 2 2 1 3 2 5 3 1 1 3 3 1 2 of $7,500 or more. In this highest income group Not ascertained.... (4) (4) 1 about 30 per cent reported such holdings (see All units 100 100 100 100 100 Table 24). In general, stocks were not held Number of cases 922 944 745 501 400 either very frequently or in very large amounts iFor comparable 1949 data, see Table 11, Federal Reserve except by spending units having relatively high BULLETIN, October 1949, p. 1193. 2 Includes common and preferred stock of corporations open to incomes and relatively large amounts of other assets. investment by the general public. Excludes stock of privately held corporations, U. S. Government securities, and bonds of For example, less than 10 per cent of the spend- corporations and State, local, and foreign governments. 3 Includes all types of U. S. Government bonds, checking acing units having liquid assets of less than $2,000 counts, savings accounts in banks, postal sayings, and shares in savings and loan associations and credit unions. Excludes curreported owning stock, while about a third of the rency. 4 Less than one-half of 1 per cent. DECEMBER 1950 1601 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES BUSINESS INTEREST TABLE 26 Only about 8 per cent of all spending units BUSINESS INTEREST OF SPENDING UNITS ACCORDING TO TYPE OF INTEREST OWNED, EARLY 1950 reported owning an interest in an unincorporated [Percentage distribution of spending units within specified groups] business or in a privately held corporation. The Type of interest owned amount invested in business tended to be larger Value of for the corporate than the unincorporated form of business interest Any type In- Uninof corporated corporated ownership (see Table 26). About a third of those business * business2 business having shares in privately owned corporations Under $1,000 18 11 19 valued their interests at $25,000 or more as com- $l,000-$4,999 25 15 27 $5,000-$24,999 30 33 30 pared with only about a tenth of the owners of $25,000-$99,999 ".. 12 25 9 $100,000 and over 3 9 2 Not ascertained 12 7 13 interests in unincorporated businesses who valued All units 100 100 100 their interests so highly. Nearly half of the unin- Number of cases 364 65 289 corporated business interests were worth less than $5,000 compared with about one-fourth of those in 1 Includes spending units owning either an incorporated, an unincorporated, or both types of business, as well as a few units the corporate form. for which the type was not ascertained. 2 Privately held corporations only. LIABILITIES The 1950 survey's coverage of liabilities of con- ness on their homes or other major assets. Ability sumers was relatively complete. In addition to to make larger payments on debt accounts in conspecific questions concerning house, farm, and siderable part for the greater frequency of debts other real estate debt, debt incurred on 1949 pur- of $1,950 or more as income level increases. Many chases of durable goods and of other items, and consumers in the highest income group may avoid debt owed banks, insurance companies, loan com- incurring debt because of larger margins of income panies, and individuals, the survey asked if the above current consumption needs and, whenever spending unit had any other debts outstanding. debt is incurred, they may be able to pay off the debt Moreover, specific amounts were obtained for each more quickly than consumers with lower incomes. debt category rather than bracket amounts obtained Among occupational groups—except retired perfor the several types of assets. Balances due on sons—the proportion reporting no indebtedness did charge accounts, however, were not included except not vary greatly—ranging between roughly 40 and where it was clear that the charge account was, in 50 per cent. In sharp contrast, over 85 per cent effect, a form of instalment credit. of the retired group reported having no outstanding debt (see Table 27). The heaviest concentration of DEBT OF VARIOUS GROUPS debts of $4,950 and over was found among the About half of all spending units were free of managerial and self-employed and the professional debt in early 1950, while about one-fourth owed and semiprofessional groups, whose incomes were $949 or less (see Table 27). The frequency of in- much larger than average. debtedness was highest within the group having in- There was a marked difference in the relative comes of $4,000-$4,999 in which about two-thirds frequency of indebtedness when spending Units of the spending units reported having some debt. were grouped according to the age of the head of The decreasing frequency of indebtedness in suc- the unit. More than 6 in 10 of the spending units cessively lower income groups reflects, in part, headed by persons in the 25 to 44 age group rethe inability of many units to incur debt be- ported debt (see Table 27). The frequency of incause their income does not provide a sufficient debtedness decreased among older consumers, with margin above current needs to service it. It is also only about one-fifth of those 65 years of age or more due partly to a greater frequency in the lower indicating indebtedness. The relationship between income groups of older persons (55 years of age debt and age reflects the heavy expenditures by the and over) who have previously paid off indebted- younger consumers in order to establish homes. In 1602 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 27 DISTRIBUTION OF SPENDING UNITS HAVING SPECIFIED CHARACTERISTICS, BY SIZE OF TOTAL DEBT, EARLY 1950 [Per cent] All cases Amount of total debtl Characteristics of spending unit N b u e m r - c P e e n r t d N eb o t S d o e m bt e $l-$949 $950- $1,950- $4,950- $9,950 as N c o e t r- $1,949 $4,949 $9,949 and over tained2 All units.. 3,512 100 48 52 27 10 1949 money income before taxes: Under $1,000 479 100 66 34 22 4 2 $l,000-$l,999. ... 604 100 58 42 29 6 1 8 $2,000-$2,999 672 100 46 54 35 9 3 $3,000-$3,999 615 100 42 58 31 12 6 $4,000-$4,999 397 100 34 66 30 13 12 l $5,000-$7,499 437 100 38 62 19 15 15 5 $7,500 and over 269 100 52 48 5 15 12 12 Occupation of head of unit: Professional and semiprofessional. 287 100 46 54 26 9 7 Managerial and self-employed 466 100 43 57 14 16 12 Clerical and sales 486 100 53 46 25 7 7 Skilled and semiskilled 895 100 39 61 34 11 6 Unskilled and service 344 100 48 52 39 5 3 Farm operator , 410 100 44 55 20 16 5 Unemployed 187 100 49 51 40 3 3 Retired . 176 100 86 14 6 4 1 Age of head of unit: 18-24 342 100 52 48 40 3 25-34 . 779 100 37 63 35 10 35-44 777 100 36 64 31 13 10 45-54 670 100 48 52 25 12 5 55-64 495 100 60 40 20 9 3 65 and over .... , . 419 100 78 22 9 5 2 Family composition of unit: Children under 18, married head (all ages) 1,459 100 32 68 33 10 No children under 18: Unmarried heads, under 45 years of age4 488 100 63 37 30 1 Married heads, under 45 years of age. . 283 100 36 64 36 6 Unmarried heads, 45 years of age and over4 385 100 78 22 12 2 Married heads, 45 years of age and over 764 100 60 40 17 3 1 Total reported debt of the spending unit. 2 Existence or amount not ascertained. 3 Less than one-half of 1 per cent. 4 Includes those divorced, separated, or widowed. later years these debts have been repaid and the Survey findings indicate a slight direct relationnecessity for incurring other debt apparently falls ship between the amount of total assets, as comoff. puted, and total indebtedness (see Table 28). About The relationship between composition of the 44 per cent of the spending units having total assets spending unit and its indebtedness is also rather of less than $1,000 had debts of less than $950. marked (see Table 27). Only about a third of Among wealthier consumers (total assets of $25,000 spending units that include a husband, wife, and and over) indebtedness occurred about as frequently one or more children under 18 years of age were out as for consumers with total assets of less than $1,000, of debt. Many of these spending units were in the while debts of $9,950 and more were reported more process of buying homes, furniture, and the like. frequently than in other asset groups. The rela- About 60 per cent of the spending units with no tion between debt and assets is explained in part children under 18 years of age—and headed by by the frequent resort to debt in order to acquire either young unmarried persons or married per- assets and in part to the greater ability to borrow sons over 45 years of age—had no debt. Over three- when acceptable collateral is available. fourths of the spending units headed by older The distribution of liquid assets within various unmarried persons were free of debt. debt groups furnishes some indication of the ability DECEMBER 1950 1603 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 28 TABLE 29 SIZE OF TOTAL DEBT WITHIN VARIOUS TOTAL ASSET GROUPS SIZE OF LIQUID ASSET HOLDINGS OF SPENDING UNITS WITHIN EARLY 1950 DIFFERENT TOTAL DEBT GROUPS, EARLY 1950 [Per cent] [Per cent] Amount of total assets 2 Amount of total debt 2 Amount of total debtx li A q m ui o d u a n s t s o e f ts No $0-$999 $ $ 1 4 , , 0 9 0 9 0 9 - $ $ 2 5 4 ,0 ,9 0 9 0 9 - $ an 2 d 5 , o 0 v 00 er held* debt $1- $950- $1,950- $4,950- $9 a , n 9 d 50 $949 $1,949 $4,949 $9,949 over No debt 53 48 43 57 Some debt 47 52 57 43 No liquid assets. . . 25 48 31 22 16 4 Some liquid assets. 75 52 69 78 84 96 Amount of total debt: $l-$949 44 37 14 2 Amount of liquid $950-$l,949 2 8 9 4 assets: $l,950-$2,949 (3) 4 8 4 $1-$199 11 19 22 22 23 19 $2,950-$3,949 1 6 5 $200-$499 9 12 14 17 18 14 $3,950-$4,949 (3) 5 4 $500-$999 10 8 12 14 11 21 $4,950-$7,449 (5) 8 6 $l,000-$l,999. . . 12 6 11 10 18 13 $7,450-$9,949 , (3) 4 4 $2,000-$4,999. . . 18 5 9 9 11 16 $9,950 and over 2 13 $5,000-19,999. . . 9 2 1 5 2 7 Not ascertained 1 ('). 1 1 $ $2 1 5 0 , , 0 0 0 0 0 0 - a $ n 24 d , 9 o 9 v 9 e . r 5 1 (3) (3 1 ) 1 4 2 All units 100 100 100 100 All cases 100 100 100 100 100 100 Number of cases 949 722 362 403 Number of cases... 1,700 869 210 358 231 90 1 Total reported obligations of the spending unit. 2 Represents total of liquid assets, automobiles, owner-occupied 1 Includes all types of U. S. Government bonds, checking achome or farm, other real estate, business interest, corporate stock, counts, savings accounts in banks, postal sayings, and shares in and livestock and crops on owner-occupied farms. savings and loan associations and credit unions. Excludes cur- 3 Less than one-half of 1 per cent. rency. 2 Total reported debt of the spending unit. 3 Less than one-half of 1 per cent. of debtors to meet their obligations without extensive liquidation of other assets. Only about half DEBT ON OWNER-OCCUPIED HOMES of the spending units with debts of under $950 Of the diverse types of debt reported in the surreported holdings of liquid assets, and only about vey, the only important type for which relatively 13 per cent had liquid assets worth $1,000 or more precise information was obtained was mortgages (see Table 29). The relative frequency of liquid and land contracts on owner-occupied nonfarm asset holdings was much greater in the largest debt homes. In many interviews the information obgroup than in the smallest, and, in general, there tained was inadequate to permit classification acwas an increase in the frequency and size of liquid cording to type of debt although the total debt was asset holdings as total debt increased. reported reliably. TABLE 30 AMOUNT OF DEBT ON HOME WITHIN DIFFERENT TOTAL DEBT GROUPS, EARLY 1950 [Percentage distribution of home-owning nonfarm primary spending units within specified groups] All Home-owning nonfarm spending units with total debt of:2 home- Amount of debt on home * owning nonfarm $1- $950- $2,950- $4,950- $7,450- $9,950 1 units $949 $2,949 $4,949 $7,449 $9,949 and over No debt 54 65 15 5 8 2 14 Some debt 46 35 85 95 92 98 86 Amount of debt: $l-$949 7 34 8 2 $950-$2,949 15 77 13 2 5 $2 950-$4 949 9 81 5 4 5 $4,950-$7,449 9 84 25 20 $7,450-$9,949 4 69 17 $9 950 and over . . . .. 1 37 Not ascertained 1 1 — 1 i — All units. 100 100 100 100 100 100 100 Nonfarm home-owning spending units as a percentage of all spending units with debt ; 77 22 65 78 85 86 74 1 Includes mortgage, land contract, and other debt on home. 2 Total debt includes home debt (as defined in footnote 1) and all other indebtedness of the spending unit. 1604 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES Survey findings on aggregate debt on nonfarm as on the relation to house value is quite marked. homes, together with information from other Only about 20 per cent of houses purchased in sources, indicate that it is the dominant form of con- 1948, 1949, or early 1950 were mortgage free, in sumer indebtedness. Home owners comprise about contrast to about 80 per cent of those purchased 65 per cent of the spending units having total debt in the 1920's and 70 per cent of those purchased in of $950-$2,949, and even larger proportions of the 1930's (see Table 32). the higher debt groups owned homes. In contrast, only about one-fifth of units having debts of less TABLE 31 than $950 owned homes (see Table 30). MORTGAGE INDEBTEDNESS ON OWNER-OCCUPIED HOMES Slightly more than half of home-owning non- EARLY 1950 AND 1949 [Percentage distribution of home-owning"nonfarm families] farm families reported no mortgage indebtedness in early 1950. There was no change between early Mortgage status and size of mortgage 1950 1949 1949 and early 1950 in the relative frequency of mortgages on owner-occupied homes, but the fre- Not mortgaged 54 55 Mortgage status not ascertained 1 C1) quency of mortgages of $5,000-$7,499 rose sig- Mortgaged 45 45 nificantly (see Table 31). Size of mortgage: $l-$999 7 6 Houses valued at less than $7,500 in early 1950 $l,000-$2,999 15 13 $3,000-$4,999 6 10 were mortgage free more often than higher valued $5,000-$7,499 12 7 homes, perhaps because they were primarily older $ $1 7 0 ,5 ,0 0 0 0 0 -$ a 9 n ,9 d 9 9 over 3 1 3 2 structures held by their present owners for extended Not ascertained. 1 4 periods of time. The influence of time of purchase All families 100 100 on the frequency of mortgage indebtedness as well 1 Less than one-half of 1 per cent. TABLE 32 SPENDING UNITS HAVING SPECIFIED CHARACTERISTICS, BY RELATION OF MORTGAGE DEBT TO HOME VALUE EARLY 1950 [Percentage distribution of home-owning nonfarm primary spending units within specified groups] All cases Mortgage as a percentage of value Not Characteristic of spending unit mort- Mort- Num- Per gaged gaged Under 20- 40- 60- 80 Not ber cent 20 39 59 79 and ascerover tained All home-owning nonfarm primary spending unitsl 1,417 100 54 46 11 13 Value of home: Under .$7,500 544 100 58 42 7 10 12 $7,500-$12,499.. . 482 100 48 52 10 15 14 $12,500 and over. 310 100 50 50 13 14 17 Year of purchase of home: 1949-50 108 100 21 79 3 12 18 24 21 1948 158 100 20 80 6 9 31 19 11 1946-47 248 100 33 67 6 16 24 13 6 1940-45 375 100 56 44 13 18 10 1 1 1930-39 203 100 72 28 14 7 3 1 1920-29 147 100 83 17 6 7 2 Before 1920 105 100 84 16 5 2 Place of residence of unit: Metropolitan area 452 100 39 61 9 18 19 Other city, 50,000 and over. 206 100 51 49 10 9 13 Small city or rural area.... 759 100 62 38 9 10 Income of spending unit:8 Under $1,000 126 100 84 16 5 5 2 1 $l,000-$l,999 .... 154 100 76 24 6 4 7 2 $2,000-42,999... 233 100 54 46 8 13 12 7 $3,000-$3,999 271 100 47 53 6 14 18 7 $4,000-$4,999 204 100 40 60 14 11 14 12 $5,000-$7,499 246 100 42 58 8 15 19 9 $7,500 and over 166 100 53 47 10 15 11 5 1 The primary spending unit includes the person considered as head of the family in those homes containing several related spending units. It is assumed that this unit is responsible for the mortgage. 2 Less than one-half of 1 per cent. « 1949 money income before taxes of primary spending units. Family income groups, used in Table 42, include the incomes of related secondary spending units. DECEMBER 1950 1605 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES The relative size of mortgage tended also to be items in dollar amounts, rather than in brackets, larger for recently purchased houses. About one- avoided the problem of arbitrary assignments within fifth of the homes purchased in 1949-50 had out- brackets, which was frequently present in comstanding mortgages that were 80 per cent or more of puting total assets and net worth. The debt data the house value, while the frequency of such large also had the advantage of relatively complete coverage of all debt items in contrast to the partial mortgages in relation to value was negligible among coverage of the asset data. the houses purchased before 1946. Outstanding The proportion of total debt owed by each tenth mortgages that were small in relation to house of the spending units surveyed, when ranked acvalue were relatively the most frequent for homes cording to their 1949 incomes, varied from about 5 purchased in prewar years. This reflects not only per cent in the lower tenths to about 25 per cent for the longer period of repayment on these mortgages the highest tenth (see Table 33). This pattern but also the rise in house values. The frequency of mortgage-free homes among TABLE 33 home-owning, nonfarm primary spending units was highest—about 84 per cent—in the lowest income DISTRIBUTION OF TOTAL DEBT AMONG SPENDING UNITS group (see Table 32). The frequency of mortgage- WHEN RANKED BY SIZE OF INCOME, EARLY 1950 free homes fell steadily as income increased except Percentage of total debt owed:1 for the top income groups ($5,000 and over). Spending units ranked according to annual money Greater ability to carry a mortgage as income level income before taxes By each tenth Cumulative rose was apparent in the increased amount of the Highest tenth 25 25 mortgage. Greater frequency of mortgage-free Second .... 16 41 Third 13 54 homes in the lower income groups of home owners Fourth 9 63 Fifth ... 10 72 may have resulted in part from the concentration in Sixth 10 83 Seventh 5 88 these groups of retired and older persons who have Eighth 4 92 Ninth 3 95 had a longer period of time in which to pay of! any Lowest tenth. .. ... 5 100 mortgage debt. 1 The sum of all obligations of the spending unit. tended to be similar to that found in the distribution of total saving, total income, and total liquid assets, DISTRIBUTION OF TOTAL DEBT but the disproportion of the upper and lower tenths was not so large.13 Aggregate consumer debt, both long- and shortterm, is estimated to have been approximately 65 billion dollars early in 1950. The sampling error Additional tables not mentioned in the text are in aggregates estimated from survey data is large, presented on the following pages, grouped accordso the estimate must be used cautiously. The survey ing to subject. provided reasonably complete coverage except for charge account credit. In calculating total debt of 13 See "Distribution of Consumer Saving in 1949," Federal Reserve BULLETIN, November 1950, Table 2, p. 1442, and a spending unit, the reporting of all component Table 8, of this article. 1606 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 34 TYPE AND SIZE OF LIQUID ASSET HOLDINGS WITHIN DIFFERENT OCCUPATIONAL GROUPS, EARLY 1950 AND 1949 1 [Per cent] Occupation of head of spending unit Professional Managerial Clerical Skilled Type and as a se m ts o u h n e t l d of liquid semipro an fe d ssional e a m nd p lo se y l e f d - s a a n le d s an s d k i s ll e e m d i- a U nd n s s k e i r ll v e i d ce op F e a ra rm tors Retired 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 1950 1949 Total liquid assets:2 None..., 8 9 10 12 16 16 34 30 54 51 25 28 37 30 $l-$499 25 27 28 25 36 38 31 32 20 27 29 23 11 22 $500-$l,999 30 26 23 21 24 29 20 23 15 14 21 24 12 15 $2,000-$4,999 . . 19 19 20 22 17 10 11 10 8 5 14 13 16 19 $5,000 and over. . 18 19 19 20 7 7 4 5 3 3 11 12 24 14 All units „ 100 100 100 100 100 100 100 100 100 100 100 100 100 100 U. S. savings bonds (Series A~F) :3 None 41 34 49 46 51 47 63 55 78 72 59 61 62 59 $l-$499 27 30 25 28 31 33 25 28 13 19 24 22 15 20 $500-$l,999 19 19 13 14 12 15 9 13 7 8 9 10 9 12 $2,000 and over 13 17 13 12 6 5 3 4 2 1 8 7 14 9 All units 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Savings accounts (in banks only) :4 None 43 '42 54 54 42 45 54 56 67 71 82 83 58 59 $l-$499 18 '23 14 14 29 30 22 20 13 17 7 '4 6 14 $500-$ 1 999 21 21 16 15 17 18 15 15 13 7 3 ••6 12 12 $2,000 and over 18 14 16 17 12 7 9 9 7 5 8 7 24 15 All units 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Checking accounts: None 29 32 27 28 52 58 74 74 84 87 32 37 60 62 $l-$499. 41 42 37 34 34 31 20 20 11 10 32 29 14 16 $500-$l,999. . . . 19 19 20 23 9 9 4 5 4 3 23 22 15 13 $2,000 and over 11 7 16 15 5 2 2 1 1 13 12 11 9 All units 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 287 293 466 470 486 495 895 886 344 427 410 430 180 176 Median asset holdings $1,240 '$1,150 $1,010 '$1,250 $400 $400 $150 $200 0 0 $400 '$450 $590 1 Liquid asset data for 1950 are based on interviews in January-March 1950; for 1949 on interviews in January-March 1949. 2 Includes all types of U. S. Government bonds, checking accounts, savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions. Excludes currency. 3 Amounts shown at 81 per cent of maturity value in 1950 and 80 per cent in 1949, except for recent purchases, which were valued at purchase price. 4 Excludes postal savings and shares in savings and loan associations and credit unions. 6 Less than one-half of 1 per cent. 6 Data not available. r Revised. TABLE 35 TABLE 36 MEDIAN LIQUID ASSET HOLDINGS OF SPENDING UNITS WITHIN SIZE OF LIQUID ASSET HOLDINGS OF SPENDING UNITS WITHIN INCOME GROUPS, EARLY 1950, 1949, 1948, AND 1947 x DIFFERENT TOTAL ASSET GROUPS, EARLY 1950 [Per cent] Percentage Median liquid asset Total assets 1 distribution of holding within Annual money spending units income group Amount of liquid assets income held Under $1,000- $5,000- $25,000 before taxes 1949 1948 1947 1946 E 1 a 9 r 5 l 0 y E 1 a 9 r 4 l 9 y E 1 a 9 r 4 l 8 y E 1 a 9 r 4 l 7 y $1,000 $4,999 $24,999 and over None 61 26 15 1 U $1 n , d 0 e 0 r 0 - $ $ 1 1 , , 0 9 0 9 0 9 . . . . . 1 1 4 9 1 1 2 8 2 1 2 4 2 1 3 7 $10 0 $80 0 $80 0 $40 0 $ $ $ 2 5 1 0 0 -$ 0 0 1 - - $ $ 99 4 9 9 9 9 9 2 1 1 7 1 1 1 12 4 3 1 1 10 5 3 4 8 7 $2,000-$2,999.. 21 23 23 25 160 150 240 480 $l,000-$l,999 19 14 12 $3,000-$3,999.. 19 20 17 17 350 270 490 900 $2 000-$4 999 16 20 22 $4,000-$4,999. . 11 12 10 8 500 500 840 1,400 $5,000-$9,999 11 18 $5,000-$7,499.. 11 10 9 6 1,1301,3501,7602,750 $10,000-$24,999 2 21 $7,500 and over. 5 5 5 4 4,2704,5006,2907,250 $25,000 and over 7 All units..,.. 100 100 100 100 $250 $300 $350 $470 All units 100 100 100 100 iThe median liquid asset holding is the amount held by the Number of cases 949 722 1,362 403 middlemost unit in a ranking of the spending units within each income group in order of their holdings of liquid assets. The 1 Includes—in addition to liquid assets—automobiles, ownerincome groups relate to income of the year previous to the inter- occupied home or farm (including farm machinery), other real view, and the amount of liquid assets to the holdings at the time estate, business interest, corporate stock, and livestock and crops of the interview. on farms. DECEMBER 1950 1607 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 37 TABLE 38 PROPORTION OF LIQUID ASSETS HELD BY SPENDING UNITS AND RELATION OF FARM VALUE TO AMOUNT OF NET WORTH FAMILY UNITS AT VARIOUS INCOME LEVELS, EARLY 1950 l EARLY 1950 [Per cent] [Percentage distribution of farm operating, primary spending units within net worth groups] Spending units Family units Amount of net worth l 1949 m b o e n fo ey re in ta c x o e m s e - c e P n e ta r- ge P ti r o o n p o o r f - ce P n e ta r- ge P ti r o o n p o o r f - Farm value Negadistri- liquid distri- liquid tive bution assets held bution assets held Nonowner operator .. 100 Under $1,000 14 6 13 5 Owner operator.. $l,000-$l,999 19 9 15 .7 $2,000-12,999 21 15 18 11 Value of farm owned: $3,000-$3,999 19 15 19 14 $50-$2,549 $4,000-$4,999 11 11 12 12 $2,550-$5,049 $5,000-$7,499 11 18 15 18 $5,050-$10,049 $7,500 and over 5 26 8 33 $10,050-$25,049 $25,050 and over All units 100 100 100 100 All units 1 The 1949 income data and early 1950 liquid assets data are based on interviews in January-March 1950. For comparable spending unit and family unit data for early 1949 and early 1948, see Federal Reserve BULLETIN for August 1949, Table 14, p. 910, and July 1948, Table 18, p. 780, respectively. For comparable spending unit and family unit data for early 1947 and early 1946, see BULLETIN for July 1947, Table 14, p. 801, and Table 18, p. 802, respectively. lliM $1- $1,000-$5,000- $25,000 $999 $4,999 $24,999 and over 89 38 32 1 11 62 68 99 11 17 3 1 37 7 4 32 2 4 26 41 55 100 100 100 100 100 1 Difference between total selected reported assets and total reported debt. NOTE.—The primary spending unit includes the person considered as head of the family in those homes containing several related spending units. TABLE 39 TABLE 40 LIQUID ASSET HOLDINGS OF OWNERS AND NONOWNERS OF CARS PAYMENT ON MORTGAGE PRINCIPAL BY HOME-OWNING EARLY 1950 NONFARM FAMILIES, 1949 [Percentage distribution of spending units within specified groups] Percentage Payment on principal of families * Value of car owned Am a o ss u e n t t s o h f e l l d i q x uid ow n A o n l n e l - rs ow A n l e l rs U $ n 5 d 5 e 0 r $ $ 1 5 ,0 5 4 0 9 - $1 o a , v n 0 e d 5 r 0 N Pa o i t d h : $ in l- g $ 9 p 9 aid 46 5 $100-$299 22 $300-$499 15 None ; 42 20 32 25 9 $500-$999 7 $1-$199. 16 15 20 15 11 $l,000-$l,499 1 $200-$499 10 14 13 16 13 $1,500 and over 1 $ $ 5 l, 0 0 0 0 - 0 $ - 9 $ 9 4 9 ,999... 1 8 9 2 1 7 1 1 1 0 9 2 1 5 0 3 1 4 3 Amount not ascertained 1 $5,000 and over. 5 13 6 9 20 Amount (if any) not ascertained All units.. , 100 100 100 100 100 All families 100 Number of cases 1,549 1,944 596 394 954 1 Based on the 46 per cent of all home-owning nonfarm families whose properties were mortgaged or encumbered by land con- 1 Includes all types of U. S. Government bonds, checking ac- tracts in early 1950. counts, savings accounts in banks, postal sayings, and shares in savings and loan associations and credit unions. Excludes currency. 1608 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 41 MORTGAGE INDEBTEDNESS ON OWNER-OCCUPIED HOMES, EARLY 1950 [Percentage distribution of home-owning nonfarm primary spending units within specified income groups] All 1949 money income before taxes home-owning Mortgage status and size nonfarm of mortgage primary Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 spending units] $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over INTot mortgaged .... 54 84 76 54 47 40 42 54 Mortgaged 46 16 24 46 53 50 58 46 Size of mortgage: $l-$999 7 3 5 13 7 7 4 2 $l,000-$2,999 15 8 12 18 17 16 16 9 $3,000-$4,999 6 2 3 4 10 10 6 4 $5 0Q0-$7,499 12 1 2 8 14 20 20 12 $7,500-$9,999 4 1 1 2 3 5 7 9 $10,000 and over 1 1 1 1 3 9 Not ascertained 1 1 1 1 1 2 1 All units 100 100 100 100 100 100 100 100 Number of cases 1,417 126 154 233 271 204 246 166 1 The primary spending unit includes the person considered as head of the family in those homes containing several related spending units. It is assumed that this unit is responsible for the mortgage. 2 Less than one-half of 1 per cent. TABLE 42 MORTGAGE STATUS AND PAYMENTS OF HOME-OWNING NONFARM FAMILIES, 1949 AND 1948 [Percentage distribution of families within disposable income groups] Families with income after taxes of: All home-owning nonfarm families Mortgage status and amount of payment Under $2,000 $2,000-$4,999 $5,000 and over 1949 1948 1949 1948 1949 1948 1949 1948 J^ot mortgaged . 54 55 80 76 47 48 45 49 Mortgaged 46 45 20 24 53 52 55 51 Payment on mortgage: * Nothing paid 2 3 2 2 2 4 2 3 $1~$99 2 2 1 2 2 2 1 2 $100-$299 8 9 7 10 9 10 7 5 $300-$499 14 13 6 5 17 17 13 11 $500-$999 16 13 3 1 19 14 22 21 $l,000-$l,499 2 2 1 1 1 5 4 $1 500 and over . . . .. 2 2 1 2 1 5 4 Amount of payment (if any) not ascertained 2 1 1 2 1 3 3 1 All families . • 100 100 100 100 100 100 100 100 ^sfumber of cases. .. . • 21,417 1,413 248 258 731 753 427 402 1 Includes interest, principal, and also, in roughly two-fifths of the cases, taxes. Percentage making payments on mortgages in 1949 ^exceeds per cent mortgaged in early 1950 because of extension of mortgage for some units. 2 The total number of cases includes families for whom income after taxes was not ascertained, which are not allocated to income .groups. DECEMBER 1950 1609 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES TABLE 43 MONTHLY RENT PAID BY NONFARM FAMILIES WITHIN DISPOSABLE INCOME GROUPS, EARLY 1950 AND 1949 [Percentage distribution of families within disposable income groups] All rentpaying non- Families with income after taxes of:1 farm families Monthly rent Under $2,000- $3,000- $4,000- $5,000 $2,000 $2,999 $3,999 $4,999 and over 1950 1949 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 Under $20 21 19 41 36 20 20 9 12 6 6 9 2 $20-$29 , 20 21 26 30 28 27 18 17 10 11 5 6 $30-$39 18 23 16 17 18 24 22 28 21 23 12 22 $40-$49 17 15 9 9 19 13 26 17 22 26 15 17 $5O-$74 14 16 5 5 10 11 16 22 26 28 33 26 $75-$99 6 3 2 1 2 3 7 2 10 2 15 12 $100 and over 2 2 '1 1 1 (2) 1 (1 3 3 9 12 Not ascertained. 2 1 1 2 2 1 2 1 2 3 All families 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 31,116 1,115 (<) 280 (4) 268 (4) 260 0) 138 (4) 169 1 Monthly rent paid by nonfarm families in early 1950 and in early 1949 relate to family income in 1949 and 1948, respectively. 2 Less than one-half of 1 per cent. 8 The total number of cases includes families for whom disposable income was not ascertained, which are not allocated to income groups. 4 Data not available. APPENDIX METHOD OF ESTIMATING NET WORTH The survey estimate of net worth of each spend- tained on debts was also more complete except for ing unit is the aggregate of reported or assigned the omission of charge-account credit. values of assets covered in the survey less the total re- Values of all asset items, except pre-1950 model ported debt. The assets included in the survey are: automobiles, and of all liabilities were based liquid assets, including United States Government on valuation information reported by respondents. bonds, savings accounts, checking accounts, postal For certain types of assets, however, the interview savings, shares in savings and loan associations provided value information only within rather or credit unions; automobiles; owner-occupied broad brackets. These assets were real estate other homes; owner-occupied farms, including buildings than owner-occupied homes and farms, corporate and machinery; real estate other than home or stock, and business interests. In order to compute farm on which owner is living, including lots, one- total assets and net worth, specific values had to be or two-family houses, apartment houses, summer assigned to these assets. or week-end homes, commercial or rental property, In assigning values to holdings of other real estate farms owned by nonfarmers and additional farms in bracket values of less than $25,000, the median or land owned by farmers, and other types; com- value within each bracket was approximated by mon or preferred stock in corporations open to using cumulative frequencies of reported bracket investment by the general public; interest in an values plotted on a semilogarithmic scale. This unincorporated business or privately held corpora- technique indicated the distribution of units within tion; livestock and crops. The debts covered are: each broad bracket and made possible an estimate mortgages, land contracts, or other debt on homes, of the median value within each bracket. farms, or other real estate; instalment credit; single For other real estate valued at $25,000 or more payment loans; insurance policy loans; all other and for all stock holdings and business interests, debt to banks, loan companies, insurance com- the questionnaires were re-examined to assign values panies, and individuals except charge-account credit. on the basis of all available information; in some This survey obtained more information than the cases respondents volunteered information in greater survey conducted in early 1949 in that it obtained detail than the coding of the survey required. For valuation data for business interests, other real cases which could not be resolved by examination estate, and livestock and crops. Information ob- of the questionnaires, medians within brackets were 1610 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1950 SURVEY OF CONSUMER FINANCES obtained by graphic approximation, using cumula- you bought before 1949? Did you owe any money tive frequencies of reported bracket values plotted on loans from a bank, a loan company, or private on a semilogarithmic scale. individual? Did you owe any money on a loan or The value of 1950 model automobiles was con- an insurance policy? About how much did you sidered equal to the purchase price reported in the owe on the items referred to above? Did you borinterview. All other automobiles were assigned row any of this money (finance any of these purvalues based on the respondents' reports of make chases) during 1949? Did you owe any money at •and model year. the end of 1949 that we haven't mentioned? Did Some important items of value were omitted you borrow any of this during 1949? Charge acfrom the asset compilation. Insurance, even though counts were disregarded unless it was clear that it is an asset owned by almost four-fifths of all the charge account was, in effect, a form of inspending units, was omitted because relatively few stalment credit. respondents know the cash reserve value of their Examination of the questionnaires indicated that policies (and therefore questions concerning them attempts to classify consumer debts other than home were not included in the survey) and because as- mortgages as to specific type—bank loans, instalsignment of values would have been an extremely ment sale credit, and the like—would be unsatiscomplex process due to the multitude of types of factory. Certain debt arrangements defied classiinsurance and the wide range of ages of policy- fication. The less intensive investigation of each holders. Estimates of the value of furniture, cloth- liability item than was the case for assets may have ing, jewelry, etc., would be extremely unreliable in resulted in less complete reporting than would have the absence of organized markets, and these items been obtained by more detailed questions. were therefore omitted. Holdings of currency were The survey's estimates of net worth understate omitted since experience from earlier surveys indi- the net worth of consumers, because it seems probcated that those respondents having large currency able that for most spending units the omitted assets holdings are reluctant to report their holdings. exceed in value the omitted debts. Trust funds, annuities, and holdings of bonds of Changes in net worth, as defined, are fairly concorporations and of State, local, and foreign govsistent with the alternative definition of saving used ernments were also omitted, but the resulting bias in this year's survey.1 Realized changes in the is small because such assets are held by a very value of the net worth items plus insurance presmall segment of the population. miums compose the alternative definition of saving. With the exception of debt on homes, the survey Because of the omission of insurance and certain did not probe as deeply to determine specific forms funds from the assets entering the net worth calcuof debt as it did with specific assets. Data con- lation and the valuation of assets at market rather cerning debt of the spending unit were developed than cost, however, the survey alternative definition from questions relating to debt connected with se- of saving differs conceptually from changes in a lected types of assets and from questions on other spending unit's net worth as defined in the survey. types of debt. Mortgages, land contracts, and other The easily realized wealth of a spending unit debts on homes were obtained in the housing sec- may determine in part its pattern of consumption. tion. Similar forms of debt were also obtained in A high net worth of the type defined in the survey the section concerned with other real estate owned indicates the possession of acceptable collateral for by the spending unit. For automobiles and large securing loans to finance new purchases or the household items, furniture, refrigerators, television possibility of exchanging more or less liquid assets and radio sets, and household appliances, which for assets not included in net worth as computed were purchased in 1949, the original terms of pur- in the survey. Analysis of consumers' behavior in chase and any repayments during 1949 were ob- terms of their wealth position is not new. Howtained. ever, most previous inductive work along these In the section on debt the following additional lines has been based on aggregate data. The data questions were asked: Did you owe any money obtained from these surveys should aid in explorat the beginning of the year on instalment because ing the proposition that distribution of wealth, as of purchases made in 1949 that we haven't men- well as its aggregate amount, affects consumption. tioned, for example on sporting goods, clothing, 1 "The Distribution of Consumer Saving in 1949," Federal or jewelry? Did you owe any money on anything Reserve BULLETIN, November, 1950 Appendix II, pp. 1453 £f. 1611 DECEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Clayton Antitrust Act is a valid and enforceable provision for an exten-, Denial of Certiorari in Transamerica Case sion of the 12th note for some specified period when it falls due after September 18, the extension In the Federal Reserve BULLETIN for July, 1950, may not now be carried out except on terms combeginning at page 823, and for September, 1950, plying with the present requirements of Regulaat page 1155, there were published opinions and tion W. The existence of valid and enforceable orders of the United States Court of Appeals for provisions for such extensions would seem to be the Ninth Circuit in the suit of the Board of Govextremely rare. In the usual case, there is no such ernors against Transamerica Corporation and Bank valid and enforceable provision and the extension, of America N. T. & S. A. On November 13, 1950 except in certain specified instances, would be the Supreme Court of the United States denied limited under the regulation to a maximum marespondents' petitions for certiorari to review the turity of 15 months. decision of the Court of Appeals, and on December 11 denied a petition for a rehearing of the petitions Sets and Groups of Articles for certiorari. A question has been presented concerning the Consumer Credit application of section 6(g) of Regulation W re- House Trailers lating to sets and groups of articles. Instalment credit for the purchase of a house In determining whether several articles contrailer designed for residential use is exempt under stitute "a single listed article" under section 6(g)— section 7(h) of Regulation W. This is true 1. The articles must be so related as to conwhether the purchaser intends that the trailer re- stitute a set, group, or assembly, or main mobile or whether he intends to detach the 2. They must be merchandised as a single wheel assemblies and place the trailer on a founda- unit; and, in either case tion constructed on real property. In the latter 3. They must be sold or delivered at subevent, the credit is exempt under either section stantially the same time. 7(A)(1) or 7(A)(2). With respect to section Requisites 1 and 2, it will be noted, are stated 7(h)(3) see the interpretation entitled "House in the alternative. Consequently, if a given case Trailers" under the subject Residential Real Estate meets either or both of these requisites, section 6(g) Credit in this issue of the BULLETIN. will apply, assuming that the third requisite, which If the wheels of house trailer are detached and is self-explanatory, is also satisfied. it is placed on a foundation constructed on real If the items are functionally related as in the property, then the trailer is an "existing structure" case of a dining room or bedroom suite, the first for purposes of Group D of the Supplement requisite would be met. However, even if the to Regulation W. items are not functionally related, but are mer- Pre-effective Date "Balloon" Notes or Payments chandised as a set, group, or assembly, the second The Board has considered certain questions con- requisite would be met and the absence of funccerning instalment credits involving so-called "bal- tional relationship would be immaterial. loon" notes or payments that were written or ar- With respect to the second requisite, important ranged before September 18, 1950, the effective date considerations are how the items are offered to of Regulation W. In a typical case of the kind, there customers, advertised, or ticketed, and the merwould be 11 notes followed by a 12th "balloon" chandising practices of a particular seller or pracnote which may be in an amount several times the tices in the particular trade. If listed articles are amount of each of the preceding notes. sold pursuant to an offering of the articles as a set, The Board expressed the view that unless in the group, or assembly, the articles constitute a single pre-September 18 contract between the parties there listed article regardless of functional relationship 1612 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT and regardless of whether they are offered at a call it a "rental" rather than a "sale." Without atcombination price which is lower than the price tempting to describe all the various arrangements of each article if bought separately. that are subject to the regulation, it should be noted that the definition of credits that are sub- Home Improvement Incorporating Group B ject to the regulation includes, among other things, Combination Unit "any contract for the bailment or leasing of prop- The Board understands that instalment financing erty under which the bailee or lessee either has the of combination units including a kitchen sink and option of becoming the owner thereof or obligates dishwasher may be covered by FHA Title I in- himself to pay as compensation a sum substantially surance. Regulation W establishes a minimum equivalent to or in excess of the value thereof; down payment of 10 per cent and a maximum ma- # # # j transaction or series of transactions anc anv turity of 30 months for home improvement credits having a similar purpose or effect." which do not include articles listed in Group B of Part 1 of the Supplement to Regulation W. Item Tax or Fee Prerequisite to Auto Tags 6 in Group B reads "Combination units incorpo- A question has been presented concerning the rating any listed article in the foregoing classitreatment under Regulation W of a tax or fee payfications of this Group B" and one article "in the able as a prerequisite to obtaining license plates in foregoing classification" is "Dishwashers, mechanthe name of the purchaser of an automobile. The ical designed for household use." The effect of Board is of the view that such a tax or fee may be this listing in Group B is that a minimum down included in the "cash price" of the automobile, payment of 25 per cent is required and the maxiand may be added in computing the "appraisal mum maturity is 15 months for such a combinaguide value" under Part 4 of the Supplement. To tion unit as a sink including a dishwasher. this extent the credit extended may cover such a Where a credit insured under Title I arises from tax or fee whether the transaction is an instalment the installation, in an existing residential structure, sale or an instalment loan. This is in accordance of a combination unit included as Item 6 in Group with interpretations issued under earlier versions of B of Part 1 of the Supplement to Regulation W, the regulation. The Board is of the further view, that portion of credit is subject to the minimum however, that such a tax or fee may not be treated down payment and the maximum maturity speci- separately and added in its entirety as part of the fied for Group B articles although the balance of time or loan balance subject to maximum maturity the credit, if any, may be subject to the minimum limitations. down payment and maximum maturity applicable to Group D. In that connection, where a credit Refinancing of Instalment Sale of Unlisted Article is partly subject to one section of Regulation W A question has been presented concerning the and partly subject to another, section 6(d) of Regapplication of Regulation W to the instalment reulation W is applicable. financing by a bank or finance company of an instalment obligation which had been made payable Hotel or Motel Repairs or Improvements to the vendor by the purchaser of an unlisted A structure is not "designed exclusively for non- article and which thereafter had been purchased residential use" within the meaning of Group D of or discounted by the bank or finance company at the Supplement to Regulation W merely because a date subsequent to the sale of the article. In the it is used, or designed for use, as a motel, tourist case presented the refinancing would be accomcourt or ordinary hotel. Of course, repairs, alter- plished by the Registrant taking an instalment note ations and improvements upon such structures will payable to itself which would replace the original be exempted from the regulation in many cases by obligation purchased or discounted. Inasmuch as the $2,500 ceiling applicable to such credits under the transaction between the purchaser and vendor section 7(a) of the regulation. was not regulated, the Board is of the view that such refinancing, whether or not evidenced by a "Rental" Transactions new obligation, likewise would not be a regulated A transaction does not cease to be subject to transaction. In all such cases, however, the Regis- Regulation W merely because the parties choose to trant would have a duty under section S(a) of DECEMBER 1950 1613 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT being able to demonstrate that any such refinancing ficient information with respect to its price and on unregulated terms was permissible. also with respect to any trade-in or allowance. Consequently, in cases of this kind section 4(*/) would Statement of the Borrower not require of the borrower an additional statement. A recent inquiry received by the Board raised a question concerning the application of section Of course, the information reflected in the afore- 4(d) of Regulation W in the case of an instalment mentioned forms when completed by the borrower loan for the purpose of purchasing residential re- will not necessarily indicate compliance with repairs, alterations, or improvements covered under quirements of Regulation W other than section Part 1, Group D of the Supplement to the regu- 4(^). For example, in a given case, a down paylation. The specific question is whether, in the ment greater than the 10 per cent requirement case of any such loan for which FHA insurance specified by the Down Payment Certificate may be is sought, the "FHA Title I Credit Application" necessary under Regulation W. This would occur form and the "FHA Title I Cash Down Payment by virtue of Group B of the Supplement where a Certificate" form, when both are properly com- modernization job would include, for example, the pleted by the borrower, are sufficient to satisfy the installation of a kitchen sink unit incorporating a requirements of section 4(J) concerning the State- mechanical dishwasher. ment of the Borrower. The aforementioned forms Summary of Interpretations are designated, respectively, "Form FH-1, (Rev. 6-50)" and "Form FH-9, Rev. 7-50." In view of the fact that Regulation W, which The Board's understanding is that a separate became effective September 18, 1950, is similar in Credit Application to the lender is required to be very many respects to Regulation W which was in executed by the borrower for each such loan, and effect until June 30, 1949, a number of the interthat such Credit Application and a Down Payment pretations which were issued by the Board of Gov- Certificate executed by the borower are required ernors before the latter date are applicable under to be obtained by the lender prior to any disburse- the present regulation, as amended. These interment of the loan. The Credit Application form pretations are summarized below. specifically states that the proceeds of the loan The summaries, however, must be treated merely applied for will be used to finance the repairs or as examples demonstrating certain principles, and improvements which the form requires the bor- should be used only as aids in studying the aprower to describe. It is understood also that the plication of the regulation. Since the complete "total cost," exclusive of financing charges, re- facts involved in the administrative interpretations quired to be set out in the Down Payment Certifi- upon which the summaries are based are not set cate represents the actual cost of the repairs or im- forth in full in the summaries, there can be no asprovements described in the Credit Application, surance that the facts of any new situations will and that no discrepancy is permitted between this be identical with those of the interpretations as figure and the cost as revealed by the Credit Ap- condensed in the summaries. Therefore, caution plication. In addition, it is understood, and the should be exercised against reaching a conclusion Down Payment Certificate indicates, that the bor- in a given case solely on the basis of similarity to rower must specify in such Certificate the amount any one of the summaries. of any trade-in or other allowance. References to sections of the regulation in the On the basis of the foregoing and from an ex- summaries refer to sections of the present reguamination of the FHA forms in question, the lation which, in some cases, carry different num- Board is of the view that such forms, when bers than the earlier regulation. In addition, but properly completed by the borrower, are sufficient without altering the principles expressed in the to satisfy the requirements of section 4(d) of Reg- underlying interpretations, some of the summaries ulation W. In such a case, the borrower states the refer to other differences between the present regpurpose of the loan and indicates that the entire ulation and the earlier regulation. proceeds of the loan are to be used for that purpose. The summaries are arranged below in approxi- And, as the purpose is to purchase a listed article, mately the same order as the provisions of the reguthe borrower identifies such article, supplies suf- lation to which they relate. 1614 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT (1) Registrants may not purchase, discount, or lend equity to another purchaser by transferring the upon nonconforming paper—An obligation arising article subject to the original debt and lien, the out of a bona fide transaction between two in- transfer being arranged directly between the parties dividuals not "engaged in the business" as described and not by or through any Registrant, the transfer in section 2 (a) of the regulation, and consequently may be made without restriction under the regunot subject to its requirements, may not subse- lation provided the original purchaser (who is not quently be purchased or discounted or accepted as a Registrant) remains liable on the contract and collateral by any Registrant if it shows on its face there is no change in the contract except the addiany failure to comply with the requirements of the tion of the signature of the new purchaser. Howregulation or if the Registrant knows of any fact ever, if the original purchaser is released, or the by reason of which it fails to comply. terms of the contract are altered, the same require- (2) Isolated transaction.—Although an automobile ments would apply as if the Registrant were making salesman may sell his demonstrator as an isolated an ordinary instalment sale of the listed article. transaction on terms which do not comply with (7) Conversion of noninstalment credit.—Where the regulation, the dealer-employer, if a Registrant, an entire credit in good faith originates as and is may not purchase the resulting obligation unless it evidenced by an obligation payable in a lump sum, complies with the requirements of the regulation. its later conversion to an instalment basis by the Of course, if the relation of the salesman and the same Registrant does not make it subject to the dealer is such that the automobile is in effect the regulation as an "instalment credit." It is essenproperty of the dealer rather than of the salesman, tial, of course, that the original transaction be in the sale would be subject to the regulation. good faith and not a subterfuge, An organization which purchases substantial (8) Free merchandise and rebates—An instalment numbers of automobiles for cash and sells them vendor of a listed article is not prohibited by the to its salesmen on a monthly payment plan is "en- regulation from making a bona fide "free" gift of gaged in the business" described in section 2(a) of other merchandise to the buyer of a listed article, the regulation and the sales must comply with the provided the transaction is consummated on the down payment and other requirements of the reg- basis of the "bona fide cash price" of the listed ulation. article. A cash price would not be bona fide if it (3) Advance by an organization to its agent—An were raised to permit the so-called "free" gift, and advance made by an organization, such as an in- such a practice would be an evasive device to cirsurance company, to one of its agents which is cumvent the down payment requirement. In the repayable in instalments is subject to the regulation latter case the record required by section 3(£) to the same extent as any other instalment loan. It should show the "bona fide cash price," rather than would not be subject to the regulation if it is an the inflated price, on which the customer made the isolated loan made by a company not "engaged in required down payment and the resulting time the business" of making instalment loans; or if it balance; and, if so handled, the "free" gift would is exempt under section 7 as, for example, a loan not violate the regulation. to an agent to pay office rent or salaries of his em- A bona fide discount or rebate on the sales price ployees (section 7(b)). of a listed article is not prohibited by the regu- (4) Registration not required if all credits are ex- lation. In such a case the aforementioned record empt—A person need not register as required under should show that an article selling at a particular section 2(b) of the regulation if every extension of price was reduced to a price net of discount upon consumer credit made by him is exempt from the which the required down payment was obtained. provisions of the regulation by section 7. (9) Insurance relating to listed article.—When in- (5) Re-registering not required upon removal of surance relating to a listed article is sold or financed office—It is not necessary for a Registrant already in connection with the listed article by the Regisregistered to file another registration statement trant who sells or finances the listed article, the upon moving its principal office to another Federal insurance cannot be treated as a separate exempted Reserve district. / sale of an unlisted article, but must be included (6) Transfer of equity—Where the original in- in the "time balance" as required by sections 3(a) stalment purchaser of a listed article transfers his and 6(c), and must be scheduled for repayment DECEMBER 1950 1615 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT within the applicable maximum maturity as speci- ment" or understanding that the first instalment fied in sections 3(a) and 3(£). The same treat- payment of the time balance arising from an inment is required in the case of instalment loans. stalment sale will be waived or paid by the Regis- (10) Service relating to listed article When a trant, would contravene section 6(1?) and, in effect, service relating to a listed article is sold or financed would constitute provision for refund of a part of in connection with the listed article by the Regis- the required down payment contrary to sections trant who sells or finances the listed article, the 3 and 6(h) of the regulation. In view of the service cannot be treated as a separate exempted pertinent sections of the regulation, any arrangesale of an unlisted article, whether or not the serv- ment or understanding at the time the credit is ice is covered by a separate contract. The service extended providing for the skipping of any inmust be included as a part of the "cash price" of stalment payment, including the first, would be the listed article in computing the maximum loan contrary to the regulation unless, of course, the value or down payment, and must be scheduled case were such as might be covered under secfor repayment in the manner applicable to the tion 6(a). listed article. In the usual case, the amount charged (16) Record of instalment sale.—The "record of for the service would be essentially a part of the an instalment credit" as described in section 6(c) selling price of the article, and section 8(/)(7) need not be on a single sheet of paper and need specifically includes "the bona fide charge for any not use the terminology used in that section. The services sold or financed in connection with the cash price may be shown as a total without itemarticle." Section 6{h) regarding evasive agree- izing taxes and accessories, but the accessories must ments also might be relevant in the consideration of be identified. such matters. (17) Financing replacement article.—Where any of (11) Agreement to convert charge account The the insurance proceeds received in settlement for sale of a listed article in a charge account with an an irreparably damaged listed article are used as a agreement or understanding that the credit will down payment on a replacement listed article later be converted into an instalment contract rather than toward payment of the loan previously violates sections 3(#) and 6(h). made to finance the purchase of the damaged (12) Delay in delivery—If i an instalment sale article, it would be in violation of the regulation n subject to the regulation the article sold is not going for a Registrant to make a new advance to the to be delivered until a date subsequent to the date borrower to purchase a replacement article in an of the contract, section 6{b) permits the maximum amount which, when added to the old loan balance, maturity to be calculated from the date of de- would exceed the maximum credit value of the livery; and, except as permitted by section 6(#), the replacement listed article. first instalment shall be scheduled to fall due not (18) Obligation payable to seller or financial instilater than one month after the date of delivery tution.—If the seller of a listed article takes an inwith, of course, the option under section 6(£) of stalment note in payment, the transaction is a sale making the 15-day adjustment permitted by that subject to the regulation, whether the note is paysection with respect both to the maximum maturity able to the seller or to a bank or finance company. and the date of the first instalment. If the seller of an unlisted article takes a note pay- (13) Instalments in decreasing amounts Sections able to himself, the transaction is exempt from the 3(£)(1) and 4(<r)(l) are worded in the alternative. regulation because the regulation does not apply For example, a first instalment of, say, $65 may be to the sale of an unlisted article. However, if the followed by the remaining permissible number of seller of an unlisted article takes an instalment note scheduled instalments of, say, $25. payable to a bank or finance company, the trans- (14) Minimum monthly payments.—The $5 mini- action (depending, of course, upon the principal mum monthly payment requirement of sections amount involved) is subject to the regulation as 3(£), 4(<r), and 5(a) does not prevent the last an instalment loan. scheduled instalment payment of a regulated ob- (19) Balloon note.—A note evidencing an unclasligation from being less than $5. sified instalment loan, for example, which calls for 11 equal monthly payments followed by one larger (15) Waiver or skipping of instalment payments.— payment meets the requirements of section 4(c) if, A prearrangement in the form of a "side agree- 1616 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT assuming the maximum permissible maturity to be tion so as to require compliance with that section. 15 months, there is an express agreement that when However, if an instalment loan were one subject the twelfth payment falls due, only one-fourth of it to the regulation, a reduction of interest should not will be paid on that date and the rest will be re- result in scheduled payments below the minimum financed into 3 monthly payments in such manner amounts required by sections 4(c) and 5(a)(2). that the net result will be 15 substantially equal (24) Defaulted obligations—Section 5(<r)(l) permonthly payments. mits a Registrant to renew or revise an obligation (20) Statement of borrower—Where there are on such terms as he deems necessary in good faith, several parties to a note, some of whom are ac- where the obligation is in default and the subject commodation makers, the Statement of the Bor- of bona fide collection effort by him and the action rower required by section 4(J) need be obtained is for his own protection. Only the Registrant only from the party who received the proceeds of holding the obligation is permitted to make such the loan. renewals or revisions. Another Registrant, how- (21) Loan over $2,500 or $5,000 A loan over ever, may discount and receive payments upon an $5,000 is not subject to the regulation even if a obligation which prior to discount has been repart of it is to he used to pay off an indebtedness newed or revised as permitted by this section. The which was subject to the regulation. The re- section also permits a Registrant who has purnewal or revision of a loan which was originally chased a delinquent instalment obligation and who more than $5,000 is not subject to the regulation has exercised a bona fide collection effort, to revise even though the balance at the time of renewal or the obligation on terms not initially permissible. revision is less than $5,000. If instead of renewing Any renewal or revision pursuant to this section or revising such an obligation, the lender makes must be the last resort (except, of course, litigation) one instalment loan of less than $5,000, part of the and a measure to be taken only after other means proceeds of which are to be used to pay off the old of collection have been exhausted. obligation, only the part of the loan representing (25) Resale of repossessed listed article The fact new money is subject to the regulation. In such that an automobile or other listed article has been cases, however, it would ordinarily be better prac- repossessed does not in any way authorize the retice for the lending institution to keep the two sale by a Registrant contrary to the requirements credits separate. Appropriate modification in the of the regulation, including the down payment or application of these principles are necessary, of maximum loan value and instalment payment and course, in the light of the provisions of section 7 (a) maturity requirements. This rule is contained in of the regulation. the proviso at the end of section 5(c). It is im- (22) Add-on sale over $2,500 or $5,000.—An add-on material that the repossession and sale to a new sale of a listed article having a cash price of $900 purchaser follow a "bona fide collection effort" which is consolidated with an existing obligation rather than an ordinary or other repossession of of $4,200 resulting in a total credit of more than the car. $5,000, is not subject to the regulation, and there- (26) Listed article installed in house.—Section 7 fore no down payment is required in connection (A)(l) exempts a loan to purchase a house even with the add-on sale. However, if the total credit if the house is one in which certain listed articles is less than $5,000, the down payment is required. had previously been incorporated. However, this Appropriate modification in the application of these section does not exempt a mortgage loan to be used principles are necessary, of course, in the light of to purchase a listed article. the provisions of section 7(a) of the regulation. In view of section 6(d) an extension of credit > (23) Reduction in interest rate—A good-faith re- which combines an exempt credit such as one to duction in the interest on a pre-September 18, 1950 construct a detached garage and a credit subject to instalment loan which would be effected simply the regulation such as one to finance a listed article by a letter from the lender to the borrower and cannot exceed in amount the cost of the garage which, except for a pro rata scaling down of in- plus the cost of the listed article minus the down stalment payments, would not otherwise change or payment required thereon by the regulation, and modify the obligation, would not constitute a "re- the instalments in which the credit is payable must vision" of the loan under section 5(a) of the regula- be sufficiently large to repay the balance of the DECEMBER 1950 1617 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT cost of the listed article within the maturity regulation, this subsection (/) would not prevent specified for the listed article in Part 2 of the Sup- the lender from lending the difference between the plement to the regulation. down payment required by the regulation and the (27) Credit for mixed purposes—Where an exten- down payment required by the seller. sion of instalment credit arises out of the sale of a (31) Additional credit and release of collateral listed article, for example, repairs to a dwelling, A Registrant holding an unpaid, unclassified instaland the conversion of a part of the dwelling into ment loan secured by a listed article may release such an office, section 6(d) relating to mixed credits article for the borrower's use as a trade-in on a new applies. The sale of the repairs would be subject or different listed article and make an instalment to the regulation, while the conversion project loan to the borrower for the purpose of purchasing would be exempt. the new or different article, in the amount of the (28) Sale or delivery on trial—A present instal- maximum loan value thereof, assuming that the ment sale of a listed article is subject to the reg- parties act in good faith and that the unclassified ulation in the usual manner without regard to sec- loan is not otherwise changed or modified. If, howtion 6(/). This is true even though a part of the ever, the earlier unpaid instalment loan had been for sales agreement gives the buyer an option to return the purpose of purchasing a listed article then, under the article, instead of paying the price, and thereby section 6(0 of the regulation, neither the same revest in the vendor complete ownership or prop- nor another Registrant properly could make the erty in the article. If an agreement of the kind second loan since, to do so, would constitute an specified in the second paragraph of section 6(/) is extension of credit in connection with the purexecuted and delivered in connection with an agree- chase of a listed article in excess of that permitted ment evidencing a present instalment sale, as for by the regulation. example, a conditional sales contract, and collec- (32) Automobile demonstrator exemption. — In tion by the Registrant of the required deposit or order for the exemption under section 7(c) to down payment is delayed, such an arrangement apply to credit extended to an automobile salesman would not fall within or comply with section 6(/.), to finance the purchase of a new automobile for nor would it comply with the requirements of sec- use principally as a demonstrator: (a) the salesman tion 3(a) of the regulation. However, where a must be a bona -fide salesman of new automobiles listed article or listed-article "demonstrator" is de- of the same make and year as the automobile purlivered to a prospective instalment buyer and he chased as a demonstrator—the exemption is not must subsequently in some way manifest his ac- applicable to salesmen whose sales are confined to ceptance or willingness to buy before ownership used cars nor to persons who are not employed or property in the article or a similar article passes principally as salesmen, such as mechanics, parts to him, then the original delivery in such a trans- clerks, office workers, etc.; (b) the phrase "used by action would be of the type covered by section 6(/). him principally as a demonstrator" is not intended (29) Delivery prior to down payment.—Where pur- to require that the automobile be used principally suant to a sales promotion arrangement a Regis- for the transportation of his prospective purchasers, trant sets aside a listed article for a customer pend- since the phrase may also include the salesman's ing the accumulation of the required down pay- use of the automobile for other bona fide demonment but delivers for the customer's use in the stration practices. meanwhile a similar listed article, the transaction Because of section S(a), in all such cases the would not comply with the requirements of Regu- Registrant, whether the dealer or a financing instilation W and would be contrary to section 6(/) tution, must have in his or its records a statement and section 6(h). or other record of the facts establishing the ex- (30) Side loan to make down payment..—The emption of any such paper. words "any other extension of credit" in section (33) Sale of "demonstrator" automobile,—The sale 6(() include but are not confined to other exten- of an automobile which has been used and driven sions of instalment credit. as a "demonstrator" by an automobile dealer or Section 6(0 refers to the down payment required salesman constitutes the sale of a used automobile,, by the regulation. Accordingly, if a seller asks for even though the automobile has not been prea larger down payment than is required by the viously sold and regardless of whether such sale 1618 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT occurred before or after the next successive model If a bank lends to a finance company on the change for that make of automobile. security of instalment obligations arising from sales (34) Loans to carry securities.—The word "carry- of listed articles, there could be no violation of the ing" in section 7(g) means the refinancing of any regulation in making such a loan or receiving payindebtedness originally incurred for the purpose of ments on the loan from the finance company so purchasing investment securities. long as the payments do not arise directly from Section 7(g) would not exempt a loan made by the underlying obligations held as collateral. Howa credit union secured by its shares to enable the ever, if and when the bank wishes to resort to the borrower to purchase such shares if there were an collateral and to obtain payments directly out of the agreement that the borrower would be permitted underlying obligations, it may not do so unless the to withdraw any portion of the share account at requirements of section 8((?)(2) were met. any time if the credit union felt that the loan was (41) Verification of loan value.—A bank or finance otherwise adequately secured, because such a loan company purchasing or discounting automobile inwould have a dual purpose and not the single stalment paper is not required by section S(e)(2) purpose mentioned in section 7(g) and, in addi- of the regulation to check appropriate appraisal tion, the loan would not be fully secured within guides to verify that the instalment credit extended the meaning of section 7(^). does not exceed two-thirds of the appraisal guide (35) Loans to purchase building and loan shares.— value in cases where the appraisal guide value is Loans for purposes of purchasing or carrying build- lower than the "cash price." Of course, if it aping and loan shares are exempt from the require- peared from the face of the obligation or acments of the regulation under the last clause of companying papers, or if the Registrant knew from section 7(g). any other source, that the maximum credit value (36) Investment securities Savings passbooks was exceeded, then the Registrant would not be are not "investment securities" under section 7(g). entitled to the benefits of section 8(e)(2) with (37) Orthopedic and related devices exempted respect to such obligation. Loans to finance purchases of artificial limbs, hear- (42) Effective date—-pre-September 18, 1950, coning aids, contact lenses, other such corrective ap- tract—The delivery of a new, more expensive listed pliances, and wheelchairs would qualify for exemparticle to replace a defective less expensive listed tion under section 7(/) if the statement required article which was purchased on an instalment by that section clearly indicates in addition to the basis prior to September 18, 1950, is a new instalother information the use to which the proceeds ment sale and is subject to the provisions of the are to be put. regulation, but any payments already made on the (38) Preservation of records.—The requirement defective article may be credited against the down of section %{d) of Regulation W that the Registrant payment required by the regulation on the new preserve relevant documents for the "life of the article. obligation to which they relate," includes the "State- (43) Single payment or instalment credit—-An exment of the Borrower" required under section 4(d). tension of credit, which upon its face is repayable The term "obligation" as used in section S(a) in only one scheduled payment, is an extension of means the original obligation with respect to which instalment credit if at the time it is made the lender the Statement of Borrower was procured and, thereand the borrower have an understanding that the fore, does not require the preservation of the Stateborrower will be required to make only a partial ment executed in connction with such original payment at maturity and that the balance will be obligation after a new obligation has arisen by renewed. virtue of a revision of the old credit. (39) Consumer-violator—A consumer who know- This would be true also where the single payment ingly violates or induces violations ©£ the regula- obligation was created prior to September 18, 1950, tion may subject himself to criminal penalties. and the agreed instalment arrangements were not (40) Bank discounting obligation—A bank which completed until after that date and involved the purchases or discounts an obligation is not required substitution of new or different paper for the to ascertain whether the seller is licensed under original evidence of debt. Here, of course, the the regulation. original obligation, including the instalment ar- DECEMBER 1950 1619 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT rangements, would constitute a pre-September 18, sale for cash at the "cash price" under such cir- 1950, contract. cumstances as to give each customer reasonable However, if a Registrant makes a sale on credit notice of the offer and reasonable opportunity to under an agreement which does not expressly pro- accept it. vide for instalment payments by the customer, the (47) Repairs and replacement parts—Repairs and transaction need not be treated as an "instalment replacement parts for automobiles, refrigerators,, sale" even though the customer has previously made and other articles listed in Groups A, B, or C are partial, divided, or serial payments in his account, not themselves listed articles. or, regardless of previous practice, indicates an in- (48) Automobiles—The classification "automotention to do so in this instance, provided there is biles" includes station wagons and the "Jeep Station no bilateral understanding between the customer Wagon" (trade name). It does not include trailers^ and the seller that the customer is required to make ambulances, hearses, or jeeps. payments in such manner. Likewise, an ordinary The classification "automobiles" includes the bank loan evidenced by a promissory note payable Chevrolet "Carry-all Suburban," the Willys-Overin full at maturity is not an "instalment" loan sub- land " Jeep' Utility Wagon," the GMC "Suburban" ject to the regulation even though the bank may and other similar automobiles even though they are anticipate that at the maturity of the note it may used or registered commercially or have certain accept partial payment and a renewal note, pro- heavy-duty or truck features or removable seats,, vided the bank makes no commitment to do so since they are designed for the purpose of transportand the transaction is entered into in good faith ing less than 10 passengers. and not as a means of evading the regulation. (49) Cooking stoves and ranges—The classifica- (44) Joint instalment sale to several purchasers tion "Cooking stoves and ranges" includes table An arrangement, which may be described for the model roasters and cookers. It does not include sake of illustration as follows, would be subject to cooking and baking equipment designed for com- Regulation W. An automobile dealer would sell mercial use in restaurants and hotels, or a deep fat three automobiles to three different purchasers with fryer designed for such use. payment to be made in instalments, the three pur- (50) Ironers—The classification "Ironers dechasers would become jointly and severally liable signed for household use" does not include hand for the entire amount of credit involved in the irons. three sales, and each one of the purchasers would (51) Refrigerators—The classification "Refrigbe indemnified by a surety bond against defaults erators and food freezers, mechanical" includes a by his joint obligors. The total credit would ex- system consisting of one or more cabinets with a ceed $5,000, but the amount involved with respect separate mechanical refrigeration unit serving these to each automobile would be less than $5,000. cabinets. It does not include a locker in a locker Viewed in its entirety, the transaction would plant; nor cabinets to hold or display ice cream or really involve three instalment credits, each less other products for sale; nor water coolers, nor milk than $5,000, and could not properly be regarded as coolers not designed for household use, nor autoa single credit of more than $5,000. matic vending machines which cool as well as dis- (45) Accessories sold with automobiles.—Where a pense soft drinks. new automobile is sold equipped with accessories, (52) Washing machines—A "Commercial model" such as radio and heater, the cost of the accessories automatic washer incorporating certain "heavy is part of the "cash price" of the automobile under duty" features and equipped with a coin-operating section 8(/)(7), and the maximum loan value is device is a listed article within the meaning of limited to two-thirds of the total cash price. Regulation W if it is of a type readily adaptable (46) "Cash price" established by instalment seller. for household use and is not designed exclusively for commercial use. —Where a Registrant offers an article at either a (53) Radius, television sets, phonographs The cash price or a time price, the cash price being below the dollar amount specified in Part 1 of the classification "Radio # * * receiving sets" does not Supplement to the regulation and the time price include radio transmitting sets or combination radio above that amount, a down payment would not, transmitting and receiving sets. be necessary if the article is in fact offered for The classification "Phonographs or combinations" 1620 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT includes an automatic record player designed to play (58) Calculating down payment on Group B listed more than the usual number of records without articles—When an article is traded in on a listed repeating or changing and incorporating other article other than an automobile, Part 5 of the unusual technical features but readily adaptable Supplement requires that the value of the article for household use and not designed exclusively for traded in (or the value of the purchaser's equity in commercial use. it) be deducted in order to ascertain the net price The classification "Television receiving sets" in- to be used in calculating the down payment or loan cludes sets suitable for private or home use even value of the article being purchased. However, though they may be commonly used commercially. Part 5 of the Supplement does not prohibit the This is true, in the absence of other facts, even seller from taking back an article which is unsatisthough they may have exceptionally large screens factory to the purchaser if the seller allows the full or cabinets and may be equipped with a coin- purchase price as a credit against the price of the operating device. new article. Of course, if the price of the new (54) Furniture—The classification "Furniture" article in such a case is inflated in order to offset includes an ice refrigerator regardless of the use to depreciation in the original article, the transaction which it is to be put, unless its design and construc- would violate Part 5 of the Supplement and section tion are such that it is clearly usable only for com- 6(h). mercial purposes; it includes mirrors, unpainted furniture, kitchen or breakfast room sets, swings, Residential Real Estate Credit and a prefabricated decorative fireplace not suitable House Trailers for heating purposes. The classification "Furniture" does not include kitchen cabinets, pictures, The question has been raised whether Regulation chinaware, cooking utensils, or silver-plated flat- X applies to extensions of credit in connection with ware. Furniture of the type used in households is sales of house trailers. It is the view of the Board subject to the regulation even though the particular that such extensions of credit are subject to the piece may be sold for use in an office, hospital, store, regulation where the trailers are to be used for or other commercial building. dwelling purposes and the wheel assemblies are to (55) Small deficiences in down payments.—Defi- be detached and the trailer placed on a foundation ciencies in down payments, even in small amounts, constructed on real property. are not permissible, except as permitted by section Maximum Maturity 6(e) of the regulation. (56) Excess down payment.—A purchaser who has The maturity provision in the Supplement to made a down payment in excess of the amount Regulation X provides that no credit subject to the required by the regulation may not later have the regulation shall have a maturity of more than 20 excess applied as part of the down payment on years (or, in some cases, 25 years) from the date another listed article. such credit is extended. In trade practice, provision (57) Calculating down payment on automobiles.— often is made for the payment of the first instalment The equity in a used car may be used as a down on a loan on the first day of the second calendar payment on another car, and for this purpose the month after the month in which the credit was dealer may accept the first car and pay off the extended. For example, if the credit was extended contract on it. However, if the owner obtains a on October 25, the first instalment would become loan to pay off the contract on his old car, and in due on December 1. addition uses the car as a trade-in, the loan would In order to permit this practice, in calculating the violate section 6(/). maximum maturity of credit subject to the regula- Where a fictitious amount is added to the price tion, a Registrant may, at his option, use any date of an automobile and is later eliminated from the not more than 32 days subsequent to the date such price actually paid by the purchaser (either by an credit is extended. increase in trade-in allowance or by way of discount Short-Term Construction Credit or otherwise) the "cash price" of the automobile under section 8(/)(7) and Part 4 of the Supplement, In answer to questions that have been raised condoes not include the fictitious amount thus added. cerning the exemption in the first sentence of section 1621 DECEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 5 (b) of Regulation X for short-term construction struction costs, or (3) extending the time within credits having a maturity of not more than 18 which the Registrant is committed to make the months, it is the opinion of the Board (1) that a loan. It is the Board's opinion that credit extended demand note complies with the 18 months' maturity pursuant to such a modification of a prior commitlimitation if it is understood by the parties that ment is not exempt from Regulation X except in payment will be demanded within a reasonable the case of reasonable extensions of time in accordtime and in any event within 18 months from the ance with customary practices where the closing of date the credit is extended; and (2) that a note loans is delayed by title difficulties, unforeseen having a maturity of less than 18 months may be delays in the completion of construction, or comrenewed pending completion of construction if the parable circumstances. date of maturity of the renewal is not more than Motels and Tourist Courts 18 months after the date the credit originally was extended. In reply to inquiries concerning the application of Regulation X to motels and tourist courts, it is the Exemptions for Contemplated Construction Board's opinion that the fact that a structure is It is the view of the Board that exemptions under used, serving or designed for transient or temporary section 5(g) of Regulation X should not be granted occupancy, rather than permanent occupancy, does unless there is a clear showing of substantial hard- not prevent the structure from being a residence ship. The mere fact that a builder or other person within the meaning of section 2(\) of Regulation X. may have made substantial commitments or under- However, in accordance with the provisions of the takings before August 3 is not sufficient basis for Supplement to Regulation X, the maximum loan the granting of an exemption unless he is also able value may be applied separately with respect to each to show that he will suffer substantial hardship if structure if the Registrant so desires. he has to comply with Regulation X in obtaining credit rather than obtaining it on the basis pre- Allowance for Builder's Profit and Costs of Sale viously contemplated by him and the Registrant. Section 2(7) of Regulation X provides that, in The builder or other person must also be able to certain circumstances, the "value" of residential show that he had contacts or negotiations with a property shall be "the bona fide cost of the property Registrant prior to August 3, 1950, with a view to to the borrower, including a bona fide estimate of possible subsequent agreement for extension of the cost of completing new construction on such credit to such builder or other person. Section 5(g) property when the extension of credit is for the relates only to the credit to finance new construction purpose of financing such new construction." Queswhich is extended to the builder or other person tions have been raised concerning the inclusion of who made substantial commitments or undertakings builder's profit and sales cost in determining before August 3 and the provision does not apply "value" in cases where, in lieu of obtaining shortto credit involved in a subsequent sale of the prop- term construction credit which would be refinanced erty by such builder or other person. upon the sale of the houses, a builder constructing houses for sale seeks long-term mortgage loans for Modification of Pre-effective Date Firm Commitment the purpose of financing the construction of the Section 6(b) of Regulation X provides that the houses and with the expectation that the houses provisions of the regulation shall not apply to or will be sold subject to such indebtedness. It is the affect any credit extended pursuant to any firm Board's view that in such cases a reasonable buildcommitment to extend credit made prior to the er's profit and a reasonable estimate of the cost effective date of the regulation. Questions have of selling the houses may be included as a part of been raised concerning the application of this pro- the cost to the borrower (builder) for the purposes vision where firm commitments made prior to the of determining "value" under the above-mentioned effective date of the regulation are modified subse- provision of Regulation X. However, in conquent to that date by (1) substituting a new bor- nection with the sale of the houses, consideration rower for the one named in the commitment, (2) must be given to the provisions of section 4(<z)(6) increasing the amount which the Registrant is com- of Regulation X relating to the sale of property by mitted to lend in order to cover increases in con- a Registrant subject to indebtedness which exceeds, 1622 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT or as a result of such sale would exceed, the ap- usual type of fraternity house does not include plicable maximum loan value of such property. more than two family units and, therefore, would be subject to the provisions of Regulation X. Preservation of Records Maximum Maturity of Converted Short-Term Records required by section 6(d) of Regulation X Construction Credit to be preserved for a period of three years need not be preserved after the repayment of the credit A loan of the kind described in the second to which they relate; and, in the event that a person sentence of section 5{h) of Regulation X will be sells or transfers a credit instrument and delivers deemed to comply with the requirements of that records relevant thereto to the purchaser or trans- sentence insofar as maturity and amortization are feree, the requirement that such person preserve concerned if the terms of repayment are such that, such records will be satisfied if he keeps a record of commencing on a date within 32 days from the the identity of the purchaser or transferee and the date of completion of construction, the loan will date of the sale or transfer. thereafter conform with the maturity and amortization requirements set forth in the Supplement to Fraternity House Regulation X. Thus, in a case where the 20-year It is the Board's opinion that a structure which maturity limitation is applicable, the requirements is used, serving or designed as a fraternity house is will be satisfied if the terms of the loan are such "used, serving or designed for dwelling purposes;" that, in the event construction is completed, for and, accordingly, if such structure does not include example, during the month of March 1951, the more than two family units, it is a "residence" loan is to be fully repaid by equal monthly paywithin the meaning of section 2(^) of Regulation ments commencing on May 1, 1951, and ending X. While it is recognized that there may be ex- on April 1, 1971. The foregoing assumes, of course, ceptional cases in which, depending on the par- that the loan agreement provides that in any event ticular facts involved, a fraternity house might not the loan will be brought into conformity with Regube a "residence," it is the Board's view that the lation X not later than 18 months after it is made. DECEMBER 1950 1623 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 1629-1630 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements. . . . 1630-1631 Federal Reserve Bank statistics 1632-1636 Deposits and reserves of member banks; bank suspensions. .. 1636-1637 Money in circulation 1638-1639 Bank debits and deposit turnover; Postal Savings System. . 1639 All banks and the money supply 1640 All banks in the United States, by classes 1641-1643 All insured commercial banks in the United States, by classes. . 1644-1645 Weekly reporting member banks , 1646-1649 Number of banking offices on Federal Reserve par list and not on par list 1650 Commercial paper, bankers5 acceptances, and brokers' balances. . 1651 Money rates; bank rates on business loans; bond yields.. 1652 Security prices and new issues 1653-1654 Corporate sales, profits, and dividends. . 1655-1656 Treasury finance 1657-1659 Government corporations and credit agencies. . 1660 Business indexes 1661-1670 Department store statistics. . 1671-1674 Cost of living 1674 Wholesale prices 1675 Gross national product, national income, and personal income. . 1676-1677 Consumer credit statistics. ... . 1678-1680 Current statistics for Federal Reserve chart books. . 1681-1685 November crop report, by Federal Reserve districts. . 1685 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. DECEMBER 1950 1627 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS -IONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS MONEY IN CIRCULATION RESERVE BANK I CREDIT MEMBER BANK RESERVE BALANCES TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS 1942 1943 1944 1945 1946 1947 1948 1949 1950 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES I 15 10 NOTES AND CERTIFICATES ! 0 >*£ 1942 1943 1944 1945 1946 1947 1948 1949 1950 Wednesday figures, latest shown are for Nov. 29. See page 1629. 1628 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period c v o D a a a n u n i d s c n d - - e ts s To U ta . l S s . e G B cu o o r n v i d e ti s r e n s m c c B e a e r i t n t l e i l t f s s i , , - ot A he ll r1 Total s G to o c ld k T s r t o c e u r i a n n u e u r n a c r y g t d - - s y - - M i c n t u o i o c l n a n i e r - y - T h c i u r o n a e r l g s a y d h s s - - F u T B p e s w r R r e o d y a e r i s e n e t v a i - r d h k t s e a e s s - l - b p m N e o r e o s m n i d t - e s - - c O s F o e R e a t e r u r c e h a d v - n - e l - e t r s Total qu R ir e e - d2 Exand notes Wednesday figures: 1949—Oct. 5. 11217,961 7,538 10,423 332 18,406 24,604 4,593 27,476 ,321 612 1,075 73416,384 15,242 1,142 Oct. 12. 10917,779 7,538 10,241 414 18,301 24,604 4,592 27,546 ,296 554 1,247 73416,119 15,211 908 Oct. 19. 12217,666 7,538 10,128 369 18,157 24,585 4,591 27,427 ,310 317 1,142 73216,405 15,330 1,075 Oct. 26. 13817,403 7,538 9,865 292 17,833 24,584 4,591 27,328 ,313 374 1,163 73216,098 15,314 784 Nov. 61117,533 7,536 9,997 272 18,416 24,583 4,591 27,382 ,318 545 1,219 690 16,437 15,319 1,118 Nov, 31917,706 7,535 10,171 160 18,185 24,532 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. 40717,931 7,512 10,419 289 18,628 24,477 4,596 27,699 ,309 441 1,271 690 16,291 15,395 896 Dec. 14. 10718,169 7,512 10,657 455 24,476 4,596 27,701 ,314 393 1,273 69016,433 15,561 872 Dec. 21. 12818,538 7,237 11,301 842 19,508 24,427 4,595 27,833 1,309 1,027 1,267 75616,337 15,523 814 Dec. 28. 14218,789 7,231 11,558 448 19,379 24,427 4,598 27,765 1,314 987 1,281 75816,299 15,462 837 1950—Jan. 4. 9518,829 7,212 11,617 547 19,47124,427 4,597 27,551 1.319 547 1,304 71917,055 15,597 1,458 Jan. 11. 9918,230 7,165 11,065 315 18,64424,426 4,596 27,311 1,313 255 1,382 71916,686 15,593 1,093 Jan. 18. 9717,872 7,134 10,738 414 18,383 24,426 4,596 27,121 1,315 381 1,380 71916,487 15,630 857 Jan. 25. 12117,764 7,130 10,634 416 18,300 24,425 4,596 26,913 1,321 539 1,408 72116,419 15,617 802 Feb. 1. 45617,855 7,103 10,752 309 18,620 24,395 4,599 26,928 1,318 637 1,478 72116,532 15,534 998 Feb. 8. 22317,656 6,969 10,687 267 18,146 24,345 4,598 26,985 1,313 366 1,432 72716,265 15,456 809 Feb. 15. 26717,781 6,920 10,861 533 24,343 4,598 26,993 1,313 671 1,419 72816,400 15,383 1,017 Feb. 21. 9417,625 6,887 10,738 373 18,092 24,345 4,598 27,019 1,311 380 1,419 73116,176 15,428 748 Mar. 1. 31417,757 6,840 10,917 383 18,454 24,345 4,600 27,060 1,316 555 1,444 73616,288 15,347 941 Mar. 8. 8717,846 6,804 11,042 431 18,363 24,345 4,601 27,105 1,322 433 1,454 73916,258 15,261 997 Mar. 15. 7117,791 6,615 11,176 402 24,320 4,601 27,023 1,307 9 1,315 75916,771 15,405 1,366 Mar. 22. 18617,573 6,529 11,044 277 18,036 24,271 4,600 26,972 1,308 759 1,139 76115,969 15,324 645 Mar. 29. 36517,516 6,415 11,101 263 18,144 24,246 4,599 26,969 1,321 997 1,155 76615,782 15,268 514 Apr. 5. 16817,572 6,357 11,215 392 18,13224,246 4,601 27,133 1,317 622 1,167 76915,971 15,209 762 Apr. 12. 16017,597 6,327 11,270 311 18,068 24,247 4,600 27,072 1,313 587 1,177 76915,996 15,248 748 Apr. 19. 13717,410 6,220 11,190 381 17,92824,247 4,600 26,992 1,319 647 1,261 77115,786 15,265 521 Apr. 26. 21817,640 6,204 11,436 282 18,14124,247 4,600 26,962 1,316 833 1,208 77215,898 15,243 655 May 3. 12117,711 6,098 11,613 359 18,192 24,247 4,602 27,051 1,326 678 287 71315,986 15,224 762 May 10. 9017,591 5,976 11,615 297 17,978 24,249 4,602 27,041 1,318 533 314 71715,907 15,147 760 May 17. 7917,401 5,911 11,490 521 18,00124,230 4,601 26,980 1,294 426 293 71616,123 15,275 848 May 24. 10617,290 5,854 11,436 288 17,68324,230 4,601 26,908 1,292 428 246 718 15,922 15,305 617 May 31. 30617,389 5,802 11,587 239 17,93524,231 4,606 27,090 1,309 588 1,254 71815,814 15,288 526 9417,672 5,726 11,946 377 18,14324,232 4,605 27,079 1,309 472 1,321 73316,067 15,350 717 7917,693 5,681 12,012 498 18,270 24,232 4,604 26,993 1,304 319 1,447 73516,309 15,433 876 7417,679 5,650 12,029 508 24,231 4,604 26,926 1,294 529 1,395 78416,169 15,522 647 6918,217 5,644 12,573 281 18,567 24,230 4,608 27,026 1,306 866 1,441 77815,988 15,462 526 July 5. 8318,586 5,555 13,031 281 18,950 24,231 4,607 27,315 1,302 645 1,470 80216,254 15,463 791 July 12. 6518,294 5,411 12,883 399 18,757 24,207 4,606 27,169 1,309 383 1,457 80416,448 15,544 904 July 19. 19917,869 5,286 12,583 407 24,207 4,606 27,029 1,310 525 1,462 80416,157 15,527 630 July 26. 35017,964 4,997 12,967 322 18,636 24,157 4,605 26,915 1,315 504 1,439 80916,415 15,585 830 Aug. 2. 30118,143 4,860 13,283 318 18,76224,136 4,609 27,000 1,304 564 1,487 75716,395 15,553 842 Aug. 9. 26318,349 4,791 13,558 292 18,904 24,035 4,608 27,015 1,309 667 1,431 75916,366 15,535 831 Aug. 16. 10618,334 4,691 13,643 449 23,954 4,608 26,976 1,309 717 1,392 75916,298 15,613 685 Aug. 23. 11518,577 5,440 13,137 191 18,883 23,803 4,609 26,963 1,308 562 1,272 74816,442 15,686 756 Aug. 30. 10718,584 6,551 12,033 288 18,97923,752 4,611 27,042 1,308 676 1,304 72816,285 15,767 518 Sept. 6. 9918,942 7,284 11,658 396 19,438 23,577 4,613 27,259 1,311 511 1,220 71616,611 15,747 864 Sept. 13. 7119,064 8,233 10,831 529 19,665 23,576 4,613 27,151 1,305 648 1,182 70316,865 15,934 931 Sept. 20. 5118,526 3,731 14,795 591 19,169 23,525 4,613 27,081 1,301 654 1,204 76816,299 15,946 353 Sept. 27. 12019,353 3,773 15,580 601 20,075 23,474 4,614 27,060 1,307 1,144 1,190 76216,699 15,837 862 Oct. 4. 4519,375 3,824 15,551 552 19,972 23,482 4,617 27,188 1,308 848 1,288 81316,626 15,848 778 Oct. 11. 6819,507 3,923 15,584 470 20,044 23,432 4,618 27,339 1,316 508 1,332 81016,789 15,829 960 Oct. 18. 3919,506 3,979 15,527 881 20,426 23,291 4,617 27,228 1,313 449 1,292 80717,245 15,995 1,250 Oct. 25. 5019,229 4,058 15,171 473 19,753 23,290 4,618 27,121 1,300 420 1,367 80516,649 15,962 687 Nov. 1.. 11119,291 4,198 15,093 458 19,860 23,249 4,622 27,219 ,304 452 1,335 74816,674 15,947 727 Nov. 8.. 29119,311 4,271 15,040 251 19,85323,198 4,622 27,388 ,292 298 1,324 74816,625 15,906 719 Nov. 15.. 7119,425 4,281 15,144 67520,17123,148 4,621 27,296 ,304 341 1,199 74517,054 16,044 1,010 Nov.22.. 24719,296 4,268 15,028 619 20,16223,097 4,622 27,450 ,281 541 1,242 74516,622 16,080 542 Nov.29.. 24019,569 4,346 15,223 69220,50123,037 4,626 27,543 1,298 564 1,218 74216,799 16,116 683 P Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 8 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. DECEMBER 1950 1629 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] R2serve Bank credit outstanding Member bank reserve balances Date or period co D a a u n d is n d - - ts U. S» se G cu o r v it e i r e n s m c B e e r i n l t l i t s fi , - ot A h l e l r1 Total s G to o c ld k T s r o c e t u r a u n u e r n y r c t a - - d y s - - M in c t u o i o c l n a n i e r - y - T h c i u r o n a e r g l s a y d h s s - - u f T p s e w r R e r o d y e r i s e e t v a i d r - h t s e a e s - l - D p m N e o e o r s m n i d t - s e - - O s F e R e a t e r r h c e a d v - - e l - e r Total qu R ir e e - d2 c E e x ss - 8 vances Total Bonds cates, ing Banks counts and notes End of periods 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 ,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 3,336 870 961 563 17,899 16 400 1,499 1948—June 30... 265 21,366 6,20615,160 268 21,900 23,532 4 565 27,903 1L,327 1,928 859 592 17,389 16 647 742 Dec. 31... 223 23,333 10,97712,356 542 24,097 24,244 4 589 28,224 1L.325 1,123 1,189 590 20 479 19 277 1,202 1949—June 30. .. 103 19,343 7,78011,563 250 19,696 24,466 4 597 27,493 ]L,307 438 941 713 17 867 16 919 948 1949 Oct 283 17,316 7,536 9,780 261 17,860 24,584 4 592 27,407 JL.307 595 1,187 690 15 850 15 261 589 Nov. . 321 17,682 7,51310,169 263 18,267 24,479 4 596 27,543 1,317 517 1,238 689 16 038 15 367 671 Dec 78 18,885 7,21811,667 536 19,499 24,427 4,598 27,600 1,312 821 1,517 706 16 568 15 550 1,018 1950 Tan 145 17,827 7,11210,715 354 18,326 24,395 4,599 26,941 1,311 677 1,460 720 16 211 15 513 698 Feb 131 17,746 6,85710,889 349 18,226 24,345 4,602 27,068 1,310 666 1,426 730 15 973 15,390 583 Mar....... 225 17,592 6,39711,195 253 18,070 24,246 4,602 27,042 1,315 1,006 1,132 766 15 657 15,150 507 Apr, 113 17,796 6,15511,641 392 18,301 24,247 4,603 27,048 L.308 858 1,347 712 15 878 15,202 676 May . 306 17,389 5,80211,587 239 17,935 24,231 4,606 27,090 1,309 588 1,254 718 15 814 15,288 526 June 43 18,331 5,61812,713 329 18,703 24,231 4,607 27,156 [,298 950 1,431 771 15 934 15,498 436 July 220 17,969 4,88813,081 277 18,466 24,136 4,609 27,010 1,304 566 1,443 759 16 129 15,534 595 Aug 83 18,356 6,76811,588 381 18,820 23,627 4,613 27,120 1,304 733 1,190 724 15 989 15,770 219 Sept 72 19,572 3,79315,779 695 20,340 23,483 4,618 27,161 1,322 1,114 1,374 759 16 709 15,821 888 Oct 116 19,252 4,18015,072 431 19,798 23,249 4,623 27,228 ,295 569 1,315 749 16 514 15,925 589 Nov 162 19,693 4,36415,329 783 20,638P23 ,037 ,626P27,590 p 714 1,206 738 16 763 16,114 649 Averages of daily figures: 1949—Sept 164 17,441 7,649 9,792 352 17,957 24,637 4,592 27,451 1,310 649 990 703 16 083 15,161 922 Oct 136 17,643 7,53810,105 361 18,139 24,596 4,592 27,456 1,305 555 1,171 727 16,113 15,251 862 Nov 215 17,664 7,25810,136 347 18,226 24,533 4,593 27,477 1,311 457 1,296 691 16,119 15,308 811 1950—Sept 96 18,946 5,54613,400 568 19,610 23,560 4,613 27,154 1,303 749 1,235 740 16,602 15,837 765 Oct. 67 19,365 3,96815,397 613 20,044 23,366 4,618 27,233 1,305 590 1 367 803 16,731 15,889 842 Nov 145 19,381 4,27315,108 633 20,159 23,157 4,622 27,380 1,290 450 1,331 746 16,742 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, 1935Dec. 31, 1935 Jan. 1,1936 Time Effective date deposits S P 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 t p s d a e y po ab si l t e s : 2% 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 al k b l s e ) r eI I n n 6 9 0 m d o a n y t s h s t o o r 6 m m o o re nths. . . I" In less than 90 days 1917—June 21 10 1 1936—Aug. 16 15 NOTE.—Maximum rates that may be paid by member banks as 1937—Mar. 1 established by the Board of Governors under provisions of Regula- May 1 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 e g e u x l c a e t e i d o n th th e e m ra a t x e 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 b e y r S b t a a n t k e 1 19 9 3 4 8 1 — — A N p o r v . . 1 1 6 if 1 1 2 4 banks or trust companies on like deposits under the laws of the State 1942—Aug. 20 20 in which the member bank is located. Maximum rates that may be Sept. 14 paid by insured nonmember banks as established by the F.D.I.C, Oct. 3 . effective Feb. 1, 1936, are the same as those in effect for member banks. 1948—Feb. 27 -.. June 11 MARGIN REQUIREMENTS3 S S e e p p t t . . 1 2 6 4 26 22 16 [Per cent of marketvalue] 1949—May 1 15* May 5 *24* 21 June 30 20 S P ec re u s r c it r i i e b s e d E x in c h a a c n c g o e r d A a c n t c e o f w 1 i 9 th 34 J J a a 1 1 n n 9 9 . . 4 4 6 3 2 7 - 1 1 , , M F 1 e 1 a 9 b 9 r 4 . 4 . 7 9 2 1 - 9 , , M E 1 t a f i 9 f r v e 4 . e c 9 3 - 0, J A A A u u u u l g g g y . . . 1 1 1 1 1 6 2SH 19X 1 1 1 4 3 2 8 2 5 5 Aug. 18 '23'" 19*" Aug. 25 Regulation T: Sept. 1 22 3 18 2 For extensions of credit by brokers and dealers on listed securities 100 75 50 In effect Dec. 1, 1950 4 22 18 12 100 75 50 Re F g o u r l a l t o io an n s U b : y banks on stocks 100 75 50 1 Demand deposits subject to reserve requirements, which beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks 1 Regulations T and U limit the amount of credit that may be ex- (also minus war loan and series E bond accounts during the period tended on a security by prescribing a maximum loan value, which is a Apr. 13, 1943-June 30, 1947). specified percentage of its market value at the time of the extension; the 2 Requirement became effective at country banks. 8 Requirement "margin requirements" shown in this table are the difference between became effective at central reserve and reserve city banks. pg the market value (100%) and the maximum loan value. 4 Present legal minimum and maximum requirements on net demand Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, deposits—central reserve cities, 13 and 26 per cent; reserve cities, and BULLETIN for March 1946, p. 295. 10 and 20 per cent; country, 7 and 14 per cent, respectively; onetime deposits at all member banks, 3 and 6 per cent, respectively. 1630 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member Federal Reserve Bank ad o v b a li n g c a e ti s o ( n s S e s e c e a u s n r . e d 1 d 3 d b i a s y n c d o e l u i 1 g n 3 i t b s a l ) e o 1 f p a a n p d er Other [ s S e e c c u . r e 1 d 0 (b a ) d ] vances b o a b n l ( i k l g a s a s t s t i e o p c n a u s r r . e o d S f e b t c h y . e 1 d U 3 i ) r . e S ct . Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Nov. 30 beginning— rate Nov. 30 beginning— rate Nov. 30 beginning— rate N Bo ew st on York..., A A u u g g . . 2 2 1 1 9 , 1 1 9 9 5 5 0 0 A A u u g g . . 2 2 1 1 , , 1 19 9 5 5 0 0 2 J O a c n t . . 3 14 0 , , 1 1 9 9 4 4 2 8 2 Philadelphia. . Aug. 25,1950 Aug. 25,1950 Aug. 23, 1948 2 Cleveland Aug. 25,1950 Aug. 25,1950 Aug. 25, 1950 W2 Richmond Aug. 25,1950 Aug. 25,1950 Oct. 28, 1942 4 Atlanta Aug. 24,1950 Aug. 24,1950 Aug. 24, 1950 2 Vi Chicago Aug. 25,1950 Aug. 25,1950 Aug. 13, 1948 2V< St. Louis Aug. 23,1950 Aug. 23,1950 Jan. 12, 1948 2 Minneapolis. . Aug. 22,1950 Aug. 22,1950 Aug. 23, 1948 2/^ 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 'Oct. 28, 1942 4 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 2 Certain special rates to nonmember banks were in effect during the wartime period. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK BUYING RATES ON FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS ACCEPTANCES AND COMMITMENTS UNDER SECTION 13B [Per cent per annum] OF THE FEDERAL RESERVE ACT Rate on In effect be- Previous Maturity Nov. 30 ginning— rate Maturities not exceeding five years 1- 90 days 1M Aug. 21, 1950 [In effect November 30. Per cent per annum] 91-120 days IK Aug. 21, 1950 121-180 days Aug. 21, 1950 2 To industrial or NOTE.—Minimum buying rates at the Federal Reserve Bank of commercial To financing institutions New York on prime bankers' acceptances payable in dollars. The businesses same rates generally apply to any purchases made by the other Federal Reserve Banks. Back figures.—See Banking and Monetary Statistics, Table 117, pp. On discounts or 443-445. Federal purchases Reserve Bank On com O m n it- Portion co O m n mit- FEES AND RATES ESTABLISHED UNDER REGULATION V loans l ments for which Re- ments ON LOANS GUARANTEED PURSUANT TO DEFENSE institu- maining PRODUCTION ACT OF 1950 AND EXECUTIVE tion is portion ORDER NO. 10161 obligated [In effect November 30] Fees Payable to Guaranteeing Agency by Financing Institution on Boston V2-IV2 Guaranteed Portion of Loan New York Philadelphia.... V2-IU Guarantee fee Percentage of R C i le c v h e m la o n n d d 1Ai1A Percentage of (percentage of any commitment Atlanta ) loan guaranteed interest payable fee charged Chicago -5 by borrower) borrower St. Louis -2M Minneapolis.... 2) Kansas City 70 or less 10 10 Dallas 75 15 15 San Francisco.. . 80 20 20 85 25 25 90 . 30 30 1 Including loans made in participation with financing institutions. 95 35 35 2 Rate charged borrower less commitment rate. Over 95 40-50 40-50 8 Rate charged borrower. 4 Rate charged borrower but not to exceed 1 per cent above the discount rate. Maximum Rates Fina [ n P c e i r n g c en In t s p ti e t r u t a i n o n ns u m M ] ay Charge Borrowers 5 Charge of M per cent is made on undisbursed portion of loan. Back figures*—See Banking and Monetary Statistics, Table 118, pp. 446-447. Interest rate Commitment rate. DECEMBER 1950 1631 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 Nov. 29 Nov. 22 Nov. 15 Nov. 8 Nov. 1 Oct. 25 Oct. 181 Nov. Oct. Nov. Assets Gold certificates. ... 21,261,434 21 333,430 21,387,429 21 460,43121,510,43121,553,43121,553,43121,258,43121,510,430 22,677,431 Redemption fund for F. R. notes. 536,094 534,094 532,097 533,969 534,417 533,167 525,413 539,094 534,417 554,485 Total gold certificate reserves. . .. 21,797,528 21,867,524 21,919,526 21,994,400 22,044,848 22,086,598 22,078,844 21,797,525 22,044,847 23,231,916 Other cash 237,679 242,446 241,118 213,331 233,735 238,650 216,886 248,822 236,259 237,434: D iscounts and advances: For member banks... 239,693 247,050 71,029 290,675 110,884 50,242 38,378 161,421 115,884 250,584 For nonmember banks, etc 71,000 Total discounts and advances 239,693 247,050 71,029 290,675 110,884 50,242 38,378 161,421 115,884 321,584 Industrial loans 2,209 2,226 2,239 2,248 2,221 2,166 2,247 2,336 2,228 1,843 U. S. Govt. securities: Bills. 1,130,146 974,646 974,646 779,846 782,664 815,609 1,188,309 1,111,646 762,664 3,999,928 Certificates: Special Other 368,450 71,950 71,950 71,950 71,950 69,950 72,950 718,350 69,950 5,870,900 Notes 13,724,61813,980,71814,096,91814,187,71814,237,81814,285,51814,266,11813,498,61814,239,218 298,100 Bonds 4,345,875 4,268,375 4,281,275 4,271,575 4,198,075 4,057,975 3,978,475 4,364,375 4,179,675 7,513,300 Total U. S. Govt. securities 19,569,089 19,295,68919,424,78919,311,08919,290,50719,229,05219,505,85219,692,98919,251,50717,682,228 Other Reserve Bank credit outstanding. . . 690,090 616,733 672,519 249,351 456,499 471,396 879,361 780,797 428,633 261,437 Total Reserve Bank credit outstanding20,501,08120,161,69820,170,576 19,853,36319,860,11119,752,856 20,425,838 20,637,54319,798,25218,267,092 Liabilities Federal Reserve notes. . 23,346,459 23,255,85923,143,48823,192,60723,068,656 22,990,540 23,069,943 23,396,54323,074,71223,373,496 Deposits: Member bank — reserve account 16,798,69616,621,89817,053,79316,624,53116,674,26416,648,68317,245,37316,762,550 16,514,04416,038,122 U. S. Treasurer—general account....... 564,205 540,738 341,275 297,944 451,574 420,333 448,537 713,603 568,858 516,836 Foreign 921,023 934,109 964,970 1,028,256 1,009,687 1,071,745 1,015,762 905,811 1,007,934 726,097 Other.. 296,675 307,493 233,650 296,170 324,813 295,344 276,366 299,905 306,896 511,809 Total deposits.....18,580,599 18,404,238 18,593,688 18,246,901 18,460,338 18,436,105 18,986,038 18,681,869 18,397,732 17,792,864 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 52.0 52.5 52.5 53.1 53.1 53.3 52.5 51.8 53.2 56.4 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total Within 16 to 30 31 to 60 61 to 90 91 days to 6 months 1 year to 2 years to Over 15 days days days days 6 months to 1 year 2 years 5 years 5 years Discounts and advances: Nov. 1 110,884 106,909 2,480 830 665 Nov. 8 290,675 283,357 5,373 1,205 740 Nov. 15 71,029 66,976 2,352 1,006 695 Nov. 22 247,050 240,372 5,005 856 817 Nov 29 ,.. 239,693 235,124 2,912 1,285 372 Industrial loans: Nov. 1 2,221 43 16 132 180 209 601 345 695 Nov. 8 2,248 40 15 162 18 214 612 492 695 Nov. 15 2,239 41 9 149 20 204 609 513 694 Nov. 22 2,226 38 8 149 21 217 602 500 691 Nov. 29 2,209 36 8 138 20 214 638 485 670 U. S. Government securities: Nov. 1 19,290,507 200,817 132,208 211,919 309,670 13,979,068 1,409,2253,047,600 Nov. 8 19,311,089 144,452 180,283 294,901 232,160 13 928,968 1,409,2253,121,100 Nov. 15 . 19,424,789 257,533 96,075 361,214 331,774 13,846,668 1,397,7253,133,800 Nov. 22 19,295,689 205,283 111,185 404,429 325,699 13,730,468 1,397,7253,120,900 Nov. 29 19,569,089 200,475 168,044 712,470 480,807 13 474 368 1,397,7253,135,200 1632 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: 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 Nov. 1. 21,510,431 815,350 6,659,0911,182,8041,526,6411,028,724 932,0474,304,561 606,682 407,549 801,131 621,7982,624,053 Nov. 8 21,460,431 777,159 6,634,6411,204,4121,542,3141,053,326 947,1304,252,694 615,249 399,646 792,979 623,3892,617,492 Nov. 15 21,387,429 802,676 6,621,9011,192,2871,523,2331,028,746 928,5814,257,531 618,117 401,754 799,190 618,6232,594,790 Nov. 22 21,333,430 806,454 6,569,5681,208,8421,586,3911,021,809 908,5354,205,999 617,030 383,872 790,497 657,1342,577,299 Redemption fund for F. R. notes: 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 Nov. 1 534,417 52,816 33,996 47,085 65,348 52,894 35,270 86,438 41,056 21,607 33,289 25,736 38,882 Nov. 8 533,969 52,799 33,876 47,067 65,295 52,878 35,246 86,377 41,031 21,596 33,273 25,726 38,805 Nov. 15 532,097 52,553 32,950 46,593 65,993 50,675 35,034 86,235 40,947 21,564 35,213 25,686 38,654 Nov. 22 534,094 52,486 32,598 47,483 66,920 51,773 34,973 85,962 40,925 21,552 35,189 25,628 38,605 Total ffold certifi- JL V/vCLi, f^KJXKJ. V-V-i. till cate reserves: 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 Nov. 1 22,044,848 868,166 6,693,0871,229,8891,591,9891,081,618 967,3174,390,999 647,738 429,156 834,420 647,5342,662,935 Nov. 8 21,994,400 829,958 6,668,5171,251,4791,607,6091,106,204 982,3764,339,071 656,280 421,242 826,252 649,1152,656,297 Nov. 15 21,919,526 855,229 6,654,8511,238,8801,589,2261,079,421 963,6154,343,766 659,064 423,318 834,403 644,3092,633,444: Nov. 22 21,867,524 858,940 6,602,1661,256,3251,653,3111,073,582 943,5084,291,961 657,955 405,424 825,686 682,7622,615,904 vD/ttT-liiPcTi lp_fcltqohll "• 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 NOoctv. . 215 233,735 26,271 52,618 14,727 13,557 15,347 17,327 31,071 . 9,970 7,127 9,369 10,160 26,191 Nov. 8 213,331 25,693 48,544 11,496 16,783 12,647 14,964 28,680 10,321 4,775 7,677 8,351 23,400 Nov. 15 241,118 25,717 50,682 11,663 13,907 16,058 18,672 34,332 13,886 5,796 8,989 10,129 31,287 Nov. 22 242,446 24,261 47,437 11,007 18,656 16,105 19,016 31,755 14,489 5,759 8,938 10,705 34,318 Discounts & advances: Secured by U. S. Govt. securities: 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 Nov. 1. . 110,534 2,300 12,455 2,642 14,350 3,125 10,280 2,550 18,730 8,172 19,630 5,700 10,600 Nov. 8.. 290,325 4,650 71,080 2,690 30,225 4,320 5,480 110,700 22,895 4,722 21,163 3,100 9,300 Othe N N r: o o v v . . 2 1 2 5 . . . . 24 7 5 0 , , ' 3 8 2 5 9 0 6 7 ^ ,9 9 7 3 5 0 11 1 7 6 ! 2 2 3 3 O 0 9,090 5 7^ 4 4 0 7 0 2 13, 4 1 2 7 0 0 1 1 8 , , 1 7 3 2 0 8 26 2 , , 3 9 8 0 5 0 1 1 1 4 8 A t . , , o 6 3 4 7 A tU 0 f\ 1 2 2' , 1 5 2 2 2 2 1 14 5 ^ ,3 5 1 5 7 3 2 'l 0 O 0 O 0 1,000 Oct. 25. . 350 350 Nov. 1. . 350 350 Nov. 8. . 350 350 Nov. 15.. 700 350 350 Nov. 22. . 1,200 1 200 Industrial loans: Oct. 25 2,166 27 1,832 1 106 *j 193 Nov. 1 2,221 27 l',877 1 111 7 198 Nov. 8 2,248 27 1,914 1 104 7 195 Nov, 15 2,239 27 1,905 1 108 7 191 Nov. 22 2,226 27 1,898 1 107 7 186 U. S. Govt. securities: 151 O 11S c . t. 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 Nov. 1.... 782,664 53,957 182,433 52,048 72,550 50,565 41,923 118,689 43,172 24,215 36,318 35,529 71,265 Nov. 8 779,846 53,762 181,776 51,860 72,289 50,383 41,772 118,262 43,017 24,128 36,187 35,401 71,009 Nov. IS.... 974,646 67,192 227,182 64,815 90,346 62,968 52,206 147,803 53,762 30,155 45,227 44,244 88,746 Nov. 22 974,646 67,192 227,182 64,815 90,346 62,968 52,206 147,803 53,762 30,155 45,227 44,244 88,746 Certificates • 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 Nov. 1.... 71,950 4,960 16,771 4,785 6,669 4,648 3,853 10,911 3,970 2,226 3,339 3,267 6,551 Nov. 8.... 71,950 4,960 16,771 4,785 6,669 4,648 3,853 10,911 3,970 2,226 3,339 3,267 6,551 Nov. 15 71,950 4,960 16,771 4,785 6,669 4,648 3,853 10,911 3,970 2,226 3,339 3,267 6,551 Nov. 22 71,950 4,960 16,771 4,785 6,669 4,648 3,853 10,911 3,970 2,226 3,339 3,267 6,551 Notes* Oct.' 25 14,285,518 984,844 3,329,840 950,0011,324,210 922,930 765,1902,166,370 788,003 441,980 662,891 648,4911,300,768 Nov. 1 14,237,818 981,555 3,318,721 946,8291,319,789 919,848 762,6352,159,137 785,372 440,504 660,677 646,3261,296,425 Nov. 8 14,187,718 978,101 3,307,043 943,4971,315,145 916,612 759,9512,151,539 782,609 438,954 658,353 644,0511,291,863 Nov. 15 14,096,918 971,842 3,285,879 937,4591,306,728 910,745 755,0872,137,769 777,600 436,145 654,139 639,9301,283,595 Nov. 22 13,980,718 963,831 3,258,794 929,7321,295,956 903,238 748,8632,120,148 771,190 432,550 648,747 634,6551,273,014 Bonds: 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 Nov. 1 4,198,075 289,415 978,538 279,176 389,145 271,221 224,866 636,630 231,570 129,884 194,803 190,571 382,256 Nov. 8 4,271,575 294,484 995,670 284,065 395,958 275,969 228,803 647,776 235,623 132,158 198,213 193,908 388,948 Nov. 15 4,281,275 295,151 997,931 284,709 396,857 276,597 229,323 649,247 236,159 132,458 198,664 194,347 389,832 Nov. 22 4,268,375 294,262 994,924 283,851 395,662 275,763 228,632 647,291 235,447 132,058 198,065 193,762 388,658 TJ.n OtLfldll TKJT• OS. VOjrnOvVft. securities: Oct. 25 19,229,052 1,325,651 4,482,1381,278,7511,782,4561,242,3121,029,9852,916,0471,060,694 594,928 892,286 872,9031,750,901 Nov. 1 19,290,507 1,329,887 4,496,4631,282,8381,788,1531,246,2821,033,2772,925,3671,064,084 596,829 895,137 875,6931,756,497 Nov. 8 19,311,089 1,331,307 4,501,2601,284,2071,790,0611,247,6121,034,3792,928,4881,065,219 597,466 896,092 876,6271,758,371 Nov. 15 19,424,789 1,339,145 4,527,7631,291,7681,800,6001,254,9581,040,4692,945,7301,071,491 600,984 901,369 881,7881,768,724 Nov. 22 19,295,689 1,330,245 4,497,6711,283,1831,788,6331,246,6171,033,5542,926,1531,064,369 596,989 895,378 875,9281,756,969 DECEMBER 1950 1633 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 - Ka C n it s y as Dallas Fran- Assets (cont.) Total loans and securities: Oct. 25 19,281,460 ,327,951 4,488,190 ,282,768 ,789,332 ,246,198 ,035,442 ,920,047 ,065,719 602,043 899,166 873,003 ,751,601 Nov. 1 19,403,612 ,332,187 4,508,945 ,287,357 ,802,504 ,249,518 ,043,914 ,927,917 ,082,814 605,199 914,767 881,393 ,767,097 Nov. 8 19,604,012 ,335,957 4,572,367 ,288,811 ,820,287 ,252,036 ,040,216 ,039,188 ,088,114 602,383 917,255 879,727 ,767,671 Nov. 15 19,498,057 ,347,120 4,544,020 ,296,168 ,806,001 ,255,486 ,041,956 ,948,630 ,086,181 603,297 916,686 883,788 ,768,724 Nov, 22 19,544,965 ,337,175 4,614,928 ,294,171 ,796,106 ,259,894 ,052,289 ,952,538 ,084,239 609,697 909,931 876,028 ,757,969 Due from foreign banks: Oct. 25 Nov. 1 Nov. 8 Nov. 15 Nov. 22 Federal Reserve notes of other Banks: Oct. 25 153,461 7,749 28,281 6,904 7,503 29,554 10,279 18,837 8,121 7,100 7,505 5,813 15,815 Nov. 1 138,855 6,828 22,778 6,306 7,631 30,893 10,063 15,223 6,372 6,323 5,794 6,091 14,553 Nov. 8 125,511 6,853 17,762 4,577 6,418 28,725 10,097 13,684 6,997 5,941 5,483 5,007 13,967 Nov. 15 151,790 4,922 26,259 5,206 6,287 30,368 13,647 16,643 8,761 6,062 6,811 5,329 21,495 Nov. 22 134,280 4,714 18,233 5,236 6,385 29,755 10,326 16,787 9,309 5,176 5,967 6,405 15,987 Uncqllected items: 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 Nov. 1 3,131,344 250,345 574,182 203,020 308,436 263,328 194,313 528,023 144,305 101,836 162,25 141,452 259,852 Nov. 8 2,791,611 215,333 475,642 186,998 273,909 258,119 179,230 461,207 133,539 100,362 148,558 121,491 237,223 Nov. 15 4,090,787 304,352 726,328 236,967 401,356 367,946 276,919 711,793 187,416 118,381 218,748 207,492 333,089 Nov. 22 3,438,370 279,656 627,210 239,538 317,370 290,557 217,071 539,496 155,391 113,755 193,054 165,476 299,796 Bank premises: Oct. 25 36,884 1,087 7,712 2,931 4,816 2,799 1,726 4,123 2,011 1,122 2,25 68 5,613 Nov. 1 36,824 1,083 7,693 2,931 4,807 2,799 1,726 4,117 2,007 1,119 2,251 684 5,607 Nov. 8 36,827 1,083 7,693 2,931 4,807 2,799 1,726 4,117 2,008 1,119 2,251 686 5,607 Nov. 15.. 37,392 1,083 7,696 2,931 4,804 2,799 1,726 4,122 2,007 1,119 2,655 686 5,764 Nov. 22 37,713 1,083 7,696 2,926 4,804 2,790 1,725 4,444 2,008 1,119 2,655 686 5,777 Other assets: Oct. 25 90,78 6,164 20,168 5,658 8,387 5,703 4,646 13,940 6,331 2,716 4,864 4,096 8,109 Nov. 1 99,471 6,708 22,025 6,259 9,558 6,195 5,122 15,264 6,745 2,985 5,263 4,368 8,979 Nov. 8 105,32 7,163 23,340 6,696 10,048 6,57 5,458 16,046 7,156 3,174 5,583 4,635 9,446 Nov. 15 110,696 7,645 25,118 6,974 10,375 6,961 5,717 16,92 7,386 3,358 5,318 4,91 10,006 Nov. 22 114,393 7,831 25,566 7,251 10,754 7,282 5,961 17,579 7,665 3,474 5,496 5,134 10,400 Total assets: Oct. 25.. 45,080,136 ,493,19411,947,069 ,766,4363,758,465 ,657,656 ,227,1587,892,7801,908,4291,140,2471,944,1901,636,1184,708,394 Nov. 1 45,088,713 ,491,59011,881,335 ,750,4913,738,484 ,649,699 ,239,7837,912,6171,899,95 1,153,7461,934,1171,691,6834,745,216 Nov. 8 44,871,038 ,422,04211,813,872 ,752,9903,739,863 ,667,108 ,234,0687,901,9961,904,4161,138,9971,913,0601,669,0134,713,613 Nov. 15 46,049,390 ,546,07012,034,961 ,798,7913,831,958 ,759,040 ,322,2538,076,2121,964,7021,161,3321,993,6111,756,6494,803,811 Nov. 22 45,379,715 ,513,66:11,943,243 ,816,4563,807,388 ,679,966 ,249,897 7,854,5631,931,05 1,144,4051,951,7281,747,1974,740,153 Liabilities Federal Reserve notes: Oct. 25 22,990,540 1,384,109 5,132,646 1,614,4992,056,6721,595,3531,250,80 4,464,79' 1,054,055 598,322 901,037 619,1712,319,072 Nov. 1 23,068,656 1,381,070 5,144,161 1,612,0892,053,0001,612,2181,262,5344,467,4651,063,883 599,428 906,766 633,86: 2,332,180 Nov. 8...... 23,192,60" 1,384,100 5,170,356 1,623,2282,064,3861,611,9691,266,2984,488,1101,075,041 603,061 911,604 638,1172,356,337 Nov. 15 23,143,488 1,391,898 5,166,09: 1,622,3112,066,3541,608,0281,257,6284,476,1991,070,844 601,671 907,240 633,3412,341,882 Nov. 22 23,255,859 1,412,570 5,231,095 1,637,9332,076,4341,605,4091,252,9454,494,0561,073,277 601,986 906,346 633,0972,330,711 Deposits: Member bank —reserve account: Oct. 25.. 16,648,683 719,41 5,449,519 791,2731,233,758 677,064 676,1902,651,566 604,610 375,322 781,015 775,6581,913,296 Nov. 1.. 16,674,264 721,518 5,337,72 796,57: 1,221,986 681,676 684,0232,691,984 596,205 393,476 784,839 820,156 1,944,102 Nov. I 16,624,531 697,64f 5,342,453 776,1351,247,299 672,590 688,0732,698,085 612,124 384,50. 765,708 811,9911,927,924 Nov. 15.. 17,053,793 733,334 5,446,28' 811,61-1,251,467 709,171 707,6242,714,294 636,279 398,25. 812,65 861,3861,971,427 Nov. 22. . 16,621,898 700,29" 5,318,705 769,2241,242,18: 693,748 702,4642,592,304 613,603 384,604 789,352 854,6201,960,795 U. S, Treasurer—general account: Oct. 25. . 420,333 33,268 47,969 36,040 38,568 27,016 35,091 53,202 40,073 30,285 27,47 24,420 26,930 Nov. 1. . 451,57 38,028 87,326 27,412 44,458 27,790 35,26 53,976 34,131 24,048 21,522 23,628 33,991 Nov. 8. . 297,944 33,573 26,688 25,959 29,225 26,636 25,345 28,559 11,116 20,99' 21,636 21,37. 26,836 Nov. 15. . 341,275 24,370 57,28: 24,624 26,775 31,360 32,643 36,023 16,236 17,836 23,536 21,097 29,493 Nov. 22. . 540,738 42,117 69,653 69,231 72,276 36,650 24,659 80,202 37,22. 23,121 24,49 34,836 26,272 Foreign: Oct. 25. . 1,071,745 67,171 2340,322 85,296 97,02- 53,310 44,780 147,136 38,383 26,655 39,44' 37,31 94,902 Nov. 1 1,009,68 63,195 2321,549 80,248 91,282 50,155 42,130 138,428 36,112 25,078 37,115 35,109 89,286 Nov. 8.. 1,028,256 64,317 2327,906 81,672 92,902 51,045 42,878 140,884 36,752 25,523 37,773 35,732 90,872 Nov. 15. . 964,970 60,392 2307,357 76,688 87,233 47.93C 40,261 132,287 34,510 23,965 35,468 33,55 85,328 Nov. 22. . 934,109 58,470 2297,419 74,248 84,45 46,40 = 38,980 128,078 33,412 23,202 34,34i 32,484 82,613 Other: Oct. 25. . 295,344 4,086 230,001 2,205 5,632 3,29* 926 3,562 5,225 1,49 = 21! 1,516 37,181 Nov. 1.. 324,813 3,904 243,149 1,561 6,39' 3,70 4,359 2,968 8,23 2,25' 2,39' 9,065 36,817 Nov. . 296,170 5,176 229,945 1,5.42 5,33; 3,33< 1,46' 2,295 5,764 1,13 1,45< 61 38,097 Nov. 15. . 233,650 5,322 168,120 1,571 5,03' 4,204 489 2,350 6,420 1,084 23' 592 38,225 Nov. 22.. 307,493 4,580 248,387 2,089 4,64 1,733 404 2,365 5,766 1,468 52 35,353 1 After deducting $17,000 participations of other Federal Reserve Banks on Oct. 25; Nov. 1; Nov. 8; Nov. 15; and Nov. 22. 2 After deducting $731,413,000 participations of other Federal Reserve Banks on Oct. 25;; |$688,126,000 on Nov. 1; $700,337,000 on Nov. 8; $657,600,000 on Nov. 15; and $636,677,000 on Nov. 22. 1634 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u % is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Liabilities (cont.) Total deposits: 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 Nov. 1 18,460,338 826,645 5,989,751 905,7931,364,123 763,322 765,7762,887,356 674,687 444,858 845,873 887,9582,104,196 Nov. 8.... 18,246,901 800,711 5,926,992 885,3081,374,759 753,607 757,7632,869,823 665,756 432,161 826,576 869,7162,083,729 Nov. 15 18,593,688 823,418 5,979,046 914,500 1,370,514 792,665 781,0172,884,954 693,445 441,138 871,892 916,6262,124,473 Nov. 22. ... 18,404,238 805,464 5,934,164 914,792 1,403,556 778,536 766,5072,802,953 690,005 432,396 848,365 922,4672,105,033 Deferred availability items: 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 Nov. 1 2,674,869 227,553 486,433 163,725 239,992 227,566 172,356 435,350 126,367 85,384 146,935 136,072 227,136 Nov. 8.... 2,542,284 180,670 454,311 175,258 218,933 254,588 170,644 421,185 128,277 79,643 140,096 127,186 191,493 Nov. 15. ... 3,418,292 273,732 626,244 192,456 313,094 311,229 244,042 591,371 164,925 94,269 179,470 172,469 254,991 Nov. 22.... 2,821,661 238,340 513,830 194,008 244,947 248,549 190,608 433,236 131,977 85,655 161,769 157,190 221,552 Other liabilities including accrued dividends: Oct. 25.... 10,843 640 4,115 469 1,103 492 356 1,386 330 302 298 418 934 Nov. 1 8,703 603 2,278 449 1,120 333 320 1,485 319 350 322 307 817 Nov. 8.... 9,459 646 2,687 504 1,202 462 376 1,361 377 298 325 343 878 Nov. 15 10,489 802 3,230 593 1,067 416 365 1,616 376 320 387 406 911 Nov. 22 10,869 878 3,011 534 1,182 532 444 1,661 412 314 416 477 1,008 Total liabilities: Oct. 25.... 44,158,393 2,434,35611,677,6322,694,8083,673,9112,608,6322,185,8607,764,9291,871,1721,115,1011,907,7571,600,5474,623,688 Nov. 1 44,212,566 2,435,87111,622,6232,682,0563,658,2352,603,4392,200,9867,791,6561,865,2561,130,0201,899,8961,658,1994,664,329 Nov. 8 43,991,251 2,366,12711,554,3462,684,2983,659,2802,620,6262,195,0817,780,4791,869,4511,115,1631,878,6011,635,3624,632,437 Nov. 15 45,165,957 2,489,85011,774,6122,729,8603,751,0292,712,3382,283,0527,954,1401,929,5901,137,3981,958,9891,722,8424,722,257 Nov. 22 44,492,627 2,457,25211,682,1002,747,2673,726,1192,633,0262,210,5047,731,9061,895,6711,120,3511,916,8961,713,2314,658,304 Capital Accts. Capital paid in: 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 Nov. 1 221,471 12,201 73,024 15,578 20,420 9,759 8,795 28,317 7,288 4,955 8,045 9,482 23,607 Nov. 8.... 221,506 12,201 73,026 15,578 20,422 9,761 8,796 28,331 7,292 4,955 8,053 9,482 23,609 Nov. 15.. .. 221,617 12,201 73,027 15,579 20,423 9,761 8,826 28,337 7,297 4,956 8,118 9,483 23,609 Nov. 22 221,800 12,201 73,030 15,615 20,440 9,772 8,827 28,389 7,326 4,957 8,148 9,484 23,611 Surplus: (section 7): 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 Nov. 1.... 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 Nov. 8.... 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 Nov. 15 488,173 30,778 148,149 38,205 45,957 23,779 21,194 72,029 19,118 12,494 18,045 15,873 42,552 Nov. 22.... 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): 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 Nov. 1.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Nov. 8 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Nov. 15 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Nov. 22.... 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.: 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 Nov. 1.... 138,960 9,729 30,220 10,163 12,866 9,373 8,046 19,186 7,769 5,204 6,994 6,822 12,588 Nov. 8.... 142,565 9,925 31,032 10,420 13,198 9,593 8,235 19,728 8,034 5,312 7,224 6,989 12,875 Nov. 15. ... 146,100 10,230 31,854 10,658 13,543 9,813 8,419 20,277 8,176 5,411 7,322 7,144 13,253 Nov. 22 149,572 10,420 32,645 10,880 13,866 10,040 8,610 20,810 8,421 5,530 7,502 7,302 13,546 Total liabilities and cap. accts.: 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 Nov. 1 45,088,713 2,491,59011,881,3352,750,4913,738,4842,649,6992,239,7837,912,6171,899,9521,153,7461,934,1171,691,6834,745,216 Nov. 8.... 44,871,038 2,422,04211,813,8722,752,9903,739,8632,667,1082,234,0687,901,9961,904,4161,138,9971,913,0601,669,0134,713,613 Nov. 15.... 46,049,390 2,546,07012,034,9612,798,7913,831,9582,759,0402,322,2538,076,2121,964,7021,161,3321,993,6111,756,6494,803,811 Nov. 22 45,379,715 2,513,66211,943,2432,816,4563,807,3882,679,9662,249,8977,854,5631,931,0571,144,4051,951,7281,747,1974,740,153 Contingent liability on acceptances purchased for foreign correspondents: Oct. 25.... 23,172 1,464 17,228 1,859 2,115 1,162 976 3,207 837 581 860 814 2,069 Nov. 1.... 24,099 1,516 17,590 1,925 2,190 1,203 1,011 3,321 866 602 891 842 2,142 Nov. 8 23,746 1,498 17,436 1,902 2,164 1,189 998 3,281 856 594 880 832 2,116 Nov. 15.... 23,390 1,474 17,345 1,871 2,128 1,169 982 3,228 842 585 865 819 2,082 Nov. 22.... 24,170 1,523 17,592 1,933 2,199 1,208 1,015 3,335 870 604 894 846 2,151 Commitments to make industrial loans: Oct. 25. ... 3,090 254 473 54 246 500 1,563 Nov. 1.... 3,041 205 473 54 246 500 1<563 Nov. 8.... 3,335 166 458 54 244 500 1,913 Nov. 15. ... 3,331 166 458 54 244 500 1,909 Nov. 22 3,337 172 458 54 244 500 1,909 i After deducting $15,944,000 participations of other Federal Reserve Banks on Oct. 25; $16,509,000 on Nov. 1; $16,310,000 on Nov. 8; $16,045,000 on Nov. 15; and $16,578,000 on Nov. 22. DECEMBER 1950 1635 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued FEDERAL RESERVE NOTES^-FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F S r a a n n - - F. R. notes outstanding (issued to Bank): Oct. 25 23,837,142 1,449,788 5,317,0991,664,456 2,126,810 1,637,8551,326,714 4,555,4561,102,189 609,913 930,650 651,0612,465,151 Nov. 1 23,854,447 1,450,820 5,297,5471,657,684 2,123,444 1,650,7931,328,815 4,550,2961,109,766 609,783 933,991 6<63,789 2,477,719 Nov. 8 23,911,246 1,448,501 1,665,659 2,128,383 1,653,2861,334,254 4,564,9411,112,734 612,841 993366,,772233 6<67,988 2,475,474 Nov. 15... 23,940,953 1,451,797 5,317,3781,666,374 2,137,922 1,658,8431,335,567 4,563,6311,116,722 612,007 993355,,225555 6<67,040 2,478,417 Nov. 22 24,018,017 1,454,129 5,352 1,681,8122,145,084 1,665,5451,336,707 4,572,2581,117,647 611,311 934,172 671,032 2,475,542 Collateral held against notes outstanding: Gold certificates: Oct. 25 13,929,000 440,000 4,770,000 750,000 825,000 670,000 650,000 2,880,000 350,000 210,000 280,000 204,0001,900,000 Nov. 1 13,929,000 440,000 4,770,000 750,000 825,000 670,000 650,000 2,880,000 350,000 210,000 280,000 204,0001,900,000 Nov. 8 13,929,000 440,000 4,770,000 750,000 825,000 670,000 650,000 2,880,000 350,000 210,000 280,000 204,0001,900,000 Nov. 15 13,964,000 440,000 4,770,000 750,000 825,000 685,000 650,000 2,900,000 350,000 210,000 280,000 204,0001,900,000 Nov. 22 13,964,000 440,000 4,770,000 750,000 825,000 685,000 650,000 2,900,000 350,000 210,000 280,000 204,0001,900,000 Eligible paper: Oct. 25 32,817 2,300 5,225 2,085 3,680 5,025 6,922 6,880 700 Nov. 1 76,254 2,300 11,555 2,642 3,025 18,730 8,172 19,630 10,200 Nov. 8 137,220 4,650 69,880 2,390 4,220 22,895 4,722 21,163 7,300 Nov. 15 58,349 7,975 15,430 2,495 320 14,690 2,122 15,317 Nov. 22 191,265 6,930 115,230 9,090 12,070 19,870 12,522 14,553 1,000 U. S. Govt. sec: Oct. 25 10,800,0001,100,000 700,000 1,000,000 1,350,000 1,000,000 700,000 1,700,000 800,000 450,000 700,000 500,000 800,000 Nov. 1 10,800,0001,100,000 700,000 1,000,000 1,350,000 1,000,000 700,0001,700,000 800,000 450,000 700,000 500,000 800,000 Nov. 8 10,800,0001,100,000 700,000 1,000,000 1,350,000 1,000,000 700,0001,700,000 800,000 450,000 700,000 500,000 800,000 Nov. 15. 10,900,0001,100,000 700,0001,000,000 1,350,000 1,000,000 700,0001,700,000 900,000 450,000 700,000 500,000 800,000 Nov. 22. ...... 10,900,0001,100,000 700,0001,000,000 1,350,000 1,000,000 700,0001,700,000 900,000 450,000 700,000 500,000 800,000 Total collateral: Oct. 25 24,761,8171,542,300 5,475,2251,752,085 2.1 75,.0 00 1,.6 73.,680 1,350,000 4,580,0001,155,025 666,922 986,880 704,000 2,700,700 Nov. 1 24,805,2541,542,300 5,481 1,752,642 2,175,000 1,673,0251,350,000 4,580,0001,168,730 668,172 999,630 704,000 2,710,200 Nov. 8 24,866,2201,544,650 5,539,8801,752,390 2,175,000 1,674,2201,350,000 4,580,0001,172.895 664,7221,001,163 704,000 2,707,300 Nov. 15 24,922,3491,547,975 1,752,495 2.1 75,.0 00 1,.6 85.,320 1,350,000 4,600,0001,264,690 662,122 995,317 704,000 2,700,000 Nov. 22 25,055,2651,546,930 5,585,2301,759,090 2,175,000 1,697,0701,350,000 4,600,0001,269,870 672,522 994,553 704,000 2,701,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS MEMBER BANK RESERVES AND BORROWINGS [Amounts in thousands of dollars] [Averages of daily figures. In millions of dollars] Partici- Central reserve W o D o r f e a l d t a p e n s e t e r ( i s l d o d a a d s a y ) t y Nu A m 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 a p m u c l r A e o o t o t m v p e u n - d e - n o d t t i ) s ( t a L a m o n o u o d a t u i n - n n s g t) 2 ( C s a t m o m a o m n e u o n d t m u - t i n s n i t t g ) -o i s n p t f t u g a a o f t t n i i u i i n o d o n t a - n i n s n n s t s c i g - - week en M di o n n g t h W , o e r dnesday b m a b A n e e k m l r l s - 1 Y N c o e i r w t k y ban c C k a h g s i o - b s c R a e i n r e t v y - k e s b C a t o n r u y k n s ber Amount (amount) Total reserves held: 1939... 2,781 188,222 2,659 13,683 9,220 10,981 1 1 9 9 5 4 0 9 — — S O e c p to te b m er b . er 1 16 6 , , 6 1 0 1 2 3 4 4, , 5 4 0 4 7 4 1 1 , , 1 1 2 5 7 8 6 6 , , 1 3 5 6 2 3 4 4 , , 3 5 9 7 1 3 1940.. . 2,908 212,510 13,954 9,152 5,226 6,386 October 16,731 4,521 1,148 6,450 4,612 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 Oct. 18 16,940 4,562 1,150 6,507 4,721 1943. . . 3,471 491,342 926 10,532 9,270 17,930 Oct. 25 16,974 4,669 1,157 6,519 4,629 1944. . . 3,489 525,532 1,295 3,894 4,165 2,705 Nov. 1 16,495 4,465 1,152 6,400 4,478 1945. . . 3,511 544,961 320 1,995 1,644 1,086 Nov. 8 16,644 4,416 1,167 6,424 4,637 1946. . . 3,542 565,913 4,577 554 8,309 2,670 Nov. 15 16,884 4,480 1,170 6,519 4,714 1 1 9 9 4 4 7 8 . . . . . . 3 3 , , 6 5 0 7 7 4 6 5 1 8 5 6 , , 6 7 5 2 3 6 3 9 3 4 5 5 1, 9 3 9 8 5 7 7 1, , 6 4 4 3 3 4 4 1 , , 8 99 6 0 9 Nov. 22 16,797 4,435 1,164 6,507 4,690 1949 Excess reserves: J J M u u a n ly y e 3 3 3 1 0 0 3 3 3 , , , 6 6 6 1 1 1 4 5 7 6 6 6 2 2 2 1 0 1 , , , 2 9 6 9 8 0 7 4 1 2 2 2 4 0 2 5 5 0 6 6 75 6 1 3 0 4 2 2 2 , , , 3 2 2 4 7 6 9 8 3 2 2 2 , , , 7 6 5 3 1 6 7 9 3 1 1 9 9 4 5 9 0 — — O O Se c c p t t o o te b b m e e r r ber 8 8 7 6 4 6 2 2 5 4 5 7 7 5 9 — -2 4 3 1 1 1 8 3 7 8 2 7 6 5 5 2 7 9 2 9 0 A N S O D e u o c e p t c g v . t . . . . 3 3 3 3 3 0 1 1 1 0 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 8 2 6 5 , , , , 3 5 2 3 3 2 2 7 0 2 7 3 3 1 6 1 1, , 5 9 5 2 5 7 4 1 1 3 5 7 2 9 4 2 1 1 1 , , , , 1 0 6 0 9 7 1 7 5 6 5 6 8 2 4 2 2 1 1 1 , , , , , 0 8 9 8 2 2 5 1 7 8 0 8 8 2 8 2 2 2 1 1 , , , , , 9 9 9 8 0 6 2 4 4 2 5 6 7 8 3 O O N N N c c o o o t t v v v . . . . . 2 1 1 5 8 1 8 5 1,0 9 5 8 7 6 5 8 9 1 2 2 6 3 8 1 1 5 7 5 2 4 2 9 4 -1 1 1 6 2 2 0 2 2 1 1 1 1 1 0 3 8 8 0 6 5 6 5 4 6 5 6 8 5 9 4 7 7 5 2 5 7 1950 Nov. 22 P752 -7 —7 141 P625 Jan. 31 3,652 629,764 544 2,223 1,941 2,649 Feb. 28 3,655 630,209 223 2,505 1,197 2,628 Borrowings at Federal Mar. 31 3,663 632,049 1,225 2,673 1,272 2,651 Reserve Banks: Apr. 29 3,667 632,573 1,172 2,665 1,288 2,652 1949—October 46 12 1 20 12 May 31 3,670 633,124 1,306 2,675 1,286 2,641 1950—September 96 14 3 58 22 June 30 3,677 638,015 4,416 2,779 1,352 2,731 October 67 6 1 41 19 July 31 3,680 639,158 4,362 2,479 1,729 2,753 Aug. 31 3,684 644,464 6,985 2,333 2,481 3,273 Oct. 18 56 1 34 21 Sept. 30 3,690 646,276 8,030 2,293 2,509 3,224 Oct. 25 45 32 11 Oct. 31 3,692 647,432 5,108 2,307 3,035 3,707 Nov. 1 86 3 2 52 31 Nov. 8 123 30 63 17 Nov. 15 112 33 13 42 37 1 Includes applications approved conditionally by the Federal Re- Nov. 22 93 15 51 18 serve Banks and under consideration by applicant. 9 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of con- v 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. 1636 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 k r 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 e t v y k - e s C ba t o r n u y k n s - York cago York cago First half of October 1950 Second half of October 1950 'Gross demand deposits: Total 95,609 21,505 5,521 36,588 31,995 96,698 21,841 5,604 37,052 32,202 Interbank 11,341 3,887 1,103 5,422 929 11,576 3,953 1,113 5,549 962 Other 84,268 17,618 4,418 31,166 31,066 85,122 17,888 4,491 31,503 31,240 Net demand deposits 2 83,233 19,652 4,957 31,464 27,161 84,091 19,905 5,018 31,761 27,407 Demand deposits adjusted 3. 7S,000 75,700 Time deposits4 29,470 1,806 1,074 11,646 14,944 29,461 1,790 1,073 11,651 14,946 Demand balances due from domestic banks... 5,677 38 114 1,767 3,758 5,770 40 122 1,865 3,743 Reserves with Federal Reserve Banks: Total 16,639 4,446 1,136 6,425 4,631 16,817 4,591 1,158 6,474 4,595 Required 15,810 4,414 1,144 6,246 4,006 15,962 4,469 1,158 6,300 4,036 Excess 828 33 -8 179 624 856 122 1 174 558 Borrowings at Federal Reserve Banks 75 11 1 45 18 58 1 1 37 20 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. « 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. * 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 i [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 deposits deposits Number of banks suspended: e i x n c te e r p - t de T p i o m s e its e i x n c te e r p - t de T p i o m s e its 1934-42 330 20 6 216 88 bank bank 1943 4 2 2 1944 1 1 1945 0 1949 1946 0 August 16,306 8,816 11,728 6,075 1947.. 1 1 September 16,651 8,809 11,932 6,072 1948 0 October 16,850 8,810 12,061 6,072 1949 4 4 1950—Jan.-Nov 1 1 1950 S A e u p g t u e s m t ber 1 18 7 , , 2 9 3 4 1 3 8 8 , , 8 8 6 4 9 7 1 1 2 2 , , 4 5 1 4 9 0 6 6 , , 1 0 0 9 5 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 October 18,397 8,849 12,758 6,097 1934-42 137,362 18,01626,54851,567 41,231 By district, 1943 6,223 4,982 1,241 October 1950 1944 405 405 1945 0 Boston 2,272 829 380 230 1946 0 New York 3,401 2,224 1,201 1,162 1947 167 167 Philadelphia........ 1,394 830 1,018 907 1948. . 0 Cleveland 1,487 911 1,069 804 1949 2,443 2,443 1950—Jan.-Nov (3) (8) Richmond 1,196 413 914 482 A Ch tl i a c n a t g a o. . 2 1 , ,6 5 6 5 6 6 1, 4 62 5 7 8 1,7 7 9 0 1 9 2 9 2 6 4 8 1 Represents banks which, during the periods shown, closed tem- St. Louis 720 348 995 289 porarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks Minneapolis 635 295 782 438 at the time of closing (in some instances with the aid of Federal Deposit D K a a l n l s a a s s City 1, 6 12 2 7 4 1 1 0 6 8 4 , , 6 7 2 1 8 7 2 8 1 2 2 Ins 2 u D ra e n p c o e s it C s or o p f o r m at e i m on b e lo r a b n a s) n . ks and insured nonmember banks sus- San Francisco 1,318 641 554 300 pended are as of dates of suspensions, and deposits of noninsured nonmember banks are based on the latest data available at the time the suspensions were reported. i Includes any banks in outlying sections of reserve cities that have * 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. DECEMBER 1950 1637 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin andsmall denomination currency a Large denomination currency 2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin s$l $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 32 111 1,288 1,326 1 254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1 475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949—juiy 27,394 18,908 1,457 1,001 60 1,959 5,901 8,529 8,488 2,410 4,964 385 717 4 9 2 August 27,393 18,901 1,462 1,003 61 1,958 5,900 8,517 8,494 2,406 4,980 383 712 4 9 2 September... 27,412 18,917 1,468 1,018 60 1,970 5,905 8,496 8,498 2,401 4,996 382 705 4 9 2 October 27,407 18,915 1,474 1,031 60 1,973 5,891 8,486 8,494 2,392 5,007 381 701 4 9 2 November... 27,543 19,040 1,484 1,046 61 1,994 5,935 8,520 8,506 2,398 5,021 382 692 4 8 2 December. .. 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 -4 11 3 1950—January.... 26,941 18,475 1,457 1,008 60 1,926 5,715 8,309 8,469 2,401 5,010 380 666 4 8 3 February... . 27,068 18,645 1,459 1,011 60 1,949 5,817 8,348 8,426 2,385 4,988 378 661 5 9 3 JVIarch 27,042 18,651 1,468 1,013 59 1,949 5,834 8,327 8,393 2,375 4,968 384 654 5 8 1 April 27,048 18,661 1,478 1,016 60 1,945 5,830 8,333 8,389 2 380 4 961 382 650 4 11 1 May 27,090 18,730 1,490 1,033 60 1,963 5,851 8,333 8,361 2,380 4,949 380 639 4 9 1 June . 27,156 18,813 1,496 1,037 61 1,966 5,891 8,363 8,344 2,386 4,940 378 628 4 9 2 July 27,010 18,696 1,498 1,029 60 1,946 5,836 8,328 8,316 2,374 4,934 375 620 4 9 2 August 27,120 18,795 1,506 1,037 61 1,955 5,881 8,355 8,328 2,374 4,950 372 617 4 9 2 September.. . 27,161 18,834 1,515 1,054 61 1,964 '5,884 8,357 %329 2,369 4,964 370 613 4 9 2 October 27,228 18,901 1,527 1,072 61 1,978 5,874 8,388 8,329 2,368 4,987 367 595 4 9 2 r Revised. 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. 8 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 x Money Total out- held by standing, As security For Federal Oc 1 t 9 . 5 3 0 1, g a o s g l i d a lv i a n e n r st d Tre c a as s h ury B R F an e e d k se e s r r a v a n e l d B R a a n e g s k e e s n r a t v s n e d Oc 1 t 9 . 5 3 0 1, Se 1 p 9 t. 5 3 0 0, Oc 1 t 9 . 4 3 9 1, certificates agents Gold 23,249 22,085 21,164 Gold certificates 22,085 19,229 2,816 40 40 42 Federal Reserve notes 23,878 47 946 22,885 22,801 23,085 Treasury currency—total 4,623 s2,281 84 236 4,303 4,320 4,280 Standard silver dollars . .. 493 245 71 3 174 173 167 Silver bullion 2,036 2,036 Silver certificates and Treasury notes of 1890.. 169 2,112 2,i37 2,i05 Subsidiary silver coin 1,014 5 25 984 975 948 !Minor coin . . ... 381 3 9 369 367 359 United States notes 347 3 26 317 318 315 Federal Reserve Bank notes 267 1 3 263 265 296 National Bank notes 86 1 85 85 90 Total—Oct 31 1950 24,366 1 295 19 229 3 998 27 228 Sept. 30, 1950 24,571 1,322 19,419 3,925 27,161 Oct. 31, 1949 25,663 1,307 20,505 3,942 27,407 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States. Totals for other end-of-month dates are shown in table above, totals by weeks in table on p. 1629, and seasonally adjusted figures in table on p. 1639. * Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. * 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. 5 Less than $500,000. NOTE.—-There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. 1638 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR POSTAL SAVINGS SYSTEM SEASONAL VARIATION [In millions of dollars] [Outside Treasury and Federal Reserve Banks. In millions of dollars] Assets Amount- Amount- Change in End of peri D o a d t : e f u o v n r a a r s d i e j a a u t s s i o o te n n d al ad v s j a e u r a s i s t a e o t d n i o a n f l or s a e s d a e s j r u o i s e n t s a e l 1 d ly End of month D a i n b t e o c a p e r l o s s - s ' 1 - Total d b C e t a o p i a n n o r s y k s h s i- G s U m e o t c v i . e e u e n S s r r t i . n - - r f e C u e s n t a e c d s r . h v s 8 , e 1939 7,598 +742 1940 8,732 +1,134 1941 11,160 +2,428 1943—December 1,788 1,843 10 1,716 118 1942 15,410 +4,250 1944—December.... 2,342 2,411 8 2,252 152 1943 20,449 +5,039 1945—December.... 2,933 3,022 6 2,837 179 1944 25,307 +4,858 1946—December 3,284 3,387 6 3,182 200 1945 28,515 +3,208 1947—December 3,417 3,525 6 3,308 212 1946 28,952 +437 1948—December 3,330 3,449 7 3,244 198 1947....... 28,868 -84 1948 28,224 -644 1949—June. 3,277 3,403 7 3,188 209 1949 27,600 -624 July 3,266 3,393 6 3,187 199 August 3,248 3,375 6 3,172 196 Averages of daily figures? September... 3,230 3,350 6 3,152 191 October...... 3,215 3,336 7 3,127 202 1949—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 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 3,021 3,141 10 2,962 169 August 27,009 27,145 -26 September. . . *>2,985 September 27,154 27,208 +63 October *>2,960 October 27,233 27,233 +25 November 27,380 27,298 +65 P Preliminary. 1 Outstanding principal, represented by certificates of deposit. * For end-of-year figures, represents change computed on absolute 2 Includes working cash with postmasters, 5 per cent reserve fund amounts in first column. and miscellaneous working funds with Treasurer of United States, ac- NOTE.—For discussion of seasonal adjustment factors and for back crued interest on bond investments, and accounts due from late postfigures on comparable basis see BULLETIN for September 1943, pp. masters. 822-826. Because of an apparent change in the seasonal pattern Back figures.—-See Banking and Monetary Statistics, p. 519; for around the year-end, adjustment factors have been revised somewhat description, see p. 508 in the same publication. for dates affected, beginning with December 1942. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government Year or month Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers City* centers * centers 2 City centers City* cities 8 City* cities * 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 19 9 4 4 6 6 - — — o n l e d w s e se ri r e ie s s * 4 }l,050,021 417,475 527,336 105,210 18.9 10.0 { 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 2 5 5 . . 2 5 1 1 6 6 . . 9 5 1947 1,125,074 405,929 599,639 119,506 21.0 11.9 400,468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 23.6 12.9 445,221 660,155 27.2 19.2 1949 1,231,053 452,897 648,976 129,179 24.1 12.4 447,150 639,772 28.2 18.7 1949—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 1^950—January 106,665 38,962 56,397 11,306 24.5 12.6 38,133 55,090 28 6 18.9 96,254 35,727 50,565 9,962 24.9 12.3 35,205 49,855 29.3 18.9 JVLarch . .... 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 iS/LsLy 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 '123,222 44,910 '65,197 13,116 27.9 14.2 46,400 65,330 34.2 21.5 October 125,784 43,837 68,137 13,811 26.4 14.2 43,159 66,547 30.7 20.9 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. 8 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. DECEMBER 1950 1639 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS * [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Bank credit Total assets. Date Treas- u. s. Government obligations l T ia o b t i a l l - Total Ca a p n i d tal Gold re c n u c r- y Total Lo n a e n t s, Total m C a e o r n c m d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e a r p r n o e d s n i c ts y c m o n a u i c e n s - t c ts . , savings Banks banks 1929—June 29 4,037 2,019 ,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30 4,031 2,286 4?,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 ,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 15.1,992 27,948 118,041 93,655 21,792 2,594 8,003 178,350 168,040 10,310 Dec. 31 20,065 4,339 161,381 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 16,1,485 31,570 122,740 95,911 23,783 3,046 9,175 188,294 176,215 12,079 Dec. 31 20,529 4,562 15?,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 15f ,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 16f ,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 194g—June 30 23,532 4,565 151,958 45,299 101,451 76,774 21,366 3,311 11,208 186,055 172,857 13,200 Dec. 31 24,244 4,589 16f,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 I.Sf,491 47,148 97,428 74,877 19,343 3,208 11,915 185,554 171,602 13,952 1949—NOV. 30 24,500 4,600 16f ,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 4,600 ,500 49,400 100,400 79,500 17,800 3,100 12,700 191,600 177,100 14,400 Feb. 21 , 24,300 4,600 161,900 49,700 99,300 78,600 17,600 3,100 12,900 190,800 176,200 14,600 Mar 29 24,200 4,600 161,700 50,400 98,000 77,400 17,500 3,100 13,300 190,500 176 000 14,600 Apr. 26..... . 24,200 4,600 16?,000 50,600 97,900 77,100 17,600 3,100 13,500 190,800 176,100 14,600 May 31..- 24,200 4,600 162,600 51,000 98,100 77,700 17,400 3,100 13,500 191,400 176,700 14,700 June 30 .. 24,231 4,607 164,348 51,999 98,709 77,320 18,331 3,058 13,640 193,186 178 568 14,618 July 26P 24,200 4,600 164,300 53,100 97,500 76,400 18,000 3,000 13,800 193,100 178,200 14,900 Aug 3QP 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. 27P . 23,500 4,600 166,900 56,400 96,000 73,800 19,400 2,900 14,500 195,000 180,000 14,900 Oct. 25?... 23,300 4,600 167,700 57,500 95,800 73,600 19,200 2,900 14,400 195,600 180,300 15,300 Deposits and Currency U S. Governmentbalances Deposits adjusted and currency Date Total d F e b o p n r a o e e n s i t k g it n s, T c r u a e r s a y h s- A s m b a t a e a v c n r n i c o n d k i m g s a s l - R F B e e a A d s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m b C T e a o i r n m m c k i e s a - l dep M s b o a a s v u n i i t k t n u s s g 8 a * s l S S P a y o v s s i t n t e a m g l s o b r u C e a t n u n s c i r k d - y s e 1929—JUne 29 55,776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1 1 9 9 3 3 3 9— — D jUe n c e . 3 3 0 0 4 6 2 8 , , 0 3 2 5 9 9 1,21 5 7 0 2,4 2 0 64 9 8 8 5 4 2 6 63 3 4 5 6 4 3 0 , , 2 8 5 2 3 8 2 1 9 4 , , 7 4 9 1 3 1 2 27 1 , , 0 6 5 5 9 6 1 1 5 0 , , 2 8 5 4 8 9 1 9 0 , , 6 5 2 2 1 3 1 1 , , 1 2 8 7 6 8 6 4 , , 4 7 0 6 1 1 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 1,314 1,367 756 164,140 82,186 55,655 34,835 17,428 3,392 26,299 Dec. 31 175,348 1,682 1,336 1,452 870 170,008 87,121 56,411 35,249 17,746 3,416 26,476 1948—June 30 172,857 1,727 1,327 2,180 1,928 165,695 82,697 57,360 35,788 18,194 3,378 25,638 Dec. 31 176,121 2,103 1,325 2,451 1,123 169,119 85,520 57,520 35,804 18,387 3,329 26,079 1949—June 30 171,602 1,927 1,307 2,304 438 165,626 81,877 58,483 36,292 18,932 3,259 25,266 1949—Nov. 30 175,300 2,100 1,300 3,200 500 168,100 85,000 58,000 35,800 19,100 3,200 25,100 Dec. 31 177,313 2,150 1,312 3,249 821 169,781 85,750 58,616 36,146 19,273 3,197 25,415 1950—Jan. 25 177,100 2,200 1,300 3,300 500 169,700 86,400 58,700 36,100 19,400 3,200 24,500 Feb. 21 176,200 2,200 1,300 4,200 400 168,200 84,500 59,000 36,300 19,500 3,200 24,700 Mar. 29 .. . . 176,000 2,300 L.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 L.300 3,200 800 168,400 84,300 59,500 36,600 19,700 3,200 24 600 May 31 176,700 2,400 L.300 3,200 600 169,200 85,000 59,500 36,600 19,800 3,100 24,700 June 30 . 178,568 2,555 ]L.298 3,801 950 169,964 85,040 59,739 36,719 19,923 3,097 25,185 July 26P 178,200 2,500 1,300 3,600 500 170,200 86,500 59,400 36,400 19,900 3 100 24 400 Aug. 30P 179,200 2,400 1L,300 3,800 700 171,000 87,400 59,100 36,200 19,800 3,000 24,500 Sept. 27P 180,000 2,300 1L.300 3,600 1,100 171,700 88,100 59,000 36,200 19,900 3 000 24 500 Oct 25 P 180,300 2,500 1L.300 3,100 400 173,000 89,400 59,000 36,200 19,900 3,000 24,600 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. » 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. ; BULLETIN for January 1948, pp. 24-32. The composition of a few items differs ""* " al Reserve Banks held by member banks is included in "Other securities" __._. .......... _ . 1 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. 1640 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans Total G o U m o b v l . e i e g n S r a t n . - - O s ri e t t c h ie u e s - r assets 1 Total i b I a n n te k r - 1 m D a e n - d Time a c c a c p o i u ta n l ts ba o n f ks tions AH banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1942—Dec. 31 78,147 23,916 54,231 45,951 8,280 28,701 99,803 11,308 61,437 27,058 8,566 14,682 1943—Dec. 31. . .... 96,966 23,601 73,365 65,932 7,433 28,475 117,661 11,003 75,577 31,081 8,996 14,579 1944—Dec. 30 119,461 26,015 93,446 85,885 7,561 30,790 141,448 12,235 91,663 37,551 9,643 14,535 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 .. 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—Dec. 312 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1948—Dec. 31 133,693 48,174 85,519 74,097 11,422 39,474 161,248 12,269 94,671 54,308 12,479 14,703 1949—June 30 133,868 47,076 86,792 74,877 11,915 34,966 156,470 10,938 90,145 55,386 12,845 14,680 Dec. 31 140,598 49,544 91,054 78,433 12,621 36,522 164,467 12,710 96,156 55,601 13,088 14,687 1950—May 31 142,300 51,180 91,120 77,670 13,450 33,310 161,880 11,130 94,170 56,580 13,450 14,674 June 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 26P 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. 30*» 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 Oct. 25P 145,770 57,730 88,040 73,620 14,420 35,620 167,410 12,350 98,810 56,250 13,800 14,658 AH commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1942—Dec. 31 67,393 19,221 48,172 41,379 6,793 28,039 89,135 11,308 61,431 16,395 7,330 14,136 1943—Dec. 31 85,095 19,117 65,978 59,842 6,136 27,677 105,923 11,003 75,569 19,350 7,719 14,034 1944—Dec. 30 105,530 21,644 83,886 77,557 6,329 30,206 128,072 12,235 91,653 24,184 8,265 13,992 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec. 31. 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—Dec. 312 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1948—Dec. 31 114,298 42,488 71,811 62,622 9,189 38,596 142,843 12,269 94,654 35,921 10,480 14,171 1949—June 30 113,773 41,025 72,748 63,220 9,528 34,166 137,520 10,938 90,128 36,455 10,780 14,150 Dec. 31. ...... 120,197 42,965 77,232 67,005 10,227 35,650 145,174 12,709 96,136 36,328 10,967 14,156 1950—May 31 121,160 44,080 77,080 66,100 10,980 32,540 142,070 11,130 94,150 36,790 11,250 14,143 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 26P 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 11,370 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 Oct. 25*> 124,490 49,890 74,600 62,530 12,070 34,890 147,510 12,350 98,790 36,370 11,580 14,129 All member banks: 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 5,886 6,619 1942—Dec. 31 59,263 16,088 43,175 37,546 5,629 24,280 78,277 11,000 54,523 12,754 6,101 6,679 1943—Dec. 31 74,258 16,288 57,970 52,948 5,022 23,790 92,262 10,555 66,438 15,268 6,475 6,738 1944—Dec. 30 91,569 18,676 72,893 67,685 5,208 25,860 110,917 11,884 79,774 19,259 6,968 6,814 1945—Dec. 31 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,589 6,884 1946—Dec. 31 96,362 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8,095 6,900 1947—Dec. 31 97,846 32,628 65,218 57,914 7,304 32,845 122,528 12,403 81,785 28,340 8,464 6,923 1948—Dec. 31 95,616 36,060 59,557 52,154 7,403 34,203 121,362 11,641 80,881 28,840 8,801 6,918 1949—June 30 95,315 34,456 60,859 53,132 7,727 30,423 116,980 10,374 77,342 29,264 9,022 6,903 Dec. 31 101,528 36,230 65,297 56,883 8,414 31,317 123,885 12,097 82,628 29,160 9,174 6,892 1950—May 31 102,179 37,070 65,109 55,988 9,121 28,692 121,076 10,587 80,995 29,494 9,399 6 887 June 30 102,745 37,658 65,087 55,759 9,328 29,380 122,707 10,850 82,232 29,625 9,523 6,885 July 26* 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. 3QP 104,289 39,977 64,312 54,434 9,878 29,261 123,694 10,795 83,658 29,241 9,602 6,888 Sept. 27P 104,554 41,542 63,012 52,882 10,130 30,144 124,572 10,968 84,386 29,218 9,628 6,887 Oct. 25P 105,258 42,347 62,911 52,816 10,095 30,427 125,691 11,725 84,748 29,218 9,683 6,883 All mutual savings t939 Dec 30 10 216 4 927 5 289 3,101 2,188 818 10 524 3 10 521 309 551 1941—Dec 31 10 379 4 901 5,478 3,704 1,774 793 10,533 6 10 527 241 548 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 g 11 730 I 276 545 1944—Dec 30 13 931 4 370 9,560 8,328 1,232 584 13,376 10 13 366 1I 378 543 1945 Dec 31 16 208 4 279 11 928 10 682 1,246 609 15 385 14 15 371 L 592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 1 16 16,853 U784 541 1947—Dec. 312 . 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1948—Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 1 17 18,387 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 2,394 873 19,293 20 19 273 2 122 531 1950—Mav 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 Tulv 26P 21 250 7 340 13 910 11,490 2,420 750 19,900 20 19 880 2 190 530 Au°" 30^ 21 260 7 490 13,770 11,380 2,390 730 19,860 20 19,840 2,200 529 Sept. 27P. 21 220 7 640 13 580 11 210 2,370 800 19 890 20 19 870 2 220 529 Oct. 25P 21,280 7,840 13,440 11,090 2,350 730 19,900 20 19,880 2,220 529 P Preliminary. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. Comparability of figures for classes of banks is affected somewhat by changes in Federal Reserve membership, insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. i 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. DECEMBER 1950 1641 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans Total G o U m o b v l . e i e g n S r a t n . - - O s ri e t t c h ie u e s - r Cash Total b I a n n te k r - i m D a e n - d Time a c c T a c o p o t i u t a a n l l ts N b u a o m n f k b s er tions Central reserve city | member banks: | New York City: 1939—Dec. 30 9,339 3,296 6,043 4,772 1,272 6,703 14,509 4,238 9,533 736 ,592 36 1941—Dec. 31 12,896 4,072 8,823 7,265 1,559 6,637 17,932 4,207 12,917 807 ,648 36 1942—Dec. 31 17,957 4,116 13,841 12,547 1,294 5,864 22,078 3,945 17,399 734 ,727 37 1943—Dec. 31 19,994 4,428 15,565 14,563 1,002 5,197 23,256 3,680 18,729 847 ,862 37 1944—Dec. 30 24,003 5,760 18,243 17,179 1,066 4,921 26,773 4,041 21,730 1,002 ,966 37 1945—Dec. 31 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1,236 ,120 37 1946—Dec. 31 20,834 6,368 14,465 13,308 1,158 6,238 24,723 4,246 19,028 1,449 205 37 1947—Dec. 31 20,393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 1,445 2,259 37 1948—Dec. 31 18,759 8,048 10,712 9,649 1,063 7,758 24,024 4,213 18,131 1,680 306 35 1949—June 30 19,103 7,689 11,413 10,278 1,135 7,109 23,619 3,920 18,004 1,695 340 35 Dec. 31 19,583 7,550 12,033 10,746 1,287 6,985 23,983 4,192 18,139 1,651 2,312 25 1950—May 31 19,243 7,607 11,636 10,153 1,483 6,382 22,702 3,826 17,230 1,646 2,344 25 June 30 19,548 7,723 11,825 10,281 1,544 6,329 23,213 3,894 17,668 1,650 2,341 25 July 26*> 19,406 8,129 11,277 9,618 1,659 6,418 22,776 3,786 17,392 1,598 2,351 25 Aug. 30P 19,764 8,368 11,396 9,587 1,809 6,478 23,417 3,856 17,936 1,625 2,356 25 Sept. 27P 19,860 8,814 11,046 9,167 1,879 6,635 23,585 3,956 17,982 1,647 2,343 24 Oct. 25? 19,877 8,919 10,958 9,134 1,824 6,515 23,602 4,146 17,851 1,605 2,352 23 Chicago: 1939—Dec. 30 ,105 569 1,536 1,20.3 333 1,446 3,330 888 1,947 495 250 14 1941—Dec. 31 760 954 1,806 1,430 376 1,566 4,057 1,035 2,546 476 288 13 1942—Dec. 31 ,973 832 3,141 2,789 352 1,352 5,040 1,117 3,468 455 304 13 1943—Dec. 31 ,554 1,004 3,550 3,238 312 1,283 5,523 985 4,029 508 326 13 1944—Dec. 30 443 1,184 4,258 3,913 345 1,378 6,468 1,148 4,700 620 354 13 1945—Dec. 31 ,931 1,333 4,598 4,213 385 1,489 7,046 1,312 5,015 719 377 12 1946—Dec. 31 765 1,499 3,266 2,912 355 1,545 5,905 1,153 3,922 829 404 14 1947—Dec. 31 ;088 1,801 3,287 2,890 397 739 6,402 1,217 4,273 913 426 14 1948—Dec. 31 799 1,783 3,016 2,633 383 932 6,293 1,064 4,227 1,001 444 13 1949—June 30 ,841 1,537 3,303 2,888 415 702 6,087 1,008 4,020 1,059 462 13 Dec. 31 ,424 1,618 3,806 3,324 482 850 6,810 1,191 4,535 1,083 470 13 1950—May 31 ,217 1,536 3,681 3,119 562 658 6,392 1,044 4,256 1,092 478 13 June 30 ,256 1,557 ,700 3,138 562 640 6,419 1,014 4,305 1,099 481 13 July 26* ,299 1,654 3,645 3,082 563 743 6,509 1,067 4,354 1,088 478 13 Aug. 30P ,447 1,726 3,721 3,146 575 755 6,703 1,099 4,527 1,077 483 13 Sept. 27*> ,302 1,786 3,516 2,950 566 841 6,621 1,058 4,488 1,075 483 13 Oct. 25» ,394 1,854 3,540 2,987 553 1,777 6,668 1,109 4,486 1,073 484 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 6,944 5,194 1,749 6,785 17,741 3,686 9,439 4,616 1,828 346 1941—Dec. 31 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13,047 4,806 1,967 351 1942—Dec. 31 20,915 6,102 14,813 13,038 1,775 9,426 28,700 4,957 18,747 4,995 2,028 354 1943—Dec. 31 27,521 6,201 21,321 19,682 1,639 9,327 35,070 4,874 24,086 6,109 2,135 357 1944—Dec. 30 33,603 6,822 26,781 25,042 1,739 10,238 41,804 5,524 28,525 7,755 2,327 356 1945—Dec. 31 40,108 8,514 31,594 29,552 2,042 11,286 49,085 6,448 32,877 9,760 2,566 359 1946—Dec. 31 35,351 10,825 24,527 22,250 2,276 11,654 44,477 5,570 28,049 10,858 2,728 355 1947—Dec. 31 36,040 13,449 22,591 20,196 2,396 13,066 46,467 5,649 29,395 11,423 2,844 353 1948—Dec. 31 35,332 14,285 21,047 18,594 2,453 13,317 45,943 5,400 29,153 11,391 2,928 335 1949—June 30 35,034 13,261 21,772 19,076 2,696 11,618 43,852 4,665 27,560 11,627 3,005 336 Dec. 31 38,301 14,370 23,931 20,951 2,980 12,168 47,559 5,713 30,182 11,664 3,087 341 1950—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 26? 39,167 15,256 23,911 20,549 3,362 11,580 47,495 5,034 30,779 11,682 3,267 336 Aug. 30J» 39,376 15,845 23,531 20,030 3,501 11,422 47,448 4,996 30,848 11,604 3,287 336 Sept. 27* 39,536 16,525 23,011 19,404 3,607 11,858 47,978 5,100 31,300 11,578 3,305 337 Oct. 25? 39,844 16,931 22,913 19,301 3,612 12,070 48,493 5,503 31,388 11,602 3,320 337 Country member banks: 1939—Dec. 30 10,224 4,768 5,456 3,159 2,297 4,848 13,762 598 7,312 5,852 1,851 5,966 1941—Dec. 31...... 12,518 5,890 6,628 4,377 2,250 6,402 17,415 822 10,335 6,258 1,982 6,219 1942—Dec. 31 16,419 5,038 11,380 9,172 2,208 7,638 22,459 980 14,909 6,569 2,042 6,275 1943—Dec. 31 22,188 4,654 17,534 15,465 2,069 7,983 28,414 1,015 19,594 7,804 2,153 6,331 1944—Dec. 30 28,520 4,910 23,610 21,552 2,058 9,323 35,871 1,171 24,818 9,882 2,321 6,408 1945—Dec. 31 35,002 5,596 29,407 26,999 2,408 10,632 43,418 1,223 29,700 12,494 2,525 6,476 1946—Dec. 31 35,412 8,004 27,408 24,572 2,836 10,151 43,066 1,091 27,921 14,053 2,757 6,494 1947—Dec. 31 36,324 10,199 26,125 22,857 3,268 10,778 44,443 1,073 28,810 14,560 2,934 6,519 1948—Dec. 31 36,726 11,945 24,782 21,278 3,504 11,196 45,102 964 29,370 14,768 3,123 6,535 1949—June 30 36,338 11.968 24,370 20,889 3,481 9,994 43,422 781 27,758 14,883 3,215 6,519 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—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 26P 39,418 13,721 25,697 21,777 3,920 9,694 45,930 849 30,081 15,000 3,454 6,512 Aug. 30P 39,702 14,038 25,664 21,671 3,993 9,606 46,126 844 30,347 14,935 3,476 6,514 Sept. 27? 39,856 14,417 25,439 21,361 4,078 9,810 46,388 854 30,616 14,918 3,497 6,513 Oct. 25*> 40,143 14,643 25,500 21,394 4,106 10,065 46,928 967 31,023 14,938 3,527 6,510 * 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. 1642 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS—Continued [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans Total G o U m o b v l . e i e g n S r a t n . - - O s ri e t t c h ie u e s - r assets 1 Total b I a n n te k r - i m D a e n - d Time a c c a c p o i u t n a t l s ba o n f ks tions All insured commercial banks: 1941—Dec. 31 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 S,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 ,288 7,662 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 ,362 7,130 1946—Dec. 31 17,646 4,429 13,217 11,749 1,468 4,639 20,879 597 13,526 6,756 ,483 7,147 1947—Dec. 31 2. 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 ,596 7,261 1948—Dec. 31 18,698 6,431 12,267 10,479 1,788 4,396 21,497 628 13,772 7,097 ,680 7,256 1949—Dec. 31 18,686 6,739 11,947 10,132 1,814 4,334 21,305 613 13,508 7,184 ,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 savings banks: 1941—Dec. 31 1,693 642 1,050 629 421 151 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 10,351 1,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 11,415 1,173 191 1947—Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 12,192 1,252 194 1948—Dec. 31 13,312 4,109 9,202 7,795 1.407 684 12,772 12,757 1,334 193 1949—Dec. 31 14,209 4,814 9,394 7,832 1|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 4,259 428 3,075 1,353 642 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 163 3,522 641 180 5,022 5,020 558 350 1946—Dec. 31 5,813 1,275 538 3,833 705 206 5,442 5,439 611 350 1947—Dec. 312 5,957 1,384 4,573 3,813 760 211 5,556 5,553 637 339 1948—Dec. 31 6,083 1,577 4,506 3,680 826 194 5,633 5,631 665 339 1949—Dec. 31 6,192 1,764 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 publicationF,or revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. DECEMBER 1950 1643 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES • LOANS AND INVESTMENTS [In millions of dollars] Loans x Investments Loans for U. S. Government obligations Com- purchasing Obli- Cla c s a s l a l n o d d f a b te ank i m T n lo a v o e n a e n t n d a s t s t l s - Total* o e m m c p i l im i n u n a e a e g d - r r l n , - - - - A c t g u a u r r l l i - - - b o s T e r r e o r o s c c k a u - r r r it y i T i e n o s g l R o t e a a e s t n a - e s l s C l u o o m a n n e - s r O lo th an er s Total Total Bills C o c e f a r t t i e i n D f s i - - ire N c o t tes Bonds G t a e u n e a - d r- S p t a i• t g o i c a o n • o a l a t f d i n - e l t 1 s s - O s ri e t t h c ie e u s r ket and oth- debt- subpa- deal- ers ed- diviper ers ness sions All insured commercial banks: 1941—Dec 31 49,290 21,259 9,214 1,450 614 662 4,773 4, 545 28,031 21,046 988 3,159 12,7974,102 3,651 3,333 1946—Dec. 31.. 112,178 30,733 14,016 1,358 1,517 1,609 7,1034,031 1,098 81,445 73,554 1,271 12,288 6,78053,200 154,2983,592 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1,190 9,2665,654 1,028 76,691 67,941 2,124 7,552 5,918 52,334 145,129 3,621 1948—Dec. 31.. 112,286 41,968 18,7612,775 1,336 939 10,6666,804 1,095 70,318 61,388 2,821 10,065 3,39445,100 85,5093,420 1949—June 30.. 111,746 40,524 16,2922,734 1,972 901 10,8877,170 1,022 71,222 61,970 2,846 10,437 2,045 46,636 65,7633,489 Dec. 31.. 118,278 42,485 16,9352,963 1,749 855 11,4058,005 1,121 75,793 65,820 3,692 12,479 5,810 43,833 66,4003,574 1950—June 30.. 119,808 44,304 16,8142,819 1,856 912 12,2709,036 1,186 75,504 64,546 3,847 6,102 11,59143,000 87,237 3,721 Member banks, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 3,494 3, >92 25,500 19,539 971 3,007 11,7293,8323,0902,871 1946—Dec. 31.. 96,362 26,696 13,154 884 1,506 1,467 5,3583,308 1,020 69,666 63,042 1,167 10,043 5,60246,219 113,5483,077 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 7,1304,662 952 65,218 57,914 1,987 5,816 4,815 45,286 104,199 3,105 1948—Dec. 31.. 95,616 36,060 17,631 1,800 1,324 834 8,2445,585 1,006 59,556 52,154 2,588 7,999 2,800 38,761 54,4802,922 1949—June 30.. 95,315 34,456 15,213 1,704 1,958 803 8,3835,859 935 60,859 53,132 2,651 8,469 1,639 40,369 44,7103,016 Dec. 31.. 101,528 36,230 15,857 1,945 1,737 758 8,8346,551 1,034 65,297 56,883 3,389 10,409 5,08537,996 45,2743,140 1950—Apr. 24.. 101,521 36,785 64,736 55,575 5,9543,207 June 30.. 102,745 37,658 15 ',708iJ77Oi',840 "807 9^5477*, 4011405 65,087 55,759 3 [539'i',821 '9,990 37',404 56,0403,289 New York City:* 1941—Dec 31 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1946—Dec. 31.. 20,834 6^368 4^078 1,096 389 99 455 250 14,465 13,308 387 1,725 992 10,202 1 557 601 1947—Dec. 31.. 20,393 7,179 5,361 545 267 111 564 330 13,215 11,972 1,002 640 558 9,771 638 604 1948—Dec. 31.. 18,759 8,048 5,642 3 1,102 225 224 643 306 10,712 9,649 589 1,183 365 7,512 563 500 1949—June 30.. 19,103 7,689 4,710 11,701 248 209 650 268 11,413 10,278 777 1,472 132 7,897 611 525 Dec. 31». 19,583 7,550 4,792 1,410 219 256 689 309 12,033 10,746 720 1,785 835 7,405 752 535 1950—Apr. 24.. 19,216 7,616 11,599 9,987 1,030 582 June 30.. 19,548 7,723 4,656 i,497 242 339 756 356 11,825 10,281 900 458 i,594 7,328 959 585 Chicago:* 1941—Dec. 31.. 2,760 954 732 6 48 52 22 9> 1,806 1,430 256 153 903 119 182 193 1946—Dec. 31.. 4,765 1,499 1,094 3 117 101 51 105 29 3,266 2,912 60 498 146 2,207 167 187 1947—Dec. 31.. 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1948—Dec. 31.. 4,799 1,783 1,412 4 71 63 51 176 27 3,016 2,633 183 275 217 1,958 210 174 1949—June 30.. 4,841 1,537 1,178 6 83 60 48 156 26 3,303 2,888 369 343 125 2,051 235 180 Dec. 31.. 5,424 1,618 1,211 7 109 56 51 172 34 3,806 3,324 331 690 358 1,945 290 192 1950—Apr. 24 5,091 1,527 3,565 3,012 340 213 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.. 15,347 7,105 3,456 300 1.14 194 1,527 1, 512 8,243 6,467 295 751 4,248 1,173 956 820 1946—Dec. 31... 35,351 10,825 5,548 201 264 704 2,237 1,436 435 24,527 22,250 441 3,799 1,993 16,013 4 1,272 1,004 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 1948—Dec. 31.. 35,332 14,285 7,282 437 130 360 3,5032,315 412 21,047 18,594 1,056 3,201 1,090 13,247 11,421 1,032 1949—June 30.. 35,034 13,261 6,227 378 150 321 3,5592,408 385 21,772 19,076 875 3,367 603 14,230 1,559 1,137 Dec. 31 «. 38,301 14,370 6,704 457 183 309 3,7422,745 432 23,931 20,951 1,189 4,180 2,124 13,457 1,727 1,254 1950—Apr. 24.. 38,287 14,493 23,794 20,612 1,918 1,263 June 30.. 38,697 14,868 '6^596 "367 "261 "324 4] 0293,iis "447 23,829 20,510 1,179 1,954 4,005 13^372 1,988 1,331 Country banks: 1941—Dec. 31. . 12 ,518 5,890 1,676 659 20 183 1,823 1, 530 6,628 4,377 110 481 2,926 861 1,222 1,028 1946—Dec. 31.. 35,412 8,004 2,433 681 29 273 2,970 1,312 306 27,408 24,572 279 4,020 2,470 17,797 6 1,551 1,285 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,108 17,681 62,006 1,262 1948—Dec. 31.. 36,726 11,945 3,296 1,356 21 187 4,467 2,451 261 24,781 21,278 760 3,340 1,128 16,046 42,286 1,217 1949—June 30.. 36,338 11,968 3,0981,319 23 1754,567 2,644 256 24,370 20,889 630 3,286 778 16,192 42,306 1,174 Dec. 31.. 38,219 12,692 3,150 1,480 36 173 4,784 2,945 259 25,527 21,862 1,148 3,753 1,768 15,189 42,505 1,160 1950—Apr. 24.. 38,927 13,148 25,779 21,964 2,666 1,148 June 30.. 39,245 13,510 3,339 1,379 33 1775,125 3,346 266 25,734 21,830 1,107 2,133 3,835 14,750 52,753 1,151 Insured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 543 478 20 64 1,282 854 2,535 1,509 17 152 1,069 271 563 462 1946—Dec. 31.. 15,831 4,040 862 474 12 142 1,748 723 79 11,791 10,524 104 2,247 1,179 6,991 3 752 516 1947—Dec. 31.. 16,444 4,958 1,049 563 13 125 2,139 992 76 11,486 10,039 136 1,736 1,104 7,058 4 931 517 1948—Dec. 31.. 16,685 5,911 1,131 975 12 105 2,426 1,220 89 10,774 9,246 234 2,066 594 6,349 3 1,030 498 1949—June 30.. 16,447 6,071 1,079 1,030 14 97 2,508 1,311 87 10,376 8,849 196 1,968 406 6,277 2 1,054 473 Dec. 31.. 16,766 6,258 1,078 1,018 12 97 2,575 1,453 87 10,508 8,947 303 2,071 725 5,846 2 1,127 434 1950—June 30.. 17,079 6,650 1,106 1,049 16 105 2,727 1,635 82 10,429 8,799 308 1,281 1,601 5,606 2 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. 1644 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Re- Cla c s a s l a l o n d d f a b te ank F s B e s w e R e d a r r i e n v e t v r h - k e e a s s l v C a i a n u s l h t b m a w a B n d e n i a o c s t k l e t - h - i s s c 4 j m p u D o a d s a d t s e e n e i - - - t d d s 5 m D e I s d n o ti e - t c e p * r o b s a i F e t n i s o g k r n - U m G e . r o e n S n v - t - . p v s S o i u a t l s i b a n i t o t d i d e c n i s a - s l c C h c o e f a e e e i f t n e c f r r c i d d t s k - . i ' s - , p a v n s a p i t I h d d i r n o o t i u d r n p c n a a i e s o s - - l , r r s - - , I b n a t n er k - P m U G S e i a o n r a . n o e s g n v d v n S t s - - a - t . l v s S p i a u i s o t c n i b a l a o i d t d l t n e - i s s - p a v n s a p i t I h d d i r n o o t i u d r n p c n a a i e o s s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p l n - i t - s All insured commercial banks: 1941—Dec 31.. 12,396 1,358 B.57O 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 5,358 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 5,246 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 1,353 2,672 4,915 2,207 69,127 62 114 551 26,525 30 8,095 1947—Dec. 31.. 17,797 1,672 5,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1948—Dec. 31.. 20,406 1,486 5,674 72,152 10,098 1,480 2,122 5,850 1,962 70,947 63 111 927 27,801 45 8,801 1949—June 30.. 17,808 1,568 5,065 69,397 8,864 1,369 1,980 5,983 2,222 67,157 141 157 1,069 28,038 21 9,022 Dec. 31.. 16,429 1,521 5,194 72,658 10,623 1,310 2,838 6,017 2,185 71,589 164 175 1,051 27,934 11 9,174 1950—Apr. 24.. 15,643 1,653 5,288 71,869 9,150 1,343 2,687 6,100 1,718 69,365 150 170 1,074 28,213 252 9,347 June 30... 15,864 1,358 5,478 72,263 9,368 1,278 3,340 6,428 2,001 70,463 204 182 1,115 28,328 30 9,523 New York City:* 1941—Dec. 31.. 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1946—Dec. 31.. 4,046 131 87 16,429 3,031 1,195 651 218 942 17,216 20 15 39 1,395 2,205 1947—Dec. 31.. 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 L,418 30 2,259 1948—Dec. 31.. 5,643 117 67 15,773 2,904 1,278 445 241 .750 16,695 31 14 20 1,646 25 2,306 1949—June 30. . 4,726 130 56 15,254 2,680 1,150 562 254 1,201 15,986 90 25 33 L.637 2,340 Dec. 31» . 4,462 112 68 15,182 2,996 1,084 640 196 895 16,408 113 38 24 1,590 2,312 1950—Apr. 24.. 4,297 131 33 14,913 2,621 1,112 518 270 625 15,559 98 35 20 1,535 152 2,330 June 30.. 4,235 92 38 15,053 2,692 1,051 684 279 809 15,896 151 37 19 1,594 2,341 Chicago: * 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 8. 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 L.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 $,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 $,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 $.900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1948—Dec. 31.. 5,736 858 ;$.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 I$.117 26,402 762 8 520 3,009 462 23,767 12 67 383 14,433 21 3,215 Dec. 31.. 4,371 901 t1,002 27,935 979 9 797 3,058 579 25,337 13 73 400 14,289 11 3,305 1950—Apr. 24.. 4,266 973 $,448 27,717 844 8 866 3,136 493 24,949 13 74 429 14,544 35 3,416 June 30 . 4,343 813 $,579 27,879 850 9 1,036 3,246 549 25,122 12 75 434 14,555 15 3,433 '<• Ensured nonmember commercial banks: 1941—Dec. 31 271 5,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 959 1 1 9 9 4 4 6 7 — — D D e e c c . . 3 3 1 1 4 4 3 7 7 3 *1 1 , , 5 4 4 6 7 6 1 1 1 2 , , 8 2 4 2 2 3 2 2 4 5 4 8 11 4 2 1 5 4 8 9 1 1 , , 0 1 5 8 2 8 1 1 5 5 4 8 1 1 0 1 , , 7 01 6 9 1 6 4 5 6 1 13 1 2 3 6 6 , , 2 4 3 2 2 0 9 7 1 1 , , 1 2 9 7 3 1 1948—Dec. 31 453 $,273 12,059 246 8 201 1,332 151 10,736 6 6 153 6,459 8 1,358 1949—June 30 468 5,713 11,216 194 4 155 1,354 130 9,848 6 6 174 6,539 5 1,431 Dec. 31 463 *$,273 11,918 261 6 213 1,402 153 10,517 5 6 182 6,524 3 1,473 1950—June 30 442 5,880 11,653 209 3 250 1,496 144 10,176 5 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. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. • Demand deposits other than interbank and U. S. Government, less cash items reported a3 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. DECEMBER 1950 1645 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 Com- JLOun mer- Date or month i m n lo a v e n a e n d n s t s t s - Total i i t c n a r i i d n a a d u 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 b o a to n an k 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 r t e it h c i e e u r s agri- U. S. Other U.S. Other Total Bills of in- Notes Bonds2 cul- Govt. se- Govt. se- debttural ob- curi- ob- curi- edliga- ties liga- ties ness tions tions Total— Leading Cities 1949—October. . . 66,374 23 837 13,580 643 686 186 439 4,236 171 4,207 42,537 37 506 2,808 7 339 1,136 26 223 5 031 1950—August 68,122 26 873 14,364 767 978 190 518 4,870 325 5,25141,249 35,141 1,798 1 866 7,232 24 245 108 September. 68,897 28 006 15,376 421 977 187 533 5 000 367 5,53640,891 34 563 2,668 1 280 1,929 22 686 328 October.. . 68,849 28 854 16,093 397 965 187 547 5,089 264 5,70539,995 33 590 2,386 1 034 7,783 22,387 405 1950—Sept. 6... 68 456 27 515 14,932 461 946 196 523 4 956 390 5,50340,941 34,698 2,301 1 288 1,916 23,193 243 Sept. 13... 68 842 27,735 15,330 374 941 189 546 4 992 255 5,50041,107 34,840 2,889 1 318 1,940 22,693 267 Sept. 20. .. 69 522 28 270 15,517 342 1,042 181 530 5 015 484 5 55041,252 34 869 3,091 1 358 ,98722,4336 383 Sept. 27. .. 68,767 28,502 15,725 506 981 184 534 5 035 339 5 59040,265 33,845 2,391 1 156 ,872 22,4266,420 Oct. 4... 68 662 28,577 '15.878 371 986 189 543 5 050 299 '5 65540,085 33,694 2,397 1 046 ,826 22,425 6,391 Oct. 11. .. 68 663 28,877 '•16.103 387 971 188 547 5 086 291 '5 69639,786 33,358 2,159 1 023 ',782 22,3946,428 Oct. 18... 68 841 28,822 46.109 368 958 184 553 5 102 222 '5 72040,019 33,580 2,437 1 029 r,751 22,3636 439 Oct. 25... 69 230 29,138 ••16.282 461 946 186 543 5 11.9 246 '5 74940,092 33,729 2,551 1 040 \',772 22,3666,363 Nov. 1... 69 237 29,387 16,489 339 1,016 182 546 5 126 312 5 77339 850 33,535 2,481 1 048 7,76022,2466,315 Nov. 8... 69 373 29,674 16,682 419 942 181 564 5 149 344 5 78739 699 33,392 2,353 1 066 7,74822,2256,307 Nov. 15... 69 414 29,788 16,919 388 982 183 555 5 167 200 5 79039 626 33,349 2,280 1 085 7,74322,2416,277 Nov. 22... 69 668 30,036 16,988 467 992 186 559 5 191 243 5 80439 632 33,306 2,263 1 104 7,74522,1946,326 New York City 1949—October. . . 19 216 7,289 4,825 599 543 54 176 222 138 831 11 927 10,644 688 2 042 242 7,672 1,283 1950—August 19 403 8,298 5,022 681 758 52 224 373 229 1 084 11 105 9,377 351 259 \,601 7,166 1,728 September. 19 786 8,637 5,471 372 761 41 231 404 294 1 18811 149 9,316 878 200 ],695 6,543 1,833 October. . . 19 606 8,844 5,719 354 748 39 233 417 216 1 243 10 762 8,902 746 152 1,597 6,407 1,860 1950—Sept. 6... 19 470 8,423 5 287 403 728 48 225 394 272 1 19111 047 9,247 594 173 1,711 6,769 1,800 Sept. 13... 19 722 8,492 5,452 332 724 43 247 407 233 1 17911 230 9,435 1,018 218 •1L,729 6,470 1,795 Sept. 20. .. 20 202 8,813 5,539 300 825 36 226 410 412 1 19011 389 9,527 1,123 243 1L.7O7 6,454 ,862 Sept. 27... 19 749 8,818 5 605 451 766 36 226 408 260 1 19110 931 9,058 779 165 1[,635 6,479 ,873 Oct. 4... 19 704 8,827 '5 685 335 761 41 233 407 266 '1 22410 877 9,015 759 159 :L,639 6,458 ,862 Oct. 11. .. 19 447 8,834 '5 751 333 752 39 232 417 194 '1 24110 613 8,734 582 147 1,597 6,408 ,879 Oct. 18. .. 19 505 8,786 '5 705 326 741 37 236 423 197 '1 246 10 719 8,838 744 146 ,566 6,382 ,881 Oct. 25... 19 769 8,927 '5 737 420 738 38 231 421 206 '1 26110 842 9,024 900 156 L,588 6,380 1,818 Nov. 1... 19 662 8,957 5 832 289 795 39 232 417 199 1 28010 705 8,945 895 190 1,579 6,281 1,760 Nov. 8... 19 605 9,015 5 880 360 725 36 249 424 182 1 28510 590 8,843 795 207 L,574 6,267 1,747 Nov. 15... 19 609 9,063 5 945 339 765 36 231 435 152 1 286 10 546 8,813 756 221 ]L,586 6,250 1,733 Nov. 22... 19 774 9,184 5 975 407 780 36 240 438 140 1 29410 590 8,833 766 238 L,582 6,247 1,757 Outside New York City 1949—October. . . 47 158 16,548 8 755 44 143 132 263 4 014 33 3 376 30 610 26,862 2,120 5 297 894 18,5513,748 1950—August.... 48 719 18,575 9 342 86 220 138 294 4,497 96 4 16730 144 25,764 1,447 1,607 5,631 17,0794,380 September. 49 111 19;369 9 905 49 217 147 302 4 595 73 4 34829 742 25,247 1,790 1 080 6,234 16,1434,495 October. . . 49 243 20,010 10 374 43 217 148 314 4,672 48 4 46229 233 24,688 1,640 882 6,186 15,9804,545 1950—Sept. 6. .. 48 986 19,092 9 645 58 218 148 298 4,562 118 4 31229 894 25,451 1,707 1,115 6,205 16,4244,443 Sept. 13... 49,120 19,243 9 878 42 217 146 299 4,585 22 4,32129 877 25,405 1,871 1,100 6,211 16,2234,472 Sept. 20. ... 49 320 19,457 9 978 42 217 145 304 4,605 72 4,36029 863 25,342 1,968 1,115 6,280 15,9794,521 Sept. 27... 49,018 19,684 10 120 55 215 148 308 4,627 79 4,39929 334 24,787 1,612 991 6,237 15,9474,547 Oct. 4... 48,958 19,750 '10.193 36 225 148 310 4,643 33 '4,43129,208 24,679 1,638 887 6,187 15,967 4,529 Oct. 11. .. 49,216 20,043 '10.352 54 219 149 315 4,669 97 r4,45529,173 24,624 1,577 876 6,185 15,9864,549 Oct. 18. .. 49,336 20,036 '10.404 42 217 147 317 4,679 25 '4,47429 300 24,742 1,693 883 6,185 15,9814,558 Oct. 25... 49,461 20,211 '10.545 41 208 148 312 4,698 40 '4,48829,250 24,705 1,651 884 6,184 15,9864,545 Nov. 1... 49,575 20,430 1.0657 50 221 143 314 4,709 113 4,49329,145 24,590 1,586 858 5*18115,9654,5>55 Nov. 8... 49,768 20,659 10 802 59 217 145 315 4,725 162 4,50229,109 24,549 1,558 859 5,17415,9584,560 Nov. 15... 49,805 20,725 10 974 49 217 147 324 4,732 48 4,50429,080 24,536 1,524 864 5,15715,9914,544 Nov. 22... 49,894 20,852 11,013 60 212 150 319 4,753 103 4,51029,042 24,473 1,497 866 5,16315,9474,569 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 Includes guaranteed obligations. 1646 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r r i e n a d t v - h l k - e s v C a i u a n s lt h b m a w a d n e n o i c s t - e k h ti s s c j p m u o d a s a d e s t n e - i - t d d s 8 s p p u v n h c a o a a o i e n i d r r l p r r d s a t - - - s - , - , S p s d s a i i o t u c i o n a v l b a n i d t i - l t e - s - s c C c O h a f e e e i e n t f e r c r f c d i t s 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 i e n d r r l r r d s a t - - - - , - p S s d s a i o i u t c i o n a v l b a n i d t i - l t e - s - s P U m G S e i a o n r . a n o e n s g v n d v S t - s - a t - . l m D t D e i o c s e - - man F ei d o g r n - Time r i B n o 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 Total- Leading Cities 1949—October 12,127 778 2,259 46,662 47,147 3,091 1,225 2,58714,502 627 123 9,2961,350 148 114 6,211 91,171 1950—August 12,170 793 2,182 48,453 49,015 3,317 1,588 2,204 14,571 653 135 8,8381,264 217 371 6,466112,335 September . 12,321 835 2,24749,02950,285 3,196 1,422 2,339 14,521 656 131 9,121 1,305 226 327 6,487111,730 October.... 12,465 834 2,334 49,26450,513 3,210 1,339 1,846 14,535 653 127 9,5301,388 228 213 6,506109,706 1950—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 2,408 49,26951,134 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 49,03050,623 3,150 1,448 2,236 14,516 654 131 9,319 1,280 226 410 6,484 30,086 Sept. 27 12,472 855 2,139 49,238 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 2,31148,985 49,615 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" ,45"51,378 226 282 6,506 23,461 Oct. 18 12,755 839 2,46149,33951,261 3,136 1,373 1,851 14,543 653 126 9,911 1,392 227 170 6,497 24,829 Oct. 25....12,379 844 2,315 49,89150,875 3,191 1,372 1,712 14,520 652 126 9,319 1,415 229 194 6,512 25,154 Nov. 1....12,404 793 2,,222 49,47150,445 3,362 1,525 1,80514,513 653 126 9,3761,427 229 344 6,532 27,112 Nov. 8....12,313 871 2,25149,23050,517 3,331 1,383 1,766 14,542 647 126 9,619 1,399 231 508 6,542 21,295 Nov. 15....12,610 835 2,606 49,25051,814 3,351 1,538 2,04414,524 664 12i 10,3581,360 257 152 6,531 26,450 Nov. 22....12,351 826 2,214 49,85051,032 3,291 1,384 1,81514,484 640 12; 9,3851,359 256 401 6,532 26,834 New York City 1949—October 4,571 126 14,90615,539 225 633 953 1,472 2,7821,144 103 42 2,289 36,683 1950—August 4,425 119 15,14615,859 229 890 622 1,502 2,6491,024 163 196 2,314 48,320 September. 4,465 129 15,41916,251 230 689 667 1,503 2,7531,060 168 158 2,309 46,400 October.... 4,509 133 15,34716,146 294 623 529 1,505 2,849 1,129 171 77 2,305 43,159 1950—Sept. 6.... 4,484 127 15,170 15,853 217 654 687 1,484 2,69. 1,062 168 185 2,318 9,312 Sept. 13 4,589 131 15,51316,397 197 729 703 1,498 2,789 1,069 168 77 2,311 10,556 Sept. 20.,.. 4,168 127 15,45116,434 237 681 614 1,501 2,844 1,037 168 195 2,305 12,353 Sept. 27.,.. 4,619 134 15,54216,320 270 692 665 1,530 2,687 1,073 168 174 2,300 10,344 Oct. 4.... 4,387 125 15,275 15,957 268 557 513 1,510 2,8911,111 172 73 2,311 11,394 Oct. 11.... 4,440 150 15,090 15,945 290 626 581 1,511 2,787 1,116 170 145 2,308 9,259 Oct. 18.... 4,701 128 15,409 16,384 290 618 530 1,511 2,9231,13 170 36 2,300 8,957 Oct. 25.... 4,507 131 15,616 16,297 329 691 492 1,489 2,7961,15: 173 52 2,302 9,984 Nov. 1.... 4,450 124 15,34916,127 347 787 503 1,488 2,780 1,163 173 135 2,313 11,114 Nov. 8.... 4,409 145 15,23316,057 341 686 480 1,484 2,777 1,139 174 209 2,313 7,895 Nov. 15.... 4,455 129 15,16716,287 327 767 558 1,488 2,977 1,109 201 25 2,309 10,619 Nov. 22.... 4,426 143 15,50616,281 285 622 483 1,487 2,658 1,106 200 219 2,307 9,908 Outside New York City 1949—October.... 7,556 652 2,22631,75631,608 2,866 592 1,63413,030 597 6,514 206 72 3,922 54,488 1950—August 7,745 674 2,15033,30733,156 3,088 698 1,58213,069 629 6,189 240 175 4,152 64,015 September . 7,856 706 2,'213 33,61034,034 2,966 733 1,67213,018 627 6,368 245 169 4,178 65,330 October 7,956 701 2,29533,917 34,367 2,916 716 1,31713,030 625 6,681 259 136 4,201 66,547 1950—Sept. 6 7,886 677 2,133 33,41133,333 3,027 709 1,670 13,028 633 6,364 24: 195 4,174 12,356 Sept. 13.... 7,955 726 2,"3*7"3 33,7"5"6 34,737 2,949 753 1,721 13,020 620 6,579 244 113 4,169 14,576 Sept. 20.... 7,731 698 2,24033,579 34,189 2,913 767 1,622 13,015 625 6,475 243 215 4,179 17,733 Sept. 27..., 7,853 721 104 33,696 33,878 2,975 703 1,673 13,007 634 6,050 250 155 4,192 15,165 Oct. 4.... 7,907 667 2,27533,71033,658 3,083 739 1,291 13,027 627 6,545 256 132 4,196 15,944 Oct. 11.... 7,993 710 2,21533,749 3"4 ' ,3542,873 688 1,43" 13,028 626 6,668 26: 137 4,198 14,202 Oct. 18.... 8,054 711 2,41133,93034,877 755 1,321 13,032 624 6,988 255 134 4,197 15,872 Oct. 25.... 7,872 713 2,27834,27534,578 681 1,220 13,031 625 6,523 263 142 4,210 15,170 Nov. 1.... 7,954 669 2,18634,122 34,318 3,015 738 1,302 13,025 626 6,596 264 209 4,219 15,998 Nov. 8.... 7,904 726 2,22133,99734,460 2,990 697 1,286 13,058 620 6,842 260 299 4,229 13,400 Nov. 15.... 8,155 706 2,57034,08335,527 3,024 771 1,486 13,036 622 7,381 251 127 4,222 15,831 Nov. 22.... 7,925 683 2,179 34,344 34,751 3,006 762 1,33: 12,997 599 88 6,727 253 182 4,225 16,926 » Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * 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. DECEMBER 1950 1647 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 * Investments For purchasing U. S. Government obligations or carrying securities Com- Total mer- Federal Reserve loans cial, To brokers district and date i m n a v e n e n d s t t s - Total1 i t a t n c a u r g u d n i r r a l u d a i - l - l s , - G a U l o i n o g . b d v a - S - t . . de O a c l s u t e e h r r - i e s - r G l U T o ig o . b o a v S - - t . . ot O c h u t e h r r i s e - r l e 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 t f e a e i e d f t b i i e r - - t n - s - - Notes Bonds2 s O ri e t t c i h e u e s - r tions ties tions ties Boston Oct. 25 1,317 805 7 11 19 196 2 288 1,838 1,587 144 40 287 1,116 251 Nov. 1 1,358 812 7 12 19 196 36 288 1,824 1,573 ,131 39 287 1,116 251 Nov. 8. . . . 1,382 824 13 13 19 196 41 286 1,806 1,563 123 35 289 1,116 243 Nov. 15 1,345 827 12 11 19 198 3 286 1,782 1,555 112 33 283 1,127 227 Nov. 22 1,354 831 13 11 20 199 5 286 1,783 1,553 113 36 284 1,120 230 New York* Oct. 25 9,823 '6,099 425 744 248 700 206 '1,50212,343 10,276 972 169 1,780 7,355 2,067 Nov. 1 9,856 6,197 296 800 249 694 1991,522 12,236 10,224 994 203 1,770 7,257 2,012 Nov. 8 9,929 6,254 365 731 266 704 1821,532 12,103 10,104 875 220 1,764 7,245 1,999 Nov. 15 9,982 6,324 346 771 248 715 1521,531 12,028 10,045 805 234 1,777 7,229 1,983 Nov. 22 10,121 6,365 414 786 256 720 1441,540 12,086 10,080 825 1,771 7,233 2,006 Philadelphia Oct. 25 1,132 595 1 31 7 135 376 ,707 1,360 84 35 307 934 347 Nov. 1. . . . 600 1 32 7 136 377 ,712 1,366 92 35 297 942 346 Nov. 8 . , . . 608 1 33 7 137 378 ,728 1,379 107 35 289 948 349 Nov. 15 . . . . 611 1 33 7 139 378 ,725 1,377 102 35 290 950 348 Nov. 22 895 1,164 609 1 33 7 141 379 1,731 1,379 97 35 295 952 352 Cleveland Oct. 25 835 1,673 891 12 28 53 344 329 3,162 2,707 178 48 637 1,844 455 Nov. 1 850 1,693 899 10 30 54 344 333 3,157 2,701 163 52 640 1,846 456 Nov. 8 864 1,699 908 11 28 56 346 331 3,165 2,710 167 54 640 1,849 455 Nov. 15 873 1,721 925 12 26 58 350 335 3,152 2,697 156 54 640 1,847 455 Nov. 22 884 1,721 914 13 27 62 351 331 3,163 2,704 161 55 645 1,843 459 Richmond Oct. 25 ,792 1,088 513 1 5 28 239 302 1,704 1,533 111 24 335 1,063 171 Nov. 1 ,783 1,089 513 2 5 28 241 300 1,694 1,523 105 22 334 1,062 171 Nov. 8 ,806 1,106 516 2 5 28 242 303 1,700 1,529 107 22 340 1,060 171 Nov. 15 ,804 1,102 521 2 5 35 236 303 1,702 1,531 117 22 331 1,061 171 Nov. 22 ,779 1,108 526 2 5 29 243 303 1,671 1,499 96 29 328 1,046 172 Atlanta Oct. 25 . . . . ,519 1,067 635 12 24 90 303 1,452 1,229 74 46 441 668 223 Nov. 1. . . . ,513 1,081 652 12 24 91 299 1,432 1,210 62 42 444 662 222 Nov. 8. . . . ,556 1,102 662 14 24 97 301 1,454 1,232 81 40 443 668 222 Nov. 15 ,567 1,104 663 13 24 91 310 1,463 1,240 87 39 445 669 223 Nov. 22 ,544 1,110 668 14 24 91 310 1,434 1,211 67 39 444 661 223 Chicago* Oct. 25 ,735 3,086 1,909 79 59 431 '601 6,649 410 320 1,337 3,669 913 Nov. 1 ,795 3,134 1,929 87 62 433 598 6,661 422 317 1,351 3,658 913 Nov. 8 ,784 3,150 1,962 81 61 434 599 6,634 5,721 392 327 1,351 3,651 913 Nov. 15. . . . ,803 3,182 1,997 79 62 436 602 6,621 5,708 373 327 1,350 3,658 913 Nov. 22 ,876 3,204 1,995 79 61 438 609 6,672 5,747 400 1,351 3,650 925 St. Louis Oct. 25.... ,321 1,181 659 5 14 231 269 1,140 958 52 27 259 620 182 Nov. 1 ,333 1,199 679 6 14 232 265 1,134 952 48 26 256 622 182 Nov. 8.... ,361 1,231 700 5 14 232 264 1,130 947 44 26 • 258 619 183 Nov. 15 ,370 1,233 713 5 14 234 264 1,137 956 51 29 255 621 181 Nov. 22.... ,385 1,252 723 5 13 235 265 1,133 952 53 27 256 616 181 Minneapolis Oct. 25 ,254 532 267 2 5 96 165 722 581 25 30 146 380 141 Nov. 1 ,253 536 267 2 5 97 168 717 576 26 26 146 378 141 Nov. 8 ,270 545 269 2 6 98 167 725 584 38 24 144 378 141 Nov. 15 ,264 543 274 2 5 99 165 721 579 25 29 147 378 142 Nov. 22 ,272 557 274 2 5 100 166 715 573 20 27 146 380 142 Kansas City Oct. 25 ,722 1,095 695 6 13 165 216 1,627 1,347 218 59 378 692 280 Nov. 1 ,716 1,109 708 6 13 164 218 1,607 1,327 207 57 375 688 280> Nov. 8 ,715 1,119 718 6 13 163 219 1,596 1,319 198 57 375 689 277 Nov. 15. ... ,742 1,130 729 7 13 164 218 1,612 1,333 211 58 372 692 279 Nov. 22 ,730 1,137 737 7 12 164 217 1,593 1,315 206 53 370 686 278 Dallas Oct. 25 ,679 1,399 966 6 46 114 264 1,280 1,127 117 57 319 634 Nov. 1 ,666 1,405 977 6 44 114 264 1,261 1,107 99 57 319 632 154 Nov. 8 ,686 1,420 988 6 42 115 266 1,266 1,108 101 56 319 632 158: Nov. 15 ,695 1,437 1,007 7 42 115 263 1,258 1,102 96 53 319 634 156 Nov. 22 ,708 1,447 1,016 7 42 116 263 1,261 1,105 100 52 322 631 156 San Francisco Oct. 25.... ,213 5,745 2,248 17 272,378 ,134 6,468 5,288 166 185 1,546 3,391 Nov. 1 ,187 5,772 2,256 18 2,384 ,141 6,415 5,228 132 172 1,541 3,383 1,187 Nov. 8 ,223 5,831 2,273 18 28 2,385 ,141 6,392 5,196 120 170 1,536 3,370 1,196 Nov. 15.... ,274 5,849 2,328 23 28 2,390 ,135 6,425 5,226 145 172 1,534 3,375 1,199' Nov. 22 ,251 5,861 2,330 16 28 2,393 ,135 6,390 5,188 125 154 1,533 3,376 1,202' City of Chicago' Oct. 25.... ,983 1,981 •1,436 67 92 19 '320 4,002 3,405 299 194 791 2,121 597' Nov. 1 ,015 2,000 1,453 75 92 316 4,015 3,419 309 185 794 2,131 596 Nov. 8 ,018 2,023 1,484 70 92 316 3,995 3,398 288 191 795 2,124 597" Nov. 15.... ,034 2,056 1,514 71 92 316 3,978 3,383 276 189 793 2,125 59S Nov. 22 ,095 2,077 1,519 71 92 323 4,018 3,412 288 206 794 2,124 606 r Revised. * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. The figures for'the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. " For other footnotes see preceding table. 1648 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 ic ra t l a R n e d s e d r a v t e e B s F w e R a e e r n r i e a d t v k h - l - e s v C a a i u n s l h t m b a w a n d e n i s o c t t e k - h i s c s j p m u o a d s a d t s e e n i - - t d d s 3 s p p u n v h c a o a a o e i n 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 i c o n v l t a b n i d e i l t - - s s - c C h c o e a f e e e i f t n e c f r r c d i d t s k . - i ' s - , m U G er o . e n n v S - t - . p u p s n v c a h o a o a e n id i l r r r r d s p a - - t - , - s - S p s d s a i t i o u i c o a n v l a b t n i d i l e t - - s - s P U m G S e i o a n r . a n s o e g n v t S n d v 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 u a c a p n - l - ts B d it e a s b * n - k tions tions Boston Oct. 25 . 492 60 100 2,612 2,569 215 49 79 481 4 280 33 6 336 991 Nov. 1 489 57 98 2,626 2,546 247 53 77 480 4 286 32 10 336 1,126 Nov. 8 448 59 87 2,596 2,490 250 49 76 480 4 277 33 4 337 1,129 Nov. 15 505 59 101 2,547 2,538 221 55 94 480 4 299 33 21 337 1,087 Nov. 22 478 55 105 2,561 2,506 240 54 87 479 4 282 34 18 336 1,128 New York* Oct. 25 4,790 184 12817,230 17,754 560 742 551 2,336 33 45 2,879 1,155 174 75 2,506 10,601 Nov. 1 4,702 174 13717,001 17,591 612 839 566 2,326 33 45 2,859 1,167 174 138 2,518 11,778 Nov. 8 4,678 202 12916,88817,540 609 745 539 2,322 33 44 2,855 1,142 176 235 2,518 8,449 Nov. 15 4,727 182 163 16,836 17,810 600 824 627 2,319 48 44 3,061 1,112 203 26 2,515 11,401 Nov. 22 4,686 192 11917,15817,761 543 676 545 2,318 48 44 2,737 1,109 201 223 2,512 10,679 Philadelphia Oct. 25 480 47 123 2,220 2,311 104 29 105 413 44 374 15 1 6 321 912 Nov. 1 479 43 112 2,169 2,289 97 32 129 413 44 395 17 1 22 323 999 Nov. 8 465 48 108 2,201 2,330 100 29 125 414 42 394 17 1 10 323 735 Nov. 15 495 46 141 2,222 2,365 137 25 137 409 45 433 15 1 3 323 1,007 Nov. 22 460 45 110 2 236 2 355 110 32 113 407 34 393 14 1 9 323 1 042 Cleveland Oct. 25 768 85 171 3,450 3,506 219 55 123 1,307 39 3 451 8 1 8 497 1,402 Nov. 1 760 81 158 3,389 3,448 213 61 135 1,311 38 3 469 8 1 25 498 1,628 Nov. 8 784 82 142 3,394 3,419 207 56 129 1,327 38 3 465 7 1 37 499 1,296 Nov. 15 786 84 184 3,381 3,570 210 71 149 1,325 37 3 530 8 1 21 497 1,241 Nov. 22 777 80 162 3,444 3,530 209 63 138 1,323 38 3 472 9 1 4 497 1,589 Richmond Oct. 25 453 71 158 2,136 2,201 144 47 66 567 25 19 435 6 1 5 241 919 Nov. 1 445 66 159 2,126 2,180 145 48 64 567 26 19 426 6 1 5 241 931 Nov. 8 437 71 187 2,133 2,228 146 39 64 568 25 19 465 6 1 6 242 808 Nov. 15 473 70 185 2,131 2,256 143 55 79 563 25 19 491 6 1 5 242 944 Nov. 22 466 67 160 2,119 2,202 143 53 71 560 25 19 443 5 1 17 242 990 Atlanta Oct. 25 ... 400 43 175 1,841 1,793 259 28 46 520 6 5 513 11 2 6 207 817 Nov. 1 410 38 188 1,843 1,770 290 35 46 521 6 5 513 12 2 14 208 792 Nov. 8 407 44 187 1,844 1,779 290 25 59 521 6 5 553 12 2 4 208 816 Nov. 15 422 42 206 1,852 1,851 309 27 55 520 6 5 594 10 2 207 857 Nov. 22 428 42 167 1,822 1,801 268 24 52 520 6 5 553 10 2 23 208 949 Chicago* Oct. 25 1,844 109 338 6,792 6,850 583 102 334 2,571 25 13 1,461 49 1 30 764 3,355 Nov. 1 1,868 104 333 6,794 6,823 597 128 367 2,572 26 13 1,476 47 1 55 769 3,891 Nov. 8 1,876 117 320 6 690 6,832 588 111 358 2,583 26 14 1,493 47 1 135 769 2,804 Nov. 15 1,877 108 398 6,686 7,031 569 114 429 2,587 26 14 1,617 49 1 28 769 3,566 Nov. 22 1,774 105 316 6,817 6,913 565 112 373 2,585 25 13 1,417 49 1 42 769 3,721 St. Louis Oct. 25 384 31 114 1 488 1 641 88 22 54 474 14 3 614 2 12 192 767 Nov 1 381 28 122 1 456 1 603 95 23 61 474 14 3 637 2 26 192 857 Nov. 8 390 33 119 1 442 1633 88 23 58 474 14 3 685 2 35 192 656 Nov. 15 415 31 137 1,452 1,686 86 24 69 474 14 3 723 3 25 192 803 Nov. 22 394 32 112 1,490 1,657 84 25 58 469 14 3 669 5 24 193 837 Minneapolis Oct. 25 195 14 92 832 866 99 17 48 242 1 302 3 2 16 107 457 Nov. 1 210 13 89 841 881 106 18 48 242 1 312 3 2 8 106 478 Nov. 8. 198 13 90 835 863 96 19 47 241 1 329 3 2 3 107 480 Nov. 15 201 14 112 830 909 94 15 51 241 1 348 4 1 6 107 493 Nov. 22 200 13 93 832 879 97 15 45 240 1 334 3 2 12 107 539 Kansas City Oct. 25 492 34 282 2,003 2,043 225 30 78 385 4 3 834 1 1 9 225 974 Nov. 1 501 30 260 1,989 2,022 230 31 80 385 5 3 812 1 1 20 225 902 Nov 8 488 35 275 1 964 2 044 213 30 76 385 4 3 845 1 1 21 226 792 Nov. 15 526 34 318 2,025 2,147 208 32 88 384 4 3 887 1 1 15 226 925 Nov. 22 496 34 270 1,988 2,059 225 30 77 383 4 3 843 2 1 17 226 1,107 Dallas Oct 25 442 40 353 2 142 2 150 189 44 45 358 80 6 680 11 230 886 Nov 1 493 36 307 2 099 2111 205 45 45 358 79 6 707 11 6 230 850 Nov 8 481 41 335 2 084 2 122 216 44 46 358 78 6 765 11 3 231 726 Nov 15 510 38 374 2 103 2 181 214 43 54 358 78 6 814 10 2 230 871 Nov 22 505 37 334 2,153 2,171 222 41 50 359 65 6 749 9 231 992 San Francisco Oct. 25 J . 639 126 281 7,145 7,191 506 207 183 4,866 382 24 496 121 46 21 886 3,073 Nov 1 L 666 123 259 7 138 7 181 525 212 187 4,864 382 24 484 121 46 15 886 2,880 Nov. 8 .... L.661 126 272 7,159 7,237 528 213 189 4,869 381 24 493 118 46 15 890 2,604 Nov. 15 L,673 127 287 7,185 7,470 560 253 212 4,864 381 24 561 109 46 886 3,255 Nov. 22 1,687 124 266 7,230 7,198 585 259 206 4,841 381 24 493 110 46 12 888 3,261 City of Chicago* Oct 25 L 237 38 155 4 240 4 346 318 48 169 1,352 20 3 1,067 43 13 513 2,026 Nov 1 L 278 36 155 4 257 4 349 312 69 177 1,353 21 3 1,077 41 49 517 2,379 Nov 8 L 299 43 138 4 195 4 358 309 52 171 1,363 21 3 1,083 41 115 517 1,775 Nov 15 L 256 37 204 4 192 4 479 292 52 203 1,368 21 3 1,175 43 21 516 2,184 Nov 22 L 196 38 136 4,269 4,403 294 55 183 1,364 21 3 1,038 44 38 516 2,220 For footnotes see opposite page and preceding table. DECEMBER 1950 1649 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 Dar list drawn, and their (nonmember) Federal Reserve branches and offices l Total Member Nonmember district or State Banks a B nd ra 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 n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s 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 Oct 31 1950*» 14,025 4,770 12,170 4,481 6,879 3,546 5,291 935 1,855 289 By districts and by States Oct. 31, 1950* District 477 334 477 334 327 263 150 71 New York 880 930 880 930 758 858 122 72 Philadelphia 836 159 836 159 640 122 196 37 1,117 306 1,117 306 694 264 423 42 1,007 541 804 400 477 257 327 143 203 141 Atlanta • . 1,195 218 592 179 352 154 240 25 603 39 Chicago 2,488 612 2,488 612 1,005 253 1,483 359 St Louis . 1,471 142 1,135 83 496 46 639 37 336 59 Minneapolis 1,275 111 677 70 477 27 200 43 598 41 Kansas City 1,757 13 1,748 13 756 7 992 6 9 Dallas 1,026 57 920 48 630 32 290 16 106 9 San Francisco 496 1,347 496 1,347 267 1,263 229 84 State 225 26 129 26 93 26 36 96 Arizona 10 52 10 52 5 39 5 13 Arkansas . • 232 18 109 4 68 1 41 3 123 14 California 196 970 196 970 120 922 76 48 148 3 148 3 93 2 55 1 105 48 105 48 62 41 43 7 Delaware 38 18 38 18 17 8 21 10 District of Columbia*. • 19 45 19 45 15 35 4 10 Florida 189 4 127 4 74 4 53 62 398 42 113 38 66 35 47 3 285 4 Idaho 43 54 43 54 24 49 19 5 888 2 886 2 508 2 378 2 Indiana 487 108 487 108 237 51 250 57 661 165 661 165 161 500 165 Kansas 611 609 215 394 2 Kentucky 383 43 383 43 112 27 271 16 Louisiana . 164 77 60 54 46 47 14 7 104 23 63 69 63 69 38 37 25 32 IVtaryland 164 120 164 120 77 79 87 41 1VI assachuset ts 177 173 177 173 141 156 36 17 438 236 438 236 231 181 207 55 678 6 265 6 206 6 59 413 IVIississippi 201 67 40 14 31 7 9 7 161 53 595 530 180 350 65 110 110 84 26 Nebraska 411 2 411 2 141 2 270 8 19 8 19 6 18 2 1 74 2 74 2 52 1 22 1 323 164 323 164 278 148 45 16 51 14 51 14 35 2 16 12 New York 631 775 631 775 552 719 79 56 North Carolina 208 215 95 80 54 46 41 34 113 135 North Dakota 150 22 63 6 43 20 6 87 16 Ohio 658 223 658 223 423 194 235 29 384 1 376 1 224 1 152 8 69 101 69 101 30 89 39 12 967 190 967 190 737 163 230 27 Rhode Island 15 49 15 49 9 37 6 12 South Carolina . 148 48 64 42 32 35 32 7 84 6 South Dakota 169 49 71 24 62 21 9 3 98 25 Tennessee . . 295 96 204 83 82 62 122 21 91 13 Texas 903 12 848 12 578 12 270 55 Utah 55 24 55 24 31 22 24 2 69 11 69 11 40 2 29 9 313 113 308 113 203 62 105 51 5 Washington 117 143 117 143 52 134 65 9 180 179 108 71 i 551 151 551 151 164 21 387 130 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. 1650 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month paper Total Accepting banks Goods stored in or sta o n u d t i - ng1 sta o n u d t i - ng Im in p t o o rts E f x r p o o m rts Dollar ship p p o ed in t b s e t in ween Others United United Total O bi w ll n s bo B u il g ls ht States States change United Foreign States countries 1949—September 265 207 94 54 40 113 133 37 1 21 14 October. . , 278 215 104 57 47 110 140 39 1 23 12 November 278 251 118 60 58 133 173 44 25 9 December. 257 272 128 58 70 144 184 49 30 9 1950—January... 258 280 134 67 68 146 190 49 32 9 February. 257 256 120 69 51 136 175 45 (2) 25 11 March. . . 258 245 100 63 37 145 165 45 (2) 23 12 April 257 237 93 62 31 144 157 47 (2) 18 15 May..... 250 231 93 59 34 138 142 58 (2) 15 17 June..... 240 279 126 82 44 154 170 66 21 21 July 259 335 155 87 68 180 211 80 1 22 22 August... 286 374 174 103 71 200 238 87 1 26 21 September 308 397 187 103 84 211 264 79 2 29 23 October. . , 312 383 168 100 68 215 243 85 2 29 25 1 As reported by dealers; includes some finance company paper sold in open market. s 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 d u it s t b o a m la e n r c s e ' s l 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 n s g t a in n a v d c e c t s o r t a u m d n e i t n s n g t a b n a d n k in s borrowed2 Free O (n th e e t) r a i I n n n a v d c p e c t s a o r t r u a m t d n n e i t 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—November. . 8 813 3 445 8 596 December... 881 5 400 306 523 633 159 26 15 271 1950—January.... 3 901 3 493 3 669 February. . . I Q.53 3 522 3 669 March 1,018 3 579 3 666 April 1,084 3 619 3 678 May. :1,175 3 750 3 657 June 1,256 12 386 314 827 673 166 25 11 312 July... 1,208 3 755 8 712 August 1,231 3 752 8 780 September.. »1,284 8 751 3 738 October 1,351 3 759 3771 1 Excludes 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). s 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): August, 126; September, 122; October, 123. 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, DECEMBER 1950 1651 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESSES BY BANKS IN SELECTED CITIES mo Y w n e e th a e r k , , or m 4 m p P c - o a r o e t n p i r m o m e t c h i r - e 6 a , s - l 1 a P a b d c n e a r a 9 c i r c n y m 0 s e e k s ' p s e - 1 t , - c S n h l a c t e o r e a l o a e x a s w n - l - c n l g 2 k - e m bi o 3 l s U l n - e s t c . h 3 u S r . i 9 t i m G i s - e s t o o s o u v n e ( 1 e t s t h 2 r a 4 n - x m a 3 i b s e - y l s n e t e u o t ) a e r s 5 - B Area and period [ l P o A a e l r n l s cen $ t $ 1 1 p 0 , e 0 , r 0 0 0 0 a 0 - nnu $ $ m 1 1 0 ] 0 S 0 ,0 i ,0 z 0 e 0 0 0 - of $ $ 1 l 2 0 o 0 0 a 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.... 1.38 .594 .32 19 cities: 1948 average 1.55 .040 1.14 .62 1940 2.1 4.3 3.0 2.0 1.8 1949 average.... 1.63 .102 1.14 .43 1941 2.0 4 3 3.0 1.9 1.8 1942 2.2 4.4 3.2 2.2 2.0 1949—November 1.63 .061 1.09 .37 1943 2.6 4.4 3.4 2.5 2.4 December. 1.63 .102 1.10 .37 1944 2.4 4.3 3.3 2.6 2.2 1945 2.2 4.3 3.2 2.3 2.0 1950—January.. 1.63 .090 .12 .39 1946 2.1 4 2 3 1 2 2 1.7 February. 1.63 .125 .15 .44 1947.. 2.1 4.2 3.1 2.5 1.8 March 1.63 .138 .16 .45 1948 2.5 4.4 3.5 2.8 2.2 April 1.63 .159 .17 .45 1949 2.7 4.6 3.7 3.0 2.4 May 1.63 .166 .18 .45 Quarterly: June 1.63 .174 .23 .47 19 cities: July 1.63 .172 .23 .45 1949—Dec 2.65 4.53 3.61 2.98 2.35 August... 1.63 .211 .26 .45 1950—Mar 2.60 4.45 3.54 2.94 2.31 September 1.63 .315 .33 .55 June 2.68 4.50 3.65 2.94 2.39 October. . 1.63 .329 .40 .65 Sept 2.63 4.51 3.63 2.95 2.34 November 1.63 .364 1.47 .62 New York City: Week ending: 1949—Dec 2.38 4.14 3.35 2.73 2.21 " N O o c v t . . 2 4 8 . . . . V V i i e e . .3 3 4 1 1 6 1 1. . 4 4 7 5 . . 6 6 6 4 1950— J M un ar e . . 2 2 . . 2 3 9 4 3 3 . . 8 9 5 4 3 3 . . 2 3 2 5 2 2 . . 6 7 4 3 2 2 . . 1 1 3 6 Nov. 11.. Vie .350 1.47 1.62 Sept.. 2.32 4.06 3.33 2.72 2.15 Nov. 18. . Vie .366 1.47 1.60 7 Northern and East- Nov. 25. . Vie .380 1.47 1.62 ern cities: 1949—Dec 2.67 4.63 3.65 3.00 2.41 1950—Mar 2.55 4.64 3.60 2.91 2.28 1 Monthly figures are averages of weekly prevailing rates. June 2.67 4.58 3.62 2.82 2.45 2 The average rate on 90-day Stock Exchange time loans was 1.50 Sept. 2.63 4.56 3.59 2.87 2.39 per cent, Aug. 2, 1946-Aug. 16, 1948; and 1.63 per cent beginning 11 Southern and Aug. 17, 1948. Western cities: 8 Rate on new issues within period. 1949—Dec 3.03 4.66 3.74 3.12 2.56 4 Series includes certificates of indebtedness and selected note issues. 1950—Mar 3.12 4.64 3.71 3.15 2.74 8 Series includes notes and selected bond issues. June 3 22 4 70 3 83 3.17 2.82 Back figures.—See Banking and Monetary Statistics, Tables 120-121, Sept 3.13 4.71 3.83 3.15 2.67 pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND YIELDS * [Per cent per annum] U. S. Government Corporate (Moody's)4 (taxable) Munic- Corpo- Year, month, or week 15 (h ip ig a h l - (h ra ig te h- By ratings By groups 7 to 9 years grade)2 grade)3 Total years m o o r re Aaa Aa 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 2.70 2.87 3.24 2.67 3.11 2.78 1948 average 2.00 2.44 2.40 2.81 3.08 2.82 2.90 3.12 3.47 2.87 3.34 3.03 1949 average 1.71 2.31 2.21 2.65 2.96 2.66 2.75 3.00 3.42 2.74 3.24 2.90 1949—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... .70 2.20 2.08 2.54 2.83 2.57 2.65 2.85 3.24 2.63 3.07 2.79 February.. .75 2.24 2.06 2.54 2.83 2.58 2.65 2.86 3.24 2.63 3.08 2.78 March .78 2.27 2.07 2.55 2.84 2.58 2.66 2.86 3.24 2.64 3.08 2.78 April .80 2.30 2.08 2.57 2.60 2.66 2.86 3.23 2.64 3.08 2.79 May...... .80 2.31 2.07 2.57 2.61 2.69 2.88 3.25 2.65 3.12 2.81 June .83 2.33 2.09 2.59 2.62 2.69 2.90 3.28 2.66 3.15 2.81 July .83 2.34 2.09 2.61 2.65 2.72 2.92 3.32 2.69 3.19 2.83 August .82 2.33 1.90 2.58 2.61 2.67 2.87 3.23 2.66 3.08 2.80 September .89 2.36 1.88 2.62 2.64 2.71 2.88 3.21 2.68 3.07 2.84 October... .94 2.38 1.82 2.65 2.67 2.72 2.91 3.22 2.70 3.09 2.85 November. .95 2.38 1.79 2.66 2.67 2.72 2.92 3.22 2.70 3.08 2.86 Week ending: Oct. 28... .96 2.38 1.79 2.67 2.89 2.68 2.73 2.92 3.23 2.70 3.10 2.86 Nov. 4... .96 2.39 1.79 2.67 2.89 2.68 2.73 2.92 3.23 2.70 3.09 2.87 Nov. 11... .95 2.38 1.79 2.67 2.88 2.67 2.72 2.92 3.22 2.70 3.09 2.86 Nov. 18... .94 2.37 1.79 2.65 2.88 2.66 2.71 2.92 3.21 2.70 3.07 2.86 Nov. 25.., 1.94 2.37 1.79 2.65 2.88 2.66 2.71 2.91 3.21 2.70 3.07 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. 8 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. 1652 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS! Bond prices Stock prices « Corporate * Common (index 1935-39 -100) Volume of trad- Year, month, or week U.S. Munic- ing' (in Gov- ipal Medium-grade Pre- thoum e e rn n - t * g ( r h a i d gh e - )' H gr i a g d h e - Total Indus- Rail- Public ferred* Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c s s a h n a d r s e s o ) f trial road utility Number of issues 1-8 15 12 14 5 5 4 15 416 365 20 31 1947 average 103.76 132.8 103.2 97.5 102.6 88.2 102.8 184.7 123 128 105 103 953 1948 average. 100.84 125.3 98.7 92.1 96.3 85.4 95.2 168.7 124 131 115 96 1,144 1949 average 102.73 128.9 101.9 92.6 98.6 82.3 97.0 176.4 121 128 97 98 1,037 1949—November 104.22 129.6 103.2 93.5 100.3 80.8 99.5 179,8 129 137 96 103 1,323 104.36 130.3 103.7 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 (8) (8) (8) (8) (8) 183.5 142 150 110 111 2,297 102.73 131.5 183.1 147 156 110 113 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 November 101.69 137.0 180.8 156 169 127 105 2,032 Week ending: Oct. 28 101.56 137.0 180.3 158 171 128 107 2,040 Nov. 4 101.56 137.0 180.1 155 167 124 105 1,708 Nov. 11 101.64 137.0 179 9 154 167 123 105 1,957 Nov. 18 101.79 137.0 181.0 157 170 128 105 1,828 Nov. 25 101.80 137.0 181.6 160 174 132 106 2,365 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. * Average of taxable bonds due or callable in 15 years or more. * 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 new capital For refunding Total Domestic Domestic Year or month f ( i u a n n r n n e e g d d - w ) - m T e ( a f i o e d o g n s t o r d n a t - - i ) l c Total S n m a p t i n a c a u d t l i - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a o p o n n o t d e d r s s ate Stocks e F i o g r n - 2 m T e ( a f e i o d o g n s t o r n d t a - i - ) c l Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co B n r a o p o n n o t d e d r s s ate Stocks e F ig o n r- * 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944. .. 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1946 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2,352 601 105 1947 89,691 »7,566 7,255 2,228 239 4,787 3,567 1,219 68 2,125 1,948 44 422 1,482 1,199 283 177 1948 . . . 10,214 9,079 9,070 2,604 294 46,172 •5,264 908 10 1,135 1,135 82 768 284 257 28 1949 9,475 7,909 7,880 2,803 233 4,844 3,890 954 29 1,566 1,466 104 943 418 366 52 101 1949—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.. •1,185 817 817 233 30 553 463 90 »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 924 705 687 272 145 270 220 50 18 219 219 6 193 20 20 October.. 794 651 646 181 465 265 200 5 143 143 3 63 77 76 1 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. DECEMBER 1950 1653 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 Est g i r m os a s ted Esti n m et ated New money Retirement of securities proceeds s proceeds 8 Repayment Other Total P eq la u n ip t m an e d nt W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other o f debt purposes 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—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 '315 »-311 ••211 '140 '71 '20 '19 '20 '60 August '407 '402 '•225 189 '36 138 '132 6 '17 '23 September •"416 »-408 »"306 '248 r58 '33 '28 5 '32 '37 October 519 508 274 224 50 88 61 27 127 19 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS* [In millions of dollars] Manufacturing 6 C m o i m sc m e e ll r a c n ia e l o u a s n 6 d Year or month Total Total net New Retire- net New Retirepro- money ments10 pro- money ments10 ceeds9 ceeds9 1936 . . , 1 280 439 761 1937 1,079 616 373 1938 831 469 226 1939 584 188 353 1940 961 167 738 1941 828 244 463 1942 527 293 89 1943 497 228 199 1944 1,033 454 504 1945 1,969 811 1,010 1946 3 601 2 201 981 1947 2,686 1,974 353 1948 2,180 1,726 54 403 304 21 1949 1,391 851 44 338 229 28 1949—October 83 41 16 38 30 November 36 24 25 6 13 December 63 49 5" 36 23 2 1950—January. 31 27 2 31 25 3 February 63 47 4 25 21 Inarch. 49 38 10 16 15 April 34 24 1 33 21 6 May 186 80 7 29 19 1 June 169 109 36 45 20 11 July '68 '50 3 '72 '22 '3 August '42 '20 '5 '40 '19 September '70 '43 10 '62 '15 October 177 83 33 35 11 OO OO CO Railroad Public utility * Communication 8 Real estate and financial Total Total Total Total net New Retire- net New Retire- net New Retire- net New Retirepro- money ments10 pro- money ments10 pro- money ments10 pro- money ments10 ceeds9 ceeds9 ceeds9 ceeds9 774 139 558 1,987 63 1,897 390 218 152 338 228 110 751 89 611 71 57 7 54 24 30 1,208 180 943 16 8 7 182 85 97 1,246 43 1,157 102 9 88 319 115 186 1,180 245 922 155 42 9 361 253 108 1,340 317 993 94 55 18 47 32 15 464 145 292 4 4 160 46 114 469 22 423 21 13 41 602 102 500 1,400 40 1,343 107 61 49 1,436 115 1,320 2,291 69 2,159 206 85 65 704 129 571 2 129 785 1 252 323 164 64 283 240 35 3,212 2,188 939 286 189 24 617 546 56 2,281 1,998 145 891 870 2 587 485 30 456 441 11 2,615 2,140 234 567 505 49 593 440 35 41 41 222 130 45 13 11 11 6 10 10 149 125 4 16 14 92 90 31 27 4 346 159 96 4 4 85 70 6 93 27 31 225 165 14 205 202 2 20 6 13 13 130 98 29 23 11 107 85 22 217 141 58 18 18 132 75 50 31 27 273 228 40 23 22 86 22 2 69 39 30 331 129 165 13 13 31 27 74 15 40 575 385 161 64 3 60 127 92 8 '13 '13 '104 '81 '11 '24 '21 3 '30 '25 '42 '38 r4 '233 '121 '107 '6 '6 '39 '22 14 '17 '17 '223 '205 11 7 5 '28 21 3 19 19 213 150 32 22 14 6" 43 17 r Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 8 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 iimilar for broad comparisons. See also footnotes 5 through 8. 6 Prior to 1948 this group corresponds to that designated "Industrial" in the old classification. s Included in "Manufacturing" prior to 194S. 7 Includes "Other transportation" for which separate figures are available beginning in 1948. 8 Included in "Public utility" prior to 1948. • 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 Governors8 1654 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 0: 10 million dollars and over Assets oi 50 million dollars and over Assets of 10-50 million dollars (200 corporations) (82 corporations) (118 corporations) Year or quarter Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Sales P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s Annual 1939 . . . 10,591 1,209 997 722 9,008 1,071 883 656 1,583 139 114 67 1940 13,006 1,844 1,273 856 11,138 1,638 1,127 772 1,869 206 146 83 1941 18,291 3,156 1,519 947 15,691 2,778 1,329 854 2,600 378 190 93 1942 21,771 3,395 1,220 760 18,544 2,876 1,056 672 3,227 519 164 88 1943 28,240 3,683 1,260 777 24,160 3,111 1,097 688 4,080 571 164 88 1944 . 30,348 3,531 1,255 848 25,851 2,982 1,091 755 4,497 549 164 93 1945 26,531 2,421 1,129 861 22,278 1,976 964 764 4,253 445 165 98 1946 . . ••21,327 2,033 1,202 943 17,416 1,573 932 804 3,912 460 271 139 1947. r30,815 4,099 2,521 1,167 ••25,686 3,423 2,105 1,000 5,129 676 416 167 1948 '"36,955 5,315 3,310 1,403 ••31,238 4,593 2,860 1,210 5,717 721 450 192 1949 ••36,702 5,035 3,099 1,657 ••31,578 4. 506 2,768 1,474 5,124 529 330 183 Quarterly 1948—1 m •"8,621 1,218 751 285 ••7,231 L.050 649 247 1,390 168 102 3S 3 2 . • • • • 8 9 , , 9 2 4 5 7 0 1 1 , , 2 3 4 3 2 1 8 7 3 7 2 0 3 30 1 7 1 • • 7 7 , , 5 8 0 1 3 3 l 1s, 0 1 5 4 8 6 6 7 5 1 7 7 2 2 6 6 9 5 j L . , 4 4 4 3 5 7 1 18 8 6 4 1 1 1 1 3 5 4 4 2 3 4 10,136 1,523 958 499 r8,691 1,339 838 429 L9445 184 120 70 1949—1. . ••9,363 1,326 808 343 r8,056 1,187 723 303 1,307 139 84 40 2 ••9,369 1,196 726 354 ••8,115 [,077 653 312 1,254 119 73 42 3 '9,420 1,312 799 331 r8,148 1,183 717 292 1,273 129 82 39 4 r8,550 1,201 766 629 r7,259 .059 675 567 .291 142 91 62 1950—l i ••9,256 1,400 ••804 387 •7,935 1,254 ••717 347 1,322 146 ••87 40 2 i ••10,655 "1,821 1,048 ••393 '9,179 1,631 ••936 347 1,476 190 112 ••46 31.... 11,753 2,176 1,242 546 10,095 1,916 1,089 497 1,658 260 152 49 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad Electric power Telephone Year or quarter O re p v in e e r n g a u t e - P b ta e ro 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 r O e p v in e e g r n a u t e - P b t r e a o f x o f e i r s t e s P t a a r f o x t f e e i r t s s d D e i n v d i- s r O ev p in e e n r g a u t e - P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 L.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 L,235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 L,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 11,537 374 180 168 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 L.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 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 1,178 111 143 121 641 64 44 47 4 2,510 317 191 122 1,267 254 174 133 667 69 47 50 1949—i 2,147 119 58 69 1,312 316 206 124 670 62 42 50 2 ... 2,226 183 115 55 1,223 272 180 136 695 75 50 51 3 2,140 174 104 50 1,223 259 173 142 711 84 55 54 4 2,066 224 161 78 1,289 281 195 157 741 111 72 61 1950—1 1,985 109 251 61 1,378 351 2 230 146 749 114 2 74 63 2.. 2,238 247 2155 53 1,315 321 2212 153 780 135 2 86 68 3 2,534 454 2253 1,310 293 2171 152 809 150 2 85 71 r Revised, 1 Certain Federal income tax accruals for the first six months of 1950, required by recent legislation and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. 2 As reported. 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). DECEMBER 1950 1655 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 3 4 1 2 3 4 1 1 21 31 Nondurable goods industries Total (94 corps.):2 Sales .. . 11,313 13,364 12 790 3,3?4 3 532 3 ?4,3 3,051 3 163 3 333 3 '3,458 3,908 1,787 9,708 1 843 543 565 496 397 446 503 504 '581 774 Profits after taxes 1,167 1,474 1,211 362 394 321 256 292 342 '308 '353 464 Dividends .... ... 551 656 708 141 225 146 166 147 249 166 175 205 Selected industries: Foods and kindred products (28 corps.): Sales 3 231 3,447 3 254 846 904 80S 792 835 7S7 '817 931 Profits before taxes 410 377 99 111 85 89 101 102 83 100 153 Profits after taxes 9S9 233 60 71 5?. 54 63 64 '57 86 Dividends 128 135 134 32 42 30 31 29 44 31 33 32 Chemicals and allied products (26 corps.): Sales 3,108 3,563 3 562 904 936 896 860 896 910 9S9 '1,051 1,192 Profits before taxes S47 6SS 673 166 183 170 140 174 189 205 '247 309 Profits after taxes 337 408 403 104 119 100 83 105 115 '117 '141 174 Dividends . . . 215 254 311 59 85 64 66 68 113 72 79 112 Petroleum refining (14 corps.): Sales ,906 3,94s 3 865 978 1 077 993 934 94?, 996 960 989 1,113 Profits before taxes 456 721 525 171 173 161 119 114 131 121 133 188 Profits after taxes 350 548 406 132 141 119 92 86 109 '87 '95 131 Dividends 179 172 29 66 31 47 31 63 42 42 44 Durable goods industries Total (106 corps.):3 Sales ,502 '23,591 '23,914 '5,927 '6,605 '6 ,120 '6,320 '6 ,257 5,217 '6,005 '7,197 7,846 Profits before taxes 9 312 3,107 3 192 788 958 830 799 866 697 896 '1,240 1,402 Profits after taxes 1 1,836 1 888 470 564 487 470 508 424 '496 '695 778 Dividends 615 746 949 166 274 197 188 184 380 220 '218 341 Selected industries: Primary metals and products (39 corps.): Sales 7 9,066 8 197 9 306 2 601 ,430 2,175 050 1 542 9,200 '2,528 2,665 Profits before taxes 891 1,174 993 304 385 353 252 228 160 299 '400 454 Profits after taxes 545 720 578 185 240 ?,04 144 1,30 100 '167 '225 255 947 ?70 285 60 90 71 64 61 89 66 73 79 Machinery (27 corps.): Sales ,634 '4 SS4 '4 372 r\ ,076 '1,283 '1 ,106 '1,110 '1 055 1,101 ,106 '1,200 1,276 Profits before taxes 443 569 520 118 177 133 120 119 148 145 '168 193 Profits after taxes 970 321 71 105 79 77 91 '82 '94 109 Dividends 113 126 136 28 42 33 32 31 41 49 37 38 Automobiles and equipment (15 corps.): Sales 6,699 8,093 9 577 9 056 2,221 9 151 2,601 9 707 2,118 9,283 2,975 3,355 Profits before taxes 809 1,131 1,473 305 327 298 376 462 337 398 596 655 Profits after taxes 445 639 861 175 176 177 218 267 200 '215 '330 357 Dividends 195 282 451 65 112 79 76 80 216 90 91 205 ' Revised. 1 Certain Federal income tax accruals for the first six months of 1950, required by recent legislation and charged by many companies against third quarter profits, have been redistributed to the first and second quarters. 2 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). a Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). CORPORATE PROFITS, TAXES, AND DIVIDENDS (Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates) [In billions of dollars] Year P b t r e a o f x o f e i r s t e s In ta c x o e m s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r n b o d u 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 t U r p i r n b o d u f i i t s t e 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—1 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—1 29.2 12.0 17.2 8.1 9.1 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 '9.4 15.9 ' Revised. 1 Estimates of Council of Economic Advisers, based on preliminary data. Source.—Same as for national income series. 1656 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Direct debt Total g d r e o b s t s Marketable public issues x Nonmarketable public issues Fully End of month in ( a s i g e n n ti c c t e g e u l s u u e r ) d i a d - r - - Total Total2 Tr b ea il s ls ury c i C e n a d e d te n 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 d S 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 is p s e u c e ia s l i b n N e d t a e e o r r b n i e n t - s g t- s g ec u 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—June. . 202,626 201,003 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,623 Dec... 232,144 230,630 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 1,514 1945—June. . 259,115 258,682 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 2,326 433 Dec... 278,682 278,115 198,778 17,037 38,155 22,967 120,423 56,915 48,183 8,235 20,000 2,421 567 1946—June. . 269,898 269,422 189,606 17,039 34,804 18,261 119,323 56,173 49,035 6,711 22,332 1,311 476 Dec... 259,487 259,149 176,613 17,033 29,987 10,090 119,323 56,451 49,776 5,725 24,585 1,500 339 1947—June. . 258,376 258,286 168,702 15,775 25,296 8,142 119,323 59,045 51,367 5,560 27,366 3,173 90 Dec... 256,981 256,900 165,758 15,136 21,220 11,375 117,863 59,492 52,053 5,384 28,955 2,695 81 1948—June. . 252,366 252,292 160,346 13,757 22,588 11,375 112,462 59,506 53,274 4,394 30,211 2,229 73 Dec... 252,854 252,800 157,482 12,224 26,525 7,131 111,440 61,383 55,051 4,572 31,714 2,220 55 1949—June. . 252,798 252,770 155,147 11,536 29,427 3,596 110,426 62,839 56,260 4,860 32,776 2,009 27 1949—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 Nov,.. 257,100 257,077 152,758 13,608 5,373 36,948 96,670 68,398 58,027 8,907 33,732 2,192 24 1 Includes amounts held by Government agencies and trust funds, which aggregated 5,349 million dollars on Oct. 31, 1950. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service depositary bonds, Armed Forces Leave bonds, and 2% per cent Treasury investment bonds, series A-1965, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC \UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING NOVEMBER 30, 1950 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions Redempof dollars] Amount Funds received from sales during tions and out- periou 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 i Treasury bonds—Cont. Dec. 7,1950.. 1,105 Sept. 15, 1951-552....3 755 Fiscal year D De e c c . . 2 1 1 4 , ,1 1 9 9 5 5 0 0 . . . . 1 1 , , 0 0 0 0 2 5 D D e e c c . 1 1 5 5 , , 1 1 9 9 5 5 1 1 - - 5 5 5 3 2. >2M 2 1, 5 1 1 1 0 8 e Ju n n d e in — g: 1943.. 21,256 11,789 8,271 758 2 759 848 Dec. 28,1950.. 1,001 Mar. 15, 1952-54... 2^ 1,024 1944.. 34,606 15,498 11,820 802 2 876 2,371 Jan. 4, 1951.. 1,003 June 15, 1952-54 2 5,825 1945.. 45,586 14,891 11,553 679 2 658 4,298 Jan. 11, 1951.. 1,002 June 15, 1952-55... 2 M 1,501 1946.. 49,035 9,612 6,739 407 2 465 6,717 Jan. 18,1951.. 1,000 Dec. 15, 1952-54 2 8,662 1947.. 51,367 7,208 4,287 360 2 561 5,545 Jan. 25, 1951.. .1.001 June 15, 1953-552 2 725 1948.. 53,274 6,235 4,026 301 1 907 5,113 Feb. 1,1951.. 1.100 June 15, 1954-562. ^M 681 1949.. 56,260 7,141 4,278 473 2 390 5,067 Feb. 8,1951.. 1,101 Mar. 15, 1955-602. .2^ 2,611 1950.. 57,536 5,673 3,993 231 1 449 5,422 Feb. 15,1951.. 1,101 Mar. 15, 1956-58... 2^ 1,449 Feb. 23, 1951. 1,105 Sept. 15, 1956-592. .2% 982 1949—Nov. .. 56,717 383 286 14 84 415 Mar. 1,1951. 1,081 Sept. 15, 1956-59... 2 M 3,823 Dec.... 56,707 495 377 16 103 466 J Ju u n n e e 1 1 5 5 , , 1 1 9 9 5 5 9 8 - - 6 6 2 3 3 2 . . . . 2 2 M % 5, 9 2 1 8 9 4 1950—Jan 56,958 707 402 38 267 618 Cert, of indebtedness J D D D u e e e n c c c e . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 5 3 0 2 9 - - - - 6 6 6 6 8 5 7 2 3 2 3 3 . . . . . . . # 2 2 2 2 } } K 3 2 1 , , , ,8 4 1 4 3 7 1 8 1 0 8 5 A F M M e p a a b r y r . . . . . . . . . . . . . . 5 5 5 5 7 7 7 7 , , , , 4 2 4 3 2 1 7 3 7 7 7 1 4 5 5 4 2 1 8 2 3 6 1 4 3 3 3 3 0 6 6 0 7 1 4 5 3 2 1 1 1 7 5 6 1 1 1 9 0 3 8 2 2 4 9 4 5 4 4 1 1 1 5 8 3 0 4 Jan. 1,1951 1H 5,373 June 15, 1964-693. .2} ,761 June... 57,536 398 297 14 86 456 Dec. 15, 1964-693. .2] 3,838 July... 57,568 417 318 13 87 505 Mar. 15, 1965-703. 5,197 Aug 57,470 350 270 11 70 537 Mar. 15, 1966-713.. 2} 3,481 Sept... 57,396 310 244 8 58 475 June 15, 1967-723.. 2; 7,967 Oct.... 57,954 971 271 145 555 496 Treasury notes Sept. 15, 1967-72...2\ _ 2,716 Nov. *.. 58,027 436 246 37 153 448 Dec. 15, 1967-72'.. 2)4 11,689 July 1, 1951-B....134 2,741 July 1, 1951-C....1M 886 Maturities and amounts outstanding November 30, 1950 July 1, 1951-D. . .1M 4,818 Aug. 1, 1951 1% 5,351 Postal Savings Year of All Series Series Series Series Oct. 1,1951 1M 1,918 bonds 109 maturity series D E F G Oct. 15, 1951 1M 5,941 Nov. 1, 1951 1M 5,253 Mar. 15, 1954 1% 4,675 1950 225 225 Mar. 15, 1955 \y2 5,365 Panama Canal Loan. 3 50 1 19 9 5 5 2 1 3 1 , , 8 53 8 9 1 439 3 1 , , 8 10 8 0 1 Total direct issues 152,758 1 19 9 5 5 4 3 6 8 , , 6 3 1 7 0 7 5 5 , , 3 93 8 4 3 4 1 9 9 4 7* ""i 1 ', ,9 0 4 3 9 0" 1955 7,246 4,724 521 2,001 Treasury bonds 1 1 9 9 5 5 7 6 5 5, , 1 3 3 5 9 4 2 2, , 5 4 4 3 7 0 4 5 7 9 7 9 2 2, , 1 3 1 2 5 5 Dec. 15, 1950 1H 2,635 Guaranteed securities 1958 5,333 2,832 258 2,243 June 15, 1951-54 2 .2% 1,627 Federal Housing Admin. 1959 5,250 3,025 279 1,947 Sept. 15, 1951-53... 2 7,986 Various 20 1960 5,505 2,665 457 2,383 1961 1,582 222 1,361 1962 2,015 335 1,681 * Sold on discount basis. See table on Open-Market Money Rates, Unclassified. . -27 p. 1652. 2 Partially tax exempt. s Restricted. Total 58,027 664 34,521 3,837 19,032 DECEMBER 1950 1657 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Total Held by Held by the public gross U. S. Government debt agencies and End of month in (i g n c g lu u d ar - - trust funds * Federal Com- Mutual Insur- Other S a t n a d te Individuals Miscelanteed Total Reserve mercial savings corpo- local se ti c e u s r ) i- S is p s e u c e ia s l P is u s b u l e i s c Banks banks 2 banks panies rations g m ov e e n r t n s - S b a o v n in d g s s se O cu th ri e ti r es tori 8 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—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 18,800 8,200 50,000 17,400 10,900 Aug 257,891 32,705 5,430 219,755 18,356 64,100 11,400 20,000 19,500 8,200 49,900 17,500 10,800 Sept 257,236 33,396 5,490 218,350 19,572 62,200 11,200 19,700 19,400 8,100 49,900 17,500 10,700 1 Includes the Postal Savings System. a 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. End of month s T t o i a o n u n t g t a - d l - G a t a c r g o u i n e e v s d n s t t - . s B F e R e a e r r e a n d v - l k - e s b C m c a o i n e a m k r l - s - 1 b M s t i a n u a n g v a u k s l - - s p I c a n a o n s n m c u i e e - r s - Other End of month s T t o i a o n u n t g t a d - l - G a t c a r g o u n i e e v d s n s t t - . s B F e R e a e r r e a n d v - l k - e s b C m a c o i n e a m r k l - s - 1 b M s t i a n u a n g v a u k l s - - s p I c a n a o n s n m c u i e e r - s - Other funds funds Type of Treasury bonds security: and notes, due or callable: To 1 1 1 ta 9 9 9 l 5 4 4 :* 0 8 9 — — — D D J J J e e u u u c c n n n e e e . . . . . . . . . . . . 1 1 1 1 15 5 6 5 5 5 7 0 5 5 , , , , , 3 4 3 1 1 2 9 7 6 3 5 6 3 0 8 5 5 5 5 5 , , , , , 4 4 3 3 3 0 7 2 5 7 2 7 7 0 4 2 2 1 1 1 1 3 8 8 9 , , , , , 3 3 3 8 3 6 3 3 8 4 6 3 1 5 3 5 5 5 5 5 8 6 7 5 9 , , , , , 9 2 5 3 8 7 3 9 5 5 2 7 9 6 31 1 1 1 1 0 0 1 1 0 , , , , , 7 5 8 0 8 2 7 7 7 2 2 2 7 7 9 2 1 1 1 1 1 8 9 9 8 , , , , , 7 1 5 8 0 3 0 3 1 9 2 5 5 9 0 4 4 4 4 4 1 4 2 3 2 , , , , , 0 6 7 6 7 8 3 6 6 7 7 7 3 3 9 Wi 1 1 1 t 9 9 9 hi 4 4 5 n 8 9 0 — — — 1 D D y J J J e e u u e u c c a n n n r e e e : . . . . . . . . . . . . 1 1 1 1 1 0 1 4 3 0 , , , , , 2 2 3 3 4 1 2 8 1 1 6 6 7 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 5 5 9 7 7 , , , , , 5 0 9 0 0 7 1 0 2 2 1 4 1 1 2 2 2 2 1 1 3 3 3 5 7 6 2 8 1 1 3 3 3 4 2 8 6 2 6 7 5 0 9 8 3 2 3 2 4 3 , , , , , 1 5 3 9 6 2 0 5 5 8 5 0 3 6 5 Aug 155,177 5,30618,35657,45410,69717,94845,416 Sept 153,792 5,36519,57255,665 10,53117,73444,925 Aug 24,183 74 7,116 9,645 130 477 6,741 Treasury bills: Sept.. . . 26,800 108 4,35013,293 286 705 8,058 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 2,63630,580 1,829 2,790 7,971 Dec 12,319 11 4,829 3,514 15 70 3,880 Dec 44,053 226 3,25828,045 1,769 2,501 8,254 1950—June.... 13,533 3 3,856 3,703 35 90 5,846 1949—June.... 39,175 212 2,12126,304 1,279 2,124 7,135 A Se u p g t 1 1 3 3 , , 6 6 3 3 7 7 5 3 6 2 1 , , 3 51 0 3 2 3 3 , , 6 7 4 7 1 4 2 5 5 0 2 1 8 2 3 0 7 7, , 9 5 6 4 1 6 1950— D J e u c ne.... 3 51 5 , , 8 0 0 6 2 7 3 1 2 8 7 6 5 1 , , 1 92 1 2 63 2 3 4 , , 1 9 2 0 7 7 1 1, , 0 1 5 2 8 1 1 1 , , 7 6 3 4 1 1 1 5 0 , , 2 4 9 43 0 Ce 1 rt 9 if 4 i 8 ca — t D e J s e u : c ne.... 2 2 2 6 , , 5 5 8 2 8 5 2 1 4 4 4 6 , , 6 0 1 7 6 8 8 9, , 0 5 7 5 2 2 3 2 1 5 7 6 6 4 7 7 2 9 1 8 0 , , 6 4 1 2 0 3 A Se u p g t 4 40 3 , , 5 3 4 5 9 7 2 2 8 5 7 0 6 1 , ,6 0 8 9 1 9 3 2 1 5 , , 1 9 3 0 6 7 6 8 3 8 9 4 1 1, , 2 5 4 4 6 9 6 7 , , 4 8 0 2 8 0 1949—June.... 29,427 26 6,857 9,561 207 602 12,174 1950— D J e u c ne.... 2 1 9 8 , , 6 4 3 1 6 8 4 7 8 6 5 , , 2 35 7 7 51 5 1 , , 3 5 5 20 4 1 6 6 4 9 3 6 8 3 2 31 7 0 , , 2 9 5 9 4 1 o— 19 i< 4 u 8 — ye D J a u e r n s 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 31 5 4 1 5 5 2 0 0 6 9 9 1 9 1 7 1 1 , , 9 8 3 8 6 5 Aug 12,817 6 4,848 2,937 47 256 4,723 1949—June.... 15,067 532 584 6,587 2,002 1,732 3,630 Sept.. .. 11,620 1 4,975 2,438 33 179 3,994 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 Aug 15,926 400 911 5,924 2,304 1,995 4,392 1949—June.... 3,596 47 359 1,801 41 104 1,244 Sept 15,926 404 976 6,062 2,230 1,916 4,338 Dec 8,249 15 562 5,569 107 244 1,752 1950—June.... 20,404 29 3,50011,204 154 403 5,114 After 10 years: A Se u p g t ..... 3 2 1 5 , ,7 6 5 8 5 8 2 8 5 4 9, , 2 4 9 3 1 91 13 3 , , 9 4 8 7 2 9 1 14 5 8 1 5 5 4 1 3 9 7 7 , , 1 6 5 9 9 9 1 1 9 9 4 4 9 8 — — D J J e u u c n n e e . . . . . . . . 5 5 4 3 3 8 , , , 8 8 5 3 3 5 8 8 4 4 4 4 , , , 7 6 4 1 8 5 0 5 5 2 4 7 , , , 4 9 21 2 5 5 1 2 3 3 3 , , , 5 9 9 4 2 3 1 2 3 8 8 7 , , , 0 6 2 4 3 9 8 9 3 1 1 1 7 5 4 , , , 1 2 1 2 3 7 9 0 9 1 1 1 6 4 5 , , , 5 2 0 4 4 9 2 2 4 Tre 1 a 9 s 4 u 8 r — y D b J e o u c n n d e s .. : .. 1 1 1 1 2 1 , , 4 4 6 4 2 0 5 5 , , 3 33 4 6 01 6 0 , , 2 9 0 77 6 4 4 0 2 , ,1 3 4 7 6 1 1 10 1 , , 4 0 8 4 6 72 1 0 8 , , 8 8 8 9 0 1 2 2 6 5 , , 8 3 4 7 7 5 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, , 3 5 4 9 9 3 3 4 , ,0 8 9 8 2 7 6 7, , 1 5 3 8 0 81 13 3 , , 5 4 0 8 7 51 13 3 , , 5 0 2 9 4 0 1 1 9 9 4 5 9 0 — — D J J e u u c n n e e . . . . . . . . 1 1 1 1 0 0 0 4 2 , , , 4 7 7 9 2 5 5 6 8 5 5 5 , , , 2 2 2 1 0 7 7 1 3 5 7 7 , , , 6 2 7 1 1 8 8 8 04 3 3 2 8 9 , , , 0 2 6 4 3 9 2 5 1 1 1 10 0 0 , , , 6 4 7 2 8 6 4 0 81 1 1 7 8 7 , , , 2 3 5 4 1 7 9 5 9 2 2 2 6 5 5 , , , 3 0 3 2 2 4 9 0 0 A Se u p g t 4 4 5 5 , , 0 08 8 4 4 4 4, , 5 5 1 0 1 0 1 1 , , 4 6 9 6 9 0 4 4, , 1 1 7 5 3 3 7 7 , , 3 2 0 9 6 3 1 13 3 , , 3 5 9 4 6 31 1 4 4 , , 0 0 8 5 3 1 Aug..... 102,795 5,253 6,76837,37910,47317,04625,876 Sept.. . . 96,670 5,247 3,79335,454 10,29916,72025,157 * 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. 8 Includes Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 1658 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] On basis of daily statements of United StatesTreasury Cash operating Increase (+) or General fund of the Treasury (end of period) income and outgo3 decrease v ,; during period Assets y m F e i o a s r n c a t o h l r c N e r i e e p - t ts B p t e u u e n r x d e d - g s i e - t s B ( d u + u e r f d ) p i g c l o u i e t s r t 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 e D R e r e e a d - p l - osi d t S s e c p p ia i e o n l - s- O as t s h e e t r s T b t l o i i i e a l t i s - a - l c C o i a n m s - h e o C u a t s g h o i ( E n o + x c u ) c o t o g e m s o r s e serve itaries banks* Fiscal year: 1 1 9 9 4 4 9 8 4 3 2 8 , , 2 2 1 4 1 6 3 4 3 0 , , 7 05 9 7 1 + -1 8 , , 8 4 1 1 1 9 -4 2 9 9 5 4 + — 3 5 6 0 6 7 — + 5 4 9 7 9 8 4 + -1 1 * ,6 46 2 2 4 3 4 9 4 3 7 2 0 3 5, ] 3 8 7 6 0 2 1, ' 9 4 2 3 8 8 u 117 77 7 1 3 : , ] 6 6 7 5 0 3 3 4 9 3 2 8 4 4 5 1 , [ 4 6 0 2 0 8 3 40 6 , , ' 4 5 9 7 6 6 +8,903 1950 37,045 40,167 —3,122 +99 +483 +4,587 +2,047 5 517 s,927 950 3, 268 ;L,709 410 40,97043,155 2 ^185 1949—Nov.. 2,344 3,127 -783 +299 -36 +204 -315 4 422 4,789 517 2,632 L.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 ,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 L.609 294 2,939 3,700 -762 June.. 4,404 4,296 +108 -53 -8 +1,007 +1,053 5 517 5,927 950 3,268 1,709 410 4,687 4,061 +626 July. . 1,881 3,013 -1,132 -99 +31 +183 -1,017 4 500 4,864 566 2,618 L,680 364 2,110 3,143 -1,032 Aug... 2,860 2,515 +344 +147 -140 +333 +685 5 185 5,501 733 3, 115 L,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 L ,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 2,426 3,335 -909 Nov.. 2,851 3,102 -252 +169 -63 +140 -6 4 139 4,586 714 2,232 1,640 446 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 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 M v t e e e e o l i r l n s u a n - u s - a e l S S t r a o e i x c c ty e i u a s - l c O e r i t p e h - t e s r 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 6 t - y c N e r i e e p - t ts W i h n e c it l o d h m - e O ta t x h e e s r N s a u o a n r r n d t m d a p x a r l ofits E p o t r x a a t o n h c x f e d e e it s r s s s t t a a g E a n x i s t f d e e - t s m l E a o t a a x n i t s n x h c e c d e e i o e s s r u l e - s Fiscal year: 1948 11,436 19,735 8,301 2,396 4,231 46,099 2,272 1,616 42,211 11,534 9,464 9,852 323 899 7,412 1949 . 9,84219,641 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—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 2,056 807 183 398 5 51 763 Nov 1,620 320 746 310 187 3,184 45 288 2,851 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasilry Budget expenditures Trust accounts, etc. Social Security Other F o i r s c m al o y n e th ar Total N d a e t f i e o n n s a e l e I d s n t e t , e b o r t - n f t I i i n n a n a o a n t i a n e n d d - a r c - l e t e r m V A r a a i t e d n i n t o - - i s s n ' - a t c A u g t u o i r r l d i e - - T c t o f r r a e t a u u c o r n s n - s t s ts - Other c N e r i e e p - t ts acc m v o I e e n u s n - t n - t t s s p tu E en r x e d - s i- ce R i e p - ts m v I e e n s n - t- ts 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—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 men—Tan 3,323 1,046 463 294 509 314 45 652 291 -29 295 121 -424 568 Feb. 2,496 936 161 326 494 123 8 448 568 85 267 116 -746 909 Mar 3,269 1,051 636 404 578 98 11 491 262 47 311 158 -844 999 Apr 2,847 964 184 359 499 202 69 570 178 52 238 127 -327 421 May 2,962 1,007 136 420 498 446 16 439 556 169 243 117 -73 186 4,296 998 1,611 405 459 150 8 665 493 309 225 451 279 184 July 3,013 1,024 271 273 448 424 31 543 262 146 189 65 6 85 Aug. 2,515 1,149 134 254 464 -113 28 598 630 277 186 96 4 112 Sept 3,520 1,037 646 299 400 -220 646 712 544 424 164 413 302 94 Oct 3,170 Pl.351 229 P346 457 -45 84 P747 300 157 214 192 11 127 Nov 3,102 Pl,454 142 *>326 465 P90 9 P617 549 207 219 132 -23 109 P Preliminary. r Revised. 1 Excess of receipts (+) or expenditures (—). 2 Excludes items in process of collection beginning with July 1947. 3 For description, see Treasury Bulletin for September 1947 and subsequent issues. 4 Includes surplus property receipts amounting to 1,929 and 589 million dollars in 1948 and 1949, respectively, and receipts from renegotiation of war contracts amounting to 164 and 57 million in 1948 and 1949, respectively. 5 These are appropriated directly to the Federal old-age and survivors insurance trust fund. DECEMBER 1950 1659 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items l Li i a n b t i e li r t a i g es e , n c o y th e it r e m th s an Bonds, notes, m Co o m di - - I m nv e e n s ts t- Land, tu a r n e d s d p e a b y e a n b - le U G . o v S - . v P a r t i e - ly Corporation or agency Total Cash L c a r e o b e i a - l v e n - s m p s r t a l i u i a n i a e p e t l d s - e s s , , - G U s ri e o t . c i v e u S s t - . . O r s i e t t i c h e u e s - r 2 s e t m u t a q r r n e u u e n d i c s p t - , - O s a t e s h t - e s r a F g n u u b t a y e ll r e y - d Other O li i a t t i b h e i e s l r - i m n e e r t e s e n n t r - t - o in w e t s e n t r e - d U. S. All agencies: Sept. 30, 1949. 22,594 37911,720 1,596 2,069 3,501 2,933 396 856 1,07420,460 177 Dec. 31, 1949. 23,733 44112,733 1,549 2,047 3,492 2,962 509 772 1,72021,030 183 Mar. 31, 1950. 24,360 38713,350 1,567 2,221 3,488 2,932 414 708 2,07221,368 191 June 30, 1950. 24,118 47412,502 2,186 2,101 3,483 2,924 450 774 1,446 21,679 201 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 (3) 59 Agricultural Marketing Act Revolving Fund 2 1 1 (3) 2 Federal Farm Mortgage Corp. 51 46 1 50 Rural Electrification Administration ,467 1,411 (3) 28 (3) l 1,467 Commodity Credit Corporation ,159 840 2,060 92 140 724 2,435 Farmers' Home Administration i 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 (3) 172 324 76 183 Federal Savings and Loan Insurance Corp. 195 190 7 188 Home Owners' Loan Corp 95 84 2 6 87 Public Housing Administration 6 1,647 320 (3) 1,268 31 1,616 Federal Housing Administration 314 20 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 (3) 2,168 Federal Deposit Insurance Corp 1,282 1 1,276 1,277 Federal Works Agency 160 89 60 153 Tennessee Valley Authority 888 15 855 871 All other 7,415 144 3,812 3,385 42 7,402 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY June 30, 1950 Purpose of loan M F C F a o e o r r d m r p . t . . b c m i F n r a a e e e t n t e d d d e k r i i . - s t - B f o t o a i p r v n e e k r c s a s o - - m C C C r o o o e d m r d p i i - t . t y t R A r E t i i f u l d o i e r m c n c a a - l . - F A H e a d r o r s m m m ' . e - H C O L e o o o w rs m r a ' n p n e - . P H A u i o d n b u m g l s ic . - b h F l a o o e n m a d k n . e s R s n C t t e a F i r o c n o u i r o - n c c p n e - . - B p p I E o a m o x r n r t - - t k - o A th l e l r a c g A i e e l n l s - a M g 1 e a 9 a n r 5 l . c 0 l i , 3 e 1 s , 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 (3) 481 33 515 496 To aid financial institutions: Banks 2 3 3 Other 443 (\ 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. Loans, B 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. 1660 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation! Year or month Tota I ( n l p d h 1 u y 9 s s t 3 i r c 5 i a a -3 D l l 9 v u p f M o a r r = - o c lu a t d 1 u m n u 0 r u N c e d e 0 - t ) s u o i o * r n - * n - M era in ls - T a o w t 1 a C 9 a l r 2 o c d 3 n o e - s n R d d 2 t t t r 5 e e i r a u s n a ( l i c - v c = - t t a i s 1 l o u 0 n o e 0 A t ) h 5 l e l r N t a c u g u o r r l n E a - i- l - 1 m 9 p 3 l 9 o y F = m a c 1 e t 0 n o 0 t r a y 1 r 9 F p t o 1 3 o a a l 0 9 c l r y s y 0 - - = * c 1 F a 9 i = r n r 3 e l g 1 5 o i s g 0 - a * 3 0 h d 9 t - 1 D u 9 m s = s ( e e 3 v t a p o e ) a 1 5 l * a e l n r 0 - - e s r t 3 4 0 t 9 - 1 s p 9 u C = r 3 m i o 1 c 5 n e 0 e - - r 0 s 3 s 8 9 ' W p m c = r 1 s i o h o 9 a c 1 m o d 2 l e e 0 l 6 i s - e 0 t 8 y able able Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919. 72 84 62 71 63 44 79 88.6 103.7 103.9 120 83 123 8 138.6 1920 75 93 60 83 63 30 90 89.4 104.1 124 2 129 99 143 3 154 4 1921 58 53 57 66 56 44 65 79.7 79.7 80.2 110 92 127 7 97 6 1922 73 81 67 71 79 68 88 84.4 88 2 86 0 121 93 119 7 96 7 1923 88 103 72 98 84 81 86 92.9 100.9 109 1 142 104 121 9 100 6 1924 82 95 69 89 94 95 94 91.7 93.7 101.8 139 104 122 2 98 1 1925 90 107 76 92 122 124 120 94.1 97 0 107 3 146 109 125 4 103 5 1926 96 114 79 100 129 121 135 97.5 98 9 110 5 152 112 126 4 100 0 1927 95 107 83 100 129 117 139 98.0 96.7 108 5 147 113 124 0 95 4 1928 99 117 85 99 135 126 142 98.1 96.9 109.8 148 114 122 6 96 7 1929 110 132 93 107 117 87 142 102.5 103 1 117 1 152 116 122 5 95 3 1930 91 98 84 93 92 50 125 96.2 89.8 94 8 131 108 119 4 86 4 1931 75 67 79 80 63 37 84 87.1 75 8 71 8 105 96 108 7 73 0 1932 58 41 70 67 28 13 40 77.2 64.4 49.5 78 75 97 6 64 8 1933 69 54 79 76 25 11 37 77,5 71.3 53.1 82 73 92 4 65 9 1934 75 65 81 80 32 12 48 84.9 83 2 68 3 89 82 95 7 74 9 1935 87 83 90 86 37 21 50 88.5 88.7 78.6 92 88 98 1 80 0 1936 103 108 100 99 55 37 70 95.1 96.4 91 1 107 100 99 1 80 8 1937 113 122 106 112 59 41 74 101.4 105.8 108.9 111 107 102.7 86 3 1938... 89 78 95 97 64 45 80 95.4 90.0 84.7 89 99 100.8 78 6 1939 109 109 109 106 72 60 81 100.0 100.0 100.0 101 106 99 4 77 1 1940 125 139 115 117 81 72 89 105.8 107.5 113.6 109 114 100.2 78 6 1941. 162 201 142 125 122 89 149 119.4 132.8 164.9 130 133 105.2 87 3 1942 199 279 158 129 166 82 235 131.1 156 9 241 5 138 150 116 5 98 8 1943 239 360 176 132 68 40 92 138.8 183.3 331.1 137 168 123 6 103 1 1944 . . .... 235 353 171 140 41 16 61 137.0 178.3 343.7 140 187 125.5 104 0 1945 203 274 166 137 68 26 102 132.3 157.0 293 5 135 207 128 4 105 8 1946 . 170 192 165 134 153 143 161 136.7 147.8 271 1 132 264 139.3 121 1 1947. 187 220 172 149 157 142 169 143.2 156.2 326.9 143 286 159 2 152 1 1948 192 225 177 155 190 162 214 145.9 155.2 351.4 138 302 171.2 165 1 1949 176 202 168 135 211 192 226 142.0 141.6 325 3 116 286 169 1 155 0 1948 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 s.. 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 r277 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 March 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 196 198 235 181 144 325 369 289 146.1 150.9 148.3 '367.5 126 362 172.5 162 9 August 209 212 247 195 159 334 362 311 148.2 154.9 156.2 »-393.9 135 335 173.0 166.4 September 212 216 252 194 164 321 332 312 149.2 156 1 158 9 403 6 134 320 173.8 169 5 October P215 P219 *>260 P195 P166 P299 P296 P302 H49.5P157.0P159.6 e413.9 136 P292 174.8 169 1 November e214 *215 *256 195 164 136 «288 * Average per working day. e Estimated. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 1662-1665. For points in total index, by major groups, see p. 1684. 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. 1669. 8 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. 1671-1674. 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. DECEMBER 1950 1661 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Industrial Production—Total 166 173 179 183 180 187 190 195 199 196 209 212 P215 Manufactures—Total ... 176 179 188 192 192 194 199 204 208 '206 218 220 P224 Durable Manufactures ... 175 181 203 209 207 211 222 231 237 235 247 252 P260 Iron and Steel* 102 145 201 203 201 205 222 226 231 228 236 245 254 Pig iron 23 107 198 201 175 175 219 222 221 223 219 223 225 Steel .... 38 137 239 244 238 243 270 273 271 264 265 275 286 Open hearth 21 105 194 192 181 180 204 206 202 201 198 203 209 Electric 162 359 557 612 639 691 739 755 763 710 744 792 835 Machinery 226 217 227 229 236 243 251 258 262 265 279 286 P300 238 206 211 242 210 214 226 262 277 272 *285 286 v291 Automobiles (including parts) 216 175 181 224 182 189 204 249 268 262 r271 267 P269 (Aircraft; Railroad Equipment; Shipbuilding — Private 164 163 166 180 190 200 198 197 207 202 212 216 P219 Smelting and refining 167 169 174 191 202 208 207 208 219 208 '212 209 P217 (Copper smelting; Lead refining; Zinc smelting; 162 161 163 176 184 197 194 192 202 199 212 219 P22O (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consu m otion) ^ Ltitnber and Products . . 133 147 159 144 150 156 159 158 155 151 165 165 P171 Lumber ... .. 116 139 153 132 138 145 150 149 144 140 151 150 P157 Furniture 165 163 170 166 173 176 175 175 178 174 192 194 P198 Stone Clay and Glass Products 184 183 187 190 192 188 200 203 210 r212 212 216 P225 Glass products .... 193 184 182 194 195 191 209 211 220 225 206 ?212 Glass containers 204 193 190 206 207 201 222 223 234 244 215 225 182 191 206 207 211 192 218 210 214 208 214 206 214 Clay products ... 146 147 150 158 157 158 158 160 161 161 165 167 P\68 Nondurable Manufactures 177 177 176 179 180 181 180 181 184 181 195 194 p\95 Textiles and Products ... 169 175 173 178 179 173 174 175 173 165 189 191 P194 Textile fabrics .... 153 157 154 160 162 156 157 158 156 146 172 171 P\1S Cotton consumption ... 134 138 134 144 144 138 139 140 132 123 155 152 162 Rayon deliveries 318 340 350 355 357 350 348 347 348 r361 '366 r380 372 Wool textiles . ... 161 158 151 154 159 152 154 157 161 134 172 170 Carpet wool consumption 178 186 193 215 215 210 222 216 205 135 210 202 Apparel wool consumption 158 140 136 147 163 153 143 149 152 139 178 169 Wool and worsted yarn 154 144 133 131 140 134 134 140 147 127 159 157 Woolen yarn 141 135 119 119 122 116 119 127 134 117 144 137 Worsted yarn . .... 174 158 153 148 165 161 156 158 165 140 179 186 Woolen and worsted cloth 163 166 159 156 156 146 149 153 162 143 168 172 Leather and Products . 108 97 101 108 115 116 110 101 105 r101 r120 124 Leather tanning 98 92 99 95 102 98 101 95 102 91 108 111 Cattle hide leathers ... 106 100 111 103 112 108 112 104 115 106 121 125 Calf and kip leathers 81 77 88 86 85 77 83 75 79 56 83 91 Goat and kid leathers 85 80 78 85 89 91 83 88 89 80 86 84 Sheep and lamb leathers 93 86 76 80 91 82 97 81 86 76 101 102 Shoes 115 101 103 116 124 128 115 106 107 107 128 132 Manufactured Food Products . ... 165 160 160 161 161 165 164 164 164 167 r168 168 P!64 Wheat flour 111 110 105 114 112 111 105 107 106 113 116 103 P98 Cane sugar meltings 2 Manufactured dairy products ... ... 146 147 148 148 149 154 153 150 153 152 150 148 145 Butter 83 86 85 85 86 94 91 85 87 85 80 78 74 Cheese 162 176 183 185 181 191 195 175 184 178 169 161 158 Canned and dried milk 140 135 142 135 144 158 155 155 165 167 169 158 150 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. 1662 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May une July Aug. Sept. Oct. Manufactured Food Products—Continued Meat packing 155 154 157 154 151 160 157 144 147 151 155 168 158 Pork and lard 184 183 185 174 168 184 182 161 165 169 175 196 188 Beef 133 132 137 146 146 150 144 142 141 146 145 153 138 Veal. , 129 133 125 108 105 108 104 98 108 114 121 120 107 Lamb and mutton 85 81 86 85 77 76 74 71 79 78 78 78 77 Other manufactured foods 175 168 167 169 169 173 171 173 173 175 176 P176 173 Processed fruits and vegetables 149 134 132 142 136 152 148 150 158 147 134 142 158 Other food products 1 18 3 9 2 1 18 2 3 7 1 18 4 1 0 1 18 3 1 9 1 1 8 3 3 9 1 1 3 8 6 4 1 1 3 8 1 4 1 1 3 8 1 6 1 1 8 3 4 3 1 1 8 4 7 6 158 187 180 Alcoholic Beverages . 167 187 173 169 159 175 169 172 184 206 248 203 181 Malt liquor ... US 171 172 170 159 172 159 157 163 171 155 149 Whiskey 72 77 83 88 84 81 97 93 95 84 111 146 157 Other distilled spirits 194 149 228 259 214 214 280 363 417 611 934 549 308 Rectified liquors ... 369 390 240 205 204 268 242 235 269 315 464 340 302 Tobacco Products 165 169 149 162 162 176 161 168 170 154 197 172 165 Cigars 123 120 88 97 102 97 91 93 106 96 126 120 124 Cigarettes 217 226 205 224 222 248 224 237 233 212 269 229 215 Other tobacco products 72 67 66 69 67 72 67 63 68 59 80 71 72 Paper and Paper Products 176 177 167 179 178 179 181 180 185 173 191 194 202 Paper and pulp 168 168 160 171 171 172 174 173 177 166 181 185 193 Pulp 192 191 180 198 201 198 204 199 205 202 211 213 228 Groundwood pulp 104 91 98 93 98 94 97 99 109 119 124 133 127 Soda pulp 112 113 107 118 117 113 121 119 120 110 115 114 96 Sulphate pulp ... 340 336 312 354 360 350 365 363 373 372 381 382 427 Sulphite pulp 144 145 138 148 149 152 153 145 146 140 152 152 162 Paper 164 165 157 167 167 169 170 168 173 161 177 180 188 Paperboard 206 210 193 209 205 203 207 211 213 198 228 232 238 Printing paper 168 167 166 167 167 175 171 167 172 156 174 180 187 Tissue and absorbent paper 170 168 161 175 170 173 185 166 171 182 183 185 206 150 150 145 155 162 163 160 158 167 151 155 156 163 Newsprint . . 96 94 94 98 98 102 111 112 115 117 116 116 117 Printing and Publishing 165 160 159 163 168 169 169 166 170 162 169 172 Newsprint consumption 162 153 152 159 169 163 168 165 168 167 165 163 171 Printing paper (same as shown under Paper) 198 205 219 211 205 207 206 216 222 229 238 242 P247 Petroleum and Coal Products , Gasoline 180 177 180 176 174 173 171 181 188 194 200 195 P\97 Fuel oil 182 182 190 192 187 178 172 175 179 187 190 200 P2O7 Lubricating oil 152 152 153 149 148 152 133 143 152 154 174 177 Kerosene . .. 177 177 198 207 190 188 170 184 177 186 194 198 Coke 49 102 158 154 124 146 174 175 177 176 176 178 183 By-product coke 50 104 161 156 127 145 170 171 170 170 167 170 175 Beehive coke 7 23 58 76 21 181 320 328 428 368 470 460 Chemical Products . 240 243 245 248 247 247 252 256 261 '263 '267 270 P275 Paints 143 143 141 144 147 147 147 147 154 161 168 168 *>164 Rayon <. 294 316 335 349 355 352 349 350 350 359 '363 376 P37\ Industrial chemicals 414 417 422 419 424 428 434 443 451 '453 r454 463 P478 Rubber Products 192 187 193 194 195 197 203 213 221 '222 '238 248 P255 Minerals—Total 112 141 132 130 118 144 140 145 151 144 '159 164 P166 Fuels .. 120 152 136 133 118 148 147 148 155 148 162 167 P170 Coal 49 130 95 91 43 141 131 124 128 101 133 133 144 Bituminous coal . .. .. 31 133 103 96 38 149 143 131 136 109 142 144 151 Anthracite 118 117 63 69 65 108 S3 97 96 68 97 92 116 Crude petroleum . 156 163 157 154 155 152 155 160 168 171 177 184 P183 Metals 59 76 106 117 118 119 98 125 130 124 136 P!44 P!44 63 91 141 160 161 159 121 166 177 167 188 ,198 P199 Gold . 52 54 55 57 58 62 62 66 63 62 60 64 Silver 57 63 64 60 63 72 81 76 77 73 85 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. 1663 DECEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) Ilndex numbers of the Board of Governors. 1935-39 average=100] 1949 1950 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Industrial Production—Total 169 174 178 179 177 183 188 193 200 198 212 216 P219 Manufacturers—Total 179 180 186 189 188 191 197 203 r209 207 221 225 P228 Durable Manufactures 176 181 201 206 204 210 221 232 238 237 249 254 Iron and SteelJ 102 145 201 203 201 205 222 226 231 228 236 245 254 Pig iron 23 107 198 201 175 175 219 222 221 223 219 223 225 Steel 38 137 239 244 238 243 270 273 271 264 265 275 286 21 105 194 192 181 180 204 206 202 201 198 203 209 Electric 162 359 557 612 639 691 739 755 763 710 744 792 835 Machinery 226 217 227 229 236 243 251 258 262 265 279 286 P300 Transportation Equipment 238 206 211 242 210 214 226 262 277 272 T285 286 P291 Automobiles (including parts) 216 175 181 224 182 189 204 249 268 262 r271 267 P269 (Aircraft; Railroad equipment; Shipbuilding—Private Nonferrous Metals and Products 164 164 167 180 190 201 198 197 T-206 202 212 216 P219 Smelting and refining.... 167 170 175 191 202 208 207 208 218 207 209 P217 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)8. Fabricating 162 161 163 176 184 197 194 192 202 199 212 219 P220 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products . . 138 144 145 130 138 147 158 162 166 161 177 178 P181 Lumber 125 134 132 111 119 133 150 155 160 155 170 170 Furniture 165 163 170 166 173 176 175 175 178 174 192 194 P198 Stone, Clay, and Glass Products 193 188 181 179 179 180 197 209 212 '221 224 P235 Glass products 197 186 172 191 191 191 209 222 218 217 212 r215 Glass containers , 210 195 177 202 201 201 222 238 232 234 223 229 211 206 187 168 160 157 207 221 229 229 242 239 249 Clay products 154 153 154 147 150 151 154 160 160 162 ••171 173 P177 Nondurable Manufactures 181 178 175 175 176 177 178 180 184 182 198 201 p?m Textiles and Products 169 175 173 178 179 173 174 175 173 165 189 191 P194 Textile fabrics 153 157 154 160 162 156 157 158 156 146 172 171 PITS Cotton consumption 134 138 134 144 144 138 139 140 132 123 155 152 162 Rayon deliveries 318 340 350 355 357 350 348 347 348 ••361 »"366 '380 372 Nylon and silk consumption 2 Wool textiles 161 158 151 154 ii»9 152 154 157 161 134 172 170 Carpet wool consumption 178 186 193 215 215 210 222 216 205 135 210 202 Apparel wool consumption. 158 140 136 147 163 153 143 149 152 139 178 169 Woolen and worsted yarn 154 144 133 131 140 134 134 140 147 127 159 157 Woolen yarn 141 135 119 119 122 116 119 127 134 117 144 137 Worsted yarn 174 158 153 148 165 161 156 158 165 140 179 186 Woolen and worsted cloth 163 166 159 156 156 146 149 153 162 143 168 172 Leather and Products 108 98 101 108 118 115 no 101 104 99 ni9 123 leather tanning 99 95 99 96 109 97 101 94 100 87 106 109 Cattle hide leathers 107 105 111 105 120 108 112 104 111 100 117 122 Calf and kip leathers 83 78 86 84 89 75 80 72 80 56 88 89 Goat and kid leathers 85 77 79 85 92 90 86 86 90 79 84 85 Sheep and lamb leathers 93 91 72 74 100 79 95 88 86 71 104 100 Shoes 115 101 103 116 124 128 115 106 107 107 128 132 Manufactured Food Products 177 162 156 149 146 148 150 157 164 178 n9i 193 P178 Wheat flour 118 111 104 114 113 109 101 103 102 112 114 112 P103 Cane sugar meltings 2 Manufactured dairy products 121 97 96 95 107 128 159 199 226 223 217 173 132 Butter 72 65 67 71 76 85 93 109 120 104 87 64 Cheese , 146 132 132 137 149 172 203 235 261 219 189 164 142 I C c a e n c n r e e d a m a n 2 d dried milk 113 97 109 109 129 155 175 215 228 193 174 145 121 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. 1664 FEDERAL RESERVE BULLETIN 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactured Food Products—Continued Meat packing 155 172 186 183 144 148 145 144 146 141 134 152 158 Pork and lard . .. 173 214 244 229 165 171 166 161 165 148 135 155 177 Beef .... 145 137 137 149 135 137 136 142 138 147 147 165 151 Veal 147 142 118 100 92 101 102 102 108 114 119 132 122 Lamb and mutton .. 88 81 84 90 78 74 72 73 73 75 76 84 80 Other manufactured foods 194 175 165 155 154 154 153 157 163 182 202 P208 Processed fruits and vegetables 193 123 103 92 86 83 90 98 122 191 r255 276 P204 Confectionery . 172 150 141 143 140 126 108 101 99 120 171 Other food products 198 193 184 173 174 177 177 182 185 190 193 191 P189 Alcoholic Beverages 180 171 151 143 143 162 168 177 202 219 237 217 205 Malt liquor 133 132 138 139 144 160 167 179 205 214 ••191 156 139 Whiskey 72 77 83 88 84 81 97 93 95 84 111 146 157 Other distilled spirits 503 312 250 168 128 139 168 218 258 354 504 753 798 Rectified liquors 369 390 240 205 204 268 242 235 269 315 464 340 302 Tobacco Products . . - ...171 172 138 162 154 167 152 168 176 160 204 181 170 Cigars. 123 120 88 97 102 97 91 93 106 96 126 120 124 Cigarettes 225 231 188 224 209 230 209 237 245 223 283 245 224 Other tobacco products . 77 69 58 68 65 72 67 64 69 59 78 76 77 Paper and Paper Products ... 176 177 167 178 179 179 182 181 185 172 191 194 202 Paper and pulp 168 168 160 171 172 173 175 173 178 166 181 184 193 Pulp 191 191 180 198 201 199 205 201 205 200 209 211 227 Groundwood pulp . . 97 97 99 97 102 101 107 106 110 105 110 119 119 Soda pulp 112 113 107 118 117 113 121 119 120 110 115 114 96 Sulphate pulp 340 336 312 354 360 350 365 363 373 372 381 382 427 Sulphite pulp 144 145 138 148 149 152 153 145 146 140 152 152 162 Paper 164 165 157 166 168 169 170 168 173 160 177 180 188 Paper board 206 210 193 209 205 203 207 211 213 198 228 232 238 Printing paper 168 167 166 167 167 175 171 167 172 156 174 180 187 Tissue and absorbent paper 172 168 156 173 177 173 187 166 174 174 183 185 208 Wrapping paper . . 150 150 145 155 162 163 160 158 167 151 155 156 163 Newsprint 96 95 92 98 98 102 113 113 116 115 115 116 117 Printing and Publishing 169 167 162 157 166 172 174 169 169 150 161 '172 183 Newsprint consumption 171 167 159 147 166 170 178 172 166 144 148 165 180 Printinc nanpr (same as shown undpr PaoerY Petroleum and Coal Products. .. ... 198 205 219 211 205 207 206 216 222 229 238 242 P247 Petroleum refining2 . . ... Gasoline 180 177 180 176 i74 173 171 181 188 194 200 195 P197 Fuel oil . .. 182 182 190 192 187 178 172 175 179 187 190 200 Lubricating oil 152 152 151 145 146 150 139 149 152 153 173 177 Kerosene 177 182 204 212 199 192 174 186 166 173 187 196 Coke ... 49 102 158 154 124 146 174 175 177 176 176 178 183 By-product coke 50 104 161 156 127 145 170 171 170 170 167 170 175 Beehive coke .. 7 23 58 76 21 181 320 328 428 368 470 '443 460 Chemical Products... 245 247 249 249 250 250 253 255 258 '259 '264 272 P280 Paints 143 141 141 141 146 147 149 151 158 159 '166 166 P164 Rayon . . . 294 316 335 349 355 352 349 350 350 359 »"363 376 P371 Industrial chemicals 414 417 422 419 424 428 434 443 451 ••453 '454 463 P478 Rubber Products 192 187 193 194 195 197 203 213 221 '222 '238 248 P255 Minerals—Total. 112 141 128 125 113 139 138 141 133 149 163 168 P169 Fuels 120 152 136 133 118 148 147 148 155 148 162 167 P!70 Coal 49 130 95 91 43 141 131 124 128 101 133 133 144 Bituminous coal 31 133 103 96 38 149 143 131 136 109 142 144 151 Anthracite 118 117 63 69 65 108 83 97 96 68 97 92 116 Crude petroleum 156 163 157 154 155 152 155 160 168 171 177 184 P183 Metals 63 76 81 80 81 83 87 140 155 158 '170 P174 vl65 Metals other than gold and silver 64 87 98 98 100 101 105 197 224 227 244 P228 Iron ore . 18 54 72 71 64 63 79 273 325 343 368 365 P331 (Copper; Lead; Zinc)2 . ... Gold 61 62 57 54 52 55 55 57 '6\ 65 75 Silver 57 64 64 61 65 74 82 75 74 72 83 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. 1665 DECEMBER 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. In thousands of persons] 1949 1950 Industry group or industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total .... 11,164 11,167 11,413 11,506 11,484 11,574 11,731 12,048 12,200 '12,358 '12,689 12,788 12,862 Durable floods 5,610 5,674 5,910 5,994 5,966 6,042 6,200 6,493 6,624 '6,713 '6,930 7,007 7,085 Primary metal industries 556 739 946 958 973 977 1,007 1,036 1,055 '1 ,070 '1,090 1,103 1,114 Fabricated metal products 674 663 678 686 691 70? 718 749 777 '793 '827 838 845 Machinery except electrical 927 913 924 937 955 971 998 1,017 1,028 1 ,042 '1,070 1,060 1,097 Electrical machinery. 543 538 548 555 567 574 595 612 618 '639 '672 681 693 Transportation eQuipment 986 898 896 078 87? 879 899 1,045 1,078 n,070 '1,112 1,143 1 144 Lumber and wood products 679 685 685 655 669 687 703 723 734 '750 '759 766 764 Furniture and fixtures 778 776 783 ?85 ?91 798 305 311 312 '316 '324 3?4 3?1 Stone, clay, and glass products.. 409 409 408 407 410 410 419 432 441 447 457 459 467 Instruments and related products 173 173 171 171 170 170 173 176 180 '184 '192 701 709 Miscellaneous manufacturing industries . .... 367 363 354 345 351 356 365 373 38? '383 '407 411 409 Ordnance and accessories 18 17 17 17 17 18 19 19 19 20 71 7? 5,554 5,493 5,503 5,512 5,518 5,532 5,531 5,555 5,576 '5,645 '5,759 5,781 5,777 Textile-mill products 1,168 1 17? 1,169 1,165 1 166 1,171 1,172 1 168 1,174 1 106 1,245 1 ?60 1 ?64 Apparel and other finished textiles 1,046 1,018 1,0?5 1,03? 1 034 1 077 1,018 107? 1,027 044 '1,070 1 06? 1,054 L Fo e o at d h e a r n d a n k d i n l d e r a e th d e p r r p o r d o u d c u ts cts. .. 1,1 3 7 4 7 6 1,1 3 5 3 8 4 1,1 3 5 4 5 5 1,1 3 6 4 0 8 1,1 3 5 5 7 0 1,1 3 6 4 7 8 1,1 3 6 4 6 4 1,1 3 7 4 2 9 1,1 3 7 5 1 0 n,1 3 7 5 6 6 '1,1 3 7 6 9 3 1,1 3 7 6 1 4 1,1 3 6 6 8 4 Tobacco manufactures 84 83 85 85 87 81 82 8? 79 80 79 81 79 Paper and allied products 390 389 386 383 384 387 391 394 401 r404 413 470 416 Printing, publishing and allied industries 495 49 5 404 403 495 498 499 501 500 '504 509 509 507 Chemicals and allied products. . 478 475 475 475 478 480 490 492 497 499 501 503 516 Products of petroleum and coal. 185 187 186 186 185 185 178 178 180 180 '189 186 191 Rubber products 185 182 183 185 187 188 191 197 202 206 211 216 218 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total . . 11,368 11,289 11,504 11,449 11,460 11,549 11,597 11,841 12,066 '12,151 '12,794 13,021 13,075 Durable goods 5,651 5,719 5,961 6,000 5,982 6,070 6,195 6,456 6,596 6,597 '6,891 7,024 7,135 Primary Metal Industries 9^ 961 078 98?, 1,007 10?,6 7,fl?0 *f 0*4 '1,081 r,103 f,120 Blast furnaces, steel works and rolling mills m 375 507 S11 51? 507 523 5?0 538 rS43 '550 551 Nonferrous smelting and refining primary 39 38 41 43 45 45 45 46 46 45 46 46 Nonferrous rolling, drawing and alloying 70 63 73 74 75 77 77 79 80 '80 '84 86 Fabricated Metal Products .. 677 666 688 693 6Q8 709 722 74?, 769 r773 r815 838 849 Cutlery, hand tools and hardware 116 116 119 1?1 174 178 129 ni n^ 129 132 138 Heating apparatus and plumbers' supplies 116 113 111 108 11? 114 118 110 17? 120 132 138 Fabricated structural metal products 1?9 134 14? 141 141 143 146 140 154 158 165 166 Machinery except Electrical... 922 908 929 937 960 981 1,003 1,022 1,033 'I ,032 '1,059 i ,055 1,092 Agricultural machinery and tractors 128 125 131 133 137 140 142 142 141 141 r140 107 Metalworking machinery... 148 146 146 147 149 152 155 158 163 '16? 170 181 Special-industry machinery 110 117 117 117 118 119 121 123 125 124 '128 133 Service-industry and household machines 108 109 119 174 133 138 143 140 148 146 145 145 Electrical Machinery 548 546 559 561 573 580 595 606 615 r620 r655 678 700 Electrical apparatus (gen- 703 70? 708 708 711 713 217 77? 77? 227 '237 239 Communication equipment. 193 200 201 203 207 212 217 220 227 '??8 '248 ?58 Transportation Equipment 986 898 896 978 872 879 899 1,045 1,078 rl ,070 '1,112 i,143 1,144 Motor vehicles and equipment 666 58?, 585 675 567 576 595 736 765 '757 rTl4: 791 Aircraft and parts 188 184 184 184 184 184 185 185 187 188 '200 215 Ship and boat building and repairing. 69 71 69 66 68 67 67 67 6P> 68 '79 76 Lumber and Wood Products 689 692 682 642 652 677 692 723 741 •750 r778 781 775 Sawmills and planing mills.. 414 413 404 381 386 399 410 430 437 r444 '461 462 Millwork, plywood, etc 98 101 102 102 101 102 104 106 109 100 '114 114 Furniture and Fixtures ?,84 ?,81 789 789 ?Q7 10 f 303 ?0? 303 r303 r319 326 327 Household furniture 206 207 211 212 218 27,1 222 771 77? 222 234 239 Stone, Clay, and Glass Products.. 411 411 412 403 408 410 419 432 441 440 459 461 469 Glass and glass products... 108 108 107 106 108 109 113 116 118 114 122 118 Structural clay products.... 71 70 71 69 68 69 69 73 76 77 '79 70 Instruments and Related Products. 174 174 173 172 171 172 174 176 180 H78 rl90 201 210 Miscellaneous Manufacturing In- 383 381 361 345 356 361 363 362 367 *358 '399 417 427 Ordnance and Accessories 18 17 17 17 17 18 18 19 19 20 21 22 ' 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 October 1950 are preliminary. Back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Seasonallyladjusted data beginning January 1939, for groups and the total, may be obtained from the Division of Research and Statistics. 1666 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. In thousands of persons] 1949 1950 Industry group or industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nondurable goods 5,717 5,570 5,543 5,449 5,478 5,479 5,402 5,385 5,470 '5,554••5,903 5,997 5,940 Textile-mill Products 1,168 1,184 1,187 1,177 1,183 1,183 1,172 1,162 1,174 1,160 1,226 1,256 1,264 Yarn and thread mills 144 147 149 149 149 149 145 143 146 147 155 159 Broad-woven fabric mills 565 572 574 568 571 574 573 573 580 571 595 607 Knitting mills 227 230 227 223 223 221 218 213 212 209 227 234 Apparel and Other Finished Textiles 1,083 1,028 1,040 1,032 1,065 1,058 1,003 976 976 r981 r1,086 1,094 1,091 Men's and boys' suits, coats and overcoats 129 118 127 130 135 136 132 129 135 127 138 138 Men's and boys' furnishings 252 251 247 241 244 245 241 239 238 '232 '252 255 Women's and misses' outerwear 308 280 296 302 315 305 272 254 248 '266 -305 304 Leather and Leather Products 349 332 343 348 357 357 341 335 343 351 370 371 368 Footwear (except rubber) 224 208 224 231 235 235 222 218 224 230 237 236 Food and Kindred Products. 1,273 1,185 1,139 1,078 1,055 1,060 1,065 1,090 1,141'1,231 r1,331 1,351 1,264 Meat products 236 242 251 244 232 228 223 227 232 '235 236 236 Dairy products 104 99 96 95 97 99 103 108 114 116 114 107 Canning and preserving , 232 160 136 117 110 109 120 127 151 '223 301 324 Bakery products 199 195 190 186 188 190 191 193 191 194 192 194 Beverage industries 149 146 141 135 134 139 141 146 157 164 169 159 Tobacco Manufactures 92 89 87 85 81 78 76 76 75 75 82 87 86 Paper and Allied Products 392 393 390 385 386 389 391 392 399 396 411 418 418 Pulp, paper and paperboard mills 200 201 200 199 200 200 201 202 205 204 208 210 Printing, Publishing and Allied Industries.. . . 500 500 501 493 495 496 497 498 500 '499 504 509 512 Newspapers 144 145 145 142 145 146 148 149 150 150 149 151 Commercial printing 166 165 168 167 165 165 165 164 166 164 165 166 Chemicals and Allied Products 488 485 484 480 485 487 490 485 482 479 491 506 526 Industrial inorganic chemicals 52 51 51 50 52 52 53 53 54 51 49 50 Industrial organic chemicals 141 143 144 144 144 145 146 148 150 152 154 157 Drugs and medicines 62 62 62 62 59 58 61 61 62 63 64 65 Products of Petroleum and Coal 185 188 185 184 183 182 176 177 181 182 189 191 Petroleum refining 148 148 146 145 144 143 136 136 138 139 147 145 Rubber^ Products 187 186 187 187 188 189 191 194 200 209 216 220 Tires and inner tubes 81 81 82 83 83 83 84 86 90 93 For footnotes see preceding page. HOURS AND EARNINGS OF FACTORY EMPLOYEES [Compiled by Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1949 1950 1949 1950 1949 1950 Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Manufacturing—Total 55.26 '60.28 60.68 61.98 39.7 41.2 41.0 41.4 1.392 1.463 1.480 1.497 Durable goods 58.17 ••64.25 65.09 66.34 39.9 41.8 41.7 42.2 1.458 1.537 1.561 1.572 Primary metal industries 58.35 67.73 69.43 70.47 37.5 41.3 41.5 42.2 1.556 1.640 1.673 1.670 Fabricated metal products 58.51 '64.78 65.83 66.38 40, 42.2 42.2 42.2 .459 1.535 1.560 1.573 Machinery except electrical 60.21 '67.85 69.15 70.53 39. '42.3 42.5 42.8 .536 1.604 1.627 1.648 Electrical machinery. 57.97 '60.21 61.54 63.81 40. 41.1 41.5 42.2 .435 .465 1.483 1.512 Transportation equipment 64.75 '72.70 72.41 74.05 39 '41.9 41.0 41.6 .656 .735 1.766 1.780 Lumber and wood products 54.17 '58.49 57.85 58.52 41 -•42.2 41.5 42.5 .299 .386 1.394 1.377 Furniture and fixtures 51.42 '54.87 55.25 56.80 41 42.8 42.4 43.0 .233 .282 1.303 1.321 Stone, clay, and glass products 55.51 '59.36 60.90 62.03 40 '41.6 41.6 42.0 .374 .427 1.464 1.477 Instruments and related products 56.08 '60.17 62.96 63.64 39.8 '41.1 42.0 42.2 .409 .464 1.499 1.508 Miscellaneous manufacturing industries 51.44 '54.66 55.78 56.53 40.7 41.6 42.0 42.0 .264 .314 1.328 1.346 Ordnance and accessories 59.97 '65.02 67.18 69.00 40.3 '42.0 42.9 43.7 .488 .548 1.566 1.579 Nondurable goods. 52.47 '55.69 55.52 56.50 39.6 40.5 40.2 40.3 .325 .375 1.381 1.402 Textile-mill products 47.04 49.53 50.02 52.50 39.4 40.6 40.7 40.7 .194 .220 1.229 1.290 Apparel and other finished products... 42.63 '46.14 43.25 46.04 36.5 37.7 35.8 37.4 .168 .224 1.208 1.231 Leather and leather products 41.72 '46.49 45.68 45.50 36.5 39.2 38.1 37.7 .143 .186 1.199 1.207 Food and kindred products 53.83 '56.31 56.35 56.06 41.7 '41.9 41.8 41.4 .291 .344 1.348 1.354 Tobacco manufactures 37.86 '43.49 42.30 41.54 38.2 '39.5 39.2 38.5 .991 .101 1.079 1.079 Paper and allied products. 58.36 '62.89 63.37 63.55 43.1 44.1 44.1 44.1 .354 .426 1.437 1.441 Printing, publishing and allied products 71.22 '73.13 74.48 74.18 38.6 38.9 39.2 38.9 .854 .880 1.900 1.907 Chemicals and allied products 59.51 '63.25 64.12 64.12 41.7 '41.5 41.8 41.8 .427 .524 1.534 1.534 Products of petroleum and coal 74.09 '74.17 77.14 77.17 41.0 40.8 41.9 41.6 .807 .818 1.841 1.855 Rubber products 59.57 '66.89 67.13 67.90 39.4 r42.2 42.3 42.6 1.512 1.585 1.587 1.594 r Revised. NOTE.—Data are for production and related workers, Figures for October 1950 are preliminary. Back data are available from the Bureau of Labor Statistics. 1667 DECEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT IN NONAGRIGULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics; adjusted, Board of Governors. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o s n tr tr u a c c t t ion ti p o u n b a li n c d Trade Finance Service Sta l t o e c , al and utilities government 1941 .... 36,164 12,974 947 1,790 3,248 7,416 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—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 M!ay 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 r44,259 14,977 »-915 ••2,366 '4,021 »-9,556 rL,804 '4,769 5,851 August r44,888 15,325 ••946 ••2,427 ••4,071 '9,636 r1,819 '4,781 '5,883 September 45,194 15,448 946 2,439 4,116 9,657 1,835 4,770 5,983 October 45,278 15,534 942 2,471 4,118 9,623 .839 4,732 6,019 UNADJUSTED 1949—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—Tanuary 42,125 13,980 861 1,919 3,869 9,246 1 .772 4,701 5,777 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 M!ay .. 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 ••44,096 14,777 '922 '2,532 '4,062 '9,390 1,831 '4,841 5,741 August '45,053 15,442 »-954 ••2,621 '4,118 '9,459 1,837 '4,829 '5,793 September. . . 45,680 15,687 951 2,610 4,136 9,648 1,826 4,818 6,004 October 45,769 15,757 944 2,595 4,112 9,745 1,821 4,756 6,039 ' 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. October 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 FORGE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. "Thousands of persons 14 years of age and over] Civilian labor force Year or month in T s o t t i a tu l 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—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 ? 500 44 718 September 111,030 65,020 63,567 61,226 53,415 7,811 2,341 46,010 October 111,141 65,438 63,704 61,764 53,273 8,491 1,940 45,704 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. 1668 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Residential Public works Total building and public Month Factories Commercial Educational Other utilities 1949 1950 1949 195C\ 1949 195C) 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 s 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 61,300 251.8 574 7 66.2 161 S 88 4 88.6 60 4 96 3 112 4 154 7, 168 4 224.9 April 845 91 350 5 307.2 674 8 43.8 119 ? 92 0 106.8 68.4 97.0 112.2 125.6 222 4 227.0 May 885 41,347.6 351.3 674 6 51.5 83 7 68 s 96.4 76.0 100 2 124 6 128 213 5 264 June 949 Q 1 34.S 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 81 470 344.8 675 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 Q 398.7 754 1 41.1 128 8 64 4 137.Q 72.9 113 1 99 6 162 9 234 3 253. September 1,071 71,286 503.5 549 6 38.0 90 8 103 9 137. 78.6 119.4 124.5 151.4 223.1 238. 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 FV W. Dodge Corporation. Value of contracts in millions pf 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 Oct. Sept. Oct. 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 63,842 64,450 68,946 June 935 9501,345 338 375 428 597 574 917 New York 210,415 191,949 200,782 July 963 9481,420 335 410 460 628 537 960 Philadelphia 64,855 72,716 54,458 August 854 9111,549 276 316 438 579 5951,111 Cleveland 121,840 141,878 119,526 September. 762 1,072 1,287 259 289 364 503 783 922 Richmond 105,523 147,266 96,221 October 779 1,062 1,136 262 332 308 517 730 828 Atlanta 109,635 139,206 135,805 November. 611 958 199 316 413 642 Chicago 192,582 208,821 170,992 December., 694 929 278 299 416 630 St. Louis 76,506 88,438 57,092 Minneapolis 33,577 59,658 53,364 Year 9,43010,359 3,107 3,718 6,3236,641 Kansas City 58,001 57,075 38,820 Dallas 99,039 115,084 65,745 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION Total (11 districts). . . 1,135,815 1,286,541 1,061,751 [In millions of dollars] Title I loans Mortgages on Year or month Total m p P e r i e r o m r o n t v y p - t e - x - s S h c t t m o r i o o u m n a n c - l e - l 1 h f ( a - o T m I u t i D o s t i l l e e y 4 s - h R g ( o T a e r I u o n n i D s t u d t i l a p n e l g W h e ( o V a T r u a r e i s n t a t i l - 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 F l S l a r I s N ( ] T S I T T I L T E U T II I ) O N HELD IN 1941 1,172 249 21 877 13 13 Com- M tua u l - S in a g v s - Insur- Fed- 1 1 1 9 9 9 4 4 4 2 3 4 . . 1,1 9 8 3 3 7 7 5 5 1 1 8 4 1 7 1 4 15 1 6 2 2 9 4 1 1 5 6 (S) 6 7 2 6 5 8 0 3 4 3 7 End of month Total b m c a i n e a r k l - s b s i a n a n g v k s - s a l s a o s n a o d n ci- p c a a o n n m c i e e - s a c e g i r e e a n s l 1 - Other2 1945 666 171 219 4 272 ations 1 1 9 9 4 4 7 6 1,7 7 8 5 7 5 3 5 2 3 1 4 8, 3 4 4 4 7 6 3 8 8 0 5 8 1948 3,338 614 880 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— N D O e o ct c v o e e b m m er b b e e r r . .. . 4 4 3 3 3 7 8 2 1 3 3 6 5 7 5 8 1 2 1 1 2 1 1 0 8 8 6 8 9 1 6 9 2 7 0 8 1 1 1 1 9 9 9 9 3 4 4 3 9 0 1 8 — — — — D D D D e e e c c c ec...... 3 2 1 1 , , , , 1 7 1 4 9 9 0 0 3 9 7 9 1 1 , , 1 4 9 6 6 6 0 3 2 5 2 4 1 1 3 8 3 7 8 6 0 1 2 2 1 1 2 5 9 4 4 4 2 9 3 5 2 7 4 4 1 8 2 2 2 9 2 2 1 3 0 5 7 4 1 3 7 1 1 1 9 7 5 3 0 9 0 3 1950—January 4337 57 1 228 51 1942—Dec 3,620 1,669 236 276 1,032 245 163 February . 4329 44 1 203 73 1943—Dec 3,626 1,705 256 292 1,134 79 159 March 4 353 44 1 209 (3) 88 1944—Dec 3,399 1,590 260 269 1,072 68 140 April 4 329 27 171 122 May *351 48 176 1 110 1945—June..... 3,324 1,570 265 264 1,047 43 134 June 4 376 78 181 1 113 Dec 3,156 1,506 263 253 1,000 13 122 July . 4 369 61 183 8 111 August 4 414 69 217 122 1946—June 3,102 1,488 260 247 974 11 122 September.. 4 373 55 216 88 Dec 2,946 1,429 252 233 917 9 106 October 4 379 82 241 3 43 1947—June 2,860 1,386 245 229 889 8 102 1 Net proceeds to borrowers. 2 Mortgages insured under War Dec 2,871 1,379 244 232 899 7 110 Housing Title VI through April 1946; figures thereafter represent mainly mortgages insured under the Veterans' Housing Title VI 1948—June 2,988 1,402 251 245 973 7 110 (approved May 22, 1946) but include a few refinanced mortgages Dec 3,237 1,429 265 269 1,113 9 152 originally written under the War Housing Title VI. Beginning with December 1947, figures include mortgages insured in connection with 1949—June 3,894 1,587 305 323 1,431 21 227 sale of Government owned war housing, and beginning with February Dec 4,751 1,771 378 416 1,828 52 305 1948 include insured loans to finance the manufacture of housing. s Less than $500,000. 4 Includes mortgages insured on new rental housing at or near mili- 1The RFC Mortgage Company, the Federal National Mortgage tary installations under Title VIII, enacted Aug. 8, 1949. Association, the Federal Deposit Insurance Corporation, and the and N O do T E n . o — t F ta ig k u e r a es c c r o e u p n re t s o e f n t p r g i r n o c s i s p a in l s r u e r p a a n y c m e e w n r t i s t t o e n n p d r u e r v i i n o g u s t l h y e in p s e u ri r o e d d Un 2 i I te n d c lu S d ta e t s e s m H or o tg u a si g n e g c C om or p p a o n r i a e t s i , o n fi . nance 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. DECEMBER 1950 1669 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 1,092 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 1,139 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 P169 June 878 1,235 1,014 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 P7O7 395 705 456 444 P67 August 883 1,145 992 884 P763 422 400 606 491 P820 461 745 386 393 P— 57 September.... 643 1,112 926 910 P911 377 473 560 530 P857 266 639 365 379 P53 October 537 1,235 1,023 853 P904 394 492 600 557 P921 142 743 423 296 P — 17 November..... 986 1,141 823 P841 478 455 554 *>593 508 687 269 P248 December 1 097 1,114 1,318 P944 529 603 720 P605 567 511 598 J>339 Jan.-Oct 7,657 12,175 10,512 10,257 P8.239 3,901 4,676 5,850 5,425 P7,120 3,756 7,499 4,663 4,833 Pl.119 P Preliminary. 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. 3 Includes 47.0 million dollars of Mutual Defense Assistance Program shipments which were excluded from the export statistics for April, May, and June. Source.—Department of Commerce. Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431; and January 1931, p, 18. FREIGHT CARLQADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers, 1935-39 average = 100] RAILROADS [In millions of dollars] For- Mis- Mer- Total Coal Coke Grain s L t i o v c e k - p u e r c s o t t d s - Ore l c o a e u n l s - e- c I d h .C i a s . n e I. - r o r e p a T v i e e l o r w n t a a u t a l i e y n s g e r x a T p il o e w t n a a s l e y s o r i p a n N e i c l r o w e a m t t a i y e ng i # n c N o e m t e Annual 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 Annual 1941 130 123 168 112 91 139 183 136 100 1939...... 3,995 3,406 589 93 1942 138 135 181 120 104 155 206 146 69 1940 4,297 3,614 682 189 1 19 9 4 4 4 3.... 1 1 3 4 7 0 1 14 3 3 8 1 1 8 8 6 5 1 13 4 9 6 1 1 1 2 7 4 1 1 4 4 1 3 1 1 9 8 2 0 1 14 4 7 5 6 6 3 7 1 19 9 4 4 2 1 . 5 7 , , 3 46 4 6 7 4 5, , 9 3 8 48 2 1,4 9 8 9 5 8 9 5 0 0 2 0 1945. 135 134 172 151 125 129 169 142 69 1943 9,055 7,695 1,360 873 1946 . 132 130 146 138 129 143 136 139 78 1944 9,437 8,331 1,106 667 1947... 143 147 182 150 107 153 181 148 75 1945 8,902 8,047 852 450 1948 138 141 184 136 88 149 184 146 68 1946 7,628 7,009 620 287 1949........ 116 100 145 142 77 123 151 127 57 1947 8,685 7,904 781 479 SEASONALLY 1948 9,672 8,670 1,002 699 ADJUSTED 1949.... .. *8,580 P7.893 P687 P438 1949—September.. . 105 60 430 125 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—September. 685 633 52 19 1950—January 117 97 151 119 70 118 169 133 52 N O o c v to e b m e b r e .. r . . 6 7 2 0 3 8 6 5 3 9 6 2 3 7 1 2 3 0 9 February.... 104 46 122 113 65 119 156 130 52 December. 712 632 81 49 March 127 139 143 126 67 123 134 134 53 April 126 123 181 131 68 129 121 137 53 1950—January... 689 629 60 29 J J M u u a n l y y e . ....... 1 1 1 2 2 2 2 7 6 1 1 1 1 0 1 6 5 9 1 1 1 9 9 8 2 5 1 1 1 1 3 2 3 0 7 5 6 6 6 6 1 1 1 1 1 4 3 4 4 4 8 1 1 1 2 8 7 1 6 9 1 1 1 3 3 4 8 3 0 5 5 5 2 1 1 F M A e p a b r r i r l c u h ar . y .. . . . 6 7 7 3 2 3 8 3 0 6 6 6 5 0 6 5 6 7 3 6 6 2 7 3 3 3 6 2 1 September... 1 1 3 3 5 4 1 1 2 3 6 5 2 1 0 9 1 4 1 12 3 8 9 6 7 0 2 1 1 5 4 5 8 1 1 9 9 0 8 1 14 4 2 7 5 5 6 5 J M u a n y e. . . . ' . . . . . . . .. 7 7 1 9 5 1 6 6 6 9 1 1 1 5 0 4 0 2 7 0 0 October..... 136 135 206 159 75 146 184 145 54 July 772 686 86 54 UNADJUSTED August 833 744 88 55 1949—September... 114 60 128 140 104 130 218 135 55 September. 858 749 109 P75 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—September., 695 ••632 '63 38 1950—January..... 107 97 158 119 68 106 42 122 49 O N c o t v o e b m er ber., 6 7 4 0 9 5 6 6 0 2 2 9 4 7 7 6 2 5 4 4 February 96 46 130 111 52 115 39 122 51 December., 711 642 69 82 March 120 139 144 116 53 123 39 127 54 J J A A M S u u e p u a l n p r y g y e i t u l e s m t ber... 1 1 1 1 1 1 3 2 4 4 3 2 1 2 5 0 0 5 1 1 1 1 1 1 1 2 0 3 1 2 6 6 5 5 9 3 1 1 1 1 1 1 8 8 9 7 7 9 8 6 8 7 9 0 1 1 1 1 1 1 3 1 6 1 5 4 3 2 2 5 0 3 6 9 5 5 4 5 1 5 9 1 8 7 1 1 1 1 1 1 2 5 4 6 6 3 9 0 9 3 0 9 2 2 2 2 2 7 1 8 9 9 6 7 7 5 8 8 3 1 1 1 1 1 1 4 5 4 4 3 3 2 4 1 9 5 5 5 5 5 5 5 5 6 7 4 1 2 1 1950— J A F M M J u a e p a a n n b r y r e u i r c l . a u h r a y ry.. 6 5 7 7 7 7 8 5 4 4 1 7 5 7 5 3 4 9 6 6 5 6 6 6 5 6 7 2 7 8 2 8 8 4 0 9 3 6 6 9 7 1 3 2 7 0 6 5 - 4 3 4 1 7 9 9 8 5 1 2 October. .... 147 135 201 159 116 154 262 158 56 July , 772 688 84 59 August 890 768 122 96 NOTE.—For description and back data, see BULLETIN for June 1941, pp. September. 872 749 123 P99 529-533. Based on daily average loadings. Basic data compiled by Associac ti l o a n ss e o s f w A i m th e r w ic e a i n g h R ts a i d lr e o ri a v d e s d . fr T o o m t al r e i v n e d n e u x e co d m at p a i le o d f t b h y e c I o n m te b r i s n t i a n t g e i C nd o e m x m es e r fo ce r P Preliminary. r Revised Commission. NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic data compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. 1670 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 Res<;rve district Year or month U S n t i a t t e e d s Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t n - ta c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - SALESi 1045 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—October 211 '•227 '261 259 295 376 258 309 278 301 387 337 November 277 234 227 267 266 305 367 262 300 267 299 371 319 December .... 293 239 237 276 283 311 382 281 330 293 322 403 339 1950—January 282 244 229 267 290 300 376 274 282 246 300 396 316 February 280 229 220 276 271 299 383 262 300 284 301 409 323 March 274 216 217 262 270 288 374 265 297 249 298 389 321 April 292 244 235 281 299 323 397 269 319 277 307 401 333 M!ay 290 231 226 270 299 r321 390 277 330 268 309 403 336 Tune 298 240 242 285 299 r333 392 278 326 283 322 410 342 July 362 268 274 331 364 494 330 418 342 414 537 454 August 335 268 277 319 334 r360 415 335 370 321 355 449 374 September. . 320 255 262 310 333 r332 409 305 360 289 346 420 r368 October P292 216 238 279 299 ^312 370 282 305 P292 375 343 UNADJUSTED 1*949—October 293 234 ^247 279 274 314 395 271 331 314 325 414 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 t-950—January 216 185 183 197 215 218 285 205 232 188 228 313 251 February... 224 177 183 207 217 234 322 204 252 210 244 327 273 257 207 208 255 256 283 359 241 285 228 277 362 291 April. . ... 285 241 225 276 290 313 389 269 316 278 304 393 321 May . 286 228 221 275 296 378 280 323 273 306 391 319 June 281 230 230 271 281 '307 345 278 293 272 296 353 321 July 283 185 192 239 284 285 386 271 326 276 340 429 387 281 198 202 239 290 373 278 318 287 326 399 352 September . 331 263 267 313 337 r3S6 426 320 363 321 363 454 374 October P309 239 259 299 317 333 388 296 326 P328 P328 405 344 STOCKS» 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 38% 346 1949 270 210 221 233 256 301 339 260 296 299 276 36/ 323 SEASONALLY ADJUSTED 1949—October . . . . 206 ••218 231 252 305 347 265 298 298 '2:9 366 325 November 273 219 221 231 258 295 352 261 308 305 284 365 329 December 271 228 227 232 262 295 352 253 309 292 276 351 321 $.950—Januarv 272 223 227 234 256 291 357 264 288 304 283 353 322 February 279 222 224 234 269 307 350 262 321 308 283 364 343 March 285 233 231 239 276 324 359 264 326 307 294 362 355 April. 286 231 230 249 283 329 360 265 329 316 296 375 341 May 285 228 228 244 280 331 370 265 313 322 295 380 338 276 215 222 244 265 338 359 258 299 304 288 375 324 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 „ 309 227 243 275 296 345 438 288 325 323 306 389 October. .. 328 245 258 283 2313 363 456 313 365 353 456 403 UNADJUSTED ^949—October ^298 232 r246 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 4950—January.... 244 198 200 204 224 267 321 238 248 279 257 328 294 Februarv... 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 April .. . 294 227 237 259 287 344 378 273 329 321 305 393 347 289 226 231 249 283 337 366 268 313 323 301 380 350 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 322 245 256 286 324 362 451 297 361 328 312 '•444 389 October 361 277 291 325 355 403 497 341 409 372 P353 479 430 P Preliminary. r Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. DECEMBER 1950 1671 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Percentage change Ratio of Index numbers froiri a yearago stocks to without seasonal adjustment (value) sales1 1941 average monthly sales =100 2 Num- Department r b s e e t p o r o r r o e t f s - Sale p s er d i u o r d ing m S ( t o e o n n c d t k h o s ) f September Sale p s er d io ur d ing Sto o c f k s m o a n t t h end ing Q oeopnf t. m N o i n n t e hs Q o ept i . 1950 1949 1950 1949 1950 1949 1950 1950 1950 Sept. Aug. Sept. Sept. Aug. Sept. GRAND TOTAL—entire store 3. 352 +9 +3 +19 3.0 2.7 MAIN STORE—total , 352 +10 +4 +19 3.1 2.9 230 204 209 714 625 603 Piece goods and household textiles 313 +9 +1 +15 3.3 3.1 212 231 194 691 605 602 Piece goods 289 -9 -18 +9 3.7 3.1 211 173 232 789 759 725 Silks, velvets, and synthetics 191 -9 -22 +9 3.9 3.2 186 165 204 716 751 655 Woolen yard goods 171 -13 -17 +6 2.8 2.3 389 304 448 1,096 1,255 1,049 Cotton yard goods 184 -2 -12 +20 4.8 3.9 144 160 147 688 634 565 Household textiles 306 +22 +14 +20 3.0 3.0 217 266 178 647 523 542 Linens and towels 278 +14 +10 +22 4.1 3.9 171 204 150 700 562 579 Domestics—muslins, sheetings 251 +43 +21 +9 2.0 2.6 254 375 177 500 368 459 Blankets, comforters, and spreads 239 +11 +8 +27 2.9 2.5 238 204 214 693 562 553 Small wares 342 +2 -1 +17 4.0 3.4 175 151 171 692 607 594 Laces, trimmings, embroideries, and ribbons.. 208 +6 -1 +13 4.0 3.8 190 151 179 755 646 676 Notions 243 +3 2 +18 3.5 3.1 236 185 229 835 742 719 Toilet articles, drug sundries 327 +5 +4 +14 3.6 3.3 144 135 137 520 477 458 Silverware and jewelry 316 +5 -4 +20 4.8 4.2 189 162 179 900 768 755 Silverware and clocks 4 213 +7 i +20 5.4 4.9 Costume jewelry 4 278 -1 —5 +13 3.2 2.8 Fine jewelry and watches 4 75 +17 —6 +20 8.3 8 1 Art needlework 239 -1 -5 +23 4.5 3.7 166 149 167 751 655 620 Books and stationery 271 -6 -1 + 15 3.8 3.1 178 145 190 673 571 591 Books and magazines 136 -8 —5 +4 3.3 2.9 146 120 159 482 406 463 Stationery 237 -5 +1 +19 3.9 3.1 190 144 201 751 613 636 Women's and misses' apparel and accessories 349 +4 -2 +18 2.4 2.2 238 193 230 590 513 505 Women's and misses' ready-to-wear accessories 349 +5 +2 +23 3.0 2.6 225 176 215 683 584 557 Neckwear and scarfs 309 +7 +4 +28 2.1 1.8 288 175 268 602 478 475 Handkerchiefs 284 -4 +14 5.1 4.3 115 112 119 589 475 520 Millinery 167 + 1 0 +2 0.7 0.7 309 158 305 219 199 219 Women's and children's gloves 324 +5 0 +12 4.6 4.3 148 74 141 686 574 615 Corsets and brassieres 334 +8 +2 +21 3.1 2.8 259 237 240 813 729 678 Women's and children's hosiery 340 0 +11 +65 3.1 1.9 147 140 146 460 342 281 Underwear, slips, and negligees 340 +4 -5 +27 4.0 3.2 180 179 173 714 554 562 Knit underwear 259 +10 +3 +30 3.4 2.9 241 238 219 820 626 635 Silk and muslin underwear, and slips 288 0 -8 +25 4.4 3.6 157 156 157 698 541 562 Negligees, robes, and lounging apparel 249 +4 -8 +28 3.7 3.0 157 139 151 579 393 455 Infants' wear 324 +6 +1 +22 2.7 2.3 333 254 316 890 796 735 Handbags and small leather goods 332 +4 0 + 12 2.1 2.0 211 141 203 452 395 403 Women's and children's shoes 240 +8 +4 +17 3.8 3.5 270 200 250 1,032 968 885 Children's shoes 4 203 +1 0 +22 3.4 2.8 Women's shoes 4 215 +10 +5 +16 3 9 3.7 Women's and misses' ready-to-wear apparel.. 349 +3 -6 +10 1.9 1.8 251 212 245 488 436 448 Women's and misses' coats and suits 338 0 -6 +1 1.9 1.9 286 213 286 556 466 552 Coats 4 210 -1 — 10 —2 2.1 2.1 Suits 4 202 +1 0 +10 1.6 1.4 Juniors' and girls' wear 313 + 1 ij +8 1.8 1.7 318 279 316 582 511 537 Juniors' coats, suits, and dresses 288 -2 — 10 +4 1.6 1.4 307 258 312 485 423 465 Girls' wear 309 +3 -2 +12 2.1 1.9 354 308 342 739 617 661 Women's and misses' dresses 340 +4 -8 +6 1.5 1.4 212 164 204 322 275 308 Inexpensive dresses4 257 -i — 11 +3 1.2 1.2 Better dresses 4 267 +8 —4 +9 1.7 1.7 Blouses, skirts, and sportswear 340 +4 -3 +25 1.7 l!4 328 257 316 574 564 471 Aprons, housedresses, and uniforms 286 +1 -10 +15 2.4 2.1 142 152 141 334 313 291 Furs. 270 +11 +5 +9 4.2 4.2 144 207 130 602 557 550 Men's and boys' wear 330 +10 +2 +16 4.4 4.2 192 149 175 861 739 746 Men's clothing 256 +19 +5 +8 4.5 5.0 203 138 171 920 836 861 Men's furnishings and hats 314 +6 0 +24 4.9 4.2 158 136 148 765 630 621 Boys' wear 300 +3 +1 + 17 3.6 3.2 256 200 248 925 804 795 Men's and boy's shoes and slippers 191 +12 +9 +16 5.0 4.8 198 167 178 988 901 861 Houseffurnishings 316 +27 +19 +24 3.1 3.2 289 287 228 903 814 723 Furniture and bedding 243 +23 +19 + 17 3.0 3.2 246 295 199 744 683 630 Mattresses, springs, and studio beds4 165 +24 +21 +39 1.4 1.3 Upholstered and other furniture4 174 +23 +18 + 14 3.5 3.8 Domestic floor coverings 274 +22 +12 +30 3.9 3.6 261 263 214 1,010 932 769 Rugs and carpets4 158 +25 +12 +32 3.8 3.6 Linoleum 4 99 +1 —8 +13 4.8 4 3 Draperies, curtains, and upholstery 296 +8 +4 +21 4.1 3.6 220 183 204 892 780 736 Lamps and shades 249 +3 +5 +24 3.4 2.8 222 181 216 745 656 616 China and glassware 247 +14 +9 +3 6.0 6.6 180 167 158 1,087 1,039 1,057 Major household appliances 244 +39 +35 +24 1.6 1.8 428 463 307 697 606 552 Housewares (including small appliances) 258 +12 +5 +35 3.6 3.0 310 275 278 1,121 976 836 Gift shop 4 166 + 12 +10 +14 4.8 4.7 Radios, phonographs, television, records, etc.4 227 +106 +89 +79 1.5 1.8 Radios, phonographs, television4 176 +134 +117 +122 1 3 1.4 Records, sheet music, and instruments 4 126 +11 —2 +14 4.8 4.7 Miscellaneous merchandise departments... 311 +5 +3 +24 4.2 3.6 177 171 169 752 591 607 Toys, games, sporting goods, and cameras. . . 290 +9 +4 +26 7.4 6.4 159 150 146 1,171 867 932 Toys and games 236 +8 +6 +29 8.4 7.1 128 119 119 1,077 753 857 Sporting goods and cameras 143 +11 +1 +23 5.9 5.3 173 162 155 1,017 825 811 Luggage 264 +6 +23 4.7 4.0 180 234 170 846 730 686 Candy 4 191 +2 0 + 11 1.3 1.2 For footnotes see following page. 1672 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 Percentage 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 b st e o r re o s f Sale p s e ri d o u d ring ( m S e t n o o d n c t k o h s f ) September Sale p s e r d io u d ring Sto o c f ks m o at n t e h nd reporting S 1 e 9 p 50 t. m N 1 o 9 i n 5 n t 0 e hs S 1 e 9 p 50 t. 1950 1949 Sept 1 . 950 Aug. S 1 e 9 p 4 t 9 . Sept 1 . 950 Aug. S 1 e 9 p 4 t 9 . BASEMENT STORE—total 198 +4 -3 +19 2.4 2.1 215 183 207 524 444 445 Domestics and lil&iik&ts ^ 137 +17 +9 +32 2.4 2.1 Women's and misses' ready-to-wear 192 0 rj +17 2.0 1.8 215 176 214 436 363 376 Intimate aonarel * 169 +5 -1 +30 2.9 2.3 Coats and suits ^ 1 1 7 7 9 3 - - 8 1 - -1 1 2 3 +6 ^ 1 1 . . 9 5 1 1 . . 7 5 I B n l f o a u n s t e s s ' , w sk e i a r r t s ^ , and sportswear 4 1 1 1 5 2 2 7 4 0 + + 7 4 0 - - - 5 1 1 + + + 2 2 9 2 6 2 1 1 . . . 2 8 7 1 1 1 . . . 8 8 3 Men's and boys9 wear 158 +9. 0 +17 2.9 2.7 228 184 209 668 557 571 136 +9 0 + 18 3.1 2.9 91 +12 0 + 12 3.0 3.0 117 +7 1 +22 3.2 2.8 Bovs' wear ^ 120 +7 +2 + 14 2.4 2.2 HoHsefurnishings ... 103 +5 +4 +31 3.0 2.4 202 180 192 600 504 460 Shoes 126 +6 +1 +11 3.2 3.1 182 147 171 584 530 537 NONMERCHANDISE—total 4 169 +6 +2 (5) (5) (6) 70 -1 +2 (5) (5) 09 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. 8 For movements of total department store sales and stocks see the indexes for the United States on p. 1671. 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. B 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 x Year or month m ( S o t f a o o n l t r e t a h s l ) m ( S e t o n o n d c t k h o s ) f s m ( t o e a O r o n n d u n 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 ) ts m o ( N r o t f d o o e n e t w r t a r h l s ) Jan. 1 1 8 1 5 9 . 4 . . . 9 . . . . . . . 2 2 2 7 0 4 2 4 4 Jan. 2 1 1 1 7 4 9 . 5 . . . 0 . . . . . . . . 2 2 2 3 3 0 3 0 5 July 1 1 2 9 6 9 . . . 4 . . . 9 . . . . . . . . 2 . 2 2 3 0 1 8 1 3 July 1 1 8 1 5 95 . . . 0 . . . . . . . . 2 2 2 6 6 1 3 5 8 22 .230 28 .222 23... . .207 22.... .303 1942 average... 179 599 263 182 192 29.... .218Feb. 4 .226 30... ..209 29 .295 1943 average... 204 509 530 203 223 Feb. 5 .229 11 .238 Aug. 6... . 228Aug. 5 296 1944 average... 227 535 560 226 236 12 .238 18.... .231 13... ..218 12.... .273 1945 average... 255 563 729 256 269 19.... .227 25.... .221 20... ..252 19 .281 1946 average... 318 715 909 344 327 26 .232 Mar. 4 .244 27... .,252 26 .288 1947 average... 337 826 552 338 336 Mar. 5.... .244 11.... .253 Sept. 3... ..295 Sept. 2 .310 1948 average... 352 912 465 366 345 12.... .256 18.... .264 10... . .273 9 .295 1949 average... 333 859 350 330 331 19 .261 25 .279 17... . .315 16 .368 1949—Oct 343 7954 444 433 ••383 26.... .277Apr. 1 .301 24... ..292 23.... .322 Nov 397 990 350 435 341 Apr. 2.... .301 8.... .320 Oct. 1... ..302 30 .320 Dec 583 788 296 381 327 9 .320 15 .254 8... . .297Oct. 7 .325 16.... .314 22.... .279 15... ..290 14 .322 1950—Jan 256 787 390 255 349 23.... .266 29 .285 22... ..296 21 .304 Feb 247 854 393 314 317 30 .286May 6 .301 29... i.298 28 .313 Mar 320 920 326 386 319 May 7.... .334 13 .308 Nov. 5... ..315 Nov. 4 .315 Apr 319 926 271 325 270 14 .285 20 .275 12.. ...318 11 .342 May... . 330 906 248 310 287 21 .280 27 .282 19... ..342 18 .368 June... . 317 833 369 244 365 28.... .275June 3 .261 26... ..330 25.... .319 July.... 292 789 693 248 572 June 4 .259 10 .302 Dec. 3... . .449Dec. 2.... .444 Aug 331 918 755 460 522 11 .288 17 .302 10... . .542 9 Sept 370 1,029 702 481 428 18 .285 24 .250 17... ..584 16. Oct P361 Pi,208 *>662 ^540 *>500 25. ... .247 24... . .541 23 v Preliminary. r Revised. 31... ..197 30 1 These figures are not estimates for all department stores in the nited 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. ssttaannddiinngg oorrddeerrss. Back figures.—Division of Research and Statistics. DECEMBER 1950 1673 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] 1 O 9 c 5 t 0 . S 19 e 5 p 0 t. m 1 T 9 e o 5 n s 0 . 1 O 9 c 5 t 0 . S 19 e 5 p 0 t. m 1 T 9 o e 5 s n 0 . 1 O 9 c 5 t 0 . S 19 e 5 p 0 t. m 1 T 9 e o 5 n s 0 . 1 O 9 c 5 t 0 . S 19 e 5 p 0 t. m 1 T 9 e o 5 n s 0 . United States. P+4 +11 +6 Cleveland-cont, Chicago v+8 +10 +6 Kansas City— B N P D S B o B p o e o o s r r w o s w i t t t n s o l o n a t g n o H n t n f o n i d e a A w l v d r n e e a n... + + + + + + 5 3 2 2 5 1 + + + + + 7 6 6 8 3 + + + + -1 1 3 3 3 0 R W W E P B H i i r c a a t h a i h l t e g s e t s m i h e e b i m r l i u o i n s o n n r t g g r g o d t e h o w . i . n . . n i . . 1 . . . . . + + + + + + - 1 1 1 1 2 1 2 5 8 3 + + + + + + + 1 1 2 1 2 1 5 7 1 5 0 1 0 + + + + + 3 2 8 7 4 F T P D C I D n e o e h e e d o r r i s t i r c t r r a e i a o M W n a g i a t H o x o a p i * a y n o i u n e li e s t s e i 1 l . . . . . . . . . + + + + + - 1 1 P 4 5 2 9 5 0 7 + + + + + + + 1 1 1 1 5 3 6 6 2 4 3 X + + + + I 4 3 8 3 D O S O T C a c h u m o k l o r l l r l e s n a a a p a v h s h t u . e a o s p m o C a r h t r C is i t t L y. . - + + + 1 - - 2 1 4 8 4 1 + + + + + + 1 1 1 7 7 5 2 0 5 + + + + + 1 9 7 9 6 1 W Pro o v rc id es e t n e c r e + + 8 2 + +1 1 2 3 XI A Ra sh le e i v g i h lle, N. C. - - 3 1 +1 + -2 5 F G l r i a n n t d 1 Rapids.. P + + 1 1 4 3 + +3 2 6 8 + + 1 8 7 F D o a r l t l a W s i orth +3 0 + +1 1 5 4 + + 1 1 2 1 N A N E N N P B B B e o l u l i e r i e w m b n a u i f w w f d a g g g i a n g r Y a h a h l Y a o y r e a r k o a o k p m r e x r l o k e F k t p r o a t C s n l l i l i e s t . . y . . + + V + + + + + 1 1 5 7 5 7 6 3 1 s + + + + + + + + ++ 1 1 1 2 5 7 6 88 4 1 0 3 8 X + X X + + 1 7 I I I 3 A W L N C C G R C H t y o i h o h l r u i c a e n l a r n ' n h l u e f n r c s s t o m n m l h i t ' t e l t n o v a k b o o s b g i n t u n l n i o - t l a r d , e o S n g W , n a , S l S . e V . . m a C C . . . . + + + + + + - - - 2 1 4 2 8 9 5 9 9 5 6 + + + + + + + + + + 1 1 1 1 3 1 8 6 2 4 5 1 6 1 1 0 + + + + + + - - 1 1 2 2 4 6 7 0 6 6 S L L Q F L E M G M t. o a o i v u r t i a n e u r a i l t L d t n w e l s n i e s i o i n c s S s a n v u y v o u R m i g B i i l n k s l l o i a e l e t c e y h e x k i 1 l . . . . . . . . . . . P P P + - - - + + + - - 1 3 2 3 P 3 4 6 6 6 6 Q + + + + + + + + + + 1 1 1 2 1 1 2 9 7 8 4 2 4 9 0 3 + + + X + + + + 1 1 1 9 5 6 4 5 5 0 i S T F O L L S P H B a r a h o u o a a n o e n o s n c k k u s s e g e l n s A A o a n r t o F s n n o B n i n f x d 1 n r g t i e o e a e a * a l l n n l c d n e i c h o s d i i s 1 * . c . . o . .. . P - + 1 - - - - 4 6 6 P P 5 3 8 Q 0 + + + + + + + + + 2 1 1 1 1 1 2 1 6 2 7 5 9 4 3 1 5 + + + - + + + + + 1 + 1 1 1 0 9 6 3 7 3 4 2 2 4 Rochester i 0 +10 +4 Birmingham x. . +17 +12 +8 East St. Louis.. -12 +3 Berkeley1 P+6 + 18 +7 Schenectady. . +10 +2 0 Mobile +5 +15 +7 St, Louis1 -4 +10 +2 Riverside and Syracuse J +7 +12 +6 Montgomery 1.. +4 +6 St. Louis Area.. -5 +9 +3 San Bernardino -6 +24 +10 Utica +13 +16 +6 Jacksonville *... -22 +8 0 Springfield -3 +6 +3 Sacramento *... P+1 +17 +9 P T L W P R h h r a e i i e n l i a l a l n k c d a d t e a i d o e n s s e n l - g t p l B e p l l h r a h i J r i a r a . e . » * . . + + + + + + 5 2 7 4 4 6 + + + + + + 1 1 1 1 1 6 0 3 7 1 2 x + + + 8 3 t 6 A O T A M C M a o u r t i a l l m l a g a a c u m u n o n m p s d n t i a a t b o a l * 1 u l s + - - + + + 1 2 - 1 6 6 4 9 2 7 4 + + + + + + + 2 2 1 1 1 1 4 6 0 5 9 8 1 + + + + + + + 1 1 2 9 5 6 6 4 0 1 M S M M D S t i u . n i e u n l m n P p u n e e a t p e a h r u a h i p - o p l i * o s r o l 1 l l i i s s . .. K.. P+ + + -2 5 7 9 + + + + + 1 1 9 1 1 4 6 + + + + + + 4 8 7 5 6 4 S V S S S S N a t a a a a o n n n n l a c l t e p k J a F D j a o t o r o i R s a e i a n e n g o n c l o s d i a s * c l • . . o . . 1 . . . . P+ + + -9 2 6 2 + + + + 1 1 1 1 3 6 3 3 + + + + + 1 7 2 7 3 0 York? +11 +5 Rome -11 +5 +1 Kansas City... P0 +12 +6 Boise and C A S T C C C C Y l p o e l o a k i o e r l n v n l r u i e v u o e n c t n d e m o l n g i g a o l n n f a b s n i * n n i e t u * d o l d a s d w t * * i n 1 1 . . . . . * . . . . . . + + + + + + + + - 1 1 5 1 1 1 1 2 7 4 5 0 7 4 5 + + + + + + + + + 1 1 1 1 1 1 2 2 2 9 9 9 4 0 0 7 1 + + + + + + + + + 1 3 5 9 1 8 8 8 4 8 J S N N C M B B K a a h r e a a n c e v i w s t a o k s r o a h t t x i s o n t n d v o O v a l n i i n n i R l a r l a l o l l n e l h o e e o . u a 2 g n . g a s 1 e . . x . . x . . l . . . . . . . . . . + + + + - - - 1 9 3 4 4 2 9 0 6 + + + + + + + + - 1 1 3 8 6 3 2 5 6 3 9 3 + + x + + + - 1 1 4 1 4 8 8 1 \ J W S L P T D H K o t u i o e a u . n p i e p n n c c l t J b e i h v s c o o n l k a i e h l o s t s n a r e a i p n C h s i o ty n.... + X + - - - 4 3 6 3 o 8 I + + + (2 + + + + + 2 1 1 ) 6 8 9 5 3 8 1 8 3 X X + + -3 I I 4 8 S S S T Y P E B N p a e o a v e a l a c o r l e a t k l t o t k r i m l t L n i e m a a l m g e t a p n n t a 1 h k a d e * a 1 a e 1 1 m . C . . i i , t . y K P P P + + + - + + 1 - - 1 1 1 1 3 4 4 8 4 2 1 0 + + + + + + + + + 1 1 1 2 2 1 2 8 8 7 1 6 6 0 4 0 + + + + + + - + 1 2 2 5 6 6 8 9 2 4 () P Preliminary. p Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. 3 Five months 1950. COST OF LIVING Consumers' Price Index lor Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average =100] Fuel, elec- Year or month All items Food Apparel Rent r t e r f i r c i i g ty er , a a ti n o d n fur H ni o s u h s in e gs Miscellaneous 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1933 92.4 84,1 87.9 100.7 100.0 84.2 98.4 1940 100.2 96.6 101.7 104.6 99 7 100 5 101 1 1941... 105 2 105.5 106.3 106.2 102.2 107.3 104 0 1942 116 5 123.9 124.2 108.5 105 4 122 2 110 9 1943 123.6 138.0 129.7 108.0 107.7 125 6 115 8 1944 125.5 136.1 138.8 108.2 109.8 136 4 121 3 1945 ... . .. 128 4 139.1 145.9 108.3 110 3 145 8 124 1 1946 139.3 159.6 160.2 108.6 112.4 159 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—September 169.6 204.2 187.2 121.2 137.0 185 6 155 2 October 168.5 200.6 186.8 121.5 138.4 185.2 155.2 November 168.6 200.8 186.3 122.0 139 1 185 4 154 9 December 167.5 197.3 185.8 122.2 139.7 185.4 155.5 166.9 196.0 185.0 122.6 140.0 184 7 155 1 February 166.5 194.8 184.8 122.8 140.3 185.3 155.1 March 167.0 196.0 185.0 122.9 140 9 185 4 155 0 April.. , 167.3 196.6 185.1 123.1 141.4 185.6 154.8 May 168.6 200.3 185.1 123.5 138 8 185 4 155 3 June . 170.2 204.6 185.0 123.9 138.9 185.2 155.3 July 172.5 210.0 184.7 124.4 139 5 186 4 156 2 173.0 209.0 185.9 124.8 140 9 189 3 158 1 September 173.8 208.5 190.5 124.8 141.8 195.4 158.8 October 174.8 209.0 193.4 125.0 143.1 199.8 159.5 Back figures.—Bureau of Labor Statistics, Department of Labor. 1674 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 d m s - Foods Total l H e p u a a r i c n o t d h t d d e s e - s r T p u e r x c o t t d i s l - e li m g F r a h i a u n a t t e l i d e s n l - g M m p u a r e e c n o t t t d d a a s l - l s B m r i u i a n a i t g l l e d s - - c C a a p u h l l r s l e c o i a m t e d s n d - i d - H g n f o o i i u n s u o r g h d s - - e s - n c M e e o l i l s u a - s - m R ri a a a t l w e s - t p u u f r a r c o c e t d - s d - 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100 5 95 4 94 0 94 3 82 6 97 5 94 5 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88. 7 92.7 77.7 84.3 88 0 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69.8 65.6 77.0 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73 9 75.1 64.4 55 1 70 3 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 56.5 70.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 68.6 78.2 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 77 1 82 2 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 79.9 82.0 1937 86 3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95 2 82 6 89 7 77 8 84 8 87 2 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 72.0 82.2 1939 77 1 65 3 70 4 81.3 95.6 69.7 73.1 94.4 90 5 76 0 86 3 74 8 70 2 80 4 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77 <1 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. % 94.3 82.0 83.5 89.1 1942 98 8 105 9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95 S 102 4 89 7 100 6 98 6 1943 103 1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94. <? 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. I 104.3 93.6 113.2 100.8 1945 105 8 128.2 106 2 99.7 118.1 100.1 84.0 104.7 117.8 95 7 104 5 94 7 116.8 101 8 1946 121 1 148.9 130 7 109.5 137.2 116.3 90.1 115.5 132.6 101.4 111.6 100.3 134.7 116.1 1947 152.1 181.2 168.7 135.2 182.4 141.7 108.7 145.0 179.7 127.3 131.1 115.5 165.6 146.0 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. s 145.3 112.3 163.9 151.2 1949—October 152.2 159.6 159.6 145.0 181.3 138.0 130.6 167.3 189.3 115. 0 143.0 109.0 160.4 149.1 November 151.6 156.8 158.9 145.0 180.8 138.0 130.2 167.3 189.6 115. 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. ? 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. ? 145.2 110.0 162.4 149.1 152 7 159 4 155 5 146 1 179,6 137.3 131 5 168.5 194 2 116 .i 145 5 110 7 162 8 148 9 April . . 152 9 159 3 155.3 146.4 179.4 136.4 131.2 168.7 194.8 117.1 145.8 112.6 162.5 149.4 May 155.9 164.7 159.9 147.6 181.0 136.1 132.1 169.7 198.1 116.4 146.6 114.7 166.3 152.2 Tune 157 3 165 9 162 1 148.8 182.6 136.8 132.7 171.9 202 1 114 5 146.9 114 7 167 7 153 5 July 362 9 176.0 171.4 151.5 187.2 142.6 133.4 172.4 207.3 118.\ 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 «"213.9 122. •? 153.9 124.3 179.1 161.2 September. . 169.5 180.4 177.2 159.2 '202.9 158.3 135.1 176.7 r219.7 128. 7 159.2 127.4 181.8 164.0 October 169.1 177.8 172.5 161.5 208.4 163.0 135.4 178.6 219.0 132. 163.4 131.3 180.2 163.5 Week ending:1 1950—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 Sept 26 169 4 180.2 177.4 159.4 161.9 134.9 176.4 221.3 129. Oct 3 168 8 179 1 175 3 160 0 161 7 134 9 177 1 222 0 129 1 Oct 10 168 4 177 9 172 6 160 8 162 2 135 0 177 5 222 0 130 fi Oct. 17 168 7 177.9 173.9 160.8 162.2 135.4 177.8 221.4 131.5 Oct 24 168 9 178 7 174 0 160.8 162.0 135 5 178 1 220 1 132 Oct. 31 169 6 179.7 174.0 161.9 163.6 135.5 179 7 219.3 133.? Nov 7 170 0 181 3 173 6 162 2 164 4 135 3 180 6 218 2 133 7 Nov 14 171 0 183 1 176 5 162.6 165.4 135 4 180 1 217 8 135.7 Nov. 21 . . 171.2 184.9 177.5 162.4 166.6 135.4 180.4 218.1 135.8 1949 1950 1949 1950 Subgroups Subgroi.Lps Oct. July Aug. Sept. Oct. Oct. July Aug. Sept. Oct, Farm Products: Metals and Metal Products: Grains 155 3 173.5 167.7 166.5 165.3 Aeririiltiirai marh. & prmin... 143.6 143 9 150.: 151 3 Livestock and poultry 177.7 215.8 217.3 211.3 198.7 Farm machinery 146.3 146.2 147 .7 152. >r 153.6, Other farm Droduct 148 8 151 8 155 3 164 4 167 4 Iron ari<^ sf<=f»l 163 3 169 8 171 0 172 1 173 % Motorvehicles 177.0 175 1 176 1 176.i> 176 9> Dairy products.... 154.6 141.8 148.0 154.7 160.8 Nonferrous metals.. . .. 131.5 150.6 156 166.1 173.3: Cereal products 144.6 151.2 154.9 155.5 153.8 Pinmbine and heating.. 154.6 156.5 164 6 166. S) 177 2> Fruits and vegetables 128.0 137.0 132.0 131.0 129.6 Building Materials: Meats - - - 205.0 240.7 240.2 241.0 223.7 Brick and tile. 161.8 167.4 167 8 168/r 178.2- Other foods 137 4 145.1 154.1 158.7 156.4 Cement 134.5 135 3 5 136.:5 140.2> Hides and Leather Products: Lumb« 282.0 338.0 357 .6 '371.'5 359.3 Shoes ... . - 183.4 185.8 191.4 194.8 200.1 Paint and paint materials.... 141.4 138.6 14? 4 146.1L 145.9* Hides and skins. . . 205.6 219.8 238.2 '264.7 266.5 Plumbing and heating. 154.6 156.5 164 .6 166. <) 177.2) Leather 176.5 185.3 192.3 196.8 201.3 Structiral stee 178.8 191.6 191 .6 191. (5 191.6, Other leather products.... 141.1 143.1 151.3 151.3 164.9 Other buildingmaterials 168.1 177.4 178 .7 182.'t 186.1 Textile Products: Chemicals tmd Allied Products: Clothing 144.6 144.3 145.2 146.7 147.7 Chemicals . . 115.3 119.3 122 .1 125. (5 131.a Cotton goods 176 5 190.7 206.8 221.6 225.7 Dni ffsand nharmacenticals. . 123.1 129.1 0 153.' t 161.1 Hosiery and underwear.... 98.4 99.2 101.2 104.8 108.7 Fertilizer materials . 120.2 110.1 112.1 111.' t 111.2 Silk 49 2 60.3 65 6 64.9 65.3 Mixed fertilize]s 107.1 103 0 1103. L 103.1 Rayon and nylon.. 39.6 40.7 41.3 41.7 42,5 Oils and fats.. 115.6 125.7 141 s163.<) 160.a Woolen and worsted goods 145.1 150.9 157.7 178.7 188.9 Hjusefurnishing Goods: Other textile products 175.6 168.5 181.5 191.3 207.3 Furnishings 149.2 156.2 162 .8 168. L 173.3 Fuel and Lighting Materials: Furniture 136.7 141.0 144 .6 149. <? 153.1 Anthracite 139 1 141.0 142.1 142.8 143.9 us: Bituminous coal.. 191.2 191.9 192.5 193.1 193.3 Auto tires andtubes... 60.7 68.7 7* 0 77.' 1 78.1 Coke 222.2 225.6 225.6 225.6 231.1 Cattle feed. . . 182.1 240.5 ?0c 6 203.3 199.6, Electricity 70.1 67.0 65 5 Paper and pulj 156.5 159.9 163.9 167.L 173.4 Gas 87.5 88.3 88.1 89.0 Rubber, crude 34.8 78.4 106 1 114.7 131.5 Petroleum products 109. S 115.5 116.8 117.8 118.0 Other miscellaileous. . . 121.2 121.7 12£.4 127. 3 130.5 r Revised. * Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures.—Bureauo f Labor Statistics, Department of Labor. DECEMBER 1950 1675 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 Annual totals Seasonally b a y d ju q s u t a e r d t er a s nnual rates 1949 1950 1929 1933 1939 1941 1946 1947 1948 1949 3 4 1 2 3 Gross national product 103.8 55.8 91.3 126.4 211.1 233.3 259.1 255.6 254.4 253.8 '263.4 '270.3 284.3 Less! Capital consumption allowances 8.8 7.2 8.1 9.3 12.2 14.8 17.4 18.8 18.9 19.3 19.7 '20.5 21.3 Indirect business tax and related liabilities. 7.0 7.1 9.4 11.3 17.3 18.7 20.4 21.3 21.7 21.5 '22.0 '23.2 25.0 S B t u a s t i i n s e ti s c s a l t ra d n is s c f r e e r p a p n a c y y ments -.1 6 1.2 7 1.4 5 1.6 5 1.7 .3 7 -2.9 7 -1.9 7 -3.6 7 -1.97 '4.2 7 '-2.6 7 n.a 7 . Plus: Subsidies less current surplus of government enterprises — 1 5 1 9 — 1 o 1 0 o 2 ' 6 4 Equals: National income 87.4 39 6 72 5 103 8 180 3 198 7 223 5 216 8 216 7 214 2 '216.9 '229.1 n.a. Less: Corporate profits and inventory valuation adjustment 10.3 —2.0 5 8 14 6 18 3 24 7 31 8 29 9 31 8 28 4 '28.2 35.0 n.a. Contributions for social insurance .2 .3 2.1 2.8 6.0 5.7 5.2 5.7 5.6 5.7 6.7 '6.8 6.9 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.5 2.6 10.9 11.1 10.6 11.6 11.9 11.8 20.9 14.2 11.2 Dividends 5.8 2.1 3.8 4.5 5.8 6.6 7.5 7.8 7.4 8.2 8.1 '8.2 9.4 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 95.3 177.7 191.0 209.5 206.1 203.8 205.4 216.4 '215.1 224.8 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 r19.0 r19.5 20.0 Federal 1.3 .5 1.2 2.0 17.2 19.6 19.0 16.2 16.2 16.1 '16.3 '16.8 17.3 Equa S l t s a : t e D a is n p d o l s o a c b a l l e personal income 8 1 2. . 5 4 4 1 5 . .2 0 70 1 .2 2 9 1 2 .0 3 15 1 8 . . 6 9 16 1 9 .5 9 18 2 8 . . 2 4 18 2 7 . . 5 4 18 2 5 . 5 1 18 2 6 . . 5 8 '19 '2 7 . . 7 5 '19'25 .76 20 2 4 .7 8 Less: Personal consumption expenditures 78.8 46.3 67.5 82.3 146,9 165.6 177.4 178.8 179.0 180.6 182.4 '185.2 198.4 £quals* Personal saving 3.7 -1.2 2.7 9.8 12.0 3.9 10.9 8.6 6.2 6.2 '15.0 '10.4 6.4 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1949 1950 1929 1933 1939 1941 1946 1947 1948 1949 3 4 1 2 3 National income . . 87.4 39.6 72.5 103.8 180.3 198.7 223.5 216.8 216.7 214 2 '216.9 '229 1 n a Compensation of employees 50.8 29.3 47.8 64.3 117.1 128.0 140.2 140.6 140.® 140.2 142.3 '147.9 155.2 Wages and salaries 2 50.2 28.8 45.7 61.7 111.2 122.1 134.4 134.2 133.6 133.6 135.2 '140.6 147.7 Private . 45.2 23.7 37.5 51.5 90.6 104.8 115.7 113.7 113.0 112.7 114.3 '119.5 125.2 Military .3 .3 .4 1.9 8.0 4.1 4.0 4.3 4.3 4.6 4.5 4 5 n a. Government civilian 4.6 4.9 7.8 8.3 12.7 13.2 14.7 16.1 16.3 16.4 16.4 '16.6 n.a. Supplements to wages and salaries. .6 .5 2.1 2.6 5.9 5.9 5.8 6.4 6.4 6.6 7.1 '7.3 7.5 Proprietors' and rental income 8 19.7 7.2 14.7 20.8 42.0 42.4 47.3 41.7 40.1 4®.7 41.5 '41.2 45.4 Business and professional 8.3 2.9 6.8 9.6 20.6 19.8 22.1 21.0 20.7 20.6 21.4 22.3 24.7 Farm 5.7 2.3 4.5 6.9 14.8 15.6 17.7 13.4 12.2 12.8 12 8 '11 7 13 3 Rental income of persons 5.8 2.0 3.5 4.3 6.6 7.1 7.5 7.3 7.2 7.3 7.3 '7.1 7.4 Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 18.3 24.7 •31.8 29.9 31.8 28.4 '28 2 35 © n a Corporate profits before tax 9.8 .2 6.5 17.2 23.5 30.5 33.9 27.6 28.2 27.6 29.2 37 A n.a. Corporate profits tax liability 1.4 .5 1.5 7.8 9.6 11.9 13.0 10.6 10.8 10.6 12.0 15 1 n a Corporate profits after tax 8.4 — .4 5.0 9.4 13.9 18.5 20.9 17.0 17.3 16.9 17 2 22 2 n a Inventory valuation adjustment .5 -2.1 -.7 -2.6 —5.2 -5.8 -2.0 2.2 3.7 .8 '-1.0 -2.3 -7.9 Net interest 6.5 5.0 4.2 4.1 2.9 3.5 4.1 4.7 4.8 4.8 5.0 5.0 5.0 ' Revised. n.a. Not available. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. * 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. 1676 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally b a y d j q u u st a e r d te r a s nnual rates 1949 1950 1929 1933 1939 1941 1946 1947 1948 1949 3 4 1 2 3 Gross national product 103.8 55:8 91.3 126.4 211.1 233.3 259.1 255.6 254.4 253.8 '263.4 '270.3 284.3 Personal consumption expenditures 78.8 46.3 67.5 82.3 146.9 165.6 177.4 178.8 179.0 180.6 182.4 '185.2 198.4 Durable goods 9.4 3.5 6.7 9.8 16.6 21.4 22.9 23.8 24.7 25.3 26 9 26 7 33.5 Nondurable goods 37.7 22.3 35.3 44.0 85.8 95.1 100.9 98.5 97.6 97.9 '97.4 '99.3 104.9 Services 31.7 20.6 25.5 28.5 44.5 49.1 53.7 56.4 56.6 57.4 '58 1 '59 2 59 9 Gross private domestic investment 15.8 1.3 9.9 18.3 28.7 30.2 43.1 33.0 32.1 31.2 '41.7 '46.9 48.4 New construction 1 7.8 1.1 4.9 6.8 10.3 13.9 17.7 17.3 16.9 18.2 19.9 '21.3 22.8 Producers' durable eQuipment 6.4 1.8 4.6 7.7 12.3 17.1 19.9 19.5 19.4 18.7 19.9 '22.3 27.1 Change in business inventories .. . 1.6 ~1.6 .4 3.9 6.1 -.8 5.5 -3.7 -4.2 -5.7 '2.0 3.4 -1.5 Net foreign investment .8 .2 .9 1.1 4.6 8.9 1.9 .4 .1 -.7 '—1 7 -2.0 -3.3 Government purchases of goods and services . ... 8.5 8 0 13.1 24.7 30.9 28.6 36.6 43 3 43 2 42 8 '41 0 '40 2 40 8 Federal 1.3 2.0 5.2 16.9 20.9 15.8 21.0 25.3 25.1 24.3 '22.2 '21.4 21.2 W No a n r w .. ar . ) 1.3 2.0 3 1 . . 9 3 1 3 3 . . 2 8 2 2 1 . . 5 2 }I7.1 21.5 25.7 25.8 24.6 '22.5 '21.7 21.4 Less! Government sales ^ (3) (8) (8) 2.7 1.3 .5 .4 .7 .3 .3 .3 .2 State and local 7.2 5.9 7.9 10.0 12.8 15.6 18.0 18.2 18.5 18 7 18 8 19 6 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Wage and salary disbursements Less em- Pro- dends Per- ployee Other prietors' and Trans- Non- Year or month sonal contri- labor and per- fer agriculincome re T c o e t i a p l ts4 b m T d u o e i r s t n s a - e t l s - d p m in C u ro g o s o d t d m r i u i i n t - e c y - s - D i u n t i r s t d i i t e u v ri s s e b - - S in e tr d r i v u e i s s c - e m G er o e n v n - - t b s i u a n o f t n s c o i u c o i r a e r n - l s income5 in r c e o n m ta e l 6 i i n n s t c o e o n r m a e l s e t m p e a n y t - s7 in t c u o r m al e8 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—September 203.4 131.6 133.8 56.4 39.4 17.4 20.6 2.2 3.0 39.2 17.0 12.6 187.8 October 202 A 130.3 132.5 54.8 39.0 17.8 20.9 2.2 3.0 39.8 17.2 12.1 186.0 November. . . . 205.7 131.3 133.4 55.5 39.0 17.8 21.1 2.1 3.1 41.7 17.2 12.4 187.6 December 208.4 132.9 135.1 57.0 39.3 17.8 21.0 2.2 3.1 40.6 18.9 12.9 191.1 1950—January 214.6 132.2 135.0 56.7 39.5 17.9 20.9 2.8 3.0 43.5 17.5 18.4 195.2 February 215.4 131.5 134.2 55.8 39.3 18.1 21.0 2.7 3.0 41.0 17.7 22.2 199.0 March 219.3 133.6 136.4 57.7 39.6 18.1 21.0 2.8 3.3 40.2 18.0 24.2 203.7 April 213.8 135.3 138.1 59.1 39.7 18.2 21.1 2.8 3.3 39.8 18.2 17.2 198.7 May 214 5 137.7 140.5 60.9 40.1 18.5 21 0 2.8 3 4 41 5 17 8 14 1 198 4 June 217.1 140.2 143.2 62.7 40.7 18.6 21.2 3.0 3.4 42.3 17.8 13.4 200.7 Tuly... . 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 225.4 145.5 148.5 65.6 41.7 18.8 22.4 3.0 3.4 46.1 18.4 12.0- 207.3 September 228.7 147.8 150.6 66.5 41.6 18.8 23.7 2.8 3.4 45.0 21.1 11.4 211.2 ' Revised. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. * 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. 8 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. DECEMBER 1950 1677 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit Noninstalment credit E o n r d m of o n y t e h ar co c T n re s o d u t i a m t l e * r i c T m n r s o e e t d t 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 * no c T n m re i o n e d t n s a i t t t l a 1 l- p S l a o y in a m g n l s e 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 1,967 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 1,431 2,644 483 1,513 648 1943 4,600 2,001 882 175 707 1,119 2,599 414 1,498 687 1944 4,976 2,061 891 200 691 1,170 2,915 428 1,758 729 1945 5,627 2,364 942 227 715 1,422 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—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 .. . 18,842 13,009 7,613 4,107 3,506 5,396 5,833 1,157 3,636 1,040 September?.... 19.315 13.337 V7,858 4,213 3,645 5,479 5.978 1,190 3,741 1,047 October?...... 19,366 13,379 7,879 4,231 3,648 5,500 5,987 1,232 3,703 1,052 P Preliminary. 1 Revised beginning January 1929 to incorporate changes in single-payment loan component. 2 Includes repair and modernization loans insured by Federal Housing Administration. 'Noninstalment loans (single-payment loans of commercial banks and pawnbrokers). Revised beginning January 1929 to exclude nonconsumer loans. For description and back figures see BULLETIN for November, pp. 1465-1466. NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) ^Year or month Total m b C a e n o r k c m i s a - 1 l p S c l a o m o n a m i a n e l - s l b I a n tr n d i k u a s l s - 2 p I a c n l t o n o r d i a i m u a e n l s s - - 2 u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s s - I m i l r n z o e o a a s a p n u d t n i a d r e o s i e r r n 3 d n- m b C a e n o r k c m i s a - 1 l p S c l a o m o n a m a i n e l - l s b I a n tr n d i k u a s l s - 2 p I a c n l t n o o r d i i a m u a e n l s s - - 2 u C n r i e o d n i s t f929 643 43 263 219 23 95 463 413 38 1933 466 29 246 121 20 SO 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 $942. . . . 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 f944 . ... 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—September. . 4,461 L,922 855 235 172 379 135 763 278 128 34 27 65 October..... 4,505 U936 858 239 172 385 135 780 272 134 34 26 59 November... 4,561 ,944 875 244 173 394 137 794 269 161 36 28 64 December... 4,650 L.951 929 250 175 402 142 801 280 232 41 31 69 J#50—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 > 066 945 262 178 431 144 785 307 154 37 28 70 May 4,934 2,134 959 267 182 450 145 797 348 168 43 32 83 June. 5,110 2,233 978 275 187 474 147 816 379 175 46 34 93 July 5,255 2,316 995 282 192 495 149 826 381 166 45 32 84 August 5,396 2,401 1,009 290 197 514 150 835 387 166 46 33 88 September?. 5,479 2,462 1,010 295 201 524 150 837 356 149 40 32 76 October?. .. 5,500 2,463 1,026 294 201 523 152 841 298 149 39 28 67 p Preliminary. 2 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 October amounted to 103 million dollars, and other loans made during October were 11 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper; 3 Includes only loans insured by Federal Housing Administration. 1678 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Other Repair Pery E m e n o a d r n t o o h f r in e m T g x o o c a l b t u a u i d l l t e , o - - s o m m t a r o n a e d r i d n e e l t r - s F s t t u u o r r r n e e i s - H s a h a 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 l s Year or month Total c P ha u s r e r - e d ta D i l l o i a r n ec s t c r d e h p a i t a r u n a e s r d i c e - l t d , e l m o r t a n a i n o o i n z d d n s a - 1 - 2 i m l n s c o o s a a e n t s n n a a h s t l l houses Outstanding at end of period: 1929.. 1,197 160 583 265 56 133 1947 2,701 346 536 523 500* 796 1933 663 119 299 119 29 97 1948 3,563 570 736 751 636 870 1949 4,416 854 915 922 781 944 1939 1,525 377 536 273 93 246 1949—September... 4,140 780 905 803 730 922 1940 1,721 439 599 302 110 271 October 4,247 811 915 839 755 927 1941 1,802 466 619 313 120 284 November... 4,326 835 922 868 772 929 1942 1,135 252 440 188 76 179 December. . . 4,416 854 915 922 781 944 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 4 4 4 4 7 3 5 6 8 9 4.,..., 3 2 1 1 , , , , 6 0 9 5 1 7 7 9 3 1 0 0 9 6 1 5 7 5 4 6 7 1, 3 6 8 1 0 1 1 3 5 7 7 8 1 9 7 0 4 2 3 8 0 2 3 2 5 2 7 9 8 9 8 8 9 3 5 9 3 6 7 6 5 0 2 3 5 1 8 4 0 5 5 7 1 7 9 0 0 1 8 8 1 1 1 5 5 5 8 5 4 6 7 6 7 9 2 4 3 3 4 4 1 1 1 1 0 8 0 1 0 1 7 5 8 4 1 9 3 4 1950— F A J J M M J u u a e p l a n a n b y r r y e u i r c l . a u h r a y ry.... 4 4 4 4 4 5 5 , , , , , , , 2 4 8 4 6 5 0 9 6 6 9 8 9 8 1 2 5 4 8 5 4 1 1, , 1 0 8 9 9 9 8 1 5 9 2 6 5 8 0 2 0 2 6 3 8 1 1 1 , , , 0 0 1 9 9 9 9 3 9 5 2 3 9 6 5 6 8 2 5 2 4 1 1 1 , , ,1 0 0 9 9 9 9 1 2 6 6 8 4 5 2 8 4 6 3 1 3 8 8 8 7 7 7 7 0 3 5 8 7 8 7 4 4 1 3 4 0 9 1 1 1 , , , 9 0 9 9 9 0 0 0 6 4 8 4 4 6 9 7 0 3 5 0 0 1949 A Se u p g t u e s m t ber P. . 5 5 , , 4 68 9 5 3 1 1 , ,1 1 7 4 7 3 1 1 , , 2 2 1 5 7 1 1 1 , , 1 2 7 5 8 8 8 8 7 9 2 1 1 1 , , 0 1 8 0 3 8 September. 2,562 818 784 435 121 404 October P. ... 5,733 1,183 1,255 1,284 906 1,105 O N D o c e v t c o e e b m m e b b r e e , r . r . . . 2 2 3 , , , 7 0 6 9 9 7 5 6 5 1, 8 9 0 5 0 1 5 6 0 8 9 8 3 2 5 5 2 8 4 4 5 5 0 6 4 0 4 1 1 1 2 2 6 7 3 3 4 4 4 2 8 4 1 8 0 Vo i 1 l n u 9 g m 4 9 m e — o e n x S t t e h e p : n t d e e m d be d r u . r .. - 568 117 123 121 62 145 1950 October 593 125 123 136 70 139 November... 576 118 115 131 67 145 January... 2,995 975 902 491 627 December. .. 593 113 105 154 57 164 O F A J J A M M S u u e c e p u l a n b a p t r y o y g e i t r r l e b u u c m e a s h r t r b . . y ? . e . . . . r . . . . * . 2 2 3 3 3 3 3 3 3 , , , , , , , , , 0 9 1 9 2 6 3 6 5 4 3 7 5 0 4 4 4 0 1 3 9 7 5 5 9 8 6 1 1 1 1 1 1 , , , , , , 9 9 9 0 0 0 1 1 1 5 1 6 7 3 8 2 7 5 8 0 9 1 2 1 3 2 9 1 1 , , 9 9 8 8 9 9 9 0 0 1 3 9 9 4 7 9 2 2 3 5 1 9 7 6 8 8 0 4 5 5 5 5 5 6 6 7 9 0 6 3 1 9 9 5 0 2 1 7 8 2 7 9 8 2 6 6 6 6 6 6 7 7 7 3 1 1 6 9 5 2 5 5 1 6 8 5 5 0 7 6 7 1950— F A J J A M M S J u u a e e p u a l n n a p b r y g y e u i r t r u l e a c u s m r t h a y b r . y . e . r . . . ? . . . . . . 5 5 6 6 7 7 7 7 7 4 4 5 0 6 2 9 8 8 2 6 4 7 8 1 9 2 9 1 1 1 1 1 1 1 1 1 4 1 1 4 5 3 5 6 7 2 7 1 8 7 0 2 5 4 1 1 1 1 1 1 1 1 1 2 1 5 6 8 9 7 9 4 4 6 1 4 4 1 4 0 1 2 1 1 1 1 1 1 1 1 1 1 3 6 6 8 5 3 2 8 1 7 3 7 7 4 9 9 4 4 4 8 5 8 8 7 7 7 9 2 0 2 2 2 4 5 1 1 1 1 1 1 1 1 1 4 8 7 7 3 5 8 7 7 3 3 2 2 4 5 3 7 0 October? 647 123 132 166 71 155 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 Auto- m iz o a d ti e o r n n- m ca e s n h t R m e e t n a t i l p i a n p s e ta r l 2 - R a e n p d air P i e n r s s t o a n l- a! mobile Other loans x 2 loans Year or month Total modern- ment Auto- ization cash mobile Other loans 12 loans Outstanding at end off period: Outstanding at end 1947 233.5 50.0 30.2 43.3 110.0 of period: 1 19 9 4 4 9 8 3 2 4 8 3 6. . 2 2 6 9 6 3 . . 6 6 4 6 3 3 . . 4 1 5 5 1 5 . . 7 4 1 1 3 24 1 . . 5 1 1 1 9 9 4 4 7 8 1 1 4 7 8 7 . . 2 1 2 3 7 8 . . 1 3 2 1 3 7 . . 7 1 4 5 . . 2 0 1 9 1 9 0 . . 8 1 1949—September.. 323.7 85.3 54.6 53.9 129.9 1949 194.7 43.5 31.4 6.5 113.3 October 329.6 88.7 56.6 55.0 129.3 1949—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 February.. . 347.4 98.6 65.2 54.2 129.4 1950—January 194.8 44.3 31.1 6.6 112.8 March 350.5 100.4 66.9 53.0 130.2 February... 193.7 44.6 30.8 6.6 111.7 April...... 355.0 102.6 68.9 52.8 130.7 March 196.2 46.1 31.0 6.5 112.6 May 361.8 105.6 70.7 53.5 132.0 April 198.7 47.5 31.6 6.4 113.2 June 371.0 111.9 71.9 54.2 133.0 May 202.8 49.5 32.7 6.7 113.9 S J A O u e c u l p t y g o te b u m e s r b t v e . . r . . ? . . 3 3 3 3 9 9 8 8 6 5 9 0 . . . . 4 6 8 4 1 1 1 1 2 1 1 2 1 9 5 1 . . . . 9 4 8 5 8 7 7 7 6 0 3 9 . . . . 2 4 3 3 5 5 5 5 4 5 6 6 . . . . 9 5 1 1 1 1 1 1 3 3 3 3 8 6 7 9 . . . . 7 7 3 1 J S O J A u u e c u l n p t y g e o t u e b s m e t r b ? e r . ? . 2 2 2 2 2 0 1 1 2 2 8 9 4 3 3 . . . . . 7 9 3 8 8 5 5 5 5 5 2 5 7 4 7 . . . . . 3 2 9 6 8 3 3 3 4 4 9 4 5 1 1 . . . . . 2 3 9 5 1 6 7 7 7 7 . . . . . 9 2 3 3 4 1 1 1 1 1 1 1 1 1 1 5 6 7 7 8 . . . . . 2 4 5 4 1 "Volume extended during month: Volume extended during month: 1949—September.. 43.5 12.5 7.8 4.3 18.9 October 45.6 13.7 8.5 4.8 18.6 1949—September.. 27.9 6.1 3.9 0.5 17.4 November.. 45.8 13.7 8.8 4.2 19.1 October 28.3 7.1 3.9 0.5 16.8 December.. 47.0 11.9 10.3 3.3 21.5 November.. 28.7 5.7 4.0 0.5 18.5 December.. 31.3 5.4 4.4 0.4 21.1 1950—January 41.9 12.3 7.8 2.7 19.1 1950—January 27.7 6.5 3.3 0.3 17.6 February... 40.3 12.6 7.6 2.7 17.4 February... 25.4 5.6 3.5 0.3 16.0 March 47.3 13.5 9.7 2.5 21.6 March 31.2 7.3 4.0 0.3 19.6 April...... 43.1 12. 8.8 3.0 18.6 April 29.2 6.9 3.9 0.4 18.0 May 48.9 13.9 9.6 4.2 21.2 May 33.1 7.9 4.8 0.5 19.9 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? 47.2 13.7 10.5 3.9 19.1 September? 32.8 7.5 6.0 0.4 18.9 October ? . . 43.5 11.3 9.6 3.9 18.7 October?... 29.0 6.8 4.7 0.4 17.1 ? Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. DECEMBER 1950 1679 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1 Pe f r ro 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 cc h o ar u g n e ts month month of preceding year Item Year or month Depart- Furni- h H o o ld u s a e p - - Jewelry Depart- 1 O 95 c 0 t. ? S 1 e 9 p 5 t 0 . A 19 u 5 g 0 . 1 O 95 c 0 t. P S 1 e 9 p 5 t 0 . A 19 u 5 g 0 . s m to e r n e t s s t t u or r e e s p s l t i o a r n e c s e stores s m to e r n e t s Net sales: 1949 Total/3 -10 +1 +10 +6 +29 +26 September... 20 11 12 13 52 C C a re s d h it s a s l a e l s es: +8 +14 +21 +21 +24 O N c o t v o e b m er ber... 2 2 0 0 1 1 1 1 1 1 2 2 1 1 4 3 5 5 4 3 Instalment -17 +7 +7 -2 +26 +18 December... 20 10 12 16 52 Charge account +5 -11 +19 +25 +38 +47 1950 Acco o u f n t m s o re n c t e h i : vable, end J F a e n b u ru ar a y ry 1 1 8 7 1 1 0 0 1 1 2 1 () 4 4 7 9 Total 0 +4 +4 +26 +32 +31 March 19 11 12 53 Instalment 0 +3 +2 +23 +28 +28 A M p a r y il. 1 1 7 8 1 1 0 0 1 1 1 2 ( ( 2 2) ) 5 5 0 2 Collections during June 17 10 10 51 T In o s m t t a a o l l n m th e : nt + + 4 6 + + 3 3 + + 7 7 + + 2 2 4 0 + +2 2 2 9 + +1 2 6 3 J A S O u e u c l p t y g o t u e b s m e t r b ? er... 1 1 1 1 7 8 8 8 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 8 () 4 5 5 5 9 0 1 1 Inventories, end of 2 month, at retail value. +12 +7 +8 +30 +24 +20 () P Preliminary. 1 Collections during month as percentage of accounts outstanding at P Preliminary. beginning of month. 2 Collection of these data for jewelry stores was discontinued after December 1949. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasona adjustment, 1941 average=100 Percentage of total sales Year or month Sales during month A a c t c o e u n n d t s o r f e c m ei o v n a t b h le Collec m tio o n n s t h during Cash Instal- Charge Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t sales m sa e le n s t ac s c a o le u s nt Averages of monthly data: 1941 100 100 100 100 100 100 100 100 48 9 43 1942 114 131 82 102 78 91 103 110 56 6 38 1943 130 165 71 103 46 79 80 107 61 5 34 1944 145 188 66 112 38 84 70 112 64 4 32 1945 162 211 67 125 37 94 69 127 64 4 32 1946 202 242 101 176 50 138 91 168 59 4 37 1947 214 237 154 200 88 174 133 198 55 6 39 1948 225 236 192 219 142 198 181 222 52 7 41 1949 213 216 199 213 165 196 200 224 50 8 42 1949—September 213 209 227 215 165 182 191 185 49 9 42 October 220 ••215 '246 '220 175 191 202 214 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 J950—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 42 234 217 306 238 256 210 269 221 46 12 42 October P 229 216 270 236 261 216 283 243 47 10 43 P Preliminary. r Revised, NOTE.—Data on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1671. 1680 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 Oct. Nov. Nov. Nov. Nov. page Oct. Nov. Nov. Nov. Nov. 15 22 i 25 15 22 i WEEKLY FIGURES » In billions of dollars In unit indicated RESERVE BANK CREDIT, ETC. WEEKLY FIGURES 2—Cont. Reserve Bank credit, total 2 19.75 19.86 19.85 20.17 20.16 U. S. Govt. securities, total.. 3 19.23 19.29 19.31 19.43 19.30 BUSINESS CONDITIONS G M T M R E r x o e o e N C C N C C e R R c q l m n d a e h h o o e e u e e e s B N B s w w i b s i s u u i s u y s c c r e e i o e o n n t l e a r a r r o r l n r y t Y Y t t i d g g v v s e e c r n r d b o o e e y y s o s o k c s r a e c r r e a c c a k r b b n k i s s i i v r n k a a h e t t c e y y C C d n r n u s r v a k i i k , l e b b e t c t a n s s y s y a t a s e t d e e o i n n r r o t k t k v d a n i s s e l e f « s i p , c o a to s te i t t a s s . l. . . . . . . . 2, 2 2 1 1 1 (3 4 4 6 4 7 3 1 4 6 1 5 ) . . . . . . . . . . . . . . . . 7 0 1 5 1 6 2 3 6 6 9 8 6 1 2 5 2 2 6 2 2 6 7 9 9 8 2 6 3 9 5 6 2 2 1 1 1 ( - 3 4 4 6 4 7 3 1 4 1 6 5 ) . . . . . . . . . . . . . 0 . . . 7 2 2 1 4 2 4 4 6 3 9 7 4 7 1 1 6 8 0 2 5 0 5 7 8 6 3 1 7 1 5 2 2 1 1 1 ( ( 3 3 4 4 7 3 6 4 1 4 1 6 5 ) ) . . . . . . . . . . . . . . . 5 2 4 1 4 3 2 6 2 6 7 9 7 5 1 9 7 8 2 7 2 2 9 0 4 8 3 6 3 1 2 2 1 1 1 4 4 3 4 6 7 1 4 1 7 1 6 . . . . . . . . . . . . . . . . . 6 2 1 5 1 0 1 3 4 7 0 0 9 1 0 6 0 5 7 8 7 2 5 1 7 0 8 9 1 5 5 1 5 4P 2 2 1 1 1 - - 4 4 4 6 7 3 4 1 6 1 P P 6 . . . . . . . . . . . . . 0 . 0 . . . 8 2 1 4 6 1 5 0 4 6 6 9 7 1 0 1 1 2 7 3 6 3 5 9 0 1 5 4 2 7 4 1 Wh I B S n o e a d T F F O T F W l S C l I C s e e e n o o i a t o o t o s o c c x e d h p h r ( o o a t t t r t e e m A a u e a o e e l d n d t c r s e l o d l r a s u s s u s o n t t ( t n p g m p ( c u r c f 1 d . i r a r ( ( f o e ( a m o i d c s f 9 r c n 1 c m l s m ) e d o e 2 t o e 9 n s l u m n 6 m d s l 3 t c t a : p p = s i a s 9 o t r t r e s t 1 i s = p p d o e e r 0 . 1 e r e s d i b p . 0 i : t r r 0 u a . u i e ) 0 p b l c . e : r s s . ) u t o s h : s . 1 s . u : e . . h 0 n . l . e 0 . ) d „ . l . , . ) ) . . . . . . 6 6 6 6 6 6 6 6 6 6 6 5 5 8 8 8 7 5 7 5 7 8 3 3 3 3 2 1 1 1 1 1 3 3 5 1 0 1 6 7 7 6 5 9 1 1 9 7 8 8 4 . 0 3 2 . . . . . . . . . . 2 9 9 7 7 7 8 0 8 0 4 ' 1 1 3 3 3 2 3 1 1 1 6 6 4 1 3 5 2 0 7 7 5 1 9 0 9 1 9 6 4 5 4 .6 . . . . . . . . . . 9 6 3 7 7 2 3 1 0 4 0 3 3 3 3 2 1 1 1 1 1 4 1 1 3 5 3 7 6 8 7 6 1 . 2 9 3 2 1 6 0 9 0 1 . . . . . . . . . . 2 2 3 6 0 3 0 5 9 3 9 3 3 3 2 3 1 1 1 1 1 4 1 1 4 3 6 6 7 8 7 6 2 . 9 5 2 7 6 3 1 0 2 1 . . . . . . . . . . 9 3 6 9 5 1 0 9 7 5 3 3 3 3 2 1 1 1 1 1 4 2 4 6 3 7 8 7 6 5 3 1 1 4 7 2 7 0 9 9 . . . . . . . . . . 5 2 9 5 4 0 3 0 8 9 MEMBER BANKS IN LEADING CITIES Cows (dollars per 100 31.31 All reporting banks; pounds) 68 20.03 20.55 20.75 20.43 Loans and investments 14 69.23 69.24 69.37 69.41 69.6 Hogs (dollars per 100 20.28 U. S. Govt. securities, total 14 33.73 33.54 33.39 33.35 33.31 pounds) 68 19.52 19.12 18.60 18.11 17.98 Bonds 16 22.37 22.25 22.23 22.24 22.19 Butter (cents per pound). 68 63.1 62.8 63.2 64.0 64.8 Notes and certificates..., 16 8.81 8.81 8.81 8.83 8.85 Eggs (cents per dozen)... 68 40.4 42.2 44.5 46.7 52.6 Bills 16 2.55 2.48 2.35 2.28 2.26 Production: Other securities 18 6.36 6.32 6.31 6.28 6.33 Steel (% of capacity) 71 102.6 102.4 103.0 102.7 102.7 Demand deposits adjusted.. 14 49.89 49.47 49.23 49.25 49.85 Automobile (thous. cars)... 71 179 170 150 117 115 U. S. Govt. deposits....... 14 1.84 1.93 1.89 2.17 1.94 Crude petroleum (thous. Loans, total. 14 29.14 29.39 29.67 29.79 30.04 bbls.) 72 5,823 5,823 5,837 5,809 5.813 Commercial. 18 16.28 16.49 16.68 16.92 16.99 Bituminous coal (mill, tons). 72 1.94 1.90 1.83 1.97 1.81 Real estate 18 5.12 5.13 5.15 5.17 5.19 Paperboard (thous. tons)... 73 240 236 234 238 229 For purchasing securities: Meat (mill, pounds) 73 326 343 339 370 334 Total 18 2.14 2.08 2.11 2.11 2.20 Electric power (mill. kw. hrs.) 75 6,563 6,551 6,574 6,728 6,508 U. S. Govt. securities 18 .65 .52 .60 .57 .65 Freight carloadings (thous. cars): Other securities , 18 1.49 1.56 1.51 1.54 1.55 Total 74 888 862 840 837 701 Other 18 '5.75 '5.77 5.79 5.79 5.80 Miscellaneous 74 423 417 404 402 346 New York City banks: Department store sales Loans and investments 15 19.77 19.66 19.61 19.61 19.7 (1935-39=100) 75 ••314 315 342 368 319 U. S. Govt. securities, total. 15 9.02 8.95 8.84 8.81 8.83 Bonds, total holdings..... 1 6.38 6.28 6.27 6.25 6.25 Due or callable—5 years 1 4.70 4.62 4.62 4.61 4.61 1950 Notes and certificates.... 17 1.74 1.77 1.78 1.81 1.8: De B m il a ls n d deposits adjusted., 1 1 5 7 15. . 6 90 2 15. . 3 90 5 15. . 2 80 3 15. . 1 76 7 15. .7 5 7 1 Aug. Sept. Oct.1 U. S. Govt. deposits 15 .53 .54 .52 .60 .52 Interbank deposits 15 4.12 4.12 4.09 4.29 3.96 MONTHLY FIGURES Time deposits 15 1.52 1.52 1.51 1.53 1.53 In billions of dollars Loans, total 15 8.93 8.96 9.02 9.06 9.18 DEPOSITS AND CURRENCY Commercial 19 5.74 5.83 5.88 5.95 5.98 For purchasing securities Deposits and ^currency« To brokers: Total deposits and currency. P175..5O P176.50 P176.50 Re T a o l O O e o n s n t t h U a o e t t . e r h s S e a r . n s G d e o o c v t u h t r s e i r t ies... 1 1 1 1 9 9 9 9 1. . . . 6 4 7 2 2 4 8 7 1. . . . 7 2 8 2 9 0 0 7 1. . . . 7 3 7 2 6 3 1 9 1. . . . 7 3 7 2 2 4 7 7 1. . . . 7 7 4 2 3 8 1 8 T T D C o i u e c m t r m u a r e l r e a r n d n e d c d e n e y p c p d o y o o e s s u p i i t t t o s s s s i a d i a t d e s d j j u b a u s d a s t j t e n e u d d k s t s e a . d n .. . d . . 6 6 6 6 P P P P 1 8 2 7 5 7 4 1 9 . . . . 0 4 5 1 0 0 0 0 P P P P 17 8 5 2 1 8 9 4 . . . . 7 1 1 5 O 0 0 0 ' P P P P i 7 8 5 2 3 9 9 4 . . . . 4 1 6 0 0 0 0 0 Ba L U n o . k N B B S a s n . i o o l s o n l G t s e d u a o s s t n v s a d t i n . d i d s e n e c v c N e u e r e r s t w i i t t f i m i e Y c s e a , o t n t e r t o s k s t . a C . l . . i . , . t y 1 1 1 : 1 1 5 2 4 1 7 1 4 9 5 . . . . . 6 0 4 9 7 5 7 6 9 1 4 2 1 7 4 9 1 5 . . . . . 5 0 5 5 9 9 4 9 8 7 4 2 1 7 9 4 1 5 . . . . . 5 0 7 5 9 6 3 7 5 6 4 2 1 7 4 9 1 5 . . . . . 5 0 5 8 9 2 2 4 1 9 4 2 1 9 4 7 1 5 . . . . . 5 4 0 9 0 7 3 5 Mo $ U C B 1 n i o . 0 l e i l S y n s a . s o i n , G n f d $ o $ c 1 $ v i , 5 2 r t $ 0 c . 0 2 u a d b l , n e a i a p l t d n l i o s o d o s n v i $ , t e s 5 r t o bi t l a l l s . . . . . . 7 6 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 8 2 3 9 6 0 4 2 P 1 8 4 7 4 3 . . . . . 3 6 2 2 5 3 3 6 4 0 Demand deposits adjusted., 15 34.28 34.12 34.00 34.08 34.3' U. S. Govt. deposits 15 1.31 1.39 1.37 1.57 1.42 Interbank deposits 15 6.84 6.92 7.16 7.69 7.0- Annual rate T L i o m C R an e o e s a m d , l m e t e p o s e o t t r a a s c l i t i t e a s l 1 1 1 1 5 9 5 9 2 1 1 4 0 3 0 . . . . 7 6 2 5 0 6 1 5 2 1 1 4 0 3 0 . . . . 7 6 4 6 1 5 3 6 2 1 1 4 0 3 0 . . . . 7 6 6 8 3 6 8 0 2 1 1 4 0 3 0 . . . . 7 7 6 9 3 3 6 7 2 1 1 4 0 3 1 . . . . 7 8 6 0 5 5 0 1 Tu O N rn t e h o w e v r e Y r l o e o a rk f d i d n C e g i m ty c a i n ti d e s deposits:4 8 8 4 2 0 1 . . 2 9 3 21 6 . . 9 0 3 2 2 1. . 5 3 For purchasing securities. I1 .71 .73 .74 .74 .74 Other 19 4.49 4.49 4.50 4.50 4.51 COMMERCIAL BANKS In billions of dollars MONEY RATES, ETC. Per cent per annum U. 3 C B 7 1 S - - 5 i e 5 9 l . r l y t s G i y y e f e ( o e a i n c a a r v a s e r r t s s t . w e o s s r i e s m c s u u o e r r i s e t ) i es: 30 , , 3 3 3 3 3 0 0 0 0 2 1 2 . 1 1 1 3 . . . . 4 6 9 1 3 5 6 6 6 8 1 2 1 1 1 .3 . . . .4 9 6 4 3 7 6 4 1 9 1 2 1 1 . .1 3 . . . 4 9 3 6 5 7 5 8 2 0 1 2 1 1 1 .3 . . . . 4 9 6 3 6 7 4 0 7 6 1 2 . 1 1 1 3 . . . . 8 6 4 9 3 C 2 7 4 7 L H C o a o U L O a s l h d n o . t h i s a S n a e n a . g s r s s n s G e s e d e t o s o c i v f n u • t . r v i U e s ti s e . e t c s m u S « e r . . i . n . t . i t G ' e s . , s o e v to t. t a s l e 9. - P P P P P 1 2 4 6 2 ll 7 7 4 3 . . . . . 8 2 3 2 3 0 0 0 0 0 P ^ 1 P P P 4 2 6 2 1 9 3 2 7 2 . . . . . 0 7 5 8 1 0 0 0 0 0 P P P P P 1 4 6 2 2 1 9 2 4 8 2 . . . . . 5 5 4 9 1 0 0 0 0 0 C H o i A B g r h p a a - a a o g r r a a te d e b m on u d n s i : c . i - p .. a . l ' bonds . 3 3 3 2 2 2 3 2 1 . . .7 2 6 9 3 8 3 2 1 . . .7 2 6 9 3 8 3 2 1 . . .7 2 6 9 2 7 3 2 1 . . .7 2 6 9 1 6 3 2 1 . . . 2 7 6 9 6 W T i c B t u h o il r i t l i n a s t l i e 1 s : year: 1 1 0 0 1 3 6 . . 6 2 4 4 1 3 9 . . 7 5 7 2 P P 2 3 0 . . 9 4 0 0 Certificates 10 2.94 2.44 2>2.00 In unit indicated Notes and bonds 10 9.66 13.31 P14.50 Stock prices (1935-39=100): Over 1 year: Total 34 158 155 154 157 160 Total 10 41.22 36.14 P35.00 Industrial 34 171 167 167 170 17 Notes and bonds (1-5 yrs.) 10 31.14 25.91 P24.70 Railroad 34 128 124 123 128 132 Bonds (5-10 yrs.) 10 5.92 6.06 P6.10 Public utility 34 107 105 105 105 106 Bonds (over 10 yrs.) 10 4.16 4.17 P4.20 Volume of trading (mill, shares) 3' 2.04 1.71 1.96 1.83 2.37 For footnotes see p. 1684. DECEMBER 1950 1681 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 Aug. Sept. Oct.1 page Aug. Sept. Oct.i 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 12 104.29 104.55 105.26 Marketable public issues—Cont. Loans 12 39.98 41.54 42.35 By class of security—Cont. U. S. Govt. securities 12 54.43 52.88 52.8: Bonds—Total outstanding. ... 24 102.95 96.83 96.83 Other securities 12 9.88 10.13 10.10 Nonbank (unrestricted issues Demand deposits adjusted e 12 74.31 74.86 75.79 only), commercial bank, Time deposits 12 29.48 29.46 29.46 and F. R. Bank 24 56.69 50.82 P51.20 Balances due to banks 12 10.68 10.95 11.46 Commercial bank and F. R. Balances due from banks 12 5.37 5.45 5.72 Bank. 24 44.16 39.26 P39.60 Reserves 12 16.27 16.60 16.73 F. R. Bank 24 6.77 3.79 4.18 Central reserve city banks: By earliest callable or due date: Loans and investments, total 12 25.21 25.16 25.27 Within 1 year-Total outstanding 25 50.75 54.08 53.77 Loans 12 10.09 10.60 10.77 Commercial bank and F. R. U. S. Govt. securities 12 12.73 12.12 12.12 Bank 25 30.54 30.35 P30.90 De O m th an er d s d e e c p u o r s it i i ts e s a .. d % ju sted e 1 1 2 2 1 2 9 . . 3 2 8 0 1 2 9 . . 4 3 5 1 1 2 9. .38 1-5 F . y R ea . r B s— an T k otal outstanding. 2 2 5 5 4 1 3 4 . .3 3 1 6 3 1 8 0. . 8 6 4 3 3 1 7 0 . . 9 5 5 1 Time deposits 12 2.87 2.89 2.85 Commercial bank and F. R. Balances due to banks 12 4.73 4.88 5.03 Bank. 25 32.77 32.01 P-30.40 Reserves 12 5.50 5.67 5.67 F. R. Bank 25 1.64 6.10 5.72 Reserve city banks: 5-10 years—Total outstanding 25 15.93 15,93 15.93 Loans and investments, total 13 39.38 39.54 39.84 Nonbank (unrestricted issues Loans 13 15.85 16.53 16.93 only), commercial bank, U. S. Govt. securities 13 20.03 19.40 19.30 and F. R. Bank 25 8.37 8.45 P8.5O Other securities.... 13 3.50 3.61 3.61 Commercial Bank and F. R. Demand deposits adjusted e 13 26.50 26.74 27.21 Bank 25 6.84 7.04 P7.10 Time deposits. 13 11.66 11.63 11.66 F. R. Bank 25 .91 .98 1.00 Balances due to banks 13 5.09 5.19 5.49 Over 10 years—Total outstand- Balances due from banks 13 1.70 1.73 1.82 ing 25 45.13 45.13 Reserves 13 6.28 6.36 6.45 Nonbank (unrestricted issues Country banks: only), commercial bank, Loans and investments, total 13 39.70 39.86 40.14 and F. R. Bank 25 6.42 6.60 Loans 13 14.04 14.42 14.64 Commercial bank and F. R. U. S. Govt. securities ... . 13 21.67 21.36 21.39 Bank 25 5.65 5.83 P6.2O Other securities 13 3.99 4.08 4.11 F. R. Bank 25 1.50 1.66 2.03 Demand deposits adjustede 13 28.61 28.81 29.11 !ash income and outgo: Time deposits 13 14.95 14.93 14.95 Cash income 26 3.52 4.87 2.43 Balances due from banks 13 3.51 3.57 3.75 Cash outgo 26 3.01 3.20 3.34 Reserves 13 4.50 4.57 4.61 Excess of cash income or outgo.... 26 + .51 +1.67 -.91 MONEY RATES, ETC. Per cent Treasury bills (new issues) 29 1.211 1.315 1.329 Corporate bonds: CONSUMER CREDIT • Aaa 29 2.61 2 64 2.67 Baa 29 3.23 3.21 3.22 Consumer credit, total5 20 18.84 P19.32 P19.37F. R, Bank discount rate 29 6 1.75 1.75 1.75 Single-payment loans5 20 1.16 Pl.19 Pl.23Commercial paper 29 1.44 1.66 1.73 Charge accounts 20 3.64 P3.74 P3. 70Stock yields: Service credit 20 1.04 Pi. 05 Pl.05 Dividends/price ratio: Instalment credit, total .20, 21 13.01 P13.34 P13.38 Common stock 33 6.66 6.45 6.76 Instalment loans , 21 5.40 P5.48 P5.50 Preferred stock 33 3.85 3.85 3.88 Instalment sale credit, total 21 7.61 P7.86 P7. Automobile 2.1 4.11 P4.21 P4.23 In unit indicated Other 21 3.51 P3. 65 P3. 65 Margin requirements (per cent) 35 50 50 50 S S t t o o c c k k p m r a ic r e k s e t ( 1 c 9 re 3 d 5 i - t 3 9 (m = i 1 ll 0 , 0 d ) o , l t la o r t s a ): l... 35 147 152 158. Bank loans 35 518 533 546 GOVERNMENT FINANCE Customers' debit balances 35, 36 1,231 1,284 1,351 Money borrowed 36 752 751 759 Gross debt of the U. S. Government: Customers' free credit balances 36 780 738 771 Total (direct and guaranteed) 22 257.89 257.24 256.96Volume of trading (mill, shares) 35 1.67 1.93 2.14 Bonds (marketable issues) 22 102.95 96.83 96.83 Notes, certificates, and bills 22 52.21 56.95 55.95 BUSINESS CONDITIONS Savings bonds, savings notes.... 22 66.38 66.29 66.95 Special issues 22 32.71 33.40 33.54Personal income (annual rates, bill, Guaranteed, noninterest-bearing dollars):' * debt, etc 22 3.64 3.77 3.68 Total 48 225.4 '228.7 230.1 Ownership of U. S. Govt. securities: Wage and salary receipts 48 145.5 147.8 150.1 Total: Proprietors' income, dividends, and Commercial bankse 23 64.10 62.20 P62.10 interest 48 64.5 '66.1 64.7 Fed. agencies and trust funds... 23 38.14 38.89 39.01 All other 48 15.4 14.8 15.4 F..R. Banks 23 18.36 19.57 19.25 Labor force (mill, persons): • Individuals * 23 67.40 67.40 P67.30 Total 49 66.2 65.0 65.4 Corporations 6 23 19.50 19.40 P19.70 Civilian 49 64.9 63.6 63.7 Insurance companies e 23 20.00 19.70 P19.50 Unemployment 49 2.5 2.3 1.9 Mutual savings bankse 23 11.40 11.20 Pll.10 Employment 49 62.4 61.2 61.8 State and local govts. • 23 8.20 8.10 P8. 10 Nonagricultural 49 54.2 53.4 53.3 Miscellaneous« 23 10.80 10.70 P10.90Employment in nonagricultural estab- Marketable public issues: lishments (mill, persons): •4 By class of security: Total 50 ••44.89 45.19 P45.28 Bills—Total outstanding 24 13.64 13.64 13.63 Manufacturing and mining 50 16.27 16.39 P16.48 Commercial bank and F. R. Construction 50 '2.43 2.44 P2.47 Bank 24 5.94 5.29 P4.70 Transportation and utilities 50 4.07 4.12 P4.12 F. R. Bank 24 2.30 1.51 .76 Trade 50 ••9.64 9.66 P9.62 Notes and certificates—Total Government 50 '5.88 5.98 P6.02 outstanding. 24 38.57 43.32 42.32Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) 51 ••60.28 60.68 P61.98 Bank 24 25.70 30.69 P30.30 Hourly earnings (dollars) 51 1.463 1.480 Pi.497 F. R. Bank. 24 9.29 14.27 14.31 Hours worked (per week) 51 41.2 41.0 P41.4 For footnotes see p. 1684. 1682 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 Aug. Sept. Oct.1 page Aug. Sept. Oct.* In unit indicated In unit indicated MONTHLY FIGURES—Cont. MONTHLY FIGURES—Cont. BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS—Cont. Industrial production:4 Consumers' prices (1935-39=100): Total (1935-39=100) 52 209 212 P215 All items 64 173.0 173.8 174.8 Groups (points in total index): Food 64 209.0 208.5 209.0 Durable manufactures 52 '93.5 95.5 P98.6 Apparel 64 185.9 190.5 193.4 Nondurable manufactures. 52 '91.3 91.1 P91.4 Rent 64 124.8 124.8 125.0 Minerals. 52 24.1 24.9 P25.3 Miscellaneous 64 158.1 158.8 159.5 Manufacturing production Wholesale prices (1926 =100): (1935-39 = 100), total 53 218 220 P224: Total 65 166.4 169.5 169.1 Durable 53 247 252 P260 Farm products 65 177.6 180.4 177.8 Nondurable 53 195 194 2>195 Food 65 174.6 177.2 172.5 Selected durable manufactures Other commodities 65 155.5 159.2 161.5 (1935-39=100): Textile products 66 149.5 158.3 163.0 Nonferrous metals 54 '212 209 Hides and leather products 66 195.6 >-202.9 208.4 Steel 54 265 275 286 Chemicals and allied products... 66 122.5 128.7 132.3 Cement 54 214 206 214 Fuel and lighting materials 67 134.4 135.1 135.4 Lumber 54 151 150 Building materials 67 213.9 ••219.7 219.0 Transportation equipment 54 '285 286 P291 Metals and metal products...... 67 174.3 176.7 178.6 Machinery 54 279 286 P300 Miscellaneous 66 124.3 127.4 131.3 Selected nondurable manufactures Prices paid and received by farmers (1935-39=100): (1910-14=100): Apparel wool consumption 55 178 169 Paid, etc 69 258 261 261 Cotton consumption 55 155 152 162 Received 69 267 272 268 Shoes 55 127 Cash farm income (mill, dollars): Paperboard 55 228 232 238 Total 70 2,551 2,913 P3,580 Newsprint consumption 55 165 163 171 Livestock and products 70 1,361 1,454 PI.534 Manufactured food products.... 55 168 168 P164: Crops 70 1,182 1,452 *>2,034 Fuel oil 55 190 200 P2O7 Govt. payments 70 8 7 12 Gasoline 55 200 195 P197 Industrial chemicals 55 '454 463 M78 Rayon 55 '363 376 P371 INTERNATIONAL TRADE AND FINANCE Sales, inventories, and orders:7 Sales (bill, dollars):* Exports and imports (mill, dollars): Manufacturing, total 56 22.8 21.0 *21.2 Exports 76 P761 P911 P904 Durable 56 10.1 9.4 P9.7 Imports 76 P819 P857 P921 Nondurable 56 12.7 11.6 Pll.6 Excess of exports or imports 76 P-58 P53 P-17 Wholesale, total 57 9.6 8.9 P8.8 Short-term liabilities to and claims on Durable... 57 2.9 2.6 P2.5 foreigners reported by banks (bill, Nondurable 57 6.7 6.3 P6.3 dollars): Retail, total 57 12.7 12 .1 Pll.8 Total liabilities 77 *>6.83 P7.35 Durable 57 4.7 4.4 P4.2 Official 77 P3.24 P3.73 Nondurable 57 8.0 7.7 P7.6 Invested in U. S. Treasury bills Inventories (bill, dollars):4 and certificates, 77 Pi. 05 Pl.35 Manufacturing, total 56 29.7 30.7 P31.4 Private 77 *3.58 P3. 62 Durable 56 13.7 13.9 P14.3 Claims on foreigners 77 P. 69 P.75 Nondurable 56 16.0 16.7 *17.1 Foreign exchange rates: Wholesale 57 9.6 9.9 P10.2 See p. 1703 of this BULLETIN 78, 79 Retail 57 15.1 15.8 P16.5 New orders (bill, dollars): Durable 56 13.9 11.5 P12.1 1950 Nondurable 56 13.3 12.1 P12.5 Construction contracts (3 mo. moving avg., mill, dollars) :4 Jan.- Apr.- July- Total... 58 1,369 1,317 *1,228 Mar. June Sept. Residential 58 666 611 54 QUARTERLY FIGURES Other 58 703 705 Residential construction: GOVERNMENT FINANCE In billions of dollars Contracts awarded (mill, dollars): Total 59 732 560 490 Budget receipts and expenditures of 1- and 2-family dwellings 59 570 427 401 U. S. Treasury: Other 59 163 133 89 Expenditures, total 27 9.09 10.10 9.05 Dwellings started (thous. units) ... 59 National defense 27, 28 3.03 2.97 3.21 Value of construction activity (mill, Veterans' Administration 28 1.58 1.46 1.31 dollars): International aid 28 1.02 1.18 .83 Total» 60 2,790 2,806 P2.728 Interest on debt 28 1.26 1.93 1.05 Nonresidential:e All other 28 2.13 2.47 1.94 Public 60 692 707 Receipts: Private 60 762 765 Net receipts. 27 11.16 8.21 9.34 Residential:8 Individual income taxes 28 6.63 4.23 3.96 Public 60 27 28 P30 Corporate income, etc 28 2.68 2.28 2.45 Private 60 1,309 1,306 Pi,232 Miscellaneous internal revenue. . 28 1.95 2.05 2.45 Freight carloadings :4 All other 28 .78 .62 .63 Total (1935-39 =100). .# 61 135 134 136 Tax refunds (deduct) 28 .88 .97 .18 Groups (points in total index): Miscellaneous 61 80.6 78.0 79. Coal 61 26.9 28.7 28. MONEY RATES Per cent per annum All other 61 28.0 27.3 28. Department stores: Bank rates on loans to business: Indexes (1935-39 =100) :*- All loans: Sales 62 335 320 292 19 cities 31 2.60 2.68 2.63 Stocks 62 284 309 328 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) 63 331 '370 361 11 Southern and Western cities.. 31 3.12 3.22 3.13 Stocks (mill, dollars) 63 918 1,029 1,208 Loans of $1,000-$10,000: Outstanding orders (mill, dollars) 63 755 '702 662 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 4.7 5. 7 Northern and Eastern cities. .. 31 4.64 4.58 4.56 Stocks 63 2.8 2.8 3. 11 Southern and Western cities.. 31 4.64 4.70 4.71 For footnotes see p. 1684. DECEMBER 1950 1683 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 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—Gont. QUARTERLY FIGURES—Gont. MONEY RATES—Coilt. BUSINESS FINANCE—Cont. Bank rates on loans to business—Cont. Plant and equipment expenditures Loans of $10,000-$ 100,000: (bill, dollars):« w 19 cities 31 3.54 3.65 3.63 All business 42 3.7 4.3 '4.7 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 11 Southern and Western cities. . 31 3.71 3.83 3.83 Manufacturing and mining 42 1.7 2.0 '2^2 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 N 7 1 1 9 1 e N w c S o i o t r Y i u t e h t o s h e r e k rn r n C a i a n t n y d d E W as e t s e t r e n r n c i c t i i t e ie s s .. . . . 3 3 3 3 1 1 1 1 2 2 2 2. . . . 7 1 2 3 4 3 8 1 2 2 2 2 . . . . 3 8 4 1 9 2 5 6 2 2 2 2 . . . . 1 6 3 3 5 7 9 4 Liq O C U u a t . i h s d S h e . r s a G s v e o i c n v u g t r . s it s i e e c s u rities * 4 4 4 4 3 3 3 3 + + + -0 0 0 0 . . . . 2 4 5 8 + + + + 0 0 0 0 . . . . 2 6 8 8 Stock yields: Insurance 43 -0.3 +1.3 Earnings/price ratio, common Debt liquidation 43 -0.5 -2.6 stocks 33 12.28 15.30 P14.69 Annual rates in billions of dollars BUSINESS FINANCE In unit indicated GROSS NATIONAL PRODUCT, ETC. « Corporate assets and liabilities (bill, Gross national product4 44 '263.4 '270.3 284.3 dollars): • Govt. purchases of goods and serv- Current assets, total 37 129.3 134.2 ices 44 '41.0 '40.2 40.8 Cash 37 24.7 25.9 Personal consumption expenditures 44 182.4 '185.2 198.4 U. S. Goyt. securities 37 17.4 18.3 Durable goods 46 26.9 26.7 33.5 Inventories 37 44.9 45.3 Nondurable goods 46 '97.4 '99.3 104.9 Receivables 37 40.7 43.0 Services. 46 '58.1 '59.2 59.9 Current liabilities, total 37 57.8 60.4 Private domestic and foreign invest- Notes and accounts payable 37 34.7 36.2 ment 44 '40.0 '44.9 45.1 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 '19.9 '22.3 27.1 Total (bill, dollars) • 38 1.40 2.19 1.12 New construction 45 19.9 '21.3 22.8 New money, total (bill, dollars)«... 38 1.01 1.27 '.74 Change in business inventories. 45 '2.0 3.4 -1.5 Type of security (bill, dollars): Net foreign investment 45 r-1.7 -2.0 -3.3 Bonds 38 .83 .76 .61 Personal income, consumption, and Preferred stock 38 .09 .20 .07 saving: i Common stock 38 .10 .32 .07 Personal income 47 216.4 '215.1 224.8 Use of proceeds (mill, dollars): Disposable income 47 '197.5 '195.6 204.7 Plant and equipment: Consumption expenditures 47 182.4 '185.2 198.4 All issuers 39 777 958 '577 Net personal saving 47 '15.0 '10.4 6.4 Public utility 8 39 567 774 ••432 Railroad 39 106 81 '67 Industrial8 39 73 103 '75 1949 1950 Working capital: All issuers. 39 237 317 '165 Public utility s 39 1 6 6 June Dec. June I R n a d i u lr s o t a ri d a l 8 3 3 9 9 9 1 4 8 171 '94 SEMIANNUAL FIGURES 30 31 30 Bonds (bill, dollars): e 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):e 4 40 29.2 37.4 942.0 A C g om 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 U Pr n o u d f n i i d t s s t i r s i t a b r f i u t b e t u e r d te t d a p x r p o e r s f o i f t i ( s t d s .. i ) . v idends and 4 4 0 0 1 9 7 . . 1 2 2 1 2 4 . . 2 1 '91 92 5 5 .6 .0 F R C o e o r a n l s p u e u s m r t c a e h t r a e . s . i ng securities: 1 1 1 1 1 7 0 . . 1 8 7 9 1 8 1 . . 0 4 0 1 1 9 2 . . 0 2 4 7 Corporate profits after taxes (quar- To brokers and dealers 11 1.97 1.75 1.86 All t e c r o ly r p t o o r t a a t l i s o ) n : s (bill, dollars)e. . . . 41 4.3 5.6 State T a o n o d t h lo e c r a s l government securities. 1 1 1 1 0 5 . .7 9 6 0 0 6 . . 8 4 6 0 0 7 . . 9 2 1 4 Larg l e a r c s o ) rporations, total (bill, dol- 41 1.2 '1.5 Other securities 11 3.49 3.57 3.72 Manufacturing (mill, dollars): Durable 41 '496 '695 778 Nondurable 41 '308 ••353 464 Electric power and telephone (mill, dollars) 41 304 298 256 Railroads (mill, dollars) 41 51 '155 253 « Estimated. P Preliminary. ' Revised. 1 For charts on pp. 22, 29, and 35, figures for a more recent period are available in the regular BULLETIN tables that show those series. Because the Chart Book is usually released for publication some time after the BULLETIN has gone to press, most weekly charts and several monthly charts include figures for a more recent date than are shown in this table. 2 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 8 Less than 5 million dollars. * Adjusted for seasonal variation. 6 Revised. See pp. 1465-1466 of the BULLETIN for November 1950. 6 Effective Aug. 21. 7 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. 8 Beginning with the second quarter of 1950 data are not strictly comparable with those for earlier quarters because of changes in components. 9 Estimates of Council of Economic Advisers, based on preliminary data. i0 Expenditures anticipated by business during the fourth quarter of 1950 are (in billions of dollars): All business, 5.4; manufacturing and mining, railroads and utilities, 4.0; manufacturing and mining 2.7; and during the first quarter of 1951 are 4.8, 3.4, and 2.4, respectively. * Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $6.00; individual copies of monthly issues at 60 cents each. 1684 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued CONSUMER CREDIT 1950 1950 Chart Chart book book page Aug. Sept.? Oct.p page Aug. Sept.p Oct.p In millions of dollars In millions of dollars Consumer credit outstanding, total 1.. 3 18,842 19,315 19,366 Consumer instalment sale credit Instalment credit, total 3,5 13,009 13,337 13,379 granted, cumulative totals:2 Instalment loans 5 5,396 5,479 5,500 By all other retailers 7 1,093 1,050 873 Instalment sale credit 5 7,613 7,858 7,879 By department stores and mail- Charge accounts. 3 3,636 3,741 3,703 order houses 7 961 917 766 Single-payment loans1 3 1,157 1,190 1,232 By furniture and household appli- Service credit 3 1,040 1,047 1,052 ance stores. 7 775 731 598 Consumer credit outstanding, cumu- By automobile dealers 7 525 481 422 lative totals:12 Consumer instalment loan credit out- Instalment credit 4 18,842 19,315 19,366 standing, cumulative totals: 2 Charge accounts. 4 5,833 5,978 5,987 Commercial and industrial banks. 8 5,396 5,479 5,500 Single-payment loansl 4 2,197 2,237 2,284 Small loan companies 8 2,705 2,722 2,743 Service credit... .... 4 1 040 1 047 1,052 Credit unions g 1 696 1 712 1 717 Consumer instalment sale credit out- Miscellaneous lenders . g 1,182 1,188 1,194 standing, cumulative totals:2 Insured repair and modernization All other retailers 6 7 613 7 858 7,879 loans g 835 837 841 Department stores and mail-order houses 6 6 886 7 102 7,122 Furniture and household appliance stores 6 5,763 5,943 5,950 Automobile dealers 6 4,107 4,213 4,231 P Preliminary. 1 Revised. For description of revision see BULLETIN for November, pp. 1465-1466. 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. NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS DISTRICT FIGURES DERIVED FROM ESTIMATES OF THE DEPARTMENT OF AGRICULTURE BY STATES, AS OF NOVEMBER 1, 1950 [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1949 Nov. 1, 1950 1949 Nov. 1, 1950 1949 Nov. 1, 19501 1949 Nov. 1, 1950 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston .. .... 6,904 7,664 New York 33,917 36,609 13,011 12,661 84 88 Philadelphia 56,510 55,908 18,961 17,178 Cleveland . 251,347 219,809 65,586 50,883 Richmond.................. 1,040 585 190,015 195,956 24,677 23,609 Atlanta 2,086 1,608 204,395 221,945 6,372 5,465 Chicago 1,351,980 1,100,614 90,920 67,065 2,642 1,355 St. Louis 33,765 4 2,743 430,953 430,146 73,488 50,192 21 17 Minneapolis ............... 378,335 336,744 29,356 28,762 201,043 226,858 Kansas City 506 187 396,589 414,933 367,761 347,403 6,846 3,931 Dallas , . . 6,974 3,557 69,650 77,408 104,507 21,801 125 111 San Francisco 1,757 1,265 7,195 7,700 107,029 115,518 34,034 37,172 Total... ......... 16,128 9,945 3,377,790 3,105,436 901,668 740,537 244,795 269,532 Oats Tame hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1949 Nov. 1, 19502 1949 Nov. 1, 1950s 1949 Nov. 1, 1950 1949 Nov. 1, 1950 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 5,831 6,490 3,613 3,714 39,457 39,771 75,541 70,022 New York . , 23,959 35,035 5,222 6,327 915 973 35,154 43,160 Philadelphia 15,601 18,295 2,471 2,606 58,709 61,415 19,861 22,341 Cleveland 58,869 53,209 5,719 6,268 150,699 126,885 12,405 13,625 Richmond . .... 35,103 37,688 5,292 4,986 1,076,513 1,216,153 22,032 23,928 Atlanta 28,126 30,553 4,055 3,731 247,627 225,951 13,667 14,507 Chicago 591,639 636,322 16,876 20,730 32,460 33,123 30,392 30,805 St Louis . . . .... 64,738 78,816 9,829 10,163 357,353 302,548 7,496 7,009 [Minneapolis 322,573 388,540 9,174 10,848 2,431 2,408 42,612 48,963 Kansas Citv 106,002 129,465 10,220 10,329 4,212 3,938 31,407 33,758 Dallas .... 37,499 33,668 1,786 1,855 4,123 3,206 San Francisco.. ............ 32,984 35,894 12,752 13,656 107,272 119,267 Total... ............. 1,322,924 1,483,975 87,009 95,213 1,970,376 2,013,165 401,962 430,591 1 Estimate is for Aug. 1; no estimate made since that date. 2 Estimate is for Oct. 1; no estimate made since that date. 3 Includes 15,000 bales grown in miscellaneous territory. 4 Includes 8,000 bales grown in miscellaneous territory. DECEMBER 1950 1685 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States. . 1688-1693 Gold production . 1693 Reported gold reserves of central banks and governments. . 1694 Gold movements; gold stock of the United States. . 1695 International Monetary Fund and Bank, . 1696 Central Banks . 1697-1701 Money rates in foreign countries. . 1701 Commercial banks. . 1702 Foreign exchange rates . 1703 Price movements: Wholesale prices . 1704 Retail food prices and cost of living. . 1705 Security prices . 1705 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. DECEMBER 1950 1687 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES From th r J o a u n g . h 2 — , 1935, Total To I t n a c l reas f e u n in O d s f f f o i i c n r i e a i U l g i n . S b . ank O in th g er f i t I u n e n b i n s r c n n a t d r i n a e t s U u k a t i o t . s i o i n e S f o n g n . i a in n s l - D b i a n a f e b u n c U r n r k o e d . i a a n s S d s g e . se o F R f c u f o u e n r U t r e d u i i . t s g r i S n e 2 n s . : s D I e n f f c o o u fl u m r n o e r d w i i e g t s s i n t e o * i s c f : b I b n r 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. 3i 5,354.1 2,979.6 1,177.1 1,802.6 791 3 855.5 626.7 100.9 1942—Dec 318 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 J . R44. 3 116.8 1,182.1 183.3 123.1 1949—Oct. 31 8,660.2 5,115.3 2,025.6 3,089.7 L.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 t,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— F j eanb#. 2 3 8 1 .. 9 8 , , 0 8 9 6 2 4 . . 5 0 5 5 , , 2 2 4 8 5 3 . . 9 8 2 2, , 1 1 8 5 9 3 . . 7 6 3 3 , , 0 0 9 9 2 4 . . 4 1 L L , , 7 7 2 0 3 7 . . 0 1 4 4 5 0 8 4 . . 7 5 1 1 , , 1 2 0 1 3 0 . . 7 0 2 3 6 1 3 0 . . 8 1 1 1 2 2 3 2 . . 0 8 Mar 31 '9,153.2 5,308.8 2,112.9 3,195.9 L.690.9 480.6 '1,163.6 379.3 130.0 Apr. 30.... ..... '9,375.9 5,504.2 2,168.3 3,336.0 1,663 4 494 6 '1,158 7 424.4 130.6 May 31. '9,567.3 5,614.5 2,298.5 3,316.0 1,662.7 522.1 '1,183.3 459.6 125.2 June 30 '9,786.5 5,784.7 2,530.3 3,254.5 1,636.4 '472.1 '1,231.7 538.4 123.2 July 31.. 9,897.9 5,831.1 2,592.5 3,238.6 1,626 6 459 4 1,230.4 629.7 120.7 Aug. 31* ......... 10,202.7 6,091.0 2,532.3 3,558.0 .611.2 437.1 1,177.0 765.0 121.4 Sept. 30P 10,583.2 6,616.5 3,019.7 3,596.8 1,624.4 377.5 1,044.7 799.9 120.2 TABLE 2.—TOTALCAPITALMOVEMENT,BY COUNTRIES From th J r a o n ug . h 2 — , 1935, t s i t I o i n t n u te a t r i l o n i n n a s - - Total U K d n o i i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - Am La e t r i i n ca Asia o A th l e l r 1944—Dec.31 7,728.4 1,090.0 585.7 506.2 664.3 63.1 1,172.5 4,081.8 976.4 1,193.7 1,273.6 203.0 1945_Dec. 31....... 8,802.8 892.5 464.2 539.7 722.3 106.5 1,311 8 4,037.0 •1,395.7 1,338.4 1,784.1 247.5 1946—Dec.31....... 453.8 7,555.7 563.1 384.8 326.4 766.1 287.5 1,246.3 3,574.2 979.7 1,474.0 1,258.3 269.6 1947—Dec.31.. ?,067.3 6,276.4 437.0 234.3 213.8 839.3 150 1 1,100 6 2,975.1 688.6 1,383.4 984.3 244.9 1948_Dec. 31 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__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 L.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 L.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 L.792.3 882.9 270.2 Feb. 1,611.3 7,481.2 764.4 115.1 162.0 890 0 298 2 1,217 8 3 447 5 1,024 2 1,833 5 933.2 242.8 Mar.3218 . 1,615.3 '7,537.9 797.7 112.0 171.7 952.6 259.4 1,219.3 3,512.7 '995.8 1,854.1 943.1 232.2 Apr. 30. 1,616.0 '7,759.9 888.4 114.2 188.4 983.7 255 5 1,240 0 3,670 2 '994.9 1,875.9 997.2 221.7 May 31 1,627.9 '7,939.4 943.0 156.2 210 6 989 0 267 6 1 243 93 810 3'1 ,021 3 1,855 7 1,023 7 228.4 June 30 I,617.2 '8 ,169.4 1,055.5 188.6 '215.6 M,000.4 270.6 '1,268.1 '3,998.9 '1 ,069.1 11,842.4 1,030.7 228.3 July 31. .. 1,608.3 8,289.6 1,048.0 163.4 236 9 1,006 2 268 3 1,291 0 4 013 9 1,097 5 1,914 0 1,019.7 244.5 Aug.31P 1,599.4 8,603.3 940.4 332.6 246.2 1,046.4 271.7 1,311.9 4,149.1 1,176.3 1,944.8 1,073.7 259.4 Sept.30P 1,612.8 8,970.4 861.7 363.2 246.6 1,037.6 307.4 1,357.5 4,174.1 1,347.4 >,038.7 1,155.5 254.8 p Preliminary. r Revised. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and special deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.), and also special deposit accounts held with the U. S. Treasury. 2 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 5 and 6. Securities of such institutions are included in foreign securities. 8 The weekly series of capital movement statistics reported through July 1,1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation see BULLETIN for January 1943, p. 98. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637 in the same publication, and for those subsequent to 1941 see BULLETIN for February 1950, pp. 246-251. For revision of earlier figures to include movement in official Philippine accounts held with U. S. Treasury, see BULLETIN for July 1946, pp. 815-819. Certain of the figures in tables "Short-term Liabilities to and Claims on Foreigners Reported by Banks in the United States, by Countries" are not strictly comparable with the corresponding figures for preceding months owing to changes 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. 1688 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES Inter- From th J ro a u n g . h 2 — , 1935, n t a u in t t i i s o o t n i n - a s l Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1944—Dec. 31.. 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31.. 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 1,414.2 924.9 1,369.1 212.9 1946—Dec. 31. . 453.8 5,272.3 397.6 165.8 208.2 359.0 247.6 687.2 2,065.5 823.9 983.3 1,135.7 263.9 1947—Dec. 31.. 2,242.0 4,120.3 264.9 87.6 126.7 432.8 132.8 576.6 1,621.4 301.6 1,095.0 877.3 224.9 1948—Dec. 31.. 1,844.3 5,119.5 485.0 112.6 106.1 525.3 313.2 574.8 2,117.1 667.2 1,165.4 971.2 198.6 1949—Oct. 31.. ,692.4 5,115.3 451.3 103.8 166.3 563.2 266.3 507.4 2,058.3 702.8 1,294.9 835.9 223.3 Nov. 30. . ,655.1 5,140.2 495.3 103.0 146.3 554.0 275.4 512.0 2,086.0 717.0 1,317.5 803.9 215.8 Dec. 31. . ,637.8 5,226.0 513.0 91.4 153.9 563.3 283.3 553.7 2,158.7 761.1 1,315.1 780.4 210.7 1950—Jan. 31.. ,723.0 5,245.9 548.1 72.2 16.0.7 493.8 276.4 575.8 2,127.1 811.4 1,264.9 801.5 241.0 Feb. 28.. ,707.1 5,283.8 571.9 79.3 152.5 497.0 282.3 603.9 2,186.8 765.2 1,267.2 846.7 217.8 Mar. 31.. ,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.. ,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.. ,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. . ,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.. ,626.6 5,831.1 852.4 113.0 231.8 580.3 255.5 638.6 2,671.6 688.4 1,333.5 912.8 224.7 Aug. 31 P. ,611.2 6,091.0 746.2 193.9 240.5 621.9 253.5 663.0 2,719.1 819.7 1,348.1 966.6 237.5 Sept. 30P. ,624.4 6,616.5 686.1 175.4 238.9 590.1 284.7 703.9 2,679.2 ,225.7 1,422.2 1,046.4 243.1 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1944—Dec. 31 805.8 266.1 77.7 18.3 6 8 26.2 231.5 626.6 64.8 37.0 77.7 -.3 1945—Dec 31 742.7 266.6 78.0 -17.7 5.2 26.2 235.1 593.4 39.5 9.1 99.2 1.5 1946—Dec. 31 427.2 244.3 73.4 — 132.3 — 1 7 10.6 226.9 421 3 40.7 —58.8 29.9 ~5.8 1947—Dec 31 186.5 262.8 55.7 -30.5 1.1 5.5 190.9 485.5 65.4 -346.3 2.0 -20.1 1948—Dec. 31 116.8 267.5 -39.9 -32.7 1 2 10.8 203.5 410 3 53.0 —348.6 10.3 -8.3 1949—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 Tune 30 r472.1 263.9 58.4 14.4 — 1.0 -2.1 r245.3 '578.8 57.8 -155.7 41.2 —50.0 July 31 459 4 255 3 58 8 14 1 — 1 6 2 245 9 572 9 46 8 — 162.4 42 9 —40.6 Aug. 31 P 437.1 253.5 48.8 16.5 — 5 5 5 236.8 565.7 22.6 -148.9 41.8 -39.1 Sept. 30P. 377.5 217.1 53.9 15.3 -2.6 9.5 241.3 534.5 -20.0 -129.0 41.2 -49.2 TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) Inter- From t h J r a o n u . g h 2 — , 1935, n t a u in t t i i s o o t n i n - a s l Total U K d n i o n i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C ad a a n- A L m a e t r i i n ca Asia o A th l e l r 1944—Dec. 31 1 019 4 126.5 51.0 33.6 44 5 27.6 246.9 530.1 104.9 302.0 61.3 21.0 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 1949—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 rl 431 3 70.4 45.1 — 16.9 8 2 27.1 314.9 448.9 '271.5 606.5 64.1 40.3 Apr 30 —266 6 rl 425 3 69 3 45.0 — 14.5 11 0 27.1 315.5 453.3 r255.6 606.9 64.1 45.4 May 31 -266.5 rl 449 8 68.0 44.6 -15.0 14.2 27.4 316.1 455.3 ••274.8 609.8 64.2 45.7 June 30 —267.1 rl 498 8 67.1 44.1 — 14.2 16 8 27.4 316.1 457.2 »-307.5 620.8 64.2 49.0 July 31 -266.9 1 497 3 66.4 43.8 -13.6 15.1 27.4 316.5 455.7 304.6 623.5 64.2 49.4 Aug. 31P -266.9 1,443 9 66.2 43.6 -13.6 14.8 27.4 317.0 455.4 249.4 625.3 64.2 49.6 Sept 30P -266.9 1,311.6 77.4 44.3 -12.9 34.0 28.6 319.5 490.8 80.4 624.5 65.6 50.3 p Preliminary. T Revised. DECEMBER 1950 1689 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) Inter- From th J ro a u n g . h 2 — , 1935, n t a u in t t i i s o o t n i n - a s l Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th D er 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 194g—Dec# 3i 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_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. 3i 169.6 94.1 -166.2 -65.7 2.8 363.7 -14.7 47.4 167.2 — 184.6 93.6 10.6 7.3 Feb. 28 173.2 136.8 -163.1 -66.7 1.1 359.1 -14.9 49.5 165.0 -136.1 90.0 10.4 7.5 Mar. 31 192.1 187.2 -158.8 -69.1 9 355.9 — 14 8 60.4 174.5 -101.9 95 1 11 2 8.3 Apr. 30 219.2 205.2 -158.2 -69.4 -1.4 357.8 -15.1 65.4 179.1 -76.6 96.9 -2.8 8.7 May 31 231 8 227.8 — 146 5 —68 6 —3 0 364 0 — 15 5 65 7 196 1 — 74 8 101 6 —3.5 8.5 June 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 Tuly 31. 248 6 381 1 — 143 6 -68 7 -6 0 383 9 — 15 2 79 7 230 0 37 3 109 9 —5 5 9 4 Aug. 31 P 255.1 510.0 -142.5 30.4 -7 9 383.0 — 15.1 85.0 332.9 64.8 108.3 -5.6 9.5 Sept. 3QP 255.3 544.6 -135.8 73.0 -5.9 390.5 -15.8 82.7 388.6 42.6 108.3 -4.3 9.4 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) United Neth- Switz- Other Total Can- Latin All 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 Europe Europe ada America Asia other 1944—Dec. 31 126.3 18.5 23 1 22 3 23 0 3 10 4 97 7 16 2 5 1 5 6 1 8 1945—Dec. 31 144.1 19.8 23.4 26 0 30 3 .4 13.6 113 6 19.5 5.9 3.8 1.3 1 19 9 4 4 7 5 — — D D eecc#. 3 3 i 1 . 1 1 4 5 2 3. . 7 4 1 1 8 9 . . 2 2 2 1 0 9 . . 5 1 1 12 7 . . 7 5 3 3 8 9 . . 2 6 . . 3 4 1 14 4 . . 2 7 1 10 1 2 2 .0 7 2 1 1 9 . . 5 6 1 1 2 3 . . 9 4 6 4 .8 6 2.0 7 194g—Dec> 3i 123.1 17.0 16.7 9.3 27.5 .4 11.0 81.9 19.6 14.0 7.0 .6 1949—Oct. 31 126.8 17.5 16.2 10.3 27.0 .5 11.4 83.0 19.9 16.4 6.9 .7 Nov. 30 121.3 17.1 16 2 10 6 25 3 6 11.4 81.2 18 3 14 5 6 6 7 Dec. 31 123.7 17.1 16.2 9.6 28.4 .6 11.1 82.9 20.5 12.7 6.8 .8 1950— F ja e i b lt . 3 2 1 8 1 12 2 2 3 . . 8 0 1 1 6 7 . . 3 1 1 15 5 . . 5 8 1 1 1 1 . . 0 1 2 2 7 6 . . 8 8 . . 6 6 1 1 0 1 . . 7 1 8 8 2 1 . . 5 8 2 1 1 7 . . 8 7 1 1 1 5 . . 2 7 6 6 .7 9 . . 8 8 Mar. 31 130.0 17.0 15.3 11.3 27.8 .6 10.4 82.4 21.2 18.5 7.2 .8 Apr. 30 130.6 17.3 15.5 11.1 29.0 .5 10.4 83.7 21.5 16.3 8.3 .7 May 31 125.2 16.7 16.1 11.6 27.0 .5 10.3 82.2 21.6 12.3 8.4 .8 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 Tuly 31 120.7 17.5 16.5 10.6 28.4 .5 10.3 83.8 20.3 9.5 5.4 1.7 Aug. 31P . ., 121.4 16.9 15.8 10.7 27.1 .5 10.1 81.1 19.7 12.0 6.7 1.8 Sept. 30P 1120.2 17.0 16.6 11.2 25.4 .5 10.2 81.0 18.6 12.8 6.6 1.2 SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS Total foreign In- countries 2 Date t t i e i n o r s n n t a i a - - l Official U K d n i o i n m t g ed - France N la e e n r t d - h s - S la w e n r i d - tz 3 - Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - Am La e t r i i n ca Asia o A th l e l r tutions and Official private 1944—Dec. 31 5,596.8 3,335.2 865.7 401.2 209.7 239.3 27.3 774.5 2,517.8 926.5 909.3 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—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... L.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 L386.4 982.2 209.8 Feb. 28... 1,727.0 6,017.9 2,900.0 633.2 159.4 169.1 510.6 302.6 767.2 2,542.1 873.2 L.388.7 1,027.3 186.6 Mar. 31... 1,710.8 6,042.9 2,823.2 662.1 157.0 178.7 574.1 260 0 756.3 2,588.1 857.4 1,391.1 1,027.9 178.4 Apr. 30... i,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 L,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 11,376.2 1,101.8 188.2 July 31... 1,646.5 6,565.3 3,302.8 913.8 193.1 248.4 593.9 275.8 801.9 3,026.9 796.4 L,455.0 1,093.4 193.5 Aug. 31 P.. 1,631.2 4 6,825.1 3,242.6 4 807.5 274.0 257.2 635.6 273.8 826.2 43,074.3 927.6 1,469.6 1,147.2 206.4 Sept. 30P .. 1,644.3 7,350.6 3,730.0 747.4 255.6 255.5 603.8 305.0 867.2 3,034.4 1,333.6 1,543.7 1,227.0 211.9 P Preliminary. 1 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 73.8; U. S. brokerage balances abroad, 30.4. 2 Country breakdown is for "Official and private." * 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. 1690 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu el m - C v o z a s e k lo c i h - a - m De a n rk - l F a i n n d - m G a e n r- y1Greece N w o a r y - l P an o- d t P u o g r a - l m R a u n - ia Spain S d w e e n - USSR Y sl u av g i o a - ot A he ll r2 1944—Dec. 31.. 774.5 124.3 14.8 7.1 6.8 48.7 220.8 54.5 9.5 43.4 152.1 16.1 5.7 70.7 1945—Dec. 3\ . . 909 1 185 0 25.9 5.5 7.0 70.8 216.1 47.9 9.3 31.7 210.1 28.0 5.7 66.0 1945—Dec. 3i 850.5 159 5 66.5 22.2 7.1 49.3 123.5 39 0 8.9 16 4 172 6 60 5 12.4 112,5 1947—Dec. 31. . 739.8 124.9 52.8 30.5 89.5 34.7 56.2 47.1 8.7 12.8 58.6 73.7 12.1 138.2 1948—Dec. 3i _ 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 1^49—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— F Ja e n b. . 2 3 8 im.m. 7 7 3 6 9 7 .2 0 4 4 4 4 1 .0 3 1 1 2 3 3 3 .3 9 1 1 7 7 .3 7 3 3 5 3 . . 2 2 2 2 3 0 . . 8 6 1 1 4 6 9 4 . . 7 6 3 3 0 1 . . 3 6 7 82 6 . . 2 4 6 6 .7 0 4 3 0 9 .2 0 6 6 . . 5 4 1 1 4 1 .3 0 1 9 0 6 1 . . 1 9 1 9 1 .1 4 7 5. . 8 1 5 5 8 7 . . 5 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 Aor, 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 1.1.3 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 P. 826.2 32.0 107.8 7.0 31.6 16.2 262.9 51.6 71.2 3.5 35.7 6.1 13.0 117.0 11.8 5.3 53.5 Sept. 3QP . 867.2 36.3 111.6 6.1 36.4 15.7 286.4 41.8 80.1 12.4 39.1 6.1 13.4 109.8 9.8 5.2 56.9 Latin America Neth- Do- er- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba 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- I l W n a a d n n e i d d s e s t s Peru l P p i R c u a e b n o - - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i m c a th a t e i e r 3 n r lie 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 SO.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 1.7.1 123.7 55.6 54.0 219.4 146.7 24.3 52.6 71.8 121.7 184.1 1949—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. 1,386.4 210.2 13.9 164.4 57.5 97.3 169.7 '35!8' 25]8' 184.1 26.5 48.7 73.8 62 .'i'117.4 63.4 Feb. 28. 1,388.7 219.3 13.0 143.8 70.1 90.6 176.9 36.3 26.7 179.7 25.4 46.4 77.7 42.6 57.4 115.2 67.8 Mar, 31. 1,391.1 221.2 13.1 141.1 70.4 80.0 185.4 38.8 27.6 175.7 26.5 51.6 81.4 42.6 58.0 110.1 67.5 Apr. 30. 1,405.1227.0 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. 1,376.1 233.5 13.9 99.4 68.6 53.1 227.2 40.9 26.6 160.2 28.4 46.3 80.8 36.9 67.0 124.4 68.9 June 30. 1,376.2 237.6 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. 1,455.0 239.0 13.3 150.3 69.0 70.7 245.8 45.6 23.5 174.9 30.1 49.8 69.5 28.6 73.8 104.9 66.3 Aug. 31z>1,469.6 249.8 18.4 155.0 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 Sept. 3QP 1,543.7 268.9 19.0 187.1 76.9 65.9 259.6 41.8 22.6 177.2 29.0 58.0 72.2 24.0 73.9 101.8 65.8 Asia and All Other Egypt Date Asia C M c a h h n a i u d n n - a - H K o o n n g g India I n n e d s o ia - Iran IsraelJapin p ip P u R p h b e i i l n - l i - c e T la h n a d i T k u e r y - O A t s h ia e 4 r o A th l e l r t A ra u l s i - a C g B o i e a n l n g - o A E t a n i g n a g y d n l p o - - A U So f n o r u i i f o c th a n Other5 ria Sudan 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 4113 7 4 1 629 1 52 S 107 <? 181 8 28 9 18 9 6 4 127.7 1946—Dec! M16.4 431'. 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 19 4S Dec. 31 1,151.8 216.2 51.1 51.8 41.5 81 4 488 17 s 204 0 167 4 22 27 7 15 101.6 1949—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 16 8 21.0 238.8 286 1 ' '24!3 12 0 101 5 209.8 29 8 "27\2 72 8 22.9 57.1 Feb, 2S. 1,027.3 112.3 90.6 69.5 29 2 16°. 4 27.3 252.2 289 4 22.6 14 4 103 5 186.6 25 1 28.3 58.4 21.3 53.6 Mar. 31. 1,027.9 104.5 88.8 61.8 27 6 17.5 25.0 275.2 289 4 23.5 10 4 104 2 178.4 20 5 30.0 57.3 15.8 54.7 Apr. 30. 1,090.7 98.5 96.4 61.7 31 4 16.5 21.8 332.9 294 6 27.4 10 2 99 2 163.9 17 5 31.8 56.2 6,6 51.8 May 31. 1,106.9 99.1 102.0 59.5 35 9 14.8 19.7 330.7 299 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 107A 50.7 41 8 15.4 15.1 338.9 291.3 29.7 12 8 102.7 188.'2. 18 6 35.6 57.7 14.7 61.6 July 31. 1,093.4 91.3 93.6 42.1 47 7 17.5 15.7 353.2 290.4 29.4 12 4 100.1 193.5 19 5 39.8 53.0 19.7 61.'5 Aug. 31* 1,147.2 94.3 90.1 51.3 50.7 18.1 15.2 372.9 299.8 30.5 12 1 112.4 206.4 16 0 36. 63.4 29.5 61.2 Sept. 30* 1,227,0 101.5 89.2 55.9 73 0 19.6 12.7 398.6 318.0 34.6 11 6 112.3 211.9 15 6 37.6 63.6 33.7 61.4 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. 5 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. DECEMBER 1950 1691 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—Co*ft*ffe<* [Amounts outstanding, in millions of dollars] CLAIMS ON FOREIGNERS Date Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th ! e ) 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 !949___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 X724.8 32.6 51.5 2.7 5.7 20.7 !178.2 40.2 347 3 129.0 30 1 Feb 28 670.6 24.3 36.0 4.4 5.5 23.3 64.4 158.0 42.4 311.4 124.0 34.8 Mar 31. . ..... 648 7 23 7 35.4 4.3 7.8 19 6 63 1 153.9 37 5 303 5 115 7 38 1 Apr. 30 ,,,, 634.8 22.4 35.9 3.7 6.2 20.2 64.0 152.4 35.5 295.7 111.6 39.6 May 31 607.3 27.2 21.0 4.5 7.3 24.5 58.2 142.7 32.7 290.5 100.7 40.7 June 30 28 1 20.7 r4.2 9.1 28.7 r58A 149.2 35.1 323 7 87 8 61 4 July 31 669.9 36.7 20.3 4.5 9.7 26.4 57.7 155.2 46.1 330.4 86.2 52.0 Aug 31P 692.3 38.5 30.2 2.1 8.6 21.1 66.8 167.3 70.3 316.9 87.3 50.5 Sept. 30P 751.9 74.9 25.2 3.3 10.7 17.1 62.4 193.5 112.9 297.0 87.9 60.6 CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- C v o z a s e k l c o i h a - - m D a en rk - l F a i n n d - m G a e n r- y Greece Nor- l P a o n - d t P u o g r a - l Ru- i Spain S d w en e- USSR s Y la u v g i o a - ot A h l e l r* 1944—Dec. 31. 78.3 33.9 .6 35.1 .8 1.8 .2 () 5.2 1 1 1 1 9 9 9 9 4 4 4 4 8 5 6 7 — — — — D D D D e e e e c c c c . . . . 3 3 3 3 1 1 1 1 . . . . 1 1 8 7 1 0 2 4 8 6 . . . . 8 6 9 3 2 1 7 1 5 . . . 5 4 0 2. . . 2 5 6 3 6 8 . . . 4 2 0 3 3 3 3 0 0 0 3 . . . . 5 5 4 9 1 1 1 0 2 . . . . 2 6 4 7 3 9 3 8 1. . . . 6 2 4 3 1 1 . . . . 1 0 7 5 2 7 1 . . . . 9 6 2 9 4 5 1 . . . . 4 4 9 9 ( c (S 8 o ) ) 1 () 3 2 9 4 9 5 . . . . 5 8 8 9 (8) 1949—Oct. 31. 88.7 16.1 8.6 30.3 7.3 .5 7.0 3.8 2.1 6.0 11.5 Nov, 30. 98.2 17.6 9.2 30.0 7.5 .7 7.0 6.1 2.1 16.7 Dec. 31. 98.5 19.3 8.2 30.0 7.4 .5 7.0 7.0 2.3 () 15.6 1950—Jan. 31. 1.2 15.6 (8) .5 4.9 *25.5 1.0 .7 6.7 3.4 4.8 Feb. 28. 64.4 .2 16.3 .5 3.5 25.6 1.1 .6 7.9 3.1 A 5.2 Mar. 31. 63.1 .7 17.7 .1 .5 2.4 25.3 1.2 .8 6.6 2.4 .7 4.4 Apr. 30. 64.0 .2 16.2 .1 .6 2.1 25.5 1.3 .8 7.7 2.4 () 2.5 4.4 May 31. 58.2 .1 11.7 .3 1.1 2.4 25.2 1.2 .9 4.4 2.8 3.2 4.6 June 30. '58 A .2 12.2 .1 1.5 3.4 25.1 1.2 .5 '3.7 3.1 8 2.4 4.7 A Ju u ly g . 3 31 1 . P 5 6 7 6 . . 7 8 1 1 2 4 . . 1 6 8 (3) 2 1 . . 2 8 1 1 . . 6 9 2 2 5 5 . . 1 3 1 1 . . 3 1 . . 5 4 3 6 . . 3 8 3 3 . . 8 1 8 3 6 . . 0 7 4 4. . 4 5 Sept. 30v 62.4 14.6 2.0 2.7 25 \ 2 .9 .4 3.3 3.0 5.7 4.3 3 () 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 li i a e b c n - n - - G m u a a l t a e- M ic e o x- l I W S a a n u n n d e r d d i s i e s - t s Peru l p P a i R c u m a e b n o - a - - f v S a E a d l l o - r g U u r a u y - V zu e e n l e a - O A L i a c t m h a ti e e * n r rnam 1944—Dec 31 131.0 3.1 1.8 25.3 9.0 15.5 47.4 8.6 3 1 2 .8 5.1 12.9 1945—Dec. 31.. 158.9 21.0 1.3 24.7 6.6 16.8 33.3 11.0 .5 1.9 1.1 6.1 34.7 1946—Dec. 31 226.8 41.8 2.3 49.8 14.6 26.4 25.7 25.5 .8 3.7 1.3 8.7 26.2 1947-__Dec. 31 514.3 65.2 2.0 165.8 27.8 32.6 108.6 52.2 1 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—Oct. 31.. 418.2 55.3 2.5 165.1 12.0 22.6 20.0 66.4 5.0 6.3 5.4 23.0 36.8 Nov. 30.. 425.9 54.1 1.9 161.9 11.7 22.3 26.4 72.0 1.2 5.8 5.3 23.6 39.6 Dec. 31.. 411.1 53.6 2.3 136.9 15.5 21.1 27.5 73.0 1.3 5.8 5.3 25.6 43.1 1950—Jan. 31.. 347.3 51.3 5.2 99.2 14.1 19.9 27.1 "T.8* "2.k' 50.3 L.I 6.5 4.3 "i'.s' *9!6' 25.3 23.3 Feb. 28. 311.4 47.8 5.7 81.3 9.3 21.0 21.5 1.7 2.7 46.3 L.I 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 L.O 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 L.I 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. 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. 31 P 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 Sept. 30? 297.0 40.5 6.1 63.9 3.3 46.2 26.4 1.5 1.6 44.2 1.1 10.5 4.0 2.7 6.0 24.4 14.6 P Preliminary. ' Revised. 1 Figure not strictly comparable with the corresponding figures for preceding months due to write-off of claim on Germany amounting to* $6,121,000. The cumulative figures in Tables 1, 2, and 4 of "Net Capital Movement to United States" have been adjusted to exclude the unreal: movement introduced by this change. 2 Beginning January 1950, excludes Austria, Czechoslovakia, and Poland, reported separately as of that date. * Less than $50,000. * Beginning January 1950, excludes Dominican Republic, Guatemala, El Salvador, and Uruguay, reported separately as of that date, 1692 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES— 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 i - a C g B o i e a n l n g - o A E a n g n g y d l p o - - S U o o n u f i t o h n Other2 ria public tian Africa Sudan 1944—Dec, 31.. 51.4 1.5 .9 22.3 1.5 .5 13 8 1 8 8 9 11 7 .6 .2 9.7 1.2 1945—Dec. 31.. 29.9 1.0 .8 7.5 1.4 .5 13.8 2.0 2.8 9.9 1.7 .3 4.7 3.3 1946—Dec. 31.. 99.2 53 9 5.9 12.0 1 0 2 20 2 1.4 4.6 17.2 3.4 .4 10.1 3.3 1947—Dec. 31.. 127.0 40.8 2.6 29.6 .5 .9 27.4 17.7 7.5 31.5 9.0 .1 14.4 8.0 1948— Dec. 31.. 118.8 24.2 3.4 20.4 1.9 15.9 37.3 1.4 14.3 19.7 4.7 .4 7.9 6.8 1949—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.S 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 13.6 11.8 18.1 22.8 2.4 10.5 12.0 30.1 10.4 *3.*6 .2 11.3 4,6 Feb. 28.. 124.0 15.1 4.2 17.7 .1 13.8 12.5 17.9 22.4 1.9 9.9 8.5 34.8 15.5 3.5 .3 11.2 4.3 Mar. 31.. 115.7 19.4 4.3 18.9 .2 13.6 13.3 7 7 22 0 1 2 5 9 9 3 38 I 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 .. 86.2 20.1 4.1 18.7 .1 11.5 11.2 1.1 9.6 1.2 .9 7.7 52.0 35.2 3.9 .1 7.5 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 Sept. 30?. 87.9 21.6 3.7 14.7 .1 8.0 18.7 5.2 6.2 1.5 .8 7.5 60.6 44.5 3.9 .1 7.3 4.8 P Preliminary. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Beginning January 1950, excludes Irant Israel, and Thailand, reported separately as of that date. 2 Beginning January 1950, excludes Belgian Congo, reported separately as of that date. » Less than $50,000. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated Y m e o a n r t o h r p U r o o . w u S d t o . u s S r i c l . d d R t e i . o 1 n r m e T o p o n o t t r a h te l ly d A So fr u ic th a R de h s o i A a - fric A a W fr e ic s a t 2 C B o el n g g i o an 8 U St n a i t t e e s d 4 C a a d N n a - orth M a i n c e o d x - Sou C th o b l i o A a m m - eri C ca hile r N ag ic u a a - 5 Au li s a tr O a- the I r ndia3 $1 =15&/n grains of gold 9/io 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—Sept.. 65.2 34.8 1.5 1.9 L.I 6.0 12.8 1.6 1.0 .6 .7 2.6 .5 Oct.. 65.3 34.7 1.5 1.9 L.O 7.1 12.8 .9 1.0 .5 .6 2.7 .5 Nov.. 65.9 34.0 1.5 2.0 :L.I 7.2 12.7 1.9 1.1 .6 .7 2.9 .4 Dec. 63.5 34.0 1.5 2.0 L.I 6.4 13.0 .8 .6 .5 .6 2.6 .4 1950—-Jan.. 64.0 34.2 1.5 2.0 L.I 5.9 12.4 1.5 1.4 .6 .6 2.3 .5 Feb.. 60.1 32.0 1.4 2.0 L.O 5.5 12.2 1.0 1.2v .2 .7 2.3 .5 Mar.. 66.4 35.1 1.5 1.9 L.I 6.1 13.4 2.0 1.2 .6 .7 2.3 .5 Apr.. 33.3 1.5 1.9 1.0 6.7 12.9 1.0 8 .7 r2.2 .6 May. 35.5 1.5 2.0 1.0 6.8 13.1 .9 .9 .6 r2.4 .5 June. 34.6 1.5 1 .9 1.0 6.6 12.9 1.6 .6 .7 r3 4 .6 July. 34.6 1.5 1.9 1 .0 7.1 12.9 1.1 .6 7 2.3 .6 Aug.. 34.9 1 9 1 1 7.9 13 2 1.1 .7 2 .5 .6 Sept.. 34 0 2.0 L.O 7.8 *7 .6 r Revised. Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines, 2 Beginning 1942, figures reported by American Bureau of Metal Statistics, Beginning 1944, they are for Gold Coast only. 3 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics, those for 1949 having been revised by subtracting from each monthly figure $217,251 so that the aggregate for the year is equal to the yearly estimate compiled by the United States Mint. 5 Gold exports reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp, 542-543. DECEMBER 1950 1693 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- 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 De a n rk - Egypt France ury Total i 1945—Dec. 20,065 20,083 1,197 716 354 361 82 127 191 61 38 52 1,090 1946—Dec.. 20,529 20,706 1,072. 735 354 543 65 145 226 61 38 53 796 1947—-Dec.. 22,754 22,868 322 597 354 294 45 83 279 32 53 548 1948—Dec, 24,244 24,399 624 .317 408 43 51 289 32 53 548 1949—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 68 299 31 53 523 July. 24,136 24,239 651 317 531 40 69 299 31 53 523 Aug.. 23,627 23,745 643 317 545 40 70 291 31 53 523 Sept. 23,483 23,59! 599 317 554 40 71 291 31 53 523 Oct.. 23,249 23,349 592 317 40 31 523 End of month H ga u r n y - India Iran B Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Peru P g o a r l t 6 u- Ruma- A So fr u ic th a Spain 1945—Dec., 274 131 24 294 270 23 80 28 269 914 110 1946—Dec, 24 274 127 28 181 265 23 91 24 245 939 ill 1947—-Dec. 34 274 142 58 180 100 231 23 72 20 193 P215 762 111 1948—Dec., 35 256 140 96 166 23 52 20 158 183 ill 1949—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 61 Aug... 247 252 178 229 28 50 28 180 61 Sept... 247 188 230 29 50 179 61 Oct.... 188 50 End of month S d w e e n - S l w a e n r i - t d z- T k u e r y - 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 I a F t n t a u o i t o r e n n y n r d e - a - l f S t m t o B e i e o r r e a t n n t n n I l a a e t n k s - l - - E G n o d v o e f r n m m o e n n t t h g p o r l e U d K v n i i o r i n e t u g e s s - d e r f v ig es u F re r n a s o n t ce inclu B d e e l d g iu i m a dom 1945—Dec, 482 1,342 241 195 202 192 39 1946—Dec, 381 1,430 237 200 215 193 15 32 1945—Dec 12,476 2 457 217 1 1 9 9 4 4 7 8 — —D D e e c c . . , . 10 8 5 1 1 1 , , 3 3 5 8 6 7 1 16 7 2 0 1 1 7 6 5 4 2 3 1 2 5 3 2 1 2 9 0 5 1 1 , , 3 4 5 3 6 6 3 3 0 6 1946—-Dec i29696 1947—Mar 12,380 1949—Nov. 70 1,495 154 178 373 304 1,451 64 June.... 12,410 Dec, 70 1,504 154 178 373 330 1,451 68 Sept 12,383 1950—Jan.. 70 1,508 154 183 373 332 1,459 68 Dec 12,079 Feb.. 70 1,503 154 187 373 334 1,460 69 Mar. 69 1,527 154 190 . 373 333 1,460 87 1948—Mar..... 12,241 Apr;. 71 1,534 154 184 373 333 1,460 93 June.... 11,920 May, 71 1,552 154 184 373 337 1,460 100 Sept il,777 June. 71 1,559 149 189 373 336 1,460 108 Dec 11,856 July. 71 1,550 138 196 373 P336 1,464 128 A Se u p g. t , . 7 8 1 7 1 1 , , 5 5 2 3 9 7 1 1 4 4 6 6 2 21 0 7 8 3 3 7 7 3 3 * P > 3 3 3 3 6 6 1 1 2 4 5 5 1949__ J M u a n r e.... i 11 l? , 9 6 1 5 2 1 Oct.. 91 150 373 P336 149 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 1 Exchange Equalization Account holdings of millian 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 8 Figures as reported by Foreign Exchange Control Board and Minister of Finance. England have remained unchanged at $1 million 4 Beginning December 1948 figures taken from last weekly statement of month. since 1939, when Bank's holdings were trans- 5 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 t F s ig go u l r d e s h e a l r d e a fo s r r e f s o e l r lo v w e i ( n 2 g 5 d p a e t r e c s e : n 1 t 9 m 46 in — im M u a m r. ) 3 le 1 s , s a g n o d l d 1 9 in 4 7 fo — re M ig a n r . c 3 u 1 rr . ency liabilities. go N ld O t T r E an .— sfe F r o s r a d f e fe ta c i t l i s n g r e t g h a e r di B n r g i ti s s p h e c a ia n l d in F t r e e r n n c a h l s For list of countries included, see BULLETIN for January 1950, p. 114, footnote 8. institutions, see p. 1696, footnote 1, and p. 1697, 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, 1694 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD IMPORTS TO UNITED STATES, BY COUNTRIES [Net gold exports from United States ( —). In millions of dollars] Gold valued at approximately $35 a fine ounce m Y o o e n r a t r h Total U K d n i o i n m t g e - d g B iu e m l- France N la e e n r t d - h s - S d w e e n - U.S.S.R. Canada A t r i g n e a n- Co b l i o a m- Mexico r N a i g c u a a - V zu e e n l e a - 1942 315.7 2.0 11.3 208.9 .1 10.6 40.0 8.7 4.0 1943 68.9 .1 66 9 — 10 8 -3.3 7.5 2.2 1944 -845.4 -695.5 46 2 —50 3 -109.7 7.7 —55.3 1945 -106.3 ,2 53 1 15.1 7.4 —56.1 1946 311.5 .5 33.7 344.1 -134.0 3.6 7.3 .2 1947 1,866.3 488.4 162.9 28.0 27.9 445.4 335.5 21.0 -7.1 7.6 -.8 1948 1,680.4 1.095.4 34.4 -4.5 -29.7 103.3 25.1 15.8 7.9 -136.1 1949 686.5 527.9 .1 — 1 5 8 14.2 -4.4 6.9 -4.5 1949—Oct 56.1 40.7 2.1 .4 .5 -.2 7.6 5 5.1 .4 .4 Dec ~1.4 .2 1 3 .3 .5 — .1 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 .i 4 .3 .3 -.2 10.0 -.1 5 .3 .3 July -1.5 6 .2 .3 — .1 Aug -42.2 -44 2 .3 .3 -.1 Sept -96.5 i 95 3 .4 .3 -.2 Oct -93.4 — 76 6 .3 .3 -.1 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- Gold valued at approximately $35 a fine ounce end of period I i n n c r to ea ta s l e go N ld e i t m-g m ol a d r : k d ed e- D tic o m go e l s d - Y m e o a n r t o h r Am O L e a t r h t i i e c n r an t A ra u l s i - a China P p h R i i n e li - e p- A So fr u ic th a c o o A th u l e n l r - Period T u re r a y s- Total i s g to ol c d k p e o xp rt o o rt r c c o r r ( r e e - a i a ) n s s e - e p t r i o o d n u 2 c- Republics public tries 1942 22,726 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 8 2,162.11,866.3 210.0 75.8 1947 —17.1 — 14.0 —3.5 410.7 — 18.6 1948 24,244 24,399 1,530.41,680.4 — 159.2 70.9 1948........ 7.3 .6 —2.5 491.5 1 -63.5 1949 24,427 24,563 164.6 686.4 —495.7 67.3 1949 6.4 ,3 -19.1 — .1 190.7 s~37.6 1949—Nov... 24,479 24,626 -61.7 7.6 -63.9 7.2 1949—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... .4 -.3 5.8 -8.5 Feb.... 24,345 24,456 -51.2 .2 -50.4 5.5 1950—Jan.... .4 .2 «37.1 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 16.8 3.7 June.. 24,231 24,331 -9.0 10.0 -17.6 6.6 May.. .3 -.5 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 — 1 -3.1 Sept... 23.483 23,591 -153.9 -96.5 -65.9 7.8 Aug.. . .6 .1 ; 1 8 Oct.... 23,249 23,349 -242.5 -93.4 -146.2 10.4 Sept.. . ,6 -2.1 Nov.. . ^23,037 P23,153 P-195,2 (4) 5-35.3 (4) Oct... . .4 A 4-17.9 p Preliminary. * 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. 1693, footnote 4. to other countries. s 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 5,387.8 million dollars on Nov. 30, 1950. Gold to other countries. under earmark is not included in the gold stock of the United States. 4 Includes exports of 14.7 million dollars to Egypt. NOTE.—For back figures and description of statistics, see Banking NOTE.—For back figures see Banking and Monetary Statistics, and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication. DECEMBER 1950 1695 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [End-of-month figures. In millions of dollars] 1950 1949 1950 1949 International Fund International Bank Oct. July Apr. Oct. Sept. June Mar. Sept. Gold.. 1,494 1,464 1,460 1,450 Gold Currencies (balances with depositories Currencies (balances with depositories and securities payable on demand): and securities payable on demand): United States 1,305 1,306 1,299 1,311 United States 10 5 18 44 Other 4,228 4.257 4,266 4,265 Other 921 924 925 926 Unpaid balance of member subscriptions 1,003 989 893 1,018 Investment securities (U. S. Govt. obli- Other assets 1 1 1 1 gations) 439 449 446 454 Member subscriptions 8,037 8,022 7,922 8,047 Calls on subscriptions to capital stock3. . 4 5 5 5 Accumulated net income -4 -4 -4 -3 Loans (incl. undisbursed portions and incl. 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- Oct. Sept. Aug. Oct. 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 20.0 General reserve 4 31 27 23 17 B B e ra lg z i i a li n a n f ra c n r c u s zeiros..... 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 sl i o ca v n ak c ia o i l i o n k e o s runy - 6 .9 .0 - 6 .9 .0 - 6 .9 .0 6. . 0 4 1 Includes amounts receivable for currency adjustments resulting Danish kroner..... 10.2 10.2 10.2 10.2 from the devaluations in September 1949 as follows: April 1950— E Et g h y i p o t p i i a a n n p d o o u l n la d r s s -5.5 .3 -5.5 .3 -5.5 .6 3. . 0 6 16 2 m A i s l l o io f n O d c o t. l l 3 ar 1 s , ; 1 O 95 c 0 to , b t e h r e 1 F 9 u 4 n 9 d — h 3 a 8 d 2 s m ol i d ll io 7 n 59 . .8 million U. S. dollars: French francs......... 125.0 125.0 125.0 125.0 in addition, the Fund sold to the Netherlands 1.5 million pounds Indian rupees 100.0 100.0 100.0 100.0 sterling in May 1947 and 300 million Belgian francs in May 1948, and Mexican pesos 22.5 22.5 22.5 22.5 sold to Norway 200 million Belgian francs in June and July 1948. N No et r h w e e r g la ia n n d s k r g o u n i e ld r ers. . . 7 9 5 . . 6 4 7 9 5 . . 6 4 7 9 5 . . 6 4 7 9 5 . . 6 4 Re 3 p E ur x c 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 io ap n i t d a o l ll s a u r b s s . criptions, amounting to South African pounds. . 10.0 10.0 10.0 10.0 6,671 million dollars as of Sept. 30, 1950, of which 2,540 million repre- T Po u u rk n i d s s h s l t i e r r a l s in . g ......... 30 5 0 . . 0 0 30 5 0 . . 0 0 30 5 0 . . 0 0 30 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". Yugoslav dinars 9.0 9.0 9.0 9.0. Total. 744.3 744.3 744.6 752.5 CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fig p u o r u e n s d i s n s m ter il l l i i n o g n ) s of Gold1 Other N a o n t d es co D u is n - ts Securi- ci t r io cu n l 3 a- Deposits l O ia t b h i e li r assets 2 coin a v n a d n c a e d s - ties Bankers' Public ECA Other t c ie a s p i a t n a 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 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27... .2 1,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 . .2 1,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31.. ,2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Dec. 29. .2 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18 1 1949—Nov. 30 .4 1,300.0 39.9 15.3 437.8 1,265.8 295.9 8.9 58.6 111.5 18.0 Dec. 28 .4 1,350.0 33.7 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Jan. 25 .4 *1,300.0 57.9 14.7 477.4 1,247.7 291,7 12.5 117.4 110.2 18.3 Feb. 22 .4 1,300.0 58.4 22.0 486.7 1,247.2 285.2 14.0 136.0 113.5 18.4 Mar. 29 .4 1,300.0 38.5 12.3 507.2 1,267.3 283.5 12.1 160.0 83.9 18.5 Apr. 26... .4 1,300.0 28.4 22.0 529.4 1,277.7 288.8 13.9 169.8 89.5 17.8 May 31 .4 1,300.0 19.9 19.1 554.9 1,286.6 281.3 12.0 188.4 94.2 18.0 June 28 .4 *1,350.0 63.0 15.4 549.3 1,293.9 292.1 11.9 209.0 96.5 18.2 July 26 .4 1,350.0 37.4 18.0 599.2 1,319.7 286.8 14.5 237.1 97.9 18.3 Aug. 30 .4 1,350.0 53.8 23.4 575.0 1,302.0 278.8 12.8 246.5 95.7 18.5 Sept. 27 .4 1,350.0 70.2 21.0 583.0 1,283.3 291.8 14.8 254.8 94.3 18.5 Oct. 25 .4 1,350.0 80.3 40.3 581.8 1,272.6 316.0 13.0 266.4 89.3 17.8 1 On June 9, 1945, the official buying price of the Bank of England for gold was increased from 168 shillings to 172 shillings and three pence per fine ounce, and on Sept. 19, 1949, it was raised to 248 shillings. For details regarding previous changes in the buying price of gold and for internal gold transfers during 1939, see BULLETIN for March 1950, p. 388, footnotes 1 and 4. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 Fiduciary issue decreased by 50 million pounds on Jan. 11 and increased by 50 million on June 28, 1950. For details on previous changes see BULLETIN for February 1950, p. 254; April 1949, p. 450; and February 1948, p. 254. NOTE.—For back figures see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 1696 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of Canada Dominion and provincial government Deposits (Figures In millions of Sterling securities Other Canadian dollars) Gold and S t U at n e i s ted O as t s h e e t r s circ N u o la t t e ion2 liab a i n li d ties dollars S te h r o m r t 1 - Other Ch b a a r n te k r s ed D g o o m m v e e i n n r t n io - n Other capital3 1938—Dec. 31. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. 225.7 64.3 181 .-9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec, 31. (4) 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 1,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31, 2.0 1,022.0 858.5 43.7 1,211.4 536.2 68,8 67.5 42.4 1948—Dec. 31. .4 1,233,7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 1949—Nov. 30. 66.1 1,713.9 221.5 54.4 1,283.0 544.7 27.2 84.1 116.8 Dec. 31. 74.1 1,781.4 227.8 42.5 1,307.4 541.7 30.7 126.9 119.2 1950—Jan. 31. 73.1 1,769.1 235.4 73.1 1,259.2 530.7 94.3 145.8 120.7 Feb. 28. 76.7 1,786.2 191.1 56.2 1,250.6 554.8 24.3 176.4 104.2 Mar. 31. 73.7 1,655.9 358.9 75.2 1,258.5 567.3 71.2 150.7 116.1 Apr. 29. 86.0 1,668.3 371.0 56.5 1,269.8 551.6 41.3 199,8 119.4 May 31. 73.3 1,685.7 372.6 60.1 1,275.9 534.3 68.9 202.7 109.9 Tune 30. 84.1 1,436.7 622.0 58.8 1,275.8 544.5 35.3 215.8 130.1 July 31. 89.1 1,431.0 638.7 65.7 1,294.2 552.8 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 Oct. 31. 152.2 1,381.4 435.7 440.0 1,321.8 621.7 39.0 235.2 191.6 Assets Liabilities Bank of France mill ( io F n ig s u o r f e s f r i a n ncs) Gold F c o h e r a x e n i - g g e n m O a p rk e e n t D 5 om S e p s e t c i i c a l bills Other Cu G A r o r d e v v n e a t r n n c m e O e s n t t t h o e 5 r a O ss t e h t e s r 5 ci N t r i c o o u t n l e a- G m ov e e n r t n- De E p G o A sits6 Other c O l a i i a a t p t i n b h e i d t i e s l a r - l 1938—Dec. 29., 87,265 821 1,892 1,797 7,880 30,627 14,028 110,935 5,061 25,595 2,718 1939—Dec. 28. 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 151,322 1,914 14,751 2,925 1940—-Dec. 26. 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 27,202 44,986 1941—-Dec. 31.. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 25,272 '68,474 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 29,935 21,318 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 33,137 '15,596 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Nov. 24. 62,274 58,174 143,794 28,164 306v397 152,500 560,990 85,587 1,203,768 153 173,396 20,563 Dec. 29. 62,274 61,943 137,689 28,548 335,727 157,900 560,990 112,658 1,278,211 1,168 158,973 19,377 1950—Jan. 26. 62,274 59,719 132,447 31,410 335,845 159,900 560,990 94,504 1,256,758 42 22,910 133,526 23,853 Feb. 23. 62,274 58,658 123,912 31,467 333,358 165,200 560,990 91,046 1,271,387 79 14,155 120,858 20,426 Mar. 30. 62,274 63,987 123,013 29,279 359,671 166,000 560,990 112,552 1,321,855 24 22,432 115,627 17,828 Apr. 27. 62,274 83,526 117,039 29,297 367,740 167,100 560,990 113,338 1,332,148 21 34,284 114,103 20,747 May 25. 62,274 98,539 115,978 27,090 341,340 167,700 560,990 107,521 1,324,533 17 21,927 110,321 24,634 June 29. 62,274 116,652 128,939 18,507 368,694 166,600 560,990 116,833 1,382,479 62 8,496 126,978 21,475 July 27. 62,274 146,146 144,523 12,709 373,930 161,600 560,990 128,695 1,413,718 80 22,806 129,954 24,309 Aug. 31. 8182,785 144,242 149,702 3,590 362,358 163,600 481,039 137,978 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 Oct. 26. 182,785 140,735 115,122 25,035 371,010 162,600 481,039 '197,555 1,466,62." 73 8,739 171,836 28,610 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 5 For explanation of these items, see BULLETIN for January 1950, p. 117, footnote 6. 6 Beginning January 1950, when the Bank of France modified the form of presentation of its statement, the figures under this heading are not strictly comparable with those shown for earlier dates. 7 Includes the following amounts (in millions of francs) for account of the Central Administration of the Reichskreditkassen: 1940, 41,400; 1941, 64,580; 1942, 16,857; 1943, 10,724. 8 On Aug. 16, 1950, gold reserve revalued on the basis of 393,396.50 francs per kilogram of fine gold compared with the former rate of 134,027.90 francs, which had been in effect since Dec. 26, 1945. For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for September 1950, pp. 1132 and 1261; June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 9 Includes advance to Stabilization Fund, amounting to 128.3 billion francs on Oct. 26. 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. DECEMBER 1950 1697 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1950 1949 Central Bank 1950 (Figures as of last report (Figures as of last report date of month) Oct. Sept. Aug. Oct. date of month) Oct. Sept. Aug. Oct. Central Bank of the Argentine Bank of the Republic of Colom- Republic (millions of pesos): bia—Cont. Gold reported separately 656 507 Paid-in capital—Int'l. Bank ,372 1,372 1,372 1,370 Other gold and foreign exchange. 1,561 1,687 Loans and discounts 809 235,837215,505 211,336 Government securities 1,917 1,734 Government loans and securities. 451 136,083136,307 135,399 Rediscounts and loans to banks.. 30,906 26,885 Other assets 262 60,816 56,692 57,976 Other assets 305 185 Note circulation. 125 428,858 439,540408,550 Currency circulation 11,060 8,938 Deposits 640 193,483178,880 140,805 Deposits—Nationalized 21,710 19,712 Other liabilities and capital ,493 51,963 51,256 45,984 Other sight obligations. 488 685 Central Bank of Costa Rica 5 Other liabilities and capital 2,086 1,663 (thousands of colones): Commonwealth Bank of Aus- Gold 511 11,511 11,511 11,545 tralia (thousands of pounds): Foreign exchange 181 18,843 36,552 15,249 Gold and foreign exchange 533,435530,978 395,135 Net claim on Int'l. Fund4 ,019 7,019 7,019 Checks and bills of other banks.. 6,013 3,939 2,843 Loans and discounts ,957 82,037 78,643 94,144 Securities (incl. Government and Securities ,456 17,421 20,401 23,715 Treasury bills) 350,647329,923 366,488 Other assets ,104 18,187 18,076 Other assets 64,612 64,769 29,544 Note circulation. ,813 98,006 98,165 102,554 Note circulation 236,770 235,270 217,063 Demand deposits ,663 46,756 64,235 76,024 Deposits of Trading Banks: Other liabilities and capital ,752 10,256 9,802 Special 453,170 455,170 311,670National Bank of Cuba 6 Other 38,415 30,277 29,429 (thousands of pesos): Other liabilities and capital 226,352208,891 235,847 Gold and foreign exchange (net).345,189 355 611 348,016 Austrian National Bank (millions Silver 68,658 758 75,178 of schillings): Net claim on Int'l. Fund 4 12,507 507 12,507 Gold 50 50 50 50 Loans and discounts 1,902 145 979 Foreign exchange 379 356 318 145 Credits to Government 59,042 629 66,171 Loans and discounts 2,8 2,837 2,561 1,474 Other assets 12,719 885 10,032 Claim against Government 5,305 5,435 6,050 6,489 Note circulation 333,639 340 093 343,531 Other assets 42 44 35 16 Deposits 150,862 106 155,604 Note circulation 5,923 5,863 5,877 5,490 Other liabilities 15,516 335 13,748 Deposits—Banks 331 316 282 359 National Bank of Czechoslovakia 7 Other 1,102 1,284 932 1,099National Bank of Denmark Blocked 1,308 1,259 1,923 1,227 (millions of kroner): National Bank of Belgium Gold 69 69 69 69 (millions of francs): Foreign exchange 400 328 307 310 Goldi 29,623 29,930 32,132 31,542 Contributions to Int'l. Fund and Foreign claims and balances (net). 7,378 7,265 5,801 9,901 to Int'l. Bank 6 6 6 65 Loans and discounts 7,205 6,330 7,206 2,540 Loans and discounts. 40 33 38 30 Consolidated Government debt.. 34,939 34,939 34,939 34,991 Securities 138 134 137 108 Government securities 6,048 7,265 7,290 5,500 Govt. compensation account.... ,005 ,012 4,019 4,775 Other assets 3,815 4,305 5,126 6,698 Other assets 272 262 195 213 Note circulation 84,784 85,327 88,189 85,995 Note circulation ,571 ,534 1,508 1,506 Deposits—Demand 1,749 2,171 1,800 1,827 Deposits—Government ,221 ,207 1,247 1,794 ECA 12 35 33 797 Other ,928 ,945 1,863 2,093 Other liabilities and capital..... 2,463 2,501 2,472 2,553 Other liabilities and capital 210 159 153 177 Central Bank of Bolivia—Mone- Central Bank of the Dominican tary dept. (millions of bolivianos): Republic (thousands of dollars): Gold at home and abroad 2 1,370 956 045 4,045 4,045 4,030 Foreign exchange 455 104 Foreign exchange (net) 830 14,104 14,590 10,355 Loans and discounts 1,748 990 Net claim on Int'l. Fund 4 250 1,250 1,250 1,250 Government securities 736 748 Paid-in capital—Int'l. Bank 40 40 40 40 Other assets 172 98 Loans and discounts 405 252 148 244 Note circulation. 2,894 2,386 Government securities 383 5,383 5,383 4,974 Deposits 592 264 Other assets 006 984 972 1,361 Other liabilities and capital 997 247 Note circulation 558 20,652 20,669 18,358 Central Bank of Ceylon^ (thousands Demand deposits 083 5,100 5,449 3,649 of rupees): Other liabilities and capital 317 307 309 248 Foreign exchange 516,891518,141494,881 Central Bank of Ecuador Paid-in capital—Int'l. Bank 1,429 1,429 1,429 (thousands of sucres): Other assets 511 191 255 Gold 252 968 252,857 252,692 278,518 Currency in circulation 327,960 331,152 306,486 Foreign exchange (net) 176 71,802 -70,150 Deposits—Government 4,206 518 6,416 Net claim on Int'l. Fund 4 16 16,881 16,881 Banks 134,688136,282134,471 Credits—Government 202 309 216,304 235,779 254,937 Other liabilities and capital 51,977 51,808 49,191 Other. 144 515 157 046 158,622 117,982 Central Bank of Chile (millions Other assets 159 813 149 366 144,352 130,862 of pesos): Note circulation 496 631 493,318 456,620 377,483 Gold 1,235 1,233 1,241 ,353 Demand deposits—Private banks162 647 ,650 142,354 101,332 Foreign exchange (net) 266 292 167 180 Other 111 187 ,638 100,229 99,899 Net claim on Int'l. Fund 4 1 1 1 1 Other liabilities and capital 182 ,568 180,924 150,316 Discounts for member banks.... 2,274 1,804 1,900 ,429 National Bank of Egypt (thou- Loans to Government 685 686 686 691 .nds of pounds): Other loans and discounts 3,002 3,105 3,003 ,009 Gold 6 376 6,376 6,376 6,376 Other assets 1,748 1,724 1,725 ,448 Foreign exchange 6 509 6,899 7,728 13,227 Note circulation 6,220 6,207 6,124 ,183 Loans and discounts 27 917 6,906 3,637 9,357 Deposits—Bank 1,348 1,240 1,248 ,186 British, Egyptian, and other Other 299 257 250 221 Government securities 312 421 304,436291,484 328,966 Other liabilities and capital 1,343 1,139 1,101 520 Other assets 49 367 50,999 54,688 37,416 Bank of the Republic of Colombia Note circulation 174 762 159,293140,578 157,917 (thousands of pesos): Deposits—Government 105 157 85,418 73,859 116,758 Gold and foreign exchange 203,996 215,830235,432 164,889 Other 111 561 118,424 139,682 110,864 Net claim on Int'l. Fund 4 24,368 24,368 24,368 24,367 Other liabilities and capital. 11 109 12,482 9,794 9,804 1 On Aug. 17, 1950, gold reserve revalued from .0202765 to .0177734 grams of fine gold per franc. 2 It is understood that, beginning June 1950, gold reserves have been revalued at a rate of 60 bolivianos per dollar. 3 The Central Bank of Ceylon began operations on Aug. 28, 1950. 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. 1698 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) Oct. Sept. Aug. Oct. date of month) Oct. Sept. Aug. Oct. Central Reserve Bank of El Salva- Central Bank of Ireland (thousands dor (thousands of colones): of pounds): Gold 50 170 50 236 50 289 43 302 Gold 646 2 646 2 646 2 646 Foreign exchange (net) 51 57,300 61 496 41 929 Sterling funds IS 751 47 932 47 131 47 328 Net claim on Int'l Fund 1 1 565 1 565 1,565 1,564 Note circulation 51,397 50 578 49,777 49,973 Loans and discounts. ... 6 179 3,812 1,523 1,937 Bank of Italy (billions of lire): Government debt and securities. . 5 003 4,994 4,988 5 256 Gold 4 4 Other assets 1 935 1 9Q5 1,492 1,445 Foreign exchange 29 19 Note circulation : . . 6?, 609 63 06? 63,103 54,519 Advances to Treasury 590 656 Deposits 46 361 49 ,644 51,746 34,922 Loans and discounts 213 219 Other liabilities and capital 6 534 6 496 6,505 5,992 Government securities ... 178 231 State Bank of Ethiopia—Issue Other assets. 610 438 dept. (thousands of dollars): (July)* Bank of Italy notes . 1,022 928 Gold 8 171 Allied military notes 3 24 Silver 13,384 Deposits—Government 127 178 Foreign exchange 11,307 Demand 140 121 Treasury bills 5,832 Other 258 256 Other assets 41,390 Other liabilities and capital 75 60 Circulation—Notes 49 860 Bank of Japan (millions of yen): Coin 29,879 Cash and bullion 1,153 1,218 Other liabilities and capital 345 Advances to Government . 83,181 99,694 Bank of Finland (millions of mark- Loans and discounts 146,353 105,871 kaa): Government securities 120,648 109,413 Gold 9 9^0 9 230 2 230 269 Reconversion Fin Bk bonds 34,384 Foreign assets (net) -1, 483 519 -85 -2,613 Other assets 31,526 14,142 Clearings (net) -1 638 6? — 151 -2,623 Note circulation .... 324,618 306,252 Loans and discounts 43 094 49 493 41,386 40,569 Deposits—Government.... 25,239 27,455 Securities 1 040 1,041 1,062 859 Other 18,215 18,797 Other assets 1 846 1 3 SO 1,294 1,556 Other liabilities 14,787 12,219 Note circulation 32,484 34,004 34,014 28,036 The Java Bank (millions of guilders): O D t e h p e o r s i l t i s abilities and capital 10 1 , ,9 5 9 39 7 9 3, , 7 98 1 s 5 ; 2 9 , ,5 1 6 62 1 3 6 , , 1 8 6 1 5 4 F G o o r l e d i s gn exchange 7 18 1 1 5 7 9 1 1 5 67 7 7 5 47 7 1 1 Bank of German States 3 Loans and discounts 215 210 159 61 (millions of German marks): Advances to Government...... 2,206 2,125 2,034 1,052 Foreign exchange 1 1 519 1,377 1,077 Other assets 115 110 102 73 Loans and discounts 4,621 3,845 3,079 2,838 Note circulation 2,194 2,016 1,931 902 Loans to Government 9 918 9,11? 9,262 8,143 Deposits 771 813 692 757 Other assets 1,320 1,254 1,118 1,567 Other liabilities and capital7. .. . 466 422 423 69 Note circulation 8,123 8,213 8,026 7,401 Bank of Mexico (millions of pesos): Deposits—Government4 2,564 2,380 2,583 1,247 Monetary reserve 8 951 909 909 692 Banks. 1,436 1,055 1,052 1,175 "Authorized" holdings of secu- Other 614 637 401 323 rities, etc. 9,864 2 721 2,739 2,689 Other liabilities and capital 743 3 445 2,773 3,478 Bills and discounts 137 119 138 112 Bank of Greece (billions of drach- Other assets 332 374 342 171 mae): Note circulation 9,476 2,415 2,365 2,049 Gold and foreign exchange (net) 328 191 Demand liabilities 327 1 223 1,272 720 Loans and discounts 193 87 Other liabilities and capital 481 487 491 896 Advances—Government 5,000 3,249 Netherlands Bank (millions of Other 2,481 1,913 guilders): Other assets 955 823 Gold » 873 873 871 612 Note circulation 1,739 1,507 Silver (including subsidiary coin). 18 16 15 Deposits—Government 808 456 Foreign assets (net) 1,215 1,249 1,213 707 Reconstruction and Loans and discounts 199 54 54 163 relief accts 2,653 1,247 Govt. debt and securities 2,850 2,850 2,850 3,300 Other 988 761 Other assets 917 881 883 633 Other liabilities and capital 2 770 2 294 Note circulation—Old 58 59 60 72 Bank of Guatemala (thousands of New 2,809 2,758 2,847 3,007 quetzales): Deposits—Government... . 287 258 281 548 Gold 97 ,229 27 229 27,229 Blocked . 1 2 2 Foreign exchange 6,098 6,793 8,247 EGA 1,388 1,210 1,210 539 Gold contribution to Int'l. Fund. 1,9 50 1,250 1,250 Other 847 1,042 895 "879 4,230 4,040 5,453 Other liabilities and capital 606 597 592 378 Other assets 18,683 18,535 16,167 Reserve Bank of New Zealand Circulation—Notes 34,113 34,046 34,137 (thousands of pounds): Coin 3,157 3,124 3,108 Gold 4,426 4,397 3,619 Deposits—Government 1,374 1,413 3,203 Foreign exchange reserve 52,562 57,293 42,116 Banks 9,356 9,719 8,078 Advances to State or State un- Other liabilities and capital 0,491 9 545 9,821 dertakings 55,789 56,097 44,065 National Bank of Hungary 6 Investments 91 974 17,658 48,094 Reserve Bank of India (millions of Other assets 9,310 9,343 5,805 rupees): Note circulation ... 54,307 54,550 52,662 Issue department: Demand deposits 83,455 83,961 85,679 Gold at home and abroad 400 400 400 Other liabilities and capital . . 6,300 6,277 5,358 Sterling securities 5,832 5,832 6,003 Bank of Norway (millions of kroner): Indian Govt. securities /\ 366 4 516 4 153 Gold 244 244 253 Rupee coin 607 591 535 Foreign assets (net)..... 1 -8 110 Note circulation 10,956 11,096 10,733 Clearing accounts (net) -37 -42 -91 Banking department: Loans and discounts 32 32 45 Notes of issue department.... 249 244 358 Securities 47 47 48 Balances abroad 2,240 2,233 1,887 Occupation account (net). 7,112 7,112 7,114 Bills discounted 17 30 18 Other assets 75 78 103 Loans to Government 9 Note circulation 2,264 2,294 2,193 Other assets 923 788 1,088 Deposits—Government 2,936 2,770 2,903 Deposits 3,212 2,987 3,143 Banks 1,268 1,377 1,374 Other liabilities and capital.. . 226 309 209 Blocked .-. . 528 538 592 Other 42 45 41 Other liabilities and capital.... 436 439 478 0 Corrected. 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 Latest month available. 3 This statement represents combined figures for the Bank of the German States and the eleven Land Central Banks. 4 Beginning June 30, 1950, includes counterpart funds formerly shown under "Other liabilities." 5 For last available report (February 1950), see BULLETIN for September 1950, p. 1263. 6 Gold revalued on Jan. 18, 1950, from .334987 to .233861 grams of fine gold per guilder. 7 Pending negotiations with the Netherlands and the ECA, counterpart funds are included in "Other liabilities and capital," beginning February, 1950. 8 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 9 Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. DECEMBER 1950 1699 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) Oct. Sept. Aii Oct. date of month) Oct. Sept. Au Oct. State Bank of Pakistan (millions of Bank of Spain—-Cont. rupees): Other assets , 19,016 18,592 4,335 Issue department: Note circulation 29,491 28,380 26,604 Gold at home and abroad... 44 44 44 Deposits—Government 42 135 1,038 Sterling securities 622 652 544 Other.. 3,430 3,206 2,702 Pakistan Govt. securities 519 519 265 Other liabilities and capital. 15,144 14,646 628 Govt. of India securities.... 141 141 332 Bank of Sweden (millions of kronor): India currency 300 300 432 Gold 199 191 156 155 Rupee coin 56 57 64 Foreign assets (net) ,002 970 1,046 793 Notes in circulation ,642 1,660 1,633 Swedish Govt. securities and ad- Banking department: vances to National Debt Office 5 ,957 2,745 2,936 3,046 Notes of issue department... 40 53 47 Other domestic bills and advances 188 184 150 104 Balances abroad 331 318 620 Other assets 397 369 316 472 Bills discounted 102 102 105 Note circulation. ,250 3,197 3,163 3,089 Loans to Government 1 Demand deposits—Government.. 394 394 330 566 Other assets 448 423 282 Other 409 197 458 245 Deposits 821 804 982 Other liabilities and capital 691 670 654 669 Other liabilities and capital. . 100 92 72 Swiss National Bank (millions of Bank of Paraguay—Monetary dept. francs): (thousands of guaranies): Gold ,071 6,110 6,144 6,162 Gold 600 600 600 Foreign exchange 329 359 351 254 Foreign exchange (net) ,457 9,836 835 Loans and discounts 139 139 108 110 Net claim on Int'l. Fund l ,710 2,710 2,710 Other assets 79 74 72 70 Paid-in capital—Int'l. Bank •228 -228 -92 Note circulation ,367 4,351 4,290 4,356 Loans and discounts. ,550127,941 100,607 Other sight liabilities ,049 2,130 2,187 1,838 Government loans and securities. ,425 4,653 8,916 Other liabilities and capital 202 200 199 403 Other assets ,208 28,183 2,293Central Bank of the Republic of Note and coin issue 463125,083 83,208 Turkey (millions of pounds): Demand deposits ,112 41,492 27,527 Gold 419 408 408 431 Other liabilities and capital ,148 7,120 5,134 Foreign exchange and foreign Central Reserve Bank of Peru clearings 190 124 99 81 (thousands of soles): Loans and discounts ,189 1,235 ,133 883 Gold and foreign exchange 2 337 162 336,468 256,006 Securities 27 28 28 64 Net claim on Int'l. Fund J 20. 20,495 20,495 Other assets. 90 112 100 67 Contribution to Int'l. Bank 2, 2,238 2,238 Note circulation 977 965 879 909 Loans and discounts to banks. . . 201; 190,361 152,372 Deposits—Gold 153 153 153 153 Loans to Government 703, 704,341 714,440 Other 660 621 583 288 Other assets 301; 270,711 66,515 Other liabilities and capital 125 166 153 175 Note circulation 970.054 971,059 854,180 Bank of the Republic of Uruguay Deposits 177. 166,153 263,445 (thousands of pesos): Other liabilities and capital 419,117 387,401 94,442 Gold 329,186 315,548 270,793 Central Bank of the Philippines Silver 11,518 11,562 11,912 (thousands of pesos): Paid-in capital—Int'l. Bank 313 313 316 Gold 5 829 5,427 2,721 Advances to State and govern- Foreign exchange 485 347441,331 524,931 ment bodies 143,638144,932 124,341 Net claim on Int'l. Fund x 7 502 7,502 7,501 Other loans and discounts 264,081263,332 249,939 Loans 66 253 53,169 85,521 Other assets 267,861284,559 230,170 Domestic securities 148 851137,250 38,729 Note circulation 296,130 291,026 273,392 Other assets 151 549150,040 133,836 Deposits—Government. 89,972 96,644 77,642 Note circulation 569 764 556,911 581,358 Other 307,229299,020 281,624 Demand deposits—U. S. dollars 3 226 Other liabilities and capital 323,266333,557 254,813 Pesos 180 125,234 115,357 Central Bank of Venezuela (mil- Other liabilities and capital 115 426 112,573 96,299 lions of bolivares): Bank of Portugal (millions of Gold ,041 1,041 1,041 1,041 escudos): Foreign exchange (net) -3 31 -46 155 Gold ,320 3,214 3,130 Other assets 67 60 53 57 Foreign exchange (net) ,577; 9,243 8,979 Note circulation—Central Bank. 696 715 733 701 A O L N o d t o h a v t e n e a r s n c c a a i e r s n c s s d e u t t l o s d a i t G s io c o o n v u . e n • r . t n s m ent „ , , 6 5 2 0 8 3 4 1 8 8 3 9 1 7 , , 5 6 2 9 4 6 2 2 2 2 5 4 8 1 , , 0 5 5 2 1 4 7 4 2 4 4 3 Bank D O t e h p f e o o r r s i l t i s a I b n i t l e it r ie n s a N t a i n a o d t n i o c a n a l a p l i t S b a e l a t n t k le s - . . 2 1 5 5 6 4 2 1 5 5 8 9 1 14 7 1 5 3 1 5 9 1 9 1 Demand deposits—Government.. 458 448 221 ments (thousands of Swiss gold Sout O h th A e f r r i l c ia a b n i li R tie e s s e a r n v d e O E c B C t a h a A p e n i r . t k al , , 4 5 8 8 7 3 1 3 6 3 2, , 3 5 6 4 6 0 9 5 0 2 3 , , 4 6 4 7 3 2 fra S C G n i c a o g s s l h d ) h t : i o f n u n n b h d a a s r n s a d t a in n t d e r w es it t h . banks. . . 45 2 7 3 6 , 8 1 1 1 5 1 1 6 0 44 1 2 2 9 , , , 8 5 7 8 2 6 3 8 6 3 5 8 2 5 2 , , , 9 0 6 0 2 0 3 2 8 1 2 4 3 9 2 , , , 4 7 5 6 0 5 5 2 9 (thousands of pounds): Rediscountable bills and accept- Gold* ,544 63,776 29,358 ances (at cost) 135, 120,239105,253 21,229 Foreign bills ,808 71,307 30,350 Time funds at interest 34. 47,574 50,123 26,073 Other bills and loans ,043 5,626 45,369 Sundry bills and investments... . ii: 287,577281,693 201,127 Other assets ,800 33,682 21,356 Funds invested in Germany 297, 297,201297,201 297,201 Note circulation ,311 69,993 66,152 Other assets 1. 1,507 1,492 3,373 Deposits ,869 90,299 52,035 Demand deposits (gold) . 362, 302,479272,798 13,879 Other liabilities and capital ,015 14,099 8,246 Short-term deposits: Bank of Spain (millions of pesetas): Central banks—Own account.. 396 460 408,213393,581 224,850 Gold 668 668 934 Other 17 19,328 19,736 1,183 Silver 412 446 497 Long-term deposits: Special 228, 228,909228,909 228,909 Government loans and securities. ,839 15,654 15,770 Other liabilities and capital 261 260,346261,271 255,907 Other loans and discounts ,170 11,007 9,437 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund, Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 In November 1949, part of the gold and foreign exchange holdings of the bank were revalued. 3 Account of National Treasury. 4 On Dec. 31, 1949, gold revalued from 172 to 248 shillings per fine ounce. 6 Includes small amount of non-Government bonds. NOTE.—For details relating to individual items in certain bank statements, see BULLETIN for January 1950, p. 120, 1700 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fec a t t i e ve U K d n i o i n m t g 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 R O 3 a c 1 t t e . ef D fe a ct t i e ve ba C n e k n t o r f a — l R O 3 a c 1 t t e . ef D fe a ct t i e ve In effect Dec. 31, Albania....... Mar. 21, 1940 Ireland...... Nov. 23, 1943 1939 Argentina..... A Mar. 1, 1936 Italy Apr. 6, 1950 Jan. 25, 1940 Austria. 3% Aug. 3, 1945 Japan 5.11 July 5, 1948 Apr. 9 Belgium...... 3M Sept. 11, 1950 Java 3 Jan. 14, 1937 May 17 Bolivia. ...... Feb. 4, 1948 Latvia 5 Feb. 17, 1940 Mar. 17, 1941. May 29... June 27 2M Jan. 16,1945.. Canada..... Oct. 17, 1950 Lithuania. . . July 15, 1939 Jan. 20 Chile June 13, 1935 Mexico June 4, 1942 Feb. 9 Colombia.... July 18, 1933 Netherlands . Sept. 26, 1950 Nov. 7,1946.. Costa Rica.... Feb. 1, 1950 New Zealand. July 26, 1941 Dec. 19 Norway Jan. 9, 1946 Jan. 10,1947.. Aug. 27 Oct. 9 Denmark. . . July 4, 1950 Peru Nov. 13, 1947 June 28, 1948.. Ecuador.... 10 May 13, 1948 Portugal. . . . Jan. 12, 1944 Sept. 6 &4 El Salvador. 3 Mar. 2, 1950 South Africa. Oct. 13, 1949 Oct. 1 Estonia. 4^ Oct. 1, 1935 Spain Mar. 18, 1949 May 27, 1949.. Finland 5M July 1, 1949 Sweden Feb. 9, 1945 July 14 Oct. 6....... June 8, 1950. . Sept. 11... 3% France. June 8, 1950 Switzerland.. Nov. 26, 1936 Sept. 26....... Germany. U-6 Oct. 27, 1950 Turkey July 1, 1938 Oct. 27 1-6 Greece 12 July 12, 1948 United King- In effect Oct. 31, India 3 Nov. 28, 1935 dom ...... Oct. 26, 1939 1950 2% 3% U.S.S.R.... July 1, 1936 1 The lower rate applies to the Bank Deutscher Laender, and the higher rate applies to the Land Central banks. NOTE.—Changes since Oct. 31: Denmark—Nov. 2, from 4^ to 5 per cent; Finland—Nov. 3, from 5M to 7% per cent. OPEN-MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Netherlands Sweden land Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills day up to discount 3 months 3 months 3 months money on deposits money 3 months money 3 months rate 1942—Sept.. . .53 1,03 1.00 1.05 ,66 1.25 1943—Sept .46 1.03 1.00 1.07 .61 1.25 1944—Sept .38 1.03 1.01 1.13 73 1.25 1945—Sept . .36 1.03 1.00 1.13 1.41 1.72 1.08 1.25 1946—Sept .40 .53 .51 .63 1.32 1.30 1.00 1.25 1947—Sept .41 .53 .51 .63 1.44 1.08 .75 1.25 1948—Sept .41 .56 .51 .63 2.84 1.10 .84 1.63 1949—Sept .51 .69 .52 .63 P2.03 1.15 1.01 1.50 1949—Oct .51 .69 .52 .63 P2.25 1.07 .78 1.50 Nov .51 .69 .52 .63 P2.55 1.16 .93 1.50 Dec .51 .69 .52 .63 P2.55 1.32 1.03 1.50 1950—Jan .51 .69 .52 .63 2.18 1.31 1.22 1.50 Feb .51 .69 .52 .63 2.40 1.54 1.50 1.50 Mar .51 .69 .52 .63 2.70 1.45 1.13 1.50 Apr .51 .69 .51 .63 2.64 1.44 1.25 1.50 May .51 .69 .51 .63 2.68 1.45 1.03 1.50 June .51 .69 .51 .63 2.52 1.44 .81 1.50 July .51 .69 .51 .63 2.59 1.57 1.10 1.50 Aug .55 .69 .51 .63 2.35 1.44 .95 1.50 Sept. .62 .69 .52 .63 2.22 1.33 .91 1.50 P Preliminary. NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. DECEMBER 1950 1701 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom1 Assets Liabilities (1 b m a 1 i n ll L k io s o s n . n t e s d r o l F o i n n f ig 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 n l t o i e a c r y n t e d at B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i s r t y * 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 i d e t t a i r e l s 1943—December.. 422 151 133 ,307 154 761 349 4,032 2,712 1,319 245 1944—December.. 500 199 147 ,667 165 772 347 4,545 3,045 1,500 250 1945—December.. 536 252 369 ,523 234 827 374 4,850 3,262 1,588 265 1946—December.. 499 432 610 ,560 1,427 994 505 5,685 3,823 1,862 342 1947—December.. 502 480 793 ,288 483 ,219 567 5,935 3,962 1,972 396 1948—December.. 502 485 741 ,397 478 ,396 621 6,200 4,159 2,041 420 1949—October 499 556 1,162 744 1,517 ,476 511 6,050 3,997 2,053 414 November. 497 548 1,216 688 1,517 ,483 539 6,066 3,977 2,089 422 December.. 532 571 1,109 793 1,512 ,534 579 6,202 4,161 2,041 427 1950—January. . . 502 571 1,229 627 1,513 ,526 542 6,085 4,058 2,027 423 February. . 476 539 1,169 471 1,503 ,574 541 841 3,844 1,997 432 March 485 534 1,106 444 1,503 ,602 553 5,783 3,812 1,971 443 April 493 530 1,177 402 1,502 ,630 552 5,843 3,876 1,968 444 May 482 538 1,197 364 1,503 ,648 554 5,847 3,870 1,976 439 June 482 544 1,338 297 1,498 ,665 611 6,000 3,965 2,035 434 July 501 557 1,400 321 1,496 ,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 September. 492 543 1,358 435 1,501 1,610 557 6,028 3,969 2,059 468 Assets Liabilities Canada » Deposits payable in Canada E (1 n C 0 d a i c n n o h a f a m d r m i t a i e l o n l r i n o e d t n d h o s l b l f o a a ig f r n s u k ) r s e . s re C se a r s v h E e n s tire S ly e lo c a i u n n r i s t C y ana l d o d i O a s a c n t o h s u e a n r n t d s Securities O as t s h e e ts r ci N r ti c o o u n t l e a- e T x o cl t u a d l ing i D n e te m rb a a n n d k de T p i o m 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 1,172 1944—December.. 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 1,289 1945—December.. 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1946—December.. 753 136 1,507 132 4,232 ,039 21 6,252 2,783 3,469 1,525 1947—December.. 731 105 1,999 106 3,874 ,159 18 6,412 2,671 3,740 1,544 1948—December.. 749 101 2,148 144 4,268 ,169 16 7,027 2,970 4,057 1,537 1949—October 830 137 2,336 170 4,327 ,142 14 7,441 2,988 4,453 1,488 November. 758 119 2,356 161 4,395 ,084 14 388 2,941 4,447 1,471 December.. 765 133 2,271 146 4,345 ,058 14 227 2,794 4,433 1,477 1950—January. . . 745 100 2,263 158 4,365 ,033 7,197 2,703 4,494 1,467 February. . 749 84 2,299 149 4,391 ,046 7,277 2,741 4,537 1,439 March 731 83 2,344 146 4,453 ,081 400 2,828 4,573 1,438 April 730 103 2,349 175 4,398 ,015 301 2.741 4,561 1,468 May 759 105 2,352 198 4,408 ,091 7,417 860 4,557 1,495 June...... 712 145 2,408 227 4,276 ,182 447 909 4,538 1,503 July 767 94 2,385 222 4,240 1,089 288 2,759 4,529 1,508 August 802 99 2,393 218 4,478 1,113 573 3,030 4,543 1,529 September. 748 101 2,473 225 4,437 1,178 7,597 3,015 4,582 1,565 Assets Liabilities France (4 o m f l i a l m l r i g o o e n n s t b h a o f n f ig k f u s r . a r n e c s E s in n ) d re C se a r s v h es Du b e a n f k ro s m B c i o ll u s n t d e i d s- Loans Other Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- 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 8,541 4,086 90,908 14,245 1,216 112,843 111,302 1,541 428 5,725 1944—December 10,365 4,948 99,782 18,651 1,521 128,734 126,555 2,179 557 5,977 1945—December 14,733 14,128 155,472 36,621 4,783 215,615 213,592 2,023 2,904 7,218 1946—December 18,007 18,940 195,223 65,170 17,445 291,945 290,055 1,890 15,694 7,145 1947—December 22,590 19,378 219,386 86,875 27,409 341,547 338,090 3,457 25,175 8,916 1948—December 45,397 35.633 354,245 126,246 34,030 552,221 545,538 6,683 30,638 12,691 1949—September. 42,358 38,392 402,754 128,343 43,074 595,353 588,687 6,666 25,645 33,922 October 41,534 39,301 451,597 120,353 42,724 633,092 626,211 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 36,056 632,035 623,031 9,005 29,747 18,252 March 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 44,993 640,351 626,925 13,427 32,992 26,853 June 41,283 43,618 442,411 133,848 48,126 648,191 633,952 14,240 32,030 29,065 July 47,231 43,599 433,118 141,239 46,610 647,507 636,010 11,497 31,492 32,798 August 41,572 51,670 440,122 135,192 46,982 650,559 638,875 11,684 29,971 35,008 1 From September 1939 through November 1946, this table represents aggregates of fiugres reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banak are compiled on the third Wednesday of each month, except in June and December, when the statements give end-of-month data. 2 Represent six-month loans to the Treasury at 1 Y% per cent through Oct. 20, 1945, and at Y% per cent thereafter. 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. 1702 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] Argentina1 Australia Belgium Brazil Canada (peso) (pound) (franc) (cruzeiro) (dollar) Year or Ceylon month Prefer- "Bank (rupee) Basic ential Free Official Free a n c o c t o e u s n " t Official Free Official Free 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—Dec... 29.778 223.16 1.9998 5.4406 90.909 88.407 20.850 1950—jan . 29 778 223.16 2.0003 5.4406 90.909 89.205 20.850 Feb... 29,778 223.16 1.9993 5.4406 90.909 89.820 20.850 Mar.,. 29.778 223.16 1.9966 5.4406 90.909 90.254 20.850 Apr. . 29.778 223.16 1.9912 5.4406 90.909 90.205 20.850 May. . 29.778 223.16 1.9921 5.4406 90.909 90.110 20.850 June.. 29.778 223.16 1.9866 5.4406 90.909 90.456 20.850 July.. 29 778 * 21iIi 66" 223.16 1.9835 5.4406 90.909 90.766 20.851 Aug., . 329.778 3 11.100 223.16 1.9837 5.44-06 90 909 90 844 20 850 Sept... 20.000 13.333 7.205 223.16 1.9838 5.4406 90.909 90.844 20.850 Oct.... 20.000 13.333 7.291 223.16 1.9876 41.9702 5.4406 694.854 20.850 Nov... 20.000 13.333 7.147 223.16 1.9876 1.9737 5.4406 96.044 20.850 France Year or month Co b l i o a m- s C l z o e v c a h k o ia - m D a en rk - (franc) G (d e e r u m tsc a h n e y I ( n ru d p i e a e ) i M (p e e x s i o c ) o e N rl e a t n h d - s Ze N a e la w nd N (k o r r o w n a e y ) (peso) (koruna) (krone) mark) (guilder) (pound) Official Free 1944. 57.272 30.122 20.581 324 4? 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—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 Nov... 2.0060 14.494 .2856 23.838 20.870 11.571 26.232 277.29 14.015 United Y m e o a n r t o h r R P e ( p h p p i i e u n l s i b o e p ) l - ic ( P es o g c r a u t l d u o - ) ( A S po o fr u u i n c th d a ) ( S pe p s a e i t n a) S S ( m d e t o e r t n l a t l l t a i e ® t r s - ) (k S d r w o e e n n - a) e S (f r w r l a a i n t n c z d ) - K ( i p n o g u d n o d m ) Ur (p u e g s u o a ) y Official Free 1944 398.00 403.50 65.830 53.506 1945 ....... 399.05 403.50 403.02 65.830 55.159 1946 4 0501 400 50 9 132 25 859 23.363 403.28 65 830 56 280 1947.... 4.0273 400.74 9.132 27.824 23.363 402.86 65.830 56.239 1948 ..... 4.0183 400.75 9,132 27.824 23.363 403.13 65.830 56.182 1949 49 723 3 8800 366 62 42 973 25 480 23.314 368 72 65 830 56 180 42 553 1949—Dec... 49.687 3.4817 278.38 32.692 19.333 23.289 280.07 65.833 56.180 42.553 1950—jan# >o 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 Nov.., 49.625 3.4791 278.38 32.850 19.332 22.946 280.07 65.833 56.180 42.553 *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. 3 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. DECEMBER 1950 1703 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 1 1 n t 9 a 0 2 i 0 t t 6 e e ) d s = C (1 a 1 9 n 0 2 a 0 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 r = l e a i y e t n 1 h 1 1 0 d 9 e 9 0 s 3 r 3 ) - 8 9 - S (1 w 1 9 0 e 3 0 d 5 ) e = n (A S u w = l g a i . 1 n t 0 z 1 d 0 e 9 ) r 3 - 9 1926.. 100 100 i 124 106 150 U26 2 135 1937. ...... 86 85 109 89 94 1 108 114 2 104 1938 . . . 79 79 101 100 100 1 102 111 2 100 1939,. 77 75 103 105 104 2 105 115 104 1940 79 83 103 137 139 121 2 131 146 133 1941. . . .. . . . 87 90 110 153 171 136 2 150 172 171 1942. . 99 96 121 159 201 153 2 157 189 195 1943., 103 100 146 163 234 2 160 196 203 1944. ... *. 104 !03 179 166 265 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 5SIS9 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—-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 3Vf arch 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 2,207 P4.915 254 225 205 September 170 174 321 272 P2,236 *>259 228 209 October 169 173 326 279 213 P Preliminary. 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 1937fo 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 Foodi 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 g a c a w 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 a f d r u l e n y s - d d Foods p I r n o tr d d i u u al s c - ts Foods t p r I r i n o a d l d u u ra s c w - ts p f I i r n n o tr i d d s i h u a u l e s c - d ts 1926 100 100 100 100 100 100 1937 86 86 85 87 84 81 102 112 1938 69 74 82 74 73 78 97 104 1939 65 70 81 64 67 75 97 106 103 112 104 1940, 68 71 83 68 75 82 133 138 121 163 126 1941 82 83 89 73 82 89 146 156 140 177 148 1942 106 100 96 85 90 92 158 160 157 175 154 1943 123 107 97 98 99 93 160 164 157 174 159* 1944 123 105 99 107 104 94 158 170 159 179 165 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..„ 188 179 151 150 156 140 181 242 231 342 285 1949 166 161 147 147 161 142 197 249 243 370 297 1949—October - 160 160 145 146 161 143 210 252 244 376 297 November ..... 157 159 145 146 161 143 213 255 265 378 303? December....... 155 156 145 145 160 143 212 257 270 372 304 1950—January 155 155 146 144 160 143 214 261 275 384 305 February 159 157 146 145 162 143 215 262 282 383 309* March 159 156 146 147 164 . 144 215 262 279 385 310' April 159 155 146 148 165 144 220 266 272 385 311 May ... . 165 160 148 150 168 144 '224 271 276 386 312 June 166 162 149 152 172 145 223 275 285 388 312 July 176 171 152 154 175 146 222 281 August 178 175 156 142 175 150 217 291 September 180 177 159 143 178 156 220 302 October 178 173 162 141 174 156 225 310 r Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1704 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Swite- Y m e o ar nth or ( U S 1 = n t 9 i a 3 t t 5 1 e e - 0 s d 0 3 ) 9 (1 - C 9 a 1 a 3 d 0 a n 5 - 0) -39 1 K 7 ( , d i J o n u m 1 n g 9 e - 47 F = ( r 1 a 9 n 3 1 8 c 0 e 0) ( N 1 - l e 9 1 a t 3 0 n h 8 0 d ) s e - r 3 - 9 1 ( 9 l 3 A e 9 a r u - nd g. = Y m e o a n r t o h r ( U S 1 - 9 n t 1 a 3 i 0 5 t t 0 e e - ) d s 39 (1 = C 9 a 3 a 1 d 0 5 n a 0 - - 3 ) 9 1 K 7 ( d J , i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 e ) ( N 1 = l e 9 a 1 3 t n 0 h 8 d 0 e - s ) 3 r 9 - 1 ( l 9 A a e 3 n r u 9 - d g = . = 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 1 101 1,043 211 170 1947 .......... 159 136 U01 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 .R14 249 174 1949 169 161 111 1,818 219 162 1949-October., .201 205 119 [,901 244 175 1949-October... 169 162 112 1,885 217 162 November, 201 203 119 L ,930 251 174 November 169 162 112 1,912 221 16.1 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 L,929 270 170 February.. 167 162 113 1,920 234 159 March.... 196 204 121 L.920 274 172 March.... 167 164 113 1,906 237 158 April 197 205 122 L.942 273 172 April 167 164 114 1,922 237 158 M ay 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 L,839 278 175 July 173 168 114 1,825 240 158 August.... 209 217 121 L ,938 275 178 August... . 173 169 113 1,925 239 159 September. 209 219 122 ?,009 276 179 September. 174 170 114 2,007 243 160 October. .. 209 220 ?,043 180 October. .. 175 171 P2,043 P248 161 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. S E C U R I TY P R I C ES [Index numbers except as otherwise specified] Bonds Common stocks Year or month S U g ( n t r h a i a i d t g t h e e ) d es * C ( a 1 = 9 n 3 a 5 1 d - 00 3 as ) 9 ( 1 K D 9 U i e 2 n n c 1 i g e = t m d 1 ed b 0 om e 0 r ) F (1 r 9 1 38 a 0 n 0) ce = N la e n th d e s r - s ( U 1 S = 9 n t 3 a 1 i 5 0 t t e e - 0 3 s d ) 9 C (1 a = 9 n 3 1 a 5 0 d - 0 3 a ) 9 4 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) 1 (D F 93 r e a 8 c n e = m c 1 e 0 b 0 5 e ) r (1 N 9 l e a 3 t n 8 h = d e s 1 r 6 0 - 0) Number of issues. . . 12 (2) 87 50 14 416 106 278 • 295 27 1942 118 3 100 7 127 3 146 4 69 4 64 2 75 3 1943 . .. 120.3 102.6 127.8 146.6 91.9 83.5 84.5 1944 120 9 103 0 127 5 150 5 99 8 83 8 88 6 1945 122.1 105.2 128.3 152.1 121.5 99.6 92.4 1 1 9 9 4 4 6 7 1 1 12 0 3 3 .3 .2 1 1 1 1 7 8 . . 2 5 1 1 3 3 2 0 . . 1 8 1 1 4 3 4 2 . . 6 0 1 10 0 5 9 . .0 6 - 1 1 3 2 9 3 . . 9 0 1 1 1 0 5 6 . . 7 0 9 9 6 4 . . 2 6 1,1 8 4 7 9 5 20,t , 1948 98.7 105.0 129.9 117.0 107,1 124,4 112.5 92.0 i,262 211 2 1949 , 101.9 107.6 126.5 109.4 106.8 121.4 109.4 87.6 1,129 195 a 1949—November. . .103.2 112.1 118.9 110.2 108,7 129.1 118.2 86.5 1,042 203.6 December... 103.7 110.7 121.1 109.9 109.4 132.7 117.9 87.8 1,085 204.6 1950—January. ....104.0 111.0 119.8 109.5 110.1 135.1 119.0 87.7 1,107 204.2 February, . . . 104.0 110.7 119.9 110.9 110.4 136.7 118.3 87.9 1,036 202.5 March . . . 104.1 110.9 119.4 111.5 109.0 138.8 118.7 88.4 1,045 197.0 April (7) 110.3 119.9 112.3 108.7 141.8 125.9 89.1 1,024 191.0 M ay 110.9 119.8 111.7 108.3 146.9 128.7 89.6 1,019 189.6 June . ... 110.9 121.6 110.4 108 0 147.7 130.9 90 9 1,056 190.8 Tuly 109.9 120.7 P108.8 106.3 138.2 124.3 88.7 961 170.0 August 110.5 120.8 nO9.7 105 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 1,080 194.9 October 108.7 124.2 P108.8 104.3 157.8 145.4 92.5 Pl.035 197.8 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. 3 This index represents the reciprocals of average yields for 14 issues, including government, provincial, municipal, mortgage, and industrial bonds. The average yield in the base period (January-March 1937) was 3.39 per cent. 4 This index is based on 95 common stocks through 1944; on 100 stocks 1945-1948; and on 106 stocks beginning 1949= 5 In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424. 6 This index is based on 27 Netherlands industrial shares and represents an unweighted monthly average of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS. 7 Series discontinued beginning Apr. 1, 1950. Sources—See BULLETIN for June 1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. DECEMBER 1950 1705 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM THOMAS B« MCCABE, Chairman MARRINER S. ECCLES JAMES K. VARDAMAN, JR. M. S. SZYMCZAK EDWARD L. NORTON R. M. EVANS OLIVER S. POWELL ELLIOTT THURSTON, Assistant to the Board CHESTER MORRILL, Special Adviser to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary EDWARD A. WAYNE, Acting 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 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. LOGHEAD, SAN FRANCISCO DISTRICT ROBERT G. ROUSE, Manager of System Open HERBERT V. PROCHNOW, Secretary Market Account 1706 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 l President Bank of Deputy Chairman First Vice President Vice Jrresiueiits Boston Albert M. Creighton Joseph A. Erickson John J. Fogg Alfred C. Neal Harold D. Hodgkinson William Willett Robert B. Harveya 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 8 Cleveland George C. Brainard Ray M. Gidney Roger R. Clouse A. H. Laning 3 A. Z. Baker Wm. H. Fletcher W. D.Fulton Martin Morrison J. W. Kossin Paul C. Stetzelberger Donald S. Thompson Richmond Charles P. McCormick Hugh Leach N. L. Armistead C. B. Strathy John B. Woodward, Jr. J. S. Walden, Jr. R. L. Cherry K. Brantley Watson R. W. Mercer 8 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 * 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 WTm. E. Peterson William H. Stead C. A. Schacht C. M. Stewart Minneapolis. . . . Roger B. Shepard J. N. Peyton H. C. Core H. G. McConnell W. D. Cochran A. W. Mills C. W. Groth Otis R. Preston E. B. Larson Sigurd Ueland Kansas City.... Robert B. Caldwell H. G. Leedy L. H. Earhart John Phillips, Jr. Robert L. Mehornay Henry 0. Koppang Delos C. Johns G. H. Pipkin R. L. Mathes C. E. Sandy2 D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. Pondrom 3 W. E. Eagle C. M. Rowland Mac C. Smyth San Francisco... Brayton Wilbur C. E. Earhart J. M. Leisner H. F. Slade Harry R. Wellman H. N. Mangels S. A. MacEachron Ronald T. Symms 3 E. R. Millard W. F. Volberg W. L. Partner 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE 'BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith 4 Minneapolis. . . . Helena C. W. Groth Cleveland Cincinnati W. D. Fulton Pittsburgh J. W. Kossin Kansas City.... Denver G. H. Pipkin Oklahoma City R. L. Mathes Richmond Baltimore W. R. Milford Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham P. L. T, Beavers Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville Joel B. Fort, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit H. J. Chalfont San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock C. M. Stewart Portland S. A. MacEachron Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis Paul E. Schroeder Seattle J. M. Leisner 1 Also Federal Reserve Agent. 2 Cashier. 8 Also Cashier. 4 General Manager. DECEMBER 1950 1707 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS The material listed below may be obtained from more for single shipment, 15 cents per pamphlet. the Division of Administrative Services, Board of THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND Governors of the Federal Reserve System, Wash- FUNCTIONS. November 1947. 125 pages. 75 ington 25, D. C. Where a charge is indicated, cents per cloth-bound copy; in quantities of 10 remittance should be made payable to the order of more copies for single shipment, 50 cents each. of the Board of Governors of the Federal Reserve Paper-bound copies available without charge. System, DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, BOOKS As of December 31, 1947. July 1948. 122. pages. As of June 30, 1949. December 1949. 122 pages. BANKING STUDIES. Comprising 17 papers on bank- HISTORICAL SUPPLEMENT TO FEDERAL RESERVE ing and monetary subjects by members of the CHARTS ON BANK CREDIT, MONEY RATES, AND Board's staff. August 1941; reprinted March BUSINESS. 113 charts. March 1950 edition. 1949. 496 pages. Paper cover. $1.00 per copy; Annual subscription to monthly chart book inin quantities of 10 or more copies for single shipcludes supplement; single copies, 60 cents each. ment, 75 cents each. In quantities of 10 or more copies for single ship- BANKING AND MONETARY STATISTICS. Statistics of ment, 50 cents each. (Domestic rates) 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. REGULATIONS OF THE BOARD OF GOVERNORS OF THE Includes translation of laws, accompanying re- FEDERAL RESERVE SYSTEM. Individual regulations ports, and introduction reviewing the monetary with amendments. history of Paraguay. July 1946. 170 pages. $1.00 per copy. PERIODICAL RELEASES RULES OF ORGANIZATION AND RULES OF PROCEDURE WEEKLY (Board of Governors of the Federal Reserve Sys- CONDITION OF THE FEDERAL RESERVE BANKS tem). September 1946. 31 pages. CONDITION OF WEEKLY REPORTING MEMBER BANKS THE FEDERAL RESERVE ACT, as amended to Novem- IN CENTRAL RESERVE CITIES ber 1, 1946, with an Appendix containing pro- CONDITION OF WEEKLY REPORTING MEMBER BANKS visions of certain other statutes affecting the IN LEADING CITIES Federal Reserve System. 372 pages. 50 cents per DEPARTMENT STORE SALES, BY CITIES paper-bound copy; $1.00 per cloth-bound copy. WEEKLY DEPARTMENT STORE SALES DEBITS AND CLEARINGS STATISTICS, THEIR BACK- WEEKLY FOREIGN EXCHANGE RATES GROUND AND INTERPRETATION. October 1947. 50 WEEKLY REVIEW OF PERIODICALS pages. 25 cents per copy; in quantities of 10 or more copies for single shipment, 15 cents each. SEMIMONTHLY POSTWAR ECONOMIC STUDIES. (8 pamphlets) DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER No. 1. Jobs, Production, and Living Standards. BANKS No. 2. Agricultural Adjustment and Income. MONTHLY No. 3. Public Finance and Full Employment. FEDERAL RESERVE BULLETIN. Subscription price in No. 4. Prices, Wages, and Employment. the United States and its possessions, Bolivia, No. 5. Private Capital Requirements. Canada, Chile, Colombia, Costa Rica, Cuba, No. 6. Housing, Social Security, and Public Dominican Republic, Ecuador, Guatemala, Haiti, Works. Republic of Honduras, Mexico, Newfoundland No. 7. International Monetary Policies. (including Labrador), Nicaragua, Panama, Para- No. 8. Federal Reserve Policy. guay, Peru, El Salvador, Uruguay, and Vene- The price for the set of eight pamphlets is $1.25; zuela is $2.00 per annum or 20 cents per copy; 25 cents per pamphlet, or, in quantities of 10 or elsewhere, $2.60 per annum or 25 cents per copy. 1708 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS Group subscriptions in the United States for 10 ANNUAL or more copies to one address, 15 cents per copy ANNUAL REPORT OF THE BOARD OF GOVERNORS OF per month, or $1.50 for 12 months. THE FEDERAL RESERVE SYSTEM FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EX- RATES, AND BUSINESS. $6.00 per annum in- CEPT INTERBANK ACCOUNTS cluding historical supplement, or 60 cents per IRREGULAR copy. In quantities of 10 or more copies of a particular issue for single shipment, 50 cents ASSETS AND LIABILITIES OF MEMBER BANKS (Coneach. (Domestic rates) densed) ASSETS AND LIABILITIES OF ALL BANKS IN THE MEMBER BANK CALL REPORT (Detailed) UNITED STATES SURVEYS OF CONSUMER FINANCES ASSETS AND LIABILITIES OF ALL MEMBER BANKS, REPRINTS BY DISTRICTS (From Federal Reserve Bulletin unless preceded by an asterisk) BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EX- CEPT INTERBANK ACCOUNTS THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS BUSINESS INDEXES IN THE UNITED STATES. November 1938. 20 pages. CONSUMER CREDIT * PROBLEMS OF BANKING AND BANK SUPERVISION. CONSUMER INSTALMENT CREDITS OF COMMERCIAL Excerpts from the Board's 1938 Annual Report. BANKS 33 pages. CONSUMER INSTALMENT CREDITS OF INDUSTRIAL MONETARY MEASURES AND OBJECTIVES. September BANKS 1937, April 1939, and May 1939. 8 pages. CONSUMER INSTALMENT CREDITS OF INDUSTRIAL THE GOLD PROBLEM TODAY, by E. A. Goldenweiser, LOAN COMPANIES January 1940. 4 pages. CONSUMER INSTALMENT LOANS OF THE PRINCIPAL THE PAR COLLECTION SYSTEM OF THE FEDERAL RE- TYPES OF FINANCIAL INSTITUTIONS SERVE BANKS, by George B. Vest. February 1940. DEPARTMENT STORE CREDIT 8 pages. DEPARTMENT STORE SALES (Indexes and Compari- HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL REsons with Previous Year) SERVE POLICY, by Arthur Hersey. April 1940. DEPARTMENT STORE SALES AND STOCKS, BY MAJOR 11 pages. DEPARTMENTS CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM, DEPARTMENT STORE STOCKS by E. A. Goldenweiser. May 1940. 5 pages. FOREIGN EXCHANGE RATES GENERAL INDEXES OF BUSINESS ACTIVITY, by Frank R. Garfield. June 1940. 7 pages. INTERDISTRICT SETTLEMENT FUND GOLD RESERVES OF CENTRAL BANKS AND GOVERN- NATIONAL SUMMARY OF BUSINESS CONDITIONS MENTS. September 1940. 18 pages. OPEN-MARKET MONEY RATES IN NEW YORK CITY MEASUREMENT OF PRODUCTION, by Woodlief Thomas RETAIL FURNITURE REPORT and Maxwell R. Conklin. September 1940. 16 RETAIL INSTALMENT CREDIT AT FURNITURE AND pages. HOUSEHOLD APPLIANCE STORES FEDERAL RESERVE BANK LENDING POWER NOT DE- SALES FINANCE COMPANIES PENDENT ON MEMBER BANK 'RESERVE BALANCES. SELECTED LIST OF ADDITIONS TO THE RESEARCH February 1941. 2 pages. LIBRARY ADJUSTMENT FOR SEASONAL VARIATION, by H. C. STATE BANK MEMBERS AND NONMEMBER BANKS Barton, Jr. Description of method used by Board THAT MAINTAIN CLEARING ACCOUNTS WITH FED- in adjusting economic data for seasonal variation. ERAL RESERVE BANKS (Also annual list) June 1941. 11 pages. COMMERCIAL AND INDUSTRIAL LOANS AT MEMBER SEMIANNUAL—QUARTERLY BANKS, April 16-May 15, 1942. August, Septem- ALL BANKS IN THE UNITED STATES AND POSSESSIONS ber, and November 1942. 32 pages. —PRINCIPAL ASSETS AND LIABILITIES FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION. SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORA- From August 1940, September 1941, and October TIONS 1943 issues of BULLETIN with supplementary data. PRELIMINARY EARNINGS OF MEMBER BANKS October 1943. 120 pages. DECEMBER 1950 1709 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REVISED INDEX OF DEPARTMENT STORE SALES. June Youngdahl. October and December 1947. 36 1944. 20 pages. pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE BANKING ASSETS AND THE MONEY SUPPLY SINCE SALES. September 1944. 2 pages. 1929, by Morris A. Copeland and Daniel H. Brill. January 1948. 9 pages. ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28, THE FEDERAL RESERVE CHART BOOK AS AN AID TO by Mary S. Painter. September 1945. 2 pages. BANK MANAGEMENT, by Charles H. Schmidt. SURVEYS OF LIQUID ASSET HOLDINGS. September April 1948. 9 pages. 1945. 7 pages. NEW COMMERCIAL BANKING OFFICES, 1936-1947, REVISED INDEX OF DEPARTMENT STORE STOCKS, by by Caroline H. Cagle and Raymond C. Kolb. Richard Youngdahl and John O. Bergelin. June May 1948. 12 pages. 1946. 25 pages. RECENT DEVELOPMENTS IN BUSINESS FINANCE; with INDEX OF DEPARTMENT STORE SALES AND STOCKS, BY INDUSTRIAL DIFFERENCES IN LARGE CORPORATION MAJOR DEPARTMENTS. August 1946. 4 pages. FINANCING, by Charles H. Schmidt. June 1948. ESTIMATED DURABLE GOODS EXPENDITURES, 1939-45, 19 pages. by Doris P. Warner and Albert R. Koch, Sep- SALES FINANCE COMPANY OPERATIONS IN 1947, by tember 1946. 8 pages. Milton Moss. July 1948. 6 pages. BUSINESS LOANS OF MEMBER BANKS— THE PHILIPPINE CENTRAL BANK ACT and Text of SUMMARY, by Albert R. Koch; TERM LENDING the Act, by David Grove and John Exter. In TO BUSINESS BY COMMERCIAL BANKS IN 1946, by part a reprint from the August 1948 BULLETIN. Duncan McC. Holthausen; SECURITY PLEDGED ON 36 pages. MEMBER BANK LOANS TO BUSINESS, by Tynan BANK CREDIT DEVELOPMENTS. October 1948. 12 Smith; THE STRUCTURE OF INTEREST RATES ON pages. BUSINESS LOANS AT MEMBER BANKS, by Richard THE SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL Youngdahl; MEMBER BANK LOANS TO SMALL RESERVE SYSTEM. Address by Chairman Thomas BUSINESS, by Charles H. Schmidt. March, May, B. McCabe on October 26, 1948 at the annual June, July, and August 1947. 80 pages. meeting of the Stockholders of the Federal Re- COMMERCIAL BANK ACTIVITY IN CONSUMER INSTALserve Bank of Boston. November 1948. 5 pages. MENT FINANCING, by Frieda Baird. March 1947. LATIN AMERICA'S POSTWAR INFLATION AND BALANCE 6 pages. OF PAYMENTS PROBLEMS, by David L. Grove and VALUES AND LIMITATIONS OF CONSUMER FINANCIAL Gerald M. Alter. November 1948. 11 pages. SURVEYS FOR ECONOMIC RESEARCH, by Ralph A. * STATEMENT ON BEHALF OF THE BOARD OF GOV- Young and Duncan McC. Holthausen. March ERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE 1947. 9 pages. THE JOINT COMMITTEE ON THE ECONOMIC REPORT. METHODS OF RESTRICTING MONETIZATION OF PUBLIC Presented by Chairman Thomas B. McCabe on DEBT BY BANKS. April 1947. 4 pages. February 14, 1949. 7 pages. REVISION OF WEEKLY STATISTICS FOR MEMBER NEW STATISTICS OF INTEREST RATES ON BUSINESS BANKS IN LEADING CITIES. June-July 1947. 9 LOANS, by Richard Youngdahl. March 1949. pages. 10 pages. REVISION OF NATIONAL INCOME AND PRODUCT STA- SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS, TISTICS. September 1947. 12 pages. by Charles H. Schmidt. March 1949. 9 pages. STERLING IN MULTILATERAL TRADE, by J. Burke POSTWAR CREDIT CONTROLS IN FRANCE, by Albert Knapp and F. M. Tamagna. September 1947. O. Hirschman and Robert V. Rosa. April 1949. 8 pages. 13 pages. BANK LOANS TO FARMERS— MOVEMENT TOWARD BALANCE IN INTERNATIONAL COMMERCIAL BANK LOANS TO FARMERS, by Tynan TRANSACTIONS OF THE UNITED STATES, by Lewis Smith and Philip T. Allen; FARM MORTGAGE N. Dembitz and Albert O. Hirschman. May LOANS AT COMMERCIAL BANKS, by Philip T. 1949. 14 pages. Allen; FARM PRODUCTION LOANS AT COMMERCIAL STATEMENT OF CHAIRMAN THOMAS B. MCCABE OF BANKS, by Herman Koenig and Tynan Smith; THE BOARD OF GOVERNORS OF THE FEDERAL RE- THE STRUCTURE OF INTEREST RATES , ON COM- SERVE SYSTEM BEFORE THE SENATE BANKING AND MERCIAL BANK LOANS TO FARMERS, by Richard CURRENCY COMMITTEE, May 11, 1949. 6 pages. 1710 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS MEASUREMENTS OF SAVINGS, by Daniel H. Brill. pages; for 1948 from June-September and No- November 1949. 8 pages. vember 1948 BULLETINS, 70 pages; for 1949 from NOTES ON FOREIGN CURRENCY ADJUSTMENTS. No- June-November 1949 and January 1950 BULvember 1949. 14 pages. LETINS, 124 pages.) * REPLY OF THE CHAIRMAN OF THE BOARD OF GOV- INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING IN 1949, by Eleanor J. Stockwell. ERNORS OF THE FEDERAL RESERVE SYSTEM (TO the Questionnaire of the Joint Congressional Com- June 1950. 6 pages. (Also, similar survey by mittee on the Economic Report). November Charles H. Schmidt. June 1949. 8 pages.) 1949. 112 pages. RETAIL CREDIT SURVEY—1949. From June 1950 BULLETIN with supplementary information for * STATEMENT OF THOMAS B. MCCABE, CHAIRMAN OF nine separate trades. 37 pages. THE BOARD OF GOVERNORS OF THE FEDERAL RE- SERVE SYSTEM, BEFORE THE SUBCOMMITTEE ON STATEMENT ON PROPOSED SMALL BUSINESS LEGISLA- TION. Presented by Thomas B. McCabe, Chair- MONETARY, CREDIT AND FISCAL POLICIES OF THE man, Board of Governors of the Federal Reserve JOINT COMMITTEE ON THE ECONOMIC REPORT. System, before the Senate Committee on Bank- Presented December 3, 1949. 10 pages. ing and Currency, June 27, 1950. July 1950. 8 A STUDY OF INSTALMENT CREDIT TERMS, by Milton pages. Moss. December 1949. 8 pages. BRANCH BANKING IN THE UNITED STATES, 1939 and FRENCH EXCHANGE STABILIZATION FUND, by Robert 1949. July 1950. 16 pages. Solomon. January 1950. 5 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS INSURANCE OF COMMERCIAL BANK DEPOSITS. Feb- AND BUSINESSES. August 1950. 2 pages. ruary 1950. 5 pages. STATEMENT ON THE DEFENSE PRODUCTION ACT OF STATEMENT BY THOMAS B. MCCABE, CHAIRMAN, 1950. Presented by the Board of Governors of BOARD OF GOVERNORS OF THE FEDERAL RESERVE the Federal Reserve System to the Committee SYSTEM ON S. 2822, A BILL "TO AMEND THE FED- on Banking and Currency of the Senate, and ERAL DEPOSIT INSURANCE ACT." February 1950. read by Governor R. M. Evans to the Committee 5 pages. on Banking and Currency of the House of Rep- STAFF STUDY ON ASSESSMENTS AND COVERAGE FOR resentatives, July 25, 1950. August 1950. 4 DEPOSIT INSURANCE. February 1950. 15 pages. pages. FEDERAL RECEIPTS AND EXPENDITURES FOR FISCAL DEFENSE LOAN POLICY. An announcement adopted YEAR 1951. February 1950. 10 pages. jointly by National and State Supervisors of banks * THE CHALLENGE OF OPPORTUNITY VERSUS SECU- and other lending institutions. August 4, 1950. RITY. Address by Thomas B. McCabe, Chair- August 1950. 1 page. man, Board of Governors of the Federal Re- THE BALANCE SHEET OF AGRICULTURE, 1950. Sepserve System before a Seminar group of Life tember 1950. 14 pages. Insurance Executives. Presented April 13, 1950. OUR COMMON PROBLEM—MAINTENANCE OF A SOUND 7 pages. BANKING SYSTEM. Address by Thomas B. Mc- 1950 SURVEY OF CONSUMERS FINANCES— Cabe, Chairman, Board of Governors of the Fed- Preliminary summary. April 1950. 2 pages. eral Reserve System, before the National Associa- PART I. GENERAL FINANCIAL POSITION AND ECO- tion of Supervisors of State Banks, Boston, Mass., NOMIC OUTLOOK OF CONSUMERS. June 1950. 12 September 21, 1950. October 1950. 4 pages. pages. PART II. PURCHASES OF HOUSES AND REVISED ESTIMATES OF CONSUMER CREDIT. Novem- DURABLE GOODS IN 1949 and BUYING PLANS FOR ber 1950. 2 pages. 1950. July 1950. 15 pages. PART III. DISTRI- MEASUREMENT OF CONSUMER CREDIT. Address by BUTION OF CONSUMER INCOME IN 1949. August Ralph A. Young and Homer Jones before the 1950. 18 pages. PART IV. THE DISTRIBUTION University of Illinois Consumer Credit Confer- OF CONSUMER SAVING IN 1949. November 1950. ence, Chicago, Illinois, October 5, 1950. Novem- 15 pages. PART V. THE DISTRIBUTION OF ASSETS, ber 1950. 9 pages. LIABILITIES, and NET WORTH OF CONSUMERS, STATEMENT ON REGULATION OF CONSUMER CREDIT. EARLY 1950. 28 pages. METHODS OF THE SURVEY Statement by Chairman Thomas B. McCabe on OF CONSUMER FINANCES. July 1950. 15 pages. behalf of the Board of Governors of the Federal (Also, similar survey for 1946 from June-Septem- Reserve System before the Joint Committee on ber 1946 BULLETINS, 28 pages; for 1947 from Defense Production. December 8, 1950. Decem- June-August and October 1947 BULLETINS, 48 ber 1950. 5 pages. DECEMBER 1950 1711 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Acceptances, bankers': Assets and liabilities—Continued. Buying rates. 51, 187, 323, 427, 533, 687, 841, Federal Reserve Banks: 1019, 1195, 1347, 1483, 1631 All banks 52, 188, 324, 428, 534, 688, Open-market rates on. .72, 208, 344, 448, 554, 710, 862, 842, 1020, 1196, 1348, 1484, 1632 1040, 1216, 1368, 1506, 1652 Each bank 53, 189, 325, 429, 535, 689, Outstanding .. .. 71, 207, 343, 447, 553, 709, 861, 843, 1021, 1197, 1349, 1485, 1633 1039,1215, 1367, 1505, 1651 Foreign central banks. .. .116, 254, 388, 492, 612, 754, Addresses: 920, 1084, 1260, 1412, 1550, 1696 Evans, R. M., on Consumer Credit Government corporations and credit Regulation in a Garrison Economy 143 7 agencies 80, 216, 352, 456, 562, 718, 870, McCabe, Thomas B., on Our Common Problem— 1048, 1224, 1376, 1514, 1660 Maintenance of a Sound Banking System 1287 Large corporations in selected industries 640 Szymczak, M. S., before School of Banking, Uni- Atwood, H. E., Class A Director at Minneapolis, versity of Wisconsin on Monetary Policy in a death of 1131 Free Economy 1111 Australia: Admission of State Banks to membership in Federal Commonwealth Bank of: Reserve System .. .43, 179, 314, 420, 1012,1131, 1476, 1583 Condition 118, 256, 390, 494, 614, 756, 922, Agricultural commodities: 1086, 1262, 1414, 1552, 1698 Production and prices in latter part of 1949. . 11 Foreign exchange rates. ..... .123. 261, 395, 499, 619, Agricultural loans: 761, 927, 1091, 1267, 1419, 1558, 1704 Discussion . .. 774 Gold movements 115, 253, 387, 491, 611, 753, Insured commercial banks. .64, 200, 336, 440, 546, 702, 919, 1083, 1259, 1411, 1549, 1695 854,.10.-2, 1208, 1360, 1498, 1644 Gold production 113, 251, 385, 489, 609, 751, Agricultural production in 1950 1105 917, 1081, 1257, 1409, 1547, 1693 Agriculture: Austria: Balance sheet of, 1950 1118 Austrian National Bank: Crop reports. . 105, 1073, 1249, 1401, 1539, 1685 Condition .118, 256, 390, 494, 614, 756, Financial position of 1108 922, 1086, 1262, 1414, 1552, 1698 National summary of business conditions... .1014, 1189 Discount rate 121, 259, 393, 497, 617, 759, Recent developments in 1099 925, 1089, 1265, 1417, 1555, 1701 Albania: Automobile Appraisal Guides, designated for purposes Discount rate of central bank. .121, 259, 393, 497, 617, of Regulation W 1311 759, 925, 1089, 1265, 1417, 1555, 1701 Baker, Holmes D., Director of Baltimore Branch, Annual reports: death of... 525 Balance sheet of agriculture, 1950 1118 Balance of payments position of United States 403 Bank for International Settlements 985 Balance sheet and income statement of large corpora- Bank of the German States. 1293 tions in selected industries 640 Board of Governors . 1012 Balance Sheet of Agriculture, 1950 ..1118 Argentina: Bank credit: Central bank of: Current statistics for Federal Reserve Chart Condition 118, 256, 390, 494, 614, 756, 922, Book 101, 237, 373, 477, 583, 739, 1086, 1262, 1414, 1552, 1698 891, 1069, 1245, 1397, 1535, 1681 Discount rate.. . .121, 259, 393, 497, 617, 759, 925, Expansion in 1276 1089, 1265, 1417, 1555, 1701 Growth in 772 Gold reserves. . 114, 252, 386, 490, 610, 752, 918, National summary of business 1082, 1258, 1410, 1548, 1694 conditions 46, 181, 317, 423, 527, 681, 836, Foreign exchange rates. . 123, 261, 395, 499, 619, 761, 927, 1014, 1189, 1342, 1478, 1625 1091, 1267, 1419, 1557, 1703 Resumption of 771 Articles: (See Special articles) Asia: Bank debits: (See Debits to deposit accounts) International capital transactions. Ill, 249, 383, 487, 607, Bank deposits: (See Deposits) 749, 915, 1079, 1255, 1407, 1545, 1691 Bank for International Settlements: Assessments: Annual report of 985 Deposit insurance, staff study of 151 Condition 120, 258, 392, 496, 616, 758, 924, Federal Reserve Banks for expenses of Board of 1088, 1264, 1416, 1554, 1700 Governors 242, 1074 Gold reserves 114, 252, 386, 490, 610, t52, Assets, liquid: (See Liquid assets) 918, 1082, 1258, 1410, 1548, 1694 Assets and liabilities: Bank holding companies: Agriculture, 1950 1120 Legislation proposed 2 79 All banks in United States, by classes. .. .61, 197, 333, Legislation regarding, additional statement of 437, 543, 697, 851, 1029, 1205, 1357, 1493, 1641 Chairman McCabe before Senate Banking and All banks in United States and possessions, by Currency Committee 414 States: S. 2318, to provide for control and regulation of.. .286 December 31, 1949 700 S. 2318, amendments proposed by Chairman June 30, 1950 1496 McCabe .294 Commercial banks in United Kingdom, Canada and S. 2318, additional amendments proposed by France.. ..122, 260, 394, 498, 618, 760, 926, Chairman McCabe 417 1090, 1266, 1418, 1556, 1702 Bank loans: (See Loans; Loans and Investments) DECEMBER 1950 1713 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Pages Bank of America National Trust & Savings Association: Bills discounted by Federal Reserve Banks: Injunction restraining 823 All banks combined. . .49, 185, 321, 425, 531, 685, 839, Proceedings to adjudge in civil contempt and 1017, 1193, 1345, 1481, 1629 other relief 828 Each bank.. ..53, 189, 325, 429, 535, 689, 843, Order denying stay 833 1021, 1197, 1349, 1485, 1633 Order purging respondents of contempt 1155 Maturity distribution 52, 188, 324, 428, 534, 688, Denial of certiorari by Supreme Court 1612 842, 1020, 1196, 1348, 1484, 1632 Bank premises: Member and nonmember banks. .52, 188, 324, 428, 534, Federal Reserve Banks...54, 190, 326, 430, 536, 690, 688, 842, 1020, 1196, 1348, 1484, 1632 844, 1022, 1198, 1350, 1486, 1634 Board of Governors: Bank suspensions: Annual report of ; 1012 Number and deposits 57, 193, 329, 433, 539, 693, Assessment for expenses of 242, 1074 847, 1025, 1201, 1353, 1489, 1637 Chairmen, list of presiding officers, 1914-1950. .. .1187 Bankers' acceptances: (See Acceptances, bankers') Division of International Finance, establishment of 834 Bankers' balances: Members: Insured commercial banks 65, 201, 337, 441, 547, Evans, R. M.: 703, 855, 1033, 1209, 1361, 1499, 1645 Address on Consumer Credit Regu- Weekly reporting member banks: lation in a Garrison Economy 1437 By Federal Reserve districts 69, 205, 341, 445, 551, Statement read before Banking and 707, 859, 1037, 1213, 1365, 1503, 1649 Currency Committee of House on New York City and outside. ...67, 203, 339, 443, Defense Production Act of 1950 943 549, 705, 857, 1035, 1211, 1363, 1501, 1647 List covering period 1913-1950 1186 Banking: McCabe, Thomas B.: Funds, foreign, increase in United Additional statement on proposed States 109, 247, 381, 485, 605, 747, 913, legislation regarding bank 1077, 1253, 1405, 1543, 1689 holding companies 414 Offices: Address, on Our Common Problem— Changes in number of 244, 1250 Maintenance of a Sound Banking Number of 70, 206, 342, 446, 552, 708, 860, System .., .1287 Letter to member banks with state- 1038, 1214, 1366, 1504, 1650 ment on defense loan policy 1582 Banks: Statement on proposed legislation Consolidations 244, 1250 regarding bank holding companies 279 Government securities held by. .78, 214, 350, 454, 560, Statement on proposed small business 716, 868, 1046, 1222, 1374, 1512, 1658 legislation before Senate Committee Number of: on Banking and Currency 810 By classes of banks. . .61, 197, 333, 437, 543, 697, Statement on regulation of consumer 851, 1029, 1205, 1357, 1493, 1641 credit 1577 By districts and by States. .70, 206, 342, 446, 552, Statement on S. 2822, a bill to amend 708, 860, 1038, 1214, 1366, 1504, 1650 the Federal Deposit Insurance Act. . . . 146 Changes 244, 1250 Norton, Edward L.: December 31, 1949, by States 600 Appointment of 679 Number, assets and deposits, June 30, 1949, Oath of office and assumption of duties. .1131 by class of bank 896 Powell, Oliver S.: Suspensions 57, 193, 329, 433, 539, 693, 847, Appointment of 1011 1025, 1201, 1353, 1489, 1637 Oath of office and assumption of duties. .1131 United States and possessions, assets and Szymczak, M. S.: liabilities 700, 1496 Address before School of Banking, Banks for cooperatives: University of Wisconsin, on Loans by 80, 216, 352, 456, 562, 718, 870, Monetary Policy in a Free Economy. . .1111 1048, 1224, 1376, 1514, 1660 Members and officers, list 126, 264, 398, 502, 622, Beauchamp, Stonewall J., appointed director at 764, 930, 1094, 1270, 1422, 1560, 1706 Little Rock Branch . .42 Office of Real Estate Credit, Belgian Congo: establishment of 1340 Gold production.... 113, 251, 38$, 489, 609, 751, 917, Publications of 128, 266, 400, 504, 624, 766, 932, 1081, 1257, 1409, 1547, 1693 1096, 1272, 1424, 1562, 1708 Belgium: Staff: (See Staff of Board) Foreign exchange rates. . . .123, 261, 395, 499, 619, 761, Vice Chairmen, list for 1914-1947 .. 1187 927, 1091, 1267, 1419, 1557, 1703 Bolivia, Central Bank of: Gold movements.. .115, 253, 387, 491, 611, 753, 919, Condition 118, 256, 390, 494, 614, 756, 922, 1083, 1259, 1411, 1549, 1695 1086, 1262, 1414, 1552, 1698 National Bank of: Discount rate 121, 259, 393, 497, 617, 759, 925, Condition 118, 256, 390, 494, 614, 756, 922, 1089, 1265, 1417, 1555, 1701 1086, 1262, 1414, 1552, 1698 Bond yields: Discount rate... 121, 259, 393, 497, 617, 759, 925, Government, municipal, and corporate. . . .72, 208, 344, 1089, 1265, 1417, 1555, 1701 448, 554, 710, 862, 1040, 1216, 1368, 1506, 1652 Gold reserves... 114, 252, 386, 490, 610, 752, 918, Bonds: 1082, 1258, 1410, 1548, 1694 New security issues 73, 209, 345, 449, 555, 711, Besuden, H. C, appointed director at Cincinnati Branch. .42 863, 1041, 1217, 1369, 1507, 1653 1714 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Pages Pages Bonds—Continued. Business conditions—Continued. Prices in principal countries 125, 263, 397, 501, 621, National summary of 45, 180, 316, 421, 526, 680, 763, 929, 1093, 1269, 1421, 1559, 1705 835, 1013, 1188, 1341, 1477, 1624 Prices in United States -. .73, 209, 345, 449, 555, 711, Business financing, recent developments in. 627 863, 1041, 1217, 1369, 1507, 1653 Business indexes, monthly and yearly figures. . .81, 217, 353, United States savings, sales and 457, 563, 719, 871, 1049, 1225, 1377, 1515, 1661 redemptions .77, 213, 349, 453, 559, 715, Business investments 628 867, 1045, 1221, 1373, 1511, 1657 Canada: (See also Government securities) Bank of: Boothe, Gardner L., II, designated Deputy Condition 117, 255, 389, 493, 613, 755, Administrator in connection with Regulation V. . . .1340 921, 1085, 1261, 1413, 1551, 1697 Borrowings: Discount rate 121, 259, 393, 497, 617, 759, Insured commercial banks 65, 201, 337, 441, 547, 925, 1089, 1265, 1417, 1555, 1701 703, 855, 1033, 1209, 1361, 1499, 1645 Gold reserves 114, 252, 386, 490, 610, 752, Member banks at Federal Reserve Banks .57, 193, 329, 918, 1082, 1258, 1410, 1548, 1694 433, 539, 693, 847, 1025, 1201, 1353, 1489, 1637 Commercial banks, assets and liabilities. .. 122, 260, 394, Weekly reporting member banks: 498, 618, 760, 926, 1090, 1266, 1418, 1556, 1702 By Federal Reserve districts 69, 205, 341, 445, Cost of living, index numbers. . .125, 263, 397, 501, 621, 551, 707, 859, 1037, 1213, 1365, 1503, 1649 763, 929, 1093, 1269, 1421, 1559, 1705 New York City and outside. . . 67, 203, 339, 443, Foreign exchange rates 123, 261, 395, 499, 619, 761, 549, 705, 857, 1035, 1211, 1363, 1501, 1647 927, 1091, 1267, 1419, 1557, 1703 Bosworth, Robert L., resignation as Gold movements 115, 253, 387, 491, 611, 753, Director of Oklahoma City Branch 679 919, 1083, 1259, 1411, 1549, 1695 Branch banking in United States, 1939 and 1949 818 Gold production 113, 251, 385, 489, 609, 751, Branch banks, domestic: 917, 1081, 1257, 1409, 1547, 1693 Article prepared by Paul F. Smith 818 International capital transactions. .. 109, 247, 381, 485, By population 899 605, 747, 913, 1077, 1253, 1405, 1543, 1689 Changes in number of banking offices 244, 1250 Retail food prices 125, 263, 397, 501, 621, 763, Commercial banks, by amount of 929, 1093, 1269, 1421, 1559, 1705 deposits and loans 898 Security prices 125, 263, 397, 501, 621, 763, Deposits, by States 903 929, 1093, 1269, 1421, 1559, 1705 Number, assets and deposits, by Wholesale prices in 124, 262, 396, 500, 620, 762, class of bank 896 928, 1092, 1268, 1420, 1558, 1704 Number in operation, by States 600 Capital: Number of banking offices 70, 206, 342, 446, 552, Movement to United States. . . .108, 246, 380, 484, 604, 708, 860, 1038, 1214, 1366, 1504, 1650 746, 912, 1076, 1252, 1404, 1542, 1688 Branch banks, Federal Reserve System: Capital accounts: Directors: (See Directors) All banks in United States and Managing officers 127, 265, 399, 503, 623, 765, possessions, by States 700, 1496 931, 1095, 1271, 1423, 1561, 1707 Federal Reserve Banks 55, 191, 327, 431, 537, 691, Brazil: 845, 1023, 1199, 1351, 1487, 1635 Foreign exchange rates .123, 261, 395, 499, 619, Insured commercial banks 65, 201, 337, 441, 547, 761, 927, 1091, 1267, 1419, 1557, 1703 703, 855, 1033, 1209, 1361, 1499, 1645 Gold reserves 114, 252, 386, 490, 610, 752, Weekly reporting member banks: 918, 1082, 1258, 1410, 1548, 1694 By Federal Reserve districts 69, 205, 341, 445, Brokers and dealers in securities, loans to: 551, 707, 859, 1037, 1213, 1365, 1503, 1649 Insured commercial banks 64, 200, 336, 440, 546, New York City and outside 67, 203, 339, 443, 702, 854, 1032, 1208, 1360, 1498, 1644 549, 705, 857, 1035, 1211, 1363, 1501, 1647 Weekly reporting member banks: Cash in vaults: By Federal Reserve Districts 68, 204, 340, 444, Insured commercial banks 65, 201, 337, 441, 547, 550, 706, 858, 1036, 1212, 1364, 1502, 1648 703, 855, 1033, 1209, 1361, 1499, 1645 New York City and outside 66, 202, 338, 442, Weekly reporting member banks: 548, 704, 856, 1034, 1210, 1362, 1500, 1646 By Federal Reserve Districts 69, 205, 341, 445, Brokers balances: 551, 707, 859, 1037, 1213, 1365, 1503, 1649 Movement to United States from abroad 108, 246, New York City and outside 67, 203, 339, 443, 380, 484, 604, 746, 912, 1076, 1252, 1404, 1542, 1688 549, 705, 857, 1035, 1211, 1363, 1501, 1647 Brown, Edward E., re-elected President of Cash income and outgo of Treasury 79, 215, 351, 455, Federal Advisory Council .. .314 561, 717, 869, 1047, 1223, 1375, 1513, 1659 Browning, F. M., appointed Director at Salt Central banks: Lake City Branch .. .314 Assets and liabilities 116, 254, 388, 492, 612, Budget, Federal, for fiscal year ending 754, 920, 1084, 1260, 1412, 1550, 1696 June 30, 1951..... ....131 Discount rates 121, 259, 393, 497, 617, 759, Bulgaria, National Bank of: 925, 1089, 1265, 1417, 1555,1701 Discount rate 121, 259, 393, 497, 617 Gold reserves 114, 252, 386, 490, 610, 752, Burr, Susan S., study of Regulation V loans 1476 918, 1082, 1258, 1410, 1548, 1694 Business conditions: (See also Foreign banks) Current statistics for Federal Reserve Central reserve city member banks: Chart Book 101, 237, 373, 477, 583, 739, Condition of insured commercial banks... .64, 200, 336, 891, 1069, 1245, 1397, 1535, 1681 440, 546, 702, 854, 1032, 1208, 1360, 1498, 1644 1715 DECEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Central reserve city member banks—Continued. Chart s—Continued. Deposits .62, 198, 334, 438, 544, 698, Loans and investments at member banks 852, 1030, 1206, 1358, 1493, 1641 in leading cities. 422, 681, 836, 1189, 1478 Earnings and expenses: Manufacturing employment 511 1949.. 520, 588 Member bank reserves and First half of 1950 1469, 1540 related items ...... 48, 184, 320, 424, 530, Reserves...: 57, 193, 329, 433, 539, 693, 684, 838, 1016, 1192, 1344, 1480, 1628 847, 1025, 1201, 1353, 1489, 1637 Member banks in leading cities 527, 1342 Reserves and borrowings .56, 192, 328, 432, 538, Monetary expansion 775 692, 846, 1024, 1200, 1352, 1488, 1636 Money rates 778, 1280 Nonfarm dwelling units started , 937 Ceylon: Nonfarm mortgage debt 945 Condition of Central Bank 1698 Nonfarm mortgage lending .... 937 Establishment of Central Bank 1133 Nonreal-estate loans held by active Foreign exchange rates 123, 261, 395, 499, 619, commercial banks, Federal and 761, 927, 1091, 1267, 1419, 1557, 1703 Federally sponsored agencies .1129 Chairmen, Federal Reserve Banks: Nonreal-estate loans to farmers held Appointments for 1950 ... 40 by commercial banks, Federal and Conference of, with Directors of Federally sponsored agencies by regions. . .1130 Federal Reserve Banks of New York and Minneapolis and their branches 179 Ownership of demand deposits by List of 127, 265, 399, 503, 623, 765, individuals and businesses 522 931, 1095, 1271, 1423, 1561, 1707 Ownership of U. S. Government securities 139 Lunding, F. J., appointment at Chicago 42 Percentage of total deposits of all commercial banks: Meetings: Held by all commercial branch systems. 821 January 16-17 179 Held by banks with branches in noncontiguous September 18-19 1131 counties 821 Changes in number of banking offices in Personal consumption expenditures 1574 United States 244, 1250 Personal income 181, 1571 Chart books; Personal income, consumption, and savings 1576 Bank credit, money rates, and business, Position of agriculture 1109 revised edition of historical supplement to. . .315 Prices received by farmers 1100 Current figures on bank credit, money Principal forms of consumer saving and dissaving rates and business 101, 237, 373, 477, 583, in 1948, by income groups 25 739, 891, 1069, 1245, 1397, 1535, 1681 Private domestic investment 1568 Charts- Production of selected industrial materials 6 Agricultural exports 1104 Relation of United States imports to gross Balance Sheet of Agriculture. 1118 national product 406 Bank loans and investments other than Retail sales 655 U. S. Government securities 1277 Security markets. . . .317, 681, 1014 Business expenditures on new plant and equipment. .630 Selected apparel indexes .7 Business loans of member banks in leading cities. . 633 Selected business index 2 Cash receipts and payments of the U. S. Shipments and consumption of steel products .5 Government 133 Surpluses and deficits of United States trade Commercial bank loans. 772 with selected areas ~. .. . 410 Construction contracts awarded 45, 527, 835, 1624 Turnover of demand deposits 777 Consumer credit outstanding 945 Unemployment 514 Consumer instalment credit 773, 1428 U. S. merchandise exports ,. 8 Consumer instalment credit outstanding 1435 Wholesale commodity prices 181, 422, 680, Consumers food prices 1103 1013, 1341, 1625 Consumers' prices 316, 1103, 1478, 1575, 1625 Wholesale prices of building materials. .942 Corporate profits, taxes, and dividends 632 Chile: Department store sales and stocks. . . 180, 421, 1188, 1477 Central Bank of: Distribution of spending units 950 Condition... .118, 256, 390, 494, 614, 756, 922, Employment in nonagricultural 1086, 1262, 1414, 1552, 1698 establishments 46, 511, 526, 1342 Discount rate. . . .121, 259, 393, 497, 617, 759, 925, Federal payments to the public 1089, 1265, 1417, 1555, 1701 by major functions .134 Gold reserves. . .114, 252, 386, 490, 610, 752, 918, Foreign gold reserves and short-term 1082, 1258, 1410, 1548, 1694 dollar balances .271 Gold production. . . .113, 251, 385, 489, 609, 751, 917, Foreign gold reserves and short-term dollar 1081, 1257, 1409, 1547, 1693 balances selected countries and areas .270 Clayton Antitrust Act: Foreign trade of United States 405 Injunction restraining Transamerica Corporation, Gross national product 1566 and Bank of America N. T. & S. A 823 Increase in bank loans and investments Proceeding to adjudge in civil contempt and for other than U. S. Government securities 1278 other relief 828 Industrial production 45, 180, 316, 421, 526, Order denying stay 833 680, 835, 1013, 1188, 1341, 1477, 1624 Order purging respondents of contempt in Labor force, employment, and unemployment 508 Transamerica Case 1155 Liquidity position of large corporations 636 Denial of certiorari by Supreme Court. . . ... .1612 1716 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Pages Pages Clearing and collection: Committees—Continued Number of banks on par list, by districts Federal Open Market: (See Federal Open Market and by States 70, 206, 342, 446, 552, 708, 860, Committee) 1038, 1214, 1366, 1504, 1650 Commodity Credit Corporation: Coins: Assets and liabilities 80, 216, 352, 456, 562, 718, Circulation of.. ..58, 194. 330, 434, 540, 694, 848, 870, 1048, 1224, 1376, 1514, 1660 1026, 1202, 1354, 1490, 1638 Loans by. . ... .80, 216, 352, 456, 562, 718, 870, Coleman John S., appointed Class C Director at 1048, 1224, 1376, 1514, 1660 Chicago and designated Deputy Chairman. .. 42 Operations of. .. 1107 Commodity prices: Colombia: National summary of business conditions. .46, 181, 317, Bank of Republic of: 423, 527, 681, 836, 1014, 1189, 1342, 1478, 1625 Condition. 118, 256, 390, 494, 614, 756, 922, Comptroller of the Currency: 1086, 1262, 1414, 1552, 1698 Joint announcement on Defense Loan Policy 947 Discount rate. .. .121, 259, 393, 497, 617, 759, 925 List of those who were ex-omcio members of 1089, 1265, 1417, 1555, 1701 Board 1187 Gold reserves. . . .114, 252, 386, 490, 610, 752, 918, Condition statements: 1082, 1258, 1410, 1548, 1694 Commercial banks in United Kingdom, Canada, Foreign exchange rates... 123, 261, 395, 499, 619, 761, and France 122, 260, 394, 498, 618, 760, 926, 927, 1091, 1267, 1419, 1557, 1703 1090, 1266, 1418, 1556, 1702 Gold production.. . .113, 251, 385, 489, 609, 751, 917, Federal Reserve Banks: 1081, 1257, 1409, 1547, 1693 All banks combined 52, 188, 324, 428, 534, 688, Commercial banks: 842, 1020, 1196, 1348, 1484, 1632 Assets and liabilities in United Kingdom, Each bank 53, 189, 325, 429, $35, 689, 843, Canada, and France...122, 260, 394, 498, 618, 760, 1021, 1197, 1349, 1485, 1633 926, 1090, 1266, 1418, 1556, 1702 Foreign central banks 116, 254, 388, 492, 612, 754, Condition of insured in United States 920, 1084, 1260, 1412, 1550, 1696 Government corporations and credit by classes 64, 200, 336, 440, 546, 702, 854, agencies 80, 216, 352, 456, 562, 718, 870, 1032, 1208, 1360, 1498, 1644 1048, 1224, 1376, 1514, 1660 Consumer instalment loans 99, 235, 371, 475, 581, 737, Insured commercial banks, classes of banks. .. .64, 200, 889, 1067, 1243, 1395, 1533, 1679 336, 440, 546, 702, 854, 1032, 1208, 1360, 1498, 1644 Insured home mortages held. . . .89, 225, 361, 465, 571, Weekly reporting member banks: 727, 879, 1057, 1233, 1385, 1523, 1669 By Federal Reserve districts.. .68, 204, 340, 444, Insured in United States and possessions, 550, 706, 858, 1036, 1212, 1364, 1502, 1648 earnings of 599 New York City and outside. .... .66, 202, 338, 442, Number, assets, and deposits, June 30, 1949. .896 548, 704, 856, 1034, 1210, 1362, 1500, 1646 Number and deposits, by States. 900 Conferences: (See Meetings) Commercial, industrial, and agricultural loans of Connell, J. J., to serve as Assistant to Mr. Boothe in weekly reporting members banks: connection with Regulation V loans 1340 By Federal Reserve districts. . .68, 204, 340, 444, 550, Consolidations of banks: 706, 858, 1036, 1212, 1364, 1502, 1648 Changes in 1949 244, 1250 New York City and outside. . . .66, 202, 338, 442, 548, Legislation permitting national banks to convert 704, 856, 1034, 1210, 1362, 1500, 1646 into and to merge or consolidate with State banks ......1155 Commercial loans: Construction: All banks in United States and possessions, by Current activity in 935 States . . 700, 1496 Expenditures for 1568 Insured, by classes. . 64, 200, 336, 440, 546, 702, 854, National summary of business conditions..... .45, 180, 1032, 1208, 1360, 1498, 1644 316, 681, 836, 935, 1013, 1189, 1341, 1477, 1624 Commercial paper: Construction contracts awarded: Open-market rates on. .72, 208, 344, 448, 554, 710, 862, By districts .89, 225, 361, 465, 571, 727, 879, 1040, 1216, 1368, 1506, 1652 1057, 1233, 1385, 1523, 1669 Outstanding. . . .71, 207, 343, 447, 553, 709, 861, 1039, By public and private ownership. ... .89, 225, 361, 465, 1215,1367,1505,1651 571, 727, 879, 1057, 1233, 1385, 1523, 1669 Commitment rates under Regulation V 1483, 1600 By type of construction 89, 225, 361, 465, 571, 727, Committees: 879, 1057, 1233, 1385, 1523, 1669 Banking and Currency of House, statement on Index of value of 81, 217, 353, 457, 563, 719, 871, Defense Production Act of 1950 presented 1049, 1225, 1377,1515, 1661 before <. 943 Consumer credit: Banking and Currency of Senate: Amendment No. 1 to Regulation W 1282, 1308 Statement of Chairman McCabe on proposed Automobile Appraisal Guides, designated legislation regarding bank holding com- for purposes of Regulation W 1311 panies f 279 Chart book statistics 105, 241, 377, 481, 587, 743, Statement on proposed legislation regarding 895, 1073, 1249, 1401, 1539, 1685 bank holding companies 414 Expansion in 773 Statement presented by Chairman McCabe on Furniture store statistics .100, 236, 372, 476, 582, proposed small business legislation 810 738, 890, 1068, 1244, 1396, 1534, 1680 1717 DECEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Pages Pages Consumer credit—Continued. Consumer finances—Continued. Home improvement incorporating group B 1950 Survey of—Continued. combination unit 1613 Part IV. The distribution of consumer Home improvement, materials and articles 1472 saving in 1949 1441 Hotel or motel repairs or improvements. ... 1613 Part V. The distribution of assets, lia- House trailers. 1612 bilities, and net worth of consumers 1584 Instalment credits of commercial banks, Cooperatives: by type of credit 99, 235, 371, 475, 581, 737, Banks for, loans by 80, 216, 352, 456, 562, 718, 889, 1067, 1243, 1395, 1533, 1679 870, 1048, 1224, 1376, 1514, 1660 Instalment loans outstanding 98, 234, 370, 474, 580, Corette, John E., Jr., appointed Director 736, 888, 1066, 1242, 1394, 1532, 1678 at Helena Branch. . .1012 Instalment loans made by principal Corporate bonds: lending institutions 98, 234, 370, 474, 580, 736, Yields on 72, 208, 344, 448, 554, 710, 888, 1066, 1242, 1394, 1532, 1678 862, 1040, 1216, 1368, 1506, 1652 Instalment sale credit, excluding Corporate profits, taxes, and dividends 76, 212, 348, 452, automobile credit 99, 235, 371, 475, 581, 737, 889, 1067, 1243, 1395, 1533, 1679 558, 714, 866, 1044, 1220, 1372, 1510, 1656 Loans for business purposes 1472 Corporate security issues: Measurement of, paper prepared by Proposed use of proceeds: Ralph A. Young and Homer Jones .. 1456 All issuers 74, 210, 346, 450, 556, 712, Minimum down payments and maximum 864, 1042, 1218, 1370, 1508, 1654 maturities under Regulation W 1430 Major groups of issuers 74, 210, 346, 450, 556, Pre-effective date "balloon" notes or payments. . . .1612 712, 864, 1042, 1218, 1370, 1508, 1654 Ratio of collections to accounts Corporate stocks: receivable 100, 236, 372, 476, 582, 738, Prices in United States 73, 209, 345, 449, 555, 711, 890, 1068, 1244, 1396, 1534, 1680 863, 1041, 1217, 1369, 1507, 1653 Recent developments in 1427 Corporation financing in 1949, industrial differences in.. .636 Refinancing of instalment sale of unlisted article. .1613 Cost of living: Refrigerators and food freezers 1471 Regulation In A Garrison Economy, Consumers' price index for moderate address by Mr. Evans . . 1437 income families 94, 230, 366, 470, 576, 732, Regulation of, statement read before 884, 1062, 1238, 1390, 1528, 1674 House Committee on Banking and Currency.. .. 944 Index for principal countries. . .125, 263, 397, 501, 621, Regulation authorized in Defense 763, 929, 1093, 1269, 1421, 1559, 1705 Production Act of 1950. 1169 Costa Rica: Regulation W adopted 1177 National Bank of: Amendment adopted 1282, 1308 Condition 118, 256, 390, 494, 614, 756, Statements on 1281 922, 1086, 1262, 1414, 1552, 1698 Rental transactions 1613 Discount rate 121, 259, 393, 497, 617, 759, Revised estimates of , .1465 925, 1089, 1265, 1417, 1555, 1701 Revision by original or other registrant. 1471 Country member banks: Revisions of and additions to pre-effective Assets and liabilities of all banks date credit 1471 in United States 62, 198, 334, 438, 544, 698, Sets and groups of articles 1612 852, 1030, 1206, 1358, 1494, 1642 Side loans prohibited 1472 Condition 64, 200, 336, 440, 546, 702, Statement of the borrower 1614 854, 1032, 1208, 1360, 1498, 1644 Statement of Chairman McCabe before Joint Deposits and reserves 57, 193, 329, 433, 539, 693, Committee on Defense Production on 847, 1025, 1201, 1353, 1489, 1637 regulation of . 1577 Deposits in large and small centers 57, 193, 329, 433, Summary of interpretations 1614 539, 693, 847, 1025, 1201, 1353, 1489, 1637 Tape or wire recorders 1472 Earnings and expenses: Tax or fee prerequisite to auto tags 1613 1949 ......520, 588 Total credit, by major parts 98, 234, 370, 474, 580, First half of 1950 1469, 1540 736, 888, 1066, 1242, 1394, 1532, 1678 Reserves and borrowings. . 56, 192, 328, 432, 538, 692, Used automobiles 1472 846, 1024, 1200, 1352, 1488, 1636 Consumer finances: Court cases: Survey, methods used in making... .. .795 Injunction restraining Transamerica Corporation 1949 Survey of: and Bank of America N. T. & S. A. .823 Part VIII. Distribution of consumer Proceedings to adjudge Transamerica Corporation, saving in 1948 ... 14 etc., in civil contempt and for other relief 828 1950 Survey of: Order denying stay 833 Preliminary findings 418 Order purging respondents of contempt in Trans- Part I. General financial position and america Case 1155 economic outlook of consumers 643 Denial of certiorari by Supreme Court 1612 Part II. Purchases of houses and durable Credit: goods in 1949 and buying plans for 1950. .. .780 Bank: (See Bank credit) Part III. Distribution of consumer Consumer: (See Consumer credit) income in 1949 .. 948 Defense loan policy, joint announcement by bank supervisory authorities 947 ; 1718 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Pages Pages Credit—Continued. Dembitz, Lewis N., appointed Assistant Director of Federal Reserve: Division of International Finance 834 Chart. 48, 184, 320, 424, 530, 684, 838, Denecke, W. A., appointed Director at Helena Branch.... 42 1016, 1192, 1344, 1480, 1628 Denmark: End-of-month and Wednesday Foreign exchange rates 123, 261, 395, 499, 619, 761, figures 49, 185, 321, 425, 531, 685, 839, 927, 1091, 1267, 1419, 1557, 1703 1017, 1193, 1345, 1481, 1629 National Bank of: Recent developments in 1275 Condition 118, 256, 390, 494, 614, 756, 922, Retail, survey for 1949 655 1086, 1262, 1414, 1552, 1698 Credit policy: Discount rate. . . .121, 259, 393, 497, 617, 759, 925, Modification of 777 1089, 1265, 1417, 1555, 1701 Statement issued by Board of Governors and Gold reserves. . . .114, 252, 386, 490, 610, 752, 918, Federal Open Market Committee 1110 1082, 1258, 1410, 1548, 1694 Crop reports, by Federal Reserve districts 105, 1073, Department of Agriculture: 1249, 1401, 1539, 1685 Balance sheet of agriculture, 1950, annual report Cuba, National Bank of: issued by 1118 Condition 1414, 1552, 1698 Department stores: Currency: Sales: Circulation, by denominations. .58, 194, 330, 434, 540, By Federal Reserve Districts and 694, 848, 1026, 1202, 1354, 1490, 1638 by cities 94, 230, 366, 470, 576, 732, 884, Kinds of money in circulation.. .58, 194, 330, 434, 540, 1062, 1238, 1390, 1528, 1674 694, 848, 1026, 1202, 1354, 1490, 1638 Index of value of 81, 217, 353, 457, 563, 719, Major factors affecting 776 871, 1049, 1225, 1377, 1515, 1661 Outside banks. ...... .60, 196, 332, 436, 542, 696, 850, Weekly index of 93, 229, 365, 469, 575, 731, 1028, 1204, 1356, 1492, 1640 883, 1061, 1237, 1389, 1527, 1673 Treasury, outstanding 49, 185, 321, 425, 531, 685, Sales, accounts receivable, and 839, 1017, 1193, 1345, 1481, 1629 collections 100, 236, 372, 476, 582, 738, 890, Values of foreign, readjustment . ., 275 1068, 1244, 1396, 1534,1680 Customers' debit balances ...71, 207," 343, 447, 553, 709, Sales and stocks: 861, 1039, 1215, 1367, 1505, 1651 By Federal Reserve Districts 91, 227, 363, 467, Czechoslovakia: 573, 729, 881, 1059, 1235, 1387, 1525, 1671 Foreign exchange rates .123, 261, 395, 499, 619, 761, By major departments 92, 228, 364, 468, 574, 927, 1091, 1267, 1419, 1557, 1703 730, 882, 1060, 1236, 1388, 1526, 1672 National Bank of: Sales, stocks, and outstanding orders 93, 229, 365, Condition ..118, 256, 390, 494, 614, 469, 575, 731, 883, 1061, 1237, 1389, 1527, 1673 756, 922, 1086, 1262 Discount rate.. ..121, 259, 393, 497, 617, Deposits: 759, 925, 1089, 1265 Adjusted, of all banks and currency outside Gold reserves 114, 252, 386, 490, 610, 752, banks 60, 196, 332, 436, 542, 696, 850, 918, 1082, 1258, 1410, 1548, 1694 1028, 1204, 1356, 1492, 1640 Deaths: All banks in United States, by classes 61, 197, 333, Atwood, H. E., Class A Director at Minneapolis. . .1131 437, 543, 697, 851, 1029, 1205, 1357, 1493, 1641 Baker, Holmes D., Director of Baltimore Branch. 525 All banks in United States and possessions, by Faucett, J. Roy, Director of Birmingham Branch. .314 States 700, 1496 Reed, Charles E., Class B Director at Richmond. . 1340 Banks without branches and banks with branches, Debit and credit balances of stock exchange by class of bank 896 firms 71, 207, 343, 447, 553, 709, 861, Branches of commercial banks . .896 1039, 1215, 1367, 1505, 1651 Branches of commercial banks, by States 903 Debits to deposit accounts: Commercial banks, by States . . 900 Reporting centers, year and month... .59, 195, 331, 435, Federal Reserve Banks: 541, 695, 849, 1027, 1203, 1355, 1491, 1639 All banks combined. . . .52, 188, 324, 428, 534, 688, Weekly reporting member banks: 842, 1020, 1196, 1348, 1484, 1632 By Federal Reserve districts 69, 205, 341, 445, Each bank. . . .54, 190, 326, 430, 536, 690, 844, 551, 707, 859, 1037, 1213, 1365, 1503, 1649 1022, 1198, 1350, 1486, 1634 New York City and outside. .67, 203, 339, 443, 549, Foreign: 705, 857, 1035, 1211, 1363, 1501, 1647 Federal Reserve Banks 54, 190, 326, 430, 536, Debt, Government: 690, 844, 1022, 1198, 1350, 1486, 1634 Volume and kind of securities. . .77, 213, 349, 453, 559, Insured commercial banks, by 715, 867, 1045, 1221, 1373, 1511, 1657 classes 65, 201, 337, 441, 547, 703, 855, Defense Loan Policy: 1033, 1209, 1361, 1499, 1645 Joint announcement by National and State Super- Government: visors of banks and other lending institutions.. . 947 Federal Reserve Banks, each bank 54, 190, 326, Letter to member banks with statement on 1582 430, 536, 690, 844, 1022, 1198, 1350, 1486, 1634 Defense Production Act: Insured commercial banks 65, 201, 337, 441, Executive Order delegating certain functions under. 1301 547, 703, 855, 1033, 1209, 1361, 1499, 1645 Federal Reserve action under 1281 Weekly reporting member banks: Statement before Banking and Currency Com- By Federal Reserve districts, 69, 205, 341, mittee of House on 943 445, 551, 707, 859, 1037, Text 1158 1213, 1365, 1503, 1649 1719 DECEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Pages Pages Deposits—Continued. Directors, Federal Reserve Banks: Government—Continued. Atwood, H. E., Class A at Minneapolis, death of. . . 1131 Weekly reporting member banks—Continued. Chairmen: (See Chairmen, Federal Reserve Banks) New York City and Class C, appointments for terms beginning outside 67, 203, 339, 443, 549, 70S, 857, January 1, 1950 40 1035, 1211, 1363,1501, 1647 Classes of , • 166 Insurance of commercial bank, information pre- Coleman, John S., appointed at Chicago 42 pared by Federal Deposit Insurance Corpora- List of : ... 166 tion ,, 141 Lunding, F. J., designation as Chairman and Insurance, staff study on assessments and cover- Federal Reserve Agent at Chicago 42 age for 151 Moore, Joseph EL, appointed Class C at St. Louis. . .314 Insured commercial banks. . 65, 201, 337, 441, 547, 703, New York and Minneapolis and their branches, 855, 1033, 1209, 1361, 1499, 1645 conference with Chairmen 179 Major factors affecting .776 Patterson, Robert P., appointed Class C at Member banks: New York 525 Classes of banks. . . 57, 193, 329, 433, 539, 693, 847, Quay, Arthur H., elected Class A at Minneapolis. . 1476 T 1025, 1201, 1353, 1489, 1637 Reed, Charles E., Class B at Richmond, death of. . .1340 Country, in large and small Sharpies, Philip T., resignation as Class C centers 57, 193, 329, 433, 539, 693, 847, at Philadelphia , . . 1012 1025, 1201, 1353, 1489, 1637 Directors, Federal Reserve Branch Banks: Mutual savings banks 63, 199, 335, 439, 545, 699, Appointments for terms beginning January 1, 1950. . .41 853, 1031, 1207, 1359, 1495, 1643 Baker, Holmes D., Baltimore, death of 525 National banks 63, 199, 335, 439, 545, 699, Beauchamp, Stonewall J., appointed at 853, 1031, 1207, 1359, 1495, 1643 Little Rock .. .42 Nonmember banks: Besuden, H. C, appointed at Cincinnati. . . .42 Chart 48, 184, 320, 424, 530, 684, Bosworth, Robert L., Oklahoma City, 838, 1016, 1192, 1344, 1480, 1628 resignation of 679 Commercial banks. .........63, 199, 335, 439, 545, Browning, F. M., appointed at Salt Lake City 314 699, 853, 1031, 1207, 1359, 1495, 1643 Corette, John E., Jr., appointed at Helena. 1012 In Federal Reserve Banks 49, 185, 321, 425, 531, Denecke, W. A., appointed at Helena 42 685, 839, 1017, 1193, 1345, 1481, 1629 Faucett, J. Roy, Birmingham, death of. 314 Ownership of demand 522 Gallalee, Dr. John M., appointed at Birmingham. . .420 Postal savings: Helms, Paul H., appointed at Los Angeles 43 Consolidated condition statement.... 60, 196, 332, List of 167 436, 542, 696, 850, 1028, 1204, 1356, 1492, 1640 McCain, James A., resignation at Helena 834 Depositors' balances and assets... .59, 195, 331, 435, Moser, Ellsworth, appointed at Omaha 43 541, 695, 849, 1027, 1203, 1355, 1491, 1639 Overstreet, F. M., appointed at Oklahoma City... .1583 Rates on 50, 186, 322, 426, 532, 686, Perry, D. Hay den, appointed at San Antonio 43 840, 1018, 1194, 1346, 1482, 1630 Piper, Charles A., appointed at Baltimore .525 Savings: Preston, Howard H., appointed at Seattle 43 Interest rate on 50, 186, 322, 426, 532, 686, Puckett, Cecil, appointed at Denver. 679 840, 1018, 1194, 1436, 1482, 1630 Shepardson, Charles N., appointed at Houston. . . .43 States and political subdivisions: Silver, Harold F.: Insured commercial banks. . . .65, 201, 337, 441, 547, Appointed at Denver 42 703, 855, 1033, 1209, 1361, 1499, 1645 Resignation of 525 Suspended banks 57, 193, 329, 433, 539, 693, Sutton, H. G., appointed at Houston. 43 847, 1025, 1201, 1353, 1489, 1637 Taylor, John W., resignation at Louisville 1583 Time, maximum rates on 50, 186, 322, 426, 532, Wendt, Edgar F., appointed at Buffalo.... 42 686, 840, 1018, 1194, 1346, 1482, 1630 Directory: Time, trust funds in member bank's Board of Governors 126, 264, 398, 502, 622, 764, own banking department . . 44 930, 1094, 1270, 1422, 1560, 1706 Treasury: Federal Advisory Council 126, 264, 398, 502, 622, Chart 48, 184, 320, 424, 530, 684, 764, 930, 1094, 1270, 1422, 1560, 1706 838, 1016, 1192, 1344, 1480, 1628 Federal Open Market Committee 126, 264, 398, 502, 622, 764, 930, 1094, 1270, 1422, 1560, 1706 With Federal Reserve Banks.. . .49, 185, 321, 425, Federal Reserve Banks 531, 685, 839, 1017, 1193, 1345, 1481, 1629 and branches 127, 265, 399, 503, 623, 765, Turnover. ,. .59, 195, 331, 435, 541, 695, 931, 1095, 1271, 1423, 1561, 1707 849, 1027, 1203, 1355, 1491, 1639 Discount rates: Weekly reporting member banks: Federal Reserve Banks 51, 187, 323, 427, 533, By Federal Reserve Districts. 69, 205, 341, 445, 687, 841, 1019, 1195, 1347, 1483, 1631 551, 707, 859, 1037, 1213, 1365, 1503, 1649 Foreign central banks. . . .121, 259, 393, 497, 617, 759, New York City and outside 67, 203, 339, 443, 925, 1089, 1265, 1417, 1555, 1701 549, 705, 857, 1035, 1211, 1363, 1501, 1647 Discounts and advances: (See Bills discounted by Fed- Deputy Chairmen of Federal Reserve Banks: eral Reserve Banks) Appointments for 1950. .. 40 Dividends : Coleman, John S., appointed at Chicago .42 Corporate 75, 211, 347, 451, 557, 713, 865, List of 127, 265, 399, 503, 623, 765, 1043, 1219, 1371, 1509, 1655 931, 1095, 1271, 1423, 1561, 1707 Federal Reserve Banks 242 1720 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Pages Pages Dividends—Continued. Employment—Continued. Insured commercial banks in the United States Labor force 88, 224, 360, 464, 570, 726, 878, and possessions 599 1056, 1232, 1384, 1522, 1668 Manufacturing corporations 75, 211, 347, 451, 557, National summary of business conditions 46, 180, 713, 865, 1043, 1219, 1371, 1509, 1655 316, 680, 836, 1014,1188, 1478, 1624 Member banks: Nonagricultural: 1949 517, 588 Business index.. . .81, 217, 353, 457, 563, 719, 871, First half of 1950 1469, 1540 1049, 1225, 1377, 1515, 1661 Public utility corporations 75, 211, 347, 451, 557, March, 1950 , 513 713, 865, 1043, 1219, 1371, 1509, 1655 Total in each classification. .88, 224, 360, 464, 570, Division of International Finance, establishment of 834 726, 878, 1056, 1232, 1384, 1522, 1668 England: (See United Kingdom) Dollar balances of foreign countries during 1949. . . .273 Estonia: Dollar holdings of foreign countries in 1949. . . .269 Discount rate of central bank. . .121, 259, 393, 497, 617, Dominican Republic: 759, 925, 1089, 1265, 1417, 1555, 1701 Condition of central bank 118, 256, 390, 494, 614, Ethiopia: 756, 922, 1086, 1262, 1414, 1552, 1698 Condition of State Bank. .119, 257, 391, 495, 615, 757, Earnings: 923, 1087, 1263, 1415, 1553, 1699 Corporations. 75, 211, 347, 451, 557, 713, 865, Europe: 1043, 1219, 1371, 1509, 1655 International capital transactions. . .109, 247, 381, 485, Factory employees. .87, 223, 359, 463, 569, 725, 877, 605, 747, 913, 1077, 1055, 1231, 1383, 1521, 1667 1253, 1405, 1543, 1689 Member bank: Evans, R. M.: (See Board of Governors, Members) 1949 .517, 588 Executive Orders: First half of 1950 . 1467 No. 10161, delegation of functions under Ratios of all member banks, by classes. 595 Defense Production Act . .1301 (See also Earnings and expenses) Expenditures: Earnings and dividends: Federal Government for fiscal year 1951. . .. .131 Public utility corporations 75, 211, 347, 451, 557, 713, Government, in 1950 ... 1569 865, 1043, 1219, 1371, 1509, 1655 Personal consumption in 1950 1574 Earnings and expenses: Private, in 1950 1565 All member banks, by size of bank. . .592 Treasury. 79, 215, 351, 455, 561, 717, 869, Federal Reserve Banks: 1047, 1223, 1375, 1513, 1659 1948 . 242 (See also earnings and expenses) Six months' period ending June 30, 1950. . . . 1074 Export-Import Bank: Insured commercial banks in the United States and Loans by .80, 216, 352, 456, 562, 718, 870, possessions ., . 599 1048, 1224, 1376, 1514, 1660 Member banks: Exports: 1949 ... .517, 588 Agricultural , 1104 First half of 1950 . . 1469, 1540 Foreign trade during latter part of 1949. . . .8 National banks, by size of bank 593 United States, financing of , 408 State member banks, by size of bank. . .594 Exter, John M., adviser to Government of Ceylon on Ecuador: establishment of reserve bank 1133 Central bank of: Factory employment: (See Employment) Condition. . .118, 256, 390, 494, 614, 756, 922, Farm Credit Administration: 1086, 1262, 1414, 1552, 1698 Assets and liabilities. .80, 216, 352, 456, 562, 718, 870, Discount rate. .121, 259, 393, 497, 617, 759, 925, 1048, 1224, 1376, 1514, 1660 1089, 1265, 1417, 1555, 1701 Farm products: Egypt: Supplies of . 1105 National Bank of: Wholesale price indexes: Condition. . .118, 256, 390, 494, 614, 756, 922, Principal countries. . .124, 262, 396, 500, 620, 762, 1086, 1262, 1414, 1552, 1698 928, 1092, 1268, 1420, 1558, 1704 Gold reserves. . .114, 252, 386, 490, 610, 752, 918, United States. .95, 231, 367, 471, 577, 733, 885, 1082, 1258, 1410, 1548, 1694 1063, 1239, 1391, 1529, 1675 El Salvador: Farmers Home Administration: Central reserve bank of: Loans by .80, 216, 352, 456, 562, 718, 870, Condition. . .118, 256, 390, 494, 614, 756, 922, 1048, 1224, 1376, 1514, 1660 1086, 1262, 1414, 1552, 1699 Faucett, J. Roy, Director at Birmingham Branch, Discount rate. . . .121, 259, 393, 497, 617, 759, 925, death of . 314 1089, 1265, 1417, 1555, 1701 Fauver, Clarke L., article on 1949 survey of consumer Employees: finances 14 Member banks, average number and salaries. . . .588 Federal Advisory Council: Employment: Brown, Edward E., re-elected President. 314 Changes in .510 Fleming, Robert V., elected Vice President. 314 Factory employment: Meetings: Business index 81, 217, 353, 457, 563, 719, February 19-21 . 314 871, 1049, 1225, 1377, 1515, 1661 May 14-16 . 525 By industries. .86, 222, 358, 462, 568, 724, 876, October 1-3 . ... 1340 1054, 1230, 1382, 1520, 1666 November 19-21 1583 DECEMBER 1950 1721 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Pages Federal Advisory Council—Continued. Federal Reserve Bank notes: Members: Circulation and outstanding 58, 194, 330, 434, 540, List of 126, 264, 398, 502, 622, 764, 930, 694, 848, 1026, 1202, 1354, 1490, 1638 1094, 1270, 1422, 1560, 1706 Federal Reserve Bank of Chicago: Prochnow, Herbert V., reappointment as Secretary. .314 Staff: Harris, E. C, appointed First Vice President. .179 Federal Deposit Insurance: Federal Reserve Bank of Minneapolis: Staff study on assessments and coverage... . .151 Staff: Federal Deposit Insurance Act: Mills, Albert W., appointed First Vice Amendments to , 1321 President 1131 Statement by Chairman McCabe on S. 2822 ... 146 Federal Reserve Bank of New York: Federal Deposit Insurance Corporation: Increase in discount rate, announcement of 1110 Assets and liabilities. . .80, 216, 352, 456, 562, 718, 870, Federal Reserve Bank of Philadelphia: 1048, 1224, 1376, 1514, 1660 Staff: Distribution of accounts and deposits in Hilkert, Robert N., services loaned to Board insured banks 141 as Acting Director of Division of Person- Income and expenses of 156 nel Administration 1476 Joint announcement on defense loan policy .947 Federal Reserve Bank of Richmond: Federal Farm Mortgage Corporation: Staff: Loans by 80, 216, 352, 456, 562, 718, 870, Wayne, Edward A., services loaned to Board 1048, 1224, 1376, 1514, 1660 as Acting Director of Division of Examinations 1476 Federal Home Loan Banks: Federal Reserve Banks: Loans by 80, 216, 352, 456, 562, 718, 870, Assets and liabilities of 52, 188, 324, 428, 534, 688, 1048, 1224, 1376, 1514, 1660 842, 1020, 1196, 1348, 1484, 1632 Federal Housing Administration: Authority for purchase of Government obligations Assets and liabilities. . . .80, 216, 352, 456, 562, 718, 870, extended by amendment to section 14 (b) of Fed- 1048, 1224, 1376, 1514, 1660 eral Reserve Act. ... 834 Insured home mortgages held by banks Branches: (See Branch banks, Federal Reserve Sysand others 89, 225, 361, 465, 571, 727, 879, tem) 1057, 1233, 1385, 1523, 1669 Capital and surplus of each bank 55, 191, 327, 431> Loans insured by 89, 225, 361, 465, 571, 727, 879, 537, 691, 845, 1023, 1199, 1351, 1487, 1635 1057, 1233, 1385, 1523, 1669 Chairmen: (See Chairmen) Federal Intermediate Credit Banks: Condition statement, each bank. . .53, 189, 325, 429, 535,, Loans by •. . .80, 216, 352, 456, 562, 718, 870, 689, 843, 1021, 1197, 1349, 1485 1633* 1048, 1224, 1376, 1514, 1660 Deputy Chairmen: (See Deputy Chairmen) Federal National Mortgage Association: Directors: (See Directors) Assets and liabilities. .. .80, 216, 352, 456, 562, 718, 870, Dividends . . 2421 1048, 1224, 1376, 1514, 1660 Earning and expenses: Federal Open Market Committee: 1949 242 Meetings: First half of 1950 1074 February 28 and March 1 314 Government securities held by 78, 214, 350, 454, 560, June 13 and 14 679 716, 868, 1046, 1222, 1374, 1512, 165& August 18 1131 Officers. . 127, 265, 399, 503, 623, 765, September 28 1340 931, 1095, 1271, 1423, 1561, 1707 October 11 1340 Federal Reserve Chart Book: October 30 1476 Current statistics on bank credit, , November 27 1583 money rates, and business. .. .101, 237, 373, 477, 583,. Members: 739, 891, 1069, 1245, 1397, 1535, 1681 Davis, Chester C, election of 314 Federal Reserve Districts, map of. . .130, 268, 402, 506, 626, Erickson, Joseph A., election of 314 770, 934, 1098, 1274, 1426, 1564, 1712 McCabe, Thomas B., re-elected Chairman. .. .314 Federal Reserve notes: Peyton, J. N., election of 314 Circulation: Sproul, Allan, election of 314 All banks combined 52, 188, 324, 428, 534, 688, Re-elected Vice Chairman 314 842, 1020, 1196, 1348, 1484, 1632 Young, C. S., election of 314 Each bank, condition statement. . .54, 190, 326, 430,, Members and officers, list 126, 264, 398, 536, 690, 844, 1022, 1198, 1350, 1486, 1634 502, 622, 764, 930, 1094, 1270, Each bank, Federal Reserve 1422, 1560, 1706 Agents' accounts 56, 192, 328, 432, 538, Statement of credit policy issued jointly with 692, 846, 1024, 1200, 1352, 1488, 1636 Board of Governors 1110 Collateral security for 56, 192, 328, 432, 538, 692, Federal receipts and expenditures for fiscal year 1951. .131 846, 1024, 1200, 1352, 1488, 1636 Federal Reserve Act: Federal Reserve Agents' accounts 56, 192, 328, 432,, Section 12B withdrawn and replaced by new act. .1321 538, 692, 846, 1024, 1200, 1352, 1488, 1636 Section 14(b), amendment extending authority for Outstanding and in circulation $8 194, 330, 434, 540, r purchase of Government obligations by Fed- 694, 848, 1026, 1202, 1354, 1490, 1638 eral Reserve Banks , 834 Redemption fund: Section 24, amendment to provide for mortgage All banks combined 52, 188, 324, 428, 534,. insurance for low cost homes 678 688, 842, 1020, 1196, 1348, 1484, 1632 1722 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Pages Pages Federal Reserve notes—Continued. France: Redemption fund—Continued. Bank of: Each bank 53, 189, 325, 429, 535, 689, Condition 117, 255, 389, 493, 613, 755, 843, 1021, 1197, 1349, 1485, 1633 921, 1085, 1261, 1413, 1551, 1697 1950 Series, press statement issued Discount rate 121, 259, 393, 497, 617, 759, by Treasury Department .. 1470 925, 1089, 1265, 1417, 1555, 1701 Federal Reserve System: Gold reserves 114, 252, 386, 490, 610, 752, Map 130, 268, 402, 506, 626, 770, 918, 1082, 1258, 1410, 1548, 1694 934, 1098, 1274, 1426, 1564, 1712 Commercial banks, assets Fees: and liabilities 122, 260, 394, 498, 618, 760, Bank charges for administration of 926, 1090, 1266, 1418, 1556, 1702 trusts which hold participations Exchange stabilization fund. 35 in a common trust fund . . 678 Foreign exchange rates 123, 261, 395, 499, 619, Guarantee and commitment under 761, 927, 1091, 1267, 1419, 1557, 1703 Regulation V . . 1483, 1600 Gold movements.... 115, 253, 387, 491, 611, 753, 919,. Finland: 1083, 1259, 1411, 1549, 1695 Bank of: International capital transactions... 109, 247, 381, 485> Condition 119, 257, 391, 495, 615, 757, 605, 747, 913, 1077, 1253, 1405, 1543, 1689 Revaluation of gold reserve 1132 923, 1087, 1263, 1415, 1553, 1699 Security prices, index numbers. 125, 263, 397, 501, 621, Discount rate 121, 259, 393, 497, 617, 759, 763, 929, 1093, 1269, 1421, 1559, 1705 925, 1089, 1265, 1417, 1555, 1701 Wholesale prices in.. 124, 262, 396, 500, 620, 762, 928, Fisher, Charles T., Jr., designated Administrator 1092 1268, 1420, 1558, 1704 of Office of Real Estate Credit 1340 Frechtling, John A., article on survey of consumer Food: finances 1441 Retail prices, principal countries. . . .125, 263, 397, 501, Freight carloadings: 621, 763, 929, 1093, 1269, 1421, 1559, 1705 Classes 90, 226, 362, 466, 572, 728, 880, Wholesale prices: 1058, 1234, 1386, 1524, 1670 Principal countries 124, 262, 396, 500, 620, 762, Index of... .. .81, 217, 353, 457, 563, 719, 871, 928, 1092, 1268, 1420, 1558, 1704 1049, 1225, 1377, 1515, 1661 United States 95, 231, 367, 471, 577, 733, French Exchange Stabilization Fund 35 885, 1063, 1239, 1391, 1529, 1675 Furniture store statistics. .100, 236, 372, 476, 582, 738, 890, Foreign banks: 1068, 1244, 1396, 1534, 1680 Bank of the German States, first Gallalee, Dr. John M., appointed Director at annual report 1293 Central Bank of Ceylon, establishment of 1133 Birmingham Branch 420 Commercial banks, condition of 122, 260, 394, 498, Garfield, Frank R., appointed Adviser on Economic 618, 760, 926, 1090, 1266, 1418, 1556, 1702 Research, in Division of Research and Statistics 314. Condition of central banks 116, 254, 388, 492, 612, Germany: 754, 920, 1084, 1260, 1412, 1550, 1696 Condition. .. .. .119, 257, 391, 495, 615, 757, 923, Deposits held by member banks, 1087, 1263, 1415, 1553, 1699* by classes 65, 201, 337, 441, 547, 703, Discount rate 121, 259, 393, 497, 617, 759, 925, 855, 1033, 1209, 1361, 1499, 1645 1089, 1265, 1417, 1555, 1701 Deposits of weekly reporting member banks: Economic development and Central Bank By Federal Reserve Districts. . ... .69, 205, 341, 445, policies in 1293. 551, 707, 859, 1037, 1213, 1365, 1503, 1649 Foreign exchange rates.927, 1091, 1267, 1419, 1557, 1703 New York City and outside 67, 203, 339, 443, Gold reserves 114, 252- 549, 705, 857, 1035, 1211, 1363, 1501, 1647 Giannini, L. Mario, proceeding to adjudge in civil Discount rates of central banks . . . .121, 259, 393, 497, contempt and for other relief 82& 617, 759, 925, 1089, 1265, 1417, 1555, 1701 Gold: Gold reserves of central banks. . . 114, 252, 386, 490, 610, Earmarked 115, 253, 387, 491, 611, 753, 919, 752, 918, 1082, 1258, 1410, 1548, 1694 1083, 1259, 1411, 1549, 1695 Foreign countries: Foreign holdings in 1949 269* Gold and dollar holdings in 1949 269 Movements of foreign countries 272 Movements, United States. 115, 253, 387, 491, 611, 753, Foreign currency values, effects of readjustment .. .275 919, 1083, 1259, 1411, 1549, 1695 Foreign deposits held by Federal Reserve Banks: Production : All banks combined 52, 188, 324, 428, 534, 688, United States. . .115, 253, 387, 491, 611, 753, 919, 842, 1020, 1196, 1348, 1484, 1632 1083, 1259, 1411, 1549, 1695. Each bank. . . .54, 190, 326, 430, 536, 690, 844, World 113, 251, 385, 489, 609, 751, 917, 1022, 1198, 1350, 1486, 1634 1081, 1257, 1409, 1547, 1693 Foreign exchange rates. . . .123, 261, 395, 499, 619, 761, 927, Reserves of central banks and 1091, 1267, 1419, 1557, 1703 governments 114, 252, 386, 490, 610, 752, 918, Foreign investment, net 1570 1082, 1258, 1410, 1548, 1694 Foreign trade of the United States: Reserves of foreign countries 272 Discussion of 404 Revaluation of the French reserve 1132- Volume during latter part of 1949 . 8 Stock: Fox, Charles, article on ownership of Chart.. ..48, 184, 320, 424, 530, 684, 838, demand deposits ... 522 1016, 1192, 1344, 1480, 1628! DECEMBER 1950 1721 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Pages Pages Gold—Continued. Greece—Continued. Stock—Continued. Bank of—Continued. End-of-month and Wednesday Discount rate 121, 259, 393, 497, 617, 759, figures .49, 185, 321, 425, 531, 685, 839, 925, 1089, 1265, 1417, 1555, 1701 1017, 1193, 1345, 1481, 1629 Gold reserves 114, 252 United States, analysis of Gross national product 96, 232, 368, 472, 578, 734, 886, changes 115, 253, 387, 491, 611, 753, 919, 1064, 1240, 1392, 1530, 1676 1083, 1259, 1411, 1549, 1695 Discussion of. . 1567 Gold certificates: Guatemala: Federal Reserve Bank holdings: Condition of Bank of. . .119, 257, 391, 495, 615, 757, 923, All banks combined. . .52, 188, 324, 428, 534, 688, 1087, 1263, 1415, 1553, 1699 842, 1020, 1196, 1348, 1484, 1632 Hackley Howard H., Assistant to Mr. Vest in con- Each bank 53, 189, 325, 429, 535, 689, 843, nection with Regulation V loans . 1340 1021, 1197, 1349, 1485, 1633 Hammond, Bray, Assistant Secretary of Board, Outstanding and in circulation. . . 58, 194, 330, 434, 540, retirement of .179 694, 848, 1026 1202, 1354, 1490, 1638 Harris, E. C, appointed First Vice President Government bonds: (See Government securities) at Chicago 179 Government corporations and credit agencies: Helms, Paul H., appointed Director at Los Angeles Assets and liabilities. . .80, 216, 352, 456, 562, 718, 870, Branch .43 1048, 1224, 1376, 1514, 1660 Hilkert, Robert N., appointed Acting Director of Loans by. . . .80, 216, 352, 456, 562, 718, 870, Division of Personnel Administration 1476 1048, 1224, 1376, 1514, 1660 Home Loan Bank Board, joint announcement on De- Government debt: fense Loan Policy . . . .. . 947 Volume and kind of securities.. .77, 213, 349, 453, 559, Home Owners' Loan Corporation: 715, 867, 1045, 1221, 1373, 1511, 1657 Loans by 80, 216, 352, 456, 562, 718, 870, Government employees, number of Federal, 1048, 1224, 1376, 1514, 1660 State, and local 88, 224, 360, 464, 570, 726, 878, Hours and earnings of factory employees. 87, 223, 359, 1056, 1232, 1384, 1522, 1668 463, 569, 725, 877, 1055, 1231, 1383, 1521, 1667 Housing: Government Organization Manual, announcement of. . .1339 Mortgage insurance for low cost homes, amend- Government securities: ment to section 24 of Federal Reserve Act. .678 Amendment to Section 14 (b) of Federal Reserve Hungary: Act extending authority for purchase by Fed- National Bank of: eral Reserve Banks 834 Condition .119, 257, 391, 495, 615, 757, Bond prices 73, 209, 345, 449, 555, 711, 863 923, 1087, 1263 1041, 1217, 1369, 1507, 1653 Discount rate. . 121, 259, 393, 497, Direct obligations, volume and kind. .77, 213, 349, 453, 559, 715, 867, 1045, 1221, 1373, 1511, 1657 617, 759, 925, 1089, 1265 Federal Reserve Bank holdings: Gold reserves 114, 252, 386, 490, 610, AH banks combined 52, 188, 324, 428, 534, 688, 752, 918, 1082, 1258, 1410, 1548, 1694 842, 1020, 1196, 1348, 1484, 1632 Husbands, Sam H., proceeding to adjudge in civil con- Each bank. . ...53, 189, 325, 429, 535, 689, 843, tempt and for other relief .828 1021, 1197, 1349, 1485, 1633 Imports: End-of-month and Wednesday Gold movements to United States 115, 253, 387, figures 49, 185, 321, 425, 531, 685, 839, 491, 611, 753, 919, 1083, 1259, 1411, 1549, 1695 1017, 1193, 1345, 1481, 1629 Prices during latter part of 1949 12 Maturity distribution. .52, 188, 324, 428, 534, 688, United States by commodity class and by major 842, 1020, 1196, 1348, 1484, 1032 trading' area 407 Holdings by banks 775 Imports and exports: Holdings, shifts in 1278 Changes in 1950 1570 Insured commercial banks.. .64, 200, 336, 440, 546, 702, Merchandise. . . .90, 226, 362, 466, 572, 728, 880, 854, 1032, 1208, 1360, 1498, 1644 1058, 1234, 1386, 1524, 1670 Investments by weekly reporting member banks: Income: By Federal Reserve districts. .68, 204, 340, 444, 550, Cash, and outgo of U. S. Treasury 79, 215, 351, 706, 858, 1036, 1212, 1364, 1502, 1648 455, 561, 717, 869, 1047, 1223, 1375, 1513, 1659 New York City and outside 66, 202, 338, 442, Changes in 1950. 1565 548, 704, 856, 1034, 1210, 1362, 1500, 1646 National 96, 232, 368, 472, 578, 734, 886, Ownership of 139 1064, 1240, 1392, 1530, 1676 Ownership of direct and guaranteed 78, 214, 350, Personal. . . .97, 233, 369, 473, 579, 735, 887, 454, 560, 716, 868, 1046, 1222, 1374, 1512, 1658 1065, 1241, 1393, 1531, 1677 Savings bonds 77, 213, 349, 453, 559, 715, 867, Railroads. . 90, 226, 362, 466, 572, 728, 1045, 1221, 1373, 1511, 1657 880, 1058, 1234, 1386, 1524, 1670 Series F and G savings bonds, special offering of. .1291 Statement of large corporations in Yields on 72, 208, 344, 448, 554, 710, 862, selected industries 640 1040, 1216, 1368, 1506, 1652 Taxes, Internal Revenue collections.. .79, 215, 351, 455, Greece: 561, 717, 869, 1047, 1223,1375, 1513, 1659 Bank of: Index numbers: Condition. . . . 119, 257, 391, 495, 615, 757, 923, Business indexes. 81, 217, 353, 457, 563, 719, 1087, 1263, 1415, 1553, 1699 871, 1049, 1225, 1377, 1515, 1661 1724 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Pages Pages Index numbers—Continued. Industrial advances by Federal Reserve Banks—Continued. Construction contracts awarded 81, 217, 353, 457, Maturity distribution 52, 188, 324, 428, 534, 688, 563, 719, 871, 1049, 1225, 1377, 1515, 1661 842, 1020, 1196, 1348, 1484, 1633 Cost of living: Number and amount 56, 192, 328, 432, 538, 692, Consumers' price index for 846, 1024, 1200, 1352, 1488, 1636 moderate income families. .94, 230, 366, 470, 576, Rates on loans and commitments 51, 187, 323, 427, 732, 884, 1062, 1238, 1390, 1528, 1674 533, 687, 841, 1019, 1195, 1347, 1483, 1631 Principal countries. . . .125, 263, 397, 501, 621, 763, Industrial differences in large corporation 929, 1093, 1269, 1421, 1559, 1705 financing in 1949 .636 Department stores: Industrial production: Sales, adjusted 81, 217, 353, 457, 563, 719, Business index 81, 217, 353, 457, 563, 719, 871, 1049, 1225, 1377, 1515, 1661 871, 1049, 1225, 1377, 1515, 1661 Sales, weekly 93, 229, 365, 569, 575, 731, By industries: 883, 1061, 1237, 1389, 1527, 1673 Adjusted for seasonal variation. . .82, 218, 354, 458, Sales and stocks, by Federal 564, 720, 872, 1050, 1226, 1378, 1516, 1662 Reserve Districts 91, 227, 363, 467, 573, 729, Without seasonal adjustment 84, 220, 356, 460, 881, 1059, 1235, 1387, 1525, 1671 566, 722, 874, 1052, 1228, 1380, 1518, 1664 Sales and stocks, by major Changes in 4 departments 92, 228, 364, 468, 574, 730, National summary of business conditions. .45, 180, 316, 882, 1060, 1236, 1388, 1526, 1672 421, 526, 680, 835, 1013,1188, 1341, 1477, 1624 Factory employment, business index. . .81, 217, 353, 457, Wholesale price index 124, 262, 396, 500, 620, 762, 563, 719, 871, 1049, 1225, 1377, 1515, 1661 928, 1092, 1268, 1420, 1558, 1704 Freight carloadings: Instalment credit, recent developments in 142 7 Adjusted .81, 217, 353, 457, 563, 719, Instalment loans: (See Consumer credit) 871, 1049, 1225, 1377, 1515, 1661 Insurance: Classes. . . .90, 226, 362, 466, 572, 728, 880, Commercial bank deposits ... 141 1058, 1234, 1386, 1524, 1670 Deposits, Staff study on assessment Industrial production: and coverage for. .. .151 Adjusted for seasonal variation 82, 218, 354, Mortgage for low cost home, amendments 458, 564, 720, 872, 1050, 1226, 1378, 1516, 1662 to National Housing Act and Section 24 Physical volume 81, 217, 353, 457, 563, 719, of Federal Reserve Act . . 678 871, 1049, 1225, 1377, 1515, 1661 Insurance companies: Without seasonal adjustment. .., .84, 220, 356, 460, Government securities held by. ... .78, 214, 350, 454, 560, 566, 722, 874, 1052, 1228, 1380, 1518, 1664 716, 868, 1046, 1222, 1374, 1512, 1658 Retail food prices 125, 263, 397, 501, 621,-763, Insured home loans held .89, 225, 361, 465, 571, 929, 1093, 1269, 1421, 1559, 1705 727, 879, 1057, 1233, 1385, 1523, 1669 Security prices in principal countries. .125, 263, 397, 501, Insured commercial banks: 621, 763, 929, 1093, 1269, 1421, 1559, 1705 Loans and investments. . . . .64, 200, 336, 440, 546, 702, Stock prices .73, 209, 345, 449, 555, 711, 854, 1032, 1208, 1360, 1498, 1644 863, 1041, 1217, 1369, 1507, 1653 United States and possessions, earnings Wholesale prices: and expenses of ... 599 Commodities 81, 217, 353, 457, 563, 719, Interest rates: 871, 1049, 1225, 1377, 1515, 1661 Business loans, by banks in selected Groups of commodities 95, 231, 367, 471, 577, cities 72, 208, 344, 448, 554, 710, 862, 733, 885, 1063, 1239, 1391, 1529, 1675 1040, 1216, 1368, 1506, 1652 Principal countries 124, 262, 396, 500, 620, 762, Open-market rates in New York City. . . .72, 208, 344, 928, 1092, 1268, 1420, 1558, 1704 448, 554, 710, 862, 1040, India: 1216, 1368, 1506, 1652 Foreign exchange rates. .... 123, 261, 395, 499, 619, 761, Regulation V loans, guarantee fees and 927, 1091, 1267, 1419, 1557, 1703 rates on . . • 1483, 1600 Gold movements 115, 253, 387, 491, 611, 753, Time deposits, maximum rates on. . .50, 186, 322, 426, 919, 1083, 1259, 1411, 1549, 1695 532, 686, 840, 1018, 1194, 1346, 1482, 1630 Gold production .113, 251, 385, 489, 609, 751, Internal Revenue collections. . .79, 215, 351, 455, 561, 717, 917, 1081, 1257, 1409, 1547, 1693 869, 1047, 1223, 1375, 1513, 1659 Reserve Bank of: International Bank for Reconstruction and Condition 119, 257, 391, 495, 615, 757, Development: 923, 1087, 1263, 1415, 1553, 1699 Report of National Advisory Council: Discount rate 121, 259, 393, 497, 617, 759, April 1, 1949-September 30, 1949 308 925, 1089, 1265, 1417, 1555, 1701 October 1, 1949-March 31, 1950 981 Gold reserves 114, 252, 386, 490, 610, 752, Special report of National Advisory Council 918, 1082, 1258, 1410, 1548, 1694 on operations and policies 663 Industrial advances by Federal Reserve Banks: International capital transactions of the All banks combined 52, 188, 324, 428, 534, 688, United States .108, 246, 380, 484, 604, 746, 912, 842, 1020, 1196, 1348, 1484, 1632 1076, 1252, 1404, 1542, 1688 Commitments 55, 191, 327, 431, 537, 691, International monetary and financial problems: 845, 1023, 1199, 1351, 1487, 1635 Report of National Advisory Council: Each bank. . 53, 189, 325, 429, 535, 689, April 1, 1949-September 30, 1949. 295 843, 1021, 1197, 1349, 1485, 1633 October 1, 1949-March 31, 1950 968 DECEMBER 1950 1725 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Pages International Monetary Fund: Latvia: Gold reserves ..114, 252, 386, 490, 610, 752, 918, Discount rate of central bank. 121, 259, 393, 497, 1082, 1258, 1410, 1548, 1694 617, 759, 925, 1089, 1265, 1417, 1555, 1701 Publication of new journal by. .313 Law Department: Report of National Advisory Council: Clayton Antitrust Act: April 1, 1949-September 30, 1949 ,..308 Injunction restraining Transamerica Corpora- October 1, 1949-March 31, 1950 981 tion and Bank of America N.T. & S.A 823 Special report of the National Advisory Council Proceeding to adjudge Transamerica Corporaon operations and policies 668 tion, etc., in civil contempt and for other Inventories: relief 828 Business, in 1950 1569 Order denying stay 833 Manufacturing and trade, changes in .629 Order purging respondents of contempt in Investments: Transamerica Case 1155 All banks in the United States, by Denial of certiorari by Supreme Court 1612 classes 62, 198, 334, 438, 544, 698, 852, Common trust funds, fees charged trusts holding 1030, 1206, 1358, 1494, 1642 participations 678 Foreign, net 1570 Consumer credit: Insured commercial banks. .62, 200, 336, 440, 546, 702, Interpretations 1471, 1612 854, 1032, 1208, 1360, 1498, 1644 Conversion of national banks, legislation per- Weekly reporting member banks: mitting 1155 By Federal Reserve Districts. .. .68, 204, 340, 444, Defense Production Act of 1950, text of...... ... 1158 550, 706, 858, 1036, 1212, 1364, 1502, 1648 Delegation of functions under Defense Production New York City and outside 66, 202, 338, 442, Act 1301 548, 704, 856, 1034 1210, 1362, 1500, 1646 Federal Deposit Insurance Act, adopted as separate Iran: act and amended 1321 Gold reserves 114, 252, 386, 490, 610, 752, 918, Mortgage insurance for low cost homes 678 1082, 1258, 1410, 1548, 1694 National bank loan limitations 1308 Purchase of Government obligations by Federal Ireland: Reserve Banks, amendment to Section 14(b) of Central bank of: Federal Reserve Act 834 Condition 119, 257, 391, 495, 615, 757, 923, Regulation V, Loan Guarantees for Defense Pro- 1087, 1263, 1415, 1553, 1699 duction, revision of . . 1307 Discount rate. . . .121. 259, 393, 497, 617, 759, 925, Regulation W, Consumer Credit: 1089, 1265, 1417, 1555, 1701 Amendment No. 1 adopted 1308 Italy: Discount rate 121, 259, 393, 497, 617, 759, 925, Calculation of maturity for improvement 1089, 1265, 1417, 1555, 1701 credit 1309 Gold reserves 114, 252, 386, 490, 610, 752, 918, Construction of or repairs to detached struc- 1082, 1258, 1410, 1548, 1694 tures 1309 International capital transactions. . .109, 247, 381, 485, Home improvement materials and articles. . . .1310 605, 747, 913, 1077, 1253, 1405, 1543, 1689 Pre-effective date transactions 1309 Wholesale prices in. . .124, 262, 396, 500, 620, 762, 928, Purchase or discount of credits extended pur- 1092, 1268, 1420, 1558, 1704 suant to pre-effective date commitment. ... .1310 Japan: Text of 1177 Bank of: Regulation X, Residential Real Estate Credit: Condition...... 119, 257, 391, 495, 615, 757, 923, Adoption of 1314 1087, 1263, 1415, 1553, 1699 Interpretations 1473, 1621 Discount rate 121, 259, 393, 497, 617, 759, 925, Time deposit of trust funds in member bank's own 1089, 1265, 1417, 1555, 1701 banking department 44 Wholesale prices in. . .124, 262, 396, 500, 620, 762, 928, Leading articles: 1092, 1268, 1420, 1558, 1704 Balance of payments position of United States. . . .403 Java, Bank of: Construction activity and mortgage credit 935 Discount rate.. ..121, 259, 393, 497, 617, 759, 925, Expenditures and incomes in 1950 1565 1089, 1265, 1417, 1555, 1701 Federal receipts and expenditures for fiscal year Gold reserves 114, 252, 386, 490, 610, 752, 918, 1951 ...131 Foreign gold and dollar holdings in 1949 269 1082, 1258, 1410, 1548, 1694 Labor market developments 507 Joint statements: Production and prices in latter part of 1949 1 Defense loan policy, announcement by banking Recent developments in agriculture. 1099 supervisory authorities 947 Recent developments in business financing 627 Jones, Homer, paper n measurement of consumer Recent developments in instalment credit. ., 1427 credit 1456 Recent monetary and credit developments 1275 Kenyon, Kenneth A., appointed Assistant Secretary Resumption of bank credit and monetary expanof the Board 179 sion 771 Labor market developments 507 Legislation: Latin American Republics: Bank holding companies, statement of Chairman Gold movements 115, 253, 387, 491, 611, 753, 919, McCabe before Senate Banking and Currency 1083, 1259, 1411, 1549, 1695 Committee .279 International capital transactions.. 109, 247, 381, Additional statement of Chairman McCabe 485, 605, 747, 913, 1077,1253, 1405, 1543, 1689 before Banking and Currency Committee... .414 1726 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Pages Legislation—Continued. Loans—Continued. Conversion of National Banks into and merger National bank, limitations on. . . . 1308 or consolidation with State Banks 1155 Real estate: Defense Production Act of 1950: All banks in United States and Statement before Banking and Currency Com- possessions . 700, 1496 mittee of House 943 Discussion 772 Text 1158 Weekly reporting member banks: Establishment of Central Bank of Ceylon 1133 By Federal Reserve Districts .68, 204, 340, Federal Deposit Insurance Act, adopted as sepa- 444, 550, 706, 858, 1036, rate Act and amended 1321 1212, 1364, 1502, 1648 Federal Reserve Act: New York City and outside 66, 202, 338, Section 14 (b) amendment as to purchase of 442, 548, 704, 856, 1034, government obligations by Federal Re- 1210, 1362, 1500, 1646 serve Banks 834 Securities 774 Housing Act of 1950, to provide mortgage insur- Loans and investments: ance for low cost homes. „ 678 All banks in United States, by S. 2318, to provide for control and regulation classes 62, 198, 334, 438, 544, 698, 852, of bank holding companies. 286 1030, 1206, 1358, 1494, 1642 Amendments proposed by Chairman McCabe. .294 All banks in United States and possessions, Additional amendments proposed by Chair- by States 700, 1496 man McCabe 417 Insured commercial banks. .64, 200, 336, 440, 546, 702, S. 2822, a bill to amend the Federal Deposit 854, 1032, 1208, 1360, 1498, 1644 Insurance Act, statement by Chairman McCabe. .146 Member banks, by classes . 62, 198, 334, 438, 544, 698, Small business, statement by Chairman McCabe 852, 1030, 1206, 1358, 1494, 1642 on proposed bill 810 Member banks, December 31, 1949 518 Liquid asset holdings of individuals and businesses, Mutual savings banks . .63, 199, 335, 439, 545, 699, estimated 966 853, 1031, 1207, 1359, 1495, 1643 List of Directors of Federal Reserve Banks and branches 166 National banks.. ..63, 199, 335, 439, 545, 699, 853, Lithuania: 1031, 1207, 1359, 1495, 1643 Discount rate of central bank. .121, 259, 393, 497, 617, Nonmember banks. . . .63, 199, 335, 439, 545, 699, 853, 759, 925, 1089, 1265, 1417, 1555, 1701 1031, 1207, 1359, 1495, 1643 Loan guarantees for Defense Production: Weekly reporting member banks: Regulation V, press statement on revision of 1283 By Federal Reserve Districts.68, 204, 340, 444, 550, Revised 1307 706, 858, 1036, 1212, 1364, 1502, 1648 Loans: New York City and outside 66, 202, 338, 442, 548, Agricultural: 704, 856, 1034, 1210, 1362, 1500, 1646 Discussion 774 Lorie, James H., article on survey of Insured commercial banks. .64, 200, 336, 440, 546, consumer credit , . . 1441 702, 854, 1032, 1208,1360,1498, 1644 Lunding, F. J., designated Chairman and Bank, volume of 633 Federal Reserve Agent at Chicago . . 42 Brokers and dealers in securities by weekly Manufactures: reporting member banks: Industrial production, index of 81, 217, 353, 457, By Federal Reserve Districts. ri$>, 204, 340, 444, 550, 563, 719, 871, 1049, 1225, 1377, 1515, 1661 706, 858, 1036, 1212, 1364, 1502, 1648 Manufacturing industries: New York City and outside. .66, 202, 338/442, 548, Changes in man-hours . .512 704, 856, 1034, 1210, 1362, 1500, 1646 Hours and earnings of factory Business, bank rates on, .72, 208, 344, 448, 554, 610, 862, employees 87, 223, 359, 463, 569, 725, 1040, 1216, 1368, 1506, 1652 877, 1055, 1231, 1383, 1521, 1667 Commercial, industrial, and agricultural by Maps: weekly reporting member banks: Federal Reserve System 130, 268, 402, 506, 626, 770, By Federal Reserve Districts 68, 204, 340, 444, 934, 1098, 1274, 1426, 1564, 1712 550, 706, 858, 1036, 1212, 1364, 1502, 1648 New York City and outside. .66, 202, 338, 442, 548, Marget, Arthur W.: 704, 856, 1034, 1210, 1362, 1500, 1646 Appointed Adviser on International Consumer, expansion of 773 Finance, Division of Research and Consumer instalments, made by principal Statistics .314 lending institutions. . .98, 234, 370, 474, 580, 736, 888, Appointed Director of Division of 1066, 1242, 1394, 1532, 1678 International Finance .834 Defense production, guarantee fees and rates Margin accounts: under Regulation V 1483, 1600 Statistics of stock exchange firms 71, 207, 343, 447, Federal Housing Administration, 553, 709, 861, 1039, 1215, 1367, 1505, 1651 insured by 89, 225, 361, 465, 571, 727, 879, Margin requirements: 1057, 1233, 1385, 1523, 1669 Table. 50, 186, 322, 426, 532, 686, Government corporations and credit 840, 1018, 1194, 1346, 1482, 1630 agencies 80, 216, 352, 456, 562, 718, 870, Maturity distribution of loans and 1048, 1224, 1376, 1514, 1660 Government securities 52, 188, 324, 428, 534, 688, Industrial: (See Industrial advances) 842, 1020, 1196, 1348, 1484, 1632 Instalment 98, 234, 370, 474, 580, 736, 888, McCabe, Thomas B.: (See Board of 1066, 1242, 1394, 1532, 1678 Governors, Members) DECEMBER 1950 1727 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Pages Pages McCain, James A., resignation as Director Mexico: at Helena Branch .834 Bank of: Meetings: Condition ..119, 257, 391, 495, 615 757, 923 Chairmen of Federal Reserve Banks and 1087, 1263, 1415, 1553, 1699 Directors of Federal Reserve Banks of Discount rate... 121, 259. 393, 497, 617, 759, 925, New York and Minneapolis and their 1089, 1265, 1417, 1555, 1701 branches on January 16-17. . . 179 Gold reserves. . . .114, 252, 386, 490, 610, 752, 918, Chairmen of Federal Reserve Banks 1082, 1258, 1410, 1548, 1694 September 18-19. . .1131 Foreign exchange rates 123, 261, 395, 499, 619, 761, Federal Advisory Council: 927, 1091, 1267, 1419, 1557, 1703 February 19-21 314 Gold movements. . . .115, 253, 387, 491, 611, 753, 919, May 14-16 525 1083, 1259, 1411, 1549, 1695 October 1-3 .. ..1340 Gold production. . . .113, 251, 385, 489, 609, 751, 917, November 19-21 ... 1583 1081, 1257, 1409, 1547, 1693 Federal Open Market Committee: Millard, Edwin R., resignation to become Vice February 28 and March 1 . .314 President at San Francisco. . . 1476 June 13 and 14 679 Mills, Albert W., elected First Vice President August 18 1131 at Minneapolis . ... . .. 1131 September 28 , 1340 Military reservations: October 11 1340 Offices of banks maintained at. . 822 October 30 , ..1476 Minerals: November 27 1583 Industrial production, index of. 81, 217, 353, 457, 563, Presidents of Federal Reserve Banks: 719, 871, 1049, 1225,1377,1515,1661 February 27 and March 1. . .314 Monetary developments, discussion of 1275 June 12, 13 and 15 679 Monetary expansion, resumption of 771 September 20-22, in Boston 1340 Monetary policy in a free economy, address by September 27 in Washington 1340 Mr. Szymczak 1111 November 27-29 1583 Monetary reserves of foreign countries. 270 Member bank earnings: Money in circulation: 1949 517, 588 Adjustment for seasonal variation. . ,59, 195, 331, 435, First half of 1950 , 1469, 1540 541, 695, 849, 1027, 1203, 135S, 1491, 1639 Member bank operating ratios 907 By denominations .58, 194, 330, 434, 540, 694, 848, Member banks: 1026, 1202, 1354, 1490, 1638 All banks in United States and possessions, By kinds. . . .58, 194, 330, 434, 540, 694, 848, by States . 700, 1496 1026, 1202, 1354, 1490, 1638 Branches 70, 206, 342, 446, 552, 708, 860, 1038, Chart . . .48, 184, 320, 424, 530, 684, 838, 1214, 1366, 1504, 1650 1016, 1192, 1344, 1480, 1628 Changes in number of banking offices 244, 1250 Weekly figures. . . .49, 185, 321, 425, 531, 685, 839, 1017, 1193, 1345, 1481, 1629 Deposits and reserves of. .. .57, 193, 329, 433, 539, 693, Money rates: 847, 1025, 1201, 1353, 1489, 1637 Business loans by banks. . .72, 208, 344, 448, 554, 7l0 Earnings and expenses: r 862, 1040, 1216, 1368, 1506, 1652 By size of bank, 1949 592 Current statistics for Federal Re- 1949 520, 588 serve Chart Book. . .101, 237, 373, 477, 583, 739, 891 First half of 1950 1467, 1540 r 1069, 1245, 1397, 1535, 1681 Loans and investments. . . .61, 197, 333, 437, 543, 697, Discussion 1280 851, 1029, 1205, 1357, 1493, 1641 Foreign countries . .121, 259, 393, 497, 617, 759, 925, Number of: 1089, 1265, 1417, 1555, 1701 Assets and deposits, June 30, 1949 896 Open-market, New York City. .72, 208, 344, 448, 554, By classes. .. .61, 197, 333, 437, 543, 697, 851, 1029, 710, 862, 1040, 1216, 1368, 1506, 1652 1205, 1357, 1493, 1641 Money supply: By Districts and by States .. 70, 206, 342, 446, 552, Discussion . 1277 708, 860, 1038, 1214, 1366, 1504, 1650 Expansion in. 775 Operating ratios, 1949 907 Moore, Joseph H., appointed Class C Par list. . . .70, 206, 342, 446, 552, 708, 860, 1038, 1214, Director at St. Louis 314 1366, 1504, 1650 Mortgage credit, activity in 935 Reserve requirements 51, 187, 323, 427, 533, 687, Mortgage insurance for low cost homes, amendment to 841, 1019, 1195, 1347, 1482, 1630 Section 24 of Federal Reserve Act 67S Reserves, reserve bank credit, and Mortgages: related items. .. .49, 185, 321, 425, 531, 685, 839, 1017, Insured Federal Housing Administra- 1193, 1345, 1481, 1629 tion mortgages held. .89, 225, 361, 465, 571, 727, 879, Statement on defense loan policy sent to 1582 1057, 1233, 1385, 1523, 1669 Membership in Federal Reserve System, admission Moser, Ellsworth, appointed Director at of State banks 43, 179, 314, 420, 1012, 1131, 1476, 1583 Omaha Branch 43 Membership of Board of Governors of the Federal Mutual savings banks: Reserve System, 1913-1950 1186 Branches of 822 Merchandise: Branches in operation, December 31, 1949, Exports and imports. . .90, 226, 362, 466, 572, 728, 880, by States , 601 1058, 1234, 1386, 1524, 1670 Changes in number of banking offices .244, 1250 1728 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Pages Pages Mutual savings banks—Continued Netherlands—Continued Deposits.. 63, 199, 335, 439, 545, 699, 853, Retail food prices 125, 263, 397, 501, 621, 763, 929, 1031, 1207, 1359, 1495, 1643 1093, 1269, 1421, 1559, 1705 Government securities held by.. .78, 214, 350, 454, 560, Security prices, index numbers. .125, 263, 397, 501, 621, 716, 868, 1046, 1222, 1374, 1512, 1658 763, 929, 1093, 1269, 1421, 1559, 1705 Insured home loans held 89, 225, 361, 465, 571, 727, Wholesale prices 124, 262, 396, 500, 620, 762, 928, 879, 1057, 1233, 1385, 1523, 1669 1092, 1268, 1420, 1558, 1704 Loans and investments. .63, 199, 335, 439, 545, 699, 853, New York Stock Exchange: 1031, 1207, 1359, 1495, 1643 Customers' debit balances, money borrowed Number, assets and deposits June 30, 1949 896 and related items... .71, 207, 343, 447, 553, 709, 861, Number and deposits, by States 906 1039, 1215, 1367, 1505, 1651 National Advisory Council: Volume of trading on.. .73, 209, 345, 449, 555, 711, 863, Report on international monetary and 1041, 1217, 1369, 1507, 1653 financial problems: New Zealand: April 1, 1949-September 30, 1949 295 Foreign exchange rates... 123, 261, 395, 499, 619, 761, October 1, 1949-March 31, 1950 968 927, 1091, 1267, 1419, 1557, 1703 Special report on operations and policies of Reserve Bank of: International Monetary Fund and Condition 119, 257, 391, 495, 615, 757, 923, International Bank for Reconstruction 1087, 1263, 1415, 1553, 1699 and Development 661 Discount rate. . .121, 259, 393, 497, 617, 759, 925, National Association of Supervisors of State Banks: 1089, 1265, 1417, 1555, 1701 Address of Chairman McCabe on our common Gold reserves. . . .114, 252, 386, 490, 610, 752, 918, problem—maintenance of a sound banking sys- 1082, 1258, 1410, 1548, 1694 tem 1287 Nicaragua: Joint announcement on Defense Loan Policy..... 947 Gold production. . . .113, 251, 385, 489, 609, 751, 917, National bank notes, outstanding 58, 194, 330, 434, 540, 1081, 1257, 1409, 1547, 1693 694, 848, 1026, 1202, 1354, 1490, 1638 Nonmember banks: National banks: Branches 70, 206, 342, 446, 552, 708, 860, Branches in operation, December 31, 1038, 1214, 1366, 1504, 1650 1949, by States. . .601 Branches in operation, December 31, 1949, Changes in number of banking offices. 244, 1250 by States. 601 Deposits, call dates. .63, 199, 335, 439, 545, 699, 853, Changes in number of banking offices. . 244, 1250 1031, 1207, 1359, 1495, 1643 Deposits: Earnings and expenses: Chart. . . .48, 184, 320, 424, 530, 684, 838, 1949 588 1016, 1192, 1344, 1480, 1628 By size of bank .593 Classified and total. .63, 199, 335, 439, 545, 699, 853, First half of 1949 1540 1031, 1207, 1359, 1495, 1643 Legislation authorizing to convert Held by Federal Reserve Banks. .49, 185, 321, 425, into and to merge or consolidate 531, 685, 839, 1017, 1193, 1345, 1481, 1629 with State banks 1155 Loans and investments. .63, 199, 335, 439, 545, 699, 853, Loan limitations on 1308 1031, 1207, 1359, 1495, 1643 Number of 63, 199, 335, 439, 545, 699, 853, Number, assets and deposits, June 30, 1949 896 1031, 1207, 1359, 1495, 1643 Number of: Number, assets and deposits, June Commercial banks. .63, 199, 335, 439, 545, 699, 853, 30, 1949 896 1031, 1207, 1359, 1495, 1643 Suspensions 57, 193, 329, 433, 539, 693, 847, Offices in United States. . 70, 206, 342, 446, 552, 708, 1025, 1201, 1353, 1489, 1637 860, 1038, 1214, 1366, 1504, 1650 National summary of business conditions. . .45, 180, 316, Par list. . . .70, 206, 342, 446, 552, 708, 860, 421, 526, 680, 835, 1013, 1188, 1341, 1477, 1624 1038, 1214, 1366, 1504, 1650 Nelson, Fred A., appointed Assistant Suspensions. . .57, 193, 329, 433, 539, 693, 847, Director of Division of Examinations.. .1476 1025, 1201, 1353, 1489, 1637 Netherlands: Bank of: Norton, Edward L.: Condition. . . .119, 257, 391, 495, 615, 757, 923, Appointment as member of Board of Governors. .679 1087, 1263, 1415, 1553, 1699 Oath of office and assumption of duties Discount rate. .121, 259, 393, 497, 617, 759, 925, as member of Board of Governors. ... .1131 1089, 1265, 1417, 1555, 1701 Norway: Gold reserves. .114, 252, 386, 490, 610, 752, 918, Bank of: 1082, 1258, 1410, 1548, 1694 Condition. . .119, 257, 391, 495, 615, 757, 923, Cost of living.. . . 125, 263, 397, 501, 621, 763, 929, 1087, 1263, 1415, 1553, 1699 1093, 1269, 1421, 1559, 1705 Discount rate. . . .121, 259, 393, 497, 617, 759, 925, Foreign exchange rates. 123, 261, 395, 499, 619, 761, 927, 1089, 1265, 1417, 1555, 1701 1091, 1267, 1419, 1557, 1703 Gold reserves. .114, 252, 386, 490, 610, 752, 918, Gold movements. . . .115, 253, 387, 491, 611, 753, 919, 1082, 1258, 1410, 1548, 1694 1083, 1259, 1411, 1549, 1695 Foreign exchange rates. . 123, 261, 395, 499, 619, 761, 927, International capital transactions... 109, 247, 381, 485, 1091, 1267, 1419, 1557, 1703 605, 747, 913, 1077, 1253, 1405, 1543, 1689 Noyes, Guy E.: Open-market rates. . . .121, 259, 393, 497, 617, 759, 925, Appointed Assistant Director, Division 1089, 1265, 1417, 1555, 1701 of Research and Statistics. .314 1729 DECEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Pages Pages. Noyes, Guy E.—Continued. Postal savings deposits: Designated Assistant Administrator Depositors' balances and assets. .59, 195, 331, 435, 541 y of Office of Real Estate Credit 1340 695, 849, 1027, 1203, 1355, 1491, 1639' Obligations of Government, direct and Insured commercial banks. .65, 201, 337, 441, 547, 703^ guaranteed maturities... .77, 213, 349, 453, 559, 715, 867, 855, 1033, 1209, 1361, 1499, 1645 1045, 1221, 1373, 1511, 1657 Interest rate on 50, 186,'322, 426, 532, 686, 840 ? Open-market operations, discussion of 778 1018, 1194, 1346, 1482, 1630 Open-market paper, insured commercial banks, . 64, 200, 336, Weekly reporting member banks: 440, 546, 702, 854, 1032, 1208, 1360, 1498, 1644 By Federal Reserve Districts 69, 205, 341, 445, Open-market rates: 551, 707, 859, 1037, 1213, 1365, 1503, 1649 Foreign countries 121, 259, 393, 497, 617, 759, 925, New York City and outside 67, 203, 339, 443, 1089, 1265, 1417, 1555, 1701 549, 705, 857, 1035, 1211, 1363, 1501, 1647 New York City. . . .72, 208, 344, 448, 554, 710, 862, Powell, Oliver S.: 1040, 1216, 1368, 1506, 1652 Appointment as member of Board of Governors.. .1011 Operating ratios of member banks, 1949 907 Oath of office and assumption of duties Overstreet, F. M., appointed Director at as member of Board of Governors 1131 Oklahoma City Branch 1583 Presidents of Federal Reserve Banks: Ownership of demand deposits 522 List of... .127, 265, 399, 503, 623, 765, 931, 1095, 1271,. Ownership of Government securities. .78, 214, 350, 454, 560, 1423, 1561,1707 716, 868, 1046, 1222, 1374, 1512, 1658 Meetings of: Pakistan, State Bank of: February 27 and March 1 314 Condition 120, 258, 392, 496, 616, 758, 924, June 12, 13 and 15 679 1088, 1264, 1416, 1554, 1700 September 20-22, in Boston 1340 Pamphlets: (See Publications) September 27 in Washington 1340 Paper currency, circulation 58, 194, 330, 434, 540, 694, November 27-29 1583 848, 1026, 1202, 1354, 1490, 1638 Press statements: Par list: Amendment No. 1 to Regulation W 1282 Number of banks, by districts and by States. .70, 206, Credit policy, joint statement of Board 342, 446, 552, 708, 860, 1038, 1214, 1366, 1504, 1650 and Federal Open Market Committee 1110s Paraguay: Federal Reserve notes—1950 Series 1470 Condition of central bank. .120, 258, 392, 496, 616, 758, Program of loan guarantees for Defense 924, 1088, 1264, 1416, 1554, 1700 Production, revision of Regulation V 128S Patterson, Robert P., appointed Class C Regulation of consumer instalment credit 128$ Director at New York .. .525 Restrictions on residential real estate con- Payrolls, factory: struction credit, Regulation X adopted 1284 Business index of!... .81, 217, 353, 457, 563, 719, 871, Preston, Howard H., appointed Director at 1049, 1225, 1377, 1515, 1661 Seattle Branch . .43* Perry, D. Hay den, appointed Director at Prices: San Antonio Branch 43 Agriculture products 1100; Personal income 96, 232, 368, 472, 578, 734, 886, Building materials , 942 1064, 1240, 1392, 1530, 1676 Changes in 9" Peru: Latter part of 1949 I Central Reserve Bank of: Retail food.125, 263, 397, 501, 621, 763, 929, 1093,. Condition 120, 258, 392, 496, 616, 758, 924, 1269, 1421, 1559, 1705- 1088, 1264, 1416, 1554, 1700 Securities in principal countries. ... 125, 263, 397, 501,. Discount rate.... 121, 259, 393, 497, 617, 759, 925, 621, 763, 929, 1093, 1269, 1421, 1559, 170$ 1089, 1265, 1417, 1555, 1701 Wholesale commodity: Gold reserves 114, 252, 386, 490, 610, 752, 918, Business index. .. .81, 217, 353, 457, 563, 719, 871^ 1082, 1258, 1410, 1548, 1694 1049, 1225, 1377, 1515, 1661 Philippine Republic: By groups of commodities. .. .95, 231, 367, 471, 577,. Central Bank of the Philippines: 733, 885, 1063, 1239, 1391, 1529, 167$ Condition 120, 258, 392, 496, 616, 758, 924, Wholesale in principal countries, 1088, 1264, 1416, 1554, 1700 index of 124, 262, 396, 500, 620, 762, 928, 1092,. Foreign exchange rates...123, 261, 395, 499, 619, 761, 1268, 1420, 1558, 170£ 927, 1091, 1267, 1419, 1557, 1703 Prochnow, Herbert V., re-appointment as Gold movements 115, 253, 387, 491, 611, 753, 919, Secretary of Federal Advisory Council 314 1083, 1259, 1411, 1549, 1695 Production, latter part of 1949 1 Piper, Charles A., appointed Director Profits of large corporations. .. .75, 211, 3-47, 451, 557, 713^ at Baltimore Branch . .525 865, 1043, 1219, 1371, 1509, 1655 Portugal: Public debt: Bank of: Held by the public, increase in 139* Condition. 120, 258, 392, 496, 616, 758, 924, Volume and kind of securities 77, 213, 349, 453, 559, 1088, 1264, 1416, 1554, 1700 715, 867, 1045, 1221, 1373, 1511, 16ST Discount rate... .121, 259, 393, 497, 617, 759, 925, Public Housing Administration: 1089, 1265, 1417, 1555, 1701 Loans by 80, 216, 352, 456, 562, 718, 870, 1048> Gold reserves 114, 252, 386, 490, 610, 752, 918, 1224, 1376, 1514, 166® 1082, 1258, 1410, 1548, 1694 Public utility corporations: Foreign exchange rates 123, 261, 395, 499, 619, 761, Earnings and dividends of. . .75, 211, 347, 451, 557, 713,. 927, 1091, 1267, 1419, 1557, 1703 865, 1043, 1219, 1371, 1509, 1655 1730 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Publications: Reconstruction Finance Corporation: Board of Governors, list 128, 266, 400, 504, 624, 766, Assets and liabilities 80, 216, 352, 456, 562, 718, 870, 932, 1096, 1272, 1424, 1562, 1708 1048, 1224, 1376, 1514, 1660 Historical supplement to monthly Federal Loans by....80, 216, 352, 456, 562, 718, 870, 1048, Reserve charts on bank credit, money 1224, 1376, 1514, 1660 rates, and business, revised edition 315 Reed, Charles E., Class B Director at New journal by International Monetary Fund 313 Richmond, death of .. 1340 Statistical study of Regulation V loans 1476 Regulations, Board of Governors: United States Government Organization Manual, V, Loan guarantees for defense production: announcement regarding 1339 Guarantee fees and rates under 1483, 1600 Puckett, Cecil, appointed Director at Revision . 1283 Denver Branch ... 679 Text of revision 1307 Quay, Arthur H., elected Class A Director W, consumer credit: at Minneapolis . . 1476 Adoption of 1177 Railroads: Amendment No. 1 adopted 1282, 1308 Revenues, expenses, and income of Class I. .. .90, 226, Automobile Appraisal Guides, 362, 466, 572, 728, 880, 1058, 1234, 1386, 1524, 1670 designated for purposes of. ... . .1311 Rates: Calculation of maturity for improvement credit ... 1309 Acceptances, bankers' buying. .. .51, 187, 323, 427, 533, Construction of or repairs to 687, 841, 1019, 1195, 1347, 1483, 1631 detached structures 1309 Business loans by banks. .. .72, 208, 344, 448, 554, 710, Effects of 1431 862, 1040, 1216, 1368, 1506, 1652 History of . 1433 Discount: ; Home improvement incorporating Central banks 121, 259, 393, 497, 617, 759, 925, group B combination unit 1613 1089, 1265, 1417, 1555, 1701 Home improvement materials and articles..... 1310 Federal Reserve Banks 51, 187, 323, 427, 533, Hotel or motel repairs or improvements 1613 687, 841, 1019, 1195, 1347, 1483, 1631 House trailers 1612 Foreign exchange 123, 261, 395', 499, 619, 761, 927, Minimum down payments and maximum 1091, 1267, 1419, 1557, 1703 maturities under 1430 Industrial loans and commitments. .. .51, 187, 323, 427, Pre-effective date "balloon" notes 533, 687, 841, 1019, 1195, 1347, 1483, 1631 or payments 1612 Money, current statistics for Federal Reserve Pre-effective date transactions 1309 chart book. .. .101, 237, 373, 477, 583, 739, 891, 1069, Press statement on adoption of 1281 1245, 1397, 1535, 1681 Purchase or discount of credits Open-market in certain foreign extended pursuant to pre-effective countries.... 121, 259, 393, 497, 617, 759, 925, 1089, date commitment 1310 1265, 1417, 1555, 1701 Refinancing of instalment sale of Open-market in New York City 72, 208, 344, 448, unlisted article 1613 554, 710, 862, 1040, 1216, 1368, 1506, 1652 Rental transactions . 1613 Postal savings deposits 50, 186, 322, 426, 532, 686, Sets and groups of articles 1612 840, 1018, 1194, 1346, 1482, 1630 Statement of the borrower 1614 Regulation V loans, guarantee fees and rates. .1483, 1600 Statement of Chairman McCabe before Joint Time deposits, maximum interest on....50, 186, 322, Committee on Defense Production 1577 426, 686, 840, 1018, 1194,1346, 1482, 1630 Summary of interpretations 1614 Ratios of country member banks, by Federal Tax or fee prerequisite to auto tags 1613 Reserve Districts .598 X, residential real estate credit: Ratios of member banks: Adoption of 1314 By classes 595 Amendment to 1472 By Federal Reserve Districts 596 Press statement on 1284 Ratios of Reserve city member banks 597 (See also Residential real estate credit) Real estate, loans on: Regulations: All banks in United States and possessions, Treasury Department circular No. 530 by States 700, 1496 covering savings bonds revised .1291 Discussion 772 Reil, Katharyne P., article on retail credit Insured commercial banks 64, 200, 336, 440, 546, survey, 1949 655 702, 854, 1032, 1208, 1360, 1498, 1644 Reports: Mortgage 940 National Advisory Council on international Regulation X: (See Residential real estate credit) monetary and financial problems: Weekly reporting member banks: April 1, 1949-September 30, 1949 295 By Federal Reserve Districts 68, 204, 340, 444, October 1, 1949-March 31, 1950 968 550, 706, 858, 1036, 1212, 1364, 1502, 1648 National Advisory Council, special report on New York City and outside. .. .66, 202, 338, 442, operations and policies of International 548, 704, 856, 1034, 1210, 1362, 1500, 1646 Monetary Fund and International Bank Receipts and expenditures of Government for Reconstruction and Development 661 for fiscal year 1951 ... 131 (See also annual reports) Receipts of Treasury, summary of Reserve city member banks: operations 79, 215, 351, 455, 561, 717, 869, 1047, 1223, Condition .62, 198, 334, 438, 544, 698, 852, 1375, 1513, 1659 1030, 1206, 1358, 1494, 1642 1731 DECEMBER 1950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Pages Pages Reserve city member banks—Continued. Residential real estate credit—Continued. Deposits and reserves 57, 193, 329, 433, 539, 693, 847, Statement of borrower where credit 1025, 1201, 1353, 1489, 1637 secured by mortgage collateral... .1473 Earnings and expenses: Resignations: 1949 . 520, 588 Bosworth, Robert L., as Director of First half of 1950 1469, 1540 Oklahoma City Branch 679 Ratios, by class of bank 597 McCain, James A., as Director of Helena Branch. .834 Reserves 56, 192, 328, 432, 538, 692, 846, Millard, Edwin R., as Director of 1024, 1200, 1352, 1488, 1636 Division of Examinations . .1476 Reserve requirements of member banks: Sharpies, Philip T., as Class C Per cent of deposits 51, 187, 323, 427, 533, 687, 841, Director at Philadelphia .. 1012 1019, 1195, 1347, 1482, 1630 Silver, Harold F., Director of Denver Reserves: Branch 525 Federal Reserve Banks: Taylor, John W., as Director of Louisville All banks combined. . .52, 188, 324, 428, 534, 688, Branch 1583 842, 1020, 1196, 1348, 1484, 1632 Retail credit survey, 1949 655 Each bank 54, 190, 326, 430, 536, 690, 844, Retail food prices 125, 263, 397, 501, 621, 763, 929, 1022, 1198, 1350, 1486, 1634 1093, 1269, 1421, 1559, 1705 Gold, of central banks and governments. .114, 252, 386, 490, 610, 752, 918, 1082, 1258, 1410, 1548, 1694 Retirements: Insured commercial banks with Federal Hammond, Bray, Assistant Secretary of Board... .179 Reserve Banks. .65, 201, 337, 441, 547, 703, 855, Revaluation of the French gold reserve 1132 1033, 1209, 1361, 1499, 1645 Revenues, expenses, and income of Member banks: Class I railroads 90, 226, 362, 466, 572, 728, 880, Account with Federal Reserve Banks. .54, 190, 326, 1058, 1234, 1386, 1524, 1670 430, 536, 690, 844, 1022, 1198, 1350, 1486, 1634 Rhodesia: By classes of banks 57, 193, 329, 433, 539, 693, Gold production 113, 251, 385, 489, 609, 751, 917, 847, 1025, 1201, 1353, 1489, 1637 Excess, Wednesday figures. .49, 185, 321, 425, 531, 1081, 1257, 1409, 1547, 1693 685, 839, 1017, 1193, 1345, 1481, 1629 Rumania: Major factors affecting 778, 1280 National Bank of: Total held, all banks. . .49, 185, 321, 425, 531, 685, Discount rate 121, 259, 393, 497, 617 839, 1017, 1193, 1345, 1481, 1629 Gold reserves 114, 252, 386, 490, 610, 752, 918, Weekly reporting member banks: 1082, 1258, 1410, 1548, 1694 By Federal Reserve Districts. .69, 205, 341, 445, 551, Rural Electrification Administration: 707, 859, 1037, 1213, 1365, 1503, 1649 Assets and liabilities.. .80, 216, 352, 456, 562, 718, 870, New York City and outside. .67, 203, 339, 443, 549, 1048, 1224, 1376, 1514, 1660 705, 857, 1035, 1211, 1363, 1501, 1647 Loans by.. . .80, 216, 352, 456, 562, 718, 870, Residential real estate credit: 1048, 1224, 1376, 1514, 1660 Adoption of Regulation X 1314 Salaries: Allowance for builder's profit and costs of sale. . .1622 Officers and employees of Federal Allowance for labor 1475 Reserve Banks 242, 1074 Amendment to Regulation X 1472 Officers and employees of insured commercial Exemptions for contemplated construction 1622 banks in the United States and possessions 599 Firm commitment prior to effective date 1474 s Officers and employees of member banks 588 Fraternity house 1623 Savings and loan associations: House trailers 1621 Insured home mortgages held. . .89, 225, 361, 465, 571, Instruments evidencing credit 1473 Maximum maturity 1621 727, 879, 1057, 1233, 1385, 1523, 1669 Maximum maturity of converted short-term Savings bonds: construction credit 1623 Revised regulations governing 1291 Mixed purpose loans 1475 Sales and redemptions. .77, 213, 349, 453, 559, 715, 867, Modification of pre-effective date 1045, 1221, 1373, 1511, 1657 firm commitment . . 1622 Savings deposits: Motels and tourist courts . . 1622 Interest rates on. . . .50, 186, 322, 426, 532, 686, 840, Necessity for statement of borrower 1018, 1194, 1346, 1482, 1630 for nonregulated credit 1473 Schweiger, Irving: Painting, reroofing repairs as major improvement. . 1474 Article on 1949 Survey of Consumer Preservation of records. . 1623 Finances . . 14 Registrants records of nonregulated credit 1473 Article on 1950 Survey of Consumer Regulation X, adoption covering restrictions Finances 643, 780, 948 on residential construction . . 1284 Secretary of the Treasury: Regulation authorized by Defense List of those who were ex-offkio Production Act of 1950 1169 members of Board .. 1187 Regulation of, statement read before House Securities: Committee on Banking and Currency.... . . 944 Domestic, inflow of foreign funds.. .108, 246, 380, 484, Sale of new residence subject to pre- 604, 746, 912, 1076, 1252, 1404, 1542, 1688 effective date indebtedness . . 1474 Foreign, return of United States Short-term construction credit.. .1621 funds 108, 246, 380, 484, 604, 746, 912, 1076, 1252, 1404, 1542, 1688 1732 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Pages Securities—Continued. Spain—Continued. Loans for purchasing or carrying: Bank of—Continued. Insured commercial banks. . .64, 200, 336, 440, 546, Gold reserves. .. .114, 252, 386, 490, 610, 752, 918, 702, 854, 1032, 1208, 1360, 1498, 1644 1082, 1258, 1410, 1548, 1694 Weekly reporting member banks: Foreign exchange rates 123, 261, 395, 499, 6.19, 761, By Federal Reserve Districts.68, 204, 340, 444, 927, 1091, 1267, 1419, 1557, 1703 550, 706, 858, 1036, 1212, 1364, 1502, 1648 Special articles: New York City and outside. .66, 202, 338, 442, Annual report of the Bank for 548, 704, 856, 1034, 1210, 1362, 1500, 1646 International Settlements ... 985 Loans on 774 Balance sheet of Agriculture, 1950 . .1118 Securities exchange administration: Branch banking in United States, 1939 and 1949. .. .818 Margin requirements under Consumer Credit Regulation In A Garrison Regulations T and U. .50, 186, 322, 426, 532, 686, 840, Economy 1437 1018, 1194, 1346, 1482, 1630 Defense loan policy, joint announcement Security issues: by banking supervisory authorities . .947 Amount for new capital 634 Economic development and Central Bank Corporate, proposed use of proceeds. .74, 210, 346, 450, policies in Western Germany... . .1293 556, 712, 864, 1042, 1218, 1370, 1508, 1654 Establishment of Central Bank of Ceylon. . .1133 New and refunding 73, 209, 345, 449, 555, 711, 863, Estimated liquid asset holdings of 1041, 1217, 1369, 1507, 1653 individuals and businesses . .966 Security markets: Federal Reserve action under the Defense Bond and stock prices. .73, 209, 345, 449, 555, 711, 863, Production Act of 1950 . . 1281 1041, 1217, 1369, 1507, 1653 Federal Reserve notes—1950 Series 1470 National summary of business Federal Reserve statement on defense loan policy. .1582 conditions 46, 181, 317, 527, 681, 836, Federal Reserve statement of policy, 1014, 1189, 1342, 1478, 1625 August 18, 1950.. ,1110 Security prices: French Exchange Stabilization Fund ..35 Principal countries 125, 263, 397, 501, 621, 763, 929, Industrial differences in large corporation 1093, 1269, 1421, 1559, 1705 financing in 1949 . . 636 Sette, Elizabeth B., study of Regulation V loans 1476 Insurance of commercial bank deposits 141 Sharpies, Philip T., resignation as Class C Director Measurement of Consumer Credit 1456 at Philadelphia 1012 Member bank earnings, 1949 517 Shepardson, Charles N., appointed Director at Member bank earnings, first half of 1950. ....... 1467 Houston Branch .43 Methods of the Survey of Consumer Finances..... 795 Silver, Harold F,: Monetary Policy in a Free Economy. 1111 Appointed Director at Denver Branch ... 42 Our Common Problem—Maintenance of a Resignation as Director of Denver Branch 525 Sound Banking System. . . 1287 Silver and silver certificates, outstanding Ownership of demand deposits 522 and in circulation 58, 194, 330, 434, 540, 694, 848, Proposed legislation regarding bank 1026, 1202, 1354, 1490, 1638 holding companies .279 Small business, statement by Chairman McCabe Proposed legislation regarding bank holding on proposed legislation . . . . 810 companies, additional statement of Chair- Smith, Paul F.: man McCabe .414 Article on branch banking in the Report of National Advisory Council on inter- United States ^ 818 national monetary and financial problems: Article on member bank earnings. 517 April 1, 1949-September 30, 1949. 295 Solomon, Robert, article on French Exchange October 1, 1949-March 31, 1950 968 Stabilization Fund .35 Retail credit survey, 1949 . . .655 South Africa: Revaluation of the French gold reserve. . . .1132 Foreign exchange rates 123, 261, 395, 499, 619, 761, Revised estimates of consumer credit 1465 927, 1091, 1267, 1419, 1557, 1703 Special offering of Series F and G savings bonds. .1291 Gold movements 115, 253, 387, 491, 611, 753, 919, Special report of National Advisory Council. . . 661 1083, 1259, 1411, 1549, 1695 Staff study on assessments and coverage for Gold production 113, 251, 385, 489, 609, 751, 917, deposit insurance 151 1081, 1257,1409,1547, 1693 Statement by Chairman McCabe on S. 2822, Reserve bank: a bill to amend the Federal Deposit In- Condition... .120, 258, 392, 496, 616, 758, 924, surance Act 146 1088, 1264, 1416, 1554, 1700 Statement on the Defense Production Act of 1950. .943 Discount rate. .. .121, 259, 393, 497, 617, 759, 925, Statement on proposed small business legislation... 810 1089, 1265, 1417, 1555, 1701 Statement on regulation of consumer credit 1577 Gold reserves. .. .114, 252, 386, 490, 610, 752, 918, Survey of consumer finances, 1949: 1082, 1258, 1410, 1548, 1694 Part VIII. Distribution of consumer sav- Spain: ing in 1948... . . 14 Bank of: Condition 120, 258, 392, 496, 616, 758, 924, Survey of consumer finances, 1950: 1088, 1264, 1416, 1554, 1700 Preliminary findings 418 Discount rate 121, 259, 393, 497, 617, 759, 925, Part I. General financial position and 1089, 1265, 1417, 1555, 1701 economic outlook of consumers... . . 643 DECEMBER 1950 1733 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Pages Pages Special articles—Continued. Staff of Board—Continued. Survey of consumer finances, 1950—Continued. Smith, Paul F.—Continued. Part II. Purchases of houses and dur- Article on member bank earnings, 1949. . 517 able goods in 1949 and buying plans Solomon, Robert, article on French for 1950 780 Exchange Stabilization Fund 35 : Part III. Distribution of consumer Stockwell, Eleanor J., article on industrial differincome in 1949 948 ences in large corporation financing in 1949. .636 Part IV. The distribution of consumer Vest, George B., designated Counsel in saving in 1949 1441 connection with Regulation V loans... .1340 Part V. The distribution of assets, liabilities, Wayne, Edward A., appointed Acting and net worth of consumers 1584 Director of Division of Examinations 1476 Stabilization Fund, French Exchange, Williams, Kenneth B., designated Acting Assistant article by Robert Solomon . .35 Director of Division of Research and Statistics. .1340 Staff of Board: Young, Ralph A., paper on measurement Boothe, Gardner L., II, designated Deputy Ad- of consumer credit ,. . 1456 ministrator in connection with Regulation V. . .1340 State member banks: Connell, J. J., to serve as Assistant to Mr. Admissions to membership in Federal Reserve Boothe in connection with Regulation V loans. .1340 System. .43, 179, 314, 420, 1012, 1131, 1476, 1583 Dembitz, Lewis N., appointed Assistant Director Deposits 63,199,335,439,545,699,853, of Division of International Finance 834 1031, 1207, 1359, 1495, 1643 Exter, John M., Adviser to Government of Earnings and expenses, by size of bank 594 Ceylon on establishment of reserve bank. . . .1133 Number of 63, 199, 335, 439, 545, 699, 853, Fauver, Clarke L., article on 1949 Survey 1031, 1207, 1359, 1495, 1643 of Consumer Finances 14 Suspensions. . . .57, 193, 329, 433, 539, 693, 847, Fisher, Charles T., Jr., designated Administrator 1025, 1201, 1353, 1489, 1637 of Office of Real Estate Credit 1340 States and political subdivisions: Fox, Charles, article on ownership of Deposits: demand deposits . . 522 Insured commercial banks, by Frechtling, John A., article on survey classes... .65, 201, 337, 441, 547, 703, 855, 1033, of consumer finances 1441, 1584 1209, 1361, 1499, 1645 Garfield, Frank R., appointed Adviser on Economic Weekly reporting member banks: Research in Division of Research and Statistics. .314 By Federal Reserve Districts 69, 205, 341, Hackley, Howard H., to serve as Assistant to Mr. 445, 551, 707, 859, 1037, 1213, 1365, 1503, 1649 Vest in connection with Regulation V loans 1340 New York City and outside 67, 203, 339, Hammond, Bray, Assistant Secretary, retirement of. .179 443, 549, 705, 857, 1035, 1211, 1363, 1501, 1647 Hilkert, Robert N., appointed Acting Director Investments of insured commercial of Division of Personnel Administration. . . 1476 banks in obligations of 64, 200, 336, 440, 546, 702, Jones, Homer, paper on measurement 854, 1032, 1208, 1360, 1498, 1644 of consumer credit . . 1456 Stock exchange: Kenyon, Kenneth A., appointed Assistant Call loan renewals, open-market rates Secretary .179 in New York City 72, 208, 344, 448, 554, 710, 862, Lorie, James H., article on survey of 1040, 1216, 1368, 1506, 1652 consumer finances 1441, 1584 Customers' debit balances, money borrowed Marget, Arthur W.: and principal related items of firms carry- Appointed Adviser on International Finance, ing margin accounts. .. .71, 207, 343, 447, 553, 709, Division of Research and Statistics 314 861, 1039, 1215, 1367, 1505, 1651 Appointed Director of Division of Volume of trading on New York market. .73, 209, 345, International Finance . . 834 449, 555, 711, 863, 1041, 1217, 1369, 1507, 1653 Millard, Edwin R., resignation to become Stocks: Vice President at San Francisco . 1476 New security issues 73, 209, 345, 449, 555, 711, 863, Nelson, Fred A., appointed Assistant 1041, 1217, 1369, 1507, 1653 Director of Division of Examinations. . .. 1476 Noyes, Guy E.: Prices in principal countries. . . .125, 263, 397, 501, 621, Appointed Assistant Director, Division 763, 929, 1093, 1269, 1421, 1559, 1705 of Research and Statistics ..314 Prices in United States. .73, 209, 345, 449, 555, 711, 863, Designated Assistant Administrator of 1041, 1217, 1369, 1507, 1653 Office of Real Estate Credit 1340 Stockwell, Eleanor J., article on industrial differ- Reil, Katharyne P., article on retail ences in large corporation financing in 1949 .636 credit survey, 1949 .655 Straits Settlements: Schweiger, Irving: Foreign exchange rates 123, 261, 395, 499, 619, 761, Article on 1949 Survey of 927, 1091, 1267, 1419, 1557, 1703 consumer finances .14 Studies: Article on 1950 Survey of Assessments and coverage for deposit insurance. .. .151 consumer finances 643, 780, 948, 1584 Surplus: Sette, Elizabeth B., study of Federal Reserve Banks. .. .55, 191, 327, 431, 537, 691, Regulation V loans by .. 1476 845, 1023, 1199, 1351, 1487, 1635 Smith, Paul F.: Surveys: Article on branch banking in Consumer Finances: United States, 1939 and 1949.. ..818 Methods used in making.. ... 795 1734 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Pages Pages Surveys—Continued. Transamerica Corporation—Continued. Consumer finances, 1949: Proceeding to adjudge in civil Part VIII. Distribution of consumer sav- contempt and for other relief 828 ing in 1948 14 Order denying stay 833 Consumer finances, 1950: Order purging respondents of contempt in Case. .1155 Preliminary findings /. 418 Denial of certiorari by Supreme Court 1612 Part I. General financial position and Treasury bills: economic outlook of consumers 643 Open-market rate in New York City. .72, 208, 344, 448, Part II. Purchases of houses and dur- 554, 710, 862, 1040, 1216, 1368, 1506, 1652 able goods in 1949 and buying plans Federal Reserve Bank holdings. .49, 185, 321, 425, 531, for 1950 . 780 685, 839, 1017, 1193, 1345, 1481, 1629 Part III. Distribution of consumer in- Insured commercial bank holdings. . .64, 200, 336, 440, come in 1949 948 546, 702, 854, 1032, 1208, 1360, 1498, 1644 Part IV. The distribution of consumer Investments in, by weekly reporting saving in 1949 1441 member banks: Part V. The distribution of assets, lia- By Federal Reserve Districts. .68, 204, 340, 444, 550, bilities, and net worth of consumers 1584 706, 858, 1036, 1212, 1364, 1502, 1648 Retail credit, 1949 655 New York City and outside. .66, 202, 338, 442, 548, Suspension of banks: 704, 856, 1034, 1210, 1362, 1500, 1646 Number and deposits. .. .57, 193, 329, 433, 539, 693, Maturities of 77, 213, 349, 453, 559, 715, 867, 847, 1025, 1201, 1353, 1489, 1637 1045, 1221, 1373, 1511, 1657 Sutton, H. G., appointed Director at Houston Branch. .. .43 Treasury currency outstanding, Wednesday Sweden: figures 49, 185, 321, 425, 531, 685, 839, Bank of: 1017, 1193, 1345, 1481, 1629 Condition. ...120, 258, 392, 496, 616, 758, 924, Treasury Department: 1088, 1264, 1416, 1554, 1700 Cash income and outgo 79, 215, 351, 455, 561, 717, Discount rate 121, 259, 393, 497, 617, 759, 925, 869, 1047, 1223, 1375, 1513, 1659 1089, 1265, 1417, 1555, 1701 Federal Reserve notes—1950 Series, Gold reserves. . . .114, 252, 386, 490, 610, 752, 918, press statement on . . 1470 1082, 1258, 1410, 1548, 1694 Treasury receipts and expenditures: Foreign exchange rates. . . .123, 261, 395, 499, 619, 761, Summary of 79, 215, 351, 455, 561, 717, 869, 927, 1091, 1267, 1419, 1557, 1703 1047, 1223, 1375, 1513, 1659 Gold movements. .. .115, 253, 387, 491, 611, 753, 919, Trust funds: 1083, 1259, 1411, 1549, 1695 Common, fees charged trusts holding Open-market rates 121, 259, 393, 497, 617, 759, 925, participations 678 1089, 1265, 1417, 1555, 1701 Deposit in member banks own banking department. . 44 Wholesale prices in. . . .124, 262, 396, 500, 620, 762, 928, Turkey: 1092, 1268, 1420, 1558, 1704 Central Bank of the Republic of: Switzerland: Condition 120, 258, 392, 496, 616, 758, 924, Cost of living, index numbers 125, 263, 397, 501, 621, 1088, 1264, 1416, 1554, 1700 763, 929, 1093, 1269, 1421, 1559, 1705 Discount rate 121, 259, 393, 497, 617, 759, 925, Foreign exchange rates 123, 261, 395, 499, 619, 761, 1089, 1265, 1417, 1555, 1701 Gold reserves 114, 252, 386, 490, 610, 752, 918, 927, 1091, 1267, 1419, 1557, 1703 1082, 1258, 1410, 1548, 1694 International capital transactions 109, 247, 381, 485, Unemployment: 605, 747, 913, 1077, 1253, 1405, 1543, 1689 Compensation .515 Open-market rates. . . .121, 259, 393, 497, 617, 759, 925, Discussion of 514 1089, 1265, 1417, 1555, 1701 Increase during first part of 1950 507 Retail food prices 125, 263, 397, 501, 621, 763, 929, Union of the Soviet Socialist Republics: 1093, 1269, 1421, 1559, 1705 Discount rate 121, 259, 393, 497, 617, 759, 925, Swiss National Bank: 1089, 1265, 1417, 1555, 1701 Condition 120, 258, 392, 496, 616, 758, 924, United Kingdom: 1088, 1264, 1416, 1554, 1700 Bank of England: Discount rate. .. .121, 259, 393, 497, 617, 759, 925, Condition 116, 254, 388, 492, 612, 754, 920. 1089, 1265, 1417, 1555, 1701 1084, 1260, 1412, 1550, 1696 Gold reserves. .-. .114, 252, 386, 490, 610, 752, 918, Discount rate 121, 259, 393, 497, 617, 759, 925, 1082, 1258, 1410, 1548, 1694 1089, 1265, 1417, 1555, 1701 Wholesale prices in 124, 262, 396, 500, 620, 762, 928, Gold reserves 114, 252, 386, 490, 610, 752, 918, 1092, 1268, 1420, 1558, 1704 1082, 1258, 1410, 1548, 1694 Taxes: Commercial banks, assets and liabilities. .122, 260, 394, Corporate 76, 212, 348, 452, 558, 714, 866, 498, 618, 760, 926, 1090, 1266, 1418, 1556, 1702 1044, 1220, 1372, 1510, 1656 Cost of living, index numbers. .125, 263, 397, 501, 621, Internal revenue collections. .79, 215, 351, 455, 561, 717, 763, 929, 1093, 1269, 1421, 1559, 1705 869, 1047, 1223, 1375, 1513, 1659 Foreign exchange rates 123, 261, 395, 499, 619, 761, Recommendations for fiscal year 138 927, 1091, 1267, 1419, 1557, 1703 Taylor, John W., resignation as Director at Gold movements 115, 253, 387, 491, 611, 753, 919, Louisville Branch ... 1583 1083, 1259, 1411, 1549, 1695 Transamerica Corporation: International capital transactions. . .109, 247, 381, 485, Injunction restraining .. ... 823 605, 747, 913, 1077, 1253, 1405, 1543, 1689 DECEMBER 1950 1735 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 36 Pages United Kingdom—Continued. Uruguay—Continued. Open-market rates... .121, 259, 393, 497, 617, 759, 925, Gold reserves . .114, 252, 386, 490, 610, 752,918, 1089, 1265, 1417, 1555, 1701 1082, 1258, 1410, 1548, 1694 Retail food prices. . . .125, 263, 397, 501, 621, 763, 929, Venezuela: 1093, 1269, 1421, 1559, 1705 Central Bank of: Security prices, index numbers. .125, 263, 397, 501, 621, Condition .120, 258, 392, 496, 616, 758, 924, 763, 929, 1093, 1269, 1421, 1559, 1705 1088, 1264, 1416, 1554, 1700 Wholesale prices in. . .124, 262, 396, 500, 620, 762, 928, Gold reserves. . . . 114, 252, 386, 490, 610, 752, 918, 1092, 1268, 1420, 1558, 1704 1082, 1258, 1410, 1548, 1694 United States: Vesf, George B., designated Counsel in Balance of payments position of 403 connection with Regulation V loans . 1340 Cost of living, index number. . .125, 263, 397, 501, 621, Wayne, Edward A., appointed Acting Director 763, 929, 1093, 1269, 1421, 1559, 1705 of Division of Examinations . 1476 Gold movements 115, 253, 387, 491, 611, 753, 919, Wendt, Edgar F., appointed Director at 1083, 1259, 1411, 1549, 1695 Gold production. .113, 251, 385, 489, 609, 751, 917, Buffalo Branch. . .42 1081, 1257, 1409, 1547, 1693 West Africa: Gold reserves.. . .114, 252, 386, 490, 610, 752, 918, Gold production. . . .113, 251, 385, 489, 609, 751, 917, 1082, 1258, 1410, 1548, 1694 1081, 1257, 1409, 1547, 1693 Government Organization Manual, Wholesale prices: announcement regarding 1339 Changes in. 9 Retail food prices. . . . .125, 263, 397, 501, 621, 763, 929, Farm, food and other products. . 1102 1093, 1269, 1421, 1559, 1705 Groups of commodities. .95, 231, 367, 471, 577, 733, 885, Security prices, index of. . .125, 263, 397, 501, 621, 763, 1063, 1239, 1391, 1529, 1675 929, 1093, 1269, 1421, 1559, 1705 Principal countries 124, 262, 396, 500, 620, 762> 928, Wholesale prices in. . . .124, 262, 396, 500, 620, 762, 928, 1092, 1268, 1420, 1558, 1704 1092, 1268, 1420, 1558, 1704 Williams, Kenneth B., designated Acting United States notes: Assistant Director of Division of Outstanding and in circulation. .58, 194, 330, 434, 540, Research and Statistics .1340 694, 848, 1026, 1202, 1354, 1490, 1638 Yields on Government securities: Uruguay: Bank of the Republic of: Average 72, 208, 344, 448, 554, 710, 862, Condition 120, 258, 392, 496, 616, 758, 924, 1040, 1216, 1368, 1506, 1652 1088, 1264, 1416, 1554, 1700 Yugoslavia: Foreign exchange rates. . 123, 261, 395, 499, 619, 761, 927, National Bank of the Kingdom of: 1091, 1267, 1419, 1557, 1703 Discount rate 121, 259, 393, 497, 617 1736 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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